TCRAP_Public/111209.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

           Friday, December 9, 2011, Vol. 14, No. 244

                            Headlines



A U S T R A L I A

ATM HOLDINGS: Goes Into Administration, Owes AU$4 Million
EXTRASTAFF RECRUITMENT: NSW Business Chamber Acquires Assets
FLETCHER JONES: Goes in Administration, Seeks Buyer
LIBERTY FUNDING: S&P Assigns 'BB' Rating to Class D Notes
LIBERTY SERIES: Fitch Rates AUD3.9-Mil. Class D Notes at 'BBsf'

SOLMAC GROUP: Creditors Mull Class Action vs Company's Directors


C H I N A

CDC CORP: Bankr. Watchdog Wants Trustee to Run Chapter 11 Case
SINO-FOREST CORP: May Opt to Go Private to Restore Finances
* SEC Sues Chinese Traders for Insider Trading


H O N G  K O N G

TOPTIME HOLDINGS: Creditors' Proofs of Debt Due Dec. 22
TREASURE SUCCESS: Placed Under Voluntary Wind-Up Proceedings
ULTRA MILL: Creditors' Meeting Set for Dec. 13
UNITED CENTURY: Annual Meetings Set for Dec. 21
UNISON FOUNDATION: Lam and Boswell Appointed as Liquidators

VIVITAR (ASIA): Annual Meetings Set for Dec. 15
VISTA HEALTHCARE: Members' Final General Meeting Set for Jan. 9
WORLDSPAN SERVICES: Creditors' Proofs of Debt Due Jan. 3
YAU YAU: First Meetings Set for Dec. 15


I N D I A

ARIO INFRASTRUCTURE: CARE Rates INR2.37cr LT Loan at 'CARE BB+'
BEHARI COLDS: CARE Assigns 'CARE B+' Rating to INR5.4cr LT Loan
DHARTI COTTON: CARE Rates INR8.83cr LT Bank Loan at 'CARE B'
HARDIK INDUSTRIAL: CARE Rates INR2cr LT Loan at 'CARE BB+'
HEXA CERAMIC: CARE Assigns 'CARE BB-' Rating to INR7.35cr Loan

JAYALAKSHMI JEWELLERS: CARE Rates INR19cr LT Loan at 'CARE BB'
JYOTI VIDYAPEETH: CARE Rates INR38.05cr LT Loan at 'CARE BB+'
MODI ORGANISORS: CARE Rates INR9.12cr Long-Term Loan at CARE BB-
MITTAL HOSPITAL: Fitch Affirms Rating on Two Term Loans at Low-B
NALINI JEWELLERS: CARE Rates INR20.50cr LT Loan at 'CARE BB-'

PRIME INDUSTRIES: CARE Assigns 'CARE C' Rating to INR12.18cr Loan
SYLVESA INFOTECH: CARE Puts 'CARE BB-' Rating on INR4cr LT Loan
SONKAMAL ENTERPRISES: CARE Rates INR20cr LT Loan at 'CARE BB'
TIMEX ART: CARE Assigns 'CARE BB+' Rating to INR12.15cr LT Loan
UIC CORPORATION: CARE Assigns 'CARE BB+' Rating to INR2cr Loan


I N D O N E S I A

ARPENI PRATAMA: S&P Withdraws 'D' Long-Term Corp. Credit Rating


J A P A N

GK MLOX3: Moody's Downgrades Rating of Class C Notes to 'B2'
GODO KAISHA: Moody's Reviews 'Ba1' Rating of Class B Notes
MLOX4 TRUST: Moody's Lowers 'Ba3' Rating of Class B Notes
OLYMPUS CORP: Entire Board to Resign Over Loss Cover-up
OLYMPUS CORP: Entire Board Should be Removed, Panel Says

SILK ROAD: S&P Puts 'B' Rating on Class B1-U Notes on Watch Pos


K O R E A

KOREA TECHNOLOGY: Hires DBH Consulting as Accountant


N E W  Z E A L A N D

BANK OF SOUTH PACIFIC: S&P Affirms 'B' Issuer Credit Rating
BMW CONTRACTING: In Receivership, 20 Jobs at Risk
CENTURY CITY: IRD Seeks Unpaid GST From Serepisos Company
LOMBARD FINANCE: Decisions Based on Expert Advice, Ex-CEO Says
NATIONAL FINANCE: Ex-Director Banned Consumer Finance Industry

PIKE RIVER: Former CEO's Refusal to Appear "Unacceptable," Union
SOUTH CANTERBURY: SFO Lays Charges Against Five Individuals


P H I L I P P I N E S

BINALOT FIESTA: BIR Shutters Restaurant Over Tax Violations


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


ATM HOLDINGS: Goes Into Administration, Owes AU$4 Million
---------------------------------------------------------
9News reports that ATM Holdings has gone into administration with
debts of more than $4 million.

Administrator Stephen Duncan said that his priority would be to
assess whether restructuring and refinancing might make the
company viable, according to 9News.

"My ATM's current business model has not yielded the returns
envisaged by the group's founders and we will investigate all
aspects of the current operations with a view to providing a
forward plan that enhances the future profitability," the report
quoted Mr. Duncan as saying.

The first meeting of creditors is expected to be held late next
week, 9News says.

The report relates that ATM Holdings Chairman Kym Weir said the
decision to appoint administrators had followed a breakdown in
funding arrangements.

Adelaide-based ATM Holdings sells and manages more than 800 ATMs
across Australia.  It trades as My ATM on the Australian
Securities Exchange.


EXTRASTAFF RECRUITMENT: NSW Business Chamber Acquires Assets
------------------------------------------------------------
SmartCompany reports that Extrastaff Recruitment has been given
new life after being bought out of administration by the NSW
Business Chamber's recruitment services division, Australian
Business Talent.

A public notice was given on Monday by Rob Kirman, the appointed
administrator from McGrathNicol, saying the shell of Extrastaff
had been voluntarily placed into liquidation following the
sell-off of its assets, according to SmartCompany.

Mr. Kirman told SmartCompany the decision was made at the second
meeting of the creditors on November 21.

"There was no deed of company arrangement proposed and so then
the company proceeded to go into liquidation," the report quotes
Mr. Kirman as saying.  "In terms of the outcome being a fail of
the business, that's not for me to speculate . . .  but customers
get ongoing supply and employees receive ongoing support . . .
That's the key objective - to save the company," he said.

SmartCompany relates that NSW Business Chamber chief Stephen
Cartwright said while the terms of the acquisition were
confidential, the decision at the creditors' meeting to sell off
the assets of the company made it possible for Extrastaff to make
a fresh start.

Headquartered in Adelaide, Extrastaff Recruitment is a family-
owned recruitment company.  It specializes in office support
staff, industrial staff, senior executive staff, finance and
accounting staff, engineering and technical staff, IT staff and
health staff.

Extrastaff went into administration in October with Rob Kirman --
rkirman@mcgrathnicol.com -- and Sam Davies --
sdavies@mcgrathnicol.com -- of McGrathNichol in Adelaide
appointed as administrators.


FLETCHER JONES: Goes in Administration, Seeks Buyer
---------------------------------------------------
The Australian reports that Fletcher Jones has been placed in
administration becoming the latest victim of the retail slump.

Employees at more than 40 Fletcher Jones stores nationwide were
told of the development but the administrator says stores will
remain open while the company's position is assessed, according
to The Australian.

The report notes that the Australian Retailers Association said
Fletcher Jones, now in the hands of administrator Cor Cordis, was
just the latest in a long list of big brands to fall amid
depressed sales and unsustainable costs.

The Australian notes that Executive Director Russell Zimmerman
said clothing and footwear retailers were struggling with poor
sales, which were down 2.2% on last year.

Mr. Zimmerman, the report relates, blamed unsustainable rents,
time-and-a-half and double-time rates for weekend trade in an
industry where consumers expected doors to be open on weekends
and, sometimes, around the clock.  The Australian relays Mr.
Zimmerman said that internet shopping was also to blame, but
retailers were evolving and moving into the online space to limit
its impact.

Mr. Zimmerman said the big banks had to pass on interest rate cut
not just to mortgage holders but also to small businesses and
retailers who were doing it tough, The Australian adds.

Fletcher Jones is an iconic Australian clothing retailer.


LIBERTY FUNDING: S&P Assigns 'BB' Rating to Class D Notes
---------------------------------------------------------
Standard & Poor's Ratings Services assigned preliminary ratings
to the notes to be issued by Liberty Funding Pty Ltd. in respect
of Liberty Series 2011-1 Auto. The transaction is the fifth
public securitization of auto loans undertaken by Liberty
Financial Pty Ltd. The preliminary ratings are based on
information as of Dec. 7, 2011. Subsequent information may result
in the assignment of final ratings that differ from the
preliminary ratings.

The rationale for the assignment of the preliminary ratings
includes:

    The issuer's ability to pay interest to the class A, class B,
    class C, and class D note holders in full on each interest
    payment date, and to repay principal in full no later than
    the final maturity date, according to the terms and
    conditions of the notes;

    Liquidity to support rated note payments, including a
    liquidity reserve that will be funded through note over-
    issuance on the closing date. In addition, the issuer can use
    principal receipts from the underlying collateral pool to pay
    interest;

    The credit support for each class of notes provided in the
    form of subordination, a loss reserve, and excess spread;

    The reserve, which is capped at 10% of the current invested
    amount of notes (the loss reserve cap), subject to a floor of
    AUD1,350,000. This reserve will be funded through
    AUD2,700,000 of cash to be deposited by Liberty Financial Pty
    Ltd. (Liberty Financial) on the closing date and is built up
    to the extent of future excess spread trapped. The reserve
    may be utilized to meet losses, and also as a third source of
    liquidity for the payment of unpaid interest on the rated
    notes; and

    The benefit of a fixed-to-floating interest rate swap
    provided by National Australia Bank Ltd. (AA-/Stable/A-1+),
    to hedge the mismatch between the fixed-rate interest
    payments on the receivables, and the floating-rate coupon
    payable on the notes.

A copy of Standard & Poor's complete presale report for Liberty
Series 2011-1 Auto can be found on Global Credit Portal, at
http://www.globalcreditportal.com/

Preliminary Ratings Assigned
Liberty Funding Pty Ltd. - Liberty Series 2011-1 Auto
Class     Rating     Amount (mils. A$)
A         AAA (sf)   62.9
B         A (sf)     14.9
C         BBB+ (sf)   4.2
D         BB (sf)     3.9
E         Not Rated   4.1


LIBERTY SERIES: Fitch Rates AUD3.9-Mil. Class D Notes at 'BBsf'
---------------------------------------------------------------
Fitch Ratings has assigned Liberty Series 2011-1 Auto automotive
loan receivables-backed securitisation, due Nov 2017, expected
ratings as follows:

  -- AUD62.9m Class A notes: 'AAA(exp)sf'; Outlook Stable
  -- AUD14.9m Class B notes: 'A(exp)sf'; Outlook Stable
  -- AUD4.2m Class C notes: 'BBB+(exp)sf'; Outlook Stable
  -- AUD3.9m Class D notes: 'BB(exp)sf'; Outlook Stable
  -- AUD4.1m Class E notes: not rated

The final ratings are contingent on the receipt of final
documents conforming to information already received.

"To date, no rated tranche in Liberty's portfolio of auto
transactions have realised a loss, this reflects both the
strength of underwriting and servicing, level of excess spread
and the credit support reserves that are notable features in
Liberty's auto transactions" said Spencer Wilson, Associate
Director in Fitch's Structured Finance team.

The transaction structure is a two-tier structure with the trust
established under a Secure Funding master trust program, while
all notes issued by the trust will be subscribed for entirely by
Liberty Funding Pty Ltd in respect of Liberty Series 2011-1 Auto.

At the cut-off date, the total collateral pool consisted of 5,226
automotive loan receivables totalling approximately AUD88.9m,
with an average size of AUD17,017.  The pool is completely
comprised of amortising principal and interest loan receivables
originated by Liberty Financial Pty Ltd (Liberty) through its
lender network to Australian residents across the country.  The
portfolio consists of new (15.6%) and used (84.4%) motor vehicles
and light commercial vehicles.

To date, gross losses for all motor vehicle loans originated by
Liberty's lender network that have at least 36 months seasoning
have ranged between a minimum 4.2% and a maximum 14.2% of the
original balance originated.

The ratings on the class A notes are based on the quality of the
collateral; the 30.1% credit enhancement provided by the
subordinate class B, C, D and E notes; a liquidity reserve
account of 1.2% of the outstanding balance of the notes, funded
by issue proceeds; both the credit reserve, funded by Liberty at
issuance, and the guarantee fee reserve, funded via excess
spread, for credit and liquidity support, an interest rate swap
provided by National Australia Bank Limited; and Liberty's auto
receivable underwriting and servicing capabilities.

The ratings on the class B, C and D notes are based on all the
strengths supporting the class A notes, excluding their credit
enhancement levels.


SOLMAC GROUP: Creditors Mull Class Action vs Company's Directors
----------------------------------------------------------------
Nick Nichols at goldcoast.com.au reports that creditors of Solmac
Constructions are taking their grievances to the corporate
watchdog and plan to launch a class action against the directors
following the company's AUD15 million collapse.

More than 20 trade creditors, owed up to AUD7 million, resolved
yesterday to place the company into liquidation and conduct a
full investigation into its affairs, goldcoast.com.au says.

According to the report, spokesman Joe O'Neill, of O'Neill's Law
at Kingscliff, said creditors also agreed to establish a fighting
fund of at least AUD35,000 in order to pursue a full
investigation.

Solmac Constructions is one of three companies within the Solmac
Group to strike financial trouble, with Solmac Developments and
Market Square No.1 both in liquidation, the report discloses.

Solmac is controlled by Stephen Solomons and Duncan McInnes, who
have both been involved in the development industry on the Gold
Coast for about 20 years.


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


CDC CORP: Bankr. Watchdog Wants Trustee to Run Chapter 11 Case
--------------------------------------------------------------
Dow Jones' DBR Small Cap reports that a bankruptcy watchdog wants
an outsider to take over Hong Kong technology provider CDC
Corp.'s Chapter 11 case, an appointment that would further loosen
the grip of temporarily out-of-power Chief Executive Peter Yip,
whose dishonest behavior got the company's stock kicked off the
Nasdaq stock market.

