TCRAP_Public/120131.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 31, 2012, Vol. 15, No. 22

                            Headlines


A U S T R A L I A

COMMSTRAT LTD: Breaches Loan Covenants, to Pursue Rights Issue


C H I N A

CHINA MEDICAL: Fitch Cuts Issuer Default Rating from 'B+' to 'RD'


H O N G  K O N G

AFRASINO INTERNATIONAL: Court Enters Wind-Up Order
BMMK RATCLIFFE: Court Enters Wind-Up Order
DELUXE MALL: Court to Hear Wind-Up Petition on Feb. 22
GOLDWELL CONSTRUCTION: Court Enters Wind-Up Order
HK CAB: Court Enters Wind-Up Order

HUA XIN: Court Enters Wind-Up Order
I_CON DECORATOR: Court Enters Wind-Up Order
INCORPORATED OWNERS: Court Enters Wind-Up Order
PO WING: Briscoe and Borrelli Step Down as Liquidators
PROFITABLE PLOTS: Court Enters Wind-Up Order

RICH SOURCE: Creditors Get 8% Recovery on Claims
SPACEINET SUNLINK: Court Enters Wind-Up Order
TAG LOGISTICS: Court to Hear Wind-Up Petition on March 14
TCL PILING: Court Enters Wind-Up Order
VICTORY FIELD: Court Enters Wind-Up Order

XINHUA SPORTS: Court to Hear Wind-Up Petition on Feb. 22


I N D I A

AJEET COTEX: CARE Assigns 'CARE B' Rating to INR8.33cr LT Loan
DM CORPORATION: CRISIL Puts 'CRISIL B+' Rating on INR38.9MM Loan
HARI OM: CARE Assigns 'CARE B+' Rating to INR10cr LT Loan
KIRTI DAL: CRISIL Assigns 'CRISIL BB-' Rating to INR44MM LT Loan
KIRTI FOODS: CRISIL Assigns 'CRISIL BB-' Rating to INR50MM Loan

KIRTI SOLVEX: CRISIL Assigns 'CRISIL BB-' Rating to INR70MM Loan
MALWI SHIP: CARE Assigns 'CARE BB-' Rating to INR4cr LT Loan
MUTUAL CRAFTS: CARE Rates INR6.18cr LT Loan at 'CARE B-'
RAGHUKUL COTTEX: CRISIL Puts 'CRISIL B+' Rating on INR45MM Loan
SERENDIPITY BUILDTECH: CRISIL Rates INR264.5MM Loan at 'B+'

SHREE RANCHHOD: CARE Puts 'CARE B+' Rating on INR9.5cr Loan
SIMS CERAMICS: CARE Assigns 'CARE BB-' Rating to INR83cr Loan
S. R. TEXTILE: CRISIL Places 'CRISIL BB-' Rating on INR49MM Loan
TIGER SONS: CRISIL Assigns 'CRISIL B+' Rating to INR130MM Loan
YASHASVI YARNS: CARE Assigns 'CARE B+' Rating to INR54.43cr Loan

YM DRUGS: Fitch Puts Rating on Three Bank Facilities at 'D'


I N D O N E S I A

BERLIAN LAJU: Ceases Debt Payments
BERLIAN LAJU: Fitch Downgrades Issuer Default Rating to 'C'


J A P A N

OLYMPUS CORP: To Announce Earnings on February 13
OLYMPUS CORP: Fujifilm Proposes Tie Up Plans


N E W  Z E A L A N D

BLUE CHIP: Two Separate but Parallel Lawsuits Launched
LOMBARD FINANCE: Director's Trial to Resume Today
MEDIA COUNSEL: SFO to Look Into Advertising Firm's Collapse


P A P U A  N E W  G U I N E A

* PAPUA NEW GUINEA: S&P Affirms 'B+/B' Sovereign Credit Rating


P H I L I P P I N E S

RIZAL COMMERCIAL: Fitch Rates $200-Mil. Senior Notes at 'BB-'


S I N G A P O R E

HASHIMOTO STONE: Court to Hear Wind-Up Petition Feb. 3
HUAT HARDWARE: Creditors' Proofs of Debt Due Feb. 10
JURONG HI-TECH: Creditors' Proofs of Debt Due Feb. 10
JURONG TECHNOLOGIES: Creditors' Proofs of Debt Due Feb. 10
MICROFAB HOLDINGS: Creditors' Proofs of Debt Due Feb. 10

WILLICH SINGAPORE: Creditors Get 100% Recovery on Claims


X X X X X X X X

* BOND PRICING: For the Week Jan. 23 to Jan. 27, 2012


                            - - - - -


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


COMMSTRAT LTD: Breaches Loan Covenants, to Pursue Rights Issue
--------------------------------------------------------------
SmartCompany reports that CommStrat Limited will proceed with a
rights issue to plug its "immediate and short-term cashflow
issues" after weak performances pushed the company into breach of
its interest cover and leverage ratios.

Flagging a dramatic fall in revenue and profit on the back of
weak performances in media and conferences, Commstrat said it
plans to pursue an underwritten and discounted pro rata rights
issue to fund its short-term operating costs, SmartCompany
relays.

In October, SmartCompany recalls, the company said it was aiming
to deliver 10% to 15% organic revenue growth in the 2012
financial year.

"The current financial position of the company has put the
company in breach of its interest cover and leverage ratios with
National Australia Bank. CommStrat is seeking to work with
National Australia Bank to ensure the bank is fully supportive of
the board's proposed actions," CommStrat told the Australian
Securities Exchange last week, according to SmartCompany.

The Melbourne-based business added it had agreed terms of a
bridging finance facility provided by PCI Equities Trust for
about $438,000 to meet its immediate cashflow requirements -
subject to NAB's approval, SmartCompany reports.

Based in Australia, CommStrat Limited (ASX:COJ) --
http://www.commstrat.com.au/-- formerly 900 Degrees Limited
publishes periodicals, journals, and other specialist magazines
in the fields of private equity, local government, roads,
environment, infrastructure, defense, irrigation, and Australian
history in Australia, together with delivering conference events
and online services such as portals for professional information
and employment portals.


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


CHINA MEDICAL: Fitch Cuts Issuer Default Rating from 'B+' to 'RD'
-----------------------------------------------------------------
Fitch Ratings has downgraded China Medical Technologies' 'B+'
Issuer Default Rating to 'RD'.

Fitch has learned that no payment has been received on the
scheduled coupon, due Dec. 15, 2011, on CMED's USD125m 6.25%
convertible senior notes, due 2016.  Fitch understands that the
cure period for the coupon ended on 14 January 2012.  The cure
period refers to a provision in a contract allowing a defaulting
party to fix the cause of a default.

As a result, the non-payment is consistent with Fitch's analysis
of a 'RD' rating - signifying the uncured expiry of any
applicable grace period, cure period or default forbearance
period following a payment default on a material financial
obligation.  Fitch does not typically assign ratings to
convertible bonds, but, subject to their individual terms, they
are generally treated as debt instruments prior to conversion for
the purposes of its financial analysis.

On December 13, 2011, CMED announced a "debt restructuring plan
to improve its balance sheet".  Fitch had previously treated the
announcement as an opportunistic move to take advantage of the
low market prices of its public debt.  According to the company,
it had USD206 million cash as of September 30, 2011.


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


AFRASINO INTERNATIONAL: Court Enters Wind-Up Order
--------------------------------------------------
The High Court of Hong Kong entered an order on Dec. 29, 2011, to
wind up the operations of Afrasino International (H.K.) Ltd.

The company's liquidators are Ho Man Kit Horace and Kong Sau Wai.


BMMK RATCLIFFE: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on Dec. 29, 2011, to
wind up the operations of BMMK, Ratcliffe, Hoare and Company
Limited.

The company's liquidators are Ho Man Kit Horace and Kong Sau Wai.


DELUXE MALL: Court to Hear Wind-Up Petition on Feb. 22
------------------------------------------------------
A petition to wind up the operations of Deluxe Mall Limited will
be heard before the High Court of Hong Kong on Feb. 22, 2012, at
9:30 a.m.

Wong Tsz Kwan filed the petition against the company on Jan. 9,
2012.


GOLDWELL CONSTRUCTION: Court Enters Wind-Up Order
-------------------------------------------------
The High Court of Hong Kong entered an order on Jan. 4, 2012, to
wind up the operations of Goldwell Construction Limited.

The company's liquidator is Yuen Tsz Chun Frank.


HK CAB: Court Enters Wind-Up Order
----------------------------------
The High Court of Hong Kong entered an order on Jan. 4, 2012, to
wind up the operations of Hong Kong Cab ITS Limited.

