TCRAP_Public/120109.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

             Monday, January 9, 2012, Vol. 15, No. 6

                            Headlines


A U S T R A L I A

KAILIS ORGANIC: Attracts More Than 40 Potential Bidders
TRANSPACIFIC INDUSTRIES: Sued by Founder Over Failed Bid


C H I N A

CDC CORP: CRO Role Expanded; Plan Exclusivity Shortened
CDC CORP: Wants Kobre & Kim to Handle Evolution Matters
TRIDENT MICROSYSTEMS: Files for Bankruptcy in US & Cayman Islands


H O N G  K O N G

6 RAM: Creditors' Proofs of Debt Due Feb. 6
FUTUREX INTERNATIONAL: Creditors' Proofs of Debt Due Feb. 6
G-CHANNELS LIMITED: Kong Chi How Johnson Steps Down as Liquidator
KEEVIL COMPANY: Placed Under Voluntary Wind-Up Proceedings
L & P LIMITED: Lo Wing Hung Steps Down as Liquidator

MASSIVE MARINE: Creditors' Proofs of Debt Due Feb. 3
NARVENT PCB: Cheung Kwok Chun Steps Down as Liquidator
REALTY GARDENS: Placed Under Voluntary Wind-Up Proceedings
ROME RIDE: Members' Meeting Set for Jan. 17
ROSEVILLE ENTERPRISES: Creditors' Proofs of Debt Due Feb. 7

SOMARGAS LIMITED: Lam and Boswell Step Down as Liquidators
SOUTH CHINA: Creditors' Proofs of Debt Due Feb. 15
SPILA SERVICES: Creditors' Proofs of Debt Due Feb. 6
TUNG WAH: Pui Chiu Wing Appointed as Liquidator
WONG TAI: Chan Yui Hang Appointed as Liquidator


I N D I A

3 K PRIME: ICRA Assigns 'ICRA]BB' Rating to INR8.5cr Cash Credit
ARYAN PAPER: ICRA Reaffirms '[ICRA]BB' Term Loan Rating
BALAJI ACTION: ICRA Reaffirms '[ICRA]BB+' Term Loan Rating
BANNARI AMMAN: Fitch Lowers Rating on Three Loan Classes to 'D'
BISHAN SAROOP: ICRA Places '[ICRA]B+' Rating to INR50cr Bank Loan

CORE EDUCATION: S&P Assigns 'B+' Corporate Credit Rating
DEV COTTON: ICRA Assigns '[ICRA]B+' Rating to INR2cr Cash Credit
KEYSTONE INFRACON: ICRA Puts '[ICRA]D' Rating on INR28.26cr Loan
KINGFISHER AIRLINES: SBI Calls Carrier A Non-Performing Asset
KIZ FOODS: ICRA Places '[ICRA]BB-' Rating on INR3.2cr Cash Credit

METROCITY TILES: ICRA Reaffirms '[ICRA]BB' Cash Credit Rating
RP MULTIMETALS: ICRA Assigns '[ICRA]BB-' Rating to INR10cr Loan
SFPL CROP: ICRA Cuts Rating on INR7cr LT Loan to '[ICRA]B'


J A P A N

ELPIDA MEMORY: Seeks JPY40-Bil. Aid From 10 Business Partners
OLYMPUS CORP: Former CEO to Sue Company Over Dismissal


P H I L I P P I N E S

* PHILIPPINE: S&P Assigns 'BB' Rating on Senior Unsecured Debt


                            - - - - -


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


KAILIS ORGANIC: Attracts More Than 40 Potential Bidders
-------------------------------------------------------
Rachel Donkin at The West Australian reports that more than 40
potential bidders from as far as North America have emerged for
Kailis Organic Olive Groves as receivers seek to finalize the
sale of the collapsed business.

Founder Mark Kailis, The West Australian relates, is understood
to be working on putting together a deed of company arrangement
for the business, which would deliver a return to unsecured
creditors.

According to the report, Mr. Kailis called in administrators from
McGrathNicol in November after an attempt to raise fresh capital
failed, with secured lender Westpac, who is owed an estimated
$15 million, later sending in receivers to protect its position.
The business had struggled to remain competitive against cheap
imports.

After an international advertising campaign, the report relates,
KordaMentha receiver Scott Langdon -- slangdon@kordamentha.com --
said more than 40 interested parties across Australia, Asia, and
North America have entered a data room for the business ahead of
a February 3 deadline for formal offers.

The West Australian relates that Mr. Langdon said KordaMentha
hoped to achieve a higher sale price than the AUD19.7 million
Kailis paid for the olive properties, given the trees had matured
further from another year in the ground and the processing
business would be sold as a going concern with distribution
through 500 retailers in Australia and export links to seven
countries.

A second meeting of creditors held in December was adjourned to
allow Mr. Kailis and fellow directors time to put together a
proposal for the business, the report notes.

                       About Kailis Organic

Based in Osborne Park, Australia, Kailis Organic Olive Groves
Limited -- http://www.kailisorganic.com/-- engages in the
organic olive grove management, olive processing, packaging,
marketing, and sale of organic extra virgin olive oil.

James Thackray -- jthackray@mcgrathnicol.com -- and Shaun Fraser
-- sfraser@mcgrathnicol.com -- of McGrathNichol in Perth have
been appointed voluntary administrators of Kailis Organic Olive
Groves, Kailis Olive Processing, Everyday Organic and Organic
Olive Management, according to SmartCompany.  Unsecured creditors
are owed about AUD2 million, including employees, shareholder
loans and suppliers.


TRANSPACIFIC INDUSTRIES: Sued by Founder Over Failed Bid
--------------------------------------------------------
Anthony Marx at goldcoast.com.au reports that the multi-
millionaire founder of Transpacific Industries is suing the waste
management company he founded 30 years ago.

Three entities controlled by Terry Peabody, a former chairman of
Transpacific, have launched the proceeding against the loss-
making waste management group, goldcoast.com.au says.

According to the report, the entities allege Transpacific failed
to accept the highest bid made to secure take-up rights as part
of a re-financing and debt reduction scheme launched by the
company in October.

As a result, Mr. Peabody's entities Brenzil, Tandom and Filmore
-- which in total own 178 million Transpacific shares -- lost
AUD4.58 million, the lawsuit claims, goldcoast.com.au relates.

Transpacific said Jan. 4 it denied any liability and intended to
"defend the proceedings vigorously," the report adds.

Transpacific Industries Group Ltd (ASX:TPI) --
http://www.transpacific.com.au/-- is Australia-based company.
Its principal activities include solid waste, including its
collection, transportation, recycling, disposal at, and
management of landfills; management of liquid waste, including
its collection, transportation, treatment and disposal; the
collection, re-refining, processing and sale of hydrocarbon and
cooking oils; site remediation, contaminated site clean-up,
dredging, composting and biosolids management; industrial
solutions including industrial cleaning, high pressure water
blasting, total waste management business solutions and lease out
of parts washers; commercial vehicles and parts importing and
sales and manufacturing of parts for washer machines, waste
compaction systems and bins.


