---

        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

          Wednesday, August 22, 2012, Vol. 15, No. 167

                            Headlines


A U S T R A L I A

HEALTH SERVICES UNION: Branch Split Into Three Parts
OCTAVIAR ADMINISTRATION: Sept. 6 Hearing on Chapter 15 Petition
* ANDREW BAKER: Companies In Receivership May Affect Council Bid


C H I N A

AGILE PROPERTY: Moody's Says Weak Half Year Result Credit Neg.
CHINA 3C: Had $3.4 Million Net Loss in Second Quarter
CHINA GREEN: Delays Form 10-Q Report Filing for Second Quarter
CHINA TELETECH: Reports $971,600 Net Income in Second Quarter
CHINA TEL GROUP: Delays Form 10-Q Report Filing for 2nd Quarter

CHISEN ELECTRIC: Had $10.5 Million Net Loss in June 30 Quarter
GUANGZHOU GLOBAL: Reports $972,000 Net Income in 2nd Quarter
KWG PROPERTY: 1st Half Yr. Results Won't Affect Moody's B3 Rating
LONGFOR PROPERTIES: Moody's Says 1st Half Year Result Credit Pos
WEST CHINA: Fitch Says Low Cash Balance is Not Immediate Concern


H O N G  K O N G

EVER GROWTH: Commences Wind-Up Proceedings
GT INSURANCE: Creditors' Proofs of Debt Due Sept. 18
HANTCHY (ASIA): Creditors' Proofs of Debt Due Oct. 5
HK INSTITUTE: Tam Chun Wan Steps Down as Liquidator
HK LITERATURE: Members' Final Meeting Set for Sept. 18

HUI DONG: Members' Final Meeting Set for Sept. 18
JUSTIN-MARKS MFG: Creditors' Proofs of Debt Due Sept. 17
KENSEN INVESTMENT: Members' Final Meeting Set for Sept. 20
KS DISCOVER: Commences Wind-Up Proceedings
MARIGOLD TRADING: Placed Under Voluntary Wind-Up Proceedings

MING TAK: Tam Chun Wan Steps Down as Liquidator
PARADISE RESORTS: Chan and Yeung Step Down as Liquidators
PHILLIPS EXETER: Creditors' Proofs of Debt Due Sept. 20
PIOVAN HK: Members' Final Meeting Set for Sept. 18
S.O.I LIMITED: Creditors' Proofs of Debt Due Sept. 18

TRADE LINK: Commences Wind-Up Proceedings


I N D I A

ADHUNIK CORP: Fitch Affirms Nat'l Long-Term Rating at 'B(ind)'
AMRITLAL NARESH: CARE Rates INR1.5cr LT Loan at 'CARE B+'
HARI CONSTRUCTION: CARE Rates INR2cr Long-Term Loan at 'CARE BB+'
HARIHAR ALLOYS: CARE Rates INR40.31cr LT Loan at 'CARE BB+'
INANI MARBLES: CARE Puts 'CARE BB' Rating on INR14.3cr Loans

JOTHI MALLEABLES: CARE Assigns 'CARE BB-' at INR8.5cr Loan
JADIA JEWELLERS: CARE Rates INR8cr Long-Term Loan at 'CARE B
KINGFISHER AIRLINES: Account Books Inspection Ordered
KINGFISHER AIRLINES: Pilots on Fresh Strike Over Delayed Salary
K.P.G. ENTERPRISE: CARE Rates INR5.5cr LT Loan at 'CARE BB-'

M/S OMCON: Fitch Assigns 'BB-' National Long-Term Rating
STRU FABS: Fitch Assigns 'C(ind)' National Long-Term Rating
VAIBHAV YARN: CARE Assigns 'CARE B+' Rating to INR23.07cr Loan


J A P A N

ELPIDA MEMORY: To Get JPY280 Billion in Support from Micron


N E W  Z E A L A N D

FELTEX CARPET: More Investors May Join Class Suit, Lawyer Says
FIVE STAR: Tribunal Strikes Off Ex-Director from NZICA
YARROWS GROUP: Sumitomo, Prima May Buy Business for $62 Million


P H I L I P P I N E S

RIZAL COMMERCIAL: Fitch Affirms 'BB-' Issuer Default Rating
UNION BANK: Fitch Affirms 'BB-' Issuer Default Rating


S I N G A P O R E

AMARU INC: Incurs $243,000 Loss from Operations in 2nd Quarter
AP COMMUNICATIONS: Court to Hear Wind-Up Petition on Aug. 31
BINTAN LAGOON: Creditors Get 5.441% Recovery on Claims
F1 GROUP: Court to Hear Wind-Up Petition on Aug. 31
FORESIGHT TECHNOLOGIES: Court to Hear Wind-Up Petition on Aug. 31

KUTAI ETAM: Court to Hear Wind-Up Petition on Aug. 24


V I E T N A M

* VIETNAM: Business Tycoon's Arrest Revives Bad Debt Fears


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


HEALTH SERVICES UNION: Branch Split Into Three Parts
----------------------------------------------------
skyNews reports that the Health Services Union's biggest branch
will be split into three.

The move follows a Federal Court decision to put the HSU East
branch into administration, in the wake of a Fair Work Australia
report that found members' funds had been misused for several
years, according to skyNews.

The report relates that union branch administrator and former
judge Michael Moore has told members the HSU East branch is to be
split into its original parts: the NSW, Victoria Number One, and
Victoria Number Three branches.

Mr. Moore said that fresh elections will be called 10 days after
the demerger.

                    About Health Services Union

HSU is a specialist health union with around 50,000 members
working in all areas of healthcare across Australia, now is
splitting into three parts.


OCTAVIAR ADMINISTRATION: Sept. 6 Hearing on Chapter 15 Petition
---------------------------------------------------------------
Judge Shelley C. Chapman will hold a hearing Sept. 6 at 2:00 p.m.
on the petition under Chapter 15 of the U.S. Bankruptcy Code for
recognition of foreign proceedings involving Octaviar
Administration Pty Ltd.

Australian liquidators for Octaviar Administration Pty Ltd. filed
a petition for creditor protection under Chapter 15 of the
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 12-13443) on Aug. 13,
2012, in Manhattan.

The liquidators said the company didn't do business in the U.S.,
and they aren't aware of any U.S. creditors.  But the liquidators
filed a Chapter 15 petition in light of potential claims or
causes of action against parties located in the United States.
If the application for recognition of the Australian liquidation
as "foreign main proceeding" is recognized, the liquidators will
investigate these potential claims and may ultimately commence
proceedings in the U.S. and/or seek to enforce a foreign judgment
in the U.S.

The Chapter 15 petition listed less than $100 million in assets
and more than $100 million in debt.

Prior to its demise, the Octaviar Group consisted of a travel and
tourism business, a corporate and investment banking business, a
funds management business, and as structured finance and advisory
business.  At its height, the Octaviar Group consisted of more
than 400 companies, employed more than 3,000 employees, and had
offices in Australia, New Zealand and the United Arab Emirates.
The business collapsed when the company announced in January 2008
that it's separating its financial services business from its
travel and tourism business, which led to shares declining from
AU$3.18 at opening to AU$0.99 at closing.  The decline caused an
event of default with lenders under a A$150 million bride
financing facility.  The travel and tourism business was
ultimately sold to Global Voyager Pty Limited to pay off debt.

Octaviar Administration provided the treasury function for
Octaviar Group.  OA was placed into liquidation by the Supreme
Court of Queensland in July 2009.

Katherine Elizabeth Barnet and William John Fletcher, the
liquidators of OA, are represented in the U.S. proceedings by
Howard Seife, Esq., at Chadbourne & Parke.


* ANDREW BAKER: Companies In Receivership May Affect Council Bid
----------------------------------------------------------------
Graham Orams at Daily Examiner reports that two Andrew Baker
companies in receivership may have ended Mr. Baker's bid to win a
spot on the Clarence Valley Council.

Andrew Baker conceded his bid for a seat on Clarence Valley
Council when he announced to a packed candidates forum in Maclean
that two of his companies had gone into receivership, according
to the report.

"I didn't want to start on false pretences," the report quoted
Mr. Baker as saying in the forum on Aug. 21, "two of the
companies I'm a director of have been placed in receivership.
I'm in the development industry and everyone knows the
development industry is doing it tough."

The report relates that Mr. Baker said the development didn't
legally rule him out as standing as a candidate, but conceded it
would be difficult for him to continue.



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


AGILE PROPERTY: Moody's Says Weak Half Year Result Credit Neg.
--------------------------------------------------------------
Moody's Investors Service says that Agile Property Holdings
Limited's financial result for 1H 2012 is weak and credit
negative, but it has no immediate impact on its Ba2 corporate
family and senior unsecured ratings.

The ratings outlook remains stable.

"Agile's financial profile weakened in 1H 2012 as a result of the
slowdown in revenue growth, the squeeze in its profit margin, and
the increase in borrowings to pre-fund maturing debt," says Kaven
Tsang, a Moody's Vice President and Senior Analyst.

"But Moody's also believes that Agile's key credit metrics will
return to levels more appropriate for its Ba2 ratings by the end
of 2012 as it plans to pay down the debt maturing in 2H 2012,"
adds Mr. Tsang, who is also the lead analyst for Agile.

Moody's draws further comfort from Agile's solid state of balance
sheet liquidity with a cash holding of RMB12.1 billion as of 30
June 2012. This amount can fully cover its short-term debt of
RMB6.5 billion and committed land payments of RMB821 million.

In light of the challenging sales environment in 1Q 2012, Agile's
contract sales dropped 8.7% year-on-year to RMB16.2 billion
during the first seven months of 2012. Nevertheless, it is
broadly in line with its annual sales target.

Agile's solid liquidity position and disciplined approach in land
acquisitions could provide it with the financial flexibility to
manage the risk of a sales slowdown.

In 1H 2012, Agile reported RMB11.8 billion in revenues, little
changed from RMB11.7 billion in 1H 2011. At the same time, its
gross margin dropped to 45.3% from 52.4%, primarily due to a
lower contribution from its highly profitable Hainan Clearwater
Bay project and increased development costs.

The lower profit level and increased borrowings have in turn
weakened Agile's credit metrics.

However, Moody's expects adjusted debt/capitalization will fall
to approximately 55% by the end of the year from 57.4% in 1H 2012
and EBITDA/interest will return to 4-5x from 3.9x, as it plans to
repay the debt maturing in 2H 2012 with its cash on hand. The
projected ratios for year-end would better position Agile at its
current rating level. But any deviation from such expectations
will pressure the ratings.

