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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Friday, September 7, 2012, Vol. 15, No. 179

                            Headlines


A U S T R A L I A

BARRICK GOLD: Units Fined AUD127,000 for Failing to Lodge Reports
FORTESCUE METALS: Fitch Affirms 'BB+' Sr. Unsecured Rating
MACQUARIE GROUP: Fitch Holds 'BB' Rating on Membership Interest


C H I N A

AGILE PROPERTY: Moody's Says Chairman's Arrest Credit Negative
AMBOW EDUCATION: Trading Halted on Probe Into Unit's Schools
GREENTOWN CHINA: Moody's Upgrades CFR to 'B3'; Outlook Negative


H O N G  K O N G

IMPRIMIS HOLDINGS: Creditors' Proofs of Debt Due Sept. 30
KENLAP CHEMICALS: Members and Creditors' Meeting Set for Sept. 24
KINGBOARD CHEMICAL: Moody's Cuts CFR to 'Ba1'; Outlook Stable
KNITTED PRODUCTS: Creditors' Meeting Set for Sept. 7
LEUNG LEE: Creditors' Proofs of Debt Due Oct. 3

LOYAL FAVOUR: Members' Final Meeting Set for Oct. 3
MULTIFIELD INVESTMENT: Members' Final Meeting Set for Oct. 8
MUSIC IN: Members' Final Meeting Set for Oct. 3
MYOB HK: Members' Final Meeting Set for Oct. 3
PARK TALENT: Members' Final Meeting Set for Oct. 3

PO SHING: Members' Final Meeting Set for Oct. 3
POLYGLORY (HK): Commences Wind-Up Proceedings
RIGHT CORPORATION: Kong and Wu Appointed as Liquidators
ROSY GLOBAL: Commences Wind-Up Proceedings
SEIKO PRECISION: Man King Chi Eddie Appointed as Liquidator

SENARIO LIMITED: Creditors' Meeting Set for Sept. 11
SILVER RIVER: Members' Final Meeting Set for Oct. 3
SOUND CHAMBER: Creditors' Proofs of Debt Due Sept. 30
SPG LAND: Moody's Downgrades CFR to 'B3'; Outlook Negative
SUNLINK GROUP: Placed Under Voluntary Wind-Up Proceedings

SUNLINK WAVECOM: Members' Final General Meeting Set for Oct. 4
VINCENT IDEA: Members' Final Meeting Set for Oct. 3


I N D I A

BHAGWATI STEEL: ICRA Reaffirms 'BB+' Rating on INR22.5cr Loan
CHEMICAL & MINERAL: Fitch Assigns 'BB+' National Long-Term Rating
KINGFISHER AIRLINES: Lenders Ask Mallya to Present Revival Plans
K K SILK: ICRA Reaffirms '[ICRA]BB' Rating on INR18.61cr Loans
MAGICK WOODS: ICRA Revises Rating on INR1cr Loan to '[ICRA]B+

MAGNA PUBLISHING: ICRA Places 'B+' Rating on INR4.65cr Loans
RAMANJANEYA MODERN: ICRA Rates INR5cr Cash Credit at '[ICRA]B'
R.B. KNIT: CARE Rates INR0.50cr LT Loan at 'CARE BB+'
R.B. KNIT EXPORTS: CARE Rates INR2.89cr Loan at 'CARE BB+'
RIDDHI STEEL: CARE Rates INR25.78cr Loan at 'CARE BB'

SATYAM ENTERPRISES: ICRA Ups Rating on INR1.95cr Loan to 'BB+'
SRIRAM TEXTILES: ICRA Assigns 'B' Rating to INR10cr Cash Credit
TEXPLAS TEXTILE: CARE Assigns 'CARE B+' Rating to INR66cr LT Loan
VINAYAK FIBRES: ICRA Assigns '[ICRA]B' Rating to INR8.75cr Loans
WORTH PERIPHERALS: ICRA Assigns 'BB' Rating to INR20cr Loan


I N D O N E S I A

BAKRIE TELECOM: S&P Raises Corp. Credit Rating to 'B-'; Off Watch
PT INDOSAT: Regulatory Approval No Impact on Moody's 'Ba1' Rating


J A P A N

ORIX-NRL 14: S&P Lowers Ratings on 5 Classes of Certs. to 'CCC-'
ORSO FUNDING 8: S&P Affirms 'BB+' Rating on Class E Notes


N E W  Z E A L A N D

BLUE CHIP: Disputes Between Lawyers May Prolong Creditors Wait
B'ON FINANCIAL: Jacqui Bradley Found Guilty of Fraud
BRIDGECORP LTD: Appeal Court Keeps Decision Over Insurance Cover
NZF GROUP: Agrees to Exit Mike Pero Mortgages Joint Venture
OTAIHAPE HEALTH: Former Staff Still Angry at 9c Final Payout


S I N G A P O R E

HEALTH SERVICE: S&P Gives 'BB+' Financial Strength Rating


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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A U S T R A L I A
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BARRICK GOLD: Units Fined AUD127,000 for Failing to Lodge Reports
-----------------------------------------------------------------
The Australian Securities & Investments Commission said that
eight Western Australian public companies have been fined a
collective total AUD127,000 for failing to lodge required
documents with ASIC.  The companies are all subsidiaries of the
Barrick Gold Corporation of Canada.

An ASIC investigation found that each company had failed to lodge
one or more of a number of important documents, such as financial
reports, director's reports, auditor's reports or a concise
report for the relevant period for each of the companies, in
breach of the Corporations Act 2001.

The eight companies are:

    Barrick (Cowal) Ltd
    Barrick (Plutonic) Ltd
    Barrick (Lawlers) NL
    Barrick (Darlot) NL
    Barrick (Australia Pacific) Ltd
    Barrick Mining Company (Australia) Ltd
    Barrick (PD) Australia Ltd, and
    Grants Patch Mining Ltd.

The companies each pleaded guilty to the various offences with
which each had been charged, being a total of 15 offences which
were laid by ASIC. The companies were each convicted of their
various offences on Aug. 27, 2012, in the Perth Magistrates'
Court.

Commissioner Greg Tanzer said: "This matter demonstrates the
ongoing focus ASIC has on companies that fail to uphold their
reporting responsibilities which severely compromises the
transparency around a company and limits shareholders' ability to
make informed decisions. These obligations are important and ASIC
will not hesitate to pursue companies who disregard them."

The matter was prosecuted by the Commonwealth Director of Public
Prosecutions.

Headquartered in Toronto, Ontario, Canada, Barrick Gold Corp.
(TSE:ABX) -- http://www.barrick.com/-- is engaged in the
production and sale of gold, as well as related activities such
as exploration and mine development.  Barrick also produces some
copper and holds interests in a platinum group metals development
project and a nickel development project, both located in Africa,
and a platinum group metals project located in Russia.  Barrick
has four regional business units: North America, South America,
Australia Pacific and Africa.


FORTESCUE METALS: Fitch Affirms 'BB+' Sr. Unsecured Rating
----------------------------------------------------------
Fitch Ratings has revised Australia-based Fortescue Metals Group
Limited's Outlook to Negative from Stable.  Its Long-Term Issuer
Default Rating (IDR) and senior unsecured rating have been
affirmed at 'BB+'.

The Negative Outlook primarily reflects the increasing pressure
on liquidity and covenants that Fortescue is facing as a result
of a precipitous fall in iron ore prices.  The peak debt
requirements of the company's large debt-funded capacity
expansion is coinciding with a rapid and continuing decline in
iron ore prices.  Under Fitch's base case assumption for FY13,
which assumes average selling price of USD105/tonne, Fortescue's
funds from operations interest coverage, will trough in the range
of 1.8x-2.0x,

Fitch acknowledges Fortescue's move to defer part of its 155mtpa
expansion project, in particular the Kings deposit within the
Solomon mining hub (40mtpa), until iron ore prices return to more
sustainable levels.  The deferral results in capex saving of
USD1.6bn in 2013.  The company also plans to reduce operating
costs by USD300m and has completed negotiations on the sale of
its Solomon power station.  While these measures should alleviate
some of the liquidity and covenant pressure in 2013, the ability
to satisfy its covenant compliance remains dependent on the
recovery of iron ore price to around USD110 per tonne.

Fortescue is also considering a number of other measures to
provide headroom in its covenants and liquidity, namely seeking
covenant relief; customer pre-payments and sale of other non-
core assets (ie accommodation units).

Fortescue's rating continues to reflect its position as a high-
margin producer, which is supported by its low production costs
relative to peers and proximity to its customers in Asia.
Importantly, the rating reflects Fitch's expectation that upon
completion of the capacity expansion by 30 June 2014, within the
revised budget, Fortescue's credit profile will improve rapidly
and its metrics will be consistent with its 'BB+' rating.

Fortescue's rating is also supported by its strategic importance
to downstream Chinese steel producers.  According to Bureau of
Resources and Energy Economics, Australia represented around 43%
of China's iron ore imports in 2011.  Fortescue's origination was
the result of a gap in the market resulting from a concentration
of Australian iron ore suppliers.  Its ability to produce iron
ore at the lower end of the global iron ore production cost is of
central importance to the long-term security of supply and
profitability of Chinese steel producers.

What Could Trigger A Rating Action?

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

  -- Liquidity or covenant pressures especially if iron ore
     prices remain below USD90 a tonne and capex is not
     deferred

  -- FFO adjusted gross leverage remaining above 2.75x upon
     completion of the capex

Positive: The current Outlook is Negative. As a result, Fitch's
sensitivities do not currently anticipate developments with a
material likelihood, individually or collectively, of leading to
a rating upgrade.


MACQUARIE GROUP: Fitch Holds 'BB' Rating on Membership Interest
---------------------------------------------------------------
Fitch Ratings has affirmed the ratings of Macquarie Group Limited
and its Australian subsidiaries, including Macquarie Bank
Limited, the main operating subsidiary of the group. The Outlook
on the Long-Term IDR is Stable.

The Issuer Default Ratings (IDRs), Viability Ratings (VRs) and
senior debt ratings of MGL and MBL reflect a solid capital
position, conservative approach to liquidity management, diverse
business mix, and prudent risk management framework.  The ratings
also take into consideration the group's reliance on wholesale
funding and earnings volatility.  MGL's IDRs, VR and senior debt
ratings are one notch lower than MBL's to reflect the agency's
view that MBL has a lower standalone risk profile than MGL's non-
bank operations.

MGL's operating profit fell 21% to AUD906m (USD942m) in the
financial year ended March 31, 2012 (FY12) due to weak volumes
and increased volatility in global capital markets (MBL: 27% and
AUD756m respectively).  To address some of the structural aspects
of recent market volatility, MGL is implementing a number of
operational efficiency measures -- including centralising support
functions and exiting some operations -- aimed primarily at the
group's market-oriented businesses.  However, earnings volatility
is likely to remain more significant than for similarly rated
commercial banks as a number of MGL's businesses are closely
linked to conditions in global capital markets.  This volatility
is offset somewhat through MGL's more traditional commercial
banking and wealth management services (55% of operating revenue
in FY12).  These businesses have grown in recent years and
provide a more stable earnings stream.

Capital and liquidity also provide an important offset to
earnings volatility.  At FYE12, both MGL and MBL were fully
compliant with Basel III requirements.  MGL's surplus capital was
42% above the minimum Basel III required level at AUD3.5bn, while
MBL's common equity Tier 1 ratio under the Australian Prudential
Regulation Authority's conservative approach to Basel III was
estimated at 10.1% (on a fully harmonised basis this increases to
12.2%).  Fitch expects the group's capital levels to remain solid
following the completion of an on-market share buyback of up to
AUD500m, which MGL is in the process of completing.

Liquidity is managed conservatively and offsets some of the risks
associated with MGL's reliance on wholesale funding.  At FYE12,
MGL held AUD23.2bn of cash and unencumbered liquid assets, of
which 99% were eligible for central bank repurchase programmes
(MBL: AUD20.9bn and 99% respectively).  These holdings were more
than double wholesale funding maturities in FY13.