The company's liquidators are Ho Man Kit Horace and Kong Sau Wai.


HUA XIN: Court Enters Wind-Up Order
-----------------------------------
The High Court of Hong Kong entered an order on Jan. 16, 2012, to
wind up the operations of Hua Xin Investment Holding Limited.

The official receiver is Teresa S W Wong.


I_CON DECORATOR: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order on Nov. 22, 2011, to
wind up the operations of I_Con Decorator Co Limited.

The company's liquidator is Yuen Tsz Chun Frank.


INCORPORATED OWNERS: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Hong Kong entered an order on Jan. 4, 2012, to
wind up the operations of The Incorporated Owners of Nos. 211-
215C, Prince Edward Road, Kowloon.

The company's liquidators are Ho Man Kit Horace and Kong Sau Wai.


PO WING: Briscoe and Borrelli Step Down as Liquidators
------------------------------------------------------
Stephen Briscoe and Cosimo Borrelli stepped down as liquidators
of Po Wing (International) Construction Limited on Jan. 6, 2012.


PROFITABLE PLOTS: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order on Dec. 29, 2011, to
wind up the operations of Profitable Plots Limited.

The company's liquidators are Ho Man Kit Horace and Kong Sau Wai.


RICH SOURCE: Creditors Get 8% Recovery on Claims
------------------------------------------------
Rich Source Engineering Limited, which is in liquidation, will
declare the first and interim unsecured dividend to its creditors
on Jan. 30, 2012.

The company will pay 8% for ordinary claims.

The company's liquidators are:

         Edward S Middleton
         Jacky CW Muk
         27th Floor, Alexandra House
         18 Chater Road
         Central, Hong Kong


SPACEINET SUNLINK: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Hong Kong entered an order on Jan. 4, 2012, to
wind up the operations of Spaceinet Sunlink Limited.

The company's liquidators are Ho Man Kit Horace and Kong Sau Wai.


TAG LOGISTICS: Court to Hear Wind-Up Petition on March 14
---------------------------------------------------------
A petition to wind up the operations of Tag Logistics Limited
will be heard before the High Court of Hong Kong on March 14,
2012, at 9:30 a.m.

V-Best Freight Limited filed the petition against the company on
January 10, 2012.

The Petitioner's solicitors are:

          Messrs. Fan & Fan
          8th Floor, Chiyu Bank Building
          74-78 Des Voeux Road
          Central, Hong Kong


TCL PILING: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on Jan. 4, 2012, to
wind up the operations of TCL Piling Specialist Limited.

The company's liquidators are Ho Man Kit Horace and Kong Sau Wai.


VICTORY FIELD: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on Nov. 9, 2011, to
wind up the operations of Victory Field Limited.

The company's liquidator is Yuen Tsz Chun Frank.


XINHUA SPORTS: Court to Hear Wind-Up Petition on Feb. 22
---------------------------------------------------------
A petition to wind up the operations of Xinhua Sports &
Entertainment (HK) Limited will be heard before the High Court of
Hong Kong on Feb. 22, 2012, at 9:30 a.m.

Yip Wing Kin filed the petition against the company on Dec. 16,
2011.

The Petitioner's solicitors are:

          Maurice W M Lee
          Room 4306-07, China Resources Building
          26 Harbour Road
          Wanchai, Hong Kong


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


AJEET COTEX: CARE Assigns 'CARE B' Rating to INR8.33cr LT Loan
--------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank
facilities of Ajeet Cotex Pvt Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       8.33      CARE B Assigned
   Short-term Bank Facilities      0.10      CARE A4

Rating Rationale

The ratings are primarily constrained on account of the limited
track record of operations of Ajeet Cotex Pvt. Ltd. in a highly
competitive and fragmented cotton ginning industry, seasonality
associated with raw cotton and weak financial risk profile marked
by thin profitability and highly leveraged capital structure.
ACPL's presence in the lowest segment of cotton value chain,
volatility associated with cotton prices and impact of changes in
the government policy for cotton further constrain the ratings.
The ratings, however, favorably take into account the experience
of the promoters in the cotton ginning business and proximity to
the cotton producing region of Gujarat.

Increase in scale of operations while moving upward in cotton
value chain and improvement in the overall financial risk profile
are the key rating sensitivities.

ACPL was incorporated in June 2009 by Mr. Gokal Dobariya,
Mr. Bhavesh Chovatiya and Mr. Ramesh Khakhariya to undertake
business of cotton ginning and pressing along-with trading of
cotton bales and cotton seeds. The company operates from its sole
processing unit located in Atkot village in Rajkot district of
Gujarat. The unit has an installed capacity of 10,350 Metric
Tonnes Per Annum (MTPA) for cotton seeds and 5,500 MTPA for
cotton bales as on March 31, 2011.

During FY11 (refers to the period April 1 to March 31, the first
full year of operation), ACPL reported a total operating income
of INR51.16 crore and a Profit After Tax (PAT) of INR0.07 crore.


DM CORPORATION: CRISIL Puts 'CRISIL B+' Rating on INR38.9MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of DM Corporation Pvt Ltd, part of the DM
group.

   Facilities                       Ratings
   ----------                       -------
   INR211.1 Million Term Loan       CRISIL B+/Stable (Assigned)
   INR300 Million Cash Credit       CRISIL B+/Stable (Assigned)
   INR38.9 Million Proposed Long-   CRISIL B+/Stable (Assigned)
   Term Bank Loan Facility
   INR300 Million Bank Guarantee    CRISIL A4 (Assigned)

The ratings reflect the DM group's susceptibility to
implementation risk associated with debt-funded capital
expenditure towards hydro power projects, exposure to tender
based government contracts and large working capital requirements
in its civil construction business. These rating weaknesses are
partially offset by the extensive industry experience of the DM
group's promoters and above-average financial risk profile,
marked by a large net worth.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of DMCPL and Mohite & Mohite (M&M),
together referred to as the DM group. The consolidated approach
is because the two entities have a common management, are in a
similar line of business, and fungible cash flows between them.

Outlook: Stable

CRISIL believes that the DM group will benefit over the medium
term from its promoters' extensive industry experience and its
established name. The outlook may be revised to 'Positive' if all
the hydro power projects after execution exhibit stable and
profitable operations. Conversely, the outlook may be revised to
'Negative' if there are costs and time overruns in execution of
hydro power projects, if the group undertakes new hydro power
projects or expansion into unrelated businesses, aggressively
funded by debt.

                          About the Group

DMCPL primarily undertakes construction of infrastructure
projects, such as earthen dams, canals, hydroelectric projects,
earth-moving projects, industrial construction, and urban
infrastructure projects. Mr. Dilip Mohite is the current managing
director. He started his career with RM Mohite & Company (RM
Mohite). The firm was established to undertake construction of
earthen dams and also expanded into textiles and agro farming.

After separating from RM Mohite in 1998 following a family
settlement, Mr. Dilip Mohite and his brother, Mr. Shivaji Mohite
(no longer associated with DMCPL) started M&M, a partnership
firm.

The DM group reported a profit after tax (PAT) of INR123.5
million on net sales of INR833 million for 2010-11 (refers to
financial year, April 1 to March 31), as against a PAT of INR69
million on net sales of INR716 million for 2009-10.


HARI OM: CARE Assigns 'CARE B+' Rating to INR10cr LT Loan
---------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Hari Om Projects Pvt. Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      10.00      CARE B+ Assigned
   Long-term/Short-term Bank       5.00      CARE B+/CARE A4
   Facilities                                Assigned

Rating Rationale

The ratings are constrained by the modest scale of operations of
Hari Om Projects Pvt. Ltd., its limited presence in highly
competitive construction industry and weak financial risk profile
marked by leveraged capital structure, low profitability and
stressed liquidity indicators.  The ratings, however, draw
strength from HPPL's qualified & experienced promoters, its
established track record of operations with reputed clientele and
good order book position.  Improvement in the overall financial
risk profile with increase in scale of operations & profitability
along with rationalization of debt levels are the key rating
sensitivities.

HPPL was incorporated in April 2003 by Mr. Haresh B. Sangtani,
Mrs. Vimla H. Sangtani and Mr. Anil H. Sangtani through
conversion of their partnership firm M/s Hari Om Builders (HOB;
formed in April, 1999) engaged in civil construction activities.
The company is registered as 'SS' (Super Specialist) class
contractor with Military Engineering Services (MES) which is one
of the largest government construction agencies in India and
covers Army, Navy & Air Force under its operational spectrum.
Besides works of the Armed Forces, MES also undertake civil works
of Defence Research and Development Organization, Coast Guard,
Kendriya Vidyalaya Sanghathan, and other government
organizations.

