TCRAP_Public/121112.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 12, 2012, Vol. 15, No. 225

                            Headlines


A U S T R A L I A

ATLAS IRON: S&P Gives 'B+' Corp. Credit Rating; Outlook Stable
CLASSIC INT'L: Taps Lawler Partners as Voluntary Administrators
DLSHS PTY: Goes Into Liquidation
* AUSTRALIA: Corporate Insolvencies Up 10% in Q1 of 2012-13


C H I N A

CHINA AOYUAN: Fitch Assigns 'B+' Issuer Default Rating
CHINA AOYUAN: Moody's Assigns 'B2' CFR; Outlook Stable
CHINA SHEN: Receives Non-Compliance Notice from NYSE MKT
COASTAL GREENLAND: S&P Raises CCR to 'B-' on Notes Redemption


H O N G  K O N G

AFEX INTERNATIONAL: Final Meetings Set for Dec. 11
AFEX PROCUREMENT: Final Meetings Set for Dec. 11
BE SIGN: Ying and Chan Step Down as Liquidators
CAMUS INVESTMENT: Commences Wind-Up Proceedings
CHEWA METAL: Members' Final Meeting Set for Dec. 7

CMC MARKETS: Commences Wind-Up Proceedings
FIRST CHINA: Creditors' Proofs of Debt Due Dec. 3
GRAND FORTUNE: Members' Final Meeting Set for Dec. 3
GOLD FINDING: Creditors' Proofs of Debt Due Dec. 10
JOS J.D.: Ying and Chan Step Down as Liquidators

JOS M.C.L.: Ying and Chan Step Down as Liquidators
HK BUDDHISM: Placed Under Voluntary Wind-Up Proceedings
HK CYBERGAMES: Creditors' Proofs of Debt Due Nov. 26
HK GENERAL: Commences Wind-Up Proceedings
HK TERRITORIAL: Members' Final Meeting Set for Dec. 4

KUDOS APPAREL: Chan Yui Hang Appointed as Liquidator
LYNNCROFT ENTERPRISES: Members' Final Meeting Set for Dec. 3
MISHU LIMITED: Sole Member' Final Meeting Set for Dec. 3
NEC NAGANO: Shareholders' Final Meeting Set for Dec. 3
SUN VIEW: Creditors' Meeting Set for Nov. 12


I N D I A

ARIHANT COAL: ICRA Rates INR60cr Fund Based Limits at '[ICRA]BB+'
BHOOMI TEXTILES: ICRA Puts '[ICRA]BB' Rating on INR9.46cr Loans
BRADY & MORRIS: ICRA Puts '[ICRA]B+' Rating on INR12cr Loans
G.R. GUPTA: ICRA Rates INR13.25cr Loans at '[ICRA]BB'
INCKAH INFRA: ICRA Assigns '[ICRA]B' Rating to INR7cr Loans

KINGFISHER AIRLINES: Needs to Raise Capital by Nov. 30
LARS ENVIRO: ICRA Assigns '[ICRA]BB-' Rating to INR2cr LT Loan
SATIA INDUSTRIES: ICRA Ups Rating on INR93.78cr Loan to 'B+'
VINAYAK AUTO: ICRA Cuts Rating on INR7cr Loan to '[ICRA]BB'
VISHAL MALLEABLES: Strained Liquidity Cues ICRA Junk Ratings

ZEALTOP GRANITO: ICRA Puts '[ICRA]BB' Rating on INR43.5cr Loans


J A P A N

ELPIDA MEMORY: Mosaid Seeks to Sue Over DRAM Patents
* JAPAN: Economy Minister Says No Bailout for Electronics Firms


N E W  Z E A L A N D

CAPITAL + MERCHANT: Directors' Breach Not Intended, Lawyer Says
* NEW ZEALAND: New Liquidators Appointed to Norris Cases
RIS GROUP: Late Annual Report Prompts NZX to Suspend Firm


P H I L I P P I N E S

* PHILIPPINES: Fitch Rates Proposed Global Bond 2012 at 'BB+'
* PHILIPPINES: Moody's Rates Peso Global Bond Issuance '(P)Ba1'
* PHILIPPINES: S&P Rates Peso-Denominated Global Bond at 'BB+'


                            - - - - -


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A U S T R A L I A
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ATLAS IRON: S&P Gives 'B+' Corp. Credit Rating; Outlook Stable
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long-term
corporate credit rating to Australia-based iron ore producer
Atlas Iron Ltd. The outlook is stable.

"The rating on Atlas Iron reflects the company's high mineral
concentration, substantial capital spending requirements, ramp-up
risks, and small size and reserve life," said Standard & Poor's
credit analyst Xavier Jean. "Atlas Iron's good cost position,
adequate liquidity, and moderate leverage partly offset these
weaknesses."

The company has a "weak" business risk profile and an
"aggressive" financial risk profile.

"Atlas Iron's high mineral concentration to iron ore and high
operating leverage make its financial performance highly
sensitive to volatile iron ore prices and fluctuations in the
Australian dollar foreign exchange rate. Nevertheless, the
company's good cost position in the 60th percentile of the cost
curve partly mitigates its mineral concentration," S&P said.

"Atlas Iron's target of increasing sales to about 13.8 million
tons by fiscal 2015 from about 5.6 million tons in fiscal 2012 is
moderately aggressive, in our opinion. We expect Atlas Iron's
scale in the global seaborne market to remain limited over the
next three years even if the company reaches its growth target.
High single mine concentration and contractor underperformance
create potential operational risk and could result in ramp-up
delays, in our view. Nevertheless, Atlas Iron's financial risk
profile is only moderately sensitive to shortfalls in sales
growth," S&P said.

"Atlas Iron's high capital spending requirements will keep its
free operating cash flows negative until fiscal 2015, in our
base-case scenario. We expect the company to lower or defer
capital spending to maintain its liquidity position, if iron ore
prices remain weak. But this will likely affect the pace of
production growth and could ultimately reduce cash flows," S&P
said.

"The stable outlook reflects our expectation that Atlas Iron will
steadily increase its sales volumes over the next 24 months,"
said Mr. Jean.  "We also expect the management to adopt a prudent
approach to capital spending and maintain adequate liquidity if
iron ore prices weaken for a prolonged period," S&P said.

"We could lower the rating if delays in production or sales
volumes ramp-up push Atlas Iron's debt-to-EBITDA ratio above 5x
for more than 12 months. This could happen if sales volumes are
less than 5.5 million tons in fiscal 2013 and less than 4 million
tons over the first two quarters of fiscal 2014. We could also
lower the rating if a fall in iron ore prices pushes gross profit
per ton (before depreciation and amortization) below A$15 for
more than 12 months or the company's capital spending is higher
than we expect," S&P said.

"The possibility of an upgrade is remote in the short-term given
Atlas Iron's high mineral and single-mine concentration and the
high sensitivity of the company's financial performance to
volatile iron ore prices. Atlas Iron's low proven and probable
reserve life at its producing assets is an added constraint. We
could, however, raise the rating if Atlas Iron establishes a
longer record of operations and production growth and
substantially increases the proven and probable reserves at its
producing assets," S&P said.


CLASSIC INT'L: Taps Lawler Partners as Voluntary Administrators
---------------------------------------------------------------
Classic International Cruises has been placed into voluntary
administration.

Brad Tonks and John Vouris of the Business Recovery & Insolvency
team at Lawler Partners were appointed Voluntary Administrators
of Classic International Cruises Pty Ltd, on Oct. 31, 2012,
following a resolution passed by the company.

"The Administrators understand that CIC Australia's management
have been working with the owners of the cruise ship "Athena" to
confirm its availability for the 2012-2013 voyages after recent
reports that Athena was arrested at port and that it is currently
unable to depart," the company said in a statement.

"The management of CIC Australia have been in negotiations to
source an alternate vessel to backup Athena in the event that it
remains unavailable. A backup was found, however, CIC Australia
was notified on Oct. 30, 2012, that a final agreement may not
be reached because of delays prior to the scheduled departure of
the cruise from Marseille, France on Nov. 12, 2012.

