TCRAP_Public/121105.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Monday, November 5, 2012, Vol. 15, No. 220

                            Headlines


A U S T R A L I A

ASPEN GROUP: Investors Said to Support Liquidation
BANK OF SOUTH: S&P Revises Outlook on 'B+' ICR to Stable
BLUESCOPE STEEL: S&P Gives BB Corp. Credit Rating; Outlook Stable
MOWBRAY COLLEGE: Directors May Face Suits Over Insolvent Trading
NINE ENTERTAINMENT: Billonaire Dismisses Network Bid

REDBANK PROJECT: S&P Withdraws 'CC' Rating on AUD206-Mil. Debt
* AUSTRALIA: Firms in External Administration Rises in 2011-12


C H I N A

CHINA SCE: Moody's Assigns 'B2' Rating to USD Sr. Unsecured Notes


H O N G  K O N G

AKTIV DIGITAL: Commences Wind-Up Proceedings
ALFA INVESTMENTS: Commences Wind-Up Proceedings
AP DYNAMIC: Creditors' Meeting Set for Nov. 6
AP ALPHA: Chan Mei Bo Mabel Steps Down as Liquidator
BANCO INVESTMENTS: Commences Wind-Up Proceedings

BILLION TARGET: Members' Final Meeting Set for Nov. 27
CADBURY HK: Commences Wind-Up Proceedings
CHUNG-PAO RESIN: Chu Hei Chun Steps Down as Liquidator
CK LIFE: Creditors' Proofs of Debt Due Nov. 26
COMPANION NETWORK: Creditors' Proofs of Debt Due Nov. 28

DBS KWONG: Creditors' Proofs of Debt Due Nov. 13
DBS OVERSEAS: Creditors' Proofs of Debt Due Nov. 13
EURASIA ASSOCIATES: Members' Final Meeting Set for Nov. 29
EVER PRIME: Sole Member' Final Meeting Set for Nov. 27
F.Y GLASS: Creditors' Proofs of Debt Due Nov. 26

FU MING: Annual Meetings Set for Nov. 6
GLOBAL RICH: Members' Final Meeting Set for Nov. 29
GRAND PROMOTION: Creditors' Proofs of Debt Due Nov. 28
KINCHENG INVESTMENTS: Commences Wind-Up Proceedings
KING HONEST: Commences Wind-Up Proceedings

LOWE ALPINE: Creditors' Proofs of Debt Due Nov. 25


I N D I A

ANINDITA TRADES: CARE Assigns 'BB+' Rating to INR20.8cr LT Loan
CRIMSON METAL: CARE Places 'CARE B-' Rating on INR14.5cr LT Loan
DINA IRON: CARE Assigns 'CARE BB-' Rating to INR15.53cr LT Loan
GANGAKHED SUGAR: CARE Puts 'BB' Rating on INR391.47cr Loans
GANPATI GLOBAL: CARE Rates INR6cr Longterm Loan at 'CARE B+'

KAMDAR & ASSOCIATES: CARE Assigns 'BB' Rating to INR10cr LT Loan
KINGFISHER AIRLINES: India Needs Comprehensive Bankruptcy Law
SHUBH FABRICS: CARE Rates INR6.5cr LT Loan at 'CARE BB-'
SHREE SATNAM: CARE Rates INR6.51cr LT Loan at 'CARE B+'
SYCAMORE NETWORKS: Directors OKs Liquidation After Asset Sale

TAURUS AUTODEALERS: CARE Rates INR24.55cr LT Loan at 'CARE BB-'


J A P A N

ELPIDA MEMORY: Tokyo District Court Picks Micron as Buyer
SHARP CORP: Faces Material Doubt on Survival After Wider Loss


K O R E A

KOREA NATIONAL: S&P Assesses 'bb+' Stand-alone Credit Profile


N E W  Z E A L A N D

KIWI CAPITAL: S&P Lowers Rating on NZ$150MM Pref Shares to 'BB+'
TETLEY BROOK VINEYARD: In Receivership, Placed in Mortgage Sale
WINDFLOW TECHNOLOGY: Seeks Bridging Finance Until Capital Raising


                            - - - - -


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


ASPEN GROUP: Investors Said to Support Liquidation
--------------------------------------------------
Bridget Carter at The Australian reports that sources said
investors in Aspen Group have signalled they would support a
liquidation of the company, which is expected to appoint former
Villa World Homes boss Guy Farrands to its board.

The Australian revealed in Deal Journal on October 31 that
Mr. Farrands would join the company and that a liquidation of
balance sheet assets was likely.

West Australian-based Aspen Group is a real estate fund manager
and developer.


BANK OF SOUTH: S&P Revises Outlook on 'B+' ICR to Stable
--------------------------------------------------------
Standard & Poor's revised its long-term issuer credit rating
outlook on Bank of South Pacific Ltd. to stable from negative.
"At the same time, we affirmed our 'B+' long-term and 'B' short-
term ratings on the bank," S&P said.

"The rating action on Bank of South Pacific Ltd. follows our
outlook revision on Papua New Guinea. The previous negative
outlook on the bank's rating mirrored the negative outlook on our
foreign currency rating on the sovereign, reflecting our view
that the rating on BSP is unlikely to be higher than the foreign
currency rating on the sovereign.  Currently, the bank's stand-
alone credit profile is 'b+'," S&P said.

"Our ratings on Bank of South Pacific Ltd. reflect the anchor
stand-alone credit profile (SACP) for banks operating only in
Papua New Guinea; plus BSP's 'strong' business position,
'moderate' capital and earnings, 'moderate' risk position,
'average' funding, and 'adequate' liquidity (as our criteria
define these terms)," S&P said.

"The stable outlook on BSP reflects Standard & Poor's
expectations that BSP's business operations that are on average
less vulnerable to adverse operating conditions compared to
peers, and BSP's capacity to absorb a minor deterioration in
asset quality and profitability without compromising our view and
assessment of its capital and earnings and risk position," S&P
said.

"The rating could be lowered if the sovereign rating on PNG is
lowered. In addition, the rating on BSP could also be lowered if
the bank's asset-quality experience deteriorated significantly,
or if significant operational risk events emerged and resulted in
a fall in the bank's projected RAC ratio to a level below 3%.
Potential liquidity challenges as a result of sovereign or
economic difficulties could also put the rating under pressure,
resulting in a reassessment of our funding and liquidity score on
BSP to 'moderate' from 'adequate,'" S&P said.

"In our view the rating is unlikely to be raised in the short-to-
medium term, as the rating is constrained by that on the
sovereign, primarily due to BSP's exposure to sovereign assets.
The most likely scenario for a rating upgrade would be a
sovereign rating upgrade, along with our forecast RAC ratio for
BSP improving to above 7%," S&P said.

Ratings Score Snapshot

Issuer Credit Rating           To           From
                               B+/Stable/B  B+/Negative/B

SACP Anchor
Business Position Capital and Earnings Risk Position
Funding and Liquidity          b+           b+
Strong (+1) Moderate (0) Moderate (-1)
Average and Adequate (0)
                               b+           b+
Strong (+1) Moderate (0) Moderate (-1)
Average and Adequate (0)

Support                        0            0
GRE Support                    0            0
Group Support                  0            0
Sovereign Support              0            0

Additional Factors             0            0


BLUESCOPE STEEL: S&P Gives BB Corp. Credit Rating; Outlook Stable
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned a 'BB' corporate
credit rating to Australia-based steelmaker BlueScope Steel Ltd.
The outlook is stable. "At the same time, we assigned a 'BB-'
long-term rating to BlueScope Steel (Finance) Ltd. and BlueScope
Steel Finance (USA) LLC's proposed US$300 million senior
unsecured note issue with a recovery rating of '5'," S&P said.

The issue will be guaranteed by BlueScope Steel Ltd. and is
subject to the terms and conditions of the final document.

                            Rationale

"The rating on BlueScope Steel Ltd. reflects our view of the
company's 'fair' business risk profile and 'aggressive' financial
risk profile. In our opinion, the company enjoys strong brands
and a leading market share in Austral a. Further, broad
geographic diversity through the company's businesses in Asia,
New Zealand, and the U.S. help offset the weakness in its loss-
making Australian operations. Partly offsetting these strengths
are Bluescope's exposure to industry cycles, cost pressures from
volatile raw material prices, and weak financial metrics in year
ended June 30, 2012," S&P said.

