TCRAP_Public/120120.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 20, 2012, Vol. 15, No. 15

                            Headlines


A U S T R A L I A

SPECIALTY FASHION: May Close Up to 120 Stores Amid Sales Slump


C H I N A

CHAODA MODERN: S&P Cuts Corp. Credit Rating to CCC; on Watch Neg


H O N G  K O N G

LAND ASIA: Court to Hear Wind-Up Petition on Feb. 8
MAINFIT DEVELOPMENT: Court Enters Wind-Up Order
MINERAL RESOURCES: Court to Hear Wind-Up Petition on Feb. 29
MINSOURCE INTERNATIONAL: Court to Hear Wind-Up Petition on Feb 29
WEITA PACKING: Creditors' Proofs of Debt Due Jan. 31


I N D I A

AMRIT ENVIRONMENTAL: CRISIL Cuts Rating on INR50MM Loan to 'D'
FALCON ELECTRO-TEK: CRISIL Puts CRISIL BB Rating on INR20MM Loan
HASTALLOY INDIA: CRISIL Puts 'CRISIL B+' Rating on INR1MM Loan
HEMRAJ INDUSTRIES: CRISIL Puts CRISIL BB- Rating on INR51MM Loan
HORIZON POLYMERS: CRISIL Puts 'CRISIL BB-' Rating on INR27MM Loan

KINGFISHER AIRLINES: In Talks With SC Lowey on $280MM Funds
KRISHNA RICE: CRISIL Assigns 'CRISIL B+' Rating to INR20MM Loan
SANMAN CONSTRUCTIONS: Loan Payment Delay Cues CRISIL Junk Ratings
SHUBBAN PROPERTIES: CRISIL Rates INR115.3MM Loan at 'CRISIL B'
TIRUPATI WAREHOUSE: CRISIL Rates INR100MM Loan at 'CRISIL B+'


I N D O N E S I A

* INDONESIA: Moody's Assigns 'Ba1' Rating to Bond due 2042


J A P A N

CAFES 3: Moody's Downgrades Rating of Class C Notes to 'B2'
OLYMPUS CORP: TSE Likely to Keep Firm's Shares Listed
YUANTA COMMERCIAL: Fitch Affirms 'C' Individual Rating


K O R E A

BUSAN BANK: Moody's Gives 'C-' Bank Financial Strength Rating


N E W  Z E A L A N D

CRAFAR FARMS: Fay's Group May Seek Judicial Review


P H I L I P P I N E S

RIZAL COMMERCIAL: Moody's Gives Ba2 Rating to Five-Year Sr. Notes
* PHILIPPINES: Moody's Puts Ba2 Rating to Bonds Due 2037


S I N G A P O R E

BELUGA PROJECTS: Court Enters Wind-Up Order
CHIOS MARINE: Court to Hear Wind-Up Petition on Feb. 3
GARUDAN (S) PTE: Court to Hear Wind-Up Petition on Feb. 2
STUDIO D'BEAUMONDE: Members' Final Meeting Set for Feb.17


T A I W A N

CONCORD SECURITIES: Fitch Affirms Individual Rating at 'C/D'
NANYA TECHNOLOGY: Fourth Qtr Loss Narrows to NT$10.99BB
TAIWAN COOPERATIVE: Fitch Affirms Individual Rating at 'C/D'


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


SPECIALTY FASHION: May Close Up to 120 Stores Amid Sales Slump
--------------------------------------------------------------
SmartCompany reports that Specialty Fashion Group, the company
behind the La Senza, Katies and Miller's chains, has announced a
shock profit downgrade, along with the revelation that it may be
forced to close over 100 stores if sales don't improve.

SmartCompany relates that Chief executive Gary Perlstein
announced same store sales were down 4.5% during the first half
of the year. Guidance for the first half of the year indicates
earnings before interest, taxation, depreciation and amortisation
may fall as much as 38% to AUD21 million to AUD22 million, the
report relays.

According to the report, the retailer announced a number of new
initiatives to adapt to what it calls the "bricks and clicks"
paradigm, saying it will transform its supply chain by
rationalising its supplier base, among other initiatives, and
increasing its customer service provisions.

The retailer will also introduce a completely new online brand
this year, and target a ratio of 15% for online sales in three
years, the report says.  At the moment, just 2% of sales are
online.

But the biggest announcement was that sales and rents are so bad
SFG may even need to close around 120 stores out of its 900-plus
bricks and mortar locations, if current trading conditions
continue and rents remain at current levels, according to
SmartCompany.

Those stores will be consolidated over a three-year period, the
report notes.

"The number of stores closed or recalibrated in size will depend
on whether the rental costs decrease in line with the cost
structure associated with running an online business," SFG said.

"The company expects that if the current trading conditions
continue, and rentals remain at their current levels, around 120
stores in the current portfolio will be rationalised over the
next three years."

SmartCompany states that SFG's announcement is only the latest
disappointment in a string of profit downgrades and flat sales
results from companies including Just Group, JB Hi-Fi and Myer,
with several more smaller retailers indicating they'll have to
think about shutting up shop altogether.

Based in Australia, Specialty Fashion Group Limited (ASX:SFH) --
http://www.specialtyfashiongroup.com.au/-- is a specialty
fashion multi-branded women's apparel retailer and brand owner,
tailored mostly to women of various ages and sizes. The company
operates the Millers, Crossroads, Katies, Autograph, City Chic
and more recently, La Senza.  Most stores are located on the
Eastern seaboard, with the rest throughout Australia and NZ.


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


CHAODA MODERN: S&P Cuts Corp. Credit Rating to CCC; on Watch Neg
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Chaoda Modern Agriculture (Holdings)
Ltd. to 'CCC' from 'B-'. "At the same time, we lowered the
Greater China credit scale rating on Chaoda to 'cnCCC' from
'cnB'. We kept the ratings on CreditWatch with negative
implications, where they were originally placed on Oct. 4, 2011,"
S&P said.

"We lowered the rating on Chaoda by two notches to reflect our
view that the payment acceleration of a convertible bond is
imminent. The rating remains on CreditWatch to reflect our
uncertainty over the strength of Chaoda's liquidity and its
ability to repay the convertible bond in a timely manner. In
particular, a long delay in its annual results announcement has
increased information risk," S&P said.

"In our opinion, investors in Chaoda's US$200 million convertible
bond due 2015 have a strong incentive to accelerate bond payment,
and our rating assumption is that Chaoda will fully redeem the
convertible bond," S&P said.

"However, we are unsure about the company's ability to redeem the
bond, given Chaoda still has not announced its annual results for
the year ended June 30, 2011," said Standard & Poor's credit
analyst Joe Poon. "Without the annual results, Standard & Poor's
has insufficient information over Chaoda's current offshore cash
balance and other potential sources of liquidity. We also believe
Chaoda's financial flexibility has declined significantly due to
its share suspension and its current condition."

"Chaoda shares were suspended on the Hong Kong Stock Exchange on
Sept. 26, 2011. Under the terms of the convertible bond, holders
have the option to require Chaoda to buy back the bond if shares
in the company are suspended for more than 60 consecutive days on
the stock exchange. We believe the repayment of the bond will
likely happen in the first week of March 2012 and it will
materially weaken Chaoda's liquidity position," Mr. Poon said.

"We aim to review the CreditWatch status within a month, when we
expect to receive more clarity about the convertible bond
arrangements, the company's liquidity situation, and the annual
results. Without that information, we may lower the rating to
'CC' before March if we believe Chaoda is highly vulnerable to
nonpayment of its debt obligations," S&P said.


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


LAND ASIA: Court to Hear Wind-Up Petition on Feb. 8
---------------------------------------------------
A petition to wind up the operations of Land Asia Management
Limited will be heard before the High Court of Hong Kong on
Feb. 8, 2012, at 9:30 a.m.