"Upon receiving this news the management of CIC Australia sought
immediate advice in relation to CIC Australia's financial affairs
and placed the company into Administration.

"Whilst future bookings have now been placed on hold, the
Administrators intend to continue the task of sourcing a suitable
vessel for the 2012-2013 cruises.

"The Administrators will be providing travel agents with regular
updates as further information becomes available and we encourage
customers to contact their travel agents in relation to their
future travel arrangements."

The administrators may be reached at:

          Brad Tonks
          John Vouris
          Lawler Partners
          GPO Box 5446
          Sydney NSW 2001, Australia
          E-mail: btonks@lawlerpartners.com.au
                  jvouris@lawlerpartners.com.au

                                About CIC

Sydney-based Classic International Cruises is a shipping company.
It operates five luxury cruise ships, most notably their
flagship, the rebuilt ocean liner MS Athena.


DLSHS PTY: Goes Into Liquidation
--------------------------------
Mumbrella reports that Sydney-based content and social media
agency DLSHS Pty has gone into liquidation owing creditors an
estimated AUD5,000.

Mumbrella says DLSHS has called in liquidator Murray Godfrey from
RMG Partners.  The company's shareholders voted on September 27
to voluntarily wind up the company. It appears to have changed
its name to Forward Digital Media Agency Pacific Pty in recent
days.

DLSHS (pronounced Delicious) won best social media campaign at
last year's AIMIA awards for its work on promoting independent
film The Tunnel.


* AUSTRALIA: Corporate Insolvencies Up 10% in Q1 of 2012-13
-----------------------------------------------------------
Australian Securities & Investment Commission on Nov. 9, 2012,
released its insolvency statistics for the first quarter of
2012-13.

The data indicates an increase in insolvency appointments, up 10%
on the previous quarter, with the overall number of external
administrations (EXADs) appointments remaining relatively high
(2,807).

Mr. Adrian Brown, ASIC Senior Executive Leader of the Insolvency
Practitioners team, said that all states and territories, except
for the Australian Capital Territory, experienced a rise in
insolvency appointments compared to the previous quarter,
although the national September quarter total was marginally
below the September quarter in 2011 (2,961), the highest
quarterly result according to ASIC's published data.

Appointment type

All EXAD appointment types increased from the previous quarter;
director-initiated creditor voluntary liquidations (up 7.9%),
Court liquidations (up 9.2%), receiverships (up 13%) and
voluntary administrations (up 17.2%).

Receivership appointments were driven by increases in the two
largest states, New South Wales (up 25.4%) and Victoria (up
14.7%) while appointments in Queensland fell slightly (down 3%).

Voluntary administration appointments were up in Victoria (up
19.0%) and Queensland (up 37.0%), with more moderate rises in New
South Wales (up 7.8%).

Regional results

Most of the states and territories experienced an increase in
EXAD appointments in the September 2012 quarter relative to the
June 2012 quarter, with only the ACT recording a decrease (down
13.2%). New South Wales was up 11.1%, Victoria was up 2.3% ,
Queensland was up 9.8%, South Australia was up 28.4%, Western
Australia was up 21.3%, Tasmania was up 105.3% and Northern
Territory was up 57.1%.



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C H I N A
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CHINA AOYUAN: Fitch Assigns 'B+' Issuer Default Rating
------------------------------------------------------
Fitch Ratings has assigned China Aoyuan Property Group Limited a
Long-Term Issuer Default Rating of 'B+'.  The Outlook is Stable.

Fitch has also assigned Aoyuan a senior unsecured debt rating of
'B+' and its proposed USD senior unsecured bonds an expected
rating of 'B+(EXP)'.

The notes are rated at the same level as Aoyuan's rating as they
represent direct, unconditional, unsecured and unsubordinated
obligations of the company.  The final rating of the proposed
notes is contingent upon the receipt of documents conforming to
information already received.

Aoyuan's ratings reflect its small size and limited geographical
diversification relative to companies in the 'BB' rating category
as well as its high asset turnover and low financial leverage.

Over 50% of contracted sales in the first eight months of 2012
were from the Guangdong province where competition remains
intense.  The scale of the company's projects is also small
relative to other large scale developers, affecting its
flexibility to phase out sales.  These limitations partly explain
the company's lower margins at around 18% relative to peers.

Despite the weak property market in China since mid-2011, Aoyuan
achieved LTM contracted sales/gross debt of 1.07x at end-H112.
Fitch believes the fast turnover, together with its focus on
first-time home buyers, speeds up cash collection and helps the
company ride out the difficult environment in the Chinese
residential property market.  In addition, the company has also
relied on commercial development to boost sales during the
downturn in residential property, with the former accounting for
around half of contracted sales in H112.

Aoyuan's leverage, as measured by net debt/adjusted inventory,
was low at 6% at end-H112, and Fitch expects the ratio will
remain healthy at around 30%, even after increasing debt to
launch new projects.  This is the main driver of the Stable
Outlook.

What Could Trigger A Rating Action?

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:

  -- A significant decrease in 2013 contracted sales compared
     with 2012 contracted sales of CNY5bn or in contracted
     sales/total debt below 1.0x on a sustainable basis.

  -- EBITDA margin in 2013 falling to below 15%

  -- Net debt/adjusted net inventory trending to 40% in a
     sustainable basis.

  -- Deviating from the current strategy of fast churn-out and
     high cash flow turnover business model

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:

  -- Successful execution of expansion strategy for the next two
     to three years, where business scale increases
     substantially, such that contracted sales increase to over
     CNY15bn per annum with improving profitability where EBITDA
     margin increases to over 25% on a sustained basis


CHINA AOYUAN: Moody's Assigns 'B2' CFR; Outlook Stable
------------------------------------------------------
Moody's Investors Service has assigned a first-time B2 corporate
family rating to China Aoyuan Property Group Limited. A the same
time, Moody's has assigned a (P)B3 rating to its proposed senior
unsecured bonds.

The ratings outlook is stable.

The proposed bonds will be used to primarily fund Aoyuan's land
acquisitions and project development, and to refinance the
company's existing indebtedness and for general corporate
purposes.

The provisional status of the bond rating will be removed after
Aoyuan has successfully issued the bonds with satisfactory terms
and conditions.

Ratings Rationale

"Aoyuan's B2 corporate family rating reflects its track record in
property development in economically strong Guangdong province,"
says Kaven Tsang, a Moody's Vice President and Senior Analyst,
adding, "This track record has further helped the company secure
new projects in prime locations in and outside Guangdong".

"Aoyuan's expansion beyond Guangdong to some extent could
alleviate the risk of geographic concentration but such expansion
would add execution and funding risks in the next 1-2 years.
While Aoyuan has reported satisfactory sales in Shenyang this
year, it has yet to establish its reputation outside Guangdong,"
says Tsang.

"The B2 rating also considers the strength of the company's
management, which has guided Aoyuan through the last two down-
cycles with some access to offshore bank debt funding," says
Tsang.

Aoyuan's main products are mass-market residential properties
which exhibit some sales resilience despite the current purchase
restrictions imposed by the government.

Moody's expects Aoyuan to generate annual contract sales of about
RMB5 billion this year, a level which is comparable to that of
mid-single-B developers.

"On the other hand, the B2 corporate family rating is constrained
by Aoyuan's small scale and a track record of high volatility in
sales and profitability," says Tsang.

Moody's expects its EBITDA margin to stay around 25% in the next
2 years as sales stabilize. EBITDA interest coverage will also
stay around 2x-2.5x as its raises new debt to fund its expansion.
These metrics match its B2 corporate family rating.

"Aoyuan also has an adequate liquidity position as the completion
of the disposal of its interest in the Chang'an Ave project in
Beijing will provide additional funding of around RMB2.6 billion.
This amount together with the proposed bond issuance will provide
funding for the company's current expansion plan" says Tsang.

Aoyuan's bond rating is notched down to B3, reflecting structural
and legal subordination. The ratio of secured and subsidiary debt
to total assets was around 20% as of June 2012. This ratio will
likely stay above 15% in the coming 1-2 years as the company will
continue to draw on onshore and/or secured bank loans to fund
construction and expansion.

