TCRAP_Public/111206.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, December 6, 2011, Vol. 14, No. 241

                            Headlines



A U S T R A L I A

CENTRO SHOPPING: Fitch Keeps BB+sf Rating on AUD14MM Note on RWN
EQUITITRUST LTD: Court Denies Lazar's Winding-Up Application
INPAK FOODS: Expressions of Interest for Business Sought
RELIANCE RAIL: Moody's Puts 'B3' Senior Debt Rating on Review
REWARDS GROUP: Receivers Seek Buyers for Horticultural Assets

WESTPOINT GROUP: ASIC Reaches Settlement with Strategic Joint


C H I N A

GUANGZHOU GLOBAL: Inks Amendment Agreement with Enable, et al.


H O N G  K O N G

B&H DIAMONDS: Placed Under Voluntary Wind-Up Proceedings
BE SIGN: Creditors' Proofs of Debt Due Dec. 23
CAPITALAND (HK): Creditors' Proofs of Debt Due Jan. 10
CAPRICORN APPAREL: Placed Under Voluntary Wind-Up Proceedings
CAPRICORN INVESTMENT: Placed Under Voluntary Wind-Up Proceedings

CHEONG MING: Yu and Choi Step Down as Liquidators
CHINA-SOUTH SEA: Tsui Kei Pang Appointed as Liquidator
CITIWIDE ENGINEERING: Court to Hear Wind-Up Petition on Jan. 4
CK CONSULTANTS: First Meetings Set for Dec. 15
CLARENDON MANAGEMENT: Creditors Get 2.362% Recovery on Claims

DATSUN LIMITED: Placed Under Voluntary Wind-Up Proceedings
EXCELLENT VANTAGE: Placed Under Voluntary Wind-Up Proceedings
FORTUNE ALLIED: Lui and To Step Down as Liquidators
GAINBASE HOLDINGS: Creditors' Proofs of Debt Due Jan. 20
GRAND SILVER: Members' Final Meeting Set for Jan. 3


I N D I A

ABHISEK PROJECTS: Debt Repayment Delay Cues CRISIL Junk Ratings
ALLEVARD IAI: CRISIL Assigns 'CRISIL B-' Rating to INR140MM Loan
CHETAN OVERSEAS: CRISIL Places 'CRISIL B+' Rating on INR60MM Loan
EMERALD INDUSTRIES: CRISIL Places 'B-' Rating on INR50.5MM Loan
ENNORE COKE: Fitch Lowers Rating on Four Note Classes to Low-B

GLOBAL TRADING: CRISIL Rates INR80MM Cash Credit at 'CRISIL BB+'
GNG EXPORTS: CRISIL Cuts Rating on INR50MM Loan to 'CRISIL D'
MCP INDUSTRIAL: CRISIL Puts 'CRISIL BB+' Rating on INR77.8MM Loan
MELSTAR INFORMATION: CRISIL Places 'BB' Rating on INR24MM Loan
NUTECH GLOBAL: CRISIL Assigns CRISIL B+ Rating to INR34.1MM Loan

SOGO COMPUTERS: Fitch Rates Two Note Classes at Low-B
SRI LAXMI: CRISIL Assigns 'CRISIL B+' Rating to INR7.5MM Loan
STONE AGE: CRISIL Cuts Rating on INR27.1MM Loan to 'CRISIL BB'
SUMA FIBRES: CRISIL Rates INR67MM Cash Credit at 'CRISIL B'
TECUMESH PRODUCTS: Fitch Holds Rating on INR530-Mil. Notes at B-

TERACOM LTD: Delay in Loan Payment Cues CRISIL Junk Ratings
TIRUMALA BALAJI: Fitch Affirms Rating on 2 Note Classes at Low-B
YASHVEER CERAMICS: CRISIL Puts 'CRISIL B+' Rating on INR40MM Loan


I N D O N E S I A

BANK DANAMON: Moody's Revises 'D' BFSR Outlook to Positive


J A P A N

CHOU MITSUI: Fitch Affirms Individual Rating at 'C'
HUIS TEN: Reports First Profit Since 1992


N E W  Z E A L A N D

SANFORD LIMITED: Shutters Processing Plant; 66 Jobs Affected


P H I L I P P I N E S

LEHMAN BROTHERS: PSALM Starts Process to Recover $3.5 Million


S I N G A P O R E

AED SERVICES: Creditors' first Meeting Set for Dec. 16
BYSI 313: Creditors' Proofs of Debt Due Dec. 14
ENGAGE ELECTRONICS: Creditors' Proofs of Debt Due Dec. 23
GLENCORE SINGAPORE: Court to Hear Wind-Up Petition on Dec. 9
HASHIMOTO STONE: Court to Hear Wind-Up Petition on Dec. 9

ONE GEORGE: Fitch Affirms Rating on SGD5 Mil. Sr. Notes at 'BBsf'


X X X X X X X X

* BOND PRICING: For the Week Nov. 28 to Dec. 2, 2011


                            - - - - -


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


CENTRO SHOPPING: Fitch Keeps BB+sf Rating on AUD14MM Note on RWN
----------------------------------------------------------------
Fitch Ratings has maintained the Rating Watch Negative (RWN)
status on the notes issued by Centro Shopping Centre Securities
Limited - CMBS Series 2006-1 (Centro CMBS 2006-1), as follows

  -- AUD191.2 mil. Class A2: 'AA+sf'; remains on RWN
  -- EUR63.7 mil. Class A3: 'AA+sf'; remains on RWN
  -- AUD18.5 mil. Class B: 'AAsf'; remains on RWN
  -- AUD31 mil. Class C: 'A-sf'; remains on RWN
  -- AUD26.4 mil. Class D: 'BBB-sf'; remains on RWN
  -- AUD14 mil. Class E: 'BB+sf'; remains on RWN

The notes issued by Centro Shopping Centre Securities Limited -
CMBS Series 2006 remain on RWN following the New South Wales
Supreme Court's decision to allow the restructuring of the Centro
Properties Group.  This decision overcomes a significant hurdle
to Centro being able to refinance its underlying syndicates which
will enable them to meet their scheduled obligations to Centro
CMBS 2006-1 by Dec. 20, 2011.

On Oct. 11, 2011, Fitch Ratings placed six classes of notes of
Centro CMBS 2006-1 on RWN.  The RWN reflected the uncertainty
with regards to the restructure of the Centro Properties Group
and the capacity of the underlying obligors to refinance the
securitized loans within their scheduled loan maturities.

With the court decision being a positive development for Centro
CMBS 2006-1, there still remains the necessity to complete the
refinancings of eight of the original 13 debt facilities within a
short time frame to meet the scheduled CMBS repayment date of
Dec. 20, 2011.  If refinancings are not completed by this date
then property values, property marketability and the timing of
sales will become a driver in assessing the ability to fully
repay the CMBS by its final maturity of June 20, 2013, and the
impact this may have on the rating of the notes.

Fitch will continue to monitor the Centro Properties Group
restructuring and the refinancing of each of the underlying loans
within Centro CMBS 2006-1 as well as, if necessary, sale
negotiations and property disposals.


EQUITITRUST LTD: Court Denies Lazar's Winding-Up Application
------------------------------------------------------------
Nick Nichols at goldcoast.com.au reports that Equititrust Limited
has scored a victory against Ian Lazar, the controversial
businessman who sought a court-ordered liquidation of the funds
manager.

The Federal Court in Sydney dismissed Mr. Lazar's winding-up
application last Friday and awarded costs to Equititrust,
according to goldcoast.com.au.

The report relates that the action, which came ahead of the
Supreme Court of Queensland appointing an independent receiver
for the company's mortgage funds on November 21, was described as
'premature' by the Federal Court when it was first filed on
November 17.

According to the report, the legal manoeuvre was the latest
agitation against Equititrust involving Mr Lazar, who has been
accused in Federal Parliament of 'dodgy dealings' and ripping off
Australian investors.  It followed a similar move by him to wind
up the company in May.

Mr. Lazar, who is a buyer of distressed debt, controls a company
that is in default on a loan owed to Equititrust, the report
says.

According to goldcoast.com.au, Equititrust's court win came on
the heels of company founder Mark McIvor addressing investors in
the company's mortgage funds for the first time since the Supreme
Court last month appointed David Whyte, of BDO Australia, to wind
them down.

Mr. McIvor, the sole shareholder of Equititrust, has been
reappointed to the board after stepping aside in June -- a move
that led to an acrimonious split with the board by October.

Joining Mr. McIvor on the board is his wife Stacey McIvor, and
Trust Mutual founder Ross Honeyman, the report discloses.

Goldcoast.com.au states that the new board was appointed after
the resignation of incumbents, including Jeff McDermid and Paul
Vincent on November 21 when the Equititrust's insurance for
directors lapsed.

Equititrust was unable to renew the insurance policy due to an
impending class action being brought by Sydney law firm Piper
Alderman, goldcoast.com.au adds.

As reported in the Troubled Company Reporter-Asia Pacific on
May 5, 2011, The Sydney Morning Herald related that a court
application has been made to wind up Equititrust, adding
to a list of woes for the company that faces a potential class
action by investors and is at the mercy of its banks.
Equititrust confirmed on May 3 that the application was filed by
Rural Security Holdings, a company associated with Ian Lazar.

The company has frozen investor redemptions and income
distributions at its AUD260 million Equititrust Income Fund
and recently confirmed that investors face large losses as well
as a restructure, according to SMH.  Equititrust was forced to
suspend payments and renegotiate terms with NAB on the loan
earlier this year when EIF was almost out of cash, SMH disclosed.
NAB agreed to defer repayments for last December until February
while it considered a new proposal that would match bank
repayments with loan repayments by Equititrust clients.

Equititrust earlier this year blamed delayed property sales
settlements for the need to stop paying income distributions for
the foreseeable future and reported a AUD12.3 million loss for
the half-year ending Dec. 31, 2010.

Equititrust Limited -- http://www.equititrust.com.au/-- is an
Australian-based specialist funds management and property
investment group.  Equititrust is the responsible entity of the
Equititrust Income Fund (EIF) and Equititrust Priority Class
Income Fund (EPCIF).  EIF is a mortgage fund whose primary
business is lending retail investors' pooled funds for property
development and taking mortgages over the property.  The EPCIF is
currently dormant.


INPAK FOODS: Expressions of Interest for Business Sought
--------------------------------------------------------
Sam Davies and Rob Kirman, as Joint and Several Receivers and
Managers of the Inpak Foods Group, seek urgent expressions of
interest in the business and/or assets comprising of:

   * purpose built and owned office and warehouse facilities
     with frozen, fresh and ambient storage capabilities,
     located at Royal Park, South Australia;

   * plant and equipment and motor vehicles (owned and leased);

   * stock; and

   * established supplier and customer relationships including
     major Australian food and beverage businesses.

For further details and information on the sales process, please
contact:

   Andrew Harding
   McGrathNicol
   Tel: +61 8 8468 3706
   Fax: +61 8 8468 3799
   E-mail: aharding@mcgrathnicol.com

Inpak Foods is an ingredient supplier and manufacturer based in
South Australia.  Inpak was placed into receivership as of
October 19, with receivers already asking for expressions of
interest.  Sam Davies -- sdavies@mcgrathnicol.com -- and Rob
Kirman -- rkirman@mcgrathnicol.com -- of McGrath Nicol were
appointed as receivers.


RELIANCE RAIL: Moody's Puts 'B3' Senior Debt Rating on Review
-------------------------------------------------------------
Moody's Investors Service has placed Reliance Rail Finance Pty
Ltd's B3 senior debt rating and Caa2 subordinated debt rating on
review for possible downgrade.

Ratings Rationale

The rating action reflects (i) ongoing concerns with the
potential funding gap in February 2012 and (ii) increased
uncertainties associated with the operating performance of the
delivered trains.

The lack of any concrete solution in relation to the potential
funding gap is creating further rating pressure, although Moody's
acknowledges efforts being made by various stakeholders in
relation to this critical issue. In addition, Moody's notes the
recent number of performance incidents identified in the
Independent Certifier Report, a number of which may be attributed
to Reliance Rail.

The review will focus on the progress of the capital restructure
discussions between the relevant stakeholders. Given the looming
funding gap is now less than three months away, tangible steps
are expected to be necessary in coming weeks in order for a
satisfactory solution prior to February.

As part of the review, Moody's will also monitor the final
allocation of the reported performance incidents, which may lead
to further delays in the delivery of the trains. Further delays,
in turn, may complicate the on-going capital restructuring
discussions.

