TCRAP_Public/121025.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

          Thursday, October 25, 2012, Vol. 15, No. 213

                            Headlines


A U S T R A L I A

CONQUEST AGRI: Three Subsidiaries Placed in Administration
ZETTA FLORENCE: ATO Files Wind Up Petition Over Unpaid Tax
* AUSTRALIA: ATO Sends Sunshine Coast Businesses to the Wall


H O N G  K O N G

CHINA SCI-TECH PROPERTIES: Commences Wind-Up Proceedings
CHINA-SOUTH SEA: Members' Final Meeting Set for Nov. 23
CHUNG CHIAT: Members' Final Meeting Set for Nov. 23
CONCORD CAMERA: Ira Lampert Steps Down as Liquidator
CVIC CONTAINER: Commences Wind-Up Proceedings

FIRST SHANGHAI: Commences Wind-Up Proceedings
GRANDSBERG GINSENG: Members' Final Meeting Set for Nov. 19
HK JOCKEY: Creditors' Proofs of Debt Due Nov. 6
JUSTICE DEVELOPMENT: Members' Final Meeting Set for Nov. 23
MIGHTYMOUNT INVESTMENT: Commences Wind-Up Proceedings


I N D I A

ANUP INSULATION: CARE Places 'B-' Rating on INR0.52cr LT Loan
AROMA AGROTECH: CARE Assigns 'BB-' Rating to INR58cr LT Loan
CLAYRIS CERAMICS: CARE Gives 'CARE B' Rating to INR37cr LT Loan
DOLPHIN OFFSHORE: CARE Cuts Rating on INR5.8cr Loan to 'BB+(SO)'
HOTEL BABYLON: CARE Rates INR5.5cr LT Loan at 'CARE BB'

KINGFISHER LTD: 17-Bank Consortium to Meet Soon
KINGFISHER LTD: Employees Reject Salary Offer, Want Upfront Pay
MODERN INSECTICIDES: CARE Assigns 'BB' Rating to INR17.70cr Loan
M.S. DISTRIBUTORS: CARE Rates INR10.67cr LT Loan at 'CARE BB'
N.S. ENGINEERING: CARE Assigns 'BB' Rating to INR24.4cr LT Loan

NV INTERNATIONAL: CARE Rates INR170cr LT Loan at 'CARE BB-'
RADHAMOHAN BUILDERS: CARE Ups Rating on INR13.96cr Loan to 'B-'
RASOYA PROTEINS: CARE Puts 'BB+' Rating on INR254.13cr LT Loan
SHAKAMBHARI ISPAT: CARE Lifts Rating on INR101.7cr Loan to 'BB-'
SHREE NAKODA: CARE Assigns 'B' Rating to INR20cr LT Loan


J A P A N

* JAPAN: SME Failures More Than Doubled in First Half of 2012


N E W  Z E A L A N D

PEGASUS TOWN: Receivers Rule Out "Fire Sale" of Sections


S I N G A P O R E

INGRATE PTE: Creditors' Proofs of Debt Due Nov. 2
JACKLIE CONSTRUCTION: Creditors Get 1.61266% Recovery on Claims
MATRIXONE ASIA: Creditors' Meetings Set for Nov. 5
R. S. HOTEL: Court to Hear Wind-Up Petition on Nov. 2
SENTAT TRADING: Court Enters Wind-Up Order


V I E T N A M

HOANG ANH: Fitch Withdraws 'B' Rating on Issuer Default Ratings
* Fitch Says Major Banks Reflect Difficult Operating Conditions


                            - - - - -


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


CONQUEST AGRI: Three Subsidiaries Placed in Administration
----------------------------------------------------------
SmartCompany reports that three subsidiaries of listed
agricultural services provider Conquest Agri have been placed in
administration, following a tumultuous year for the retail-
focused agricultural company as it undergoes a major restructure.

According to the report, the business, which supplies
agricultural products to retail outlets and started trading on
the ASX just last year, delivered a loss of AUD4 million last
year and hoped to pursue growth through these subsidiaries --
particularly its pet project Conquest Crop Production.

Conquest Crop Protection, Farmworks Merchandise Services, and
Farmworks Australia Livestock have all been placed in
administration, with Andrew Saker -- andrew.saker@fh.com.au --
and Martin Jones -- martin.jones@fh.com.au -- of Ferrier Hodgson
appointed to the company, SmartCompany discloses.

Conquest Agri is a specialist provider of rural products,
wholesaling to retail outlets across the country. Its main
business venture is its Conquest Crop Production line.


ZETTA FLORENCE: ATO Files Wind Up Petition Over Unpaid Tax
----------------------------------------------------------
The Sydney Morning Herald's BusinessDay reports that Melbourne
stationers Zetta Florence are at risk of going into liquidation
after the tax office applied to wind up the company over unpaid
debts of AUD190,127.

The application was filed in the Federal Court in Melbourne on
October 22 and will be heard on November 30, the report says.

The Deputy Commissioner of Taxation is seeking orders that Zetta
Florence be wound up and liquidators appointed.

Owner of the Zetta Florence chain, Philip Knightley, declined to
comment when contacted by BusinessDay.

According to BusinessDay, the State Revenue Office made a similar
winding up application of Zetta Florence in the Victorian Supreme
Court in July this year. But the application was withdrawn the
following month.

BusinessDay, citing documents filed with the corporate regulator,
discloses that Zetta Florence took out a facility worth up to
AUD2 million with short-term financier Cash Resources Australia
in April 2011.

Zetta Florence has three stores in Melbourne in Fitzroy, Armadale
and Chadstone. It sells high-end stationery supplies such as
cards, writing paper, binders and photo albums, and archiving
supplies.


* AUSTRALIA: ATO Sends Sunshine Coast Businesses to the Wall
------------------------------------------------------------
Bill Hoffmann at Sunshine Coast Daily reports that the Australian
Tax Office was the primary driver of insolvency on the Sunshine
Coast, often ahead of the banks in its push to see businesses
wound up and assets sold to satisfy debt.

