TCRAP_Public/120302.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Friday, March 2, 2012, Vol. 15, No. 45

                            Headlines


A U S T R A L I A

AIR AUSTRALIA: Creditors Unlikely to Receive Repayments
ILLAWARRA SERIES: Fitch Affirms Rating on Four RMBS Transactions
PALMER COOLUM: Resort Goes Into Administration
SP EXPORTS: Second Creditors Set for March 23


C H I N A

DELONG HOLDING: Fitch Affirms Issuer Default Rating at 'B'
WINSWAY COKING: S&P Lowers Corporate Credit Rating to 'B+'
ZHONG AN: S&P Lowers Corp. Credit Rating to 'B'; Outlook Negative


H O N G  K O N G

POLARIS CAPITAL: Middleton and Chan Appointed as Liquidators
QUANDRANGLE GROUP: Seng and Lo Step Down as Liquidators
QUADRATUS LIMITED: Creditors' Proofs of Debt Due March 27
RAFFLE LIMITED: Members' Final Meeting Set for March 26
ROBOSHOP INT'L: Members' Final Meeting Set for March 28

ROLLING STOCK: Seng and Lo Step Down as Liquidators
SILVER PEBBLE: Creditors' Proofs of Debt Due March 26
SUN HERO: Creditors' Proofs of Debt Due March 26
SUN WIN: Creditors' Proofs of Debt Due March 26
SURE PROFITS: Members' Final Meeting Set for March 26

TIN'S PLAZA: Mitchell and Cowley Appointed as Liquidators
TOPFAIR INVESTMENT: Seng and Lo Step Down as Liquidators
UPPERTECH HK: Members' Final Meeting Set for March 26
YU FUNG: Members' Final General Meeting Set for April 20
WING YIP: Mitchell and Cowley Appointed as Liquidators


I N D I A

AGARWAL ROADLINES: CRISIL Puts 'CRISIL B+' Rating on INR70MM Loan
AMBICA CASHEW: CRISIL Assigns 'CRISIL B' Rating to INR30MM Loan
HARISH TRADING: CRISIL Puts 'CRISIL BB-' Rating on INR80MM Loan
JINDAL INDIA: Fitch Assigns 'BB+' Rating to $150 Million Facility
J. K. LOGISTICS: CRISIL Assigns 'B-' Rating on INR55MM Loan

KAIRAV CHEMICALS: CRISIL Assigns 'BB' Rating on INR22.5MM Loan
K.G. INDUSTRIES: CRISIL Rates INR180MM Loans at 'CRISIL B'
KINGFISHER AIRLINES: Founders May Convert INR15B Debt Into Equity
LIBRA HYUNDAI: CRISIL Assigns 'B+' Rating to INR57.5MM Loans
MANGLA APPARELS: Fitch Rates INR125 Million Credit Limit at 'BB'

MONO STEEL: CRISIL Assigns 'CRISIL BB+' Rating to INR750MM Loan
PLASTI WEAVE: CRISIL Assigns 'CRISIL B' Rating to INR17MM Loan
SHAMLI SUGAR: CRISIL Puts 'CRISIL B-' Rating on INR9.8MM Loan
SHANTI PULSES: CRISIL Assigns 'CRISIL B+' Rating to INR30MM Loan
SHANTI UDYOG: CRISIL Places 'CRISIL B+' Rating on INR30MM Loan

SREE GOURIPUTRA: CRISIL Assigns 'D' Rating to INR60MM Loans
SRI HARIHAR: CRISIL Assigns 'CRISIL B+' Rating to INR60MM Loan
T & T MOTORS: Fitch Migrates Rating on Three Loan Classes to 'BB'
VANTECH CHEMICALS: CRISIL Puts 'BB' Rating on INR17.5MM Credit
VEDANTA RESOURCES: Fitch Affirms Issuer Default Rating at 'BB+'

ZENITH INFOTECH: Bondholders Files Wind-Up Petition After Default


I N D O N E S I A

LIPPO KARAWACI: S&P Upgrades Corp. Credit Rating to 'BB-'


J A P A N

ELPIDA MEMORY: To Draw Up Rehabilitation Plan in Six Weeks


N E W  Z E A L A N D

HANOVER FINANCE: Judge Rejects Crown "Sham" Trust Claim
KITCHEN HOUSE: Customers May Lose Deposits, Receiver Says
OTAGO RUGBY: Rugby Mascot on Hikoi to Help Save Rugby Union


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


AIR AUSTRALIA: Creditors Unlikely to Receive Repayments
-------------------------------------------------------
Andrew Fraser at The Australian reports that Air Australia had
assets of only AUD440,000 and debts of AUD80 million when it
collapsed two weeks ago, raising the possibility it had been
trading while insolvent.

According to The Australian, a meeting of creditors in Brisbane
on Wednesday heard that the company had lost money each month, a
total of AUD65 million in the 18 months before it went into
receivership on February 17 leaving 4,000 passengers stranded
around the world.

The Australian says Mark Korda of administrator Korda Mentha told
the 70 people at Wednesday's meeting, most of them former airline
employees, that a federal government scheme would provide
AUD5 million of the AUD8 million owed to the company's 370
employees, but creditors were unlikely to receive anything.

Mr. Korda said security deposits of about AUD5 million had
already been taken by the parties involved, while assets sales
would probably provide about AUD1 million, the report relays.

"Our prognosis is the airline is not saleable, but we have had
four expressions of interest for the sale of the engineer
business," The Australian quotes Mr. Korda as saying.

The biggest creditor is ANZ Bank, which is owed about
AUD20 million, but Mr. Korda said there were about 500 unsecured
creditors, mainly aviation industry caterers, maintenance
companies and spare parts suppliers, the report notes.

The next step was to prepare a report for the next meeting, on
March 23, and at that meeting the company would formally be put
into liquidation, triggering the federal government assistance
scheme, the administrator, as cited by The Australian, said.

                        About Air Australia

The Air Australia fleet consists of five Airbus A330-200 and
A320-200 aircraft, with headquarters in Hendra, Queensland.
Regular flight paths included Bali, Phuket and Honolulu as well
as Australian domestic destinations such as Melbourne, Brisbane,
Perth, Port Hedland and Derby.

Mark Korda and John Park of KordaMentha were appointed on Feb. 17
by the Director of the Strategic Aviation Group as voluntary
administrators for the firm.  The group consists of seven
companies including Air Australia, Strategic Engineering
Australia, and Strategic Aviation Charter.


ILLAWARRA SERIES: Fitch Affirms Rating on Four RMBS Transactions
----------------------------------------------------------------
Fitch Ratings has affirmed four transactions from the Illawarra
Series of residential mortgage-backed securities (RMBS).  These
transactions are backed by pools of first-ranking Australian
residential mortgages originated by IMB Limited.

The rating actions are as listed below.

Illawarra Series 2004-1 RMBS Trust:

  -- AUD71.2m Class A-2 (ISIN AU300ILWC028) affirmed at 'AAAsf';
     Outlook Stable
  -- AUD12.5m Class B (ISIN AU300ILWC036) affirmed at 'BBsf'';
     Outlook Stable

Illawarra Series 2005-1 RMBS Trust:

  -- AUD89.4m Class A (ISIN AU300ILWD018) affirmed at 'AAAsf';
     Outlook Stable
  -- AUD13.0m Class B (ISIN AU300ILWD026) affirmed at 'BBsf'';
     Outlook Stable

Illawarra Series 2006-1 RMBS Trust:

  -- AUD137.6m Class A (ISIN AU3FN0000139) affirmed at 'AAAsf';
     Outlook Stable
  -- AUD12.5m Class B (ISIN AU3FN0000147) affirmed at 'BBsf'';
     Outlook Stable

Illawarra Series 2010-1 RMBS Trust:

  -- AUD192m Class A (ISIN AU3FN0010468) notes affirmed at
     'AAAsf'; Outlook Stable
  -- AUD11m Class AB (ISIN AU3FN0010476) notes affirmed at
    'AAAsf'; Outlook Stable
  -- AUD8.5m Class C (ISIN AU3FN0010484): not rated

The rating affirmations and Outlooks on the notes reflect Fitch's
view that credit enhancement levels are able to support the
notes' current ratings.  The credit quality and performance of
the loans in the collateral pools have remained in line with the
agency's expectations.  All notes are paying down sequentially.

All transactions have performed well in the past year, reflecting
IMB's conservative lending standards.

"The 30+ days arrears across the four Illawarra transactions have
been tracking below Fitch's 30+ Day Dinkum Index in the last 12
months," said Kim Bui, Analyst in Fitch's Structured Finance
team.  "To date, the RMBS pools have experienced low losses and
lender mortgage insurance and excess spread have covered losses
in full."

These pools all have lender mortgage insurance provided by QBE
Lenders' Mortgage Insurance Limited ('AA-'/Stable), Genworth
Financial Mortgage Insurance Pty Ltd and Housing Loan Insurance
Corporation.  Of the four transactions, Illawarra Series 2006-1
RMBS Trust experienced the highest cumulative claims on LMI at
0.04% of the original balance.  Illawarra Series 2010-1 Trust has
not experienced any losses to date.


PALMER COOLUM: Resort Goes Into Administration
----------------------------------------------
Amy Remeikis and Ben Butler at The Sydney Morning Herald report
that mining magnate Clive Palmer's Sunshine Coast resort has gone
into administration amid a bruising court stoush with managers
Hyatt Australia.

Administrator Ginette Muller of KordaMentha said the Coolum
resort would continue to operate as normal and the jobs of 650
workers were not at risk, according to The Sydney Morning Herald.

The report notes that Mr. Palmer said he had terminated the
management agreement between the resort owner, Coeur de Lion
Investments, and Hyatt.

However, The Sydney Morning Herald discloses, Ms. Muller said she
would today talk to Hyatt "regarding the ongoing operations . . .
. Our plan is to ensure it is business as usual at the resort."

Meanwhile, the report relates that in the Brisbane Supreme Court
yesterday, March 1, lawyers for Coeur de Lion Investments, Hyatt
and Mr. Palmer were sifting through affidavits amid confusion
over recent events.  The Sydney Morning Herald relates that Hyatt
asked for a continuation of an injunction, which would have them
remain as agents of the resort until the matter goes to trial.

