TCRAP_Public/120207.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, February 7, 2012, Vol. 15, No. 27

                            Headlines


A U S T R A L I A

BANKSIA PRODUCTIONS: Imagination Buys Humphrey B. Bear Rights
BURRUP FERTILISERS: Yara Acquires 16% BHL Stake for US$143MM
HELIUM CAPITAL: Moody's Lowers US$20-Mil. Notes Rating to 'C'


C H I N A

ALUMINUM CORP: S&P Lowers Stand-alone Credit Profile to 'bb'


H O N G  K O N G

APRICA (ASIA): Commences Wind-Up Proceedings
BLOXWORTH ENTERPRISES: Creditors' Proofs of Debt Due Feb. 17
BRILLIANT LEAD: Chung Kit Ling Elaine Steps Down as Liquidator
CHUN SHING: Final Meetings Set for March 15
CODIAN (ASIA PACIFIC): Members' Final Meeting Set for March 3

COMSEC CORPORATION: Commences Wind-Up Proceedings
CP ADALTIS: Final General Meetings Set for March 7
CREATIVE MODEL: Sung Mi Yin Steps Down as Liquidator
CROWNPRIX LIMITED: Contributories Annual Meeting Set for Feb. 13
DEEPHAVEN ASIA: Members' Final General Meeting Set for March 9


I N D I A

AKC STEEL: Fitch Puts 'BB-' Rating on INR100-Mil. Facilities
ANTIQUE COTTEX: ICRA Assigns '[ICRA]B+' Rating to INR1CR Loan
BAGGA LINK: ICRA Reaffirms '[ICRA]BB+' Rating to Rs2.85cr Loan
BARBEQUE NATION: ICRA Assigns '[ICRA]BB' Rating to INR26.2cr Loan
GALAXY BEARINGS: ICRA Reaffirms '[ICRA]BB+' Long-Term Rating

HYDERABAD EDUCATIONAL: Fitch Puts National LT Rating at 'D'
INDIA DESIGNS: ICRA Cuts Rating on INR4.5cr Loan to '[ICRA]BB'
M.D. FROZEN: ICRA Assigns '[ICRA]BB+' Rating to INR5cr Bank Loan
P.S. KRISHNAMURTHY: Fitch Puts Rating on Two Bank Loans at Low-B
RAJ GROUP: Fitch Rates National Long-Term Rating at 'BB+'

SHREE KRISHNA: Fitch Places Rating on Two Facilities at Low-B
SLOKA POWER: ICRA Assigns '[ICRA]BB-' Rating to INR6cr Loan
SUNDARAM FERRO: ICRA Assigns '[ICRA]BB-' Cash Credit Rating
SV POWER: Fitch Lowers Rating on INR1,940MM Senior Debt to 'D'
THANGAM STEEL: Fitch Affirm Rating on Two Bank Loans at 'BB+'

TIRUPATI PLASTOMATICS: ICRA Rates INR5cr LT Loan at '[ICRA]BB'
VARIEGATE PROJECTS: Fitch Migrates Rating on Bank Loan to Low-B
VHB MEDISCIENCES: Fitch Withdraws 'D' Rating on Three Loans


J A P A N

ELPIDA MEMORY: To Work Out Rehabilitation Plans by End of March
OLYMPUS CORP: To Hold Emergency Shareholders Meeting on April 20


N E W  Z E A L A N D

CRAFAR FARMS: Judge Reserves Decision on Bid to Stop Sale
CRAFAR FARMS: Pengxin Has Until Today to Finalize Bid


S I N G A P O R E

BELUGA CHARTERING: Court to Hear Wind-Up Petition on Feb. 17
DIAMOND PRECISION: Creditors' Proofs of Debt Due March 5
EC-ASIA INT'L: Creditors Get 2.42% Recovery on Claims
ENZER ELECTRONICS: Creditors' Proofs of Debt Due Feb. 17
FARQUSON PTE: Court Enters Wind-Up Order

HUMPUSS SEA: Court Enters Wind-Up Order
INFOSEC PACIFIC: Court to Hear Wind-Up Petition on Feb. 10


T H A I L A N D

STATS CHIPPAC: Moody's Says Performance In Line With 'Ba1' Rating


X X X X X X X X

* BOND PRICING: For the Week Jan. 30 to Feb. 3, 2012


                            - - - - -


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A U S T R A L I A
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BANKSIA PRODUCTIONS: Imagination Buys Humphrey B. Bear Rights
-------------------------------------------------------------
Jesse Whittock at C21Media reports that Adelaide-based multi-
platform media group Imagination has bought the rights to
Australian children's character Humphrey B Bear.

The report relates that Imagination has paid an undisclosed
amount for the assets of bankrupt Humphrey producer Banksia
Productions from liquidators.

This gives it all rights to the Humphrey character, who is best
known for popular Nine Network preschool series Here's Humphrey
and was voted Australia's Citizen of the Year in 1994, according
to C21Media.

"Humphrey is a classic preschool property and with some hard work
and a little bit of magic forest dust, he will be entertaining
children for many more years to come," C21Media quotes
Imagination CEO Shane Yeend as saying.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 30, 2011, The Sunday Mail said Humphrey B. Bear was put on
market two years after Banksia Productions, the company behind
the children's character, went into liquidation.  Insolvency firm
BRI Ferrier had called for expressions of interest for the
company's assets which include bear suits and other costumes, a
10m-wide set and other merchandise, plus trademarks, the full
library of past episodes and royalty rights to the music.


BURRUP FERTILISERS: Yara Acquires 16% BHL Stake for US$143MM
------------------------------------------------------------
On Feb. 1, 2012, Yara acquired 16% of Burrup Holdings Limited for
US$143 million, increasing its ownership share in the company to
51%.  Concurrently, Apache Energy acquired the remaining 49% of
the shares in BHL, and signed a new shareholders' agreement with
Yara.

Following closing of the deal, BHL has been renamed Yara Pilbara
Holdings Ltd.  YPHL owns 100% of Yara Pilbara Fertilisers Pty
Ltd, which operates an ammonia plant completed in 2006 located at
the Burrup peninsula in Western Australia, with an annual
production capability of approximately 850,000 metric tons.  The
plant provides employment for approximately 100 production and
administrative staff. YPHL owns 50% of Burrup Nitrates Pty Ltd, a
project for the development of a technical ammonium nitrate (TAN)
plant in the Burrup peninsula.  The other 50% of BNPL is owned by
Yara Australia Pty Ltd, a 100% wholly owned indirect subsidiary
of Yara International ASA.  The directors of YPHL, YPFPL and BNPL
are Tor Holba, Koh Soon Hee, Peter Terence Kempen, Aidan Joy,
Faron Thibodeaux and Thomas Maher.

Securing majority ownership in BHL represents an important step
in Yara's strategic growth, strengthening its leading position
within ammonia production and providing a platform for upgraded
nitrogen production. The majority position allows Yara to
integrate YPFPL fully into its global production system, and to
intensify work on the BNPL project together with Apache. The TAN
plant is planned to have an annual nameplate capacity of 330,000
metric tons and be located in close proximity to the existing
Burrup ammonia plant. The proposed TAN plant's close proximity to
the Pilbara mining industry together with adjacent ammonia supply
gives it a distinct advantage over other ammonium nitrate
suppliers. Yara has an agreement to market the entire output from
the plant.

The BHL shares were acquired by Yara Australia Pty Ltd from (i)
the receivers appointed by ANZ Bank over shares of Pankaj Oswal
and Radhika Oswal which were mortgaged to ANZ Bank, and (ii)
Radhika Oswal for shares held in escrow pursuant to arrangements
between Radhika Oswal and ANZ Bank.  The purchase consideration
of US$143 million was paid in cash on Feb. 1, 2012, and was
financed from the existing cash balance of Yara International
ASA.

In connection with the share purchases, Yara Australia Pty Ltd
and Apache Fertilisers Pty Ltd entered into a shareholder
agreement governing the activities of YPHL, YPFPL and BNPL and
related agreements. No agreements have been made or amended for
individual employees in connection with the share purchases or
shareholder agreement.

Yara will consolidate BHL and its subsidiaries from the
acquisition date, including possible goodwill, and measure all
identifiable assets acquired and liabilities assumed at their
acquisition-date fair values. The 49% interest of Apache will be
presented as non-controlling interests in Yara's statement of
financial position. Yara's previously held 35% equity interest
will be re-measured at fair value, and any gain or loss will be
recognized in Yara's first quarter 2012 income statement.  The
carrying value of this investment was NOK1,899 million
(US$316 million) as at Dec. 31, 2011.  Yara will also, at the
acquisition date, recognize the currency translation gain on the
foreign operation that has previously been recognized directly in
equity.

