TCRAP_Public/121023.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 23, 2012, Vol. 15, No. 211

                            Headlines


A U S T R A L I A

ARCADIA BOOKS: Basil Hyman Buys Firm Out of Liquidation
BUNBURY SILOS: Mantra Bunbury Hotel Sold for AUD11.5 Million
STORM FINANCIAL: Federal Court Hearing on Firm Collapse Resumes


C H I N A

AOXING PHARMACEUTICAL: BDO China Raises Going Concern Doubt
FRANSHION INVESTMENT: Moody's Assigns 'Ba1' Sr. Unsecured Rating


H O N G  K O N G

BEACON ENTERTAINMENT: Court Enters Wind-Up Order
CHINA PRECISION: Moore Stephens Raises Going Concern Doubt
CHUN NGAI: Court Enters Wind-Up Order
CRAZY CREATIONS: Court Enters Wind-Up Order
CULINARIA KALEIDOSCOPE: Court Enters Wind-Up Order

ENTAK INTERNATIONAL: Court Enters Wind-Up Order
HILHWA LIMITED: Court Enters Wind-Up Order
HONG KEUNG: Court Enters Wind-Up Order
INCORPORATED OWNERS: First Meetings Set for Nov. 1
JANE BEAN: Court Enters Wind-Up Order

LAM'S & PARTNER: Court Enters Wind-Up Order
MARK POLO: Court Enters Wind-Up Order
PETS CENTRAL: Court Enters Wind-Up Order
UNI CORE: Albert Wong Raises Going Concern Doubt


I N D I A

AL-RKAYAN APPARELS: ICRA Puts '[ICRA]B+' Rating on INR14.5cr Loan
ALAKH ADVERTISING: ICRA Reaffirms 'BB+' Rating on INR11cr Loan
GAYATHRI SUSTAINABLE: ICRA Assigns 'C' Rating to INR22.87cr Loans
GLOBAL AUTOTECH: ICRA Cuts Rating on INR64.5cr Loans to 'BB+'
KINGFISHER AIRLINES: India Suspends License Amid Strike

KINGFISHER AIRLINES: Offers 3 Months' Salaries by Mid-November
K.T.C FOODS: ICRA Assigns '[ICRA]B' Rating to INR13.7cr Loan
MODEST INFRA: ICRA Upgrades Rating on INR55cr Loan to '[ICRA]B+'
PARAS DYES: ICRA Reaffirms '[ICRA]BB+' Rating on INR25cr Loan
SAUMYA DSM: Delays in Loan Payment Cues ICRA Junk Ratings

SHIPRA AGRICHEM: ICRA Assigns '[ICRA]B' Rating to INR13cr Loans
SRI VENKATESWARA: ICRA Assigns '[ICRA]B' Rating to INR44.5cr Loan


N E W  Z E A L A N D

KPR EVENT MANAGEMENT: In Receivership, Has $2.5-Mil+ Debt
PIANOSHOP LTD: Director Gets Two-Year Jail Sentence


S I N G A P O R E

MORE WORLD: Court Enters Wind-Up Order
UNITED ENERGY: Creditors' Proofs of Debt Due Nov. 15
VGS PROJECTS: Court to Hear Wind-Up Petition Nov. 2
WEE SIONG: Creditors Get 5.7% Recovery on Claims
ZHEN LIAN: Court Enters Wind-Up Order


X X X X X X X X

* BOND PRICING: For the Week Oct. 15 to Oct. 19, 2012


                            - - - - -


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


ARCADIA BOOKS: Basil Hyman Buys Firm Out of Liquidation
-------------------------------------------------------
The Bookseller reports that Arcadia Books has been bought out of
liquidation by photographer Basil Hyman, with its publisher Gary
Pulsifer rehired.

Founded in 1996, the independent press filed for voluntary
liquidation on Sept. 25, 2012, after printing firm CPI Books took
the company to court over unpaid debts.

"The company was placed in liquidation due to historic problems,
and we have now sold the company to a third party investor who
wishes to exploit the back catalogue and has new and adventurous
ideas for the company," the report quotes John Dickinson, the
joint liquidator at CBW, as saying.  The name Arcadia has now
been bought by Hyman, who was introduced to Pulsifer by former
Arcadia investor Piers Russell-Cobbs, the report relays.

According to the report, Mr. Pulsifer said the company suffered
after he was forced to take time off, at the same as its
Australia distributor in Australia, Tower Books, went under,
impacting Arcadia's sales in its second biggest market.

Bookseller relates that Mr. Pulsifer said he did not blame a cut
in funding from the Arts Council in 2008 or the transition to
digital for Arcadia Books Ltd's demise.

Mr. Pulsifer told The Bookseller: "Obviously the market isn't
great at the moment, we have been affected but it is hard to say
how we have been affected. Sales were going down but actually the
digital side of things gave us an added revenue."


BUNBURY SILOS: Mantra Bunbury Hotel Sold for AUD11.5 Million
------------------------------------------------------------
Turi Condon at The Australian reports that liquidators have sold
a 4.5-star hotel managed by Mantra Group on a long-term lease at
Bunbury in Western Australia for AUD11.5 million.

According to The Australian, the boutique hotel was sold on
behalf of Matthew Donnelly of Grant Thornton, liquidator of
Bunbury Silos, a company associated with a local developer.

The 64-room Mantra Bunbury Hotel on Koombana Bay opposite Bunbury
CBD opened in 2008 and is part of the Bunbury Silos mixed-use
development, the report discloses.

The Australian relates that selling agent Aaron Desange, senior
vice-president of Jones Lang LaSalle Hotels, said the hotel
attracted domestic groups focused on mid-scale hotel acquisitions
of between AUD10 million and AUD30 milion.


STORM FINANCIAL: Federal Court Hearing on Firm Collapse Resumes
---------------------------------------------------------------
The Australian Associated Press reports that a Federal Court
hearing into the collapse of Storm Financial resumed in Brisbane
on Monday.

The news agency says Storm's clients, many of them retirees and
small investors, lost about $3.6 billion when the Townsville-
based financial services company folded in early 2009.

AAP notes the Australian Securities and Investments Commission is
pursuing two banks -- Macquarie Bank and the Bank of Queensland
-- seeking compensation and orders for them to improve their
standards.

According to the AAP, ASIC recently made a deal with the
Commonwealth Bank over the matter, guaranteeing a total of
AUD270 million will be made available to customers who invested
through Storm Financial.

