TCRAP_Public/121207.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

           Friday, December 7, 2012, Vol. 15, No. 244


                            Headlines


A U S T R A L I A

GOURMET FOOD: Rosella Workers Likely to Keep Jobs
MOVES TRAVEL: Enters Administration; Pitcher Partners Appointed


C H I N A

LDK SOLAR: Incurs $136.9 Million Net Loss in Fiscal Q3 2012


H O N G  K O N G

ACNIELSEN INTERNATIONAL: Lam and Boswell Step Down as Liquidators
AGB NIELSEN: Lam and Boswell Step Down as Liquidators
AKTIV DIGITAL: Members' Final Meeting Set for Dec. 31
ATTAIN COMPANY: Creditors' Proofs of Debt Due Dec. 21
BOC TRAVEL: Placed Under Voluntary Wind-Up Proceedings

CENTURY FORTUNE: Creditors' Proofs of Debt Due Dec. 14
COMPONENTS TECHNOLOGY: Creditors' Proofs of Debt Due Dec. 31
EXTRA POWER: Creditors' Proofs of Debt Due Dec. 14
FAITHFUL WORLD: Creditors' Proofs of Debt Due Dec. 14
FULL WEALTH: Creditors' Proofs of Debt Due Dec. 21

MEGA DAY: Creditors' Proofs of Debt Due Dec. 14
PARKING LOT: Creditors' Proofs of Debt Due Dec. 14
SWING INTERNATIONAL: Creditors' Proofs of Debt Due Dec. 14
TOP GALAXY: Creditors' Proofs of Debt Due Dec. 14
TOP LEVEL: Creditors' Proofs of Debt Due Dec. 14

VIVITAR (ASIA): Annual Meetings Set for Dec. 12


I N D I A

ARCHIMEDIS LAB: CRISIL Puts 'B+' Rating on INR57.4MM Loans
ESSPAL INT'L: CARE Reaffirms 'BB-' Rating on INR7.10MM Loan
IDEAL CHEMICALS: CRISIL Hikes Rating on INR130MM Loans to 'B+'
ISCON SURGICALS: CARE Reaffirms 'BB+' Rating on INR4.93MM LT Loan
KAMADGIRI EXPORTS: CRISIL Places 'B' Rating on INR150MM Loans

PRAKASH STAINLESS: CRISIL Assigns 'B+' Rating to INR150MM Loans
RAJ INDUSTRIES: CARE Assigns 'BB' Rating to INR20.78MM LT Loan
SABITRI INDUSTRIES: CRISIL Rates INR345MM Term Loan at 'CRISIL B'
SHREE BISHNU: CRISIL Rates INR83.5MM Cash Credit at 'CRISIL B-'
SOUTHERN GOLD: CRISIL Rates INR100MM Loan at 'CRISIL BB'

SRIMAN CHEMICALS: CARE Assigns 'BB-' Rating to INR3.64MM Loans
S.R. UDAYASHANKAR: CRISIL Puts 'B' Rating on INR28MM Loans
VARDHMAN CASTING: CARE Rates INR6.57MM LT Loan at 'CARE B+'


J A P A N

COSMO OIL: Moody's Cuts Long-Term Issuer Rating to 'Ba1'
RENESAS ELECTRONICS: Lenders May Relax Terms on Emergency Loans
SHARP CORP: Hon Hai Investment Deal Continues


N E W  Z E A L A N D

BROOKFIELD MULTIPLEX: Liquidation Halts Apartment Owners Suit
NATIONAL FINANCE: Ex-Director "Manipulate Systems," Court Hears
POSTIE PLUS: Wins 12-Month Extension of Banking Facilities
* NEW ZEALAND: Fraud Hits Record High in Six Months to June


P H I L I P P I N E S

BAYAN TELECOM: Globe Telecom Extends Debt Tender Offer


S I N G A P O R E

RAIN II: S&P Lowers Rating on Senior Secured Notes to 'BB-'


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


GOURMET FOOD: Rosella Workers Likely to Keep Jobs
-------------------------------------------------
Georgia Wilkins at smh.com.au reports that workers at the
collapsed company Gourmet Food Holdings, which produces Rosella
tomato sauce, may be able to keep their jobs after receivers
expressed more confidence that the business would be sold and the
100-year-old brand would continue.

smh.com.au relates that receivers Ferrier Hodgson said they had
received close to 100 expressions of interest from potential
buyers considering purchasing all or part of the business.

"If we continue to receive this valuable support from customers,
suppliers and transport operators, the business should be able to
continue operating and employees will keep their jobs," the
report quotes partner Jim Sarantinos as saying.

"Given the level of interest in the business amongst potential
buyers, I have an increasing degree of confidence that the group
has a future."

According to the report, Mr. Sarantinos said all employee
entitlements were likely to be paid in full regardless of whether
the business was sold, but a sale was "key to the long-term
future of the business."

The Rosella factory in Seven Hills, NSW employs 110 staff, 47 of
whom are contractors.  Waterwheel, in Dandenong, Victoria has 140
staff, 69 of whom are contractors.

                       About Gourmet Group

Gourmet Group is an Australian food manufacturer.  The group's
interests include sauce, spice and chutney manufacturer Rosella;
organic soups and pre-made meals maker Pitango; and crispbreads
and cracker maker Waterwheel.

Steve Sherman, John Lindholm and Jim Sarantinos were appointed
joint and several receivers and managers of food manufacturer
Gourmet Food Holdings and related entities on Nov. 30, 2012,
pursuant to the provisions of a registered debenture charge
created by the Gourmet Group:

  -- Gourmet Food Holdings Pty Limited
  -- Australian Company Number
  -- Rosella Foods Pty Limited
  -- Philemon Pty Limited (t/as Waterwheel Industries)
  -- TCM Foods Pty Limited
  -- Gourmet Food Holdings New Zealand Limited
  -- Pitango Innovative Cuisine Limited


MOVES TRAVEL: Enters Administration; Pitcher Partners Appointed
---------------------------------------------------------------
Cara Waters at SmartCompany reports that corporate travel company
Moves Travel Group has entered administration in a blow to the
travel industry.

According to the report, the travel company stopped trading this
week with the appointment of David Young and Anthony Elkerton of
Pitcher Partners as joint administrators.

"We are reviewing the circumstances leading up to our appointment
as administrators and carrying out our investigations of Moves
Travel's affairs, including a review of its financial position
and performance," SmartCompany quotes Pitcher Partners as saying.

SmartCompany relates that Pitcher Partners said Moves Travel has
remitted payment for all tickets issued on or prior to
November 12, 2012, and therefore those tickets should not be
affected.

The first meeting of creditors will be held Dec. 13, 2012.

Moves Travel Group -- http://www.movestravel.com.au/-- provided
logistics and travel management for corporate clients, sporting
groups and entertainment industry clients from the performing
arts, music, fashion, film and television. It also offered travel
packages for consumers for events like horse racing and boxing.



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


LDK SOLAR: Incurs $136.9 Million Net Loss in Fiscal Q3 2012
-----------------------------------------------------------
LDK Solar Co., Ltd., incurred a net loss available to the
Company's shareholders of US$136.94 million on US$291.52 million
of net sales for the three months ended Sept. 30, 2012, compared
with a net loss available to the Company's shareholders of
US$254.34 million on US$235.36 million of net sales for the
quarter ended June 30, 2012.

