TCRAP_Public/111220.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Tuesday, December 20, 2011, Vol. 14, No. 251

                            Headlines


A U S T R A L I A

EQUITITRUST LIMITED: ASIC Suspends AFS License for 12 Months
HR COOK: Former Liquidator Gets Six Years Jail Sentence
RIVERLAND FRUIT: Liquidator Returns Dividends to 490 Shareholders


C H I N A

HOPSON DEVELOPMENT: Moody's Lowers Corporate Family Rating to B3
* CHINA: Moody's Maintains Neg. Outlook on Property Developers


H O N G  K O N G

FEB (1989): Creditors' Proofs of Debt Due Jan 16
FLYOVER INVESTMENT: Seng and Yee Step Down as Liquidators
FOURSEAS BOWLING: Members' Final Meeting Set for Jan. 18
HOWARD INN: Placed Under Voluntary Wind-Up Proceedings
HSBC GUYERZELLER: Lam and Boswell Step Down as Liquidators

KOONLEAD ENGINEERING: Creditors' Proofs of Debt Due Jan 17
NETWORK BOX: Batchelor and Sutton Step Down as Liquidators
POSILFUSION LIMITED: Tong Lap Hong Steps Down as Liquidator
PRIME TECHNOLOGY: Placed Under Voluntary Wind-Up Proceedings
SONIC BATTERY: Creditors' Meeting Set for Jan. 6

ST. TERESA'S: Creditors' Proofs of Debt Due Jan 17
TEXCON ASIA: Members' Final General Meeting Set for Jan. 18
TIS FINANCE: Creditors' Proofs of Debt Due Jan. 27
WARNER BROS.: Seng and Lo Step Down as Liquidators
ZEGNA INFORMATION: Members' Final General Meeting Set for Jan. 17


I N D I A

A B INFRABUILD: CRISIL Assigns 'CRISIL B' Rating to INR60MM Loan
AJANTA OFFSET: CRISIL Upgrades Rating on INR241.1MM Loan to 'C'
DESMO EXPORTS: CRISIL Reaffirms 'CRISIL BB' Cash Credit Rating
EURO VISTAA: CRISIL Upgrades Rating on INR19MM Loan to CRISIL B+
GLAZETECH INDUSTRIES: CRISIL Cuts Rating on INR40MM Loan to 'D'

INTERDRIL (ASIA): CRISIL Cuts Rating on INR91.1MM Loan to 'D'
JAGADAMBHA COTTON: CRISIL Reaffirms 'BB-' Rating on INR19MM Loan
JOSHI COTEX: CRISIL Assigns CRISIL B+ Rating to INR6MM Term Loan
MAHAVIR FIBRE: CRISIL Rates INR50MM Cash Credit at 'CRISIL B+'
NC JEWELLERS: CRISIL Assigns 'CRISIL BB-' Rating to INR80MM Loan

NEELA SYSTEMS: CRISIL Ups Rating on INR76MM Loan to 'CRISIL BB'
SARADA PROJECTS: Delay in Loan Repayment Cues CRISIL Junk Ratings
SHREE MALLIKARJUN: Delay in Loan Payment Cues CRISIL Junk Rating
SILVER EMPORIUM: CRISIL Places CRISIL BB- Rating on INR65MM Loan


I N D O N E S I A

BUKIT MAKMUR: Fitch Affirms LTFC Issuer Default Rating at 'BB-'


N E P A L

UNITED DEVELOPMENT: Central Bank Prepares to Liquidate UDB


N E W  Z E A L A N D

AMI INSURANCE: Accepts AIG's NZ$380-Million Condition Offer
FIVE STAR: Director's Case Delayed Until Next Year
PIKE RIVER: Solid Energy Out of the Running to Buy Mine


P H I L I P P I N E S

* PHILIPPINES: Moody's Says Ba2 Sovereign Rating Outlook, Stable


S I N G A P O R E

ADVANCE MODULES: Creditors Get 50.62% Recovery on Claims
BELL & ORDER: Creditors Get 11.30637% Recovery on Claims
BI RESEARCH: Creditors' Proofs of Debt Due Jan. 16
DBS BANK: Moody's Assigns 'B' Bank Financial Strength Rating
IUT SINGAPORE: Creditors Get 100% Recovery on Claims

HONG FOK: Court to Hear Wind-Up Petition Dec. 23


X X X X X X X X

* BOND PRICING: For the Week Dec. 12 to Dec. 16, 2011


                            - - - - -


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


EQUITITRUST LIMITED: ASIC Suspends AFS License for 12 Months
------------------------------------------------------------
The Australian Securities and Investments Commission has
suspended the Australian financial services (AFS) license of
Equititrust Limited for 12 months, for failing to comply with a
number of key obligations as a financial services licensee.
Equititrust is the responsible entity of the Equititrust Income
Fund and the Equititrust Priority Class Income Fund.

ASIC found that Equititrust has breached its legal obligations
and license conditions in that it failed to:

   * comply with its obligation to maintain at least AUD5 million
     net tangible assets;

   * prepare and lodge annual audited financial statements
     and to provide annual financial reports to members of
     EIF and EPCIF for the financial year ended June 30,
     2011; and

   * lodge compliance plan audits for EIF and EPCIF for the
     financial year ended June 30, 2011.

Equititrust is the responsible entity of EIF, a registered
managed investment scheme whose primary business is lending
retail investors' pooled funds for property development and
taking mortgages over the property.  Equititrust is also the
responsible entity of EPCIF, another registered scheme, which is
dormant.  These schemes are to be wound up in accordance with
orders made in the Supreme Court of Queensland on Nov. 21, 2011.

The suspension of Equititrust's AFS licence follows earlier
action by ASIC to preserve the status quo of the schemes.

The suspension of Equititrust's AFS licence is part of ASIC's
ongoing efforts to improve standards across the financial
services industry.

"The compliance of Australian financial services licensees with
their obligations is central to the informed and confident
participation of consumers in the financial services markets,"
ASIC Chairman, Greg Medcraft, said.

ASIC may revoke the suspension in the event Equititrust meets its
legal obligations and licence conditions.

Equititrust has the right to appeal to the Administrative Appeals
Tribunal for a review of ASIC's decision.

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

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

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

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


HR COOK: Former Liquidator Gets Six Years Jail Sentence
-------------------------------------------------------
The Australian Securities and Investments Commission said that
former liquidator, Stuart Ariff, has been jailed for six years
following his conviction on 19 criminal charges brought by ASIC.

Mr. Ariff, who was found guilty by a New South Wales District
Court jury on Sept. 26, 2011, will be eligible for parole on
March 25, 2015.

ASIC Deputy Chairman Belinda Gibson, said, "ASIC's decision to
pursue criminal charges against Mr Ariff is a clear demonstration
of our commitment to deterring misconduct by gatekeepers
including insolvency practitioners."

ASIC's charges related to Mr. Ariff's conduct whilst he was the
liquidator of HR Cook Investments Pty Ltd (in liquidation)
between June 9, 2006 and March 29, 2009.

In September 2011, Mr. Ariff was found guilty on 13 charges under
section 176A of the NSW Crimes Act concerning the transfer of
AUD1.18 million with intent to defraud HR Cook Investments.

Mr. Ariff was also found guilty on six charges under section
1308(2) of the Corporations Act 2001 of making false statements
in documents lodged with ASIC recording receipts and payments
relating to HR Cook Investments.

The matter was prosecuted by the Commonwealth Director of Public
Prosecutions.

In August 2009, Mr. Ariff was banned for life from acting as
liquidator following ASIC proceedings in the Supreme Court of New
South Wales.  These proceedings alleged Mr. Ariff had not
faithfully performed his duties in relation to 16 companies.

As reported in the Troubled Company Reporter-Asia Pacific on
July 14, 2006, at an extraordinary general meeting on June 9,
2006, the members of H.R. Cook Investments Pty Limited resolved
to close the Company's business operations and distribute the
proceeds of its assets disposal.  Subsequently, Stuart Ariff was
appointed as liquidator.

H.R. Cook Investments Pty Limited was a Newcastle family company.


RIVERLAND FRUIT: Liquidator Returns Dividends to 490 Shareholders
-----------------------------------------------------------------
The liquidator of Riverland Fruit Co-operative Limited, BDO
Partner George Divitkos, announced on Dec. 15 that all 490
shareholders were paid a dividend from the surplus funds from the
liquidation of RFC.  Cheques were mailed to shareholders on
Dec. 14.  This follows full repayment to creditors, plus
interest.

"We are extremely pleased with the outcome," Mr. Divitkos said.
"A return to shareholders is a reward for their patience during
the lengthy receivership and liquidation process and is a
successful outcome, just in time for Christmas."

George Divitkos was appointed liquidator of RFC in January 2002
by order of the Supreme Court of South Australia. This followed
the appointment of Receivers & Managers to RFC in late 2000, who
dealt with the majority of the "physical" assets, returning
payments to secured creditors.

At appointment, RFC had some 2,000 creditors.  More than 1,300
were based in the Riverland, many of whom were fruit
growers/suppliers.  They were owed around AUD2.6 million.  There
was also an outstanding AUD400,000 South Australian Government
loan.

Mr. Divitkos and his insolvency team at BDO were able to provide
two dividend payments to creditors that fully repaid creditor
debts of 100 cents in the dollar.  A further interest payment,
representing 8% interest a year on the amount they had claimed,
was then made to creditors in 2010.

"A payment of 100c in the dollar and interest to all creditors,
plus a return to shareholders, is an extremely unusual occurrence
from a court liquidation, particularly given RFC had gone through
the receivership and liquidation process", Mr. Divitkos said.

"This is a terrific outcome for many individuals and small
businesses that have trusted our team to realize assets. We have
had close cooperation from creditors, the Committee of Inspection
and strong legal advice, which enabled us to pursue and settle
two significant legal actions."

The RFC liquidation was mentioned in the Australian Senate as a
success story as part of the IPAA submission for the 2009 Senate
enquiry into Liquidators and Administrators.

Shareholders should receive their dividend cheques within the
next few days.

Riverland Fruit Co-operative Limited was a fruit packing co-
operative in South Australia which had receivers and managers
appointed to it, as well as to an unsuccessful joint venture
company, in late 2000.


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


HOPSON DEVELOPMENT: Moody's Lowers Corporate Family Rating to B3
----------------------------------------------------------------
Moody's Investors Service has downgraded Hopson Development
Company Holdings Limited's corporate family rating to B3 from B1
and its senior unsecured rating to Caa1 from B2.  The ratings
outlook is negative.

Ratings Rationale

"The downgrade reflects Hopson's deteriorating liquidity
position, due in part to lower-than-expected contract sales and
the maturing of a material amount of debt in 2012" says Jiming
Zou, a Moody's Analyst.

