TCRAP_Public/120124.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Tuesday, January 24, 2012, Vol. 15, No. 17

                            Headlines


C H I N A

CDC CORP: Committee Seeks to Retain Troutman Sanders as Counsel
CDC CORP: Sues Subsidiary CDC Software to Stop Sale
GREENTOWN CHINA: S&P Cuts Corp. Credit Rating to B-; Outlook Neg.
WINSAY COKING: Fitch Says Allegations Won't Affect Liquidity


H O N G  K O N G

ASPENTECH ASIA: Members' Final Meeting Set for Feb. 21
BROOKE INVESTMENTS: Creditors' Proofs of Debt Due Feb. 20
CITP HOLDINGS: Members' Final Meeting Set for Feb. 20
DOVETAIL PROPERTIES: Creditors' Proofs of Debt Due Feb. 29
FBT 18: Commences Wind-Up Proceedings

FBT 21: Commences Wind-Up Proceedings
FIRST VICTORY: Placed Under Voluntary Wind-Up Proceedings
GEMSCO INTERNATIONAL: Creditors' Proofs of Debt Due Feb. 20
RESPECTIVE COMPANY: Members' Final Meeting Set for Feb. 24
RIBO INDUSTRIAL: Kwok Siu Man Steps Down as Liquidator

SAI KUNG: Placed Under Voluntary Wind-Up Proceedings
UPTRONICS LIMITED: Li Zhen Peng Steps Down as Liquidator
VISTA HEALTHCARE: Ian Gordon Steps Down as Liquidator


I N D I A

ALCON BIOSCIENCES: CRISIL Puts 'CRISIL B+' Rating on INR21MM Loan
AMBICA STEELS: Fitch Holds Rating on Two Bank Facilities at Low-B
CORE CHEMICALS: CRISIL Rates INR70MM Loan at 'CRISIL BB'
CTRLS Datacenters: High Financial Leverages Cue Fitch BB- Rating
ECONOMY RUBBER: CRISIL Rates INR16.4MM Loan at 'CRISIL B'

EPARI SADASHIV: CRISIL Places 'CRISIL BB' Rating on INR150MM Loan
EXCELLENT MOULDERS: Fitch Puts 'BB-" Rating on INR60MM Facility
HEAVY METAL: CRISIL Puts 'CRISIL B+' Rating on INR60MM Cash Loan
IMPERIAL GRANITES: CRISIL Puts CRISIL C Rating on INR40MM Loan
IMPERIAL TILES: Delay in Loan Payment Cues CRISIL Junk Ratings

LOVELY OFFSET: CRISIL Puts 'CRISIL BB+' Rating on INR90MM Loan
STONE WONDERS: CRISIL Assigns 'CRISIL C' Rating to INR27.5MM Loan
VITA GRANITO: CRISIL Places 'CRISIL B+' Rating on INR229.5MM Loan


I N D O N E S I A

PT ARPENI PRATAMA: Has U.S. Chapter 15 Approval


J A P A N

JLOC XXX: Fitch Junks Rating on Three TBI Note Classes
NORTEL NETWORKS: Court Approves Wind-Down of Japan Unit
OLYMPUS CORP: Avoids Delisting from Tokyo Bourse; Fined
OLYMPUS CORP: Lawyers to Ask Shareholder to Sue Firm Over Losses
TOKYO ELECTRIC: May Allow Outside Directors to Run Management

* Fitch Downgrades 30 Japanese CMBS Trances in 4th Quarter 2011


K O R E A

HYUNDAI MOTOR: Moody's Raises Standalone Rating to Baa3 From Ba1


N E W  Z E A L A N D

CRAFAR FARMS: Government to Issue Decision on Possible Buyout
MEGAUPLOAD LIMITED: Founder Seeks Bail in NZ Court Hearing
RMB TRUSTEE: Fitch Affirms Rating on NZD19.6 Million at 'B-sf'
RMB TRUSTEE: Fitch Affirms Rating on NZD18.9-Mil. Notes at 'Bsf'
SOUTH CANTERBURY: Name Suppression Lifted for Third Defendant

STRATEGIC FINANCE: Investors to Learn Outcome of FMA's Probe


S I N G A P O R E

ASIAVALE PTE: Creditors' Proofs of Debt Due Feb. 20
BELGRAVIA PROPERTIES: Members' Final Meeting Set for Feb. 24
CEYLEASE FINANCIAL: Fitch Keeps National LT Rating at 'BB+'
HOPU SERVICES: Creditors' Proofs of Debt Due Feb. 20
INTERTRADE (SINGAPORE): Court to Hear Wind-Up Petition on Feb. 3

VEPRO (SEA): Creditors' Meeting Set for Jan. 27


V I E T N A M

DOT VN: Louis Huynh Resigns from Board of Directors


X X X X X X X X

* FIJI: Moody's Assigns 'B1' Long Term Issuer Ratings
* BOND PRICING: For the Week Jan. 16 to Jan. 20, 2012


                            - - - - -


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C H I N A
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CDC CORP: Committee Seeks to Retain Troutman Sanders as Counsel
---------------------------------------------------------------
The Official Committee of Unsecured Creditors of CDC Corporation
seeks permission from the U.S. Bankruptcy Court for the Northern
District of Georgia to retain Troutman Sanders LLP as its
counsel.

The Committee hired the firm to:

   (a) provide legal advice with respect to the Committee's
       rights and duties under the Bankruptcy Code and the
       Bankruptcy Rules;

   (b) prepare on behalf of the Committee necessary motions,
       applications, orders, reports, pleadings, and other legal
       papers;

   (c) appear before the Court and the United States Trustee to
       represent and protect the interests of the Committee;

   (d) represent the Committee and assist with and participate in
       negotiations with the Debtor, creditors, and other
       parties-in-interest in formulating a plan of
       reorganization, drafting such a plan and related
       disclosure statement, and taking necessary steps to
       confirm such a plan;

   (e) represent the Committee and assist with and participate in
       negotiation with the Debtor, creditors, and other parties-
       in-interest for the sale or use of any of the Debtor's
       assets, including the formulation of any necessary
       documents required to execute any sale or use of the
       Debtor's assets;

   (f) represent the Committee and assist with and participate in
       negotiations with potential financing sources for the
       Debtor;

   (g) represent the Committee in all adversary proceedings,
       contested matters, and other matters involving the
       administration of the Debtor's case in which the Committee
       has interest; and

   (h) perform other legal services that may be necessary for the
       preservation of the Committee's rights and interests in
       the Debtor's Chapter 11 case.

Troutman Sanders' billing rates for the partners and senior
counsel expected to render services in this representation range
from $325 to $750 per hour, for associates from $210 to $535 per
hour, and for paraprofessionals from $125 to $275 per hour.

The firm also will seek reimbursement for its expenses including,
messengers, courier mail, computer assisted legal research,
transportation and lodging.

To the best of the Committee's knowledge, Troutman Sanders is a
"disinterested person" as the term is defined under Section
101(14) of the Bankruptcy Code.

                          About CDC Corp

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

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


CDC CORP: Sues Subsidiary CDC Software to Stop Sale
---------------------------------------------------
Dow Jones' DBR Small Cap reports that CDC Corp. sued one of its
subsidiaries to block the acquisition of two companies by a
private investment firm, arguing that the sale of these companies
would cause CDC Corp. shareholders to "lose substantial value,
perhaps irretrievably."

                         About CDC Corp.

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

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


GREENTOWN CHINA: S&P Cuts Corp. Credit Rating to B-; Outlook Neg.
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on China-based property developer
Greentown China Holdings Ltd. to 'B-' from 'B'. The outlook is
negative. "At the same time, we lowered the issue rating on the
company's outstanding senior unsecured notes to 'CCC+' from 'B-'.
We also lowered the Greater China credit scale rating on
Greentown to 'cnB-' from 'cnB+' and that on the outstanding
senior unsecured notes to 'cnCCC+' from 'cnB'," S&P said.

"We lowered the rating because we expect Greentown's liquidity to
remain weak for the next 12 months due to the company's
significant short-term debt, substantial construction costs, and
weak property sales. We believe Greentown's recent sales of a
part of its land bank highlights the pressure on the company's
liquidity. Weakening prices stemming from a property market
downturn in China will likely weaken Greentown's profitability in
the next one to two years. We also expect the company's capital
structure to remain highly leveraged during this time due to the
significant funding required to support its large-scale
construction," S&P said.

"Greentown's contract sales are likely to remain weak in the next
six to 12 months, in our view," said Standard & Poor's credit
analyst Christopher Lee. "The company has high concentration in
cities with purchase restrictions and is focused on the high-end
residential property market, which is more affected by the
government's policy tightening and subdued investment demand."

"We expect Greentown to continue to sell its projects to boost
liquidity in 2012. Over the past two months, the company has RMB4
billion from five such sales. Nevertheless, the timing and
valuation of such sales could be highly uncertain, especially
when Greentown might need funds the most. The company's financial
risk profile will likely remain highly leveraged, in our opinion,
despite a significant increase in revenue in 2011-2012 due to
presales in earlier years," S&P said.

Greentown's good reputation in product quality, firm market
position for the rating, and large land bank at favorable
locations temper these weaknesses.

"Greentown's liquidity is 'weak', as defined in our criteria. Its
liquidity sources will be insufficient to cover uses in 2012. The
company has about RMB12 billion-RMB 14 billion in short-term
debts due in 2012, including trust financing. In addition, we
estimate RMB16 billion-RMB 17 billion in construction costs in
2012. Greentown may cut its construction expense to some degree
if sales remain weak, but this will have a limited benefit for
liquidity, in our assessment," S&P said.

"The negative outlook reflects our expectations that Greentown's
financial performance will remain weak due to its significant
short-term debt maturities and weak sales," said Mr. Lee. Given
Greentown's exposure to the high-end property market, the
company's property sales are likely to soften in 2012 due
to government policies to rein in investment demand.

"We may lower the rating if Greentown cannot meet its short-term
financial or operational obligations. Conversely, we could revise
the outlook to stable if the company's financial performance
stabilizes and its liquidity position improves," S&P said.


WINSAY COKING: Fitch Says Allegations Won't Affect Liquidity
------------------------------------------------------------
Fitch Ratings says that allegations made by Jonestown Research
against Winsway Coking Coal Holdings Limited (Winsway,
'BB'/Stable) do not immediately affect the company's liquidity or
broader credit profile.

Fitch notes that allegations by short sellers on Chinese
companies in the past, whether proven or otherwise, have resulted
in at least a temporary curtailment in access to capital markets.
The impact of allegations such as these are discussed in detail
in Fitch's commentary of 29 September 2011 entitled
"Whistleblowing Short Sellers a Double-Edged Sword".

Winsway has begun refuting the allegations made by Jonestown
Research, which relate to the valuation of inventory and related
party transactions.  Fitch however believes that Winsway does not
need to access capital markets in the near term as it has
sufficient liquidity.  As of June 30, 2011, Winsway had HKD5.76
billion cash at hand while the current portion of loans was
HKD572 million.  This balance, along with cash generated from
operations, should be sufficient to meet capex needs and the
proposed acquisition of a 60% stake in Grand Cache Coal Co. Ltd.


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


ASPENTECH ASIA: Members' Final Meeting Set for Feb. 21
------------------------------------------------------
Members of Aspentech Asia Limited will hold their final general
meeting on Feb. 21, 2012, at 11:00 a.m., at 20/F, Prince's
Building, Central, in Hong Kong.

At the meeting, Rainier Hok Chung Lam, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


BROOKE INVESTMENTS: Creditors' Proofs of Debt Due Feb. 20
---------------------------------------------------------
Creditors of Brooke Investments Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Feb. 20, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

         Philip Brendan Gilligan
         7th Floor, Alexandra House
         18 Chater Road
         Central, Hong Kong


CITP HOLDINGS: Members' Final Meeting Set for Feb. 20
-----------------------------------------------------
Members of CITP Holdings (Hong Kong) Limited will hold their
final meeting on Feb. 20, 2012, at 5:30 p.m., at Room 702, Manley
Commercial Building, at 367-375 Queen's Road Central, in Hong
Kong.