The stable outlook reflects Moody's expectation that the company
will maintain adequate liquidity in the absence of aggressive
debt-funded acquisitions.

Downward rating pressure could emerge if (1) Aoyuan's liquidity
and operating cash flow generation is weaker than anticipated,
due in turn to declining sales, or the emergence of more
regulatory controls on China's property sector; (2) there is a
decline in prices and profit margins which negatively affect
interest coverage and financial flexibility; or (3) it engages in
material debt-funded acquisitions.

In such a situation, the company's balance sheet cash (including
restricted and unrestricted cash) could fall below 50% of short-
term debt, and/or its credit metrics could deteriorate, showing
an EBITDA margin below 15%; EBITDA/interest below 1.5x; or
adjusted debt/capitalization above 55% on a sustained basis.

Upward rating pressure could emerge over the medium term if
Aoyuan establishes a track record in: (1) achieving planned sales
over the next 1-2 years; (2) maintaining a reasonable cash
balance above RMB2.5-3.0 billion; and (3) demonstrating strong
financial discipline, such that its EBITDA margins exceed 30%,
EBITDA/interest exceeds 3x-3.5x, and adjusted debt capitalization
falls below 40-45% on a sustained basis.

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

Founded in 1997 and listed in October 2007, China Aoyuan Property
Group Limited is a property developer operating in China with 28
projects in Guangdong, Guangxi, Jiangxi, Liaoning Jiangsu, Hunan,
and Chongqing. Its total land bank amounts to 8.8 million sqm
(including partly owned projects, but excluding land without
title documents) of gross floor area as of June 2012.


CHINA SHEN: Receives Non-Compliance Notice from NYSE MKT
--------------------------------------------------------
China Shen Zhou Mining & Resources, Inc. received a letter from
the NYSE MKT LLC advising that the Company currently is below
certain of the Exchange's continued listing standards.  The
Exchange indicated that its review of the Company's Form 10-Q for
the quarter ended June 30, 2012, indicates that the Company is
not in compliance with Section 1003(a)(iv), which applies if a
listed company has sustained losses that are substantial in
relation to its overall operations or its existing financial
resources, or its financial condition has become so impaired that
it appears questionable, in the opinion of the Exchange, as to
whether the company will be able to continue operations and/or
meet its obligations as they mature.

The Company is afforded the opportunity to submit a plan of
compliance to the Exchange by Nov. 30, 2012 that demonstrates the
Company's ability to regain compliance with Section 1003(a)(iv)
of the Company Guide by April 24, 2013.  If the Company does not
submit a plan of compliance, or if the plan is not accepted by
the Exchange, the Company will be subject to delisting procedures
as set forth in Section 1010 and Part 12 of the Company Guide.

The Company believes it can provide the Exchange with a
satisfactory plan by November 30, 2012, to show that it will be
able to return to compliance with Section 1003(a)(iv) of the
Company Guide.

                      About China Shen Zhou

China Shen Zhou Mining & Resources, Inc., --
http://www.chinaszmg.com/-- through its subsidiaries, is engaged
in the exploration, development, mining, and processing of
fluorite.


COASTAL GREENLAND: S&P Raises CCR to 'B-' on Notes Redemption
-------------------------------------------------------------
Standard & Poor's Ratings Services raised the long-term corporate
credit rating on China-based real estate developer Coastal
Greenland Ltd. to 'B-' from 'CCC+'. The outlook is negative. "We
also raised the long-term Greater China regional scale rating on
the company to 'cnB-' from 'cnCCC+'. At the same time, we
withdrew the 'CCC' issue rating and 'cnCCC' Greater China
regional scale rating on Coastal Greenland's senior unsecured
notes after the company fully redeemed them on Nov. 8, 2012," S&P
said.

"We raised the ratings to reflect our view that Coastal Greenland
no longer faces immediate and significant repayment risk on its
offshore bond and its large trust loans due by the end of 2012,"
said Standard & Poor's credit analyst Frank Lu.

"The company has raised funds from asset sales, private
investors, and trust lenders to meet the repayment of these debt
obligations. The company's refinancing needs appear to have
passed the peak. We have revised our assessment of Coastal
Greenland's liquidity to 'less than adequate' from 'weak,' as our
criteria define those terms. The revision reflects our view that
the company has just sufficient liquidity to meet its
obligations. We continue to view Coastal Greenland's business
risk profile as 'vulnerable' and
its financial risk profile as 'highly leveraged,'" S&P said.

"Coastal Greenland's refinancing capacity has increased due to
improving credit conditions. The company repaid US$129 million in
senior unsecured notes on their maturity using proceeds from a
US$60 million offshore loan from a private investor and new
onshore trust financing. We also expect the company to repay a
RMB500 million trust loan maturing at the end of November 2012 by
using proceeds from asset sales or new trust loans. The company's
new financing has higher costs, which could put further pressure
on its cash flows," S&P said.

"We estimate that Coastal Greenland's liquidity sources have
widened to cover liquidity uses by about 1.0x over the next year,
compared with about 0.8x three months ago. The company's
liquidity position is dependent on asset sales as property sales
remain weak. Recent asset sales include that of an equity
interest in an associate company for RMB452.4 million and an
asset swap with
its second-largest shareholder, Shenzhen Investment Ltd. (not
rated) with net proceeds of RMB335 million. We expect the company
to sell several other projects, as and when needed, to support
liquidity. We expect approval from shareholders for the asset
swap this month," S&P said.

"Coastal Greenland's property sales are likely to remain weak in
the next six to 12 months even though property market conditions
are stabilizing in China. This is because the company has a
limited number of projects, a shrinking portfolio due to asset
sales, and high concentration in cities with purchase
restrictions. In our base-case scenario, we estimate contracted
property sales at about Hong Kong dollar (HK$) 4.0 billion for
fiscal 2013 (ending March 2013). From April-October 2012, Coastal
Greenland generated sales of about HK$2.0 billion. Due to its
shrinking portfolio of projects, we are unclear if the company
can sustain this level of property sales after 2013," S&P said.

"We anticipate that Coastal Greenland's leverage will remain high
and its cash flow will be weak over the next year, mainly because
poor property sales and high financing costs more than offset
modestly lower total borrowings by the end of fiscal 2013," S&P
said.

"To refinance its debt maturities, Coastal Greenland has secured
trust loans and offshore loans at higher interest rates than
those for its existing loans, highlighting its weak credit
profile and limited financial flexibility. In our base case, we
estimate the company's adjusted debt to EBITDA ratio at about
8.0x (2012: 3.2x ) and EBITDA interest coverage at about 1.0x
(2012: 3.5x) for fiscal 2013. The deterioration is mainly
attributable to a large amount of back-loaded recognition in
fiscal 2012 of properties sold over a year ago," S&P said.

"The negative outlook reflects our view that the company's cash
flows will likely remain weak and its liquidity depends on the
timely completion of asset sales. The outlook also reflects our
uncertainty about the company's ability to maintain its market
position as it shrinks its portfolio of projects," said Mr. Lu.

"We could lower the rating if the company's property sales and
cash holdings are materially weaker than we expected. This could
happen if property sales are less than HK$3.0 billion in fiscal
2013 and EBITDA interest coverage is less than 1.0x. We could
also downgrade the company if we believe that its ability to
refinance its borrowings is curtailed or generally its liquidity
is not sufficient to meet short-term obligations," S&P said.

"We could revise the outlook to stable if the company improves
and sustains its property sales, and reduces its borrowings," S&P
said.



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


AFEX INTERNATIONAL: Final Meetings Set for Dec. 11
--------------------------------------------------
Members and creditors of AFEX International (HK) Limited will
hold their final meetings on Dec. 11, 2012, at 2:30 p.m., and
2:45 p.m., respectively at Unit A, 14/F, JCG Building, 16 Mongkok
Road, Mongkok, Kowloon, in Hong Kong.

At the meeting, Ng Kwok Wai and Lui Chi Kit, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


AFEX PROCUREMENT: Final Meetings Set for Dec. 11
------------------------------------------------
Members and creditors of AFEX Procurement Company Limited will
hold their final meetings on Dec. 11, 2012, at 3:15 p.m., and
3:30 p.m., respectively at Unit A, 14/F, JCG Building, 16 Mongkok
Road, Mongkok, Kowloon, in Hong Kong.