"We view positively Bluescope's restructuring of its business
operations in view of the challenging market conditions. The
company has made significant progress in restructuring the Coated
and Industrial Products Australia (CIPA) business, especially in
the shutting down of one blast furnace in 2011. In June 2012, it
completed the sale of its North American insulated panels
business for US$145 million, and in August, announced a proposed
US$1.36 billion joint venture with Nippon Steel Corp. (NSC,
BBB+/Negative/--). Should the joint venture (JV) be successfully
implemented, Bluescope will receive about US$540 million in
proceeds from NSC, and benefit from access to new market segments
such as home appliances and whitegoods," S&P said.

"Bluescope's key financial metrics in fiscal 2012 were weak for
the rating, reflecting challenging conditions in the steel
industry and significant restructuring underway. Adjusted funds
from operations (FFO) to debt was negative 17.3% and debt to
EDITDA was 10.7x. However, Bluescope's adequate liquidity and
modest balance-sheet gearing of 33.5% are mitigating factors. We
believe Bluescope's successful restructuring of the Australian
operations, combined with completion of the joint-venture
arrangements and the recent decline in key raw material prices,
will help key credit metrics to rebound in fiscal 2013 to levels
expected for the 'BB' rating. That's notwithstanding our
expectation of further difficult macroeconomic conditions during
fiscal year ending June 30, 2013. We consider the use of the
proceeds from the joint-venture deal will be an important rating
factor. Under our base-case forecasts--assuming execution of the
NSC JV and hot rolled coil spreads of about AUD265 per tonne--we
expect adjusted FFO/debt in the low 20% range and debt/EBITDA
about 3.0x. This supports our view of an aggressive financial
profile," S&P said.

                           Liquidity

S&P considers that BlueScope has 'adequate' liquidity, as defined
in the rating agency's criteria. This assessment is despite S&P's
expectation that sources of liquidity will exceed uses by more
than 2x in fiscals 2013 and 2014 - a level that is more than
sufficient for its short-term needs.  Several factors constrain
its liquidity, in S&P's view.  For example, the company had to
amend its financial covenants to undertake the CIPA
restructuring.  S&P's liquidity assessment incorporates the
factors::

* Sources of liquidity include S&P's estimate of cash balance of
   about AUD215 million and unused credit facilities of about
   AUD1.4 billion as of June 30, 2012.

* Sources also include S&P's FFO forecast of more than AUD250
   million in fiscal 2013;

* Uses of liquidity include capital expenditure of more than
   AUD250 million and no debt maturities in fiscal 2013; and

* S&P believes that the company has some headroom under its
   current financial covenants.

                     Recovery analysis

"The recovery rating is '5' on the proposed senior unsecured
U$S300 million debt issue by Bluescope's finance subsidiaries,
Bluescope Steel (Finance) Ltd. and Bluescope Steel Finance (USA)
LLC. Due to the prior ranking of the sizable senior secured debt
in our recovery analysis, we expect the senior unsecured debt to
realize an average recovery in the order of 10%-30% following a
hypothetical default," S&P said.

"In our opinion, the most likely hypothetical default scenario
would involve further deterioration in steel market conditions,
inability to restore financial profile following significant
restructuring of the business, combined with failure to execute
the proposed NSC JV. We assume this would occur around 2014 in
this simulated default scenario," S&P said.

                            Outlook

"The stable outlook reflects our view that the company's leading
market share in Australia and global diversity will assist in
maintaining its business risk profile. It also incorporates our
expectation of Bluescope successfully completing the
restructuring of its Australian operations, which will improve
its future operating efficiency and profitability. We have also
factored in our expectation that the proposed joint venture with
Nippon Steel will be successfully implemented, and that the
company will achieve an adjusted FFO/debt of more than 20% in
fiscal 2013," S&P said.

"The rating could be lowered if the joint venture does not
proceed or if Bluescope is unable to restore its key metrics in
fiscal 2013 to those in line with our expectations. An adjusted
FFO/debt of 15% or below would be a trigger for a downgrade," S&P
said.

"Upward rating transition is limited by the company's industry
and competitive position. Any upgrade would require a significant
and sustained improvement in Bluescope's financial risk profile,
evidenced by adjusted FFO/debt approaching 35% and positive free
operating cash flow. This could result from an improved product
portfolio with a weighting to higher value-added products, which
would reduce exposure to volatile raw material prices and improve
its earnings stability," S&P said.

Ratings List

New rating

Bluescope Steel Ltd.
Counterparty credit rating             BB/Stable

BlueScope Steel (Finance) Ltd.
BlueScope Steel Finance (USA) LLC

Senior unsecured                       BB
Recovery rating                        5


MOWBRAY COLLEGE: Directors May Face Suits Over Insolvent Trading
----------------------------------------------------------------
Jewel Topsfield at The Age reports that directors of the
collapsed Mowbray College may face legal action after it was
revealed the private school may have traded while insolvent by
incurring up to AUD12 million in debt.

In a letter seen by The Age, liquidator Jim Downey said his
preliminary view was that Mowbray College may have been insolvent
since 2007.

The Age relates that Mr. Downey said he and the school may have a
claim against directors and officers for breaching their duty
under the Corporations Act to prevent Mowbray from trading while
insolvent.

According to the report, Mr. Downey said the directors may also
face legal claims in relation to family deposits, prepaid school
fees and expenditure on a joint venture with an international
school in China.

The Age says the potential legal action comes as the federal and
state governments have vowed to do more to prevent the closure of
private schools, including minimum requirements for ongoing
financial viability.

In the letter to directors, The Age relates, Mr. Downey said the
college was obliged to deal with family deposits as a bond held
in trust until the last student finished their education at the
school.

However, he said the school placed the deposits, of between
AUD800 and AUD2,000 per family, into an overdraft account, in
breach of its obligations as a trustee, The Age relays.

In March this year, it was estimated Mowbray College was carrying
a liability of AUD1.2 million in unsecured family deposits, which
had not been set aside for fee payers, The Age discloses.

The report adds that the school had also deposited prepaid school
fees into the overdraft account that should also have been held
in trust.

"The effect of this was that upon Mowbray's insolvency, it was in
no position to repay prepaid fees, notwithstanding its obligation
to do so," Mr. Downey wrote.

                       About Mowbray College

Mowbray College was a Melbourne-based private school.  It has
three campuses with about 1,000 students, and 200 staff. The
college entered voluntary administration in May 2012 with debts
of AUD18 million and is owed about AUD2 million in unpaid fees.
The school was placed into liquidation after a second meeting
with creditors on July 4, 2012.


NINE ENTERTAINMENT: Billonaire Dismisses Network Bid
----------------------------------------------------
Smh.com.au reports that billionaire businessman Crown casino
Chairman James Packer has dismissed ongoing speculation he could
buy back into the Nine Network, which recently escaped going into
administration.

Mr. Parker said by the end of this year, his private business
interests will have shifted almost entirely out of media and into
the tourism industry, according to Smh.com.au.

"They have totally misunderstood what I'm trying to achieve ...
and why I am shifting into an industry I believe has a very
positive future," the report quoted Mr. Packer as saying.

Smh.com.au shares that Nine Entertainment -- the parent of the
Nine Network, NBN Television and the Ticketek events ticketing
business -- avoided going into administration earlier this month
after lenders owed $3.3 billion agreed on how to divide up
ownership of the company in return for their debt.

The report relates that Nine had owed $2.3 billion to US hedge
funds Apollo and Oaktree and a further $1 billion to investment
bank Goldman Sachs.

                     About Nine Entertainment

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


REDBANK PROJECT: S&P Withdraws 'CC' Rating on AUD206-Mil. Debt
--------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'CC/Negative'
issue credit rating on the senior-secured debt (AUD206.3 million
outstanding as of June 30, 2012) issued by Australia-based RB
Pass Through Pty Ltd. and Redbank Project Pty Ltd.  The rating
action was due to the lack of information from the company to
enable S&P to maintain surveillance on the rating. In S&P's view,
the level of publicly available information was also limited.

The rating and the negative outlook reflected S&P's view that,
absent continued support from the lenders, and Redbank's ability
to pass through its exposure to carbon cost liability, Redbank
remains vulnerable to default, as defined under S&P's criteria,
in the near term. Redbank owns and operates a 135 megawatt waste
coal-fired power plant in New South Wales.


