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

                      A S I A   P A C I F I C

            Tuesday, January 3, 2012, Vol. 15, No. 2

                            Headlines


A U S T R A L I A

BURRUP FERTILISERS: Tap Oil Sues Over Confidentiality Breach


C H I N A

CHINA INTELLIGENT: Chief Financial Officer and Secretary Resigns


H O N G  K O N G

ABN AMRO: Law Yui Lun Steps Down as Liquidator
ARTEX HOLDINGS: Placed Under Voluntary Wind-Up Proceedings
ASIATIC MANAGEMENT: Victor Robert Lew Appointed as Liquidator
ASIATIC TRANS: Commences Wind-Up Proceedings
CARBO ANGLO-CHINESE: Creditors' Proofs of Debt Due Feb. 2

CALF INVESTMENT: Seng and Lo Step Down as Liquidators
CHINA PHARMACEUTICAL: Lai and Haughey Step Down as Liquidators
CHRONICLE ASSOCIATES: Commences Wind-Up Proceedings
CK CONSULTANTS: Huen and Huen Appointed as Liquidators
DAY-FUND PROPERTIES: Commences Wind-Up Proceedings

DISNEY HSM: Members' Final General Meeting Set for Jan. 31
EURASIA ASSOCIATES: Commences Wind-Up Proceedings
EURASIA MANAGEMENT: Commences Wind-Up Proceedings
EURASIA NEW: Commences Wind-Up Proceedings
EURASIA PARTNERS: Commences Wind-Up Proceedings


I N D I A

AIR INDIA: Board Clears Issuance of New Shares to Lenders
GHATPRABHA FERTILIZERS: CRISIL Puts 'BB' Rating on INR100MM Loan
INFO SERVICES: CRISIL Assigns CRISIL BB- Rating to INR6.5MM Loan
ISHWARCHARAN BUILDERS: CRISIL Rates INR300MM Term Loan at 'BB'
K C SONI: CRISIL Assigns 'CRISIL D' Rating to INR60MM Term Loan

KLA FOODS: CRISIL Assigns 'CRISIL B-' Rating to INR14.5MM Loan
LANDMARK TREASURE: CRISIL Puts 'BB' Rating to INR146.3MM Loan
LATH INDUSTRIES: CRISIL Assigns CRISIL B+ Rating to INR60MM Loan
LSR FORGE: CRISIL Assigns 'CRISIL BB' Rating to INR77MM Term Loan
MEGHA PLAST: CRISIL Assigns 'CRISIL B+' Rating to INR70MM Loan

PRAVEEN CAPITAL: CRISIL Assigns CRISIL B+ Rating to INR15MM Loan
RAYANI SPIN-TEX: CRISIL Places CRISIL B- Rating on INR200MM Loan
SANTOSH KUMAR: CRISIL Assigns 'CRISIL B' Rating to INR48.7MM Loan
SHIVA GLOBAL: CRISIL Places 'CRISIL BB' Rating on INR56.4MM Loan
SHIVA PARVATI: CRISIL Rates INR200MM Cash Credit at 'CRISIL BB'

SHREE ELECTROMELTS: CRISIL Places 'BB+' Rating on INR60MM Loan
VETINDIA PHARMACEUTICALS: CRISIL Rates INR43MM Loan at CRISIL BB
VIJAYA CHAITANYA: CRISIL Puts 'CRISIL B-' Rating on INR110MM Loan
VIKAS COTTON: Delay in Debt Repayment Cues CRISIL Junk Rating


J A P A N

ELPIDA MEMORY: May Seek Extension on Public Loan Repayment
TOKYO ELECTRIC: Gov't May Split Firm into Bad, Good Units


N E W  Z E A L A N D

CLEAR WATER: Ngati Kuri Buys Orchards From Receivers for NZ$2.5MM


P H I L I P P I N E S

BANCO DE ORO: S&P Raises Counterparty Credit Rating to 'BB'


S I N G A P O R E

HONG FOK: Court Enters Wind-Up Order
KANGLI INTERNATIONAL: Creditors' Proofs of Debt Due Jan. 30
K & L: Creditors' Proofs of Debt Due Jan. 31
N COSMETICS: Court Enters Wind-Up Order
NEW AGE: Court Enters Wind-Up Order


V I E T N A M

DOT VN: HMI Receives Award for Vietnamese Language Domain Names


X X X X X X X X

* BOND PRICING: For the Week Dec. 26 to Dec. 30, 2011


                            - - - - -


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


BURRUP FERTILISERS: Tap Oil Sues Over Confidentiality Breach
------------------------------------------------------------
Upstreamonline.com reports that Perth-based Tap Oil has launched
a legal action in the West Australian Supreme Court over an
alleged breach of confidentiality by the receivers of Burrup
Fertilisers in relation to a gas sales agreement with the Harriet
joint venture.

A 65% stake in Burrup, the report relates, was put up for sale
earlier this year by receivers looking to recoup around
AUD560 million owed to Australia & New Zealand Banking Group
(ANZ) by the Oswal Group of India, headed by tycoon Pankaj Oswal.

According to the report, Tap Oil and one of its partners in the
Harriet joint venture, Kufpec, said they had reason to believe
the receivers had disclosed confidential information to potential
bidders in the sale process of the Burrup ammonia plant.

In September, Tap and Kufpec made an application to the WA
Supreme Court for pre-action discovery against Burrup and were
successful in obtaining orders for discovery for all but one of
the categories of documents sought, Upstreamonline.com recalls.

"Following the court order for discovery, Tap [Oil] obtained
documents from the receiver indicating what we believe to be a
blatant breach of the confidentiality requirements of the Harriet
joint venture gas sales agreement," Upstreamonline.com quotes Tap
chief executive Troy Hayden as saying.

"As a result, Tap [Oil] is seeking a declaration from the court
that the breach is a failure to meet one of Burrup's material
obligations under the gas sales agreement and that Tap is
entitled to terminate the agreement."

Tap Oil said it would continue to meet its obligations under the
GSA pending the outcome of the court proceedings, according to
Upstreamonline.com.

The report notes that the other partner in the Harriet joint
venture, US independent Apache, has not joined the latest legal
action against Burrup and has agreed to buy the 65% stake of
Burrup that was up for sale in a AUD560 million deal.

Norwegian fertiliser maker Yara International holds the remaining
35% interest in Burrup and holds pre-emptive rights to match
Apache's offer to gain full control of the company, says
Upstreamonline.com.

According to the report, the Harriet joint venture had already
been embroiled in a legal dispute with Burrup over its inability
to meet gas commitments laid out under the 25-year Gas Supply
Agreement.

The report relates that the partners declared force majeure on it
in 2009, before Burrup went into receivership, saying they did
not have enough gas reserves to meet the full life of the
contract.

The partners have not yet defaulted on the GAS, however, Burrup
has disputed the force majeure, Upstreamonline.com notes.

Headquartered in Karratha in Western Australia, Burrup
Fertilisers Pty Ltd -- http://www.bfpl.com.au/-- is Australia's
largest ammonium producer.  The company has a production capacity
of 850-tonnes of liquid ammonia a year.

                             *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 20, 2010, The Australian said Burrup Fertilisers Pty Ltd has
been placed into receivership with debts of about AUD800 million.
ANZ Bank appointed PPB Advisory as receivers to Burrup
Fertilisers.  ANZ also appointed the same receivers, PPB
Advisory, over shares held by members of the Oswal Group in
related company Burrup Holdings.  The bank is alleging "evidence
of financial irregularities" as well as the usual default
triggers relating to debt facilities established between 2002 and
2007, The Australian said.


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


CHINA INTELLIGENT: Chief Financial Officer and Secretary Resigns
----------------------------------------------------------------
China Intelligent Lighting and Electronics, Inc., received a
resignation of Kui (Kevin) Jiang, the Chief Financial Officer and
Corporate Secretary of the Company, effective Dec. 21, 2011.

                 About China Intelligent Lighting

China Intelligent Lighting and Electronics, Inc. is a China-based
company that provides a full range of lighting solutions,
including the design, manufacture, sales and marketing of high-
quality LED and other lighting products for the household,
commercial and outdoor lighting industries in China and
internationally.  The Company currently offers over 1,000
products that include LEDs, long life fluorescent lights, ceiling
lights, metal halide lights, super electric transformers, grille
spot lights, down lights, and recessed and framed lighting.

The Company's balance sheet at Sept. 30, 2010, showed
$42.20 million in total assets, $7.54 million in total
liabilities, all current, $34.65 million total stockholders'
equity.

As reported by the TCR on April 1, 2011, Faruqi & Faruqi, LLP, a
national law firm concentrating on investors rights, consumer
rights and enforcement of federal antitrust laws, is
investigating potential wrongdoing at China Intelligent Lighting
and Electronics, Inc.  Faruqi & Faruqi seeks to determine whether
China Intelligent Lighting has violated federal securities laws
by issuing false and misleading financial statements to its
shareholders, in particular in connection with its recent public
offering of its common stock.


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


ABN AMRO: Law Yui Lun Steps Down as Liquidator
----------------------------------------------
Law Yui Lun stepped down as liquidator of ABN Amro Clearing
(Futures) Hong Kong Limited on Dec. 21, 2011.


ARTEX HOLDINGS: Placed Under Voluntary Wind-Up Proceedings
----------------------------------------------------------
At an extraordinary general meeting held on Dec. 19, 2011,
creditors of Artex Holdings Limited resolved to voluntarily wind
up the company's operations.

