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        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 24, 2012, Vol. 15, No. 40

                            Headlines


A U S T R A L I A

CITIGROUP PTY: Moody's Reviews 'C+' BFSR for Possible Downgrade
GOODCROWD INTEGRATED: Court Appoints Rodgers Reidy as Liquidator
HILLSIDE MEATS: Administrators Reviews Proposal from Save Firm
KAILIS ORGANIC: Receivers in Talks With Potential Buyers
* Western Australia Vegetable Growers Struggling to Survive


I N D I A

ANALOGICS TECH: ICRA Assigns '[ICRA]B' Rating to INR10.35cr Loan
ANKUR DRUGS: Inadequate Info Cues Fitch to Migrate Ratings
AVADH COTTON: ICRA Assigns 'ICRA]B' Rating to INR9.5cr Loan
BBT INDUSTRIES: Fitch Assigns 'BB' Ratings on Two Bank Loans
BRINDHA COTTON: ICRA Reaffirms [ICRA]B+ Rating on INR12.4cr Loan

CANARA BANK: Moody's Affirms 'Ba1' FC Jr Subordinated Debt Rating
CORE EDUCATION: S&P Withdraws 'B+' Senior Unsecured Notes Rating
COROMANDEL INFRASTRUCTURE: Fitch Rates INR250-Mil. Loan at 'BB+'
DEEJAY DISTILLERIES: ICRA Puts '[ICRA]B-' Rating on INR11cr Loan
ESVEEGEE BREWERIES: Fitch Puts 'D' Rating on INR207.3MM Term Loan

HAWA VALVES: Fitch Migrates Rating on Three Bank Loans to Low-B
HBS REALTORS: ICRA Assigns '[ICRA]BB' Rating to INR66cr Loan
JAYESH ELECTRICALS: ICRA Puts '[ICRA]BB' Rating on INR4.62cr Loan
JEYENKAY PETROGELS: ICRA Puts '[ICRA]BB' Rating on INR2.4cr Loan
KINGFISHER AIRLINES: Government Denies PSU Bailout

MAYUR ELECTRICAL: Fitch Withdraws 'B+' Rating on INR75MM Loan
MEGHA MARKETING: ICRA Puts '[ICRA]BB' Rating on INR5cr Bank Loan
MULTIMELT STEELS: ICRA Assigns '[ICRA]B' Rating to INR3.5cr Loan
NEELESH INDUSTRIAL: Inadequate Info Cues Fitch to Migrate Ratings
NEPTUNE DEVELOPERS: Inadequate Info Cues Fitch to Migrate Ratings

RK INFRACORP: ICRA Assigns '[ICRA]BB+' Rating to INR28cr Loan
SHANTHI HOSPITAL: ICRA Revises Rating on INR10.2cr Loan to 'BB'
SORISO CERAMIC: ICRA Assigns '[ICRA]BB+' Rating to INR4cr Loan
TRIVENI ENGICONS: Fitch Affirms Rating on INR40-Mil. Loan at BB+
VINAYAK COTTEX: ICRA Assigns '[ICRA]B' Rating on INR3.86cr Loan


J A P A N

TOKYO ELECTRIC: In Talks With Banks for JPY1.07 Trillion Loan


N E W  Z E A L A N D

DREAM HOMES: Withdraws Proposal to Pay Creditors
KITCHEN HOUSE: In Receivership; Shuts Stores Across New Zealand
PLUM DUFF: Receivers Likely to Sell WSI Shares by June


P H I L I P P I N E S

RURAL BANK OF CALUBIAN: PDIC Starts Payout of Deposit Claims


S I N G A P O R E

SENTOSA TIGER: Court to Hear Wind-Up Petition on March 2
SKIN REPUBLIC: Court to Hear Wind-Up Petition on March 2
WONDERFUL FRUIT: Court Enters Wind-Up Order


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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A U S T R A L I A
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CITIGROUP PTY: Moody's Reviews 'C+' BFSR for Possible Downgrade
---------------------------------------------------------------
Moody's Investors Service has placed the ratings of Citigroup Pty
Limited on review for possible downgrade. The ratings affected by
this action include its bank financial strength rating (BFSR) of
C+ (which maps to A2 on the long-term ratings scale), long-term
senior unsecured rating of A2, and short-term rating of Prime-1.

This action follows Moody's decision on February 15 to place the
ratings of 17 banks and securities firms with global capital
markets operations on review for possible downgrade. Included in
that review is Citigroup P/L's parent Citibank N.A., and certain
related entities.

Ratings Rationale

"The review will focus on the degree to which Citigroup P/L's
financial flexibility and business operations may be affected by
weakness at its parent. The review will also focus on the
interconnectedness between Citigroup P/L and the wider Citi
Group, and the prospect for Citigroup P/L's own risk profile to
be weakened by decisions made by its parent" says Marina Ip, an
assistant vice president at Moody's Sydney office.

In recent years, Citigroup Pty Limited has taken considerable
steps to strengthen its stand-alone risk profile. Citigroup P/L's
capital ratios are among the highest of rated Australian banks,
including a Core Tier 1 Ratio of 22.4% at September 2011.
Citigroup P/L has also focused on increasing its customer deposit
base over recent years, reducing its reliance on wholesale
funding. The bank has actively bought back its outstanding
Australian government guaranteed debt, and currently has
A$0.8billion outstanding from A$3.55billion originally issued,
thereby reducing refinancing risk. Other supporting factors to
Citigroup Pty Limited's ratings include low borrower and industry
concentrations, due to large corporate and institutional
exposures being booked to Citibank N.A. (Sydney Branch).

However, there is a degree of interconnectedness between
Citigroup P/L and Citibank N.A., including a structural reliance
on related party funding. Although this comprises surplus funds
from Citi's international branch network, a portion of which is
already denominated in AUD, it does expose Citigroup P/L to the
risk this funding may be recalled if Citi deem it required
elsewhere within the group.

The methodologies used in this rating were Bank Financial
Strength Ratings: Global Methodology published in February 2007,
and Incorporation of Joint-Default Analysis into Moody's Bank
Ratings: A Refined Methodology published in March 2007.

Citigroup Pty Limited is headquartered in Sydney, New South
Wales, Australia. It reported assets of AUD22.8billion
(approximately US$22.3billion) at FY2010 ending 31 December 2010.


GOODCROWD INTEGRATED: Court Appoints Rodgers Reidy as Liquidator
----------------------------------------------------------------
Nick Bendel at ProPrint reports that the former owner of Beaver
Press has been involved in a third corporate collapse in two
years, after Fuji Xerox wound up his existing company, Goodcrowd
Integrated Print Communications, over a AUD164,000 debt.

A court appointed Rodgers Reidy as liquidator of Goodcrowd
Integrated Print Communications on February 9, following a
winding-up order from Fuji Xerox Australia on December 23,
believed to be motivated by outstanding payments on an iGen3
digital colour press, according to ProPrint.

Liquidator Geoffrey Reidy told ProPrint he believed Goodcrowd
Integrated owed Fuji Xerox NZ$164,000 and an unknown number of
creditors another AUD40,000, though exact figures were
unavailable because he hadn't done forensics on the company's
books.

Goodcrowd Integrated majority owner Robert Francis also owned
Beaver Press, which filed for voluntary administration in
April 2010, and was managing director of Goodcrowd Pty Ltd, which
collapsed in March 2011 owing Fuji Xerox AUD428,000.


HILLSIDE MEATS: Administrators Reviews Proposal from Save Firm
--------------------------------------------------------------
Tyson Cattle at Farm Weekly reports that narrogin processor
Hillside Meats is one step closer to being resurrected after
receiving a proposal from a potential creditor.

On November 13 last year, Hillside Meats announced it had gone
into voluntary administration and appointed Derrick Vickers and
Kate Warwick, PricewaterhouseCoopers Australia, as joint
administrators, Farm Weekly discloses.

At the time, Mr. Trefort told Farm Weekly in an exclusive
interview that low sheep numbers, the high Australian dollar and
a fatal workplace accident all played a major part in the
company's downfall.

The company has been a major loss to the industry so far this
season with many farmers and industry leaders concerned about its
future, the report notes.

