TCRAP_Public/120102.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Monday, January 2, 2012, Vol. 15, No. 1

                            Headlines



A U S T R A L I A

GASP CLOTHING: Faces Liquidation Bid Over Unpaid Bills
WIMCO PROPERTIES: Placed in Creditors' Liquidation


C H I N A

COUNTRY GARDEN: Investments No Impact on Ba3 CFR, Moody's Says


H O N G  K O N G

EURO ASIA: Court Enters Wind-Up Order
EVERBEST TECHNOLOGY: Court Enters Wind-Up Order
HUNG FUNG: Court to Hear Wind-Up Petition on Feb. 15
KWAN WING: Court Enters Wind-Up Order

KWOK DO: Choi and Wu Appointed as Liquidators
LABEVIS LIMITED: Court to Hear Wind-Up Petition on Feb. 1
MAX PROPER: Court to Hear Wind-Up Petition on Feb. 1
POWER HK: Court to Hear Wind-Up Petition on Jan. 18
RICH SOURCE: Creditors' Proofs of Debt Due Jan. 9

SHING HING: Court to Hear Wind-Up Petition on Feb. 1
SUNNY TECH: Creditors' Proofs of Debt Due Jan. 18
THERMOPOWER INDUSTRIES: Court to Hear Wind-Up Petition on Feb. 8
U-WAI INVESTMENT: Court to Hear Wind-Up Petition on Feb. 15
WAI TAT: Creditors' Proofs of Debt Due Jan. 12

WEGA INTERNATIONAL: Court Enters Wind-Up Order


I N D I A

AMARAVATHI SRI: Fitch Lowers Rating on Two Loan Classes to 'D'
ANKLESHWAR ROTARY: ICRA Assigns [ICRA]BB- rating to INR7.5cr Loan
BERAR FINANCE: Fitch Migrates Rating on INR120 Mil. Loan to 'BB+'
BRAHMAPUTRA IRON: ICRA Cuts Rating on INR4.8cr Loan to '[ICRA]D'
DIABETES THYROID: ICRA Reaffirms '[ICRA]BB+' Long-Term Bank Rating

DIGVIJAY CONSTRUCTION: ICRA Reaffirms '[ICRA]BB' Fund Based Rating
EPOCH ELECTRONICA: Weak Liquidity Prompts Fitch's Low-B Rating
LOVELY ESTATES: ICRA Assigns '[ICRA]B' Rating to INR10cr Term Loan
M.D. FROZEN: ICRA Upgrades Rating on INR15cr Loan to '[ICRA]BB+'
SAGAR GRANDHI: ICRA Assigns '[ICRA]BB' Rating to INR2.0cr LT Loan

SARA SOULE: ICRA Assigns '[ICRA]BB' Rating to INR16.8cr Term Loan
SHAKTI POLYWEAVE: ICRA Reaffirms '[ICRA]BB' Term Loan Rating
SHRI GOVINDARAJA: ICRA Cuts Rating on INR59.97cr Loan to '[ICRA]D'
SURYAVANSHI SPINNING: ICRA Reaffirms '[ICRA]BB+' Long Term Rating
WEARIT GLOBAL: Fitch Affirms Rating on Two Loans at Low-B


J A P A N

ACOM CO.: Moody's Withdraws 'Ba3' Issuer & Unsecured Debt Ratings
OLYMPUS CORP: Plans to Double Number of Outside Directors
ORSO ABS: Moody's Withdraws 'C' Ratings on JPY6.4-Bil. Interests


S I N G A P O R E

BORDERS PTE: Creditors' Proofs of Debt Due Jan. 31
CELESTIAL NUTRIFOODS: Court Enters Wind-Up Order
CPD OILWELL: Court to Hear Wind-Up Petition Jan. 13
DANO INTERNATIONAL: Creditors' Meetings Set for Jan. 9
DBS VICKERS: Creditors' Proofs of Debt Due Jan. 30


                            - - - - -


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


GASP CLOTHING: Faces Liquidation Bid Over Unpaid Bills
------------------------------------------------------
Hamish Heard at Sunday Herald Sun reports that fashion retailer
Gasp Clothing Australia is facing liquidation after a logistics
company applied to the Supreme Court to have it wound up over
unpaid bills.

Australian Air Express, a partnership of Qantas and Australia
Post, is pursuing the company over a AUD16,729 debt for courier
services provided to Gasp Jeans Chadstone, an entity of Gasp Jeans
Australia, the Herald Sun reports.

But the retailer, which gained international attention after an
email catfight with a disgruntled customer went viral in
September, has denied it is in financial strife, the report says.

According to the report, Gasp general manager Eddie Yilmaz said
Gasp's finances had "never been better."

The Herald Sun relates that Mr. Yilmaz claimed Gasp had been
overcharged by AAE and was withholding payment pending the outcome
of a VCAT hearing challenging the validity of the invoice.

"While the assertions are that the company is in financial
difficulty, it is not the case, it is the opposite," the report
quotes Mr. Yilmaz as saying.  "We've never been in a better
financial position than today and we've got several new sites
planned for 2012."

He said the company expected AAE's application to have Gasp
liquidated would be struck out because the writ named Gasp Jeans
Australia instead of Gasp Jeans Chadstone, the report adds.

GASP -- http://www.gaspjeans.com.au/-- is a fashion retailer.



WIMCO PROPERTIES: Placed in Creditors' Liquidation
--------------------------------------------------
Mark Bode at Sunshine Coast Daily reports that Wimco Properties
Pty Ltd. is being wound up with debts of at least AUD1.4 million.

According to the report, liquidator Paul Nogueira --
paul.nogueira@worrells.net.au -- from Worrells Solvency and
Forensic Accountants, advised the Australian Securities and
Investments Commission last Thursday that he had been appointed to
the creditors' voluntary winding up of Wimco Properties.

Sunshine Coast real estate heavyweight Loren Wimhurst of Next
Property Group and her husband, David, are Wimco's sole directors,
Sunshine Coast Daily discloses.

Citing Mr. Nogueira's report to creditors, Sunshine Coast Daily
discloses that Wimco's liabilities are listed at more than
AUD1.4 million -- although there may be more creditor claims.

