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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

          Wednesday, October 24, 2012, Vol. 15, No. 212

                            Headlines


A U S T R A L I A

AUSDRILL FINANCE: S&P Rates Proposed US$300 Million Notes 'BB'
AUSDRILL LIMITED: Moody's Assigns 'Ba2' Corp. Family Rating
AUSDRILL LIMITED: S&P Assigns 'BB' Issuer Credit Rating
AUSTASIA MILLING: Mill Workers Gets Support From Government
ENVIRO FRIENDLY: $600K In Solar Credit in Dispute as Firm Fails

RESIMAC SERIES 2012-1NC: S&P Rates Class F Securities 'B(sf)'
TRAVELWORLD: In Administration, Affects 340 Passengers


C H I N A

CHINA PRECISION: Gets Another Non-Compliance Notice from NASDAQ


H O N G  K O N G

CHINA SCI-TECH: Commences Wind-Up Proceedings
CHINA SCI-TECH CORPORATE: Commences Wind-Up Proceedings
CHINA SCI-TECH INDUSTRIAL: Commences Wind-Up Proceedings
CHINA SCI-TECH INFORMATION: Commences Wind-Up Proceedings
CHINA SCI-TECH INVESTMENT: Commences Wind-Up Proceedings

TOYO DENKI: Court Enters Wind-Up Order
UNITED PLUS: Court Enters Wind-Up Order
VAUGHN COMPANY: Court Enters Wind-Up Order
WING KEY: Court Enters Wind-Up Order
WW COURIER: Court Enters Wind-Up Order


I N D I A

ATLANTA ELECTRICALS: CRISIL Cuts Rating on INR215MM Loans to 'B'
B.S. INDUSTRIES: CRISIL Places 'B+' Rating on INR58.8MM Loans
BALA BALAJEE: Delays in Loan Payment Cues CRISIL Junk Ratings
BHAGAWATHI COTTON: CRISIL Assigns 'B+' Rating to INR50MM Loans
CHOUDHARI CONSTRUCTION: CRISIL Cuts Rating on INR40MM Loan to 'B'

EBONY RETAIL: In Liquidation Process; Shuts Retail Shops
EXPORT-IMPORT BANK: Moody's Affirms Ratings; Outlook Stable
JCO GAS: Delays in Loan Payment Cues CRISIL Junk Ratings
JEWAR KOTHI: CRISIL Assigns 'B+' Rating to INR41.5MM Loans
MAHARASHTRA CRICKET: Delay in Loan Rating Cues CRISIL Junk Rating

N.N. SAHA: CRISIL Assigns 'B+' Rating to INR70MM Cash Credit
SHRI RAJ: CRISIL Rates INR50MM Cash Credit at 'CRISIL B+'
SINGLA JEWELLERS: CRISIL Cuts Rating on INR150MM Loan to 'B+'
STERLING BIOTECH: Bondholders File Liquidation Petition
T.C. SPINNERS: Delay in Loan Payment Cues CRISIL Junk Ratings

TESSOLVE SERVICES: CRISIL Hikes Rating on INR123.5MM Loans to 'B'


I N D O N E S I A

CITY OF BANDUNG: S&P Affirms 'BB-' Issuer Credit Rating
CITY OF SURABAYA: S&P Affirms 'BB' Issuer Credit Rating


N E W  Z E A L A N D

SHORELINE SERVICES: Placed in Liquidation


S I N G A P O R E

AMB INCHEON: Members' Proofs of Debt Due Nov. 19
AMB INCHEON DISTRIBUTION: Members' Proofs of Debt Due Nov. 19
ARTPRINT MEDIA: Creditors' Proofs of Debt Due Nov. 2
BAXUS MARINE: Applies for Judicial Management
BORDERS PTE: Creditors Get 100% Recovery on Claims

CHINA CITYONE: Applies to Hear Wind-Up on Nov. 9
HAN JIANG: Members' Proofs of Debt Due Nov. 19


S R I  L A N K A

SANASA DEVELOPMENT: Fitch Affirms 'BB+' National Long-Term Rating


T H A I L A N D

TRUE CORPORATION: 3G Licenses No Impact on Moody's 'B2' Rating


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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A U S T R A L I A
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AUSDRILL FINANCE: S&P Rates Proposed US$300 Million Notes 'BB'
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' long-term
rating to Ausdrill Finance Pty Ltd.'s proposed US$300 million
notes issue. Ausdrill Finance is the financing arm of Australian
mining services provider Ausdrill Ltd. The rating is subject to
the terms and conditions of the final documents. "At the same
time, we have assigned a recovery rating of '3' on the proposed
notes. This indicates our expectations for meaningful recovery
(50%-70%) should a default event occur," S&P said.

The proposed senior unsecured and subordinated notes are to be
guaranteed by Ausdrill Ltd. (BB/Stable/--) and will rank at least
pari passu with all other unsecured debt. The net proceeds of the
bond issue are to be used to repay existing secured bank debt
facilities.


AUSDRILL LIMITED: Moody's Assigns 'Ba2' Corp. Family Rating
-----------------------------------------------------------
Moody's Investors Service has assigned a first time Ba2 corporate
family rating to Ausdrill Limited. At the same time, Moody's has
assigned a provisional (P)Ba3 senior unsecured rating to the
proposed US$300 million 144A notes to be issued by Ausdrill
Finance Pty Ltd, a 100% owned and guaranteed subsidiary of
Ausdrill. The proceeds of the 144A issuance will be used mainly
to repay existing indebtedness and fund a business acquisition
(Best Tractor Parts).

This is the first time that Moody's has assigned ratings to
Ausdrill. The outlook on the ratings is stable.

Ratings Rationale

"Ausdrill's corporate family rating reflects its strong market
position in relation to the provision of integrated mining
services in its target markets and its ability to execute
contracts to a diversified range of counterparties. This is
evidenced by Ausdrill's record of stable operating margins and
retaining and winning contracts", says Arnon Musiker, a Moody's
VP/Senior Analyst.

"Ausdrill's credit profile also benefits from its focus on mining
services that are dependent on mine production, as opposed to
greenfields exploration and/or mine development activities, which
should reduce the volatility of its revenue", Mr. Musiker says,
adding "also its incumbency position at existing mine sites gives
it understanding and familiarity with the sites, and poses
logistical challenges for mine owners needing to procure
replacement fleet in the event of changing contractors".

"However, Ausdrill's rating is challenged by its exposure to
countries in Africa, with less stable political and operating
environment, including Mali", Mr. Musiker says, adding
"Ausdrill's strategy of increasing revenue contribution from
Africa over the medium term is incorporated in the Ba2 corporate
family rating. The corporate family rating also recognizes that
Ausdrill has a strong financial profile for pursuing its growth
plan, consistent with its track record."

"The rating further reflects our view that the earnings from
Ausdrill's Australian operations are subject to cyclicality, with
relatively large contributions from equipment hire and mining of
iron ore and coal."

The provisional Ba3 rating for the notes reflects material legal
subordination as the notes rank behind certain Ausdrill
facilities including its senior secured Syndicated Bank Facility.
The assignment of a definitive debt rating on the 144A notes is
subject to a review of the final documentation, and to successful
issuance of the proposed debt.

Ausdrill's corporate family rating is unlikely to be upgraded,
based on its business risk and financial profile. Over time, a
positive rating trend could emerge if the business demonstrated
an ability to maintain gross adjusted Debt/EBITDA at less than
1.5x on a consistent basis.

On the other hand, the rating could be downgraded if gross
adjusted Debt/EBITDA consistently exceeds 2.0x. Negative rating
pressure could also result from sustained negative free cash flow
and/or widespread contract cancellation that has a material
effect on operating cashflow.

The principal methodology used in rating Ausdrill Limited and
Ausdrill Finance Pty Ltd was the Global Business & Consumer
Service Industry Rating Methodology published in October 2010.

Ausdrill was established in 1987 as a drill and blast company in
the Australian mining services sector, and has expanded into a
vertically integrated provider of mining services to the
resources industry in Australia and Africa with in-house
capabilities in manufacturing, logistics and supply.