The company's liquidator is:

         Yip Kai Yung
         Room 1506-1508, 15th Floor
         Asia Orient Tower
         33 Lockhart Road
         Wanchai, Hong Kong


ASIATIC MANAGEMENT: Victor Robert Lew Appointed as Liquidator
-------------------------------------------------------------
Victor Robert Lew on Dec. 21, 2011, was appointed as liquidator
of Asiatic Management Limited.

The liquidator may be reached at:

         Victor Robert Lew
         22nd Floor, Tai Yau Building
         181 Johnston Road
         Wanchai, Hong Kong


ASIATIC TRANS: Commences Wind-Up Proceedings
--------------------------------------------
Sole members of Asiatic Trans Pacific Limited, on Dec. 21, 2011,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

         Victor Robert Lew
         22nd Floor, Tai Yau Building
         181 Johnston Road
         Wanchai, Hong Kong


CARBO ANGLO-CHINESE: Creditors' Proofs of Debt Due Feb. 2
---------------------------------------------------------
Creditors of Carbo Anglo-Chinese Kindergarten (Fanling) Limited,
which is in members' voluntary liquidation, are required to file
their proofs of debt by Feb. 2, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Dec. 22, 2011.

The company's liquidator is:

         Mak Kay Lung Dantes
         Rooms 2101-3 China Insurance Group Building
         141 Des Voeux Road
         Central, Hong Kong


CALF INVESTMENT: Seng and Lo Step Down as Liquidators
-----------------------------------------------------
Natalia K M Seng and Susan Y H Lo stepped down as liquidators of
Calf Investment Advisors Limited on Dec. 24, 2011.


CHINA PHARMACEUTICAL: Lai and Haughey Step Down as Liquidators
--------------------------------------------------------------
Lai Kar Yan (Derek) and Darach E. Haughey stepped down as
liquidators of China Pharmaceutical Industrial Limited on Dec.
21, 2011.


CHRONICLE ASSOCIATES: Commences Wind-Up Proceedings
---------------------------------------------------
Sole members of Chronicle Associates Limited, on Dec. 21, 2011,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

         Victor Robert Lew
         22nd Floor, Tai Yau Building
         181 Johnston Road
         Wanchai, Hong Kong


CK CONSULTANTS: Huen and Huen Appointed as Liquidators
------------------------------------------------------
Messrs. Huen Ho Yin and Huen Yuen Fun on Dec. 15, 2011, were
appointed as liquidators of CK Consultants Limited.

The liquidators may be reached at:

         Messrs. Huen Ho Yin
         Huen Yuen Fun
         22nd Floor, 9 Des Voeux Road West
         Hong Kong


DAY-FUND PROPERTIES: Commences Wind-Up Proceedings
--------------------------------------------------
Members of Day-Fund Properties Limited, on Dec. 22, 2011, passed
a resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Mak Kay Lung Dantes
         Rooms 2101-3 China Insurance Group Building
         141 Des Voeux Road
         Central, Hong Kong


DISNEY HSM: Members' Final General Meeting Set for Jan. 31
----------------------------------------------------------
Members of Disney HSM China Productions Limited will hold their
final general meeting on Jan. 31, 2012, at 12:05 p.m., at Level
28, Three Pacific Place, at 1 Queen's Road East, in Hong Kong.

At the meeting, Natalia K M Seng, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


EURASIA ASSOCIATES: Commences Wind-Up Proceedings
-------------------------------------------------
Sole members of EurAsia Associates Limited, on Dec. 21, 2011,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

         Victor Robert Lew
         22nd Floor, Tai Yau Building
         181 Johnston Road
         Wanchai, Hong Kong


EURASIA MANAGEMENT: Commences Wind-Up Proceedings
-------------------------------------------------
Sole members of EurAsia Management Limited, on Dec. 21, 2011,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

         Victor Robert Lew
         22nd Floor, Tai Yau Building
         181 Johnston Road
         Wanchai, Hong Kong


EURASIA NEW: Commences Wind-Up Proceedings
------------------------------------------
Sole members of EurAsia New Horizon Limited, on Dec. 21, 2011,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

         Victor Robert Lew
         22nd Floor, Tai Yau Building
         181 Johnston Road
         Wanchai, Hong Kong


EURASIA PARTNERS: Commences Wind-Up Proceedings
-----------------------------------------------
Sole members of EurAsia Partners Limited, on Dec. 21, 2011,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

         Victor Robert Lew
         22nd Floor, Tai Yau Building
         181 Johnston Road
         Wanchai, Hong Kong


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


AIR INDIA: Board Clears Issuance of New Shares to Lenders
---------------------------------------------------------
Dow Jones' Daily Bankruptcy Review reports that Air India Ltd.
said its board approved issuing INR75 billion (US$1.4 billion)
worth of preference shares to a consortium of its lenders as part
of a debt restructuring plan.

Air India -- http://www.airindia.com/-- transports passengers
throughout India and to more than 40 destinations throughout the
world.  Affiliate Air India Express operates as a low-fare
carrier, mainly between India and destinations in the Middle
East, and Air India Cargo provides freight transportation.  The
government of India has merged Air India with another state-
controlled carrier, Indian Airlines, which has focused on
domestic routes.  The combined airline, part of a new holding
company called National Aviation Company of India, uses the Air
India brand.  The new Air India and its affiliates have a fleet
of more than 110 aircraft altogether.

                         *     *     *

The Troubled Company Reporter-Asia Pacific, citing the Hindustan
Times, reported on June 19, 2009, that Air India has been
bleeding cash due to excess capacity, lower yield, a drop in
passenger numbers, an increase in fuel prices and the effects of
the global slowdown.  The carrier incurred net losses of
INR2,226.16 crore in 2007-08 and INR5,548 crore in 2008-09.  Air
India is estimated to have lost INR54 billion in the fiscal year
ended March 31, 2010, according to The Wall Street Journal.


GHATPRABHA FERTILIZERS: CRISIL Puts 'BB' Rating on INR100MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of Ghatprabha Fertilizers Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR100 Million Cash Credit       CRISIL BB/Stable (Assigned)
   INR7.5 Million Bank Guarantee    CRISIL A4+ (Assigned)

The ratings reflect the established position of group in the
Indian fertiliser & agro-products industry. These rating
strengths are partially offset by company's modest scale of
operations and susceptibility of operating performance to
regulatory environment and vagaries of the monsoons.

Outlook: Stable

CRISIL believes that the GFPL will benefit over the medium term
from its association with the Shiva Group which has an
established position in the domestic agro commodities and
agricultural inputs sectors. The outlook may be revised to
'Positive' if the company is able to demonstrate significant
improvement in revenues & accruals while improving its working
capital cycle. Conversely, the outlook may be revised to
'Negative' in case of deterioration in the revenues,
profitability and working capital cycle.

                    About Ghatprabha Fertilizers

GFPL was incorporated in October 2005 with the objective of
manufacturing NPK Mix Fertilizer. GFPL commenced commercial
operations in May 2006. The company is subsidiary of SFL & part
of Shiva Group.

Shiva Group commenced its operations in 1993 with incorporation
of SGAIL. SGAIL has been listed on Bombay Stock Exchange since
1995. On March 31, 2010, SGAIL acquired a controlling stake in
the abovementioned companies which were all promoted by SGAIL's
promoters in their individual capacities. Subsequent to this
change in shareholding, these companies became subsidiaries of
SGAIL. The said restructuring was carried in order to attain
greater operational and financial synergies. Shiva Group now
produces fertilizers, soil and crop health products, de-oiled
cakes, and research and hybrid seeds.

Mr. Rajesh Maliwal overlooks the overall operations of the
company. He is ably supported by Mr. Kailash Puramwar, who is the
CEO of the company.

Since GFPL is a part of Shiva Group, its credit risk profile has
been assessed after factoring in the strength & support it draws
from other Shiva group entities.

GFPL reported a profit after tax (PAT) of INR13.1 million on net
sales of INR455.3 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR12.9 million on net
sales of INR417.8 million for 2009-10.


INFO SERVICES: CRISIL Assigns CRISIL BB- Rating to INR6.5MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the bank
facilities of Info Services.

   Facilities                      Ratings
   ----------                      -------
   INR6.5 Million Long-Term Loan   CRISIL BB-/Stable (Assigned)
   INR42 Million Cash Credit       CRISIL BB-/Stable (Assigned)
   INR3.5 Million Proposed Long-   CRISIL BB-/Stable (Assigned)
    Term Bank Loan Facility

The rating reflects the benefits that IS derives from its
established relations with its principal (IBM Global Services
India Pvt Ltd) and its promoters experience in the IT service
segment. The ratings also factors in the firm's moderate
financial risk profile marked by healthy capital structure and
comfortable debt protection metrics. These rating strengths are
partially offset by IS's concentration risks in revenue profile
and its working-capital-intensive operations.

Outlook: Stable

CRISIL believes that IS will continue to benefit over the medium
term its established track record in the industry. The outlook
may be revised to 'Positive' in case the firm records
considerable improvement in its revenues and profitability
resulting in improvement in its financial risk profile or in case
of considerable improvement in liquidity owing to improved
working capital management. Conversely, the outlook may be
revised to 'Negative' in case IS reports deterioration in its
working capital management resulting in weak liquidity or if the
firm undertakes a larger-than-expected, debt-funded capital
expenditure programme or in case of significant capital
withdrawals by the partners.