Asset quality remains sound relative to international peers
despite a modest uptick in impaired loans during FY12.  Impaired
loans remain well provisioned.

A material deterioration in liquidity and capital positions or a
sustained weak operating environment eroding asset quality may
result in negative rating action on MGL's and MBL's IDRs, VRs and
senior debt ratings.  Negative action may also arise following
any reputational damage to the group's franchise.  The volatile
nature of earnings in a number of business divisions limits the
potential for positive rating action.

MBL is the entity within the group most likely to receive
sovereign support as it is permitted to take deposits.  MBL's
Support Rating (SR) and Support Rating Floor (SRF) reflect
Fitch's view that there is a moderate chance of support from the
Australian authorities, if required. MGL's SR and SRF reflect
that while support from the Australian authorities is possible,
it cannot be relied upon.  Changes in the SR and SRF of MGL and
MBL are likely to reflect any change in the propensity or ability
of the Australian authorities to provide support.

MBL's subordinated debt is rated one notch below the bank's VR to
reflect its subordination to senior unsecured debt instruments.
The Tier 1 hybrid issues of MGL and MBL are rated five notches
below their respective VRs due to the subordination of the
instruments -- they rank ahead of ordinary equity only -- and
fully discretionary coupon payments.  These instrument ratings
have been affirmed in line with the affirmation of the VRs of MGL
and MBL and are broadly sensitive to the same considerations that
might affect the VRs of MGL and MBL.

Macquarie Financial Holdings Limited (MFHL) conducts MGL's non-
bank operations and is considered by Fitch to be core to the
group. Support, if required, is likely to originate from MBL.
Given MBL may face regulatory restrictions in providing support,
MFHL's IDRs are notched down from MBL's and are broadly sensitive
to factors that may impact MBL's IDRs.  Notching is also
sensitive to the size of MFHL relative to MBL.

Macquarie International Finance Limited (MIFL) is a strategically
important wholly-owned finance company (MBL: 100%) used to
finance a number of Macquarie entities.  Its IDRs are one notch
below those of its parent, MBL, and broadly sensitive to the same
factors that might drive a change in MBL's IDRs.

MGL provides both investment banking and traditional banking
services, with a focus on client transactions.  Operations span
markets in Australia, the UK, Europe, Asia, the Americas, the
Middle East and Africa.  MGL's six businesses can be divided into
those that are client-focused and market-oriented (Macquarie
Capital, Macquarie Securities and Fixed Income, Commodities and
Currencies) and those that provide traditional commercial banking
and wealth management services (Macquarie Funds, Corporate and
Asset Finance, and Banking and Financial Services).

The rating actions are as follows:

Macquarie Group Limited (MGL):

  -- Long-Term IDR: affirmed at 'A-'; Stable Outlook
  -- Short-Term IDR: affirmed at 'F2'
  -- Viability Rating: affirmed at 'a-'
  -- Support Rating: affirmed at '5
  -- Support Rating Floor: affirmed at 'No Floor'
  -- Senior unsecured debt: affirmed at 'A-'
  -- Short-term debt: affirmed at 'F2'
  -- Macquarie preferred membership interests (XS0562354422):
     affirmed at 'BB'

Macquarie Bank Limited (MBL):

  -- Long-Term IDR: affirmed at 'A'; Stable Outlook
  -- Short-Term IDR: affirmed at 'F1'
  -- Viability Rating: affirmed at 'a'
  -- Support Rating: affirmed at '3'
  -- Support Rating Floor: affirmed at 'BB'
  -- Government-guaranteed senior debt: affirmed at 'AAA'
  -- Senior unsecured debt: affirmed at 'A'
  -- Short-term debt: affirmed at 'F1'
  -- Subordinated debt: affirmed at 'A-'
  -- Macquarie income preferred securities (XS0201559811):
     affirmed at 'BB+'
  -- Macquarie bank exchangeable capital securities
     (XS0763122909): affirmed at 'BB+'

Macquarie Financial Holdings Limited (MFHL):

  -- Long-Term IDR: affirmed at 'A-'; Stable Outlook
  -- Short-Term IDR: affirmed at 'F2'
  -- Support Rating: affirmed at '1'

Macquarie International Finance Limited (MIFL):

  -- Long-Term IDR: affirmed at 'A-'; Stable Outlook
  -- Short-Term IDR: affirmed at 'F2'
  -- Support Rating: affirmed at '1'



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C H I N A
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AGILE PROPERTY: Moody's Says Chairman's Arrest Credit Negative
--------------------------------------------------------------
Moody's Investors Service says the arrest of Mr. Chen Zhou Lin,
Chairman of Agile Property Holdings Limited, by the Hong Kong
Police in connection with an allegation of indecent assault, is
credit negative.

However, the arrest has no immediate impact on the company's Ba2
corporate family and senior unsecured ratings, as well as its
stable outlook.

"The incident is credit negative for Agile, as the investigation
and potential legal proceedings could distract the Chairman's
attention from managing the business," says Kaven Tsang, a
Moody's Vice President and Senior Analyst.

But in the near term, Moody's believes that Agile's operation
will not be materially affected, given it has an established
management team to run and manage the company's daily operations.

Moody's also notes that Agile has approximately USD700 million
(approximately RMB4.4 billion) in offshore bank loans which have
a covenant; the stepping down of Mr. Chen Zhuo Lin as the
company's chairman would be considered as an event of default.

An acceleration in repayments would then weaken Agile's
liquidity.

However, Moody's draws some comfort from Agile's strong balance
sheet liquidity, which had a cash holding of RMB12.1 billion as
of June 30, 2012.

This amount can fully cover the company's short-term debt of
RMB6.5 billion, committed land payments of RMB821 million, as
well as the full amount of its offshore bank loans.

Moody's will continue to monitor the situation and will re-assess
the impact on the rating and outlook if more adverse developments
become evident.

The principal methodology used in rating Agile Property Holdings
Ltd was the Global Homebuilding Industry Methodology published in
March 2009. Please see the Credit Policy page on www.moodys.com
for a copy of this methodology.

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 gross floor area of 31.73
million square meters. 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.


AMBOW EDUCATION: Trading Halted on Probe Into Unit's Schools
------------------------------------------------------------
Belinda Cao and Leon Lazaroff at Bloomberg News report that
trading in Ambow Education Holding Ltd. was halted after the
private tutoring services provider said it will start a probe
into its units following a report by China's state television.

Bloomberg, citing a statement by Ambow, relates that China's
Central Television said on Sept. 3 that Ambow's one-on-one
education unit exaggerated staff training results and that the
schools' registrations with industry regulators were incomplete.
According to Bloomberg, Ambow said it will start an investigation
into the issues "immediately," discipline the persons involved
and take corrective steps.

"It's disconcerting," Trace Urdan, an analyst at Wells Fargo &
Co., told Bloomberg in a phone interview from San Francisco.
"It's not like they're asserting financial fraud but this is
coming from state television, which is serious. This definitely
keeps Ambow in the penalty box for some additional period of
time."

It's not the company's policy to encourage staff to exaggerate
training results, Ambow Chief Strategy Officer Jenny Zhan told
Bloomberg in a phone interview from Beijing. "The company's
investigation on the CCTV allegations is still ongoing, which
doesn't mean we admit everything the TV report said," Ms. Zhan
said, adding the company will publish a statement after the
investigation, Bloomberg reports.

Ambow Education Holding Ltd. provides educational and career
enhancement services in China.


GREENTOWN CHINA: Moody's Upgrades CFR to 'B3'; Outlook Negative
---------------------------------------------------------------
Moody's Investors Service has upgraded Greentown China Holdings
Limited's corporate family rating to B3 from Caa1 and its senior
unsecured rating to Caa1 from Caa2.

This rating action concludes the rating review which was
initiated on 12 June 2012.

The ratings outlook is negative.

Ratings Rationale

"The ratings upgrade reflects the view that Wharf (Holdings)
Limited's investment in Greentown has helped stabilize the
latter's weak financial conditions," says Jiming Zou, a Moody's
Analyst.

Wharf has injected cash of about RMB4.2 billion into Greentown
through its purchase of new equity and convertible bonds. Such an
inflow of cash will help Greentown deal with its debt repayments.

As a consequence, Wharf now holds 24.6% of Greentown and is its
second largest shareholder with 2 non-executive directors on its
board.

Most importantly, Wharf can now review Greentown's new projects
and financial management, therefore ensuring that the company
adheres to a disciplined approach.

In its investment agreement with Wharf, Greentown has to stay
below a 100% ceiling on net gearing. Wharf aims to restore
Greentown's financial flexibility.

Currently, Greentown plans to reduce its debt leverage through
asset disposals. Projects are being sold to joint ventures with
investors such as Sunac China Holdings Limited and Wharf. Through
a sale to a joint venture with Sunac, Greentown is expected to
receive cash of RMB2.4 billion in 2H 2012.

In 1H 2012, Greentown had already reported a fall in gross debt
of about RMB5 billion to RMB27 billion because of asset disposals
and the first tranche of the share subscription taken by Wharf.
Moody's expects further falls in debt in 2H 2012 as assets are
sold.

"Greentown's improved sales execution in 2012 is also credit
positive to its B3 rating," says Zou. "Its favorable sales
reflect its strong brand, quality products and good competitive
position in the Yangtze River Delta, all of which support its B3
rating."

In the first seven months of 2012, Greentown secured contract
sales of RMB26 billion (including joint venture projects), or 65%
of its target of RMB40 billion for all of 2012.

During 1H 2012, Greentown had 93 projects across 24 cities. The
pre-sale average selling price for 1H 2012 was RMB18,744 per
square meters, representing a mild decline of 11.4 % year on
year.

Moody's expects Greentown to increase its property deliveries in
2H 2012. With improving sales, it will likely strengthen
EBITDA/Interest coverage to around 2.5x from 1.7x in 2011.

"On the other hand, Greentown still needs to demonstrate its
ability to manage down its inventory and improve its debt
maturity profile, which together pressure its ratings," says Zou.

As of June 30, 2012, completed and under-development inventory
amounted to RMB65.9 billion, a level which is high relative to
its annual contract sales on wholly or majority owned projects.

This work-down of its inventory entails Greentown revising its
product strategy to meet the strong demand for mass market
products.

Its short-term debt of RMB18.5 billion in June 2012 was also high
relative to its cash position of around RMB7.3 billion (including
pledged deposits).

The negative outlook reflects the challenge of working down its
inventory in an uncertain property market. It also reflects the
need for Greentown to stabilize its funding base through
obtaining long-term financing, which could be challenging, given
its still weak financial position

The ratings could return to stable, if Greentown (i) achieves its
targets for both contract sales and recognized revenues; (ii)
reduces inventory; (iii) reduces short -term debt to a more
manageable level; and (iv) further deleverages through asset
disposals, such that Adjusted Debt/Capitalization falls below 60%
and EBITDA/interest stays around 2.5x.

The ratings would be downgraded, if Greentown suffers a material
decline in its balance sheet liquidity due to slow sales, tighter
bank credit, or increased debt-funded land payments.

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

Wharf (Holdings) Limited is listed on the Hong Kong Stock
Exchange. The principal business activities of the Wharf Group
are ownership of properties for development and letting, and
investment. It also owns container terminals as well as
businesses in communications, media and entertainment.

Greentown China Holdings Limited is one of China's major property
developers, with a primary focus in Hangzhou city and Zhejiang
Province. As at June 30, 2012, the company had 99 projects,
including those under construction and available for
construction, with a total GFA 40.08 million sqm. Of this total,
23.07 million sqm were attributable to the company.



================
H O N G  K O N G
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IMPRIMIS HOLDINGS: Creditors' Proofs of Debt Due Sept. 30
---------------------------------------------------------
Creditors of Imprimis Holdings Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Sept. 30, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Aug. 13, 2012.