PwC said in a statement to Farm Weekly that a Deed of Company
Proposal (DOCA) has been received and was being looked at.

"Some terms and agreements are still required to be finalised
before it can be presented to creditors . . .  Once the DOCA is
able to be presented to creditors, a report to creditors will be
prepared outlining the proposal and provide an indication of the
estimated return to creditors under the DOCA proposal versus
liquidation," PwC said.

"An extension has been granted by the court for the second
creditors' meeting to be held.  It must now be held no later than
April 10, 2012."


KAILIS ORGANIC: Receivers in Talks With Potential Buyers
--------------------------------------------------------
Jo Prendergast at ABC Rural reports that the receiver of
collapsed Kailis Organic Olive Groves is confident the company
will be sold by next month.

ABC Rural relates that Mark Mentha from Korda Mentha said he's
negotiating with about twenty potential buyers, but the company's
four groves may be split and sold individually.

"Our desire would be to treat it within one line, but we do have
interest in individual properties," the report quotes Mr. Mentha
as saying.  "At the end of the day we as receivers would look at
what's in the best interest of the business and all the financial
stakeholders."

                       About Kailis Organic

Based in Osborne Park, Australia, Kailis Organic Olive Groves
Limited -- http://www.kailisorganic.com/-- engages in the
organic olive grove management, olive processing, packaging,
marketing, and sale of organic extra virgin olive oil.

James Thackray and Shaun Fraser of McGrathNichol in Perth have
been appointed voluntary administrators of Kailis Organic Olive
Groves, Kailis Olive Processing, Everyday Organic and Organic
Olive Management, according to SmartCompany.  Unsecured creditors
are owed about AUD2 million, including employees, shareholder
loans and suppliers.


* Western Australia Vegetable Growers Struggling to Survive
-----------------------------------------------------------
Jo Prendergast at ABC Rural reports that vegetable growers in
Western Australia are considering leaving the industry as
increasing input costs eat into poor returns.

The warning comes after Australia's biggest tomato producer, SP
Exports, collapsed with a debt of AUD12 million.

According to ABC Rural, Vegetables WA executive officer
Jim Turley said local tomato growers are hopeful of a price
increase after the voluntary administration of the company.

However, he said, vegetable growers in WA are battling to make
ends meet.

"You can't continue to run a viable business if it's not viable,
in the last two years we've seen enormous escalation in costs,"
ABC Rural quotes Mr. Turley as saying.  "I mean look at
electricity, 57% and they drive all our bores, look at the way
salaries for workers have gone up, chemicals have gone up
fertiliser has gone up."


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I N D I A
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ANALOGICS TECH: ICRA Assigns '[ICRA]B' Rating to INR10.35cr Loan
----------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B' for
INR10.35 crore fund based limits and short term rating of
'[ICRA]A4' for INR2.50 crore non-fund based limits of Analogics
Tech India Limited.  Further, ICRA has assigned ratings of
[ICRA]B/[ICRA]A4 for INR10.00 crore bank guarantee limits of
ATIL.

The ratings are constrained by high working capital intensity of
the business and stretched liquidity position of the company as
reflected by frequent over utilization of the working capital
limits. The company revenue generation capability is exposed
execution delays on account of moderate customer concentration
and high project concentration risk of the order book. However,
the ratings favorably factor in experienced promoters with long
track record in data logging business and healthy order book of
INR71.7 crore which is around 2.31 times the operating income of
FY2011. Further, the ratings also factor in the diversified
product portfolio, reputed customer profile and strong growth in
revenues coupled with improvement in operating margins in the
last two years.

Incorporated in 1994, Analogics Tech India Limited is into
manufacturing and supplying of hand held computers for data
logging applications, wireless data communication and power
distribution automation products.  The company has two
manufacturing units located at Hyderabad and Uttarakhand. ATIL is
promoted by Mr. M Surender Reddy who had earlier worked for 16
years at National Remote Sensing Agency, Hyderabad. The company
customer profile includes many reputed players like electric
distribution companies, electricity meter manufacturers, banks
and transport operators.

Recent Results:

For FY2011, the company reported a turnover of INR31.03 crore and
a PAT of INR3.05 crore.


ANKUR DRUGS: Inadequate Info Cues Fitch to Migrate Ratings
----------------------------------------------------------
Fitch Ratings has migrated India-based Ankur Drugs & Pharma Ltd's
'Fitch D(ind)' National Long-Term rating to the non-monitored
category.

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

Fitch has also classified ADPL's following bank loan ratings as
"non-monitored":

  -- INR2,500m long term loans: migrated to 'Fitch D(ind)nm' from
     'Fitch D(ind)'

  -- INR3,250m fund-based limits: migrated to 'Fitch D(ind)nm'
     from 'Fitch D(ind)'

  -- INR550m non-fund based limits: migrated to 'Fitch D(ind)nm'
     from 'Fitch D(ind)'


AVADH COTTON: ICRA Assigns 'ICRA]B' Rating to INR9.5cr Loan
-----------------------------------------------------------
A rating of '[ICRA]B' has been assigned to the INR9.50 crore
long-term, fund based facilities of Avadh Cotton Industries.

The rating is constrained by the modest scale of operations and
weak financial profile of the firm as reflected by low profit
margins due to inherently low value addition in the business,
highly leveraged capital structure and weak coverage indicators.
The rating also takes into account the highly fragmented nature
of the industry and vulnerability of the profit margins to
volatility in cotton prices which are exposed to seasonality and
variations in crop harvests. ICRA also notes that ACI is a
partnership firm and any significant withdrawals from the capital
account would affect its net worth and thereby have an adverse
impact on the capital structure.

The rating, however, favorably factors in the long experience of
the promoters in the cotton ginning pressing and crushing
business, favorable location of the firm which gives it easy
access to raw cotton and favorable outlook for cotton, cotton
seed, seed oil and cake in the state of Gujarat.

                        About Avadh Cotton

Avadh Cotton Industries is engaged in cotton ginning, pressing
and crushing with a product profile consisting of cotton bales,
cotton seed, seed oil and seed oil cake. The business is managed
jointly by Mr. Bharatbhai Patel, Mr. Vishnubhai & Mr.
Arvindkumar. The plant is located at Kadi, Mehsana (Gujarat). The
firm is equipped with 40 ginning machines and six expellers,
having an input capacity of 320 MTPD (Metric Tonnes Per Day) of
raw cotton.

Recent Results:

In FY 2011, ACI reported an operating income of INR36.37 Cr. (as
against INR31.88 Cr. during FY 2010) and profit after tax of
INR0.12 Cr (as against INR0.07 Cr. during FY 2010). During 9MFY12
(provisional unaudited financials), ACI reported an operating
income of INR21.96 Cr. and a profit after tax of INR0.73 Cr.


BBT INDUSTRIES: Fitch Assigns 'BB' Ratings on Two Bank Loans
------------------------------------------------------------
Fitch Rating has assigned India's BTT Industries Private Limited
a National Long-Term rating of 'Fitch BB(ind)'.  The Outlook is
Stable.

The ratings reflect BTT's limited operational history and small
scale of operations.  The latter is illustrated by its revenue of
INR496.5m in H112 (financial year ending March 2012) and INR17.2m
in FY11.  The ratings also reflect high working capital
intensity, lower capacity utilization during H112 due to power
shortage, and volatile input costs.

The ratings are, however, supported by the four decade-long
experience of the company's management in a similar line of
business, its low-cost labor and power supply, and tax incentives
due to its location in Mahbubnagar, a backward area in Andhra
Pradesh.  The company also benefits from the proximity of its
plant to raw material sources, within a radius of 300km-350 km.

The ratings could be upgraded if BTT's adjusted net debt/EBITDA
falls below 2.0x and interest cover rises above 3.0x on a
sustained basis.  Conversely, adjusted net debt/ EBITDA above
3.5x or interest cover below 1.5x on a sustained basis may result
in a rating downgrade.

BTT owns a 200-ton per day billet manufacturing plant in
Mahbubnagar.  It started operations in March 2011.  BTT reported
EBITDA of INR2.7m in FY11 and on a provisional basis INR56.5m in
H112.