During FY11 (Audited: refers to the period from April 1 to
March 31), HPPL reported total operating income of INR50.22 crore
with a PAT of INR0.53 crore as  compared to total operating
income of INR44.83 crore with a PAT of INR0.48 crore in FY10.


KIRTI DAL: CRISIL Assigns 'CRISIL BB-' Rating to INR44MM LT Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the bank
facilities of Kirti Dal Mills Ltd, part of the Kirti group.

   Facilities                        Ratings
   ----------                        -------
   INR75.0 Million Cash Credit       CRISIL BB-/Stable (Assigned)
   INR44.0 Million Proposed Long-
    Term Bank Loan Facility          CRISIL BB-/Stable (Assigned)

The rating reflects the Kirti group's promoters' extensive
experience in the edible oils industry, and the group's strong
operational efficiencies, supported by its vertically integrated
operations. These rating strengths are partially offset by the
pricing pressures the group faces because of intense market
competition, and the group's weak financial risk profile marked
by highly levered capital structure and modest debt protection
metrics.

For arriving at the ratings, CRISIL has consolidated the business
and financial risk profiles of KDML, Kirti Agrotech Ltd, Kirti
Agrovet Ltd, Kirti Solvex Ltd and Kirti Foods Ltd. The entities
are collectively referred to as the Kirti group. This is because
the entities have common promoters, are in similar lines of
business, and have significant operational and financial linkages
with each other.

Outlook: Stable

CRISIL believes that Kirti group will maintain a stable business
risk profile on the back of established market presence & long
standing experience of the promoters. The outlook may be revised
to 'Positive' in case of an improvement in the company's capital
structure due to higher than expected profitability or additional
infusion of funds by the promoters. Conversely, the outlook may
be revised to 'Negative' if the company's credit risk profile
weakens substantially on account of a decline in accruals and
operating margins, or an increase in gearing.

                         About the Group

The Kirti group promoted by the Latur, Maharashtra based Bhutada
family has been in existence since the 1970s, when the first
group entity, Kirti Oil Mills Ltd, was established by the
patriarch of the group Mr. Vishudas Bhutada. The group
established KDML in 1990-91 (refers to financial year, April 1 to
March 31), and KSL and KFL in 1997-98, and KATL and KAVL in 2003-
04. The group's day to day operations are looked after by Mr.
Ashokkumar Bhutada and Mr. Kiritkumar Butada both sons of Mr.
Vishnudas Bhutada.

KDML is the flagship company of the group and is the largest of
the group companies by turnover and asset base. The company is
engaged in solvent extraction and oil refining. It has two
solvent extraction plants in Latur (Maharashtra) and Bijapur
(Karnataka), with installed capacities of 60,000 tonner per annum
(tpa) and 15,000 tpa respectively, and a refining plant in Latur,
with capacity of 30,000 tpa.

The Kirti group ventured into packaged oil retailing seven years
ago through KDML; in this segment it is operating in the states
of Maharashtra, Andhra Pradesh, Chhattisgarh and Karnataka, with
a network of 800 distributors and 8000 retailers. The company's
portfolio includes prominent local brands, such as Kirti
Soyalite, Kirti Gold, Kirti Gem, Kirti Royale, Kirti Crystal,
Kirti Sunlite, and Ajit. KDML also promotes its brand, Kirti,
through advertisements on television, newspapers, magazines,
hoardings, radio channels and billboards. Besides packaged oil
business, KDML is also sells branded edible oil, customers for
which include Godrej Industries Ltd, Cargill India Pvt Ltd (rated
'CRISIL A1+'), Meghdoot Oil Mills Pvt Ltd and Kamani Oil
Industries Pvt Ltd (CRISIL BBB/Stable/CRISIL A3+).

For 2010-11, the KDML reported a profit after tax (PAT) of INR6.6
million on net sales of INR 2.18 billion, against a PAT of INR3.8
million on net sales of INR1.69 billion for 2009-10.


KIRTI FOODS: CRISIL Assigns 'CRISIL BB-' Rating to INR50MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the bank
facilities of Kirti Foods Ltd, part of the Kirti group.

   Facilities                        Ratings
   ----------                        -------
   INR70.0 Million Cash Credit       CRISIL BB-/Stable (Assigned)
   INR50.0 Million Proposed Long-    CRISIL BB-/Stable (Assigned)
    Term Bank Loan Facility

The rating reflects the Kirti group's promoters' extensive
experience in the edible oils industry, and the group's strong
operational efficiencies, supported by its vertically integrated
operations. These rating strengths are partially offset by the
pricing pressures the group faces because of intense market
competition, and the group's weak financial risk profile marked
by highly levered capital structure and modest debt protection
metrics.

For arriving at the ratings, CRISIL has consolidated the business
and financial risk profiles of KFL, Kirti Agrotech Ltd, Kirti
Agrovet Ltd, Kirti Solvex Ltd and Kirti Dal Mills Ltd.  The
entities are collectively referred to as the Kirti group. This is
because the entities have common promoters, are in similar lines
of business, and have significant operational and financial
linkages with each other.

Outlook: Stable

CRISIL believes that Kirti group will maintain a stable business
risk profile on the back of established market presence & long
standing experience of the promoters. The outlook may be revised
to 'Positive' in case of an improvement in the company's capital
structure due to higher than expected profitability or additional
infusion of funds by the promoters. Conversely, the outlook may
be revised to 'Negative' if the company's credit risk profile
weakens substantially on account of a decline in accruals and
operating margins, or an increase in gearing.

                         About the Group

The Kirti group promoted by the Latur, Maharashtra based Bhutada
family has been in existence since the 1970s, when the first
group entity, Kirti Oil Mills Ltd, was established by the
patriarch of the group Mr. Vishudas Bhutada. The group
established KDML in 1990-91 (refers to financial year, April 1 to
March 31), and KSL and KFL in 1997-98, and KATL and KAVL in 2003-
04. The groups day to day operations are looked after by Mr.
Ashokkumar Bhutada and Mr. Kiritkumar Butada both sons of Mr.
Vishnudas Bhutada.

KFL operates oil mills, and is into solvent extraction as well as
oil refining. The company has manufacturing units in Nanded
(Maharashtra) - its solvent extraction plant has capacity of
120,000 tonnes per annum (tpa), oil mill has capacity of 90,000
tpa, and its oil refining capacity is 45,000 tpa.

For 2010-11, the KFL reported a profit after tax (PAT) of INR4.3
million on net sales of INR1.1 billion, against a PAT of INR0.98
million on net sales of INR881.4 million for 2009-10.


KIRTI SOLVEX: CRISIL Assigns 'CRISIL BB-' Rating to INR70MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the bank
facilities of Kirti Solvex Ltd, part of the Kirti group.

   Facilities                        Ratings
   ----------                        -------
   INR100.0 Million Cash Credit      CRISIL BB-/Stable (Assigned)
   INR70 Million Proposed Long-      CRISIL BB-/Stable (Assigned)
    Term Bank Loan Facility

The rating reflects the Kirti group's promoters' extensive
experience in the edible oils industry, and the group's strong
operational efficiencies, supported by its vertically integrated
operations. These rating strengths are partially offset by the
pricing pressures the group faces because of intense market
competition, and the group's weak financial risk profile marked
by highly levered capital structure and modest debt protection
metrics.

For arriving at the ratings, CRISIL has consolidated the business
and financial risk profiles of KSL, Kirti Agrotech Ltd, Kirti
Agrovet Ltd, Kirti Dal Mills Ltd and Kirti Foods Ltd.  The
entities are collectively referred to as the Kirti group. This is
because the entities have common promoters, are in similar lines
of business, and have significant operational and financial
linkages with each other.

Outlook: Stable

CRISIL believes that Kirti group will maintain a stable business
risk profile on the back of established market presence & long
standing experience of the promoters. The outlook may be revised
to 'Positive' in case of an improvement in the company's capital
structure due to higher than expected profitability or additional
infusion of funds by the promoters. Conversely, the outlook may
be revised to 'Negative' if the company's credit risk profile
weakens substantially on account of a decline in accruals and
operating margins, or an increase in gearing.

                         About the Group

The Kirti group promoted by the Latur, Maharashtra based Bhutada
family has been in existence since the 1970s, when the first
group entity, Kirti Oil Mills Ltd, was established by the
patriarch of the group Mr. Vishudas Bhutada. The group
established KDML in 1990-91 (refers to financial year, April 1 to
March 31), and KSL and KFL in 1997-98, and KATL and KAVL in 2003-
04. The groups day to day operations are looked after by Mr.
Ashokkumar Bhutada and Mr. Kiritkumar Bhutada both sons of Mr.
Vishnudas Bhutada.

