TCRAP_Public/120104.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

           Wednesday, January 4, 2012, Vol. 15, No. 3

                            Headlines


C H I N A

CHINA EDUCATION: Receives Delisting Notice From NYSE
GUANGZHOU GLOBAL: Incurs US$2.3 Million Net Loss in 2010
UNIVERSAL SOLAR: Xin Ma Resigns; Weilei Lv Appointed CFO


H O N G  K O N G

FAN WAH: Members' Final Meeting Set for Feb. 1
GFK MARKETING: Placed Under Voluntary Wind-Up Proceedings
GLOBAL IP: Creditors' Proofs of Debt Due Jan. 20
GREAT OBJECTIVE: Philip Brendan Gilligan Steps Down as Liquidator
MACQUARIE CAPITAL: Members' Final Meeting Set for Jan. 30

MACY CONSULTANTS: Huen and Huen Appointed as Liquidators
MILLEN LIMITED: Creditors' Proofs of Debt Due Feb. 2
PEG PEG: Huen and Huen Appointed as Liquidators
PMW-GB AGENCY: Creditors' Proofs of Debt Due Jan. 31
PMW MANAGEMENT: Creditors' Proofs of Debt Due Jan. 31

PRIME PARTNERS: Commences Wind-Up Proceedings
RAB CAPITAL: Creditors' Proofs of Debt Due Jan. 16
SIDDONS LIMITED: Commences Wind-Up Proceedings
SING WAN: Chan Yui Hang Appointed as Liquidator
SIU LUNG: Members' Final Meeting Set for Jan. 31


I N D I A

AISHWARYA PUBLICATIONS: CRISIL Rates INR55MM Loan at 'CRISIL B-'
ALFA TRANSFORMERS: CRISIL Cuts Rating on INR25MM Loan to CRISIL D
BHARAT INDUSTRIAL: Debt Servicing Delay Cues CRISIL Junk Rating
GEHLOT TRACTORS: CRISIL Puts 'CRISIL BB' Rating on INR10MM Loan
HANSRAJ STEELS: CRISIL Rates INR75MM Overdraft Loan at 'BB+'

IML LOAN: Fitch Withdraws 'D' Rating on INR752.5MM Certificates
JB ALUMINIUM: CRISIL Cuts Rating on INR42MM LT Loan to 'CRISIL D'
JET AIRWAYS: Cuts Trainee Co-Pilot Salaries by 60%
LAGNAM SPINTEX: CRISIL Rates INR217MM Term Loan at 'CRISIL B+'
MAYA EXPORTS: CRISIL Assigns 'CRISIL BB+' Rating to INR111MM Loan

NOVELTY REDDY: CRISIL Assigns 'CRISIL B+' Rating to INR20MM Loan
P. R. PATIL: CRISIL Assigns 'CRISIL B+' Rating to INR70MM Loan
RAMDEVBABA SOLVENT: CRISIL Places 'B-' Rating on INR43.5MM Loan
SABITRI RICE: CRISIL Assigns 'CRISIL BB+' Rating to INR7MM Loan
SHIVA WHEELS: CRISIL Assigns 'CRISIL D' Rating to INR22MM Loan

SHREYANS INDUSTRIES: CRISIL Reaffirms CRISIL BB Term Loan Rating
SHRI HARE: CRISIL Puts 'CRISIL BB+' Rating on INR80MM Cash Credit
SRI ARAVINDAR: Delay in Loan Repayment Cues CRISIL Junk Rating
S T P LIMITED: CRISIL Reaffirms 'CRISIL BB-' Cash Credit Rating
VINAYAK RATHI: CRISIL Assigns 'CRISIL B' Rating to INR190MM Loan


J A P A N

OLYMPUS CORP: To Review "Whistleblowing" System
TOKYO ELECTRIC: State Control Plan to be Temporary, Edano Says


K O R E A

KOREA TECHNOLOGY: Can Borrow $106,250 From R&W on Unsecured Basis
KOREA TECHNOLOGY: Creditors Say APA With R&W is Unenforceable


N E W  Z E A L A N D

DESIGNLINE INT'L: Unsecured Creditors, Employees Face Shortfall


S I N G A P O R E

PROVIDENCE MOTOR: Court to Hear Wind-Up Petition Jan. 13
RICHFIELD GLOBAL: Creditors' Proofs of Debt Due Jan. 30
SUMITOMO ELECTRIC: Creditors' Proofs of Debt Due Jan. 30
TOYZ TROPIC: Court Enters Wind-Up Order
VINCCI (SINGAPORE): Court Enters Wind-Up Order


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


CHINA EDUCATION: Receives Delisting Notice From NYSE
----------------------------------------------------
China Education Alliance, Inc. disclosed that the NYSE
Regulation, Inc., delivered a notice to the company confirming
that the exchange will suspend trading of the company's common
stock on the NYSE prior to the opening of business on Thursday,
Dec. 29, 2011, and that the exchange intends to delist the
company's common stock. The Company expects to commence trading
on the over-the-counter (OTC) market that same day under a symbol
yet to be determined.

Mr. Yu Xiqun, CEO of China Education Alliance commented: "We are
very disappointed with the NYSE's decision to suspend trading and
delist our shares.  Since the onset of the unfounded allegations
a year ago, we have at all times kept our doors open to all
shareholders who have wanted to research our business in China
and have made ourselves available to help investors correctly
understand our business.  We have held two Annual General
Meetings to discuss the future development goals and strategic
plans of the Company.  We have refused to be intimidated by
rumors, none of which have proved true in more than one year. Our
business performance has been recovering and our future prospects
remains strong.  As of Sept. 30, 2011 we achieved US$26.3 million
in revenue and US$18.4 million of profit.  We strongly believe
our stock price and market value do not correctly reflect the
performance and future prospects of our Company.  This is a time
of rapid evolution in the Chinese education sector with many
opportunities. We will continue to focus on our business
operations and further expansion plans."

                About China Education Alliance

China Education Alliance, Inc. --
http://www.chinaeducationalliance.com/-- is a fast-growing,
leading, China-based company offering high-quality education
resources and services to students ages 6 to 18 and adults
(university students and professionals) ages 18 and over.


GUANGZHOU GLOBAL: Incurs US$2.3 Million Net Loss in 2010
--------------------------------------------------------
Guangzhou Global Telecom, Inc., filed with the U.S. Securities
and Exchange Commission an annual report on Form 10-K reporting
a net loss of US$2.28 million on US$34.18 million of sales for
the year ended Dec. 31, 2010, compared with a net loss of US$2.82
million on US$30.48 million of sales during the prior year.

The Company's balance sheet at Dec. 31, 2010, showed US$2.22
million in total assets, US$5.12 million in total liabilities,
and a US$2.90 million total stockholders' deficit.

Samuel H. Wong & Co., LLP, in n Mateo, California, noted in its
report on the Company's 2010 financial results that the Company
has incurred substantial losses, and has difficulty to pay the
People's Republic of China government Value Added Tax and past
due Debenture Holders Settlement, all of which raise substantial
doubt about its ability to continue as a going concern.

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

                       http://is.gd/sCB3AX

                          First Quarter

Guangzhou Global filed a Form 10-Q, reporting net income of
US$158,199 on US$9.22 million of sales for the three months ended
March 31, 2011, compared with a net loss of US$1.47 million on
US$9.42 million of sales for the same period during the prior
year.

The Company's balance sheet at March 31, 2011, showed
US$2.48 million in total assets, US$5.16 million in total
liabilities, and a US$2.68 million total stockholders' deficit.

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

                        http://is.gd/oTj6BT

                         Second Quarter

Guangzhou Global reported net income of US$1,167 on US$3.51
million of sales for the three months ended June 30, 2011,
compared with a net loss of US$1.21 million on US$9.18 million of
sales for the same period during the prior year.

The Company's balance sheet at June 30, 2011, showed US$2.54
million in total assets, US$5.22 million in total liabilities and
a US$2.67 million total stockholders' deficit.

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

                       http://is.gd/2zVcDO

                          Third Quarter

Guangzhou Global reported a net loss of US$27,367 on US$3.09
million of sales for the three months ended Sept. 30, 2011,
compared with net income of US$206,433 on US$9.18 million of
sales for the same period during the prior year.

The Company's balance sheet at Sept. 30, 2011, showed US$2.61
million in total assets, US$5.29 million in total liabilities,
and a US$2.67 million total stockholders' deficit.

