TCRAP_Public/110816.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Tuesday, August 16, 2011, Vol. 14, No. 161

                            Headlines



A U S T R A L I A

AED OIL: Goes Administration After Losing Legal Battle
BIANCO CONSTRUCTION: Founder's Son Bails Out Business
HAWTHORN CLINIC: Commissioner Probes Claim on Abandoned File
MIRABELA NICKEL: First Half Loss Widens 112% to AUD37.2 Million
PINEVALE VILLAS: Business as Usual Amid Administration


C H I N A

COUNTRY GARDEN: Moody's Sees No Ratings Impact from Acquisition


H O N G  K O N G

AMCOR LIMITED: Court to Hear Wind-Up Petition on Sept. 14
BELONG LIMITED: Court Enters Wind-Up Order
BILL PACHINO: Court Enters Wind-Up Order
CAPITAL SUCCESS: Court to Hear Wind-Up Petition on Oct. 12
CHIU KONG: Court to Hear Wind-Up Petition on Sept. 7

ELEGANT BLOOM: Lo and Leung Appointed as Liquidators
FAN WING: Lo and Leung Appointed as Liquidators
FAR EAST: Creditors Get 0.175% Recovery on Claims
FAR PACIFIC: Court Enters Wind-Up Order
FLORIDA ELECTRONICS: Lo and Haughey Step Down as Liquidators

FULLY INDUSTRIAL: Creditors Get 15.4% Recovery on Claims
HIRO COMPANY: Lo and Leung Appointed as Liquidators
HK PAK TAT: Court to Hear Wind-Up Petition on Sept. 14
SHANGHAI-HONGKONG CULTURAL: Creditors' Proofs of Debt Due Sept. 8
SICHANT INVESTMENT: Creditors' Proofs of Debt Due Sept. 5


I N D I A

AARTI INFRA-PROJECTS: ICRA Suspends 'LBB' Rating on INR35cr Loan
ANILKUMAR CONSTRUCTION: ICRA Rates INR6.95cr Loan at '[ICRA]D'
ARORA KNIT: ICRA Assigns '[ICRA]BB' Rating to INR19.5cr LT Loan
HIKAL LIMITED: ICRA Assigns '[ICRA]BB+' Rating to INR197.1cr Loan
FRESENIUS KABI: Fitch Upgrades National LT Rating to 'BBB-(ind)'

FUTURA POLYESTERS: ICRA Cuts Rating on INR170cr Loan to '[ICRA] D'
G.R. GUPTA: ICRA Reaffirms '[ICRA]BB' Rating INR13.25cr Bank Loans
ICICI BANK: Fitch Affirms 'BB-' Rating on US$750-Mil. Tier 2 Bonds
KETI-T CONSTRUCTION: ICRA Puts '[ICRA]BB' Rating to INR5.5cr Loan
MANOHAR PROCESSORS: ICRA Assigns '[ICRA]C' Rating to INR12cr Loan

MOHTISHAM COMPLEXES: ICRA Withdraws Rating on INR40.66cr Loan
RUCHI ACRONI: ICRA Cuts Rating on INR4cr Limits to '[ICRA]BB'
SICAL IRON: ICRA Downgrades Rating on INR340cr Loan to '[ICRA]BB+'
SRI SAI: ICRA Assigns '[ICRA]BB' Rating to INR14.50cr Bank Loan
SUSEE FINANCE: ICRA Puts '[ICRA]BB-' Rating on INR10cr Cash Credit


J A P A N

CSFS GODO: Moody's Confirms Class C-2-a/C-2-b Ratings at 'Ba1'
J-CORE 15: Moody's Lowers Rating on Class D Loan to 'Caa1'
ORIX-NRL TRUST 16: Moody's Reviews 'Ba2' Class E Notes Rating
ORIX-NRL TRUST 13: Moody's Reviews 'B1' Rating on Class D Certs.


N E W  Z E A L A N D

A B 'N C LIMITED: Goes Into Liquidation; Owes More Than NZ$1.8MM
CENTURY CITY: Bankruptcy Application Against Owner Put on Hold
PHITEK SYSTEMS: Investors May Back Rights Issue


S I N G A P O R E

BEXCOM SOUTHEAST: Creditors Get 100% Recovery on Claims
BITUMEN COMPLETE: Court Enters Wind-Up Order
CLARENDON PACIFIC: Creditors' Proofs of Debt Due Sept. 12
FASHION STREET: Court Enters Wind-Up Order
GLORY WEALTH: Court to Hear Wind-Up Petition Aug. 26


X X X X X X X X

* BOND PRICING: For the Week Aug. 8 to Aug. 12, 2011


                            - - - - -


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


AED OIL: Goes Administration After Losing Legal Battle
------------------------------------------------------
Andrew Hobbs at upstreamonline.com reports that Australia-based
AED Oil has gone into voluntary administration after losing a two-
year legal battle against Norwegian company Sea Production over
the floating production, storage and offloading vessel Front
Puffin.

Sinopec and AED Oil -- the owners of the Puffin field in
Australia -- had prematurely terminated their contract for use of
the FPSO Front Puffin in July 2009, leading Sea Production to take
action, according to upstreamonline.com.

The report notes that the international arbitration panel
decision, which would have seen AED make a "substantial payment"
to Sea Production, had forced the company's hand.

"The company has obtained extensive advice following the recent
decision," AED said in an announcement to the Australian
Securities Exchange, upstreamonline.com says.  "The directors, in
light of that advice, have concluded that the company should be
placed into voluntary administration," the announcement added.

AED holds 40% of the Puffin/Talbot joint venture, in the Bonaparte
basin in the Timor Sea off Australia's north-west coast, as well
as a series of other interests in South East Asia.

Company subsidiaries AED South East Asia, AED Rombebai, and AED
South Madura would continue trading and were not affected by the
move of its Australian parent, upstreamonline.com relays.


BIANCO CONSTRUCTION: Founder's Son Bails Out Business
-----------------------------------------------------
ABC News reports that the jobs of about 100 workers at Bianco
Construction Supplies have been secured after a buyer was found
for part of the business.

A consortium led by Russell Bianco, the son of the company founder
Nick Bianco, has bought the company's hardware arm, according to
ABC News.  The report relates that Mr. Bianco said no jobs will be
lost.

"They've been through some ups and downs over the past few weeks
now, and now the security, basically the employment conditions
remain as is, nothing changes for them," ABC News quoted Mr.
Bianco as saying.

As reported in the Troubled Company Reporter-Asia pacific on
July 4, 2011, Ferrier Hodgson partners Bruce Carter and David
Kidman have been appointed Receivers and Managers over the well-
known South Australian businesses Bianco Construction Supplies and
Bianco Structural Steel which contract or employ over 300 people.

The appointment also extends to the entity that owns the new
purpose-built facilities at Gepps Cross, home to the BSS
headquarters, Ferrier Hodgson related in a statement.

The appointment of Receivers to these entities which have external
liabilities of approximately AU$60 million, followed the
director's appointment of Voluntary Administrators earlier on
June 30, 2011.

The companies in receivership are:

     -- Bianco Steel Supplies Pty Ltd;
     -- Bianco Properties Pty Ltd;
     -- Bianco Construction Supplies Pty Ltd;
     -- Bianco Trade Wholesalers Pty Ltd; and
     -- BBH Merchants Pty Ltd.

                        About Bianco Group

Based in Australian The Bianco Group -- http://www.bianco.com.au/
-- is one of the largest suppliers to the building, construction,
civil, government and mining industries.


HAWTHORN CLINIC: Commissioner Probes Claim on Abandoned File
------------------------------------------------------------
ABC News reports that Victoria's Health Services Commissioner is
investigating a claim that thousands of children's medical files
were left in the Hawthorn Clinic when it went into administration
in 2008.

Commissioner Beth Wilson said she believes people have been able
to access the files in the building, according to ABC News.

"I will be speaking to the administrator with the view to getting
those records safely under lock and key.  We can then sort out how
we can get them back to the parents involved and what breaches of
the Privacy Act may have occurred.  Health information is
extremely sensitive.  It is extremely disappointing if these
records have been left unsecure," ABC News quoted Ms. Wilson as
saying.

ABC News notes that Health Minister David Davis says it is
unacceptable for medical records to be left abandoned in an
unsecured place.

Hawthorn Clinic treated children with autism and other
disabilities.


MIRABELA NICKEL: First Half Loss Widens 112% to AUD37.2 Million
---------------------------------------------------------------
The West Australian reports that Mirabela Nickel's half year loss
has widened 112% to US$37.2 million as it continues the ramp-up of
its flagship Santa Rita nickel project in Brazil.

The miner attributed the loss mainly to financing costs, general
and administration and other expenses, offset by favorable
exchange movements, the report discloses.

Revenue was up 31% to US$123.5 million.

According to The West Australian, the company said it was focused
on the continued ramp-up of operations at Santa Rita to achieve
full production levels next year.

                        About Mirabela Nickel

Mirabela Nickel Limited -- http://www.mirabela.com.au/-- is an
Australia-based mineral resource company engaged in mining,
production and sale of nickel concentrate. The Company's principal
asset is the 100%-owned Santa Rita nickel sulphide mine in Bahia,
Brazil. The Santa Rita mine is located approximately 360
kilometers south-west of Salvador and approximately six kilometers
from the town of Ipiau. The Company also has a portfolio of
prospective nickel targets in Brazil, including an underground
mineral resource at Santa Rita.