KSL is engaged in solvent extraction, oil milling and oil
refining. The company has manufacturing units in Latur
(Maharashtra), with solvent extraction capacity of 54,750 tonnes
per annum (tpa), oil milling capacity of 45,000 tpa, and oil
refining capacity of 15,000 tpa.

For 2010-11, the KSL reported a profit after tax (PAT) of INR3.7
million on net sales of INR706 million, against a PAT of INR4.0
million on net sales of INR550.7 million for 2009-10.


MALWI SHIP: CARE Assigns 'CARE BB-' Rating to INR4cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of Malwi Ship Breaking Company.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       4.00      CARE BB- Assigned
   Short-term Bank Facilities     40.00      CARE A4 Assigned

Rating Rationale

The ratings assigned by CARE are based on the capital deployed by
the partners and the financial strength of the firm at present.
The ratings may undergo change in case of withdrawal of capital
or the unsecured loans brought in by the partners in addition to
the financial performance and other relevant factors.  The
ratings are primarily constrained by the modest scale of
operations of Malwi Ship Breaking Company and moderately weak
financial risk profile marked by low profitability, high overall
gearing and weak debt coverage indicators. MSBC's presence in a
volatile ship-breaking industry along with risk of adverse
movement in steel prices on uncut ship inventory and
vulnerability to changes in the government policies further
constrain the ratings.  The ratings, however, draw strength from
the experience of the promoters of MSBC in the shipbreaking
industry, its presence in Alang-Sosiya belt and favourable
prospects for the Indian shipbreaking industry in the near
future.

MSBC's ability to recover the cost of ships purchased through
sale of scrap in the light of volatile scrap prices along-with
timely availability/renewal of rental plot by Gujarat Maritime
Board (GMB) for ship-breaking are the key rating sensitivities.

MSBC is a Gujarat based partnership firm engaged in the ship-
breaking business since 1983. The firm purchases ships and break
them into steel plates, which is supplied to rolling mills in
Gujarat.  The entire operations of the firm are managed by two
partners Mr. Faruk Malwi and Mr. Iqbal Lakhani.The firm operates
on a single plot located at Alang, Bhavnagar which is leased out
by Gujarat Maritime Board.

During FY11 (refers to the period April 1 to March 31, as per
audited results), MSBC reported a total operating income of
INR71.80 crore (FY10: INR50.37 crore) and a Profit After Tax
(PAT) of INR1.53 crore (FY10: INR1.57 crore).


MUTUAL CRAFTS: CARE Rates INR6.18cr LT Loan at 'CARE B-'
--------------------------------------------------------
CARE assigns 'CARE B-' rating to the bank facilities of
Mutual Crafts Pvt Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      6.18       CARE B- Assigned

Rating Rationale

The rating assigned to the bank facilities of Mutual Crafts
Private Limited is constrained on account of the modest scale of
operation in the highly fragmented and competitive industry and
its weak financial risk profile marked by fluctuating margins,
highly leveraged capital structure and stressed liquidity
position. The rating is further constrained due to volatility
associated with raw material prices.  The rating, however,
favorably factors in the vast experience of the promoters of
MCPL, tax benefits available to the company and higher growth
potential of the helmet and two-wheeler accessories industry.
MCPL's ability to increase its scale of operation in the highly
fragmented and competitive industry with an improvement in the
overall financial risk profile is the key rating sensitivity.

MCPL, incorporated in January 2004 at Delhi, is presently managed
by Mr. Sushil Kumar Agarwal, Mrs Tulika Agarwal and Mrs Manju
Agarwal. MCPL is engaged in the business of manufacturing of
helmets and Motor Cycle (MC) side boxes for two wheelers. The
plant of the company is located at Uttarakhand and has an
installed capacity to produce 6 lakh units of helmets and
accessories per annum as on March 31, 2011. It manufactures open
and full face helmets and offers more than 20 varieties under
both the categories. The helmets of the company are ISO certified
and MCPL sells helmets and MC box under the brand name 'Aaron'.
During FY11 (refers to the period from April 1 to March 31), MCPL
reported a total income of INR8.77 crore with a PAT of
INR1.35 crore.

During the first eight months of FY12 (ended November 30, 2011),
MCPL reported a total income of INR7.90 crore with a PAT of
INR0.02 crore.


RAGHUKUL COTTEX: CRISIL Puts 'CRISIL B+' Rating on INR45MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Raghukul Cottex and Processing Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR45 Million Cash Credit        CRISIL B+/Stable (Assigned)
   INR26 Million Rupee Term Loan    CRISIL B+/Stable (Assigned)

The rating reflects RCPPL's below-average financial risk profile,
marked by small net worth and weak debt protection metrics, and
small scale of operations in the highly fragmented cotton ginning
industry. The rating also factors in the vulnerability of the
company's operations to adverse changes in government policies.
These rating weaknesses are partially offset by the extensive
industry experience of RCPPL's promoters.

Outlook: Stable

CRISIL believes that RCPPL will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the company's scale of operations and
operating margin improve significantly, along with improvement in
its financial risk profile backed by capital infusion by the
promoters. Conversely, the outlook may be revised to 'Negative'
if RCPPL's profitability declines further or debt-funded capital
expenditure (capex) plan leads to material weakening in its
financial risk profile.

                       About Raghukul Cottex

RCPPL was incorporated on December 14, 2009. The company is
promoted by Mr. Govindbhai Pansuriya and his son, Mr. Kamleshbhai
Pansuriya. RCPPL is engaged in ginning and pressing of raw cotton
to make cotton bales. The unit is located in Jasdan (Gujarat) and
has an installed capacity to produce around 250 bales per day
while operating at 72 per cent utilisation. RCPPL is planning to
set up a seed-crushing mill which is expected to be operational
during 2012-13 (refers to financial year, April 1 to March 31).

During its first year of operation in 2010-11, RCPPL reported a
profit after tax (PAT) of INR0.3 million on net sales of INR196.9
million.


SERENDIPITY BUILDTECH: CRISIL Rates INR264.5MM Loan at 'B+'
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the term
loan facility of Serendipity Buildtech Private Limited.

   Facilities                       Ratings
   ----------                       -------
   INR264.5 Million Term Loan       CRISIL B+/Stable (Assigned)

The rating reflects the company's weak financial risk profile
driven by negative cash accruals, large debt repayment
obligations, and a low occupancy level and vulnerability to
downturn in the end-user retail industry leading to a weak
business risk profile. These rating weaknesses are partially
offset by SBPL's moderate liquidity and financial flexibility
supported by the promoters.

Outlook: Stable

CRISIL believes that SBPL will continue to receive timely funding
support from its parent company, Big India Mall Pvt Ltd (BIMPL),
to meet its debt repayment obligations. The outlook may be
revised to 'Positive' in case of improvement in the revenue and
cash accruals driven by increase in tenancy levels. Conversely,
the outlook may be revised to 'Negative' if the negative cash
accruals continue, or if there is delay in timely funding support
from other group companies.

                     About Serendipity Buildtech

SBPL was incorporated in 2006 to develop a shopping mall in Thane
(near Mumbai, Maharashtra) and is a part of the Big Mall group.
SBPL is 100 per cent subsidiary of BIMPL, which is the holding
company of all the real estate projects of the Big Mall group.
The Big Mall group is a joint venture between Big Shopping
Centers (2004) Ltd, Israel (43.6 per cent) and a non-resident
Indian, Mr. Dhruv Chaudhary (28.8 per cent). The remaining stake
(27.7 per cent) is held by private equity investor Lehman
Brothers Real Estate Partners. SBPL's project work started in
2006-07; the project was completed in January 2010.


SHREE RANCHHOD: CARE Puts 'CARE B+' Rating on INR9.5cr Loan
-----------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Shree Ranchhod Oil Mill Company.

                                 Amount
   Facilities                  (INR crore)     Ratings
   -----------                 -----------     -------
   Long/Short-term Bank           9.50         CARE B+/CARE A4
   Facilities                                  Assigned

   Short-term Bank Facilities     0.80         CARE A4 Assigned

Rating Rationale

The ratings assigned by CARE are based on the capital deployed by
the partners and the financial strength of the firm at present.
The ratings may undergo change in case of withdrawal of capital
or the unsecured loans brought in by the partners in addition to
the financial performance and other relevant factors.  The
ratings assigned to the bank facilities of Shree Ranchhod Oil
Mill Company are constrained on account of its modest scale of
operations with presence in a highly fragmented agroprocessing
industry, below average financial risk profile marked by low
profitability margins and weak debt coverage indicators. The
ratings are further constrained on account of ROMC's
susceptibility of margins to the fluctuation in raw material cost
and foreign exchange fluctuation.  Above constraints far offset
the benefits derived from the wide experience of the promoters in
the agro trading business.