City Security Company Limited filed the petition against the
company on Dec. 5, 2011.

The Petitioner's solicitors are:

          Pansy Leung Tang & Chua
          21st Floor, Regent Centre
          88 Queen's Road
          Central, Hong Kong


MAINFIT DEVELOPMENT: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Hong Kong entered an order on Jan. 4, 2012, to
wind up the operations of Mainfit Development Limited.

The official receiver is Teresa S W Wong.


MINERAL RESOURCES: Court to Hear Wind-Up Petition on Feb. 29
------------------------------------------------------------
A petition to wind up the operations of Mineral Resources (China)
Company Limited will be heard before the High Court of Hong Kong
on Feb. 29, 2012, at 9:30 a.m.

Bank of India filed the petition against the company on Dec. 28,
2011.

The Petitioner's solicitors are:

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


MINSOURCE INTERNATIONAL: Court to Hear Wind-Up Petition on Feb 29
-----------------------------------------------------------------
A petition to wind up the operations of Minsource International
Limited will be heard before the High Court of Hong Kong on
Feb. 29, 2012, at 9:30 a.m.

Bank of India filed the petition against the company on Dec. 28,
2011.

The Petitioner's solicitors are:

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


WEITA PACKING: Creditors' Proofs of Debt Due Jan. 31
----------------------------------------------------
Creditors of Weita Packing Material International Group Company
Limited, which is in members' voluntary liquidation, are required
to file their proofs of debt by Jan. 31, 2012, to be included in
the company's dividend distribution.

The company's liquidator is:

         Yu Tak Yee Beryl
         15/F, Empire Land
         Commercial Centre
         81-85 Lockhart Road
         Wanchai, Hong Kong


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


AMRIT ENVIRONMENTAL: CRISIL Cuts Rating on INR50MM Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Amrit
Environmental Technologies Pvt Ltd to 'CRISIL D' from 'CRISIL
B/Stable'.

   Facilities                       Ratings
   ----------                       -------
   INR50 Million Cash Credit        CRISIL D (Downgraded from
                                    CRISIL B/Stable)

   INR125 Mil. Rupee Term Loan      CRISIL D (Downgraded from
                                    CRISIL B/Stable)

The downgrade reflects the delays by AETPL in repayment of its
term loan instalments because of weak liquidity. The delays have
ranged from 25 to 30 days. The company has also delayed on
monthly interest payments with delays ranging from 7 to 25 days.
The weak liquidity is because of loss-making operations and
delayed payments from customers. Losses in the company are
because of a small scale of operations and frequent breakdowns in
the plant. Frequent breakdowns have led to low plant load factor
of around 25 per cent in 2010-11 (refers to financial year, April
1 to March 31). Moreover, stretch in receivables has led to large
working capital requirements leading to weak liquidity and delays
in repayments. CRISIL believes that AETPL's liquidity will remain
weak over the medium term, driven by large working capital
requirements resulting from stretched receivables.

AETPL also has a weak financial risk profile, marked by
accumulated losses, and below-average operating efficiencies.
AETPL, however, benefits from the support that it is expected to
receive from its parent, Orient Green Power Ltd (OGPL).

                      About Amrit Environmental

AETPL, a wholly owned subsidiary of OGPL, is an 8-megawatt
biomass-based power plant using mustard husk as fuel. OGPL is a
100 per cent subsidiary of Singapore-based holding company Orient
Green Power Pte Ltd, which is part of Shriram EPC Ltd. AETPL's
plant is in Kotputli (Rajasthan) and was acquired by OGPL from SM
Environmental Technologies Pvt Ltd in December 2008 in an
operational condition. AETPL had signed a 10-year power purchase
agreement (PPA) with Jaipur Vidyut Vitran Nigam Ltd to sell power
at a price of about INR4.7 per unit in 2009-10; the PPA has an
in-built escalation of 5 per cent per year in the tariff.
Currently, the tariff rate has been increased to INR5.2 per unit.

AETPL reported a profit after tax (PAT) of INR46.9 million on net
sales of INR298.4 million for 2010-11, against a net loss of
INR48.7 million on net sales of INR134.9 million for 2009-10.


FALCON ELECTRO-TEK: CRISIL Puts CRISIL BB Rating on INR20MM Loan
----------------------------------------------------------------
CRISIL has assigned 'CRISIL BB/Stable/CRISIL A4+' ratings to the
bank facilities of Falcon Electro-Tek Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR20 Million Long-Term Loan     CRISIL BB/Stable (Assigned)
   INR37 Million Cash Credit        CRISIL BB/Stable (Assigned)
   INR38 Million Proposed Long-     CRISIL BB/Stable (Assigned)
    Term Bank Loan Facility
   INR7.5 Million Letter of Credit  CRISIL A4+ (Assigned)
   INR7.5 Million Bank Guarantee    CRISIL A4+ (Assigned)

The ratings reflect the extensive industry experience of Falcon's
promoters. This rating strength is partially offset by the
moderate financial risk profile of the company coupled with
modest scale of operations and working capital intensive nature
of its activities.

Outlook: Stable

CRISIL believes that Falcon will benefit over the medium term
from its promoter's extensive experience in the electronics
equipment industry. The outlook may be revised to 'Positive' if
the company reports substantial growth in its scale of operations
while improving its capital structure and working capital cycle.
Conversely, the outlook may be revised to 'Negative' in case of a
steep decline in its revenue growth or deterioration in capital
structure due to larger-than-expected debt funded capex or
significant lengthening of its operating cycle.

                     About Falcon Electro-Tek

Incorporated in the year 1997, Falcon Electro-Tek Private Limited
(Falcon) is engaged in manufacturing of electronic laboratory
instruments which mainly find application in technical education
sector. The products include a wide range of education training
systems, test and measuring instruments and opto-mechanic
instruments. All its products are marketed under the brand
'Falcon'. The day-to-day operations of the company are managed by
Mr. Anil Chowta and Mr. Rajesh Sawant. The company gets its
products assembled from external vendors, while research,
designing and testing activities are carried out at its
facilities at Navi Mumbai, Maharashtra.

Falcon reported a profit after tax (PAT) of INR12.16 million on
net sales of INR158.97 million for 2010-11 (refers to financial
year, April 1 to March 31), as against a PAT of INR7.76 million
on net sales of INR110.16 million for 2009-10.


HASTALLOY INDIA: CRISIL Puts 'CRISIL B+' Rating on INR1MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Hastalloy India Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR1 Million Term Loan          CRISIL B+/Stable (Assigned)
   INR55 Million Cash Credit       CRISIL B+/Stable (Assigned)
   INR1.5 Million Proposed Long-   CRISIL B+/Stable (Assigned)
   Term Bank Loan Facility
   INR45 Million Bank Guarantee    CRISIL A4 (Assigned)

The ratings reflect HIL's small scale of operations and weak
financial risk profile, marked by a small net worth, high
gearing, and weak debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of
HIL's promoter in manufacturing alloy steel castings and
established relationship with customers.

Outlook: Stable

CRISIL believes that HIL will continue to benefit over the medium
term from its promoter's extensive industry experience and the
established relationship with its customers. The outlook may be
revised to 'Negative' in case a large debt-funded capital
expenditure programme or significant decline in revenues and
profitability impact the company's financial risk profile.
Conversely, the outlook may be revised to 'Positive' if HIL
significantly scales up its operations while improving its
capital structure and profitability.