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


CDC CORP: CRO Role Expanded; Plan Exclusivity Shortened
-------------------------------------------------------
CDC Corporation seeks to expand the scope of employment of Finley
Colmer and Company as chief restructuring officer according to a
Second Amended Engagement Agreement.

The Debtor first obtained U.S. Bankruptcy Court permission in
November to employ the firm's Marcus A. Watson as CRO.  On
Dec. 5, 2011, the United States Trustee and Evolution CDC SPV
Ltd., Evolution Master Fund Ltd., SPC, Segregated Portfolio, and
E1 Fund Ltd. each filed motions for the appointment of a Chapter
11 Trustee.  The Court held hearings on the Trustee Motions on
Dec. 19 and 20, at which time the presentation of evidence by all
parties to the Trustee Motions was completed.  At the hearings,
the parties announced an agreement -- subject to approval of the
Debtor's Board of Directors -- to resolve the Trustee Motions by
way, inter alia, of expanding the duties of the CRO.

The Debtor's Board of Directors has approved the Second Amended
Engagement Agreement with the CRO.  The Second Amended Engagement
Agreement no longer calls for the CRO's engagement to expire on
Jan. 31, 2012, and no longer calls for any of the CRO's decisions
in the complete exercise of Debtor management to be subject to
Board approval.

The Debtor also seeks approval of a stipulation with the U.S.
Trustee and Evolution, which provides that:

     (a) If and when the U.S. Trustee appoints an Official
         Committee of Equity Security Holders in this case,
         Evolution, Peter Yip, the Debtor, and CDC Software will
         not object to the composition of the Committee.

     (b) The exclusivity period under 11 U.S.C. Sec. 1121(b) will
         expire or be deemed lifted, without further notice,
         hearing or order of the Court, on the earliest of (i)
         Jan. 31, 2012; (ii) the filing by the Debtor of a
         Section 363 motion to sell all of the Debtor's interest
         in CDC Software (or a sufficient amount of such interest
         to result in consideration to the estate in an amount
         that will exceed the full amount owing to all
         creditors); or (iii) the Debtor's filing of a Chapter 11
         plan of reorganization or liquidation.

     (c) No parties to the settlement will seek any earlier
         termination of exclusivity.

     (d) The Parties will not continue to press pending F.R.B.P.
         Rule 2004 discovery requests or issue new requests
         except as to (i) contested matters or adversary
         proceedings filed after Dec. 20, 2011, and (ii) certain
         e-mails sent or received by Peter Yip between the period
         of June 28, 2011, and Dec. 20, 2011, remaining to be
         produced pursuant to prior pending discovery requests.

     (e) The Trustee Motion filed by Evolution will be withdrawn
         without prejudice.

Finley Colmer may be reached at:

         FINLEY COLMER AND COMPANY
         5565 Glenridge Connector, Suite 200
         Atlanta, GA 30342
         Tel: (770) 668-0637
         Fax: (678) 579-5808
         E-mail: pwc@finleycolmer.com

                          About CDC Corp

Based in Atlanta, CDC Corp. (Nasdaq: CHINA) --
http://www.cdccorporation.net/-- is the parent company of CDC
Software (Nasdaq: CDCS).  CDC Software is based dually in
Shanghai, China, and Atlanta and produces enterprise software
applications, IT consulting services, outsourced applications
development and IT staffing.  The company's owners include Asia
Pacific Online Ltd., Xinhua News Agency and Evolution Capital
Management.

CDC Corporation, doing business as Chinadotcom, filed a Chapter
11 petition (Bankr. N.D. Ga. Case No. 11-79079) on Oct. 4, 2011.
James C. Cifelli, Esq., at Lamberth, Cifelli, Stokes & Stout, PA,
in Atlanta, Georgia, serves as counsel.  Moelis & Company LLC
serves as its financial advisor and investment banker.  Marcus A.
Watson at Finley Colmer and Company serves as chief restructuring
officer.  The Debtor estimated assets and debts at $100 million
to $500 million as of the Chapter 11 filing.


CDC CORP: Wants Kobre & Kim to Handle Evolution Matters
-------------------------------------------------------
CDC Corporation asks the U.S. Bankruptcy Court for approval of
its employment of Kobre & Kim LLP as special litigation counsel
in connection with:

     -- pending cases involving Evolution CDC SPV Ltd., Evolution
        Master Fund Ltd., SPC, Segregated Portfolio, and E1 Fund
        Ltd.; and

     -- potential litigation issues that might arise in
        connection with transactions contemplated pursuant to the
        Debtor's engagement letter with Moelis & Company LLC, the
        Debtor's financial advisor and investment banker.

On Dec. 18, 2009, Evolution filed suit against the Debtor in the
Supreme Court of the State of New York, County of New York,
demanding payment of the remaining principal portion of the 3.75%
Senior Exchangeable Convertible Notes due November 2011 held by
them, together with accrued, retroactive, and default interest.
Evolution also alleged default under the Notes.

On June 28, 2011, the New York Court granted Evolution's motion
for summary judgment with respect to Evolution's case against the
Debtor.

The Debtor filed a separate lawsuit against Evolution, in which
the Debtor is seeking injunctive relief, monetary damages in
excess of US$295 million and punitive damages in excess of
US$500 million, and in which the Debtor has moved to allege that
Evolution: (i) communicated confidential and material non-public
information to third parties, including hedge funds that have
traded the Debtor's stock; (ii) sought to interfere with the
Debtor's plans for the initial public offering of its subsidiary,
CDC Software Corporation; and (iii) sought to otherwise
tortiously interfere with the operations and control of the
Debtor.

Under the terms of the Moelis engagement letter, Moelis is to
assist the Debtor in connection with (1) any Debt Capital
Transaction, (2) any Equity Capital Transaction, (3) any Division
Sale Transaction, (4) any CDC Software Sale Transaction, and (5)
any Restructuring Transaction.  The Transaction ultimately
entered into by Debtor is anticipated to pay or resolve the
Evolution claim and judgment.

Michael S. Kim, Esq., at Kobre & Kim LLP, will lead the
engagement.  He attests that his firm represents no interest
adverse to Debtor or the bankruptcy estate in the matters upon
which it is to be engaged.

The firm's attorneys charge US$400 to US$825 per hour, with the
exception of one of its partners who are English Queen's Counsel
whose rates are GBP750 per hour, which amount will be converted
to US dollars upon invoicing at the then current exchange rate.
Non-lawyer paraprofessionals charge a blended rate of US$250 per
hour.

The firm may be reached at:

         Michael S. Kim, Esq.
         KOBRE & KIM LLP
         800 Third Avenue
         New York, NY 10022
         Tel: 212-488-1201
         Fax: 212-488-1221
         E-mail: michael.kim@kobrekim.com

                          About CDC Corp

Based in Atlanta, CDC Corp. (Nasdaq: CHINA) --
http://www.cdccorporation.net/-- is the parent company of CDC
Software (Nasdaq: CDCS).  CDC Software is based dually in
Shanghai, China, and Atlanta and produces enterprise software
applications, IT consulting services, outsourced applications
development and IT staffing.  The company's owners include Asia
Pacific Online Ltd., Xinhua News Agency and Evolution Capital
Management.