The principal methodology used in rating Agile Property Holdings
Ltd was the Global Homebuilding Industry Methodology published in
March 2009.

Agile Property Holdings Ltd is one of China's major property
developers, operating in the mid- to high-end segment. As of
August 2012, the group had operations in 27 cities and regions in
China, and a land bank with a total GFA of 31.73 million sqm.
Guangdong province is its largest market, accounting for around
50% of the company's land bank. It listed on the Stock Exchange
of Hong Kong in 2005. Currently, the Chen family, Agile's
founding family, owns a 63.2% equity interest in the company.


CHINA 3C: Had $3.4 Million Net Loss in Second Quarter
-----------------------------------------------------
China 3C Group filed its quarterly report on Form 10-Q, reporting
a net loss of $3.4 million on $6.9 million of sales for the three
months ended June 30, 2012, compared with a net loss of
$5.7 million on $15.7 million of sales for the same period last
year.

For the six months ended June 30, 2012, the Company had a net
loss of $8.1 million on $14.6 million of sales, compared with a
net loss of $10.2 million on $33.7 million of sales for the same
period of 2011.

The Company's balance sheet at June 30, 2012, showed $8.2 million
in total assets, $2.6 million in total liabilities, and
stockholders' equity of $5.6 million.

As reported in the TCR on April 20, 2012, Goldman Kurland and
Mohidin LLP, in Encino, California, expressed substantial doubt
about China 3C Group's ability to continue as a going concern,
following the Company's results for the fiscal year ended
Dec. 31, 2011.  The independent auditors noted that the Company
has incurred significant losses from operations for the past
three years.  "In addition, the Company's cash position
substantially deteriorated from 2010."

A copy of the Form 10-Q is available for free at:

                       http://is.gd/I0qlBX

Located in HangZhou City, Zhejiang Province, China, China 3C
Group was incorporated on Aug. 20, 1998, under the laws of the
State of Nevada.  China 3C operated in three segments in 2012.
Hangzhou Wang Da Electronics Company Limited mainly operates
mobile phones, Yiwu Yong Xin Communication Limited mainly
operates office communication products and Jinhua Baofa Logistic
Ltd. provides logistics to businesses in Eastern China.


CHINA GREEN: Delays Form 10-Q Report Filing for Second Quarter
--------------------------------------------------------------
China Green Creative, Inc., was not able to file its quarterly
report on Form 10-Q for the period ended June 30, 2012, by the
Aug. 14, 2012, filing deadline.  The Company is in the process of
preparing its consolidated financial statements as of and for the
three months ended June 30, 2012.  The Company undertakes the
responsibility to file that quarterly report no later than five
calendar days after its original due date.

                         About China Green

China Green Creative, Inc., located in Shenzhen, Guangdong
Province, People's Republic of China, is principally engaged in
the distribution of consumer goods and electronic products in the
PRC.

After auditing the 2011 results, Madsen & Associates CPA's, Inc.,
in Salt Lake City, Utah, expressed substantial doubt about China
Green Creative's ability to continue as a going concern.  The
independent auditor noted that the Company does not have the
necessary working capital to service its debt and for its planned
activity.

The Company reported a net loss of $344,901 on $1.93 million of
revenues for 2011, compared with a net loss of $3.35 million on
$2.78 million of revenues for 2010.

The Company's balance sheet at March 31, 2012, showed $5.52
million in total assets, $8.04 million in total liabilities and a
$2.52 million total stockholders' deficit.


CHINA TELETECH: Reports $971,600 Net Income in Second Quarter
-------------------------------------------------------------
China Teletech Holding, Inc., filed its quarterly report on Form
10-Q, reporting net income of $971,670 on $8.0 million of sales
for the three months ended June 30, 2012, compared with net
income of $1,167 on $3.5 million of sales for the comparable
period a year earlier.

The increase in net profits was mainly due to the increase in
gross profits, the gain from disposal of a subsidiary less the
increase in the general and administrative expenses.

For the six months ended June 30, 2012, the Company had net
income of $2.6 million on $11.1 million of sales, compared with
net income of $159,366 on $12.7 million of sales for the same
period of 2011.  The increase was mainly due to the gain from
disposal of a subsidiary and the gain on forgiveness of long term
debt, less the increase in the general and administrative
expenses.

The Company's balance sheet at June 30, 2012, showed $4.2 million
in total assets, $2.4 million in total liabilities, and
stockholders' equity of $1.8 million.

"As of June 30, 2012, the Company has an accumulated loss of
$3,978,607 due to the fact that the Company incurred losses over
the past several years.  It affected the Company's ability to pay
PRC government tax and Debentures," the Company said in the
filing.

"However, as the Company fulfilled the required obligations of a
settlement agreement dated Nov. 28, 2011, with holders of the
Debentures, the principle amount was reduced from $2,866,323 to
$1,300,000 and it became a non-current liability.  In addition,
the Company disposed of a subsidiary, GGT, together with its
related VAT payable $1,221,729 on June 30, 2012.  As a result,
the Company turned to a net current asset financial position and
improved its ability to pay current and non-current liabilities."

A copy of the Form 10-Q is available for free at:

                       http://is.gd/2tBSsZ

Tallahassee, Fla.-based China Teletech Holding, Inc., formerly
Guangzhou Global Telecom, Inc., is a nationally distributor of
pre-paid calling card and integrated mobile phone handsets and a
provider of mobile handset value-added services.  The Company is
an independent qualified corporation that serves as one of
principal distributors of China Telecom, China Unicom, and China
Mobile products in Guangzhou City.

*     *     *

Samuel H. Wong & Co., LLP, in San Mateo, Calif., expressed
substantial doubt about Guangzhou Global's ability to continue as
a going concern, following the Company's results for the year
ended Dec. 31, 2011.  The independent auditors noted that the
Company has incurred substantial losses, and has difficulty to
pay the PRC government Value Added Tax and past due Debenture
Holders Settlement.


CHINA TEL GROUP: Delays Form 10-Q Report Filing for 2nd Quarter
---------------------------------------------------------------
VelaTel Global Communications, Inc., formerly known as China Tel
Group Inc., informed the U.S. Securities and Exchange Commission
that it will be delayed in filing its quarterly report on Form
10-Q for the period ended June 30, 2012.  The Company requires
additional time to complete disclosure items and for review by
professional advisors.

                          About China Tel

Based in San Diego, California, and Shenzhen, China, China Tel
Group, Inc. (OTC BB: CHTL) -- http://www.ChinaTelGroup.com/--
provides high speed wireless broadband and telecommunications
infrastructure engineering and construction services.  Through
its controlled subsidiaries, the Company provides fixed
telephony, conventional long distance, high-speed wireless
broadband and telecommunications infrastructure engineering and
construction services.  ChinaTel is presently building, operating
and deploying networks in Asia and South America: a 3.5GHz
wireless broadband system in 29 cities across the People's
Republic of China with and for CECT-Chinacomm Communications Co.,
Ltd., a PRC company that holds a license to build the high speed
wireless broadband system; and a 2.5GHz wireless broadband system
in cities across Peru with and for Perusat, S.A., a Peruvian
company that holds a license to build high speed wireless
broadband systems.

After auditing the 2011 results, Kabani & Company, Inc., in Los
Angeles, California, expressed substantial doubt as to the
Company's ability to continue as a going concern.  The
independent auditors noted that the Company has incurred a net
loss for the year ended Dec. 31, 2011, cumulative losses of $254
million since inception, a negative working capital of $16.4
million and a stockholders' deficiency of $9.93 million.

The Company reported a net loss of $21.79 million in 2011,
compared with a net loss of $66.62 million in 2010.

The Company's balance sheet at March 31, 2012, showed
$13.57 million in total assets, $19.53 million in total
liabilities and a $5.95 million total stockholders' deficiency.


CHISEN ELECTRIC: Had $10.5 Million Net Loss in June 30 Quarter
--------------------------------------------------------------
Chisen Electric Corporation filed its quarterly report on
Form 10-Q, reporting a net loss of $10.5 million on $20.4 million
of revenues for the three months ended June 30, 2012, compared
with net income of $8.3 million on $35.4 million of revenues for
the three months ended June 30, 2011.

"Net loss including non-controlling interest was $10,487,000 for
three months ended June 30, 2012, as compared with a net income
of $8,304,000 for the corresponding period in 2011.  The decrease
of $18,791,000 was mainly attributable to an increase in sales,
marketing and distribution expenses, general and administrative
expenses, other expenses, net, and interest expenses of
$3,247,000, $724,000, $963,000, and $2,176,000, respectively as
well as decrease in net gain on extraordinary items of
$11,136,000."

The Company's balance sheet at June 30, 2012, showed
$263.9 million million in total assets, $247.5 million in total
liabilities, and stockholders' equity of $16.4 million.

"The Company had negative working capital of $50,883,000 as of
June 30, 2012, and incurred loss [attributable to CIEC common
stockholders] of US$10,408,000 for the three months ended June
30, 2012.  These conditions raised substantial doubt about the
Company's ability to continue as going concern."

A copy of the Form 10-Q is available for free at:

                       http://is.gd/erG7cf

Headquartered in Changxing, Zhejiang Province, The People's
Republic of China, Chisen Electric Corporation produces and sells
sealed lead-acid motive batteries, also known as valve regulated
lead-acid motive batteries (VRLA batteries) in China's personal
transportation device market.  The Company's motive battery
products, sold under the Company's own brand name "Chisen", are
predominantly used in electric bicycles and are distributed and
sold in China.

                           *     *     *

As reported in the TCR on July 5, 2012, Mazars CPA Limited, in
Hong Kong, expressed substantial doubt about Chisen Electric's
ability to continue as a going concern, following the Company's
results for the year ended March 31, 2012.  The independent
auditors noted that the Company had a negative working capital as
of March 31, 2012, and incurred loss for the year then ended.


GUANGZHOU GLOBAL: Reports $972,000 Net Income in 2nd Quarter
------------------------------------------------------------
China Teletech Holding, Inc., formerly known as Guangzhou Global
Telecom, Inc., filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing net
income of US$971,670 on US$8.04 million of sales for the three
months ended June 30, 2012, compared with net income of US$1,167
on US$3.51 million of sales for the same period during the prior
year.

The Company reported net income of US$2.60 million on US$11.07
million of sales for the six months ended June 30, 2012, compared
with net income of US$159,366 on US$12.73 million of sales for
the same period a year ago.

The Company's balance sheet at June 30, 2012, showed US$4.21
million in total assets, US$2.42 million in total liabilities and
US$1.79 million in total stockholders' equity.

