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                      A S I A   P A C I F I C

           Friday, January 27, 2012, Vol. 15, No. 20



CDC CORP: U.S. Trustee Appeals Denial of Chapter 11 Trustee

H O N G  K O N G

AMAX WORLD: Court Enters Wind-Up Order
AMPLE INDUSTRIES: Court Enters Wind-Up Order
ART TECH: Court Enters Wind-Up Order
AVENUE OF STAR: Court to Hear Wind-Up Petition on Feb. 15
BEST GROUP: Court Enters Wind-Up Order

CHINA STAR: Court to Hear Wind-Up Petition on Feb. 8
CHI SUN: Court Enters Wind-Up Order
CHUN KONG: Court Enters Wind-Up Order
GERMANY DULEY: Court to Hear Wind-Up Petition on Feb. 29
GRAND CHINA: Court to Hear Wind-Up Petition on Feb. 15

GRAND CHINA LOGISTICS: Court to Hear Wind-Up Petition on Feb. 15
HEALTH & CARE: Court to Hear Wind-Up Petition on Feb. 15
HK SYNTRANS: First Meetings Slated for Feb. 10
HONOUR SINO: Court Enters Wind-Up Order
K VISION: First Meetings Slated for Feb. 23

KAI SHUN: Court to Hear Wind-Up Petition on March 14
KIN TAI: Court Enters Wind-Up Order
LUEN FAI: Court Enters Wind-Up Order
MEGO TOYS: Court Enters Wind-Up Order
ZFIC LIMITED: Members' Final General Meeting Set for Feb. 28


AIR INDIA: India Rules Out SLR Status for AI Loans
A POWER: ICRA Assigns '[ICRA]B' Rating to INR17.6cr Loan
GENESIS FINANCE: ICRA Reaffirms 'BB' Rating on INR35cr Credit
JHS SVENDGAARD: ICRA Cuts Rating on INR44.04cr Loan to '[ICRA]B'
MAILAM SUBRAMANIYA: ICRA Puts 'BB' Rating on INR10.36cr Loan

MANJEERA RETAIL: Fitch Puts National Long-Term Rating at 'B'
RADHIKA INFRAESTATE: ICRA Suspends '[ICRA]BB-' Bank Lines Rating
SAHIBZADA TIMBER: ICRA Places '[ICRA]B+' Rating on INR12.5cr Loan
TIRUPATI IRON: ICRA Assigns '[ICRA]B+' Rating to INR3cr Loan
VIJAY TRANSTECH: ICRA Assigns '[ICRA]B+' Rating to INR3cr Loan



* JAPAN: Posts First Annual Trade Deficit Since 1980

N E W  Z E A L A N D

BAY FLIGHT: Helipro Buys Flight School; To Reopen Next Month
CRAFAR FARMS: Fay Group Welcomes Out of Court Deals
ROCKFORTE FINANCE: SFO Lays 92 Criminal Charges vs Three Execs

S R I  L A N K A

VALLIBEL FINANCE: Fitch Affirms National LT Rating at 'BB-'


* Large Companies with Insolvent Balance Sheets

                            - - - - -


CDC CORP: U.S. Trustee Appeals Denial of Chapter 11 Trustee
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that even though CDC Corp. turned virtually all corporate
authority over to a chief restructuring officer, the U.S. Trustee
in Atlanta wasn't satisfied.  This week, the bankruptcy watchdog
for the Justice Department filed an appeal from the order of the
bankruptcy court authorizing the chief restructuring officer's
appointment in lieu of a Chapter 11 trustee.

Mr. Rochelle recounts that CDC was confronted in December with
motions by a creditor and the U.S. Trustee for appointment of a
Chapter 11 trustee.  To fend off the effort, CDC agreed with
everyone aside from the U.S. Trustee in late December on the
selection of a chief restructuring officer to exercise almost all
the powers that would vest in a Chapter 11 trustee, along with
those that otherwise would remain with the board and corporate
officers.  The judge also ruled that CDC's exclusive right to
file a Chapter 11 plan will end on Jan. 31, at the latest.

According to Mr. Rochelle, the U.S. Trustee nonetheless filed an
appeal, contending it was improper on the facts not to impose a
Chapter 11 trustee.

                          About CDC Corp

Based in Atlanta, CDC Corp. (Nasdaq: CHINA) -- 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

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.

H O N G  K O N G

AMAX WORLD: Court Enters Wind-Up Order
The High Court of Hong Kong entered an order on Oct. 20, 2011, to
wind up the operations of Amax World Limited.

The company's liquidators are:

          Yiu Cho Yan
          Jacqueline Lai
          Room 1702, 17/F
          Asian House, 1 Hennessy Road
          Wanchai, Hong Kong

AMPLE INDUSTRIES: Court Enters Wind-Up Order
The High Court of Hong Kong entered an order on Jan. 11, 2012, to
wind up the operations of Ample Industries Company Limited.

The official receiver is Teresa S W Wong.

ART TECH: Court Enters Wind-Up Order
The High Court of Hong Kong entered an order on Jan. 3, 2012, to
wind up the operations of Art Tech Holdings Limited.

The company's liquidators are:

          Yiu Cho Yan
          Jacqueline Lai
          Room 1702, 17/F
          Asian House, 1 Hennessy Road
          Wanchai, Hong Kong

AVENUE OF STAR: Court to Hear Wind-Up Petition on Feb. 15
A petition to wind up the operations of Avenue of Star
Entertainment & Production Limited will be heard before the High
Court of Hong Kong on Feb. 15, 2012, at 9:30 a.m.

Au Wai Tat Rocky filed the petition against the company Dec. 14,

BEST GROUP: Court Enters Wind-Up Order
The High Court of Hong Kong entered an order on Aug. 22, 2011, to
wind up the operations of Best Group International Limited.

The company's liquidators are:

          Ng Kwok Wai
          Lui Chi Kit
          Unit A, 14/F, JCG Building
          16 Mongkok Road
          Mongkok, Kowloon
          Hong Kong

CHINA STAR: Court to Hear Wind-Up Petition on Feb. 8
A petition to wind up the operations of China Star Enterprise
Hong Kong Limited will be heard before the High Court of Hong
Kong on Feb. 8, 2012, at 9:30 a.m.

Hung Wing San Tony filed the petition against the company
Oct. 28, 2011.

The Petitioner's solicitors are:

          Stephen Mok & Co.
          21/F, Gloucester Tower
          The Landmark
          15 Queen's Road
          Central, Hong Kong

CHI SUN: Court Enters Wind-Up Order
The High Court of Hong Kong entered an order on Sept. 19, 2011,
to wind up the operations of Chi Sun Kong Lung Logistics Company

The company's liquidators are:

          Yiu Cho Yan
          Jacqueline Lai
          Room 1702, 17/F
          Asian House, 1 Hennessy Road
          Wanchai, Hong Kong

CHUN KONG: Court Enters Wind-Up Order
The High Court of Hong Kong entered an order on Aug. 18, 2011, to
wind up the operations of Chun Kong Chemicals & Plastics Co

The company's liquidators are:

          Yiu Cho Yan
          Jacqueline Lai
          Room 1702, 17/F
          Asian House, 1 Hennessy Road
          Wanchai, Hong Kong

GERMANY DULEY: Court to Hear Wind-Up Petition on Feb. 29
A petition to wind up the operations of Germany Duley Holding
Limited will be heard before the High Court of Hong Kong on
Feb. 29, 2012, at 9:30 a.m.