                       About Info Services

Set up as a proprietorship concern in 1999 and reconstituted as a
partnership firm in 2008, IS is an exclusive service provider for
IBM Global Services India Pvt Ltd. IS's key corporate clients
include Bharti Airtel Ltd (rated CRISIL AAA/Negative/CRISIL A1+),
Vodafone India Ltd (rated CRISIL AA/Stable/CRISIL A1+), Indian
Bank (rated CRISIL AAA/Stable) and Tata Consultancy Services who
accounted for around 50 per cent of its revenues during 2010-11.
The firm was promoted by Mr. Shivadas who manages the day to day
operations.

IS reported a profit after tax (PAT) of INR8.8 million on net
sales of INR270 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR8.2 million on net
sales of INR224 million for 2009-10.


ISHWARCHARAN BUILDERS: CRISIL Rates INR300MM Term Loan at 'BB'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' rating to the term
loan facility of Ishwarcharan Builders Pvt Ltd.

   Facilities                     Ratings
   ----------                     -------
   INR300 Million Term Loan       CRISIL BB/Stable (Assigned)

The rating reflects IBPL's promoters' extensive experience in the
real estate market in Ahmedabad (Gujarat) and above-average
financial risk profile marked by above-average debt protection
metrics. These rating strengths are partially offset by
geographic concentration of IBPL's real estate projects, expected
increase in its gearing over the medium term, its exposure to
risks related to time or cost overrun in its ongoing projects and
its susceptibility to risks inherent in real estate sector like
fragmented nature of the industry and cyclicality in the sector.

Outlook: Stable

CRISIL believes that IBPL will maintain its above-average
financial risk profile, supported by above-average debt
protection metrics, and will continue to benefit from its
promoters' extensive experience in Ahmedabad's real estate
market. The outlook may be revised to 'Positive' if IBPL receives
larger-than-expected customer advances for its ongoing projects,
thereby strengthening its financial flexibility and cash flow
adequacies. Conversely, the outlook may be revised to 'Negative'
if there is time or cost overrun in the company's ongoing
projects, or if offtake level of the ongoing projects is
significantly below expectations.

                    About Ishwarcharan Builders

IBPL was incorporated in 2007 and is engaged in real estate
development in Ahmedabad. The company is promoted by Mr. Suresh
Thakkar, Mr. Dhirajlal Thakkar and Mr. Kalpesh Thakkar. Till
2007, the promoters of the company executed the project in a
partnership firm. The partnership firm executed around eight
projects (costing INR7.8 billion) since its establishment in
2005-06 (refers to financial year, April 1 to March 31).

IBPL reported a PAT of INR135.48 million on net sales of INR
311.28 million for 2010-11 as against PAT of INR9.09 million on
net sales of INR224.39 million for 2009-10.


K C SONI: CRISIL Assigns 'CRISIL D' Rating to INR60MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/ CRISIL D' ratings to the bank
facilities of K C Soni and Sons Steels Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR150.0 Million Cash Credit      CRISIL D (Assigned)
   INR60.0 Million Rupee Term Loan   CRISIL D (Assigned)
   INR30.0 Million Letter of Credit  CRISIL D (Assigned)
   INR20.0 Million Proposed Long-    CRISIL D (Assigned)
    Term Bank Loan Facility

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

KCSSS also has a weak financial risk profile, marked by a small
net worth, a high gearing, and weak debt protection metrics, and
a small scale of operations. The company, however, benefits from
its promoters' extensive industry experience, modest working
capital requirements, and limited vulnerability to volatility in
steel prices.

                     About K C Soni and Sons

KCSSS was set up by Mr. Rakesh Soni in 1998; it commenced
production in 2001. The company manufactures steel pipes, and
mild steel (MS) flats and strips. The company operates a semi-
integrated plant divided into two units. The first unit
manufactures steel pipes, which are used mainly in the
construction industry as water and sewage pipes. The second unit
is rolling mill which manufactures steel ingots and strips which
are sold to the rolling mills. KCSSS sells its products in the
open market. The company derives 35 per cent of its revenues from
the pipes division and the rest from the rolling division. KCSSS
has capacity of 15000 tonnes per annum (tpa) for steel pipes,
15,000 tpa for MS flat, and 30,000 tpa for steel ingots (three
shifts).


KLA FOODS: CRISIL Assigns 'CRISIL B-' Rating to INR14.5MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Negative' rating to the long-
term bank facilities of KLA Foods (India) Ltd.

   Facilities                     Ratings
   ----------                     -------
   INR50.0 Million Cash Credit    CRISIL B-/Negative (Assigned)
   INR14.5 Million Term Loan      CRISIL B-/Negative (Assigned)
   INR21.3 Mil. Proposed Long-    CRISIL B-/Negative (Assigned)
   Term bank Facility

The rating reflects KLA's limited financial flexibility owing to
working-capital-intensive operations, limited track record, and
small scale of operations. These rating weaknesses are partially
offset by KLA's modern cold storage plant in Uttarakhand and
support from the government.

Outlook: Negative

CRISIL's 'Negative' outlook reflects KLA's stretched liquidity
owing to large working capital requirements and weak business
risk profile reflected by the low operating income from its core
business activities. The rating may be downgraded in case of
worsening working capital and liquidity due to KLA's inability to
sell the stocked inventory. Further, larger-than-expected debt-
funded capital expenditure plans leading to a further strain on
the company's financial risk profile may also lead to a downward
revision of rating. Conversely, the outlook may be revised to
'Stable' in case of more-than-expected increase in operating
income and cash accruals from its core business activities,
leading to improvement in KLA's liquidity.

                         About KLA Foods

Incorporated in 2006 by Mr. Ashok Agarwal, KLA processes and
sells frozen vegetables, mainly peas. The company's processing
unit in Rudrapur (Uttarakhand) has the capacity to process and
store around 2000 tonnes of peas annually. The company also
undertakes processing and freezing of sweet corn, lady finger,
mushroom, and tomato ketchup to utilise the capacity better as
peas are procured between December and March only. Furthermore,
from 2010-11 (refers to financial year, April 1 to March 31), the
company has also started trading in rice, which accounted for
around 72 per cent of KLA's total revenues in 2010-11 and the
same is expected to be the major contributor towards the overall
revenues of the company in the FY 2011-12. The company markets
its various products under different brands; however, the mother
brand remains the same for all, 'KLA'.

KLA reported a profit after tax (PAT) of INR2.0 million on net
sales of INR86.8 million for 2010-11, as against a net loss of
INR7.4 million on net sales of INR10.5 million for 2009-10.


LANDMARK TREASURE: CRISIL Puts 'BB' Rating to INR146.3MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' rating to the bank
facilities of M/s. Landmark Treasure Town.

   Facilities                      Ratings
   ----------                      -------
   INR146.3 Mil. Long-Term Loan    CRISIL BB/Stable (Assigned)
   INR3.7 Million Proposed Long-   CRISIL BB/Stable (Assigned)
   Term Bank Loan Facility

The rating reflects the extensive experience of LTT's promoters
in real estate development and the firm's established brand name
in Tier I and Tier II cities. These rating strengths are
partially offset by the off take risks with respect to the first
phase of the LTT's ongoing project and susceptibility of the
firms credit risk profile to the timely execution and customer
response to the current and upcoming projects.

Outlook: Stable

CRISIL believes that LTT will maintain its business risk profile
over the medium term, supported by its established market
position and promoters' extensive experience in real estate
development. The outlook may be revised to 'Positive' in case LTT
generates higher cash flows due to faster-than-expected booking
of flats and receipt of advances for its ongoing project.
Conversely, the outlook may be revised to 'Negative' in case
bookings are significantly below expectations resulting in a weak
debt servicing abilities.

                      About Landmark Treasure

LTT is a partnership firm of Dazzling Properties Pvt Ltd (DPPL;
51 per cent partner) and Landmark Hi-tech Development Pvt Ltd
(LHDPL; 49 per cent partner). LTT, established in 2009, is
engaged in residential real estate development. The firm's
ongoing project is coming up in two phases, each phase involving
development of two townships, Treasure Town (for the high-income
group) and Treasure Vihar (for the medium-income group), in
Udaipur (Rajasthan). The firm has completed the construction of
the first phase of the project in 2011; it entailed construction
of 2.28 lakh sq. ft of saleable property. Around 55 per cent of
the project had been booked as on October 2011. The construction
of the second phase of the project for both high- and medium-
income housing, is expected to commence from in mid 2012-13
(refers to financial year, April 1 to March 31). DPPL is a part
of the Indore, Madhya Pradesh based Kalani group of companies,
engaged in real estate development. LHDPL is a part of the
Landmark group of companies, all the construction and other day-
to-day activities are managed by the representatives of DPPL.

LTT reported a profit after tax (PAT) of INR7.1 million on net
sales of INR205 million for 2010-11, against a PAT of INR20.2
million on net sales of INR137.1 million for 2009-10.


LATH INDUSTRIES: CRISIL Assigns CRISIL B+ Rating to INR60MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Lath Industries.

   Facilities                     Ratings
   ----------                     -------
   INR60 Million Long-Term Loan   CRISIL B+/Stable (Assigned)
   INR5 Million Cash Credit       CRISIL B+/Stable (Assigned)

The rating reflects LI's exposure to risks relating to
implementation of its rice milling unit as the commercial
operations are yet to start. The rating also factors in risks
attached to timely receipt of orders for custom milling and hence
achievement of revenues and cash accruals as envisaged. These
rating weaknesses are partially offset by the extensive industry
experience of LI's promoters in paddy milling industry.

Outlook: Stable

CRISIL believes that LI will commence commercial operations as
scheduled without any further time or cost overruns, thereby
supporting the firm's cash flow requirements. The outlook may be
revised to 'Positive' if the firm generates more-than-expected
revenues and profits after stabilization of operations.
Conversely, the outlook may be revised to 'Negative' if the
commissioning of the project faces delays on account of
unforeseen events, or if the firm undertakes additional debt-
funded capital expenditure programme, leading to weakening in its
financial risk profile.