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

                        http://is.gd/RYRyXr

                       About Guangzhou Global

Tallahassee, Fl.-based Guangzhou Global Telecom, Inc., was
incorporated as Avalon Development Enterprises, Inc., on
March 29, 1999, under the laws of the State of Florida.  The
Company, through its subsidiaries, is now principally engaged in
the distribution and trading of rechargeable phone cards,
cellular phones and accessories within cities in the People's
Republic of China.


UNIVERSAL SOLAR: Xin Ma Resigns; Weilei Lv Appointed CFO
--------------------------------------------------------
Mr. Xin Ma resigned as the Chief Financial Officer of Universal
Solar Technology, Inc., effective Dec. 29, 2011.

The Company's Board of Directors appointed Mr. Weilei Lv as the
Company's Chief Financial Officer effective immediately.  Mr.
Weilei Lv, age 27, has served since December 2009 as Vice General
Manager of Nanyang Universal Solar Technology Co., Ltd., the
Company's wholly owned subsidiary.  As the Vice General Manager
of NUST, Mr. Lv was responsible (after the General Manager) for
the company's day to day operations, including purchasing,
production, sales and administrative and financial operations.
Prior to joining NUST from August 2008 to November 2009, Mr.
Weilei Lv was the administrative assistant to the CEO of Zhuhai
Yuemao Laser Facility Engineering Co., Ltd.  Mr. Weilei Lv
graduated from Nanchang Institute of Technology in July 2008.

In connection with the chief financial officer appointment, the
Company and Mr. Lv have entered into a two-year employment
agreement pursuant to which the Company will pay Mr. Lv a salary
of RMB10,000 per month (approximately US$19,000 per annum).  In
addition, Mr. Lv is entitled to a severance package consisting of
three months of salary and benefits if his employment is
terminated without cause or in the event of a merger, sale of
assets, or dissolution of the Company.

                       About Universal Solar

Headquartered in Zhuhai City, Guangdong Province, in the People's
Republic of China, Universal Solar Technology, Inc., was
incorporated in the State of Nevada on July 24, 2007.  It
operates through its wholly owned subsidiary, Kuong U Science &
Technology (Group) Ltd., a company incorporated in Macau, the
People's Republic of China on May 10, 2007, and its subsidiary,
Nanyang Universal Solar Technology Co., Ltd., a wholly foreign
owned enterprise registered on Sept. 8, 2008 under the wholly
foreign-owned enterprises laws of the PRC.

The Company primarily manufactures, markets and sells silicon
wafers to manufacturers of solar cells.  In addition, the Company
manufactures photovoltaic modules with solar cells purchased from
third parties.

The Company reported a net loss of $593,808 on $2.4 million of
sales for 2010, compared with a net loss of $389,435 on $691,713
of sales for 2009.

The Company reported a net loss of $1.88 million on $2.80 million
of sales for the nine months ended Sept. 30, 2011, compared with
a net loss of $621,133 on $609,500 of sales for the same period a
year ago.

The Company's balance sheet at Sept. 30, 2011, showed $10.42
million in total assets, $13.09 million in total liabilities and
a $2.67 million total stockholders' deficiency.

As reported by the TCR on April 5, 2011, Paritz & Company, P.A.,
in Hackensack, New Jersey, expressed substantial doubt about
Universal Solar Technology's ability to continue as a going
concern, after auditing the Company's 2010 results.  The
independent auditors noted that the Company's current liabilities
exceeded its current assets by $1,484,406 and the Company has
incurred net loss of $1,519,274 since inception.


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


FAN WAH: Members' Final Meeting Set for Feb. 1
----------------------------------------------
Members of Fan Wah Engineering Co Limited will hold their final
meeting on Feb. 1, 2012, at 2:00 p.m., at Enson CPA Limited,
Suite 607, Star House, at 3 Salisbury Road, Tsimshatsui, Kowloon,
in Hong Kong.

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


GFK MARKETING: Placed Under Voluntary Wind-Up Proceedings
---------------------------------------------------------
At an extraordinary general meeting held on Dec. 21, 2011,
creditors of GfK Marketing Services Hong Kong Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Yu Chung Leung
         22/F., Guangdong Finance Building
         88 Connaught Road West
         Sheung Wan, Hong Kong


GLOBAL IP: Creditors' Proofs of Debt Due Jan. 20
------------------------------------------------
Creditors of Global Ip Solutions Asia Pacific Limited, which is
in members' voluntary liquidation, are required to file their
proofs of debt by Jan. 20, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Dec. 21, 2011.

The company's liquidators are:

         Chan Mi Har
         Ying Hing Chiu
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


GREAT OBJECTIVE: Philip Brendan Gilligan Steps Down as Liquidator
-----------------------------------------------------------------
Philip Brendan Gilligan stepped down as liquidator of Great
Objective Limited on Dec. 21, 2011.


MACQUARIE CAPITAL: Members' Final Meeting Set for Jan. 30
---------------------------------------------------------
Members of Macquarie Capital Funds (Asia) Limited will hold their
final general meeting on Jan. 30, 2012, at 10:00 a.m., at 36th
Floor, Tower Two, Times Square, at 1 Matheson Street, Causeway
Bay, in Hong Kong.

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


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

The liquidators may be reached at:

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


MILLEN LIMITED: Creditors' Proofs of Debt Due Feb. 2
----------------------------------------------------
Creditors of Millen 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


PEG PEG: Huen and Huen Appointed as Liquidators
-----------------------------------------------
Messrs. Huen Ho Yin and Huen Yuen Fun on Dec. 15, 2011, were
appointed as liquidators of Peg Peg Company Limited.

The liquidators may be reached at:

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


PMW-GB AGENCY: Creditors' Proofs of Debt Due Jan. 31
----------------------------------------------------
Creditors of PMW-GB Agency Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Jan. 31, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Dec. 29, 2011.

The company's liquidator is:

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


PMW MANAGEMENT: Creditors' Proofs of Debt Due Jan. 31
-----------------------------------------------------
Creditors of PMW Management Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Jan. 31, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Dec. 29, 2011.

The company's liquidator is:

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


PRIME PARTNERS: Commences Wind-Up Proceedings
---------------------------------------------
Sole members of Prime 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


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

The company's liquidators are:

         Fergal Power
         Patrick Cowley
         27th Floor, Alexandra House
         18 Chater Road
         Central, Hong Kong


SIDDONS LIMITED: Commences Wind-Up Proceedings
----------------------------------------------
Members of Siddons Limited, on Dec. 19, 2011, passed a resolution
to voluntarily wind up the company's operations.

The company's liquidator is:

         Urs Specker
         c/o 3806 Central Plaza
         18 Harbour Road
         Wanchai, Hong Kong


SING WAN: Chan Yui Hang Appointed as Liquidator
-----------------------------------------------
Chan Yui Hang on Dec. 9, 2011, was appointed as liquidator of
Sing Wan Decoration Materials Co Limited.

The liquidator may be reached at:

         Chan Yui Hang
         Room 515, 5/F
         New Mandarin Plaza Tower A
         14 Science Museum Road
         Tsimshatsui East
         Kowloon, Hong Kong


SIU LUNG: Members' Final Meeting Set for Jan. 31
------------------------------------------------
Members of Siu Lung International Limited will hold their final
meeting on Jan. 31, 2012, at 10:00 a.m., at 25/F, Wing On Centre,
at 111 Connaught Road Central, in Hong Kong.

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


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I N D I A
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AISHWARYA PUBLICATIONS: CRISIL Rates INR55MM Loan at 'CRISIL B-'
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the bank
facilities of Aishwarya Publications Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR55 Million Term Loan          CRISIL B-/Stable (Assigned)
   INR60 Million Proposed Long-     CRISIL B-/Stable (Assigned)
   Term Bank Loan Facility
   INR35 Mil. Overdraft Facility    CRISIL B-/Stable (Assigned)

The rating reflects APPL's weak financial risk profile marked by
a weak liquidity, a small net worth, and high gearing and
susceptibility of APPL's profit margins to volatility in
newsprint prices and to economic cycles. These rating weaknesses
are partially offset by APPL's promoters' extensive industry
experience and established position of The Assignment Abroad
Times (AAT) as the only pan India newspaper exculsively featuring
jobs in the Middle East.

Outlook: Stable

CRISIL believes that APPL will maintain its business risk profile
over the medium term backed by the established market position of
its newspaper and promoters' extensive industry experience. The
outlook may be revised to 'Positive' if there is an improvement
in the company's liquidity, driven by better-than-expected cash
accruals, led by more-than-expected sales or profitability.
Conversely, the outlook may be revised to 'Negative' if the
company's promoters are unable to provide funding support in a
timely manner as expected cash accruals are likely to be
inadequate for debt servicing.