Semikron International GmbH filed the petition against the
company Dec. 19, 2011.

The Petitioner's solicitors are:

          Yu & Partners
          18/F., Golden Centre
          188 Des Voeux Road
          Central, Hong Kong

GRAND CHINA: Court to Hear Wind-Up Petition on Feb. 15
A petition to wind up the operations of Grand China Shipping
(Hong Kong) Co Ltd will be heard before the High Court of Hong
Kong on Feb. 15, 2012, at 9:30 a.m.

Galsworthy Limited filed the petition against the company
Dec. 12, 2011.

The Petitioner's solicitors are:

          Reed Smith Richards Butler
          20th Floor, Alexandra House
          18 Chater Road
          Central, Hong Kong

GRAND CHINA LOGISTICS: Court to Hear Wind-Up Petition on Feb. 15
A petition to wind up the operations of Grand China Logistics
Holding (Group) Co Ltd will be heard before the High Court of
Hong Kong on Feb. 15, 2012, at 9:30 a.m.

Galsworthy Limited filed the petition against the company
Dec. 12, 2011.

The Petitioner's solicitors are:

          Reed Smith Richards Butler
          20th Floor, Alexandra House
          18 Chater Road
          Central, Hong Kong

HEALTH & CARE: Court to Hear Wind-Up Petition on Feb. 15
A petition to wind up the operations of Health & Care Group
Limited will be heard before the High Court of Hong Kong on
Feb. 15, 2012, at 9:30 a.m.

The Petitioner's solicitors are:

          Au & Associates
          Room 801, 8th Floor
          Fee Tat Commercial Centre
          No. 613 Nathan Road
          Mongkok, Kowloon
          Hong Kong

HK SYNTRANS: First Meetings Slated for Feb. 10
Creditors and contributories of Hong Kong Syntrans International
Logistics Company Limited will hold their first meetings on
Feb. 10, 2012, at 2:30 p.m., and 3:30 p.m., respectively at the
Official Receiver's Office, 10th Floor, Queensway Government
Offices, at 66 Queensway, in Hong Kong.

At the meeting, Teresa S W Wong, the company's liquidator, will
give a report on the company's wind-up proceedings and property

HONOUR SINO: Court Enters Wind-Up Order
The High Court of Hong Kong entered an order on Nov. 22, 2011, to
wind up the operations of Honour Sino Limited.

The company's liquidators are:

          Yiu Cho Yan
          Jacqueline Lai
          Room 1702, 17/F
          Asian House, 1 Hennessy Road
          Wanchai, Hong Kong

K VISION: First Meetings Slated for Feb. 23
Creditors and contributories of K Vision International Investment
(H.K.) Limited will hold their first meetings on Feb. 23, 2012,
at 2:30 p.m., and 4:00 p.m., respectively at 35th Floor, One
Pacific Place, at 88 Queensway, in Hong Kong.

At the meeting, Lai Kar Yan (Derek) and Yeung Lui Ming Edmund,
the company's liquidators, will give a report on the company's
wind-up proceedings and property disposal.

KAI SHUN: Court to Hear Wind-Up Petition on March 14
A petition to wind up the operations of Kai Shun (Oriental)
Company limited will be heard before the High Court of Hong Kong
on March 14, 2012, at 9:30 a.m.

Wong Yu Kai filed the petition against the company Jan. 5, 2012.

The Petitioner's solicitors are:

          Yip, Tse & Tang
          Units C-E, 20th Floor
          China Overseas Building
          No. 139 Hennessy Road
          Wanchai, Hong Kong

KIN TAI: Court Enters Wind-Up Order
The High Court of Hong Kong entered an order on Jan. 11, 2012, to
wind up the operations of Kin Tai Printing Company Limited.

The official receiver is Teresa S W Wong.

LUEN FAI: Court Enters Wind-Up Order
The High Court of Hong Kong entered an order on Oct. 18, 2011, to
wind up the operations of Luen Fai Textile Holdings Limited.

The company's liquidators are:

          Yiu Cho Yan
          Jacqueline Lai
          Room 1702, 17/F
          Asian House, 1 Hennessy Road
          Wanchai, Hong Kong

MEGO TOYS: Court Enters Wind-Up Order
The High Court of Hong Kong entered an order on Aug. 22, 2011, to
wind up the operations of Mego Toys Industrial Company Limited.

The company's liquidators are:

          Ng Kwok Wai
          Lui Chi Kit
          Unit A, 14/F, JCG Building
          16 Mongkok Road
          Mongkok, Kowloon
          Hong Kong

ZFIC LIMITED: Members' Final General Meeting Set for Feb. 28
Members of ZFIC Limited will hold their final general meeting on
Feb. 28, 2012, at 11:00 a.m., at Rm 2002, 20/F, Multifield
Centre, at 426 Shanghai Street, Kowloon, in Hong Kong.

At the meeting, Lam King Lin, the company's liquidator, will give
a report on the company's wind-up proceedings and property


AIR INDIA: India Rules Out SLR Status for AI Loans
The Economic Times reports that the Reserve Bank of India ruled
out statutory liquidity ratio status for loans to Air India,
crippling efforts to revive the debt-laden national carrier.  The
central bank said it will convene a meeting of bankers in two
weeks to work out a bail-out policy for companies that are on the
verge of default, the report says.

RBI Governor D Subbarao on Tuesday said the central bank will not
be comfortable treating loans to Air India as SLR, according to

According to the report, Mr. Subbarao said deputy governors KC
Chakrabarty and Anand Sinha will convene a meeting with 10 large
banks to analyze the situation of non-performing assets.  "They
will see what measures have to be taken by the banks, if any, by
the Reserve Bank, by central government, by the state government
to ensure that the profitability and viability of the banking
system is intact as it is now," the report quotes Mr. Subbarao as

The central bank does not see any sector specific concern though
there are fears that NPAs in segments like power, telecom, discom
would go up, the report notes.

                         About Air India

Air India Ltd -- transports
passengers throughout India and to more than 40 destinations
throughout the world.  Affiliate Air India Express operates as a
low-fare carrier, mainly between India and destinations in the
Middle East, and Air India Cargo provides freight transportation.
The government of India has merged Air India with another state-
controlled carrier, Indian Airlines, which has focused on
domestic routes.  The combined airline, part of a new holding
company called National Aviation Company of India, uses the Air
India brand.  The new Air India and its affiliates have a fleet
of more than 110 aircraft altogether.

                         *     *     *

The Troubled Company Reporter-Asia Pacific, citing the Hindustan
Times, reported on June 19, 2009, that Air India has been
bleeding cash due to excess capacity, lower yield, a drop in
passenger numbers, an increase in fuel prices and the effects of
the global slowdown.  The carrier incurred net losses of
INR2,226.16 crore in 2007-08 and INR5,548 crore in 2008-09.  Air
India is estimated to have lost INR54 billion in the fiscal year
ended March 31, 2010, according to The Wall Street Journal.

A POWER: ICRA Assigns '[ICRA]B' Rating to INR17.6cr Loan
ICRA has assigned '[ICRA]B' Long Term rating to the Rs17.60 crore
fund based bank limits of A Power Himalayas Limited.