The report relates that Worrells Sunshine Coast partner Paul
Noguera said that when the ATO agreed to repayment terms, the
conditions were onerous.

In those circumstances, a substantial upfront payment was often
required with repayment of the balance over only a short term.

"A lot can't manage that," the report quotes Mr. Noguera as
saying.

According to the report, the Federal Government this week
signalled changes to its tax collection regime with businesses
turning over AUD1 billion annually required to pay tax on a
monthly basis.

While the requirement will have little or no impact on the
Sunshine Coast, a stiffening of its Directors Penalty Notices
provisions may cause concern for many, the report notes.

Accountant Ian Buscombe, the principal of bdk Buscombe certified
practising accountants in Maroochydore, said directors of
companies would be held personally liable if superannuation and
group tax were not paid on time and were more than three months
late, Sunshine Coast Daily reports.

Mr. Buscombe said if the requirements for monthly tax payments
were universal, that may actually help sharpen the businesses of
smaller operators with poor cash flow management strategies, the
report adds.



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


CHINA SCI-TECH PROPERTIES: Commences Wind-Up Proceedings
--------------------------------------------------------
Members of China Sci-Tech Properties Company Limited on Oct. 9,
2012, passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

         Shom Chun Po
         Room 801, 8/F
         Wing Kwok Centre
         182 Woosung Street
         Jordan, Hong Kong


CHINA-SOUTH SEA: Members' Final Meeting Set for Nov. 23
-------------------------------------------------------
Members of The China-South Sea (Nominees) Services Limited will
hold their final general meeting on Nov. 23, 2012, at 9:45 a.m.,
at 5th Floor, Jardine House, at 1 Connaught Place, Central, in
Hong Kong.

At the meeting, Tsui Kei Pang, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


CHUNG CHIAT: Members' Final Meeting Set for Nov. 23
---------------------------------------------------
Members of Chung Chiat Company Limited will hold their final
general meeting on Nov. 23, 2012, at 9:30 a.m., at 5th Floor,
Jardine House, at 1 Connaught Place, Central, in Hong Kong.

At the meeting, Tsui Kei Pang, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


CONCORD CAMERA: Ira Lampert Steps Down as Liquidator
----------------------------------------------------
Ira Lampert stepped down as liquidator of Concord Camera HK
Limited on Oct. 10, 2012.


CVIC CONTAINER: Commences Wind-Up Proceedings
---------------------------------------------
Members of CVIC Container Transportation (Dalian) Limited on
Oct. 15, 2012, passed a resolution to voluntarily wind up the
company's operations.

The company's liquidator is:

         Lau Cheuk Man Timothy
         Unit 9, 17/F
         Citicorp Centre
         18 Whitfield Road
         Causeway Bay
         Hong Kong


FIRST SHANGHAI: Commences Wind-Up Proceedings
---------------------------------------------
Members of First Shanghai CVIC (HK) Food Industrial Limited on
Oct. 15, 2012, passed a resolution to voluntarily wind up the
company's operations.

The company's liquidator is:

         Lau Cheuk Man Timothy
         Unit 9, 17/F
         Citicorp Centre
         18 Whitfield Road
         Causeway Bay
         Hong Kong


GRANDSBERG GINSENG: Members' Final Meeting Set for Nov. 19
----------------------------------------------------------
Members of Grandsberg Ginseng (H.K.) Limited will hold their
final general meeting on Nov. 19, 2012, at 10:00 a.m., at 6/F,
Greenwich Centre, 260 King's Road, North Point, in Hong Kong.

At the meeting, Ng Kin Yung Tony, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


HK JOCKEY: Creditors' Proofs of Debt Due Nov. 6
-----------------------------------------------
Creditors of Hong Kong Jockey Club Institute of Chinese Medicine
Limited, which is in members' voluntary liquidation, are required
to file their proofs of debt by Nov. 6, 2012, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on Oct. 9, 2012.

The company's liquidators are:

         Stephen Liu Yiu Keung
         Koo Chi Sum
         62/F, One Island East
         18 Westlands Road
         Island East, Hong Kong


JUSTICE DEVELOPMENT: Members' Final Meeting Set for Nov. 23
-----------------------------------------------------------
Members of Justice Development Company Limited will hold their
final meeting on Nov. 23, 2012, at 10:15 a.m., at 76/F, Two
International Finance Centre, at 8 Finance Street, Central, in
Hong Kong.

At the meeting, Fung Kit Yee, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


MIGHTYMOUNT INVESTMENT: Commences Wind-Up Proceedings
-----------------------------------------------------
Members of Mightymount Investment Limited, on Oct. 19, 2012,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

         Lee King Yue
         72-76/F, Two International Finance Centre
         8 Finance Street
         Central, Hong Kong



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


ANUP INSULATION: CARE Places 'B-' Rating on INR0.52cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B-' and 'CARE A4' ratings to the bank
facilities of Anup Insulation Pvt Ltd.

                               Amount
   Facilities                (INR crore)   Ratings
   -----------               -----------   -------
   Long-term Bank Facilities     0.52      CARE B- Assigned

   Long-/Short-term Bank         2.50      CARE B-/CARE A4
   Facilities                              Assigned

   Short-term Bank Facilities    5.27      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Anup Insulation
Private Limited are mainly constrained on account of its modest
scale of operations and its weak financial risk profile marked by
thin profit margins, stretched liquidity position and weak
solvency position. The ratings are further constrained by AIPL's
presence in a fragmented industry and elongated collection
period.

The above-mentioned constraints far offset the strength derived
from the vast experience of the promoters in copper and aluminum
wire manufacturing business.

The ability of AIPL to increase its scale of operations with
rationalization of debt levels, efficient working capital
management and improvement in profitability margins are the key
rating sensitivities.