At the meeting, Ng Kwok Wai and Lui Chi Kit, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


BE SIGN: Ying and Chan Step Down as Liquidators
-----------------------------------------------
Ying Hing Chiu and Chan Mi Har stepped down as liquidators of Be
Sign Media Limited on Oct. 24, 2012.


CAMUS INVESTMENT: Commences Wind-Up Proceedings
-----------------------------------------------
Members of Camus Investment Limited, on Oct. 31, 2012, passed a
resolution to voluntarily wind-up the company's operations.

The company's liquidator is:

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


CHEWA METAL: Members' Final Meeting Set for Dec. 7
--------------------------------------------------
Members of Chewa Metal Works Limited will hold their final
meeting on Dec. 7, 2012, at 9:00 a.m., at Unit 201, 2/F, Malaysia
Building, at 50 Gloucester Road, Wanchai, in Hong Kong.

At the meeting, Chiu Wai Hon, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


CMC MARKETS: Commences Wind-Up Proceedings
------------------------------------------
Members of CMC Markets Asia Limited, on Oct. 26, 2012, passed a
resolution to voluntarily wind-up the company's operations.

The company's liquidators are:

         John Chi Wai Wong
         Lay Hong Tan
         21/F, Edinburgh Tower
         The Landmark
         15 Queen's Road
         Central, Hong Kong


FIRST CHINA: Creditors' Proofs of Debt Due Dec. 3
-------------------------------------------------
Creditors of First China Property Group Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Dec. 3, 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:

         Sy Mei Ling
         36/F, Tower Two
         Times Square, 1 Matheson Street
         Causeway Bay, Hong Kong


GRAND FORTUNE: Members' Final Meeting Set for Dec. 3
----------------------------------------------------
Members of Grand Fortune House Limited will hold their final
general meeting on Dec. 3, 2012, at 10:30 a.m., at 230 Victoria
Street, #12-08 Bugis Junction Towers, in Singapore 188024.

At the meeting, Chan Wai Hei, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


GOLD FINDING: Creditors' Proofs of Debt Due Dec. 10
---------------------------------------------------
Creditors of Gold Finding Investment Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Dec. 10, 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:

         Zhuo Shuijia
         Room 803, Tung Hip Commercial Building
         248 Des Voeux Road
         Central, Hong Kong


JOS J.D.: Ying and Chan Step Down as Liquidators
------------------------------------------------
Ying Hing Chiu and Chan Mi Har stepped down as liquidators of Jos
J.D. Edwards (HK) Limited on Oct. 24, 2012.


JOS M.C.L.: Ying and Chan Step Down as Liquidators
--------------------------------------------------
Ying Hing Chiu and Chan Mi Har stepped down as liquidators of Jos
M.C.L. Engineering Limited on Oct. 24, 2012.


HK BUDDHISM: Placed Under Voluntary Wind-Up Proceedings
-------------------------------------------------------
At an extraordinary general meeting held on Oct. 25, 2012,
creditors of Hong Kong Buddhism Study and Research Association
Limited resolved to voluntarily wind up the company's operations.

The company's liquidator is Luk Wing Yee.


HK CYBERGAMES: Creditors' Proofs of Debt Due Nov. 26
----------------------------------------------------
Creditors of Hong Kong Cybergames Organization 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's liquidator is:

         Lau Wai Yung Alice
         Room 2402, 24/F
         101 King's Road
         Fortress Hill, Hong Kong


HK GENERAL: Commences Wind-Up Proceedings
-----------------------------------------
Members of Hong Kong General Association of Construction
Machinery Limited, on Oct. 26, 2012, passed a resolution to
voluntarily wind up the company's operations.

The company's liquidators are:

         Yang Tse Yung
         Chan Tsi Chuen
         Room 905-906, 9/F
         Houston Centre, 63 Mody Road
         Tsim Sha Tsui, Kowloon
         Hong Kong


HK TERRITORIAL: Members' Final Meeting Set for Dec. 4
-----------------------------------------------------
Members of Hong Kong Territorial Trades Limited will hold their
final meeting on Dec. 4, 2012, at 10:00 a.m., at Room C, 2nd
Floor, Wing Tat Commercial Building, at 121-125 Wing Lok Street,
Central, in Hong Kong.

At the meeting, Choi Wai Lung Edward, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


KUDOS APPAREL: Chan Yui Hang Appointed as Liquidator
----------------------------------------------------
Chan Yui Hang on Oct. 17, 2012, was appointed as liquidator of
Kudos Apparel Limited.

The liquidator may be reached at:

         Chan Yui Hang
         Room 512, 5/F
         New Mandarin Plaza Tower B
         14 Science Museum Road
         Tsimshatsui East
         Kowloon, Hong Kong


LYNNCROFT ENTERPRISES: Members' Final Meeting Set for Dec. 3
------------------------------------------------------------
Members of Lynncroft Enterprises Company Limited will hold their
final meeting on Dec. 3, 2012, at 10:00 a.m., at Unit 402, 4/F,
Malaysia Building, at No. 50, Gloucester Road, Wanchai, in Hong
Kong.

At the meeting, Chan Chi Bor and Li Fat Chung, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


MISHU LIMITED: Sole Member' Final Meeting Set for Dec. 3
--------------------------------------------------------
Sole Member of Mishu Limited will hold their final meeting on
Dec. 3, 2012, at 10:00 a.m., at 8th Floor, Gloucester Tower, The
Landmark, at 15 Queen's Road Central, in Hong Kong.

At the meeting, Thomas Andrew Corkhill, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


NEC NAGANO: Shareholders' Final Meeting Set for Dec. 3
------------------------------------------------------
Shareholders of NEC Nagano Karrie Electronics Limited will hold
their final meeting on Dec. 3, 2012, at 2:30 p.m., at the office,
25/F, Tower One, Tern Centre, at 237-251 Queen's Road Central, in
Hong Kong.

At the meeting, Li Wai See, the company's liquidator, will give a
report on the company's wind-up proceedings and property
disposal.


SUN VIEW: Creditors' Meeting Set for Nov. 12
--------------------------------------------
Creditors of Sun View Far East Limited will hold a meeting on
Nov. 12, 2012, at 12:00 p.m., at Unit 1702-1703, 17/F, H.K.
Worsted Mills Ind. Building, 31-39 Wo Tong Tsui Street, Kwai
Chung, New Territories, in Hong Kong.

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



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=========


ARIHANT COAL: ICRA Rates INR60cr Fund Based Limits at '[ICRA]BB+'
-----------------------------------------------------------------
ICRA has assigned a rating of '[ICRA]BB+' to the INR60.0 crore
fund based facilities of Arihant Coal Sales (India) Private
Limited. ICRA has also assigned a short term rating of
'[ICRA]A4+' to the INR90.0 crore non fund based facilities of
ACPL. The outlook on the long term rating is 'Stable'

                          Amount
   Facilities            (INR Cr)         Ratings
   ----------            ---------        -------
   Fund Based limits      60.0            [ICRA]BB+ assigned
   Non Fund Based limits  90.00           [ICRA]A4+ assigned

The rating is constrained by ACPL's vulnerability to risks
inherent in commodity trading business which includes inter-alia
price variation risks (as purchases and sales are to a great
extent not on a back to back basis), foreign exchange fluctuation
risks (as only a small part of the foreign currency exposure is
hedged) and counterparty credit risks arising out of its exposure
to a large number of relatively small customers with modest
credit strengths. The ratings also factor in ACPL's modest
financial risk profile as reflected by relatively high dependence
on outside funds (Total outside Liabilities net of cash/TNW
stands at 7.35 times as on March 2012) and modest debt coverage
indicators. Further, high turnover growth coupled with relatively
high working capital intensity has also resulted in negative cash
generation from operations. Nevertheless, the ratings derive
comfort from ACPL's established market position as a coal
supplier in the domestic market arising from its long-standing
presence in coal trading operations and favorable demand
prospects for coal trading given the increasing coal demand-
supply gap in the domestic market.