The assigned ratings are constrained by the small scale of
operations and the relatively low plant load factor (PLF) of the
small hydroelectric plants (SHPs) operated by the company in
FY2010 and FY2011 which has in turn resulted in relatively modest
income, profits and cash flows in the company. The ratings are
also constrained by the exposure of the company, as an equity
investor, to substantial project execution risks in group
companies which are implementing hydroelectric projects.
Commissioning of some of these plants which are being implemented
by the subsidiaries have been significantly delayed by up to 12
months (on account of various factors including delays in permits
and infrastructural constraints at site) including in its group
company Regency Gangani Energy Private Limited (rated [ICRA]B-
December 2010). Being a small scale independent power producer,
the company's returns and liquidity would be highly susceptible
to risks of cost and time overruns in the projects where it has
invested capital, which are exacerbated by the fact that the same
has been funded mainly through debt.

The ratings are however supported by the long track record of the
promoters in power sector and their diversified interests which
include a portfolio spanning over ferro alloys, and tourism in
addition to SHP projects. The company has built up a strong in-
house execution capabilities. ICRA also draws comfort from the
off-take prospects of SHP projects owing to the current supply-
demand gap in power sector. Going forward, the company's ability
to execute the current projects on time, maintaining control over
the project costs, and being able to generate timely revenues to
meet its debt obligations would remain key rating sensitivities.

                    About A. Power Himalayas

M/s A. Power Himalayas Limited is an independent power producer
(IPP), promoted by Regency Group which has to develop and operate
SHP projects in Himachal Pradesh. APHL is current operating a 1.5
MW SHP in Solang of Himachal Pradesh. It is also implementing a
2.25 MW SHP project on Beas River in Himachal Pradesh under APHL.
Regency Group has diverse interests including into tourism and
metal alloys and is currently implementing a number of other SHP
projects where APHL also holds some equity stake.

Recent Results:

The company has reported a revenue of INR1.14 crore operating
income for FY 2011 and a net profit of INR0.36 crore for FY 2011,
against an operating income of INR1.12 crore and net profit for
INR0.63 crore for FY 2010. It has witnessed a PLF of 34% and 35%
respectively in FY 2010 and FY 2011 on account of repair work and
capacity enhancement undertaken in the years.

GENESIS FINANCE: ICRA Reaffirms 'BB' Rating on INR35cr Credit
ICRA has reaffirmed the rating of '[ICRA]BB' on the INR35 crore
Long Term fund based limits of Genesis Finance Company Limited.
The outlook on the long term rating of the company has been
revised to 'Stable' from 'Positive'.

The rating factors in the company's track record of operating in
the loan against property segment, albeit at a small scale and
its promoters close involvement in the operations of the company,
which has facilitated good asset quality and adequate
capitalization, through regular equity infusions. ICRA's rating
however remains constrained on account of the company's small and
regional scale of operations, its relatively high level of
concentration of its portfolio and constrained financial
flexibility with external funding only from a single bank, at
fairly high rates. Nevertheless regular capital infusions by the
promoter have facilitated the company to grow in the past. The
rating also factors in the company's continued constrained
reported profitability (PAT/ Avg. Total Assets of 1.27% and
Return on Net worth of 2.94% as on March 31, 2011) and its higher
level of portfolio concentration with the top 10 exposures
accounting for 55% of total advances as on Jun-11.

The revision in the rating outlook to 'stable' from 'positive'
follows the company's inability to improve its reported
profitability, the weakening of operating environment and the
relatively large size lending of the company; although the
adequate level of capitalization, does provide some buffer
against risks associated with a concentrated portfolio. At the
same time, lack of regulatory norms applicable to non deposit
accepting NBFC's (with asset base of under INR100 crore) could
expose the company to higher risks, although GFCL has a policy to
follow concentration norms applicable to Systemically Important
NBFCs and is likely to maintain an adequate capital structure.
Furthermore portfolio growth of the company was robust during FY
2011 and is expected to remain healthy going forward. Ability of
the company to ensure a strict control over its operations and
asset quality as it expands its scale would remain an important
rating consideration going forward.

                       About Genesis Finance

Genesis Finance Company Limited is a Delhi based Non-Deposit
Accepting NBFC and started its operations in 1986. The company
operates in the Delhi region and primarily extends loans to
small/mid size corporates and traders backed by mortgage on
property. As on Jun-11 the promoters are have 55.22% stake in the
company while remaining is with various group companies and
promoters' friends/relatives.

As per audited results for the year ended March 31, 2011, GFCL
reported a PAT of Rs.0.58 crore on an asset base of INR56.77
crore. During FY 2011 the loan portfolio of the company
registered a y-o-y growth of 61% to INR55.30 crore as on Mar-11.
As on September 30, 2011 the book size of the company was
INR49.47 crore. Based on provisional results for the half year
ended September 30, 2011 the company reported a PAT of INR0.57
crore against a PAT of INR0.25 crore during the corresponding
period in the previous financial year.

JHS SVENDGAARD: ICRA Cuts Rating on INR44.04cr Loan to '[ICRA]B'
ICRA has revised the long term rating for INR44.04 crore fund
based limits of JHS Svendgaard Laboratories Limited to '[ICRA]B'
from '[ICRA]BBB-'. ICRA has also revised the short term rating
for INR3.10 crore non-fund based bank limits of JHSSLL to
'[ICRA]A4' from '[ICRA]A3'.

The revision in rating takes into account weakening in the
profitability indicators of the company following an increase in
input costs and increased proportion of sales from trading
activities in total revenues of the company. Weakening
profitability indicators also resulted in stretched liquidity as
reflected by overdrawls in working capital limits to fund growth
in its order book. Further the ratings are constrained by highly
competitive nature of the industry which exerts pressure on
company's margins, its high working capital intensity on account
of high debtors' days & high inventory days and high volatility
in JHSSLL's profitability due to raw material price fluctuations.
The ratings also take into consideration the risk of adverse
movement in foreign exchange rates to the extent exposure remains
unhedged, however the exposure is expected to be low. However,
ICRA has also noted the continued association of the group with
P&G Home Products Limited, entry of new reputed customers and the
proposed amalgamation of group entities into JHSSLL. Further ICRA
continues to derive comfort from JHSSLL's experienced management,
its reputed client profile and income and excise tax benefits
available to its plant in Himachal Pradesh till FY2020.

JHS Svendgaard Laboratories Limited was promoted in October 2004
by Mr. Nikhil Nanda to carry out the business of manufacturing
and trading of oral hygiene products. The company started its
commercial activities by taking over the businesses of three
proprietary concerns on a going concern basis namely M/s Sunehari
Svendgaard Laboratories, M/s Sunehari Oral Care and M/s Jai
Hanuman Exports with effect from April 1, 2005. These three
proprietary concerns were earlier run by the family of Mr. Nikhil
Nanda. JHSSLL is a dental and oral health care products
manufacturing company manufacturing a variety of dental and oral
care products. JHSSLL undertakes contract manufacturing for
various national and global brands. The company has also
developed its own brands however the sales under its own brands
are limited.

Recent Results:

The company reported an operating income of INR21.67 crore and
net loss of 3.61 crore for quarter ending Sept. 30, 2011. On a
consolidated basis the company reported an operating income of
INR32.14 crore and net loss of INR1.09 crore for the quarter
ending Sept. 30, 2011.

MAILAM SUBRAMANIYA: ICRA Puts 'BB' Rating on INR10.36cr Loan
ICRA has assigned a long term rating of '[ICRA]BB' to the
INR10.36 crore term loans and INR0.64 crore fund based facilities
of Mailam Subramaniya Swamy Educational Trust.  The rating
carries stable outlook.

