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

                      A S I A   P A C I F I C

           Tuesday, December 13, 2011, Vol. 14, No. 246

                            Headlines



A U S T R A L I A

FLETCHER JONES: Receivers Put Iconic Brand Up For Sale
TAS RACING: Liberal MP Doubts Racing Body's Future
WESTPOINT GROUP: Founder Ceases Legal Action Against ASIC


C H I N A

CHINA GINSENG: Posts US$412,200 Net Loss in Sept. 30 Quarter


H O N G  K O N G

CN DRAGON: Posts US$43,800 Net Loss in Sept. 30 Quarter
FRIEND GLORY: Members' Final General Meeting Set for Jan. 11
GOLDEN OCEAN: Creditors' Proofs of Debt Due Jan. 9
HIGHWAY INTERNATIONAL: Commences Wind-Up Proceedings
NEW NAM: Creditors' Proofs of Debt Due Dec. 28

RESPECTIVE COMPANY: Creditors' Proofs of Debt Due Jan. 11
SCHNADIG LIMITED: Commences Wind-Up Proceedings
SG ASSET: Cowley and Mitchell Step Down as Liquidators
TITANIUM GROUP: Reports HK$3 Million Net Income in Third quarter
TRADEPOWER (HK): Creditors' Proofs of Debt Due Dec. 23

TREASURE LAND: Members' Final General Meeting Set for Jan. 13
UPPERTECH HK: Creditors' Proofs of Debt Due Jan. 11
WISE FAITH: Chan Ah Sin Steps Down as Liquidator
WON NAVIGATION: Creditors' Proofs of Debt Due Jan. 9
WORLD FAIR: Placed Under Voluntary Wind-Up Proceedings


I N D I A

GOLD STAR: CRISIL Reaffirms 'CRISIL BB-' Cash Credit Rating
HUNSUR PLYWOOD: CRISIL Puts 'CRISIL BB-' Rating on INR50MM Loan
KIM STEEL: CRISIL Places CRISIL B+ Rating on INR45MM Cash Credit
KINGFISHER AIRLINES: Pledges Brand for INR64.2BB Bank Loans
KINGFISHER AIRLINES: May Hire Global Consultant For Revamp Plan

KINGFISHER AIRLINES: Ministry OKs 26% FDI in Aviation Sector
LAILA SUGARS: CRISIL Assigns CRISIL B Rating to INR200MM LT Loan
ORISSA CONCRETE: CRISIL Reaffirms 'CRISIL BB-' Cash Credit Rating
RAJA MOTORS: CRISIL Assigns 'CRISIL B' Rating to INR30.7MM Loan
RAJA MOTORS: CRISIL Places 'CRISIL B' Rating on INR40MM LT Loan

RAM FOODS: CRISIL Assigns 'CRISIL B+' to INR57.5MM Cash Credit
SAS BRAKETECH: Delay in Debt Servicing Cues CRISIL Junk Ratings
SBQ STEELS: CRISIL Cuts Rating on INR1.21BB Loan to 'CRISIL D'
SNOWBIRD MARKETING: CRISIL Rates INR60MM Loan at 'CRISIL B'
SOUTH GANGA: CRISIL Places 'CRISIL B' Rating on INR81MM LT Loan


J A P A N

JLOC XXVIII: S&P Affirms 'CCC' Rating on Class D Certificates
LMP LOAN: Moody's Withdraws 'C' Ratings on Series 2007-1 Notes
ORIX-NRL TRUST: S&P Lowers Ratings on 5 Classes of Certs. to 'CC'
TOKYO ELECTRIC: May Asks Government to Buy Tepco Stake


N E W  Z E A L A N D

AMI INSURANCE: Capital Infusion Likely to Bring Changes
TOTAL EDUCATION: Business School Students Likely to Lose Funds


X X X X X X X X

* BOND PRICING: For the Week Dec. 5 to Dec. 9, 2011


                            - - - - -


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


FLETCHER JONES: Receivers Put Iconic Brand Up For Sale
------------------------------------------------------
Ben Butler at The Sydney Morning Herald reports that the
administrator of the Fletcher Jones said he has just months to
sell the iconic brand.

According to the news agency, Cor Cordis partner Bruno Secatore
-- bsecatore@corcordis.com.au -- said advertisements offering the
loss-making business appeared in newspapers Dec. 9.  But he said
that despite the general gloom in the retail sector, Christmas
trading for Fletcher Jones "looks good."

SMH relates that Mr. Secatore said Cor Cordis had just only been
administrators of the 93-year-old group and "had a lot of work to
do" but it was "business as usual" with all outlets open during
the sales process.  He however could not guarantee stores would
not eventually close, the report adds.

Mr. Secatore, as cited by SMH, said sales agents Canterbury
Partners had been doing "preliminary" work on selling the
business which had so far flushed out 30 potential buyers in the
retail trade.

Mr. Secatore has until January to hold a second meeting of
creditors, which could vote to approve a sale under a deed of
company arrangement, although he pointed out it was possible to
extend that date, according to SMH.

A first meeting of creditors is to be held on December 19 in
Melbourne.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 9, 2011, The Australian said 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 said stores will
remain open while the company's position is assessed, according
to The Australian.  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 related, 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.   Mr. Zimmerman said that internet shopping was
also to blame, but retailers were evolving and moving into the
online space to limit its impact.

Fletcher Jones -- http://www.fletcherjones.com.au/--  is an
iconic Australian clothing retailer.  The company has 240 staff
and 45 stores nationally.


TAS RACING: Liberal MP Doubts Racing Body's Future
--------------------------------------------------
ABC News reports that Tasmania's Racing Minister has played down
suggestions the state-owned racing body TasRacing is on the verge
of insolvency.

TasRacing was the last government business enterprise put through
its paces at parliamentary hearings last week, ABC News relates.

According to ABC News, Liberal MP Mark Shelton raised the issue
of a report by the Auditor General which predicted the company
would post losses for the next five years.

"There is doubt TasRacing will be able to continue as a going
concern," the report quotes Mr. Shelton as saying.

ABC News states that the Racing Minister Bryan Green dismissed
the suggestion as overly negative, and said he had faith in the
TasRacing board which is trying to increase overseas business and
focus on engaging Generation Y.

"Even though it's not without it's challenges I think we're
tracking well," Mr. Green told ABC News.

TasRacing posted a loss of AUD3.6 million last financial year.


WESTPOINT GROUP: Founder Ceases Legal Action Against ASIC
---------------------------------------------------------
The Australian Securities and Investments Commission has settled
an action brought by former Westpoint founder Norm Carey and
companies associated with him.

In an action that commenced in October 2008, Mr. Carey had
claimed unspecified damages from ASIC for alleged misfeasance in
public office and negligence, arising from ASIC's decisions in
late 2005 to start winding-up proceedings against two Westpoint
mezzanine finance companies.

As a result of the settlement, Mr. Carey's action has been
dismissed.

Mr. Carey has unreservedly withdrawn all allegations made against
ASIC and its officers in connection with ASIC's dealing with the
Westpoint Group companies.

Mr. Carey and companies associated with him have agreed to pay
AUD75,000 towards ASIC's legal costs in defending the claim.

                        About Westpoint Group

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

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

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


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


CHINA GINSENG: Posts US$412,200 Net Loss in Sept. 30 Quarter
------------------------------------------------------------
China Ginseng Holdings, Inc., filed its quarterly report on
Form 10-Q, reporting a net loss of US$412,259 on US$892,405 of
revenues for the three months ended Sept. 30, 2011, as compared
to a net loss of US$308,453 on US$53,298 of revenues for the
three months ended Sept. 30, 2010.

The Company's balance sheet at Sept. 30, 2011, showed
US$9.6 million in total assets, US$4.8 million in total
liabilities, and stockholders' equity of US$4.8 million.

The Company had an accumulated deficit of US$3.2 million as of
Sept. 30, 2011

As reported in the TCR on Oct. 20, 2011, Meyler & Company, LLC,
in Middletown, N.J., expressed substantial doubt about China
Ginseng's ability to continue as a going concern, following the
Company's results for the fiscal year ended June 30, 2011.  The
independent auditors noted that the Company has incurred an
accumulated deficit of US$2.8 million since inception, and
there are existing uncertain conditions the Company faces
relative to its ability to obtain working capital and operate
successfully.

A complete text of the Form 10-Q is available for free at:

                       http://is.gd/4VbQXL

China Ginseng Holdings, Inc., headquartered in Changchun City,
China, was incorporated on June 24, 2004, in the State of Nevada.
Since its inception in 2004, the Company has been engaged in the
business of farming, processing, distribution and marketing of
fresh ginseng.  Starting August 2010, the Company has gradually
shifted its business focus from farming and selling ginseng to
producing and selling ginseng juice and wine with its crops as
raw materials, although it still maintains its farming and
selling ginseng business.  Through leases, the Company controls
3,705 acres of land approved by the Chinese government for
ginseng planting and approximately 750 acres of grape vineyards
which are harvested annually.


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


CN DRAGON: Posts US$43,800 Net Loss in Sept. 30 Quarter
-------------------------------------------------------
CN Dragon Corporation filed its quarterly on Form 10-Q, reporting
a net loss of US$43,893 on US$26,561 of revenues for the three
months ended Sept. 30, 2011, compared with a net loss of
US$335,524 on US$0 revenue for the three months ended Sept. 30,
2010.

For the six months ended Sept. 30, 2011, the Company has reported
a net loss of US$63,974 on US$53,354 of revenues, compared with a
net loss of US$321,004 on US$363,704 of revenues for the six
months ended Sept. 30, 2010.

The Company's balance sheet as of Sept. 30, 2011, showed
$1.7 million in total assets, US$379,076 in total liabilities,
all current, and stockholders' equity of US$1.3 million.

