TCRAP_Public/120110.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

            Tuesday, January 10, 2012, Vol. 15, No. 7

                            Headlines


C H I N A

CHINA FORESTRY: Auditor KPMG Resigns Citing Valuation Concern
CITIC PACIFIC: Moody's Revises Outlook on 'Ba1' CFR to Negative
SHIMAO PROPERTY: Moody's Changes Outlook on 'Ba3' CFR to Negative


H O N G  K O N G

BEAR STEARNS: Briscoe and Meng Step Down as Liquidators
CASTLE PEAK: Commences Wind-Up Proceedings
DARTMOUTH HOLDINGS: Commences Wind-Up Proceedings
DUNHUANG (CHINA): Kong Chi How Johnson Steps Down as Liquidator
DUNRICH COLLECTION: Placed Under Voluntary Wind-Up Proceedings

GENESYS CONFERENCING: Kong Chi How Steps Down as Liquidator
GOLDEN LUCK: Placed Under Voluntary Wind-Up Proceedings
HK AVIATION: Creditors' Proofs of Debt Due Feb. 8


I N D I A

ACE KUDALE: CRISIL Assigns 'CRISIL B+' Rating to INR20MM Loan
BRACO ELECTRICALS: CRISIL Puts 'CRISIL BB' Rating on INR40MM Loan
BUILDMORE INFRA: CRISIL Rates INR150MM Term Loan at 'CRISIL B'
CAMBATA AVIATION: CRISIL Puts 'CRISIL BB' Rating on INR150MM Loan
CORE EDUCATION: Moody's Assigns 'B1' Corporate Family Rating

DIAMOND ENGINEERING: CRISIL Cuts Rating on INR50MM Loan to 'D'
DIN DAYAL: Inadequate Info Cues Fitch to Withdraw Low-B Rating
EARTHCON INDUSTRIES: CRISIL Rates INR174.5MM Loan at 'CRISIL B-'
ETHIX CLOTHING: CRISIL Rates INR90MM Cash Credit at 'CRISIL B'
FATEH CHAND: Fitch Migrates Rating on NLTR to 'BB+(ind)'

OGUN STEEL: CRISIL Assigns 'CRISIL B+' Rating to INR200MM Loan
OM SHIV: Inadequate Info Cues Fitch to Withdraw Low-B Rating
RADHIKA TRANSMISSION: CRISIL Reaffirms 'BB-' Cash Credit Rating
SAGAR STEELS: Fitch Puts Rating on INR150-Mil. Limit at 'BB-'
SIMBHAOLI SUGAR: CRISIL Cuts Rating on INR3.2BB Loan to 'D'

SPECTRUM RENEWABLE: CRISIL Rates INR155.6MM Loan at 'CRISIL B+'
SRI R. K. MODERN: CRISIL Reaffirms 'CRISIL B+' Cash Credit Rating
WINTOP VITRIFIED: CRISIL Rates INR182MM Term Loan at 'CRISIL B'


J A P A N

OLYMPUS CORP: Sues Former Chairman, Other Executives
SONY CORP: H. Stringer to Step Down as Firm's President


N E W  Z E A L A N D

WESTERN PACIFIC: Creditors Asked to Fund High Court Appeal


S I N G A P O R E

AMKOR TECHNOLOGY: Creditors' Proofs of Debt Due Feb. 6
B2K2 PTE: Creditors' Proofs of Debt Due Feb. 6
ENGAGE ELECTRONICS: Creditors Get 18.8968% Recovery on Claims
GUANGZHAO INDUSTRIAL: Court to Hear Wind-Up Petition on Jan. 13
HBO INVESTMENTS: Creditors' Proofs of Debt Due Feb. 6

LYM RESEARCH: Creditors' Proofs of Debt Due Feb. 6
METROGRAPHIC EQUIPMENT: Court Enters Wind-Up Order
NAAT PTE: Creditors' Proofs of Debt Due Feb. 6
PROWELL BUILDING: Creditors' Meetings Set for Jan. 19
SKYWAY TRAVEL: Creditors Get 55.0869% Recovery on Claims


X X X X X X X X

* BOND PRICING: For the Week Jan. 2 to Jan. 6, 2012


                            - - - - -


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CHINA FORESTRY: Auditor KPMG Resigns Citing Valuation Concern
-------------------------------------------------------------
The board of directors of China Forestry Holdings Co., Ltd.,
together with its subsidiaries, announced that the Board was
notified by KPMG by way of a letter dated Dec. 30, 2011, that
KPMG would not stand for re-appointment as the auditors of the
Company upon the expiry of its term of office at the Company's
forthcoming annual general meeting.  In order to facilitate the
change of auditors and in turn, the commencement of work of the
incoming auditors for the financial year ended Dec. 31, 2011, at
the request of the Company, KPMG resigned as the auditors of the
Company with effect from Jan. 5, 2012, by way of a letter dated
Jan. 5, 2012.  The Board will fill the vacancy of KPMG as the
auditors of the Company as soon as practicable and will make an
announcement in this regard.

In the KPMG Letters, KPMG set out the circumstances leading to
their cessation as the auditors of the Company, which are
extracted as follows:

"As detailed in our auditor's report dated April 29, 2011, we
issued a disclaimer of opinion in respect of the Group's
financial statements for the year ended Dec. 31, 2010. This was
due to the irregularities we identified during our audit and
limitation in the scope of our work as described under the
heading of 'Basis for disclaimer of opinion' in our auditor's
report. Evidence obtained by us during the course of our audit
for the year ended Dec. 31, 2010, indicated irregularities with
respect to the Group's accounting records and the transactions
recorded therein. We reported our concerns to the Company's
directors and audit committee. An independent board committee of
the Company was established, whose findings cast serious doubt
over the authenticity and reliability of records and documents of
the Group and over the reliability of information and
explanations provided to us by members of management as well as
by parties external to the Group.

In response to the irregularities identified, we requested the
Company to extend the scope of investigations to identify all
irregularities that may have occurred and all management and
officers involved in the irregularities, trace where the Group
spent the proceeds from the initial public offering and reconcile
the details of recorded plantation assets. We are still awaiting
the results of the investigations up to the date of this letter.

We have also advised the Company that a number of other matters
will need to be resolved as soon as possible for the 2011
financial year. These are in respect of verifying ownership and
valuation of the Group's plantation assets; valuation of lease
prepayments; valuation and ownership of the Group's inventories
of logs and related sales and purchase transactions; estimation
of payables for plantation assets and taxation matters.

Notwithstanding our resignation with immediate effect, we are
willing to attend the forthcoming annual general meeting, if
necessary."

Other than the foregoing, KPMG stated in the 2nd KPMG Letter that
there are no matters in connection with their resignation as the
auditors of the Company that they consider need to be brought to
the attention of the Shareholders or creditors of the Company.

The Board is not aware of any other matters in connection with
the resignation of KPMG as the auditors of the Company that need
to be brought to the attention of the Shareholders or creditors
of the Company.

                         About China Forestry

China Forestry Holdings Co., Ltd. is an investment holding
company.  The Company is engaged in the management of forests and
sales of timber logs.  The Company is principally engaged in
forest management and sustainable development, and harvesting and
sales of timber.  It is focused on the development and supply of
timber for the manufacturers in the construction, furniture,
interior decoration, wood product and paper industries in China.
The plantation forests owned by the Company are located in
Sichuan Province, Yunnan Province and Guizhou Province of
approximately 26,000 hectares, approximately 203,000 hectares and
approximately 2,000 hectares respectively.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 10, 2011, Standard & Poor's Ratings Services raised the
long-term corporate credit rating on China Forestry Holdings Co.
Ltd. to 'CCC-' from 'CC'. The outlook is negative.  "At the same
time, we raised the issue rating on the company's US$300 million
senior unsecured notes to 'CCC-' from 'CC'.  We also raised the
Greater China scale ratings on the company and the notes to
'cnCCC-' from 'cnCC'," S&P related.


CITIC PACIFIC: Moody's Revises Outlook on 'Ba1' CFR to Negative
---------------------------------------------------------------
Moody's Investors Service has revised CITIC Pacific Ltd's Ba1
corporate family rating and senior unsecured bond rating outlooks
to negative from stable.

Ratings Rationale

This follows CITIC Pacific's announcement of another delay in its
Sino Iron project in Australia.

"The change in outlook reflects Moody's concerns that the
repeated delay and significant cost overruns will add further
pressure on CITIC Pacific's weak credit metrics, and damage the
project's debt service capability, against the backdrop of
declining iron ore prices," says Ken Chan, a Moody's Vice
President.

The company now expects the completion and commencement dates of
the first production line of the Sino Iron project to be May 31,
2012 and Aug. 31, 2012, respectively. It also expects the second
production line to commence production on Dec. 31, 2012.

In addition, CITIC Pacific has entered into the Third
Supplemental Agreement, with the project's contractor, China
Metallurgical Group Corporation (Baa2/stable), paying an
additional USD822.1 million to the group.

"Although the additional costs will be partially covered by
selling CITIC Guoan stakes to its parent in July 2011, CITIC
Pacific will have a larger funding gap in 2012 because the
cashflow from the Sino Iron project will be much less than our
previous projections. As a result, Moody's expects that its
credit metrics will remain weak for its standalone Ba3 rating in
the next 12 months," says Chan, who is also the international
lead analyst for the company.

"The delay also demonstrates CITIC Pacific's weak project
management capability, and its lack of experience in large
overseas greenfield mining projects. As such, high operational
risk will remain even after the completion of the two production
lines, given the challenges in production ramp-up during the
initial commission period, as well as the company's plan to
construct four more production lines."