BTT's bank loans have also been assigned ratings as follows:

  -- INR110m fund-based working capital limit: assigned at 'Fitch
     BB(ind)'/'Fitch A4+(ind)'

  -- INR152m term loan: assigned at 'Fitch BB(ind)'


BRINDHA COTTON: ICRA Reaffirms [ICRA]B+ Rating on INR12.4cr Loan
----------------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]B+'
outstanding on the INR12.40 crore term loan facilities and the
INR4.00 crore fund based facilities of Brindha Cotton Mills
Private Limited. ICRA has also reaffirmed the short-term rating
of '[ICRA]A4' outstanding on the INR0.15 crore non-fund based
facilities and INR1.00 crore (sub-limit) of non-fund based
facilities of BCMPL.

The reaffirmation of ratings considers the experience of
promoters in the spinning industry for more than a decade. BCMPL
is primarily engaged in producing finer counts of yarn, which
entails relatively higher margins. The ratings also consider the
sluggish demand conditions for yarn which is expected to
adversely impact revenue growth and accruals in the near-to-
medium term, the intense competition in a fragmented industry
amidst low product differentiation which restricts pricing
flexibility of spinners, the Company's relatively small scale of
operations which restricts financial flexibility and its
stretched capital structure/coverage metrics.

                       About Brindha Cotton

BCMPL was incorporated in 2000 by Mr. P V Mahadeva Raja. The
Managing director, Mr. P.V.Mahadeva Raja had acquired the firm
from M/s Mohammed Ismail Mills in 1998, which was initially a
partnership firm. The Company, which commenced commercial
production in 1999-2000, currently operates with a capacity of
35,750 spindles. The Company has two units located in
Ambasamudram & Perumalpatti village, Rajapalayam with 9,350 and
26,400 spindles respectively. The revenues are contributed
entirely from domestic sales. The company procures raw material
from Andhra Pradesh, Karnataka, Gujarat and Maharashtra.

Recent Results

According to unaudited results, the Company incurred profit of
INR0.2 crore on operating income of INR10.1 crore for the half-
year ended Sept. 30, 2011. BCMPL reported net profit of
INR0.2 crore on operating income of INR21.2 crore during 2010-11
against net profit of INR0.1 crore on operating income of INR10.9
crore during the corresponding previous fiscal.


CANARA BANK: Moody's Affirms 'Ba1' FC Jr Subordinated Debt Rating
-----------------------------------------------------------------
Moody's Investors Service has affirmed Canara Bank's deposit and
debt ratings. These ratings are: Baa2/P-2 for local currency
deposits, Baa3/P-3 foreign currency deposits, (P)Baa2 foreign
currency senior unsecured debt program, (P)Baa3 foreign currency
subordinated debt program, Ba1 foreign currency junior
subordinated debt, and (P)Ba1 foreign currency junior
subordinated debt program.

Moody's has also affirmed the bank financial strength rating
(BFSR) of D+, while lowering the baseline credit assessment (BCA)
to which the BFSR maps on the long-term scale, to Ba1 from Baa3,
reflecting the asset quality pressure that arises from the
difficult operating environment for banks in India.

The rating outlooks remain stable.

Ratings Rationale

The affirmation of Canara Bank's debt ratings and outlooks
reflect the bank's recent strong core profitability indicators,
displaying good recurring earnings power thanks to its important
nationwide franchise. Canara Bank ranks as the fifth-largest
public sector bank in India in terms of total assets, and it has
a leading position in southern India. Its current comfortable
liquidity and capitalization levels were other factors in our
decision to affirm the bank's ratings.

At the same time, the lowering of the BCA reflects our
expectation that Canara, like other Indian banks, will continue
to be challenged by the prevailing operating environment,
characterized by high inflation and high interest rates. These
operating conditions are leading to a slowdown in economic growth
and are reducing the repayment ability of some corporate
borrowers, posing risks to asset quality. We view the recent
increase in Canara Bank's formation rate of non-performing loans
(NPL) as evidence of this pressure materializing. Our analysis
also takes into account the bank's comparatively low provisioning
as well as it recent sharper decline in net income relative to
similarly-rated peers due to markdown on its securities holdings,
both of which expose capital buffers to the risk of erosion in
the event of a downside scenario.

Canara Bank's standalone rating could be upgraded if it were to
reduce its annual NPL formation rate to below 1%, and net NPLs
over net loans to less than 0.75%, while maintaining returns on
risk weighted assets over 1.5% and strengthening its core Tier 1
capital to over 10%.

The supported rating of foreign currency senior debt program at
(P)Baa2, and local currency deposit rating of Baa2/P-2 are
unlikely to be upgraded as they are already at the country
ceiling; implying that India's ceiling would first need to be
revised upwards.

At Ba1, which is at the lower end of the D+ BFSR, Canara Bank's
standalone rating appropriately captures its current asset
quality, capitalization and profitability characteristics, which
also underpins our stable outlook. However, should the bank face
a significant deterioration in its capitalization levels or asset
quality, then the BFSR could come under pressure.

The supported rating of Canara Bank's senior debt program, which
is at (P)Baa2, and that of its subordinated debt program, at
(P)Baa3, and its junior subordinated debt, at Ba1, could be
lowered if our assumptions regarding the willingness and capacity
of the Indian government to support Canara were to change.

The last rating action on Canara was on December 21, 2011, when
Moody's revised Canara Bank's foreign currency deposit rating to
Baa3/P-3 with a stable outlook.

Canara Bank, headquartered in Bengaluru (earlier called
Bangalore), had assets of INR3,361 billion as of 31 March 2011.

Principal Methodologies

The methodologies used in this rating were Bank Financial
Strength Ratings: Global Methodology published in February 2007,
Incorporation of Joint-Default Analysis into Moody's Bank
Ratings: A Refined Methodology published in March 2007 and
Moody's Guidelines for Rating Bank Hybrid Securities and
Subordinated Debt published in November 2009.


CORE EDUCATION: S&P Withdraws 'B+' Senior Unsecured Notes Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'B+' issue rating
on the proposed issue of senior unsecured notes guaranteed by
Core Education & Technologies Ltd. (B+/Stable/--). "We withdrew
the issue rating, which was subject to our review of the final
documentation, following the company's decision to postpone the
proposed issue," S&P said.


COROMANDEL INFRASTRUCTURE: Fitch Rates INR250-Mil. Loan at 'BB+'
----------------------------------------------------------------
Fitch Ratings has assigned India's Coramandel Infrastructure
Private Limited a National Long-Term rating of 'Fitch BB+(ind)'
with Stable Outlook.

CIPL's ratings reflect its stagnant top line over the last three
years, with low operating margins, high financial leverage,
increasing working capital cycle, and near 100% utilization of
the working capital facilities.  Also, the company is mainly
exposed to the Andhra Pradesh irrigation sector, which
experienced a slowdown in execution in 2009-2010.  , CIPL is
diversifying into other sectors, namely water and waste water
segment, power transmission and distribution segment, and hydel
power segment.

The ratings draw strength from the two-decade-long experience of
CIPL's sponsors in executing irrigation projects and its strong
and diversified order book position of INR5.77bn (5.26x of
FY11(financial year ending March) revenues) at end-December 2011.

The ratings could be upgraded if there is an improvement in
CIPL's EBIDTA margins and cash conversion cycle, leading to its
net debt/EBITDA improving to below 2.5x on a sustained basis.
Conversely, a net debt/EBITDA of above 4.0x on a sustained basis
due to any slowdown in execution and revenue growth, fall in
margins and/or adverse change in cash conversion cycle may result
in a ratings downgrade.

CIPL is a Hyderabad-based civil contractor, involved in executing
irrigation projects namely canals, lift irrigation projects, dams
and reservoirs, water and waste water construction, hydro-
electric power projects, power transmission & distribution
projects.  In FY11, CIPL had revenues of INR1,096m (FY10:
INR1,035m) and an operating EBITDA of INR100.5m with EBIDTA
margin of 9.16% (FY10: INR75.4m, 7.28%), total debt was INR357.5m
(FY10: INR275.2m) and a debt/EBIDTA of 3.56x (FY10: 3.65x).