As reported in the Troubled Company Reporter-Asia Pacific on
April 4, 2011, Standard & Poor's Ratings Services said that it had
assigned its 'B-' corporate credit rating to Mirabela Nickel Ltd.
S&P also assigned a positive outlook to the rating.  At the same
time, S&P has assigned its 'B-' rating and a recovery rating of
'4' to Mirabela's proposed US$375 million bond issue, indicating
the expectation of average (30%-50%) recovery in the event of
default.

"The 'B-' corporate credit rating reflects S&P's view of
Mirabela's lack of geographic and revenue diversity, which stems
from the operation of a single site in Brazil that is almost
exclusively focused on the extraction of nickel, a product that
has historically experienced high price volatility," Standard &
Poor's credit analyst Thomas Jacquot said.  "We believe, however,
that the combination of performance to date in the ramp-up of the
Brazilian mining operations, the company's adequate liquidity, and
the experience of the management team will partially offset those
weaknesses.  In addition, S&P expects performance and
profitability to improve during 2011, provided nickel prices are
maintained at current levels and the company is able to deliver
its remaining capital expenditure on time and budget."


PINEVALE VILLAS: Business as Usual Amid Administration
------------------------------------------------------
Northern Star reports that residents and staff at Pinevale Villas
have been told not to worry that the village has gone into
administration.

Pinevale Villas Lismore Pty Ltd, the company that operated the
facility, was placed in receivership on August 5, according to
Northern Star. The administration, the report relates, is being
administered by the Brisbane branch of accountant and business
advisory firm Grant Thornton.

The receiver has reassured residents saying it would be business
as usual, the report notes.

"We will continue to operate the village as per normal.
Everything will stay the same for the residents and the employees
will have their jobs continued," the report quoted Mike McCann,
business recovery specialist with Grant Thornton, as saying.

Northern Star discloses that Mr. McCann said the company had got
itself into difficulty with other projects.  The report relates
Mr. McCann said that Grant Thornton was considering the company's
financial position with a view to ultimately sell the facility.

Northern Star notes that it is unclear how much money the company
owes its creditors.

Pinevale Villas Lismore Pty Ltd operates the Pinevale facility,
which was established in 2007.  Pinevale facility is comprised of
one and two-bedroom villas and boasts an on-site restaurant.


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


COUNTRY GARDEN: Moody's Sees No Ratings Impact from Acquisition
---------------------------------------------------------------
Moody's Investors Service sees no immediate impact on Country
Garden Holdings Company Limited's Ba3 corporate family and senior
unsecured debt ratings from its acquisition of two pieces of land
in Guangzhou for RMB1,370 million.

The ratings outlook is stable. "The size of the acquisition is
manageable against the company's sound liquidity position," says
Ken Chan, a Moody's Vice President.

"Although we expect the operating environment to become more
challenging in the second half of 2011, given the higher
restrictions on home purchases, the company will have enough
liquidity to repay its short-term maturing debt of about RMB5
billion over the next 12 months," adds Mr. Chan.

The two plots of land acquired -- both located in Nansha district
in Guangzhou -- will be used for residential purposes with total
gross floor area (GFA) of 510,000 square meters.

Country Garden's cash holding level is supported by its senior
notes' issuance of US$900 million in February 2011. Favorable
presales of RMB21.5 billion in 1H2011, which represented 50% of
its full-year target, further boosted liquidity.

Even after accounting for additional construction loans for new
projects, Moody's expects Country Garden's sound liquidity
position and its projected credit metrics -- adjusted
debt/capitalization of around 50% and EBITDA interest coverage of
3.0x-3.5x -- to support its Ba3 ratings.

The principal methodology used in rating Country Garden Holdings
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.

Founded in 1997 in China and listed in Hong Kong in April 2007,
Country Garden Holdings Co. Ltd. is one of China's leading
integrated property developers.


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


AMCOR LIMITED: Court to Hear Wind-Up Petition on Sept. 14
---------------------------------------------------------
A petition to wind up the operations of Amcor Limited will be
heard before the High Court of Hong Kong on Sept. 14, 2011, at
9:30 a.m.

The Hong Kong and Shanghai Banking Corporation Limited filed the
petition against the company on July 11, 2011.

The Petitioner's solicitors are:

          Mayer Brown JSM
          18th Floor, Prince's Building
          10 Chater Road
          Central, Hong Kong


BELONG LIMITED: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on Aug. 3, 2011, to
wind up the operations of Belong Limited.

The Official Receiver is Teresa S W Wong.


BILL PACHINO: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on Aug. 3, 2011, to
wind up the operations of Bill Pachino (HK) Company Limited.

The Official Receiver is Teresa S W Wong.


CAPITAL SUCCESS: Court to Hear Wind-Up Petition on Oct. 12
----------------------------------------------------------
A petition to wind up the operations of Capital Success
International Limited will be heard before the High Court of
Hong Kong on Oct. 12, 2011, at 9:30 a.m.

Hong Kong Property Services (Agency) Limited filed the petition
against the company on Aug. 3, 2011.

The Petitioner's solicitors are:

          Tony Kan & Co.
          Suite 1808, World-Wide House
          No. 19 Des Voeux
          Road Central, Hong Kong


CHIU KONG: Court to Hear Wind-Up Petition on Sept. 7
----------------------------------------------------
A petition to wind up the operations of Chiu Kong Nam Restaurant
Groups Limited will be heard before the High Court of Hong Kong on
Sept. 7, 2011, at 9:30 a.m.

The Hong Kong Special Administrative Region filed the petition
against the company on June 14, 2011.

The Petitioner's solicitors are:

          Matthew Cheung
          Department of Justice
          2nd Floor, High Block
          Queensway Government Offices
          66 Queensway, Hong Kong


ELEGANT BLOOM: Lo and Leung Appointed as Liquidators
----------------------------------------------------
Lo Ka Ying and Leung Ka Lok on Aug. 12, 2011, were appointed as
liquidators of Elegant Bloom Company Limited.

The liquidators may be reached at:

         Lo Ka Ying
         Leung Ka Lok
         Room 1307, Tower 1
         Lippo Centre
         89 Queensway
         Admiralty, Hong Kong


FAN WING: Lo and Leung Appointed as Liquidators
-----------------------------------------------
Lo Ka Ying and Leung Ka Lok on Aug. 12, 2011, were appointed as
liquidators of Fan Wing Marine Transit Limited.

The liquidators may be reached at:

         Lo Ka Ying
         Leung Ka Lok
         Room 1307, Tower 1
         Lippo Centre
         89 Queensway
         Admiralty, Hong Kong


FAR EAST: Creditors Get 0.175% Recovery on Claims
-------------------------------------------------
Far East Wagner Construction Limited, which is in liquidation,
will pay the second and final dividend to its creditors on
Aug. 19, 2011.

The company will pay 0.175% for ordinary claims.

The company's liquidator is:

         Stephen Liu Yiu Keung
         62nd Floor, One Island East
         18 Westlands Road
         Island East, Hong Kong


FAR PACIFIC: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on Aug. 3, 2011, to
wind up the operations of Far Pacific Limited.

The Official Receiver is Teresa S W Wong.


FLORIDA ELECTRONICS: Lo and Haughey Step Down as Liquidators
------------------------------------------------------------
Joseph Kin Ching Lo and Darach E. Haughey stepped down as
liquidators of Florida Electronics Industries Limited on March 21,
2011.


FULLY INDUSTRIAL: Creditors Get 15.4% Recovery on Claims
--------------------------------------------------------
Fully Industrial Company Limited, which is in liquidation, will
pay the dividend to its creditors on Aug. 12, 2011.

The company will pay 15.4% for ordinary claims.

The company's liquidators are:

         Kenny King Ching Tam
         Room 908, 9/F
         Nan Fung Tower
         173 Des Voeux Road
         Central, Hong Kong


HIRO COMPANY: Lo and Leung Appointed as Liquidators
---------------------------------------------------
Lo Ka Ying and Leung Ka Lok on Aug. 12, 2011, were appointed as
liquidators of Hiro Company Limited.

The liquidators may be reached at:

         Lo Ka Ying
         Leung Ka Lok
         Room 1307, Tower 1
         Lippo Centre
         89 Queensway
         Admiralty, Hong Kong


HK PAK TAT: Court to Hear Wind-Up Petition on Sept. 14
------------------------------------------------------
A petition to wind up the operations of Hong Kong Pak Tat Trading
Co will be heard before the High Court of Hong Kong on Sept. 14,
2011, at 9:30 a.m.

The Petitioner's solicitors are:

          D.S. Cheung & Co.
          29th Floor
          Bank of East Asia Harbour View Centre
          56 Gloucester Road
          Wanchai, Hong Kong


SHANGHAI-HONGKONG CULTURAL: Creditors' Proofs of Debt Due Sept. 8
-----------------------------------------------------------------
Creditors of Shanghai-Hongkong Cultural Exchange Fund Association
Limited, which is in members' voluntary liquidation, are required
to file their proofs of debt by Sept. 8, 2011, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on Aug. 5, 2011.

The company's liquidator is:

         Ma Yat Shuen
         Room 605, 6th Floor
         Tai Yip Building
         141 Thomson Road
         Wanchai, Hong Kong


SICHANT INVESTMENT: Creditors' Proofs of Debt Due Sept. 5
---------------------------------------------------------
Creditors of Sichant Investment Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Sept. 5, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Aug. 2, 2011.