In addition, CITIC Pacific's special steel and property
development businesses, which are inherently cyclical and
contribute the bulk of the company's operational cashflow, may be
under pressure in 2012 if the growth of the Chinese economy slows
and the property market remains depressed.

Nevertheless, Moody's takes some comfort that CITIC Pacific is
trying to reduce capex in its other businesses and dispose of its
non-core segments to reserve cash for the additional costs
involving the Sino Iron project. The rating also takes into
consideration the company's sound liquidity profile.

The Ba1 rating continues to factor in a two-notch uplift,
reflecting Moody's assessment of the high likelihood of support
from its parent, the CITIC Group (Baa2, stable).

The rating outlook could revert to stable if (1) the Sino Iron
project progresses according to its current schedule, and (2)
CITIC Pacific controls its book debt and maintains adequate
liquidity through further asset sales, reduces its capital
spending and/or CITIC group's capital support, such that its
adjusted Fund Flow From Operation (FFO)/debt trends above 10%.

The rating could be downgraded if (1) the project misses its
milestone again, and/or (2) the company's liquidity profile
deteriorates.

The credit metrics that Moody's will consider for a downgrade
include: adjusted debt/capitalization staying above 55-60%, and
adjusted FFO/debt failing to trend above 10% in 2013.

Should there be a downgrade in CITIC Group's rating, its support
level, and hence the rating uplift for CITIC Pacific, would also
be revisited.

CITIC Pacific Limited's ratings were assigned by evaluating
factors that Moody's considers relevant to the credit profile of
the issuer, such as the company's (i) business risk and
competitive position compared with others within the industry;
(ii) capital structure and financial risk; (iii) projected
performance over the near to intermediate term; and (iv)
management's track record and tolerance for risk. Moody's
compared these attributes against other issuers both within and
outside CITIC Pacific Limited's core industry and believes CITIC
Pacific Limited's ratings are comparable to those of other
issuers with similar credit risk.

Other Factors used in this rating are described in Analytical
Considerations in Assessing Conglomerates published in September
2007.

CITIC Pacific Ltd, listed in Hong Kong, is a conglomerate that is
57.6%-owned by the CITIC Group. It was one of the first Chinese
companies to list and invest outside of China. It is engaged in a
range of businesses, including special steel manufacturing, iron
ore mining, property development and investment, power
generation, aviation, infrastructure, communications, and
distribution. As of end-2010, it had total consolidated assets of
HKD193 billion.

CITIC Group, headquartered in Beijing, is a conglomerate
investment company wholly owned by the State Council of the
Chinese government. As of end 2010, it had total consolidated
assets of RMB2,539 billion.


SHIMAO PROPERTY: Moody's Changes Outlook on 'Ba3' CFR to Negative
-----------------------------------------------------------------
Moody's Investors Service has changed to negative from stable the
outlook of Shimao Property Holdings Limited's Ba3 corporate
family rating and B1 senior unsecured bond rating.

Ratings Rationale

"The negative outlook reflects Moody's concerns about Shimao's
liquidity position, which could weaken in 2012 as a result of
material debt repayments and committed land payments," says Kaven
Tsang, a Moody's Assistant Vice President and Analyst.

Moody's estimates that the company will have maturing debt and
land payments of RMB16 billion in 2012, at a time when new sales
and bank financing are difficult.

Shimao's debt leverage, measured by adjusted debt/total
capitalization of 54% as of June 30, 2011, is high for its Ba3
rating, with limited scope for deleveraging in 2012.

"Such a high level of debt leverage will hamper its ability to
comply with the financial covenants under its syndicated bank
loans, which will in turn lead to further weakness in its
liquidity position if loan repayments are accelerated," Tsang
says.

However, the Ba3 corporate family rating is supported by its
large-scale development, diversified and well-located land bank,
and its portfolio of quality investment properties. The company
acquired its land bank mostly at low costs, which provides it
some pricing flexibility in a challenging market environment.

Both rising liquidity risk and debt leverage reflect Shimao's
relatively weak financial management when compared with its Ba
rated peers.

Moody's will continue to monitor Shimao's quarterly contract
sales, its construction spending and cash position. If Shimao's
sales performance remains weak and liquidity position is unlikely
to improve in the next few months and at the same time, breaches
its financial covenants in its borrowings, the ratings will be
downgraded.

An upgrade is unlikely in the near term, given the negative
outlook. However, the outlook could revert to stable if Shimao:
(1) improves its sales performance and financial management, (2)
manages to refinance its maturing debt and avoid breaching
financial covenants, (3) improves its debt leverage and maintains
an adequate cash buffer, and (4) adopts a cautious approach to
land acquisitions.

Under such circumstances, Moody's would also expect the company
to maintain: (1) a balance sheet with unrestricted cash of 8%-10%
of total assets, (2) EBITDA interest coverage of more than 3x-4x,
and (3) adjusted debt/capitalization of 45%-50%.

The principal methodology used in rating Shimao Property Holdings
Limited was the Global Homebuilding Industry Methodology
published in March 2009.

Shimao Property Holdings Ltd is a Grand Cayman-incorporated
Chinese property developer that was listed on the Hong Kong Stock
Exchange in July 2006. Along with its 64%-owned Shanghai A-share
listed subsidiary, Shanghai Shimao Co Ltd, the company has an
attributable land bank of 38.1 million square meters distributed
in 34 cities, mainly in eastern and northeastern China.

Shanghai Shimao mainly develops commercial properties and has an
attributable land bank of around 6 .46 million square meters. It
also has four hotels in operation with a total of 1,994 rooms.


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


BEAR STEARNS: Briscoe and Meng Step Down as Liquidators
-------------------------------------------------------
Lai Kar Yan (Derek) and Darach E. Haughey stepped down as
liquidators of Bear Stearns Far East Limited on Dec. 30, 2011.


CASTLE PEAK: Commences Wind-Up Proceedings
------------------------------------------
Sole Member of Castle Peak Issuer Company (Hong Kong) Limited, on
Dec. 23, 2011, passed a resolution to voluntarily wind up the
company's operations.

The company's liquidators are:

         Stephen Liu Yiu Keung
         Sammy Koo Chi Sum
         62nd Floor, One Island East
         18 Westlands Road
         Island East, Hong Kong


DARTMOUTH HOLDINGS: Commences Wind-Up Proceedings
-------------------------------------------------
Members of Dartmouth Holdings Limited, on Dec. 28, 2011, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

         Cosimo Borrelli
         G Jacqueline Fangonil Walsh
         Level 17, Tower 1
         Admiralty Centre
         18 Harcourt Road
         Hong Kong


DUNHUANG (CHINA): Kong Chi How Johnson Steps Down as Liquidator
---------------------------------------------------------------
Kong Chi How Johnson stepped down as liquidator of Dunhuang
(China) Company Limited on Dec. 23, 2011.


DUNRICH COLLECTION: Placed Under Voluntary Wind-Up Proceedings
--------------------------------------------------------------
At an extraordinary general meeting held on Dec. 23, 2011,
creditors of Dunrich Collection Limited resolved to voluntarily
wind up the company's operations.

The company's liquidators are:

         Natalia K M Seng
         Susan Y H Lo
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


GENESYS CONFERENCING: Kong Chi How Steps Down as Liquidator
-----------------------------------------------------------
Kong Chi How Johnson stepped down as liquidator of Genesys
Conferencing Limited on Dec. 28, 2011.


GOLDEN LUCK: Placed Under Voluntary Wind-Up Proceedings
-------------------------------------------------------
At an extraordinary general meeting held on Jan. 6, 2012,
creditors of Golden Luck Pacific Limited resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

         Mak Kwok Fai
         Room 1205, 12/F
         Manulife Provident Funds Place
         No. 345 Nathan Road
         Kowloon


HK AVIATION: Creditors' Proofs of Debt Due Feb. 8
-------------------------------------------------
Creditors of Hong Kong Aviation Development Council Limited,
which is in members' voluntary liquidation, are required to file
their proofs of debt by Feb. 8, 2012, to be included in the
company's dividend distribution.

The company's liquidator is:

         Leung Wun Man Emba
         Room D, 32/F
         Tower 1, Lippo Centre
         89 Queensway, Hong Kong


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ACE KUDALE: CRISIL Assigns 'CRISIL B+' Rating to INR20MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Ace Kudale Car Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR20.00 Million Cash Credit       CRISIL B+/Stable (Assigned)
   INR160.00-Mil. Channel Financing   CRISIL B+/Stable (Assigned)
   INR22.30 Million Term Loan         CRISIL B+/Stable (Assigned)
   INR27.00-Mil. Proposed Term Loan   CRISIL B+/Stable (Assigned)
   INR10.0 Million Bank Guarantee     CRISIL A4 (Assigned)

The ratings reflect AKCPL's below average financial risk profile
because of its large working capital requirements, low bargaining
power with its principal, Maruti Suzuki India ltd (Maruti), and
susceptibility to intense competition in the automotive
dealership business. These rating weaknesses are partially offset
by the funding support AKCPL gets from its promoters.

For arriving at its ratings, CRISIL has treated AKCPL's unsecured
loans of INR92.5 million, outstanding as on March 31, 2011,
extended by the promoters and other affiliates, as quasi-equity;
any interest on these loans would be retained in the business.
Moreover, AKCPL has provided an undertaking for non-withdrawal,
or replacement by equity, of these loans.