Sunshine Daily Coast says Anthony Gorman, who successfully sued
Wimco in October for more than AUD80,000 in unpaid commissions but
had not received the money, is one of the three unsecured
creditors listed on Worrells' creditors report.  They are owed
AUD252,000 in total.

The sole secured creditor is National Australia Bank, which is
owed AUD1.16 million, the report adds.


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


COUNTRY GARDEN: Investments No Impact on Ba3 CFR, Moody's Says
--------------------------------------------------------------
Moody's Investors Service sees no immediate impact on Country
Garden Holdings Company Limited's Ba3 corporate family and senior
unsecured debt ratings from its potential property investments in
Malaysia.  The ratings outlook is stable.

The company recently said that it is entering into an agreement
with Malaysia Land Properties Sdn Bhd to form a joint venture, in
which it plans to own 55%. It plans to invest in land-use rights
for the development of some residential and ancillary commercial
properties in Malaysia.

Country Garden is still conducting due diligence and has not
finalized its investment. If it proceeds with the investment, the
newly formed company will be fully consolidated into its accounts.

"This is the first time that Country Garden has extended its
investments outside China and therefore may face some execution
risk. However, the current amount of committed investment is
likely to be small and manageable, given its strong balance sheet
and liquidity profile," says Ken Chan, a Moody's Vice President.

"Despite the challenging operating environment in 2011, the
company is one of the few rated developers that has reported pre-
sales close to its fiscal year target of RMB43 billion," he adds.

The company reported unrestricted cash of RMB7.8 billion in first-
half 2011, boosted by its issuance of senior notes worth US$900
million earlier this year. This along with the pre-sales proceeds
in the second half of 2011 will allow it to cover its land premium
payments and maturing debt obligations over the next 12 months.

The principal methodology used in rating Country Garden Holdings
was the Global Homebuilding Industry Methodology published in
March 2009.

Founded in 1997 in China, Country Garden Holdings Co. Ltd. is one
of the country's leading integrated property developers. It listed
on the Hong Kong stock exchange in April 2007.


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


EURO ASIA: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on Dec. 14, 2011, to
wind up the operations of Euro Asia International Limited trading
as Professional Engineering Co.

The official receiver is Teresa S W Wong.


EVERBEST TECHNOLOGY: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Hong Kong entered an order on Dec. 14, 2011, to
wind up the operations of Everbest Technology Enterprise Company
Limited.

The official receiver is Teresa S W Wong.


HUNG FUNG: Court to Hear Wind-Up Petition on Feb. 15
----------------------------------------------------
A petition to wind up the operations of Hung Fung Enterprises
Holdings Limited will be heard before the High Court of Hong Kong
on Feb. 15, 2012, at 9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company on Dec. 5, 2011.

The Petitioner's solicitors are:

          Messrs. Wat & Co
          11th Floor, On Lok Yuen Building
          Nos. 25, 27 & 27A Des Voeux Road
          Central, Hong Kong


KWAN WING: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on Dec. 14, 2011, to
wind up the operations of Kwan Wing Project Management Limited.

The official receiver is Teresa S W Wong.


KWOK DO: Choi and Wu Appointed as Liquidators
---------------------------------------------
Messrs. Choi Man On and Wu Shek Chun Wilfred said in notice dated
Dec. 23, 2011, they have been appointed by the High Court of
Hong Kong on Jan. 4, 2008, as liquidators of Kwok Do Industries
Limited.

The liquidators may be reached at:

         Messrs. Choi Man On
         Wu Shek Chun Wilfred
         29/F, Wing On Centre 111
         Connaught Road
         Central, Hong Kong


LABEVIS LIMITED: Court to Hear Wind-Up Petition on Feb. 1
---------------------------------------------------------
A petition to wind up the operations of Labevis Limited will be
heard before the High Court of Hong Kong on Feb. 1, 2012, at
9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company on Nov. 29, 2011.

The Petitioner's solicitors are:

          Tsang, Chan & Wong
          16th Floor, Wing On House
          No. 71 Des Voeux Road
          Central, Hong Kong


MAX PROPER: Court to Hear Wind-Up Petition on Feb. 1
----------------------------------------------------
A petition to wind up the operations of Max Proper International
Limited will be heard before the High Court of Hong Kong on
Feb. 1, 2012, at 9:30 a.m.

Wong Mei Chu filed the petition against the company on Nov. 30,
2011.


POWER HK: Court to Hear Wind-Up Petition on Jan. 18
---------------------------------------------------
A petition to wind up the operations of Power Hong Kong Limited
will be heard before the High Court of Hong Kong on Jan. 18, 2012,
at 9:30 a.m.

The Petitioner's solicitors are:

          Jimmie K.S. Wong & Partners
          3/F, Double Building
          22 Stanley Street
          Central, Hong Kong


RICH SOURCE: Creditors' Proofs of Debt Due Jan. 9
-------------------------------------------------
Creditors of Rich Source Engineering Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Jan. 9, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

          Edward S Middleton
          Jacky CW Muk
          8th Floor, Prince's Building
          10 Chater Road
          Central, Hong Kong


SHING HING: Court to Hear Wind-Up Petition on Feb. 1
----------------------------------------------------
A petition to wind up the operations of Shing Hing Sanitary
Company Limited will be heard before the High Court of Hong Kong
on Feb. 1, 2012, at 9:30 a.m.

The Petitioner's solicitors are:

          Chu & Lau
          Unit A, 33rd Floor
          United Centre
          No. 95 Queensway
          Hong Kong


SUNNY TECH: Creditors' Proofs of Debt Due Jan. 18
-------------------------------------------------
Creditors of Sunny Tech (Far East) Industrial Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Jan. 18, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

          Lau Siu Hung
          Rooms 1909-10 Nun Fung Tower
          173 Des Voeux Road
          Central, Hong Kong


THERMOPOWER INDUSTRIES: Court to Hear Wind-Up Petition on Feb. 8
----------------------------------------------------------------
A petition to wind up the operations of Thermopower Industries
Limited will be heard before the High Court of Hong Kong on
Feb. 8, 2012, at 9:30 a.m.

DBS Bank (Hong Kong) Limited filed the petition against the
company on Dec. 1, 2011.