Albert Wong & Co., in Hong Kong, expressed substantial doubt
about CN Dragon Corporation's ability to continue as a going
concern, following the Company's results for the fiscal year
ended March 31, 2011.  The independent auditors noted that the
Company has not generated significant revenues since inception
and has never paid any dividends and is unlikely to pay dividends
or generate significant earnings in the immediate or foreseeable
future.  For the year ended March 31, 2011, the Company has
generated revenue of US$451,710 and has incurred an accumulated
deficit US$7,739,848.

A complete text of the Form 10-Q is available for free at:

                       http://is.gd/IJQ9H6

                         About CN Dragon

Based in Hong Kong, China, CN Dragon Corporation was incorporated
under the laws of the State of Nevada on Aug. 30, 2001, under
the name Infotec Business Systems, Inc.  On June 8, 2007, the
Company changed its name to Wavelit, Inc.  On Sept. 14, 2009,
the Company changed its name to CN Dragon Corporation and began
new business operations in the PRC.  On May 17, 2010, the Company
acquired CNDC Corporation, as its wholly-owned subsidiary.

On May 17, 2010, pursuant to the terms of the Agreement for Share
Exchange, the Company acquired CNDC Corporation ("CNDC BVI"), and
its wholly owned subsidiaries, CN Dragon Holdings Limited ("CN
Dragon Holdings") and Zhengzhou Dragon Business Limited
("Zhengzhou Dragon").

CNDC BVI was established under the laws of the British Virgin
Islands on March 26, 2008.  The Company currently operates
through itself and two subsidiaries, CN Dragon Holdings Limited
and Zhengzhou Dragon Business Limited which were incorporated in
Hong Kong and the People's Republic of China (the PRC)
respectively.

The Company and its subsidiaries are engaged and specialized in
investment, development and fund management in hospitality
properties, as well as advisory and consulting services to the
hospitality, tourism and real estate industries in the PRC.


FRIEND GLORY: Members' Final General Meeting Set for Jan. 11
------------------------------------------------------------
Members of Friend Glory Investment Limited will hold their final
general meeting on Jan. 11, 2012, at 10:00 a.m., at 7th Floor,
Hong Kong Trade Centre, at 161-167 Des Voeux Road Central, in
Hong Kong.

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


GOLDEN OCEAN: Creditors' Proofs of Debt Due Jan. 9
--------------------------------------------------
Creditors of Golden Ocean International Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Jan. 9, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Dec. 9, 2011.

The company's liquidators are:

         Ng Kwok Tung
         Chan Wai Kee
         Rooms 201-205, 2nd Floor
         Alliance Building
         130-136 Connaught Road
         Central, Hong Kong


HIGHWAY INTERNATIONAL: Commences Wind-Up Proceedings
----------------------------------------------------
Members of Highway International Limited, on Dec. 1, 2011, passed
a resolution to voluntarily wind up the company's operations.

The company's liquidators are:

         Chan Yin Kwan Terry
         26/F, Times Media Centre
         133 Wanchai Road
         Wanchai, Hong Kong


NEW NAM: Creditors' Proofs of Debt Due Dec. 28
----------------------------------------------
Creditors of New Nam Fung Restaurant Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Dec. 28, 2011, to be included in the company's
dividend distribution.

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

The company's liquidator is:

         Ho Shuk Mui
         G/F., 18 Nullah Road
         Mongkok, Kowloon


RESPECTIVE COMPANY: Creditors' Proofs of Debt Due Jan. 11
---------------------------------------------------------
Creditors of Respective Company Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Jan. 11, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Dec. 1, 2011.

The company's liquidators are:

         Puen Wing Fai
         Lo Yeuk Ki Alice
         6/F., Kwan Chart Tower
         6 Tonnochy Road
         Wanchai, Hong Kong


SCHNADIG LIMITED: Commences Wind-Up Proceedings
-----------------------------------------------
Sole shareholder of Schnadig Limited, on Jan 9, 2012, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Ng Kin Yung Tony
         6/F., Greenwich Centre
         260 King's Road
         North Point, Hong Kong


SG ASSET: Cowley and Mitchell Step Down as Liquidators
------------------------------------------------------
Patrick Cowley and Paul Edward Mitchell stepped down as
liquidators of SG Asset Management (Hong Kong) Limited on Nov.
30, 2011.


TITANIUM GROUP: Reports HK$3 Million Net Income in Third quarter
----------------------------------------------------------------
Titanium Group Limited filed its quarterly report on Form 10-Q,
reporting net income of HK$3.0 million on HK$15.8 million of
revenue for the three months ended Sept. 30, 2011, compared with
a net loss of HK$802,247 on HK$4,805 of revenue for the same
period of 2010.

For the nine months ended Sept. 30, 2011, the Company has
reported net income of HK$882,405 on HK$32.7 million of revenue,
compared with a net loss of HK$3.8 million on HK$14,413 of
revenue for the same period last year.

The Company had an accumulated deficit of HK$20.0 million as of
Sept. 30, 2011.  "The continuation of the Group as a going
concern through Sept. 30, 2012, is dependent upon the continuing
financial support from its stockholders," the Company said in the
filing.

These factors raise substantial doubt about the Group's ability
to continue as a going concern."

A copy of the Form 10-Q is available for free at:

                       http://is.gd/8WEavo

Wanchai, Hong Kong-based Titanium Group Limited, through its
wholly owned subsidiary Shenzhen Kanglv Technology Ltd., is
engaged in the manufacture and sales of electronic cable products
in the PRC.  Shenzhen Kanglv's principal products are various
types of computer cables, such as HDMI, DVI, VGA and USB cables,
as well as electric power cables.


TRADEPOWER (HK): Creditors' Proofs of Debt Due Dec. 23
------------------------------------------------------
Creditors of Tradepower (Hong Kong) Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Dec. 23, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Nov. 30, 2011.

The company's liquidator is:

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


TREASURE LAND: Members' Final General Meeting Set for Jan. 13
------------------------------------------------------------
Members of Treasure Land (Hong Kong Commercial) Property
Consultants Limited will hold their final general meeting on
Jan. 13, 2012, at 10:00 a.m., at Room 1904, 19/F, Harcourt House,
at 39 Gloucester Road, Wan Chai, in Hong Kong.

At the meeting, Ho Mei Ngan and Low Fung Ping, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


UPPERTECH HK: Creditors' Proofs of Debt Due Jan. 11
---------------------------------------------------
Creditors of Uppertech Hong Kong Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Jan. 11, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Dec. 1, 2011.

The company's liquidator is:

         Lam Tak Keung
         Suite 504, South Tower World Finance Centre
         Harbour City
         17-19 Canton Road
         Tsimshatsui, Kowloon
         Hong Kong


WISE FAITH: Chan Ah Sin Steps Down as Liquidator
------------------------------------------------
Chan Ah Sin stepped down as liquidator of Wise Faith Industrial
Limited on Nov. 29, 2011.


WON NAVIGATION: Creditors' Proofs of Debt Due Jan. 9
----------------------------------------------------
Creditors of Won Navigation Company Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Jan. 9, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Dec. 1, 2011.

The company's liquidator is:

         Man Yun Wah
         Room 2105, 21/F
         Office Tower
         Langham Place
         8 Argyle Street
         Mongkok, Kowloon
         Hong Kong


WORLD FAIR: Placed Under Voluntary Wind-Up Proceedings
------------------------------------------------------
At an extraordinary general meeting held on Dec. 5, 2011,
creditors of World Fair Technology Holdings Limited resolved to
voluntarily wind up the company's operations.

The company's liquidators are:

         Wong Kwok Fong
         Ching Pui Yi
         Suites 2601-2, 26/F
         Tower 2, Nina Tower
         8 Yeung Uk Road
         TWTL 353, Tsuen Wan
         New Territories
         Hong Kong


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I N D I A
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GOLD STAR: CRISIL Reaffirms 'CRISIL BB-' Cash Credit Rating
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Gold Star Steel Pvt
Ltd, part of the Orissa Concrete group, continue to reflect its
moderate business risk profile, marked by integrated nature of
operations and long association with the Indian Railways.

   Facilities                     Ratings
   ----------                     -------
   INR55 Million Cash Credit      CRISIL BB-/Stable (Reaffirmed)
   INR25 Mil. Letter of Credit    CRISIL A4+ (Reaffirmed)
   & Bank Guarantee

These rating strengths are partially offset by the group's below-
average financial risk profile, marked by modest net worth,
aggressive gearing, and inadequate debt protection metrics,
intensifying working capital requirements, and small scale of
operations in the concrete sleeper manufacturing industry.

For arriving at its ratings, CRISIL has consolidated the business
and financial risk profiles of Orissa Concrete & Allied
Industries Ltd and GSSPL. This is because the two companies,
together referred to as the Orissa Concrete group, share a common
management and have operational linkages. Moreover, GSSPL caters
to OCAIL's entire insert requirement and around 20 per cent of
its high-tensile steel wire requirement.

Outlook: Stable

CRISIL believes that the Orissa Concrete group will sustain its
business risk profile over the medium term, backed by the
integrated nature of its operations and established relationship
with the Indian Railways. The outlook may be revised to
'Positive' if the group's liquidity improves through improved
working capital cycle, or large equity infusion. Conversely, the
outlook may be revised to 'Negative' if the group faces sluggish
off take by the Indian Railways or further stretch in
receivables, adversely impacting its financial risk profile.

                        About the Group

Set up in 1981 by Mr. Chaturbhuj Agarwal and Late Shri Pramod
Kumar Agarwal, OCAIL manufactures concrete sleepers used in
railway tracks. The company's facility at Raipur (Chhattisgarh)
has capacity to manufacture 0.6 million sleepers per annum. The
Indian Railways accounts for more than 80 per cent of its total
sales. GSSPL manufactures inserts and HTS wires, which is
primarily used by OCAIL.