                    About Aishwarya Publications

APPL publishes AAT, which is an Indian Newspaper Society (INS)-
accredited English biweekly newspaper exclusively for employment
opportunities abroad primarily in the Middle East. The company
was promoted by Mr. N R K Pillai and his wife, MINR Jyothy
Radhakrishnan in April 1999, both of whom have been associated
with this field for two decades. Mr. N R K Pillai currently
handles the day-to-day affairs of the company.


ALFA TRANSFORMERS: CRISIL Cuts Rating on INR25MM Loan to CRISIL D
-----------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Alfa
Transformers Ltd to 'CRISIL D/CRISIL D' from 'CRISIL BB/Negative/
CRISIL A4+'.

   Facilities                        Ratings
   ----------                        -------
   INR17.5 Million Proposed Long-    CRISIL D (Assigned)
   Term Bank Loan Facility

   INR120 Million Cash Credit        CRISIL D (Downgraded from
                                        'CRISIL BB/ Negative')

   INR25 Million Term Loan           CRISIL D (Downgraded from
                                        'CRISIL BB/ Negative')

   INR42.5-Mil. Letter of Credit     CRISIL D (Downgraded from
                                                 'CRISIL A4+')

   INR40 Million Bank Guarantee      CRISIL D (Downgraded from
                                                 'CRISIL A4+')

The downgrade reflects instances of delay by Alfa in servicing
its term debt; the delays have been caused by the company's weak
liquidity mainly because of the continued pressure on Alfa's
business risk profile as a result of falling revenues and
margins. Deterioration in the business risk profile has been
primarily because of lack of export orders from Libya, the
company's major customer accounting for around 80 per cent of its
revenues. In 2008-09 (refers to financial year, April 1 to March
31) and 2009-10, slowdown in economy led to a decline in Alfa's
turnover. The company's turnover did not increase significantly
in 2010-11 also because of the war in Libya. Also, in 2010-11 and
till September in the current financial year, the company has
reported a net loss.

Alfa also has a weak financial risk profile marked by declining
profitability, a small net worth, and inadequate debt protection
metrics. The company, however, benefits from its established
track record with adequate technical competence.

                       About Alfa Transformers

Set up by Mr. D K Das in 1982, Alfa began operations by
manufacturing small distribution transformers at its unit in
Bhubaneswar (Orissa). Over the years, the company has increased
its range of products to include power and other specialised
transformers, including furnace, stabilised output, amorphous
metal alloy, and single-phase transformeINR It also offers
related technical assistance and services, including repair work.
Alfa's manufacturing unit in Bhubaneswar has capacity of 1000
megavolt amperes per annum. The company commissioned a unit in
Vadodara (Gujarat) in February 2009, which is currently lying
unutilised because of lack of ordeINR

Alfa reported a profit after tax (PAT) of INR4 million on net
sales of INR199 million for 2010-11, as against a PAT of INR8
million on net sales of INR198 million for 2009-10.


BHARAT INDUSTRIAL: Debt Servicing Delay Cues CRISIL Junk Rating
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' rating to the bank
facilities of Bharat Industrial Works (Bhilai) Pvt Ltd.  The
rating reflects instances of delay by BIW in servicing its debt;
the delays have been caused by the company's weak liquidity.

   Facilities                        Ratings
   ----------                        -------
   INR60.0 Million Cash Credit       CRISIL D (Assigned)
   INR45.0 Million Bank Guarantee    CRISIL D (Assigned)
   INR5.0 Million Letter of Credit   CRISIL D (Assigned)
   INR15.0 Million Term Loan         CRISIL D (Assigned)

BIW also has large working capital requirements, customer
concentration in its revenue profile and a small scale of
operations in highly fragmented steel structural and equipment
fabrication business. BIW, however, benefits from its promoter's
extensive industry experience.

                      About Bharat Industrial

BIW is engaged in steel structural and equipment fabrication
primarily for the steel and power sector. The company does not
undertake any turnkey projects and mainly carries out fabrication
work for engineering, procurement, and construction contractoINR
BIW's clientele includes Thermax Ltd, SMS India Pvt Ltd, Siemens
Ltd, and MECON Ltd. However, BIW faces customer concentration in
its revenue profile, as almost 90 per cent of its revenues are
contributed by its top four customeINR BIW procures steel
products, its key raw material, from SAIL, the Jindal group, as
well as from local traders and manufactureINR


GEHLOT TRACTORS: CRISIL Puts 'CRISIL BB' Rating on INR10MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of Gehlot Tractors Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR60 Million Cash Credit        CRISIL BB/Stable (Assigned)
   INR10 Million Working Capital    CRISIL BB/Stable(Assigned)
    Demand Loan
   INR9 Million Standby Line of     CRISIL A4+ (Assigned)
    Credit

The ratings reflect GTPL's established market position in
tractors dealership, promoters' extensive experience in
automobile dealership business, and moderate inventory and debtor
risk management practices of the company. The aforementioned
rating strengths are partially offset by GTPL's below-average
financial risk profile, marked by high indebtedness (ratio of
total outside liabilities to tangible net worth [TOL/TNW]),
modest net worth and inadequate debt protection metrics, and
susceptibility of its tractor sales to volatility in agricultural
produce.

Outlook: Stable

CRISIL believes that GTPL will continue to benefit from the
stable demand scenario for tractors in India, supported by the
company's promoters' industry experience and strong relationship
with its principal, Tractors and Farm Equipment Ltd (TAFE, rated
'CRISIL AA+/FAAA/Stable/CRISIL A1+'); GTPL is an exclusive dealer
of TAFE's tractors in Sri Gangapur, Sawai Madhopur and Karauli
(all in Rajasthan). The outlook may be revised to 'Positive' if
GEPL's total indebtedness moderates, most likely through equity
infusion by promoteINR Conversely, the outlook may be revised to
'Negative' if the company's working capital cycle stretches or it
undertakes any debt-funded capital expenditure (capex) programme,
thereby adversely impacting its capital structure.

                       About Gehlot Tractors

GTPL was incorporated in 1990 and is promoted by Mr. Kishor Singh
Gehlot. GTPL is an authorised dealer of TAFE's tractors in the
Sri Gangapur, Sawai Madhopur and Karauli. GTPL has one showroom
and one workshop each in Sri Gangapur and Sawai Madhapur and a
showroom in Karauli.

GTPL reported a profit after tax (PAT) of INR1.8 million on net
sales of INR454.3 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR1.8 million on net
sales of INR391.2 million for 2009-10.


HANSRAJ STEELS: CRISIL Rates INR75MM Overdraft Loan at 'BB+'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/ Stable' rating to the
overdraft facility of Hansraj Steels.

   Facilities                       Ratings
   ----------                       -------
   INR75-Mil. Overdraft Facility    CRISIL BB+/Stable (Assigned)

The rating reflects HS' comfortable financial risk profile,
marked by a comfortable gearing and healthy debt protection
metrics and the extensive industry experience of its partners in
steel trading business, and established relationship with its key
supplier, Tata Steel Ltd (TSL). These rating strengths are
partially offset by HS' small scale of operations, low
profitability, and moderate exposure to volatility in raw
material prices.

For arriving at the rating, CRISIL has treated the unsecured
loans of INR19.2 million extended by the partners and affiliates
as neither debt nor equity since these have been subordinated to
the bank.

Outlook: Stable

CRISIL believes that HS will benefit over the medium term from
its partners' extensive industry experience. The outlook may be
revised to 'Positive' if HS successfully scales up its operations
while sustaining its profitability and comfortable capital
structure. Conversely, the outlook may be revised to 'Negative'
in case of deterioration in its liquidity due to larger-than-
expected working capital requirement or lower-than-expected cash
accruals.

                       About Hansraj Steels

HS was set up in 1994 as a proprietorship firm in Faridabad
(Haryana) by Mr. Nitin Gupta. In 1999, Mr. Bhuwan Bansal, cousin
of Mr Nitin Gupta, joined the firm as partner and HS was
reconstituted as a partnership firm. Earlier, the firm operated
one unit in Faridabad as an exclusive dealer of Hot Rolled (HR)
coils of TSL; however, it could not trade in any other TSL
products or in goods by any other supplier. HS also has one unit
in Delhi through which it trades in HR and Cold Rolled (CR) coils
of JSW Steel, Ispat Industries, and Bhushan Steels Ltd (BSL). The
sales from Delhi constituted only a small percentage of the
firm's total sales. However, in 2010, HS started one more unit in
Faridabad from which it began buying and selling goods of other
suppliers as well. During 2010-11 (refers to financial year,
April 1 to March 31), about 70 per cent of the firm's procurement
was done from TSL and the rest was done from BSL, Essar Steels
Ltd, and some other steel manufacturers in Faridabad and Delhi.