The Petitioner's solicitors are:

          Chu & Lau
          Unit A, 33rd Floor
          United Centre
          No. 95 Queensway
          Hong Kong


U-WAI INVESTMENT: Court to Hear Wind-Up Petition on Feb. 15
-----------------------------------------------------------
A petition to wind up the operations of U-Wai Investment Company
Limited will be heard before the High Court of Hong Kong on
Feb. 15, 2012, at 9:30 a.m.

Lucky Hing Shing Estate Company Limited filed the petition against
the company on Dec. 13, 2011.

The Petitioner's solicitors are:

          Messrs. Tai, Tang & Chong
          Rooms 605-606, 6th Floor
          Wing On House
          No. 71 Des Voeux Road
          Central, Hong Kong


WAI TAT: Creditors' Proofs of Debt Due Jan. 12
----------------------------------------------
Creditors of Wai Tat Engineering Company Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Jan. 12, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

          Osman Mohammed Arab
          29/F, Caroline Centre
          Lee Gardens Two
          28 Yun Ping Road
          Hong Kong


WEGA INTERNATIONAL: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Hong Kong entered an order on Dec. 14, 2011, to
wind up the operations of Wega International Limited.

The official receiver is Teresa S W Wong.


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


AMARAVATHI SRI: Fitch Lowers Rating on Two Loan Classes to 'D'
--------------------------------------------------------------
Fitch Ratings has downgraded India-based Amaravathi Sri Venkatesa
Paper Mills Limited's National Long-Term rating to 'Fitch D(ind)'
from 'Fitch B+(ind)'.

The downgrade reflects delays in servicing debt obligations by
ASVPM with respect to its term loans.  The downgrade also reflects
the company's stretched liquidity position following reduced cash
flows from operations, and the consequent full utilization of
working capital and ad hoc limits availed over and above the
regular open cash credit limit of INR40 million in the past one
year.

The ratings may be upgraded if the company demonstrates, over two
quarters, regularity in the utilization of fund-based working
capital from banks and in servicing obligations with respect to
its term loans.

ASVPM, located in Tamil Nadu, manufactures newsprint as well as
writing and printing paper in the recycled paper-based segment. At
FYE11, the company reported a sales turnover of INR883.5 million
(FYE10: INR804.5 million) with an EBITDA of INR49 million (INR35.6
million) at an EBITDA margin of 5.6% (4.4%).  Debt level at FYE11
was INR203 million (FYE10: INR211.7 million).

Fitch has also downgraded ASVPM's bank facilities as follows:

  -- INR118.6m term loans: downgraded to 'Fitch D(ind)' from
     'Fitch B+(ind)'

  -- INR57.5m fund-based working capital limit: downgraded to
     'Fitch D(ind)' from 'Fitch B+(ind)'/ 'Fitch A4(ind)'

  -- INR102.5m non-fund based facilities: downgraded to 'Fitch
     D(ind)' from 'Fitch A4(ind)'


ANKLESHWAR ROTARY: ICRA Assigns [ICRA]BB- rating to INR7.5cr Loan
-----------------------------------------------------------------
ICRA has assigned an '[ICRA]BB-' rating to the INR7.50 Crore bank
facilities of Ankleshwar Rotary Education Society.  The outlook
for the rating is stable.

The rating takes into account the limited track record of the
institute; its small scale of operations limiting financial
flexibility; high competition faced by it from numerous
educational institutes and the high business risk profile marked
by faculty attrition risk; and regulatory risk for approvals and
accreditations. Further, the financial profile of the society is
expected to be characterized by stretched capital structure and
coverage indicators over the medium term, owing to the planned
debt-funded capital expenditure, start-up nature of operations and
mismatch in timelines that exist for fee receipts and servicing of
debt obligations for such institutes.

The rating is however supported by the reputed promoter group;
inherent predictability of revenues associated with the
engineering college and the fact that the engineering college is
operating under Gujarat Technical University (GTU) and is approved
by All India Council for Technical Education (AICTE) for its
courses. Further, the rating draws comfort from the fact that
significant portion of the equity contribution for the project has
already been contributed through donations and the bank term loan
required has been tied up thereby reducing the funding risk. The
ratings have also positively considered the satisfactory occupancy
level for the first year of operations and the favorable
environment and positive demand prospects for engineering colleges
in India and particularly in Gujarat. Going forward, the rating
would remain sensitive to the ability of the society to manage the
costs and successfully establish the infrastructure required to
position itself as a centre of educational excellence and meet
competitive pressures.

                       About Ankleshwar Rotary

Ankleshwar Rotary Education Society was incorporated as a society
in 2000 in Bharuch, Gujarat. ARES is promoted by the Rotary Club
of Ankleshwar (established on 5th October 1977), which is actively
involved in community and vocational services. The Club promoted
Ankleshwar Rotary Education Society with the main objective of
promoting education in the Bharuch District. ARES has established
Shroff S.R. Rotary Institute of Chemical Technology (SRICT) which
offers graduation courses in different streams of engineering like
Chemical Engineering, Mechanical Engineering, Chemical Technology
and Environment Science & Technology.


BERAR FINANCE: Fitch Migrates Rating on INR120 Mil. Loan to 'BB+'
-----------------------------------------------------------------
Fitch Ratings has migrated the 'Fitch BB+(ind)' rating on India-
based Berar Finance Limited's INR120 million bank loans to the
non-monitored category.

The rating has been migrated to the non-monitored category due to
lack of adequate information and Fitch will no longer provide
rating or analytical coverage of Berar.  The rating will remain in
the non-monitored category for a period of six months and be
withdrawn at the end of that period.  However, in the event the
issuer starts furnishing information during this six-month period,
the rating could be reviewed and will be communicated through a
Rating Action Commentary.


BRAHMAPUTRA IRON: ICRA Cuts Rating on INR4.8cr Loan to '[ICRA]D'
----------------------------------------------------------------
ICRA has revised downwards the long term rating assigned to the
INR 4.8 crore fund-based bank limits of Brahmaputra Iron & Steel
Company Private Limited from '[ICRA]BB' to '[ICRA]D'.  ICRA has
also revised downwards the short term rating assigned to the
INR0.7 crore fund-based bank limits and the  INR 3 crore non-fund
based bank limits of BISCO from '[ICRA]A4' to '[ICRA]D.'

