TCRAP_Public/120106.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

             Friday, January 6, 2012, Vol. 15, No. 5

                            Headlines



A U S T R A L I A

FLETCHER JONES: CEO Mulls Management Buyout Offer
SWSBC: Goes Into Administration, Ceases Operations


H O N G  K O N G

BALCON LIMITED: Court to Hear Wind-Up Petition on Feb. 22
CHINA NONFERROUS: Fok Hei Yu Appointed as New Liquidator
CREATIVE ASIA: Court Enters Wind-Up Order
ETONE TELECOM: Court Enters Wind-Up Order
FOREST VIEW: Court Enters Wind-Up Order

LEHMAN BROTHERS ASIA: Lui Yee Man Appointed as Liquidator
LEHMAN BROTHERS FUTURES: Lui Yee Man Appointed as Liquidator
LEHMAN BROTHERS SECURITIES: Lui Yee Man Appointed as Liquidator
LP DISPLAYS: Creditors' Proofs of Debt Due Jan. 13
RMJM HK: Court to Hear Wind-Up Petition on Feb. 1

SEEBRIGHT LIMITED: Court to Hear Wind-Up Petition on Jan. 11


I N D I A

BAADER SCHULZ: CRISIL Assigns 'CRISIL BB' Rating to INR100MM Loan
BAID INDUSTRIES: CRISIL Places 'CRISIL B' Rating on INR70MM Loan
BEEKAY DISTRIBUTORS: CRISIL Puts 'BB+' Rating on INR75MM Loan
BRISTOL TOURIST: CRISIL Rates INR350 Million Loan at 'CRISIL B'
BUDDHA INDIA: CRISIL Assigns 'CRISIL BB-' Rating to INR60MM Loan

CYRONICS INSTRUMENTS: CRISIL Rates INR7MM Loan at 'CRISIL BB-'
GENUS PAPER: Fitch Migrates Rating on INR369-Mil. Loans to 'B'
INDUSTRIAL PERFORATION: CRISIL Rates INR80MM Loan at 'CRISIL B+'
KINGFISHER AIRLINES: Mulls 2,000 Job Cuts, Longer Work Hours
MAURYA PRINTERS: CRISIL Puts 'CRISIL B' Rating on INR50MM Loan

P. PRABHAKAR: CRISIL Assigns 'CRISIL B+' Rating to INR19.1MM Loan
RAMGAD MINERALS: CRISIL Cuts Rating on INR400MM Loan to 'BB-'
RAMKRUSHNA COTGIN: CRISIL Rates INR80 Million Loan at 'CRISIL B-'
SONALE FABRICS: CRISIL Places 'CRISIL B' Rating on INR3.7MM Loan
SOUTH EAST: CRISIL Puts 'CRISIL C' Rating on INR150MM Cash Credit

SRI MAHALAXMI: CRISIL Assigns 'CRISIL B' Rating to INR24MM Loan
SRI VIJAYALAKSHMI: Fitch Rates INR50-Mil. Credit Limit at 'B'
TAN PRINTS: CRISIL Assigns 'CRISIL BB-' Rating to INR28.4MM Loan
THATAVARTHI APPARELS: CRISIL Rates INR300MM Loan at 'CRISIL D'


N E W  Z E A L A N D

MSH FORESTS: Owner Cuts Deal With IRD; Winds Up Investment Firms
REGIS PARK: Blames Collapse on Transpower's Pylon Plan
WILLIAM HILL: Receivers Sell Wine But Not the Business


P H I L I P P I N E S

* PHILIPPINES: Fitch Rates Global Bonds Due 2037 at 'BB+'
* PHILIPPINES: Moody's Assigns '(P)Ba2' to Global Bond Issue


S R I  L A N K A

* SRI LANKA: Moody's Says Reform & Growth Would Ease Constraints


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


FLETCHER JONES: CEO Mulls Management Buyout Offer
-------------------------------------------------
SmartCompany reports that Fletcher Jones chief executive Phillip
Smith is reportedly considering a management buyout offer of the
93-year-old clothing retailer, while administrators seek more
time to secure a deed of company arrangement as part of the sale
process.

According to SmartCompany, the Australian Financial Review
reported that Fletcher Jones chief executive Phillip Smith is
heading a buyout offer for the business.

The Australian Financial Review said administrator Cor Cordis has
asked the Supreme Court for an extension of time to put in place
a deed of company arrangement.  The DOCA would be a vital part of
any sale, the paper said.

Expressions of interest in the business are due by January 23 and
administrator Bruno Secatore -- bsecatore@corcordis.com.au --
wants to have a deal completed by the end of March, says
SmartCompany.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 9, 2011, The Australian said Fletcher Jones has been placed
in administration becoming the latest victim of the retail slump.
Executive Director Russell Zimmerman said clothing and footwear
retailers were struggling with poor sales, which were down 2.2%
on last year.  Mr. Zimmerman, the report related, blamed
unsustainable rents, time-and-a-half and double-time rates for
weekend trade in an industry where consumers expected doors to be
open on weekends and, sometimes, around the clock.   Mr.
Zimmerman said that internet shopping was also to blame, but
retailers were evolving and moving into the online space to limit
its impact.

The company owes about AUD1 million in staff entitlements and
about AUD8.5 million in debt to unsecured creditors with about
half of that owed to shareholders, according to The Sydney
Morning Herald.

Bruno Secatore, Daniel Juratowitch and Glenn Spooner of Cor
Cordis were appointed voluntary administrators for Fletcher Jones
on Dec. 7, 2011.

Fletcher Jones -- http://www.fletcherjones.com.au/-- is an
iconic Australian clothing retailer.  The company has 240 staff
and 45 stores nationally.


SWSBC: Goes Into Administration, Ceases Operations
--------------------------------------------------
The Daily Advertiser reports that South Wagga Sports and Bowling
Club administrators disclosed that it will cease the club's
operations three years after it was placed into administration.

Had a bid by developer Charles Morton and the Wagga Hospitality
Group to redevelop the club been successful, SWSBC would have a
viable future, according to The Daily Advertiser.  However, the
report relates, that bid was dependent on the approval of an
application for almost 300 poker machines, which was rejected by
the Casino Liquor and Gaming Control Authority.

The report discloses that Mr. Morton plans to meet with
representatives from two Sydney clubs this month to discuss
possible amalgamation.


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


BALCON LIMITED: Court to Hear Wind-Up Petition on Feb. 22
---------------------------------------------------------
A petition to wind up the operations of Balcon Limited will be
heard before the High Court of Hong Kong on Feb. 22, 2012, at
9:30 a.m.

Canara Bank filed the petition against the company on Dec. 19,
2011.

The Petitioner's solicitors are:

          Wilkinson & Grist
          6th Floor, Prince's Building
          10 Chater Road
          Central, Hong Kong


CHINA NONFERROUS: Fok Hei Yu Appointed as New Liquidator
--------------------------------------------------------
Fok Hei Yu on Dec. 30, 2011, was appointed as liquidator of China
Nonferrous Metals Group (Hong Kong) Limited.

Fok Hei Yu replaces John Robert Lees who stepped down as the
company's liquidator.

The liquidators may be reached at:

         Desmond Chung Seng Chiong
         Fok Hei Yu
         Level 22, The Center
         99 Queen's Road Central
         Central, Hong Kong


CREATIVE ASIA: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on Dec. 19, 2011, to
wind up the operations of Creative Asia Limited.

The official receiver is Teresa S W Wong.


ETONE TELECOM: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on Oct. 31, 2011, to
wind up the operations of Etone Telecom Limited.

The company's liquidator is Pui Chiu Wing.


FOREST VIEW: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on Oct. 31, 2011, to
wind up the operations of Forest View Investment Limited.

The company's liquidator is Pui Chiu Wing.


LEHMAN BROTHERS ASIA: Lui Yee Man Appointed as Liquidator
---------------------------------------------------------
Lui Yee Man on Dec. 5, 2011, was appointed as liquidator of
Lehman Brothers Asia Limited.

The liquidator may be reached at:

          Lui Yee Man
          Edward Middleton
          Patrick Cowley
          8/F, Prince's Building
          10 Chater Road
          Central, Hong Kong


LEHMAN BROTHERS FUTURES: Lui Yee Man Appointed as Liquidator
------------------------------------------------------------
Lui Yee Man on Dec. 5, 2011, was appointed as liquidator of
Lehman Brothers Futures Asia Limited.

The liquidator may be reached at:

          Lui Yee Man
          Edward Middleton
          Patrick Cowley
          8/F, Prince's Building
          10 Chater Road
          Central, Hong Kong


LEHMAN BROTHERS SECURITIES: Lui Yee Man Appointed as Liquidator
---------------------------------------------------------------
Lui Yee Man on Dec. 9, 2011, was appointed as liquidator of
Lehman Brothers Securities Asia Limited.

The liquidator may be reached at:

          Lui Yee Man
          Edward Middleton
          Patrick Cowley
          8/F, Prince's Building
          10 Chater Road
          Central, Hong Kong


LP DISPLAYS: Creditors' Proofs of Debt Due Jan. 13
--------------------------------------------------
Creditors of LP Displays International Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Jan. 13, 2012, to be included in the company's
dividend distribution.

The company's liquidators are:

         Messrs Bruno Arboit
         Simon Blade
         Level 22, The Center
         99 Queen's Road Central
         Central, Hong Kong


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

RJ Models (Asia) Ltd filed the petition against the company on
Nov. 28, 2011.

The Petitioner's solicitors are:

          H. M. Tsang & Co.
          Suite 2001 A, 20th Floor
          Chinachem Tower
          34-37 Connaught Road
          Central, Hong Kong


SEEBRIGHT LIMITED: Court to Hear Wind-Up Petition on Jan. 11
------------------------------------------------------------
A petition to wind up the operations of Seebright Limited will be
heard before the High Court of Hong Kong on Jan. 11, 2011, at
9:30 a.m.