* AUSTRALIA: Firms in External Administration Rises in 2011-12
--------------------------------------------------------------
SmartCompany reports that the number of businesses registered in
Australia has reached 1.9 million, a record number, but the
number of businesses entering external administration is also at
its highest level since the global financial crisis, according to
the Australian Securities and Investment Commission's annual
report.

During 2011-12, the number of business registered with ASIC grew
to 1.9 million -- the highest number ever recorded while the
number of new companies that registered with ASIC for the year
totalled 176,062, an increase of 7.8% on the previous year,
SmartCompany relays.

ASIC's annual report recorded that new company business
registrations have steadily increased in volume each year since
2008-09 although the rate of company deregistration also has
continued to increase, with 97,198 companies deregistered in the
past year, an increase of 3.46% on the previous year.

SmartCompany relates that the report emphasized the success of
ASIC's National Business Name Register launched this year, which
had more than 1.4 million active business names transferred to it
along with 191,311 new names transferred to it.

According to SmartCompany, ASIC claims the costs for registering
a national business name are significantly cheaper under the new
system, at AUD30 for one year or AUD70 for three years, when
previously a business would have spent over AUD1,000 to register
a business name in every state for three years.

SmartCompany adds the regulator said the National Business Name
Register is expected to deliver AUD480 million in benefits to
businesses, consumers and the government over eight years,
including the reduced fee and reduced time to register a name.

However, SmartCompany notes, the report did not mention any of
the difficulties many businesses have been experiencing trying to
use the new register.

While a record number of businesses are now registered in
Australia, the number of external administrations also reached
its highest level since 2008-2009 at the height of the global
financial crisis.

ASIC's annual reported recorded 10,757 businesses entered
external administration in the past year, an increase of 9.4% on
2010-11.

Colin Porter, managing director of CreditorWatch, told
SmartCompany that CreditorWatch data showed a similar increase
with a 22.5% increase in defaults in this financial year in
comparison to the previous financial year.



=========
C H I N A
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CHINA SCE: Moody's Assigns 'B2' Rating to USD Sr. Unsecured Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned a B2 rating to the
proposed USD senior unsecured notes to be issued by China SCE
Property Holdings Limited.

Moody's has also affirmed China SCE's B1 corporate family rating
and B2 senior unsecured debt rating.

The ratings outlook is stable.

The company will use the proceeds from the proposed USD notes
issuance to fund land acquisitions and develop property projects.

Ratings Rationale

"The issuance will increase China SCE's debt leverage slightly,
but it will remain within the range that supports its B1
corporate family rating," says Franco Leung, a Moody's Assistant
Vice President and Analyst.

Moody's also expects China SCE's adjusted debt/total
capitalization to range from 50% to 55% in the next 12 to 18
months compared to 49% in 1H 2012.

"The issuance will strengthen China SCE's liquidity to support
its operations in addition to stabilizing its funding by
lengthening the debt maturities," adds Mr. Leung, who is also
Moody's Lead Analyst for China SCE.

"The issuance will also support China SCE's sales momentum, which
has been driven by the company's strategy to increase sales of
the more affordable mid-price products that meet the demands of
the mass market," says Leung.

China SCE is likely to achieve its 2012 contract sales target.

Its year-to-date contract sales of around RMB3.9 billion in the
first nine months of 2012 is equivalent to 97% of its full-year's
target of RMB4 billion.

This demonstrates that the company has been successful in
implementing its strategy to sell more mid-price products.

However increased sales of mid-price products may affect China
SCE's EBITDA margin, which will decline to 30%-35% in the coming
two years, from 36% in 2011.

Moody's also expects China SCE's book sales to improve in 2013,
which will help maintain its interest coverage at around 3x,
thereby protecting its financial flexibility and maintaining its
funding stability.

China SCE's B1 corporate family rating continues to reflect its
(1) leading market position, (2) quality land bank in Quanzhou,
(3) low-cost land bank strategy, (4) ability to obtain both
onshore and offshore financing and (5) good sales implementation
capability.

Its rating also factors in the company's short operating history
and the high implementation and financial risks arising from its
plan to expand beyond Fujian province, where it has yet to
establish its brand and client base.

The B1 rating also takes into account China SCE's small operating
scale, and high geographic concentration in Quanzhou, Fujian
province. Moody's expects projects in Quanzhou will account for
over 65% of its total contract sales in the next 12-18 months

China SCE's bond rating is notched down to B2, reflecting the
risk of structural and legal subordination. The ratio of secured
and subsidiary debt-to-total assets was at around 21% as of June
2012.

Moody's expects this ratio to remain in the range of 15% to 20%
for the next two to three years, as the company continues to draw
on onshore bank loans to fund its construction work.

The stable outlook reflects Moody's expectation that the company
will maintain discipline in its financial management and land
acquisition strategy. At the same time, it will have adequate
liquidity to support project development and debt repayments in
the next 12 to 18 months.

Upward rating pressure will be limited in the near term. However,
an upgrade is possible in the medium term if China SCE (1)
consistently achieves planned sales, (2) demonstrates a track
record of good financial discipline and prudent business
strategy, (3) expands its property sales track record beyond
Fujian, and (4) broadens its banking relationships.

In terms of credit metrics, if EBITDA/interest coverage stays
above 4x and adjusted leverage below 40-45%, then an upgrade is
possible.

The ratings could be under pressure for a downgrade if China SCE
(1) experiences a significant shortfall in sales, and which lags
Moody's expectations, (2) suffers from a material decline in
profit margins, (3) incurs an impairment of its liquidity
position, and/or (4) materially increases its debt leverage
position.

A downgrade could also be triggered by a substantial decline in
balance sheet cash, or if the company's credit metrics
deteriorate -- such that EBITDA/interest fall below 3x and
adjusted leverage stays above 55%-60%.

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

Founded in 1996, China SCE Property Holdings Limited is a leading
property developer in Fujian Province, China. The company has
also expanded to cities around the Bohai Rim region, including
Beijing, Anshan (Liaoning Province), Tangshan (Hebei Province),
and Linfen (Shanxi Province), but the majority of its development
projects remain in the cities of Fujian Province. The company has
been listed on the Hong Kong Stock Exchange since February 2010.
The Chairman, Wong Chiu Yeung, holds a 57.5% stake.



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


AKTIV DIGITAL: Commences Wind-Up Proceedings
--------------------------------------------
Members of Aktiv Digital Hong Kong Pte Limited, on Oct. 16, 2012,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

         Leong Ting Kwok David
         Mok Mun Lan Linda
         Units 3401-2, 34th Floor
         AIA Tower, 183 Electric Road
         North Point, Hong Kong


ALFA INVESTMENTS: Commences Wind-Up Proceedings
-----------------------------------------------
Members of Alfa Investments Limited, on Oct. 15, 2012, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Tsoi Ying Ho
         Room 2303, 23rd Floor
         China Insurance Group Building
         141 Des Voeux Road
         Central, Hong Kong

AP DYNAMIC: Creditors' Meeting Set for Nov. 6
---------------------------------------------
Creditors of AP Dynamic (HK) Limited will hold their meeting on
Nov. 6, 2012, at 12:15 p.m., for the purposes provided for in
Sections 241, 242, 243 and 244 of the Companies Ordinance.

The meeting will be held at Training Room B, The Joint
Professional Centre, Unit 1, G/F, The Center, at 99 Queen's Road
Central, in Hong Kong.


AP ALPHA: Chan Mei Bo Mabel Steps Down as Liquidator
----------------------------------------------------
Chan Mei Bo Mabel stepped down as liquidator of AP Alpha
Investments Limited on Oct. 15, 2012.


BANCO INVESTMENTS: Commences Wind-Up Proceedings
------------------------------------------------
Members of Banco Investments Limited, on Oct. 15, 2012, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Tsoi Ying Ho
         Room 2303, 23rd Floor
         China Insurance Group Building
         141 Des Voeux Road
         Central, Hong Kong


BILLION TARGET: Members' Final Meeting Set for Nov. 27
------------------------------------------------------
Members of Billion Target Trading Limited will hold their final
general meeting on Nov. 27, 2012, at 11:00 a.m., at 5th Floor,
111 Ta Chuen Ping Street, Kwai Chung, in N.T.