Outlook: Stable

CRISIL believes that AKCPL will maintain its business risk
profile, supported by established relationships with its
principal. The outlook may be revised to 'Positive' if AKCPL
generates more-than-expected cash accruals, leading to an
improvement in its capital structure and liquidity. Conversely,
the outlook may be revised to 'Negative' in case of deterioration
in the company's financial risk profile, most likely because of
larger-than-expected working capital requirements or less-than-
expected cash accruals.

                        About Ace Kudale

AKCPL, based in Pune (Maharashtra), started operations in 2009-10
as a dealer in Maruti's cars. AKCPL sold about 2000 cars in 2010-
11 (refers to financial year, April 1 to March 31) from its
showroom-cum-workshop in Pune. It has recently started another
workshop in Pune, thereby doubling its servicing capacity to 4000
cars per month.

AKCPL reported a net loss of INR0.2 million on net sales of
INR792.1 million for 2010-11, as against a net loss of
INR5.2 million on net sales of INR397.3 million for 2009-10.


BRACO ELECTRICALS: CRISIL Puts 'CRISIL BB' Rating on INR40MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of Braco Electricals (India) Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR40 Million Cash Credit          CRISIL BB/Stable (Assigned)
   INR9 Million Overdraft Facility    CRISIL BB/Stable (Assigned)
   INR5 Million Letter Of Guarantee   CRISIL A4+ (Assigned)

The ratings reflect BEIPL's established market position and
promoters' extensive experience in the electrical tools
manufacturing industry. These rating strengths are partially
offset by BEIPL's weak financial risk profile marked by modest
networth and weak capital structure, and modest scale of
operations.

Outlook: Stable

CRISIL believes that BEIPL will maintain its business risk
profile, supported by its established market position and
promoters' industry experience, over the medium term. The outlook
may be revised to 'Positive' if BEIPL increases its revenues
substantially, increases its net cash accruals, and improves its
debt protection metrics. Conversely, the outlook may be revised
to 'Negative' if there is deterioration in the company's
operating margin or debt protection metrics, or if it undertakes
larger-than-expected debt-funded capital expenditure (capex)
programme.

                       About Braco Electricals

BEIPL was incorporated in 2003 and promoted by the Mumbai-based
Sobhani family. The company is engaged in manufacturing cable
accessories such as cable glands, lugs, terminals bus bars and
crimping tools, and selling these under the Braco brand. The
company derives around 40% of its revenues from selling cable
glands to original equipment manufacturers (OEMs, around 55% from
selling cable lugs through its distribution network and the
remainder from by selling crimping tools. The overall operations
of the company are managed by Mr. Ramesh Sobhani, a second-
generation entrepreneur. The company has its manufacturing
facilities in Thane and Aasangaon (both in Maharashtra).

BEIPL reported a profit after tax (PAT) of INR5.5 million on net
sales of INR185 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR5.4 million on net
sales of INR169.9 million for 2009-10.


BUILDMORE INFRA: CRISIL Rates INR150MM Term Loan at 'CRISIL B'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the term loan
facility of Buildmore Infrastructures (India) Pvt Ltd.

   Facilities                    Ratings
   ----------                    -------
   INR150 Million Term Loan      CRISIL B/Stable (Assigned)

The rating reflects BIPL's exposure to risks related to
completion, funding, and saleability of its ongoing projects, and
its weak financial risk profile marked by high reliance on
customer advances for project completion. The rating also factors
in BIPL's vulnerability to risks and cyclicality inherent in the
Indian real estate industry. These rating weaknesses are
partially offset by the extensive experience of BIPL's promoters
in the construction industry through group companies and the
healthy bookings for BIPL's project, Buildmore Classic.

Outlook: Stable

CRISIL believes that BIPL will remain sensitive to the timeliness
of inflow of customer advances for its large ongoing projects.
The outlook may be revised to 'Positive' in case of better-than-
expected booking of units and receipt of customer advances,
leading to higher-than-expected cash inflows. Conversely, the
outlook may be revised to 'Negative' in case of deterioration in
the company's liquidity either due to delays in receipt of
customer advances, or time or cost overruns in its project, or
other large projects undertaken by the company.

                  About Buildmore Infrastructures

Incorporated in 2009, BIPL was promoted by Mr. Ashok Khaunte and
started operations in September 2010. The company is currently
managed by Mr. Ashok Khaunte's sons, Mr. Rohan Khaunte and Mr.
Rajesh Khaunte, along with Mrs. Vrushali Parsekar, who is an
investment consultant. The company undertakes real estate
projects and is part of the INR2000-million Shiv Samarth group.
Currently, BIPL is engaged in two joint venture projects,
Buildmore Classic and Buildmore Woods and Business Park. Both are
residential-cum-commercial projects.


CAMBATA AVIATION: CRISIL Puts 'CRISIL BB' Rating on INR150MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank loan facilities of Cambata Aviation Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR150-Mil. Overdraft Facility    CRISIL BB/Stable (Assigned)
   INR450 Million Bank Guarantee     CRISIL A4+ (Assigned)

The rating reflects CAPL's leading market position in providing
ground handling services in India and comfortable capital
structure, and the financial support that the company receives
from its promoters in the form of unsecured loans. These rating
strengths are partially offset by CAPL's losses at Mumbai
(Maharashtra) airport, exposure to risks associated with
extraordinary employee cost and to government regulations in the
aviation industry, and working-capital-intensive operations.

Outlook: Stable

CRISIL believes that CAPL will continue to benefit over the
medium term from its longstanding presence in the ground handling
services industry. The outlook may be revised to 'Positive' if
the company turns around its loss-making operations at Mumbai and
diversifies its client base, while it maintains its existing
financial risk profile. Conversely, the outlook may be revised to
'Negative' if CAPL's financial risk profile deteriorates because
of a stretch in working capital, large, additional, debt-funded
capital expenditure, or if there are any government regulations
negatively impacting the aviation industry.

                       About Cambata Aviation

CAPL was incorporated in 1954 by the late Mr. Kershi Cambata.
Currently, the company's operations are managed by Mr. Nelson
Cambata, the second generation of the Cambata family.

It provides ground handling services at Indian airports including
cargo handling, passenger handling, segregation, custom
clearance, ramp handling, cabin cleaning, and load planning. CAPL
provides services at New Delhi, Mumbai (Maharashtra), Chennai
(Tamil Nadu), Pune (Maharashtra), and Ahmedabad (Gujarat)
airport. In 2010-11 (refers to financial year, April 1 to March
31), the company derived 45% of its revenues from Delhi airport,
35% from Mumbai airport, and the rest from other airports.

CAPL reported a profit after tax (PAT) of INR8.5 million on
operating income of INR2.2 billion for 2010-11 (refers to
financial year, April 1 to March 31), against a loss of
INR99.3 million on operating income of INR2.0 billion for
2009-10.


CORE EDUCATION: Moody's Assigns 'B1' Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service has assigned a B1 corporate family
rating to Core Education and Technologies (CORE), a provider of
technology-enabled products and solutions primarily for the
education sector. The outlook is stable. This is the first time
that Moody's has assigned a rating to CORE.

Ratings Rationale

CORE's B1 corporate family rating reflects its small scale,
negative free cash flow as a result of its robust capital
expenditure plan, and an increased level of financial and
execution risk associated with its growth strategy.

Over the next three years, the company's focus is on expanding
into India's education market, establishing Information
Communication & Technology learning centers, and increasing its
penetration in the UK market through its acquisition of ITN Mark,
UK.

"The increased financial and execution risks reflect a more
capital intensive business model in India and a degree of
uncertainty with respect to the revenue model for the expanding
centers, which will drive significant negative free cash flow
through at least fiscal 2015," said Annalisa Di Chiara, a Moody's
Vice President and Senior Analyst.

"As such, liquidity is weak and the company will need to rely
heavily on the availability of bank loans and working capital
facilities to support its desired growth trajectory," she adds.

Some comfort is derived from the fact that CORE has retained
access to bank lending throughout its growth cycle and has a
proven ability to increase its bank facilities and negotiate less
restrictive covenants. Moody's expects CORE to continue to seek
longer term-financing and additional project loans to fund its
growth in a prudent manner with net debt/EBITDA remaining below
2x.

In addition, as with its peers, the rating is constrained by the
company's reliance on federal and state funding, where the vast
majority of current earnings are generated. This makes earnings
not only susceptible to policy changes but may result in
increased working capital needs and additional pricing pressures.

However, the rating derives support from CORE's established
competitive market position, high renewal rates and proven track
record of growth through acquisitions. It has maintained a high
renewal rate of more than 90% and demonstrated an ability to
expand revenues organically.

"The recurring nature of the company's US- based revenues is
likely to continue, particularly as more content is added and the
solutions become further ingrained in the school systems. These
factors offer some reasonable barriers to entry as well as
mitigate the risk of substitution of its products," Ms. DiChiara
says.

Furthermore, CORE's off-shoring capabilities enhance its
competitive position relative to its US domiciled peers and
should provide resilient cash flows in a budget-conscious and
price-sensitive market. Its on-site, off-shore business model
ensures competitive pricing without compromising quality.

The stable outlook incorporates Moody's expectations that the US
funding environment for education will not worsen materially over
the near-to intermediate term and that the company will continue
to grow its content domain and licensed-based businesses in the
US and UK, while maintaining its high renewal rates.

A portion of the availability of the company's bank facilities
remains subject to annual financial covenants tests, which are
expected to be tight, particularly its DSCR of 2x. Should the
company not be in compliance with its covenants at FYE March 2012
the rating may come under pressure.

