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                      A S I A   P A C I F I C

           Friday, October 26, 2012, Vol. 15, No. 214

                            Headlines


A U S T R A L I A

JUNIPER PM: PwC Appointed as Receivers to Soul Supertower
KAGARA LTD: Administrators Win 3-Mo. Extension for Creditor Rpt.
MT LIEBIG COMMUNITY: Placed in Special Administration
ST HILLIERS: Creditors to Decide on Firm's Future on Oct. 31


C H I N A

MCE FINANCE: Consent Solicitation No Impact on Moody's 'Ba3' CFR


H O N G  K O N G

FAST KIND: Creditors' Meeting Set for Oct. 26
FOOK CHUEN: Members' Final Meeting Set for Nov. 19
GENDA MICROELECTRONICS: Lai and Yeung Step Down as Liquidators
GLORIEUX INDUSTRIAL: Members' Final Meeting Set for Nov. 19
HABS BINA: Placed Under Voluntary Wind-Up Proceedings

JET PROFIT: Chui Chi Yun Robert Steps Down as Liquidator
JET SURPLUS: Chui Chi Yun Robert Steps Down as Liquidator
MORGAN STANLEY: Creditors' Proofs of Debt Due Nov. 19
MORI INVESTMENTS: Placed Under Voluntary Wind-Up Proceedings
NEW POWER: Commences Wind-Up Proceedings

OSMONICS ASIA-PACIFIC: Creditors' Proofs of Debt Due Nov. 20
STAR MILLION: Members' Final Meeting Set for Nov. 23
TOP FAST: Commences Wind-Up Proceedings
VAST EAST: Creditors' Meeting Set for Oct. 26
VAST SUNNY: Creditors' Meeting Set for Oct. 26

YEE YOUNG: Placed Under Voluntary Wind-Up Proceedings


I N D I A

BALAJI SPINNING: CRISIL Assigns 'B+' Rating to INR124.7MM Loans
DASHMESH EDUCATIONAL: CRISIL Puts 'B-' Rating to INR861.6MM Loans
FLYING FASHIONS: Delays in Loan Payment Cues CRISIL Junk Ratings
LAKSHMI PRECISION: Delay in Loan Payment Cues CRISIL Junk Ratings
RAJ-RAJESHWARI: Delays in Loan Payment Cues Junk Ratings

SHIV SNAX: CRISIL Assigns 'CRISIL B+' Rating to INR80MM Loans
VAISHNODEVI REFOILS: CRISIL Ups Rating on INR58MM Loan to 'B'


J A P A N

ELPIDA MEMORY: Wants to Incur $190-Mil. Shinseigin Financing


N E W  Z E A L A N D

OTAGO RUGBY: Sees Small Profit After Avoiding Liquidation


S I N G A P O R E

SHEPPARD MOSCOW: Creditors' Proofs of Debt Due Nov. 19
SIN SOON: Creditors' Proofs of Debt Due Nov. 30
TRANSAGRO SHIPPING: Members' Proofs of Debt Due Nov. 19
WAI LIAN: Creditors' Proofs of Debt Due Nov. 2
WCT MARITIME: Court to Hear Wind-Up Petition on Nov. 2


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


JUNIPER PM: PwC Appointed as Receivers to Soul Supertower
---------------------------------------------------------
goldcoast.com.au reports that PricewaterhouseCoopers partners
Michael Fung, Derrick Vickers and Greg Hall were appointed as
receivers and managers of the developer of the 77-storey
Soul Supertower in Australia on October 25.

goldcoast.com.au discloses that the appointment is over the
following companies: Juniper PM Pty Ltd; Juniper Financier No 2
Pty Ltd; Juniper Developer No 2 Pty Ltd; Pimlico Investments Pty
Ltd; Juniper Property Holdings No 15 Pty Ltd; and Juniper
Property Holdings No 24 Pty Ltd.

According to the report, Mr. Fung said it would be 'business as
usual' as they finalised settlements of pre-sold apartments,
marketed the remaining unsold apartments, and continued the
development of the retail precinct.

"The challenges facing the real estate market in the Gold Coast
area are well known and have been impacting the major developers
in the area for some time," goldcoast.com.au quotes Mr. Fung as
saying.

"These challenges, together with the slower than expected
completion and delays in settlements on pre-sold stock meant that
the receivership of this world-class development was
unsurprising."

Recently, developer Graeme Juniper told the Gold Coast Bulletin
the building had racked up AUD200 million in sales in the tower,
including a AUD6 million sub-penthouse.  He however admitted that
the company was working through issues with a number of buyers
who had failed to complete contracts.

Goldcoast.com.au relates that Mr. Fung said he expected interest
both domestically and from the international high net worth
community.

The appointment of receivers and managers is restricted to the
Soul development only and does not affect any other properties or
assets, Mr. Fun said, according to goldcoast.com.au.

The Sea Temple hotel operation is not impacted by the
appointment.

The Soul tower features 288 luxury apartments and managed
five-star accommodation in a residential tower, and an adjoining
street-front retail complex which is open for business.


KAGARA LTD: Administrators Win 3-Mo. Extension for Creditor Rpt.
----------------------------------------------------------------
miningweekly.com reports that the administrators of Kagara Ltd
have sought and gained an additional three months to get the
company in order before reporting back to creditors.

miningweekly.com relates that the administrators said on
Wednesday that the decision to seek an additional extension of
the convening period was as a result of the strong interest and
feedback received from parties interested in the sale and
restructuring process of Kagara's assets.

The three-month extension period would allow the administrators
further time to progress this process, with a view to trying to
obtain the best possible outcome, the report relays.

miningweekly.com notes the administrators have been considering
options to save the company, including asset sales, in part or in
full, and the recapitalization of Kagara through a deed of
company arrangement.

According to the report, the administrators said that they had
received a number of indicative offers from local and
international parties in relation to Kagara's assets.  Companies
have been shortlisted and would be advised this week, while site
visits and due diligence would be conducted over the next five
weeks, with preferred bidders to be notified by the end of
November.

The administrators were expected to report back to Kagara's
creditors by February 28 next year, miningweekly.com adds.

                        About Kagara Ltd

Kagara Ltd (ASX: KZL) -- http://www.kagara.com.au/-- engages in
exploration, development, and production of mineral properties in
Western Australia and North Queensland. It primarily focuses on
the exploration of zinc, copper, gold, lead, and nickel.

Michael Joseph Patrick Ryan, Mark David Peter Englebert, Quentin
James Olde and Stefan Dopking of Taylor Woodings were appointed
Joint and Several Administrators of Kagara Ltd and certain
subsidiaries on April 29, 2012.


MT LIEBIG COMMUNITY: Placed in Special Administration
-----------------------------------------------------
Allyson Horn at ABC News.au reports that the Mt Liebig community
store near Alice Springs has been placed into special
administration by the Registrar of Indigenous Corporations.

The store is the only source of food in the remote community and
was about to close, until registrar Anthony Beven stepped in,
according to ABC News.au.  The report relates that Mr. Beven said
it is the second time in five years that the store has been
placed into administration.

"Back in 2009-2010, it was very clear to the special
administrator that the store really did need to rely on an
external professional management company and unfortunately that
recommendation wasn't acted upon and I think that's the major
reason why the store is back in the position it is in now," the
report quoted as Mr. Anthony Beven as saying.


