TCRAP_Public/120113.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Friday, January 13, 2012, Vol. 15, No. 10



SINO-FOREST: In Talks With Note Holders on Waiver from Defaults

H O N G  K O N G

SMASHBOX HK: Creditors' Proofs of Debt Due Feb. 6
TOTAL ENERGY: Creditors' Proofs of Debt Due Feb. 6
VINS DE FRANCE: Court to Hear Wind-Up Petition on Feb. 1
VISUAL DHARMA: Placed Under Voluntary Wind-Up Proceedings
WINOX MANUFACTURING: Placed Under Voluntary Wind-Up Proceedings


CHRISTY FRIEDGRAM: ICRA Reaffirms '[ICRA]BB' Long Term Rating
CS COMPONENTS: ICRA Assigns '[ICRA]B' Rating to INR11cr Loan
DEE-TECH PROJECTS: ICRA Puts '[ICRA]BB' Rating on INR12cr Loan
JAYADEVI MILLS: ICRA Assigns '[ICRA]B+' Rating to INR15cr Loan
MAHINDRA SATYAM: Sues Former Execs, PriceWaterhouseCoopers

MALHAR FASHIONS: ICRA Assigns '[ICRA]B' Rating to INR7.55cr Loan
OMAXE LIMITED: Inadequate Info Cues Fitch to Withdraw 'B-' Rating
POWER SPINNING: Fitch Migrates Rating on 3 Loan Classes to Low-B
RADHESHYAM FIBERS: ICRA Reaffirms '[ICRA]BB-' Long-Term Rating

RAIGARH IRON: ICRA Suspends '[ICRA]BB' INR8.4cr Bank Lines Rating
REMI EDELSTAHL: ICRA Reaffirms '[ICRA]BB+' Long-Term Rating
SHYAM INDUSTRIES: ICRA Reaffirms '[ICRA]BB+' Long Term Rating
TURBO TECH: ICRA Assigns '[ICRA]B-' Rating to INR4cr Based Limits


* SOUTH KOREA: Businesses Face Dire Financial Situation in Q1

N E W  Z E A L A N D

CRAFAR FARMS: Landcorp in Talks to Run Farms for Chinese Buyer
VIRGIN AUSTRALIA: Pacific Blue Incurs NZ$7.35-Mil. Annual Loss


UNITED DEVELOPMENT: Central Bank to Start Liquidation Process


DEVELOPMENT BANK: Moody's Revises BFSR to 'D-' From 'D'


JIH SUN: Fitch Affirms Shortterm Foreign Currency IDR at 'B'
WAN HAI: Moody's Changes 'Ba3' CFR Outlook to Negative


* Large Companies with Insolvent Balance Sheets

                            - - - - -


SINO-FOREST: In Talks With Note Holders on Waiver from Defaults
Sino-Forest Corporation provided an update concerning the status
of its efforts to obtain waivers of its default from its note
holders in respect of its Senior Notes due 2014 and its Senior
Notes due 2017, and commented on the status of its historic
financial statements.

As disclosed in the Company's December 18, 2011 press release,
Sino-Forest received written notices of default dated Dec. 16,
2011 in respect of its Senior Notes due 2014 and its Senior Notes
due 2017.  An "Event of Default" under the Senior Note Indentures
will have occurred if Sino-Forest fails to cure or otherwise
fails to address the breach of indenture giving rise to the
notices of default within 30 days following receipt of the
notices. The Company will not be able to file the 2011 third
quarter financial results and cure the default within the 30-day
cure period.

The Company's breach of the Senior Note Indentures relating to
the Q3 Results can be waived for a series of Senior Notes by the
holders of at least a majority in principal amount of that

The Company has been in discussions with an ad hoc committee of
note holders that hold a substantial portion of the Company's
four series of senior and convertible notes.  The Company and the
ad hoc committee have negotiated the terms under which the
defaults under the Senior Notes will be waived.  While there is
no assurance that waivers will be obtained, the Company is
optimistic that holders of a majority in principal amount of its
Senior Notes due 2014 and its Senior Notes due 2017 will agree to
waive the breach within the 30-day cure period.

On Nov. 15, 2011, Sino-Forest announced, among other things, that
it was deferring the release of the Q3 Results until certain
issues could be resolved to the satisfaction of the Board of
Directors. The issues included (a) determining the nature and
scope of the relationships between Sino-Forest and certain of its
authorized intermediaries and suppliers and among certain
authorized intermediaries and suppliers, as discussed in the
Second Interim Report of the Independent Committee of the Board
of Directors publicly released on November 15, 2011, and (b) the
satisfactory explanation and resolution of issues raised by
certain documents identified by the advisors to the Independent
Committee, by counsel to the Company, by the Company's auditor
Ernst & Young and by staff of the Ontario Securities Commission.

The Company has worked diligently since November 15, 2011 and
believes it has made progress in resolving outstanding issues. As
disclosed in the Company's December 12, 2011 press release, there
is no assurance that the Company will be able to release the Q3
Results or, if able, as to when such release will occur. For the
same reasons, there is also no assurance that the Company will be
able to release audited financial statements for its 2011 fiscal

As was indicated in the Company's December 12, 2011 press
release, the circumstances that could cause the Company to be
unable to release the Q3 Results could impact the Company's
historic financial statements. For this reason, the Company
cautions that the Company's historic financial statements and
related audit reports should not be relied upon. The Company
continues its efforts to resolve the outstanding issues described
above. The Company believes that if it is successful in releasing
its Q3 Results and in obtaining an audit opinion for its 2011
fiscal year, those efforts will resolve any issues associated
with the reliability of the Company's historic financial

                         About Sino-Forest

Sino-Forest Corporation is a commercial forest plantation
operator in China.  Its principal businesses include the
ownership and management of tree plantations, the sale of
standing timber and wood logs, and the complementary
manufacturing of downstream engineered-wood products.  Sino-
Forest also holds a majority interest in Greenheart Group
Limited, a Hong-Kong listed investment holding company with
assets in Suriname (South America) and New Zealand and involved
in sustainable harvesting, processing and sales of its logs and
lumber to China and other markets around the world. Sino-Forest's
common shares have been listed on the Toronto Stock Exchange
under the symbol TRE since 1995. Learn more at

H O N G  K O N G

SMASHBOX HK: Creditors' Proofs of Debt Due Feb. 6
Creditors of Smashbox 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

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

The company's liquidators are:

         Wong Poh Weng
         Wong Tak Man Stephen
         29/F, Caroline Centre
         Lee Gardens Two
         28 Yun Ping Road
         Hong Kong

TOTAL ENERGY: Creditors' Proofs of Debt Due Feb. 6
Creditors of Total Energy Resources (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's liquidators are:

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

VINS DE FRANCE: Court to Hear Wind-Up Petition on Feb. 1
A petition to wind up the operations of Vins De France
Corporation Limited will be heard before the High Court of Hong
Kong on Feb. 1, 2012, at 9:30 a.m.