Government restrictions on property purchases in first-tier
cities -- such as Guangzhou, Shanghai, Beijing and Tianjin, and
which account for most of its sales -- have slowed year-to-date
contract sales.

During January to October, contract sales totaled about RMB10
billion, which is much below Moody's expectation.

Hopson reported about RMB10 billion in short-term borrowings, as
of June 30, 2011, while its cash balance was RMB3.6 billion. Such
a high level of maturing debt, which includes some trust loans
that must be repaid, is destabilizing its funding base.

In addition, Hopson has US$350 million in senior notes due in
November 2012. Given the current volatility in the debt and
capital markets, Hopson will face challenges in raising new
offshore financing.

"The downgrade also reflects Hopson's deteriorating inventory
position. Its fast expansion occurs at a time when market
conditions have also become more challenging. This has resulted
in Hopson carrying a high level of work-in-progress inventory --
RMB 35 billion as of June 30, 2011, and which is high relative to
its annual contract sales. Furthermore, it has the highest ratio
for completed inventory -- RMB 9 billion as of June 30, 2011 --
to annual book sales among the rated developers," continues Mr.
Zou.

"Another concern driving the downgrade is high debt leverage. It
had debt of RMB 28 billion as of 30 June 2011, or more than two
times its annualized contract sales for 2011," says Mr. Zou.

The high level of debt has also resulted in weak interest
coverage. Moody's expects Hopson's EBITDA/interest coverage to
remain below 2x in the next 12 months, and which will restrict
its borrowing capacity.

The B3 rating continues to reflect Hopson's well-located and low-
cost property projects, established market position, and good
brand recognition in Guangdong province. It also reflects its
effort at geographic diversification into second- and third-tier
cities, and its plan to develop more commercial properties.

At the same time, Hopson's rating also considers its weaker
financial policy, the reason for its deteriorating financial
position.

The negative outlook reflects Moody's concern over Hopson's
heightened level of liquidity risk, based in turn on its need to
refinance its offshore debt and trust loans. It is also based
upon the weakness in sales, and which has resulted in a high
level of inventory.

The ratings could be downgraded if Hopson (1) fails to arrange
for new funding of its maturing debts; or (2) experiences further
declines in sales and profit margins; or (2) shows no further
improvement in EBITDA/interest coverage, which remains at 1x or
below.

Moody's will continue to monitor closely Hopson's ability to
arrange for new funding for its trust loans and offshore debt. An
absence of any progress in refinancing in the near term could
further pressure its ratings.

A rating upgrade is unlikely, given the negative outlook.
However, the outlook could return to stable if Hopson can
demonstrate (1) an improved liquidity position through new
funding to refinance its maturing debts; (2) improved contract
sales, that is it meets its annual targets; (3) reductions in
unsold inventory; (4) reductions in debt leverage, and (5)
improved interest coverage - EBITDA/interest coverage above 2.0x.

The principal methodology used in rating Hopson was Moody's
"Global Homebuilding Industry," published in March 2009. Please
see the Credit Policy page on www.moodys.com for a copy of this
methodology.

Hopson Development Company Holdings Limited is one of the largest
property developers in China with a land bank of 30.5 million
square meters in gross floor area. Its principal business
interests are residential developments in four major cities --
Guangzhou, Beijing, Shanghai, and Tianjin -- and their
surrounding areas.


* CHINA: Moody's Maintains Neg. Outlook on Property Developers
--------------------------------------------------------------
Moody's Investors Service says it has maintained its negative
outlook on Chinese property developers as the sector will
continue to face a challenging operating environment over the
next 12-18 months.

"The challenges will be marked by slowing sales, tight bank
credit, and downward pressure on prices and profit margins. All
these factors could pressure the credit and liquidity profiles of
developers," says Kaven Tsang, a Moody's Assistant Vice President
and Analyst.

"We expect the government to continue its attempts to curb
property prices. Though transaction volumes in major cities, such
as Beijing and Shanghai, have materially declined in 2011, price
declines have only been more obvious in the fourth quarter.
Moreover, property prices have not materially declined in most
second tier cities," he says. "This lag could deter any near-term
relaxation of regulatory measures and tight bank credit to the
sector."

Mr. Tsang was speaking at the release of a Moody's report on the
outlook for Chinese property developers, and which he authored
along with Peter Choy, a Moody's Associate Managing Director.

Despite the aforesaid challenges, Moody's believes rated
developers are better positioned than their smaller unrated peers
because of their more diversified operations and better access to
both onshore and offshore funding. These strengths will provide
them with more flexibility to counter the challenges of slowing
sales and tight credit.

In particular, many of the rated developers experienced the last
down-cycle in 2008, and, therefore, have taken a more cautious
approach in expanding over the last two years. They also have
ample cash on hand to preserve balance-sheet liquidity.

As of September, with a total of RMB176 billion (US$27 billion)
of cash, the liquidity of rated developers was stronger than in
2008 and can cover their short-term debt of RMB128 billion (US$20
billion).

Moody's rates 29 developers in China and their ratings range from
Baa2 to Caa1.

The latest report is titled "Chinese Property Developers: Slow
Sales and Tight Credit to Continue."


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


FEB (1989): Creditors' Proofs of Debt Due Jan 16
------------------------------------------------
Creditors of FEB (1989) Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by Jan.
16, 2012, to be included in the company's dividend distribution.

The company's liquidators are:

         Seng Sze Ka Mee Natalia
         Cheng Pik Yuk
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


FLYOVER INVESTMENT: Seng and Yee Step Down as Liquidators
---------------------------------------------------------
Natalia K M Seng and Cynthia Wong Tak Yee stepped down as
liquidators of Flyover Investment Limited on Dec. 3, 2011.


FOURSEAS BOWLING: Members' Final Meeting Set for Jan. 18
--------------------------------------------------------
Members of Fourseas Bowling Centre Limited will hold their final
meeting on Jan. 18, 2012, at 4:00 p.m., at 6th Floor, Kwan Chart
Tower, at 6 Tonnochy Road, Wanchai, in Hong Kong.

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


HOWARD INN: Placed Under Voluntary Wind-Up Proceedings
------------------------------------------------------
At an extraordinary general meeting held on Dec. 6, 2011,
creditors of Howard Inn Foods Company Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Leung Chi Wing
         Room 3, 8/F., Yue Xiu Building
         160 Lockhart Road
         Wan Chai, Hong Kong


HSBC GUYERZELLER: Lam and Boswell Step Down as Liquidators
----------------------------------------------------------
Rainier Hok Chung Lam and Anthony David Kenneth Boswell stepped
down as liquidators of HSBC Guyerzeller Far East Limited on
Dec. 12, 2011.


KOONLEAD ENGINEERING: Creditors' Proofs of Debt Due Jan 17
----------------------------------------------------------
Creditors of Koonlead Engineering Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Jan. 17, 2012, to be included in the company's dividend
distribution.

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

The company's liquidator is:

         Yang Chun Thomas
         Flat A, 14th Floor
         Hennessy Plaza
         166 Hennessy Road
         Wanchai, Hong Kong


NETWORK BOX: Batchelor and Sutton Step Down as Liquidators
----------------------------------------------------------
John Howard Batchelor and Roderick John Sutton stepped down as
liquidators of Network Box Limited on Dec. 16, 2011.


POSILFUSION LIMITED: Tong Lap Hong Steps Down as Liquidator
-----------------------------------------------------------
Tong Lap Hong stepped down as liquidator of Posilfusion Limited
on Nov. 28, 2011.


PRIME TECHNOLOGY: Placed Under Voluntary Wind-Up Proceedings
------------------------------------------------------------
At an extraordinary general meeting held on Dec. 9, 2011,
creditors of Prime Technology Limited resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

         Chung Cheuk Wai
         Room 1307-8 Dominion Centre
         43-59 Queen's Road East
         Wanchai, Hong Kong


SONIC BATTERY: Creditors' Meeting Set for Jan. 6
------------------------------------------------
Creditors of Sonic Battery Company Limited will hold a meeting on
Jan. 6, 2012, at 10:00 a.m., at the office of Borrelli Walsh
Limited at Level 17, Tower 1, Admiralty Centre, at 18 Harcourt
Road, in Hong Kong.

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


ST. TERESA'S: Creditors' Proofs of Debt Due Jan 17
--------------------------------------------------
Creditors of St. Teresa's Hospital Cancer Centre Company Limited,
which is in members' voluntary liquidation are required to file
their proofs of debt by Jan. 17, 2012, to be included in the
company's dividend distribution.

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

The company's liquidators are:

         Li Fat Chung
         Chan Chi Bor
         Unit 402, 4/F., Malaysia Building
         No. 50, Gloucester Road
         Wanchai, Hong Kong


TEXCON ASIA: Members' Final General Meeting Set for Jan. 18
-----------------------------------------------------------
Members of Texcon Asia Limited will hold their final general
meeting on Jan. 18, 2012, at 10:00 a.m., at 4304, 43/F, China
Resources Building, at 26 Harbour Road, Wanchai, in Hong Kong.

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


TIS FINANCE: Creditors' Proofs of Debt Due Jan. 27
--------------------------------------------------
Creditors of TIS Finance (HK) Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Jan. 27, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Nov. 28, 2011.

The company's liquidator is:

         Ng Siu Yung
         Units 803-5, Nan Fung Tower
         173 Des Voeux Road
         Central, Hong Kong


WARNER BROS.: Seng and Lo Step Down as Liquidators
--------------------------------------------------
Natalia K M Seng and Susan Y H Lo stepped down as liquidators of
Warner Bros. Theatres (HK) Limited on Dec. 1, 2011.


ZEGNA INFORMATION: Members' Final General Meeting Set for Jan. 17
-----------------------------------------------------------------
Members of Zegna Information Systems Limited will hold their
final general meeting on Jan. 17, 2012, at 5:00 p.m., at the
offices of Li & Lai, Solicitors, Room 507, Nan Fung Tower, at 173
Des Voeux Road Central, in Hong Kong.

At the meeting, Li Cheuk Wai and Lee Wing Hang, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


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


A B INFRABUILD: CRISIL Assigns 'CRISIL B' Rating to INR60MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of A B Infrabuild Pvt Ltd.

   Facilities                     Ratings
   ----------                     -------
   INR70 Million Cash Credit      CRISIL B/Stable (Assigned)
   INR60 Million Proposed LT      CRISIL B/Stable (Assigned)
    Bank Loan Facility
   INR70 Million Bank Guarantee   CRISIL A4 (Assigned)

The ratings reflects ABIPL's weak financial risk profile, marked
by a small net worth and high gearing, coupled with customer
concentration its revenue profile and increasing working capital
intensity of its operations. These rating weaknesses are
partially offset by the extensive industry experience of ABIPL's
promoter in the civil construction industry.