ST HILLIERS: Creditors to Decide on Firm's Future on Oct. 31
------------------------------------------------------------
Bridget Carter at The Australian reports that creditors of the
failed builder, St Hilliers Construction, will vote next
Wednesday, October 31, on whether to allow the company to keep
trading or push it into liquidation, as Brookfield Multiplex
takes over the stalled AUD400 million expansion of Victoria's
newest prison at Ararat.

St Hilliers' building arm collapsed in May after costs on the
jail project blew out and a subsidiary set up by St Hilliers to
undertake work on the prison was placed in liquidation.

This month, The Australian notes, St Hilliers administrators
Moore Stephens asked creditors to agree to a deed of company
arrangement that would allow the firm to trade out of voluntary
administration, rather than pushing the builder into liquidation.

"We hope that it [deed of company arrangement] will be voted up,
but it has to go to that formal meeting," the report quotes St
Hilliers founder and executive chairman Tim Casey as saying.

"It involves me putting a contribution in, and the property
business (of St Hilliers) as well."

The Australian relates that Mr. Casey said two floors in the St
Hilliers head office building at the Rocks in Sydney were being
re-leased, and the property would probably be sold.

Meanwhile, The Australian reports that Brookfield Multiplex will
finish work at the prison at Ararat.

The Australian says the Commonwealth Bank and Bendigo and
Adelaide Bank have reached an agreement with Brookfield Multiplex
that allows the builder to begin preliminary works at the site
immediately.

Further negotiations are continuing, with major construction
works expected to resume early next year, the report says.

As reported in the Troubled Company Reporter-Asia Pacific on
May 17, 2012, St Hilliers Construction Pty Ltd said it had
appointed Trent Hancock and Michael Hird of Moore Stephens Sydney
Corporate Recovery Group as voluntary administrators.  An
associated company, St Hilliers Ararat Pty Ltd is part of a
consortium contracted to undertake the AUD350 million expansion
of the Ararat Prison in central Victoria. St Hilliers Ararat Pty
Ltd has at the same time been placed into liquidation. The
administration of St Hilliers Construction Pty Ltd is due to
exposure under guarantees for debts of St Hilliers Ararat Pty Ltd
relating to the Ararat Prison project in Victoria.

St Hilliers Group is an Australian property group providing
services in property development, contracting and funds
management.

St Hilliers Construction Pty Ltd is the construction arm of the
St Hilliers Group.



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


MCE FINANCE: Consent Solicitation No Impact on Moody's 'Ba3' CFR
----------------------------------------------------------------
Moody's Investors Service says that MCE Finance Limited's
announcement of its proposed consent solicitation will have no
immediate impact on its Ba3 corporate family rating and B1 senior
unsecured bond rating, as well as Melco Crown Gaming (Macau)
Limited's Ba3 secured debt rating.

The ratings outlook remains stable.

MCE Finance, which is wholly-owned by Melco Crown Entertainment,
owns a 100% economic interest in Melco Crown Gaming, which runs
the group's major operating assets in Macau.

These include Altira Macau, City of Dreams, and approximately
2,100 slot machines through Mocha Clubs, and are collectively
referred to by Moody's as "the Melco Crown Group."

The solicitation -- if it is approved by bondholders -- would
amend certain covenants governing US$600 million in bonds due
2018, and issued by MCE Finance.

These include (1) the definition of covenants in relation to
restricted payments, asset sales, permitted investments, and
permitted liens (the "proposed base amendments"); and (2) an
amendment in the restricted payment covenant that will allow MCE
Finance to provide an additional, one-off, restricted payment of
US$400 million, to fund the development of the Macau Studio City
Project (the "proposed restricted payment basket amendment").

"The additional US$400 million in cash to fund the Macau Studio
City Project will reduce the cash holdings of MCE Finance, but
its overall liquidity will remain adequately supported by its
remaining and ample cash holdings of approximately US$800 million
given it had a cash holding of around US$1.2 billion as of June
2012," says Kaven Tsang, a Moody's Vice President and Senior
Analyst.

"MCE Finance's liquidity is further supported by Moody's
projection of an annual EBITDA of US$600 million-US$700 million,
which can fully support its maintenance capex, estimated at US$50
million per annum, as well as its minimal debt repayment needs
for the coming 12 months," adds Mr. Tsang, who is also Moody's
lead analyst for the Melco Crown Group.

Moody's notes that the additional US$400 million cash
distribution is a one-off transaction, and any future cash
distribution beyond the amount permitted by the restricted
payment covenants in the existing rated secured loan facilities
and US dollar bonds would warrant a reassessment of MCE Finance's
ratings.

The proposed cash distribution will not have a material impact on
MCE Finance's financial profile.

Moody's projects that MCE Finance's debt/EBITDA will stay at
around 2.5x and EBITDA interest coverage at around 6.5x-7.0x,
underpinned by the company's stable operations at the City of
Dreams, which will continue to support its Ba3 corporate family
rating.

Meanwhile, the proposed base amendments are mainly technical
amendments to provide the group with the flexibility to manage
its projects outside MCE Finance, and therefore will not have
material adverse impact on the credit profile of MCE Finance.

The principal methodology used in these ratings was Moody's
Global Gaming Methodology, published in December 2009.

MCE Finance Limited is a subsidiary of NASDAQ-listed Melco Crown
Entertainment Ltd. (unrated), which is majority-owned by the
Australian-based gaming operator, Crown Limited (Baa2 stable) and
Hong Kong-listed Melco International Development Ltd (unrated).
Each company has an equity stake of approximately 33%.

Melco Crown Gaming is the key operating company within the MCE
Finance group holding one of six gaming concessions/sub-
concessions in Macau.



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


FAST KIND: Creditors' Meeting Set for Oct. 26
---------------------------------------------
Creditors of Fast Kind Limited will hold their meeting on
Oct. 26, 2012, at 3:00 p.m., for the purposes provided for in
Sections 241, 242, 243, 244 and 255A of the Companies Ordinance.

The meeting will be held at Room 11-11A, 26/F, at 113 Argyle
Street, Mongkok, Kowloon, in Hong Kong.


FOOK CHUEN: Members' Final Meeting Set for Nov. 19
--------------------------------------------------
Members of Fook Chuen Company Limited will hold their final
meeting on Nov. 19, 2012, at 10:00 a.m., at Level 13, 1 Queen's
Road Central, in Hong Kong.

At the meeting, Chan On Ki and Wong Yuk Ying, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


GENDA MICROELECTRONICS: Lai and Yeung Step Down as Liquidators
--------------------------------------------------------------
Lai Kar Yan (Derek) and Yeung Lui Ming (Edmund) stepped down as
liquidators of Genda Microelectronics Limited on Oct. 11, 2012.


GLORIEUX INDUSTRIAL: Members' Final Meeting Set for Nov. 19
-----------------------------------------------------------
Members of Glorieux Industrial Limited will hold their final
meeting on Nov. 19, 2012, at 10:00 a.m., at 8th Floor, Gloucester
Tower, The Landmark, 15 Queen's Road Central, in Hong Kong.

