TCRAP_Public/111227.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 27, 2011, Vol. 14, No. 256

                            Headlines



A U S T R A L I A

BAMBOO AND SOLAR: In Liquidation; Up to 20 Workers Sacked
PANTANA PROPRIETARY: Administrator Refuses to Release Debt Info


C H I N A

WINSWAY COOKING: S&P Keeps 'BB-' Corp. Credit Rating on Watch Neg


H O N G  K O N G

BUDDHIST UNIVERSAL: Creditors' Proofs of Debt Due Feb. 28
CHARMFAME (H.K.): Creditors' Proofs of Debt Due Jan. 31
CLP POWER: Creditors' Proofs of Debt Due Jan. 31
DIODES ZETEX: Commences Wind-Up Proceedings
ECO-HARU PROPERTY: Members' & Creditors' Meetings Set for Jan. 13

ECO SWISS: Members and Creditors' Meetings Set for Jan. 13
EGANA FAR: Members and Creditors' Meetings Set for Jan. 13
EGANA FINANCE: Members and Creditors' Meetings Set for Jan. 13
JUNGHANS ASIA: Members and Creditors' Meetings Set for Jan. 13
KAI-YIN LO: Members and Creditors' Meetings Set for Jan. 13

MORODO (HK): Placed Under Voluntary Wind-Up Proceedings
PIONEER VENTURES: Members and Creditors' Meetings Set for Jan. 13
TANKINVESTMENTS LIMITED: Creditors' Proofs of Debt Due Jan. 20
TRAVEL 3000: Creditors' Proofs of Debt Due Jan. 15
TIME SUCCESS: Members and Creditors' Meetings Set for Jan. 13


I N D I A

EBONY AUTOMOBILES: CRISIL Rates INR45MM Loan at 'CRISIL B-'
GODHANI GEMS: CRISIL Assigns 'CRISIL BB' Rating to INR92MM Loan
HAP GARMENTS: CRISIL Assigns 'CRISIL B+' Rating to INR150MM Loan
KANDUI INDUSTRIES: Fitch Puts Rating on Two Bank Loans at Low-B
MVL LTD: Fitch Assigns 'BB-' Rating on INR1,33-Mil. Bank Loans

NEELKAMAL STEELS: Fitch Places Rating on Two Bank Loans at Low-B
NEERAJ BUILDERS: CRISIL Puts 'CRISIL BB-' Rating on INR10MM Loan
RAMA HI POWER: CRISIL Assigns 'CRISIL B+' Rating to INR28MM Loan
ROLEX CYCLES: CRISIL Reaffirms 'CRISIL B+' Cash Credit Limit
SAI BHASKAR: Delay in Loan Payment Cues CRISIL Junk Ratings

SIKKIM INDUSTRIAL: CRISIL Rates INR2.10BB Loan at CRISIL BB+(SO)
S.S.S. RICE: CRISIL Assigns 'CRISIL B+' Rating to INR13.5MM Loan
ULCCS IT: CRISIL Rates INR1.26BB Long-Term Loan at 'CRISIL BB-'
VALLABH TEXTILES: CRISIL Reaffirms 'CRISIL BB' Cash Credit Rating
VIJAYASRI ORGANICS: CRISIL Reaffirms 'B-' Cash Credit Rating

VIDHATA METAL: CRISIL Reaffirms 'CRISIL B' Cash Credit Rating


J A P A N

OLYMPUS CORP: Amends Earnings Report Due to Rounding Errors
PROMISE CO: S&P Raises Counterparty Credit Rating From 'BB'


N E W  Z E A L A N D

YARROWS BAKERS: Workers Get 50c on the Dollar "Interim" Payout


X X X X X X X X

* BOND PRICING: For the Week Dec. 19 to Dec. 23, 2011


                            - - - - -


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


BAMBOO AND SOLAR: In Liquidation; Up to 20 Workers Sacked
---------------------------------------------------------
Melissa Martin at The Coffs Coast Advocate reports that there was
little Christmas cheer for employees of Bamboo and Solar Direct,
after the company was placed into liquidation late last week.

The report relates that Solar and Bamboo Direct Managing Director
Pieter McHeyzer said as many as 20 staff were made redundant in
the days leading up to Christmas as the company succumbed to "a
number of issues."

According to the report, Mr. McHeyzer said the layoffs were the
last thing he wanted to do at this time of year.  "But we
couldn't keep trading when we couldn't pay the debt, the bills
and staff," the report quotes Mr. McHeyzer as saying.

Mr. McHeyzer said the State Government should shoulder a large
part of the blame for the company's demise.  "The absolute non-
guidance, the flip-flopping of rules and regulations and the non-
support of the industry has made things very difficult," The
Coffs Coast Advocate quotes Mr. McHeyzer as saying.  "There's
been no leadership by the State Government for the solar industry
and little assistance by the Federal Government."

While the solar arms of the business in Coffs Harbour and
Tamworth will not survive, it's hoped the bamboo business will
thrive, the report adds.

Bamboo Direct is in voluntary administration and Mr. McHeyzer is
hoping it may be able to trade out of financial difficulty.

Bamboo and Solar Direct Pty. Ltd supplies and installs
sustainable building and renewable energy products.


PANTANA PROPRIETARY: Administrator Refuses to Release Debt Info
---------------------------------------------------------------
ABC News reports that the administrator of Pantana Proprietary
Limited has refused to provide details about the money owed to
dozens of local businesses.

Pantana Proprietary Limited, operated by Weldsure, was placed in
voluntary administration in November and went into liquidation
earlier this month, the report relates.

According to ABC News, the firm left more than 50 companies owed
a total of almost $1 million.

More than half is owed to the Australian Taxation Office, the
report notes.

In a letter addressed to a former customer, the report relates
that a manager at Pantana said operations will resume using the
same premises and same equipment under a different name, Northcat
Proprietary Limited.

BRI Ferrier, which was appointed to conduct the takeover, has
refused to release finalization details, according to ABC News.

Pantana Proprietary Limited is a Townsville-based mining
equipment fabrication company.


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


WINSWAY COOKING: S&P Keeps 'BB-' Corp. Credit Rating on Watch Neg
-----------------------------------------------------------------
Standard & Poor's Ratings Services kept its 'BB-' long-term
corporate credit rating on China-based Winsway Coking Coal
Holdings Ltd. and its 'BB-' issue rating on the company's
senior unsecured notes on CreditWatch with negative implications.
"At the same time, we kept our 'cnBB+' Greater China scale credit
rating on the company and its notes on CreditWatch with negative
implications," S&P said.

The CreditWatch status reflects Standard & Poor's view on the
potential risks associated with Winsway's indirect acquisition of
60% of the issued shares of Grande Cache Coal Corp., a Canada-
based coal mining company. The acquisition will expose Winsway to
coal price volatility and coal mine operating risks outside of
China, where the company has limited track record.