Outlook: Stable

CRISIL believes that ABIPL will benefit over the medium term from
its promoter's extensive experience in the civil construction
industry. The outlook may be revised to 'Positive' if the company
exhibits a significant improvement in its capital structure while
diversifying its clientele base and exhibiting steady growth in
its revenues. Conversely, the outlook may be revised to
'Negative' in case of a steep decline in its revenue growth or
deterioration in capital structure or significant lengthening of
its operating cycle.

                      About A B Infrabuild

ABIPL was started in 1999 as a proprietorship concern of Mr. Amit
Mishra, a Mumbai based entrepreneur, by the name of A B
Enterprises. Later, in April 2011, it was reconstituted to a
private limited company.  The company is a civil contractor
engaged in construction of railway platforms and bridges, railway
sleepers, and construction of building and miscellaneous
structures. The company also manufactures ready mixed concrete.
It is currently managed by Mr. Mishra and primarily executes
civil contracts for the Western Railways in Mumbai (Maharashtra).

ABIPL reported a profit after tax (PAT) of INR6.14 million on net
sales of INR218.11 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR8.07 million on net
sales of INR249.68 million for 2009-10.


AJANTA OFFSET: CRISIL Upgrades Rating on INR241.1MM Loan to 'C'
---------------------------------------------------------------
CRISIL has upgraded its ratings on the bank loans facilities of
Ajanta Offset & Packagings Ltd to 'CRISIL C/CRISIL A4' from
'CRISIL D/CRISIL D'.

   Facilities                      Ratings
   ----------                      -------
   INR520.0 Million Cash Credit    CRISIL C (Upgraded from
                                            'CRISIL D')

   INR241.1 Million Term Loan      CRISIL C (Upgraded from
                                             'CRISIL D')

   INR208.9 Million Proposed LT    CRISIL C (Upgraded from
   Bank Loan Facility                       'CRISIL D')

   INR70.0 Mil. Letter of Credit   CRISIL A4 (Upgraded from
                                             'CRISIL D')

The upgrade reflects timely servicing of debt by AOPL, post the
implementation of the corporate debt restructuring (CDR) scheme
in June 2011. As per the CDR scheme, the company's repayment of
term loans are now scheduled to begin from June 2012, which is
expected to reduce some strain on the company's weak liquidity.
However, CRISIL believes that AOPL's liquidity will remain weak
over the medium term mainly because of suppressed cash accruals.

The ratings continue to reflect AOPL's weak financial risk
profile marked by a declining net worth, a high gearing, and weak
debt protection metrics. This rating weakness is partially offset
by the extensive experience of AOPL's promoters in the printing
industry.

                       About Ajanta Offset

Incorporated in 1969 and promoted by Mr. G P Todi, AOPL offers
comprehensive print management solutions, including pre-press,
press, and post-press services, and is listed on the Delhi Stock
Exchange. The company has three units at Faridabad (Haryana) and
a unit in New Delhi; it has sold off its second unit in New
Delhi, and is about to move to a rented premises in Kundli
(Haryana). AOPL has a wholly owned subsidiary, Vista Stationery
and Print Ltd, which was incorporated in 2006-07 (refers to
financial year, April 1 to March 31) in the UK to expand the
calendar business in the UK.

For 2010-11 (refers to financial year, April 1 to March 31), AOPL
reported a net loss of INR251.8 million on net sales of INR528.3
million, against a net loss of INR38.5 million on net sales of
INR756.2 million for 2009-10.


DESMO EXPORTS: CRISIL Reaffirms 'CRISIL BB' Cash Credit Rating
--------------------------------------------------------------
CRISIL has revised its rating outlook on the long-term bank
facilities of Desmo Exports Ltd to 'Negative' from 'Stable',
while reaffirming the rating at 'CRISIL BB'; the rating on the
short-term facilities has been reaffirmed at 'CRISIL A4+'.

   Facilities                      Ratings
   ----------                      -------
   INR50 Million Cash Credit      CRISIL BB/Negative (Reaffirmed;
                                  Outlook Revised from 'Stable')

   INR345 Mil. Letter of Credit   CRISIL A4+
   (Enhanced from INR200 Million)

   INR105 Million Proposed Short- CRISIL A4+ (Assigned)
   Term Bank Loan facility

The revision in the outlook reflects CRISIL's belief that Desmo's
financial risk profile will remain weak over the medium term
because of its increasing working capital requirements and
depressed cash accruals, which is expected to increase its debt
level. The company's working capital cycle has witnessed a
stretch, as reflected in its high gross current asset (GCA) level
of 156 days of sales as on March 31, 2011, compared with 103 days
of sales as on March 31, 2009; the increase in GCA level has been
on account of piling up of inventory and increased debtor period.
Cash accruals declined to around INR11 million in 2010-11 (refers
to financial year, April 1 to March 31) from INR15 million in
2008-09 because of an increase in pressure on profitability.
Depressed cash accruals and large working capital requirements
have increased the company's debt levels, which resulted in
deterioration in its ratio of total outstanding liabilities to
tangible net worth to 5.6 times as on March 31, 2011, from 1.7
times as on March 31, 2009. CRISIL believes that that Desmo's
large working capital requirements and continued pressure on
profitability would prevent any improvement in its financial risk
profile over the medium term.

The ratings continue to reflect Desmo's strong sourcing
capabilities and diversified product and customer profiles. These
rating strengths are partially offset by the company's below
average-financial risk profile and working-capital-intensive
operations.

Outlook: Negative

CRISIL believes that Desmo's financial risk profile will remain
weak over the medium term, marked by increasing its debt levels
as a result of increase in working capital requirements and its
depressed cash accruals. The ratings may be downgraded if there
is more-than-expected deterioration in Desmo's capital structure,
most likely because of larger-than-expected working capital
requirements. Conversely, the outlook may be revised to 'Stable'
if there is a substantial improvement in the company's revenues
and profitability or an improvement in its working capital
management.

                       About Desmo Exports

Desmo was established in 1993, promoted and managed by Mr.
Dilipkumar Jindal. It is a closely held public limited company.
It trades in 25 types of chemicals, including citric acid,
phosphoric acid, paraffin wax and dicyandiamide. The company has
marketing offices in China, from where it procures the majority
of its supplies.

Desmo reported a profit after tax (PAT) of INR10.0 million on net
sales of INR983 million for 2010-11, against a PAT of INR10.8
million on net sales of INR618 million for 2009-10.


EURO VISTAA: CRISIL Upgrades Rating on INR19MM Loan to CRISIL B+
----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Euro Vistaa India Ltd to 'CRISIL B+/Stable' from 'CRISIL
B/Stable', and has reaffirmed its rating on the company's short-
term bank facilities at 'CRISIL A4'.

   Facilities                      Ratings
   ----------                      -------
   INR19.0 Million LT Loan         CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

   INR32.8 Million Proposed LT     CRISIL B+/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL B/Stable')

   INR460.0 Mil. Bill Discounting  CRISIL A4 (Reaffirmed)

   INR40.0 Million Packing Credit  CRISIL A4 (Reaffirmed)

   INR40.0 Mil. Letter of Credit   CRISIL A4 (Reaffirmed)

   INR30.0 Million Bank Guarantee  CRISIL A4 (Reaffirmed)

The rating action reflects better-than-expected improvement in
Euro Vistaa's financial risk profile with improvement in the
company's working capital management resulting in a low reliance
on external debt. The upgrade also factors in the expected
improvement in Euro Vistaa's sales and profitability after the
lifting of the government ban on cotton yarn exports. The
improvement in Euro Vistaa's working capital cycle is mainly
because of the shortening of the receivables cycle to around 70
days in 2010-11 (refers to financial year, April 1 to March 31)
from around 90 days in 2009-10. The improvement in Euro Vistaa's
working capital cycle has resulted in a lower reliance on debt;
this along with an improvement in net worth has resulted in a
decline in the total outside liabilities to tangible net worth
ratio of 4.9 times as on March 31, 2011, from 6.8 times as on
March 31, 2010. CRISIL believes that Euro Vistaa will sustain the
improvement in its working capital management because of its
stronger collection efforts and cautious strategy to offer lower
credit.

The ratings continue to reflect Euro Vistaa's below-average
financial risk profile, marked by a high gearing and weak debt
protection metrics, and exposure to risks related to adverse
changes in government regulations and to economic downturns.
These rating weaknesses are partially offset by Euro Vistaa's
established market position in the yarn export segment and
healthy risk management systems.

Outlook: Stable

CRISIL believes that Euro Vistaa will continue to benefit over
the medium term from its established position in cotton yarn
exports on the back of its promoter's extensive industry
experience and its established relationships with its customers.
The outlook may be revised to 'Positive' if there is a
substantial and sustained improvement in Euro Vistaa's revenues
and profitability margins from the current levels, or there is
substantial increase in the company's net worth on the back of
equity infusion from promoters. Conversely, the outlook may be
revised to 'Negative' if there is a steep decline in Euro
Vistaa's profitability margins from the current levels or there
is a significant deterioration in the company's capital structure
because of larger-than-expected working capital requirements.

                        About Euro Vistaa

Euro Vistaa, set up in 1987, is a merchant exporter of cotton
yarn, synthetic yarn, and other yarns. It currently exports to 40
countries all over the world with about 200 overseas buyers. It
is a well-established and well-recognized name in the yarn export
segment and is among the leading merchant exporters of cotton
yarn in India. Euro Vistaa was set up by its managing director
Mr. Punkajj Lath, who manages the company's sales, marketing, and
procurement; he is also a committee member of the Synthetic and
Rayon Textiles Export Promotion Council.

For 2010-11, Euro Vistaa reported a net profit of INR7.6 million
on net sales of INR1.4 billion, against a net profit of
INR27.3 million on net sales of INR1.6 billion for 2009-10.


GLAZETECH INDUSTRIES: CRISIL Cuts Rating on INR40MM Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Glazetech Industries Pvt Ltd to 'CRISIL D/ CRISIL D' from 'CRISIL
B+/Stable/CRISIL A4'.

   Facilities                     Ratings
   ----------                     -------
   INR40.0 Mil. Rupee Term Loan    CRISIL D (Downgraded from
                                            CRISIL B+/Stable)

   INR37.5 Million Cash Credit     CRISIL D (Downgraded from
                                            CRISIL B+/Stable)

   INR3.0 Million Bank Guarantee   CRISIL D (Downgraded from
                                             CRISIL A4)

The downgrade reflects delays by GIPL in repaying its term loan
installment to State Bank of Bikaner and Jaipur because of cash
flow mismatches. The company's operations are working capital
intensive resulting in frequent cash flow mismatches and pressure
on liquidity. CRISIL believes that GIPL's liquidity will remain
strained over the foreseeable future.