OCAIL reported a profit after tax (PAT) of INR1.6 million on net
sales of INR386.2 million for 2010-11 (refers to financial year,
April 1 to March 31) , against a PAT of INR2.8 million on net
sales of INR453.4 million for 2009-10.

GSSPL reported a PAT of INR17.6 million on net sales of INR398.9
million for 2010-11, against a PAT of INR2.1 million on net sales
of INR388.7 million for 2009-10.


HUNSUR PLYWOOD: CRISIL Puts 'CRISIL BB-' Rating on INR50MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Hunsur Plywood Works Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR50.0 Million Cash Credit       CRISIL BB-/Stable (Assigned)
   INR75.0 Million Letter of Credit  CRISIL A4+ (Assigned)

The ratings reflect HPW's promoters' extensive experience, and
its established brand image and dealer network, in the plywood
industry. This rating strength is partially offset by the
company's below-average financial risk profile marked by low net
worth and high gearing, large working capital requirements, and
susceptibility of its revenues and profitability to intense
market competition and adverse regulatory changes.

Analytical Approach:

CRISIL has considered HPW's loans from promoters as debt and not
as equity. The loans carry interest rate of 9 per cent and are
expected to be repaid when surplus funds are available. As on
March 31, 2011, the company's loans from promoters amounted to
INR77 million.

Outlook: Stable

CRISIL believes that HPW will maintain its business risk profile
over the medium term, supported by steady growth in revenues as a
result of healthy demand from the construction sector. HPW's
operating profitability is expected to marginally improve over
the medium term, given the company's initiatives on procuring raw
material and increased sales. The outlook may be revised to
'Positive' if HPW reports significant increase in revenues,
improvement in profitability, or substantial reduction in working
capital. Conversely, the outlook may be revised to 'Negative' if
HPW demonstrates weaker-than-expected performance, or reports
larger-than-expected working capital requirements adversely
affecting its capital structure.

                       About Hunsur Plywood

HPW was established as a partnership firm in 1961 when the Vagh
family had taken over the dilapidated entity from the initial
promoters, the Kachwala group. In the same year it was
reconstituted as a private limited company. HPW's manufacturing
plant is located in Hunsur (Mysore District, Karnataka). The Vagh
family owns about 80 per cent of HPW's equity shares; the
remaining is owned by the Kachwala group, which is not very
active in the day-to-day operations of the company. HPW
manufactures commercial and decorative plywood (contributes 80
per cent of its revenues), and doors and block boards (20 per
cent). The company has 20 dealers and the majority of the
revenues are derived from within Karnataka.

For 2010-11 (refers to financial year, April 1 to March 31), HPW
reported a profit after tax (PAT) of INR5.4 million on net sales
of INR332 million, against a PAT of INR6.0 million on net sales
of INR297 million for the previous year.


KIM STEEL: CRISIL Places CRISIL B+ Rating on INR45MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Kim Steel Strips Pvt Ltd.

   Facilities                     Ratings
   ----------                     -------
   INR45 Million Cash Credit      CRISIL B+/Stable (Assigned)
   INR75 Million Proposed LT      CRISIL B+/Stable (Assigned)
    Bank Loan Facility
   INR30 Mil. Letter of Credit    CRISIL A4 (Assigned)

The ratings reflect KSSPL's weak financial risk profile, marked
by a small net worth, high total outside liabilities to tangible
net worth ratio, and below-average debt protection metrics, small
scale and a short track record of trading operations, large
working capital requirements, and susceptibility of operating
margin to volatility in steel prices. These rating weaknesses are
partially offset by the extensive industry experience of KSSPL's
promoter.

Outlook: Stable

CRISIL believes that KSSPL will benefit over the medium term from
its long-standing relationship with key customers and suppliers
and extensive industry experience of its promoter. The outlook
may be revised to 'Positive' if KSSPL reports significant
improvement in its capital structure, mainly through fresh equity
infusion or more-than-expected increase in its cash accruals,
resulting in lower reliance on debt. Conversely, the outlook may
be revised to 'Negative' if the company's financial risk profile
deteriorates due to increase in working capital requirements.

                        About Kim Steel

Incorporated in 1994, KSSPL is based in Mumbai (Maharashtra) and
trades in hot-rolled (HR) and cold-rolled (CR) steel coils and
also undertakes jobwork comprising de-coiling, pickling, cutting,
and straightening of HR and CR coils. The company was primarily
into jobwork and started the trading operations in 2009-10
(refers to financial year, April 1 to March 31). KSSPL was
promoted by Mr. A P Gupta; however, after his demise, his son,
Mr. Sanjiv Gupta, has been handling the company's day-to-day
operations since the past 10 years.

KSSPL reported a profit after tax (PAT) of INR1.38 million on net
sales of INR150.53 million for 2010-11, as against a PAT of
INR1.03 million on net sales of INR79.64 million for 2009-10.


KINGFISHER AIRLINES: Pledges Brand for INR64.2BB Bank Loans
-----------------------------------------------------------
Bloomberg News reports that Kingfisher Airlines Ltd. pledged
assets ranging from its brand to office furniture for bank loans
of as much as INR64.2 billion (US$1.2 billion).

According to Bloomberg, Junior Finance Minister Namo Narain Meena
said in response to a question in parliament in New Delhi on
Friday that a luxury villa in the western Indian state of Goa,
two helicopters, a building in Mumbai and shares have also been
used as collateral for loans as of Nov. 30.  The total value of
the guarantees, including furniture and fixtures worth
INR3.3 billion, was INR52.4 billion, he said.

Vijay Mallya, Kingfisher's billionaire chairman, said on Dec. 5
that the airline will meet lenders this week to seek working
capital loans to pay for operating costs and fuel. Kingfisher has
also cut flights, scrapped low-cost services and delayed Airbus
SAS A380s deliveries as part of a turnaround following 16
straight quarterly losses.

Bloomberg adds that Mr. Mallya said the brand loan of
INR41 billion was based on a valuation made by accounting firm
Grant Thornton as of April 23, 2010. The airline then had a
market value of INR13.2 billion, which has since fallen to about
INR11.9 billion, according to data compiled by Bloomberg.

The airline will start repaying loans to State Bank of India
(SBIN), the nation's biggest lender, from September 2012, Meena
said.  He didn't comment on the other 18 lenders of a group that
has lent to Kingfisher.

Bloomberg recalls that the carrier got as much as INR12.1 billion
of new loans earlier this year after banks converted INR13
billion of existing debt into preferred shares.  State Bank has
no plans for a second round of debt restructuring for the
airline, Mr. Meena, as cited by Bloomberg, said.

                    About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., serves about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.  It maintains bases in major cities such as Delhi and
Mumbai.  Kingfisher Airlines is a unit of UB Holdings, best known
for its United Breweries unit, and the carrier shares the
Kingfisher brand with a popular Indian beer.  UB Holdings also
owns a stake in another domestic carrier, Air Deccan, whose
operations it combined with Kingfisher Airlines in mid-2008.
Kingfisher Airlines began flying in 2005.

                        *     *     *

Kingfisher Airlines lost money six years in a row, accumulating
net debt of INR77.2 billion (US$1.74 billion) as of March 2010,
according to data compiled by Bloomberg.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 16, 2011, The Economic Times said Kingfisher Airlines Ltd.
has found itself parrying questions about its survival after its
auditor raised doubts over the company's ability to stay in
business for long.  Audit firm BK Ramadhyani & Co, which
examined the books of the airline, said in remarks published in
the airline's annual report that Kingfisher's ability to remain a
"going concern" will depend on its promoters bringing in money
into the company.  The auditors also said Kingfisher has not
deposited with the government money it collected from employees
as tax deducted at source and provident fund contribution,
painting a dire picture of the airline's finances, The Economic
Times reported.


KINGFISHER AIRLINES: May Hire Global Consultant For Revamp Plan
---------------------------------------------------------------
The Economic Times reports that Kingfisher Airlines Ltd. may ask
an international consultant to help prepare a turnaround plan as
lenders remain wary of giving more money when flyers are
deserting the airline due to cancellations caused by shortage of
cash.

"Kingfisher needs to give a concrete plan to its investors and
lenders now that doubts have been raised about the airline's
survival reiterating that it is still a viable airline company,"
a person with direct knowledge of the matter told ET.

ET's source added that US-based Boston Consultant Group has
submitted a proposal to Kingfisher but that the company is also
likely to consider roping in McKinsey, Bain Consulting and Booz &
Co.  "Kingfisher might go in with Booz & Co as they are backed by
knowledge of the sector," the person told ET.

Kingfisher urgently needs money to revive operations but the
banks want to see a revival plan before giving out more loans,
according to the report.  The lenders, says ET, are wary of
giving more concessions on existing loans or providing more loans
as the restructuring package worked out last year has not solved
the airline's problems.

                    About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., serves about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.  It maintains bases in major cities such as Delhi and
Mumbai.  Kingfisher Airlines is a unit of UB Holdings, best known
for its United Breweries unit, and the carrier shares the
Kingfisher brand with a popular Indian beer.  UB Holdings also
owns a stake in another domestic carrier, Air Deccan, whose
operations it combined with Kingfisher Airlines in mid-2008.
Kingfisher Airlines began flying in 2005.

                        *     *     *

Kingfisher Airlines lost money six years in a row, accumulating
net debt of INR77.2 billion (US$1.74 billion) as of March 2010,
according to data compiled by Bloomberg.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 16, 2011, The Economic Times said Kingfisher Airlines Ltd.
has found itself parrying questions about its survival after its
auditor raised doubts over the company's ability to stay in
business for long.  Audit firm BK Ramadhyani & Co, which
examined the books of the airline, said in remarks published in
the airline's annual report that Kingfisher's ability to remain a
"going concern" will depend on its promoters bringing in money
into the company.  The auditors also said Kingfisher has not
deposited with the government money it collected from employees
as tax deducted at source and provident fund contribution,
painting a dire picture of the airline's finances, The Economic
Times reported.


