TCRAP_Public/111219.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

            Monday, December 19, 2011, Vol. 14, No. 250

                            Headlines



A U S T R A L I A

CRESTVIEW: In Receivership After Director Resigns & Leaves Debts
HELIM CAPITAL: Fitch Cuts Rating on AUD4.25-Mil. Notes to 'Dsf'
LIBERTY FUNDING: S&P Gives 'BB' Rating on Class D Notes
PROGEN PHARMACEUTICALS: Ernst & Young Raises Going Concern Doubt


C H I N A

AMERICAS ENERGY: BGTB to Invest $6MM in Exchange for 30% Equity
CHINA DIRECT: Gets Nasdaq Minimum Bid Price Non-Compliance Notice
CHINA EXECUTIVE: Posts US$1.1 Million Net Loss in Third Quarter
COASTAL GREENLAND: Moody's Lowers CFR to 'Caa1' From 'B3'
RENHE COMMERCIAL: S&P Puts 'BB-' Corp. Credit Rating on Watch Neg

SHANGHAI INDUSTRIAL: Moody's Upgrades CFR to 'B1' From 'B2'
SINO-FOREST CORP: Shareholder Wants for CEO, Directors Changed
SINO-FOREST CORP: Moody's Lowers CFR to 'Ca' From 'Caa1'


H O N G  K O N G

CITY TELECOM: Fitch Affirms Issuer Default Rating at 'BB'
GOLD TREE: Members' Final General Meeting Set for Jan. 11
GOOD SMART: Members' Final Meeting Set for Jan. 10
GREAT CENTURY: Members' Final General Meeting Set for Jan. 9
PACE (HK): Members' Final Meeting Set for Jan. 9

PANWELL ENGINEERING: Members' Final Meeting Set for Jan. 9
RIKEN ELECTRIC: Members' Final General Meeting Set for Jan. 9
ROYAL WOLF: Members' Final General Meeting Set for Jan. 10
SAGE WORLD: Members' & Creditors' Final Meetings Set for Jan. 28
SICHANT INVESTMENTS: Members' Final Meeting Set for Jan. 11

SINGAPORE BONG: Members' Final Meeting Set for Jan. 12
STRONG DAY: Members' Final Meeting Set for Jan. 10
SUNSTAR INTERNATIONAL: Members' Final Meeting Set for Dec. 28
SUPPLE MIND: Creditors' Proofs of Debt Due Dec. 30
WORLD LUCK: Placed Under Voluntary Wind-Up Proceedings

ZHONGTAI CONSTRUCTION: Members' Final Meeting Set for Jan. 20


I N D I A

ANANTNATH SILK: ICRA Assigns '[ICRA]BB-' Rating to INR1cr Loans
FORWARD LEATHER: ICRA Cuts Rating on INR18.5cr Loan to '[ICRA]D'
FORWARD SHOES: ICRA Cuts Rating on INR16.75cr Loan to '[ICRA]D'
JANUS PACKAGING: ICRA Assings '[ICRA]BB-' Rating to INR8cr Loan
RAJASTHAN VIKAS: ICRA Reaffirms '[ICRA]BB' Long Term Rating

RGA SOFTWARE: ICRA Assigns '[ICRA] BB+' Rating to INR360cr Loan
ROCKLAND HOTELS: ICRA Places '[ICRA]BB' Rating on INR8.39cr Loan
ROOP NAKODA: ICRA Assigns '[ICRA]BB-' Rating to INR0.47cr Loans
SOLAPUR BIO-ENERGY: ICRA Cuts Rating on INR22.5cr Loan to 'D'
SUNFLAG FILAMENTS: ICRA Reaffirms '[ICRA]BB+' Term Loan Rating

STATE BANK: Fitch Affirms Individual Rating at 'C'
SWARAJ SUITING: ICRA Assigns '[ICRA]B' Rating to INR6cr LT Loan
VARADHI ADVERTISERS: ICRA Puts '[ICRA]BB-' Rating on INR7cr Loan


I N D O N E S I A

PERTAMINA (PERSERO): Fitch Ups Rating on Unsec. Notes to 'BBB-'
TELKOM: Fitch Ups Rating on Senior Unsecured to BBB- From BB+
* INDONESIA: Fitch to Discuss Rating Upgrade to 'BBB-' From 'BB+'
* INDONESIA: Fitch Ups Issuer Default Rating to 'BBB-' From 'BB+'


J A P A N

J-CORE16 TRUST: Moody's Lowers Rating of Class C Notes to 'Ba3'
JCREF CMBS: Moody's Reviews 'Ba1' Rating of Class C Notes
JLOC 39: Moody's Reviews 'B2' Rating of Class C Notes
OLYMPUS CORP: Prosecutors to Search Offices Over Loss Coverup
OLYMPUS CORP: Mulls Merger Option to Shore Up Capital


M A L A Y S I A

MALAYSIA AIRLINES: To Cut Eight Unprofitable Routes


N E W  Z E A L A N D

BROADLANDS FINANCE: S&P Puts Issuer Credit Ratings on 'SD'
NATIONAL FINANCE: Trustee Continues to Face Statutory Duty Breach
PIKE RIVER: Sale Before Christmas Unlikely, Receiver Says
SENTINEL VINEYARD: In Receivership, Owner Keeps Hold of Assets


S I N G A P O R E

DBS BANK: Fitch Assigns Short-term 'F1+' Rating to Upcoming Notes


S R I  L A N K A

UNION BANK: Fitch Affirms Long-Term Rating at 'BB+ (lka)'


T A I W A N

ARCAP 2004-1: Fitch Lowers Ratings on Seven Note Classes


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A U S T R A L I A
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CRESTVIEW: In Receivership After Director Resigns & Leaves Debts
----------------------------------------------------------------
Meredith Booth at AdelaideNow reports that Crestview was put into
receivership after its only Australian-based director Kym Pfeiler
resigned, stepped down in October leaving Sipke Baarsma as
Crestview's sole director.  The report relates that the
resignation triggered debt covenants with its lenders.

Mr. Baarsma represents the company's biggest shareholder, Dutch
wine wholesaler Baarsma's Holdings BV, which holds a 78% stake in
Crestview, according to AdelaideNow.

AdelaideNow notes that receivers PPB Advisory have put the 5,000-
tonne capacity winery on the market alongside several wine
labels, including Step Rd, Beresford and Trig Point brands, bulk
and bottled wine stock.

"There are significant debts but we're really working things out
with remaining assets," the report quoted PPB partner Peter Macks
as saying.

Expressions of interest will be sought for the winery and stock
until December 21, the report adds.

Crestview is the owner of Langhorne Creek export winemaker Step
Rd Wines.


HELIM CAPITAL: Fitch Cuts Rating on AUD4.25-Mil. Notes to 'Dsf'
---------------------------------------------------------------
Fitch Ratings has downgraded Helium Capital Limited's Series 60
synthetic portfolio notes due March 2013 (also known as
Esperance) as follows.

  -- AUD54.25 million Series 60 notes downgraded to 'Dsf' from
     'CCsf'; Recovery Estimate 0%

*as of Dec. 14, 2011

The transaction is a static synthetic CDO referencing a portfolio
of primarily investment-grade corporate obligations at closing.

Seven credit events have occurred in the reference portfolio to
date, with the bankruptcy of The PMI Group, Inc. being the most
recent in late November 2011.  As a result, the cumulative loss
in the portfolio has surpassed the credit enhancement available
for this transaction and a partial loss has been incurred on the
note principal.

There are still a few reference entities with low credit ratings
remaining in the portfolio as at the previous rating action in
April 2011 and therefore the Recovery Estimate is unchanged at
0%.

The rating will be withdrawn within 11 months.


LIBERTY FUNDING: S&P Gives 'BB' Rating on Class D Notes
-------------------------------------------------------
Standard & Poor's Ratings Services assigned ratings to the notes
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 rationale for the assignment of the 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 is 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
    AU$1,350,000. This reserve is funded through AU$2,700,000 of
    cash 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
www.globalcreditportal.com

Ratings Assigned
Liberty Funding Pty Ltd. - Liberty Series 2011-1 Auto
Class     Rating      Amount (mils. AU$)
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

Standard & Poor's 17g-7 Disclosure Report SEC Rule 17g-7 requires
an NRSRO, for any report accompanying a credit rating relating to
an asset-backed security as defined in the Rule, to include a
description of the representations, warranties and enforcement
mechanisms available to investors and a description of how they
differ from the representations, warranties and enforcement
mechanisms in issuances of similar securities. The Standard and
Poor's 17g-7 Disclosure Report in this credit rating report
is available at:

      http://standardandpoorsdisclosure-17g7.com/1111321.pdf


PROGEN PHARMACEUTICALS: Ernst & Young Raises Going Concern Doubt
----------------------------------------------------------------
Ernst & Young, in Brisbane, Australia, expressed substantial
doubt about Progen Pharmaceuticals Limited'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 of the Company's recurring losses from operations and net
capital deficiency.

The Company reported a net loss of AU$6.1 million on AU$3.6
million of revenue for the fiscal year ended June 30, 2011,
compared with a net loss of AU$15.8 million on AU$2.7 million of
revenue for the fiscal year ended June 30, 2010.

The Company's balance sheet at June 30, 2011, showed
AU$12.2 million in total assets, AU$3.2 million in total
liabilities, and stockholders' equity of $9.0 million.

A copy of the Form 20-F is available for free at:

                       http://is.gd/l8r08A

Queensland, Australia-based Progen Pharmaceuticals Limited (ASX:
PGL, OTC: PGLA) -- http://www.progen-pharma.com/-- is a globally
focused biotechnology company committed to the discovery,
development and commercialization of small molecule therapeutics
primarily for the treatment of cancer.

The Company operates the Research and Development business
segment primarily in Australia following the closure of the U.S.
office in October 2010.

Progen's primary focus is on dual mechanism anti-angiogenesis
oncology products, which control tumor size and spread.


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AMERICAS ENERGY: BGTB to Invest $6MM in Exchange for 30% Equity
---------------------------------------------------------------
In a regulatory filing Tuesday, Americas Energy Company-Aeco,
Inc. discloses that the Company has entered into a Collaboration
Agreement with Beijing Guohua Technology Group, 7 Juyuan Rd. W.
Mapo Twp, Shunyi District, Beijing, China.  The agreement is
dated Nov. 7, 2011, and was amended in December 2011 at the
request of BGTG to include Contingent Liability Protection.

The Agreement initially provides financial support to AECO
through an equity investment of $6 million in exchange for
ownership of 30% Americas Energy Company common shares on a fully
diluted basis.  The investment is contingent upon AECO
acquisition of Tennessee Consolidated Coal Company assets from
Alpha Natural Resources, Inc., for $71 million.  Of the initial
$6 million investment, $3 million is to be used for the closing
$3 million cash payment to ANR and the remainder as capital to
complete the transfers of the TCCC assets including replacing
bonds, transfer permits and other working capital requirements.

The Collaboration Agreement with BGTG also provides for expansion
of the AECO Board and their nomination of two new members, rights
of first refusal on future investments, additional future
investments to develop and expand the TCCC property and
provisions to explore a majority acquisition of AECO by BGTG
which include the required engagement of Hanhong Private Equity
Management Company as a financial advisor for any future merger
transaction with BGTG.

On Dec. 5, 2011, AECO entered into a Letter of Intent Agreement
with Alpha Natural Resources, Inc., One Alpha Place, P.O. Box
2345, Abingdon, Va., to acquire Tennessee Consolidated Coal
Company assets for $71 million.

The terms are $3 million in cash payable to ANR at closing and
the balance of $68 million paid by two unsecured promissory
notes, the first note for $3 million USD due twelve months after
closing, the second note for $4 million due 24 months from the
date of closing, with the remaining $61 million paid as an
overriding royalty at rate of $3 per ton mined from the acquired
assets.

ANR has represented to AENY that the Tennessee Consolidated Coal
Company assets are a metallurgical property containing
approximately 44,000 acres of leased property, 2 permitted deep
mines, a permitted coal processing facility with a permitted
impoundment area and a 40 barge river terminal on the Tennessee
River.  AENY is currently completing due diligence review of the
assets which must be completed by Dec. 31, 2011, pursuant to the
terms of the Letter of Intent with closing to occur on or before
Jan. 15, 2011.  As of the date of this report AENY has not
completed due diligence review of the assets or the
representations of ANR related to those assets.