At the meeting, Iain Ferguson Bruce, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


HABS BINA: Placed Under Voluntary Wind-Up Proceedings
-----------------------------------------------------
At an extraordinary general meeting held on Oct. 12, 2012,
creditors of Habs Bina (Hong Kong) Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Lam Yan Wing
         Flat C, 36/F
         Block 3, Belvedere Garden PH 2
         620 Castle Peak Road
         Tsuen Wan, Hong Kong


JET PROFIT: Chui Chi Yun Robert Steps Down as Liquidator
--------------------------------------------------------
Chui Chi Yun Robert stepped down as liquidator of Jet Profit
Investment Development Limited on Oct. 11, 2012.


JET SURPLUS: Chui Chi Yun Robert Steps Down as Liquidator
---------------------------------------------------------
Chui Chi Yun Robert stepped down as liquidator of Jet Surplus
Holdings Limited on Oct. 11, 2012.


MORGAN STANLEY: Creditors' Proofs of Debt Due Nov. 19
-----------------------------------------------------
Creditors of Morgan Stanley Properties Hong Kong Limited, which
is in members' voluntary liquidation, are required to file their
proofs of debt by Nov. 19, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Oct. 11, 2012.

The company's liquidators are:

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


MORI INVESTMENTS: Placed Under Voluntary Wind-Up Proceedings
------------------------------------------------------------
At an extraordinary general meeting held on Oct. 12, 2012,
creditors of Mori Investments Company Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Lam Yan Wing
         Flat C, 36/F
         Block 3, Belvedere Garden PH 2
         620 Castle Peak Road
         Tsuen Wan, Hong Kong


NEW POWER: Commences Wind-Up Proceedings
----------------------------------------
Members of New Power Investments 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


OSMONICS ASIA-PACIFIC: Creditors' Proofs of Debt Due Nov. 20
------------------------------------------------------------
Creditors of Osmonics Asia-Pacific Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Nov. 20, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Oct. 8, 2012.

The company's liquidators are:

         Natalia Seng Sze Ka Mee
         Ngai Kit Fong
         Level 28, Three Pacific Place
         1 Queen's East
         Hong Kong


STAR MILLION: Members' Final Meeting Set for Nov. 23
----------------------------------------------------
Members of Star Million Development Limited will hold their final
meeting on Nov. 23, 2012, at 10:15 a.m., at Unit B, 1/F, Neich
Tower, at 128 Gloucester Road, Wanchai, in Hong Kong.

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


TOP FAST: Commences Wind-Up Proceedings
---------------------------------------
Members of Top Fast 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


VAST EAST: Creditors' Meeting Set for Oct. 26
---------------------------------------------
Creditors of Vast East Foodstuff Limited will hold their meeting
on Oct. 26, 2012, at 3:00 p.m., for the purposes provided for in
Sections 241, 242, 243, 244 and 255A of the Companies Ordinance.

The meeting will be held at Room 11-11A, 26/F, at 113 Argyle
Street, Mongkok, Kowloon, in Hong Kong.


VAST SUNNY: Creditors' Meeting Set for Oct. 26
----------------------------------------------
Creditors of Vast Sunny Limited will hold their meeting on
Oct. 26, 2012, at 3:00 p.m., for the purposes provided for in
Sections 241, 242, 243, 244 and 255A of the Companies Ordinance.

The meeting will be held at Room 11-11A, 26/F, at 113 Argyle
Street, Mongkok, Kowloon, in Hong Kong.


YEE YOUNG: Placed Under Voluntary Wind-Up Proceedings
-----------------------------------------------------
At an extraordinary general meeting held on Oct. 12, 2012,
creditors of Yee Young Company Limited resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

         Lam Yan Wing
         Flat C, 36/F
         Block 3, Belvedere Garden PH 2
         620 Castle Peak Road
         Tsuen Wan, Hong Kong



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I N D I A
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BALAJI SPINNING: CRISIL Assigns 'B+' Rating to INR124.7MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Balaji Spinning Mills (unit of Kanya
Enterprises Private Limited).

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit            122      CRISIL B+/Stable (Assigned)
   Term Loan                2.7    CRISIL B+/Stable (Assigned)

The rating reflects BSM's below-average financial risk profile,
marked by a small net worth, a high gearing and weak debt
protection metrics, and small scale of operations in the
intensely competitive textile industry, resulting in a low
operating margin. These rating weaknesses are partially offset by
the benefits that BSM derives from its promoters' extensive
experience in the textiles industry and the funding support that
it receives from them.

Outlook: Stable

CRISIL believes that BSM will continue to benefit over the medium
term from its promoters' extensive experience in the textiles
industry and the funding support that it receives from them. The
outlook may be revised to 'Positive' in case the firm improves
its financial risk profile, backed by higher-than-expected
increase in its scale of operations and improvement in its
operating margin, or in case of equity infusion by its promoters.
Conversely, the outlook may be revised to 'Negative' in case
BSM's financial risk profile deteriorates because of lower-than-
expected cash accruals, higher-than-expected increase in its
working capital requirements, or further debt-funded capital
expenditure.

BSM was established as a partnership concern in 2001 by Mr.
Tarsen Lal Gupta and his wife, Mrs. Kiran Bala Gupta. In
September 2005, the firm was reconstituted as a proprietorship
concern with Kanya Enterprises Pvt Ltd as the proprietor. BSM
manufactures 2/2/14 cotton yarn, which is used as tyre cord
fabric in bicycles.


DASHMESH EDUCATIONAL: CRISIL Puts 'B-' Rating to INR861.6MM Loans
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Dashmesh Educational Charitable Trust.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Term Loan              690      CRISIL B-/Stable (Assigned)

   Proposed Long-Term     121.6    CRISIL B-/Stable (Assigned)
   Bank Loan Facility

   Overdraft Facility      50      CRISIL B-/Stable (Assigned)

   Bank Guarantee          18.4    CRISIL A4 (Assigned)

The ratings reflect DECT's exposure to project-related risks due
to aggressive expansion plans and low cash accruals, which
constrain its financial flexibility, and its weak financial risk
profile, marked by high gearing and inadequate debt protection
metrics. These rating weaknesses are partially offset by the
trust's established track record and moderate operating
efficiencies.

Outlook: Stable

CRISIL believes that DECT will continue to benefit over the
medium term from its established track record in the education
sector. The outlook may be revised to 'Positive' if the trust
reports higher-than-expected income and profitability, while
completing its ongoing expansion project as per schedule.
Conversely, the outlook may be revised to 'Negative' in case of
deterioration in DECT's financial risk profile, driven by time or
cost overruns in the project.

DECT was established in 1999 as an educational charitable trust.
DECT is promoted by Mr. Ram Bahadur Rai, Mr. Manmohan Singh
Chawla, Mr. Manmeet Singh Chawla, and Ms. Harjeet Kaur. The trust
opened a dental college and hospital in 2002 and a medical
college and general hospital in 2010.

DECT reported a net surplus of INR10 million on net fee income of
INR322 million for 2011-12 (refers to financial year, April 1 to
March 31), as against a net surplus of INR7 million on net fee
income of INR213 million for 2010-11.