Vina Ventisquero Limitada filed the petition against the company
on Nov. 30, 2011.

The Petitioner's solicitors are:

          T.K. Tsui & Co
          Unit A, 12th Floor
          Neich Tower
          128 Gloucester Road
          Hong Kong

VISUAL DHARMA: Placed Under Voluntary Wind-Up Proceedings
At an extraordinary general meeting held on Dec. 30, 2011,
creditors of Visual Dharma Publications Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Chan Chung Wah Clement
         5/F, Heng Shan Centre
         145 Queen's Road East
         Wanchai, Hong Kong

WINOX MANUFACTURING: Placed Under Voluntary Wind-Up Proceedings
At an extraordinary general meeting held on Jan. 6, 2012,
creditors of Winox Manufacturing Company Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Yiu Hon Ming
         Room 1205, 12/F
         Manulife Provident Funds Place
         No. 345 Nathan Road


CHRISTY FRIEDGRAM: ICRA Reaffirms '[ICRA]BB' Long Term Rating
ICRA has reaffirmed '[ICRA]BB' rating to the INR18 crores fund
based limits of Christy Friedgram Industry.  The outlook on the
long term rating is stable. ICRA has also reaffirmed an
'[ICRA]A4' rating to the INR2 crores non-fund based limits of

The inadequate credit quality ratings continues to take into
account the vulnerability of the profitability of CFI's core
business of manufacturing of health food to variations in the
prices of its key raw materials (mainly grains) given the fixed
price nature of the selling price of its final product. The
rating also continues to factor in the risks inherent in
partnership firms like limited ability to raise capital and the
risk of dissolution and client concentration risks and credit
risks arising out of its exposure to a single client, namely the
GoUP. However ICRA continues to derive comfort from the support
of the Chadha group (to which the firm belongs) and its long
track record of supplying food products to UP govt. ICRA also
draws comfort from the professional management which is
experienced in similar fields and directly involved in operations
of the company. Going forward the key success factor for the firm
would be to supply the orders at the requisite quality, getting
qualified for orders in future and maintain the adequate margins
given the fact that commodity prices are volatile and contracts
are of fixed price nature.

                       About Christy Friedgram

Christy Friedgram Industry is a partnership firm started in
December 2003 to supply the health nutrition foods to the GoUP.
It is engaged in the manufacturing of Amylase Rich Energy Food, a
health food which is largely supplied only to government for
their nutrition programmes. The finished product of the firm is a
multivitamin health food comprising of wheat, soyabean, sugar,
ragi malted flour, vitamins and minerals premix. The production
capacity of the unit is 1.24 lakh MT per annum.

Recent Results:

For FY 2011, the CFI has achieved an operating income of
INR148.89 crore and a net profit of INR11.21 crore as against an
operating income of INR111.92 crore and a net profit of INR8.01
crore in FY10.

CS COMPONENTS: ICRA Assigns '[ICRA]B' Rating to INR11cr Loan
ICRA has assigned '[ICRA]B' rating to the INR11 crore term debt
programme and INR5 crore cash credit facilities of CS Components
Private Limited.  ICRA has also assigned an 'A4' rating to the
INR2.5 crore non-fund-based bank facilities of CSCPL.

For the purpose of arriving at the rating, ICRA has taken a
consolidated view of CSCPL and its group company Santo
Engineering Company Private Limited because of operational,
financial and managerial synergies between them.

The ratings are constrained by the relatively small size of
operations, stretched liquidity position and limited financial
flexibility on consolidated basis. The ratings are also
constrained by the vulnerability of the company's operations to
increasing competitive pressures in the business environment with
limited entry barriers in which CSCPL's operates and as well as
significantly high customer concentration risks. ICRA also notes
that CSCPL has limited bargaining power with its customers, given
the large scale of their operations and ease of shifting business
to other vendors because of low complexity in manufacturing
operations. The ratings, nevertheless, favorably factor in
CSCPL's long track record of the promoters in the fabrication
industry and reputed customer profile While the promoter group is
currently implementing largely debt-funded capital expenditure
both in the company and its group concern namely SECPL, the
company's ability to execute the same without any time & cost
overrun as well as diversify customer profile so as to ensure
optimum capacity utilisation level remain crucial from credit

                      About CS Components

Founded in June 2001, CS Components Private Limited was promoted
by Mr Sridhar Gupta and family in association with the promoters
of Central Machinery and Plastic Product Limited.  The company's
plant is located at Umbergaon district, Valsad (Gujarat) and
wherein it produces wide range of fabricated components such as
tube sheets, fabricated panels for various air-conditioning
models, stainless steel boxes used in WT's, stator ring & rotor
cattier for 850 KW WT etc.

Recent Results:

During the six month period ended September 2011, the company has
reported a net profit of INR1.6 crore on a turnover of INR22.5

DEE-TECH PROJECTS: ICRA Puts '[ICRA]BB' Rating on INR12cr Loan
ICRA has assigned a long term rating of '[ICRA]BB' to the INR12.0
crore cash credit limits and INR17.0 crore proposed long term
facilities of Dee-Tech Projects Private Limited; the outlook on
the rating is stable. ICRA has also assigned '[ICRA]A4' rating to
the INR28.0 crore non fund based facilities of DPPL.

The ratings are constrained by the highly competitive nature of
the EPC contracting business; high working capital intensity of
DPPL resulting from high debtor days and stretched cash
conversion cycle; the vulnerability of DPPL's profit margins to
volatility in raw material and labour costs; and the weak
financial risk profile marked by moderate profitability, high
gearing levels, stretched liquidity and significant off-balance
sheet exposure in the form of performance bank guarantees. The
ratings, however, favorably factor the growth opportunities for
EPC contractors provided by the government's increased thrust on
urban development as well as private sector investments in
various industries such as power, mining, steel, etc; the
demonstrated growth in revenues over the years; and the
comfortable order book position of INR124 crore as on September
2011, with diversified presence across industries and customer

                       About Dee-Tech Projects

Dee-Tech Projects Private Limited was started in 1995 as a
proprietorship concern by Mr. S Sivaraman. Subsequently, in 2004,
DPPL was established to take over the business of the
proprietorship concern. The company is an engineering,
procurement and construction (EPC) contractor for water
engineering projects undertaken by various government and private
sector agencies. Previously, the majority of its revenues were
derived from water supply and sanitation (WSS), underground
sewerage system (UGSS) and sewerage treatment plant (STP)
projects of municipal bodies. Subsequently, the company has been
able to diversify to a significant extent into hydraulic
engineering contracts for various industries such as power,
mining, steel, etc.

JAYADEVI MILLS: ICRA Assigns '[ICRA]B+' Rating to INR15cr Loan
ICRA has assigned a long term rating of '[ICRA]B+' to the INR15.0
crore term loans and INR9.0 crore fund based facilities of
Jayadevi Mills Private Limited.  ICRA has also assigned short
term rating of '[ICRA]A4' to the INR4.0 crore fund based
facilities (sub limits) and INR1.0 crore non fund based
facilities (sub limits) of JMPL.