CDC Corporation, doing business as Chinadotcom, filed a Chapter
11 petition (Bankr. N.D. Ga. Case No. 11-79079) on Oct. 4, 2011.
James C. Cifelli, Esq., at Lamberth, Cifelli, Stokes & Stout, PA,
in Atlanta, Georgia, serves as counsel.  Moelis & Company LLC
serves as its financial advisor and investment banker.  Marcus A.
Watson at Finley Colmer and Company serves as chief restructuring
officer.  The Debtor estimated assets and debts at $100 million
to $500 million as of the Chapter 11 filing.


TRIDENT MICROSYSTEMS: Files for Bankruptcy in US & Cayman Islands
-----------------------------------------------------------------
Trident Microsystems, Inc. and its Cayman subsidiary, Trident
Microsystems (Far East) Ltd. filed for Chapter 11 bankruptcy
protection (Bankr. D. Del. Lead Case No. 12-10069) on Jan. 4,
2011.

Trident says that after the Chapter 11 filing, it will shortly
file for protection in the Cayman Islands.

As part of the filing, Trident is seeking Court approval of bid
procedures for the sale of its set-top box (STB) system on a chip
(SoC) business to Entropic Communications, Inc.

The sale of the Set-Top-Box business to Entropic will be subject
to a bidding process and approval by the Bankruptcy Court and the
Cayman court, and the sale is expected to close in late February,
2012.

"Trident, like many of its competitors, has been undergoing rapid
changes which have hindered its ability to operate profitably,"
stated Dr. Bami Bastani, chief executive officer of Trident.

"A combination of increased pricing pressures in our industry,
lower demand in consumer electronics, and slower than anticipated
new product adoption has contributed to increased operating
losses, a deterioration in liquidity and an erosion in equity
values for Trident."

Trident recently announced that it was exploring a number of
strategic alternatives.  In September, the Company's board
approved a workforce reduction plan, designed to take the number
of employees down to 1,000, from 1,275.  But the Company
continues to suffer declining revenue and losses, prompting it to
file for Chapter 11.

FTI Consulting, Inc., is the financial advisor.  Kurtzman Carson
Consultants is the claims and notice agent.

                       ICs for Set-Top Boxes

Sunnyvale, California-based Trident currently designs, develops,
and markets integrated circuits and related software for
processing, displaying, and transmitting high quality audio,
graphics, and images in home consumer electronics applications
such as digital TVs, PC-TV, and analog TVs, and set-top boxes.

The Company has research and development facilities in Beijing
and Shanghai, China; Freiburg, Germany; Eindhoven and Nijmegen,
The Netherlands; Belfast, United Kingdom; Bangalore and
Hyderabad, India; Austin, Texas; and Sunnyvale, California. The
Company has sales offices in Seoul, South Korea; Tokyo, Japan;
Hong Kong and Shenzhen, China; Taipei, Taiwan; San Diego,
California; Mumbai, India; and Suresnes, France. The Company also
has operations facilities in Taipei and Kaoshiung, Taiwan; and
Hong Kong, China.

Trident estimated debts and assets of as much as $500 million
each in its Chapter 11 petition.

Trident does not currently have any secured debt or outstanding
bonds.  The Debtors do, however, have a significant amount of
unsecured debt.  As of the Petition Date, the Debtors estimate
they have outstanding unsecured obligations of $215,296,850.

Among the largest unsecured creditors listed in court papers was
Cisco Systems Inc., of San Jose, California, owed $4.34 million
in trade debt.

                         Business as Usual

Trident intends to continue to operate all of its business lines
in the ordinary course and has ample liquidity to do so, while it
completes the bankruptcy approval process regarding the sale of
its Set-Top-Box business to Entropic and explores strategic
alternatives for its remaining business units.

During the interim, Trident expects that Chapter 11 protection
will enable the Company to conduct its business operations in the
ordinary course.  To that end, the Company is seeking approval
from the court for a variety of First Day and other initial
motions, including requests to make wage and benefit payments to
employees and continuation of the Company's global cash
management system.

None of Trident's other operating subsidiaries are subject to the
Chapter 11 proceedings, and they will continue to operate in the
ordinary course of their businesses.

                $55-Mil. Offer for Set-Top Box Biz

David Teichmann, executive vice president and general counsel for
Trident, said in court papers that prior to the chapter 11
filing, the Debtors undertook a marketing effort to identify a
potential purchaser of their set-top box business line.

The Debtors have selected Entropic as "stalking horse" bidder to
purchase Trident's set-top box business.  The $55 million cash
offer by Entropic is subject to higher and better offers at a
bankruptcy court-sanctioned auction.

In making the bid, Entropic has relied on promises by the Debtors
to seek the Bankruptcy Court's approval of reimbursement of its
reasonable expenses, with such amount to be provided to all
bidders by no later than Feb. 8, 2012, and a break-up fee of
$1,650,000.

The Debtors say the break-up fee is a necessary inducement for
Entropic to establish a "floor" for the sale of the assets and
will encourage competitive bidding.

The Debtors will also consider and entertain bids for a larger
transaction, including a sale of substantially all of their
assets.

The Debtors believe that a rapid sale of the set-top box business
will allow them to immediately stop the drain on cash balances
and afford them an opportunity to determine which, if any, of the
Debtors' other business lines should be marketed for sale and
take such other steps necessary to reorganize their remaining
operations into a profitable and sustainable business.

"The acquisition of Trident Microsystems' set-top box business
provides an important strategic opportunity for Entropic by
enabling us to combine our best-in-class MoCA solutions,
including MoCA2, with Trident's system on a chip (SoC) business
to deliver a complete system solution to the world's premier
cable, telco and satellite service providers, while expanding our
total addressable market over the next several years," said
Patrick Henry, president and CEO, Entropic.

Entropic intends to invest in service and support for the
existing Trident STB customer base, as well as advance Trident's
STB product line by continuing to invest in its development --
leveraging mutual strengths of both companies' technologies to
provide customers with next generation, integrated Multimedia
over Coax (MoCA(R)) based chip-set solutions.

The assets to be acquired under the agreement include Trident's
specific STB products, patents and other intellectual property,
certain tangible assets and inventory.

Entropic would plan to hire approximately 385 Trident employees
located primarily in China, India, the United Kingdom, Taiwan,
Korea and the United States.  Entropic would also acquire
facilities in Austin, Texas, Belfast, Northern Ireland and
Hyderabad, India and would use portions of Trident's facilities
in China, Taiwan and Korea under a facilities use agreement while
Entropic assesses its facilities requirements.

Aside from cash payment, the buyer will assume specified
liabilities upon the closing of the transaction, subject to
adjustment for closing working capital balances and other
matters, as set forth in the asset purchase agreement.

The Debtors have filed the proposed asset purchase agreement with
Entropic with the Bankruptcy Court.

Entropic expects that hearings before those courts to approve
bidding procedures, break-up fees and expense reimbursement will
be held within the next two weeks, followed by an auction, with
hearings for approval of the ultimate sale to be held thereafter.

Consummation of the transaction, which is expected to occur in
the first quarter of 2012, remains subject to higher or otherwise
better offers, approval by the Bankruptcy Court and customary
closing conditions.