The court heard Hyatt has been receiving 3% of gross revenue as
payment for being the agent and, between 1993 and 2009, the
resort had been profitable.  However, it had operated at a loss
for the past three years, The Sydney Morning Herald adds.


SP EXPORTS: Second Creditors Set for March 23
---------------------------------------------
NewsMail reports that almost 50 creditors affected by the
collapse of SP Exports attended a meeting on Wednesday to see
what the future holds for the Childers-based tomato producers.

According to the report, KordaMentha administrator John Shanahan
said there were still many questions unanswered for the 45
attendees.

"People wanted to know what's happening and it's a bit early to
tell," the report quotes Mr. Shanahan as saying.  "There's still
some doubt because we don't know what's going to happen."

NewsMail relates that Mr. Shanahan said he hoped that uncertainty
would be over once and for all at another meeting on March 23
when creditors would decide on the company's future.

According to NewsMail, Mr. Shanahan said a report would be sent
out to the creditors to tell them about what the company's
options were prior to the next meeting.

"The creditors will then resolve for the company to enter into a
Deed Of Company Arrangement or go into liquidation," the
administrator, as cited by NewsMail, said.

Mr. Shanahan said the administrators would spend the next few
weeks continuing their investigations into the family-owned
company, NewsMail adds.

SP Exports Pty Ltd -- http://www.spexports.com.au/-- is
Australia's premier field grown tomato producer.

KordaMentha administrators Ginette Muller and John Shanahan were
appointed as administrators on Feb. 17, 2012.  SP Exports owes
unsecured creditors about AUD12.5 million and secured creditors
about AUD18 million.  Employees are owed in excess of AUD500,000
in wages.


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C H I N A
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DELONG HOLDING: Fitch Affirms Issuer Default Rating at 'B'
----------------------------------------------------------
Fitch Ratings has revised Delong Holding Limited (Delong)'s
Outlook to Negative from Stable, and affirmed its Long-Term
Foreign Currency Issuer Default Rating (IDR) at 'B'.  Fitch has
also affirmed and withdrawn Delong's 'B' senior unsecured rating
as it is no longer considered analytically meaningful.  The
company does not have any public senior unsecured debt
outstanding.

The Outlook revision reflects the current deterioration in metal
spreads in the Chinese steel sector.  Delong's 2011 performance,
particularly towards the end of the year, no longer supports a
'B' rating, but Fitch believes that the downturn is cyclical and
a H212 recovery is probable.  Further negative action will be
taken if the recovery does not materialise by Q412.

Delong's 2011 metal spread dropped below CNY200/tonne as a result
of the following factors: a rapid increase of raw material prices
before Q411; a significant hot rolled coil (HRC) price drop in
Q411 due to soft demand; and a five-week maintenance shut-down of
Delong's two blast furnaces during Q111.  As a result, the
adjusted net debt / EBITDAR ratio rose to above 3x, and free cash
flow (FCF) turned negative.

Delong announced on January 18, 2012 that it acquired 80% of Aoyu
Steel, a local steel mill with a 1.2 metric tonnes per annum
(mtpa) capacity, for CNY264m.  In addition, Delong will further
acquire the remaining 20% stake in three years.  Fitch expects
that the Aoyu acquisition will help Delong to improve its 2012
metal spread and financial leverage.  Aoyu produced pig iron at a
metal spread higher than of Delong in 2011.

Following the Outlook revision, Fitch may downgrade Delong's
rating if one or several of these developments is observed
through the rest of 2012: metal spread remains below CNY200 per
ton; operating EBITDAR/gross interest stays below 2.5x; net
adjusted debt/EBITDAR stays above 3x; FCF remains negative; or if
onshore debt / total assets stays above 30%.

The rating Outlook may be revised back to Stable if all of these
developments occur on a sustained basis: metal spread rises above
CNY200 per ton; operating EBITDAR/gross interest increases above
2.5x; net adjusted debt/EBITDAR falls below 3x; FCF returns to
positive territory; and onshore debt/total assets remains below
30%.


WINSWAY COKING: S&P Lowers Corporate Credit Rating to 'B+'
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on China-based Winsway Coking Coal
Holdings Ltd. to 'B+' from 'BB-'. The outlook on the rating is
stable. "We also lowered the issue rating on the company's
outstanding senior unsecured notes to 'B+' from 'BB-'. At the
same time, we lowered our Greater China scale credit ratings on
Winsway and the notes to 'cnBB' from 'cnBB+'. We removed all the
ratings from CreditWatch, where they had been placed with
negative implications on Nov. 2, 2011," S&P said.

"We lowered the rating on Winsway because we expect the company's
business risk profile to weaken after it completes the
acquisition of Canadian coal miner Grand Cache Corp.  Following
the acquisition, Winsway's profitability is likely to become more
volatile due to fluctuating coking coal prices and the risks
associated with coal mining operations. GCC's less competitive
cost structure compounds the effects of such risks on Winsway's
profitability," S&P said.

"We expect Winsway's exposure to coal price volatility to be high
after the acquisition, especially if prices trend downward," said
Standard & Poor's credit analyst Jerry Fang. "In our opinion, the
acquisition deviates from the company's previous strategy, which
emphasized asset-light trading operations with limited inventory
and low sensitivity to volatility in coal prices."

"We expect the structural subordination risk associated with
Winsway's outstanding senior unsecured notes to heighten
temporarily following the drawdown of $400 million in financing
loans related to the acquisition. Nevertheless, the risk will
lessen over time because the loans will be amortized six months
after the drawdown," S&P said.

"The rating on Winsway reflects the company's short operating
history and its limited record of consistent financial
management. Other weaknesses include Winsway's exposure to
material supply risks and transportation bottlenecks associated
with coal imports from Mongolia. The good growth potential for
imported coking coal in China, the company's good competitive
position in its core coal import business from Mongolia due to
its first-mover advantage, and its growing distribution
capability counterbalance the above weaknesses," S&P said.

"The stable outlook reflects our view that Winsway's Mongolian
coking coal import business will remain satisfactory despite the
company's exposure to the coal mining business," said Mr. Fang.
"We therefore expect Winsway to maintain its stable financial
risk profile."

"We could lower the rating if: (1) Winsway continues to expand
aggressively through debt, particularly in the upstream business;
or (2) GCC's cost structure deteriorates significantly, which
could happen if GCC can't ramp up its production effectively and
its sales and margins are much lower than our projections," S&P
said.

"We could raise the rating if: (1) GCC ramps up its coal
production and significantly lowers its average production cost;
(2) Winsway establishes a track record of disciplined investment;
and (3) Winsway, on a consolidated basis, maintains its financial
risk profile. An adjusted ratio of funds from operations to total
debt of more than 20% and a ratio of adjusted total debt to
EBITDA of less than 4x can indicate such stability," S&P said.


ZHONG AN: S&P Lowers Corp. Credit Rating to 'B'; Outlook Negative
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Zhong An Real Estate Ltd. to 'B' from
'B+'. The outlook is negative. "At the same time, we lowered our
Greater China scale credit rating on Zhong An to 'cnB+' from
'cnBB-'," S&P said.

"We lowered our rating because we expect Zhong An's contract
sales to remain weak in the next six to 12 months due to a
deepening correction in China's real estate market," said
Standard & Poor's credit analyst Frank Lu. "We believe the
company's liquidity has weakened to 'less than adequate,' as
defined in our criteria. This highlights the company's small
scale, and high project and geographic concentration risks," S&P
said.

"We believe that Zhong An's liquidity may deteriorate further
following a weakening trend in 2011. The company's contract sales
were sluggish in the second half of 2011. Sales were Chinese
renminbi (RMB) 1.81 billion in 2011, only 36% of the company's
RMB5 billion target for the year. We expect Zhong An's contract
sales to be about RMB2 billion in 2012. We estimate that the
company's cash on hand has dropped significantly to about RMB600
million at the end of 2011, the lowest level in the past five
years," S&P said.

"Zhong An's small scale and high project and geographic
concentration constrain its flexibility to weather a prolonged
market correction," said Mr. Lu. "The company's projects are
concentrated in a few cities where the governments have strictly
imposed purchase restrictions. Some of Zhong An's high-end
residential and commercial projects may also face significant
challenges due to the gloomy investment sentiment."

"Zhong An's liquidity is 'less than adequate,' as defined in our
criteria," S&P said. S&P's assessment of the company's liquidity
incorporates these major expectations and assumptions:

* "In our base-case scenario, we estimate Zhong An's liquidity
   sources to be about 1.0x its liquidity uses," S&P said.

* "We estimate that the company had about RMB600 million in
   unrestricted cash by the end of 2011 compared with RMB550
   million-RMB600 million in debt due in 2012 and no outstanding
   land premium as at the end of 2011," S&P said.

* "In our base-case scenario, we expect the company's contract
   sales to remain largely flat at about RMB2.0 billion in 2012,"
   S&P said.

"We assume the company has some flexibility to scale back
construction spending, given weak sales.Zhong An has no offshore
debt or trust loan maturing in 2012 and its debt maturing in 2012
is small. These factors partially alleviate the company's
refinancing risks," S&P said.

Zhong An has no financial covenants in the terms and conditions
of its bank loans.

"The negative outlook reflects our expectation that Zhong An's
liquidity may deteriorate due to continued weak property sales in
the next one year," said Mr. Lu. "We may lower the rating if
Zhong An's liquidity deteriorates faster than we expected and
becomes 'weak,' as defined in our criteria. This may happen if
the company's contract sales in 2012 are less than RMB2.0
billion. We may revise the outlook to stable if: (1) Zhong An's
liquidity improves due to recovering contract sales in the next
one year; and (2) the company cautiously manages its construction
and land spending."


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


POLARIS CAPITAL: Middleton and Chan Appointed as Liquidators
------------------------------------------------------------
Edward Simon Middleton and Chan Mei Lan on Feb. 16, 2012, were
appointed as liquidators of Polaris Capital (Asia) Limited.

