TCRAP_Public/120316.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Friday, March 16, 2012, Vol. 15, No. 55

                            Headlines


A U S T R A L I A

AARVBEE DEMOLITION: Council to Take Over Operations of Facilities
AMP BANK: Moody's Issues Summary Credit Opinion
FMG RESOURCES: Fitch Rates $1 Billion Senior Notes at 'BB+'
GOLD COAST TITANS: ATO Withdraws Wind Up Application
HOPE HARBOUR: Financier Calls In Receivers to Gold Coast Marina

KIRWAY CONSTRUCTIONS: Creditors' Meeting Set for March 16
MIDWEST VANADIUM: Moody's Cuts Corporate Family Rating to 'Caa1'
SMART SERIES: Fitch Rates AUD11.96 Mil. Class E Notes at 'BBsf'
STEVE PARISH: 2011 Queensland Floods Prompt Liquidation
WATERSIDE POOLS: Council Won't Pull Out Illegally Installed Pools


C H I N A

KWG PROPERTY: Moody's Assigns 'B1' Rating to Proposed Bonds


H O N G  K O N G

APRICA (ASIA): Creditors' Proofs of Debt Due April 10
APPROACH GROUP: Creditors' Proofs of Debt Due March 26
AUSTRIAN GAMING: Ha Yue Fuen Henry Steps Down as Liquidator
BONNY NICE: Ying and Chan Step Down as Liquidators
DIRECT FASHION: Creditors' Meeting Set for March 20

EFFECTIVE LABEL: Seng and Wong Step Down as Liquidators
EVERTEAM TRADING: Creditors' Meeting Set for March 19
FEB (1989): Members' Final Meeting Set for April 13
G.H INVESTMENT: Hok and Boswell Step Down as Liquidators
GLOBAL ACCESS: Leung Mei Fan Steps Down as Liquidator

PRUDENTIAL SURPLUS: Creditors' Proofs of Debt Due March 30
STAR FOCUS: Creditors' Meeting Set for March 16
STAR FOCUS GLOBAL: Creditors' Meeting Set for March 16
TIN'S PLAZA: Creditors' Proofs of Debt Due March 26
UNITED SOURCE: Members' Final Meeting Set for April 13

WELL HONOUR: Creditors' Proofs of Debt Due March 30
WING YIP: Creditors' Proofs of Debt Due March 26
WINFORE LIMITED: Placed Under Voluntary Wind-Up Proceedings


I N D I A

AIR INDIA: Boeing Denies Report on $500MM 787 Delay Payment
AMBEY METALLIC: ICRA Puts '[ICRA]B+' Rating on INR4.7cr Bank Loan
ARANI POWER: Delays in Loan Payment Cues ICRA Junk Ratings
ASHLEY ALTEAMS: ICRA Assigns '[ICRA]BB+' Rating to INR55cr Loan
CAUVERY COFFEE: ICRA Cuts Rating on INR3.02cr Loan to '[ICRA]D'

DEWAN ALLOYS: ICRA Assigns '[ICRA]B' Rating to INR1.3cr Bank Loan
FREEWORLD EXPORTS: ICRA Withdraws 'BB' Rating on INR40cr Loan
JS FASHIONS: ICRA Reaffirms '[ICRA]BB' Rating on INR15cr LT Loan
MALPE MANIPAL: ICRA Places '[ICRA] B' Rating on INR30cr Term Loan
PANKAJ STEEL: ICRA Assigns '[ICRA]B+' Rating to INR4.5cr Loan

P&R ENGINEERING: ICRA Reaffirms '[ICRA]D' Rating on INR29cr Loan
RAUS INFRAS: ICRA Cuts Rating on INR32.5cr Loan to '[ICRA]B+'
RELIANCE METALS: ICRA Assigns '[ICRA]BB' Rating to INR1.50cr Loan
RK ELECTRICAL: ICRA Reaffirms '[ICRA]B+' Rating on INR10cr Loan
ROHINI OIL: ICRA Assigns ''[ICRA]B+' Rating to INR10cr Bank Loan

ROSE GEMS: ICRA Assigns '[ICRA]BB+' Rating to INR3.2cr Loan
RUPA INFOTECH: Fitch Withdraws 'B+' Rating on INR750-Mil. Loan
SAI VENKATA: ICRA Assigns '[ICRA]C' Rating to INR10cr Bank Loan
SHIVAM IRON: ICRA Reaffirms '[ICRA]BB+' Rating on INR48.75cr Loan
SRI BALAJI: ICRA Assigns '[ICRA]C' Rating to INR6cr Bank Loan

SRI SAI: ICRA Assigns '[ICRA]B+' Rating to INR7cr Bank Facilities
SRI SALASAR: ICRA Assigns '[ICRA]BB-' Rating to INR30cr Loan
V N JEWELLERS: ICRA Suspends 'BB-' Rating on INR27cr Loan


I N D O N E S I A

ALAM SUTERA: Moody's Assigns 'B2' Corporate Family Rating


J A P A N

PROLOGIS INC: Fitch Rates $582 Million Preferred Stock at 'BB'


K O R E A

C&M CO: Moody's Revises Outlook on 'B3' CFR to Negative


M O N G O L I A

MONGOLIAN MINING: Moody's Assigns 'B1' Corporate Family Rating
* MONGOLIA: Moody's Issues Summary Credit Opinion


N E W  Z E A L A N D

NEW ZEALAND ASSOCIATION: S&P Gives 'BB+' Finc'l. Strength Rating
OTAGO RUGBY: Strikes Bail Out Deal With Council, NZRU and BNZ
SIGNATURE HOMES: Manawatu Creditors Awaits Update from Liquidator


T H A I L A N D

AYUDHYA PUBLIC: Fitch Affirms Support Rating Floor at 'BB+'


V I E T N A M

HOANG ANH: Fitch Affirms Issuer Default Rating at 'B'


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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A U S T R A L I A
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AARVBEE DEMOLITION: Council to Take Over Operations of Facilities
-----------------------------------------------------------------
The Coffs Coast Advocate reports that Bellingen Council has been
forced to step in and take over the shire's waste facilities at
Bellingen and Raleigh from contractor Aarvbee Demolitions &
Recyclers Pty Ltd from the end of next week.

According to the report, Bellingen Council general manager Liz
Jeremy said council had been working closely with Aarvbee since
late last year when the company went into voluntary liquidation.

The report relates that Ms. Jeremy said until recently, it looked
like Aarvbee's operation of the facilities within Bellingen Shire
were financially viable and as a result, council agreed to a
request from the liquidator to allow Aarvbee to continue to
operate under a voluntary administration arrangement.

Ms. Jeremy said council was recently informed that agreement has
not been reached by enough creditors to the proposed new Deed of
Company arrangements and as a result, Aarvbee was placed in
liquidation, the report relays.

As a consequence, council's contract with Aarvbee will end on
March 23 and it will then step in to operate the Waste Facilities
at Bellingen and Raleigh, the Coffs Coast Advocate reports.

The only exception is the Reuse shop which will close, the report
adds.

Aarvbee had been contracted by Bellingen Shire Council to operate
the Raleigh and Bellingen waste facilities since 2007.

Located in Coffs Harbour, New South Wales, Aarvbee Demolitions &
Recyclers Pty Ltd operates demolition and waste recycling
facilities.  The company manages two recycling centres at the
Coffs Harbour and Bellingen waste depots.  It also has a
demolition arm.


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

Moody's current ratings on AMP Bank Limited are:

Long Term Issuer Rating of A2

Long Term Bank Deposits (domestic and foreign currency) ratings
of A2

Bank Financial Strength ratings of D+

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

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

BACKED Senior Unsecured (domestic currency) ratings of Aaa/A2

BACKED Senior Unsecured MTN Program (domestic currency) ratings
of (P)Aaa/(P)A2

BACKED Senior Unsecured MTN Program (foreign currency) ratings
of (P)A2

BACKED Subordinate MTN Program (domestic and foreign currency)
ratings of (P)A3

BACKED Commercial Paper (foreign currency) ratings of P-1

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

Ratings Rationale

Moody's assigns a bank financial strength rating (BFSR) of D+ to
AMP Bank, which translates into a baseline risk assessment of
Ba1. AMP Bank's obligations are covered by an unconditional and
irrevocable guarantee from a sister company AMP Group Holdings,
and for this reason the bank's global local currency (GLC)
deposit ratings of A2 / Prime-1 are the same as the issuer
ratings of its guarantor. The guarantee therefore provides 5
notches of rating uplift over AMP Bank's Ba1 baseline risk
assessment.

The rating reflects the bank's low risk profile, which is focused
on residential mortgage lending and deposit-taking. It also
reflects the advantages of being part of the AMP Group - the bank
enjoys economies of scale by utilising the group's back office
functions such as Treasury, IT and HR. However the BFSR also
recognises the bank's very small size and weak profitability. AMP
Bank utilises a range of funding sources, including
securitization, retail and superannuation deposits and term debt.
Over the past few years the bank has successfully grown its
deposit base and on balance sheet funding to compensate for the
reduced demand in the RMBS market.

The bank benefits from the dominant franchise and distribution
platform of its parent's superannuation / life insurance
business. Over the past three years, superannuation clients of
the AMP Group have allocated a greater proportion of funds to
bank deposit products as they sought to reduce their exposure to
more risky asset classes, and these have flowed through to AMP
Bank. Focused marketing and pricing strategies continue to
provide support for retail deposit growth.

With regards to the prospect for systemic support, Australia is
considered a high support country but AMP Bank is viewed as
having low systemic importance, due to its small market share.

The bank's GLC issuer ratings -- which address the risk of senior
non-deposit obligations -- and its senior debt ratings are also
A2 / Prime-1, reflecting the same support considerations as the
deposit ratings.

Thus the deposit and debt ratings of AMP Bank incorporate four
main elements: (1) the bank's BFSR of D+, which addresses its
stand-alone credit profile, (2) Moody's assessment of a very high
probability of support from its parent (a component of joint
default analysis, referred to as JDA), (3) Moody's assessment of
a moderate probability of systemic support in Australia (also a
component of JDA) and (4) the seniority of its deposits and other
obligations.