The Petitioner's solicitors are:

          Messrs. Lim & Lok
          8th Floor, Pilkem Commercial Centre
          8 Pilkem Street, Kowloon
          Hong Kong


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


BAADER SCHULZ: CRISIL Assigns 'CRISIL BB' Rating to INR100MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
Baader Schulz Laboratories bank facilities.

   Facilities                        Ratings
   ----------                        -------
   INR100 Million Cash Credit        CRISIL BB/Stable (Assigned)
   INR135 Million Letter of Credit   CRISIL A4+ (Assigned)

The ratings reflect BSL's above-average financial risk profile,
established customer relationships and partners' extensive
experience in the pharmaceutical industry. These strengths are
partially offset by BSL's modest scale of operations in the
intensely competitive pharmaceuticals industry.

Outlook: Stable

CRISIL believes that BSL will continue to benefit over the medium
term from the extensive industry experience of its promoter-
partners and its strong customer relationships. The outlook may
be revised to 'Positive' if BSL substantially increases its
revenues, while maintaining or improving its profitability and
capital structure. Conversely, the outlook may be revised to
'Negative' if there is significant deterioration in the firm's
revenues or profitability, resulting in deterioration in its debt
protection metrics.

                        About Baader Schulz

BSL was setup in 1998 by Mr. Kirtilal Shah and his sons,
Mr. Nailesh Shah and Mr. Kalpesh Shah. BSL is engaged in
manufacturing human and veterinary pharmaceutical formulations.
The firm's manufacturing units are located in Daman (Union
Territory of Daman and Diu). Mr. Kirtilal Shah has been engaged
in the pharmaceutical industry since 1985, through the group
firm, Sheetal Pharma (rated 'CRISIL B/Stable/CRISIL A4').

BSL reported a profit after tax (PAT) of INR13.3 million on net
sales of INR675.0 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR25.4 million on net
sales of INR717.8 million for 2009-10.


BAID INDUSTRIES: CRISIL Places 'CRISIL B' Rating on INR70MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Baid Industries Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR70 Million Cash Credit        CRISIL B/Stable (Assigned)
   INR286 Million Term Loan         CRISIL B/Stable (Assigned)
   INR33.8 Million Proposed Long-   CRISIL B/Stable (Assigned)
   Term Bank Loan Facility

The rating reflects BIPL's susceptibility to high offtake risk
associated with the project, commodity-like nature of industry
restricting the operating profitability, and below-average
financial risk profile, marked by high gearing and weak debt
protection metrics. These rating weaknesses are partially offset
by the extensive experience of BIPL's promoters in the textile
industry.

Outlook: Stable

CRISIL believes that BIPL will benefit over the medium term from
the extensive industry experience of its promoters. The outlook
may be revised to 'Positive' if BIPL reports better-than-expected
topline and margins, leading to improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
commissioning of BIPL's plant gets delayed or there are cost
overruns in the project.

                      About Baid Industries

BIPL was incorporated in 2007 by Mr. Ashok Kumar Baid and his
brother, Mr. Hemant Kumar Baid. Till 2010-11 (refers to financial
year, April 1 to March 31), the company was engaged in trading
and export of cotton yarn and other textile fabrics. However,
from 2009-10, the company has been constructing a plant for
manufacturing two ply-twisted polyester oriented yarn (POY) and
fully drawn yarn (FDY) at its facility in Surat (Gujarat). The
project will be completed in two phases. Phase 1 of the project
will involve installation of machines for manufacturing two ply-
twisted yarn; the project is in trial run and is expected to
commence commercial production from December 2011. Phase 2 of the
project is in construction phase and will commence operations
from October 2012. Around 50 per cent of the FDY manufactured by
BIPL will be used in-house for manufacturing two ply-twisted POY.

BIPL reported a net loss of INR0.7 million on net sales of
INR5.7 million for 2010-11.


BEEKAY DISTRIBUTORS: CRISIL Puts 'BB+' Rating on INR75MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable' rating to the long-
term bank facilities of Beekay Distributors.

   Facilities                        Ratings
   ----------                        -------
   INR75 Million Cash Credit         CRISIL BB+/Stable (Assigned)
   INR25 Million Channel Financing   CRISIL BB+/Stable (Assigned)

The rating reflects Beekay's established relationships with key
suppliers backed by its diverse product profile, partners'
extensive industry experience, and moderate financial risk
profile marked by high total outside liabilities to tangible net
worth (TOLTNW) ratio. These rating strengths are partially offset
by Beekay's vulnerability to risk relating to low bargaining
power with principal and intense competition.

Outlook: Stable

CRISIL believes that Beekay will continue to benefit over the
medium term from its established position as an authorised
distributor of automobile spare parts and lubricants in Uttar
Pradesh (UP) and stable relationship with its principals, Eicher
Motors Ltd (Eicher), Mahindra and Mahindra Ltd (Mahindra; rated
'CRISIL AA+/FAAA/Stable/CRISIL A1+'), and Tata Motors Ltd (TML;
rated 'CRISIL AA-/Stable/CRISIL A1+'). The outlook may be revised
to 'Positive' if there is increase in its scale of operations
along with improvement in its margin, while maintaining its
working capital cycle. Conversely, the outlook may be revised to
'Negative' if the firm undertakes any large debt-funded capital
expenditure programme, thereby materially impacting its debt
protection metrics, or if there is more-than-expected withdrawal
of partners' capital, leading to weakening in its financial risk
profile.

                     About Beekay Distributors

Beekay is a partnership firm incorporated in 1991 in Lucknow
(UP). The firm is promoted by Mr. Bhavnish Mehdiratta and his
wife, Mrs. Sunita Mehdiratta. Beekay is an authorised distributor
for spare parts and lubricants of Eicher, Mahindra, and TML. For
Eicher, the firm is an exclusive distributor of spare parts of
commercial vehicles (CVs) for UP, Uttarakhand, and Maharashtra;
it is an exclusive distributor of spare parts of CVs, tractors,
and sports utility vehicles of Mahindra for central and eastern
UP. In addition, it is the exclusive distributor for auto parts
of TML passenger vehicles for the UP region. Beekay has four
warehouses in Lucknow, Ghaziabad (both in UP), Haldwani (in
Uttarakhand), and Pune (Maharashtra).

For 2009-10 (refers to financial year, April 1 to March 31),
Beekay reported a profit of INR10 million on net sales of
INR471 million, as against a profit of INR6.7 million on net
sales of INR298 million for 2008-09. For 2010-11, on a
provisional basis, Beekay has achieved net sales of
INR614 million.


BRISTOL TOURIST: CRISIL Rates INR350 Million Loan at 'CRISIL B'
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the term loan
facility of Bristol Tourist Complex.

   Facilities                     Ratings
   ----------                     -------
   INR350 Million Term Loan       CRISIL B/Stable (Assigned)

The rating reflects BTC's susceptibility to high project
implementation risk and large debt-funded capital expenditure
plan that adversely impacts the firm's liquidity. These rating
weaknesses are partially offset by the extensive industry
experience of BTC's partners and the funding support that they
extend to the firm.

Outlook: Stable

CRISIL believes that BTC will continue to benefit over the medium
term from the extensive industry experience of its partners in
the hospitality industry. The outlook may be revised to
'Positive' in case of timely completion of the ongoing hotel
project within budgeted cost along with more-than-expected cash
accruals during the initial phase of operations. Conversely, the
outlook may be revised to 'Negative' in case of time or cost
overrun in completing the project or in case of lower-than-
expected ramp-up in the hotel's operations, resulting in lower-
than-expected cash accruals.

                     About Bristol Tourist

Established by Mr. Gurpreet Singh and his mother, Mrs. Sharanjit
Kaur, BTC is constructing a five-star hotel in Zirakpur, a
satellite town in Chandigarh. The partners have been in the
hospitality industry for about 15 years. The firm has tied up
with Park Plaza to manage the hotel's day-to-day operations.
Earlier, BTC had a banquet hall located on the premises along
with a mini-hotel comprising 25 rooms.

BTC reported a profit after tax (PAT) of INR1.2 million on net
sales of INR14.7 million for 2010-11, as against a PAT of
INR1.8 million on net sales of INR18.7 million for 2009-10.


BUDDHA INDIA: CRISIL Assigns 'CRISIL BB-' Rating to INR60MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the bank
facilities of Buddha India Hotels Private Limited.

   Facilities                       Ratings
   ----------                       -------
   INR60.0 Million Term Loan        CRISIL BB-/Stable (Assigned)
   INR5.5 Million Cash Credit       CRISIL BB-/Stable (Assigned)

The rating reflects BIHPL's favorable market position, backed by
the company's association with the Bikanervala brand, and healthy
revenue visibility marked by the operations of the Bikanervala
franchise at the same premises for around five years. These
rating strengths are partially offset by BIHPL's weak financial
risk profile, marked by a small net worth and a high gearing,
limited revenue diversity, and high geographical concentration.

Outlook: Stable

CRISIL believes that BIHPL will benefit over the medium term from
its healthy revenue visibility, supported by its association with
the Bikanervala brand. The company's financial risk profile is
however expected to remain constrained by low net worth and high
gearing, during this period. The outlook maybe revised to
'Positive' if the company improves its profit margins, leveraging
on its brand name, and its capital structure improves by infusion
of equity by the promoters. Conversely, the outlook may be
revised to 'Negative' if BIHPL's operational performance
deteriorates because of less-than-expected sales from its various
segments, or if any large, debt-funded capital expenditure
adversely impacts the company's already weak financial risk
profile.