                          About CDC Corp.

Based in Atlanta, CDC Corp. (Nasdaq: CHINA) --
http://www.cdccorporation.net/-- is the parent company of CDC
Software (Nasdaq: CDCS).  CDC Software is based dually in
Shanghai, China, and Atlanta and produces enterprise software
applications, IT consulting services, outsourced applications
development and IT staffing.  The company's owners include Asia
Pacific Online Ltd., Xinhua News Agency and Evolution Capital
Management.

CDC Corporation, doing business as Chinadotcom, filed a Chapter
11 petition (Bankr. N.D. Ga. Case No. 11-79079) on Oct. 4, 2011.
James C. Cifelli, Esq., at Lamberth, Cifelli, Stokes & Stout, PA,
in Atlanta, Georgia, serves as counsel.  The Debtor estimated
assets and debts at $100 million to $500 million as of the
Chapter 11 filing.


SINO-FOREST CORP: May Opt to Go Private to Restore Finances
-----------------------------------------------------------
William Mellor at Bloomberg News reports that Sino-Forest Corp.
said going private is among the options under consideration as it
attempts to restore its finances and reputation.

The company may also raise additional funds, bring in a strategic
investor or seek a merger, Chief Executive Officer Judson Martin
told Bloomberg in an interview.

"It is going to be real tough to get back to where we were,"
Bloomberg quotes Mr. Martin as saying.  "We are up for the
challenge, but we are also up for looking for all options for our
stakeholders."

Bloomberg notes that Mr. Martin, a former chief financial officer
of Canadian entertainment company Alliance Atlantis
Communications Inc., took over as CEO from Sino-Forest founder
Allen Chan in August.  His priority after emerging from what he
describes as "this morass" is to seek approval for Sino-Forest's
shares to resume trading when the Ontario Securities Commission
meets Jan. 25, Mr. Martin told Bloomberg in a Nov. 23 interview.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 31, 2011, Bloomberg News said Sino-Forest Corp.'s Chief
Executive Officer and Chairman Allen Chan resigned two days after
the Ontario Securities Commission said the company may have
exaggerated timber holdings, the same charge made by short seller
Carson Block in June.  The OSC halted trading in Sino-Forest's
shares on Aug. 26 and said the company may have misrepresented
revenue.  Bloomberg noted that Sino-Forest has plunged 67% in
Toronto since Mr. Block's Muddy Waters LLC published a report
June 2 alleging that the company was a "fraud."

A committee of independent directors set up to investigate the
allegations said Nov. 15 in an interim report that they rejected
the claim by Block's Muddy Waters LLC research firm that Sino-
Forest is a "Ponzi scheme," Bloomberg reports.  The committee
said it confirmed the company's timber assets, book value and
cash balance.  Still, the interim report also disclosed missing
records, a lack of cooperation by some executives and an absence
of an internal audit.

The independent committee was chaired by William Ardell and
included James Bowland and James Hyde.  A final report will be
delivered to the board by year-end, Bloomberg notes.

                         About Sino-Forest

Sino-Forest Corporation (TSE:TRE) -- http://www.sinoforest.com--
is a commercial forest plantation operator in the People Republic
of China (PRC).  As of Dec. 31, 2009, Sino-Forest had
approximately 512,700 hectares of forest plantations located
primarily in southern and eastern China.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 1, 2011, Standard & Poor's Ratings Services lowered the
long-term corporate credit rating on China-based commercial
forest operator Sino-Forest Corp. to 'CCC-' from 'B'. The outlook
is negative. "At the same time, we lowered the issue rating on
the senior unsecured notes and convertible bonds to 'CCC-' from
'B'.  We also lowered the Greater China credit scale ratings on
the company and the notes to 'cnCCC-' from 'cnBB-'. We removed
all the ratings from CreditWatch, where they were originally
placed with negative implications on June 30, 2011. We then
withdrew all the ratings," S&P related.

"We lowered the rating on Sino-Forest partly because we believe
recent developments point towards a higher likelihood that
allegations of fraud at the company will be substantiated," said
Standard & Poor's credit analyst Frank Lu. "The downgrade also
reflects our opinion about the severity of the difficulties the
company now faces in operating its existing business and our
view that the pressure on liquidity has increased."

Moody's Investors Service also downgraded to Caa1 from B1 the
corporate family and senior unsecured debt ratings of Sino-Forest
Corporation.  At the same time, Moody's continues its review for
further downgrade.


* SEC Sues Chinese Traders for Insider Trading
----------------------------------------------
On Dec. 5, 2011, the Securities and Exchange Commission charged
four Chinese citizens and a Chinese-based entity with insider
trading and obtained an emergency court order to freeze their
assets after they reaped more than $2.7 million in profits by
trading in advance of a recent public announcement of a merger
agreement between London-based Pearson plc and Beijing-based
Global Education and Technology Group, Ltd.

The SEC's complaint names Sha Chen, Song Li, Lili Wang, Zhi Yao,
All Know Holdings Ltd., and one or more unknown purchasers of
Global Education stock as defendants. The SEC alleges that they
purchased American Depository Shares (ADS) of Global Education in
the two weeks leading up to a November 21 public announcement of
a planned merger between the two education companies. Some of the
defendants' brokerage accounts were dormant until they bet
heavily on Global Education shares, and some of the purchases
made either equaled or exceeded the stated annual income of that
trader. After the agreement was announced, they immediately began
selling some of their Global Education shares. Their illicit
gains totaled more than $2.7 million.

According to the SEC's complaint, filed in the U.S. District
Court in Chicago, Pearson and Global Education each announced
before trading began on November 21 that Pearson agreed to
acquire all of Global Education's outstanding stock for $294
million ($11.006 per share traded in the U.S.). Global
Education's stock price increased 97 percent that day, from $5.37
to $10.60.

The SEC alleges that the defendants made their purchases of
Global Education's shares while in possession of material, non-
public information about the merger. A Global Education co-
founder apparently tipped Wang and possibly others about the
potential acquisition. Wang then transferred new funds into her
previously dormant brokerage account and bought 28,000 Global
Education shares. The others also engaged in similarly suspicious
trading in Global Education stock, which was typically thin.  On
November 18, the last trading day before the acquisition
announcement, their purchases accounted for more than 35 percent
of the entire day's trading volume for the company's shares,
which trade on the NASDAQ.

The SEC alleges that the defendants each violated Section 10(b)
of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder.
In addition to the emergency relief, the SEC seeks permanent
injunctions, disgorgement of ill-gotten gains with prejudgment
interest, and financial penalties. The emergency court order that
the SEC obtained on December 5 on an ex parte basis freezes
approximately $2.7 million of defendants' assets held in U.S.
brokerage accounts and, among other things, grants expedited
discovery and prohibits the defendants from destroying evidence.
The investigation is continuing.

A hearing on the SEC's motion for preliminary injunction has been
set for Dec. 15, 2011, at 9:45 a.m. in the U.S. District Court
for the Northern District of Illinois, Courtroom 1719, located at
219 South Dearborn Street, in Chicago, Illinois, 60604.


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


TOPTIME HOLDINGS: Creditors' Proofs of Debt Due Dec. 22
-------------------------------------------------------
Creditors of Toptime Holdings Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Dec. 22, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

         Ho Pak Ming
         Suite 2202, 22nd Floor
         Chinachem Tower
         Nos. 34-37 Connaught Road
         Central, Hong Kong


TREASURE SUCCESS: Placed Under Voluntary Wind-Up Proceedings
------------------------------------------------------------
At an extraordinary general meeting held on Nov. 23, 2011,
creditors of Treasure Success Investment Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Yang Geyan
         26/F, Times Media Centre
         133 Wanchai Road
         Wanchai, Hong Kong


ULTRA MILL: Creditors' Meeting Set for Dec. 13
----------------------------------------------
Creditors of Ultra Mill Limited, which is in members' voluntary
liquidation, will hold their final meeting on Dec. 13, 2011, at
3:00 p.m., at 18th Floor, Henley Building, at 5 Queen's Road
Central, in Hong Kong.

At the meeting, Ho Kwan Yiu Junius and Ho Wai Fung, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


UNITED CENTURY: Annual Meetings Set for Dec. 21
-----------------------------------------------
Members and creditors of United Century Book Services Limited
will hold their annual meetings on Dec. 21, 2011, at 11:00 a.m.,
and 11:30 a.m., respectively at 22/F., On Hong Commercial Bldg.,
at 145 Hennessy Rd., Wanchai, in Hong Kong.

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


UNISON FOUNDATION: Lam and Boswell Appointed as Liquidators
-----------------------------------------------------------
Rainier Hok Chung Lam and Anthony David Kenneth Boswell on Nov.
25, 2011, were appointed as liquidators of Unison Foundation
Limited.

The liquidators may be reached at:

          Rainier Hok Chung Lam
          Anthony David Kenneth Boswell
          22/F, Prince's Building
          Central, Hong Kong


VIVITAR (ASIA): Annual Meetings Set for Dec. 15
-----------------------------------------------
Creditors and members of Vivitar (Asia) Limited will hold their
annual meetings on Dec. 15, 2011, at 11:00 a.m., and 11:30 a.m.,
respectively at 5th Floor, Ho Lee Commercial Building, at 38-44
D'Aguilar Street, Central, in Hong Kong.

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


VISTA HEALTHCARE: Members' Final General Meeting Set for Jan. 9
---------------------------------------------------------------
Sole member of Vista Healthcare Management Services (HK) Limited,
which is in members' voluntary liquidation, will hold their final
general meeting on Jan. 9, 2012, at 10:00 a.m., at 5705, 57th
Floor, The Center, at 99 Queen's Road Central, in Hong Kong.

At the meeting, Christopher David Ian Gordon, the company's
liquidator, will give a report on the company's wind-up
proceedings and property disposal.


WORLDSPAN SERVICES: Creditors' Proofs of Debt Due Jan. 3
--------------------------------------------------------
Creditors of Worldspan Services Hong Kong Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Jan. 3, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Nov. 16, 2011.

The company's liquidators are:

         Lai Kar Yan (Derek)
         Darach E. Haughey
         35th Floor, One Pacific Place
         88 Queensway, Hong Kong


YAU YAU: First Meetings Set for Dec. 15
---------------------------------------
Contributories and creditors of Yau Yau Chu Company Limited will
hold their first meetings on Dec. 15, 2011, at 2:45 p.m., and
3:00 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.


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I N D I A
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ARIO INFRASTRUCTURE: CARE Rates INR2.37cr LT Loan at 'CARE BB+'
---------------------------------------------------------------
CARE assigns 'CARE BB+' and 'CARE A4+' ratings to the bank
facilities of Ario Infrastructure Pvt Ltd.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       2.37      CARE BB+ Assigned
   Long /Short-term Bank          20.00      CARE BB+/CARE A4+'
    Facilities                                Assigned
   Short-term Bank Facilities      1.00      CARE A4+ Assigned

Rating Rationale

The ratings are constrained by the modest scale of operations of
Ario Infrastructure Private Limited, delays in site clearances
and uncertainty over visibility of revenue despite moderate order
book position, segmental concentration of revenue and increasing
level of competition due to biddriven nature of business. The
above constraints far outweigh the promoters' experience, Ario's
long-standing association with the government clients and stable
industry outlook with good prospects for growth.

Ability to increase the scale of operations and profitability,
ensure growth in order book position through greater segmental
diversification and timely completion of the orders on hand
remains the key rating sensitivities.

                     About Ario Infrastructure

Vadodara-based Ario; promoted by Mr. Ajit Sarkar was incorporated
in November 2009. Ario took over the existing business operations
of a partnership concern M/s. Ario Brothers on a going
concern basis, the partnership firm was formed by Mr. Sarkar in
1976. Ario has a track record of executing various City Gas
Distribution (CGD) networks, small and midsized cross country
pipelines, plant piping, equipment erection and other civil
structural projects with major focus in the CGD segment.


BEHARI COLDS: CARE Assigns 'CARE B+' Rating to INR5.4cr LT Loan
---------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' rating to the bank
facilities of Behari Colds Pvt. Ltd.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       5.40      CARE B + Assigned
   Short-term Bank Facilities      0.20      CARE A4 Assigned

Rating Rationale

The ratings of Behari Colds Pvt. Ltd. are primarily constrained
by its below-average financial risk profile as indicated by the
low margins and high leverage ratios. The ratings are also
constrained by seasonality of business, significant dependence on
the vagaries of nature, high competition and project
implementation risk. The ratings, however, draw strength from the
promoter's experience, long track record of operation,
established position in the market and locational advantage.

Ability of the company to cater growing demand and improve its
profitability and liquidity with better management of the working
capital would be the key rating sensitivities.

                      About Behari Colds

BCPL, incorporated in February 1995, was promoted by Mr. Avadh
Behari and Mr. Bankey Behari of Mathura to set up a cold storage
facility with a storage capacity of 2,08,627 quintals at Jataura
village of Mathura district, Uttar Pradesh.

The company is engaged in the business of providing cold storage
facility primarily for potatoes.  Besides that the company also
acts as a mediator between the farmers and marketers of potato by
taking advances from the marketers on behalf of the farmers in
order to facilitate sale of potato stored and also provides
interest free advances to the farmers for farming purposes
against potato stored.

During FY11 (FY refers to the period from April 1 to March 31),
BCPL achieved a PBILDT of INR0.81 crore (INR0.89 crore in FY10)
and a PAT of INR0.02 crore (INR0.01 crore in FY10) on the net
sales of INR 2.10 crore (INR1.90 crore in FY10).


DHARTI COTTON: CARE Rates INR8.83cr LT Bank Loan at 'CARE B'
------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Dharti
Cotton Pvt Ltd.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      8.83       CARE B Assigned

Rating Rationale

The rating of Dharti Cotton Pvt. Ltd. is constrained on account
of the short track record of its business operations with highly
leveraged capital structure, thin profitability margin and non
compliance of Accounting Standard - 2 (AS-2) on Inventory
valuations that may have an impact on bottom line of the company.
The rating is further constrained by the seasonality associated
with the procurement of raw material resulting in high working-
capital intensity of business, susceptibility of operating
margins to the cotton price fluctuation and changes in the
government policy.

