TCRAP_Public/120313.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Tuesday, March 13, 2012, Vol. 15, No. 52

                            Headlines


A U S T R A L I A

ARAB BANK: Moody's Issues Summary Credit Opinion
FORTESCUE METALS: S&P Raises Corporate Credit Rating to 'BB-'
SMART SERIES 2012-1: Moody's Rates AUD11.81MM Notes at '(P)Ba2'


H O N G  K O N G

APEX MIGHT: Creditors' Proofs of Debt Due March 23
CHEONG LUNG: Court to Hear Wind-Up Petition on April 11
DEUTSCHE WOOLWORTH: Placed Under Voluntary Wind-Up Proceedings
EXCEL CONCORD: Court to Hear Wind-Up Petition on April 11
INNOVATIVE NETWORK: Court Enters Wind-Up Order

JC INFINITIVE: Creditors Get 100% Recovery on Claims
LAND INTERNATIONAL: Ho and Kong Appointed as Liquidators
LUCKY DRAGON: Court Enters Wind-Up Order
MAN HO: Kong and Wu Appointed as Liquidators
TRADEPOWER (HOLDINGS): Creditors Get 100% Recovery on Claims


I N D I A

ADITYA AGRO: ICRA Assigns '[ICRA]B' Rating to INR10cr LT Loan
AMOD STAMPINGS: Drop in Operating Income Cues '[ICRA]B+' Rating
ANSHUL IMPEX: ICRA Places '[ICRA]BB+' Rating to INR10cr Loan
AUM COTTON: ICRA Assigns '[ICRA]B' Rating to INR1cr Term Loan
DANTARA JEWELLERS: ICRA Puts [ICRA]BB- Rating on INR10cr Loan

HALCYON LIFE: ICRA Cuts Rating on INR105cr Loan to '[ICRA]BB+'
KINGFISHER AIRLINES: Cancels 40 Flights on Pilots Protest
K. K. COTEX: ICRA Assigns '[ICRA]B Rating to INR22cr Cash Loan
MATA MOHATADEVI: ICRA Assigns '[ICRA]B' Rating to INR15.4cr Loan
PUNJAB NAT'L: Moody's Affirms 'D+' Bank Financial Strength Rating

QUALITY PROFILES: ICRA Places '[ICRA]B+' Rating on INR10cr Loan
RADIATION THERAPY: Moody's B2 CFR Unaffected by Impairment Charge
SHIKHAR HOUSING: ICRA Puts '[ICRA]B+' Rating on INR40cr Bank Loan
SOUTHERN COOLING: ICRA Puts [ICRA]BB+ Rating on INR4cr Term Loan
SPECIFIC CERAMICS: ICRA Cuts Rating on INR25.03cr Loan to 'BB+'

SPM POWER: ICRA Cuts Rating on INR4cr Loan to '[ICRA]BB-'
SRI KALYANA: ICRA Assigns '[ICRA]B+' Rating to INR15cr LT Loan
SRI RAMALINGESWARA: ICRA Rates INR15cr LT Loan at '[ICRA]B+'
SURESH ENTERPRISES: Delays in Loan Payment Cues ICRA Junk Ratings
UBIQUITY DIGITAL: ICRA Rates INR35cr Loans at '[ICRA]BB-'


I N D O N E S I A

BANK DANAMON: Moody's Issues Summary Credit Opinion


J A P A N

EIRLES TWO: S&P Withdraws 'CCC-' Rating on Class A Secured Notes
NIPPON SHEET: Moody's Cuts & Withdraws 'B1' Issuer Rating
SUNSHINE TRUST: S&P Withdraws 'BB+' Class D Interests Rating
SUNSHINE TRUST: S&P Rates Class D Beneficial Interests at 'BB+'


M A L A Y S I A

CIMB BANK: Moody's Issues Summary Credit Opinion
RHB BANK: Moody's Issues Summary Credit Opinion


M O N G O L I A

DEVELOPMENT BANK: Moody's Rates Draw on Euro MTN Program at 'B1'


N E W  Z E A L A N D

AMI INSURANCE: Gov't. Names Board Members to Handle Quake Claims
BRIDGECORP LTD: Less than 10% Payout Forecast Remained Unchanged
YARROWS BAKERS: BDO Reinstates Three Australian Directors


P A P U A  N E W  G U I N E A

* PAPUA NEW GUINEA: Moody's Says Outlook on B1 Bond Rating Stable


P H I L I P P I N E S

CAMP JOHN: BCDA Files Estafa Case for Selling Property


S I N G A P O R E

BANGLES INTERNATIONAL: Creditors' Proofs of Debt Due April 10
BUSINESSWORLD INT'L: Creditors' Proofs of Debt Due March 29
CAME ENTERPRISES: Court Enters Wind-Up Order
CHIOS MARINE: Court Enters Wind-Up Order
CPD OILWELL: Court Enters Wind-Up Order

ELPIDA MEMORY: Creditors' Proofs of Debt Due April 4
EMPIRE COMMUNICATIONS: Court to Hear Wind-Up Petition March 23
GRANDSTAR PTE: Creditors' Proofs of Debt Due April 10
OPTIMUM-3 INTERNATIONAL: Creditors' Meetings Set for March 15
ROCKET-X MEDIA: Creditors Get 4.1335% Recovery on Claims


T A I W A N

PRIMASIA SECURITIES: Fitch Lowers Nat'l Long-Term Rating to 'BB'


X X X X X X X X

* Moody's Says Asian Liquidity Stress Index Rises in February
* BOND PRICING: For the Week March 5 to March 9, 2012


                            - - - - -


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


ARAB BANK: Moody's Issues Summary Credit Opinion
------------------------------------------------
Moody's Investors Service issued a summary credit opinion on Arab
Bank Australia Limited and includes certain regulatory
disclosures regarding its ratings. The release does not
constitute any change in Moody's ratings or rating rationale for
Arab Bank Australia Limited.

Moody's current ratings on Arab Bank Australia Limited are:

Senior Unsecured MTN Program (domestic currency) ratings of
(P)Baa2, on review for downgrade

Long Term Bank Deposits (domestic and foreign currency) ratings
of Baa2, on review for downgrade

Long Term Issuer ratings of Baa2, on review for downgrade

Bank Financial Strength ratings of D+, on review for downgrade

Subordinate MTN Program (domestic currency) ratings of (P)Baa3,
on review for downgrade

Short Term Bank Deposits (domestic and foreign currency) ratings
of P-2, on review for downgrade

Short Term (domestic currency) ratings of (P)P-2, on review for
downgrade

Short Term Issuer ratings of P-2, on review for downgrade

BACKED Senior Unsecured (domestic currency) ratings of Aaa

BACKED Senior Unsecured MTN Program (domestic currency) ratings
of (P)Aaa

Ratings Rationale

Moody's assigns a bank financial strength rating (BFSR) of D+ to
Arab Bank Australia Limited, which maps to a Ba1 on the long-term
scale. The BFSR was put on review for possible downgrade on
March 2, 2012 as a result of asset quality pressures relating to
the impairment of a number of single large commercial loan
exposures in 2010. These exposures have yet to be resolved and
have continued to pressure the bank's asset quality metrics.

Whilst the number of impaired customers is not high, the impact
to asset quality ratios has been significant, given the large
size of these exposures.

The review for possible downgrade will focus on the potential for
further loan impairments as well as the bank's industry
concentrations, particularly to the property and construction
sectors, as well as the bank's funding profile with regards to
use of wholesale funding and refinancing risk.

Moody's also notes that both loan and retail deposit growth
declined significantly during 2011, although this has also
allowed the bank to reduce some of its higher costing deposit
accounts.

At the same time, Arab Bank Australia's long-term and short-term
debt and deposit ratings of Baa2/P-2 were also placed on review
for downgrade.

Specific obligations covered by the government guarantee scheme
for wholesale debt and large deposits, which operated between
November 2008 and March 2010, are rated in line with the
government at Aaa.

The rating is supported by its niche franchise in the Arab
community in Sydney and Melbourne (and progressive expansion to
the broader community, especially in the deposit space),
improving underlying profitability and capital position. The
rating is constrained by its small market share resulting from
strong competition, ongoing margin compression driven by
relatively high-cost term deposit funding and borrower
concentration risk arising from its smaller customer base. Arab
Bank Australia does take on very large exposures for a bank of
its size, which are significant enough to have a noticeable
impact on its asset quality ratios. Furthermore, these exposures
are concentrated in construction related lending which tends
which to be higher risk in nature

ABAL's long-term debt rating of Baa2 incorporates parental
support, which lifts the rating 2 notches above its standalone
rating of Ba1. The parent, Arab Bank plc, is currently rated Baa1
on a standalone basis. The standalone rating of the parent
carries a negative outlook and any potential negative action on
this rating would place further downward pressure on the long-
term debt rating of ABAL.

Rating Outlook

The rating is currently on review for possible downgrade due to
persistent asset quality pressures.

What Could Change the Rating - Up

Given that the ratings are on review for possible downgrade, an
upgrade to Arab Bank Australia's ratings is not considered likely
in the near-term.

What Could Change the Rating - Down

BFSR

A combination of the following could trigger a downgrade

[1] A decline in the bank's Tier 1 % to below 8.5% as a result of
an increase in asset impairment, rapid asset growth, or dividend
upstreaming to its parent (although Moody's notes to date, the
bank has never been required to pay a dividend)

[2] A significant fall in the proportion of customer deposit
funding resulting in greater wholesale funding reliance

[3] Problem loans (defined as non-accrual loans and 90 days past
due loans) rising above 5% of gross loans or exceeding 50% of
shareholders equity and loan loss reserves

Deposits & Debt

[1] A downgrade of Arab Bank Australia's BFSR

[2] A downgrade of its parent's BFSR

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


FORTESCUE METALS: S&P Raises Corporate Credit Rating to 'BB-'
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating and senior unsecured debt ratings on Fortescue Metals
Group Ltd. to 'BB-', from 'B+'. The outlook is stable. The
recovery rating is affirmed at '4'.

"The upgrade is based on Fortescue's improving financial profile,
which is in line for the 'BB-' rating," Standard & Poor's credit
analyst May Zhong said. "Fortescue reported record interim
earnings and volume of ore shipped in the first-half ended
Dec. 31, 2011. Furthermore, we believe Fortescue is on track to
achieving a production run rate of 95 million tons per annum
(mtpa) in the next 12 months."

"However, Fortescue's aggressive growth strategy constrains the
rating. Following the company's completion of a 55 mtpa expansion
on time and on budget, it is expanding its capacity to 155 mtpa.
In our view, the large scale presents significant project
execution risks. It is about three times more than the current
production and will involve capital expenditure of about US$8.4
billion (excluding mining fleet investment)," S&P said.

"The stable outlook reflects our expectation that the current
level of iron ore prices and Fortescue's improving production
should support the company's cash flow metrics at the 'BB-'
level, and that cash flows would partly fund the company's
aggressive expansion project. The 'BB-' rating can accommodate a
moderation of benchmark iron ore prices to US$120/t level or a
delay in the company's ramp-up. We expect Fortescue's volume of
ore shipped to be higher than 75 mt (dry ton) in fiscal 2013,"
S&P said.

"We would consider raising the rating if Fortescue completes the
155 mtpa expansion and develops a track record of shipping at a
run rate of close to 30 mt (dry ton) per quarter. We also expect
the company to maintain a disciplined approach toward capital
management, dividend, and funding for expansion. We would also
need to see Fortescue maintaining adequate liquidity, including a
buffer against volatility in the commodity market, and provided
that there is no material decline in iron ore prices," S&P said.

"Downward rating pressure could be precipitated by a significant
weakening in iron ore prices along with a major delay in
production ramp-up, causing the company's funds from operations-
to-debt ratio to fall below 20%, and debt-to-EBITDA to go higher
than 4x. If the company's growth aspirations or capital
management were more aggressive than currently expected, it could
also exert negative pressure on the rating," S&P said.


SMART SERIES 2012-1: Moody's Rates AUD11.81MM Notes at '(P)Ba2'
---------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to
notes issued by Perpetual Trustee Company Limited in its capacity
as trustee of the SMART Series 2012-1US Trust.

Issuer: SMART Series 2012-1US Trust

USD100.00 million Class A-1 Notes, Assigned (P)P-1 (sf);
USD145.0 million Class A-2 Notes, Assigned (P)Aaa (sf);
USD165.00 million Class A-3 Notes, Assigned (P)Aaa (sf);
USD90.00 million Class A-4 Notes, Assigned (P)Aaa (sf);
AUD10.50 million Class B Notes, Assigned (P)Aa2 (sf);
AUD14.44 million Class C Notes, Assigned (P)A2 (sf);
AUD13.13 million Class D Notes, Assigned (P)Baa2 (sf);
AUD11.81 million Class E Notes, Assigned (P)Ba2 (sf).

The AUD 7.88 million Seller Notes are not rated by Moody's.

The Class A-1 Notes will be fixed rate notes. The Class A-2,
Class A-3 and Class A-4 Notes may be offered as either fixed or
floating rate notes. Where the Class A-2, Class A-3 and Class A-4
fixed and floating rate notes are offered, the notes will be
issued as Class A-2a, Class A-2b, Class A-3a, Class A-3b, Class
A-4a and Class A-4b respectively.

The transaction is a securitisation of a portfolio of Australian
novated leases, commercial hire purchase agreements, chattel
mortgages and finance leases secured by motor vehicles,
originated by Macquarie Leasing Pty Limited.

"This is the first Australian ABS transaction issued in 2012. As
with Macquarie's more recent transactions, this transaction is
continuing the trend of targeting offshore markets by issuing
USD-denominated Class A Notes.", says Treasa Boyle, Moody's lead
analyst for the transaction.