                      About Buddha India

BIHPL, part of the Buddha group, is promoted by Mr. Anil
Tibrewal. Incorporated in 2011, the company operates a franchise
restaurant of Bikanervala, which is a chain of traditional sweet
shops and restaurants. BIHPL's main business comprises managing a
sweet shop and a restaurant, with facilities such as banquet hall
and catering, under the brand name, Bikanervala. The company
commenced operations in June 2011 and has acquired a business
which was operational since the past five years under the same
franchisee format. The Buddha group has a number of businesses
under the same management. The group operates in the fields of
travel, hospitality, education, and retail by way of
independently managed entities, namely Buddha Resort Pvt Ltd,
Buddha School, franchises of Cox & Kings Ltd in Lucknow,
Allahabad and Varanasi (all in Uttar Pradesh), and Steel Sales
Pvt Ltd.


CYRONICS INSTRUMENTS: CRISIL Rates INR7MM Loan at 'CRISIL BB-'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Cyronics Instruments Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR7 Million Term Loan           CRISIL BB-/Stable (Assigned)
   INR38 Million Cash Credit        CRISIL BB-/Stable (Assigned)
   INR20 Million Letter of Credit   CRISIL A4+ (Assigned)
   INR5 Million Bank Guarantee      CRISIL A4+ (Assigned)

The ratings reflect the benefits that CIPL derives from its
promoters' extensive experience in distribution of healthcare,
and testing and measurement instruments (TMI) products,
established relationships with customers and principals, and
moderate risk management. These rating strengths are partially
offset by CIPL's below-average financial risk profile, marked by
a modest net worth, aggressive total outside liabilities to
tangible net worth ratio, and weak interest coverage ratio,
modest scale of operations with geographical concentration in
revenues, and high working capital intensity.

Outlook: Stable

CRISIL believes that CIPL will continue to benefit from the
extensive industry experience of its promoters and its
established clientele and principal base. The outlook may be
revised to 'Positive' in case of correction in the capital
structure, most likely on the back of sizeable equity infusion by
the promoters. Conversely, the outlook may be revised to
'Negative' in case unprecedented stretch in working capital cycle
or unforeseen debt-funded capital expenditure plan leads to
further weakening in its financial risk profile.

                     About Cyronics Instruments

CIPL was originally set up in 1989 as a partnership firm by
Mr. Madav Krishnaji Bhonge and his son, Mr. Nitin Bhonge. The
firm was later reconstituted as a private limited company in
1994. Mr. Madav Bhonge worked as Vice President in Kriloskar
Cummins (heat treatment and production) before setting up the
partnership concern. Later, Mr. Nitin Bhonge joined the
partnership after graduation in engineering.

CIPL is a distributor of medical and TMI products since the
formation of partnership; automotive products distribution was
added in 2008-09 (refers to financial year, April 1 to March 31).
CIPL derives about 40 per cent of its revenue each from medical
products and TMI, while the remaining 20 per cent is contributed
by automotive products distribution. The company's principals
include marquee names, such as Philips Healthcare, Tektronics,
Bosch, and Tyco Electronics.

For 2010-11, CIPL reported a profit after tax (PAT) of
INR2.8 million on an operating income of INR170.5 million, as
against a PAT of INR5.4 million on an operating income of
INR123.4 million for 2009-10.


GENUS PAPER: Fitch Migrates Rating on INR369-Mil. Loans to 'B'
--------------------------------------------------------------
Fitch Ratings has migrated India-based Genus Paper Products
Limited's 'Fitch B(ind)' National Long-Term rating with a Stable
Outlook to the "Non-Monitored" category.  This rating will now
appear as 'Fitch B(ind)nm' on the agency's website.

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

Fitch has also classified GPPL's following bank loan ratings as
non-monitored:

  -- INR369.02m term loans: migrated to 'Fitch B(ind)nm' from
     'Fitch B(ind)'

  -- INR259.5m fund-based working capital limits: migrated to
     'Fitch B(ind)nm'/'Fitch A4(ind)nm' from
     'Fitch  B(ind)'/'Fitch A4(ind)'

  -- INR88m fund-based working capital limits: migrated to 'Fitch
     A4(ind)nm' from 'Fitch A4(ind)'


INDUSTRIAL PERFORATION: CRISIL Rates INR80MM Loan at 'CRISIL B+'
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Industrial Perforation (India) Pvt Ltd.

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

The ratings reflect IPIPL's working-capital-intensive nature of
IPIPL's operations and customer concentration in its revenue
profile. These rating weaknesses are partially offset by the
extensive industry experience of IPIPL's promoters.

Outlook: Stable

CRISIL believes that IPIPL will continue to benefit from the
extensive industry experience of its promoters over the medium
term. The outlook may be revised to 'Positive' in case the
company significantly scales up its operations, while
diversifying its customer base and maintaining its profitability,
capital structure and debt protection metrics. Conversely, the
outlook may be revised to 'Negative' if there is deterioration in
its revenues or profitability, or debt protection metrics.

                    About Industrial Perforation

IPIPL was set up as a partnership firm, M/s Industrial
Perforation, in 1981 and was later reconstituted as a private
limited company in 1991. The company is engaged into
manufacturing & supply of steel cable trays, power transmission
cable trays and accessories for power transmission & distribution
companies. Promoter & director Mr. Ashish Kumar Saha, manages the
company's day-to-day operations. The manufacturing facilities of
the company are located at Kolkata in West Bengal.

IPIPL reported a profit after tax (PAT) of INR7.2 million on net
sales of INR458.2 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR2.8 million on net
sales of INR415.3 million for 2009-10.


KINGFISHER AIRLINES: Mulls 2,000 Job Cuts, Longer Work Hours
------------------------------------------------------------
The Times of India reports that Kingfisher Airlines Ltd is
believed to be considering about 2,000 job cuts and longer
working hours for its staff, among various options.

According to the report, industry sources said the debt-ridden
carrier could also abstain from any major hiring activities at
least till August 2012.

Sources said the carrier is looking at about 2,000 job reductions
by July and the exercise could affect various positions at mid-
manager level in its corporate offices and also at cabin crew and
attendant levels, among others, The Times of India reports.

At the same time, the airline, a part of Vijay Mallya-led UB
group, could also consider increasing the working hours of staff
being retained, the report says.

The Times of India relates that sources said the carrier would
pay higher incentives and allowances to the staff working longer
hours, but the move could still help it cut employee expenses
drastically as costs could be double for hiring fresh employees.

However, the exact financial implications of these proposed
initiatives could not be ascertained immediately, the report
adds.

The airline is already said to be witnessing some attrition and
recently it was reported that some of its air hostesses have left
to join state-run Air India, according to the report.

The report discloses that Kingfisher's total employee cost dipped
marginally by two per cent in the last fiscal 2010-11, to
INR676 crore.

Kingfisher's total headcount stood at 7,317 as on March 31, 2011,
down from an average of 7,681 employees in the previous year
ending March 2010, the report notes.  The airline's employees per
aircraft ratio had declined in line with its fleet
rationalization programmes.

                     About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., serves about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.  It maintains bases in major cities such as Delhi and
Mumbai.  Kingfisher Airlines is a unit of UB Holdings, best known
for its United Breweries unit, and the carrier shares the
Kingfisher brand with a popular Indian beer.  UB Holdings also
owns a stake in another domestic carrier, Air Deccan, whose
operations it combined with Kingfisher Airlines in mid-2008.
Kingfisher Airlines began flying in 2005.

                        *     *     *

Kingfisher Airlines lost money six years in a row, accumulating
net debt of INR77.2 billion (US$1.74 billion) as of March 2010,
according to data compiled by Bloomberg.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 16, 2011, The Economic Times said Kingfisher Airlines Ltd.
has found itself parrying questions about its survival after its
auditor raised doubts over the company's ability to stay in
business for long.  Audit firm BK Ramadhyani & Co, which
examined the books of the airline, said in remarks published in
the airline's annual report that Kingfisher's ability to remain a
"going concern" will depend on its promoters bringing in money
into the company.  The auditors also said Kingfisher has not
deposited with the government money it collected from employees
as tax deducted at source and provident fund contribution,
painting a dire picture of the airline's finances, The Economic
Times reported.


MAURYA PRINTERS: CRISIL Puts 'CRISIL B' Rating on INR50MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/ Stable' rating to the long-
term bank facilities of Maurya Printers Pvt Ltd.

   Facilities                     Ratings
   ----------                     -------
   INR50 Million Term Loan        CRISIL B/Stable (Assigned)
   INR25 Million Cash Credit      CRISIL B/Stable (Assigned)

The rating reflects MPPL's small scale of operations in the
fragmented and competitive printing-packaging industry and its
weak financial risk profile, marked by a small net worth, high
gearing, and weak debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of
MPPL's promoter in the printing and packaging industry and its
strong revenue growth.

Outlook: Stable

CRISIL believes that MPPL will benefit over the medium term from
its promoter's extensive industry experience and its increasing
printing capacities. The outlook may be revised to 'Positive' in
case of significant improvement in the company's scale of
operations while maintaining its profitability, leading to
higher-than-expected cash accruals that will ease the pressure on
company's stretched liquidity. Conversely, the outlook may be
revised to 'Negative' in case MPPL's financial risk profile,
particularly liquidity deteriorates further because of lower-than
expected cash accruals or larger-than-expected working capital
requirements or if the company further undertakes any large debt-
funded capital expenditure (capex) programme.

                      About Maurya Printers

MPPL was incorporated in 2003 by Mr. Raghav Ram Maurya. The
company was incorporated to take over the business of the
promoter's proprietorship firm, AR Printers. MPPL's printing
facility is located at Okhla industrial area in New Delhi. MPPL
mainly manufactures printed packaging cartons and corrugated
boxes. MPPL has a printing capacity of around 100,000 sheets per
day. The company has undertaken a capex programme in 2011-12
(refers to financial year, April 1 to March 31) to install a new
printing machines and an UV ink-based printing machine. MPPL's
capacity will almost doubled with the addition of these three
machines.