AAP relates that Macquarie is also at the centre of a class
action instigated by a group of investors who are seeking
compensation from the bank on the grounds that it engaged in
"unconscionable conduct" by approving multimillion dollar loans
to people who could not repay them when the price of shares fell.

The hearing is expected to run until the end of the year, says
AAP.

                      About Storm Financial

Storm Financial Limited -- http://www.stormfinancial.com.au/--
operated in the Australian wealth management industry.  The
company managed over one trillion dollars in investment fund
assets for over nine million investors, distributed through
investment administration providers and financial adviser.  The
funds were invested through different investment products and
structures, including superannuation, non-superannuation managed
funds and life insurance products.  Non-superannuation managed
funds, which form the majority of Storm's products, total
approximately 26.5% of total investment fund assets in Australia,
as of June 30, 2007.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 14, 2009, Storm Financial Ltd. appointed Worrells Solvency &
Forensic Accountants as voluntary administrators after the
Commonwealth Bank of Australia demanded debt repayment of around
AUD20 million.

Storm later closed its business and fired all of its 115 staff.
The closure, the company's administrators said, was due to the
significant reduction in Storm's income resulting in trading
losses being incurred "at a rate which the company could no
longer absorb."

The TCR-AP reported on Jan. 22, 2009, that the CBA, Storm's
largest creditor, lodged a AUD27.09 million debt claim at a first
meeting of the company's creditors on Jan. 20, 2010.  The group's
remaining creditors are owed AUD51 million, plus a provision for
dividends of AUD10 million.

In March 2009, the Australian Securities and Investments
Commission won its bid to liquidate Storm Financial after the
Federal Court ruled that the Company be wound up.  Federal court
Justice John Logan appointed Ivor Worrell and Raj Khatri of
Worrells Solvency and Forensic Accountants as liquidators for the
Company.



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C H I N A
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AOXING PHARMACEUTICAL: BDO China Raises Going Concern Doubt
-----------------------------------------------------------
Aoxing Pharmaceutical Company, Inc., filed on Oct. 15, 2012, its
annual report on Form 10-K for the fiscal year ended June 30,
2012.

BDO China Dahua CPA Co., Ltd, in Shenzhen, China, expressed
substantial doubt about Aoxing's ability to continue as a going
concern.  The independent auditors noted that the Company
continues to incur losses from operations, has negative cash flow
from operations and a working capital deficit.

The Company reported a net loss of $15.9 million on $8.1 million
of sales in fiscal 2012, compared with a net loss of $7.8 million
on $6.7 million of revenues in fiscal 2011.  The Company recorded
an impairment loss on goodwill of $13.4 million in fiscal 2012,
absent in fiscal 2011.

The Company's balance sheet at June 30, 2012, showed $45.1
million in total assets, $23.8 million in total liabilities, and
stockholders' equity of $21.3 million.

A copy of the Form 10-K is available at http://is.gd/KUR8Kt

Jersey City, N.J.-based Aoxing Pharmaceutical Company, Inc., has
one operating subsidiary, Hebei Aoxing Pharmaceutical Co., Inc.,
which is organized under the laws of the People's Republic of
China.  Since 2002, Hebei Aoxing has been engaged in developing
narcotics and pain management products.  In 2008 Hebei Aoxing
supplemented its product lines by acquiring  Shijiazhuang
Lerentang Pharmaceutical Company, Ltd. ("LRT"), a specialty
pharmaceutical company focusing on herbal pain related
therapeutics.  The Company owns 95% of the equity in Hebei
Aoxing.  The remaining 5% is owned by the Company's Chairman,
Zhenjiang Yue, and his family.

The Company was incorporated in the State of Florida on Jan. 23,
1996.  In 2006 the Company liquidated its previous business
assets and acquired 60% of Hebei Aoxing.  On July 6, 2006, the
Company changed its name to "China Aoxing Pharmaceutical Company,
Inc." to better reflect the nature of its business.  On May 1,
2008 the Company completed the acquisition of an additional 35%
interest in Hebei Aoxing from its Chairman and Chief Executive
Officer, Mr. Zhenjiang Yue.


FRANSHION INVESTMENT: Moody's Assigns 'Ba1' Sr. Unsecured Rating
----------------------------------------------------------------
Moody's Investors Service has assigned a Ba1 senior unsecured
rating to the proposed bonds issued by Franshion Investment
Limited and guaranteed by Franshion Properties (China) Limited.

At the same time, Moody's has affirmed Franshion's Baa3 corporate
family rating and the Ba1 senior unsecured rating for the bonds
issued by Franshion Development Limited.

The outlook on all ratings is negative.

The proceeds of the proposed bonds will be used to fund debt
repayments and property development projects.

Ratings Rationale

"The new issuance will have a limited impact on Franshion's key
credit metrics -- including adjusted debt/capitalization and
EBITDA/interest -- as the proceeds will be used mainly to repay
onshore bank loans," says Kaven Tsang, a Moody's Vice President
and Senior Analyst.

"The proposed bonds will also lengthen Franshion's debt maturity
and improve its funding stability," adds Mr. Tsang, also Moody's
Lead Analyst for the company.

Franshion's Baa3 corporate family rating further reflects its
credit strength, which is in turn supported by the stable rental
income generated from its portfolio of quality investment
properties, including prime office buildings and hotels in
Shanghai and Beijing. This rental income provides the company
with a buffer against business volatility.

The rating also takes into account the company's solid track
record in the development of landmark, integrated projects and in
the acquisition of strategically important projects through its
collaboration with government-related entities.

In addition, the rating reflects Franshion's diversified and
solid access to both on- and off-shore funding, and which is
supported to an extent by its background as a state-owned
enterprise (SoE) and its position as a subsidiary of Sinochem
Corporation.

On the other hand, the company faces execution risk as a result
of its planned expansion into the property development business.
Its lack of geographic diversity also increases its exposure to
performance volatility.

The negative outlook reflects Franshion's weak book sales, high
net debt, and weak interest coverage for its rating level.

However, Moody's expects adjusted EBITDA/interest will return to
around 3x-4x in the next 12 months, from the below 2x recorded in
the last 12 months, as it progressively recognizes its presold
projects. But any deviation from such expectations will pressure
the ratings downwards.

The ratings could be downgraded if Franshion: (1) fails to
execute its business plan, or China's property market experiences
a significant downturn, such that cash flow is weaker than
anticipated; (2) pursues aggressive debt-funded land
acquisitions; or (3) significantly increases its investments in
residential properties with debt funding.