Ratings Rationale

In broad terms, SMART Series 2012-1US Trust replicates structures
seen in previous SMART transactions sponsored by Macquarie, and
closely follows the structure seen in SMART Series 2011-4US
Trust. Notable features of the transaction include the
conservative composition of the receivables pool backing the
transaction, the USD-denominated senior notes and the pro-rata
principal repayment profile.

The pool includes a relatively high percentage of novated leases
(64%). Moody's considers novated leases to have a lower level of
risk than other contract types and this is a positive feature of
the transaction. At the same time, the deal is exclusively backed
by motor vehicles, predominantly cars. Past non-US SMART
transactions and other Australian ABS transactions typically
include 10-15% of other equipment types. In Moody's opinion,
motor vehicles exhibit less pro-cyclical default patterns and, on
average, higher recovery rates. As a result, Moody's views the
SMART 2012-1US Trust pool as more conservatively structured than
peer portfolios.

In order to fund the purchase price of the portfolio, the Trust
will issue up to twelve classes of notes. The notes will be
repaid on a sequential basis in the initial stages (until the
subordination percentage increases from the initial 11.0% to
18.9%, and from 12.0% to 19.9% including the liquidity reserve)
and during the tail end of the transaction. At all other times,
the structure will follow a pro rata repayment profile. This
principal paydown structure is comparable to other structures in
the Australian ABS market in recent years.

The deal will include a minimum of four (and up to seven in the
event both fixed and floating rate notes are issued) senior, USD-
denominated tranches. The Class A-1 Notes are fast-pay money-
market notes, rated P-1. The Class A Notes will be repaid
sequentially within the Class A Note allocation. The ratings are
based on the credit enhancement provided by the subordinated
notes and the liquidity reserve, in total equal to 12% for the
Class A Notes.

An unusual feature of this and previous USD-denominated SMART
transactions is that the maturity dates of the Class A Notes were
set not with reference to the maturity of the longest dated
receivable but rather with reference to the scheduled principal
amortisation profile (with a certain buffer to allow for defaults
and delinquencies). Moody's has accounted for the possibility of
losses and delinquencies during the term of the Class A notes in
its assessment of the likelihood of their repayment and believes
scheduled principal amortisation to be sufficient to repay the
Class A Notes by the maturity dates in full.

Moody's base case assumptions are a default rate of 1.80% and a
recovery rate of 40.00%. These imply a expected (net) loss of
1.08%. Both the default rate and the recovery rate have been
stressed relative to observed historical levels of 1.34% and
54.00% respectively.

The ratings address the expected loss posed to investors by the
legal final maturity. The structure allows for timely payment of
interest and ultimate payment of principal by the legal final
maturity.

VOLATILITY ASSUMPTION SCORES AND PARAMETER SENSITIVITIES

The V Score for this transaction is Low/Medium, which is in line
with the score assigned for the Australian ABS sector. Among
other factors, Moody's notes the availability of a substantial
amount of historical performance data in the Australian ABS
market as well as on an issuer-by-issuer basis. Here, for
instance, Moody's has been provided with detailed vintage and
individual default data for the 1998-2011 period. In addition,
Moody's observes that Australian auto ABS, and specifically past
SMART transactions, have to date been performing stably. Also, in
terms of alignment of interest, Moody's assigns a low rather the
sector average of low/medium as Macquarie retains a significant
proportion of the transaction, better aligning incentives. With
regards to legal and regulatory uncertainty, Moody's assign a
medium due to the recent introduction of the Personal Property
Securities Act (PPSA) which may lead to operational issues in the
short term. Overall, the V score of Low/Medium allows Moody's to
have a material degree of comfort with regard to assumptions made
in rating the SMART Series 2012-1US Trust.

V Scores are a relative assessment of the quality of available
credit information and of the degree of uncertainty around
various assumptions used in determining the rating. High
variability in key assumptions could expose a rating to more
likelihood of rating changes. The V Score has been assigned
accordingly to the report "V Scores and Parameter Sensitivities
in the Asia/Pacific RMBS Sector", published in March 2009.

Parameter Sensitivities are designed to provide a quantitative
calculation of how the initial rating might change if key input
parameters used in the initial rating process - here, the
expected loss and the Aaa credit enhancement - differed. The
analysis assumes that the deal has not aged. Parameter
Sensitivities only reflect the ratings impact of each scenario
from a quantitative/model-indicated standpoint.

In the case of SMART Series 2012-1US Trust, the Class A Notes
remain investment grade when the default rate rises to 3.60%
(double of Moody's assumption of 1.80%). Similarly, Aa ratings
are maintained when the base recovery rate is stressed from the
assumed 40% to 20% (holding other factors, including the assumed
default rate of 1.80% constant). Where the default rate
assumption doubles and the recovery rate assumption halves, the
rating drops to Baa2.

Rating Methodology

The principal methodology used in this rating was "Moody's
Approach to Rating Australian Asset-Backed Securities" published
in July 2009.


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H O N G  K O N G
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APEX MIGHT: Creditors' Proofs of Debt Due March 23
--------------------------------------------------
Creditors of Apex Might Enterprises Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by March 23, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

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


CHEONG LUNG: Court to Hear Wind-Up Petition on April 11
-------------------------------------------------------
A petition to wind up the operations of Cheong Lung Restaurant
Design Limited will be heard before the High Court of Hong Kong
on April 11, 2012, at 9:30 a.m.

Ali Yasir filed the petition against the company on Feb. 8, 2012.


DEUTSCHE WOOLWORTH: Placed Under Voluntary Wind-Up Proceedings
--------------------------------------------------------------
At an extraordinary general meeting held on March 5, 2012,
creditors of Deutsche Woolworth Sourcing Hong Kong Limited
resolved to voluntarily wind up the company's operations.

The company's liquidator is:

         Piotrowski Christoph Philippus
         Kantstr. 10
         65817 Eppstein
         Germany


EXCEL CONCORD: Court to Hear Wind-Up Petition on April 11
---------------------------------------------------------
A petition to wind up the operations of Excel Concord Limited
will be heard before the High Court of Hong Kong on April 11,
2012, at 9:30 a.m.

Renaissance City Development Company Limited filed the petition
against the company on Feb. 1, 2012.

The Petitioner's solicitors are:

          Mayer Brown JSM
          18th Floor, Prince's Building
          10 Chater Road
          Central, Hong Kong


INNOVATIVE NETWORK: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Hong Kong entered an order on Jan. 18, 2012, to
wind up the operations of Innovative Network Engineering Company
Limited.

The company's liquidator is:

         Mat Ng
         20/F, Henley Building
         5 Queen's Road
         Central, Hong Kong


JC INFINITIVE: Creditors Get 100% Recovery on Claims
----------------------------------------------------
JC Infinitive Company Limited, which is in compulsory
liquidation, will declare the first and final dividend to its
creditors on or after May 14, 2012.

The company will pay 100% for preferential and 5% for ordinary
claims.

The company's liquidators are:

         Kong Chi How Johnson
         Lo Siu Ki
         25th Floor, Wing On
         Centre, 111 Connaught Road
         Central, Hong Kong


LAND INTERNATIONAL: Ho and Kong Appointed as Liquidators
--------------------------------------------------------
Ho Man Kit Horace and Kong Sze Man Simone on Feb. 8, 2012, were
appointed as liquidators of Land International Trading Limited.


LUCKY DRAGON: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on Jan. 16, 2012, to
wind up the operations of Lucky Dragon Boat Restaurant Limited.

The company's liquidator is Yuen Tsz Chun Frank.


MAN HO: Kong and Wu Appointed as Liquidators
--------------------------------------------
Kong Chi How Johnson and Wu Shek Chun on April 20, 2011, were
appointed as liquidators of Man Ho Paper Factory Limited.

The liquidators may be reached at:

          Kong Chi How Johnson
          Wu Shek Chun
          25/F, Wing On
          Centre 111, Connaught Road
          Central, Hong Kong


TRADEPOWER (HOLDINGS): Creditors Get 100% Recovery on Claims
------------------------------------------------------------
Tradepower (Holdings) Limited, which is in liquidation, declared
the first and final ordinary dividend to its creditors on or
after March 9, 2012.

The company paid 100% for ordinary claims.

The company's liquidator is:

         Kenny King Ching Tam
         Room 908, 9/F
         Nan Fung Tower
         173 Des Voeux Road
         Central, Hong Kong


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I N D I A
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ADITYA AGRO: ICRA Assigns '[ICRA]B' Rating to INR10cr LT Loan
-------------------------------------------------------------
ICRA has assigned [ICRA]B rating to the INR10.00 crores long term
bank facilities of Aditya Agro Foods.

ICRA's rating factors in the weak financial profile of the firm
which is characterized by relatively high gearing, low
profitability and weak debt coverage indicators. Also, the
government policy restrictions on the quantity of rice which can
be sold in the open market limit the flexibility and realizations
for the firm. The rating is also constrained by the agro-climatic
risks which impact the availability of the paddy in adverse
weather conditions and result in lower capacity utilization for
the firm. The rating is however supported by the long track
record of the promoters in the rice mill business and ease in
paddy procurement due to location of facility in major paddy
cultivating region of the country. Further, favorable demand
prospects of the industry with India being the second largest
producer and consumer of rice internationally augurs well for the
firm.

Aditya Agro Foods was set up in 2009 as a partnership firm by Mr.
S. Ravindra Reddy and his family. The firm is engaged in milling,
processing, and selling of raw rice, bran, and husk. Currently,
the firm has paddy milling capacity of 43,200 Metric Tons per
annum.

Recent Results

During the financial year ending March 2011, the firm reported
net profit of INR0.02 crores on a turnover of INR12.46 crores
against a reported net profit of INR0.01 crores on a turnover of
INR6.43 crores during FY2009-10.


AMOD STAMPINGS: Drop in Operating Income Cues '[ICRA]B+' Rating
---------------------------------------------------------------
ICRA has revised the long term rating assigned to the
INR5.50 crore term loan facility and INR25.00 crore cash credit
facility of Amod Stampings Private Limited to '[ICRA]B+' from
'[ICRA]BB'. ICRA has also revised the short term rating assigned
to the INR30.00 crore short term non fund based facilities and
INR7.25 crore short term fund based facilities of ASPL to
[ICRA]A4 from [ICRA]A4+.

The revision in ratings takes into consideration significant
decline in operating income of the company due to slowdown in
capacity addition in power sector as well as reduced
realizations. The company is facing problems in debtor recovery
which is reflected in deterioration in working capital profile.
Higher working capital requirements coupled with debt funded
capital expenditure has weakened the capital structure which is
characterized by higher gearing and weak coverage indicators.
ICRA also notes that the product profile of the company has
limited value addition. Nonetheless, the ratings continue to be
supported by long standing experience of promoters in the
industry and favourable outlook of power sector demand in the
long term.

Amod Stampings Private Limited was established as a partnership
firm in 1978 by Mr. Naraharibhai S. Patel and his son Mr.
Surendrabhai N. Patel at Amod village, Bharuch, Gujarat. They
established a unit to manufacture transformer laminations made
from Cold Rolled Grain Oriented (CRGO) steel. In 1995, the
company was converted to a private limited company having its
registered office at Gujarat Spun Pipe Compound, Padra Road,
Baroda.

Recent Results

ASPL has reported a profit after tax (PAT) of INR2.66 crore in
FY11 on an operating income of INR88.73 crore. The company has
reported operating profit before depreciation, interest,
amortization and tax (OPBDITA) of INR9.77 crore in the same
period.


ANSHUL IMPEX: ICRA Places '[ICRA]BB+' Rating to INR10cr Loan
------------------------------------------------------------
ICRA has assigned an '[ICRA]BB+' rating to the INR10.00 crore
cash credit facilities of Anshul Impex Private Limited.  The long
term rating has been assigned stable outlook. ICRA has also
assigned an '[ICRA]A4+' rating to the INR30.00 crore non fund
based facilities of AIPL

The assigned rating derives comfort from the long track record of
promoters in the coal trading business, established relations
with a diversified client base, and strong growth in trading
turnover in last fiscal. The assigned rating also takes into
account favorable demand outlook for the coal with sizeable
demand-supply gap in domestic industry. The assigned ratings,
however, remain constrained by moderate scale of operations,
marginal profitability in line with trading nature and stretched
cash flows on back of working capital intensive nature of the
business. High interest expenses combined with low accruals has
resulted in moderate coverage indicators over the years. ICRA
also takes note of vulnerabilities associated with commodity and
currency fluctuations combined with Government policy decisions
for the coal trading business of the company.

AIPL was incorporated in 1989 in Nagpur (Maharashtra) and is
engaged in trading of indigenous and imported coal along with
providing logistic services to the customers. AIPL has its sales
depot at Dharmatal (Mumbai), Nagpur, Wani, Chandrapur (all
Maharashtra), Sarni, Mandideep, Indore (MP) and at Surat in
Gujarat. The company was promoted by Mr Yugpradhan Mehta who is
an engineer from UICT, Mumbai and has extensive experience of
more than 25 years in the coal trading business.


AUM COTTON: ICRA Assigns '[ICRA]B' Rating to INR1cr Term Loan
-------------------------------------------------------------
ICRA has assigned rating of '[ICRA]B' to the INR1.00 crore term
loan and INR6.00 crore cash credit facilities of Aum Cotton Co.