KINGFISHER AIRLINES: Ministry OKs 26% FDI in Aviation Sector
------------------------------------------------------------
Press Trust of India reports that industry sources said the civil
aviation ministry has agreed to the proposal of allowing foreign
carriers to buy 26% stake in private airlines.

Earlier, the news agency recounts, the ministry had proposed to
fix a cap of 24% on foreign direct investment (FDI) by overseas
carriers.  "They (the civil aviation ministry) have come on board
for 26% FDI," PTI quotes a senior government official as saying.

According to the report, the department of industrial policy and
promotion (DIPP) had proposed 26% foreign direct investment (FDI)
by foreign airlines into the domestic industry, in the backdrop
of private carrier Kingfisher Airlines slipping into a severe
debt crisis and several others facing resource crunch.

PTI says the home ministry and the Planning Commission have
already supported the draft cabinet note in this regard.

The finance ministry has also given the green signal to the
proposal, with a rider that such investments should not violate
SEBI's takeover code, the report adds.

                    About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., serves about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.  It maintains bases in major cities such as Delhi and
Mumbai.  Kingfisher Airlines is a unit of UB Holdings, best known
for its United Breweries unit, and the carrier shares the
Kingfisher brand with a popular Indian beer.  UB Holdings also
owns a stake in another domestic carrier, Air Deccan, whose
operations it combined with Kingfisher Airlines in mid-2008.
Kingfisher Airlines began flying in 2005.

                        *     *     *

Kingfisher Airlines lost money six years in a row, accumulating
net debt of INR77.2 billion (US$1.74 billion) as of March 2010,
according to data compiled by Bloomberg.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 16, 2011, The Economic Times said Kingfisher Airlines Ltd.
has found itself parrying questions about its survival after its
auditor raised doubts over the company's ability to stay in
business for long.  Audit firm BK Ramadhyani & Co, which
examined the books of the airline, said in remarks published in
the airline's annual report that Kingfisher's ability to remain a
"going concern" will depend on its promoters bringing in money
into the company.  The auditors also said Kingfisher has not
deposited with the government money it collected from employees
as tax deducted at source and provident fund contribution,
painting a dire picture of the airline's finances, The Economic
Times reported.


LAILA SUGARS: CRISIL Assigns CRISIL B Rating to INR200MM LT Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Laila Sugars Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR1000 Million Cash Credit     CRISIL B/Stable (Assigned)
   INR200 Million Long-Term Loan   CRISIL B/Stable (Assigned)

The rating reflects LSPL's weak financial risk profile marked by
high gearing and weak debt protection metrics, and its exposure
to risks related to adverse changes in government regulations,
absence of integration in operations, and cyclicality in the
sugar industry. These rating weaknesses are partially offset by
LSPL's average business risk profile supported by promoter's long
standing experience in the sugar industry.

Outlook: Stable

CRISIL believes that LSPL will benefit from the long standing
experience of its promoters and steady demand for sugar over the
medium term. However, LSPL's financial risk profile will remain
constrained over the medium term by its highly leveraged capital
structure. The outlook may be revised to 'Positive' if LSPL's
gearing and debt protection metrics improve significantly, due to
a substantial increase in accruals or a large equity infusion.
Conversely, the outlook may be revised to 'Negative' if LSPL's
liquidity or debt protection metrics deteriorate, on account of a
large, debt-funded capital expenditure programme, or adverse
movements in sugar prices.

                      About Laila Sugars

Incorporated in 2009, LSPL manufactures sugar and its by-
products, molasses, bagassee, and press mud. Based in Vijayawada
(Andhra Pradesh), LSPL is a part of the Laila group of companies
having diverse business interests across varied industries
ranging from sugar, paper, nutraceuticals, herbals, and
educational institutions. The promoters of the company, Mr. G
Ganga Raju, Mr. GVK Ranga Raju, and Mr, G Rama Raju, have
extensive industry experience of three decades. During September
2009, LSPL entered into a 30 year lease arrangement with a
Belgaum (Karnataka)-based sugar mill, Sri Bhagya Laxmi Sahakara
Sakkere Kharkhan Niyamit, towards utilisation of its 2500 tonnes
crushing per day (tcd) facility. The sugar mill is located in
Khanapur, Belgaum.LSPL commenced commercial operations during
January 2010.

LSPL reported a profit after tax (PAT) of INR3.11 million on net
sales of INR610 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.07 million on net
sales of INR37.40 million for 2009-10.


ORISSA CONCRETE: CRISIL Reaffirms 'CRISIL BB-' Cash Credit Rating
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Orissa Concrete &
Allied Industries Ltd, part of the Orissa Concrete group,
continue to reflect its moderate business risk profile, marked by
integrated nature of its operations, and long association with
the Indian Railways.

   Facilities                     Ratings
   ----------                     -------
   INR90 Million Cash Credit      CRISIL BB-/Stable (Reaffirmed)
   INR30 Million Proposed Long    CRISIL BB-/Stable (Reaffirmed)
    Term Bank Loan Facility
   INR40 Mil. Letter of Credit &  CRISIL A4+ (Reaffirmed)
    Bank Guarantee

These rating strengths are partially offset by the Orissa
Concrete group's below-average financial risk profile, marked by
a modest net worth, aggressive gearing, and inadequate debt
protection metrics, intensifying working capital requirements,
and small scale of operations in concrete sleeper manufacturing
industry.

For arriving at its ratings, CRISIL has consolidated the business
and financial risk profiles of OCAIL and Gold Star Steel Pvt Ltd.
This is because the two companies, together referred to as the
Orissa Concrete group, share a common management and have
operational linkages. Moreover, GSSPL caters to OCAIL's entire
insert requirement and around 20 per cent of its high-tensile
steel (HTS) wire requirement.

Outlook: Stable

CRISIL believes that the Orissa Concrete group will sustain its
business risk profile over the medium term, backed by the
integrated nature of its operations and established relationship
with the Indian Railways. The outlook may be revised to
'Positive' if the group's liquidity improves through improved
working capital cycle, or large equity infusion. Conversely, the
outlook may be revised to 'Negative' if the group faces sluggish
off take by the Indian Railways or further stretch in
receivables, adversely impacting its financial risk profile.

                      About the Group

Set up in 1981 by Mr. Chaturbhuj Agarwal and Late Shri Pramod
Kumar Agarwal, OCAIL manufactures concrete sleepers used in
railway tracks. The company's facility at Raipur (Chhattisgarh)
has capacity to manufacture 0.6 million sleepers per annum. The
Indian Railways accounts for more than 80 per cent of its total
sales. GSSPL manufactures inserts and HTS wires, which is
primarily used by OCAIL.

OCAIL reported a profit after tax (PAT) of INR1.6 million on net
sales of INR386.2 million for 2010-11 (refers to financial year,
April 1 to March 31) , against a PAT of INR2.8 million on net
sales of INR453.4 million for 2009-10.

GSSPL reported a PAT of INR17.6 million on net sales of INR398.9
million for 2010-11, against a PAT of INR2.1 million on net sales
of INR388.7 million for 2009-10.


RAJA MOTORS: CRISIL Assigns 'CRISIL B' Rating to INR30.7MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Raja Motors (Bathinda).

   Facilities                       Ratings
   ----------                       -------
   INR43.5 Million Cash Credit      CRISIL B/Stable (Assigned)
   INR30.7 Million Long-Term Loan   CRISIL B/Stable (Assigned)
   INR12.1 Million Proposed LT      CRISIL B/Stable (Assigned)
   Bank Loan Facility

The rating reflects RM - Bathinda's modest scale of operations,
intense competition in the auto dealership market, limited
negotiating power with its principal and weak cash generation
from operations vis-a-vis debt servicing commitments. These
rating weaknesses are partially offset by RM - Bathinda's
established position in the automobile dealership market.

Outlook: Stable

CRISIL believes that RM - Bathinda will continue to benefit over
the medium term from its established market position in the
automobile dealership market. The outlook may be revised to
'Positive' in case RM - Bathinda exhibits a significant and
sustainable improvement in revenues and accruals while
simultaneously improving its debt protection indicators.
Conversely, the outlook may be revised to 'Negative' in case RM -
Bathinda reports deterioration in its profitability margin or
debt protection metrics.

                        About Raja Motors

RM - Bathinda is a partnership firm, which was set up in 2008 by
Mr. Om Prakash Makkar and his son Rajesh Kumar Makkar. It is a
sole authorised dealer of Hyundai Motor India Ltd (HMIL) in
Bathinda (Punjab). RM - Bathinda has a showroom of 9000 square
feet in Bathinda district.

The promoters ventured into the automobile business in 1989 with
Bajaj Auto dealership in Sirsa (Haryana). Later, they expanded
their business by getting the Bajaj Auto dealerships in Bathinda
and Abohar (Punjab).

In 2007, the promoters entered into the car segment by taking on
the dealership of HMIL in Sirsa (Haryana) under the entity Raja
Motors - Sirsa. Later in 2008, they expanded their business by
taking on dealership of HMIL in Bathinda (Punjab) under the
entity Raja Motors - Bathinda.

RM - Bathinda reported a profit after tax (PAT) of INR0.31
million on net sales of INR354.1 million for 2010-11 (refers to
financial year, April 1 to March 31), against a PAT of INR0.28
million on net sales of INR300.2 million for 2009-10.


RAJA MOTORS: CRISIL Places 'CRISIL B' Rating on INR40MM LT Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Raja Motors - (Sirsa).

