TCRAP_Public/120210.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Friday, February 10, 2012, Vol. 15, No. 30



LIFE GOLD COAST: Future Uncertain as Interested Buyer Backs Out
MACQUARIE GROUP: Fitch Affirms Support Rating Floor at 'BB'
SHELLHARBOUR HOCKEY: Council Seek to Recoup AUD500,000 Loan
WONGTAS PTY: Owners Wound Up Firm to Avoid Workplace Penalties


CDC CORP: Gets $249MM Offer for Shares in Software Subsidiary
CHINA TEL GROUP: Enters Into Consulting Agreement with NGSN
GCL-POLY ENERGY: S&P Affirms 'BB+' Corporate Credit Rating

H O N G  K O N G

GENERAL GARMENT: Members' Final Meeting Set for March 5
HIGH DRAGON: Members' Final Meeting Set for March 5
HUA XIN: Creditors and Contributories to Meet on Feb. 15
JIUZHOU SHIPPING: Court to Hear Wind-Up Petition on March 14
KWONG YICK: Creditors Get 50% Recovery on Claims

LIGHTAL LIMITED: Lees and Sum Step Down as Liquidators
MULTI-TREND TRADING: Members' Final Meeting Set for March 5
OMIZ INDUSTRIAL: Lees and Sum Step Down as Liquidators
PAK TAI: Court to Hear Wind-Up Petition on Feb. 15
PRESTIGE FOOTWEAR: Creditors' Meeting Set for Feb. 22

ROME RIDE: Chan and Chan Step Down as Liquidators
ROVILLE COMPANY: Members' Final Meeting Set for March 5
SIU FUNG: Creditors Get 0.1487% Recovery on Claims
SOCIETY OF SPORTS: Members' Final Meeting Set for March 5
STYRON ASIA: Creditors' Proofs of Debt Due Feb. 19

SUPER BRILLIANCE: Members' Final Meeting Set for March 5
YICK SUN: Court to Hear Wind-Up Petition on Feb. 15


ARKAY GLENROCK: ICRA Reaffirms 'B+' Rating on INR2.09cr Loan
ASA INTERNATIONAL: ICRA Cuts Rating on INR300cr LT Loan to 'D'
CRAFTEX INDIA: ICRA Reaffirms 'BB-' Rating on INR2.11cr Loan
DADIJI STEELS: Fitch Rates Two Loan Facilities at Low-B

E.K.S SPINNERS: ICRA Reaffirms '[ICRA]B' INR4.4cr Loan Rating
JAYDEEP CHEM: ICRA Reaffirms '[ICRA]BB' Rating on INR6cr Loan
KINGFISHER AIRLINES: In Talks With Reliance on Fuel Transport
KONKAN SPECIALITY: ICRA Assigns '[ICRA]BB-' Long-Term Rating
M.D. FROZEN: ICRA Assigns '[ICRA]BB+' Rating to INR10cr Loan

MOSSI & GHISOLFI: Fitch Affirms Issuer Default Rating at 'BB'
OILCO SERVICES: ICRA Reaffirms '[ICRA]BB' Fund Based Rating
ORIPOL INDUSTRIES: ICRA Revises Rating on INR3cr Loan to 'BB-'
SRI RAJU: ICRA Reaffirms '[ICRA]B+' Rating on INR2.55cr Loan

SRI VENKATA: ICRA Revises Rating on INR19.77cr Loan to 'BB-'
VITARAG EXPORT: ICRA Reaffirms '[ICRA]B+' Fund Based Rating


BERLIAN LAJU: Tanker Units Default on Lease Payments


ACOM CO: S&P Affirms Counterparty Credit Ratings at 'BB+/B'
NIPPON SHEET: Moody's Downgrades Issuer rating to 'Ba1'

N E W  Z E A L A N D

MEDIAWORKS (NZ): CEO, CFO Step Down From Holding Company Board


DAH SING: Fitch Says 'BB' Support Floor Rating is Unaffected
MMI INTERNATIONAL: Fitch Rates Issuer Default Rating at 'BB'
PRECISION CAPITAL: Moody's Assign 'Ba3' Corporate Family Rating
PRECISION CAPITAL: S&P Assigns 'B+' Corp. Credit Rating


DRYDOCKS WORLD: May Sell Southeast Asian Assets to Help With Debt
* Large Companies with Insolvent Balance Sheets

                            - - - - -


LIFE GOLD COAST: Future Uncertain as Interested Buyer Backs Out
Martin Rasini at reports that the future of Gold
Coast lifestyle magazines Life Gold Coast and Coast is under a
cloud following a decision by Sunshine Coast interests not to
acquire the titles.

According to the report, the founder of the mastheads, Greg
Hough, last week entered into negotiations for their sale with
parties linked to The Ink Spot print factory, at Maroochydore,
who publish Sunshine Coast entertainment magazine Scope, which
has a strong focus on music.

However, The Ink Spot executive Sheena Den Ouden said Wednesday
they would not be proceeding with purchase of the titles.

"A decision has been made not to take on the publications," the
report quotes Ms. Den Ouden as saying.

The prospective purchasers, subject to negotiations, would have
retained the six or so staff at the two magazines who will lose
their jobs if the publications fold, the report notes.

MACQUARIE GROUP: Fitch Affirms Support Rating Floor at 'BB'
Fitch Ratings has placed the Long-Term Issuer Default Ratings
(IDR) and Viability Ratings (VR) of Macquarie Group Limited and
its Australian subsidiaries on Rating Watch Negative (RWN).

This action stems from Fitch's broad review of the largest
banking institutions in the world and follows the announcement of
a similar review of Australia's four major banks.

The review of MGL has been prompted in part by challenges facing
financial institutions globally, in particular those that are
more exposed to market-oriented income.  Fitch notes that this
action is not tied to any specific earnings or capital
information as this broad review has been ongoing for some time.

Fitch notes that MGL's focus is on facilitating client
transactions rather than transacting on its own account which
reduces the group's exposure to market risk.  Nevertheless, three
of MGL's six divisions (Macquarie Capital, Macquarie Securities
and Fixed Income, Commodities and Currencies) are market-
oriented, which adds volatility to MGL's earnings not normally
seen in more traditional commercial banks.  Macquarie's three
other divisions (Macquarie Funds Group, Corporate and Asset
Finance and Banking and Financial Services) exhibit less earnings
volatility and have grown in recent years.

In addition to reviewing potential earnings volatility, Fitch
will examine what, if any, impact the subdued environment for
market-oriented businesses globally may have on investor
sentiment towards MGL.

MGL's use of wholesale funding will also be taken into
consideration. Fitch notes that the group has significantly
reduced its reliance on short-term funding since 2007 and that it
maintains a liquid balance sheet.

Other aspects of MGL's financial profile, such as asset quality,
capital and exposure to market risk continue to compare
favourably with larger global trading and universal banks.

Fitch expects to resolve the RWN within a short time frame and
will update its view of the group's strengths, weaknesses and
trends.  The agency expects that any downgrades are most likely
to be limited to one notch.  The resolution of the RWN will be
based on Fitch's review of the most recent available data,
including any additional information provided by MGL that is
relevant to its ratings or those of its subsidiaries.

MGL provides both investment banking and more traditional banking
services, with a focus on client transactions.  Operations span
markets in Australia, the UK, Europe, Asia and the US.

The rating actions are as follows:

Macquarie Group Limited (MGL):

  -- Long-Term IDR: 'A', on RWN
  -- Short-Term IDR: 'F1' on RWN
  -- Viability Rating: 'a', on RWN
  -- Support Rating: affirmed at '5;
  -- Support Rating Floor: affirmed at 'No Floor'
  -- Senior unsecured debt: 'A', on RWN
  -- Short-term debt: 'F1' on RWN
  -- Hybrid capital instruments: 'BBB'; remain on RWN

Macquarie Bank Limited (MBL):

  -- Long-Term IDR: 'A+', on RWN
  -- Short-Term IDR: affirmed at 'F1'
  -- Viability Rating: 'a+', on RWN
  -- Support Rating: affirmed at '3'
  -- Support Rating Floor: affirmed at 'BB'
  -- Government guaranteed senior debt: affirmed at 'AAA'
  -- Senior unsecured debt: 'A+', on RWN
  -- Short-term debt: affirmed at 'F1'
  -- Subordinated debt: 'A', on RWN
  -- Hybrid capital instruments: 'BBB+'; remain on RWN

Macquarie Financial Holdings Limited (MFHL):

  -- Long-Term IDR: 'A', on RWN
  -- Short-Term IDR: 'F1' on RWN
  -- Support Rating: affirmed at '1'

Macquarie International Finance Limited (MIFL):

  -- Long-Term IDR: 'A', on RWN
  -- Short-Term IDR: 'F1' on RWN
  -- Support Rating: affirmed at '1'

SHELLHARBOUR HOCKEY: Council Seek to Recoup AUD500,000 Loan
Illawara Mercury reports that Shellharbour City Council has moved
to reassure ratepayers it will seek to recover a AUD500,000 debt
owed by Shellharbour Hockey Centre Inc.  However, it has not
ruled out using the Croome Rd fields for other sporting codes.

SHCI was placed in voluntary administration late last year after
a dispute with the council about loan repayments, the report

According to the report, SHCI now faces possible liquidation. The
council, which owns the grounds, is seeking a license agreement
with new managers, Illawara Mercury relates.

"The final terms of any agreement will be made by council at a
council meeting in the future," the report quotes Lee Furness,
director of corporate policy, as saying.  "However, it is
considered that the best possible outcome for the community would
be to fully recover the money outstanding through a new license

Talks involving the council and Hockey NSW have already taken
place about the ongoing management of the complex, but it remains
unclear who the possible future managers will be, according to
the report.

Shellharbour Hockey Centre Inc operates Shellharbour City's only
hockey grounds.

WONGTAS PTY: Owners Wound Up Firm to Avoid Workplace Penalties
The Sydney Morning Herald reports that a Federal Court judge has
found that the owners of Wongtas Pty Ltd discriminated against an
employee because she was pregnant and then wound up the company
in a bid to avoid some of the penalties they faced for breaching
workplace laws.

SMH relates that husband and wife Ding Guo Wang and Xiao Yu Zhang
were each fined $11,880 on Feb. 2 for grossly breaching their
obligations to their former clerical assistant, Jiongqui Ye,
after she became pregnant in 2009.

But Justice Dennis Cowdroy found Mr. Wang and Ms. Zhang avoided a
larger penalty by deliberately placing their company, Wongtas Pty
Ltd, into liquidation when the federal government's workplace
watchdog began proceedings against them in 2010, according to

A month after winding up Wongtas, the couple set up a new company
called Wangtas, the report notes.  The new company, the
directorship of which was later handed over to a man named Hong
Zhang, ran a printing business called Goldshining Print at the
same Riverwood address as the previous business, SMH relates.