The assigned rating reflects the risks inherent in green field
project including market risks and the risks associated with the
stabilization of the plant, as per expected parameters post
commencement of operations. The ratings also take into account
the low value additive nature of the ginning industry ,intense
competition on account of fragmented industry structure which
restricts pricing flexibility, thereby resulting in thin
profitability and vulnerability of profitability to fluctuations
in raw material prices which are in turn subject to seasonality
and crop harvest. The rating also takes into account the high
working capital intensive nature of the industry and the
predominantly debt funded capital expenditure which is expected
to result in a highly leveraged capital structure for the firm.

The rating however positively considers the long experience of
the promoters in the cotton industry, locational advantages
enjoyed by the firm and mitigation of project execution risk to
some extent with project in advanced stages of execution and the
plant scheduled to commence operations in March 2012.

ACC established in 2011, was promoted by Mr.Bhavesh Chovatia, Mr
Arjan Ramani and other family members to engage in cotton ginning
and pressing operations. The firm is in the process of setting up
facility in Jasdan (Gujarat) with 18 ginning machines with an
intake capacity of around 60 MTPD of raw cotton.


DANTARA JEWELLERS: ICRA Puts [ICRA]BB- Rating on INR10cr Loan
-------------------------------------------------------------
ICRA has assigned [ICRA]BB- rating to the INR10 crore fund based
bank limits of Dantara Jewellers. The long term rating carries
stable outlook.

The ratings derive comfort from the long experience of DJ's
promoters in the gold jewellery business and its robust revenue
growth in the last couple of years owing to wide product profile
and reputed clientele. The ratings are however constrained by
DJ's low operating margins resulting from the highly competitive
nature of the gold jewellery industry, exposure of margins to the
volatility in the raw material (mainly gold) prices, stretched
net profitability resulting in low cash accruals, weak debt
coverage indicators and high gearing. The ratings are also
constrained by the firm's exposure to high client concentration
risks as reflected from the top two clients contributing more
than three-fourth of the total revenues in FY11. Nonetheless,
these risks are partially mitigated by the firm's strong
clientele which includes reputed retail jewellery players majorly
located in the western and southern parts of the country.

Dantara Jewellers was set up in 1998 by two brothers Mr. Naresh
Dantara and Mr. Dipak Dantara to engage in manufacture and
wholesale trading of gold jewellery. The promoters have been
dealing in the jewellery trading space for more than two decades.
The firm gets the gold jewellery manufactured from its trusted
set of goldsmiths in Mumbai and then markets it to wholesale and
retail jewellery players across the country.

Recent results:

For the year ended March 2011, the firm reported a Profit after
Tax of INR0.3 crore on an operating income of INR62.7 crore.


HALCYON LIFE: ICRA Cuts Rating on INR105cr Loan to '[ICRA]BB+'
--------------------------------------------------------------
ICRA has revised the long-rating for the bank facilities of
Halcyon Life Sciences Private Limited (Erstwhile Kiran Flour Mill
Industries Private Limited) to '[ICRA]BB+' from [ICRA]BBB+ (SO).
The outlook on the long-term rating is 'Stable'. The rated amount
is enhanced from INR70.0 Crore to INR105.0 Crore. The earlier
rating was solely based on corporate guarantee extended by Ind
Swift Limited.

The assigned rating takes into account HLS' parentage, being a
part of Ind Swift group (flagship company of the group Ind Swift
Laboratories is rated at [ICRA]BBB+/A2) with strong operational
linkages with the Group also being its key customer. The rating
is, however, constrained by high susceptibility of profits to
fluctuations in raw material prices given the low value added
nature of operations, high working capital intensity and
stretched coverage indicators of HLS. The rating also reflects
the highly fragmented nature of the menthol industry and
seasonality associated with the raw material availability
resulting in large raw material inventory during the year.
Further, ICRA notes that the company's net profits are highly
dependent on speculation gain in the commodity exchange. Going
forward, HLS' ability to generate higher net profits from its
core operations, improve coverage indicators and reduce working
capital intensity will be the key rating sensitivities.

Halcyon Life Sciences Pvt. Limited (Erstwhile Kiran Flour Mill
Industries Limited) is engaged in the manufacturing of De
Metholized Oil (DMO) and Menthol Flakes, raw materials used in
the manufacture of menthol crystals. The menthol crystals are
used in various applications in different industries like
peppermint, toothpaste, chewing tobacco, perfumery among others.
HLS is 100% owned by the promoter families of Ind Swift
Laboratories Limited (ISLL) and majority of its revenues are
generated from sales to group companies. The company largely
operates as a trading entity responsible for buying menthol oil
and selling it across after marginal processing. HLS has its
manufacturing facility in Jammu and avails of excise duty
benefits for its production.


KINGFISHER AIRLINES: Cancels 40 Flights on Pilots Protest
---------------------------------------------------------
The Times of India reports that Kingfisher Airlines was on Monday
forced to cancel at least 40 flights across India.

Citing Times Now, TOI relates that Kingfisher was forced to
cancel its flights after many of its pilots failed to report for
work.

At least 11 Kingfisher flights scheduled to fly out of Mumbai
have been cancelled, according to reports cited by TOI.

The pilots are protesting non-payment of their salaries, the
report notes.

Meanwhile, NDTV reports that Pradeep Bhavnani, a Mumbai-based
stock broker and businessman, has offered to pick up a 24.9%
stake in Kingfisher Airlines for INR300 crore.

Mr. Bhavnani told NDTV that he met with Kingfisher-promoter Vijay
Mallya and made the offer.

In an interview with NDTV Profit, Mr. Bhavnani also said that he
would purchase the airline's Mumbai Headquarters for more than
INR104 crore.

However, NDTV notes, the airline refuted any such meeting. Vijay
Mallya doesn't know anybody by the name of Pradeep Bhavnani, a
Kingfisher spokesperson told NDTV.

Pradeep Bhavnani is a Mumbai-based businessman and stock broker,
who had earlier received media attention for buying Mahatma
Gandhi's Johannesburg house -- The Kraal. He is also a relative
of BJP leader - LK Advani, NDTV discloses.

                     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 2011, 74.8 per cent more
than a loss of INR2.54 billion a year earlier, The Economic Times
disclosed.  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.


K. K. COTEX: ICRA Assigns '[ICRA]B Rating to INR22cr Cash Loan
--------------------------------------------------------------
ICRA has assigned an '[ICRA]B' rating to INR22.00 crore fund
based cash credit facility of K. K. Cotex. ICRA has also assigned
an '[ICRA]A4' rating to the INR40.00 crore short term fund based
facilities of KKC.

The assigned ratings are constrained by KKC's weak financial
profile as reflected by low profitability, highly leveraged
capital structure on account of working capital intensive nature
of the business, weak debt protection indicators and stretched
liquidity position. The ratings also take into account the low
value addition and intense competition on account of fragmented
cotton industry which exerts further pressure on profitability.
The rating further incorporates the vulnerability of
profitability to fluctuations in raw material prices and
regulatory risk given the high inventory levels maintained by the
firm.

The ratings, however, favorably consider the long experience of
the promoters in the cotton industry, favorable location of the
firm giving it easy access to high quality raw cotton as well as
healthy growth in revenue given the positive demand outlook for
cotton on account of free cotton exports for 2011-12 cotton
season.

K. K. Cotex was formed in 2007 as a partnership firm by
Mr. Kishorbhai S Patel and Mrs. Bhavitaben K Patel, having an
experience of more than a decade in cotton industry. The firm has
set up a unit for cotton ginning and pressing at Hadamtala, Dist-
Rajkot with 48 ginning and 1 pressing machines. Recent Results
For the year ended March 31, 2011, the firm reported an operating
income of INR150.81 crore with profit after tax (PAT) of INR1.29
crore.


MATA MOHATADEVI: ICRA Assigns '[ICRA]B' Rating to INR15.4cr Loan
----------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B' rating to
INR15.40 Crore fund based facilities of Mata Mohatadevi Milk &
Products Pvt. Ltd.

The rating is constrained by the risks associated with
stabilization and scaling up of operations given the intense
competition in the industry, restricted pricing flexibility in
the business and small scale of operations compared to other
local established players. The financial profile at present is
characterised by losses and the capital structure is stretched,
the debt funded expansion project may further worsen the capital
structure. ICRA also notes that the dairy industry remains
vulnerable to Government regulations and supplies can be prone to
disruption from epidemic related factors. However, the rating
derives comfort from the long experience of the promoters in the
milk distribution business and favourable demand outlook for milk
and milk products.

                       About Mata Mohatadevi

MMPL, promoted by Mr. Vijay Makhija, is engaged in milk
procurement, processing and marketing of liquid milk and milk
products. MMPL started the construction of Dairy Plant Tisgaon,
Ahmednagar in September 2010 and started its operations from June
2011. The dairy products marketed by MMPL include raw chilled
milk, pouched milk, skimmed milk powder and butter. MMPL has its
registered and marketing office at Goregaon, Mumbai and a
manufacturing facility at Tisgaon (Ahmednagar, Maharashtra). MMPL
owns 4 dairy outlets in Mumbai. MMPL has an associate concern V V
Roadlines, promoted by Mr. Dolandas Makhija, father of Mr. Vijay
Makhija, engaged in milk transportation business.

Recent Results:

MMPL recorded a net loss of INR1.34 Crores on an operating income
of INR29.27 Crores for the period from June 2011 to December 31,
2011.


PUNJAB NAT'L: Moody's Affirms 'D+' Bank Financial Strength Rating
-----------------------------------------------------------------
Moody's Investors Service has affirmed Punjab National Bank's
(PNB) Baa2 foreign currency long-term issuer rating.

At the same time, Moody's has affirmed its D+ bank financial
strength rating (BFSR), while lowering its mapping to a baseline
credit assessment (BCA) of Ba1 from Baa3.

PNB's global local currency (GLC) deposit ratings are Baa2/P-2
and benefit from a two-notch rating uplift from its Ba1 BCA given
Moody's current systemic support assumptions.

PNB's foreign-currency long-term issuer rating is in line with
its GLC deposit rating and foreign currency debt ceiling.

PNB's foreign currency deposit rating is affirmed at Baa3/P-3,
and is constrained by the country ceiling.

All above ratings carry a stable outlook.

Ratings Rationale

"The affirmation of PNB's issuer rating, BFSR and stable outlooks
reflect the bank's recent core profitability indicators,
especially net interest margins, which point to good recurring
earnings power leveraged from its nationwide franchise," says
Vineet Gupta, a Moody's Vice President and Senior Analyst. PNB is
the second-largest public-sector bank in India in terms of total
assets, and it has a leading position in Northern India. "Its
current comfortable capitalization and liquidity levels were
other factors behind the affirmation of its issuer ratings," adds
Gupta.

At the same time, PNB's BCA was lowered by Moody's to capture
anticipated pressure on asset quality. "PNB, like other Indian
banks, will continue to be challenged by the prevailing operating
environment, characterized by high inflation and high interest
rates" Gupta commented. "These conditions are leading to a
slowdown in economic growth and are reducing the repayment
ability of some corporate borrowers, posing risks to asset
quality, as seen in the recent increase in the formation rate of
non-performing loans (NPL) at PNB and the rising level of
restructured loans", he explains. Moody's analysis also takes
into account the vulnerability of the bank's profitability to
markdowns in its fixed-income securities portfolio which,
together with asset quality challenges, would expose its capital
buffers to the risk of erosion in the event of a downside
scenario.

Given the lowering of the BCA, the D+ BFSR is unlikely to be
upgraded in next 12-18 months. Also, the issuer and deposit
ratings are at their respective country ceilings and would not be
upgraded unless the latter are upgraded.

At the lower end of its D+ BFSR and a stable outlook, the
profitability, asset quality and capitalization indicators
currently feature significant cushions compared to similarly-
rated peers, but would be downgraded if comparatively significant
deterioration occurred.

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

Punjab National Bank, headquartered in New Delhi, had assets of
INR3,783 billion as of March 31, 2011.


QUALITY PROFILES: ICRA Places '[ICRA]B+' Rating on INR10cr Loan
---------------------------------------------------------------
ICRA has assigned long term rating of '[ICRA]B+' and short term
rating of '[ICRA]A4' ratings to the INR10.00 crores bank
facilities of Quality Profiles Private Limited.

ICRA's rating factors in the small scale of operations for
Quality Profiles Private Limited, resulting in modest economies
of scale and modest bargaining power vis-a-vis customers and
suppliers of key inputs. The rating is also constrained by the
weak financial profile of the company characterized by relatively
high gearing, modest profitability and moderate debt coverage
indictors. Further, the company has high customer concentration
risk, with most of the pending orders being executed for BHEL.
The rating however, draws comfort from the long track record of
the promoters in the manufacturing of turbine components, and the
existing order book, which provides growth visibility going
forward.

Quality Profiles Private Limited, incorporated in the year 1991
is engaged in the manufacturing of steam and gas turbine moving
blades, guide blades, F type blades, carrier spacers, welded
diaphragms, conventional type diaphragms, nozzles, guide blade
carriers, nozzle plates and other critical turbine spares. The
company has its manufacturing unit at Patancheru near Hyderabad.

Recent Results

During the financial year ending March 2011, the company recorded
net profit of INR0.24 crores on a turnover of INR7.35 crores as
against net profit of INR0.18 crores on a turnover of INR4.81
crores during FY 2009-10.


RADIATION THERAPY: Moody's B2 CFR Unaffected by Impairment Charge
-----------------------------------------------------------------
On March 8, 2011, Radiation Therapy Services, Inc. disclosed in
its fourth quarter 2011 earnings filing that they took a $123
million impairment charge bringing the total impairments for the
year to US$361 million.  The impairment charge erodes the
company's net worth and reduces expected future free cash flow
generation, but the company's B2 corporate family rating and
negative outlook are currently not impacted.