The company's liquidator is:

         Ling Wai Ming
         Room 2802, 28/F
         China Resources Building
         No. 26 Harbour Road
         Wanchai, Hong Kong


KENLAP CHEMICALS: Members and Creditors' Meeting Set for Sept. 24
-----------------------------------------------------------------
Members and creditors of Kenlap Chemicals Limited will hold their
meetings on Sept. 24, 2012, at 10:30 a.m., and 11:00 a.m.,
respectively at 32nd Floor, One Paicific Place, 88 Queensway, in
Hong Kong.

At the meeting, Lai Kar Yan (Derek) and Darach E. Haughey, the
company's liquidator, will give a report on the company's wind-up
proceedings and property disposal.


KINGBOARD CHEMICAL: Moody's Cuts CFR to 'Ba1'; Outlook Stable
-------------------------------------------------------------
Moody's Investors Service has downgraded Kingboard Chemical
Holdings Ltd.'s corporate family rating to Ba1 from Baa3.

The outlook on the rating is stable.

This concludes the rating review for downgrade initiated on
June 21 2012.

Ratings Rationale

"The downgrade reflects Kingboard's weakened credit profile and
its high financial leverage, which together no longer support an
investment grade rating," says Alan Gao, a Moody's Vice President
and Senior Analyst.

Kingboard continues to invest in the property business, spending
HKD2.1 billion in 1H 2012, including for the acquisition of
commercial properties. It has also completed a capacity expansion
of 150% for its commodity chemical business under Phenol/Acetone.

"The increased revenue contribution from its commodity chemical
and property development businesses will add more volatility to
its earnings and cash flow generation, thereby weakening its
credit profile," adds Mr. Gao, who is also the lead analyst for
Kingboard.

Kingboard reported weaker-than-expected results in 1H 2012 with
EBITDA generated from its three core manufacturing operations
dropping 37% year on year. Its chemical business demonstrated the
most severe profit decline of 55%.

Such lower profitability and a net increase of more than HKD1
billion in debt in 1H 2012 are weighing on Kingboard's credit
metrics, such that for the last 12 months adjusted Debt/EBITDA
rose substantially to 4.1x from 3.2x in 2011, and adjusted
debt/capitalization stood at 36.6%. Both levels are the highest
in the last five years.

"The capacity utilization rate and profitability of Kingboard's
manufacturing businesses will stay under pressure over the next
12 months, given the restrained consumption of electronics
products globally and the oversupply situation for its major
chemical products in China," says Mr. Gao. "Its operating
performance is unlikely to show a material improvement in the
near term."

Nevertheless, Moody's expects Kingboard will adopt a prudent
approach in pursuing its growth strategy and will not
substantially raise its bank borrowings in the next 12 months.
With the amortization of its existing term loans, adjusted
debt/EBITDA is expected to gradually trend towards 3.5x in 2013,
a level which is more commensurate with its revised Ba1 rating.

Kingboard's Ba1 rating also reflects (1) its diversified product
offerings; (2) its long-established presence and market position
as the largest manufacturer in the global laminates market; (3)
its good position in the Chinese printed circuit board market and
its wide customer base; (4) the execution and regulatory risk
involved in its property development business; and (5) its
exposure to the volatile electronics sector and volatile
commodity chemical prices.

Kingboard continues to possess adequate liquidity. Consolidated
cash on hand of nearly HKD3.8 billion and HKD4.3 billion in
marketable securities at the end of June 2012 are sufficient to
cover debt maturing in the next 12 months, committed capital
expenditures, and land premium payments. Despite upcoming
refinancing requirements at the holding company for a maturing
term loan, Moody's draws comfort from the company's track record
of strong access to the domestic bank market.

The stable outlook reflects Moody's expectations that Kingboard
will not aggressively expand its property development portfolio
and will not increase leverage in the next 12-18 months. Moody's
also expects it to maintain an adequate liquidity profile.

The possibility of upward rating pressure is limited in the near
term, given the weak operating environment. However, positive
rating pressure could emerge over time if Kingboard 1) shows more
clarity in regard to its business strategies and demonstrates a
track record of successfully executing such strategies, with a
more stable business profile; 2) restores operational
profitability -- adjusted EBITDA margin returns to above 20%; and
3) maintains financial discipline and reduces its leverage, such
that adjusted debt/capitalization falls below 30% and adjusted
debt/EBITDA drops below 2.5x, on a sustained basis.

The rating could undergo a downgrade if the company 1)
experiences further profit margin erosions -- adjusted EBITDA
margin consistently falls below 10-15%; or (2) conducts
aggressive debt-funded investments in its property development or
core businesses, such that adjusted debt/capitalization reaches
40% and adjusted debt/EBITDA exceeds 4.0-4.5x on a sustained
basis.

Moreover, a material divestment of its ownership of Kingboard
Laminates, which results in weaker cash flow contributions to
Kingboard and impairs the latter's debt-servicing ability, would
be negative for the rating.

Kingboard's ratings were assigned by evaluating factors that
Moody's considers relevant to the credit profile of the issuer,
such as the company's (i) business risk and competitive position
compared with others within the industry; (ii) capital structure
and financial risk; (iii) projected performance over the near to
intermediate term; and (iv) management's track record and
tolerance for risk. Moody's compared these attributes against
other issuers both within and outside Kingboard's core industry
and believes Kingboard's ratings are comparable to those of other
issuers with similar credit risk.

Established in 1988 and listed on the Hong Kong Stock Exchange in
1993, Kingboard Chemical Holdings Limited is principally engaged
in the manufacture of laminates, printed circuit boards and
chemical products.


KNITTED PRODUCTS: Creditors' Meeting Set for Sept. 7
----------------------------------------------------
Creditors of Knitted Products Limited will hold their meeting on
Sept. 7, 2012, at 3:00 p.m., for the purposes provided for in
Sections 241, 242, 243, 244, 255A and 283 of the Companies
Ordinance.

The meeting will be held at 43/F, The Lee Gardens, at 33 Hysan
Avenue, Causeway Bay, in Hong Kong.


LEUNG LEE: Creditors' Proofs of Debt Due Oct. 3
-----------------------------------------------
Creditors of Leung Lee Kee Metal Enterprises Co Limited, which is
in members' voluntary liquidation, are required to file their
proofs of debt by Oct. 3, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Aug. 24, 2012.

The company's liquidator is:

         Lee Kwok On Alexander
         Rooms 1901-2
         Park-In Commercial Centre
         56 Dundas Street, Kowloon


LOYAL FAVOUR: Members' Final Meeting Set for Oct. 3
---------------------------------------------------
Members of Loyal Favour Limited will hold their final general
meeting on Oct. 3, 2012, at 4:30 p.m., at 10/F, Allied Kajima
Building, 138 Gloucester Road, Wanchai, in Hong Kong.

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


MULTIFIELD INVESTMENT: Members' Final Meeting Set for Oct. 8
------------------------------------------------------------
Members of Multifield Investment Limited will hold their final
general meeting on Oct. 8, 2012, at 3:00 p.m., at 1702-04, China
Insurance Group Building, 141 Des Voeux Road, Central, in Hong
Kong.

At the meeting, Ho Kwai Mei Wendy, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


MUSIC IN: Members' Final Meeting Set for Oct. 3
-----------------------------------------------
Members of Music In You Foundation Limited will hold their final
meeting on Oct. 3, 2012, at 10:00 a.m., at Room B1, 18/F, Chung
Hing Commercial Building, 62-63 Connaught Road Central, Central,
in Hong Kong.

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


MYOB HK: Members' Final Meeting Set for Oct. 3
----------------------------------------------
Members of MYOB Hong Kong Limited will hold their final meeting
on Oct. 3, 2012, at 11:00 a.m., at FTI Consulting, Level 22, The
Center, at 99 Queen's Road Central, Central, in Hong Kong.

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


PARK TALENT: Members' Final Meeting Set for Oct. 3
--------------------------------------------------
Members of Park Talent Development Limited will hold their final
meeting on Oct. 3, 2012, at 10:00 a.m., at 8/F, Tower 1, Tern
Centre, 237 Queen's Road Central, in Hong Kong.

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


PO SHING: Members' Final Meeting Set for Oct. 3
-----------------------------------------------
Members of Po Shing Design & Contracting Company Limited will
hold their final general meeting on Oct. 3, 2012, at 4:00 p.m.,
at 10/F, Allied Kajima Building, 138 Gloucester Road, Wanchai, in
Hong Kong.

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


POLYGLORY (HK): Commences Wind-Up Proceedings
---------------------------------------------
Members of Polyglory (Hong Kong) Limited, on Aug. 21, 2012,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

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


RIGHT CORPORATION: Kong and Wu Appointed as Liquidators
-------------------------------------------------------
Kong Chi How Johnson and Wu Shek Chun Wilfred on Aug. 17, 2012,
were appointed as liquidators of Right Corporation Limited.

The liquidators may be reached at:

         Kong Chi How Johnson
         Wu Shek Chun Wilfred
         25th Floor, Wing On Centre
         111 Connaught Road
         Central, Hong Kong


ROSY GLOBAL: Commences Wind-Up Proceedings
------------------------------------------
Members of Rosy Global Limited, on Aug. 23, 2012, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

         Leung Kwong Kin
         Room 1101, 11/F
         China Insurance Group Building
         141 Des Voeux Road
         Central, Hong Kong


SEIKO PRECISION: Man King Chi Eddie Appointed as Liquidator
-----------------------------------------------------------
Man King Chi Eddie on Aug. 17, 2012, was appointed as liquidator
of Seiko Precision (Hong Kong) Limited.

The liquidator may be reached at:

         Man King Chi Eddie
         Amber Commercial Building
         13th Floor, 70 Morrison Hill Road
         Hong Kong


SENARIO LIMITED: Creditors' Meeting Set for Sept. 11
----------------------------------------------------
Creditors of Senario Limited will hold their meeting on Sept. 11,
2012, at 10:30 a.m., for the purposes provided for in Sections
241, 242, 243, 244, and 251 of the Companies Ordinance.

The meeting will be held at 20/F, Henley Building, at 5 Queen's
Road, Central, in Hong Kong.


SILVER RIVER: Members' Final Meeting Set for Oct. 3
---------------------------------------------------
Members of Silver River Limited will hold their final general
meeting on Oct. 3, 2012, at 3:30 p.m., at 10/F, Allied Kajima
Building, 138 Gloucester Road, Wanchai, in Hong Kong.

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


SOUND CHAMBER: Creditors' Proofs of Debt Due Sept. 30
-----------------------------------------------------
Creditors of The Sound Chamber Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Sept. 30, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Aug. 31, 2012.

The company's liquidator is:

         To Yuet Sing
         Flat 806, Wang Yat House
         Lok Fu Centre, Kowloon
         Hong Kong


SPG LAND: Moody's Downgrades CFR to 'B3'; Outlook Negative
----------------------------------------------------------
Moody's Investors Service has downgraded SPG Land (Holdings)
Limited's corporate family rating to B3 from B2.

Moody's has also downgraded SPG Land's senior unsecured bond
rating to Caa1 from B3.

The ratings outlook is negative.

Ratings Rationale

"SPG Land faces increasing liquidity risk, as its weak cash
receipts from sales undermine its ability to fund operations and
debt payments," says Franco Leung, a Moody's Assistant Vice
President and Analyst.

"We expect sales to remain weak for the next 6-12 months, as most
of the company's projects are in cities affected by the Chinese
government's restrictions on home purchases," Mr. Leung adds.

SPG Land's contracted sales for the first seven months of 2012
stood at around RMB1.8 billion. As of June, it had cash balance
of around RMB1.9 billion.

Its cash balance does not provide an adequate buffer against its
weak cash inflow from sales to meet its short-term debt, and
construction and land payment obligations of around RMB5 billion-
RMB5.5 billion in the next 12 months, based on Moody's estimates.

"In addition, low sales will lead to weaker EBITDA, which will
pressure SPG Land's ability to meet the debt incurrence test and
financial covenants under its bond and loan agreements, thereby
constraining its debt capacity and further impairing its
liquidity position," adds Mr. Leung.