The company's liquidator is:

         Tsoi Hung
         7/F, Hong Kong Trade Centre
         161-167 Des Voeux Road
         Central, Hong Kong


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


AARTI INFRA-PROJECTS: ICRA Suspends 'LBB' Rating on INR35cr Loan
----------------------------------------------------------------
ICRA has suspended 'LBB' rating assigned to the INR35.0 Crores
bank facilities of Aarti Infra-Projects Private Limited.  The
outlook on the assigned rating is Stable.  The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information to
assess such rating during the surveillance exercise. ICRA will
withdraw the rating in case it remains under suspension for a
period of three years.


ANILKUMAR CONSTRUCTION: ICRA Rates INR6.95cr Loan at '[ICRA]D'
--------------------------------------------------------------
ICRA has assigned '[ICRA]D' rating to the INR6.95 crore fund based
and non- fund based bank facilities of Anilkumar Construction
Company.

The rating incorporates the existing delays in debt servicing on
account of delays in collection of receivables from clients;
modest scale of operations and stretched financial profile as
reflected by the high gearing of 2.09 times as on March 31, 2011
and low coverage indicators (OPBDIT/interest of 1.96 times as on
March 31, 2 011).  The ratings are further constrained by the high
competitive intensity in the industry arising out of its
fragmented nature; high client concentration in the order book of
the company with top 4 clients attributing to ~80% of the OI in FY
2010 and geographic and segmental concentration risk on account of
focus of company's operations in roads and allied activities in
Nashik and suburbs. The ratings, however, derive comfort from
established position and long experience of the promoter group in
the construction industry which helps in maintaining a steady flow
of orders.

                   About Anilkumar Construction

Incorporated in 1970, Anilkumar Construction Company primarily
operates as a civil contractor engaged in construction of roads,
pavements, drains etc. The company executes contracts mainly in
Nashik and suburbs. The company is an approved government
contractor and is registered with NMC.  It is promoted and managed
by Shri. Ravindra. B. Bhalekar (B.E. Civil Engineer) and Late
Mr. Anil Kumar Gulati who have over three decades experience in
the construction industry.

Based on provisional results, for the financial year ending
March 31, 2011, ACC reported an operating income of INR23.78 crore
and a net profit of INR0.55 crore.


ARORA KNIT: ICRA Assigns '[ICRA]BB' Rating to INR19.5cr LT Loan
---------------------------------------------------------------
ICRA has assigned '[ICRA]BB' rating to INR19.50 crore long term
fund-based limits of Arora Knit Fab Private Limited.  The outlook
on the long term rating is stable.

The assigned rating of AKPL is favorably supported by the
company's distribution network and established market presence for
fleece fabric in the domestic market.  The rating has positively
factored in AKPL's integrated operations encompassing knitting,
dyeing, printing and finishing. However, the assigned rating is
constrained by fragmented industry characterized by high
competition resulting in weak profitability as reflected in low
operating profit margin. The rating is further constrained by the
relatively high gearing and modest debt coverage indicators of the
company. Going forward, improvement in profitability and capital
structure would be the key rating sensitivity.

While assigning the rating, ICRA has taken view on the Group
comprising AKPL and Arora Industries (AI) which are under same
management. AKPL has extended corporate guarantee to AI for the
bank facilities.

                          About Arora Knit

Incorporated in 1982, AKPL is promoted by first generation
entrepreneurs, Mr. M S Arora and R S Arora in Ludhiana. The group
has two operating entities, AKPL and Arora Industries. While
AKPL's product profile is limited to fleece fabric and garmenting,
AI's manufactures polyester fabric, mink blankets and garments.
Both the company's are under same management.

Arora Industries is a partnership firm, set up in 2007, is engaged
in manufacturing of polyester fabric, mink blankets and garments.

Recent results:

As per provisional results, AKPL achieved INR115.1 crore operating
income and INR0.1 crore profit after tax.


HIKAL LIMITED: ICRA Assigns '[ICRA]BB+' Rating to INR197.1cr Loan
-----------------------------------------------------------------
ICRA has assigned '[ICRA]BB+' to enhanced INR149.0 crores Fund
based limits (enhanced from INR70.0 crores), INR197.1 crore Term
loans (enhanced from INR144.6 crores) and US$32 million term loans
(enhanced from US$. 25.5 million) of Hikal Limited.  The outlook
on the long term rating is stable. ICRA has also assigned
'[ICRA]A4+'  to the enhanced INR105 crores (earlier INR125 crores)
fund based limits and INR55 crore (enhanced from INR45 crore) non
fund based limits.  Though a part of the long term loans of HIKAL
are denominated in foreign currency, ICRA's ratings for the same
are on national rating scale, as distinct from an international
rating scale.

The rating derives strength from Hikal's strong product profile,
entrenched relationship with leading Pharma and Agro chemicals
companies in the world and strong market position for Gabapentin
business. The company is estimated to have close to -60% market
share for Gabapentin global API business. Further in the longer
term, its contract research business which is in gestation phase
is likely to help Hikal acquire new clients by providing end to
end services.  The company's revenues have declined during FY11
due to inventory rationalization exercise by MNCs in the wake of
weak economic outlook. Notwithstanding the decline in revenues,
the medium term prospects remain healthy with good order flow
expected in the near term. However, the financial profile of the
company remains stretched due to debt funded capex plans and net
worth erosion on account of write-off pertaining to loss making
international subsidiary in FY09 and derivative losses in the
past. As a result of that the gearing is high and coverage
indicators remain weak. The liquidity position also remains tight
on account of on-going capex and debt repayment of existing term
loans. In the near term, the company may face refinancing risk for
its existing debt repayment, however as accruals from past
investments flow in, the liquidity position is expected to ease in
the medium term.

                         About Hikal Limited

Hikal Limited was incorporated on July 8, 1988, as a private
limited company with the name Hikal Chemicals Industries Private
limited, by the Hiremath family and Surajmukhi Investments &
Finance Limited, a wholly owned subsidiary of Kalyani Steels
Limited as the shareholders. Subsequently in 2000, the name was
changed to Hikal limited while the company got listed in 1995. The
company started commercial production in 1991 at Mahad facility
for manufacturing intermediates for dyes, pharmaceuticals and
agrochemicals. The plant at Taloja was built in technical
collaboration with Merck and is the only fully integrated plant to
produce Thiabendazole in the world.  The facility at Panoli was
acquired from Novartis in 2000 and produces key intermediates and
regulatory starting materials for the pharmaceutical industry. The
Bangalore facility manufactures key APIs for the pharmaceutical
industry and has been approved by the US FDA. The company has a
contract research arm - Acoris Research which is currently in
gestation phase, thereby providing end to end services from API
custom synthesis, analytical development and scale up to
commercial manufacturing.

Recent results:

On a standalone basis, the Company reported operating Income of
INR142.8 crores during Q1FY12 growth of 7.2% over Q1FY11 and PAT
of INR14.5 crores.


FRESENIUS KABI: Fitch Upgrades National LT Rating to 'BBB-(ind)'
----------------------------------------------------------------
Fitch Rating has upgraded India-based Fresenius Kabi India Private
Limited's National Long-Term rating to 'Fitch BBB-(ind)' from
'BB+(ind)'.  The Outlook is Stable.

The following facilities of FKIPL have been upgraded:

  -- INR15m fund-based working capital limit: 'Fitch BBB-(ind)'
     from 'BB+(ind)';

  -- INR5m non-fund based working capital limit: 'Fitch A3(ind)'
     from 'F4(ind)'; and

  -- INR451m umbrella working capital limit: 'Fitch AA-(ind)
     (SO)'/'Fitch A1+(ind)(SO)' from 'A(ind)(SO)'/'F1(ind)(SO)'.

The rating action follows the upgrade of its ultimate parent -
Fresenius SE - to 'BB+'/Stable from 'BB'/Positive.

FKIPL's ratings reflect its legal and strategic linkages with its
parent - Fresenius Kabi, whose credit profile is directly linked
to Fresenius SE's.  The legal linkage is in the form of an
unconditional and irrevocable corporate guarantee provided by FK
for 95% of FKIPL's bank facilities.  The strategic linkage
emanates from the former's timely and tangible support to the
latter.

For further details on FKIPL's rating rationale, please refer to
the rating action commentary entitled, "Fitch Revises Fresenius
Kabi India's Outlook to Positive; Affirms at 'BB+(ind)'".


FUTURA POLYESTERS: ICRA Cuts Rating on INR170cr Loan to '[ICRA] D'
------------------------------------------------------------------
ICRA has revised the rating outstanding from 'LB-' to '[ICRA]D'
against bank lines amounting to INR170 crore of Futura Polyesters
Limited.  The rating revision factors in the current delay in the
servicing of bank loans arising from stretched liquidity position.

Futura Polymers Limited, earlier known as Indian Organic Chemicals
Limited until 2002, was incorporated in 1960 as a chemical
manufacturer at Khopoli, Maharashtra.  The company was promoted by
the first generation entrepreneur late Mr. B.M. Ghia. In 1972, the
company commenced manufacturing of polyester staple fiber (PSF) at
its new facility at Manali, Chennai.  In 2001, Futura incorporated
a new company Innovassynth Technologies (India) Limited and Futura
transferred its Chemicals division at Khopoli to ITIL. Futura also
incorporated Futura Industries Limited as a subsidiary to develop
PET recycling and conversion to polyester feed stock; in 2001,
this was amalgamated with Futura.  In 1993, a separate company
commenced production of PET resin and preforms at Manali and was
amalgamated with Futura in 2002; the current capacity for solid
state polymers is 57,000 mtpa and PET preforms is 20,000 mtpa.