Moody's would regard the following financial metrics as signals
for downward rating pressure: (1) adjusted debt/capitalization
above 45%-50%; (2) EBITDA interest coverage does not trend
towards 4x-5x in the next 12 -- 18 months; or (3) adjusted
recurring EBITDA to interest coverage ratio falls below 1x on a
sustained basis.

A rating upgrade in the near term would be unlikely, given the
negative outlook. However, the outlook could revert to stable if
Franshion: (1) successfully carries out its sales plan and
recognition targets; and (2) improves interest coverage
EBITDA/interest towards around 4x-5x and recurring
EBITDA/interest to 1x.

The principal methodology used in rating Franshion Properties
(China) Limited and Franshion Investment Limited was the Global
Homebuilding Industry Methodology published in March 2009.

Listed on the Stock Exchange of Hong Kong in 2007, Franshion
Properties (China) Limited is a 62.87%-owned subsidiary of
Sinochem Hong Kong (Group) Company Limited, which in turn is 98%-
owned by Sinochem Group, a state-owned enterprise under the
State-Owned Assets Supervision and Administration Commission.
Franshion develops commercial and integrated properties in first-
tier and major second-tier cities in China. As of June, 2012, the
company had a total land bank of approximately 4.5 million square
meters of attributable gross floor area.



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


BEACON ENTERTAINMENT: Court Enters Wind-Up Order
------------------------------------------------
The High Court of Hong Kong entered an order on Oct. 10, 2012, to
wind up the operations of Beacon Entertainment Group Limited.

The acting official receiver is Alan K F Fong.


CHINA PRECISION: Moore Stephens Raises Going Concern Doubt
----------------------------------------------------------
China Precision Steel, Inc., filed on Oct. 15, 2012, its annual
report on Form 10-K for the fiscal year ended June 30, 2012.

Moore Stephens CPAs, in Hong Kong, expressed substantial doubt
about China Precision's ability to continue as a going concern.
The independent auditors noted that the Company has suffered a
very significant loss in the year ended June 30, 2012, and
defaulted on interest and principal repayments of bank
borrowings.

"In June and July 2012, we defaulted on the repayment obligations
of our short-term and long-term bank loans totaling $43,446,477.
We are currently in discussions with our banks regarding the
restructuring of these loans for repayment but have not yet
agreed on specific terms."

The Company reported a net loss of $16.9 million on $143.0
million of revenues in fiscal 2012, compared with net income of
$256,950 on $151.1 million of revenues is fiscal 2011.  "Income
from operations decreased by $17,357,993, or 507.8%, year-on-
year, to a loss of $13,939,603 for the year ended June 30, 2012,
from $3,418,390 for the year ended June 30, 2011."

Gross profit in absolute terms decreased by $11.8 million, or
197.3%, year-on-year, to a loss of $5.8 million for the year
ended June 30, 2012, from profit of $6.0 million for the year
ended
June 30, 2011.  Administrative expenses increased by $645,360, or
31.6%, year-on-year, to $2.7 million for the year ended June 30,
2012, compared to $2.0 million for the year ended June 30, 2011.
Allowance for bad and doubtful debts increased by $5.0 million
year-on-year.

The Company's balance sheet at June 30, 2012, showed
$185.5 million in total assets, $66.7 million in total current
liabilities, and stockholders' equity of $118.9 million.

A copy of the Form 10-K is available at http://is.gd/5Zerac

Sheungwan, Hong Kong-based China Precision Steel, Inc., is
principally engaged in the manufacture and sale of high precision
cold-rolled steel products, in the provision of heat treatment
and in the cutting and slitting of medium and high-carbon hot-
rolled steel strips.


CHUN NGAI: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on Oct. 10, 2012, to
wind up the operations of Chun Ngai Jewellery Design Company
Limited.

The acting official receiver is Alan K F Fong.


CRAZY CREATIONS: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order on Oct. 10, 2012, to
wind up the operations of Crazy Creations Holding Limited.

The acting official receiver is Alan K F Fong.


CULINARIA KALEIDOSCOPE: Court Enters Wind-Up Order
--------------------------------------------------
The High Court of Hong Kong entered an order on Oct. 3, 2012, to
wind up the operations of Culinaria Kaleidoscope Limited.

The acting official receiver is Alan K F Fong.


ENTAK INTERNATIONAL: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Hong Kong entered an order on Oct. 10, 2012, to
wind up the operations of Entak International Limited.

The acting official receiver is Alan K F Fong.


HILHWA LIMITED: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on Oct. 10, 2012, to
wind up the operations of Hilhwa Limited.

The acting official receiver is Alan K F Fong.


HONG KEUNG: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on Oct. 10, 2012, to
wind up the operations of Hong Keung Industrial (Hong Kong)
Limited.

The acting official receiver is Alan K F Fong.


INCORPORATED OWNERS: First Meetings Set for Nov. 1
--------------------------------------------------
Creditors and contributories of The Incorporated Owners of Wing
Fung Building, Wing Fung Street will hold their first meetings on
Nov. 1, 2012, at 10:00 a.m., and 11:00 a.m., respectively at the
Official Receiver's Office, 10th Floor, Queensway Government
Offices, 66 Queensway, in Hong Kong.

At the meeting, Alan K F Fong, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


JANE BEAN: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on Oct. 5, 2012, to
wind up the operations of Jane Bean Juice Bean Pudding Specialty
Shop Limited.

The company's liquidator is:

          Mat Ng
          JLA Asia Limited
          20/F Henley Building
          5 Queen's Road
          Central, Hong Kong


LAM'S & PARTNER: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order on Oct. 10, 2012, to
wind up the operations of Lam's & Partner Limited.

The acting official receiver is Alan K F Fong.


MARK POLO: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on Oct. 10, 2012, to
wind up the operations of Mark Polo International Limited.

The acting official receiver is Alan K F Fong.


PETS CENTRAL: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on Oct. 8, 2012, to
wind up the operations of Pets Central Asia Inc.

The acting official receiver is Alan K F Fong.


UNI CORE: Albert Wong Raises Going Concern Doubt
------------------------------------------------
Uni Core Holdings Corporation filed on Oct. 15, 2012, its annual
report on Form 10-K for the fiscal year ended June 30, 2012.

Albert Wong & Co., LLP, in New York City, expresses substantial
doubt about Uni Core's ability to continue as a going concern.
The independent auditors noted that the Company has suffered
recurring losses from operations and has a significant
accumulated deficit.  "In addition, the Company continues to
experience negative cash flows from operations."

The Company reported a net loss of $17.1 million on $23.0 million
of net revenues in fiscal 2012, compared with a net loss of
$7.9 million on $19.7 million of net revenues in fiscal 2011.