AIPL, based in Jaipur (Rajasthan), was originally constituted as
a partnership firm in 1996 in the name of 'Anup Industries'.
Subsequently, the firm got converted to a private limited company
and the name was changed to 'Anup Insulation Private Limited'
w.e.f. February 2007. AIPL is engaged in the manufacturing of
bare and enameled copper and aluminum wires as well as copper and
aluminum strips from its sole manufacturing unit located in
Jaipur with an installed capacity of 750 Metric Tonne per Annum
(MTPA) of copper wires and strips and 250 MTPA of Aluminum wires
and strips as on March 31, 2012. The final products manufactured
by AIPL finds its application in power transformer manufacturing
industry.

As per the audited results for FY11 (refers to the period April 1
to March 31), AIPL reported PAT of INR0.03 crore on a total
operating income of INR8.48 crore as compared with PAT of INR0.05
crore on a total operating income of INR5.64 crore in FY10. As
per the provisional result for FY12, AIPL has reported the total
operating income of INR7.69 crore.


AROMA AGROTECH: CARE Assigns 'BB-' Rating to INR58cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of Aroma Agrotech Pvt Ltd.

                               Amount
   Facilities                (INR crore)   Ratings
   -----------               -----------   -------
   Long-term Bank Facilities      58       CARE BB- Assigned
   Short-term Bank Facilities     42       CARE A4 Assigned

Rating Rationale

The ratings assigned to the company are constrained by the weak
financial risk profile characterized by high overall gearing and
weak solvency ratios. The ratings also take into account its
small scale and working capital intensive operations along with
the inherent risks associated with the rice industry like
fragmented nature, fluctuations in raw material prices and high
degree of government control. The ratings, however, draw comfort
from the experienced promoters and presence of the company in
major paddy procurement area resulting in comfortable
procurements.

Going forward, the company's ability to improve its capital
structure and increase its scale of operations with improvement
in profitability margins amidst stiff competition.

Mr. Anil Kumar Garg along with his three brothers and mother
formed a partnership concern, Aroma Agrotech in FY04 for milling
and processing of basmati rice in Gharaunda, Karnal. In FY09,
they incorporated Aroma Agrotech Pvt Limited (Aroma) which
acquired the business of Aroma Agrotech in April 2010. The
company has a milling capacity of 9 tonnes per hour (TPH) and
derives majority of its sales from exports to Middle East
countries which are done in bulk packaging under private labels.

During FY12 (refers to the period April 1 to March 31), the total
income of Aroma stood at INR156.7 crore with a net profit of
INR2.9 crore as against total income of INR130.8 crore and net
profit of INR0.6 crore during FY11.


CLAYRIS CERAMICS: CARE Gives 'CARE B' Rating to INR37cr LT Loan
---------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank
facilities of Clayris Ceramics Pvt Ltd.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      37.00      CARE B Assigned
   Short-term Bank Facilities      2.50      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Clayris Ceramics
Private Limited are mainly constrained on account of the
predominantly debt-funded project undertaken for manufacturing
double-charged vitrified tiles and its presence in the highly
fragmented and competitive ceramic tiles industry. The ratings
are further constrained by its weak financial risk profile marked
by leveraged capital structure and stressed liquidity position
and susceptibility of its profitability to volatile raw material
and natural gas prices.

The ratings, however, favorably take into account the vast
experience of the promoters in the ceramic tiles industry and
presence of its manufacturing unit in the Morbi ceramic cluster.
Improvement in the overall financial risk profile and successful
implementation of the proposed project would be the key rating
sensitivity.

Incorporated in 2008, CCPL is engaged in the manufacturing of
glazed ceramic tiles. CCPL was promoted by four promoters,
namely, Mr. Divyesh Vilpara, Mr. Shreyas Patel, Mr. Bharat
Vilpara and Mr Vinesh Patel who overlook the entire operations of
the company. CCPL had an installed capacity of 36,000 Metric
Tonnes Per Annum (MTPA) as on March 31, 2012 at its sole
manufacturing facility located in the Morbi Ceramic cluster near
Rajkot (Gujarat) and sells its products under the brand names
'Clayris' and 'Marbella'. CCPL undertakes job-work for H&R
Johnson, a division of Prism Cement Limited and derived almost
40% of the revenue from it during FY10 (refers to the period
April 1 to March 31) to FY12. The company is currently
establishing a brown-field plant to manufacture vitrified tiles
(double charged with Nano Technology). The total cost of the
project is estimated to be INR61.50 crore, which will be funded
through term loan of INR35 (already sanctioned by bank), equity
infusion of INR19.50 crore and balance through unsecured loan
from the promoters and relatives.

During FY12, CCPL reported PAT of INR0.41 crore on total income
of INR21.06 crore as compared with PAT of INR0.38 crore on total
operating of INR11.87 crore during FY11.


DOLPHIN OFFSHORE: CARE Cuts Rating on INR5.8cr Loan to 'BB+(SO)'
----------------------------------------------------------------
CARE revises ratings to the bank facilities of Dolphin Offshore
Shipping Ltd.

                               Amount
   Facilities                (INR crore)     Ratings
   -----------               -----------     -------
   Long-term Bank Facilities     5.80        CARE BB+(SO) Revised
                                             from CARE BBB(SO)

   Bank Facilities               5.00        CARE BB+(SO)/
                                             CARE A4+(SO) Revised
                                             from CARE BBB(SO)/
                                             CARE A3 (SO)

Rating Rationale

The revision in the ratings takes into account the credit
enhancement in the form of an unconditional, irrevocable
corporate guarantee issued by the holding company, Dolphin
Offshore Enterprises (India) Ltd., for the entire bank facilities
of Dolphin Offshore Shipping Ltd. On invocation of the guarantee,
the guarantor, DOEIL, has undertaken to pay on demand and not
later than five business days from the date of notice, the full
amount due by DOSL to the lenders. CARE has revised the rating
assigned to the DOEIL's long-term and short-term bank facilities
to 'CARE BB+' and 'CARE A4+', respectively.

The revision in the ratings takes into account the continuous
deterioration of DOEIL's financial performance in FY12 (refers to
the period April 1 to March 31), high level of old receivables
leading to a stretched operating cycle and expected financial
support required by the subsidiaries. The ratings, however, also
factor in the increase in order book position leading to revenue
visibility for FY13.