A copy of the Beijing Guohua Technology Group Collaboration
Agreement is available for free at http://is.gd/dfYwIs

A copy of the Alpha Natural Resources, Inc. Letter of Intent is
available for free at http://is.gd/dfYwIs

                      About Americas Energy

Knoxville, Tenn.-based Americas Energy Company-AECo (OTC BB:
AENYQ.OB) operates surface mines in southeastern Kentucky.  In
March 2010, the Company acquired Evans Coal Corp. for $7,000,000
in cash, a $25,000,000 promissory note and a 2% overriding
royalty on all coal sales generated from the properties acquired
from Evans.  Evans owns or controls by lease mineral rights and
currently operates by use of contractors, two surface mines in
Bell County and one in Knox County, Kentucky.  In addition, the
Company has rights to oil properties located in Cumberland
County, Kentucky that are intended for future development.

The Company and its wholly owned subsidiary, Evans Coal
Corporation, filed voluntary petitions for Chapter 11 relief
(E.D. Tenn. Case Nos. 11-35466 and 11-35468) on Dec. 7, 2011, in
order that they may orderly dispose of assets owned in Kentucky
and reorganize their financial obligations and capital structure.

Judge Richard Stair, Jr., presides over the case.  Jimmy Terry,
Esq., at The Law Offices of Jim Terry, in Clinton, Tenn.,
represents the Debtors as counsel.

AENY listed estimated assets of $500,000 to $1,000,000 and
estimated liabilities of $1,000,000 to $10 million in its
petition.  The petition was signed by Christopher Headrick,
president.


CHINA DIRECT: Gets Nasdaq Minimum Bid Price Non-Compliance Notice
-----------------------------------------------------------------
China Direct Industries, Inc. received a letter from the Nasdaq
OMX Group on Dec. 12, 2011, indicating that the Company no longer
meets the minimum bid price requirement for continued listing set
forth in Nasdaq Marketplace Rule 5450(a)(1).  The letter gives
China Direct Industries notice that bid price of the Company's
common stock has closed under $1.00 for the last 30 business
days.

The Nasdaq notice has no effect on the listing of the Company's
common stock at this time.  Pursuant to Nasdaq Marketplace Rule
5810(c)(3)(A), the Company has an initial period of 180 calendar
days, or until June 11, 2012, to regain compliance.  The letter
states the Nasdaq staff will provide written notification that
the Company has achieved compliance with Rule 5450(a)(1) if at
any time before June 11, 2012, the bid price of the Company's
common stock closes at $1.00 per share or more for a minimum of
10 consecutive business days.

If the Company cannot demonstrate compliance with Rule 5450(a)(1)
by June 11, 2012, it may transfer its listing to The Nasdaq
Capital Market if it meets the initial listing criteria set forth
in Nasdaq Marketplace Rule 5505, except for the bid price
requirement.  In that case, it may have an additional 180
calendar day period in which to comply with the minimum bid price
requirement.  The Company currently meets these initial listing
criteria.  Otherwise, the Nasdaq staff may begin the process to
have the Company's securities delisted.  At that time, the
Company may appeal the Nasdaq staff's determination to delist its
securities to a Listing Qualifications Panel.

The Company intends to actively monitor the bid price for its
common stock between now and June 11, 2012, and will consider all
available options to regain compliance with the Nasdaq minimum
bid price requirement.

                       About China Direct

Headquartered in Deerfield Beach, Florida, China Direct
Industries, Inc. -- http://www.cdii.net/-- is a U.S. based
company that sources, produces and distributes industrial
commodities in China and the Americas and provides business and
financial consulting services.  It has corporate offices in
Shanghai, China Direct Industries' unique infrastructure provides
a platform to expand business opportunities globally while
effectively and efficiently accessing the U.S. capital markets.


CHINA EXECUTIVE: Posts US$1.1 Million Net Loss in Third Quarter
---------------------------------------------------------------
China Executive Education Corp. filed its quarterly report on
Form 10-Q, reporting a net loss of US$1.1 million on US$2.8
million of revenues for the three months ended Sept. 30, 2011,
compared with a net loss of US$1.5 million on US$2.0 million of
revenues for the same period of 2010.

For the nine months ended Sept. 30, 2011, the Company has
reported a net loss of US$4.3 million on US$5.7 million of
revenues, compared with a net loss of US$3.5 million of US$5.7
million of revenues for the same period last year.

The Company's balance sheet at Sept. 30, 2011, showed
$18.5 million in total assets, US$27.7 million in total
liabilities, and a shareholders' deficit of US$9.2 million.

Albert Wong & Co., in Hong Kong, China, expressed substantial
doubt about China Executive Corp.'s ability to continue as a
going concern, following the Company's 2010 results.  The
independent auditors noted that the Company has accumulated
deficits as at Dec. 31, 2010, of US$6.6 million including net
losses of
$4.9 million for the year ended Dec. 31, 2010.

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

                       http://is.gd/6R5Ldl

The Company filed on Dec. 9, 2011, Amendment No. 1 to its Annual
Report on Form 10-K for the year ended Dec. 31, 2010, originally
filed April 15, 2011.

On Nov. 15, 2011, the Audit Committee of the Board of Directors
of the Company concluded that the Company's consolidated
financial statements for the years ended Dec. 31, 2010, and 2009,
contained in the Company's Annual Report on Form 10-K for the
fiscal years ended Dec. 31, 2010, and 2009, each as filed with
the Securities and Exchange Commission, should be restated for
changes in accounting policies.  These restatements are non-cash
related, and relate to following reasons:

1) The net revenues for the years ended Dec. 31, 2010, and 2009,
   were overstated due to improper records of revenue and
deferred
   revenue;

2) Improper accounting treatment regarding consolidating variable
   interests entity(the "VIE");

3) Improper disclosure on VIE;

4) Improper accounting treatment for deferred tax assets;

5) Under and over accrual for certain liabilities as well as
   expenses; and

6) Certain accounts were improperly classified.

The net effects of net income attributable to the Company's
shareholders for the years ended Dec. 31, 2010, and 2009, were
decreases of approximately US$7.49 million and US$2.97 million,
respectively.

The Company reported a net loss of US$4.9 million on US$7.2
million of revenues for 2010, compared with a net loss of
US$287,869 on 1.8 million of revenues for the period from
inception (April 23, 2009) to Dec. 31, 2009.

The Company's balance sheet at Dec. 31, 2010, showed US$10.2
million in total assets, US$10.4 million in total liabilities,
and a shareholders' deficit of US$198,682.

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

                       http://is.gd/ZLNqe5

China Executive Education Corp. is an executive education company
with operations in Hangzhou and Shanghai, China.  The Company
operates comprehensive business training programs that are
designed to fit the needs of Chinese entrepreneurs and to improve
their leadership, management and marketing skills, as well as
bottom-line results.  The Company is based in Hangzhou, the
People's Republic of China.


COASTAL GREENLAND: Moody's Lowers CFR to 'Caa1' From 'B3'
---------------------------------------------------------
Moody's Investors Service has downgraded Coastal Greenland Ltd's
corporate family rating to Caa1 from B3 and its senior unsecured
debt rating to Caa2 from Caa1.  The outlook for the ratings is
negative.

Ratings Rationale

This downgrade was driven by CGL's weak contract sales and its
increasing level of liquidity risk due to its maturing debt.

"The downgrade reflects Moody's concerns over CGL's slow progress
in securing contract sales, which were nearly RMB1.2 billion in
the six months ended September 2011, representing a 25% decline
from the same period in 2010, and approximately 40% of its
projection for FYE 3/2012," says Jonathan Lee, a Moody's Vice
President and Senior Analyst.

"Regulatory measures on home purchases in the major cities are
unlikely to be eased in the near future, and CGL will face more
challenges as it tries to catch up to its sales targets, given
its modest brand name, small operating scale, and the fact that
many of its presale projects are in cities with restrictive
policies," says Lee.

"The expected weakness in sales could further undermine its
refinancing capability for its USD132 million in notes and RMB1.2
billion in trust loans due in the next 12 months. As a result, it
will have to rely on asset disposals to raise liquidity," adds
Mr. Lee.

"The company's liquidity position has also been weakened by
prepayments for acquisitions of land and investments in property-
based companies. These prepayments reduced its unrestricted cash
balance to RMB878 million at end-September 2011 from RMB1.5
billion at end-March. This has heightened Moody's concerns over
CGL's land acquisition strategy and liquidity management,"
continues Lee.

The negative outlook reflects the heightened liquidity risk
arising from its weak sales execution and material level of
maturing debt.

There is no upgrade pressure, given the negative outlook.

For the rating outlook to return to stable CGL has to demonstrate
an improvement in its contract sales as well as secure stable
funding to refinance its maturing debt.

Further downgrade pressure could emerge if CGL is likely to fail
meeting its payment obligations.

The principal methodology used in rating Coastal Greenland Ltd
was the Global Homebuilding Industry Methodology published in
March 2009.

Coastal Greenland Ltd (CGL) is a Chinese property developer
focusing on residential and commercial property developments.
Established in 1990, it has been operated in China's property
market for over 20 years and has land banks distributed in six
major economic areas. Listed on the Stock Exchange of Hong Kong
in 1997, it is majority owned by Coastal International Holdings
Limited (36.58%), a private company held by the senior management
team, and Shenzhen Investment Limited (22.62%).


RENHE COMMERCIAL: S&P Puts 'BB-' Corp. Credit Rating on Watch Neg
-----------------------------------------------------------------
Standard & Poor's Ratings Services placed the following ratings
on CreditWatch with negative implications: the 'BB-' long-term
corporate credit rating on China-based underground shopping mall
developer and operator Renhe Commercial Holdings Co. Ltd.; the
'cnBB+' Greater China credit scale rating on the company; and its
'BB-' issue rating and 'cnBB+' Greater China scale credit rating
on Renhe's senior unsecured notes.

"We placed the ratings on CreditWatch to reflect our opinion that
Renhe's cash flow is likely to weaken in the next six to 12
months due to heightened receivable counterparty risk," said
Standard & Poor's credit analyst Frank Lu. "Receivables of
Chinese renminbi (RMB) 2.0 billion related to the sale of Renhe's
project companies recently became overdue, highlighting the
counterparty risks."

"Renhe's sale of offshore project holding companies to individual
investors on deferred payment terms last year increased its
working capital requirements and the concentration of
counterparty risks. The credit quality of the buyers is not clear
to us because Renhe did not disclose any details about the
buyers," S&P said.

"We expect counterparty risks to remain high because Renhe may
continue to pursue project company sales," said Mr. Lu. "Renhe
has indicated that it may sell project holding companies in a
more transparent manner and with shorter payment terms. But the
company has not yet established any meaningful record."

"We expect Renhe's liquidity to remain adequate in the next year
due to the company' limited short-term debt and no land premium
payments. Nevertheless, its liquidity could weaken if cash
receipts are materially delayed. Proceeds from each of its
project company sales are typically large. In addition, we are
skeptical about the company's ability to receive timely onshore
sales
payments due to tight credit conditions in China," S&P said.

"We believe Renhe's overdue receivables also highlight the risk
associated with the company's business model. Regulations
governing projects that Renhe developed from underground civil
air defense facilities are ambiguous in many areas, and any
changes could raise questions about the sustainability of the
company's business model. In particular, the lack of well-defined
land use rights is an obstacle to securing construction loans or
mortgage loans onshore. These rights are typically required for
collateral. In the past two years, Renhe has made little progress
in securing bank loans from financial institutions. The company's
large surplus cash partly reflects the limited funding sources
available to the company compared with its peers. In addition,
regulations on project tendering processes are not transparent,
lowering the visibility of Renhe's future project reserves," S&P
said.

"We aim to resolve the CreditWatch action within the next three
months. We may lower the rating on Renhe by one notch if the
company fails to collect most of the overdue receivables in the
next three months or its cash flow weakens, such that its cash
balance drops to less than RMB4 billion without any sign of
improving. We may lower the rating by multiple notches if the
company's liquidity deteriorates to less than adequate or weak.
In addition, we will review the company's risk management in
relation to its future sales of project companies," S&P said.