The liquidators may be reached at:

         Edward Simon Middleton
         Chan Mei Lan
         8th Floor, Prince's Building
         10 Chater Road
         Central, Hong Kong


QUANDRANGLE GROUP: Seng and Lo Step Down as Liquidators
-------------------------------------------------------
Natalia K M Seng and Susan Y H Lo stepped down as liquidators of
Quandrangle Group Asia Limited on Feb. 18, 2012.


QUADRATUS LIMITED: Creditors' Proofs of Debt Due March 27
---------------------------------------------------------
Creditors of Quadratus Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by March
27, 2012, to be included in the company's dividend distribution.

The company's liquidators are:

         Lai Kar Yan (Derek)
         Darach E. Haughey
         35th Floor, One Pacific Place
         88 Queensway, Hong Kong


RAFFLE LIMITED: Members' Final Meeting Set for March 26
-------------------------------------------------------
Members of Raffle Limited will hold their final general meeting
on March 26, 2012, at 3:00 p.m., at Room 904, President
Commercial Centre, at 608 Nathan Road, Mongkok, in Kowloon.

At the meeting, Chow Kai Yip Lawrence, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


ROBOSHOP INT'L: Members' Final Meeting Set for March 28
-------------------------------------------------------
Members of Roboshop International Limited will hold their final
meeting on March 28, 2012, at 10:00 a.m., at Room 1702, 17/F,
Asian House, at 1 Hennessy Road, Wan Chai, in Hong Kong.

At the meeting, Yiu Cho Yan, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


ROLLING STOCK: Seng and Lo Step Down as Liquidators
---------------------------------------------------
Natalia K M Seng and Susan Y H Lo stepped down as liquidators of
Rolling Stock Limited on Feb. 18, 2012.


SILVER PEBBLE: Creditors' Proofs of Debt Due March 26
-----------------------------------------------------
Creditors of Silver Pebble Holdings Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by March 26, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Feb. 17, 2012.

The company's liquidator is:

         Sung Mi Yin Mella
         Suite No. A, 11th Floor
         Ritz Plaza, 122 Austin Road
         Tsimshatsui, Kowloon
         Hong Kong


SUN HERO: Creditors' Proofs of Debt Due March 26
------------------------------------------------
Creditors of Sun Hero Logistics Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by March 26, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

         Kwok Ka Woo
         Room 1205, 12/F
         Manulife Provident Funds Place
         No. 345 Nathan Road
         Kowloon


SUN WIN: Creditors' Proofs of Debt Due March 26
-----------------------------------------------
Creditors of Sun Win Logistics Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by March 26, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

         Ng Wai Yee
         Room 1205, 12/F
         Manulife Provident Funds Place
         No. 345 Nathan Road
         Kowloon


SURE PROFITS: Members' Final Meeting Set for March 26
-----------------------------------------------------
Members of Sure Profits Trading Limited will hold their final
general meeting on March 26, 2012, at 3:00 p.m., at Room 904,
President Commercial Centre, at 608 Nathan Road, Mongkok, in
Kowloon.

At the meeting, Chow Kai Yip Lawrence, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


TIN'S PLAZA: Mitchell and Cowley Appointed as Liquidators
---------------------------------------------------------
Paul Mitchell and Patrick Cowley on Feb. 13, 2012, were appointed
as liquidators of Tin's Plaza Limited.

The liquidators may be reached at:

         Paul Mitchell
         Patrick Cowley
         8th Floor, Prince's Building
         10 Chater Road
         Central, Hong Kong


TOPFAIR INVESTMENT: Seng and Lo Step Down as Liquidators
--------------------------------------------------------
Natalia K M Seng and Susan Y H Lo stepped down as liquidators of
Topfair Investment Limited on Feb. 18, 2012.


UPPERTECH HK: Members' Final Meeting Set for March 26
-----------------------------------------------------
Members of Uppertech Hong Kong Limited will hold their final
general meeting on March 26, 2012, at 11:00 a.m., at 1/F,
Securities D.J. Building, 171 Hoi Bun Road, Kwun Tong, Kowloon,
in Hong Kong.

At the meeting, Lam Tak Keung, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


YU FUNG: Members' Final General Meeting Set for April 20
--------------------------------------------------------
Members of Yu Fung Loong Limited will hold their final general
meeting on April 20, 2012, at 11:00 a.m., at Rooms 2107-8, 21/F,
Kai Tak Commercial Building, 317-319 Des Voeux Road Central,
Sheung Wan, in Hong Kong.

At the meeting, Li Kam Fai Dominic, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


WING YIP: Mitchell and Cowley Appointed as Liquidators
------------------------------------------------------
Paul Mitchell and Patrick Cowley on Feb. 13, 2012, were appointed
as liquidators of Wing Yip Investments No. 1 Limited.

The liquidators may be reached at:

         Paul Mitchell
         Patrick Cowley
         8th Floor, Prince's Building
         10 Chater Road
         Central, Hong Kong


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AGARWAL ROADLINES: CRISIL Puts 'CRISIL B+' Rating on INR70MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Agarwal Roadlines Pvt Ltd.

                        Amount
   Facilities          (INR Mln)       Ratings
   ----------          ---------       -------
   Bank Guarantee         10           CRISIL A4
   Cash Credit            45           CRISIL B+/Stable
   Working Capital        70           CRISIL B+/Stable
   Demand Loan

The ratings reflect ARPL's leveraged capital structure and modest
net worth, and presence in highly fragmented and competitive
transportation industry, resulting in low pricing power. These
rating weaknesses are partially offset by the extensive industry
experience of ARPL's promoters, strong clientele, and above-
average debt protection metrics.

Outlook: Stable

CRISIL believes that ARPL will continue to benefit from its
established market position in the transport industry and the
good demand for transportation, over the medium term. The outlook
may be revised to 'Positive' in case of significant equity
infusion by ARPL's promoters, resulting in improvement in its
capital structure. Conversely, the outlook may be revised to
'Negative' if the company undertakes a larger-than-anticipated
debt-funded capex programme, or if growth in its sales or margins
comes under pressure, adversely impacting timely servicing of its
debt obligations

                      About Agarwal Roadlines

ARPL was incorporated on November 29, 1988, by Mr. Satyanarayan
Agrawal. The company is in Gandhidham (Gujarat) and provides
truck and other transportation services for various industries,
including chemicals, oil and gas, and edible oil. ARPL is a part
of the Agarwal group, which includes several other entities
mainly engaged in the transportation services business, besides
other businesses. ARPL is managed by members of the Agrawal
family. It has a fleet of 202 owned vehicles and operates a fleet
size of about 450 vehicles.

ARPL reported a profit after tax (PAT) of INR1.5 million on net
sales of INR1130.5 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR17.2 million on net
sales of INR1064 million for 2009-10.


AMBICA CASHEW: CRISIL Assigns 'CRISIL B' Rating to INR30MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Ambica Cashew Industries.

                        Amount
   Facilities          (INR Mln)          Ratings
   ----------          ---------          -------
   Cash Credit            30              CRISIL B/Stable
   Letter of Credit       30              CRISIL A4

The ratings reflect ACI's weak financial risk profile, small
scale of operations, and exposure to intense competition in the
cashew industry. These rating weaknesses are partially offset by
the extensive industry experience of ACI's proprietor.

Outlook: Stable

CRISIL believes that ACI will continue to benefit over the medium
term from the extensive experience of its proprietor in the
cashew industry. The outlook may be revised to 'Positive' if ACI
substantially increases its revenues, while improving its
profitability and capital structure. Conversely, the outlook may
be revised to 'Negative' if the firm's financial risk profile
deteriorates because of a sharp decline in revenues and
profitability, or if the firm undertakes a larger-than-expected
debt-funded capital expenditure programme, or in case of
significant withdrawal of capital by the proprietor, resulting in
weakening in its capital structure.

                       About Ambica Cashew

Set up in 2003 as a proprietary concern by Mr. Pratti Perantala
Ammadu, ACI trades and processes raw cashew nuts and cashew
kernels. The firm is based in East Godavari District (Andhra
Pradesh) and has a processing capacity of 650 tones per annum.


HARISH TRADING: CRISIL Puts 'CRISIL BB-' Rating on INR80MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Harish Trading Company.

                        Amount
   Facilities          (INR Mln)           Ratings
   ----------          ---------           -------
   Cash Credit            80               CRISIL BB-/Stable
   Letter of Credit       20               CRISIL A4+

The ratings reflect the extensive industry experience of HTC's
partners and moderate capital structure. These rating strengths
are partially offset by HTC's small scale of operations, large
working capital requirements, low profitability because of
intense industry competition leading to weak debt protection
metrics, and susceptibility to volatility in raw material prices
and foreign exchange (forex) rates.

Outlook: Stable

CRISIL believes that HTC will continue to benefit from its
promoters' extensive experience in the dry fruits and spice
trading industry. The outlook may be revised to 'Positive' if the
firm reports a sustainable increase in its scale of operations
and profitability, while maintaining its capital structure.
Conversely, the outlook may be revised to 'Negative' if HTC's
working capital cycle lengthens, leading to deterioration in its
capital structure, or if its volumes or margins decline steeply.

                       About Harish Trading

Established in 1979 by Mr. Ajay Goel and his father, the late
Mr. B S Goel, HTC trades in dry fruits and spices in the domestic
market. Currently, the business is managed by Mr. Ajay Goel and
his two sons: Mr. Mohit Goel and Mr. Rohit Goel. The firm is
based in Delhi.

HTC reported a net book profit of INR1.8 million on net sales of
INR309 million for 2010-11 (refers to financial year, April 1 to
March 31), as against a net profit of INR1.0 million on net sales
of INR220 million for 2009-10.


JINDAL INDIA: Fitch Assigns 'BB+' Rating to $150 Million Facility
-----------------------------------------------------------------
Fitch Ratings has assigned a 'Fitch BB+(ind)' rating to Jindal
India Thermal Power Ltd's senior external commercial borrowings
(ECB) facility of USD150m (USD75m for each of Phase I and Phase
II) .  Simultaneously, the existing ratings -- listed at the end
of this commentary -- on the domestic bank debt have also been
affirmed at 'Fitch BB+(ind)' and 'Fitch BB(ind)' for the senior
and junior loans, respectively.  The Outlooks are Stable.