MPPL reported a provisional profit after tax (PAT) of
INR3.5 million on net sales of INR94.2 million for 2010-11, as
against a PAT of INR0.9 million on net sales of INR48.3 million
for 2009-10.


P. PRABHAKAR: CRISIL Assigns 'CRISIL B+' Rating to INR19.1MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the long-term bank facilities of P. Prabhakar Reddy.

   Facilities                       Ratings
   ----------                       -------
   INR19.1 Million Term Loan        CRISIL B+/Stable (Assigned)
   INR40 Million Cash Credit        CRISIL B+/Stable (Assigned)
   INR10.9 Million Proposed LT      CRISIL B+/Stable (Assigned)
   Bank Loan Facility
   INR55 Million Bank Guarantee     CRISIL A4 (Assigned)

The ratings reflect PPR's below average financial risk profile
marked by low networth, and small scale of operations in a
fragmented civil construction industry with geographical and
customer concentration. These rating weaknesses are partially
offset by the extensive industry experience and funding support
of PPR's promoter and its healthy order book.

Outlook: Stable

CRISIL believes that PPR will continue to benefit over the medium
term from its promoter's extensive experience in the construction
industry and its healthy order book. The outlook may be revised
to 'Positive' in case of significant improvement in the firm's
scale of operations, along with efficient working capital
management. Conversely, the outlook may be revised to 'Negative'
in case of pressure on the firm's liquidity, resulting from
larger-than-expected working capital requirements or debt-funded
capital expenditure programme.

                     About P. Prabhakar

PPR was set up as a proprietorship concern in 1981 by Mr. P.
Prabhakar Reddy in Bellary district of Karnataka. The firm
undertakes civil construction works, mainly construction of
roads. PPR, registered as a class I contractor, generally
undertakes contracts for government organisations by bidding
through tenders. The promoter's family has been engaged in the
civil construction industry since the past 25 years.

For 2010-11 (refers to financial year, April 1 to March 31), PPR
reported a profit after tax (PAT) of INR51.4 million on net sales
of INR93.6 million, as against a PAT of INR6 million on net sales
of INR122.7 million for 2009-10.


RAMGAD MINERALS: CRISIL Cuts Rating on INR400MM Loan to 'BB-'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank loan
facility of Ramgad Minerals & Mining Ltd to 'CRISIL BB-/Negative'
from 'CRISIL BBB-/Negative'.

    Facilities                     Ratings
    ----------                     -------
    INR400 Million LT Loan         CRISIL BB-/Negative
                                   (Downgraded from CRISIL BBB-
                                    /Negative)

The downgrade reflects significant deterioration in the business
risk profile of RMML's iron ore mining operations on account of
continuing ban on mining in Karnataka imposed by the Supreme
Court of India. The downgrade also factors in the significant
weakening of the credit risk profile of the Baldota (promoter)
group's flagship entity MSPL Ltd (MSPL; downgraded to 'CRISIL BB-
/Negative' from 'CRISIL BBB/Negative') leading to higher
likelihood of liquidity support being extended to the company.

The rating reflects RMML's stable revenues from its wind power
business and healthy coverage indicators. These rating strengths
are partially offset by the uncertainty associated with iron ore
mining in Karnataka and its constrained financial flexibility due
to likelihood of support being extended to MSPL.

Outlook: Negative

CRISIL believes that RMML's financial flexibility will remain
constrained over the medium term due to higher likelihood of
support being extended to MSPL. The outlook also reflects RMML's
weakened business risk profile because of uncertainties
associated with iron ore mining in, and exports out of,
Karnataka. The rating could be downgraded if RMML undertakes a
large debt-funded capital expenditure programme. Conversely, the
outlook may be revised to 'Stable' if the uncertainties
associated with the mining business in Karnataka are favourably
resolved and RMML manages to increase its sales volume and cash
accruals.

                     About Ramgad Minerals

Set up in 1978, RMML is part of the Karnataka-based Baldota
group. The company is engaged in the business of iron ore mining
and wind power generation, and has a run-of-mine agreement with
MSPL; under the agreement, MSPL purchases and processes the iron
ore extracted by RMML. The company has a wind power capacity of
62.4 megawatt and has entered into power purchase agreements with
state-owned power utilities of Karnataka, Maharashtra, and
Gujarat.

For 2010-11 (refers to financial year, April 1 to March 31), RMML
reported a profit after tax (PAT) of INR93 million on revenues of
INR433 million, as against a loss of INR233 million on revenues
of INR447 million for 2009-10. For the six months ended Sept. 30,
2011, the company reported a PAT of INR194 million on net sales
of INR323 million.


RAMKRUSHNA COTGIN: CRISIL Rates INR80 Million Loan at 'CRISIL B-'
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the cash
credit facility of Ramkrushna Cotgin Corporation.

   Facilities                      Ratings
   ----------                      -------
   INR80 Million Cash Credit       CRISIL B-/Stable (Assigned)

The rating reflects Ramkrushna's weak financial risk profile,
marked by a high gearing and weak debt protection metrics, and
susceptibility of the firm's business and profitability to
government policy. These rating weaknesses are partially offset
by Ramkrushna's established relationship with its suppliers and
customers.

Outlook: Stable

CRISIL believes that Ramkrushna will continue to benefit over the
medium term from its established relationship with its customers
and suppliers, and its integrated operations. The outlook may be
revised to 'Positive' in case of infusion of capital leading to
improvement in Ramkrushna's capital structure, or growth in the
firm's profitability resulting in an improvement in its debt
protection metrics. Conversely, the outlook may be revised to
'Negative' if Ramkrushna's operating margin declines further, or
financial risk profile deteriorates because of increase in
working capital, larger-than-expected debt-funded capital
expenditure, or significant withdrawal of capital by the
partners.

                     About Ramkrushna Cotgin

Ramkrushna is a partnership firm engaged in ginning and pressing
of raw cotton, and extraction of cotton seed oil and cotton seed
oil cake; it has manufacturing facilities at Rajkot (Gujarat).
The firm is promoted by Mr. Vinubhai Daboria, Mr. Dilipbhai
Daboria, Ms. Induben Daboria, Ms. Jasuben Daboria, and Mr. Parth
Agarwal. Ramkrushna has cotton processing capacity of 150 bales
per day, and an oil expeller unit with capacity of 5 metric
tonnes per day.

Ramkrushna reported a profit of INR0.1 million on net sales of
INR353 million for 2010-11 (refers to financial year, April 1 to
March 31), against a profit of INR0.2 million on net sales of
INR192 million for 2009-10.


SONALE FABRICS: CRISIL Places 'CRISIL B' Rating on INR3.7MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Sonale Fabrics Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR50.0 Million Cash Credit      CRISIL B/ Stable (Assigned)
   INR3.7 Million Rupee Term Loan   CRISIL B/ Stable (Assigned)
   INR76.3 Million Proposed Long-   CRISIL B/ Stable (Assigned)
    Term Bank Loan Facility

The rating reflects SFPL's weak financial risk profile, marked by
weak debt protection metrics and a high gearing, and a small net
worth because of a small scale of operations. The rating also
reflects the company's working-capital-intensive operations and
susceptibility of its operating margin to volatility in raw
material prices. These rating weaknesses are partially offset by
the benefits that the company derives from its promoter's
extensive experience in the textiles industry and its established
regional position in the fabric segment.

Outlook: Stable

CRISIL believes that SFPL will continue to benefit over the
medium term from its promoters' industry experience. The outlook
may be revised to 'Positive' if the company significantly
improves its revenues, while it maintains its profitability, or
there is a substantial improvement in its net worth on the back
of equity infusion by the promoters. Conversely, the outlook may
be revised to 'Negative' if SFPL's profitability declines sharply
from the current levels or if there is deterioration in the
company's financial risk profile driven by larger-than-expected
working capital requirements.

                     About Sonale Fabrics

Incorporated in 1987 and promoted by the Purohit family, SFPL
(formerly, Bhabalene Textiles Pvt Ltd) got its current name in
2004. The company manufactures cotton grey fabric and finished
fabric (60 per cent cotton and 40 per cent polyester). It also
manufactures yarn, primarily for in-house consumption, and
undertakes embroidery processes on a job-work basis. SFPL has
three units; one at Sonale village, and the other two at Kalyan
Road in Bhiwandi (Maharashtra) with 100 spindles for spinning and
42 air jet looms for weaving of grey fabrics and semi-cotton
fabrics. It also has access to 108 looms taken on hire from Sagar
Silk Mills. Currently, SFPL is adding 36 new air jet looms at an
estimated cost of INR128 million.

SFPL reported a profit after tax (PAT) of INR2 million on net
sales of INR265 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR1.4 million on net
sales of INR224 million for 2009-10.


SOUTH EAST: CRISIL Puts 'CRISIL C' Rating on INR150MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL C/CRISIL A4' ratings to the bank
facilities of South East Constructions Company Pvt Ltd.  The
ratings reflect SECCPL's weak liquidity, which has resulted in
the company delaying in servicing its unrated debt.

   Facilities                       Ratings
   ----------                       -------
   INR150 Million Cash Credit       CRISIL C (Assigned)
   INR18.7 Million Proposed Long-   CRISIL C (Assigned)
    Term Bank Loan Facility
   INR150 Mil. Overdraft Facility   CRISIL C (Assigned)
   INR125 Million Bank Guarantee    CRISIL A4 (Assigned)

The rating also factors in SECCPL's working capital intensive
operations, its modest scale of operations in an intensely
fragmented civil construction industry. This rating weakness is
partially offset by a moderate financial risk profile marked by
moderate gearing and debt protection metrics and the extensive
industry experience of the promoters in the infrastructure
segment with established relationships with various customers and
suppliers.