The rating considers the experience of the promoters in the
education sector, healthy enrollment levels in the Trust run
institute due to favorable reputation in the region and healthy
financial profile of the trust characterized by strong margin and
comfortable capital structure. The rating also takes note of the
increase in intake capacity in the trust run institute which
could result in revenue growth in the medium term.

ICRA takes note of high competition in education sector in
Tamilnadu and resultant pressure to retain and attract quality
faculty and increase placements (which is moderate at present for
the institute under Mailam trust). The trust has also indicated
possible infrastructure expansion in the future which although
not finalized yet, could stretch the capital structure if debt
funded. ICRA also takes note of issues of limited accounting
disclosures for an educational trust and instances of transfer of
funds between Mailam Trust and other group entities.

                       About Mailam Subramainya

Mailam Subramainya Swamy Educational Trust was established in
1996 by Mr. N. Kesavan who is the founder chairman. The Trust
established - Mailam Engineering College in 1998 in Mailam in
Villupuram district in Tamil Nadu. The College is approved by
AICTE and affiliated to Anna University, Chennai. It provides
both under-graduate and post-graduate courses in engineering and
management. Over the years the Institute has increased its intake
capacity and also introduced new courses. The institute currently
has -2,900 students.

Mr. N. Kesavan also founded Sri Manakula Vinayaga Educational
Trust in 1996 and currently operates five institutes including an
engineering and medical college in the Union Territory of

Recent Results:

Mailam trust has reported profit after tax (PAT) of INR3.7 crore
on an operating income (OI) of INR12.6 crore in fiscal 2010-11
compared to PAT of INR3.7 crore on an OI of INR10.4 crore in
fiscal 2009-10.

MANJEERA RETAIL: Fitch Puts National Long-Term Rating at 'B'
Fitch Ratings has assigned India's Manjeera Retail Holdings
Private Limited (MRHPL) a National Long-Term rating of 'Fitch
B(ind)'.  The Outlook is Stable. Fitch has also assigned MRHPL's
INR2,500m long-loans a 'Fitch B(ind)' rating.

The ratings are constrained by the large scale of MRHPL's
project: development of 3.05 million sq.ft. of space relative to
the 1.7 million sq.ft. developed by its parent (Manjeera
Constructions Limited, a 51% stake) over the past two decades.
Further, the existing supply of residential and commercial space
in the project location may exert downward pressure on the
company's sales and realizations.  While only 33% of the flats
remain unsold, 57% of the commercial and retail space in S3 and
94% of the commercial space in S2 remain unsold as of October

The ratings, however, draw comfort from MRHPL's flexibility to
stagger construction of its S2 commercial building.  The ratings
are also supported by a corporate guarantee for the project debt
extended by the parent and the expected financial support from
the parent and MRHPL's founders, if required.

Positive rating guidelines include sale of commercial space as
projected and corresponding realisation of cash.  Negative rating
guidelines include any major time or cost overruns in the project
and a shortfall in cash flows due to slowing down of sales. Any
reduction in expected support from the group may also lead to a
ratings downgrade.

MRHPL is developing 880,000 sq.ft. of commercial space and a
425,000 sq.ft. mall in Site S2 and 100,000 sq.ft. of retail
space, 225,000 sq.ft. of commercial space and 250 residential
flats in Site S3 through a joint development agreement with
Andhra Pradesh Housing Board in Kukatpally, Hyderabad.  A private
equity investor -- Trinity Capital -- holds 49% of MRHPL.

RADHIKA INFRAESTATE: ICRA Suspends '[ICRA]BB-' Bank Lines Rating
ICRA has suspended '[ICRA]BB-' rating assigned to the INR20 crore
bank lines of Radhika Infraestate Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.

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

Radhika Infraestate Global Private Limited, established in 2009,
is the promoter of Radhika's Maple Tree, a 636-flat integrated
township in Bhopal. This is the first and only real estate
project of the company as of now. The INR99.2 crore project,
situated on Airport road, is scheduled to be completed by FY15.
The project would largely be funded through customer advances.

SAHIBZADA TIMBER: ICRA Places '[ICRA]B+' Rating on INR12.5cr Loan
ICRA has assigned '[ICRA]B+' Long Term rating to the
INR12.50 crore fund based bank limits of Sahibzada Timber & Ply.

The rating action takes into account small scale of operations
which restrict the economies of scale, high competitive pressures
due to low entry barriers, and the risks associated with the
availability of timber, which to an extent is dependent on the
trade regulations prevailing in the supplying market. The rating
is also tempered by the high working capital intensity and low
profitability with the margins remaining susceptible to adverse
movements in the timber prices and fluctuation in exchange rates.

The rating is however supported by significant experience of the
promoters in the timber trading business and firm's established
relationship with its suppliers. The rating also factors in the
strong growth in operating income reported by the company over
the past 4 years (CAGR of 19%). Further, current focus by
government on infrastructure development augurs well for the
prospects of the timber industry going forward.

In the near to medium term, while the revenue growth is expected
to be dependent on the sustained demand, the coverage indicators
are expected to remain stretched on account of working capital
requirements if the company fails to achieve control on the
inventory holding. Overall, the firm's ability to improve the
cash flows would be critical in improving its credit profile.

                       About Sahibzada Timber

Sahibzada Timber & Ply is a proprietorship concern which started
in 1992. The company sells cut hardwood logs imported from
various countries like Malaysia, Ghana, Nigeria and New Zealand,
along with domestic varieties. The product profile also includes
varieties of veneer and sun mica. The customers, comprising of
retailer and builders are present across Delhi, Punjab and
Haryana. The company is among the larger traders of timber in

Recent Results:

The company has reported an operating income of INR21.45 crore in
FY 2011 as against INR14.83 crore in FY 2010.

TIRUPATI IRON: ICRA Assigns '[ICRA]B+' Rating to INR3cr Loan
ICRA has assigned an '[ICRA]B+' rating to the Rs.3.00 Crore fund
based facilities of Tirupati Iron Impex Private Limited.  ICRA
has also assigned an '[ICRA]A4' rating to the Rs.7.00 Crore non
fund based facilities of TIIPL.

The assigned rating takes into account TIIPL's stretched
liquidity position, low profitability margins given its trading
nature of business and presence of intense competition due to low
entry barriers. The assigned rating also factors in the
susceptibility of margins to volatility in steel prices given the
inherent cyclicality in steel demand due to its linkage with
infrastructure sector.

ICRA, however, positively considers the experience of the
promoters in the steel trading business and its recognition as
MSEDCL approved vendor since 2009.

                      About Tirupati Iron

Incorporated in 2005, Tirupati Iron Impex Pvt Ltd is engaged in
trading of Beams/RSJ, channels, TMT, MS pipes, flat steel and
other steel allied products in domestic market. The company
supplies steel material in both bulk as well as small quantities.
Mr.Pradeep Kumar Jain, Mr. Manoj Kumar Gupta, Mr. Vikas Jain and
Mr. Shyam Sunder Gupta are involved in the management of the
company. The company's head office is located in Mumbai and
products are primarily dispatched from Raipur.

Recent Results:

TIIPL recorded a net profit of INR1.21crore on an operating
income of INR107.07crore for the year ending March 31, 2011.

VIJAY TRANSTECH: ICRA Assigns '[ICRA]B+' Rating to INR3cr Loan
ICRA has assigned a long-term rating of '[ICRA]B+' rating to
INR3.00 crore fund based facilities and a short-term rating of
'[ICRA]A4' rating to INR3.00 Crore* non fund based facilities of
Vijay Transtech Pvt. Ltd.