According to the report, Jiongqui Ye will receive $2,207 in
compensation in addition to around $6,000 in unpaid wages the
couple were ordered to pay.

Wongtas Pty Ltd was a Sydney-based printing company.


CDC CORP: Gets $249MM Offer for Shares in Software Subsidiary
Dow Jones' DBR Small Cap reports that CDC Corp. has found an
investor to buy its CDC Software Corp. subsidiary, a proposed
US$249 million sale that would leave the holding company without
its most valuable operating subsidiary but able to pay off the
multimillion-dollar legal judgment that forced it into bankruptcy

As reported in the Troubled Company Reporter on Jan. 25, 2012,
CDC Software Corp. is seeking to sell two of its subsidiaries,
which account for 28% of its annual revenues, to investment firm
Marlin Equity Partners for US$60 million and has already executed
a letter of intent.

Hong Kong technology developer CDC Corp. on Jan. 17, 2012, sued
one of its subsidiaries to block the acquisition of two companies
by a private investment firm, arguing that the sale would cause
CDC Corp. shareholders to "lose substantial value, perhaps

                          About CDC Corp.

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

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

CHINA TEL GROUP: Enters Into Consulting Agreement with NGSN
VelaTel Global Communications, Inc., formerly known as China Tel
Group, Inc., through its wholly owned subsidiary Gulfstream
Capital Partners Limited, entered into an Exclusive Consulting
and Technical Service Agreement with New Generation Special
Technology Communications Co., Ltd.

The Parties previously entered into a Business Cooperation
Agreement on Oct. 21, 2011.  The Business Agreement contemplates
the Parties will set up an offshore joint venture, which will
then set up a wholly foreign owned enterprise in the People's
Republic of China to provide services to a subsidiary company of
NGSN for certain telecom business that will be authorized by
NGSN.  Since WFOE and NGSN's Subsidiary are in the process of
formation, the Parties enter into the Agreement to expedite the
progress of cooperation, with the expectation that NGSN and
Gulfstream will be replaced by NGSN's Subsidiary and WFOE after
their respective formation and that the terms of the Agreement
will be carried out by NGSN's Subsidiary and WFOE.

Service fees will be in amounts mutually agreed.  Unless earlier
terminated or extended, the initial term of the Agreement is
fifteen years from the Effective Date.  Unless either Party sends
a written notice of non-extension prior to expiration, the
Agreement will be automatically renewed for consecutive
additional terms of five years.  The grounds for early
termination are prevention of performance due to a force majeure
for a period of six months or more, or insolvency or bankruptcy
of either party which would restrict the ability of that Party to
conduct its business.  In the event of termination, the amount of
all Service Fees already accrued will be paid within 30 days of

The Company will provide proof of funds for US$500,000 within 30
days of the Effective Date, and will pay as needed from those
funds the amount required as registered capital for WFOE, with
the first injection paid within five business days of completion
of WFOE's registration to do business.  The Company also commits
to invest $18 million within twelve months of NGSN obtaining
radio frequency spectrum licenses in 3.5 or 1.8 GHz spectrum as
CAPEX and OPEX for WFOE.  The actual investment intensity and
schedule will comply with the Business Plan that will be jointly
prepared by NGSN's Subsidiary and WFOE.

A full-text copy of the Agreement is available for free at:


                          About China Tel

Based in San Diego, California, and Shenzhen, China, China Tel
Group, Inc. (OTC BB: CHTL) --
provides high speed wireless broadband and telecommunications
infrastructure engineering and construction services.  Through
its controlled subsidiaries, the Company provides fixed
telephony, conventional long distance, high-speed wireless
broadband and telecommunications infrastructure engineering and
construction services.  ChinaTel is presently building, operating
and deploying networks in Asia and South America: a 3.5GHz
wireless broadband system in 29 cities across the People's
Republic of China with and for CECT-Chinacomm Communications Co.,
Ltd., a PRC company that holds a license to build the high speed
wireless broadband system; and a 2.5GHz wireless broadband system
in cities across Peru with and for Perusat, S.A., a Peruvian
company that holds a license to build high speed wireless
broadband systems.

Since the Company's inception until June 30, 2011, it has
incurred accumulated losses of approximately $242.36 million.
The Company expects to continue to incur net losses for the
foreseeable future.

The Company's independent accountants have expressed substantial
doubt about the Company's ability to continue as a going concern
in their audit report, dated April 15, 2011, for the period ended
Dec. 31, 2010.  As reported by the TCR on April 21, 2011, Mendoza
Berger & Company, LLP, in Irvine, California, expressed
substantial doubt about the Company's ability to continue as a
going concern, following the 2010 financial results.  The
independent auditors noted that the Company has incurred a net
loss of $56,041,182 for the year ended Dec. 31, 2009, cumulative
losses of $165,361,145 since inception, a negative working
capital of $68,760,057, and a stockholders' deficit of

The Company reported a net loss of $66,623,130 on $955,311 of
revenue for the year ended Dec. 31, 2010, compared with a net
loss of $56,065,029 on $657,876 of revenue during the prior year.

The Company also reported a net loss of $17.97 million on
$488,476 of revenue for the nine months ended Sept. 30, 2011,
compared with a net loss of $38.22 million on $729,701 of revenue
for the same period a year ago.

The Company's balance sheet at Sept. 30, 2011, showed $11.57
million in total assets, $22.22 million in total liabilities and
a $10.64 million total stockholders' deficit.

GCL-POLY ENERGY: S&P Affirms 'BB+' Corporate Credit Rating
Standard & Poor's Ratings Services revised its outlook on GCL-
Poly Energy Holdings Ltd. to negative from stable. "At the same
time, we affirmed our 'BB+' long-term corporate credit rating on
the China-based manufacturer of solar polysilicon and solar
wafer. We also lowered our Greater China credit scale rating on
the company to 'cnBBB' from 'cnBBB+'. We then withdrew all the
ratings at the company's request," S&P said.

"The outlook revision before the withdrawal mainly reflected our
view that GCL-Poly would continue to face heightened industry
risk in 2012. The global photovoltaic industry has been in severe
downturn since the second quarter of 2011 due to weak demand and
oversupply. The average selling price (ASP) of photovoltaic
products has therefore fallen drastically. The ASP has stabilized
in the past few weeks. Nevertheless, we have limited visibility
over the likelihood of a recovery due to an uncertain global
economic outlook," S&P said.

"We expect excessive capacity globally, ongoing subsidy cutbacks
in major solar markets, a weak project financing environment, and
the likelihood of a heightening trade dispute between China and
the U.S. to continue to trouble the global photovoltaic industry
in 2012. We estimate that GCL-Poly's gross margin would weaken
significantly and its profitability would be under pressure in
2012 if the ASP remains soft. We expect GCL-Poly's gross margin
to fall below 30% in 2012 from 37% in 2010," S&P said.

"The rating affirmation reflected our view that GCL-Poly's strong
cost competitiveness would enable the company to continue to make
a profit while most of its peers could incur losses amid a
difficult operating environment. GCL-Poly is one of the few
polysilicon producers that were able to produce at costs lower
than the spot market price in the past few months," S&P said.

H O N G  K O N G

GENERAL GARMENT: Members' Final Meeting Set for March 5
Members of General Garment Manufactory (H.K.) Limited will hold
their final meeting on March 5, 2012, at 11:00 a.m., at 19/F,
Tower A, Manulife Financial Centre, 223-231 Wai Yip Street, Kwun
Tong, Kowloon, in Hong Kong.

At the meeting, Isabelle Angeline Young, the company's
liquidator, will give a report on the company's wind-up
proceedings and property disposal.

HIGH DRAGON: Members' Final Meeting Set for March 5
Members of High Dragon Resources Limited will hold their final
meeting on March 5, 2012, at 3:00 p.m., at 16th Floor, Ocean
Centre, Harbour City, at Canton Road, Kowloon, in Hong Kong.

At the meeting, Kevin Chung Ying Hui, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.

HUA XIN: Creditors and Contributories to Meet on Feb. 15
Creditors and contributories of Hua Xin Investment Holding
Limited will hold their first meetings on Feb. 15, 2012, at 10:30
a.m., and 11:30 a.m., respectively at the Official Receiver's
Office, 10th Floor, Queensway Government Offices, 66 Queensway,
in Hong Kong.

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

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

Hansung (H.K.) Shipping Co., Limited filed the petition against
the company on Jan. 9, 2012.

The Petitioner's solicitors are:

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

KWONG YICK: Creditors Get 50% Recovery on Claims
Kwong Yick Metals Limited, which is in liquidation, will declare
the second interim ordinary dividend to its creditors on or after
Feb. 17, 2012.

The company will pay 50% for ordinary claims.

The company's liquidator is:

         James Wardell
         Room 1601-1602, 16th Floor
         One Hysan Avenue
         Causeway Bay, Hong Kong

LIGHTAL LIMITED: Lees and Sum Step Down as Liquidators
John Robert Lees and Sum Kin Keong stepped down as liquidators of
Lightal Limited on Jan. 16, 2012.

MULTI-TREND TRADING: Members' Final Meeting Set for March 5
Members of Multi-Trend Trading Limited will hold their final
general meeting on March 5, 2012, at 11:00 a.m., at 143 Jersey
Street, San Francisco, Calif. 94115, in U.S.A.

At the meeting, Jamie Beth Feuerman, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.

OMIZ INDUSTRIAL: Lees and Sum Step Down as Liquidators
John Robert Lees and Sum Kin Keong stepped down as liquidators of
Omiz Industrial (Hong Kong) Limited on Aug. 3, 2011.

PAK TAI: Court to Hear Wind-Up Petition on Feb. 15
A petition to wind up the operations of Pak Tai Ginseng Hong
Limited will be heard before the High Court of Hong Kong on
Feb. 15, 2012, at 9:30 a.m.

Jackson Hall Company Limited filed the petition against the
company on Dec. 1, 2011.

The Petitioner's solicitors are:

          Messrs. Terry Yeung & Lai
          Rooms 1411-1412, 14th Floor
          Wing On Centre
          111 Connaught Road
          Central, Hong Kong

PRESTIGE FOOTWEAR: Creditors' Meeting Set for Feb. 22
Creditors of Prestige Footwear Company Limited will hold their
meeting on Feb. 22, 2012, at 9:30 a.m., for the purposes provided
for in Sections 241, 242, 243, 244 and 255A of the Companies

The meeting will be held at Room 103, Duke of Windsor Social
Service Building, 15 Hennessy Road, Wan Chai, in Hong Kong.

ROME RIDE: Chan and Chan Step Down as Liquidators
Chan Ho Yin Graham and Chan Suk King stepped down as liquidators
of Rome Ride Company Limited on Jan. 17, 2012.