A copy of the Form 10-Q is available for free at:

                       http://is.gd/2tBSsZ

                      About Guangzhou Global

Tallahassee, Fl.-based Guangzhou Global Telecom, Inc., was
incorporated as Avalon Development Enterprises, Inc., on
March 29, 1999, under the laws of the State of Florida.  The
Company, through its subsidiaries, is now principally engaged in
the distribution and trading of rechargeable phone cards,
cellular phones and accessories within cities in the People's
Republic of China.

In its audit report for the 2011 results, Samuel H. Wong & Co.,
LLP, in San Mateo, California, noted that the Company has
incurred substantial losses, and has difficulty to pay the
Peoples Republic of China government Value Added Tax and past due
Debenture Holders Settlement, all of which raise substantial
doubt about its ability to continue as a going concern.

The Company reported a net loss of US$348,124 in 2011, compared
with a net loss of US$2.28 million in 2010.


KWG PROPERTY: 1st Half Yr. Results Won't Affect Moody's B3 Rating
-----------------------------------------------------------------
Moody's Investors Service says that KWG Property Holding
Limited's slightly weaker-than-expected financial results for 1H
2012 will not affect its Ba3 issuer rating and B1 senior
unsecured rating.

The ratings outlook remains stable.

KWG reported a 10% Y-o-Y drop in revenue to RMB4.6 billion in the
first half of 2012 due to slower delivery of completed
properties.

However, the company managed to attain a gross profit margin of
43.8%, which is only a marginal decrease from 44.3% in H1 2011.

"KWG's stable contract sales performance, cautious land
acquisitions strategy, improved debt maturity profile and
liquidity position as a result of a US$400 million bond issuance
in March this year continue to support its Ba3 issuer rating,"
says Franco Leung, a Moody's Assistant Vice President and
Analyst.

Moody's views favorably upon KWG's improved sales strategy which
has resulted in stable operating performance amid continued
regulatory measures in the Chinese property market, particularly
in the first-tier cities where KWG operates.

KWG recorded contract sales of RMB6.4 billion in the first seven
months of 2012, which is equivalent to 53% of its annual RMB12
billion target, and which is in line with Moody's expectations.

The company's liquidity position remains strong with cash
balances at around RMB7 billion as of June 30, 2012, up from
around RMB5.4 billion as of December 31, 2011, and which is
adequate to cover its short-term maturing debt and committed land
payments.

"However, KWG's further debt capacity will be limited, as Moody's
expects its credit metrics to weaken -- adjusted debt/total
capitalization at 50-55% and EBITDA/interest coverage at 2.5x-3x
in the next 12-18 months -- which will position KWG at the weaker
end of the Ba rating range," adds Mr. Leung, who is also Moody's
lead analyst for KWG.

KWG has been prudent with respect to its land acquisitions. So
far this year, the company only acquired one land plot in
Guangzhou for RMB137 million.

Its current land bank of approximately 8.6 million square meters
(sqm) will be adequate for the company's development in the
coming five to six years.

The principal methodology used in rating KWG was the Global
Homebuilding Industry Methodology published in March 2009.

KWG is a Chinese property developer founded in 1995. Currently,
it has a total attributable land bank of around 8.6 million sqm
in gross floor area in Guangzhou, Chengdu, Suzhou, Beijing,
Shanghai, Tianjin and Hainan. KWG mainly develops mid-to-high end
residential properties, office buildings, shopping malls and
hotels.


LONGFOR PROPERTIES: Moody's Says 1st Half Year Result Credit Pos
----------------------------------------------------------------
Moody's Investors Service says that Longfor Properties Company
Limited's robust 1H 2012 result is credit positive, and continues
to support its Ba2 corporate family rating.

The ratings outlook is stable.

"Longfor reported a strong 85.3% year-on-year growth in revenue
to RMB14.6 billion in 1H2012, supported by its strong ability for
delivering on sales in 1H 2012," says Kaven Tsang, a Moody's Vice
President and Senior Analyst.

At the same time, the challenging nature of the sales environment
in 1Q 2012 led to a mild 1.3% year-on-year decline in contracted
sales to RMB20.5 billion for the first seven months of 2012. But
the sales figure is still broadly in line with Moody's
expectations on Longfor's annual sales target.

"The strong revenue growth more than offset the impact of a drop
in gross margin to 46.1% from 54.7% in 1H 2011 because of reduced
contributions from high margin projects like Summer Palace
Splendor," adds Mr. Tsang, also lead analyst for Longfor.

Longfor's strong profits led, in turn, to an improvement in
EBITDA/interest coverage to over 6.5x in 1H 2012 from 5.8x in
2011. This ratio supports Longfor's Ba2 ratings.

Longfor's liquidity is adequate with RMB17.5 billion of cash on
hand as of June 2012 and projected annual operating cash flow of
RMB10-15 billion, which can cover its short-term debt of RMB4.5
billion and estimated land payments of around RMB14-15 billion
over the 12 months from June 2012.

Longfor was active in replenishing its land bank during the first
eight months of 2012. It acquired a total of RMB14.4 billion of
new lands in different locations, including RMB4.2 billion in
Chongqing, RMB4.4 billion in Fujian and RMB1.6 billion in Dalian.

Longfor continues to enjoy support from its banks to fund its
operations and capital expenditures. Its total borrowings
increased to RMB29.6 billion as of June 2012 -- including a new
HKD2.43 billion syndicated loan raised offshore -- from RMB24.0
billion as of December 2011.

Moody's projects Longfor's EBITDA/Interest will fall to 5-6x and
adjusted debt/capitalization will stay between 50% and 55% over
the next 1-2 years. This profile continues to match its Ba2
rating.

The principal methodology used in rating Longfor Properties
Company Limited was the Global Homebuilding Industry Methodology
published in March 2009.

Longfor Properties Company Limited is one of the leading
developers in China's residential and commercial property
development sector. Founded in 1994, the company began its
business in Chongqing and has since established a leading brand
name in the municipal. As of June 30, 2012, it had an
attributable land bank of 31.92 million square meters in gross
floor area (GFA) that spans 15 cities in four major regions in
China.


WEST CHINA: Fitch Says Low Cash Balance is Not Immediate Concern
----------------------------------------------------------------
Fitch Ratings says that West China Cement Limited's ('BB-
'/Stable) low unrestricted cash balance at end-H112 of
CNY111.4 million is not an immediate concern because the company
will likely start generating free cash flows as it scales back
its capex.  Furthermore, the company should be able to roll over
its short-term bank borrowings given the asset-based lending
nature of the Chinese onshore market.

Fitch also notes that WCC's aggressive acquisition and capex over
H112 and H211 and lower cement average selling prices (ASPs)
meant that net debt/LTM EBITDAR at end-H112 was 4.0x, higher than
the agency's negative action guideline of 3.0x. However, Fitch
expects WCC will be able to deleverage meaningfully by end-2013
as ASPs and margins improve, capex falls and new production
facilities come onstream.

Cement ASPs slightly increased in Q212 compared to Q112 in WCC's
key markets, while raw material prices, particularly for coal,
have fallen.  Furthermore, the new capacity that WCC acquired
over the last 12 months will ramp up sales volumes.  n the other
hand, capex will be more muted; compared to over CNY1bn spent in
H112, capital commitment was CNY701m at end-June, and no more
than CNY300m of that amount will be spent before end-2012.

WCC plans to increase its annual capacity to 30 million tonnes
(mt) by end-2015, from 23.7mt currently.  However, the company
has the flexibility to delay this expansion if market conditions
do not improve.  Furthermore, the company's need to deleverage
means that any expansion will likely be back-ended.  This is
especially in light of the company's limited capacity to use
equity for acquisitions as further dilution of its chairman's
stake may trigger a change-of-control clause in its USD bond
documentation.

Fitch may take negative rating action if WCC shows signs that
leverage will remain above 3.0x at end-2013, or if its free cash
flow remains negative, or if it loses its dominant share in its
core markets.



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


EVER GROWTH: Commences Wind-Up Proceedings
------------------------------------------
Members of Ever Growth Asia Limited, on Aug. 8, 2012, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

         Ruby Mun Yee Leung
         Yuen Tsz Chun Frank
         5th Floor, Ho Lee Commercial Building
         38-44 D'Aguilar Street
         Central, Hong Kong


GT INSURANCE: Creditors' Proofs of Debt Due Sept. 18
----------------------------------------------------
Creditors of GT Insurance (H.K.) Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Sept. 18, 2012, to be included in the company's dividend
distribution.

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

The company's liquidator is:

         Kazuki Nishimura
         7th Floor, Cambridge House
         Taikoo Place, Quarry Bay
         Hong Kong


HANTCHY (ASIA): Creditors' Proofs of Debt Due Oct. 5
----------------------------------------------------
Creditors of Hantchy (Asia) Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Oct. 5, 2012, to be included in the company's dividend
distribution.

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

The company's liquidator is:

         Liu Wing Ting Stephen
         17th Floor, Shun Kwong Commercial Building
         No. 8 Des Voeux Road
         West, Sheung Wan, Hong Kong


HK INSTITUTE: Tam Chun Wan Steps Down as Liquidator
---------------------------------------------------
Tam Chun Wan stepped down as liquidator of Hong Kong Institute of
Property Market Research Limited on Aug. 10, 2012.


HK LITERATURE: Members' Final Meeting Set for Sept. 18
------------------------------------------------------
Members of Hong Kong Literature Year Book Publication Company
Limited will hold their final general meeting on Sept. 18, 2012,
at 4:00 p.m., at 1906 & 07, 19th Floor, Winning Centre, 29 Tai
Yau Street, San Po Kong, Kowloon, in Hong Kong.

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


HUI DONG: Members' Final Meeting Set for Sept. 18
-------------------------------------------------
Members of Hui Dong Investment Limited will hold their final
general meeting on Sept. 18, 2012, at 10:00 a.m., at Suite 3103,
31st Floor, Entertainment Building, at 30 Queen's Road Central,
in Hong Kong.

At the meeting, Natalia Seng Sze Ka Mee and Cynthia Wong Tak Yee,
the company's liquidators, will give a report on the company's
wind-up proceedings and property disposal.


JUSTIN-MARKS MFG: Creditors' Proofs of Debt Due Sept. 17
--------------------------------------------------------
Creditors of Justin-Marks Manufacturing Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Sept. 17, 2012, to be included in the company's
dividend distribution.

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

The company's liquidator is:

         Ting Sueh Chung Martin
         Unit 1602, 16/F
         Malaysia Building
         50 Gloucester Road
         Wanchai, Hong Kong


KENSEN INVESTMENT: Members' Final Meeting Set for Sept. 20
----------------------------------------------------------
Members of Kensen Investment Limited will hold their final
meeting on Sept. 20, 2012, at 11:00 a.m., at Room 608, 6/F., One
Pacific Place, 88 Queensway, in Hong Kong.