Going forward, ACSPL's ability to report satisfactory coal
trading volumes by optimally utilising its working capital limits
and its ability to maintain adequate margins by managing risk
factors which are inherent in the trading business will be the
key rating sensitivities.

                        About Arihant Coal

Arihant Coal Sales (I) Private Limited was promoted by Mr. Anil
Kumar Jain in October 2003. The company is engaged in coal
trading business and procures coal from the domestic market
through e-auctions conducted by Metal Junction Service Limited
and Metal & Scrap Trading Corporation Limited, auction agents of
Coal India Limited (CIL), as well as imports from Indonesia. At
present, the company has stockyards facilities at Bhopal and
Katni (Madhya Pradesh), Bilaspur (Chhattisgarh), Nagpur and Vani
(Maharashtra) and Kota (Rajasthan).

Recent results

ACPL reported a profit after tax (PAT) of INR3.42 crores on an
operating income of INR241.30 crores in FY 2011-12 as against PAT
of INR2.8 crores on an operating income of INR119.45 crores in FY
2010-11.


BHOOMI TEXTILES: ICRA Puts '[ICRA]BB' Rating on INR9.46cr Loans
---------------------------------------------------------------
A rating of '[ICRA]BB' has been assigned to the INR9.46 crore
long-term, fund based facilities of Bhoomi Textiles. A rating of
'[ICRA]A4' has also been assigned to the INR1.00 crore short term
non fund based facility of Bhoomi. The outlook on the long term
rating is Stable.

                            Amount
   Facilities              (INR Cr)     Ratings
   ----------              ---------    -------
   Term Loans                4.46       [ICRA]BB(Stable) assigned
   Cash Credit               5.00       [ICRA]BB(Stable) assigned
   Non Fund Based-Letter     1.00       [ICRA]A4 assigned
   of credit

The assigned rating is constrained by Bhoomi's small scale of
operations; fragmented nature of fabric processing industry
resulting in intense competition from small unorganised as well
as large organised players; leveraged capital structure and
vulnerability of profitability to adverse fluctuations in prices
of key raw materials. Further, Bhoomi is a partnership concern
and any significant withdrawals from the capital account would
impact the net worth and thereby the capital structure.

The rating, however, favorably factors in the extensive
experience of partners and long track record of the firm in
textile industry; favorable location of the firm's processing
unit in Ahmedabad in proximity to raw material suppliers; forward
linkages with associate concern which ensures steady order flow
for the firm. The rating also positively factors in the healthy
operating profitability and satisfactory coverage and return
indicators.

Incorporated in the year 1986, Bhoomi Textiles is engaged in the
processing of knitted fabrics on job work basis. The processing
unit of the firm is located in Ahmedabad with a processing
capacity of 115 MT per month of knitted fabric. The firm holds
certification from Global Organic Textile Standard for processing
fabrics made from Organic Cotton. Bhoomi is a family owned
partnership firm and is managed by three partners - Mr. Yugesh
Shah, Mr. Shirish Shah and Mr. Niraj Shah. The firm has one
associate concern namely Raj Exports, which is an exporter of
knitted garments and is also managed by the same partners.

Recent Results

For the year ended March 31, 2012 the firm reported an operating
income of INR22.89 crore and profit after tax of INR0.69 crore as
against an operating income of INR20.35 crore and profit after
tax of INR0.29 crore for the financial year 2010-11.


BRADY & MORRIS: ICRA Puts '[ICRA]B+' Rating on INR12cr Loans
------------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to the INR6.00 crore long-
term fund-based bank facilities of Brady & Morris Engineering
Company Limited. ICRA has also assigned an '[ICRA]A4' rating to
the INR8.00 crore short-term non-fund-based bank facilities of
BMECL In addition, ICRA has also assigned an [ICRA]B+/[ICRA]A4
rating to INR6.00 crore unallocated bank limits of BMECL.

                                    Amount
   Facilities                      (INR Cr)    Ratings
   ----------                      ---------   -------
   Long-term fund-based limits        6.00     [ICRA]B+ assigned
   Short-term non-fund based limits   8.00     [ICRA]A4 assigned
   Unallocated limits                 6.00     [ICRA]B+/ICRA]A4
                                                Assigned

For the purpose of arriving at the rating, ICRA has factored in
the business risk profiles of the Brady group of companies,
comprising W.H. Brady & Company Limited (rated [ICRA]B+) and
Brady & Morris Engineering Company Limited in view of significant
cross holdings and operational linkages among the two group
companies. The ratings take into account long experience of
promoter in manufacture and sale of material handling equipment
(MHE); the established market presence of the group and
significant lease rental income, at group level, which provides
liquidity support. However, the ratings are constrained by loss
making operation of the company during last 2 years, adverse
financial risk profile, with a high gearing, weak coverage
indicators and high working capital intensity of operations due
to high receivable and inventory levels; highly competitive
nature of material handling equipment industry, which leads to
thin margins; fixed price nature of contracts, which exposes the
company to margin risks due to cost escalations; small scale of
operations and limited bargaining capacity of the company against
large customers.

W.H. Brady and Company Limited established Brady & Morris
Engineering Company Limited in 1946 for manufacture and sale of
material handling equipment like chain pulley blocks and various
types of cranes and electric hoist block. Originally started in
1895 by two individuals of British origin, and later incorporated
in 1913, WHBCL is involved in sales of material handling
equipment and sales and servicing of various products related to
aviation industry. WHBCL also own Brady House located at Fort,
Mumbai, from where it receives significant rental income. The
group is controlled by Mumbai based Morarka family since 1960s.
BMECL has manufacturing facility at Vatva and Bareja, both
located in Gujarat.

Recent Results

In 2011-12, BMECL reported a net loss of INR2.84 crore on an
operating income of INR34.45 crore as compared to a net loss of
INR3.02 crore on an operating income of INR27.44 crore in 2010-
11.


G.R. GUPTA: ICRA Rates INR13.25cr Loans at '[ICRA]BB'
-----------------------------------------------------
ICRA has reaffirmed '[ICRA]BB' rating assigned to the INR13.25
crores fund-based bank facilities of G.R. Gupta & Brothers.  The
outlook on the long term rating is Stable.

                          Amount
   Facilities            (INR Cr)         Ratings
   ----------            ---------        -------
   Fund Based limits      13.25           [ICRA]BB (Stable)

The rating reaffirmation takes into account intensely competitive
and fragmented nature of the industry which exerts pressure on
GRGB's margins and firm's susceptibility to adverse movements in
raw material prices although this risk is partly mitigated by
booking back to back orders by the firm. Further, the rating also
factors in the weak financial profile of the firm as
characterized by moderate scale of operations and low
profitability which coupled with high gearing has resulted in
weak debt protection indicators. Nevertheless, the rating
continues to derive comfort from the long track record of
promoters in steel industry, authorized distributorship of Tata
Steel which provides visibility to its operations and support
from Tata Steel in terms of marketing initiatives and rebates and
diversified customer profile of the firm.

G.R. Gupta & Bros., set up in 1970 as a partnership firm, is
mainly into distribution of CR coils and sheets which constitutes
90% of total sales. The firm also trades in a small portion of
other iron and steel products like structurals, flats. As the
firm is an authorized distributor of "Tata Steelium" product
under Tata Steel Limited, most of the raw materials are supplied
by Tata Steel's Jamshedpur plant. The authorized distributorship
with Tata Steel Ltd. provides visibility to its operations as is
reflected in the healthy customer base of the firm in Delhi NCR
and marketing support provided by Tata Steel. . However,
notwithstanding this strength, the firm has to maintain minimum
inventory levels as per the distributorship agreement which
exposes the firm to price fluctuation risk given the cyclicality
inherent in the steel business. The firm caters to a number of
industries mainly being automobile, electronics, and re-rolling
mills and has a diversified base of customers in Delhi, Haryana
and Western U.P. region with top ten customers contributing to
around 25% of overall sales of the firm.

The operating income of the company has shown a declining trend
as the total quantity sold for CR coils has remained the same
however over the years the company has reduced its focus of
trading of other steel products which had led to reduction in
total sales volumes. As the nature of business is distribution,
operating margins are in the range of 2.5-3% and PAT margins less
than 1%. However, return indicators are healthy on account of
significantly low fixed capital intensity of business.