Fitch has also assigned ratings to CIPL's bank facilities as
follows.

  -- INR250m fund-based working capital limits: assigned 'Fitch
     BB+(ind)'/'Fitch A4+(ind)'

  -- INR1,500m non-fund based working capital limits: assigned
     'Fitch A4+(ind)'


DEEJAY DISTILLERIES: ICRA Puts '[ICRA]B-' Rating on INR11cr Loan
----------------------------------------------------------------
ICRA has assigned an '[ICRA]B-' rating to the fund based
facilities of Deejay Distilleries aggregating to INR11.00 crore.
ICRA has also assigned an '[ICRA]A4' rating to the fund based
facilities of Deejay aggregating to INR4.00 crore.

The ratings are constrained by the firms' small scale of
operations and its significantly high financial risk profile
arising from its stretched liquidity position due to working
capital intensity in the operations. The ratings are further
constrained by vulnerability of the operations to any adverse
fluctuation in the prices of molasses & grains arising out of
cyclicality & agro-climatic risks, as well as intense competition
from other organized & unorganized players in the industry. ICRA
further notes that the firms' profitability is inherently low on
account of its presence in a low-end consumer segment that is
highly price sensitive & has limited brand loyalty resulting in
the firms' limited pricing power. The liquor industry is also
highly regulated by nature which attracts high duties & taxes and
is exposed to changes in state policies governing sale,
distribution and pricing of IMFL products. However, the ratings
favorably take into account long & established track record of
the promoters in the liquor business, established relationships
with the distributors, and the flexibility of the firm to switch
between productions from molasses based and grain based alcohols,
which, to some extent, insulates the firm from raw material
availability risks.

                    About Deejay Distilleries

Deejay Distilleries was started in the year 1992 as a partnership
firm by DTK Group of Companies (DTK) with an objective of
manufacturing and marketing Indian Made Foreign Liquor (IMFL)
mainly Whisky, Brandy, Rum, Vodka, and Gin. DTK was founded by
Shri Dunichand T Kalani in the year 1960 and since then it has
been involved in the manufacturing and marketing of IMFL and
Country Liquor (CL). Currently the group is being controlled and
managed jointly by Mr. Pradip D Kalani, Mr. Girish D Kalani, Mr.
Manoj D Kalani and Mr. Kanyalal K Kalani. The group has been
involved in the liquor business for more than fifty years and
currently undertakes distribution of its own products as well as
products of other renowned IMFL manufacturers.

Deejay is a partnership firm with M/s. Deejay Distilleries Pvt.
Ltd., M/s. Girish Wine India Pvt. Ltd. & Dunichand Kalani
Investment (P) Ltd. as its partners. The firm has its office at
Powai (Mumbai) and the factory is located at Dahanu which has a
capacity of manufacturing ~15 Lakh cases per annum. The firm
forayed into the export market in 2005 and started catering to
countries such as Angola, Democratic Republic of Congo, Namibia,
and other countries located in Western Africa.

During FY 2011, the firm reported Profit after Tax (PAT) of
INR1.25 crore on an operating income of INR57.97 crore.


ESVEEGEE BREWERIES: Fitch Puts 'D' Rating on INR207.3MM Term Loan
-----------------------------------------------------------------
Fitch Ratings has assigned India's ESVEEGEE Breweries Private
Limited a National Long-Term rating of 'Fitch D(ind)'.

The ratings reflect ESVEEGEE's defaults on principal repayment,
amounting to INR0.6m outstanding as on Jan. 4, 2012.  The company
has delayed the servicing of its term loan interest and principal
by more than three days for the last six months.  ESVEEGEE could
not generate sufficient cash flow from operations as its facility
began alcohol production only from July 2011.  Capacity
utilization was also low at 37%.  However, the increasing demand
from bottling units in the North East is likely to generate
sufficient sales volumes in the near-term.

Timely repayments of its term liabilities and interest
obligations for two consecutive quarters would lead to a rating
review.

ESVEEGEE is a Sikkim-based sole producer of extra neutral alcohol
(spirit).  The company has an installed capacity of 60 kilo
litres per day.  The promoters have 15 years of experience in the
liquor business and have other liquor businesses in Assam and
Sikkim.

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

  -- INR207.3m term loan: assigned 'Fitch D(ind)'
  -- INR55m fund-based working capital limits: assigned 'Fitch
     D(ind)'


HAWA VALVES: Fitch Migrates Rating on Three Bank Loans to Low-B
---------------------------------------------------------------
Fitch Ratings has migrated India-based Hawa Valves (India)
Private Limited's 'Fitch BB(ind)' National Long-Term rating
currently with a Stable Outlook to the non-monitored category.
This rating will now appear as 'Fitch BB(ind)nm' on the agency's
website.

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

Fitch has also migrated HVIPL's bank loans to the non-monitored
category as follows:

  -- INR150m fund-based working capital limits: migrated to
     'Fitch BB(ind)nm'/'Fitch A4+(ind)nm' from
     'Fitch BB(ind)'/'Fitch A4+ (ind)'

  -- INR81.8m outstanding long-term loans: migrated to 'Fitch
     BB(ind)nm' from 'Fitch BB(ind)'

  -- INR50m non-fund based limits: migrated to 'Fitch
     BB(ind)nm'/'Fitch A4+(ind)nm' from 'Fitch BB(ind) '/'Fitch
     A4+(ind) '


HBS REALTORS: ICRA Assigns '[ICRA]BB' Rating to INR66cr Loan
------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]BB' to the
INR66 crore (enhanced from INR60 crore) Non-Convertible Debenture
(NCD) programme of HBS Realtors Private Limited.  The long term
rating has been assigned a stable outlook.

The rating favorably factors in the attractive location of three
redevelopment projects being executed by subsidiaries of HBS in
South and South Central Mumbai, surplus cash flows from which
will be used to repay the rated NCD. ICRA also notes management's
intent and demonstrated track record of diluting stake and
exiting investments in projects at opportune times which could
serve as further source of cash flow for the company.

The rating is however constrained by the exposure of all three
projects to project execution risks considering that construction
has not yet commenced at either project. While ICRA notes that
two of the SPVs have executed development agreements with the
societies to undertake redevelopment and has also obtained
consent from more than requisite number of tenants in the larger
project, the projects are nonetheless exposed to execution risks
considering that key approvals are yet to be obtained, including
approvals required to commence construction and launch sales. As
the repayment of the rated NCD will be through surplus cash flows
from three of HBS' SPVs, any execution induced delays could
impede sales collections and consequently debt servicing of the
rated NCD. Further, any restrictive covenants, if imposed by
lenders to the SPVs - particularly the SPV executing the larger
project for which debt tie-up is pending - regarding upstreaming
of cash flows to HBS could impact the latter's debt servicing
ability towards the rated NCD.

                      About HBS Realtors

Incorporated in 1995, HBS Realtors Private Limited is a Mumbai-
based real estate developer involved in large scale city centric
developments in both commercial as well residential segments. The
group is currently involved as a strategic partner in the
development of 9 projects having a cumulative saleable area of
approximately 6 mn square feet across Mumbai. The group has a
diversified product mix with a strong presence in residential,
retail, commercial, hospitality and SEZ developments.

Over the last decade, HBS has built strategic partnerships with
reputed business houses like Phoenix Mills Limited for the
development of its market city projects and the Mody Group of
J.B. Chemicals and Pharmaceuticals for the development of its
pharma SEZ project. Over the years, HBS has also attracted
financial investors like IL&FS, MPC Fund, and Edelweiss across
its various projects; since 2006-07, the group has raised equity
commitments of USD 165mn and debt commitments of USD 252 mn for
its various projects.


JAYESH ELECTRICALS: ICRA Puts '[ICRA]BB' Rating on INR4.62cr Loan
-----------------------------------------------------------------
ICRA has assigned an '[ICRA]BB' rating to the INR4.62 crore long-
term, fund based facilities of Jayesh Electricals Limited.  The
outlook for the long term rating is stable. ICRA has also
assigned an '[ICRA]A4' rating to JEL's INR21.25 crore short-term,
non-fund based facility.