The bank's foreign currency obligations are rated the same as its
local currency obligations. Australia's sovereign ceilings for
deposits and debt are at Aaa, and therefore do not constrain the
bank's foreign currency ratings.

Rating Outlook

The outlook for all ratings is Stable.

The stable outlook for the BFSR reflects AMP Bank's prudent
approach to lending which should ensure it maintains its credit
risk profile, even as the near term outlook for credit growth
remains subdued, which has the potential to see some relaxation
of underwriting standards across the sector.

The bank continues to use securitisation as a major funding
source. However, the bank has some diversity in its funding
through its retail deposits and term debt. The bank's ties to the
AMP group have supported its funding success: (i) the group has a
strong credit profile, underpinning investor confidence, and (ii)
the bank has been able to leverage the group's superannuation /
insurance franchise to raise funding.

The Stable outlook for the deposit and debt ratings tracks the
outlook of its guarantor AMP Group Holdings, which is also
Stable.

What Could Change the Rating - Up

BFSR

Given the pressures on AMP Bank's business from higher funding
costs and the current competitive operating environment, an
upgrade to the bank's BFSR is not considered likely in the near
term.

Deposit & Debt Ratings

An upgrade of the bank's guarantor, AMP Group Holdings.

What Could Change the Rating - Down

BFSR

A combination of the following will provide downward pressure on
the rating

[1] Significant decline in profitability (defined as net income
as a percentage of average risk weighted assets falling below
0.5%), as a result of on-going funding pressures

[2] The ratio of Tangible Common Equity to Risk Weighted Assets
falling below 7% and the ratio of Tier 1 capital to Risk Weighted
Assets declining below 7%.

[3] The ratio of non-performing loans to gross loans exceeding 2%
and/or the ratio of non-performing loans to capital and loan loss
reserves increasing to more than 20%.

Deposits & Debt

Because AMP Bank's deposit and debt ratings are guaranteed, they
would not be affected by a change in the BFSR. They would only be
affected by a downgrade of the bank's guarantor, AMP Group
Holdings, which carries a stable rating outlook.

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.


FMG RESOURCES: Fitch Rates $1 Billion Senior Notes at 'BB+'
-----------------------------------------------------------
Fitch Ratings has assigned FMG Resources (August 2006) Pty Ltd's
US$ 1 billion senior notes due 2017 and 2022 expected ratings of
'BB+(exp)'.

The notes will be unconditionally, jointly and severally
guaranteed by Fortescue Metals Group Limited (Fortescue,
'BB+'/Stable) and its subsidiaries currently representing more
than 95% of the group's consolidated total assets and net income.
As a result, Fitch regards the credit risk associated with the
senior notes to be the same as that of senior unsecured
obligations of Fortescue itself.

The proceeds of the notes will be used to finance the expansion
of Fortescue's mining capacity to 155 million tonnes per annum
(mtpa) and the acquisition of mobile mining equipment to support
the expansion.  The final ratings are contingent upon receipt by
Fitch of final documentation conforming to information already
received.

Fortescue's Issuer Default Rating of 'BB+' reflects its position
as a high- margin producer supported by its relatively low
production costs and proximity to its customers in Asia.

Fitch expects Fortescue's debt leverage and coverage ratios (FY11
adjusted leverage to funds from operations (FFO) and FFO/gross
interest of 1.95x and 5.74x respectively) to weaken over the next
two years as a consequence of the ongoing large-scale and debt-
funded capex to meet output expansion.  Credit metrics are then
likely to recover from FY14 as the project reaches completion and
begins ramping up.  The execution risk in developing operations
to the planned 155 mtpa from 55mtpa remains a constraint on the
IDR.  However, Fitch notes that the various mine, railway and
port programmes are progressing well and according to management
remain on track for completion by end-June 2013.

Fortescue's ratings could be downgraded if projected adjusted
gross leverage to funds from operations (FFO) exceeds 2.75x
and/or funds from operations (FFO) gross interest cover falls
below 4.0x on a sustained basis.  The agency notes that leverage
and coverage are forecast to be weaker than these guidelines in
FY13 as capex ramps up before again becoming consistent with
ratings once capex slows and production increases from FY14.
However, a sustained material deviation from the business plan,
such as delays or cost overruns associated with its expansion
which may result in higher-than-expected funding requirements or
weaker-than-expected production may result in negative rating
action.


GOLD COAST TITANS: ATO Withdraws Wind Up Application
----------------------------------------------------
The Daily Telegraph reports that Gold Coast Titans have avoided
liquidation proceedings levelled against the club's property arm,
with the Australian Tax Office dropping a Federal Court lawsuit
in Brisbane on March 14.

The Daily Telegraph discloses that the ATO commenced moves on
February 16 to have Gold Coast Titans (Property) Pty Ltd wound-
up.

The company was registered in 2007 to own and operate the
AUD20 million Centre of Excellence and Titanium Bar, which has
been at the centre of a series of financial disputes between Gold
Coast boss Michael Searle and various builders, according to the
Daily Telegraph.

The report recalls that after an ugly split with the original
builder Simcorp in early 2010, Mr. Searle engaged Reed
Constructions to complete the multi-storey development at Robina.

The Daily Telegraph notes that Reed Constructions was also named
in court documents lodged by the ATO over the past month. The
National Rugby League (NRL) was aware of the case.

An interlocutory hearing was held on March 14 at Brisbane's
Federal Court.  Lawyers for the ATO, however, told the court they
had decided to drop the case.

It now remains to be seen whether Reed Constructions, who had its
lawyers attend the court, will pursue the Titans.

All 1,000 shares of Gold Coast Titans (Property) Pty Ltd are
owned by the NRL club, Gold Coast NRL (Licensed Operations) Pty
Ltd.

Mr. Searle is the managing director of both companies, the report
discloses.

Due to the Centre of Excellence woes, the Daily Telegraph
relates, the property arm was in significant debt to the
Commonwealth Bank, which loaned Mr. Searle money to fund
construction.

The debt has forced Mr. Searle to approach the NRL on numerous
occasions for advances of the club's annual AUD4 million grant.

Gold Coast Titans (Property) Pty Ltd owns and operates Centre of
Excellence at Robina.


HOPE HARBOUR: Financier Calls In Receivers to Gold Coast Marina
---------------------------------------------------------------
Nick Nichols at goldcoast.com.au reports that Hope Harbour, the
Gold Coast marina acquired by Craig Gore in 2008 for
AUD38 million, has been placed into receivership by financier
Morgan Stanley.

The report notes that the move marks another chapter in the
unravelling of Mr. Gore's business interests ahead of proposed
bankruptcy proceedings against him by the Australian Taxation
Office.

According to goldcoast.com.au, Morgan Stanley has appointed
John Melluish -- john.melluish@fh.com.au --  and Steve Sherman --
steven.sherman@fh.com.au -- of Ferrier Hodgson as receivers to
IMDM (Hope Harbour) Pty Ltd, whose ultimate shareholder is
stricken Gore company Ocerog Pty Ltd.

The US investment giant became Hope Harbour's mortgagee in
December following a buyout of the distressed loan book of UK-
based Capital Finance, the report discloses.

goldcoast.com.au discloses that Hope Harbour comprises a 283-
berth marina and houses the ferry terminal for the failed Couran
Cove Resort which is also in the hands of liquidators from
Ferrier Hodgson through a members' voluntary liquidation of the
company.

According to the report, Hope Harbour's receivers said they had
no immediate plans to market the property.

"We want to initially bed down the operations and maintain
business as usual," the report quotes Mr. Melluish as saying.

Mr. Gore acquired Hope Harbour from Gold Coast developer
John Fish. He lost control of the asset in 2009 after Mayfair
Group stepped in and subsequently appointed receivers to private
Gore company Ocerog, the ultimate shareholder of IMDM (Hope
Harbour).

Mayfair was among a majority of creditors who last month called
for and voted to terminate Mr. Gore's AUD495 million personal
insolvency agreement, setting him on course to bankruptcy,
according to goldcoast.com.au.


KIRWAY CONSTRUCTIONS: Creditors' Meeting Set for March 16
---------------------------------------------------------
Celine Foenander at ABC Gippsland reports that the liquidators
have moved in on Kirway Constructions but it is unclear when
creditors will get the money owed to them.

Creditors have been called to a meeting at the Melbourne office
of liquidator Pitcher Partners today, March 16.

The Kirway group of businesses including two Cavalier Homes
franchises has 600 creditors.

According to ABC, Gess Rambaldi -- gessrambaldi@pitcher.com.au --
of Pitcher Partners said initial investigations had identified at
least AU4 million owed to creditors.

ABC relates that Mr. Rambaldi said the immediate priority was to
recover the money owed to the company, then try to complete
commercial and residential building projects.

Kirway Constructions Pty Ltd -- http://www.kirway.com.au/-- is a
building and construction compay.


MIDWEST VANADIUM: Moody's Cuts Corporate Family Rating to 'Caa1'
----------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family and
senior secured ratings of Midwest Vanadium Pty Ltd to Caa1 from
B3. The outlook is negative.

Ratings Rationale

"The ratings downgrade reflects material concerns with regard to
MVPL's capacity to maintain sufficient liquidity to fund full
ramp up of operations and incremental capex associated with plant
modifications", says Matthew Moore, a Moody's Assistant Vice
President -- Analyst.

"A combination of slower than expected ramp-up of ferrovanadium
production and an inability, to date, to sell its iron fines
stockpile have led to delays in expected cash flow generation,
which combined with the company's currently weak liquidity
position has placed substantial negative pressure on its
ratings", says Moore.

While the company began producing ferrovanadium in January 2012,
ramp up continues to be impacted by issues with the crushing,
milling and beneficiation (CMB) circuit of the plant. This has
further delayed expected revenues and cash flow and will require
additional capital expenditures to reduce the presence of clay
fines in the grinding circuit. Expected cash flows have also been
negatively impacted by the lack of iron ore fines sales which
were forecast to provide incremental revenue and cash flow to
further support the project.