                          About G.R. Gupta

G.R. Gupta & Bros. was incorporated in 1970 as a partnership firm
by Mr. G.R. Gupta and Brothers and the firm started with business
of iron and steel trading mainly in Delhi NCR region. The
partners of GRGB include Mr. Rakesh Gupta (33.3% shareholding),
Mr. Sanjay Gupta (33.3% shareholding) and the mother of Mr.
Rakesh and Sanjay Gupta, Mrs. Mohindru Gupta (33.3%
shareholding). The firm is an authorized distributor of "Tata
Steelium" CR sheets and coils of Tata Steel Limited. Another
group company G.R. Steels Pvt Limited has been incorporated
recently to provide warehousing and steel processing facilities
to iron and steel traders in Delhi NCR.

In FY 2012, the company reported PAT of INR1.02 crores on an
operating income of INR149.72 crores as compared to PAT of
INR1.14 crores and operating income of INR131.92 crores in FY
2011.


INCKAH INFRA: ICRA Assigns '[ICRA]B' Rating to INR7cr Loans
-----------------------------------------------------------
ICRA has assigned the long-term rating of '[ICRA]B' to the
INR0.5 crore1 term loans, INR3.0 crore fund based limits, and
INR3.5 crore non-fund based limits of Inckah Infrastructure
Technologies (P) Ltd.

                            Amount
   Facilities              (INR Cr)     Ratings
   ----------              ---------    -------
   Term Loans                 0.5       [ICRA]B; Assigned
   Fund Based Limits          3.0       [ICRA]B; Assigned
   Non-fund based Limits      3.5       [ICRA]B; Assigned

The ratings of IITPL factor in its modest scale of operations,
leveraged capital structure, and high competitive intensity in
the road construction which renders modest profitability. The
ratings also take into account limited revenue visibility due to
its relatively short duration contracts, and exposure of
profitability to adverse movement in raw-material prices. The
ratings, however, take comfort from experience and track record
of the company in the road construction business particularly
resurfacing of roads, its reputed client profile, and significant
opportunities in the road construction space. The rating also
positively factors in the relatively lower execution risk due to
shorter project execution cycle and low complexity of the work
involved.

Going forward, the funding requirements of the company are
expected to increase to support its growth. The company's ability
to execute projects in a timely manner, improve its profitability
and capital structure will be the key rating sensitivity factors.

Incorporated in 2004, IITPL is promoted by Shri D. P. Vashist and
is engaged in road construction business particularly resurfacing
of roads and road maintenance.

Recent Results

In FY2012, IITPL had operating income of INR16.75 crore on which
it earned a net profit after tax (PAT) of INR0.4 crore compared
to operating income of INR11.89 crore and PAT of INR0.25 crore in
FY2011.


KINGFISHER AIRLINES: Needs to Raise Capital by Nov. 30
------------------------------------------------------
Anirban Chowdhury at Dow Jones' DBR Small Cap reports that Banks
for Kingfisher Airlines Ltd. have asked the cash-strapped Indian
carrier to raise capital by Nov. 30, its biggest lender said.

                    About Kingfisher Airlines

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

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 5, 2012, The Times of India said Kingfisher Airlines has
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.


LARS ENVIRO: ICRA Assigns '[ICRA]BB-' Rating to INR2cr LT Loan
--------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]BB-' to the
INR2.00 crore1 fund-based working capital facilities of Lars
Enviro Private Limited.  ICRA has also assigned a short-term
rating of '[ICRA]A4' to the INR5.50 crore short-term, non-fund
based limits of the company. The long term rating carries a
stable outlook.

                               Amount
   Facilities                 (INR Cr)       Ratings
   ----------                 ---------      -------
   Long-term, fund-based        2.00         [ICRA]BB-(Stable)
   working capital facilities                 assigned

   Short-term, non-fund based   5.50         [ICRA]A4 assigned
   working capital facilities

The ratings take into account the experience of the promoters in
waste water treatment and engineering business and strong return
indicators given healthy value addition in business and low
capital intensive nature of operations. The ratings, however, are
constrained by LEPL's small scale of operations, stretched
working capital position on account of an elongated receivable
cycle, primarily arising from long execution cycle, along with
low bargaining power with customers and exposure to seasonal/
cyclical trends of user industries. The rating also factors in
the vulnerability of margins to movements in foreign exchange
rates.

Lars Enviro Private Limited is engaged in the designing,
engineering, fabrication, erection and commissioning of effluent
treatment plants. The company was incorporated in 1997 by Mr.
B.L.Vaswani who has over 28 years of experience in this field.
Situated in Nagpur, the company specializes in the treatment of
industrial waste water through biological methods and caters to a
diverse set of industries. The company has employee strength of
70 personnel, consisting primarily of environmental, chemical,
mechanical and civil engineers.

Recent Results

LEPL reported a profit after tax (PAT) of INR0.95 crore on an
operating income of INR29.74 crore in FY2012, as against a net
profit of INR0.83 crore on an operating income of INR24.04 crore
in FY2011.


SATIA INDUSTRIES: ICRA Ups Rating on INR93.78cr Loan to 'B+'
------------------------------------------------------------
ICRA has upgraded the long term rating from '[ICRA]B-' to
'[ICRA]B+' and reaffirmed the short term rating at '[ICRA]A4' for
the INR120.0 Crore (reduced from INR160.0 Crore) bank limits of
Satia Industries Limited.

                              Amount
   Facilities                (INR Cr)       Ratings
   ----------                ---------      -------
   Term Loan                   52.78        Revised to [ICRA]B+

   Fund Based Working          41.00        Revised to [ICRA]B+
   Capital Limits

   Non Fund Based Working      17.50        Reaffirmed at
   Capital Limits                           [ICRA]A4

   Unallocated Limits           8.72        Revised to [ICRA]B+/
                                            Reaffirmed at
                                            [ICRA]A4

The rating upgrade reflects the improvement in financial risk
profile and debt servicing track record of the company. The
ratings, however, continue to be constrained by fragmentation and
high competitive intensity in the paper industry with the
presence of a large number of manufacturers; vulnerability of
profitability to cyclicality inherent in the industry; moderately
weak debt coverage indicators as a result of low profitability
and debt funded capacity expansion and tight liquidity position
which has resulted in high working capital limits utilization
levels. Nevertheless, while assigning the ratings, ICRA has
favorably factored in the long track record of the promoters in
printing and writing paper business; consistently healthy plant
capacity utilization levels; favorable location of the
manufacturing facility in the agricultural belt of Punjab, which
ensures easy access to raw materials; operational competitiveness
of the company due to captive power generation and chemical
recovery facilities which aid in reducing the power and chemical
cost respectively and favorable demand outlook from the education
sector.

Satia Industries Ltd., SIL (formerly, Satia Paper Mills Ltd) was
incorporated in 1980. SIL manufactures printing and writing paper
and has a capacity of 40,000 MTPA. The company has a fully
integrated paper mill, with a pulping facility based on
agricultural residue and a chemical recovery plant. The company
also has captive power plants with generation capacity of 10MW
and scheduled to commission multi fuel based power plant from
November 2012.

Recent Results

SIL reported net sales of INR239.25 Crore and a net profit of
INR3.99 Crore during financial year 2011-12. The company had
reported net sales of INR320.40 Crore and a net profit of
INR5.44 Crore during 2010-11.


VINAYAK AUTO: ICRA Cuts Rating on INR7cr Loan to '[ICRA]BB'
-----------------------------------------------------------
ICRA has revised the INR7.0 Crore long term bank facilities of
Vinayak Auto link Private Limited from '[ICRA]BB+' to '[ICRA]BB'.
The long term rating has been assigned a 'Stable' outlook.