Winsway's likely significant upstream investment in coal mines
will increase its exposure to mine-operating and coal-price
risks. Such a strategy could dilute the company's business model,
which emphasizes asset-light trading operations with limited
inventory and manageable exposure to coal price volatility. The
coal price risk is likely to heighten in the next 12 months. In
our view, coking coal prices in 2012 will be under pressure as
domestic
steel mills continue to reduce capacity with weakening demand and
a slowing economy.

"We believe coal mine operating risk became more uncertain after
Alberta Securities Commission's (ASC) allegation on Dec. 8, 2011,
against three GCC senior executives of insider trading. The
joint-venture bidder plans to retain the GCC senior management
team to mitigate execution risk. However, the allegation raises
the likelihood of significant turnover in GCC's senior
management," S&P said.

"We aim to resolve the CreditWatch status within the next three
months. We will analyze information regarding bridge loan
financing for the announced acquisition, cost competiveness for
Canadian coal sold in China and Asia, and the transportation
capacity to support GCC's increased annual production," S&P said.

"S&P may lower the rating by one notch upon  completion of the
acquisition if: (1) we believe the company's business risk
profile is likely to significantly weaken due to heightened mine
operating and coal price risks; or (2) we project that Winsway's
adjusted ratio of funds from operations to total debt will stay
below 20% or the ratio of adjusted total debt to EBITDA will be
more than 4x," S&P said.

"We may affirm the rating if: (1) we expect that the likely
heightened business risk is manageable; and (2) we project that,
following the completion of the acquisition, Winsway's adjusted
ratio of funds from operations to total debt will stay above 20%
and the ratio of adjusted total debt to EBITDA will not be
more than 4x," S&P said.


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


BUDDHIST UNIVERSAL: Creditors' Proofs of Debt Due Feb. 28
---------------------------------------------------------
Creditors of Buddhist Universal Compassion Association Limited,
which is in members' voluntary liquidation, are required to file
their proofs of debt by Feb. 28, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Dec. 13, 2011.

The company's liquidator is:

         Suen Su Chun
         Rm 601 Kalok Building
         720 Nathan Road
         Kowloon, Hong Kong


CHARMFAME (H.K.): Creditors' Proofs of Debt Due Jan. 31
-------------------------------------------------------
Creditors of Charmfame (H.K.) Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Jan. 31, 2012, to be included in the company's dividend
distribution.

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

The company's liquidators are:

         Martin James Murray
         Liu Sui Yuk
         33rd Floor, One Pacific Place
         88 Queensway, Hong Kong


CLP POWER: Creditors' Proofs of Debt Due Jan. 31
------------------------------------------------
Creditors of CLP Power (BLCP) Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Jan. 31, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Dec. 13, 2011.

The company's liquidators are:

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


DIODES ZETEX: Commences Wind-Up Proceedings
-------------------------------------------
Members of Diodes Zetex (Asia) Limited, on Dec. 12, 2011, passed
a resolution to voluntarily wind up the company's operations.

The company's liquidators are:

         Ho Man Kit
         Kong Sau Wai
         Unit 511, 5th Floor
         Tower 1, Silvercord
         Hong Kong


ECO-HARU PROPERTY: Members' & Creditors' Meetings Set for Jan. 13
-----------------------------------------------------------------
Members and creditors of Eco-Haru Property Investment Limited
will hold their meetings on Jan. 13, 2012, at 11:30 a.m., and
12:00 p.m., respectively at 27th Floor, Alexandra House, at 18
Chater Road, Central, in Hong Kong.

At the meeting, Fergal Power and Edward Middleton, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


ECO SWISS: Members and Creditors' Meetings Set for Jan. 13
----------------------------------------------------------
Members and creditors of Eco Swiss China Time Limited will hold
their meetings on Jan. 13, 2012, at 4:00 p.m., and 4:30 p.m.,
respectively at 27th Floor, Alexandra House, at 18 Chater Road,
Central, in Hong Kong.

At the meeting, Fergal Power and Edward Middleton, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


EGANA FAR: Members and Creditors' Meetings Set for Jan. 13
----------------------------------------------------------
Members and creditors of Egana Far East Procurement Services
Limited will hold their meetings on Jan. 13, 2012, at 5:00 p.m.,
and 5:30 p.m., respectively at 27th Floor, Alexandra House, at 18
Chater Road, Central, in Hong Kong.

At the meeting, Fergal Power and Edward Middleton, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


EGANA FINANCE: Members and Creditors' Meetings Set for Jan. 13
--------------------------------------------------------------
Members and creditors of Egana Finance Limited will hold their
meetings on Jan. 13, 2012, at 3:00 p.m., and 3:30 p.m.,
respectively at 27th Floor, Alexandra House, at 18 Chater Road,
Central, in Hong Kong.

At the meeting, Fergal Power and Edward Middleton, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


JUNGHANS ASIA: Members and Creditors' Meetings Set for Jan. 13
--------------------------------------------------------------
Members and creditors of Junghans Asia Limited will hold their
meetings on Jan. 13, 2012, at 9:30 a.m., and 10:00 a.m.,
respectively at 27th Floor, Alexandra House, at 18 Chater Road,
Central, in Hong Kong.

At the meeting, Fergal Power and Edward Middleton, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


KAI-YIN LO: Members and Creditors' Meetings Set for Jan. 13
-----------------------------------------------------------
Members and creditors of Kai-Yin Lo Limited will hold their
meetings on Jan. 13, 2012, at 2:00 p.m., and 2:30 p.m.,
respectively at 27th Floor, Alexandra House, at 18 Chater Road,
Central, in Hong Kong.

At the meeting, Fergal Power and Edward Middleton, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


MORODO (HK): Placed Under Voluntary Wind-Up Proceedings
-------------------------------------------------------
At an extraordinary general meeting held on Dec. 13, 2011,
creditors of Morodo (Hong Kong) Limited resolved to voluntarily
wind up the company's operations.

The company's liquidators are:

         Leung Chung Yin
         Wong Wing Lai
         Room 322, 3/F
         Dah Sing Life Building
         99-105 Des Voeux Road
         Central, Hong Kong


PIONEER VENTURES: Members and Creditors' Meetings Set for Jan. 13
-----------------------------------------------------------------
Members and creditors of Pioneer Ventures Limited will hold their
meetings on Jan. 13, 2012, at 8:30 a.m., and 9:00 a.m.,
respectively at 27th Floor, Alexandra House, at 18 Chater Road,
Central, in Hong Kong.

At the meeting, Fergal Power and Edward Middleton, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


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

The company commenced wind-up proceedings on Dec. 12, 2011.

The company's liquidator is:

         Hugo Stefan August Cox
         Room 3206, 32/F
         Lippo Centre, Tower Two
         89 Queensway, Hong Kong


TRAVEL 3000: Creditors' Proofs of Debt Due Jan. 15
--------------------------------------------------
Creditors of Travel 3000 Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by Jan.15,
2012, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Dec. 14, 2011.