                       About Hastalloy India

Incorporated in 1981, HIL manufactures alloy steel castings of
various grades. The company was set up by Mr. G V K Rao. The
current promoter, Mr. K.Eashwar, acquired HIL in 2006-07 (refers
to financial year, April 1 to March 31). The company's plant in
Anakapalli (Andhra Pradesh) has an installed capacity of 1000
tonnes per month. HIL has a current order book of approximately
INR70 million. Hindustan Petroleum Corporation Limited (rated
'CRISIL AAA/FAAA/Negative/CRISIL A1+' by CRISIL), Indian Oil
Corporation Limited (rated 'CRISIL AAA/Negative/CRISIL A1+' by
CRISIL), Larsen and Toubro Limited (rated 'CRISIL
AAA/FAAA/Stable/CRISIL A1+' by CRISIL), Technip KT India Limited
are some of the company's key customers.

HIL reported a profit after tax (PAT) of INR2.5 million on net
sales of INR146.6 million for 2010-11, as against a PAT of INR1.2
million on net sales of INR89.9 million for 2009-10.


HEMRAJ INDUSTRIES: CRISIL Puts CRISIL BB- Rating on INR51MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the bank
facilities of Hemraj Industries Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR51 Million Term Loan          CRISIL BB-/Stable (Assigned)
   INR130 Million Cash Credit       CRISIL BB-/Stable (Assigned)
   INR2.5 Million Proposed Long-    CRISIL BB-/Stable (Assigned)
   Term Bank Loan Facility

The rating reflects the benefits that Hemraj derives from its
promoter's significant business experience and its moderately
integrated operations; the rating also factors in the company's
above-average financial risk profile. These rating strengths are
partially offset by Hemraj's small scale of operations in the
intensely competitive rice industry, exposure to unfavourable
changes in government policies, high dependence on monsoon, and
vulnerability to volatility in raw material prices.

Outlook: Stable

CRISIL believes that Hemraj will continue to benefit over the
medium term from its promoters' extensive experience in the rice
milling industry. The outlook may be revised to 'Positive' if the
company significantly scales up its operations, while it
maintains its financial risk profile. Conversely, the outlook may
be revised to 'Negative' in case Hemraj requires larger-than-
expected working capital or reports lower-than-expected
profitability leading to deterioration in its financial risk
profile.

                     About Hemraj Industries

Incorporated in 1991 by Mr. Radhey Shyam Agarwal and his family,
Hemraj operates in two divisions, namely: rice bran oil division
(capacity of 150 tonnes per day [tpd] each for solvent extraction
and refinery units) and milling division (paddy milling capacity
of 50 tpd). Additionally, it also has a 1.0 megawatt husk-based
captive power plant. The company operates from the Bardhhaman
district (West Bengal).


HORIZON POLYMERS: CRISIL Puts 'CRISIL BB-' Rating on INR27MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Horizon Polymers.

   Facilities                       Ratings
   ----------                       -------
   INR27 Million Term Loan          CRISIL BB-/Stable (Assigned)
   INR130 Million Cash Credit       CRISIL BB-/Stable (Assigned)
   INR3 Million Proposed Long-      CRISIL BB-/Stable (Assigned)
    Term Bank Loan Facility
   INR5 Million Bank Guarantee      CRISIL A4+ (Assigned)
   INR35 Million Letter of Credit   CRISIL A4+ (Assigned)

The ratings reflect HP's established regional position supported
by diversified product profile and promoters' extensive
experience in the pipe manufacturing industry. These rating
strengths are partially offset by HP's weak financial risk
profile, marked by high gearing, high end-user industry
concentration and susceptibility of margins to volatility in raw
material prices.

Outlook: Stable

CRISIL believes that HP will benefit over the medium term from
its promoters' extensive experience in pipe manufacturing
industry and established regional position. The outlook may be
revised to 'Positive' if accruals improve, leading to significant
improvement in capital structure and liquidity, and if there is
diversification in the end-user industry. Conversely, the outlook
may be revised to 'Negative' if the firm reports lower-than-
expected profitability or undertakes higher-than-expected debt-
funded capital expenditure programme, leading to further
weakening in its financial risk profile.

                        About Horizon Polymers

Set up in 2003 as a partnership firm in Jalandhar (Punjab) by Mr.
Subhash Aggarwal and his son, Mr. Deepak Aggarwal, HP
manufactures polyvinyl chloride pipes, polypropylene random
pipes, and high-density polyethylene pipes along with pipe
fittings. The manufacturing units, located in Amritsar (Punjab)
and Sansarpur Terrace (Himachal Pradesh) have capacity of 5,500
tons per annum (tpa) and 9,500 tpa, respectively. The pipes, sold
under the brand, Deepak, mainly have applications in agricultural
and construction industry.

HP reported a book profit of INR15.67 million on net sales of
INR357.3 million for 2010-11 (refers to financial year, April 1
to March 31), as against a book profit of INR19.65 million on net
sales of INR441.8 million for 2009-10.


KINGFISHER AIRLINES: In Talks With SC Lowey on $280MM Funds
-----------------------------------------------------------
Bloomberg News reports that Kingfisher Airlines Ltd. said it's in
talks with potential investors including SC Lowy Financial
Services after having a plane order canceled because of a lack of
payments.

According to Bloomberg, the Economic Times reported that SC Lowy
may reach an agreement on a $280 million investment by the end of
the month.  Kingfisher, controlled by billionaire Vijay Mallya,
is seeking new funds and restructuring operations following 16
quarterly losses, Bloomberg says.

"Anybody putting in money in Kingfisher would be seeking strong
guarantees," Bloomberg quotes Shumukh Ghosh, an analyst at Naman
Securities & Finance Pvt. in Mumbai, as saying.  "As a business,
I would be very surprised if they survive in the current form
over the next two years."

Bloomberg says Avions de Transport Regional, a maker of turboprop
aircraft, said Wednesday it canceled a 38-plane order from
Kingfisher after the carrier missed payments. The airline has
also grounded 12 of its existing 27 ATR planes because of a lack
of parts.

"We didn't think the situation of Kingfisher today was such that
in a short time they'd be in a position to take additional
planes," the report quotes ATR Chief Executive Officer Filippo
Bagnato as saying.  "There were issues with the continuity of
pre-delivery payments."

Meanwhile, Bloomberg News reports that three people familiar with
the matter said Kingfisher told its lenders Jan. 17 that it may
receive an equity infusion of $250 million by March.  One of the
people, who declined to be identified because the talks are
private, told Bloomberg that banks have told the unprofitable
airline they will provide short-term working capital loans after
it secures the investment.  The funds may come from an Indian
investor, two of Bloomberg's sources said, without elaborating.

                      About Kingfisher Airlines

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

                         *     *     *

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

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


KRISHNA RICE: CRISIL Assigns 'CRISIL B+' Rating to INR20MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Krishna Rice Mills Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR20 Million Term Loan         CRISIL B+/Stable (Assigned)
   INR80 Million Cash Credit       CRISIL B+/Stable (Assigned)

The rating reflects KRMPL's below average financial risk profile,
marked by a small net worth, moderate gearing, and weak debt
protection metrics, and modest scale of operations in the highly
fragmented rice processing and edible oil industry. These rating
weaknesses are partially offset by the extensive industry
experience KRMPL's promoters, its diversified revenues profile
and benefits derived from advantageous location, and healthy
growth prospects for rice industry.

For arriving at the rating, CRISIL has treated the unsecured
interest-free loans of INR14.4 million, extended to KRMPL by its
promoter and his family members, as neither debt nor equity, as
these loans are subordinated to the bank debt.

Outlook: Stable

CRISIL believes that KRMPL will benefit over the medium term from
the extensive experience of its promoter in the rice processing
and rice bran oil extraction industry. The outlook may be revised
to 'Positive' if KRMPL's scale of operations and profitability
improve substantially because of ramp-up of its new capacities,
leading to better-than-expected cash accruals. Conversely, the
outlook may be revised to 'Negative' if there is significant
deterioration in the company's capital structure and liquidity
because of larger-than-expected working capital requirements or
if the company further undertakes large debt-funded capital
expenditure (capex) programme.