ROVILLE COMPANY: Members' Final Meeting Set for March 5
Members of Roville Company Limited will hold their final meeting
on March 5, 2012, at 4:00 p.m., at 16th Floor, Ocean Centre,
Harbour City, at Canton Road, Kowloon, in Hong Kong.

At the meeting, Kevin Chung Ying Hui, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.

SIU FUNG: Creditors Get 0.1487% Recovery on Claims
Siu Fung Concept Limited, which is in liquidation, will declare
the second and final ordinary dividend to its creditors on
Feb. 10, 2012.

The company will pay 0.1487% for ordinary claims.

The company's liquidators are:

         Jacky CW Muk
         Gabriel CK Tam
         27th Floor, Alexandra House
         18 Chater Road
         Central, Hong Kong

SOCIETY OF SPORTS: Members' Final Meeting Set for March 5
Members of Society of Sports Physicians (HK) Limited will hold
their final general meeting on March 5, 2012, at 10:30 a.m., at
8/F, AON China Building, at 29 Queen's Road Central, in Hong

At the meeting, Jason Brockwell, the company's liquidator, will
give a report on the company's wind-up proceedings and property

STYRON ASIA: Creditors' Proofs of Debt Due Feb. 19
Creditors of Styron Asia Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
Feb. 19, 2012, to be included in the company's dividend

The company's liquidators are:

         Patrick Cowley
         Chan Mei Lan
         8th Floor, Prince's Building
         10 Chater Road
         Central, Hong Kong

SUPER BRILLIANCE: Members' Final Meeting Set for March 5
Members of Super Brilliance Investments Limited will hold their
final meeting on March 5, 2012, at 5:00 p.m., at 16th Floor,
Ocean Centre, Harbour City, at Canton Road, Kowloon, in Hong

At the meeting, Kevin Chung Ying Hui, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.

YICK SUN: Court to Hear Wind-Up Petition on Feb. 15
A petition to wind up the operations of Yick Sun Motors Limited
will be heard before the High Court of Hong Kong on Feb. 15,
2012, at 9:30 a.m.

Yiu Lai Lai filed the petition against the company on Dec. 6,

The Petitioner's solicitors are:

          Deannie Yew & Associates
          Unit 1501, 15th Floor
          Hang Seng Mongkok Building
          677 Nathan Road
          Kowloon, Hong Kong


ARKAY GLENROCK: ICRA Reaffirms 'B+' Rating on INR2.09cr Loan
ICRA has re-affirmed the long-term rating of '[ICRA]B+' to the
INR2.09 crore term loans of Arkay Glenrock Private Limited. ICRA
has also re-affirmed the short-term rating of '[ICRA]A4' rating
to the INR9.50 crore fund-based limits and the INR1.00 crore non-
fund based limits of AGPL.

The ratings consider AGPL's limited scale of operations and
moderate financial profile of the company characterised by
stretched working capital intensity and weak cashflows. The
revenue growth during the last two years have been healthy;
however given its limited scale and large exposure to European
markets, the company's revenues are susceptible to demand risks
arising from any slowdown in Europe.. AGPl's capital structure
and coverage indicators have improved in the last two years with
term loan repayments, conversion of unsecured loan into equity
and increase in accruals. In the absence of any major capital
expenditure in the short to medium term, the debt indicators are
expected to improve although sustenance of margins are to be seen
given the competitive nature of granite industry and fluctuations
in exchange rates. The ratings also factor in the strong
experience of the promoter in the granite industry and the
presence in the granite monuments segment which offers better
margins. While arriving at the ratings, ICRA has considered the
consolidated financial profile of AGPL and its subsidiary,
Glenrock Enterprises.

                       About Arkay Glenrock

AGPL is a small scale granite exporter (100% EOU) located in
Madurai (Tamil Nadu), involved in the processing of monuments and
slabs. AGPL has a total installed capacity of 20,000 square
metres per annum and 1,20,000 square meters per annum for
monuments and slabs respectively. The Company also has a
subsidiary, "Glenrock Enterprises", which is engaged in the
trading of granite slabs with 82 per cent stake held by AGPL and
the remaining by Mr. R Muthusankar and Ms.E Anuradha (promoters
of AGPL).

Recent Results:

For the nine month ended December 2011, AGPL's (standalone)
profit before tax (PBT) stood at INR0.9 crore on an operating
income of INR17.3 crore.

ASA INTERNATIONAL: ICRA Cuts Rating on INR300cr LT Loan to 'D'
ICRA has downgraded the long term rating assigned to INR300 crore
long-term bank lines of ASA International India Microfinance
Private Limited from '[ICRA]BBB-'(under rating watch with
developing implications) to '[ICRA]D'.

The rating downgrade takes into account delays by the company in
servicing term loan installments over the last six months owing
to tight liquidity. The tight liquidity is on account of
inability of company to mobilize funds. As a result of funding
constraints, ASAI-India's portfolio declined from INR158.2 cr. on
Mar-11 to INR128.5 cr. on Sep-11 (further to INR116.5 cr. on
Nov-11) and its profitability declined from 2.5% in FY-11 to 1.8%
in H1'FY-12. The company's delinquencies also increased (30+ dpd
at 5.0% as on Nov-11 compared to 1.9% on Mar-11). However, it
continued maintain relatively low leveraging of 1.97 times on
Sep-11 and has management support from ASA International. ASAI's
credit profile also reflects relatively weak operating
environment for microfinance institutions, company's limited
track record in Indian operations, geographical concentration of
portfolio in West Bengal, risks associated with the unsecured
lending business, marginal credit profile of borrowers and
operational risks arising out of cash handling. Followed by RBI
guidelines in May-2011, ASAI-India capped the interest rate at
26%, subject to margin cap of 12% with upfront processing fees of
1% and stopped collecting security deposits. The company also
introduced new loan products in Jun-2011 with weekly, fortnightly
and monthly repayment policy and the choice of repayment period
to the borrower. ASAI-India is in compliant with RBI guidelines
of May-2011.

                        About ASAI India

ASA International India Microfinance Private Limited (formerly
name Dilkusha Hire Purchase Pvt. Ltd - DHPPL) is an indirect
subsidiary of ASA International.  ASAI took over DHPPL in June
2008 and renamed it ASAI India by acquiring entire share capital;
there after ASAI infused $7.5 million (around INR31.5 crore) in
ASAI India. As per the terms of share purchase agreement, all
assets and liabilities except share capital and bank balances
have been retained by previous owners and the new management
started their microfinance business from July-2008. ASAI India
has its corporate office in Kolkata and has 158 branches as on
March 31, 2011 with majority of branch network concentrated in
West Bengal. For 2010-11, the company reported PAT (Profit After
Tax) of INR3.52 crore on an asset base of INR181.7 crore as
compared to PAT of INR4.20 cr. on an asset base of INR112.7 cr.
for the previous financial year. As on March 31, 2011, the
company reported capital adequacy of 25.6% (constitute entirely
of Tier-1 capital) and Gross NPA of 0.98%. During H1'FY-12, the
company reported a PAT of INR1.49 cr. as compared to PAT of
INR3.06 cr. in H1'FY-11, decline of 51% (y-o-y).

As on Sept. 30, 2011, the company reported Gross NPA of 2.8%.
ASAI's Net worth was INR42.4 crore as on Sept. 30, 2011, and had
a leveraging of 1.97 times.

                    About ASA International

ASAI was incorporated in April-2007 in Netherlands and is managed
by ASA in Bangladesh and Sequoia in Netherlands. ASA is among the
top 3 MFIs in Bangladesh with an outreach of 55 lakh clients in
the region and over three decades of experience in microfinance
operations. ASA provides technical assistance and soft loans to
the NGOs/MFIs for implementing microfinance programs.

CRAFTEX INDIA: ICRA Reaffirms 'BB-' Rating on INR2.11cr Loan
ICRA has re-affirmed the '[ICRA]BB-' rating on the long-term
scale for the INR 2.11 Crore, fund-based facilities and INR 0.40
crore proposed bank facilities of M/s Craftex India.  The outlook
on the long-term rating is 'stable'.  Further, ICRA has also
reaffirmed the '[ICRA]A4' rating outstanding on the short-term
scale for the INR 3.10 Crore, fund-based facilities of Craftex.

The ratings continue to derive strength from the significant
experience and proven track record of the firm's management,
which has enabled establishment of strong long-term relationships
with clients, who continue to offer repeat business; its
established procurement network with contractors across various
villages in the country; and healthy demand prospects in overseas
markets for carpets made in India. The ratings also factor in the
firm's comfortable debt coverage indicators on the back of
interest subsidy, low-cost promoter debt besides low debt
repayment obligations; and its improved liquidity facilitated by
increase in operating profitability (operating margins improved
to 8.7% in 9MFY12 from 4.8% in FY11) and decline in working
capital intensity post commencement of operations at the new
unit. Nevertheless, the firm's ability to sustain improved
margins and working capital intensity at current levels remains
to be seen. The ratings continue to be constrained by the modest
scale of operations of Craftex, which limits its ability to
compete with larger industry participants; its dependence on
exports, which makes earnings and profitability susceptible to
the economic conditions in the export markets and volatility in
foreign exchange rates; and leveraged capital structure as
reflected in an estimated debt: equity ratio of 2.7 times as on
Dec. 31, 2011, considering unsecured loans from proprietor &
associates as debt. Further, the ratings also factor in the
intense competition in the handicrafts industry because of low
entry barriers; and the risks inherent in a proprietorship firm
such as withdrawal from capital.

In ICRA's view, the key rating sensitivity is the ability of
Craftex to maintain revenue growth despite intense competition;
and sustain its profitability indicators at current levels while
maintaining its working capital intensity.

                        About Craftex India

Established in 1984 as a small scale industrial (SSI) unit,
Craftex is a proprietary concern owned by Mrs. Santosh Rathore.
The firm is involved in manufacture and export of hand-made home
furnishings, particularly rugs and carpets. The main products of
Craftex are carpets, rugs, durries, mats and other floor
coverings made of cotton, jute, polyester, wool, bamboo, PVC and
synthetic yarns. The firm also deals in cushion covers and other
handicraft items on a limited basis. The firm gets its products
manufactured through artisans based in Indian villages in and
around Varanasi, Badhohi, Mirzapur, Sitapur, Jodhpur and Panipat.
The firm also has its own facilities in Delhi and Mirzapur (UP).
The operations range from raw material procurement, dyeing,
weaving and final testing & inspections and are controlled from
the firm's factories at these locations.

DADIJI STEELS: Fitch Rates Two Loan Facilities at Low-B
Fitch Ratings has assigned India's Dadiji Steels Ltd a National
Long-Term rating of 'Fitch BB(ind)' with Stable Outlook.