In March 2012, MVPL's parent company, Atlantic Limited (Atlantic,
unrated), announced that it had signed agreements for a $41.7
million funding package to provide liquidity support during the
ramp up and to fund the plant modifications at the project. This
is in addition to a $25 million share placement completed over
the last several months to help mitigate the lack of iron ore
fines contribution at the project. The $41.7 million funding
package includes the issuance of $30 million in senior unsecured
convertible notes and an additional $11.7 million of equity
issuance, which will require shareholder approval. Atlantic also
announced a share purchase plan, which depending on the uptake
could raise up to an additional $10 million to help support
liquidity at MVPL.

"While these actions will improve the company's very weak
liquidity profile and assist to support the ramp up while
operations seek to become break even, there is very little
cushion for any further delays, cost increases or unforeseen
issues", says Moore.

If the modifications are completed on schedule and are successful
in rectifying the performance issues in the CMB circuit, the
company expects to meet its accelerated ramp up to 65% of total
production capacity of 6,300 tonnes of contained vanadium by June
2012. Moody's would expect the company's operations could begin
to breakeven at this production level.

However, the negative outlook reflects the expectation that if
there are any significant delays in reaching the target
production levels, the company could quickly use up its thin
liquidity cushion and be reliant on further external funding
sources to maintain adequate cash and to support its ongoing
viability.

The rating could face further negative pressure if the plant
modifications are not successful or completed on time and on
budget, the operations do not become break even by at latest, the
September 2012 quarter, or there are any issues in securing
shareholder approval for the equity component of the current
proposed funding package.

The outlook could be changed to stable if the company completes
the upgrades on time and on budget and begins to operate at break
even levels of production. The outlook could also be stabilized
if the company begins to generate cash flow from its iron ore
fines such that liquidity improves to more comfortable levels
than currently expected and with adequate liquidity cushion to
manage its operating challenges.

The principal methodology used in rating Midwest Vanadium Pty Ltd
was the Global Mining Industry Methodology published in May 2009.

Midwest Vanadium Pty Ltd (MVPL) a 100% owned subsidiary of
Atlantic Ltd (Atlantic), an Australian publicly listed company.
The company has completed the redevelopment of the Windimurra
vanadium mine, located approximately 400km east of Geraldton in
central Western Australia. MVPL holds tenements covering a 27
kilometer strike length. The project is expected to produce 6,800
tonnes of contained vanadium and has an expected mine life of 28
years.


SMART SERIES: Fitch Rates AUD11.96 Mil. Class E Notes at 'BBsf'
---------------------------------------------------------------
Fitch Ratings has assigned SMART Series 2012-1US Trust's notes
final ratings.  The transaction is an asset-backed securitisation
backed by Australian automotive lease receivables originated by
Macquarie Leasing Pty Limited (Macquarie Leasing).

  -- USD100m Class A-1 notes: 'F1+sf'
  -- USD145m Class A-2 (a & b) notes: 'AAAsf'; Outlook Stable
  -- USD165m Class A-3 (a & b) notes: 'AAAsf'; Outlook Stable
  -- USD90m Class A-4 (a) notes: 'AAAsf'; Outlook Stable
  -- AUD10.63m Class B notes: 'AAsf'; Outlook Stable
  -- AUD14.62m Class C notes: 'Asf'; Outlook Stable
  -- AUD13.29m Class D notes: 'BBBsf'; Outlook Stable
  -- AUD11.96m Class E notes: 'BBsf'; Outlook Stable
  -- AUD7.97m seller notes: not rated

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

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

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

At the cut-off date, the total collateral portfolio consisted of
15,420 leases totalling AUD531.5m with an average size of
AUD34,468.  The pool comprises passenger and commercial vehicle
lease receivables from Australian residents across the country,
consisting of amortising principal and interest leases with
varying balloon amounts payable at maturity.  The weighted
average balloon payment for the portfolio is 30.5% of leases'
current balance.  The majority of leases consist of novated
contracts (66.3%), where the lease is novated to the employer in
salary packaging arrangements.

Historical gross loss rates by quarterly vintage on passenger
vehicle and truck leases range between 0.6% and 1.6%, and between
0.5% and 5%, respectively.


STEVE PARISH: 2011 Queensland Floods Prompt Liquidation
-------------------------------------------------------
Patrick Stafford at SmartCompany reports that Steve Parish
Publishing has been placed in liquidation and will be put up for
sale after the company failed to receive an insurance payout
following the Queensland floods in 2011.

Ian Currie and Daniel Moore of BRI Ferrier were appointed as
liquidators on March 12.  The sale of the business will take
place through GraysOnline auction site.

Mr. Currie told SmartCompany the business has suffered since the
Queensland floods.

"The business was flooded last year and the insurance wouldn't
pay," the report quotes Mr. Currie as saying.  "They've tried to
struggle on and get through things, but it's just become too
difficult."

SmartCompany says revenue for the business was not disclosed.
However, an advertisement calling for expressions of interest
states the company has AUD1.5 million of stock on hand, with an
"established network" with major retailers including David Jones
and Myer, along with a distribution warehouse in Brisbane.

Steve Parish Publishing is owned by wildlife and nature
photographer Steve Parish.  The business acts as a publishing arm
for Mr. Parish's photography, although it also handles other
publications as well, SmartCompany discloses.


WATERSIDE POOLS: Council Won't Pull Out Illegally Installed Pools
-----------------------------------------------------------------
ABC Newcastle reports that Newcastle Council is reassuring
customers of Waterside Pools that their pools will not have to be
removed despite being installed illegally.

The owner of "Waterside Pools" and "Our Town Pools", Dennis
Faulkner, was allegedly installing pools before getting the
necessary Council development approvals, and customers could be
forced to remove them.

According to the report, council spokesman Geoffrey Douglas said
they have all been asked to lodge new "Certificate of Compliance"
forms.

"Our focus first and foremost will be on safety and making sure
that the appropriate barriers are in place," ABC quotes Mr.
Douglas as saying.  "We're not looking at this point in time to
have people remove their pools, that's certainly not the starting
position.  We'd rather make sure that the status of the pool was
up to standard and met all safety standards as well."

ABC relates that Mr. Douglas said if the pools are deemed safe
they will not need to be removed.

Waterside Pools, a Hunter pool company that claims to be the
largest installer of fibreglass pools in Hunter region, has went
into liquidation in February 2012.


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KWG PROPERTY: Moody's Assigns 'B1' Rating to Proposed Bonds
-----------------------------------------------------------
Moody's Investors Service has assigned a B1 rating to KWG
Property Holding Limited's proposed bond issuance.

At the same time, Moody's has affirmed KWG's Ba3 corporate family
rating.

The rating outlook is stable.

The proceeds from the bond issue are intended to finance KWG's
property projects and for general corporate purposes.

Ratings Rationale

"KWG's ratings will not be affected by the proposed bond issue.
The company has existing indebtedness maturing in 2012,
accordingly, debt leverage will not increase materially, and --
as measured by adjusted debt to total capitalization -- will
remain below 55% in the next 12-18 months," says Jonathan Lee, a
Moody's Vice President and Senior Analyst.

"Furthermore, the bond will lengthen the company's debt maturity
profile and enhance liquidity, a development which is credit
positive in the challenging property market now prevailing," adds
Lee, also Moody's lead analyst for KWG.

"However, KWG's further debt capacity will be limited, as Moody's
expects its credit metrics -- adjusted debt/total capitalization
at 50-55% and EBITDA/interest coverage at 2.5x-3x in the next 12
-- 18 months -- to be at the weaker end of the range for its
rating level," says Mr. Lee.

Moody's expects KWG will be cautious in future land acquisitions
and development expenditure. As a result, it will continue to
maintain adequate liquidity -- such that its cash holding remains
above 10% of total assets -- and that adjusted
debt/capitalization will stay below 55%. Any deviation from such
expectations would pressure the ratings and outlook downward.

KWG's Ba3 corporate family rating continues to reflect its strong
brand name, in turn, supported by its quality products and its
diversified product range -- office, retail and residential --
which command premium pricing. It also recognizes KWG's good
operating track record in Guangzhou, Chengdu and Suzhou.

On the other hand, the rating is constrained by KWG's relatively
low level of geographical diversification, given that over 40% of
its land bank is located in Guangzhou, and the high execution
risk associated with its fast-growth development plan and
expansion into new markets, such as Shanghai and Hainan province.

The bond rating is notched down to B1 from Ba3, reflecting the
risk of structural and legal subordination.

The stable outlook reflects the company's current adequate
liquidity position. This will support its property development
business in the next 12 - 18 months.

Upward pressure on the ratings could be limited in the near
future. However, medium-term upgrade pressure may emerge if KWG
(1) achieves its planned sales; (2) replicates its success in
Guangzhou in other Chinese cities; and (3) shows good financial
discipline and expands cautiously, while maintaining a sound
liquidity profile and strong credit metrics.

Moody's sees EBITDA/interest coverage consistently above 4x-5x
and adjusted debt leverage below 40% - 45% as indications of a
potential rating upgrade.

The rating could undergo a downgrade if KWG (1) experiences a
significant shortfall in sales; (2) materially increases its
investment in projects that impair its liquidity position; (3)
executes an aggressive land acquisition plan funded mainly by
debt; and/or (4) shows evidence of a material weakening of its
balance sheet liquidity.

Moody's sees EBITDA/interest below 2.5x-3.0x and adjusted debt
leverage consistently above 50%-55% as indications for a
potential downgrade of the ratings.

The principal methodology used in rating KWG was the Global
Homebuilding Industry Methodology published in March 2009.

KWG is a Chinese property developer founded in 1995. Currently,
it has a total attributable land bank of around 9 million sqm in
gross floor area in Guangzhou, Chengdu, Suzhou, Beijing,
Shanghai, Tianjin and Hainan. KWG mainly develops mid-to-high end
residential properties, office buildings, shopping malls and
hotels.


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


APRICA (ASIA): Creditors' Proofs of Debt Due April 10
-----------------------------------------------------
Creditors of Aprica (Asia) Limited, 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 liquidator is:

         Lau Hin Chi
         19th Floor, Cameron Commercial Centre
         468 Hennessy Road
         Causeway Bay
         Hong Kong


APPROACH GROUP: Creditors' Proofs of Debt Due March 26
------------------------------------------------------
Creditors of Approach Group Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by March 26, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

         Nicholas Carter
         PricewaterhouseCoopers (BVI) Limited
         PO Box 4654
         Road Town, Tortola VG1110
         British Virgin Islands


AUSTRIAN GAMING: Ha Yue Fuen Henry Steps Down as Liquidator
-----------------------------------------------------------
Ha Yue Fuen Henry stepped down as liquidator of Austrian Gaming
Industries Hong Kong Limited on March 1, 2012.