                       About Krishna Rice

Promoted by Mr. Ashok Kumar Aggarwal, KRMPL is mainly engaged in
rice milling and rice bran oil extraction. The company also
trades in agro commodities, such as makki, rice, and wheat,
depending on the price trends. Furthermore, during the lean
season, KRMPL extracts cotton seed and sunflower oils using its
expellers and solvent extraction (solvex) unit. Presently KRMPL
has rice milling capacity of 5 tonnes per hour (tph), a sorting
capacity of 3 tph. During 2011-12 (refers to financial year,
April 1 to March 31), the company undertook a capex programme of
more than INR31 million to replace an old solvex plant with a new
200 tonnes per day (tpd) solvex plant for extracting rice bran
oil and a new sortex machine to double its sorting capacity.

KRMPL reported a provisional profit after tax (PAT) of INR11.3
million on net sales of INR660.5 million for 2010-11, as against
a PAT of INR9.2 million on net sales of INR492.0 million for
2009-10.


SANMAN CONSTRUCTIONS: Loan Payment Delay Cues CRISIL Junk Ratings
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Sanman Constructions.

   Facilities                        Ratings
   ----------                        -------
   INR45.0 Million Cash Credit       CRISIL D (Assigned)
   INR11.0 Million Bank Guarantee    CRISIL D (Assigned)
   INR4.0 million Proposed Long-     CRISIL D (Assigned)
    Term Bank Loan Facility

The ratings reflect instances of delay by SC in servicing its
debt; the delays have been caused by the firm's weak liquidity.

SC also has an average financial risk profile, marked by a high
gearing and small net worth, small scale of operations in a
fragmented industry with regional concentration, and working-
capital-intensive operations. These rating weaknesses are
partially offset by the extensive industry experience of SC's
partners.

                    About Sanman Constructions

SC was established as a partnership firm in 1998 by Mr. Satish
Maheshwari and Mr. Nitin Maheshwari. The firm undertakes civil
construction activities, such as construction of buildings and
allied works, and roads. Construction of buildings and allied
works account for about 90 per cent of the firm's total sales
every year on an average, followed by construction of roads,
which is mostly done on sub-contract basis. Most of the projects
(about 90 per cent) undertaken by SC are for government bodies,
such as the Public Works Department, Maharashtra State
Government, and Nanded Municipal Corporation; these government
projects are tender-based.

SC reported a profit before tax (PBT) of INR16.4 million on net
sales of INR229.3 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PBT of INR12.0 million on net
sales of INR206.9 million for 2009-10.


SHUBBAN PROPERTIES: CRISIL Rates INR115.3MM Loan at 'CRISIL B'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Shubban Properties - Vision City.

   Facilities                       Ratings
   ----------                       -------
   INR115.3 Million Term Loan       CRISIL B/Stable(Assigned)
   INR4.7 Million Proposed Term     CRISIL B/Stable(Assigned)
     Loan

The rating reflects SPVC's susceptibility to risk related to
timely completion of its large ongoing project, which is expected
to lead to high funding risk leading to weakening of financial
risk profile, The rating also factors in vulnerability to
inherent risks and cyclicality in the Indian real estate
industry. These rating weaknesses are partially offset by the
extensive industry experience of SPVC's promoters in real estate
market of Pune (Maharashtra).

Outlook: Stable

CRISIL believes that SPVC will remain sensitive to the timeliness
of inflow of customer advances and to funding pattern of any
deficits. However it is expected to benefit from its promoters'
extensive experience in real estate industry. 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 more-than-expected deterioration of
liquidity either due to delays in project completion or in
receipt of customer advances.

                      About Shubban Properties

SPVC was incorporated in 2006 and is a part of the Siddhivinayak
group. SPVC is constructing a residential complex with 668 flats
and 51 row houses covering a 50-acre land located in Jambhul
(Maharashtra) off Pune-Mumbai Highway. The project consists of
three sub-projects : Vision City, Vision Woods, and Vision Shree.
The total project has a saleable area of 0.7 million square feet.
Till November, 2011, the project has received booking of 64 per
cent and was completed to the extent of 56 per cent of the
construct cost.

Siddhivinayak group was started in 1987 by Mr. Rajeshkumar Sakla.
The group is engaged in residential and commercial construction
in and around Pune. The group enjoys stabled presence in Pune and
has successfully completed over 35 projects over the last 24
years. Majority of the projects undertaken by the group are large
projects with above 100 units. Over the years, the group
constructed around 12 million sq feet of saleable area.


TIRUPATI WAREHOUSE: CRISIL Rates INR100MM Loan at 'CRISIL B+'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Tirupati Warehouse.

   Facilities                          Ratings
   ----------                          -------
   INR100 Million Warehouse Receipts   CRISIL B+/Stable(Assigned)

The rating reflects TW's weak financial risk profile marked by
small scale of operations, low net worth and high total outside
liabilities to total net worth (TOL/TNW).The rating also reflects
the exposure to risks associated with trading of agro-
commodities. These rating weaknesses are partially offset by TW's
established market position and promoters' extensive experience
in the agro-commodities trading business.

Outlook: Stable

CRISIL believes that TW will maintain a stable business risk
profile on the back of established market presence & long
standing experience of the promoters in the agro-commodities
trading business. The outlook may be revised to 'Positive' in
case of significant increase in revenues coupled with improvement
in net cash accruals and its debt protection metrics. Conversely,
the outlook may be revised to 'Negative' due to decline in
margins or elongation of the working capital cycle.

                       About Tirupati Warehouse

TW is an Amravati (Maharashtra)-based partnership firm, set up in
2007 by Mr Durgashankar C Agarwal along with his family members.
The firm trades in various pulses and food grains, including soya
bean, tur dal, chana dal, wheat and cotton in the domestic
market. The firm has taken six warehouses on lease from its
partners, which are used to provide warehousing facilities for
agro-commodities in Paratwada district (Amravati).These
warehouses are leased by the firm to wholesalers, local traders
and dealers, for storing their merchandise. These facilities are
managed by National Bulk Handling Corporation Ltd, a Mumbai
(Maharashtra)-based warehousing and commodity management entity.
In 2010-11(refers to financial year, April 1 to March 31), the
firm derived 3 percent of its operating income from leasing out
of the warehouses and 97 per cent of the operating income was
derived from the agro-commodities trading.

TW reported a profit after tax (PAT) of INR1.5 million on net
sales of INR86.8 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.7 million on net
sales of INR86.7 million for 2009-10.


=================
I N D O N E S I A
=================


* INDONESIA: Moody's Assigns 'Ba1' Rating to Bond due 2042
----------------------------------------------------------
Moody's Investors Service has assigned a rating of Ba1 to the
Government of Indonesia's U.S. dollar-denominated bond issuance
maturing in 2042. The outlook is stable.

Ratings Rationale

Moody's definitive rating for this debt obligation confirms the
provisional rating assigned on Jan. 9, 2012. Moody's rating
rationale was set out in a press release published on the same
day.

Indonesia's sovereign rating has been supported by increasingly
robust domestic demand over the past few years, which has helped
to shield the economy from the global financial crisis. In the
ensuing recovery, the pickup in global commodity prices further
bolstered the economic outlook. In contrast to many of its
ratings and regional peers, Indonesia has been able to maintain
its economic momentum despite a deterioration in external demand
in the second half of 2011. Real GDP growth has averaged 6.5%
year-on-year through the first three quarters of 2011, while
inflation has trended downwards. This rapid pace of growth looks
to be sustainable over the medium-term, aided by an improving
track record of inflation management by the monetary authorities
and enhanced prospects for infrastructure development.