                     About South East Constructions

SECCPL was established as a partnership firm, South East
Constructions, in 1978 by Mr. M Padmiah and his family members.
The firm was reconstituted as a private limited company in 2005.
SECCPL is a sub-contractor and undertakes works for irrigation,
rail and road infrastructure projects, crushing and batching
plants, and bulk earth works. The company currently has an order
book position of INR 1.5 billion. Some of the company's reputed
clients include Larsen & Toubro Ltd (rated 'CRISIL
AAA/FAAA/Stable/CRISIL A1+'), GVR Infra Projects Ltd, and Goa
Tillari Irrigation Development Corporation Ltd. SECCPL has been
executing projects on a pan-India basis and its daily operations
are currently managed by Mr. M Padmiah and his sons, Mr. M Mahesh
Babu and Mr. M Ajay Babu. The promoters also manage another
entity, South East Projects Pvt Ltd, which does not have any
operations and debt in its books.

SECCPL reported a profit after tax (PAT) of INR46.9 million on
net sales of INR1.1 billion for 2010-11 (refers to financial
year, April 1 to March 31), as against a PAT of INR62.0 million
on net sales of INR783 million for 2009-10.


SRI MAHALAXMI: CRISIL Assigns 'CRISIL B' Rating to INR24MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Sri Mahalaxmi Cotton Mills.

   Facilities                       Ratings
   ----------                       -------
   INR24 Million Term Loan          CRISIL B/Stable (Assigned)
   INR47.5 Million Cash Credit      CRISIL B/Stable (Assigned)
   INR12.5 Million Proposed Long-   CRISIL B/Stable (Assigned)
   Term Bank Loan Facility

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

Outlook: Stable

CRISIL believes that SMCM will benefit from its promoter's
extensive industry experience, over the medium term. The outlook
may be revised to 'Positive' if SMCM generates more-than-expected
revenues and profitability, resulting in better cash accruals, or
if there is significant capital infusion, resulting in improved
capital structure. Conversely, the outlook may be revised to
'Negative' in case of less-than-expected revenues or
profitability, or if the firm undertakes additional debt-funded
capital expenditure programme over and above expected, leading to
weakening in its financial risk profile.

                     About Sri Mahalaxmi

Established in 2008 in Adialabad (Andhra Pradesh), SMCM is
engaged in the ginning and pressing of raw cotton (kapas) to make
cotton bales. It sells the cotton bales to various traders and
the cotton seed to various oil mills in the vicinity of the
plant. SMCM has a production capacity of about 500 bales per day.
The firm is promoted by Mr. G Vilas Kumar, who has nearly two
decades of experience in the ginning business. The firm has two
fully automated ginning units with each unit having 24 ginning
machines. The plant is spread over an area of 5 acres.

SMCM reported a profit after tax (PAT) of INR1.5 million on net
sales of INR569.8 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR1.1 million on net
sales of INR251.6 million for 2009-10.


SRI VIJAYALAKSHMI: Fitch Rates INR50-Mil. Credit Limit at 'B'
-------------------------------------------------------------
Fitch Rating has assigned India's Sri Vijayalakshmi Cement
Traders a National Long-Term rating of 'Fitch B(ind)'.  The
Outlook is Stable. Fitch has also assigned VLCT's INR50 million
cash credit limit 'Fitch B(ind)'/'Fitch A4(ind)' ratings.

The ratings are constrained by VLCT's high working capital
utilisation levels of over 90% in the last one year due to its
working capital intensity as goods are procured using cash, which
are then sold on a credit of up to 45 to 60 days.  This is, to
some extent, moderated by negligible inventory carried by the
firm. The ratings further reflect VLCT's thin EBITDA margins
ranging between 2.0% and 3.8% over the past four years, given the
inherent nature of the trading business.

Additionally, the ratings are capped by the prospect of VLCT
supporting a financially weaker partnership firm owned by the
same family, Sri Vijayalakshmi Steel Traders (VLST, 'Fitch
B(ind)'/Stable), resulting in a consolidated group being weaker
than VLCT on a standalone basis.

The rating also factor in VLCT's established position as a
stockist for major cement brands in India, low customer
concentration and its moderate interest coverage and net leverage
(net debt/EBITDAR).

The rating would be downgraded if the interest cover falls below
1.5x and/or net financial leverage exceeds 5.0x on a sustained
basis.  Conversely, the rating may be upgraded if net financial
leverage remains below 2.0x and interest cover above 3.25x on a
sustained basis.

VLCT and VLST are partnership firms, established in 1993 and
1999, respectively. VLCT trades in cement, while VLST trades in
iron and steel products.  In FY11 (year-end: March 2011), VLCT's
revenue was INR416.8m (FY10: INR422.9m), with an EBITDA margins
of 3.8% (2.7%), interest cover of 3.7x (3.0x), and net
debt/EBITDA of 2.5x (1.8x).  Revenue and EBITDA for H1FY12 stood
at INR216.0m and INR2.5m, respectively. On a consolidated basis,
revenue was INR2,189m (FY10: INR2,066.6m) in FY11, with an EBITDA
margin of 2.5% (2.2%), interest cover of 1.9x (2.0x) and net
leverage of 4.6x (4.7x).


TAN PRINTS: CRISIL Assigns 'CRISIL BB-' Rating to INR28.4MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Tan Prints (India) Pvt Ltd.  The ratings
reflect the extensive industry experience of TPIPL's promoters.

   Facilities                       Ratings
   ----------                       -------
   INR28.4 Million Term Loan        CRISIL BB-/Stable (Assigned)
   INR30 Million Cash Credit        CRISIL BB-/Stable (Assigned)
   INR25 Million Bank Guarantee     CRISIL A4+ (Assigned)

This rating strength is partially offset by TPIPL's weak
financial risk profile, marked by a small net worth, a high
gearing, and weak debt protection metrics, and small scale of
operations in the intensely competitive domestic printing
industry.

Outlook: Stable

CRISIL believes that TPIPL will maintain its established market
position over the medium term, backed by the increasing
requirements of its main customers and its group companies
Taxmann Publication Pvt Ltd and Taxmann Allied Services Pvt Ltd.
TPIPL is also expected to add new customers during this period.
The outlook may be revised to 'Positive' if the company improves
its operating revenues and profitability leading to more-than-
expected generation of healthy cash accruals. Conversely, the
outlook may be revised to 'Negative' if TPIPL undertakes a large,
debt-funded capital expenditure programme, thereby weakening its
capital structure, leading to deterioration in its debt
protection metrics.

                         About Tan Prints

Incorporated in 1996 and promoted by Mr. Rajul Bhargava, TPIPL
was originally set up as a proprietorship firm in 1980. The
company is engaged in the business of printing, binding, cover
designing, and binding of books; it also offers other peripheral
activities services to various publishers. Majority of TPIPL's
revenues are from its group companies TPPL and TASPL; business
secured from TPIPL's group companies contributes to around 75 per
cent of the company's total revenues.

TPIPL reported a profit after tax (PAT) of INR5.6 million on
operating income of INR120.6 million for 2010-11 (refers to
financial year, April 1 to March 31), against a PAT of
INR4.4 million on operating income of INR110.4 million for 2009-
10.


THATAVARTHI APPARELS: CRISIL Rates INR300MM Loan at 'CRISIL D'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the term loan
facility of Thatavarthi Apparels Ltd.  The rating reflects
instances of delay by TAL in servicing its term debt obligation;
the delays have been caused by the company's weak liquidity.

   Facilities                     Ratings
   ----------                     -------
   INR300 Million Term Loan       CRISIL D(Assigned)

The rating also factors in TAL's short track record of
operations. The company, however, benefits from its promoters'
extensive experience in the textile industry.

                   About Thatavarthi Apparels

TAL was incorporated on 1999 with the objective of manufacturing
cotton yarn. Its unit is situated at Kavur village in Guntur
District (Andhra Pradesh). The company set up a 16,320-spindles
unit for manufacturing 40s carded hosiery and 60s combed warp.
TAL commenced full-fledged operations from November 2011 against
the initial schedule of May 2011 because of delay in
construction. The total project cost of around INR400 million was
funded in a debt to equity ratio of 3:1. The company belongs to
Thatavarthi Group which is the manufacturer of 'Vilan' brand of
apparels which is into manufacturing of undergarments and T-
shirts.


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


MSH FORESTS: Owner Cuts Deal With IRD; Winds Up Investment Firms
----------------------------------------------------------------
BusinessDesk reports that former Hanover Finance director
Mark Hotchin cut a deal with the tax department after an audit of
one of his forestry investments forced him to wind up the
companies involved.

BusinessDesk relates that the first liquidators' report revealed
that Mr. Hotchin's MSH Forests and subsidiary DF Forestry
Holdings shut up shop in December after the investment companies
failed following the Inland Revenue investigation.

Mr. Hotchin, the sole director of the two entities, told
liquidators Tony Maginness and Boris van Delden -- of McDonald
Vague that the failure of the companies was due to the tax
department's audit, according to BusinessDesk.

That led to the IRD succeeding in claims against the companies
plus shortfall penalties, late penalties and interest, reports
BusinessDesk.

"The liquidators understand that a settlement was made between
the company and the Inland Revenue Department," the liquidators'
report said, according to BusinessDesk.  "At this time the terms
of the settlement are unknown."

BusinessDesk notes that Mr. Hotchin has had to deal with intense
scrutiny of his assets since the Securities Commission froze them
at the end of 2010 to stop him from transferring ownership as it
launched a probe into the affairs of Hanover Finance.

MSH Forests holds 95% of the stock in DF Forestry, with the
remainder owned by Silver Oak Holdings, a holding company jointly
owned by Nathans Finance directors Mervyn Doolan and John
Hotchin, the brother of Mark Hotchin, BusinessDesk discloses.