JITPL is promoted by the B C Jindal group. It is implementing a
coal based thermal power project in three phases of 600MW each in
Derang village, Angul District Orissa at a cost of INR28,650m,
INR30,960m and INR31,600, respectively.  The company has achieved
reasonable construction progress for phases I and II, while
implementation of phase III is yet to commence.

The affirmation reflects reasonable construction progress in line
with Fitch's expectation for phases I and II.  While the lender's
engineer's report points to a delay of about six months in the
expected commercial operations date (COD) of both the phases, the
agency is of the view that this may not result in significant
increase in interest during construction (IDC) because the draw
down schedules were also correspondingly modified to mirror
physical progress.  Fitch takes comfort from the arrive on site
of Boiler Turbine Generator plant for phases 1 and 2.  Sponsors
are deemed to have adequate capacity to inject, if required,
adhoc equity to help the project meet initial principal and
interest payments when the debt for Phase I begins to amortise in
December 2012.  This expectation has resulted in the agency
maintaining the Stable Outlook.

The ratings are constrained by the fuel supply risk, evidenced by
the continuing delays in acquiring forest land in respect of the
jointly allocated coal mine -- Mandakini Coal Company Ltd (MCCL,
in which the sponsor group has a one-third equity stake) -- and
conversion of Mahanadi Coal Field's (subsidiary of Coal India Ltd
- CIL) letter of assurance into a firm fuel supply agreement
(FSA).  The company had expected the FSA to be signed by Q4CY11.
Notwithstanding recent government efforts to direct CIL to
execute FSAs, the systemic shortage in India remains a concern.
While the company expects the mine to be operational by September
2012, further delays in commissioning of the mine and/or failure
to sign the FSA would further delay the rescheduled COD of phase
I.  The proximity to coal sources (both linkage and mines) and
the coal mix proportion from mines and linkage (phase I: 70:30,
phase II: 30:70) would result in relatively competitive cost of
generation.

The substantial exposure (about 87% in phase I and 54% in phase
II) to merchant power is mitigated by JITPL's competitive cost
structure, which the agency believes, would enable it to
successfully bid for power sale to state utilities under long
term power purchase agreements.  The economic rationale for
merchant power plants stem from the fact that the peak power
deficit of 11% to 13%, could continue over the short to medium
term.  At a Fitch base case merchant tariff assumption of
INR2.70/kwh, the project cash flows has maintained reasonable
resilience to some degree of stresses relating to increase in
fuel costs, higher interest rates and adverse variation in
station heat rates. etc.

Part of the rupee denominated bank debt has been replaced with
the aforesaid low-interest ECB, which, while offering the
prospect of savings in costs, has also increased the financial
risk as both interest rate and currency are unhedged.  While the
quantum of ECB is currently limited to 17.5% of total debt, the
project could increase it up to 35%, further reducing the stress
case coverage ratios in the event of adverse movements.

Fitch notes that no debt has been drawn down till date in respect
of Phase III, a scenario that is likely to persist till the
environmental clearance is received.  The company has postponed
ordering for boiler-turbine-generator island. Fitch will continue
to review the progress of the project.

The ratings would come under downward pressure should commercial
operations of phase 1 or 2 be delayed further due to either
construction related factors or inadequate fuel supply from the
captive mines.

List of rated facilities affirmed are as follows:

  -- Phase I INR18,120m (reduced from INR21,490m) long-term
     senior bank loans: 'Fitch BB+(ind)'; Outlook Stable
  -- Phase II INR19,850m (reduced from INR23,220m) long-term
     senior bank loans: 'Fitch BB+(ind)'; Outlook Stable
  -- Phase III INR23,700m long-term senior bank loans: 'Fitch BB+
     (ind)'; Outlook Stable
  -- Phase I INR1,430m long-term subordinated bank loans: 'Fitch
     BB(ind)'; Outlook Stable
  -- Phase II INR1,550m long-term subordinated bank loans: 'Fitch
     BB(ind)'; Outlook Stable
  -- Phase III INR1,580m long-term subordinated bank loans:
     'Fitch BB(ind)'; Outlook Stable


J. K. LOGISTICS: CRISIL Assigns 'B-' Rating on INR55MM Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of J.K. Logistics.

                         Amount
   Facilities           (INR Mln)           Ratings
   ----------           ---------           -------
   Cash Credit            55.0              CRISIL B-/Stable
   Letter Of Guarantee     2.5              CRISIL A4
   Proposed Long-Term     32.5              CRISIL B-/Stable
    Bank Loan Facility

The ratings reflect JKL's weak financial risk profile, marked by
a modest net worth and high gearing, modest scale of operations
in a highly fragmented logistics industry, and working capital
intensity of its operations. These rating weaknesses are
partially offset by the extensive experience of JKL's promoter in
the logistics business.

Outlook: Stable

CRISIL believes that JKL will benefit over the medium term from
the extensive experience of its promoter in the logistics
industry. The outlook may be revised to 'Positive' if the concern
reports substantial growth in its scale of operations, while
improving its working capital cycle and debt protection metrics.
Conversely, the outlook may be revised to 'Negative' if JKL's
financial risk profile deteriorates due to further lengthening of
its operating cycle or if the company suffers a decline in its
revenues or profitability.

                       About J.K. Logistics

JKL, a licensed custom house agent, is engaged in providing
logistics services, such as freight forwarding, customs clearing,
brokerage, surface transportation, and warehousing. It was
established as a proprietorship concern in 2003 by Mr. Kirit
Vora, who looks after the overall operations of the concern. JKL
has its head office at Mumbai (Maharashtra) and branch offices
across Surat (Gujarat), Nagpur (Maharashtra), Jaipur (Rajasthan),
and Delhi.

JKL reported a profit after tax (PAT) of INR3.42 million on net
sales (clearing and forwarding income) of INR24.89 million for
2010-11 (refers to financial year, April 1 to March 31), as
against a PAT of INR3.23 million on net sales of INR23.42 million
for 2009-10.


KAIRAV CHEMICALS: CRISIL Assigns 'BB' Rating on INR22.5MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of Kairav Chemicals Ltd.

                        Amount
   Facilities          (INR Mln)           Ratings
   ----------          ---------           -------
   Cash Credit            22.5             CRISIL BB/Stable
   Letter of Credit       40               CRISIL A4+
   Proposed Long-Term     14.6             CRISIL BB/Stable
    Bank Loan Facility
   Term Loan               2.9             CRISIL BB/Stable

The ratings reflect KCL's average financial risk profile, marked
by a moderate gearing and healthy debt protection metrics, and
the benefits that the company derives from its association with
Astral Poly Technik Ltd (rated CRISIL A/Stable/CRISIL A1). These
rating strengths are partially offset by KCL's modest scale of
operations, volatile operating margins and exposure to risks
related to concentration of revenues in anti-inflammation drugs
segment.

Outlook: Stable

CRISIL believes that KCL will continue to benefit from its
longstanding relationships with its vendors and suppliers and
support from Astral; however, the company's scale of operations
is expected to remain modest because of its concentration in the
anti-inflammation drugs business. The outlook may be revised to
'Positive' if the company's scale of operations improves
significantly resulting in improvement in cash accruals while
maintaining its capital structure. Conversely, the outlook may be
revised to 'Negative' if the company's capital structure
deteriorates further due to working capital requirements or
deterioration in its operating margins.

                      About Kairav Chemicals

Incorporated by Mr. Sandeep Engineer in 1992, KCL is engaged in
production of diclofenac sodium, diclofenac potassium,
accelofenac and other speciality chemicals. The diclofenac
compounds and accelofenac are active pharmaceutical ingredients
(API) used by pharmaceutical manufacturers as one of the inputs
for non-steroidal anti-inflammatory (against inflammations),
anti-pyretic (against fever) and analgesic (against pain) drugs.
The clients of the company include companies like Cadilla, Intas
Pharmaceuticals Ltd and a number of smaller players. The company
has a manufacturing facility having a capacity of 360 Tonne per
annum at Santej in Gandhinagar, Gujarat. The manufacturing
facility of the company is ISO 9001:2000 certified and is also
state GMP compliant. Mr. Sandeep Engineer has also promoted
Astral Poly Technik Ltd (Astral), which manufactures and trades
CPVC and lead-free PVC plumbing systems for residential,
commercial, and industrial applications. KCL shares its
management with Astral.

For 2010-11 (refers to the financial year of April 1 to
March 31), KCL reported a profit after tax (PAT) of INR1.3
million on net sales of INR212.2 million against a PAT of INR15.9
million on net sales of INR328.8 million in the previous year.


K.G. INDUSTRIES: CRISIL Rates INR180MM Loans at 'CRISIL B'
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank loan facilities of K.G. Industries.

                        Amount
   Facilities          (INR Mln)           Ratings
   ----------          ---------           -------
   Cash Credit            170              CRISIL B/Stable
   Proposed Long-Term      10              CRISIL B/Stable
    Bank Loan Facility

The rating reflects KGI's weak financial risk profile, marked by
high gearing, small net worth, and weak debt protection metrics,
large working capital requirements, small scale of operations,
and susceptibility to adverse regulatory changes, vagaries of the
monsoon, and fluctuations in raw material prices and foreign
currency rates. These rating weaknesses are partially offset by
the extensive experience of KGI's promoters in the rice
processing industry, and the industry's healthy growth prospects.

Outlook: Stable

CRISIL believes that KGI's financial risk profile will remain
weak over the medium term because of its large working capital
requirements and small net worth. The outlook may be revised to
'Positive' in case KGI is able to achieve strong improvement in
its operating margin and scale of operations while maintaining
incremental working capital requirements. Conversely, the outlook
may be revised to 'Negative' if KGI's operating margin declines
further, adversely affecting overall profitability or in case of
any large, debt-funded capital expenditure programme.