G.R. GUPTA: ICRA Reaffirms '[ICRA]BB' Rating INR13.25cr Bank Loans
------------------------------------------------------------------
ICRA has reaffirmed '[ICRA]BB' rating assigned to the
INR13.251 crores fund-based bank facilities of G.R. Gupta &
Brothers.  The outlook on the long term rating is Stable

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

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

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

                          About G.R. Gupta

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

In FY 2011, the company reported PAT of INR1.16 crores on an
operating income of INR131.92 crores as compared to PAT of
INR1.27 crores and operating income of INR134.71 crores in FY
2010.


ICICI BANK: Fitch Affirms 'BB-' Rating on US$750-Mil. Tier 2 Bonds
------------------------------------------------------------------
Fitch Ratings has affirmed India-based ICICI Bank's Long-Term
Foreign Currency Issuer Default Rating (IDR) at 'BBB-' with a
Stable Outlook, Short-Term (ST) FC IDR at 'F3', and Support Rating
Floor at 'BBB-'.

The following ratings of ICICI have been affirmed:

  -- LT FC IDR: 'BBB-'; Outlook Stable
  -- ST FC IDR: 'F3'
  -- VR: 'bbb-'
  -- Individual rating: 'C'
  -- Support rating: '2'
  -- Support rating floor: 'BBB-'
  -- USD4.46bn senior notes: 'BBB-'
  -- SGD200m senior notes: 'BBB-'
  -- USD750m Upper Tier 2 bonds: 'BB-'

The affirmation reflects ICICI's steady progress in areas of
funding and asset quality and is supported by its robust
capitalization levels and strong domestic franchise.  The bank's
Support rating and Support Rating Floor reflect its systemic
importance, implying a high probability of regulatory support, in
the event of a crisis.  The ratings of ICICI's hybrid instruments
are based on Fitch's criteria.

ICICI's liability-focused strategy has resulted in a considerable
improvement in its funding mix with a low cost current savings
deposit ratio of 45.1% in FY11 (FY10: 41.7%; FY08: 26.1%).  In
FY11, contribution from the bank's top 20 depositors also nearly
halved compared to the previous year, thus resulting in
significantly reduced concentration risk.  This further reflects
its lower dependence on volatile bulk deposits and in turn also
provides better manoeuvrability in managing funding costs.

The bank's capital adequacy ratios (CAR) continue to be robust
with Tier 1 CAR and total CAR at 13.2% and 19.5%, respectively, in
FY11.  Its hybrids account for a small portion of Tier 1 capital
(FY11: 7%), implying sound capital quality.  Fitch expects ICICI's
capital buffer to remain strong as its moderate growth target of
+20% in FY12 (system: +19%-20%) is unlikely to sharply impact its
capital levels considering the renewed pace of internal capital
generation.

Fitch notes that though ICICI's gross level NPL ratio declined to
4.5% in FY11 (FY10: 5.1%), its asset quality is higher than peers
and needs to be further improved.  That said, a significant
improvement in its specific loan loss coverage (FY11: 76%/90.8%
including general reserves; FY10: 59.5%/74.6%) coupled with a
continued reduction of the affected unsecured retail loans
portfolio do remain key positives.  Near-term asset quality
concerns primarily emanate from the prevailing high rates of
interest to which interest sensitive sectors (viz. SMEs) remain
susceptible.  At the same time, the agency remains cautious of
ICICI's increased exposure to commercial real estate sector, bulk
of which was built in FY11.

The primary driver of earnings growth and profitability in FY11
was a sharp decline in the bank's credit costs. Moreover, given
that competition is intensifying in a slow credit offtake
scenario, asset repricing will become increasingly tough.
Consequently, net interest margins are likely to contract although
a better funding profile would provide some cushion. Earnings
impact may be much higher from a rise in credit costs as Fitch
considers the current macroeconomic headwinds -- high interest
rates and lower credit growth -- to eventually impact asset
quality in interest-sensitive sectors such as retail mortgage,
SMEs and real estate.

ICICI's LT LC IDR, Support Rating Floor and Viability Rating (VR)
would be affected by a downgrade of the sovereign's LT FC IDR
('BBB-').  However, the VR may also come under pressure if
significant pressures re-emerge in areas of asset quality and
funding due to faster-than-expected growth.

ICICI's overseas branches accounted for around 25% of it total
loans at end-June2011 (FY11: around 26%), most of which are
reported to be India-linked exposures.  Funding for the overseas
branches is mostly out of wholesale borrowings.


KETI-T CONSTRUCTION: ICRA Puts '[ICRA]BB' Rating to INR5.5cr Loan
-----------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]BB' to INR5.5 crore
fund based facilities of Keti-T Construction (India) Limited.  The
long term rating carries a 'Stable' outlook. ICRA has also
assigned a short term rating of '[ICRA]A4' to INR40.0 crores non-
fund based facilities of Keti-T.

The ratings factor in Keti-T's moderate scale of operations;
delays in ongoing projects which coupled with raw material price
volatility have led to moderate profitability; and exposure to
geographical risk owing to concentration of projects in the states
of Madhya Pradesh and Rajasthan. The ratings also take into
account the corporate guarantees extended by Keti-T for two Build-
Operate-Transfer (BOT) projects being executed under group
companies. Further the company's envisaged investments in its
group companies for BOT projects over the next 2-3 years can
increase Keti-T's reliance on debt and adversely impact its debt
protection indicators. The ratings however draw comfort from the
long experience of the promoters in the construction industry;
healthy order book position of the company which provides future
revenue visibility; and low working capital intensity of the
business on account of relatively low receivable levels and
mobilization advances from clients.

                   About Keti-T Constructions

Keti-T Constructions (India) Limited) is engaged in executing
construction work for roads, building, irrigation projects, etc.
The company was formed from the demerger of Keti Constructions
(India) Limited into Keti-T Construction (India) Limited and Keti-
KJ Construction (India) Limited with effect from April 2009. KCIL
was setup in 1976 by Mr. Kedarmal Jakhetia and Mr. T.C. Garg and
over the years, the company was engaged in development of roads,
bridges, canals and irrigation projects both on contract as well
as Build Operate Transfer (BOT) basis, primarily in the states of
Maharashtra, Madhya Pradesh and Rajasthan.

Recent Results

For FY2011, the company has achieved an operating income of
INR48.5 crore and a Profit After Tax of INR1.0 crore (as per
provisional results).


MANOHAR PROCESSORS: ICRA Assigns '[ICRA]C' Rating to INR12cr Loan
-----------------------------------------------------------------
A long-term rating of '[ICRA]C' has been assigned to the INR52.8
crore term loan facility and the INR12.0 crore long term fund-
based limits of Manohar Processors Private Limited.  A rating of
'[ICRA]A4' has also been assigned to the INR5.2 crore short-term
non-fund-based of Manohar

In arriving at the ratings, ICRA has taken a consolidated view of
group companies, namely, Dicitex Furnishings Limited and Manohar
Processors Private Limited referred to as the "group", given the
strong operational and financial linkages existing among the
companies, presence in similar business and management control
shared by a single set of promoters.

The financial profile of the group is constrained by stretched
capital structure and debt coverage indicators and vulnerability
of margins to increase in raw material prices, especially in
export markets where there is limited pricing flexibility. The
group's operating income and profitability remain vulnerable to
cyclical nature of the textile industry. ICRA also takes of the
high working capital intensity of the business as reflected in
inventory levels in FY 2010 and FY 2011.

The business profile of the group derives strength from the long
experience of the promoters' in the home furnishings business, its
vertically integrated operations with yarn manufacturing, fabric
processing, yarn dyeing and fabric production and its focus on
value-added products which enables it to garner higher margins.
Additionally, its sales are well diversified geographically with
equal share of exports and domestic sales, though the groups'
exports to the Middle East remains exposed to geo-political risks
in the region. Going forward, the company's revenue growth is
likely to benefit from higher growth potential in the domestic
market supported by rising disposable incomes among the expanding
middle class where its products are targeted.

                    About Manohar Processors

Manohar Processors Private Limited) and Dicitex Furnishings
Limited, part of the Dicitex group are involved in the designing
and manufacturing of home furnishings and dress materials. While,
Dicitex was incorporated in May, 1999, Manohar was formed as a
company in May, 2000. Though Manohar and Dicitex exist as separate
entities, there are, however, financial and operationally linkages
between the companies with common set of promoters and inter-
company sales. Additionally, Dicitex has provided corporate
guarantee for the bank facilities of Manohar. However, Dicitex
primarily focuses on the export markets whereas Manohar's sales
are directed towards the domestic markets. The product portfolio
of the group consists of dress materials such as Salwar Kameez
Dupatta (SKD) and home furnishing products such as curtains,
upholsteries and sheers. Both the companies have manufacturing
units located at Tarapur, with each company having two units. In
the exports market, distribution is mainly through commission
agents who deal with the wholesalers. In the domestic markets, the
distribution network for dress materials consists mainly of
distributors/traders while for home furnishings is through agents.
The group has a sister concern "Dicitex Lifestyle Private Limited"
owned by the promoters and currently acts as a distributor to
retailers in the domestic market.