Moody's understands that Reliance Rail is in discussions with the
relevant stakeholders to consider restructuring options in order
to improve its financial profile and to secure a solution for its
potential funding gap by February 2012. Reliance Rail relies on a
wrapped bank facility to complete the delivery phase of the
project, and that includes outs to funding should the bank
facilities' financial guarantors be insolvent.

The rating will likely be downgraded in the event of wrapper
insolvency, if there is no satisfactory resolution in relation to
availability of the AUD357 million facility. Furthermore, the
ratings may also be downgraded if there is evidence of further
delays in the delivery phase.

Upward rating momentum is very limited in the near term, given
the negative outlook. Over time, the rating would benefit if a
sustainable solution is reached to address the uncertainty in the
availability of the bank debt funding in February 2012, and if
delivery of the balance of the train sets remains substantially
in line with the current timetable.

Reliance Rail Finance Pty Ltd is the funding vehicle for the
Reliance Rail Group. Reliance Rail Group was the successful
consortium appointed by Railcorp in 2006 to deliver the NSW
Rolling Stock public private partnership (PPP) project. Reliance
Rail is in the process of manufacturing 78 eight-car "Waratah"
trains for the Sydney suburban rail network and has completed an
associated maintenance facility. Reliance Rail will also maintain
the trains and the maintenance facility from completion until
2043.

The methodologies used in this rating were Construction Risk in
Privately-Financed Public Infrastructure (PFI/PPP/P3) Projects
published in December 2007, and Operating Risk in Privately-
Financed Public Infrastructure (PFI/PPP/P3) Projects published in
December 2007.


REWARDS GROUP: Receivers Seek Buyers for Horticultural Assets
-------------------------------------------------------------
Expressions of interest are sought by the Receivers and Managers
of the Rewards Group and the Ark Fund for the purchase of the
freehold horticultural properties either individually or
collectively.

The horticultural properties include:

   * Dandaragan (WA) - 84 hectares of stone fruit, 90 hectares
     of mangoes and 11 hectares of grapes (700ha freehold land);

   * Kununurra (WA) - 401 hectares of mangoes and 60 hectares
     of grapefruit (478ha freehold land);

   * Packing shed - Kununurra (WA) with cool rooms and a fully
     automated sorting and packing line;

   * Mareeba (QLD) - 102 hectares of mangoes and 3 hectares of
     lime trees (316ha freehold land);

   * Childers (QLD) - 88 hectares of stone fruit (191ha freehold
     land); and

   * Kumbia (QLD) - 35 hectares of stone fruit (301ha freehold
     land).

The receivers can be reached at:

          McGrathNicol
          Contact: Philippa Bundell
          Tel: +61 8 6363 7605
          Fax: +61 8 6363 7699
          E-mail: pbundell@mcgrathnicol.com

                        About Rewards Group

Rewards Group Limited manages 12,000 hectares of forestry and
fruit plantations in Queensland, Western Australia and Victoria.

Managed investment scheme provider Rewards Group Limited was
placed in administration on May 16, 2010.  Martin Jones, Andrew
Saker and Darren Weaver of Ferrier Hodgson were appointed as
Joint and Several Administrators of Rewards Group Limited and its
subsidiaries pursuant to section 436A of the Corporations Act
2001.  Rewards Group's subsidiaries under administration are:

   * Rewards Projects Limited
   * Rewards Land Pty Ltd;
   * Rewards Management Pty Ltd;
   * Ord Packers Pty Ltd;
   * Berry Packers Pty Ltd;
   * Rural Labour Pty Ltd; and
   * Greentree Capital Pty Ltd, formerly QPR Capital
     Finance Pty Ltd.


WESTPOINT GROUP: ASIC Reaches Settlement with Strategic Joint
-------------------------------------------------------------
The Australian Securities and Investment Commission has reached a
settlement of its Federal Court proceeding against Queensland-
based financial services firm, Strategic Joint Partners Pty Ltd.

ASIC said the settlement concerns a claim for compensation on
behalf of SJP clients (Group Members) who invested in the failed
Westpoint Group of companies and is one of eight obtained by
ASIC.  If approved by the Court, SJP clients will receive over
$1.39 million in compensation.

The settlement was reached without any admission of liability by
SJP.

In March 2008, ASIC commenced proceedings against SJP following
concerns the firm had been negligent and had breached the
conditions of its Australian financial services licence in
providing advice to its clients.

On Dec. 1, 2011, the Court made orders for ASIC to communicate
with all Group Members, providing details of the compensation
they will likely receive and providing them with an opportunity
to object to the settlement.

The process for approval of the settlement will include:

   * writing to Group Members, providing details of the
     compensation they will receive and giving them the
     opportunity to lodge with the Court any objection
     to the settlement;

   * the Court considering the submissions of ASIC
     (and SJP) and any Group Member as to why the
     settlement should or should not be approved; and

   * the distribution of compensation to Group Members
     by ASIC if the settlement is approved (following
     a period to allow for any appeals).

After Group Members have had time to consider their position,
ASIC will file a further application seeking final Court approval
of the settlement.  The Court has agreed to hear the application
for final approval on Dec. 23, 2011.

Background

The investors in Westpoint-related financial products had an
outstanding total capital invested of $388 million as at
January 2006 when the Group collapsed.  Since November 2007, ASIC
has launched 19 civil actions seeking to recover funds for
investors in the majority of the Westpoint companies, including:

   -- a claim against KPMG, the former auditors of the Westpoint
      Group;

   -- claims against the directors of nine Westpoint mezzanine
      companies and various entities associated with a director;

   -- claims against seven financial planners; and

   -- a claim against State Trustees Limited.

To date, ASIC has successfully settled claims against: certain
directors of the Westpoint group of companies and KPMG ($57
million); Masu Financial Management Pty Ltd; Professional
Investment Services Pty Ltd ($5.9 million); Bongiorno Financial
Advisers Pty Ltd and Bongiorno Financial Advisers (Aust) Ltd
($2.6 million); State Trustees Ltd ($13.5 million), Dukes
Financial Services Pty Ltd and Joseph Dukes ($1 million) and
Glenhurst Corporation Pty Ltd ($2.5 million).

                      About Westpoint Group

Headquartered in Perth, Western Australia, the Westpoint Group
-- http://westpoint.com.au/-- was engaged in property
development and owned or managed retail and commercial properties
with a total value of over AU$300 million.  The Group's troubles
began in 2005 when the Australian Securities and Investments
Commission commenced investigations on 160 companies within the
Westpoint Group.  The ASIC's investigation led to ASIC initiating
action in late 2005 in the Federal Court of Australia against a
number of mezzanine companies in the Westpoint Group, including
winding up proceedings.  The ASIC contended that Westpoint
projects are suffering from significant shortfall of assets over
liabilities so that hundreds of investors are at serious risk of
not receiving repayment of their investments.  The ASIC also
sought wind-up orders after the Westpoint companies failed to
comply with its requirement to lodge accounts for certain
financial years.  These wind-up actions are still continuing.

In February 2006, the Federal Court in Perth issued a wind-up
order against Westpoint Corporation Pty Ltd.  The ASIC had
applied to wind up the company on grounds of insolvency.  The
ASIC believed that Westpoint Corporation is responsible for
arranging, managing and coordinating Westpoint Group's property
projects as well as holding money for other group companies.  The
ASIC was concerned that Westpoint Corporation was unable to pay
its debts, including its obligations under the guarantees given
to the mezzanine companies to make good expected shortfalls in
the repayment of amounts owed to investors.

The Westpoint Group's collapse is considered by many as the
largest of its type in recent years, with small investors being
the biggest group affected.  Investors are currently joining
forces to commence a class action against Westpoint and its
advisors.


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C H I N A
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GUANGZHOU GLOBAL: Inks Amendment Agreement with Enable, et al.
--------------------------------------------------------------
Guangzhou Global Telecom, Inc., on Nov. 28, 2011, entered into a
settlement and amendment agreement with Enable Growth Partners,
LP, Enable Opportunity Partners, LP, and Pierce Diversified
Strategy Master Fund LLC, to settle these matters:

   * Certain securities purchase agreement, dated July 31, 2007,
     and amended on Nov. 3, 2008, by and among the Company and
     the Holders, pursuant to which the Holders purchased from
     the Company 8% Senior Convertible Debentures of the Company
     having an original principal amount of $3,000,000 and
     warrants exercisable for shares of common stock of the
     Company;

   * Certain mutual release and settlement agreement, dated
     Dec. 29, 2009, by and among the Company and the Holders,
     pursuant to which the Company agreed to pay to the Holders
     an aggregate amount of $1,300,000 in exchange for the
     cancellation of (i) the Debentures in the principal amount
     of $3,000,000, (ii) the Warrants to purchase a total of
     156,097,534 shares of the Company's common stock and (iii)
     32,704,376 restricted shares of the Company; and

   * Certain judgment dated April 29, 2011, in the amount of
     $1,415,306 in favor of the Holders and against the Company
     entered on Aug. 5, 2011, in the Supreme Court of the State
     of New York.

The Settlement Agreement provides that the Company will pay the
Holders the sum of $50,000 upon execution of the Settlement
Agreement and an additional sum of $105,000, including $5,000 for
the Holders' legal fees, within 20 business days of the execution
of the Settlement Agreement.  Following the payment of an
aggregate of $155,000 by the Company, the Holders will surrender
their respective Warrants and Restricted Shares to the Company
and file a satisfaction of judgment with the Supreme Court of the
State of New York.

Within five business days following effectiveness of the filing
of the satisfaction of judgment, the Company will issue to each
Holder an amended and restated debenture, including the following
terms:

   -- Amending the maturity date of the Debentures to Nov. 28,
      2014;

   -- Amending the conversion price of the Debentures to be equal
      to the lesser of (i) $.10 or (ii) 90% of the average of the
      VWAPs for the 5 Trading Days immediately prior to the
      applicable Conversion Date;

   -- Reducing the principal amount outstanding under the
      Debentures to be in the aggregate of $1,300,000;

   -- Adding limits on the daily trading volume of the conversion
      shares to be no more than (i) 20% of the trading volume on
      that day, or (ii) 20% of the daily average trading volume
      over the prior 5 trading days, however, provided that, in
      either case, the minimum daily trading volume will be no
      less than 500,000 shares, subject to adjustment for reverse
      and forward stock splits and the like; and

   -- Adding terms of mandatory conversion in the event that the
      VWAP of the Company's common stock is no less than $1.00
      per share (subject to adjustment for reverse and forward
      stock splits and the like) for a period of ten (10)
      consecutive trading days.

Additionally, the Company agreed to become current in its
reporting obligations under the Exchange Act of 1934 on or before
Dec. 31, 2011, and remain current thereafter.  The Company also
agreed to hire an investor relations firm with a term of
engagement of not less than 12 months on or before the earlier of
(i) Dec. 15, 2011, or (ii) the 30th calendar date following the
date the Company becomes current in its filing obligations under
the Exchange Act of 1934. Further, the Company agreed to
consummate a merger transaction with a new company on or before
Jan. 31, 2012.

A full-text copy of the Settlement and Amendment Agreement is
available for free at http://is.gd/CiKfBQ

                       About Guangzhou Global

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

The Company's balance sheet at Sept. 30, 2010, showed
$2.43 million in total assets, $5.31 million in total
liabilities, and a stockholders' deficit of $2.88 million.


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


B&H DIAMONDS: Placed Under Voluntary Wind-Up Proceedings
--------------------------------------------------------
At an extraordinary general meeting held on Nov. 23, 2011,
creditors of B&H Diamonds Limited resolved to voluntarily wind up
the company's operations.

The company's liquidator is:

         Kishore K. Sakhrani
         6th Floor, St. John's Building
         33 Garden Road
         Central, Hong Kong


BE SIGN: Creditors' Proofs of Debt Due Dec. 23
----------------------------------------------
Creditors of Be Sign Media Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Dec. 23, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Nov. 11, 2011.

The company's liquidators are:

         Ying Hing Chiu
         Chan Mi Har
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


CAPITALAND (HK): Creditors' Proofs of Debt Due Jan. 10
------------------------------------------------------
Creditors of Capitaland (HK) Consultancy and Management Limited,
which is in members' voluntary liquidation, are required to file
their proofs of debt by Jan. 10, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Nov. 21, 2011.

The company's liquidator is:

         Ha Yue Fuen Henry
         Unit A, 5/F
         Amtel Building
         144-148 Des Voeux Road
         Central, Hong Kong


CAPRICORN APPAREL: Placed Under Voluntary Wind-Up Proceedings
-------------------------------------------------------------
At an extraordinary general meeting held on Nov. 22, 2011,
creditors of Capricorn Apparel Limited resolved to voluntarily
wind up the company's operations.