Entropic Communications, Inc. -- http://www.entropic.com/ -- is
a provider of silicon and software solutions to enable connected
home entertainment, by providing next-generation silicon and
software technologies to the world's leading cable, telco and
satellite service providers, OEMs and consumer electronics
manufacturers.

                   License Agreement With RDA

Trident also announced that it has entered into a license
agreement with RDA Technologies, Ltd., pursuant to which it
granted a non-exclusive license to its SX-5 SOC product for the
television market.  Under the license agreement, Trident has
received an upfront fee of US$7.5 million and expects to receive
an additional $8.5 million in the near term.  As a result of cost
cutting efforts, the RDA license agreement, and the receipt of
funds from the sale of its facility in China, the Company
believes its cash balance as of Dec. 31, 2011, provides adequate
liquidity to continue to meet customer and vendor requirements
while the marketing efforts for its key assets continues.


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


6 RAM: Creditors' Proofs of Debt Due Feb. 6
-------------------------------------------
Creditors of 6 Ram Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by Feb. 6,
2012, to be included in the company's dividend distribution.

The company's liquidators are:

         Thomas Andrew Corkhill
         Iain Ferguson Bruce
         8th Floor, Gloucester Tower
         The Landmark
         15 Queen's Road
         Central, Hong Kong


FUTUREX INTERNATIONAL: Creditors' Proofs of Debt Due Feb. 6
-----------------------------------------------------------
Creditors of Futurex International Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Feb. 6, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

         Lau Yui Wing
         2201, Hong Kong Trade Centre
         161 Des Voeux Road
         Central, Hong Kong


G-CHANNELS LIMITED: Kong Chi How Johnson Steps Down as Liquidator
-----------------------------------------------------------------
Kong Chi How Johnson stepped down as liquidator of G-Channels
Limited on Dec. 28, 2011.


KEEVIL COMPANY: Placed Under Voluntary Wind-Up Proceedings
----------------------------------------------------------
At an extraordinary general meeting held on Dec. 29, 2011,
creditors of Keevil Company Limited resolved to voluntarily wind
up the company's operations.

The company's liquidator is:

         Chi Wai Tam
         16th Floor, Ocean Centre
         Harbour City, Canton Road
         Kowloon, Hong Kong


L & P LIMITED: Lo Wing Hung Steps Down as Liquidator
----------------------------------------------------
Lo Wing Hung stepped down as liquidator of L & P Limited on
Dec. 28, 2011.


MASSIVE MARINE: Creditors' Proofs of Debt Due Feb. 3
----------------------------------------------------
Creditors of Massive Marine (HK) Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Feb. 3, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Dec. 28, 2011.

The company's liquidator is:

         Chan Sek Kwan Rays
         Unit F, 12/F
         Seabright Plaza
         9-23 Shell Street
         North Point, Hong Kong


NARVENT PCB: Cheung Kwok Chun Steps Down as Liquidator
------------------------------------------------------
Cheung Kwok Chun stepped down as liquidator of Narvent PCB
Limited on Dec. 28, 2011.


REALTY GARDENS: Placed Under Voluntary Wind-Up Proceedings
----------------------------------------------------------
At an extraordinary general meeting held on Dec. 29, 2011,
creditors of Realty Gardens Managers Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Chi Wai Tam
         16th Floor, Ocean Centre
         Harbour City, Canton Road
         Kowloon, Hong Kong


ROME RIDE: Members' Meeting Set for Jan. 17
-------------------------------------------
Members of Rome Ride Company Limited will hold their meeting on
Jan. 17, 2012, at 5:00 p.m., for the purposes provided for in
Sections 228A, 241, 242, 243 and 244 of the Companies Ordinance.

The meeting will be held at Level 3, Three Pacific Place, at 1
Queen's Road East, in Hong Kong.


ROSEVILLE ENTERPRISES: Creditors' Proofs of Debt Due Feb. 7
-----------------------------------------------------------
Creditors of Roseville Enterprises Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Feb. 7, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

         Sung Mi Yin Mella
         Suite No. A, 11th Floor
         Ritz Plaza, 122 Austin Road
         Tsimshatsui, Kowloon
         Hong Kong


SOMARGAS LIMITED: Lam and Boswell Step Down as Liquidators
----------------------------------------------------------
Rainier Hok Chung Lam and Anthony David Kenneth Boswell stepped
down as liquidators of Somargas Limited on Dec. 28, 2011.


SOUTH CHINA: Creditors' Proofs of Debt Due Feb. 15
--------------------------------------------------
Creditors of South China Sea Farm Marine Protection, Research and
Education Foundation Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
Feb. 15, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

         Heggle Urs Peter
         Suite 610, 6th Floor
         Tower 1, Silvercord
         30 Canton Road
         Tsim sha Tsui, Kowloon
         Hong Kong


SPILA SERVICES: Creditors' Proofs of Debt Due Feb. 6
----------------------------------------------------
Creditors of Spila Services (Hong Kong) Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Feb. 6, 2012, to be included in the company's dividend
distribution.

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

The company's liquidators are:

         James T. Fulton
         Cordelia Tang
         905 Silvercord, Tower 2
         30 Canton Road
         Tsimshatsui, Kowloon
         Hong Kong


TUNG WAH: Pui Chiu Wing Appointed as Liquidator
-----------------------------------------------
Pui Chiu Wing on Dec. 23, 2011, was appointed as liquidator of
Tung Wah International Co Limited.

The liquidator may be reached at:

         Pui Chiu Wing
         Room 10, 16/F
         Parklane Centre
         25 Kin Wing Street
         Tuen Mun, N. T.
         Hong Kong


WONG TAI: Chan Yui Hang Appointed as Liquidator
-----------------------------------------------
Chan Yui Hang on Dec. 28, 2011, was appointed as liquidator of
Wong Tai Yuen Company 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


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I N D I A
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3 K PRIME: ICRA Assigns 'ICRA]BB' Rating to INR8.5cr Cash Credit
----------------------------------------------------------------
A rating of '[ICRA]BB' has been assigned to the INR8.50 crore
cash credit facility of 3 K Prime Properties.  The outlook for
the rating is stable.

The assigned ratings are constrained by the absence of track
record of the firm, though the promoter has executed real estate
projects in Surat under separate firms; significant execution
risk with the project being in early stage of construction with
completion expected only by Sep 2013; exposure of firm to
sectoral concentration risk arising from focus on residential
projects. The rating also takes into account the funding risk due
to the debt funded nature of capex for the projects,
vulnerability of profitability to variations in steel and cement
prices and cyclicality of the real estate sector. While assigning
the ratings, ICRA has also noted the risks that are inherent in
proprietorship firms.

The ratings however favorably factor in the experience of
promoter in real estate development, particularly in residential
segment and satisfactory credit history indicated by prepayment
in few of the earlier facilities availed from the bank. The
rating also takes into account favorable location of the project
that is expected to result in considerable bookings and revenue
visibility over the medium term and significant land bank
holdings of promoters in Surat and nearby places.