GIPL also has a below-average financial risk profile, marked by a
moderate gearing and weak debt protection metrics; it also has a
small scale of operations and net worth, and is exposed to
intense competition in the aluminium composite panel (ACP)
industry. GIPL, however, benefits from the increasing demand for
ACPs from the real estate sector.

                    About Glazetech Industries

GIPL, incorporated in 2005, manufactures ACPs and aluminium
coloured coils. Its plant, located in Jaipur (Rajasthan), has an
installed capacity to manufacture 0.6 square meters of ACPs per
month; the current utilisation level of the plant is about
25%. GIPL also has a facility to manufacture 250 tonnes of
aluminium coloured coils per month. The company manufactures ACPs
which are used in claddings on building facades, signage, and
body panels of vehicles. It sells ACPs in two brands, namely
Gembond and Oropanel.

GIPL reported a profit after tax (PAT) of INR2.4 million on net
sales of INR79.3 million for 2010-11 (refers to financial year,
April 1 to March 31), against a net loss of INR5 million on net
sales of INR130.0 million for 2009-10.


INTERDRIL (ASIA): CRISIL Cuts Rating on INR91.1MM Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Interdril (Asia) Ltd to 'CRISIL D/CRISIL D' from 'CRISIL
BB+/Stable/CRISIL A4+'.

   Facilities                         Ratings
   ----------                         -------
   INR91.1 Million Long Term Loan     CRISIL D (Downgraded from
                                             CRISIL BB+/Stable)

   INR350 Mil. Post Shipment Credit   CRISIL D (Downgraded from
                                                CRISIL A4+)

   INR270 Million Letter of Credit    CRISIL D (Downgraded from
                                                CRISIL A4+)

   INR35 Million Bank Guarantee       CRISIL D (Downgraded from
                                                CRISIL A4+)

   INR230 Million Packing Credit      CRISIL D (Downgraded from
                                                CRISIL A4+)

The rating downgrade reflects instances of delay by Interdril in
servicing its term debt as well as instances of overdue bills for
more than 30 days. The delays have been caused by Interdril's
weak liquidity arising out of large working capital requirements
because of delayed sales realisations and high work in progress
inventory.

Interdril's business risk profile is constrained by significant
customer concentration and high working capital intensity; the
company also has a weak financial risk profile marked by a high
gearing and weak debt protection metrics. Interdril, however,
benefits from its promoters' extensive experience in the down-
hole drilling industry.

                         About Interdril

Interdril was incorporated in November 1993 as a 100% export-
oriented unit by Mr. Dean Gesterkamp and Mr. Anil Wahal for the
manufacture of down-hole drilling tools used in drilling for oil
and gas. The company's plant is at Patalganga near Mumbai
(Maharashtra). Interdril's customers include various drilling
contractors, service companies, supply houses, and equipment
rental companies in the Middle East, Far East, Europe, Africa,
and the US. Majority of its sales to the Middle East, Europe, and
Africa are routed through its distributor Premier Rigs and
Equipment Co Ltd, which constitutes more than 50% of its sales.

Interdril reported a profit after tax (PAT) of INR13 million on
net sales of INR552 million for 2010-11 (refers to financial
year, July 1 to June 30), against a PAT of INR12 million on net
sales of INR454 million for 2009-10.


JAGADAMBHA COTTON: CRISIL Reaffirms 'BB-' Rating on INR19MM Loan
----------------------------------------------------------------
CRISIL's rating on the bank facilities of Jagadambha Cotton
Industries Pvt Ltd continues to reflect JCIPL's established
clientele, on account of promoter's experience in cotton ginning
industry.

   Facilities                        Ratings
   ----------                        -------
   INR19.0 Million Rupee Term Loan   CRISIL BB-/Stable
   (Reduced from INR26.2 Million)    (Reaffirmed)

   INR250.0 Million Cash Credit      CRISIL BB-/Stable
   (Enhanced from INR150.0 Million)

   INR7.2 Proposed Long-Term Bank    CRISIL BB-/Stable
   Loan Facility                     (Assigned)

The rating strength is partially offset by JCIPL's moderate
financial risk profile, marked by high gearing, average debt
protection metrics, and small net worth; the rating also factors
in JCIPL's modest scale of operations.

Outlook: Stable

CRISIL believes that JCIPL will maintain its moderate business
risk profile over the medium term, supported by steady offtake
from established customers. The outlook may be revised to
'Positive' if JCIPL reports substantial growth in revenues and
profitability, leading to substantial cash accruals and
improvement in capital structure. Conversely, the outlook may be
revised to 'Negative' if a large, debt-funded capital expenditure
programme materially weakens the company's debt protection
metrics or capital structure.

Update:

JCIPL revenues for 2010-11 (refers to financial year, April 1 to
March 31) registered a strong growth of 47%, driven by increased
average realisation and increase in trading operations. However,
the increase in trading operations led to a decline in operating
profitability to 3.3% in 2010-11 from 3.9% in 2009-10. JCIPL
reported revenues of INR459 million for April to October 2011. As
on March 31, 2011, JCIPL had negligible inventory, thus avoiding
losses in 2011-12 as the cotton prices fell sharply between April
and September. Given the expected softening of cotton prices in
2011-12, as compared to 2010-11, cotton demand is expected to
remain stable. Over the medium term, CRISIL believes that JCIPL's
revenues will remain healthy in the peak season of November to
February. Moreover, the company's cash accruals for 2010-11
increased by 35% to INR19 million.

Despite the increase in cash accruals, the company's financial
risk profile continues to be moderate, with high gearing, average
debt protection metrics, and small net worth. JCIPL had high
gearing of 2.09 times as on March 31, 2011. JCIPL's debt
protection metrics were moderate, with net cash accruals to total
debt of 8% and interest coverage of 2.27 times for 2010-11.
Furthermore, JCIPL had a small net worth of INR119 million as on
March 31, 2011.

JCIPL has adequate liquidity, supported by moderate bank limit
utilization and moderate cash accruals. Though JCIPL's bank lines
were utilized at around 75.6% for the 12 months ended September
2011, the peak limit of INR250 million is expected to be utilized
at 90% during the peak season of November to February on account
of cotton procurement . JCIPL's cash accruals for 2011-12 are
expected to be around INR20 million as against maturing debt
obligations of INR6 million during the year.

JCIPL reported a profit after tax (PAT) of INR15.9 million on net
sales of INR1.16 billion for 2010-11, against a PAT of INR11.1
million on net sales of INR789.0 million for 2009-10.

                      About Jagadambha Cotton

JCIPL, set up in 2006, gins and presses raw cotton, and makes
cotton bales. It also sells cotton seeds. Around 90% of the
company's revenue is derived from selling cotton bales and the
remainder from sale of cotton seeds. The company is owned and
managed by Mr. G Srinivasa Rao and Mr. Vinod Kumar Agarwal. The
company's ginning unit at Khammam (Andhra Pradesh) has capacity
to manufacture 450 cotton bales per day.


JOSHI COTEX: CRISIL Assigns CRISIL B+ Rating to INR6MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Joshi Cotex.

   Facilities                    Ratings
   ----------                    -------
   INR6 Million Term Loan        CRISIL B+/Stable (Assigned)
   INR50 Million Cash Credit     CRISIL B+/Stable (Assigned)

The rating reflects JC's weak financial risk profile, marked by a
weak debt protection metrics and moderate gearing, small scale of
operations in highly fragmented cotton industry, and
vulnerability of business and profitability to changes in
government policy. These rating weaknesses are partially offset
by the extensive industry experience of JC's promoter.

Outlook: Stable

CRISIL believes that JC will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm increases its
scale of operations significantly while also improving its debt
protection metrics, or in case equity infusion by the promoter
substantially improves its capital structure. Conversely, the
outlook may be revised to 'Negative' if the firm's working
capital borrowings are more-than-expected or if it undertakes
larger-than-expected debt-funded capital expenditure programme,
leading to weakening in its financial risk profile.

                         About Joshi Cotex

JC was set up in 2007 by Mr. Vikas Joshi and his family members.
The firm is engaged in ginning and pressing of raw cotton (kapas)
to make cotton bales. The firm sells the cotton bales to various
traders and the cotton seed is sold to various oil mills in the
plant's vicinity. JC's manufacturing facility in Aurangabad
(Maharashtra) has capacity of 300 cotton bales per day.

JC reported a book profit of INR2.8 million on net sales of
INR253.2 million for 2010-11 (refers to financial year, April 1
to March 31), as against a book profit of INR1.6 million on net
sales of INR143.1 million for 2009-10.


MAHAVIR FIBRE: CRISIL Rates INR50MM Cash Credit at 'CRISIL B+'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the cash
credit facility of Mahavir Fibre Industries.

   Facilities                     Ratings
   ----------                     -------
   INR50 Million Cash Credit      CRISIL B+/Stable(Assigned)

The rating reflects Mahavir's small scale of operations,
vulnerability to volatility in raw material prices, and below-
average financial risk profile marked by a small net worth. These
rating weaknesses are partially offset by the benefits that the
firm derives from its promoter's extensive industry experience
and funding support.

Outlook: Stable

CRISIL believes that Mahavir will continue to benefit over the
medium term from its promoters' industry experience. The outlook
may be revised to 'Positive' if Mahavir reports significant
increase in its scale of operations and profitability, along with
efficient working capital management. Conversely, the outlook may
be revised to 'Negative' in case of deterioration in Mahavir's
financial risk profile because of lower-than-expected cash
accruals, or larger-than-expected working capital requirements or
debt-funded capital expenditure.

                       About Mahavir Fibre

Set up in 2003-04 (refers to financial year, April 1 to
March 31), Mahavir is promoted by three brothers, Mr. Subhash
Patil, Mr. Dilip Patil, and Mr. Dnyaneshwar Patil. The firm is
engaged in the ginning and pressing of raw cotton. Its unit at
Jalgaon (Maharashtra), with manufacturing capacity of 250 bales
per day, is currently semi-automatic; the promoters plan to fully
automate it by September 2012.

Mahavir reported a profit after tax (PAT) of INR3.7 million on
net sales of INR307.8 million (on provisional basis) for 2010-11,
against a PAT of INR5.2 million on net sales of INR211.9 million
for 2009-10.


NC JEWELLERS: CRISIL Assigns 'CRISIL BB-' Rating to INR80MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the long-
term bank facilities of NC Jewellers.