The ratings, however, favorably take into account the experience
of the promoters in the cotton processing business along with
support provided by the promoters in the form of unsecured loan
that represents 15% of the total debt and the company's proximity
to the cotton producing region of Gujarat.

The company's ability to move up in the cotton value chain
thereby improving its profitability and rationalization of debt
levels is the key rating sensitivity.

                      About Dharti Cotton

Incorporated in 2009, DCPL is a closely-held private limited
company promoted by the Kakadiya family who have wide experience
in the cotton ginning business through their other entities. The
company is engaged in business of cotton ginning & pressing to
produce cotton bales and cotton seeds. The company also trades in
commodities like raw cottonseed and cotton bales which
constitutes a minor portion of their total revenue. The product
is mainly used in manufacturing of cotton yarn in the textile
industry. The finished product is either sold directly or through
intermediaries like brokers, agents and distributors in the
domestic market. Raw cotton (Shankar - 6), which is the major raw
material, is procured from the local vendors and farmers in
Gujarat.


HARDIK INDUSTRIAL: CARE Rates INR2cr LT Loan at 'CARE BB+'
----------------------------------------------------------
CARE assigns 'CARE BB+' and 'CARE A4+' ratings to the bank
facilities of Hardik Industrial Corporation Pvt Ltd.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       2.00      CARE BB+ Assigned
   Short-term Bank Facilities      9.00      CARE A4+ Assigned
   Long-term/Short-term Bank       7.50      CARE BB+/CARE A4+
   Facilities                                Assigned

Rating Rationale

The ratings are constrained by relatively small size of
operations of HIC, stiff competition in the delcredre agency
business, inherent risk associated with this business with high
credit risk and average financial profile.

The ratings derive strengths from the promoters' experience in
the polymer business, healthy credit control measures and
diversified customer profile of the company.

Any adverse changes in the interest rate spread as well as the
ability of the company to manage growth and timely collection of
dues from the customers remain the key rating sensitivities.

Hardik Industrial Corporation Pvt. Ltd., a Del Credere Agent
(DCA) of Reliance Industries Limited, was formed as a partnership
firm in 1986 and later converted into a private limited company
in July 2010. HIC is promoted by Mr. Pankaj Valia and Mr. Bharat
Valia (brothers) who have been engaged in the polymer trading
business for the past three decades.

During FY11 (period from April 01 to March 31), HIC traded 47,048
metric tonne of polymer products on behalf of RIL. During FY11,
HIC clocked a total commission income of INR1.17 crore and a
total income of INR5.97 crore and a net profit of INR0.61 crore.


HEXA CERAMIC: CARE Assigns 'CARE BB-' Rating to INR7.35cr Loan
--------------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of Hexa Ceramic Pvt Ltd.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       7.35      CARE BB- Assigned
   Short-term Bank Facilities      0.60      CARE A4 Assigned

Rating Rationale

The ratings are mainly constrained by short track record of Hexa
Ceramic Pvt. Ltd. in the highly fragmented and competitive
ceramic industry, its moderate financial risk profile marked by
levered capital structure, susceptibility of its profitability to
volatile raw material and natural gas prices and its reliance on
high risk real estate sector.

The ratings, however, favorably take into account the vast
experience of the promoters in the construction industry, mosaic
tile manufacturing as well as in the ceramic industry and its
manufacturing establishment in Morbi Ceramic Cluster in Rajkot.
The ratings also positively takes into account established sales
and distribution network of HCPL and foray in digital printed
ceramic wall tiles market.

The ability of HCPL to increase the market presence with
improvement in financial risk profile is the key rating
sensitivity.

                        About Hexa Ceramic

Incorporated in 2008, HCPL is a private limited company promoted
by Mr. Dinesh Rupala and Mr. Mansukh Kotadiya who have experience
in the construction industry, mosaic tile manufacturing and
ceramic industry. HCPL is engaged in the manufacturing of glazed
ceramic wall tiles and sells its products under the brand name
"Hexa". Commercial production of HCPL started in March 2009 at
Morbi, Gujarat.

During FY12 (refers to April 1 to March 31), HCPL has forayed in
to digital printed ceramic wall tiles market by introducing a new
product under the brand name of 'Hexa Digital' As against a PAT
of INR0.34 crore on a total operating income of INR9.57 crore in
FY10, HCPL earned a PAT of INR0.37 crore on a total operating
income of INR12.05 crore during FY11.


JAYALAKSHMI JEWELLERS: CARE Rates INR19cr LT Loan at 'CARE BB'
--------------------------------------------------------------
CARE assigns 'CARE BB' ratings to the bank facilities of
Jayalakshmi Jewellers Pvt Ltd.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long term Bank Facilities        19.00    CARE BB Assigned

Rating Rationale

The rating is constrained by small scale of operations, closely
held business, highly fragmented and competitive industry,
exposure to volatility in gold prices, working capital intensive
nature of business, low profitability margins and counterparty
risk. The rating also takes into consideration the execution risk
in respect of the ongoing project which is to be partly debt
funded leading to likely deterioration of capital structure of
the company. However, the rating is underpinned by the experience
of promoter and positive outlook for jewellery industry. The
ability of JJPL to successfully market its products to corporate
Jewellers after commissioning of the own manufacturing facility,
mitigate inventory holding risk, manage counterparty risk,
improve margins amid severe competition and maintain comfortable
capital structure would be the key rating sensitivities.

                      About Jayalakshmi Jewellers

Jayalakshmi Jewellers Private Limited was incorporated on Dec 6,
2007 by Mr. M.J.V.V.D. Prakash in Secunderabad.  It is engaged in
manufacturing & trading of Hallmark certified Gold
Jewellery and gold bullion sales. The manufacturing of jewellery
is carried out through job workers. JJPL is setting up its own
manufacturing facility at Secunderabad with installed capacity of
540KGPA, which is expected to commence operations in January
2012. Mr. Prakash is the Managing director and looks after day to
day activities of the company.

During FY11 (refers to the period April 1 to March 31) JJPL
earned a PAT of INR0.33 cr (INR0.35 cr in FY10) on a total income
of INR79.29 cr (INR80.26 cr in FY10).


JYOTI VIDYAPEETH: CARE Rates INR38.05cr LT Loan at 'CARE BB+'
-------------------------------------------------------------
CARE assigns 'CARE BB+' rating to the bank facilities of Jyoti
Vidyapeeth Trust.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      38.05      CARE BB+ Assigned

Rating Rationale

The rating for Jyoti Vidyapeeth Trust is constrained mainly due
to risk associated with proposed capital expenditure plan which
may lead to further deterioration in leverage position. The
rating also takes into consideration the highly regulated
education industry and increasing competition due to entry of
numerous private education institutes in the industry.  The
rating, however, favorably takes into account the vast experience
of the founder chairman of JVT in the education industry and its
diversified revenue stream on account of the various courses
offered by the University.

JVT's ability to sustain the strong enrolment ratios in the
flagship courses as well the timely completion of the new
proposed project remains the key rating sensitivity.

                       About Jyoti Vidyapeeth

Jaipur (Rajasthan) based Jyoti Vidyapeeth Trust was established
in 2003 by Dr Panckaj Garg for setting up educational
institutions and imparts quality education to women. JVT operates
through Jayoti Vidyapeeth Women's University, which has achieved
the status of a deemed university under The Jayoti Vidhyapeeth
Women's University, Jaipur, Act, 2008. It is empowered to award
Certificates, Diplomas and Degrees as per norms of statutory
bodies.  The university currently offers an array of 68
educational courses ranging from graduation to doctorate programs
in various fields at its campus situated at Jaipur. It also
provides hostel facility to its students and over the years,
income from hostel fees has contributed around 40% of the total
income. The university has been awarded ISO 9001:2008 and ISO
14001:2004, accredited by American University Accreditation
Council (AUAC) and has received "Women Education and
Livelihood (WEAL) Award - 2009" from Confederation of Indian
Universities.


MODI ORGANISORS: CARE Rates INR9.12cr Long-Term Loan at CARE BB-
----------------------------------------------------------------
CARE assigns 'CARE BB-' rating to the bank facilities of Modi
Organisors Private Limited.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       9.12      CARE BB- Assigned

Rating Rationale

The rating is constrained by the delay in the project
implementation due to change in the scope of the project and
resultant reschedulement of term loan, modest booking status of
the project, and risk related to the cyclical nature of the real
estate industry. The above factors far outweigh the promoters'
experience and the established track record of the group.  The
ability of Modi Organisors Pvt. Ltd to complete the project as
per schedule and achieve the envisaged sales at anticipated
prices remains the key rating sensitivity.

                      About Modi Organisors

Ahmedabad-based, MOPL was incorporated on July 16, 2004, to carry
out the real estate business. MOPL belong to the Himalaya group
of Ahmedabad, which is into the real estate business since
1991 and has developed 22 schemes of residential and commercial
buildings. MOPL is promoted by Mr. Rohit Modi and Mr.Kamlesh Modi
who have more than 20 years of experience in the real estate
business. The Himalaya group has developed more than 25 lakh
square feet (sft) of the construction.

At present, MOPL is executing three projects, namely Himalaya
Skyz, Himalaya Square and Himalaya Mall which would house 145
residential flats (2/3/4/5 BHK), 56 commercial shops and
offices and 2,73,649 sft salable area of shopping mall
respectively. Up to August 2011, MOPL has incurred project cost
of INR99.29 crore out of the total estimated project cost of
INR140.34 crore.


MITTAL HOSPITAL: Fitch Affirms Rating on Two Term Loans at Low-B
----------------------------------------------------------------
Fitch Ratings has affirmed India-based Mittal Hospital Ltd's
National Long-Term rating at 'Fitch BB(ind)'.  The Outlook is
Stable.

The affirmation reflects MHL's sound financial performance in the
financial year ended March 2011 (FY11).  The company's revenue
grew by 31.6% yoy to INR275.1 million in FY11 as contribution
from its in-patient division and pharmacy segment grew to 49.4%
(FY10: 48.7%) and 36.2% (FY10: 35.7%), respectively.  However,
EBITDA margins declined to 17.5% from 22.7% due to higher
employee costs.

In FY11, MHL set up a new MRI facility at INR19 million, funded
through an INR14.25 million term loan and rest through founder's
contribution; while its INR140 million capex for increasing its
bed capacity to 300 from 150 and to set up additional building
for its nursing college was delayed from FY11 due to delays in
construction and civil work.  As a result, MHL's credit metrics
in FY11 remained within Fitch's expectation with gross financial
leverage (gross adjusted debt /EBITDAR) at 2.9x (FY10: 2.6x) and
interest coverage at 3.7x (FY10: 3.6x).

Management expects the capex to be completed by FY12 with
commercial operation to begin from FY13.  As a result, Fitch
expects financial leverage to deteriorate but remain within the
expected levels of 3.5-4.0x, commensurate with the rating level
assigned.

The ratings also reflects implementation risks associated with
MHL's capex and its high working capital requirements due to
delayed receivables (FY11: 21 days, FY10: 11 days) from
government organizations.

Positive rating guidelines include successful completion of the
capex programme coupled with financial leverage improving to
below 2x on a sustained basis.  Negative rating guidelines
include any time or cost overruns at the capex resulting in
financial leverage exceeding 4x on a sustained basis.

Established in September 2005, MHL is into healthcare and runs a
nursing college.  It is strategically located in Ajmer, which is
well connected with adjoining districts like Nagaur, Pali,
Rajsamand, Bhilwara, Bundi and Tonk.  The total debt for FY11
stood at INR140 million (FY10: INR116 million)

Fitch has also affirmed MHL's bank loans ratings as follows:

  -- INR185.45m term loans (enhanced from INR171.2m): affirmed at
     'Fitch BB(ind)'

  -- INR17.5m cash credit limits: affirmed at 'Fitch BB(ind)'

  -- INR10.33m non-fund based limits (reduced from INR14.819m):
     affirmed at 'Fitch A4+(ind)'


NALINI JEWELLERS: CARE Rates INR20.50cr LT Loan at 'CARE BB-'
-------------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of Nalini Jewellers.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long/Short-term Bank           20.50      CARE BB-/CARE A4
   Facilities                                Assigned

Rating Rationale

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

The rating is constrained by the modest scale of operations of
Nalini Jewellers, below average financial risk profile marked by
modest profitability margins, modest coverage indicators with
high overall gearing and high customer concentration risk. The
above constraints far outweigh the benefits derived from the
experience of the partners in the gold jewellery business and
prudent risk management practices for raw material price and
foreign exchange fluctuation risk.

Improvement in the scale of operations and profitability through
product and customer diversification along-with rationalization
of debt levels are the key rating sensitivities.

                        About Nalini Jewellers

Delhi based, NJW, a partnership firm, established in June 1986 by
Mr. Vijay Kumar Jain, Mrs Nalini Jain and her father Mr.
Jagatbhushan Jain. The present partners include Mr. Vijay Kumar
Jain and Mrs Nalini Jain and their sons Mr. Sakait Jain and Mr.
Nikhil Jain. NJW is manufacturer and exporter of gold jewellery
which it exports to the countries like USA, UK and UAE. NJW does
not have its own manufacturing facility and it gets processing
done from the other manufacturers on the job work basis.

For FY11 (FY refers to April 1 to March 31, provisional), NJW
earned a PAT of INR0.69 crore on a total operating income of
INR80.68 crore as against a PAT of INR0.53 crore on a total
operating income of INR69.63 crore in FY10.


PRIME INDUSTRIES: CARE Assigns 'CARE C' Rating to INR12.18cr Loan
-----------------------------------------------------------------
CARE assigns 'CARE C' and 'CARE A4' ratings to the bank
facilities of Prime Industries.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      12.18      CARE C Assigned
   Short-term Bank Facilities      1.50      CARE A4 Assigned

Rating Rationale

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

The ratings are primarily constrained by the short track record,
small scale of operations of Prime Industries (PI) and weak
financial risk profile marked by cash loss in FY11 (refers to
April 1 to March 31), highly leveraged and weak liquidity
position. The ratings are also constrained by high degree of
fragmentation in the woven sacks industry.