HS reported a profit after tax (PAT) of INR14.1 million on net
sales of INR732.2 million for 2010-11, as against a PAT of
INR10.4 million on net sales of INR421.9 million for 2009-10.


IML LOAN: Fitch Withdraws 'D' Rating on INR752.5MM Certificates
---------------------------------------------------------------
Fitch Ratings has withdrawn the 'Fitch D(SO)(ind)nm' National
Short-term rating on IML Loan Trust's pass through certificates
(PTCs) as follows:

  -- INR752.5m, Series A1 PTCs: 'Fitch D(SO)(ind)nm'; rating
     withdrawn

The rating withdrawal follows a similar rating action on
Wockhardt Ltd., as the National Short-Term rating of the PTCs is
linked to Wockhardt's.

The rating has been withdrawn due to lack of adequate
information.  Fitch will no longer provide ratings or analytical
coverage of IML Loan Trust.


JB ALUMINIUM: CRISIL Cuts Rating on INR42MM LT Loan to 'CRISIL D'
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
JB Aluminium Extrusion to 'CRISIL D/CRISIL D' from 'CRISIL
B+/Stable/CRISIL A4'.

   Facilities                       Ratings
   ----------                       -------
   INR45.0 Million Cash Credit      CRISIL D (Downgraded from
                                          'CRISIL B+/Stable')

   INR42.0 Mil. Long-Term Loan      CRISIL D (Downgraded from
                                          'CRISIL B+/Stable')

   INR15.0 Million Letter of        CRISIL D (Downgraded from
   Credit                                     'CRISIL A4')


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

JBAE also has below-average financial risk profile, marked by
small net cash accruals, and weak capital structure and debt
protection metrics, limited track record in the aluminium
extrusions manufacturing sector, and small scale of operations.
However, the firm benefits from its promoters' experience in the
aluminium sheet trading business and from the healthy demand for
aluminium extrusions.

                         About JB Aluminium

Set up in 2009 as a proprietorship firm, JBAE commenced
commercial operations in February 2010. The firm manufactures
aluminum sheets and profiles. The product portfolio comprises
aluminum doors, windows frames, panels, channels, and verticals
which find their application in construction of residential
property, and other sectors such as, transport, power, and
consumer goods. The firm has capacity of 2400 tonnes per annum.

JBAE reported a profit after tax of INR1.9 million on net sales
of INR237.6 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a net loss of INR1.5 million on
net sales of INR11.5 million for 2009-10.


JET AIRWAYS: Cuts Trainee Co-Pilot Salaries by 60%
--------------------------------------------------
The Times of India reports that Jet Airways (India) Ltd has
reduced the monthly salary of its trainee co-pilots by almost 60%
from about INR1.3 lakh to INR50,000 in the New Year.  The report
says the decision was conveyed to its trainee co-pilots in last
week and is among a series of steps that the airline is taking to
cut costs and survive the life-threatening phase that Indian
carriers are passing through due to a mix of high operating cost
environment in India and a slowing down economy.

"The company is going through turbulent times as a result of low
fares, ever-rising crude oil process, high airport levies, rupee
devaluation and a recessionary economic scenario. . . we are
reducing costs through re-negotiation of all contracts with our
vendors, service providers and curtailing expenditure. As a part
of the austerity measures effective January 1, 2012, it is
proposed that you would continue to draw INR50,000 per month till
you are released to fly online on the fleet. . ." the letter sent
by S B Srivastava, Jet's V-P (HR), to the trainee first officer
says, while adding that other terms of their employment remain
unchanged, according to The Times of India.

The Times of India notes that during the last slowdown Jet had
also reduced salaries of its employees to survive the tough
economic conditions and then restored them to pre-cut levels when
the environment improved.  Its two full service peers - Air India
and Kingfisher - have been unable to pay salaries to employees in
time for months now.

"We last got paid in first week of November and have got nothing
since then. Now our five months' salary and allowances are due.
There is no light at the end of this tunnel and it seems the
government expects us to work without pay. How long can this
continue? Our stress levels is dangerously high as the topic of
conversation is mainly unpaid bills and EMIs in cockpit of any
stressed airline like AI or Kingfisher," the report quotes an
agitated Air India commander as saying.

                         About Jet Airways

Jet Airways (India) Ltd (BOM:532617) --
http://www.jetairways.com/-- provides air transportation.  The
geographic segments of the company are domestic and
international.  The company has a frequent flyer program named
Jet Privilege wherein the passengers who uses the services of the
airline become services of the airline become members of Jet
Privilege and accumulates miles to their credit.  The company's
subsidiaries include Jet Lite (India) Limited, Jetair Private
Limited, Jet Airways LLC, Trans Continental e Services Private
Limited, Jet Enterprises Private Limited, Jet Airways of India
Inc., India Jetairways Pty Limited and Jet Airways Europe
Services N.V.  On April 20, 2007, the company acquired Sahara
Airlines Limited.

                          *     *     *

Jet Airways posted three consecutive consolidated net losses of
INR9.6 billion, INR4.2 billion, and INR858.4 million for the
years ended March 31, 2009 through 2011.


LAGNAM SPINTEX: CRISIL Rates INR217MM Term Loan at 'CRISIL B+'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the term
loan facility of Lagnam Spintex Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR217 Million Term Loan         CRISIL B+/Stable (Assigned)

The rating reflects LSPL's exposure to risks related to project
implementation and to adverse government regulations in the
cotton yarn industry; moreover, the company's financial risk
profile is constrained by high debt levels undertaken to funds
its capital expansion, marked by high gearing. These rating
weaknesses are partially offset by the benefits that LSPL derives
from its advantageous location and its promoter's industry
experience.

Outlook: Stable

CRISIL believes that LSPL will continue to benefit over the
medium term from its promoter's experience in the textiles
industry. The outlook may be revised to 'Positive', if the
company stabilises its operations earlier than expected,
resulting in higher-than-expected cash accruals and, as a result,
improvement in its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if LSPL is unable to ramp up
its operations in time, resulting in stress on its liquidity, or
if the company undertakes a larger-than-expected, debt-funded
capital expenditure programme, leading to deterioration in its
financial risk profile.

                       About Lagnam Spintex

Incorporated in 2010 and promoted by Mr. D P Mangal, LSPL is
currently setting up a cotton spinning unit at Bhilwara
(Rajasthan). Work on the unit commenced in 2010 and commercial
production is scheduled to commence in April 2012. The capacity
of the plant is proposed at 3700 tonnes per annum of cotton yarn
of the range of 10 to 20 counts. The total cost of the cotton
spinning unit is about INR310 million; of which, INR217 million
is being funded through debt and the rest through equity.


MAYA EXPORTS: CRISIL Assigns 'CRISIL BB+' Rating to INR111MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable/CRISIL A4+' ratings to
the bank facilities of Maya Exports Corporation (MEC; part of the
Maya group).

   Facilities                       Ratings
   ----------                       -------
   INR111 Million Proposed Long     CRISIL BB+/Stable (Assigned)
   Term Bank Loan Facility

   INR130 Million Foreign Bill      CRISIL A4+ (Assigned)
   Discounting

   INR1 Million Bank Guarantee      CRISIL A4+ (Assigned)

   INR144 Million Packing Credit    CRISIL A4+ (Assigned)
   in Foreign Currency

The ratings reflect the Maya group's above-average financial risk
profile, marked by moderate gearing and debt protection metrics,
and promoters' extensive industry experience marked by healthy
relationship with the customeINR These rating strengths are
partially offset by the Maya group's customer and geographical
concentration compounded by expected slowdown in the export
market and vulnerability to volatility in raw material prices.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of MEC, Saga Textiles Pvt Ltd, and D&S
Hosiery & Wollen Mills Pvt Ltd, collectively referred to as the
Maya group. The consolidated approach is because all the three
entities have significant operational linkages and are managed by
the same promoter family.

Outlook: Stable

CRISIL believes that the Maya group will maintain its financial
risk profile, marked by moderate gearing and debt protection
metrics. However, its business risk profile is expected to remain
constrained by high dependence on few customers and geographical
concentration. The outlook may be revised to 'Positive' if there
is higher-than-expected improvement in topline supported by
diversification in the revenue profile. Conversely, the outlook
may be revised to 'Negative' if the group registers lower-than-
expected accruals because of slowdown in demand or there is
deterioration in its working capital management.