   Facilities                     Ratings
   ----------                     -------
   INR80.0 Million Cash Credit    CRISIL BB-/Stable (Assigned)

   INR20.0 Million Proposed LT    CRISIL BB-/Stable (Assigned)
   Bank Loan Facility

The rating reflects NCJ's sound risk management practices,
established clientele, and partners' extensive experience in the
bullion market leading to healthy revenue growth. These rating
strengths are partially offset by NCJ's weak financial risk
profile, marked by a small net worth, high total outside
liabilities to tangible net worth ratio, and weak debt protection
metrics, and low operating margin on account of intense
competition, geographical concentration, and low value addition.

Outlook: Stable

CRISIL believes that NCJ will continue to benefit over the medium
term from its established clientele and partners' extensive
experience in the gold and diamond trading business. The outlook
may be revised to 'Positive' if NCJ's revenues and profitability
increase substantially, leading to higher-than-expected cash
accruals, or in case of large capital infusion by the partners,
leading to improvement in financial flexibility. Conversely, the
outlook may be revised to 'Negative' in case of pressure on
revenues and profitability, sharp increase in working capital
requirements or withdrawal of capital by the partners, leading to
further weakening in the firm's financial risk profile and
liquidity.

                        About NC Jewellers

NCJ is a partnership firm set up in 2006 by Mr. Deepak Jain and
his brother, Mr. Vishal Jain. The firm is engaged primarily in
gold bullion trading and also undertakes trading of gold and
diamond jewellery. The firm has its registered office in Delhi
and sold about 5.841 tonnes of gold bullion, 86.5 kilograms (kg)
of gold ornaments, 8485 carats of diamonds and diamond jewellery,
and 19.6 kg of gold coins during 2010-11(refers to financial
year, April 1 to March 31).

NCJ reported a profit after tax (PAT) of INR3.8 million on net
sales of INR11.65 billion for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR1.8 million on net
sales of INR7.5 billion for 2009-10.


NEELA SYSTEMS: CRISIL Ups Rating on INR76MM Loan to 'CRISIL BB'
---------------------------------------------------------------
CRISIL has upgraded its ratings on the bank loan facilities of
Neela Systems Ltd to 'CRISIL BB/Stable/CRISIL A4+' from 'CRISIL
B/Stable/CRISIL A4'.

   Facilities                     Ratings
   ----------                     -------
   INR76.0 Million Term Loan      CRISIL BB/Stable (Upgraded from
   (Reduced from INR120.0 Mil.)                'CRISIL B/Stable')

   INR220.0 Million Cash Credit   CRISIL BB/Stable (Upgraded from
   (Enhanced from INR80.0 Mil.)                'CRISIL B/Stable')

   INR150.0 Million Letter of     CRISIL A4+ (Upgraded from
   Credit and Bank Guarantee                  'CRISIL A4')
   (Enhanced from INR100.0 mil.)

The upgrade follows sustained improvement in NSL's financial risk
profile, particularly its liquidity and capital structure. Robust
year-on-year topline growth of over 25% at INR724 million in
2010-11 (refers to financial year, April 1 to March 31) along
with a sharp improvement of over 700 basis points in the
company's operating margin, at over 24%, has led to larger-than-
expected accruals for the year. This along with reduced cash
cycle has led to a much improved liquidity for the company.
CRISIL believes that NSL will sustain its annual topline growth
of over 20% over the medium term backed by its initiatives
towards new client acquisition, forays into new industry segments
and new geographies, and selective order booking. Notwithstanding
moderation in operating margin in the wake of depreciating rupee
and rising input costs, CRISIL believes that NSL will sustain its
operating profit before depreciation, interest, and tax margin at
over 21% with better economies of scale and fiscal benefits
available at its manufacturing unit in Wada (Maharashtra), and
entry into more profitable export markets. In the absence of any
major capital expenditure programme for the medium term, NSL's
gearing is expected to remain at a comfortable level of below
0.75 times.

The ratings reflect NSL's established position in the water
treatment systems industry and above-average financial risk
profile marked by an improved gearing and healthy debt protection
metrics. These rating strengths are partially offset by NSL's
working-capital-intensive operations and exposure to volatility
in foreign exchange earnings.

Outlook: Stable

CRISIL believes that NSL will continue to benefit from its
established relationships with its elite customers and its
promoters' experience in the water treatment systems industry,
over the medium term. The outlook may be revised to 'Positive' if
NSL achieves better-than-expected revenue growth, sustains its
operating margin and working capital management, or benefits from
sizeable equity infusion. Conversely, the outlook may be revised
to 'Negative' in case of a decline in NSL's profitability or
unprecedented stretch in working capital cycle, or if the company
undertakes a large, debt-funded capital expenditure programme,
leading to deterioration in its financial risk profile.

                        About the Company

NSL, incorporated in 2007 by Mr. Himanshu Shah and his wife Ms.
Manisha Shah, manufactures and sets up water treatment plants and
modular process systems. The company caters mainly to the
pharmaceuticals, cosmetics, and food and beverages industries. It
caters to clients such as Johnson & Johnson India, ITC Ltd., Dr.
Reddy's Laboratories Ltd., Jain Irrigation Systems Ltd, L'Oreal
India, Aurobindo Pharma Ltd., and Strides Arcolab Limited. In
2010-11, NSL completely shifted its manufacturing facility to
Wada from Vasai (Maharashtra). It recently participated in
tenders worth over INR2.2 billion.

Neela India Pvt Ltd, incorporated in 1989 by Mr. Himanshu Shah
and Ms. Manisha Shah and engaged in the same line of business,
was merged with NSL with effect from August 1, 2009.

NSL reported a profit after tax (PAT) of INR88.5 million on net
sales of INR724 million for 2010-11, against a PAT of INR61
million on net sales of INR574.9 million for 2009-10.


SARADA PROJECTS: Delay in Loan Repayment Cues CRISIL Junk Ratings
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Sarada Projects Ltd to 'CRISIL D/CRISIL D' from 'CRISIL
BB/Stable/CRISIL A4+'.

   Facilities                     Ratings
   ----------                     -------
   INR50.0 Million Long-Term Loan    CRISIL D (Downgraded from
                                            'CRISIL BB/Stable')

   INR10.0 Million Cash Credit       CRISIL D (Downgraded from
                                           'CRISIL BB/Stable')

   INR150.0 Million Bank Guarantee   CRISIL D (Downgraded from
                                              'CRISIL A4+')

The downgrade reflects instances of delay by SPL in servicing its
debt; the delays have been caused by SPL's weak liquidity.

SPL also has customer and geographical concentration in its
revenue profile, and a small scale of operations and low project
diversity; moreover, it is exposed to risks related to volatility
in raw material prices. SPL, however, benefits from its
promoters' experience in the construction industry.

                       About Sarada Projects

SPL was originally set up as a partnership concern named Sarada
Projects by Mr. Boppana Ramesh Kumar and his family members in
1991; the firm was reconstituted as a public limited company in
1996. SPL executes civil construction projects for government and
quasi-government departments. The projects are spread over five
states: Assam, Arunachal Pradesh, Andhra Pradesh, Madhya Pradesh,
and Chhattisgarh. Soma Holdings Ltd, a group company of Hyderabad
(Andhra Pradesh)-based construction company Soma Enterprises Ltd
(Soma), holds a 40% stake in SPL. SPL executes projects directly,
as well as in a joint venture with, and on a sub-contract basis
from, Soma.

SPL reported a profit after tax (PAT) of INR7.1 million on net
revenues of INR129.6 million for 2010-11 (refers to financial
year, April 1 to March 31), against a PAT of INR8.3 million on
net revenues of INR148.9 million for 2009-10.


SHREE MALLIKARJUN: Delay in Loan Payment Cues CRISIL Junk Rating
----------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Shree
Mallikarjun Shipping Pvt Ltd to 'CRISIL D' from 'CRISIL A3'.

   Facilities                          Ratings
   ----------                          -------
   INR633.7 Million Packing Credit     CRISIL D (Downgraded from
                                                 'CRISIL A3')

   INR80.5 Million Bank Guarantee      CRISIL D (Downgraded from
                                                 'CRISIL A3')

The rating downgrade reflects delays by SMSPL in servicing its
term loan installment payments and overdue packing credit
facilities; SMSPL has not paid its term debt installments of its
equipment loans (not rated by CRISIL) since July 2011 and its
packing credit facilities of around INR760 million have been
overdue since September 2011. The delays are on account of the
company's weak liquidity, with steep decline in cash accruals due
to decline in revenues and large interest expense. SMSPL's
interest expense is large on account of large working capital
borrowings, as a significant amount of funds are locked in
working capital. Inventory and advances to suppliers amounted to
around INR1 billion as on Nov. 30, 2011. The downgrade also
factors in the significant deterioration in SMSPL's business risk
profile following ban imposed by the Government of Karnataka
(GoK) on export as well as transport of iron ore to other states
in July 2010, closure of the Belkari Port in June 17, 2011, and
indictment of SMSPL by the Karnataka Lokayukta in the illegal
iron ore mining scam.

SMSPL has a moderate scale of operations which is significantly
impacted by the mining ban in Karnataka, leading to weakening of
its financial risk profile, marked by declining debt protection
metrics. Furthermore, the company remains vulnerable to changes
in government policies and risks related to revenue concentration
and volatility in end-user industry.

                       About Shree Mallikarjun

SMSPL, set up in October 2003 by Mr. Satish Sail, trades in iron
ore fines from the Goa and Belekari (Karnataka) ports, and
provides iron-ore handling services to other operators in and
around Karnataka at the Belekari port. SMSPL has taken 48,000
square metres of land at the Belekari port from GoK on an
operating lease for a period of 30 years, which will expire in
2036. Mallikarjun Shipping Hong Kong Ltd, a Hong Kong-based
subsidiary of SMSPL incorporated in 2007-08 (refers to financial
year, April 1 to March 31), also trades in iron ore. MSHKL
accounted for around 45% of SMSPL's revenues in 2010-11.

SMSPL reported a profit after tax (PAT) of INR82 million on net
sales of INR2.0 billion for 2010-11, as against a PAT of INR250
million on net sales of INR3.7 billion for 2009-10.


SILVER EMPORIUM: CRISIL Places CRISIL BB- Rating on INR65MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the long-
term bank facilities of Silver Emporium Pvt Ltd.

   Facilities                     Ratings
   ----------                     -------
   INR65 Million Cash Credit      CRISIL BB-/Stable (Assigned)
   INR30 Million Proposed LT      CRISIL BB-/Stable (Assigned)
    Bank Loan Facility

The rating reflects the established presence and long standing
extensive experience of SEPL's promoter in silver article
manufacturing industry. This rating strength is partially offset
by SEPL's modest scale of operations in an increasingly
competitive industry and vulnerability of operating margin to
volatility in silver prices.