In addition, government finances continue to be managed
conservatively with deficits averaging below 2% of GDP since
2001. However, further improvement has been encumbered by the
lack of progress on subsidy reform, while structural issues
impede the effectiveness of government expenditure. Nonetheless,
the government's debt burden as a share of GDP has fallen even
through the global recession and is likely to remain on a
gradually improving trend, providing ample fiscal space to
stimulate growth if necessary.

Indonesia's foreign currency reserve adequacy has also benefited
since the crisis from strength in non-oil and gas commodities
exports and larger FDI and portfolio inflows, some of which may
be reversible. As a result, the stock of foreign currency
reserves have more than doubled from $51.6 billion at end-2008 to
$110.1 billion at end- 2011, more than two times residual short-
term external debt.

Challenges to the rating include the relatively shallow depth of
Indonesia's capital markets, manifested in fairly large non-
resident ownership of government securities. As this poses a key
vulnerability in the event of substantial capital outflows, the
government has put together a crisis management protocol to
stabilize the bond market and mitigate any adverse effects on
deficit financing.

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


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


CAFES 3: Moody's Downgrades Rating of Class C Notes to 'B2'
-----------------------------------------------------------
Moody's Japan K.K. has downgraded the ratings for the Class B
through F trust certificates issued by Cafes 3.

  Class B, downgraded to Baa3 (sf); previously on October 19,
  2011, Baa1 (sf) placed under review for possible downgrade

  Class C, downgraded to B2 (sf); previously on October 19, 2011,
  Ba2 (sf) placed under review for possible downgrade

  Class D, downgraded to Caa3 (sf); previously on October 19,
  2011, B3 (sf) placed under review for possible downgrade

  Class E, downgraded to C (sf); previously on October 19, 2011,
  Caa2 (sf) placed under review for possible downgrade

  Class F, downgraded to C (sf); previously on June 30, 2010,
  downgraded to Caa3 (sf)

Deal Name: Cafes 3

  Class: Class B through F trust certificates

  Issue Amount (initial): JPY 7.84 billion

  Dividend: Floating

  Issue Date (initial): November 29, 2007

  Final Maturity Date: August, 2014

  Underlying Asset (initial): Ten non-recourse loans and
  specified bonds

  Originator: Credit Agricole Corporate and Investment Bank,
  Tokyo Branch (Calyon, Tokyo Branch as of issue date)

  Arranger: Credit Agricole Securities Asia BV, Tokyo branch
  (Calyon Capital Markets Asia B.V., Tokyo Branch as of issue
  date)

Cafes 3, issued in November 2007, represents the securitization
of six non-recourse loans and four specified bonds (collectively,
"loans").

The Originator entrusted the loans to the asset trustee, and
received the Class A through F trust certificates, which it then
sold through the Arranger to investors. The trust certificates
are rated by Moody's.

In this transaction, payments from refinancing and collateral
disposition proceeds will be distributed on a pro-rata basis in
principle, based on the loan-by-loan outstanding balance of the
respective classes of the trust certificates. In addition,
interest and principal payments from any defaulting underlying
loans will be used to make sequential payments on the most senior
class. The losses will be basically allocated in reverse
sequential order, starting with the most subordinate class of the
trust certificates.

After the 'Waterfall Modification Event' occurred in November
2010, at present, all of collections are applied to interest and
principal payments of the Class A trust certificates.

Four of the loans have been paid in full, and the transaction is
currently secured by six loans, two of which are under special
servicing.

One of the loans that defaulted, in October 2009, is backed by an
office building in large cities. The other loan, which defaulted
in October 2011, is backed by a serviced apartment and a retail
property in the Tokyo metropolitan area.

Rating Rationale

The current rating action reflects these factors:

1. Given that the recovery from and the performance of the
property for the specially serviced loan defaulted in October
2009 remain lower than Moody's previous assumptions, the new
estimate for disposal prices is approximately 71% lower than
Moody's initial value.

2. For the other remaining loans, Moody's has also re-assessed
the property's stabilized cash flows and values in view of the
rental market conditions in sub-markets around the properties. It
has also re-evaluated the performance of the underlying property
in terms of occupancy rates and actual cash flows. As a result,
Moody's has decided to apply higher stress on the stabilized
value, reducing it by about 34% from the initial estimate.

3. In light of Moody's re-assessment, losses on the remaining
loans are highly likely and could negatively affect the Class D
through F trust certificates.

In addition, these rating actions have taken into account the
accrued interest up to and including the Class B trust
certificates.

The principal methodology used in this rating was "Updated:
Moody's Approach to Rating CMBS Transactions in Japan (June
2010)" published on September 30, 2010.

Moody's did not receive or take into account any third party due
diligence reports on the underlying assets or financial
instruments related to the monitoring of this transaction in the
past six months.


OLYMPUS CORP: TSE Likely to Keep Firm's Shares Listed
-----------------------------------------------------
The Wall Street Journal reports that the Tokyo Stock Exchange is
expected to keep Olympus Corp. shares listed, people familiar
with the matter said Thursday, a move that would clear one of the
many hurdles the company faces in recovering from a $1.5 billion
loss-hiding scandal.

According to the news agency, the people said the exchange hasn't
found any "material impact" from the accounting irregularities at
the Japanese maker of cameras and medical imaging equipment to
warrant expulsion from the market, although it will likely slap a
JPY10 million (US$130,000) fine on the company for falsifying
financial documents.

A final decision on the company's listing status is likely to be
made today, Jan. 20, the Journal's sources added.

Meanwhile, The Japan Times reports that Olympus Corp. President
Shuichi Takayama, one of the defendants in a suit over the firm's
massive hidden losses, said Wednesday he will stay at his post
until the second half of April, when the company will hold a
shareholders' meeting.

"I would like to make sure the handover (of presidential duties)
to the new administration goes smoothly. I would also like to
perform my duties in upcoming business decisions from now until
the shareholders' meeting," Mr. Takayama explained why he is
staying atop the company, The Japan Times reports.

Olympus is demanding that Mr. Takayama pay up to JPY500 million
in a lawsuit that also names 18 other current and former
executives. He said he will adhere to whatever the courts rule he
must pay, the Japan Times notes.

                   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.

YUANTA COMMERCIAL: Fitch Affirms 'C' Individual Rating
------------------------------------------------------
Fitch Ratings has affirmed the ratings of Taiwan's Yuanta
Financial Holding Co., Ltd. and its subsidiaries, Yuanta
Securities Co., Ltd. (YS, the principal subsidiary of YFH),
Yuanta Securities Finance Co., Ltd. (YSF) and Yuanta Commercial
Bank Co., Ltd (YCB).  The Outlooks are Stable.  The National
Short-term Ratings of YFH, YS and YSF have been upgraded to
'F1+(twn)' from 'F1(twn)' to be more consistent with Fitch's
criteria on Short-Term ratings.

At the same time, Fitch has withdrawn the Individual Ratings of
YCB, YS and YFH, the Support Rating and Support Rating Floor of
YS and YFH, and all ratings of YSF, as they are no longer
considered by Fitch to be relevant to the agency's rating
coverage. The agency will no longer provide ratings or analytical
coverage of YSF.

The affirmations reflect the group's dominant market position in
Taiwan's securities industry, resilient through-the-cycle
earnings and favorable financial flexibility. The ratings also
reflect the group's still small franchise among global investment
banks, in spite of its latest acquisition of Polaris Securities
(Polaris), a top-tier securities company in Taiwan in October
2011.

The group's financial flexibility has enabled it to undertake
capital reallocation among its subsidiaries and exploit any
merger & acquisition potential like Polaris.  Acquisition of
Polaris was funded by a combination of capital deduction at YSF,
a share swap, new debt and earnings.  As a result, the group's
capitalisation has remained sound with a 139% capital adequacy
ratio and a 112% double leverage ratio post acquisition.