The ratings factors in BISCO's recent delays in servicing of its
debt obligations, low operating margins which keeps the coverage
indicators depressed and the high working capital intensity of the
business, which exerts pressure on the liquidity position of the
business. ICRA notes that BISCO has extended support to its group
companies in the form of interest-free loans, which depresses its
return on capital employed (ROCE), and also large corporate
guarantees, which adversely impacts the financial risk profile of
the company. The ratings are however supported by the long
experience of the promoters in the steel industry, location of
BISCO's plant in close proximity to its raw material supplier,
which ensures timely availability of raw material and reduces
freight cost and the improvement in capital structure with the
gearing standing at a comfortable level of 0.87 time as on
March 31, 2011.

About Brahmaputra Iron

Incorporated in 1987, BISCO has been promoted by the Jaiswal Group
of Assam and has been primarily engaged in the manufacture of TMT
bars and MS rods. Its manufacturing facility is located at
Guwahati, Assam, with an annual capacity of 24,840 tons. The
company is also involved in conversion jobs for SAIL. The TMT bars
produced by the company are sold in the north-eastern parts of the
country through a network of dealers under the brand name of
"BISCON".

Recent Results:

In FY11, BISCO reported an operating income (OI) of Rs 24.36 crore
and net profit after tax (PAT) of Rs 1.01 crore as against an OI
of INR26.82 crore and PAT of Rs 0.95 crore in FY10.


DIABETES THYROID: ICRA Reaffirms '[ICRA]BB+' Long-Term Bank Rating
------------------------------------------------------------------
ICRA has reaffirmed "[ICRA]BB+" rating to the Rs6.90 crore long-
term fund based bank facilities of Diabetes Thyroid Hormone
Research Institute Private Limited.  The outlook on the long term
rating continues to remain stable.

The rating reaffirmation takes into account the healthy growth in
revenue and operating profits demonstrated by the institute during
last year following the shifting to a newer premises and offering
of allied medical services such as pharmacy and health packages.
While the operating profitability margins witnessed a marginal
decline following the increased contribution from lower margin
pharmacy business, the net profits were lower on account of higher
capital related charges (interest and depreciation) owing to debt
funded expansion at new premises. Steady revenues, profits and
accruals coupled with debt repayments and accretion to net worth
resulted in a marginal improvement in capital structure, however
at 2.78X, the gearing of the institute continues to remain high.
Notwithstanding the high gearing, higher margins from the
consulting and clinical trial revenues have resulted in
satisfactory debt coverage indicators.

The rating continues to derive comfort from the involvement of Dr
Sunil M Jain, who apart from being the main consultant of the
institute, is also a promoter of the institute; however relatively
low presence of second line of management and consultants in the
institute for business continuity is a constraining factor. The
rating also derives comfort from the established presence of the
institute in treatment of diabetes and related diseases; strong
growth in revenue and profits driven by clinical trial activities;
positive outlook on diabetes related clinical trials in India and
demonstrated track record of the profitable operations of the
institute. While assigning the rating ICRA has also taken a note
of the institute's sole dependence on single facility at Indore,
which poses geographical concentration risks; and reputational
risks involved in clinical trials business. The rating continues
to remain constrained on account of limited financial flexibility
of the institute owing to high dependence on funding support from
its promoters.

Going forward, given the ballooning debt repayments, the ability
of the institute to improve its revenue and profitability, will
remain crucial for its debt servicing and hence are going to be
the key rating sensitivities in future. The company has not firmed
up any major capital expenditure programme, the scale of any
future capital expenditure programme and funding thereof will also
be a key rating sensitivity.

                     About Diabetes Thyroid

Diabetes Thyroid Hormone Research Institute Private Limited was
initially incorporated as M.P. Finlease Private Limited in May
1996 and during December 2004, the business of the company was
changed from financing activities to medical consultation
activities and its name was changed to Diabetes Thyroid Hormone
Research Institute Private Limited. The Institute is promoted and
driven by Dr Sunil M Jain and is dedicated towards Diagnosis and
treatment of Thyroid and other Hormonal Disorders. From FY 2006-07
onwards, it started conducting Clinical Drug Trials (Phase II and
Phase III), and during FY 2011 almost 50% of the revenues during
were derived from clinical trial activities.

For the year FY 2010-11, the institute reported an Operating
Income (OI) of Rs 8.39 crore and a net profit of Rs 0.71 crore; as
against an OI of Rs 4.87 crore and net profit of Rs 1.77 crore in
previous year.


DIGVIJAY CONSTRUCTION: ICRA Reaffirms '[ICRA]BB' Fund Based Rating
------------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]BB' assigned to
the INR24 crore Fund Based bank facilities (enhanced from INR15
crore) of Digvijay Construction Pvt. Ltd.  ICRA has also
reaffirmed the short term rating of '[ICRA]A4' assigned to the
INR. 15 crore Non-Fund Based bank facilities (enhanced from INR10
crore) of DCPL. The outlook assigned to the long term rating is
stable.

The ratings reaffirmation takes into account the revenue
visibility arising from the healthy order book position
comprising; healthy operating margins and the experience of the
promoters of DCPL. The positives are partly offset by DCPL's
decline in operating income on account of delay in commencement of
key contracts; high concentration of revenues from road sector
with the top 3 clients contributing to -86% of OI for FY2011. The
ratings are further constrained by the increase in working capital
requirement during the year on account of increase in inventory
days and high gearing of 1.99x as on March 31, 2011. Going
forward, the ability of the company to scale -up its operations
through timely execution of contracts while maintaining the
healthy operating margins will be key rating sensitivities.

Digvijay Construction Private Limited was established in the year
1989 by Mr. Digvijaysingh G. Padheria to undertake civil
construction work such as road construction, dams, canal lining
and other similar works, in the state of Gujarat. Over the last
three years, the company has focussed solely on road construction
work with majority of its revenue being contributed by Roads &
Buildings divisions of the Government of Gujarat.

DCPL has its main office in Gandhinagar, Gujarat and is a
registered "AA" class contractor with Government of Gujarat. The
unexecuted order book of DCPL as on 31st October, 2011 stood at
INR125 crore.


EPOCH ELECTRONICA: Weak Liquidity Prompts Fitch's Low-B Rating
--------------------------------------------------------------
Fitch Ratings has assigned India-based Epoch Electronica Limited a
National Long-Term rating of 'Fitch B+(ind)'.  The Outlook is
Stable.