LDK Solar's balance sheet at Sept. 30, 2012, showed
US$5.76 billion in total assets, US$5.41 billion in total
liabilities, US$299.02 million in redeemable non-controlling
interests and US$45.91 million in total equity.

"We were pleased to deliver third quarter results that were in
line with expectations," stated Xingxue Tong, President and CEO
of LDK Solar.  "While we saw improvement to our top and bottom
line in the third quarter, our results continue to reflect the
industry-wide pricing pressure and demand weakness that is
negatively impacting the entire solar supply chain."

"Over the past several weeks, we have taken a number of steps to
increase operating efficiencies and improve our liquidity,
including realigning the management team and the share purchase
agreement with Heng Rui Xin Energy.  We are making progress on
our strategy to streamline operations, prudently manage expenses
and diversify our business.  We plan to continue to actively
manage our business to adapt to market developments and position
the company for future growth," concluded Mr. Tong.

A copy of the financial report, as filed with the SEC, is
available for free at http://is.gd/7EpQNa

                          About LDK Solar

LDK Solar Co., Ltd. -- http://www.ldksolar.com-- based in Hi-
Tech Industrial Park, Xinyu City, Jiangxi Province, People's
Republic of China, is a vertically integrated manufacturer of
photovoltaic products, including high-quality and low-cost
polysilicon, solar wafers, cells, modules, systems, power
projects and solutions.

LDK Solar was incorporated in the Cayman Islands on May 1, 2006,
by LDK New Energy, a British Virgin Islands company wholly owned
by Xiaofeng Peng, LDK's founder, chairman and chief executive
officer, to acquire all of the equity interests in Jiangxi LDK
Solar from Suzhou Liouxin Industry Co., Ltd., and Liouxin
Industrial Limited.

KPMG in Hong Kong, China, said in a May 15, 2012, audit report,
there is substantial doubt on the ability of LDK Solar Co., Ltd.,
to continue as a going concern.  According to KPMG, LDK Solar has
a net working capital deficit and is restricted to incur
additional debt as it has not met a financial covenant ratio
under a long-term debt agreement as of Dec. 31, 2011.  These
conditions raise substantial doubt about the Group's ability to
continue as a going concern.



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


ACNIELSEN INTERNATIONAL: Lam and Boswell Step Down as Liquidators
-----------------------------------------------------------------
Rainier Hok Chung Lam and Anthony David Kenneth Boswell stepped
down as liquidators of Acnielsen International Research
(Hong Kong) Limited on Nov. 30, 2012.


AGB NIELSEN: Lam and Boswell Step Down as Liquidators
-----------------------------------------------------
Rainier Hok Chung Lam and Anthony David Kenneth Boswell stepped
down as liquidators of AGB Nielsen Media Research (Hong Kong)
Limited on Nov. 30, 2012.


AKTIV DIGITAL: Members' Final Meeting Set for Dec. 31
-----------------------------------------------------
Members of Aktiv Digital Hong Kong Pte Limited will hold their
final meeting on Dec. 31, 2012, at 10:00 a.m., at Units 3401-2,
34th Floor, AIA Tower, 183 Electric Road, North Point, in
Hong Kong.

At the meeting, Mok Mun Lan Linda, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


ATTAIN COMPANY: Creditors' Proofs of Debt Due Dec. 21
-----------------------------------------------------
Creditors of Attain Company Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Dec. 21, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

         Chan Wing Wah
         c/o Messrs. Ho, Wong & Wong
         Suite 2508, Tower1
         Lippo Centre, 89 Queensway
         Hong Kong


BOC TRAVEL: Placed Under Voluntary Wind-Up Proceedings
------------------------------------------------------
At an extraordinary general meeting held on Nov. 23, 2012,
creditors of BOC Travel Services Limited resolved 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


CENTURY FORTUNE: Creditors' Proofs of Debt Due Dec. 14
------------------------------------------------------
Creditors of Century Fortune Hong Kong Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Dec. 14, 2012, to be included in the company's
dividend distribution.

The company's liquidator is:

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


COMPONENTS TECHNOLOGY: Creditors' Proofs of Debt Due Dec. 31
------------------------------------------------------------
Creditors of Components Technology Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Dec. 31, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

         Fong Fu Yin Albert
         Room 10, 2/F
         Thriving Centre
         26-38 Sha Tsui Road


EXTRA POWER: Creditors' Proofs of Debt Due Dec. 14
--------------------------------------------------
Creditors of Extra Power Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
Dec. 14, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

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


FAITHFUL WORLD: Creditors' Proofs of Debt Due Dec. 14
-----------------------------------------------------
Creditors of Faithful World Investment Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Dec. 14, 2012, to be included in the company's
dividend distribution.

The company's liquidator is:

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


FULL WEALTH: Creditors' Proofs of Debt Due Dec. 21
--------------------------------------------------
Creditors of Full Wealth Investment Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Dec. 21, 2012, to be included in the company's dividend
distribution.

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

The company's liquidators are:

         Li Chi Chung
         Tang Yam Lun Alan
         83 Des Voeux Road
         Central, Hong Kong


MEGA DAY: Creditors' Proofs of Debt Due Dec. 14
-----------------------------------------------
Creditors of Mega Day Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
Dec. 14, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

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


PARKING LOT: Creditors' Proofs of Debt Due Dec. 14
--------------------------------------------------
Creditors of Parking Lot Investments Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Dec. 14, 2012, to be included in the company's
dividend distribution.

The company's liquidator is:

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


SWING INTERNATIONAL: Creditors' Proofs of Debt Due Dec. 14
----------------------------------------------------------
Creditors of Swing International Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Dec. 14, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

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


TOP GALAXY: Creditors' Proofs of Debt Due Dec. 14
-------------------------------------------------
Creditors of Top Galaxy Investments Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Dec. 14, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

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


TOP LEVEL: Creditors' Proofs of Debt Due Dec. 14
------------------------------------------------
Creditors of Top Level Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by Dec.
14, 2012, to be included in the company's dividend distribution.

The company's liquidator is:

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


VIVITAR (ASIA): Annual Meetings Set for Dec. 12
-----------------------------------------------
Creditors and members of Vivitar (Asia) Limited will hold their
annual meetings on Dec. 12, 2012, at 11:00 a.m., and 11:30 a.m.,
respectively at 5th Floor, Ho Lee Commercial Building, 38-44
D'Aguilar Street, Central, in Hong Kong.

At the meeting, Yuen Tsz Chun Frank, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.



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I N D I A
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ARCHIMEDIS LAB: CRISIL Puts 'B+' Rating on INR57.4MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Archimedis Laboratories Pvt Ltd.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Long-Term Loan           12.4      CRISIL B+/Stable (Assigned)
   Cash Credit              45.0      CRISIL B+/Stable (Assigned)
   Foreign Letter of Credit 10.0      CRISIL A4 (Assigned)

The ratings reflect ALPL's small scale of operations in the
intensely competitive bulk drugs industry and its working capital
intensive nature of operations. These rating weaknesses are
partially offset by the benefits that ALPL derives from its
promoters' extensive experience in the pharmaceuticals business
and its moderate financial risk profile albeit constrained by low
networth base.