                     About Lath Industries

LI is a partnership firm that was established on November 26,
2010, for setting up of a 10-tonne parboiled rice mill with a
captive biomass plant 1000 KVA in Jhankarpali (Orissa). The firm
is promoted by five partners - Mr. Dinesh Kumar Lath, Mr. Amit
Kumar Lath, Mrs. Nisha Lath, Mrs. Gayatri Devi Lath, and Mrs. Raj
Kumari Lath. The total cost for setting up of the rice mill and
captive power plant is INR87 million, to be funded with a term
debt of INR60 million and the remaining by partners' equity. The
plant is expected to be operational from June 2012.


LSR FORGE: CRISIL Assigns 'CRISIL BB' Rating to INR77MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' rating to the long-
term bank facilities of LSR Forge Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR77 Million Term Loan         CRISIL BB/Stable (Assigned)
   INR75 Million Cash Credit       CRISIL BB/Stable (Assigned)
   INR18 Mil. Proposed Term Loan   CRISIL BB/Stable (Assigned)

The rating reflects the strong support that LSR derives from its
group entity Ludhiana Steel Rolling Mills, semi-integrated nature
of operations, and promoters' extensive industry experience and
financial support. These rating strengths are partially offset by
LSR's working-capital-intensive operations, vulnerability of
operating margin to volatility in raw material prices and product
concentration, and marginal market share in the intensely
competitive forging industry.

Outlook: Stable

CRISIL believes that LSR will continue to receive support from
the LSR group over the medium term. CRISIL also believes that LSR
will continue to benefit from its promoters' extensive industry
experience and financial support, and its semi-integrated
operations, during this period. The outlook may be revised to
'Positive' in case of more-than-expected increase in LSR's scale
of operations leading to increase in the company's cash accruals.
Conversely, the outlook may be revised to 'Negative' if LSR's
liquidity weakens significantly, most likely because of lower-
than-expected cash accruals, or in case of lengthening of the
company's working capital cycle, or if LSR undertakes a larger-
than-expected, debt-funded capital expenditure programme, thereby
weakening its capital structure.

                         About LSR Forge

LSR, part of the LSR group, is promoted by the Jain family of
Ludhiana (Punjab). The company was incorporated in 1996 and is
engaged in open (bars) and closed (components) forging. LSR's
products find application in the engineering and automotive
industries.

LSR reported a loss of INR9.9 million on net sales of INR206
million for 2010-11 (refers to financial year, April 1 to March
31), against a profit after tax of INR3.3 million on net sales of
INR135 million for 2009-10.


MEGHA PLAST: CRISIL Assigns 'CRISIL B+' Rating to INR70MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Megha Plast Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR70 Million Cash Credit         CRISIL B+/Stable (Assigned)
   INR30 Million Letter of Credit    CRISIL A4 (Assigned)

The ratings reflect MPPL's moderately weak financial risk
profile, marked by weak debt protection metrics, working-capital-
intensive operations, and susceptibility to volatility in raw
material prices. These rating weaknesses are partially offset by
the extensive industry experience of MPPL's promoters and
established customer relationship.

Outlook is Stable.

CRISIL believes that MPPL will benefit over the medium term from
its promoters' extensive industry experience and its relationship
with customers and suppliers. The outlook may be revised to
'Positive' if MPPL improves its liquidity by scaling up its
operations significantly leading to higher accruals along with
improvement in its working capital management. Conversely, the
outlook may be revised to 'Negative' if MPPL's financial risk
profile deteriorates due to larger-than-expected debt-funded
capital expenditure plan or weakening in its margins.

                        About Megha Plast

MPPL was established in 2002 and commenced operations in 2005. It
is promoted by Mr. Trilokchand Agrawal and his brother, Mr.
Suresh Aggarwal; and the plant is being managed by Mr. Sohan
Gupta (director). MPPL manufactures Polypropylene (PP)/ High
Density Polyethylene (HDPE) bags for cement companies and its
manufacturing unit at Byrnihat (Meghalaya) has a capacity of 2160
tonnes, which translates into 14,000 bags per tonne. It has a
reputed clientele, including Adhunik Cements Ltd, Meghalaya
Cement Ltd, and Cements Manufacturing Company Ltd. To cater to
the growing needs of its customers, the company plans to double
its existing capacities by 2013-14.

MPPL reported a profit after tax (PAT) of INR3 million on net
sales of INR187 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR3 million on net
sales of INR156 million for 2009-10.


PRAVEEN CAPITAL: CRISIL Assigns CRISIL B+ Rating to INR15MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the proposed
cash credit facility of Praveen Capital Pvt Ltd.

   Facilities                     Ratings
   ----------                     -------
   INR15 Million Proposed Cash    CRISIL B+/Stable (Assigned)
    Credit Facility

The rating reflects the Praveen group's small scale of
operations, with regional concentration in its revenue profile,
and modest resource profile, earnings, and asset quality. These
rating weaknesses are partially offset by the experience of the
Praveen group's promoters in the vehicle financing business and
the group's adequate capitalization.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of PCPL, Praveen Autofin, Praveen Finance
Corporation, and Praveen Autocare Pvt Ltd (Praveen Autocare). The
entities are collectively referred to, herein, as the Praveen
group. This is because these entities are in a similar line of
business, and have a common management and operational and
financial linkages among each other.

Outlook: Stable

CRISIL believes that the Praveen group will benefit from the
experience of its promoters in the vehicle financing business,
and will maintain its adequate capitalisation, over the medium
term. However, CRISIL believes that the group's scale of
operations, asset quality, and resource profile will remain
modest during this period. The outlook may be revised to
'Positive' if the Praveen group's market position, asset quality,
and earnings profile improve significantly. Conversely, the
outlook may be revised to 'Negative' if the group's asset quality
and profitability decline substantially thereby negatively
impacting its capitalisation levels.

                      About Praveen Capital

In 1994, Mr. Sathyashankar K. began financing second-hand tourist
and private vehicles running on the Mangalore-Mysore Highway
through a proprietorship concern named Praveen Autofin. The
promoter then set up new entities, namely Praveen Finance
Corporation in 1995 and Praveen Autocare in 1996. All the group
entities offer vehicle loans for three-wheelers, four-wheelers,
and six-wheelers. The Praveen group also offers personal loans to
the promoter's relatives, friends, and other group companies. In
future, PCPL will be the sole financing company of the Praveen
group, as all the businesses of the group will be merged into
PCPL. Apart from these businesses, the promoters are also engaged
in organic farming, fruit processing, and packaged drinks.

The total income of the Praveen group in 2010-11 (refers to
financial year, April 1 to March 31) declined to INR19.4 million
from INR20.3 million in 2009-10, but its profit after tax (PAT)
increased to INR6.6 million in 2010-11 from INR5.7 million in
2009-10. PCPL is a non-banking finance company (NBFC) that
contributed around 40 per cent to the Praveen group's total
revenues for 2010-11. In March 2006, the promoters acquired an
NBFC called Sadhana Securities Pvt Ltd, which was incorporated in
1996; the entity commenced operation in 2006 and its name was
changed to PCPL in April 2007. The company operates with a
network of six branches.

For 2010-11, PCPL reported a profit after tax (PAT) of INR2.5
million on a total income of INR8.1 million, against a PAT of
INR0.8 million on a total income of INR4.8 million for the
previous year.


RAYANI SPIN-TEX: CRISIL Places CRISIL B- Rating on INR200MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Rayani Spin-Tex Pvt Ltd.

   Facilities                     Ratings
   ----------                     -------
   INR200 Million Term Loan       CRISIL B-/Stable (Assigned)
   INR30 Million Cash Credit      CRISIL B-/Stable (Assigned)
   INR12 Million Proposed Cash    CRISIL B-/Stable (Assigned)
    Credit Limit
   INR5 Million Bank Guarantee    CRISIL A4 (Assigned)

The ratings reflect the Vijaya Chaitanya group's below-average
financial risk profile, marked by a high gearing and weak debt
protection metrics, small scale of operations, and exposure to
intense competition in the cotton ginning and spinning industry.
These rating weaknesses are partially offset by the benefits that
the Vijaya Chaitanya group derives from its promoters'
entrepreneurial experience and its semi-integrated operations.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Vijaya Chaitanya Enterprises Pvt Ltd
(VCEPL) and RSPL, together referred to as the Vijaya Chaitanya
group. This is because both the companies have a common
management, and strong business and financial linkages between
them.

Outlook: Stable

CRISIL believes that the Vijaya Chaitanya group will benefit over
the medium term from its promoters' entrepreneurial experience.
The outlook may be revised to 'Positive' if the group improves
its capital structure from the current levels or stabilises its
spinning operations leading to high accruals, thereby improving
its financial risk profile. Conversely, the outlook may be
revised to 'Negative' if the group undertakes a large debt-funded
capital expenditure programme, leading to weakening in its
capital structure, or if its volumes or margins decline steeply,
resulting in weakening of its financial risk profile.

                       About Rayani Spin-Tex

Set up in 2006 by Mr. Rayani Venkateswarulu and his family, VCEPL
undertakes ginning of raw cotton and sale of the resultant cotton
lint and cotton seeds. Its ginning unit is in Dhulipalla village
(Andhra Pradesh). Established in 2007, RSPL has recently set up a
cotton spinning mill with capacity of 14,400 spindles. The
company commenced commercial operations in November 2011.