The ratings reflect wide variations in DSL's margins over the
last four years (1.5%-4.7%) as the company is not being able to
pass the increased raw material costs to its end-consumers.  The
ratings also factor in DSL's increasing net financial leverage
(total adjusted net debt/operating EBITDAR: 4.18x in FY11
(financial year ending March), 1.71x in FY10) and decreasing
interest coverage (operating EBITDA/gross interest expense: 1.61x
in FY11, 3.35x in FY10).

The ratings, however, benefit from over-two-decade-long
experience of DSL's founders in domestic iron and steel industry
through other group companies and the sale of goods under the
strong 'Kamdhenu' brand.  In FY11, the company's revenues grew by
25% yoy to INR1,100.4m due to volume and price increases.

Positive rating guidelines include an increase in DSL's EBITDA
margins resulting in gross interest coverage of above 2x and
adjusted net leverage of below 2.5x on a sustained basis.
Conversely, a decline in EBITDA margins or any debt-led capex
plan resulting in adjusted net leverage of above 5.5x on a
sustained basis may result in negative rating action.

Incorporated in 1996, DSL has a rolling mill unit in Patna with a
manufacturing capacity of 37,200 metric ton per annum (MTPA) of
mild-steel rods and thermo-mechanically treated bars, and 12,000
MTPA of angles and channels. It also has an induction furnace
with a capacity to produce 43,000 MTPA of ingots.  In FY11, the
company had a total debt of INR77.4m (FY10: INR83.9m), which
comprised a working capital debt of INR54.9m, unsecured loans of
INR11.2m and a term loan of INR11.3m.

Fitch has also assigned ratings to DSL's bank loans as follows:-

  -- INR57.5m fund-based limit: assigned at 'Fitch BB(ind)'
  -- INR6.83m term loan: assigned at 'Fitch BB(ind)'

ICRA has reaffirmed the '[ICRA]BB' rating outstanding on the
INR10.00 crore term loan facilities, the INR6.75 crore corporate
loan facilities and the INR2.00 crore proposed long term fund
based facilities of Edict Pharmaceuticals Private Limited. ICRA
has also reaffirmed the '[ICRA]A4' rating outstanding on the
INR2.00 crore short term non fund based facilities (sub limit) of
the Company. The outlook on the long term rating is stable.

The reaffirmation of ratings factors in the significant
experience of the promoters in the pharmaceutical industry. Par
Pharmaceuticals Companies Inc, USA has entered into a definitive
agreement to acquire the company last year. This transaction,
once concluded, is expected to strengthen business profile of the
company, aid in product development and marketability and improve
financial flexibility apart from potentially reducing dependence
on external debt significantly. While EPPL is still in its
incipient stage of operation and is yet to commercialize its
products, the niche product portfolio targeted by the company,
with limited competition is likely to offer stable market and
garner healthy profit margins in the medium term. However, the
small scale of operations restrict scale economies and the
litigation risks associated with Para IV filings could impact
EPPL's revenue going forward.

                      About Edict Pharmaceuticals

Incorporated in 2007 as Novel Therapeutics Private Limited
(NTPL), Edict Pharmaceuticals Private Limited (EPPL / "the
Company") is a nascent generic formulation player, currently in
the process of filing Abbreviated new drug applications (ANDAs)
for developing formulations for exports to the US market. While
the generic, non-branded formulations are likely to be
manufactured from the company's manufacturing facility with an
installed capacity to manufacture one million tablets / day, the
products which are exclusively targeted for the US market will be
marketed through two US based companies -- Par Pharmaceuticals Inc
(PPI) and Allied Pharmaceuticals (AP) according to the current
agreements. While the company has currently filed 12 ANDAs
including four Para IV filings and two having been granted first
to file (FTF) status with sole exclusivity (out of which the
company expects approvals and commercial production for one of
its product in January 2011 and six other products before
2012-13), EPPL currently derives its income through contract
research for Par Pharmaceuticals Inc and Allied Pharmaceuticals.

While the company is currently held directly / indirectly by the
promoters, Mr. Jayaseelan and Mr. Muthusamy Shanmugam, the
company entered into a definitive agreement in May 2011 with Par
Pharmaceuticals Companies Inc (PPCI, the holding company of PPI)
for a secondary sale of equity shares held by the promoters to
PPCI for USD 37.6 million in cash and PCCI's repayment of certain
additional pre-close indebtedness (amounting to ~USD 4 million as
on the date of agreement) and the transaction is likely to be
completed shortly.

Recent results:

EPPL recorded a net loss of INR0.3 crore on operating income of
INR2.5 crore in 2010-11.

E.K.S SPINNERS: ICRA Reaffirms '[ICRA]B' INR4.4cr Loan Rating
ICRA has reaffirmed the '[ICRA]B' rating assigned to the INR4.40
crore term loan facilities, INR3.00 crore fund based facilities
and INR0.05 crore non-fund based facilities of E.K.S Spinners
Private Limited.  ICRA has also reaffirmed the '[ICRA]A4' rating
assigned to the INR1.00 crore non-fund based facilities of the

The ratings consider the experience of promoters in the spinning
business. The ratings also consider the weak operating
performance of the spinning industry characterized by falling
realizations and fall in demand during the first half of the
current fiscal. EKS's small scale of operations which restricts
scale economics/ financial flexibility and the intense
competition in a fragmented industry structure amidst low product
differentiation restricts pricing flexibility. EKS's financial
profile is characterised by thin net margins and a stretched
capital structure.

EKS, incorporated in the 1995, is located in Rajapalayam and is
closely held by its directors and family members. The Company is
engaged in the production of cotton yarn and started its
commercial production from May 1996 with an installed capacity of
2,640 spindles. Over the years, the Company has increased its
installed capacities in a phased manner and presently has an
installed capacity of 12,560 spindles.

Recent Results

The Company reported net profit of INR0.1 crore on operating
income of INR14.9 crore during 2010-11 against net profit of
INR0.1 crore on operating income of INR8.6 crore during 2009-10.

JAYDEEP CHEM: ICRA Reaffirms '[ICRA]BB' Rating on INR6cr Loan
ICRA has reaffirmed '[ICRA]BB' rating for the INR6.00 crore term
loans and INR3.50 crore cash credit facility of Jaydeep Chem Food
Private Limited.  The outlook for the rating is stable.

The reaffirmation of ratings take into account the small scale of
operations, single product portfolio of the company with majority
of sales coming from edible salt, seasonality associated with raw
salt availability which results in the company maintaining large
raw material inventories, vulnerability of sales to the timely
availability of railway wagons for transportation and decline in
operating income and realizations during FY11 and proposed debt
funded capital expenditure plans for development of salt works
which can result in further weakening of the capital structure.
The ratings also take into account the stiff competition from
larger established players in the branded segment as well as
unorganized players on account of the fragmented nature of the
domestic salt industry and also the comparatively low visibility
of the company's brand.

The ratings continue to positively factor in the experience of
promoters in the salt industry, secured supply of majority
portion of raw salt requirement from the salt works owned by the
Jaydeep Group of Companies, ease of raw salt procurement due to
proximity to salt works and ease in supplying finished goods due
to presence of railway line next to the manufacturing unit and
stable demand for the company's products as majority of revenues
are derived from contract manufacturing for reputed salt brands.

                          About Jaydeep Chem

Incorporated in January, 2007, Jaydeep Chem Food Private Limited
is engaged in the production of refined salt and triple refined
free flow iodized salt. JCPL is part of the Jaydeep Group of
Companies.  The latter was established in 1971 to manufacture
edible and industrial salt initially. Over a period of time, the
directors of JGC have established another 18 sister concerns
involved in salt works, shipping, clearing-forwarding,
stevedoring and transporting. JCPL has its manufacturing facility
located at Wawaniya, Morbi, Gujarat with a capacity of 216,000 MT
of salt per annum. The company is engaged in contract
manufacturing and also makes direct sales under the brand name of

Recent Results:

During FY 2011, JCPL reported an operating income of
INR11.05 crore and profit after tax of INR 0.21 crore.  During
6MFY12 (provisional), JCPL reported an operating income of
INR9.12 crore and profit before tax of INR0.60 crore.

KINGFISHER AIRLINES: In Talks With Reliance on Fuel Transport
The Economic Times reports that industry sources said cash-
strapped private airline Kingfisher Airline is in talks with
Reliance Industries to use the oil and gas major's infrastructure
and logistics support to transport imported jet fuel from ports
to airports and deliver it to the aircraft.

A group of ministers on Feb. 7 recommended that airlines should
be allowed to directly import aviation turbine fuel (ATF) for
their own use, a move that cheers cash-strapped carriers as
domestic fuel is costly because of heavy taxation and contributes
significantly to their losses, according to the report.

But it is difficult for airlines to use imported fuel in their
aircraft as the cost of transporting fuel and developing the
required infrastructure at airports is forbidding, particularly
when domestic airlines are heavily indebted and reporting losses,
relays ET.

The report says Reliance confirmed it was in preliminary talks
with airlines. "Following the permission to airlines to directly
import ATF, we have been approached by airlines to provide them
services for handling ATF on their behalf at the airports. The
discussions are in the preliminary stage, and modalities are yet
to be finalised," ET quotes a spokesman for Reliance as saying.

"We are finalising the plan for direct import of ATF. It is too
early to quantify the savings," a spokesperson for Kingfisher
told ET.

                      About Kingfisher Airlines

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

                         *     *     *

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

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

KONKAN SPECIALITY: ICRA Assigns '[ICRA]BB-' Long-Term Rating
ICRA has assigned a long-term rating of '[ICRA]BB-' and a short
term rating of '[ICRA]A4' to the bank facilities of Konkan
Speciality Poly Products Private Limited.  The outlook on the
long term rating is stable.

The ratings favorably factor the long track record of KONSPEC in
the masterbatch industry, its professional management, market
diversification and healthy revenue growth in the last four
years. The ratings also draw comfort from the positive demand
outlook for company's products due to overall growth of consuming
industries & increasing plastic usage. The ratings are however
constrained by the moderate scale of operations and competitive &
fragmented nature of the industry due to low entry barriers. This
is reflected in the low operating profitability of the company.
The rating is further deterred due to KONSPEC's financial risk
profile characterized by high gearing, subdued debt coverage
indicators and stretched liquidity as reflected in occasional
overdrawing from the cash credit account.