At the meeting, Kwong Oi Kwan, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


DOVETAIL PROPERTIES: Creditors' Proofs of Debt Due Feb. 29
----------------------------------------------------------
Creditors of Dovetail Properties Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Feb. 29, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Jan. 13, 2012.

The company's liquidator is:

         Chan Siu Lai Joan
         27th Floor, One Island South
         2 Heung Yip Road
         Wong Chuk Hang
         Hong Kong


FBT 18: Commences Wind-Up Proceedings
-------------------------------------
Members of FBT 18 Company Limited, on Jan. 6, 2012, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

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


FBT 21: Commences Wind-Up Proceedings
-------------------------------------
Members of FBT 21 Company Limited, on Jan. 6, 2012, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

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


FIRST VICTORY: Placed Under Voluntary Wind-Up Proceedings
---------------------------------------------------------
At an extraordinary general meeting held on Jan. 10, 2012,
creditors of First Victory Limited resolved to voluntarily wind
up the company's operations.

The company's liquidator is:

         Hue Yat Lun Sansom
         Room 509 Bank of America Tower
         12 Harcourt Road
         Central, Hong Kong


GEMSCO INTERNATIONAL: Creditors' Proofs of Debt Due Feb. 20
-----------------------------------------------------------
Creditors of Gemsco International Trading Group Limited, which is
in members' voluntary liquidation, are required to file their
proofs of debt by Feb. 20, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Jan. 6, 2012.

The company's liquidator is:

         Ng Kin Yung Tony
         6/F, Greenwich Centre
         260 King's Road
         North Point, Hong Kong


RESPECTIVE COMPANY: Members' Final Meeting Set for Feb. 24
----------------------------------------------------------
Members of Respective Company Limited will hold their final
meeting on Feb. 24, 2012, at 4:00 p.m., at 6th Floor, Kwan Chart
Tower, at 6 Tonnochy Road, Wanchai, in Hong Kong.

At the meeting, Puen Wing Fai, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


RIBO INDUSTRIAL: Kwok Siu Man Steps Down as Liquidator
------------------------------------------------------
Kwok Siu Man stepped down as liquidator of Ribo Industrial
Limited on Jan. 18, 2012.


SAI KUNG: Placed Under Voluntary Wind-Up Proceedings
----------------------------------------------------
At an extraordinary general meeting held on Jan. 11, 2012,
creditors of Sai Kung Fishermen Association Limited resolved to
voluntarily wind up the company's operations.

The company's liquidators are:

         Cheung Ming Hop
         No. 30 Kwun Mun Fishermen
         Tui Min Hoi, Sai Kung
         New Territories, Hong Kong

         Ho Koon Fat
         Flat A4, 4th Floor
         Siu Yat Building
         1 Sai Kung Hoi Pong Square
         Sai Kung, New Territories
         Hong Kong


UPTRONICS LIMITED: Li Zhen Peng Steps Down as Liquidator
--------------------------------------------------------
Li Zhen Peng stepped down as liquidator of Uptronics Limited on
Jan. 10, 2012.


VISTA HEALTHCARE: Ian Gordon Steps Down as Liquidator
-----------------------------------------------------
Christopher David Ian Gordon stepped down as liquidator of Vista
Healthcare Management Services (HK) Limited on Jan. 9, 2012.


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ALCON BIOSCIENCES: CRISIL Puts 'CRISIL B+' Rating on INR21MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Alcon Biosciences Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR21.0 Million Rupee Term Loan    CRISIL B+/Stable (Assigned)
   INR105.0 Million Line of Credit    CRISIL B+/Stable (Assigned)
   INR20.0 Million Letter of Credit   CRISIL A4 (Assigned)
   INR2.5 Million Bank Guarantee      CRISIL A4 (Assigned)

The ratings reflect the company's average financial risk profile
constrained by the high gearing of one of its group companies,
Swati Spentose Pvt Ltd, wherein corporate guarantee has been
provided by Alcon. The rating further highlights Alcon's working-
capital-intensive operations and modest scale of operations.
These rating weaknesses are partially offset by the extensive
experience of Alcon's promoters in the pharmaceuticals industry.

Outlook: Stable

CRISIL believes that Alcon will continue to benefit over the
medium term from its established relationships with its customers
and suppliers, resulting in healthy growth in its revenues. The
outlook may be revised to 'Positive' if the company registers
significant growth in its revenues while it maintains its
profitability. Conversely, the outlook may be revised to
'Negative' if Alcon reports a reduced operating margin, or sharp
increase in its gearing because of large debt-funded capital
expenditure or increase in the working capital intensity of its
operations.

                      About Alcon Biosciences

Alcon was set up in 1998 by the late Mr. N P Jajodia and his son
Mr. Vishal Jajodia. The promoters had purchased a running plant
in a distress sale from Saraswat Bank. Prior to this, Mr. N P
Jajodia traded in bulk drugs since 1970 under the name of Lark.
Alcon manufactures and trades in active pharmaceutical
ingredients at its plant in Vapi (Gujarat). It caters primarily
to the anesthetic, veterinary, anti-allopathy, and other
therauptic segments.

Alcon reported a profit after tax (PAT) of INR6.5 million on net
sales of INR380.3 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR2.0 million on net
sales of INR212.2 million for 2009-10.


AMBICA STEELS: Fitch Holds Rating on Two Bank Facilities at Low-B
-----------------------------------------------------------------
Fitch Ratings has revised India-based Ambica Steels Limited's
Outlook to Positive from Stable.  Its National Long-Term rating
has been affirmed at 'Fitch BB+(ind)'.

The Outlook revision reflects ASL's improved financial
performance in FY11 (end-March 2011) and H1FY12.  Despite a
decline in sales volume by 7.37% yoy to 45,967 tonnes in FY11,
revenues increased by 21% yoy to INR3,998.88m due to stronger
revenue per tonne for its products, supported by a high value-
added product mix.  The blended net revenue per tonne increased
by 30% yoy to INR86,134 in FY11.

EBITDA margin also improved marginally to 6.8% in FY11 (FY10:
6.6%), as increased input costs were passed on to its customers.
This along with a slight reduction in debt level to INR814.43m in
FY11 from INR816.33m in FY10 led to financial leverage (total
adjusted net debt/operating EBITDA) improving to 2.98x from
3.75x, which further improved to 1.95x (annualised) at 30
September 2011.  ASL's exports also increased to INR1,211m in
FY11 and was close to its previous exports peak of INR1,265m,
after declining by 70% yoy in FY10 due to the economic slowdown
and destocking by various steel majors.

The ratings are underpinned by ASL's experienced founders
(promoters) and a diversified customer base.  The ratings also
factor in the highly working capital intensive nature of ASL's
business and the volatility in input costs.

ASL is implementing INR276m capex to enhance the capacity of its
bright steel bar plant to 24,000 tonnes per annum (tpa) from the
existing 7,200tpa by setting up a combined peeling line and
automating various operations.  The project has been delayed from
October 2011 to July 2012 due to the delays on the part of
equipment supplier.  Some facilities are expected to be completed
by end-March 2012.  The project has achieved financial closure
and is being funded by a debt to equity ratio of 3:1. Post
completion of the capex, Fitch expects ASL's revenue and
profitability to improve due to a better product mix comprising
high-value added products.

Positive rating actions may result from a significant improvement
in the ASL's profitability resulting in financial leverage
sustaining below 3.5x from FY12 onwards.  Conversely, a decline
in profitability and financial leverage exceeding 3.5x may result
in the revision of Outlook back to Stable.

ASL is a closely held company engaged in the manufacturing of
stainless steel products like ingots, billets, bright bars, round
bars and flats.  In H1FY12, it recorded net revenue of
INR2,508.9m with an EBITDA margin of 7%.

ASL's bank facilities have also been affirmed as follows:

  -- INR344.58 million term loans (enhanced from INR286.1m):
     affirmed at 'Fitch BB+(ind)'

  -- INR650.05 million fund-based working capital limits
     (enhanced from INR500m): affirmed at 'Fitch BB+(ind)'

  -- INR1,249.95 million non-fund based working capital limits
     (enhanced from INR1,000m): affirmed at 'Fitch A4+(ind)'


CORE CHEMICALS: CRISIL Rates INR70MM Loan at 'CRISIL BB'
--------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of Core Chemicals (Mumbai) Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR70 Million Cash Credit         CRISIL BB/Stable (Assigned)
   INR20 Million Bill Discounting    CRISIL A4+ (Assigned)
   INR5 Million Letter of Credit     CRISIL A4+ (Assigned)

The ratings reflect the benefits that CCMPL derives from its
promoters' extensive experience in the agricultural (agro)
chemicals industry and its established relationships with its
customers and suppliers, and the company's moderate financial
risk profile marked by moderate gearing and debt protection
measures. These ratings strengths are partially offset by CCMPL's
exposure to inherent risks in the pesticides formulation
industry, susceptibility to volatility in raw material prices,
and working-capital-intensive operations.

Outlook: Stable

CRISIL believes that CCMPL will continue to benefit over the
medium term from its promoters' industry experience and its
established customer and supplier relationships. The outlook may
be revised to 'Positive' if the company substantially improves
its scale of operations and profitability margins or if its
capital structure improves significantly, most likely because of
equity infusion by the promoteINR Conversely, the outlook may be
revised to 'Negative' if CCMPL reports a sharp decline in its
profitability most likely on account of volatility in raw
material prices, or deterioration in its financial risk profile
driven by debt funding of larger-than-expected working capital
requirements.

                       About Core Chemicals

Incorporated in 1998, CCMPL is promoted by Mr. Nandu Gupta; it
manufactures specialty surfactants, agro emulsifiers, and
adjuvants for the pesticides formulation industry. The company
has one manufacturing unit at Badlapur in Mumbai (Maharashtra)
with capacity of around 13,000 tonnes per annum. In addition,
CCMPL has a centralised research and development facility at
Vasai (Maharashtra) which is equipped with the latest third-
generation instruments.

CCMPL reported a profit after tax (PAT) of INR9.7 million on net
sales of INR439.8 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR7.6 million on net
sales of INR334.9 million for 2009-10.


CTRLS Datacenters: High Financial Leverages Cue Fitch BB- Rating
----------------------------------------------------------------
Fitch Ratings has affirmed India-based CtrlS Datacenters
Limited's National Long-Term rating at 'Fitch BB-(ind)'.  The
Outlook is Stable.  CtrlS's INR2,663m term loan facilities have
been affirmed at 'Fitch BB-(ind)'.

The ratings continue to reflect CtrlS's high financial leverage
(debt/EBITDA: 21.61x in FY11 (end-March 2011), FY10: 13.10x), due
to its ongoing capex programme to set up datacenters in Delhi and
Mumbai (national project).  However, Fitch expects the leverage
to fall from current levels with the completion of the project.
Some comfort is drawn from the fact that the company has already
tied up customers for 50% of the Mumbai datacenter and is in
final stages of tying up the remaining space.

The ratings also reflect CtrlS's equity requirement of INR500m
for project completion, as the debt has already been completely
drawn.  While the Mumbai datacenter was completed in December
2011, the Delhi datacenter is scheduled to be completed in
Q2FY13.

Negative rating action may result from any delay in raising
equity for the ongoing capex and an inability to achieve
projected utilisation levels and EBITDA margins leading to the
debt service coverage ratio (DSCR) falling below 1.15x on a
sustained basis.  Conversely, achievement of expected utilisation
levels, which would lead to a cash flow visibility for achieving
a DSCR of above 1.5x and a debt/EBITDA of below 4x on a sustained
basis, would result in positive rating action.

Established in 2007, CtrlS operates a 26,010 sq.ft. capacity of
tier IV datacenter space, located in Hyderabad.  In FY11, it
reported an operating income of INR302m (FY10: INR183m), an
operating EBITDA of INR56m (INR29m) and a net income of INR9m
(INR7m).  At FYE11, the company had book debt of INR1,210m (FY10:
INR380m).  The scope of the national project has been reduced to
41,791 sq.ft. of Tier IV datacenter space across Delhi and Mumbai
from 76,546 sq.ft. across four cities (Mumbai, Delhi, Bangalore
and Chennai), based on demand seen by management.  This has led
to a reduction in the project cost to INR2.39bn from INR3.99bn
and in the project debt to INR1.31bn from INR2.5bn.  The project
debt repayment will start only in FY12-FY13.