The Vijaya Chaitanya group reported a profit after tax (PAT) of
INR3 million on net sales of INR436 million for 2010-11 (refers
to financial year, April 1 to March 31), against a PAT of INR0.8
million on net sales of INR284 million for 2009-10.


SANTOSH KUMAR: CRISIL Assigns 'CRISIL B' Rating to INR48.7MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of M/s. Santosh Kumar Singh.

   Facilities                      Ratings
   ----------                      -------
   INR48.7 Million Cash Credit     CRISIL B/Stable (Assigned)
   INR7.3 Million Standby Line     CRISIL B/Stable (Assigned)
    of Credit
   INR1 Million Rupee Term Loan    CRISIL B/Stable (Assigned)
   INR90 Million Bank Guarantee    CRISIL A4 (Assigned)

The ratings reflect SKS's working capital intensity of
operations, small scale of operations in the intensely
competitive infrastructure and construction segment, and high
geographical concentration. These rating weaknesses are partially
offset by SKS's moderate financial risk profile, marked by
moderate debt protection metrics and gearing, and the benefit
that firm is expected to derive from the healthy growth prospects
of the infrastructure construction segment.

Outlook: Stable

CRISIL believes that SKS will continue to benefit over the medium
term from the healthy growth prospects of the infrastructure and
construction industry. The outlook may be revised to 'Positive'
if the firm reports improvement in its financial risk profile
because of infusion of substantial equity or if its operating
profitability and revenue profile improve considerably.
Conversely, the outlook may be revised to 'Negative' if delays in
execution of contracts lead to large liquidated damages, or if
SKS's financial risk profile deteriorates significantly because
of delays in the realisation of receivables or because of debt-
funded capital expenditure.

                       About Santosh Kumar

SKS undertakes government contracts and is mainly involved in
construction of roads and bridges. The firm is managed by the
members of the Singh family of Jharkhand and Mr. Achintan Ghoshal
who have about two decades of experience in the construction
business. SKS is engaged in civil construction activities mainly
in Jharkhand. It is a Class I contractor registered with the
Government of Jharkhand and is eligible to bid directly for a
single contract of up to INR600 million.

SKS reported a profit after tax (PAT) of INR10.7 million on net
sales of INR264.4 million for 2010-11 (refers to financial year,
April 1 to March 31), against PAT of INR6.3 million on net sales
of INR192.4 million for 2009-10.


SHIVA GLOBAL: CRISIL Places 'CRISIL BB' Rating on INR56.4MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of Shiva Global Agro Industries Limited.

   Facilities                       Ratings
   ----------                       -------
   INR56.4 Million Term Loan        CRISIL BB/Stable (Assigned)
   INR260 Million Cash Credit       CRISIL BB/Stable (Assigned)
   INR60 Million Letter of Credit   CRISIL A4+ (Assigned)

The ratings reflect the Shiva group's position as an established
player in the agro commodities and agricultural inputs industry.
These rating strengths are partially offset by its leveraged
financial risk profile, and its susceptibility to regulatory
changes and vagaries of the monsoon.

For arriving at its ratings, CRISIL has consolidated the business
and financial risk profiles of Shiva Global Agro Industries Ltd.
with those of Ghatprabha Fertilizers Pvt Ltd, Shrinivasa Agro
Foods Pvt Ltd, Shiva Parvati Poultry Feeds Pvt Ltd, and Kirtiman
Agrogenetics Ltd.  This is because GFPL, SAFPL, Shiva Parvati and
Kirtiman are subsidiaries of SGAIL, and all the entities have
common promoters and derive significant business synergies from
each other.

Outlook: Stable

CRISIL believes that the Shiva group will benefit over the medium
term from the established position of the group in the agro
commodities and agricultural inputs industry. The outlook may be
revised to 'Positive' if the group is able to continue its
revenue growth while displaying substantial and consistent
improvement in the net cash accruals and debt protection
indicators. Conversely, the outlook may be revised to 'Negative'
in case of a further distortion in the group's capital structure,
chiefly on account of higher working capital intensity leading to
higher working capital borrowings or the group undertakes a
large, debt-funded capital expenditure programme or if its
profitability deteriorates.

                        About Shiva Global

Shiva Group commenced its operations in 1993 with incorporation
of Shiva Global Agro Industries Ltd. (SGAIL) (earlier known as
Shiva Fertilizers Ltd.) At present, Mr. Omprakash Gilda is the
Chairman and Managing Director of Shiva Group having experience
of over 30 years in the agriculture industry. Mr. Deepak Maliwal,
Director (Finance & Operations), a qualified chartered accountant
having experience of over 20 years, looks after day-to-day
operations & oversees the group's finance & treasury functions.
Shiva Group has a team of experienced professionals which manages
operations of the group.

SGAIL produces SSP & NPK mix fertilizers in its Nanded plant in
Maharashtra. GFPL produces NPK mix fertilizers at its plants
located in Karad (Maharashtra) & Raibag (Karnataka). Shiva
Parvati & SAFPL are engaged in solvent extraction to produce
edible & non-edible oil, de-oiled cakes. Their solvent extraction
plants are located at Hingoli & Nanded respectively. Kirtiman
develops seeds for high-yielding crops & undertakes agricultural
research.


SHIVA PARVATI: CRISIL Rates INR200MM Cash Credit at 'CRISIL BB'
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' ratings to the bank
facilities of Shiva Parvati Poultry Feed Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR200 Million Cash Credit       CRISIL BB/Stable (Assigned)
   INR100 Mil. Warehouse Receipts   CRISIL BB/Stable (Assigned)

The ratings reflect the established position of group in the
Indian fertiliser & agro-products industry. These rating
strengths are partially offset by modest scale of operations and
susceptibility of operating performance to volatility in soyabean
prices & vagaries of the monsoons.

Outlook: Stable

CRISIL believes that Shiva Parvati will benefit over the medium
term from the established position of the Shiva group in the in
the domestic agro commodities and agricultural inputs sectors.
The outlook may be revised to 'Positive' if the company is able
to demonstrate significant improvement in revenues & accruals
while improving its working capital cycle. Conversely, the
outlook may be revised to 'Negative' in case of deterioration in
the revenue, profitability or working capital cycle.

                        About Shiva Parvati

Shiva Parvati Poultry Feed Pvt. Ltd. was incorporated in March
2004 with the objective of manufacturing edible and non-edible
oils along with poultry feed. The company operates a solvent
extraction plant for soya bean seeds and sunflower cake. The
commercial operations of this plant commenced in December 2004.
Its solvent extraction plant has capacity of 90000 MTPA & is
located at Hingoli. Mr. Madhusudan Kalantri is a technical
director who looks after day-to-day operations of the company.

The company is a subsidiary of Shiva Global Agro Industries Ltd.
(SGAIL) (formerly known as Shiva Fertilizers Ltd.) & is part of
Shiva Group. Shiva Group commenced its operations in 1993 with
incorporation of SGAIL. SGAIL has been listed on Bombay Stock
Exchange since 1995. On March 31, 2010, SGAIL acquired a
controlling stake in the abovementioned companies which were all
promoted by SGAIL's promoters in their individual capacities.
Subsequent to this change in shareholding, these companies became
subsidiaries of SGAIL. The said restructuring was carried in
order to attain greater operational and financial synergies.
Shiva Group now produces fertilizers, soil and crop health
products, de-oiled cakes, and research and hybrid seeds.

Since Shiva Parvati is a part of Shiva Group, its credit risk
profile has been assessed after factoring in the strength &
support it draws from other Shiva group entities.

Shiva Parvati reported a profit after tax (PAT) of INR10.6
million on net sales of INR1041.8 million for 2010-11 (refers to
financial year, April 1 to March 31), against a PAT of INR16.9
million on net sales of INR823.6 million for 2009-10.


SHREE ELECTROMELTS: CRISIL Places 'BB+' Rating on INR60MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable/CRISIL A4+' ratings to
the bank facilities of Shree Electromelts Ltd.

   Facilities                     Ratings
   ----------                     -------
   INR60 Million Cash Credit      CRISIL BB+/Stable (Assigned)
   INR300 Mil. Letter of Credit   CRISIL A4+ (Assigned)

The ratings reflect SEL's above-average financial risk profile,
marked by healthy debt protection metrics and moderate capital
structure, effective working capital management marked by low
debtor days and moderate inventory, and promoters' extensive
experience in manufacturing ingots and coking coal. These rating
strengths are partially offset by SEL's absence of hedging
policies against fluctuations in foreign exchange (forex) rates,
susceptibility of margins to volatility in coke prices and
cyclicality in steel industry, and small scale of operations.

Outlook: Stable

CRISIL believes that SEL will continue to benefit over the medium
term from its promoters' extensive industry experience and
established client relationships. The outlook may be revised to
'Positive' if the company achieves higher-than-expected operating
revenues and profitability and effectively manages its forex
exposures. Conversely, the outlook may be revised to 'Negative'
if SEL's financial risk profile deteriorates on account of
significant deterioration in its working capital management or if
it undertakes larger-than-expected debt-funded capital
expenditure programme or incurs larger-than-expected losses due
to forex exposure.

                       About Shree Electromelts

Incorporated in 1992, SEL manufactures mild steel ingots
(comprises around 45 per cent of its revenues) and low ash
metallurgical coking coal (around 55 per cent revenues). Based in
Bhavnagar (Gujarat), SEL is owned and managed by Mr. R K Jain and
his family members. It has two manufacturing facilities in
Bhavnagar with installed capacity of 36,000 tonnes per annum
(tpa) for coking coal and 18,000 tpa for ingots.