The Company's balance sheet at Aug. 31, 2012, showed $18.0
million in total assets, $16.6 million in total current
liabilities, and stockholders' equity of $1.4 million.

A copy of the Form 10-K is available at http://is.gd/Nm0lcx

Based in Hong Kong, Uni Core Holdings Corporation  (formerly
known as Intermost Corporation) through its subsidiaries
develops, manufactures and distributes environmental friendly
paper and agricultural products based upon its proprietary
technology and supply chains.



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I N D I A
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AL-RKAYAN APPARELS: ICRA Puts '[ICRA]B+' Rating on INR14.5cr Loan
-----------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' for INR14.50
Crore1 long term fund based facilities of Al-Rkayan apparels &
Exports Private Limited.

                          Amount
   Facilities            (INR Cr)         Ratings
   ----------            ---------        -------
   Cash Credit            10.00           [ICRA]B+ assigned
   Term Loan               4.50           [ICRA]B+ assigned

The assigned rating takes into account the long experience of
promoters in the denim manufacturing industry and strong growth
in revenues driven by its own brand sales. The rating also
favorably factors in the strong tie-ups of Al-Rkayan with its key
customers, which include established denim brands, as their
contract manufacturer.

The rating is, however, constrained by the highly competitive
apparel industry, leveraged capital structure and modest
profitability. The company has witnessed modest to negative cash
flows from operations in the past owing to low margins and
increased working capital requirement to support high growth. The
company's tight liquidity position is further illustrated by its
almost-full utilisation (95%-100%) of the fund based working
capital limits during the last twelve months, which along with
term loans availed for capital expenditures have resulted in a
leveraged capital structure and increasing borrowing costs. The
company's scale of operations remains small, limiting economies
of scale. The rating is also constrained by the high volatility
in cotton yarn prices which exert further pressure on margins,
since Al-Rkayan primarily caters to a price sensitive semi-
urban/rural segment through its in-house brand. Sales and
inventory remain exposed to macro-economic slowdown and inherent
industry risk of obsolescence owing to constantly changing
fashion trends.

                       About Al-Rkayan apparels

Al-Rkayan was incorporated in 2004 by Mr. Prabhakar Shetty,
Mr.Shahid Rafi and Mr. Abdul Rahman S Al-Rkayan. The promoters
commenced the business with contract manufacturing for major
denim brands in the domestic market. Towards the end of 2008-09,
Al-Rkayan launched its own denim brand Leonidas, aimed at the
price-sensitive and fashion conscious youth segment (16 to 40
years age group). . Al-Rkayan has also in the current year
launched two more brands- Leslie (for capris and three-fourths)
and LD Active (bottom wear for women).


ALAKH ADVERTISING: ICRA Reaffirms 'BB+' Rating on INR11cr Loan
--------------------------------------------------------------
The long-term rating of '[ICRA]BB+' has been reaffirmed on the
INR11.00 crore1, long-term, fund-based working capital facilities
of Alakh Advertising & Publicity Private Limited (erstwhile Alakh
Advertising & Publicity).  The short-term rating of '[ICRA]A4+'
has also been reaffirmed on the INR3.40 crore, short-term, non-
fund based working capital facilities of the company. The outlook
on the long-term rating is 'Stable'.

                                Amount
   Facilities                  (INR Cr)      Ratings
   ----------                  ---------     -------
   Long term, fund-based         11.00       [ICRA]BB+ reaffirmed
   working capital facilities

   Short term, non-fund-based     3.40       [ICRA]A4+ reaffirmed
   working capital facilities

The ratings factor in the vast experience of the promoters in the
advertisement and media industry, strong client profile from
diversified sectors, comfortable financial risk profile as
reflected by the moderate profit margins and low gearing levels,
and Alakh's comfortable competitive position given the large
inventory of outdoor advertisement sites and the proven ability
to execute pan-India advertisement campaigns for its clients. The
ratings are, however, constrained by the current small scale of
operations of the company, exposure to intense competition in the
fragmented outdoor advertisement industry, susceptibility of
revenues and operating margins of outdoor media advertising to
economic downturns, and the regulatory concerns restricting
growth of billboards and issue of new licenses in several cities.

Alakh Advertising & Publicity, a proprietorship concern of Mrs.
Abha Gulati, was established in 1989 to engage in the outdoor
advertising display business. The proprietorship concern was
converted into a private limited company - Alakh Advertising &
Publicity Private Limited - with effect from July 01, 2011. Mrs.
Gulati, who was into creative writing for movies, production and
marketing of television serials, got Alakh accredited to
Doordarshan in the early 90's for acting as the sole agency for
release of all the advertisement on Doordarshan for five years.
Mrs. Gulati's association with Doordarshan helped her in getting
the initial orders for outdoor advertising display. The client
base of the company expanded with Mrs. Geetika and Mrs. Neeta
Gulati, daughters-in-law of Mrs. Abha, joining the business in
2002.

Alakh offers outdoor advertising in the form of hoardings, mobile
billboards, kiosks on street lamp posts, advertising on Mumbai
local trains and bus shelters, and building wraps; these displays
are offered with/ without illumination using neon lights/LEDs.
The firm possesses ~300 outdoor hoarding sites in Mumbai, besides
a number of sites in Navi Mumbai, ~25 hoarding sites in Nagpur,
mobile vans, kiosks and six gantries on certain major flyovers in
Mumbai.

Recent Results

Alakh reported a profit after tax (PAT) of INR2.51 crore on an
operating income (OI) of INR38.92 crore in FY2012 (provisional),
as against a PAT of INR1.62 crore on an OI of INR35.29 crore in
FY2011.


GAYATHRI SUSTAINABLE: ICRA Assigns 'C' Rating to INR22.87cr Loans
-----------------------------------------------------------------
ICRA has assigned long-term rating of '[ICRA]C' for INR22.87
crore1 fund based limits of Gayathri Sustainable Energies India
Private Limited.

                          Amount
   Facilities            (INR Cr)         Ratings
   ----------            ---------        -------
   Term Loans             22.87           [ICRA]C Assigned

ICRA's rating factors in GSEPL's limited track record of
operations, low PLF of 15.77% reported by the wind power assets
during FY2012 as against the design PLF of 26.86% leading to
modest operating income and cash losses; and the weak financial
profile of the company characterized by high gearing and weak
coverage indicators. The rating is also constrained by moderate
period of the PPAs (7 years with one customer and 4 years with
the other) which is lower than debt repayment period and the
modest credit profile of its major customer. Further, the rating
is constrained by the off-take risks arising due to the option
given to customers to move out of the PPA a year after its
inception (by giving a 90-day notice period); this is partly
mitigated by the large supply-demand gap in Tamil Nadu. However,
the rating positively factors in the reputation of equipment
supplier and O&M partner - Gamesa Energy and also takes comfort
from the attractive tariffs offered by the PPA customers.