The ratings reflects VTPL's small scale of operations, sluggish
growth in revenues since last three fiscals and stretched
liquidity position arising from slow debtor realizations. The
ratings also reflect VTPL's adverse financial profile
characterized by weak debt servicing indicators and thin
profitability. The rating however favorably factors in, the
promoters' established experience in the building management
systems and fire & security industry along with established
business relationships and tie-ups with its distributors.

                       About Vijay Transtech

Vijay Transtech Pvt. Ltd. was incorporated as a private limited
company in 2005. VTPL is engaged in field of integrated building
management system and export of electronic and mechanical
modules. The company has its registered office in Mumbai.

VTPL's is a part of Vijay Group headquartered in Mumbai and has
over five decades of experience in providing safety, security and
automation systems. VTPL recorded a net profit of INR0.18 Crores
on an operating income of INR11.71 Crores for the year ending
March 31, 2011.

Recent Results:

VTPL recorded a loss of INR0.15 Crore on an operating income of
INR3.31 Crore as on 30th November 2011 as per provisional

ICRA has assigned an '[ICRA]BB-' rating to the INR8.00 crore cash
credit and INR5.00 crore bill discounting facilities of Yathansh
Commercial Limited.  The outlook on the long term rating is
stable. ICRA has also assigned an '[ICRA]A4' rating to the
INR2.00 crore non fund based bank limits of YCL.

The ratings take into account the experience of YCL's promoters
in steel trading which has enabled the company to grow its
turnover significantly in recent years, low raw material price
risk as a majority of the purchases are made against confirmed
orders and a favourable demand outlook for steel products in the
medium to long term, which provides growth opportunities to YCL.
The ratings factor in YCL's relatively small scale of current
operations, its weak financial profile characterized by low net
profitability, cash accruals and depressed coverage indicators,
and high working capital intensity of the business which exerts
pressure on the liquidity position of the company. The ratings
also consider the intense competition in the trading business
which keeps the company's overall profitability at low levels and
its exposure to counterparty risks, although moderated to an
extent by the established relationships with clients.

                      About Yathansh Commercial

Incorporated in 1983, Yathansh Commercial Limited was initially
involved in procuring and selling of various steel products for
other companies on a commission basis. In 2002 the company
shifted to trading in various steel products in the domestic
market. Currently YCL trades in various steel products like
angles, channels, sheets, TMT bars etc. The company is promoted
by Mr. Ajay Jain, Mr. Manish Jain and Mr. Prakash Chandra
Agarwal. The company has one rented warehouse in Howrah.

Recent Results:

The company has reported a net profit of INR0.42 crore on an
operating income of INR93.27 crore during 2010-11 as compared to
a net profit of INR0.25 crore on an operating income of INR78.11
crore during 2009-10.


* JAPAN: Posts First Annual Trade Deficit Since 1980
Eric Talmadge at the Associated Press reports that the
devastating March tsunami and shift of manufacturing overseas
plunged Japan's trade account into the red for the first time
since 1980.  Experts said the years of Japan running massive
trade surpluses are likely over, the AP reports.

Citing figures released Wednesday by the Ministry of Finance, the
news agency relates that the JPY2.49 trillion (US$32 billion)
deficit for 2011 reflected a surge in energy imports to cover
shortfalls caused by the disaster and a 2.7% decline in the value
of Japan's exports to JPY65.55 trillion (US$843 billion).

Manufacturers have moved some production overseas to avoid the
damage inflicted by the strong yen, a trend that has accelerated
in recent years, the AP notes.  Some economists said the trade
balance will be in the black again within two years, but the era
of very large surpluses that allowed Japan to build a huge pile
of foreign reserves has ended, according to the news agency.

"It reflects fundamental changes in Japan's economy, particularly
among manufacturers," the AP quotes Hideki Matsumura, senior
economist at Japan Research Institute, as saying.  "Japan is
losing its competitiveness to produce domestically."

"It's gotten difficult for manufacturers to export, so they're
they've moved production abroad so that products sold outside the
country are made outside the country," Mr. Matsumura, as cited by
the AP, said.

The report states that the yen's surge to record levels against
the dollar and euro has made Japanese exports more expensive and
also erodes the value of foreign earned income when brought home.
Recently, the AP relates, manufacturers such as Nissan Motor Co.
and Panasonic Corp. have shifted some of their output to
factories abroad.  At the same time, Japan is facing intense
competition from South Korea, Taiwan and Singapore, where labor
and production costs are cheaper, the report says.

According to the AP, Japanese manufacturers have been battered by
a host of negatives in the past year.  The tsunami, says AP,
temporarily disrupted the production of automobile makers and
other manufacturers.  Weakness in the U.S. economy and Europe's
debt problems and recent flooding in Thailand, where many
Japanese automakers have assembly lines, also contributed to
export declines, the AP adds.

Another major factor behind the deficit was the impact of the
expensive energy imports Japan turned to after the March disaster
touched off a nuclear crisis and led the country to shut down, or
not restart, a large portion of its reactors, Martin Schulz,
senior economist with the Fujitsu Research Institute, told AP.

Mr. Schulz, as cited by the news agency, said pressure to import
energy will continue to weigh heavily on Japan for the next year,
but will subside as the country pursues greater efficiency

According to the report, Mr. Matsumura believes that Japan will
likely log another trade deficit this year amid prospects for
high energy prices and a persistently strong yen, but that
renewed strength in the global and Asian regional economies could
put Japan back into the black in 2013.

N E W  Z E A L A N D

BAY FLIGHT: Helipro Buys Flight School; To Reopen Next Month
Phillipa Yalden at The SunLive reports that Tauranga's Bay Flight
school will re-open its doors in February under the new name Bay
Flight 2012 after being purchased by Palmerston North based
company Helipro.

Staff and members of the operations team are back on site at the
flight school on Jean Batten Drive after the sale to Helipro was
finalised last Friday, the report says.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 16, 2012, The SunLive said Bay Flight Aviation Limited, was
placed in liquidation.  Tauranga-based RHB Chartered Accountants
was appointed the liquidator on December 22.

Phil Hooker started the training institution in Tauranga in 1996,
owning it for 14 years before selling the business to Palmerston
North resident Steve Rowe 18 months ago, according to The

The business employs about 20 staff, and has 11 planes in its
fleet, including two Cessna aircraft, a Piper Cherokee, Piper
Seneca and Tecnam P2006T, The SunLive disclosed.

CRAFAR FARMS: Fay Group Welcomes Out of Court Deals
Andrea Fox at Fairfax NZ News reports that aspiring Crafar farms
bidder Sir Michael Fay has welcomed out-of-court deals between
his farming consortium's lawyers, government ministers and
favoured Chinese bidder Shanghai Pengxin, which will delay the
closing of any purchase deal for at least a week.

According to the report, Mr. Fay said the breathing space would
give the farmer group time to digest Pengxin's application to the
Overseas Investment Office and the Government's final decision on
the matter, expected Jan. 26 or Jan. 27.

Fairfax NZ relates that Mr. Fay said his group would be back in
the High Court next week regardless, pursuing its case for a
judicial review of proceedings leading up to any OIO or
government agreement to sell the farms to Pengxin.

Those proceedings were started in the High Court at Wellington on
Jan. 24, the report relates.