The ratings consider the long term experience of the promoters in
the spinning industry and benefits of being part of the larger
"Sri Jayavilas Group" in terms of regular access to raw
materials. The ratings also take note of Company's production of
coarse count yarn through power efficient open end process and
presence in only domestic market where demand is relatively
robust. The ratings are however constrained by Company's weak
financial profile with low profit margin, high gearing and
stretched coverage indicators. Due to Company's debt funded
capital expenditure in near to medium term the capital structure
may deteriorate further. ICRA also takes note of moderate
customer concentration risk with the top ten customers accounting
for ~60% of sales, limited pricing flexibility due to competition
from highly fragmented industry and susceptibility of margins to
volatility in raw material prices and Gov't policy changes.

                       About Jayadevi Mills

Jayadevi Mills Private Limited was established in 1997 and is
part of Shri Govindaraja Group of Companies. The Company is
engaged in manufacturing of cotton yarn in the count range of 10-
40 through open end spinning process (OE process) and has an
installed capacity of 3,690 rotors. The Company has manufacturing
facilities in Aruppukottai (near Madurai in Tamil Nadu) along
with that of other group companies. The Company mainly uses waste
cotton from other spinning mills (both group companies and
others) as raw materials and is catering to clients in the
domestic market.

Shri Govindaraja Group of companies is part of the larger Sri
Jayavilas Group (founded by Late Mr. Sathu T. Ramasamy Naicker),
based in Aruppukottai, which has a presence across spinning
sector in addition to other industries like passenger and
commercial transport, food processing, blue metal mining and
cement industry etc. Sri Jayavilas group has a turnover of ~Rs.
2000 crore and employs around 30,000 workers.

Recent Results:

As per provisional financials for H1 2011-12, JMPL earned profit
before tax INR1.7 crore on an operating income of INR23.4 crore
as against net profit of INR2.5 crore on an operating income of
INR44.2 crore in fiscal 2010-11

MAHINDRA SATYAM: Sues Former Execs, PriceWaterhouseCoopers
The Times of India reports that three years after the multi-crore
Satyam scam first came to light, Mahindra Satyam has dragged
Satyam's disgraced founder B Ramalinga Raju, along with the
company's erstwhile board of directors, some former Satyam
employees as well as auditing firm Price Waterhouse (PW), an arm
of audit and consulting firm PriceWaterhouseCoopers (PwC), and
its affiliates and partners to court.

According to the report, Mahindra Satyam, as Satyam is known
after being taken over by the Mahindras in April 2009, informed
the bourses on Monday that it had filed a suit in the city civil
court of Hyderabad against the former Satyam board, some
employees and PW and affiliates for perpetrating fraud, breach of
fiduciary responsibility, obligations and negligence in
performance of duties.  The company also said that it was seeking
undisclosed damages from them, The Times of India says.

Sources told TOI that the company has sued nearly 123 PW and PwC
partners across US and India offices in Bangalore, Hyderabad,
Kolkata and Mumbai along with its various affiliates including
Lovelock & Lewes.

The former Satyam employees to be sued include its then chief
financial officer Vadlamani Srinivas, and former internal auditor
Prabhakar Gupta, who were also jailed, as well as former Satyam
finance vice-president G Ramakrishna and other finance department
employees like D Venkatapati Raju and Ch Srisailam, according to
the report.

While the company did not peg any specific number to the damages
it was seeking, Mahindra Satyam chairman Vineet Nayyar told TOI
that the figure would definitely be in excess of the $210 million
that the company had to cough up to settle its legal liabilities.
These include the $125 million US class action suit settlement,
$70 million Upaid lawsuit settlement and the $10 million
settlement with the US markets watchdog SEC, the report notes.

Satyam reported a INR1.25 billion loss for the 12 months ended
March 31, 2010, and an INR81.8 billion loss for 2009.  The
company reported INR1.47 billion net loss in 2011, its third
annual loss.

                       About Mahindra Satyam

Headquartered in Secunderabad, India, Mahindra Satyam
(PINK:SAYCY) -- formerly known
as Satyam Computer Services Limited, is information,
communications and technology (ICT) Company providing business
consulting, information technology and communication services.
The Company is powered by a pool of information technology (IT)
and consulting professionals across enterprise solutions, client
relationship management, business intelligence, business process
quality, operations management, engineering solutions, digital
convergence, product lifecycle management, and infrastructure
management services. The Company is a part of the Mahindra Group,
a global industrial conglomerate in India.  The Mahindra Group's
interests span financial services, automotive products, trade,
retail and logistics, information technology and infrastructure
development.  Subsequent to July 10, 2009, Venturbay Consultants
Private Limited (Venturbay) held 42.67% of the Company.

MALHAR FASHIONS: ICRA Assigns '[ICRA]B' Rating to INR7.55cr Loan
A rating of '[ICRA]B' has been assigned to the INR7.55 crore
long-term fund-based facilities and the INR1.95 crore term loans
of Malhar Fashions (India) Private Limited.  A rating of
'[ICRA]A4' has also been assigned to the INR0.50 crore short-term
non-fund based facilities of Malhar.

The ratings factor in the experience of the promoters in
readymade garments exports business, experience of supplying to
niche brands in Europe with fairly long business relations and
support from the Government in the form of incentives through
focus market and duty drawback schemes. The ratings, are,
however, constrained by weak financial profile characterized by
weak capital structure, profitability and debt metrics and small
scale of operations restricting bargaining power and benefits
from scale economies. ICRA also notes the long manufacturing
cycle along with lengthening receivables period leading to tight
working capital position. The weak global economic scenario is
expected to maintain pressure on profitability, receivables
position and hence the debt metrics.

                      About Malhar Fashions

Malhar Fashions (India) Private Limited was initially floated as
a proprietorship firm by Mr. Nirad Jhaveri in 1990. The firm was
later converted into a private limited company and renamed Malhar
Fashions (India) Private Limited. The company is into export of
readymade garments mainly ladies wear with focus on production of
tops. The company does not have its own production facility and
production is outsourced to a dedicated job worker which has
annual production capacity of 480,000 pieces per annum. Around
70% of the garments are woven with balance being knitted however
the proportion varies from season to season. The company's
exports are primarily to Europe to niche clientele with Simint
Spa (which licenses Armani products) and Sixty Spa (an
international fashion company which owns denim brand such as
Energie, Miss Sixty) being the prominent ones.

Recent results:

FY 2011, as per audited results, the company reported an
operating income of INR17.7 crore and profit after tax of INR0.4
crore. For H1, FY 2012 as per unaudited results, the company
reported net sales of INR8.5 crore and an OPBIDTA of INR1.1

OMAXE LIMITED: Inadequate Info Cues Fitch to Withdraw 'B-' Rating
Fitch Ratings has withdrawn the 'Fitch B-(ind)nm' National Long-
Term rating on India's Omaxe Limited and its INR2,300 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 Omaxe.