                     About Burrup Fertilisers

Headquartered in Karratha in Western Australia, Burrup
Fertilisers Pty Ltd -- http://www.bfpl.com.au/-- is Australia's
largest ammonium producer.  The company has a production capacity
of 850-tonnes of liquid ammonia a year.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 20, 2010, The Australian said Burrup Fertilisers Pty Ltd was
placed into receivership with debts of about AUD800 million.
ANZ Bank appointed PPB Advisory as receivers to Burrup
Fertilisers.  ANZ also appointed the same receivers, PPB
Advisory, over shares held by members of the Oswal Group in
related company Burrup Holdings.  The bank is alleging "evidence
of financial irregularities" as well as the usual default
triggers relating to debt facilities established between 2002 and
2007, The Australian said.


HELIUM CAPITAL: Moody's Lowers US$20-Mil. Notes Rating to 'C'
-------------------------------------------------------------
Moody's Investors Service announced this rating action on notes
issued by Helium Capital Limited, a collateralized debt
obligation transaction.

Issuer: Helium Capital Limited Series 80

   -- US$20,000,000 Limited Recourse Secured Floating Rate
      Credit-Linked Notes due 2012, Downgraded to C (sf);
      previously on Feb 19, 2009 Downgraded to Ca (sf)

Ratings Rationale

Moody's rating action is the result of a deterioration in the
credit quality of the referenced portfolio and occurrence of
credit events. Since inception, the portfolio has experienced six
credit events, which caused a complete erosion of the notes.

Since the last rating action in February 2009, the subordination
of the notes has been reduced to zero due to credit events on CIT
Group Inc and The PMI Group, Inc. The aggregate loss amount due
to all credit events has already impacted 100% of the notes'
original amount. Consequently, Moody's will withdraw its rating
on the notes given that the notes are now terminated.

Rating Methodology

The principal methodology used in this rating was "Moody's
Approach to Rating Corporate Collateralized Synthetic
Obligations" published in September 2009.


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ALUMINUM CORP: S&P Lowers Stand-alone Credit Profile to 'bb'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its foreign currency
long-term corporate credit rating on China-based aluminum
producer Aluminum Corp. of China Ltd. to 'BBB' from 'BBB+' after
lowering the stand-alone credit profile to 'bb' from 'bb+'. The
outlook on the corporate credit rating is negative. "We also
lowered our Greater China credit scale rating on Chalco to
'cnA-/--' from 'cnA+/--'," S&P said.

"We downgraded Chalco to reflect the company's worse-than-
expected financial performance in the fourth quarter of 2011 and
our view that aluminum prices are likely to remain subdued in
2012 due to uncertainty in the global economy," said Standard &
Poor's credit analyst Lawrence Lu. "As Chalco's production costs
remain high, we see little likelihood that the company will be
able to improve its cash flow coverage measures or reduce its
high debt levels while its profitability remains low."

"The rating on Chalco continues to reflect our expectation that
the company will receive extraordinary timely and sufficient
support, in the event of financial distress, from the government
of the People's Republic of China (AA-/Stable/A-1+; cnAAA/cnA-
1+). The government effectively controls 42% of Chalco through
the company's parent, Aluminum Corp. of China (Chinalco; not
rated) and Chalco's own subsidiary. In accordance with our
criteria for government-related entities, we have assessed that
there is a 'high' likelihood that the government would extend
extraordinary support to Chalco," S&P said.

"Chalco's 'bb' stand-alone credit profile reflects our view that
the company has a satisfactory business risk profile and
aggressive financial risk profile," S&P said.

"Higher electricity costs and much lower aluminum prices resulted
in an operating loss for Chalco in the fourth quarter of 2011,
according to its announcement on Jan. 30, 2011. We had expected a
similar financial performance to that in the third quarter. In
our view, the company's margin will remain under pressure in
2012, based on current aluminum price trends. Chalco has taken
efforts to cut its high costs, but its low self-sufficiency in
electricity is a continuing constraint. In addition, as a state-
owned enterprise (SOE), the company has social responsibilities;
for example, it can't lay off surplus workers at many of its
operating facilities, thereby increasing its operating leverage,"
S&P said.

"We expect Chalco's cash flow coverage to remain very weak for
its rating category in 2012. For example, we estimate its ratio
of funds from operations (FFO) to total adjusted debt may be as
low as 5%-6%. Chalco's debt level remains high compared with
peers. Its ratio of debt to capital was about 57% as of Sept. 30,
2011. We don't expect any meaningful debt reduction in the coming
year because the company still has large capital expansion plans.
We project Chalco will continue to generate sizable negative free
operating cash flow in the next couple of years at least, even if
profitability improves somewhat," S&P said.

"Management has stated its intention to improve Chalco's capital
structure through issuing up to Chinese renminbi (RMB) 9 billion
in common shares in the domestic market (the company has obtained
all necessary regulatory approval in China). We see a low
likelihood that such issuance will happen soon because the stock
markets are volatile and the company's share price has declined
sharply in the past year," S&P said.

"The negative outlook on the rating reflects our expectation that
Chalco's financial risk profile is likely to remain very weak in
the next 12 months as aluminum prices remain subdued and the
demand growth for aluminum product slows in China," said Mr. Lu.

"We may lower the rating if Chalco's stand-alone credit profile
deteriorates further. This could happen if aluminum prices do not
rebound from the currently low level and there is no sign of
improvement in end-market conditions, such that the company's
ratio of FFO to total debt stays below 10% for a prolonged period
of time," S&P said.

"The rating upside potential is currently limited. However, we
could consider revising the outlook to stable if the company
improves its profitability by increasing operating efficiency,
such that its stand-alone credit profile improves and stabilizes
-- for example, its ratio of FFO to total debt rises above 12%,"
S&P said.


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H O N G  K O N G
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APRICA (ASIA): Commences Wind-Up Proceedings
--------------------------------------------
Members of Aprica (Asia) Limited, on Jan. 27, 2012, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Lau Hin Chi
         19th Floor, Cameron Commercial Centre
         468 Hennessy Road
         Causeway Bay
         Hong Kong


BLOXWORTH ENTERPRISES: Creditors' Proofs of Debt Due Feb. 17
------------------------------------------------------------
Creditors of Bloxworth Enterprises (HK) Limited, which is in
creditors' voluntary liquidation, are required to file their
proofs of debt by Feb. 17, 2012, to be included in the company's
dividend distribution.

The company's liquidator is:

         Fok Hei Yu
         Level 22, The Center
         99 Queen's Road Central
         Central, Hong Kong


BRILLIANT LEAD: Chung Kit Ling Elaine Steps Down as Liquidator
--------------------------------------------------------------
Chung Kit Ling Elaine stepped down as liquidator of Brilliant
Lead Finance Limited on Jan. 17, 2012.


CHUN SHING: Final Meetings Set for March 15
-------------------------------------------
Members and creditors of Chun Shing Engineering Limited will hold
their final meetings on March 15, 2012, at 2:00 p.m., and 2:30
p.m., respectively at Room 3, 8/F, Yue Xiu Building, 160 Lockhart
Road, Wan Chai, in Hong Kong.

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


CODIAN (ASIA PACIFIC): Members' Final Meeting Set for March 3
-------------------------------------------------------------
Members of Codian (Asia Pacific) Limited will hold their final
meeting on March 3, 2012, at 11:00 a.m., at Units B-C, 15th
Floor, Sun House, at 90 Connaught Road Central, in Hong Kong.

At the meeting, Au Tin Po, the company's liquidator, will give a
report on the company's wind-up proceedings and property
disposal.


COMSEC CORPORATION: Commences Wind-Up Proceedings
-------------------------------------------------
Members of Comsec Corporation Advisory Limited, on Jan. 21, 2012,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

         Chung Wai Ming
         Unit 702, 7/F
         Tung Hip Commercial Building
         244 Des Voeux Road
         Central, Hong Kong


CP ADALTIS: Final General Meetings Set for March 7
--------------------------------------------------
Members and creditors of CP Adaltis Hong Kong Company Limited
will hold their final general meetings on March 7, 2012, at 9:15
a.m., and 9:30 a.m., respectively at Room 2601, 26th Floor, China
Insurance Group Building, at 141 Des Voeux Road Central, in Hong
Kong.