AUSDRILL LIMITED: S&P Assigns 'BB' Issuer Credit Rating
-------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' issuer
credit rating to Australian integrated mining services provider
Ausdrill Ltd.  The outlook on the rating is stable.  ASL has
operations in Australia and Africa, which are supported by in-
house manufacturing and ancillary services.

"The 'BB' issuer credit rating on ASL reflects our assessment of
the company's 'weak' business risk profile and 'intermediate'
financial risk profile," Standard & Poor's credit analyst Craig
Parker said. "The rating incorporates ASL's indirect exposure to
volatile commodity prices, its increasing presence in African
countries that have vulnerable credit profiles, a requirement to
actively manage the rollover of existing contracts, and a recent
sizable growth in its business operations that has been partly
debt-funded."

Offsetting these weaknesses are: ASL's intermediate financial
risk profile and market position, which is supported by contracts
to a mix of major mining houses who have competitive businesses.

"The stable rating outlook incorporates our expectation that ASL
will successfully integrate its acquisition of Best Tractor
Parts, renew rolling contracts, expand into new markets and
product lines in Australia, and deliver on the contract mining
undertakings in Africa. We expect its financial metrics to
include a funds from operations (FFO)-to-debt of about 45% and a
free operating cash flow that will occasionally be positive, and
for the most part, not substantially negative," S&P said.

"The rating could come under pressure if the company's financial
metrics weakened due to a contraction in mining activity that
coincided with the nonrenewal of retiring contracts or a closure
of mines. Such scenarios would adversely affect ASL's EBITDA
margins and result in FFO-to-debt falling to less than 45% and a
substantially negative FOC," S&P said.

"An upgrade is unlikely in the short term. In the long term, the
rating could be raised if the company successfully grew its
operations into new and profitable mining activities, while
minimizing its exposure to the volatile African countries. A more
conservative financial policy would have limited upward rating
impact given ASL's weak business profile," S&P said.


AUSTASIA MILLING: Mill Workers Gets Support From Government
-----------------------------------------------------------
ABC News reports that former employees of Austasia Milling Pty
Ltd, a troubled flour mill based in Young, New South Wales, are
being told to look at government employment and support services.

Staff of Austasia Milling, also trading as Young Stock Feeds,
lost their jobs last week when the company went into liquidation,
but some may be rehired by the purchaser, ABC News says.

According to the report, a government information session in
Austasia Milling on October 18 offered advice on income support,
retraining and education programs.

ABC News relates that the Minister for Human Services, Kim Carr,
said that day was specifically aimed at the mill workers.

"Well we want to provide a tailor made service for people that
are battling hard times," the report quotes Mr. Carr as saying.
"We've seen with the rising price of the Australian dollar a
number of enterprises have gotten into trouble and they've laid
people off, now we want to work closely with people to help them
get back on their feet as quickly as possible."

The State and Federal Governments say it is a priority to find
work for former employees of the mill, the report adds.

Established in 1888, AustAsia Milling Pty Ltd --
http://www.austasiamilling.com/-- is a supplier in the flour
milling, stockfeed and grain industries.  It is based in Young,
New South Wales.  The 124-year-old business also trades as Young
Stock Feeds.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 8, 2012, SmartCompany said AustAsia Milling was placed on
the market after entering administration with AUD9 million in
debt. John Vouris and Bradley Tonks of Lawler Partners were
appointed as administrators on July 27, 2012, and the business
was advertised for sale "as a going concern."


ENVIRO FRIENDLY: $600K In Solar Credit in Dispute as Firm Fails
---------------------------------------------------------------
John Thistleton at The Canberra Times reports that an Australian
federal court is being asked to decide who owns more than
$600,000 worth of solar credits left after Enviro Friendly
Products went into administration earlier this year.

The Canberra renewable energy firm owed more than $750,000 when
it went into administration in January, according to The Canberra
Times.

The report notes that liquidator Worrells Solvency and Forensic
Accountants want the court to direct how to deal with the solar
credits, known as STCs.

Issued by the Commonwealth government's Clean Energy Regulator,
the STCs are trading at a little over $30 a certificate and
collectively are worth more than $600,000, the report cites.

The Canberra Times discloses that Klaus Matthaei, one of 260
customers issued with certificates, said customers include
pensioners who had borrowed money to buy solar panels or solar
hot water systems and still had quite a lot to pay back.

In documents filed with the court, Mr. Matthaei raised concerns
that many customers were unaware of the court proceedings, and
that he had tracked down 59 other customers who had little idea
of what was happening, The Canberra Times says.

Also, the report relates, Mr. Matthaei said 15,000 STCs worth
$475,000 were missing and those funds should be reimbursed before
any other creditors were paid.

Mr. Matthaei, according to the report, told the court the
remaining STCs should be treated as separate from the assets of
Enviro Friendly Products and administered by the eligible
beneficiaries and the profits distributed among them.

According to The Canberra Times, Worrells Solvency partner
Stephen Hundy said customers were entitled to a certain number of
certificates depending on the size of solar hot water or solar
panel systems they bought.  They had been given the option of
assigning their rights to an agent, the report relates.

The report notes that EFP was a registered agent and some of
those rights could have been assigned to the company to create
certificates.

Mr. Matthaei said the company indicated to customers they would
register the 21,000 certificates and hold them on the customers'
behalf, even though they were registered in the company's name,
the report relays.

Mr. Hundy told The Canberra Times earlier this year factors
contributing to the demise of Enviro Friendly Products included
changes to the ACT government's feed-in-tariff scheme, which
ended abruptly in May.

The report adds that at the time the government said the feed-in
tariff contributed to growth in the ACT solar market, and
interest was mostly driven by the high level of assistance from
the federal government's solar credits program.


RESIMAC SERIES 2012-1NC: S&P Rates Class F Securities 'B(sf)'
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
ratings to seven of the eight classes of residential mortgage-
backed securities (RMBS) to be issued by Perpetual Trustee
Company Ltd. as trustee of RESIMAC Bastille Trust in respect of
RESIMAC Series 2012-1NC. RESIMAC Series 2012-1NC is a
securitization of a pool of nonconforming and prime residential
mortgages originated by RESIMAC Ltd.

The preliminary ratings reflect:

    S&P's view of the credit risk of the underlying collateral
    portfolio, including the fact that this is a closed
    portfolio, which means no further loans will be assigned to
    the trust after the closing date.

    S&P's expectation that the various mechanisms to support
    liquidity within the transaction, including principal draws
    and an amortizing liquidity facility equal to 3.6% of the
    initial invested amount of all notes, subject to a floor of
    A$1,800,000, are sufficient under S&P's stress assumptions to
    support timely payment of interest on the rated notes.

    S&P's view that the credit support is sufficient to withstand
    the stresses it applies.  This credit support comprises
    mortgage insurance for 32.6% of the portfolio, which covers
    100% of the face value of those loans, their accrued
    interest, and reasonable costs of enforcement; and note
    subordination for the class A1, A2, B, C, D, E, and F notes.

    The benefit of a fixed-to-floating interest-rate swap
    provided by National Australia Bank Ltd. (NAB; AA-/Stable/
    A-1+), to hedge the mismatch between receipts from any fixed-
    rate mortgage loans and the variable-rate RMBS.

    The condition that a minimum margin will be maintained on the
    residential mortgage loans.

    The availability of a retention amount built from excess
    spread, and which will be applied monthly to repay the most
    subordinated rated note at that time. An equal amount of
    unrated class G notes will be issued at the same time to
    maintain the level of credit support available to the rated
    notes.

    The availability of an amortization amount built from excess
    spread, starting two months after the call date onward, to
    absorb any mortgage losses.

"The issuer has informed Standard & Poor's (Australia) Pty
Limited that the issuer will be publically disclosing all
relevant information about the structured finance instruments
that are subject to this press release," 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 Standard and Poor's 17g-7 Disclosure Report included in this
credit rating report is available at:

        http://standardandpoorsdisclosure-17g7.com/1048.pdf

PRELIMINARY RATINGS ASSIGNED

Class         Rating          Amount (mil. A$)
A1            AAA (sf)        173.50
A2            AAA (sf)        29.00
B             AA (sf)         22.50
C             A (sf)          9.25
D             BBB (sf)        6.50
E             BB (sf)         4.25
F             B (sf)          1.90
G             N.R.            3.10

N.R. - Not rated.