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


CADBURY HK: Commences Wind-Up Proceedings
-----------------------------------------
Members of Cadbury Hong Kong Limited, on Oct. 18, 2012, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

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


CHUNG-PAO RESIN: Chu Hei Chun Steps Down as Liquidator
------------------------------------------------------
Chu Hei Chun stepped down as liquidator of Chung-Pao Resin
Chemical Co Limited on Oct. 10, 2012.


CK LIFE: Creditors' Proofs of Debt Due Nov. 26
----------------------------------------------
Creditors of CK Life Sciences Laboratory Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Nov. 26, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Oct. 18, 2012.

The company's liquidators are:

         Natalia Seng Sze Ka Mee
         Cynthia Wong Tak Yee
         Level 28, Three Pacific Place
         1 Queen's Road
         East, Hong Kong


COMPANION NETWORK: Creditors' Proofs of Debt Due Nov. 28
--------------------------------------------------------
Creditors of Companion Network Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Nov. 28, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Oct. 17, 2012.

The company's liquidator is:

         Chan Chor Hing Jennifer
         Flat 4A, Hand Wai Court
         21-23 Un Chau Street
         Sham Shui Po, Kln
         Hong Kong


DBS KWONG: Creditors' Proofs of Debt Due Nov. 13
------------------------------------------------
Creditors of DBS Kwong On Finance Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Nov. 13, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Oct. 16, 2012.

The company's liquidators are:

         Stephen Liu Yiu Keung
         David Yen Ching Wai
         62/F, One Island East
         18 Westlands Road
         Island East, Hong Kong


DBS OVERSEAS: Creditors' Proofs of Debt Due Nov. 13
---------------------------------------------------
Creditors of DBS Overseas Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
Nov. 13, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Oct. 16, 2012.

The company's liquidators are:

         Stephen Liu Yiu Keung
         David Yen Ching Wai
         62/F, One Island East
         18 Westlands Road
         Island East, Hong Kong


EURASIA ASSOCIATES: Members' Final Meeting Set for Nov. 29
----------------------------------------------------------
Members of EurAsia Associates Limited will hold their final
general meeting on Nov. 29, 2012, at 10:10 a.m., at 22nd Floor,
Tai Yau Building, at 181 Johnston Road, Wanchai, in Hong Kong.

At the meeting, Victor Robert Lew, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


EVER PRIME: Sole Member' Final Meeting Set for Nov. 27
------------------------------------------------------
Sole Member of Ever Prime Investments Limited will hold their
final general meeting on Nov. 27, 2012, at 10:00 a.m., at Level
28, Three Pacific Place, at 1 Queen's Road East, in Hong Kong.

At the meeting, Ying Hing Chiu and Chan Mi Har, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


F.Y GLASS: Creditors' Proofs of Debt Due Nov. 26
------------------------------------------------
Creditors of F.Y Glass South Pacific Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Nov. 26, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Oct. 25, 2012.

The company's liquidator is:

         Lam Ying Sui
         10/F, Allied Kajima Building
         138 Gloucester Road
         Wanchai, Hong Kong


FU MING: Annual Meetings Set for Nov. 6
---------------------------------------
Members and creditors of Fu Ming Transport Company Limited will
hold their annual meetings on Nov. 6, 2012, at 10:00 a.m., and
10:15 a.m., respectively at Training Room B, The Joint
Professional Centre, Unit 1, G/F, The Center, 99 Queen's Road,
Central, in Hong Kong.

At the meeting, Suen Fuk Yuen Bernie, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


GLOBAL RICH: Members' Final Meeting Set for Nov. 29
---------------------------------------------------
Members of Global Rich Innovation Limited will hold their final
meeting on Nov. 29, 2012, at 2:30 p.m., at 17/F, Shing Lee
Commercial Building, at 6-12 Wing Kut Street, Central, in
Hong Kong.

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


GRAND PROMOTION: Creditors' Proofs of Debt Due Nov. 28
------------------------------------------------------
Creditors of Grand Promotion Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Nov. 28, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Oct. 18, 2012.

The company's liquidator is:

         Ma Wah Yan
         13/F, Tower 2
         New World Tower
         18 Queen's Road
         Central, Hong Kong


KINCHENG INVESTMENTS: Commences Wind-Up Proceedings
---------------------------------------------------
Members of Kincheng Investments & Developments (H.K.) Limited, on
Oct. 16, 2012, passed a resolution to voluntarily wind up the
company's operations.

The company's liquidator is:

         Tsui Kei Pang
         5th Floor, Jardine House
         1 Connaught Place
         Central, Hong Kong


KING HONEST: Commences Wind-Up Proceedings
------------------------------------------
Members of King Honest Limited, on Oct. 15, 2012, passed a
resolution to voluntarily wind-up the company's operations.

The company's liquidator is:

         Tsoi Ying Ho
         Room 2303, 23rd Floor
         China Insurance Group Building
         141 Des Voeux Road
         Central, Hong Kong


LOWE ALPINE: Creditors' Proofs of Debt Due Nov. 25
--------------------------------------------------
Creditors of Lowe Alpine (Far East) Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Nov. 25, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Oct. 19, 2012.

The company's liquidator is:

         Anna Zanatta
         Via Dei Zateri 38/8
         31040 Nervesa D. Battaglia
         Treviso, Italy



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ANINDITA TRADES: CARE Assigns 'BB+' Rating to INR20.8cr LT Loan
---------------------------------------------------------------
CARE assigns 'CARE BB+' and 'CARE A4+' ratings to the bank
facilities of Anindita Trades And Investments Ltd.

                                 Amount
   Facilities                 (INR crore)    Ratings
   -----------                -----------    -------
   Long-term Bank Facilities      20.8       CARE BB+ Assigned
   Short-term Bank Facilities     3.32       CARE A4+

Rating Rationale

The ratings of Anindita Trades and Investments Ltd (ATIL) are
constrained by its relatively small scale of operation, low
capacity utilization, lack of backward integration vis-a-vis
volatile prices of raw materials & finished goods, working
capital intensive nature of business and dependence on the steel
industry which is cyclical in nature. These factors far outweigh
the benefits derived from the experience of the promoters,
availability of iron ore mine, coal linkage and comfortable
leverage ratios.

Ability of the company to improve the scale of operations, to
manage working capital efficiently and to commence mining
operation successfully will be the key rating sensitivity.

Anindita Trades and Investments Ltd was incorporated in November,
1995 as a financing company by Shri Subhash Chand Tulsyan and
Shri Deepak Rungta. However, the company remained dormant for few
years and subsequently entered into a Memorandum of Understanding
(MOU) with the Govt. of Jharkhand for setting up an Integrated
Mini Steel Plant near Ramgarh, at Hazaribagh, Jharkhand.
Accordingly in the first phase, ATIL commenced commercial
operation with an ISO 9001:2008 certified Sponge iron
manufacturing facility being located at Hazaribagh, Jharkhand in
2006. Currently, ATIL is engaged in manufacturing of sponge iron
with an aggregate capacity of 1,20,000 MTPA.

During FY12 (refers to the period April 1 to March 31), ATIL
achieved a PBILDT of INR5.0 crore (INR5.3 crore in FY11) and a
PAT of INR1.2 crore (INR1.7 crore in FY11) on total income of
INR31.7 crore (INR30.2 crore in FY11).


CRIMSON METAL: CARE Places 'CARE B-' Rating on INR14.5cr LT Loan
----------------------------------------------------------------
CARE assigns 'CARE B-' and 'CARE A4' ratings to the bank
facilities of Crimson Metal Engineering Co Ltd.

                               Amount
   Facilities                (INR crore)    Ratings
   -----------               -----------    -------
   Long-term bank facilities     14.5       'CARE B-' Assigned
   Short-term bank facilities     3.5       'CARE A4' Assigned

Rating Rationale

The ratings assigned to the bank facilities of Crimson Metal
Engineering Company Limited are primarily constrained by its weak
financial risk profile marked by high gearing ratios, stretched
liquidity and lower networth base. The ratings also factors in
customer concentration risk, low capacity utilization and
susceptibility of profitability to fluctuation in the raw
material & finished goods prices.

The aforesaid constraints are partially offset by the
longstanding experience of the promoter & management in the steel
industry and strong demand outlook for pipes & tubes.