The group's scale, strong market position in the securities
industry and prudent risk management render it less vulnerable to
capital market volatility.  Both YS and Polaris outperform the
peer average while YCB continues to show earnings momentum.
Excluding one-off gains from its divestment in Kim Eng Holdings,
the group's return on average equity would have been 6%
annualised in 9M11, versus 7.2% in 2010, primarily due to a
sluggish stock market.  The Stable Outlooks are underpinned by
its moderate risk appetite, potential synergies from the Polaris
acquisition and Fitch's expectation that the group's growth
strategy would not severely undermine financial flexibility.

Positive rating action for YFH and YS may arise from
significantly improved and diversified earnings on a sustained
basis.  Negative rating action may result from a severely
weakened capitalisation, a sharp increase in leverage arising
from an aggressive growth strategy, including that at the banking
subsidiary.

The Issuer Default and Long-term ratings of YCB reflect a strong
probability of support from the group as evident from a series of
recapitalisations at YCB in recent years.  The bank's Viability
Rating of 'bb+' reflects its moderate, albeit improved, core
earnings, enhanced risk profile following a gradual clean-up of
legacy problem loans and a largely revamped risk management
system.

YCB returned to profitability since 2009 and posted a return on
equity of 8.2% (annualised) in 9M11, which contributed over 10%
of the group's earnings.  Its non-performing loan (NPL) and
coverage ratios were 0.52% and 242.9% respectively at end-Q311,
providing more than sufficient cover for potential losses in
NPLs, restructured loans and performing loans combined, and are
in compliance with International Financial Reporting Standards.
While its Tier 1 ratio is lower than that of its similarly rated
peers, Fitch expects the group's excess capital to support the
bank's continuing growth momentum and management Tier 1 target of
8%.

The Stable Outlook on YCB is aligned with that of YFH and YS, as
its ratings are primarily driven by support from the latter two.
The bank's Long-term Ratings accordingly move in tandem with
those of YFH and YS.  Consistent improvement in profitability and
sound asset quality will benefit YCB's Viability Rating.
Conversely, excessive growth and, consequently, sharply weakened
capitalisation will weigh on its Viability Rating.

YFH is a mid-sized financial holding group in Taiwan. YFH
continues to be one of the few securities-centric holding groups
in Taiwan, versus mostly bank-centric local rivals.  The group
provides diversified financial services through its wholly-owned
subsidiaries engaged in securities (YS & Polaris to merge in
April 2012), securities finance (YSF), banking (YCB), investment
trust, asset management and venture capital. YS & Polaris held a
combined 14.7% market share in local stock brokerage in 9M11.
YSF is the distant leader of the only two securities finance
companies in Taiwan.  YCB has 84 branches and a small deposit
market share of 1.59% in Taiwan at end-September 2011.

The rating actions on YFH, YS, YSF and YCB are as follows:

YS:

  -- Long-Term Foreign Currency IDR: affirmed at 'BBB+'; Stable
     Outlook
  -- Short-Term Foreign Currency IDR: affirmed at 'F2'
  -- National Long-Term rating: affirmed at 'AA-(twn)'; Stable
     Outlook
  -- National Short-Term rating: upgraded to 'F1+(twn)' from
     'F1(twn)'
  -- Individual Rating: affirmed at 'B/C'; withdrawn
  -- Support Rating: affirmed at '5'; withdrawn
  -- Support Rating Floor: affirmed at 'No Floor'; withdrawn

YCB:

  -- Long-Term Foreign Currency IDR: affirmed at 'BBB'; Stable
     Outlook
  -- Short-Term Foreign Currency IDR: affirmed at 'F3'
  -- National Long-Term rating: affirmed at 'A+(twn)'; Stable
     Outlook
  -- National Short-Term rating: affirmed at 'F1(twn)'
  -- Individual Rating: affirmed at 'C/D'; withdrawn
  -- Viability Rating: affirmed at 'bb+'
  -- Support Rating: affirmed at '2' YFH:
  -- Long-Term Foreign Currency IDR: affirmed at 'BBB+'; Stable
     Outlook
  -- Short-Term Foreign Currency IDR; affirmed at 'F2'
  -- National Long-Term rating: affirmed at 'AA-(twn)'; Stable
     Outlook
  -- National Short-Term rating; upgraded to 'F1+(twn)' from
     'F1(twn)'
  -- Individual Rating: affirmed at 'C'; withdrawn
  -- Support Rating: affirmed at '5'; withdrawn
  -- Support Rating Floor: affirmed at 'No Floor'; withdrawn
  -- Senior unsecured debt: affirmed at 'AA-(twn)'

YSF:

  -- Long-Term Foreign Currency IDR: affirmed at 'BBB+'; Stable
     Outlook; withdrawn
  -- Short-Term Foreign Currency IDR; affirmed at 'F2'; withdrawn
  -- National Long-Term rating: affirmed at 'AA-(twn)'; Stable
     Outlook; withdrawn
  -- National Short-Term rating; upgraded to 'F1+(twn)' from
     'F1(twn)'; withdrawn
  -- Individual Rating: affirmed at 'B/C'; withdrawn
  -- Support Rating: affirmed at '5' withdrawn
  -- Support Rating Floor: affirmed at 'No Floor'; withdrawn
  -- Senior unsecured debt: affirmed at 'AA-(twn)'; withdrawn


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


BUSAN BANK: Moody's Gives 'C-' Bank Financial Strength Rating
-------------------------------------------------------------
Moody's Investors Service has assigned a prospective (P)A2/(P)A3
to long-term senior/subordinated debt ratings to Busan Bank's
US$2 billion Global Medium-Term Note Programme.

The ratings outlook is stable.

The ratings are subject to the receipt of final documentation,
the terms and conditions of which are not expected to change in
any material way from the draft documents reviewed by Moody's.

Ratings Rationale

"The rating is underpinned by the bank's dominant presence in
Busan City, where it controls over 33% of deposits and 26% of
loans. It also reflects Busan Bank's profitability, strong
capital adequacy, and improved asset quality and efficiency,"
says Hyun Hee Park, a Moody's analyst.

"On the other hand, the ratings take into account the
concentration of the bank's operations in a limited geography and
its inability to compete with nationwide banks due to its limited
offering of products," she adds.

The ratings do not immediately apply to any individual notes
issued under the Programme. The ratings of the individual notes
issued under the programme will be subject to Moody's
satisfactory review of the terms and conditions set forth in the
final base and supplemental offering circular and the pricing
supplements of the notes to be issued.

The bank's other ratings are: long-term/short-term deposit
ratings of A2/Prime-1 and C- bank financial strength rating. Both
ratings have a stable outlook.

Moody's does not intend to assign ratings to individual notes
issued under the Programme, with features linked to the
performance of another obligor (credit-linked notes), nor does it
intend to assign ratings to notes for which the payment of
principal or interest is variable and contractually dependent on
the occurrence of a non-credit-linked event or the performance of
an index (non-credit-linked notes).

The only exception will be for notes whose principal and coupon
payments are affected by standard sources of variation. For more
information, please see Moody's Special Comment, "Moody's Update
on Rating Debt Obligations with Variable Promises," June 2009.

The methodologies used in this rating were Bank Financial
Strength Ratings: Global Methodology published in February 2007,
Incorporation of Joint-Default Analysis into Moody's Bank
Ratings: A Refined Methodology published in March 2007, and
Moody's Guidelines for Rating Bank Hybrid Securities and
Subordinated Debt published in November 2009.

The bank is based in Busan, Korea's second-largest city. It was
established in 1967 and is the dominant bank in Busan, with
assets of KRW36.7 trillion (US$31.1 billion) as of 30 September
2011.