Recent results:

As per the audited FY 2010 numbers, Manohar reported a profit
after tax of INR0.03 crore over an operating income of INR103.73
crore while as per unaudited FY 2011 numbers it reported a loss of
INR2.82 crore over an operating income of INR105.83 crore.


MOHTISHAM COMPLEXES: ICRA Withdraws Rating on INR40.66cr Loan
-------------------------------------------------------------
ICRA has withdrawn the 'LBB' rating assigned to INR40.66 Crore
bank limits of Mohtisham Complexes Private Limited at the request
of the company.  The rating was placed on notice for withdrawal in
January 2011.


RUCHI ACRONI: ICRA Cuts Rating on INR4cr Limits to '[ICRA]BB'
-------------------------------------------------------------
ICRA has revised the rating assigned for INR4.00 crore fund-based
limits of Ruchi Acroni Industries Limited to '[ICRA]BB' from
'LBB+'.  The rating carries a stable outlook. ICRA has also
revised the rating assigned to INR96.00 crore non-fund-based
limits of RAIL to [ICRA]A4 from [ICRA]A4+.

The revision in ratings takes into account the decline in
operating profitability of the company in FY11, which coupled with
higher working capital intensity has resulted in deterioration of
its debt coverage indicators. The ratings take into account the
intensely competitive nature of the business; cyclicality inherent
in iron-and-steel business and vulnerability of the company's cash
flows to fluctuations in commodity prices and exchange rates. The
ratings, however, derive comfort from the long track record of
promoters in the steel and agricultural commodities' trading
business, the company's diversified client base and product
portfolio and its association with a string promoter group.

Going forward, the ability of the company to improve its
profitability and consequently the debt protection indicators will
be the key rating sensitivity.

                        About Ruchi Acroni

Established in 1979, Ruchi Acroni Industries Limited is engaged in
the business of trading in steel items and agricultural
commodities. RAIL is a trading arm of Ruchi Group and is a closely
held company promoted by Mr. Kailash Shahra and his family
members. RAIL is primarily involved in the trading of steel,
edible oil, soya products, soyabean, wheat, pulses, chemicals and
other agro/ non-agro commodities.


Ruchi Group is a reputed industrial conglomerate in India with
interests in businesses ranging from steel to food products. The
Group is actively involved in soya processing, edible oils, dairy
products, cold rolled sheets and coils, galvanized sheets and
coils and a host of other activities.

Recent Results

In FY2011, as per the provisional financial statements, Ruchi
Acroni Industries Limited reported operating income of INR631
crore (previous year INR446 crore) and net profit of INR0.84 crore
(previous year INR0.71 crore).


SICAL IRON: ICRA Downgrades Rating on INR340cr Loan to '[ICRA]BB+'
------------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR340.0
crore term loans of Sical Iron Ore Terminals Limited from 'LBBB-'
to '[ICRA]BB+'.  ICRA has also revised the short term rating
assigned to the INR6.0 crore non-fund based facilities of SIOTL
from 'A3' to '[ICRA]A4+'.  The aforesaid ratings have been removed
from "Watch with Negative implications" and a Negative outlook has
been assigned to the long term rating.

The revision in ratings follows the significant delays observed in
the iron ore terminal achieving COD and the continuing uncertainty
over commencement of terminal operations with the order by the
Supreme Court of India to suspend iron ore mining operations at
Bellary district owing to environmental concerns. The project
delays and continuing uncertainty over commencement of terminal
operations are expected to adversely impact profitability and
financial risk profile of the company in the short to medium term.
ICRA will continue to monitor the development on COD and its
impact on the cash flows and key credit metrics of SIOTL.

The ratings, however, continue to derive comfort from the
experience of the promoters, SLL and L&T IDPL in the development
and maintenance of port and port related activities. The ratings
also take comfort from the shareholder agreement executed with
MMTC Limited (with 26% stake) and the expected cargo commitments
from MMTC as executed through the off-take agreement. SIOTL's
terminal is also expected to be benefited by the phase-out of iron
ore handling at the ChPT, once its terminal is ready for use. The
favorable characteristics of EPL, being an all weather port with a
modest draft, to be enhanced in the medium term, well developed
primary, secondary storage and handling infrastructure also
underpin the ratings. ICRA also notes that, not being under the
purview of TAMP, SIOTL has the flexibility in determining the
cargo handling rates. ICRA, however, will review the ratings if
EPL is brought within the ambit of the regulator for tariff
fixation, as proposed in a draft legislation viz. Port Regulatory
Authority Bill, 2011.

The ratings also factor in the high revenue sharing (51.6%) with
EPL, risks arising from exposure to a single cargo (that is, iron
ore), the likely competition from neighboring ports like
Krishnapatnam, New Mangalore and Mormugao, the vulnerability of
demand from iron ore exporters to regulatory risks, such as a ban
on the export of iron ore lumps / fines. The ratings also take
into account the road connectivity issues with significant
congestion on the roads from Ennore Port to its immediate
hinterland and the congestion in the railway network serving the
port.

                         About Sical Iron

Sical Iron Ore Terminals Limited was incorporated as a Special
Purpose Vehicle in September 2006 by the consortium of Sical
Logistics Limited (SLL) and L&T Infrastructure Development
Projects Limited.  A Concession Agreement (CA) was entered into
between SIOTL and EPL on Sept. 23, 2006, to implement an iron
terminal at Ennore Port, Tamil Nadu on a build-operate-transfer
(BOT) basis for a total period of 30 years (including the terminal
construction period).  The project involves setting up an iron ore
terminal of capacity 6 MMTPA in Phase I to reach 12 MMPTA in phase
II at an estimated cost of INR507 crore.  Currently, SLL holds 63%
in the JV while MMTC Limited and L&T IDPL hold 26% and 11%,
respectively.


SRI SAI: ICRA Assigns '[ICRA]BB' Rating to INR14.50cr Bank Loan
---------------------------------------------------------------
ICRA has assigned '[ICRA]BB' rating to INR14.50 crore fund based
facilities of Sri Sai Teja Agro Industries (P) Ltd.  The outlook
on the long-term rating is Stable.

The assigned rating is constrained by SSTAI's financial profile
characterized by moderate profitability, high gearing and
stretched debt coverage indicators; moderate scale of operations
which limits financial flexibility and economies of scale; and the
competitive and commoditized nature of the industry which limits
the pricing flexibility. ICRA notes that the government policy
restrictions on the quantity of rice which can be sold in the open
market limit the flexibility and realizations for the company. The
rating also takes into account the agro-climatic risks which could
affect the availability of the paddy in adverse weather conditions
and result in lower capacity utilization for SSTAI. The rating
favorably takes into account SSTAI's experienced management and
long track record of operations in the rice industry; and the
established distribution network developed over the last decade to
sell the rice in the open market where the realizations are
higher. As the company's mill is located in a major rice producing
region, rice is easily available. ICRA also takes into account the
favorable demand prospects of the industry with India being the
second largest producer and consumer of rice in the world.

Sri Sai Teja Agro Industries (P) Limited was incorporated in
December, 1999 and is engaged in the milling of paddy and produces
raw and boiled rice. The company has a milling unit in Tossipudi
(East Godavari district) of Andhra Pradesh with a milling capacity
of 1.08 lakh Metric Ton (MT) of paddy per annum.


SUSEE FINANCE: ICRA Puts '[ICRA]BB-' Rating on INR10cr Cash Credit
------------------------------------------------------------------
ICRA has assigned a rating of '[ICRA] BB-' with a stable outlook
to the INR10 crore Cash Credit facilities and 'MB' rating to the
Fixed Deposit Programme of Susee Finance and Leasing Private
Limited.

The rating factors in the company's small scale of operations
which is geographically concentrated in four districts of Tamil
Nadu, limited financial flexibility, high portfolio vulnerability
in the risky used two wheelers segment and aggressive expansion
plans. Used two wheelers contribute to more than 70% of the
portfolio which is perceivably highly risky as systemic
delinquencies in this asset class have been are high. While the
company's asset quality indicators have remained good so far,
ability to continue to maintain good asset quality in light of
company's aggressive expansion plans into newer products and
geographies remains to be seen. SFLPL has credit facilities from
only one bank and it would be important to diversify funding
sources to improve financial flexibility. However, the rating is
supported by the promoter's track record of operating in the auto
financing segment, good knowledge of the local market, good
profitable and asset quality indicators.