REGIS PARK: Blames Collapse on Transpower's Pylon Plan
------------------------------------------------------
Fairfax NZ News reports that the director of Regis Park Stage 2
Ltd, the property development company responsible for an
environmentally sustainable project in Whitford, said the success
of the scheme was scuppered by Transpower's pylon plan.

Transpower disputes the effects its North Island grid upgrade has
had on the Regis Park development, the report says.

According to the report, Regis Park went into liquidation last
month having completed and sold all the sites on the land around
Brownhill Rd, but director Wayne Allen said not at the prices
hoped for.

"The project struggled ever since Transpower put notification of
easement over the property," the report quotes Mr. Allen as
saying.  "We weren't sure what they were doing, we were left in
limbo for a year and couldn't sell the properties. Then the
economic conditions deteriorated."

Fairfax NZ relates that the project created 14 eco-friendly sites
using a low impact approach which minimised earthworks, and aimed
to work within the bounds of the natural topography rather than
against it.  Mr. Allen said the development included a stand of
regenerating native bush and "fantastic" sites, the report
relays.

Mr. Allen, as cited by Fairfax NZ, said the company accepted an
offer of compensation by Transpower because it felt pressured by
the banks.

Fairfax NZ notes that liquidation documents showed the Regis Park
Stage 2 Ltd project had a total shortfall of over NZ$6 million.

The papers show 24 creditors were known at the time of
liquidation, including councils, earthmovers and other
contractors, the report discloses.

Liquidator Mike Lamacraft of Meltzer Mason Heath says the company
has no assets and those owed money can expect no payment, Fairfax
NZ reports.


WILLIAM HILL: Receivers Sell Wine But Not the Business
------------------------------------------------------
John Edens at The Southland Times reports that William Hill
Winery receivers have sold 4,500 cases of wine, leaving 323 cases
unsold, in the winery.

William Hill Winery was a victim of the recession and went into
receivership in May 2009, owing NZ$4.23 million to secured
creditor Southland Building Society for property, stock and
equipment, according to The Southland Times.

The report notes that Wanaka-based accountant Alistair King and
chartered accountant Peter Heenan, of WHK Southland & Central
Otago, filed their fifth receivers' report at the end of last
year.  The Southland Times discloses that receivers' reports
revealed that they continued to market the business and related
assets for sale, including a 7.5-hectare vineyard, a 300-tonne
winery and equipment.

The Southland Times notes that cases of wine sold by the
business, which is leased by the receivers, included existing
stocks of William Hill-label wine and Shaky Bridge vintages.

The report notes that accounts till May last year include
NZ$818,885 in domestic sales and exports of NZ$63,000.  The
Southland Times relates that receivers advanced NZ$116,766 to
Southland Building Society, paid NZ$88,000 in excise tax,
NZ$58,280 in legal fees and operating expenses of NZ$210,163.

A further NZ$121,656 was repaid to SBS, while other secured
creditors include Quadrent, owed NZ$20,934 for wine racks and
burgundy barrels, and Ascend Finance in Palmerston North, owed
$310,497. Unsecured trade creditors were owed NZ$574,881 but the
report said a surplus from any sale was unlikely, the report
adds.

Receivers continued to market the business for sale and were
unable to say when proceedings would be completed.


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


* PHILIPPINES: Fitch Rates Global Bonds Due 2037 at 'BB+'
---------------------------------------------------------
Fitch Ratings has assigned the Republic of the Philippines'
upcoming USD-denominated global bonds due 2037 an expected 'BB+'
rating.  The final rating is contingent on the receipt of final
documentation conforming to information already received.


* PHILIPPINES: Moody's Assigns '(P)Ba2' to Global Bond Issue
------------------------------------------------------------
Moody's Investors Service will assign a provisional rating of
(P)Ba2 to the Philippine government's forthcoming global bond
issuance.

Ratings Rationale

Moody's upgraded the Philippines' foreign currency and local
currency sovereign ratings to Ba2 from Ba3 on June 15, 2011. The
rating outlook is stable.

The key drivers for the decision were: 1) significant progress on
fiscal consolidation; and 2) macroeconomic stability underpinned
by a strengthening external payments position, well-anchored
inflation expectations, and strong growth.

The rating is supported by sound macroeconomic policy management
as inflation has remained relatively subdued despite historically
high rates of growth in 2010. In addition to the deterioration in
external demand, real GDP growth in 2011 has been adversely
affected by the absence of a fiscal impulse. The Philippines'
external payments position continues to be bolstered by healthy
remittance inflows, as well as increasingly large receipts from
the business process outsourcing (BPO) sector. Coupled with
sizeable capital inflows, the robust current account surplus has
led to the accumulation of international reserves to $76.4
billion, or more than six-times residual short-term external debt
according to the BSP definition, as of end-November 2011.

The consolidation of government deficits over the past year have
resulted from a combination of expenditure restraint and, more
importantly, improved revenue performance despite a lack of tax
increases. The growth in tax revenues have outpaced that of
nominal GDP growth over the first 11 months of 2011, while adept
debt management has led to an 8.5% decrease in interest payments
over the same period. However, capital expenditures have fallen
behind target as the Aquino administration's cornerstone public-
private partnership (PPP) program for infrastructure development
has been slowly implemented. The facilitation of processes to
speed up the PPP program, in addition to a small fiscal stimulus
program, should help support economic growth in 2012 in the face
of slowing external demand.

The government also carries a large public-sector debt overhang
relative to its peers, but its borrowing requirements are amply
met by sufficient liquidity in the domestic market and favorable
access to the global bond market. In addition, lower risk and
inflation premia have contributed to a substantial decrease in
debt servicing costs over the past year.

The principal methodology used in this rating was Sovereign Bond
Methodology published in September 2008.


================
S R I  L A N K A
================


* SRI LANKA: Moody's Says Reform & Growth Would Ease Constraints
----------------------------------------------------------------
Moody's Investors Service notes that the Government of Sri
Lanka's B1 rating and positive outlook for its foreign-currency
obligations is based on an assessment of the country's low
economic and government financial strengths, moderate
institutional strengths and moderate susceptibility to event
risks.

The country's economic scale and diversity, and per capita income
level, are in line with most single B-rated sovereigns. However,
a peace dividend in the form of a pick-up in economic growth, if
sustained, should translate into greater credit strength. The
pace and permanence of an improvement in credit fundamentals will
also be determined by the success of ongoing structural and
fiscal reforms.

The methodological assessment was contained in Moody's latest
annual report on Sri Lanka which sees financial weaknesses as a
key rating constraint. This arises from the legacy of large
budget deficits from the civil war years which ended in 2009, and
which have contributed to a large government debt overhang.

Sri Lanka's fiscal space and flexibility are constrained, in
comparison to most other sovereigns, and could prove vulnerable
to shocks, although contingent liabilities from state enterprises
and the banking sector are currently remote.

However, Moody's assessment of government financial strength
would improve if the favorable trend in debt dynamics proves
ongoing, the recently enacted fiscal reforms continue to perform
well, and if strong economic growth is sustained and the external
balance of payments strengthen over time.

Looking ahead, in view of Sri Lanka's shallow capital markets and
relatively modest level of gross domestic savings, Moody's will
continue to place credit emphasis on an improvement in fiscal
management.

The report notes that the positive outlook announced in July 2011
was prompted by an increasingly evident peace dividend, as
reflected in greater macroeconomic and financial stability, a
policy orientation of fiscal reform and economic growth,
supported by a successful IMF program, and a reduction in
political event risk following the end of the civil war in 2009.

However, a deepening current account deficit and lower-than-
expected foreign exchange reserve level projected for the end of
2011 suggests that external vulnerability event risk has not yet
receded to a low level and remains moderate.

With a population of 20 million and a $50 billion economy in
2010, Sri Lanka is wealthier than all its neighbors in the Indian
subcontinent by per-capita income. Yet Sri Lanka's $5,040 per
capita income, on a purchasing power basis (as of 2010), is
slightly lower than the Ba3- to B2-peer median of $5,152.

Another noteworthy point is an unblemished track record of debt-
servicing. Except for a voluntary relaxation of payment terms by
the Paris Club in 2005 on account of the tsunami in December 2004
-- which affected $227 million in principal and interest payments
out of the then-external debt stock of $13 billion -- Sri Lanka
has never restructured, or defaulted on sovereign debt.

In combination with a relatively low level of per capita income
overall, its political Voice and Accountability governance
indicator points to a heightened susceptibility to domestic
political event risk, says the Moody's report. The reintegration
of the Tamil minority in the war-torn northeast region is
progressing, but the process of political reconciliation is at an
early stage.