                        About the Group

The Maya group commenced operations in 1973 with MEC. MEC, a
proprietary concern, was started by Mr. Satish Lakhina for
manufacturing and exporting garments for women and children.
Subsequently, the Lakhina family also started D&S and STPL, which
undertake jobwork for MEC. The group has capacity of 1 million
pieces a month and its major clientele include Hennes & Mauritz
and AB Lindex. All the three entities are located in Noida (Uttar
Pradesh).


NOVELTY REDDY: CRISIL Assigns 'CRISIL B+' Rating to INR20MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Novelty Reddy and Reddy Motors Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR80.0 Million Cash Credit      CRISIL B+/Stable (Assigned)
   INR20.0 Million Proposed LT      CRISIL B+/Stable (Assigned)
    Bank Loan Facility
   INR10.0 Million Bank Guarantee   CRISIL A4 (Assigned)

The ratings reflect Novelty's weak financial risk profile, marked
by a small net worth, moderate total outside liabilities to
tangible net worth ratio, and weak debt protection metrics,
exposure to risks related to low bargaining power with its
principal, and intense competition in the automotive dealership
market. These rating weaknesses are partially offset by the
extensive industry experience of Novelty's management.

Outlook: Stable

CRISIL believes that Novelty will benefit over the medium term
from the extensive industry experience of its promoteINR The
outlook may be revised to 'Positive' in case of improvement in
the company's capital structure and debt protection metrics.
Conversely, the outlook may be revised to 'Negative' in case of
lower-than-expected performance of its dealership or any large
debt-funded capital expenditure affecting the capital structure,
or deterioration in its cash accruals.

                        About Novelty Reddy

Novelty was incorporated in 2007. The company is engaged in
dealership for MSIL's automobiles in Bhimavaram (Andhra Pradesh).
Mr. Goluguri Rama Krishna Reddy is Novelty's managing director.

Novelty reported a profit after tax (PAT) of INR0.8 million on
net sales of INR505.3 million for 2009-10 (refers to financial
year, April 1 to March 31), as against a PAT of INR0.7 million on
net sales of INR475.8 million for 2008-09.


P. R. PATIL: CRISIL Assigns 'CRISIL B+' Rating to INR70MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of P. R. Patil.

   Facilities                        Ratings
   ----------                        -------
   INR70.0 Million Cash Credit       CRISIL B+/Stable (Assigned)
   INR10.0 Million Bank Guarantee    CRISIL A4 (Assigned)

The ratings reflect PR Patil's below-average financial risk
profile, marked by weak capital structure and weak liquidity due
to large working capital requirements, and small scale of
operations with high geographical concentration. These rating
weaknesses are partially offset by PR Patil's moderate order book
position leading to near term revenue visibility, and
proprietors' extensive experience in the civil construction
industry.

Outlook: Stable

CRISIL believes that PR Patil will continue to benefit from the
extensive industry experience of its promoteINR The outlook may
be revised to 'Positive' in case the firm significantly improves
its scale of operations while it sustains its profitability
leading to better than expected cash accruals, easing its
liquidity. Conversely, the outlook may be revised to 'Negative'
in case PR Patil reports deterioration in its liquidity because
of lower-than-expected cash accruals or because of larger-than-
expected working capital requirement or large capital
withdrawals.

                         About P. R. Patil

PR Patil is a proprietary firm, which was set up by Mr. P R Patil
in 1978. The firm primarily constructs earthen canals. It
undertook only earthen canal construction from 1978 till 2008. PR
Patil undertakes all its projects in Maharashtra. Most of the
projects are undertaken for the state's irrigation department.
Some of the projects have been subcontracted to other
contractoINR

PR Patil reported a profit after tax (PAT) of INR11.3 million on
net sales of INR227.8 million for 2010-11 (refers to financial
year, April 1 to March 31), as against a PAT of INR7.5 million on
net sales of INR157.6 million for 2009-10.


RAMDEVBABA SOLVENT: CRISIL Places 'B-' Rating on INR43.5MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the bank
facilities of Ramdevbaba Solvent Pvt Ltd.  The rating reflects
RSPL's slender profitability and highly geared capital structure.
These rating weaknesses are partially offset by the established
relationships of the company's promoters in the edible oil
industry.

   Facilities                       Ratings
   ----------                       -------
   INR43.5 Million Term Loan        CRISIL B-/Stable (Assigned)
   INR56.5 Million Cash Credit      CRISIL B-/Stable (Assigned)

Outlook: Stable

CRISIL believes that RSPL will continue to benefit over the
medium term from its promoters' established relationships in the
edible oil industry. The outlook may be revised to 'Positive' if
the company reports higher-than-expected revenues while improving
profitability and capital structure. Conversely, the outlook may
be revised to 'Negative' in case of a decline in its revenues or
a substantial deterioration in its profitability margins and
capital structure.

                    About Ramdevbaba Solvent

RSPL, a private limited company engaged in the business of
manufacturing & processing of rice bran oil was incorporated in
2008 by the Nagpur based Bhaiya family. The promoter family has
been in the trading of agricultural commodities business for past
40 yeaINR Mr. Prashant Bhaiya, promoter & managing director of
the company looks after the day-to-day operations.

The company sells crude rice bran oil to refineries, whereas de-
oiled cake which is a by-product obtained during the processing
of oil, is sold to poultry farms. RSPL commenced commercial
operations in 2009-10 (refers to financial year, April 1 to
March 31). The company's manufacturing facility, located in
Nagpur (Maharashtra), has capacity of processing 250 metric
tonnes per day.

RSPL reported net loss of INR8.2 million on net sales of
INR564.5 million for 2010-11 (refers to financial year April 1 to
March 31) as against net loss of INR5.9 million on net sales of
INR3.5 million for 2009-10.


SABITRI RICE: CRISIL Assigns 'CRISIL BB+' Rating to INR7MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable/CRISIL A4+' ratings to
the bank facilities of Sabitri Rice Mills Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR7 Million Rupee Term Loan     CRISIL BB+/Stable (Assigned)
   INR50 Million Cash Credit        CRISIL BB+/Stable (Assigned)
   INR1 Million Bank Guarantee      CRISIL A4+ (Assigned)

The ratings reflect SRML's moderate financial risk profile,
marked by a comfortable gearing and moderate debt protection
metrics, albeit constrained by a small net worth, and the
extensive industry experience of the company's promoter in the
rice milling industry. These rating strengths are partially
offset by SRML's small scale of operations in the intensely
competitive rice milling industry, working-capital-intensive
operations, and exposure to risks related to vagaries of nature
and to adverse changes in government policies.

Outlook: Stable

CRISIL believes that SRML will continue to benefit over the
medium term from its promoters' extensive experience in the rice
industry, steady cash flows from operations, and in the absence
of any capital expenditure programme. The outlook may be revised
to 'Positive' in case SRML substantially scales up its operations
while it maintains its current profitability and capital
structure. Conversely, the outlook may be revised to 'Negative'
in case of a stretch in SRML's working capital cycle, or in case
the company undertakes a large, debt-funded capital expenditure
programme.

                       About Sabitri Rice

Promoted by Mr. Dilip Kumar Agarwalla, SRML is engaged in the
processing of paddy into rice. Based in Karanjia (Orissa), the
company has an installed capacity for processing 15 tonnes of
paddy per hour. It processes both raw and parboiled rice. SRML
also sells broken rice and rice bran, which are the by-products
of the milling process.

The Agarwalla family set up Sabitri Rice Mills, a proprietorship
concern, in 2000, and Sabitri Food Products, a partnership
concern, in 2003. Both were engaged in milling of rice. In 2007,
the family incorporated SRML in order to integrate the group's
operations and Sabitri Rice Mills and Sabitri Food Products were
taken over by the new entity.

For 2010-11 (refers to financial year, April 1 to March 31),
SRML, reported a net profit of INR6.8 million on net revenues of
INR327.0 million, against a net profit of INR4.1 million on net
revenues of INR258.1 million in the preceding year.


SHIVA WHEELS: CRISIL Assigns 'CRISIL D' Rating to INR22MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Shiva Wheels Pvt Ltd.  The ratings reflect the
consistent overutilization of SWPL's standby line of credit for
more than ninety days.