The company's liquidators are:

         Lui Chi Kit
         Chan Ka Chi
         Unit A, 14/F
         JCG Building
         16 Mongkok Road
         Mongkok, Hong Kong


CAPRICORN INVESTMENT: Placed Under Voluntary Wind-Up Proceedings
----------------------------------------------------------------
At an extraordinary general meeting held on Nov. 22, 2011,
creditors of Capricorn Investment (HK) Limited resolved to
voluntarily wind up the company's operations.

The company's liquidators are:

         Lui Chi Kit
         Chan Ka Chi
         Unit A, 14/F
         JCG Building
         16 Mongkok Road
         Mongkok, Hong Kong


CHEONG MING: Yu and Choi Step Down as Liquidators
-------------------------------------------------
Yu Tak Yee Beryl and Choi Tze Kit Sammy stepped down as
liquidators of Cheong Ming Paper, Poly Press & Printing Factory
Limited on Nov. 28, 2011.


CHINA-SOUTH SEA: Tsui Kei Pang Appointed as Liquidator
------------------------------------------------------
Tsui Kei Pang on Nov. 28, 2011, was appointed as liquidator of
The China-South Sea (Nominees) Services Limited.

The liquidator may be reached at:

          Tsui Kei Pang
          5th Floor, Jardine House
          1 Connaught Place
          Central, Hong Kong


CITIWIDE ENGINEERING: Court to Hear Wind-Up Petition on Jan. 4
--------------------------------------------------------------
A petition to wind up the operations of Citiwide Engineering
Limited will be heard before the High Court of Hong Kong on
Jan. 4, 2012, at 9:30 a.m.

Wong Lai Hung filed the petition against the company on Oct. 31,
2011.


CK CONSULTANTS: First Meetings Set for Dec. 15
----------------------------------------------
Contributories and creditors of CK Consultants Limited will hold
their first meetings on Dec. 15, 2011, at 3:45 p.m., and
4:00 p.m., respectively for the purposes provided for in Sections
241, 242, 243, 244, 251 and 255A of the Companies Ordinance.

The meeting will be held at the whole of 22nd Floor, 9 Des Voeux
Road West, in Hong Kong.


CLARENDON MANAGEMENT: Creditors Get 2.362% Recovery on Claims
-------------------------------------------------------------
Clarendon Management Limited, which is in creditors' voluntary
liquidation, will declare the first and final ordinary dividend
to its creditors on Dec. 9, 2011.

The company will pay 2.362% for ordinary claims.

The company's liquidator is:

         Osman Mohammed Arab
         29/F., Caroline Centre
         Lee Gardens Two
         28 Yun Ping Road
         Hong Kong


DATSUN LIMITED: Placed Under Voluntary Wind-Up Proceedings
----------------------------------------------------------
At an extraordinary general meeting held on Nov. 22, 2011,
creditors of Datsun Limited resolved to voluntarily wind up the
company's operations.

The company's liquidators are:

         Lui Chi Kit
         Chan Ka Chi
         Unit A, 14/F
         JCG Building
         16 Mongkok Road
         Mongkok, Hong Kong


EXCELLENT VANTAGE: Placed Under Voluntary Wind-Up Proceedings
-------------------------------------------------------------
At an extraordinary general meeting held on Nov. 25, 2011,
creditors of Excellent Vantage Limited resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

         Billy Li Sze Kuen
         12/F., No. 3 Lockhart Road
         Wanchai, Hong Kong


FORTUNE ALLIED: Lui and To Step Down as Liquidators
---------------------------------------------------
Lui Wan Ho and To Chi Man stepped down as liquidators of Fortune
Allied International Group (Hong Kong) Limited on Nov. 29, 2011.


GAINBASE HOLDINGS: Creditors' Proofs of Debt Due Jan. 20
--------------------------------------------------------
Creditors of Gainbase Holdings Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Jan. 20, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Nov. 22, 2011.

The company's liquidator is:

         Chan Lai Ping
         9th Floor, Chiyu Bank Building
         78 Des Voeux Road
         Central, Hong Kong


GRAND SILVER: Members' Final Meeting Set for Jan. 3
---------------------------------------------------
Members of Grand Silver International Management Limited, which
is in members' voluntary liquidation, will hold their final
meeting on Jan. 3, 2012, at 3:00 p.m., at Suite No. A, 11th
Floor, Ritz Plaza, at 122 Austin Road, Tsimshatsui, Kowloon, in
Hong Kong.

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


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


ABHISEK PROJECTS: Debt Repayment Delay Cues CRISIL Junk Ratings
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' rating to the bank
facilities of Abhisek Projects Pvt Ltd.  The ratings reflect
instances of delay by APPL in servicing its term loan; the delays
have been caused by APPL's weak liquidity.

   Facilities                        Ratings
   ----------                        -------
   INR40.2 Million Term Loan         CRISIL D (Assigned)
   INR40 Million Cash Credit         CRISIL D (Assigned)
   INR3.5 Million Bank Guarantee     CRISIL D (Assigned)

APPL also has a below-average financial risk profile and it is
exposed to intense industry competition. APPL, however, benefits
from its established customer base and its promoters' extensive
experience in the packaging industry.

                      About Abhisek Projects

Abhisek Projects Pvt Ltd was acquired by its current promoter,
Mr. Vishnu Kumar Churiwal, in 2006. The company began
manufacturing polypropylene bags in December 2008. Its
manufacturing facility in Kolkata (West Bengal) has capacity of
275 tonnes per month. The company caters to the sugar, cement,
food grains, and fertilizer industries.

APPL reported a net loss (PAT) of INR1 million on net sales of
INR175.4 million for 2010-11 (refers to financial year, April 1
to March 31), against a net loss of INR1.2 million on net sales
of INR148.5 million for 2009-10.


ALLEVARD IAI: CRISIL Assigns 'CRISIL B-' Rating to INR140MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank loan facilities of Allevard IAI Suspensions Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR18.0 Million Cash Credit       CRISIL B-/Stable (Assigned)
   INR140.0 Million Term Loan        CRISIL B-/Stable (Assigned)
   INR2.0 Million Proposed           CRISIL B-/Stable (Assigned)
    LT Bank Loan Facility
   INR10.0 Million Letter of         CRISIL A4 (Assigned)
    Credit & Bank Guarantee

The ratings reflect AISPL's modest scale of operations because of
the start-up phase of its operations, customer concentration,
susceptibility to volatility in raw material prices, below-
average financial risk profile marked by modest net worth, high
gearing, and weak debt protection metrics and weak liquidity.
These rating weaknesses are partially offset by AISPL's
promoters' extensive experience in the automotive-components
industry.

Outlook: Stable

CRISIL believes that AISPL will benefit from promoters'
experience the automotive-component industry. However, its
financial risk profile is expected to remain weak over the medium
term because of the start-up phase of its operations. The outlook
may be revised to 'Positive' if AISPL increases its cash accruals
significantly on back of increase in its scale of operations and
improvement in its profitability. Conversely, the outlook may be
revised to 'Negative' if the company's financial risk profile,
especially liquidity, weakens, most likely because of delay in
equity infusion by promoters, larger-than-expected debt-funded
capital expenditure (capex), or delay in increase in sales from
its upcoming facilities.

                        About Allevard IAI

Incorporated in April 2010, AISPL is engaged in manufacturing
stabiliser bars for four-wheelers. AISPL is a joint venture
between Allevard Rejna Autosuspensions S A of France and
promoters of Imperial Auto Industries Ltd (IAI) of India, with
Allevard Rejna holding 51 per cent of the equity share capital.
IAI of India started manufacturing stabiliser bars in January
2009 under IAI Suspensions Pvt Ltd. IAI Suspensions Pvt Ltd set
up a plant with capacity of manufacturing 0.15 million stabiliser
bars per annum. AISPL was formed, and took over the operations of
IAI Suspensions Pvt Ltd, in April 2010. AISPL's ongoing capex of
about INR250 million, funded by term debt of INR140 million, is
towards expansion if its capacity to 0.6 million stabilizer bars
per annum.

Allevard Rejna is part of the SOGEFI group of Italy and is
engaged in designing, manufacturing and marketing automobile
suspension systems such as helical springs, coil springs and
torsion bars. Established in 1969, IAI of India is promoted by
Mr. Jagjit Singh, Mr. S B Sardana and Mr. Mehtani, each with an
experience of over four decades in the industry. IAI of India's
key products include automotive steel tubing, brake tubes, fuel
injection pipes, brakes and fuel hoses.

For 2010 (refers to the period from April 1 to December 31),
AISPL reported a net loss of INR6.5 million on revenues of INR17
million.


CHETAN OVERSEAS: CRISIL Places 'CRISIL B+' Rating on INR60MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Chetan Overseas Delhi Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR60.0 Million Cash Credit       CRISIL B+/Stable (Assigned)
   INR30.0 Million Letter of Credit  CRISIL A4 (Assigned)
   INR3.3 Million Proposed ST        CRISIL A4 (Assigned)
    Bank Loan Facility

The ratings reflect CODPL's weak financial risk profile, marked
by a small net worth, high total outside liabilities to tangible
net worth ratio and weak debt protection metrics, small scale of
operations and low profitability in the intensely competitive
non-ferrous metal trading industry, and vulnerability to
volatility in metal prices and exchange rate fluctuations. These
rating weaknesses are partially offset by the benefits that CODPL
derives from its promoters' extensive experience in the non-
ferrous metal trading industry and its established customer base.

CRISIL had combined the business and financial risk profiles of
Chetan Overseas (proprietorship firm of Mr. Satish Maheshwari)
and Krish Vinimay Pvt Ltd (KVPL) up to March 31, 2011, as both
the entities were in the same line of business. With effect from
June 30, 2011, KVPL acquired the operations of Chetan Overseas.
This consolidated entity was renamed as CODPL.

CRISIL has treated unsecured loans of about INR12.5 million as on
June 30, 2011, from promoters as neither debt nor equity,
considering the non-interest-bearing nature of these loans and
subordination to bank loans.

Outlook: Stable

CRISIL believes that CODPL will continue to benefit over the
medium term from its promoters' extensive experience in the metal
scrap trading industry. The outlook may be revised to 'Positive'
if CODPL significantly improves its scale of operations and
profitability, leading to higher-than-expected cash accruals or
if the company improves its financial flexibility by way of
infusion of fresh capital by the promoters. Conversely, the
outlook may be revised to 'Negative' if CODPL's financial risk
profile deteriorates because of increase in working capital
requirements, or if the company reports lower profitability
leading to lower cash accruals.

                      About Chetan Overseas

CODPL, promoted by the Maheshwari family of Delhi, trades in non-
ferrous metals which include metals, scraps and alloys of copper,
zinc, lead, and nickel. The company was incorporated as KVPL and
was acquired by the current promoters about five years ago; it
had no operations until 2009-10 (refers to financial year, April
1 to March 31). In 2010-11, KVPL began trading in non-ferrous
metals; it generated revenues of about INR130 million in that
year. Majority of the promoters' trading business in non-ferrous
metals was carried out through another proprietorship firm,
Chetan Overseas, which was set up in 1993. In June 2011, KVPL
acquired the operations of Chetan Overseas and was renamed as
CODPL. The company has a stockyard of about 10,000 square feet in
New Delhi.

CODPL reported, on provisional basis, a book profit of INR5.60
million on net sales of INR607.4 million for 2010-11, against a
book profit of INR3.95 million on net sales of INR443.1 million
for 2009-10.


EMERALD INDUSTRIES: CRISIL Places 'B-' Rating on INR50.5MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Emerald Industries.

   Facilities                        Ratings
   ----------                        -------
   INR50.5 Million Term Loan         CRISIL B-/Stable (Assigned)
   INR47 Million Cash Credit         CRISIL B-/Stable (Assigned)
   INR11.6 Million Working Capital   CRISIL B-/Stable (Assigned)
    Term Loan
   INR41.4 Million Proposed LT       CRISIL B-/Stable (Assigned)
    Bank Loan Facility
   INR18 Million Bank Guarantee      CRISIL A4 (Assigned)

The ratings reflect Emerald's weak financial risk profile, marked
by a small net worth, a high gearing, and weak debt protection
metrics, its weak liquidity profile, small scale of operations,
and low revenue visibility because of lack of any sizable
contracts. These rating weaknesses are partially offset by the
benefits that Emerald derives from its partners' extensive
industry experience and the healthy demand prospects for the
construction sector in India.