                       About 3 K Prime

3 K Prime Properties was incorporated in the year 2009 and is
engaged in construction of residential apartments and commercial
properties. The firm is based in Surat, Gujarat and is currently
focussing on execution of residential projects in the Surat city.
The firm is promoted by Mr. Kishorebhai Kheni and is a part of
the Vatika group of Surat. Vatika group, in the past, has
successfully completed a number of projects in Surat and
currently also operates a school under the name of 'Alchemy
School'.


ARYAN PAPER: ICRA Reaffirms '[ICRA]BB' Term Loan Rating
-------------------------------------------------------
ICRA has reaffirmed an '[ICRA]BB' rating to the INR7.36 crore
(enhanced from INR2.13 crore) term loans and INR5.00 crore
(enhanced from INR4.90 crore) long term fund based facilities of
Aryan Paper Mills Private Limited.  The outlook on the long term
rating is stable. ICRA has also reaffirmed an '[ICRA]A4' rating
to the INR3.39 crore (enhanced from INR2.55 crore) short term non
fund based facilities of APMPL.

The ratings are constrained by the lack of diversification in the
product portfolio as the company solely manufactures kraft paper,
modest size of operations with low profitability indicators, high
gearing level and high competition prevalent in the business from
large players as well as several smaller units. ICRA notes that
given the company's recently completed debt funded capacity
expansion project and the entailing higher additional working
capital requirements, the gearing levels are expected to remain
at high levels. The ratings are however supported by long track
record of the promoter group in the kraft paper industry, healthy
plant utilisation levels, scale benefits from the increase in
production levels on account of capacity expansion, improvement
in average contribution levels on account of lower raw material
costs given the installation of TWS and stable demand indicators.
ICRA however notes that the contribution margins in the business
will continue to remain sensitive to any volatility in the waste
paper prices.

Aryan Paper Mills Private Limited was incorporated in the year
1990 for manufacturing of kraft paper by Mr. Sunil K. Shah and
his friends. The Company's manufacturing facilities are located
in Gujarat Industrial Development Corporation area of VAPI. APMPL
manufactures kraft in varying grammage and Burst factor (BF)
specifications which find their end usage in production of
corrugate boxes used for packaging. The company also manufactures
a special grade of kraft paper having specifications of 80 (grams
per sq. Metre(GSM) and 35 BF which is used for packaging of food
items like tea, pulses, etc. With modifications and expansions,
the installed capacity of the plant has been gradually increased
from 15 tonnes per day (5,000 TPA - Tonnes Per Annum) to 80 TPD
(23,400 TPA) over the years.  In September 2011, company has
further enhanced installed capacity to 125 TPD (over 41,000 TPA).
APMPL reported a profit after tax (PAT) of INR1.45 crore in FY
2010-11 on an operating income of INR55.70 Crore.


BALAJI ACTION: ICRA Reaffirms '[ICRA]BB+' Term Loan Rating
----------------------------------------------------------
ICRA has reaffirmed '[ICRA]BB+' rating assigned to the
INR69.24 crore1 (initial rated amount INR135.93 crore) term loans
of Balaji Action Buildwell.  The outlook on the long-term rating
is stable.

The rating reaffirmation takes into consideration the improvement
in operational and financial risk profile of the firm as
reflected by improvement in production and capacity utilisation
which in turn has resulted in growth in revenues of the firm.
While the firm made losses till FY11 owing to high depreciation
and interest costs, it has reported net profit in H1 FY12. The
rating also derives comfort from the excise and income tax
benefits enjoyed by the project which provide competitive
advantage to the firm and adequate availability of raw material
near BAB's manufacturing unit in Uttarakhand. Nevertheless, the
ratings are constrained by the intensely competitive nature of
the industry, vulnerability of the industry to changes in
regulation by Central Empowered Committee (CEC) and promoters'
limited track record of operations in this sector. The rating
also reflects BAB's moderate scale of operations, risk of raw
material availability in case of adverse agro-climatic conditions
and vulnerability of BAB's profitability to adverse movement in
raw material prices. While BAB's gearing levels have declined
owing to scheduled repayment of debt, it is still relatively high
at 1.82 times as on Sept. 30, 2011. However, being a part of
Action group provides financial flexibility to the firm to some
extent. Going forward, the company's ability to achieve optimum
production and sales level in its new unit will be the key to its
future growth and profitability.

                        About Balaji Action

Balaji Action Buildwell has been established as a partnership
firm and is a part of Action Group that has been in the footwear
business for more than three decades. The firm has set up a unit
at Eldeco Sidcul Industrial Park, Sitarganj Uttrakhand for
manufacturing of agro wood based particle boards and MDF boards
along with some value added products like laminated floor tiles,
UV coating line, decorative laminates etc. The unit started
operations in February 2010.

Recent Results:

BAB reported an operating Income of INR127.39 crore and net loss
of INR9.96 crore in FY11. In H1 FY12, the company has reported
net profit of INR4.92 cores on an operating income of
INR107.50 crores.


BANNARI AMMAN: Fitch Lowers Rating on Three Loan Classes to 'D'
---------------------------------------------------------------
Fitch Ratings has downgraded India-based Bannari Amman Apparel
Private Ltd's National Long-Term rating to 'Fitch D(ind)' from
'Fitch BB-(ind)', and simultaneously reassigned it a rating of
'Fitch B(ind)'.  The Outlook is Stable.

The downgrade reflects Bannari's delays in its term loan
repayments from end-June 2010 to end-December 2010.  However,
principal repayments have been regular since March 2011.

The ratings have been reassigned to reflect Bannari's revised
credit profile, which takes into account the weaker-than-expected
improvement in its operating performance in the last two years.
The ratings, however, benefit from a one-notch uplift based on
potential support from its sponsors which, since Bannari's delays
on its term loan repayments, have regularly injected equity into
the company.  This uplift is down from two notches prior to
Bannari's delays on its term loan repayments, on account of
support not being timely in the financial year ended March 2011
(FY11).  The standalone rating of 'Fitch B-(ind)' reflects the
company's failure to provide information in a timely manner about
its delayed loan repayments.

Bannari's financial position improved in FY11, though its
leverage and interest coverage remained stretched.  Also,
significant term loan repayments due in the near-term could put
pressure on cash flows, although Fitch expects sponsors to
provide timely support.  Furthermore, margins are likely to
remain under pressure over the near- to medium-term, given the
weakening economy in the eurozone and weak recovery in the US,
its major markets.

The ratings also factor in the operational support provided by
the JV partners. Bannari is a JV set up in 2008 by the Bannari
Amman Group and the US-based Brandot International, with Mexico-
based Intimark Holdings entering the JV in FY11.  Technical
support is being provided by Intimark and marketing support by
Brandot, while the Bannari Amman Group ensures smooth functioning
of Bannari's operations.

The standalone rating could be downgraded if Bannari reverts to
EBITDA losses.  Also, failure by the sponsors to provide timely
support would result in the ratings being downgraded by a notch.
Any further delays in providing timely information for subsequent
reviews would result in the ratings being migrated to the 'non-
monitored' category in line with Fitch's policy.