                          Amount
   Facilities            (INR Cr)      Ratings
   ----------            ---------     -------
   Cash Credit            7.0          Ratings revised to
                                       [ICRA]BB(Stable) from
                                       [ICRA]BB+ (Stable)

The rating downgrade takes into account sharp decline in scale of
operations which coupled with thin profit margin and high debt
levels has resulted in deterioration of coverage indicators. The
rating continues to factor in the company's position as the only
dealership of Ford India Limited in Indore and the support from
promoters for expanding equity base. The ability of VAPL to
register growth in its operating revenues amid the increasing
competitive intensity in its area of operation given weak demand
outlook for passenger cars in the short term as well as manage
its working capital intensity and liquidity would remain key
rating sensitivities going forward.

Vinayak Autolink Private Limited was incorporated in 2008 and has
been operating as an authorized dealer for vehicles of Ford India
Limited in Indore, Madhya Pradesh since its inception. The
company deals in sale of new cars, repair and servicing of cars,
buying-refurbishing and sale of old cars. The day to day
management of the company is taken care by Sh. Santosh Korde with
support from the promoters. VAPL is the only authorized dealer of
Ford India Limited in Indore and one of the five dealers in
Madhya Pradesh. Currently, the company owns one sale showroom and
two service workshop in Indore.in addition to this, VAPL had
recently opened up a new showroom in Sagar.

Recent Results

In 2011-12, VAPL recorded an operating income of INR77.5 Crore.
The company's operating profit before depreciation, interest and
tax stood at INR3.7 Crore. The company recorded a profit of
INR1.1 Crore at net profit level.


VISHAL MALLEABLES: Strained Liquidity Cues ICRA Junk Ratings
------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR21.49
crore long term fund based facilities of Vishal Malleables
Limited to '[ICRA]D' from '[ICRA]B'.

                            Amount
   Facilities              (INR Cr)       Ratings
   ----------              ---------      -------
   Fund Based-Cash Credit   9.25          Revised to [ICRA]D from
                                          [ICRA]B
   Fund Based-Term Loan    12.24          Revised to [ICRA]D from
                                          [ICRA]B

The rating action takes into account the strained liquidity
position of the company as exhibited by delays in meeting its
principal repayment and interest payment obligations to the bank.
The same is attributable to significant delay of around 6-7
months in completing the automation of the manufacturing facility
and to slowdown in demand resulting in stress on operational and
financial performance.

Vishal Malleables Limited, incorporated in 1974, is involved in
manufacturing of ductile iron (S.G. iron) castings and auto
components with its plant located at Ankleshwar, Gujarat.
Currently the plant has an installed capacity of 12000 MTPA. The
company also owns a windmill with installed capacity of 2.0 MW.
The company is listed at Bombay Stock Exchange and Vadodara Stock
Exchange.

Recent Results

The company reported operating income of INR66.63 crore and net
loss of INR1.48 crore in FY 2012 as against operating income of
INR71.22 crore and net profit of INR0.31 core in FY 2011.


ZEALTOP GRANITO: ICRA Puts '[ICRA]BB' Rating on INR43.5cr Loans
---------------------------------------------------------------
A rating of '[ICRA]BB' has been assigned to INR27.50 crore term
loan and INR16.00 crore cash credit facility of Zealtop Granito
Private Limited.  A rating of '[ICRA]A4' has also been assigned
to INR6.37 crore non-fund based facilities of ZGPL. The outlook
on the long term rating is stable.

                        Amount
   Facilities          (INR Cr)       Ratings
   ----------          ---------      -------
   Cash Credit         16.00         [ICRA]BB (Stable) assigned
   Term Loan           27.50         [ICRA]BB(Stable) assigned
   Bank Guarantee       6.15         [ICRA]A4 assigned
   CEL                  0.22         [ICRA]A4 assigned

The ratings are constrained by moderate financial risk profile of
the company as reflected in the highly leveraged capital
structure, low profitability and moderate coverage indicators.
The ratings also takes into account the high competitive
intensity in ceramic tiles industry with a presence of large
established organized as well as a number of unorganized players;
vulnerability of ZGPL's profitability to increasing gas and power
costs; and the cyclicality associated with the real estate
industry.

The ratings however favorably consider the extensive experience
of the promoters in the ceramic industry and the healthy growth
in revenues supported by supply contracts with larger ceramic
industry players. The ratings also factor in ZGPL's product
portfolio consisting of high end vitrified tiles segments
enabling higher realizations and stable demand for vitrified
tiles in the domestic market.

Zealtop Granito Private Limited was incorporated in January 2008
to manufacture vitrified tiles. The company has its production
facilities at Morbi, Gujarat with a total manufacturing capacity
of 378000 boxes per month. ZGPL currently manufactures vitrified
tiles of size 600 mm X 600 mm, 800 mm X 800 mm. The company
manufactures various types of tiles viz.Soluble Salt, Nano
Finishing, Multi Charge, Glazed Vitrified Tiles etc. The tiles
are marketed under its own brand name 'Zealtop'.

Recent Results

During 6MFY 2012, ZGPL reported an operating income of INR60.08
crore and profit after tax of INR2.02 crore (provisional
unaudited financials) as against operating income of INR108.16
crore and profit after tax of INR2.86 crore during FY 2011.



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


ELPIDA MEMORY: Mosaid Seeks to Sue Over DRAM Patents
----------------------------------------------------
Jamie Santo at Bankruptcy Law360 reports that Mosaid Technologies
Inc. asked a Delaware bankruptcy judge Wednesday for leave to
bring a patent suit against Elpida Memory Inc., saying that
Chapter 15 protection does not shield the bankrupt company from
alleged infringements that occurred after its foreign filing.

Bankruptcy Law360 relates that a leading producer of dynamic
random access memory chips, Elpida initiated bankruptcy
proceedings in Tokyo court back in February and followed in March
with a Chapter 15 petition in Delaware seeking relief from U.S.
creditors, particularly with regard to U.S. patent suits.

                        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.


* JAPAN: Economy Minister Says No Bailout for Electronics Firms
---------------------------------------------------------------
AFP reports that a senior Japanese politician hinted on Friday
that a government bailout was not on the cards for the nation's
struggling electronics giants, after embattled Sharp cast doubt
on its own survival.

According to the news agency, economy minister Seiji Maehara said
the likes of Panasonic and Sharp, on track to book combined
annual losses of more than $15.0 billion, should not expect the
kind of taxpayer-funded rescue handed to once-bankrupt Japan
Airlines or TEPCO, operator of the crippled Fukushima Daiichi
nuclear plant.

"In this society of capitalism, I believe companies in general
should rebuild themselves through their own efforts," AFP quotes
Mr. Maehara as saying at a press briefing in Tokyo.

AFP notes that US President Barack Obama came under fire in some
quarters over his administration's bailout of the US auto
industry but the issue is a sensitive one in Japan, where there
is a general reluctance to let failing companies go under.

AFP says Japan's electronics industry has suffered from a long
list of problems, including a high yen, slowing demand in key
export markets, fierce overseas competition and strategic
mistakes which have left its finances in ruins.

AFP relates that neither Sharp nor key rivals Panasonic and Sony
have sought bankruptcy protection as they undergo massive
corporate restructurings.  But Sharp, which makes Aquos-brand
electronics, recently warned of a $5.6 billion annual loss, its
credit rating has been reduced to junk, and the firm itself has
raised questions over its viability, AFP notes.



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


CAPITAL + MERCHANT: Directors' Breach Not Intended, Lawyer Says
---------------------------------------------------------------
Hamish Rutherford at stuff.co.nz reports that lawyers for the
three jailed directors of Capital + Merchant said the actions of
their clients were "not good enough" but this did not mean they
had breached the Crimes Act.

stuff.co.nz relates that appearing before the Court of Appeal in
Wellington Nov. 7, Bruce Gray, QC, said Justice Edwin Wylie had
asked the wrong question when he convicted Neal Nicholls and
Wayne Douglas of a series of charges of theft by a person in a
special relationship.

Capital + Merchant went into receivership in November 2007 owing
7,000 investors NZ$167 million.

Messrs. Nicholls and Douglas were later jailed for 7 years each
under charges brought by the Serious Fraud Office, and former
chief executive Owen Tallentire was jailed for five years.

Mr. Tallentire has separate legal representation but his lawyer,
Nathan Gedye, simply reaffirmed Mr. Gray's argument against the
conviction.