POWER SPINNING: Fitch Migrates Rating on 3 Loan Classes to Low-B
Fitch Ratings has migrated India-based Power Spinning Mills'
'Fitch B+(ind)' National Long-Term rating with a Stable Outlook
to the "Non-Monitored" category.  This rating will now appear as
'Fitch B+(ind)nm' on the agency's website.

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

Fitch has also migrated PSM's bank loans to the non-monitored
category as follows:

  -- INR49.16m long-term loans: migrated to 'Fitch B+(ind)nm'
     from  'Fitch B+(ind)'

  -- INR30m fund-based working capital limits: migrated to 'Fitch
     B+(ind)nm'/'Fitch A4(ind)nm' from 'Fitch B+(ind)'/'Fitch

  -- INR20m non-fund based working capital limits: migrated to
     'Fitch B+(ind)nm'/'Fitch A4(ind)nm' from 'Fitch B+
     (ind)'/'Fitch A4(ind)'

ICRA has reaffirmed the '[ICRA]BB' rating with stable outlook to
INR1 crore of Overdraft facility of Rakhecha Securities Limited.
ICRA has also reaffirmed the '[ICRA]A4' rating to INR15 crore
Short term Non-Fund based bank lines of RSL.

The ratings are constrained by the inherent volatility in the
equity broking business with limited presence & declining market
share, low diversification of revenues and inability to maintain
profitable operations in light of volatility in the capital
markets. However, the ratings also takes into account the
company's long presence in the equity broking and arbitrage
trading business, and adequate risk management systems deployed
by the company for the current scale of operations. The ratings
also factors in the weak to moderate outlook for the Indian
broking industry over the short term given pressures on
profitability driven by increasing competition and decreasing
brokerage yields without commensurate decline in operating costs.
The ratings at the current level also reflect RSL's relative
positioning with other ICRA rated brokerage houses.

RSL, incorporated in 1994, is primarily engaged in proprietary
broking activities with a small presence in the retail broking
segment. In terms of proprietary trading activities, RSL carries
out arbitrage trading and jobbing activities. The company has
deployed close to INR12.00 crore of funds for such trading
activities and earns a net return of 10-12% on the same. Over the
past two financial years, RSL has considerably reduced its
proprietary investment book to ~Rs.0.03 crore during FY11 from
~Rs.1.00 crore in FY09 (in the form of long term investments and
stock in trade) wherein it takes a long/short term call on such
investments based on the fundamentals of the company. While the
company has a positive marked to market on the said investments
as on date, ICRA believes that such proprietary positions not
only exposes the company to the market risk associated with such
investments but the profitability of the company could be
impacted in case of any large mark to market losses on such

In terms of retail broking, RSL has a relatively small presence
in retail equity broking and has a network of 5 company-owned
branches servicing a client base of ~250 clients as on March 31,
2011. RSL is not active in the institutional broking business. As
per the management, RSL's retail presence remains small due to
intense competition from larger players in the broking industry.
Going forward, the company has been setting up the required
infrastructure for scaling its retail presence through a
franchisee model as well as opening a few company owned branches.
With limited retail participation, lesser arbitrage opportunities
available in the market and also due to competition from other
larger players in the market, RSL's client broking market share
(including proprietary trading volume) has declined to 0.025% in
FY11 from 0.043% in FY10 and 0.051% in FY09. Although the company
has taken membership with MCDX for commodity trading, the
commodity brokerage subsidiary does not execute client trades,
and is instead used to execute proprietary trades only.

RSL's revenue profile remains largely concentrated on trading and
investment income on its proprietary investments. On account of
deteriorating capital market conditions, RSL's broking income
(net) fell sharply from INR0.67 crores in FY10 to INR0.26 crores
in FY11. Additionally the trading income also reduced from
INR2.52 crores in FY10 to INR1.97 crores in FY11. The company
reported total revenues of INR2.83 crores in FY11, a decrease of
26% as compared to previous year. However, RSL's operating
expenses contracted by 15% to INR1.88 crores in FY11 mainly due
to lower outgo for Securities Transaction Tax (STT) at INR0.87
crore (Rs.1.27 crore in FY10) on account of lower trading volumes
in FY11. Consequently, RSL reported a net profit to INR0.35 crore
in FY11 as compared to INR0.75 crore in FY10. For the half year
ended September 30, 2011, RSL registered Net Broking income of
INR0.10 crores, and Trading income of INR1.58 crores. This
allowed the company to post a net profit of INR0.48 crores.

RSL has taken adequate steps to mitigate the credit risks and
market risks associated with the retail broking and arbitrage
trading business. In terms of arbitrage trading, the company has
put in place dealer wise limits, scrip wise limits and constant
monitoring of dealer's position ensuring that the dealers don't
keep any open positions. However, the company may be exposed to
the market risk in its jobbing and long term investment

Asset Liability profile of the company is moderate with a
networth of INR15.15 crore as on March 31, 2011, negligible debt
levels, adequate bank lines available with the company and liquid
nature of the proprietary trading book where the company has the
flexibility to place such shares with the banks to avail banking
limits or square-up such positions to meet any increased margin
requirement at the exchange houses. RSL gearing level also
remains moderate at 0.48 times as on March 31, 2011 (0.33 times
as on March 31, 2010).

                     About Rakhecha Securities

Rakhecha Securities Limited, incorporated in 1994, is primarily
engaged in proprietary trading activities including arbitrage,
jobbing and long investments. The company also has a small
presence in retail broking activities with 5 company owned
branches as on March 31, 2011. On a standalone basis, the company
has reported a net profit of INR0.35 crore on a networth of
INR15.15 crore in March 31, 2011 as compared to a net profit of
INR0.75 crore on a networth of INR14.70 crore for the year ending
March 31, 2010. For the Half year ended September 30, 2011, RSL
posted a Net Profit of INR0.48 crores on a total income of
INR1.73 crores.

RADHESHYAM FIBERS: ICRA Reaffirms '[ICRA]BB-' Long-Term Rating
ICRA has reaffirmed the long-term rating of Radheshyam Fibers
Pvt. Ltd. at '[ICRA]BB-' for INR16 crore fund based facilities.
The outlook on the long term rating is Stable.

