TCRAP_Public/120307.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

           Wednesday, March 7, 2012, Vol. 15, No. 48

                            Headlines


A U S T R A L I A

SMART SERIES: Fitch Puts Rating on AUD11.81-Mil. Notes at 'BB'


H O N G  K O N G

BEKKERT COMPANY: Placed Under Voluntary Wind-Up Proceedings
CHARTERMATE TECHNOLOGIES: Final Meetings Set for April 10
CHIPNUTS TECHNOLOGY: Annual Meetings Set for April 3
EVERWISE DEVELOPMENT: Commences Wind-Up Proceedings
GLOBAL MODA: Creditors' Proofs of Debt Due April 5

INVESTMENTS LIMITED: Creditors' Proofs of Debt Due April 2
LIBERTY PACIFIC: Creditors' Proofs of Debt Due April 2
OMNIA PRODUCT: Members' Final General Meeting Set for April 10
SUN HOLY: Sole Member' Final Meeting Set for April 3
YOBE TOYS: Creditors' Meeting Set for March 16


I N D I A

AGGARSAIN FIBRES: CARE Reaffirms 'BB+' Rating on INR11.9cr Loan
AIR INDIA: Unpaid Pilots to Fly on "Cash-and-Carry" from April 1
A-ONE INDUSTRIES: Fitch Migrates Nat'l Long-Term Rating to 'BB'
B.N.T. CONNECTIONS: Fitch Affirms Nat'l Long-Term Rating at 'B-'
B.N.T. INNOVATIONS: Fitch Affirms Nat'l Long-Term Rating at 'B-'

D. RAJA COTTON: CARE Rates INR30.25cr Long-Term Loan at 'CARE B'
GUJARAT BOROSIL: Fitch Cuts Nat'l LT Rating to B+, Outlook Neg.
JUBILEE HILLS: Inadequate Info Cues Fitch to Withdraw Ratings
KINGFISHER AIRLINES: TPG, Blackstone, Cerberus Eye Airline Stake
KUTTY FLUSH: Fitch Withdraws 'Low-B' Rating on Bank Loans

MERCHANT PLC: Fitch Affirms Nat'l Long-Term Rating at 'BB+'
MOSER BAER: Liquidity Constraints Cue CARE to Assign 'B' Ratings
MOSER BAER INDIA: CARE Assigns 'CARE B' Rating to INR1,150cr Loan
MOSER BAER SOLAR: CARE Assigns 'B' Rating to INR998.49cr Loan
PADAM SHREE: CARE Assigns 'CARE BB-' Rating to INR7cr LT Loan

PRADIP OVERSEAS: CARE Cuts Rating on INR322.29cr Loan to 'CARE C'
RAJA INDUSTRIES: CARE Places 'CARE B+' Rating on INR45cr Loan
RIBA TEXTILES: Timely Debt Payment Cues Fitch to Upgrade Rating
SINGH CASUALS: CARE Assigns 'CARE BB-' Rating to INR0.12cr Loan
SURAJ CONSTRUCTION: Inadequate Info Cues Fitch to Withdraw Rating

SWARNALATHA AGRITECH: CARE Rates INR9cr Loan at 'CARE B'
TA INFRA: CARE Reaffirms 'CARE D' Long-Term Bank Loan Rating
TOYOTA CONSTRUCTION: CARE Reaffirms BB Rating to INR10.1cr Loans
VARAM BIO-ENERGY: Strain Liquidity Cues CARE Junk Ratings


J A P A N

AIJ INVESTMENT: Japan to Require Asset Manager External Audits
AIJ INVESTMENT: Execs Likely to Face Charges Over Falsified Docs


N E W  Z E A L A N D

FIVE STAR: Judge to Decide on Guilty Plea Reversal Bid This Month
OTAGO RUGBY: Liquidation Put on Hold as Possible Lifeline Emerges


P H I L I P P I N E S

BANCO FILIPINO: BSP Seeks to Overturn CA Decision to Reopen Bank


S I N G A P O R E

FIRST SHIP: Fitch Downgrades Issuer Default Rating to 'B'
JURONG MACHINERY: Creditors' Proofs of Debt Due April 2
KOMARS ENTERPRISE: Court to Hear Wind-Up Petition on March 16
LINCOLN BUSINESS: Court to Hear Wind-Up Petition on March 23
SIN LEONG: Court Enters Wind-Up Order

THIRD WIND: Court Enters Wind-Up Order


S R I  L A N K A

EDIRISINGHE TRUSTE: Fitch Affirms Nat'l Long-Term Rating 'BB-'


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


SMART SERIES: Fitch Puts Rating on AUD11.81-Mil. Notes at 'BB'
--------------------------------------------------------------
Fitch Ratings has assigned SMART Series 2012-1US Trust's notes
expected ratings.  The transaction is an asset-backed
securitization backed by Australian automotive lease receivables
originated by Macquarie Leasing Pty Limited.

  -- USD100m Class A-1 notes: 'F1+(exp)sf'
  -- USD145m Class A-2 (a & b) notes: 'AAA(exp)sf'; Outlook
      Stable
  -- USD165m Class A-3 (a & b) notes: 'AAA(exp)sf'; Outlook
      Stable
  -- USD90m Class A-4 (a & b) notes: 'AAA(exp)sf'; Outlook Stable
  -- AUD10.5m Class B notes: 'AA(exp)sf'; Outlook Stable
  -- AUD14.44m Class C notes: 'A(exp)sf'; Outlook Stable
  -- AUD13.13m Class D notes: 'BBB(exp)sf'; Outlook Stable
  -- AUD11.81m Class E notes: 'BB(exp)sf'; Outlook Stable
  -- AUD7.88m seller notes: not rated

The final ratings are contingent on receipt of final documents
conforming to information already received.

The notes will be issued by Perpetual Trustee Company Limited as
trustee for SMART Series 2012-1US Trust.  The latter is a legally
distinct trust established pursuant to a master trust and
security trust deed.

"SMART Series 2012-1US Trust marks Macquarie Leasing's fifth
transaction to be issued in the US market," said Ben Newey,
Director in Fitch's Structured Finance team.  "Lease receivables
originated by Macquarie Leasing have continued to perform well
with the 30+days arrears, tracking well below 1%.  This can be
attributed to the portfolio's diversification across various
industries."

The expected ratings of the Class A notes are based on the
quality of the collateral; the 11% credit enhancement provided by
the subordinate Class B, C, D, and E notes, the unrated seller
notes and excess spread.  It also reflects the liquidity reserve
account sized at 1% of the aggregate invested amount of the notes
at closing; the interest rate swap arrangement the trustee has
entered into with Macquarie Bank Ltd ('A+'/RWN/'F1'); and
Macquarie Leasing Pty Ltd's lease underwriting and servicing
capabilities.

The expected ratings on the other classes of notes are based on
all the strengths supporting the Class A notes, excluding their
credit enhancement levels, but including the credit enhancement
provided by each class of notes' respective subordinate notes.

At the cut-off date, Macquarie Leasing's representative
collateral portfolio consisted of 24,897 leases totalling
AUD867.5m with an average size of AUD34,844.  The pool comprises
passenger and light commercial vehicle lease receivables from
Australian residents across the country, consisting of amortizing
principal and interest leases with varying balloon amounts
payable at maturity.  The weighted average balloon payment for
the portfolio is 29.7% of leases' current balance.  The majority
of leases consist of novated contracts (64%), where the lease is
novated to the employer in salary packaging arrangements.

Historical gross loss rates by quarterly vintage on passenger
vehicle and truck leases range between 0.6% and 1.5%, and between
0.5% and 5%, respectively.


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


BEKKERT COMPANY: Placed Under Voluntary Wind-Up Proceedings
-----------------------------------------------------------
At an extraordinary general meeting held on Feb. 20, 2012,
creditors of Bekkert Company Limited resolved to voluntarily wind
up the company's operations.

The company's liquidator is:

         Gabardi Vittorio Luigi
         Rooms 1801-1805, Hua Qin International Building
         340 Queen's Road
         Central, Hong Kong


CHARTERMATE TECHNOLOGIES: Final Meetings Set for April 10
---------------------------------------------------------
Members and creditors of Chartermate Technologies (Hong Kong)
Limited will hold their final meetings on April 10, 2012, at
10:00 a.m., and 10:30 a.m., respectively at Unit A, 5/F, CKK
Commercial Centre, 289 Hennessy Road, Wanchai, in Hong Kong.