SHANGHAI INDUSTRIAL: Moody's Upgrades CFR to 'B1' From 'B2'
-----------------------------------------------------------
Moody's Investors Service has upgraded the corporate family
rating of Shanghai Industrial Urban Development Group Limited,
formerly Neo-China Land Group (Holdings) Limited, to B1 from B2.
Moody's has also confirmed SIUD's B2 senior unsecured debt
rating.  The ratings outlook is stable.

Ratings Rationale

This concludes the rating review initiated on April 19 2011,
which was further extended on Oct. 17, 2011.

"The rating upgrade reflects the strengthening of SIUD's capital
through the injection of Shanghai Urban Development by its
parent, Shanghai Industrial Holdings Limited, in exchange for
shareholdings," says Kaven Tsang, a Moody's Assistant Vice
President/Analyst.

"The rating also takes into consideration that the post-
acquisition SIUD will become a major business segment of Shanghai
Industrial Holdings which is a listed conglomerate owned by the
Shanghai Municipal government," says Tsang.

Furthermore, the B1 rating has considered the benefits arising
from SIUD's close association with Shanghai Industrial Holdings
Limited. This association will facilitate SIUD access to (1)
information related to future development in Shanghai and (2)
funding in both the onshore and offshore markets in the future.
These strengths will position SIUD better than its privately-
owned property peers.

The rating upgrade also reflects SIUD's enhanced business profile
comprising a larger and higher quality land bank from the
acquisition of Shanghai Urban Development. After the transaction,
SIUD has a land bank of 16.1 million sqm of in gross floor area
(GFA) across 13 cities in China.

Moreover, the B1 corporate family rating has captured SIUD's
strengthened market position in the Yangtze River Delta. The
acquisition of Shanghai Urban Development has added more than 3
million sqm of land bank in Shanghai, Kunshan and Wuxi.

"While the integration of SIUD's previous Neo-China business
continues and some of its historical transactions will be
recognized in its 2012 financials, Moody's takes comfort that
Shanghai Industrial Holdings will have the ability to turn around
SIUD in the next 12--18 months," says Tsang.

Moody's expects SIUD's EBITDA interest coverage ratio could
continue to stay at around 1x in 2012. The B1 ratings have
factored in Moody's expectation that SIUD's future profitability
and financial profile will improve gradually in the next 1-2
years in light of the higher margin products offered by Shanghai
Urban Development and the cost savings arising from its more
integrated operations.

SIUD's bond rating is notched down to B2, reflecting structural
and legal subordination risks. Its pro-forma secured and
subsidiary debt to total assets ratio will stand at above 15%
after the acquisition of Shanghai Urban Development. Moody's
expects this ratio will maintain at around 20%, as it will
continue to borrow from onshore banks to fund its construction
activities.

The stable outlook reflects Moody's expectation that SIUD will
successfully integrate its operations, achieve future sales
plans, and hence improve its financial profile in the next 1-2
years. In addition, SIUD will maintain adequate liquidity and
uninterrupted access to onshore bank loans to fund its projects
and debt repayments.

Upward rating pressure will be limited in the near term. However,
the possibility of an upgrade could emerge over the medium term
if SIUD (1) successfully integrates the acquired business from
Shanghai Urban Development; (2) consistently achieves its sales
plan; and (3) demonstrates a track record of good financial
discipline with respect to management of liquidity and debt.

With respect to its credit metrics, Moody's sees EBITDA/interest
coverage consistently above 4x and adjusted debt leverage below
45-50% as indications of a potential for a rating upgrade.

On the other hand, the ratings could be under pressure for a
downgrade if SIUD (1) fails to enhance its operations and
profitability such that its gross margins continue to stay below
20-25% for an extended period of time; (2) accelerates expansion
that impairs its liquidity position, and/or increases its debt
leverage position materially; and/or (3) undergoes a material
reduction in SIH ownership that leads to a weakening in access to
funding.

The potential for a downgrade could be triggered by a decline in
balance sheet cash, or Moody's expectation that SIUD's
EBITDA/interest fails to trend towards 1.5-2x or its adjusted
leverage rises above 55% on a sustained basis.

Any adverse development in the legal proceedings in relation to
the Urban Cradle project that materially impairs SIUD's credit
profile will also be negative to SIUD's ratings.

The principal methodology used in rating SIUD was the Global
Homebuilding Industry Methodology, published March 2009.

Shanghai Industrial Urban Development Group Limited (SIUD) is a
Chinese property developer engaged in residential and mixed-use
developments. After the acquisition of Shanghai Urban Development
(unrated) from its parent, Shanghai Industrial Holdings Limited
(SIH, unrated), SIUD has 25 projects across 13 cities in China
and a land bank of 16.1 million sqm in aggregate.


SINO-FOREST CORP: Shareholder Wants for CEO, Directors Changed
--------------------------------------------------------------
Bloomberg News reports that billionaire investor Richard
Chandler, the biggest shareholder in Sino-Forest Corp., said the
Chinese timber company that's fending off fraud allegations needs
to change its chief executive officer and appoint new directors.

According to Bloomberg, Richard Chandler Corp., Mr. Chandler's
investment company, said there are "serious concerns" about the
ability of the board of Sino-Forest to fulfill its
responsibilities.  Chandler and Sino-Forest's second biggest
shareholder, Davis Selected Advisors LP, have said the company
should reconsider its decision to default on a $9.78 million
interest payment on its 2016 convertible notes, Bloomberg
relates.

"Any actions by directors, such as the non-payment of bonds,
which compromises the going concern capability of Sino-Forest
will potentially lead to shareholder actions for negligence,"
Bloomberg quotes Mr. Chandler as saying.

Bloomberg recalls that Sino-Forest said Dec. 12 it wouldn't make
the interest payment due Dec. 15 on the convertible notes and it
would miss a deadline for publishing its third-quarter earnings.
Chief Executive Officer Judson Martin said last month that the
company was considering options including going private.

Mr. Chandler, a New Zealander who Forbes said last year had a net
worth of $3.1 billion, owns 19% of Sino-Forest, according to data
(TRE) compiled by Bloomberg.  Richard Chandler Corp. spent at
least C$148 million ($143 million) in July and August to increase
its holdings after the plunge in Sino-Forest shares, the data
show.

Mr. Chandler is concerned about "excessive time and money spent
by the board on the investigation, the weak internal controls
acknowledged by management, the unexplained delay to" the third-
quarter results," his investment company said in its statement,
Bloomberg relates.  It also cited the delay to the final report
from Sino-Forest's independent committee and the non-payment on
the bonds despite the company having sufficient funds.

Separately, Bloomberg News reports that Carson Block, the short
seller who alleged Sino-Forest Corp. had exaggerated its timber
holdings, said the company may file for bankruptcy.

"It's notable that the company has retained a well-known
bankruptcy advisor," Bloomberg quotes Mr. Block as saying in an
e-mailed statement.  "It seems that a bankruptcy filing is a real
possibility."

                        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.


SINO-FOREST CORP: Moody's Lowers CFR to 'Ca' From 'Caa1'
--------------------------------------------------------
Moody's Investors Service has downgraded to Ca from Caa1 the
corporate family and senior unsecured debt ratings of Sino-Forest
Corporation.  At the same time, Moody's will withdraw all the
ratings of Sino-Forest.

Ratings Rationale

"The ratings downgrade follows Sino-Forest's announcement that
its Board has decided not to make the US$9.775 million interest
payment on the 2016 convertible notes due on Dec. 15, 2011", says
Jiming Zou, a Moody's analyst, adding, "This action implies that
Sino-Forest will default on this debt obligation, if it does not
rectify the payment after the 30-day grace period from the due
date."

"Furthermore, the company has not yet confirmed when it is
publishing its Q3 2011 results. A failure to publish these
results would also trigger a breach of covenants under its bond
indentures," continues Zou.

The Ca ratings reflect the high likelihood of default and the low
level of expected recovery for bond holders in case bond
repayments are accelerated.

Moody's will withdraw the rating because it believes it has
insufficient or otherwise inadequate information to support the
maintenance of the rating.

Sino-Forest's ratings were assigned by evaluating factors that
Moody's considers relevant to the credit profile of the issuer,
such as the company's (i) business risk and competitive position
compared with others within the industry; (ii) capital structure
and financial risk; (iii) projected performance over the near to
intermediate term; and (iv) management's track record and
tolerance for risk. Moody's compared these attributes against
other issuers both within and outside Sino-Forest's core industry
and believes Sino-Forest's ratings are comparable to those of
other issuers with similar credit risk.

Sino-Forest Corporation is a holding company listed in Toronto.
The company is engaged in forestry plantation activities in
China, as well as in the sale of timber, wood logs and other wood
products in China.


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


CITY TELECOM: Fitch Affirms Issuer Default Rating at 'BB'
---------------------------------------------------------
Fitch Ratings has affirmed City Telecom (HK) Limited's Long-Term
Foreign- and Local-Currency Issuer Default Ratings (IDR) at 'BB'.
The Outlook is Stable.

"The ratings reflect the company's solid financial profile, and
its strong position as the second-largest broadband service
provider in Hong Kong," said Alvin Lim, Associate Director in
Fitch's Asia Pacific Telecom, Media, and Technology ratings team.
"However, despite solid growth momentum in its core telecom
operation benefiting from its strong network competitiveness, the
company's profitability is likely to deteriorate due to
increasing content production costs in the short-to-medium term."

Fitch believes that City Telecom will gain additional market
share on its well-established fibre-to-the home (FTTH) network,
given the penetration of FTTH is just 30%.  Although competition
is likely to increase, Fitch notes that City Telecom is
increasingly competing on the quality of network service, rather
than price.  This environment should enable City Telecom to
maintain its competitive edge as the company boasts wider FTTH
coverage and better quality than competitors.

On the other hand, Fitch expects City Telecom's operating margins
and cash flow generation to weaken over the next 12-18 months as
the company plans to strengthen its position in the free-TV
business with the establishment of the multimedia center, to be
completed by the financial year ending August 2014.  However,
Fitch does not foresee substantial deterioration in the credit
profile given its strong core telecom business and net cash
position at end-FY11.

City Telecom increased its share of the Hong Kong broadband
market to 27% at end-FY11 from 23% at end-FY10.  The company also
improved its EBIDTA margin to 35% in FY11 from 30% in FY10 due to
higher average revenue per user and lower marketing expenditure.
In addition, the company paid off all outstanding debt during
FY11.

Fitch may consider a negative rating action if the company's
operating EBITDAR margin falls below 20%, and if funds from
operations (FFO)-adjusted net leverage rises above 2x on a
sustained basis.  Conversely, a positive rating action may be
considered if the company increases its market share above 35%
and maintains its operating EBITDAR margin over 30%, with
operating EBITDAR exceeding USD100m and FFO adjusted net leverage
falling below 1x on a sustained basis.  A positive rating action
will also be contingent on further clarity on the development of
the company's TV content business.


GOLD TREE: Members' Final General Meeting Set for Jan. 11
---------------------------------------------------------
Members of Gold Tree Investment Limited will hold their final
general meeting on Jan. 11, 2012, at 11:00 a.m., at 7th Floor,
Hong Kong Trade Centre, 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.


GOOD SMART: Members' Final Meeting Set for Jan. 10
--------------------------------------------------
Members of Good Smart International Trading Limited will hold
their final General meeting on Jan. 10, 2012, at 11:00 a.m., at
Room 1305, Tower 1, Harbour Centre, at No. 1 Hok Cheung Street,
Hunghom, Kowloon, in Hong Kong.

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


GREAT CENTURY: Members' Final General Meeting Set for Jan. 9
------------------------------------------------------------
Members of Great Century Finance Limited will hold their final
general meeting on Jan. 9, 2012, at 10:00 a.m., at 6/F.,
Greenwich Centre, at 260 King's Road, North Point, in Hong Kong.

At the meeting, Yuen Sik Ming Patrick, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


PACE (HK): Members' Final Meeting Set for Jan. 9
------------------------------------------------
Members of Pace (HK) Limited will hold their final meeting on
Jan. 9, 2012, at 11:00 a.m., at 8th Floor, Gloucester Tower, The
Landmark, at 15 Queen's Road Central, in Hong Kong.

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


PANWELL ENGINEERING: Members' Final Meeting Set for Jan. 9
----------------------------------------------------------
Members of Panwell Engineering Limited will hold their final
general meeting on Jan. 9, 2012, at 10:00 a.m., at Room 3104,
Block A, Kam Tai Court, Ma On Shan, N.T.