Positive ratings pressure over the near-to-intermediate term is
limited reflecting: (1) the company's relative modest scale, (2)
the increased level of capital intensity related to its growth
objectives resulting in negative free cash flow, (3) reliance on
state and public funding for a significant portion of revenues,
and (4) the need to provide additional track record of growth,
working capital and capex management for its Indian business.
Metrics that would support a higher rating include gross adjusted
debt/EBITDA less than 2.0x, EBITDA-Capex/Interest in the 2.5x-
3.0x range and a sustained track record of positive free cash
flow generation.

Alternatively, ratings could face negative pressure if (1) the
company fails to expand effectively in India resulting in
additional capital outlays, project delays or payment delays from
the government, (2) renewal rates for its licensed and content
domain products decline materially, (3) it pursues an aggressive
acquisition plan, or (4) it's liquidity profile worsens, as banks
show greater reticence to roll-over existing facilities.

CORE's ratings were assigned by evaluating factors that Moody's
considers relevant to the credit profile of the issuer, such as
the company's (i) business risk and competitive position compared
with others within the industry; (ii) capital structure and
financial risk; (iii) projected performance over the near to
intermediate term; and (iv) management's track record and
tolerance for risk. Moody's compared these attributes against
other issuers both within and outside CORE's industry and
believes CORE's ratings are comparable to those of other issuers
with similar credit risk.


DIAMOND ENGINEERING: CRISIL Cuts Rating on INR50MM Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on bank facilities of Diamond
Engineering (Chennai) Pvt Ltd (Diamond Engineering) to 'CRISIL
D/CRISIL D' from 'CRISIL BBB-/Stable/CRISIL A3'.

   Facilities                       Ratings
   ----------                       -------
   INR400.00 Million Cash Credit    CRISIL D (Downgraded from
                                        'CRISIL BBB-/Stable')

   INR50.00 Million Term Loan       CRISIL D (Downgraded from
                                        'CRISIL BBB-/Stable')

   INR160.00 Mil. Packing Credit    CRISIL D (Downgraded from
                                              'CRISIL A3')

   INR572.00 Million Letter of      CRISIL D (Downgraded from
   Credit and Bank Guarantee                  'CRISIL A3')

The downgrade reflects instances of delay by Diamond Engineering
in servicing its debt; the delays have been caused by the
company's weak liquidity and stretched receivables.

Diamond Engineering has working-capital-intensive operations and
is susceptible to downturns in the capital goods industry. The
company however benefits from its established position in the
steel fabrication business.

                     About Diamond Engineering

Set up by Mr. P Mohanraj in 1987, Diamond Engineering is in the
light engineering and steel structural fabrication business. The
company's products include bucket elevators, structures,
cyclones, and separators. Its customers include players in the
construction, cement, power, sugar, and automotive component
industries. Diamond Engineering fabricates steel components based
on customers' engineering designs and requirements.

For 2010-11 (refers to financial year, April 1 to March 31),
Diamond Engineering reported a profit after tax (PAT) of
INR129.33 million on net sales of INR3.00 billion, as against a
PAT of INR64.93 million on net sales of INR2.92 billion for
2009-10.


DIN DAYAL: Inadequate Info Cues Fitch to Withdraw Low-B Rating
--------------------------------------------------------------
Fitch Ratings has withdrawn India-based Din Dayal Purushottam
Lal's 'Fitch B-(ind)nm' National Long-Term rating.  The agency
has also withdrawn the 'Fitch B-(ind)nm'/'Fitch A4(ind)nm'
ratings on DDPL's INR200m fund-based and non-fund based
programme.

The ratings have been withdrawn due to lack of adequate
information, and Fitch will no longer provide ratings or
analytical coverage of DDPL.


EARTHCON INDUSTRIES: CRISIL Rates INR174.5MM Loan at 'CRISIL B-'
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-
term bank facility of Earthcon Industries.

   Facilities                         Ratings
   ----------                         -------
   INR174.5 Million Proposed Long-    CRISIL B-/Stable (Assigned)
   Term Bank Loan Facility

The rating reflects ECI's susceptibility to project
implementation risk and expected weak financial risk profile,
driven by high project gearing. These rating weaknesses are
partially offset by the fiscal benefits associated with ECI's
project and partners' extensive experience in the end-user
industry.

Outlook: Stable

CRISIL believes that ECI will benefit over the medium term from
the fiscal benefits associated with its project and its partners'
extensive experience in the end-user industry. The outlook may be
revised to 'Positive' in case of timely completion of project
along with better-than-expected cash accruals and efficient
working capital management during the initial phase of
operations. Conversely, the outlook may be revised to 'Negative'
in case of time or cost overruns in implementing the project or
in the case of lower-than-expected cash accruals or larger-than-
expected working capital requirements during the initial phase of
operations, resulting in pressure on ECI's liquidity.

                      About Earthcon Industries

ECI is currently setting up a geo grid fabric manufacturing unit
in Kashipur (Uttarakhand). The geo grid manufactured by the firm
finds application in the construction of flyovers, bridges,
highways, and for reinforcement and separation purposes. Work on
the unit commenced in October 2011 and commercial production is
expected to commence in March 2012. The unit, once operational,
will have the capacity to manufacture about 6.05 million square
metres of geo grid fabric per annum.


ETHIX CLOTHING: CRISIL Rates INR90MM Cash Credit at 'CRISIL B'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the cash
credit facility of Ethix Clothing.

   Facilities                      Ratings
   ----------                      -------
   INR90 Million Cash Credit       CRISIL B/Stable (Assigned)

The rating reflects EC's average financial risk profile, marked
by a small net worth, high gearing, and average debt protection
metrics, modest scale of operations in the fragmented ready-made
garments business, and working-capital-intensive operations.
These rating weaknesses are partially offset by the extensive
industry experience of EC's partners and established relationship
with pricincipals leading to healthy ramp-up in its operations
due to integrated operations in the retail value chain.

Outlook: Stable

CRISIL believes that EC will benefit over the medium term from
its partners' extensive industry experience. The outlook may be
revised to 'Positive' in case of higher-than-expected cash
accruals, leading to improvement in its capital structure and
liquidity. Conversely, the outlook may be revised to 'Negative'
in case of deterioration in the firm's financial risk profile due
to larger-than-expected working capital requirement or lower-
than-expected cash accruals.

                       About Ethix Clothing

EC was set up in 2005 as a partnership firm by Mr. Dharmesh
Kishore Gathani and Mr. Avaneesh H Mishra. The firm is engaged in
wholesale distributorship of branded ready-made garments and also
retails the same. The firm is the sole dealer for Pepe Jeans,
Wrangler, US Polo, Puma, and Flying Machine in Maharashtra and
Goa. EC also has 33 exclusive branded outlets across the two
states for these brands, and franchise outlets for Blackberry and
Mufti brands. The firm intends to open seven more outlets by the
end 2011-12 (refers to financial year, April 1 to March 31). The
retail division accounted for over 55% of EC's revenue in 2010-
11, while the remaining was contributed by the wholesale segment.

EC reported a profit after tax (PAT) of INR9.1 million on net
sales of INR175.3 million for 2010-11, as against a PAT of INR1.4
million on net sales of INR57.8 million for 2009-10.


FATEH CHAND: Fitch Migrates Rating on NLTR to 'BB+(ind)'
--------------------------------------------------------
Fitch Ratings has migrated India-based Fateh Chand Charitable
Trust's 'Fitch BB+(ind)' National Long Term Rating with a Stable
Outlook to the "Non-Monitored" category.  The rating will now
appear as 'Fitch BB+(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 FCCT.  The ratings will remain
in the "Non-Monitored" category for 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 may be reinstated and will be communicated through a
"Rating Action Commentary".

FCCT is a charitable trust registered in Muzaffarnagar, Uttar
Pradesh. It has been in existence since 2005.  The trust has 26
members, and operates a medical school plus hospital and a
paramedical college to impart nursing education and training.

Fitch also classified FCCT's following bank facilities as non-
monitored:

  -- INR351.8 million term loan limits: migrated to 'Fitch
     BB+(ind)nm' from 'Fitch BB+(ind)'

  -- INR105 million non-fund based bank limits (comprising bank
     guarantees): migrated to 'Fitch A4+(ind)nm' from 'Fitch A4+
     (ind)'


OGUN STEEL: CRISIL Assigns 'CRISIL B+' Rating to INR200MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Negative/CRISIL A4' ratings to
the bank loan facilities of Ogun Steel Rolling Mills Pvt Ltd
(OSRM; part of the MPS group).

   Facilities                        Ratings
   ----------                        -------
   INR200 Million Cash Credit       CRISIL B+/Negative (Assigned)
   INR133.5 Million Long-Term Loan  CRISIL B+/Negative (Assigned)
   INR150 Million Letter of Credit  CRISIL A4 (Assigned)

The MPS group has a weak financial risk profile and is exposed to
risks related to volatility in raw material prices and downtrends
in the steel industry. However, the group benefits from its
established position in the central Kerala market, well-
recognised brand, and cost-efficient partially integrated
operations.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of OSRM, Ogun Steels Pvt Ltd (OSPL),
Paragon Steels Pvt. Ltd (Paragon Steels) and MPS Steel Castings
Pvt. Ltd (MPS Steel), together referred to as the MPS group. This
is because all these entities have a common set of promoters, are
in the same line of business, and have strong intra-group
operational linkages, including fungible funds.

Outlook: Negative

CRISIL believes that the MPS group's financial risk profile,
particularly liquidity, will remain under pressure over the
medium term because of large working capital requirements. The
ratings may be downgraded in case of steeper-than-expected
deterioration in the group's profitability, or in case of large
debt-funded capital expenditure or unrelated diversifications.
Conversely, the outlook could be revised to 'Stable' in case of
substantial and sustained improvement in the group's margins and
increase in its cash flows, or if there is fresh equity infusion
into the group companies, resulting in increase in their net
worth and improvement in their capital structure.