                     About K.G. Industries

KGI is engaged in processing and sale of basmati rice. Its
facility in Jalalabad (district Bhatinda, Punjab) has a milling
and sortex capacity of 8 tonnes per hour. The firm processed
primarily non-basmati rice (parmal) until 2007-08 (refers to
financial year, April 1 to March 31). In January 2009, however,
the firm began processing basmati rice (1121 variety). The firm
also undertakes job-work. To support the processing of basmati
rice, the firm expanded its capacity (modernised its plants by
increasing capacity of sortex and other machineries) in 2008-09.


KINGFISHER AIRLINES: Founders May Convert INR15B Debt Into Equity
-----------------------------------------------------------------
Anirban Chowdhury at Dow Jones Newswires reports that the
founders of Kingfisher Airlines Ltd. may convert the INR15
billion they have lent to the airline into additional shares,
fulfilling a key demand from banks for more equity infusions.

Chief Executive Sanjay Aggarwal told Dow Jones that the airline
expects the debt conversion as well as additional funding from
external investors and more loans to help it raise
US$500 million to us$600 million in the next six to eight weeks.

"We are in talks with several investors in India and overseas,"
Dow Jones quotes Mr. Aggarwal as saying.  "Apart from that, our
founders have INR10 billion in loans with the airline and another
INR5 billion in optionally convertible debentures which can be
converted into equity."

Kingfisher's founders include liquor baron Vijay Mallya, United
Breweries (Holding) Ltd., Kingfisher Finvest India Ltd. and UB
Overseas Ltd.

Mr. Aggarwal said the founders have already converted
INR2 billion of debentures into equity, Dow Jones relays.

Mr. Aggarwal also told Dow Jones that Kingfisher is in talks with
two Indian investors to sell a total 24% stake to one or both the
parties.  Mr. Aggarwal didn't elaborate on the methods that could
be used to sell the stake, or the names of the investors, the
report notes.


LIBRA HYUNDAI: CRISIL Assigns 'B+' Rating to INR57.5MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Libra Hyundai.

                        Amount
   Facilities          (INR Mln)        Ratings
   ----------          ---------        -------
   Cash Credit           50             CRISIL B+/Stable
   Standby Line of        7.5           CRISIL B+/Stable
   Credit

The rating reflects Libra's weak financial risk profile, marked
by a small net worth, high total outside liabilities to total net
worth ratio, and weak debt protection metrics, and exposure to
intense competition in the automobile dealership market. These
rating weaknesses are partially offset by Libra's stable business
risk profile aided by its promoter's extensive industry
experience.

Outlook: Stable

CRISIL believes that Libra will continue to benefit over the
medium term from its established market position and comfortable
relationship with its supplier. The outlook may be revised to
'Positive' if the firm's revenues and profitability improve
significantly, while improving its capital structure. Conversely,
the outlook may be revised to 'Negative' if Libra's revenues and
profitability decline significantly, or if it undertakes any
large debt-funded capital expenditure programme, thereby
adversely affecting its capital structure.

                      About Libra Hyundai

Set up as a proprietorship concern by Mr. Sheo Narayan Singh in
Dhanbad (Jharkhand), Libra is an authorised dealer of passenger
cars manufactured by Hyundai Motor India Ltd (Hyundai). The firm
started operations in 2004 as a Hyundai dealer with one showroom.
Libra has received the letter of intent for a second dealership
in Dhanbad and proposes to open the new showroom by August 2012.

Libra reported a profit before tax (PBT) of INR4.3 million on
operating income of INR415.9 million for 2010-11 (refers to
financial year, April 1 to March 31), as against a PBT of INR3.4
million on operating income of INR352.6 million for 2009-10.


MANGLA APPARELS: Fitch Rates INR125 Million Credit Limit at 'BB'
----------------------------------------------------------------
Fitch Ratings has assigned Mangla Apparels India Private Limited
a National Long-Term rating of 'Fitch BB(ind)'.  The Outlook is
Stable.  MAIPL's INR125m cash credit limit has also been assigned
a rating of 'Fitch BB(ind)'.

The ratings reflect MAIPL's moderate, albeit growing, scale of
operations, as reflected in its revenue of INR521m for FY11
(financial year ending March) and INR360m in FY10.  The ratings
also reflect the company's high working capital requirements,
with net cash conversion cycle of 171 days in FY11 due to a high
inventory processing period of 117 days.  Other risks include the
competitive nature of the textile industry and low brand
recognition.

The ratings, however, draw comfort from MAIPL's four-year track
record of sound revenue growth (CAGR: 58.4% over FY07-FY11); it
merged in FY10 with family-owned textile firm M/S Shiv Narain
Devi Sahai.  The company also benefits from vertically integrated
operations by trading fabrics and manufacturing garments.  It has
a diversified distribution network across India for its garment
brand 'Crimsoune Club' and sells fabric mainly through agents and
also directly to retailers.  The company has mainly outsourced
its manufacturing operations; however, product designing and
quality control are performed in-house.  This enables MAIPL to
offer quality products at competitive prices.

The ratings benefit from the company's diversified customer
profile with small exposure to each customer in terms of sales
value and from MAIPL's presence in the stable domestic market
compared with export markets.  The company has maintained fairly
stable EBITDAR margins (FY11: 12.4%; FY10: 9.5%; FY09: 12.2%) due
to its ability to pass on raw material price hikes to customers
and source raw materials throughout the year.  The ratings are
also supported by MAIPL's moderate net financial leverage (FY11:
2.7x; FY10: 3.4x) and comfortable net fixed charge coverage
(FY11: 3.7x; FY10: 2.4x).

Negative rating guidelines include a fall in operating
profitability and/ or an increase in the working capital
requirements or debt-led capex leading to net financial leverage
exceeding 5.5x on a sustained basis.  Positive rating guidelines
include an improvement in profitability and increase in revenues
leading to a reduction in net financial leverage to below 2.5x on
a sustained basis.

Established in 2005, MAIPL manufactures garments and trades in
fabric. MAIPL sells its garments through three channels - multi-
brand outlets, shop-in-shop arrangement with five wardrobe
chains, namely Reliance Trends, Ritu Wears, Big life, Chunmun,
and Maya Lifestyle by Gitanjali group, and exclusive brand
outlets -- at four locations, Delhi, Moradabad, Dehradun, and
Kathmandu.  In FY11, MAIPL reported a net income of INR29.8m and
a total debt of INR165.4m, which mainly comprised of working
capital limit of INR70m and unsecured loans of INR94.7m.


MONO STEEL: CRISIL Assigns 'CRISIL BB+' Rating to INR750MM Loan
---------------------------------------------------------------
CRISIL assigned its 'CRISIL BB+/Stable/CRISIL A4+' ratings to the
bank facilities of Mono Steel (India) Limited.

                        Amount
   Facilities          (INR Mln)           Ratings
   ----------          ---------           -------
   Bank Guarantee         50               CRISIL A4+
   Buyer Credit Limit    350               CRISIL A4+
   Cash Credit           650               CRISIL BB+/Stable
   Term Loan             750               CRISIL BB+/Stable

The ratings reflect the extensive industry experience of the
promoters in the sponge iron industry and the company's above-
average financial risk profile marked by a moderate net worth, a
low gearing and satisfactory debt protection metrics. These
rating strengths are partially offset by the expected pressures
on Mono's profitability due to volatility in availability and
prices of iron ore and risks related to the on-going solar
project.

Outlook: Stable

CRISIL believes that Mono will continue to maintain its credit
risk profile marked by extensive experience of the promoters in
the sponge-iron industry and a strong financial risk profile. The
outlook may be revised to 'Positive' if Mono achieves higher than
expected profitability and/or revenues while maintaining its
current financial risk profile. Conversely, the outlook may be
revised to 'Negative' if Mono reports a significant decline in
its revenues or profitability, more than expected increase in
working capital requirements or more-than expected debt funded
capex leading to deterioration in its business risk and financial
risk profile.

                        About Mono Steel

Mono was set up in 1990 by Mr. Chimanbhai Shah and his brothers,
Mr. Jaysukhlal Shah and Mr. Bhupatrai Shah. It manufactures
sponge iron and billets. The company has manufacturing capacity
of 400 tonnes per day (tpd) for sponge iron and of 200 tpd for
billets, with both the facilities located in the same premises at
Anjar in Kutch (Gujarat). Mono has a waste heat recovery based
plant of 12-megawatt capacity for manufacturing sponge iron and
billets.

Mono reported net profit of INR163.9 million on net sales of
INR2943.2 million for 2010-11 (refers to financial year, April 1
to March 31), against a net profit of INR289.0 million on net
sales of INR2756.7 million for 2009-10.


PLASTI WEAVE: CRISIL Assigns 'CRISIL B' Rating to INR17MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Plasti Weave Industries.

                        Amount
   Facilities          (INR Mln)       Ratings
   ----------          ---------       -------
   Cash Credit           17            CRISIL B+/Stable
   Term Loan             65            CRISIL B+/Stable

The rating reflects PWI's constrained financial risk profile,
marked by small net worth and high gearing due to debt funded
capital expenditure plans and nascent stage of operations in a
fragmented industry. These rating weaknesses are partially offset
by the extensive experience of PWI's partners in manufacturing
and exporting High Density Polyethylene (HDPE)/ Poly Propylene
(PP) woven fabric and their funding support.

Outlook: Stable

CRISIL believes that PWI will continue to benefit over the medium
term from its partners' extensive industry experience. The
outlook may be revised to 'Positive' in case of significant
improvement in the firm's business risk profile on account of
ramp-up in scale of operations, along with improvement in
financial risk profile on account of improvement in capital
structure and more-than-expected profitability, leading to
increased cash accruals. Conversely, the outlook may be revised
to 'Negative' in case of larger-than-expected working capital
requirements, leading to weakening in financial risk profile and
liquidity.