Radiation Therapy Services, Inc. -- http://www.rtsx.com--
operates and manages radiation treatment centers primarily under
the name 21st Century Oncology, a provider of advanced radiation
therapy services to cancer patients.  Radiation Therapy is a
wholly-owned subsidiary of Radiation Therapy Services Holdings,
Inc.  The Company has operations in Argentina and India.


SHIKHAR HOUSING: ICRA Puts '[ICRA]B+' Rating on INR40cr Bank Loan
-----------------------------------------------------------------
ICRA has assigned long term rating of '[ICRA]B+' to INR40 crore
bank lines of Shikhar Housing Development Private Limited.

The rating draws comfort from the long track record and extensive
experience of SHDPL's promoters in real estate development in
Indore, favorable location of its on-going projects and the fact
that entire debt for the projects has been tied up. The rating is
however constrained by the moderate size of its operations,
geographical concentration risks resulting from location of all
of its projects in and around the city of Indore (Madhya Pradesh)
and the low collection efficiency (-40%) in the company's
projects. The rating also takes into account the exposure of
SHDPL to high competition due to presence of many other projects
in the vicinity of the projects being developed by the company,
which coupled with the current low bookings, accentuates the
market risks.

Going forward, the ability of the company to achieve higher
bookings in its on-going projects and ensuring timely collections
from customers will be the key rating sensitivities.

Shikhar Housing Development Pvt Ltd, incorporated on July 2,
2010, is involved in real estate and construction activities in
the city of Indore (Madhya Pradesh). The company is promoted by
Mr. Narendra Batra, Mr. Pawan Agarwal and Mr. Manish Agarwal, who
have significant experience in the real estate and construction
business. The company is currently executing two group housing
projects, Balaji Heights and Balaji Skyz, in village Pipliyakumar
in Indore, with total saleable area of more than 0.8 million sq.
ft.


SOUTHERN COOLING: ICRA Puts [ICRA]BB+ Rating on INR4cr Term Loan
----------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB+' rating to the
INR4.00 crore term loans, INR12.50 crore cash credit facility,
and INR7.00 long term bank guarantee facility of Southern Cooling
Towers Private Limited. The outlook on the long term rating is
Stable. ICRA has also assigned a short term rating of '[ICRA]A4+'
rating to the INR6.00 crore bank guarantee facility of SCTPL. Out
of this INR6.00 crore, INR4.00 crore is one way convertible to
Letter of Credit limits.

The rating takes into account the established market position of
SCTPL in the domestic cooling tower business, as well as the
experience of its promoters which extends over four decades in
the industry. Additionally, SCTPL's reputed customer base that
generates repeat orders, thereby demonstrating the acceptability
of the company's products, its satisfactory order book that lends
revenue visibility over the near term, and the increase in the
company's turnover and profits during the last three years, which
has led to improvement in coverage indicators as well, also
support the rating. However, the rating is constrained by the
company's small scale of operations, notwithstanding the increase
in turnover in the past, and its stretched liquidity position
that is primarily attributable to the high working capital
intensity of the business. Moreover, the competitive nature of
the cooling tower industry has resulted in SCTPL having low
bargaining power against its large customers.

                        About Southern Cooling

Southern Cooling Towers Private Limited, incorporated in 1982, is
engaged in the manufacture and installation of cooling towers. A
substantial portion of the company's revenue is also generated
through after sales services in supply of spares and annual
maintenance of the same. SCTPL manufactures reinforced cement
concrete (RCC), wooden and fibre reinforced plastics (FRP) based
cooling towers from its three manufacturing facilities based in
Kolkata and Baroda.

Recent Results

SCTPL registered a profit after tax of INR2.29 crore on the back
of net sales of INR35.01 crore in 2010-11. In 2009-10, the
company registered a profit after tax of INR1.64 crore on the
back of net sales of INR32.40 crore.


SPECIFIC CERAMICS: ICRA Cuts Rating on INR25.03cr Loan to 'BB+'
---------------------------------------------------------------
ICRA has downgraded the rating assigned to the INR25.03 crore
(enhanced from INR21.87 crore) long term fund based limits of
Specific Ceramics Ltd. to '[ICRA]BB+' from '[ICRA]BBB-'. ICRA has
also downgraded the rating assigned to INR2.70 crore short term
non-fund based limits of SCL to [ICRA]A4+ from [ICRA]A3. The
outlook on the long term rating continues to remain Stable.

The rating revision is on account of the deterioration in the
debt coverage indicators due to decline in the operating
profitability and increase in the interest expense. As
manufacturing of ceramic tiles is an energy intensive process,
the significant increase in the gas prices over the last one year
have increased the power cost for the company, which coupled with
significant increase in the freight cost has resulted in
operating profit margin declining to 11.0% in 2010-11 from 14.7%
in 2009-10, in the backdrop of pricing pressure in a fragmented
industry. Moreover, during 2010-11, the company refinanced the
interest free loans from promoters with interest bearing
corporate loan, which resulted in significant increase in the
interest expense, impacting the debt coverage indicators. The
ratings continue to remain constrained by the modest scale of the
company's operations which limits the financial flexibility and
economies of scale and the vulnerability of the tile business to
the cyclical trends in the real estate industry. The ratings
continue to favorably take into account the company's presence in
higher value add vitrified ceramic tiles, the company's pan India
distribution network which reduces the dependence on any one
region and the location advantage on account of proximity to the
primary sources of the raw materials. ICRA notes that the demand
prospects are healthy for the domestic ceramic tile industry,
which shall be driven by demand from user industries such as
hotels and real estate.

Going forward, ICRA expects the company's profitability to remain
modest given the rising power costs and intense competition in a
fragmented industry; the sales growth shall be driven by the
capacity expansion which has been proposed during FY 2012-13.
While the company plans to avail any addition term liabilities to
fund the proposed expansion only after the repayment of the
existing term liabilities in FY 2014-15, any increase in the term
liabilities in the near term shall stretch the cash flows and
debt servicing capacity of the company, and thereby shall be the
key rating sensitivity going forward.

Recent Results:

During the 9M 2011-12, as per the provisional results, SCL
reported an operating income of INR57.92 crore, operating profit
margin of 12.6% and a net profit margin of 3.2%.

SCL was incorporated in April 1996 and was originally promoted by
Mr. Suresh Patel, Mr. Bharvin Patel and Mr. Rasik Patel. SCL
stated commercial production of ceramic tiles in February 1999
with a capacity of manufacturing ~2,000 square meters (sq. mt.)
of plain glazed floor tiles per day. During 2000-04, the
installed capacity was increased to ~10,000 sq. mt. per day. In
March 2005, SCL entered into an agreement with a leading ceramic
tile manufacturer to supply exclusively to it; however according
to SCL, the agreement was not honoured and this resulted in a
financial crisis in SCL. Thereafter, in October 2007, the
original promoters transferred their shareholding in the company
to the new promoters namely, Mr. Manu Patel, Mr. Kasan Patel and
Mr. Prakash Tated and the commercial production restarted in
February 2008 under the new management. SCL is currently engaged
in the manufacturing of polished and unpolished vitrified tiles
under the brand Durato and has an installed capacity of
manufacturing ~10,000 sq. mt. of vitrified tiles per day


SPM POWER: ICRA Cuts Rating on INR4cr Loan to '[ICRA]BB-'
---------------------------------------------------------
ICRA has revised the long-term rating to '[ICRA]B+' from
'[ICRA]BB-' for INR4.00 crore fund based and INR10.00 crore non-
fund based limits of SPM Power & Telecom Private Limited.

The revision in rating factors in delays in receiving payments
from its biggest customer, BSNL; investments in its associate
firm Rohini Polyfilms, thereby stretching SPM's liquidity;
deterioration in coverage indicators in FY11 and increased
working capital intensity on account of higher debtors and
inventory. The rating is also constrained by small scale of
operations which constrains SPM from bidding for high value
government projects. However, the rating favourably factors in
upgradation of SPM as Part-I vendor in Indian Railways list
making it eligible to get 85% of the total project value for
which it is L1 bidder; limited repayment obligation over the
medium term with only working capital borrowings and sales tax
deferment loan and various quality certifications from Bureau of
Indian Standards (BIS), Research Design & Standards Organization
(RDSO - Ministry of Railways) and Telecommunication Engineering
Centre (TEC).

About SPM Power

SPM Power & Telecom Pvt. Ltd. was incorporated in May 2001 as a
partnership firm which was later converted to a Private Limited
Company in May, 2008. The manufacturing facility is based in IDA,
Cherlapally, Hyderabad. SPM manufactures Polythene Insulated
Fully Jelly Filled (PIJF), LT Power, PVC Insulated Railway
Signaling Indoor Single core and Aerial Bunched cables. Its
customer base includes NTPC, MP Paschim Kshetra Vidyut Vitaran
Company (MPKVVCL), various divisions of Indian Railways, BSNL
state wise circles all over India, MTNL and Dept. of
Telecommunications. It is ISO 9001-2008 and BIS certified.

Recent Results:

As per the provisional results of the company, SPM reported an
operating income of INR35.50 crore during (10M) FY12 with an
operating profit of INR1.88 crore.


SRI KALYANA: ICRA Assigns '[ICRA]B+' Rating to INR15cr LT Loan
--------------------------------------------------------------
ICRA has assigned '[ICRA]B+' rating to the INR15.00 crores long
term bank facilities of Sri Kalyana Chakravarthi Rice Mill.

ICRA's rating factors in the weak financial profile of the firm
which is characterized by relatively high gearing, low
profitability and weak debt coverage indicators. The rating is
also constrained by constant overdrawal of fund based bank limits
in the last 12 months by the firm indicating stretched liquidity
position. Also, the government policy restrictions on the
quantity of rice which can be sold in the open market limit the
flexibility and realizations for the firm. The rating however
draws support from long track record of the promoters in the rice
mill business aided by established milling capabilities and
proximity of the mill to major paddy cultivating region of the
country, allowing the company to procure paddy easily. Further,
favorable demand prospects of the industry with India being the
second largest producer and consumer of rice in the world should
provide for adequate growth opportunities for the firm.

Sri Kalyana Chakravarthi Rice Mill was set up in 2002 as a
partnership firm by Mr. K. Venkateshwara Rao and his family. The
firm is engaged in milling, processing, and selling of boiled
rice, raw rice, bran, and husk. Currently, the firm has paddy
milling capacity of 45,000 Metric Tons per annum.

Recent Results

During the financial year ending March 2011, the firm reported
net profit of INR0.26 crores on a turnover of INR24.48 crores as
against net profit of INR0.15 crores on turnover of INR20.56
crores during 2009-10.


SRI RAMALINGESWARA: ICRA Rates INR15cr LT Loan at '[ICRA]B+'
------------------------------------------------------------
ICRA has assigned '[ICRA]B+' rating to the INR15.00 crores long
term bank facilities of Sri Ramalingeswara Rice Mill.

ICRA's rating factors in the weak financial profile of the firm
which is characterized by low profitability and weak debt
coverage indicators. Also, the government policy restrictions on
the quantity of rice which can be sold in the open market limit
the flexibility and realizations for the firm. The rating is also
constrained by the agro-climatic risks which impact the
availability of the paddy in adverse weather conditions and
result in lower capacity utilization for the firm. The rating is
however supported by the long track record of the promoters in
the rice mill business and ease in paddy procurement due to
location of facility in major paddy cultivating region of the
country. Further, favorable demand prospects of the industry with
India being the second largest producer and consumer of rice
internationally augurs well for the firm.

Sri Ramalingeswara Rice Mill was set up in 1989 as a partnership
firm by Mr. T. Palla Reddy and his family. The firm is engaged in
milling, processing, and selling of boiled rice, raw rice, bran,
and husk. Currently, the firm has paddy milling capacity of
75,600 Metric Tons per annum.

Recent Results

During the financial year ending March 2011, the firm reported
net profit of INR0.38 crores on a turnover of INR33.91 crores
against a reported net profit of INR0.38 crores on a turnover of
INR40.25 crores during FY2009-10.


SURESH ENTERPRISES: Delays in Loan Payment Cues ICRA Junk Ratings
-----------------------------------------------------------------
ICRA has revised the long term rating assigned to INR25.25 crore
fund based bank facilities, INR6.40 crore term loan and INR13.35
crore proposed fund based facilities of Suresh Enterprises
Private Limited to [ICRA] D from '[ICRA] BB-'. ICRA has also
revised the short term rating assigned to the INR10.00 crore non
fund based facilities of the company to '[ICRA]D' from '[ICRA]
A4.'

The revision in ratings reflects SEPL's persistent delays in
servicing its debt obligations in the recent past on account of
delays in rent collection from the tenants for the leased
commercial space. Further, the ratings continue to remain
constrained by the company's stretched financial profile marked
by relatively high gearing, modest debt protection metrics, low
profitability and high working capital intensity of operations.

ICRA, however, takes note of the long track record of operations
of SEPL, its experienced promoters and its diversified revenue
stream. Moreover, SEPL's top line witnessed a good growth FY 2011
(Operating Income of INR43.45 in FY 11 as against Operating
income of INR22.14 crore in FY 10) and the management infused
equity to the tune of INR9.00 crore in FY 11 to correct the
capital structure of the company.

Suresh Enterprises Pvt Ltd is a Hubli based company, promoted by
Mr Suresh Shejawadkar. SEPL started its operations in 1993 in the
real estate business. Over the years, the company has also
adopted a backward integration strategy since its inception and
owns an RMC division, a quarry and a crusher unit. The company
also does trading activities in building materials such as steel
& cement. The company has revenues coming from many diverse
sources like development of land, construction activities as a
third party contractor , manufacturing & selling of ready mix
concrete, lease rentals from commercial space & trading in
building materials like steel & cement.