                          About the Group

Set up by the MPS group in 1996, MPS Steel manufactures sponge
iron and mild steel (MS) ingots. MPS Steel's plants in Palakkad
(Kerala) have capacity to produce 90,000 tonnes per annum (tpa)
of sponge iron and 20,000 tpa of MS ingots. MPS Steel also has a
10-megawatt (MW) captive power plant at its sponge iron
manufacturing site; it entered into a power purchase agreement
with Kerala State Electricity Board in December 2008 for offtake
of power from its captive power plant for 10 years. In July 2009,
the MPS group acquired a sick pharmaceutical unit, Gujarat
Injects Kerala Ltd, at a cost of INR60 million, which was funded
entirely through term debt; the MPS group plans to dispose of the
acquired company's assets at the earliest available opportunity.

Paragon Steels manufactures TMT bars and ingots. Its plant in
Palakkad has capacity to produce 45,000 tpa of TMT bars and
50,000 tpa of MS ingots. OSRM's plant in Sulur (Tamil Nadu) has
capacity to produce 60,000 tpa of TMT bars. The TMT bars of
Paragon Steels and OSRM are marketed under the Paragon and Ogun
brands, respectively.

The MPS group was established in 1969 by Mr. M Paramsivam and his
brother Mr. M Mani. In 1994, the group ventured into steel
manufacturing by acquiring a closed steel manufacturing unit
(Paragon Steels) in Palakkad. At present, the group has capacity
to produce 90,000 tpa of sponge iron, 70,000 tpa of MS ingots,
and 105,000 tpa of TMT and CTD bars; it also has a captive power
plant with installed capacity of 10 MW.

For 2010-11 (refers to financial year, April 1 to March 31), the
MPS Group a profit after tax (PAT) of INR16.7 million on net
sales of INR2.10 billion, as against a PAT of INR21.0 million on
net sales of INR1.76 billion for 2009-10.


OM SHIV: Inadequate Info Cues Fitch to Withdraw Low-B Rating
------------------------------------------------------------
Fitch Ratings has withdrawn the 'Fitch B(ind)nm' National Long-
Term rating on India's Om Shiv Estates Private Limited (Om) and
its INR183 million long-term bank loans.

The ratings have been withdrawn due to lack of adequate
information.  Fitch will no longer provide ratings or analytical
coverage of Om.


RADHIKA TRANSMISSION: CRISIL Reaffirms 'BB-' Cash Credit Rating
---------------------------------------------------------------
CRISIL's ratings to the bank facilities of Radhika Transmission
Pvt Ltd (RTPL; part of the Cabcon group) continues to reflect the
extensive experience of Cabcon group's promoters in the power
cable segment and the healthy demand prospects for the cable and
conductors industry.

   Facilities                       Ratings
   ----------                       -------
   INR40 Million Cash Credit       CRISIL BB-/Stable (Reaffirmed)
   INR19.9 Mil. Bill Discounting   CRISIL A4+ (Reaffirmed)
   INR20 Million Letter of Credit  CRISIL A4+ (Reaffirmed)
   INR20 Million Bank Guarantee    CRISIL A4+ (Reaffirmed)

These rating strengths are partially offset by the Cabcon group's
susceptibility to risks related to low entry barriers in the
cable and conductors industry, large working capital
requirements, and a weak financial risk profile, marked by a high
gearing, weak debt protection metrics, and a moderate net worth.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of RTPL, Cabcon India Pvt Ltd and
Shreyash Aluminium and Alloys Pvt Ltd, together referred to as
the Cabcon group. The consolidated approach is because the three
companies are under a common management, engaged in similar
operations, and have significant operational linkages. However,
CRISIL has deconsolidated Kishore & Co with the Cabcon group
because KC has limited operational linkages with the group; also,
a director common in both SAAPL and KC has resigned from SAAPL's
board.

Outlook: Stable

CRISIL believes that the Cabcon group will continue to benefit
over the medium term from its promoters' extensive industry
experience and its strong clientele. The outlook may be revised
to 'Positive' in case the group generates higher-than-expected
operating income and profitability. Conversely, the outlook may
be revised to 'Negative' if the Cabcon group undertakes a large
debt-funded capital expenditure programme, leading to significant
decline in its operating income and profitability.

                           About the Group

The Cabcon group started manufacturing power cables in 1991 with
the establishment of CIPL (the group's flagship company) by Mr. S
B Fomra. CIPL manufactures aluminium conductor steel reinforced,
all aluminium alloy conductors, all aluminium conductors, and
aluminium wires, which are used in overhead transmission and
distribution of electricity. The company's manufacturing unit is
located near Kolkata (West Bengal) and has capacity to produce
15,000 tonnes per annum (tpa) of conductors.

RTPL is in a similar line of business as CIPL with capacities of
3600 tpa. SAAPL, which commenced operations in January 2009, is
engaged in the rolling of aluminium ingots into aluminium wires,
which is used as a raw material by CIPL and RTPL. SAAPL
undertakes the rolling process for both the companies on jobwork
basis.

The Cabcon group reported a profit after tax (PAT) of INR18.89
million on net sales of INR2292 million for 2010-11 (refers to
financial year, April 1 to March 31), as against a PAT of
INR11.11 million on net sales of INR1716 million for 2009-10.


SAGAR STEELS: Fitch Puts Rating on INR150-Mil. Limit at 'BB-'
-------------------------------------------------------------
Fitch Ratings has assigned India's Sagar Steels a National Long-
Term rating of 'Fitch BB-(ind)'.  The Outlook is Stable.  Fitch
has also assigned Sagar Steels's INR150 million fund-based limits
a 'Fitch BB-(ind)' rating.

The ratings reflect Sagar Steels's low interest coverage
(EBITDA/gross interest expense) of 1.3x-2x, moderate financial
leverage (debt/EBITDA) of 4x-6x, and weak EBITDA margins of
around 3% for FY08-FY11 (year-end: March).  The ratings also
reflect over two-decade-long experience of Sagar Steels's
founders in steel trading.

Positive rating guidelines include a sustained improvement in
Sagar Steels's interest coverage to above 3x on a sustained
basis.  Conversely, a decline in interest coverage to below 1.5x
on a sustained basis may result in negative rating action.

Sagar Steels is the sole distributor of Tata Steel Limited's
('Fitch AA(ind'/Stable) cold-rolled closed annealed range of
products for the entire north-eastern region since 2000.  Sagar
Steels has a network of 115 dealers for selling TSL's products
and a warehousing facility comprising more than 1 lakh sq. ft of
space for keeping required inventory.  For FY11, it reported
total revenues of INR1,322.8 million (FY10: INR1,069.6 million)
and an EBIDTA margin of 3% (3.1%).


SIMBHAOLI SUGAR: CRISIL Cuts Rating on INR3.2BB Loan to 'D'
-----------------------------------------------------------
CRISIL has downgraded its rating on bank facilities of Simbhaoli
Sugar Ltd to 'CRISIL D/CRISIL D' from 'CRISIL B/Negative/CRISIL
A4'.

   Facilities                          Ratings
   ----------                          -------
   INR3.2075 Billion Cash Credit       CRISIL D (Downgraded from
                                            'CRISIL B/Negative')

   INR3.2077 Billion Long-Term Loan    CRISIL D (Downgraded from
                                            'CRISIL B/Negative')

   INR1.521 Billion Letter of credit   CRISIL D (Downgraded from
   & Bank Guarantee                              'CRISIL A4')


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

SSL also has a weak financial risk profile, marked by a highly
leveraged capital structure and weak debt protection metrics,
vulnerability to high degree of regulatory risk, and cyclicality
in the sugar industry.

                       About Simbhaoli Sugar

SSL (formerly, The Simbhaoli Sugar Mills Ltd) is a 75-year-old
company. SSL was established as a partnership firm in 1933 in
Simbhaoli (Uttar Pradesh [UP]). It was reconstituted in 1936 as a
private limited company and then to a public limited company in
1989. In 1992, it acquired a distillery and converted its
Simbhaoli sugar plant into a sugar complex. SSL now has an
integrated sugar unit and operates under the sugar-alcohol-power
business model. SSL is among the top 10 integrated sugar
companies in India.

SSL has three sugar plants, one each in Simbhaoli and Brijnathpur
in western UP and in Chilwaria in eastern UP; the company has a
combined crushing capacity of 20,100 tonnes of sugarcane per day.
SSL offers a broad range of sugar products, such as white crystal
refined sugar, pharmaceutical grade sugar, superfine sugar, sugar
cubes, icing sugar, table sugar, candy sugar, and sugar sachets.
SSL plans to hive off its power and alcohol division in 2010-12
(refers to the 18-month period, October 1 to March 31), by
forming two 100% subsidiaries - Simbhaoli Power Limited and
Simbhaoli Spirits Limited.

SSL reported, on provisional basis, a net loss of Rs 597 million
on net sales of Rs 9514 million for 2010-11 (refers to 12-month
period, October 1 to September 30). SSL reported a net loss of
INR747 million on net sales of INR 12,617 million for 2009-10
(refers to financial year, October 1 to September 30), as against
a net profit of INR718 million on net sales of INR7063 million
for 2008-09.


SPECTRUM RENEWABLE: CRISIL Rates INR155.6MM Loan at 'CRISIL B+'
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Spectrum Renewable Energy Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR155.6 Million Term Loan      CRISIL B+/Stable (Assigned)

The rating reflects SREL's susceptibility to project
implementation risk, and weak financial risk profile, marked by a
small net worth and weak debt protection metrics. These rating
weaknesses are partially offset by the extensive industry
experience of SREL's promoters and fiscal benefits associated
with setting up the project.