At the meeting, Chang Pin Benjamin, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


KS DISCOVER: Commences Wind-Up Proceedings
------------------------------------------
Members of KS Discover 2 (HK) Limited, on Aug. 13, 2012, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Yu Kwok On
         Unit 1601, 16/F
         Malaysia Building
         50 Gloucester Road
         Wanchai, Hong Kong


MARIGOLD TRADING: Placed Under Voluntary Wind-Up Proceedings
------------------------------------------------------------
At an extraordinary general meeting held on Aug. 6, 2012,
creditors of Marigold Trading Limited resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

         Lee Sui Lap
         20/F, Room 2001
         Kam Fu House
         Kam Tai Court
         Ma On Shan


MING TAK: Tam Chun Wan Steps Down as Liquidator
-----------------------------------------------
Tam Chun Wan stepped down as liquidator of Ming Tak Estate
Company Limited on Aug. 10, 2012.


PARADISE RESORTS: Chan and Yeung Step Down as Liquidators
---------------------------------------------------------
Chan Mi Har and Yeung Betty Yuen stepped down as liquidators of
Paradise Resorts Limited on July 18, 2012.


PHILLIPS EXETER: Creditors' Proofs of Debt Due Sept. 20
-------------------------------------------------------
Creditors of Phillips Exeter Hong Kong Foundation Limited, which
is in members' voluntary liquidation, are required to file their
proofs of debt by Sept. 20, 2012, to be included in the company's
dividend distribution.

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

The company's liquidators are:

         James T. Fulton
         Cordelia Tang
         905 Silvercord, Tower 2
         30 Canton Road
         Tsimshatsui, Kowloon
         Hong Kong


PIOVAN HK: Members' Final Meeting Set for Sept. 18
--------------------------------------------------
Members of Piovan Hong Kong Limited will hold their final meeting
on Sept. 18, 2012, at Via delle Industrie 16, 30036 Santa Maria
di Sala, Venezia, in Italy.

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


S.O.I LIMITED: Creditors' Proofs of Debt Due Sept. 18
-----------------------------------------------------
Creditors of S.O.I Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
Sept. 18, 2012, to be included in the company's dividend
distribution.

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

The company's liquidators are:

         Seng Sze Ka Mee Natalia
         Cheng Pik Yuk
         Level 28, Three Pacific Place
         1 Queen's Road
         East, Hong Kong


TRADE LINK: Commences Wind-Up Proceedings
-----------------------------------------
Members of Trade Link Alliance Limited, on Aug. 17, 2012, passed
a resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Tang Lai Sheung
         Room 1206, 12/F
         New Victory House
         93 Wing Lok Street
         Central, Hong Kong



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


ADHUNIK CORP: Fitch Affirms Nat'l Long-Term Rating at 'B(ind)'
--------------------------------------------------------------
Fitch Ratings has affirmed India-based Adhunik Corporation
Limited's National Long-Term rating at 'Fitch BB(ind)' with a
Stable Outlook.

The affirmation reflects the cancellation of ACL's large
INR8,650m capex plan for setting up an integrated steel plant at
Purulia, West Bengal.  The capex which was to be funded by a debt
of INR5,620m if implemented would have resulted in high financial
leverage for the company.

However, there has been deterioration in ACL's credit metrics in
the financial year ended March 2012 (FY12).  Provisional FY12
results indicate gross interest coverage falling to 1.8x (FY11:
3.6x) and net financial leverage increasing marginally to 3.4x
(2.7x).  A reduction in debt to INR908.9m in FY12 (FY11:
INR1,017.3m) was offset by a 30.4% yoy fall in EBITDA to
INR250.8m on account of a rise in raw material prices.  The
EBITDA fall resulted in EBITDA margins falling to 8.6% in FY12
(FY11: 12.8%).

The ratings also reflect ACL's tight liquidity position as
illustrated by its around 99.5% working capital utilisation
during the 12 months ended July 2012.  Furthermore, the margins
are highly driven by volatile prices of raw materials and
finished goods.

What Could Trigger A Rating Action?

Negative: Future developments that may lead to negative rating
action include sustained deterioration in EBITDA margins leading
to gross interest coverage falling below 1.5x.

Positive: Future developments that may lead to positive rating
action include a sustained improvement in EBITDA margins leading
to gross interest coverage increasing above 2.5x and net leverage
falling below 3x.

Incorporated in 1996, ACL operates a 60,000 MTPA sponge iron
facility and a 97,500 MTPA alloy steel billet facility with five
induction furnaces in West Bengal.

Fitch has also affirmed ACL's bank loan ratings as follows:

  --INR37.2m long term loans (reduced from INR5,690.2m): National
     Long-Term 'Fitch BB(ind)'

  --INR550m fund-based working capital limits: National Long-Term
     'Fitch BB(ind)'

  --INR220m non-fund limits: National Short-Term 'Fitch A4+(ind)'


AMRITLAL NARESH: CARE Rates INR1.5cr LT Loan at 'CARE B+'
---------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Amritlal Naresh Kumar.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       1.50      CARE B+ Assigned
   Short-term Bank Facilities     11.00      CARE A4 Assigned

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

Rating Rationale

The ratings are constrained by the relatively small scale of
operations of Amritlal Naresh Kumar in the competitive and
fragmented timber trading market, vulnerability of profit margins
to fluctuation in foreign currency exchange rates on account of
total dependence on import markets for timber, strained financial
risk profile indicated by thin profit margins and leveraged
capital structure and risk associated with adverse regulatory
changes by timber exporting countries.

The ratings are also constrained on account of the proprietorship
constitution of the firm and the risk associated thereof.  The
ratings, however, are underpinned by track record of the firm
along with considerable experience of the promoters and favorable
demand prospects for timber in domestic markets.

The ability of the firm to increase its scale of operations
coupled with significant improvement in profitability margins
amidst volatile timber prices, forex fluctuations and intense
competition are the key rating sensitivities.

M/s Amritlal Naresh Kumar was established by Mr. Amritlal Naresh
Kumar Gupta in the year 1997, as a proprietorship concern. ALNK
is engaged in the import and trading of timber. It primarily
imports round timber logs from Singapore and Malaysia, which are
subsequently sawn and sized into various sizes as per the
requirement of the customers. The facility of the firm is
located in Gandhidham, Kutch near Kandla port, which facilitates
easy imports and transportation of the products. ALNK imports
various types of timber such as meranti, kapur, saal, razzaq,
pine wood, etc. It hires the sawing services from its sister
concern, Deepak Enterprises, located at Gandhidham, Gujarat.

Mr. Amritlal is the proprietor of ALNK and the operations are
primarily managed by his two sons Mr. Sushil Kumar and Mr. Vinod
Kumar. ALNK primarily sells the timber logs in Delhi, Haryana,
Bihar and Karnataka. All the products are sold to timber traders
and wholesalers located within the domestic markets.


HARI CONSTRUCTION: CARE Rates INR2cr Long-Term Loan at 'CARE BB+'
-----------------------------------------------------------------
CARE assigns 'CARE BB+ and 'CARE A4+' ratings to the bank
facilities of Hari Construction & Associates Pvt Ltd.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term bank facilities       2.0       'CARE BB+' Assigned
   Short-term bank facilities     10.0       'CARE A4+' Assigned

Rating Rationale

The ratings assigned to the bank facilities of Hari Construction
& Associates Private Limited are primarily constrained by its
relatively small scale of operations with high geographical
concentration risk, susceptibility to volatile input price and
low order book position.

The ratings also factors in the risk associated with delay in
project implementation & contract receipt, client concentration
risk and its presence in a highly competitive and fragmented bid-
driven nature construction industry. The ratings however, do
derive strength from rich experience of the promoters,
satisfactory project execution capability and moderate financial
risk profile.

Going forward, HCAPL's ability to consistently secure new orders
& timely execution of the same and improvement in profitability
in the wake of increasing competition will be the key rating
sensitivities.

HCAPL was set up as a partnership firm in 1999 by Shri Gopal
Kumar, Shri Sanjib Kumar and Shri Kanak Kumar belonging to Bihar
for carrying out different types of civil construction
activities. Subsequently in August, 2009 it was reconstituted as
a private limited company and was rechristened to its present
name. HCAPL is a small sized Bihar based firm engaged in civil
construction in the segments like roads, bridges, commercial
buildings, industrial buildings, etc.

During FY11 (refers to the period from April 1, 2010 to March 31,
2011), HCAPL reported a total operating income of INR48.8 crore
(FY10: INR49.3 crore) and a PAT of INR1.9 crore (FY10: INR1.6
crore). Further, as per provisional results for FY12, the company
has achieved a total operating income of INR57.9 crore.


HARIHAR ALLOYS: CARE Rates INR40.31cr LT Loan at 'CARE BB+'
-----------------------------------------------------------
CARE assigns 'CARE BB+' and 'CARE A4' ratings to the bank
facilities of Harihar Alloys Pvt Ltd.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long term Bank Facilities       40.31     CARE BB+ Assigned
   Short term Bank Facilities       1.00     CARE A4 Assigned

Rationale

The ratings factor in susceptibility of margins to volatile raw
material price & forex risk, client concentration risk
notwithstanding its longstanding association with its customers,
relatively low capacity utilization on account of power
constraints and relatively high leverage. The ratings are further
constrained by the working capital intensive nature of business
and vulnerability of revenue to change in global economic
scenario as significant income is generated from exports.

The ratings, however, do consider the strength derived from the
promoter's experience in the engineering industry and proximity
to raw material source.

Going forward, ability of the company to improve capacity
utilization, diversify its clientele & geographical base and any
significant increase in leverage beyond the envisaged levels will
be the key rating sensitivities.

Harihar Alloys Pvt. Ltd. is primarily engaged in manufacture of
carbon steel castings, low alloy steel castings and forged
components. HAPL was originally incorporated as Harihar Castings
Pvt. Ltd. in 1995 to manufacture castings. In April 2009, another
group company M/s. Harihar Forgings Pvt. Ltd. engaged in
manufacture of forged components was amalgamated with HCPL and
the company's name was changed to present one in July 2010.

The castings and forging components manufactured by HAPL include
valve components, oil field equipment components, etc. HAPL
mainly caters to Oil & Gas, Pump, Earth moving and engineering
industries in domestic and international market.