ROMC's ability to increase its scale of operation in light of
highly competitive industry with an improvement in financial risk
profile while mitigating the raw price fluctuation would be the
key rating sensitivities.

ROMC is a partnership firm, established in 1997, promoted by Mr.
Bharat Gami and Mr. Jeram Gami. The firm processes raw groundnuts
and exports groundnut kernels (constituted 55-60% of total sales
during FY09-FY11( refers to the period April 1 to March 31))
along-with sesame seeds (constituted 25-30%), etc. It
predominantly exports peanuts to USA, UK, and the Middle East and
sesame seeds to China, Egypt, USA etc. It has groundnut
processing unit with an installed capacity of around 240 tonnes
per day at Junagadh in Gujarat.

During FY11 , ROMC reported a total income of INR84.26 crore with
a PAT of INR0.11 crore.


SIMS CERAMICS: CARE Assigns 'CARE BB-' Rating to INR83cr Loan
-------------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of Sims Ceramics Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       83.00     CARE BB- Assigned
   Short-term Bank Facilities      10.25     CARE A4 Assigned

Rating Rationale

The ratings of Sims Ceramics Private Limited are constrained by
the risks associated with the implementation of a green field
vitrified tiles project which is pre-dominantly debt funded as
well as its foray into the highly competitive segment of the
ceramic industry wherein demand is linked to the cyclical real
estate industry.  The above constraints far offset the benefits
derived from the wide experience of the promoters of SCPL in the
ceramic industry through presence of associate concerns which
have established distribution set-up as well as the location
advantage of it being present in the ceramic tile manufacturing
hub of Morbi in Gujarat.

Timely completion of the project without any cost and time over-
run, achieving the envisaged scale of operations and managing
volatility associated with price of raw materials (mainly
liquefied natural gas and various types of clay) post
commencement of operations in a highly competitive ceramic
industry are the key rating sensitivities.

SCPL was incorporated in 2010 by Mr. Jitendra Aghara, Mr. Bharat
Aghara and Mr. Mansukh Kalia.  SCPL is part of Simpolo Group
which is present in the vitrified and ceramic tiles industry
through group concerns M/s Simpolo Ceramics and Simpolo Vitrified
Private Limited.

SCPL is presently setting up a greenfield plant at Morbi (Dist:
Rajkot, Gujarat) to manufacture vitrified (granito) tiles with an
envisaged installed capacity of 104,300 Metric Tonnes per annum
(MTPA).

The total cost of the project is estimated to be INR101.67 crore
and is proposed to be financed with project debt equity of 1.50
times.


S. R. TEXTILE: CRISIL Places 'CRISIL BB-' Rating on INR49MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the long
term bank loan facilities of S. R. Textile Suppliers, part of the
SRT group.

   Facilities                           Ratings
   ----------                           -------
   INR49 Million Proposed Long-Term     CRISIL BB-/Stable
   Bank Loan Facility                   (Assigned)

   INR150 Million Overdraft Facility    CRISIL BB-/Stable
                                        (Assigned)

The rating reflects the SRT group's long track record in the
distressed-asset-trading business, experienced management and
financial support extended by promoter group. These rating
strengths are partially offset by a below average financial risk
profile marked by modest networth base, aggressive capital
structure, working capital intensive nature of operations, and
lumpiness in cash flows.

For ariving at the rating CRISIL has consolidated the business
and financial risk profiles of SRT, Ajar Enterprises Pvt Ltd,
Amatya Enterprises Pvt Ltd and five special purpose vehicles -
Girishad Mercantile Pvt Ltd, Mohak Mercantile Pvt Ltd, Ashajyot
Mercantile Pvt Ltd, Satyatej Mercantile Pvt Ltd and Aanvik
Mercantile Pvt Ltd, all the entities together referred to as the
SRT group. This is because all the entities are promoted by the
same promoter family, are in the same line of business, and there
exists significant cash flow fungibility amongst them.

Outlook: Stable

CRISIL believes that the SRT Group will continue to benefit from
the vast experience of its promoter group in the distressed-
asset-trading business. The outlook may be revised to 'Positive'
in case of a sustainable and significant improvement in the SRT
Group's capital structure while increasing its scale of
operations as expected. Conversely, the outlook may be revised to
'Negative' in case of more than expected lumpiness in cash flows
or in case of unanticipated materialization of contingent
liabilities, or if the group undertakes large debt funded
projects or unrelated diversification thus impacting the overall
financial risk profile.

                         About the Group

SRT, founded by the late Mr. Gordhandas Nawal in 1956, is engaged
in trading second-hand industrial machinery, spare parts and
selling of building scrap. The firm procures the distressed
industrial assets and obsolete plants through open market
auctions conducted by banks, financial institutions and private
auctioneers amongst others. It sells the used industrial
machinery and scraps the building assets. In the past, the firm
concentrated on buying distressed assets from textile mills in
Gujarat and Mumbai (Maharashtra). The group has diversified its
industry base over the past five-seven years. In the past ten
years, SRT, and its SPVs have completed 23 projects.

SRT has a sister concern, Ajar, which undertook the majority of
the projects till the promoters incorporated the SPVs for each
project to limit the liability of any contingent liabilities on
the promoters' capital. The SRT group also has a private limited
company, Amatya, which is used for funding the SPVs' projects.
The group acquired land as part of some of the projects executed
by it; the book value of the land assets, as on September, 30,
2011, was close to INR420 million.

For 2010-11 (refers to financial year, April 1 to March 31), on a
provisional basis, SRT group reported a net loss of INR15.5
million on net revenue of INR134.4 million against a net profit
of INR5.9 million on net revenue of INR92.7 million in 2009-10.


TIGER SONS: CRISIL Assigns 'CRISIL B+' Rating to INR130MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Tiger Sons Glass Industries Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR130 Million Term Loan         CRISIL B+/Stable (Assigned)
   INR50 Million Cash Credit        CRISIL B+/Stable (Assigned)
   INR29 Million Letter of Credit   CRISIL A4 (Assigned)

The ratings reflect TIPL's constrained financial flexibility due
to risks related to ongoing project and small scale of operations
in fragmented industry. These rating weaknesses are partially
offset by TIPL's long-standing presence in the glass bulb shell
industry and moderate financial risk profile, marked by average
debt protection metrics.

Outlook: Stable

CRISIL believes that TIPL will benefit over the medium term from
its long-standing presence in the lighting industry. The outlook
may be revised to 'Positive' if the company increases its scale
of operations without significant deterioration in the financial
risk profile and earlier-than-expected stabilisation of
capacities. Conversely, the outlook may be revised to 'Negative'
in case of larger-than-expected debt-funding, leading to
weakening in its financial risk profile, or significant delays in
implementation of the ongoing project.

                          About Tiger Sons

TIPL was set up as a partnership firm, Tiger Sons, in 1970 by
Mr. Ram Kishore Gupta and Mr. Dharmendra Mohan Gupta; the firm
manufactured glass bangles. It was reconstituted as a private
limited company in 1997 and started manufacturing glass bulb
shells and lead glass tubes, which are used in the lighting
industry. The company's plant is located in Firozabad (Uttar
Pradesh) and has an installed capacity of 50 tonnes per day of
glass bulb shells and lead glass tubes.

TIPL has currently undertaken a capital expenditure programme to
manufacture glass bottles. The total cost is estimated to be
INR250 million, to be funded with term loans of INR120 million
and the balance through promoter's contribution and internal
accruals. The project is expected to get commissioned in April
2012.

TIPL reported a profit after tax (PAT) of INR10.2 million on net
sales of INR220.5 million for 2010-11(refers to financial year,
April 1 to March 31), as against a PAT of INR 7.6 million on net
sales of INR219.6 million for 2009-10.


YASHASVI YARNS: CARE Assigns 'CARE B+' Rating to INR54.43cr Loan
----------------------------------------------------------------
CARE assigns 'CARE B+/CARE A4' ratings to the bank facilities of
Yashasvi Yarns Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       54.43     CARE B+ Assigned
   Short-term Bank Facilities      12.00     CARE A4 Assigned

Rating Rationale

The ratings of Yashasvi Yarns Ltd. are constrained by weak
financial profile marked by low profit margins, high gearing,
stretched liquidity with elongated working-capital cycle, low
bargaining power against the large suppliers and highly
fragmented nature of the industry.  The ratings however derive
strength from the promoters' experience in the industry and
growth in operations.

The ability of YYL to timely implement the ongoing project,
effectively utilise its additional capacities and improve its
profit margins in the scenario of volatile raw material prices
constitute the key rating sensitivities.