ECONOMY RUBBER: CRISIL Rates INR16.4MM Loan at 'CRISIL B'
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Economy Rubber Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR16.4 Million Cash Credit       CRISIL B/Stable (Assigned)
   INR40 Million Letter of Credit    CRISIL A4 (Assigned)
   INR0.6 Million Bank Guarantee     CRISIL A4 (Assigned)

The ratings reflect ERPL's modest scale of operations and modest
financial risk profile marked by modest networth level and
subdued debt protection indicators, and susceptibility to
volatility in prices of synthetic rubber and foreign exchange
rates. These rating weaknesses are partially offset by ERPL's
promoters' extensive experience in the rubber trading industry
and established relationships with customeINR

Outlook: Stable

CRISIL believes that ERPL will benefit over the medium term from
its promoters' extensive industry experience and established
relationships with customeINR The outlook may be revised to
'Positive' if ERPL reports higher-than-expected revenues and
profitability, while improving its capital structure and debt
protection indicatoINR Conversely, the outlook may be revised to
'Negative' in case of deterioration in the company's revenues and
operating margins, adversely impacting its financial risk
profile.

                         About Economy Rubber

ERPL, based in Kolkata, was incorporated in 2001 by Mr. Ashok
Goenka and his younger brother, Mr. Pradeep Goenka. ERPL trades
in various types of synthetic rubbers, including chloroprene (CR)
rubber (also known as neoprene rubber), styrene butadiene rubber
(SBR), poly butadiene rubber (PBR) and nitrile butadiene rubber
(NBR), along with some other raw materials for rubber such as
carbon black, resin, magnesium oxide and chemicals. The company
supplies to various industries, including the defence sector,
railways, tyres, footwear and adhesives.

ERPL reported a profit after tax (PAT) of INR3.1 million on net
sales of INR154 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR1.3 million on net
sales of INR115 million for 2009-10.


EPARI SADASHIV: CRISIL Places 'CRISIL BB' Rating on INR150MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' rating to the long-
term bank facilities of Epari Sadashiv Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR150 Million Cash Credit        CRISIL BB/Stable (Assigned)
   INR160 Mil. Proposed Long-Term    CRISIL BB/Stable (Assigned)
   Bank Loan Facility

The rating reflects the extensive experience of ESPL's promoters'
in the jewellery industry and established market position in the
jewellery retail segment in Bhubaneswar. These rating strengths
are partially offset by ESPL's modest financial risk profile,
marked by moderate debt protection metrics, high total outside
liabilities to tangible net worth and a small net worth, and
susceptibility to intense competition in a fragmented industry
and to volatility in gold prices.

Outlook: Stable

CRISIL believes that ESPL will continue to benefit over the
medium term from its promoter's extensive industry experience and
established market position. The outlook may be revised to
'Positive' in case of more-than-expected growth in revenues and
profitability coupled with better working capital management,
resulting in an improved financial risk profile. Conversely, the
outlook may be revised to 'Negative' if the company undertakes
large debt-funded capital expenditure over and above expected
affecting its capital structure, or its cash accruals deteriorate
sharply due to decline in operating margins or subdued sales.

                       About Epari Sadashiv

Established in 2005 by Mr. Epari Sridhar, ESPL sells gold and
diamond jewellery in Orissa. The promoter's family is into
jewellery business for nearly 8 decades. The company has two
showrooms, one in Bhubaneshwar and the other in Behrampur (both
in Orissa). It is also the exclusive distributor for Nakshatra,
D'damas, Orra and Ishtaa diamond studded jewellery for Cuttack,
Khurda and Behrampur regions. ESPL is currently in process of
setting up of its third showroom in Baleshwar. The showroom is
expected to be operational from January 2012. The company also
has plans to open a showroom in Sambalpur in the second half of
2012-13 (refers to financial year, April 1 to March 31).

ESPL reported a profit after tax (PAT) of INR15.9 million on net
sales of INR790.4 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR13.1 million on net
sales of INR696.4 million for 2009-10.


EXCELLENT MOULDERS: Fitch Puts 'BB-" Rating on INR60MM Facility
---------------------------------------------------------------
Fitch Ratings has assigned India's Excellent Moulders a National
Long-Term rating of 'Fitch BB-(ind)'.  The Outlook is stable.

The ratings reflect Excellent's moderate financial and credit
profiles, as reflected in its declining EBITDA margins of 7.78%
(FY08 (end-March 2011): 9.84%), moderate net financial leverage
(net debt/EBITDA) of 3.1x and low EBITDA interest coverage of
2.2x in FY11.  The decline in margins is due to the increasing
proportion of trading volumes in total revenues (over 50% for
FY11).  The ratings also reflect the unlimited partnership nature
of the organization, making it responsible for the liabilities of
its partners.

The ratings also factor in the partners' experience of over three
decades in the business of plastic moulding.

Positive rating guidelines include net leverage of below 3x on a
sustained basis.  Negative rating guidelines include net leverage
of above 6x on a sustained basis.

Established in 1979, Excellent Moulders is a partnership firm
engaged in the manufacturing of plastic fan parts and other
plastic packaging articles for cosmetic products and food items.
The firm is also engaged in the trading of electrical fans
manufactured by Polar Industries Limited since April 2010.
Excellent reported revenue of INR508m for FY11 (FY10: INR347.9m).

Fitch has also assigned ratings to Excellent's bank facilities as
follows:

  -- INR60m fund based limits: 'Fitch BB-(ind)'
  -- INR95m non-fund based limits: 'Fitch A4+(ind)'


HEAVY METAL: CRISIL Puts 'CRISIL B+' Rating on INR60MM Cash Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Heavy Metal Pipe Centre.

   Facilities                        Ratings
   ----------                        -------
   INR60 Million Cash Credit         CRISIL B+/Stable (Assigned)
   INR10 Million Bank Guarantee      CRISIL A4 (Assigned)
   INR60 Million Letter of Credit    CRISIL A4 (Assigned)

The ratings reflect HMPC's weak financial risk profile, marked by
high ratio of total outside liabilities to tangible net worth,
and weak debt protection metrics, and large working capital
requirements. These rating weaknesses are partially offset by the
extensive industry experience of HMPC's partneINR.

Outlook: Stable

CRISIL believes that HMPC will continue to benefit over the
medium term from its partner's extensive industry experience. The
outlook may be revised to 'Positive' if the firm significantly
improves its capital structure either by equity infusion or cash
accruals. Conversely, the outlook may be revised to 'Negative' if
HMPC's financial risk profile deteriorates, most likely because
of increased debt-funded working capital, or if the firm achieves
lower-than-expected revenues and profitability.

                         About Heavy Metal

HMPC, a partnership firm based in Mumbai (Maharashtra), trades
various types of pipes and tubes, including carbon steel seamless
pipes, alloy steel pipes, and stainless steel seamless pipes. The
firm is owned and managed by Mr. Dakshesh Shah and his family
membeINR

HMPC reported profit of INR4.0 million on net sales of INR342.2
million for 2010-11 (refers to financial year, April 1 to March
31), as against a reported profit of INR6.6 million on net sales
of INR334.1 million for 2009-10.


IMPERIAL GRANITES: CRISIL Puts CRISIL C Rating on INR40MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL C/CRISIL A4' ratings to the bank
facilities of Imperial Granites Private Limited (IGPL; part of
the Gem group). The ratings reflect IGPL's weak liquidity, which
has resulted in company delaying in servicing its unrated debt.

   Facilities                              Ratings
   ----------                              -------
   INR40 Million Cash Credit               CRISIL C (Assigned)
   INR50 Million Export Packing Credit     CRISIL A4 (Assigned)
   INR38.5 Mil. Foreign Bill Discounting   CRISIL A4 (Assigned)
   INR10 Million Bank Guarantee            CRISIL A4 (Assigned)

The Gem group also has working-capital-intensive operations. The
rating also factor in the susceptibility of the group's operating
margin to volatility in foreign exchange rates. These rating
weaknesses are partially offset by the Gem group's moderate
financial risk profile, marked by a comfortable gearing and
moderate debt protection measures, promoters' extensive
experience in the granite industry with an established market
position.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of IGPL, Gem Granites (GG), Gem Granites
Private Limited (GGPL), Imperial Tiles Pvt Ltd (ITPL), and Stone
Wonders (India) Ltd (SWIL), collectively referred to as the Gem
group. The consolidated approach is because all the entities are
engaged in a similar line of business, are managed by the same
promoters, and have fungible cash flows among them.

                          About the Group

GG, part of the Gem group, was set up in 1971 as a partnership
firm by Mr. R Veeramani and his family members, Mr. S R
Asaithambi, Mr. R Sekar, and Mr. S R Kumar. GG is the flagship
entity of the Gem group and is engaged in quarrying and export of
rough granite blocks, polished slabs, and monuments. The firm
operates out of its own quarries, which are located across India
and is a 100 per cent export-oriented unit deriving around 85 per
cent of its revenues from exports to around 60 countries and the
remaining 15 per cent from the domestic market. The promoters
subsequently set up a number of other entities, including GGPL,
IGPL, ITPL and SWIL that are also engaged in quarrying and
processing of granites and monuments. The promoters have other
business interests in sugar, textiles, and real estate.

The Gem group reported a profit after tax (PAT) of INR70 million
on net sales of INR2.0 billion for 2010-11 (refers to financial
year, April 1 to March 31), as against a PAT of INR50.4 million
on net sales of INR2.2 billion for 2009-10.


IMPERIAL TILES: Delay in Loan Payment Cues CRISIL Junk Ratings
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' rating to the bank
facilities of Imperial Tiles Private Limited (ITPL; part of the
Gem group).

   Facilities                             Ratings
   ----------                             -------
   INR52.5 Million Long-Term Loan         CRISIL D (Assigned)
   INR55 Mil. Export Packing Credit       CRISIL D (Assigned)
   INR90 Mil. Foreign Bill Discounting    CRISIL D (Assigned)
   INR5 Million Bank Guarantee            CRISIL D (Assigned)
   INR10 Million Letter of Credit         CRISIL D (Assigned)

The rating reflects instances of delay by ITPL in servicing its
debt; the delays have been caused by the group's weak liquidity.

The Gem group also has working-capital-intensive operations. The
rating also factor in the susceptibility of the group's operating
margin to volatility in foreign exchange rates. These rating
weaknesses are partially offset by the Gem group's moderate
financial risk profile, marked by a comfortable gearing and
moderate debt protection measures, promoters' extensive
experience in the granite industry with an established market
position.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of ITPL, Gem Granites (GG) Gem Granites
Pvt Ltd (GGPL), Imperial Granites Pvt Ltd (IGPL) and Stone
Wonders (India) Ltd (SWIL), collectively referred to as the Gem
group. The consolidated approach is because all the entities are
engaged in a similar line of business, are managed by the same
promoters, and have fungible cash flows among them.

                           About the Group

GG, part of the Gem group, was set up in 1971 as a partnership
firm by Mr. R Veeramani and his family members, Mr. S R
Asaithambi, Mr. R Sekar, and Mr. S R Kumar. GG is the flagship
entity of the Gem group and is engaged in quarrying and export of
rough granite blocks, polished slabs, and monuments. The firm
operates out of its own quarries, which are located across India
and is a 100 per cent export-oriented unit deriving around 85 per
cent of its revenues from exports to around 60 countries and the
remaining 15 per cent from the domestic market. The promoters
subsequently set up a number of other entities, including GGPL,
IGPL, ITPL and SWIL that are also engaged in quarrying and
processing of granites and monuments. The promoters have other
business interests in sugar, textiles, and real estate.

The Gem group reported a profit after tax (PAT) of INR70 million
on net sales of INR2.0 billion for 2010-11 (refers to financial
year, April 1 to March 31), as against a PAT of INR50.4 million
on net sales of INR2.2 billion for 2009-10.