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


CRAFAR FARMS: Fay's Group May Seek Judicial Review
--------------------------------------------------
Fairfax NZ News reports that the Crafar Farms Purchase Group of
New Zealand farmers and iwi, headed by businessman Sir Michael
Fay, has hired legal big guns that are poised to seek a judicial
review of Overseas Investment Office processes.

The news agency relates that the group said it had retained QC
Alan Galbraith -- argalbraith@shortlandchambers.co.nz -- and law
firm Bell Gully to lead a legal challenge should the OIO
recommend the Government approve the offer from Chinese company
Shanghai Pengxin this month.

According to Fairfax NZ, group spokesman Alan McDonald said a
legal approach seemed to be the only avenue to bring transparency
to the application information and process behind any approval.

"Without legal action we will never know how the OIO reach their
recommendation to approve the sale of the farms," the group, as
cited by Fairfax NZ, said.

Fairfax NZ says Mr. Fay's group has offered NZ$171.5 million for
the 16 central and southern North Island dairy farms which total
about 8,000 hectares, an offer receivers KordaMentha have
dismissed as too cheap.

Pengxin, which applied to the OIO nine months ago to buy the 16
farms, is KordaMentha's preferred bidder, with an offer believed
to be about NZ$210 million, according to the news agency.

KordaMentha has given Pengxin until January 31 to make the offer
-- currently conditional on OIO consent -- unconditional or
forfeit the negotiations, the report adds.

Fairfax NZ reports that Mr. McDonald said the OIO Act does not
permit consent to be granted for the acquisition of farm land by
an overseas person with no relevant farming expertise.

"Shanghai Pengxin is a construction and property development
company that has no expertise in dairy farming. The Chinese are
passive investors relying on Landcorp (a state-owned enterprise)
to add the farming component," the report quotes Mr. McDonald as
saying.

Pengxin spokesman Cedric Allan said it was not appropriate to
comment on the development because it was a matter between Fay's
group and the OIO, the news agency adds.

                         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
BusinessDay.co.nz.

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.


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


RIZAL COMMERCIAL: Moody's Gives Ba2 Rating to Five-Year Sr. Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned a Ba2 rating to the five-
year senior unsecured US$ notes to be issued by Rizal Commercial
Banking Corporation (RCBC).

The ratings outlook is stable.

RCBC's other ratings are:

Long-term deposit rating (foreign currency) of Ba2; stable
outlook

Short-term deposit rating (foreign currency) of Not Prime; stable
outlook

Preferred stock rating (foreign currency) of B3(hyb); stable
outlook

Bank Financial Strength Rating of D-; stable outlook

Ratings Rationale

The Ba2 rating on RCBC's foreign currency senior unsecured bonds
recognizes the bank's moderate capability to service its debt
obligations, as reflected in its financial profile, which is
characteristic of banks with D- bank financial strength ratings.

The proposed notes will be issued through RCBC's US$1 billion
Euro Medium Term Note (EMTN) programme.

The notes represent direct, senior, unsubordinated, and unsecured
obligations of the bank.

The rating was assigned on the condition that no material changes
are made to the draft terms and conditions of the notes reviewed
prior to the launch of the issuance.

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.

RCBC is headquartered in Manila, Philippines and reported total
assets of P312 billion (US$7.1 billion) at end-September 2011.


* PHILIPPINES: Moody's Puts Ba2 Rating to Bonds Due 2037
--------------------------------------------------------
Moody's Investors Service has assigned a rating of Ba2 to the
Philippine government's bond issuance maturing in 2037. The
outlook is stable.

Ratings Rationale

Moody's definitive rating for this debt obligation confirms the
provisional rating assigned on 4 January 2012. Moody's rating
rationale was set out in a press release published on the same
day.

Moody's upgraded the Philippines' foreign currency and local
currency sovereign ratings to Ba2 from Ba3 on 15 June 2011.

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

The rating is supported by sound macroeconomic policy management
as inflation has remained relatively subdued despite historically
high rates of growth in 2010. In addition to the deterioration in
external demand, real GDP growth in 2011 has been adversely
affected by the absence of a fiscal impulse. The Philippines'
external payments position continues to be bolstered by healthy
remittance inflows, as well as increasingly large receipts from
the business process outsourcing (BPO) sector. Coupled with
sizeable capital inflows, the robust current account surplus has
led to the accumulation of international reserves to $75.1
billion, or more than six-times residual short-term external debt
according to the BSP definition, as of end- 2011.

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

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

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


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


BELUGA PROJECTS: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Singapore entered an order on Jan. 13, 2012, to
wind up the operations of Beluga Projects (Singapore) Pte Ltd.

Cheng Heng Liang filed the petition against the company.

The company's liquidators are:

         Goh Yeow Kiang Victor
         Sim Guan Seng
         15 Beach Road
         #03-10 Beach Centre
         Singapore 189677


CHIOS MARINE: Court to Hear Wind-Up Petition on Feb. 3
------------------------------------------------------
A petition to wind up the operations of Chios Marine Engineering
Pte Ltd will be heard before the High Court of Singapore on
Feb. 3, 2012, at 10:00 a.m.

Hock Hin Leong Timber Trading Pte Ltd filed the petition against
the company on Jan. 10, 2012.

The Petitioner's solicitor is:

          M/s David Ong & Co, Advocates & Solicitors
          151 Chin Swee Road #08-14
          Manhattan House
          Singapore 169876


GARUDAN (S) PTE: Court to Hear Wind-Up Petition on Feb. 2
---------------------------------------------------------
A petition to wind up the operations of Garudan (S) Pte Ltd will
be heard before the High Court of Singapore on Feb. 2, 2012, at
10:00 a.m.

Ann Carriage Express Pte Ltd filed the petition against the
company on Dec. 9, 2011.

The Petitioner's solicitor is:

          Ms Lim Poh Choo
          M/s Alan Shankar & Lim LLC
          171 Chin Swee Road
          #03-02 San Centre
          Singapore 169877


STUDIO D'BEAUMONDE: Members' Final Meeting Set for Feb.17
---------------------------------------------------------
Members of Studio D'Beaumonde Pte Ltd will hold their final
meeting on February 17, 2012, at 3:00 p.m., at 1 Scotts Road,
#21-08 Shaw Centre, Singapore 228208.

At the meeting, Chia Lay Beng, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


===========
T A I W A N
===========


CONCORD SECURITIES: Fitch Affirms Individual Rating at 'C/D'
------------------------------------------------------------
Fitch Ratings has affirmed Taiwan's Concord Securities
Corporation's (CSC) Long-Term Foreign Currency Issuer Default
Rating (IDR) at 'BB+' and its National Long Term Rating at 'A-
(twn)'.  The Outlook is Stable.

At the same time, Fitch has affirmed CSC's Individual Rating at
'C/D', Support Rating at '5' and Support Rating Floor at 'No
Floor', and withdrawn them as these ratings are no longer
considered by Fitch to be relevant to the agency's ratings
coverage.

The ratings primarily reflect CSC's adequate capital and
liquidity against its risk profile.  They also consider the
company's strong management quality and corporate governance.
However, these positive factors are counterbalanced by its
volatile earnings performance due to its still- modest brokerage
franchise.

The Stable Outlook reflects Fitch's expectation that CSC will
uphold reasonable levels of liquidity and capitalisation for its
risk profile, while returning to profitability in 2012.  In
particular, for the ratings to remain at current levels, CSC
would need to demonstrate that its operating model can produce
sustainable profits, sufficient to sustain its balance sheet
strength and credit profile.  However, any sharp increase in risk
appetite or unexpected trading losses in 2012 (following losses
in two of the past four years) that leads to further
deterioration in the capital ratios and liquidity could trigger a
negative rating action.  Upgrade potential is limited by its
still modest franchise, limited diversification in revenue and
profit, and consequently volatile and weak profitability.