Bannari manufactures undergarments and export them to select US-
based apparel brands and other developed countries.  In FY11,
Bannari reported revenue of INR706.8 million (FY10: INR357.4
million), an EBITDA margin of 6.2% (-25.3%), a net loss of
INR16.6 million (net loss - INR105.9 million); however, its net
leverage (net debt/EBITDA) was 11.5x (-6.1x) and interest
coverage was 1.1x (-2.8x).  For H1FY12, revenue was INR441.2
million and the EBITDA margin was 5.1%.

Rating actions on Bannari 's bank loans are as follows:

  -- INR200m fund-based working capital bank limits:
     downgraded to 'Fitch D(ind)' from 'Fitch BB-(ind)' and
     reassigned at 'Fitch B(ind)'

  -- INR100m non-fund based working capital bank limits:
     downgraded to 'Fitch D(ind)' from 'Fitch BB-(ind)'/'Fitch
     A4+ (ind)' and reassigned at 'Fitch B(ind)/Fitch A4(ind)'

  -- Outstanding INR379.7m long-term loans: downgraded to 'Fitch
     D(ind)' from 'Fitch BB-(ind)' and reassigned at 'Fitch
     B(ind)'


BISHAN SAROOP: ICRA Places '[ICRA]B+' Rating to INR50cr Bank Loan
-----------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to the
INR50.00 crore fund based bank limits of Bishan Saroop Ram Kishan
Agro (P) Limited.

The rating is constrained by BSRKAL's weak financial profile,
reflected by a highly leveraged capital structure and
consequently weak coverage indicators and low profitability
primarily on account of highly competitive nature of industry.
The rating also takes into account restriction on ban of exports
of non-basmati rice exposing company's flexibility, as the
company exports mainly non-basmati rice however this is partially
offset as GoI has lifted the ban on the exports in September
2011. The rating favorably considers the long standing experience
of promoters in rice industry and proximity of the processing and
packing unit to Kandla Port resulting in low transportation cost.

                        About Bishan Saroop

Bishan Saroop Ram Kishan Agro (P) Ltd. was established in 1998
and is primarily engaged in the trading of agro commodities like
Rice, soyabean, gram, wheat and Maize. The Company has a rice
mill with an installed capacity of 27 MT per hour which has been
leased out to Sunstar Overseas Limited since 2007. The lease was
renewed in 2010. BSRKAL exports rice to many countries like Saudi
Arabia, Canada, Iran Nepal, Indonesia etc. The company has
processing and packing units in Delhi with three color sorters
with capacity of 48 MT/hour and another at Gandhidham with 25
color sorter with a capacity of 200 MT/hour. The Company has also
got the status of "Star Trading House" from Ministry of Commerce,
GOI.

Recent Results:

During the financial year 2010-11, the company reported a profit
after tax (PAT) of INR0.30 crore on an operating income of
INR68.72 crore as against PAT of INR1.25 crore on an operating
income of INR275.77 crore in 2009-10.


CORE EDUCATION: S&P Assigns 'B+' Corporate Credit Rating
--------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long-term
corporate credit rating to India-based education software and
solutions provider Core Education & Technologies Ltd.  The
outlook is stable.

"The rating on CORE reflects the fragmented and competitive
nature of the education technology market globally and the
company's customer concentration in the U.S., where clients face
budgetary constraints," said Standard & Poor's credit analyst
Abhishek Dangra. "The risks from CORE's entry into lower-margin,
capital-intensive businesses is also a rating weakness, in our
view. Further, the company generates negative free cash flows due
to its high capital expenditure and low cash generation from
operations as a result of a high working capital cycle."

CORE's established presence in the niche formative assessment
market with high renewal rates, its wider product offerings than
some education technology peers, and its reducing dependence on
the U.S. market temper these weaknesses.

"We view CORE's business risk profile as weak. The global
education technology market is fragmented. Companies must
continually refresh product content and technology," S&P said.

"CORE's revenue is concentrated, with the U.S. accounting for
more than 90% of revenues. Significant revenues come from sales
to state educational institutions/authorities that are heavily
dependent on government funding. Budget cuts, curtailments,
delays, or changes in allocations to government programs could
reduce or delay CORE's revenues and collections," S&P said.

"In our opinion, CORE's entry into lower-margin and more capital-
intensive businesses in the U.K. and India will further weaken
its business risk profile until these segments stabilize," S&P
said.

"We consider CORE's financial risk profile to be aggressive
despite our expectation that the company's ratio of debt to
EBITDA will be less than 2.75x over the next two to three years,"
said Mr. Dangra. "CORE's working capital cycle is unlikely to
improve significantly, given the nature of existing clients and
the company's entry into information communication and technology
(ICT) contracts."

"We expect CORE to have very high receivables -- at 45% of
revenues -- and inventories of about 15% of revenue. The ratio of
cash flow from operations to debt is likely to be less than 10%.
Further, we expect the company to continue to generate
significant negative free operating cash flow as it increases
capital expenditure and its ICT business," S&P said.

"We forecast CORE's revenue to grow 30% per year in fiscal 2012
and 2013, driven by new businesses, organic growth, and possible
acquisitions," S&P said.

CORE has an established presence in the U.S. with satisfactory
client relationships. Education budget cuts in the U.S. primarily
centered on teachers and infrastructure; the impact on CORE's
focus areas was limited.

The company's wide range of products and services should also
mitigate the risk from probable budget cuts. CORE's expansion
into different business segments in India and the U.K. should
help diversify the business risks.

"In our view, CORE's liquidity is 'adequate,' as defined in our
criteria. We believe any significant lengthening of working
capital cycles, need for repayment of utilized working capital
facilities, large acquisitions, or inability to contain the
overall capital expenditure could strain the company's
liquidity," S&P said.

"The stable outlook reflects our expectation that CORE will be
able to scale up new and lower-margin businesses while
maintaining moderate organic growth in existing businesses and a
ratio of cash flow from operations to debt at a high single
digit," said Mr. Dangra.

"We may lower the rating if: (1) working capital movements are
adverse or CORE's operating performance is weaker than we
expected, such that the ratio of cash flow from operations to
debt falls below 5%; or (2) CORE faces challenges that weaken its
liquidity and affect the company's ability to meet its growth
plans," S&P said.

"We may raise the rating if: (1) CORE's operating performance
strengthens or its working capital cycles significantly improve,
sustainably boosting its ratio of cash flow from operations to
debt to above 15%; and (2) the company improves its business risk
profile by scaling up its new businesses while sustaining modest
organic growth above 10%," S&P said.


DEV COTTON: ICRA Assigns '[ICRA]B+' Rating to INR2cr Cash Credit
----------------------------------------------------------------
A rating of '[ICRA]B+' has been assigned to the INR2.00 crore
term loan and INR8.00 crore cash credit facilities of Dev Cotton
& Oil Industries.

The assigned rating reflects DCOI's risks inherent in green field
project including market risks and the risks associated with the
stabilization of the plant, as per expected parameters post
commencement of operations. The ratings also take into account
the low value additive nature of the ginning industry and intense
competition on account of fragmented industry structure which
restricts pricing flexibility resulting in thin profitability;
vulnerability of profitability to fluctuations in raw material
prices which are in turn subject to seasonality and crop harvest.
The rating also takes into account the firm's weak capital
structure which is expected to remain stretched on account of
debt funded capital expenditure and high working capital
intensity inherent in the business.