LOVELY OFFSET: CRISIL Puts 'CRISIL BB+' Rating on INR90MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable/CRISIL A4+' ratings to
the bank facilities of Lovely Offset Printers Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR90 Million Cash Credit         CRISIL BB+/Stable (Assigned)
   INR170 Million Long-Term Loan     CRISIL BB+/Stable (Assigned)
   INR10 Million Letter of Credit    CRISIL A4+ (Assigned)

The ratings reflect the industry experience of LOPL's promoters
in the printing industry and its healthy operating efficiencies.
These rating strengths are partially offset by LOPL's moderate
scale of operations in a highly fragmented industry and highly
leveraged capital structure

Outlook: Stable

CRISIL believes that LOPL will continue to benefit over the
medium term from its established track record in the printing
industry. The outlook may be revised to 'Positive' if the company
records considerable increase in revenues, while maintaining its
profitability, resulting in improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
the company records lower-than-expected revenues and
profitability or undertakes greater-than-expected debt-funded
capital expenditure programme, resulting in deterioration in its
financial risk profile.

                        About Lovely Offset

Set up as a proprietary concern in 1962 and reconstituted as a
partnership firm and private limited company in 1999 and 2006
respectively, Lovely derives its revenues from printing of
diaries, wedding cards, calendars, cartons, books and stationery.
The company's key customers include State bank of Travancore
(rated CRISIL AAA/Stable/ CRISIL A1+), Karur Vysya bank (rated
CRISIL A1+), Elgitread (India) Ltd and Tirumala Tirupati
Devasthanams (TTD).

LOPL reported a profit after tax (PAT) of INR 7.6 million on net
sales of INR 674 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR 15 million on net
sales of INR 620 million for 2009-10.


STONE WONDERS: CRISIL Assigns 'CRISIL C' Rating to INR27.5MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL C/CRISIL A4' ratings to the bank
facilities of Stone Wonders (India) Ltd, part of the Gem group.
The ratings reflect SWIL's weak liquidity, which has resulted in
company delaying its debt repayments in the past.

   Facilities                             Ratings
   ----------                             -------
   INR27.5 Million Long-Term Loan         CRISIL C (Assigned)
   INR15 Million Export Packing Credit    CRISIL A4 (Assigned)
   INR5 Million Foreign Bill Purchase     CRISIL A4 (Assigned)
   INR5 Million Letter of Credit          CRISIL A4 (Assigned)
   INR5 Million Bank Guarantee            CRISIL A4 (Assigned)
   INR15 Million Proposed Short-Term      CRISIL A4 (Assigned)
   Bank Loan Facility

The Gem group also has working-capital-intensive operations. The
rating also factor in the susceptibility of the group's operating
margin to volatility in foreign exchange rates. These rating
weaknesses are partially offset by the Gem group's moderate
financial risk profile, marked by a comfortable gearing and
moderate debt protection measures, promoters' extensive
experience in the granite industry with an established market
position.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SWIL, Gem Granites, Gem Granites
Private Limited, Imperial Granites Pvt Ltd, and Imperial Tiles
Pvt Ltd collectively referred to as the Gem group. The
consolidated approach is because all the entities are engaged in
a similar line of business, are managed by the same promoters,
and have fungible cash flows among them.

                         About the Group

GG, part of the Gem group, was set up in 1971 as a partnership
firm by Mr. R Veeramani and his family members, Mr. S R
Asaithambi, Mr. R Sekar, and Mr. S R Kumar. GG is the flagship
entity of the Gem group and is engaged in quarrying and export of
rough granite blocks, polished slabs, and monuments. The firm
operates out of its own quarries, which are located across India
and is a 100 per cent export-oriented unit deriving around 85 per
cent of its revenues from exports to around 60 countries and the
remaining 15 per cent from the domestic market. The promoters
subsequently set up a number of other entities, including GGPL,
IGPL, ITPL and SWIL that are also engaged in quarrying and
processing of granites and monuments. The promoters have other
business interests in sugar, textiles, and real estate.

The Gem group reported a profit after tax (PAT) of INR70 million
on net sales of INR2.0 billion for 2010-11 (refers to financial
year, April 1 to March 31), as against a PAT of INR50.4 million
on net sales of INR2.2 billion for 2009-10.


VITA GRANITO: CRISIL Places 'CRISIL B+' Rating on INR229.5MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Vita Granito Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR229.5 Million Term Loan         CRISIL B+/Stable (Assigned)
   INR125 Million Cash Credit         CRISIL B+/Stable (Assigned)
   INR41 Million Letter of credit &   CRISIL A4 (Assigned)
    Bank Guarantee

The ratings reflect VGPL's aggressive capital structure and
bunching up of fresh capacities. The ratings also factor in the
impending slowdown in the real estate sector. These rating
weaknesses are partially offset by VGPL's above-average debt
protection metrics and its strategic location.

Outlook: Stable

CRISIL believes that VGPL will benefit over the medium term from
its above-average debt protection metrics and strategic location.
The outlook may be revised to 'Positive' if the company improves
its capital structure more than CRISIL's expectations, leading to
improvement in its overall financial risk profile. Conversely,
the outlook may be revised to 'Negative' in case of higher-than-
expected debt-funded capital expenditure plan or significant
decline in operating margin, resulting in weakening in its debt
protection metrics.

                       About Vita Granito

Incorporated in 2006, VGPL is based in Morbi (Gujarat) and
manufactures vitrified tiles. The company has installed capacity
to manufacture 9000 boxes per day (around 42,000 tonnes per
annum) of 24'X24' size. VGPL was promoted by Mr. Devendra Patel,
Mr. Bharat Kasundra, Mr. Harjivan Bhadija, Mr. Magan Kasundra,
Mr. Arvind Bhalodia, and Mr. Vipul Bharodia. Around 18 per cent
of the company's ownership is with Sunbeam Ceramics Pvt Ltd.

VGPL reported a profit after tax (PAT) of INR14.8 million on net
sales of INR583.0 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR17.3 million on net
sales of INR561.0 million for 2009-10.


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


PT ARPENI PRATAMA: Has U.S. Chapter 15 Approval
-----------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that PT Arpeni Pratama Ocean Line Tbk. won the signature
of a bankruptcy judge in New York on an order last week
recognizing a court in Indonesia as having the company's
principal insolvency proceeding.

                    About PT Arpeni Pratama

PT Arpeni Pratama Ocean Line Tbk -- http://www.apol.co.id/-- is
Indonesia's leading diversified shipping company, owning and
operating the largest fleet of Indonesian flagged dry bulk
vessels.  Arpeni operates a fleet of general-purpose specialist,
such as their tweendecker MV Alas, which is designed to transport
dry cargoes such as plywood and agricultural products.  As of
June 30, 2011, Arpeni operated 77 wholly-owned vessels and two
vessels under long term charters.

Arpeni filed for bankruptcy protection on Dec. 12, 2011, in the
U.S. to block a group of dissident note holders from torpedoing
its debt restructuring in Indonesia.  Fida Unidjaja, as PT
Arpeni's foreign representative, estimated $500 million to
$1 billion in assets and liabilities in the Chapter 15 petition
(Bankr. S.D.N.Y. Case No. 11-15691) for the company.  Judge Allan
L. Gropper oversees the Chapter 15 case.  Fida Unidjaja is
represented by Pedro A. Jimenez, Esq., and Ross Barr, Esq., at
Jones Day.

Arpeni sought U.S. court recognition of its proceeding before
the Commercial Court at the Central Jakarta District Court
as a foreign main proceeding.  PT Bank Central Asia Tbk., an
unsecured lender, commenced the Jakarta proceeding on Aug. 5,
2011, which Arpeni voluntarily joined.  On Aug. 24, 2011, the
Jakarta Court issued a temporary suspension of debt payment
decision, effectively staying actions on claims against the
Foreign Debtor for an initial period of 45 days.

Throughout the proceeding, Arpeni remained in possession of and
continued its business while it restructured its debt.

On Dec. 9, 2009, Arpeni announced an informal payment moratorium
with certain of its creditors pursuant to which Arpeni ceased
making payments of interest or principal.

The trustee under the indenture with respect to the U.S. Notes on
Sept. 6, 2011, had accelerated the U.S. Notes and demanded
performance by the Debtor of its obligations as guarantor under
the U.S. Notes Indenture.

In the Jakarta proceeding, the Debtor sought and obtained
approval of a composition plan from the requisite percentage of
its creditors participating in the plan pursuant to Indonesian
bankruptcy law.  In particular, the Composition Plan was approved
by approximately 95% of the Debtor's secured creditors and 80% of
the Debtor's unsecured creditors, in each case present and voting
at a hearing before the Indonesian Court on Nov. 1, 2011 and
holding claims that had been verified for inclusion in the
Foreign Proceeding.  As provided in the Composition Plan as
embodied in the Settlement Agreement, on Nov. 18, 2011, Arpeni
launched an exchange offer and tender offer.


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


JLOC XXX: Fitch Junks Rating on Three TBI Note Classes
------------------------------------------------------
Fitch Ratings has downgraded JLOC XXX Trust's trust beneficiary
interests (TBIs) due April 2014.  The transaction is a Japanese
multi-borrower type CMBS securitisation.  The rating actions are
as follows:

  -- JPY20.9bn* Class A TBIs downgraded to 'BBsf' from 'BBBsf';
     Outlook Stable

  -- JPY3.7bn* Class B TBIs downgraded to 'CCCsf' from 'BBsf';
     Recovery Estimate of 70%

  -- JPY16.6bn* Class C TBIs downgraded to 'CCsf' from 'CCCsf';
     Recovery Estimate 65%

  -- JPY20bn* Class D TBIs downgraded to 'Csf' from 'CCsf';
     Recovery Estimate 5%

*as of January 18, 2012

The downgrades reflect Fitch's downward revision on the expected
recovery amount from one of two defaulted underlying loans.  The
servicer is implementing workouts through property sales in
accordance with its business plan.  To date, the workout on one
defaulted loan has progressed steadily, while the workout on the
other, backed by hotel properties, has been slow and 16 hotels
remain in the portfolio.  According to the latest business plan
for the latter loan as of end-December 2011, the servicer may
reduce the targeted sales values on seven of the 16 hotels in the
near term, reflecting stagnant sales activity throughout 2011.
As a result Fitch has revised down its valuation on seven hotels,
resulting in today's downgrade.

Under the structure of the transaction, the TBIs' principal is
repaid on a sequential basis in accordance with allocated TBI
principal amounts.  These principal amounts are set on a loan-by-
loan basis, when the underlying loan is repaid with proceeds from
property sales.  To date, four underlying loans have been paid in
full, and proceeds have been applied to the repayment of multiple
TBI classes in accordance with the allocated amount of the
underlying loans.

This transaction was originally a securitisation of five TMK
(Tokutei Mokuteki Kaisha) specified bonds and a senior portion
TBI of a satellite trust, backed by a specified bond, and
ultimately backed by a total of 125 properties located throughout
Japan.  The transaction is currently backed by 20 properties and
sales proceeds.


NORTEL NETWORKS: Court Approves Wind-Down of Japan Unit
-------------------------------------------------------
BankruptcyData.com reports that the U.S. Bankruptcy Court
approved Nortel Networks' motion to enter into certain agreements
to facilitate the wind-down of Nortel Networks Japan (aka Nortel
Networks Kabushiki Kaisha).

According to the Debtors, "Historically, NN Japan engaged in the
sale and marketing of Nortel telecommunications equipment in
Japan; however, it has ceased all active operations and is in the
process of preparing a voluntary solvent liquidation of its
assets. After accounting for all of its liabilities, obligations,
and liquidation costs, NN Japan anticipates that it will have a
significant surplus cash balance, which it is willing to
repatriate to NNI."

                       About Nortel Networks

Nortel Networks (OTC BB: NRTLQ) -- http://www.nortel.com/-- was
once North America's largest communications equipment provider.
It has sold most of the businesses while in bankruptcy.

Nortel Networks Corp., Nortel Networks Inc., and other affiliated
corporations in Canada sought insolvency protection under the
Companies' Creditors Arrangement Act in the Ontario Superior
Court of Justice (Commercial List).  Ernst & Young was appointed
to serve as monitor and foreign representative of the Canadian
Nortel Group.

The Monitor sought recognition of the CCAA Proceedings in the
U.S. by filing a bankruptcy petition under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 09-10164).  Mary
Caloway,Esq., and Peter James Duhig, Esq., at Buchanan Ingersoll
& Rooney PC, in Wilmington, Delaware, serves as the Chapter 15
petitioner's counsel.