FLYING FASHIONS: Delays in Loan Payment Cues CRISIL Junk Ratings
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Flying Fashions. The ratings reflect instances of
delay by FF's in debt servicing; the delays have been caused by
the firm's weak liquidity.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit              16.0      CRISIL D (Assigned)
   Over draft                7.3      CRISIL D (Assigned)
   Packing Credit           14.0      CRISIL D (Assigned)
   Foreign Bill Purchase    10.0      CRISIL D (Assigned)
   Letter of credit          2.0      CRISIL D (Assigned)
   Term Loan                15.7      CRISIL D (Assigned)

FF's large working capital requirements have led to weak
liquidity. Also, it has small scale of operations in the highly
competitive readymade garments industry restricting business risk
profile. However, the firm benefits from the extensive experience
of its promoters in the readymade garments industry.

FF, based in Delhi, was established as a proprietary concern in
1980 by Mr. Pramod Arora. The firm is engaged in manufacturing
and exporting apparels (mainly women-wear and kids wear), fashion
bags and fashion accessories.

FF reported a book profit of INR2.6 million on net sales of
INR143.8 million for 2010-11 (refers to financial year, April 1
to March 31), against a book profit of INR2.3 million on net
sales of INR131.2 million for 2009-10. The firm has reported on
provisional basis net sales of Rs 123.5 million


LAKSHMI PRECISION: Delay in Loan Payment Cues CRISIL Junk Ratings
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Lakshmi Precision Screws Ltd to 'CRISIL D/CRISIL D' from 'CRISIL
B+/Stable/CRISIL A4'.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bill Discounting        65      CRISIL D (Downgraded from
                                   'CRISIL A4')

   Cash Credit            310      CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

   Foreign Bill           180      CRISIL D (Downgraded from
   Discounting                     'CRISIL A4')

   Letter of Credit       490      CRISIL D (Downgraded from
                                   'CRISIL A4')

   Packing Credit         140      CRISIL D (Downgraded from
                                   'CRISIL A4')

   Proposed Long-Term      65      CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL B+/Stable')

   Term Loan              105      CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

The downgrade reflects delays by LPS in meeting its term loan
obligations because of weak liquidity. The weak liquidity is
mainly driven by the company's high working capital requirements,
large debt repayment obligations, and on-going debt-funded
capital expenditure.

LPS also has a weak overall financial risk profile, marked by
high gearing and below-average debt protection metrics. However,
the company has an established market position in the fasteners
industry, marked by a strong brand image. Furthermore, it has
high operating efficiency, supported by advanced manufacturing
facilities and promoters' extensive industry experience.

LPS was incorporated in 1968 as a private limited company,
promoted by three brothers, Mr. Lalit Kumar Jain, Mr. Vijay Kumar
Jain, and Mr. Rajesh Jain, and their cousin, Mr. Dinesh Kumar
Jain; it was reconstituted as a public limited company in 1972.
LPS manufactures high-tensile fasteners, and is one of the
largest manufacturers of fasteners in India.

LPS reported a profit after tax (PAT) of INR74 million on net
sales of INR3308 million for 2011-12 (refers to financial year,
April 1 to March 31), against a PAT of INR89 million on net sales
of INR3056 million for 2010-11.


RAJ-RAJESHWARI: Delays in Loan Payment Cues Junk Ratings
--------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Shree
Raj-Rajeshwari Pap-Chem Industries Pvt Ltd to 'CRISIL D/ CRISIL
D' from 'CRISIL B+/Stable/CRISIL A4'.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee         5.5      CRISIL D (Downgraded from
                                   'CRISIL A4')

   Cash Credit          127.5      CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

   Proposed Cash          2        CRISIL D (Downgraded from
   Credit Limit                    'CRISIL B+/Stable')

   Term Loan             50        CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

The rating downgrade follows delays by Shree Raj in meeting its
term debt obligations; the delays were caused by the company's
weak liquidity. Shree Raj's liquidity weakened due to loss of
cash flows following the shutting down of its plant for a few
months for maintenance and modernisation.

Shree Raj has a weak financial risk profile, marked by a modest
net worth and inadequate debt protection metrics. Furthermore,
the company is susceptible to cyclicality in the paper industry
and to volatility in waste paper prices and foreign exchange
rates. However, Shree Raj continues to benefit from its
promoters' experience in the paper business.

                          About Shree Raj

Shree Raj was established in 1997 by the Shah family of
Maharashtra. The company manufactures kraft paper from waste
paper. Its plant, with an installed capacity of 100 tonnes per
day, is in Nashik (Maharashtra).

Shree Raj's profit after tax (PAT) and net sales for 2011-12
(refers to financial year, April 1 to March 31) are estimated at
INR10.8 million and INR634.9 million, respectively; the company
had reported a PAT of INR19.6 million on net sales of INR746.4
million for 2010-11.


SHIV SNAX: CRISIL Assigns 'CRISIL B+' Rating to INR80MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Shiv Snax Pvt Ltd.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit             5       CRISIL B+/Stable (Assigned)
   Term Loan              75       CRISIL B+/Stable (Assigned)

The rating reflects SSPL's small scale of operations with high
customer concentration and average financial risk profile marked
by high gearing. These rating weaknesses are partially offset by
the benefits that SSPL derives from its promoters' extensive
industry experience and healthy operating efficiencies company
derives from low working capital requirements and absence of
price risk

Outlook: Stable

CRISIL believes that SSPL will continue to benefit from its
contract with Parle Products Pvt Ltd (Parle) and healthy
operating efficiencies. The outlook may be revised to 'Positive'
if SSPL's scale of operations improves significantly along with
improvement in its financial risk profile especially liquidity
because of larger than expected cash accruals or infusion of
fresh equity by promoters. Conversely, the outlook may be revised
to 'Negative' if there is any decline in turnover or margins of
SSPL, most likely caused by reduced demand from Parle or if
company undertakes a large debt funded capex leading to pressure
on cash accruals and debt repayment.

                         About Shiv Snax

SSPL was incorporated in 2008 and promoted by Madan family and
their related Jeewani family. The company is engaged in
manufacturing of biscuits on job work basis for Parle and
commenced its commercial operations in November 2010. The
manufacturing facility is located at Raipur, Chhattisgarh.

For 2011-12, SSPL's profit after tax (PAT) and net income are
estimated at INR1.5 million and INR91.3 million respectively.


VAISHNODEVI REFOILS: CRISIL Ups Rating on INR58MM Loan to 'B'
-------------------------------------------------------------
CRISIL has upgraded its rating on Vaishnodevi Refoils & Solvex's
bank facilities to 'CRISIL B/Stable' from 'CRISIL C'.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit            58.0     CRISIL B/Stable (Upgraded from
                                   'CRISIL C')

The upgrade reflects VRS's timely repayment of term debt for the
past three months and improvement in liquidity, resulting from
the increase in working capital limits to support the increase in
scale of operations, which, consequently, has improved cash
accruals. Backed by the increase in capacity in 2012-13 (refers
to financial year, April 1 to March 31) and consistent order
flow, VRS is estimated to report a top line growth of around 100
per cent in 2012-13 as against in 2011-12. Also, with the
increase in scale of operations, the firm's operating efficiency
has also improved, leading to an improvement in operating margin
at 3.7 per cent in 2011-12 from 2.7 per cent in 2011-12. CRISIL
believes that VRS will maintain its business risk profile over
the medium term, backed by stable order flow. VRS's financial
risk profile has improved marginally with capital infusion by the
partners, leading to net worth of INR75.5 million as on March 31,
2012, and gearing of 1.34 times, as against 2.1 times as on
March 31, 2011.