At the meeting, Chiu Fan Wa, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


CHIPNUTS TECHNOLOGY: Annual Meetings Set for April 3
----------------------------------------------------
Members and creditors of Chipnuts Technology (HK) Limited will
hold their annual meetings on April 3, 2012, at 3:00 p.m., and
3:30 p.m., respectively at Room 1601-1602, 16th Floor, One Hysan
Avenue, Causeway Bay, in Hong Kong.

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


EVERWISE DEVELOPMENT: Commences Wind-Up Proceedings
---------------------------------------------------
Members of Everwise Development Limited, on March 2, 2012, passed
a resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Lee King Yue
         72-76/F, Two International Finance Centre
         8 Finance Street
         Central, Hong Kong


GLOBAL MODA: Creditors' Proofs of Debt Due April 5
--------------------------------------------------
Creditors of Global Moda Sourcing Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by April 5, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Feb. 21, 2012.

The company's liquidator is:

         Tong Lap Hong
         Unit 501, 5/F
         Mirror Tower, 61 Mody Road
         Tsimshatsui East
         Kowloon, Hong Kong


INVESTMENTS LIMITED: Creditors' Proofs of Debt Due April 2
----------------------------------------------------------
Creditors of Investments Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
April 2, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Feb. 21, 2012.

The company's liquidator is:

         Padraig Liam Walsh
         19th Floor, Cheung Kong Center
         2 Queen's Road
         Central, Hong Kong


LIBERTY PACIFIC: Creditors' Proofs of Debt Due April 2
------------------------------------------------------
Creditors of Liberty Pacific Direct Investments Limited, which is
in members' voluntary liquidation, are required to file their
proofs of debt by April 2, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Feb. 21, 2012.

The company's liquidator is:

         Padraig Liam Walsh
         19th Floor, Cheung Kong Center
         2 Queen's Road
         Central, Hong Kong


OMNIA PRODUCT: Members' Final General Meeting Set for April 10
--------------------------------------------------------------
Members of Omnia Product Limited will hold their final general
meeting on April 10, 2012, at 10:00 a.m., at C/Balmes, 65 2a
Planta, 08007 Barcelona, in Spain.

At the meeting, Ivan Cabeza Mora, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


SUN HOLY: Sole Member' Final Meeting Set for April 3
----------------------------------------------------
Sole Member of Sun Holy Enterprises Limited will hold their final
meeting on April 3, 2012, at 11:00 a.m., at 19A Entertainment
Building, at 30 Queen's Road Central, in Hong Kong.

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


YOBE TOYS: Creditors' Meeting Set for March 16
----------------------------------------------
Creditors of Yobe Toys Limited will hold their meeting on
March 16, 2012, at 3:00 p.m., for the purposes provided for in
Sections 228A(8), 242, 243, 244 and 255A of the Companies
Ordinance.

The meeting will be held at Room 2301, 23/F, Ginza Square, at
565-567 Nathan Road, Yaumatei, Kowloon, in Hong Kong.


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


AGGARSAIN FIBRES: CARE Reaffirms 'BB+' Rating on INR11.9cr Loan
---------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Aggarsain Fibres Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       11.90     CARE BB+ Reaffirmed

Rating Rationale

The rating continues to remain constrained by the modest scale of
operations of Aggarsain Fibres Ltd. and weak financial risk
profile marked by low profit margins, weak solvency position,
stressed debt coverage indicators and liquidity position. The
rating also continues to be constrained by vulnerability to
fluctuation in raw material prices and working-capital intensive
nature of operations in the fragmented and highly competitive
cotton yarn manufacturing industry.

However, the rating continues to derive strength from wide
experience of the promoters of AFL in the agro business and
location advantage on account of proximity to the cotton growing
region.

Increase in level of operations in light of competitive nature of
the industry, ability of AFL to manage volatility associated with
cotton prices and improvement in the financial risk profile are
the key rating sensitivities.

                        About Aggarsain Fibres

Punjab based Aggarsain Fibres Ltd. was incorporated in 2004 by
Mr. Vijay Garg. The operations are mainly looked after by the
current Managing Director, Mr Pradeep Kumar Goyal. The company
commenced its operations in May 2007 by setting up a unit at
Samana (Punjab) with the initial installed capacity of 12,000
spindles for manufacturing cotton yarn which has increased to
20,000 spindles as on March 31, 2011. The company produces cotton
yarn in range of 20-32 counts. AFL can produce 4,000 metric
tonnes per annum (MTPA) of cotton yarn with these capacities.

During FY11 (refers to the period April 1 to March 31), AFL
reported net profit of INR0.22 crore (FY10: INR1.88 crore) on a
total operating income of INR44.37 crore (FY10: INR26.50 crore).


AIR INDIA: Unpaid Pilots to Fly on "Cash-and-Carry" from April 1
----------------------------------------------------------------
The Economic Times reports that pilots of Air India-domestic have
decided to put the airline on "cash-and-carry" starting April 1.

The report relates that after a meeting of the airline's union on
Sunday, it has been left to individual pilots to tell the
management that they will fly as of next month only if their dues
-- five months' performance-linked incentive (PLI) and three
months' salary -- are paid fully or at least substantially.

While many agitated members wanted some immediate action, the
union, Indian Commercial Pilots' Association (ICPA), decided
against giving a strike call as such protests have only led to
promises from the government in the past, which were never kept,
The Economic Times relays.

                         About Air India

Air India Ltd -- http://www.airindia.com/-- transports
passengers throughout India and to more than 40 destinations
throughout the world.  Affiliate Air India Express operates as a
low-fare carrier, mainly between India and destinations in the
Middle East, and Air India Cargo provides freight transportation.
The government of India has merged Air India with another state-
controlled carrier, Indian Airlines, which has focused on
domestic routes.  The combined airline, part of a new holding
company called National Aviation Company of India, uses the Air
India brand.  The new Air India and its affiliates have a fleet
of more than 110 aircraft altogether.

                         *     *     *

The Troubled Company Reporter-Asia Pacific, citing the Hindustan
Times, reported on June 19, 2009, that Air India has been
bleeding cash due to excess capacity, lower yield, a drop in
passenger numbers, an increase in fuel prices and the effects of
the global slowdown.  Air India had debt of INR42,570 crore and
accumulated losses of INR22,000 crore as of March 31, 2011,
according to livemint.com.


A-ONE INDUSTRIES: Fitch Migrates Nat'l Long-Term Rating to 'BB'
---------------------------------------------------------------
Fitch Ratings has migrated India-based A-One Industries'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 Web site.

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 A-One.  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 A-One's following bank loan ratings to
the non-monitored category:

  -- Fund-based working capital limits of INR12.5m: migrated to
     'Fitch BB(ind)nm'/'Fitch A4+(ind)nm' from 'Fitch
     BB(ind)'/'Fitch A4+(ind)'

  -- Non-fund-based working capital limits of INR40m: migrated to
     'Fitch A4+(ind)nm' from 'Fitch A4+(ind)'


B.N.T. CONNECTIONS: Fitch Affirms Nat'l Long-Term Rating at 'B-'
----------------------------------------------------------------
Fitch Ratings has affirmed India-based B.N.T. Connections Impex
Ltd's National Long-Term Rating at 'Fitch B-(ind)'.  The Outlook
is Stable.

While affirming the ratings, Fitch has considered the
consolidated credit profile of BCIL and B.N.T Innovation Pvt Ltd
(BIPL, 'Fitch B-(ind)'/Stable), a B.N.T group company. The
entities have guaranteed each others' bank loans.

The ratings continue to reflect the weak and volatile operating
performance of the combined entity.  On a consolidated basis,
EBITDA margin have ranged from 11.5% to 0.7% over FY08-FY11
(financial year ending March), with low interest coverage and
significantly high financial leverage (total debt/EBITDA) of
0.19x and 56.2x in FY11 (FY10: 0.42x, 25.1x), respectively.
However, the consolidated turnover increased to INR621.4m in FY11
from INR538.5m in FY10, as there was an increase in the number of
orders executed during the year.

The ratings are supported by over a two-decade-long experience of
BCIL's management in the domestic textile industry.  Moreover,
the rental income of INR32.5m every year from its real estate
property in Chennai -- leased to a multinational company --
provides comfort when there are operational deficits.

A negative rating guideline would be any delay/default in debt
repayments.  A positive rating guideline would be interest
coverage of above 1.25x.  These guidelines are on a consolidated
basis.

Incorporated in 1986, BCIL has a manufacturing capacity of 1.2
million garments per year, and exports readymade woven garments
to Europe. In FY11, on a standalone basis, it reported revenues
of INR384.8m (FY10: INR287.2m), negative EBITDA of INR4.9m (FY10:
negative INR4.8m) and a net profit of INR0.5m (FY10: a net loss
INR15.2m).  During 9MFY12 (un-audited), the company reported
revenue of INR270m with an EBITDA of INR27m.