The assigned ratings are constrained by the company's small size
of operations in a business segment of distribution transformers
which is highly fragmented with intense competitive pressures
both from organized as well as unorganized sectors. The company,
despite having a long track record, has high customer
concentration risks, with about 95% of revenues from the
distribution utilities in Gujarat in FY 2010-11. ICRA further
notes that the company's profitability remains exposed to any
adverse raw material price fluctuations, if not able to pass-on,
and risks of late delivery charges as observed in the recent past
which has adversely affected the company's profitability. Hence,
the company's ability to execute the orders in a timely manner
and within the budgeted cost levels remains extremely crucial
from credit perspective.

However, the ratings favorably factor in the extensive experience
of the promoters in the distribution transformer industry;
established and approved vendor status with state utilities in
Gujarat, and favorable demand outlook for transformer industry.

                     About Jayesh Electricals

Jayesh Electricals Limited started its operations in 1996 as a
proprietorship concern. In the year 2007, it was incorporated as
a private limited company and was recently converted into a
limited company. JEL is promoted by Mr. Nilesh Patel - a Vadodara
based first generation entrepreneur. The company is involved in
the business of manufacturing of transformers, catering to the
State Electricity Boards (SEB) and other industrial consumers.
The company has two manufacturing units, located near Vadodara,
Gujarat and can manufacture transformers up to 33 KV class with
an installed capacity of 100,000 KVA per annum.

Recent Results:

For the year ended March 31, 2011, the company reported an
operating income of INR65.49 crore and profit after tax of
INR0.18 crore as against INR63.04 crore of operating income and
INR2.98 crore of profit after tax for the financial year 2009-10.


JEYENKAY PETROGELS: ICRA Puts '[ICRA]BB' Rating on INR2.4cr Loan
----------------------------------------------------------------
ICRA has assigned an '[ICRA]BB' rating to the INR2.40 crore long
term fund based facility of Jeyenkay Petrogels Private Limited.
The outlook assigned to the long term rating is 'Stable'. ICRA
has also assigned an '[ICRA]A4+' rating to the INR7.60 crore non-
fund based bank facility of JPPL.  Ratings of '[ICRA]BB' and/or
'[ICRA]A4+' have been assigned to the INR8.00 crore proposed bank
facilities of JPPL.

The ratings reflect the significant experience of the promoters
in the manufacture of petrogels and speciality oils and a
favourable demand outlook for the key end-user industries of its
products. The ratings are, however, constrained by the company's
modest scale of operations; its thin profit margins, on account
of stiff competition and limited value additive nature of
business, an adverse capital structure and weak coverage
indicators. ICRA also notes that JPPL remains exposed to forex
risks due to its high dependence on imports as well as
concentration risks because of its reliance on a few customers
and suppliers.

                     About Jeyenkay Petrogels

Established in 1996, JPPL is engaged in the manufacture of
petrogels and speciality grade oils. The partnership firm was
converted into a private limited company in August 2011. JPPL has
its corporate office in Ghatkopar, Mumbai and manufacturing
facility located at Silvassa.

Recent Results:

As per its audited financials for FY 11, JPPL recorded a net
profit of INR0.34 crore on an operating income of INR42.82 crore.
For the period April-October 2011, the company recorded an
operating income of INR17.30 crore.


KINGFISHER AIRLINES: Government Denies PSU Bailout
--------------------------------------------------
The Economic Times reports that a finance ministry official said
on Wednesday that the government has not approved a bailout for
beleaguered Kingfisher Airlines and no state-run bank has given
it a fresh loan.

"There were reports that there has been a government bailout.
There has been no fresh sanction by any PSU bank till date. If
the consortium decides on fresh lending, it will be their
decision. We are not involved," the official said, requesting
anonymity, was quoted by ET as saying.

The news agency says the struggling airline, with an outstanding
loan of about INR6,419 crore, has also been scouting for an
investor.  At present, a 13-bank consortium, led by State Bank of
India, is considering SBI Capital Market's "viability
proposition" for the airline, the report notes.

Finance Minister Pranab Mukherjee, too, refused to comment on
whether SBI has given a loan to the airline. "I cannot comment on
it now. As and when events take place you will come to know,"
Mr. Mukherjee told ET.

Officials in Punjab National Bank and IDBI Bank said the
consortium has not decided on giving a fresh loan yet. "We will
only lend if (Vijay) Mallya agrees to bring fresh equity. But if
some banks decide to lend it will be in their individual
capacity," an official said.

                Still Has INR400 Million Tax Dues

Mukesh Jagota at The Wall Street Journal reports that the head of
a federal tax body said Wednesday that Kingfisher Airlines still
has tax arrears of INR400 million (US$8.17 million), mostly
comprising the service tax the Indian carrier had collected from
passengers.

S.K. Goel, chairman of the Central Board of Excise and Customs,
told reporters that the airline has paid INR300 million of
indirect taxes so far in the current fiscal year that began
April, according to the Journal. It is expected to pay INR200
million each this month and in March, he added.

Kingfisher is paying its current taxes on time, Mr. Goel said
without elaborating, says the Journal.

The Journal notes that the service tax is part of arrears worth
billions of rupees that loss-making Kingfisher owes to its
lenders, suppliers, leasing companies and airline partners apart
from the Indian government.

Kingfisher recently said its bank accounts were frozen by income
tax authorities.  The freeze had forced it to cut flights, ground
planes and delay salaries, the Journal adds.

                    About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- 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.

Kingfisher lost INR4.44 billion (US$90.1 million) in the fiscal
third quarter that ended in December, 74.8 per cent more than a
loss of 2.54 billion rupees a year previously, The Economic Times
discloses.  The company has lost INR11.8 billion (US$240 million)
in the first nine months of the current fiscal year that ends in
March, a 35 per cent rise from a year earlier.


MAYUR ELECTRICAL: Fitch Withdraws 'B+' Rating on INR75MM Loan
-------------------------------------------------------------
Fitch Ratings has withdrawn India-based Mayur Electrical
Industries Limited's 'Fitch B+(ind)nm' National Long-Term rating.

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

Fitch migrated MEIL to the "Non-Monitored" category on August 16,
2011.

MEIL's bank loan ratings have also been withdrawn as follows:

  -- INR75m fund-based working capital limits: 'Fitch B+
     (ind)nm'/'Fitch A4(ind)nm'; ratings withdrawn

  -- INR70m non-fund based working capital limits: 'Fitch B+
     (ind)nm'/'Fitch A4(ind)nm'; ratings withdrawn


MEGHA MARKETING: ICRA Puts '[ICRA]BB' Rating on INR5cr Bank Loan
----------------------------------------------------------------
ICRA has assigned the long-term rating of '[ICRA]BB' to the
INR5.00 crore bank facilities of Megha Marketing.

The rating reflects the firm's experienced Promoter Group with
over ten years of experience in the packaged food industry. The
management has over the years built and leveraged its
distribution network by diversifying into complimentary business
segments. The rating is also supported by the strong distribution
network spread across Karnataka, Tamil Nadu, Kerala, Andhra
Pradesh, Goa, Orissa and Southern Maharashtra.

The rating is however constrained by a small equity base of
-Rs 2 crore and high gearing of 2.8 times as of March 31, 2011
though the debt is in the form of working capital and the same is
expected to reduce on account of healthy accruals. The rating
also reflects low operating margin of the firm which serves as a
marketing arm of the Shankar Group of Companies and income is in
the form of commission of 1-2% on the revenue of the Group
companies. The rating also factors in high competition across all
segments of the Group - packaged drinking water, aerated soft
drinks, fruit juices and packaged snacks like potato chips and
namkeens from well established global and national players like
Pepsi-co (Frito Lays), ITC (Bingo) and Haldiram (Namkeens).

                       About Megha Marketing

Megha Marketing was incorporated in March 2006 with the objective
of promoting and marketing products manufactured by the Shankar
Group of Companies - Megha Springs Pvt. Ltd, Megha Bottling,
Megha Fruit Processing Pvt. Ltd. and Mahima Shankar Processed
Food Pvt. Ltd. Megha Marketing is controlled by two partners Smt
Suma Bhat (45%) and Smt Lalitha Bhat (55%).