Outlook: Stable

CRISIL believes that SREL will benefit from the commencement of
commercial production in April 2012. The outlook may be revised
to 'Positive' in case of timely completion of project along with
better-than-expected cash accruals and efficient working capital
management. Conversely, the outlook may be revised to 'Negative'
in case of time or cost overruns in implementation of project or
in case of lower-than-expected cash accruals or larger-than-
expected debt-funded capital expenditure plan.

                     About Spectrum Renewable

SREL is currently setting up a bio compressed natural gas (CNG)
bottling unit in Kholapur (Maharashtra). The unit is being set up
by SREL under a build-own-operate-transfer (BOOT) model, whereby
once the company achieves IRR (Internal Rate of Return) of about
21% on unleveraged project cost, the manufacturing unit will be
transferred to WSL at a nominal price. After the BOOT agreement
was signed in March 2010, work on the unit commenced in January
2011 and commercial production is expected to commence during
April 2012.

The project, once implemented, will have raw biogas production
capacity of about 8000 m3 per day and cleaning and compressing
capacity of 20,000 m3 per day. The company will generate its raw
biogas from the press mud obtained during sugarcane crushing
process. Processing of press mud leads to a by-product line,
namely, fertiliser. SREL is expected to generate about two-third
of its revenues from sale of bio CNG and the rest from sale of
the fertiliser. Under the terms of the agreement, WSL will meet
all the raw material requirements of SREL and the company, in
turn, will sell its entire output to WSL.


SRI R. K. MODERN: CRISIL Reaffirms 'CRISIL B+' Cash Credit Rating
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sri R. K.
Modern Rice Mill continues to reflect SRKMRM's below-average
financial risk profile marked by high gearing and below-average
debt-protection metrics, and the susceptibility of its revenues
and profitability to adverse regulatory changes and volatility in
paddy prices. These rating weaknesses are partially offset by
SRKMRM's promoters' extensive experience in the rice milling
industry.

   Facilities                       Ratings
   ----------                       -------
   INR150.00 Million Cash Credit    CRISIL B+/Stable (Reaffirmed)
   INR8.00 Million Long-Term Loan   CRISIL B+/Stable (Reaffirmed)
   INR22.00 Million Proposed Long-  CRISIL B+/Stable (Reaffirmed)
   Term Bank Loan Facility

Outlook: Stable

CRISIL believes that SRKMRM will continue to benefit from its
promoters' experience in the rice milling industry. The outlook
may be revised to 'Positive' if the firm generates more-than-
expected revenues, while improving the profitability, or if it
improves capital structure by bringing in funds from the partners
at the firm. Conversely, the outlook may be revised to 'Negative'
if SRKMRM undertakes a large debt-funded capital expenditure
(capex) programme, its revenues or profitability decline sharply,
or if the partners withdraw substantial capital from the firm,
leading to deterioration in its financial risk profile.

Update

SRKMRM reported revenues of about INR848 million for 2010-11
(refers to financial year, April 1 to March 31), a marginal
growth of about 7% over that in 2009-10. With the lifting of ban
on export of non-basmati rice in 2011-12, the firm plans to
export rice in 2011-12; this is expected to support the growth in
revenues in 2011-12 by around 10-15%. The firm reported low
operating margin of 2.7% for 2010-11, which is expected to be at
similar levels over the medium term.

The firm increased its para-boiling capacity by around 75 tonnes
per day (tpd) in 2010-11. The total cost of the capacity
expansion was around INR5 million, funded entirely from internal
accruals and capital infusion of INR3.5 million by the partners.
The firm had high gearing of 3.83 times as on March 31, 2011, it
is expected to remain high over the medium term. Its liquidity is
adequate, marked by sufficient cash accruals against its
repayment obligations and moderate bank limit utilization of 50-
60% over the past 12 months ended November 2011.

For 2010-11, the firm reported a profit after tax (PAT) of INR7.9
million on net sales of INR848.9 million; the firm reported a PAT
of INR6.9 million on net sales of INR783.8 million for 2009-10.

                       About Sri R. K. Modern

SRKMRM, an unregistered partnership firm set up in 1998,
undertakes milling and processing of paddy into boiled and raw
rice; in the process, it also gets byproducts of broken rice,
bran, and husk. SRKMRM has a paddy-milling capacity of 12 tonnes
per hour (around 1 million quintals per annum) at Nizamabad
(Andhra Pradesh). The firm is promoted by Mr. Pawan Kedia and his
brother, Mr. Susheel Kedia. The firm sells rice under the brand
Kedia.


WINTOP VITRIFIED: CRISIL Rates INR182MM Term Loan at 'CRISIL B'
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Wintop Vitrified Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR182 Million Term Loan        CRISIL B/Stable (Assigned)
   INR80 Million Cash Credit       CRISIL B/Stable (Assigned)
   INR25 Million Bank Guarantee    CRISIL A4 (Assigned)

The ratings reflect WVPL's below-average financial risk profile,
and high offtake risks given the bunching-up of fresh capacity in
the Vitrified tiles industry. These rating weaknesses are
partially offset by the benefits that WVPL derives from its
strategic location and its promoter's industry experience.

Outlook: Stable

CRISIL believes that WVPL will continue to benefit over the
medium term from its strategic location at Morbi in Rajkot
(Gujarat), and its promoters' experience in the tiles industry.
The outlook may be revised to 'Positive' in case the company
shows better-than-expected revenue growth or records higher-than-
expected profitability. Conversely, the outlook may be revised to
'Negative' if there is a delay in commissioning of WVPL's
facility, or the company's revenues and profitability are less
than expected once the project is commissioned.

                      About Wintop Vitrified

WVPL was incorporated in December 2010 and is currently
undertaking a project to install manufacturing capacities for
vitrified tiles with capacity of 6000 boxes per day (about 54,000
tonnes per annum). The project is being installed at Morbi. The
cost of the project is INR306.4 million, which is being funded by
a term loan of INR182 million, unsecured loans from promoters of
INR24.4 Million, and equity funding of INR100 Million. The
company's operations are expected to commence by January 2012.


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


OLYMPUS CORP: Sues Former Chairman, Other Executives
----------------------------------------------------
Juro Osawa at Dow Jones Newswires reports that Olympus Corp. has
filed lawsuits against its former chairman Tsuyoshi Kikukawa and
several other individuals the company deems responsible for its
recently discovered accounting scandal, a person familiar with
the matter said Monday.

According to Dow Jones, the person said Olympus filed the
lawsuits Sunday to seek damages from the individuals, include
former Executive Vice President Hisashi Mori and former company
auditor Hideo Yamada.  The person didn't name any of the other
individuals or indicate how many people in total are being sued.
The person also did not say whether current board directors are
among the individuals in question, or how much the company is
seeking in damages, Dow Jones notes.

Dow Jones relates that Olympus released a statement Sunday saying
it was considering filing lawsuits against its current and former
directors, after receiving a report Saturday from an independent
panel consisting of three lawyers appointed last month to
investigate the company board's responsibility in the scandal.

The person said the panel's report determined that more than 10
individuals, including President Shuichi Takayama and some
current board directors, were responsible, findings that could
trigger a board shakeup, according to Dow Jones.

                        Takayama Plans to Quit

The Japan Times reports that Olympus Corp. President Shuichi
Takayama plans to step down by month's end to take responsibility
for the concealment of massive losses at the major optical and
medical equipment maker, company sources said Saturday.

The sources said the move was prompted by a report compiled by an
in-house investigative panel, which concluded that more than 10
people that include Mr. Takayama and other board members are
responsible for the accounting scandal and that Olympus should
seek damages of more than JPY90 billion from them, The Japan
Times relates.

If those blamed in the report fail to comply with the payments,
the company will sue them, the sources said, The Japan Times
relates.

                   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.


SONY CORP: H. Stringer to Step Down as Firm's President
-------------------------------------------------------
According to Agence France-Presse, reports said Saturday that
Welsh-born American head Howard Stringer is to step down as the
Sony Corp's president, while remaining CEO and chairman.

AFP relates that the move puts his reported successor Kazuo
Hirai, a games and music veteran who is currently executive
deputy president, in pole position to ultimately take over at the
top of the company.

According to the news agency, the Nikkei economic daily said Sony
is planning a drastic restructuring under Mr. Hirai to try to
return to profit.  The Nikkei economic daily pointed out the
group is braced to report its fourth consecutive annual loss for
the year ending in March, Japan Today relays.

Sony has been mired in the red with its television business
losing money, AFP discloses.  It has been hit by a strong yen,
hacker attacks on its PlayStation Network, and both Japan's
earthquake-tsunami disaster and floods in Thailand last year, AFP
notes.

Mr. Stringer became chairman and chief executive in 2005 as the
first foreign chief at Sony, and added the presidency to his
roles in 2009, AFP discloses.  The 69-year-old has dismissed
speculation that he will be stepping down at the end of the
company's fiscal year, AFP adds.  Jiji Press news agency, AFP
cites, said he had decided to shed the post of president because
of the unusual concentration of power in him holding the
company's top three positions.

                            About Sony

Sony Corporation (TYO:6758) -- http://www.sony.co.jp/ -- is the
ultimate parent company of the Sony Group.  The company is
primarily focused on Electronics, such as audiovisual/
information technology products & components; Game, such as
PlayStation; Entertainment, such as motion pictures and music,
and Financial Services, such as insurance and banking sectors.