Outlook: Stable

CRISIL believes that Emerald will benefit over the medium term
from its partners' extensive experience in the civil construction
sector. The outlook may be revised to 'Positive' in case the
firm's liquidity improves significantly because of higher-than-
expected cash accruals or infusion of fresh funds by the
partners. Conversely, the outlook may be revised to 'Negative' in
case Emerald's liquidity deteriorates further leading to pressure
on repayment obligations, because of lower-than-expected cash
accruals or higher-than-expected working capital requirements.

                       About Emerald Industries

Set up in 1974 by its managing partner Mr. Anil Bhansali and his
brothers, Emerald is currently engaged in mining and extraction
of stone boulders, supply of crushed stone aggregates, and site
preparation and road development activities. The firm currently
has four leased stone quarries along with four stone-crushing
units in Gwalior (Madhya Pradesh). Emerald also has a stone-
crushing unit in Rajasthan.

Emerald reported a provisional profit after tax (PAT) of INR0.5
million on net sales of INR134.6 million for 2010-11 (refers to
financial year, April 1 to March 31), against a PAT of INR6.9
million on net sales of INR187.5 million for 2009-10


ENNORE COKE: Fitch Lowers Rating on Four Note Classes to Low-B
--------------------------------------------------------------
Fitch Ratings has downgraded India-based Ennore Coke Limited's
National Long-Term rating to 'Fitch B(ind)' from 'Fitch B+(ind)'.
The Outlook is Stable.

The downgrade reflects severe liquidity pressures being faced by
Ennore due to low capacity utilization of its coke batteries and
delayed commercialization of its 12MW waste heat-based
cogeneration plant in August 2011, against the scheduled timeline
of November 2010.  Capacity utilization has been low at around
30% FY11 (year-end: March 2011) and H1FY12 due to technical
issues at the facility. Liquidity was further strained by a
significant inventory build-up as Ennore's export order, which it
obtained in H1FY12, was cancelled by the buyer.  The company had
cash and cash balance of INR188.2 million in FY11 (FY10: INR133.4
million).

Although revenues nearly doubled to INR6,791 million in FY11,
EBIDTA margins remained low at 5.6% in FY11 (FY10: 7.7%) and
receivable days stretched to 236 days (101 days).  This is
because the company generated 83% of its FY11 revenue from the
low-margin coke trading. Further, interest cover fell to 1.35x
(2.37x).

Positive rating guidelines include a sustained improvement in
Ennore's capacity utilization levels, which would lead to an
improvement in its EBIDTA margins, along with a demonstrated
improvement in its liquidity and access to additional bank lines.

As Ennore is currently generating revenue from working capital-
intensive trading activities, interest coverage is considered a
key determinant of its ability to service financial obligations.
Hence, negative rating action may result if there is a sustained
decline in interest cover to below 1.1x.

Ennore owns a 0.13 mtpa coke manufacturing plant at Haldia.

Rating actions on Ennore Coke's bank facilities:

  -- INR122.5 mil. fund-based limits: Long-Term rating downgraded
     to 'Fitch B(ind)' from 'Fitch B+(ind)', Short-Term rating
     affirmed at 'Fitch A4(ind)'

  -- INR1,650 mil. non-fund based limits: Long-Term rating
     downgraded to 'Fitch B(ind)' from 'Fitch B+(ind)', Short-
     Term rating affirmed at 'Fitch A4(ind)'

  -- Outstanding INR367.7 mil. term loans: Long-Term rating
     downgraded to 'Fitch B(ind)' from 'Fitch B+(ind)'

  -- INR33 mil. treasury (forex): Long-Term rating downgraded to
     'Fitch B(ind)' from 'Fitch B+(ind)', Short-Term rating
     affirmed at 'Fitch A4(ind)'


GLOBAL TRADING: CRISIL Rates INR80MM Cash Credit at 'CRISIL BB+'
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable' rating to the cash
credit facility of Global Trading Solutions Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR80 Million Cash Credit       CRISIL BB+/Stable (Assigned)

The rating reflects GTSL's comfortable financial risk profile,
marked by healthy total outside liabilities to tangible net worth
ratio and debt protection metrics, and the extensive experience
of the company's promoters in the iron ore fines trading
business. These rating strengths are partially offset by GTSL's
customer and geographical concentration, and susceptibility of
the company's operating margin to volatility in raw material
prices and to adverse government regulations.

Outlook: Stable

CRISIL believes that GTSL will benefit over the medium term from
its established relationships with its overseas customers. The
outlook may be revised to 'Positive' in case of a significant
increase in the company's scale of operations with sustenance in
its profitability. Conversely, the outlook may be revised to
'Negative' if GTSL contracts more-than-expected debt to fund
incremental working capital requirements or capital expenditure,
or in case of any adverse change in government regulations
negatively impacting export of iron ore fines from India, or if
GTSL extends significant support to associate companies.

                        About Global Trading

GTSL was set up in August 2010 by Mr. Abinash Mohanty; in
December 2010, the company acquired the business of Trading
Solution, a partnership firm set up by Mr. Abinash Mohanty and
his cousin, Mr. Satyajit Mohanty in 2006. GTSL exports iron ore
fines to overseas traders, including its associate company Global
Trading Solution Overseas Pvt Ltd. GTSL also imports scrap and
coal from Singapore and sells it in the local market.

GTSL reported a profit after tax (PAT) of INR24.5 million on net
sales of INR958.3 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR5.4 million on net
sales of INR419.3 million for 2009-10.


GNG EXPORTS: CRISIL Cuts Rating on INR50MM Loan to 'CRISIL D'
------------------------------------------------------------
CRISIL has downgraded its rating on the short-term bank
facilities of GNG Exports to 'CRISIL D' from 'CRISIL A4+'.

   Facilities                        Ratings
   ----------                        -------
   INR50 Million Letter of Credit    CRISIL D (Downgraded from
                                               'CRISIL A4+')

   INR290 Million Bill               CRISIL D (Downgraded from
   Purchase-Discounting Facility               'CRISIL A4+')

   INR360 Million Packing Credit     CRISIL D (Downgraded from
                                               'CRISIL A4+')

The downgrade reflects consistent overdues in GNG's packing
credit facility because of weakened liquidity. The firm's ad hoc
packing credit of INR30 million, which was due for repayment on
November 06, 2011, remains unpaid as on date. GNG's liquidity has
been severely impacted with sizeable advances of INR200 million
extended by the firm to its suppliers stuck in adverse regulatory
issues faced by the iron ore mining industry in Karnataka, Goa,
and Chhattisgarh.

GNG also has a weak financial risk profile; moreover, it is
exposed to fluctuations in foreign exchange rates, regulatory
risks, and geographic and product concentration. However, the
firm benefits from its moderate risk management strategies and
its promoters' industry experience.

                          About GNG Exports

GNG was set up in 1993 in Kolkata (West Bengal) by Mr. G N
Agarwal and his son, Mr. Praveen Agarwal. His other son, Mr.
Vineet Agarwal, joined the business in 2006. The firm has been
exporting iron ore fines of grades 59 to 63 to China, since 2004.
Prior to that, GNG traded in minerals (such as chrome, manganese,
and limestone), ready-made garments, and agricultural commodities
(such as rice, sugar, and wheat). These were discontinued
gradually, depending upon demand-supply dynamics and changes in
the regulatory environment.

For 2009-10 (refers to financial year, April 1 to March 31), GNG
reported a net profit of INR10.8 million on net revenues of
INR1.85 billion, against a net profit of INR4.1 million on net
revenues of INR1.2 billion in the preceding year..


MCP INDUSTRIAL: CRISIL Puts 'CRISIL BB+' Rating on INR77.8MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable' rating to the long-
term bank facilities of MCP Industrial Complex.

  Facilities                        Ratings
   ----------                        -------
   INR77.8 Million Long-Term Loan   CRISIL BB+/Stable (Assigned)
   INR29.2 Million Proposed LT      CRISIL BB+/Stable (Assigned)
    Bank Loan Facility

The rating reflects the prime location of MCPIC's warehouses with
reputed tenants and stable cash flows by way of lease rentals.
These rating strengths are partially offset by MCPIC's below
average financial risk profile marked by high gearing and
moderate debt protection metrics. The rating also factors in
MCPIC's small scale of operations and susceptibility to economic
cycles.

Outlook: Stable

CRISIL believes that MCPIC's credit risk profile will benefit
over the medium from the healthy demand for its warehouses in
Sriperumbudur (Tamilnadu) leading to stable cash flows. The
outlook may be revised to 'Positive' if the firm scales up its
operations with improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if any of
the primary tenants terminate the lease contracts leading to
delay in tying up of tenants for the vacated warehouse resulting
in lower cash accruals, or if the firm undertakes a large debt-
funded capital expenditure programme, or if the partners withdraw
a large quantum of capital, leading to weakening in MCPIC's
financial risk profile.

                         About MCP Industrial

MCPIC was set up as a partnership firm in December 2008 by Mr. S.
Ganesan and his family members. It leases warehouse spaces in and
around the industrial hub of Sriperumbudur, located 40 kilometres
from Chennai (Tamil Nadu). The firm has leased out 3,41,014
square feet (sq ft) of warehouse space at two different locations
(Sengadu and Valarpuram) in Sriperumbudur. The partners plan to
construct and lease out 27,500 sq ft of warehouse space by March
2012 at a total cost of INR27.50 million proposed to be funded by
a debt of INR22.50 million and the balance by equity.

MCPIC reported a profit after tax (PAT) of INR7.70 million on net
sales of INR33.45 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR2.88 million on net
sales of INR16.67 million for 2009-10.


MELSTAR INFORMATION: CRISIL Places 'BB' Rating on INR24MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' rating to the long-
term bank facilities of Melstar Information Technologies Ltd
(MITL; part of the Melstar group).

   Facilities                         Ratings
   ----------                         -------
   INR24 Million Term Loan            CRISIL BB/Stable (Assigned)
   INR46 Million Proposed LT          CRISIL BB/Stable (Assigned)
          Bank Loan Facility
   INR50 Million Overdraft Facility   CRISIL BB/Stable (Assigned)

The rating reflects the extensive experience of the Melstar
group's management in the information technology (IT) industry
and the benefits that it derives from being a part of the Yash
Birla group. These rating strengths are partially offset by the
Melstar group's constrained liquidity in a high operating
leverage business and modest scale of operations.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of MITL and Melstar Inc (MI), together
referred to as the Melstar group. The consolidated approach is
because MI is a wholly owned subsidiary of MITL and both the
entities have significant business synergies and fungible cash
flows.

Outlook: Stable

CRISIL believes that the Melstar group will benefit over the
medium term from its management's extensive experience in the IT
industry and the benefits it derives from being a part of the
Yash Birla group. The outlook may be revised to 'Positive' if the
group posts a significant increase in revenues and accruals while
simultaneously improving its debt protection metrics. Conversely,
the outlook may be revised to 'Negative' if the group undertakes
a large debt-funded capital expenditure programme, thereby
adversely affecting its capital structure, or if its operating
margin or debt protection metrics decline.

                        About the Group

MITL, part of the Yash Birla group of companies, primarily
provides staffing services to large IT companies and IT divisions
of large corporations. MITL also provides application development
and implementation services, albeit on a modest scale. MITL is
listed on the Bombay Stock Exchange and the National Stock
Exchange. Mr. Yashovardhan Birla has around 50 per cent stake in
MITL. The company currently has one subsidiary, MI, in the USA,
which caters to the US markets.

MITL reported a profit after tax (PAT) of INR28.6 million on
operating income of INR255 million for 2010-11 (refers to
financial year, April 1 to March 31), against a PAT of INR29.3
million on operating income of INR205 million for 2009-10.


NUTECH GLOBAL: CRISIL Assigns CRISIL B+ Rating to INR34.1MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the long-term bank facilities of Nutech Global Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR34.1 Million Term Loan         CRISIL B+/Stable (Assigned)
   INR6.8 Million Standby            CRISIL B+/Stable (Assigned)
    Line of Credit
   INR56 Million Cash Credit         CRISIL B+/Stable (Assigned)
   INR0.5 Million Bank Guarantee     CRISIL A4 (Assigned)

The ratings reflect NGL's weak financial risk profile, marked by
a small net worth and weak debt protection metrics, and working-
capital-intensive operations. The rating also factors its large
working capital requirements, small scale of operations, and
vulnerability of the company's margins to volatility in raw
material prices. These rating weaknesses are partially offset by
the extensive industry experience of NGL's promoter.

Outlook: Stable

CRISIL believes NGL business risk profile will continue to be
supported by promoter's significant experience. The outlook could
be revised to 'Positive' in case of significant improvement in
scale of operations along with profitability, while maintaining
its capital structure. Conversely, the outlook may be revised to
'Negative' in case of pressure on profitability or higher than
expected working capital requirements, leading to significant
pressure on company's financial risk profile, especially its
liquidity.