The ratings continue to reflect VRS's average financial risk
profile, marked by average gearing and weak debt protection
metrics, small scale of operations, and susceptibility to intense
competition in the edible oil industry. These weaknesses are
partially offset by the promoter's extensive experience in the
edible oil industry.

Outlook: Stable

CRISIL believes that VRS will continue to benefit from its
promoter's extensive experience in the edible oil industry over
the medium term. The outlook may be revised to 'Positive' in case
of an improvement in VRS's financial risk profile and
profitability. Conversely, the outlook may be revised to
'Negative' if VRS's financial risk profile deteriorates
significantly, most likely because of deterioration in its
profitability, stretch in its working capital requirement, or
larger-than-expected debt-funded capital expenditure (capex).

                      About Vaishnodevi Refoils

Set up in 2008, VRS is promoted by Mr. Shaileshbhai Thakkar and
his family. The firm extracts and refines edible oil (mainly
mustard oil from de-oiled cakes) at its plant in Banaskantha
(Gujarat).

VRS reported a book profit of INR3.8 million on net sales of
INR702 million for 2011-12, as against a book profit of INR3.3
million on net sales of INR827 million for 2010-11.



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


ELPIDA MEMORY: Wants to Incur $190-Mil. Shinseigin Financing
------------------------------------------------------------
Yukio Sakamoto and Nobuaki Kobayashi, as foreign representatives
of Elpida Memory, Inc., a Japanese company that is the subject of
reorganization proceedings under Japanese law pending before the
Tokyo District Court, Eighth Civil Division, ask the U.S.
Bankruptcy Court for the District of Delaware to approve various
security agreements with DIP lender Shinseigin Finance Co., Ltd.

A hearing on Oct. 24, 2012, at 2 p.m. has been set.

According to the foreign representatives, the facility agreement
between Elpida and the DIP Lender provides that the DIP lender
agreed to provide Elpida with financing through Dec. 28, 2012,
and up to a maximum commitment amount of JPY15,000,000,000.

To collateralize the DIP facility, Elpida and certain of its
subsidiaries, including, but not limited to Elpida Memory (USA),
Inc., Elpida's subsidiary based in the United States, entered
into separate security agreements and related agreements, each
with respect to the respective assets of Elpida and its
subsidiaries.

Elpida needed the DIP Facility in order to continue business
operations during the Japan Proceeding and to maximize value for
its creditors.

The terms of the facility agreement include:

Effective Date:                      April 27, 2012

Maximum Commitment Amount:           JPY15,000,000,000
(equivalent
                                     to $190 million)

Amount Outstanding:                  JPY8,000,000,000 (equivalent
                                     to $102 million)

Maturity Date:                       Dec. 28, 2012

Use of Proceeds:                     The proceeds of each
                                     borrowing will be used for
                                     operating capital.

Interest Rate:                       9.45% per annum (subject to
                                     adjustment)

Arrangement Fee:                     JPY52,500,000 (equivalent to
                                     $650,000

Governing Law:                       Japan

A copy of the terms of financing is available for free at:

     http://bankrupt.com/misc/ELPIDAMEMORY_financing.pdf

                        About Elpida Memory

Elpida Memory Inc. (TYO:6665) -- http://www.elpida.com/ja/-- is
a Japan-based company principally engaged in the development,
design, manufacture and sale of semiconductor products, with a
focus on dynamic random access memory (DRAM) silicon chips.  The
main products are DDR3 SDRAM, DDR2 SDRAM, DDR SDRAM, SDRAM,
Mobile RAM and XDR DRAM, among others.  The Company distributes
its products to both domestic and overseas markets, including the
United States, Europe, Singapore, Taiwan, Hong Kong and others.
The company has eight subsidiaries and two associated companies.

After semiconductor prices plunged, Japan's largest maker of DRAM
chips filed for bankruptcy in February with liabilities of 448
billion yen ($5.6 billion) after losing money for five quarters.
Elpida Memory and its subsidiary, Akita Elpida Memory, Inc.,
filed for corporate reorganization proceedings in Tokyo District
Court on Feb. 27, 2012.  The Tokyo District Court immediately
rendered a temporary restraining order to restrain creditors from
demanding repayment of debt or exercising their rights with
respect to the company's assets absent prior court order.
Atsushi Toki, Attorney-at-Law, has been appointed by the Tokyo
Court as Supervisor and Examiner in the case.

Elpida Memory Inc. sought the U.S. bankruptcy court's recognition
of its reorganization proceedings currently pending in Tokyo
District Court, Eight Civil Division.  Yuko Sakamoto, as foreign
representative, filed a Chapter 15 petition (Bankr. D. Del. Case
No. 12-10947) for Elpida on March 19, 2012.



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



OTAGO RUGBY: Sees Small Profit After Avoiding Liquidation
---------------------------------------------------------
NBR Online reports that the Otago Rugby Football Union expects to
make a small profit this year after bouncing back from the brink
of liquidation.

NBR says that despite its financial troubles, the union's ITM Cup
team is in the competition's final this Friday, facing Counties
Manukau at Pukekohe.

After losing NZ$862,000 in 2011, NBR relays, the ORFU's debts
neared NZ$2.3 million in February.

As part of a rescue package reached in March, at least
NZ$1 million worth of debt was written off by the Dunedin City
Council and the New Zealand Rugby Union, according to the report.

The board was replaced, and the NZRU also entered into an
additional sponsorship deal with Bank of New Zealand, the union's
biggest creditor, which was owed NZ$1.2 million.

General manager Richard Kinley, who has been with the union since
August, told NBR Online it is expecting a small surplus this
year.  "I think it will be less than NZ$50,000," NBR quotes Mr.
Kinley as saying.

However, that is a major turnaround from last year's loss, and
the $5.9 million deficit it posted in 2009, NBR discloses.

"The way the union is tracking, and the results we are having, it
may help bring more stability in terms of sponsorship next year,"
Mr. Kinley, as cited by NBR, said.

As reported in the Troubled Company Reporter-Asia Pacific on
March 7, 2012, Sport24 said the Otago Rugby Football Union put
off immediate liquidation on March 2 and revealed the existence
of a possible lifeline.  Faced with debts of NZ$2.35 million, the
Otago Union said earlier it would fold on March 2, but at the
last minute announced that the move had been delayed for a week,
according to Sport24.

Based in Dunedin, the Otago Rugby Football Union --
http://www.orfu.co.nz/-- is the official governing body of rugby
union for the Otago Region of New Zealand.



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


SHEPPARD MOSCOW: Creditors' Proofs of Debt Due Nov. 19
------------------------------------------------------
Creditors of Sheppard Moscow Asia Pacific Pte Ltd, which is in
liquidation, are required to file their proofs of debt by
Nov. 19, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

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


SIN SOON: Creditors' Proofs of Debt Due Nov. 30
-----------------------------------------------
Creditors of Sin Soon Lee Industrial Park Pte Ltd, which is in
liquidation, are required to file their proofs of debt by
Nov. 30, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

          Heng Lee Seng
          15 Hoe Chiang Road
          #12-02 Tower Fifteen
          Singapore 089316


TRANSAGRO SHIPPING: Members' Proofs of Debt Due Nov. 19
-------------------------------------------------------
Members of Transagro Shipping Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Nov. 19, 2012, to be included in the company's dividend
distribution.