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


RIKEN ELECTRIC: Members' Final General Meeting Set for Jan. 9
-------------------------------------------------------------
Members of Riken Electric Wire Limited will hold their final
General meeting on Jan. 9, 2012, at 10:00 a.m., at 1-12-22
Tsukiji, Chuo-Ku, Tokyo 104-0045, in Japan.

At the meeting, Lau Wai Yung Alice, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


ROYAL WOLF: Members' Final General Meeting Set for Jan. 10
----------------------------------------------------------
Members of Royal Wolf Holdings Hong Kong Limited will hold their
final general meeting on Jan. 10, 2012, at 10:00 a.m., at Room
3801-6, 38th Floor, ICBC Tower, Citibank Plaza, at 3 Garden Road,
in Hong Kong.

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


SAGE WORLD: Members' & Creditors' Final Meetings Set for Jan. 28
----------------------------------------------------------------
Members and creditors of Sage World Kid's Land Limited will hold
their final meetings on Jan. 28, 2012, at 8:00 a.m., and
8:30 a.m., respectively at Room 1613, 16/F, Miramar Tower, at
132 Nathan Road Tsimshatsui.

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


SICHANT INVESTMENTS: Members' Final Meeting Set for Jan. 11
-----------------------------------------------------------
Members of Sichant Investments Limited will hold their final
general meeting on Jan. 11, 2012, at 12:00 p.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.


SINGAPORE BONG: Members' Final Meeting Set for Jan. 12
------------------------------------------------------
Members of Singapore Bong Hiptsun Association Limited will hold
their final meeting on Jan 12, 2012, at 4:30 p.m., at Flat B-C,
2/F, Overseas Trust Bank Building, at 51-57 Des Voeux Road West,
in Hong Kong.

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


STRONG DAY: Members' Final Meeting Set for Jan. 10
--------------------------------------------------
Members of Strong Day Limited will hold their final general
meeting on Jan. 10, 2012, at 11:00 a.m., at 20/F, Fung House, at
No. 19-20 Connaught Road Central, in Hong Kong.

At the meeting, Lee Yuen Han Hope, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


SUNSTAR INTERNATIONAL: Members' Final Meeting Set for Dec. 28
-------------------------------------------------------------
Members of Sunstar International Limited will hold their final
meeting on Dec. 28, 2011, at 11:00 a.m., at 36/F., Tower Two,
Times Square, at 1 Matheson Street, Causeway Bay, in Hong Kong.

At the meeting, Michel Henricus Bots and Ng Kit Ying Zelinda, the
company's liquidators, will give a report on the company's wind-
up proceedings and property disposal.


SUPPLE MIND: Creditors' Proofs of Debt Due Dec. 30
--------------------------------------------------
Creditors of Supple Mind Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
Dec. 30, 2011, to be included in the company's dividend
distribution.

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

The company's liquidator is:

         Tang Tin Sek
         19A Entertainment Building
         30 Queen's Road
         Central, Hong Kong


WORLD LUCK: Placed Under Voluntary Wind-Up Proceedings
------------------------------------------------------
At an extraordinary general meeting held on Dec. 2, 2011,
creditors of World Luck Trading Limited resolved to voluntarily
wind up the company's operations.

The company's liquidators are:

         Cosimo Borrelli
         G Jacqueline Fangonil Walsh
         Level 17, Tower 1
         Admiralty Centre
         18 Harcourt Road
         Hong Kong


ZHONGTAI CONSTRUCTION: Members' Final Meeting Set for Jan. 20
-------------------------------------------------------------
Members of Zhongtai Construction Group Shares (Hong Kong) Limited
will hold their final general meeting on Jan. 20, 2012, at
10:00 a.m., at Rooms 705-06, 7/F., Nan Fung Tower, 173 Des Voeux
Road Central, in Hong Kong.

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


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


ANANTNATH SILK: ICRA Assigns '[ICRA]BB-' Rating to INR1cr Loans
---------------------------------------------------------------
An '[ICRA]BB-' has been assigned to the INR1.00 crore Term Loans
and INR3.65 crore long term fund based facilities of Anantnath
Silk Mills Pvt Ltd.  An '[ICRA]A4' rating has also been assigned
to the INR5.00 crore short term fund based facilities of the
company. The outlook on the long-term rating is stable.

The ratings factor in vast experience of the promoters in Textile
industry and the growth in sales which is mainly supported by new
client additions in the domestic markets and expansion to newer
geographical locations for exports. The ratings, are however,
constrained due to the modest scale of operations of the company
and the stretched financial profile of the company on account of
high working capital utilization and stretched debt and interest
coverage ratios. The ratings also take into consideration the
commoditized product and fragmented nature of the industry
resulting in thin profitability margins.

ASMPL's principal area of operation includes manufacturing of
suiting fabric. The business was first started in the year 1982
by Mr. Mahesh Palvia and his brother Mr. Suresh Palvia. In the
year 1988, they had setup a private company to scale up their
business operations. Back then the business was restricted only
to the domestic market. From 2000 onwards, ASMPL entered into the
export market. Over the years, the proportion of exports has
increased gradually due to the increased competitive pressures
and higher credit terms required by wholesalers in the domestic
markets. In the domestic market, ASMPL has further classified its
business segments into corporate and wholesalers.  In the last
two years, the focus in the domestic market has shifted to the
corporate clients like Bombay Dyeing, Raymond's, Reid & Taylor,
etc. for which it undertakes job work assignments. The company
has its own in-house brand 'Mecon' under which it sells its
products to wholesalers.

Recent Results

As per the audited results for FY 2011, ASMPL reported a profit
of INR0.59 crore on an operating income of INR42.70 crore as
compared to a net profit of INR0.45 crore on an operating income
of INR38.23 crore in FY 2010.


FORWARD LEATHER: ICRA Cuts Rating on INR18.5cr Loan to '[ICRA]D'
----------------------------------------------------------------
ICRA has revised downwards the ratings on the INR18.5 fund based
facilities of Forward Leather Company from 'A4' to '[ICRA]D'.

The ratings takes into account the weak financial profile of the
firm with stretched liquidity position, high gearing, low
coverage indicators and delays in debt servicing following the
inadequate cash accruals arising out of low capacity utilization
and weak profitability metrics. While the company's revenue has
fallen slightly due to the Group's increased focus on the Shoes
division, the operating profitability has declined considerably
due to the increasing raw material prices, demand slowdown and
high competition. Nevertheless, the ratings factor in the
longstanding experience of the Promoters in the leather industry,
established client profile and integrated operations of group
companies. Going forward, ICRA expects the debt servicing
capability of the company to remain inadequate and any
improvement in the credit profile will be contingent on the firm
managing to pass on the raw material cost increase to its
customers and achieving higher capacity utilization which is
likely only after demand recovery.

                        About Forward Leather

Forward Leather Company is a part of the Forward Group of
companies. It was incorporated in 1976 as a partnership firm. The
firm comprises two tanneries, a shoe upper division and a full
shoe division. The tannery was established in 1976, the shoe
upper unit in 1990 and the full shoe division in 1994. The firm
has presence in leather export as well as domestic market. The
full shoe division has also evolved into a major source of
revenue for the firm through exports. The firm is promoted by the
family members of Mr. Muhamad Yavar Dhala, who is the Managing
Director of the group. The firm reported operating income of
INR60.40 crore and net after-tax profit of INR0.45 crore in FY
2011.


FORWARD SHOES: ICRA Cuts Rating on INR16.75cr Loan to '[ICRA]D'
---------------------------------------------------------------
ICRA has revised downwards the ratings on the INR16.75 fund based
facilities of Forward Shoes (India) Pvt. Ltd. from LBB to
[ICRA]D.  ICRA has also revised the short term rating for the
INR14 crore fund based facilities of FSIPL from 'A4' to [ICRA]D.

The ratings takes into account the weak financial profile of the
company with stretched liquidity position, high gearing, low
coverage indicators and delays in debt servicing following the
inadequate cash accruals arising out of low capacity utilization
and weak profitability metrics. While the company's revenues had
increased significantly in FY 2011 due to the Group's increased
focus on the Shoes division, the operating profitability has
declined considerably due to the increasing raw material prices,
demand slowdown and high competition. Nevertheless, the ratings
factor in the longstanding experience of the Promoters in the
leather & leather products industry, established client profile
and integrated operations of group companies. Going forward, ICRA
expects the debt servicing capability of the company to remain
inadequate and any improvement in the credit profile will be
contingent on the firm managing to pass on the raw material cost
increase to its customers and achieving higher capacity
utilization which is likely only after demand recovery.

                         About Forward Shoes

Forward Shoes India Pvt. Ltd. is a full shoe manufacturer and
exporter, a part of the Forward Group of companies. It is a
closely held private limited company, promoted by the family
members of Mr. Muhamad Yavar Dhala, who is the Managing Director
of the Forward group. The company has two divisions to
manufacture shoes, with a combined capacity of about 4000
pairs/day in Chromepet, Chennai. The company has amongst its
customers international brands like Clarks, Marks & Spencers,
Kickers, Brasher, Geox, Stonefly, J C Penny and Startrite. The
firm reported operating income of INR109.9 crore and net loss of
INR0.8 crore in FY 2011.


JANUS PACKAGING: ICRA Assings '[ICRA]BB-' Rating to INR8cr Loan
---------------------------------------------------------------
ICRA has assigned an '[ICRA]BB-' rating to the INR8.00 crore term
loans and the INR5.50 crore fund based facilities of Janus
Packaging Private Limited. ICRA has also assigned a short term
rating of '[ICRA]A4' to the INR2.50 crore non-fund based bank
limits of JPPL. The outlook on the long term ratings is stable.

The ratings reflect high supplier concentration risk with about
40% of purchases from just two suppliers; high customer
concentration risk with about a quarter of sales from the top
three customers alone; low bargaining power in relation to
customers and suppliers; vulnerability of profitability to
fluctuations in raw material prices and moderate financial risk
profile characterized by moderately high gearing and high working
capital intensity. However, ICRA takes note of the established
clientele of the company in the FMCG and pharma segments;
relatively low competitive intensity in the specialized packaging
segment; positive demand outlook for companies products due to
favorable growth prospects of the end user industries and
favorable location of company's manufacturing facility at Baddi
in the state of Himachal Pradesh with proximity to large number
pharma units besides availing fiscal benefits.

                       About Janus Packaging

Janus Packaging Private Limited was incorporated in 2005. The
manufacturing facility of the company was constructed at Baddi in
the state of Himachal Pradesh over 2006 to 2008. In December 2009
the Heidelberg printing press was installed in the unit which is
the key piece of machinery allowing the company to offer
specialised (metallised) packaging. The company is in the
business of providing secondary product packaging. The promoter
Mr. Munish Agarwal ventured into the business of providing
printing solutions in 1994 wherein he got printing done from
other printing presses on job work basis for his customers.

In 2010-11 the firm reported a net profit of INR1.32 crore on net
sales of INR29.01 crores as against a net loss of INR1.83 crore
on net sales of INR14.96 crore for the full year 2009-10.


RAJASTHAN VIKAS: ICRA Reaffirms '[ICRA]BB' Long Term Rating
-----------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the
INR23.5 crore (enhanced from INR21.25 crore) term loans and
INR6.8 crore (enhanced from 2.0 crore) non-fund based limits of
Rajasthan Vikas Sansthan at '[ICRA]BB'.  ICRA has also assigned
the [ICRA]BB rating to the INR2.0 crore fund based limits of RVS.
The outlook on the long term rating is 'stable'.

The reaffirmation of RVS' rating factors in healthy growth in its
operating income in FY2011 due to overall healthy occupancy in
its institutes and addition of new courses; and receipt of
permission for starting MDS (Master in Dental Surgery) courses in
eight specialties by the society which exhibits its strong
operational track-record. The rating continues to derive comfort
from the diverse range of courses offered by RVS, healthy
profitability and stability of cash flows of the society.
However, the rating is constrained by increase in RVS's debt
levels due to capex and increased working capital intensity; and
challenges involved in attracting high quality students and
faculty. The rating also factors in the modest scale of its
operations; lumpiness of cash flows and highly competitive and
regulated nature of the higher education sector in India. In
ICRA's opinion, while the cash flows from operations are likely
to remain robust, the continuous capex along with the debt
repayment obligations would necessitate some refinancing.