As on March 31, 2012, HAPL had an aggregate installed capacity of
8,500 MTPA (Metric Tonnes Per Annum) of castings and 4,500 MTPA
of forgings spread across three units in Tamil Nadu.

During FY11 (refers to the period April 1, 2010 to March 31,
2011), the company registered PAT of INR4crore on a total
operating income of INR63 crore. The company has registered PAT
of INR5 crore on a total operating income of INR101 crore for the
year ended March 31, 2012(Prov.).


INANI MARBLES: CARE Puts 'CARE BB' Rating on INR14.3cr Loans
------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of Inani Marbles and Industries Ltd.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       13.40     CARE BB Assigned

   Long-term/Short-term Bank        0.90     CARE BB/CARE A4
   Facilities                                Assigned

   Short-term Bank Facilities       2.35     CARE A4 Assigned

Rating Rationale

The ratings are primarily constrained by the modest scale of
operations of Inani Marbles and Industries Limited in a highly
fragmented stone industry, working capital intensive nature
of operations, risk associated with availability of raw material
and demand for its products linked to the cyclical real estate
sector.

The abovementioned constraints are partially offset by the
established operations & experienced promoters of IMIL,
diversified product & customer profile and moderate financial
risk profile marked by moderate profitability, capital structure
and debt coverage indicators.

IMIL's ability to improve its scale of operations while
maintaining its profit margins amidst intense competition in
stone processing business and effective working capital
management are the key rating sensitivities.

Chittorgarh (Rajasthan) based IMIL, incorporated in October 1994,
is promoted by Capt. Suresh Kumar Inani. IMIL is engaged in
mining & processing of marbles, granites and stones along with
manufacturing of marble handicrafts. The company also undertakes
job work related to material handling for Hindustan Zinc Limited.
IMIL owns four mines located in Rajasthan and sells its products
both in domestic and export markets. IMIL has two plants
(including one Export Oriented Unit [EOU]) located in Chittorgarh
district of Rajasthan having total processing capacity of 3.37
lakh square meters per annum (SMPA).

During FY12 (as per provisional results; refers to the period
April 1 to March 31), IMIL reported a total operating income of
INR52.33 crore and a Profit After Tax (PAT) of INR3.05 crore as
compared to total operating income of INR45.64 crore and a PAT of
INR4.40 crore in FY11 (A).


JOTHI MALLEABLES: CARE Assigns 'CARE BB-' at INR8.5cr Loan
----------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of Jothi Malleables Pvt Ltd.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      8.50       CARE BB- Assigned
   Short-term Bank Facilities     0.10       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Jothi Malleables
Private Limited (JMPL) are primarily constrained by its modest
scale of operations and financial risk profile characterized by
leveraged capital structure, declining profitability, stressed
debt coverage indicators and liquidity position.

The ratings are further constrained due to high customer
concentration risk and intense competition from other players in
the industry.

The ratings, however, favorably factor in the long track record
of the company and experienced promoters, growth in operating
income over the years and long term relationship with reputed
clients.

Ability of the company to enhance its scale of operations with
improvement in the financial risk profile is the key rating
sensitivity.

Incorporated in September 1973, JMPL is promoted by Mr. R.
Palaniappan, P. Chella Ramaswamy and Mrs PL. Thenammai all of
which having an average experience of more than 30 years in a
similar line of business. JMPL started commercial production of
MCI (Malleable Cast Iron) in 1975.

JMPL is engaged in manufacturing of truck parts and automobile
parts with a manufacturing unit located at Thuvakudi Industrial
Estate, Triuchirapalli, Tamil Nadu. JMPL is an ISO 9001:2008 and
ISO/TS16949 certified company and its line of products include
manufacturing of truck parts like flange halfs, plain halfs, cage
pinions, housings and rings, bearing caps, brake spiders, power
transmission parts and manufacturing of automobile parts like
fuel injection housings, fuel pump housings, steering boxes,
steering box parts, differential housings, engine mounting
brackets, hubs and drivers and hydraulic components. JMPL has a
well-equipped lab facility with mould hardness testers, carbon
silicon analyzers, pyrometers microscope with image analyser,
roughness tester and tenso meter. Revenue contribution from
tractor products was 43% in FY11 with the balance 57% coming from
automotive parts.


JADIA JEWELLERS: CARE Rates INR8cr Long-Term Loan at 'CARE B
------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Jadia
Jewellers.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        8        CARE B Assigned

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

Rating Rationale

The rating is constrained by the relatively small scale of
operations of Jadia Jewellers with low profitability, low level
of capitalization, high debt levels, customer concentration risk,
its presence in a highly fragmented industry leading to stiff
competition and its constitution as a partnership firm.
The above-mentioned constraints far offset the benefits derived
from the experienced promoters and their financial support in the
past.

The ability of JJ to achieve the envisaged sales and
profitability, improve scale of operations as well as its overall
financial risk profile are the key rating sensitivities.

Jadia Jewellers is a partnership firm formed in 1980 by members
of the Jadia family. The firm is engaged in business of
manufacturing of gold jewellery for more than three decades.
Mrs. Kalavati M. Jadia, Mr. Harsh M. Jadia and Mr. Bhavin M.
Jadia are the partners who manage manufacturing and overall day-
to-day business operations. The firm deals mainly in 18-22 carat
gold jewellery. The firm's revenues are predominantly generated
domestically with its entire raw material (viz gold) procurement
done domestically. Its group entity i.e. Satyanarayan J. Jadia &
Sons Jewellers Pvt. Ltd. is engaged in trading of gold jewellery
and has two retail showrooms.

During FY11 (refers to April 1 to March 31), JJ reported a total
operating income of INR42.10 crore with a profit after tax (PAT)
of INR0.22 crore as against total operating income of INR24.81
crore and PAT of INR0.11 crore in FY10.


KINGFISHER AIRLINES: Account Books Inspection Ordered
-----------------------------------------------------
The Times of India reports that the corporate affairs ministry
has ordered an inspection of the account books of debt-ridden
Kingfisher Airlines after receiving complaints from stakeholders
alleging violation of company law like provisions on debt-equity
ratio, sources said.

According to the report, a Kingfisher spokesperson said it was a
"technical issue" and he would revert only after consulting the
company secretary.

The sources added that the Registrar of Companies, Bangalore, has
been asked to carry out inspection of the books of accounts of
Kingfisher Airlines under section 234 of the Companies Act, TOI
reports.  The RoC has sought information from the company about
its debt-equity ratio, details of secured and unsecured loans of
2009-10 and 2010-11, daily operational expenses and
administrative costs, among other things, the sources added.

TOI notes that the RoC has also been asked to look into possible
violations of accounting norms by Kingfisher Airlines in its
balance sheet, the sources said.

The order for inspection was issued last week, the report adds.

                     About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., serves about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.  It maintains bases in major cities such as Delhi and
Mumbai.  Kingfisher Airlines is a unit of UB Holdings, best known
for its United Breweries unit, and the carrier shares the
Kingfisher brand with a popular Indian beer.  UB Holdings also
owns a stake in another domestic carrier, Air Deccan, whose
operations it combined with Kingfisher Airlines in mid-2008.
Kingfisher Airlines began flying in 2005.

                         *     *     *

Kingfisher Airlines lost money six years in a row, accumulating
net debt of INR77.2 billion (US$1.74 billion) as of March 2010,
according to data compiled by Bloomberg.


KINGFISHER AIRLINES: Pilots on Fresh Strike Over Delayed Salary
---------------------------------------------------------------
The Times of India reports that Kingfisher Airlines faced fresh
trouble on Saturday with a section of pilots going on strike
demanding immediate payment of salaries for March, resulting in
cancellation of 19 flights.

"Eight departures from Mumbai and an equal number of flights from
other places to the city have been cancelled due to non-
availability of pilots in the wake of the strike by a section of
its pilots," the report quotes a Mumbai International Airport Ltd
(MIAL) official as saying.

Kingfisher flights from Delhi to Dharamshala, Udaipur and Dehra
Dun were also cancelled, the report notes.

In the second such action within a month, the report relates, the
pilots went on strike demanding release of salaries, affecting
flight operations since morning.

According to the report, airline sources said the stir comes
after a meeting between a group of pilots and KFA chief executive
Sanjay Aggarwal over the salary issue ended without any results.

The private airline, whose accounts are under corporate affairs
ministry's scanner, has not made payments to majority of its
employees since March, TOI adds.

                      About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., serves about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.  It maintains bases in major cities such as Delhi and
Mumbai.  Kingfisher Airlines is a unit of UB Holdings, best known
for its United Breweries unit, and the carrier shares the
Kingfisher brand with a popular Indian beer.  UB Holdings also
owns a stake in another domestic carrier, Air Deccan, whose
operations it combined with Kingfisher Airlines in mid-2008.
Kingfisher Airlines began flying in 2005.

                         *     *     *

Kingfisher Airlines lost money six years in a row, accumulating
net debt of INR77.2 billion (US$1.74 billion) as of March 2010,
according to data compiled by Bloomberg.


K.P.G. ENTERPRISE: CARE Rates INR5.5cr LT Loan at 'CARE BB-'
------------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4+' ratings to the bank
facilities of K.P.G. Enterprise.

                                Amount
   Facilities                 (INR crore)  Ratings
   -----------                -----------  -------
   Long-term Bank Facilities      5.50     CARE BB- Assigned
   Short-term Bank Facilities    43.50     CARE A4+ Assigned

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

Rating Rationale

The ratings assigned to the bank facilities of K.P.G. Enterprise
are primarily constrained by its weak financial risk profile
marked by fluctuating turnover, low profit margins and leveraged
capital structure. KPG's presence in the volatile ship-breaking
industry, along with the risk of adverse movement in the steel
prices on uncut ship inventory, foreign exchange fluctuation risk
and vulnerability to changes in the government policies further
constrain the ratings.

The ratings, however, favorably take into account the experience
of the partners, presence in the Alang-Sosiya belt along with
good prospects for the Indian ship-breaking industry in the near
future.

KPG's ability to recover the cost of ships purchased through sale
of scrap in light of volatile scrap prices and timely
availability/renewal of rental plots from the port authorities
are the key rating sensitivities.

Based in Bhavnagar, KPG was incorporated in June 1999 as a
partnership firm. KPG is promoted by Mr Rakesh Bansal, having
experience of more than a decade in the ship-breaking business in
the Alang-Sosiya belt of the Bhavnagar region in Gujarat. KPG is
engaged in the business of shipbreaking activity through allotted
plots at Alang Shipyard by Gujarat Maritime Board (GMB). KPG
purchases ships directly from ship owners or through sales agents
for recycling them, and items like electrical equipments, machine
parts, etc. are sold directly, while scrap, primarily steel,
generated is sold in the market to scrap traders and
manufacturing units, who in turn use the scrap to produce steel.