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

The company's liquidator is:

          Sanjay P Mohnot
          Stamford Associates LLP
          7500A Beach Road
          #08-313 The Plaza
          Singapore 199591


WAI LIAN: Creditors' Proofs of Debt Due Nov. 2
----------------------------------------------
Creditors of Wai Lian Construction Co 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


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

Shipnology ApS filed the petition against the company on Oct. 11,
2012.

The Petitioner's solicitors are:

          M/s Incisive Law LLC
          16 Collyer Quay, #19-00
          Singapore 049318



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


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

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


AUSTRALIA


AAT CORP LTD                 AAT             32.50    -13.46
ALTIUM LTD                   ALU             24.26     -3.62
ARASOR INTERNATI             ARR             19.21    -26.51
AUSTRALIAN ZI-PP            AZCCA            77.74     -2.57
AUSTRALIAN ZIRC              AZC             77.74     -2.57
BIRON APPAREL LT             BIC             19.71     -2.22
CLARITY OSS LTD              CYO             31.64     -5.75
CNPR GROUP                   CNP         15,483.44   -349.73
CWH RESOURCES LT             CWH             11.58     -2.08
MACQUARIE ATLAS              MQA          1,618.82   -941.02
MISSION NEWENER              MBT             22.05    -27.72
NATURAL FUEL LTD             NFL             19.38   -121.51
ORION GOLD NL                ORN             10.91     -0.31
RENISON CONSOLID             RSN             10.15    -22.74
RENISON CONSO-PP            RSNCL            10.15    -22.74
RIVERCITY MOTORW             RCY            386.88   -809.14
RUBICOR GROUP LT             RUB            101.62    -19.93
STERLING BIOFUEL             SBI             31.12     -7.52


CHINA

ANHUI GUOTONG-A              600444          68.75     -3.62
BAOCHENG INVESTM             600892          43.58     -3.69
CHANG JIANG-A                 520         1,412.23    -34.77
CHENGDE DALU -B              200160          35.08     -6.23
CHENGDU UNION-A               693            29.46    -22.21
CHINA KEJIAN-A                 35            66.74   -211.15
CONTEL CORP LTD              CTEL            56.09    -14.27
DONGXIN ELECTR-A             600691          12.55    -32.52
GUANGDONG ORIE-A             600988          14.90     -3.96
GUANGXIA YINCH-A              557            50.01    -43.40
HEBEI BAOSHUO -A             600155          96.92    -82.96
HEBEI JINNIU C-A             600722         235.37    -87.11
HUASU HOLDINGS-A              509            82.75    -17.69
HULUDAO ZINC-A                751         1,156.17    -23.29
HUNAN TIANYI-A                908            62.60     -2.60
JILIN PHARMACE-A              545            30.62     -6.29
JINCHENG PAPER-A              820           109.56   -102.63
QINGDAO YELLOW               600579         197.77    -67.23
SHANDONG DACHE-A             600882         202.38    -17.37
SHANDONG HELON-A              677           744.39   -185.49
SHANG BROAD-A                600608          42.10     -9.12
SHANXI GUANLU-A               831           293.26    -22.96
SHENZ CHINA BI-A               17            22.32   -267.45
SHENZ CHINA BI-B             200017          22.32   -267.45
SHENZ INTL ENT-A               56           269.35    -48.30
SHENZ INTL ENT-B             200056         269.35    -48.30
SHIJIAZHUANG D-A              958           198.77   -118.66
SICHUAN GOLDEN               600678         145.99    -95.15
TAIYUAN TIANLO-A             600234          66.34    -12.60
TIANJIN MARINE               600751          70.78    -89.40
TIANJIN MARINE-B             900938          70.78    -89.40
TIBET SUMMIT I-A             600338          83.03    -10.94
TOPSUN SCIENCE-A             600771         125.34   -111.50
WUHAN BOILER-B               200770         255.82   -182.03
WUHAN LINUO SOLA             600885         104.94    -25.18
XIAMEN OVERSEA-A             600870         269.06   -133.94
XIAN HONGSHENG-A             600817          15.72   -276.16
XINJIANG CHALK-A              972           672.72    -24.08
YANBIAN SHIXIA-A             600462          96.06   -134.10
YIBIN PAPER IN-A             600793         131.24     -4.84
YOUYUE INTERNATI             YYUE           102.82     -9.02
YUEYANG HENGLI-A              622            33.31    -25.77
ZHEJIANG GENUINE              156            47.53    -21.44


HONG KONG

ASIA COAL LTD                 835            20.25     -9.45
BEP INTL HLDGS L              2326           12.99     -0.37
BUILDMORE INTL                108            16.51    -47.88
CHINA HEALTHCARE              673            33.18    -15.21
CHINA OCEAN SHIP              651           408.06    -51.68
CHINA SEVEN STAR              245            90.25     -2.25
CYPRESS JADE                  875            38.61    -10.78
FIRST NTUL FOODS              1076           17.14    -56.90
FU JI FOOD & CAT              1175           73.43   -389.20
MELCOLOT LTD                  8198           39.21    -76.03
MITSUMARU EAST K              2358           24.72    -18.95
PALADIN LTD                   495           175.99    -12.97
PROVIEW INTL HLD              334           314.87   -294.85
SINO RESOURCES G              223            31.27    -28.33
SUNCORP TECH LTD              1063           11.78     -8.30
SUNLINK INTL HLD              2336           15.63    -36.91
SURFACE MOUNT                SMT             67.80    -28.72
U-RIGHT INTL HLD              627            14.80   -204.65


INDONESIA

APAC CITRA CENT              MYTX           195.46     -0.74
ARPENI PRATAMA               APOL           431.45   -194.55
ASIA PACIFIC                 POLY           369.69   -833.16
JAKARTA KYOEI ST             JKSW            30.22    -42.19
MATAHARI DEPT                LPPF           254.86   -270.94
MITRA INTERNATIO             MIRA         1,076.79   -446.64
MITRA RAJASA-RTS           MIRA-R2        1,076.79   -446.64
PANASIA FILAMENT             PAFI            30.93    -21.52
PANCA WIRATAMA               PWSI            31.13    -38.63
PRIMARINDO ASIA              BIMA            11.11    -20.32
SUMALINDO LESTAR             SULI           172.87    -10.96
TOKO GUNUNG AGUN             TKGA            12.02     -1.03
UNITEX TBK                   UNTX            15.41    -19.99