                         About Nutech Global

NGL was incorporated in 1984 by Mr. Shyam Mukhija. The company
manufactures suiting fabric from polyester, viscose, and also
small quantity of cotton. NGL converts yarn to grey fabric and
outsourcers the same for finishing and dyeing. Currently, the
company has 27 power looms and is expanding its capacity to 33
power looms which will be operational by early 2012-13 (refers to
financial year, April 1 to March 31).

NGL reported a profit after tax (PAT) of INR0.9 million on net
sales of INR 264.4 million for 2010-11, as against a nil profit
on net sales of INR247.3 million for 2009-10.


SOGO COMPUTERS: Fitch Rates Two Note Classes at Low-B
-----------------------------------------------------
Fitch Ratings has assigned India's Sogo Computers Private Limited
a National Long-Term rating of 'Fitch BB-(ind)'.  The Outlook is
Stable.

The ratings are constrained by SCPL's moderate scale of
operations (revenue: INR1,886.8 million in FY11 (end-March),
INR1,683.8 million in FY10), low operating EBITDA margins
(4.5%,3.6%) as is inherent in the trading business, and high net
financial leverage (net debt/EBITDA) of (4.4x, 3.1x).  The
ratings are also constrained by the company's high working
capital intensity and regional concentration risk due to its
major presence in the state of Karnataka.

Also, there have been instances of SCPL overutilising its cash
credit limits due to liquidity pressures.  The company has,
however, addressed this issue by availing temporary overdraft
facilities from its bankers.

The ratings are, however, supported by over a decade-long
experience of SCPL's founders in hardware trading, primarily in
Karnataka, the company's strong relationships with IT
distributors and resellers, and a fairly wide distribution
network in the state.

Positive rating guidelines would include a sustained increase in
revenue and EBITDA margins and a reduction in net debt/EBITDA to
below 4.25x.  Negative rating guidelines would include net
debt/EBITDA exceeding 6.0x.

SCPL is a Bangalore-based distributor of IT hardware and also
involved in servicing and retailing of the hardware.  In FY11,
the company reported an EBITDA of INR80.3 million (FY10: INR61.4
million) and a net income of INR9.4 million (INR11.6 million).

Fitch has also assigned ratings to SCPL's bank facilities as
follows

  -- INR29.2 million long-term loan: 'Fitch BB-(ind)'

  -- INR304 million fund based working capital limits: 'Fitch BB-
     (ind)'/'Fitch A4+(ind)'

  -- INR30 million non-fund based working capital limits:
     'Fitch A4+ (ind)'


SRI LAXMI: CRISIL Assigns 'CRISIL B+' Rating to INR7.5MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Sri Laxmi Enterprises.

   Facilities                        Ratings
   ----------                        -------
   INR7.5 Million Term Loan          CRISIL B+/Stable (Assigned)
   INR70 Million Cash Credit         CRISIL B+/Stable (Assigned)
   INR7.5 Million Proposed LT        CRISIL B+/Stable (Assigned)
   Bank Loan Facility

The rating reflects SLE's weak financial risk profile, marked by
a high gearing, small net worth, and weak debt protection
metrics, its small scale of operations, and its susceptibility of
its margins to volatility in raw cotton prices. These rating
weaknesses are partially offset by the extensive industry
experience of SLE's promoters and its established regional
presence in the cotton ginning industry.

Outlook: Stable

CRISIL believes that SLE will continue to benefit over the medium
term from its promoters' extensive experience in the cotton
ginning business. The outlook may be revised to 'Positive' if SLE
improves its operating margin, while maintaining its scale of
operations, or if it improves its capital structure by way of a
significant increase in cash accruals or infusion of funds by
promoters. Conversely, the outlook may be revised to 'Negative'
if SLE's financial risk profile deteriorates, most likely because
of weakening in liquidity, or in case of any adverse change in
government policy with regards to minimum support price of
cotton, or larger-than-expected debt-funded capital expenditure

                          About Sri Laxmi

Established in 2004, SLE is engaged in cotton ginning. The firm's
unit in Bhainsa (Andhra Pradesh) has an installed ginning
capacity of 500 bales per day. SLE's managing partner, Mr. Om
Prakash Agarwal, has more than two decades of experience in the
cotton ginning business.

SLE is estimated to report a profit after tax (PAT) of INR3
million on net sales of INR577 million for 2010-11 (refers to
financial year, April 1 to March 31), as against a PAT of INR2
million on net sales of INR352 million for 2009-10.


STONE AGE: CRISIL Cuts Rating on INR27.1MM Loan to 'CRISIL BB'
--------------------------------------------------------------
CRISIL has downgraded its rating on Stone Age Ltd's long-term
bank facilities to 'CRISIL BB/Stable' from 'CRISIL BB+/Stable',
while reaffirming the rating on the bill discounting and export
packing credit facilities at 'CRISIL A4+'. CRISIL has assigned
its 'CRISIL A4+' rating to SAL's overdraft facility (earlier a
long-term facility).

   Facilities                         Ratings
   ----------                         -------
   INR27.1 Million Term Loan          CRISIL BB/Stable
                                      (Downgraded from 'CRISIL
                                      BB+/Stable')

   INR30 Mil. Bill Discounting        CRISIL A4+ (Reaffirmed)

   INR72 Mil. Export Packing Credit   CRISIL A4+ (Reaffirmed)

   INR78 Million Overdraft Facility   CRISIL A4+ (Reassigned)

The downgrade reflects deterioration in SAL's financial risk
profile, caused by significantly less-than-expected cash accruals
as a result of a sharp decline in profitability in 2010-11
(refers to financial year, April 1 to March 31) and volatile
topline. Operating margin declined to 7 per cent in 2010-11 from
the peak of 14 per cent in 2008-09, because of the company's
inability to pass on the rising raw material prices and logistics
costs to its customers and the low margins from its trading
operations. Because of small accretion to reserves and continued
large working capital borrowings, the company's gearing remained
high at over 1.5 times as on March 31, 2011, against CRISIL's
expectations of lower than 1 time. Similarly, the debt protection
metrics have deteriorated significantly, with the ratio of net
cash accruals to total debt (NCATD) and interest coverage falling
to 0.06 times and 2.2 times respectively in 2010-11 from 0.12
times and 2.8 times respectively in the previous year. CRISIL
believes that despite the price revision in 2011-12, SAL's
financial risk profile will remain constrained over the medium
term because of high gearing and inadequate debt protection
metrics.

The ratings reflect SAL's promoters' extensive industry
experience and its established clientele. The rating strength is
partially offset by SAL's average financial risk profile marked
by modest net worth, high gearing and weak debt protection
metrics, working-capital-intensive operations, modest scale of
operations in the fragmented stone processing industry, customer
concentration, and susceptibility to volatility in foreign
exchange (forex) rates.

Outlook: Stable

CRISIL believes that SAL will continue to benefit from its
established clientele and promoter's extensive industry
experience. The outlook may be revised to 'Positive' in case of a
substantial increase in SAL's cash accruals, leading to an
improvement in its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if SAL's profitability
declines further or in case it undertakes a fresh, debt-funded
capital expenditure programme, leading to deterioration in its
financial risk profile.

                           About Stone Age

Incorporated in 1991, SAL processes and exports mainly sandstone
and limestone used in construction, with sandstone contributing
the major portion of its revenues. The company has a 100 per cent
export-oriented unit in Jaipur (Rajasthan), with capacity to
produce 782,981 square metres per annum of stone. It has a
facility to cut, calibrate, polish, and package stones. It
procures raw stones from quarries in Rajasthan and Madhya
Pradesh. SAL mostly sells to distributors and builders in the UK,
Germany, France, Spain, Italy, and the US.

SAL reported a profit after tax (PAT) of INR6.6 million on net
sales of INR439.4 million for 2010-11, as against a PAT of
INR14.7 million on net sales of INR364.7 million for 2009-10.


SUMA FIBRES: CRISIL Rates INR67MM Cash Credit at 'CRISIL B'
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Suma Fibres and Allies Ltd (SFAL; part of
the Suma group).

   Facilities                          Ratings
   ----------                          -------
   INR67.0 Million Cash Credit Limit   CRISIL B/Stable (Assigned)
   INR5.0 Million Letter of Credit     CRISIL A4 (Assigned)

The rating reflects the Suma group's weak financial risk profile,
marked by small net worth, high gearing, and weak debt protection
metrics, small scale of operations, and susceptibility to intense
competition in the steel strips industry. These rating weaknesses
are partially offset by the extensive industry experience of the
group's promoters.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of SFAL and Haryana Foils Ltd (HFL). The
entities are together referred to as the Suma group. This is
because the entities have common promoters and a common senior
management team. Moreover, there are significant operational
linkages between the entities - SFAL procures almost 70 per cent
of its raw materials from HFL. Also, the bank facilities for both
the companies have been guaranteed by the each other.

Outlook: Stable

CRISIL believes that the Suma group will maintain its business
risk profile over the medium term, supported by the extensive
experience of its promoters in the steel strips industry and its
longstanding and established relationships with its customers and
suppliers. The outlook may be revised to 'Positive' if the group
scales up its operations and improves its operating
profitability, leading to healthy cash accruals, while
maintaining its capital structure and healthy liquidity over the
medium term. Conversely, the outlook may be revised to 'Negative'
if the group's revenues and profitability decline more than
expected or if it undertakes a larger-than-expected debt-funded
capital expenditure (capex) programme, thereby weakening its
capital structure.

                            About the Group

SFAL was incorporated in 1997 but started commercial operations
in 2004. The company manufactures electric grade steel strips,
which are coated with varnish. The company also undertakes job-
work of slitting hot-rolled steel strips for HFL on need basis.
SFAL has a semi-automated facility and operates in three eight-
hour shifts, utilising around 35 per cent of its installed
production capacity, manufacturing 200 tonnes per month. The
company also manufactures 0.50-millimetre steel strips. The
products are used in the manufacture of motors for electrical
appliances such as mixers and fans.

HFL manufactures and trades in cold-rolled steel strips made from
mild steel and high-carbon steel. The products are used in
cycles, toys, pipes and other electronics products.

The Suma group reported a profit after tax (PAT) of INR5.0
million on net sales of INR1129.3 million for 2010-11 (refers to
financial year, April 1 to March 31), against a PAT of INR4.5
million on net sales of INR1023.6 million for 2009-10. SFAL
reported a PAT of INR1.9 million on net sales of INR252.4 million
for 2010-11, against a PAT of INR1.7 million on net sales of
INR224.8 million for 2009-10.


TECUMESH PRODUCTS: Fitch Holds Rating on INR530-Mil. Notes at B-
----------------------------------------------------------------
Fitch Ratings has affirmed Tecumseh Products India Private
Limited's National Long-term rating at 'Fitch B-(ind)'. The
Outlook is Stable.

The ratings are constrained by TPIPL's tight liquidity position
due to a cumulative EBITDA loss of INR242 million over the last
three years (FY09-FY11), underpinned by high volatility in raw
material prices (copper and electrical steel) and intense
competition from lower-cost Chinese compressor manufacturers.
High inventory levels have also pressurized liquidity, resulting
in continuous delays in payments to suppliers during FY09-FY11.
The company had unencumbered cash balance of INR30 million in
FY11 (FY10: INR16.6 million).

The ratings are, however, supported by TPIPL's revenue growth in
FY10 and FY11 and the low debt position of its parent -- the US-
based Tecumseh Products Company (TPC), which had financially
supported the subsidiary in the past.  However, the parent
suffered operating losses over 2006-2010, which restricts its
ability to continue supporting TPIPL.

The ratings also reflect TPC's increasing focus on TPIPL due to
low-cost of production and the latter's R&D capabilities to
develop high-margin products for both domestic and export
markets.

Negative rating action may result from a reduction of financial
support from the parent and any unplanned debt-led capex
resulting in further deterioration in the liquidity position.
Conversely, positive rating action may be taken if the business
becomes profitable.

Fitch expects liquidity to remain under pressure in the near-
term, and therefore it is not a key determinant for any positive
rating action.

Incorporated in 1997, TPIPL manufactures and trades in
compressors used in room air-conditioners and refrigerators.  It
has two manufacturing facilities at Hyderabad and Ballabgarh,
each with an annual capacity of 3.5 million compressors.  TPIPL
added new products in FY11 and FY10 for sale in the domestic
market and for inter-company sale to TPC.