The firm markets the products in four different segments under
the Group brand "SG" viz bottled fruit juices under sub-brand
"Sip On", aerated beverages like club soda and soft drinks under
sub-brand "Bindu", packaged drinking water under sub-brand
"Bindu" as well as processed food items (mostly potato chips and
namkeen) under the sub-brand "Snak up" and "Knotties" and oil
packaging under the sub-brand "Bindu". The Group has its
manufacturing unit in Puttur (Karnataka) and warehouses in
Puttur, Bangalore, Hubli, Gulbarga, Pune, Chittoor, Kasargod with
a total storage capacity of 278,500 cases. The products are sold
in Karnataka, Andhra Pradesh, Kerala, Goa, Orissa, Tamil Nadu and
South Maharashtra.

Recent Results:

MSPF reported a profit after tax (PAT) of INR0.43 crore on net
sales of INR53.20 crore for FY2010-11.


MULTIMELT STEELS: ICRA Assigns '[ICRA]B' Rating to INR3.5cr Loan
----------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B' and a short
term rating of '[ICRA]A4' to the to the INR3.50 crore cash credit
limits, INR1.60 crore letter of credit and the INR0.80 crore bank
guarantee facility of Multimelt Steels Private Limited.

The ratings take into account MSPL's moderate scale of operations
and high gearing level, which have led to relatively low
operating margins and modest debt coverage indicators. However,
the ratings draw comfort from the long track record of promoters
and strong relationship with its client base, arising out of
ability of the company to provide quality products. The assigned
ratings also positively factor in the company's demonstrated
ability to secure tender contracts from government entities.

MSPL was established by Mr. Brij Lal Saraf in 1981, and is
engaged in the manufacturing of steel alloy castings including
high-manganese steel castings and high-carbon/high-chromium steel
castings. MSPL's manufacturing facility is situated in Bathinda,
Punjab. The castings manufactured by MSPL are supplied primarily
to thermal power plants, heavy machinery manufacturing plants,
cement factories, zinc mines and fertilizer plants.

In FY 2011, the company reported an operating income of
INR12.0 crore and a profit after tax of INR0.21 crore.


NEELESH INDUSTRIAL: Inadequate Info Cues Fitch to Migrate Ratings
-----------------------------------------------------------------
Fitch Ratings has migrated India-based Neelesh Industrial Agency
Pvt Ltd's 'Fitch B+(ind)' National Long-Term rating with a Stable
Outlook to the non-monitored category.  This rating will now
appear as 'Fitch B+(ind)nm' on the agency's website.  Neelesh
Industrial's INR55m working capital facility has also been
migrated to 'Fitch A4(ind)nm' from 'Fitch A4(ind)'.

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


NEPTUNE DEVELOPERS: Inadequate Info Cues Fitch to Migrate Ratings
-----------------------------------------------------------------
Fitch Ratings has migrated India-based Neptune Developers'
National Long-Term rating of 'Fitch B(ind)'/Stable to the non-
monitored category.  The rating will now appear as 'Fitch
B(ind)nm' on the agency's website.  The rating on the company's
INR739m long-term loans has also been migrated to 'Fitch
B(ind)nm' from 'Fitch B(ind)'.

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


RK INFRACORP: ICRA Assigns '[ICRA]BB+' Rating to INR28cr Loan
-------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB+' for INR28.00
crore fund based limits and ratings of ICRA]BB+(Stable)/[ICRA]A4+
for INR72.00 crore non-fund based limits of RK Infracorp Private
Limited.  Further, ICRA has assigned ratings of
[ICRA]BB+(Stable)/[ICRA]A4+ for INR3.00 crore unallocated limits
of RKIPL.

The assigned ratings factor in the long track record of promoters
in the civil construction industry; its healthy order book
position (order book to OI (FY11) ratio of 3.84 times as on
Sept. 30, 2011); and strong growth in revenues in the last two
years. The ratings also factor in company's presence across
diverse sectors, its low gearing at 0.66 times as on 31 March
2011, and comfortable debt coverage indicators. The ratings are
however constrained by its high client concentration risk with
irrigation department of Andhra Pradesh (AP) accounting for 74%
of FY2011 operating income; high geographic concentration risk
with 100% of orders emanating from AP; high project concentration
risk with top 5 projects accounting for 78% of the order book;
and high execution risks as 53% of the order book is in initial
stages of execution (<20% work completed). The ratings further
takes into consideration the high competitive intensity in civil
construction industry, which restricts the pricing power of the
players; company's moderate scale of operations limiting the
capacity of the company to bid for larger projects and low
profitability.

                        About RK Infracorp

RK Infracorp Private Limited was started as a partnership firm in
the year 1975 and was converted into a private limited company
from the year 2008. RKIPL was acquired by Mr. R. Srinivasa Reddy
in the year 2007 who was the managing director of Sree Sai
Srinivasa Constructions (P) Ltd., which was also into civil
construction. SCPL was merged with RKIPL with effect from
01.04.2008. RKIPL is mainly engaged in execution of road and
irrigation works for various government agencies bodies and has
completed works in Andhra Pradesh and Karnataka.

Recent Results:

For FY2011, the company reported a turnover of INR163.5 crore and
a PAT of INR6.9 crore.


SHANTHI HOSPITAL: ICRA Revises Rating on INR10.2cr Loan to 'BB'
---------------------------------------------------------------
ICRA has revised the long term rating of Shanthi Hospital &
Research Centre Private Limited for INR10.20 crore from
'[ICRA]BB+' to '[ICRA]BB'.  The outlook on the long term rating
is stable.

The rating revision takes into account SHRC's deterioration in
financial risk profile as reflected by losses at the operating
level, high gearing and weak coverage indicators. The rating is
also constrained due to the company's inability to enhance
occupancy at its hospital which has remained ~18% in till
November 2011. Moreover, SHRC's unit is exposed to high
competitive intensity in the Bangalore market from established
players like Apollo, Fortis etc. The rating however continues to
favorably factor in the financial and management support derived
by SHRC from being a part of Nadathur group which has regularly
infused funds in the hospital in past in the form of equity. The
rating also draws support from the fact that SHRC's is a
multispecialty hospital and its revenue is diversified across
various specialities.

Incorporated in the year 2003 by the Nadathur Group in
association with Dr. Sanjay Gururaj, SHRC set up a multi
specialty hospital in South Bangalore at 8th Block, Jayanagar and
commissioned the operations in June 2010. SHRC is a multi-
specialty hospital providing medical services in the field of
General Surgery, Obstetrics Gynaecology (OBG), Orthopedics,
Urology, and Pediatrics. The hospital unit is a comprehensive
primary and secondary healthcare unit with a built-up area of
37,000 sft. and has a total of 40 beds, which includes 6 ICU beds
and 3 operation theatres. The Nadathur group was founded in the
year 2000 by Mr. N. S. Raghavan - cofounder Infosys Technologies.
Nadathur group is a family backed private investment fund with an
investment portfolio of over USD 600 million across several asset
classes - more than $50 million has been invested in the Life-
sciences and Healthcare platform.

Recent Results:

For the six months ended September' 2011, the company had a net
loss of INR3.4 crore and operating income of INR2.6 crore. For
the financial year 2010-11, the Company's net loss stood at
INR6.7 crore on an operating income of INR3.0crore.


SORISO CERAMIC: ICRA Assigns '[ICRA]BB+' Rating to INR4cr Loan
--------------------------------------------------------------
The rating of '[ICRA]BB+' has been assigned to the INR4.00 crore
cash credit facilities and INR10.18 crore term loan facilities of
Soriso Ceramic Private Limited.  The outlook on the long-term
rating is 'stable'. ICRA has also assigned an '[ICRA]A4+' rating
to the INR2.85 crore bank guarantee facilities and INR0.20 crore
PSR facilities of SCPL.

The ratings are constrained by SCPL's relatively modest size of
operations compared to organized pan India players; highly
competitive nature of the ceramic tile industry; vulnerability of
SCPL's profitability to the cyclicality associated with the real
estate industry and to the increasing prices of gas, as gas is
the major source of fuel. The ratings also take into account the
moderate financial profile characterized by low profitability,
high gearing levels and weak coverage indicators. ICRA notes that
given the company's current debt funded capacity expansion
project and the anticipated higher additional working capital
requirements, the gearing levels are expected to remain at high
levels.