Recent Results:

SEPL reported a profit after tax (PAT) of INR0.59 crore on an
operating income of INR43.45 crore in 2010-11.


UBIQUITY DIGITAL: ICRA Rates INR35cr Loans at '[ICRA]BB-'
---------------------------------------------------------
ICRA has assigned the long-term rating of '[ICRA]BB-' to the
INR35.00 crore, fund-based limits of Ubiquity Digital Card
Systems Limited.  The assigned rating carries a stable outlook.

The assigned rating takes into account the concentration risk
arising out of single property being developed and high
competition in the commercial real estate industry of Indore. The
rating is also constrained by significant project execution risk
as only about 22% of the project is complete as on January 2012
and funding risk arising from possible cost escalations. In the
event of cost escalations and short fall in customer advances,
project progress would be dependent on funding support from
promoters.

The rating, however, draws comfort from the long track record and
extensive experience (of more than 20 years) of the promoters in
Indore commercial real estate industry and established relations
of the Brilliant Group with corporate customers, which reduces
market risk for the project being developed. Company has received
Letter of Intent from key customers expressing interest in
leasing of space under construction. The rating also factors in
the attractive location of the project and the fact that debt for
the project has been tied up.

In ICRA's view, the key rating sensitivities are completion of
the project within time and timely infusion of funds by
promoters.

Incorporated in August 1999, Ubiquity Digital Card Systems Ltd.
(UDCSL) is developing its first project (commercial complex) at
Plot No.9 of Scheme No.78 Part II, Indore (Madhya Pradesh). This
project will be made on the land area of 71,882 sq. ft. and will
have saleable area of 306,225 sq. ft. The land has been allotted
to the company on lease hold basis by Indore Development
Authority (IDA) for INR4.21 crore which after the interest and
other related charges amount to INR6.20 crore.

The Company is an associate of M/s Brilliant Estates Ltd. which
is promoted by Mr. Sanjay Choudhary who has successfully
completed many commercial projects in Indore. The Group is
focused on constructing commercial premises for Indian
corporates, Multi-national companies and IT/ITES companies and
has successfully constructed and leased about a million square
feet area of commercial space. Some of the existing customers
include Oracle, Mphasis, CSC, Xerox, IBM, HDFC bank and Govt. of
M.P.


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


BANK DANAMON: Moody's Issues Summary Credit Opinion
---------------------------------------------------
Moody's Investors Service issued a summary credit opinion on Bank
Danamon Indonesia TBK (P.T.) and includes certain regulatory
disclosures regarding its ratings. This release does not
constitute any change in Moody's ratings or rating rationale for
Bank Danamon Indonesia TBK (P.T.)

Moody's current ratings on Bank Danamon Indonesia TBK (P.T.) are:

Long Term Bank Deposits (domestic and foreign currency) ratings
of Baa3

Bank Financial Strength Rating of D; BCA Ba2 | Adj. BCA Ba1

Short Term Bank Deposits (domestic and foreign currency) ratings
of P-3

Ratings Rationale

Moody's assigns a bank financial strength rating (BFSR) of D to
Bank Danamon Indonesia, which translates into a Ba2 baseline
credit assessment (BCA). The rating reflects BDI's established
franchise in the mass-market segment (including motorcycle
financing and micro-lending to self-employed enterprises), its
reasonably healthy financial fundamentals, and its professional
management team. These factors are offset by the challenges that
BDI faces in its traditional consumer market, given the bank's
medium size, the changing industry landscape, and mounting
competition. In addition, the bank runs a high loan to deposit
ratio, implying tight liquidity in its balance sheet, and
shifting to diverse non-deposit funding from various sources,
including foreign banks. These types of financing -- bond
issuances, repos, bilateral loans and trade finance structures --
accounted for 14% of total funding at September 2011, high among
the 10 large Indonesian banks.

In addition, Moody's expects BDI to benefit from high support
from its parent, Asia Financial Indonesia, a wholly owned entity
of Temasek Holdings (Aaa), and which held a 67.37% stake in the
bank as of September 2011.

Furthermore, Moody's assesses a very high likelihood of support
by the Indonesian government in a systemic crisis. This view is
predicated on BDI's importance as the sixth largest bank in the
banking system with 3.38% share of system deposits as of
September 2011.

The combination of anticipated parental and systemic support
provides a two-notch uplift to BDI's global local currency (GLC)
deposit rating to Baa3 from its Ba2 BCA.

Rating Outlook

On Jan. 18, 2012, the foreign currency long-term/short-term
deposit ratings were raised to Baa3/Prime-3 from Ba2/Not Prime.
The revised ratings carried stable outlooks. The upgrades were in
line with the rating actions taken on January 18, 2012 to raise
Indonesia's foreign currency and local currency government bond
ratings to Baa3 from Ba1; foreign currency deposit ceiling to
Baa3/Prime-3 from Ba2/Not Prime and foreign currency bond ceiling
to Baa2 from Baa3.

On Dec. 1, 2011, the outlook on the D BFSR was revised to
positive from stable. The change was to recognize the positive
impact on BDI's franchise and financial fundamentals of the
ownership of Temasek Holdings. The bank's strong performance has
resulted in its operating metrics falling in the upper ranges for
its rating band, or in some instances, exceeding them.

What Could Change the Rating -- Up

The stand-alone ratings would be upgraded if BDI, over the next
two years: (1) maintains its asset quality, including keeping
non-performing loan and coverage ratios within past 3-year
trends, and (2) proves its ability to manage its liquidity and
funding profile on its own, especially through the Euro-zone
crisis, which is placing a strain on foreign currency liquidity
and on global banks.

What Could Change the Rating - Down

-- Given the strength of its financial metrics relative to its
current standalone ratings and their positive outlooks, BDI's
BFSR would be under downward pressure only if there was a sharp
and sustained reversal in its trends, including a doubling in the
non-performing loan ratio to 6% or a further weakening of its
loan-to-deposit ratio to above 110%.

-- A change in shareholder which would create uncertainty about
parental support could also lower its credit ratings.

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


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


EIRLES TWO: S&P Withdraws 'CCC-' Rating on Class A Secured Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services has withdrawn its 'CCC- (sf)'
rating on class A of Eirles Two Ltd.'s series 310 collateralized
debt obligation (CDO) transaction. "The rating withdrawal follows
the arranger's notification to us that the issuer fully
repurchased and cancelled the notes," S&OP said.

           Standard & Poor's 17g-7 Disclosure Report

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:

      http://standardandpoorsdisclosure-17g7.com

Rating Withdrawn
Eirles Two Ltd.
Series 310 portfolio credit linked secured notes
Class     To     From          Issue amount     Coupon type
A         NR     CCC- (sf)     JPY5 bil.          Fixed rate

The transaction's closing date was Dec. 14, 2006.


NIPPON SHEET: Moody's Cuts & Withdraws 'B1' Issuer Rating
---------------------------------------------------------
Moody's Japan K.K. has downgraded the issuer rating of Nippon
Sheet Glass Co., Ltd. prior to its withdrawal. The withdrawal
will coincide with its replacement with a new Corporate Family
Rating (CFR) per Moody's approach to non-investment grade
companies. The Issuer Rating is downgraded to B1 from Ba1. The
rating outlook is negative. Moody's notes that the Issuer Rating
is negatively affected and effectively constrained by financial
covenants at the company's subsidiary and, in Moody's opinion,
the new CFR will more accurately reflect NSG's enterprise risk.
It is expected that the Issuer Rating will be withdrawn and the
new CFR assigned on March 12, 2012.

The rating action concludes the review for downgrade initiated on
Jan. 19, 2012.

Rating Rationale

The rating action reflects Moody's concern that because of weak
economies in its main markets -- in particular Europe --, severe
competitions in emerging markets and input costs pressure, NSG's
has been unable to improve its earnings and cash flow. The
combination of restructuring costs and generally weak demand
(other than in its auto sector) is expected to constrain
improvement for the next 12 to 18 months.

NSG's profitability has worsened since late 2011 and the company
recorded an operating loss of JPY2.7 billion for Oct-Dec 2011. At
the same time, it revised its full-year financial forecasts for
FYE3/2012, cutting operating profits to JPY4 billion from JPY25
billion.

Accordingly, it has been restructuring its business with
estimated cost of JPY25 billion costs immediately leading to
annual savings of JPY20 billion. In addition to these cash costs,
the company will need to record non-cash expenses associated with
the restructuring plan.

These cash and non-cash costs will put pressure on NSG's
financials for the immediate future while NSG continues to
struggle with uncertain economic conditions, high input prices,
pressured profitability in its main products such as building
glass and glass for solar panels.

Moody's prior rating anticipated a recovery in earnings that has
not occurred. The current rating includes expectation of
restructuring charges and earnings and cash flow weakness for the
next 12 to 18 months with a modest recovery thereafter. This
recovery is dependent on modestly favorable market conditions and
the successful implementation of the restructuring efforts,
particularly cost savings, that have been announced.

NSG's UK subsidiary, NSG UK ENTERPRISES LIMITED (NSG UKE),
borrows under a separate loan agreement with its own covenants.
Although NSG UKE's financials have reasonable room before any
potential breach of its covenants with its 1H FYE 3/2012 results,
its profitability and financial profile worsened in Oct-Dec 2011.

NSG's issuer rating B1 incorporates a reasonable level of
financial support from financial institutions. Moody's has
reduced its support factor under its approach to Japan System
support to one ratings notch from two. The change was made due to
the extended period of financial stress the company has
experienced and the increase in its risk profile. Moody's
believes that continued strong financial support from its main
banks and Sumitomo Mitsui Banking Corporation (Aa3) is essential
to NSG's structural reforms and in maintaining its ratings.

The negative outlook reflects the significant execution risk
involved in its plan to improve its weakened financial profile
within a reasonable time and in an environment of volatile macro-
economic conditions in its key markets.

Downward rating pressure could emerge if NSG is not able to
clearly demonstrate that its restructuring efforts are being
achieved. This will include clear evidence of a continued strong
position in its core markets, improved profitability, and
declining leverage. These improvements are expected to become
evident in the next 12 to 18 months. Further downward rating
action would be considered if, for example, adjusted debt/EBITDA
continues to exceed 7.0x at the end of FYE3/2014, or adjusted
total debt/Capitalization remains over 75%.

The rating could also come under pressure if headroom under its
bank covenant were to tighten.

NSG is unlikely to be upgraded in the near term, given the
negative outlook and the challenges facing the company. Steady
improvements, after the initial restructuring charges are
expected in its profitability and balance sheet structure,
evidenced by adjusted Debt/EBITDA sustainably 6.0x and adjusted
Debt/Capitalization below 65%, could generate a consideration of
a change in the outlook to stable from negative.

The principal methodology used in this rating was Moody's "Global
Manufacturing Industry", published on December 29, 2010, and
available on www.moodys.co.jp.

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


SUNSHINE TRUST: S&P Withdraws 'BB+' Class D Interests Rating
------------------------------------------------------------
Standard & Poor's Ratings Services has withdrawn its ratings on
the A1, A2, B, and C asset-backed loans (ABLs) and the class D
beneficial interests issued under the Sunshine Trust asset-backed
securities (ABS) transaction. "We withdrew the ratings upon the
issuer's request. All the ABLs and classes of beneficial
interests are secured by a pool of consumer loan receivables
originated by Shinsei Financial Co. Ltd.," S&P said.

Also, Nippon Standard & Poor's K.K. assigned and published
ratings on the same transaction.

           Standard & Poor's 17g-7 Disclosure Report

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:

      http://standardandpoorsdisclosure-17g7.com

Ratings Withdrawn
Sunshine Trust
ABLs
     Rating      Amount*      Interest rate   Date of loan
origination
A1   A (sf)      JPY65.0 bil.   Fixed rate      April 28, 2011
A2   BBB+ (sf)   JPY42.0 bil.   Fixed rate      April 28, 2011
B    BBB (sf)    JPY30.0 bil.   Fixed rate      April 28, 2011
C    BBB- (sf)   JPY10.0 bil.   Fixed rate      April 28, 2011

Beneficial interests
Class   Rating      Amount*      Interest rate   Date of issue
D       BB+ (sf)    JPY39.0 bil.   Fixed rate      Jan. 27, 2011

*The amounts are as of Jan. 31, 2012.


SUNSHINE TRUST: S&P Rates Class D Beneficial Interests at 'BB+'
---------------------------------------------------------------
Nippon Standard & Poor's K.K. (NSP) has assigned its ratings to
the fixed-rate Sunshine Trust ABLs and Beneficial Interest asset-
backed securities (ABS) transaction due July 2018. The asset-
backed loans (ABLs) and beneficial interest issued under this
transaction are secured by a pool of consumer loan receivables
originated by Shinsei Financial Co. Ltd.

"Under this transaction, the originator entrusted a pool of
consumer loan receivables and cash with the trustee, and received
the class A1 to E beneficial interests, subordinate beneficial
interests, and seller's beneficial interests. The class A1 to C
beneficial interests were then transferred to investors. In April
2011, the trustee borrowed the A1 to C ABLs and fully redeemed
the class A1 to C beneficial interests, using primarily the A1 to
C ABLs. On Jan. 27, 2012, the amount of principal on the A1 ABL
increased through additional borrowing following the additional
entrustment of underlying consumer loan receivables, and the
class E beneficial interests were fully repaid through some of
the additional borrowings attributed to the A1 ABL on the same
day. The A1 ABL was then divided into the A1S ABL and A1 ABL on
Jan. 31, 2012, and the amounts of the A2 to C ABLs and the class
D beneficial interest were changed on the same day," S&P said.