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


CREATIVE MODEL: Sung Mi Yin Steps Down as Liquidator
----------------------------------------------------
Sung Mi Yin stepped down as liquidator of Creative Model Limited
on Jan. 18, 2012.


CROWNPRIX LIMITED: Contributories Annual Meeting Set for Feb. 13
----------------------------------------------------------------
Contributories of Crownprix Limited will hold their annual
meeting on Feb. 13, 2012, at 10:00 a.m., at the office of FTI
Consulting, Level 22, The Center, 99 Queen's Road Central,
Central, in Hong Kong.

At the meeting, Roderick John Sutton, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


DEEPHAVEN ASIA: Members' Final General Meeting Set for March 9
--------------------------------------------------------------
Member of Deephaven Asia Limited will hold their final general
meeting on March 9, 2012, at 2:35 p.m., at Level 28, Three
Pacific Place, at 1 Queen's Road East, in Hong Kong.

At the meeting, Lo Yee Har Susan, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


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AKC STEEL: Fitch Puts 'BB-' Rating on INR100-Mil. Facilities
------------------------------------------------------------
Fitch Ratings has assigned India-based AKC Steel Industries Ltd a
National Long-Term rating of 'Fitch BB-(ind)' with a Stable
Outlook.  Fitch has also assigned AKC's INR100 million fund-based
(cash credit) limit a 'Fitch BB-(ind)' rating.

The ratings reflect wide variations in AKC's revenues and margins
over the last four years.  In the financial year ended March 31,
2011 (FY11), the company's revenues fell by 28% yoy to INR1,414m
with EBITDA margins increasing to 3.5% (FY10: 2.4%).  Capacity
utilization at AKC's rolling mill has been low at 14% in the past
two years.  The swing in revenues and margins underscores the
volatility of the company's trading operations, which form more
than 70% of revenues.  Interest coverage has been low at 1.86x
(FY10: 1.83x) and adjusted net leverage high at 5.36x (FY10:
5.01x).

The ratings also consider AKC's tight liquidity position, which
is reflected in its full utilization of working capital limits
due to a high working capital cycle that stems from strict credit
terms from the company's suppliers.

However, the ratings benefit from the experience of AKC's
promoters, which encompasses more than four decades in the iron
and steel industry through other group companies, along with a
Memorandum of Understanding with Rashtriya Ispat Nigam Ltd (RINL,
('Fitch AA(ind)'/Stable)) for the purchase of raw materials for
the group and trading purposes.

Positive rating guidelines include an increase in EBITDA margins
resulting in gross interest coverage of above 2x and adjusted net
leverage of below 4.5x on a sustained basis.  Conversely, a
decline in EBITDA margins resulting in adjusted net leverage of
above 6.5x on a sustained basis may act as negative rating
guidelines.

Incorporated in 1957, AKC was taken over by the Beekay group in
1998. It has a rolling mill unit in Vishakapatnam with a capacity
of 1,00,000 metric tonnes (MT) per annum.  It is engaged in the
production of hot-rolled sections and mild steel products. AKC
also trades billets, sponge iron and scraps.  In FY11, the
company had total debt of INR267m (FY10: 235.5INRm), which
comprised working capital debt of INR121.4m and unsecured loans
of INR145.7m.  During H1FY12, AKC achieved revenue of INR650.4m
with EBITDA margins of 3.7% and interest coverage of 1.8x.


ANTIQUE COTTEX: ICRA Assigns '[ICRA]B+' Rating to INR1CR Loan
-------------------------------------------------------------
A rating of '[ICRA]B+' has been assigned to the INR1.00 crore
term loan and INR6.00 crore cash credit facilities of Antique
Cottex Private Limited.

The assigned rating reflects the risks inherent in green field
project including market risks and the risks associated with the
stabilization of the plant, as per expected parameters post
commencement of operations. The ratings also take into account
the low value additive nature of the ginning industry and intense
competition on account of fragmented industry structure which
restricts pricing flexibility resulting in thin profitability;
vulnerability of profitability to fluctuations in raw material
prices which are in turn subject to seasonality and crop harvest.
The rating also takes into account the company's weak capital
structure which is expected to remain stretched on account of
debt funded capital expenditure and high working capital
intensity inherent in the business.

The rating however positively considers the long experience of
the promoters in the cotton industry, locational advantage
enjoyed by the company and mitigation of project execution risk
with the plant commencing operations in December 2011.

                      About Antique Cottex

Antique Cottex Private Limited was incorporated in 2011, to
engage in cotton ginning and pressing. The firm has 24 ginning
machines with an intake capacity of around 92 MTPD of raw cotton
to produce cotton bales and cotton seeds. The company will be
managed jointly by Mr.Vinod Ghatodia; Mr Vishal Ghatodiya &
Mr. Arvind Ghatodiya.  The Company has started commercial
production in December 2011.


BAGGA LINK: ICRA Reaffirms '[ICRA]BB+' Rating to Rs2.85cr Loan
--------------------------------------------------------------
ICRA has reaffirmed '[ICRA]BB+' rating to INR2.85 crore, long-
term, fund based bank facilities of Bagga Link Motors Limited.
ICRA has also reaffirmed '[ICRA]A4+' rating to INR5.0 crore
short-term, non-fund based bank facilities of the company. The
outlook on the long-term rating is 'stable'.

The ratings reaffirmation considers BLML's long standing
relationship with its principal, being one of the first MSIL
dealers in Delhi, experienced promoters, and their support in the
form of unsecured loans extended to the company in the past. The
assigned ratings factor in thin profit margins of BLML, which is
inherent in the automotive dealership business; and limited
financial flexibility on account of weak cash flows. During 2010-
11, especially in March 2011, with increase in inventories at the
dealer's end, working capital borrowings increased sharply
leading to deterioration in financial risk profile. The ratings
also take into account the high competitive intensity in vehicle
dealership business, BLML's moderate scale of operations, and
weak performance during 9m 2011-12 in light of labour issues
stalling production of vehicles at MSIL as well as macroeconomic
headwinds leading to a decline in demand for passenger vehicles.

BLML started off as a partnership firm in 1962, dealing in
servicing of cars of all makes, and subsequently in 1995,
received the dealership of MSIL vehicles. With it, the
partnership was converted into a Private Limited Company, and the
name was changed from 'Bagga Link Road Service Station' to Bagga
Link Motors Limited currently. BLML is one of the oldest MSIL
dealers in Delhi and has sales cum workshop at Patparganj. In
addition to it, the company has three service/repair workshops-
each at Karol Bagh, Patparganj and Ghazipur apart from having a
sales outlet for MSIL True Value at Patparganj The promoter of
BLML is the Bagga family, and apart from BLML, is also involved
in dealership of Bajaj Auto Limited through another company-
Bagga Link Services Limited. The family also runs a petrol pump
at Link Road, Karol Bagh.


BARBEQUE NATION: ICRA Assigns '[ICRA]BB' Rating to INR26.2cr Loan
-----------------------------------------------------------------
ICRA has assigned '[ICRA]BB' rating to the INR26.2 Crore bank
facilities of Barbeque Nation Hospitality Limited.  The outlook
on the long term rating is Stable.

The rating favorably considers BNHL's growing brand strength, its
ability to profitably scale up operations across most of its 19
outlets and strength of the promoter company Sayaji Hotels
Limited (SHL, rated [ICRA]BB/ Stable) that has a well established
presence in the hospitality segment and has supported BNHL
operationally as well as financially. The ratings, however, are
constrained by the expected pressure on BNHL's margins over the
short term given its plans to open up nine new restaurants (by
December 2012) whose gestation losses may pull down the company's
overall profit margins. Also, in view of the proposed expansion,
BNHL's capital structure (adjusted for lease rentals) and debt
coverage indicators are expected to deteriorate over the short
term. Going forward, the rating will remain sensitive to the
company's ability to sustain its credit profile and restrict
inter-group transactions that have impacted its cash flows in the
past.