Ability of the company to improve profitability parameters and
capital structure amidst growing competition would be the key
rating sensitivities.

CMECL, formerly known as Sri Saarbati Steel Tubes Limited, was
incorporated in February, 1985 by Shri Vinay Kumar Goyal of
Chennai and is engaged in manufacturing of Electrical Resistance
Welded (ERW) pipes and tubes like Black & GI pipes, GP coils,
square & rectangular pipes etc.

CMECL is a one of the leading manufacturer of both Galvanized and
Black Pipes from " to 10" sizes with a pipe manufacturing
capacity of 55,000 metric tonnes per annum (MTPA), skelp
production capacity of 36,000 MTPA, 24,000 MTPA rolling mill and
galvanizing plant of 18,000 MTPA. The manufacturing facilities of
the company are located at Pondicherry.

From the financial year 2000-2001, the company started incurring
huge losses (resulting in erosion of its net worth) due to the
heavy input & interest costs and fall in demand for its products.
Consequently, the company was referred to BIFR in September 2001.
However, through restructuring the capital base of the company &
infusion of fresh capital by the promoter and directors the
company came out of the purview of BIFR in October, 2011.

During FY11 (refers to the period from April 1, 2010 to March 31,
2011), CMECL reported a total operating income of INR81.8 crore
(FY10:INR66.3 crore) and a PAT of INR1.0 crore (FY10: INR4.3
crore). As per provisional results for FY12, CMECL has reported a
total operating income of INR132 crore.


DINA IRON: CARE Assigns 'CARE BB-' Rating to INR15.53cr LT Loan
---------------------------------------------------------------
CARE assigns 'CARE BB-' & 'CARE A4' ratings to the bank
facilities of Dina Iron & Steel Ltd.
                               Amount
   Facilities                (INR crore)    Ratings
   -----------               -----------    -------
   Long-term Bank Facilities    15.53       CARE BB- Assigned
   Short-term Bank Facilities    3.93       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Dina Iron & Steel
Ltd. are constrained by its relatively small scale of operation
with low profitability margin, project implementation risk,
susceptibility to raw material price volatility, working capital
intensive nature of operations and cyclical nature of the iron &
steel industry. The aforesaid constraints are partially offset by
the experienced promoters with long track record of operation and
locational advantage.

DISL's ability of the company to improve its scale of operation
and profitability margins, ability of the company to manage its
working capital effectively and successful implementation of the
ongoing project and deriving benefit therefrom are the key rating
sensitivities.

Dina Iron & Steel Ltd., promoted by one Bhartiya family of Patna,
was incorporated in July 1992 as JM Dina Ispat Ltd. to set up a
manufacturing unit for iron and steel products. In September
1993 JMDIL was rechristened as DISL. However, the business
remained dormant for about seven years and commenced commercial
operation from 1999. The company set up its manufacturing
facility at Didarganj in Patna with installed capacity of 28,000
MTPA of Mild Steel (MS) Billets and 40,000 MTPA of MS Wire Rods
and TMT Bar. DISL uses billets from internal source as raw
material for manufacturing of TMT bar and wire. The company
markets its products under the brand name of "Vijay Wire Rods and
TMT Bars" in the state of Bihar and adjoining areas.

In the recent past, the company has undertaken an expansion
project for billet manufacturingfacility which will increase its
installed capacity upto 58,000 MTPA. The total project cost,
estimated to be INR3.75 crore, will be financed out of internal
accruals and unsecured loan from promoters. The project is
expected to be completed by April, 2013.

During FY12 (refers to the period April 1 to March 31), the
company reported PBILDT of INR 2.4 crore (INR2.9 crore in FY11)
and PAT of INR0.8 crore (INR0.7 crore in FY11) on total income of
INR73.9 crore (INR66.6 crore in FY11).


GANGAKHED SUGAR: CARE Puts 'BB' Rating on INR391.47cr Loans
-----------------------------------------------------------
CARE assigns 'CARE BB' and CARE A4+' ratings to the bank
facilities of Gangakhed Sugar & Energy Ltd.

                                 Amount
   Facilities                  (INR crore)    Ratings
   -----------                 -----------    -------
   Long-term Bank Facilities      241.47      CARE BB Assigned
   (Term Loan)

   Long-term Bank Facilities      150.00      CARE BB Assigned
   (Fund-Based Working
   Capital Limits)

   Short-term Bank Facilities      70.00      CARE A4+ Assigned
   (Non-Fund-Based Limits)

Rating Rationale

The ratings are constrained by the short track record of
operations of Gangakhed Sugar & Energy Ltd. and the limited
experience of the promoters in running sugar and sugar-related
production business, financial risk profile marked by high
gearing levels and low debt coverage indicators, working capital
intensive nature of operations and cyclical nature of the sugar
industry coupled with stringent regulatory norms signifying
dependence on the government policies.

However, the ratings derive strength from GSEL's successful
erection of the fully integrated sugar plant coupled with
relatively moderate scale of operations and in-place power
purchase agreement for off take of power from the co-gen plant.
The ratings also factors in favorable location of the
cane processing plant.

The ability of the company to improve its operating performance
and achieve economies of scale in agro-based products trading
business, thereby improving its debt protection metrics is the
key rating sensitivity.

Gangakhed Sugar & Energy Ltd was incorporated on September 28,
2007, by the Chairman Mr. Ratnakar Gutte and the Managing
Director Mr. Sunil R. Gutte, to set up a fully integrated sugar
plant at Makhni, Tal: Gangakhed, Dist: Parbhani, Maharashtra. The
promoters, before incorporating GSEL, have been engaged for more
than one and half decade in EPC contracting and turnkey
(fabrication, erection, testing and commissioning) projects of
bunkers, boilers and turbo generator sets in power plants through
their flagship company Sunil Hi-tech Engineers Ltd (SHEL). GSEL
is the first venture of the promoters into sugar & related
products manufacturing.

GSEL has setup a fully integrated cane processing plant
comprising sugar plant with a sanctioned and installed crushing
capacity of 6,000 tonne canes per day (TCD), distillery plant
with an installed capacity of 60,000 kilo litres per day (KLPD)
and bagasse-fired co-generation plant with a capacity of
30 Mega Watt (MW). The sugar plant was setup with a project cost
of INR448.88 crore funded through a debt to equity mix in the
ration of 3:1. GSEL commenced commercial operations from
July 2010 (power plant), November 2010 (sugar plant) and
January 2011 (distillery plant). FY12 (refers to the period
April 01 to March 31) was the first full year of operations of
the company.  During FY12, the company also ventured into the
trading of agro products.

During FY12, GSEL achieved a PBILDT and Net Profit of INR91.14
crore and INR3.84 crore on a total income of INR364.46 crore.
During 5MFY13, the company has achieved sales of INR119 crore
from the sale of sugar from the finished goods stock.
Furthermore, the company has also sold an aggregate of 10 MUs of
electricity from the co-gen unit and 34 lakh litres of ethanol
from distillery, thereby generating revenue of INR4.83 crore and
INR11.56 crore, respectively.


GANPATI GLOBAL: CARE Rates INR6cr Longterm Loan at 'CARE B+'
------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Ganpati
Global Pvt Ltd.

                               Amount
   Facilities                (INR crore)    Ratings
   -----------               -----------    -------
   Long-term Bank Facilities      6         CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Ganpati Global
Private Limited is primarily constrained on account of its debt-
funded greenfield project, risk associated with the timely
completion & stabilization of manufacturing facilities and
limited experience of the promoters in guar gum business. The
rating is further constrained on account of GGPL's presence in
guar gum processing business, which is highly fragmented in
nature and susceptible to wide fluctuations in commodity prices.

Above-mentioned factors far offset the benefits derived from
positive demand outlook of guar gum and its derivatives & GGPL's
proximity to raw material source.

Timely commencement of commercial production with early
stabilization of operations, the ability of GGPL to achieve the
envisaged level of operating income and managing raw material
price volatility risk are the key rating sensitivities.

GGPL was originally incorporated as Mrinal Plastics Private
Limited in 1994 by the Banka family based at Jaipur, Rajasthan.
MPPL was engaged in the business of trading of plastic products
till 2009 when it was taken over by the Murarka family based at
Jaipur. In October 2011, the Murarka family changed the business
objective and the name of company to its present form.