The ratings continue to be constrained by the reduced
profitability, concentration of the business with a single entity
and absence of fabrication facilities large enough to enable
DOEIL to bid for major contracts.

The ratings, however, continue to derive strength from DOEIL's
experienced management team, long track record in the offshore
service industry and its diverse range of services in the
offshore segment.

DOEIL's ability to procure sufficient orders amidst stiff
competition from the international entities and to recover the
funds blocked in the form of old debtors remains the key rating
sensitivity.

Dolphin Offshore Shipping Ltd. (formerly known as Procyon
Offshore Services Ltd.), was incorporated in September 1990 and
is presently engaged in acquiring and operating offshore
vessels/tugs and caters to the requirements of port operations as
well as offshore services. It owns three offshore vessels and
four tugs. DOSL is a wholly-owned subsidiary of DOEIL.

The company derives major revenues from its parent company DOEIL
& group company DOEMPL (Dolphin Offshore Enterprises (Mauritius)
Pvt. ltd.) (Approximately 55% of its revenue is contributed by
the parent/group company). DOEIL is in the business of providing
a complete range of offshore support services to the oil and gas
industry. During FY11, the order book of DOEIL declined
substantially due to stiff competition from international
players. This consequently led to lower revenues for DOSL.

In Q1FY13, DOSL had total revenue of INR9.77 crore with a PAT of
INR3.19 crore as compared with the total revenue of INR25.45
crore and a PAT of INR 2.14 crore in FY12.


HOTEL BABYLON: CARE Rates INR5.5cr LT Loan at 'CARE BB'
-------------------------------------------------------
CARE assigns 'CARE BB' rating to the bank facility of Hotel
Babylon Inn Pvt. Ltd.
                               Amount
   Facilities                (INR crore)   Ratings
   -----------               -----------   -------
   Long-term bank facility       5.50      'CARE BB' Assigned

Rating Rationale

The rating assigned to the bank facility of Hotel Babylon Inn
Pvt. Ltd. is primarily constrained by the revenue concentration
risk arising out of a single property, its short track record
of operations, leveraged capital structure, stiff competition
from established and upcoming branded hotels and inherent
cyclicality associated with the hotel industry. The aforesaid
rating is however, underpinned by longstanding experience of the
promoters in hospitality business, locational advantage on
account of the proximity to Raipur's business centre & industrial
estate and well recognised brand name of 'Babylon' in Raipur
city.

Ability of HBIPL to improve its Average Room Rents (ARRs) and
occupancy rate amid stiff competition would be the key rating
sensitivities.

HBIPL was incorporated in July, 2004 by Khanuja family of Raipur
with an objective of starting, operating and maintaining hotel.
The company initially incorporated as Hotel Hybrids Pvt. Ltd.
which was subsequently in Nov, 2004 was rechristened to its
present name. HBIPL at the end of the calendar year 2005, started
setting up a mid segment hotel at Raipur, Chhattisgarh at an
aggregate cost of INR30 crore, which was funded with a debt
equity mix of 0.88:1. The hotel became operational in January,
2009.

In FY11 (refers to the period from April 2010 to March 2011),
HBIPL reported a PBILDT of INR4.5 crore and a PAT of INR0.3 crore
on a total operating income of INR12.0 crore. Further, as per
provisional results for FY12, the firm has achieved a total
operating income of INR13.6 crore.


KINGFISHER LTD: 17-Bank Consortium to Meet Soon
-----------------------------------------------
The Hindu Business Line reports that the 17-bank consortium,
which has an aggregate exposure of about INR7,000 crore to
Kingfisher Airlines Ltd, will soon meet to decide the future
course of action, a top banker has said.

The Directorate General of Civil Aviation (DGCA), the report
relates, earlier suspended the license of ailing Kingfisher
Airlines.

"Now that DGCA action is before us, we (bankers) will meet and
take a call," the report quotes K.R. Kamath, Chairman and
Managing Director of Punjab National Bank, as saying on the
sidelines of an event in India Tuesday.

"All the bankers will sit together and take a decision. The State
Bank of India, which is the consortium leader, has to convene the
meeting," Mr. Kamath, as cited by Hindu Business Line, said.

After SBI, the report cites, Punjab National Bank has the next
highest exposure to Kingfisher Airlines in the consortium.

Hindu Business Line says bankers are quite hopeful that the
employee issues will soon get resolved.  They want to take up
recovery proceedings as the last resort.

                      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 LTD: Employees Reject Salary Offer, Want Upfront Pay
--------------------------------------------------------------
IANS reports that striking employees of Kingfisher Airlines Ltd
rejected the management's compensation offer yet again on Tuesday
and said they may move court and seek intervention of Civil
Aviation minister Ajit Singh.

"At meetings held in Mumbai and New Delhi, the employees reached
a broad agreement to reject the management offer. We will write a
letter to them on the same," a senior flight engineer told IANS.

"We have also taken legal advice on the issue, but we are
awaiting more clarity on the matter before taking any further
step."

IANS notes the employees' meetings took place a day after talks
failed in Mumbai to end the deadlock which started October 1 with
the grounding of the airline and suspension of the carrier's
flying license by the aviation regulator.

According to the report, the engineer said the latest offer by
the management did not meet the bare minimum of demands.

"We are seeking payment of four months' salary from March onwards
by October 26," the engineer told IANS.

IANS recalls that the airline's Chief Executive, Sanjay Aggarwal,
had sent a letter to the staff offering the March salary by
Oct. 26 followed by April's pay by October 31 and May's
compensation before Diwali.  However, the employees have demanded
an upfront payment of salaries, citing a lack of trust with the
management, the report says.

                     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.


MODERN INSECTICIDES: CARE Assigns 'BB' Rating to INR17.70cr Loan
----------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of Modern Insecticides Ltd.