INDIA

ABHISHEK CORPORA             ABSC            58.35    -14.51
AGRO DUTCH INDUS             ADF            105.49     -3.84
ALPS INDUS LTD               ALPI           215.85    -28.22
AMIT SPINNING                AMSP            16.21     -6.54
ARTSON ENGR                  ART             16.52     -3.14
ASHAPURA MINECHE             ASMN           167.68    -67.64
ASHIMA LTD                   ASHM            63.23    -48.94
ATV PROJECTS                 ATV             60.17    -54.25
BELLARY STEELS               BSAL           451.68   -108.50
BHAGHEERATHA ENG             BGEL            22.65    -28.20
BLUE BIRD INDIA              BIRD           122.02    -59.13
CAMBRIDGE TECHNO            CTECH            12.77     -7.96
CELEBRITY FASHIO             CFLI            27.59     -8.60
CFL CAPITAL FIN             CEATF            12.36    -49.56
CHESLIND TEXTILE             CTX             20.51     -0.03
COMPUTERSKILL                CPS             14.90     -7.56
CORE HEALTHCARE              CPAR           185.36   -241.91
DCM FINANCIAL SE            DCMFS            18.46     -9.46
DFL INFRASTRUCTU             DLFI            42.74     -6.49
DHARAMSI MORARJI             DMCC            21.44     -6.32
DIGJAM LTD                   DGJM            99.41    -22.59
DISH TV INDIA                DITV           517.02    -18.42
DISH TV INDI-SLB            DITV/S          517.02    -18.42
DUNCANS INDUS                DAI            122.76   -227.05
FIBERWEB INDIA               FWB             16.51     -7.98
GANESH BENZOPLST             GBP             49.24    -21.14
GOLDEN TOBACCO               GTO            109.72     -5.01
GSL INDIA LTD                GSL             29.86    -42.42
GUPTA SYNTHETICS            GUSYN            52.94     -0.50
HARYANA STEEL                HYSA            10.83     -5.91
HENKEL INDIA LTD             HNKL            69.07    -31.72
HINDUSTAN PHOTO              HPHT            74.44 -1,519.11
HINDUSTAN SYNTEX             HSYN            11.46     -5.39
HMT LTD                      HMT            133.66   -500.46
ICDS                         ICDS            13.30     -6.17
INDAGE RESTAURAN             IRL             15.11     -2.35
INTEGRAT FINANCE             IFC             49.83    -51.32
JCT ELECTRONICS              JCTE           104.55    -68.49
JD ORGOCHEM LTD              JDO             10.46     -1.60
JENSON & NIC LTD              JN             16.65    -75.51
JIK INDUS LTD                KFS             20.63     -5.62
JOG ENGINEERING              VMJ             50.08    -10.08
KALYANPUR CEMENT             KCEM            24.64    -38.69
KDL BIOTECH LTD              KOPD            14.66     -9.41
KERALA AYURVEDA              KERL            13.97     -1.69
KINGFISHER AIR               KAIR         1,782.32   -997.63
KINGFISHER A-SLB            KAIR/S        1,782.32   -997.63
KITPLY INDS LTD              KIT             37.68    -45.35
LLOYDS FINANCE               LYDF            14.71    -10.46
LLOYDS STEEL IND             LYDS           510.00    -48.98
LML LTD                      LML             65.26    -56.77
MADRAS FERTILIZE             MDF            143.14    -99.28
MAHA RASHTRA APE             MHAC            22.23    -15.85
MARKSANS PHARMA              MRKS           110.32    -14.04
MILTON PLASTICS              MILT            17.67    -51.22
MODERN DAIRIES               MRD             32.97     -3.87
MTZ POLYFILMS LT             TBE             31.94     -2.57
MURLI INDUSTRIES             MRLI           275.90    -20.19
MYSORE PAPER                 MSPM            97.02    -15.69
NATH PULP & PAP              NPPM            14.50     -0.63
NATL STAND INDI              NTSD            22.09     -0.73
NICCO CORP LTD               NICC            78.28     -4.14
NICCO UCO ALLIAN             NICU            25.42    -79.20
NK INDUS LTD                 NKI            141.35     -7.71
NRC LTD                      NTRY            73.10    -51.18
NUCHEM LTD                   NUC             24.72     -1.60
PANCHMAHAL STEEL             PMS             51.02     -0.33
PARASRAMPUR SYN              PPS             99.06   -307.14
PAREKH PLATINUM              PKPL            61.08    -88.85
PIONEER DISTILLE             PND             48.76     -1.44
PREMIER INDS LTD             PRMI            11.61     -6.09
QUADRANT TELEVEN             QDTV           188.57   -116.81
QUINTEGRA SOLUTI             QSL             16.76    -17.45
RAJ AGRO MILLS               RAM             10.21     -0.61
RATHI ISPAT LTD              RTIS            44.56     -3.93
RELIANCE MEDIAWO             RMW            425.22    -21.31
RELIANCE MED-SLB            RMW/S           425.22    -21.31
REMI METALS GUJA             RMM            101.32    -17.12
RENOWNED AUTO PR             RAP             14.12     -1.25
ROLLATAINERS LTD             RLT             22.97    -22.24
ROYAL CUSHION                RCVP            18.88    -81.42
SADHANA NITRO                SNC             17.08     -0.35
SANATHNAGAR ENTE             SNEL            39.67    -11.05
SAURASHTRA CEMEN             SRC             89.32     -6.92
SCOOTERS INDIA               SCTR            19.43    -10.78
SEN PET INDIA LT             SPEN            11.58    -26.67
SHAH ALLOYS LTD               SA            213.69    -39.95
SHALIMAR WIRES               SWRI            25.78    -38.78
SHAMKEN COTSYN               SHC             23.13     -6.17
SHAMKEN MULTIFAB             SHM             60.55    -13.26
SHAMKEN SPINNERS             SSP             42.18    -16.76
SHREE GANESH FOR             SGFO            35.96     -1.80
SHREE RAMA MULTI             SRMT            49.29    -25.47
SIDDHARTHA TUBES             SDT             75.90    -11.45
SOUTHERN PETROCH             SPET           210.98   -175.98
SPICEJET LTD                 SJET           386.76    -30.04
SQL STAR INTL                SQL             10.58     -3.28
STELCO STRIPS                STLS            14.90     -5.27
STI INDIA LTD                STIB            24.64     -0.44
STORE ONE RETAIL             SORI            15.48    -59.09
SUN PHARMA - RTS            SPADVR           16.81    -13.07
SUN PHARMA ADV              SPADV            16.81    -13.07
SUPER FORGINGS               SFS             16.31     -5.93
TAMILNADU JAI                TNJB            19.13     -2.69
TATA TELESERVICE             TTLS         1,311.30   -138.25
TATA TELE-SLB               TTLS/S        1,311.30   -138.25
TODAYS WRITING               TWPL            44.08     -5.32
TRIUMPH INTL                 OXIF            58.46    -14.18
TRIVENI GLASS                TRSG            24.23    -12.34
TUTICORIN ALKALI             TACF            20.48    -16.78
UNIFLEX CABLES               UFC             47.46     -7.49
UNIFLEX CABLES               UFCZ            47.46     -7.49
UNITED BREWERIES              UB          3,067.32   -137.09
UNIWORTH LTD                  WW            159.14   -146.31
UNIWORTH TEXTILE             FBW             21.44    -34.74
USHA INDIA LTD               USHA            12.06    -54.51
VANASTHALI TEXT              VTI             25.92     -0.15
VENTURA TEXTILES             VRTL            14.33     -1.91
VENUS SUGAR LTD               VS             11.06     -1.08
WIRE AND WIRELES             WNW            110.69    -14.26


JAPAN

CEREBRIX CORP                 2444           10.44     -2.32
GOYO FOODS INDUS              2230           14.77     -0.60
HIMAWARI HD                   8738          283.82    -50.87
ISHII HYOKI CO                6336          151.15    -28.05
KANMONKAI CO LTD              3372           59.00    -10.08
MEIHO ENTERPRISE              8927           80.76    -11.33
MISONOZA THEATRI              9664           63.24     -2.65
NIS GROUP CO LTD             NISZ           444.72   -158.85
PROPERST CO LTD               3236          305.90   -330.20
TAIYO BUSSAN KAI              9941          148.45     -1.49
WORLD LOGI CO                 9378          119.36     -2.48