The rating reaffirmation continues to factor in the company's
highly leveraged capital structure, low coverage indicators; and
the fragmented nature of the industry resulting in high
competitive intensity. Further, the company is exposed to adverse
movement in raw material prices which coupled with low value
addition nature of the work, keeps the profitability metrics and
cash accruals at modest levels. The rating however, favorably
factors in the long standing experience of promoters in the
industry and company's proximity to the raw material sources
which ensure easy availability of cotton. Going forward the
company's ability to maintain the sales volume growth and
maintain adequate margins with improving the capital structure
will be key factors

                      About Radheshyam Fibers

RFPL was set up in 2004 by Mr. Ramnik Bhai Bhalara and his
brothers to manufacture cotton bales. . The Company has ginning
and pressing facility for processing raw cotton into bales. The
company also sells cotton seeds, a byproduct obtained after
removing the lint from raw cotton. The manufacturing facility of
the company is located in the cotton belt of Gondal district in
Rajkot, Gujarat. The installed capacity of the firm is 450 bales
per day( 24 hours operation). The company has another group
company Radheshyam Fiber (Gujarat) Private Limited which is also
a ginning unit having manufacturing located in Maharashtra.
Recent results RFPL reported a profit after tax (PAT) of INR0.25
crores on an operating income of INR127.74 crores in 2010-11,
against a PAT of INR0.12 crores on an operating income of
INR79.66 crores in 2009-10.

RAIGARH IRON: ICRA Suspends '[ICRA]BB' INR8.4cr Bank Lines Rating
ICRA has suspended '[ICRA]BB' rating assigned to the INR8.40
crore bank lines of Raigarh Iron Industries Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information
to assess such rating during the surveillance exercise. ICRA will
withdraw the rating in case it remains under suspension for a
period of three years.

Raigarh iron Industries Limited, a fully promoter owned company,
is presently engaged in the production of sponge iron, with an
installed capacity of 24,000MT per annum. The unit has two kilns
of 50TPD (tons per day) capacity, making it a small-scale
producer of sponge iron. Production is achieved by employing the
traditional coal-based process, but the company does not have its
captive mines or a power generation plant. However, the unit is
located at Punjipatara village, about 21km away from Raigarh,
which is located close to the iron and coal rich areas of
Jharkhand, Orissa and Chhattisgarh.

REMI EDELSTAHL: ICRA Reaffirms '[ICRA]BB+' Long-Term Rating
ICRA has reaffirmed the long-term rating of '[ICRA]BB+' to the
INR13.0 crore (enhanced from INR6.28 crore) term loan and the
INR35.00 crore (enhanced from INR30.0 crore) fund-based bank
facilities of Remi Edelstahl Tubulars Limited.  The long-term
rating has been assigned a 'stable' outlook. ICRA has also
reaffirmed the short-term rating of '[ICRA]A4+' to the INR55.0
crore (enhanced from INR45.0 crore) non-fund based bank
facilities of RETL.

The rating reaffirmations take into account the extensive
experience of the promoters of RETL in the manufacture of
stainless steel (SS) pipes and tubes; established brand image
developed among its reputed customer base through its ability to
maintain quality and consistency across products; an improvement
in its operating performance in 2010-11, which has continued in
the current financial year and a healthy order book position of
INR103 crore as on Oct. 31, 2011. The ratings are, however,
constrained by low, yet improving profitability in 2010-11 and in
the current financial year due to low capacity utilization and
high raw material costs; weak business return indicators;
increased gearing levels due to higher working capital
borrowings; exposure to volatility in raw material prices and
exchange rate fluctuations, given its dependence on imports and
its depressed debt protection metrics in 2010-11 and in the first
half of the current financial year due to low profitability and
increased debt levels. ICRA notes that RETL is in the process of
setting up three additional pilger machines and one ultra-sonic
testing machine by the end of the current financial year at an
estimated cost of INR13.5 crore, to be funded through a mix of a
term loan and internal accruals with a project gearing of 2.0
time. While the proposed debt-funded capital expenditure is
expected to enhance the capacity and augment the product
portfolio of RETL, it is also likely to strain its capital
structure in the short-to-medium term.

                       About Remi Edelstahl

Incorporated in 1970, Remi Edelstahl Tubulars Limited is promoted
by Mr. Chiranjilal Saraf & Mr. Vishwambharlal Saraf. RETL, part
of the REMI group, is engaged in the manufacture of SS pipes and
tubes with a capacity of 10,445 metric tonnes per annum (MTPA).
The company manufactures SS welded and seamless pipes and tubes,
which are used in petrochemical plants, refineries, power plants,
paper, pharmaceutical and chemical industries. The company has
also installed two wind mills at Dhule, Maharashtra, with a total
capacity of 2.25 MW.

In 2010-11, RETL reported a profit after tax (PAT) of INR0.9
crore on the back of net sales of INR127.7 crore. As per the half
yearly results for 2011-12 (unaudited), RETL reported a PAT of
INR0.6 crore on the back of net sales of INR74.4 crore.

SHYAM INDUSTRIES: ICRA Reaffirms '[ICRA]BB+' Long Term Rating
ICRA has reaffirmed the '[ICRA]BB+' rating assigned to the
INR0.36 crore (reduced from INR0.38 crore) long term fund based
limits of Shyam Industries. ICRA has also reaffirmed the
'[ICRA]A4+' rating assigned to the INR10.00 crore (enhanced from
INR6.00 crore) short term fund-based limits of Shyam Industries.
The outlook on the long term rating continues to remain Stable.

The rating reaffirmation takes into account the comfortable
financial profile of the firm with low gearing and healthy debt
coverage indicators with no significant term liabilities, the
significant experience and established track record of the
promoters in the processing and export of sesame seeds and the
established relationship with the customers who have given repeat
orders in the past. The ratings also takes into account the
favorable demand prospects for sesame seeds exports from India
over the long term with India being one of the largest producer
and exporter in the global markets, though the demand is expected
to remain subdued in the near term due to demand slowdown in
Europe and U.S.A. The ratings are constrained by the partnership
nature of the firm which coupled with modest scale of operations
limits the financial flexibility and economies of scale, regular
withdrawal of the profits by the partners from the firm, the
firm's vulnerability to intense competition in a fragmented
industry which results in low profitability and high dependence
on exports which results in susceptibility to foreign exchange
fluctuations, demand fluctuations and regulatory changes in the
export markets. ICRA notes that the firm's profitability is
dependent on the prices of sesame seeds which are influenced by
global prices and the procurement prices which are in turn
dependent on the domestic agro climatic conditions. Any
divergence in the international and domestic factors can lead to
pressure on the margins. Moreover, continuation of the export
incentives which contributed to ~82% of the total operating
profits of the firm in 2010-11, would be critical in sustaining
the profitability and competitiveness of the firm in the export

While the firm's profitability is expected to remain modest given
the fragmented nature of the industry, change in the constitution
of the firm from a partnership and an increase in the scale of
operations which shall improve the financial flexibility and
result in economies of scale would be key rating sensitivities
going forward.

                      About Shyam Industries

Shyam Industries is a partnership firm engaged in the processing
and export of hulled and natural sesame seeds for more than two
decades. The company has an installed capacity of processing 35
tonnes per day (tpd) of sesame seeds in Ahmedabad, Gujarat. The
company is ISO 22000:2005 certified and also has HACCP
certification from SGS, Switzerland.