TRAVELWORLD: In Administration, Affects 340 Passengers
----------------------------------------------------
ABC News reports that Travelworld has gone into administration
affecting hundreds of people who had organized flights between
Perth and the Gascoyne town.

Consumer Protection said up to 340 passengers may be affected
after Travelworld went into administration, according to ABC
News.

The report relates that the department's Lanie Chopping said
those who booked through Travelword for Skippers Aviation flights
should contact the airline.

"Contact Skippers Aviation in the first instance to find out
availability of the flight and the cost of the flights and to
organize payment for those flights and then to get a form to fill
in for the travel compensation fund . . . .  Consumers should
make sure they keep all of their receipts and information and
evidence to assist them with their claim for travel
compensation," the report quoted Ms. Chopping as saying.

Travelworld is a travel agency in Carnarvon.



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CHINA PRECISION: Gets Another Non-Compliance Notice from NASDAQ
---------------------------------------------------------------
Che Kin Lui resigned as a member of the Board of Directors of
China Precision Steel Inc. and as a member of the Board's Audit,
Compensation and Nominating and Corporate Governance Committees,
effective Aug. 8, 2012.  Currently, the Company's Board of
Directors consists of two independent directors and two non-
independent directors and the Audit Committee is comprised of two
members.

The Company received on Oct. 18, 2012, a deficiency letter from
the Listing Qualifications Staff at The NASDAQ Stock Market
stating that the Company no longer complies with the independent
director and audit committee composition rules set forth in
NASDAQ Listing Rule 5605, requiring an Audit Committee to consist
of at least three independent members of the board of directors.
Consistent with NASDAQ Listing Rules 5605(b)(1)(A) and
5605(c)(4), NASDAQ has provided the Company with a cure period in
order to regain compliance with the audit committee requirements.
The Company has been given the earlier of the Company's next
annual shareholders' meeting or Aug. 8, 2013, to regain
compliance, except that, if the Company's next annual
shareholders' meeting is held before Feb. 4, 2013, then the
Company must evidence compliance by no later than Feb. 4, 2013.

The Company is in the process of vetting suitable candidates for
appointment to the Company's Board of Directors and Audit
Committee within the cure period who meet the NASDAQ independence
requirements.

As previously reported by the TCR on March 21, 2012, China
Precision received a letter from NASDAQ, notifying the Company
that for 30 consecutive business days the bid price of its common
stock had closed below $1.00 per share, the minimum closing bid
price required by the continued listing requirements.

                         About China Precision

China Precision Steel Inc. is a niche precision steel processing
company principally engaged in the production and sale of high
precision cold-rolled steel products and provides value added
services such as heat treatment and cutting medium and high
carbon hot-rolled steel strips.  China Precision Steel's high
precision, ultra-thin, high strength (7.5 mm to 0.05 mm) cold-
rolled steel products are mainly used in the production of
automotive components, food packaging materials, saw blades and
textile needles.  The Company primarily sells to manufacturers in
the People's Republic of China as well as overseas markets such
as Nigeria, Thailand, Indonesia and the Philippines. China
Precision Steel was incorporated in 2002 and is headquartered in
Sheung Wan,Hong Kong.

China Precision reported a net loss of $16.94 million for the
year ended June 30, 2012, compared with net income of $256,950
during the prior fiscal year.

The Company's balance sheet at June 30, 2012, showed $185.54
million in total assets, $66.67 million in total liabilities, all
current, and $118.87 million in total stockholders' equity.

Moore Stephens, in Hong Kong, issued a "going concern"
qualification on the consolidated financial statement for the
year ended June 30, 2012.  The independent auditors noted that
the Company has suffered a very significant loss in the year
ended June 30, 2012, and defaulted on interest and principal
repayments of bank borrowings that raise substantial doubt about
its ability to continue as a going concern.



================
H O N G  K O N G
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CHINA SCI-TECH: Commences Wind-Up Proceedings
---------------------------------------------
Members of China Sci-Tech Trading Limited on Oct. 9, 2012, passed
a resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Shom Chun Po
         Room 801, 8/F
         Wing Kwok Centre
         182 Woosung Street
         Jordan, Hong Kong


CHINA SCI-TECH CORPORATE: Commences Wind-Up Proceedings
-------------------------------------------------------
Members of China Sci-Tech Corporate Finance Limited on Oct. 9,
2012, passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

         Shom Chun Po
         Room 801, 8/F
         Wing Kwok Centre
         182 Woosung Street
         Jordan, Hong Kong


CHINA SCI-TECH INDUSTRIAL: Commences Wind-Up Proceedings
--------------------------------------------------------
Members of China Sci-Tech Industrial Company Limited on Oct. 9,
2012, passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

         Shom Chun Po
         Room 801, 8/F
         Wing Kwok Centre
         182 Woosung Street
         Jordan, Hong Kong


CHINA SCI-TECH INFORMATION: Commences Wind-Up Proceedings
---------------------------------------------------------
Members of China Sci-Tech Information System Company Limited on
Oct. 9, 2012, passed a resolution to voluntarily wind up the
company's operations.

The company's liquidator is:

         Shom Chun Po
         Room 801, 8/F
         Wing Kwok Centre
         182 Woosung Street
         Jordan, Hong Kong


CHINA SCI-TECH INVESTMENT: Commences Wind-Up Proceedings
--------------------------------------------------------
Members of China Sci-Tech Investment Company Limited on Oct. 9,
2012, passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

         Shom Chun Po
         Room 801, 8/F
         Wing Kwok Centre
         182 Woosung Street
         Jordan, Hong Kong


TOYO DENKI: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on Aug. 21, 2012, to
wind up the operations of Toyo Denki (H.K.) Company Limited.

The company's liquidator is:

          Mat Ng
          JLA Asia Limited
          20/F Henley Building
          5 Queen's Road
          Central, Hong Kong


UNITED PLUS: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on Oct. 10, 2012, to
wind up the operations of United Plus Limited.

The acting official receiver is Alan K F Fong.


VAUGHN COMPANY: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on Oct. 10, 2012, to
wind up the operations of The Vaughn Company (HK) Limited.

The acting official receiver is Alan K F Fong.


WING KEY: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order on Oct. 3, 2012, to
wind up the operations of Wing Key Construction Engineering
Limited.

The company's liquidator is:

          Mat Ng
          JLA Asia Limited
          20/F Henley Building
          5 Queen's Road
          Central, Hong Kong


WW COURIER: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on Aug. 20, 2012, to
wind up the operations of WW Courier Services Limited.

The company's liquidator is:

          Mat Ng
          JLA Asia Limited
          20/F Henley Building
          5 Queen's Road
          Central, Hong Kong



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ATLANTA ELECTRICALS: CRISIL Cuts Rating on INR215MM Loans to 'B'
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Atlanta Electricals Pvt Ltd to 'CRISIL B/Stable' from 'CRISIL
B+/Stable'; the rating on the company's short-term bank
facilities has been reaffirmed at 'CRISIL A4'.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee          400       CRISIL A4 (Reaffirmed)

   Letter of Credit         50       CRISIL A4 (Reaffirmed)

   Cash Credit             185.5     CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Term Loan                30.2     CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

The downgrade reflects expected deterioration in AEPL's financial
risk profile because of its declining profitability and stretched
liquidity. AEPL's operating margins has declined to around 10.4
per cent in 2011-12 (refers to financial year, April 1 to March
31) from 14.4 per cent in 2010-11 on account of increase in the
raw materials prices combined with the competitive nature of the
transformer industry, which restricts its ability to pass on
increase in raw material prices to customers. CRISIL believes
that AEPL's profitability will remain low on account of
competitive nature of transformer industry which results in low
bargaining power. Furthermore, the company's liquidity remains
stretched as reflected in high gross current asset (GCA) days
(around 360 days as on March 31,2012) resulting in short term
cash flow mismatches. The decline in profitability and large
working capital requirements has weakened the company's interest
coverage ratio to around 1.19 times in 2011-12 from 1.67 times in
2010-11. CRISIL expects AEPL's financial risk profile will remain
constrained over the medium term because of large working capital
requirements.