   Facilities                        Ratings
   ----------                        -------
   INR15 Million Cash Credit         CRISIL D (Assigned)
   INR22 Million Term Loan           CRISIL D (Assigned)
   INR20.7 Million Proposed LT       CRISIL D (Assigned)
    Bank Loan Facility
   INR2.3 Million Standby Line of    CRISIL D (Assigned)
   Credit

SWPL also has a below-average financial risk profile, marked by
low net worth and high gearing, and is exposed to risks related
to a low bargaining power with its principal, and to intense
competition in the automotive dealership market. The company,
however, benefits from its promoters' industry experience.

                      About Shiva Wheels

SWPL was incorporated in 1988 by Mr. Shib Jivan Paul as a multi-
brand sub dealer for two wheeleINR The company started as a sub
dealer for TVS motorcycles and incorporated other brands in its
product profile over the next five to seven yeaINR In February
2010, the company became an authorised dealer of two-wheelers for
Honda Motorcycle & Scooter India Pvt. Ltd. Currently, SWPL's day-
to-day operations are being handled by Mr Shib Jivan Paul's two
sons, Mr. Sanjib Paul and Mr. Kaushik Paul.


SHREYANS INDUSTRIES: CRISIL Reaffirms CRISIL BB Term Loan Rating
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shreyans Industries
Ltd continues to reflect Shreyans's moderate financial risk
profile, marked by healthy capital structure and comfortable debt
protection metrics, and its promoters' established track record
in the writing and printing paper segment.


   Facilities                        Ratings
   ----------                        -------
   INR157.5 Mil. Cash Credit Limit   CRISIL BB/Positive
                                     (Reaffirmed)

   INR279.5 Million Term Loan        CRISIL BB/Positive
                                     (Reaffirmed)

   INR178.0 Million Proposed Cash    CRISIL BB/Positive
   Credit Facility                   (Reaffirmed)

   INR185.0 Mil. Letter of Credit    CRISIL A4+ (Reaffirmed)
    & Bank Guarantee

These rating strengths are partially offset by Shreyans's average
operating efficiencies and susceptibility of its profitability to
intense competition in paper prices and dependence on
agriculture-based raw material.

Outlook: Positive

CRISIL believes that Shreyans's operating efficiency will improve
after completion of its ongoing project, resulting in an
improvement in its financial risk profile, especially
profitability. The ratings may be upgraded if Shreyans reports an
improvement in its profitability after completing the project,
while maintaining its healthy capital structure. Conversely, the
outlook may be revised to 'Stable' if Shreyans reports a
substantial decline in profitability or deterioration in capital
structure because of larger-than-expected debt-funded capital
expenditure (capex).

                     About Shreyans Industries

Incorporated in 1979, Shreyans manufactures writing and printing
paper. It has two paper mills, with a combined capacity of 70,000
tonnes per annum (tpa). The company is managed by the brothers,
Mr. Rajneesh Oswal and Mr. Vishal Oswal. The company made an
initial public offering in 1982 to raise funds for setting up a
10,000-tpa paper mill at Ahmedgarh, Ludhiana (Punjab). In 1991,
it made a follow-on offer-cum-rights issue to raise funds for
plant modernisation and to set up a 25,000-spindle yarn spinning
unit at Machiwara, Ludhiana. In 1994, the company purchased a
paper mill from Zenith Ltd to increase its paper manufacturing
capacity. Due to the poor performance of the spinning unit, it
was sold in 2000. Around the same time, Shreyans was unable to
meet some of its debt-servicing obligations, and in January 2003,
it entered the corporate debt restructuring (CDR) cell. Since
then, Shreyans's performance has improved, leading to its exit
from the CDR cell in January 2008. The company is undertaking a
capex programme of around INR240 million towards improving its
operating efficiency. This will help company to increase its
machine speed by 20 per cent, resulting in capacity addition of
6250 tpa. Shreyans's capex so far on the project has been around
INR210million. The project is expected to be completed by January
2012.

For 2010-11, Shreyans reported a profit after tax (PAT) of
INR47.2 million on net sales of INR2.56 billion, against a PAT of
INR54.1 million on net sales of INR2.38 billion for the preceding
year. For the half year ended September 30, 2011, Shreyans
reported a PAT of INR15.7 million on net sales of INR1.4 billion,
against a PAT of INR14.1 million on net sales of INR1.3 billion
for the corresponding period of the preceding year.


SHRI HARE: CRISIL Puts 'CRISIL BB+' Rating on INR80MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable/CRISIL A4+' ratings to
the bank facilities of Shri Hare Krishna Sponge Iron Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR80 Million Cash Credit        CRISIL BB+/Stable (Assigned)
   INR50 Million Letter of Credit   CRISIL A4+ (Assigned)
   INR5 Million Bank Guarantee      CRISIL A4+ (Assigned)

The ratings reflect SHK's above-average financial risk profile,
and promoters' extensive experience in the steel industry. These
rating strengths are partially offset by SHK's small scale of
operations and susceptibility of the company's margin due to
volatility in raw material prices; the ratings also factor in
company's working capital intensive nature of operations.

Outlook: Stable

CRISIL believes that SHK will maintain its credit risk profile
over the medium term, supported by its comfortable financial risk
profile and promoters' extensive experience in the steel
industry. The outlook may be revised to 'Positive' if the company
significantly improves its scale of operations along
substantially higher than expected profitability and it improves
its working capital management with significantly lower than
expected inventory levels. Conversely, the outlook may be revised
to 'Negative' if SHK's revenues and profitability are lower than
expected mostly likely due to adverse market conditions or in
case of sharp built up of inventory.

                         About Shri Hare

Established in 2003, SHK is promoted by Mr. Shyam Sundar
Parasrampuria and his sons, Mr. Manish Parasrampuria and Mr.
Manoj Parasrampuria. The company manufactures sponge iron and
mild steel (MS) ingots. It has an aggregated sponge iron capacity
of 30,000 tonnes per annum (tpa), MS ingot capacity of 16,200
tpa, and rerolled products capacity of 12,000 tpa at its plant
located at Raipur (Madhya Pradesh).

SHK reported a profit after tax (PAT) of INR 16 million on net
sales of INR 548 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR 11 million on net
sales of INR 509 million for 2009-10.


SRI ARAVINDAR: Delay in Loan Repayment Cues CRISIL Junk Rating
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term loan
facility of Sri Aravindar Educational Trust.

   Facilities                       Ratings
   ----------                       -------
   INR84.1 Million Long-Term Loan   CRISIL D (Assigned)

The rating reflects instances of delays by SAET in servicing its
debt; the delays have been caused by the trust's weak liquidity.
Weak liquidity is on account of delays in commencement of
operations of its engineering college leading to inadequate cash
accruals vis-a-vis maturing term debt obligations.

SAET also has a weak financial risk profile, marked by a modest
net worth and high gearing. The rating also factors in the
susceptibility to change in regulatory framework governing
education sector. These rating weaknesses are partially offset by
the extensive experience of SAET's promoters in the educational
sector and wide portfolio of courses on offer.

SAET was established in 1998 by Mr. A. Dhurash and Mr. S.
Nityanandan. After the demise of Mr. A. Dhurash in 2003, Mr.
Nityanandan looks after the trust's operations. SAET has three
educational institutes all located at Sedarapet in Tamil Nadu.
The campus of these institutions is spread over an area of 30
acres with a total enrolment of around 1500 students.

The trust offers various professional courses, such as
engineering, science, arts, commerce, hotel and catering, and a
school. The arts and science college which was started in 2000 is
affiliated to Thiruvalluvar University, Vellore, and currently
offers eight courses. The school commenced operations from 2004 &
& offers education till the eighth standard. The engineering
college was started in 2008. It is affiliated with the Anna
University and currently offers six courses. The trust is
currently developing its infrastructure in terms of hostels,
laboratories, and buildings.

SAET reported a surplus (excess of income over expenditure) of
INR26.8 million on revenues of INR81.1 million for 2010-11,
against a shortfall (excess of expenditure over income) of
INR 0.7 million on revenues of INR33.9 million for 2009-10.


S T P LIMITED: CRISIL Reaffirms 'CRISIL BB-' Cash Credit Rating
---------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of S T P Ltd
continue to reflect the benefits that STP derives from its
diverse customer profile and its promoters' extensive industry
experience. These rating strengths are partially offset by STP's
average scale of operations in an industry dominated by large
players, and limited financial flexibility because of average net
worth.