The ratings, however, favourably take into account the vast
experience of the promoters and positive demand outlook for
flexible packaging.  Increase in scale of operations with
improvement in the financial risk profile is the key rating
sensitivity.

                       About Prime Industries

Mumbai based PI, incorporated in 2006, is managed by Mr. Vaibhav
Jain and PET Fibres Ltd in the ratio of 1:2. PI is engaged in the
manufacturing of HDPE bags and woven sacks. These bags and
woven sacks are used for packaging of cement, fertilizers,
chemicals and salt. PI has its plant located at Sidcul,
Uttarakhand.During FY10 (refers to April 1 to March 31), PI
reported net loss of INR0.18 crore (FY09: INR4.79 crore) on a
total operating income of INR42.23 crore (FY09: INR30.60 crore).


SYLVESA INFOTECH: CARE Puts 'CARE BB-' Rating on INR4cr LT Loan
---------------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of Sylvesa Infotech Pvt. Ltd.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term bank facilities       4.00      'CARE BB-' Assigned
   Long-term/short-term bank       1.25      'CARE BB-/ CARE A4'
   facilities

Rating Rationale

The rating is constrained by SIPL's relatively small size of
operation despite long track record, low margin trading business
and closely held nature of the company. These constraints far
outweigh the benefits derived from considerable experience of the
promoter and management team, distributorship of reputed brands
and well developed network of customers.

Ability of the company to scale up the level of operation with
simultaneous improvement in profitability and ability to manage
working capital requirements efficiently are the key rating
sensitivities.

                      About Sylvesa InfoTech

Sylvesa InfoTech Pvt. Ltd., established in the year 2001, is a
specialised IT service provider engaged in implementing IT
solutions for government and private organizations operating
primarily in the State of Orissa. The company also has a presence
in Delhi. SIPL's business is largely trading in nature involving
supply of computer hardware and software products. While the
company carries out customised implementation of the aforesaid,
the activity involves low level of technical knowledge. It now
serves clients across a diverse array of industries (including
Government sector, technical institutions, electronics and
telecommunications, finance, etc).

SIPL is a closely held company with promoter, Shri Jyotinarayan
Mohapatra, MD, being at the helm of affairs. He has an experience
of over 10 years in this business. The day-to-day affairs of the
company are looked upon by him with adequate support from a
qualified management team.

As per provisional results, SIPL earned PAT (after defd tax) of
INR0.4 crore on net sales of INR27.9 crore in FY11 (FY refers to
April 1 to March 31) as compared to a profit of INR0.3 crore on
net sales of INR30.5 crore for FY10.


SONKAMAL ENTERPRISES: CARE Rates INR20cr LT Loan at 'CARE BB'
-------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4+' ratings to the bank
facilities of Sonkamal Enterprises Pvt Ltd.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      20.00      CARE BB Assigned
   Short-term Bank Facilities     33.00      CARE A4+ Assigned
   (Non-fund Based)

Rating Rationale

The ratings are constrained by low profitability margins due to
trading nature of its operations and susceptibility of its profit
margins to volatility in prices of chemicals/fluctuations in
foreign exchange rates. Further, moderate gearing profile and
high receivable cycle also act as constraining factor.  The
ratings also consider the experience of promoters in the chemical
trading business, established relationship with suppliers like SI
Group (I) Ltd and diversified customer profile.

SEPL's ability to maintain its profitability margins in the
scenario of stiff competition and volatility in chemical
prices/exchange rate are the key rating sensitivities.

                     About Sonkamal Enterprises

Established in 1980 as a proprietary concern, SEPL is engaged in
trading of petrochemicals such as acetone, phenol, butyl acrylate
monomer, di-acetone alcohol and epichlorohydrin. In 1994, SEPL
was appointed as the authorized agent of SI Group India Limited
which is one of the leading manufacturers of chemical
intermediates, phenolic resins, alkylphenolic resins and
alkylated phenols. SEPL is also a merchant importer for other
chemicals such as dimethyl formamide and epichlorohydrine from
US, China and Korea. SEPL imports around 36% of its raw material
requirement and entire sales are to the domestic customers.

During FY'11, SEPL has earned a PAT of INR4.41 crore on total
income of INR 278.00 crore.


TIMEX ART: CARE Assigns 'CARE BB+' Rating to INR12.15cr LT Loan
---------------------------------------------------------------
CARE assigns 'CARE BB+' and 'CARE A4+' ratings to the bank
facilities of Timex Art Decor Pvt Ltd.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      12.15      CARE BB+ Assigned
   Short-term Bank Facilities      9.00      CARE A4+ Assigned

Rating Rationale

The ratings are constrained due to small scale of operations,
high working-capital cycle, volatility in the raw material
prices, foreign exchange risk and cyclicality inherent in the
business because of its dependence on the real estate sector. The
ratings, however, derive strength from track record of the
promoters in the business, two decades of presence of brand
TIMEX, established distribution network and marketing synergies
with the group companies.  Ability of Timex Art Decor Private
Limited (TADPL) to increase its scale of operations, penetrate
into new regions and manage the working-capital cycle remains the
key rating sensitivities.

Timex Art Decor Pvt. Ltd, incorporated in 2005, is engaged in the
manufacturing of decorative laminates. The company uses decor
paper and kraft paper as raw material, converts it into the
laminates at its unit in Valsad and sells it through a network of
over 60 distributors and dealers across the country. The company
primarily relies on imported raw materials, however, it procures
around 80% of its total raw material requirement (imported
designs and kraft paper) from the domestic market (indirect
imports from local dealers and distributors) and 20% is imported
directly from Germany, Italy, and Belgium. The company has
significant presence in northern and western India and it offers
over 500 designs of decorative laminates.

The company reported a PAT of INR0.55 crore on a total income of
INR31.62 crore for FY11 (refers to period from April 1, 2010 to
March 31, 2011) as compared to a PAT of INR0.41 crore on a total
income of INR53.00 crore for FY10. As per provisional H1FY12
financial, the company reported a income of INR16.38 crore.


UIC CORPORATION: CARE Assigns 'CARE BB+' Rating to INR2cr Loan
--------------------------------------------------------------
CARE assigns 'CARE BB+' and 'CAREA4+' ratings to the bank
facilities of UIC Corporation Pvt Ltd.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       2.00      CARE BB+ Assigned
   Short-term Bank Facilities     40.00      CARE A4+ Assigned

Rating Rationale

The ratings are constrained by UIC's average financial profile
with low margins, high overall gearing and low liquidity ratios.
The ratings are further constrained by susceptibility of UIC's
margins to raw material procurement and foreign exchange
fluctuation risk.  The ratings derive strengths from the
promoters' experience in the polymer business as well as
locational advantage and fiscal benefits as manufacturing
facility is located in Silvassa.

Ability to increase the scale of operations and to improve the
profitability margins remains the key rating sensitivities.

                         About UIC Corporation

UIC Corporation Pvt Ltd. was founded in 2003 as a partnership
firm United Industrial Corporation and was converted to private
limited company from August 12, 2010. UIC is engaged in the
manufacturing of the reprocessed plastic granules. UIC has an
installed capacity of 20,125 metric tonne per annum (mtpa) and
operated with a capacity utilization of 55% during FY11 (period
from April 1 to March 31).

For FY11, UIC clocked a total income of INR180 crore and a net
profit of INR2.70 crore.


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


ARPENI PRATAMA: S&P Withdraws 'D' Long-Term Corp. Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services had withdrawn its 'D' long-
term corporate credit rating on PT Arpeni Pratama Ocean Line Tbk.
Standard & Poor's also withdrew the 'D' issue rating on $160
million ($140.85 million outstanding) 8.75% guaranteed secured
notes due May 3, 2013. "Arpeni guarantees the notes, which were
issued by Arpeni Pratama Ocean Line Investment B.V., a special
purpose vehicle that is wholly owned by Arpeni. Standard & Poor's
lowered the rating on Arpeni and the notes to 'D' on Dec. 10,
2010. The company's default of payment on the rated bonds and the
infrequent flow of operational and financial information do not
allow us to provide a forward-looking credit opinion on the
company," S&P said.


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


GK MLOX3: Moody's Downgrades Rating of Class C Notes to 'B2'
------------------------------------------------------------
Moody's Japan K.K. has downgraded the rating for the Class A and
Class C Notes issued by GK MLOX 3.

Moody's has also confirmed the ratings for the Class B and D
Notes.

Class A, downgraded to Baa1 (sf); previously on September 14,
2011, A3 (sf) placed under review for possible downgrade

Class B, confirmed at Baa3 (sf); previously on September 14,
2011, Baa3 (sf) placed under review for possible downgrade

Class C, downgraded to B2 (sf); previously on September 14, 2011,
B1 (sf) placed under review for possible downgrade

Class D, confirmed at Caa3 (sf); previously on September 14,
2011, Caa3 (sf) placed under review for possible downgrade

Deal Name: GK MLOX3

Class: Class A through D Notes

Issue Amount (initial): JPY61.2 billion

Dividend: Floating

Issue Date (initial): September 13, 2007

Final Maturity Date: June, 2015

Underlying Asset (initial): Five loans by five borrowers

Originator: Merrill Lynch Japan Finance Kabushiki Kaisha

Arranger: Merrill Lynch Japan Securities Co. Ltd.

MLOX3, effected in September 2007, represents the securitization
of five non-recourse loans. The transaction is currently backed
by 15 properties (office, residential and retail properties)
located in Tokyo and other provincial cities throughout the
country.

The Originator transferred the five loans to the Issuer SPE,
which issued the Class A through D notes, and then sold them to
investors. The notes are rated by Moody's.

In this transaction, payments from refinancing and collateral
disposition proceeds are distributed on a pro-rata basis, based
on the outstanding balance of the respective classes of the Trust
Certificates. Any losses incurred from backing loans will be
allocated in reverse order of sequential distribution.

Ratings Rationale

The current rating action reflects these factors:

1. Moody's has re-assessed the properties' stabilized cash flows
and value in light of the rental market conditions in sub-markets
around the properties. It has also re-evaluated the performance
of the underlying properties in terms of occupancy rates and
actual rent prices. As a result, Moody's has decided to apply
higher stress on the stabilized value, reducing it by about 35%
from the initial estimate.

2. The credit support for senior notes have increased, as two
loans -- a special servicing loan and a prepaid loan--were fully
paid down in September and November 2011.

3. Swap counter party in this transaction was replaced to
adequate Swap counter party in November 2011.

4. With the waterfall structure of the transaction, any note-
related expenses, including the Special Servicer's liquidation
fees, are deducted from the interest income instead of the
principal at the note level. Such expenses are prioritized before
note-interest payments, which may accrue and may not be
recovered. Considering the remedy action taken for the last loan,
Moody's believes that it is likely to avoid such an issue.

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

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


GODO KAISHA: Moody's Reviews 'Ba1' Rating of Class B Notes
----------------------------------------------------------
Moody's Japan K.K. has placed under review for possible downgrade
the ratings for the Class B through F Notes issued by Godo Kaisha
Orso Funding CMBS 6.

Class B, Ba1 (sf) Placed Under Review for Possible Downgrade;
previously on 23 February 2011 downgraded to Ba1 (sf)

Class C, B1 (sf) Placed Under Review for Possible Downgrade;
previously on 23 February 2011 downgraded to B1 (sf)

Class D, Caa1 (sf) Placed Under Review for Possible Downgrade;
previously on 23 February 2011 downgraded to Caa1 (sf)

Class E, Caa3 (sf) Placed Under Review for Possible Downgrade;
previously on 23 February 2011 downgraded to Caa3 (sf)

Class F, Caa3 (sf) Placed Under Review for Possible Downgrade;
previously on 23 February 2011 confirmed at Caa3 (sf)

Deal Name: Godo Kaisha Orso Funding CMBS 6

Class: Class B through F

Issue Amount (initial): JPY13.9 billion

Dividend: Floating

Issue Date (initial): 19 March 2007

Final Maturity Date: November, 2013

Underlying Asset (initial): Two non-recourse loans and four TMK
bonds and cash

Originator: Bear Stearns Japan Ltd. Tokyo Branch (as of the issue
date)

Arranger: Bear Stearns Japan Ltd. Tokyo Branch (as of the issue
date)

Godo Kaisha Orso Funding CMBS 6, effected in March 2007,
represents the securitization of two non-recourse loans and four
TMK bonds.

The Originator transferred six loans and TMK bonds in total to
the Issuer and issued the Class A through F notes. The notes were
sold to investors. The notes are rated by Moody's.

In this transaction, redemptions of the notes are made on a pro-
rata basis, such as payments at maturity and prepayments
resulting from refinancing. Sequential payments from the most
senior class of the notes are applied in the event of loan
defaults and fast pay by the breach of the triggers.

Losses incurred by any defaulted loans are allocated in the
reverse sequential order, starting with the most subordinate
class of the notes.

The transaction is currently backed by two TMK bonds. One TMK
bond is backed by an office/residential property located in
Tokyo, while the other is backed by a hotel in Tokyo.

The current review reflects these factors:

1) Moody's needs to re-assess its stabilized cash flows and
values in light of the rental market conditions in sub-markets
around the properties as well as confirming the performance of
the underlying properties, such as occupancy rates and actual
rent prices.

2) Losses on a special servicing TMK bond are highly likely and
could affect each of the notes negatively.

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


MLOX4 TRUST: Moody's Lowers 'Ba3' Rating of Class B Notes
---------------------------------------------------------
Moody's Japan K.K. has downgraded the ratings for the Class A
through C Trust Certificates issued by MLOX 4 Trust.

Moody's has also confirmed the rating for the Class D Trust
Certificates.