In FY11, TPIPL reported revenue of INR6,408.4 million (FY10:
INR4,822.7 million, FY09: INR4,127.7 million), an operating
EBITDAR loss of INR36.3 million as against an operating EBITDAR
profit of INR80.8 million in FY10, and a net loss of INR324.7
million (FY10: a net loss of INR96.4 million). Interest cover
remained below 1.0x over FY09-FY11.

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

  -- INR530 mil. fund-based working capital banking limits:
     affirmed at 'Fitch B-(ind)'/'Fitch A4(ind)'

  -- INR532.5 mil. non-fund-based working capital banking lines:
     affirmed at 'Fitch A4(ind)'


TERACOM LTD: Delay in Loan Payment Cues CRISIL Junk Ratings
-----------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Teracom Ltd to 'CRISIL D/CRISIL D' from 'CRISIL
BBB+/Negative/CRISIL A2'.

   Facilities                          Ratings
   ----------                          -------

   INR1406.3 Million Cash Credit Limit CRISIL D (Downgraded from
                                       'CRISIL BBB+/Negative')

   INR200.0 Million Term Loan          CRISIL D (Downgraded from
                                       'CRISIL BBB+/Negative')

   INR2778.1 Million Letter of Credit  CRISIL D (Downgraded from
                                       'CRISIL A2')

   INR2615.6 Million Bank Guarantee    CRISIL D (Downgraded from
                                       'CRISIL A2')

The downgrade reflects instances of delay by the Teracom group in
servicing its debt - there has been devolvement of letter of
credit for more than 30 days and cash credit limits have been
overdrawn over the past two months. The delays have been caused
by the group's weakened liquidity because of a stretch in working
capital cycle, mainly on account of stretched receivables from
government agencies, including Bharat Sanchar Nigam Ltd and the
state electricity boards of Haryana and Uttar Pradesh. As per
discussions with the group's management, debtors exceeding one
year constituted more than half of its total debtor level as on
September 30, 2011.

The Teracom group's financial risk profile, particularly
liquidity, is expected to remain under pressure because of its
stretched working capital cycle . Also, the group is susceptible
to volatility in raw material prices and in foreign exchange
(forex) rates. Moreover, the group has a concentrated customer
profile. However, it benefits from its diversified revenue
profile and promoters' extensive industry experience.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Teracom, Teracom's wholly owned
subsidiaries, Nextera Telecom Pvt Ltd (Nextera), and Scantec
India Pvt Ltd (Scantec). The entities are collectively referred
to as the Teracom group herein.

                         About the Group

Teracom was incorporated in March 2002, and promoted by Mr.
Mukesh Arora and Mr. Rajeev Venkatraman. The company commenced
operations by manufacturing optical fibre cables (OFCs). Teracom
diversified into the telecommunication equipment sector in 2003,
by assembling wireless phones, mobile handsets, modems, and
routers. The company has technical and sourcing tie-ups with many
foreign organisations, such as Huawei Technologies Company Ltd
(China) and Sojitz Corporation (Japan). The assembling operations
are carried out under tenders awarded by telecommunication
companies such as Bharat Sanchar Nigam Ltd (BSNL), Tata
Communications Ltd (TCL), and Managar Telephone Nigam Ltd (MTNL).

Teracom entered the power sector in 2006-07 with production of
low-tension (LT) cables at its Goa facility, and conductors at
its Pantnagar (Uttarakhand) facility, with a combined capacity of
67,000 core kilometres (ckm). In 2009-10, the company also set up
a 5000-ckm high-tension (HT) cable facility in Goa, thereby
diversifying its product portfolio. Teracom also started
executing telecom and power turnkey projects in 2006-07.

Earlier, Teracom had planned to venture into provision of
wireless broadband services in the circles of Rajasthan, Bihar,
Jharkhand, and Karnataka on behalf of BSNL. However, these capex
plans have been scrapped and Teracom has recognised all expenses
towards this project in its past three years' profit and loss
account. As per CRISIL's discussions with Teracom's management,
no outstanding liability exists towards any vendor/third-party
for the project.

Scantec is engaged in the power engineering, procurement and
construction (EPC) business. Nextera trades in communication
equipment, and procures almost all of its traded goods from
Teracom.

The Teracom group reported a profit after tax (PAT) of INR266.2
million on net sales of INR8.4 billion for 2010-11, against a PAT
of INR284.2 million on net sales of INR7.9 billion for 2009-10.


TIRUMALA BALAJI: Fitch Affirms Rating on 2 Note Classes at Low-B
----------------------------------------------------------------
Fitch Ratings has affirmed India-based Tirumala Balaji Alloys
Private Limited's National Long-Term rating at 'Fitch BB+(ind)'.
The Outlook is Stable.

The affirmation reflects TBAPL's comfortable credit profile in
the financial year ended March 2011, despite a fall in EBITDA
interest coverage to 12.6x (FY10: 15.7x) and an increase in net
adjusted leverage (total adjusted net debt/operating EBITDA) to
1.3x (0.9x).  This was due to a fall in overall EBITDA margins to
10.1% from 12.2% from a dip in margins from open market sales to
15.8% from 21%, though margins in the conversion for Tata Steel
Limited (TSL, 'Fitch AA(ind)'/Stable) increased to 8.6% from
7.6%.

The ratings continue to be constrained by high customer
concentration risk, as TSL accounted for around 85% of the
company sales in FY10.  However, the conversion job for TSL
reduces TBAPL's exposure to volatility in raw material prices, as
chrome ore and coke are supplied by the former.

Positive rating guidelines include an improvement in net adjusted
leverage to below 1x.  Negative rating guidelines include a
sustained decline in EBITDA, resulting in net adjusted leverage
exceeding 2.75x.

TBAPL owns two 9 MVA submerged arc furnaces, each with an
installed capacity of 28,000 mtpa to produce high carbon ferro
chrome and other ferro alloys.  The company undertook INR57.5
million capex in FY11 to install pollution control equipment at
its furnaces, of which INR38.3 million had been incurred till
mid-November 2011.  The process has been completed for one of its
furnace and is ongoing at the second one.  In H1FY12, TBAPL
reported revenue of INR331.8 million (FY11: INR628.1 million,
FY10: INR581.1 million) with an EBITDA margin of 12.4%.

Fitch has also affirmed TBAPL's bank loans as follows:

  -- INR22 mil. long term loans (reduced from INR35m): affirmed
     at 'Fitch BB+(ind)'

  -- INR55 mil. fund-based limits: affirmed at 'Fitch BB+(ind)'

  -- INR16 mil. non-fund based limits (increased from INR15m):
     affirmed at 'Fitch A4+(ind)'


YASHVEER CERAMICS: CRISIL Puts 'CRISIL B+' Rating on INR40MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Yashveer Ceramics.

   Facilities                      Ratings
   ----------                      -------
   INR40 Million Term Loan         CRISIL B+/Stable (Assigned)
   INR15 Million Cash Credit       CRISIL B+/Stable (Assigned)
   INR6 Million Bank Guarantee     CRISIL A4 (Assigned)

The ratings reflect Yashveer's below-average financial risk
profile, marked by high gearing and weak debt protection metrics,
and high offtake risks considering the bunching up of fresh
capacities in the ceramic tiles industry. These rating weaknesses
are partially offset by the benefits that Yashveer derives from
its promoters' extensive experience in the ceramic industry and
the advantageous location of its upcoming facility, marked by
easy access to raw material and skilled labour.

Outlook: Stable

CRISIL believes that Yashveer will continue to benefit over the
medium term from its strategic location and its promoters'
extensive experience in the ceramic industry. The outlook may be
revised to 'Positive' in case the firm achieves better-than-
expected revenue growth and records higher-than-expected
profitability. Conversely, the outlook may be revised to
'Negative' if Yashveer's revenues and profitability are less than
expected, or if the firm's working capital requirements are
larger than expectations, thus leading to a weakening of the
financial risk profile.

                         About Yashveer Ceramics

Yashveer was incorporated in July 2010. It has set up a facility
to manufacture ceramic glazed wall tiles, with capacity of 6000
boxes per annum at Morbi (Gujarat). The plant commenced
commercial production on May 22, 2011.


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


BANK DANAMON: Moody's Revises 'D' BFSR Outlook to Positive
----------------------------------------------------------
Moody's Investors Service has changed the outlook for Bank
Danamon Indonesia's bank financial strength rating (BFSR) of D to
positive from stable. The BFSR currently maps to a baseline
credit assessment of Ba2.  All other ratings are unaffected, and
carry stable outlooks.

Ratings Rationale

"The rating action recognizes the positive impact on BDI's
franchise and financial fundamentals of the ownership of Temasek
Holdings (Aaa), its 67.37% shareholder since 2003. The bank's
strong performance has resulted in its operating metrics falling
in the upper ranges for its rating band, or in some instances,
exceeding them," says Beatrice Woo, a Moody's Vice President and
Senior Credit Officer.

"BDI has built a strong and established franchise in the domestic
mass market, focusing on the low-income customer and self-
employed segments. As of September 2011, high-yielding loans to
the mass-market made up 58% of the bank's loan portfolio," says
Woo.

Financially, this strategy has enabled BDI to generate relatively
consistent and high profitability. It enjoys the second highest
net interest margin among Indonesia's 10 large banks. And credit
costs have been moderate despite Moody's concerns about rapid
growth rates over a prolonged period.

On balance, asset quality has been broadly sustained through
several downturns and phases of high interest rates. Finally, the
bank maintains a strongly capitalized balance sheet.

Temasek Holdings has demonstrated its financial commitment to the
bank by fully participating in each capital raising exercise thus
far. The presence of a committed shareholder with vast financial
resources bodes well for BDI's continuing ability to raise
capital.

On a negative note, BDI's balance sheet liquidity appears tight,
when measured by its near 100% loan-to deposit ratio. Instead,
the bank has shifted to diverse term funding from various
sources, including foreign banks. These types of financing --
bond issuances, repos, bilateral loans and trade finance
structures -- accounted for 14% of total funding at September
2011, high among the 10 large Indonesian banks.

BDI's BFSR would be upgraded if the bank, over the next two
years:

(1) Maintains its asset quality, including keeping non-performing
    loan and coverage ratios within past 3-year trends, and

(2) Proves its ability to manage its liquidity and funding
    profile on its own, especially through the current Euro-zone
    crisis which is placing a strain on foreign currency
    liquidity and on global banks.

Given the strength of its financial metrics relative to its
current standalone ratings and their positive outlooks, the BFSR
would be under downward pressure only if there was a sharp and
sustained reversal in its trends, including a doubling in the
non-performing loan ratio to 6% or a further weakening of its
loan-to-deposit ratio to above 110%. A change in shareholder
which created uncertainty about parental support could also lower
its credit ratings.

The methodologies used in this rating were Bank Financial
Strength Ratings: Global methodology published in February 2007,
Incorporation of Joint-Default Analysis into Moody's Bank
Ratings: A Refined Methodology published in March 2007, and
Moody's Guidelines for Rating Bank Hybrid Securities and
Subordinated Debt published in November 2009.

BDI is headquartered in Jakarta and had assets of IDR136 trillion
at September 2011. It is the sixth largest bank in the country
with a 3.4% share of system deposits.

The detailed ratings and actions are shown below and carry stable
outlooks unless indicated:

GLC deposit of Baa3, foreign currency long-term deposit rating of
Ba2, foreign currency short-term deposit of Not Prime, and the
outlook for the D BFSR which maps to a stand-alone rating of Ba2
was revised to positive from stable.


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


CHOU MITSUI: Fitch Affirms Individual Rating at 'C'
---------------------------------------------------
Fitch Ratings has affirmed Chuo Mitsui Trust and Banking Company,
Limited's and Sumitomo Trust and Banking Co., Ltd.'s Long-Term
Issuer Default Ratings (IDR) at 'A' with Stable Outlook.  At the
same time, the agency has placed CMTB's Viability Rating (VR) of
'bbb+' and Individual Rating of 'C' on Rating Watch Positive, and
STB's VR of 'a' on Rating Watch Negative.

The Rating Watches on the VRs reflect the expected convergence of
CMTB's risk profile with STB's when their merger is completed in
April 2012.  Following the merger, STB, which will be the
surviving entity and renamed as Sumitomo Mitsui Trust Bank,
Limited (SMTB), is likely to have a VR of 'a-'.

The ratings of the merged entity will reflect the combined
extensive franchise, strong liquidity position backed by a solid
deposit base, sound asset quality, modest interest rate risk and
adequate capitalisation.  The ratings will also factor in
potential vulnerability to a reduced-but-still-large domestic
equity portfolio.  Of SMTB's total assets, nearly 60% will be
represented by STB and nearly 40% by CMTB, making SMTB the
largest domestic trust bank with a market share of approximately
35% in the custody of investment trust funds, which is the most
active fiduciary business in Japan.