Nortel Networks Inc. and 14 affiliates filed separate Chapter 11
petitions (Bankr. D. Del. Case No. 09-10138) on Jan. 14, 2009.
Judge Kevin Gross presides over the case.  James L. Bromley,
Esq., at Cleary Gottlieb Steen & Hamilton, LLP, in New York,
serves as general bankruptcy counsel; Derek C. Abbott, Esq., at
Morris Nichols Arsht & Tunnell LLP, in Wilmington, serves as
Delaware counsel.  The Chapter 11 Debtors' other professionals
are Lazard Freres & Co. LLC as financial advisors; and Epiq
Bankruptcy Solutions LLC as claims and notice agent.  Fred S.
Hodara, Esq., at Akin Gump Strauss Hauer & Feld LLP, in New York,
and Christopher M. Samis, Esq., at Richards, Layton & Finger,
P.A., in Wilmington, Delaware, represent the Official Committee
of Unsecured Creditors.

Certain of Nortel's European subsidiaries also made consequential
filings for creditor protection.  On May 28, 2009, at the request
of the Administrators, the Commercial Court of Versailles, France
ordered the commencement of secondary proceedings in respect of
Nortel Networks S.A.  On June 8, 2009, Nortel Networks UK Limited
filed petitions in this Court for recognition of the English
Proceedings as foreign main proceedings under chapter 15 of the
Bankruptcy Code.

Nortel Networks divested off key assets while in Chapter 11.
Nortel has raised $3.2 billion by selling its operations as it
prepares to wind up a two-year liquidation due to insolvency.  In
June 2011, Nortel added US$4.5 billion to its cash pile after
agreeing to sell its remaining patent portfolio to Rockstar
Bidco, a consortium consisting of Apple Inc., EMC Corporation,
Telefonaktiebolaget LM Ericsson, Microsoft Corp., Research In
Motion Limited, and Sony Corporation.  The consortium defeated a
$900 million stalking horse bid by Google Inc. at an auction.
The deal closed in July 2011.

Nortel Networks has filed a proposed plan of liquidation in the
U.S. Bankruptcy Court.  The Plan generally provides for full
payment on secured claims with other distributions going in
accordance with the priorities in bankruptcy law.


OLYMPUS CORP: Avoids Delisting from Tokyo Bourse; Fined
-------------------------------------------------------
Hiroko Tabuchi at The New York Times reports that the Tokyo Stock
Exchange said Friday that it would allow Olympus to remain listed
after paying a small fine for its false accounting.

The TSE said that the fraud at Olympus had been "the sole work of
a number of participants" and that their actions "had no direct
relation to the core business," according to the report.  The
exchange "cannot deem that investor judgment was considerably
distorted to the extent of warranting delisting," the bourse
said.

According to the report, Olympus will be fined JPY10 million, or
US$130,000, the maximum penalty set by the exchange.  The company
will also be placed on a "security on alert" list and will be
required to report to the Tokyo exchange, over a period of three
years, ways that it is improving its corporate governance, the
report relays.

The news agency relates that Olympus said it "solemnly accepted"
the Tokyo exchange's decision and promised to improve its
commitment to corporate governance.  "We understand that this
decision is based on the view that there is a strong need for us
to improve our internal supervision," it said.

                    Securities Investment Scandal

The Troubled Company Reporter-Asia Pacific reported on Nov. 9,
2011, that Block & Leviton LLP, a Boston-based law firm
representing investors seeking to recover money lost due to
investment fraud, said it is investigating possible securities
fraud claims involving Olympus Corp.

On Oct. 14, 2011, Olympus's Board of Directors fired the
Company's then-President and Chief Executive Officer, Michael
Woodford, after Mr. Woodford attempted to force an inquiry into
Olympus's acquisition of British medical device maker Gyrus in
2008.  At issue were the $687.0 million in advisory fees paid to
a relatively obscure financial firm in relation to the
acquisition.  The fees were approximately one-third of the
$2.0 billion acquisition price, which is almost 30 times higher
than normal.

On Nov. 8, 2011, the Company admitted to an accounting cover-up,
stating that the advisory fees paid in connection with the Gyrus
deal and other acquisitions were used to hide steep investment
losses that began in approximately 1990.  Speaking at a press
conference, the Company's President, Shuichi Takayama, confessed
that "[w]e have conducted extremely improper accounting" and that
"[o]ur previous statements were in error."

The Company's admission, released just prior to the opening of
trading on the Tokyo Stock Exchange, where Olympus's common stock
is traded, sent shares spiraling downward by 29% over the prior
day's close to JPY734 (or $9.40).  The Company's American
Depository Receipts also plummeted on the news, losing 31%
compared to the prior day's close of $13.72.  Since mid-October
when Mr. Woodward's allegations first surfaced, the Company's
stock has lost approximately 70% of its market value.

Amidst the growing accounting scandal that could be one of the
largest in corporate history, the TSE has indicated that the
Company's shares could be de-listed.  In addition, the Japanese
Securities and Exchange Surveillance Commission is said to be
investigating along with the U.S. Federal Bureau of
Investigation, and the U.S. Securities and Exchange Commission.

                      About Olympus Corp.

Based in Japan, Olympus Corporation (TYO:7733) --
http://www.olympus-global.com/-- manufactures and sells medical
products, life and industrial products, imaging products,
information communication products and other products.  As of
March 31, 2011, the Company has 188 subsidiaries and 11
associated companies.


OLYMPUS CORP: Lawyers to Ask Shareholder to Sue Firm Over Losses
----------------------------------------------------------------
According to Reuters, The Nikkei business daily said that a group
of about 30 consumer affairs lawyers will ask Olympus Corp
shareholders to sue the company and its former executives for
damages from a long-running cover-up of investment losses.

The legal team is also considering action against the scandal-hit
camera and endoscope maker's auditing firms, the daily said, and
added that the lawsuits would be filed this spring, Reuters
relays.

The Nikkei said the lawyers will launch a website to seek
shareholder plaintiffs and hold information sessions, according
to Reuters.

A key figure in the legal team, which was formed on Friday, is
Chohei Yonekawa, head of the team that represented Livedoor
shareholders pursuing damages after the Internet company's
accounting scandal, the business newspaper, as cited by Reuters,
said.


                    Securities Investment Scandal

The Troubled Company Reporter-Asia Pacific reported on Nov. 9,
2011, that Block & Leviton LLP, a Boston-based law firm
representing investors seeking to recover money lost due to
investment fraud, said it is investigating possible securities
fraud claims involving Olympus Corp.

On Oct. 14, 2011, Olympus's Board of Directors fired the
Company's then-President and Chief Executive Officer, Michael
Woodford, after Mr. Woodford attempted to force an inquiry into
Olympus's acquisition of British medical device maker Gyrus in
2008.  At issue were the $687.0 million in advisory fees paid to
a relatively obscure financial firm in relation to the
acquisition.  The fees were approximately one-third of the
$2.0 billion acquisition price, which is almost 30 times higher
than normal.

On Nov. 8, 2011, the Company admitted to an accounting cover-up,
stating that the advisory fees paid in connection with the Gyrus
deal and other acquisitions were used to hide steep investment
losses that began in approximately 1990.  Speaking at a press
conference, the Company's President, Shuichi Takayama, confessed
that "[w]e have conducted extremely improper accounting" and that
"[o]ur previous statements were in error."

The Company's admission, released just prior to the opening of
trading on the Tokyo Stock Exchange, where Olympus's common stock
is traded, sent shares spiraling downward by 29% over the prior
day's close to JPY734 (or $9.40).  The Company's American
Depository Receipts also plummeted on the news, losing 31%
compared to the prior day's close of $13.72.  Since mid-October
when Mr. Woodward's allegations first surfaced, the Company's
stock has lost approximately 70% of its market value.

Amidst the growing accounting scandal that could be one of the
largest in corporate history, the TSE has indicated that the
Company's shares could be de-listed.  In addition, the Japanese
Securities and Exchange Surveillance Commission is said to be
investigating along with the U.S. Federal Bureau of
Investigation, and the U.S. Securities and Exchange Commission.

                      About Olympus Corp.

Based in Japan, Olympus Corporation (TYO:7733) --
http://www.olympus-global.com/-- manufactures and sells medical
products, life and industrial products, imaging products,
information communication products and other products.  As of
March 31, 2011, the Company has 188 subsidiaries and 11
associated companies.


TOKYO ELECTRIC: May Allow Outside Directors to Run Management
-------------------------------------------------------------
Kyodo News reports that sources said Tokyo Electric Power Co. may
have to let outside directors oversee its management if the
beleaguered utility is effectively nationalized.

Discussions are also under way to set the size of the public
bailout for the operator of the crippled Fukushima No. 1 nuclear
plant at around JPY1 trillion, sources told Kyodo.

The news agency says the public fund injection for TEPCO is
likely to result in the resignation of its top officials.
President Toshio Nishizawa is likely to be replaced by an
insider, while Chairman Tsunehisa Katsumata may be replaced by
someone from outside TEPCO, the sources, as cited by Kyodo, said.

By installing business management experts at TEPCO, the
government aims to keep the utility under close scrutiny as it
distributes trillions of yen in compensation to victims of the
Fukushima nuclear disaster and calculates the cost of scrapping
the ruined reactors at the plant, according to the report.

TEPCO is likely to become insolvent without a public fund
injection, Kyodo says.  Its fuel costs have also risen due to
increased thermal power generation while its nuclear reactors
remain offline, the report notes.

A state-backed entity providing financial support to TEPCO is
seeking to acquire more than two-thirds of TEPCO's shares with
voting rights by this summer, according to Kyodo.

How many shares the Nuclear Damage Liability Facilitation Fund
acquire could be a difficult issue to settle, as some TEPCO
officials are reluctant to cede full control of the company,
Kyodo notes.

                       About Tokyo Electric

Tokyo Electric Power Company (Tepco) is the largest electric
power company in Japan and the largest privately owned electric
utility in the world.  Tepco supplies electricity to meet the
increasingly diversified and sophisticated demands of its over
28.09 million customers in the metropolitan Tokyo, which is the
political, economic, and cultural center of Japan, and eight
surrounding prefectures.

Bloomberg News said the utility is battling radiation leaks at
the Fukushima Dai-Ichi power plant north of Tokyo after a
March 11 earthquake and tsunami knocked out its cooling systems,
causing the biggest atomic accident in 25 years.  More than
50,000 households were forced to evacuate and Bank of America
Corp.'s Merrill Lynch estimates TEPCO may face compensation
claims of as much as JPY11 trillion (US$135 billion).

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 11, 2011, Moody's Japan K.K. confirmed the ratings of Tokyo
Electric Power Co.  The ratings confirmed include its senior
secured rating of Ba2, long-term issuer rating of B1, and
Corporate Family Rating of Ba3.  The ratings outlook is negative.


* Fitch Downgrades 30 Japanese CMBS Trances in 4th Quarter 2011
---------------------------------------------------------------
Fitch Ratings said that 30 Japanese CMBS tranches were downgraded
in Q411, while 79 were affirmed and five were upgraded.  All 12
Fitch-rated Japanese RMBS tranches reviewed during the quarter
were affirmed.

Of the 30 downgrades in Q411, 18 involved downgrades from 'CCCsf'
or lower ratings due to the progress of workouts.

"The amount generated from property sales -- the main workout
strategy initiated by servicers -- increased substantially
compared with Q311, resulting in continued principal repayments,"
said Naoki Saito, Director in Fitch's Japanese Structured Finance
team.  "However, even if sales values are in line with Fitch's
expectations, property sales may increase the possibility of
principal loss on lowly rated tranches, which can lead to
negative rating actions, since such tranches are typically more
vulnerable to small deviations of sale prices from Fitch values."

Fitch expects investment-grade CMBS tranches to experience
increases in credit enhancement as workouts progress, because
almost all transactions apply a sequential payment waterfall for
recoveries from defaulted loans.