                               Amount
   Facilities                (INR crore)   Ratings
   -----------               -----------   -------
   Long/Short-term Bank         17.70      CARE BB/CARE A4
   Facilities                              Assigned

Rating Rationale

The rating of Modern Insecticides Limited is constrained by weak
financial risk profile characterized by low profitability margins
and high gearing ratio, stressed liquidity position as indicated
by high working capital utilization and MIL's low bargaining
power with suppliers and customers. The rating, further, takes
into account the vulnerability of MIL's sales & profitability to
agro-climatic conditions and highly fragmented nature of industry
leading to pricing pressure.

However, the rating derives comfort from experienced promoters
and long track record of the company, diverse product portfolio &
customer base and product registrations obtained by MIL in
20 countries. Going forward, the ability of MIL to scale up its
operations while maintaining profitability and managing its
working capital requirements would be the key rating sensitivity.

Incorporated in 1990 as a private limited company, Modern
Insecticides Limited was later converted into public limited
company on November 30, 1992. The company is engaged in the
manufacturing of various kinds of pesticides formulations and
crop saving material. MIL is promoted by Mr. Avtar Singh, Mr.
Surinder Singh and Mr. Charanjit Singh, all having vast
experience in the field of pesticides formulation. Furthermore,
MIL has obtained registrations of its products in 20 countries as
on March 31, 2012. MIL operates three manufacturing facilities,
two located at Ludhiana (Punjab) and one located at Udhampur
(J&K), with a combined capacity of 5000 Tonnes Per Annum (TPA).

During FY11 (refers to the period from April 01 to March 31), MIL
registered a total operating income of INR69.36 crore with a net
profit of INR0.59 crore. As per the provisional FY12 results, MIL
registered a total operating income of INR94.03 crore with a net
profit of 0.76 crore.


M.S. DISTRIBUTORS: CARE Rates INR10.67cr LT Loan at 'CARE BB'
-------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of M.S. Distributors.

                               Amount
   Facilities                (INR crore)     Ratings
   -----------               -----------     -------
   Long-term Bank Facilities    10.67        CARE BB Assigned
   Short-term Bank Facilities    1.00        CARE A4 Assigned

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

Rating Rationale

The ratings assigned to the bank facilities of M.S. Distributors
are mainly constrained by its relatively small scale of
operations, working-capital intensive nature of operations and
moderately weak financial risk profile characterized by low
profitability & cash accruals and high overall gearing.

The ratings, however, derive strength from the experience of the
proprietor in the field of pharmaceutical distribution, exclusive
distributorship for reputed drug manufacturers for the Tamil
Nadu region and the firm's established distribution network
spread across the region.

Going forward, the ability of the firm to grow its size of
operations while prudently managing its working-capital
requirements and improving its capital structure will be the key
rating sensitivities.

Additionally, any major capital expenditure in the future and its
funding mix will also be a key rating sensitivity.

MSD is a Chennai-based Sole Proprietorship firm engaged in the
distribution of pharmaceutical products. It was promoted by Mr.
Ashok Dugar, a Chennai-based entrepreneur. MSD was initially
established as partnership firm in the year 2004 by Mr. Ajay
Dugar (son of Mr. Ashok Dugar) and Mr. Surendar Srisrimal with
profit sharing ratio of 60:40, respectively. Subsequently, during
2005, the firm got converted into a sole proprietorship with Mr.
Ajay Dugar acquiring the entire stake in the business.

During FY12 (refers to the period April 1 to March 31), MSD has
registered a PAT of INR0.59 crore on a total income of INR37.65
crore.


N.S. ENGINEERING: CARE Assigns 'BB' Rating to INR24.4cr LT Loan
---------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of N.S. Engineering Projects Pvt. Ltd.

                               Amount
   Facilities                (INR crore)   Ratings
   -----------               -----------   -------
   Long-term bank facilities     24.40     'CARE BB' Assigned
   Short-term bank facilities     3.86     'CARE A4' Assigned

Rating Rationale

The ratings assigned to the bank facilities of N.S. Engineering
Projects Pvt. Ltd. Are primarily constrained by its nascent stage
of operations, project implementation risk involved with
the setting up of galvanizing unit and inherent cyclicality of
the steel industry. The ratings are further constrained due to
its presence in a highly fragmented and competitive industry
putting pressure on its profitability which is also susceptible
to fluctuation in the raw material prices.

The aforesaid constraints are partially offset by the
longstanding experience of the promoters in the fabrication
industry, its proximity to raw material sources enabling
logistics advantage, diversified user segments and moderate order
book position.

Ability of the company to achieve envisaged scale of operations
and profitability along with successful completion the ongoing
project without any cost & time overrun would be the key rating
sensitivities.

N.S. Engineering Projects Pvt. Ltd. was incorporated in February,
2007 by Shri Manoj Kumar Kedia & Shri Anil Kumar Goel belonging
to Kolkata for the purpose of setting up a fabrication &
galvanizing plant. In August, 2012, the company started
fabrication division and commenced manufacturing of steel
engineering products for various industries like Railways,
Telecom, Automotive ancillaries, Power plant, Chemical plant,
etc. Its range of products include auxiliary reservoir, break
beam, flap door, pipe for air brake system, round shaft chisels,
head stock, slack adjusters, components used in manufacturing of
wagons and coaches, etc. The manufacturing facility of the
company is located at Domjur, Howrah with an installed capacity
of 36,000 metric tonnes per annum (MTPA). The fabrication
division was setup at a cost of INR31.98 crore at a debt equity
mix of 0.52:1. The facility has quality systems certifications of
ISO: 9001:2008.

Currently, NSEPPL is in the process of setting up a galvanising
unit within the existing premises at Domjur, Howrah.


NV INTERNATIONAL: CARE Rates INR170cr LT Loan at 'CARE BB-'
-----------------------------------------------------------
CARE assigns 'CARE BB-' rating to the bank facilities of NV
International Pvt Ltd.

                               Amount
   Facilities                (INR crore)   Ratings
   -----------               -----------   -------
   Long-term Bank Facilities     170       CARE BB- Assigned

Rating Rationale

The rating of NV International Pvt Ltd is constrained by the
project execution risk, the project being in the nascent stage,
exposure to changes in the state policies regarding pricing and
sales of country liquor, volatility in raw material prices and
working capital intensive nature of operations.