Sumitomo Mitsui Trust Holdings, Inc., the parent company of CMTB
and STB, estimates the planned merger to generate JPY75bn (net of
integration cost) of potential synergies for six years to end-
March 2016.  Although such synergies are unlikely to contribute
to a material increase in retained earnings in the short term,
Fitch recognises that the merger should lead to a stronger
financial structure over the long term, through increased
operating efficiency and enhanced franchise, the latter of which
in particular, is a key factor for banks focusing on the
fiduciary business.

CMTB's and STB's Long-Term IDRs are driven by Fitch's expectation
of extremely strong state support, should it be required.  As the
Long-term IDRs of both banks are at their Support Rating Floor of
'A', a downgrade of the IDRs is unlikely unless, in Fitch's
opinion, there is a substantial weakening in either the ability
or the willingness of the Japanese sovereign to provide support.
Their Support Ratings of '1' reflect the systemic importance of
CMTB and STB.

As at end-September 2011, regulatory Tier 1 ratio of CMTB and STB
stood at 11.11% and 12.02% respectively.  Although the Fitch core
capital ratio of 6.8% at SMTH is slightly lower than some of the
similarly-rated Japanese banks, partly due to a higher risk
weighting under the Foundation Internal Ratings Based (FIRB)
approach, Fitch views that the capitalisation of SMTH remains
adequate for its fiduciary business which does not incur risks on
its own balance sheet.

The rating actions are as follows:

CMTB:

  -- Long-Term Foreign and Local Currency IDR affirmed at 'A';
     Outlook Stable
  -- Short-Term Foreign and Local Currency IDRs affirmed at 'F1'
  -- Viability Rating of 'bbb+' placed on Rating Watch Positive
  -- Individual Rating of 'C' placed on Rating Watch Positive
  -- Support Rating affirmed at '1'
  -- Support Rating Floor affirmed at 'A'

STB:

  -- Long-Term Foreign and Local Currency IDRs affirmed at 'A';
     Outlook Stable
  -- Short-Term Foreign and Local Currency IDRs affirmed at 'F1'
  -- Viability Rating of 'a' placed on Rating Watch Negative
  -- Individual Rating affirmed at 'B/C'
  -- Support Rating affirmed at '1'
  -- Support Rating Floor affirmed at 'A'


HUIS TEN: Reports First Profit Since 1992
-----------------------------------------
The Japan Times reports that Huis Ten Bosch Co. said it recorded
a profit in fiscal 2011, its first black ink since opening in
1992, thanks to hit attractions under a rehabilitation process
led by travel agency H.I.S. Co.

According to the report, the operator of the theme park in
Sasebo, Nagasaki Prefecture, said Thursday it logged a net profit
of JPY1.91 billion in the year to September on sales of
JPY13.20 billion, compared with a net loss of JPY6.86 billion a
year earlier.

The news agency relates that Hideo Sawada, president of Huis Ten
Bosch and chairman of H.I.S., said in a news conference that the
result was due to its focus on attracting "domestic visitors from
western Japan rather than trying to secure visitors from
overseas" after the March 11 earthquake and tsunami in the
northeast.

Huis Ten Bosch, which boasts a replica 17th century Dutch
townscape, also said it will aim to more than double the annual
number of visitors from overseas, the report notes.

                        About Huis Ten

Huis Ten Bosch opened a Dutch-style theme park in Sasebo,
Nagasaki Prefecture, southwestern Japan, in March 1992. The park
attracted visitors soon after the opening, but the popularity
faded soon, leading the company to file for court protection
from creditors under the corporate rehabilitation law in
February 2003.   Huis Ten Bosch inked a rehabilitation
sponsorship contract with Nomura Principal in December 2003.

In December 2009, Nagasaki Gov. Genjiro Kaneko and Sasebo Mayor
Norio Tomonaga asked travel agency H.I.S. Corp. to provide
financial assistance to the struggling theme park.

In February 2010, H.I.S. said it will provide financial
assistance to Huis Ten Bosch to help its turnaround efforts.
H.I.S. made the decision to help in the rehabilitation of the
theme park after judging that it will help promote tourism in the
region.  H.I.S. said it will also be beneficial for its travel
operations particularly for visitors from Asian countries such as
China and South Korea.

In March 2010, Huis Ten Bosch Co. gained approval from the Tokyo
District Court for its new plan to seek restructuring under the
initiative of H.I.S. Co., The Japan Times reported.


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


SANFORD LIMITED: Shutters Processing Plant; 66 Jobs Affected
------------------------------------------------------------
BusinessDay.co.nz reports that Sanford Limited's oyster
processing plant at Kaeo in Northland is to close with the loss
of 66 jobs after a virus decimated young oysters destined for
future harvests.

According to the report, Sanford managing director Eric Barratt
said staff at the plant were told of the decision yesterday.

The closure affects 15 permanent employees and 51 seasonal jobs,
the report notes.

Although the plant ceased processing last month, the fishing
company said the decision to close it permanently was based on a
lack of oysters to process, says BusinessDay.co.nz.

"The OsHV-1 virus . . . has decimated the young oysters that we
were growing for harvest in the next two years," it said.

Mr. Barratt said the company was helping staff search for new
jobs and contacting other major employers in the area, "in case
of any vacancies appropriate for any of our team."

Sanford said the Kaeo site would continue to be used as a base
for Sanford's marine farming operations in Northland.

Northland oysters have been affected by increased mortality since
November last year and a government investigation established
ostreid herpesvirus-1 (OsHV-1) was present in dead oysters in all
Northland harbours except Houhora, the report discloses.

Sanford Limited -- http://www.sanford.co.nz/-- is a New Zealand-
based fishing company engaged to the harvesting, farming,
processing, storage and marketing of seafoods and aquaculture
products.


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


LEHMAN BROTHERS: PSALM Starts Process to Recover $3.5 Million
-------------------------------------------------------------
BusinessWorld Online reports that state-run Power Sector Assets
and Liabilities Management Corp. (PSALM) has begun preparing to
recover $3.5 million allegedly owed by Lehman Brothers Holdings,
Inc.

"There is going to be proceedings next year in New York relating
to the transactions made with Lehman Brothers which we hope will
rule favorably towards us. We expect to spend an estimated P20
million in legal fees so we can claim the payment due to us," the
report quotes Emmanuel R. Ledesma, Jr., president of PSALM), as
saying.

BusinessWorld notes that PSALM had entered into a principal swap
contract with Lehman Brothers in July 2007 to hedge its loans
against exchange rate fluctuations.

However, the report relates, Lehman Brothers filed for protection
against creditors when the financial crisis hit in 2008, costing
the state agency reportedly $3.5 million when it replaced the
contract.

According to BusinessWorld, Mr. Ledesma said PSALM made the
decision to have a new contract drawn up to "ensure the
continuous protection of PSALM's rights.

Mr. Ledesma, as cited by BusinessWorld, said PSALM only made two
premium payments under its original contract with Lehman
Brothers.

"When [they] filed for bankruptcy three years ago, PSALM had only
made two premium payments. PSALM immediately invoked the
International Swaps and Derivatives Association, Inc. (ISDA)
agreement and terminated the transaction in November 2008 and
replaced it with a new contract," said Mr. Ledesma.

Mr. Ledesma said it was important for the agency to find lawyers
that will be able to best represent it considering that the
proceedings will be held under the laws of the United States.

The Office of Government Corporate Counsel will work in
conjunction with the lawyers to represent PSALM in the
proceedings.


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


AED SERVICES: Creditors' first Meeting Set for Dec. 16
------------------------------------------------------
Creditors of AED Services Pte Ltd, which is under judicial
management, will hold their first meeting on Dec. 16, 2011, at
10:00 a.m., at the 19/F, No. 3 Lockhart Road, Wanchai, in
Hong Kong.

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


BYSI 313: Creditors' Proofs of Debt Due Dec. 14
-----------------------------------------------
Creditors of BYSI 313 Sommerset Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by
Dec. 14, 2011, to be included in the company's dividend
distribution.

The company's liquidators are:

          Chee Yoh Chuang
          Abuthahir Abdul Gafoor
          Stone Forest Corporate Advisory Pte Ltd
          c/o 8 Wilkie Road #03-08
          Singapore 228095


ENGAGE ELECTRONICS: Creditors' Proofs of Debt Due Dec. 23
---------------------------------------------------------
Creditors of Engage Electronics (S) Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Dec. 23, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

          Goh Ngiap Suan
          c/o Goh Ngiap Suan & Co
          336 Smith Street
          #06-308 New Bridge Centre
          Singapore 050336


GLENCORE SINGAPORE: Court to Hear Wind-Up Petition on Dec. 9
------------------------------------------------------------
A petition to wind up the operations of Glencore Singapore Pte
Ltd will be heard before the High Court of Singapore on Dec. 9,
2011, at 10:00 a.m.

Thai Bitumen Company Limited filed the petition against the
company on Nov. 23, 2011.

The Petitioner's solicitors are:

          Drew & Napier LLC
          10 Collyer Quay, #10-01
          Ocean Financial Centre
          Singapore 049315


HASHIMOTO STONE: Court to Hear Wind-Up Petition on Dec. 9
----------------------------------------------------------
A petition to wind up the operations of Hashimoto Stone (S) Pte
Ltd will be heard before the High Court of Singapore on Dec. 9,
2011, at 10:00 a.m.

Sankyu (Singapore) Pte Ltd filed the petition against the company
on Nov. 26, 2011.

The Petitioner's solicitor is:

          Allen & Gledhill LLP
          One Marina Boulevard, #28-00
          Singapore 018989


ONE GEORGE: Fitch Affirms Rating on SGD5 Mil. Sr. Notes at 'BBsf'
-----------------------------------------------------------------
Fitch Ratings has upgraded four notes and affirmed two notes of
One George CDO Pte. Ltd.  The Outlooks on all rated notes are
Positive.  This transaction is a cash securitisation of primarily
investment grade bonds issued by companies mainly in Singapore.
The rating actions are as follows:

  -- SGD78.5 million class A-2A senior secured fixed rate notes
     upgraded to 'AAsf' from 'A+sf'; Outlook Positive;

  -- SGD11.8 million class A-2B senior secured floating rate
     notes upgraded to 'AAsf' from 'A+sf'; Outlook Positive;

  -- SGD5 million class A-3 senior secured floating rate notes
     upgraded to 'Asf' from 'A-sf'; Outlook Positive;

  -- SGD5 million class B senior secured deferrable floating-rate
     notes upgraded to 'Asf' from 'A-sf'; Outlook Positive;

  -- SGD10 million class C senior secured deferrable floating-
     rate notes affirmed at 'BBBsf'; Outlook revised to Positive
     from Negative; and

  -- SGD5 million class D senior secured deferrable floating-rate
     notes affirmed at 'BBsf'; Outlook revised to Positive from
     Negative.

The upgrades of class A-2, A-3 and B notes reflect the continued
deleveraging of the transaction which has further increased the
credit enhancement level of the transaction since the last rating
action in December 2010.  Class C and D notes were affirmed with
the benefit of higher credit enhancement being offset by the
increasing obligor concentration risk.

The Positive Outlooks reflect the adequate credit enhancement
surpluses for all rated classes, as well as the expectation that
the transaction is likely to further deleverage, at least in the
near term, as advised by the transaction's portfolio manager due
to the lack of suitable investment opportunities in the market.

"The portfolio quality remains adequate and is expected to be
supported by the resilient economy of Singapore which represents
70% of the portfolio geographically," said Kate Lin, Director in
Fitch's Structured Finance team.

The bond portfolio balance has further amortised to SGD135m in
November 2011 (November 2010: SGD179m) as more underlying bonds
matured.  The proceeds from these bonds were used to amortise the
classes on a sequential basis.  As of November 2011, classes A-1A
and A-1B had been paid in full, while classes A-2A and A-2B
balances were at 39% of their respective balances at closing.
Until November 2014, the transaction will still be in the
replenishment period.  However, the portfolio manager, Lion
Global Investors Limited, expects the transaction to continue to
deleverage due to the lack of suitable investment opportunities.

The agency notes that as the transaction deleverages and as
classes A-2A and A-2B continue to amortise, the remaining
liabilities, which are paying floating-rates, are likely to be
supported by mainly fixed-rate paying assets in the portfolio.
Fitch has factored in this interest rate mismatch in its
analysis.

The portfolio continues to show geographical concentration in
Singapore (70%), with the three largest industries in the
portfolio, at November 2011, being Transportation (33%), Banking
& Finance (27%) and Real Estate (19%).