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


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                                          Total
                                        Total      Shareholders
                                       Assets            Equity
  Company                Ticker       (US$MM)           (US$MM)
  -------                ------        ------      ------------


AUSTRALIA

ADAMUS RESOURCES          ADU          200.07         -1.29
APN EUROPEAN PRO          AEZ          563.10        -79.26
AUSTAR UNITED             AUN          734.96       -173.09
AUSTRALIAN ZI-PP          AZCCA         77.74         -2.57
AUSTRALIAN ZIRC           AZC           77.74         -2.57
AUTRON CORP LTD           AAT           32.50        -13.46
AUTRON CORP LTD           AAT           32.50        -13.46
BIRON APPAREL LT          BIC           19.71         -2.22
CENTRO PROPERTIE          CNP       15,483.44       -349.73
MACQUARIE ATLAS           MQA        1,894.75       -230.50
MISSION NEWENER           MBT           39.20        -31.86
NATIONAL LEISURE          NLG          154.59        -34.49
NATURAL FUEL LTD          NFL           19.38       -121.51
ORION GOLD NL             ORN           11.35         -4.05
POWERLAN LTD              PWR           30.18        -12.07
REDBANK ENERGY L          AEJ          377.31        -22.16
RENISON CONSOLID          RSN           10.20        -22.16
RENISON CONSO-PP          RSNCK         10.20        -22.16
RIVERCITY MOTORW          RCY          386.88       -809.14
SCIGEN LTD-CUFS           SIE           68.70        -42.35
STERLING BIOFUEL          SBI           20.58         -1.88
SVC GROUP LTD             SVC           13.47         -1.66


CHINA

BAOCHENG INVESTM          600892        43.73         -3.94
CHENGDE DALU -B           200160        33.15         -5.30
CHENGDU UNION-A           693           32.68        -15.13
CHINA FASHION             CFH           10.11         -0.76
CHINA KEJIAN-A            35           103.72       -192.59
CONTEL CORP LTD           CTEL          59.32        -45.72
DONGXIN ELECTR-A          600691        14.82        -23.94
GUANGDONG ORIE-A          600988        15.71         -3.91
GUANGDONG SUNR-A          30           111.22          0.00
GUANGDONG SUNR-B          200030       111.22          0.00
GUANGXIA YINCH-A          557           19.49        -44.84
HEBEI BAOSHUO -A          600155       141.30       -414.58
HEBEI JINNIU C-A          600722       240.40        -64.41
HUASU HOLDINGS-A          509           94.81        -12.27
HUNAN ANPLAS CO           156           45.35        -32.70
JILIN PHARMACE-A          545           34.73         -7.31
JINCHENG PAPER-A          820          198.46       -130.71
QINGDAO YELLOW            600579       218.06        -21.01
SHANGHAI WORLDBE          600757        14.33         -0.07
SHANXI LEAD IN-A          673           19.29         -1.82
SHENZ CHINA BI-A          17            20.97       -266.50
SHENZ CHINA BI-B          200017        20.97       -266.50
SHENZ INTL ENT-A          56           256.62        -28.92
SHENZ INTL ENT-B          200056       256.62        -28.92
SHENZHEN DAWNC-A          863           26.83       -165.43
SHENZHEN KONDA-A          48           122.96         -7.23
SHIJIAZHUANG D-A          958          217.74        -95.97
SICHUAN DIRECT-A          757           96.63       -170.70
SICHUAN GOLDEN            600678       201.92       -115.27
TAIYUAN TIANLO-A          600234        67.43        -22.23
TIANJIN MARINE            600751       114.38        -61.31
TIANJIN MARINE-B          900938       114.38        -61.31
TIBET SUMMIT I-A          600338        85.56         -3.87
TOPSUN SCIENCE-A          600771       137.37        -85.06
WUHAN BOILER-B            200770       317.76       -162.36
WUHAN GUOYAO-A            600421        11.22        -28.07
WUHAN LINUO SOLA          600885       106.01         -9.03
XIAMEN OVERSEA-A          600870       257.06       -137.85
XIAN HONGSHENG-A          600817        15.98       -296.67
YANBIAN SHIXIA-A          600462       204.56        -22.61
YANTAI YUANCHE-A          600766        63.90         -6.36
YIBIN PAPER IN-A          600793       144.18         -2.37
YUEYANG HENGLI-A          622           37.67        -21.61


HONG KONG
                                         0.00          0.00
BEP INTL HLDGS L          2326          10.32         -1.83
BUILDMORE INTL            108           16.57        -57.57
CHINA COMMUNICAT          8206          11.52        -27.35
CHINA HEALTHCARE          673           37.18        -12.58
CHINA NEW ENERGY          1041         110.74        -80.18
CHINA OCEAN SHIP          651          485.84         -2.95
CHINA PACKAGING           572           19.73        -16.87
CMMB VISION HOLD          471           30.68        -17.93
EGANAGOLDPFEIL            48           557.89       -132.86
FIRST NTUL FOODS          1076          14.94        -56.59
FU JI FOOD & CAT          1175          73.43       -389.20
LUNG CHEONG INTL          348           62.04         -0.37
MELCOLOT LTD              8198          51.52        -55.33
MITSUMARU EAST K          2358          24.87        -16.51
PALADIN LTD               495          158.18        -11.60
PCCW LTD                  8          6,248.35        -31.61
PROVIEW INTL HLD          334          314.87       -294.85
REORIENT GROUP            376           15.67        -14.24
SINO RESOURCES G          223           15.55        -33.59
SMART UNION GP            2700          41.81        -38.85
SUNLINK INTL HLD          2336          17.79        -36.13
SURFACE MOUNT             SMT           95.95         -2.48
TACK HSIN HLDG            611           68.05        -67.58


INDONESIA

ARPENI PRATAMA            APOL         613.56       -124.15
ASIA PACIFIC              POLY         429.86       -844.66
ERATEX DJAJA              ERTX          11.52        -21.74
HANSON INTERNATI          MYRX          33.41         -7.32
HANSON INT-PREF           MYRXP         33.41         -7.32
JAKARTA KYOEI ST          JKSW          30.64        -43.02
MITRA INTERNATIO          MIRA       1,070.80       -443.66
MITRA RAJASA-RTS          MIRA-R2    1,070.80       -443.66
MULIA INDUSTRIND          MLIA         493.52        -46.89
PANASIA FILAMENT          PAFI          34.26        -18.96
PANCA WIRATAMA            PWSI          30.18        -37.45
TOKO GUNUNG AGUN          TKGA          13.76         -0.87
UNITEX TBK                UNTX          17.85        -17.89


INDIA

ALPS INDUS LTD            ALPI         288.11         -7.01
AMIT SPINNING             AMSP          20.43         -1.96
ARTSON ENGR               ART           23.87         -0.60
ASHAPURA MINECHE          ASMN         191.87        -68.03
ASHIMA LTD                ASHM          63.23        -48.94
ATV PROJECTS              ATV           60.17        -54.25
BELLARY STEELS            BSAL         451.68       -108.50
BHAGHEERATHA ENG          BGEL          22.65        -28.20
BLUE BIRD INDIA           BIRD         122.02        -59.13
CAMBRIDGE SOLUTI          CAMB         149.58        -56.66
CELEBRITY FASHIO          CFLI          36.61         -6.76
CFL CAPITAL FIN           CEATF         12.36        -49.56
COMPUTERSKILL             CPS           14.90         -7.56
CORE HEALTHCARE           CPAR         185.36       -241.91
DCM FINANCIAL SE          DCMFS         17.10         -9.46
DFL INFRASTRUCTU          DLFI          42.74         -6.49
DIGJAM LTD                DGJM          99.41        -22.59
DUNCANS INDUS             DAI          133.65       -205.38
FIBERWEB INDIA            FWB           12.23        -16.21
GANESH BENZOPLST          GBP           48.95        -22.44
GEM SPINNERS LTD          GEMS          14.58         -1.16
GSL INDIA LTD             GSL           29.86        -42.42
HARYANA STEEL             HYSA          10.83         -5.91
HENKEL INDIA LTD          HNKL          88.83        -36.09
HIMACHAL FUTURIS          HMFC         406.63       -210.98
HINDUSTAN PHOTO           HPHT          74.44     -1,519.11
HINDUSTAN SYNTEX          HSYN          15.20         -3.81
HMT LTD                   HMT          133.66       -500.46
ICDS                      ICDS          13.30         -6.17
INTEGRAT FINANCE          IFC           49.83        -51.32
JAGSON AIRLINES           JGA           11.31         -0.41
JCT ELECTRONICS           JCTE         104.55        -68.49
JD ORGOCHEM LTD           JDO           10.46         -1.60
JENSON & NIC LTD          JN            18.05        -86.40
JIK INDUS LTD             KFS           20.63         -5.62
JOG ENGINEERING           VMJ           50.08        -10.08
KALYANPUR CEMENT          KCEM          33.31        -30.53
KDL BIOTECH LTD           KOPD          14.66         -9.41
KERALA AYURVEDA           KRAP          13.97         -1.69
KIDUJA INDIA              KDJ           17.15         -2.28
KINGFISHER AIR            KAIR       1,935.94       -661.89
KINGFISHER A-SLB          KAIR/S     1,935.94       -661.89
KITPLY INDS LTD           KIT           37.68        -45.35
LLOYDS FINANCE            LYDF          21.65        -11.39
LLOYDS STEEL IND          LYDS         510.00        -48.98
LML LTD                   LML           65.26        -56.77
MADRAS FERTILIZE          MDF          143.14        -99.28
MAHA RASHTRA APE          MHAC          22.23        -15.85
MARKSANS PHARMA           MRKS         110.32        -14.04
METROGLOBAL LTD           MGLB          14.98         -7.51
MILLENNIUM BEER           MLB           52.23         -5.22
MILTON PLASTICS           MILT          18.65        -52.29
MODERN DAIRIES            MRD           38.41         -0.45
MTZ POLYFILMS LT          TBE           31.94         -2.57
MYSORE PAPER              MSPM          97.02        -15.69
NATH PULP & PAP           NPPM          14.50         -0.63
NICCO CORP LTD            NICC          78.28         -4.14
NICCO UCO ALLIAN          NICU          32.23        -71.91
NK INDUS LTD              NKI          141.35         -7.71
NUCHEM LTD                NUC           24.72         -1.60
PANCHMAHAL STEEL          PMS           51.02         -0.33
PARASRAMPUR SYN           PPS           99.06       -307.14
PAREKH PLATINUM           PKPL          61.08        -88.85
PIRAMAL LIFE SC           PLSL          51.20        -64.85
PREMIER SYNTHET           PRS           12.55         -8.26
QUADRANT TELEVEN          QDTV         188.57       -116.81
QUINTEGRA SOLUTI          QSL           24.66        -11.51
RAJ AGRO MILLS            RAM           10.21         -0.61
RATHI ISPAT LTD           RTIS          44.56         -3.93
REMI METALS GUJA          RMM          101.32        -17.12
RENOWNED AUTO PR          RAP           14.12         -1.25
ROLLATAINERS LTD          RLT           22.97        -22.24
ROYAL CUSHION             RCVP          18.88        -81.42
SADHANA NITRO             SNC           18.21         -0.73
SAURASHTRA CEMEN          SRC          106.01         -2.81
SCOOTERS INDIA            SCTR          19.43        -10.78
SEN PET INDIA LT          SPEN          11.58        -26.67
SHAH ALLOYS LTD           SA           213.69        -39.95
SHALIMAR WIRES            SWRI          25.78        -38.78
SHAMKEN COTSYN            SHC           23.13         -6.17
SHAMKEN MULTIFAB          SHM           60.55        -13.26
SHAMKEN SPINNERS          SSP           42.18        -16.76
SHREE GANESH FOR          SGFO          44.50         -2.89
SHREE KRISHNA             SHKP          19.89         -0.71
SHREE RAMA MULTI          SRMT          62.15        -42.08
SIDDHARTHA TUBES          SDT           76.98        -12.45
SOUTHERN PETROCH          SPET         407.16       -200.86
SQL STAR INTL             SQL           10.58         -3.28
STERLING HOL RES          SLHR          66.77         -2.85
STI INDIA LTD             STIB          35.39         -0.54
STORE ONE RETAIL          SORI          15.48        -59.09
SUPER FORGINGS            SFS           17.83         -6.37
TATA TELESERVICE          TTLS       1,311.30       -138.25
TATA TELE-SLB             TTLS/S     1,311.30       -138.25
TODAYS WRITING            TWPL          44.08         -5.32
TRIUMPH INTL              OXIF          58.46        -14.18
TRIVENI GLASS             TRSG          24.23        -12.34
TUTICORIN ALKALI          TACF          19.13        -16.31
UNIFLEX CABLES            UFC           47.46         -7.49
UNIFLEX CABLES            UFCZ          47.46         -7.49
UNIMERS INDIA LT          HDU           18.08         -5.86
UNITED BREWERIES          UB         3,067.32       -137.09
UNIWORTH LTD              WW           168.36       -155.74
UNIWORTH TEXTILE          FBW           20.57        -37.60
USHA INDIA LTD            USHA          12.06        -54.51
VANASTHALI TEXT           VTI           25.92         -0.15
VENTURA TEXTILES          VRTL          14.33         -1.91
VENUS SUGAR LTD           VS            11.06         -1.08