The report notes that Bell Gully lawyer David Cooper for Mr.
Fay's group said the consortium had been given a copy of
Pengxin's application to the OIO for consent to buy the 16
in-receivership Crafar farms.

Ministers had also agreed to give the group a copy of the OIO's
recommendation on the bid as soon as ministers made a decision on
the application, which Mr. Cooper expected Thursday or today,
Fairfax NZ adds.

According to Fairfax NZ, Pengxin had agreed not to settle any
contract with the receivers until Friday next week, leaving Mr.
Fay's group time to challenge the proposed sale.

                         About Crafar Farms

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

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

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

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

ROCKFORTE FINANCE: SFO Lays 92 Criminal Charges vs Three Execs
The National Business Review reports that the Serious Fraud
Office has laid 92 criminal charges against the three directors
of failed Gisborne finance company Rockforte Finance.

Nigel Brent O'Leary and Colin Mark Simpson each face 34 charges,
and John Patrick Gardner faces 24 charges under the Crimes Act,
NBR says.

The news agency relates that the alleged offences include theft
by a person in a special relationship, false accounting,
obtaining by deception, and false statements by a promoter.  The
charges carry maximum sentences of between seven and ten years

According to the report, SFO chief executive Adam Feeley said the
case was the penultimate finance company investigation to be
concluded by the SFO, with only Hanover Finance still under

                     About Rockforte Finance

Established in 2003, Rockforte Finance engages in consumer and
asset lending.  The company specializes in financing used cars,
mostly second-hand Japanese cars imported by an associated
company, and small personal and business loans.

Rockforte Finance was placed into receivership in May 2010, owing
about NZ$3.2 million to some 70 investors, according to a
BusinessWire article posted at  According to the
BusinessWire article, Katherine Kenealy and Dennis Parsons of
Indepth Forensic have been appointed receivers of the Gisborne-
based lender by its trustee Covenant Trust.  The Treasury
confirmed all eligible depositors are covered by the government's
guarantee.  However, all new deposits or any rolled over after
Dec. 31, 2009, fell outside the scheme because Rockforte
didn't sign the replacement guarantee deed at the end of 2009.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 22, 2011, The New Zealand Herald said the receivers for
Rockforte Finance have halved their forecast for potential
recoveries to less than 5 cents in the dollar and filed
proceedings against the firm's directors.

S R I  L A N K A

VALLIBEL FINANCE: Fitch Affirms National LT Rating at 'BB-'
Fitch Ratings has affirmed Sri Lanka's Vallibel Finance PLC's
National Long-Term rating at 'BB-(lka)'.  The Outlook is Stable.

VFL's rating factors in its small but growing asset base, healthy
profitability and modest asset quality.  The rating is
constrained by VFL's modest capitalisation which is lower than
the Fitch-rated RFC (registered finance company) average of 17.7%
at end-March 2011 (FYE11).

Sustained improvements in capitalisation while maintaining asset
quality and profitability following its growth phase may lead to
a rating upgrade.  A further dilution in capitalisation below
that of its rating peers could lead to a downgrade of VFL's

VFL's equity/assets fell to 12.0% in FYE11 and to 10.8% in H112
(FYE10: 14.82%) due to rapid loan growth. Total advances
increased by 39% in H112 (FY11: 110%) albeit on a small base.
This was similar to that of the sector which benefited from the
reduction of import duties in mid-2010.  Fitch notes, however,
that VFL would need to strengthen its core capital base in view
of current growth trends which have surpassed the company's rate
of internal capital generation.

The finance company's three-month gross non-performing loans
(NPLs) ratio fell to 7.2% in H112 from 12.5% at FYE10, helped
largely by loan growth. Regulatory six-month NPLs increased
marginally to 1.7% in H112 (FYE11: 1.5%, FYE10: 3.2%), but
compares well with similar-rated peers. Fitch notes, however,
that NPLs could increase as VFL's loan book seasons.

An improving trend in profitability since FYE10 continues with
return on assets further increasing to 4.8% in H112 (FY10: 3.6%),
supported by wider net interest margins (NIMs), falling
provisioning costs and higher non-interest income.  NIMs
benefited from deposit rates falling faster than lending rates in
FY11.  However, funding costs are likely to increase in H212 as
competition for deposits intensifies; although this may be
cushioned by VFL's expanding branch network which will give it
better access for deposit mobilization.

VFL's deposit growth of 29% in H112 (FYE11: 128%) was higher than
that of the sector and supported by branch expansion during the
year and competitive market rates offered in relation to peers.

The finance company's loan-loss coverage is lower than the
sector's, and stems from a proportionate reduction in over 12-
month NPLs, which require 100% provisioning as per the regulatory
requirements.  Un-provisioned NPLs accounted for 50.7% of VFL's
capital base at end-H112 - weakening from 42% at FYE11 (FYE10:
60%).  However, at the regulatory six-month threshold, this was
significantly lower at 5.4% (FYE11: 1.6 %).

VFL is a registered finance company with an asset base of
LKR5.2bn at end-September 2011.  The company operates nine
outlets in Sri Lanka.


* Large Companies with Insolvent Balance Sheets

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


APN EUROPEAN PRO          AEZ            563.10         -79.26
ARASOR INTERNATI          ARR             19.21         -26.51
AUSTAR UNITED             AUN            734.96        -173.09
AUSTRALIAN ZI-PP          AZCCA           77.74          -2.57
AUSTRALIAN ZIRC           AZC             77.74          -2.57
AUTRON CORP LTD           AAT             32.50         -13.46
AUTRON CORP LTD           AATDA           32.50         -13.46
BIRON APPAREL LT          BIC             19.71          -2.22
CENTRO PROPERTIE          CNP         15,483.44        -349.73
CLARITY OSS LTD           CYO             30.18         -12.07
MACQUARIE ATLAS           MQA          1,894.75        -230.50
MISSION NEWENER           MBT             39.20         -31.86
NATIONAL LEISURE          NLG            154.59         -34.49
NATURAL FUEL LTD          NFL             19.38        -121.51
ORION GOLD NL             ORN             11.35          -4.05
REDBANK ENERGY L          AEJ            377.31         -22.16
RENISON CONSOLID          RSN             10.20         -22.16
RENISON CONSO-PP          RSNCK           10.20         -22.16
RIVERCITY MOTORW          RCY            386.88        -809.14
STERLING BIOFUEL          SBI             20.58          -1.88
SVC GROUP LTD             SVC             13.47          -1.66


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


BEP INTL HLDGS L          2326            11.98          -1.14
BUILDMORE INTL            108             16.57         -57.57
CHINA COMMUNICAT          8206            11.52         -27.35
CHINA HEALTHCARE          673             46.24          -3.08
CHINA NEW ENERGY          1041           110.74         -80.18
CHINA OCEAN SHIP          651            485.84          -2.95
CHINA PACKAGING           572             19.73         -16.87
CMMB VISION HOLD          471             30.68         -17.93
FIRST NTUL FOODS          1076            14.94         -56.59
FU JI FOOD & CAT          1175            73.43        -389.20
ICUBE TECHNOLOGY          139             25.54          -2.12
MELCOLOT LTD              8198            51.52         -55.33
MITSUMARU EAST K          2358            24.87         -16.51
PALADIN LTD               495            158.18         -11.60
PCCW LTD                  8            6,248.35         -31.61
PROVIEW INTL HLD          334            314.87        -294.85
REORIENT GROUP            376             15.67         -14.24
SINO RESOURCES G          223             15.64         -34.61
SMART UNION GP            2700            41.81         -38.85
SUNLINK INTL HLD          2336            17.79         -36.13
SURFACE MOUNT             SMT             94.71          -5.29
TACK HSIN HLDG            611             68.05         -67.58
U-RIGHT INTL HLD          627             10.86        -204.99