The ratings reflect S&P's views primarily on the following
factors:

* "The credit risk inherent in the collateral pool based on the
   collateral characteristics and historical performance, as well
   as the business conditions that we have forecast for the
   obligors and consumer finance companies," S&P said.

* The ample credit support provided via
   Overcollateralization.

* The payment structure and cash flow mechanics that have been
   established in the event that the performance of the
   underlying assets deteriorates, including: (1) a default trap,
   through which excess interest from the asset pool is used to
   mitigate losses from the defaulted receivables; (2) repurchase
   by the originator of defaulted receivables not covered through
   the default trap up to a certain limit; and (3) the
   establishment of early amortization triggers that convert the
   transaction to a monthly pass-through turbo structure.

* The creditworthiness of the originator in terms of
   performance, including the repurchase of defaulted
   receivables.

* The quality and ability of the originator as a servicer for
   this transaction.

* The schemes that have been adopted in the event that certain
   credit events involving the servicer occur in the future,
   including: (1) the appointment of a backup servicer at the
   outset of the transaction; (2) the establishment of
   commingling risk triggers to mitigate commingling risk; and
   (3) the establishment of a cash reserve to provide liquidity
   support to the transaction.

"The transaction's legal structure, including the entrustment of
the consumer loan receivables that has been structured to achieve
a 'true sale,' and the fact that the trust agreement is not at
risk of being cancelled on the ground that the contracting
parties have not fulfilled their obligations. The ratings reflect
our opinion on the likelihood of the full and timely payment of
interest and the ultimate repayment of principal by the
transaction's legal final maturity date in July 2018," S&P said.

Ratings Assigned
Sunshine Trust ABLs and Beneficial Interest
Class     Rating     Amount*     Interest  Origination/issue date
O/C ratio*
A1S Loan  AA- (sf)   JPY30.0 bil.  Fixed     Jan. 31, 2012
88.5%
A1 Loan   A (sf)     JPY65.0 bil.  Fixed     April 28, 2011
63.6%
A2 Loan   BBB+ (sf)  JPY42.0 bil.  Fixed     April 28, 2011
47.6%
B Loan    BBB (sf)   JPY30.0 bil.  Fixed     April 28, 2011
36.1%
C Loan    BBB- (sf)  JPY10.0 bil.  Fixed     April 28, 2011
32.3%
D BI      BB+ (sf)   JPY39.0 bil.  Fixed     Jan. 27, 2011
17.3%

*The amounts and overcollateralization (O/C) ratios for the A1S
to C Loans and the class D beneficial interest (BI) are all as of
Jan. 31, 2012.

NOTES
The basic approach to calculating the O/C ratio is as follows:
1-(A+B)/(C-D-E)
A: the rated obligations and equally ranked obligations
B: prior obligations to the rated obligations
C: underlying assets (including cash)
D: liquidity reserves
E: obligations, except for senior, mezzanine, or subordinate
obligations (seller's interest, etc.)
In the case of a master trust structure, the series base value
should be applied.


===============
M A L A Y S I A
===============


CIMB BANK: Moody's Issues Summary Credit Opinion
------------------------------------------------
Moody's Investors Service issued a summary credit opinion on CIMB
Bank Berhad and includes certain regulatory disclosures regarding
its ratings. The release does not constitute any change in
Moody's ratings or rating rationale for CIMB Bank Berhad and its
affiliates.

Moody's current ratings on CIMB Bank Berhad and its affiliates
are:

Long Term Issuer (foreign currency) rating of A3

Senior Unsecured MTN Program (foreign currency) ratings of (P)A3

Long Term Bank Deposits (foreign currency) ratings of A3

Bank Financial Strength ratings of C-

Short Term Bank Deposits (foreign currency) ratings of P-1

Short Term Issuer Rating (foreign currency) ratings of P-1

SBB Capital Corporation

BACKED Preferred Stock Non-cumulative (foreign currency) ratings
of Ba2(hyb)

Ratings Rationale

Moody's assigns a bank financial strength rating ("BFSR") of C-
to CIMB Bank Berhad, which translates into a baseline credit
assessment ("BCA") of Baa2.

The C- BFSR reflects the bank's continued ability to maintain
sound financials, deliver on its strategic objectives and reduce
its risk profile. It takes into account the progress that CIMB
Bank has made since 2007 to integrate its legacy operations,
improve its domestic franchise and expand regionally. At the same
time, it also factors in the challenges CIMB Bank faces in
further improving its funding costs and asset quality in light of
intense competition among banks domestically and renewed
volatility in the global economy. The outlook on the BFSR is
stable.

Moody's believes that the probability of systemic support for
CIMB Bank is very high, which results in a two-notch uplift in
its deposit ratings to A3/Prime-1 from its BCA of Baa2.

Rating Outlook

On Aug. 25, 2011, Moody's upgraded CIMB Bank's BFSR to C- with a
stable outlook, from D+. The upgrade was due to the bank's
continued ability to maintain sound financials, deliver on its
strategic objectives and reduce its risk profile.

In addition, Moody's also upgraded SBB Capital Corporation's
foreign currency preference stock rating to Ba2(hyb), with a
stable outlook, from Ba3(hyb).

The outlook on CIMB Bank's long-term foreign currency deposit and
issuer rating is stable.

What Could Change the Rating - Up

The following factors could result in upward pressure on CIMB
Bank's BFSR:

(i) Continued growth of the bank's consumer banking business,
while it also maintains its strength in corporate banking

(ii) Significant reduction in borrower and industry
concentrations

(iii) Further reduction in the level of impaired loans to below
3% of gross loans and below 20% of shareholder's equity and loan
loss reserves

(iv) Risk-adjusted profitability -- measured by net income as a
percentage of average risk-weighted assets -- of above 2%

(v) Continued maintenance of adequate capital buffer against
credit losses with core Tier 1 capital ratio above 10%.

As the bank's foreign currency deposit and debt ratings are
currently capped at the sovereign ceilings of A3, an upgrade of
the sovereign ceiling could result in the upgrade of these
ratings.

What Could Change the Rating - Down

The following factors could result in downward pressure on CIMB
Bank's BFSR:

(i) Aggressive organic expansion or acquisitions, resulting in
significant increases in its risk profile

(ii) Keen price competition, resulting in net income falling
below 1.5% of average risk-weighted assets

(iii) Significant weakening in the operating environment or
looser underwriting practices, resulting in the impaired loans
ratio rising above current levels

(iv) Material decline in capital buffer from current levels.

The bank's foreign currency deposit and debt ratings may be
pressured downwards if:

(i) The sovereign ceilings are downgraded to below A3; and/or

(ii) Systemic support for the bank is assessed to have fallen.

The movement in SBB's hybrid securities rating is dependent on
changes to CIMB Bank's BFSR and BCA.

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


RHB BANK: Moody's Issues Summary Credit Opinion
-----------------------------------------------
Moody's Investors Service issued a summary credit opinion on RHB
Bank Berhad and includes certain regulatory disclosures regarding
its ratings. The release does not constitute any change in
Moody's ratings or rating rationale for RHB Bank Berhad.

Moody's current ratings on RHB Bank Berhad are:

Senior Unsecured MTN Program (foreign currency) ratings of (P)A3

Long Term Bank Deposits (foreign currency) ratings of A3

Bank Financial Strength ratings of D; Baseline Credit
Assessment-Ba2/Adjusted Baseline Credit Assessment-Ba2

Short Term Bank Deposits (foreign currency) ratings of P-1

Other Short Term (foreign currency) ratings of (P)P-1

Ratings Rationale

Moody's assigns a bank financial strength rating (BFSR) of D to
RHB Bank Berhad, which translates into a baseline credit
assessment (BCA) of Ba2. The rating reflects the bank's
established franchise and customer base, and its improved
financial fundamentals; It recognizes the bank's asset quality
and liquidity which are still below-average relative to its
domestic and global peers. The rating also recognizes the
challenges that the bank faces as a result of heightened
competition domestically coupled with the still uncertain global
economic conditions.

Moody's believes that the probability of systemic support for RHB
Bank is very high, which results in a multiple-notch lift in its
deposit ratings to A3/Prime-1 from its BCA of Ba2. This view is
predicated on the bank's sizable market share and indirect
government ownership.

Rating Outlook

The outlook on RHB Bank's BFSR is positive. All its other ratings
are on stable outlook.

On Nov 4, 2011, the positive outlook on RHB Bank's BFSR was
affirmed to reflect the gradual improvements in the bank's
financial profile, but still relatively weak asset quality and
liquidity. It also reflects the consistent communication and
execution of the bank's strategic plans, the improved
competitiveness of the bank, and Moody's expectation that the
bank's credit profile will continue to improve in the medium
term.

What Could Change the Rating - Up

The following factors could individually or collectively result
in upward pressure on RHB Bank's BFSR and BCA:

(i) significant growth in the bank's domestic market position and
regional operations, to improve stability and diversification of
its income streams;

(ii) significant reduction in borrower and industry
concentrations;

(iii) a further reduction in the level of impaired loans to below
3% of gross loans and below 20% of shareholder's equity and loan
loss reserves;

(iv) continued maintenance of risk-adjusted profitability, that
is above 2%, as measured by net income as a percentage of average
risk-weighted assets; and

(v) continued maintenance of an adequate capital buffer against
credit losses with Tier 1 capital ratio above 10%.

As the bank's foreign currency deposit and EMTN program ratings
are currently capped at the sovereign ceilings of A3, the upgrade
of the sovereign ceilings could result in the upgrade of these
ratings.

What Could Change the Rating - Down

The following factors could individually or collectively result
in downward pressure on RHB Bank's BFSR and BCA:

(i) aggressive organic expansion or acquisitions, resulting in
significant increases in its risk profile;

(ii) keen price competition, resulting in net income falling
below 1.5% of average risk-weighted assets;

(iii) significant weakening in the operating environment or
looser underwriting practices, resulting in the impaired loans
ratio rising above current levels; and

(iv) reduction in Tier 1 capital ratio below 9%.

The bank's foreign currency deposit and EMTN program ratings may
be pressured downwards if:

(i) the sovereign ceilings are downgraded to below A3; and/or

(ii) systemic support for the bank is assessed to have fallen.

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


===============
M O N G O L I A
===============


DEVELOPMENT BANK: Moody's Rates Draw on Euro MTN Program at 'B1'
----------------------------------------------------------------
Moody's Investors Service has assigned a definitive long-term
rating of B1 applicable to the initial draw down under the Euro
Medium Term Note Program of the Development Bank of Mongolia LLC.
Moody's previously assigned a provisional (P) B1 rating to the
program on Dec. 22, 2011. Debt issued under this program will
benefit from a full guarantee by the Ministry of Finance on
behalf of the Government of Mongolia. The rating outlook is
stable, in line with the issuer rating of the government.

Ratings Rationale

The newly established Development Bank of Mongolia LLC's payment
obligations will carry an explicit, irrevocable and unconditional
credit guarantee of the Ministry of Finance on behalf of the
Government of Mongolia. Since Moody's considers that the
commitment of the Mongolian government to back the issuer's
obligations under the Notes is no lower than its commitment to
service its own bonds, the guarantee of the Development Bank of
Mongolia LLC's debt will be ranked pari passu with other senior,
unsecured debt issuances of the Government of Mongolia. Thus,
such obligations justify a rating at the same level as the
Government of Mongolia.

Rating Support Factors

The government of Mongolia's B1 government bond rating reflects
relatively low economic and institutional strengths, moderate
government financial strength and a high susceptibility to
economic event risk. Government finances and the external balance
of payments are heavily dependent on global copper, gold and coal
prices.

The enactment into law of a fiscal responsibility rule in 2010
holds promise for avoiding future boom-bust cycles in government
finances and in remedying past weakness and inconsistency in the
conduct of economic policies. A strengthening of policy
performance was demonstrated by the government's successful
completion of its 18-month IMF Stand-By Arrangement in September
2010.

The exploitation of the Oyu Tolgoi copper field and other large
mineral deposits, such as Tavan Tolgoi's high-grade coking coal,
will lead to significant structural changes in the economy and
provide a windfall to government finances from 2013 onwards based
on the current state of developments.

What Could Change The Rating - Up

A raising of the government's rating, which could be prompted
from an ability to maintain firm and prudent economic policies as
demonstrated by macroeconomic stability, fiscal soundness and
reduced vulnerability to boom-bust cycles.

What Could Change The Rating - Down

A lowering of the government's rating or a material change in the
government's guaranty that is unfavorable to creditors.

The government's rating could come under downward pressure from:
a relapse into macroeconomic instability; a collapse of the newly
adopted policy framework arising from an inability to maintain
fiscal discipline against rising social welfare demands or from
failure to implement fully key provisions of the fiscal
responsibility law in 2013-2014; or from a major setback in the
development of strategic mining projects from either political or
economic factors.

The principal methodology used in this rating was Sovereign Bond
Ratings published in September 2008.

Other Factors used in this rating are described in Moody's
Identifies Core Principles of Guarantees for Credit Substitution
published in September 2010.


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


AMI INSURANCE: Gov't. Names Board Members to Handle Quake Claims
----------------------------------------------------------------
Fairfax NZ News reports that the Government has appointed board
members to run the Crown company that will handle all of AMI
Insurance's earthquake claims.

The rest of the AMI business is being sold to big Australian
insurer IAG but that still requires the approval of the Reserve
Bank, the news agency says.

Fairfax NZ notes that the approval process is expected to be
completed in April.

The report notes that the details of the split of AMI into the
Government-owned company and the IAG-owned company have not been
released including how many AMI staff will work and be employed
by each of the companies.