The ratings reflect AEPL's large working capital requirements,
weak financial risk profile marked by average gearing, and weak
debt protection metrics, and modest scale of operations in
fragmented industry. These rating weaknesses are partially offset
by the benefits that AEPL derives from its promoters' extensive
industry experience and its established customer base.

Outlook: Stable

CRISIL believes that AEPL's financial risk profile will remain
constrained by its large working capital requirements, over the
medium term. The outlook may be revised to 'Positive' in case of
an improvement in AEPL's working capital management and
profitability, leading to an improvement in the company's
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case of further deterioration of company's
liquidity on account of increased working capital requirements or
its profitability declines, thereby further constraining its
financial risk profile.

AEPL, set up in 1982 as proprietorship firm, was reconstituted as
a private limited company in 1995. The company's manufacturing
facility is in Anand (Gujarat). AEPL is managed by the promoters,
Mr. Harshad Mehta and Mr. Harendra Shah. The company manufactures
power transformers.

AEPL has reported a profit after tax (PAT) of INR 27 million on
net sales of INR674.4 million for 2010-11, against a PAT of
INR37.7 million on net sales of INR526.9 million for 2009-10.


B.S. INDUSTRIES: CRISIL Places 'B+' Rating on INR58.8MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of B. S. Industries.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit             50.0      CRISIL B+/Stable (Assigned)
   Term Loan                8.8      CRISIL B+/Stable (Assigned)

CRISIL's rating on the bank facilities of B. S. Industries
reflects firm's weak business risk profile, driven by large
working capital requirements, low profitability, and
susceptibility to volatility in raw material prices and to
adverse regulatory changes. The firm financial risk profile is
also weak, marked by weak debt protection metrics and moderate
gearing. These rating weaknesses are partially offset by the
extensive experience of firm's partners in the cotton ginning
industry, and the funding support that the firm receives from
them in the form of unsecured loans.

Outlook: Stable

CRISIL believes that B. S. Industries will continue to benefit
from its partners' extensive industry experience and financial
support over the medium term. The outlook may be revised to
'Positive' if the firm ramps up its accruals significantly,
marked by improvement in revenues and profitability while
prudently managing its working capital and capital structure.
Conversely, the outlook may be revised to 'Negative' if the
firm's working capital management deteriorates or its liquidity
weakens significantly, most likely because of lower-than-expected
cash accruals, or if the firm undertakes a large debt-funded
capex programme, further weakening its capital structure.

                      About B. S. Industries

B. S. Industries was set up in 2007 as a partnership firm by the
Tayal family of Madhya Pradesh. The firm is engaged in cotton
ginning and pressing through its processing facility in Lasur,
Aurangabad (Maharashtra).

For 2011-12, B. S. Industries reported book profits of INR3
million on net sales of INR 271 million, as against book profits
of INR 4 million on net sales of INR227 million for 2010-11.


BALA BALAJEE: Delays in Loan Payment Cues CRISIL Junk Ratings
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank loan facilities of
Bala Balajee Textiles Ltd to 'CRISIL D/CRISIL D' from 'CRISIL
B+/Stable/CRISIL A4'.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee          13.9      CRISIL D (Downgraded from
                                     'CRISIL A4')

   Cash Credit            130.0      CRISIL D (Downgraded from
                                     'CRISIL A4')

   Letter of Credit        15.0      CRISIL D (Downgraded from
                                     'CRISIL A4')

   Term Loan              214.7      CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

   Proposed Cash           66.4      CRISIL D (Downgraded from
   Credit Limit                      'CRISIL B+/Stable')

The downgrade reflects delays by BBTL in servicing its term debt;
the delays have been caused by the company's weak liquidity.
BBTL's weak liquidity is characterized by its inadequate cash
accruals vis-…-vis its term debt repayment obligations, and the
full utilization of its bank limits on account of its working
capital intensive nature of operations.

BBTL also has below-average financial risk profile marked by
small net-worth, high gearing and weak debt protection metrics;
moreover, it has working-capital-intensive operations and is
susceptible to volatility in cotton prices. However, BBTL
benefits from its promoters' experience in the cotton yarn
industry.

BBTL, set up in 2004, manufactures combed cotton yarn. The
company is promoted and managed by Mr. Subba Rao Chitturi.


BHAGAWATHI COTTON: CRISIL Assigns 'B+' Rating to INR50MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Bhagawathi Cotton Industries.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit              35       CRISIL B+/Stable (Assigned)
   Term Loan                15       CRISIL B+/Stable (Assigned)

The rating reflects BCI's low operating profitability and
exposure to intense competition in the fragmented cotton ginning
industry; the rating also factors in the firm's modest financial
risk profile marked by high gearing, small net worth and weak
debt protection metrics. These rating weaknesses are partially
offset by the benefits that BCI derives from its promoters'
extensive experience in the cotton ginning industry and its
established relationships with customers and suppliers.

Outlook: Stable

CRISIL believes that BCI will continue to benefit from its
promoters industry experience over the medium term. The outlook
may be revised to 'Positive' if BCI increases its revenues
significantly by successfully stabilizing and completing the
current expansion as planned, along with improvement in its
profitability and capital structure. Conversely, the outlook may
be revised to 'Negative' in case the firm's profitability or
revenues decline or if there is a stretch in the firm's working
capital cycle, resulting in lower-than-expected cash accruals, or
if its expansion plan is funded by larger-than-expected debt-
funded capital expenditure (capex), leading to deterioration in
its financial and liquidity risk profiles.

                     About Bhagawathi Cotton

BCI, incorporated in March, 2009 as partnership firm with Vollala
Praveen Kumar, Vollala Shiva Kumar, Vollala Venkata Laxmi,
Vollala Kiran Kumar, Vollala Saritha and six other partners in
the firm. The firm is based in Karimnagar district of Andhra
Pradesh. The firm is engaged in ginning and pressing of raw
cotton (Kapas) with a capacity of 200 bales per day. The firm is
in the process of expanding the capacity to 350 bales per day in
2012-13.

BCI reported a provisional profit after tax (PAT) of INR1.7
million on net sales of INR359.0 million for 2011-12 (refers to
financial year, April 1 to March 31), against a PAT of INR2.2
million on net sales of INR455.1 million for 2010-11.


CHOUDHARI CONSTRUCTION: CRISIL Cuts Rating on INR40MM Loan to 'B'
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Choudhari Construction Co. to 'CRISIL B/Stable' from 'CRISIL
B+/Stable'; the rating on the firm's short-term bank facilities
has been reaffirmed at 'CRISIL A4'.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee          10        CRISIL A4 (Reaffirmed)
   Cash Credit             40        CRISIL B/Stable (Downgraded
                                     from CRISIL B+/Stable)

The downgrade reflects deterioration in CCC's business risk
profile, driven by a substantial decline in its revenues because
of delays in execution of a few of its ongoing projects. The
firm's revenues declined by more than 40 per cent year-on-year
during 2011-12 (refers to financial year, April 1 to March 31).
The downgrade also factors in the weakening in CCC's financial
risk profile, particularly its liquidity, because of a stretched
working capital cycle, reflected in its gross current assets of
577 days as on March 31, 2012, against 255 days as on March 31,
2011. Furthermore, the firm's liquidity is expected to remain
weak over the medium term because of continued large working
capital requirements and limited revenues, as indicated by its
modest order book.

The ratings also reflect CCC's modest scale of operations in the
intensely competitive construction industry, modest revenue
visibility over the medium term, and large working capital
requirements. These rating weakness are partially offset by the
extensive experience of CCC's partners in the civil construction
industry.

Outlook: Stable

CRISIL believes that CCC will continue to benefit over the medium
term from its partners' extensive industry experience. CRISIL,
however, also believes that the firm's liquidity will remain weak
because of its large working capital requirements. The outlook
may be revised to 'Positive' if CCC significantly scales up its
operations and effectively manages its working capital
requirements, leading to improvement in its liquidity.
Conversely, the outlook may be revised to 'Negative' in case of
more-than-expected increase in the firm's working capital
requirements, or a time or cost overrun in the execution of its
projects, leading to further deterioration in its financial risk
profile, especially its liquidity.