   Facilities                     Ratings
   ----------                     -------
   INR40.0 Million Cash Credit    CRISIL B/Stable (Assigned)
   INR21.8 Million LT Loan        CRISIL B/Stable (Assigned)
   INR15.7 Million Proposed LT    CRISIL B/Stable (Assigned)
   Bank Facility

The rating reflects RM - Sirsa's modest scale of operations,
intense competition in the auto dealership market, limited
negotiating power with its principal and weak cash generation
from operations vis-a-vis debt servicing commitments. These
rating weaknesses are partially offset by RM - Sirsa's
established position in the automobile dealership market.

Outlook: Stable

CRISIL believes that RM - Sirsa will continue to benefit over the
medium term from its established market position in the
automobile dealership market. The outlook may be revised to
'Positive' in case RM - Sirsa exhibits a significant and
sustainable improvement in revenues and accruals while
simultaneously improving its debt protection indicators.
Conversely, the outlook may be revised to 'Negative' in case RM -
Sirsa reports deterioration in its profitability margin or debt
protection metrics.

                        About Raja Motors

RM - Sirsa is a partnership firm, which was set up in 2007 by
Mr. Om Prakash Makkar and his son Rajesh Kumar Makkar. It is a
sole authorised dealer of Hyundai Motor India Ltd (HMIL) in Sirsa
(Haryana). RM - Sirsa has a showroom of 9000 square feet in Sirsa
district.

The promoters ventured into the automobile business in 1989 with
Bajaj Auto dealership in Sirsa (Haryana). Later, they expanded
their business by getting the Bajaj Auto dealerships in Bathinda
and Abohar (Punjab).

In 2007, the promoters entered into the car segment by taking on
the dealership of HMIL in Sirsa (Haryana) under the entity Raja
Motors - Sirsa. Later in 2008, they expanded their business by
taking on dealership of HMIL in Bathinda (Punjab) under the
entity Raja Motors - Bathinda.

RM - Sirsa reported a profit after tax (PAT) of INR0.31 million
on net sales of INR399.5 million for 2010-11 (refers to financial
year, April 1 to March 31), against a PAT of INR0.25 million on
net sales of INR323.9 million for 2009-10.


RAM FOODS: CRISIL Assigns 'CRISIL B+' to INR57.5MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the cash
credit facility of Ram Foods Products Pvt Ltd.

   Facilities                     Ratings
   ----------                     -------
   INR57.5 Million Cash Credit    CRISIL B+/Stable (Assigned)

The rating reflects vulnerability of RFPPL's profit margins to
the volatility in cotton prices and the company's modest scale of
operations, average financial risk profile marked by low net
worth, high gearing and weak debt protection metrics, and
exposure to risks related to the regulatory framework governing
the cotton industry. These rating weaknesses are partially offset
by the extensive experience of the RFPPL's promoters in the
cotton industry.

Outlook: Stable

CRISIL believes that RFPPL will continue to benefit over the
medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if the company exhibits
a steady and sustainable growth in revenues, while it improves
its operating margin and debt protection metrics. The outlook may
be revised to 'Negative' in case of a sharp decline in RFPPL's
revenues or substantial deterioration in the company's capital
structure.

                       About Ram Foods

Set up in 1998 by the Jalgaon (Maharashtra)-based Kabra family,
RFPPL is engaged in ginning and pressing of raw cotton to make
cotton bales. The company's unit is located in Jalgaon, with
capacity of around 250 bales per day. RFPPL also sells crude
cotton oil to oil refiners in and around Jalgaon, and the de-
oiled cakes are sold through traders. Currently, the company's
business operations are being handled by two brothers, Mr.
Avinash Kabra and Mr. Atul Kabra.

RFPPL's revenues during 2010-11 (refers to financial year, April
1 to March 31) were around INR466 million (provisional). RFPPL
reported a profit after tax (PAT) of INR1.6 million on net sales
of INR354 million for 2009-10, against a PAT of INR1.0 million on
net sales of INR285 million for 2008-09.


SAS BRAKETECH: Delay in Debt Servicing Cues CRISIL Junk Ratings
---------------------------------------------------------------
CRISIL has assigned its 'CRISILD/CRISILD' ratings to the bank
facilities of SAS Braketech Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR22.3 Million Term Loan          CRISIL D (Assigned)
   INR15 Million Bill Discounting     CRISIL D (Assigned)
   INR10 Mil. Export Packing Credit   CRISIL D (Assigned)
   INR5 Million Letter of Credit      CRISIL D (Assigned)

The ratings reflect instances of delay by SAS in servicing its
debt; the delays have been caused by the company's weak
liquidity.

SAS also has a small scale of operations, high customer
concentration, vulnerability to volatility in raw material prices
and foreign exchange rates, and moderate financial risk profile,
marked by a small net worth and moderate debt protection metrics.
These rating weaknesses are partially offset by the extensive
experience of SAS's promoters in manufacturing brake linings and
its established relationships with key customers.

                       About SAS Braketech

Incorporated in 2007, SAS manufactures brake linings which have
application in light commercial vehicles (LCVs) and heavy
commercial vehicles HCVs). It is a 100 per cent export oriented
unit (EOU) with most of the exports to South Africa and
Australia. The company's plant situated in Alwar (Rajasthan) has
an installed capacity of 1800 tonnes per annum (tpa).

SAS reported a profit after tax (PAT) of INR2.3 million on net
sales of INR53 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR4.2 million on net
sales of INR31 million for 2008-09.


SBQ STEELS: CRISIL Cuts Rating on INR1.21BB Loan to 'CRISIL D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the bank facility of SBQ
Steels Ltd to 'CRISIL D' from 'CRISIL BB+/Stable'.

   Facilities                     Ratings
   ----------                     -------
   INR1210 Million Term Loan      CRISIL D (Downgraded from
                                       'CRISIL BB+/Stable')

The rating downgrade reflects current delays by SBQ Steels in
servicing term debt; the delays have been caused by the company's
weak liquidity.

SBQ Steels is exposed to risks related to implementation, and
stabilization of operations after completion, of its ongoing
project, constrained financial risk profile because of large
debt-funded capital expenditure (capex), and susceptibility to
cyclicality in the steel industry. However, SBQ Steels is
expected to benefit from its upcoming integrated and cost-
efficient steel manufacturing plant after stabilisation of
operations and also its promoters' extensive experience in the
steel sector.

                       About SBQ Steels

SBQ Steels was incorporated in March 2007 and promoted by the
Chennai (Tamil Nadu)-based RKKR group. SBQ Steels is setting up
an integrated plant at Ankalapaturu in Nellore district (Andhra
Pradesh); the facility will manufacture special-bar-quality (SBQ)
alloy steel. The first phase of the plant project, which was
commissioned in September 2009, includes a mini blast furnace of
capacity 240,100 tonnes per annum (tpa), a 142,100-tpa coke oven
plant, and a 276,000-tpa sinter plant. The second phase,
commissioned in September 2010, includes a steel melting shop
(264,500 tpa), direct reduced iron plant (30,000 tpa) to produce
sponge iron, and a rolling mill to produce alloy steel (251,000
tpa). The third and fourth phases, which are currently under
execution, are experiencing time and cost overruns because of
increase in interest rates and escalation in the cost of
equipment and machinery. The third phase consists of a 45
megawatt-(MW) captive thermal power plant and expansion of sponge
iron plant by an additional 99,000 tpa. The fourth phase involves
expanding the power plant by a further 45 MW and setting up of a
merchant coke plant of 142,100 tpa capacity. The third and fourth
phases entail a combined outlay of INR7.25 billion. Phase five
involves adding balancing equipment/auxiliaries besides acquiring
additional land and construction of buildings for administrative
purposes, a central utility distribution, water complex in
rolling mill, and a central workshop, at an estimated outlay of
INR985 million.


SNOWBIRD MARKETING: CRISIL Rates INR60MM Loan at 'CRISIL B'
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the cash
credit facility of Snowbird Marketing Pvt Ltd.

   Facilities                     Ratings
   ----------                     -------
   INR60 Million Cash Credit      CRISIL B/Stable (Assigned)

The rating reflects Snowbird's below average financial risk
profile, marked by a leveraged capital structure, a small net
worth, and below average debt protection metrics, mainly because
of low profitability; the rating also factors in the
susceptibility of the company's operating margin to volatility in
raw material prices. These rating weaknesses are partially offset
by the benefits that Snowbird derives from its promoters'
extensive experience in the fabric trading industry and funding
support.

Outlook: Stable

CRISIL believes that Snowbird will continue to benefit over the
medium term from its promoter's extensive industry experience.
The outlook may be revised to 'Positive' if the company achieves
more-than-expected revenues and profitability, or reports more-
than-expected improvement in its capital structure. Conversely,
the outlook may be revised to 'Negative' if Snowbird's financial
risk profile deteriorates, most likely because of lower-than-
expected increase in profitability or deterioration in capital
structure.

                    About Snowbird Marketing

Snowbird was set up in 2008 by the Jain family of Delhi. The
company trades in fabrics such as cotton, printing, lining, sofa
fabrics (handloom), and grey fabrics. The Jain family has over 25
years of experience in the fabric trading business through group
entities.

For 2010-11 (refers to financial year, April 1 to March 31),
Snowbird reported a profit after tax (PAT) of INR1 million on net
sales of INR983 million, against a PAT of INR0.3 million on net
sales of INR954 million for 2009-10.


SOUTH GANGA: CRISIL Places 'CRISIL B' Rating on INR81MM LT Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISILA4' ratings to the
bank facilities of South Ganga Waters Technologies Pvt Ltd.