Going forward, the key rating sensitivity includes the society's
ability to attract students for its various courses, and
improvement in its capital structure.

                       About Vikas Sansthan

Vikas Sansthan is a Society under the Societies Registration Act
in the year 1999. RVS is primarily engaged in providing higher
education, with seven colleges providing courses at the
undergraduate as well as post graduate level in dental science
(BDS and MDS), engineering (B.Tech.), management (MBA and BBA),
nursing and teacher training (B.Ed.). The society is also running
a 150 bedded general hospital. RVS has two campuses in Jodhpur,
Rajasthan.

Recent Results:

For the FY2011 (financial year ending March 31, 2011), RVS
reported an operating income of INR19.4 crore and profit of
INR3.1 crore as compared to an operating income of INR15.1 crore
and profit of INR2.8 crore in FY2010.


RGA SOFTWARE: ICRA Assigns '[ICRA] BB+' Rating to INR360cr Loan
---------------------------------------------------------------
ICRA has assigned the long term rating of '[ICRA] BB+' to
INR360 crore Term Loan programme and Short term rating of '[ICRA]
A4' to INR10.0 crore Bank Guarantee of RGA Software Systems
Private Limited.

The rating primarily factors in established track record of RGA
Software Systems in the real estate sector, location advantage of
the project and low occupancy risk. Moderate rentals, lock-in-
period of 5 years, no significant lease expiry in the medium
term, -100% occupancy level of the completed premises and long
standing relationship with tenants largely mitigates occupancy
risk. The rating also takes into account low regulatory risk
associated with land title which has been taken on lease by
promoter group company Primal Projects Private Limited from
Karnataka Industrial Areas Development Board.

The ratings favorably factors in the location advantage of the
Pritech Park at Marathahalli - Sarjapur Outer Ring Road in
Bangalore which enables good connectivity to many parts of the
city, full occupancy of the past projects including Phase-I of
Pritech Park, low price risk and strong and diversified tenant
profile which includes some of the reputed companies such as
Accenture, Capgemini, Genpact and HP. The rating also draws
comfort from the low vacancy risk on account of the significant
outlay by the tenants towards the interiors in the leased
premises and due to staggered lease expiry schedule which reduces
the lease roll over risk. We note that the execution risk is
mitigated to a large extent with the past track record of
development of business parks.

The ratings are however constrained by the highly leveraged
capital structure as reflected in gearing of 7.65 times as of
March 31, 2011, cash flow sensitivity to interest rate
fluctuations, high dependency of debt servicing on rental
inflows; hence any delay in payment of lease rentals by the
tenants could strain timely debt servicing. The rating also
factors in high refinancing risk with regards to the conversion
of INR360cr term loans for Phase-II of Pritech Park into lease
rental discounting structure so as to ensure timely debt
servicing.

ICRA notes that the current interest rates, occupancy and rental
levels result in adequate cash flow coverage with respect to loan
repayments; however this will remain key rating parameter going
forward.

                         About RGA Software

RGA Software Systems Private Limited established in 2000 has
developed a slew of IT Parks in Electronic City, the prime space
identified for IT development by the State of Karnataka. Since
inception RGA along with its sister concern Primal Projects
Private Limited has completed 5 commercial projects totalling
approx. 3.5 million sft. These developments include campus
developments in Electronic City namely Surya- I, Surya-II, Surya
Sapphire, Surya Wave, Pritech SEZ Park - Phase I and ongoing
development of Pritech SEZ Park - Phase II. As a company policy
only renowned contractors and consultants are employed for the
project which further mitigates the execution risk associated
with the projects. RGA has appointed Thomas Associates as
architects and JMC Projects India Limited as civil contractor for
the development of Phase-II of Pritech Park. Phase-II spread
across 2.6 million sft comprising 5 Blocks namely 8, 9, 10, 11 &
12 is under construction and like Phase-I will be completed in
tranches and handed over to tenants for occupation; the
construction is going as per schedule and the project is likely
to be completed by May 2012; about 30% of the area has been
booked so far.

Recent results:

For FY2010-11, the company has reported an operating income of
INR62.37 crore and negative PAT of INR10.67 crore.


ROCKLAND HOTELS: ICRA Places '[ICRA]BB' Rating on INR8.39cr Loan
----------------------------------------------------------------
ICRA has assigned the long-term rating of '[ICRA]BB' to the
INR8.39 crore term loan facilities and to the INR2.90 crore
unallocated limits of Rockland Hotels Limited.  The rating
carries a Stable outlook.

The rating reflects the strategic location of the two operational
budget hotel properties of RHL which are in close proximity to
the Central Business Districts of New Delhi like Nehru Place as
well as Saket and satisfactory occupancy levels recorded at the
two properties over the past couple of years reflecting moderate
demand in the region. The ratings are, however, constrained by
the small scale of operations of the company, its modest Average
Room Rent (ARR) reflecting competitive pressures to attract
customers and weak financial profile as reflected by net losses
as well as weak debt coverage indicators. Going forward,
improvement in scale of operations and profitability will remain
amongst the key rating sensitivity factors.

                        About Rockland Hotels

Rockland Hotels Limited, a closely held company, was incorporated
in December 2005 by three brothers namely Mr. Rajesh Kumar
Srivastava, Mr. Prabhat Kumar Srivastava and Mr. Rishi Kumar
Srivastava. In January 2007 the company took over the two
partnership firms namely Rockland Inn and Hotel Rockland.
Consequently, RHL has a portfolio of two properties - Rockland
Inn (38 room property at C.R.Park, New Delhi) and Hotel Rockland
(20 room property at Panchsheel Enclave, New Delhi).

Recent Results:

As per the provisional numbers for FY11, Rockland Hotels Limited
reported an operating income (OI) of INR7.25 crore and a net loss
of INR0.57 crore as against an OI of INR4.12 crore and a loss of
INR0.83 crore in FY10.


ROOP NAKODA: ICRA Assigns '[ICRA]BB-' Rating to INR0.47cr Loans
---------------------------------------------------------------
A rating of '[ICRA]BB-' has been assigned to the INR0.47 crore
term loans and INR9.50 crore long-term fund-based facilities of
Roop Nakoda Exim Pvt. Ltd.  A rating of [ICRA]A4 has also been
assigned to the INR0.03 crore short-term non-fund based
facilities of RNEPL. The outlook for the long-term rating is
stable.

The assigned ratings are constrained by the limited scale of
operations; the vulnerability of profitability and cash flows to
the inherent cyclicality in the textile industry and to
fluctuations in raw material prices which are crude oil
derivatives; and high competitive intensity in the industry due
to its fragmented nature. Further, the ratings are constrained by
weak financial profile characterized by the low profitability and
moderate capital structure. The assigned ratings, however,
favorably factor in the experience of the promoters in the
textile business, locational advantage that the company enjoys on
account of its proximity to raw material suppliers and
satisfactory growth in operating income during last two years
which is partly driven by increased realizations.

Incorporated in 2004, Roop Nakoda Exim Pvt. Ltd. is engaged in
commercial production of polyester narrow woven fabric, finished
fabrics etc. Besides, the company is also engaged in trading of
viscose. The company is promoted by Mr. Hemant Shah and Mr.
Parasmal Shah.

Recent Results:

In FY 2011, RNEPL reported an operating income of INR81.45 Cr.
(as against INR45.81 Cr. during FY 2010) and profit after tax of
INR0.27 Cr (as against INR0.24 Cr. during FY 2010).


SOLAPUR BIO-ENERGY: ICRA Cuts Rating on INR22.5cr Loan to 'D'
-------------------------------------------------------------
ICRA has downgraded the long-term rating assigned to the
INR22.5 crore term loans of Solapur Bio-Energy Systems Private
Limited from '[ICRA]BB-' with stable outlook to '[ICRA]D'.

The rating revision takes into account the irregular debt
servicing of the company on account of significant delays in
project commissioning, and the high execution risks especially
since debt tie-up for enhanced capacity is pending. The rating
also takes into account the overall modest size of operations
with plant capacity at 4 MW and the lack of past experience of
its parent company, Organic Recycling Systems Pvt. Ltd., in
setting up of power plants based on Municipal Solid Waste (MSW)
as fuel.

ICRA notes that, in view of the unconventional fuel based power
plant being setup by the company, its ability to achieve the
envisaged operating parameters, subsequent to plant commissioning
would be critical for overall profitability and debt coverage,
going forward. ICRA however positively notes the low fuel supply
risks for the company with requisite MSW supply guaranteed by
Solapur Municipal Corporation, the low demand risk with long-term
Power Purchase Agreement (PPA) in-place with MSEDCL for -75% of
the generation capacity, the additional revenues likely to be
generated from sale of compost/bio-fertilizers (by-product) and
CERs, as well as the technology tie-up with Waste Works of
Ireland.

                       About Solapur Bio-Energy

Solapur Bio-Energy Systems Pvt. Ltd. owned by Organic Recycling
Systems Pvt. Ltd., is a Special Purpose Vehicle (SPV) setup to
convert Municipal Solid Waste (MSW) into energy and compost. The
company is setting up a 4 MW plant at Solapur that would utilise
400 TPD of MSW and the plant would be operated on BOOT (Build,
Own, Operate, and Transfer) basis.  The project cost is currently
estimated at INR53.7 crore to be funded through term loans of
INR31.0 crore and the rest through equity (including redeemable
preference shares). The project has faced delays in commissioning
with commercial operation date (COD) of the plant for entire 4 MW
capacity currently expected by April 2012.


SUNFLAG FILAMENTS: ICRA Reaffirms '[ICRA]BB+' Term Loan Rating
--------------------------------------------------------------
ICRA has reaffirmed '[ICRA]BB+' rating to the fund based limits,
term loans and non fund based limits of Sunflag Filaments Limited
(SFL) aggregating to INR15 crore (enhanced from INR13 crore),
INR6.71 crore (reduced from INR9.73 crore) and INR2 crore
respectively. The long term rating carries stable outlook.

The reaffirmed rating takes into account SFL's promoters' long
experience in the polyester filament yarn (PFY) manufacturing
business, its moderately diversified customer profile and the
regular cash flows it derives from the sales to its group company
- SVG Fashions Limited. The ratings however remain constrained by
SFL's weak financial profile, small scale of operations coupled
with low profitability, susceptibility of its margins to
volatility in the raw material prices, the fragmented and highly
competitive nature of its PFY business, high working capital
intensity and stretched financial leverage.

Recent results:

For the half year ended September 2011, the company reported a
marginal loss of INR0.4 crore at PBT level on an operating income
of INR51.8 crore.


STATE BANK: Fitch Affirms Individual Rating at 'C'
--------------------------------------------------
Fitch Ratings has affirmed State Bank of India's Long-Term
Foreign Currency Issuer Default Rating (IDR) at 'BBB-' and
National Long-Term Rating at 'Fitch AAA(ind)'. T he Outlook on
the ratings is Stable.  The agency has also affirmed SBI's
Viability Rating (VR) at 'bbb-'.

The Long-Term ratings of SBI are driven by a high probability of
support from the government, given its systemic importance as the
largest bank in India, as the sole banker in many economically
backward regions and as a banker to various government entities.
As a result the Long-Term ratings are linked to the sovereign
rating and will move in tandem with the latter.

Key positive drivers of SBI's VR are its size, franchise and
funding strength.  These characteristics contribute to lower
concentration risks both in terms of loan exposures and funding,
deposit stability particularly in times of uncertainty, as well
as revenue diversification and costs of funds.  These features
help to offset some of the risks and costs given its association
with the Government of India.

That being said, some of SBI's credit fundamentals are under
pressure.  Notwithstanding the revenue strengths, internal
capital generation has remained and is likely to remain under
pressure, firstly due to increasing credit costs and secondly on
account of pension costs, at the time of the next wage revision.
The weakening operating environment means Fitch expects credit
costs to increase and the level of non-performing loans to rise
(H1FY12 was 4.2%; up from 3.3% in FY11).  These pressures have
occurred at a time when capitalization is also low relative to
the bank's peer group and capital levels internationally are
rising.  The operational and data integrity risks associated with
a large organization have also been highlighted by the size and
timely recognition of pension liabilities.

The VR assumes and Fitch expects capital to be made available
from the government as its largest shareholder to ensure SBI is
adequately capitalized.  However, a negative VR rating trigger
would be a combination of a materially weaker asset quality
trends impacting internal capital generation combined with
overall capital levels that are below its rating peer group.