                        About Plasti Weave

PWI was originally established in 1979 as a partnership firm by
Mr. B H Bapna and Mewar Polytex Ltd (MPL). However, the firm shut
its operations from 2008 and sold its assets to MPL. Later, in
the first quarter of 2011-12 (refers to financial year, April 1
to March 31), MPL decided to install new greenfield project for
manufacturing HDPE/ PP woven fabric unit under the Technological
Upgradation Fund Scheme (TUFS) scheme in Udaipur (Rajasthan) to
cater to the export fabric market. The size of the project
includes installation of tapeline plant of capacity of 3200
tonnes and 48 looms with total weaving capacity of 3000 tonnes.
The product of the firm finds its application in the packaging
industry, soil engineering industry, and multi-wall bags
industry.


SHAMLI SUGAR: CRISIL Puts 'CRISIL B-' Rating on INR9.8MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the bank
facilities of Shamli Sugar Works Pvt Ltd.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Cash Credit            65          CRISIL B-/Stable
   Term Loan               9.8        CRISIL B-/Stable

The rating reflects SSWPL's small scale of operations in the
intensely competitive steel long products industry, large working
capital requirements, and susceptibility to volatility in input
prices. These rating weaknesses are partially offset by SSWPL's
established local presence in the manufacturing of mild steel
(MS) ingots.

Outlook: Stable

CRISIL believes that SSWPL's current financial and business risk
profiles will remain weak over the medium term because of the
company's small scale of operations in the intensely competitive
steel long products industry; however, CRISIL also believes that
SSWPL will continue to benefit during this period from its
established local presence in the manufacturing of MS ingots. The
outlook may be revised to 'Positive' if SSWPL reports significant
growth in its revenues and profitability, and in case of equity
infusion improving its capital structure. Conversely, the outlook
may be revised to 'Negative' in case the company reports
deterioration in its capital structure because of aggressive,
debt-funded capital expenditure, or significant decline in its
profitability, or lower capacity utilisation because of weakening
demand.

                         About Shamli Sugar

SSWPL, set up in 1995 by Mr. Ankit Singhal, manufactures MS
ingots used in the rolling mills. It uses sponge, pig, and scrap
iron as raw materials to produce steel billets and ingots. It has
manufacturing capacity of 22,500 tonnes per annum of steel ingots
at its plant in Muzaffarnagar (Uttar Pradesh). The average
capacity utilisation of the plant over the past three years has
been around 57 per cent. The company has two blast furnaces; the
second one was installed in 2009-10 (refers to financial year,
April 1 to March 31).

SSWPL reported a net profit of INR4.35 million on net sales of
INR364.40 million for 2010-11, against a net profit of INR2.34
million on net sales of INR297.07 million for 2009-10.


SHANTI PULSES: CRISIL Assigns 'CRISIL B+' Rating to INR30MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Shanti Pulses.

                        Amount
   Facilities          (INR Mln)           Ratings
   ----------          ---------           -------
   Cash Credit             30              CRISIL B+/Stable
   Letter of Credit        30              CRISIL A4

The ratings reflect the Shanti group's exposure to risks related
to highly fragmented agricultural commodities (agro-commodities)
trading business and adverse changes in government regulations,
its below-average financial risk profile, marked by small net
worth, high gearing, and weak interest coverage ratio, and small
scale of operations. These rating weaknesses are partially offset
by the Shanti group's established position and its partners'
extensive experience in the business of trading pulses.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Shanti Udyog (SU) and SP, together
referred to as the Shanti group. The consolidated approach is
because both the firms have common partners and are in the same
line of business.

Outlook: Stable

CRISIL believes that SP will benefit over the medium term from
its established position in the Toor Daal trading and processing
business. The outlook may be revised to 'Positive' if there is a
significant and sustained improvement in the group's
profitability and revenue or significant capital infusion by the
partners, resulting in improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the
group's financial risk profile deteriorates substantially owing
to large withdrawal of capital or deterioration in working
capital management.

                        About the Group

SP was established as a partnership firm by Mr. Jagdeesh Mittal
and his brothers, Mr. Naresh Mittal and Mr. Satish Mittal. The
firm processes and trades in pulses, mainly Toor Daal. The firm
has two processing units; each unit has a capacity of 25 tonnes
per day (tpd).

The Mittal family has business interests in trading and
processing of food grains and pulses for long and has various
pulses mills in Khandwa (Madhya Pradesh), Akola and Jalgaon (both
in Maharashtra).

SP reported a profit after tax (PAT) of INR0.6 million on net
sales of INR354 million for 2010-11 (refers to financial year,
April 1 to March 31) against profit after tax (PAT) of INR0.7
million on net sales of INR951 million for 2009-10.


SHANTI UDYOG: CRISIL Places 'CRISIL B+' Rating on INR30MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Shanti Udyog.

                        Amount
   Facilities          (INR Mln)        Ratings
   ----------          ---------        -------
   Cash Credit            30            CRISIL B+/Stable
   Letter of Credit       30            CRISIL A4

The ratings reflect the Shanti group's exposure to risks related
to highly fragmented agricultural commodities (agro-commodities)
trading business and adverse changes in government regulations,
its below-average financial risk profile, marked by small net
worth, high gearing, and weak interest coverage ratio, and small
scale of operations. These rating weaknesses are partially offset
by the Shanti group's established position and its partners'
extensive experience in the business of trading pulses.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SU and Shanti Pulses (SP), together
referred to as the Shanti group. The consolidated approach is
because both the firms have common partners and are in the same
line of business.

Outlook: Stable

CRISIL believes that SU will benefit over the medium term from
its established position in the Urad Daal trading and processing
business. The outlook may be revised to 'Positive' if there is a
significant and sustained improvement in the group's
profitability and revenue or significant capital infusion by the
partners, resulting in improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the
group's financial risk profile deteriorates substantially owing
to large withdrawal of capital or deterioration in working
capital management.

                       About the Group

SU was established as a partnership firm by Mr. Jagdeesh Mittal
and his brothers, Mr. Naresh Mittal and Mr. Satish Mittal. The
firm processes and trades in pulses, mainly Urad Daal. The firm
has two processing units; each unit has a capacity of 25 tonnes
per day (tpd).

The Mittal family has business interests in trading and
processing of food grains and pulses for long and has various
pulses mills in Khandwa (Madhya Pradesh), Akola and Jalgaon (both
in Maharashtra).

SU reported a profit after tax (PAT) of INR0.6 million on net
sales of INR981 million for 2010-11 (refers to financial year,
April 1 to March 31), against a profit after tax(PAT) of INR0.7
million on net sales of INR956 million for 2009-10.


SREE GOURIPUTRA: CRISIL Assigns 'D' Rating to INR60MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities
of Sree Gouriputra Agro Products Pvt Ltd.

                        Amount
   Facilities          (INR Mln)        Ratings
   ----------          ---------        -------
   Cash Credit           55             CRISIL D
   Term Loan              5             CRISIL D

The rating reflects instances of delay by SGAPL in servicing its
debt; the delays have been caused by the company's weak
liquidity.

SGAPL also has a weak financial risk profile, marked by high
gearing, small net worth, and weak debt protection metrics, and
exposure to intense competition in rice milling industry. These
rating weaknesses are partially offset by the extensive industry
experience of SGAPL's promoters in rice milling industry.

                       About Sree Gouriputra

Incorporated in 2009, SGAPL mills and processes paddy into rice,
rice bran, broken rice, and husk. The company has an installed
paddy milling capacity of 10 tonnes per hour. Its rice mill is
located in Undrajavaram in West Godavari district (Andhra
Pradesh). SGAPL is promoted by Mr. Chakrapani Kudapa and his
family members.

SGAPL reported a profit after tax (PAT) of INR0.7 million on net
sales of INR222 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.3 million on net
sales of INR62 million for 2009-10.


SRI HARIHAR: CRISIL Assigns 'CRISIL B+' Rating to INR60MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Sri Harihar Industries.

                        Amount
   Facilities          (INR Mln)         Ratings
   ----------          ---------         -------
   Cash Credit            60             CRISIL B+/Stable
   Letter of Credit       10             CRISIL A4
   Term Loan              40             CRISIL B+/Stable

The ratings reflect SHI's small scale of operations, below-
average financial risk profile, marked by high gearing, small net
worth, and weak debt protection metrics, and highly working-
capital-intensive operations. These rating weaknesses are
partially offset by the extensive experience of SHI's management
and established clientele.

Outlook: Stable

CRISIL believes that SHI will benefit over the medium term from
the promoters' expereince and established relationship with its
clientele. The outlook may be revised to 'Positive' if the firm
significantly scales up its operations, while maintaining its
profitability. Conversely, the outlook may be revised to
'Negative' if SHI contracts larger-than-expected debt to fund
ongoing capital expenditure plan, leading to weakening in its
financial risk profile, or if there is an increase in the firm's
working capital requirement.

                    About Sri Harihar Industries

SHI was established as a proprietorship firm of Blaumann Agencies
Pvt Ltd (BAPL) in 1994. BAPL is a family-owned company founded in
1988 by Mr. S P Agarwal. SHI, based at Kolkata (West Bengal),
manufactures and exports narrow woven fabrics, such as plain
tapes and elastic tapes. These tapes are used in the manufacture
of hosiery.

SHI reported a profit after tax (PAT) of INR2 million on net
sales of INR182 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR1 million on net
sales of INR146 million for 2009-10.


T & T MOTORS: Fitch Migrates Rating on Three Loan Classes to 'BB'
-----------------------------------------------------------------
Fitch Ratings has migrated India-based T & T Motors Limited's
'Fitch BB(ind)' National Long-Term rating with a Stable Outlook
to the non-monitored category.  This rating will now appear as
'Fitch BB(ind)nm' on the agency's website.