   Facilities                     Ratings
   ----------                     -------
   INR81 Million Long-Term Loan   CRISIL B/Stable (Assigned)
   INR210 Million Proposed LT     CRISIL B/Stable (Assigned)
    Bank Loan Facility
   INR4 Mil. Proposed Overdraft   CRISIL A4 (Assigned)
    Facility
   INR5 Mil. Overdraft Facility   CRISIL A4 (Assigned)

The ratings reflect SGWT's below-average financial risk profile,
marked by high gearing and moderate debt protection metrics,
exposure to risks related to a drop in offtake from its existing
customers and a delay in offtake from customers at its upcoming
desalination plant.

These rating weaknesses are partially offset by the benefits that
SGWT derives from its promoters' experience in operating
desalination plants.

Outlook: Stable

CRISIL believes that SGWT will continue to benefit over the
medium term from its promoters' experience in operating
desalination plants and the exclusive nature of its contracts
with its customers. The outlook may be revised to 'Positive' if
the company scales up its operations by stabilizing operations at
its upcoming desalination plant with high utilization level and
improves its profitability and capital structure. Conversely, the
outlook may be revised to 'Negative' if SGWT contracts more-than-
expected debt to fund its capital expenditure, if there is a
significant dip in power generation at its customers' power
plants, leading to drop in its sales or profitability, or if it
witnesses significant delays in stabilization of operations at
its upcoming desalination plant.

                         About South Ganga

Incorporated in 2004, SGWT owns and operates a desalination plant
in Ramanathapuram (Tamil Nadu). The plant has capacity to
generate 1 million litres per day (mld) of water and is currently
operating at a capacity utilisation of 43 per cent. The company
is owned and managed by Mr. S Ramesh.

SGWT is currently setting up its second desalination plant in
Tuticorin (Tamil Nadu), with capacity to generate 3 mld of water.
The total cost of the project is INR109 million, funded in a
debt-to-equity mix of 2.1:1. The project is implemented in two
phases; the first phase, with capacity to generate 1 mld of
water, is expected to be commissioned by April 2012; the second
phase, with capacity to generate 2 mld of water, is expected to
be commissioned by June 2012.

The other companies owned by SGWT's promoters include Operational
Energy Group India Private Limited (rated 'CRISIL BBB-
/Stable/CRISIL A3'; provides O&M services to power plants across
India); Pacific Supplies Pvt Ltd (engaged in the business of
supplying spare parts for diesel- and heavy-fuel-oil based
engines and generator sets used in captive and independent power
plants); and Pacific Technical Services Pvt Ltd (provides
technical and consulting services to desalination and waste water
treatment plants in India).

SGWT reported a loss of INR0.14 million on net sales of
INR17.2 million for 2010-11 (refers to financial year, April 1 to
March 31), as against a profit after tax of INR0.37 million on
net sales of INR16.0 million for 2009-10.


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


JLOC XXVIII: S&P Affirms 'CCC' Rating on Class D Certificates
-------------------------------------------------------------
Standard & Poor's Ratings Services kept its rating on the class B
senior trust certificates issued under the JLOC XXVIII
transaction on CreditWatch with negative implications. "At the
same time, we have affirmed our ratings on the class C and D
senior trust certificates, as well as our rating on Harajuku
Holding TMK's series 4-2 floating-rate mezzanine specified bonds
issued under the same transaction. We initially placed the rating
on class B on CreditWatch negative on April 26, 2011. Then, on
June 15, 2011, we simultaneously lowered the rating on class B to
'A (sf)' from 'AA (sf)' and kept it on CreditWatch negative. The
class A senior trust certificates and Nakano Holding TMK's series
3-2 floating-rate mezzanine specified bonds have already been
fully redeemed," S&P said.

"Of the four specified bonds (two senior and two mezzanine
specified bonds) issued by two obligors that initially backed the
transaction, two specified bonds (one senior and one mezzanine
specified bond) issued by one obligor remain. The two remaining
specified bonds originally represented about 51% of the total
initial issue amount of the transaction. The asset manager is
still in the process of selling the properties backing the
specified bonds in accordance with the property sales plan. We
believe that completing collection through the sales of the
related collateral properties will require some time, as many of
these properties remain unsold. Indeed, with the transaction's
legal final maturity date drawing closer, it is our view that the
rating on class B is under downward pressure," S&P said.

"Meanwhile, the redemption of class B -- currently the
transaction's highest-level tranche and already partly redeemed -
- will further progress if multiple properties are sold as
expected. We kept our rating on class B on CreditWatch negative
because we consider the status of the sales of the collateral
properties to be a key factor in the credit quality of that
class. We intend to review our rating on class B after
ascertaining a number of factors, including the progress of the
collateral property sales," S&P said.

"The performance of the properties backing the transaction's two
remaining specified bonds is in line with the projection we made
when we revised our assumption regarding the likely collection
amount from these properties in September 2011. Accordingly, we
affirmed our ratings on classes C and D and on Harajuku Holding
TMK's series 4-2 floating-rate mezzanine specified bonds based on
the same recovery prospects we assumed in September 2011," S&P
said.

"JLOC XXVIII is a property sales-type commercial mortgage-backed
securities (CMBS) transaction. The senior trust certificates and
mezzanine specified bonds were backed by 567 real estate
properties. Morgan Stanley Japan Securities Co. Ltd. served as
the arranger for this transaction," S&P said.

"The ratings reflect our opinion on the likelihood of the full
payment of interest and ultimate repayment of principal by the
transaction's legal final maturity date in October 2012 for the
class B to D senior trust certificates and the Harajuku Holding
TMK series 4-2 floating rate specified bonds," S&P said.

Rating Kept On Creditwatch Negative
JLOC XXVIII Senior Trust Certificates
JPY88.9 billion trust certificates due October 2012
Class       Rating                 Initial issue amount
B           A (sf)/Watch Neg       JPY10.1 bil.

Ratings Affirmed
Class       Rating         Initial issue amount
C           BB- (sf)       JPY8.8 bil.
D           CCC (sf)       JPY7.2 bil.

JLOC XXVIII Mezzanine Specified Bonds
Harajuku Holding TMK Series 4-2 JPY3.6 billion floating-rate
mezzanine specified
bonds due October 2012
Rating         Initial issue amount
CCC (sf)       JPY3.6 bil.


LMP LOAN: Moody's Withdraws 'C' Ratings on Series 2007-1 Notes
--------------------------------------------------------------
Moody's Japan K.K has withdrawn the C (sf) ratings on the Series
2007-1 Class B and C Senior Beneficial Interests issued by LMP
Loan Master Trust for business reasons.

Details follow:

Deal Name: LMP Loan Master Trust

JPY 6.5 billion Series 2007-1 Class B Senior Beneficial
Interests, Withdrawn the C (sf); previously on June 30, 2010,
downgraded to C (sf) from Caa2 (sf).

JPY3.5 billion Series 2007-1 Class C Senior Beneficial Interests,
Withdrawn the C (sf); previously on June 30, 2010, downgraded to
C (sf) from Caa3 (sf).

Class: Senior Series 2007-1 Class B Senior Beneficial
Interests/Series 2007-1 Class C Senior Beneficial Interests

Issue Amount: JPY6.5 billion / JPY3.5 billion

Dividend: Floating

Transfer Date of Senior Beneficial Interests: October 12, 2007

Final Maturity Date: March 26, 2012

Underlying Asset: Real estate-backed loan receivables

Seller (Originator/Initial Servicer): SFCG Co., Ltd

Rating Rationale

Moody's Japan K.K. has withdrawn the credit ratings for its own
business reasons.

The Series 2007-1 Class A Senior Beneficial Interests issued by
LMP Loan Master Trust were fully redeemed.


ORIX-NRL TRUST: S&P Lowers Ratings on 5 Classes of Certs. to 'CC'
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'CC (sf)' from 'CCC
(sf)' its ratings on the class D to H trust certificates issued
under the ORIX-NRL Trust 13 transaction, and has withdrawn its
ratings on these five classes.

"Of the 12 specified bonds ('tokutei shasai') and nonrecourse
loans that initially backed the trust certificates, only one
specified bond, which has defaulted, remains. The specified bond
originally represented about 13% of the total initial issuance
amount of the trust certificates," S&P said.

"The collateral property (a regional office building) backing the
specified bond has been sold, marking the completion of the sale
of the last remaining property relating to this transaction.
However, because the total principal on the specified bond
exceeded the amount collected through the sale of the office
building in question, the specified bond has generated an
effective principal loss. Accordingly, we lowered our ratings on
classes D to H, and withdrew our ratings on these classes at the
arranger's request," S&P said.

ORIX-NRL Trust 13 is a multiborrower commercial mortgage-backed
securities (CMBS) transaction. The trust certificates were
initially secured by 12 nonrecourse loans and specified bonds
extended to 11 obligors. The nonrecourse loans and specified
bonds were originally backed by 21 real estate trust certificates
and real estate properties. The transaction was arranged by ORIX
Corp., and ORIX Asset Management & Loan Services Corp. acts as
the servicer for this transaction.

"The ratings reflected our opinion on the likelihood of the full
payment of interest and ultimate repayment of principal by the
legal final maturity date in September 2013 for the class D to H
trust certificates," S&P said.

Ratings Lowered
ORIX-NRL Trust 13
JPY21.1 billion trust certificates due September 2013
Class     To          From         Initial issue amount
D         CC (sf)     CCC (sf)     JPY1.1 bil.
E         CC (sf)     CCC (sf)     JPY0.4 bil.
F         CC (sf)     CCC (sf)     JPY0.6 bil.
G         CC (sf)     CCC (sf)     JPY0.2 bil.
H         CC (sf)     CCC (sf)     JPY0.3 bil.

Ratings Withdrawn
Class     Rating      Initial issue amount
D         CC (sf)     JPY1.1 bil.
E         CC (sf)     JPY0.4 bil.
F         CC (sf)     JPY0.6 bil.
G         CC (sf)     JPY0.2 bil.
H         CC (sf)     JPY0.3 bil.