   Facilities                        Ratings
   ----------                        -------
   INR150.0 Million Cash Credit      CRISIL BB-/Stable
   (Enhanced from INR90.0 Million)

   INR100.0 Mil. Letter of Credit    CRISIL A4+
   (Enhanced from INR50.0 Million)

   INR20.0 Million Bank Guarantee    CRISIL A4+ (Reaffirmed)

For arriving at the ratings, CRISIL has knocked-off INR94 million
from STP's net worth as on March 31st, 2011 because of sticky
nature of overdue/disputed debtors, claims receivables, and loans
and advances extended by the company. CRISIL believes that
timeframe of recovery of these balances is uncertain as most of
the balances have been outstanding/under legal dispute over the
last 4-5 yeaINR The net worth, gearing and other financial ratios
mentioned in the report have been arrived at after factoring in
the aforementioned adjustment.

Outlook: Stable

CRISIL believes that STP will maintain its credit risk profile
over the medium term on the back of a stable business profile
marked by its wide geographical coverage and an established
customer base. The outlook may be revised to 'Positive' if the
company reports substantial growth in its business volumes and
profitability, while it maintains a healthy capital structure, or
if there is any recovery of overdue/disputed debtors, claims
receivables, and loans and advances. Conversely, the outlook may
be revised to 'Negative' if STP reports deterioration in its
financial risk profile because of larger-than-expected, debt-
funded capital expenditure or because of losses or low
profitability, or in case any further exposure materialises
towards overdue/disputed debtors, claims receivables, and loans
and advances.

                         About S T P Ltd

STP, part of the Turner Morrison group, has three business
verticals: waterproofing products, corrosion protection products,
and construction chemicals. The company manufactures construction
chemicals at its facility in Goa, bituminous products in Chennai
(Tamil Nadu), and coal tar products in Jamshedpur (Jharkhand).
Its customers include the Indian Railways, and companies such as
the Oil and Natural Gas Corporation Ltd, Reliance Industries Ltd,
Indian Oil Corporation Ltd, and Larsen & Toubro Ltd. STP has set
up another unit in Kosi Katwan (Uttar Pradesh) which commenced
commercial production on March 18, 2011. The company has plans to
expand its capacities further by setting up a plant at Kolkata
(West Bengal) for which it has completed acquisition of land.

STP reported a profit after tax (PAT) of INR33.1 million on net
sales of INR1.4 billion for 2010-11, against a PAT of INR10.6
million on net sales of INR991.0 million for 2009-10.


VINAYAK RATHI: CRISIL Assigns 'CRISIL B' Rating to INR190MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISILA4' ratings to the
bank facilities of Vinayak Rathi Steels Rolling Mills Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR125.0 Million Cash Credit     CRISIL B/Stable (Assigned)
   INR190.0 Million Term Loan       CRISIL B/Stable (Assigned)
   INR15.0 Mil. Letter of Credit/   CRISIL A4 (Assigned)
    Bank Guarantee

The ratings reflect VRSRM's weak financial risk profile marked by
a high gearing, and the company's start-up nature, and small
scale, of operations, and expected low profitability in the
intensely competitive steel rolling industry. These rating
weaknesses are partially offset by VRSRM's moderate
susceptibility to funding and implementation risk and promoters'
extensive industry experience.

Outlook: Stable

CRISIL believes that VRSRM is expected commence commercial
operations at its steel rolling plant without any further time or
cost overrun, thereby supporting its cash flow requirements. The
outlook may be revised to 'Positive' in case of significant ramp
up in the company's scale of operations and profitability,
leading to higher-than-expected cash accruals, or in case of
improvement in VRSRM's financial flexibility through large equity
infusion by the promoteINR Conversely, the outlook may be revised
to 'Negative' in case of cost overrun in the company's project,
or in case of delays in ramp up of operations, leading to
weakening in its financial risk profile, particularly its
liquidity.

                         About Vinayak Rat

VRSRM was incorporated in 1979 as Good Luck Sales Pvt Ltd. It got
its current name in January 2008, as the promoters planned to set
up a steel rolling mill in New Delhi; the company is promoted by
Mr. Rajiv Rathi and his sons, Mr. Rishi Rathi and Mr. Aditya
Rathi. However, because of pollution norms passed by the
government, the unit could not be set up in New Delhi. In 2009-10
(refers to financial year, April 1 to March 31), the promoters
planned to set up the unit in Sinkandrabad (Uttar Pradesh). The
proposed unit is expected to manufacture steel-rolled products,
mainly thermo-mechanically treated bars, with capacity of 84,000
tonnes per annum. The construction work on the project started in
2009-10 and as per the initial project plan, the unit was
expected to commence commercial production from January 2011.
However, after delayed construction activity, the project got
delayed and has recently commenced commercial production in
December 2011. The promoters have extensive experience in the
steel trading business under the group entity Rajiv Enterprises.
The promoters' cousins are renowned industrialists and operate
various other entities in the steel industry; they sell their
products under the Rathi brand name.


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


OLYMPUS CORP: To Review "Whistleblowing" System
-----------------------------------------------
Juro Osawa of The Dow Jones Newswires reports that an Olympus
Corp spokesman said the company is reviewing its corporate-
compliance systems, including while whistleblowing, and "is
considering various steps to make any necessary changes."

Olympus started its compliance hotline in 2005, one of many large
Japanese corporations to introduce such a system following the
enactment of the whistleblower protection law, Dow Jones notes.
The hotline office was designed to handle calls, letters and
emails from employees reporting possible violations of law or the
company's code of conduct, according to the company.

Whistleblowers are legally protected in Japan under a 2004 law,
although violating the law isn't a criminal offense, as it can be
in the U.S, Dow Jones notes. But Japanese employees still
hesitate to report problems because they fear being shunned by
colleagues, said Tetsuo Ozawa, a lawyer who operates
whistleblower hotlines for five Japanese companies, the report
cites.

Olympus's hotline had another drawback, relays Dow Jones.
Although the office accepted anonymous tips, it asked employees
to identify themselves when those tips required further
investigation.  An Olympus spokesman said tipsters can remain
anonymous, but are told that if they do so, the company's
investigations may be less effective, according to the report.

The Japanese camera maker had a culture in which employees "were
afraid to express views that were different" from those held by
the company's "autocratic leadership," according to a recent
report by an independent panel tasked with investigating the
coverup, Dow Jones cites.  That culture was a key reason Olympus
executives Hideo Yamada and Hisashi Mori were allegedly able to
hide what they were doing for 13 years -- concealing $1.5 billion
in losses, said the panel.

                   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.


TOKYO ELECTRIC: State Control Plan to be Temporary, Edano Says
--------------------------------------------------------------
MarketWatch reports that keeping Tokyo Electric Power Co. under
long-term government control isn't an option, Yukio Edano,
Minister of Economy, Trade and Industry, has told the Nikkei in
an interview, stressing that the aim is to get the utility back
on its feet as soon as possible.

The Nikkei reported that Mr. Edano, who is considering a public
fund injection for the utility to ensure a stable supply of
power, said, "The government has no plans to be directly involved
in supplying electricity."

Given that the public funds pumped into the nation's banks have
been repaid, "our position is to have the utility functioning as
quickly as possible as a private-sector firm," the minister
added. "The point is that state control would be temporary," he
said, according to the Nikkei, MarketWatch reports.

MarketWatch relates that Mr. Edano said last week that the
company needs a fundamental rebuilding of its finances, and urged
it to consider all options including temporary state control.

                     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.


=========
K O R E A
=========


KOREA TECHNOLOGY: Can Borrow $106,250 From R&W on Unsecured Basis
-----------------------------------------------------------------
On Dec. 1, 2011, the U.S. Bankruptcy Court for the District of
Utah entered an interim order approving Korea Technology Industry
America, Inc.'s motion for postpetition financing of up to
US$106,250 on an unsecured basis from Rutter & Wilbanks
Corporation.  R&W has agreed that the repayment obligations under
the Startup DIP financing will be subordinated to unsecured
claims.

The Debtors will use the Startup DIP financing to begin the
completion of construction and commissioning of the hot water
extraction and evaporation process portions of the Debtors
processing facility and operation of the "dry froth" circuit (the
"Plant Startup Program"), which is a condition to closing the
approved sale of the Debtors' assets to R&W.

                      About Korea Technology

Korea Technology Industry America, Inc., is a subsidiary of
Seoul-based Korea Technology Industry Co. that tried to squeeze
crude oil from Utah's sandy ridges.  Korea Technology Industry
America, Uintah Basin Resources LLC, and Crown Asphalt Ridge
L.L.C., filed separate Chapter 11 bankruptcy petitions (Bankr. D.
Utah Case Nos. 11-32259, 11-32261, and 11-32264) on Aug. 22,
2011.  The cases are jointly administered under KTIA's case.
Steven J. McCardell, Esq., and Kenneth L. Cannon II, Esq., at
Durham Jones & Pinegar, P.C., in Salt Lake City, serve as the
Debtors' counsel.  The Debtors tapped DBH Consulting, LLC, as
their accountant.  The Debtors disclosed US$35,246,360 in assets
and US$38,751,528 in debts.