CCC was set up as a partnership firm in 1983 by Mr. Hamiram
Choudhari and his wife, Mrs. Ratanben Choudhari. It undertakes
various infrastructure-related construction activities,
comprising construction and repair of roads, buildings, and
sewerage systems in Mumbai. The firm participates in tenders
floated by the Brihanmumbai Municipal Corporation, Mumbai
Metropolitan Regional Development Authority, and Public Works
Department.

CCC reported a profit after tax (PAT) of INR5 million on net
sales of INR83 million for 2011-12, against a PAT of INR7.1
million on net sales of INR140.2 million for 2010-11.


EBONY RETAIL: In Liquidation Process; Shuts Retail Shops
--------------------------------------------------------
FashionUnited reports that department store chain Ebony Retail
has shut operations.

FashionUnited relates that Ebony Retail, the retail division of
Delhi-based construction and infrastructure group DSC Group, is
already in the process of winding-up, since there are several
petitions seeking compulsory liquidation of the company. However,
DSC Group has said that the company has shut down Ebony
department stores to focus on its furniture joint venture with
France's Gautier. The company claims that it has cleared most of
the outstanding payments of vendors barring some disputed ones,
cases against which are currently in court, the report relays.

FashionUnited notes while GHCL's Roseby home furnishing chain
closed operations earlier this year, discount retailer Ess Aay
Fashion India, which owns Allen Cooper apparel brand, is closing
stores and facing recovery lawsuits from vendors.  FashionUnited
discloses that Mumbai-based Wadhawan Group's grocery chain
Spinach, India Rama Group's stationery chain Super Store 1, the
local franchisee of US My Dollar Store, and Chennai-based
discount store operator Subhiksha Trading Services are some other
retailers that have folded operations.

Ebony Gautier currently operates about six specialty furnishing
and home accessories stores in Noida, Gurgaon, Chennai,
Bangalore, Hyderabad and Faridabad.


EXPORT-IMPORT BANK: Moody's Affirms Ratings; Outlook Stable
-----------------------------------------------------------
Moody's Investors Service affirmed Export-Import Bank of India
(Eximbank India)'s foreign currency long-term deposit, issuer,
and senior unsecured debt ratings of Baa3. The foreign currency
short-term deposit rating remains at P-3. The outlook on all
ratings is stable.

Ratings Rationale

These ratings take into consideration Eximbank India's (1)
standalone credit assessment of ba2, and (2) Moody's assessment
of a very high dependence and a high support probability from the
Government of India.

The standalone credit profile reflects the bank's adequate
liquidity management with minor mismatch in maturity between its
assets and liabilities, ongoing capital support from the
government of India as a shareholder, and improving
profitability.

Moody's analysis also considers the marginal deterioration on
Eximbank India's asset quality with increase in gross non-
performing loans (NPLs) as a percentage of gross loans to 1.46%
as of March 2012 vis-…-vis 1.04% at end March 2011. Similarly,
restructured loans increased to INR 8.12 billion (1.48% of gross
loans) from INR 2.3 billion (0.5% of gross loans) over the same
period. NPL provision coverage is over 80%.

With nearly 45% of loan exposures in the form of interbank
exposure and lines of credit carrying Indian government
guarantee, and the balance of 55% as direct export development
loans linked to domestic companies, Moody's expects asset quality
of Eximbank India to continue compare better to other Indian
banks. Furthermore, Eximbank India does not have exposure to the
troubled sectors in India of airline, power distribution and
telecom, which have been a source of asset quality challenges at
other Indian banks, lending support to its asset quality.

Moody's expectation of a high support probability is based on the
bank's strong linkage with the government, including its
establishment under a law designating its quasi-sovereign status,
government ownership and clear policy role as an export credit
agency.

The Baa3 foreign currency issuer and senior unsecured debt rating
is in line with the Baa3 rating for the Government of India.

The methodologies used in these ratings were Moody's Consolidated
Global Bank Rating Methodology published in June 2012, and
Government-Related Issuers: Methodology Update published in July
2010.

Headquartered in Mumbai, Export-Import Bank of India reported
total assets of INR637 billion at end-March, 2012. The entity is
a specialized financial institution wholly owned by the
Government of India.


JCO GAS: Delays in Loan Payment Cues CRISIL Junk Ratings
--------------------------------------------------------
CRISIL has downgraded the ratings on the bank facilities of
JCO Gas Pipes Ltd to 'CRISIL D/CRISIL D' from 'CRISIL B-
/Stable/CRISIL A4'.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Term Loan               350       CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

   Cash Credit             300       CRISIL D (Downgraded from
                                      'CRISIL B-/Stable')

   Letter of credit        150       CRISIL D (Downgraded from
    & Bank Guarantee                 'CRISIL A4')

The rating downgrade reflects delays by JCO in meeting its term
loan obligations. The delays are due to its weak liquidity, which
in turn are due to its large working capital requirements. The
company's bankers have confirmed to CRISIL that the company's
account is irregular, marked by delays in repayment of its term
loans. CRISIL believes that JCO's liquidity will remain weak over
the medium term.

The ratings continue to reflect JCO's weak financial risk
profile, marked by small net worth, high gearing, and weak debt
protection metrics, limited track record of operations, and
susceptibility to intense industry competition. These rating
weaknesses are partially offset by the strong growth prospects
for the submerged arc welded SAW pipe industry, promoters'
extensive industry experience, and JCO's established marketing
channels through other group companies.

JCO is a 50:50 joint venture between the D P Jindal group and the
Chokhani group. JCO has been set up by the D P Jindal group to
enter the helical submerged arc welded (HSAW) pipe segment. The
company has set up a 50,000-tonnes-per annum HSAW pipe facility
at Chinaware district (Madhya Pradesh). Commercial production
commenced in 2009-10 (refers to financial year, April 1 to
March 31).

JCO reported a net loss of INR40.5 million on net sales of
INR485.1 million for 2010-11 as against a net loss of INR66.9
million on net sales of INR187.3 million for 2009-10.


JEWAR KOTHI: CRISIL Assigns 'B+' Rating to INR41.5MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Jewar Kothi Jewellers Private Limited.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit             40        CRISIL B+/Stable (Assigned)
   Term Loan                1.5      CRISIL B+/Stable(Assigned)

The rating reflects Jewar's, moderate financial risk profile
marked by an average gearing and weak debt protection metrics,
small scale of operations in fragmented industry and low
operating profitability. These rating weaknesses are partially
offset by Jewar's promoters' extensive experience in the
jewellery industry and financial support provided by them.

Outlook: Stable

CRISIL believes that Jewar will continue to benefit from its
promoters' experience in jewellery business. The outlook may be
revised to 'Positive' if the company increases its scale of
operations and improving its financial risk profile. Conversely,
the outlook may be revised to 'Negative' if there is
deterioration in its financial risk profile either on account of
lower than expected profitability, larger than expected working
capital requirements.

Jewar was set up in the year 2007 by Mr. Sahilendra Soni and his
brothers. The company is engaged in wholesale and retail of gold
and diamond studded jewellery. Its head office is located at
Raipur and showroom is located at Ambikapur.

For 2011-12 (refers to financial year, April 1 to March 31),
Jewar reported a profit after tax (PAT) of INR0.8 million on net
sales of INR261.1 million, against a PAT of INR0.5 million on net
sales of INR232.9 million for 2010-11.


MAHARASHTRA CRICKET: Delay in Loan Rating Cues CRISIL Junk Rating
-----------------------------------------------------------------
CRISIL has downgraded its rating on the bank facility of
Maharashtra Cricket Association to 'CRISIL D' from 'CRISIL BB/
Stable'.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Term Loan                800     CRISIL D (Downgraded from
                                    'CRISIL BB/Stable')

The downgrade reflects instances of delay by MCA in servicing its
term debt on account of weakening in liquidity due to delays in
receipts from Sahara Adventure Sports Ltd. (Sahara). MCA, in the
year 2010-11, entered into an agreement with Sahara for granting
various rights, in respect of the cricket stadium at Gahunje-
Pune for a total consideration of about INR2.1 billion. As per
the agreement, MCA was expected to receive about INR1.6 billion
till September 2012 against which it has received only about
INR0.9 billion.