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

  -- INR155m fund-based working capital limits (enhanced from
     INR65m): affirmed at 'Fitch B-(ind)'/'Fitch A4(ind)'
  -- INR17.4m non-fund based working capital limits (enhanced
     from INR5m): affirmed at 'Fitch A4(ind)'


B.N.T. INNOVATIONS: Fitch Affirms Nat'l Long-Term Rating at 'B-'
----------------------------------------------------------------
Fitch Ratings has affirmed India-based B.N.T. Innovations Private
Limited's National Long-Term Rating at 'Fitch B-(ind)'.  The
Outlook is Stable.

While affirming the ratings, Fitch has considered the
consolidated credit profile of BIPL and B.N.T Connections Impex
Ltd (BCIL, 'Fitch B-(ind)'/Stable), a B.N.T. group company. The
entities have guaranteed each others' bank loans.

The ratings continue to reflect the weak and volatile operating
performance of the combined entity.  On a consolidated basis,
EBITDA margin have ranged from 11.5% to 0.7% over FY08-FY11
(financial year ending March), with low interest coverage and
significantly high financial leverage (total debt/EBITDA) of
0.19x and 56.2x in FY11 (FY10: 0.42x, 25.1x), respectively.
However, the consolidated turnover increased to INR621.4m in FY11
from INR538.5m in FY10, as there was an increase in the number of
orders executed during the year.

The ratings are supported by over a two-decade-long experience of
BIPL's management in the domestic textile industry.  Also, there
are no term loans, and no major capex is expected in the near-
term.

A negative rating guideline would be any delay/default in debt
repayments.  A positive rating guideline would be interest
coverage of above1.25x. These guidelines are on a consolidated
basis.

Incorporated in 1989, BIPL has a manufacturing capacity of 1.5
million garments per year, and exports readymade knitted garments
to Europe.  In FY11, on a standalone basis, it reported revenues
of INR236.7m (FY10: INR251.2m), an EBITDA of INR9.4m (FY10:
INR12.2m) and a net loss of INR8.8m (FY10: a net profit INR5.5m).
For 9MFY12 (un-audited), the company reported revenue of INR240m
with an EBITDA of INR27m.

For BCIL's rating rationale, please refer to the rating action
commentary entitled, "B.N.T. Connections Affirmed at 'Fitch B-
(ind)'/Stable", dated 02 March 2012.

Fitch has also affirmed BIPL's bank facilities as follows:

  -- INR120m fund-based working capital limits (enhanced from
     INR70m): affirmed at 'Fitch B-(ind)'/'Fitch A4(ind)'

  -- INR11m non-fund based working capital limits (reduced from
     INR60m): affirmed 'Fitch A4(ind)'


D. RAJA COTTON: CARE Rates INR30.25cr Long-Term Loan at 'CARE B'
----------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of D. Raja
Cotton Private Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      30.25      CARE B Assigned

Rating Rationale

The rating is constrained by D. Raja Cotton Pvt. Ltd's very short
track record of operations and its highly leveraged capital
structure due to its predominantly debt-funded project.  The
rating is further constrained on account of susceptibility of its
margins to the cotton price fluctuations and presence in the
highly fragmented cotton yarn industry.

The rating is supported by the vast experience of the promoters,
integrated group operations through the presence of associate
entity M/s. Raja Industries in the cotton ginning activity and
DRCPL's proximity to the cotton-growing region.

DRCPL's ability to ensure timely stabilization of its recently
completed greenfield project along with optimum utilization of
its capacity in a highly competitive and cyclical cotton yarn
industry would be the key rating sensitivities.

Incorporated in 2005, DRCPL is a closely-held private limited
company promoted by Mr. Dilip Patel.  DRCPL has undertaken a
project for setting up a cotton yarn manufacturing unit at Kadi
(Gujarat).  The spinning mill would have 12,000 spindles with
capacity to manufacture 2,441 metric tonne per annum (MTPA) of
cotton yarn with an average yarn count of 40. The trial run of
the recently completed greenfield project started in January
2012.During FY11 (refers to the period April 1 to March 31),
DRCPL had earned a total income of INR8.13 crore by way of
trading of ginned cotton.


GUJARAT BOROSIL: Fitch Cuts Nat'l LT Rating to B+, Outlook Neg.
---------------------------------------------------------------
Fitch Ratings has downgraded India-based glass manufacturer
Gujarat Borosil Ltd's National Long-Term rating to 'Fitch
B+(ind)' from 'Fitch BB(ind)'.  The Outlook is Negative.

The downgrade reflects Fitch's view that GBL's liquidity will
come under pressure from interest and loan repayments commencing
in October 2012.  This follows a decline in revenues over FY11
(year end March) and FY10 as well as operating losses during the
same period.  The company is expected to make interest payment of
INR85m (on the inter-corporate deposit availed from group company
Borosil Glass Works Ltd.) as well as INR32.3 million external
commercial borrowing repayment in FY13.

The ratings are also constrained by a slowdown in demand for its
low iron solar glass in the export markets such as Spain, Italy,
Portugal and other European countries.  The ratings further
reflect volatility in raw material prices, mainly of soda ash and
quartz.

During 2010-2011, GBL shut down its sheet glass production on
expiry of the furnace's life and due to intense competition from
float glass manufacturers.  The company has since moved its focus
to low iron solar glass used in solar power projects.  The
domestic market for solar power is still in its nascent stage but
has received support from government initiatives by way of the
Jawaharlal Nehru Solar Mission which promotes new solar power
plants across the country.  This should help offset the slowdown
in export demand from Europe.

The ratings are underpinned by the support that GBL continues to
get from its group company; Borosil Glass Works Limited, a
manufacturer of laboratory glassware and microwavable kitchenware
in India.

For FY11, GBL's revenues declined to INR819.4m from INR826m in
FY10 and INR930.7m in FY09.  Operating margins turned to a
negative 9.45%, compared with 3.1% in FY10 and 14.6% in FY09.
The decline was largely due to quality issues of low iron solar
glass, which led to rejection claims, and slowdown in Europe, a
major market for solar glass.

Increased utilization of its manufacturing plant, along with
stabilization in sales and margins, leading to an improved
liquidity position could be positive for the ratings.
Conversely, significant deterioration in revenue from any
sharper-than-expected decline in end-market demand affecting
margins may put downward pressure on the ratings.

GBL manufactures low iron solar glass for application in the
photovoltaic cell manufacturing industry worldwide. It has a
plant located at Bharuch, Gujarat.

The agency has also downgraded GBL's bank facilities, as follows:

  -- INR322.5m external commercial borrowings: downgraded to
     'Fitch B+(ind)' from 'Fitch BB(ind)'
  -- INR30m cash credit limits: downgraded to 'Fitch B+(ind)'
     from 'Fitch BB(ind)'
  -- INR40m non-fund based limits: downgraded to 'Fitch A4(ind)'
     from 'Fitch A4+(ind)'


JUBILEE HILLS: Inadequate Info Cues Fitch to Withdraw Ratings
------------------------------------------------------------
Fitch Ratings has withdrawn India-based Jubilee Hills Landmark
Projects Limited's 'Fitch B-(ind)nm' National Long-Term rating.
The 'Fitch B-(ind)nm' rating on JHLPL's INR4.7 billion term loans
has also been withdrawn.

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


KINGFISHER AIRLINES: TPG, Blackstone, Cerberus Eye Airline Stake
----------------------------------------------------------------
Business Standard reports that private equity majors TPG,
Blackstone and Cerberus are eyeing stake in Kingfisher Airlines
and have started initial discussions with promoter Vijay Mallya.

According to the report, sources said Blackstone was likely to
rope in a British airline for acquiring the Kingfisher stake. The
percentage of stake dilution in Kingfisher is not known, the
report notes.

                    About Kingfisher Airlines

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

                        *     *     *

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

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


KUTTY FLUSH: Fitch Withdraws 'Low-B' Rating on Bank Loans
---------------------------------------------------------
Fitch Ratings has withdrawn India-based Kutty Flush Doors and
Furniture Co Pvt Ltd's 'Fitch B-(ind)nm' National Long-Term
rating.

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

Fitch has also withdrawn Kutty's bank loans ratings as follows:

  -- INR26m long-term loans: 'Fitch B-(ind)nm'; rating withdrawn
  -- INR40m fund-based working capital limits: 'Fitch B-
     (ind)nm'/'Fitch A4(ind)nm'; ratings withdrawn
  -- INR34m non-fund based working capital limits: 'Fitch
     A4(ind)nm'; rating withdrawn


MERCHANT PLC: Fitch Affirms Nat'l Long-Term Rating at 'BB+'
-----------------------------------------------------------
Fitch Ratings Lanka has affirmed Sri Lanka's People's Merchant
PLC's National Long-Term rating at 'BB+(lka)'.  The Outlook is
Stable.