The company's liquidator is:

         Lau Chung Sun
         Unit 901, 9th Floor
         Omega Plaza, 32 Dundas Street
         Kowloon, Hong Kong


TIME SUCCESS: Members and Creditors' Meetings Set for Jan. 13
-------------------------------------------------------------
Members and creditors of Time Success Industrial Limited will
hold their meetings on Jan. 13, 2012, at 10:30 a.m., and 11:00
a.m., respectively at 27th Floor, Alexandra House, at 18 Chater
Road, Central, in Hong Kong.

At the meeting, Fergal Power and Edward Middleton, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


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EBONY AUTOMOBILES: CRISIL Rates INR45MM Loan at 'CRISIL B-'
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-
term bank facilities of Ebony Automobiles Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR160 Million Cash Credit      CRISIL B-/Stable (Assigned)
   INR45 Million Long-Term Loan    CRISIL B-/Stable (Assigned)

The rating reflects EAPL's weak financial risk profile, marked by
a small net worth, high gearing, and weak debt protection
metrics, its start-up nature of operations, and exposure to risks
related to geographical concentration and intense competition in
the auto industry. These rating weaknesses are partially offset
by the extensive industry experience of EAPL's promoters and the
strategic geographic location of its dealership in North
Bengaluru territory.

Outlook: Stable

CRISIL believes that EAPL will continue to benefit over the
medium term from the entrepreneurial experience of its management
in the automobile dealership business. The outlook may be revised
to 'Positive' if EAPL's financial risk profile improves, with
increase in its scale of operations and profitability on a
sustained basis. Conversely, the outlook may be revised to
'Negative' if the company's financial risk profile deteriorates
because of less-than-expected cash accruals or larger-than-
expected debt-funded capital expenditure programme, or if its
relationship with its principal deteriorates.

                       About Ebony Automobiles

EAPL is an authorised dealer of passenger vehicles of Tata Motors
Ltd (rated 'CRISIL AA-/Stable/CRISIL A1+') in Bengaluru
(Karnataka). The company was incorporated in September 2010 and
commenced operations in March 2011.The promoter-director, Mr.
Sanjay, has more than six years of experience in this line of
business through the dealership of Kinetic Motors Ltd and Eicher
Motors Ltd. EAPL operates in North Bengaluru through a showroom
and service centre. The showroom is spread across an area of 5000
square feet (sq ft) and the workshop and body shop is spread
across 20,000 sq ft and is capable of servicing 32 cars and 10
accident vehicles.

EAPL reported net losses of INR12 million on net sales of
INR40 million for 2010-11 (refers to financial year, April 1 to
March 31).


GODHANI GEMS: CRISIL Assigns 'CRISIL BB' Rating to INR92MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' rating to the bank
facilities of Godhani Gems Pvt Ltd.

  Facilities                             Ratings
  ----------                             -------
  INR92 Mil. Standby Line of Credit      CRISIL BB/Stable
                                         (Assigned)

  INR1.528 Billion Export Packing Credit CRISIL BB/Stable
                                         (Assigned)

  INR30 Million Proposed Standby         CRISIL BB/Stable
  Line of Credit                         (Assigned)

The rating reflects GGPL's established position in the diamond
industry and the extensive experience of the company's promoters.
These rating strengths are partially offset by GGPL's working-
capital-intensive operations, and moderate financial risk profile
marked by high external indebtedness and weak interest coverage
ratio.

Outlook: Stable

CRISIL believes that GGPL will continue to benefit over the
medium term from its established position in the diamond industry
and its promoters' extensive industry experience. The outlook may
be revised to 'Positive' if the company demonstrates a
significant and sustainable improvement in its profitability
margins, working capital cycle, and capital structure, resulting
in an improvement in its overall financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case GGPL
reports deterioration in its financial risk profile because of
lengthening of its working capital cycle or deterioration in its
margins.

                         About Godhani Gems

GGPL was set up as a partnership firm named Godhani Gems in 1995
by the Godhani family. In June 2011, the entity was reconstituted
as a closely held private limited company with its current name.
The company imports rough diamonds, and processes and exports cut
and polished diamonds. GGPL has its diamond-cutting and -
polishing unit in Surat (Gujarat). It primarily manufactures
diamonds of sizes ranging from 0.1 to 1.00 carats. The company's
overall operations are managed by six brothers, namely, Mr.
Vinodkumar Godhani, Mr. Ramesh Godhani, Mr. Bharatkumar Narola,
Mr. Jagdishkumar Narola, and Mr. Sudhirbhai Patel.

GGPL reported profit after tax (PAT) of INR63.4 million on sales
of INR5.06 billion for 2010-11 (refers to financial year, April 1
to March 31), against a PAT of INR44.9 million on sales of
INR4.34 billion for 2009-10.


HAP GARMENTS: CRISIL Assigns 'CRISIL B+' Rating to INR150MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the cash
credit facility of Hap Garments Pvt Ltd.

   Facilities                     Ratings
   ----------                      -------
   INR150 Million Cash Credit     CRISIL B+/Stable (Assigned)

The rating reflects HGPL's below-average financial risk profile,
marked by a small net worth and low profitability, limited track
record in the readymade garments segment and susceptibility to
intense competition from global and Indian brands with limited
pricing flexibility. These rating weaknesses are partially offset
by the extensive experience of HGPL's promoters in the textile
industry.

Outlook: Stable

CRISIL believes that HGPL will benefit over the medium term from
the healthy demand prospects and promoters experience in the
domestic ready-made garments industry. The outlook may be revised
to 'Positive' if the company scales up its operations on a
sustainable basis while maintaining its profitability, leading to
higher cash accruals, and if the promoters infuse equity to ease
the pressure on liquidity. Conversely, the outlook may be revised
to 'Negative' if HGPL undertakes a large debt-funded capital
expenditure programme or in case of delay in realisation of
receivables, leading to weakening in its financial risk profile.

                        About Hap Garments

Incorporated in 2010 and based in Kolkata (West Bengal), HGPL
manufactures garments for women, which include salwar suits and
sarees. The company also trades in salwar suits, which accounts
for about 15 per cent of its revenues. HGPL has a manufacturing
unit in Kolkata with capacity of about 60,000 pieces per month.
About 90 per cent of the company's revenues are generated from
sale to wholesalers while the balance is from retail sales. The
company commenced commercial operations from August 2010.

HGPL reported a profit after tax (PAT) of INR3 million on net
sales of INR212 million for 2010-11 (refers to financial year,
April 1 to March 31).


KANDUI INDUSTRIES: Fitch Puts Rating on Two Bank Loans at Low-B
---------------------------------------------------------------
Fitch Ratings has assigned India's Kandui Industries Pvt. Ltd. a
National Long-Term rating of 'Fitch BB-(ind)'.  The Outlook is
Stable.

The ratings are constrained by the deterioration in KIPL's net
financial leverage (net debt /EBITDA) to 3.8x in FY11 (year-end:
March 2011) from 1.6x in FY10 and EBITDA interest coverage to
3.7x from 4.01x.  This is on account of additional borrowings
undertaken for its INR161.6m capex for capacity expansion, which
was funded by a debt of INR115.6m, and sponsor's contribution.
Cash flow from operations also turned negative due to higher
working capital requirements.  The ratings are also constrained
by KIPL's small size of operations (revenue: INR472.3m in FY11,
INR368.0m in FY10) and the commodity nature of its products.