KOREA

CHIN HUNG INT-2P              2787          571.91     -9.34
CHIN HUNG INTL                2780          571.91     -9.34
CHIN HUNG INT-PF              2785          571.91     -9.34
DAISHIN INFO                 20180          740.50   -158.45
DVS KOREA CO LTD             46400           17.40     -1.20
KOREA PACIFIC 05             93400           19.23     -3.67
KOREA PACIFIC 06             93410           11.56     -2.37
KOREA PACIFIC 07             99210           26.66     -7.95
NAMKWANG ENGINEE              1260          762.58    -56.69
ORIENT PREGEN IN             60910           19.33     -0.09


MALAYSIA

HAISAN RESOURCES            HRB              41.05    -10.24
HO HUP CONSTR CO             HO              48.52    -13.65
LINEAR CORP BHD             LINE             14.70     -7.41
SILVER BIRD GROU            SBG              44.30    -30.68
VTI VINTAGE BHD             VTI              16.01     -3.34


NEW ZEALAND

NZF GROUP LTD            NZF NZ Equity      142.71     -0.26


PHILIPPINES

CYBER BAY CORP              CYBR             14.62   -102.98
FIL ESTATE CORP              FC              40.90    -15.77
FILSYN CORP A               FYN              23.11    -11.69
FILSYN CORP. B              FYNB             23.11    -11.69
GOTESCO LAND-A               GO              21.76    -19.21
GOTESCO LAND-B              GOB              21.76    -19.21
PICOP RESOURCES             PCP             105.66    -23.33
STENIEL MFG                 STN              21.07    -11.96
SWIFT FOODS INC             SFI              23.93     -0.12
UNIWIDE HOLDINGS             UW              50.36    -57.19
VICTORIAS MILL              VMC             164.26    -18.20


SINGAPORE

ADV SYSTEMS AUTO             ASA             16.02    -10.79
HL GLOBAL ENTERP             HLGE            81.65     -3.82
LINDETEVES-JACOB              LJ             25.10     -8.96
NEW LAKESIDE                 NLH             19.34     -5.25
SCIGEN LTD-CUFS              SIE             68.70    -42.35
SUNMOON FOOD COM            SMOON            19.33    -14.30
TT INTERNATIONAL             TTI            232.83    -79.27


THAILAND

ABICO HLDGS-F             ABICO/F            15.28     -4.40
ABICO HOLDINGS             ABICO             15.28     -4.40
ABICO HOLD-NVDR           ABICO-R            15.28     -4.40
ASCON CONSTR-NVD          ASCON-R            59.78     -3.37
ASCON CONSTRUCT            ASCON             59.78     -3.37
ASCON CONSTRU-FO          ASCON/F            59.78     -3.37
BANGKOK RUBBER              BRC              77.91   -114.37
BANGKOK RUBBER-F           BRC/F             77.91   -114.37
BANGKOK RUB-NVDR           BRC-R             77.91   -114.37
CALIFORNIA W-NVD          CAWOW-R            28.07    -11.94
CALIFORNIA WO-FO          CAWOW/F            28.07    -11.94
CALIFORNIA WOW X           CAWOW             28.07    -11.94
CIRCUIT ELEC PCL           CIRKIT            16.79    -96.30
CIRCUIT ELEC-FRN          CIRKIT/F           16.79    -96.30
CIRCUIT ELE-NVDR          CIRKIT-R           16.79    -96.30
DATAMAT PCL                 DTM              12.69     -6.13
DATAMAT PCL-NVDR           DTM-R             12.69     -6.13
DATAMAT PLC-F              DTM/F             12.69     -6.13
ITV PCL                     ITV              36.02   -121.94
ITV PCL-FOREIGN            ITV/F             36.02   -121.94
ITV PCL-NVDR               ITV-R             36.02   -121.94
K-TECH CONSTRUCT          KTECH/F            38.87    -46.47
K-TECH CONSTRUCT           KTECH             38.87    -46.47
K-TECH CONTRU-R           KTECH-R            38.87    -46.47
KUANG PEI SAN              POMPUI            17.70    -12.74
KUANG PEI SAN-F           POMPUI/F           17.70    -12.74
KUANG PEI-NVDR            POMPUI-R           17.70    -12.74
M LINK ASIA CORP           MLINK             80.04    -27.77
M LINK ASIA-FOR           MLINK/F            80.04    -27.77
M LINK ASIA-NVDR          MLINK-R            80.04    -27.77
PATKOL PCL                 PATKL             52.89    -30.64
PATKOL PCL-FORGN          PATKL/F            52.89    -30.64
PATKOL PCL-NVDR           PATKL-R            52.89    -30.64
PICNIC CORP-NVDR          PICNI-R           101.18   -175.61
PICNIC CORPORATI           PICNI            101.18   -175.61
PICNIC CORPORATI          PICNI/F           101.18   -175.61
PONGSAAP PCL              PSAAP/F            11.83     -0.91
PONGSAAP PCL               PSAAP             11.83     -0.91
PONGSAAP PCL-NVD          PSAAP-R            11.83     -0.91
SAHAMITR PRESS-F           SMPC/F            27.92     -1.48
SAHAMITR PRESSUR            SMPC             27.92     -1.48
SAHAMITR PR-NVDR           SMPC-R            27.92     -1.48
SUNWOOD INDS PCL            SUN              19.86    -13.03
SUNWOOD INDS-F             SUN/F             19.86    -13.03
SUNWOOD INDS-NVD           SUN-R             19.86    -13.03
THAI-DENMARK PCL           DMARK             15.72    -10.10
THAI-DENMARK-F            DMARK/F            15.72    -10.10
THAI-DENMARK-NVD          DMARK-R            15.72    -10.10
TONGKAH HARBOU-F           THL/F             62.30     -1.84
TONGKAH HARBOUR             THL              62.30     -1.84
TONGKAH HAR-NVDR           THL-R             62.30     -1.84
TRANG SEAFOOD               TRS              15.18     -6.61
TRANG SEAFOOD-F            TRS/F             15.18     -6.61
TRANG SFD-NVDR             TRS-R             15.18     -6.61
TT&T PCL                    TTNT            589.80   -223.22
TT&T PCL-NVDR              TTNT-R           589.80   -223.22
TT&T PUBLIC CO-F           TTNT/F           589.80   -223.22


TAIWAN

BEHAVIOR TECH CO           2341S             30.60     -1.13
BEHAVIOR TECH CO           2341              30.60     -1.13
BEHAVIOR TECH-EC           2341O             30.60     -1.13
HELIX TECH-EC              2479T             23.39    -24.12
HELIX TECH-EC IS           2479U             23.39    -24.12
HELIX TECHNOL-EC           2479S             23.39    -24.12
TAIWAN KOL-E CRT           1606U            507.21   -147.14
TAIWAN KOLIN-EN            1606V            507.21   -147.14
TAIWAN KOLIN-ENT           1606W            507.21   -147.14



                             *********

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

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