JAPAN

CROWD GATE CO             2140          11.63         -4.29
DDS INC                   3782          18.69         -0.08
FUJITSU COMP LTD          6719         398.22         -2.90
ISHII HYOKI CO            6336         201.38        -12.95
KANMONKAI CO LTD          3372          68.26         -2.44
KFE JAPAN CO LTD          3061          17.86         -2.27
L CREATE CO LTD           3247          42.34         -9.15
MEIHO ENTERPRISE          8927          76.16        -18.35
MISONOZA THEATRI          9664          71.18         -4.66
NEXT JAPAN HOLDI          2409         177.68         -5.08
NIS GROUP CO LTD          NISZ         477.70        -75.44
NIS GROUP CO LTD          8571         477.70        -75.44
PROMISE CO LTD            8574      11,162.39       -661.54
PROPERST CO LTD           3236         305.90       -330.20
TOYO KNIFE CO             5964          74.73         -5.55


KOREA

DAISHIN INFO              20180        740.50       -158.45
HANIL ENGINEERIN          6440         880.70        -22.42
KUKDONG CORP              5320          53.07         -1.85
ORICOM INC                10470         82.65        -40.04
PLA CO LTD                82390         14.95        -21.43
SUNGJEE CONSTRUC          5980         114.91        -83.19
YOUILENSYS CORP           38720        166.70        -12.34


MALAYSIA

BANENG HOLDINGS           BANE          38.70        -17.29
HAISAN RESOURCES          HRB           69.11         -4.68
HO HUP CONSTR CO          HO            65.87        -11.56
LUSTER INDUSTRIE          LSTI          19.28         -7.15
MITHRIL BHD               MITH          23.78         -5.70
NGIU KEE CO-BHD           NKC           14.19        -12.76
VTI VINTAGE BHD           VTI           20.92         -3.48


PHILIPPINES

CYBER BAY CORP            CYBR          13.99        -95.62
FIL ESTATE CORP           FC            40.90        -15.77
FILSYN CORP A             FYN           23.81        -11.69
FILSYN CORP. B            FYNB          23.81        -11.69
GOTESCO LAND-A            GO            21.76        -19.21
GOTESCO LAND-B            GOB           21.76        -19.21
PICOP RESOURCES           PCP          105.66        -23.33
STENIEL MFG               STN           17.61        -11.14
SYNERGY GRID & D          SGP          236.14        -17.93
UNIWIDE HOLDINGS          UW            50.36        -57.19
VICTORIAS MILL            VMC          164.26        -18.20


SINGAPORE

ADV SYSTEMS AUTO          ASA           20.62        -11.82
ADVANCE SCT LTD           ASCT          25.29        -10.05
HL GLOBAL ENTERP          HLGE          91.74        -10.10
LINDETEVES-JACOB          LJ            22.43         -6.01
NEW LAKESIDE              NLH           19.34         -5.25
SUNMOON FOOD COM          SMOON         19.85        -13.04
TT INTERNATIONAL          TTI          233.01        -78.01


THAILAND

ABICO HLDGS-F             ABICO/F       15.28         -4.40
ABICO HOLDINGS            ABICO         15.28         -4.40
ABICO HOLD-NVDR           ABICO-R       15.28         -4.40
ASCON CONSTR-NVD          ASCON-R       59.78         -3.37
ASCON CONSTRUCT           ASCON         59.78         -3.37
ASCON CONSTRU-FO          ASCON/F       59.78         -3.37
BANGKOK RUBBER            BRC           91.32       -113.78
BANGKOK RUBBER-F          BRC/F         91.32       -113.78
BANGKOK RUB-NVDR          BRC-R         91.32       -113.78
CALIFORNIA W-NVD          CAWOW-R       33.30        -10.09
CALIFORNIA WO-FO          CAWOW/F       33.30        -10.09
CALIFORNIA WOW X          CAWOW         33.30        -10.09
CIRCUIT ELEC PCL          CIRKIT        16.79        -96.30
CIRCUIT ELEC-FRN          CIRKIT/F      16.79        -96.30
CIRCUIT ELE-NVDR          CIRKIT-R      16.79        -96.30
DATAMAT PCL               DTM           12.69         -6.13
DATAMAT PCL-NVDR          DTM-R         12.69         -6.13
DATAMAT PLC-F             DTM/F         12.69         -6.13
ITV PCL                   ITV           37.10       -118.46
ITV PCL-FOREIGN           ITV/F         37.10       -118.46
ITV PCL-NVDR              ITV-R         37.10       -118.46
K-TECH CONSTRUCT          KTECH/F       38.87        -46.47
K-TECH CONSTRUCT          KTECH         38.87        -46.47
K-TECH CONTRU-R           KTECH-R       38.87        -46.47
KUANG PEI SAN             POMPUI        17.70        -12.74
KUANG PEI SAN-F           POMPUI/F      17.70        -12.74
KUANG PEI-NVDR            POMPUI-R      17.70        -12.74
PATKOL PCL                PATKL         52.89        -30.64
PATKOL PCL-FORGN          PATKL/F       52.89        -30.64
PATKOL PCL-NVDR           PATKL-R       52.89        -30.64
PICNIC CORP-NVDR          PICNI-R      101.18       -175.61
PICNIC CORPORATI          PICNI/F      101.18       -175.61
PICNIC CORPORATI          PICNI        101.18       -175.61
PONGSAAP PCL              PSAAP/F       13.02         -1.77
PONGSAAP PCL              PSAAP         13.02         -1.77
PONGSAAP PCL-NVD          PSAAP-R       13.02         -1.77
SAHAMITR PRESS-F          SMPC/F        27.92         -1.48
SAHAMITR PRESSUR          SMPC          27.92         -1.48
SAHAMITR PR-NVDR          SMPC-R        27.92         -1.48
SUNWOOD INDS PCL          SUN           19.86        -13.03
SUNWOOD INDS-F            SUN/F         19.86        -13.03
SUNWOOD INDS-NVD          SUN-R         19.86        -13.03
THAI-DENMARK PCL          DMARK         15.72        -10.10
THAI-DENMARK-F            DMARK/F       15.72        -10.10
THAI-DENMARK-NVD          DMARK-R       15.72        -10.10
TRANG SEAFOOD             TRS           13.90         -3.59
TRANG SEAFOOD-F           TRS/F         13.90         -3.59
TRANG SFD-NVDR            TRS-R         13.90         -3.59
TT&T PCL                  TTNT         615.73       -210.36
TT&T PCL-NVDR             TTNT-R       615.73       -210.36
TT&T PUBLIC CO-F          TTNT/F       615.73       -210.36


TAIWAN

BEHAVIOR TECH CO          2341S         41.94         -1.02
BEHAVIOR TECH CO          2341          41.94         -1.02
BEHAVIOR TECH-EC          2341O         41.94         -1.02
CHIEN TAI CEMENT          1107         195.99        -57.35
HELIX TECH-EC             2479T         23.39        -24.12
HELIX TECH-EC IS          2479U         23.39        -24.12
HELIX TECHNOL-EC          2479S         23.39        -24.12
TAIWAN KOL-E CRT          1606U        507.21       -147.14
TAIWAN KOLIN-EN           1606V        507.21       -147.14
TAIWAN KOLIN-ENT          1606W        507.21       -147.14
VERTEX PREC-ENTL          5318T         42.24         -5.08
VERTEX PRECISION          5318          42.24         -5.08


                             *********

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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