ARPENI PRATAMA            APOL           622.85        -165.10
ASIA PACIFIC              POLY           429.86        -844.66
ERATEX DJAJA              ERTX            11.52         -21.74
HANSON INTERNATI          MYRX            33.41          -7.32
HANSON INT-PREF           MYRXP           33.41          -7.32
JAKARTA KYOEI ST          JKSW            30.64         -43.02
MITRA INTERNATIO          MIRA           944.93        -447.48
MITRA RAJASA-RTS          MIRA-R2        944.93        -447.48
MULIA INDUSTRIND          MLIA           493.52         -46.89
PANASIA FILAMENT          PAFI            29.64         -19.79
PANCA WIRATAMA            PWSI            30.18         -37.45
TOKO GUNUNG AGUN          TKGA            12.49          -0.64
UNITEX TBK                UNTX            17.85         -17.89


ALPS INDUS LTD            ALPI           288.11          -7.01
AMIT SPINNING             AMSP            20.43          -1.96
ARTSON ENGR               ART             23.87          -0.60
ASHAPURA MINECHE          ASMN           191.87         -68.03
ASHIMA LTD                ASHM            63.23         -48.94
ATV PROJECTS              ATV             60.17         -54.25
BELLARY STEELS            BSAL           451.68        -108.50
BLUE BIRD INDIA           BIRD           122.02         -59.13
CAMBRIDGE SOLUTI          CAMB           149.58         -56.66
CELEBRITY FASHIO          CFLI            36.61          -6.76
CFL CAPITAL FIN           CEATF           12.36         -49.56
COMPUTERSKILL             CPS             14.90          -7.56
CORE HEALTHCARE           CPAR           185.36        -241.91
DCM FINANCIAL SE          DCMFS           18.46          -9.46
DFL INFRASTRUCTU          DLFI            42.74          -6.49
DIGJAM LTD                DGJM            99.41         -22.59
DUNCANS INDUS             DAI            122.76        -227.05
FIBERWEB INDIA            FWB             12.15         -15.81
GANESH BENZOPLST          GBP             49.24         -21.14
GEM SPINNERS LTD          GEMS            14.58          -1.16
GSL INDIA LTD             GSL             29.86         -42.42
HARYANA STEEL             HYSA            10.83          -5.91
HENKEL INDIA LTD          HNKL            69.07         -31.72
HIMACHAL FUTURIS          HMFC           406.63        -210.98
HINDUSTAN PHOTO           HPHT            74.44      -1,519.11
HINDUSTAN SYNTEX          HSYN            15.20          -3.81
HMT LTD                   HMT            133.66        -500.46
ICDS                      ICDS            13.30          -6.17
INDAGE RESTAURAN          IRL             15.11          -2.35
INTEGRAT FINANCE          IFC             49.83         -51.32
JAGSON AIRLINES           JGA             11.31          -0.41
JCT ELECTRONICS           JCTE           104.55         -68.49
JD ORGOCHEM LTD           JDO             10.46          -1.60
JENSON & NIC LTD          JN              18.05         -86.40
JIK INDUS LTD             KFS             20.63          -5.62
KALYANPUR CEMENT          KCEM            33.31         -30.53
KDL BIOTECH LTD           KOPD            14.66          -9.41
KERALA AYURVEDA           KRAP            13.97          -1.69
KIDUJA INDIA              KDJ             14.85          -1.71
KINGFISHER AIR            KAIR         1,935.94        -661.89
KINGFISHER A-SLB          KAIR/S       1,935.94        -661.89
KITPLY INDS LTD           KIT             37.68         -45.35
LLOYDS FINANCE            LYDF            21.65         -11.39
LLOYDS STEEL IND          LYDS           510.00         -48.98
LML LTD                   LML             65.26         -56.77
MADRAS FERTILIZE          MDF            143.14         -99.28
MAHA RASHTRA APE          MHAC            22.23         -15.85
MARKSANS PHARMA           MRKS           110.32         -14.04
MILTON PLASTICS           MILT            17.67         -51.22
MODERN DAIRIES            MRD             38.41          -0.45
MTZ POLYFILMS LT          TBE             31.94          -2.57
MYSORE PAPER              MSPM            97.02         -15.69
NATH PULP & PAP           NPPM            14.50          -0.63
NICCO CORP LTD            NICC            78.28          -4.14
NICCO UCO ALLIAN          NICU            32.23         -71.91
NK INDUS LTD              NKI            141.35          -7.71
NUCHEM LTD                NUC             24.72          -1.60
PANCHMAHAL STEEL          PMS             51.02          -0.33
PARASRAMPUR SYN           PPS             99.06        -307.14
PAREKH PLATINUM           PKPL            61.08         -88.85
PIRAMAL LIFE SC           PLSL            51.20         -64.85
PREMIER SYNTHET           PRS             12.55          -8.26
QUADRANT TELEVEN          QDTV           188.57        -116.81
QUINTEGRA SOLUTI          QSL             24.66         -11.51
RAJ AGRO MILLS            RAM             10.21          -0.61
RATHI ISPAT LTD           RTIS            44.56          -3.93
REMI METALS GUJA          RMM            101.32         -17.12
RENOWNED AUTO PR          RAP             14.12          -1.25
ROLLATAINERS LTD          RLT             22.97         -22.24
ROYAL CUSHION             RCVP            18.88         -81.42
SADHANA NITRO             SNC             18.21          -0.73
SAURASHTRA CEMEN          SRC            106.01          -2.81
SCOOTERS INDIA            SCTR            19.43         -10.78
SEN PET INDIA LT          SPEN            11.58         -26.67
SHAH ALLOYS LTD           SA             213.69         -39.95
SHALIMAR WIRES            SWRI            25.78         -38.78
SHAMKEN COTSYN            SHC             23.13          -6.17
SHAMKEN MULTIFAB          SHM             60.55         -13.26
SHAMKEN SPINNERS          SSP             42.18         -16.76
SHREE KRISHNA             SHKP            19.89          -0.71
SHREE RAMA MULTI          SRMT            62.15         -42.08
SIDDHARTHA TUBES          SDT             75.90         -11.45
SOUTHERN PETROCH          SPET           407.16        -200.86
SQL STAR INTL             SQL             10.58          -3.28
STELCO STRIPS             STLS            14.90          -5.27
STERLING HOL RES          SLHR            66.77          -2.85
STI INDIA LTD             STIB            35.39          -0.54
STORE ONE RETAIL          SORI            15.48         -59.09
TATA TELESERVICE          TTLS         1,311.30        -138.25
TATA TELE-SLB             TTLS/S       1,311.30        -138.25
TODAYS WRITING            TWPL            44.08          -5.32
TRIUMPH INTL              OXIF            58.46         -14.18
TRIVENI GLASS             TRSG            24.23         -12.34
TUTICORIN ALKALI          TACF            19.13         -16.31
UNIFLEX CABLES            UFC             47.46          -7.49
UNIFLEX CABLES            UFCZ            47.46          -7.49
UNIMERS INDIA LT          HDU             18.05          -5.87
UNITED BREWERIES          UB           3,067.32        -137.09
UNIWORTH LTD              WW             169.51        -155.79
USHA INDIA LTD            USHA            12.06         -54.51
VANASTHALI TEXT           VTI             25.92          -0.15
VENTURA TEXTILES          VRTL            14.33          -1.91
VENUS SUGAR LTD           VS              11.06          -1.08