*Classes A, B, and C have already been redeemed.
"We withdrew our rating on the interest-only (IO) class X in
October 2011," S&P said.


TOKYO ELECTRIC: May Asks Government to Buy Tepco Stake
------------------------------------------------------
Bloomberg News reports that Tokyo Electric Power Co. may ask the
government to buy a stake in the company to avoid a collapse
under the weight of compensation claims for the Fukushima
disaster, President Toshio Nishizawa said in an interview in the
Tokyo Shimbun newspaper on Friday.

"It's one possibility," Mr. Nishizawa told the newspaper in
response to a question on whether the utility needs a capital
injection, according to Bloomberg.  The interview follows a
flurry of news reports suggesting a state-run fund will buy
preferred shares in the company, says Bloomberg.

"It's the beginning of the endgame for Tepco as the entity that
exists right now," Bloomberg quotes Penn Bowers, an analyst with
CLSA Asia-Pacific Markets in Tokyo, as saying.  The government
may be close to nationalizing Tepco to spin off its viable
assets, Mr. Bowers said.

According to Bloomberg, Mr. Nishizawa told the newspaper that
Tepco may also raise electricity prices to help pay for
decommissioning the damaged reactors at the Fukushima Dai-Ichi
plant.

The government's Nuclear Damage Liability Facilitation Fund may
buy preferred shares worth at least JPY1 trillion (US$12.9
billion) from the utility by next summer, Bloomberg reports
citing the Mainichi.

Bloomberg relates that the Sankei newspaper reported the
government may inject JPY1.5 trillion of public funds, while
Kyodo News reported Tepco may seek JPY3 trillion, including
public funds and loans, during the four years from April.

The Mainichi report, as cited by Bloomberg, said  the government,
which agreed to provide about JPY900 billion to support Tepco in
November, is leaning toward buying shares because it's becoming
likely liabilities will exceed its assets, a situation that may
result in the company seeking bankruptcy protection.  The
preferred stock will be convertible into common shares, the
Mainichi said.

                        About Tokyo Electric

Tokyo Electric Power Company (TEPCO) is the largest electric
power company in Japan and the largest privately owned electric
utility in the world.  TEPCO supplies electricity to meet the
increasingly diversified and sophisticated demands of its over
28.09 million customers in the metropolitan Tokyo, which is the
political, economic, and cultural center of Japan, and eight
surrounding prefectures.

Bloomberg News said the utility is battling radiation leaks at
the Fukushima Dai-Ichi power plant north of Tokyo after a
March 11 earthquake and tsunami knocked out its cooling systems,
causing the biggest atomic accident in 25 years.  More than
50,000 households were forced to evacuate and Bank of America
Corp.'s Merrill Lynch estimates Tepco may face compensation
claims of as much as JPY11 trillion (US$135 billion).

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 11, 2011, Moody's Japan K.K. confirmed the ratings of Tokyo
Electric Power Co.  The ratings confirmed include its senior
secured rating of Ba2, long-term issuer rating of B1, and
Corporate Family Rating of Ba3.  The ratings outlook is negative.


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


AMI INSURANCE: Capital Infusion Likely to Bring Changes
-------------------------------------------------------
BusinessDay.co.nz reports that AMI Insurance is getting closer to
a capital injection or sale that is likely to see a changing of
the guard at the insurer, which was rescued by the Government.

BusinessDay.co.nz relates that Chairman Kerry Nolan said
significant capital injection would very likely see a change at
the top of the company, though negotiations on fresh capital were
continuing.

The report says Mr. Nolan acknowledged there had been references
to ringfencing earthquake-related claims, leaving a clean company
to work with or sell, but doing so would be a complicated
process.

Mr. Nolan, as cited by BusinessDay.co.nz, also said there was no
immediate pressure from the board on management positions, but a
capital injection could see board or management changes.

Tower Group is interested in AMI Insurance, and Suncorp (which
owns Vero) and IAG are said to be in the running, too, adds
BusinessDay.co.nz.

As reported in the Troubled Company Reporter-Asia Pacific on
April 8, 2011, The New Zealand Herald said New Zealand's
government had announced a support package for AMI Insurance that
Finance Minister Bill English acknowledges could top NZ$1 billion
and leave the Crown liable for up to NZ$200 million a year in
ongoing claims.  Interest.co.nz said the government stepped in to
guarantee AMI policy holders if the insurance company had
exhausted its own reserves due to the financial hit caused by the
two Christchurch earthquakes on Sept. 4, 2010, and Feb. 22, 2011.

AMI has since been seeking alternative sources of capital to
replace the government backing, BusinessDay.co.nz reported.

                             About AMI

AMI Insurance -- http://www.ami.co.nz/-- is the largest wholly
New Zealand owned fire and general and personal lines insurance
company.  The company has 73 branches, two contact centres and 21
agencies throughout New Zealand, nearly 1,000 staff, and around
500,000 New Zealand customers holding 1.2 million policies.


TOTAL EDUCATION: Business School Students Likely to Lose Funds
--------------------------------------------------------------
The Dominion Post reports that the liquidator of Wellington
Business School said it is unclear whether students will be left
out of pocket by the school's demise.

Wellington Business School is set to close at Christmas after the
company behind it, Total Education Group, went into receivership
and then liquidation four weeks ago.

Liquidator David Vance -- dvance@deloitte.co.nz -- of Deloitte,
said the liquidation was sought by the Inland Revenue Department.

According to the report, the school was also being investigated
by the Qualifications Authority about non-compliance with the
rules surrounding student fees being put in a trust, but NZQA
sources said that was not connected to the liquidation.

All English language schools were required to put their students'
fees into a trust after a string of school failures several years
ago tarnished New Zealand's reputation as an education provider.

Mr. Vance declined to put a figure on how much was owed and said
it was unclear yet how much of the student funds had not been put
into trust.

Total Education Group operated the Wellington Business School.


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


* BOND PRICING: For the Week Dec. 5 to Dec. 9, 2011
---------------------------------------------------


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

  AUSTRALIA
  ---------

ADVANCE ENERGY           9.50    01/04/2015   AUD       1.07
AINSWORTH GAME           8.00    12/31/2011   AUD       1.33
AMITY OIL LTD           10.00    10/31/2013   AUD       2.01
AUSTRALIAN COMM          3.00    07/29/2049   AUD       5.00
BECTON PROP GR           9.50    06/30/2012   AUD       0.22
CHINA CENTURY           12.00    09/30/2012   AUD       0.90
DIVERSA LTD             11.00    09/30/2014   AUD       0.13
EXPORT FIN & INS         0.50    12/16/2019   NZD      71.02
EXPORT FIN & INS         0.50    06/15/2020   AUD      69.26
EXPORT FIN & INS         0.50    06/15/2020   NZD      69.20
FIRST AUSTRALIAN        15.00    01/31/2012   AUD       0.35
IMF AUSTRALIA           10.25    12/31/2014   AUD       1.70
KIMBERLY METALS         10.00    08/05/2016   AUD       0.38
NEW S WALES TREA         0.50    09/14/2022   AUD      63.03
NEW S WALES TREA         0.50    10/07/2022   AUD      62.86
NEW S WALES TREA         0.50    10/28/2022   AUD      62.69
NEW S WALES TREA         0.50    11/18/2022   AUD      62.53
NEW S WALES TREA         0.50    12/16/2022   AUD      62.32
NEW S WALES TREA         0.50    02/02/2023   AUD      61.96
NEW S WALES TREA         0.50    03/20/2023   AUD      61.56
RESOLUTE MINING         12.00    12/31/2012   AUD       1.92
TREAS CORP VICT          0.50    08/25/2022   AUD      63.94
TREAS CORP VICT          0.50    11/12/2030   AUD      62.34
TREAS CORP VICT          0.50    11/12/2030   AUD      44.75


  CHINA
  -----

BA YI IRON & STE         6.78    09/16/2014   CNY      56.00
CHINA GOV'T BOND         1.64    12/15/2033   CNY      69.99
CHINA RAIL GRP           4.50    10/19/2025   CNY      70.00
WUHU ECO TECH            4.95    08/25/2017   CNY      51.97


  HONG KONG
  ---------

CHINA SOUTH CITY        13.50    01/14/2016   USD      71.50
CHINA SOUTH CITY        13.50    01/14/2016   USD      66.05
RESPARCS FUNDING         8.00    12/29/2049   USD      20.00
SINO-OCEAN LAND         10.25    12/31/2049   USD      70.01
SINO-OCEAN LAND         10.25    12/31/2049   USD      66.50


  INDIA
  -----

GEMINI COMMUNICA         6.00    07/18/2012   EUR      50.17
JAIPRAKASH POWER         5.00    02/13/2015   USD      65.20
PRAKASH IND LTD          5.62    10/17/2014   USD      75.00
PRAKASH IND LTD          5.25    04/30/2015   INR      74.30
PUNJAB INFRA DB          0.40    10/15/2024   INR      27.09
PUNJAB INFRA DB          0.40    10/15/2025   INR      24.59
PUNJAB INFRA DB          0.40    10/15/2026   INR      22.36
PUNJAB INFRA DB          0.40    10/15/2027   INR      20.38
PUNJAB INFRA DB          0.40    10/15/2028   INR      18.62
PUNJAB INFRA DB          0.40    10/15/2029   INR      17.04
PUNJAB INFRA DB          0.40    10/15/2030   INR      15.63
PUNJAB INFRA DB          0.40    10/15/2031   INR      14.36
PUNJAB INFRA DB          0.40    10/15/2032   INR      13.22
PUNJAB INFRA DB          0.40    10/15/2033   INR      12.20
SHIV-VANI OIL            5.00    08/17/2015   USD      68.00
SUZLON ENERGY LT         5.00    04/13/2016   USD      53.62
VIDEOCON INDUS           6.75    12/16/2015   USD      68.93