Outlook: Stable

CRISIL believes that SEPL will continue to benefit over the
medium term from its established market position and long
standing experience of promoters in the silver industry. The
outlook may be revised to 'Positive' in case of better-than-
expected growth in revenues, while maintaining its debt
protection metrics and stable operating margins. Conversely, the
outlook may be revised to 'Negative' in case of deterioration in
operating margins or larger than expected debt funded capital
expenditure or elongation in working capital cycle, thus
resulting in deterioration in debt protection metrics.

                     About Silver Emporium

SEPL was established in 1995 by Mr Kantilal Mehta, a Mumbai-based
entrepreneur. SEPL is a 15-year-old company and is one the
biggest manufacturer, exporter, and dealer of silverwares and
silver articles in India. The operations of the company are
looked after by the Mr Rahul Mehta, son of Mr Kantilal Mehta.
SEPL caters to various retail stores and boutiques across India.
It also supplies its exquisite products to large corporate groups
in India. The company owns a 2700-square-feet showroom in
Kalbadevi, Mumbai. SEPL introduced the exclusive range of export-
quality silver wares designed to meet the stringent hall-marking
standards. SEPL plans to foray in the retail segment by entering
into a joint venture with M/s. Kampala Jewellers, a Chennai based
jeweller.

SEPL reported a profit after tax (PAT) of INR 3.0 million on net
sales of INR364.3 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR1.3 million on net
sales of INR148.3 million for 2009-10.


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


BUKIT MAKMUR: Fitch Affirms LTFC Issuer Default Rating at 'BB-'
---------------------------------------------------------------
Fitch Ratings has affirmed PT Bukit Makmur Mandiri Utama's Long-
Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-', and
National Long-term rating at 'AA-(idn)'.  The Outlook remains
Stable.

BUMA's ratings reflect its position as the second-largest coal
mining contractor in Indonesia, with an estimated market share of
17%, reciprocal established relationships with some of
Indonesia's largest coal producers, and the visibility of its
revenues.

Indonesia's mining contractors benefit from substantial ongoing
coal production capacity increases, as about 80% of domestic coal
mining and over-burden removal is contracted out to mining
contractors.  Fitch expects BUMA's overburden removal volumes to
increase by 20% in 2012 to 400mmbcm.

BUMA's ratings, however are constrained by indirect exposure to
commodity cycles, and by the highly capital intensive nature of
its operations.  Although long term contracts for work provide a
fair degree of earnings visibility, its volume of work can be
affected by a sustained downturn in the coal mining industry.
Furthermore, despite its capex being very granular, the long lead
times for equipment purchases, typically ranging from six months
to two years, reduces flexibility in relation to capex.

Strong industry growth prospects have necessitated BUMA to incur
substantial expansionary capex in 2011 in order to maintain its
market position.  Following a change of ownership in 2009, BUMA's
new management has taken steps to improve efficiencies, partly by
intensifying capex on enhancing its equipment fleet.  This has
resulted in BUMA's capex to be higher through 2012, than Fitch's
initial capex expectations.

The company's EBITDA margins (excluding fuels costs, which are a
pass through) have also fallen, to 35% in the nine months to
September 2011 (2010: 40%).  This is partly due to one-off costs
incurred during the period, such as an increase in staff in
preparation for a ramp-up of production, and new maintenance
contracts for its equipment.  As such, financial leverage, as
measured by debt net of cash to EBITDA, weakened to 3.6x at
September 2011 (2010: 2.9x).

However, the Stable Outlook on BUMA's ratings reflect Fitch's
expectation that, by 2013, its financial measures can improve to
levels that are acceptable for its current ratings, when capex
declines and its cash generation begins to benefit from higher
investments in fleet over 2011-2012.

BUMA's capex spend is expected to exceed its CFO in 2011 and
2012, which will lead to negative free cash generation thus
requiring additional funding.  As at end-October 2011 the company
had access to about USD220m of, mostly, vendor financing credit
lines; BUMA's liquidity profile benefits from cash reserves of
USD42m.  In addition a substantial portion of the USD140m raised
via the recent rights issue of its parent, PT Delta Dunia Makmur
Utama, is expected to fund BUMA's capex.  Covenants imposed by
BUMA's main banking line restrict its cash dividend payment to
USD10m per annum until the maturity of the loan in 2018.

Fitch may take a negative rating action if total net debt/EBITDA
does not fall below 2.5x post-2012 due to sustained high capex,
sustained weakening of margins from an inability to pass-through
cost increases, and a failure to retain market share and volumes.
The agency does not expect a positive rating action in the short-
to medium-term.


==========
N  E P A L
==========


UNITED DEVELOPMENT: Central Bank Prepares to Liquidate UDB
----------------------------------------------------------
myrepublica.com reports that Nepal Rastra Bank is preparing to
liquidate United Development Bank, a troubled financial
institution, after it failed to improve its financial outlook
despite the issuance of various prescriptions by the central
bank.

UDB was declared a troubled institution in March 2011 after NRB
traced a sharp deterioration in its financial health, mainly due
to heavy embezzlement of capital by its promoters, according to
myrepublica.com.

The report relates that inspection by NRB had disclosed that
UDB had a negative net worth of INR120 million.

The central bank had then asked UDB management to recoup money
that the promoters embezzled and instructed promoters to inject
additional capital to improve its financial outlook within six
months, the report relays.

"But the bank failed to comply, and that has left us with no
option but to liquidate it," myrepublica.com quotes a senior NRB
official as saying.  He also disclosed that the central bank was
taking a formal decision in this connection next week, the report
notes.

United Development Bank a district level development bank in Bara
established with a paid up capital of INR85 million.


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


AMI INSURANCE: Accepts AIG's NZ$380-Million Condition Offer
-----------------------------------------------------------
AMI Insurance said it has accepted a conditional offer from
Insurance Australia Group (IAG) to purchase 100% of a
reconfigured AMI company with a separate Government-owned company
being established to steadily resolve all AMI earthquake claims
existing at the time of purchase.

IAG said in a separate statement that it had entered into an
agreement to purchase the AMI Insurance business for NZ$380
million.

IAG's New Zealand CEO, Jacki Johnson, said the long established
AMI general insurance business is an ideal fit for its existing
insurance activities in New Zealand, and vowed to be a committed
guardian of the AMI brand, its people and its customers in
New Zealand.

"We respect AMI's customer-focused ethos and people and its
commitment to the communities it serves. We are delighted to be
welcoming such an iconic brand and business to our organisation.

"We are impressed with AMI's business, people and brand and we
will be focusing on building on these strengths to help us
increase our presence in the New Zealand market."

                     Business as Usual at AMI

IAG needs to obtain the consents from the Reserve Bank, Commerce
Commission and Overseas Investment Office before the purchase can
become unconditional some time early next year. Until then, there
will be no change.

AMI chairman Kerry Nolan said in the meantime it's business as
usual, and AMI customers will not notice any difference in their
normal day to day dealings with AMI or in the progression of
their earthquake claims. "When there are any changes that
customers need to know about, we will contact them well in
advance."

IAG's offer is for a newly incorporated company that will have
transferred to it all of the existing national AMI business,
built up since 1926. The exception is that all AMI Canterbury
earthquake claims outstanding at the time of purchase will remain
with the current company, which will be owned and backed by the
Government and given a new name. There will be no other link
between the companies.

The new AMI company will acquire almost 500,000 New Zealand
customers holding some 1.2 million insurance policies, mainly on
houses, contents and cars.

                     Resolving Earthquake Claims

The only remaining business of the existing AMI company, to be
given a new name at the time of separation, will be the
resolution of Canterbury earthquake claims becoming
unconditional. This company will have the financial backing of
the Crown, which has backed AMI through a Crown Support Deed
since April 2011, to ensure there was no disruption to the
Canterbury earthquake recovery.

AMI insures one home in three in Christchurch and the company has
already established a dedicated earthquake recovery team of more
than 200 people with Arrow International. This operation will be
the core of the Government backed earthquake resolution company,
which will have significant capital available, including
reinsurance money.

Estimates of the cost of resolving AMI's earthquake claims
continue to increase, but are currently around $1.8 billion. The
Government will fund whatever shortfall eventuates over the next
few years, as claims are progressively settled, and has budgeted
over $300 million for this purpose.

                      Best Outcome for All

"The IAG offer for the national insurance business, and the
Government undertaking to stand behind a separate earthquake
claims resolution business, is the best possible outcome for all
policyholders, earthquake claimants and other stakeholders.

"The AMI Insurance name will carry on, as a part of a financially
strong owner, freed from the uncertainty of the eventual cost of
earthquake claims, with the Government giving assurance that all
AMI earthquake claims will be met in line with the terms of
customers' insurance policies.

"The February earthquake created a very serious loss of capital
for AMI, and it is gratifying that just nine months on we are
able to announce a conditional new arrangement which promises
strength, certainty and continuity."

Goldman Sachs acted as exclusive financial advisor to AMI
Insurance Limited in relation to the restructuring and subsequent
sale of AMI's ongoing insurance operations.

As reported in the Troubled Company Reporter-Asia Pacific on
April 8, 2011, The New Zealand Herald said New Zealand's
government had announced a support package for AMI Insurance that
Finance Minister Bill English acknowledges could top NZ$1 billion
and leave the Crown liable for up to NZ$200 million a year in
ongoing claims.  Interest.co.nz said the government stepped in to
guarantee AMI policy holders if the insurance company had
exhausted its own reserves due to the financial hit caused by the
two Christchurch earthquakes on Sept. 4, 2010, and Feb. 22, 2011.
AMI subsequently reported a NZ$705 million annual loss and
breached its Crown Support Deed arrangement through a
NZ$76 million shortfall to its NZ$198.6 million regulatory
capital requirement, according to Interest.co.nz.

                         About AMI Insurance

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


FIVE STAR: Director's Case Delayed Until Next Year
--------------------------------------------------
Fairfax NZ News reports that a protracted attempt by a man
charged alongside three convicted Five Star Finance directors to
change his guilty plea has been put off again.

According to the news agency, Neill Williams was named previously
by Judge Roderick Joyce as a "mastermind" of the Five Star
business, which collapsed and was placed into receivership in
August 2007 owing investors NZ$46 million.

After pleading guilty to combined Serious Fraud Office and
Financial Markets Authority charges, former directors Nicholas
Kirk and Marcus Macdonald were jailed in December 2010 for over
two years each, Fairfax NZ recalls.

Another director, Anthony Bowden, served nine months home
detention on only the FMA charges, the report says.

Those 40 FMA charges related to misleading statements in Five
Star investment statements, knowingly making false statements and
offering securities without a registered prospectus, investment
statement or trustee, according to Fairfax NZ.

Fairfax NZ recounts that Mr. Williams was supposed to be
sentenced alongside the other directors but asked for a disputed
facts hearing which was turned down by Judge Joyce in March this
year.  He then sought a judicial review in the High Court, which
he then gave up, says Fairfax NZ.