SBI's Tier-1 bonds are on Rating Watch Negative reflecting
heightened downgrade risk associated with the pending completion
of Fitch's review of how it rates bank regulatory capital
instruments.  This review was initiated by the exposure draft
entitled 'Rating Bank Regulatory Capital Securities' published on
28 July 2011.

SBI is India's largest bank with over 13,500 branches in FY11,
accounting for around 17% of both system assets and deposits.
SBI's asset share is over three times that of the second-largest
bank in India.

The following ratings of SBI have been affirmed:

  -- LT FC IDR: 'BBB-'; Outlook Stable
  -- Short-Term FC IDR: 'F3'
  -- Viability Rating: 'bbb-'
  -- Individual Rating: 'C'
  -- Support Rating: '2'
  -- Support Rating Floor: 'BBB-'
  -- USD5bn MTN programme: 'BBB-'
  -- USD800m senior unsecured bonds: 'BBB-'
  -- USD400m perpetual tier 1 bonds: 'BB-'; on RWN
  -- National Long-Term rating: 'Fitch AAA(ind)'; Outlook Stable


SWARAJ SUITING: ICRA Assigns '[ICRA]B' Rating to INR6cr LT Loan
---------------------------------------------------------------
ICRA has assigned the long-term rating of '[ICRA]B' to the
INR6.00 crore, cash credit and the INR16.00, term loans of Swaraj
Suiting Private Limited.

The assigned rating takes into account the modest scale of
operations of Swaraj Suiting Private Limited; intense competition
within the fragmented synthetic fabrics industry and significant
increase in gearing levels expected due to large debt-funded
capital expenditure. The rating is also constrained by the risk
of timely completion of the company's facility at Hamirgarh,
Bhilwara, which is now under construction.

The rating, nevertheless, draws comfort from the long track
record and extensive experience (of more than a decade) of the
promoters in the textile industry; favourable location of
upcoming weaving facilities, which provides easy accessibility to
raw materials and processing houses. The rating also factors in
the diversification of the company into denim manufacturing,
which is likely to make a positive impact on its operating profit
margins.

In ICRA's view, the key rating sensitivities are timely
completion of the new facility at Hamirgarh, Bhilwara; reduction
in debt and improvement in the capital structure of the company.

                        About Swaraj Suiting

Incorporated in June 2003, Swaraj Suiting Private Limited is
engaged in trading synthetics fabrics in the Bhilwara region. The
company is also developing a new facility at Growth Centre
Hamirgarh, RIICO Industrial Area, Bhilwara, where it plans to
install 48 new Japanese Airjet looms to manufacture denim fabric.
This facility is currently under construction and is expected to
be completed by February 2012.

SSPL was earlier engaged in manufacturing synthetic fabrics by
processing yarn. The company sold all of its 28 double-width,
Sulzer looms. Since FY11, the company is engaged only in trading
finished fabrics produced by other manufacturers.

The company's sister concern, Swaraj Sulz Pvt. Ltd., was
incorporated in January 2009 with its registered office and
weaving plant in Bhilwara, Rajasthan. The company is engaged in
manufacturing and trading of synthetic fabrics besides
contractual work for the large, reputed suiting companies in the
region. The promoter and director of both the companies, Mr.
Mohammed Sabir, has more than 10 years of industry experience and
falls under the 'Good Borrower' category of RIICO.

Recent Results:

In FY11, SSPL's operating income grew only slightly to INR11.38
crore from INR11.29 crore in FY10 while operating profit declined
to INR0.62 crore in FY11 from INR0.66 crore in FY10. Net profits
were lower at INR0.06 crore in FY11 compared to INR0.08 crore in
FY10.


VARADHI ADVERTISERS: ICRA Puts '[ICRA]BB-' Rating on INR7cr Loan
----------------------------------------------------------------
ICRA has assigned '[ICRA]BB-' rating to INR7.00 crore fund based
and INR20 lakh non fund based bank facilities of Varadhi
Advertisers Private Limited.  The outlook on long term rating is
stable.

ICRA's assigned rating is constrained by small scale of
operations in a highly competitive industry, relatively low
operating profit margins and high client concentration risks. The
delay in payments from the company's client has stretched the
working capital requirements and consequently weakened the
capital structure of the company and the coverage indicators.

However, rating draws comfort from the long standing experience
of the promoters in the advertising industry, the company's
established relationship with its clients and good track record
of business with AP government affiliates. The rating also
positively factors the healthy business opportunities arising out
of the various ongoing and future projects of AP government such
as Hyderabad Metro Rail project.

Going forward, the ability of VAPL to diversify its client base
and to control the working capital intensity will be the key
rating sensitivities.

                     About Varadhi Advertisers

VAPL was incorporated in 1983 in Hyderabad in the state of AP;
and is engaged in providing advertising solutions to customers
primarily in Hyderabad. The firm offers media advertising
services primarily in the form of print media assignments. VAPL
is on the approved advertisers list for several major clients
including IPR, SBI, Phillips Electronics.

Recent Results:

During the financial year ending 31 March 2011, the company
recorded net profit of INR54 lakh on a turnover of INR18.46
crore.


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


PERTAMINA (PERSERO): Fitch Ups Rating on Unsec. Notes to 'BBB-'
---------------------------------------------------------------
Fitch Ratings has upgraded the ratings of PT Pertamina (Persero),
PT Perusahaan Listrik Negara (Persero) and PT Perusahaan Gas
Negara Tbk to 'BBB-' following the upgrade to Indonesia's Long-
Term Foreign- and-Local-Currency Issuer Default Ratings (IDRs) to
'BBB-' from 'BB+'.  The Outlooks on all three entities are
Stable.

For further information on the upgrade of the Indonesian
sovereign ratings, please refer to the rating action commentary,
entitled "Fitch Upgrades Indonesia to 'BBB-'; Outlook Stable"
dated Dec. 15, 2011.

As per Fitch's Parent and Subsidiary Linkage methodology, the
ratings of Pertamina and PLN are equalised with those of the
sovereign given the strong legal, operational and strategic
linkages.  PGN's ratings are constrained by Indonesia given its
majority ownership by the state.

PT Pertamina (Persero):

  -- Long-Term Foreign-Currency IDR upgraded to 'BBB-' from
     'BB+'; Outlook Stable

  -- Senior unsecured notes upgraded to 'BBB-' from 'BB+'

PT Perusahaan Listrik Negara (Persero) PT:

  -- Long-Term Foreign-Currency IDR upgraded to 'BBB-' from
     'BB+'; Outlook Stable

  -- Foreign currency senior unsecured rating upgraded to 'BBB-'
     from 'BB+'

  -- USD2bn global medium term notes (GMTN) programme upgraded to
     'BBB-' from 'BB+'

  -- USD1bn 10-year bond issued under its GMTN program upgraded
     to 'BBB-' from 'BB+'.

PT Perusahaan Gas Negara Tbk:

  -- Long-Term Foreign-Currency and Local-Currency IDRs upgraded
     to 'BBB-' from BB+; Outlook Stable.


TELKOM: Fitch Ups Rating on Senior Unsecured to BBB- From BB+
-------------------------------------------------------------
Fitch Ratings has taken positive rating actions on three
Indonesian telecommunications companies following the upgrade of
Indonesia's Long-Term Foreign- and Local-Currency Issuer Default
Ratings (IDRs) to 'BBB-' with Stable Outlook, and Country Ceiling
to 'BBB'.

For further information on the upgrade of the Indonesian
sovereign rating and Country Ceiling please refer to the rating
action commentary, entitled "Fitch Upgrades Indonesia to 'BBB-';
Outlook Stable", dated Dec. 15, 2011.

PT Telekomunikasi Indonesia Tbk's (Telkom) ratings are capped by
the sovereign's IDR given that the government of Indonesia owns a
52.5% majority stake, and based on the company's strong links
with the sovereign.

PT Telekomunikasi Selular's (Telkomsel) 'BBB' Long-Term Foreign-
Currency IDR (LTFC IDR) is capped by the Country Ceiling.  The
Long-Term Local-Currency IDR (LTLC IDR) is rated two notches
above the sovereign rating due to provisions of the shareholder
agreement between Telkom and Singapore Telecommunications Ltd
(SingTel, 'A+'/Stable), whereby SingTel, which holds a 35% stake,
has significant minority rights.

PT Indosat Tbk's (Indosat) Positive Outlook reflects the
possibility of a rating action if it fulfils the positive rating
guideline by maintaining a sustained positive pre-dividend free
cash flow generation, and net leverage below 2.5x.  Previously,
the Stable Outlook on the LTFC IDR reflected the 'BBB-' Country
Ceiling.  Following the upgrade of the Country Ceiling to 'BBB ',
the LTFC IDR is aligned with the LTLC IDR.

Telkom:

  -- LTFC IDR upgraded to 'BBB-' from 'BB+'; Outlook Stable
  -- LTLC IDR upgraded to 'BBB-' from 'BB+'; Outlook Stable
  -- Foreign currency senior unsecured rating upgraded to 'BBB-'
     from 'BB+'.

Telkomsel:

  -- LTFC IDR upgraded to 'BBB' from 'BBB-'; Outlook Stable
  -- LTLC IDR upgraded to 'BBB+' from 'BBB'; Outlook Stable
  -- Foreign currency senior unsecured rating upgraded to 'BBB'
     from 'BBB-'.

Indosat:

  -- LTFC IDR affirmed at 'BBB-'; Outlook revised to Positive
     from Stable; and
  -- LTLC IDR affirmed at 'BBB-'; Outlook Positive
  -- Foreign currency senior unsecured rating affirmed at 'BBB-'


* INDONESIA: Fitch to Discuss Rating Upgrade to 'BBB-' From 'BB+'
-----------------------------------------------------------------
Fitch Ratings will hold a teleconference for market participants
today, Dec. 19 at 4:00 p.m. SG/ 3 p.m. JK to discuss Indonesia's
sovereign ratings upgrade to 'BBB-' from 'BB+'.

The call will be hosted by Andrew Colquhoun, Head of Asia-Pacific
Sovereigns, and is expected to run approximately 10 minutes,
followed by a Q&A session for interested participants.

To participate in the teleconference, interested parties should
call the relevant number at least 10 minutes prior to the start
time.   When prompted by the Operator, the confirmation code is '
2879986'.   All callers are advised to dial the toll free lines
from an IDD-enabled fixed land line.


* INDONESIA: Fitch Ups Issuer Default Rating to 'BBB-' From 'BB+'
-----------------------------------------------------------------
Fitch Ratings has upgraded Indonesia's Long-Term Foreign- and
Local-Currency Issuer Default Ratings (IDR) to 'BBB-' from 'BB+'.
The Outlook on both ratings is Stable.  The Country Ceiling has
been raised to 'BBB', and the Short-Term Foreign-Currency IDR
upgraded to 'F3'.

"The upgrades reflect the country's strong and resilient economic
growth, low and declining public debt ratios, strengthened
external liquidity and a prudent overall macro policy framework,"
said Philip McNicholas, Director in Fitch's Asia-Pacific
Sovereign Ratings group.

Fitch projects GDP growth to average more than 6.0% per annum
over the forecast period (to 2013), despite a less conducive
global economic backdrop.  Indonesia's domestically-oriented
economy and success in delivering relatively strong economic
growth without the creation of external imbalances, or a reliance
on short-term external financing suggests economic growth
prospects should prove resilient to external shocks, as was the
case in 2008.  Low public debt and positive real interest rates
give the authorities policy flexibility to respond to any
slowdown.

The strengthening of external finances through substantial
reserve accumulation (official reserves excluding gold reached
USD111.3bn at end-Nov 2011 from USD69.6bn in Jan 2010) has
insulated domestic economic and financial stability during recent
periods of intensified portfolio capital flow volatility.
Importantly, although Indonesia's liquidity ratio of 119% remains
below the 'BBB' median of 140%, its basic balance (CAB plus net
FDI) is projected to remain in surplus. This mitigates
vulnerability to potential short-term capital flow volatility.