The rating reflects implied support that Fitch expects would be
forthcoming from its main shareholder, state-owned People's Bank
(PB; 'AA(lka)'/Stable), if required, and its weak standalone
financial profile.  PB has a 36% effective shareholding in PMP,
directly and via PB's subsidiary People's Leasing PLC
('A+(lka)'/Stable).  Fitch's view of support is also based on
PMP's association with, and consequent reputational risk to, PB's
franchise given the common brand identity and PB's representation
on PMP's board.

PMP's profitability, measured by return on assets (ROA), was
0.44% excluding non-recurring items, as at end-9MFY12 (end
December 2011) which, although an improvement from a negative
0.43% at FYE11, remains weaker than that of similarly rated
peers.

PMP's equity to assets increased to 32.5% at end-9MFY12 from
12.7% at FYE11, following a rights issue of LKR450m in November
2011.  Fitch expects capitalization to remain healthy, provided
it is not diluted by aggressive growth.

Net (unprovided for) three-month non-performing advances (NPAs)
to equity improved to 35.5% as of end-9MFY12 from 81.8% in FY11
and net six-month NPAs improved to 28.3% from 63.3% on account of
equity increase and a reduction in absolute NPA levels.

Fitch notes large maturity mismatches between interest rate-
sensitive assets and liabilities point to a refinancing
requirement in Q4FY12.  Management indicates that options for
funding this gap through further credit lines from banks are
being explored.  However, Fitch expects adequate liquidity
support from PB would be forthcoming should it be required.
Management has also indicated that measures are being taken to
diversify the funding base.

PMP's asset quality remains weak when compared with rated peers
with three-month gross NPAs at 20.6% and six-month gross NPAs at
17.6% as at end-9MFY12 (versus Fitch rated peer averages of 19.3%
and 4.8% respectively at end September 2011).  Fitch expects
asset quality to remain weak, despite reduced NPAs on account of
greater recovery efforts.  This is because of high NPAs in term
loans (62% of over three-month NPAs) that are relatively more
difficult to recover.

Any changes in Fitch's assessment of PB's ability and willingness
to support PMP may trigger a rating action.  Substantial and
sustained improvements in PMP's standalone financial profile in
terms of asset quality, solvency, and profitability while
maintaining healthy capitalisation, may lead to positive rating
action.  Conversely, a further deterioration in the company's
profitability and/or deterioration in its asset quality and
solvency may result in a negative rating action.


MOSER BAER: Liquidity Constraints Cue CARE to Assign 'B' Ratings
----------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Moser Baer Photo Voltaic Ltd.


   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      350.48     CARE B (SO) Revised
                                             from CARE BB+ (SO)

   Short-term Bank Facilities     510.00     CARE A4 (SO) Revised
                                             from CARE A4+ (SO)

   Long Term/Short Term            50.00     CARE B(SO)/CARE
   Bank Facilities                           A4(SO)


Rating Rationale

The ratings factor in the unconditional and irrevocable corporate
guarantee provided by Moser Baer India Ltd. rated 'CARE B/CARE
A4'(revised from 'CARE BB+/CARE A4+'), for the above bank
facilities of MBPV.

The revision in MBIL's ratings takes into account liquidity
constraints faced by the company because of its high receivables,
substantial exposure to its loss making subsidiaries and weak
financial profile marked by continuing losses and adverse capital
structure of MBIL at a consolidated level. Furthermore, the
ratings also factor in the pricing pressure in the optical media,
risk of volatility in the raw material prices and technology
risk.

However, the ratings continue to derive strength from the
experienced promoters and management team, MBIL's dominant
position in the optical storage media, broad product range and
wide geographical presence.

Going forward, improving liquidity, profitability, prudent
management of capital structure and cash flows in the light of
upcoming redemption of FCCBs and the extent of support to the
subsidiary companies would remain the key rating sensitivities.

                          About Moser Baer

Moser Baer Photo Voltaic Ltd. is a wholly-owned subsidiary of
MBSL (Moser Baer Solar Ltd.) and a step-down subsidiary of MBIL.
MBPV is primarily engaged in design, manufacture and export of
photo voltaic (PV) cells, modules and systems. It has 80MW PV
cell and 100 MW module manufacturing capacities based on
crystalline silicon technology. MBPV commenced its commercial
shipment of PV cells and modules in June 2007 and November 2007
respectively.

MBPV has also commenced providing turnkey solutions and EPC
services for large grid-connect solar farms. The commercial
shipments started in FY08 only. On account of stretched
liquidity, MBPV has approached lenders for restructuring of the
debt.


MOSER BAER INDIA: CARE Assigns 'CARE B' Rating to INR1,150cr Loan
-----------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Moser Baer India Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities    1,150.71     CARE B Revised from
                                             CARE BB+

   Short-term Bank Facilities     423.25     CARE A4 Revised from
                                             CARE A4+

   Long/Short-term Bank           807.07     CARE B/CARE E
   Facilities                                revised from CARE
                                             BB+/CARE A+

The revision in MBIL's ratings takes into account liquidity
constraints faced by the company because of its high receivables,
substantial exposure to its loss making subsidiaries and weak
financial profile marked by continuing losses and adverse capital
structure of MBIL at a consolidated level. Furthermore, the
ratings also factor in the pricing pressure in the optical media,
risk of volatility in the raw material prices and technology
risk.

However, the ratings continue to derive strength from the
experienced promoters and management team, MBIL's dominant
position in the optical storage media, broad product range and
wide geographical presence.

Going forward, improving liquidity, profitability, prudent
management of capital structure and cash flows in the light of
upcoming redemption of FCCBs and the extent of support to the
subsidiary companies would remain the key rating sensitivities.

                      About Moser Baer India

Moser Baer India Ltd., promoted by Mr Deepak Puri in 1983, is one
of the world's largest manufacturers of optical storage media. It
is engaged in the manufacture and sale of optical storage media
with a broad product range comprising Compact Discs (CDs),
Digital Versatile Discs (DVDs), High Definition Digital Versatile
Discs (HD-DVD), Blu-Ray Disc (BDR - next-generation of storage
formats) etc.

Key developments MBIL's liquidity position is stretched mainly on
account of its high receivables and substantial exposure to its
loss making subsidiaries. Extended credit period was allowed to
customers in order to penetrate into the overseas markets. One of
its subsidiaries, MBPV has approached the lenders to restructure
the debt. As a result, MBIL is facing liquidity pressure and has
also approached lenders for restructuring of the debt.


MOSER BAER SOLAR: CARE Assigns 'B' Rating to INR998.49cr Loan
-------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of Moser
Baer Solar Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      998.49     CARE B (SO) Revised
                                             from CARE BB+ (SO)

   Short-term Bank Facilities     243.00     CARE A4 (SO) Revised
                                             from CARE A4+ (SO)

Rating Rationale

The ratings factor in the unconditional and irrevocable corporate
guarantee provided by Moser Baer India Ltd. rated 'CARE B/CARE
A4' (revised from CARE BB+/CARE A4+), for the above bank
facilities of MBSL.

The revision in MBIL's ratings takes into account liquidity
constraints faced by the company because of its high receivables,
substantial exposure to its loss making subsidiaries and weak
financial profile marked by continuing losses and adverse capital
structure of MBIL at a consolidated level. Furthermore, the
ratings also factor in the pricing pressure in the optical media,
risk of volatility in the raw material prices and technology
risk.

However, the ratings continue to derive strength from the
experienced promoters and management team, MBIL's dominant
position in the optical storage media, broad product range and
wide geographical presence.

Going forward, improving liquidity, profitability, prudent
management of capital structure and cash flows in the light of
upcoming redemption of FCCBs and the extent of support to the
subsidiary companies would remain the key rating sensitivities.

                      About Moser Baer Solar

Moser Baer Solar Ltd., formerly PV Technologies India Limited is
a step down subsidiary of MBIL. The company is primarily engaged
in the manufacture, design and export of thin film and EPC
systems, thick film photo voltaic modules etc. MBSL has installed
capacity of 50 MW thin film-based on amorphous silicon technology
and 90 MW high efficiency silicon cell and module line. Various
PE players have invested in MBSL.