Yashasvi Yarns Ltd. was established in the year 1993 and promoted
by Mr. Kiritkumar Kothari.  YYL is engaged in the manufacturing
of Polyester Texturised yarn (PTY). As at March 31, 2011
YYL's manufacturing facility which is located at Silvassa has an
installed capacity of 27,600 MTPA for texturised yarn and 1,500
MTPA for twisted yarn.

During FY11 (refers to the period April 1 to March 31), YYL
reported the net sales of INR180.80 crore and a PAT of
INR1.47 crore.


YM DRUGS: Fitch Puts Rating on Three Bank Facilities at 'D'
----------------------------------------------------------
Fitch Ratings has assigned India's YM Drugs & Chemicals (P) Ltd.
a National Long-Term rating of 'Fitch D(ind)'.

YMDC's ratings reflect the numerous letters of credit
devolvement, the continuous delays in the repayment of its
outstanding term loans' installments and interest, and the
overutilisation of its cash credit limits in the 12-month period
to December 2011 from a lack of sufficient liquidity.  At end-
March 2011, the company had a cash balance of INR6.1m.

Debt servicing without delays for three months would be positive
for the ratings.

Incorporated in 2002, YMDC manufactures pharmaceutical
intermediates and advanced pharmaceutical intermediates at its
facility in Andhra Pradesh.  For the financial year ended March
2011(FY11), YMDC reported net revenue of INR839m (FY10:
INR684.3m), an operating EBITDA of INR101.0m (FY10: INR89.0m),
with EBITDA margin declining to 12% from 13%.

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

  -- INR180m fund-based working capital limits: 'Fitch D(ind)';
  -- INR263.5m non-fund based working capital limits: 'Fitch
     D(ind)'; and
  -- INR220.7m term-loan: 'Fitch D(ind)'.


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


BERLIAN LAJU: Ceases Debt Payments
----------------------------------
Dow Jones' Daily Bankruptcy Review reports that Berlian Laju
Tanker will cease payments on its debts after breaching a loan
facility covenant, as it falls victim to the perfect storm
engulfing the shipping industry.

PT Berlian Laju Tanker Tbk is the largest Indonesian shipping
company, focusing on liquid bulk cargo, with operations
primarily in Asia with some expansion into the Middle East and
Europe.

                         *     *     *

As reported in the Troubled Company Reporter on Dec. 15, 2011,
Fitch Ratings has downgraded Indonesia's Berlian Laju Tanker
Tbk's Long-Term Foreign- and Local-Currency Issuer Default
Ratings (IDRs) to 'CCC' from 'B-'.  The rating on BLT's USD400m
senior unsecured notes due 2014, issued by BLT Finance B.V. and
guaranteed by BLT, have also been downgraded to 'CC' from 'CCC'
based on a recovery rating of 'RR5'.  No rating Outlooks have
been assigned.


BERLIAN LAJU: Fitch Downgrades Issuer Default Rating to 'C'
-----------------------------------------------------------
Fitch Ratings has downgraded Berlian Laju Tanker Tbk's (BLT)
Long-Term Foreign-and Local-Currency Issuer Default Ratings
(IDRs) to 'C' from 'CCC'.  The rating on BLT's USD400m senior
unsecured notes due 2014, issued by BLT Finance B.V. and
guaranteed by BLT, has also been lowered to 'C' from 'CC' with an
associated recovery rating of 'RR5'.  The rating watch negative
(RWN) assigned to the ratings on Jan 25 2012 has been removed.

The downward revision in ratings follows BLT's announcement of a
debt standstill. In its debt standstill announcement dated
January 27, 2012, the company stated that the consolidated entity
will temporarily cease making repayments on its loans, bonds and
lease facilities excluding repayments on the debt and leases
assumed by PT Buana Listya Tama Tbk.  The BLT Group's obligations
to its suppliers and trade creditors will not be covered by the
Debt Standstill. The company also reported that it plans to
continue with normal business and operations.

The ratings will be further lowered to 'RD' if the coupon and/
principal repayments are not made within the contractual cure
period.  The cure period refers to a provision in a contract
allowing a defaulting party to fix the cause of a default.


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


OLYMPUS CORP: To Announce Earnings on February 13
-------------------------------------------------
Kyodo News reports that Olympus Corp. said Friday it will
announce its group earnings results for the April-December period
on Feb. 13, with President Shuichi Takayama giving a news
conference in Tokyo.

Many analysts expect Olympus to report lackluster earnings for
the nine-month period after posting a group net loss of
JPY32.33 billion for the April-September half due mainly to its
sluggish digital camera business.

The camera and medical equipment maker, battered by the
revelation of a coverup of massive investment losses, avoided
being delisted from the Tokyo Stock Exchange earlier this month.

                   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.

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: Fujifilm Proposes Tie Up Plans
--------------------------------------------
Naoko Fujimura at Bloomberg News reports Fujifilm Holdings Corp.
proposed a partnership with Olympus Corp. and may invest in the
company, Shigehiro Nakajima, Fujifulm executive vice president,
said at a press conference in Tokyo Monday.

Mr. Nakajima said the plan was presented to Olympus adviser SMBC
Nikko Securities Inc., Bloomberg relates.  The companies may also
exchange executives, Mr. Nakajima 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.

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.


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


BLUE CHIP: Two Separate but Parallel Lawsuits Launched
------------------------------------------------------
Maria Slade at Fairfax NZ News reports that two separate but
parallel lawsuits have been launched against the former directors
of failed property scheme Blue Chip, with both groups apparently
in the dark about what the other is doing.

On Jan. 24, the report notes, Blue Chip's liquidators announced
they had filed a $40 million action against Blue Chip directors
including former cabinet ministers Wyatt Creech and John Luxton,
and the scheme's founder Mark Bryers.

Fairfax NZ relates that the legal move is aimed at getting back
deposits paid by 800 investors for apartments that were never
built. The deposits were not held in trust but used as working
capital and subsequently vanished, the report notes.

Then it emerged last week that a group of investors led by
barrister Paul Dale has filed a similar action against the
directors, says Fairfax NZ.

"There's a high degree of overlap, we are pursuing most of the
same people," Fairfax NZ quotes Mr. Dale as saying.

Mr. Dale group's action was broader, however, in that it covered
all victims of the Blue Chip collapse, the report notes.

According to the news agency, Mr. Dale's case is based on the
same claim as the liquidators' -- that the directors were in
breach of their duty to investors in allowing the clearly
insolvent Blue Chip group to continue trading.

There would be a lot of sense in joining the two actions,
Mr. Dale, as cited by Fairfax NZ, said. "In fact, I think that's
quite a likely consequence."

But liquidator Jeff Meltzer said he knew nothing about Mr. Dale's
case, the report relates.  "What he is doing in relation to
directors he has never made known to us."

Fairfax NZ notes that the liquidators would welcome anything that
was going to maximize returns for investors and were happy to
talk to Mr. Dale's team. "It makes perfect sense for all
proceedings to be joined with that of the liquidator."

                        About Blue Chip NZ

Blue Chip New Zealand Ltd. is a financial services company with
offices throughout New Zealand.  It is a subsidiary of Blue Chip
Financial Solutions Limited, now known as Northern Crest
Investments.  Northern Crest operates in two divisions: financial
services and leasing services.  The financial services division
is engaged in the provision of financial structuring services and
investment product to a variety of clients.  The leasing
activities division is engaged in rental of residential property.

                         *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
April 15, 2008, Blue Chip New Zealand Ltd. is in voluntary
liquidation, joining 20 other Blue Chip companies that are now
being wound up.

Northern Crest Investments, the last surviving business of
Mark Bryers' failed Blue Chip group, also went into liquidation
in June 2011.


LOMBARD FINANCE: Director's Trial to Resume Today
-------------------------------------------------
Colin Williscroft at The National Business Review reports that
the criminal trial of four Lombard Finance directors is due to
resume today.

The closing arguments at the Wellington High Court will signal
the final stage of the trial of former cabinet ministers Sir
Douglas Graham and Bill Jeffries, along with fellow director
Lawrence Bryant and chief executive Michael Reeves, NBR says.

The report relates that the men have been charged with five
counts of criminally misleading Lomard investors.

The case, being heard by Justice Robert Dobson, began in October.

                      About Lombard Finance

Lombard Finance & Investments Limited is a wholly owned
subsidiary of Lombard Group, a diversified company specializing
in the financial services sector offering a number of lending
options and providing investment opportunities for its
shareholders and investors.