Fairfax NZ reports that Mr. Williams was back in the Auckland
District Court on Dec. 15 with a new lawyer and testimony from a
doctor about a health condition he had faced which he argued
would have precluded him from standing trial.

However, the judge had not yet received submissions filed by
Mr. Williams' lawyer Andrew Speed and Thursday's hearing could
not go ahead.

It has been rescheduled for March 5, almost a year after his
first attempt to vacate his guilty plea was lost, the report
says.

Messrs. Williams and Bowden will also both be defending SFO
charges in June next year, the news agency adds.

                          About Five Star

Established in 1992, Five Star Finance Limited focused on
financing real estate loans following a restructuring exercise
that created Five Star Consumer Finance in New Zealand and Five
Star Consumer Finance Pty in Australia.

Five Star Debenture Nominee Limited acted as debenture holder on
behalf of unsecured depositors and appeared to lend all of the
money it raised to Five Star Finance.

Five Star Finance Limited went into receivership on September 5,
2007.  Five Star Debenture Nominee Limited went into liquidation
on November 5, 2007.  At the start of the liquidation in June
2009 the shortfall of assets to liabilities was NZ$51.7 million,
according to The Dominion Post.  The Post says joint liquidator
Paul Sargison, of Gerry Rea & Associates, said the firm's
directors attributed the group's failure to the economic crisis
but his own appraisal is that Five Star has been insolvent since
no later than March 31, 2005.


PIKE RIVER: Solid Energy Out of the Running to Buy Mine
-------------------------------------------------------
Fairfax NZ News reports that state-owned enterprise Solid Energy
is officially out of the running to buy Pike River Coal, meaning
its new owner will be from overseas.

The news agency relates that at least two international buyers
are in talks with Pike River receivers to buy the underground
coal mine where 29 workers were killed in an explosion in
November last year.

Offers to buy Pike River's assets, including the mine, closed in
October, the report recalls.  Solid Energy, which reported a net
NZ$87.2 million profit for the year to June 30, was a keen bidder
early in the process, Fairfax NZ notes.

The report relates that Solid Energy said it was committed to
recovering the bodies of the men and repaying local West Coast
creditors, "if possible".

But PricewaterhouseCoopers receiver John Fisk said although it
would not be till at least the end of January before a buyer was
confirmed, the only bids left on the table were from overseas
entities, according to Fairfax NZ.

"It is all overseas parties that are still involved in the
process," the report quotes Mr. Fisk as saying.  "It's
commercially sensitive at the moment.  All I can say is there's
more than one [bid in negotiation]."

A minimum price of NZ$50 million will need to be paid for the
mine to meet outstanding bills to creditors, including
NZ$38 million owed to New Zealand Oil & Gas, says Fairfax NZ.
The Pike River coal mine was valued at about NZ$400 million
before the fatal blast, the report discloses.

According to the report, Mr. Fisk expected the sale of Pike River
would include establishing a trust to oversee efforts to recover
any remains of the men who died, but advised their families there
were no guarantees about re-entering the mine or how long it
would take.

"Everyone involved understands how anxious the families are to
recover their loved ones, but this will be an extremely complex
task and safety is paramount," Mr. Fisk, as cited by Fairfax NZ,
said.

                          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.


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


* PHILIPPINES: Moody's Says Ba2 Sovereign Rating Outlook, Stable
----------------------------------------------------------------
Moody's Investors Service says it has maintained its stable
outlook for the Philippine banking system as the domestic
operating conditions will remain positive for business growth and
support the robust credit fundamentals of the banks over the next
12-18 months.

"The outlook reflects our analysis that consistently improving
asset quality, good liquidity and the favorable capital profiles
of Philippine banks would act as a cushion in a significantly
adverse operating environment," says Simon Chen, a Moody's
Analyst.

"We expect the banks to benefit from the continuing growth in the
demand for loans from domestic sources, both public and private,"
he adds.

Mr. Chen was speaking at the release of a report on the outlook
for the Philippine banking system, and which he authored.

According to the report, overseas remittances and fiscal spending
will help sustain the economic growth in the country amidst
difficult global economic conditions. The outlook on the Ba2
sovereign rating for Philippines is also stable.

However, asset quality pressures may surface, particularly in the
export manufacturing sector which accounts for about 12% of the
total loans in the system, and the profitability of banks may
weaken. In addition, operating costs will remain high and cost
efficiency weak as banks continue to expand.

"The impact on individual banks' asset quality may be magnified
by high single-borrower concentrations. Nonetheless, we expect a
slowdown in the growth of non-performing loans for the industry
as a whole because of a benign operating environment and better
risk underwriting and monitoring practices," Chen says.

Although the banks' margins could be under pressure due to
stronger price competition and possibly lower interest rates, the
net impact on profits will be tempered by the growth in lending
from public-private partnerships projects, the outsourcing
sector, and strong consumer spending.

Moody's rates nine banks in the country, including seven
privately owned commercial banks and two government-owned policy
banks. They collectively accounted for almost 70% of the
Philippine banking system's assets at end-June 2011.

Moody's has a stable outlook on all nine banks, given their sound
financial fundamentals.

The rated banks' asset-weighted average foreign currency long-
term bank deposit rating is Ba2. This incorporates Moody's
assessment of their standalone strength and the systemic support
that may result in a ratings uplift.

The banks maintain good liquidity buffers on average. Over 45% of
their total assets are liquid in nature and their loan-to-deposit
ratios are low at about 60%.

"Their capital levels exceed regulatory requirements. Our stress
tests reveal that the banks have adequate loss-absorption
capacity. Assuming an adverse scenario where banks incur losses
equivalent to 7% of gross loans, we estimate that the Tier 1
capital of the banks remains satisfactory at 10.2%," Chen says.


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


ADVANCE MODULES: Creditors Get 50.62% Recovery on Claims
--------------------------------------------------------
Advance Modules Group Limited declared the second and final
dividend on Dec. 16, 2011.

The company paid 50.62% to the received claims.

The company's liquidators are:

         Chee Yoh Chuang
         Eu Chee Wei David
         Stone Forest Corporate Advisory Pte Ltd
         8 Wilkie Road
         #03-08, Wilkie Edge
         Singapore 228095


BELL & ORDER: Creditors Get 11.30637% Recovery on Claims
--------------------------------------------------------
Bell & Order Engineering Pte Ltd declared the preferential
dividend on Dec. 7, 2011.

The company paid 11.30637% to the received claims.

The company's liquidator is:

         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


BI RESEARCH: Creditors' Proofs of Debt Due Jan. 16
--------------------------------------------------
Creditors of Bi Research Pte Ltd, which is in members' voluntary
liquidation, are required to file their proofs of debt by Jan.
16, 2012, to be included in the company's dividend distribution.

The company's liquidator is:

         Lee Kay Beng
         c/o 16 Raffles Quay #22-00
         Hong Leong Building
         Singapore 048581


DBS BANK: Moody's Assigns 'B' Bank Financial Strength Rating
------------------------------------------------------------
Moody's Investors Service has assigned (P)Aa1/P-1 rating to DBS
Bank Ltd's (DBS) US$5 billion Commercial Paper program.  The
rating outlook is stable.

Ratings Rationale

"The (P)Aa1/P-1 ratings reflect the maturity (up to 397 days) and
direct, unsubordinated and unsecured ranking of the notes to be
issued out of the program and DBS' Aa1 long-term deposit
ratings," says Christine Kuo, a Moody's Vice President and Senior
Credit Officer.

DBS' other ratings are as follows:

- Bank financial strength rating: B (standalone rating mapped to
the long-term scale of Aa3)

- Long-term/short-term deposits: Aa1/P-1

- Senior unsecured foreign currency debt: Aa1

- Foreign currency commercial paper: P-1

- Senior unsecured foreign currency MTN: (P)Aa1/(P)P-1

- Subordinate foreign currency debt: Aa2

- Junior subordinated debt: A1(hyb)

- Preference Shares: A3 (hyb)

The outlook on all ratings is stable.

The methodologies used in this rating were Bank Financial
Strength Ratings: Global Methodology published in February 2007,
and Incorporation of Joint-Default Analysis into Moody's Bank
Ratings: A Refined Methodology published in March 2007.

DBS is headquartered in Singapore. It reported total assets of
SGD339 billion at end-September 2011.


IUT SINGAPORE: Creditors Get 100% Recovery on Claims
----------------------------------------------------
IUT Singapore Pte Ltd will declare the first and final dividend
on Dec. 21, 2011.

The company paid 100% for preferential and 51.8% for ordinary
claims.

The company's liquidators are:

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


HONG FOK: Court to Hear Wind-Up Petition Dec. 23
-------------------------------------------------
A petition to wind up the operations of Hong Fok Fashion Co Pte
Ltd will be heard before the High Court of Singapore on Dec. 23,
2011, at 10:00 a.m.

HSBC Institutional Trust Services (Singapore) Limited as trustee
of Suntec Real Estate Investment Trust, filed the petition
against the company on December 9, 2011.

The Petitioner's solicitors are:

         Bernard & Rada Law Corporation
         143 Cecil Street #18-00
         GB Building
         Singapore 069542


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


* BOND PRICING: For the Week Dec. 12 to Dec. 16, 2011
-----------------------------------------------------


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

  AUSTRALIA
  ---------

ADVANCE ENERGY           9.50    01/04/2015   AUD       1.07
AINSWORTH GAME           8.00    12/31/2011   AUD       1.34
AMITY OIL LTD           10.00    10/31/2013   AUD       2.01
AUSTRALIAN COMM          3.00    07/29/2049   AUD       5.00
BECTON PROP GR           9.50    06/30/2012   AUD       0.22
CHINA CENTURY           12.00    09/30/2012   AUD       0.09
DIVERSA LTD             11.00    09/30/2014   AUD       0.13
EXPORT FIN & INS         0.50    12/16/2019   NZD      71.96
EXPORT FIN & INS         0.50    06/15/2020   AUD      69.97
EXPORT FIN & INS         0.50    06/15/2020   NZD      70.18
FIRST AUSTRALIAN        15.00    01/31/2012   AUD       0.20
GRIFFIN COAL MIN         9.50    12/01/2016   USD      63.00
IMF AUSTRALIA           10.25    12/31/2014   AUD       1.70
KIMBERLY METALS         10.00    08/05/2016   AUD       0.37
NEW S WALES TREA         0.50    09/14/2022   AUD      63.35
NEW S WALES TREA         0.50    10/07/2022   AUD      63.01
NEW S WALES TREA         0.50    10/28/2022   AUD      62.85
NEW S WALES TREA         0.50    11/18/2022   AUD      62.63
NEW S WALES TREA         0.50    12/16/2022   AUD      62.32
NEW S WALES TREA         0.50    02/02/2023   AUD      62.27
NEW S WALES TREA         0.50    03/20/2023   AUD      61.86
RESOLUTE MINING         12.00    12/31/2012   AUD       1.78
TREAS CORP VICT          0.50    08/25/2022   AUD      64.01
TREAS CORP VICT          0.50    11/12/2030   AUD      62.41
TREAS CORP VICT          0.50    11/12/2030   AUD      44.68