The company also has collaboration with Applied Materials Inc.
and Gebr. Schmid, Germany, one of the leading players in PV
industry involved in supplying technology solutions/support to
the PV cell and module manufacturers. The commercial production
for thin film commenced in July 2009 and for high efficiency
silicon cells, it started in July 2011.


PADAM SHREE: CARE Assigns 'CARE BB-' Rating to INR7cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE BB-' rating to the bank facilities of Padam
Shree Tex Fab Pvt Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      7.00       CARE BB- Assigned

Rating Rationale

The rating is primarily constrained on account of weak financial
risk profile of Padam Shree Tex Fab Pvt. Ltd. (PSPL) marked by
highly leveraged capital structure, thin profitability and weak
debt coverage indicators. The rating is further constrained by
its presence in the highly fragmented textile processing industry
along-with its limited presence in textile value chain.
The rating, however, favorably takes into account rich experience
of the promoters in the textile industry.

The company's ability to improve profit margins and capital
structure would be the key rating sensitivity.

                        About Padam Shree

Padam Shree Tex Fab Pvt Ltd, incorporated in the year 2008 as a
private limited company, was promoted by Mr. Narayandas Gogad,
Mr. Naresh Kumar Gogad and Mr. Ramesh Kumar Gogad who have over a
decade long experience in the textile industry. PSPL is engaged
in dyeing and processing of synthetic fabric at its unit in
Balotra, Rajasthan with a total installed capacity of nearly 400
lakh meters per annum. PSPL had opened its branch at Surat
(Gujarat) in June 2010 where only embroidery work is done on job
work basis.

As per audited results for FY11 (refers to period April 1 to
March 31), PSPL reported a net profit of INR0.18 crore on a total
operating income of INR63.83 crore as against a PAT of
INR0.05 crore on a total operating income of INR36.88 crore in
FY10.


PRADIP OVERSEAS: CARE Cuts Rating on INR322.29cr Loan to 'CARE C'
-----------------------------------------------------------------
CARE revises the ratings assigned to bank facilities of Pradip
Overseas Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      322.29     CARE C Revised from
                                             'CARE BB+'

   Short-term Bank Facilities     324.50     CARE A4 Revised from
                                             'CARE A4+'

   Long-term / Short-term         323.25     CARE C/CARE A4
   Facilities                                Revised from 'CARE
                                             BB+'/'CARE A4+'

Rating Rationale

The revision in the ratings of Pradip Overseas Ltd. takes into
account substantial deterioration in its financial risk profile
during Q3FY12 (Unaudited) during which it reported net loss of
INR57 crore as against a net profit of INR4 crore during Q3FY11
(Unaudited). The deterioration in POL's financial risk profile is
mainly on account of significant increase in interest cost and
unfavorable scenario in textile industry. The net loss incurred
during Q3FY12 has resulted in stressed liquidity position for the
company which has led to cash flow mismatches.

                      About Pradip Overseas

Pradip Overseas Ltd, (earlier known as Chetan Textile Ltd.) was
originally formed as a partnership firm in 2005 and converted
into a public limited company in August, 2006. It is promoted by
Mr Chetan Karia and Mr. Pradip Karia who have more than 20 years
of experience in the textile business. The company is primarily
into processing of home textile products. Its products include
cotton and polyesterblended bed sheets, duvet covers, fitted
sheets, pillow covers and curtains. Currently it operates two
textile units with a combined installed capacity to process 140
million meter per annum (MMPA) of home linen. POL's manufacturing
facilities are located at Changodar near Ahmedabad in Gujarat.

During FY11 (audited), POL reported a total operating income of
INR2177 crore (FY10: INR1614 crore) and a PAT of INR67 crore
(FY10: INR57 crore).


RAJA INDUSTRIES: CARE Places 'CARE B+' Rating on INR45cr Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of M/S. Raja
Industries.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      45.00      CARE B+ Assigned

Rating Rationale

The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of the firm at present.
The rating may undergo change in case of withdrawal of capital or
the unsecured loans brought in by the partners in addition to the
financial performance and other relevant factors.

The rating is constrained on account of M/s. Raja Industries'
thin profitability, high leverage and its working-capital
intensive operations. RJI's constitution as a partnership firm,
susceptibility of its margins to cotton price fluctuations, its
presence in a highly fragmented cotton ginning industry and
regulatory risk governing cotton industry further constrains the
rating.

The rating is supported by the vast experience of the promoters,
RJI's integrated operations and its proximity to the cotton-
growing region.

Improvement in its profitability, capital structure and efficient
working-capital management in light of fluctuations in the cotton
price and seasonality associated with its availability are the
key rating sensitivities.

                     About M/S. Raja Industries

RJI was constituted as a partnership firm in 1994 by Mr. Dilip
Patel and Mr. Arvind Patel, the key partners, to undertake the
business of cotton ginning and pressing and manufacturing of
cotton wash oil at its sole manufacturing facility located in
Kadi (Gujarat).  The firm has 142 machines to process raw cotton
which enables it to produce 1100 bales of cotton per day (1 bale
- 170 kgs) along with cotton seed crushing and edible oil
refining capacity of 110 tonne per day and 70 tonne per day
respectively. RJI sells its refined oil under brand name
'Meghdhara' in retail as well as bulk segment.


RIBA TEXTILES: Timely Debt Payment Cues Fitch to Upgrade Rating
---------------------------------------------------------------
Fitch Ratings has upgraded India-based Riba Textiles Limited's
National Long-Term rating to 'Fitch B(ind)' from 'Fitch D(ind)'.
The Outlook is Stable.

The upgrade reflects regular and timely payments of debt
obligations by RTL for more than six months till February 2012
and its utilization of the working capital credit facility under
the sanctioned limits during the same period; although the levels
remain high at 99%.

The upgrade also reflects RTL's 18% yoy revenue growth to INR473m
in 9MFY12 (financial year ending March) and its stable operating
EBITDA margin (around 10% since FY09 till Q3FY12) due to an
increase in production capacity utilization in FY12.  Riba has
gained from favorable currency movements in Q212 and Q312;
however, its earnings have remained susceptible to volatile forex
rates.  Therefore, the company has started hedging its forex
exposure to the extent of 70%.

The ratings, however, continue to be constrained by the tight
liquidity position of the company due to its long net cash
conversion cycle of 150-190 days over FY08-FY11 on account of a
high inventory processing period of 125-160 days during the same
time.

The ratings are also constrained by the commoditized nature of
RTL's key raw material (cotton yarn) and company's inability to
pass along on the full cost of price increases to the end
customers, which exposes it inventory losses.  However, the issue
of labour unrest, which lead to a loss of production and
operational efficiency in the past, seems to be addressed at
present.

The ratings benefit from RTL's diversified sales base in terms of
customers and geography as it sells across the globe; thus
mitigating seasonal cyclicality in product demand.  Also, its
largest customer contributed only 6% to its total sales of
INR540m in FY11.

Negative rating action may result from low capacity utilization
or inventory losses resulting in a decline in profitability
and/or an increase in working capital requirements, leading to
net financial leverage (adjusted debt/operating EBITDA) exceeding
5x on a sustained basis.  Conversely, an improvement in liquidity
along with revenue growth while maintaining the profitability on
a sustained basis may lead to positive rating action.

RTL is a niche manufacturer of terry towels and bath robes for
export.  For 9MFY12, it reported an EBITDA of INR72m (FY11:
INR53m) and a profit after tax of INR23m (FY11: INR3m).  Net
financial leverage at Q312 was 3.6x.

Fitch has also upgraded RTL's bank loan ratings as follows:

  -- INR31m long-term debt: upgraded to 'Fitch B(ind)' from
     'Fitch D(ind)'

  -- INR180m fund-based working capital limits: upgraded to
     'Fitch B(ind)'/'Fitch A4(ind)' from 'Fitch D(ind)'

  -- INR30m non-fund based working capital limits: upgraded to
     'Fitch B(ind)'/'Fitch A4(ind)' from 'Fitch D(ind)'


SINGH CASUALS: CARE Assigns 'CARE BB-' Rating to INR0.12cr Loan
---------------------------------------------------------------
CARE assigns 'CARE BB-' rating to the bank facilities of Singh
Casuals Pvt Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank                0.12        CARE BB- Assigned
   Facilities-Term loan

   Long term Bank Facilities-    5.50        CARE BB- Assigned
   Fund Based CC limit

Rating Rationale

The rating is constrained by small scale of operations of Singh
Casuals Private Ltd., its moderate financial risk profile marked
by low profitability margins, modest capital structure and
elongated operating cycle, modest financial profile of the parent
to which it supplies majority of its products and competition
from other players in the domestic apparel industry. The rating
is however underpinned by experience of promoter in the apparel
industry.