Used two wheelers financing is the primary segment for SFLPL
comprising 69.5% of the portfolio as on March 2011 as compared to
66.5% as on March 2010. The remaining 29.5% of the portfolio
comprises of new two wheelers (27.9% as on March 2011), three
wheelers (2.5%) and four wheelers vehicles (0.1%). Going ahead,
the company is likely to increase exposure to the used four
wheelers (cars) financing segment and venture into used commercial
vehicles segments where the company has limited track record. The
gearing of the company was moderate at 1.69 times as on Mar-11
supported by internal capital generation and moderate portfolio
growth in the past. Going forward, gearing could increase as the
company rapidly expands its portfolio funded mainly through debt.
It would be important for the company to avail funding lines from
a diversified set of lenders to maintain a comfortable liquidity
profile. Net profitability is good at 10.1% in fiscal 2011 backed
by strong interest margins (35.7% in fiscal 2011) and low credit
costs (0.40%), despite high operating cost levels. Profitability
could continue to remain good, albeit with marginal contraction in
interest margins owing to increase in gearing and venture into
other relatively lower yielding asset classes. However, it would
be important for the company to maintain control over credit costs

                        About Susee Finance

Susee Finance & Leasing Private Limited is part of the Susee group
of companies which has operations extending across sectors such as
automobile dealerships; Information Technology and Non banking
finance. SFLPL is one of the oldest company in the group,
incorporated in 1991.  SFLPL is primarily involved in the
financing of Two Wheelers to new and used segments. During 1994 to
2007 the company was financing only to the customers of its one of
the group company, Susee Auto Sales & Services Private Limited and
later diversified to other two wheelers. The average ticket size
of SLFPL's loans is INR20,000 with tenure of 1 to 2 years.  As on
June 2011, SFLPL has 4 branches with 5300 active borrowers spread
across four districts of Southern Tamil Nadu. The gearing of the
company was at 1.69 times with a net worth of 2.42 crore as on
Mar-11.

For the current fiscal 2011, SFLPL reported a Profit After Tax
(PAT) of INR0.77 crore on a total asset base of INR8.01 crore
vis-a-vis PAT of INR0.19 crore on an asset base of INR7.35 crore
in the previous fiscal 2010.


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


CSFS GODO: Moody's Confirms Class C-2-a/C-2-b Ratings at 'Ba1'
--------------------------------------------------------------
Moody's Japan K.K has confirmed the ratings on the Class A through
F bonds issued by CSFS Godo Kaisha.

The final maturity of the bonds occurs in November 2013.

Class A-2-a / A-2-b / A-3

Confirmed at Aa2 (sf); previously on Jul 6, 2011 Aa2 (sf) placed
under review for possible downgrade

Class B-2 / B-3

Confirmed at A3 (sf); previously on Jul 6, 2011 A3 (sf) placed
under review for possible downgrade

Class C-2-a / C-2-b

Confirmed at Ba1 (sf); previously on Jul 6, 2011 Ba1 (sf) placed
under review for possible downgrade

Class D-2-a / D-2-b / D-3

Confirmed at B1 (sf); previously on Jul 6, 2011 B1 (sf) placed
under review for possible downgrade

Class E-1 / E-3

Confirmed at B3 (sf); previously on Jul 6, 2011 B3 (sf) placed
under review for possible downgrade

Class F-1/F-3

Confirmed at B3 (sf); previously on Jul 6, 2011 B3 (sf) placed
under review for possible downgrade

Deal Name: CSFS Godo Kaisha

Class: Class A through F Bonds

Issue Amount (initial): Approximately JPY24,700 million

Dividend: Floating / Fixed

Transfer Date of Bonds: December 6, 2006

Final Maturity Date: November 2013

Underlying Asset (initial): 2 non-recourse loans

Loan Originator: Credit Suisse Principal Investments Limited,
Tokyo Branch

Arranger: Credit Suisse Securities (Japan) Limited

CSFS Godo Kaisha, effected in December 2006, represents the
securitization of two non-recourse loans (Senior Loan and
Mezzanine Loan) backed by seven single-tenant retail properties in
Kanto, Chubu and Kinki areas.

The loan originator launched two non-recourse loans that were
secured by a real estate trust certificate backed by 7 properties,
and transferred the loans to CSFS Godo Kaisha. CSFS Godo Kaisha in
turn issued the Class A through F and Class X Bonds. The bonds are
rated by Moody's.

The two loans are backed by the same property pool. The scheduled
amortization and the prepayment, as a result of the property
sales, will be allocated on a pro rata basis to the two loans.

In case of default (the two loans cross-default), payment will be
applied sequentially according to the order by collateral
priority. At the bond levels, the waterfalls from the senior loan
will be paid sequentially for Class A through D, and payments from
Mezzanine Loan will be allocated on a pro rata basis for Class E
and F.

Rating Rationale

Because the revenue and profitability of some of the main
underlying stores have been deteriorating significantly, a re-
assessment of the rent levels and cash flow from the properties
was necessary.

As such, Moody's re-estimated its recovery assumption of the
underlying properties at 33% lower than its initial rating value.

On the other hand, the borrower entered into an agreement to sell
all the underlying properties during Moody's previous review
period. Thus Moody's confirmed these ratings after considering the
high likelihood of repayment for all bonds by their expected
maturity in November 2011.

The principal methodology used in this rating was "Updated:
Moody's Approach to Rating CMBS Transactions in Japan" (June 2010)
published on September 30, 2010 on www.moodys.co.jp.

Moody's did not receive or take into account third party due
diligence report on the underlying assets or financial instruments
relating to the monitoring of this transaction in the past six
months.


J-CORE 15: Moody's Lowers Rating on Class D Loan to 'Caa1'
----------------------------------------------------------
Moody's Japan K.K. has changed the ratings for nine classes of
J-CORE 15 Trust Certificates and asset-backed loans.

Their final maturity will take place in July 2013.

Deal Name: J-CORE15 Trust

Class A-1 Trust Certificate and Class A-1 Loan, Confirmed at Aaa
(sf); previously, on July 15, 2011, Aaa (sf) placed Under Review
for Possible Downgrade

Class A-2 Trust Certificate and Class A-2 Loan, Downgraded to
Baa1 (sf); previously, on July 15, 2011, Aa3 (sf) placed Under
Review for Possible Downgrade

Class B Trust Certificate, Downgraded to Ba3 (sf); previously, on
July 15, 2011, Baa2 (sf) placed Under Review for Possible
Downgrade

Class D Loan, Downgraded to Caa1 (sf); previously, on July 15,
2011, B1 (sf) placed Under Review for Possible Downgrade

Class E Trust Certificate, Downgraded to Caa1 (sf); previously,
on July 15, 2011, B2 (sf) placed Under Review for Possible
Downgrade

Class F Trust Certificate and Class F Loan, Downgraded to Caa1
(sf); previously, on July 15, 2011, B3 (sf) placed Under Review
for Possible Downgrade

Class: Class A-1, A-2, B, E, F Trust Certificates and Class A-1,
A-2, D, F Asset-Backed Loans

Issue Amount (initial): JPY 72.7 billion

Dividend: Floating

Issue Date: July 14, 2008

Final Maturity Date: July 2013

Underlying Asset: Specified bond backed by an office

Originator: Deutche Bank AG Tokyo Branch

Arranger: Deutche Bank AG Tokyo Branch

J-CORE 15 is a single-asset/single-borrower CMBS deal, effected in
July 2008. The property was previously used as the headquarters of
Shinsei Bank and is in Chiyoda-ku, Tokyo.

The originator entrusted the specified bond to the asset trustee
and received the Class A-1 through F Trust Certificates.

The Trustee took out the Class A-1, A-2, D and F Loans from the
originator, and then used the proceeds to redeem the corresponding
Trust Certificates. These Trust Certificates and loans were sold
through the arranger to investors. The Trust Certificates and
loans are rated by Moody's.

The last rating action in June 2010 reflected Moody's concerns
about the lower likelihood of collateral recovery, in light of
their re-assessed value.

But, at that time, Moody's had also positively viewed and
incorporated the various refinancing and disposition strategies to
redeem the specified bond, as the underlying property is a Class A
office building in central Tokyo, and there is a large cash
reserve.

Ratings Rationale

The current rating action reflects these factors:

1. Noteholders, who have the controlling rights over the disposal
   of the collateral, have tried to dispose of it since the
   maturity date of July 2011. Therefore, Moody's has now decided
   that it is difficult to consider the qualitative factors --
   such as the refinancing -- which were positively reflected
   before in the previous rating action.

2. Also, Moody's considers that the disposition price will decline
   in spite of the scarcity value of the property -- for example,
   its location and scale -- as investors are limited, given the
   architectural characteristics of the asset. Thus, Moody's has
   decided to apply a higher stress on its recovery assumption,
   reducing it by approximately 54% from its initial assumption.

3. In this deal, there a large amount of cash reserves that are
   available for redemption.

Moody's did not receive or take into account any third party due
diligence reports on the underlying assets or financial
instruments related to the monitoring of this transaction in the
past six months.


ORIX-NRL TRUST 16: Moody's Reviews 'Ba2' Class E Notes Rating
-------------------------------------------------------------
Moody's Japan K.K. has placed under review for possible downgrade
the ratings for the Class D through G Trust Certificates issued by
ORIX-NRL Trust 16.

The final maturity of the Trust Certificates will take place in
September 2013.

Deal Name: ORIX-NRL Trust 16

Class D, Baa1 (sf) Placed Under Review for Possible Downgrade;
previously on Apr 21, 2010 Upgraded to Baa1 (sf) from Baa3 (sf)

Class E, Ba2 (sf) Placed Under Review for Possible Downgrade;
previously on Apr 21, 2010 Downgraded to Ba2 (sf) from Ba1 (sf)

Class F, B2 (sf) Placed Under Review for Possible Downgrade;
previously on Apr 21, 2010 Downgraded to B2 (sf) from Ba2 (sf)

Class G, Caa1 (sf) Placed Under Review for Possible Downgrade;
previously on Apr 21, 2010 Downgraded to Caa1 (sf) from B1 (sf)

ORIX-NRL Trust 16, effected in December 2007, represents the
securitization of non-recourse loans and specified bonds to three
borrowers initially.