  JAPAN
  -----

JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      63.17
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      62.42
TAKEFUJI CORP            9.20    04/15/2011   USD       5.25
TOKYO ELEC POWER         1.42    04/27/2015   JPY      74.25
TOKYO ELEC POWER         0.64    04/28/2015   JPY      74.00
TOKYO ELEC POWER         1.11    05/29/2015   JPY      74.87
TOKYO ELEC POWER         0.92    07/16/2015   JPY      73.50
TOKYO ELEC POWER         1.36    08/12/2015   JPY      74.37
TOKYO ELEC POWER         1.59    12/28/2015   JPY      72.62
TOKYO ELEC POWER         1.97    06/27/2016   JPY      71.50
TOKYO ELEC POWER         2.06    08/31/2016   JPY      72.75
TOKYO ELEC POWER         1.88    09/28/2016   JPY      70.25
TOKYO ELEC POWER         3.45    11/29/2016   JPY      74.50
TOKYO ELEC POWER         1.79    03/14/2017   JPY      72.03
TOKYO ELEC POWER         2.12    03/24/2017   JPY      69.05
TOKYO ELEC POWER         1.73    03/28/2017   JPY      71.59
TOKYO ELEC POWER         1.78    05/31/2017   JPY      70.83
TOKYO ELEC POWER         2.02    07/25/2017   JPY      71.50
TOKYO ELEC POWER         3.22    07/28/2017   JPY      72.37
TOKYO ELEC POWER         1.94    08/28/2017   JPY      70.41
TOKYO ELEC POWER         3.07    09/22/2017   JPY      70.75
TOKYO ELEC POWER         1.84    09/25/2017   JPY      69.41
TOKYO ELEC POWER         1.75    09/28/2017   JPY      69.55
TOKYO ELEC POWER         1.77    11/30/2017   JPY      64.87
TOKYO ELEC POWER         2.77    12/22/2017   JPY      69.50
TOKYO ELEC POWER         1.67    01/29/2018   JPY      67.30
TOKYO ELEC POWER         2.90    03/23/2018   JPY      69.25
TOKYO ELEC POWER         1.67    03/28/2018   JPY      63.87
TOKYO ELEC POWER         2.77    04/17/2018   JPY      68.62
TOKYO ELEC POWER         1.60    04/25/2018   JPY      63.37
TOKYO ELEC POWER         1.64    04/25/2018   JPY      63.62
TOKYO ELEC POWER         1.97    06/25/2018   JPY      64.25
TOKYO ELEC POWER         1.84    07/25/2018   JPY      66.84
TOKYO ELEC POWER         1.84    10/17/2018   JPY      63.75
TOKYO ELEC POWER         2.07    10/23/2018   JPY      63.25
TOKYO ELEC POWER         2.05    11/16/2018   JPY      63.25
TOKYO ELEC POWER         2.70    01/29/2019   JPY      66.00
TOKYO ELEC POWER         1.60    05/29/2019   JPY      61.25
TOKYO ELEC POWER         1.90    06/13/2019   JPY      61.37
TOKYO ELEC POWER         2.80    09/17/2019   JPY      63.75
TOKYO ELEC POWER         1.45    09/30/2019   JPY      59.50
TOKYO ELEC POWER         1.37    10/29/2019   JPY      66.88
TOKYO ELEC POWER         2.05    10/29/2019   JPY      62.94
TOKYO ELEC POWER         1.81    02/28/2020   JPY      64.75
TOKYO ELEC POWER         1.48    04/28/2020   JPY      62.10
TOKYO ELEC POWER         1.39    05/28/2020   JPY      61.28
TOKYO ELEC POWER         1.31    06/24/2020   JPY      60.55
TOKYO ELEC POWER         1.94    07/24/2020   JPY      64.42
TOKYO ELEC POWER         1.22    07/29/2020   JPY      59.66
TOKYO ELEC POWER         1.15    09/08/2020   JPY      58.87
TOKYO ELEC POWER         1.63    07/16/2021   JPY      58.35
TOKYO ELEC POWER         2.34    09/29/2028   JPY      55.12
TOKYO ELEC POWER         2.40    11/28/2028   JPY      55.00
TOKYO ELEC POWER         2.20    02/27/2029   JPY      54.25
TOKYO ELEC POWER         2.11    12/10/2029   JPY      54.25
TOKYO ELEC POWER         1.95    07/29/2030   JPY      51.90
TOKYO ELEC POWER         2.36    05/28/2040   JPY      52.15


  MALAYSIA
  --------

ADVANCED SYNERY          2.00    01/26/2018   MYR       0.09
ASTRAL SUPREME           3.00    08/0/2021    MYR       0.09
CRESENDO CORP B          3.75    01/11/2016   MYR       1.39
DUTALAND BHD             6.00    04/11/2013   MYR       0.75
DUTALAND BHD             6.00    04/11/2013   MYR       0.43
EASTERN & ORIENT         8.00    07/25/2011   MYR       1.40
ENCORP BHD               6.00    02/17/2016   MYR       0.89
KUMPULAN JETSON          5.00    11/27/2012   MYR       1.23
LION DIVERSIFIED         4.00    12/17/2013   MYR       0.62
MALTON BHD               6.00    06/30/2018   MYR       0.83
MITHRIL BHD              3.00    04/05/2012   MYR       0.65
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.23
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.23
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.42
PANTECH GROUP            7.00    12/21/2017   MYR       0.09
PRESS METAL BHD          6.00    08/22/2019   MYR       1.81
PUNCAK NIAGA HLD         2.50    11/18/2016   MYR       0.53
REDTONE INTL             2.75    03/04/2020   MYR       0.10
RUBBEREX CORP            4.00    08/14/2012   MYR       0.75
SCOMI ENGINEERING        4.00    03/19/2013   MYR       0.59
SCOMI GROUP              4.00    12/14/2012   MYR       0.07
SENAI-DESARU EXP         1.35    06/30/2027   MYR      44.94
SENAI-DESARU EXP         1.35    12/31/2027   MYR      43.66
SENAI-DESARU EXP         1.35    06/30/2028   MYR      42.37
SENAI-DESARU EXP         1.35    06/29/2029   MYR      39.90
SENAI-DESARU EXP         1.35    06/30/2031   MYR      34.45
TRADEWINDS CORP          2.00    02/26/2016   MYR       0.81
TRADEWINDS PLANT         3.00    02/28/2016   MYR       1.60
TRC SYNERGY              5.00    01/20/2012   MYR       1.67
WAH SEONG CORP           3.00    05/21/2012   MYR       2.30
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.50
YTL CEMENT BHD           5.00    11/10/2015   MYR       2.31


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

BLUE STAR GROUP          9.10    09/15/2015   NZD       6.25
DORCHESTER PACIF         5.00    06/30/2013   NZD      70.87
INFRATIL LTD             8.50    09/15/2013   NZD       6.65
INFRATIL LTD             8.50    11/15/2015   NZD       7.50
INFRATIL LTD             4.97    12/29/2049   NZD      53.00
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.07
NEW ZEALAND POST         7.50    11/15/2039   NZD      64.70
NZF GROUP                6.00    03/15/2016   NZD       2.00
TOWER CAPITAL            8.50    04/15/2014   NZD       1.02
TRUSTPOWER LTD           8.50    09/15/2012   NZD       7.15
TRUSTPOWER LTD           8.50    03/15/2014   NZD       6.65
UNI OF CANTERBUR         7.25    12/15/2019   NZD       0.91


SINGAPORE
---------

BAKRIE TELECOM          11.50    05/07/2015   USD      63.25
BAKRIE TELECOM          11.50    05/07/2015   USD      62.25
BLD INVESTMENT           8.62    03/23/2015   USD      74.81
BLUE OCEAN              11.00    06/28/2012   USD      33.00
CAPITAMALLS ASIA         1.00    01/21/2012   SGD       0.99
CAPITAMALLS ASIA         2.15    01/21/2014   SGD       1.00
DAVOMAS INTL FIN        11.00    12/08/2014   USD      42.25
F&N TREASURY PTE         2.48    03/28/2016   SGD      0.96
F&N TREASURY PTE         3.15    03/28/2018   SGD      0.99
SENGKANG MALL            4.00    11/20/2012   SGD      0.45
SENGKANG MALL            8.00    11/20/2012   SGD      0.45
UNITED ENG LTD           1.00    03/03/2014   SGD      1.20
WBL CORPORATION          2.50    06/10/2014   SGD      1.20
YANLORD LAND GRP         9.50    03/29/2018   USD     75.00
YANLORD LAND GRP        10.62    03/29/2018   USD     74.21
YANLORD LAND GRP        10.62    02/27/2015   USD     74.33


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

CN 1ST ABS               8.00    02/27/2015   KRW      31.74
CN 1ST ABS               8.30    11/27/2015   KRW      32.99
EX-IMP BK KOREA          0.50    10/23/2017   KRW      61.65
EX-IMP BK KOREA          0.50    12/22/2017   KRW      59.50
GREAT KD 1ST ABS        15.00    08/19/2014   KRW      30.66
HYUNDAI SWISS BK         7.90    07/23/2015   KRW      60.15
IBK 17TH ABS            25.00    12/29/2012   KRW      62.51
KOREA DEVELOPMENT        7.05    04/28/2012   KRW      51.21
MISUNG POLYTECH          4.00    12/02/2013   KRW      73.59
PUM YANG CONSTRC         4.50    11/01/2013   KRW      73.54


SRI LANKA
---------

SRI LANKA GOVT           6.20    08/01/2020   LKR      70.96
SRI LANKA GOVT           7.00    10/01/2023   LKR      70.55
SRI LANKA GOVT           5.35    03/01/2026   LKR      56.48


                             *********

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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