The ratings reflect Epoch's weak liquidity as demonstrated by its
high working capital utilization, which totalled around 98% over
the last six months to November 2011.  The ratings also reflect
its small scale of operations as reflected in total revenue of
INR221 million for FY11 (year end March), intense competition in
the uninterrupted power supply (UPS) industry.  In addition, the
ratings factor in the company's weak EBITDA margins of 5%-7% and
low EBITDA interest coverage (EBITDA/gross interest expense) of
1.5x-1.7x in the last four years (FY08-FY11).

Positively, the ratings reflect the experience of the company
founders of more than three decades in the industry and Epoch's
diversified customer base spanning electricity authorities,
financial institutions and the education sector.

Positive rating guidelines include a sustained improvement in its
interest coverage to above 2.95x.  Conversely, a decline in
interest coverage below 1.5x on a sustained basis may result in
negative rating action.

Epoch, incorporated in 1981, is primarily engaged in the
manufacturing of off-line, on-line and line interactive UPS.  The
company is also into trading of UPS, battery, software and
computer peripherals.  For FY11, manufacturing contributed around
52% of total revenue, while the remaining 48% was generated from
trading.

Epoch's bank loans are rated as follows:

  -- Fund-based limits of INR45m: 'Fitch B+(ind)'
  -- Non-fund based limits of INR30m: 'Fitch A4(ind)'


LOVELY ESTATES: ICRA Assigns '[ICRA]B' Rating to INR10cr Term Loan
------------------------------------------------------------------
ICRA has assigned the long term rating of '[ICRA]B' to the
INR10 crore term loan programme of Lovely Estates.

The rating is constrained by the firm's small scale of operations
as reflected in operating income of INR2.66 crore in FY2010-11,
highly leveraged capital structure, cash flow sensitivity to
interest rate fluctuations, high dependency of debt servicing on
rental inflows from single customer; hence any delay in payment of
lease rentals by the tenant could strain timely debt servicing.
ICRA notes that the current interest rates, occupancy and rental
levels are just sufficient to cover the loan repayments with no
cushion in event of any increase in interest rates, expenses,
taxes or any delay in rental collections.

The rating also factors in low occupancy risk and location
advantage of the project. Moderate rentals, lease tenure of 5
years, no significant lease expiry in the medium term, almost full
occupancy, long standing relationship with the single tenant
Hewett Packard and significant investment by the tenant in fit-
outs somewhat mitigates occupancy risk. The rating also favorably
factors in the location advantage of the Salarpuria G R Tech Park
at Whitefield, Bangalore which enables good connectivity to some
of the main commercial and residential parts of the city.

Lovely Estates is a partnership firm set up in 2009 with the
purpose of lease rental discounting. The firm bought 72,561 square
feet of land from Salarpuria in the 1st Floor in Wing A & B of
Akash Block of Salarpuria G R Tech Park at Whitefield, Bangalore.
The purchase was funded through a term loan of Rs 13.50 crore from
Vijaya Bank eventually converted into a lease rental discounting
(LRD) loan tied to the rentals from the area. The loan is
repayable in 96 monthly installments starting from May 2010 and
last installment in April 2018. The space was occupied by Hewett
Packard (HP); rentals were transferred to the firm from March 2010
(lock in period till March 2013) and EMI of the LRD loan commenced
from May 2010.  In September 2011 the company bought 42,310 square
feet of leasable area on the 2nd floor in Wing B occupied by HP,
funded through term loan of INR7.50 crore from HDFC Bank
eventually converted into a lease rental discounting (LRD) loan
tied to the rentals from the area. The loan is repayable in 96
monthly installments starting from Sep 2011 and last installment
in August 2019. The rentals were transferred to the firm in Sep
2011 (lock in period till March 2013) and EMI of LRD loan
commenced from Sep 2011.

Recent results:

For FY2010-11, the company has reported an operating income of
INR12.66 crore and PAT of INR2.38 crore.


M.D. FROZEN: ICRA Upgrades Rating on INR15cr Loan to '[ICRA]BB+'
----------------------------------------------------------------
ICRA has upgraded the rating assigned to the INR15.00 crore, bank
lines of M.D. Frozen Food Exports to '[ICRA]BB+' from '[ICRA]BB'.
The outlook for the assigned rating is 'stable'.

The upgrade reflects healthy profitability of the company (OPM of
-20% and NPM of 15.45% in FY11) along with high export sales of
its meat products (67.4% of operating income in FY11). The rating
continues to derive comfort from the significant experience (over
20 years) of the promoters in the frozen food export business; the
established relationships of the company with its overseas clients
and the favorable location of its facilities, which ensures easy
accessibility to raw materials. The rating also takes comfort from
the commencement of operations of the company's rendering unit
that is likely to lead to further growth in operating income and
profitability.

The rating is, however, constrained by the modest scale of
operations of MDF; intense competition in the meat export
industry; vulnerability to fluctuations in foreign exchange rates;
volatility in raw material prices; susceptibility to changes in
regulations and exposure to event risks such as disease out-break.
The rating also factors in the significant working capital
requirements of the business, resulting in high working capital
borrowings (INR6.49 crore in FY11) and gearing levels of 1.20
times in FY11. In ICRA's view, the key rating sensitivities would
be improvements in working capital intensity and debt levels.

                         About M.D. Frozen

M.D. Frozen Food Exports, a partnership firm formed in 1992, is
engaged in processing and export of frozen meat to various
countries in Africa, Asia and the Middle East. MDF purchases raw
meat from various local butchers and government-run slaughter
houses. The meat is then processed at its facilities in Ghaziabad
(Uttar Pradesh). MDF also processes meat on a contractual basis
for its group concern, MD Frozen Food Exports Private Limited. The
firm is currently operating a processing unit (set up in FY10)
with chiller capacity of 220 MT, blast freezer capacity of 96 MT
and plate freezer capacity of 16 MT. In FY11, the company
completed construction of its rendering unit in Ghaziabad which
commenced operations in September 2011.

Recent Results:

In the financial year ending March 31, 2011, M.D. Frozen Food
Exports (MDF) registered an operating income of INR36.18 crore and
profit after tax (PAT) of INR5.59 crore.