The ratings, however, benefit from over four-decade-long
experience of KIPL's sponsors in the domestic plastics industry,
especially in woven sacks manufacturing, as well as from excise
duty exemption on raw materials and lower power costs in Daman --
a city in India.  The ratings reflect the advantages of group
linkages -- KIPL is an upstream supplier of master batches to its
group companies, PVN Fabrics ('Fitch B+(ind)'/Stable Outlook) and
PVN Tex Industries ('Fitch B+(ind)'/Stable), which convert the
same into high density polyethylene/polypropylene woven sacks.

The ratings also reflect KIPL's steady financial performance in
FY11 and FY12 till date.  In FY11, revenues grew by 28.3% yoy to
INR472.3m while EBITDA margins improved to 10.2% from 9.5%.  As
per provisional financials for the April 2011 to October 2011
period, revenues were INR348m and EBITDA margins were 10.2%.
This is attributed to an increase in its capacity to 15,000 tons
per annum (tpa) from 12000 tpa and cost efficiencies.

Positive rating guidelines include increased capacity utilisation
and adjusted net leverage being maintained below 3.0x on a
sustained basis.  Negative rating guidelines include EBITDA
margins falling below 8% and adjusted net debt/EBITDA levels
exceeding 4.5x during the next three years.

KIPL is a private limited company, owned and managed by Ashwin
Agarwal and family.

Fitch has assigned ratings to KIPL's bank facilities as follows:

  -- INR115.6m total long term loans: 'Fitch BB-(ind)'
  -- INR1155m fund based limits: 'Fitch BB-(ind)'
  -- INR25m non-fund based limits: 'Fitch A4+(ind)'


MVL LTD: Fitch Assigns 'BB-' Rating on INR1,33-Mil. Bank Loans
--------------------------------------------------------------
Fitch Ratings has assigned India-based MVL Limited a National
Long-Term rating of 'Fitch BB-(ind)'.  The Outlook is Stable.
The agency has also assigned MVL's INR1,334 million long-term
bank loans a rating of 'Fitch BB-(ind)'.

The ratings are constrained by the limited operational history of
MVL in the Indian real estate sector and its large debt
repayments of almost INR600m falling due each year over the next
three years.

The ratings are also constrained by the subdued operating
environment in the industry.  MVL's many residential projects are
in Tier II and Tier III Indian cities which have a low degree of
speculative demand as the majority of the purchases are by end
users.  The company plans for a significant proportion of sale of
developed plots which would have low construction cost and low
execution risks.

The ratings, however, supported by MVL's operational track record
of steady growth since its inception and diversified nature of
its projects.  The ratings also reflect the company's low land
payment liability as the majority of its land bank, including the
land for projects where construction is yet to commence, is fully
paid for.

Negative rating guidelines include major time or cost overruns in
MVL's ongoing projects, a shortfall in its cash flows due to
slowing down of sales or any significant worsening of its
financial leverage on a sustained basis.  Positive rating
guidelines include an increase in the company's sales leading to
cash flow from operations turning positive on a sustained basis.

MVL is a listed real estate company in North India with a market
cap of around INR12bn. It belongs to the MVL Group, which has
operations in real estate development, consumer electronics goods
and mobile handsets since the last two decades.  The company was
formed in 2006 and its projects comprise sale of plots,
hospitality, residential and commercial developments.  MVL is
presently in various stages of executing projects with around
9.6 million sq. ft. of saleable area.  MVL had revenue of
INR1,936 million in 2010 (2009: INR1,781m), with an EBITDA margin
of 18% (16.30%) and net financial leverage of 3.36x (2.85x).


NEELKAMAL STEELS: Fitch Places Rating on Two Bank Loans at Low-B
----------------------------------------------------------------
Fitch Ratings has assigned India's Neelkamal Steels Private
Limited a National Long-Term rating of 'Fitch B(ind)'.  The
Outlook is Stable.

NSPL's ratings reflect its small size (revenue: INR746.4m in
FY11, INR647.4m in FY10 (end-March)) and volatile EBITDA margins
from manufacturing operations, which declined to 0.36% in FY11
from 7.04% in FY10 due to raw material price volatility.  The
ratings also reflect the company's tight liquidity position as
reflected in its full utilization of working capital limits in
FY11.  In H1FY12, revenue declined to INR289.3m with an EBITDA
loss of INR24.2m due to a decline in sales volume.  EBITDA is
expected to improve in H2FY12 due to a correction in product
selling price during Q3FY12.

The ratings also factor in NSPL's deteriorating credit metrics
with its net financial leverage (total adjusted net
debt/operating EBITDAR) increasing to 32.6x in FY11 from 2.44x in
FY10 and interest coverage (operating EBITDA/gross interest
expense) falling to 0.20x from 3.51x.

The ratings are, however, supported by the income the company
earns in the form of commission and brokerage from selling and
marketing services provided to other manufacturers.  Comission
and brokerage increased substantially to INR47.3m in H1FY12 and
INR35.1m in FY11 from INR4.6 m in FY07.

Positive rating guideline includes a sustained improvement in
EBITDA margin leading to improved credit metrics.  Conversely, a
decline in commission and brokerage income resulting in a tight
liquidity position may act as a negative guideline.

Incorporated in July 2005, NSPL manufactures re-rolled products
mainly TMT bars with an installed capacity of 30,000MTPA, and has
two furnaces for manufacturing MS ingots with a total capacity of
35,640MTPA.

Fitch has also assigned ratings to NSPL's bank loans as follows:

  -- INR22.7m long-term loans: 'Fitch B(ind)'
  -- INR62.5m fund-based limits: 'Fitch B(ind)'


NEERAJ BUILDERS: CRISIL Puts 'CRISIL BB-' Rating on INR10MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Neeraj Builders.

   Facilities                     Ratings
   ----------                     -------
   INR10 Million Cash Credit      CRISIL BB-/Stable (Assigned)
   INR51.5 Million Proposed LT    CRISIL BB-/Stable (Assigned)
    Bank Loan Facility
   INR50 Million Bank Guarantee   CRISIL A4+ (Assigned)

The ratings reflect the extensive industry experience of NB's
promoter and moderate financial risk profile, marked by low
gearing and moderate debt protection metrics. These rating
strengths are partially offset by NB's small scale of operations,
low profitability due to highly competitive and fragmented nature
of construction industry, and large working capital requirements.

Outlook: Stable

CRISIL believes that NB will continue to benefit over the medium
term from the extensive industry experience of its promoter in
the construction industry. The outlook may be revised to
'Positive' in case of higher-than-expected increase in the firm's
scale of operations and improvement in profitability, leading to
higher-than-expected cash accruals while maintaining a
comfortable capital structure. Conversely, the outlook may be
revised to 'Negative' in case of pressure on profitability or
significant pressure on the firm's working capital management,
and consequentially its liquidity, due to delays in project
execution and receivables.