Outlook: Stable

CRISIL believes that ALPL will continue to benefit over the
medium term from its promoters' industry experience. The outlook
may be revised to 'Positive' if the company improves its scale of
operations and profitability on a sustained basis coupled with
improvement in working capital management, leading to improvement
in its financial risk profile. Conversely, the outlook may be
revised to 'Negative' in case of deterioration in its financial
risk profile on account of aggressive debt-funded expansions or
weakening of liquidity due to delay in receivables or subdued
cash accruals.

                  About Archimedis Laboratories

Incorporated in 2004, ALPL is engaged in manufacturing of bulk
drugs and intermediaries. The company is promoted by Mr. M.V.
Reddy.

ALPL reported a profit after tax (PAT) of INR1.7 million on net
sales of INR233 million for 2011-12 (refers to financial year,
April 1 to March 31), against a PAT of INR1 million on net sales
of INR170 million for 2010-11.


ESSPAL INT'L: CARE Reaffirms 'BB-' Rating on INR7.10MM Loan
-----------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Esspal International Pvt Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       7.10      CARE BB- Reaffirmed

   Short-term Bank Facilities     10.00      CARE A4 Reaffirmed

   Long-term/Short-term Bank      12.00      CARE BB-/CARE A4
   Facilities                                Reaffirmed

Rating Rationale

The ratings continue to remain constrained on account of the
below average financial risk profile marked by the low
profitability margin and highly leveraged capital structure. The
ratings are further constrained on account of the limited
presence in a highly competitive and fragmented textile value
chain. The ratings, however, favorably factor in the experience
of the promoters of more than two decades in the textile industry
and the recently stabilized weaving and multi-twisted yarn
manufacturing units.

Improvement in its profitability margin in the light of highly
competitive industry scenario along with increase in the scale of
operations, achieving better capacity utilization from weaving
and multi-twisted yarn manufacturing units and rationalisation of
debt levels are the key rating sensitivities.

Esspal International Private Limited was incorporated in March
2009 by Mr. Manish Lath and Mrs. Rashmi Lath with the objective
of setting up textile trading and manufacturing unit in India.
EIPL has been involved in the trading and export of cotton yarn,
polyester cotton (PC) yarn, synthetic yarn and fabrics like
poly/viscose suitings, shirtings, etc, since inception. In March
2011, EIPL started manufacturing of multi-twisted yarn from dope
dyed fully drawn yarn (FDY) with an installed capacity of 7.35
lakh Kgs per annumand also started its weaving unit in July 2011
with an installed capacity of 35.11 lakh meters per annum (lmpa)
as on March 31, 2012, at its existing unit located at Bhilwara,
Rajasthan.

During FY12 (refers to the period April 1 to March 31), EIPL
reported PAT of INR0.77 crore (FY11: INR0.74 crore) on a total
operating income of INR101.74 crore (FY11: INR90.79 crore).


IDEAL CHEMICALS: CRISIL Hikes Rating on INR130MM Loans to 'B+'
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Ideal Chemicals (India) Pvt Ltd to 'CRISIL B+/Stable' from
'CRISIL B/Stable', while reaffirming the rating on the company's
short-term bank facilities at 'CRISIL A4'.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Bank Guarantee            20       CRISIL A4 (Reaffirmed)

   Cash Credit               80       CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

   Proposed Long- Term       50       CRISIL B+/Stable (Upgraded
   Bank Loan Facility                 from 'CRISIL B/Stable')

The rating upgrade is driven by CRISIL's belief that ICI's
financial risk profile will improve over the medium term, marked
by sustained improvement in the company's cash accruals and by
better-than-expected debt protection metrics. ICI is expected to
register better-than-expected cash accruals of about INR40
million in 2012-13 (refers to financial year, April 1 to March
31). Its cash accruals are expected to be moderate at about INR30
million over the medium term supported by improvement in its
scale of operations and by its moderate operating margin. CRISIL
believes that ICI's financial risk profile will improve, with
expected total outside liabilities to tangible net worth (TOLTNW)
ratio of about 5 times as on March 31, 2013 from that of 12 times
in the past, led by improvement in its net worth. In the absence
of any significant debt-funded capital expenditure (capex) plans,
the TOLTNW ratio is expected to remain at similar levels over the
medium term.

The ratings reflect ICI's weak financial risk profile, marked by
a modest net worth, a high TOLTNW ratio, and large working
capital requirements. These rating weaknesses are partially
offset by the benefits that ICI derives from its established
relationship with its principals and its promoters' extensive
experience in the chemical trading business.

Outlook: Stable

CRISIL believes that ICI will continue to benefit over the medium
term from its established relations with suppliers. The outlook
may be revised to 'Positive' in case the company's financial risk
profile improves, most likely because of substantial equity
infusion by its promoters. Conversely, the outlook may be revised
to 'Negative' if larger-than-expected, debt-funded capex
materially affects ICI's debt protection metrics, or if intense
competition leads to significant decline in the company's
operating profitability and consequently, its cash accruals.

                       About Ideal Chemicals

ICI was set up as a partnership firm in 1971; it was
reconstituted as a private limited company in 2000. The company
trades in chemicals that are used in the pharmaceutical,
textiles, steel and fertilisers industries. It is managed by Mr.
Sameer Sharda and Mr. Vipul Maheshwari.

ICI reported a profit after tax (PAT) INR6.9 million on net sales
of INR1087 million for 2011-12 (refers to financial year, April 1
to March 31), against a PAT of INR2.5 million on net sales of
INR989 million for 2010-11.


ISCON SURGICALS: CARE Reaffirms 'BB+' Rating on INR4.93MM LT Loan
-----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Iscon Surgicals Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       4.93      CARE BB+ Reaffirmed

   Long-term/Short-term           10.00      CARE BB+/CARE A4
   Bank Facilities                           Reaffirmed

   Short-term Bank Facilities      4.00      CARE A4 Reaffirmed

Rating Rationale

The ratings continue to be constrained on account of the
fluctuating turnover of Iscon Surgicals Limited, weak liquidity
position owing to long operating cycle, raw material price
fluctuation risk associated with fixed rate contracts and
competitive nature of the industry.

The ratings continue to take into account the vast experience of
the promoters in the surgical equipment industry, long track
record of operations with wide product offering and established
marketing and distribution network.

The ability of ISL to receive new contracts and expansion in
export market along with the improvement in profitability and
capital structure remains the key rating sensitivities.

ISL, a closely-held Public Limited Company, was incorporated in
1991 and commenced production of Disposable Syringes and Needles
in 1995. It was initially promoted by Mr. Sohan Lal Jain and is
now managed by the second generation of the family. ISL's
manufacturing product portfolio includes Disposable Syringes,
Needles, Infusion sets, Ophthalmic Cannulas and Instruments and
other allied products. In the field of Syringes and Needles, ISL
is among the top five manufacturers in India. It has an annual
installed capacity of 216 Million Pieces Per Annum (MPPA) of
syringes (increased from 180 MPPA) and 300 MPPA of needles as on
March 31, 2012, at its manufacturing facility located at Jodhpur,
which is ISO 9001-2000 and WHO-GMP certified and have CE
certification (required for products to be commercially used in
European Economic Area , EEA) .

As per the audited results for FY12 (refers to the period April 1
to March 31), ISL reported total operating income of INR29.31
crore and a PAT of INR0.54 crore.