SAGAR GRANDHI: ICRA Assigns '[ICRA]BB' Rating to INR2.0cr LT Loan
-----------------------------------------------------------------
ICRA has assigned long term rating of '[ICRA]BB' to long term fund
based facilities of INR2.0 crore (enhanced from INR14.0 crore to
INR16.0 crore) of Sagar Grandhi Exports Private Limited.  ICRA has
also assigned short term rating of '[ICRA]A4' to INR18.0 crore
fund based facilities (enhanced from INR18.5 crore to INR36.5
crore) of SGEPL. The long term rating carries stable outlook.

SGEPL also has long term rating outstanding of '[ICRA]BB' on
Rs. 14.0 crore fund based facilities and INR1.5 crore non fund
based facilities and short term rating outstanding of '[ICRA]A4')
on INR18.5 crore fund based facilities and INR3.0 crore non fund
based facilities. The long term rating carries stable outlook.

The ratings take into account the medium scale of operations of
the company, long standing experience of the promoters in the sea
food export business and favorable shift in product portfolio from
scampi to vannamei as the major product. However, vannamei culture
being in nascent stage in India, there are enhanced risks of
diseases and climate risks.

The ratings consider the weak financial profile of the company
characterized by high gearing and working capital intensity, which
may be stretched further in the medium term due to aggressive debt
funded capital expenditure plans of the Company. The sea food
industry remains vulnerable to movement in anti dumping duty (ADD)
imposed on Indian exporters and the inherent risks like
susceptibility to diseases, climate change risks, fluctuation in
exchange rate movements and adverse change in government policies.

                          About Sagar Grandhi

Sagar Grandhi is a medium sized processor and exporter of seafood
from India. Main products exported include Shrimps, Prawns, Squid,
Snails, and Crab. The company was promoted by the Mr. G.
Venkateswara Rao in the early 1980's. The business is now managed
by two of his sons-Mr. G Balaji, the current Managing Director and
Mr. G Chella Rao, Executive Director.

The company has a seafood processing factory with a capacity of
-4,000 tpa, in Singarayakonda, in the coastal belt of Andhra
Pradesh. The Company is also planning to add a second plant in
2011-12, with a capacity to process 10,000 tpa. The company
sources its raw material, both from the sea and from farms in the
AP coastal belt, through its purchase centers.


SARA SOULE: ICRA Assigns '[ICRA]BB' Rating to INR16.8cr Term Loan
-----------------------------------------------------------------
ICRA has assigned '[ICRA]BB' rating to  INR 16.80 crore term loan
and  INR 57.25 crore working capital limits of Sara Soule Private
Limited.  The outlook on the long term rating is stable.

The ratings favourably factor the established position of SSPL in
the export market, its professional management, market
diversification and healthy revenue growth. The ratings however
are constrained by the moderate scale of operations, low
profitability, high gearing level and negative fund flow from
operations. The ratings are further constrained by the competitive
pressure in the export market, with increasing competition from
various domestic and international players. The ratings are also
constrained due to large receivables from few parties that have
been outstanding for long period.

                         About Sara Soule

Sara Soule Private Limited was promoted by Mr. Kayum R Dhanani in
2001 for manufacturing of shoe soles. The company entered into
shoe production in 2005. As on date, the company has a capacity of
around 6000 pairs of shoes per day with manufacturing facilities
spread across Karnataka. SSPL has made a smooth transition from
being a sole manufacturer to a shoe manufacturer (Almost 80% of
revenue in 2010-11 was obtained from sale of shoes). Lately the
company commissioned a leather accessories manufacturing facility
& also opened its first store for shoes which is retailing under
the brand 'Ruosh'. In the year 2010-11, the company earned almost
90% of its revenue through exports.

Recent Results:

For the financial year 2010-11, the Company's net profit stood at
INR4 crore on an operating income of INR137.6 crore, against net
profit of INR2.5 crore on operating income of INR91.7 crore for
the financial year 2009-10.


SHAKTI POLYWEAVE: ICRA Reaffirms '[ICRA]BB' Term Loan Rating
------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]BB' assigned to
INR2.38 crore term loans (reduced from INR2.62 crore) and INR20.00
crore (enhanced from 15.00 crore) fund based limits of Shakti
Polyweave Pvt Ltd. The outlook on the long term rating is stable.
ICRA has also reaffirmed the short term rating of '[ICRA]A4'
assigned to the INR9.31 crore (enhanced from INR7.00 crore) short
term non fund based facilities of SPPL.

The reaffirmation of ratings, factor in the limited financial
flexibility given the high gearing level and negative cash flow
from operations. The ratings also take into account the
susceptibility of profitability to foreign exchange rate
fluctuation risk, since a large part of the revenue of the company
is being contributed by export sales, and to volatility in major
raw material price, given the absence of bargaining power for raw
material procurement following nearly monopoly position of Poly
Propylene suppliers. ICRA also notes that continuation of the
deteriorating market conditions in key export markets can exert
pressure on operating income and profit margins.

The ratings however continue to factor in the long experience of
the promoters in this line of business, established relationship
with customers in key export markets and steady increase in
operating income during last four years supported by healthy plant
capacity utilization levels.

                        About Shakti Polyweave

Founded in December 1997, Shakti Polyweave Pvt Ltd was promoted by
Mr Hanskumar Agarwal and their family members for manufacturing
and marketing of woven sacks. The plant was set up as an export
oriented unit at GIDC Estate, Dholka, approximately 50 km from
Ahmedabad and is in close proximity to Mundra & Pipavav ports and
has a manufacturing capacity of 5200 MTPA.

Recent Results:

During FY 2011 the company reported net profit of INR1.95 Cr on an
operating income of INR84.74 Cr. as against net profit of INR0.82
Cr on an operating income of INR71.72 Cr during FY 2010.


SHRI GOVINDARAJA: ICRA Cuts Rating on INR59.97cr Loan to '[ICRA]D'
------------------------------------------------------------------
ICRA has downgraded the rating outstanding on INR59.97 crore term
loan facility and INR26.00 crore fund based facility of Shri
Govindaraja Mills Limited, from '[ICRA]C' to '[ICRA]D'.  ICRA has
also downgraded the rating outstanding on fund based facility of
INR12.00 crore and non-fund based facility of INR12.25 crore of
SGML, from '[ICRA]A4' to '[ICRA]D.'