The B3 rating continues to reflect the company's well-located
projects -- mainly in the affluent and fast-growing Yangtze River
Delta region -- and the consideration that they could be
monetized to raise further liquidity, if needed.

The rating also reflects its track record in developing large-
scale housing and high-end integrated projects.

Given its tight liquidity, SPG Land is under pressure to sell
some of its projects. The company obtained a consent solicitation
from its bond holders in July that allows it to raise funds
through the sale of undeveloped or partially developed projects.

The negative outlook reflects the fact that SPG Land's products
and the locations of its markets have been negatively affected by
regulatory measures as well as its expected weak sales
performance and liquidity profile.

The outlook could revert to stable if the company: (1)
significantly improves its sales performance in the next 12
months; (2) maintains gross profit margin at above 30%; and (3)
stabilizes its debt-funding base by securing new term-financing.

The ratings could be downgraded if: (1) it is unable to improve
sales and maintain adequate cash to meet its payment obligations;
(2) its access to bank loans significantly weakens; or (3) it
fails to comply with the financial covenants of its bank loans,
causing its loan repayments to accelerate.

The principal methodology used in rating SPG Land (Holdings)
Limited was the Global Homebuilding Industry Methodology
published in March 2009.

SPG Land (Holdings) Limited is a Chinese property company that
focuses on the development of large-scale residential and
integrated properties in the Yangtze River Delta. The company had
a land bank of 5.8 million square meters in gross floor area
across nine cities in China as of December 2011.

Around 70% of the land bank is spread across cities along the
Yangtze River, such as Shanghai, Suzhou, Wuxi, Changshu, and
Huangshan.

Listed on the Hong Kong Stock Exchange in 2006, SPG Land is
majority-owned and controlled by David Wang, the founder and
chairman, who has a 70% stake in the company.


SUNLINK GROUP: Placed Under Voluntary Wind-Up Proceedings
---------------------------------------------------------
At an extraordinary general meeting held on Aug. 22, 2012,
creditors of Sunlink Group Investments (HK) Limited resolved to
voluntarily wind up the company's operations.

The company's liquidators are:

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


SUNLINK WAVECOM: Members' Final General Meeting Set for Oct. 4
--------------------------------------------------------------
Members of Sunlink Wavecom Limited will hold their final general
meeting on Oct. 4, 2012, at 10:00 a.m., at 62/F, One Island East,
18 Westlands Road, Island East, in Hong Kong.

At the meeting, Stephen Liu Yiu Keung and David Yen Ching Wai,
the company's liquidators, will give a report on the company's
wind-up proceedings and property disposal.


VINCENT IDEA: Members' Final Meeting Set for Oct. 3
---------------------------------------------------
Members of Vincent Idea Limited will hold their final general
meeting on Oct. 3, 2012, at 3:00 p.m., at 10/F, Allied Kajima
Building, 138 Gloucester Road, Wanchai, in Hong Kong.

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



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


BHAGWATI STEEL: ICRA Reaffirms 'BB+' Rating on INR22.5cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating outstanding on the
INR22.50 crore1 (enhanced from INR12.00 crore) fund-based bank
facilities of Bhagwati Steel Cast Private Limited at '[ICRA]BB+'.
The outlook on the long-term rating is 'stable'. ICRA has also
reaffirmed the short-term rating on the INR17.75 crore (enhanced
from INR4.04 crore) non-fund-based bank facilities of BSCPL at
'[ICRA]A4+'.

                                  Amount
   Facilities                    (INR Cr)    Ratings
   ----------                    ---------   -------
   Long-term, fund-based limits     22.50    [ICRA]BB+ reaffirmed

   Short-term, non-fund             17.75    [ICRA]A4+ reaffirmed
   based limits

For the purpose of arriving at the ratings, ICRA has factored in
the business risk profiles of the Bhagwati group of companies,
comprising Bhagwati Steel Cast Limited and Bhagwati Ferro Metal
Private Limited in view of the common management and financial
linkages between the two group companies. The ratings take into
account the experienced management and established brand of
Bhagwati group among TMT manufactures; healthy growth in
operating income in 2011-12, driven by improved capacity
utilization levels; a diversified customer base of the company
which reduces customer concentration risk and the moderate
working capital intensity of operations. However, the ratings are
constrained by the thin operating profitability due to the highly
fragmented nature of the TMT industry with low entry barriers,
leading to intense competition and pricing pressures;
susceptibility to raw material price risks, given the large
inventory holding maintained for smooth manufacturing operations
and exposure to the cyclicality inherent in the steel and real
estate industries, which is likely to keep BSCPL's cash flows
volatile. ICRA also notes the exposure to project risks related
to the large capital expenditure planned by a group company
BFMPL, which could impact the group's liquidity during the
project implementation stage.

                        About Bhagwati Steel

Incorporated in 1984, BSCPL is a part of the Bhagwati group of
companies promoted by Mr. M.K. Agarwal and his family. The
company is engaged in the manufacture of TMT bars with its
manufacturing facility being located at Sinner near Nasik,
Maharashtra, where it has an installed capacity of 60,000 MTPA of
TMT bars and 50,000 MTPA of MS ingots. The company sells its
products mainly to direct consumers like construction and
infrastructure companies and also to traders in Maharashtra. The
sister concern of BSCPL, BFMPL is engaged in the manufacture of
TMT bars with its manufacturing facility located at Athal,
Silvassa, where it has an installed capacity of 96,000 MTPA.
BFMPL has recently commissioned an expansion cum backward
integration project of billet manufacturing facility with a
capacity of 150,000 MTPA at Sinner, near Nasik, Maharashtra, and
plans to increase to capacity to 150,000 MTPA in 2012-13.

Recent Results

In 2011-12, BSCPL reported a profit after tax (PAT) of INR2.17
crore on an operating income of INR222.49 crore as compared to a
PAT of INR1.25 crore on an operating income of INR173.80 crore in
2010-11.


CHEMICAL & MINERAL: Fitch Assigns 'BB+' National Long-Term Rating
-----------------------------------------------------------------
Fitch Ratings has assigned India-based Chemical & Mineral
Industries Private Limited a National Long-Term rating of 'Fitch
BB+(ind)'.  The Outlook is Stable.

The ratings are constrained by CIMPL's small size of operations
as reflected by a low revenue base of INR250m in FY12 (year end
March) and INR233.87m in FY11.  The ratings are further
constrained by the company's high working capital requirements
due to its long net cash conversion cycle of 117 days in FY12
(FY11: 100 days).

The ratings are, however, supported by CMIPL's four-decade-long
track record in manufacturing precipitated and activated calcium
carbonate powder.  The company has also maintained high
profitability over the last four years due to its high
negotiation power in terms of raw material procurement price.
Raw materials mainly coal and lime stone are available in
abundance locally. Operating EBITDA margins were 17.82% in FY12
and 15.85% in FY11.

The ratings are further supported by CMIPL's strong credit
profile with net financial leverage (net debt/operating EBITDA)
of 1.87x in FY12 (FY11: 1.75x) and net interest coverage of
5.48x, though the latter declined from 10.64x in FY11 due to
higher interest expense.  Liquidity has also been comfortable for
the 12 months ended July 2012 as reflected by the moderate
utilisation (74%) of its working capital limits.

WHAT COULD TRIGGER A RATING ACTION?

Negative: Future developments that may lead to negative rating
action include a sustained decline in operating margins resulting
in net interest coverage of below 4.0x.

Positive: Future developments that may lead to positive rating
action include a significant increase in scale of operations
while maintaining the current financial profile.

CMIPL was incorporated in 1972 and commenced production in 1974.
Besides manufacturing chemicals, the company also runs two
windmills which contributed around 3.5% to total revenue in FY12.

Fitch has also rated CMIPL's bank loan facilities as follows:

  -- INR30m fund-based working capital limits: National Long-Term
     rating 'Fitch BB+(ind)' and National Short-Term 'Fitch A4+
     (ind)'
  -- INR21.13m term loan: National Long-Term 'Fitch BB+(ind)'


KINGFISHER AIRLINES: Lenders Ask Mallya to Present Revival Plans
----------------------------------------------------------------
The Times of India reports that lenders to Kingfisher Airlines
have expressed disappointment at the airline's promoter Vijay
Mallya's inability to attend a meeting in Mumbai to apprise them
of his plans to get the company back on the rails. The report
says the debt-ridden airline is running skeletal operations and
has not paid its employees for months.

"It is necessary to have a clear picture from Mr. Mallya
himself," State Bank of India chairman Pratip Chaudhuri said
while speaking to reporters on the sidelines of a FICCI banking
summit, according to TOI.

The report relates that Mr. Chaudhuri said that Wednesday's
meeting had added urgency to steps being talked about, like
unlocking value in non-core assets.

According to the report, lenders said that expectations of the
company bringing in foreign investors have proved wrong.  They
have now asked Mr. Mallya to make a presentation on his plans by
end-September, the report relays.

"More urgent steps are needed to be taken for the airline to
expand its operations," the report quotes Mr. Chaudhuri as
saying.  Although KFA had earlier indicated that it would
generate cash through the sale of non-core assets, these
transactions have not materialized, the report notes.

The consortium of 17 banks, led by SBI, had a collective exposure
of over INR7,500 crore to the airline, TOI discloses.

                      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 K SILK: ICRA Reaffirms '[ICRA]BB' Rating on INR18.61cr Loans
--------------------------------------------------------------
The long term rating assigned to the INR9.21 crore term loans and
INR9.40 crore long term fund based facilities of K K Silk Mills
Private Limited has been reaffirmed at '[ICRA]BB'. The outlook on
the long term rating is Stable. The short term rating assigned to
the INR1.90 crore short term non fund based working capital
limits (includes INR0.4 crore as sublimit of cash credit rated on
long term scale such that total outstanding does not exceed
INR9.40 crore) of the company has also been reaffirmed at
'[ICRA]A4'.

                                 Amount
   Facilities                   (INR Cr)     Ratings
   ----------                   ---------    -------
   Term Loans                    9.21        [ICRA]BB reaffirmed
   Long Term Fund Based Limits   9.40        [ICRA]BB reaffirmed
   Short Term Non Fund           1.90        [ICRA]A4 reaffirmed
   Based Limits

The reaffirmation of the assigned ratings takes into
consideration the long standing experience of the promoters in
the textile industry; the well established, long term customer
relationships and the consistent growth in operating revenues on
account of an evolving product profile. The assigned ratings,
however, continue to remain constrained on account of the
company's modest scale of operations resulting in high customer
concentration risks albeit the same are mitigated partially on
account of the well established customer relationships; the weak
operating margins due to the low value added nature of trading
activities and a weak financial profile reflective in a high
gearing and weak debt protection metrics on account of low
profitability. ICRA notes that the company operates in a
competitive industry environment marked by the presence of a
large number of organized and unorganized players constraining
the ratings further.

K.K. Silk Mills Private Limited (erstwhile Manish Weaving
Industries Private Limited) was promoted by Mr. Kantilal Shah in
1992 to manufacture and trade in fabrics for suitings and
shirtings. The company was rechristened as K.K. Silk Mills
Private Limited in 2003 without any change in management and
nature of business undertaken. The company manufactures cotton,
polyester and blended fabrics and trades in finished fabrics
primarily for suitings and shirtings. Besides, the company also
undertakes job work (grey fabric) for external parties.

The company has its registered office in Mumbai and manufacturing
facilities in Umbergaon district in Valsad.

Recent Results:

As per audited results for FY 2011, the company reported a Profit
after Tax (PAT) of INR0.28 crore on an Operating Income (OI) of
INR91.42 crore.


MAGICK WOODS: ICRA Revises Rating on INR1cr Loan to '[ICRA]B+
-------------------------------------------------------------
ICRA has revised the long term rating outstanding on the INR1.00
crore fund based sub-limit facilities of Magick Woods Exports
Private Limited to '[ICRA]B+' from '[ICRA]BB+'. ICRA has also
revised the short term rating outstanding on the INR22.50 crore
fund based facilities and the INR12.75 crore non-fund based
facilities of MWEPL to '[ICRA]A4' from '[ICRA]A4+'. ICRA has also
withdrawn the '[ICRA]BB+' rating outstanding on the INR2.13 term
loan facilities of MWEPL at the Company's request, as there is no
amount outstanding against the said instrument.