BONNY NICE: Ying and Chan Step Down as Liquidators
--------------------------------------------------
Ying Hing Chiu and Chan Mi Har stepped down as liquidators of
Bonny Nice Industries Limited on Feb. 29, 2012.


DIRECT FASHION: Creditors' Meeting Set for March 20
---------------------------------------------------
Creditors of Direct Fashion Sourcing Limited will hold their
meeting on March 20, 2012, at 10:30 a.m., for the purposes
provided for in Sections 241, 242, 243, 244 and 251 of the
Companies Ordinance.

The meeting will be held at 20/F, Henley Building, 5 Queen's Road
Central, in Hong Kong.


EFFECTIVE LABEL: Seng and Wong Step Down as Liquidators
-------------------------------------------------------
Natalia Seng Sze Ka Mee and Synthia Wong Tak Yee stepped down as
liquidators of Effective Label Limited on Feb. 29, 2012.


EVERTEAM TRADING: Creditors' Meeting Set for March 19
-----------------------------------------------------
Creditors of Everteam Trading Limited will hold their meeting on
March 19, 2012, at 3:00 p.m., for the purposes provided for in
Sections 241, 242, 243 and 244 of the Companies Ordinance.

The meeting will be held at 27/F, Alexandra House, 18 Chater
Road, in Hong Kong.


FEB (1989): Members' Final Meeting Set for April 13
---------------------------------------------------
Members of Feb (1989) Limited will hold their final meeting on
April 13, 2012, at 10:30 a.m., at Level 28, Three Pacific Place,
at 1 Queen's Road East, in Hong Kong.

At the meeting, Seng Sze Ka Mee Natalia and Cheng Pik Yuk, the
company's liquidators, will give a report on the company's wind-
up proceedings and property disposal.


G.H INVESTMENT: Hok and Boswell Step Down as Liquidators
--------------------------------------------------------
Rainier Hok Chung Lam and Anthony David Kenneth Boswell stepped
down as liquidators of G.H Investment Co Limited on March 5,
2012.


GLOBAL ACCESS: Leung Mei Fan Steps Down as Liquidator
-----------------------------------------------------
Leung Mei Fan stepped down as liquidator of Global Access
Technology Limited on Feb. 28, 2012.


PRUDENTIAL SURPLUS: Creditors' Proofs of Debt Due March 30
----------------------------------------------------------
Creditors of Prudential Surplus Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by March 30, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

         Fergal Power
         27/F, Alexandra House
         18 Chater Road
         Central, Hong Kong


STAR FOCUS: Creditors' Meeting Set for March 16
-----------------------------------------------
Creditors of Star Focus Limited will hold their meeting on
March 16, 2012, at 9:45 a.m., for the purposes provided for in
Sections 241, 242, 243, 244 and 255A of the Companies Ordinance.

The meeting will be held at Room 103, Duke of Windsor Social
Service Building, G/F, No. 15 Hennessy Road, Wanchai, in Hong
Kong.


STAR FOCUS GLOBAL: Creditors' Meeting Set for March 16
------------------------------------------------------
Creditors of Star Focus Global Limited will hold their meeting on
March 16, 2012, at 10:30 a.m., for the purposes provided for in
Sections 241, 242, 243, 244 and 255A of the Companies Ordinance.

The meeting will be held at Room 103, Duke of Windsor Social
Service Building, G/F, No. 15 Hennessy Road, Wanchai, in Hong
Kong.


TIN'S PLAZA: Creditors' Proofs of Debt Due March 26
---------------------------------------------------
Creditors of Tin's Plaza Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
March 26, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

         Patrick Cowley
         27/F, Alexandra House
         18 Chater Road
         Central, Hong Kong


UNITED SOURCE: Members' Final Meeting Set for April 13
------------------------------------------------------
Members of United Source International Limited will hold their
final meeting on April 13, 2012, at 3:30 p.m., at 35th Floor, One
Pacific Place, at 88 Queensway, in Hong Kong.

At the meeting, Lai Kar Yan (Derek) and Darach E. Haughey, the
company's liquidators, will give a report on the company's wind-
up proceedings and property disposal.


WELL HONOUR: Creditors' Proofs of Debt Due March 30
---------------------------------------------------
Creditors of Well Honour Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
March 30, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

         Fergal Power
         27/F, Alexandra House
         18 Chater Road
         Central, Hong Kong


WING YIP: Creditors' Proofs of Debt Due March 26
------------------------------------------------
Creditors of Wing Yip Investments No. 1 Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by March 26, 2012, to be included in the company's
dividend distribution.

The company's liquidator is:

         Patrick Cowley
         27/F, Alexandra House
         18 Chater Road
         Central, Hong Kong


WINFORE LIMITED: Placed Under Voluntary Wind-Up Proceedings
-----------------------------------------------------------
At an extraordinary general meeting held on Feb. 29, 2012,
creditors of Winfore Limited resolved to voluntarily wind up the
company's operations.

The company's liquidators are:

         Leong Ting Kwok David
         Fong Yuk Yu Tracy
         Units 3401-02, 34th Floor
         AIA Tower, 183 Electric Road
         North Point, Hong Kong


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

AIR INDIA: Boeing Denies Report on $500MM 787 Delay Payment
-----------------------------------------------------------
Bloomberg News reports that a Boeing Co. executive disputed the
Indian government's statement that the planemaker agreed to pay
state-owned Air India Ltd. US$500 million in compensation because
of delays delivering 27 composite-plastic Dreamliners.

"I think if we settled for $500 million, somebody would have told
me," Bloomberg quotes Jim Albaugh, president of Boeing's
commercial aircraft unit, as saying at the JPMorgan Chase & Co.
aviation, transportation and defense conference in New York on
March 14.  "We don't comment on deals that we've done, but I can
tell you that we're not writing anybody a check for US$500
million."

Bloomberg notes that airlines sign up for delivery slots when
they place orders, and Boeing faces penalties for late planes
such as the 787 Dreamliner. The aircraft was about three years
behind schedule when it was turned over to its first customer
last year, the report says.

According to Bloomberg, Prashant Sukul, a joint secretary at
India's Civil Aviation Ministry, told reporters at the country's
Hyderabad air show on March 14 that the planemaker agreed to the
payment two weeks ago.  Air India may get further compensation as
it previously asked for US$840 million and it has since asked for
more because of further delays, Sukul, as cited by Bloomberg,
said.

Bloomberg relates that Sukul said the carrier will get its first
787 in May and it will no longer be the second operator of the
plane.  Delivery was delayed from last year because Boeing is
still working with the carrier on certification, pilot training
and introduction plans, Dinesh Keskar, the planemaker's India
head, told Bloomberg.  He declined to comment on compensation,
says Bloomberg.

                        About Air India

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

                         *     *     *

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


AMBEY METALLIC: ICRA Puts '[ICRA]B+' Rating on INR4.7cr Bank Loan
-----------------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to the INR4.70 crore fund-
based bank facilities of Ambey Metallic Limited. ICRA has also
assigned an '[ICRA]A4' rating to the INR10.19 crore non-fund
based bank facilities of AML.

The assigned ratings are constrained by the adverse impact that
the continuing ban on iron ore mining in Karnataka is likely to
have on its operations, and the company's small scale of current
operations, with a limited extent of value addition. The ratings
also reflect AML's significant exposure to price risks on account
of its high level of inventory, given the cyclicality inherent in
the steel industry; and AML's exposure to forex risk on account
of imports of coal, in the absence of a formal hedging mechanism
followed by the company. The ratings, however, take into account
the long standing experience of the promoters of AML in the iron
and steel business; and the company's conservative capital
structure and moderate coverage indicators which indicate a
comfortable financial risk profile. The ratings also favorably
factors in the proximity of AML's plant to its customers and
sources of raw material, namely iron ore, and AML's access to
ports, all of which support profitability.

                       About Ambey Metallic

Incorporated in 2001, AML is engaged in the manufacturing of
sponge iron using iron ore and coal as key raw materials. AML has
an installed capacity of 36,000 Metric Tonnes Per Annum (MTPA) at
its manufacturing facility in Pissurlem, Goa. AML procures iron
ore from the states of Karnataka and Goa and imports coal from
South Africa and Indonesia. More than 95% of the sponge iron
produced is sold to companies within the state of Goa.

Recent Results:

AML reported a profit after tax (PAT) of INR1.56 crore on an
operating income of INR38.00 crore in 2010-11 as compared to a
PAT of INR1.51 crore on an operating income of INR20.75 crore in
2009-10. In the period between April 2011 and February 2012, AML
reported gross sales of INR26.05 crore.


ARANI POWER: Delays in Loan Payment Cues ICRA Junk Ratings
----------------------------------------------------------
ICRA has revised the long-term rating to '[ICRA]D' from
'[ICRA]B+' for INR27.42 crore term loans, INR9.50 crore fund
based limits and INR2.00 crore bank guarantee limits of Arani
Power Systems Limited. ICRA has also revised the short term
rating from '[ICRA]A4' to '[ICRA]D' to INR3.80 crore letter of
credit limits of APSL.

The revision in ratings reflects delays in servicing its debt
obligations in the recent past. Further, the ratings continue to
remain constrained by lack of track record (which is often a
major requirement in evaluation of bidders for projects) and
strong competitive pressures both from domestic as well as global
players with local presence. Moreover, product introduction and
gaining customer acceptance is a long time process in this
industry partly limiting the company's ability to get more
orders, which has resulted in lesser than expected revenues,
profitability & coverage indicators.

ICRA, however, takes note of the strong potential for steam
driven turbo-generators driven by increased thrust of private
players in the cogeneration and independent power producer (IPP)
space; experienced promoters backed by a strong technical team
and in-house design capabilities to manufacture turbines
according to customer requirements and end to end solutions
offered by the company.