Lombard Finance was placed into receivership on April 10, 2008,
by its trustee, Perpetual Trust Limited.  PricewaterhouseCoopers
partners John Fisk and John Waller have been appointed receivers
of the company.  The receivership also applies to three other
subsidiaries of Lombard Group, being Lombard Asset Finance
Limited, Lombard Property Holdings Limited and Lombard Asset
Finance No 2 Limited.  The receivership does not impact on
Lombard Group Limited.

The company owed NZ$127 million to 4,400 investors.


MEDIA COUNSEL: SFO to Look Into Advertising Firm's Collapse
-----------------------------------------------------------
Rob O'Neill at Fairfax NZ News reports that liquidators for
failed advertising agency The Media Counsel are briefing the
Serious Fraud Office and the Companies Office on the company's
affairs after informing unsecured creditors they are unlikely to
receive any of the money they are owed.

In his report to October 22 last year, Fairfax NZ relates,
insolvency firm McDonald Vague's liquidator Iain McLennan said
the company's accounts were misleading and investigations had
been hindered by a lack of access to the company's accounting
system.

Fairfax NZ relates that Boris van Delden, another partner at the
firm, said a report was being prepared to brief the SFO, which
had taken an interest in the case.  The Companies Office had also
been briefed, Mr. van Delden said.

According to the report, SFO boss Adam Feeley said the SFO
initiated inquiries with McDonald Vague some weeks ago.  "To date
we have not received any report from them, but have been advised
it is coming," Fairfax NZ quotes Mr. Feeley as saying.  "Until we
have had an opportunity to assess the matter, we are not in a
position to comment."

The news agency notes that the liquidator said in his October
report that he had filed a claim as an unsecured creditor in
director Glenda Wynyard's bankruptcy, and he was pursuing other
parties and trusts that benefited directly from the company.

Mr. McLennan added that invoices for sales entered into the
company's accounting system did not belong to the company at all.
Therefore, the level of accounts receivable, at around
NZ$150,000, is lower than first reported, according to Fairfax
NZ.

Media Counsel owes creditors nearly NZ$2.5 million, with
NZ$2.2 million of that unsecured and most likely lost, the report
adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 28, 2010, BusinessDay said The Media Counsel was placed into
liquidation by managing director Glenda Wynyard.  Ms. Wynyard
sent out an email to clients apologizing for "what is about to
erupt", saying financial difficulties plaguing the company over
the last year could not be overcome.  "There are many reasons
that our business faces imminent closure but the most recent is
that the purchaser we had pinned our final hopes on offered to
take over our client and staff base for free, as at Jan. 25,
2010, leaving us with a financial hole that we will not be able
to pull ourselves out from," BusinessDay quoted Ms. Wynyard as
saying in the e-mail.

Based in Auckland, New Zealand, The Media Counsel is an
advertising media agency.


=============================
P A P U A  N E W  G U I N E A
=============================


* PAPUA NEW GUINEA: S&P Affirms 'B+/B' Sovereign Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services revised the outlook on the
long-term sovereign credit rating on Papua New Guinea to negative
from stable. At the same time, Standard & Poor's has affirmed its
'B+' local and foreign currency long-term rating and 'B' short-
term rating.  The transfer and convertibility assessment remains
'BB'.

"The outlook change reflects the weakened political settings in
PNG following the detention and later release of defense force
chief commander, Brigadier General Francis Agwi, by elements of
PNG's military seeking the reinstatement of Sir Michael Somare as
prime minister," S&P said.

"The political instability centers on both Michael Somare and
Peter O'Neill claiming the position of prime minister following
O'Neill's election to the position in August 2011 by the PNG
parliament during Somare's absence on medical grounds," Standard
& Poor's credit analyst Kyran Curry explained. "PNG's Supreme
Court ruled on Dec. 12, 2011, that PNG's parliament had acted
illegally in electing Mr. O'Neill prime minister and called for
the reappointment of Mr. Somare as prime minister. These
developments have increased the risks of the country losing donor
support and much needed investments, in our view."

"The unresolved claims to the prime minister position underlie
the vulnerabilities associated with the country's fragmented
political structure, public policy development, and service
delivery, which have traditionally constrained the ratings on
PNG. In addition, there is a lack of transparency in the
activities of statutory authorities, trust accounts, and other
government-owned or government-controlled entities contributing
to PNG's off-balance-sheet liabilities. Further constraining the
ratings are the infrastructure shortcomings and security risks
that impede investment required to diversify the economy.
However, the government's moderate fiscal flexibility and the
strong potential of the minerals and allied sectors to boost
economic growth support the ratings," S&P said.

"We would lower the ratings if the political friction remains
unresolved, leading to a loss of donor support and investment
required to diversify the economy and buttress PNG's government
finances and external position.  A return to a stable outlook
would require a normalization of the country's policy and
institutional platforms, evident from the election of a
government with a clear mandate and an easing in political
tension," S&P said.


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


RIZAL COMMERCIAL: Fitch Rates $200-Mil. Senior Notes at 'BB-'
-------------------------------------------------------------
Fitch Ratings has assigned Rizal Commercial Banking Corp.'s
USD200m 5.25% senior notes due 2017 (issued under the bank's
USD1bn medium-term note programme) a final 'BB-' rating.  This
follows the completion of the senior notes issuances and the
receipt of documents conforming to information previously
received.  The final rating is the same as the expected rating
assigned on 16 January 2012.

The notes are rated at the same level as RCBC's 'BB-' Long-Term
Foreign-Currency Issuer Default Rating as they constitute direct
and unsecured obligations of the bank, and hence rank equally
with all its unsecured and unsubordinated obligations.  The net
proceeds will be used as working capital, for general banking and
other corporate purposes.

For more details on RCBC's ratings and credit profile, please
refer to 'Fitch Affirms Rizal Commercial Banking at 'BB-
'/Stable', dated August 26, 2011, and RCBC's full rating report,
dated September 19, 2011, available at www.fitchratings.com.

RCBC is a mid-sized universal bank with total assets of
PHP312 billion at end-September 2011.  The Yuchengco family's
group of companies owned a majority 50.4% stake in the bank at
end-2010.


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


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

Sankyu (Singapore) Pte Ltd filed the petition against the company
on Nov. 26, 2011.

The Petitioner's solicitor is:

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


HUAT HARDWARE: Creditors' Proofs of Debt Due Feb. 10
----------------------------------------------------
Creditors of Huat Hardware Industrial Supply Pte Ltd, which is in
compulsory liquidation, are required to file their proofs of debt
by Feb. 10, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


JURONG HI-TECH: Creditors' Proofs of Debt Due Feb. 10
-----------------------------------------------------
Creditors of Jurong Hi-Tech Industries Pte Ltd, which is in
compulsory liquidation, are required to file their proofs of debt
by Feb. 10, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

         Messrs Tam Chee Chong
         Andrew Grimmett
         c/o 6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809


JURONG TECHNOLOGIES: Creditors' Proofs of Debt Due Feb. 10
----------------------------------------------------------
Creditors of Jurong Technologies Industrial Corpn Ltd, which is
in compulsory liquidation, are required to file their proofs of
debt by Feb. 10, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

         Messrs Tam Chee Chong
         Andrew Grimmett
         c/o 6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809


MICROFAB HOLDINGS: Creditors' Proofs of Debt Due Feb. 10
--------------------------------------------------------
Creditors of Microfab Holdings Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Feb. 10, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

         Messrs Tam Chee Chong
         Lim Loo Khoon
         c/o 6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809


WILLICH SINGAPORE: Creditors Get 100% Recovery on Claims
--------------------------------------------------------
Willich Singapore Pte Ltd declared the first and final
preferential dividend to its creditors on Jan. 31, 2012.

The company paid 100% and 40.50% to the received claims.