CROWD GATE CO             2140            11.63          -4.29
DDS INC                   3782            18.69          -0.08
FUJITSU COMP LTD          6719           398.22          -2.90
HIMAWARI HD               8738           412.87         -13.56
ISHII HYOKI CO            6336           201.38         -12.95
KANMONKAI CO LTD          3372            59.00         -10.08
KFE JAPAN CO LTD          3061            21.38          -0.13
L CREATE CO LTD           3247            42.34          -9.15
MEIHO ENTERPRISE          8927            76.16         -18.35
MISONOZA THEATRI          9664            71.18          -4.66
NEXT JAPAN HOLDI          2409           177.68          -5.08
NIS GROUP CO LTD          NISZ           444.72        -158.85
NIS GROUP CO LTD          8571           444.72        -158.85
PROMISE CO LTD            8574        11,162.39        -661.54
PROPERST CO LTD           3236           305.90        -330.20
TOYO KNIFE CO             5964            75.99          -3.68


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


HAISAN RESOURCES          HRB             46.16          -3.53
HO HUP CONSTR CO          HO              60.04         -10.65
LUSTER INDUSTRIE          LSTI            18.37          -7.57
MITHRIL BHD               MITH            23.78          -5.65
NGIU KEE CO-BHD           NKC             14.26         -12.73
VTI VINTAGE BHD           VTI             16.92          -2.61


CYBER BAY CORP            CYBR            13.99         -95.62
FIL ESTATE CORP           FC              40.90         -15.77
FILSYN CORP A             FYN             23.11         -11.69
FILSYN CORP. B            FYNB            23.11         -11.69
GOTESCO LAND-A            GO              21.76         -19.21
GOTESCO LAND-B            GOB             21.76         -19.21
PICOP RESOURCES           PCP            105.66         -23.33
STENIEL MFG               STN             21.07         -11.96
SYNERGY GRID & D          SGP            236.14         -17.93
UNIWIDE HOLDINGS          UW              50.36         -57.19
VICTORIAS MILL            VMC            164.26         -18.20


ADV SYSTEMS AUTO          ASA             18.73         -10.70
ADVANCE SCT LTD           ASCT            25.29         -10.05
HL GLOBAL ENTERP          HLGE            91.74         -10.10
LINDETEVES-JACOB          LJ              23.09         -11.61
NEW LAKESIDE              NLH             19.34          -5.25
SCIGEN LTD-CUFS           SIE             68.70         -42.35
SUNMOON FOOD COM          SMOON           19.85         -13.04
TT INTERNATIONAL          TTI            233.01         -78.01


ABICO HLDGS-F             ABICO/F         15.28          -4.40
ABICO HOLDINGS            ABICO           15.28          -4.40
ABICO HOLD-NVDR           ABICO-R         15.28          -4.40
ASCON CONSTR-NVD          ASCON-R         59.78          -3.37
ASCON CONSTRUCT           ASCON           59.78          -3.37
ASCON CONSTRU-FO          ASCON/F         59.78          -3.37
BANGKOK RUBBER            BRC             91.32        -113.78
BANGKOK RUBBER-F          BRC/F           91.32        -113.78
BANGKOK RUB-NVDR          BRC-R           91.32        -113.78
CALIFORNIA W-NVD          CAWOW-R         28.07         -11.94
CALIFORNIA WO-FO          CAWOW/F         28.07         -11.94
CALIFORNIA WOW X          CAWOW           28.07         -11.94
CIRCUIT ELEC PCL          CIRKIT          16.79         -96.30
CIRCUIT ELEC-FRN          CIRKIT/F        16.79         -96.30
CIRCUIT ELE-NVDR          CIRKIT-R        16.79         -96.30
DATAMAT PCL               DTM             12.69          -6.13
DATAMAT PCL-NVDR          DTM-R           12.69          -6.13
DATAMAT PLC-F             DTM/F           12.69          -6.13
ITV PCL                   ITV             36.02        -121.94
ITV PCL-FOREIGN           ITV/F           36.02        -121.94
ITV PCL-NVDR              ITV-R           36.02        -121.94
K-TECH CONSTRUCT          KTECH           38.87         -46.47
K-TECH CONSTRUCT          KTECH/F         38.87         -46.47
K-TECH CONTRU-R           KTECH-R         38.87         -46.47
KUANG PEI SAN             POMPUI          17.70         -12.74
KUANG PEI SAN-F           POMPUI/F        17.70         -12.74
KUANG PEI-NVDR            POMPUI-R        17.70         -12.74
PATKOL PCL                PATKL           52.89         -30.64
PATKOL PCL-FORGN          PATKL/F         52.89         -30.64
PATKOL PCL-NVDR           PATKL-R         52.89         -30.64
PICNIC CORP-NVDR          PICNI-R        101.18        -175.61
PICNIC CORPORATI          PICNI/F        101.18        -175.61
PICNIC CORPORATI          PICNI          101.18        -175.61
PONGSAAP PCL              PSAAP/F         13.02          -1.77
PONGSAAP PCL              PSAAP           13.02          -1.77
PONGSAAP PCL-NVD          PSAAP-R         13.02          -1.77
SAHAMITR PRESS-F          SMPC/F          27.92          -1.48
SAHAMITR PRESSUR          SMPC            27.92          -1.48
SAHAMITR PR-NVDR          SMPC-R          27.92          -1.48
SUNWOOD INDS PCL          SUN             19.86         -13.03
SUNWOOD INDS-F            SUN/F           19.86         -13.03
SUNWOOD INDS-NVD          SUN-R           19.86         -13.03
THAI-DENMARK PCL          DMARK           15.72         -10.10
THAI-DENMARK-F            DMARK/F         15.72         -10.10
THAI-DENMARK-NVD          DMARK-R         15.72         -10.10
TONGKAH HARBOU-F          THL/F           59.28          -0.06
TONGKAH HARBOUR           THL             59.28          -0.06
TONGKAH HAR-NVDR          THL-R           59.28          -0.06
TRANG SEAFOOD             TRS             14.88          -5.64
TRANG SEAFOOD-F           TRS/F           14.88          -5.64
TRANG SFD-NVDR            TRS-R           14.88          -5.64
TT&T PCL                  TTNT           615.73        -210.36
TT&T PCL-NVDR             TTNT-R         615.73        -210.36
TT&T PUBLIC CO-F          TTNT/F         615.73        -210.36


BEHAVIOR TECH CO          2341            52.48          -0.01
BEHAVIOR TECH CO          2341S           52.48          -0.01
BEHAVIOR TECH-EC          2341O           52.48          -0.01
CHIEN TAI CEMENT          1107           195.99         -57.35
HELIX TECH-EC             2479T           23.39         -24.12
HELIX TECH-EC IS          2479U           23.39         -24.12
HELIX TECHNOL-EC          2479S           23.39         -24.12
TAIWAN KOL-E CRT          1606U          507.21        -147.14
TAIWAN KOLIN-EN           1606V          507.21        -147.14
TAIWAN KOLIN-ENT          1606W          507.21        -147.14


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

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

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


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

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

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

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

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

                 *** End of Transmission ***