                         About Arani Power

Incorporated in 2006, Arani Power Systems Limited is a Hyderabad
based original equipment manufacturer of 4-45 MW steam turbines
and supplies systems, components and services in the field of
steam based, medium capacity power generation equipments. The
range of steam turbines is up to 45 Megawatts with inlet steam
parameters ranging from 65ata/500 deg C up to 100ata/525 deg C.
The systems cover widely TG (Turbo Generators) Island that
includes steam turbines, alternators, gearboxes and heat
exchangers with the state-of-the-art controls. The company offers
turbo-generators packages from Co-generation, IPPs, CPPs, CCP's
in sugar, steel, cement, paper, biomass and other core sectors
including the utility segment. The company also provides value-
added services that include erection, commissioning, supply of
replaceable components, troubleshooting, engineering improvements
and repairs. APSL was incorporated by a group of technocrats,
namely Mr. Ramesh Yerramsetti (MD, GSS America Infotech Limited),
Mr. Bhargav Marepally (CEO & MD, GSS America Infotech Limited)
and Mr. K.C Peraiah.

Recent Results:

For FY2011, the company reported a loss of INR1.1 crore on an
operating income of INR16.6 crore.


ASHLEY ALTEAMS: ICRA Assigns '[ICRA]BB+' Rating to INR55cr Loan
---------------------------------------------------------------
ICRA has assigned long-term rating of '[ICRA]BB+' to the INR55.00
crore term loan, INR30.00 crore fund based facilities and
INR10.00 crore proposed term loans of Ashley Alteams India
Limited.  The outlook on the long-term rating is stable. ICRA has
also assigned short-term rating of '[ICRA]A4+' to the INR20.00
crore non-fund based facilities and INR10.00 crore proposed non-
fund based facilities of AAIL.

The ratings draw comfort from AAIL's strong parentage and support
it draws from its JV parents, Alteams OY and Ashok Leyland
Limited, and the commitment exhibited by the parents in extending
technological and financial support to AAIL. The ratings also
draw comfort from the proximity of the company's manufacturing
facility (in Cheyyar, near Chennai) to many large OEMs in the
automobile and telecommunication industries, its strong customer
profile ensuring steady volumes, and newly installed
electroplating facility, which aids in customer acquisitions and
higher realizations. The ratings factor in the weak financial
profile of the company characterized by low operating margin,
significant accumulated losses and large debt repayment
obligations. Although steady sales volumes have been witnessed in
the last few months, AAIL's break-even is estimated only by 2013-
14, necessitating continuous financial support from JV partners
to fund losses and meet large debt repayment obligations. AAIL's
ability to scale up operations and achieve early break-even is
critical for improving its credit profile.

Ashley Alteams India Limited, started as Ashley Alteams India (P)
Limited in 2007 and was converted into a public limited company
in 2010 under the present name. AAIL is a 50:50 Joint Venture
(JV) partnership between AOY and ALL. AOY is part of Alteams
Group OY, one of the biggest light metal foundries in Europe with
a turnover of around EUR100 million. Alteams Group OY is owned by
Kuusakoski Group OY, a Finland based international re-cycling
company with a turnover of around EUR800 million. ALL, part of
the Hinduja group, is the second largest commercial vehicle
manufacturer in India.

AAIL produces high-pressure aluminium die-castings for the
automotive manufacturers and telecommunication network-equipment
manufacturers. AAIL has a foundry and machine shop in Cheyyar,
near Chennai with an installed capacity of 7000 tonnes per annum.
AAIL's facility has 11 die casting machines and 30 CNC machines
with capacity to produce components ranging from 1 kg to 20 kg.
The Greenfield facility at Cheyyar was funded by equity from JV
partners, term loan from banks and long term loan from Finnish
Fund for Industrial Cooperation Limited.

Recent results:

For the nine month period ended December 31, 2011, AAIL had a net
loss of INR15.2 crore on an operating income of INR87.3 crore.


CAUVERY COFFEE: ICRA Cuts Rating on INR3.02cr Loan to '[ICRA]D'
---------------------------------------------------------------
ICRA has revised the rating assigned to INR3.02 crore term loan
of Cauvery Coffee Traders from '[ICRA]B' to '[ICRA]D'. ICRA has
also revised the short term ratings assigned to the INR16.8 crore
packing credit facility of CCT from '[ICRA]A4' to '[ICRA]D'. The
rating revision takes into account the significant delays in the
debt servicing by the company.

Cauvery Coffee Traders, a partnership firm, is engaged in the
export of coffee, iron ore and bauxite. The firm was established
in 1993 and for the last few years, iron ore fines export have
constituted almost entirely to its total sales. CCT is primarily
engaged in the exports of iron ore to Chinese market, which is
shipped from Mangalore and Goa ports. With the ban on iron ore
exports in Karnataka, CCT has increased its focus in domestic
market.


DEWAN ALLOYS: ICRA Assigns '[ICRA]B' Rating to INR1.3cr Bank Loan
-----------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B' to the INR1.30
crore cash credit limits Dewan Alloys and Metals Private Limited.
ICRA has also assigned a short term rating of '[ICRA]A4' to the
INR10.00 crore Letter of Credit facility and INR0.16 crore Bank
Guarantee of DAMPL.

The ratings take into account DAMPL's moderate scale of
operations, highly leveraged capital structure, and low
profitability metrics. The ratings also take into consideration
the susceptibility of the firm's profitability to adverse
movements in raw material prices. However, the ratings draw
comfort from the long experience of promoters and strong
relationship with its client base. The assigned ratings also
positively factor in the firm's favorable location which places
it in close proximity to its customers.

Dewan Alloys and Metals Private Limited is engaged in import and
trading of HMS scrap and re-rollable steel scrap, which is
procured primarily from countries in West Africa and the Middle
East . DAMPL was established in 2000-01, and is based out of
Mandi Gobindhgarh, Punjab.

In FY 2010-11, the company reported an operating income of
INR39.73 crore and a profit after tax of INR0.10 crore.


FREEWORLD EXPORTS: ICRA Withdraws 'BB' Rating on INR40cr Loan
-------------------------------------------------------------
ICRA has withdrawn the '[ICRA]BB' and '[ICRA]A4' ratings to the
INR40.0 crore bank facilities of Freeworld Exports Private
Limited which were under notice of withdrawal. The ratings are
withdrawn as the period of notice of withdrawal is completed.


JS FASHIONS: ICRA Reaffirms '[ICRA]BB' Rating on INR15cr LT Loan
----------------------------------------------------------------
ICRA has reaffirmed '[ICRA]BB' rating assigned to INR15.00 crore
long-term fund based limits (enhanced from INR12.00 crore) of JS
Fashions (INTL) Private Limited. ICRA also has reaffirmed the
'[ICRA]A4' rating assigned to the INR1.00 crore short-term fund
based limits and INR6.43 crore short-term non-fund based limits
(enhanced from INR3.00 core) of the Company. The outlook on the
long-term rating is Stable.

The re-affirmation of the ratings factors in extensive experience
of the promoters in the textile industry and the company's
established relationship with reputed garment manufacturers
resulting in low order volatility. Despite significant increase
in the cotton prices during 2010-11, the company was able to
maintain its operating margin with back to back sourcing of
fabric on receipt of new orders. Going forward, with correction
in cotton prices in 2011-12 and improvement in the demand
scenario, the company's performance is expected to improve.
However, the ratings are constrained by the below average
financial risk profile of the company marked by thin profit
margins (on account of competitive and commoditized nature of
textile trading business) and increase in the working capital
requirements of the company owing to significant rise in cotton
prices and higher credit period allowed to the customers. As a
result, the company's gearing stood at 2.2 times as on 31st
March, 2011 increasing from 1.7 times as on 31st March, 2010.
Going forward, the working capital requirements of the company
are likely to remain high in the near-term given the low credit
period allowed by the company's fabric suppliers and only gradual
improvement expected in the collection period.

                           About JS Fashions

Promoted as a partnership firm in 1994 and incorporated in 1999,
JSPL is engaged in the business of trading in cotton shirting
fabrics for both the domestic and international markets. The
fabric is sold under three brand names "Villa Italia",
"Cotonificio" and "Soktas". Villa Italia and Cotonificio
(supplied mainly in the retail segment) are two brands registered
by the company while Soktas is a Turkish shirting fabric brand
for which JSPL acts as a distributor. The company supplies to
both retail (having a network of 10 agents) and wholesale
segments (with relationship with established readymade garment
manufacturers like ITC Limited, Arvind Textiles, Hasbro Clothing
etc). The domestic sales contribute to approximately 90% of the
total revenues of the company while exports (mainly to Dubai,
Indonesia and Singapore) contribute the remaining 10%.

The company has been promoted by Mr. Jugraj Jain who also
operates a proprietary concern named "JS Exports" (started in
2007-08), which is engaged exclusively in selling of Soktas
fabric in the retail segment mainly in the states of Tamil Nadu,
Andhra Pradesh and Karnataka.

Recent Results:

For 2010-11, the company's operating income stood at INR87.8
crore with a profit after tax of INR1.6 crore. For the 10 months
2011-12, the company's operating income stands at INR77.7 crore
with a profit before tax (PBT) of INR2.74 crore.


MALPE MANIPAL: ICRA Places '[ICRA] B' Rating on INR30cr Term Loan
-----------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA] B' to INR30.0
crore term loan facility of Malpe Manipal Builders Private
Limited.

The rating takes into account the favorable location of the
company's sole ongoing project, commitment of the promoters to
infuse equity capital and experience of the appointed contractor
in executing building construction projects. However, the ratings
are constrained due to the company's limited track record in real
estate business and its exposure to single project risk. The
rating also factors in the slow booking rate (average booking of
2.5 flats per month since launch in January 2009) which
accompanied with slow collections can put immense pressure on the
repayment of the term loan starting from January 2013. The rating
also reflects the highly competitive nature of Udupi real estate
market marked by the presence of established players like Mandavi
Promoters and Builders and Sai Radha Builders.

                         About Malpe Manipal

Malpe Manipal Builders Private Limited was incorporated in 2008
to construct and sell multi storied residential complex and for
other real estate development. The first project undertaken by
MMBPL was Oasis Park in 2010. Oasis Park is a four storied
building built with basic amenities. The company subsequently
started construction of Royal Embassy; a 30 storied building with
modern amenities at Manipal, Udupi. The building is located at
close proximity to the Manipal University Campus. MMBPL also has
-9% stake in Akash Associates, a partnership firm incorporated in
July 2007 to buy and sell land.