The ability of the company to improve its scale of operations and
financial risk profile are the key rating sensitivities.

Singh Casuals Pvt Ltd was incorporated in the year 1997. In the
year 2003, Chermas Exquisite Limited (CEL; rated 'CARE BB-/A4')
acquired it and SCPL became its wholly owned subsidiary. SCPL is
into manufacturing of readymade garments for the domestic market
and its major products are sold to the retail outlets of CEL.

The company achieved a PAT (after def. Tax) of INR0.57 crore on
the total income of INR15.85 crore during FY11 (refers to a
period from April 1 to March 31).


SURAJ CONSTRUCTION: Inadequate Info Cues Fitch to Withdraw Rating
-----------------------------------------------------------------
Fitch Ratings has withdrawn India-based Suraj Constructions's
'Fitch D(ind)nm' National Long-Term rating.  The 'Fitch D(ind)nm'
rating on Suraj's INR136.2 million secured cash credit limit has
also been withdrawn.

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


SWARNALATHA AGRITECH: CARE Rates INR9cr Loan at 'CARE B'
--------------------------------------------------------
CARE assigns 'care b' rating to the bank facilities of
Swarnalatha Agritech Pvt. Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       9.00      'CARE B' Assigned

Rating Rationale

The rating factors in the absence of prior experience of
promoters in manufacturing of crude rice bran oil, nascent stage
of operations, operations in a fragmented market, scarcity of raw
material (rice bran), low capacity utilization, high financial
leverage, working capital intensive nature of business and
instance of delay in debt servicing in the past.

The rating derives strength from the experienced team of
management and strong demand for crude rice bran oil from local
refineries and de-oiled bran to aquaculture industry.
The ability of the company to source sufficient quantities of raw
material (rice bran) from brokers/mill owners for improving its
capacity utilization, sell its entire produce of crude bran oil
and de-oiled cake to refineries and aquaculture industry and
sustain profitability margins given operations in a competitive
and fragmented industry are the key rating sensitivities.

                    About Swarnalatha Agritech

Incorporated in February 2010, Swarnalatha Agritech Private
Limited (SAPL) has set up a 300 TPD solvent extraction plant for
extracting crude bran oil from rice bran in Krishna District,
approximately, 35 Kms from Vijayawada city. The plant, which
became operational from Feb 17, 2011, has been set up at a
project cost of INR9.28 crore funded through term loan of INR5
crore and the remaining through a mix of equity and unsecured
loans brought in by the promoters. The company is promoted by
Shri Jogi Venkateswara Rao, an experienced businessman, along
with his family members.

For the period between February 17, 2011 and March 31, 2011, the
company's sales amounted to INR2.31 cr. During the financial
year, the company had earned a profit of INR0.03 crore.  SAPL has
achieved total operating income of INR26.20 cr and earned a
profit of INR0.01 cr during H1FY12.


TA INFRA: CARE Reaffirms 'CARE D' Long-Term Bank Loan Rating
------------------------------------------------------------
CARE reaffirms rating assigned to the bank facilities of TA Infra
Projects Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      133.75     CARE D Reaffirmed
   (reduced from 134.25)

   Long-term/Short-term Bank       7.75      CARE D Reaffirmed
   Facilities
   (enhanced from 6.75)

   Short-term Bank Facilities     8.25       CARE D Reaffirmed
   (reduced from 19.00)

Rating Rationale

The ratings continue to take into account the strain on the
liquidity position of TA Infra Projects Ltd. and consequent
delays in servicing of debt obligations.

TA Infra Projects Ltd was incorporated in January 1997 as Taher
Ali Industries & Projects Private Ltd by Mr. Taher Ali to take
over business of his proprietorship firm Taher Ali Engineers &
contractors (TAEC). TAEC was started in 1980 by Mr. Ali to enter
into the business of execution of irrigation, water supply and
sewerage projects on turnkey basis. Later in Nov 2010, the
company was converted into public limited company as TA Infra
Projects Limited.

TAIPL is into execution of irrigation, water supply, sewerage and
telecom infrastructure projects on turnkey basis along with
manufacturing of Mild Steel Pipes (MS Pipes) and Pre-stressed
Concrete Pipes (PSC Pipes). It has an all India tie up with
Ericsson, Sweden to manufacture and install Telecom towers
(patented product of Ericsson).

Mr. Ali is the chairman of the company and takes care of day-to-
day operations of the company along with Mr. M Rehman, Managing
Director and Mr. A Rehman, Executive Director.


TOYOTA CONSTRUCTION: CARE Reaffirms BB Rating to INR10.1cr Loans
----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Toyota Construction Pvt Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      6.68       CARE BB Reaffirmed
   Long-term/Short-term           3.50       CARE BB/CARE A4
   Facilities                                Reaffirmed

Rating Rationale

The ratings continue to remain constrained by the modest scale of
operations with the limited geographical presence of Toyota
Construction Private Ltd (TCPL), moderate order book position
resulting in the limited revenue visibility and high degree of
competition in the construction industry. However, the ratings
continue to factor the benefits derived from the promoters' rich
experience in the construction business, TCPL's long-standing
association with the private sector clients and its moderate
level of leverage and coverage indicators.

Increase in the scale of operations through the timely execution
of new contracts and diversification into new segments and
geographies along with improvement in the profitability while
maintaining its leverage position is the key rating sensitivity.

                     About Toyota Construction

Started in 1970 as Raj Construction, a proprietorship concern,
Toyota Construction Pvt Ltd. was promoted by Mr Janardan Singh,
father of the current managing director, Mr Rajesh Singh. In
1989, it changed its name to Toyota Construction and in 2004 it
got converted into a private limited company. TCPL executes civil
construction contracts with major focus on the commercial and
housing projects. The company has experience in the construction
of roads, school building, factory building and effluent
treatment plant.

As per audited results of FY11 (refers to the period April, 1 to
March 31), TCPL had reported a total operating income of
INR31.00 crore and a PAT of INR1.01 crore.


VARAM BIO-ENERGY: Strain Liquidity Cues CARE Junk Ratings
---------------------------------------------------------
CARE reaffirms rating assigned to the bank facilities of Varam
Bio-Energy Pvt Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      31.01      CARE D Reaffirmed
   (enhanced from 25.91)

Rating Rationale

The rating continues to take into account the strain on the
liquidity position of Varam Bio-Energy Pvt Ltd and consequent
delays in servicing of debt obligations.

Varam Bio-Energy Pvt Ltd was incorporated in January 2002 by
Mr. Kameswara Raju, Mr. P Hari Krishna, Mr. P Mohan Kumar,
Mr. Prashant Mupparapu and their associates. It owns and
operates a 10MW bio-mass power plant located in Rajegaon Village,
Bhandara near Nagpur. The plant started its commercial operations
in February 2009. The promoters hold 74% stake in the
company while PTC India Financial services Ltd is a 26% equity
partner.

During FY11 (refers to the period April 1 to March 31), VBEPL has
reported a Net loss of INR5.62cr (INR9.19 cr for FY10) on a total
income of INR17.41 cr (INR8.08 cr for FY10).


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


AIJ INVESTMENT: Japan to Require Asset Manager External Audits
--------------------------------------------------------------
Bloomberg News reports that the ruling Democratic Party of Japan
is seeking to amend laws to require external audits for privately
owned asset management firms in a bid to avoid a recurrence of
the AIJ Investment Advisors Co. case.

Tsutomu Okubo, a lawmaker who leads the panel, told Bloomberg in
an interview that the DPJ has launched a working team under its
financial committee to discuss changes to rules governing
investment managers for pension money.  Mr. Okubo expects a bill
to amend the Financial Instruments and Exchange Law will win
Cabinet approval as early as this month and then be sent to the
Diet, Bloomberg relates.

According to Bloomberg, Japan's financial regulator is
investigating asset managers following the Feb. 24 suspension of
AIJ, which has failed to account for the more than JPY210 billion
(US$2.6 billion) it oversaw for clients, including pension funds.
The case has raised concern over the safety of retirement assets
at a time when more than a fifth of the nation's population is
over 65, says Bloomberg.

"The social impact from the AIJ issue is huge, and we want to
avoid a second or third case like this," Bloomberg quotes
Mr. Okubo, a DPJ legislator and a former Morgan Stanley
executive, as saying. "We need a swift remedy to prevent a repeat
of this."

Bloomberg relates Mr. Okubo said the subcommittee on pension
funds and AIJ issues will be made up of 10 politicians from Prime
Minister Yoshihiko Noda's DPJ, including former Government
Revitalization Minister Renho and ex-labor minister Akira
Nagatsuma.