                              Amount
   Facilities                (INR Cr)      Ratings
   ----------                ---------     -------
   Long term : Term loan      2.13         [ICRA]BB+ (Stable),
   Facilities                              withdrawn

   Long term : Fund based    (1.00)        [ICRA]B+, revised
   facilities

   Short term : Fund based    22.50        [ICRA]A4, revised
   facilities

   Short term : Non fund      12.75        [ICRA]A4, revised
   based facilities

The rating revision takes into consideration, the deterioration
in capital structure and the setting-off of receivables from
Magick Woods Canada, Limited on the back of debt-funded
acquisition of the "Magick Woods" brand from MWLC. The brand
acquisition was done in order to improve the liquidity profile of
MWLC for the purpose of repayment of debt obligations which were
already in default. The repayment obligations of the term loan
and pending payment of $200,000 for the purpose of brand
acquisition are expected to stretch the liquidity profile of the
Company over the near term. The ratings also consider the
relatively moderate scale of operations, which coupled with its
high customer concentration and intense competition leads to
limited pricing power that impacts operating margins as witnessed
in the recent past; stretched working capital intensity in the
business on the back of stretched receivables and inventory
position that strains the cash flow position of the Company. The
ratings continue to draw comfort from the proven track record of
MWEPL's promoters in bath vanity industry with presence for over
two decades, established relationship with leading global home
improvement retail chains coupled with its wide portfolio
resulting in sustained volume growth and strengthening
distribution network in the domestic market, which is expected to
improve revenue growth in the short to medium term.

                        About Magick Woods

Magick Woods Export Private Limited was incorporated in August
2003, as a wholly owned subsidiary of Magick Woods Limited,
Canada (erstwhile parent, promoted by the current promoter of
MWEPL, Mr. Indrakumar Padmanaban). Both the companies are
involved in manufacturing of vanity cabinets for bath & dining
segments. MWEPL has a capacity to produce 5500 sub-assemblies and
1200 full assemblies in its production facility at Maraimalai
nagar near Chennai in Tamil Nadu and it largely focuses on
exporting to USA and Canada. The company derives around 93% of
its revenue from exports and has a minimal presence in domestic
market. The company markets its products through big retail
chains like Lowes, Menards and Home Depot.


MAGNA PUBLISHING: ICRA Places 'B+' Rating on INR4.65cr Loans
------------------------------------------------------------
A long-term rating of '[ICRA]B+' has been assigned to the INR1.87
crore1 term loans and the INR2.75 crore, long-term, fund-based
working capital facilities of Magna Publishing Company Limited. A
short-term rating of '[ICRA]A4' has also been assigned to the
INR1.50 crore, short-term, non-fund-based working capital
facilities of the company.

                                Amount
   Facilities                  (INR Cr)      Ratings
   ----------                  ---------     -------
   Term loan                      1.87       [ICRA]B+ assigned
   Long-term, fund-based limits   2.75       [ICRA]B+ assigned
   Short-term, non-fund-based     1.50       [ICRA]A4 assigned
   Limits

The ratings factor in the vast experience of the promoters in the
magazine publishing business, well established presence of its
flagship magazine 'Stardust' for more than four decades in the
film magazine segment, and diversified portfolio of magazines
covering multiple segments. The ratings are, however, constrained
by the stagnant scale of company's operations in a highly
competitive and fragmented print magazine industry; intensified
competition due to the entry of international players into niche
categories and growth of digital media as an alternate to printed
magazines; exposure to volatility in newsprint prices with
limited ability to pass on increase in costs; stretched financial
risk profile marked by low margins, high gearing and weak debt
coverage indicators; and losses in the film production business.

Magna Publishing Company Limited was established in 1971 as a
partnership firm in the name of Lana Publishing Company, with Mr.
Nari Hira and Mr. Lalu Bajaj as the partners, for providing media
publishing services. In July 1979, the partnership firm was
converted into a private limited company in the name of Lana
Publishing Company Private Limited. In 1989, the name of the
company was changed to Magna Publishing Company Limited. The
company is currently managed by the promoter Mr. Nari Hira and
his son Mr. Vikram Hira; entire shareholding of the company is
with Hira family and group companies. The company launched its
first magazine, Stardust, in 1971.

While the company is primarily present in publishing of magazines
and books, it is also engaged in production of films,
distribution of movie videos (DVDs), managing exhibitions, and
managing a book and video retail outlet (at Kala Ghoda, Mumbai).
The company publishes the largest bouquet of special interest
magazines in India with a circulation of over 28 lakh copies
across the 13 magazines published by the company in FY2011. The
13 magazines published by the company include Stardust (in
English and Hindi), Savvy, Society, Health & Nutrition (English
and Hindi), Showtime, Society Interiors, Savvy Cook Book,
Citadel, Savvy Fashion & Glamour, Society World of Luxury, and
Star Week. The company estimates a combined readership of over 20
million readers.

Recent Results

Magna reported a profit after tax (PAT) of INR0.16 crore on an
operating income of INR37.91 crore in FY2011, as against a PAT of
INR0.10 crore on an operating income of INR32.78 crore in FY2010.


RAMANJANEYA MODERN: ICRA Rates INR5cr Cash Credit at '[ICRA]B'
--------------------------------------------------------------
ICRA has assigned long-term rating of '[ICRA]B' to INR5.00 crore
Cash credit facility of Ramanjaneya Modern Rice Mill.

                          Amount
   Facilities            (INR Cr)       Ratings
   ----------            ---------      -------
   Cash credit              5.00        [ICRA]B assigned

The assigned rating is constrained by highly fragmented and
intensely competitive industry resulting in low operating
margins; high gearing due to working capital borrowings;
susceptibility to climatic risks affecting the availability of
paddy and policy restrictions on exports & open market sales for
non-basmati rice that limit the flexibility and price
realizations. The rating however takes comfort from the long-
standing experience of the promoters in the rice milling industry
and easy availability of raw material owing to mill being present
in a major rice-growing area in Andhra Pradesh.

Ramanjaneya Modern Rice Mill is engaged in the milling of paddy
and produces raw rice. The rice mill is located in Cherukuwada
village of West Godavari in Andhra Pradesh. The production
capacity is 120 MT per day and it produces non-basmati variety of
rice which is non-sortex.

Recent Results

In FY2012 (unaudited and provisional), the company has reported
an operating income of INR16.37 crore and an OPBDIT of INR0.42
crore.


R.B. KNIT: CARE Rates INR0.50cr LT Loan at 'CARE BB+'
-----------------------------------------------------
CARE assigns 'CARE BB+' and 'CARE A4' rating to the bank
facilities of R.B. Knit Exports.

                                Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term Bank Facilities      0.50      CARE BB+ Assigned
   Short-term Bank Facilities    10.30      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 are constrained by the small scale of operations of
R.B. Knit Exports, its exposure to raw material volatility, high
competition from various unorganized and low-cost manufacturing
countries and the seasonal and geographically concentrated
business operations. The ratings also take into consideration the
low financial flexibility due to the partnership nature of the
constitution and the cyclical nature of the textile industry.
Nonetheless, the ratings take comfort from the experienced
partners with long track record of operations, its established
business relations and various subsidies/incentives enjoyed by
the firm.

Going forward, RBK's ability to manage the volatility associated
with raw material prices, scale up the operations, effective
working capital management and continued export benefits enjoyed
by the firm shall be the key rating sensitivities.

                          About R.B. Knit

RBK is a Ludhiana (Punjab)-based partnership firm engaged in the
manufacturing of knitted sweaters from cotton, wool and manmade
fibres for men, women and children. RBK largely sells in the
international market with exports contributing 93% of the total
sales in FY11 (refers to the period from April 1, 2010 to March
31, 2011). The firm is led by three partners, viz, Mr Vinay Adya,
Mr Vineet Adya and Ms Indu Adya. RBK is ISO 9001:2008 certified
company (valid upto 2013) and is also holding star export house
status awarded by the Government of India (upto 2014).

During FY11, RBK earned PBILDT and PAT margin of 8.27% and 0.15%,
respectively, on a total operating income of INR29.8 crore. As
per the provisional results for H1FY12, RBK reported total
operating income of INR16.6 crore with PBILDT and PAT margin of
12.42% and 4.88%, respectively.


R.B. KNIT EXPORTS: CARE Rates INR2.89cr Loan at 'CARE BB+'
----------------------------------------------------------
CARE assigns 'CARE BB+' and 'CARE A4' rating to the bank
facilities of R.B. Knit Exports (Export Wing).

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      2.89       CARE BB+ Assigned
   Short-term Bank Facilities     3.00       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 the 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 are constrained by RBKE's relatively small scale of
operations, its low and declining profitability margins with
exposure to raw material volatility, high competition from
various unorganized players domestically and also low cost
manufacturing countries. The ratings also take into consideration
the low financial flexibility due to the partnership nature of
constitution, geographically concentrated and seasonal nature of
business operations coupled with the cyclical nature of the
textile industry. Nonetheless, the ratings take comfort from the
experienced partners with long track record of operations, its
established business relations, its comfortable capital structure
and various subsidies/incentives enjoyed by the firm.

Going forward, RBKE's ability to profitably scale up the
operations, effective working capital and foreign currency
management and continued export benefits currently enjoyed by the
firm shall be the key rating sensitivities.

RBKE is a Ludhiana (Punjab)-based partnership firm engaged in the
manufacturing of knitted sweaters from cotton, wool and manmade
fibres for men, women and children. RBKE largely sells its
produce in the international market with exports contributing
approximately 80% of the total sales in FY11 (refers to period
from April 1, 2010 to March 31, 2011) with major export
destinations being Germany and Italy. The firm is promoted by
three partners viz Mr. Vinay Adya, Mr. Vineet Adya and Ms. Indu
Adya. RBK is ISO 9001:2008 certified company and is awarded two-
star export house status by the Government of India. During FY11,
RBKE earned PBILDT and PAT margin of 12.49% and 1.60%,
respectively, on a total operating income of INR20.9 crore. As
per the provisional results for H1FY12, RBKE reported total
operating income of INR15.6 crore with PBILDT and PAT margin of
27.02% and 15.98%, respectively.


RIDDHI STEEL: CARE Rates INR25.78cr Loan at 'CARE BB'
-----------------------------------------------------
CARE assigns 'CARE BB' rating to the bank facilities of Riddhi
Steel And Tube Pvt Ltd.

                                 Amount
   Facilities                 (INR crore)    Ratings
   -----------                -----------    -------
   Long-term Bank Facilities     25.78       CARE BB Assigned

Rating Rationale

The rating is constrained by the modest scale of operations of
Riddhi Steel and Tube Private Limited, its moderate profitability
and high leverage. The rating is further constrained by the
working capital intensive nature of its operations,
susceptibility to volatile raw material prices, low bargaining
power with its established raw material suppliers and intense
competition due to the fragmented nature of the industry.

The rating, however, derives strength from its experienced
promoters and steady growth in the total operating income
supported by higher capacity utilization.

The ability of the company to improve its profitability and
capital structure in the backdrop of volatile raw material prices
and working capital intensive operations are the key rating
sensitivities.

RSTPL, based in Ahmedabad and promoted by Mrs. Preeti Mittal and
Mr. Rajesh Mittal, was incorporated in September 2001. RSTPL is
engaged in manufacturing of Mild Steel (MS) Electric Resistance
Welded (ERW) pipes and tubes which mainly find application in
various infrastructure & engineering projects, furniture, water
supply and irrigation industries.