KONSPEC was promoted in the year 1987 by Late Mr. C.S.L. Bondal
to manufacture of PVC compounds & PVC masterbatches for the power
cable industry. In the year 1991-92, polyethelene (PE) based
masterbatches were introduced to serve the needs of the
polyolefins industry (polyethylene, polystyrene, polypropylene
etc). As on date, the company is engaged in the manufacture of
plastic masterbatches and polymer compounds. The company has a
current capacity of around 13000 MT per annum and operates out of
five units, spread across Mangalore. The organization has been
divided into four business divisions; Masterbatch generic
business division which contributes almost 75% of the revenue,
Masterbatch customized & technical product division which
contributes -25% of the revenue, Innovative & performance
products division and the scientific services group (testing &
certification laboratory). The latter two divisions are
generating negligible revenue as on date.

Recent Results:

For the financial year 2010-11, the Company's net profit stood at
INR0.7 crore on an operating income of INR51.6 crore, against net
profit of INR0.5 crore on operating income of INR 39.7 crore for
the financial year 2009-10. For the eight months ended
November' 2011, the company earned a PAT of INR 0.6 crore an
operating income of INR38.6 crore.

M.D. FROZEN: ICRA Assigns '[ICRA]BB+' Rating to INR10cr Loan
ICRA has assigned a long term rating of '[ICRA]BB+' to the INR
10.00 crore, bank lines of M.D. Frozen Food Exports.  The outlook
for the assigned rating is 'stable'. ICRA also has '[ICRA]BB+
(stable)' rating outstanding on the INR 15.00 crore bank
facilities of MDF.

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 healthy profitability of the company
(OPM of -20% and NPM of 15.45% in FY11) along with high export
sales of its meat products (67.4% of operating income in FY11).
The rating derives comfort from the significant experience (over
20 years) of the promoters in the frozen food export business;
the established relationships of the company with its overseas
clients and the favourable location of its facilities, which
ensures easy accessibility to raw materials. The rating also
takes comfort from the commencement of operations of the
company's rendering unit that is likely to lead to further growth
in operating income and profitability.

The rating is, however, constrained by the modest scale of
operations of MDF; 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 business, resulting in high
working capital borrowings (Rs. 6.49 crore in FY11) and gearing
levels of 1.20 times in FY11.

In ICRA's view, the key rating sensitivities would be
improvements in working capital intensity and debt levels.

                         About M.D. Frozen

M.D. Frozen Food Exports, a partnership firm formed in 1992, is
engaged in processing and export of frozen meat to various
countries in Africa, Asia and the Middle East. MDF purchases raw
meat from various local butchers and government-run slaughter
houses. The meat is then processed at its facilities in Ghaziabad
(Uttar Pradesh). MDF also processes meat on a contractual basis
for its group concern, MD Frozen Food Exports Private Limited.
The firm is currently operating a processing unit (set up in
FY10) with chiller capacity of 220 MT, blast freezer capacity of
96 MT and plate freezer capacity of 16 MT. In FY11, the company
completed construction of its rendering unit in Ghaziabad which
commenced operations in September 2011.

Recent Results:

In the financial year ending March 31, 2011, M.D. Frozen Food
Exports (MDF) registered an operating income of INR36.18 crore
and profit after tax (PAT) of INR5.59 crore.

MOSSI & GHISOLFI: Fitch Affirms Issuer Default Rating at 'BB'
Fitch Ratings has affirmed Mossi & Ghisolfi International SA's
Long-term Issuer Default Rating (IDR) at 'BB', with a Stable
Outlook.  Fitch has also assigned an expected rating of 'BB-
(EXP)' to the prospective USD500m senior secured notes to be
issued by the company's US subsidiary, M&G Finance Corporation,
and guaranteed by certain entities within the M&G International
group.  The final rating is contingent on the receipt of final
documents conforming to information already received.

The USD500m senior secured notes will be issued to finance two
co-sited plants for the production of PET (polyethylene
terephthalate) and PTA (terephthalic acid) to be built in Corpus
Christi, Texas.  The prospective notes are expected to be secured
by liens on the assets of the US subsidiary M&G Polymers USA LLC,
namely the PET plant of Apple Grove and the two future PET and
PTA plants.  The notes will be guaranteed by the parent company
M&G International SA and by its US and Mexican operating
subsidiaries, which together represent 69% of the LTM EBITDA as
of 30September 2011 and 58% of M&G International's total assets
(as of 30 September 2011).

The secured notes will be structurally subordinated to the bank
loans, both secured and unsecured, issued by the Brazilian
operating subsidiaries that are not guarantors of the notes.
This debt amounted to EUR243m (equivalent) at September 2011 out
of a total consolidated debt for M&G International of EUR566m.
The new secured notes will also be structurally subordinated to
EUR111m of bank loans raised by the Mexican operating
subsidiaries which are secured.  EUR74m of loans in Mexico
(including EUR37m secured loans) are secured against receivables
from the US operating company (effectively guaranteed by the US
operating company).  In addition, certain financing agreements in
the Mexican and Brazil subsidiaries could restrict dividend
payments from these subsidiaries to the parent company M&G
International, thus limiting access to liquidity and operating
cash flows for the US subsidiary that will issue the notes.  The
agency believes the existing built collateral of the notes offers
only limited benefit to noteholders, given the significant
execution risk on the two new US plant.

The affirmation of M&G International's rating reflects its strong
market position in the PET sector and its solid market shares in
the North and South American markets.  In particular, Fitch
considers M&G International is exposed to lower business
cyclicality compared to competitors.  M&G International's key
customer base is characterized by multiple long-term contracts,
which typically have a tenor of over three years, providing some
protection against volume declines during downturns.  The above-
industry average size of the group's operating facilities and its
modern production capacity support the company's low-cost
position and offer some protection against margin erosion.
Fitch also views positively M&G International's strong presence
in Brazil and Mexico, which offers higher long-term growth
potential compared with the more mature US market. However, the
agency considers risk factors to be the limited diversification
of the group in terms of products and geographies, as well as the
high customer concentration.

The ratings are constrained by M&G International's financial
profile, as debt and interest coverage metrics are in line with
the mid-to-low end of the 'BB' rating category.  Based on its
conservative estimates, the agency expects the FFO net leverage
ratio to increase to a peak of 4.4x in 2013 from 3.1x at December
2010 as a consequence of capital expenditure associated with the
new PET and PTA plants (totalling circa USD750m).  This level of
leverage would not be in line with the 'BB' rating level, thus
leaving limited financial flexibility.  However, the agency
expects significant and fast deleveraging as soon as the new
plants are up and running and cost benefits materialise.
However, Fitch notes that the construction of these plants
remains subject to certain execution risks, including cost
overruns and financing risk.  The long build times imply a time
lag between the capex significant cash out-flows and the benefits
in terms of improved EBITDA and cash generation.  The investment
could therefore result in an increased pressure on M&G
International's liquidity and leverage.

Fitch also considers that the numerous transactions between M&G
International and other companies in the M&G group reduce the
overall transparency and represent a risk factor.  Although the
agency notes that certain covenants included in the prospective
bond documentation should limit new related party transactions in
the future, the current corporate governance concerns could prove
an obstacle to an investment grade rating.

In calculating leverage ratios, Fitch did not include in its debt
calculation the EUR133m hybrid bonds issued by M&G International
that were bought back by its shareholder, M&G Finanziaria.
Management has indicated that part of outstandings will not be
repaid in cash by M&G International to M&G Finanziara but will be
offset against other intra-group credits.  The remaining part of
the hybrid bond that is still held by third parties (EUR67m) was
considered as full debt by Fitch, with no equity credit.  As
permitted under the documentation, since 2009 M&G International
has chosen not to pay accrued, or resume paying, interest on
these bonds.

Fitch considers M&G International's liquidity as adequate for the
current rating level.  Liquidity is supported by EUR71m available
cash (net of EUR45m restricted cash, pledged as a guarantee for a
loan issued by the shareholder company M&G Finanziaria Srl) and
EUR75m available committed facilities. Together with the expected
positive CFO for 2012, liquidity is sufficient to cover the
EUR140m debt maturities in 2012 (including short-term

A significant improvement in trading conditions and operating
cash flow generation, allowing the company to finance the new
investment plan whilst maintaining FFO net leverage below 3.0x,
could drive a positive rating action.  Conversely, a
deterioration in trading conditions and cost overruns for the new
capex that lead to FFO net leverage above 4.5x, would likely
drive a negative rating action.

The expected rating of 'BB(exp)' previously assigned to a
prospective USD500m senior unsecured bond has been withdrawn, as
these notes were eventually not issued.

M&G International is one of the world leaders in the production
of bottle-grade PET resins, used for packaging in the food and
beverage industries.  The company owns three production sites in
US, Mexico and Brazil.  The company is a subsidiary of M&G
Finanziaria Srl an Italian chemical company, ultimately owned by
the Ghisolfi family.

ICRA has assigned '[ICRA]BB+' rating to the INR 5 crore fund
based facilities of NedCommodities India Private Limited.  The
outlook on the long term rating is Stable. ICRA has also assigned
short term rating of '[ICRA]A4+' to the INR 55 crore fund based
facilities of NCIPL.

The assigned ratings take into account the long standing presence
of its parent group, Amtrada Holding BV in the trading business
of agricultural commodities (coffee and cocoa) since 1930. NCIPL
primarily operates as a supply chain manager engaged in
procurement, processing and sale of coffee beans to domestic and
export markets. Though the curing works of coffee beans involve
limited value addition in the business, the consolidation of
procurement from numerous small farmers to sales to roasters
provides sustained business potential growth.

The assigned ratings take into account the long standing presence
of its parent group, Amtrada Holding BV in the trading business
of agricultural commodities (coffee and cocoa) since 1930. NCIPL
primarily operates as a supply chain manager engaged in
procurement, processing and sale of coffee beans to domestic and
export markets. Though the curing works of coffee beans involve
limited value addition in the business, the consolidation of
procurement from numerous small farmers to sales to roasters
provides sustained business potential growth.

                     About NedCommodities India

NedCommodities India Private Limited was incorporated in 2000,
and is engaged primarily in the business of procurement,
processing and sale of coffee in domestic and export markets. The
trading of coffee also forms a minor share of revenues. NCIPL was
not in active business before a defunct plant was acquired from
Kodagu Coffe Curing Works Private Limited on slump sale basis in
2003. The plant was completely modernized with imported machinery
from Brazil and USA with capacity of 5mts/ hour capacity
approximating to nearly 43,000mts capacity per annum. The plant
initiated its commercial operations in June 2004.

NCIPL is a wholly owned subsidiary of Amtrada holding BV,
Amsterdam Netherlands. Incorporated in 1990, Amtrada is a holding
covering Continaf BV, NedCoffee and Daarnhouwer. The Group has
currently presence in more than 20 countries and strong sourcing,
processing and distribution network worldwide. The Group handles
about 4% of the world coffee trade and 10% of the trade in cocoa

OILCO SERVICES: ICRA Reaffirms '[ICRA]BB' Fund Based Rating
ICRA has reaffirmed the '[ICRA]BB' rating for long term INR 9.0
crore fund based limit of Oilco Services (India) Private Limited.
ICRA has also reaffirmed the '[ICRA]A4' rating for short term
INR3.0 crore non- fund based limit of Oilco.  The outlook on the
long term rating is Stable.