SEL reported a profit after tax (PAT) of INR32.4 million on net
sales of INR1090.1 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR7.8 million on net
sales of INR595.5 million for 2009-10.


VETINDIA PHARMACEUTICALS: CRISIL Rates INR43MM Loan at CRISIL BB
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of Vetindia Pharmaceuticals Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR43.0 Million Cash Credit       CRISIL BB/Stable (Assigned)
   INR3.0 Million Standby line       CRISIL BB/Stable (Assigned)
    of Credit
   INR7.5 Mil. Proposed Term loan    CRISIL BB/Stable (Assigned)
   INR6.5 Million Proposed Cash      CRISIL BB/Stable (Assigned)
    Credit Limit
   INR5.0 Million Letter of Credit   CRISIL A4+ (Assigned)
   INR2.0 Million Bank Guarantee     CRISIL A4+ (Assigned)

The ratings reflect VPL's strong financial risk profile, marked
by a small net worth, comfortable gearing, and strong debt
protection metrics, and promoter's extensive experience in the
animal healthcare products segment. These rating strengths are
partially offset by VPL's large working capital requirements,
small scale of operations, and susceptibility to volatility in
raw material prices.

Outlook: Stable

CRISIL believes that VPL will benefit over the medium term from
its established position and wide geographical reach. The outlook
may be revised to 'Positive' if the company scales up its
operations while maintaining its healthy profitability and
capital structure. Conversely, the outlook may be revised to
'Negative' in case of lower-than-expected cash accruals or
larger-than-expected working capital requirement, leading to
weakening in gearing and debt protection metrics.

                     About Vetindia Pharmaceuticals

VPL was incorporated in 1992 by Dr. Muppala Sambasiva Rao. The
company manufactures veterinary pharmaceutical formulations, such
as antibiotics, anthelmintics, antibacterials, intravenous (IV)
fluids, and vitamins and minerals for livestock. Antibiotics and
anthelmintics are the major products and contribute 60 per cent
to VPL's total sales; antibacterial contributes 20 per cent, and
the remaining 20 per cent is contributed by vitamins, minerals
and IV fluids for livestock. About 70 per cent of the company's
business is tender-based to government organisations that the
company caters directly; the rest is sold through distributors in
respective states. VPL's manufacturing unit is in Andhra Pradesh
but supplies to other states, such as Maharashtra, Gujarat, and
Karnataka. Currently, the company is planning to establish its
base through distributors in states, such as Haryana, Uttar
Pradesh, Rajasthan, and Tamil Nadu. VPL also exports to Nigeria,
Madagascar, and Saudi Arabia, which comprises 20 per cent of its
total sales.

VPL reported a profit after tax (PAT) of INR 9.4 million on net
sales of INR 302.5 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR8.7 million on net
sales of INR237.3 million for 2009-10.


VIJAYA CHAITANYA: CRISIL Puts 'CRISIL B-' Rating on INR110MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Vijaya Chaitanya Enterprises Pvt Ltd
(VCEPL; part of the Vijaya Chaitanya group).

   Facilities                        Ratings
   ----------                        -------
   INR110 Million Cash Credit        CRISIL B-/Stable (Assigned)
   INR60.7 Million Long-Term Loan    CRISI LB-/Stable (Assigned)
   INR11.6 Million Letter of credit  CRISIL A4 (Assigned)
    & Bank Guarantee

The ratings reflect the Vijaya Chaitanya group's below-average
financial risk profile, marked by a high gearing and weak debt
protection metrics, small scale of operations, and exposure to
intense competition in the cotton ginning and spinning industry.
These rating weaknesses are partially offset by the benefits that
the Vijaya Chaitanya group derives from its promoters'
entrepreneurial experience and its semi-integrated operations.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of VCEPL and Rayani Spintex Pvt Ltd
(RSPL), together referred to as the Vijaya Chaitanya group. This
is because both the companies have a common management, and
strong business and financial linkages between them.

Outlook: Stable

CRISIL believes that the Vijaya Chaitanya group will benefit over
the medium term from its promoters' entrepreneurial experience.
The outlook may be revised to 'Positive' if the group improves
its capital structure from the current levels or stabilises its
spinning operations leading to high accruals, thereby improving
its financial risk profile. Conversely, the outlook may be
revised to 'Negative' if the group undertakes a large debt-funded
capital expenditure programme, leading to weakening in its
capital structure, or if its volumes or margins decline steeply,
resulting in weakening of its financial risk profile.

                      About Vijaya Chaitanya

Set up in 2006 by Mr. Rayani Venkateswarulu and his family, VCEPL
undertakes ginning of raw cotton and sale of the resultant cotton
lint and cotton seeds. Its ginning unit is in Dhulipalla village
(Andhra Pradesh). Established in 2007, RSPL has recently set up a
cotton spinning mill with capacity of 14,400 spindles. The
company commenced commercial operations in November 2011.

The Vijaya Chaitanya group reported a profit after tax (PAT) of
INR3 million on net sales of INR436 million for 2010-11 (refers
to financial year, April 1 to March 31), against a PAT of INR0.8
million on net sales of INR284 million for 2009-10.


VIKAS COTTON: Delay in Debt Repayment Cues CRISIL Junk Rating
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Vikas Cotton Ginning & Pressing.

   Facilities                     Ratings
   ----------                     -------
   INR60 Million Cash Credit      CRISIL D (Assigned)
   INR15.5 Mil. Rupee Term Loan   CRISIL D (Assigned)

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

VCGP also has an average financial risk profile, marked by high
gearing, small net worth and below average debt protection
metrics. The business risk profile is characterised by modest
scale of operations with modest profitability and vulnerability
to risks related to unfavourable changes in government policy.
These rating weaknesses are partially offset by the expected
growth in VCGP's revenue given its recently concluded capital
expenditure plan.

                        About Vikas Cotton

Incorporated in 2006, VCGP is a partnership firm engaged in
ginning and pressing of cotton seeds as well as trading in cotton
seeds, cotton root, and oil cakes. The firm has a manufacturing
capacity of around 21,000 tonnes per year. The firm's products
are primarily sold to yarn exporters and various spinning mills
in the Southern India.

VCGP reported a profit after tax (PAT) of INR0.58 million on net
sales of INR501 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR1.26 million on net
sales of INR397 million for 2009-10.


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


ELPIDA MEMORY: May Seek Extension on Public Loan Repayment
----------------------------------------------------------
According to MarketWatch, the Asahi Shimbun reported that Elpida
Memory Inc. is considering applying for an extension on its
repayment of the JPY30 billion in public funds it received to
revive its operations.

MarketWatch relates that the paper said that the world's third
largest DRAM maker is considering the move as a result of the
impact that European sovereign debt crisis has had on the
company's earnings.

MarketWatch says Elpida was hit hard and posted deep losses in
the wake of the so-called Lehman shock, but the company managed
to post a net profit in the fiscal year ending in March.  The
company racked up a JPY56.79 billion net loss in the first half
of this fiscal year, the report adds.

                       About Elpida Memory

Elpida Memory Inc. (TYO:6665) -- http://www.elpida.com/ja/-- is
a Japan-based company principally engaged in the development,
design, manufacture and sale of semiconductor products, with a
focus on dynamic random access memory (DRAM) silicon chips.  The
main products are DDR3 SDRAM, DDR2 SDRAM, DDR SDRAM, SDRAM,
Mobile RAM and XDR DRAM, among others.  The Company distributes
its products to both domestic and overseas markets, including the
United States, Europe, Singapore, Taiwan, Hong Kong and others.
The company has eight subsidiaries and two associated companies.


TOKYO ELECTRIC: Gov't May Split Firm into Bad, Good Units
------------------------------------------------------------
Bloomberg News reports that Tokyo Electric Power Co. may be
approaching the end of its life as a private company as the cost
of the Fukushima nuclear disaster drains cash and the government
considers nationalizing the utility.

"We're probably seeing the beginnings of the end of TEPCO as the
entity that we know," Bloomberg quotes Penn Bowers, a utilities'
analyst with CLSA Asia-Pacific Markets in Tokyo, as saying.  The
government may "wrap up the bad assets from Fukushima into a 'Bad
TEPCO,'" and leave other assets as a 'Good TEPCO' that could be
listed, Mr. Bowers told Bloomberg.

According to the report, Mr. Bowers said the government may
consider folding "bad TEPCO" assets in with other operating
atomic plants in Japan to create a state-run nuclear utility.

Bloomberg says TEPCO, which supplies power to 29 million people
in metropolitan Tokyo, the world's biggest city, needs support
from the government's Nuclear Damage Liability Facilitation Fund
to avoid bankruptcy.  The company may face JPY4.5 trillion in
compensation payments by 2013 to those who lost livelihoods and
homes as a result of radiation fallout from the Fukushima atomic
station, according to Bloomberg.

The utility last week requested JPY689.4 billion in additional
government aid to pay compensation, the report notes.

                       About Tokyo Electric

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

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

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


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


CLEAR WATER: Ngati Kuri Buys Orchards From Receivers for NZ$2.5MM
-----------------------------------------------------------------
BusinessDesk reports that Ngati Kuri, one of four Northland iwi
nearing completion of a Treaty settlement, has used its own funds
to buy NZ$2.5 million of orchards from the receivers of Clear
Water Orchard.

BusinessDesk relates that the iwi trust has agreed to buy 311
hectares of avocado orchards and grazing land from the receivers
of Clear Water Orchard, which failed last year owing more than
NZ$11 million, mostly to Australia and New Zealand Banking Group.
The property is to be renamed Waimarama orchard, the report says.