Class A, downgraded to Baa1 (sf); previously on October 7, 2011,
A2 (sf) placed under review for possible downgrade

Class B, downgraded to Ba3 (sf); previously on October 7, 2011,
Ba1 (sf) placed under review for possible downgrade

Class C, downgraded to B3 (sf); previously on October 7, 2011, B2
(sf) placed under review for possible downgrade

Class D, confirmed at Caa3 (sf); previously on October 7, 2011,
Caa3 (sf) placed under review for possible downgrade

Deal Name: MLOX4 Trust

Class: Class A through D Trust Certificates

Issue Amount (initial): JPY42.6 billion

Dividend: Floating

Issue Date (initial): December 20, 2007

Final Maturity Date: May, 2014

Underlying Asset (initial): Four loans by four borrowers

Originator: Merrill Lynch Japan Finance Kabushiki Kaisha

Arranger: Merrill Lynch Japan Securities Co. Ltd.

MLOX4, effected in December 2007, represents the securitization
of four non-recourse loans. The transaction is currently backed
by 21 properties (office, residential, hotel and retail
properties) located in Tokyo and in provincial cities throughout
the country.

The Originator entrusted the loans to the Asset Trustee, and
received the Class A through D trust certificates, which it then
sold through the Arranger to investors. The trust certificates
are rated by Moody's.

In this transaction, payments from refinancing and collateral
disposition proceeds will be distributed on a pro-rata basis,
based on the outstanding balance of the respective classes of the
Trust Certificates. Any losses incurred from backing loans will
be allocated in reverse order of sequential distribution.

Ratings Rationale

The current rating action reflects the following factors:

1. Moody's has re-assessed the property's stabilized cash flows
and value in light of the rental market conditions in sub-markets
around the property. It has also re-evaluated the performance of
the underlying property in terms of occupancy rates and actual
rent prices. As a result, Moody's has decided to apply higher
stress on the stabilized value, reducing it by about 37% from the
initial estimate.

2. Swap counter party in this transaction was replaced to
adequate Swap counter party in November 2011.

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

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


OLYMPUS CORP: Entire Board to Resign Over Loss Cover-up
-------------------------------------------------------
The Japan Times reports that Olympus Corp. said Wednesday all of
its current board members will step down and new independent
committees will determine the specific involvement of former and
current executives in the company's coverup of huge losses.

President Shuichi Takayama said at a news conference in Tokyo
that executives found responsible for hiding the losses will be
sacked, but he avoided clarifying the timing of when the board
will exit, the report relates.

According to the report, Kyodo News said while Olympus is still
scheduled to hold its regular shareholders' meeting in June, it
is expected to hold an extraordinary meeting of investors as
early as February.

The Japan Times notes that the move came a day after a third-
party panel released a report saying Olympus concealed
JPY117.7 billion in investment losses dating back to the 1990s
and that current executives should be replaced.

Even though foreign shareholders have publicly voiced their
desire for an extraordinary shareholders' meeting, Mr. Takayama
said the company has not received an official request, the report
says.

Mr. Takayama, as cited by The Japan Times, said Olympus'
assessment of former President and CEO Michael C. Woodford being
"too selfish" has not changed.

But he also said it is worth noting it was the Briton who brought
the wrongdoing to light and added that he intends to let
shareholders decide whether Woodford should come back as
president, the report adds.

According to The Japan Times, Mr. Takayama said the company will
launch three independent committees to ascertain the
responsibility and culpability of former and current executives
and auditors, and to reform management.

Olympus is also considering filing a criminal complaint with
police or prosecutors against executives responsible for the
coverup, Mr. Takayama, as cited by The Japan Times, said.

Following Tuesday's report by the independent panel, the report
notes, the Tokyo Stock Exchange said it is considering delisting
Olympus.

                  Securities Investment Scandal

The Troubled Company Reporter-Asia Pacific reported on Nov. 9,
2011, that Block & Leviton LLP, a Boston-based law firm
representing investors seeking to recover money lost due to
investment fraud, said it is investigating possible securities
fraud claims involving Olympus Corp.

On Oct. 14, 2011, Olympus's Board of Directors fired the
Company's then-President and Chief Executive Officer, Michael
Woodford, after Mr. Woodford attempted to force an inquiry into
Olympus's acquisition of British medical device maker Gyrus in
2008.  At issue were the $687.0 million in advisory fees paid to
a relatively obscure financial firm in relation to the
acquisition.  The fees were approximately one-third of the $2.0
billion acquisition price, which is almost 30 times higher than
normal.

On Nov. 8, 2011, the Company admitted to an accounting cover-up,
stating that the advisory fees paid in connection with the Gyrus
deal and other acquisitions were used to hide steep investment
losses that began in approximately 1990.  Speaking at a press
conference, the Company's President, Shuichi Takayama, confessed
that "[w]e have conducted extremely improper accounting" and that
"[o]ur previous statements were in error."

The Company's admission, released just prior to the opening of
trading on the Tokyo Stock Exchange, where Olympus's common stock
is traded, sent shares spiraling downward by 29% over the prior
day's close to JPY734 (or $9.40).  The Company's American
Depository Receipts also plummeted on the news, losing 31%
compared to the prior day's close of $13.72.  Since mid-October
when Mr. Woodward's allegations first surfaced, the Company's
stock has lost approximately 70% of its market value.

Amidst the growing accounting scandal that could be one of the
largest in corporate history, the TSE has indicated that the
Company's shares could be de-listed.  In addition, the Japanese
Securities and Exchange Surveillance Commission is said to be
investigating along with the U.S. Federal Bureau of
Investigation, and the U.S. Securities and Exchange Commission.

                        About Olympus Corp.

Based in Japan, Olympus Corporation (TYO:7733) --
http://www.olympus-global.com/-- manufactures and sells medical
products, life and industrial products, imaging products,
information communication products and other products.  As of
March 31, 2011, the Company has 188 subsidiaries and 11
associated companies.


OLYMPUS CORP: Entire Board Should be Removed, Panel Says
--------------------------------------------------------
Bloomberg News reports that Olympus Corp. "yes men" who failed to
stop senior managers spending JPY135 billion ($1.7 billion) in a
cover-up of losses over more than a decade should be removed,
according to the findings of a monthlong probe.

Bloomberg relates that a report released on December 6 by an
independent panel said three former chairmen of the Japanese
camera maker and three senior aides were "rotten to the core."
Others "involved in the fraudulent accounting one way or the
other, and auditors who did nothing when the auditing firm
pointed out the issues" in 2009 "should be fully eliminated," it
said.

According to Bloomberg, Michael Woodford, whose dismissal as
Olympus president on Oct. 14 sparked the inquiry, and
shareholders have called for a revamp of the board and
management.  The scale of the fraud and failure of the company's
corporate governance structure to stem it eroded all Japanese
companies' credibility and highlighted the need to break from a
tradition where deference to superiors prevents employees from
"rocking the boat," the report, as cited by Bloomberg, said.

"The entire board should be changed as they all share the blame,"
said Mitsushige Akino, who oversees about $600 million in Tokyo
at Ichiyoshi Investment Management (8624) Co. "The managers may
have been foul, but Olympus's main business is good. If the board
changes, it's still possible for the company's shares to regain
this year's highs."

Olympus said in a statement it accepts the panel's report and
that it will make all efforts to ensure it isn't delisted. An
internal committee will seek to clarify which officials still at
Olympus were responsible for covering up the losses, according to
a memo from President Shuichi Takayama, a copy of which was given
to Bloomberg News.

                 Securities Investment Scandal

The Troubled Company Reporter-Asia Pacific reported on Nov. 9,
2011, that Block & Leviton LLP, a Boston-based law firm
representing investors seeking to recover money lost due to
investment fraud, said it is investigating possible securities
fraud claims involving Olympus Corp.

On Oct. 14, 2011, Olympus's Board of Directors fired the
Company's then-President and Chief Executive Officer, Michael
Woodford, after Mr. Woodford attempted to force an inquiry into
Olympus's acquisition of British medical device maker Gyrus in
2008.  At issue were the $687.0 million in advisory fees paid to
a relatively obscure financial firm in relation to the
acquisition.  The fees were approximately one-third of the $2.0
billion acquisition price, which is almost 30 times higher than
normal.

On Nov. 8, 2011, the Company admitted to an accounting cover-up,
stating that the advisory fees paid in connection with the Gyrus
deal and other acquisitions were used to hide steep investment
losses that began in approximately 1990.  Speaking at a press
conference, the Company's President, Shuichi Takayama, confessed
that "[w]e have conducted extremely improper accounting" and that
"[o]ur previous statements were in error."

The Company's admission, released just prior to the opening of
trading on the Tokyo Stock Exchange, where Olympus's common stock
is traded, sent shares spiraling downward by 29% over the prior
day's close to JPY734 (or $9.40).  The Company's American
Depository Receipts also plummeted on the news, losing 31%
compared to the prior day's close of $13.72.  Since mid-October
when Mr. Woodward's allegations first surfaced, the Company's
stock has lost approximately 70% of its market value.

Amidst the growing accounting scandal that could be one of the
largest in corporate history, the TSE has indicated that the
Company's shares could be de-listed.  In addition, the Japanese
Securities and Exchange Surveillance Commission is said to be
investigating along with the U.S. Federal Bureau of
Investigation, and the U.S. Securities and Exchange Commission.

                        About Olympus Corp.

Based in Japan, Olympus Corporation (TYO:7733) --
http://www.olympus-global.com/-- manufactures and sells medical
products, life and industrial products, imaging products,
information communication products and other products.  As of
March 31, 2011, the Company has 188 subsidiaries and 11
associated companies.


SILK ROAD: S&P Puts 'B' Rating on Class B1-U Notes on Watch Pos
---------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch with
positive implications its ratings on Silk Road Plus PLC's series
2, 5, 6, and 10 synthetic collateralized debt obligation (CDO)
transactions.

"During our monthly run of transactions on version 5.1 of our CDO
evaluator, the four tranches placed on CreditWatch positive had
synthetic rated overcollateralization (SROC) levels in excess of
100% at higher ratings than the current ratings as of Nov. 30,
2011," S&P said.

"For all the transactions that we ran on our CDO evaluator, we
applied the top obligor and industry test SROCs, as well as the
results of the Monte Carlo default simulation," S&P said.

"By the end of the month, we intend to review the tranches listed
with ratings that we placed on CreditWatch positive, along with
any other tranches with ratings that are presently on CreditWatch
negative or positive, in accordance with our current CDO
criteria," S&P said.

Ratings Placed On CreditWatch Positive

Silk Road Plus PLC
Limited-recourse secured floating-rate
credit-linked notes series 2 class B1-U
To                       From           Issue amount
B (sf)/Watch Pos         B (sf)         $70.0 mil.

Limited recourse secured floating-rate
credit-linked notes series 5 class C1-J
To                       From           Issue amount
B- (sf)/Watch Pos        B- (sf)        JPY1.0 bil.

Limited-recourse secured variable return
combination credit-linked notes series 6
class B3-U
To                       From           Issue amount
BpNRi (sf)/Watch Pos     BpNRi (sf)     $14.0 mil.

Limited recourse secured floating-rate
credit-linked notes series 10 class A1-E
To                       From           Issue amount
BB- (sf)/Watch Pos       BB- (sf)       EUR10.0 mil.


=========
K O R E A
=========


KOREA TECHNOLOGY: Hires DBH Consulting as Accountant
----------------------------------------------------
Korea Technology Industry America, Inc., Uintah Basin Resources,
LLC, and Crown Asphalt Ridge, L.L.C., seek to employ DBH
Consulting, LLC, as their accountant, effective Aug. 22, 2011.

As accountant, DBH Consulting will:

     * assist the Debtors in the preparation and filing with the
       Court schedules, statements, and financial reports;

     * assist the Debtors in the review of assets and liabilities
       of the Debtors;

     * assist in the preparation of, or prepare for the Debtors,
       necessary tax returns; and

     * provide any other accounting services as may be required
       by the Debtors from time to time.

DBH Consulting will be paid its normal hourly rates in effect at
the time its services are rendered and reimbursed for non-
overhead, identifiable expenses incurred in connection with the
Debtors' cases.

The current hourly rates are:

       David B. Hardman                               $200
       Other accountants and paraprofessionals    $60 - $200

The Debtors disclose that they paid DBH Consulting $7,000 for
professional fees and expense reimbursement in the year before
Aug. 22, 2011.  The Debtors have agreed to deposit an additional
retainer of $25,000 after the closing of debtor-in-possession
financing or obtaining another funding source.

The Debtors believe that DBH Consulting does not hold or
represent an interest adverse to their estates.

                      About Korea Technology

Korea Technology Industry America, Inc., is a subsidiary of
Seoul-based Korea Technology Industry Co. that tried to squeeze
crude oil from Utah's sandy ridges.  Korea Technology Industry
America, Uintah Basin Resources LLC, and Crown Asphalt Ridge
L.L.C., filed separate Chapter 11 bankruptcy petitions (Bankr. D.
Utah Case Nos. 11-32259, 11-32261, and 11-32264) on Aug. 22,
2011.  The cases are jointly administered under KTIA's case.
Steven J. McCardell, Esq., and Kenneth L. Cannon II, Esq., at
Durham Jones & Pinegar, in Salt Lake City, serve as the Debtors'
counsel.  The Debtors listed US$35,246,360 in assets and
US$38,751,528 in debts.

Richard A. Wieland, the United States Trustee for Region 19, has
appointed three members to the Official Committee of Unsecured
Creditors.


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


BANK OF SOUTH PACIFIC: S&P Affirms 'B' Issuer Credit Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services revised or affirmed its
ratings on 34 of Asia Pacific's financial institutions after
applying new ratings criteria for banks, which was published on
Nov. 9, 2011.

This release follows several announcements by Standard & Poor's
since Nov. 29, 2011, including: Standard & Poor's Applies Its
Revised Bank Criteria To Asia-Pacific's Major Banks And Their
Subsidiaries (Dec. 1, 2011), and Standard & Poor's Applies Its
Revised Bank Criteria To 37 Of The Largest Rated Banks And
Certain Subsidiaries (Nov. 29 2011).

"We list the ratings on these banks and their relevant
subsidiaries that result from the application of our new
criteria. Korea Exchange Bank's CreditWatch placement
additionally reflects the recent announcement of the agreement
signed by Hana Financial Group to acquire Korea Exchange Bank. We
will review all ratings that are placed on CreditWatch within 90
days," S&P said.