CSC reported an annualized return on equity of -4.6% at end-Q311
(2010: 1.5%), due to trading losses. Fitch expects CSC's
performance to remain subdued in 2012 due to likely contraction
in market turnover and shrinking margin lending amid heightened
economic uncertainty.  However, sizable losses from proprietary
trading are less likely due to CSC's substantially reduced equity
investments and modest interest rate risk of its bond holdings.

CSC's current liquidity ratio remained stable at around 130%
throughout 2011. Capitalisation is adequate but inferior to
peers.  The capital adequacy ratio (CAR) declined to 293% at end-
Q311 from 342% at end-2010 as trading losses eroded capital and
increased bond investments led to higher market risk.  However,
Fitch expects its conservative strategy, including a much reduced
trading appetite and disciplined stop-loss mechanism, would limit
further downward pressure on its current capital levels.

CSC is ranked 15th by equity among 47 fully licensed securities
companies in Taiwan.  The Cheng family is the major shareholder,
controlling a 28% stake and nine out of 20 board seats.

For a more detailed credit profile, see Fitch's credit report of
OSC, which will be available shortly at www.fitchratings.com.

CSC's full rating list:

  -- Long-Term Foreign Currency IDR affirmed at 'BB+'; Outlook
     Stable
  -- Short-Term Foreign Currency IDR affirmed at 'B'
  -- National Long-Term rating affirmed at 'A-(twn)'; Outlook
     Stable
  -- National Short-term rating affirmed at 'F2(twn)'
  -- CSC's Individual Rating affirmed at 'C/D'; withdrawn
  -- Support Rating affirmed at '5'; withdrawn
  -- Support Rating Floor affirmed at 'No Floor'; withdrawn


NANYA TECHNOLOGY: Fourth Qtr Loss Narrows to NT$10.99BB
-------------------------------------------------------
The Taipei Times reports that Nanya Technology Corp. has posted a
smaller loss for the fourth quarter, supported by a 7% quarterly
increase in shipments and a less severe price decline.

Losses improved to NT$10.99 billion (US$367 million) in the final
quarter of last year, compared with NT$11.95 billion in the third
quarter, The Taipei Times discloses citing the company's
financial statement. Prices dropped 12% quarter-on-quarter in the
fourth quarter after plunging 32% in the third quarter, the
report says.

According to the report, company spokesman Pai Pei-lin said Nanya
expects prices to rebound mildly this quarter because of low
inventory levels, while the company's output would be unchanged
from the last quarter.

"We believe chip prices hit bottom in December. Prices started
bouncing back by low-single digits [month-on-month] in January
and we expect the uptick to extend to February," Mr. Pai told
Bloomberg.

Last year, the report says, Nanya's loss widened to a record high
at NT$39.88 billion after chip prices dipped 55% year-on-year
amid oversupply and sagging demand.  The company lost NT$15.31
billion in 2010, the Taipei Times adds.

                       About Nanya Technology

Based in Taiwan, Nanya Technology Corp. (TPE:2408) --
http://www.nanya.com/-- is principally engaged in the
manufacture, development and sale of memory products.  The
company primarily offers dynamic random access memory (DRAM)
chips, including double data rate (DDR) DRAM chips, DDR2 DRAM
chips and DDR3 DRAM chips; DRAM modules, such as 200-pin DDR
small outline (SO) dual in-line memory modules (DIMMs), 184-pin
registered and unbuffered DDR synchronous dynamic random access
memory (SDRAM) DIMMs, 200-pin DDR2 SODIMMs, 240-pin unbuffered
and registered DDR2 SDRAM DIMMs and others.  DRAMs are used as
data storage units for computer, communications and consumer (3C)
products.


TAIWAN COOPERATIVE: Fitch Affirms Individual Rating at 'C/D'
------------------------------------------------------------
Fitch Ratings has placed Taiwan Cooperative Bank's Viability
Rating (VR) on Rating Watch Negative (RWN).  It has also affirmed
its Long-Term Issuer Default Rating (IDR) of 'A-' with Stable
Outlook.

The RWN reflects TCB's weakened capital position to withstand
potential asset quality deterioration, given its large exposure
to weak technology sectors such as dynamic random access memory
(DRAM) and thin-film-transistor liquid crystal display (TFT-LCD).
TCB's exposure to these sectors could increase if the bank is
called upon by the government to fulfill its implicit policy role
to extend support to these strategically important technology
sectors.  This will worsen the bank's credit profile and may lead
to negative action on its VR.

Fitch, however, notes TCB's access to ordinary government support
in terms of liquidity and capital as well as its strong domestic
franchise.  The agency will resolve the RWN pending successful
completion of the planned rights issue in H112, as well as the
bank's ability to maintain capitalisation commensurate with its
future risk profile, in view of its group restructuring.

Fitch expects TCB's strong loan growth in 2011 and its group
reorganisation to reduce its already modest Tier-1 capital ratio
to about 6.4% at end-Q112 from 7.1% at end-2010.  The new holding
company Taiwan Cooperative Financial Holding Company (TCFHC)
plans to raise TWD21bn in H112 and use most of the proceeds to
bolster TCB's capital position.  Failure of capital injection
into TCB will hamper its growth plan and ability to absorb any
unexpected shock from a global economic slowdown and could
therefore result in negative rating action on the VR.

TCB's IDRs as well as its National Ratings are based on Fitch's
belief of an extremely high likelihood of government support for
the bank.  This is based on its dominant state ownership and
systemic importance arising from its significant size and policy
role as the bank for grassroot credit cooperatives.  Fitch views
the potential for an upgrade is limited as the bank is at the
highest Support Rating of '1'.  A downgrade is possible if the
government's propensity and/or ability to support diminishes.

TCB's profitability has improved moderately in 2011, driven by an
expanded loan book, modestly higher interest margins as well as a
benign credit cycle in 2010-2011.  Prospects for 2012 are,
however, challenged by the rising risk of specific provisioning
and the need to strengthen its general reserve buffer.

TCB's perpetual cumulative bond remains on RWN and is rated two
notches below its National Long-Term rating, in line with Fitch's
current rating criteria and notching practice for such performing
securities.  Any change in Fitch's appraisal of the loss-bearing
features of such instruments could impact the ratings.

TCB is the second-largest bank in Taiwan and held a sizable
deposit market share of about 8.2% as at end-Q311.  It has an
extensive branch network, with 295 domestic branches and six
overseas units.  TCB is now the main operating subsidiary of
TCFHC.

The rating actions are as follows:

TCB:

  -- Long-Term IDR: affirmed at 'A-'; Outlook Stable
  -- Short-Term IDR: affirmed at 'F2'
  -- National Long-Term rating: affirmed at 'AA(twn)'; Outlook
     Stable
  -- National Short-Term rating: affirmed at 'F1+(twn)'
  -- Individual Rating: affirmed at 'C/D'
  -- Viability Rating: 'bbb-'; placed on RWN
  -- Support Rating: affirmed at '1'
  -- Support Rating Floor: affirmed at 'A-'
  -- Subordinated bonds affirmed at 'AA-(twn)'
  -- Perpetual cumulative bonds 'BBB+(twn)' remain on RWN


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


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

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


AUSTRALIA

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


CHINA

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


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


INDONESIA

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


INDIA

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


JAPAN

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


KOREA

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


MALAYSIA

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


PHILIPPINES

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


SINGAPORE

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


THAILAND

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


TAIWAN

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


                             *********

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

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

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA.  Valerie U. Pascual, Marites O. Claro, Joy A. Agravante,
Rousel Elaine T. Fernandez, Ivy B. Magdadaro, Frauline S.
Abangan, and Peter A. Chapman, Editors.

Copyright 2012.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 240/629-3300.





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