The reaffirmation of ratings factors in the healthy ongoing
order-book of INR 60.0 crore in the AMC business and operational
and business support derived from its group company 'Midco' from
where the company receives orders in warranty services business
segment providing visibility to the company's revenue for the
medium term. There has been improvement of Oilco's profitability
indicators as represented by increase in Operating profit margin
and in Return on Capital Employed in FY11 & H1FY12 with the
improvement in demand factors while the company's gearing has
declined to 0.55 times as of Sept. 30, 2011, from 0.69 times as
of 31st March 2010 on account of low utilization of working
capital loans. Given that the company is into services industry,
marginal capital expenditure would be required for scaling up
operations in the future if required. The ratings continue to
draw comfort from the established track record of the company as
evidenced by the repeat orders received from its clients.

However, the ratings are constrained by the high client
concentration; high dependence on public sector oil companies
which minimizes the company's bargaining power with clients and
ongoing difficulties faced by Oilco in servicing large number of
small value maintenance contracts which has resulted in frequent
levying of late delivery charges by oil companies impacting the
profitability of the company. Also, the ratings continue to be
constrained by the high Oilco's Net Working Capital Intensity
(NWC/OI) which stood at 48% in H1FY12 due to high receivable days
and inventory days and cyclical nature of warranty income which
depends on demand for petrol pumps from oil market companies
resulting in uncertainty in the growth of company's top-line.

                       About Oilco Services

Oilco Services (India) Limited was incorporated in the year 1999
and commenced operations in the year 2000 as an installation,
commissioning, and maintenance service for petroleum companies in
India. Oilco is envisaged to be one-stop solution for maintenance
of retail outlet equipment irrespective of make, and supply of
spares thereof. Oilco is now the 90.66% subsidiary of Midco and
has its head-office is in Mumbai and Regional Offices in Delhi,
Chennai & Kolkata with each region headed by a Regional Manager
(Operations).  Oilco also has services centres spread across the
country.  The Company is headed by Mr. Neil.R.  Shah who is also
the Managing Director of Midco.

ORIPOL INDUSTRIES: ICRA Revises Rating on INR3cr Loan to 'BB-'
ICRA has revised the long-term rating outstanding on the INR3.00
crore fund based facilities of Oripol Industries Limited to
'[ICRA]BB-' from '[ICRA]BB'.  The outlook on the long term rating
has been changed from "stable" to "negative". ICRA has reaffirmed
the short-term rating of '[ICRA]A4' outstanding on the INR11.50
crore bank limits comprising fund based limits of INR8.55 crore
and non-fund based limits of INR2.95 crore of the company.

The rating revision and the change in outlook take into account
the decline in iron ore mining in Orissa and a sharp increase in
the export duty on iron ore fines in the past one year, which
adversely impacted the business risk profile of the company, a
steep decline in topline and the profits in the first eight
months of the current financial year and the vulnerability to any
adverse changes in Government policies towards iron ore mining
and trading operation. ICRA notes that over 80% of the total
revenue of the company in FY11 was accounted for iron ore fines
export business. The ratings also incorporate the highly working
capital intensive nature of the trading business that exerts
pressure on the company's liquidity position and its exposure to
the cyclicality inherent in the iron ore industry. The company's
scale of manufacturing operations is relatively small which
limits its bargaining power against both the raw material
suppliers as well as customers. However, the newly set up
manufacturing unit for non-woven textile products, which is
expected to commence operation shortly, is likely to diversify
the company's product portfolio. ICRA also notes that OPL's
promoters have more than two decades of experience in the plastic
packaging industry, which has enabled the company to establish a
wide customer base.

                      About Oripol Industries

Oripol Industries Limited was established in 1984 and is engaged
in the trading of iron ore fines. The company is also involved in
the manufacturing of bulk packing materials made of PP / HDPE
woven sacks and fabrics, catering to the domestic market. The
factory is situated in Balasore, Orissa.

Recent Results:

For the year ended 2010-11, the company reported a net profit
after tax (PAT) of INR1.86 crore on the back of operating income
of INR57.83 crore as against a PAT of INR0.78 crore on operating
income of INR51.16 crore in 2009-10. During the period April to
November 2011, OPL recorded a PAT of INR0.10 crore on gross sales
of INR17.95 crore.

SRI RAJU: ICRA Reaffirms '[ICRA]B+' Rating on INR2.55cr Loan
ICRA has reaffirmed the '[ICRA]B+' rating to the INR2.55 crore
term loan facilities and INR3.20 crore fund based bank facilities
of Sri Raju Cotton Mills.  ICRA has also reaffirmed the
'[ICRA]A4' rating to the INR1.00 crore non fund based bank
facilities of SRCM.

The re-affirmation of ratings takes into account the experience
of the promoters in the textile industry, moderately diversified
product profile and the operational and management support from
group companies which are into similar lines of businesses. While
the financial performance of the firm improved in 2010-11 aided
by steady growth in volumes and realizations, revenues and
margins have been impacted owing to the moderation of volumes and
realizations witnessed during the current fiscal on account of
the slowdown. The rating also considers the small scale of
operations and intense competition in the industry impacting
pricing flexibility, high capitalization levels owing to thin
accruals and debt funded capital expenditure incurred in the
past, high working capital intensity in the business and exposure
of earnings to the volatility in raw material prices. The
envisaged equity infusion plans of the firm to reduce debt levels
and improve the liquidity position would be critical owing to the
debt repayments in the ensuing years.

Sri Raju Cotton Mills was incorporated in the year 1984 to
manufacture and market yarn. The firm was initially started as a
cotton ginning unit and it later integrated into manufacturing of
blended yarn. From an initial spindleage of 6000, the firm has
gradually increased its spindleage to current levels of 14072
spindles. SRCM manufactures medium and finer counts of blended
yarn and sells it in the traditional weaving markets.

SRI VENKATA: ICRA Revises Rating on INR19.77cr Loan to 'BB-'
ICRA has revised the rating outstanding on the INR19.77 crore
(reduced from INR23.4 crore) term loan facilities and INR18.00
crore (enhanced from INR 12.75 crore) fund based facilities of
Sri Venkata Siva Parvathi Spinning Mills Private Limited from
'[ICRA]BB' to '[ICRA]BB-'. ICRA has also assigned '[ICRA]BB-'
rating to the INR 0.82 crore non-fund based facilities of SVSP.
The outlook on the long term rating is stable. ICRA has also
reaffirmed '[ICRA]A4' rating to the INR2.70 crore (enhanced from
INR2.25 crore) short-term fund based facilities and INR5.24 crore
(enhanced from INR3.00 crore) non fund based facilities of the

The revision in long term rating considers the anticipated
deterioration in company's capital structure and debt protection
metrics owing to the large debt-funded capital expenditure being
incurred by the company. The ratings also factor in the limited
pricing flexibility owing to the small scale of operations and
intense competition in a fragmented industry, exposing the
earnings to the fluctuations witnessed in raw material prices.
The ratings consider the significant experience of the promoters
in the industry and the presence of company in the major cotton
growing belt, Guntur, which helps in procuring better quality of
cotton and reducing the logistics cost. The company's ability to
implement the project without any cost/time overrun, achieving
timely breakeven of the same and improvement in debt protection
metrics would remain key rating sensitivities.

                         About Sri Venkata

Sri Venkata Siva Parvathi Spinning Mills Private Limited,
incorporated in 2003 in Guntur, is engaged in the production of
cotton yarn catering to demands of merchant exporters and
domestic markets. SVSP commenced its operations in October 2004
with 9,216 spindles and has increased its capacity to the current
levels of 31,584 spindles.

Recent Result:

The company made a net profit of INR 1.8 crore on an operating
income of INR 37.1 crore for the six months ended September 2011.

VITARAG EXPORT: ICRA Reaffirms '[ICRA]B+' Fund Based Rating
The rating of '[ICRA]B+' has been reaffirmed for the INR9.50
crore (enhanced from INR 5.00 crore) fund based facility of
Vitarag Export Industries.  The rating of '[ICRA]A4' has been
assigned to the INR0.25 crore Bank Guarantee limits of VEI.

The reaffirmation of ratings takes into account the modest scale
of operations of VEI; low capacity utilization of groundnut
processing plant; limited value addition and fragmented nature of
the industry as well as lack of diversification in the product
profile. The ratings also take into account the vulnerability of
profitability to fluctuations in raw material prices as well as
sales concentration risk arising from major portion of sales
derived from top four customers; weak financial profile as
reflected by low profitability, high gearing and weak coverage
indicators. ICRA has also notes the risk of an adverse impact on
the capital structure due to any substantial capital withdrawals
from partner's capital account.

The reaffirmation of ratings takes into account the modest scale
of operations of VEI; low capacity utilization of groundnut
processing plant; limited value addition and fragmented nature of
the industry as well as lack of diversification in the product
profile. The ratings also take into account the vulnerability of
profitability to fluctuations in raw material prices as well as
sales concentration risk arising from major portion of sales
derived from top four customers; weak financial profile as
reflected by low profitability, high gearing and weak coverage
indicators. ICRA has also notes the risk of an adverse impact on
the capital structure due to any substantial capital withdrawals
from partner's capital account.


BERLIAN LAJU: Tanker Units Default on Lease Payments
Dow Jones' DBR Small Cap reports that FSL Trust Management, the
manager of First Ship Lease Trust, said units of Indonesian
shipper Berlian Laju Tanker had defaulted on lease payments for
three vessels currently under charter.

As reported in the Troubled Company Reporter on Jan. 31, 2012,
Berlian Laju Tanker said it will cease payments on its debts
after breaching a loan facility covenant, as it falls victim to
the perfect storm engulfing the shipping industry.

                      About PT Berlian Laju

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

                         *     *     *

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

At the end of January 2012, Standard & Poor's Ratings Services
lowered its long-term corporate credit rating on Indonesia-based
shipping company PT Berlian Laju Tanker Tbk. to 'CC' from 'B-'.

"We lowered the ratings because we believe BLT's self-imposed
suspension of debt repayment has substantially increased the
probability of default," said Standard & Poor's credit analyst
Vishal Kulkarni. "Also, the stoppage of lease payments and a
default on debt obligations that are secured by ships could
considerably imperil the company's operations."