Recent Results:

MMBPL registered an operating income of INR1.00 crore and Net
profit of INR0.02 crore in first half of FY12.


PANKAJ STEEL: ICRA Assigns '[ICRA]B+' Rating to INR4.5cr Loan
-------------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to INR4.5 Crore cash
credit limits of Pankaj Steel Corporation. ICRA has also assigned
an '[ICRA]A4' rating to INR10 Crore short term fund based
facilities of PSC.

The cash credit facility of INR4.5 Crore is a sub limit of short
term non fund based limit of INR10 Crore and the combined
utilisation should not exceed INR10 Crore at any point of time.

The assigned ratings reflect PSC's adverse financial profile
characterized by low net profitability, depressed level of
coverage indicators and leveraged capital structure. The ratings
also take into account the firm's small scale of operations with
sales growth being sluggish and the risk associated with the
status of a proprietary concern, including the risk of capital
withdrawal by the proprietor. Moreover, the ratings are further
affected by the high working capital intensity of its operations
resulting from high inventory levels which amplify the firm's
exposure to volatility in steel prices. The ratings however
factor in the long experience of the key management in iron &
steel trading business and the moderately diversified customer
base which mitigates client concentration risk to certain extent.

M/s Pankaj Steel Corporation promoted by Mrs. Usha Agarwal was
incorporated as proprietorship concern in 1978. PSC is primarily
engaged in trading waste and scrap of iron & steel. Apart from
trading PSC is also involved in processing steel (on job work
basis) as per customer specifications. PSC has its registered
office at Reay Road, Mumbai and two warehouses at Kalamboli, Navi
Mumbai.

Recent results:

PSC recorded a net profit of INR0.1 Crore on an operating income
of INR7.6 Crore for the year ending March 31, 2011 (Audited).


P&R ENGINEERING: ICRA Reaffirms '[ICRA]D' Rating on INR29cr Loan
----------------------------------------------------------------
ICRA has reaffirmed rating of '[ICRA]D' assigned to the
INR29.0 crore Term Loans of P&R Engineering Services Private
Limited.

ICRA's rating action factors in the relatively high credit risk
profile of the company given the nascent stage of operations of
the company's hydel project in Brenwar, J&K, weak cash accruals
and the high gearing of the company. These factors have put
pressure on the liquidity position of the company. The rating
also factors in hydrological risks as PRESPL is not covered under
deemed generation clause in case of factors like shortage of
water or loss of generation due to silting. The project has
operated at a lower than expected PLF (Plant Load Factor) in the
last 12 months on account of shortage of water. Given that the
revenues of the company are linked to actual unit sales, this
exposes the company to risks of variable cash flows. Further,
given the seasonality of power production (and hence cash flow
generation), the cash flows of the company are likely to remain
volatile and this may result in continued liquidity mismatches in
the initial years of operation. On the positive side, the project
is nearing completion, with two units already operational and the
third unit nearing completion, which limits the likelihood of any
further time and cost escalations. The rating also draws comfort
from the limited demand risks due to significant energy deficit
in northern India, upside potential in tariffs in the merchant
route, additional revenue stream from Renewable Energy
Certificates (RECs) and receipt of capital subsidy (50% amounting
to INR1.97 crores) from Ministry of New and Renewable Energy.
Further, the counterparty credit risks are also significantly
mitigated as the company is selling power through PTC, a
financially strong entity.

P&R Engineering Services Pvt Ltd is promoted by the P&R Group to
develop, own and operate a 7.5 MW small hydro project in Jammu &
Kashmir, District Budgam. This is a run of the river type scheme
on Doodhganga, a tributary of Jhelum, which will utilize flows of
the river to harness approximately 204m of net head. The company
reported an operating income of INR7.71 crore in FY 2011 and
profit after tax of INR0.36 crore.


RAUS INFRAS: ICRA Cuts Rating on INR32.5cr Loan to '[ICRA]B+'
-------------------------------------------------------------
ICRA has revised the long term rating for INR32.5 crore bank
lines of RAUS Infras Limited to '[ICRA]B+' from '[ICRA]BB-'.

The rating revision takes into account the stretched liquidity
situation of the company as evident from frequent over-drawings
from the fund-based limits and recurrent utilization of ad-hoc
limits from the bank. The liquidity has been stretched on account
of significant increase in size and number of projects being
executed by the company, along with elevated working capital
intensity of operations due to shift in orderbook from interior
decoration and fittings to civil construction work. ICRA's rating
continues to factor in the competitive nature of the civil
construction and interior decoration industries which are
characterized by low entry barriers and presence of large number
of small-to-medium sized players. The rating, however, derives
comfort from RIL's experienced management, its reputed and
diversified client base and its long track record in the interior
decoration business.

RAUS Infras Limited is a public limited company engaged in
interior decorating and civil construction work of office
buildings, staff quarters, residential complexes, commercial
complexes, hotels, group housing societies, metro stations,
hostels etc. for various clients in public and private sectors.
RIL was promoted by Mr. Ramesh Sharma, who has been carrying out
the interior decoration and civil construction business since
1988 under a proprietorship concern (Sharma Constructions). RIL
began operations in FY10 when all the assets and liabilities of
the proprietorship concern were transferred in the books of RIL.

Recent Results:

In FY2011, RAUS Infras Limited (RIL) reported operating income of
INR120 crore (previous year INR90 crore) and net profit of INR4.8
crore (previous year INR3.5 crore).


RELIANCE METALS: ICRA Assigns '[ICRA]BB' Rating to INR1.50cr Loan
-----------------------------------------------------------------
ICRA has assigned an '[ICRA]BB' rating to the INR1.50 crore fund-
based bank facilities of M/s. Reliance Metals & Alloys.  The
long-term rating has been assigned a 'stable' outlook. ICRA has
also assigned an '[ICRA]A4' rating to the INR3.50 crore non-fund
based bank facilities of RMA.

The assigned ratings take into account the significant experience
of the proprietor in the non-ferrous metal trading business;
healthy revenue growth on the back of growing demand from
customers; low inventory levels maintained by the firm, which
helps maintain a healthy return on capital employed and also
reduce its exposure to volatility in non-ferrous metal prices,
and the firm's established relationships with overseas suppliers,
which ensure adequate availability of aluminium scrap. The
ratings are, however, constrained by the low, albeit improving,
profitability of the firm due to limited value addition in the
trading business and the intensely competitive nature of the non-
ferrous metal trading industry; sensitivity to exchange rate
fluctuations, given its significant dependence on imports, and
its weak cash flow position. The ratings also factor in the risks
inherent in a proprietorship firm including the risk of capital
withdrawals by the proprietor.

Established in April 2008, Reliance Metals & Alloys is a
proprietorship firm engaged in trading of non-ferrous metal
scrap. The firm mainly imports aluminium scrap and sells the same
in the domestic market, with the manufacturers of extrusion,
aluminium alloys and utensils as its key end-user customers. The
firm has a warehouse at Bhiwandi while its head-office is located
at Mumbai.

Recent Results

In 2010-11, RMA reported a profit after tax (PAT) of INR0.43
crore on the back of net sales of INR53.54 crore. As per the
provisional financials for the April 2011-December 2011 period,
RMA reported a profit before tax (PBT) of INR0.62 crore on the
back of net sales of INR51.5 crore.


RK ELECTRICAL: ICRA Reaffirms '[ICRA]B+' Rating on INR10cr Loan
---------------------------------------------------------------
ICRA has reaffirmed the rating assigned to the INR10.0 crore fund
based bank facilities of RK Electrical Industries (India) Private
Limited at '[ICRA]B+'. ICRA has also reaffirmed the rating
assigned to the INR14.0 crore Non Fund based bank facilities of
RKEIPL at '[ICRA]A4'.

The reaffirmation of ratings takes into account the experience of
promoters in the industry, and good brand recognition which has
helped the company in registering robust growth in revenues in FY
2010-11. However the ratings continue to be constrained by
relatively weak operational and financial profile as is reflected
in its small scale of operations, low profitability, adverse
capital structure, high working capital intensity, and
vulnerability of its profits to fluctuations in raw material
prices. Going forward the ability of the company to gain new
orders and improve profitability and cash flows will remain key
rating drivers.

R K Electrical Industries (India) Private Limited was
incorporated in the year 1974 by Mr. R.K Sethi and is engaged in
the business of manufacturing wires and cables. The company's
product profile includes Low Tension power cable, control cables,
instrumentation cables, low tension Aerial bunched cables (ABC).
The company also manufactures Signalling and quad cables for
Indian Railways.

R K Electrical Industries (India) Private Limited reported a
profit after tax (PAT) of INR0.23 crore in FY 2010-11 on an
operating income of INR30.84 crore registering a decline of 59%
in operating income over the previous year.


ROHINI OIL: ICRA Assigns ''[ICRA]B+' Rating to INR10cr Bank Loan
----------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to Rs.10.00
crore fund based limits of Rohini Oil Field Chemical Industries
Private Limited.

The assigned rating is constrained by the high dependence of
ROFCIPL's operations on APMDC Ltd. for raw materials, poor power
scenario prevalent in the region and small scale of operations.
ICRA also notes the fact that the operating margins of the
company are vulnerable to adverse movement in raw material
prices. The rating also factors in the high client concentration,
with top 5 clients contributing to 95% revenue in FY11. The
rating is further constrained by the weak financial profile of
the company as characterized by high gearing, weak coverage
indicators and high working capital intensity. The rating
however, draws comfort from strong growth in revenues (on a small
scale) in last 3 years backed by improved orders on account of
established relationship with clients, favourable location of
manufacturing facility on account of its proximity to APMDC Ltd.
mining site and its revenue visibility in near term on account of
INR13 crore order from ONGC Ltd.

Rohini Oil Field Chemicals Industries Pvt. Ltd. is an A.P based
manufacturer and supplier of drilling grade Grey Barite Powder
established in 2005 and is being promoted by Mr. K. Subramanyam
Raju. ROFCIPL procures barite crystals primarily from APMDC Ltd.,
grinds it and sells it to companies involved in oil exploration
like ONGC Ltd. ROFCIPL was initially a partnership firm which got
converted into a private limited company on June 3, 2011.