As on March 31, 2012, RSTPL had an installed capacity of 36,000
Metric Tonnes Per Annum (MTPA) at its manufacturing facility
located at Piplaj, Ahmedabad, for manufacturing pipes in sizes
ranging from 15 mm to 300 mm in round, square and rectangular
shapes. RSTPL sells its products under the brand name Riddhi.

As per the provisional results of FY12 (refers to the period
April 1 to March 31), RSTPL earned a PAT of INR1.79 crore on a
total operating income of INR151.59 crore as against a PAT of
INR1.11 crore on a total operating income of INR121.96 crore in
FY11.


SATYAM ENTERPRISES: ICRA Ups Rating on INR1.95cr Loan to 'BB+'
--------------------------------------------------------------
CRA has upgraded the rating assigned to the INR1.95 crore term
loans (enhanced from INR1.71 crore) of Satyam Enterprises to
'[ICRA]BB+' from '[ICRA]BB'.  The rating assigned to the INR120
crore short-term fund based limits (enhanced from INR37.18 crore)
and the INR0.05 crore short-term non-fund based limits of Satyam
has also been upgraded to '[ICRA]A4+' from '[ICRA]A4'.  INR6.06
crore unallocated limits were rated at [ICRA]BB (Stable)/[ICRA]A4
during last exercise; which, however, have been absorbed in the
enhanced limits now. The outlook on the long-term rating is
"stable".

                                Amount
   Facilities                  (INR Cr)      Ratings
   ----------                  ---------     -------
   Term Loans                     1.95       [ICRA]BB+ Revised
                                             from [ICRA]BB

   Short-Term Fund-             120.00       [ICRA]A4+ Revised
   based Limits                              from [ICRA]A4

The revision in the ratings reflects the improvement in capital
structure, debt protection metrics and liquidity position of the
firm driven by extraordinarily high profitability in 2011-12
following robust global demand for guar gum powder from technical
segment during the year. The ratings continue to factor in the
long and established presence of Satyam in the manufacture and
export of guar gum powder and geographical diversification of
revenues of the firm. However, the ratings are constrained by
relatively small size of operations of the company, high level of
fragmentation in guar gum exports business, agro-climatic risks
related to guar seed production, and volatility in foreign
currency exchange rates. ICRA also takes note of the partnership
nature of the firm and any significant capital withdrawal could
adversely impact capital structure of the firm.

Satyam Enterprises was promoted as a partnership concern between
Mr. Ramesh Singhal and Mr. Anand Sharda in 1981. Initially, the
firm was involved in exports of Guar Gum. Later in 1987, the firm
entered into the business of manufacturing of guar gum powder and
set up the plant with a capacity of 3000 metric tones per annum
(MTPA) at Jodhpur. The firm has gone through two capacity
expansions, one in 1991 when the capacity was expanded to 6000
MTPA and again in 1997, during which year a new plant with a
capacity of 6000 MTPA was commissioned at a site adjacent to the
existing site. The total capacity of these two units of Satyam is
currently at 17000 MTPA. The firm offers a variety of guar gum
powder for specific application as per customer's requirement.
The firm also has a unit to produce Korma (cattle-feed produced
from by-products of guar splits) with capacity of 6000 MTPA at
Boranada, Jodhpur. During 2011-12, the two partners of Satyam
(including Mr. Anand Sharda) retired.

During 2011-12, Satyam reported net sales and profit after tax of
INR474.76 crore and INR79.70 crore respectively; while the
company had reported net sales and profit after tax of INR103.31
crore and INR0.75 crore respectively in 2010-11.


SRIRAM TEXTILES: ICRA Assigns 'B' Rating to INR10cr Cash Credit
---------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B' to the INR10.00
crore cash credit facility and INR5.00 crore of non fund based
facilities of SriRam Textiles Private Limited.

                          Amount
   Facilities            (INR Cr)       Ratings
   ----------            ---------      -------
   Cash Credit Limits      10.00        [ICRA]B assigned
   FLC/ILC                  5.00        [ICRA]A4 assigned

The rating takes into account SRTPL's modest scale of operations
despite its long presence in the iron and steel trading business.
The low value added nature of business coupled with high
competitive intensity and presence of large number of dealers and
traders has led to pressure on margins as reflected in thin
operating profitability and low Return on capital employed (ROCE)
of under 7% over the past few years. Moreover SRTPL is exposed to
price fluctuation risk and counter party credit risk with
majority of the sales being made on credit basis. The ratings are
constrained by weak financial risk profile of SRTPL as reflected
by low annual cash accruals of under INR50 lakhs and poor
coverage indicators with Total Debt/EBITDA of 7.63 times and
interest coverage ratio (OPBDIT/Interest & Finance Charges) of
1.12 times as on 31st March 2012. Nevertheless, ICRA draws
comfort from promoters experience in trading of iron and steel
and its established relations with key customers resulting into
repeat business and marginal improvement in its profitability in
last few years. The rating also draws comfort from overall low
debt levels with gearing at 0.46 times as on 31st March, 2012.

Sri Ram Textiles Pvt. Ltd. incorporated in 1996; is a
Vishakhapatnam based wholesale trader in Iron and steel products
which include billets, ingot, pig iron, sponge iron, TMT bars and
other products sourced from iron and steel product manufacturers
based out of Andhra Pradesh, Orissa, Chhattisgarh and Karnataka.
The customer base includes iron and steel product manufacturers
based out of Andhra Pradesh, Chhattisgarh, Karnataka, Maharashtra
and Tamil Nadu.


TEXPLAS TEXTILE: CARE Assigns 'CARE B+' Rating to INR66cr LT Loan
-----------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Texplas Textile India Pvt Ltd.

                                Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term Bank Facilities      66        CARE B+ Assigned
   Short-term Bank Facilities     17        CARE A4 Assigned

Rating Rationale

The rating is constrained on account of the delay in the
implementation of the ongoing textile project which may lead to
stressed cash flows with the commencement of term debt repayments
from December 2012 onwards. Furthermore, the ratings are
constrained by the operational and marketing risk associated with
the new venture, which exposes the company to higher competitive
pressures from the existing players having established brands and
marketing network and somewhat subdued textile industry outlook
as a result of which the company's realizations and margins may
get impacted in the initial years of operations. However, the
ratings derive strength from the experienced promoters and
management and low funding risk with the achievement of financial
closure for the project.

Going forward, the ability of Texplas Textile India Pvt Ltd to
successfully complete its ongoing project within the estimated
cost and time and operate at optimum capacity utilization levels
and market its product successfully would be the key rating
sensitivities.

                       About Texplas Textile

TTPL is a closely-held company incorporated in 2010 by Mr J. C.
Jain. It is a part of the Texplas group, which also consists of
Texplas (India) Pvt Ltd, Texplas Lifestyle (India) Pvt Ltd and
Texplas Composites (India) Pvt Ltd. The promoters also have an
engineering college under the name of 'College of Engineering 'in
Roorkee.

TTPL is setting up a plant for the manufacturing of woollen yarn
and worsted yarn in Roorkee, Haridwar. The proposed annual
capacity of the plant is 4,237 MT.

The total project cost for the manufacturing unit is estimated to
be INR81.94 crore. As on July 31, 2012, the company has incurred
INR61 crore towards the project. The project is expected to be
completed by September 2012 with a delay of around six months.


VINAYAK FIBRES: ICRA Assigns '[ICRA]B' Rating to INR8.75cr Loans
----------------------------------------------------------------
ICRA has assigned the long term rating of '[ICRA]B' to the
INR1.54 crore Fund based limits, INR6.00 crore Cash credit and
INR1.21 crore untied limits of Vinayak Fibres Private Limited.

                          Amount
   Facilities            (INR Cr)       Ratings
   ----------            ---------      -------
   Cash Credit             6.00         [ICRA]B assigned
   Fund Based Limits       1.54         [ICRA]B assigned
   Untied Limits           1.21         [ICRA]B assigned

The rating is constrained by the company's weak financial risk
profile characterized by weak profitability on account of low
value addition, leveraged capital structure, weak coverage
indicators and stretched liquidity position. The rating also
incorporates susceptibility of the cotton prices to seasonality
and regulatory risks which together with the highly competitive
industry environment further exerts pressure on margins.

The rating however favourably considers the experience of the
promoter in the cotton ginning industry and advantage the company
enjoys by virtue of its location in cotton producing region
giving it easy access to raw cotton.

                        About Vinayak Fibres

Vinayak Fibres Private Limited promoted by Mr. Abhijit Dudhane &
Mr. Vijay Chaudhry was incorporated on 10th May 2008 and started
its commercial production in the year 2009. The company is
engaged in the business of cotton ginning and pressing in Nagpur
(Maharashtra).

The company has its plant set up at Chindwara District in M.P
with a annual capacity of around 58,400 bales. The company has
its registered office in Nagpur Maharashtra.

Recent results:

The company recorded a net profit of INR0.1 Crore on an operating
income of INR32.4 Crore for the year ending March 31, 2012 as per
provisional figures against net profit of INR0.2 Crore on an
operating income of INR38.8 Crore for the year ending March 31,
2011.


WORTH PERIPHERALS: ICRA Assigns 'BB' Rating to INR20cr Loan
-----------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB' to the
INR20.00 Cr fund based limits of Worth Peripherals Private
Limited. ICRA has also assigned a short term rating of '[ICRA]A4'
to the INR9.77 Cr bank limits of the company. The outlook on the
assigned ratings is 'Stable'. The short term limits are inclusive
of non-fund based limit of INR9.75 Cr which is a sublimit of the
long term fund based limits such that the total exposure should
not exceed INR20.02 Cr.

                                Amount
   Facilities                  (INR Cr)      Ratings
   ----------                  ---------     -------
   Fund Based Limits (CC, TL)    20.00       [ICRA]BB assigned
   Non fund based limits (LC)     9.75       [ICRA]A4 assigned
   Fund Based Limits (FC)         0.02       [ICRA]A4 assigned

The assigned ratings take into account the experience of the
promoter in corrugated packaging, the company's reputed clientele
and long standing relationship with major customers including
HUL, Parle etc. and the continued improvement in profitability y
through various process engineering initiatives and other cost
optimization measures. The ratings, however, are constrained by
the moderate scale of operations, resulting in lower bargaining
power with customers and suppliers. The ratings are also
constrained by weak capital structure on account of the recently
completed capex which was funded predominantly by debt and high
customer concentration risk with the top three customers
accounting for more than 75% of the revenues in the last fiscal.
Going forward, the ratings will remain sensitive to the ability
of the company to acquire new customers in order to ramp up its
volumes in the new unit.

WPPL was incorporated in 1996 as an investment company and is
promoted by Mr. Raminder Singh Chadha. In 2005, the company
converted into a manufacturing concern and commenced
manufacturing of corrugated boxes for different industry segments
including FMCG, Pharmaceuticals, confectionary, bakery among
others. WPPL caters to some of the established players in these
industries such as Hindustan Unilever Limited, Parle Products,
Dabur, Adani Wilmar, Ruchi Soya etc. WPPL has two manufacturing
facilities located in Pithampur, MP, with a production capacity
of 15000MT and 30000MT, with the latter commencing operations
from March 2012.



=================
I N D O N E S I A
=================


BAKRIE TELECOM: S&P Raises Corp. Credit Rating to 'B-'; Off Watch
-----------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate
credit rating on Indonesia-based limited mobility wireless
operator PT Bakrie Telecom Tbk. to 'B-' from 'CCC+'. The outlook
is stable. "We also raised our issue rating on the senior
unsecured notes due 2015 issued by BTEL's fully owned special
purpose vehicle Bakrie Telecom Pte. Ltd. to 'B-' from 'CCC+'.
BTEL guarantees the notes. We removed all the ratings from
CreditWatch, where they were placed with developing implications
on March 20, 2012," S&P said.