KAMADGIRI EXPORTS: CRISIL Places 'B' Rating on INR150MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Kamadgiri Exports Pvt Ltd. The rating reflects
the company's exposure to project implementation risk and a
constrained financial risk profile due to high debt. These rating
weaknesses are partially offset by the promoter's extensive
industry experience.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Term Loan                 95       CRISIL B/Stable (Assigned)
   Cash Credit                5       CRISIL B/Stable (Assigned)
   Proposed Long-Term        50       CRISIL B/Stable (Assigned)
   Bank Loan Facility

Outlook: Stable

CRISIL believes that KEPL will benefit from its promoter's
experience in the stainless steel industry.  The outlook may be
revised to 'Positive' if the company stabilizes its operations
earlier than expected, resulting in greater-than-expected cash
accruals and consequent improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
the company is unable to ramp up its operations in a timely
manner, resulting in stress on the company's liquidity, or if the
company undertakes a larger-than-expected, debt-funded capital
expenditure programme, leading to deterioration in its financial
risk profile.

                      About Kamadgiri Exports

KEPL, incorporated in 2003 and promoted by Mr. Sushil Kumar
Jalan, is setting up a facility for manufacturing stainless steel
out of ingots in Sonepat (Haryana). The unit, with a total
project cost of INR180 million, is expected to commence
commercial production in December 2012.


PRAKASH STAINLESS: CRISIL Assigns 'B+' Rating to INR150MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Prakash Stainless Private Limited.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit              98.5      CRISIL B+/Stable (Assigned)
   Proposed Long-Term       51.5      CRISIL B+/Stable (Assigned)
   Bank Loan Facility

The rating reflects PSPL's subdued financial risk profile marked
by weak debt protection metrics and low profitability, and its
exposure to risks inherent in the highly competitive steel
trading industry. These weaknesses are partially offset by the
extensive experience of PSPL's promoters in the steel industry,
support from other companies of the Prakash Group and its
established relationships with suppliers and customers.

Outlook: Stable

CRISIL believes that PSPL will maintain its stable business risk
profile over the medium term, backed by the extensive experience
of its promoters and established relationships with suppliers and
customers. The outlook may be revised to 'Positive' if the
company is able to improve its profitability and debt protection
metrics, while maintaining a healthy revenue growth. The outlook
may be revised to 'Negative' in case of a sharp decline in PSPL's
revenue growth or significant deterioration in its profitability.

                      About Prakash Stainless

PSPL, incorporated in 2007, is engaged in the trading of flat
steel products such as coils, plates, pipes and tubes. Initially
the operations were carried out under a proprietorship concern of
Mr. Prakash Kanugo, 'Prakash Steels' since the mid 1970s.
Subsequently the operations were shifted to PSPL in 2007. The
company is a part of the Mumbai-based Prakash group, having an
established presence in the flat steel manufacturing and trading
business. Its business operations are managed by Mr. Prakash
Kanugo and Mr. Suraj Burad.

PSPL reported a profit after tax (PAT) of INR2.3 million on net
sales of INR735 million for 2011-12 (refers to financial year,
April 1 to March 31), as against a PAT of INR2.4 million on net
sales of INR687 million for 2010-11.


RAJ INDUSTRIES: CARE Assigns 'BB' Rating to INR20.78MM LT Loan
--------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of RAJ Industries.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       20.78     CARE BB Assigned
   Short-term Bank Facilities      17.00     CARE A4 Assigned

Rating Rationale

The aforesaid ratings are constrained by the consistent decline
in the PBILDT margin of Raj Industries, moderate capacity
utilization, exposure to foreign exchange fluctuation risk and
high customer concentration risk with top five customers
contributing to approximately 81% of the total sales in FY12
(refers to the period April 01 to March 31). The above-mentioned
constraints more than off-set the benefits derived from the
experience of the promoters and moderate debt coverage and
liquidity profile of the firm. The ability of the firm to improve
its profitability margins, maintain comfortable capital structure
and expand its customer base will remain the key rating
sensitivities.

Raj Industries is a partnership firm started in April 2007.
Presently, the firm has four partners, Mr. Raj Paul Bansal,
Mr. Sanjeev Bansal, Mr. Sahil Bansal and Mr. Salil Bansal. The
firm is engaged into the manufacturing of toilet soap noodles and
finished soaps. The manufacturing facility is located at Nalagarh
(Himachal Pradesh) with an installed capacity of 75,000 tonnes
per annum (TPA) for soap noodles and finished soaps.

During FY11-12, the firm achieved a net sales of INR235.31 crore
with a PBT of INR6.65 crore as against net sales of INR157.44
crore and PAT of INR4.84 crore during FY2010-11.


SABITRI INDUSTRIES: CRISIL Rates INR345MM Term Loan at 'CRISIL B'
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the term loan
bank facility of Sabitri Industries Pvt. Ltd.  The rating
reflects SIPL's exposure to project implementation risk, and
expected below-average financial risk profile marked by a small
net worth, a high gearing, and weak debt protection metrics.
These rating weaknesses are partially offset by the benefits that
SIPL derives from its promoter's extensive experience in the rice
milling business.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Term Loan                345       CRISIL B/Stable (Assigned)

Outlook: Stable

CRISIL believes that SIPL will continue to benefit over the
medium term from its promoter's extensive experience in the rice
milling industry. The outlook may be revised to 'Positive' in
case of timely completion of project without any cost overruns
along with more than expected ramp up in sales and profitability
after commissioning of the plant. Conversely, the outlook may be
revised to 'Negative' if the company faces significant time or
cost overruns in implementing the project, or the increase in its
revenue and profitability after commissioning of the plant is
lower than expected, leading to pressure on its liquidity.

SIPL, incorporated in November 2009, is setting up a raw and par-
boiled rice processing unit in Jajpur district (Orissa). The
company is promoted by Mr. Dillip Kumar Agarwalla, who has been
in the rice milling business for over a decade.


SHREE BISHNU: CRISIL Rates INR83.5MM Cash Credit at 'CRISIL B-'
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the cash
credit facility of Shree Bishnu Feed Industries (SBFI; part of
Shree Bishnu group).

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit              83.5      CRISIL B-/Stable (Assigned)

The rating reflects Shree Bishnu group's vulnerability to risks
inherent in the poultry industry and intense competition, working
capital intensive nature of activities and weak financial risk
profile marked by a modest net worth, high gearing, and subdued
debt protection metrics. These rating weaknesses are partially
offset by the benefits that the company derives from its
proprietors' extensive experience in the poultry industry.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of SBFI and Bhagat Poultry Farms Pvt Ltd
(BPFPL), together referred to as the Shree Bishnu group. This is
because both these entities are managed by common promoters and
have significant operational linkages.

Outlook: Stable

CRISIL believes that the Shree Bishnu group will continue to
benefit over the medium term from its proprietors' extensive
experience in the poultry business The outlook may be revised to
'Positive' in case there is significant and sustained improvement
in the company's revenues and profitability, while improving its
capital structure and debt protection metrics. Conversely, the
outlook may be revised to 'Negative' in case of a significant
decline in the company's revenues or profitability margins or
large debt funded capex resulting in a weakening in its financial
risk profile.