Mark D. Hashimoto, in his capacity as examiner in the Debtors
cases retained George Hofmann and the firm of Parsons Kinghorn
Harris, P.C., as his counsel, and Piercy Bowler Taylor & Kern as
his accountants and financial advisors.

Richard A. Wieland, the United States Trustee for Region 19, has
appointed three members to the Official Committee of Unsecured
Creditors.


KOREA TECHNOLOGY: Creditors Say APA With R&W is Unenforceable
-------------------------------------------------------------
Secured Creditors Western Energy Partners, LLC, Tar Sands
Holding, LLC, and Elgin Services Company, Inc., ask the U.S.
Bankruptcy court for the District of Utah to amend its order
approving the sale or sales of substantially all of the assets of
Korea Technology Industry America, Inc., Uintah Basin Resources,
LLC, and Crown Asphalt Ridge, LLC, entered Nov. 15, 2011, to
address deficiencies in the Asset Purchase Agreement between the
Debtors, as Sellers and Rutter and Wilbanks Corporation, as
Buyer.

The Secured Creditors tell the Court that the APA was a hastily
constructed document, and that it was pieced together during the
course of an evidentiary hearing with little or no opportunity
for parties in interest to contemplate its actual implementation
and to address its many internal inconsistencies and
shortcomings.  For the benefit of the Debtors estate and
creditors, and to avoid costly future litigation, according to
the Secured Creditors, the Court should amend the Sale Order to
address these deficiencies:

   A. There is No Mechanism for Determining the Amount to be
      Paid.

   B. By Its Terms, the APA is Not Enforceable and May Never
      Become Enforceable.

   C. There is No Mechanism in the APA or in the Sale Order That
      Requires the Buyer to Demonstrate the Ability to Close
      Prior to The Closing Date.

   D. The Consequences of a "Force Majeure" Event are
      Inconsistent and Contradictory.

   E. There Is No Protection For Losses or Damages Caused by the
      Buyer To The Assets if the Buyer does not Close.

A copy of the motion is available for free at:

       http://bankrupt.com/misc/koreatechnology.doc214.pdf

As reported in the TCR on Nov. 18, 2011, the Debtors won
Bankruptcy Court authority to sell the Asphalt Ridge Oil Sands
Project and assign related contracts to Rutter and Wilbanks
Corporation, the stalking horse bidder for the sale.

                      About Korea Technology

Korea Technology Industry America, Inc., is a subsidiary of
Seoul-based Korea Technology Industry Co. that tried to squeeze
crude oil from Utah's sandy ridges.  Korea Technology Industry
America, Uintah Basin Resources LLC, and Crown Asphalt Ridge
L.L.C., filed separate Chapter 11 bankruptcy petitions (Bankr. D.
Utah Case Nos. 11-32259, 11-32261, and 11-32264) on Aug. 22,
2011.  The cases are jointly administered under KTIA's case.
Steven J. McCardell, Esq., and Kenneth L. Cannon II, Esq., at
Durham Jones & Pinegar, P.C., in Salt Lake City, serve as the
Debtors' counsel.  The Debtors tapped DBH Consulting, LLC, as
their accountant.  The Debtors disclosed US$35,246,360 in assets
and US$38,751,528 in debts.

Mark D. Hashimoto, in his capacity as examiner in the Debtors
cases retained George Hofmann and the firm of Parsons Kinghorn
Harris, P.C., as his counsel, and Piercy Bowler Taylor & Kern as
his accountants and financial advisors.

Richard A. Wieland, the United States Trustee for Region 19, has
appointed three members to the Official Committee of Unsecured
Creditors.


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


DESIGNLINE INT'L: Unsecured Creditors, Employees Face Shortfall
---------------------------------------------------------------
Fairfax NZ News reports that DesignLine International Holdings
(NZ) was sold for NZ$3 million, the receivers' latest report
shows, leaving a shortfall to unsecured creditors, Inland
Revenue, BNZ, and employees of more than NZ$7 million.

A few big unsecured creditors, including Selwyn District Council
was owed NZ$225,896, Eni Engineering was owed NZ$870,915, Farra
Engineering was owed NZ$312,007, and ACC was owed NZ$78,811.
They are unlikely to be repaid, Fairfax NZ discloses.

Fairfax NZ relates that the liquidator, the Official Assignee,
said in the latest six-monthly report released in December that
they would also consider a claim for any shortfall in the
liquidation against the current and former shareholders of the
company as the company did not trade with limited liability.

According to the news agency, the receivers' second report was
also released last month and Keiran Horne and Craig Melhuish of
HFK said NZ$2.2 million had been repaid to the first-ranking
creditor, BNZ, but it was still owed a further NZ$1.67 million
plus interest.

Employees, who are preferential creditors, had received 22 cents
in the dollar, NZ$105,337, but are still owed NZ$373,467, Fairfax
NZ relates.  For unsecured creditors the cupboard is bare, the
report says.

"It is unlikely that any assets will remain for the benefit of
unsecured creditors," the receivers' report said, according to
Fairfax NZ.

                    About DesignLine International

DesignLine International, founded in 1985 by Ashburton
entrepreneur John Turton, was a bus maker company.  The buses
were sold locally and also exported.  Mr. Turton sold a large
part of the company to U.S. investors Buster and Brad Glosson at
the end of 2006.  DesignLine has about 80 staff at its Rolleston
operations.

DesignLine was placed in liquidation earlier in June by the
High Court in Christchurch after two creditors, owed
NZ$1.8 million, petitioned for that.  The court was told that
DesignLine had an estimated NZ$10 million in liabilities.

The Bank of New Zealand, the only secured creditor, appointed
receivers to sell the business and get back what the bank is
owed, about NZ$2.5 million, Businessday.co.nz reported citing the
latest filed accounts for the year to Dec. 31, 2008.

BusinessDay.co.nz said in August the company was sold a joint
venture of Malaysian, United States, and New Zealand parties but
the purchase price was not being disclosed.  The price would be
revealed in the receivers' second report, receiver Keiran Horne
of HFK said.


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


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

United Overseas Bank Limited filed the petition against the
company on Dec. 20, 2011.

The Petitioner's solicitors are:

         Yeo-Leong & Peh LLC
         10 Shenton Way
         9th Floor, MAS Building
         Singapore 079117


RICHFIELD GLOBAL: Creditors' Proofs of Debt Due Jan. 30
-------------------------------------------------------
Creditors of Richfield Global 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:

          Ebenezer John Lazarus
          Lim Boon Cheng
          c/o 1 Raffles Place
          #20-02 One Raffles Place
          Singapore 048616


SUMITOMO ELECTRIC: Creditors' Proofs of Debt Due Jan. 30
--------------------------------------------------------
Creditors of Sumitomo Electric Wintec (Singapore) 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 liquidator is:

          Hamish Alexander Christie
          c/o 16 Raffles Quay #22-00
          Hong Leong Building
          Singapore 048581


TOYZ TROPIC: Court Enters Wind-Up Order
---------------------------------------
The High Court of Singapore entered an order on Dec. 23, 2011, to
wind up the operations of Toyz Tropic Private Limited.

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


VINCCI (SINGAPORE): Court Enters Wind-Up Order
----------------------------------------------
The High Court of Singapore entered an order on Dec. 23, 2011, to
wind up the operations of Vincci (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


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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

April 3-5, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        Grand Hyatt Atlanta, Atlanta, Ga.
           Contact: http://www.turnaround.org/

Apr. 19-22, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Annual Spring Meeting
        Gaylord National Resort & Convention Center,
        National Harbor, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Workshop
        The Ritz-Carlton Amelia Island, Amelia Island, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 2-4, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hyatt Regency Chesapeake Bay, Cambridge, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

November 1-3, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Westin Copley Place, Boston, Mass.
           Contact: http://www.turnaround.org/

Nov. 29 - Dec. 2, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Winter Leadership Conference
        JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
           Contact: 1-703-739-0800; http://www.abiworld.org/

April 10-12, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        JW Marriott Chicago, Chicago, Ill.
           Contact: http://www.turnaround.org/

October 3-5, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Marriott Wardman Park, Washington, D.C.
           Contact: http://www.turnaround.org/


                             *********

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.





                 *** End of Transmission ***