M/S OMCON: Fitch Assigns 'BB-' National Long-Term Rating
--------------------------------------------------------
Fitch Ratings has assigned India's real estate company M/s Omcon
(Reign Forest) Projects a National Long-Term rating of 'Fitch BB-
(ind)'.  The Outlook is Stable.  Fitch has also assigned Omcon's
INR240m fund-based limits National Long-Term 'Fitch BB-(ind)' and
National Short-Term 'Fitch A4+(ind)' ratings.  The ratings are
constrained by the delay of over one year in project execution,
which has resulted in Omcon rescheduling debt draw down and
repayments.

The ratings are supported by the fact that 42% of the project's
saleable area has already been sold (end-June 2012).  Fitch
expects that a continuation in the trend of sales (average of
15,000 sq ft sold monthly since launch) coupled with a timely
receipt of cash flows from its customers would adequately cover
the project cost and debt servicing requirements, in the absence
of significant cost and time over runs.  Fitch also notes that
Omcon is still obtaining approvals from Vishakhapatnam Urban
Development Authority for the construction of six to eight
floors.

The ratings also reflect Omcon's stable monthly sales despite a
gradual increase in the prices of its apartments to INR2,400 per
sq ft since April 2012 from INR2,100 per sq ft during launch in
March 2011.  The ratings also draw strength from experience of
the company's founders in developing real estate in Visakhapatnam
(more than 1 million sq ft).

What Could Trigger A Rating Action?

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

  -- a failure to receive approvals from VUDA for construction of
     six to eight floors
  -- a failure to sell a minimum of 9,000 sq ft on an average per
     month
  -- delays in cash flows from customers/cost or time
     overruns/other aggressive developments leading to fall in a
     cash flow debt service coverage ratio (DSCR) of below 1.2x

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

  -- higher-than-expected new sales
  -- timely receipt of cash flows from customers leading to a
     cash flow DSCR of above 1.6x

Omcon is a Vishakapatnam-based property developer.  It is a
partnership firm which is currently executing its first
residential housing project in Madhurwada area of Vishakapatnam
(376 apartments, 603,650 sq ft).  The project was launched in
February 2011 at a cost of INR973m and management is expecting it
to be completed by March 2014.  The project is funded through
founder equity (25%), bank debt (25%), and advances from
customers (50%).


STRU FABS: Fitch Assigns 'C(ind)' National Long-Term Rating
-----------------------------------------------------------
Fitch Ratings has assigned India's industrial fabrication company
Stru Fabs a National Long-Term rating of 'Fitch C(ind)'.

The ratings reflect the irregular use of SF's working capital
facilities during the 12 months ended June 2012 due to its tight
liquidity situation.

What Could Trigger A Rating Action?

Positive: Future developments that may lead to positive rating
action include utilisation of the working capital facilities
within sanctioned limits for two consecutive quarters.

Negative: Future developments that may lead to negative rating
action include over-utilisation of the fund-based limits.

Based in Visakhapatnam, Stru Fabs is engaged primarily in the
manufacture of barges and dredgers, and structural body
installation of boilers and infrared suppression devices.  In
FY11, the company reported a turnover of INR19m and net income of
INR2m.

The agency has also assigned ratings to SF's bank facilities, as
follows:

  -- INR42m fund-based working capital limits: National Long-Term
     'Fitch C(ind)'
  -- INR10m non-fund-based limits: National Long-Term 'Fitch
     C(ind) and National Short-Term 'Fitch A4(ind)'


VAIBHAV YARN: CARE Assigns 'CARE B+' Rating to INR23.07cr Loan
--------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Vaibhav Yarn Mills Pvt Ltd.

                                 Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term Bank Facilities     23.07      CARE B+ Assigned
   Short-term Bank Facilities     3.00      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Vaibhav Yarn Mills
Pvt. Ltd. are mainly constrained by its single product offering,
seasonal availability of raw material leading to working
capital intensive nature of business and the price volatility
impacting the profitability along with its financial risk profile
characterized by high leverage and weakening debt coverage
indicators. The ratings, however, derive strength from the
experience of the promoters and diversified customer base.

The diversification of product offerings, improvement in the
profitability, effective working capital management and any
higher-than-envisaged increase in the debt levels are the key
rating sensitivities.

VYMPL, based in Ludhiana, was set up in 2005 by Mr Vishal Bhalla
and Ms Ritu Bhalla. VYMPL is engaged in the business of
manufacturing cotton yarn and trading of knitted cloth, raw wool.
Its plant is located in Ludhiana, Punjab, with total installed
capacity of 5,110 metric tonnes per annum (MTPA) .The company
uses rotor spinning technology for manufacturing yarn.

VYMPL procures raw material in the form of cotton, comber noil,
cotton waste flat and raw wool from suppliers situated in Punjab.
The company manufactures yarn of lower counts ranging from
10s to 20s depending upon the customer requirement which is used
as raw material for manufacturing denim, terry towel, bottom
weight fabric, ready for dying suiting cloth and home furnishing.
As per the provisional results for FY12 (refers to the period
April 1 to March 31), VYMPL reported a profit after tax (PAT) of
INR0.55 crore against a turnover of INR71.01 crore, whereas in
FY11 (audited results), the company reported a PAT of INR1.44
crore against a turnover of INR66.18 crore.



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


ELPIDA MEMORY: To Get JPY280 Billion in Support from Micron
-----------------------------------------------------------
Bloomberg News, citing the Asahi newspaper, reports that Elpida
Memory Inc., the bankrupt Japanese chipmaker being bought by
Micron (MU) Technology Inc., will get JPY280 billion (US$3.5
billion) in support from the U.S. company.

Micron will buy Elpida shares for JPY60 billion to make it wholly
owned in the first half of 2013, according to a revival plan to
be submitted in Tokyo District Court cited by the Asahi.

Bloomberg relates Asahi said Micron, a Boise, Idaho-based maker
of computer memory, will provide JPY80 billion in loans and debt
guarantees and help Elpida generate JPY140 billion in profit by
buying its chips during a seven-year period.

According to Bloomberg, the revival plan is critical for Elpida
President Yukio Sakamoto, one of the court-appointed trustees, to
convince bondholders Micron can turn around his company.
Combining with Elpida would double Micron's share of the global
market for dynamic random access memory -- the most widely used
memory chips in personal computers -- and help it compete with
market leader Samsung Electronics Co., Bloomberg notes.

Bloomberg recounts Micron agreed last month to buy Elpida for
JPY200 billion, though creditors told the court they believe
Elpida is worth JPY300 billion. Micron will pay JPY60 billion in
cash at the closing of the deal, and 140 billion yen in future
annual installments through 2019 will come from cash flow
generated by Micron's payments for chips made by Elpida,
Bloomberg relates citing a July 2 statement by the two companies.
The companies said they plan to complete the transaction in the
first half of 2013, Bloomberg adds.

                        About Elpida Memory

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

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

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



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


FELTEX CARPET: More Investors May Join Class Suit, Lawyer Says
--------------------------------------------------------------
Catherine Harris at stuff.co.nz reports that the lawyer for a
NZ$150 million class action against former owners and directors
of the failed Feltex carpet company said more shareholders could
join the action.

stuff.co.nz relates that Austin Forbes, counsel for action
plaintiff Eric Houghton and roughly 3,000 other shareholders,
told the Court of Appeal in Wellington Aug. 15 that the original
deadline for investors to opt into the action lapsed and was
never renewed after a High Court amendment.

Theoretically, that meant investors could still join the list,
Mr. Forbes, as cited by stuff.co.nz, said.

According to the report, both Mr. Forbes and the lawyers
representing Feltex's former directors, owner and promoters,
asked the court to define when the case started and whether that
"stopped the clock" on a three-year statute of limitations under
the Fair Trading Act.

Feltex failed in 2006 owing investors $30 million to $40 million,
but Houghton's case only represents investors who took part in
Feltex's 2004 float and who argue the share offer's documents
were misleading.

This week's two-day hearing appealed a High Court decision to let
the class action proceed, nzherald.co.nz adds.

                         About Feltex Carpets

Headquartered in Auckland, New Zealand, and established more than
50 years ago, Feltex Carpets Limited -- http://www.feltex.com/--
has built a reputation for being one of the world's leading
manufacturers of superior-quality carpet.  The Feltex operation
included a wool scouring plant, six spinning mills, three tufted
carpet mills, a woven carpet mill and offices in New Zealand,
Australia and the United States.

ANZ Bank placed the company in receivership on Sept. 22, 2006,
and named Colin Nicol, Peter Anderson and Kerryn Downey, of
McGrathNicol+Partners, as receivers and managers.

The TCR-AP reported on Oct. 4, 2006, that Godfrey Hirst acquired
Feltex as a going concern, including its assets and undertakings
in New Zealand, Australia, and the United States.  Proceeds of
the sale will be used to ease the company's NZ$128-million debt
to ANZ Bank.

On Dec. 13, 2006, the High Court in Auckland ruled in favor of an
application by the Shareholders Association against Feltex
Carpets putting the carpet maker into liquidation.  John Vague
was appointed as liquidator.


FIVE STAR: Tribunal Strikes Off Ex-Director from NZICA
------------------------------------------------------
Hamish Fletcher at nzherald.co.nz reports that former Five Star
Consumer Finance director Nicholas George Kirk -- who served 11
months in jail after the company's collapse -- has been ordered
to be struck off as a member of the New Zealand Institute of
Chartered Accountants.

According to the report, Mr. Kirk faced a hearing at the
institute's disciplinary tribunal earlier this month, where the
unemployed 67-year-old bankrupt faced allegations that his
criminal convictions brought the accountancy profession into
disrepute.

He pleaded guilty to the tribunal charges and the disciplinary
body ordered his removal from the institute's register, the
report relates.

nzherald.co.nz notes that although the institute's conduct
committee sought full costs of NZ$5,161 from Kirk, the tribunal
ruled he should pay only NZ$1,500.

According to a tribunal spokesperson, Mr. Kirk has until today,
Aug. 22 to appeal, nzherald.co.nz reports.

The report says Mr. Kirk, who lives in Mangawhai Heads, had "no
idea" Monday if he would lodge an appeal and did not wish to
comment further.

The accountant was sentenced in 2010 to two years and eight
months in jail after pleading guilty to Crimes Act, Financial
Reporting Act and Securities Act charges, nzherald.co.nz
discloses.  He was released on parole last year after serving 11
months in jail and is banned from being a director of a company
until March 2014, adds nzherald.co.nz.