The above-mentioned rating weaknesses are partially offset by the
experience of the promoters, management & group companies in
related business, major approvals received from requisite
authorities for setting up the distillery, strategic location
with a large nearby market & abundant availability of grain and
protective environment for existing players due to restrictive
licensing acting as a high entry barrier.

Going forward, timely execution of the project as per the planned
schedule would be the key rating sensitivity.

NVIPL, incorporated in June 1994, is setting up a grain-based
distillery near Ambala (Haryana), with an installed capacity of
60 KL of Extra-Neutral alcohol (ENA) per day and 8,000 cases of
country liquor per day. The company has plans to distribute
country liquor in Haryana & Delhi and to sell ENA to other
companies (which will use it as a base for the manufacturing of
IMFL and country liquor).  The company is a part of the NV group
and is promoted by Mr. Ashok Jain and Mr. Sameer Goyal who have
substantial relevant experience of around two decades in the
industry.

The project cost of INR257.79 crore is being financed at a debt
equity mix of 1.94:1 (term debt of INR170 crore and the
promoter's contribution of INR87.79 crore comprising equity &
interest free unsecured loan). Till June 19, 2012, NVIPL has
incurred INR23.10 crore, completely funded by the promoter's
contribution (equity capital of INR23.01 crore and unsecured
loans of INR0.09 crore).


RADHAMOHAN BUILDERS: CARE Ups Rating on INR13.96cr Loan to 'B-'
---------------------------------------------------------------
CARE revises/reaffirms the rating assigned to the bank facilities
of Radhamohan Builders Pvt Ltd.

                               Amount
   Facilities                (INR crore)    Ratings
   -----------               -----------    -------
   Long-term Bank Facilities     13.96      CARE B- Revised from
                                            CARE C

   Short-term Bank Facilities     1.31      CARE A4 Reaffirmed

Rating Rationale

The revision in the long-term rating takes into account further
improvement in the debt servicing track record of Radhamohan
Builders Private Limited supported by regular infusion of
unsecured loans from the promoters. The ratings, however,
continued to remain constrained on account of RBPL's stressed
liquidity position due to cash losses, highly leveraged capital
structure and revenue dependence on its single hotel property in
a highly competitive market of Jaipur.

These constraints continue to offset the benefit derived from the
vast experience of the promoters in diversified businesses and
operations of RBPL managed by a reputed hotel chain, Golden
Tulip.

The ability of RBPL to increase the scale of operations through
achievement of better occupancy levels and high average room
rates resulting in improved cash accruals and consequent
improvement in liquidity position is the key rating sensitivity.

RBPL was incorporated in December 2004 by Mr. Surja Ram Meel to
carry out hotel business at Jaipur, Rajasthan. RBPL started its
commercial operations in November 2007. Mr. Surja Ram Meel,
Chairman, holds 51% of the equity share capital in RBPL in his
own name as well as through associate concerns and rest (49%) is
held by Ager Hotels India Private Limited (AHIPL). RBPL operates
a four-star hotel having 108 rooms, two restaurants and four
banquet halls under the brand "Golden Tulip Jaipur" at Jaipur. It
has franchise arrangement with the leading hotel chain "Golden
Tulip", Netherlands for operations and marketing. It was the
first hotel property developed in India by "Golden Tulip". At
present there are 14 hotel properties of Golden Tulip hotels in
India.

During FY12 (refers to the period April 1 to March 31), RBPL
reported a total income of INR11.07 crore (FY11: INR11.73 crore)
with a net loss of INR2.56 crore (FY11: -1.96 crore).


RASOYA PROTEINS: CARE Puts 'BB+' Rating on INR254.13cr LT Loan
--------------------------------------------------------------
CARE assigns 'CARE BB+' and 'CAREA4' rating to the bank
facilities of Rasoya Proteins Ltd.

                               Amount
   Facilities                (INR crore)    Ratings
   -----------               -----------    -------
   Long-term Bank               254.13      CARE BB+ Assigned
   Facilities

   Short-term Bank                3.00      CARE A4 Assigned
   Facilities

Rating Rationale

The ratings are constrained by the susceptibility of Rasoya
Proteins Limited to the raw material prices, seasonal
availability of raw material leading to higher working capital
intensity, limited geographical presence and exposure to the
overseas subsidiary engaged in the trading activity. The ratings
further take into account the risk associated with the
implementation of the project and expected deterioration in the
capital structure due to proposed capacity expansion.

The ratings derive strength from the long track record of RPL in
the soya industry, experienced promoters, strategic location of
the manufacturing units and moderate financial risk profile
characterized by growing sales, satisfactory capital structure
and moderate debt coverage indicators.

The ratings further underpinned by improving capacity utilization
along with the venture into value-added products, which is
expected to result in better contribution to the profitability.
Going forward, the ability of RPL to sustain revenue growth and
profitability in light of increasing competition, fluctuating raw
materials prices and government policies would be the key rating
sensitivities.

Rasoya Proteins Limited, incorporated in 1992, is engaged in the
business of soya solvent extraction and refining of soya oil. RPL
operates two integrated solvent plants with one located at
Wani District, Yavatmal (Maharashtra), and other one located at
Malkapur District Buldhana (Maharashtra). The Wani plant has a
900 tonnes per day (TPD) of seed crushing capacity, 150 TPD of
oil refining capacity and 7 TPD of liquid lecithin manufacturing
capacity, while the Malkapur plant has a 1,000 TPD extraction
facility, 150 TPD oil refining capacity and 7 TPD of liquid
lecithin manufacturing capacity.

RPL's product portfolio includes soya de-oiled cake (DOC), soya
hi-pro DOC, soya crude oil, soya refined oil, lecithin, and wheat
flour (wheat-flour accounts for 1% of revenue). The soy-based
products are sold under the brand name "Rasoya", while wheat-
based products are sold under the brand name "Mejwani". The
company has a 10-megawatt (MW) captive thermal power plant at its
Wani plant. The company has a power purchase agreement with
Maharashtra State Electricity Distribution Co. Ltd. to sell the
excess power. RPL International Trade FZE was incorporated in
June 2011 in Sharjah, UAE as a wholly-owned subsidiary of RPL.