Founded in 2011, Gayathri Sustainable Energies India Private
Limited is engaged in wind power generation. It is headquartered
in Hyderabad while its wind power plants are located in Tamil
Nadu. It has setup five wind mills with 0.85MW generation
capacity in Coimbatore using Gamesa's wind turbine generators.
Additionally, two wind electric generators, based in Theni
district in Tamil Nadu, were transferred from the name of
promoter Ch.V.V Subba Rao to GSEPL in April 2012.

GSEL has a group company called Gayathri Industrial Products
Private Limited which is engaged in the manufacturing of Glass
Reinforced Plastic (GRP) pipes.

Recent Results

In FY2012, the company reported an operating income of INR2.12
crore and a net loss of INR1.25 crore. FY2012 was its first year
of operations.


GLOBAL AUTOTECH: ICRA Cuts Rating on INR64.5cr Loans to 'BB+'
-------------------------------------------------------------
ICRA has revised the ratings for bank facilities of Global
Autotech Limited from '[ICRA]BBB/[ICRA]A3+' to 'ICRA]BB+/
[ICRA]A4+' the rated amount has been enhanced from INR75.0 crore
to INR110.0 crore The ratings which were earlier placed under
"Rating Watch with Developing Implications" have now been taken
off the Rating Watch and "Stable" outlook has been assigned to
the long term rating.

                               Amount
   Facilities                (INR Cr)     Ratings
   ----------                ---------    -------
   Cash credit facilities      19.00      Downgraded from
                                          [ICRA]BBB to[ICRA]BB+

   Term Loan                   42.71      Downgraded from
                                          [ICRA]BBB to[ICRA]BB+

   Unallocated                  2.79      Downgraded from
                                          [ICRA]BBB to[ICRA]BB+

   Non Fund Based facilities   10.50      Downgraded from
                                          [ICRA]A3+& to [ICRA]A4+

The revision in ratings takes into account weaker than expected
financial performance over the last 15 months (including Q1,
FY13) of GAL reflected in decline in revenues and profitability
indicators and deterioration in coverage indicators and stretched
liquidity profile. GAL's revenues and operating profit declined
in FY12 following lower off-take from its two main customers-
Subros and MSIL as well as weaker than expected export sales.
While revenues from Subros and MSIL were weaker in FY12 partly on
account of labour unrest at MSIL (intermittently from June 2011
to October 2011) and weak growth in passenger vehicle sales; the
export revenues declined largely on account of design changes for
some components as well as higher inventory levels for some of
its customers that deferred supplies. Thus, the company's
profitability and coverage indicators declined with the company
also witnessing liquidity pressures on account of increase in
working capital intensity as evident from high utilization of its
bank facilities. In light of the recent lockout at MSIL as well
as continued weak demand outlook for passenger car market in
India and weaker off-take by export customer, the profitability
indicators of the company may remain stretched in the near term.
Notwithstanding the weaker financial performance, ICRA's ratings
continue to factor in the financial support and operational
synergies available to GAL from the promoter group, the company's
healthy relationships with its key customers and the company's
capability to manufacture fully-machined aluminum components
(including squeeze die-cast components). The company's ability to
ramp up its scale of operations while maintaining its profit
margins and diversify its customer portfolio as well as improving
its financial risk profile would be the key rating sensitivities.

Global Autotech Limited was incorporated in 2003 as a part of the
Suri Group and started as supplies of automotive air conditioner
components to Subros Limited. The company is engaged in the
manufacture of high intensity aluminium die-cast & vertical full
squeeze cast automotive components like mounting brackets, pinion
housings, compressor housings etc. It also manufactures other
machined components like magnetic clutch rotor and idler pulley,
high pressure tube and hose assemblies and automotive air
conditioning components like tin coated piston and swash plates
among other assemblies. The company has two manufacturing
facilities with three plants in two locations, each at Greater
Noida (U.P).

Recent Results

In 2011-12, GAL recorded an operating income of INR152.9 crore.
The company's operating profit before depreciation, interest and
tax stood at INR27.9 crore. The company recorded a profit after
tax of INR5.3 crore.

In Q1 2012-13 (provisional), GAL recorded an operating income of
INR33.2 crore. The company's operating profit before
depreciation, interest and tax stood at INR5.0 crore. The company
recorded a profit before tax of INR0.1 crore.


KINGFISHER AIRLINES: India Suspends License Amid Strike
-------------------------------------------------------
Karthikeyan Sundaram and Malavika Sharma at Bloomberg News report
that India suspended Kingfisher Airlines Ltd. operating license
after the cash-strapped carrier failed to resume flights because
of a strike by engineers and pilots demanding seven months of
unpaid salaries.

The suspension will remain in effect until the airline submits a
"concrete and reliable" revival plan to the Director General of
Civil Aviation, the industry regulator, the Civil Aviation
Ministry said in an Oct. 20 statement obtained by Bloomberg.
Bangalore-based Kingfisher said in response that it's halting all
reservations until it can restore flights, Bloomberg says.

Bloomberg notes the move adds further pressure on Kingfisher's
billionaire Chairman Vijay Mallya as he seeks investments for an
airline struggling with INR86 billion (US$1.6 billion) of debt
after five consecutive years of losses.  The carrier hasn't flown
since a staff walkout began Oct. 1, according to Bloomberg.

Bloomberg relates that the ministry said that Kingfisher failed
to address any of the issues raised by the regulator in an Oct. 2
notice.  The carrier hasn't indicated when it will submit a
detailed operational-preparedness plan, and the regulator
couldn't grant a request for more time to file a reply, the
ministry said.

                    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.

                           *     *     *

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.

Kingfisher, which has been unprofitable since it was created in
2005, accumulated losses of $1.9 billion between May 2005 and
June 30 of this year, The Wall Street Journal reports citing
Sydney-based consultant CAPA-Centre for Aviation.  The airline
also owes about $2.5 billion to lenders, suppliers, leasing
companies and investors, the Journal adds.


KINGFISHER AIRLINES: Offers 3 Months' Salaries by Mid-November
--------------------------------------------------------------
Anirban Chowdhury and Ashutosh Joshi at The Wall Street Journal
report that Kingfisher Airlines Ltd. tried to woo striking
employees back to work, offering three months of overdue salaries
before mid-November.