TURBO TECH: ICRA Assigns '[ICRA]B-' Rating to INR4cr Based Limits
ICRA has assigned the ratings of '[ICRA]B-' to INR4.00 Crore fund
based limits and '[ICRA]A4' to the INR3.50 Crore non fund based
limits of Turbo Tech Precision Engineering Private Limited.

Rating Rationale ICRA's rating action is constrained by the
modest turnover of the company and hence low bargaining power
with the customers, which in turn has resulted high levels of
debtors and inventory levels. TPEPL has suffered losses for past
three consecutive years, owing to cancelled export orders and
high fixed cost base of the company. The ratings are also
constrained by modest financial risk profile of the company as
reflected by modest debt coverage indicators. However, the
ratings favorably factor in experienced management and
improvement in the order book size and diversification. Further,
recent infusion of funds by the shareholders has led to a
favorable capital structure.

                         About Turbo Tech

Turbo Tech Precision Engineering Private Limited was incorporated
in 1989 and manufacturers steam turbines in the range of 50 kW to
3 MW. These steam turbines are supplied to cogeneration projects
in distillery, paper, pharma and textile companies as well as in
concentrated solar power (CSP) projects. TPEPL also supplies oil
coolers for turbo engines and up-lock systems used in aircraft
landing gears and also operate as an energy leasing company,
where it installs and operates mini power plants.

In FY2011, it reported an Operating income of INR6.95 Cr and
Operating loss before depreciation and interest of INR2.21 Cr and
net loss of INR3.35 Cr.


* SOUTH KOREA: Businesses Face Dire Financial Situation in Q1
Yonhap News Agency reports that South Korea's businesses are
bracing for unfavorable financial conditions in the first quarter
of this year, mainly due to sluggish economic growth and falling
sales and profits, a poll showed Wednesday.

The survey of 500 companies by the Korea Chamber of Commerce and
Industry (KCCI) showed the business survey index on corporate
finance (FBSI) dropping to 79 for the January-March period from
92 three months earlier, the new agency reports.

N E W  Z E A L A N D

CRAFAR FARMS: Landcorp in Talks to Run Farms for Chinese Buyer
BusinessDesk reports that state-owned Landcorp Farming is in
talks to operate the Crafar Farms should Shanghai Pengxin Group's
application to the Overseas Investment Office succeed but it has
denied a report it would pay NZ$18 million a year in rent.

"The reports are quite untrue -- there is no figure yet," Chris
Kelly, Landcorp chief executive, told BusinessDesk.  "We are
discussing the possibility of running the farms -- we had all
hoped to have it sorted by now."

BusinessDesk says the Chinese company has been waiting almost
nine months for an answer to its application to buy the farms, in
a deal that is reportedly worth at least NZ$200 million.  That
would top a rival proposal by a farmer group led by businessman
Michael Fay by NZ$30 million, the report notes.

Hardie Peni, chairman of the Tiroa E and Te Hape B Trusts which
are part of the Fay group, said the NZ$18 million figure was
based on a standard share-milking agreement and Landcorp's own
production forecasts, according to the report.

"From what we're hearing, Landcorp have negotiated a deal that is
the standard 50-50 share-milking deal familiar to the wider dairy
industry," the report quotes Mr. Peni in a statement.  The
Landcorp plan would result in a state-owned company paying rent
to "Chinese sitting in Shanghai" as "tenants on what was our own
New Zealand farm land."

According to BusinessDesk, the investment banker and a syndicate
of local iwi and farmers lodged a NZ$171.5 million bid for the
Crafar family farms in September, as a back-up to a rival offer
from Shanghai Pengxin being turned down by the OIO.

The purchase of large blocks of farmland by foreigners has been
in the government's sights after the Natural Dairy deal for the
Crafar farms emerged in 2010, prompting the government to review
foreign investment rules and ultimately impose stricter controls,
the report discloses.

                         About Crafar Farms

Crafar Farms, New Zealand's largest family owned dairy business,
runs about 20,000 milking cows, and carries about 10,000 of other
stock.  The company employed 200 staff.

Crafar Farms was placed in receivership in October 2009, by its
lenders Westpac Banking Corp., Rabobank Groep and PGG Wrightson
Finance.  The banks, owed around NZ$200 million, put KordaMentha
partners Michael Stiassny -- -- and
Brendon Gibson -- -- in as receivers
after Crafar Farms breached covenants on its loans.

The latest report on the four Crafar companies in receivership
-- Plateau Farms, Ferry View Farms, Hillside and Taharua -- said
their bank debt in October was NZ$256 million, according to

As reported in the Troubled Company Reporter-Asia Pacific on
April 27, 2010, The New Zealand Herald said 16 farms in the
Crafar Farms group have been placed onto the open market for sale
by Crafar's receivers through Bayleys Real Estate.  Bayley's said
the receivership sale is the single largest receivership sale of
farms in New Zealand history.  The 16 farms employ nearly 200
staff and managers and cover 8,000 hectares.  They are located in
the Waikato, near Benneydale in the King Country, Reporoa,
Atiamuri, Waverley, Hawera and Bulls.

VIRGIN AUSTRALIA: Pacific Blue Incurs NZ$7.35-Mil. Annual Loss
Fairfax NZ News reports that Virgin Australia's New Zealand
operation has reduced its losses after ditching domestic services
more than a year ago but is still struggling to make money on the
trans-Tasman route.

In the face of stiff competition from Emirates, Qantas and
Jetstar, Pacific Blue posted a loss of NZ$7.35 million for the
year to June 30, compared with a NZ$19.8 million loss a year
earlier, according to accounts just released.

The period includes three months of flying domestic routes in
New Zealand, which it dumped in October 2010 because of heavy
losses, according to Fairfax NZ.

Pacific Blue Airlines operates low-fare air services between
New Zealand and Australia, and Australia to South Asia.  The
company is New Zealand subsidiary of Virgin Blue.


UNITED DEVELOPMENT: Central Bank to Start Liquidation Process
------------------------------------------------------------- reports that Nepal Rastra Bank (NRB) on Monday
decided to initiate the process of liquidating troubled United
Development Bank (UDB) after the bank failed to improve its
financial health within the timeframe allotted by the central

The NRB will now ask the bank to submit written explanation on
"why it should not be liquidated" within 15 days,

According to the report, NRB officials call this step only a
formality, which has to be conducted before starting the
liquidation process of any financial institution, as "in most of
the cases the troubled institution cannot justify why the central
bank should not terminate its operation permanently".

"Once the bank's application is rejected by the central bank, the
case will move to the court, which will appoint a liquidator to
shut down operation of the bank and settle all the accounts," an
official of the NRB told recalls that UDB was declared a troubled
institution last March after the NRB found its financial health
had suffered heavily after its executive chairman, Rabindra
Bahadur Singh, siphoned off INR65 million of the paid-up capital
for personal use.

At that time, NRB inspections had found that Mr. Singh had
created fake loans in an attempt to hoodwink the regulator and
make it believe the money he embezzled was borrowed by customers,
the report relays.