ACOM CO: S&P Affirms Counterparty Credit Ratings at 'BB+/B'
Standard & Poor's Ratings Services revised its outlook on the
long-term counterparty credit rating on ACOM Co. Ltd. to stable
from negative. "At the same time, we affirmed the long- and
short-term counterparty ratings at 'BB+/B' and the long-term debt
ratings at 'BB+'. In our view, the outlook revision reflects
stabilizing prospects for Japan's consumer finance market and
ongoing support for ACOM from its parent banking group,
Mitsubishi UFJ Financial Group Inc. (MUFG; A/Stable/--)," S&P

"We believe ACOM will maintain its business and financial
profiles amid a difficult operating environment when existing and
extraordinary group support is incorporated into our assessment
of the company. Standard & Poor's holds the view that it will
take another one to two years before ACOM's operating cash flow,
adjusted for changes in outstanding loan balance, turns positive.
This is because market conditions have remained difficult as
outstanding operating loans decline under new regulations, amid a
high level of refunds for overcharged interest. Nevertheless,
given signs of stabilization in the consumer finance market, such
as a current year-on-year decline of 30%-40% in interest refund
claims, as well as an increased number of new loan applicants
that has slowed market contraction, we consider a further
downgrade of ACOM in the next six months to two years as less
likely. This observation is underpinned by our expectations that
ACOM's funding position will remain fairly stable, thanks to
ongoing support from the parent banking group," S&P said.

"The 'BB+' long-term counterparty credit rating on ACOM
incorporates a three-notch uplift, based on possible
extraordinary support from MUFG. This is based on our assessment
that ACOM is a 'strategically important' subsidiary to MUFG under
our group methodology for banking groups. Although MUFG holds a
minority 40% stake in ACOM, the consumer finance company's
operational and financial alliance with the group is solid. This
can be seen in ACOM's loan guarantee business alliance with MUFG
and the transfer of assets and businesses between ACOM and other
MUFG group companies. On the other hand, we currently see the
following as constraining factors for ACOM to be regarded as a
'core' or 'highly strategic' subsidiary of MUFG: the relatively
high-risk  nature of ACOM's unsecured consumer loan business;
ACOM's expected limited profit contribution to the group; and a
lack of full integration," S&P said.

"We may lower our long-term counterparty credit rating on ACOM if
we see signs that support from the parent group has weakened, or
if we have reason to believe that ACOM's operating performance
will deteriorate beyond our current assumptions, particularly if
we see another increase of interest refund claims and a
possibility for large losses. Conversely, we may consider
revising upward the stand-alone credit profile on ACOM and
raising the long-term counterparty credit rating, or we may
consider an upward outlook revision, if the balance between its
revenue and the costs of defaults and refunds of overcharged
interest is highly likely to improve. However, we currently
predict that ACOM's stand-alone operating performance will remain
weak," S&P said.

NIPPON SHEET: Moody's Downgrades Issuer rating to 'Ba1'
Moody's Japan K.K. downgraded issuer ratings of Nippon Sheet
Glass Co., Ltd., to Ba1 from Baa3 and is continuing its review
for further possible downgrade.

Rating Rationale

The downgrade was prompted by the company's announcements of weak
third-quarter results for FYE3/2012, a restructuring plan and a
downward revision of its financial forecasts for FYE3/2012.

NSG stated that it has recorded an operating loss of JPY2.7
billion for Oct-Dec, down from JPY5.6 billion for July-Sep. Oct-
Dec is the third quarter for FYE3/2012. The company has also
revised its full-year financial forecasts for FYE3/2012, cutting
revenues to JPY560 billion from JPY580 billion, operating profits
to JPY4 billion from JPY25 billion, and earnings to a net loss of
JPY2 billion from net income of JPY15 billion.

The results and the revision of the full-year expectations were
the result of worsening macro-economic conditions in its main
markets, especially in Europe. These general conditions are those
that prompted Moody's initial review for possible downgrade
initiated on January 19, 2012. The results and expectations have
proven to be weaker than originally expected, thus prompting the
current rating action.

Moody's continuing review will focus on several factors including
an assessment of the time needed to recover to the profitability
and financial profile suitable for its Ba1 rating. The review
will also look at the financial condition of the company's UK
subsidiary, NSG UK ENTERPRISES LMITED. This subsidiary borrows
under a separate loan agreement with its own covenants. The
determination that an extended recovery period should be expected
will result in a further downgrade of the current rating.

The principal methodology used in this rating was Moody's "Global
Manufacturing Industry", published on December 29, 2010.

Headquartered in Tokyo, Japan, Nippon Sheet Glass Co., Ltd. is
one of the world's leading building products and automotive glass

N E W  Z E A L A N D

MEDIAWORKS (NZ): CEO, CFO Step Down From Holding Company Board
Fairfax NZ News reports that MediaWorks (NZ) Limited's chief
executive and chief financial officer have stepped down from the
boards of the broadcaster's holding companies.

This leaves its private equity owner Ironbridge Capital's three
appointees alone on the board to combat the company's debt woes
and a backdoor takeover offer from another equity giant, TPG
Capital, according to the report.

Fairfax NZ relates that CEO Sussan Turner and CFO Peter Crossan
both resigned from the board of GR Media Capital, GR Media
Investments and GR Media Holdings on January 1.

According to the report, an Ironbridge spokesperson said that
both Turner and Crossan would remain on the MediaWorks board, but
confirmed they had stepped down from the roles in GR Media, which
were essentially MediaWorks' "lending entities".

Fairfax discloses that Ironbridge bought MediaWorks for almost
NZ$800 million in 2007 and the company is still believed to have
about NZ$388 million in senior loans, although its latest
financial report is over 16 months old.

The GR Media entities were formed after a NZ$70 million
recapitalisation in 2009 when mezzanine debt holder Goldman Sachs
converted its debt to equity.

However, a new player, reported to be the world's largest private
equity company TPG Capital, has begun buying up MediaWorks' debt
in a bid to eventually convert it into a controlling stake in the
broadcaster, Fairfax relays.

Before Christmas, TPG bought up to 20%, or $70 million worth, of
MediaWorks' senior debt from the Commonwealth Bank of Australia,
the news agency discloses.

According to Fairfax NZ, Ironbridge has signalled its intent to
trade its way out of MediaWorks' current financial difficulties,
and is expected to do all it can to hold onto the confidence of
lenders and salvage its investment.

Original lenders on the Ironbridge deal included Allied Irish
Bank, Bank of New Zealand, Bank of Scotland International, CBA,
Rabobank and Royal Bank of Scotland, the report notes.

MediaWorks (NZ) Limited --
its subsidiaries, operates in the television and radio
broadcasting sectors in New Zealand.  It operates the TV3
television network, which primarily offers news, current affairs,
and sports programs, as well as entertainment programs; and C4, a
free-to-air music channel.


DAH SING: Fitch Says 'BB' Support Floor Rating is Unaffected
Fitch Ratings has assigned Dah Sing Bank Limited's subordinated
notes due 9 February 2022 with a call option in 2017 a final
rating of 'BBB+'.  The final rating is in line with the expected
rating of 'BBB+(exp)' assigned to the issue on 31 January 2012.

In accordance with Fitch criteria, the agency rates these legacy
notes one notch below DSB's Viability Rating (VR) of 'a-' to
reflect higher loss severity given their subordination to senior
unsecured instruments.  As the notes have no interest deferral
features, Fitch has not applied additional notching for non-
performance risk, i.e. going-concern loss-absorption.

The SGD225m notes carry a 4.875% fixed coupon throughout their
first five-year tenor.  The coupon resets after year five to the
sum of the average five-year Singapore swap offer rate and 3.76%.
They will be issued on 8 February 2012 from the bank's USD2bn
euro medium-term note programme, represent direct, unsecured, and
subordinated obligations of DSB, and qualify as supplementary
capital under the current banking (capital) rules of Hong Kong.
The notes are, however, expected to be phased out from 1 January
2013 under Basel III transitioning rules in the absence of a
write-down mechanism if the bank becomes non-viable.  The notes
were mainly subscribed by institutional investors in Singapore
(about 84%), Hong Kong and China (about 10%) and Europe and
Malaysia (about 6%).

The other ratings of DSB are unaffected and as follows:

  -- Long-Term Issuer Default Rating: 'A-'; Outlook Stable
  -- Short-Term Issuer Default Rating: 'F2'
  -- Viability Rating: 'a-'
  -- Support Rating: '3'
  -- Support Rating Floor: 'BB'
  -- Senior unsecured debt: 'A-'
  -- Subordinated debt: 'BBB+'
  -- Perpetual junior subordinated debt: 'BBB'; on Watch Negative

MMI INTERNATIONAL: Fitch Rates Issuer Default Rating at 'BB'
Fitch Ratings has assigned Singapore's MMI International Limited
and its parent company, Precision Capital Private Limited Long-
Term Foreign-Currency Issuer Default Ratings (IDR) of 'BB-'.
Outlook is Stable.  Fitch has also assigned MMI's proposed USD
senior secured notes an expected rating of 'BB-(exp)'. The notes
are fully guaranteed by PCPL.  The final rating of the notes is
contingent on the receipt of final documents conforming to
information already received.

MMI's ratings reflect its position as a key hard disk drive (HDD)
component maker for US-based Seagate Technology PLC (Seagate,
'BB+'/Stable).  Fitch notes that there is a high inter-dependence
between MMI and Seagate.  MMI is Seagate's largest supplier for
three key HDD components: base plates, voice control motor
assemblies and swage mounts.  The agency believes that the links
are likely to strengthen, given the growing intentions of HDD
manufacturers such as Seagate to enter into a long-term agreement
with their suppliers.

MMI's ratings benefit from moderate-to-high barriers to entry in
the HDD component sector.  The barriers are MMI's patented
technologies, its long-standing relationship with Seagate (22
years) and Western Digital Corp. (12 years) and its cost
competitiveness in the short term.

However, MMI's ratings are constrained by its small scale of
operations (funds from operations (FFO) of USD100m for the
financial year ended June 2011), high FFO-adjusted leverage and
customer concentration risk (FY11 Seagate share of revenue: 78%).
Fitch notes that MMI is also exposed to the HDD market which
faces a long-term threat from solid state drives (SSD), although
demand growth for data storage and the price differential between
SSD and HDD are likely to protect the HDD market in the medium

MMI acquired three smaller component makers in FY11, which
resulted in a high FFO-adjusted leverage of 5.0x at 30 June 2011.
However, Fitch expects the company's credit metrics to improve
from FY12 onwards due to its ability to generate positive free
cash flow (FCF, (4%-5% of revenue).  Although, Fitch does not
rule out the risk of further debt-funded acquisitions the agency
expects the company to maintain its targeted net debt/EBITDA of

MMI's operating EBITDAR margins have remained stable around 16%-
17% over the four years to FY11 despite significant volatility in
Seagate's profitability.