The Journal says the employees are expected to reply by Thursday.
Kingfisher hasn't paid most of its employees for eight months.
Its pilots, engineers and technicians have been on strike since
Oct. 1, forcing the airline to cancel flights indefinitely.

According to the Journal, Kingfisher's offer on Monday came after
a two-week stalemate over pay.  The Journal relates that Chief
Executive Sanjay Aggarwal and Executive Vice President Hitesh
Patel have tried to persuade staff to return to work. But they
had only promised that the airline would be a month's salary and
weren't specific about the timing.

The Journal relates that Mr. Aggarwal met with some employee
representatives Monday and said he expected that employees would
accept the offer and return to work Friday.

He didn't say when the airline would pay the remaining five-month
of salary arrears, nor did he say where the airline got the funds
to pay three months of salaries, the Journal relays.

                      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.

                           *     *     *

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.

Kingfisher, which has been unprofitable since it was created in
2005, accumulated losses of $1.9 billion between May 2005 and
June 30 of this year, The Wall Street Journal reports citing
Sydney-based consultant CAPA-Centre for Aviation.  The airline
also owes about $2.5 billion to lenders, suppliers, leasing
companies and investors, the Journal adds.


K.T.C FOODS: ICRA Assigns '[ICRA]B' Rating to INR13.7cr Loan
------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B' to the
INR13.70 crore1 fund based facilities of K.T.C Foods Private
Limited.

                            Amount
   Facilities              (INR Cr)         Ratings
   ----------              ---------        -------
   Fund based facilities     13.70          [ICRA]B

The rating is constrained by KTCFPL's high project gearing of
9.73 times as on March 31, 2012, high intensity of competition in
the industry and agro climatic risks, which can affect the
availability of paddy in adverse weather conditions. The rating,
however favourably takes into account long standing experience of
promoters in rice industry, expected benefits arising out of
established client relationships of its group companies and
proximity of the mill to major rice growing area which results in
easy availability of paddy.

Going forward, KTCFPL's ability to ramp up operations in a timely
manner, and to maintain a prudent capital mix would be the key
rating sensitivities.

KTC Foods (P) Limited was established in the year 2010. The
Company is primarily engaged in the milling of rice with an
installed capacity of 6 tons per hour. The company has a sortex
machine with the capacity of 4 tons per hour. The company is
professionally managed by Mr. Sushil kumar.

Recent Results

As per provisional FY13 results the Company has reported a profit
before tax (PBT) of INR0.10 crore on an operating income of
INR23.35 crore.


MODEST INFRA: ICRA Upgrades Rating on INR55cr Loan to '[ICRA]B+'
----------------------------------------------------------------
ICRA has revised the rating of '[ICRA]B-' to '[ICRA]B+ for long
term INR55.0 crore fund based limit of Modest Infrastructure
Limited. ICRA has also reaffirmed the rating of '[ICRA]A4' for
short term INR195.0 crore non- fund based limit of MIL.

                          Amount
   Facilities            (INR Cr)      Ratings
   ----------            ---------     -------
   Fund Based limit-       55.0        [ICRA]B+ Revised from
   Cash Credit                         [ICRA]B-

   Non-fund based limit   165.0        [ICRA]B+ Revised from
   (Bank Guarantee)                    [ICRA]B-)/[ICRA]A4
                                       (Re-affirmed)

   Non-fund based limit    30.0        [ICRA]B+ (Revised from
   (Letter of Credit)                  [ICRA]B-)/[ICRA]A4
                                       (Re-affirmed)

The revision in the long term rating factors in MIL's healthy
revenue growth and improvement in profitability in FY12 and
Q1FY13 (Provisional); receipt of requisite approvals in regards
to the acquisition of 74% stake in MIL by Dempo Shipbuilding &
Engineering Private Limited and consequential strengthening of
the company's net-worth due to equity infusion of INR33.53 crore
into MIL by DESPL in July 2012; improvement in the company's
executable order book to INR211 crore as of August 2012 from
INR184 crore as of October 2011 and revenue visibility accorded
by the increased order book.

However, the ratings are constrained by continued losses at net
level resulting in stretched liquidity position, weak capital
structure and poor debt coverage metrics; exposure to high client
concentration risks in the order book; fixed price nature of
contracts which exposes the company to input price variations and
could potentially impact profitability and significant funding
requirements towards development of the proposed shipyard for
which financial closure has not yet been achieved.

Modest Infrastructure Limited is a ship-building and repairing
company, which undertakes projects of building small to medium
sized product tankers, bulk carriers and offshore survey vessels
in addition to ship- repairing activities. The company was
started as a shipping agency by Mr. Kishore Gambani in the name
of 'Modest Offshore Services Pvt. Ltd.' and was involved in
management of vessels, repairing, dry docking of ships and other
ship-related services. In 2006, MIL ventured into shipbuilding
segment and has its shipyard facility at Ramsar in Bhavnagar
(Gujarat). The company is in the process of establishing another
shipyard at Ratanpar in Bhavnagar. In 2012; Goa-based
shipbuilding company - Dempo Shipbuilding & Engineering Private
Limited (Rated at [ICRA]BB (Stable)/A4) has recently acquired 74%
stake in MIL through share purchase/share subscription agreement.


PARAS DYES: ICRA Reaffirms '[ICRA]BB+' Rating on INR25cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB+' rating on the INR25.00 crore
fund based facilities of Paras Dyes and Chemicals Private
Limited.  ICRA has also reaffirmed the short term rating of
'[ICRA]A4+' on the INR25.00 crores non fund based bank limits of
PDCPL. The outlook on the long term ratings is reaffirmed at
stable.

                             Amount
   Facilities               (INR Cr)      Ratings
   ----------               ---------     -------
   Fund Based Limits          25.00       [ICRA]BB+ reaffirmed
   Non Fund Based Limits      25.00       [ICRA]A4+ reaffirmed

The ratings reaffirmation takes into account the high competitive
intensity and fragmentation in the chemicals trading industry;
the low profit margins inherent in trading business;
vulnerability of profitability to commodity price risk and forex
fluctuation risk and supplier concentration risk. However, ICRA
takes note of the long established track record of the promoters
in the chemicals trading business; established relationships with
domestic and international suppliers and favorable demand outlook
for chemicals traded by the company in the long term.