SHAKAMBHARI ISPAT: CARE Lifts Rating on INR101.7cr Loan to 'BB-'
----------------------------------------------------------------
CARE revises the ratings assigned to bank facilities of
Shakambhari Ispat & Power Ltd.

                            Amount
   Facilities             (INR crore)    Ratings
   -----------            -----------    -------
   Long-term Bank             101.7      CARE BB- Revised from
   Facilities                            CARE B

   Short-term Bank              7.0      CARE A4
   Facilities                            Reaffirmed

Rating Rationale

The revision in the long-term rating of Shakambhari Ispat & Power
Ltd. takes into account the substantial improvement in the
financial position reflected by significant improvement in net
sales and profitability and solvency level and the successful
completion of the ongoing capex project.

The ratings, however, continued to be constrained by volatility
in raw material and finished goods prices with lack of backward
integration and intense competition coupled with cyclicality of
the steel industry. The above constraints more than offset the
benefits derived from the experience of the current promoters in
steel industry and continuous infusion of funds by them, the
presence of captive power plant and the improvement in operation
of the company post take over by the new management. Effective
management of the working capital, the ability to raise resources
to manage the growth in the scale of operation and improve
profitability in the wake of rising input prices and higher
interest costs are the key rating sensitivities.

Shakambhari Ispat & Power Ltd, formerly, Maa Chhinnamastika Steel
& Power Pvt. Ltd., was incorporated in 2001 by Mr. Pradeep
Bharadwaj of Durgapur. The company currently has sponge
iron capacity of 90,000 MT, billets capacity of 97,500 MT and
captive power plant of 12 MW. The plant was shut down in August
2010 due to financial problems and market volatility. In December
2010, the company was taken over by Mr. Deepak Agarwal, and
subsequently, the name was changed to SIPL. The new management
has undertaken an expansion project for increasing the capacity
of billet plant by 25,000 MT and refurbishing of the plant which
was completed in October 2011.

In FY12 (refers to the period April 2011 to March 2012), SIPL
earned PAT (after deferred tax) of INR5.5 crore on total income
of INR302.4 crore. The company earned PBT of INR2 crore on net
sales of INR66.2 crore in Q1FY13.


SHREE NAKODA: CARE Assigns 'B' Rating to INR20cr LT Loan
--------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Shree
Nakoda Industries Ltd.

                               Amount
   Facilities                (INR crore)   Ratings
   -----------               -----------   -------
   Long-term bank facilities     20.0      CARE B Assigned

Rating Rationale

SNIL's rating is mainly constrained by short track record of the
company in trading of steel products, customer concentration
risk, trading nature of business leading to low profitability
margins, volatility in trading material prices, inadequate
operating income to support interest payment, high gearing ratios
and dependence on fortunes of steel industry. The ratings,
however, draw support from experienced promoters and access to
quality trading materials.  Ability of the company to increase
the scale of operations and profitability margins along with
efficiently management of working capital requirement shall
remain the key rating sensitivities.

Shree Nakoda Industries Ltd., incorporated in December 1991,
belongs to Raipur based Nakoda group, promoted by three brothers
Shri Virendra Goel (52 years), Shri Ramesh Chandra Goel (60
years) and Shri Sanjay Goel (43 years).

SNIL was initially incorporated as Goel Vanaspati Products Ltd.
to carry out chemical business. In 2005, it discontinued chemical
business, in view of low profitability, and ventured into trading
of steel products (MS Bar rounds), iron ore and coal.

Nakoda group comprises companies having major interest in
manufacturing & trading of steel products, chemical, food grain,
polymers and coal.

As per the audited results of FY11 (refers to the period from
Apr.1, 2010 to Mar. 31, 2011) SNIL reported a PBILDT and PAT of
INR0.1 crore (INR0.1 crore in FY10) and INR0.2 crore (INR0.1
crore in FY10) respectively on a total income of INR112.7 crore
(INR29.7 crore in FY10). Further, as per the provisional results
of FY12 SNIL has achieved a PBILDT and PAT of INR2.9 crore and
INR0.3 crore respectively on a total income of INR210.8 crore.



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


* JAPAN: SME Failures More Than Doubled in First Half of 2012
-------------------------------------------------------------
Kyodo News reports that private research firm Teikoku Databank
Ltd said the number of small and midsize businesses that failed
after receiving loan moratoriums under legislation in late 2009
more than doubled in the first half of fiscal 2012.

Kyodo News notes regional banks and credit cooperatives provide
such support to small cash-strapped firms, and if bad loans
continue to rise after the legislation expires next March, it
could hurt regional economies.

Teikoku Databank discloses that a total of 184 companies that
received loan moratoriums failed in the April-September period,
up from 90 in the same period last year, Kyodo relays.

The legislation, aimed at supporting smaller businesses squeezed
by the credit crunch, has led financial institutions to grant
moratoriums on loans worth around JPY80 trillion to 300,000 to
400,000 companies to date, Kyodo notes.



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


PEGASUS TOWN: Receivers Rule Out "Fire Sale" of Sections
--------------------------------------------------------
Liz McDonald at stuff.co.nz reports that the receivers in control
of the Pegasus Town development in North Canterbury are ramping
up their marketing but have ruled out a "fire sale" of sections
in the partly built town.

"There is now some urgency in getting more sections to the market
as quickly as possible," the report quotes Paul Armstrong, the
company's development manager, as saying.

He said the company had a new marketing plan and was
concentrating on finishing sections so it would have enough to
meet demand, stuff.co.nz relates.

According to the report, receivers Grant Thornton said in their
first report last week that they were continuing "land
development activities, related subdivision work and sale of
sections", as well as running the golf club.

stuff.co.nz notes the receivers are not revealing the company's
cashflow, the value of remaining unsold land at Pegasus or how
much they hope to sell sections for, citing commercial
sensitivity.