Ngati Kuri trust chairman Harry Burkhardt told BusinessDesk the
acquisition is the first in a series of steps to ensure the iwis
economic future.  Mr. Burkhardt said, "we've picked two years of
crops off it and in terms of yield were expecting it to grow
exponentially."

According to the report, the tribe is part of the Hiku o te Ika
Treaty settlement along with Ngi Takoto, Te Aupouri and Te
Rarawa that would give them combined ownership of the 21,283
hectares of Crown forest land on the Aupouri peninsula and
roughly NZ$2.2 million apiece in accumulated rentals.
Mr. Burkhardt, as cited by BusinessDesk, said his tribe is
awaiting the Crowns response after rejecting some elements of the
proposal.

BusinessDesk relates that Mr. Burkhardt said we accepted most of
it and rejected some of it.  We're waiting for them to address
four issues in the package, he said.

BusinessDesk says Ngai Takoto iwi agreed to the deed of
settlement on November 23 and expects to receive NZ$21 million to
pay for various Crown-owned properties including Sweetwater farm.

Clear Water Orchard has 60 hectares of avocado orchards and sold
NZ$183,731 of the crop in the 16 months between March 12, 2010,
when the receivership began, and the latest receivers report on
July 31 this year.  Over half the fruit from the orchard is to be
exported.


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


BANCO DE ORO: S&P Raises Counterparty Credit Rating to 'BB'
-----------------------------------------------------------
Standard & Poor's Ratings Services said, following a review under
its revised bank criteria published on Nov. 9, 2011, it upgraded
the unsolicited counterparty ratings on two banks and affirmed
the unsolicited counterparty ratings on five banks in Asia. All
ratings were then withdrawn due to low level of market interest.
"We also withdrew our bank fundamental strength ratings on these
banks, where applicable, and all the ratings on securities issued
by these banks. Standard & Poor's no longer has unsolicited
ratings on any Asian bank," S&P said.

Affirmed
Dah Sing Bank Ltd. (Hong Kong; BBB+/Stable/A-2; cnA+/cnA-1)
Bank of Baroda (India; BBB-/Stable/A-3)
Canara Bank (India; BBB-/Stable/A-3)
Hong Leong Bank Bhd. (Malaysia; BBB+/Stable/A-2)
PT Bank CIMB Niaga Tbk. (Indonesia; BB+/Positive/B)

Upgraded
                          To                   From
Banco De Oro Unibank Inc. (Philippines)
                          BB/Positive/B        BB-/Stable/B
Metropolitan Bank & Trust Co. (Philippines)
                          BB/Positive/B        BB-/Stable/B

"We upgraded Banco De Oro Unibank Inc. (BDO) and Metropolitan
Bank and Trust Co. (Metrobank) to 'BB/B' from 'BB-/B'. The
positive outlook reflected the outlook on the sovereign rating on
the Philippines (foreign currency BB/Positive/B; local currency
BB+/Positive/B; ASEAN scale axBBB+/axA-2). We also raised the
issue rating on BDO's senior unsecured debt to 'BB' from 'BB-';
and the issue ratings on BDO's and Metrobank's subordinated debt
to 'B+' from 'B'. In accordance with our updated hybrid criteria,
we also affirmed the rating on Metrobank's perpetual capital
securities at 'B-'," S&P said.

"The 'BB' rating on BDO reflected the bank's 'bb' anchor and our
view of the bank's 'strong' business position, 'weak' capital and
earnings, 'moderate' risk position, 'above average' funding, and
'adequate' liquidity. At the time of the withdrawal, BDO's stand-
alone credit profile (SACP) was 'bb-'. Our ratings on Metrobank
reflected the bank's 'bb' anchor and our view of the bank's
'adequate' business position, 'moderate' capital and earnings,
'moderate' risk position, 'above average' funding, and 'adequate'
liquidity. At the time of withdrawal, Metrobank's SACP was 'bb-'.
The counterparty credit ratings on BDO and Metrobank were one
notch higher than their SACP, reflecting their 'high' systemic
importance in the Philippines and our assessment of the
Philippines government as 'highly supportive'," S&P said.


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


HONG FOK: Court Enters Wind-Up Order
------------------------------------
The High Court of Singapore entered an order on Dec. 23, 2011, to
wind up the operations of Hong Fok Fashion Co Pte Ltd.

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

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee's Office
         care of The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


KANGLI INTERNATIONAL: Creditors' Proofs of Debt Due Jan. 30
-----------------------------------------------------------
Creditors of Kangli International Capital 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:

          Kelvin Thio
          Terence Ng
          c/o Ardent Business Advisory Pte Ltd
          146 Robinson Road #12-01
          Singapore 068909


K & L: Creditors' Proofs of Debt Due Jan. 31
--------------------------------------------
Creditors of K & L Advertising Asia 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 liquidators are:

          Leow Quek Shiong
          Gary Loh Weng Fatt
          c/o BDO LLP
          21 Merchant Road
          #05-01 Royal Merukh S.E.A. Building
          Singapore 058267


N COSMETICS: Court Enters Wind-Up Order
---------------------------------------
The High Court of Singapore entered an order on Dec. 23, 2011, to
wind up the operations of N Cosmetics Singapore Pte Ltd.

Smrt Trains Ltd filed the petition against the company.

The company's liquidator is:

         Insolvency & Public Trustee's Office
         45 Maxwell Road #06-11
         The URA Centre (East Wing)
         Singapore 069118


NEW AGE: Court Enters Wind-Up Order
-----------------------------------
The High Court of Singapore entered an order on Dec. 23, 2011, to
wind up the operations of New Age Paradigm Pte Ltd.

Smrt Trains Ltd filed the petition against the company.

The company's liquidator is:

         Insolvency & Public Trustee's Office
         45 Maxwell Road #06-11
         The URA Centre (East Wing)
         Singapore 069118


=============
V I E T N A M
=============


DOT VN: HMI Receives Award for Vietnamese Language Domain Names
---------------------------------------------------------------
Dot VN, Inc.'s wholly owned subsidiary Hi-Tek Multimedia, Inc.,
received an award from the Vietnam Internet Network Information
Center For the successful re-launch and wide spread adoption of
the Vietnamese Native Language Domain Names.  The award was
presented to HMI at the annual year-end conference held by the
Ministry of Information and Communications of Vietnam and VNNIC.
Pictures of the award are available on the Company's Web site at
http://www.dotvn.com/

Since its re-launch on April 28, 2011, Vietnamese Native Language
Domain Name registrations have exceeded 550,000 in 8 months.  By
comparison, standard Vietnamese domain names, which have been
available for wide spread registration since 2003 currently
number only 253,319.

"We are very pleased with the massive adoption of the Vietnamese
Language Domain Name and are focused on developing additional
products and services to increase the functionality and use of
the native language domain names," said Dot VN Co-Founder and
President, Dr. Lee Johnson.  "As we head into 2012, we will look
to increase the reach of the Vietnamese Native Language Domain
Name and build a robust network of linked websites and pages."

                           About Dot VN

Dot VN, Inc. (OTC BB: DTVI) -- http://www.DotVN.com/-- provides
Internet and telecommunication services for Vietnam and operates
and manages Vietnam's innovative online media web property,
www.INFO.VN.  The Company is the "exclusive online global domain
name registrar for .VN (Vietnam)."  Dot VN is the sole
distributor of Micro-Modular Data Centers(TM) solutions and E-
Link 1000EXR Wireless Gigabit Radios to Vietnam and Southeast
Asia region.  Dot VN is headquartered in San Diego, California
with offices in Hanoi, Danang and Ho Chi Minh City, Vietnam.

Dot VN was incorporated in the State of Delaware on May 27, 1998,
under the name Trincomali Ltd.

The Company reported a net loss of $2.38 million on $464,886 of
revenue for the six months ended Oct. 31, 2011, compared with a
net loss of $2.95 million on $578,310 of revenue for the same
period a year ago.

The Company reported a net loss of $5 million on $1.01 million of
revenue for the year ended April 30, 2011, compared with a net
loss of $7.32 million on $1.12 million of revenue during the
prior year.

The Company's balance sheet at Oct. 31, 2011, showed $2.58
million
in total assets, $9.24 million in total liabilities and a $6.65
million total shareholders' deficit.

PLS CPA, in San Diego, Calif., noted that the Company's losses
from operations raise substantial doubt about its ability to
continue as a going concern.