                          About the Group

SBFI was established in 1995 as the proprietorship concern of
Mr. Bharatji Prasad. The concern is engaged in manufacturing of
poultry, cattle feed, and hatched chicks. SBFI also trades in
maize grain and soya bean de-oiled cakes. SBFI's manufacturing
facility is in Howrah (West Bengal).

BPFPL, incorporated in 2000 and promoted by Mr. Bharatji Prasad,
is in the poultry business and produces broiler chickens. It has
two units in Burdwan and Suri (West Bengal).

The Shree Bishnu group reported a profit after tax (PAT) of
INR1.8 million on net sales of INR431.6 million for 2011-12
(refers to financial year, April 1 to March 31), as against a PAT
of INR2 million on net sales of INR448.2 million for 2010-11.


SOUTHERN GOLD: CRISIL Rates INR100MM Loan at 'CRISIL BB'
--------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of Southern Gold Pvt Ltd (SGPL; part of the
Southern Jewellery group [SJ Group]).

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Bank Guarantee           170       CRISIL A4+ (Assigned)
   Overdraft Facility       100       CRISIL BB/Stable (Assigned)

The ratings reflect the extensive experience of SJ Group's
promoters in the gold jewellery segment, and the group's healthy
revenue growth over the past two years. These rating strengths
are partially offset by SJ Group's below-average financial risk
profile, marked by a high gearing and subdued debt protection
metrics, and limited track record in the jewellery export
segment.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SGPL and its group entity, Southern
Jewellery and Dye Works. This is because both these entities are
in the same line of business, have common promoters, share
significant business synergies, and have fungible cash flows
among them. Furthermore, the management plans to merge SJDW with
SGPL over the medium term.

Outlook: Stable

CRISIL believes that SJ Group will continue to benefit over the
medium term from its promoters' extensive experience in the gold
jewellery segment. The outlook may be revised to 'Positive' if
the group sustains its revenue growth, and if it improves its
profitability and capital structure, resulting in improvement in
its financial risk profile. Conversely, the outlook may be
revised to 'Negative' if SJ Group generates lower-than-expected
accruals or if its working capital cycle lengthens significantly,
resulting in weakening in its liquidity, or if the group
undertakes a large, debt-funded capital expenditure programme,
leading to weakening in its overall financial risk profile.

                           About the Group

SJ Group is in the business of wholesaling and retailing gold
jewellery. SJDW was set up in 2000 and SGPL in 2010. The group's
day-to-day operations are managed by Mr. C A Collins and his
brother, Mr. C A Raphy.

SJ Group reported a profit after tax (PAT) of INR28.3 million on
net sales of INR1.95 billion for 2011-12 (refers to financial
year, April 1 to March 31), against a PAT of INR7.3 million on
net sales of INR508 million for 2010-11.


SRIMAN CHEMICALS: CARE Assigns 'BB-' Rating to INR3.64MM Loans
--------------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of Sriman Chemicals Pvt Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Existing Long-term              2.64      CARE BB- Assigned
   Bank Facilities

   Proposed Long-term              1.00      CARE BB- Assigned
   Bank Facilities

   Short-term Bank Facilities      1.80      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Sriman Chemicals
Private Limited are constrained by its small size of operations,
highly leveraged capital structure, exposure to the fluctuations
in raw material prices, low capacity utilization and customer
concentration risk. The ratings, however, are underpinned by the
experience of the promoters of SCPL and its established
operational track record, significant growth in the total
operating income in FY12 (refers to the period April 1 to
March 31), moderate order book, established & reputed client
base, growing demand for cotton linter & comber pulp products and
benefits availed under State Government schemes.

The ability of SCPL to improve its scale of operations and
capital structure while managing fluctuations in the raw material
prices would be the key rating sensitivity.

SCPL was incorporated in 1994 by Mr. P. Ajaya Kumar, Managing
Director and Mr. G. L. N. Raju, Director. SCPL is engaged in the
processing of raw cotton linter and raw cotton comber to
manufacture various grades of bleached cotton linter pulp and
bleached cotton comber pulp in reels/sheets/flocks forms with
installed capacity of 1,800 metric tonnes per annum (MTPA). The
manufacturing unit is located at Tungapadu village, Miryalaguda,
Andhra Pradesh. The company had taken over one linter
manufacturing sick unit from Andhra Pradesh State Financial
Corporation (APSFC) in 1994, and subsequently, undertook various
expansion projects to modernize and enhance the capacity.

During FY12, SCPL reported a total operating income of INR10.07
crore and a PAT of INR0.47 crore.


S.R. UDAYASHANKAR: CRISIL Puts 'B' Rating on INR28MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of S.R. Udayashankar. The ratings reflect
SRU's modest scale of operations in the intensely competitive
civil construction industry and working-capital-intensive
operations. These rating weaknesses are partially offset by the
extensive experience of SRU's promoters in the civil construction
industry.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Term Loan                 8        CRISIL B/Stable (Assigned)
   Bank Guarantee           30        CRISIL A4 (Assigned)
   Overdraft Facility       20        CRISIL B/Stable (Assigned)

Outlook: Stable

CRISIL believes that SRU will maintain its stable business risk
profile on the back of its promoter's extensive experience in the
civil construction industry. The outlook may be revised to
'Positive' if the firm reports substantial growth in scale of
operations and profitability while improving its working capital
cycle. Conversely, the outlook may be revised to 'Negative' if
the firm's financial risk profile deteriorates due to lengthening
of its operating cycle or if the firm suffers a decline in its
revenues or profitability.

                     About S.R. Udayashankar

SRU, incorporated in 1984 by Mr. Suresh Udayshankar, undertakes
civil works for construction of roads for Public Works Department
(PWD), National Highways Authority of India (NHAI) and Bangalore
Development Authority (BDA). The firm is managed by Mr.
Udayshankar and it primarily carries out its work in Karnataka.


VARDHMAN CASTING: CARE Rates INR6.57MM LT Loan at 'CARE B+'
-----------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Vardhman
Casting Pvt. Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       6.57      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Vardhman Casting
Private Limited. is primarily constrained by its short track
record and small scale of operations, customer concentration risk
coupled with working capital intensive nature of operations and
low margins due to limited value additions. The rating is further
constrained by VCPL's operations in the cyclical steel industry
and exposure to fluctuation in raw material prices.  The rating,
however, draws comfort from the strengths derived from the
experienced promoters of VCPL.

Going forward, the company's ability to increase its scale of
operations along with the improvement in the profitability
margins and effective management of working capital shall be key
rating sensitivities.

Vardhman Casting Private Ltd, incorporated in June 2008, is
engaged in manufacturing of Mild Steel (M.S) ingots and runner
risers. The company is promoted by Mr. Jitendar Kumar Jain, Mr.
Rajesh Kumar Jain and Mr. Jai Prakash Saini. The promoters have
nearly a decade of experience in manufacturing and trading of
iron and steel products. The manufacturing unit of VCPL is
located at Muzaffarnagar in Uttar Pradesh with an installed
capacity of 13,500 tonnes per annum (TPA) and 400 TPA for ingots
and runner risers respectively. The company derives its income
from sales of ingots and produces Runner Risers for captive
consumption. The major raw material required by VCPL for
production of steel ingots and runner risers are sponge iron,
iron scrap and silicon manganese. Scrap is procured from
Ahmedabad, Bhavnagar, Faridabad and from local market.