The rating however positively considers the long experience of
the promoters in the cotton industry, locational advantage
enjoyed by the firm and mitigation of project execution risk with
the plant commencing operations in December 2011.

M/s Dev Cotton & Oil Industries was incorporated in 2011, to
engage in cotton ginning, pressing and seed crushing business.
The firm has 30 ginning machines with an intake capacity of
around 170 MTPD of raw cotton to produce cotton bales and cotton
seeds. For seed crushing, the firm has installed 6 expellers with
an intake capacity of around 52 MTPD of cotton seeds to produce
oil and oil cakes. The firm will be managed jointly by Mr. Haresh
Ghodasara, Mr. Harsad Ghodasara & Mr. Jayvant Baraiya. The firm
has started commercial production in December 2011.


KEYSTONE INFRACON: ICRA Puts '[ICRA]D' Rating on INR28.26cr Loan
----------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]D' to the
INR28.26 crore fund based limits and rating of [ICRA]D/[ICRA]D
for INR41.74 crore bank guarantee/unallocated limits of Keystone
Infracon India Private Limited.

The assigned ratings are constrained by delays in meeting debt
obligations by the company on account of its stretched liquidity
position owing to client specific delays in two projects; high
project concentration risk with top 3 projects accounting for 87%
of the order book and decline in revenues on account of slow
progress in two projects.  However, the ratings favorably factor
in healthy order book of INR321 crore (11.2 times FY2011
operating income); diverse presence across sectors with work
orders from buildings, drainage & roads and moderate geographical
& client concentration risk.

Incorporated in 2008, Keystone Infracorp India Private Limited is
into execution of building construction works, roads and drainage
works on a subcontract basis. The company is currently executing
works across Chhattisgarh, Andhra Pradesh and Maharashtra. The
client list includes various government bodies such as roads and
buildings department of Andhra Pradesh, Akola Municipal
Corporation, Naya Raipur Development Authority etc.

Recent Results:

For FY2011, the company reported a turnover of INR28.7 crore and
a PAT of INR1.2 crore.


KINGFISHER AIRLINES: SBI Calls Carrier A Non-Performing Asset
-------------------------------------------------------------
The Times of India reports that State Bank of India, which is
cash-strapped Kingfisher Airlines' largest creditor, has called
the Vijay Mallya-led air carrier a non-performing asset.

"Kingfisher is a NPA (non-performing asset) for us.  They are in
default," SBI Chairman Pratip Chaudhuri told reporters on
Thursday, according to The Times of India.

The report discloses that SBI, the leader of the consortium of
banks that have lent funds to Kingfisher Airlines, has an
exposure of INR1,457.78 crore to the struggling firm.  SBI's
exposure is the highest among any of the lenders to the airline,
followed by IDBI Bank (INR727.63 crore), Punjab National Bank
(INR710.33 crore), Bank of India (INR575.27 crore) and Bank of
Baroda (INR537.51 crore), the report notes.

The Times of India states that the private carrier is in a
financial mess and struggling to service its loans, which have
run up to over INR6,000 crore.

Kingfisher reported a net loss of INR469 crore for the July to
September quarter of the current fiscal, though its revenues rose
by 10.2% to INR1,528 crore, according to the report.  In the last
fiscal ended March 31, 2011, it posted a loss of more than
INR1,000 crore, The Times of India discloses.

                     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.


KIZ FOODS: ICRA Places '[ICRA]BB-' Rating on INR3.2cr Cash Credit
-----------------------------------------------------------------
ICRA has assigned an '[ICRA]BB-' rating to the INR3.20 crore cash
credit facility and INR3.10 crore of term loan facility of KIZ
Foods Ltd.  The outlook on long term rating is stable.

The rating is constrained by the company's limited track record
of operations and a leveraged capital structure The rating also
takes into account the intense competition on account of
fragmented nature of the industry which exerts pressure on
profitability. The rating further incorporates the vulnerability
of profitability to government regulations and raw material price
movements which are subject to seasonality and crop harvest.

However, the rating positively considers the extensive experience
of promoters in the industry and locational advantage due to its
location in Mahuva providing easy access to quality raw material.

KIZFL was incorporated in 2008 and is engaged in processing and
exporting a wide variety of processed food items viz. pickles,
chutney, sauces, pastes, dehydrated onion & garlic products,
onions and mix vegetables in brine/vinegar. The associate
concerns of the company namely Murtuza Foods Pvt Ltd, H.M. Dehy
Foods and A&F Dehy Foods are engaged in preparation of dehydrated
onion and garlic products.


METROCITY TILES: ICRA Reaffirms '[ICRA]BB' Cash Credit Rating
-------------------------------------------------------------
ICRA has reaffirmed an '[ICRA]BB' rating on the INR7 crore
(enhanced from  INR5.00 crore) cash credit facilities and
assigned an [ICRA]BB rating to the INR 6.89 crore term loans of
Metrocity Tiles Private Limited.  The outlook on the long-term
rating is 'stable'. ICRA has also assigned an '[ICRA]A4' rating
to the INR1.50 crore bank guarantee facilities of MTPL.

The ratings are constrained by MTPL's relatively small size of
operations compared to organized pan India players; limited track
record of commercial operations; highly competitive nature of the
ceramic tile industry and relatively lower visibility of its
brand compared to other large organized players. The ratings also
take into account the vulnerability of MTPL's profitability to
the cyclicality associated with the real estate industry The
company's margins also remain vulnerable to the increasing gas
prices with gas being the primary energy source for the company's
operations. However, the ratings favorably consider the steady
ramp-up of operations by MTPL; extensive experience of the
promoters in ceramic industry, product portfolio consisting of
large sized vitrified tiles enabling higher realisations and
stable demand for vitrified tiles in the domestic market.

Metrocity Tiles Pvt. Limited is a vitrified tile manufacturer
with its plant situated at Morbi, Gujarat. The manufacturing
setup was established during 2006-08, while the company commenced
its operations in June 2008. The company is part of Metro Group
of industries having presence across floor tiles (Metro
Ceramics), Vitrified tiles (MTPL) and Glazed Vitrified tiles
(Metro World Tiles Pvt. Ltd.). MTPL is promoted by Mr. Dilip R.
Patel and Mr. Chandrashekhar R. Patel. The plant has an installed
capacity of 45000 MTPA which translates into ~2,30,000 boxes per
month. MTPL currently manufactures single sized vitrified tiles
of size 605 mm X 605 mm (24"x 24") with the current set of
machineries at its production facilities.

As per the audited results for FY 2010-11, MTPL reported a profit
after tax (PAT) of INR 1.15 crore on an operating income of
INR33.34 crore.


RP MULTIMETALS: ICRA Assigns '[ICRA]BB-' Rating to INR10cr Loan
---------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB-' and a short
term rating of '[ICRA]A4' to the to the INR10.00 crore cash
credit limits, and the INR30.00 crore Letter of credit/Buyers
credit facility of RP Multimetals Private Limited.  The outlook
on the long-term rating is stable.