M/s Paras Dyes & Chemicals Private Limited was incorporated in
1982 as a partnership concern and was converted to a private
limited company in April 2011. The company is engaged in the
trading of chemicals and plastics. The promoters have been
involved in the trading of trading of chemicals, petrochemicals,
rubber, plastics and polymers since 1980. Till 2001 the company
was primarily a distributor of several large Indian companies
such as Indian Petrochemicals Corporation Limited, Gujarat
Alkalies and Chemicals, Rashtriya Chemicals and Fertilizers Ltd,
National Organic Chemicals Industries Ltd. However with
increasing globalisation and lowering of customs duty post 2001
the company started sourcing more and more from international
suppliers.

Recent Results

In FY12 the company reported profit after tax of INR0.36 crore on
net sales of INR220.69 crore as against profit after tax of
INR3.14 crore on net sales of INR295.82 crores in FY11.


SAUMYA DSM: Delays in Loan Payment Cues ICRA Junk Ratings
---------------------------------------------------------
ICRA has revised the rating assigned to the INR98.65 crore term
loans of Saumya DSM Infratech Limited from '[ICRA]B' to
'[ICRA]D'.

                          Amount
   Facilities            (INR Cr)         Ratings
   ----------            ---------        -------
   Term Loans             98.65           [ICRA]B to [ICRA]D

The rating revision reflects the recent delays in debt servicing
by the company owing to strained liquidity position resulting
from the banks making further drawdown of term loans contingent
upon the joint venture partners (Saumya Mining Limited and DSM
Infracon Private Limited) infusing more equity in SDIL. However
as both the joint venture partners are facing liquidity
constraints of their own, the equity infusion has not
materialised. Besides the cash flows from the existing gas sales
remain low due to low gas off take owing to delays in project
implementation.

The project of City Gas Distribution in Mathura was awarded to JV
of DSM Infratech Pvt. Ltd (a group company of DSM Real Estate Pvt
Ltd (now called DSM Infracon Pvt. Ltd.) & Saumya Mining Private
Limited (now called Saumya Mining Limited) in June 2009 in the
first round of bidding for 6 cities by PNGRB. The JV partners
decided to implement the project in DSM Infratech Pvt Ltd.
Accordingly, DSM Infratech Pvt Ltd got renamed as "Saumya DSM
Infratech Pvt. Ltd", being the Special Purpose Vehicle Company to
execute the project. The JV partners, viz. DSM Real Estate Pvt
Ltd and Saumya Mining Pvt Ltd had signed an MOU in February, 2009
for bidding for the CGD project. Subsequently in September 2009
the two sponsor companies i.e. DSM Real Estate Private Limited
and Saumya Mining Private Limited signed a shareholding agreement
for forming the SPV company DSM Infratech Private Limited. DSM
Infratech Private Limited was converted into a public limited
company in December 2009 and is now called Saumya DSM Infratech
Limited.

Saumya Mining Limited is engaged in open cast mining and
transportation of Coal, Iron Ore, Zinc, Limestone and Uranium.
DSM Infracon Private Limited is working with Arshiya Group for
execution of Free Trade Warehousing Zone project at Khurja in the
state of Uttar Pradesh.


SHIPRA AGRICHEM: ICRA Assigns '[ICRA]B' Rating to INR13cr Loans
---------------------------------------------------------------
A rating of '[ICRA]B' has been assigned to the INR10.00 crore
term loans and INR3.00 crore long-term fund-based facility of
Shipra Agrichem Private Limited.

                          Amount
   Facilities            (INR Cr)      Ratings
   ----------            ---------     -------
   Term loan              10.00        [ICRA]B assigned
   Cash Credi              3.00        [ICRA]B assigned

The rating assigned is constrained by recent history of debt
restructuring on account of significant delays in project
completion and sensitivity of project metrics and future cash
flows to the establishment of the company's products and its
pricing power in both international and domestic market. Also,
the availability of key raw material - Castor oil and its pricing
which is dependent on seasonality and crop harvest is a concern.
The rating is also constrained by competition from Chinese
manufacturers, existing players as well as from established
castor oil players already in the process of entering the sebacic
acid manufacturing business. The rating however takes comfort
from the experience of SAPL's promoters in the castor oil
industry in general and in manufacturing of sebacic acid through
the pilot plant in Ahmedabad in particular, the easy availability
of castor seeds with India being the major producer and Gujarat
being the major contributor and limited threat of substitution
with major substitutes being crude oil based which are viable
only at low crude prices.

Incorporated in 2008, Shipra Agrichem Private Limited is promoted
by Mr. Pradeep Nair and Mrs. Pinkal Nair. SAPL proposes to
manufacture sebacic acid (manufactured from castor oil) with an
installed capacity of 1500 TPA. Apart from this, it also proposes
to market HCO with an installed capacity 3500 TPA, HMR with an
installed capacity 3430 TPA, Methyl DCO with an installed
capacity 1500 TPA, and C-10 Diamine with an installed capacity
1500 TPA. SAPL's manufacturing facility is planned to be located
at village Luna, near Vadodara and commercial production is
expected to start from April 2012.

Recent Results

In FY 2012, SAPL reported an operating income of INR1.06 crore
(as against INR6.32 crore during FY 2011) and net loss of INR0.20
crore (as against PAT of INR0.26 crore during FY 2011).


SRI VENKATESWARA: ICRA Assigns '[ICRA]B' Rating to INR44.5cr Loan
-----------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B' to INR44.50
crore1 fund based limits of Sri Venkateswara Spintex (P) Limited.
ICRA has also assigned a short term rating of '[ICRA]A4' to
INR0.50 crore non-fund based limits of SVSPL.

                                 Amount
   Facilities                   (INR Cr)     Ratings
   ----------                   ---------    -------
   Long term fund based           44.50      [ICRA]B assigned
   Limits

   Short term non-fund based       0.50      [ICRA]A4 assigned
   Limits

The assigned ratings are constrained due to weak financial risk
profile characterized by high gearing coupled with stretched
coverage indicators in FY12 and high interest burden as the term
loans availed for the project are not covered under TUFS which
would impact the profitability. The ratings also factor in the
recent power holiday announced in the state of AP and its adverse
impact on SVSPL's operations in the absence of adequate power
back up facilities. ICRA notes that small scale of operations and
commoditized nature of the product in the highly fragmented
spinning industry limits the company's ability to pass on the
hike in input costs. Further, planned debt funded capital
expansion for 4,320 spindles with an estimated cost of INR14
crore by the end of FY13 could have adverse impact on coverage
and leverage indicators. However, the ratings favourably factor
in experienced promoter with about three decades of experience in
cotton yarn manufacturing, ginning and lint trading and
operational efficiencies derived from recent vintage of plant and
machinery. The ratings also take comfort from proximity to a
major cotton growing area and lower power tariffs in the state
with fiscal incentives offered by the AP state government and
operational support available from its largest shareholder Ramya
Spinning Mills (P) Limited (39%) (rated [ICRA]BB-(Stable)).