Sponge iron and iron scrap are mixed in the ratio of 7:1 and
melted in induction furnace, poured into the desired moulds,
solidified and cleaned later to manufacture steel ingots and
runner risers.

These ingots are then sold primarily to local markets in
Muzaffarnagar and Ghaziabad where the demand is high. The ingots
manufactured by the company are used in manufacturing of TMT
bars, open die steel forging, forged rings and forged rolls. VCPL
sells its products directly to steel rolling mills in Uttar
Pradesh and Haryana. VCPL engages in direct sales and offers 10-
15 days credit period to its customers.

During FY11 (refers to the period April 1 to March 31), VCPL has
achieved a total operating income of INR27.94 crore with a PAT of
INR0.29 crore and for FY12 (based on provisional results), the
company has achieved total operating income of INR28.45 crore and
PAT of INR0.31 crore.



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


COSMO OIL: Moody's Cuts Long-Term Issuer Rating to 'Ba1'
--------------------------------------------------------
Moody's Japan K.K. has downgraded Cosmo Oil Company, Ltd.'s long-
term issuer rating to Ba1 from Baa3.

The rating outlook is negative.

The rating action concludes the review for downgrade initiated on
Aug. 31, 2012.

Ratings Rationale

The rating action reflects Moody's concern that the improvement
in Cosmo Oil's balance sheet structure -- one of the major
factors that supported the Baa3 rating -- will take much longer
than expected, given the persistent erosion in profitability.

Its Chiba refinery -- which was gradually returning to normal
operations after incurring damages due to the March 2011
earthquake in Japan -- was suspended again in June after an
asphalt leak. As a result, Cosmo Oil has incurred additional
costs and losses, given the costs related to providing
alternative supplies to its customers and a decrease in the
volume of exports. These factors have negatively affected
profitability. The company projects that its petroleum business
to record ordinary losses of JPY20 billion again in FYE3/2013,
following ordinary losses of JPY17.2 billion in FYE3/2012, after
adjusting for the impact of inventory valuations.

The Chiba refinery, which the company's plans to gradually
restart from January 2013, produces 220,000 barrels of oil per
day and accounts for 40% of Cosmo Oil's total domestic production
of refined products in terms of volume.

In addition, Cosmo Oil had to reduce all of its deferred-tax
assets at end-June 2012 after conservatively reviewing its future
earnings. The amount at the end of September 2012 has not changed
from June 2012. The company reviews its deferred-tax assets every
quarter based on its earnings outlook at that point of time. This
reduction of its deferred-tax assets significantly affects its
equity and provides an indication of earnings prospects.

Depending on the progress in restarting operations at its Chiba
refinery at end-March 2013, the amount of the reduction in
deferred tax assets may change for FYE3/2013. If, at end-March
2013, the amount remains the same, then its net assets will drop
by about 20% from the previous fiscal year, based on the
company's current projection of net losses of JPY74 billion.
Given the significant impact on its equity structure, restoring
its eroded equity structure by using earnings from its existing
businesses will take time. Moody's expects the company's adjusted
debt/capitalization ratio to exceed 70% for FYE3/2013.

Moreover, Cosmo Oil plans to close its Sakaide refinery in July
2013, although it will continue to operate it as an oil terminal
and for other purposes. This move is in response to requirements
under the "Law Concerning Sophisticated Methods of Energy Supply
Structures". To meet the requirement, Cosmo Oil will -- besides
the Sakaide Refinery -- need to take an additional action by end-
March 2014. It is yet to announce its plans on this matter.
Moody's expects total one-time losses and expenses of more than
JPY10 billion related to the closures.

Although the refinery closures will have a positive impact on its
profitability in the long-term by improving its utilization
ratios, the one-time losses and expenses relating to the closures
will hamper the improvement in its balance sheet structure over
the next few years.

Cosmo Oil's rating factors in its stable and strong relationships
with its major banks (a regional factor for Japan), and support
from Japan Oil, Gas & Metals National Corporation (JOGMEC), and
which provide a two-notch rating uplift from its fundamental
level of creditworthiness.

Moody's believes that the support system clearly helps Cosmo Oil,
given the fact that covenant waivers for its two syndicated loans
were approved by a majority of creditors without any additional
fees. This also occurred even though the company breached the
financial covenants based on its net assets at the end of
September 2012.

One of the loans is for JPY20.7 billion due in February 2013,
which will be repaid as scheduled. In terms of the rest of its
loans - JPY35.3 billion due in March 2017 -- the company is
highly likely to breach the covenants again, based on the current
outlook for its full-year results for FYE3/2013. (The financial
covenants are usually reviewed at the end of July-September, the
second quarter of the fiscal year, and then at the end of
January-March, the fourth quarter of the fiscal year, and in view
of full-year results.)

If a breach occurs after the results for FYE3/2013 are finalized,
then the company needs to start negotiations with its major
creditors through its main bank that acted as an arranger of the
syndicated loan. Moody's believes that it will successfully
resolve the financial covenants for the second loan. However,
Moody's is closely observing the covenants, as the timing of the
next review is critical to determining whether Japan's support
system works for Cosmo Oil for the second time.

The negative rating outlook reflects Moody's concerns that Cosmo
Oil's overall credit metrics could come under further pressure if
it faces additional delays in restarting the Chiba refinery. The
outlook also incorporates Moody's recognition that the company
could face a challenge in successfully resolving the issue of its
covenants again, depending on the full-year results for
FYE3/2013.

A significant deterioration in Cosmo Oil's profitability due to
failures in its business strategy could lead to further
downgrades. The ratings would also be negatively pressured if
retained cash flow (RCF)/adjusted debt remains below 3%, adjusted
debt/capitalization increases to 75%, or it reports negative free
cash flow over the medium term.

The outlook could revert to stable if the company can improve
RCF/adjusted debt to above 5% by stabilizing earnings from its
petroleum business. At the same time, it will need to keep
adjusted debt/capitalization below 70% for a prolonged period.

The principal methodology used in this rating was Moody's "Global
Refining And Marketing Rating Methodology," published on October
1, 2010 and available on www.moodys.co.jp.

Cosmo Oil Company, Ltd., headquartered in Tokyo, is one of
Japan's major oil refiners and distributors. Its consolidated
sales for FYE3/2012 totaled JPY3.1 trillion.


RENESAS ELECTRONICS: Lenders May Relax Terms on Emergency Loans
---------------------------------------------------------------
Emi Urabe, Shigeru Sato & Shingo Kawamoto at Bloomberg News
report that Mizuho Financial Group Inc. and Mitsubishi UFJ
Financial Group Inc. are planning to relax terms on emergency
loans to Renesas Electronics Corp., three bank officials with
knowledge of the matter said.

Bloomberg's sources said the banks will decide as early as this
week to extend repayment periods and cut interest rates. Lenders
are considering extending the five-year repayment period to seven
years and reducing rates to below 1.5% from about 1.8%, one of
the people told Bloomberg News.

Bloomberg notes that Renesas, a supplier to Apple Inc. and
Nintendo Co., is cutting jobs and considering closing or selling
factories to recover from losses as demand for its microchips
declines.  State-backed Innovation Network Corp. of Japan is
close to a reaching an agreement with Renesas shareholders to
take a two- thirds stake in the chipmaker to help restructure the
company, Bloomberg relates citing a person with knowledge of the
talks.