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


WESTERN PACIFIC: Creditors Asked to Fund High Court Appeal
----------------------------------------------------------
Frank Marvin at Mountain Scene reports that liquidators of
Western Pacific Insurance Ltd want creditors to pay NZ$86,000 for
the chance to share in a NZ$34 million payout.

Simon Thorn and David Ruscoe of accountancy firm Grant Thornton
are asking creditors to fund an appeal against a High Court
verdict issued just before Christmas, Mountain Scene says.

Mountain Scene relates that Justice Simon France ruled that
NZ$34 million of reinsurance money should be dedicated to part-
paying 183 Christchurch quake claims, which presently total
NZ$46.5 million but are expected to climb.

According to the report, the judge rejected the liquidators'
proposal to divvy up the reinsurance evenly among all Western
claimants - not just Christchurch ones - together with the
crashed company's trade creditors.

The liquidators also failed to get the judge's permission for
their own fees to come out of the reinsurance, the report
relates.

"The liquidation presently has limited funds," the report cited
Messrs. Ruscoe and Thorn's letter to creditors.  "Accordingly,
creditors who would benefit from a successful appeal are being
asked to consider funding such action."

Mountain Scene relates that Messrs. Ruscoe and Thorn said their
legal advice is that Justice France may have made errors of law
so the prospects for an appeal are fair.

Legal fees for the appeal would be NZ$46,000, the liquidators'
costs about another NZ$29,000 and NZ$10,000 may also have to be
paid in advance court costs, Messrs. Ruscoe and Thorn estimate,
according to the report.

Mountain Scene notes that the pay-off, Messrs. Thorn and Ruscoe
point out, is that if their appeal is successful and all
claimants and creditors are granted an equal share of the
NZ$34 million reinsurance, then everyone stands to get about 50
cents in the dollar.  That won't please Christchurch quake
claimants, who presently stand to get about 75 cents for every
dollar they're owed, according to the report.

Other than Christchurch insurance claimants, Messrs. Thorn and
Ruscoe reveal that Western faces NZ$1.2 million in other claims
from elsewhere in New Zealand, NZ$2 million in Pacific Islands
claims, and a hefty NZ$13.5 million of Australian-based claims.

Creditors willing to fund the appeal must advise the liquidators
by January 20 to meet the court deadline, the report notes.

                        About Western Pacific

Western Pacific Insurance is a New Zealand-owned and operated
insurance company.  It was established in April 2005, and is
principally a broker brand that offers a broad range of
commercial, domestic and specialty products as well as programmes
for affinity groups, underwriting agents and preferred brokers.
It has about 7,000 policy holders in New Zealand.

David Ruscoe -- david.ruscoe@nz.gt.com -- and Simon Thorn --
simon.thorn@nz.gt.com -- of Grant Thornton New Zealand were
appointed liquidators of Western Pacific on April 1, 2011, after
Western Pacific's directors became concerned about the solvency
of their company.


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


AMKOR TECHNOLOGY: Creditors' Proofs of Debt Due Feb. 6
------------------------------------------------------
Creditors of Amkor Technology Singapore Pte Ltd, 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:

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


B2K2 PTE: Creditors' Proofs of Debt Due Feb. 6
----------------------------------------------
Creditors of B2K2 Pte Ltd, 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:

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


ENGAGE ELECTRONICS: Creditors Get 18.8968% Recovery on Claims
-------------------------------------------------------------
Engage Electronics (S) Pte Ltd declared the first and final
dividend to its creditors on Jan. 6, 2012.

The company paid 18.8968% to the received claims.

The company's liquidator is:

          Goh Ngiap Suan
          336 Smith Street
          #06-308 New Bridge Centre
          Singapore 050336


GUANGZHAO INDUSTRIAL: Court to Hear Wind-Up Petition on Jan. 13
---------------------------------------------------------------
A petition to wind up the operations of Guangzhao Industrial
Forest Biotechnology Group Limited will be heard before the High
Court of Singapore on Jan. 13, 2012, at 10:00 a.m.

Madison Pacific Trust Limited filed the petition against the
company on Oct. 27, 2011.

The Petitioner's solicitor is:

          Allen & Gledhill LLP
          One Marina Boulevard #28-00
          Singapore 018989


HBO INVESTMENTS: Creditors' Proofs of Debt Due Feb. 6
-----------------------------------------------------
Creditors of HBO Investments Pte Ltd, which is in 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:

          Lee Kay Beng
          c/o 16 Raffles Quay #22-00
          Hong Leong Building
          Singapore 048581


LYM RESEARCH: Creditors' Proofs of Debt Due Feb. 6
--------------------------------------------------
Creditors of LYM Research Pte Ltd, which is in 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:

          Bob Yap Cheng Ghee
          Tay Puay Cheng
          Wong Pheng Cheong Martin
          c/o 16 Raffles Quay #22-00
          Hong Leong Building
          Singapore 048581


METROGRAPHIC EQUIPMENT: Court Enters Wind-Up Order
--------------------------------------------------
The High Court of Singapore entered an order on Dec. 23, 2011, to
wind up the operations of Metrographic Equipment (S) Pte Ltd.

United Overseas Bank Limited filed the petition against the
company.

The company's liquidator is:

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


NAAT PTE: Creditors' Proofs of Debt Due Feb. 6
----------------------------------------------
Creditors of NAAT Pte Ltd, 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:

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


PROWELL BUILDING: Creditors' Meetings Set for Jan. 19
-----------------------------------------------------
Prowell Building and Civil Construction Co (Pte) Ltd will hold a
meeting for its creditors on Jan. 19, 2012, at 10:00 a.m., at M
Hotel Singapore, Anson I Level 2, at 81 Anson Road, in Singapore
079908.

Agenda of the meeting include:

   a. to receive an account of the Liquidator's acts and
      dealings and of the conduct of the winding-up for the
      period from May 6, 1994 to November 30, 2011;

   b. to approve Liquidator's remuneration; and

   c. to discuss other business.

The company's liquidator is Wee Phui Gam.


SKYWAY TRAVEL: Creditors Get 55.0869% Recovery on Claims
--------------------------------------------------------
Skyway Travel & Tours Pte Ltd declared the first and final
dividend to its creditors on Jan. 6, 2012.

The company paid 55.0869% to the received claims.

The company's liquidator is:

          Goh Ngiap Suan
          336 Smith Street
          #06-308 New Bridge Centre
          Singapore 050336


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


* BOND PRICING: For the Week Jan. 2 to Jan. 6, 2012
---------------------------------------------------


Issuer                  Coupon    Maturity   Currency  Price
------                  ------    --------   --------  -----

  AUSTRALIA
  ---------

ADVANCE ENERGY           9.50    01/04/2015   AUD       1.07
AMITY OIL LTD           10.00    10/31/2013   AUD       2.05
CENTAUR MINING          10.00    12/01/2007   AUD       0.09
CHINA CENTURY           12.00    09/30/2012   AUD       0.89
DIVERSA LTD             11.00    09/30/2014   AUD       0.15
EXPORT FIN & INS         0.50    12/16/2019   NZD      71.67
EXPORT FIN & INS         0.50    06/15/2020   AUD      69.97
EXPORT FIN & INS         0.50    06/15/2020   NZD      69.81
FIRST AUSTRALIAN        15.00    01/31/2012   AUD       0.20
GRIFFIN COAL MIN         9.50    12/01/2016   USD      63.00
IMF AUSTRALIA           10.25    12/31/2014   AUD       1.69
KIMBERLY METALS         10.00    08/05/2016   AUD       0.38
MIDWEST VANADIUM        11.50    02/15/2018   USD      74.62
MIDWEST VANADIUM        11.50    02/15/2018   USD      74.62
NEW S WALES TREA         0.50    09/14/2022   AUD      63.40
NEW S WALES TREA         0.50    10/07/2022   AUD      63.22
NEW S WALES TREA         0.50    10/28/2022   AUD      63.08
NEW S WALES TREA         0.50    11/18/2022   AUD      62.91
NEW S WALES TREA         0.50    12/16/2022   AUD      62.70
NEW S WALES TREA         0.50    02/02/2023   AUD      62.34
NEW S WALES TREA         0.50    03/30/2023   AUD      61.94
TREAS CORP VICT          0.50    08/25/2022   AUD      63.91
TREAS CORP VICT          0.50    11/12/2030   AUD      62.31
TREAS CORP VICT          0.50    11/12/2030   AUD      44.30


  CHINA
  -----

CHINA GOV'T BOND         1.64    12/15/2033   CNY      65.19
CHONGQING TRAFFI         5.18    08/04/2017   CNY      52.01
TENGZHOU ST ASSET        6.45    05/24/2018   CNY      53.31
TIANJIN CONSTR           3.75    03/25/2014   CNY      73.20


  HONG KONG
  ---------

BYD HK CO LTD            4.50    04/28/2014   CNY      73.52
CHINA SOUTH CITY        13.50    01/14/2016   USD      73.57
CHINA SOUTH CITY        13.50    01/14/2016   USD      71.87
RESPARCS FUNDING         8.00    12/29/2049   USD      21.50
SINO-OCEAN LAND         10.25    12/31/2049   USD      70.75
SINO-OCEAN LAND         10.25    12/31/2049   USD      66.50