According to the report, Finance Minister Bill English said
Southern Response Earthquake Services is the company with AMI's
earthquake claims that will remain in Government ownership.

The Government announced Ross Butler as chairman last year, says
Fairfax NZ.

He will be joined on the board of Southern Response by Anne
Urlwin, a Wanaka businesswoman and the deputy chair,Christchurch
Polytechnic council chairwoman Jenn Bestwick, business adviser
Bevan Killick, insurance law specialist Susan Thodey and David
Whyte, according to Fairfax NZ.

As reported in the Troubled Company Reporter-Asia Pacific on
March 5, 2012, Insurance Australia Group Limited (IAG) on
March 1, 2012, announced it had received approval from the New
Zealand Commerce Commission and Overseas Investment Office for
its acquisition of the AMI insurance business.

The TCR-AP, citing The New Zealand Herald, reported on April 8,
2011, that the government had announced a support package for AMI
Insurance that Finance Minister Bill English acknowledges could
top NZ$1 billion and leave the Crown liable for up to NZ$200
million a year in ongoing claims.  Interest.co.nz said the
government stepped in to guarantee AMI policy holders if the
insurance company had exhausted its own reserves due to the
financial hit caused by the two Christchurch earthquakes on
Sept. 4, 2010, and Feb. 22, 2011. AMI subsequently reported a
NZ$705 million annual loss and breached its Crown Support Deed
arrangement through a NZ$76 million shortfall to its NZ$198.6
million regulatory capital requirement, according to
Interest.co.nz.

                     About AMI Insurance

AMI Insurance -- http://www.ami.co.nz/-- is the largest wholly
New Zealand owned fire and general and personal lines insurance
company.  The company has 73 branches, two contact centres and 21
agencies throughout New Zealand, nearly 1,000 staff, and around
500,000 New Zealand customers holding 1.2 million policies.


BRIDGECORP LTD: Less than 10% Payout Forecast Remained Unchanged
----------------------------------------------------------------
Fairfax NZ News reports that receivers appointed to Bridgecorp
Ltd have little good news for investors owed NZ$460 million.

According to the report, Colin McCloy and Maurice Noone of
PricewaterhouseCoopers said earlier estimates that investors were
likely to see less than 10% of their money back remained
unchanged.

Fairfax NZ says the only payout so far for Bridgecorp investors,
made in August last year, was 3.5 cent in the dollar. Further
payments are dependent on the realisation of distressed overseas
loans, Fairfax NZ notes.

Messrs. McCloy and Noone report legal struggles are ongoing with
insurers over 19 failed Bridgecorp loans covered by insurance
policies, according to Fairfax NZ.

In the six month period covered by the report receivers made
NZ$4.184 million in loans recoveries, leaving a cash balance of
only NZ$1.166 million after NZ$16 million was paid out in August
to investors, the news agency discloses.

The receivers' report said receivers were still mulling legal
action against certain Bridgecorp directors over their conduct
prior to receivership, Fairfax NZ adds.

                       About Bridgecorp Ltd

Based in New Zealand, Bridgecorp Ltd. is a property development
and finance company.

Bridgecorp was placed in receivership on July 2, 2007, after
failing to pay principal due to debenture holders.  John Waller
and Colin McCloy, partners at PricewaterhouseCoopers, were
appointed as receivers.  Bridgecorp owes around 14,500 investors,
which liquidators estimate to approximate NZ$500 million.

Bridgecorp's nine Australian companies were also placed into
voluntary administration, owing about 100 investors about
AUD24 million (NZ$27 million).


YARROWS BAKERS: BDO Reinstates Three Australian Directors
---------------------------------------------------------
Duncan Bridgeman at The National Business Review reports that
baker Paul Yarrow has been thwarted in his attempt to remove
directors from his Australian companies following last minute
action by receivers.

Mr. Yarrow had been prepared to defend his dumping of five
directors from three Australian-based Yarrows bakery companies in
the New South Wales Supreme Court on March 8.

NBR, citing New Zealand First leader Winston Peters in his
parliamentary speech, relates that Mr. Yarrow was allegedly armed
with evidence of an "elaborate plot" to wrestle control of his
business away from him.

However, NBR notes, Mr. Yarrow's bid collapsed when receivers for
the Taranaki-based Yarrows companies exercised their right to
reinstate the directors to the three Australian companies, which
were not included in the receivership of the New Zealand
business.

Those directors were Warren Duncan and Paul Dovico of Australian
accounting firm Duncan Dovico, New Zealanders Michael Finnigan,
Colin Pettigrew and Kevin Gillespie, who was chairman of Manaia-
based Yarrows before its receivership in May last year, NBR
discloses.

In late January this year, NBR recalls, those directors filed a
civil application under the Corporations Act seeking to have
their directorships reinstated.

But before the court action got underway in Sydney on March 8,
New Zealand receivers from BDO had the directors reinstated
negating the need for the hearing, the report adds.

                     About Yarrows (The Bakers)

Founded in 1923, Yarrows (The Bakers) Limited is one of the last
independent bakeries in New Zealand.  It began exporting in the
late 1970s and in 1996, won the contract for the Subway sandwich
chain throughout Australasia.  It produces 30,000 frozen dough
rolls a week for Subway in New Zealand, Australia, and parts of
Asia.

Yarrows (The Bakers) and two associated companies went into
receivership in May 2011 when the company's directors could not
reach agreement on a restructure proposal that involved selling
its Australian business.  At the time of receivership, Yarrows
had total liabilities of NZ$72.8 million, including
NZ$55.2 million owed to Westpac.


=============================
P A P U A  N E W  G U I N E A
=============================


* PAPUA NEW GUINEA: Moody's Says Outlook on B1 Bond Rating Stable
------------------------------------------------------------
Moody's Investors Service says, in its latest annual analysis of
Papua New Guinea, that the outlook for PNG's B1 local and foreign
government bond ratings remains stable.

The ratings are based on Moody's assessment of four factors: very
low degree of economic and institutional strength balanced
against medium government financial strength and a low
susceptibility to event risk.

Though growth prospects compare favorably with most rating peers,
Moody's assessment of PNG's economic strength is constrained by a
low level of economic development and a lack of economic
diversification. Inflation remains high, with robust domestic
demand pushing against capacity constraints.

The country's $15 billion PNG liquefied natural gas project,
expected to begin production in 2015, is the dominant story for
future economic prospects, and -- in this context - Moody's says
that the economy's long-term prospects hinge on the effective use
of financial windfalls from the commodities boom for development.

Institutional strength continues to be a weakness as inadequacies
related to the effectiveness of governance, quality of
regulation, and rule of law cloud the investment climate.

Nevertheless, improvements are apparent in the area of fiscal
management and the establishment of a sovereign wealth fund
augurs well for continued fiscal discipline.

The government's "medium" financial strength is supported by an
absence of material liquidity constraints, an improving debt
structure, and continued debt consolidation. The budget looks to
attain balance or even a slight surplus over the near-term, but
could be pressured by volatile commodity prices and declining
production of aging gold mines and oilfields over the medium-
term.

In the context of supportive commodity prices over the past few
years, PNG rapidly decreased its stock of public debt from over
70% in 2001 to a projected 23.1% of GDP in 2011, higher only than
Paraguay and Suriname among B-rated peers. The country is
similarly positioned in its debt-to-revenue ratio.

The current account deficit has widened in recent years owing to
large imports of goods and services associated with the PNG LNG
project. The gap has been amply financed through corresponding
FDI and capital inflows, as well as other mining investments.
Foreign reserves have continued to increase, and the country is
well positioned to weather external shocks.

Susceptibility to event risk is assessed at "low" despite the
recent reemergence of political instability, which poses little
threat to near-term drivers of economic growth. The country's
banks are well capitalized and profitable.

However, exposure to localized overheating property markets and
the potential withdrawal of government deposits pose manageable
risks to the financial system. In addition, the banks are reliant
on deposits for funding and are thus less susceptible to
potential spillovers from global financial market volatility.

Moody's report is a yearly update to the markets and is not a
rating action.

The report is entitled Papua New Guinea, which can be found at
www.moodys.com


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


CAMP JOHN: BCDA Files Estafa Case for Selling Property
------------------------------------------------------
BusinessWorld reports that State-run Bases Conversion and
Development Authority has added an estafa complaint to the string
of lawsuits it has filed against Camp John Hay Development Corp.,
this time for the double sale of property in Baguio City leased
to the Sobrepena-led firm.

BusinessWorld relates that the agency, which manages the John Hay
Special Economic Zone, filed on Friday the estafa case for
selling a certain Log Home No. 9.

According to the report, the property had been part of CJHDevco's
payment-in-kind for their rental debt to BCDA under a financial
arrangement brokered in 2008 to ease the debt burden of the real
estate developer.

"It appears that CJHDevco is involved in fraudulent business
practice," BusinessWorld quotes Arnel Paciano D. Casanova, BCDA
president and chief executive officer (CEO), as saying in a
statement.

"We have asked CJHDevco several times to open its books to shed
light on the non-remittance of the dacion en pago properties, but
the Sobrepena group has refused repeatedly, despite numerous
follow-up letters we sent them. There is obviously a lack of
transparency in the financial transactions of CJHDevco,"
Mr. Casanova, as cited by BusinessWorld, added.

Last month, BusinessWorld recalls, BCDA also sued the lessee,
together with its security agency, for squatting inside the
ecozone.

BusinessWorld notes that BCDA is currently awaiting payment from
the private company for its P3-billion debt since it rental
payments were suspended in 2003 following a Supreme Court
decision stripping the Camp John Hay ecozone of its ability to
grant tax incentives.

According to BusinessWorld, the agency is also waiting for a
Baguio City regional trial court to decide on the next course of
action after a judge approved in February a temporary restraining
order against BCDA's alleged plan to take over CJHDevco's leased
properties.  The firm manages the Camp John Hay Manor Hotel among
others, the report notes.

Established in 1996, Camp John Hay Development Corp. is a
consortium owned and managed by the Fil-Estate Management, Inc.,
Bank of Commerce in trust for College Assurance Plan Philippines,
Inc. and the CAP Annuity Plans & Pension Corporation and
Northwood Resources Corporation.


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


BANGLES INTERNATIONAL: Creditors' Proofs of Debt Due April 10
-------------------------------------------------------------
Creditors of Bangles International Pte Ltd, which is in
liquidation, are required to file their proofs of debt by
April 10, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

          Lee Yin Chen
          165 Bukit Merah Central #06-3663
          Singapore 150165


BUSINESSWORLD INT'L: Creditors' Proofs of Debt Due March 29
-----------------------------------------------------------
Creditors of Businessworld International Pte Ltd, which is in
liquidation, are required to file their proofs of debt by
March 29, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

          Cosimo Borrelli
          care of Borrelli Walsh Pte Ltd
          One Raffles Place Tower 2 #10-62
          Singapore 048616


CAME ENTERPRISES: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Singapore entered an order on Feb. 20, 2012, to
wind up the operations of Came Enterprises Pte Ltd.

Tan Ah Chew and Cheng Heng Fuan filed the petition against the
company.

The company's liquidator is:

         Farooq Ahmad Mann
         Messrs Ewe Loke & Partners
         7 Shenton Way #01-02
         Singapore Conference Hall
         Singapore 068810


CHIOS MARINE: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on Feb. 17, 2012, to
wind up the operations of Chios Marine Engineering Pte Ltd.

Hock Hin Leong Timber Trading (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


CPD OILWELL: Court Enters Wind-Up Order
---------------------------------------
The High Court of Singapore entered an order on Feb. 10, 2012, to
wind up the operations of CPD Oilwell International Pte Ltd.

GD Marine Engineering & Trading Pte Ltd filed the petition
against the company.

The company's liquidator is:

         Don Ho Mun-Tuke
         Public Accountant & Certified Public
         Accountant
         20 Cecil Street
         #12-02 Equity Plaza
         Singapore 049705


ELPIDA MEMORY: Creditors' Proofs of Debt Due April 4
----------------------------------------------------
Creditors of Elpida Memory Singapore Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by April 4, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

          Lau Chin Huat
          Lau Chin Huat & Co
          c/o 50 Havelock Road #02-767
          Singapore 160050


EMPIRE COMMUNICATIONS: Court to Hear Wind-Up Petition March 23
--------------------------------------------------------------
A petition to wind up the operations of Empire Communications
Technology Pte Ltd will be heard before the High Court of
Singapore on March 23, 2012, at 10:00 a.m.

Lee Pin Yeow Limited filed the petition against the company on
Feb. 27, 2012.

The Petitioner's solicitors are:

         JLim & Chew Law Corporation
         138 Cecil Street
         #12-01/01B, Cecil Court
         Singapore 069538


GRANDSTAR PTE: Creditors' Proofs of Debt Due April 10
-----------------------------------------------------
Creditors of Grandstar Pte Ltd, which is in members' voluntary
liquidation, are required to file their proofs of debt by
April 10, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

          Kelvin Thio
          Terence Ng
          c/o Ardent Business Advisory Pte Ltd
          146 Robinson Road #12-01
          Singapore 068909


OPTIMUM-3 INTERNATIONAL: Creditors' Meetings Set for March 15
-------------------------------------------------------------
Optimum-3 International Limited, which is in creditors' voluntary
liquidation, will hold a meeting for its creditors on March 15,
2012, at 11:30 a.m., at 1 Claymore Drive #08-11 Orchard Towers
Rear Block, in Singapore.

Agenda of the meeting include:

   a. to confirm the names and addresses of
      shareholders/contributories and their shareholding in the
      Company;

   b. the payment of 100% return of capital to
      shareholders/contributories; and

   c. discuss other business.