                     About Five Star Finance

Established in 1992, Five Star Finance Limited focused on
financing real estate loans following a restructuring exercise
that created Five Star Consumer Finance in New Zealand and Five
Star Consumer Finance Pty in Australia.

Five Star Debenture Nominee Limited acted as debenture holder on
behalf of unsecured depositors and appeared to lend all of the
money it raised to Five Star Finance.

Five Star Finance Limited went into receivership on September 5,
2007.  Five Star Debenture Nominee Limited went into liquidation
on November 5, 2007.  At the start of the liquidation in June
2009, the shortfall of assets to liabilities was NZ$51.7 million,
according to The Dominion Post.  The Post says joint liquidator
Paul Sargison, of Gerry Rea & Associates, said the firm's
directors attributed the group's failure to the economic crisis
but his own appraisal is that Five Star has been insolvent since
no later than March 31, 2005.


YARROWS GROUP: Sumitomo, Prima May Buy Business for $62 Million
---------------------------------------------------------------
Paul McBeth at The National Business Review reports that Japan's
Sumitomo Corp and Singapore's Prima will spend JPY4 billion (more
than US$62 million) buying the Australian business of failed
Taranaki breadmaker Yarrows.

The Japanese trading firm and Singaporean flour miller will each
invest 40% into a joint venture that will see them buy Yarrows'
plants in Sydney and Perth, Reuters reports, citing the Nikkei
business daily, according to The National Business Review.

The National Business Review notes that the acquisition will help
Sumitomo grow sales to major customers in the US such as sandwich
restaurant operator Subway, the report says.

The report notes that earlier this year, Paul Yarrow lost his bid
to keep control of the Australian business after the receivers
exercised their right to oppose a court order that removed five
directors from the Australian subsidiaries, which were excluded
from the receivership.

The report discloses that Receivers BDO sold the New Zealand
business to John Yarrow, one of the founding family's brothers
who sold his stake in 2005 to sibling Paul, The National Business
Review recalls.

That resulted in a legal stoush over the purchase price, which
Paul Yarrow claimed was too high, before reaching an out-of-court
settlement, the report relates.

                   About Yarrows (The Bakers)

Founded in 1923, Yarrows (The Bakers) Limited is one of the last
independent bakeries in New Zealand.  It began exporting in the
late 1970s and in 1996, won the contract for the Subway sandwich
chain throughout Australasia.  It produces 30,000 frozen dough
rolls a week for Subway in New Zealand, Australia, and parts of
Asia.

Yarrows (The Bakers) and two associated companies went into
receivership in May 2011 when the company's directors could not
reach agreement on a restructure proposal that involved selling
its Australian business.  At the time of receivership, Yarrows
had total liabilities of NZ$72.8 million, including
NZ$55.2 million owed to Westpac.



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


RIZAL COMMERCIAL: Fitch Affirms 'BB-' Issuer Default Rating
-----------------------------------------------------------
Fitch Ratings has affirmed Rizal Commercial Banking Corp.'s 'BB-'
Long-Term Foreign- and Local-Currency Issuer Default Ratings
(IDRs) with Stable Outlook and 'bb-' Viability Rating. The agency
has simultaneously downgraded the Support Rating to '4' from '3'
and revised the Support Rating Floor to 'B+' from 'BB-'.

The IDR continues to be driven by the Viability Rating,
reflecting RCBC's loan concentration and large, albeit decreasing
legacy non-performing assets (NPAs).  It also takes into account
the bank's improved capitalisation, liquid balance sheet,
satisfactory earnings profile and reserves.  The Stable Outlook
factors in the reduced balance-sheet risk but also the potential
knock-on impact from mounting global headwinds.

The Support Rating and Support Rating Floor reflect Fitch's
reassessment of the degree of extraordinary state support for
RCBC relative to other medium-sized Philippine banks, which may
be more limited than for bigger and more systemically important
banks.  This does not reflect on the bank's performance, which
has seen moderate improvement in recent years.

Lower NPA risks comparable with higher-rated domestic peers and a
steady asset quality record, along with the maintenance of
capital and liquidity buffers, could be positive for the bank's
ratings.  Renewed concerns on asset quality (possibly due to
aggressive growth or further concentrations of assets) and
concurrent weakening in loss-absorption capacity may be rating
negatives.

Accelerated NPA write-offs and fresh equity in 2011 led to a
lower unreserved NPAs/core equity ratio of 32% at end-March 2012
(end-2010: 72%), albeit still higher than the domestic peer
average of 22%. The ratio could gradually reduce further on
recovery efforts and capital growth in the near to medium term,
supported by the broadly steady domestic economy.

A significant driver behind RCBC's high profitability over 2009-
H112 has been trading gains, which can be volatile through
interest rate cycles.  Fitch believes the benefits of a more
sustainable earnings profile from loan- and fee-based businesses
may occur only over the long term, in light of the need to
control costs and asset quality while expanding.  The loan
quality setbacks in 2009-2010 have prompted a stronger emphasis
on risk management and internal control. No increase in risk
appetite would help partly to mitigate risks of brisk credit
growth and high loan concentration.  Local economic conditions
continue to support the bank's asset-quality outlook, but
lingering global uncertainties remain a risk.

RCBC's expansion is supported by its liquid balance sheet and
capital base, and Fitch expects the bank to broadly maintain
these buffers over the medium term.  The loan/deposit ratio has
been 60%-70% over the past four years, and the core Tier 1
capital adequacy ratio (excluding hybrids) and Fitch Core Capital
Ratio was both at 12% at end-March 2012.

The 'BB-' rating of the senior notes is the same as RCBC's IDR,
as the senior notes constitute its direct, unconditional and
unsecured obligations and, hence rank equally with its unsecured
and unsubordinated obligations.  The subordinated notes' rating
of 'B+' is one notch below the Viability Rating to reflect their
subordinated status and the absence of any going concern loss-
absorption feature.  The 'B-' hybrid issue rating is three
notches below the Viability Rating on account of their
subordinated status and going-concern loss-absorption features.

Full list of ratings:

  -- Long-Term Foreign-Currency IDR affirmed at 'BB-'; Outlook
     Stable
  -- Long-Term Local-Currency IDR affirmed at 'BB-'; Outlook
     Stable
  -- Viability Rating affirmed at 'bb-'
  -- Support Rating downgraded to '4' from '3'
  -- Support Rating Floor revised to 'B+' from 'BB-'
  -- Senior notes affirmed at 'BB-'
  -- Subordinated notes affirmed at 'B+'
  -- Hybrid Tier 1 securities affirmed at 'B-'


UNION BANK: Fitch Affirms 'BB-' Issuer Default Rating
-----------------------------------------------------
Fitch Ratings has affirmed Union Bank of the Philippines'
ratings, including its Long-Term Foreign- and Local-Currency
Issuer Default Ratings (IDRs) at 'BB-' with a Stable Outlook.

Union Bank's ratings reflect its moderate deposit and loan
concentration as well as high property exposure, balanced by its
liquid balance sheet, sound capitalisation and reasonable
earnings profile.

The Rating Outlook is Stable thanks largely to Union Bank's
capital and liquidity buffers, despite rising global
uncertainties.

Reduced property risks, asset-quality improvement, and better
diversity in earnings and funding, while keeping liquidity and
core capital at satisfactory levels, could be positive for the
ratings.  Negative rating action may arise on signs of weakened
loss-absorption buffers and significantly higher capital
impairment risks, possibly due to consecutive periods of rapid
loan growth and poor risk underwriting, and/or sharp property
price corrections in a swift downturn scenario.

The bank's core Tier 1 capital adequacy ratio rose to 16% at end-
June 2012 from 13% at end-2010 due to strong earnings growth,
while its Fitch Core Capital Ratio was around 20%.  The bank's
high capital would help it to absorb potential impairment risks
from loan concentration and exposure to investment properties in
a renewed downturn scenario.  Unreserved non-performing assets
equalled 38% of the bank's core equity at end-2011 (domestic peer
average: 21%), down from 48% at end-2010.

The high capital base also supports Union Bank's medium-term
growth plans to strengthen and diversify its domestic lending
franchise, focusing more on the higher-yielding commercial and
consumer segment.  The bank may remain quite selective on certain
economic sectors of corporate loans, which are typically tightly-
priced, unsecured and pose concentration risks.  Asset quality
has been stable following the brief increase in NPLs in 2010,
supported by the steady domestic economy and limited increase in
risk appetite.  There is potential for greater stability and
sustainability in the bank's revenue base in the long term from
incremental efforts in diversifying lending and fee-based
activities, and the maintenance of this multi-year strategy.

In the near to medium term, earnings may remain reliant on
trading gains, which have been higher than those of its local
peers during favorable interest-rate cycles and one-off
securities reclassification.  Another reason is the bank's
proportionately sizeable treasury assets and liquid balance
sheet, with the loan/deposit ratio of around 40% over the past
three years (local peer average: 65%).  On a positive note, the
liquid balance sheet helps mitigate deposit concentration.

The subordinated notes rating of 'A(phl)' is one notch below the
bank's National Long-Term Rating (which is driven by its
standalone strength), reflecting the subordinated status and the
absence of any going concern loss-absorption features.

Full list of ratings:

  -- Long-Term Foreign-Currency IDR affirmed at 'BB-'; Outlook
     Stable
  -- Long-Term Local-Currency IDR affirmed at 'BB-'; Outlook
     Stable
  -- National Long-Term Rating affirmed at 'A+(phl)'; Outlook
     Stable
  -- Viability Rating affirmed at 'bb-'
  -- Support Rating affirmed at '4'
  -- Support Rating Floor affirmed at 'B+'
  -- Subordinated notes affirmed at 'A(phl)'



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


AMARU INC: Incurs $243,000 Loss from Operations in 2nd Quarter
--------------------------------------------------------------
Amaru, Inc., filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing loss from
operations of $242,576 on $754 of total revenue for the three
months ended June 30, 2012, compared with a loss from operations
of $363,743 on $1,096 of total revenue for the same period a year
ago.

The Company reported loss from operations of $448,969 on $3,113
of total revenue for the six months ended June 30, 2012, compared
with a loss from operations of $681,538 on $4,239 of total
revenue for the same period during the prior year.

Amaru reported a net loss from operations of $1.37 million in
2011, compared with a net loss from operations of $1.50 million
in 2010.

The Company's balance sheet at June 30, 2012, showed $2.89
million in total assets, $3.39 million in total liabilities and a
$498,118 total stockholders' deficit.

A copy of the Form 10-Q is available for free at:

                        http://is.gd/0kcWn2

                          About Amaru Inc.