                       About Barbeque Nation

Barbeque Nation Hospitality Limited was incorporated in October
2006 as a wholly-owned subsidiary of Sayaji Hotels Limited (SHL).
As of September 30, 2011, the company operated 19 restaurants
across India (including five restaurants which were initially
set-up under SHL but were later transferred to BNHL w.e.f. April
2009). In May 2009, 30% equity stake of BNHL was sold-off to
Bluedeevaj LLC (a Dubai based company) resulting in infusion of
fresh equity of INR16.8 Crore into BNHL. These proceeds were
utilized by BNHL for paying off the unsecured loans availed from
SHL earlier. Subsequently in Q2 2011-12, there was an additional
equity infusion of INR10 Crore in BNHL by Bludeevaj which diluted
SHL's equity holding in BNHL to 68%.

Recent Results:

In H1 2011-12, BNHL reported an Operating Income of INR61.2
Crore, profit before depreciation, interest and tax of INR10.4
Crore and Profit after Tax (PAT) of INR2.6 Crore.


GALAXY BEARINGS: ICRA Reaffirms '[ICRA]BB+' Long-Term Rating
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]BB+' assigned
to INR0.70 crore (reduced from INR1.11 crore) term loans and
INR10.50 crore (enhanced from INR9.00 crore) cash credit facility
of Galaxy Bearings Limited.  The outlook on the rating is stable.
ICRA has also reaffirmed the short-term rating of '[ICRA]A4'
assigned to the INR2.30 crore (enhanced from INR2.00 crore) short
term, non-fund based facilities of GBL.

The reaffirmation of ratings take into account the modest scale
of GBL's operations, exposure of the company to adverse
fluctuations in the prices of raw materials; moderate risk of
customer concentration with more than 50% of total sales been
contributed by the top five customers and vulnerability of
profitability to adverse movements in currency as a sizeable
portion of the company's revenues are derived from exports,
though the risk is mitigated to an extent by the forex hedging
undertaken by the company. The ratings are also constrained by
the weak financial profile of the company as reflected by the
moderate level of gearing which has further increased in FY11 and
high working capital intensity of the operations.

The ratings however favorably factor in the long experience of
about 2 decades of the promoters in the bearings manufacturing
business; established relationship of the company with its
clients and raw material suppliers; healthy growth in operating
income and profitability during FY11 driven by increased volumes;
healthy order book position providing revenue visibility in the
near term; diversification of revenues both in terms of geography
and customer segments and the stable demand outlook for the
bearing manufacturers in the long term with expected increase in
demand especially from the automotive industry.

                      About Galaxy Bearings

Galaxy Bearings Limited was incorporated in 1990 and is presently
listed on Bombay Stock Exchange (BSE). The company is engaged in
the manufacturing of tapered roller bearings & cylindrical roller
bearings. The company has its manufacturing facility located near
Rajkot, Gujarat with a manufacturing capacity of 21 lakh bearings
per annum and caters to the automotive-OEM, industrial, defence,
state transport and after market segments.

Recent Results During FY 2011, GBL reported an operating income
of INR39.50 crore and profit after tax of INR1.36 crore. During
H1FY 2012 (provisional), GBL reported an operating income of
INR18.98 crore and profit before tax of INR0.50 crore.


HYDERABAD EDUCATIONAL: Fitch Puts National LT Rating at 'D'
-----------------------------------------------------------
Fitch Ratings has assigned Hyderabad Educational Institutions
Private Limited a National Long-Term rating of 'Fitch D(ind)'.
The agency has also assigned HEIL's INR594.80m bank loans a
'Fitch D(ind)' rating.

The ratings reflect HEIL's continuous defaults on debt repayments
since June 2010, despite reschedulement of loans.  This is
attributed to its tight liquidity position since inception as
reflected in the low level of available funds (FY11 (financial
year ended March 2011): INR4.48m), which offer little or no
financial cushion relative to the high financial leverage (FY11:
0.73%) and operating expenditure (FY11: 5.4%).  Additionally,
there was no improvement in its operating profile in FY11 due to
sluggish demand (occupancy level: 38.82%).  These factors led to
erosion of nearly 50% of HEIL's net worth in FY11.

The ratings may be upgraded if loan obligations are serviced on a
timely basis for two consecutive quarters.

The Indus International School, Hyderabad, is promoted by HEIL,
and started operations in August 2008.  HEIL was formed under the
Companies Act 1956, as a for-profit organisation for providing
quality infrastructure for the educational sector in India and
anywhere in the world.  HEIL has entered into agreement with the
Indus Trust, Bangalore, for managing the school.


INDIA DESIGNS: ICRA Cuts Rating on INR4.5cr Loan to '[ICRA]BB'
--------------------------------------------------------------
ICRA has revised the long term rating of India Designs for
INR4.50 crore from '[ICRA]BB+' to '[ICRA]BB'.  The outlook on the
long term rating is stable.

For arriving at its ratings, ICRA has combined the business and
financial risk profiles of Indian Designs (partnership firm) and
Indian Designs Exports Private Limited, together referred to as
the ID group. This is because the two organizations are in the
same line of business and have common promoters.

The revision in the rating takes into account the fact that ID is
now operating primarily as a job worker for IDEPL and almost all
the group revenue is now booked under IDEPL. The rating also
factors in the inherent risks associated with a partnership firm
in comparison to a company such as limited ability to raise
equity capital, risk of dissolution due to
death/retirement/insolvency of partners etc. The rating is
further tempered by the intensely competitive nature of the
industry, the Indian Designs group's moderate scale of operations
and its high customer concentration (with top two customers
accounting for major portion of its sales). The rating is also
constrained by the decline in operating margins of the group in
FY 2011, primarily on account of ID group's inability to pass on
the rising raw material cost to its customers.

The rating however favorably considers the improved top line of
the group coupled with the declining gearing ratio and the
healthy order book position as on date. The rating also takes
comfort from the longstanding presence of the promoters in the
readymade garments export business, the ID group's established
track record in manufacturing and export of garments to reputed
international apparel brands and its preferred vendor status with
key customers.

                       About Indian Designs

Indian Designs was incorporated in 1993 by the promoters of
Indian Designs group - Naseer Humayun, Javed Haroon and Syed
Kaleen Ur Rehman. The group is involved in the manufacture and
sale of readymade garments (majorly Cotton Garments) for export
markets, the principal markets being Europe and USA. The group
generally caters to the mid market segment and produces only
casual wear for Children, Men & Ladies. The group has also
promoted three more companies in the RMG business, viz., Indian
Designs Exports Private Limited (IDEPL), NJK Enterprises (NJK),
and Global Clothing Private Limited (GCPL).While NJK is also into
manufacture and export of readymade garments, ID focuses on job
work for IDEPL and NJK. GCPL caters to the domestic readymade
garments market. The manufacturing facilities of these entities
are located in and around Bangalore.

Recent Results

ID reported a net profit of INR1.04 Cr on an Operating Income of
INR22.83 Cr in FY 2011 as compared to revenue of INR.103.84 crore
and PAT of INR5.43 crore in FY 2010.  The group reported a net
profit of INR8.8 Cr on an Operating Income of INR142.8 Cr in FY
2011 as compared to consolidated revenue of INR.105.2 crore and
PAT of INR5.9 crore in FY 2010.


M.D. FROZEN: ICRA Assigns '[ICRA]BB+' Rating to INR5cr Bank Loan
----------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB+' to the
INR5.00 crore, bank lines of M.D. Frozen Food Exports Private
Limited.  The outlook for the assigned rating is 'stable'. ICRA
also has '[ICRA]BB+' rating outstanding on the INR15.00 crore
bank facilities of MDPL.

In arriving at the rating, ICRA has taken a consolidated view of
the group comprising M.D. Frozen Food Exports and M.D. Frozen
Food Exports Private Limited, considering the strong operational
and financial linkages among the group companies; presence in
similar business segments and management by the same promoters.

The assigned rating reflects improved profitability of the group
(consolidated OPM of 9.3% and NPM of 5.9% in FY11 as compared to
OPM of 7.9% and NPM of 2.8% in FY10) along with high growth in
the export sales of its meat products (67% growth in export sales
to INR57.4 crore in FY11 from INR34.4 crore in FY10). The rating
derives comfort from the significant experience (over 20 years)
of the promoters in this business; the established relationships
of the company with its overseas clients; diversified client base
and strong potential in India in terms of raw material
availability. The rating also takes comfort from the commencement
of operations of its group company's (MD Frozen Food Exports)
rendering unit that is expected to lead to higher growth in
operating income and improved profitability at the group level.