The ratings downgrade reflects the delays in debt servicing by
SGML due to tight liquidity conditions. The liquidity was
constrained on account of major term loan repayments falling due
in current fiscal and adverse market conditions in the spinning
industry characterized by steep decline in yarn realization, which
coupled with high cost inventory procured by the Company in 2010-
11 have adversely impacted the margins. The Company's financial
profile is characterized by high gearing and stretched coverage
indicators and is also constrained by limited pricing flexibility
on account of fragmented nature of industry and high fuel expenses
due to power shortage in Tamil Nadu.

ICRA also takes note of the significant experience of the
promoters in the spinning industry, benefits from economies of
scale in cotton procurement as part of the larger "Sri Jayavilas
Group" and presence in finer count/value added yarn segment
ensuring better margins. SGML enjoys diversified customer base
with high exposure to domestic market, which has relatively robust
demand compared to export markets.

                       About Shri Govindaraja

SGML, incorporated in 1980, is primarily engaged in the
manufacture of cotton yarn. The Company has an installed capacity
of 105,264 spindles and 1,920 rotors (as on March 31, 2010) across
its two spinning units at Aruppukottai (near Madurai in Tamil
Nadu). The Company also has a small presence in fabric weaving (at
around 4 per cent of revenues), with an installed capacity of 15
looms (as on March 31, 2010). SGML has wind turbine generators
(with installed capacity of 4.65 MW) in Tamil Nadu, to help
control power costs to some extent.

SGML produces 100 per cent grey cotton yarn ranging from 2s to
160s counts with over 60 per cent of yarn revenues (in 2009-10)
derived from the fine/ superfine count (60s and above counts)
category. The Company also has a good presence in the value-added
domain through products such as gassed, high-twisted and compact
spun yarn, with the same contributing around 15 per cent to total
yarn revenues in 2009-10. Around 20 per cent of the Company's yarn
business is presently derived from export revenues, primarily to
Korea (constituting around 50 per cent of exports).

SGML is part of the Sri Jayavilas Group (founded by Late Mr. Sathu
T. Ramasamy Naicker), based in Aruppukottai, which has a presence
across yarn spinning as well as passenger and cargo
transportation. SGML is set up under the Shri Govindaraja Group,
which was established by Mr. T.R. Varadarajan (son of Late Mr.
Sathu T. Ramasamy Naicker) and is managed by his son Mr. T.R.V.
Ram Kumar at present. The Shri Govindaraja Group comprises five
other entities besides SGML, all of which are engaged in yarn
spinning (cotton/ polyester/ viscose). SGML is closely held by the
group's promoters/ promoters' family.


SURYAVANSHI SPINNING: ICRA Reaffirms '[ICRA]BB+' Long Term Rating
-----------------------------------------------------------------
ICRA has re-affirmed the '[ICRA]BB+' rating assigned to
INR86.16 crore long term fund based and non-fund based facilities
of Suryavanshi Spinning Mills Ltd. ICRA has also re-affirmed the
short term rating at '[ICRA]A4+' to INR31.25 crore short term non-
fund based facilities of SVSML. The outlook on the long-term
rating is Stable.

The reaffirmation of ratings takes into account the increase in
operating income by 54% during FY 11 backed by healthy demand and
steep rise in yarn realizations, improved operational efficiency
due to resolution of labour issues, integrated nature of
operations of SVSML coupled with its diversified product portfolio
comprising of blended, synthetic and cotton yarn along with
garments and significant experience of the promoters in
manufacturing of yarn. The strong farmer base which SVSML
developed over a period of time is considered as a positive.

The rating is however constrained by SVSML's high inventory of 106
days as on March 31, 2011, the consequent losses incurred during
H1 FY 12 on account of steep decline in cotton yarn, lint prices
post peak procurement season in April 2011 and the stretched
liquidity situation on account of cash loss of INR5.41 cr in H1 FY
12. The ratings continue to take into account high competitive
intensity primarily due to fragmented nature of the industry,
dependence of operational performance on power situation in the
state as it is unviable to operate on generator for long hours.

                      About Suryavanshi Spinning

Suryavanshi Spinning Mills Ltd was established in 1978 and is
engaged in the production of yarn and garments. It has an
installed capacity of 98,288 spindles in case of yarn and 21 lakh
pieces in case of garments. SVSML has three spinning units at
Bhongir (AP), Aliabad (AP) and Rajna (MP). Out of the 98,288
spindles, 32,976 spindles produce blended (P/C) and synthetic -
both polyester and poly viscose. The remaining 65,312 are used for
production of cotton yarn.


WEARIT GLOBAL: Fitch Affirms Rating on Two Loans at Low-B
---------------------------------------------------------
Fitch Ratings has affirmed India-based Wearit Global Limited's
National Long-Term Rating at 'Fitch B-(ind)'.  The Outlook is
Stable.

The ratings continue to be constrained by WGL's tight liquidity
position due to its continued financial support to a group company
-- Ritspin Synthetic Ltd.  WGL had a cash balance of INR3 million
in the financial year ended March 2011 (FY10: INR3.8 million).

The ratings also reflect delays in commencement of operations of
WGL's recently acquired spinning unit and increased working
capital requirements because of higher volume of business.  At
end-FY11, WGL acquired a spinning unit with an installed capacity
of 25,776 spindles in INR292.5 million, and additional
refurbishment capex of around INR273.4 million would be incurred
in FY12 to commence the unit.

The ratings are further constrained by WGL's weak credit profile,
characterized by its low interest coverage of 1.5x in FY11 (FY10:
1.1x) and decreased-though-high net adjusted leverage (net
adjusted debt/operating EBITDAR) of 9.3x (15.5x).  The improvement
in leverage is attributed to the company's EBITDA margin improving
to 6.5% in FY11 from 4.9% in FY10 along with an increase in
revenue to INR1,249.9 million from INR704.3 million because of
higher volume of business and better average sales realisation per
tonne.

However, WGL reported a negative free cash flow (FCF) of INR159.5m
in FY11 because of higher working capital requirements and planned
capex programme.  Fitch expects FCF stay negative in FY12 due to
the ongoing capex programme.

Negative rating guidelines include a decline in WGL's operating
margins along with interest coverage falling below 1x.