United Development Bank is a district level development bank in
Bara established with a paid up capital of INR85 million.


DEVELOPMENT BANK: Moody's Revises BFSR to 'D-' From 'D'
Moody's Investors Service has affirmed these ratings of the
Development Bank of the Philippines (DBP) and the Land Bank of
the Philippines (LBP): Ba1/ NP local currency deposit rating; and
Ba2/ NP foreign currency deposit rating.

At the same time, Moody's has revised DBP's bank financial
strength rating (BFSR) to D- from D. The D- maps to a Baseline
Credit Assessment (BCA) of Ba3.

LBP's BFSR/BCA remain unchanged at D-/Ba3.

All of DBP's and LBP's ratings carry a stable outlook.

Ratings Rationale

The affirmation of DBP's and LBP's deposit ratings reflects the
modest credit fundamentals of both banks, and which are, in turn,
underpinned by their satisfactory capital and liquidity profiles,
relative to similar Ba-rated peer banks.

At the same time, it takes into consideration Moody's view of the
banks' weaker risk positioning relative to other rated-Philippine
banks, in terms of financial reporting transparency and corporate

DBP's and LBP's local currency long-term deposit ratings of Ba1
are supported by (1) the banks' Ba3 BCA and (2) Moody's
assessment of a very high probability of systemic support, when

This assessment is predicated on the banks' policy lending roles
and sizable market positions, and which underpin Moody's view of
their systemic significance to the Philippine banking sector, as
well as the 100% ownership that the Philippine government has in
both institutions.

DBP's and LBP's foreign currency long-term deposit ratings of Ba2
are constrained at the sovereign ceiling for the Philippines.

When compared with Moody's global Ba-rated bank average metrics,
both DBP and LBP consistently maintained higher Tier 1 and Total
capital ratios over the past three years; their liquidity
profiles are also stronger, as reflected in their lower loans-to-
deposits ratios and higher proportions of liquid assets in their
asset bases.

However, in contrast to the privately-owned Philippine banks,
their audited financials for fiscal 2010 were reported with
substantial delay, as in previous years. As of the date of this
press release, both banks have yet to publish their annual
reports for 2010. Moody's views the poor timeliness of their
financial reporting as a credit negative.

In addition to their policy lending roles, both DBP and LBP had
in the past been utilized to undertake other government-linked
transactions. This reflects the close links between the banks and
the government. In Moody's opinion, this also reflects the high
risk that the banks would continue to be involved in government-
directed transactions that may weaken their financial strength.

The stable outlook on the banks' ratings reflects expectations
that they will maintain buffers in their liquidity positions and
capital adequate for their current rating levels to withstand
systemic stresses over the next 12-18 months.

Moody's stress tests for LBP and DBP, which incorporate
additional credit losses on their loan and foreclosed asset
portfolios and the impact of these losses on their capital
strength, show that their shock absorption capacity remains
adequate at the D- BFSR level.

Revision of DBP's BFSR

The revision of DBP's BFSR to D- from D takes into account the
bank's moderating asset quality and profitability over the last
12 months.

Based on the bank's limited public disclosure of its recent
financial performance, Moody's notes that DBP's non-performing
loan (NPL) ratio had somewhat stabilized well above historical
trend levels. At end-June 2011, its NPL ratio was 3.74%, higher
than the 3.70% reported at end-December 2010 and 0.99% at end-
December 2009. The increase was mainly caused by the default of
certain lumpy credit exposures in 2010.

DBP reported that its net income for 1H2011 fell 39% year-on-year
to Pesos 1.74 billion. Moody's notes its weaker profitability was
due mainly to thinner loan margins from higher funding costs.

While DBP maintains capital adequacy and cost efficiency at
levels surpassing industry averages, its overall credit profile
now compares better with similar D- rated peer banks.

Rating Triggers

The following factors could result in upward pressure on DBP's
and LBP's BFSR and BCA: (1) significant diversification of their
funding sources that reduces their reliance on government-related
funding and exposure to policy risks; and/or (2) improvement in
the timeliness and transparency of financial reporting; and/or
(3) significant reductions in credit risk concentrations in
individual borrower and industry groups.

As the banks' foreign currency deposit ratings are currently
capped at the sovereign ceiling of Ba2, an upgrade of the
sovereign ceiling could result in an upgrade of these ratings.

Conversely, the following factors could result in downward
pressure on DBP's and LBP's BFSR and BCA: (1) significant
weakening in their operating environments or poorer underwriting
practices, resulting in NPL ratios deteriorating from current
levels, and/or (2) Tier 1 capital ratios falling below 12%,
and/or (3) funding profiles showing signs of weakening from an
increasing loans-to-deposits ratio for prolonged periods of
beyond two quarters.

The banks' foreign currency ratings may be pressured downwards
if: (1) the sovereign ceiling is downgraded below Ba2; and/or (2)
the banks' BFSR and BCA are downgraded; and/or (3) the systemic
support for the banks is assessed to have fallen.

Principal Methodologies

The methodologies used in this rating were Bank Financial
Strength Ratings: Global Methodology published in February 2007,
and Incorporation of Joint-Default Analysis into Moody's Bank
Ratings: A Refined Methodology published in March 2007.

Headquartered in Manila, Philippines, the Development Bank of the
Philippines reported total assets of PHP306.2 billion
(USD7.0 billion) as at June 30, 2011.

Headquartered in Manila, Philippines, Land Bank of the
Philippines reported total assets of PHP590.6 billion
(USD13.5 billion) as at September 30, 2011.


JIH SUN: Fitch Affirms Shortterm Foreign Currency IDR at 'B'
Fitch Ratings has affirmed Jih Sun Financial Holding Co., Ltd and
its wholly-owned subsidiaries, Jih Sun International Bank and Jih
Sun Securities Corp., Ltd, including their Issuer Default
Ratings.  The Outlooks are Stable.

At the same time, Fitch has affirmed the entities' Individual and
Support Ratings and withdrawn them as these ratings are no longer
considered by Fitch to be relevant to the agency's coverage.

JSH's IDRs are mainly driven by the financial strength of its
principal operating subsidiary, JSS, but also take into account
JSH's acceptable liquidity and double leverage.  JSS's IDRs
reflect its consistent profitability, modest risk exposures,
satisfactory capitalisation and liquidity, which have been well-
tested through numerous economic cycles.

JSIB's IDRs reflect the obligatory support from its holding
parent, which would most likely be sourced from JSS.  Its IDRs
also take into account continued improvement in its risk profile
following several important reforms in 2005-2009, including a
clean-up of the asset portfolio and an overhaul of its credit
risk management framework.  However, JSIB's standalone financial
profile is weak -- as manifested in its' bb-' Viability rating --
and reflects its small franchise and weak operating performance.