Greater comfort with the overall macro policy framework is a key
underpinning for the upgrade.  Tolerance of nominal currency
strength within the monetary policy framework, an observed
willingness to tighten policy should inflation reach high single-
digit rates, and a prudent fiscal policy bolster the case for an
upgrade.  Fitch believes the credit profile has tolerance at the
new rating level for a modest widening in fiscal deficits if a
mooted Land Acquisition Act leads to higher public infrastructure
spending.  Indonesia's gross government debt to GDP ratio is
expected to fall from 26% at end-2010 to 25% by end-2011, well
below the 'BBB' median of 36%.  Additionally, the debt/revenue
ratio is projected to drop from 168% at end-2010 to near the
projected 'BBB' median of 126% by 2012, despite Indonesia's
structural fiscal weakness of a low revenue take - just 17% of
GDP in 2011 against the 'BBB' median of 33%.

Long-standing structural weaknesses, such as low average income
(USD3600 versus 'BBB' median of USD9800 in 2011) and problems
affecting the business climate, including poor physical
infrastructure and corruption, remain to be resolved.  However,
Indonesia's structural fundamentals are not the weakest in most
of these categories, and these issues do not constrain the rating
from the upgrade to 'BBB-'.

Progress in tackling structural weaknesses combined with
sustained economic growth, without a build-up of external
imbalances or a severe inflation shock, would enhance Indonesia's
economic and sovereign credit fundamentals and exert upward
pressure on the rating over the medium-term.  However, Fitch
believes the political environment is becoming less conducive to
reform, suggesting Indonesia's sovereign credit profile is likely
to remain at the weaker end of the 'BBB' range for some time,
warranting Stable Outlooks on the ratings.

Severe capital flow volatility that affect domestic economic and
financial stability and substantially erode external buffers
would be negative for the ratings.  Also, a deterioration in the
quality of fiscal or monetary policy management, leading to
external imbalances and/or instability in the banking system,
would adversely affect the ratings.


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


J-CORE16 TRUST: Moody's Lowers Rating of Class C Notes to 'Ba3'
---------------------------------------------------------------
Moody's Japan K.K. has downgraded the ratings for the Class A
through D Trust Certificates issued by J-CORE 16.

Class A, downgraded to Aa2 (sf); previously on October 5, 2011,
Aaa (sf) placed under review for possible downgrade

Class B, downgraded to Baa2 (sf); previously on October 5, 2011,
A3 (sf) placed under review for possible downgrade

Class C, downgraded to Ba3 (sf); previously on October 5, 2011,
Ba1 (sf) placed under review for possible downgrade

Class D, downgraded to B2 (sf); previously on October 5, 2011,
Ba2 (sf) placed under review for possible downgrade

Deal Name: J-CORE 16 Trust

Class: Class A through D Trust Certificates

Issue Amount (initial): JPY21.9 billion

Dividend: Floating

Issue Date (initial): September 29, 2008

Final Maturity Date: May, 2015

Underlying Asset (initial): One Bond backed by multiple offices

Originator: Deutsche Bank, Tokyo Branch

Arranger: Deutsche Bank, Tokyo Branch

J-CORE16, which is backed by a bond, was effected in September
2008. The assets backing the bond are being liquidated.

The bond originally represented the securitizations of 18 office
buildings, most of which are in Tokyo. Nine of the properties
have already been sold.

Excess cash flow to equity holders has stopped since January,
2010.

The bond issuer for J-CORE16 could not meet the early redemption
target amount.

Accordingly, the bond's excess cash flow redeemed part of the
bond's principal.

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.

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 conditions in their relevant
sub-markets. It has also re-evaluated the performance of the
underlying properties in terms of occupancy rates and actual
rents. As a result, Moody's has decided to apply higher stress on
the stabilized value, reducing it by about 26% from the initial
estimate.

2. Moody's re-assessed its assumptions for the sale of the
properties during the previous rating action date (July, 2010).

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.


JCREF CMBS: Moody's Reviews 'Ba1' Rating of Class C Notes
---------------------------------------------------------
Moody's Japan K.K. has placed under review for possible downgrade
its ratings on the Class A through E Notes issued by JCREF CMBS
2007-1 GK. The notes will mature in December 2015.

Details follow:

Deal Name: JCREF CMBS 2007-1 GK

Class A, Aa2 (sf) Placed Under Review for Possible Downgrade;
previously on March 11, 2011 Downgraded to Aa2 (sf) from Aa1 (sf)

Class B, Baa1 (sf) Placed Under Review for Possible Downgrade;
previously on March 11, 2011 Downgraded to Baa1 (sf) from A1 (sf)

Class C, Ba1 (sf) Placed Under Review for Possible Downgrade;
previously on March 11, 2011 Downgraded to Ba1 (sf) from Baa1
(sf)

Class D, B2 (sf) Placed Under Review for Possible Downgrade;
previously on March 11, 2011 Downgraded to B2 (sf) from Ba2 (sf)

Class E, Caa3 (sf) Placed Under Review for Possible Downgrade;
previously on March 11, 2011 Downgraded to Caa3 (sf) from B3 (sf)

JCREF CMBS 2007-1, effected in November 2007, represents the
securitization of five non-recourse loans and four specified
bonds (hereinafter referred to as the "loans").

One of the loans has been recovered, and the transaction is
currently secured by eight loans, six of which are under special
servicing.

Moody's has decided to apply higher stress on its recovery
assumptions for future disposal prices, as recovery thus far has
been below the expectations at the previous rating actions.

In addition, the performance of some of the properties has
deteriorated.

In its review, Moody's will re-assess -- and add further stress
to -- its recovery assumptions for the properties, which will
incorporate their operating status and the progress of special
servicing.

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.


JLOC 39: Moody's Reviews 'B2' Rating of Class C Notes
-----------------------------------------------------
Moody's Japan K.K. has placed under review for possible downgrade
the ratings for the Class A through D Notes issued by JLOC 39
Trust.

Class A, Aa1 (sf) Placed Under Review for Possible Downgrade;
previously on April, 8 2011 downgraded to Aa1 (sf)

Class B, Baa2 (sf) Placed Under Review for Possible Downgrade;
previously on April, 8 2011 downgraded to Baa2 (sf)

Class C, B2 (sf) Placed Under Review for Possible Downgrade;
previously on April, 8 2011 downgraded to B2 (sf)

Class D, Caa3 (sf) Placed Under Review for Possible Downgrade;
previously on April, 8 2011 downgraded to Caa3 (sf)

Deal Name: JLOC 39 Trust

Classes: A through D trust certificates

Issue Amount (initial): JPY 40.3 billion

Dividend: Floating

Issue Date (initial): December 21, 2007

Final Maturity Date: April, 2014

Underlying Asset (initial): 14 specified bonds, a non-recourse
loan, and cash

Originator: Morgan Stanley Japan Securities Co., Ltd. (as of the
issue date)

Arranger: Morgan Stanley Japan Securities Co., Ltd. (as of the
issue date)

The JLOC 39 Trust, effected in December 2007, represents the
securitization of 14 specified bonds and a non-recourse loan (all
hereinafter referred to as the "loans") by issued to ten
borrowers. The transaction is currently secured by six loans
backed by seven properties.

The originator entrusted the loans to the asset trustee, and
received the Class A through D trust certificates, which it then
sold to investors. The trust certificates are rated by Moody's.

In its review, Moody's will re-assess its stabilized cash flows
and values in light of rental conditions in the sub-markets
around the properties, as well as confirm the performance of the
underlying properties, such as their occupancy rates and actual
rents.


OLYMPUS CORP: Prosecutors to Search Offices Over Loss Coverup
-------------------------------------------------------------
Kyodo News reports that investigative sources said prosecutors
plan to search the offices of Olympus Corp. by the end of this
week for evidence that financial reports were falsified in
connection with the firm's coverup of massive investment losses.

According to the report, the planned raids by the special
investigative unit of the Tokyo District Public Prosecutor's
Office, likely to be conducted jointly with police and the
Securities and Exchange Surveillance Commission, are in response
to mounting allegations that the company's former executives
oversaw the accounting fraud.

Kyodo's sources said Friday that the prosecutors hope to build
cases by the end of March against former Chairman and President
Tsuyoshi Kikukawa, former corporate auditor Hideo Yamada, and
former Executive Vice President Hisashi Mori.

Kyodo relates that the sources said cases could also be built
against several others, including three former major securities
company employees, for allegedly abetting the camera and medical
equipment maker in hiding its losses.

The news agency relates that a third-party investigative panel
set up by Olympus to probe the matter said the company covered up
JPY117.7 billion in investment losses dating back to the 1990s,
using such measures as transferring the losses to investment
funds.

Sources told Kyodo that the prosecutors have already questioned
Messrs. Yamada and Mori on a voluntary basis, believing that the
coverup constituted falsification of the company's financial
reports -- a violation of the financial product trading law.

The sources said the prosecutors plan to question Mr. Kikukawa
soon and are also planning to question his immediate predecessor
as president, Masatoshi Kishimoto, who was accused by the
investigative panel of being aware of the coverup, Kyodo adds.

                   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: Mulls Merger Option to Shore Up Capital
-----------------------------------------------------
The Associated Press reports that the president of Olympus Corp.
on Thursday called business partnerships an option for shoring up
the gaping hole that the huge investment losses it hid for years
have left in its balance sheet.

The news agency relates that Olympus met its deadline to avoid
being removed from the Tokyo Stock Exchange by filing correct
earnings for the April-September first half and for the past five
fiscal years on Wednesday.

AP notes that the deception at Olympus, dating back to the 1990s,
to hide JPY117.7 billion ($1.5 billion) in investment losses came
to light when former President and Chief Executive Michael
Woodford blew the whistle, questioning expensive acquisitions and
exorbitant fees for financial advice.

Mr. Woodford, a 51-year-old Briton and a rare foreigner to lead a
major Japanese company, was fired in October after confronting
Olympus directors.  Mr. Woodford, in Japan last week to meet with
investors and other stakeholders to attempt a comeback, is
demanding that the entire board, including President Shuichi
Takayama, resign.

According to the AP, the battle over who will lead the camera and
medical equipment maker -- embroiled in one of Japan's worst
corporate scandals -- could come to a head at the next
shareholders' meeting.  Mr. Takayama said that might be held in
March or April, the report relates.

"Capital adequacy ratio is a big problem, and we are considering
how we can overcome it," Mr. Takayama told reporters at a Tokyo
hotel.  "We are considering various options, including a capital
tie-up and operational or sales tie-ups."

According to the AP, Mr. Takayama said The company's loss of
JPy32.3 billion ($414 million) for the first half of the fiscal
year, through September, a reversal from a JPY3.8 billion profit
the same period a year earlier, was mainly from the economic
downturn and losses from Thai flooding.

The news agency reports that Mr. Woodford said he was opposed to
tie-ups and had better ways to get capital for Olympus to shore
up its hobbled balance sheet.  Mr. Woodford, as cited by AP,
promised not to break it up or seek a partner, which may reduce
its independence.

Mr. Woodford said Olympus should focus on core businesses --
medicine, microscopes, industrial products and cameras and other
consumer products -- and stop acquiring unrelated companies, as
it had in recent years.

                   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.


===============
M A L A Y S I A
===============


MALAYSIA AIRLINES: To Cut Eight Unprofitable Routes
---------------------------------------------------
ChannelNewsAsia.com reports that loss-making national carrier
Malaysia Airlines said it will cut eight routes to Europe,
Africa, the Middle East and other destinations starting next
month as it seeks to return to a profit.

According to the report, the airline, which has struggled to stay
in the black in recent years, has unveiled a business plan aimed
at becoming profitable by 2013 that would include a route
"rationalisation" but did not name the affected routes.

The carrier said routes servicing Rome, Johannesburg, Cape Town,
Buenos Aires, Karachi, Dubai, the Saudi Arabian city of Dammam,
and the city of Surabaya in Indonesia, will be dropped,
ChannelNewsAsia.com relates.

They will be phased out at different times throughout January and
February, the report notes.

According to ChannelNewsAsia.com, Chief Executive Officer Ahmad
Jauhari Yahya said the destinations were withdrawn because they
were unprofitable.

"The withdrawal was based on our own independent internal
profitability and yield analysis," the report quotes Ahmad
Jauhari as saying in the statement.

Ahmad Jauhari, as cited by the news agency, said the carrier
planned to instead bolster services to major destinations in Asia
that have better prospects.

In the third quarter of this year, the airline posted its third
straight quarterly loss, owing to high fuel costs and increased
competition, ChannelNewsAsia.com discloses.

State-owned Malaysia Airlines engages in the business of air
transportation and the provision of related services.