Currently, GGPL is setting up a project for manufacturing guar
gum powder with total installed capacity of 3,900 Metric Tonnes
Per Annum, at its plant located at Jaipur, Rajasthan. Total
project cost is estimated to be of INR8.28 crore which is to be
financed in debt-equity ratio of 2.12:1.


KAMDAR & ASSOCIATES: CARE Assigns 'BB' Rating to INR10cr LT Loan
----------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4+' ratings to the bank
facilities of Kamdar & Associates.

                               Amount
   Facilities                (INR crore)   Ratings
   -----------               -----------   -------
   Long-term Bank Facilities      10       CARE BB Assigned
   Short-term Bank Facilities     80       CARE A4+ Assigned

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

Rating Rationale

The ratings assigned to the bank facilities of Kamdar &
Associates are constrained mainly by inherently high operating
risk in cyclical, highly competitive and labour intensive ship-
breaking business. The ratings further take into account the
financial risk profile marked by modest scale of operations, low
and declining profitability margins, risk from adverse movement
in steel prices on uncut ship inventory and foreign exchange and
exposure to regulatory and environmental hazards risk.

The above constraints are partially offset by the benefits
derived from the vast experience of the promoters in the ship-
breaking industry and Kamdar's presence in the Alang-Sosiya belt.
The ability of Kamdar to increase the scale of operations while
effectively manage fluctuation in steel as well as foreign
exchange rates and timely renewal of leased plot from the Gujarat
Maritime Board (GMB) are the key rating sensitivities.

Incorporated in 1984, Kamdar is one of the pioneers in the ship-
breaking industry at Alang, the leading centre of ship-breaking
and recycling industry in India. Kamdar is engaged in the
shipbreaking activity at a plot having frontage of 80 meters in
the Alang-Sosiya belt of Bhavnagar region. The partners have
experience of more than two decades in the ship-breaking
industry.

Kamdar purchases ships, breaks them into steel plates, and
supplies the same to steel rolling mills in Gujarat. The firm has
also broken two Very Large Crude Carriers (VLCCs) in the past
apart from the large-sized dry cargo ships.


KINGFISHER AIRLINES: India Needs Comprehensive Bankruptcy Law
-------------------------------------------------------------
Karthikeyan Sundaram at Bloomberg News reports that Kingfisher
Airlines Ltd., controlled by liquor tycoon Vijay Mallya, is
struggling to resume services after five straight years of losses
and mounting debt forced it to ground planes.  India's bankruptcy
laws aren't helping, the report cites.

According to Bloomberg, the carrier can't emulate U.S. airlines
that have gone through court-led Chapter 11 restructuring, as
India doesn't have any similar procedures for service providers.
Under the existing law, Bloomberg notes, a government body only
oversees rehabilitation of companies with licenses to run
factories.

Bloomberg says Kingfisher's troubles highlight how India's
corporate laws have failed to keep pace with growth and emergence
of new businesses in Asia's third-biggest economy.  Jai Pathak,
partner-in- charge at Gibson, Dunn & Crutcher LLP in Singapore,
said lack of a modern legal framework makes it slower for
struggling companies to renegotiate debts and cut cost, according
to Bloomberg.

"India needs a comprehensive bankruptcy law that will allow
financially distressed companies to revive faster," Bloomberg
quotes Mr. Pathak as saying.  The existing system doesn't
"provide a framework by which companies can take preventive
measures to avoid a further downward spiral," he says.

Bloomberg notes current rules allow companies that operated for
at least five years and holding a factory license to approach the
Board for Industrial and Financial Reconstruction if accumulated
losses equal or exceed their net worth. The recourse is available
under the Sick Industrial Companies (Special Provisions) Act of
1985.

                    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 reported 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 added.


SHUBH FABRICS: CARE Rates INR6.5cr LT Loan at 'CARE BB-'
--------------------------------------------------------
CARE assigns 'CARE BB-' ratings to the bank facilities of Shubh
Fabrics Ltd.
                               Amount
   Facilities                (INR crore)   Ratings
   -----------               -----------   -------
   Long-term Bank Facilities     6.50      CARE BB- Assigned

Rating Rationale

The rating assigned to the bank facilities of Shubh Fabrics
Limited is primarily constrained on account of its financial risk
profile marked by low profitability, leveraged capital structure
and stressed liquidity position. The rating is further
constrained on account of the limited presence of SFL in the
textile value chain, highly competitive nature of the industry
and volatility associated with the raw material prices.

The rating, however, derives strength from the promoter's
experience in the textile industry, established track record of
operations and marketing network coupled with its presence in the
textile cluster in the Bhilwara region.

Increase in the scale of operations, improvement in profit
margins and solvency position with efficient management of
working capital are the key rating sensitivities.

SFL, incorporated in 1993 as a closely held public limited
company, is promoted by the Kabra family and is engaged in the
business of manufacturing of synthetics fabrics. SFL belongs to
the Ajay Group of Industries based out of Bhilwara, Rajasthan.
The group is engaged in the business of manufacturing of finished
synthetics fabrics from polyester yarn since 1987 through group
concerns which include Ajay Synthetics Private Limited (ASPL,
established in 1987; rated 'CARE BB-'), Ajay India Limited (AIL,
established in 1996; rated 'CARE BB-', 'CARE A4') and Ajay Syntex
Ltd (ASL, established in 2006). Furthermore, in June 2010, the
group has also entered into the processing of grey fabrics by
acquiring (acquired by the promoters) a loss making entity namely
Rolex Processor Private Limited.

During FY11 (refers to the period April 1 to March 31), SFL
reported a total operating income of INR19.63 crore with a PAT of
INR0.19 crore as against a net profit of INR0.07 crore on a total
operating income of INR14.97 crore in FY10.

As per the provisional result for FY12, AGJPL has registered
total operating income of INR24.29 crore and PAT of INR0.24
crore.


SHREE SATNAM: CARE Rates INR6.51cr LT Loan at 'CARE B+'
-------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Shree
Satnam Ginning & Pressing Industries.

                                 Amount
   Facilities                  (INR crore)    Ratings
   -----------                 -----------    -------
   Long-term Bank Facilities       6.51       CARE B+ Assigned

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

Rating Rationale

The rating assigned to the bank facilities of Shree Satnam
Ginning & Pressing Industries is constrained mainly on account of
its low profitability, its presence in the highly competitive and
fragmented cotton ginning business with limited value addition,
volatile raw material (cotton) prices, impact of regulatory
changes on cotton and SSGPI's constitution as a partnership firm.
The rating, however, favorably takes into account the experience
of the partners in the cotton ginning business and proximity to
the cotton producing region of Gujarat. The rating also takes
into account the stabilization of operations of the firm along
with the improvement in the profitability margins and solvency
position with infusion of additional capital by the partners.

The ability of SSGPI to increase its scale of operations along
with improvement in the capital structure and better inventory
management are the key rating sensitivities.

SSGPI was promoted in 2010 as a partnership firm. Currently, the
firm has nine partners who have an unequal profit sharing in the
firm.  Mr. Arvind S. Koringa, the key partner looks after the
overall operations of the firm. SSGPI is involved in the cotton
ginning & pressing and crushing of cotton seed with main products
as cotton bales, cotton seeds and cotton seed oil. SSGPI
completed a green field project in first quarter of FY12 (refers
to the period April 1 to March 31), whereby it installed a
processing capacity of 9,240 Metric Tonnes Per Annum (MTPA) for
cotton bales and 16,800 MTPA for cotton seeds at its facility
located at Jamnagar (Gujarat).

As per the audited results for FY12, SSGPI reported net profit of
INR0.38 crore on a total income of INR25.92 crore.


SYCAMORE NETWORKS: Directors OKs Liquidation After Asset Sale
-------------------------------------------------------------
Business Standard reports that Gururaj 'Desh' Deshpande, one of
the top tech entrepreneurs from India in the Silicon Valley is
shutting down his company, Sycamore Networks.

According to the report, the Nasdaq listed company shot into fame
during the earlier technology bubble with market capitalisation
at one point of time touching as high as $18 billion.

Business Standard relates that the company announced that its
Board of Directors has approved the liquidation and dissolution
of the Company pursuant to a Plan of Liquidation and Dissolution
following the completion of the asset sale.

Mr. Deshpande, a relative of Infosys founder N R Narayana Murthy
rose to fame on the listing of Sycamore and has also been an
angel investor in a clutch of companies.  Bangalore-based Tejas
Networks is one of them.