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


* BOND PRICING: For the Week Nov. 28 to Dec. 2, 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       1.33
AMITY OIL LTD           10.00    10/31/2013   AUD       2.00
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       0.90
DIVERSA LTD             11.00    09/30/2014   AUD       0.03
EXPORT FIN & INS         0.50    12/16/2019   NZD      69.55
EXPORT FIN & INS         0.50    06/15/2020   AUD      69.03
EXPORT FIN & INS         0.50    06/15/2020   NZD      67.63
FIRST AUSTRALIAN        15.00    01/31/2012   AUD       0.35
IMF AUSTRALIA           10.25    12/31/2014   AUD       1.71
KIMBERLY METALS         10.00    08/05/2016   AUD       0.39
NEW S WALES TREA         0.50    09/14/2022   AUD      62.41
NEW S WALES TREA         0.50    10/07/2022   AUD      62.23
NEW S WALES TREA         0.50    10/28/2022   AUD      61.91
NEW S WALES TREA         0.50    11/18/2022   AUD      61.69
NEW S WALES TREA         0.50    12/16/2022   AUD      61.33
NEW S WALES TREA         0.50    02/02/2023   AUD      60.92
NEW S WALES TREA         0.50    03/20/2023   AUD      61.38
RESOLUTE MINING         12.00    12/31/2012   AUD       2.00
TREAS CORP VICT          0.50    08/25/2022   AUD      63.12
TREAS CORP VICT          0.50    11/12/2030   AUD      61.54
TREAS CORP VICT          0.50    11/12/2030   AUD      44.28


  CHINA
  -----

CHINA GOV'T BOND         1.64    12/15/2033   CNY      71.87
CQ TEXILE                6.48    01/12/2018   CNY      51.96
HANDAN CITY CON          6.78    07/01/2018   CNY      55.00
NANTONG ASET INV         6.72    11/13/2016   CNY      55.00
SOUTHERN POWER           5.60    09/17/2019   CNY      66.60


  HONG KONG
  ---------

CHINA SOUTH CITY        13.50    01/14/2016   USD      66.05
CHINA SOUTH CITY        13.50    01/14/2016   USD      70.50
RESPARCS FUNDING         8.00    12/29/2049   USD      22.25
SINO-OCEAN LAND         10.25    12/31/2049   USD      70.02
SINO-OCEAN LAND         10.25    12/31/2049   USD      66.50


  INDIA
  -----

INDIA GOVT BOND          6.01    03/25/2028   INR      74.50
PRAKASH IND LTD          5.25    04/30/2015   INR      65.45
PUNJAB INFRA DB          0.40    10/15/2024   INR      26.61
PUNJAB INFRA DB          0.40    10/15/2025   INR      24.11
PUNJAB INFRA DB          0.40    10/15/2026   INR      21.88
PUNJAB INFRA DB          0.40    10/15/2027   INR      19.91
PUNJAB INFRA DB          0.40    10/15/2028   INR      18.17
PUNJAB INFRA DB          0.40    10/15/2029   INR      16.61
PUNJAB INFRA DB          0.40    10/15/2030   INR      15.22
PUNJAB INFRA DB          0.40    10/15/2031   INR      13.97
PUNJAB INFRA DB          0.40    10/15/2032   INR      12.86
PUNJAB INFRA DB          0.40    10/15/2033   INR      11.86
SHIV-VANI OIL            5.00    08/17/2015   USD      69.12
SUZLON ENERGY LT         5.00    04/13/2016   USD      54.20
VIDEOCON INDUS           6.75    12/16/2015   USD      68.90


  JAPAN
  -----

JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      62.46
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      61.76
TAKEFUJI CORP            9.20    04/15/2011   USD       5.25
TOKYO ELEC POWER         1.43    02/10/2015   JPY      74.12
TOKYO ELEC POWER         1.42    04/27/2015   JPY      72.37
TOKYO ELEC POWER         0.64    04/28/2015   JPY      74.12
TOKYO ELEC POWER         1.11    05/29/2015   JPY      72.75
TOKYO ELEC POWER         1.35    06/15/2015   JPY      73.75
TOKYO ELEC POWER         0.92    07/16/2015   JPY      70.50
TOKYO ELEC POWER         1.36    08/12/2015   JPY      70.50
TOKYO ELEC POWER         1.59    12/28/2015   JPY      73.84
TOKYO ELEC POWER         2.08    05/31/2016   JPY      71.62
TOKYO ELEC POWER         1.97    06/27/2016   JPY      69.75
TOKYO ELEC POWER         2.06    08/31/2016   JPY      70.37
TOKYO ELEC POWER         1.88    09/28/2016   JPY      68.62
TOKYO ELEC POWER         3.45    11/29/2016   JPY      70.62
TOKYO ELEC POWER         1.79    03/14/2017   JPY      65.12
TOKYO ELEC POWER         2.12    03/24/2017   JPY      66.24
TOKYO ELEC POWER         1.73    03/28/2017   JPY      66.25
TOKYO ELEC POWER         1.78    05/31/2017   JPY      64.00
TOKYO ELEC POWER         2.02    07/25/2017   JPY      64.00
TOKYO ELEC POWER         3.22    07/28/2017   JPY      68.00
TOKYO ELEC POWER         1.94    08/28/2017   JPY      63.75
TOKYO ELEC POWER         3.07    09/22/2017   JPY      67.75
TOKYO ELEC POWER         1.84    09/25/2017   JPY      64.12
TOKYO ELEC POWER         1.75    09/28/2017   JPY      63.62
TOKYO ELEC POWER         1.77    11/30/2017   JPY      63.12
TOKYO ELEC POWER         2.77    12/22/2017   JPY      66.75
TOKYO ELEC POWER         1.67    01/29/2018   JPY      62.62
TOKYO ELEC POWER         2.90    03/23/2018   JPY      66.37
TOKYO ELEC POWER         1.67    03/28/2018   JPY      62.50
TOKYO ELEC POWER         1.60    05/29/2019   JPY      63.25
TOKYO ELEC POWER         1.37    10/29/2019   JPY      64.87
TOKYO ELEC POWER         2.05    10/29/2019   JPY      61.62
TOKYO ELEC POWER         1.81    02/28/2020   JPY      74.75
TOKYO ELEC POWER         1.48    04/28/2020   JPY      68.00
TOKYO ELEC POWER         1.39    05/28/2020   JPY      60.45
TOKYO ELEC POWER         1.31    06/24/2020   JPY      59.71
TOKYO ELEC POWER         1.94    07/24/2020   JPY      62.61
TOKYO ELEC POWER         1.22    07/29/2020   JPY      58.54
TOKYO ELEC POWER         1.15    09/08/2020   JPY      58.06
TOKYO ELEC POWER         1.63    07/16/2021   JPY      58.96
TOKYO ELEC POWER         2.34    09/29/2028   JPY      56.78
TOKYO ELEC POWER         2.40    11/28/2028   JPY      55.00
TOKYO ELEC POWER         2.20    02/27/2029   JPY      54.25
TOKYO ELEC POWER         2.11    12/10/2029   JPY      52.76
TOKYO ELEC POWER         1.95    07/29/2030   JPY      51.52
TOKYO ELEC POWER         2.36    05/28/2040   JPY      51.75


  MALAYSIA
  --------

ADVANCED SYNERY          2.00    01/26/2018   MYR       0.09
ALIRAN IHSAN RES         5.00    11/29/2011   MYR       1.35
ASTRAL SUPREME           3.00    08/0/2021    MYR       0.08
CRESENDO CORP B          3.75    01/11/2016   MYR       1.35
DUTALAND BHD             6.00    04/11/2013   MYR       0.75
DUTALAND BHD             6.00    04/11/2013   MYR       0.40
EASTERN & ORIENT         8.00    07/25/2011   MYR       1.40
ENCORP BHD               6.00    02/17/2016   MYR       0.89
KUMPULAN JETSON          5.00    11/27/2012   MYR       1.23
LION DIVERSIFIED         4.00    12/17/2013   MYR       0.62
MALTON BHD               6.00    06/30/2018   MYR       0.83
MITHRIL BHD              3.00    04/05/2012   MYR       0.65
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.23
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.23
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.42
PANTECH GROUP            7.00    12/21/2017   MYR       0.09
PRESS METAL BHD          6.00    08/22/2019   MYR       1.81
PUNCAK NIAGA HLD         2.50    11/18/2016   MYR       0.53
REDTONE INTL             2.75    03/04/2020   MYR       0.10
RUBBEREX CORP            4.00    08/14/2012   MYR       0.75
SCOMI ENGINEERING        4.00    03/19/2013   MYR       0.59
SCOMI GROUP              4.00    12/14/2012   MYR       0.07
SENAI-DESARU EXP         1.35    06/30/2027   MYR      44.94
SENAI-DESARU EXP         1.35    12/31/2027   MYR      43.66
SENAI-DESARU EXP         1.35    06/30/2028   MYR      42.37
SENAI-DESARU EXP         1.35    06/29/2029   MYR      39.90
SENAI-DESARU EXP         1.35    06/30/2031   MYR      34.45
TRADEWINDS CORP          2.00    02/26/2016   MYR       0.81
TRADEWINDS PLANT         3.00    02/28/2016   MYR       1.60
TRC SYNERGY              5.00    01/20/2012   MYR       1.67
WAH SEONG CORP           3.00    05/21/2012   MYR       2.30
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.50
YTL CEMENT BHD           5.00    11/10/2015   MYR       2.31


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

BLUE STAR GROUP          9.10    09/15/2015   NZD       5.00
DORCHESTER PACIF         5.00    06/30/2013   NZD      73.00
INFRATIL LTD             8.50    09/15/2013   NZD       7.50
INFRATIL LTD             8.50    11/15/2015   NZD       9.00
INFRATIL LTD             4.97    12/29/2049   NZD      51.00
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.07
NEW ZEALAND POST         7.50    11/15/2039   NZD      64.22
NZF GROUP                6.00    03/15/2016   NZD      31.65
TOWER CAPITAL            8.50    04/15/2014   NZD       1.02
TRUSTPOWER LTD           8.50    09/15/2012   NZD       6.80
TRUSTPOWER LTD           8.50    03/15/2014   NZD       5.70
UNI OF CANTERBUR         7.25    12/15/2019   NZD       1.01


SINGAPORE
---------

BAKRIE TELECOM          11.50    05/07/2015   USD      64.12
BAKRIE TELECOM          11.50    05/07/2015   USD      62.07
BLD INVESTMENT           8.62    03/23/2015   USD      74.99
BLUE OCEAN              11.00    06/28/2012   USD      33.00
CAPITAMALLS ASIA         1.00    01/21/2012   SGD       0.96
CAPITAMALLS ASIA         2.15    01/21/2014   SGD       1.00
DAVOMAS INTL FIN        11.00    12/08/2014   USD      42.25
F&N TREASURY PTE         2.48    03/28/2016   SGD       0.96
F&N TREASURY PTE         3.15    03/28/2018   SGD       0.99
SENGKANG MALL            4.00    11/20/2012   SGD       0.45
SENGKANG MALL            8.00    11/20/2012   SGD       0.45
UNITED ENG LTD           1.00    03/03/2014   SGD       1.20
WBL CORPORATION          2.50    06/10/2014   SGD       1.20
YANLORD LAND GRP         9.50    03/29/2018   USD      75.00
YANLORD LAND GRP        10.62    03/29/2018   USD      74.21
YANLORD LAND GRP        10.62    02/27/2015   USD      74.33


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

CN 1ST ABS               8.00    02/27/2015   KRW      31.72
CN 1ST ABS               8.30    11/27/2015   KRW      32.96
EX-IMP BK KOREA          0.50    10/23/2017   KRW      60.69
EX-IMP BK KOREA          0.50    12/22/2017   KRW      59.51
GREAT KD 1ST ABS        15.00    08/19/2014   KRW      30.60
GYEONGGI MUTUAL          8.00    01/22/2016   KRW      70.16
HYUNDAI SWISS BK         7.90    07/23/2015   KRW      59.92
HYUNDAI SWISS II         8.30    01/13/2015   KRW      70.14
IBK 17TH ABS            25.00    12/29/2012   KRW      62.49
MISUNG POLYTECH          4.00    12/02/2013   KRW      67.87
SCHNELL BIOPHARM         2.00    09/03/2012   KRW      69.95
YOUNGNAM SAVINGS         8.00    04/28/2016   KRW      59.84


SRI LANKA
---------

SRI LANKA GOVT           6.20    08/01/2020   LKR      70.53
SRI LANKA GOVT           7.00    10/01/2023   LKR      56.46


                             *********

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.


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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.





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