Singapore-based Amaru, Inc., a Nevada corporation, is in the
business of broadband entertainment-on-demand, streaming via
computers, television sets, PDAs (Personal Digital Assistant) and
the provision of broadband services.  The Company's business
includes channel and program sponsorship (advertising and
branding); online subscriptions, channel/portal development
(digital programming services); content aggregation and
syndication, broadband consulting services, broadband hosting and
streaming services and E-commerce.

After auditing the 2011 results, Wilson Morgan, LLP, in Irvine,
California, noted that the Company has sustained accumulated
losses from operations totalling $40.7 million at Dec. 31, 2011.
This condition and the Company's lack of significant revenue,
raise substantial doubt about the Company's ability to continue
as going concern, the auditors said.


AP COMMUNICATIONS: Court to Hear Wind-Up Petition on Aug. 31
------------------------------------------------------------
A petition to wind up the operations of AP Communications Pte Ltd
will be heard before the High Court of Singapore on Aug. 31,
2012, at 10:00 a.m.

Marina Bay Sands Pte Ltd filed the petition against the company
on Aug. 3, 2012.

The Petitioner's solicitors are:

          Harry Elias Partnership LLP
          SGX Centre 2
          #17-01, 4 Shenton Way
          Singapore 068807


BINTAN LAGOON: Creditors Get 5.441% Recovery on Claims
------------------------------------------------------
Bintan Lagoon Resort Ltd declared the first and final dividend on
Aug. 17, 2010.

The company paid 5.441% to the received claims.

The company's liquidator is:

         Peter Chay Fook Yuen
         c/o KPMG LLP
         16 Raffles Quay #22-00
         Hong Leong Building
         Singapore 048581


F1 GROUP: Court to Hear Wind-Up Petition on Aug. 31
---------------------------------------------------
A petition to wind up the operations of F1 Group Pte Ltd will be
heard before the High Court of Singapore on Aug. 31, 2012, at
10:00 a.m.

Malayan Banking Berhad filed the petition against the company on
Aug. 8, 2012.

The Petitioner's solicitors are:

          Khattarwong LLP
          No. 80 Raffles Place
          #25-01 UOB Plaza 1
          Singapore 048624


FORESIGHT TECHNOLOGIES: Court to Hear Wind-Up Petition on Aug. 31
-----------------------------------------------------------------
A petition to wind up the operations of Foresight Technologies
(S) Pte Ltd will be heard before the High Court of Singapore on
Aug. 31, 2012, at 10:00 a.m.

DBS Bank Ltd filed the petition against the company on Aug. 6,
2012.

The Petitioner's solicitors are:

          Rajah & Tann LLP
          No. 9 Battery Road
          #25-01 Straits Trading Building
          Singapore 049910


KUTAI ETAM: Court to Hear Wind-Up Petition on Aug. 24
-----------------------------------------------------
A petition to wind up the operations of Kutai Etam Petroleum Pte
Ltd will be heard before the High Court of Singapore on Aug. 24,
2012, at 10:00 a.m.

FirstCorp Pte Ltd filed the petition against the company on Aug.
2, 2012.

The Applicant's solicitor is:

          TJ Cheng Law Corporation
          8 Robinson Road
          #06-00 ASO Building
          Singapore 048544



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


* VIETNAM: Business Tycoon's Arrest Revives Bad Debt Fears
----------------------------------------------------------
James Hookway and Vu Trong Khanh at The Wall Street Journal
report that Vietnamese police arrested one of the country's best-
known tycoons, triggering a sharp stock-market sell-off and
reviving fears that bad debts threaten the banking system.

The Journal relates that state-run television Tuesday reported
the Police Ministry as saying that Nguyen Duc Kien, the wealthy
founder of Asia Commercial Bank and the chairman of Hanoi's
professional soccer club, was detained Monday in connection with
alleged wrongdoing at three private investment firms.

A flamboyant figure and one of Vietnam's richest men, Mr. Kien,
48 years old, left ACB's board in 2010; bank officials said his
ownership stake is less than 5%, the Journal discloses.  The
Police Ministry and the central bank also said his arrest wasn't
related to ACB, which is 15% owned by Standard Chartered PLC and
is Vietnam's largest nonstate bank, according to the Journal.

The Journal says shares in ACB, though, slumped 7% Tuesday,
helping pull the Ho Chi Minh Index down around 5% as the drama
refocused investors' attention on the country's financial sector.
According to the Journal, Vietnam's banks have been hit by
slumping property prices and a worsening debt crisis among some
of the mammoth state-owned enterprises.

The Journal reports that the central bank, the State Bank of
Vietnam, said in a statement that where necessary "it is willing
to support liquidity and stability to ensure the safety of the
(banking) system."

The Journal discloses that Vietnam, once one of Asia's most
favored rising economies, has stumbled after years of high
inflation, reckless lending and weak planning. Many state-owned
enterprises borrowed heavily in a state-driven push to diversify
into a wide-range of businesses, mimicking the "chaebol"
conglomerates of South Korea -- only to see their finances
punctured first by the global financial crisis and then interest
costs as the central bank raised rates to try to rein in runaway
inflation.

As a result, the news agency relates, the level of bad debt has
nearly doubled over the past several months. The Journal reports
that Central bank governor Nguyen Van Binh told the country's
legislature in a previous scheduled session Tuesday that the rise
is alarming -- though not yet a cause for panic.

Asia Commercial Bank, which was founded by Mr. Kien in Ho Chi
Minh City in 1993, is considered by analysts to have fewer
problems than some of its state-run competitors, perhaps
heightening the market's shock at the news of Mr. Kien's arrest,
the Journal adds.



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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

Aug. 16-17, 2012
   MRBS, INC. & CINCINNATI BAR ASSOCIATION
      2012 Midwest Regional Bankruptcy Seminar
         Westin Hotel, Cincinnati, Ohio
            Contact: 1-513-699-1397; http://www.mrbseminar.com/

Sept. 13-14, 2012
   AMERICAN BANKRUPTCY INSTITUTE
      9th Annual Complex Financial Restructuring Program
         Four Seasons Hotel, Las Vegas, Nev.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Sept. 13-15, 2012
   AMERICAN BANKRUPTCY INSTITUTE
      20th Annual Southwest Bankruptcy Conference
         Four Seasons Hotel, Las Vegas, Nev.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Sept. 19-20, 2012
   AMERICAN BANKRUPTCY INSTITUTE
      38th Annual Lawrence P. King and Charles Seligson
      Workshop on Bankruptcy & Business Reorganizations
         New York University School of Law, New York, N.Y.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 4, 2012
   AMERICAN BANKRUPTCY INSTITUTE
      Nuts & Bolts: Bankruptcy Fundamentals for
      Young and New Practitioners
         Charles Evans Whittaker Courthouse, Kansas City, Mo.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 5, 2012
   AMERICAN BANKRUPTCY INSTITUTE
     32nd Annual Midwestern Bankruptcy Institute & Consumer Forum
         Kansas City Marriott Downtown, Kansas City, Mo.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 5, 2012
   AMERICAN BANKRUPTCY INSTITUTE
      Bankruptcy 2012: Views from the Bench
         Georgetown University Law Center, Washington, D.C.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 8, 2012
   AMERICAN BANKRUPTCY INSTITUTE
      5th Annual Chicago Consumer Bankruptcy Conference
         University of Chicago Gleacher Center, Chicago, Ill.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 18, 2012
   AMERICAN BANKRUPTCY INSTITUTE
      International Insolvency & Restructuring Symposium
         Parco dei Principi Grand Hotel & Spa, Rome, Italy
            Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 26, 2012
   AMERICAN BANKRUPTCY INSTITUTE
      NCBJ/ABI Educational Program
         San Diego Marriott Marquis and Marina, San Diego, Calif.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 1-2, 2012
   AMERICAN BANKRUPTCY INSTITUTE
      Corporate Restructuring Competition
         Wharton University of Pennsylvania, Philadelphia, Pa.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 1-3, 2012
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Westin Copley Place, Boston, Mass.
            Contact: http://www.turnaround.org/

Nov. 12, 2012
   AMERICAN BANKRUPTCY INSTITUTE
      Detroit Consumer Bankruptcy Conference
         [Location Undetermined]
            Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 26, 2012
   BEARD GROUP, INC.
      19th Annual Distressed Investing Conference
          The Helmsley Park Lane Hotel, New York, N.Y.
          Contact: 240-629-3300 or http://bankrupt.com/

Nov. 29-30, 2012
   MID-SOUTH COMMERCIAL LAW INSTITUTE
      33rd Annual Bankruptcy & Commercial Law Seminar
         Nashville Marriott at Vanderbilt, Nashville, Tenn.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 29 - Dec. 1, 2012
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Dec. 4-8, 2012
   AMERICAN BANKRUPTCY INSTITUTE
      ABI/SJUSL Mediation Training Symposium
         St. John's University, Queens, N.Y.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 20-22, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      VALCON
         Four Seasons Las Vegas, Las Vegas, Nev.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 10-12, 2013
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         JW Marriott Chicago, Chicago, Ill.
            Contact: http://www.turnaround.org/

Apr. 18-21, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Annual Spring Meeting
         Gaylord National Resort & Convention Center,
         National Harbor, Md.
            Contact: 1-703-739-0800; http://www.abiworld.org/

June 13-16, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, Mich.
            Contact: 1-703-739-0800; http://www.abiworld.org/

July 11-13, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Hyatt Regency Newport, Newport, R.I.
            Contact: 1-703-739-0800; http://www.abiworld.org/

July 18-21, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Southeast Bankruptcy Workshop
         The Ritz-Carlton Amelia Island, Amelia Island, Fla.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 8-10, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Mid-Atlantic Bankruptcy Workshop
         Hotel Hershey, Hershey, Pa.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 22-24, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Southwest Bankruptcy Conference
         Hyatt Regency Lake Tahoe, Incline Village, Nev.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 3-5, 2013
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Wardman Park, Washington, D.C.
            Contact: http://www.turnaround.org/

Nov. 1, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      NCBJ/ABI Educational Program
         Atlanta Marriott Marquis, Atlanta, Ga.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Dec. 2, 2013
   BEARD GROUP, INC.
      19th Annual Distressed Investing Conference
          The Helmsley Park Lane Hotel, New York, N.Y.
          Contact: 240-629-3300 or http://bankrupt.com/

Dec. 5-7, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Terranea Resort, Rancho Palos Verdes, Calif.
            Contact: 1-703-739-0800; http://www.abiworld.org/



                             *********

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.





                 *** End of Transmission ***