The rating is, however, constrained by intense competition in the
meat export industry; vulnerability to fluctuations in foreign
exchange rates; volatility in raw material prices; susceptibility
to changes in regulations and exposure to event risks such as
disease out-break. The rating also factors in the significant
working capital requirements of the company, resulting in high
working capital borrowings (NWC/OI of 28.55% in FY11) and gearing
levels of 1.30 times in FY11 at the consolidated level. In ICRA's
view, the key rating sensitivities would be improvements in
working capital intensity and reduction in debt levels.

                         About M.D. Frozen

Incorporated in 1996, M.D. Frozen Food Exports Private Limited
(MDPL) is engaged in processing and export of frozen meat to the
Commonwealth of Independent States (CIS) and countries in Africa,
Asia and the Middle East. MDPL purchases raw meat from various
local butchers and government-run slaughter houses. The meat is
then processed by associate concerns, Sushil Ice Fatory, Cold
Storage Private Limited (SPL) and MD Frozen Food Exports (a
partnership firm under the same group) on a contractual basis.
SPL has its processing plant and cold storage at Lawrence Road in
New Delhi. M.D. Frozen Food Exports commenced operations in FY10
at its processing plant at Ghaziabad in Uttar Pradesh. The old
processing facility (which is an acquired facility) of the group
(operating under SPL) has the capacity to process upto 85 tonnes
per day (TPD) of buffalo meat while the new facility set up at
Ghaziabad (operating under MD Frozen Food Exports) has the
capacity to process up to 332 TPD.

Recent Results:

In the financial year ending March 31, 2011, the company
registered an operating income of INR69.61 crore and profit after
tax (PAT) of INR0.67 crore.


P.S. KRISHNAMURTHY: Fitch Puts Rating on Two Bank Loans at Low-B
----------------------------------------------------------------
Fitch Ratings has affirmed India-based P.S. Krishnamurthy Steels
Private Limited's National Long-Term rating at 'Fitch BB+(ind)'.
The Outlook is Stable.

While arriving at the ratings, Fitch has considered the
consolidated credit profile of PSK Steels and Thangam Steels
Limited (TSL, 'Fitch BB+(ind)'/Stable), a P.S. Krishnamurthy
group company.  TSL's bank loans have been guaranteed by PSK
Steels.

The ratings continue to reflect the consistent profitable
operations of the combined entity.  The consolidated turnover
increased to INR14,557m in the financial year ended March 2011
(FY11) from INR9,129.5m in FY10, as new customers were added
during the year.  The combined EBITDA margin ranged from 2.9% to
4.0% in the last five years.  The ratings also factor in the
improved combined financial leverage (net debt/EBITDA) of 3.5x in
FY11 (FY10: 4.8x) and moderate interest coverage 1.5x (FY10:
1.5x).

The ratings also factor in the group's established reputation as
one of the largest steel traders in Tamil Nadu and Pondicherry
and its strong relationships with suppliers like Steel Authority
of India Limited ('Fitch AAA(ind)'/Stable) and Rashtriya Ispat
Nigam Limited ('Fitch AA(ind)'/Stable), with whom it has signed
procurement agreements.  PSK Steels's founders acquired TSL to
augment the procurement of steel products from steel public
sector units, and the group uses TSL as a vehicle to integrate
backward into steel products manufacturing.

The ratings are, however, constrained by the working capital
intensive nature of PSK Steels's operations and the low
standalone interest coverage, which remained flat at 1.4x in
FY11.  The inventory levels are high and hence the utilisation of
its bank facilities has been close to 100%.  Further, an increase
in competitive pressures and deterioration in the steel market
can restrict the operating margins and put pressure on interest
coverage and financial leverage.  However, Fitch believes that
the founders would be able to financially support PSK Steels,
when required, as witnessed in FY11, when equity of INR200m was
injected into latter to support its working capital requirements.

A negative rating guideline would be a decline in the interest
coverage to below 1.25x.  A positive rating guideline would be
interest coverage of above 2.0x. These guidelines are on a
consolidated basis.

Established in 2001, PSK Steels is a Chennai-based company,
engaged in the trading of iron and steel products.  In FY11, on a
standalone basis, it reported revenues of INR11,094.9m (FY10:
INR6,391.1m) and an EBITDA of INR433.8m (FY10: INR306.9m), with a
net debt/EBITDA of 3.1x (FY10: 4.9x).  First 9MFY12 (un-audited),
PSK Steels reported revenue of INR7,511.5m and an EBITDA of
INR334.5m.

(For TSL's rating rationale, please refer to the rating action
commentary entitled, "Thangam Steel Limited Affirmed at 'Fitch
BB+(ind)'/Stable", dated February 2, 2012 and available at
www.fitchratings.com)

Rating action on PSK Steels's bank loans are as follows:

  -- INR1,200m fund-based working capital limits: affirmed at
     'Fitch BB+(ind)'/'Fitch A4+(ind)'

  -- INR1,200m non-fund based working capital limits: affirmed at
     'Fitch BB+(ind)'/'Fitch A4+(ind)'

  -- Proposed INR300m fund-based working capital limits: assigned
     at 'Fitch BB+(ind)(exp)'/'Fitch A4+(ind)(exp)'

  -- Proposed INR300m non-fund based working capital limits:
     assigned at 'Fitch BB+(ind)(exp)'/'Fitch A4+(ind)(exp)'


RAJ GROUP: Fitch Rates National Long-Term Rating at 'BB+'
---------------------------------------------------------
Fitch Ratings has assigned India's Raj Group a National Long-Term
rating of 'Fitch BB+(ind)'. The Outlook is Stable.

The ratings are based on a consolidated view of the Raj group,
which comprises Raj Promoters & Civil Engineers Pvt Ltd., Raj
Infrastructure Development (India) Pvt Ltd., Raj Infrastructure
Pvt Ltd and Raj Infrastructure Technologies (India) Pvt Ltd.
There are strong inter-linkages among the companies by way of
common directors, the same line of business and a significant
shareholding within their group companies.

The ratings are constrained by the risks associated with the
large increase in Raj's scale of operations.  The company on
May 2011 undertook a INR1,098.3m built-operate-transfer (BOT)
project, which is being funded by a debt of INR886.5m and an
equity contribution of INR211.8m.  Raj has also been awarded an
INR4,670m four-laning project for the widening of the Chakan
Shikrapur highway, to be executed in two phases.  The first phase
would start in April 2012 and cost INR3,000m, which would be
funded by a debt/equity mix of 80:20.  IVRCL Ltd is a JV partner
of Raj in executing the project with a share of 33%.  These two
BOT projects are much larger than Raj's previous projects,
costing INR273.06m, and may worsen the company's credit metrics.

The ratings are also constrained by the concentration in Raj's
order book, with its top five projects contributing 86% to the
total revenues.  However, this is partly mitigated by the fact
that the most of the projects executed by Raj are financed by
entities of the central government such as Accelerated Irrigation
Benefit Program (AIBP) and also by NABARD & World Bank. Thus, the
counter party risk is low.

The ratings also factor in the strong revenue visibility from
Raj's current INR6.1bn order book (4.3x FY11 revenues) position,
steady cash flow from the currently operational BOT projects, and
a diversified presence in various infrastructure projects.  On a
consolidated basis, Raj's revenues grew at a CAGR of 36% from
FY07 to INR1,417.8m in FY11 (FY10: INR1,167.35m), with an
operating EBITDA of INR103.4m (FY10: INR81.43m), high interest
coverage of 5.4x (FY10: 5.7x) and a low total adjusted gross
debt/operating EBITDA of 2.05x (FY10: 1.81x).

Arranging adequate funding and successfully meeting working
capital requirements while completing the relatively larger
contracts in a timely manner would be key challenges for the
company over the next couple of years.  Successful financial tie-
up for the Chakan Shikrapur project while keeping the total
adjusted debt/operating EBITDA at below 3.5x and interest
coverage of above 2.0x on a sustained basis is a positive rating
guideline.  Conversely, a total adjusted debt/operating EBITDA of
above 5.0x and interest coverage of below 1.5x on a sustained
basis would result in negative rating action.

Raj Group is based in Pune, and was formed in 1989 to lease out
construction equipment. The group then expanded to civil
infrastructure development projects, i.e. construction of canals,
dams, roads, rail bridges etc.  RPCEPL and RIDIPL are primarily
into the construction of earthen dams, canal lining, waste weirs
among others. RIPL and RITIPL have undertaken BOT projects from
various state highway authorities.  Both governments and private
sectors organizations are customers of Raj.