"After careful consideration of the Company's strategic
alternatives, we believe these actions are in the best interests
of Sycamore's stockholders, as well as its customers and
employees," the report quotes Daniel E. Smith, president and
chief executive officer, Sycamore Networks, as saying.

Sycamore Networks develops and markets bandwidth management
solutions for fixed line and mobile network operators worldwide.


TAURUS AUTODEALERS: CARE Rates INR24.55cr LT Loan at 'CARE BB-'
---------------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of Taurus Autodealers Pvt Ltd.

                               Amount
   Facilities                (INR crore)    Ratings
   -----------               -----------    -------
   Long-term Bank Facilities     24.55      CARE BB- Assigned
   Short-term Bank Facilities     2.00      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Taurus Autodealers
Pvt. Ltd. are constrained by low profitability along with high
working capital intensity, TAPL's operations in a highly
competitive automobile market, and linkage to the fortunes of
Ford. The ratings, however, is underpinned by the experience of
the promoters and increasing scale of operations.

The ability to improve its financial risk profile along with
increase in scale of operations and profitability are the key
rating sensitivities.

Incorporated in 2002, Taurus Autodealers Pvt. Ltd. was founded by
Late Mr Shambhunath Malviya and Mr Rajeev Malviya. TAPL is
engaged in the business of trading and servicing the passenger
vehicles of Ford India Pvt. Ltd. along with the sale of spare
parts. The company is also engaged in the purchase and sale of
used cars of Ford. TAPL is permitted to operate in the western
region of Maharashtra state covering major cities like Pune,
Satara, Karad, Sangli, Kolhapur, Ratnagiri, Sindhudurg and Jata.
It has established facilities comprising of three showrooms (two
in Pune and one in Kolhapur) and four workshops (Pune, Kolhapur,
Ratnagiri and Satara). It is an ISO 9001:2000 certified
dealership.

TAPL reported a PAT of INR0.46 crore on a total income of
INR122.63 crore for FY12 (refers to the period April 01, 2012 to
March 31, 2012).



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J A P A N
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ELPIDA MEMORY: Tokyo District Court Picks Micron as Buyer
---------------------------------------------------------
Michael Bathon at Bloomberg News reports that the Tokyo District
Court picked Micron Technology Inc. as the buyer for Elpida
Memory Inc. to revive the bankrupt Japanese chipmaker, dismissing
an alternative plan put forward by bondholders.

According to the report, the court said creditors must vote on a
reorganization plan that includes the Micron offer by Feb. 26,
Elpida said in a statement Oct. 31.  Boise, Idaho-based Micron
offered JPY200 billion (US$2.5 billion) in July to take over
Elpida.  Bondholders challenged the deal, calling it "severely
detrimental."  "This is an important step forward in the
reorganization process," Micron Chief Executive Officer Mark
Durcan said in a separate statement.  The transaction, which
remains subject to creditors' approval as well as court and
regulatory approvals in other countries, is expected to close in
the first half of 2013, the company said.

The report relates that Micron's purchase of Tokyo-based Elpida
may help the U.S. company vie with industry leader Samsung
Electronics Co. while giving it greater control over supply gluts
that have caused it to report losses amid falling prices.  The
deal doubles the U.S. company's share of the global market for
dynamic random access memory, the most widely used memory chips
in personal computers, to about 24%.

The Bloomberg report discloses that Micron, the largest U.S.
maker of computer memory chips, won approval from the Tokyo
District Court in May to negotiate to buy Elpida's entire
business after the Japanese company held two bidding rounds.
Some of Elpida's creditors had urged the Tokyo court to reject
Micron's takeover and presented an alternative plan in August.

                        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.


SHARP CORP: Faces Material Doubt on Survival After Wider Loss
-------------------------------------------------------------
Mariko Yasu and Naoko Fujimura at Bloomberg News reports that
Sharp Corp., the world's worst performing major stock, said there
was "material doubt" about its ability to survive after
forecasting a record $5.6 billion full-year loss on falling
demand for its display panels.

According to the report, the net loss will probably be
JPY450 billion in the year ending March 31, the Osaka-based TV
maker said in a statement Oct. 31, scrapping its earlier
projection for a JPY250 billion loss.  The new forecast compares
with the JPY296 billion loss average of 17 analyst estimates
compiled by Bloomberg.

The report relates that Sharp has failed to win a planned
JPY67 billion investment from Taiwan's Foxconn Technology Group
and has had difficulty selling commercial paper as it burns
through cash.  The company said its loss for the six months ended
Sept. 30 was "huge," stemming from falling prices for liquid-
crystal-display panels, delays at an LCD factory and declining
sales in Japan and China.  The company's warning echoes that made
by chipmaker Elpida Memory Inc. before it filed for bankruptcy in
February.  "Sharp is in a desperate situation as it tries to deal
with short-term funding problems," said Ichiro Takamatsu, a fund
manager at Tokyo-based Bayview Asset Management, which oversees
150 billion yen.  "It doesn't have a long-term vision except for
its plan to sell more small- and mid-sized LCDs."

                        Foxconn Partnership

The report notes that Sharp follows Panasonic Corp. in predicting
losses worse than analysts estimated after losing ground to
Samsung Electronics Co. in TVs.  In contrast, Sony Corp.
reiterated its forecast for a first annual profit in five years
after slashing costs, exiting panel ventures and trimming its TV
lineup.  "Sharp is in circumstances in which material doubt about
its assumed going concern is found," the company said in a
statement to the Tokyo Stock Exchange.  The company's turnaround
plan includes seeking voluntary retirements, cutting salaries,
selling assets and reducing capital investments, it said.
Japan's largest maker of liquid crystal displays also is
considering several partnerships as talks with Foxconn continue,
President Takashi Okuda said.  "I seriously take to heart that we
had to add that comment," Mr. Okuda said.  "We will revive our
earnings and trust from investors as soon as possible.  We will
show that with a result."  Sharp fell 1.7% to 169 yen at the
close in Tokyo trading before the announcement.  The stock has
plunged 75% this year, the worst performer among more than 1,600
companies in the MSCI World Index.

                          Sony, Panasonic

The report relays that Panasonic, Japan's second-biggest TV
maker, said Oct. 31 it expected a JPY765 billion full-year net
loss, or 30 times bigger than analysts had estimated, citing
restructuring costs and falling demand for its products.  Osaka-
based Panasonic said it won't pay a dividend for the first time
since 1950 because of an "urgent need" to improve its financial
position.  Sony, Japan's biggest consumer-electronics exporter,
kept its full-year net-income forecast unchanged at 20 billion
yen even as it unexpectedly posted a seventh straight quarterly
loss on slumping demand for Bravia TVs and Cyber-shot cameras.
Operating loss at the home-entertainment unit, which includes the
TV operations, shrank to JPY15.8 billion in the quarter ended
Sept. 30 compared with JPY41.8 billion a year earlier, Sony said
in a statement.

The company is ahead of its plan to turn around the TV business,
Chief Executive Officer Kazuo Hirai said in October.  Tokyo-based
Sony has halved the number of Bravia models sold in the U.S. and
Japan to a combined 39 from 79.

                        'Drastic Measures'

According to Bloomberg, Sharp widened its full-year forecast for
operating loss for LCDs to JPY132 billion from JPY105 billion,
saying it took a 53.5 billion-yen write down on its large LCD
inventory and sales of small LCDs fell below estimates.  Global
TV demand is expected to remain little changed in 2013 after
shipments of all TV types declined more than 4% this year,
researcher DisplaySearch said.  Sharp also posted a 61 billion-
yen charge on deferred tax assets and took a 30.1 billion-yen
write down on equipment for solar-panel production.  "Sharp must
take drastic measures or else banks will give up on it," said
Makoto Kikuchi, chief executive officer at Myojo Asset Management
Japan Co., a Tokyo-based hedge fund advisory firm.

                         About Sharp Corp.

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

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

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



=========
K O R E A
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KOREA NATIONAL: S&P Assesses 'bb+' Stand-alone Credit Profile
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'A+' rating to
Korea National Oil Corp.'s (KNOC; foreign currency rating
A+/Stable/--; local currency rating AA-/Stable/--) AUD2.5 billion
Australian Domestic Debt Issuance Program.