                       About Renesas Electronics

Based in Tokyo, Japan, Renesas Electronics Corp. --
http://am.renesas.com/-- manufactures semiconductor systems for
mobile phones and automotive applications.

Renesas, which has been unprofitable since it was established in
2010, last month announced a restructuring plan which included a
reduction of about 5,000 workers, or 12% of its workforce, in a
bid to turn around its bottom line.

For the fiscal year that ended March 31, 2012, the chip maker
reported a net loss of JPY62.60 billion and revenue of
JPY883.11 billion.  In the previous fiscal year when the company
was created, it reported a net loss of JPY115.02 billion, The
Wall Street Journal reported.


SHARP CORP: Hon Hai Investment Deal Continues
---------------------------------------------
Philip Liu at CENS.com reports that Hon Hai Precision will
continue its talk with Sharp Corp. for shareholding investment in
the latter, despite announcement by Sharp to accept JPY9.9
billion of fund from Qualcomm, the world's largest mobile phone
chipmaker, a ranking official of Hon Hai, who refused to be
identified, said Dec. 4.

CENS.com relates that the official stressed that the investment
of Qualcomm in Sharp has no relationship with Hon Hai's plan of
buying into Sharp. In addition, Hon Hai will continue considering
to purchase TV plants under the auspices of Sharp, according to
the official.

In March this year, CENS.com recalls, Hon Hai reached an
agreement with Sharp for investing US$800 million in the latter,
in exchange for 9.9% stake in Sharp. Subsequently, Sharp's share
prices plunged, prompting Hon Hai to negotiate with Sharp again
for the investment plan. Due to the deferral of the plan, Sharp
sought to obtain fresh funds from other sources. In addition to
Qualcomm, the company is also reportedly talking with Intel and
Dell for fund injection.

According to CENS.com, institutional investors pointed out that
injection of JPY9.9 billion of fund by Qualcomm cannot solve the
financial problem of Sharp, which is expected to suffer
staggering deficit of JPY450 billion (NT$160 billion) this year.
As a result, Sharp will continue to seek fresh funding sources,
including Hon Hai.



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


BROOKFIELD MULTIPLEX: Liquidation Halts Apartment Owners Suit
-------------------------------------------------------------
Anne Gibson at The New Zealand Herald reports that owners of an
Orewa Nautilus apartment tower are unable to continue legal
action against multi-national builder Brookfield Multiplex
Constructions (NZ) which has gone into liquidation.

The NZ Herald relates that Trevor Corin, chairman of the Nautilus
body corporate, said Brookfield Multiplex is now in the hands of
Anthony McCullagh and Stephen Lawrence of PKF Corporate Recover
and Insolvency (Auckland), meaning the end to legal claims over
big leaks in the block.

"The effect of the liquidation is to stay the proceeding against
the old company. The new company is a separate legal entity and
the owners will have no claim against the new company," the
report quotes Tim Rainey, acting for the Nautilus claimants, as
saying.

The report notes that Brookfield Multiplex was the head
contractor for the blocks' construction and the owners were
claiming in the High Court at Auckland that it was responsible
for several design changes.

But in the surprise move, Brookfield filed the High Court notice,
declaring itself in liquidation and saying PKF had appointed
David Perry of Buddle Findlay to handle any legal issues, the
report says.

Based in Auckland, New Zealand, Brookfield Multiplex
Constructions (NZ) Limited offers construction and development
services.  It operates as a subsidiary of Brookfield Multiplex
Limited.


NATIONAL FINANCE: Ex-Director "Manipulate Systems," Court Hears
---------------------------------------------------------------
APNZ reports that the former director of a failed National
Finance is trying to "manipulate the system" by insisting on a
10-day hearing, despite having pleaded guilty to misleading
investors, a court has heard.

APNZ relates that National Finance former director Anthony David
Banbrook appeared in the High Court at Auckland on December 5
where he represented himself.

APNZ says Mr. Banbrook has previously pleaded guilty to signing a
company prospectus which included untrue statements.  The charge,
laid by the Financial Markets Authority, carries a maximum
penalty of five years in prison or fines of up to NZ$300,000.

According to the report, Crown prosecutor Steve Symon said
Mr. Banbrook was now disputing more of the Crown case against
him, and a new date would be needed for a disputed facts hearing.

"I don't say this light-heartedly, but it is an attempt by my
friend to manipulate the system," the report quotes Mr. Symon as
saying.

The hearing had been set down for five days next month, but
because 10 days would now be needed a date has been set in
February next year.

APNZ notes that Mr. Banbrook has said that he will be calling
evidence from convicted National Finance director Trevor Allan
Ludlow.  Mr. Ludlow was sentenced last year to five years and
seven months in prison after being found guilty of six charges of
theft by a person in a special relationship.

Mr. Banbrook has also indicated he will call evidence from an
expert witness, APNZ adds.

                      About National Finance

National Finance 2000 Ltd., whose core business was car finance,
was placed in receivership in May 2006, owing 2,000 investors
NZ$21 million.  Trevor Allan Ludlow was the sole shareholder and
a director of the company.  John Gray was employed by the company
as an accountant.

After considering a complaint received from the Receiver,
PricewaterhouseCoopers, the Serious Fraud Office determined that
an investigation into the affairs the National Finance 2000
Limited may disclose serious or complex fraud.  An investigation
under Part One of the Serious Fraud Office Act was commenced on
June 30, 2006.  This was elevated to a Part Two investigation on
May 8, 2007.

Charges were laid against Trevor Allan Ludlow and John Gray in
October 2009.


POSTIE PLUS: Wins 12-Month Extension of Banking Facilities
----------------------------------------------------------
BusinessDesk reports that Postie Plus Group has again avoided a
breach of its banking covenants and gained a 12-month extension
on its facilities.

BusinessDesk says Postie Plus on Dec. 5, 2012, flagged potential
breaches of its banking covenants for the months of November
2012, January and April 2013.  That came after the retailer was
forced to renegotiate terms of its loans with BNZ in October, the
report relays.

BusinessDesk, citing the company's latest annual report,
discloses that Postie Plus had secured bank loans of about
NZ$9.76 million as at August 5 at an average interest rate of
5.15%.

Notes to the accounts show the company did not meet its interest
to EBIT ratio covenant of 1.5 times for the rolling 12 months to
April 2012, though it was in compliance with proprietorship and
liquidity covenants, according to BusinessDesk.

BusinessDesk recalls that Postie Plus got a waiver in May of this
year but the bank at that time reserved its rights pending an
expected return to compliance.

In September, BusinessDesk notes, the company reported an annual
net loss of NZ$183,000 including one-off restructuring costs. The
normalized full-year net profit was NZ$493,000.

                         About Postie Plus

Postie Plus Group Limited (NZE:PPG) -- http://www.ppgl.co.nz/--
comprises the retail businesses of Postie+, Baby City and
Arbuckles.  The company offers a range of products for all age
groups.  Postie+ sells casual family clothing through a chain of
79 stores.


* NEW ZEALAND: Fraud Hits Record High in Six Months to June
-----------------------------------------------------------
Value of large fraud cases in New Zealand totaled NZ$1.7 billion
-- a record for a period (compared to NZ$279.7 million last
period), according to the latest KMPG Fraud Barometer.