The company's liquidator is:

         Goh Boon Kok
         1 Claymore Drive #08-11
         Orchard Towers (Rear Block)
         Singapore 229594


ROCKET-X MEDIA: Creditors Get 4.1335% Recovery on Claims
--------------------------------------------------------
Rocket-X Media Pte Ltd will declare the first and final dividend
on March 19, 2012.

The company will pay 4.1335% to the received claims.

The company's liquidator is:

         Chan Yee Hong
         Nexia TS Risk Advisory Pte. Ltd.
         c/o 100 Beach Road
         #30-00 Shaw Tower
         Singapore 189702


===========
T A I W A N
===========


PRIMASIA SECURITIES: Fitch Lowers Nat'l Long-Term Rating to 'BB'
----------------------------------------------------------------
Fitch Ratings has downgraded Taiwan-based Primasia Securities
Co., Ltd's National Long-Term rating to 'BB' from 'BBB-'.  The
Outlook is Stable.  Its National Short-Term rating has also been
downgraded to 'B(twn)' from 'F3(twn)'.

The downgrade reflects Fitch's reassessment of risks inherent in
Primasia's business model.  Its reliance on proprietary trading
makes the company's capital and liquidity position more
vulnerable to wide swings in earnings performance.  The company
also has high market risk exposure and limited diversification in
its investment portfolio.

Primasia recorded a net loss of TWD408.6m (unaudited) in 2011,
with a return on equity of negative 31.5% (unaudited), compared
with 18.3% a year ago.  The loss eroded the company's equity to a
level which Fitch no longer considers as adequate for its risk
profile.  Its capital adequacy ratio fell to 193% at end-2011
from 295% at end-2010 following a sharp correction of the stock
market in Taiwan in H211.

The Stable Outlook reflects Fitch's view that Primasia's
operating performance and business profile will be consistent
with its current ratings over the next one to two years.

Negative rating action is likely if Primasia increases leverage
and/or the risk exposure of its asset portfolio, leading to a
further decline in its capital adequacy ratio.  Conversely,
positive rating action may result from structural improvements
leading to stable earnings.

Founded in 1989, Primasia is a small-sized securities firm,
accounting for about 0.12% of the domestic brokerage market at
end-2011.  The largest shareholder has control of the Board.
This shareholding structure poses risks to corporate governance
due to potential lack of independence of management.


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


* Moody's Says Asian Liquidity Stress Index Rises in February
-------------------------------------------------------------
Moody's Investors Service says that its Asian Liquidity Stress
Index (LSI) rose in February with 14.6% of its rated speculative-
grade portfolio demonstrating weak liquidity compared with 12.5%
in January.

"The deterioration in February was again largely the result of
weakening liquidity profiles, particularly of Chinese corporates
and more specifically of Chinese property developers. Almost one
in four of the high-yield Chinese property companies we rate is
considered to have weak liquidity," says Laura Acres, a Moody's
Vice President and Senior Credit Officer.

"Overall liquidity in Asia remains strong relative to the high
point of 37% in the fourth quarter of 2008, the peak of the
global financial crisis. However, it is now at the highest level
since December 2010 and there have been three months of
consecutive, marked erosion," adds Acres. The Asian LSI measures
the percentage of companies with the lowest speculative-grade
liquidity rating (SGL-4), and increases when corporate liquidity
appears to deteriorate.

"The number of issuers in the SGL-4 category rose to 14 in
February from 12 in January. At the same time, the total amount
of rated debt outstanding in February increased slightly, to
$40.4 billion from $40.1 billion in January, resulting from
several high-yield issuances after a protracted period of
virtually no issuance, offset by the withdrawal of one rating
with US$358.9 million in rated debt," says Ms. Acres.

Looking ahead, Moody's expects markets in Asia to remain choppy,
although the recent launch of three new deals, including one by a
first-time issuer, suggests that caution may be abating. But,
there will also be a further erosion of liquidity as the ongoing
tightening of credit in China flows through to the wider
corporate space.

Moody's forecasts that $4.2 billion of public debt (including
domestic and cross-border bonds and convertibles) will fall due
this year and that much of this will need to be refinanced. Some
US$871 million of the total US$4.2 billion of debt is to be
refinanced by six issuers rated B3 and below: to date no Asian
issuer has successfully raised a US$ bond while at this rating
level or below.

The monthly index looks at looks at liquidity trends throughout
the Asia-Pacific region (excluding Japan and Australia) for the
speculative-grade companies Moody's rates, and quantifies the
proportion of companies with weak liquidity.

The report is entitled Moody's Asia Liquidity Stress Index,
accessible at www.moodys.com.


* BOND PRICING: For the Week March 5 to March 9, 2012
-----------------------------------------------------


  AUSTRALIA
  ---------

ADVANCE ENERGY           9.50    01/04/2015   AUD       1.07
AMITY OIL LTD           10.00    10/31/2013   AUD       2.05
CHINA CENTURY           12.00    09/30/2014   AUD       0.87
DIVERSA LTD             11.00    09/30/2014   AUD       0.14
EXPORT FIN & INS         0.50    12/16/2019   NZD      72.10
EXPORT FIN & INS         0.50    06/15/2020   AUD      70.20
EXPORT FIN & INS         0.50    06/15/2020   NZD      69.47
IMF AUSTRALIA           10.25    12/31/2014   AUD       1.73
KIMBERLY METALS         10.00    08/05/2016   AUD       0.35
MIDWEST VANADIUM        11.50    02/15/2018   USD      69.00
MIDWEST VANADIUM        11.50    02/15/2018   USD      69.00
NEW S WALES TREA         0.50    09/14/2022   AUD      63.31
NEW S WALES TREA         0.50    10/07/2022   AUD      63.13
NEW S WALES TREA         0.50    10/28/2022   AUD      62.97
NEW S WALES TREA         0.50    11/18/2022   AUD      62.81
NEW S WALES TREA         0.50    12/16/2022   AUD      62.59
NEW S WALES TREA         0.50    02/02/2023   AUD      61.23
NEW S WALES TREA         0.50    03/30/2023   AUD      61.80
TREAS CORP VICT          0.50    08/25/2022   AUD      63.56
TREAS CORP VICT          0.50    03/03/2023   AUD      61.96
TREAS CORP VICT          0.50    11/12/2030   AUD      43.32


  CHINA
  -----

CHINA GOVT BOND          1.64    12/15/2033   USD      64.05
NANTONG INDUSTRY         5.27    05/18/2016   CNY      58.11


  HONG KONG
  ---------

CHINA SOUTH CITY        13.50    01/14/2016   USD      74.62
RESPARCS FUNDING         8.00    12/29/2049   USD      32.83


  INDIA
  -----

AKSH OPTIFIBRE           1.00    02/05/2013   USD      40.93
EX-IM BK OF IN           9.45    06/15/2014   INR       9.90
GEMINI COMMUNICA         6.00    07/18/2012   EUR      63.84
PRAKASH IND LTD          5.25    04/30/2015   USD      69.90
SHIV-VANI OIL            5.00    08/17/2015   USD      68.39
SUZLON ENERGY LT         5.00    04/13/2016   USD      64.50


  INDONESIA
  ---------

BAKRIE TELECOM          11.90    09/04/2012   IDR      56.50


  JAPAN
  -----

ELPIDA MEMORY            0.50    10/26/2015   JPY      72.77
ELPIDA MEMORY            0.70    08/01/2016   JPY      72.50
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      62.05
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      61.05
TOKYO ELEC POWER         1.60    05/29/2019   JPY      74.56
TOKYO ELEC POWER         1.45    09/30/2019   JPY      72.34
TOKYO ELEC POWER         1.37    10/29/2019   JPY      71.76
TOKYO ELEC POWER         1.81    02/28/2020   JPY      72.62
TOKYO ELEC POWER         1.48    04/28/2020   JPY      69.25
TOKYO ELEC POWER         1.39    05/28/2020   JPY      69.37
TOKYO ELEC POWER         1.31    06/24/2020   JPY      68.87
TOKYO ELEC POWER         1.94    07/24/2020   JPY      74.81
TOKYO ELEC POWER         1.22    07/29/2020   JPY      68.25
TOKYO ELEC POWER         1.15    09/08/2020   JPY      67.50
TOKYO ELEC POWER         1.63    07/16/2021   JPY      66.00
TOKYO ELEC POWER         2.34    09/29/2028   JPY      65.66
TOKYO ELEC POWER         2.40    11/28/2028   JPY      66.01
TOKYO ELEC POWER         2.20    02/27/2029   JPY      63.96
TOKYO ELEC POWER         2.11    12/10/2029   JPY      62.92
TOKYO ELEC POWER         1.95    07/29/2030   JPY      60.50
TOKYO ELEC POWER         2.36    05/28/2040   JPY      59.75


  MALAYSIA
  --------

ADVANCED SYNERY          2.00    01/26/2018   MYR       0.09
ASTRAL SUPREME           3.00    08/0/2021    MYR       0.10
CRESENDO CORP B          3.75    01/11/2016   MYR       1.60
DUTALAND BHD             7.00    04/11/2013   MYR       0.90
DUTALAND BHD             7.00    04/11/2013   MYR       0.42
ENCORP BHD               6.00    02/17/2016   MYR       0.90
KUMPULAN JETSON          5.00    11/27/2012   MYR       1.30
LION DIVERSIFIED         4.00    12/17/2013   MYR       1.19
MALTON BHD               6.00    06/30/2018   MYR       0.91
MITHRIL BHD              3.00    04/05/2012   MYR       0.76
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.23
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.60
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.21
PANTECH GROUP            7.00    12/21/2017   MYR       0.10
PRESS METAL BHD          6.00    08/22/2019   MYR       2.08
REDTONE INTL             2.75    03/04/2020   MYR       0.10
RUBBEREX CORP            4.00    08/14/2012   MYR       0.73
SCOMI ENGINEERING        4.00    03/19/2013   MYR       0.55
SCOMI GROUP              4.00    12/14/2012   MYR       0.06
TRADEWINDS CORP          2.00    02/26/2016   MYR       1.57
WAH SEONG CORP           3.00    05/21/2012   MYR       2.41
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.63
YTL CEMENT BHD           5.00    11/10/2015   MYR       2.34
YTL LAND & DEVEL         3.00    10/31/2021   MYR       0.49


NEW ZEALAND
-----------

BLUE STAR GROUP          9.10    09/15/2015   NZD       4.10
FLETCHER BUILDING        8.50    03/15/2015   NZD       6.70
FONTERRA                 8.50    03/15/2015   NZD      72.00
INFRATIL LTD             8.50    09/15/2013   NZD       8.10
INFRATIL LTD             8.50    11/15/2015   NZD       8.20
INFRATIL LTD             4.97    12/29/2049   NZD      55.10
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.08
NEW ZEALAND POST         7.50    11/15/2039   NZD      65.76
NZF GROUP                6.00    03/15/2016   NZD       6.41
TOWER CAPITAL            8.50    04/15/2014   NZD       1.02
TRUSTPOWER LTD           8.50    09/15/2012   NZD       7.00
TRUSTPOWER LTD           8.50    03/15/2014   NZD       6.60
UNI OF CANTERBUR         7.25    12/15/2019   NZD       0.98


SINGAPORE
---------

BAKRIE TELECOM          11.50    05/07/2015   USD      60.42
BAKRIE TELECOM          11.50    05/07/2015   USD      60.62
BLUE OCEAN              11.00    06/28/2012   USD      34.00
DAVOMAS INTL FIN        11.00    12/08/2014   USD      16.00
UNITED ENG LTD           1.00    03/03/2014   SGD       0.98
WBL CORPORATION          2.50    06/10/2014   SGD       1.02


SOUTH KOREA
-----------


CN 1ST ABS               8.00    02/27/2015   KRW      32.11
CN 1ST ABS               8.30    11/27/2015   KRW      33.41
EX-IMP BK KOREA          0.50    01/25/2017   KRW      69.41
EX-IMP BK KOREA          0.50    10/23/2017   KRW      66.42
EX-IMP BK KOREA          0.50    12/22/2017   KRW      65.52
GYEONGGI MUTUAL          8.50    08/29/2014   KRW      10.11
GYEONGGI MUTUAL          8.50    12/11/2014   KRW       8.00
GYEONGGI MUTUAL          8.00    01/22/2016   KRW      10.11
GYEONGGI SOLOMON         8.10    04/19/2015   KRW      10.12
HYUNDAI SWISS BK         8.50    10/02/2013   KRW      10.14
HYUNDAI SWISS BK         8.50    07/15/2014   KRW       9.42
HYUNDAI SWISS II         8.30    01/13/2015   KRW      10.13
HYUNDAI SWISS II         7.90    07/23/2015   KRW      10.11
JINHEUNG MUTUAL          8.50    10/17/2014   KRW      10.12
JINHEUNG MUTUAL          7.00    01/23/2015   KRW      10.11
KOREA MUTUAL SAV         8.10    06/26/2015   KRW      10.12
KOREA MUTUAL SAV         8.00    12/17/2015   KRW      10.11
NEW LIFE 1ST ABS        10.00    03/08/2014   KRW      30.13
WOORI FIN HLDGS          5.83    03/08/2042   KRW      25.18
YOUNGNAM MUTUAL          8.50    12/18/2014   KRW      10.14


SRI LANKA
---------

SRI LANKA GOVT           6.20    08/01/2020   LKR      73.32
SRI LANKA GOVT           7.00    10/01/2023   LKR      69.98
SRI LANKA GOVT           5.35    03/01/2026   LKR      52.08
SRI LANKA GOVT           8.00    01/01/2032   LKR      65.68


                             *********

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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