The ratings also factor in MCA's unstable cash flows, inadequate
debt protection metrics and high dependence on BCCI for revenues.
These weaknesses are mitigated by the benefits that MCA derives
from its full-time membership status with BCCI and its reputed
trustees.

MCA, set up in 1935, is affiliated to BCCI. MCA is one of the 25
full-time members of BCCI. The association's primary objective is
to promote, develop, control, and regulate the game of cricket in
Maharashtra (MCA is the cricket controlling body for Maharashtra
with the exception of Vidharbha, Mumbai, and Thane).

MCA reported a surplus of INR106 million on total receipts of
INR253 million for 2011-12, against a surplus of INR112 million
on an operating income of INR226 million for 2010-11.


N.N. SAHA: CRISIL Assigns 'B+' Rating to INR70MM Cash Credit
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the cash
credit facility of N.N. Saha & Sons Agro Pvt Ltd.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit             70.00     CRISIL B+/Stable (Assigned)

The rating reflects NNSS' below-average financial risk profile,
marked by a small net worth and high gearing, its exposure to
intense competition in the rice industry, and the low
profitability owing to trading nature of business. These rating
weaknesses are partially offset by the entrepreneurial experience
of the company's promoters, and their established relationships
with customers and suppliers.

Outlook: Stable

CRISIL believes that NNSS will continue to benefit over the
medium term from its promoters' extensive entrepreneurial
experience. The outlook may be revised to 'Positive' in case of a
significant improvement in the company's scale of operations and
profitability. Conversely, the outlook may be revised to
'Negative' if NNSS' profitability and revenues decline, or the
company's working capital requirements are higher than expected,
or if it undertakes a large debt-funded capital expenditure
programme.

Mr. N. N. Saha started the business of trading in rice in 1971
with the setting up of a partnership firm, N.N. Saha, which was
subsequently merged with NNSS in 2008. NNSS trades in basmati and
par-boiled rice in West Bengal.


SHRI RAJ: CRISIL Rates INR50MM Cash Credit at 'CRISIL B+'
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the cash
credit facility of Shri Raj Rajeshwar Cotton Corporation.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit            50       CRISIL B+/Stable (Assigned)

CRISIL's rating on the bank facilities of Shri Raj reflects
firm's weak business risk profile, driven by large working
capital requirements, low profitability, and susceptibility to
volatility in raw material prices and to adverse regulatory
changes. The firm financial risk profile is also weak, marked by
weak debt protection metrics and moderate gearing. These rating
weaknesses are partially offset by the extensive experience of
firm's partners in the cotton ginning industry, and the funding
support that the firm receives from them in the form of unsecured
loans.

Outlook: Stable

CRISIL believes that Shri Raj will continue to benefit from its
partners' extensive industry experience and financial support
over the medium term. The outlook may be revised to 'Positive' if
the firm ramps up its accruals significantly, marked by
improvement in revenues and profitability while prudently
managing its working capital and capital structure. Conversely,
the outlook may be revised to 'Negative' if the firm's working
capital management deteriorates or its liquidity weakens
significantly, most likely because of lower-than-expected cash
accruals, or if the firm undertakes a large debt-funded capex
programme, further weakening its capital structure.

Shri Raj was set up in 2003 as a partnership firm by the Tayal
family of Madhya Pradesh. The firm is engaged in cotton ginning
and pressing through its processing facility in Sendhwa, MP.

For 2011-12, B. S. Industries (MP) reported book profits of INR3
million on net sales of INR 404 million, as against book profits
of INR 8 million on net sales of INR499 million for 2010-11.


SINGLA JEWELLERS: CRISIL Cuts Rating on INR150MM Loan to 'B+'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of Singla Jewellers Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL
BB-/Stable'.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit             150       CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

The rating downgrade reflects deterioration in Singla's financial
risk profile over the past two years, marked by increased
leverage and weakening debt protection metrics. The rating
downgrade also reflects CRISIL's belief that the company's
financial risk profile will remain weak over the medium term, due
to low accretion to reserves as a result of its small scale of
operations, coupled with increasing working capital requirements.
Singla's financial risk profile has deteriorated due to increase
in debt levels to support its high inventory holding, which
increased to 343 days as on March 31, 2012, from 210 days as on
March 31, 2010.

CRISIL's rating reflects Singla's weak financial risk profile,
marked by high gearing, small net worth, and weak debt protection
metrics, and large working capital requirements. The rating also
factors in the company's susceptibility to volatility in gold
prices, small scale of operations in a fragmented industry, and
geographical concentration in its revenue profile. These rating
weaknesses are partially offset by Singla's healthy revenue
growth and its promoters' extensive experience in the gold and
diamond jewellery industry.

Outlook: Stable

CRISIL believes that Singla will continue to benefit from its
promoters' extensive industry experience, over the medium term.
The outlook may be revised to 'Positive' in case of significant
improvement in the company's capital structure, more-than-
expected cash accruals, and increase in its scale of operations.
Conversely, the outlook may be revised to 'Negative' in case of
further deterioration in Singla's capital structure because of
increasing working capital requirements.

Singla is engaged in the retailing of gold and diamond jewellery
through its flagship 1800-square feet (sq ft) showroom at Karol
Bagh, Delhi. The company was set up in 1998 by Mr. Ram Niwas
Singla and his cousin, Mr. Ajay Gupta. It started another retail
showroom of about 2500 sq ft in Pitam Pura, Delhi in May 2011.
Singla gets jewellery manufactured on job work basis from
external artisans.

Singla reported a profit after tax (PAT) of INR2.6 million on net
sales of INR325.9 million for 2011-12 (refers to financial year,
April 1 to March 31), against a PAT of INR2.4 million on net
sales of INR227.7 billion for 2010-11.


STERLING BIOTECH: Bondholders File Liquidation Petition
-------------------------------------------------------
Business Standard reports that holders of Sterling Biotech's
foreign currency convertible bonds of INR1,000 crore
($184 million) have moved the high court in India for the firm's
liquidation, five months after the company defaulted on
repayment.

Business Standard notes that the Bank of New York Mellon (BONY),
custodian for the bond holders, filed the petition earlier this
month against the gelatin maker.  It is likely to be heard in
November, the report relates citing lawyers familiar with the
development.

"The petitioner believes that the company is in talks to further
dispose of its other businesses and assets, and in the interest
of justice, equity and good conscience, the company ought not to
be permitted to (do so)," BONY's petition, as cited by Business
Standard, said.

Business Standard notes the custodian has also filed particulars
of claim, a legal document filed by companies seeking recovery,
with a court in Britain for recovery of the dues.

The report adds that the bond holders are also objecting to
certain transactions with Sterling's oil venture in Nigeria.
According to the report, the bond holders said Sterling Biotech
has 17% equity in the venture, for a paltry $20 million, whereas
the actual value is manifold.  "The reserves were valued by the
company itself to be $10 billion recently. If so, how can a 17%
stake be sold for $20 million?" the bondholders asked.

Business Standard states that though the company has appointed
advisers Houlihan Lokey and Avista to restructure the terms, bond
holders are not ready to accept these terms due to the alleged
discrepancies they have discovered in the account books.

In 2007, the report recalls, Sterling had issued $250 million of
convertible bonds. Of these, the company has redeemed and
converted bonds amounting to some $115 million or 46% of the
initial issue. The conversion price was INR163.13. However, since
then, the share price has plummeted to about INR6, due to debt
problems.  On May 17, it was supposed to repay the maturity
amount of $184 million, on which it defaulted.

Lenders said the plants of the gelatin maker are running well
below capacity, as it is not able to get working capital loans.
State Bank of Mysore and IDBI Bank have already filed lawsuits
for recovery of dues, Business Standard adds.

                       About Sterling Biotech

Sterling Biotech Limited was incorporated on March 23, 1985 in
Mumbai as Pluto Exports & Consultants Limited. The company's name
was changed to Sterling Tea and Industries Limited on June 24,
1991, when it entered the tea plantation business. In 2000, the
company decided to exit the tea plantation business and enter
biotech business. Accordingly, the company's name was changed to
Sterling Biotech Limited to reflect its new identity.