Recent Results:

As per the provisional results of (8M) FY12, ROFCIPL has reported
an operating income of INR10.21 crore with an OPBDITA of INR1.60
crore.


ROSE GEMS: ICRA Assigns '[ICRA]BB+' Rating to INR3.2cr Loan
-----------------------------------------------------------
ICRA has assigned an '[ICRA]A4+' rating to the INR21.80 crore
short-term fund-based facilities of Rose Gems. Ratings of
'[ICRA]BB+' and/or '[ICRA]A4+' have also been assigned to the
INR3.20 crore proposed bank facilities of RG. The outlook
assigned to the long term rating is 'Stable'.

The assigned ratings factor in the entrenched experience of the
partners in the CPD industry, moderately diversified customer
base and the continuous improvement in the firms operating income
on the back of a gradual recovery in both volumes and
realisations of finished diamonds. The ratings however are
constrained by the firm's stretched financial profile on account
of high inventory, elongated receivables and consequent pressure
on liquidity evident from the firm's high utilization of bank
limits. As a result, the firm's capital structure remains
leveraged with weak debt protection indicators. The ratings are
further constrained by the highly fragmented nature of industry
with low entry barriers resulting in pressure on margins, which
are also susceptible to volatility in rough diamond prices and
foreign exchange fluctuations.

Established in 1997, RG, is engaged in the import of rough
diamonds and manufacture and export of polished diamonds. The
firm has its office in Mumbai and Surat and two manufacturing
facilities in Surat and Bhavnagar.

Recent Results:

As per its audited financials for FY 2011, RG recorded a net
profit of INR2.2 crore on an operating income of INR62.1 crore.
For the period April-September 2011 the firm recorded an
operating profit of INR2.3 crore on an operating income of
INR27.9 crore.


RUPA INFOTECH: Fitch Withdraws 'B+' Rating on INR750-Mil. Loan
--------------------------------------------------------------
Fitch Ratings has withdrawn the National Long-Term 'Fitch
B+(ind)nm' rating on India-based Rupa Infotech & Infrastructure
Pvt Ltd and its INR750 million term loan.

The National Long-Term rating has been withdrawn as it is no
longer considered by Fitch to be relevant to its coverage, and
the instrument rating has been withdrawn as the loan has been
paid in full.

Fitch will no longer provide ratings and analytical coverage of
RIIP.


SAI VENKATA: ICRA Assigns '[ICRA]C' Rating to INR10cr Bank Loan
---------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]C' to INR10.00
crore fund based facility of Sai Venkata Agro Industries Private
Limited.

The assigned rating is constrained by SVAIPL's modest scale of
operations, stretched liquidity position owing to high gearing
and weak debt coverage indicators, low profitability on account
of low value addition work and intense competition in the
industry characterized by large number of small players. The
rating further incorporates the susceptibility of its margins to
fluctuations in the raw cotton prices. However, ICRA draws
comfort from the company's favorable access to the raw material
and the promoters' experience of more than two decades in the
ginning industry.

Sai Venkata Agro Industries Private Limited) is engaged in cotton
ginning and pressing with the product mix of cotton bales and
cottonseed. SVAIPL was incorporated in the year 2009 by Mr. G.
Vinod Kumar. It has its production facilities at Mancherial,
Adilabad District of Andhra Pradesh. The company started
operations from November 2009 onwards. The company has 96 ginning
machines of which the company leased 48 ginning machines to
Cotton Corporation of India in FY10. From FY11 onwards, the
company is operating through 96 ginning machines. The day to day
operations is looked after by Mr. G. Vinod Kumar.

Recent Results:

In FY11, SVAIPL reported operating income of INR110.92 crore and
net profit of INR0.98 crore.


SHIVAM IRON: ICRA Reaffirms '[ICRA]BB+' Rating on INR48.75cr Loan
-----------------------------------------------------------------
ICRA has re-affirmed the '[ICRA]BB+' rating assigned to the
INR48.75 crore (increased from INR47.08 crore earlier) term loan
and INR62.00 crore (increased from INR43.00 crore earlier) cash
credit facilities of Shivam Iron & Steel Co. Limited.  The
outlook on the long term rating is stable. ICRA has also re-
affirmed the '[ICRA]A4+' rating to the INR47.00 crore (increased
from INR34.41 crore earlier) non-fund based bank facilities of
SISCL.

The reaffirmation of ratings take into account the experience of
SISCL's promoters in the steel industry, its integrated nature of
operations that lead to increase in value addition in the
business, its diversified product portfolio that mitigates demand
risk of a particular product and proximity to raw material
sources leading to low landed cost of input materials. ICRA notes
that the company has successfully increased its sponge iron and
ferro alloy capacity in the current financial year and is also in
the process of increasing its billet manufacturing capacity,
which is likely to lead to a growth in revenues and profitability
going forward. The ratings are, however, constrained by the
cyclicality inherent in the steel business, which is passing
through a difficult phase, that is likely to adversely impact the
profitability of the players in the steel business including
SISCL, its weak financial profile as reflected by its low
profitability, increasing gearing and depressed level of coverage
indicators, and a highly working capital intensive nature of
operations, which in turn impacts its liquidity position.
Substantial debt servicing obligation in the near term may
further exert pressure on the company's cash flows. ICRA also
notes that the absence of any captive source of power results in
high cost of operations of the company, since the manufacturing
process of some of its products is power intensive. While
assigning the ratings, ICRA has also considered the business risk
profile of SISCL's group entity Sundaram Ferro-Tech Private
Limited (rated at [ICRA]BB- (stable) and [ICRA]A4), since the two
companies operate under the common management.

SISCL was incorporated as a private limited company in 1998 and
started commercial production in 1999-2000. The company was
converted into a public limited company in 2006. SISCL has been
involved in the production of sponge iron, mild steel (MS)/
stainless steel (SS) ingot and billet, MS structural items like
angle, channel, bar and flat, SS flat, and ferro alloys (silico
and ferro manganese). Currently its sponge iron, ingot/ billet,
rolling and ferro alloy manufacturing facilities stand at 90,000
metric tonne per annum (MTPA), 108,400 MTPA, 69,000 MTPA and
37,100 MTPA respectively. The sponge iron unit of the company is
located at Koderma, Jharkhand and other manufacturing facilities
are located at Giridih, Jharkhand.

Recent Results

The company reported a net profit of INR3.69 crore on an
operating income of INR228.75 crore in 2010-11. During the first
half of 2011-12, the company reported a net profit of INR2.49
crore (provisional) on an operating income of INR132.61 crore
(provisional).


SRI BALAJI: ICRA Assigns '[ICRA]C' Rating to INR6cr Bank Loan
-------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]C' to INR6.00
crore fund based facility of Sri Balaji Agro Industries.

The assigned rating is constrained by SBAI's modest scale of
operations, stretched liquidity position owing to high gearing
and weak debt coverage indicators, low profitability on account
of low value addition work, and intense competition in the
industry characterized by large number of small players. The
rating further incorporates the susceptibility of its margins to
fluctuations in the raw cotton prices. However, ICRA draws
comfort from the company's favorable access to the raw material
and the promoters' experience of more than two decades in the
ginning industry.

Sri Balaji Agro Industries is engaged in cotton ginning and
pressing with the product mix of cotton bales and cottonseed.
SBAI was incorporated as a partnership firm in the year 2008 by
Mr. T. Ashok Kumar and Ms. G. Sarita. It has its production
facilities at Asifabad, Adilabad District of Andhra Pradesh. The
firm had started its operation with 48 ginning machines, of which
firm owns 24 ginning machines and the rest are leased from
Mahalakshmi Cottons for which firm pays job works charges. The
total installed raw material intake capacity of 240 MT per day
and day to day operations is looked after by Mr. T. Ashok Kumar
and Mr. G. Praveen.

Recent Results

In FY11, SBAI reported operating income of INR59.62 crore and net
profit of INR0.15 crore.


SRI SAI: ICRA Assigns '[ICRA]B+' Rating to INR7cr Bank Facilities
-----------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to INR7.00
crore fund based facility of Sri Sai Baba Cotton Industries.

The assigned rating is constrained by SSBCI's moderate scale of
operations, intense competition in the industry and its low
profitability owing to low value addition work which coupled with
high gearing results in weak debt coverage indicators. The rating
further incorporates the susceptibility of its margins to
fluctuations in the raw cotton prices. However, ICRA draws
comfort from the company's easy access to the raw material and
the promoters' experience of more than three decades in the
ginning industry.

Sri Sai Baba Cotton Industries is engaged in cotton ginning and
pressing with the product mix of cotton bales and cottonseed. It
has its production facilities at Ponnari Village, Adilabad
District of Andhra Pradesh. The firm has 72 TMC gins with a total
annual capacity of 64,000 bales.

Recent Results:

In FY11, SSBCI reported operating income of INR72.48 crore and
net profit of INR0.13 crore.


SRI SALASAR: ICRA Assigns '[ICRA]BB-' Rating to INR30cr Loan
------------------------------------------------------------
ICRA has assigned long-term rating of '[ICRA]BB-' for INR30.00
crore fund based limits and ratings of '[ICRA]BB-/[ICRA]A4' for
INR3.00 crore bank guarantee limits of Sri Salasar Balaji Agro
Tech (P) Limited.  The long-term rating carries a stable outlook.

The assigned ratings are constrained by SBAT's low value added
activity resulting in low operating profit and net profit
margins; weak financial profile characterized by a gearing of 6.2
times as on March 31, 2011, and interest coverage ratio of 1.4
times for FY2011; and risk of operating in a commodity market
characterized by the volatility in cotton prices that are
susceptible to agro-climatic risks as well as to central
government policies and regulations.

The ratings, however, take into account the long experience of
the promoters of SBAT in the cotton ginning and trading business;
the steady growth in operating income supported by increased
trading volumes & exports and proximity to cotton producing belt
of Adilabad resulting in favorable access to raw material
(Kapas). Further, trading house recognition by director general
of foreign trade in November 2011 results in quicker processing
of company exports as direct exports accounted for 36% of the
revenue in FY2011.