The ratings take into account RPMPL's moderate scale of
operations, its relatively low value additive nature of the
business and the fragmented nature of steel products
manufacturing industry, which have led to low operating margins
and modest debt coverage indicators. The ratings also take into
consideration the company's susceptibility to adverse movements
in foreign exchange rates due to the large share of imports in
raw material procurement. However, the ratings draw comfort from
the long experience of promoters and strong relationship with its
client base. The assigned ratings also positively factor in the
favorable location of RPMPL's manufacturing unit which is in
proximity to several rolling mills (key consumer or RPMPL's
products).

RP Multimetals Private Limited is engaged in the manufacturing of
steel ingots and steel billets & blooms at its manufacturing
facility situated in Gobindhgarh, Punjab. The major raw materials
used by the company are ferro alloys and scrap metal which are
procured chiefly via imports. The steel ingots and billets/blooms
manufactured by the company are primarily supplied to steel
rolling mills present in Mandi Gobindgarh. RPMPL was established
in the year 1999 and has an installed capacity of 54,000 MT per
annum.

In FY 2011, the company reported an operating profit of
INR126.31 crore and a profit after tax of INR1.83 crore.


SFPL CROP: ICRA Cuts Rating on INR7cr LT Loan to '[ICRA]B'
----------------------------------------------------------
ICRA has revised the long term rating assigned to the fund based
facilities, aggregating to INR7.00 crore, of SFPL Crop Life
Science Pvt Ltd from '[ICRA]BB-(stable)' to '[ICRA]B'.  The short
term rating of non-fund based limits, aggregating to INR0.50
crore, however, has been reaffirmed at '[ICRA]A4'.

The rating revision takes into account the significant
deterioration in the financial risk profile of the company due to
losses incurred in the business of NPK Mix fertilizers and with
largely debt-funded capital expenditure for gluconate
micronutrient plant, further resulting into highly stretched
gearing levels. NPK mix fertilizer business was discontinued
since April 2011 due to losses incurred as a result of restricted
supply of raw materials and unfavorable product pricing
regulations. The company has now put a focus on the business of
gluconate-based micro-nutrients since July 2010, however,
capacity utilisation levels continues to remain low due to low
awareness of the products, despite the limited competition. ICRA
notes that the company's ability to scale-up the sales of
gluconate-based micro-nutrients through marketing efforts so as
to improve the financial performance remains crucial from credit
perspective. The ratings, however, draw comfort from the
technical and financial support extended by the parent-Krishidhan
Seeds Ltd (KSL) which is an established player and known brand
name in the agricultural community and the favorable demand
potential for micronutrient products.

                          About SFPL Crop

SFPL Crop Life Science Pvt. Ltd [formerly Subhash Fertilizers Pvt
Limited] was incorporated in 1999 as a 100% subsidiary of
Krishidhan Seeds Limited which is engaged in the production and
marketing of seeds for the commercial seed market. SCLSPL is
involved in the production of plant nutrition products viz.
micronutrients products, plant growth promoters, plant growth
regulators etc. The company also undertakes marketing of few
grades of seeds manufactured by KSL.

During FY 2011, the company reported net loss of INR 1.07 crore
on an operating income of INR11.44 crore.


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


ELPIDA MEMORY: Seeks JPY40-Bil. Aid From 10 Business Partners
-------------------------------------------------------------
The Yomiuri Shimbun reports that Elpida Memory Inc. is seeking a
total of US$500 million dollars (JPY40 billion) in financial
assistance from about 10 of its business partners from U.S.,
Taiwan and China.

Elpida also may ask Toshiba Corp. for financial help, sources
told The Yomiuri Shimbun.

The report notes that Elpida's business performance has been
deteriorating because of the strong yen and falling prices of
their products. The company hopes to make it through the bad
times by obtaining funds from the other companies, the report
states.

The Yomiuri Shimbun says Elpida will have to redeem JPY45 billion
worth of corporate bonds and repay about JPY77 billion of a total
of JPY110 billion in loans from financial institutions in early
April.

The company plans to decide on details of the aid through
negotiations with the other companies by the end of this month,
the report relays.

According to the report, Elpida is considering various options,
such as receiving advance payments by signing contracts to supply
DRAM chips over the long term, and asking for capital
contributions to Elpida's subsidiaries.

Elpida is Japan's only DRAM maker. Its earnings started to
deteriorate after the collapse of Lehman Brothers Holdings Inc.
in 2008.

In June 2009, Elpida received JPY30 billion of public loans via
the Development Bank of Japan under the Law on Special Measures
for Industrial Revitalization.  Elpida later received another
JPY10 billion from the DBJ and JPY100 billion from 14 private
banks, including three megabanks, as syndicated loans.

                       About Elpida Memory

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


OLYMPUS CORP: Former CEO to Sue Company Over Dismissal
------------------------------------------------------
Bloomberg News reports that Olympus Corp.'s former Chief
Executive Officer Michael Woodford said he's suing the Japanese
camera maker over his dismissal as he abandoned plans to wage a
proxy battle for control of the company.

Mr. Woodford told reporters on Jan. 6 in Tokyo that he filed a
case in the U.K. last week, seeking damages for the remainder of
his four-year contract and additional costs, and may also file a
case in Japan, according to Bloomberg.  He declined to specify
the amount he is seeking, the report says.

Bloomberg relates that the announcement comes after Mr. Woodford
gave up efforts to regain control of Tokyo-based Olympus, which
fired him after he questioned $1.5 billion in takeover costs at
the company that have become the center of criminal
investigations.  The former CEO, who was dismissed Oct. 14, cited
a lack of support from Japanese shareholders, says Bloomberg.

"None of the major Japanese institutional shareholders have
offered one word of support to me," Mr. Woodford said in a
statement Friday, Bloomberg reports.  They "have in effect
allowed the tainted and contaminated board to continue in
office," Mr. Woodford said.

                   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.


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


* PHILIPPINE: S&P Assigns 'BB' Rating on Senior Unsecured Debt
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' senior
unsecured debt rating to the proposed benchmark size U.S.-dollar-
denominated global bond issue by the Republic of the Philippines
(foreign currency BB/Positive/B; local currency BB+/Positive/B;
ASEAN scale axBBB+/axA-2). The bonds mature in January 2037.

The bonds will constitute the direct, unconditional, and
unsecured general obligations of the sovereign, and will rank at
least equally with all other unsecured and unsubordinated
external indebtedness of the republic.

The ratings on the Philippines encompass the country's relatively
low income level, its weak fiscal profile, and high albeit
improving public debt and interest burden. These aspects are
balanced by a robust external liquidity position and a track
record of moderately strong growth with low variability.

"The positive outlook is based on the expectation that continued
adherence to fiscal consolidation, combined with improved medium
term growth prospects, will further moderate the Philippines'
public debt and interest burden. The ratings could be raised on
material progress in achieving a sustainable structural revenue
improvement or further strengthening of the public balance
sheet, yielding reduced fiscal vulnerability. Conversely, the
ratings could stabilize at the current level or come under
downward pressure in the event of a weakened commitment to fiscal
consolidation, resulting in upward tilting of the debt
trajectory, or if the external liquidity position deteriorates
significantly," S&P said.


                             *********

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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