"We upgraded BTEL because the company does not have any
significant debt maturing in the next 12 months. Our rating
action follows BTEL's refinancing of its Indonesian rupiah (IDR)
650 billion local currency bonds on Sept. 3, 2012. The company
used the proceeds from an issue of IDR557 billion in non-
preemptive rights (NPR) mostly to Bakrie Group and from a US$50
million (about IDR475 billion) bank loan. BTEL plans to use the
remaining funds to pay US$20 million in equipment payables and
for capital expenditure. We continue to assess BTEL's business
risk profile as 'vulnerable' and its financial risk profile as
'highly leveraged,' as our criteria define these terms," S&P
said.

"We expect BTEL's operating performance to improve, but remain
weak, over the next 12-18 months largely due to a rapid growth in
broadband wireless subscribers," said Standard & Poor's credit
analyst Mehul Sukkawala. "We also expect the company's financial
performance to improve because of the NPR issuance and the
potential improvement in operating performance. Nevertheless,
its credit ratios will remain weak."

"We believe BTEL has 'weak' liquidity, as defined in our
criteria. The company's liquidity sources are likely to cover
liquidity uses by 1.1x in 2012, but only 0.6x in 2013. This
reflects our expectation that BTEL will have a significant
funding gap in 2013 due to finance lease obligations and
equipment payables. Also, we anticipate that the company will
need additional funding to expand its broadband wireless capacity
early next year," S&P said.

"The stable outlook reflects our view that BTEL has sufficient
liquidity for the rest of 2012 and the absence of significant
debt maturities in the first half of 2013," said Mr. Sukkawala.

"We could lower the rating if we believe BTEL's operating
performance will deteriorate, resulting in EBITDA interest
coverage remaining close to 1x. We could also lower the rating
if: (1) BTEL's working capital requirements increase
significantly; (2) the company faces challenges in raising funds
to meet capital expenditure in 2013 and that adversely affects
growth; or (3) its
payment terms on finance leases from tower companies and
equipment vendors turn more onerous," S&P said.

"Although less likely, we could raise the rating if BTEL takes
steps to bridge its funding gap in 2013, and that results in
sources of liquidity exceeding uses by at least 1x, and the
company sustains its EBITDA interest coverage at 1.5x or more,"
S&P said.


PT INDOSAT: Regulatory Approval No Impact on Moody's 'Ba1' Rating
-----------------------------------------------------------------
Moody's Investors Service says the regulatory approval that PT
Indosat Tbk has received to operate 3G services on its 900MHz
spectrum is a credit positive, though not impacting the company's
Ba1 rating or stable outlook.

"The regulatory approval provides Indosat with critical spectrum
to enhance its 3G and data network and services; an area in which
the company has significantly lagged behind its peers," says
Nidhi Dhruv, a Moody's Analyst and also Lead Analyst for Indosat.

Refarming part of its existing 10MHz of 900MHz spectrum has been
a key component of Indosat's 3G strategy as it is more efficient
in terms of capex required to build out its network. Moody's also
understands that there are no further payments required to the
regulator on the reallocated spectrum.

"We expect the network build-out cost to be accommodated within
Indosat's projected capex of Rp6.5-Rp7.0 trillion for 2012,
although the capex spending will increase in the next year as
Indosat speeds up its wireless data endeavours," says Dhruv.
"Furthermore, the company will still need to actively participate
in the auctions for additional 3G spectrum expected over the next
few months -- if it wants to remain competitive."

Nonetheless, the company has recently concluded the sale of 2,500
towers to Tower Bersama Group (Ba2, stable) for a cash
consideration of about USD330 million, part of which will be used
to support capex. Moody's therefore expects Indosat to maintain
an adjusted debt/EBITDA ratio of 2.5x-3.0x over the near term.

"However, given Indosat has only started trial runs of 3G
services on its 900Mhz spectrum in August, we do not expect the
company's revenue, financial profile or market position to
benefit from the regulatory approval, until at least 2013.
Moreover, in the near-term, data capacity utilizations will
remain sub-optimal, which, coupled with the need for promotional
and infrastructure related cost, will pressure margins," says
Dhruv.

In addition, Indosat's market share is at risk of erosion by
competitors such as PT XL Axiata Tbk (Ba1, stable) which is a
more established provider of 3G networks and services. Moody's
also notes that Indosat's peers such as PT XL Axiata Tbk and PT
Telekomunikasi Selular (Baa1, stable) may also attempt to refarm
some of their 900MHz spectrum; although their allocation -- at
7.5MHz -- is lower than that of Indosat.

The principal methodology used in rating Indosat was the Global
Telecommunications Industry Methodology published in December
2010.

Indosat is a fully integrated telecommunications network and
services provider in Indonesia. The company is the second-largest
cellular operator in the country, as well as its leading provider
of international call services. It also provides multi-media,
data communications, and internet services. Indosat is 65%-owned
by Qatar Telecom.



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


ORIX-NRL 14: S&P Lowers Ratings on 5 Classes of Certs. to 'CCC-'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'CCC- (sf)' from
'CCC (sf)' its ratings on the class C to G trust certificates
issued under the ORIX-NRL Trust 14 transaction. "At the same
time, we kept our rating on the class B certificates on
CreditWatch with negative implications. The class A trust
certificates issued under the same transaction fully redeemed on
the principal and interest payment date in December 2011, and we
withdrew the rating on the
interest-only class X in the same month. In September 2011, we
lowered to 'D sf)' from 'CC (sf)' our rating on class H," S&P
said.

"One defaulted loan currently backs the transaction, and a single
property backs the defaulted loan. The loan originally
represented about 13.4% of the total initial issuance amount of
the trust certificates," S&P said.

"We placed our rating on class B on CreditWatch negative on March
6, 2012. Then, on June 5, 2012, we maintained our rating on class
B on CreditWatch negative, based on these factors," S&P said:

    "The servicer had completed the sale of one of the two
    properties backing the above loan at that time (an office
    building in Fukuoka City, Fukuoka Prefecture). However, we
    believed that selling the other related collateral property
    (an office building in Kitakyushu City, Fukuoka Prefecture)
    would require some time," S&P said.

    The servicer had not yet completed the sale of the property
    backing an underlying specified bond that remained at that
    time (an office building in Minato Ward, Tokyo).

"Although the loan-to-value (LTV) ratio for class B declined
markedly after the servicer completed the sale of the above
office building in Minato Ward, Tokyo, this class has not yet
fully redeemed. In addition, we believe that selling the
transaction's last collateral property (the office building in
Kitakyushu City, Fukuoka Prefecture) will require some time.
Moreover, in
our view, the rating on class B may come under downward pressure
if we do not see any progress in selling the property as the
transaction's legal final maturity date in December 2013 draws
closer. We  kept our rating on class B on CreditWatch negative to
reflect all these factors," S&P said.

"Meanwhile, we downgraded classes C to G to 'CCC- (sf)' because
we consider that these classes are now more likely to incur
losses, given our assumption for the likely collection amount
from the last property backing the transaction's remaining loan,"
S&P said.

"We intend to review our ratings on the trust certificates after
ascertaining the progress of the sale of this property," S&P
said.

"ORIX-NRL Trust 14 is a multiborrower commercial mortgage-backed
securities (CMBS) transaction. Ten nonrecourse loans and
specified bonds extended to eight obligors initially secured the
trust certificates, and 39 real estate certificates and real
estate properties originally backed the 10 nonrecourse loans and
specified bonds. ORIX Corp. arranged the transaction, and ORIX
Asset Management & Loan Services Corp. acts as the servicer," S&P
said.

"The ratings reflect our opinion on the likelihood of the full
payment of interest and the ultimate repayment of principal by
the transaction's legal final maturity date in December 2013 for
the class B to G certificates," S&P said.

              STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26,
2011," S&P said.

If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:

            http://standardandpoorsdisclosure-17g7.com

RATINGS LOWERED
ORIX-NRL Trust 14
JPY20.7 billion trust certificates due December 2013
Class     To            From         Initial issue amount
C         CCC- (sf)     CCC (sf)     JPY1.2 bil.
D         CCC- (sf)     CCC (sf)     JPY0.7 bil.
E         CCC- (sf)     CCC (sf)     JPY0.3 bil.
F         CCC- (sf)     CCC (sf)     JPY0.5 bil.
G         CCC- (sf)     CCC (sf)     JPY0.1 bil.

RATING KEPT ON CREDITWATCH NEGATIVE
ORIX-NRL Trust 14
Class       Rating                  Initial issue amount
B           A+ (sf)/Watch Neg       JPY2.0 bil.


ORSO FUNDING 8: S&P Affirms 'BB+' Rating on Class E Notes
---------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its ratings on
the class A2 to E, and X floating-rate notes issued under the
Orso Funding CMBS 8 Ltd. transaction in November 2007. Class A1,
which was issued under the same transaction, fully redeemed on
the principal and interest payment date in June 2012.

"We consider that the likely collection amount from the
properties backing the transaction's underlying loan and
specified bond (hereafter, collectively referred to as 'loan
assets') is under downward pressure relative to conditions at the
transaction's closing, after taking into account the types and
locations of the properties. Nevertheless, we expect the downward
pressure on the likely collection amount to have little negative
impact on the credit quality of each class of notes, given the
time remaining until the transaction's effective legal final
maturity date in June 2024 and after considering the transaction
structure, under which the issuer uses surplus cash flow from the
properties to redeem the notes. Accordingly, we ffirmed our
ratings on the class A2 to E, and X notes," S&P said.

"Orso Funding CMBS 8 is single-borrower commercial mortgage-
backed securities (CMBS) transaction. One loan and one specified
bond (the loan assets) extended to/issued by one obligor
initially secured the notes, and 184 properties originally backed
the loan assets. Bear Stearns (Japan) Ltd., Tokyo Branch arranged
the transaction, and Premier Asset Management Co. acts as the
servicer," S&P said.

"The ratings reflect our opinion on the likelihood of the full
and timely payment of interest and the ultimate repayment of
principal by the transaction's legal final maturity date in June
2022 for the class A2 notes, the full payment of interest and the
ultimate repayment of principal by the legal final maturity date
for the class B to E notes, and the timely payment of available
interest for the class X notes. The legal final maturity date of
the notes is June 2022. However, if the loan assets do not fully
redeem by
June 2022, the legal final maturity date of the notes will be
extended to June 2024," S&P said.

              STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:

             http://standardandpoorsdisclosure-17g7.com

RATINGS AFFIRMED
Orso Funding CMBS 8 Ltd.
JPY151.6 billion notes due June 2022
Class     Rating       Initial issue amount
A2        AAA (sf)     JPY72.8 bil.
B         AA (sf)      JPY19.6 bil.
C         A (sf)       JPY19.6 bil.
D         BBB (sf)     JPY23.9 bil.
E         BB+ (sf)     JPY8.0 bil.
X         AAA (sf)     JPY151.6 bil. (initial notional principal)



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


BLUE CHIP: Disputes Between Lawyers May Prolong Creditors Wait
--------------------------------------------------------------
William Mace at stuff.co.nz reports that a clash between a lawyer
representing Blue Chip investors and the companies' liquidators
over the best way to recover money from its directors could
prolong the wait for creditors.

stuff.co.nz relates that Barrister Paul Dale, who took about 250
Blue Chip investors to a Supreme Court victory on a separate
matter last month, has been agitating for the company's
liquidators, Jeff Meltzer and Arron Heath, to take a civil claim
against Blue Chip's directors for some time.

According to the report, Mr. Dale had publicly criticised Messrs.
Meltzer and Heath for not acting quickly enough to recover funds
from the directors for dispersal among investors.

stuff.co.nz says Mr. Dale was due to argue for the removal of
Meltzer and Heath as liquidators in the High Court at Auckland on
September 4, but instead he has vacated the application and is
now keen to co-operate with the liquidators on a combined civil
claim.

However Mr. Meltzer was not so receptive to the idea Tuesday.

"We're not working together with Paul Dale, Paul's taking his own
separate actions," the report quotes Mr. Meltzer as saying.
"They're different people he's representing, different actions
and he's not involved in any aspect of the work that the
liquidators are doing."

The impasse is due to be addressed by a High Court judge in
October and the case cannot go forward until the structure of the
claim is settled.