"We will publish individual research updates on each bank group
identified below, including a list of ratings on affiliated rated
entities, as well as the ratings by debt type -- senior,
subordinated, junior subordinated, and preferred stock. The
research updates will be available at
www.standardandpoors.com/AI4FI and on RatingsDirect on the Global
Credit Portal. Ratings on specific issues will be available on
RatingsDirect on the Global Credit Portal and
www.standardandpoors.com following release," S&P said.

Ratings List
(NOTE: Parent banks in upper case, subsidiaries in title case)

Issuer credit rating

                    To                  From

AMP BANK LTD.
                   A/Stable/A-1        A/Stable/A-1

AOZORA BANK LTD.
                   A-/Stable/A-2       BBB+/Stable/A-2

BANGKOK BANK PUBLIC CO. LTD.

  Global scale ratings

                   BBB+/Stable/A-2     BBB+/Stable/A-2

  ASEAN regional scale ratings

                   axA+/axA-1          axA+/axA-1

BANK OF AYUDHYA PUBLIC CO. LTD.

  Global scale ratings

                   BBB-/Stable/A-3     BBB-/Stable/A-3

  ASEAN regional scale ratings

                   axA-/axA-2          axA-/axA-2

BANK OF COMMUNICATIONS CO. LTD.

  Global scale ratings

                   A-/Stable/--        BBB+/Stable/--

  Greater China credit scale ratings

                   cnAA/--             cnA+/--

BANK OF NANJING CO. LTD.

  Global scale ratings

                   BBB-/Stable/A-3     BBB-/Stable/A-3

  Greater China credit scale ratings

                   cnA-/cnA-2          cnA-/cnA-2

BANK OF QUEENSLAND LTD.

                   BBB/Stable/A-2      BBB+/Negative/A-2

BANK OF SOUTH PACIFIC LTD.

                   B/Stable/B          B+/Stable/B

BANK OF TAIWAN

Global scale ratings

                   A+/Stable/A-1       A+/Stable/A-1

Greater China credit scale ratings

                   cnAAA/cnA-1+        cnAAA/cnA-1+

BENDIGO AND ADELAIDE BANK LTD.

                   A-/Stable/A-2       BBB+/Positive/A-2

Rural Bank Ltd.

                   A-/Stable/A-2       BBB+/Positive/A-2

CHINA DEVELOPMENT FINANCIAL HOLDING CORP.

  Global scale ratings

                   BBB-/Stable/A-3     BBB+/Stable/A-2

  Greater China credit scale ratings

                   cnA-/cnA-2          cnA+/cnA-1

China Development Industrial Bank

  Global scale ratings

                   BBB/Stable/A-2      A-/Stable/A-2

  Greater China credit scale ratings

                   cnA/cnA-2           cnAA/cnA-1

CHINA MERCHANTS BANK CO. LTD.

  Global scale ratings

                   BBB+/Stable/A-2     BBB/Positive/A-2;

  Greater China credit scale ratings

                   cnA+/cnA-1          cnA+/cnA-1

CHINATRUST FINANCIAL HOLDING CO.

Global scale ratings

                   BBB+/Stable/A-2     BBB/Stable/A-3

Greater China credit scale ratings

                   cnA+/cnA-1          cnA/cnA-2

Chinatrust Commercial Bank

   Global scale ratings

                   A/Stable/A-1        A-/Stable/A-2

   Greater China credit scale ratings

                   cnAA+/cnA-1         cnAA/cnA-1

CO-OPERATIVE BANK (THE) (earlier known as PSIS Ltd.)

                   BBB-/Positive/A-3   BBB-/Stable/A-3

DEVELOPMENT BANK OF JAPAN INC.

                   A+/Negative/A-1     A+/Negative/A-1+

HANA BANK
                   A/Stable/A-1        A-/Stable/A-2

HEARTLAND BUILDING SOCIETY

                   BBB-/Stable/A-3     BBB-/Negative/A-3

Marac Finance Limited
                   BBB-/Stable/A-3     BBB-/Negative/A-3

KASIKORNBANK PCL.

  Global scale ratings

                   BBB+/Stable/A-2     BBB/Stable/A-2

  ASEAN regional scale ratings

                   axA+/axA-1          axA/axA-1

Muang Thai Life Assurance Co. Ltd.

  Global scale ratings

                   BBB+/Stable         BBB+/Stable

  ASEAN regional scale ratings

                   axA+                axA+

KIWIBANK LTD.
                   AA-/Stable/A-1+     AA-/Stable/A-1+

KOOKMIN BANK
                   A/Stable/A-1        A/Stable/A-1

KOREA EXCHANGE BANK

                   BBB+/WatchPos/A-2   BBB+/Stable/A-2

KRUNG THAI BANK PUBLIC CO. LTD.

                   BBB/Stable/A-2      BBB/Stable/A-2

LAND BANK OF TAIWAN

  Global scale ratings

                   A-/Stable/A-2       A-/Stable/A-2

  Greater China credit scale ratings

                   cnAA/cnA-1          cnAA/cnA-1

MEMBERS EQUITY BANK PTY LTD.

                   BBB/Stable/A-2      BBB/Stable/A-2

NORINCHUKIN BANK

                   A+/Negative/A-1     A+/Stable/A-1

SHINHAN BANK
                   A/Stable/A-1        A-/Stable/A-2

Shinhan Card Co. Ltd.

                   BBB+/Stable/A-2     BBB+/Stable/A-2

SHINKIN CENTRAL BANK

                   A+/Negative/A-1     A+/Stable/A-1

SHINSEI BANK LTD.

                   BBB+/Negative/A-2   BBB+/Negative/A-2

SIAM COMMERCIAL BANK PUBLIC CO. LTD.

  Global scale ratings

                   BBB+/Stable/A-2     BBB+/Stable/A-2

  ASEAN regional scale ratings

                   axA+/axA-1          axA+/axA-1

SUNCORP-METWAY LTD.
                   A+/Stable/A-1       A+/Stable/A-1

TAIWAN COOPERATIVE BANK LTD.

  Global scale ratings

                   A-/Stable/A-2       BBB+/Stable/A-2

  Greater China credit scale ratings

                   cnAA/cnA-1          cnA+/cnA-1

TMB BANK PUBLIC CO. LTD.

  Global scale ratings

                   BB+/Positive/B      BB+/Positive/B

  ASEAN regional scale ratings

                   axBBB+/axA-2        axBBB+/axA-2

TSB BANK LTD.
                   BBB+/Stable/A-2     BBB+/Stable/A-2

WOORI FINANCE HOLDINGS CO. LTD.

                   BBB+/Stable/A-2     BBB+/Stable/A-2

Woori Bank
                   A-/Stable/A-2       A-/Stable/A-2


BMW CONTRACTING: In Receivership, 20 Jobs at Risk
-------------------------------------------------
Ashburton Guardian reports that BMW Contracting has been placed
in receivership, putting more than 20 jobs at risk.

Receivers BDO are continuing to trade the business with a view to
achieving a sale as a going concern, according to Ashburton
Guardian.

The report notes that current owner Kerry Bartlett would not
comment on the receivership other than to say the company was
continuing in 'business as usual'.  Ashburton Guardian relates
that Mr. Bartlett anticipates it would be sold as a going
concern.

BMW Contracting is a specialist earthmoving company was formed in
2004.


CENTURY CITY: IRD Seeks Unpaid GST From Serepisos Company
---------------------------------------------------------
The Dominion Post reports that Inland Revenue is chasing more
than NZ$60,000 in unpaid GST from embattled Wellington
businessman Terry Serepisos.

The first receiver's report on Century City Investments lists the
IRD as a preferential creditor owed NZ$60,392, according to The
Dominion Post.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 1, 2011, BusinessDesk said that ANZ National Bank is seeking
to recover NZ$25.2 million from the sale of bankrupt Wellington
property developer Terry Serepisos' former headquarters.
Receivers for Century City Investments, Barry Jordan --
jordan@deloitte.co.nz -- and David Vance -- dvance@deloitte.co.nz
-- of Deloitte, who were appointed by the bank on Sept. 30, have
put ASB Bank Tower up for sale in a public tender being jointly
managed by Colliers International and CBRE, according to
BusinessDesk.  The report said the building was valued at NZ$34.2
million in 2009, though the receivers have withheld an
independent valuation report they commissioned since the date of
their appointment.  Tenders for the building close on Dec. 6, the
report noted.

                       *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 27, 2011, nzherald.co.nz said Wellington businessman and
former Phoenix football owner Terry Serepisos was declared
bankrupt in the High Court at Wellington after his last-minute
bid for more time to pay debts was rejected.  Judge Gendall
granted an application by South Canterbury Finance, owed some
NZ$22.5 million, to declare Mr. Serepisos bankrupt after he
failed to convince the court to grant him four more days to
secure funding from a Hong Kong-based merchant bank.  In August,
BusinessDesk recalled, Mr. Serepisos was granted adjournment to
put forward a proposal to creditors that would sell down his
property portfolio in an orderly fashion, in a bid to meet the
entirety of the NZ$204 million owed to his lenders.  The
portfolio, made up of some 150 residential properties and more
than six commercial buildings, was valued at NZ$232.5 million,
BusinessDesk said.  The Serepisos-owned companies include Century
City Hunter Street, Century City Investments, Century City
Developments, Century City Management, and Century City Football,
which previously owned the Wellington Phoenix football team.


LOMBARD FINANCE: Decisions Based on Expert Advice, Ex-CEO Says
--------------------------------------------------------------
Colin Williscroft at The National Business Review reports that
Lombard Finance former chief executive Michael Reeves said that
the company's management went to great lengths to get
independent, expert advice.

Mr. Reeves, who read from a prepared statement when he gave
evidence in the Wellington High Court on Dec. 6, said not only
did Lombard never respond to any regulatory authority without
legal advice, but any document sent to an investor received the
same treatment.

Mr. Reeves said whatever area that advice covered, be it legal,
audit or accounting related, the advice was always followed. That
advice did not come cheap, with the lawyers used costing between
$600 and $700 an hour, he said, adding they were not run of the
mill.

According to NBR, Mr. Reeves began his evidence by detailing his
employment history, before going into how Lombard was created and
how the company operated.

He said that while other finance companies failed in 2007, at the
time he was confident Lombard would survive.

Meanwhile, BusinessDesk report that Lombard Finance and Lehman
Brothers were working together to buy the loan books of
distressed New Zealand finance companies before they both
collapsed in 2008.

BusinessDesk relates that the High Court in Wellington heard
Wednesday that Lombard and former US investment bank Lehmans had
entered into a confidentiality agreement with Hanover Finance,
which also collapsed before becoming a millstone around the neck
of Allied Farmers, which attempted a rescue deal.

BusinessDesk says Mr. Reeves told the court he had engaged with
Lehmans in the lead-up to the failure of his own firm as one way
to diversify its business as the finance sector entered troubled
times through the tail-end of 2007 and start of 2008.

The New Zealand economy was heading into recession at the time,
with finance companies bearing the brunt of over-leveraged
borrowers.  Lombard went into receivership in April 2008, while
Lehmans' failure sparked the global financial crisis in September
that year, BusinessDesk notes.

NBR says Mr. Reeves and Lombard Finance directors Sir Douglas
Graham, Bill Jeffries and Lawrence Bryant are on trial facing
five charges laid under the Securities Act.  It is alleged that
they made false statements that related to the financial position
of the company.  All four pleaded not guilty to the charges.

                      About Lombard Finance

Lombard Finance & Investments Limited is a wholly owned
subsidiary of Lombard Group, a diversified company specializing
in the financial services sector offering a number of lending
options and providing investment opportunities for its
shareholders and investors.

Lombard Finance was placed into receivership on April 10, 2008,
by its trustee, Perpetual Trust Limited.  PricewaterhouseCoopers
partners John Fisk and John Waller have been appointed receivers
of the company.  The receivership also applies to three other
subsidiaries of Lombard Group, being Lombard Asset Finance
Limited, Lombard Property Holdings Limited and Lombard Asset
Finance No 2 Limited.  The receivership does not impact on
Lombard Group Limited.

The company owed NZ$127 million to 4,400 investors.


NATIONAL FINANCE: Ex-Director Banned Consumer Finance Industry
--------------------------------------------------------------
Georgina Bond at The National Business Review reports that former
National Finance 2000 director Trevor Allan Ludlow has been
banned indefinitely from working in the consumer finance
industry.

NBR relates that serving six years in jail for fraud, Mr. Ludlow
has now received the first banning order issued under the Credit
Contracts and Consumer Finance Act. It means the 52-year-old can
no longer set up, operate or work in the consumer finance
industry, the report says.

According to NBR, the banning order was made in the North Shore
District Court as part of a case taken by the Commerce Commission
against Mr. Ludlow company Takarunga Management (Trading as
Mortgage Rescue).

The news agency relates that Justice Hinton said Ludlow "lacked
the sills to be in the industry" and did not display the
appropriate integrity and fair dealing.

Justice Hinton said Mr. Ludlow's response to borrowers cancelling
their contracts or disagreeing with him was "clearly unlawful and
in the circumstances, outrageous," according to NBR.

Mortgage Rescue offered homeowners in financial strife temporary
finance to stave off mortgagee sales. They were encouraged to
borrow more than was required to pay back their debt, so they
could carry out renovations on their homes.

As reported in the Troubled Company Reporter-Asia Pacific
Oct. 21, 2011, former director of National Finance 2000 Limited
Trevor Allan Ludlow was sentenced to six years imprisonment in
the Auckland District Court on Oct. 20, 2011, after being found
guilty of false accounting and theft by a person in a special
relationship.  Mr. Ludlow was found guilty of seven charges under
the Crimes Act in July, following an investigation by the Serious
Fraud Office (SFO).  Mr. Ludlow was found to have breached the
terms of the Trust Deed under which National Finance operated,
defrauding investors of an estimated NZ$3.5 million.  This
included approximately NZ$2.7 million of unauthorized or
unsecured advances made to his Payless Car group of companies; as
well as undisclosed related party transactions totalling over
NZ$800,000 to an audio company; a property in Fiji; and land
purchased for another company he owned.