In Q411, Fitch determined that a distressed debt exchange (DDE)
had occurred on class D-1 through class I of L-JAC Three Trust.
The DDE resulted from the restructuring of the transaction which
involved a maturity extension from the original final maturity
and a reduction in coupon for the lower rated classes.  The
ratings
on the affected classes were downgraded to 'Dsf' and were
simultaneously withdrawn due to a lack of investor interest.  The
ratings on the class A to C trust beneficiary interest (TBIs) of
the transaction were affirmed and these TBIs were paid in full
shortly thereafter.

Other than L-JAC Three Trust, two Japanese CMBS transactions were
paid in full in Q411 via refinancing of the underlying loans or
sale of collateral properties.

Fitch affirmed its ratings on 12 tranches from five Japanese RMBS
transactions reviewed in the quarter.  Outlooks were revised to
Negative from Stable on two tranches in one transaction, Hallmark
Trust Series 2008-1, to reflect the worse than expected default
performance to date and the susceptibility of the rated BIs to
any future asset performance deterioration.  The Outlook on one
tranche from HN Trust was revised to Positive from Stable to
reflect Fitch's expectation that its credit enhancement level
will continue to grow and asset performance will remain within
expectations.


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


HYUNDAI MOTOR: Moody's Raises Standalone Rating to Baa3 From Ba1
----------------------------------------------------------------
Moody's Investors Service has revised to positive from stable the
outlook of the Baa2 issuer and senior unsecured bond ratings for
Hyundai Motor Company and its guaranteed subsidiaries Hyundai
Motor Manufacturing Czech s.r.o, Hyundai Capital America and
Hyundai Motor Manufacturing Alabama LLC.

Moody's has also revised the outlook of the Baa2 issuer and
senior unsecured bond ratings for Kia Motors Corp to positive
from stable, and upgraded its standalone rating to Baa3 from Ba1.

Ratings Rationale

"The rating action on HMC primarily reflects its stronger-than-
expected sales performance in 2011 and our expectation that HMC's
financial profile will improve to a level over the next 12 -- 18
months that is strong for the Baa2 rating," says Chris Park, a
Moody's Vice President/Senior Credit Officer.

"The rating action on Kia is based on the upgrade of its
standalone rating to Baa3 from Ba1 as a result of its improved
business and financial profile, as well as rating uplift from the
support that its parent HMC is likely to provide in a distressed
scenario," adds Park.

Despite sizeable acquisition costs for Hyundai Engineering &
Construction, Moody's estimates that HMC's financial profile
improved further in 2011, with ex-finance adjusted debt/EBITDA
declining to about 1.4x from 1.7x a year earlier. This result was
because of strong auto sales as well as continued ASP increases.

Furthermore, although its unit sales growth should moderate to a
mid-single-digit percentage in 2012 from 12% in 2011 due to its
conservative capacity expansion strategy, its robust earnings and
contained capex should allow it to generate large positive free
cash flow, which should, in turn, be used to either reduce debt
or build up liquidity.

In this regard, Moody's expects its ex-finance adjusted
debt/EBITDA to move towards 1x and retained cash flow (RCF)/debt
to increase above 70% over the next 1-2 years. Such ratios are
strong for the Baa2 rating, even after incorporating its
contingent liabilities towards affiliates and finance
subsidiaries.

The upgrade of Kia's standalone rating is a reflection of a rapid
improvement in its financial and business profiles. As the
fastest-growing automobile manufacturer globally for consecutive
three yeARSsince 2009, Kia has demonstrated its ability to
strengthen the company's competitiveness on a sustained basis.

Moody's expects the gap in the business profiles between HMC and
Kia to narrow further over the next 2-3 years, as they make
further progress in operating integration and Kia's cost
competitiveness continues to improve.

Similar to HMC, Kia's debt/EBITDA and RCF/debt are likely to
strengthen to 1x and above 80% over the next 1-2 years, which
should solidly position the company at the Baa3 standalone
rating.

The rating on HMC could be upgraded if the group continues to
demonstrate its ability to improve its competitive position and
financial profile. This development could be evidenced by ex-
finance RCF/debt above 60-70%, debt/EBITDA below 1-1.3x and
positive free cash flow on a sustained basis.

The rating outlook on HMC could return to stable if its operating
cash flow deteriorates as a result of worse-than-anticipated
market conditions, or if it fails to perform in line with the
market and contain its working capital deficit. Downward rating
pressure may arise from a significant materialization of HMC's
contingent liabilities. This development could be evidenced by
ex-finance RCF/ debt declining below 60% and debt/EBITDA rising
above 1.3x.

Kia's rating would be upgraded if HMC's rating is upgraded and,
at the same time, Kia maintains its current robust business and
financial profile.

Kia's rating outlook would return to stable if HMC's rating
outlook returns to stable. Although unlikely over the next 1-2
years, a material deterioration of Kia's business and financial
profiles could also trigger such a rating action

The principal methodology used in rating HMC and Kia was Moody's
Rating Methodology for Global Automotive Industry, published in
June 2011.

HMC, headquartered in Seoul, is the world's fifth largest and
Korea's dominant automotive maker. Together with its subsidiary,
Kia, HMC sold approximately 6.7 million auto units in 2011.


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


CRAFAR FARMS: Government to Issue Decision on Possible Buyout
-------------------------------------------------------------
Andrea Fox at Waikato Times reports that New Zealanders can
expect a verdict from the New Zealand government on whether it
will allow Chinese company Shanghai Pengxin to buy the in-
receivership Crafar dairy farming empire.

After nine long months, the government agency Overseas Investment
Office (OIO) delivered its recommendation on the firm's possible
sale to Shanghai Pengxin, according to Waikato Times.

The report notes that Lands Minister Maurice Williamson and
Associate Finance Minister Jonathan Coleman are in charged with
making that decision on the possible deal, which is conditional
on OIO consent.

If the government allows the Chinese company to buy the farms, it
will mark a cultural turning point in New Zealand's history, say
legal experts, Waikato Times says.

Waikato Times adds that though German and Swiss investors have
been permitted by the OIO to buy large tracts of land and
forestry in recent months, China's hunger for a safe supply of
protein for its huge population and efforts by Chinese companies
to buy dairying capability on both sides of the Tasman has
unnerved Kiwis.

                       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.


MEGAUPLOAD LIMITED: Founder Seeks Bail in NZ Court Hearing
----------------------------------------------------------
Chris Bourke at Bloomberg News reports that Megaupload.com's
founder reappeared in a New Zealand court Monday after the file-
sharing Web site was shut by the U.S. government as part of an
alleged $175 million copyright infringement conspiracy.

Kim Dotcom, 38, the website founder who legally changed his name
from Kim Schmitz, and three other men are appearing in North
Shore District Court in Albany, a suburb of Auckland, seeking
bail, a court spokeswoman, who declined to give her name per
court policy, told Bloomberg.

Bloomberg, citing a New Zealand police statement, relates that
the four men were arrested on Jan. 20 on U.S. charges of criminal
copyright infringement and money laundering.  Three others remain
at large, the U.S. Department of Justice said in a Jan. 19
statement obtained by Bloomberg.

According to Bloomberg, the arrests occurred as the U.S. Congress
considers anti-piracy legislation supported by the movie and
music industries that prompted a backlash from companies
including Google Inc., the non-profit Wikimedia Foundation Inc.
and Web consumers.  Opponents said the Stop Online Piracy Act in
the House and the Protect IP Act in the Senate would promote
censorship, disrupt the Web's architecture, and harm their
ability to innovate, Bloomberg relays.

The Megaupload conspiracy was led by Dotcom, a resident of Hong
Kong and New Zealand, and a dual citizen of Finland and Germany,
who founded Megaupload Ltd., Bloomberg reports citing the
indictment.  Police also arrested a Dutch citizen who lives in
New Zealand and two German nationals, Bloomberg adds.

Megaupload.com is a file-sharing website.


RMB TRUSTEE: Fitch Affirms Rating on NZD19.6 Million at 'B-sf'
--------------------------------------------------------------
Fitch Ratings has affirmed the notes issued by RMB Trustee
Limited in its capacity as issuer of Rated Mortgage RML 2006-2
Trust, due December 2050, as follows:

  -- NZD19.6m floating rate notes affirmed at 'B-sf'; Outlook
     Negative

The affirmation reflects satisfactory performance in the
underlying notes from a securitisation program established by
Propertyfinance Securities Limited.  The underlying portfolio of
non-conforming residential mortgages has performed in line with
Fitch's expectations with stable 90+ day arrears in the second
half of 2011.

"Although performance of the underlying mortgages have shown
stable signs in 90+ day arrears throughout 2011, risks persist
over the level of non-performing loans that remain under
enforcement," said Spencer Wilson, Associate Director in Fitch's
Structured Finance team.

The Negative Outlook reflects Fitch's view that the underlying
assets remain susceptible to a downturn in an already fragile
domestic economy.


RMB TRUSTEE: Fitch Affirms Rating on NZD18.9-Mil. Notes at 'Bsf'
----------------------------------------------------------------
Ratings has affirmed the notes issued by RMB Trustee Limited in
its capacity as issuer of Rated Mortgage CM 2006-1 Trust, due
December 2050, as follows:

  -- NZD18.5m floating rate notes affirmed at 'Bsf'; Outlook
     Negative

The affirmation reflects satisfactory performance in the
underlying notes from a securitisation program established by
Propertyfinance Securities Limited.

"The number of non-performing loans in the underlying transaction
will continue to apply stress to existing cash flows, while
rising concentration remains a key rating driver and will remain
so for the foreseeable future," says Spencer Wilson, Associate
Director in Fitch's Structured Finance team.

The Negative Outlook reflects the potential adverse impact of
those loans pending foreclosure, while the underlying portfolio
remains vulnerable to further deterioration as a result of
weakening economic conditions.


SOUTH CANTERBURY: Name Suppression Lifted for Third Defendant
-------------------------------------------------------------
Fairfax NZ News reports that name suppression has been lifted for
a third defendant facing charges over the collapse of South
Canterbury Finance.

According to the report, lawyer Stephen Rennie, acting for Lachie
John McLeod, said his client was no longer seeking name
suppression and was disappointed the Serious Fraud Office had
included him in the charges which he would defend.

Mr. McLeod, who resigned as chief executive officer of SCF in
2009, is facing a number of charges over the failed finance
company, Fairfax NZ discloses.

On January 20, the report relates, former SCF chief financial
officer Graeme Brown and Timaru chartered accountant Terry Hutton
went to the Timaru District Court to have their name suppression
revoked.

Fairfax NZ News reported on January 21 that South Canterbury
Finance chief financial officer Graeme Brown and Timaru chartered
accountant Terry Hutton, two of the South Canterbury Finance five
facing fraud charges, went to the court Friday to have their name
suppression revoked.

The news agency relates that Judge Joanna Maze on January 16
granted interim name suppression to all five men until they
appear in the Timaru District Court on February 13 in "the
interests of preserving rights to a fair trial".

On Friday, Judge Maze lifted the order relating to Brown and
Hutton at their request.  The Serious Fraud Office did not oppose
it being lifted, Fairfax NZ relates.

Name suppression continues for two other defendants, the report
adds.

As reported in the Troubled Company Reporter-Asia on Dec. 9,
2011, the Serious Fraud Office confirmed that it has laid charges
following its investigation into South Canterbury Finance
Limited.  SFO Chief Executive Adam Feeley said that, following a
14-month investigation into a variety of transactions involving
SCF, the SFO had laid 21 charges against five individuals
involved with the company's affairs.

According to Fairfax NZ, the charges include entering the Crown
Guarantee Scheme by deception in 2008 (which cost
NZ$1.58 billion), omitting to disclose a related party loan of
NZ$64.185 million from SCF to Southbury Group and Woolpak
Holdings, failing to disclose related party loans of
NZ$19.1 million from SCF to Shark Wholesalers, and, in 2008 and
2009, breaching the crown guarantee by lending NZ$39 million to
Quadrant Holding Limited.

                     About South Canterbury

Based in New Zealand, South Canterbury Finance Limited
(NZE:SCFHA) -- http://www.scf.co.nz/-- is engaged in the
provision of financial services.  The Company's principal
activities are borrowing funds from public and institutional
investors and on lending those funds to the business, plant and
equipment, property, rural and consumer sectors.  It typically
advances funds by means of hire purchase, floor plans, leasing of
plant, vehicles and equipment, personal loans, business term
loans and revolving credit facilities, mortgages against
property, and other financial instruments, including consumer
loan insurance.