  CHINA
  -----

CHINA GOV'T BOND         1.64    12/15/2033   CNY      70.82


  HONG KONG
  ---------

CHINA SOUTH CITY        13.50    01/14/2016   USD      72.15
CHINA SOUTH CITY        13.50    01/14/2016   USD      71.62
RESPARCS FUNDING         8.00    12/29/2049   USD      21.75
SINO-OCEAN LAND         10.25    12/31/2049   USD      68.75
SINO-OCEAN LAND         10.25    12/31/2049   USD      66.50


  INDIA
  -----

GEMINI COMMUNICA         6.00    07/18/2012   EUR      50.48
JAIPRAKASH POWER         5.00    02/13/2015   USD      63.86
PRAKASH IND LTD          5.62    10/17/2014   USD      72.10
PUNJAB INFRA DB          0.40    10/15/2024   INR      27.19
PUNJAB INFRA DB          0.40    10/15/2025   INR      24.67
PUNJAB INFRA DB          0.40    10/15/2026   INR      22.41
PUNJAB INFRA DB          0.40    10/15/2027   INR      20.43
PUNJAB INFRA DB          0.40    10/15/2028   INR      18.66
PUNJAB INFRA DB          0.40    10/15/2029   INR      17.08
PUNJAB INFRA DB          0.40    10/15/2030   INR      15.67
PUNJAB INFRA DB          0.40    10/15/2031   INR      14.40
PUNJAB INFRA DB          0.40    10/15/2032   INR      13.25
PUNJAB INFRA DB          0.40    10/15/2033   INR      12.24
SHIV-VANI OIL            5.00    08/17/2015   USD      65.91
SUZLON ENERGY LT         5.00    04/13/2016   USD      51.99
VIDEOCON INDUS           6.75    12/16/2015   USD      69.42


  JAPAN
  -----

AIFUL COPR               1.99    10/19/2015   JPY      37.20
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      62.35
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      61.67
TAKEFUJI CORP            9.20    04/15/2011   USD       5.25
TOKYO ELEC POWER         1.42    04/27/2015   JPY      74.25
TOKYO ELEC POWER         0.64    04/28/2015   JPY      74.00
TOKYO ELEC POWER         1.11    05/29/2015   JPY      74.87
TOKYO ELEC POWER         0.92    07/16/2015   JPY      73.50
TOKYO ELEC POWER         1.36    08/12/2015   JPY      74.37
TOKYO ELEC POWER         1.59    12/28/2015   JPY      72.62
TOKYO ELEC POWER         1.97    06/27/2016   JPY      71.50
TOKYO ELEC POWER         2.06    08/31/2016   JPY      72.75
TOKYO ELEC POWER         1.88    09/28/2016   JPY      70.25
TOKYO ELEC POWER         3.45    11/29/2016   JPY      74.50
TOKYO ELEC POWER         1.79    03/14/2017   JPY      72.03
TOKYO ELEC POWER         2.12    03/24/2017   JPY      69.05
TOKYO ELEC POWER         1.73    03/28/2017   JPY      71.59
TOKYO ELEC POWER         1.78    05/31/2017   JPY      70.83
TOKYO ELEC POWER         2.02    07/25/2017   JPY      71.50
TOKYO ELEC POWER         3.22    07/28/2017   JPY      72.37
TOKYO ELEC POWER         1.94    08/28/2017   JPY      70.41
TOKYO ELEC POWER         3.07    09/22/2017   JPY      70.75
TOKYO ELEC POWER         1.84    09/25/2017   JPY      69.41
TOKYO ELEC POWER         1.75    09/28/2017   JPY      69.55
TOKYO ELEC POWER         1.77    11/30/2017   JPY      64.87
TOKYO ELEC POWER         2.77    12/22/2017   JPY      69.50
TOKYO ELEC POWER         1.67    01/29/2018   JPY      67.30
TOKYO ELEC POWER         2.90    03/23/2018   JPY      69.25
TOKYO ELEC POWER         1.67    03/28/2018   JPY      63.87
TOKYO ELEC POWER         2.77    04/17/2018   JPY      68.62
TOKYO ELEC POWER         1.60    04/25/2018   JPY      63.37
TOKYO ELEC POWER         1.64    04/25/2018   JPY      63.62
TOKYO ELEC POWER         1.97    06/25/2018   JPY      64.25
TOKYO ELEC POWER         1.84    07/25/2018   JPY      66.84
TOKYO ELEC POWER         1.84    10/17/2018   JPY      63.75
TOKYO ELEC POWER         2.07    10/23/2018   JPY      63.25
TOKYO ELEC POWER         2.05    11/16/2018   JPY      63.25
TOKYO ELEC POWER         2.70    01/29/2019   JPY      66.00
TOKYO ELEC POWER         1.60    05/29/2019   JPY      61.25
TOKYO ELEC POWER         1.90    06/13/2019   JPY      61.37
TOKYO ELEC POWER         2.80    09/17/2019   JPY      63.75
TOKYO ELEC POWER         1.45    09/30/2019   JPY      59.50
TOKYO ELEC POWER         1.37    10/29/2019   JPY      66.88
TOKYO ELEC POWER         2.05    10/29/2019   JPY      62.94
TOKYO ELEC POWER         1.81    02/28/2020   JPY      64.75
TOKYO ELEC POWER         1.48    04/28/2020   JPY      62.10
TOKYO ELEC POWER         1.39    05/28/2020   JPY      61.28
TOKYO ELEC POWER         1.31    06/24/2020   JPY      60.55
TOKYO ELEC POWER         1.94    07/24/2020   JPY      64.42
TOKYO ELEC POWER         1.22    07/29/2020   JPY      59.66
TOKYO ELEC POWER         1.15    09/08/2020   JPY      58.87
TOKYO ELEC POWER         1.63    07/16/2021   JPY      58.35
TOKYO ELEC POWER         2.34    09/29/2028   JPY      55.12
TOKYO ELEC POWER         2.40    11/28/2028   JPY      55.00
TOKYO ELEC POWER         2.20    02/27/2029   JPY      54.25
TOKYO ELEC POWER         2.11    12/10/2029   JPY      53.87
TOKYO ELEC POWER         1.95    07/29/2030   JPY      52.73
TOKYO ELEC POWER         2.36    05/28/2040   JPY      52.60


  MALAYSIA
  --------

ADVANCED SYNERY          2.00    01/26/2018   MYR       0.10
ASTRAL SUPREME           3.00    08/0/2021    MYR       0.09
CRESENDO CORP B          3.75    01/11/2016   MYR       1.41
DUTALAND BHD             7.00    04/11/2013   MYR       0.42
DUTALAND BHD             7.00    04/11/2013   MYR       0.87
EASTERN & ORIENT         8.00    07/25/2011   MYR       1.38
ENCORP BHD               6.00    02/17/2016   MYR       0.89
KUMPULAN JETSON          5.00    11/27/2012   MYR       1.23
LION DIVERSIFIED         4.00    12/17/2013   MYR       0.62
MALTON BHD               6.00    06/30/2018   MYR       0.83
MITHRIL BHD              3.00    04/05/2012   MYR       0.65
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.23
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.23
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.42
PANTECH GROUP            7.00    12/21/2017   MYR       0.09
PRESS METAL BHD          6.00    08/22/2019   MYR       1.81
PUNCAK NIAGA HLD         2.50    11/18/2016   MYR       0.53
REDTONE INTL             2.75    03/04/2020   MYR       0.10
RUBBEREX CORP            4.00    08/14/2012   MYR       0.75
SCOMI ENGINEERING        4.00    03/19/2013   MYR       0.59
SCOMI GROUP              4.00    12/14/2012   MYR       0.07
SENAI-DESARU EXP         1.35    06/30/2027   MYR      44.94
SENAI-DESARU EXP         1.35    12/31/2027   MYR      43.66
SENAI-DESARU EXP         1.35    06/30/2028   MYR      42.37
SENAI-DESARU EXP         1.35    06/29/2029   MYR      39.90
SENAI-DESARU EXP         1.35    06/30/2031   MYR      34.45
TRADEWINDS CORP          2.00    02/26/2016   MYR       0.81
TRADEWINDS PLANT         3.00    02/28/2016   MYR       1.60
TRC SYNERGY              5.00    01/20/2012   MYR       1.67
WAH SEONG CORP           3.00    05/21/2012   MYR       2.30
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.50
YTL CEMENT BHD           5.00    11/10/2015   MYR       2.31


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

BLUE STAR GROUP          9.10    09/15/2015   NZD       7.00
DORCHESTER PACIF         5.00    06/30/2013   NZD      71.16
FLETCHER BUILDING        8.50    03/15/2015   NZD       6.65
INFRATIL LTD             8.50    09/15/2013   NZD       8.20
INFRATIL LTD             8.50    11/15/2015   NZD       8.60
INFRATIL LTD             4.97    12/29/2049   NZD      53.00
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.07
NEW ZEALAND POST         7.50    11/15/2039   NZD      61.68
NZF GROUP                6.00    03/15/2016   NZD       2.00
TOWER CAPITAL            8.50    04/15/2014   NZD       1.02
TRUSTPOWER LTD           8.50    09/15/2012   NZD       7.15
TRUSTPOWER LTD           8.50    03/15/2014   NZD       6.65
UNI OF CANTERBUR         7.25    12/15/2019   NZD       0.91


SINGAPORE
---------

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


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

CN 1ST ABS               8.00    02/27/2015   KRW      31.76
CN 1ST ABS               8.30    11/27/2015   KRW      33.01
EX-IMP BK KOREA          0.50    10/23/2017   KRW      61.28
EX-IMP BK KOREA          0.50    12/22/2017   KRW      59.52
GREAT KD 1ST ABS        15.00    08/19/2014   KRW      30.72
HANJIN SHIPPING          4.00    07/20/2015   KRW      74.96
HYUNDAI SWISS BK         7.90    07/23/2015   KRW      70.14
KOREA DEVELOPMENT        7.05    04/28/2012   KRW      71.00


SRI LANKA
---------

SRI LANKA GOVT           6.20    08/01/2020   LKR      70.83
SRI LANKA GOVT           5.35    03/01/2026   LKR      56.50


                             *********

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

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

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


                            *********


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

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

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

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

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





                 *** End of Transmission ***