                     About Neeraj Builders

NB is a proprietorship concern set up in 1999 by Mr. Surinder
Kumar Jain. The firm is primarily engaged in construction of
roads. NB is a class 1 contractor in Haryana for government
bodies, such as Public Works Department and Haryana State
Agricultural Marketing Board.

NB reported a profit after tax (PAT) of INR5.7 million on net
sales of INR202.1 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR5.5 million on net
sales of INR367.0 million for 2009-10.


RAMA HI POWER: CRISIL Assigns 'CRISIL B+' Rating to INR28MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Rama Hi Power Tech.

   Facilities                  Ratings
   ----------                  -------
   INR28 Million Term Loan     CRISIL B+/Stable (Assigned)
   INR30 Million Cash Credit   CRISIL B+/Stable (Assigned)

The rating reflects RHPT's small scale of operations due to its
limited track record in manufacturing mild steel (MS) ingots, the
susceptibility of RHPT's operating margin to downturns in end-
user industry and volatility in steel prices, and the expected
deterioration in its financial risk profile because of its debt-
funded capital expenditure (capex) incurred and large working
capital requirements. These weaknesses are partially offset by
RHPT's promoter-partners' extensive experience in the steel
industry and the favourable demand scenario for steel long
products currently.

RHPT has been extended interest-free unsecured loans of a total
of INR3.2 million (as on March 31, 2011) by its partners. CRISIL
has treated these unsecured loans as neither debt nor equity, as
the loans are interest free and subordinated to the bank
borrowings.

Outlook: Stable

CRISIL believes that RHPT will benefit from its promoter-
partners' experience in the steel industry over the medium term.
The outlook may be revised to 'Positive' in case the firm scales
up its operations, supported by its new MS ingots capacities,
resulting in more-than-expected cash accruals and consequent
improvement in financial risk profile. Conversely, the outlook
may be revised to 'Negative' in case the firm's liquidity
deteriorates because of larger-than-expected working capital
requirements or if the firm further undertakes larger-than-
expected, debt-funded capex programme.

                      About Rama Hi Power

RHPT, promoted by Dr. S Suresh, is based in Bengaluru
(Karnataka). It has two units, one each for manufacturing MS bars
and MS ingots. RHPT's promoter-partners set up a small hot-
rolling mill, with capacity of 5 tonnes per day (tpd), during
2003 for manufacturing of MS bars. Furthermore, during 2010-11
(refers to financial year, April 1 to March 31), the promoter-
partners set up a new unit to manufacture MS ingots. This unit
has a capacity of 100 tpd of MS ingots and commenced commercial
operations in August 2011.

RHPT reported a profit before tax (PBT) of INR1.27 million on an
operating income of INR38.32 million for 2010-11, as against a
PBT of INR1.12 million on an operating income of INR33.63 million
for 2009-10.


ROLEX CYCLES: CRISIL Reaffirms 'CRISIL B+' Cash Credit Limit
------------------------------------------------------------
CRISIL's ratings on Rolex Cycles Pvt Ltd's bank facilities
continue to reflect RCPL's below-average financial risk profile,
marked by high gearing, small net worth, and weak debt protection
metrics, and exposure to risks related to customer and product
concentration in its revenue profile. These rating weaknesses are
partially offset by RCPL's long track record in the bicycle
components manufacturing industry.

   Facilities                          Ratings
   ----------                          -------
   INR152.5 Mil. Cash Credit Limit     CRISIL B+/Stable
   (Enhanced from INR130.0 Million)
   INR25.0 Million Letter of Credit    CRISIL B+/Stable
                                       (Reaffirmed)
   INR25.0 Million Letter of Credit    CRISIL A4
   (Enhanced from INR20.0 Million)

Outlook: Stable

CRISIL believes that RCPL will continue to benefit from its
established customer base over the medium term. However, the
company's financial risk profile is expected to remain weak over
the medium term because of its large working capital requirements
and small net worth. The outlook may be revised to 'Positive' if
RCPL's financial risk profile improves, most likely because of
improvement in profitability or infusion of equity capital.
Conversely, the outlook may be revised to 'Negative' if the
company's financial risk profile deteriorates significantly, most
likely because of fresh, large, debt-funded capital expenditure
(capex), or more-than-expected incremental working capital
requirements.

Update

RCPL's performance in 2010-11 (refers to financial year, April 1
to March 31) was in line with CRISIL expectations. RCPL reported
a 14 per cent year-on-year sales growth for 2010-11, with
provisional net sales of INR742.6 million, as against previous
year's net sales of INR653.8 million. RCPL's revenues mainly
depend on three cycle manufacturing companies, Hero Cycles Ltd,
Atlas Cycles (Haryana) Ltd and TI Cycle of India. CRISIL believes
that RCPL's sales will grow at a slow but steady rate over medium
term, because of sluggish growth rates of the Indian bicycle
industry.

                      About Rolex Cycles

Set up in 1954 as a partnership firm, RCPL was reconstituted as a
private limited company in 1999. It manufactures hubs for
bicycles. The company's manufacturing unit in Ludhiana (Punjab)
has total manufacturing capacity of around 0.15 million pieces
per day. The company has its marketing network across Punjab,
Maharashtra, New Delhi, Rajasthan, Bihar, and Uttar Pradesh.

RCPL reported a book profit of INR6.08 million on net sales of
INR742.7 million for 2010-11, against a book profit of INR4.46
million on net sales of INR653.8 million for 2009-10.


SAI BHASKAR: Delay in Loan Payment Cues CRISIL Junk Ratings
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL D' to the bank facilities of Sai
Bhaskar Irons Pvt Ltd.  The ratings reflect the company's delays
in servicing the term loan obligations due to weak liquidity.

   Facilities                   Ratings
   ----------                   -------
   INR200 Million Term Loan     CRISIL D (Assigned)
   INR60 Million Cash Credit    CRISIL D (Assigned)
   INR10 Million Proposed LT    CRISIL D (Assigned)
    Bank Loan Facility

SBIPL also has a weak financial risk profile, marked by average
net worth, high gearing, and weak debt protection metrics, short
track record of operations in the intensely fragmented thermo-
mechanically treated (TMT) bars industry, and is susceptible to
volatility in raw material prices. These rating weaknesses are
partially offset by the promoters' entrepreneurial experience.

                        About Sai Bhaskar

SBIPL, based in Guntur (Andhra Pradesh), was incorporated in 2009
and promoted by Mr. Ratnagiri Babu. It started commercial
operations in March 2010. The company has one induction furnace
with a capacity of 36,000 tonnes per annum (tpa). The company is
also setting up a 120,000-tpa TMT bars facility, which is
expected to start operations in October 2011.