On Aug. 31, 2010, Trustees Executors Limited, as trustee for
South Canterbury Finance charging group, appointed Kerryn Downey
and William Black of McGrathNicol as receivers of the charging
group's secured assets.

"As Trustee, we have had South Canterbury Finance under
heightened surveillance since 2008.  As part of that, SCF was
granted a Trustee waiver in February 2010 to allow it time to
recapitalize.  Unfortunately, the Company's Directors have
advised us that they have not been successful with respect to a
recapitalization and requested us to appoint a receiver.  At this
point we, as Trustee, agree that it is the best interests of
debenture, deposit and bond holders to do that," said Yogesh
Mody, Southern Regional Manager for Trustees Executors Limited.

The New Zealand government said it would repay South Canterbury's
35,000 depositors and stockholders NZ$1.6 billion under the crown
retail deposit guarantee scheme.


STRATEGIC FINANCE: Investors to Learn Outcome of FMA's Probe
------------------------------------------------------------
Anne Gibson at The New Zealand Herald reports that about 13,000
investors who lost more than NZ$400 million in Strategic Finance
are soon to hear the outcome of the state watchdog's
investigations.

Auckland-headquartered Strategic Finance, in receivership and
liquidation, is in the sights of the Financial Markets Authority
which could shortly announce what action it might take against
those behind the Princes Wharf-based business, the Herald says.

The report relates that options range from laying charges against
those associated with Strategic -- as with Hanover, South
Canterbury Finance and others -- or ceasing its involvement
without taking any action.

For some months, the Herald notes, the company, once headed by
former All Black captain Jock Hobbs, has been on the authority's
list of finance company collapse investigations.  Last year, the
authority said its Strategic probe was continuing and the company
appeared on a list of 14 which has now been reduced to 12 with
ongoing investigations, the report says.

The most recent update from receivers John Fisk --
john.fisk@nz.pwc.com -- and Colin McCloy --
colin.mccloy@nz.pwc.com -- of PricewaterhouseCoopers reveals
"considerable uncertainties relating to the recoverability of
certain property loans which will have an impact on the final
recoveries that we will be able to achieve for secured debenture
investors".

Two years ago, the Herald recalls, PwC pegged the Strategic
disaster at NZ$452 million, showing how about 10,000 secured
debenture investors were owed NZ$367.8 million, 950 subordinated
note holders NZ$21.8 million and 65 unsecured depositors
NZ$1.5 million but interest payable on stock, deposits and notes
stood in early 2010 at NZ$54.7 million and Strategic had other
liabilities of NZ$6.2 million.

The PwC receivers are due to issue an update next month, the
Herald adds.

                      About Strategic Finance

Headquartered in Wellington, New Zealand, Strategic Finance
Limited (NZE:SFLHA) -- http://www.strategicfinance.co.nz/--
operated as a specialist finance company offering financial
services, primarily to the property sector.  The Company also
provided specialist financial and advisory services to the
property and corporate sectors.  The Company operated in
New Zealand, Australia and Pacific Islands.  The Company's
operating subsidiaries include Strategic Advisory Limited,
Strategic Nominees Limited, Strategic Mortgages Limited and
Strategic Nominees Australia Limited.  The Company's non-
operating subsidiary is Strategic Properties No.1 Limited.  In
May 2009, the Company incorporated a subsidiary, Gulf Property
Holdings Limited.

Strategic Finance Limited's parent company, Strategic Investment
Group, was wholly owned by Australian-based finance company Allco
HIT Limited.

The Troubled Company Reporter-Asia Pacific reported on March 15,
2010, that PricewaterhouseCoopers partners John Fisk and Colin
McCloy were appointed receivers of Strategic Finance Limited and
related companies Strategic Advisory Limited, Strategic Mortgages
Limited, Strategic Nominees Limited, and Strategic Nominees
Australia Limited.  This ended the moratorium arrangement that
had been in place since December 2008.  The companies' trustee,
Perpetual Trust, appointed receivers after SFL failed to generate
sufficient loan recoveries for its milestone repayment on Jan. 7,
2010.  The company owed NZ$417 million to 13,000 investors.

Perpetual Trust Ltd., on July 27, 2010, appointed liquidators to
Strategic Finance.  The High Court in Wellington made an order
that Corporate Finance's John Cregten and Andrew McKay be
appointed liquidators.


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


ASIAVALE PTE: Creditors' Proofs of Debt Due Feb. 20
---------------------------------------------------
Creditors of Asiavale Pte Ltd, which is in members' voluntary
liquidation, are required to file their proofs of debt by
Feb. 20, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

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


BELGRAVIA PROPERTIES: Members' Final Meeting Set for Feb. 24
------------------------------------------------------------
Members of Belgravia Properties Pte Ltd will hold their final
meeting on Feb. 24, 2012, at 10:00 a.m., at 25 International
Business Park, at #04-22/26 German Centre, in Singapore 609916.

At the meeting, Steven Tan Chee Chuan, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


CEYLEASE FINANCIAL: Fitch Keeps National LT Rating at 'BB+'
----------------------------------------------------------
Fitch Ratings Lanka has maintained Ceylease Financial Services
Ltd's 'BB+(lka)' National Long-Term rating on Rating Watch
Evolving (RWE).

Ceylease was placed on RWE in July 2011 following Merchant Bank
of Sri Lanka Plc's announcement in May 2011 that the Central Bank
of Sri Lanka has provided "in principle approval" for the
issuance of a specialised banking license to MBSL subject to its
amalgamation with Ceylease and other entities of the Bank of
Ceylon (BoC; AA+(lka)'/Stable) group.  BOC owns a 55% stake in
Ceylease and a 72% stake in MBSL.

The RWE reflects the uncertainty surrounding the final details of
the intended merger, the profile of the merged entity, and the
resulting shareholding of state-owned BOC in the merged entity.

Fitch will resolve the RWE once the above details of the merged
entity become more definitive.  Retention of the merged entity
within the BOC group as well as an increase in BOC's effective
shareholding and future linkage with BoC group may lead to a
rating upgrade.  Conversely, a decrease in BOC's effective
shareholding through, for example, a divestment of the merged
entity and disassociation with the BOC franchise may lead to a
downgrade.

CFSL's total assets amounted to LKR1.7bn at end-September 2011.
The company operates via two outlets.


HOPU SERVICES: Creditors' Proofs of Debt Due Feb. 20
----------------------------------------------------
Creditors of Hopu Services (Singapore) Pte Ltd, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Feb. 20, 2012, to be included in the company's
dividend distribution.

The company's liquidators are:

          Low Sok Lee Mona
          Teo Chai Choo
          c/o Low, Yap & Associates
          4 Shenton Way
          #04-01 SGX Centre 2
          Singapore 068807


INTERTRADE (SINGAPORE): Court to Hear Wind-Up Petition on Feb. 3
----------------------------------------------------------------
A petition to wind up the operations of Intertrade (Singapore)
Chemicals Pte Ltd will be heard before the High Court of
Singapore on Feb. 3, 2012, at 10:00 a.m.

CKG Chemicals Pte Ltd filed the petition against the company on
Jan. 9, 2012.

The Petitioner's solicitor is:

          Sterling Law Corporation
          137 Telok Ayer Street
          #07-05, Singapore 068602


VEPRO (SEA): Creditors' Meeting Set for Jan. 27
-----------------------------------------------
Vepro (SEA) Pte Ltd, which is in liquidation, will hold a meeting
for its creditors on Jan. 27, 2012, at 10:00 a.m., at 8 Shenton
Way, #17-02A, in Singapore 068811.

Agenda of the meeting includes:

   a. to appoint a Committee of Inspection;

   b. to ratify the Deed of Settlement;

   c. to approve the powers of Liquidator subject to Section 272
      of the Companies Act; and

   d. to approve Liquidator's fees.

The company's liquidator is:

         Yit Chee Wah
         c/o FTI Consulting (Singapore) Pte Ltd,
         8 Shenton Way #17-02A,
         Singapore 068811


=============
V I E T N A M
=============


DOT VN: Louis Huynh Resigns from Board of Directors
---------------------------------------------------
Mr. Louis P. Huynh a director of Dot VN, Inc., tendered his
resignation as a director of the company.  Mr. Huynh's
resignation became effective immediately, he has served
diligently since 2006.  Mr. Huynh has no disagreements with the
Company in connection with his resignation as a director.

The Company regrets but also respects Mr. Huynh's decision, and
the Company thank and acknowledge him for his service and
dedication, his guidance and his invaluable contributions to the
strategic direction of the Company.  Mr. Huynh will continue to
provide part-time services to the Company under his Oct. 4, 2011,
consulting agreement.

                           About Dot VN

Dot VN, Inc. (OTC BB: DTVI) -- http://www.DotVN.com/-- provides
Internet and telecommunication services for Vietnam and operates
and manages Vietnam's innovative online media web property,
www.INFO.VN.  The Company is the "exclusive online global domain
name registrar for .VN (Vietnam)."  Dot VN is the sole
distributor of Micro-Modular Data Centers(TM) solutions and E-
Link 1000EXR Wireless Gigabit Radios to Vietnam and Southeast
Asia region.  Dot VN is headquartered in San Diego, California
with offices in Hanoi, Danang and Ho Chi Minh City, Vietnam.

Dot VN was incorporated in the State of Delaware on May 27, 1998,
under the name Trincomali Ltd.

The Company reported a net loss of $2.38 million on $464,886 of
revenue for the six months ended Oct. 31, 2011, compared with a
net loss of $2.95 million on $578,310 of revenue for the same
period a year ago.

The Company reported a net loss of $5 million on $1.01 million of
revenue for the year ended April 30, 2011, compared with a net
loss of $7.32 million on $1.12 million of revenue during the
prior year.

The Company's balance sheet at Oct. 31, 2011, showed $2.58
million in total assets, $9.24 million in total liabilities and a
$6.65 million total shareholders' deficit.

PLS CPA, in San Diego, Calif., noted that the Company's losses
from operations raise substantial doubt about its ability to
continue as a going concern.


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


* FIJI: Moody's Assigns 'B1' Long Term Issuer Ratings
-----------------------------------------------------
This release represents Moody's Investors Service's summary
credit opinion on the Government of Fiji, includes certain
regulatory disclosures regarding its ratings. This release does
not constitute any change in Moody's ratings or rating rationale
for Fiji.

Moody's current ratings on the Government of Fiji are:

Long Term Issuer (domestic and foreign currency) ratings of B1

Senior Unsecured (domestic and foreign currency) ratings of B1

Ratings Rationale

Fiji's B1 government bond ratings reflect a low level of economic
resiliency, low government financial strength, and a high
susceptibility to event risk. Some of Fiji's statistical
indicators--notably external debt ratios--compare favorably with
countries in the same rating range. However, the ratings are
constrained by these other factors. Low economic resiliency is
indicated by very low GDP per capita and the small size of the
economy. Low institutional strength reflects weak scores in the
World Bank's indices of governance and rule of law. The Reserve
Bank's independence has recently been compromised.

The government's financial strength is assessed as low because of
the high ratios of government debt and interest payments to
government revenue. These are partially mitigated by two factors:
(1) most government debt is held by the Fiji National Provident
Fund, which will continue to invest in government securities over
the medium term; (2) the proportion of debt denominated in
foreign currency is relatively small, meaning that the government
is not subject to exchange-rate risk or to adverse conditions in
global financial markets.

Fiji is subject to political event risk. After the overthrow of
the government in 2000, government finances deteriorated as did
the level of investment in the economy. Real GDP growth and
investment activity has similarly declined and subsequently
stagnated following the December 2006 coup.

The negative outlook was maintained following the downgrade of
the sovereign rating to B1 in April 2009 due to expectations of a
continued deterioration in the balance of payments. Following a
large devaluation of the Fijian dollar and the imposition of
strict exchange controls, foreign exchange reserves rebounded as
tourist arrivals and export shipments recovered. However, growth
remains lackluster and has had an adverse effect on the
trajectory of government debt, justifying the maintenance of the
negative outlook.