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

RPCEPL:

  -- INR75m fund-based limits: assigned at 'Fitch BB+(ind)'
  -- INR150m non-fund based limits: assigned at 'Fitch BB+
     (ind)'/'Fitch A4+(ind)'

RIDIPL

  -- INR75m fund-based limits: assigned at 'Fitch BB+(ind)'
  -- INR150m non-fund based limits: assigned at 'Fitch BB+
     (ind)'/'Fitch A4+(ind)'

RIPL

  -- INR1,121.5m long-term loans: assigned at 'Fitch BB+(ind)'

RITIPL

  -- INR170m fund based limits: assigned at 'Fitch BB+(ind)'


SHREE KRISHNA: Fitch Places Rating on Two Facilities at Low-B
-------------------------------------------------------------
Fitch Ratings has assigned India's Shree Krishna Steels a
National Long-Term rating of 'Fitch BB(ind)'.  The Outlook is
Stable.

The ratings reflect SKS's thin operating margins (FY11 (financial
year ending March): 3.5x), given the high competition in its
trading business. However, the margins are higher than most of
the industry peers'.

The ratings are also constrained by the price volatility risks in
flat steel products as SKS imports part of its products.
However, this is partially mitigated by the company's policy of
hedging most of its forex exposure.  SKS expects to incur
marginal losses from forex fluctuations during FY12.  The rating
also factors the proprietorship nature of the business and the
working capital intensiveness of the operations.

The ratings, however, benefit from the strong growth of over
46% yoy in SKS's volumes in FY11, supported by its strong
relationships with its customers.  Revenues grew by around 57%
yoy to INR1,433m in FY11.  The ratings also benefit from SKS's
low debt levels of INR49m and its comfortable financial leverage
(net debt/ operating EBITDA) and interest coverage (EBITDA/ gross
expense) of 0.80x and 3.33x, respectively, in FY11.

SKS's liquidity is comfortable as indicated by its low
utilization of fund-based working capital limits, though its
letter of credit limits have generally been fully utilized.
Fitch notes that the strong revenue growth has resulted in
increased working capital requirements, and this may result in
negative cash flow from operations and hence deterioration in the
liquidity position.

Negative rating action may result from a decline in profitability
resulting in interest coverage falling below 1.5x on a sustained
basis.  Conversely, strong profitability coupled with strong
revenue growth resulting in interest coverage of above 3.5x on a
sustained basis may result in positive rating action.

SKS is a trading concern, dealing in flat steel products like hot
rolled coils and cold rolled coils.

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

  -- INR60m cash credit: assigned at 'Fitch BB(ind)'
  -- INR380m non-fund based limits: assigned at 'Fitch A4+(ind)'


SLOKA POWER: ICRA Assigns '[ICRA]BB-' Rating to INR6cr Loan
-----------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB-' to INR6.00
crore fund based facility and a short term rating of '[ICRA]A4'
to INR5.00 crore non fund based facility of Sloka Power Systems.
The outlook on the long-term rating is Stable.

The ratings assigned factor in SPS' moderate scale of operations,
its relatively high gearing, stretched liquidity position owing
to the high working capital intensity, high customer
concentration risk and the susceptibility of the profitability to
the fluctuations in the prices of raw materials. The ratings also
take into consideration the highly competitive nature of the
industry which puts pressure on its margins. However, ICRA draws
comfort from the experience of the promoter having more than
three decades of experience in the transformer manufacturing
industry and its technically qualified management.

S L G Electronics, proprietary concern, incorporated in 2005 by
Mr. A. Venkateshwara Rao, is engaged in the manufacturing of
isolation transformers. In year 2010, name of the organization
was changed to Sloka Power Systems (SPS). SPS manufactures
isolation transformers in the range of 2 KVA - 5000 KVA with an
installed capacity of 10,000 units per annum. The manufacturing
facilities are located at Hyderabad. SPS also manufactures auto
transformers, motors and frames which are used in the
manufacturing of transformers.

Recent Results:

In FY11, SPS reported operating income of INR28.10 crore and net
profit of INR1.49 crore.


SUNDARAM FERRO: ICRA Assigns '[ICRA]BB-' Cash Credit Rating
-----------------------------------------------------------
ICRA has assigned an '[ICRA]BB-' rating to the INR1.90 crore term
loan and INR5.00 crore cash credit facilities of Sundaram Ferro
Tech Private Limited.  The outlook on the long term rating is
stable. ICRA has also assigned an '[ICRA]A4' rating to the
INR9.75 crore non-fund based bank facilities of SFTPL.

The assigned ratings take into account the experience of the
promoters in the steel industry, its operational integration with
a group company which procures a significant portion of pig iron
manufactured by SFTPL, and a conservative capital structure of
the company. The ratings factor in the limited value addition in
the manufacturing of pig iron which is largely an intermediate
steel product, the company's small scale of current operations
primarily on account of a modest level of capacity utilisation,
and a high working capital intensity of its operations which
adversely impacts the cash flow position of the company. ICRA
notes that the company's profitability is supported by the
interest subsidy it currently enjoys. Therefore, the profits of
SFTPL are likely to be adversely affected after the expiry of the
subsidy in 2011-12. ICRA notes that there has been a
deterioration in the coverage indicators of SFTPL during 2010-11
due to a decline in profitability and a marginal increase in the
gearing. Also, given the cyclical nature of the steel industry
that is currently passing through a difficult phase, the margins
and cash flows of the company are likely to be impacted in the
short term at least. Nevertheless, the presence of the hard coke
manufacturing facility keeps input costs at low levels and
augments revenues of SFTPL to an extent.

                       About Sundaram Ferro

Established in 1998, Sundaram Ferro Tech Pvt Ltd is engaged in
the manufacturing of pig iron and hard coke with an installed
capacity of 35,000 tons per annum (TPA) for each of the products.
The manufacturing facilities of the company are located at
Biswadih in the Giridih district of Jharkhand. SFTPL has a group
company, viz. Shivam Iron & Steel Co. Limited (SISCL, rated at
[ICRA]BB+/Stable and [ICRA]A4+), which is engaged in the steel
manufacturing business and shares common management with SFTPL.
The group companies are operationally integrated, as SISCL
purchases almost its entire pig iron requirement from SFTPL.

Recent Results:

The company reported a net profit of INR0.97 crore in 2010-11 on
an operating income of INR38.45 crore; as compared to a net
profit of INR0.79 crore on an operating income of INR29.54 crore
during 2009-10. In the first six months of 2011-12 ended on 30th
September 2011, the company posted a profit before tax
(provisional) of INR0.51 crore on an operating income
(provisional) of INR9.23 crore.


SV POWER: Fitch Lowers Rating on INR1,940MM Senior Debt to 'D'
--------------------------------------------------------------
Fitch Ratings has downgraded the National Long-Term rating on
India-based SV Power Ltd.'s INR1,940 million senior debt to
'Fitch D(ind)' from 'Fitch BB-(ind)' and the rating on its
INR140 million subordinate debt to 'Fitch D(ind)' from 'Fitch
B+(ind)'.

The downgrade reflects SVPL's defaults on the interest payments
on its bank debts, due to delays in the commissioning of its
power plant and a lower-than- expected operating performance.

The initial ratings were based on the assumption that the
sponsors would provide additional financial support during the
project's ramp-up and stabilisation phase in the financial year
ending March 2012 (FY12), to bridge the expected gap between
project's cash flows and debt service requirements.  This has not
happened, and the delay in the interest payment has exceeded the
grace period in SVPL's loan agreements.  Fitch expects SVPL's
operating cash flows to be insufficient for fully servicing the
interest in the near-term.  Therefore, the level of overdue
interest will increase in the absence of the sponsor support.

Positive rating action may result from sponsor support to help
the project tide over the short-term stress, stabilisation of the
plant performance and evidence that the project is able to
generate the forecasted levels of cash flows resulting in timely
debt servicing on a sustained basis.

SV Power is sponsored by the Hyderabad-based KVK group, and
operates a 2.5 mtpa coal washery and 63 MW coal washery reject-
based thermal power plant in Korba, Chhattisgarh.


THANGAM STEEL: Fitch Affirm Rating on Two Bank Loans at 'BB+'
-------------------------------------------------------------
Fitch Ratings has affirmed India-based Thangam Steel Limited's
National Long-Term rating at 'Fitch BB+(ind)'.  The Outlook is
Stable.