The transaction is currently secured by one non-recourse loan
backed by four office buildings in Tokyo, which has been in
special servicing since March 2009.

Moody's has decided to apply higher stress on the recovery
assumptions of the loan under special servicing for future
disposal prices, as the performance of the property has further
deteriorated since last rating action in April 2010.

In its review, Moody's will re-assess -- and add further stress to
-- its recovery assumptions for the properties, incorporating
their performances and will decide on the ratings after reviewing
its recovery assumptions for the properties.


ORIX-NRL TRUST 13: Moody's Reviews 'B1' Rating on Class D Certs.
----------------------------------------------------------------
Moody's Japan K.K has placed under review for possible downgrade
the ratings for the Class C through H Trust Certificates issued by
ORIX-NRL Trust 13.

The final maturity of the Trust Certificates will take place in
September 2013.

Deal Name: ORIX-NRL Trust 13

Class C, A1 (sf) Placed Under Review for Possible Downgrade;
previously on May 28, 2010 Downgraded to A1 (sf) from Aa2 (sf)

Class D, B1 (sf) Placed Under Review for Possible Downgrade;
previously on May 28, 2010 Downgraded to B1 (sf) from Baa1 (sf)

Class E, Caa1 (sf) Placed Under Review for Possible Downgrade;
previously on May 28, 2010 Downgraded to Caa1 (sf) from Ba1 (sf)

Class F, Caa2 (sf) Placed Under Review for Possible Downgrade;
previously on May 28, 2010 Downgraded to Caa2 (sf) from B2 (sf)

Class G, Caa3 (sf) Placed Under Review for Possible Downgrade;
previously on May 28, 2010 Downgraded to Caa3 (sf) from B3 (sf)

Class H, Caa3 (sf) Placed Under Review for Possible Downgrade;
previously on May 28, 2010 Downgraded to Caa3 (sf) from Caa1 (sf)

ORIX-NRL Trust 13, effected in January 2007, represents the
securitization of non-recourse loans and specified bonds to 11
borrowers initially.

The transaction is currently secured by two non-recourse loans and
one specified bond. Of this total, one non-recourse loan is backed
by an office building in Tokyo and the specified bond is backed by
an office building in a provincial city. Both the non-recourse
loan and the specified bond are in special servicing. The other
remaining performing loan is backed by a retail property in a
provincial city.

The current review reflects these factors:

(1) With one specified bond, it is highly likely that recovery
    from the bond will be lower than Moody's recovery assumption
    at the last rating action (May 2010).

(2) Moody's need to confirm the performance of the underlying
    properties for other remaining specially serviced loan and
    reconsider its recovery assumption.

In its review, Moody's will re-assess -- and add further stress to
-- its recovery assumptions for the properties, incorporating
their performances and special servicer's collection plans and
will decide on the ratings after reviewing its recovery
assumptions for the properties.


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


A B 'N C LIMITED: Goes Into Liquidation; Owes More Than NZ$1.8MM
----------------------------------------------------------------
Sophie Rishworth at The Gisborne Herald reports that A B 'N C
Limited, the company that owns Amor-Bendall Wines, has gone into
liquidation.  Business recovery and insolvency specialists
Shephard Dunphy in Wellington have been appointed as liquidators.

The company was placed in liquidation on May 17 with a total of
NZ$1,838,652 in debts.

The Gisborne Herald discloses that unsecured trade creditors are
owed NZ$250,000 and include companies in Gisborne, Hawke's Bay,
Auckland, Wellington and Christchurch.  An amount of NZ$571,733 is
owed to the company's shareholders -- Noel Amor and Alison
Bendall, the report notes.

The only secured creditor is the ANZ National Bank Limited, owed
NZ$834,419, according to The Gisborne Herald.

According to the report, liquidator Iain Shephard said there was
no prospect of any distribution to unsecured creditors and as a
result there would be no meeting of creditors.

A B 'N C Limited was incorporated on June 23, 2000.  The company
traded as Amor-Bendall Wines and made wine from grapes bought from
local growers.


CENTURY CITY: Bankruptcy Application Against Owner Put on Hold
--------------------------------------------------------------
The Dominion Post reports that property developer and Wellington
Phoenix owner Terry Serepisos has survived the latest attempt to
make him bankrupt but creditors are now lining up to take him on.

The High Court at Wellington on Monday was told Mr. Serepisos had
come to an arrangement with FM Custodians over what was originally
a NZ$2.9 million debt but an adjournment was needed to "bring
things together".

FM Custodians had sought to bankrupt Mr. Serepisos over personal
guarantees he made on loans to two of his companies, New
Millennium Design and Century City Developments, according to The
National Business Review.

The case is due to be called again on Friday morning, Aug. 19.

But two other creditors, believed to be South Canterbury Finance
and Southern Receivables, are in place asking for Mr. Serepisos to
be made bankrupt, The Dominion Post states.

According to The Dominion Post, Mr. Serepisos has been battling
financial issues within his Century City group of companies for
more than a year during which time he has faced a number of court
actions.  They included moves in November to liquidate five
Century City companies over unpaid tax and the Accident
Compensation Corporation of nearly NZ$4 million.  That amount was
repaid in a deal that subsequently lead to Mr. Serepisos losing
ownership of his flagship Century City Hotel in Tory St., The
Dominion Post noted.

The Serepisos companies under threat are Century City Hunter
Street, Century City Investments, Century City Developments,
Century City Management, and Century City Football, which owns the
Wellington Phoenix football team.


PHITEK SYSTEMS: Investors May Back Rights Issue
-----------------------------------------------
The Dominion Post reports that Phitek Systems Limited's two
biggest investors hope to give the company a second chance by
converting NZ$6 million they had lent the firm into shares, after
nearly deciding to cut their losses and pull the plug on the
business in October.

Venture capital funds K1W1 and TMT Ventures -- whose backers
include Sir Stephen Tindall, Telecom and taxpayers, through the
Crown-owned Venture Investment Fund -- own 56% of Phitek and are
backing a rights issue being put to investors, the news agency
relates.

According to the Dominion Post, the rights issue is designed to
eliminate most of the company's debts and raise between NZ$500,000
and NZ$2.1 million of fresh working capital to give a slimmed-down
Phitek a clean slate from which to grow.

The Dominion Post notes that Phitek generates 60% of its business
from its market-leading position selling noise-cancelling
headphones for airline inflight entertainment systems.  But
despite much anticipation, the report says, the company has made
disappointing headway in potentially far larger consumer markets.

The business hit a crunch point after cumulative losses rose to
NZ$34.5 million, following a 2010 net loss of NZ$6.3 million.

The rights issue, which closes on August 26, will see shareholders
get 7.3 new shares priced at 2.5 cents each for every share they
hold now -- 360 million new shares in total -- effectively valuing
the pre-rights-issue company at about NZ$1 million, according to
the report.

The Dominion Post recalls that TMT Ventures chief executive Paul
van Tol was brought in as Phitek's executive director last year to
help shareholders decide whether to give the business another shot
or let it go under.

"My initial role was to step in for a month with a small amount of
money to see whether there was a business that was worth
salvaging," the report quotes Mr. van Tol as saying.  "After a
couple of weeks, I came to the conclusion there was, because there
was sufficient existing revenues to have a sustainable business
and there was enough intellectual property and talent to start
building something from that again."

The rescue came at a cost for Phitek, which has shed 29 of its 66
staff, but Mr. van Tol said the restructuring has stabilized the
company, the report relates.

Shareholders have been told to expect losses before interest, tax
and depreciation of NZ$1.1 million in the year just closed, on
revenues of NZ$11.8 million, but Mr. van Tol said it has been
breaking even since October, the Dominion Post adds.

Phitek Systems Limited is an Auckland-based audio technology
company.


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


BEXCOM SOUTHEAST: Creditors Get 100% Recovery on Claims
-------------------------------------------------------
Bexcom Southeast Asia Pte Ltd declared the first and final
dividend on Aug. 12, 2011.

The company paid 100% to the received claims.


BITUMEN COMPLETE: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Singapore entered an order on July 29, 2011, to
wind up the operations of Bitumen Complete Solutions Pte Ltd.

Luther LLP filed the petition against the company.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee's Office
         The URA Centre (East Wing)
         45 Maxwell Road, #06-11
         Singapore 069118


CLARENDON PACIFIC: Creditors' Proofs of Debt Due Sept. 12
---------------------------------------------------------
Creditors of Clarendon Pacific Holdings Pte Ltd, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Sept. 12, 2011, to be included in the company's
dividend distribution.

The company's liquidators are:

         Chee Yoh Chuang
         Abuthahir Abdul Gafoor
         c/o 8 Wilkie Road
         #03-08 Wilkie Edge
         Singapore 228095


FASHION STREET: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on Aug. 5, 2011, to
wind up the operations of Fashion Street (S) Pte Ltd.

GE Furniture & Construction Pte Ltd filed the petition against the
company.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee's Office
         The URA Centre (East Wing)
         45 Maxwell Road, #06-11
         Singapore 069118


GLORY WEALTH: Court to Hear Wind-Up Petition Aug. 26
----------------------------------------------------
A petition to wind up the operations of Glory Wealth Shipping Pte
Ltd will be heard before the High Court of Singapore on Aug. 26,
2011, at 10:00 a.m.