                      About National Finance

National Finance 2000 Ltd., whose core business was car finance,
was placed in receivership in May 2006, owing 2,000 investors
NZ$21 million.  Trevor Allan Ludlow was the sole shareholder and
a director of the company.  John Gray was employed by the company
as an accountant.

After considering a complaint received from the Receiver,
PricewaterhouseCoopers, the Serious Fraud Office determined that
an investigation into the affairs the National Finance 2000
Limited may disclose serious or complex fraud.  An investigation
under Part One of the Serious Fraud Office Act was commenced on
June 30, 2006.  This was elevated to a Part Two investigation on
May 8, 2007.

Charges were laid against Trevor Allan Ludlow and John Gray in
October 2009.


PIKE RIVER: Former CEO's Refusal to Appear "Unacceptable," Union
----------------------------------------------------------------
Paul Harper at nzherald.co.nz reports that the union representing
West Coast miners said it is "totally unacceptable" former Pike
River Coal chief executive Gordon Ward is refusing to appear
before the Royal Commission of Inquiry into the disaster.

The report says the comment comes after the Pike River Coal board
chairman John Dow on Tuesday told the Commission Mr. Ward left
the company after falling out with his board over performance
problems.

According to the report, Mr. Dow said he had been asked to step
in as a mentor to Mr. Ward in 2010, however a review of Mr.
Ward's performance found multiple problems went unresolved until
August last year.

nzherald.co.nz relates that Engineering, Print and Manufacturing
Union assistant national secretary, Ged O'Connell, said Mr. Ward
played an integral role in the development and running of the
mine.

Mr. O'Connell said Mr. Ward could provide crucial insights and
evidence into the mine explosion, the report relates.

"When you have Pike chairman John Dow making numerous references
to the high degree of involvement of Gordon Ward at the mine, it
is inconceivable and totally unacceptable that he is not wanting
to appear," the report quotes Mr. O'Connell as saying.  "No only
could Ward shed light on what happened, but his evidence could
help prevent another tragedy.  If nothing else, he owes it to the
memory of the men who died at Pike."

The Royal Commission cannot compel people who reside overseas to
appear before it, according to nzherald.co.nz.

Mr. Ward is understood to be in Australia, the report adds.

                         About Pike River

Pike River Coal Limited (NZE:PRC) -- http://www.pike.co.nz/-- is
a New Zealand-based coal mining company.  The Company, along with
its subsidiaries, is primarily engaged in the exploration,
evaluation, development and production of coal.  It operates a
coal mine that lies under the Paparoa Ranges.

Pike River Coal Ltd, the company that operates the coal mine
where 29 miners died in a series of explosions in November 2010,
was placed into receivership in December 2010.  New Zealand Oil &
Gas, the company's largest shareholder, appointed accountants
PricewaterhouseCoopers as receivers.  The company owed
NZ$80 million to secured creditors BNZ and NZ Oil & Gas.  Pike
River Coal also owed another estimated NZ$10 million to
NZ$15 million to contractors, including some of the men who lost
their lives in the disaster.


SOUTH CANTERBURY: SFO Lays Charges Against Five Individuals
-----------------------------------------------------------
In response to media reports and a statement by the Financial
Markets Authority regarding charges filed on Dec. 7 in the Timaru
District Court, the Serious Fraud Office has confirmed that it
has laid charges following its investigation into South
Canterbury Finance Limited.

SFO Chief Executive Adam Feeley said that, following a fourteen-
month investigation into a variety of transactions involving SCF,
the SFO had laid 21 charges against five individuals involved
with the company's affairs.

"However, until such time as the charges are first heard before
the Court, and any issues regarding suppression have been fully
dealt with, it would not be appropriate to make any comment on
which individuals have been charged."

Mr. Feeley, however, confirmed that the charges allege a variety
of offences, including theft by a person in a special
relationship; obtaining by deception; false statements by the
promoter of a company; and false accounting. The offences carry
maximum penalties of between seven and ten years imprisonment.

"The collapse of SCF was one the most significant of all the
failed finance companies. The value of the fraud alleged to have
been committed exceeds anything in the history of white-collar
crime in New Zealand, and the time we have taken to complete this
matter is a reflection of that scale.

"It is not appropriate at this point to comment on details of the
allegations, but the investigation itself has been one of the
most resource-intensive and time-consuming in recent history."

The SFO said that it could not confirm the details of the
allegedly fraudulent transactions, or who was alleged to have
been involved in each of them.

"However, the total estimated value of allegedly fraudulent
transactions is approximately $1.7 billion, which includes an
estimated $1.58 billion from entering the Crown Retail Deposits
Guarantee Scheme (CRDGS).

"Given the number of commercial transactions SCF was involved
with, we have not investigated all transactions concerning SCF.

"We have not ruled out the possibility of investigating other
matters, but our priority will be to progress the current charges
through the Court."

Mr. Feeley noted that, as with other investigations into failed
finance companies, the SFO had worked closely with FMA on the
case and that FMA would provide support in relation to some
charges.

FMA Chief Executive Sean Hughes said FMA was also examining
avenues to take civil proceedings in order to recuperate some of
the money paid out to SCF investors under the CRDGS.

                       About South Canterbury

Based in New Zealand, South Canterbury Finance Limited
(NZE:SCFHA) -- http://www.scf.co.nz/-- is engaged in the
provision of financial services.  The Company's principal
activities are borrowing funds from public and institutional
investors and on lending those funds to the business, plant and
equipment, property, rural and consumer sectors.  It typically
advances funds by means of hire purchase, floor plans, leasing of
plant, vehicles and equipment, personal loans, business term
loans and revolving credit facilities, mortgages against
property, and other financial instruments, including consumer
loan insurance.

On Aug. 31, 2010, Trustees Executors Limited, as trustee for
South Canterbury Finance charging group, appointed Kerryn Downey
and William Black of McGrathNicol as receivers of the charging
group's secured assets.

"As Trustee, we have had South Canterbury Finance under
heightened surveillance since 2008.  As part of that, SCF was
granted a Trustee waiver in February 2010 to allow it time to
recapitalize.  Unfortunately, the Company's Directors have
advised us that they have not been successful with respect to a
recapitalization and requested us to appoint a receiver.  At this
point we, as Trustee, agree that it is the best interests of
debenture, deposit and bond holders to do that," said Yogesh
Mody, Southern Regional Manager for Trustees Executors Limited.

The New Zealand government said it would repay South Canterbury's
35,000 depositors and stockholders NZ$1.6 billion under the crown
retail deposit guarantee scheme.


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


BINALOT FIESTA: BIR Shutters Restaurant Over Tax Violations
-----------------------------------------------------------
The Daily Tribune reports that the Bureau of Internal Revenue
padlocked Binalot Fiesta Foods Restaurant last Nov. 29 for acts
constituting violations of the National Internal Revenue Code of
1997, as amended (Tax Code), as amended.

According to the report, Binalot was shuttered for failure to
register as a value added tax (VAT) taxpayer, failure to issue
sales invoices or receipts, failure to file VAT return and
failure to report taxable transactions pursuant to Section 115 of
the Tax Code as implemented by Revenue Memorandum Order No. 3-
2009 dated Jan. 15, 2009.

The Daily Tribune relates that Binalot was also cited for attempt
to evade or defeat tax, failure to file income and VAT returns
and pay the taxes due thereon and perjury, among others.

Binalot Fiesta Foods Restaurant is operated by Binalot Fiesta
Foods Inc. which has an office at 3841 Daffodil St. Sun Valley
Subdivision, Paranaque City.  The corporation is a Filipino quick
service restaurant that serves popular Filipino dishes wrapped
and served in banana leaves as a substitute to the non-
biodegradable styro box.


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


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

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


AUSTRALIA

ADAMUS RESOURCES        ADU            200.07          -1.29
APN EUROPEAN PRO        AEZ            563.10         -79.26
AUSTAR UNITED           AUN            734.96        -173.09
AUSTRALIAN ZI-PP        AZCCA           77.74          -2.57
AUSTRALIAN ZIRC         AZC             77.74          -2.57
AUTRON CORP LTD         AAT             32.50         -13.46
BIRON APPAREL LT        BIC             19.71          -2.22
CENTRO PROPERTIE        CNP         15,483.44        -349.73
MACQUARIE ATLAS         MQA          1,894.75        -230.50
MISSION NEWENER         MBT             20.38         -44.05
NATIONAL LEISURE        NLG            154.59         -34.49
NATURAL FUEL LTD        NFL             19.38        -121.51
ORION GOLD NL           ORN             11.35          -4.05
POWERLAN LTD            PWR             30.18         -12.07
REDBANK ENERGY L        AEJ            377.31         -22.16
RENISON CONSOLID        RSN             10.20         -22.16
RENISON CONSO-PP        RSNCK           10.20         -22.16
RIVERCITY MOTORW        RCY            386.88        -809.14
SCIGEN LTD-CUFS         SIE             68.70         -42.35
STERLING BIOFUEL        SBI             20.58          -1.88
SVC GROUP LTD           SVC             13.47          -1.66


CHINA

BAOCHENG INVESTM        600892          43.73          -3.94
CHENGDE DALU -B         200160          33.15          -5.30
CHENGDU UNION-A         693             32.68         -15.13
CHINA FASHION           CFH             10.11          -0.76
CHINA KEJIAN-A          35             103.72        -192.59
DONGXIN ELECTR-A        600691          14.82         -23.94
GUANGDONG ORIE-A        600988          15.24          -3.98
GUANGDONG SUNR-A        30             111.22           0.00
GUANGDONG SUNR-B        200030         111.22           0.00
GUANGXIA YINCH-A        557             19.49         -44.84
HEBEI BAOSHUO -A        600155         141.30        -414.58
HEBEI JINNIU C-A        600722         249.41         -53.61
HUASU HOLDINGS-A        509             87.92          -9.52
HUNAN ANPLAS CO         156             45.35         -32.70
JILIN PHARMACE-A        545             32.35          -8.44
JINCHENG PAPER-A        820            198.46        -130.71
MUDAN AUTOMOBI-H        8188            24.73          -3.40
NINGBO YIDONG-H         8249            18.29         -53.42
QINGDAO YELLOW          600579         218.06         -21.01
SHANGHAI WORLDBE        600757          14.33          -0.07
SHANXI LEAD IN-A        673             19.29          -1.82
SHENZ CHINA BI-A        17              20.97        -266.50
SHENZ CHINA BI-B        200017          20.97        -266.50
SHENZ INTL ENT-A        56             233.81         -22.28
SHENZ INTL ENT-B        200056         233.81         -22.28
SHENZHEN DAWNC-A        863             26.10        -161.49
SHENZHEN KONDA-A        48             122.96          -7.23
SHIJIAZHUANG D-A        958            217.74         -95.97
SICHUAN DIRECT-A        757             96.63        -170.70
SICHUAN GOLDEN          600678         207.17         -92.10
TAIYUAN TIANLO-A        600234          65.74         -21.06
TIANJIN MARINE          600751         114.38         -61.31
TIANJIN MARINE-B        900938         114.38         -61.31
TIBET SUMMIT I-A        600338          85.56          -3.87
TOPSUN SCIENCE-A        600771         137.37         -85.06
WINOWNER GROUP C        600681          21.76         -55.00
WUHAN BOILER-B          200770         304.50        -154.96
WUHAN GUOYAO-A          600421          11.22         -28.07
WUHAN LINUO SOLA        600885         106.01          -9.03
XIAMEN OVERSEA-A        600870         243.85        -138.59
XIAN HONGSHENG-A        600817          15.98        -296.67
YANBIAN SHIXIA-A        600462         204.56         -22.61
YANTAI YUANCHE-A        600766          63.90          -6.36
YUEYANG HENGLI-A        622             37.67         -21.61


HONG KONG

ASIA TELEMEDIA L        376             15.67         -14.24
ASIAN CAPITAL RE        8025            10.89         -11.02
BEP INTL HLDGS L        2326            10.32          -1.83
BUILDMORE INTL          108             16.57         -57.57
CHINA E-LEARNING        8055            19.66          -1.27
CHINA HEALTHCARE        673             37.18         -12.58
CHINA NEW ENERGY        1041           110.74         -80.18
CHINA OCEAN SHIP        651            485.84          -2.95
CHINA PACKAGING         572             19.73         -16.87
CMMB VISION HOLD        471             30.68         -17.93
CROSBY CAPITAL          8088            24.41         -15.53
EGANAGOLDPFEIL          48             557.89        -132.86
FIRST NTUL FOODS        1076            14.94         -56.59
FU JI FOOD & CAT        1175            73.43        -389.20
LUNG CHEONG INTL        348             62.04          -0.37
MELCOLOT LTD            8198            51.52         -55.33
MITSUMARU EAST K        2358            30.04         -15.37
PALADIN LTD             495            158.18         -11.60
PCCW LTD                8            6,248.35         -31.61
PROVIEW INTL HLD        334            314.87        -294.85
SINO RESOURCES G        223             15.55         -33.59
SMART UNION GP          2700            41.81         -38.85
SUNLINK INTL HLD        2336            17.79         -36.13
SURFACE MOUNT           SMT             95.95          -2.48
TACK HSIN HLDG          611             53.95         -88.74


INDONESIA

ARPENI PRATAMA          APOL           613.56        -124.15
ASIA PACIFIC            POLY           471.38        -869.26
ERATEX DJAJA            ERTX            13.48         -24.83
HANSON INTERNATI        MYRX            35.46          -9.01
HANSON INT-PREF         MYRXP           35.46          -9.01
JAKARTA KYOEI ST        JKSW            33.33         -45.06
MITRA INTERNATIO        MIRA         1,070.80        -443.66
MITRA RAJASA-RTS        MIRA-R2      1,070.80        -443.66
MULIA INDUSTRIND        MLIA           524.73         -39.06
PANASIA FILAMENT        PAFI            34.26         -18.96
PANCA WIRATAMA          PWSI            30.18         -37.45
PRIMARINDO ASIA         BIMA            10.37         -21.92
SURABAYA AGUNG          SAIP           248.21         -94.27
TOKO GUNUNG AGUN        TKGA            13.76          -0.87
UNITEX TBK              UNTX            19.45         -17.76