The company's liquidators are:

         Chee Yoh Chuang
         Lim Lee Meng
         Stone Forest Corporate Advisory Pte Ltd
         c/o 8 Wilkie Road #03-08
         Singapore 228095


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


* BOND PRICING: For the Week Jan. 23 to Jan. 27, 2012
-----------------------------------------------------


  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       7.21
AUST & NZ BANK           2.40    11/23/2016   USD      69.08
AUST & NZ BANK           5.00    01/24/2022   USD      54.30
AUST & NZ BANK           0.17    04/10/2012   USD      56.85
AUST & NZ BANK           0.15    04/18/2012   USD      23.48
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      71.86
EXPORT FIN & INS         0.50    06/15/2020   AUD      69.98
EXPORT FIN & INS         0.50    06/15/2020   NZD      69.72
FIRST AUSTRALIAN        15.00    01/31/2012   AUD       0.35
GRIFFIN COAL MIN         9.50    12/01/2016   USD      63.00
IMF AUSTRALIA           10.25    12/31/2014   AUD       1.72
KIMBERLY METALS         10.00    08/05/2016   AUD       0.36
MIDWEST VANADIUM        11.50    02/15/2018   USD      72.62
MIDWEST VANADIUM        11.50    02/15/2018   USD      72.62
NATL AUSTRALIABK         4.08    01/20/2027   EUR       5.56
NEW S WALES TREA         0.50    09/14/2022   AUD      62.26
NEW S WALES TREA         0.50    10/07/2022   AUD      62.08
NEW S WALES TREA         0.50    10/28/2022   AUD      61.87
NEW S WALES TREA         0.50    11/18/2022   AUD      61.70
NEW S WALES TREA         0.50    12/16/2022   AUD      61.51
NEW S WALES TREA         0.50    02/02/2023   AUD      61.13
NEW S WALES TREA         0.50    03/30/2023   AUD      60.68
TELSTRA CORP LTD         6.93    12/19/2023   AUD       2.89
TOYOTA FIN AUSTR         3.70    05/22/2014   AUD       2.28
TREAS CORP VICT          0.50    08/25/2022   AUD      62.77
TREAS CORP VICT          0.50    03/03/2023   AUD      61.16
TREAS CORP VICT          0.50    11/12/2030   AUD      43.05
WESTPAC BANKING          2.50    12/15/2016   USD      44.93

  CHINA
  -----

AGR BK CHINA (HK)   1.00    02/13/2012   USD        3.05
BANK OF CHINA NY   1.80    01/31/2013   USD   24.66
BANK OF CHINA NY   0.50    01/30/2012   USD    1.42
BANK OF CHINA NY   0.40    02/21/2012   USD    1.98
BANK OF CHINA NY   0.45    03/21/2012   USD    0.40
BANK OF CHINA NY   0.30    04/11/2012   USD   22.26
BANK OF CHINA NY   0.20    04/25/2012   USD   23.49
BANK OF CHINA NY   0.30    04/25/2012   USD    0.54
BANK OF CHINA NY   0.55    05/09/2012   USD   10.60
BANK OF CHINA NY   0.45    06/07/2012   USD   27.99
BANK OF CHINA NY   0.70    06/07/2012   USD   10.37

BANK OF CHINA NY   0.65    08/30/2012   USD    0.97
BANK OF CHINA NY   0.50    10/11/2012   USD    0.73
BANK OF CHINA NY   0.40    10/25/2012   USD    0.20
BANK OF CHINA NY   0.75    11/09/2012   USD   33.06
BANK OF CHINA NY   0.65    12/21/2012   USD    0.97
BANK OF CHINA NY   0.80    12/31/2012   USD    1.83
BANK OF CHINA NY   0.55    01/11/2013   USD   29.85
BANK OF CHINA NY   0.45    01/25/2013   USD   24.41
BANK OF CHINA NY   0.40    01/31/2013   USD   47.39
BANK OF CHINA NY   0.50    02/01/2013   USD   21.86
BANK OF CHINA NY   0.75    05/09/2013   USD   37.65
BANK OF CHINA NY   0.80    06/07/2013   USD    2.11
BANK OF CHINA NY   0.85    07/11/2013   USD    2.93
BANK OF CHINA NY   1.10    12/23/2013   USD    4.22
BANK OF CHINA NY   0.90    01/13/2014   USD    4.65
BANK OF CHINA NY   1.00    01/13/2014   USD   10.84
BANK OF CHINA NY   0.90    01/27/2014   USD   22.87
BANK OF CHINA NY   0.85    02/03/2014   USD    3.60
BANK OF CHINA NY   0.90    02/03/2014   USD   24.56
BAYI IRON CO    6.82    12/22/2012   CNY    5.87
BEIJING CAP DEV    5.74    12/30/2014   CNY    1.71
BJ ORIENT LAN    8.15    12/08/2012   CNY   64.14
BK OF CHINA/HK    0.93    02/17/2012   USD   19.84
BK OF CHINA/HK    0.96    02/23/2012   USD   48.54
BK OF CHINA/HK    1.11    03/13/2012   USD   24.91
BK OF CHINA/HK    1.23    04/11/2012   USD   61.86
BK OF CHINA/HK    1.11    04/13/2012   USD    7.12
BK OF CHINA/HK    5.00    04/13/2012   AUD   25.34
BK OF CHINA/HK    1.00    04/30/2012   HKD   54.80
BK OF CHINA/HK    1.13    05/02/2012   USD   70.10
BK OF CHINA/HK    1.55    05/28/2012   CNY    4.54
BK OF CHINA/HK    2.00    07/16/2012   CNY    9.32
BK OF CHINA/HK    2.50    01/14/2013   CNY   47.70
BK OF CHINA/HK    1.80    01/28/2013   HKD    2.87
BK OF CHINA/HK    3.20    01/31/2013   CNY    0.32
BK OF CHINA/HK    6.45    01/31/2022   AUD    3.47
BK OF COMM - HK    1.20    03/28/2012   USD    2.46
BK OF COMM - HK    2.10    07/16/2012   USD   21.76
BK OF COMM - HK    2.95    01/17/2013   USD   64.57
BK OF COMM - HK    1.80    01/30/2013   HKD    2.14
BK OF HANGZHOU           5.90    12/09/2021   CNY       12.53
CH FIRST HEAVY           5.14    12/20/2016   CNY        8.65
CHINA CON BK HK          1.10    03/21/2012   USD        1.10
CHINA CON BK HK          1.90    12/30/2012   USD        1.88
CHINA CON BK HK          2.20    01/10/2013   USD        8.79
CHINA CON BK HK          1.90    01/10/2013   USD        6.98
CHINA CON BK NY          1.90    01/11/2013   USD        35.51


  HONG KONG
  ---------

BANK EAST ASIA           1.18    03/14/2012   USD      16.23
BANK EAST ASIA           1.18    04/13/2012   USD      63.36
CHINA SOUTH CITY        13.50    01/14/2016   USD      73.66
ICBC ASIA                1.28    04/26/2012   USD       6.31
ICBC ASIA                1.88    04/26/2012   USD       0.50
ICBC ASIA                1.59    07/19/2012   USD      64.71
ICBC ASIA                1.59    07/26/2012   USD       5.42
ICBC ASIA                1.28    04/26/2012   USD       6.31
ICBC ASIA                2.30    12/14/2012   USD      19.98
RESPARCS FUNDING         8.00    12/29/2049   USD      30.00
STAND CHART HK           2.00    05/09/2012   CNY       0.91
WING LUNG BANK           1.40    03/29/2012   USD       3.01
WING LUNG BANK           1.30    04/10/2012   USD       5.45


  INDIA
  -----

AKSH OPTIFIBRE           1.00    02/05/2013   USD      40.52
AXIS BANK LIMIT          9.73    12/01/2021   INR      56.68
BANK OF BARODA           0.45    03/23/2012   USD      55.63
BANK OF BARODA           0.25    06/01/2012   USD       0.87
BANK OF BARODA           0.30    06/01/2012   USD       1.47
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


  ---------

ADIRA FINANCE            7.75    12/16/2013   IDR       2.91
BPD ACEH                 9.20    01/02/2013   IDR       8.19
FORISA NUSAPERSA        10.00    12/29/2013   IDR      54.50
PERKEBUNAN NUSAN         9.10    12/27/2014   IDR      46.52
SURYA ARTHA NUSA         8.40    01/20/2015   IDR      10.26


  JAPAN
  -----

AICHI PREFECTURE         1.30    05/27/2015   JPY       0.33
AKITA PREFECTURE         1.40    09/25/2031   JPY       0.42
AOMORI PREFECTURE        1.08    12/25/2012   JPY      47.47
BOT LEASE CO             0.68    01/17/2014   JPY      64.71
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       6.50
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


PHILIPPINES
-----------

LANK BK OF PHIL          5.87    04/27/2022   PHP      28.08


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          2.75    12/21/2012   KRW      49.53
EX-IMP BK KOREA          2.68    02/04/2013   KRW       0.39
EX-IMP BK KOREA          4.00    02/04/2013   KRW       0.61
EX-IMP BK KOREA          0.50    01/25/2017   KRW      19.15
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      56.65


TAIWAN
------

HSBC BANK TW LTD         1.40    01/31/2019   TWD      16.76
YANG MING MARINE         1.30    12/27/2016   TWD       9.18


THAILAND
--------

BECL PCL                 4.06    12/29/2018   THB      22.94
CENTRAL PATTANA          4.06    01/23/2017   THB      36.24
TICON INDUSTRIAL         4.50    01/10/2017   THB       2.03


VIETNAM
-------

VDB BOND               12.19     12/20/2014   VND      10.78

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
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 ***