Sri Venkateswara Spintex (P) Limited was incorporated as a
private limited company in April 2010 by Mr. P. Venkata Swamy and
Mr. Chitipotu Rakesh. Mr. P. Venkata Swamy, Managing Director has
more than 8 years of experience of running M/s Ramya Spinning
Mills (P) Limited (rated [ICRA]BB-(Stable)) along with 28 years
of experience in cotton ginning and lint trading. SVSPL is
engaged in manufacturing of cotton yarn of lower and medium
counts. Based in Guntur district of Andhra Pradesh, the company
has set up a 12,960 spindles capacity spinning unit; the unit
started its commercial production from December 2011.

Recent Results

As per provisional results, in Q1 FY13, SVSPL has recorded an
operating income of INR11.32 crore with an operating profit
margin of 18.31%.



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


KPR EVENT MANAGEMENT: In Receivership, Has $2.5-Mil+ Debt
---------------------------------------------------------
Tim Donoghue and Hamish Rutherford at The Dominion Post report
that the catering company in the wharewaka on Wellington's
waterfront has been placed in receivership with debts of more
than $2.5 million.

Liquidators John Fisk and Jeremy Moorley of
PricewaterhouseCoopers are looking to achieve a quick sale of KPR
Event Management, to enable a new owner to continue to run the
catering business as a going concern, according to The Dominion
Post.

The report relates that Mr. Fisk said 40 staff had been affected
by the October 17 liquidation notice.  "There are debts
outstanding of $2.5m-plus, including $500,000 owing to trade
creditors," the report quoted Mr. Fisk as saying.

The report notes that Mr. Fisk confirmed that among the
outstanding debt was rent owing to Te Wharewaka o Poneke
Charitable Trust, which controls the building.

KPR Catering director Paul Retimanu said Inland Revenue had wound
the company up.

The report notes that the trustees of Te Wharewaka o Poneke
Charitable Trust - acting Palmerston North Maori Reserve Trust
chairwoman Liz Mellish, Acting Tenths Trust chairman Mark Te One
and Wellington City Council representative Stavros Michael -
issued a statement saying they were working with the liquidators
to ensure any changes could occur smoothly.

"The trustees can confirm that the ongoing operation of Te
Raukura (Wharewaka) and Karaka Cafe - which operates from the
wharewaka - are not affected by the liquidation of KPR Event
Management Limited . . . .  It is unfortunate that a tenant has
found themselves in this position . . . .  However, the trustees
have moved to ensure the operation of Te Raukura and Karaka can
continue unaffected," the statement read, the report notes.

Mr. Retimanu said he had dealt with the directors of a company
known as Wharewaka o Poneke Enterprises Ltd in establishing his
business in the wharewaka, the report adds.


PIANOSHOP LTD: Director Gets Two-Year Jail Sentence
---------------------------------------------------
stuff.co.nz reports that Plimmerton piano dealer Cameron Phillip
Crawford has been sentenced to two years and one month jail for a
$172,000 fraud on customers of his failed business.

stuff.co.nz says Mr. Crawford, 39, a first offender, described
himself as a musician not a businessman.

His business Pianoshop went into liquidation in May owing more
than NZ$2 million. He could not pay reparation for his offending.

stuff.co.nz relates that in Wellington District Court on Friday
Judge Denys Barry said Mr. Crawford had repeatedly fobbed off
victims who wanted the proceeds from pianos sold on their behalf,
or wanting pianos they had paid for but not received.

In one case, a man who paid thousands to have a piano repaired
finally got it back eight years later in the same condition in
which he had sent it to Mr. Crawford.

stuff.co.nz relates that Mr. Crawford had been using customers'
money to pay company debts.

Mr. Crawford and his wife will lose their home to a secured
creditor with no money for other creditors or the Crawfords, the
report notes.  He pleaded guilty to 10 charges of theft by
failing to account and one of causing loss by deception,
stuff.co.nz adds.

New Zealand-based Pianoshop Ltd operated a piano sales and
service center.



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


MORE WORLD: Court Enters Wind-Up Order
--------------------------------------
The High Court of Singapore entered an order on Oct. 12, 2012, to
wind up the operations of More World System (Singapore) Pte Ltd.

Wong Joo Wan (Judicial Manager of More World System (Singapore)
Pte Ltd) filed the petition against the company.

The company's liquidator is:

         Wong Joo Wan
         Alternative Advisors Pte Ltd
         78 South Bridge Road
         #04-01 TKH Building
         Singapore 058708


UNITED ENERGY: Creditors' Proofs of Debt Due Nov. 15
----------------------------------------------------
Creditors of United Energy Group Services Pte Ltd, which is in
voluntary liquidation, are required to file their proofs of debt
by Nov. 15, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

          Chee Yoh Chuang
          Abuthahir Abdul Gafoor
          c/o 8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


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

Lido Mechanical & Electrical Engineering Pte Ltd filed the
petition against the company on Oct. 10, 2012.

The Petitioner's solicitors are:

         Ng Lee & Partners
         101 Upper Cross
         Street #06-07 People's Park Centre
         Singapore 058357


WEE SIONG: Creditors Get 5.7% Recovery on Claims
-----------------------------------------------
Wee Siong Engineering Services Pte Ltd declared the first and
final dividend on Oct. 17, 2012.

The company paid 5.7% to the received claims.

The company's liquidator is:

         Don M Ho, PCPA
         Office of the Liquidator
         c/o Don Ho & Associates
         Public Accountants & Certified Public Accountants
         Corporate Advisory & Recoveries Equity Plaza
         20 Cecil Street #12-02
         Singapore 049705


ZHEN LIAN: Court Enters Wind-Up Order
-------------------------------------
The High Court of Singapore entered an order on Oct. 12, 2012, to
wind up the operations of Zhen Lian Sun Pte Ltd.

Hong Leong Finance Limited filed the petition against the
company.

The company's liquidators are:

         Chee Yoh Chuang
         Abuthahir Abdul Gafoor
         care of 8 Wilkie Road
         #03-08 Wilkie Edge
         Singapore 228095



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


* BOND PRICING: For the Week Oct. 15 to Oct. 19, 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.





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