Fitch also notes that the Thailand floods last year have not
materially affected MMI's financial performance.   The loss of
volume of MMI's key products was more than offset by shifting
production to other facilities and through close collaboration
with its customers.  MMI has five manufacturing facilities in
Thailand, of which four were affected by the floods. The
facilities are covered by insurance and insurance receipt is
expected in mid-2012.

Negative rating guidelines include the cost per gigabyte spread
between SSDs and HDDs narrowing significantly, resulting in lower
demand and/or Seagate moving its production capacity
significantly towards SSDs.  Also, MMI's ratings may be
downgraded if cash generation falls or if MMI engages in another
acquisition or capital management initiatives leading to FFO-
adjusted leverage rising above 4.0x and FFO interest coverage
falling below 3.0x on a sustained basis.

Positive rating guidelines include an upgrade in Seagate's FC IDR
accompanied by an improvement in MMI's FFO-adjusted leverage to
below 3.0x and FFO interest coverage of over 8.0x, both on a
sustained basis.

PRECISION CAPITAL: Moody's Assign 'Ba3' Corporate Family Rating
Moody's Investors Service has assigned a Ba3 corporate family
rating to Precision Capital Private Ltd., a subsidiary of MMI
Technologies Limited, a leading precision engineering components
company for hard drive disk (HDD) manufacturers worldwide.

At the same time, Moody's has assigned a provisional (P)Ba3
rating to the proposed senior secured notes to be issued by MMI
International Ltd. and guaranteed by PCPL and some of MMI's
subsidiaries. MMI is a wholly owned subsidiary of PCPL.

The ratings outlook is stable.

This is the first time that Moody's has assigned ratings to PCPL.

The provisional rating on the proposed notes reflects Moody's
credit opinion regarding the transaction only. Upon conclusive
review of the final documentation, Moody's will endeavor to
assign definitive ratings to the notes. A definitive rating may
differ from a provisional rating.

MMI will use the bond proceeds, together with a portion of its
existing cash balance, to repay a portion of existing bank debt
and to redeem the option shares at PCPL.

Ratings Rationale

"The Ba3 corporate family rating reflects MMI's well-established
and defensible market position in the hard-disk-drive industry,"
says Annalisa DiChiara, a Moody's Vice President and Senior

"The company should maintain its strategic positions with leading
HDD OEMs such as Seagate and Western Digital, reflecting in turn
the company's large manufacturing scale, as well as the strength
of its process know-how and technology leadership," she adds.

Founded by the current CEO, Teh Bong Lim, 22 years ago and listed
on the Singapore Stock Exchange in 1997, the company was taken
private by Kohlberg, Kravis Roberts & Co. LP ("KKR") in 2007. It
was primarily manufacturing base plates and VCMAs for Seagate
until September 2010, after which it made 3 strategic
acquisitions in short succession. These were Metalform
(manufacturer of top covers); Precision Magnetics (leading
supplier of voice coil motor assembly), and IntriPlex
(manufacturer of critical-to-function components). These
acquisitions broadened the company's product portfolio, increased
its scale and enhanced its competitive position.

MMI reported around US$720 million in revenues and around US$125
million of adjusted EBITDA for the 12 months ending June 2011.
Pro forma for these acquisitions, as if they were acquired for
the full year, MMI's revenues were around US$780 million and
adjusted EBITDA was around US$140 million for the same period.
Moody's has considered both the actual historical financials and
pro forma impact of these acquisitions in its analysis.

MMI is a leading supplier of HDD precision-engineered components,
including base plates, VCMAs, as well as five critical-to-
function components (swage mounts, data arms, balance weights,
arm dampers and interference bands).

The rating also considers the solid growth fundamentals present
in the HDD industry, driven by the digitization of media and
content growth, and the high barriers to entry in the HDD
component industry.

"Furthermore, with an emerging duopoly, competitive pricing on
HDD should be more rational and excess supply issues more
subdued, providing a more stable operating environment for OEMs
and component manufacturers alike," says Di Chiara, who is also
the lead analyst for MMI.

The rating also recognizes Moody's expectation that MMI's credit
metrics will remain aligned with the Ba category as reflected by
adjusted gross Debt/EBITDA in the 3x range and operating margins
in the high single digits over the intermediate term.

Offsetting these factors are several credit challenges.

The HDD component industry is highly competitive and cyclical,
and has experienced significant demand volatility and pricing
pressures historically. However, the emerging duopoly and the
favorable growth trends in data storage could help partly
mitigate this concern. MMI depends on a few players, primarily
Seagate (Ba1/Stable) and its intermediaries, for around 75% of
2011 PF basis total revenues. As such any change in this
relationship, such as loss of market share or financial
difficulties at Seagate, or a reduction of wallet share capture
by MMI, would have a significant impact on cash flows.

Operating margins could fluctuate significantly, reflecting the
exposure to costs in rare earth material, labor and other raw
materials. However, Moody's believes that the company should be
able to achieve more stable margins, reflecting its overall
growth trajectory and demonstrated ability to manage its margins.

Capital expenditures above Moody's expectations may be required
to support growth, potentially increasing leverage, and/or
reducing financial flexibility. However, Moody's expects capital
outlays to be aligned with increased production trends provided
by MMI's key customers, offering some visibility to related
revenues and cash flows. Moody's also expects the company to
manage its capital outlays prudently with gross adjusted
debt/EBITDA of below 3.0x.

Finally, the rating also considers KKR as the sponsor and
majority shareholder of the company. Payment of a dividend or
cash distribution inconsistent with management's stated intention
to utilize cash flow to fund its debt repayments and capital
spending could also prompt a ratings downgrade.

The stable outlook reflects Moody's expectation that MMI will
maintain its leading global position and entrenched customer
relationships with the HDD OEMs, particularly Seagate and Western
Digital (unrated). The rating expects sustained revenues above
$1billion, operating margins in the 6-10% range, gross adjusted
debt/EBITDA in the 3.0x range, retained cash flow (RCF)/debt in
the 20-30% range, and positive free cash flow generation over the
intermediate period. No significant dividends are expected.

The proposed bond, to be issued by MMI International, is
guaranteed by PCPL and certain operating subsidiaries in
Singapore, Thailand, Malaysia and the US. Initially, all of the
group's debt would lie at MMI, and so the bond rating is
equalized with the Corporate Family Rating. Should debt at the
subsidiary level or additional priority debt be incurred, and
which would subordinate the proposed senior secured bond, there
could be notching implications, evidenced by priority debt in
excess of 15% of total assets, or 20% of total debt.

Upwards ratings pressure is unlikely over the near term, given
the significant customer concentration and associated risks.
However, sustained credit metrics that would indicate some
positive ratings pressure over time include: operating margins in
excess of 10%, RCF/Debt of more than 30%, and gross adjusted
debt/EBITDA below 2x.

Any meaningful adverse change in its relationships with Seagate
and/or Western Digital would put pressure on the rating. Credit
metrics that would indicate some negative ratings pressure
include: operating margins falling below 6%, RCF/Debt below 20%,
and leverage above 3.5x.

PCPL and its subsidiaries together represent a market-leading
precision manufacturing technology company with a key focus on
producing mechanical and electro-mechanical components for the
HDD industry.

The principal methodology used in rating Precision Capital
Private Ltd. was the Global Technology Hardware Industry
Methodology published in September 2010.

PRECISION CAPITAL: S&P Assigns 'B+' Corp. Credit Rating
Standard & Poor's Ratings Services assigned its 'B+' long-term
corporate credit rating and its 'axBB' ASEAN scale rating to
Singapore-based mechanical and electro-mechanical hard disk drive
(HDD) component manufacturer Precision Capital Pte. Ltd.  The
outlook is stable. "We also assigned our 'B+' issue rating on the
proposed senior secured notes by MMI International Ltd., which is
PCPL's wholly owned subsidiary. PCPL, along with certain
subsidiaries of MMI International Ltd., guarantees the notes,"
S&P said.

"The rating on PCPL reflects the credit profile of MMI
Technologies group (MMI), which has an aggressive financial
profile characterized by high debt leverage, and high customer
and product concentration in a niche industry. PCPL is wholly
owned by Singapore-based MMI Technologies Pte. Ltd., which is a
major manufacturer of HDD components globally. For the four
months ended Oct. 31, 2011, about 75% of the group's sales were
from one key customer: Seagate Technology PLC (BB+/Stable/--).
The group's position as a tier-one supplier for Seagate in a
stabilizing operating environment offsets the weaknesses," S&P

"MMI's financial risk profile is aggressive," said Standard &
Poor's credit analyst Wee Khim Loy. "In our base-case scenario,
we anticipate that the group's debt leverage will remain high in
the next 12-18 months. The group's debt is high partly due to
three debt-funded acquisitions it made in 2010 to expand its
portfolio and consolidate its market share."

"The group's business risk profile is fair, in our opinion. Three
key players dominate the global HDD industry after a recent
industry consolidation. The consolidation is likely to be
positive for the industry because it could stabilize prices and
operations. However, the industry remains supply/demand driven,
and key suppliers, who serve large global HDD manufacturers, have
limited pricing flexibility, in our opinion," S&P said.

"MMI's strong market position globally, an extensive product
portfolio, and firm relationships with its large customers
underpin the ratings. We believe the group's earnings structure
is resilient because customers face switching costs, and new
suppliers will have to overcome high entry barriers," S&P said.

"The stable outlook reflects our expectation that MMI will
maintain its financial performance in the next 12 to 18 months.
The group's firm order book, free operating cash flow, flexible
capital expenditure requirements, and strong market position will
support its financial performance. We assume that the group will
maintain a prudent financial policy in the next 12 months," S&P

"We may raise the rating on PCPL if MMI deepens its relationships
with key customers, while maintaining margins and balancing sales
more evenly among customers. We could also upgrade PCPL if
higher-than-expected volumes and selling prices lead to a
likelihood that the group will improve its debt-to-EBITDA ratio
to less than 3x and its ratio of adjusted debt to capitalization
to less than 50% for an extended period. In our view, the
improvement in ratios depends on substantial improvements in
EBITDA given that the group's debt is likely to remain high," S&P

"We could lower the rating on PCPL if MMI's earnings deteriorate
significantly in 2012, leading to negative free operating cash
and covenant breach risk. The rating could also come under
pressure if the group adopts an aggressive financial policy such
as substantial debt-funded acquisitions or large dividend
payments," S&P said.


DRYDOCKS WORLD: May Sell Southeast Asian Assets to Help With Debt
Dow Jones' DBR Small Cap reports that Drydocks World, Dubai's
shipyard arm, is considering the sale of its entire Southeast
Asian ship-building and repair operations in an effort to advance
the restructuring of $2.2 billion of the company's debt, three
bankers familiar with the situation said.

* Large Companies with Insolvent Balance Sheets

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


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


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


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


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


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


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


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


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


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


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


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


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


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

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

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


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

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

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

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

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

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