The ratings have been migrated to the non-monitored category due
to lack of adequate information and Fitch will no longer provide
ratings or analytical coverage of TTML.  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 TTML's following bank loan ratings to the
non-monitored category:

  -- INR377.5m term loans: migrated to 'Fitch BB(ind)nm' from
     'Fitch BB(ind)'

  -- INR360.4m fund-based working capital limits: migrated to
     'Fitch BB(ind)nm'/'Fitch A4+(ind)nm' from 'Fitch
     BB(ind)'/'Fitch A4+(ind)'

  -- INR25m non fund-based working capital limits: migrated to
     'Fitch BB(ind)nm'/'Fitch A4+(ind)nm' from 'Fitch
     BB(ind)'/'Fitch A4+(ind)'


VANTECH CHEMICALS: CRISIL Puts 'BB' Rating on INR17.5MM Credit
--------------------------------------------------------------
CRISIL has upgraded its rating on Vantech Chemicals Ltd's long-
term bank facilities to 'CRISIL BB/Stable' from 'CRISIL BB-
/Stable' and reaffirmed its rating on VCL's short-term bank
facilities at 'CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)         Ratings
   ----------          ---------         -------
   Cash Credit           17.5            CRISIL BB/Stable
   Letter of Credit      20.5            CRISIL A4+
   Bank Guarantee         1.0            CRISIL A4+
   Long-Term Loan        10.0            CRISIL BB/Stable

The rating upgrade reflects expected improvement in the business
and financial risk profiles of VCL on account of its recently
enhanced manufacturing capacities and addition of new clients.
The company's manufacturing capacities have been doubled in 2010-
11 (refers to financial year, April 1 to March 31) at a cost of
around INR80 million. These new capacities have supported the
increase in revenues, to INR369 million in 2010-11, a year-on-
year growth of over 80 per cent. The manufacturing facilities are
currently utilised at around 50 per cent, but CRISIL believes
that this will improve over the medium term, supported by vast
product profile and addition of new customers. VCL has added new
customers such as Pradeep Phosphates Ltd, Dupont India Pvt Ltd,
and FMC India Pvt Ltd in 2010-11.

The ratings reflect VCL's moderate financial risk profile, marked
by healthy gearing and debt protection metrics, and the benefits
that the company derives from its promoters' extensive industry
experience, and its established customer relationships. These
rating strengths are partially offset by VCL's modest scale of
operations and installed capacities, customer concentration in
revenue profile, and the susceptibility of its revenues and
profitability to the vagaries of the monsoon.

Outlook: Stable

CRISIL believes that VCL will continue to benefit over the medium
term from its promoters' industry experience and established
customer relationships. The outlook may be revised to 'Positive'
in case the company achieves significant improvement in the
company's revenues, driven by enhancement in capacities, while
maintaining its profitability and diluting the concentration of
customers in its revenue profile. Conversely, the outlook may be
revised to 'Negative' if there is decline in revenues due to
decline in off-take from key customers, if VCL undertakes a
large, debt-funded capital expenditure programme, or faces an
unfavourable outcome from its outstanding litigation with the
excise department.

                     About Vantech Chemicals

Set up in 1994 by Mr. J A Rama Rao in Hyderabad (Andhra Pradesh),
VCL manufactures pesticides. The company has annual capacities to
manufacture 5000 kilolitres of liquid formulations, 5000 tonnes
of wettable powders, and 12,000 tonnes of granules. It also
undertakes job-work for manufacturing various pesiticides for
some of its customers. In 2010-11, VCL generated around 11 per
cent of its revenues from job-work contracts. It has entered into
three-year agreement with Dupont India Pvt Ltd (Dupont;
subsidiary of the US based E I DuPont de Nemours & Co; rated
'A/Stable/A-1' by Standard & Poor's) on January 2010 for supply
of Ferterra (an insecticide for paddy).

VCL reported a profit after tax (PAT) of INR25.3 million on a
turnover of INR369.0 million for 2010-11, against a PAT of
INR11.2 million on a turnover of INR199.2 million for 2009-10.


VEDANTA RESOURCES: Fitch Affirms Issuer Default Rating at 'BB+'
---------------------------------------------------------------
Fitch Ratings has affirmed Vedanta Resources Plc's Long-Term
Issuer Default Rating (IDR) at 'BB+', following its proposed
reorganisation The Outlook is Stable.

Fitch believes the reorganisation will reduce the extent of debt
to be serviced to USD3.8bn from the current USD9.7bn at the
holding company and, in turn, reduce dividend leakages from some
of the operating entities (mainly Sesa Goa Ltd and Sterlite
Industries Limited) to Vedanta.

The agency notes that debt at Vedanta increased significantly
post the acquisition of Cairn India Ltd (CIL) to USD9.7bn at end-
December 2011 and USD6.8bn at end-September 2011 from USD5.1bn at
end-March 2011.  The proposed reorganisation, to an extent,
limits the higher debt burden placed at the holdco level, besides
simplifying the overall corporate structure.

Post-reorganisation, Sesa Goa will be merged with Sterlite
Industries to form Sesa-Sterlite (SS).  Total gross debt at SS
level will be USD13.5bn, and consolidated EBITDA (including CIL's
full year financials) was USD5.3bn for the full year ended
December 2011.  The Sesa-Sterlite entity would include the
current businesses of Sterlite Industries ('Fitch AA+(ind)'),
Sesa Goa, Madras Aluminium Company Ltd, and Vedanta Aluminium
Ltd's (VAL, 'Fitch A-(ind)'/Stable) aluminium business.
Vedanta's 38.8% holding of CIL will also be transferred to SS,
along with its debt of USD5.9bn.

The company estimates that the combined entity will receive cost
synergies of USD200m annually, due to operational and tax-related
benefits.  Fitch notes that most of the EBITDA and cash balance
will be at Hindustan Zinc Ltd, which is currently 64.9% owned by
Sterlite Industries, as well as at CIL, which is 20.1%-owned by
Sesa Goa.  Post reorganisation, Hindustan Zinc and CIL will be
held 64.9% and 58.9%, respectively, by the new proposed SS.

The transaction will require regulatory and shareholder approvals
at various companies.  The company estimates the reorganisation
to be completed by end-2012.  Until the reorganisation has been
implemented, the USD9.7bn debt at Vedanta would entail interest
servicing of around USD500m.  The debt is likely to be serviced
through dividend receipt and share buybacks carried out at key
subsidiaries.

The ratings reflect Vedanta's continued leadership in across
various metals such as zinc, iron ore and aluminium.  The company
also has one of the lowest costs of production at its zinc and
iron ore operations.  Fitch notes that profitability at the iron
ore operations has recently been impacted by regulatory sanctions
and increase in export duties.  The ratings also reflect
significant cash generation at CIL, with its largest field in
Rajasthan consistently producing 125,000 barrels of oil per day
(bopd).  CIL aims to achieve a total production of 175,000 bopd
by end-March 2012.

Any fresh capex/ investments andr major debt-led acquisition
impacting credit metrics and increasing operating risks could put
pressure on the ratings.  A net adjusted debt/operating EBITDAR
above 2.75x on a sustained basis may be negative for the ratings.
A sustained de-leveraging of the company leading to a net
adjusted debt/operating EBITDAR below 2x on a sustained basis may
be positive for the ratings.

For 9MFY12, Vedanta had revenues of around USD10bn (9MFY11:
USD7.6bn), and EBITDA of USD2.6bn (USD2.2bn).  Its zinc
operations were the strongest performer, which had revenues of
USD2.5bn (USD1.5bn) and EBITDA of USD1.2bn (USD0.8bn).

Vedanta Resources Plc, UK

  -- USD1.25bn senior unsecured bonds: affirmed at 'BB'
  -- USD1.65bn senior unsecured bonds: affirmed at 'BB'
  -- USD180m senior unsecured loan facility: affirmed at 'BB'

Twinstar Holdings Ltd, Mauritius

  -- USD150m unsecured loan facility backed by an unconditional,
     irrevocable guarantee of Vedanta Resources Plc: affirmed at
     'BB'


ZENITH INFOTECH: Bondholders Files Wind-Up Petition After Default
-----------------------------------------------------------------
Business Standard reports that creditors of Zenith Infotech have
moved the Bombay High Court with a plea to liquidate the company
to enable the recovery of INR450 crore due to them.  Bank of New
York Mellon, the trustee of these lenders who hold two tranches
of FCCBs (foreign currency convertible bonds), moved a winding-up
petition after failing in their earlier efforts to recover the
dues.

Business Standard relates that the court began hearing the
petition last week, and has since adjourned the case to the first
week of March after Zenith sought time.  QVT Advisors, which
played a leading role in the move against Wockhardt Ltd, are the
biggest creditors and are at the forefront in this case too, the
report notes.

According to the report, Zenith's troubles began in September
last year, when the first tranche of FCCBs it had issued in 2006
came up for repayment.  Business Standard notes that the company
had issued bonds worth $33 million at a conversion price of
INR310. The stock price was well below this level on the maturity
date of September 21, 2011, prompting the lenders to demand
repayment, the report says. But the company cited cash flow
issues and did not arrange payment. In an exchange filing,
Business Standard relates, the company said it had defaulted.

This failure triggered a cross default provision under which the
second tranche of bonds issued in 2007 at a conversion rate of
INR522 and due to mature in August 2012 is also being considered
defaulted, the report discloses. The second tranche, which was
for $50 million, has taken the total claims of creditors to
INR450 crore, says Business Standard.

"A winding-up petition has been filed by some bondholders due to
a cross-default situation," a senior official told Business
Standard. "We are confident that the court will not give a
winding-up order and we should come at a solution through
negotiation."

According to Business Standard, the company's officials also
derive comfort from the fact that Ernst & Young had recently, on
the court's direction, valued the firm's cloud/back-up storage
business at INR598 crore and that it has over 1,000 people on its
rolls.

However, the report says, bondholders contend the question of
negotiation does not arise since the company has enough cash in
its books to cover the loans.  The lenders said Zenith had, on
the date of maturity of bonds, cash and current assets worth
INR150 crore. "Our concern with Zenith is that the company,
despite having cash on books, does not want to pay up the
bondholders," the report quotes a bondholder as saying.  "We have
renegotiated in cases where a promoter has a genuine fund issue
or needs support. But Zenith is showing no intent to pay up."

                      About Zenith Infotech

Zenith Infotech Ltd -- http://www.zenithinfotech.com/--
specializes in delivering innovative business continuity and
cloud computing solutions for IT service providers.