Galsworthy Limited of the Republic of Liberia filed the petition
against the company on Aug. l, 2011.

The Petitioner's solicitors are:

         Legal Solutions LLC
         25 Church Street #03-03
         Capital Square Three
         Singapore 049482


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


* BOND PRICING: For the Week Aug. 8 to Aug. 12, 2011
----------------------------------------------------


Issuer                  Coupon    Maturity   Currency  Price
------                  ------    --------   --------  -----

  AUSTRALIA
  ---------

ADVANCE ENERGY           9.50    01/04/2015   AUD       1.07
AINSWORTH GAME           8.00    12/31/2011   AUD       1.25
AMITY OIL LTD           10.00    10/31/2013   AUD       2.05
AUSTRALIAN COMM          3.00    07/29/2049   AUD       5.00
BECTON PROP GR           9.50    06/30/2012   AUD       0.22
CHINA CENTURY           12.00    09/30/2012   AUD       0.88
DIVERSA LTD             11.00    09/30/2014   AUD       0.14
EXPORT FIN & INS         0.50    12/16/2019   NZD      66.91
EXPORT FIN & INS         0.50    06/15/2020   AUD      64.81
EXPORT FIN & INS         0.50    06/15/2020   NZD      65.94
FIRST AUSTRALIAN        15.00    01/31/2012   AUD       0.45
IMF AUSTRALIA           10.25    12/31/2014   AUD       1.69
NEW S WALES TREA         1.00    09/02/2019   AUD      71.65
NEW S WALES TREA         0.50    09/14/2022   AUD      59.03
NEW S WALES TREA         0.50    10/07/2022   AUD      58.54
NEW S WALES TREA         0.50    10/28/2022   AUD      58.30
NEW S WALES TREA         0.50    11/18/2022   AUD      58.14
NEW S WALES TREA         0.50    12/16/2022   AUD      58.14
NEW S WALES TREA         0.50    02/02/2023   AUD      57.59
NEW S WALES TREA         0.50    03/30/2023   AUD      57.24
NEXUS AUSTRALIA          3.60    08/31/2017   AUD      56.66
RESOLUTE MINING         12.00    12/31/2012   AUD       1.36
SUNCORP METWAY           6.75    09/23/2024   AUD      72.13
SUNCORP METWAY           6.75    10/06/2026   AUD      73.56
TREAS CORP VICT          0.50    08/25/2022   AUD      59.27
TREAS CORP VICT          0.50    11/12/2030   AUD      57.42
TREAS CORP VICT          0.50    11/12/2030   AUD      40.75


  CHINA
  -----

CHINA GOV'T BOND         1.64    12/15/2033   CNY      64.17
FOSUN HI-TECH GR         6.00    12/24/2017   CNY      53.51
JIANGYIN CONSTR          6.90    09/15/2016   CNY      63.00
NANSHAN GROUP            6.50    10/20/2015   CNY      63.00
SOUTHERN POWER           5.60    09/17/2019   CNY      66.60
YIXING CITY INV          5.08    05/20/2016   CNY      62.00
YUXI DEVELOP INV         5.80    12/28/2016   CNY      61.00



  HONG KONG
  ---------

RESPARCS FUNDING         8.00    12/29/2049   USD      37.25


  INDIA
  -----

PUNJAB INFRA DB          0.40    10/15/2024   INR      26.74
PUNJAB INFRA DB          0.40    10/15/2025   INR      24.29
PUNJAB INFRA DB          0.40    10/15/2026   INR      22.10
PUNJAB INFRA DB          0.40    10/15/2027   INR      20.19
PUNJAB INFRA DB          0.40    10/15/2028   INR      18.47
PUNJAB INFRA DB          0.40    10/15/2029   INR      16.93
PUNJAB INFRA DB          0.40    10/15/2030   INR      15.55
PUNJAB INFRA DB          0.40    10/15/2031   INR      14.31
PUNJAB INFRA DB          0.40    10/15/2032   INR      13.19
PUNJAB INFRA DB          0.40    10/15/2033   INR      12.20


  INDONESIA
  ---------

ARPENI PRATAMA          12.00    03/18/2013   IDR      17.25


  JAPAN
  -----

AIFUL CORP               1.74    05/28/2013   JPY      65.30
AIFUL CORP               1.99    10/19/2015   JPY      38.13
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      61.98
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      61.82
SHINSEI BANK             5.62    12/29/2049   JPY      68.50
TAKEFUJI CORP            9.20    04/15/2011   USD       5.25
TOKYO ELEC POWER         2.34    09/29/2028   JPY      69.51
TOKYO ELEC POWER         2.40    11/28/2028   JPY      67.10


  MALAYSIA
  --------

ADVANCED SYNERY          2.00    01/26/2018   MYR       0.09
ALIRAN IHSAN RES         5.00    11/29/2011   MYR       1.46
ASTRAL SUPREME           3.00    08/0/2021    MYR       0.07
CRESENDO CORP B          3.75    01/11/2016   MYR       1.26
DUTALAND BHD             6.00    04/11/2013   MYR       0.79
DUTALAND BHD             6.00    04/11/2013   MYR       0.35
EASTERN & ORIENT         8.00    07/25/2011   MYR       1.42
ENCORP BHD               6.00    02/17/2016   MYR       0.87
KUMPULAN JETSON          5.00    11/27/2012   MYR       0.82
LION DIVERSIFIED         4.00    12/17/2013   MYR       0.62
MALTON BHD               6.00    06/30/2018   MYR       0.78
MITHRIL BHD              3.00    04/05/2012   MYR       0.43
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.23
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.41
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.27
PANTECH GROUP            7.00    12/21/2017   MYR       0.09
PUNCAK NIAGA HLD         2.50    11/18/2016   MYR       0.52
REDTONE INTL             2.75    03/04/2020   MYR       0.06
RUBBEREX CORP            4.00    08/14/2012   MYR       0.63
SCOMI ENGINEERING        4.00    03/19/2013   MYR       0.73
SCOMI GROUP              4.00    12/14/2012   MYR       0.07
TRADEWINDS CORP          2.00    02/26/2016   MYR       0.90
TRADEWINDS PLANT         3.00    02/28/2016   MYR       1.60
TRC SYNERGY              5.00    01/20/2012   MYR       1.46
WAH SEONG CORP           3.00    05/21/2012   MYR       2.20
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.51
YTL CEMENT BHD           5.00    11/10/2015   MYR       2.28


NEW ZEALAND
-----------

ALLIED FARMERS           9.60    11/15/2011   NZD      74.50
DORCHESTER PACIF         5.00    06/30/2013   NZD      65.13
FIDELITY CAPITAL         9.25    07/15/2013   NZD      72.41
GENESIS POWER            8.50    07/15/2041   NZD       8.22
INFRATIL LTD             8.50    09/15/2013   NZD       9.50
INFRATIL LTD             8.50    11/15/2015   NZD       9.50
INFRATIL LTD             4.97    12/29/2049   NZD      58.00
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.26
NEW ZEALAND POST         7.50    11/15/2039   NZD      60.38
NZF GROUP                6.00    03/15/2016   NZD      41.24
SKY NETWORK TV           4.01    10/16/2016   NZD       7.66
TOWER CAPITAL            8.50    04/15/2014   NZD       1.02
TRUSTPOWER LTD           8.50    09/15/2012   NZD       6.00
TRUSTPOWER LTD           8.50    03/15/2014   NZD       6.00
UNI OF CANTERBUR         7.25    12/15/2019   NZD       1.01


SINGAPORE
---------

BLUE OCEAN              11.00    06/28/2012   USD      41.75
CAPITAMALLS ASIA         1.00    01/21/2012   SGD       0.97
CAPITAMALLS ASIA         2.15    01/21/2014   SGD       0.98
F&N TREASURY PTE         2.48    03/28/2016   SGD       0.98
F&N TREASURY PTE         3.15    03/28/2018   SGD       1.00
SENGKANG MALL            4.00    11/20/2012   SGD       0.10
SENGKANG MALL            8.00    11/20/2012   SGD       0.10
UNITED ENG LTD           1.00    03/03/2014   SGD       1.04
WBL CORPORATION          2.50    06/10/2014   SGD       1.20


SOUTH KOREA
-----------

DAEWOO MTR SALES         7.00    04/24/2012   KRW      74.31
GYEONGGI MUTUAL          8.00    01/22/2016   KRW      60.16
H K MUTUAL SAVING        9.50    08/02/2014   KRW      69.88
HYUNDAI SWISS II         7.90    07/23/2015   KRW      71.39
JINHEUNG MUTUAL          8.50    10/17/2014   KRW      60.18
KHC 4TH SEC SPC          7.00    12/08/2016   KRW      52.67
KOREA MUTUAL SAV         8.00    09/22/2012   KRW      60.15

YOUNGNAM MUTUAL          8.50    12/18/2014   KRW      70.17


SRI LANKA
---------

SRI LANKA GOVT           5.35    03/01/2026   LKR      67.68


THAILAND
--------

THAILAND GOVT            0.75    01/04/2022   THB      73.70


                             *********

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, Psyche A. Castillon, Ivy B. Magdadaro,
Frauline S. Abangan, and Peter A. Chapman, Editors.

Copyright 2011.  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
Christopher Beard at 240/629-3300.





                 *** End of Transmission ***