  INDIA
  -----

GEMINI COMMUNICA         6.00    07/18/2012   EUR      51.03
JAIPRAKASH POWER         5.00    02/13/2015   USD      63.13
KSL REALTY               2.00    05/19/2012   USD      73.42
PRAKASH IND LTD          5.62    10/17/2014   USD      71.25
PRAKASH IND LTD          5.25    04/30/2015   USD      69.99
PUNJAB INFRA DB          0.40    10/15/2024   INR      27.85
PUNJAB INFRA DB          0.40    10/15/2025   INR      25.31
PUNJAB INFRA DB          0.40    10/15/2026   INR      23.02
PUNJAB INFRA DB          0.40    10/15/2027   INR      21.01
PUNJAB INFRA DB          0.40    10/15/2028   INR      19.21
PUNJAB INFRA DB          0.40    10/15/2029   INR      17.60
PUNJAB INFRA DB          0.40    10/15/2030   INR      16.15
PUNJAB INFRA DB          0.40    10/15/2031   INR      14.86
PUNJAB INFRA DB          0.40    10/15/2032   INR      13.69
PUNJAB INFRA DB          0.40    10/15/2033   INR      12.65
SHIV-VANI OIL            5.00    08/17/2015   USD      66.61
SUZLON ENERGY LT         5.00    04/13/2016   USD      50.50
VIDEOCON INDUS           6.75    12/16/2015   USD      68.71


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


  JAPAN
  -----

ELPIDA MEMORY            0.50    10/26/2015   JPY      72.40
ELPIDA MEMORY            0.70    08/01/2016   JPY      68.50
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      64.16
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      63.49
TAKEFUJI CORP            9.20    04/15/2011   USD       4.00
TOKYO ELEC POWER         1.79    03/14/2017   JPY      74.37
TOKYO ELEC POWER         2.12    03/24/2017   JPY      72.37
TOKYO ELEC POWER         1.73    03/28/2017   JPY      70.00
TOKYO ELEC POWER         1.78    05/31/2017   JPY      71.50
TOKYO ELEC POWER         2.02    07/25/2017   JPY      71.37
TOKYO ELEC POWER         3.22    07/28/2017   JPY      71.12
TOKYO ELEC POWER         1.94    08/28/2017   JPY      71.37
TOKYO ELEC POWER         1.84    09/25/2017   JPY      70.71
TOKYO ELEC POWER         1.75    09/28/2017   JPY      70.25
TOKYO ELEC POWER         1.77    11/30/2017   JPY      69.59
TOKYO ELEC POWER         2.77    12/22/2017   JPY      72.87
TOKYO ELEC POWER         1.67    01/29/2018   JPY      68.53
TOKYO ELEC POWER         2.90    03/23/2018   JPY      70.50
TOKYO ELEC POWER         1.67    03/28/2018   JPY      66.87
TOKYO ELEC POWER         2.77    04/17/2018   JPY      71.37
TOKYO ELEC POWER         1.60    04/25/2018   JPY      66.37
TOKYO ELEC POWER         1.64    04/25/2018   JPY      66.25
TOKYO ELEC POWER         1.97    06/25/2018   JPY      67.62
TOKYO ELEC POWER         1.84    07/25/2018   JPY      66.75
TOKYO ELEC POWER         1.84    10/17/2018   JPY      64.50
TOKYO ELEC POWER         2.07    10/23/2018   JPY      65.87
TOKYO ELEC POWER         2.05    11/16/2018   JPY      67.37
TOKYO ELEC POWER         2.70    01/29/2019   JPY      68.62
TOKYO ELEC POWER         1.60    05/29/2019   JPY      65.65
TOKYO ELEC POWER         1.90    06/13/2019   JPY      65.16
TOKYO ELEC POWER         2.80    09/17/2019   JPY      67.37
TOKYO ELEC POWER         1.45    09/30/2019   JPY      63.85
TOKYO ELEC POWER         1.37    10/29/2019   JPY      66.09
TOKYO ELEC POWER         2.05    10/29/2019   JPY      63.29
TOKYO ELEC POWER         1.81    02/28/2020   JPY      64.92
TOKYO ELEC POWER         1.48    04/28/2020   JPY      62.33
TOKYO ELEC POWER         1.39    05/28/2020   JPY      61.56
TOKYO ELEC POWER         1.31    06/24/2020   JPY      61.42
TOKYO ELEC POWER         1.94    07/24/2020   JPY      64.65
TOKYO ELEC POWER         1.22    07/29/2020   JPY      59.94
TOKYO ELEC POWER         1.15    09/08/2020   JPY      59.73
TOKYO ELEC POWER         1.63    07/16/2021   JPY      60.16
TOKYO ELEC POWER         2.34    09/29/2028   JPY      57.00
TOKYO ELEC POWER         2.40    11/28/2028   JPY      56.75
TOKYO ELEC POWER         2.20    02/27/2029   JPY      55.25
TOKYO ELEC POWER         2.11    12/10/2029   JPY      54.87
TOKYO ELEC POWER         1.95    07/29/2030   JPY      53.00
TOKYO ELEC POWER         2.36    05/28/2040   JPY      51.50


  MALAYSIA
  --------

ADVANCED SYNERY          2.00    01/26/2018   MYR       0.09
ASTRAL SUPREME           3.00    08/0/2021    MYR       0.10
CRESENDO CORP B          3.75    01/11/2016   MYR       1.48
DUTALAND BHD             7.00    04/11/2013   MYR       0.40
DUTALAND BHD             7.00    04/11/2013   MYR       0.90
ENCORP BHD               6.00    02/17/2016   MYR       0.88
KUMPULAN JETSON          5.00    11/27/2012   MYR       1.11
LION DIVERSIFIED         4.00    12/17/2013   MYR       0.60
MALTON BHD               6.00    06/30/2018   MYR       0.87
MITHRIL BHD              3.00    04/05/2012   MYR       0.73
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.22
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.44
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.21
PANTECH GROUP            7.00    12/21/2017   MYR       0.09
PRESS METAL BHD          6.00    08/22/2019   MYR       1.94
REDTONE INTL             2.75    03/04/2020   MYR       0.10
RUBBEREX CORP            4.00    08/14/2012   MYR       0.77
SCOMI ENGINEERING        4.00    03/19/2013   MYR       0.54
SCOMI GROUP              4.00    12/14/2012   MYR       0.07
SENAI-DESARU EXP         1.35    06/30/2027   MYR      44.94
SENAI-DESARU EXP         1.35    12/31/2027   MYR      43.66
SENAI-DESARU EXP         1.35    06/30/2028   MYR      42.37
SENAI-DESARU EXP         1.35    06/29/2029   MYR      39.90
SENAI-DESARU EXP         1.35    06/30/2031   MYR      34.45
TRADEWINDS CORP          2.00    02/26/2016   MYR       1.08
TRADEWINDS PLANT         3.00    02/28/2016   MYR       0.81
TRC SYNERGY              5.00    01/20/2012   MYR       1.55
WAH SEONG CORP           3.00    05/21/2012   MYR       2.31
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.62
YTL CEMENT BHD           5.00    11/10/2015   MYR       2.21


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

BLUE STAR GROUP          9.10    09/15/2015   NZD       6.10
FLETCHER BUILDING        8.50    03/15/2015   NZD       7.25
INFRATIL LTD             8.50    09/15/2013   NZD       8.70
INFRATIL LTD             8.50    11/15/2015   NZD       8.55
INFRATIL LTD             4.97    12/29/2049   NZD      52.75
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.06
NEW ZEALAND POST         7.50    11/15/2039   NZD      64.23
NZF GROUP                6.00    03/15/2016   NZD      10.74
TOWER CAPITAL            8.50    04/15/2014   NZD       1.02
TRUSTPOWER LTD           8.50    09/15/2012   NZD       7.05
TRUSTPOWER LTD           8.50    03/15/2014   NZD       6.95
UNI OF CANTERBUR         7.25    12/15/2019   NZD       0.96


SINGAPORE
---------

BAKRIE TELECOM          11.50    05/07/2015   USD      62.75
BAKRIE TELECOM          11.50    05/07/2015   USD      63.87
BLD INVESTMENT           8.62    03/23/2015   USD      74.77
DAVOMAS INTL FIN        11.00    12/08/2014   USD      42.25
F&N TREASURY PTE         2.48    03/28/2016   SGD       1.00
F&N TREASURY PTE         3.15    03/28/2018   SGD       1.00
SENGKANG MALL            4.00    11/20/2012   SGD       0.45
UNITED ENG LTD           1.00    03/03/2014   SGD       1.25
WBL CORPORATION          2.50    06/10/2014   SGD       1.03


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

CN 1ST ABS               8.00    02/27/2015   KRW      31.84
CN 1ST ABS               8.00    11/27/2015   KRW      33.11
EX-IMP BK KOREA          0.50    10/23/2017   KRW      59.37
EX-IMP BK KOREA          0.50    12/22/2017   KRW      60.60
GREAT KD 1ST ABS        15.00    08/19/2014   KRW      30.87
GYEONGGI MUTUAL          8.00    01/22/2016   KRW      70.11
HANJIN SHIPPING          4.00    07/20/2015   KRW      74.28
HYUNDAI SWISS BK         8.50    07/15/2014   KRW      49.38
HYUNDAI SWISS BK         7.90    07/23/2015   KRW      70.13
HYUNDAI SWISS BK         7.90    07/23/2015   KRW      50.13
MISUNG POLYTECH          4.00    12/02/2013   KRW      50.47
SOLOMON MUTUAL           8.50    12/09/2013   KRW      70.17


SRI LANKA
---------

SRI LANKA GOVT           7.00    10/01/2023   LKR      71.90
SRI LANKA GOVT           5.35    03/01/2026   LKR      56.58



TAIWAN
------

TAIWAN GB-AO1102         1.62    01/20/2032   TWD      70.36


VIETNAM
-------

VDB BOND                 7.20    03/30/2017   VND      12.90


                             *********

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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