The FSA said a total of 265 asset managers nationwide will be
required to submit status reports to the FSA by March 14,
Bloomberg discloses.  The reports must contain details of a
firm's operations, contracts and their amounts, and any past
complaints from customers, the report adds.

Tokyo-based asset-management firm AIJ Investment Advisors Co.,
led by Kazuhiko Asakawa, was established in April 1989, and had
120 clients including pension plans with JPY183.2 billion in
assets as of the end of 2010.  It has 12 employees.


AIJ INVESTMENT: Execs Likely to Face Charges Over Falsified Docs
----------------------------------------------------------------
The Yomiuri Shimbun, citing informed sources, reports that the
Securities and Exchange Surveillance Commission is considering
filing criminal charges against executives of AIJ Investment
Advisors Co. on suspicion of falsifying pension asset management
results for years.

The investigation by the commission, the Financial Services
Agency's independent watchdog, has been conducted mainly by its
Securities Business Inspection Division, the report says.  After
the probe is completed, the Investigation Division will start
examining whether criminal charges should be laid against AIJ
President Kazuhiko Asakawa and other executives, according to
sources cited by The Yomiuri Shimbun.

According to the report, sources said the planned investigations
reflect the far-reaching impact of AIJ's alleged falsification of
business documents to cover up huge losses of assets entrusted to
the company by corporate pension funds.

The Yomiuri Shimbun relates that sources said AIJ has submitted
false business statements to the Finance Ministry's Kanto
Regional Finance Bureau since 2002, when the firm started
investing in financial derivatives and similar instruments
through funds based in the Cayman Islands, a tax haven.

In addition to filing business statements that concealed losses,
AIJ issued phony investment result reports to clients and
attracted new customers through explanations that bore little
semblance to its actual asset management results, sources told
The Yomiuri Shimbun.

The sources, as cited by The Yomiuri Shimbun, said the president
and a handful of other AIJ executives were behind the
falsification of the business results.

The Investigation Division will search AIJ and related locations
with the police after the inspection division completes its
probe, the sources told The Yomiuri Shimbun.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 27, 2012, Bloomberg News said the Financial Services Agency
on Feb. 24 ordered AIJ Investment Advisors Co. to halt its
business after finding the asset manager's clients funds of about
JPY183.2 billion (US$2.3 billion) may be "adversely affected" and
started a probe into the 263 asset managers operating in Japan.

Tokyo-based asset-management firm AIJ Investment Advisors Co.,
led by Kazuhiko Asakawa, was established in April 1989, and had
120 clients including pension plans with JPY183.2 billion in
assets as of the end of 2010.  It has 12 employees.


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


FIVE STAR: Judge to Decide on Guilty Plea Reversal Bid This Month
-----------------------------------------------------------------
The New Zealand Herald reports that Neill Williams, a man alleged
to be a prime mover in the failed Five Star Group, will need to
wait until later this month to discover if a second bid to
reverse his guilty plea has been successful.

Mr. Williams originally pleaded guilty in October 2010 to
Securities Act charges for allegedly misleading Five Star
investors, according to the Herald.

But in the Auckland District Court Monday Mr. Williams' lawyer,
Andrew Speed, argued his client only did so because he was too
ill to endure a trial and believed a guilty plea could result in
home detention instead of prison, the Herald relates.

The Herald says Mr. Speed also argued his client had a strong
defence to the Crown charges as he applied to vacate Mr.
Williams' original guilty plea.

The bid is the second the accused has made -- his first
application was declined by Judge Roderick Joyce QC in March last
year, the report notes.

According to the report, Mr. Speed argued there was fresh
evidence to support Williams' case since the initial bid.

But Crown lawyer Ian Brookie said there was "nothing truly new
about the application" and claimed it relied on the same line of
defence Mr. Williams had used all along, the Herald relays.

Mr. Brookie, as cited by the Herald, said the defence's position
on Mr. Williams' poor health was "overstated" because the accused
was working in 2010 and made weekend trips to his holiday home in
Russell.

Judge David Harvey reserved his decision on the application until
later this month, the Herald notes.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 27, 2010, the Serious Fraud Office laid over 100 charges
under the Crimes Act against Nicholas Kirk, Marcus MacDonald,
Anthony Bowden and Neill Williams who are associated with the
collapsed Five Star Finance Group.  The offences each carry a
maximum penalty of seven years imprisonment.  Messrs. Kirk,
McDonald and Bowden are former directors of Five Star Finance
Ltd, while Mr. Williams was heavily involved in its management.
The Companies Office also laid criminal charges in Auckland
District Court against Messrs. MacDonald, Bowden, Kirk and
Williams.  The case was referred to it by the Securities
Commission.

                          About Five Star

Established in 1992, Five Star Finance Limited focused on
financing real estate loans following a restructuring exercise
that created Five Star Consumer Finance in New Zealand and Five
Star Consumer Finance Pty in Australia.

Five Star Debenture Nominee Limited acted as debenture holder on
behalf of unsecured depositors and appeared to lend all of the
money it raised to Five Star Finance.

Five Star Finance Limited went into receivership on September 5,
2007.  Five Star Debenture Nominee Limited went into liquidation
on November 5, 2007.  At the start of the liquidation in June
2009, the shortfall of assets to liabilities was NZ$51.7 million,
according to The Dominion Post.  The Post says joint liquidator
Paul Sargison, of Gerry Rea & Associates, said the firm's
directors attributed the group's failure to the economic crisis
but his own appraisal is that Five Star has been insolvent since
no later than March 31, 2005.


OTAGO RUGBY: Liquidation Put on Hold as Possible Lifeline Emerges
-----------------------------------------------------------------
Sport24 reports that the Otago Rugby Football Union put off
immediate liquidation Friday, March 2, and revealed the existence
of a possible lifeline.

Faced with debts of NZ$2.35 million, the Otago Union said earlier
in the week it would fold on March 2, but at the last minute
announced that the move had been delayed for a week, according to
Sport24.

"We considered the state of play and where we've got to in
unravelling the true position of the union, and we've decided to
extend the deadline for seven days," the report quotes ORFU
president Wayne Graham as saying.

Otago's precarious financial position does not affect the Otago
Highlanders Super 15 team, which is a separate legal entity and
not liable for ORFU debts, the report notes.

Sport24 notes that a number of wealthy possible benefactors have
been in talks with ORFU in recent days about a potential recovery
package, but New Zealand Rugby Union chief executive Steve Tew
declined to go into details.

According to the report, Mr. Tew said Otago's financial future
remained bleak but agreed on the need for more time. "The key
parties have been talking since Monday and have identified some
options that warrant further examination," Sport24 quotes Mr. Tew
as saying.  "It makes sense for the union to delay proceedings to
allow these parties more time to undertake proper analysis."

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.


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


BANCO FILIPINO: BSP Seeks to Overturn CA Decision to Reopen Bank
----------------------------------------------------------------
Manila Standard Today reports that the Bangko Sentral ng
Pilipinas has asked the Court of Appeals to reconsider its
decision ordering the reopening of Banco Filipino, insisting that
the padlocked savings bank is insolvent and has PHP23 billion in
liabilities.

According to the report, the central bank's legal counsel said
the appellate court's Special 14th Division erred when it ruled
that Banco Filipino Savings and Mortgage Bank was not insolvent.

Manila Standard relates that John Balismono of the Villaraza Cruz
Marcelo & Angangco law firm said the appellate court is risking
dissipating PHP25 billion in public funds for a bank that has
admitted losing PHP12 billion.

"It was quite a surprise how the Court . . . can say that Banco
Filipino is not insolvent," the report quotes Mr. Balismono as
saying.  "The blatant error and grave injustice wrought by the
assailed decision is thus undeniable."

The central bank and the Monetary Board, its policy-making body,
are seeking to overturn the Court of Appeals' Jan. 27 decision
ordering the central bank to reopen Banco Filipino and provide it
with a PHP25-billion loan, the report notes.

Meanwhile, Manila Standard Today reports that former Securities
and Exchange Commission chairman Perfecto Yasay on Wednesday said
Banco Filipino will next week file contempt charges against
central bank and Monetary Board officials for their failure to
comply with the Court of Appeals' decision.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 3, 2012, the Philippine Daily Inquirer said the Court of
Appeals in January ordered the Bangko Sentral ng Pilipinas to
reopen Banco Filipino Savings and Mortgage Bank and to extend to
it within 30 days state financial assistance worth more than
PHP25 billion.  According to the Inquirer, the appellate court's
former Special 14th Division ruled that respondents BSP, Monetary
Board and the Philippine Deposit Insurance Corp. committed grave
abuse of discretion and violated BF's right to due process when
they implemented MB Resolution 372-A on March 17, 2011 which
placed the bank under receivership and barred it from continuing
its business operations in the country due to "unsound banking
practices."