SIKKIM INDUSTRIAL: CRISIL Rates INR2.10BB Loan at CRISIL BB+(SO)
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+(SO)/Stable' rating to the
INR2.107-billion long-term loan facility of Sikkim Industrial
Development & Investment Corporation Ltd; the loan is guaranteed
by the Government of Sikkim (GoSK).

   Facilities                   Ratings
   ----------                   -------
   INR2.107 Billion Long-Term   CRISIL BB+(SO)/Stable (Assigned)
   Loan Facility

The rating reflects the guarantee provided by GoSK on, and the
credit enhancement mechanism of, the long-term loan facility. The
credit rating on SIDICO's long-term loan facility, therefore,
reflects the credit risk profile of GoSK.

GoSK has provided an unconditional and irrevocable guarantee for
SIDICO's long-term loan facility, guaranteeing full repayment of
the principal and interest. As per the payment structure, if the
payments are not made on due date (T), lenders will invoke the
guarantee on 30th day from the due date (T+30) and the guarantor
will make the payment within 7 business days (T+37) from the day
of invocation.

CRISIL's ratings factor in expectation of continued financial
support for GoSK from the Government of India (GoI) and GoSK's
above-average socio-economic indicators. These rating strengths
are partially offset by GoSK's average economic management, high
debt levels and sub-par debt servicing metrics.

CRISIL believes that GoSK will continue to get financial support
from GoI, given the state's strategic location and its status of
a special-category state. Funds from GoI, in the form of share in
central taxes and grant/aid, constitute a substantial portion of
GoSK's revenue receipts (RRs). Funds from GoI, as a proportion of
GoSK's overall RRs, was about 68 per cent in 2009-10 (refers to
financial year, April 1 to March 31). GoSK's gross state domestic
product (GSDP) growth has been higher than the national average,
albeit on a small base. The state's GSDP increased by a yearly
average of about 14 per cent over the five-year period from 2006-
07 to 2010-11, higher than the national average of 8.4 per cent
during the same period. The state's socio-economic indicators,
such as per capita income and literacy rate, have been better
than the national average - its per capita income was INR48,937
against the national average of INR46,492 for 2009-10. The
state's literacy rate (as per the 2011 census) was 82 per cent,
significantly higher than the national average of 74 per cent.

GoSK's economic management is average. It is one of the last
states to enact the Fiscal Responsibility and Budget Management
(FRBM) Act. It enacted the FRBM Act in 2010-11. Infrastructure in
the state is below average. It lacks rail and air connectivity,
and the road network is not extensive. Investment attractiveness
of the state is low. Its debt levels are high and debt servicing
ratios are average. The ratio of debt plus guarantees to GSDP was
68 per cent, while the ratio of debt plus guarantees to RR was
about 1.0 time, for 2009-10. The ratio of gross fiscal deficit
(GFD) to GSDP was high at 4.9 per cent in 2009-10, although it
improved from 8.0 per cent in 2008-09. The state's FRBM Act aims
to bring down its GFD to 3 per cent of GDSP in 2013-14 and
maintain it at that level thereafter.

Outlook: Stable

CRISIL believes that GoSK will derive support from GoI in the
form of grants and share in central taxes. The outlook may be
revised to 'Positive' if GoSK improves its financial risk
profile, thereby also achieving the fiscal targets envisaged in
the FRBM Act. Conversely, the outlook may be revised to
'Negative' if GoSK's financial risk profile deteriorates, most
likely because of less-than-expected financial assistance from
GoI.

                      About Sikkim Industrial

SIDICO, incorporated in 1977, under the Registration of Companies
Act, Sikkim, 1961 is a state-level financial institution, engaged
in promotion, financing and development of industries in tiny,
cottage and small sector in the state of Sikkim.

For 2010-11, SIDICO reported profit before tax (PBT) of INR 11.3
million on gross income of INR350 million as against PBT of
INR2.3 million on gross income of INR 38.2 million in 2009-10.


S.S.S. RICE: CRISIL Assigns 'CRISIL B+' Rating to INR13.5MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/ CRISIL A4' ratings to
the bank facilities of SSS Rice Mill Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR13.5 Million Term Loan       CRISIL B+/Stable (Assigned)
   INR85 Million Cash Credit       CRISIL B+/Stable (Assigned)
   INR1.5 Million Bank Guarantee   CRISIL A4 (Assigned)

The ratings reflect SSSRM's moderate financial risk profile,
marked by moderate gearing and debt protection metrics and a
small net worth, susceptibility of its operating margin to
adverse government regulations and volatility in raw material
prices, and short track record of operations. These rating
weaknesses are partially offset by SSSRM's established marketing
network with stable operating profitability.

Outlook: Stable

CRISIL believes that SSSRM will continue to benefit over the
medium term from its established terms with food procurement
agencies and moderate working capital requirements. The outlook
may be revised to 'Positive' if the company's scale of operations
improves substantially, while maintaining its financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of higher-than-expected working capital requirement or
lower-than-expected profitability, leading to weakening in its
financial risk profile.

                         About SSS Rice

Incorporated in 2009, SSSRM is engaged in milling and processing
of non-basmati rice and supplies to Central and state governments
as well as sells in the open market through distributors. The
company's plant in Raidighi (West Bengal) has an installed
capacity of processing 45,000 tonnes per annum of paddy, with
current utilisation of around 65 per cent.

SSSRM reported a profit after tax (PAT) of INR3.1 million on net
sales of INR317 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a net loss of INR0.4 million on
net sales of INR202 million for 2009-10.


ULCCS IT: CRISIL Rates INR1.26BB Long-Term Loan at 'CRISIL BB-'
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the long-
term bank facility of ULCCS IT Infrastructure Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR1.26 Billion Long-Term Loan    CRISIL BB-/Stable (Assigned)

The rating reflects the strong support that UIIPL derives from
its parent, ULCCS Ltd, which has a healthy track record of
implementing civil construction projects and fund support from
Government of Kerala (GoK). These rating strengths are partially
offset by UIIPL's susceptibility to inherent project
implementation risks, and below-average financial risk profile,
marked by subdued cash accruals as it is in its initial years of
operations.

Outlook: Stable

CRISIL believes that UIIPL will benefit over the medium term from
the healthy execution track record of its parent and fund support
from GoK. The outlook may be revised to 'Positive' upon timely
completion of the project, yielding stable revenues and
profitability. Conversely, the outlook may be revised to
'Negative' in case of time or cost overrun in the projects or
non-saleability of acquired land leading to lower cash accruals,
thereby weakening financial risk profile.

                         About ULCCS IT

Incorporated in November 2008, UIIPL is developing an IT park, UL
Cyberpark, in Kozhikode (Kerala). The park will be built on an
area of 0.9 million square feet, comprising IT buildings,
residential apartments, commercial complex, and a learning
centre. UL Cyberpark is the first IT SEZ in Kozhikode as well as
in the Malabar region. UIIPL is a 99 per cent subsidiary of ULCCS
Ltd (a co-operative society).