However, the ratings favorably consider the healthy plant
utilization levels at present; extensive experience of SCPL's
promoters in the ceramic industry, product portfolio consisting
of large sized porcelain tiles enabling higher realizations and
stable demand for porcelain tiles in the domestic market. The
ratings also consider the benefits to SCPL from acquisition by
Kajaria Ceramics Limited in terms of access to the latter's
established marketing and distribution set up, increased scale of
operations and ability of the company to fetch higher realization
on account of significant part of the sales under the 'Kajaria'
brand name.

                      About Soriso Ceramics

Soriso Ceramics Pvt. Limited is a porcelain floor tile
manufacturer with its plant situated at Morbi, Gujarat. The
manufacturing setup was established during 2006, while the
company commenced its operations in March 2007. SCPL was
initially promoted by Mr. Narbherambhai Dhamasana, Mr.
Upendrabhai Dhamasana, Mr. Deepak Kumar Dhamasana, Mr. Rameshbhai
Patel, Mr. Anilbhai Patel, Mr. Manojbhai Kakasania and Mr.
Nileshbhai Masot; however in February 2011, Kajaria Ceramics
Limited acquired 51% of the shareholding in the company from
various shareholders and hence SCPL became a subsidiary of
Kajaria Ceramics Limited. SCPL's plant has an installed capacity
of 45,800 MTPA which translates into -15,60,000 boxes per annum.
SCPL currently manufactures single sized porcelain tiles of size
600 mm X 600 mm (24"x 24" sq. inch) with the current set of
machineries at its production facilities.

Recent Results:

During FY 2011, the company reported a profit after tax of
INR0.76 crore on an operating income of INR42.36 crore. During 9M
FY 2012 (provisional), SCPL reported an operating income of
INR36.37 crore and profit after tax of INR1.80 crore.


TRIVENI ENGICONS: Fitch Affirms Rating on INR40-Mil. Loan at BB+
----------------------------------------------------------------
Fitch Ratings has affirmed India-based Triveni Engicons Private
Limited's National Long-Term Rating at 'Fitch BB+(ind)'.  The
Outlook is Stable.

The affirmation reflects TEPL's strong financial profile with
gross leverage of 1.6x and EBITDA interest coverage of 5.3x for
the financial year ended March 2011.  These are compared with
2.1x and 4.2x, respectively in FY10.  EBITDA margins, however,
declined to 10.1% from 11.7% due to increased raw material
prices.  Nevertheless, the presence of price escalation clauses
in all new contracts won over the past one year is expected to
stabilize margins.

The ratings continue to benefit from TEPL's negative cash
conversion cycle over the past five years (FY11: -12 days) and
its strong order book of INR4,427 million as of February 2012 to
be executed over the next two years.

The ratings also factor in delayed execution of some of its
projects and resultant temporary liquidity pressure due to
extended receivables.

Positive rating triggers include maintaining its negative working
capital cycle and improvement in its gross leverage below 1x.
Negative rating triggers include deterioration in its gross
leverage beyond 2.5x.

TEPL is a civil contractor engaged in the construction of canals,
dams, bridges, roads, laying of railway tracks, etc.  It started
as a partnership firm in 1988 and was incorporated in 1996.
TEPL's revenue was INR1,212.1m for FY11 (FY10: INR890.4m).

Fitch has also affirmed the ratings on TEPL's bank facilities as
below:

  -- INR40m fund-based limits: 'Fitch BB+(ind)'
  -- INR360m non fund-based limits: 'Fitch A4+(ind)'


VINAYAK COTTEX: ICRA Assigns '[ICRA]B' Rating on INR3.86cr Loan
---------------------------------------------------------------
ICRA has assigned the long term rating of '[ICRA]B' to the
INR3.86 crore term loan and to the INR7.50 crore cash credit fund
based facilities of Vinayak Cottex Private Limited.

ICRA has also assigned the long term rating of '[ICRA]B' to the
INR0.14 crore untied limits of VCPL.

The rating is constrained by the company's weak financial risk
profile characterized by leveraged capital structure leading to
weak coverage indicators and stretched liquidity position. The
rating also takes note of company's relatively small scale of
operations which limits scale economies in a business involving
low value addition. The rating also incorporates lack of
diversification in the product profile and susceptibility of the
cotton prices to seasonality and regulatory risks which together
with the highly competitive industry environment further exerts
pressure on margins.

The rating however considers the experience of the promoter in
the cotton ginning industry and advantage the company enjoys by
virtue of its location in cotton producing region giving it easy
access to raw cotton. While the company's track record is
limited, ICRA considers that the company has been able to ramp-up
its operations successfully since the commencement of the
business.

                        About Vinayak Cottex

Vinayak Cottex Private Limited promoted by Mr. Abhijit Dudhane
was incorporated in the year 2007 and started its commercial
production in the year 2008. The company was formed with the
acquisition of two sick units, originally promoted by Mr. Harish
Chidana and Mr. Bhagwandas Chidana. The company is engaged in the
business of cotton ginning and pressing in Nagpur (Maharashtra).

The company has its plant set up at Maregoan in Yavatmal District
in Maharashtra and is currently operating at a capacity of 30,000
bales annually. The company has its registered office in Nagpur
Maharashtra.

Recent results:

VCPL recorded a net profit of INR0.28 Crore on an operating
income of INR47.42 Crore for the year ending March 31, 2011 as
per audited figures against net loss of INR0.01 Crore on an
operating income of INR28.87 Crore for the year ending March 31,
2010.


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


TOKYO ELECTRIC: In Talks With Banks for JPY1.07 Trillion Loan
-------------------------------------------------------------
Emi Urabe at Bloomberg News reports that Tokyo Electric Power Co.
is in discussions with banks and life insurance companies to
borrow as much as JPY1.07 trillion (US$13.3 billion), according
to three people with direct knowledge of the matter.

The people, who asked not to be identified because the details
are private, told Bloomberg that the financing to TEPCO, as the
company is known, would include a JPY500 billion term loan, a
commitment line of JPY400 billion, and a JPY170 billion portion
to refinance an existing facility.

According to Bloomberg, Naoyuki Matsumoto, a TEPCO spokesman said
the company is in talks with financial institutions for loans.
The utility plans to outline its business plan by the end of
March, as planned, Mr. Matsumoto told Bloomberg by telephone in
Tokyo.

Lenders include the Development Bank of Japan, Sumitomo Mitsui
Banking Corp., Bank of Tokyo-Mitsubishi UFJ Ltd., Mizuho
Corporate Bank Ltd., four insurance companies, four trust banks
and about 30 regional Japanese banks, the people, as cited by
Bloomberg, said.

                       About Tokyo Electric

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

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

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

Earlier this week, Standard & Poor's Ratings Services kept Tokyo
Electric Power Co. Inc. on CreditWatch but revised its
implications to negative from developing. "We maintained the 'B+'
long-term corporate credit, 'B' short-term corporate credit, and
'BB+' long-term debt ratings on the company. The stand-alone
credit profile on TEPCO remains at 'ccc+', and the likelihood
that the company will receive extraordinary support from the
government of Japan (AA-/Negative/A-1+) in the event of financial
distress remains 'high.' We placed the ratings on CreditWatch
developing on May 13, 2011, and kept them on that status after
lowering the ratings on the company on May 30, and again on
Aug. 4 and Nov. 9," S&P said.


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


DREAM HOMES: Withdraws Proposal to Pay Creditors
------------------------------------------------
Leighton Keith at Fairfax NZ News reports that a proposal which
aimed to pay all of Volk Industries, trading as Dream Homes,
debts was withdrawn at the last minute.

According to the report, a meeting with creditors of the
financially troubled Dream Homes was held last week and the
proposal, prepared by Auckland insolvency specialists Meltzer
Mason Heath, was to have been put to them then for a vote.

However, Dream Homes owner Thomas Buckthought said it was
withdrawn on the advice of Meltzer Mason Heath because of the
hostile reception at the meeting, according to Fairfax NZ.