"We have equalized the ratings on KNOC with the sovereign ratings
on the Republic of Korea (local currency rating AA-/Stable/A-1+;
foreign currency rating A+/Stable/A-1). This reflects Standard &
Poor's opinion that there is an almost certain likelihood that
the Korean government would provide KNOC with timely and
sufficient extraordinary support in the event it was to suffer
financial distress. In accordance with our criteria for
government-related entities (GREs), we base our rating approach
on our view that KNOC plays a critical role for and has an
integrallink to the government," S&P said.

"We assess the stand-alone credit profile (SACP) for KNOC to be
'bb+'. The SACP reflects the company's satisfactory business risk
profile, which we base on its increasing exposure to the oil and
gas exploration and production (E&P) business, which generally
features volatility in commodity prices, cyclicality, and capital
intensity. Also, the small size of KNOC's E&P business weakens
the company's competitive position, even though it has expanded
rapidly in the past three years. KNOC's significant financial
risk profile reflects our expectation that the company's reliance
on debt for heavy investments to enhance its competitiveness will
continue for the next one to two years," S&P said.

"The stable outlook on the ratings on KNOC reflects the outlook
on the Republic of Korea because we have equalized the ratings on
both, based on our expectation that there is an almost certain
likelihood that the government would provide KNOC with
extraordinary support in the event that it was to suffer
financial distress. Due to the current equalization of the
ratings, we would lower the ratings on KNOC if we lowered those
on the Republic of Korea. Similarly, we would raise the ratings
if we raised those on Korea. However, a weakening in KNOC's role
as a policy arm of or in its link to the government could have a
negative impact on the ratings on the company," S&P said.



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


KIWI CAPITAL: S&P Lowers Rating on NZ$150MM Pref Shares to 'BB+'
----------------------------------------------------------------
Standard & Poor's Ratings Services said that on Oct. 30, 2012 it
had lowered its corporate credit and related debt ratings on
government-owned postal operator New Zealand Post Ltd. (NZ Post)
to 'A+/A-1', from 'AA-/A-1+'. The outlook is stable. "At the same
time, we lowered our issuer credit ratings on NZ Post's
subsidiary Kiwibank Ltd. to 'A+/A-1' from 'AA-/A-1+'. The outlook
on the Kiwibank ratings is also stable. At the same time, we had
lowered the long-term rating on NZ Post's subordinated note issue
to 'A-' from 'A'.  We also lowered our rating on Kiwibank's
nondeferrable subordinated debt issue to 'A' from 'A+', and Kiwi
Capital Securities Ltd.'s NZ$150 million preference shares to
'BB+' from 'BBB-'," S&P said.

"The rating actions on Kiwibank mirror those on NZ Post. Our
ratings on Kiwibank remain equalized with those on NZ Post,
reflecting the benefit of NZ Post's unconditional guarantee for
all of the bank's senior obligations," S&P said.

"The downgrade reflects our view of the group's significant
contingent exposure to its large and growing banking operations,
Kiwibank, as well as our expectation that NZ Post's revenue and
earnings will increasingly be focused on the group's more-
competitive businesses such as parcels, express courier, and
financial services," said Standard & Poor's credit analyst Adrian
Chow.

"Although these businesses have favorable growth prospects in the
medium term, we consider these segments to be highly competitive
and reflective of a 'satisfactory' business risk profile. At the
same time, we expect the structural erosion in NZ Post's
standard-letter delivery business to continue. Given these
factors, we had lowered the company's stand-alone credit profile
(SACP) to 'bbb' from 'bbb+'," S&P said.

"The ratings on NZ Post are based on our view of the company's
SACP, and our opinion that there is a 'very high' likelihood that
the New Zealand government (New Zealand, foreign currency
AA/Stable/A-1+; local currency, AA+/Stable/A-1+) would provide
timely and sufficient extraordinary support to NZ Post in an
event of financial distress. NZ Post's SACP reflects our view of
the company's 'satisfactory' business risk profile and
'intermediate' financial risk profile. These business and
financial risk assessments include our view of both the banking
and postal operations," S&P said.

"In calculating our credit metrics for NZ Post, we fully
deconsolidate Kiwibank. We do, however, consider Kiwibank to be a
significant contingent liability for the group. NZ Post
guarantees Kiwibank's deposits (NZ$11.6 billion at June 30, 2012)
and borrowings (NZ$1.8 billion). Nevertheless, the New Zealand
government's provision of a NZ$300 million uncalled capital
facility will help NZ Post manage this contingent liability. We
assess Kiwibank's SACP as 'bbb'," S&P said.

Mr. Chow added: "The stable outlook reflects our expectation that
NZ Post will continue to reduce costs and improve the efficiency
of its mail delivery network to offset the ongoing decline in
standard-letter volumes. At the current rating, we also expect
the company to maintain funds from operations (FFO) to debt
(excluding banking operations) of more than 20%."

Negative ratings pressure could arise from:

    Its letter-delivery business experiencing material losses, or
    If the SACP of Kiwibank were to weaken, or
    If FFO-to-debt (excluding banking operations) is sustained at
    less than 20%, due to persisting weak operating performance,
    debt-funded acquisitions, or debt-funded distributions.

"Although unlikely in the next two years, downward pressure on
the ratings may also arise if our assessment of the likelihood
that the New Zealand government would provide timely and
sufficient extraordinary support to New Zealand Post were to
weaken. We also consider upward rating action to be unlikely in
the next two years, given the structural issues affecting letter
deliveries, and the size and SACP of Kiwibank," S&P said.


TETLEY BROOK VINEYARD: In Receivership, Placed in Mortgage Sale
---------------------------------------------------------------
Chris Hutching at The National Business Reviews reports that a
Marlborough vineyard that failed to sell late last year has now
been placed on the market in a mortgagee sale.

The National Business Reviews notes that the 49 hectare vineyard
at 154 Tetley Brook Rd is being marketed by Bayleys, according to
The National Business Reviews.  The report relates that the
receivership report reveals $4.2 million is owed to Rabobank and
lesser amounts to unsecured creditors.

The report notes that the company is also in a dispute over a
claim for costs over a failure of a spillway dam.

Land records show a rateable value of $3.8 million.

The report discloses that the property is owned by Nelson
Collective, whose directors and shareholders include Gene Cooper,
Colin Coote and Deborah Olsen.


WINDFLOW TECHNOLOGY: Seeks Bridging Finance Until Capital Raising
-----------------------------------------------------------------
BusinessDesk reports that Windflow Technology, whose shares have
lost almost two-thirds of their value in the past year, said it
is seeking bridging finance to tide it over until it can arrange
to raise more funds from shareholders.

The report relates that the funding update comes after Windflow
said in September that it urgently needed to put funding in place
to ensure it could remain a going concern.  Its loss for the year
narrowed to NZ$3.7 million from NZ$6.8 million.

According to the report, the company said November 1 it has
received "indicative commitments of funds from various parties to
maintain the company's liquidity through until a capital
raising".

BusinessDesk relates the company said there is some comfort that
it can raise enough funding to meet its NZ$1.5 million
requirement for the year ending June 30, 2013, and "is in the
process of securing bridging finance between now and the close of
the capital raise".

The report notes the company has begun seeking buyers for its
Westray project in the UK and is "prospecting" several parties
inviting interest in investing in its Windflow UK unit.

Windflow expects to proceed with a capital raising within two
months and has taken legal and investment banking advice before
making the offer to shareholders, BusinessDesk adds.

                    About Windflow Technology

Christchurch, New Zealand-based Windflow Technology Limited --
http://www.windflow.co.nz/-- is engaged in the development and
manufacture of wind turbines.  The Company's wholly owned
subsidiaries include, Wind Blades Ltd, Pacific Windfarms Ltd and
Windflow Hawaii Ltd.  The Company has one customer, NZ Windfarms
Ltd.  Wind Gears Ltd is owned 50% by Windflow Technology Limited.
Wind Gears Ltd is engaged in the development and construction of
gear boxes for the wind turbines.  Windpower Otago Ltd is owned
20% by the Company.

                          *     *     *

Windflow Technology incurred a net loss of NZ$7 million in the
year ended June 30, 2011, compared with the NZ7.95 million loss
booked in the prior financial year.  The company posted a net
loss of NZ$1.23 million for the year ended June 30, 2009.



                             *********

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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