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


* BOND PRICING: For the Week Jan. 16 to Jan. 20, 2012
-----------------------------------------------------


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

  AUSTRALIA
  ---------

ADVANCE ENERGY           9.50    01/04/2015   AUD       1.07
AMITY OIL LTD           10.00    10/31/2013   AUD       2.05
AUST & NZ BANK           3.25    02/09/2018   NOK       8.53
AUST & NZ BANK           2.40    11/23/2016   USD      67.59
AUST & NZ BANK           5.00    01/24/2022   USD      52.99
AUST & NZ BANK           0.17    04/10/2012   USD      56.10
AUST & NZ BANK           0.15    04/18/2012   USD      23.12
CENTAUR MINING          10.00    12/01/2007   AUD       0.09
CHINA CENTURY           12.00    09/30/2012   AUD       0.85
DIVERSA LTD             11.00    09/30/2014   AUD       0.15
EXPORT FIN & INS         0.50    12/16/2019   NZD      71.71
EXPORT FIN & INS         0.50    06/15/2020   AUD      69.82
EXPORT FIN & INS         0.50    06/15/2020   NZD      70.11
FIRST AUSTRALIAN        15.00    01/31/2012   AUD       0.40
GRIFFIN COAL MIN         9.50    12/01/2016   USD      63.00
IMF AUSTRALIA           10.25    12/31/2014   AUD       1.70
KIMBERLY METALS         10.00    08/05/2016   AUD       0.38
MIDWEST VANADIUM        11.50    02/15/2018   USD      75.00
MIDWEST VANADIUM        11.50    02/15/2018   USD      75.00
NATL AUSTRALIABK         4.08    01/20/2027   EUR       4.00
NEW S WALES TREA         0.50    09/14/2022   AUD      62.65
NEW S WALES TREA         0.50    10/07/2022   AUD      62.47
NEW S WALES TREA         0.50    10/28/2022   AUD      62.31
NEW S WALES TREA         0.50    11/18/2022   AUD      62.15
NEW S WALES TREA         0.50    12/16/2022   AUD      61.94
NEW S WALES TREA         0.50    02/02/2023   AUD      61.57
NEW S WALES TREA         0.50    03/30/2023   AUD      61.14
TELSTRA CORP LTD         6.93    12/19/2023   AUD       2.87
TOYOTA FIN AUSTR         3.70    05/22/2014   AUD       2.10
TREAS CORP VICT          0.50    08/25/2022   AUD      63.09
TREAS CORP VICT          0.50    03/03/2023   AUD      61.51
TREAS CORP VICT          0.50    11/12/2030   AUD      43.40
WESTPAC BANKING          2.50    12/15/2016   USD      44.81

  CHINA
  -----

CHINA GOV'T BOND         1.64    12/15/2033   CNY      65.45


  HONG KONG
  ---------

CHINA SOUTH CITY        13.50    01/14/2016   USD      73.66
RESPARCS FUNDING         8.00    12/29/2049   USD      24.00


  INDIA
  -----

GEMINI COMMUNICA         6.00    07/18/2012   EUR      53.67
JAIPRAKASH POWER         5.00    02/13/2015   USD      70.19
PRAKASH IND LTD          5.62    10/17/2014   USD      71.30
SHIV-VANI OIL            5.00    08/17/2015   USD      67.45
SUZLON ENERGY LT         5.00    04/13/2016   USD      54.47
VIDEOCON INDUS           6.75    12/16/2015   USD      72.92


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


  JAPAN
  -----

AIFUL COPR               1.99    10/19/2015   JPY      37.48
ELPIDA MEMORY            0.70    08/01/2016   JPY      72.50
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      64.40
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      63.78
TAKEFUJI CORP            9.20    04/15/2011   USD       4.00
TOKYO ELEC POWER         1.79    03/14/2017   JPY      72.87
TOKYO ELEC POWER         2.12    03/24/2017   JPY      69.77
TOKYO ELEC POWER         1.73    03/28/2017   JPY      72.43
TOKYO ELEC POWER         1.78    05/31/2017   JPY      71.85
TOKYO ELEC POWER         2.02    07/25/2017   JPY      72.25
TOKYO ELEC POWER         3.22    07/28/2017   JPY      72.37
TOKYO ELEC POWER         1.94    08/28/2017   JPY      71.49
TOKYO ELEC POWER         1.84    09/25/2017   JPY      70.71
TOKYO ELEC POWER         1.75    09/28/2017   JPY      70.25
TOKYO ELEC POWER         1.77    11/30/2017   JPY      69.59
TOKYO ELEC POWER         2.77    12/22/2017   JPY      72.87
TOKYO ELEC POWER         1.67    01/29/2018   JPY      68.53
TOKYO ELEC POWER         2.90    03/23/2018   JPY      70.50
TOKYO ELEC POWER         1.67    03/28/2018   JPY      66.87
TOKYO ELEC POWER         2.77    04/17/2018   JPY      71.37
TOKYO ELEC POWER         1.60    04/25/2018   JPY      66.37
TOKYO ELEC POWER         1.64    04/25/2018   JPY      66.25
TOKYO ELEC POWER         1.97    06/25/2018   JPY      67.62
TOKYO ELEC POWER         1.84    07/25/2018   JPY      66.75
TOKYO ELEC POWER         1.84    10/17/2018   JPY      64.50
TOKYO ELEC POWER         2.07    10/23/2018   JPY      65.87
TOKYO ELEC POWER         2.05    11/16/2018   JPY      67.37
TOKYO ELEC POWER         2.70    01/29/2019   JPY      68.62
TOKYO ELEC POWER         1.60    05/29/2019   JPY      65.65
TOKYO ELEC POWER         1.90    06/13/2019   JPY      65.16
TOKYO ELEC POWER         2.80    09/17/2019   JPY      67.37
TOKYO ELEC POWER         1.45    09/30/2019   JPY      63.85
TOKYO ELEC POWER         1.37    10/29/2019   JPY      66.09
TOKYO ELEC POWER         2.05    10/29/2019   JPY      63.29
TOKYO ELEC POWER         1.81    02/28/2020   JPY      64.92
TOKYO ELEC POWER         1.48    04/28/2020   JPY      62.33
TOKYO ELEC POWER         1.39    05/28/2020   JPY      61.56
TOKYO ELEC POWER         1.31    06/24/2020   JPY      61.42
TOKYO ELEC POWER         1.94    07/24/2020   JPY      64.65
TOKYO ELEC POWER         1.22    07/29/2020   JPY      59.94
TOKYO ELEC POWER         1.15    09/08/2020   JPY      59.73
TOKYO ELEC POWER         1.63    07/16/2021   JPY      60.16
TOKYO ELEC POWER         2.34    09/29/2028   JPY      57.00
TOKYO ELEC POWER         2.40    11/28/2028   JPY      56.75
TOKYO ELEC POWER         2.20    02/27/2029   JPY      55.25
TOKYO ELEC POWER         2.11    12/10/2029   JPY      53.20
TOKYO ELEC POWER         1.95    07/29/2030   JPY      52.81
TOKYO ELEC POWER         2.36    05/28/2040   JPY      52.35


  MALAYSIA
  --------

ADVANCED SYNERY          2.00    01/26/2018   MYR       0.09
ASTRAL SUPREME           3.00    08/0/2021    MYR       0.10
CRESENDO CORP B          3.75    01/11/2016   MYR       1.46
DUTALAND BHD             7.00    04/11/2013   MYR       0.40
DUTALAND BHD             7.00    04/11/2013   MYR       0.90
ENCORP BHD               6.00    02/17/2016   MYR       0.88
KUMPULAN JETSON          5.00    11/27/2012   MYR       1.11
LION DIVERSIFIED         4.00    12/17/2013   MYR       0.60
MALTON BHD               6.00    06/30/2018   MYR       0.87
MITHRIL BHD              3.00    04/05/2012   MYR       0.73
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.22
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.44
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.21
PANTECH GROUP            7.00    12/21/2017   MYR       0.09
PRESS METAL BHD          6.00    08/22/2019   MYR       1.94
REDTONE INTL             2.75    03/04/2020   MYR       0.10
RUBBEREX CORP            4.00    08/14/2012   MYR       0.77
SCOMI ENGINEERING        4.00    03/19/2013   MYR       0.54
SCOMI GROUP              4.00    12/14/2012   MYR       0.07
SENAI-DESARU EXP         1.35    06/30/2027   MYR      44.94
SENAI-DESARU EXP         1.35    12/31/2027   MYR      43.66
SENAI-DESARU EXP         1.35    06/30/2028   MYR      42.37
SENAI-DESARU EXP         1.35    06/29/2029   MYR      39.90
SENAI-DESARU EXP         1.35    06/30/2031   MYR      34.45
TRADEWINDS CORP          2.00    02/26/2016   MYR       1.08
TRADEWINDS PLANT         3.00    02/28/2016   MYR       0.81
TRC SYNERGY              5.00    01/20/2012   MYR       1.55
WAH SEONG CORP           3.00    05/21/2012   MYR       2.31
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.62
YTL CEMENT BHD           5.00    11/10/2015   MYR       2.21


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

BLUE STAR GROUP          9.10    09/15/2015   NZD       6.10
FLETCHER BUILDING        8.50    03/15/2015   NZD       7.25
INFRATIL LTD             8.50    09/15/2013   NZD       8.70
INFRATIL LTD             8.50    11/15/2015   NZD       8.55
INFRATIL LTD             4.97    12/29/2049   NZD      53.10
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.06
NEW ZEALAND POST         7.50    11/15/2039   NZD      64.17
NZF GROUP                6.00    03/15/2016   NZD       9.74
TOWER CAPITAL            8.50    04/15/2014   NZD       1.02
TRUSTPOWER LTD           8.50    09/15/2012   NZD       7.15
TRUSTPOWER LTD           8.50    03/15/2014   NZD       6.95
UNI OF CANTERBUR         7.25    12/15/2019   NZD       0.96


SINGAPORE
---------

BAKRIE TELECOM          11.50    05/07/2015   USD      64.62
BAKRIE TELECOM          11.50    05/07/2015   USD      61.02
BLD INVESTMENT           8.62    03/23/2015   USD      74.77
CAPITAMALLS ASIA         1.00    01/21/2012   SGD       1.00
CAPITAMALLS ASIA         2.15    01/21/2014   SGD       1.01
DAVOMAS INTL FIN        11.00    12/08/2014   USD      42.25
F&N TREASURY PTE         2.48    03/28/2016   SGD       1.00
F&N TREASURY PTE         3.15    03/28/2018   SGD       1.00
SENGKANG MALL            4.00    11/20/2012   SGD       0.45
UNITED ENG LTD           1.00    03/03/2014   SGD       1.25
WBL CORPORATION          2.50    06/10/2014   SGD       1.03


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

BS CAPITAL CO            4.90    06/20/2013   KRW      33.17
CHEJU REGION DEV         2.50    12/31/2016   KRW      10.85
CJ O SHOPPING CO         3.89    12/23/2014   KRW      66.56
CN 1ST ABS               8.00    02/27/2015   KRW      31.91
CN 1ST ABS               8.30    11/27/2015   KRW      33.18
DONGAONE CO LTD          5.70    12/30/2012   KRW       3.03
DONGBU METAL CO          5.45    01/06/2015   KRW       0.32
EX-IMP BK KOREA          0.50    12/22/2017   KRW      62.76
HYUNDAI SWISS BK         7.90    07/23/2015   KRW       9.49
SK TELECOM               4.22    12/27/2021   KRW       3.73
SOLOMON MUTUAL           8.50    10/29/2014   KRW      70.22
TAEJON REG DEV           2.50    12/31/2016   KRW      14.97

SRI LANKA
---------

SRI LANKA GOVT           5.35    03/01/2026   LKR      56.63


TAIWAN
------

HSBC BANK TW LTD         1.40    01/31/2019   TWD      16.15
YANG MING MARINE         1.30    12/27/2016   TWD       9.14


THAILAND
--------

BELL PCL                 4.06    12/29/2018   THB      22.86
CENTRAL PATTANA          4.06    01/23/2017   THB      34.78
TICON INDUSTRIAL         4.50    01/10/2017   THB       2.03

VIETNAM
-------

VDB BOND               12.19     12/20/2014   VND      10.55


                             *********

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.





                 *** End of Transmission ***