Fitch has also affirmed WGL's bank facilities as follows:

  -- INR420m term loans (enhanced from INR50m): affirmed at 'Fitch
     B-(ind)'
  -- INR140m cash credit limits (enhanced from INR40m): affirmed
     at 'Fitch B-(ind)'
  -- INR250m fund-based facilities for packing credits (enhanced
     from INR50m): affirmed at 'Fitch A4(ind)'
  -- INR50m non-fund based facilities: affirmed at 'Fitch A4(ind)'


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


ACOM CO.: Moody's Withdraws 'Ba3' Issuer & Unsecured Debt Ratings
-----------------------------------------------------------------
Moody's Japan K.K. has withdrawn the Ba3 long-term issuer and
senior unsecured debt ratings with negative outlook on ACOM Co.,
Ltd. for its own business reasons.

Rating Rationale

This action does not reflect a change in the company's
creditworthiness. On December 13, 2011, Moody's Japan K.K.
announced that they would realign coverage in Japan to enhance its
ability to meet investor needs.

Please also refer to the Moody's Japan K.K. press release, titled
Moody's Japan Increases Focus on Japanese Cross-Border and Global
Credits and Moody's Withdrawal Policy at www.moodys.co.jp.

The principal methodologies used in this rating were "Analyzing
the Credit Risks of Finance Companies: Rating Methodology",
published on September 30, 2010, and available on
www.moodys.co.jp.

ACOM Co. Ltd., headquartered in Tokyo, is a major Japanese
consumer finance company, with consolidated assets of around
JPY1.3 trillion as of September 30, 2011.


OLYMPUS CORP: Plans to Double Number of Outside Directors
---------------------------------------------------------
Kyodo News reports that sources said Olympus Corp. is planning to
double the number of outside directors to constitute as much as
half of its board to help reinforce oversight of management.

According to the news agency, sources said the step is a response
to the current board's failure to prevent the coverup of massive
investment losses, a scheme that certain board members, including
former Chairman and President Tsuyoshi Kikukawa, actually
orchestrated.

Kyodo relates that Olympus' board has 11 members, including three
outside directors.  But the camera and medical equipment maker
plans to add five or six outside members who have no ties to the
company and who are well-versed in corporate governance and
compliance issues, including lawyers and financial industry
executives, the report notes.

Kyodo's sources said the three current outside directors are
expected to be replaced.

Sources said Olympus will present a list of candidates for its new
board, including outside directors, to its management reform
committee of external experts, and seek its approval before
presenting it at an extraordinary shareholders' meeting to be
convened in March or April, according to Kyodo.

                   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.


ORSO ABS: Moody's Withdraws 'C' Ratings on JPY6.4-Bil. Interests
----------------------------------------------------------------
Moody's Japan K.K. has withdrawn the C (sf) ratings on the Class D
and E Beneficial Interests issued by Orso ABS Funding Trust 1 --
SFFC for business reasons.

Deal Name: Orso ABS Funding Trust 1 -- SFFC

JPY2.8 billion Class D Beneficial Interests, Withdrawn the C
(sf); previously on 30 June 2010, downgraded to C (sf) from Caa2
(sf).

JPY3.6 billion Class E Beneficial Interests, Withdrawn the C
(sf); previously on 30 June 2010, downgraded to C (sf) from Caa3
(sf).

Class: Class D Beneficial Interests / Class E Beneficial Interests

Issue Amount: JPY2.8 billion/JPY3.6 billion

Dividend: Floating

Entrustment Date: 21 September 2007

Final Maturity Date: 25 September 2012

Underlying Asset: Real estate-backed loan receivables

Initial Servicer: SFCG Co., Ltd.

Originator: SF Fudosan Credit Co., Limited (Currently, the
Originator is Real Estate Credit Ltd.)

Rating Rationale

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

The Class A through C Beneficial Interests issued by Orso ABS
Funding Trust 1 -- SFFC were fully redeemed.


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


BORDERS PTE: Creditors' Proofs of Debt Due Jan. 31
--------------------------------------------------
Creditors of Borders Pte Ltd, which is in 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's liquidator is:

          Timothy James Reid
          c/o Ferrier Hodgson
          8 Robinson Road
          #12-00 ASO Building
          Singapore 048544


CELESTIAL NUTRIFOODS: Court Enters Wind-Up Order
------------------------------------------------
The High Court of Singapore entered an order on Dec. 2, 2011, to
wind up the operations of Celestial Nutrifoods Limited.

BNY Corporate Trustee Services Limited filed the petition against
the company.

The company's liquidator is:

         Mr Yit Chee Wah
         of FTI Consulting (Singapore) Pte Ltd
         8 Shenton Way #17-02A
         Singapore 068811


CPD OILWELL: Court to Hear Wind-Up Petition Jan. 13
---------------------------------------------------
A petition to wind up the operations of CPD Oilwell International
Pte Ltd will be heard before the High Court of Singapore on
Jan. 13, 2012, at 10:00 a.m.

GD Marine Engineering & Trading Pte Ltd filed the petition against
the company on Nov. 2, 2011.

The Petitioner's solicitor is:

         Messrs Haridass Ho & Partners
         24 Raffles Place
         #18-00 Clifford Centre
         Singapore 048621


DANO INTERNATIONAL: Creditors' Meetings Set for Jan. 9
------------------------------------------------------
Creditors and non-trade creditors of Dano International Pte Ltd,
which is under judicial management, will hold their meetings on
Jan. 9, 2012, at 2:00 p.m., and 2:30 p.m., respectively at 400
Orchard Road #05-05 Orchard Towers, in Singapore 238875.

Agenda of the meeting includes:

   a. to approve Statement of Proposals dated 21 October 2011; and

   b. to approve the Scheme of Arrangement dated 21 October 2011.

The company's judicial manager is:

         Goh Boon Kok
         1 Claymore Drive #08-11
         Orchard Towers (Rear Block)
         Singapore 229594


DBS VICKERS: Creditors' Proofs of Debt Due Jan. 30
--------------------------------------------------
Creditors of DBS Vickers Securities Online Holdings Pte Ltd, which
is in voluntary liquidation, are required to file their proofs of
debt by Jan. 30, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

          Chee Yoh Chuang
          Abuthahir Abdul Gafoor
          c/o 8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


                             *********

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, Ivy B. Magdadaro, Frauline S. Abangan,
and Peter A. Chapman, Editors.

Copyright 2012.  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 ***