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


* BOND PRICING: For the Week Dec. 26 to Dec. 30, 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       1.20
AMITY OIL LTD           10.00    10/31/2013   AUD       2.05
CENTAUR MINING          10.00    12/01/2007   AUD       0.09
CHINA CENTURY           12.00    09/30/2012   AUD       0.89
DIVERSA LTD             11.00    09/30/2014   AUD       0.15
EXPORT FIN & INS         0.50    12/16/2019   NZD      72.15
EXPORT FIN & INS         0.50    06/15/2020   AUD      70.13
EXPORT FIN & INS         0.50    06/15/2020   NZD      70.38
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       1.69
KIMBERLY METALS         10.00    08/05/2016   AUD       0.37
NEW S WALES TREA         0.50    09/14/2022   AUD      63.98
NEW S WALES TREA         0.50    10/07/2022   AUD      63.80
NEW S WALES TREA         0.50    10/28/2022   AUD      63.63
NEW S WALES TREA         0.50    11/18/2022   AUD      63.25
NEW S WALES TREA         0.50    12/16/2022   AUD      62.87
NEW S WALES TREA         0.50    02/02/2023   AUD      62.46
RESOLUTE MINING         12.00    12/31/2012   AUD       1.78
TREAS CORP VICT          0.50    08/25/2022   AUD      64.59
TREAS CORP VICT          0.50    11/12/2030   AUD      62.96
TREAS CORP VICT          0.50    11/12/2030   AUD      45.05


  CHINA
  -----

CHINA GOV'T BOND         1.64    12/15/2033   CNY      65.08


  HONG KONG
  ---------

CHINA SOUTH CITY        13.50    01/14/2016   USD      72.51
CHINA SOUTH CITY        13.50    01/14/2016   USD      72.12
RESPARCS FUNDING         8.00    12/29/2049   USD      21.25
SINO-OCEAN LAND         10.25    12/31/2049   USD      69.02
SINO-OCEAN LAND         10.25    12/31/2049   USD      66.50


  INDIA
  -----

GEMINI COMMUNICA         6.00    07/18/2012   EUR      50.06
JAIPRAKASH POWER         5.00    02/13/2015   USD      63.27
KSL REALTY               2.00    05/19/2012   USD      71.00
PRAKASH IND LTD          5.62    10/17/2014   USD      71.35
PRAKASH IND LTD          5.25    04/30/2015   USD      70.00
PUNJAB INFRA DB          0.40    10/15/2024   INR      27.11
PUNJAB INFRA DB          0.40    10/15/2025   INR      24.55
PUNJAB INFRA DB          0.40    10/15/2026   INR      22.26
PUNJAB INFRA DB          0.40    10/15/2027   INR      20.27
PUNJAB INFRA DB          0.40    10/15/2028   INR      18.50
PUNJAB INFRA DB          0.40    10/15/2029   INR      16.92
PUNJAB INFRA DB          0.40    10/15/2030   INR      15.51
PUNJAB INFRA DB          0.40    10/15/2031   INR      14.24
PUNJAB INFRA DB          0.40    10/15/2032   INR      13.11
PUNJAB INFRA DB          0.40    10/15/2033   INR      12.09
SHIV-VANI OIL            5.00    08/17/2015   USD      66.94
SUZLON ENERGY LT         5.00    04/13/2016   USD      50.29
VIDEOCON INDUS           6.75    12/16/2015   USD      68.15


  INDONESIA
  ---------
ARPENI PRATAMA          12.00    03/18/2013   IDR      60.00


  JAPAN
  -----

AIFUL COPR               1.99    10/19/2015   JPY      37.48
ELPIDA MEMORY            0.70    08/01/2016   JPY      72.50
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      64.40
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      63.78
TAKEFUJI CORP            9.20    04/15/2011   USD       4.00
TOKYO ELEC POWER         1.79    03/14/2017   JPY      72.87
TOKYO ELEC POWER         2.12    03/24/2017   JPY      69.77
TOKYO ELEC POWER         1.73    03/28/2017   JPY      72.43
TOKYO ELEC POWER         1.78    05/31/2017   JPY      71.85
TOKYO ELEC POWER         2.02    07/25/2017   JPY      72.25
TOKYO ELEC POWER         3.22    07/28/2017   JPY      72.37
TOKYO ELEC POWER         1.94    08/28/2017   JPY      71.49
TOKYO ELEC POWER         1.84    09/25/2017   JPY      70.71
TOKYO ELEC POWER         1.75    09/28/2017   JPY      70.25
TOKYO ELEC POWER         1.77    11/30/2017   JPY      69.59
TOKYO ELEC POWER         2.77    12/22/2017   JPY      72.87
TOKYO ELEC POWER         1.67    01/29/2018   JPY      68.53
TOKYO ELEC POWER         2.90    03/23/2018   JPY      70.50
TOKYO ELEC POWER         1.67    03/28/2018   JPY      66.87
TOKYO ELEC POWER         2.77    04/17/2018   JPY      71.37
TOKYO ELEC POWER         1.60    04/25/2018   JPY      66.37
TOKYO ELEC POWER         1.64    04/25/2018   JPY      66.25
TOKYO ELEC POWER         1.97    06/25/2018   JPY      67.62
TOKYO ELEC POWER         1.84    07/25/2018   JPY      66.75
TOKYO ELEC POWER         1.84    10/17/2018   JPY      64.50
TOKYO ELEC POWER         2.07    10/23/2018   JPY      65.87
TOKYO ELEC POWER         2.05    11/16/2018   JPY      67.37
TOKYO ELEC POWER         2.70    01/29/2019   JPY      68.62
TOKYO ELEC POWER         1.60    05/29/2019   JPY      65.65
TOKYO ELEC POWER         1.90    06/13/2019   JPY      65.16
TOKYO ELEC POWER         2.80    09/17/2019   JPY      67.37
TOKYO ELEC POWER         1.45    09/30/2019   JPY      63.85
TOKYO ELEC POWER         1.37    10/29/2019   JPY      66.09
TOKYO ELEC POWER         2.05    10/29/2019   JPY      63.29
TOKYO ELEC POWER         1.81    02/28/2020   JPY      64.92
TOKYO ELEC POWER         1.48    04/28/2020   JPY      62.33
TOKYO ELEC POWER         1.39    05/28/2020   JPY      61.56
TOKYO ELEC POWER         1.31    06/24/2020   JPY      61.42
TOKYO ELEC POWER         1.94    07/24/2020   JPY      64.65
TOKYO ELEC POWER         1.22    07/29/2020   JPY      59.94
TOKYO ELEC POWER         1.15    09/08/2020   JPY      59.73
TOKYO ELEC POWER         1.63    07/16/2021   JPY      60.16
TOKYO ELEC POWER         2.34    09/29/2028   JPY      57.00
TOKYO ELEC POWER         2.40    11/28/2028   JPY      56.75
TOKYO ELEC POWER         2.20    02/27/2029   JPY      55.25
TOKYO ELEC POWER         2.11    12/10/2029   JPY      53.20
TOKYO ELEC POWER         1.95    07/29/2030   JPY      52.81
TOKYO ELEC POWER         2.36    05/28/2040   JPY      52.35


  MALAYSIA
  --------

ADVANCED SYNERY          2.00    01/26/2018   MYR       0.09
ASTRAL SUPREME           3.00    08/0/2021    MYR       0.10
CRESENDO CORP B          3.75    01/11/2016   MYR       1.46
DUTALAND BHD             7.00    04/11/2013   MYR       0.40
DUTALAND BHD             7.00    04/11/2013   MYR       0.90
ENCORP BHD               6.00    02/17/2016   MYR       0.88
KUMPULAN JETSON          5.00    11/27/2012   MYR       1.11
LION DIVERSIFIED         4.00    12/17/2013   MYR       0.60
MALTON BHD               6.00    06/30/2018   MYR       0.87
MITHRIL BHD              3.00    04/05/2012   MYR       0.73
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.22
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.44
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.21
PANTECH GROUP            7.00    12/21/2017   MYR       0.09
PRESS METAL BHD          6.00    08/22/2019   MYR       1.94
REDTONE INTL             2.75    03/04/2020   MYR       0.10
RUBBEREX CORP            4.00    08/14/2012   MYR       0.77
SCOMI ENGINEERING        4.00    03/19/2013   MYR       0.54
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       1.08
TRADEWINDS PLANT         3.00    02/28/2016   MYR       0.81
TRC SYNERGY              5.00    01/20/2012   MYR       1.55
WAH SEONG CORP           3.00    05/21/2012   MYR       2.31
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.62
YTL CEMENT BHD           5.00    11/10/2015   MYR       2.21


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

BLUE STAR GROUP          9.10    09/15/2015   NZD       6.10
FLETCHER BUILDING        8.50    03/15/2015   NZD       7.25
INFRATIL LTD             8.50    09/15/2013   NZD       8.70
INFRATIL LTD             8.50    11/15/2015   NZD       8.55
INFRATIL LTD             4.97    12/29/2049   NZD      53.10
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.06
NEW ZEALAND POST         7.50    11/15/2039   NZD      64.17
NZF GROUP                6.00    03/15/2016   NZD       9.74
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       6.95
UNI OF CANTERBUR         7.25    12/15/2019   NZD       0.96


SINGAPORE
---------

BAKRIE TELECOM          11.50    05/07/2015   USD      64.62
BAKRIE TELECOM          11.50    05/07/2015   USD      61.02
BLD INVESTMENT           8.62    03/23/2015   USD      74.77
CAPITAMALLS ASIA         1.00    01/21/2012   SGD       1.00
CAPITAMALLS ASIA         2.15    01/21/2014   SGD       1.01
DAVOMAS INTL FIN        11.00    12/08/2014   USD      42.25
F&N TREASURY PTE         2.48    03/28/2016   SGD       1.00
F&N TREASURY PTE         3.15    03/28/2018   SGD       1.00
SENGKANG MALL            4.00    11/20/2012   SGD       0.45
UNITED ENG LTD           1.00    03/03/2014   SGD       1.25
WBL CORPORATION          2.50    06/10/2014   SGD       1.03


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

EX-IMP BK KOREA          0.50    10/23/2017   KRW      61.94
EX-IMP BK KOREA          0.50    12/22/2017   KRW      62.76
GREAT KD 1ST ABS        15.00    08/19/2014   KRW      30.83
HANJIN SHIPPING          4.00    07/20/2015   KRW      74.56
HYUNDAI SWISS BK         7.90    07/23/2015   KRW      69.44


SRI LANKA
---------

SRI LANKA GOVT           5.35    03/01/2026   LKR      65.16


TAIWAN
------

TAIWAN GB-AO1102         1.62    01/20/2032   TWD      70.96


                             *********

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
Peter Chapman at 240/629-3300.





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