The Stable Outlook reflects Fitch's belief that JSIB would
maintain reasonably sound asset quality and therefore stay
profitable in the foreseeable future without reverting to the
volatile performance in earnings and asset quality seen in 2005-
2009.  Any weakening of credit standards and asset quality in
JSIB that materially erode JSH's and JSS's earnings or core
capital would lead to negative rating actions for JSH and its

JSH posted a modest profit in 2010 and 9M11 (return on average
equity: 9.5%), after losses in 2008-2009.  This reflected JSS's
resilient earnings performance and JSIB's much improved asset
quality.  The group is likely to remain profitable in 2012 on
expected control of credit cost in JSIB, although JSS's business
flows and trading performance are susceptible to growing market

JSH and its subsidiaries are adequately capitalized. JSH's sum-
of-parts capital adequacy ratio was 159% at end-Q311, indicating
excess capital of TWD8.3bn above the minimum regulatory
requirement of 100%.  JSIB's Tier 1 capital ratio remained sound
at 10.9% at end-Q311, while JSS's capital adequacy ratio of 626%
was comfortably above the 150% regulatory minimum.

The liquidity profiles of JSH, JSS and JSIB remain adequate.
Risks from JSH's reliance on short-term borrowing to finance its
equity investments are partly mitigated by its sufficient
interest cover, presently available bank facilities, and access
to the capital market. JSS has a liquid balance sheet.  JSIB's
liquidity is actively managed by restrictive self-imposed loan-
to-deposit and liquidity reserve ratios.

JSIB and JSS are JSH's two main operating subsidiaries, and the
group's major shareholders are US-based private-equity firm,
Capital Target and Japan's Shinsei Bank, with equity interests of
24% and 35.8%, respectively.  JSS is one of the larger and
longest established securities companies in Taiwan, with a stock
brokerage market share of 4% in 2010-9M11.  Meanwhile, JSIB is a
small bank in Taiwan with a deposit market share of 0.7% at end-

The rating actions are as follows:


  -- Long-Term Foreign Currency IDR affirmed at 'BB+'; Outlook
  -- Short-Term Foreign Currency IDR affirmed at 'B'
  -- National Long-Term Rating affirmed at 'A-(twn)'; Outlook
  -- National Short-Term Rating affirmed at 'F2(twn)'
  -- Individual Rating affirmed at 'C/D', withdrawn
  -- Support Rating affirmed at '5'; withdrawn
  -- Support Rating Floor affirmed at 'No Floor'; withdrawn
  -- Subordinated bond rating 'BBB(twn)' remains on Rating Watch


  -- Long-Term Foreign Currency IDR affirmed at 'BBB-'; Outlook
  -- Short-Term Foreign Currency IDR affirmed at 'F3'
  -- National Long-Term Rating affirmed at 'A(twn)'; Outlook
  -- National Short-Term Rating affirmed at 'F1(twn)'
  -- Individual Rating affirmed at 'C'; withdrawn
  -- Support Rating affirmed at '5'; withdrawn
  -- Support Rating Floor affirmed at 'No Floor'; withdrawn


  -- Long-Term Foreign Currency IDR affirmed at 'BB+'; Outlook
  -- Short-Term Foreign Currency IDR affirmed at 'B'
  -- National Long-Term Rating affirmed at 'A-(twn)'; Outlook
  -- National Short-Term Rating affirmed at 'F2(twn)'
  -- Viability Rating affirmed at 'bb-'
  -- Individual Rating affirmed at 'D'; withdrawn
  -- Support Rating affirmed at '3'; withdrawn

WAN HAI: Moody's Changes 'Ba3' CFR Outlook to Negative
Moody's Investors Service has changed to negative from stable the
outlook of Wan Hai Lines Limited's Ba3 corporate family rating
and B1 senior unsecured bond rating.

Ratings Rationale

"The negative outlook reflects Moody's concerns that depressed
freight rates and high bunker costs will continue to weigh on Wan
Hai's profitability and operating cash flow in 2012," says
Jonathan Lee, a Moody's Vice President and Senior Analyst.

Moody's estimates that adjusted EBITDA margin in calendar 2012
will decline to around 10% from 26.5% in 2010. And operating cash
flow is estimated to decline to NTD5.4 billion (USD180 million)
from NTD10 billion (USD330 million) in 2010.

"Moreover, the delivery of 12 new vessels in the next 18 months
is adding new debt to Wan Hai and will increase adjusted debt to
NTD68.9 billion (USD2.3 billion)," says Mr. Lee, adding, "This
increase, combined with the decline in EBITDA, will result in a
net adjusted debt leverage of 6.2x, which would be very high for
the Ba3 rating".

Nevertheless, the company has the flexibility to further scale
down charter vessels and leased containers, which will release
some operating lease obligations and reduce adjusted debt.

Against a more challenging operating environment, Wan Hai will
reduce part of the increased costs through rationalizing its
charter fleet and cost structure, such as by slot swapping with
its alliance partners and by maintaining a high level of

Wan Hai's Ba3 rating remains supported by its leading position in
the intra-Asia liner market, its track record of operating
through industry cycles, its good access to domestic capital and
banking markets, its proactive operational and financial
management, and its sound liquidity position.

The size of its liquidity reserve -- cash of NTD27.3 billion
(USD910 million) and liquid local marketable securities
investments of NTD2.8 billion (USD93 million) as of 30 September
2011 -- provides a good buffer against challenges in this down

Wan Hai's senior unsecured bond rating of B1 reflects the risk of
legal subordination as its total amount of secured debt accounted
for approximately 21% of total assets at end-September 2011, and
is likely to stay above 20% of total assets.

As the intra-Asia liner market will remain challenging, Moody's
will continue to review the quarterly performances of Wan Hai. In
case its performance is much weaker than expected, the ratings
could come under downgrade pressure.

Moody's would downgrade the rating if EBITDA margin further
weakens; or operating cash flow turns negative for an extended
period; and/or its liquidity reserve depletes materially. Under
such scenarios, adjusted EBITDA/interest coverage could fall
below 2.5-3.0x, adjusted Net Debt/ EBITDA could rise above 5.0x,
and cash balances decrease to less than 15% of total assets on a
sustained basis.

A rating upgrade in the near term is unlikely, given the negative

However, the outlook could return to stable if Wan Hai recovers
its operating profitability and its credit metrics improve, with
adjusted EBITDA/interest above 4.0x; and adjusted Net Debt/EBITDA
of 4.0-4.5x.

The principal methodology used in rating Wan Hai Lines Limited
was the Global Shipping Industry Methodology published in
December 2009.

Established in Taiwan in February 1965 as a lumber-transport
company, Wan Hai currently operates a fleet of 78 container
vessels (61 self-owned and 17 chartered) with a service network
which spans Asia, including major ports in Taiwan, Japan, China,
Korea and ASEAN countries. Wan Hai's shares were listed on the
Taiwan Stock Exchange in May 1996.


* Large Companies with Insolvent Balance Sheets

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


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


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

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


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


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


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


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


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


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


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


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


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


Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to

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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