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


BROADLANDS FINANCE: S&P Puts Issuer Credit Ratings on 'SD'
----------------------------------------------------------
Standard & Poor's Ratings Services placed its long- and short-
term issuer credit ratings on New Zealand finance company
Broadlands Finance Ltd. on 'SD' (Selective Default).

"This rating action follows BFL's missed interest payment on its
loan to its key shareholder, Mr. Anthony Radisich, on Dec. 15,
2011. Under these circumstances, consistent with our criteria, we
have revised our ratings on BFL to 'SD'. Under our rating
definitions, an obligor rated 'SD' has failed to pay one or more
of its financial obligations (rated or unrated) when it comes
due," S&P said.

"BFL's non-payment of interest due to its key shareholder
reflects commercial arrangements agreed between BFL and companies
associated with its key shareholder, and BFL's trustee acting on
behalf of holders of debenture stock under the Trust Deed, which
will result in external debenture holders being repaid in
priority to the key shareholder. BFL's key shareholder has agreed
to these arrangements to his own economic detriment in preference
to external debenture holders. We retain our opinion, articulated
on Dec. 8, 2011, that BFL is highly vulnerable in terms of
meeting its other financial commitments -- that is, those
commitments not due to is key shareholder, including commitments
due to external debenture holders. We equally acknowledge,
however, that there is a greater possibility of external
debenture holders being repaid on a timely basis because of their
preferred position compared with BFL's key shareholder," S&P
said.

"The ratings could be removed from 'SD' after we have had an
opportunity to further evaluate the potential for other
creditors, including external debenture holders being repaid on a
timely basis. This could occur as early as January 2012. Should
we gain confidence that external debenture holders will be repaid
on a timely basis, the ratings could be removed from 'SD',
although it would be likely to be placed no higher than the 'CC'
rating category -- at least initially. Should the company miss a
principal or interest payment to an external debenture holder or
other creditor in the interim, however, it would be likely that
the ratings would be revised to 'D' from 'SD'. A 'D' rating is
assigned when Standard & Poor's believes that the default will be
a general default and that the obligor will fail to pay all or
substantially all of its obligations as they come due," S&P said.


NATIONAL FINANCE: Trustee Continues to Face Statutory Duty Breach
-----------------------------------------------------------------
BusinessDay.co.nz reports that the former trustee of finance
company National Finance 2000 continues to face claims it
breached its duty to the troubled financier by not pointing out
breaches of the trust deed.

Car financier National Finance collapsed in May 2006 owing
NZ$24 million to 2,000 investors.

Last month, BusinessDay.co.nz recalls, director Trevor Ludlow was
sentenced to six years in prison on fraud charges relating to the
collapse, and last week became the first person to be banned from
working in the consumer finance industry.

A High Court decision involving Covenant Trustee Company comes as
part of wider action National Finance's receivers are taking
against the finance company's auditors, the report says.

According to BusinessDay.co.nz, the auditors are accused of
failing to detect problems with the company's total liabilities
versus its total assets, and with the amount of related party
transactions it was doing.

The auditors face damages claims totalling NZ$4.1 million,
relating to auditing work carried out between September 2004 and
March 2005, says BusinessDay.co.nz.

In turn, the report relates, the auditors argued that Covenant,
as the financier's former trustee, should have pointed out
possible breaches of the trust deed.

In its defence, Covenant claimed that while it had reasonable due
diligence duties, these duties were owed to the investors not the
finance company itself, BusinessDay.co.nz relates.

In his decision, the report notes, High Court Associate Judge
Roger Bell said while Covenant had not breached its statutory
duty of care, it did owe National Finance a common law duty.
Judge Bell said if the auditors wish to pursue their case against
Covenant, they would need to put full particulars before the
court, according to the report.

                       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: Sale Before Christmas Unlikely, Receiver Says
---------------------------------------------------------
Colin Williscroft at The National Business Review reports that
Pike River Coal receiver said no decision on the sale of the
company is expected before Christmas.

NBR relates that receiver John Fisk, of PricewaterhouseCoopers,
said there were a number of international parties interested in
buying the company but each had their own internal processes to
follow, which was going to take longer than originally hoped.

"Therefore, we don't expect to be signing a sale agreement this
side of Christmas," the report quotes Mr. Fisk as saying.

According to the report, Mr. Fisk said the sale is expected to
include the establishment of a trust that will help oversee
efforts to enter the main area of the mine and facilitate
recovery of any remains.

"We expect the purchaser to prepare a detailed plan and
timetable, use best endeavours to carry out body recovery and to
have set aside funds to be used for that purpose," Mr. Fisk, as
cited by NBR, said.

However, Mr. Fisk said that, as noted previously, no one could
give any guarantees to the families about re-entry of the mine's
main workings or how long that process may take, NBR 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.


SENTINEL VINEYARD: In Receivership, Owner Keeps Hold of Assets
--------------------------------------------------------------
The Marlborough Express reports that Tauranga-based former
lawyer, Vinay Deobhakt, has gotten involved in the receivership
of Sentinel Vineyard by aiding its owners to keep hold of their
vineyard.

Mr. Deobhakta said he got involved in the receivership of
Sentinel Vineyard because he believes owners Neil and Lyn Berry
should have a fair chance to work their way out of their
financial problems, according to The Marlborough Express.  The
report relates that on Mr. Deobhakta's advice, the Berrys have
not budged from their home and have heard nothing further from
the receivers about having to leave.

The Marlborough Express says that the Berrys' partnership, with
assets including a three-bedroom home and 14-hectare vineyard,
was put into receivership under BDO New Zealand partners Stephen
Tubbs and Colin Gower in March.  The property, valued at NZ$1.325
million during the latest rateable valuations, passed in at
mortgagee auction in June with no bids, the report says.

The Marlborough Express notes that the Berrys managed to put
together a refinance package in October, but Mrs. Berry claims
their lawyer at the time did not file the paperwork on time.  The
lawyer says the paperwork could not be done because of continuing
negotiations, the report relates.

Two days later, on October 12, the receivers sent the Berrys a
letter telling them their house and vineyard were to be sold and
they had to leave by November 3, giving them less than a month's
notice to quit their home, The Marlborough Express relays.

Quotable Value records show the receivers agreed to sell the
property a day later for $750,000, The Marlborough Express
discloses.  The sale was settled on November 11.

The Berrys claim their financial problems started because their
bank mismanaged their accounts during crucial seasons, causing
them to lose one vintage of grapes to frost, another for the cost
of harvest, and a third to a winemaker's lien, the report adds.


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


DBS BANK: Fitch Assigns Short-term 'F1+' Rating to Upcoming Notes
-----------------------------------------------------------------
Fitch Ratings has assigned DBS Bank Ltd's upcoming USD5bn
commercial paper notes programme a Short-term 'F1+' rating.

The programme is rated at the same level as DBS's 'F1+' Short-
Term Foreign-Currency Issuer Default Rating (IDR).  This is
because the commercial papers will constitute direct,
unsubordinated and unsecured obligations of the bank and, rank
equally with all its other unsecured and unsubordinated
obligations. Proceeds from the programme issuance will be used
for general business purposes.

DBS is 28%-owned by the Singapore government via Temasek Holdings
and is the largest of the three Singapore banking groups by
assets.

The full list of DBS's ratings is as follows:

  -- Long-Term Foreign-Currency IDR 'AA-'; Stable Outlook
  -- Short-Term Foreign-Currency IDR 'F1+'
  -- Viability Rating 'aa-'
  -- Individual Rating 'B'
  -- Support Rating '1'
  -- Support Rating Floor 'A-'


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


UNION BANK: Fitch Affirms Long-Term Rating at 'BB+ (lka)'
---------------------------------------------------------
Fitch Ratings Lanka has revised Union Bank of Colombo PLC's
Outlook to Negative from Stable.  Its National Long-Term rating
has been affirmed at 'BB+(lka)'.

The Negative Outlook reflects UB's operational risks, given the
nature of its disparate IT systems, weak operational branch
procedures, while loan growth was high at 56.5% in nine months
ended September 2011 (9M11).

The rating reflects UB's moderate asset quality and lack of a
broad deposit base.  The rating also reflects the challenges to
the scalability of its operations given operational weaknesses
and the impact on profitability of its holding of low-yielding
deep-discount bond (DDB), which was part of the 2003 balance
sheet restructuring.

The implementation of necessary risk management systems and
processes (including the bank's proposed implementation of a core
banking system) would enable UB to manage its expansion plans and
may result in the Outlook being revised to Stable.  Any further
delays in the implementation of the core banking system or delays
in the correction of highlighted operational risks would be
negative for the rating.

UB's loans grew by 56.5% in Q311, with overdrafts and term loans
accounting for 35% and 34% of loans, respectively, at Q311 (2010:
39% and 24%).  Furthermore, its loans had a sizable exposure to
the trade sector.  Non-performing loan ratio improved to 3.5% at
Q311 from 8.2% at FYE10, due to concerted recoveries and loan
growth.

DDB accounted for 12% of UB's interest earning assets at end-
September 2011 from its peak of 35% at 2003.  The DDB will yield
4% and mature in 2023.  The bank advises that the DDB will be
held-to-maturity and consequently mark-to-market valuations would
not be required post January 2012.

UB raised LKR375m through an IPO in February 2011, thereafter it
acquired a 51% stake in National Asset Management Ltd (NAMAL, a
fund management company).  In November 2011, UB and ShoreCap II
(an international foreign investment fund) acquired 81.3% and
18.6%, respectively, of voting shares of The Finance Guarantee
(TF&G, a distressed finance company that was part of the Ceylinco
group).  In December 2011, UB announced that 6.8% of its stake
would be sold to UB's shareholders.  The NAMAL investment will
provide UB with additional fee-income sources through NAMAL unit
trust activities and cross-selling opportunities to NAMAL
clientele.  Taken together and subsequent to the proposed 6.8%
share sale, these two investments accounted for LKR881m of UB's
capital.

UB's total capital adequacy ratio was 28.0% at Q311 (2010:
34.5%). Driven by the recent equity raising programs, the bank
was able to fund loan growth, and thereby increasing its
profitability ratios (ROA: to 1.2% in Q311, 2010: 0.9% at 2010)
and reducing the impact of the DDB.


===========
T A I W A N
===========


ARCAP 2004-1: Fitch Lowers Ratings on Seven Note Classes
--------------------------------------------------------
Fitch Ratings has affirmed Taiwan-based Oriental Securities
Corporation's Long-Term Foreign Currency Issuer Default Rating
(IDR) at 'BBB-' with Stable Outlook.

At the same time, Fitch has affirmed OSC's Individual Rating at
'C/D' and its Support Rating at '5', and withdrawn them as these
ratings are no longer considered by Fitch to be relevant to the
agency's coverage.

The ratings and Outlook reflect OSC's continued strong capital
and liquidity positions which mitigate its susceptibility to
market volatility. A significant increase in risk appetite,
resulting in a sharply weakened capital buffer, would put
downward pressure on its ratings. On the other hand, a positive
rating action may result from substantial improvements in its
franchise and revenue diversification although this is less
likely in the short- to medium-term given the highly competitive
operating environment.

OSC reported a return on equity of -1.9% in 9M11, which was
generally in line with its similarly sized domestic peers, due to
unusually weak capital market conditions in 2011. Nonetheless,
Fitch expects OSC to maintain balance-sheet strength even in the
case of prolonged weak stock market performance. OSC's capital
strength remains superior to its peers', with equity/asset and
capital adequacy ratios of 72% and 1,066% at end-Q311 (peer
average: 51% and 568%). It has also maintained strong liquidity
as indicated by a strong surplus in net current assets at 346%
(peer average: 195%) at end-Q311.

OSC is ranked 14th by equity among 47 fully licensed securities
firms in Taiwan. OSC is 99%- owned by Far Eastern Group, a large
and diversified conglomerate in Taiwan.

OSC's ratings:

  -- Long-Term Foreign Currency IDR affirmed at 'BBB-';
     Outlook Stable
  -- Short-Term Foreign currency IDR affirmed at 'F3'
  -- National Long-Term rating affirmed at 'A(twn)';
     Outlook Stable
  -- National Short-Term rating affirmed at 'F1(twn)'
  -- Individual Rating affirmed at'C/D'; rating withdrawn
  -- Support Rating affirmed at '5'; rating withdrawn


                             *********

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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