In January, stuff.co.nz recalls, Mr. Dale filed a civil claim on
behalf of investors against Blue Chip's directors, including
former Cabinet ministers Wyatt Creech, John Luxton and the
scheme's founder, Mark Bryers.

stuff.co.nz relates that the liquidators had also filed a similar
claim against the directors and Mr. Dale has since withdrawn his
application to remove them from managing the companies.
Mr. Meltzer said his claim was filed on November 30 last year,
almost two months before Mr. Dale's suit was filed.

Meanwhile, stuff.co.nz reports, Mr. Meltzer said the liquidators
for another Blue Chip entity, Northern Crest Investments,
formerly the publicly listed company known as Blue Chip Financial
Services, had agreed to join with him to pursue the civil claim.

The liquidators' action was focused on a specific group of
investors during the period between 2004 and 2006 when Blue Chip
sold yet-to-be built apartments in three downtown Auckland
developments, stuff.co.nz discloses.

                        About Blue Chip NZ

Blue Chip New Zealand Ltd. is a financial services company with
offices throughout New Zealand.  It is a subsidiary of Blue Chip
Financial Solutions Limited, now known as Northern Crest
Investments.  Northern Crest operates in two divisions: financial
services and leasing services.  The financial services division
is engaged in the provision of financial structuring services and
investment product to a variety of clients.  The leasing
activities division is engaged in rental of residential property.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
April 15, 2008, Blue Chip New Zealand Ltd. is in voluntary
liquidation, joining 20 other Blue Chip companies that are now
being wound up.

Northern Crest Investments, the last surviving business of Mark
Bryers' failed Blue Chip group, also went into liquidation in
June 2011.


B'ON FINANCIAL: Jacqui Bradley Found Guilty of Fraud
------------------------------------------------------
Hamish Fletcher at nzherald.co.nz reports that B'On Financial
Services co-director Jacqui Bradley has been found guilty of
fleecing around NZ$15 million from 28 investors.

According to the report, the former financial advisor was found
guilty and convicted of 75 Crimes Act charges, including those
for theft by a person in a special relationship and dishonestly
using a document.

While Jacqui Bradley originally faced charges with her husband,
Mike Bradley died last year aged 63, the report discloses.

The jury's verdict was unanimous and it took around four hours to
reach it, nzherald.co.nz relays.

nzherald.co.nz relates that prosecutors said B'On Financial was a
"money merry-go-round", and funds were not being invested
legitimately like clients believed.

"It was all a lie," Crown lawyer Kristy McDonald QC told the jury
in the Auckland District Court on September 3.

The crown said investor money was also used to pay other clients
back, in what is commonly known as a Ponzi-scheme, and was spent
by the Bradleys for schools fees, the mortgage on their Remuera
home, clothes shopping and payments on a BMW, the report relays.

Ms. Bradley was remanded in custody until October 19 for
sentencing, the report adds.

Although receivers sold the couple's Remuera home for more than
NZ$4 million in 2010, investors have been told they are unlikely
to recover much, nzherald.co.nz reported.

                        About B'On Financial

B'On Financial Services Limited) was placed into voluntary
receivership on Dec. 22, 2009, owing approximately NZ$29 million
to approximately 86 investors.

In December 2010, the Serious Fraud Office laid 87 charges under
the Crimes Act against Michael John Bradley and Jacqueline
Lyndsay Bradley, the co-directors of B'On Financial Services Ltd,
for what is alleged to be the defrauding of approximately 85
investors of over NZ$15 million. The investigation identified
over 85 investors, but the charges relate to 24 investors in the
period 2003 to 2009.


BRIDGECORP LTD: Appeal Court Keeps Decision Over Insurance Cover
---------------------------------------------------------------
BusinessDesk reports that the Court of Appeal has reserved its
decision in the fight to free up director indemnity insurance to
cover the cost of defending claims in the Bridgecorp Ltd
receivership and Feltex Carpets class action.

BusinessDesk recalls that the former Bridgecorp directors Peter
Steigrad, Bruce Nelson Davidson and Gary Urwin were appealing a
ruling in the High Court last year that blocked access to their
$20 million directors' and officers' liability (D&O) policy to
cover their defence costs.

They were joined by the former Feltex board and its insurer
Chartis New Zealand, who sought a declaration in December on
whether their D&O cover could be used for defence costs after the
Bridgecorp ruling, the report relates.

According to BusinessDesk, counsel for the Bridgecorp receiver,
Murray Tingey, told Justices Mark O'Regan, Terence Arnold and
Rhys Harrison in Wellington the structure of the Bridgecorp D&O
policy meant defence costs ranked behind a potential claim on
liability and could not be drawn on.

BusinessDesk relates Mr. Tingey argued the full amount should
come to the receivers.  By pooling the policy's limit, rather
than divvying up how much could be allocated to defence costs and
how much to liability, secured creditors had priority.

"When those directors came to claim their costs, the liability
limit was exhausted by the charge, so the insurer can say we're
not going to pay this," the report quotes Mr. Tingey as saying.

"They chose to take a policy with composite (pooling) - the
reason they may have done that was for the benefit of the
company, but that's just what the bargain is."

BusinessDesk reports that Michael Ring QC, counsel for Chartis,
told the court the Bridgecorp directors joined the board "on the
faith of the promises" that they would be covered by liability
insurance, and that the receivers' position "pulls up the rope
ladder and says 'hang on, you're going to have to pay the defence
costs yourself'."

BusinessDesk relates that Mr. Ring said "defence costs cover are
fundamental" to the policy contract, with the cover designed to
either prevent legal liability, or minimise it, with anything
left over to go to a claimant.

A claim could not be made on the policy until it was quantified,
which could only happen after any defence, he said. That would
have to lead to defence costs being met by the policy.

                      About Bridgecorp Ltd

Based in New Zealand, Bridgecorp Ltd. is a property development
and finance company.

Bridgecorp was placed in receivership on July 2, 2007, after
failing to pay principal due to debenture holders.  John Waller
and Colin McCloy, partners at PricewaterhouseCoopers, were
appointed as receivers.  Bridgecorp owes around 14,500 investors,
which liquidators estimate to approximate NZ$500 million.

Bridgecorp's nine Australian companies were also placed into
voluntary administration, owing about 100 investors about
AUD24 million (NZ$27 million).


NZF GROUP: Agrees to Exit Mike Pero Mortgages Joint Venture
-----------------------------------------------------------
BusinessDesk reports that NZF Group, the financial services firm
at loggerheads with the receivers of its failed lending unit, has
agreed to exit its Mike Pero Mortgages joint venture with
Australia's Liberty Financial for a yet-to-be-determined price.

According to BusinessDesk, the Auckland-based firm said it has
agreed to sell its 50% stake in MPMH, which owns the Mike Pero
Mortgages business and half of Mike Pero Real Estate, to Liberty
and will get an independent valuation to set the sale price.

BusinessDesk relates that the sale might need shareholder
approval depending on the price and will be the only condition
once the valuation is set.

The partners are involved in a High Court dispute over the
venture, after Liberty filed papers alleging NZF Group was in
breach of the agreed deal, BusinessDesk notes.

BusinessDesk says NZF Group is also in a battle with KordaMentha,
the receivers for NZF Money, which is seeking to claw back funds
for investors owed some NZ$16.4 million in the failed finance
company.

                        About NZF Money

NZF Money Limited, previously known as New Zealand Finance
Limited, has been in operation since 1997.  The company provides
financial services with its core activity being a diversified
range of services including; investment, lending, insurance and
mortgage broking.  NZF Money is the deposit-taking subsidiary of
NZF Group.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 23, 2011, BusinessDesk said NZF Money was put in
receivership in July 2011 after its parent failed to secure
short-term funding needed to keep the finance company afloat.
The shortfall arose after the Financial Markets Authority forced
the company to pull its debenture prospectus which hoped to raise
NZ$350 million over the issues around asset quality and liquidity
disclosure.

The TCR-AP reported on March 23, 2012, that the Serious Fraud
Office said that it has commenced a Part II investigation into
NZF Group Limited, NZF Money Limited, and their related
companies.

SFO and the Financial Markets Authority (FMA) together have been
assessing a range of allegations relating to the conduct of the
group. The primary focus of the SFO assessment relates to alleged
related party transactions between members of the group, its
directors and officers. The transactions cover a period from 2006
to the present.


OTAIHAPE HEALTH: Former Staff Still Angry at 9c Final Payout
------------------------------------------------------------
Wanganui Chronicle reports that former staff of Otaihape Health
are still angry at the redundancy compensation they received in
April when the company went into voluntary liquidation in
November 2010.

Otaihape Health was the employer but Otaihape Community Trust ran
the hospital and aged-care facility Ruanui Home, which closed in
December 2010.

Some of the women the Chronicle spoke to said stress and
depression had beset some of those who had not found gainful
employment since the company liquidated.  Others have had to
leave Taihape to find work.

According to the report, one woman, an enrolled nurse, had worked
for more than 20 years, and another for 35 years. They both
received a final net pay of 9 cents in the dollar: NZ$1,683.00
gross and a net payment of NZ$1,143.77, of which PAYE had to be
paid to Inland Revenue.

The Chronicle relates that Pukekohe liquidator John Whittfield
explained there were 60 employees, an ANZ bank loan of
NZ$96,055.61, and the Inland Revenue that had to be paid. Claims
totaling NZ$841,636.11 were paid, of which wages were
NZ$342,096.20.

The company had no assets and a legal opinion was sought as to
the obligation to repay the bank loan.



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


HEALTH SERVICE: S&P Gives 'BB+' Financial Strength Rating
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' insurer
financial strength and issuer credit ratings to New Zealand-based
Health Service Welfare Society Ltd. (trading as Accuro Health
Insurance). The outlook is stable.

"The ratings reflect the insurer's strong risk-based
capitalization, conservative investment profile, and supportive
liquidity position. We also hold a positive view of Accuro's
ability to grow its membership base despite challenging market
conditions. Offsetting these strengths are the insurer's cyclical
operating performance and moderate earnings base," S&P said.

"According to Standard & Poor's risk-based capital modeling,
Accuro is strongly capitalized. While operating deficits in
recent years have lowered Accuro's capital base, we do not expect
any further significant capital deterioration through write
downs. As Accuro pursues its growth plans, its philosophy to
target break-even performance may reduce its risk-based
capitalization over
the longer term. However, we expect capitalization to remain
strong," S&P said.

"Accuro's moderate earnings base and small absolute size leave it
susceptible to cost shocks that might be more easily absorbed by
larger peers. Costs of meeting regulatory requirements, system
changes, and operations are spread over a smaller revenue base.
As such, the insurer may face a competitive disadvantage over the
longer term. We expect Accuro's cost base to increase gradually,
but at a lower rate than revenue growth. As business volumes
increase, we expect expense measures to improve," S&P said.

"The stable outlook reflects our expectation that Accuro's
membership numbers will continue to increase as Accuro's value
proposition reaches a wider audience," said credit analyst Philip
Chung. "We expect loss ratios to be sustained at or below
industry levels, and that Accuro will continue to maintain its
underwriting standards. We believe Accuro's operating expenses
will increase at a slower rate than business growth, and as such,
we expect expense ratios to gradually reduce."

"As we have factored in initiatives undertaken by Accuro to
increase revenue and reduce cost pressures, an upgrade will be
unlikely in the near future," said Mr. Chung. "However, we would
hold a positive view of Accuro's ability to sustain growth
momentum and manage its business in line with management
forecasts. The ratings may be lowered if underwriting performance
deteriorates or if risk-adjusted capitalization worsens
significantly."



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


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

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


AUSTRALIA


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


CHINA

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


HONG KONG

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


INDONESIA

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


INDIA

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


JAPAN

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


KOREA

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


MALAYSIA

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


NEW ZEALAND

NZF GROUP LTD            NZF NZ Equity      142.71     -0.26


PHILIPPINES

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


SINGAPORE

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


THAILAND

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


TAIWAN

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



                             *********

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

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

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


                            *********


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

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

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

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

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





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