The report says the receivers are handing the proceeds of section
sales to lenders NZ Property Finance Partners, a consortium of
Australian property giant Brookfield and investment banker
Goldman Sachs. Others owed money include businesses that have
provided goods and services, and Inland Revenue.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 21, 2012, Fairfax NZ News said Pegasus Town Ltd was placed
in receivership. Simon Thorne has been appointed as receiver.
Owner Bob Robertson said that difficulty refinancing a loan
was behind the Pegasus trouble but there was no "contagion
effect" for other projects, according to Fairfax NZ News.
The receivership action was taken by New Zealand Property Finance
Partners, an investment consortium owned by Australia's
Brookfield group and investment banker Goldman Sachs.  The
consortium bought a loan over Pegasus Town from the Bank of
Scotland last year, Fairfax NZ News related.  Pegasus agreed to
buy back the loan from Brookfield and Goldman Sachs, but could
not get the finance, Fairfax NZ News disclosed.

Pegasus Town has been designed for 7,000 residents in 2,500
homes.



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


INGRATE PTE: Creditors' Proofs of Debt Due Nov. 2
-------------------------------------------------
Creditors of Ingrate Pte Ltd are required to file their proofs of
debt by Nov. 2, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


JACKLIE CONSTRUCTION: Creditors Get 1.61266% Recovery on Claims
---------------------------------------------------------------
Jacklie Construction Pte Ltd declared the first and final
preferential dividend on Oct. 11, 2012.

The company paid 1.61266% to the received claims.

The company's liquidator is:

         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


MATRIXONE ASIA: Creditors' Meetings Set for Nov. 5
--------------------------------------------------
Matrixone Asia Pte Ltd, which is in provisional liquidation, will
hold a meeting for its creditors on Nov. 5, 2012, at 10:00 a.m.,
at Ernst & Young Solutions LLP, One Raffles Quay, #18-00, in
Singapore 048583.

Agenda of the meeting include:

   a. to receive a statement of the position of the Company's
      affairs together with a list of creditors of the Company
      and the estimated amount of their claims prepared by the
      provisional liquidators appointed by the Board of Directors
      of the Company;

   b. to nominate and confirm Messrs Low Sok Lee Mona and Teo
      Chai Choo, both of 4 Shenton Way #04-01 SGX Centre 2,
      Singapore 068807 to be liquidators for the purpose of
      winding-up the affairs and distributing the assets of the
      abovenamed Company pursuant to the Companies Act;

   c. to appoint members of the committee of inspection of not
      more than 5 members, if thought fit;

   d. That pursuant to Section 320(3)(c) of the Companies Act,
      Cap. 50, the books and papers of the Company and of the
      liquidators that are relevant to the affairs of the Company
      at or subsequent to the commencement of the winding up of
      the Company be destroyed three (3) months after the
      dissolution of the Company; and

   e. discuss other business.


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

Urvashi Sood filed the petition against the company on Sept. 28,
2012.

The Petitioner's solicitors are:

          Khattarwong LLP
          80 Raffles Place
          #25-01 UOB Plaza 1
          Singapore 048624


SENTAT TRADING: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on Oct. 12, 2012, to
wind up Sentat Trading (S) Pte Ltd's operations.

Standard Chartered Bank filed the petition against the company.

The company's liquidators are:

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



=============
V I E T N A M
=============


HOANG ANH: Fitch Withdraws 'B' Rating on Issuer Default Ratings
---------------------------------------------------------------
Fitch Ratings has withdrawn Vietnam-based homebuilding company
Hoang Anh Gia Lai JSC's Long-Term Foreign and Local Currency
Issuer Default Ratings of 'B' respectively.  The 'B-' rating on
its USD75m notes due 2016 has also been withdrawn.  The ratings
remained on Rating Watch Negative (RWN), where they were placed
on 31 May 2012, at withdrawal.

Fitch has withdrawn the ratings due to insufficient information.

Fitch will no longer provide ratings or analytical coverage of
this issuer.


* Fitch Says Major Banks Reflect Difficult Operating Conditions
---------------------------------------------------------------
Fitch Ratings says in a new report that the major Vietnamese
banks' ratings largely reflect difficult domestic operating
conditions and other structural issues typically found in low-
income emerging markets.  The Outlook is Stable, reflecting that
the banks' ratings in the single 'B' category are already among
the lowest in Asia as well as the Vietnamese sovereign's Stable
Outlook.

Downside rating risks could arise if the operating environment
becomes even more challenging than Fitch's current expectations
and significantly threatens banks' solvency, and/or due to
negative rating action on the sovereign.

Fitch forecasts Vietnam's GDP growth at around 5% for 2012 and
around 5.8% for 2013, lower than the 7% average over 2004-2011.
Regulatory efforts at cutting interest rates and capping lending
rates have done little to support investor sentiment, with credit
growth of only 2% in January to September 2012.  This together
with governance issues, persistent global uncertainties and high
levels of corporate leverage -- evident in the country's
credit/GDP of 113% at end-2011 -- continues to weigh on the
domestic economy.

The banking system is vulnerable to macroeconomic shocks, with
pressures already mounting on asset quality, earnings and capital
of the major Vietnamese banks.  Fitch continues to believe that
reported non-performing loans (NPLs) are understated which,
together with poor transparency, mean that banks' capitalisation
would be much weaker than reported.  Around half of banks'
capital could be at risk, based on the central bank's public
admission that the system-wide NPL ratio could be as high as 10%.
Fitch believes the actual figure is higher and could weaken given
the downside risks from a materially weaker economic environment.
Structural issues, including deposit competition and fragile
confidence, may keep loan/deposit ratios over or close to 100%
for most major Vietnamese banks.

There has been little perceptible progress on Vietnam's banking
system reforms, such as banking sector consolidation and the
establishment of an asset management company to acquire bad debt
from banks.  Local authorities have also mentioned concurrent
reforms surrounding state-owned entities and investments in
Vietnam, but meaningful progress here has proved elusive.


                             *********

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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