According to the report, Mr. Gray told the court that to prove
his clients were guilty of the charges brought against them,
Justice Wylie would have to have been satisfied beyond reasonable
doubt that they had intended to breach Capital + Merchant's trust
deed.

However, his sentencing notes suggested he simply inferred it
from the "not attractive" facts of the transactions to which the
charges related.

"I'm not going to tell you these transactions were terrific, or
even good enough. I understand that they're not. . . I'm not here
to tell you good processes were followed, because they weren't,"
the report quotes Mr. Gray as saying.  "But I am here to say that
His Honour failed to consider explicitly the question he posed
for himself: 'Was there an intention to breach the trust deed?'"

Mr. Gray, as cited by stuff.co.nz, argued that the evidence
showed there was a misguided view among the directors that the
transactions could be completed without breaching the trust deed.

Doubt and scepticism about the intentions of directors was not
enough.  "What is required is proof," Mr. Gray told the Court,
stuff.co.nz, relays.

During sentencing in the High Court in August, Justice Wylie said
the directors had been driven by self-interest and greed, with
one transaction "devoid of any semblance of morality".

                      About Capital + Merchant

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

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


* NEW ZEALAND: New Liquidators Appointed to Norris Cases
--------------------------------------------------------
Sally Kidson at stuff.co.nz reports that the official assignee
has appointed new liquidators to handle Nelson liquidator Pat
Norris' four unfinished cases, following his fraud conviction.

stuff.co.nz recalls that search orders were served last month at
Mr. Norris' Mount St home and Haven Rd offices, and the new
liquidators took away files and documents relating to the four
liquidations.

According to the report, insolvency practitioner Rhys Cain and
chartered accountant Bruce Gemmell, of Ernst and Young of
Christchurch, were appointed by the official assignee to take
over the cases following Mr. Norris' conviction for fraud this
month. The outstanding cases Mr. Norris had were Trafalgar Tops,
Murchison Buses, Frost Steel Compactors and Astra Enterprises,
the report discloses.

stuff.co.nz relates that Mr. Cain said that under the
legislation, the official assignee had to appoint an experienced
liquidator to take over the liquidations.

He was not aware of a similar incident having happened in
New Zealand before, the report relays.

stuff.co.nz notes that following a judge-only trial this month,
Judge Michael Behrens found that Norris had stolen NZ$80,900 from
the liquidation of Auckland company Astra Enterprises. He has yet
to be sentenced on that charge.

The fraud conviction disqualified him from acting as a liquidator
or a company director.


RIS GROUP: Late Annual Report Prompts NZX to Suspend Firm
---------------------------------------------------------
stuff.co.nz reports that RIS Group has been suspended from the
NZX, after the Sydney-based company failed to file its annual
report.

stuff.co.nz relates that the market operator said Nov. 8 that
trading in RIS Group's shares has been suspended following the
company's failure to provide its annual report for the year to
June 30.

The report was due to be delivered by October 31, stuff.co.nz
relays.

On November 5, the report recalls, NZAX-listed RIS Group applied
for a waiver on the rule requiring it to file its annual report,
saying the sale of its main operating subsidiary Retail
Information Systems Pty to a company listed on the Bombay Stock
Exchange had been delayed.

According to stuff.co.nz, RIS said it now expected settlement of
the sale in mid-November. It had limited resources to complete
both the sale and the audit of its 2012 financial statement, and
believed completing the sale took priority, RIS told the NZX.

Based in Auckland, New Zealand, RIS Group Limited engages in the
development, marketing, and licensing of retail scan data and
EFTPOS terminal software.



=====================
P H I L I P P I N E S
=====================


* PHILIPPINES: Fitch Rates Proposed Global Bond 2012 at 'BB+'
-------------------------------------------------------------
Fitch Ratings has assigned the Republic of the Philippines'
proposed PHP-denominated global bonds due 2022 an expected rating
of 'BB+ (EXP)'.

The proceeds will be used to fund the cash tender offer for the
repurchase of outstanding bonds as part of the Republic's broader
liabilities management programme.  The final rating is contingent
upon receipt of final documents conforming to information already
received.

As the currency of settlement is specified as USD, the rating is
in line with the Philippines' Long-Term Foreign Currency Issuer
Default Rating (IDR).  Philippines' Long-Term Local Currency IDR
is 'BBB-'.  The rating Outlooks are Stable.


* PHILIPPINES: Moody's Rates Peso Global Bond Issuance '(P)Ba1'
---------------------------------------------------------------
Moody's Investors Service has assigned a provisional rating of
(P)Ba1 to the Philippine government's forthcoming global
Philippine peso-denominated bond issuance.

Ratings Rationale

Moody's upgraded the Philippines' foreign currency and local
currency sovereign ratings to Ba1 from Ba2 on October 29, 2012.

The key drivers for the decision were: 1) the country's improved
economic performance and continued fiscal revenue buoyancy in the
face of deteriorating global demand; 2) its enhanced prospects
for growth over the medium-term; and 3) the stable financial
system that poses limited contingent risks and provides a stable
source of financing for the government.

Despite headwinds stemming from softening external demand, the
Philippines has demonstrated exceptional economic and fiscal
resilience over the past year. In 2012, in contrast to rating
peers, the country is projected to record a combination of faster
growth, lower inflation, exchange rate appreciation, and foreign
exchange reserve accumulation, while maintaining trend debt
consolidation.

Moody's expects a primary surplus to be maintained this year.
Revenue performance has improved despite the absence of
legislative reforms, while spending disbursements, especially on
infrastructure, have picked up significantly.

Furthermore, active debt management, coupled with the central
bank's increasingly solid track record of inflation management,
has allowed for an improvement in the country's debt structure,
including lower average borrowing costs and foreign currency
exposure, as well as longer average maturities.

The rating is supported by sound macroeconomic policy management,
as reflected in the health of the balance of payments and
financial system stability. The sovereign's external payments
position continues to be bolstered by healthy remittance inflows,
as well as increasingly large receipts from the business process
outsourcing (BPO) sector. Coupled with sizeable capital inflows,
the robust current account surplus has led to the accumulation of
international reserves to $82.1billion as of end-October 2012, an
ample cushion relative to residual maturity short-term debt and
to cope with the risk of a sudden stop in external credit.

However, revenue mobilization continues to lag those of similarly
rated countries despite the gains in tax administration over the
past two years. A structural change in revenue generation will
thus likely require significant fiscal reform. The government
also carries a large public-sector debt overhang relative to its
peers, but this is mitigated to a certain extent by the presence
of a bond sinking fund that guards against near-term liquidity
pressures.

The principal methodology used in this rating was Sovereign Bond
Ratings published in September 2008.


* PHILIPPINES: S&P Rates Peso-Denominated Global Bond at 'BB+'
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' debt rating
to a peso-denominated senior unsecured global bond by the
Republic of the Philippines (BB+/Stable/B; axBBB+/axA-2). The
bond matures in 2022. Standard & Poor's has also assigned its
'axBBB+' ASEAN regional scale rating to the bond.

"We have equalized the rating on the bond with our foreign
currency sovereign rating on the Philippines. The bond represents
direct unconditional obligations of the sovereign, and ranks pari
passu with the government's other external commercial debt
obligations," S&P said.

"All principal and interest payments will be made in U.S.
dollars, with the dollar amount payable calculated according to
the average representative market exchange rate for five business
days immediately prior to the time the payments are due.
Therefore, bondholders bear the exchange rate risk and, as such,
the global peso bond contributes to the government's objective of
further reducing exchange rate risk to the sovereign's debt
profile. The
government will use the proceeds to repurchase selected U.S.-
dollar and euro-denominated debt with the aim of further reducing
the Philippines' foreign currency-denominated debt, which is
currently about 38% of the total debt," S&P said.

"The sovereign credit ratings on the Philippines encompass the
country's relatively low income level, weak fiscal profile, and
high, albeit improving, public debt and interest burden. These
constraints are balanced by a robust external profile highlighted
by a net external creditor position and strong liquidity ratios,
as well as a track record of moderately strong growth with low
variability," S&P said.



                           *********

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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