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


LIPPO KARAWACI: S&P Upgrades Corp. Credit Rating to 'BB-'
---------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate
credit rating on Indonesia-based property developer PT Lippo
Karawaci Tbk. to 'BB-' from 'B+'. The outlook is stable. "We also
raised our issue rating on the company's $395.6 million senior
unsecured notes due 2015 to 'BB-' from 'B+'. Sigma Capital Pte
Ltd., a special purpose vehicle wholly owned by Lippo Karawaci,
issued the notes. At the same time, we assigned our 'axBB+' ASEAN
regional scale rating to Lippo Karawaci," S&P said.

"We raised the rating because we expect Lippo Karawaci's strong
operating performance to continue in the next 12 to 24 months.
Strong economic growth in Indonesia has resulted in robust demand
for Lippo Karawaci's properties and healthcare services, and
increased occupancy at its hotels and shopping malls. We
anticipate that the company's profitability will remain stable
and that borrowings could grow at a slower pace in 2012," S&P
said.

"We believe Lippo Karawaci can sustain the improvement in its
financial leverage," said Standard & Poor's credit analyst Wee
Khim Loy. "The company's recurring income from leasing
properties, property management, and dividends from its
investments also provide greater stability to its cash flows."

"We view Lippo Karawaci's aggressive expansion appetite as a
rating weakness. Higher capital expenditure could result in
borrowings that are higher than what we assumed in our base-case
scenario. The company's good financial flexibility tempers this
weakness," S&P said.

"We believe Lippo Karawaci's property development business
underpins the rating. The company has a good market position, a
long track record, and satisfactory profitability. We expect the
property development segment to continue to grow, primarily due
to good sales in three projects: Kemang Village, St. Moritz, and
Lippo Cikarang in Indonesia," S&P said.

"The stable outlook reflects our expectation that Lippo
Karawaci's strong growth from its property development and
healthcare businesses, stable profitability, and good financial
flexibility will translate to financial performance appropriate
for a 'BB-' rating in the next 12 months," said Ms. Loy. "We
expect the company to maintain a debt-to-EBITDA ratio of less
than 4x in 2012, compared with an average of 4.7x in the past
three years."

"We could lower the rating if Lippo Karawaci's expansion is more
aggressive than we expected and debt funded. We could also
downgrade the company if its revenues and profitability
deteriorate. This could occur if a significant slowdown in
Indonesia's economy or a sharp increase in interest rates reduces
the demand for properties and healthcare services. We consider a
lease-adjusted debt-to-EBITDA ratio of more than 4.5x to be a
downward trigger," S&P said.

"The potential upside to the rating is limited at this time.
However, we could upgrade Lippo Karawaci if: (1) the company
expands its business scale and diversity; and (2) it improves the
income contributions from stable and less cyclical businesses
such as healthcare, property leasing, and property management,"
S&P said.


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


ELPIDA MEMORY: To Draw Up Rehabilitation Plan in Six Weeks
----------------------------------------------------------
According to Reuters, the Nikkei reported that Elpida Memory Inc.
will draw up a rehabilitation plan within six weeks as it works
to slash debt quickly to appeal to potential turnaround sponsors.

Reuters relates that the business daily said the world's third
largest maker of dynamic random access memory chips hoped to get
back on its feet by deciding on a sponsor firm by mid-April, but
might face problems because it filed for bankruptcy without
consulting key lenders first.

The rehabilitation plan will include specifics such as the
percentage of debt the company will repay.  Yukio Sakamoto is to
stay on as president if key creditors approve, the newspaper, as
cited by Reuters, reported.

                        About Elpida Memory

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

Elpida Memory, Inc., and its consolidated subsidiary, Akita
Elpida Memory, Inc., filed for corporate reorganization
proceedings in Tokyo District Court on Feb. 27.

Atsushi Toki, Attorney-at-Law, has been appointed by the Tokyo
Court as Supervisor and Examiner in the case.

Elpida said liabilities totaled JPY448.03 billion
(US$5.52 billion, at the end of March 2011.


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


HANOVER FINANCE: Judge Rejects Crown "Sham" Trust Claim
-------------------------------------------------------
Hamish Fletcher at nzherald.co.nz reports that a Crown claim that
a trust linked to former Hanover Finance director Mark Hotchin is
a "sham" has been rejected and struck out by the Chief High Court
Judge.

But Justice Helen Winkelmann said a claim against a different
trust associated with the former Hanover director has "sufficient
particulars to support an arguable case of sham," nzherald.co.nz
says.

According to the report, the trusts involved in Justice
Winkelmann's decision, KA3 and KA4, were frozen by the Securities
Commission (now the Financial Markets Authority) along with Mr.
Hotchin's New Zealand-based assets in December 2010.

nzherald.co.nz relates that the asset preservation orders were
put in place to ensure if any investors wished to take civil
action against the former Hanover director, money would be
available should they win.

During Mr. Hotchin's appeal against the freezing orders last
February, the FMA argued the trusts held property as bare
nominees, or that they were shams, and the properties in reality
were owned by the former Hanover director, the report says.

After the appeal, nzherald.co.nz recalls, Justice Winkelmann kept
the freezing orders against Mr. Hotchin in place but revoked some
of those over KA3 and KA4.

However, her decision on the appeal said she could not follow the
FMA's argument that the trusts were a sham, or emerging sham, and
asked it to file an amended statement of claim setting out its
case more clearly, nzherald.co.nz relates.

In the High Court at Auckland in November, says nzherald.co.nz,
the FMA put the sham argument forward again and said there had
been no intention to create legitimate trusts when KA3 and KA4
were set up in 1999 and 2003.

According to nzherald.co.nz, FMA lawyer Kristy McDonald, QC,
alleged the trusts were set up to conceal Hotchin's "continued
enjoyment" of normal ownership of trust property.

The assets in KA4 include a multimillion dollar mansion in
Paritai Drive, and in KA3 a Waiheke holiday home with its own
private beach, the report adds.

                 About Hanover Finance Limited

Hanover Finance Limited -- http://www.hanover.co.nz/-- is
New Zealand's third-largest privately-owned finance company with
total assets of NZ$796 million at December 31, 2007.  The company
was established in 1984 to provide finance to the rural sector
and began lending to property developers and investors in 1995.
The loan portfolio has been gradually downsized since 2006 as a
result of a more cautious approach to lending in the face of
retail funding constraints.

Hanover Finance's investors in December 2008 voted in favor of
the company's Debt Restructure Proposals, including a plan to
fully repay NZ$552.6 million principal it owes over five years.
However, Hanover Finance said in November 2009 it is no longer
likely to fully repay investors under a debt restructuring plan
due to a deterioration in the commercial property development
market, a TCR-AP report on Nov. 12, 2009, said.

In December 2009, investors agreed to swap their Hanover
interests for shares in Allied Farmers Ltd.

The Serious Fraud Office commenced an investigation into the
affairs of Hanover Finance Ltd in September 2010 after
considering complaints received from the Securities Commission,
Allied Farmers and others.


KITCHEN HOUSE: Customers May Lose Deposits, Receiver Says
---------------------------------------------------------
Christopher Adams at nzherald.co.nz reports that Kitchen House
receiver said some customers who made deposits with the retailer
before its collapse will find themselves out of pocket.

nzherald.co.nz relates that receiver Grant Graham of KordaMentha
said about 20 customers were affected.  Thirty-five Kitchen House
staff have also lost their jobs, the report says.

According to the report, Mr. Graham said the receivers were
working with affected customers on a case-by-case basis.

In some cases, kitchens were "well advanced" and would be
completed, the report relays.

"But there will definitely be some who will be out of pocket,"
the report quotes Mr. Graham as saying.  "They will have a claim
against the company because they have advanced sums [money] ahead
of production."

Kitchen House was owned by Auckland-based furniture maker
Criterion Group, which went into receivership at the end of
January, reportedly owing NZ$11 million.  About 180 Criterion
staff members have been out of a job since its collapse and have
not received any redundancy pay, nzherald.co.nz discloses.

The report relates that Mr. Graham said his prime focus was
selling Criterion and Kitchen House as going concerns, and also
seeing how much cash could be generated from selling plant and
equipment.  Kitchen House had a plant located within Criterion's
facilities in East Tamaki.

Mr. Graham, as cited by nzherald.co.nz, said that whether staff
of the two businesses received outstanding wages would depend on
how much cash was raised from selling stock and how much was
money was received from debtors.

Kitchen House manufactures cabinets, bench tops and doors. It has
six retail sites around the North Island.

CGKH Ltd, which traded as Kitchen House, said in a statement that
was been placed in receivership on Feb. 22, 2012.  The company
owes creditors NZ$2.4 million.


OTAGO RUGBY: Rugby Mascot on Hikoi to Help Save Rugby Union
-----------------------------------------------------------
Fairfax NZ News reports that larger than life rugby mascot Hori
BOP is embarking on a 1,300km hikoi to help save the Otago Rugby
Football Union.

The Tauranga resident -- real name Terry Leaming -- is hitch-
hiking to Dunedin Wednesday after hearing news of Otago rugby's
NZ$2 million debt crisis with a last-ditch bid to save the union
from extinction.

"New Zealand rugby without Otago? That's like Hori BOP without a
pie in his mouth!," the news agency quotes Mr. Leaming as saying.
"Otago is a vital part of New Zealand rugby and the whole country
has got to get behind them to make sure they stay a part of it.
We just can't allow them to fold -- the NZRU and the rugby
community have got to step up and save our southerners."

That's also his slogan for the trip.  Mr. Leaming left Tauranga
Wednesday morning with a collection bucket and a trusty hitching
thumb that hasn't been used in 30 years, Fairfax NZ reports.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 29, 2012, Otago Daily Times said the Otago Rugby Football
Union will cease trading today, March 2, saddled with debts of
more than NZ$2.2 million, with no ability to repay them.  The
union's annual meeting on Monday night heard the union had posted
a loss last year of NZ$862,000, and may not be able to field a
team in this year's ITM Cup, ODT said.  According to the report,
Union chairman Wayne Graham said the union had no other option
but to cease trading and would apply to the High Court today to
put itself in liquidation.

Based in Dunedin, the Otago Rugby Football Union --
http://www.orfu.co.nz/-- is the official governing body of rugby
union for the Otago Region of New Zealand.


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