The ratings are based on the INR1,000 million corporate guarantee
extended by P.S. Krishnamurthy Steels Private Limited (PSK Steel,
'Fitch BB+(ind)'/Stable) for TSL's bank loans.  While arriving at
the ratings, Fitch has considered the consolidated credit profile
of TSL and PSK Steel.

TSL is a Chennai-based a P.S. Krishnamurthy group company.  It is
involved in the trading and manufacturing of iron and steel
products, with trading accounting for around 76% its revenue.  In
the financial year ended March 2011 (FY11), TSL reported revenues
of INR3,462.1m (FY10: INR2,738.4m), an EBITDA of INR155.5m (FY10:
INR128.5m), interest coverage of 1.6x (FY10: 1.8x) and a net
debt/EBITDA of 4.39x (FY10: 4.52x).  In 9MFY12 (un-audited), TSL
reported revenue of INR1785.7m and an EBITDA of INR87.3m.

Fitch has also affirmed PSK's bank loan ratings as follows:

  -- INR650m fund-based working capital limits: affirmed at
     'Fitch BB+(ind)'/'Fitch A4+(ind)'

  -- INR350m non-fund based working capital limits: affirmed at
     'Fitch BB+(ind)'/'Fitch A4+(ind)'


TIRUPATI PLASTOMATICS: ICRA Rates INR5cr LT Loan at '[ICRA]BB'
--------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB' to the
INR5.00 crore fund based limits and INR0.45 crore term loans of
Tirupati Plastomatics Private Limited.  ICRA has also assigned a
short term rating of '[ICRA]A4' to the INR34 crore non fund based
limits of Tirupati Plastomatics Private Limited.  The outlook for
the long term rating is Stable.

The ratings take comfort from the long track record of operations
with more than two decades of promoter's experience in the
industry, TPPL's reputed client base which consists of various
railways clients and state utilities, and successful track record
of completing projects for Indian railways which in turn has
resulted in repeat orders from Indian Railways. Moreover, the
company is an approved vendor under Part I list of RDSO and
tangible entry barriers exist for new players (sufficing
eligibility criterion for railway contracts). Nevertheless, the
ratings are constrained by company's modest scale of operations,
resulting in modest economies of scale. Further the highly
competitive nature of business has resulted in modest growth in
revenues in the last three years and a fall in revenues in FY
2011. Moreover weak operating margins have resulted in inadequate
cash flows for the company. Given the competitive scenario, this
situation is unlikely to change in the medium term. Going
forward, the ratings will remain sensitive to the company's
ability to build upon its brand to diversify its client base and
limit its support to group companies.

                    About Tirupati Plastomatics

Tirupati Plastomatics Pvt. Ltd., the flagship company of Gemini
Group of industries was founded by Mr. R. S. Gemini (managing
director) in 1989. It manufactures double wall corrugated pipes
used in laying of fiber optic and electric cable networks and a
variety of LT PVC/XLPE insulated and sheathed cables, concentric
service cable and conductors which find application in signaling,
telecommunication and power. Major clients of the company include
Indian Railways, utility service providers and private turnkey
project executors in electricity distribution, transmission &
generation. TPPL is approved under Part-I list of RDSO (Research
Design & Standards Organization). The cables are sold under the
brand "Gemini". The manufacturing facility is located in Jaipur.
For the year FY 2011, the company has reported an operating
income of Rs 99.75 crore registering de-growth of 16% over FY
2010 while the profit after tax stood at 0.69 crore for the year
FY 2011.


VARIEGATE PROJECTS: Fitch Migrates Rating on Bank Loan to Low-B
---------------------------------------------------------------
Fitch Ratings has migrated India-based Variegate Projects Private
Limited's 'Fitch BB+(ind)' National Long-Term rating with a
Stable Outlook to the "Non-Monitored" category.  This rating will
now appear as 'Fitch BB+(ind)nm' on the agency's website.

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

Fitch has also migrated Variegate's bank loan ratings to the non-
monitored category as follows:

  -- INR550m fund-based working capital limits: migrated to
     'Fitch BB+(ind)nm'/'Fitch A4+(ind)nm' from 'Fitch
      BB+(ind)'/'Fitch  A4+(ind)'

  -- INR1,100m non-fund-based working capital limits: migrated to
     'Fitch BB+(ind)nm'/'Fitch A4+(ind)nm' from 'Fitch BB+
     (ind)'/'Fitch A4+(ind)'


VHB MEDISCIENCES: Fitch Withdraws 'D' Rating on Three Loans
-----------------------------------------------------------
Fitch Ratings has withdrawn India's VHB Medisciences Ltd's
National Long-Term rating of 'Fitch RD(ind)nm', as well as the
following bank loan ratings:

  -- INR766.8m long-term loans: 'Fitch D(ind)nm'
  -- INR400m fund-based cash credit limit: 'Fitch D(ind)nm'
  -- INR100m non-fund based working limit: 'Fitch D(ind)nm'

The ratings have been withdrawn due to lack of adequate
information. Fitch will no longer provide ratings or analytical
coverage of VMSL.


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


ELPIDA MEMORY: To Work Out Rehabilitation Plans by End of March
---------------------------------------------------------------
Kyodo News reports that Elpida Memory Inc. President Yukio
Sakamoto said the struggling semiconductor maker will work out
rehabilitation plans by the end of March through consultations
with its main creditor banks and the Ministry of Economy, Trade
and Industry.

"Our main banks recommend we consider tie-ups" with foreign chip-
makers, Mr. Sakamoto told reporters Thursday, Kyodo relates.

According to Kyodo, industry sources said Elpida is negotiating
with leading U.S. chip-maker Micron Technology Inc. to form a
capital and business alliance, while it is also seeking a three-
way alliance with Nanya Technology Corp., Micron Technology's
Taiwanese partner.

As reported in the Jan. 26, 2012, edition of the Troubled Company
Reporter-Asia Pacific, Bloomberg News said Elpida Memory, facing
a deadline to repay $1.2 billion of debt by April, may gain
financial support for the second time in three years as Japan
seeks to keep the company alive amid a slump in the chip market.

In June 2009, Elpida received JPY30 billion of public loans via
the Development Bank of Japan under the Law on Special Measures
for Industrial Revitalization.  Elpida later received another
JPY10 billion from the DBJ and JPY100 billion from 14 private
banks, including three megabanks, as syndicated loans.

                       About Elpida Memory

Elpida Memory Inc. (TYO:6665) -- http://www.elpida.com/ja/-- is
a Japan-based company principally engaged in the development,
design, manufacture and sale of semiconductor products, with a
focus on dynamic random access memory (DRAM) silicon chips.  The
main products are DDR3 SDRAM, DDR2 SDRAM, DDR SDRAM, SDRAM,
Mobile RAM and XDR DRAM, among others.  The Company distributes
its products to both domestic and overseas markets, including the
United States, Europe, Singapore, Taiwan, Hong Kong and others.
The company has eight subsidiaries and two associated companies.


OLYMPUS CORP: To Hold Emergency Shareholders Meeting on April 20
----------------------------------------------------------------
Jae Hur and Takashi Amano at Bloomberg News report that Olympus
Corp. said it will hold an emergency shareholders meeting on
April 20.

President Shuichi Takayama said last month a committee selected
by current officials will nominate a new board by mid-March and
investors would vote on new management in April, Bloomberg
recalls.  The agenda for the April 20 meeting hasn't been
decided, Yasutoshi Fujiwara, a spokesman for the Tokyo-based
company, told Bloomberg by telephone.

Bloomberg notes that Olympus has lost about US$4 billion of
market value since Michael Woodford was fired as chief executive
officer on Oct. 14 and blew the whistle on inflated takeover
costs.  The plunge is attracting investors including TPG Capital,
the private-equity firm run by billionaire David Bonderman, and
Fujifilm Holdings Corp, the report relays.

"My intention is currently to exercise my right to attend the
April meeting," Bloomberg quotes Mr. Woodford as saying. "This
will be the first formal opportunity for all of the company's
shareholders to question and hold its management to account"
after the fraud crisis occurred.

Mr. Takayama said last month no decision on a strategic alliance
to boost capital will be made until a new board takes over, and
no specific talks have been held on a partner, Bloomberg adds.

                        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
====================


CRAFAR FARMS: Judge Reserves Decision on Bid to Stop Sale
---------------------------------------------------------
Colin Williscroft at The National Business Review reports that
Justice Forrie Miller has finished hearing the application to
stop the sale of the Crafar farms to a Chinese company and has
reserved his decision for up to a fortnight.