                        About Banco Filipino

Banco Filipino Savings & Mortgage Bank --
http://www.bancofilipino.com/-- was organized in 1964, offers
full domestic banking services, which are five main types,
namely: cash services; commercial services; loans; money market
services; and trust services.  It started operations on July 9,
1964.

Bangko Sentral ng Pilipinas closed Banco Filipino after the
bank's liabilities overwhelmed its assets by PHP8.4 billion, and
then filed charges against the bank's directors and officials.
BSP also placed the bank under the receivership of the state-run
Philippine Deposit Insurance Corp. to provide immediate relief to
the bank's 177,652 depositors.


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


FIRST SHIP: Fitch Downgrades Issuer Default Rating to 'B'
---------------------------------------------------------
Fitch Ratings has downgraded Singapore-based First Ship Lease
Trust's Long-Term Foreign Currency Issuer Default Rating (IDR) to
'B' from 'B+'.  The Outlook is Negative.

The downgrade reflects FSLT's heightened liquidity risk following
the default of one of its lessees, Berlian Laju Tanker (BLT,
rated 'C') that contributed to 12.8% of FSLT's 2011 revenues.
Despite BLT's default, Fitch expects FSLT to meet its contractual
debt servicing commitments for the next 12 months.  However, the
agency expects the company's financial metrics to weaken.

The Negative Outlook reflects the risk that the portfolio would
see more defaults due to the deterioration in financial profile
of certain other lessees and Fitch's Negative Outlook for the
global shipping industry.

If the portfolio's default rate increases further, projected
operating cash flows and the USD32.3m cash outstanding as of 31
December 2011 would not be sufficient to fund the USD44m annual
principal repayment and operating expenses.  Excluding the
USD32.3m cash, FSLT's financial flexibility is low as all its
vessel purchases have been funded through secured bank debt.  The
issuer does not possess sufficient unencumbered assets to raise
additional debt during times of tight liquidity.

The Outlook may be revised to Stable if FSLT generates positive
free cash flow, on a sustained basis, after paying its unit
distribution and USD44m annual principal repayment.  The rating
may be further downgraded if FSLT's cash balance falls below
USD20m.


JURONG MACHINERY: Creditors' Proofs of Debt Due April 2
-------------------------------------------------------
Creditors of Jurong Machinery And Automation Pte Ltd, which is in
voluntary liquidation, are required to file their proofs of debt
by April 2, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

          Leow Quek Shiong
          Gary Loh Weng Fatt
          c/o BDO LLP
          21 Merchant Road
          #05-01 Royal Merukh S.E.A. Building
          Singapore 058267


KOMARS ENTERPRISE: Court to Hear Wind-Up Petition on March 16
-------------------------------------------------------------
A petition to wind up the operations of Komars Enterprise Pte Ltd
will be heard before the High Court of Singapore on March 16,
2012, at 10:00 a.m.

Jack Investment Pte Ltd filed the petition against the company on
Feb. 20, 2012.

The Petitioner's solicitors are:

          Bee See & Tay
          10 Anson Road #24-11
          International Plaza
          Singapore 079903


LINCOLN BUSINESS: Court to Hear Wind-Up Petition on March 23
------------------------------------------------------------
A petition to wind up the operations of Lincoln Business School
Pte Ltd will be heard before the High Court of Singapore on
March 23, 2012, at 10:00 a.m.

Worldwide Academic Education (S) Pte Ltd filed the petition
against the company on Feb. 24, 2012.

The Petitioner's solicitor is:

          TSMP Law Corporation
          6 Battery Road, Level 41
          Singapore 049909


SIN LEONG: Court Enters Wind-Up Order
-------------------------------------
The High Court of Singapore entered an order on Feb. 17, 2012, to
wind up the operations of Sin Leong Sieng Hardware & Machinery
Pte. Ltd.

Hoe Seng Huat Pte Ltd filed the petition against the company.

The company's liquidator is:

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


THIRD WIND: Court Enters Wind-Up Order
--------------------------------------
The High Court of Singapore entered an order on Feb. 24, 2012, to
wind up the operations of Third Wind Rubber Pte. Ltd.

Thung Yai Rubber Co. Ltd. filed the petition against the company.

The company's liquidator is:

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


================
S R I  L A N K A
================


EDIRISINGHE TRUSTE: Fitch Affirms Nat'l Long-Term Rating 'BB-'
--------------------------------------------------------------
Fitch Ratings Lanka has affirmed Edirisinghe Trust Investment
Ltd's National Long-Term rating at 'BB-(lka)' with a Stable
Outlook.

The rating reflects ETI's weak core-equity position and its
significant exposure to real estate (1.02x capital base), which
has weighed down on its profitability.  The rating also reflects
ETI's established franchise and its large exposure to pawn-
broking leading to strong asset quality.

Core equity/assets (excluding fair-value gains on investment
properties), although improving to 7.1% at end-December 2011
(9MFY12; FYE11: 5.1%), remains below that of rating peers.  ETI's
shareholders expect to inject LKR1bn of capital in 2012, which
could increase this ratio to over 10%.  An increase in its core
capitalization, while maintaining asset quality and profitability
and reducing its real estate exposure could result in an upgrade
of ETI's rating.

ETI's real estate exposure although decreasing still remains
significant, and accounted for 13% of assets at end-9MFY12
(FYE11: 22%).  These assets are debt-funded and due to their
slow-to-yield nature have continued to drag down profitability.
The company has indicated that it will not undertake any further
real-estate investments in the medium term.

Despite higher net interest margins (NIMs: 13.9% in 9MFY12, 12.9%
in FY11), pre-tax return on assets improved only marginally to
3.0% in 9MFY12 (FY11: 2.8%) due to an LKR68m loss on property
disposal.  Total gross advances accounted for only 58% of ETI's
assets compared with 78% for Fitch-rated registered finance
companies (RFCs), indicating the company's lower proportion of
high-yielding assets.  Fitch expects ETI's profitability to
improve as it winds down its real estate portfolio and increases
its lending book.

The company's substantial pawn-broking portfolio (73% of advances
at end-9MFY12) benefits its regulatory capital adequacy ratios
(CARs) due to the low risk weight on gold-backed lending.  As
such, CARs were above the minimum 5% (Tier 1) and 10% (total) in
9MFY12, as stipulated by the regulator.  The low credit risk on
its pawning book has also enabled ETI to consistently maintain
lower non-performing loan (NPL) ratios compared with the sector.
Although potential volatility in gold prices exposes the company
to market risks, Fitch notes that gold prices have been on an
upward trend and that the company maintains a more conservative
loan-to-value ratio compared with peers.

Gross three-month NPLs accounted for only 3.0% of advances at
end-9MFY12 (FYE11: 3.1%) compared with 5.8% for other Fitch-rated
RFCs.  This enabled ETI to hold a comfortable equity buffer to
meet potential loan losses, with un-provided-for-NPLs accounting
for just 4.1% (Fitch-rated RFCs: 19.3%).  However, Fitch notes
that ETI's net NPL/equity position could weaken as its vehicle
finance portfolio (22% of advances and with an NPL ratio of 7.8%)
grows, given the current levels of capital.

ETI is a mid-sized RFC, and has been a closely held family-owned
company since its establishment in 1967.  The Edirisinghe family,
which also has interests in manufacturing and retailing of gold
jewellery, pawning and film production, owns 99.2% of ETI.  This
holding would be diluted once the company lists its shares on the
Colombo Stock Exchange.


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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

April 3-5, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        Grand Hyatt Atlanta, Atlanta, Ga.
           Contact: http://www.turnaround.org/

Apr. 19-22, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Annual Spring Meeting
        Gaylord National Resort & Convention Center,
        National Harbor, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Workshop
        The Ritz-Carlton Amelia Island, Amelia Island, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 2-4, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hyatt Regency Chesapeake Bay, Cambridge, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

November 1-3, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Westin Copley Place, Boston, Mass.
           Contact: http://www.turnaround.org/

Nov. 29 - Dec. 2, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Winter Leadership Conference
        JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
           Contact: 1-703-739-0800; http://www.abiworld.org/

April 10-12, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        JW Marriott Chicago, Chicago, Ill.
           Contact: http://www.turnaround.org/

October 3-5, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Marriott Wardman Park, Washington, D.C.
           Contact: http://www.turnaround.org/


                             *********

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

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

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


                            *********


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

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

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

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

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





                 *** End of Transmission ***