The report shows that there were 33 cases in total, compared to
24 cases in the last period.

KMPG said there were four 'super-frauds': frauds greater than
NZ$3 million, compared to five super-frauds in the last period.

According to the report, the record total of fraud for this
period is attributable to the Serious Fraud Office (SFO) charging
five individuals in relation to South Canterbury Finance Ltd.
The alleged total fraud in this case is NZ$1.7 billion, which is
New Zealand's largest fraud case ever. The total amount of fraud
for this period, excluding SCF, was NZ$30.8 million.

KMPG said: "Compared with the same Fraud Barometer period last
year (covering the six months to June 2011), our latest analysis
of media reports shows that the number of large fraud cases going
before the New Zealand courts increased from 29 to 33 cases.

"The latest period shows the second highest number of large fraud
cases going before the courts in any of the periods reviewed.

"The aggregate value of large frauds for the comparable six month
period to June 2011 shows frauds increasing from NZ$79.8 million
to just over NZ$1.7 billion. This is a substantial increase which
can be attributed to charges being laid in the SCF case totalling
NZ$1.7 billion.

"If the SCF case is removed from the analysis, the total amount
of fraud in the current period is NZ$30.8 million. This would be
the third lowest total of fraud going before the courts in any of
the periods reviewed.

"In the five months since the end of the current period findings,
we have continued to see a number of large fraud cases brought
before the courts.

"The range of frauds in the last five months has been
interesting. There has been a natural gas retailer charged with
under reporting the amount of gas it supplied, a fishing company
accused of under reporting the amount of fish it caught and an
options trader accused of using investor funds for personal use.

"We have also continued to see employee frauds motivated by
gambling addictions and greed, as well as tax and benefit
frauds," KPMG added.



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


BAYAN TELECOM: Globe Telecom Extends Debt Tender Offer
------------------------------------------------------
Lawrence Agcaoili at philstar.com reports that Globe Telecom Inc.
has sweetened its offer to the debt holders of Lopez-controlled
Bayan Telecommunications Inc.

philstar.com relates that the Ayala-controlled telco provider has
fixed at the highest level contemplated under the previous terms
of the tender offer at $310 per $1,000 remaining principal amount
of notes.  Globe likewise waived other debt offers condition
requiring a 70% aggregate participation level with respect to the
debt of Radio Communications of the Philippines Inc.

philstar.com says the company has also set the final settlement
date of not later than Dec. 21 after a series of deadline
extensions.

As of Nov. 27, Globe has acquired close to 92% of the total
remaining outstanding debt worth $184.5 million of cash-strapped
Bayantel since the tender offer was launched last Nov. 6,
according to philstar.com.

philstar.com notes that Globe made a tender offer to purchase for
cash any and all of the 13.5-percent Senior Notes originally due
2006 issued by Bayan.

The deadline was earlier extended to Dec. 18 instead of the first
extension of Nov. 27, the report says.

                         About Bayantel

Bayan Telecommunications Holdings Corporation, which is 85.4%
owned by Benpres Holdings Corp. and the Lopez Group, was
incorporated on October 15, 1993.  Bayan Telecommunications Inc.
-- http://www.bayantel.com.ph/-- is the operating arm of BTHC
and is formerly known as International Communications
Corporation.  BayanTel is a telecommunications company offering
an extensive breadth of traditional links and circuitry as well
as cutting edge data and voice applications.  BayanTel's
existing service areas in Metro Manila and Bicol, as well as its
local exchange service areas in the Visayas and Mindanao regions
combined, cover a population of over 25 million, nearly 33% of
the population of the Philippines.  BayanTel has operations in
Japan and the U.K.

In a report on Aug. 15, 2007, the Philippine Star said BayanTel
was setting aside PHP760 million to PHP800 million in 2007 to pay
down debt, using internally-generated cash.  BayanTel was placed
into receivership in 2004.

Weighed down by its huge debt, the company sought corporate
rehabilitation with the Pasig City Regional Trial Court in July
2003 to restructure its short-and long-term bank loans and bonds
payable.  The Pasig Regional Trial Court Branch 158 approved the
company's financial rehabilitation on June 28, 2004, based on
sustainable debt level of PHP17.13 billion, payable over 19
years.  According to RTC Judge Rodolfo R. Bonifacio, the
remainder of BayanTel's debt may be converted to another
appropriate instrument that will not be a financial burden to
parent Benpres Holdings Corp.  It also mandated BayanTel to
treat all creditors equally.  Some of BayanTel's creditors have
appealed the lower court decision.



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


RAIN II: S&P Lowers Rating on Senior Secured Notes to 'BB-'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its issue rating on
the senior secured notes due 2018 issued by Rain CII Carbon LLC
(RCCL; BB-/Stable/--) to 'BB-' from 'BB'. "We also removed the
rating from CreditWatch, where it was placed with negative
implications on Nov. 20, 2012. At the same time, we assigned our
'BB-' issue rating and '3' recovery rating to the proposed issue
of US$400 million and EUR210 million senior secured notes due
2020 by Rain Escrow Corp. The issue rating is subject to our
review of the final documentation. RCCL is a U.S.-based calcined
petroleum coke (CPC) and fully owns Rain Escrow," S&P said.

"We lowered our issue rating because we have lowered the recovery
rating on the notes to '3' from '2' in view of RCCL's plans to
raise funds to acquire Reutgers N.V., a Belgium-based coal tar
manufacturer," said Standard & Poor's credit analyst Vishal
Kulkarni. "The additional debt will rank pari passu to RCCL's
existing notes due 2018. We anticipate that bondholders of the
existing and proposed notes will have 'meaningful' (50%-70%)
rather than 'substantial' (70%-90%) recovery prospects."

On completion of the acquisition, RCCL and its fully owned
subsidiary CII Carbon Corp. will become jointly and severally
liable for the proposed notes.

"In our simulated default scenario, a default could occur if
RCCL's cash flows decline materially due to a significant
economic downturn that lowers demand for base metals and
significantly reduces production of aluminum and specialty
chemicals. Weak aluminum production will, in turn, considerably
lower demand for calcined petroleum coke and coal tar pitch. At
the same time, we expect prices to remain high for two key raw
materials: green petroleum coke and coal tar. As a result,
operating margins will be compressed, given that the company will
not be able to pass through the higher costs to customers because
of weak demand. We believe that, if RCCL were to default, it
would be reorganized as a going concern, given the company's good
market position, valuable asset base, and long-term relations
with suppliers and customers," S&P said.

"We expect RCCL to maintain the proceeds of the proposed notes
issuance in an escrow account and use the funds only for
acquisitions," S&P said.



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


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

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


AUSTRALIA


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


CHINA

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


HONG KONG

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


INDONESIA

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


INDIA

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


JAPAN

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


KOREA

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


MALAYSIA

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


NEW ZEALAND

NZF GROUP LTD            NZF NZ Equity      142.71     -0.26


PHILIPPINES

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


SINGAPORE

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


THAILAND

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


TAIWAN

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



                             *********

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

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

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA.  Valerie U. Pascual, Marites O. Claro, Joy A. Agravante,
Rousel Elaine T. Fernandez, Ivy B. Magdadaro, Frauline S.
Abangan, and Peter A. Chapman, Editors.

Copyright 2012.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 240/629-3300.





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