ULCCS Ltd, formed in 1925, is involved in civil construction
projects, such as road construction and bridges, in Kerala. The
company has more than 2500 workers including 750 members and 1750
non-members. Members hold around 70 per cent of the company's
shares, while GoK holds the rest. ULCCS Ltd's objective is to
provide employment opportunities for the under-privileged.


VALLABH TEXTILES: CRISIL Reaffirms 'CRISIL BB' Cash Credit Rating
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Vallabh Textiles
Company Ltd continue to reflect VTCL's good profitability and the
support it gets from the Vallabh group. These rating strengths
are partially offset by VTCL's weak financial risk profile marked
by weak debt protection metrics, promoters' limited experience in
the textile industry, and susceptibility to volatility in raw
material prices and foreign exchange rates.

   Facilities                      Ratings
   ----------                      -------
   INR252.5 Million Cash Credit    CRISIL BB/Stable (Reaffirmed)
   INR1107.9 Million Term Loan     CRISIL BB/Stable (Reaffirmed)
   INR2.5 Million Bank Guarantee   CRISIL A4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that VTCL's business risk profile will continue
to be supported by sustained demand growth for terry towels over
the medium term. VTCL's capital structure is expected to remain
weak over the medium term. However, the company will benefit from
need-based funding support from promoters and their group
entities. The outlook may be revised to 'Positive' if VTCL's
capital structure and debt protection metrics improve
significantly and on a sustained basis. Conversely, the outlook
may be revised to 'Negative' in case there is a significant
slowdown in the company's end-user industry, resulting in lower-
than-expected capacity utilisation and consequently, a decline in
cash accruals, if the company undertakes a larger-than-expected,
debt-funded capital expenditure (capex) programme, or if there is
deterioration in its debt protection metrics.

                      About Vallabh Textiles

VTCL, incorporated in May 2007, manufactures terry towels and
bath robes. VTCL is part of the Vallabh group, founded by Mr.
Kapil Jain in 1981. The group's other entities are Vardhman
Industries Ltd, Vallabh Steel Ltd and Vallabh Tinplate Pvt. Ltd,
which are secondary steel producers and manufacturers of steel
and steel products, with operations in North India. VIL and VSL
hold equity stakes of 26 per cent each in VTCL. VTCL has
integrated terry towel/bathrobe units, with 16,416 spindles, 576
rotors and 47 looms. VTCL's spinning unit commenced commercial
operations in May 2009 and the weaving unit in July 2009.

For 2010-11 (refers to financial year, April 1 to March 31), VTCL
reported a net profit of INR13.0 million on net sales of INR1.3
billion, as against a net loss of INR42.3 million on net sales of
INR0.7 billion for 2009-10.


VIJAYASRI ORGANICS: CRISIL Reaffirms 'B-' Cash Credit Rating
------------------------------------------------------------
CRISIL ratings on the bank facilities of Vijayasri Organics Ltd
(VOL; part of the Vijayasri group) continue to reflect Vijayasri
group's working-capital-intensive operations, customer
concentration, and exposure to intense competition in the
pharmaceuticals industry.

   Facilities                           Ratings
   ----------                           -------
   INR250.00 Million Cash Credit        CRISIL B-/Stable
   (Enhanced from INR165.00 Million)

   INR197.50 Million Long Term Loan     CRISIL B-/Stable
   (Enhanced from INR185.00 Million)

   INR150.00 Million Letter of Credit   CRISIL A4
   (Enhanced from INR50.00 Million)

   INR2.50 Million Bank Guarantee       CRISIL A4 (Assigned)

These rating weaknesses are partially offset by the Vijayasri
group's moderate financial risk profile, marked by a moderate
gearing and above-average debt protection metrics, and the
benefits that the group derives from its promoters' extensive
experience and its established relationships with its customers.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Vijayasri Chemicals (VSC), Vijayasri
Organics (VSO), and VOL, collectively referred to as the
Vijayasri group. This is because all the entities are under a
common management and have intra-group operational and financial
linkages.

Outlook: Stable

CRISIL believes that the Vijayasri group will continue to benefit
over the medium term from its promoters' extensive experience in
bulk drug industry and its established relations with its
customers and suppliers. The outlook may be revised to 'Positive'
in case the group improves its working capital management and
liquidity, while it maintains its profitability. Conversely, the
outlook may be revised to 'Negative' if the group's debt
protection metrics deteriorate because of large debt-funded
capital expenditure, or its working capital cycle deteriorates
considerably.

                         About the Group

The Vijayasri group was set up in 1996 by Mr. S V J Raju, Mr. K V
Rama Rao, and Mr. Prakash Reddy, who set up VSC, a partnership
firm, in Hyderabad (Andhra Pradesh [AP]) to process solvents. The
group further expanded its operations in 2002 by setting up VSO.
In 2005, it set up VOL in Visakhapatnam [AP] as part of its
expansion plans. The Vijayasri group currently produces active
pharmaceutical ingredients, also known as bulk drugs, and
intermediates.

The Vijayasri group reported a profit after tax (PAT) of INR61.3
million on net sales of INR2.6 billion for 2010-11 (refers to
financial year, April 1 to March 31), against a PAT of INR116.3
million on net sales of INR2.0 billion for 2009-10.

1The ratings on the bank facilities of VOL are upgraded to
'CRISIL B-/Stable/CRISIL A4' from 'CRISIL C/CRISIL A4' on October
18, 2011


VIDHATA METAL: CRISIL Reaffirms 'CRISIL B' Cash Credit Rating
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Vidhata Metal Pvt Ltd
continue to reflect VMPL's average financial risk profile, marked
by weak liquidity as a result of small net cash accruals vis--
vis term loan obligations and high bank limit utilisation, small
net worth and weak capital structure.  This rating weakness is
partially offset by the locational advantage that VMPL enjoys
because of proximity to its end-users.

   Facilities                       Ratings
   ----------                       -------
   INR50.0 Million Cash Credit      CRISIL B/Stable (Reaffirmed)
   INR85.0 Mil. Rupee Term Loan     CRISIL B/Stable (Reaffirmed)
   INR6.0 Million Proposed Long-    CRISIL B/Stable (Reaffirmed)
    Term Bank Loan Facility
   INR4.0 Million Bank Guarantee    CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that VMPL will continue to benefit from the
strong demand for its products in Wada, Thane District
(Maharashtra). The outlook may be revised to 'Positive' if VMPL
sustains growth in its revenues and improves its operating
margin, thereby increasing its cash accruals. Conversely, the
outlook may be revised to 'Negative' if competitive pressures
result in decline in the company's operating margin, or if it
undertakes a large, debt-funded capital expenditure (capex)
programme, leading to deterioration in its financial risk
profile.

                       About Vidhata Metal

Incorporated in March 2008, VMPL manufactures mild-steel billets
from steel scrap and sponge iron. The company is promoted by Mr.
Ishwar Samota and Mr. Rajesh Garg. Mr. Garg is the new addition
to the board and he has experience in handling another group
company which is in similar line of business as VMPL. VMPL's
manufacturing unit has capacity of about 51,000 tonnes per annum;
the unit is in Wada, which is a manufacturing hub for steel long
products, the end-user segment of billets.