SBL has two plants for manufacturing gelatin -- one located in
Baroda, with a capacity of 18,800 MTPA and the other located in
Ooty, with a capacity of 2,200 MTPA. The total capacity of the
company has been enhanced to 22,500 MTPA after de-bottlenecking
and modernisation. The plant at Ooty was added by way of
acquisition of gelatin unit of Rallis India in 2004. In
April 2006, SBL acquired a fermentation-based manufacturing unit
from Torrent Gujarat Biotech Ltd., which was revamped to enable
the production of its new product, CoQ10, in March 2007.  The R&D
centre of SBL is located at Masar, Gujarat and carries out in-
house research on CoQ10, generic APIs and development of new
drugs.


T.C. SPINNERS: Delay in Loan Payment Cues CRISIL Junk Ratings
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
T.C. Spinners Pvt Ltd to 'CRISIL D/CRISIL D' from 'CRISIL B-
/Stable/CRISIL A4.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit           202.50      CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

   Letter of Credit       50.00      CRISIL D (Downgraded from
                                     'CRISIL A4')

   Term Loan             208.80      CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

   Proposed Long-Term    644.70      CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B-/Stable')

The downgrade reflects instances of delay by TCSPL in servicing
its debt; the delays have been caused by the company's weak
liquidity. EML's liquidity weakened because of losses incurred in
2011-12 (refers to financial year, April 1 to March 31), due to
fall in yarn prices in the first half of 2011-12, coupled with
the high cost of cotton inventory procured in cotton season 2010-
11 as well as delayed payments by its customers.

TCSPL's financial risk profile is weak, marked by high gearing,
and weak debt protection metrics. Also, the company's operating
margin is susceptible to volatility in cotton prices. However,
TCSPL benefits from established relationships with its customers
and promoters' experience in the industry.

TCSPL is engaged in the production of cotton and polyester yarn
of counts in the range of 20 to 25. TCSPL also manufactures
sewing threads (contributed around 15 per cent to operating
revenues in 2010-11). TCSPL was acquired by the Satia group in
2007-08. Originally, TCSPL was known as Euro Cotspin Pvt Ltd.

TCSPL reported a profit after tax (PAT) of INR(16) million on net
sales of INR1040 million for 2011-12 (refers to financial year,
April 1 to March 31), as against a PAT of INR34 million on net
sales of INR917 million for 2010-11.


TESSOLVE SERVICES: CRISIL Hikes Rating on INR123.5MM Loans to 'B'
-----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Tessolve Services Pvt Ltd to 'CRISIL B/Stable/CRISIL A4' from
'CRISIL D/CRISIL D'.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee           5        CRISIL A4 (Upgraded from
                                     'CRISIL D')

   Cash Credit             50        CRISIL B/Stable (Upgraded
                                     from 'CRISIL D')

   Proposed Long-Term      73.5      CRISIL B/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL D')

The rating upgrade reflects repayment of all term debt
obligations and sustained improvement in Tessolve's liquidity,
supported by consistent fund infusions made by the shareholders;
currently the company does not have any long term debt.
Tessolve's liquidity is also aided by increased cash accruals on
the back of an improving operating margin, which has enabled the
company to maintain its working capital utilisation levels within
the sanctioned limits. Nevertheless, the working capital limits
continue to be extensively utilised. Tessolve, on a consolidated
basis, has posted an operating margin of 2.25 per cent on
operating revenues of INR317 million for the six months through
September 2012, against a negative operating margin of 15.7 per
cent on operating revenues of INR739 million for 2011-12 (refers
to financial year, April 1 to March 31).

The ratings reflect Tessolve's geographic and customer
concentration of revenues and its below average financial risk
profile marked by weak debt protection metrics and a small
networth, albeit with a moderate gearing. This rating weakness is
partially offset by the benefits that the company derives from
its promoter's extensive experience and its established
relationships with its customers.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Tessolve and Tessolve's wholly owned
subsidiaries, Tessolve Services Inc (USA), Tessolve Engineering
Services Pte Ltd (Singapore), and Dynamic Test Solutions Inc
(USA).

Outlook: Stable

CRISIL believes that Tessolve will continue to benefit over the
medium term from its promoter's extensive industry experience and
its established relationships with its customers. The outlook may
be revised to 'Positive' if the company achieves significant
improvement in its liquidity, driven most likely by marked
improvement in its cash accruals or sizeable infusion of funds by
its promoters. Conversely, the outlook may be revised to
'Negative' if Tessolve's working capital cycle lengthens, or if
the company undertakes a large, debt-funded, capital expenditure
programme, thereby adversely affecting its financial risk
profile.

                         About Tessolve

Tessolve was set up in 2004 by Mr. P Rajamanickam in Bengaluru
(Karnataka). The company provides test engineering solutions for
integrated circuits and other semi-conductor devices, and
printed-circuit-board designing services for various chip-
manufacturing companies.

Tessolve, on a consolidated basis, reported a loss of INR151.5
million on net sales of INR729.3 million for 2011-12, against a
loss of INR54.9 million on net sales of INR920.6 million for
2010-11.



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


CITY OF BANDUNG: S&P Affirms 'BB-' Issuer Credit Rating
-------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' issuer
credit rating and its 'axBB+' ASEAN scale rating on the City of
Bandung in Indonesia (BB+/Positive/B; axBBB+/axA-2). The ratings
were subsequently withdrawn due to contractual issues. Prior to
the withdrawal, the outlook was stable.


CITY OF SURABAYA: S&P Affirms 'BB' Issuer Credit Rating
-------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' issuer
credit rating and its 'axBBB-' ASEAN scale rating on the City of
Surabaya in Indonesia (BB+/Positive/B; axBBB+/axA-2).

The ratings were subsequently withdrawn due to contractual
issues. Prior to the withdrawal, the outlook was stable.



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


SHORELINE SERVICES: Placed in Liquidation
-----------------------------------------
The Marlborough Express reports that Shoreline Services Ltd has
been put in liquidation by Gill Construction, the company it was
convicted of overcharging NZ$1 million.

The Express relates that Associate Judge John Matthews granted
Gill Construction's application to place the company in
liquidation to recoup money owed to them, at the High Court in
Blenheim on October 15.  According to the report, Gill
Construction took civil claims against Shoreline Services and its
directors Ivan and Suzanne Weaver, after it discovered in 2001
that its tyre bills for the previous decade were about twice what
they should have been.

After a legal battle of nearly six years, the Weavers were
ordered in Blenheim District Court in 2007 to pay their former
customer NZ$878,360, plus interest, which put the final bill at
about NZ$2 million, the Express relays.

Liquidators will be appointed to investigate and report on the
company's assets, the report adds.



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


AMB INCHEON: Members' Proofs of Debt Due Nov. 19
------------------------------------------------
Members of AMB Incheon Pte Ltd, which is in members' voluntary
liquidation, are required to file their proofs of debt by Nov.
19, 2012, to be included in the company's dividend distribution.

The company's liquidator is:

          Lau Chin Huat
          c/o 6 Shenton Way #32-00
          DBS Building Tower Two
          Singapore 068809


AMB INCHEON DISTRIBUTION: Members' Proofs of Debt Due Nov. 19
-------------------------------------------------------------
Members of AMB Incheon Distribution Center 1 Pte Ltd, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Nov. 19, 2012, to be included in the company's
dividend distribution.

The company's liquidator is:

          Lau Chin Huat
          c/o 6 Shenton Way #32-00
          DBS Building Tower Two
          Singapore 068809


ARTPRINT MEDIA: Creditors' Proofs of Debt Due Nov. 2
----------------------------------------------------
Creditors of Artprint Media Pte Ltd (f.k.a. Netlock Technologies
Asia Pte Ltd) are required to file their proofs of debt by Nov.
2, 2012, to be included in the company's dividend distribution.

The company's liquidator is:

         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


BAXUS MARINE: Applies for Judicial Management
---------------------------------------------
An application to place Baxus Marine Pte Ltd under judicial
management will be heard before the High Court of Singapore on
Nov. 9, 2012, at 10:00 a.m.