INDIA

ALPS INDUS LTD          ALPI           288.11          -7.01
AMIT SPINNING           AMSP            20.43          -1.96
ARTSON ENGR             ART             23.87          -0.60
ASHAPURA MINECHE        ASMN           191.87         -68.03
ASHIMA LTD              ASHM            63.23         -48.94
ATV PROJECTS            ATV             60.17         -54.25
BELLARY STEELS          BSAL           451.68        -108.50
BHAGHEERATHA ENG        BGEL            22.65         -28.20
BLUE BIRD INDIA         BIRD           122.02         -59.13
CAMBRIDGE SOLUTI        CAMB           149.58         -56.66
CELEBRITY FASHIO        CFLI            36.61          -6.76
CFL CAPITAL FIN         CEATF           12.36         -49.56
COMPUTERSKILL           CPS             14.90          -7.56
CORE HEALTHCARE         CPAR           185.36        -241.91
DCM FINANCIAL SE        DCMFS           17.10          -9.46
DFL INFRASTRUCTU        DLFI            42.74          -6.49
DIGJAM LTD              DGJM            99.41         -22.59
DUNCANS INDUS           DAI            133.65        -205.38
FIBERWEB INDIA          FWB             12.23         -16.21
GANESH BENZOPLST        GBP             48.95         -22.44
GEM SPINNERS LTD        GEMS            14.58          -1.16
GSL INDIA LTD           GSL             29.86         -42.42
HARYANA STEEL           HYSA            10.83          -5.91
HENKEL INDIA LTD        HNKL            88.83         -36.09
HIMACHAL FUTURIS        HMFC           406.63        -210.98
HINDUSTAN PHOTO         HPHT            74.44      -1,519.11
HINDUSTAN SYNTEX        HSYN            15.20          -3.81
HMT LTD                 HMT            133.66        -500.46
ICDS                    ICDS            13.30          -6.17
INTEGRAT FINANCE        IFC             49.83         -51.32
JAGSON AIRLINES         JGA             12.31          -0.25
JCT ELECTRONICS         JCTE           104.55         -68.49
JD ORGOCHEM LTD         JDO             10.46          -1.60
JENSON & NIC LTD        JN              18.05         -86.40
JIK INDUS LTD           KFS             20.63          -5.62
JOG ENGINEERING         VMJ             50.08         -10.08
KALYANPUR CEMENT        KCEM            33.31         -30.53
KDL BIOTECH LTD         KOPD            14.66          -9.41
KERALA AYURVEDA         KRAP            13.97          -1.69
KIDUJA INDIA            KDJ             17.15          -2.28
KINGFISHER AIR          KAIR         1,935.94        -661.89
KINGFISHER A-SLB        KAIR/S       1,935.94        -661.89
KITPLY INDS LTD         KIT             37.68         -45.35
LLOYDS FINANCE          LYDF            21.65         -11.39
LLOYDS STEEL IND        LYDS           510.00         -48.98
LML LTD                 LML             65.26         -56.77
MADRAS FERTILIZE        MDF            143.14         -99.28
MAHA RASHTRA APE        MHAC            24.13         -14.27
MARKSANS PHARMA         MRKS           110.32         -14.04
METROGLOBAL LTD         MGLB            14.98          -7.51
MILLENNIUM BEER         MLB             52.23          -5.22
MILTON PLASTICS         MILT            18.65         -52.29
MODERN DAIRIES          MRD             38.41          -0.45
MTZ POLYFILMS LT        TBE             31.94          -2.57
MYSORE PAPER            MSPM            97.02         -15.69
NATH PULP & PAP         NPPM            14.50          -0.63
NICCO CORP LTD          NICC            75.56          -6.49
NICCO UCO ALLIAN        NICU            32.23         -71.91
NK INDUS LTD            NKI            141.35          -7.71
NUCHEM LTD              NUC             24.72          -1.60
PANCHMAHAL STEEL        PMS             51.02          -0.33
PARASRAMPUR SYN         PPS             99.06        -307.14
PAREKH PLATINUM         PKPL            61.08         -88.85
PIRAMAL LIFE SC         PLSL            51.20         -64.85
QUADRANT TELEVEN        QDTV           188.57        -116.81
QUINTEGRA SOLUTI        QSL             24.62         -11.51
RAJ AGRO MILLS          RAM             10.21          -0.61
RATHI ISPAT LTD         RTIS            44.56          -3.93
REMI METALS GUJA        RMM            101.32         -17.12
RENOWNED AUTO PR        RAP             14.12          -1.25
ROLLATAINERS LTD        RLT             22.97         -22.24
ROYAL CUSHION           RCVP            18.88         -81.42
SADHANA NITRO           SNC             18.21          -0.73
SAURASHTRA CEMEN        SRC            106.01          -2.81
SCOOTERS INDIA          SCTR            19.43         -10.78
SEN PET INDIA LT        SPEN            11.58         -26.67
SHAH ALLOYS LTD         SA             213.69         -39.95
SHALIMAR WIRES          SWRI            25.78         -38.78
SHAMKEN COTSYN          SHC             23.13          -6.17
SHAMKEN MULTIFAB        SHM             60.55         -13.26
SHAMKEN SPINNERS        SSP             42.18         -16.76
SHREE GANESH FOR        SGFO            44.50          -2.89
SHREE RAMA MULTI        SRMT            62.15         -42.08
SIDDHARTHA TUBES        SDT             76.98         -12.45
SOUTHERN PETROCH        SPET         1,584.27          -4.80
SQL STAR INTL           SQL             11.69          -1.14
STERLING HOL RES        SLHR            66.77          -2.85
STI INDIA LTD           STIB            35.39          -0.54
SUPER FORGINGS          SFS             17.83          -6.37
TATA TELESERVICE        TTLS         1,311.30        -138.25
TATA TELE-SLB           TTLS/S       1,311.30        -138.25
TODAYS WRITING          TWPL            44.08          -5.32
TRIUMPH INTL            OXIF            58.46         -14.18
TRIVENI GLASS           TRSG            24.55          -8.57
TUTICORIN ALKALI        TACF            19.13         -16.31
UNIFLEX CABLES          UFC             47.46          -7.49
UNIFLEX CABLES          UFCZ            47.46          -7.49
UNIMERS INDIA LT        HDU             18.08          -5.86
UNITED BREWERIES        UB           3,067.32        -137.09
UNIWORTH LTD            WW             168.36        -155.74
UNIWORTH TEXTILE        FBW             20.57         -37.60
USHA INDIA LTD          USHA            12.06         -54.51
VANASTHALI TEXT         VTI             25.92          -0.15
VENTURA TEXTILES        VRTL            14.33          -1.91
VENUS SUGAR LTD         VS              11.06          -1.08


JAPAN

ARRK CORP               7873         1,221.45         -37.80
CROWD GATE CO           2140            11.63          -4.29
DDS INC                 3782            18.69          -0.08
ISHII HYOKI CO          6336           201.38         -12.95
KANMONKAI CO LTD        3372            68.26          -2.44
KFE JAPAN CO LTD        3061            17.86          -2.27
L CREATE CO LTD         3247            42.34          -9.15
MEIHO ENTERPRISE        8927            76.16         -18.35
NEXT JAPAN HOLDI        2409           177.68          -5.08
NIS GROUP CO LTD        8571           477.70         -75.44
PROPERST CO LTD         3236           305.90        -330.20
TOYO KNIFE CO           5964            74.73          -5.55


KOREA

DAISHIN INFO            20180          740.50        -158.45
HANIL CONSTRUCT         6440           880.70         -22.42
HYUNDAI BNG STEE        4565           476.66         -70.65
HYUNDAI BNG STEE        4560           476.66         -70.65
KUKDONG CORP            5320            53.07          -1.85
ORICOM INC              10470           82.65         -40.04
PLA CO LTD              82390           14.95         -21.43
SUNGJEE CONSTRUC        5980           114.91         -83.19
YOUILENSYS CORP         38720          166.70         -12.34


MALAYSIA

BANENG HOLDINGS         BANE            38.70         -17.29
HAISAN RESOURCES        HRB             69.11          -4.68
HO HUP CONSTR CO        HO              65.87         -11.56
LUSTER INDUSTRIE        LSTI            19.28          -7.15
MITHRIL BHD             MITH            23.78          -5.70
NGIU KEE CO-BHD         NKC             14.19         -12.76
TRACOMA HOLDINGS        TRAH            60.31         -26.28
VTI VINTAGE BHD         VTI             20.92          -3.48


PHILIPPINES

CYBER BAY CORP          CYBR            14.14         -94.36
FIL ESTATE CORP         FC              40.90         -15.77
FILSYN CORP A           FYN             23.81         -11.69
FILSYN CORP. B          FYNB            23.81         -11.69
GOTESCO LAND-A          GO              21.76         -19.21
GOTESCO LAND-B          GOB             21.76         -19.21
PICOP RESOURCES         PCP            105.66         -23.33
STENIEL MFG             STN             17.61         -11.14
UNIWIDE HOLDINGS        UW              50.36         -57.19
VICTORIAS MILL          VMC            164.26         -18.20


SINGAPORE

ADV SYSTEMS AUTO        ASA             20.62         -11.82
ADVANCE SCT LTD         ASCT            25.29         -10.05
HL GLOBAL ENTERP        HLGE            93.40         -15.38
LINDETEVES-JACOB        LJ              22.43          -6.01
NEW LAKESIDE            NLH             19.34          -5.25
SUNMOON FOOD COM        SMOON           17.93         -15.74
TT INTERNATIONAL        TTI            246.68         -79.69


THAILAND

ABICO HLDGS-F           ABICO/F         15.28          -4.40
ABICO HOLDINGS          ABICO           15.28          -4.40
ABICO HOLD-NVDR         ABICO-R         15.28          -4.40
ASCON CONSTR-NVD        ASCON-R         59.78          -3.37
ASCON CONSTRUCT         ASCON           59.78          -3.37
ASCON CONSTRU-FO        ASCON/F         59.78          -3.37
BANGKOK RUBBER          BRC             91.32        -113.78
BANGKOK RUBBER-F        BRC/F           91.32        -113.78
BANGKOK RUB-NVDR        BRC-R           91.32        -113.78
CALIFORNIA W-NVD        CAWOW-R         33.30         -10.09
CALIFORNIA WO-FO        CAWOW/F         33.30         -10.09
CALIFORNIA WOW X        CAWOW           33.30         -10.09
CIRCUIT ELEC PCL        CIRKIT          16.79         -96.30
CIRCUIT ELEC-FRN        CIRKIT/F        16.79         -96.30
CIRCUIT ELE-NVDR        CIRKIT-R        16.79         -96.30
DATAMAT PCL             DTM             12.69          -6.13
DATAMAT PCL-NVDR        DTM-R           12.69          -6.13
DATAMAT PLC-F           DTM/F           12.69          -6.13
ITV PCL                 ITV             37.10        -118.46
ITV PCL-FOREIGN         ITV/F           37.10        -118.46
ITV PCL-NVDR            ITV-R           37.10        -118.46
K-TECH CONSTRUCT        KTECH           38.87         -46.47
K-TECH CONSTRUCT        KTECH/F         38.87         -46.47
K-TECH CONTRU-R         KTECH-R         38.87         -46.47
KUANG PEI SAN           POMPUI          17.70         -12.74
KUANG PEI SAN-F         POMPUI/F        17.70         -12.74
KUANG PEI-NVDR          POMPUI-R        17.70         -12.74
PATKOL PCL              PATKL           52.89         -30.64
PATKOL PCL-FORGN        PATKL/F         52.89         -30.64
PATKOL PCL-NVDR         PATKL-R         52.89         -30.64
PICNIC CORP-NVDR        PICNI-R        101.18        -175.61
PICNIC CORPORATI        PICNI/F        101.18        -175.61
PICNIC CORPORATI        PICNI          101.18        -175.61
PONGSAAP PCL            PSAAP/F         13.02          -1.77
PONGSAAP PCL            PSAAP           13.02          -1.77
PONGSAAP PCL-NVD        PSAAP-R         13.02          -1.77
SAHAMITR PRESS-F        SMPC/F          27.92          -1.48
SAHAMITR PRESSUR        SMPC            27.92          -1.48
SAHAMITR PR-NVDR        SMPC-R          27.92          -1.48
SUNWOOD INDS PCL        SUN             19.86         -13.03
SUNWOOD INDS-F          SUN/F           19.86         -13.03
SUNWOOD INDS-NVD        SUN-R           19.86         -13.03
THAI-DENMARK PCL        DMARK           15.72         -10.10
THAI-DENMARK-F          DMARK/F         15.72         -10.10
THAI-DENMARK-NVD        DMARK-R         15.72         -10.10
TRANG SEAFOOD           TRS             13.90          -3.59
TRANG SEAFOOD-F         TRS/F           13.90          -3.59
TRANG SFD-NVDR          TRS-R           13.90          -3.59
TT&T PCL                TTNT           615.73        -210.36
TT&T PCL-NVDR           TTNT-R         615.73        -210.36
TT&T PUBLIC CO-F        TTNT/F         615.73        -210.36


TAIWAN

BEHAVIOR TECH CO        2341S           41.94          -1.02
BEHAVIOR TECH-EC        2341O           41.94          -1.02
CHIEN TAI CEMENT        1107           214.12         -49.02
HELIX TECH-EC           2479T           23.39         -24.12
HELIX TECH-EC IS        2479U           23.39         -24.12
HELIX TECHNOL-EC        2479S           23.39         -24.12
TAIWAN KOL-E CRT        1606U          507.21        -147.14
TAIWAN KOLIN-EN         1606V          507.21        -147.14
TAIWAN KOLIN-ENT        1606W          507.21        -147.14
VERTEX PREC-ENTL        5318T           42.24          -5.08


                             *********

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

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

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


                            *********


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

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

Copyright 2011.  All rights reserved.  ISSN: 1520-9482.

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

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





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