VMPL reported a profit after tax (PAT) of INR9.3 million on net
sales of INR1.2 billion for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR0.4 million on net
sales of INR365.6 million for 2009-10.


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


OLYMPUS CORP: Amends Earnings Report Due to Rounding Errors
-----------------------------------------------------------
Mariko Yasu at Bloomberg News reports that Olympus Corp. amended
earnings reports initially filed Dec. 14 to correct mistakes
including rounding errors it said had no effect on net assets.

None of the revisions are significant, Yasutoshi Fujiwara, a
spokesman for Tokyo-based Olympus, told Bloomberg by phone.  The
company filed 14 corrections to the Dec. 14 statement to the
finance ministry Monday.

Bloomberg relates that Olympus said it made the errors in some
tables so that the numbers didn't match with figures elsewhere in
the report, while the totals for debt, earned surplus and net
assets were correct.  The company had delayed reporting earnings
for the quarter ended Sept. 30 pending the findings of an
independent investigation into a 13-year cover-up of investment
losses, Bloomberg recalls.

According to Bloomberg, Olympus on Monday reported figures
showing the correct value of its earned surplus as of April 2006
was reduced by JPY118.4 billion, compared with the
JPY117.3 billion reduction as stated in some parts of its Dec. 14
filings.

                    Securities Investment Scandal

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

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

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

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

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

                        About Olympus Corp.

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


PROMISE CO: S&P Raises Counterparty Credit Rating From 'BB'
-----------------------------------------------------------
Standard & Poor's Ratings Services raised by two notches the
long-term counterparty credit rating on PromiseCo. Ltd. to 'BBB-'
from 'BB' and by one notch the short-term rating to 'A-3' from
'B'. "At the same time, we removed the long-term rating from
CreditWatch, where it was placed with positive implications on
Oct. 4, 2011, following the announcement on Sept. 30 by Sumitomo
Mitsui Financial Group Inc. (SMFG; A/Negative/A-1) that it
intended to increase its stake in Promise to 100% from 22%. The
outlook is stable. In addition, we also raised the long-term debt
rating by two notches to 'BBB-' from 'BB'. The upgrades are based
on the factor of increased extraordinary support, which we have
incorporated into our ratings on Promise. Meanwhile, we also
revised upward Promise's stand-alone credit profile (SACP) by one
notch to 'bb-' from 'b+' due to existing and expected benefits
from SMFG," S&P said.

SMFG increased its stake in Promise through an open offer bid
during the last quarter of 2011. The group plans to undertake a
third-party allotment of JPY120 billion of new shares that
Promise will issue on Dec. 26, and increase its ownership in
Promise to 98% from an original stake of 22%. SMFG is scheduled
to further increase its ownership to 100% in April 2012.

"The 'BBB-' long-term counterparty credit rating on Promise
incorporates a three-notch uplift based on possible extraordinary
support from SMFG. This is based on our assessment that Promise
is a 'strategically important' subsidiary to SMFG under our group
methodology for banking groups. Promise posted a large net loss
of JPY209 billion in the first half of fiscal 2011 (ended
Sept. 30, 2011) due to large provisioning for interest refunds.
Standard & Poor's views SMFG's increased ownership and capital
injection as the group's demonstration of its commitment toward
Promise. We also believe that Promise's operational and financial
integration within the group is likely to grow stronger. On the
other hand, we currently see the relatively high-risk nature of
Promise's unsecured consumer loan business and its expected
limited profit contribution to the group as constraining factors
for the company to be regarded as a 'core' or 'highly strategic'
subsidiary," S&P said.

"We expect Promise's SACP to benefit from existing support from
the group. In particular, Standard & Poor's views SMFG's planned
100% ownership as providing certainty for Promise's funding
prospects and its financial flexibility. Meanwhile, we have
started to see some stabilizing signs in the consumer finance
market, such as an ongoing year-on-year decline of 20%-30% in
interest refund claims, as well as an increased number of new
loan applicants that has slowed market contraction. Nevertheless,
we expect Promise's cash flow to remain weak in the next few
years because the number of interest refunds remains high as
revenue declines. On the other hand, we believe Promise will
likely be able to keep additional provisioning at a manageable
level if we take into account increased level of reserves for
interest refunds and lower operational costs," S&P said.

"The stable outlook reflects our view that Promise would maintain
its business and financial profiles amid a difficult operating
environment when existing and extraordinary group support is
incorporated into our assessment of the company. We may lower our
long-term counterparty credit rating on Promise if we see signs
that support from the parent group has weakened, or if we have
reason to believe that Promise is unlikely to achieve profit
targets set by SMFG for an extended period. Conversely, we may
consider revising upward the SACP and raising the long-term
counterparty credit rating, or consider revising upward the
outlook on Promise, if the balance between its revenue and
the costs of defaults and refunds of overcharged interest is
highly likely to improve. We may also consider upward revisions
if Promise's status within the group grows stronger, and its
financial contribution to the group increases as conditions
within the consumer finance industry stabilize further," S&P
said.


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


YARROWS BAKERS: Workers Get 50c on the Dollar "Interim" Payout
--------------------------------------------------------------
Fairfax NZ News reports that it wasn't all happy news for Yarrows
workers this Christmas.

The news agency relates that in a letter obtained by the Taranaki
Daily News, the receivers of Yarrows The Bakers Ltd stated they
had recovered enough funds to give an "interim distribution" to
workers of 50 cents in the dollar of their total preferential
claims.

It is believed workers got the payout last week, the report
notes.

According to Fairfax NZ, Andrew Bethell of BDO said the letter
was confidential and the focus needed to be on the fact there was
expected to be a further distribution in the new year.

Fairfax NZ relates that Mr. Bethell said the preferential claims
related to such things as redundancy, holiday pay, deductions
like Kiwisaver and "other pension-type schemes the company ran".

"It's important to understand that the vast majority of them
[Yarrows workers] still have the security of being employed and
continued to be so with the purchaser," the report quotes
Mr. Bethell as saying.  The different components of the claims
were listed in each individual worker's letter, the report notes.

BDO will report back to Yarrows staff regarding any further
payments at the end of January, Fairfax NZ adds.

Yarrows the Bakers and two associated companies went into
receivership in May 2011 when the company's directors could not
reach agreement on a restructure proposal that involved selling
its Australian business.  At the time of receivership, Yarrows
The Bakers had total liabilities of NZ$72.8 million, including
NZ$55.2 million owed to Westpac.

Founded in 1923, Yarrows (The Bakers) Limited is one of the last
independent bakeries in New Zealand.  It began exporting in the
late 1970s and in 1996, won the contract for the Subway sandwich
chain throughout Australasia.  It produces 30,000 frozen dough
rolls a week for Subway in New Zealand, Australia, and parts of
Asia.


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


* BOND PRICING: For the Week Dec. 19 to Dec. 23, 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 ***