Messrs. Chia Soo Hien and Leow Quek Shiong, both of BDO LLP of 21
Merchant Road, #05-01 Royal Merukh S.E.A. Building, in Singapore
058267, have been nominated as joint and several judicial
managers.

The Applicant's solicitors are:

          Braddell Brothers LLP
          One Raffles Place, #34-03
          Singapore 048616


BORDERS PTE: Creditors Get 100% Recovery on Claims
--------------------------------------------------
Borders Pte Ltd will declare the first and final dividend on
Oct. 29, 2012.

The company will pay 100% for preferential and 17.4046829% for
ordinary claims.

The company's liquidator is:

         Timothy James Reid
         c/o Ferrier Hodgson
         8 Robinson Road #11-00
         ASO Building
         Singapore 048544


CHINA CITYONE: Applies to Hear Wind-Up on Nov. 9
------------------------------------------------
An application of China Cityone Communications Limited will be
heard before the High Court of Singapore on Nov. 9, 2012, at
10:00 a.m.

The Applicant's solicitors are:

          TSMP Law Corporation
          6 Battery Road, Level 41
          Singapore 049909


HAN JIANG: Members' Proofs of Debt Due Nov. 19
----------------------------------------------
Members of Han Jiang Pte Ltd, which is in members' voluntary
liquidation, are required to file their proofs of debt by Nov.
19, 2012, to be included in the company's dividend distribution.

The company's liquidator is:

          Ng Choon Heng
          C/o 15 Beach Road
          #03-10 Beach Centre
          Singapore 189677



================
S R I  L A N K A
================


SANASA DEVELOPMENT: Fitch Affirms 'BB+' National Long-Term Rating
-----------------------------------------------------------------
Fitch Ratings Lanka has revised Sanasa Development Bank's Outlook
to Positive from Stable.  The agency has simultaneously affirmed
SDB's National Long-Term Rating at 'BB+(lka)'.

The revision of the Outlook reflects SDB's improved credit
metrics, which are now more in line with those of higher-rated
peers.  SDB's rating continues to reflect its healthy
capitalisation relative to peers, high net interest margins
(NIMs), improving asset quality, and effective management of its
core business -- micro finance (MF) lending.

Improvements to SDB's financial profile, including maintaining
its capitalisation and asset quality, while continuing to focus
on its core expertise of MF lending may lead to an upgrade.
Conversely, deterioration in asset quality and capitalisation
levels could result in its Outlook being revised to Stable, while
a significant deviation in lending practices away from SDB's core
expertise of MF lending leading to a weakened risk profile could
result in a downgrade.

Lending is concentrated on MF, with housing and property loans
accounting 65%, leasing 11%, pawn broking 12%, and lending to
Sanasa societies and unions 6%. Loans are generally small ticket
loans with an average tenor of one to three years.  Loans grew
12% in H112 and 32% in 2011, driven by branch expansion.

Fitch expects NIMs to improve, after a decline in H112, as loans
are re-priced.  SDB's NIMs remain high relative to peers,
reflecting its traditional focus on micro lending which generates
high yields.  NIMs decreased to 8.4% at end-H112 from 9.7% in
2011 due to increased funding costs.  The bank's pre provision
return on assets decreased to 2.7% in H112 (2011: 3.6%), due to
losses at some branches, but remains in line with peers.

SDB has been able to manage the quality of its loans despite MF
borrowers being more sensitive to economic cycles.  However, non-
performing loans (NPLs) could increase through the bank's
exposure to the agriculture sector (13% of total loans) as the
prevailing drought takes its toll on its MF borrowers.  NPL
ratios have been on an improving trend, declining to 4.3% in H112
from 4.4% in 2011 and 5.7% in 2010, while its net NPLs/equity
improved to 17.9% at end-H112 (end-2010: 24.5%)

Capitalisation may decline given that following its public
listing in May 2012 SDB is no longer allowed to receive its
regular capital injections under regulatory requirements.  SDB's
Tier 1 ratio has historically remained healthy due to regular
capital injections from shareholders and foreign funds.  Its Tier
1 ratio and equity to assets ratio decreased to 15.5% and 13.3%
respectively at end-H112 from 17.3% and 14.4% at end-2011.
Funding is predominantly through deposits, which accounted for
73% of assets at end-H112.  The Sanasa Group, consisting of over
8,000 co-operatives, accounted for 30% of total deposits which
have a high rollover rate.

SDB was established in 1997 as a licensed specialized bank and a
main credit institution for the Sanasa Group.  It had 81 branches
at end-June 2012.



===============
T H A I L A N D
===============


TRUE CORPORATION: 3G Licenses No Impact on Moody's 'B2' Rating
--------------------------------------------------------------
Moody's Investors Service says that True Corporation Public
Company Limited's successful bid for three lots of spectrum
bandwidth under the 2.1GHz auction is positive, but has no impact
on True Corp. and True Move Company Ltd.'s B2 ratings and stable
outlooks.

On October 19, True Corp confirmed that its 99.99% owned
subsidiary, Real Future Company Limited, had successfully bid for
three lots of spectrum bandwidth for a total bid price of THB13.5
billion. However, before being officially awarded the license to
operate 2.1GHz, Real Future is required to fulfill certain
conditions precedent set by National Broadcasting and
Telecommunications Commission ("NBTC"), the Thai telecom
regulator, within 90 days of receiving the official auction
result.

"Completion of the 3G spectrum auction is positive following
years of protracted regulatory uncertainty in Thailand. However,
uncertainty continues around the auction format and pricing which
could be challenged in court. The conclusion of the auction
process and award of licenses, which could take up to 90 days,
will help alleviate some of the uncertainty regarding True's 3G
strategy," says Nidhi Dhruv, a Moody's Analyst and also Lead
Analyst for True Corp and True Move.

Issuance of the 3G licenses under the current format and prices
will be credit positive for True Corp, as it will bring certainty
to True Corp's operating platform ahead of the expiration of its
existing 1800MHz concession agreement with CAT in September 2013;
its 850MHz 3G reseller agreement with CAT also needs to be
renegotiated as a result of regulatory scrutiny.

"True Corp has enjoyed an early mover advantage in its current 3G
services under "TrueMoveH" which had 2.0 million subscribers as
of June 2012. However, a level playing field now exists on which
all three operators have equal allocations of 3G 2.1 GHz
spectrum. This is likely to lead to intense competition in 3G
services as operators jockey for position which will test True
Corp's execution strategy," adds Dhruv.

"We expect the spectrum payments to be primarily funded through
bank debt, which will result in increased leverage over the near-
term on a consolidated basis for True Group, but note this can be
accommodated in the current stable outlook given the regulatory
and operating certainty provided," says Dhruv.

Moody's also notes that the cumulative license fees for the
2.1GHz licenses at 5.75% are much lower than the 30% revenue
sharing arrangements under True Move's existing concession
agreement and the cost-plus arrangement under Real Move's
contracts with CAT. The lower fees should support operating
margins and help in moderate de-leveraging at the True Corp level
over the next 2-3 years.

Nonetheless, the B2 ratings continue to encapsulate True Move and
True Corp's exposure to an evolving and politicized regulatory
environment. Moody's also continues to remain concerned about
execution risks for the HSPA 3G upgrade, the migration of
subscribers from the CDMA network to the new HSPA platform and
True Corp's competitive strategy for rolling out 3G services
under the 2.1GHz spectrum.

The principal methodology used in this rating was Global
Telecommunications Industry, published in December 2010.

Headquartered in Bangkok, True Corp is an integrated provider of
fixed-line, broadband, internet, and mobile services, and pay TV.
True Corp is listed on the Thai Stock Exchange; the Charoen
Pokphand Group (CP Group) is the major shareholder (64.26%). Its
wireless business is conducted predominantly through its 99.99%
subsidiary, Real Future (unrated) and 97.95%-owned subsidiary,
True Move (B2 stable), which together position it as Thailand's
third largest mobile telecommunications operator.



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


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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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



                             *********

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

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

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


                            *********


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

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

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

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

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





                 *** End of Transmission ***