NBR relates that lawyers seeking an interim injunction to stop
the sale of the Crafar farms to subsidiary of Chinese company
Shanghai Pengxin said representatives of that company do not have
the relevant business experience or acumen to run dairy farms as
required by New Zealand law.

Alan Galbraith QC, representing a Michael Fay-led consortium that
placed a rival bid with the Crafar farms receiver, argued in the
Wellington High Court that Overseas Investment Office erred in
approving the sale on the basis of state-owned Landcorp's
involvement as the relevant legislation required the experience
to be held by representative of the company that is making the
purchase, according to the report.

NBR relates that Mr. Galbraith said there is "not the slightest
indication" any individuals from that company do have that
experience.

"They are simply going to put the money up, sit back, and let
Landcorp run it," NBR quotes Mr. Galbraith as saying.

Mr. Galbraith, as cited by NBR, said the company's role was that
of a financier and passive investor.

However, that claim was refuted by Hamish Hancock, from the Crown
Law Office, who represented the chief executive of Land
Information New Zealand Colin MacDonald, Associate Minister of
Finance Jonathan Coleman and Minister of Land Information Maurice
Williamson, NBR reports.

According to the report, submissions supplied to the court by
Mr. Hancock said the application to stop the sale was "ill-
founded" and just an attempt by an unsuccessful bidder to reduce
the price of assets they wanted to buy.

NBR notes that the documents said the sections of the Overseas
Investment Act relied on by Mr. Galbraith is his argument were
not intended to be used that way by Parliament.

The Shanghai Pengxin purchase met all the necessary requirements
of New Zealand legislation for an overseas investment in a large
scale business operation, such as the Crafar farms, the
submissions said, according to NBR.

Ministers approved the sale of the 16 Crafar farms to Shanghai
Pengxin late last month, conditional on a deal being struck with
Landcorp to run the farms.

                         About Crafar Farms

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

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

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

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


CRAFAR FARMS: Pengxin Has Until Today to Finalize Bid
-----------------------------------------------------
Fairfax NZ News reports that there has been another hold up in
the sale of the Crafar farms, apparently related to a call for
more time by the Overseas Investment Office.

According to the report, Crafar dairy farm estate receivers
KordaMentha have announced they would allow preferred bidder
Shanghai Pengxin until February 7 to declare its $210 million bid
unconditional.

It is the second extension granted by the receivers since the
Government supported an OIO recommendation to approve the sale to
Pengxin last month, the report notes.

Fairfax was told the latest holdup is because the OIO needs more
time to consider a change to agreements between Pengxin and
state-owed enterprise Landcorp.

An OIO condition of consent for the deal is that Landcorp manages
and operates the farms for the Chinese company, the report
relays.

Fairfax NZ relates that a deal between the two parties has yet to
be finalised. But OIO general manager Crown property and
investment Brian Usherwood said his office's understanding was
that the latest extension was to give Pengxin more time to
finalize its agreements to fulfill the condition, reports
Fairfax.

Mr. Usherwood said any extension was negotiated solely between
the receiver and the purchaser, the report adds.

                          About Crafar Farms

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

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

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

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


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


BELUGA CHARTERING: Court to Hear Wind-Up Petition on Feb. 17
------------------------------------------------------------
A petition to wind up the operations of Beluga Chartering GmbH
will be heard before the High Court of Singapore on Feb. 17,
2012, at 10:00 a.m.

Beluga Shipping GmbH & Co. Kg Ms "Beluga Persuasion" filed the
petition against the company on Jan. 17, 2012.

The Petitioner's solicitors are:

          Clasis LLC
          No. 3 Anson Road, #21-01
          Springleaf Tower
          Singapore 079909


DIAMOND PRECISION: Creditors' Proofs of Debt Due March 5
--------------------------------------------------------
Creditors of Diamond Precision Industries (S) Pte Ltd, which is
in members' voluntary liquidation, are required to file their
proofs of debt by March 5, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Jan. 20, 2012.

The company's liquidators are:

          Steven Tan Chee Chuan
          Douglas Tan Kay Yeow
          25 International Business Park
          #04-22/26 German Centre
          Singapore 609916


EC-ASIA INT'L: Creditors Get 2.42% Recovery on Claims
-----------------------------------------------------
EC-Asia International Ltd will declare the final dividend to its
creditors on Feb. 10, 2012.

The company will pay 2.42% to the received claims.

The company's liquidator is:

         Neo Ban Chuan
         30 Robinson Road
         #12-01 Robinson Towers
         Singapore 048546


ENZER ELECTRONICS: Creditors' Proofs of Debt Due Feb. 17
--------------------------------------------------------
Creditors of Enzer Electronics Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Feb. 17, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

          Tay Swee Sze
          c/o Tay Swee Sze & Associates
          78 South Bridge Road
          #04-01 TKH Building
          Singapore 058708


FARQUSON PTE: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on Jan. 27, 2012, to
wind up the operations of Farquson Pte Ltd.

The Bank Of East Asia Limited filed the petition against the
company.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee's Office
         The URA Centre (East Wing)
         45 Maxwell Road, #06-11
         Singapore 069118


HUMPUSS SEA: Court Enters Wind-Up Order
---------------------------------------
The High Court of Singapore entered an order on Jan. 20, 2012, to
wind up the operations of Humpuss Sea Transport Pte Ltd.

Linsen International Limited filed the petition against the
company.

The company's liquidators are:

         Cosimo Borrelli
         Jason Aleksander Kardachi
         care of Borrelli Walsh Pte Limited
         One Raffles Place Tower 2, #10-62
         Singapore 048616


INFOSEC PACIFIC: Court to Hear Wind-Up Petition on Feb. 10
----------------------------------------------------------
A petition to wind up the operations of Infosec Pacific Pte Ltd
will be heard before the High Court of Singapore on Feb. 10,
2012, at 10:00 a.m.

Infinisys Technology Pte Ltd filed the petition against the
company on Jan. 19, 2012.

The Petitioner's solicitors are:

          Messrs Rajah & Tann LLP
          9 Battery Road, #25-01
          Straits Trading Building
          Singapore 049910


===============
T H A I L A N D
===============


STATS CHIPPAC: Moody's Says Performance In Line With 'Ba1' Rating
-----------------------------------------------------------------
Moody's Investors Service says that while STATS ChipPAC's fourth
quarter results were tempered by the effects of the Thai floods
and weak industry sentiment, the company's full year performance
remains in line with its Ba1 rating and stable outlook.

STATS ChipPAC reported US$28 million in operating income (before
flood-related charges) in Q42011, down 24% from the previous
quarter, and down 33% year-on-year. Its operating income for
FY2011 was 32% less than FY2010.

"The lower operating income was driven primarily by higher
material costs, higher labor costs due to appreciation of Asian
currencies against the US dollar, an unfavorable product mix, and
revenue reduction from the suspension of its Thai operations. But
this was offset, in part, by strong revenues and demand in the
communications business," says Annalisa DiChiara, a Moody's Vice
President and Senior Analyst.

As a result, the company's EBIT/interest contracted to the 2x
range, however, the company's financial profile remains in line
with its current rating, reflecting adjusted debt/EBITDA in the
2x range, and debt/capital of around 47%. These figures exclude
the impact of US$55 million of cash and non-cash, flood-related
charges.

The company also announced its decision to shut down its Thai
operations, which primarily support its PC-related customers,
after an assessment showed that it was uneconomical to restore
full operations after the flood damage.

Moody's said the agency understands that the company has
mobilized production from its Thai plant to other facilities, and
has not lost any major customers through this transition. Moody's
expects the company's capacity to be sufficient to support this
production mobilization and potential growth, as the market
recovers in the 2H2012.

While Moody's expects revenues and operating income to remain
tempered at least throughout 1H2012, weak industry sentiment
prevails, and leverage is likely to increase modestly, with the
company's financial metrics remaining mostly in line with ratings
expectations, with adjusted debt/EBITDA in the 2x range.

STATS ChipPAC Ltd. is the fourth largest player in the global
outsourcing semiconductor assembly and test (OSAT) industry. It
provides full turnkey solutions to semiconductor companies, among
them foundries, integrated device manufacturers, and fabless
companies in the US, Europe, and Asia.


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


* BOND PRICING: For the Week Jan. 30 to Feb. 3, 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



                             *********

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

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

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


                            *********


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

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

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

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

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





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