Fairfax NZ relates that the Proposed Compromise Under Part XIV of
the Companies Act 1993, publicly listed with the Companies
Office, details how Dream Homes, sought to clear all debts
incurred on or before Jan. 25, 2012 in full, through six monthly
instalments until February 2015.

The proposal did not guarantee payment but Mr. Buckthought said
he was genuine in his intentions to pay debts, the report relays.

According to the report, Mr. Buckthought said he had desperately
tried to prevent the firm's financial strife by reducing staff
numbers, cutting back on vehicles and his own salary.

"I did do everything I possibly could to get the company to the
point where we could remedy it," the report quotes
Mr. Buckthought as saying.

He said an announcement about the company's future would be made
by the end of this week.

The company's application to become a registered master builder
had been declined, the report discloses.

Dream Homes customers with incomplete houses faced a financial
loss because the company was not a registered master builder, the
report adds.

Volk Industries, trading as Dream Homes, is a Taranaki-based
building company.


KITCHEN HOUSE: In Receivership; Shuts Stores Across New Zealand
---------------------------------------------------------------
The National Business Review reports that staff have been sent
home following the closure of Criterion Group's 'Kitchen House'
stores in New Zealand.

CGKH Ltd, which traded as Kitchen House, said in a statement that
the company has been placed in receivership as of Feb. 22, 2012.

NBR relates that shareholders had announced to Kitchen House
staff it was impossible for the company to continue its trading,
affecting both customers and 35 staff members.

According to the report, Grant Graham -- ggraham@kordamentha.com
-- of KordaMentha, said the company's records currently show a
substantial amount of debt in the range of NZ$2.4 million.

"Given that staff had been sent home by the directors on Monday
it is unlikely there will be any further trading," the report
quotes Mr. Graham as saying.

Mr. Graham also confirms that several customers who have laid
deposits down on kitchen orders will be given full priority in
order to resolve the current situation, NBR relays.

"We understand there are a number of parties who have paid
deposits on kitchens and we are working through that with the
assistance of staff."

CGHK had acquired the Kitchen House business in February of 2009.

Kitchen House manufactures cabinets, bench tops and doors.


PLUM DUFF: Receivers Likely to Sell WSI Shares by June
------------------------------------------------------
Australia Associated Press reports that the 64% stake in
New Zealand Wool Services International up for grabs should be
settled by June, according to the receiver of Allan Hubbard-
related companies Plum Duff and Woolpak Holdings.

According to the news agency, receiver Maurice Noone of PwC said
he is in discussions with parties keen to buy the majority
holding in the listed wool trader and scourer and intends to
finalize a deal in the next reporting period, which ends in June.

AAP notes that WSI's scouring assets attracted Cavalier Wool
Holdings, a joint venture between carpet-maker Cavalier Corp,
Accident Compensation Corp and Direct Capital Investments, which
wants to create a national monopoly and has received sign-off
from the antitrust regulator.

"On the back of recent Commerce Commission appeals, we are
continuing discussions with interested parties with the intention
to reach some form of settlement within the next reporting
period," AAP quotes Mr. Noone as saying in his latest report.

AAP says CWH is offering NZ$40 million to take over WSI so it can
keep the scouring assets and on-sell the trading business.

NZAX-listed Wool Equities emerged as a counter-bidder, but failed
in its attempt to raise capital, while WSI's board also flagged
an intention to raise capital to deal with the shares held by the
receivers, the news agency notes.

As reported in the Troubled Company Reporter Asia-Pacific on
Feb. 10, 2011, Business Day said Wool Services International is
on the market after its main shareholder, Allan Hubbard's company
Plum Duff, was placed in receivership.  Maurice Noone and Malcolm
Hollis of PricewaterhouseCoopers were appointed joint receivers
to Plum Duff Limited and Woolpak Holdings Limited by the
receivers of South Canterbury Finance Limited.  The companies'
principal assets comprise of 63.8% interest shares in NZ Wool
Services International Limited.  Maurice Noone said, "WSI is not
affected by the appointment of receivers to the companies."


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


RURAL BANK OF CALUBIAN: PDIC Starts Payout of Deposit Claims
------------------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) started
paying deposit insurance claims of depositors of the closed Rural
Bank of Calubian (Leyte), Inc. on Feb. 15, 2012.  The claims
settlement operations (CSO) are being held at the bank's premises
located in Sta. Filomena St., Brgy. Espinosa, Calubian, Leyte and
will continue until Feb. 28, 2012.

Earlier, PDIC started mailing the Notice of Payments to
depositors with valid accounts with balances of PHP10,000 and
below. The filing of claims for accounts with balances of
PHP10,000 and below is waived, when the depositor has no
outstanding obligation with the bank, has no other deposits with
the bank with balance of above P10,000 and has complete mailing
address found in the bank records. Depositors with account
balances of PHP10,000 and below who have not received their
Notices of Payment may proceed to RB Calubian during the CSO.

PDIC advised depositors to bring on their appointment dates their
accomplished Claim Form, Claim Status Sheet (CSS), original
evidence of deposit, and original and photocopy of two valid IDs
bearing the signature of the depositors. Depositors below 18
years old are required to submit a photocopy of their Birth
Certificates issued by the National Statistics Office (NSO) or
duly certified copies from the Local Civil Registrar. Claim Forms
and Claim Status Sheets may also be downloaded from the PDIC
website, www.pdic.gov.ph.

Depositors who fail to file their claims within the duration of
the CSO may submit their claims starting March 9, 2012 either
through mail or personally during office hours at the PDIC, 4/F
SSS Building., 6782 Ayala Avenue, Makati City.

Depositors of RB Calubian have until Dec. 16, 2013, to file their
claims. Beyond the said deadline, PDIC, as deposit insurer, will
no longer accept any claim for insured deposits.

PDIC assured depositors that it will pay all valid deposit
insurance claims as soon as possible.

The Monetary Board placed Rural Bank of Calubian (Leyte), Inc.
under receivership of the PDIC by virtue of MB Resolution No.
1850 dated December 15, 2011.  As Receiver, PDIC took over the
bank on Dec. 16, 2011.

Rural Bank of Calubian was a single-unit bank located in
Sta. Filomena St., Brgy. Espinosa, Calubian, Leyte.  Latest
available records show that as of Sept. 30, 2011, the Bank had
1,276 accounts with total deposit liabilities of PHP14.37
million.


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


SENTOSA TIGER: Court to Hear Wind-Up Petition on March 2
--------------------------------------------------------
A petition to wind up the operations of Sentosa Tiger Island Pte
Ltd will be heard before the High Court of Singapore on March 2,
2012, at 10:00 a.m.

Sentosa Development Corporation filed the petition against the
company on Feb. 7, 2012.

The Petitioner's solicitors are:

          Lawrence Quahe & Woo LLC
          180 Clemenceau Avenue
          #02-02 Haw Par Centre
          Singapore 239922


SKIN REPUBLIC: Court to Hear Wind-Up Petition on March 2
--------------------------------------------------------
A petition to wind up the operations of Skin Republic Pte Ltd
will be heard before the High Court of Singapore on March 2,
2012, at 10:00 a.m.

HSBC Institutional Trust Services (Singapore) Limited filed the
petition against the company on Feb. 9, 2012.

The Petitioner's solicitor is:

          Messrs WongPartnership LLP
          63 Market Street #02-01
          Singapore 048942


WONDERFUL FRUIT: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Singapore entered an order on Feb. 10, 2012, to
wind up the operations of Wonderful Fruit Enterprise Pte Ltd.

Malayan Banking Berhad filed the petition against the company.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee's Office
         The URA Centre (East Wing)
         45 Maxwell Road, #05-11/#06-11
         Singapore 069118


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


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

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


AUSTRALIA

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


CHINA

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


HONG KONG

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


INDONESIA

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



INDIA

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


JAPAN

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


KOREA

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


MALAYSIA

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


PHILIPPINES

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


SINGAPORE

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


THAILAND

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


TAIWAN

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
conferences@bankrupt.com

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


                            *********


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

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

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

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

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





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