Incorporated in 2003, Sri Salasar Balaji Agro Tech (P) Limited is
promoted by Mr. Mahesh Kumar Khetan & his family. SBAT is into
trading of cotton FP Bales, cotton seed, loose lint, processing
of cotton Kapas to produce cotton lint though sale of processed
Kapas accounts for less than 1% of the operating income. The
company started exporting cotton bales from the year 2008 and is
primarily exporting to Bangladesh & China. SBAT is recognized as
trading house by director general of foreign trade in November
2011 which is valid till March 2016.

Recent Results:

For FY2011, the company reported an operating income of INR801.08
crore and a PAT of INR1.76 crore.


V N JEWELLERS: ICRA Suspends 'BB-' Rating on INR27cr Loan
---------------------------------------------------------
ICRA has suspended the '[ICRA]BB-' rating assigned to the
INR27.00 Crore long term loans & working capital facilities and
'[ICRA]A4' rating to the INR5.00 Crore short term non-fund based
Bank Guarantee facility of V N Jewellers. The suspension follows
ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information
to assess such rating during the surveillance exercise. ICRA will
withdraw the rating in case it remains under suspension for a
period of three years

V N Jewellers is a family run partnership firm since 2000. VNJ is
engaged in 14, 18, diamond studded gold jewellery 22 carat Polki
gold Jewellery and ornaments, 24 carat Gold coins and standard
gold bar, loose diamonds trading, silver and utensils and
Solitaire Diamond Jewellery. VNJ caters only to the Indian
domestic markets specifically North India for its wholesale
operations. It is also a prime vendor/Jobworker of Titan
Industries Ltd. for Titan Industries Tanishq Brand. VNJ has 3
sister concerns; V N Salla Real Estate Private Ltd., V N Salla
Properties Private Ltd. and M/s Woodart Interiors. VNJ has a
factory set-up in Goregaon, Mumbai, a sales office in Delhi and a
retail showroom in Bandra, Mumbai.


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


ALAM SUTERA: Moody's Assigns 'B2' Corporate Family Rating
---------------------------------------------------------
Moody's Investors Service has assigned a B2 corporate family
rating to PT Alam Sutera Realty Tbk.

At the same time, Moody's has assigned a provisional (P)B2 senior
unsecured bond rating to the proposed senior unsecured notes to
be issued by Alam Sutera International Private Limited (Alam
Sutera International), an entity wholly-owned by Alam Sutera
Realty, and guaranteed by Alam Sutera Realty and its
subsidiaries.

The outlook on both ratings is stable.

Ratings Rationale

This is the first time Moody's has assigned ratings to Alam
Sutera Realty or Alam Sutera International. The provisional
status of the senior unsecured bond rating will be removed upon
completion of the bond issuance.

The proceeds from the issuance will be used for (a) the
acquisition of land; (b) the development of new and existing
projects; and (c) the funding of transaction expenses.

"Alam Sutera Realty's B2 rating reflects its sound business
model, which focuses on township design, as well as the sale of
land lots and low-rise commercial and residential properties.
This approach allows it the flexibility to scale its projects in
accordance with market conditions and lowers development risks,"
says Alvin Tan, a Moody's Analyst.

"The company also benefits from an extensive low-cost land bank
in Tangerang, and which it has been acquiring since the early
1990s. As such, it is well-positioned to benefit from the
appreciating land values in the region, and giving it the ability
to generate strong adjusted operating margins of 42 to 50% over
the past two years," adds Mr. Tan, who is also Moody's Lead
Analyst for Alam Sutera Realty.

However, the company's ratings are constrained by its small
scale, lack of geographic diversity, and limited track record in
township planning, having focused on only a single project in
Alam Sutera since 1994.

Then again, Moody's also recognizes that it had sold or leased a
total of 9,252 land lots and properties that it had developed in
Alam Sutera, of which 6,638 were residential land lots and
properties, as at December 31, 2011.

"Alam Sutera Realty remains exposed to the volatile property
sector, with a limited contribution from the more stable,
recurring income stream from its investment properties," says
Tan.

"And while the Alam Sutera township project has been successful
to date, the company's ability to replicate the same model with
its second township project in Pasar Kemis remains uncertain.
Furthermore, plans to expand into Bali's tourism sector,
especially its potential investment in the Garuda Wisnu Kencana
tourism project, also increases execution risks," Mr. Tan adds.

The stable outlook reflects Moody's expectation that Alam Sutera
Realty will be well-supported by its ample low-cost land bank in
Greater Jakarta, as well as its ongoing discipline in the pursuit
of its growth strategy.

Upward rating pressures could emerge if Alam Sutera Realty is
able to execute its expansion strategy successfully, and which
also includes the ability to replicate the Alam Sutera township
model in its new project in Pasar Kemis. An upgrade would also be
supported by sustained improvement in sales performance and
positive free cash flow generation. Credit metrics that will
support an upgrade include EBIT/Interest coverage above 4.0-4.5x
and adjusted leverage below 40% on a sustained basis.

On the other hand, downward pressure could emerge if Alam Sutera
Realty's financial and liquidity profiles weaken due to (1) the
company failing to execute its business plans; (2) a
deterioration in the property market, leading to protracted
weakness in its operations and credit profile; and (3) a material
depreciation in the Rupiah, and which increases the company's
debt-servicing obligations.

Moody's considers EBIT/Interest coverage below 2.0x and adjusted
leverage above 50% as indications that a downgrade may be
necessary. The senior unsecured bond rating could also be
downgraded if the company raises more secured debt than expected.

The principal methodology used in these ratings was Moody's
Global Homebuilding Industry, published in March 2009.

Established on November 3, 1993, PT Alam Sutera Realty Tbk (Alam
Sutera Realty) is an integrated property developer in Indonesia
with a sizeable land bank of 1,451 ha (gross area) as of
December 31, 2011. The company focuses on the sale of land lots
in accordance to township planning needs, as well as property
development in residential, commercial and industrial segments in
Indonesia. Alam Sutera Realty was founded by the family of The
Ning King, and was formerly known as PT Adhihutama Manunggal, The
company listed on the Indonesian Stock Exchange on 18 December
2007.


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


PROLOGIS INC: Fitch Rates $582 Million Preferred Stock at 'BB'
--------------------------------------------------------------
Fitch Ratings expects to withdraw the 'BBB-' rating on the
JPY10 billion 3.25% private placement senior unsecured term loan
due 2020 with Prologis Japan Finance Y.K. as borrower and assign
a 'BBB-' rating to the same term loan with Prologis Tokyo Finance
Investment Limited Partnership as the new borrower.  Fitch also
expects to withdraw the 'BBB-' rating on the JPY36.5 billion
senior unsecured revolving credit facility with Prologis Japan
Finance Y.K. as borrower.  Fitch currently rates Prologis, Inc.
(NYSE: PLD) and its operating partnership, Prologis, L.P.
(collectively, Prologis or the company) as follows:

Prologis, Inc.

  -- Issuer Default Rating (IDR) 'BBB-';
  -- $582 million preferred stock 'BB'.

Prologis, L.P.

  -- IDR 'BBB-';
  -- $1.8 billion global senior credit facility 'BBB-';
  -- $4.6 billion senior unsecured notes 'BBB-';
  -- $1.4 billion senior unsecured convertible notes 'BBB-';
  -- EUR487.5 million senior unsecured term loan 'BBB-';
  -- JPY36.5 billion senior unsecured revolving credit facility
     (previously listed as an obligation of Prologis Japan
     Finance Y.K.).

The Rating Outlook is Positive.

Prologis has the right to substitute the borrower under the July
8, 2010 JPY10 billion loan agreement and is simplifying its
financing structure with a new tax efficient vehicle, Prologis
Tokyo Finance Investment Limited Partnership.  The JPY10 billion
3.25% private placement senior unsecured term loan due 2020
remains a senior unsecured obligation that is guaranteed by
Prologis, Inc. and Prologis, L.P.  The terms of the loan
agreement have not been modified.  In addition, the JPY36.5
billion revolving credit facility remains a senior unsecured
obligation that is guaranteed by Prologis, Inc. and Prologis,
L.P. under the Yen revolver agreement dated June 3, 2011.

The Positive Outlook reflects that the company's credit profile
is migrating toward a 'BBB' IDR.  The Positive Outlook takes into
account improving fundamentals across the company's broad
industrial real estate platform and the ongoing implementation of
a strategy to de-lever the company through property dispositions
and fund contributions.  In addition to the de-levering
implications, Fitch anticipates that this strategy will result in
improving portfolio asset quality via sales of lower quality
assets in non-core markets.

PLD's credit strengths include a global franchise (including the
private capital platform), a granular tenant roster, strong
access to capital, and a large unencumbered asset base.  Credit
concerns include high leverage for the rating as a result of
PLD's large land holdings (though leverage is trending toward a
level consistent with a 'BBB' IDR) and sizeable debt maturities
through 2015.  In addition, PLD's liquidity position will depend
materially on its ability to sell and contribute assets to funds.

Operating performance continues to improve due to favorable
tenant demand. Occupancy increased to 92.2% in the fourth quarter
of 2011 (4Q'11) from 91% in 3Q'11, and rental rate declines
moderated to negative 4.5% in 4Q'11 compared with negative 8.6%
in 3Q'11.  Overall, same-property NOI grew by 40 basis points
(bps) in 4Q'11 compared with negative 70 bps in 3Q'11.  Fixed
charge coverage (recurring operating EBITDA including Fitch's
estimate of recurring cash distributions from unconsolidated
entities less recurring capital expenditures and straight-line
rent adjustments divided by cash interest incurred and preferred
dividends) was 2.0 times (x) in 4Q'11, up from 1.8x in 3Q'11 due
to stabilizing fundamentals, reduced fixed charges and G&A
expense reductions via merger synergies.  When combining the
results of legacy ProLogis and AMB Property Corporation, fixed
charge coverage was 1.6x in 2010 and 1.4x in 2009.

Fitch anticipates that fixed charge coverage may decline somewhat
in the near term due to earnings reductions from expected asset
sales but that coverage will sustain in the low 2x range over the
next 12 to 24 months due to flat-to-low single digit same store
results, incremental earnings from development and private
capital income, and merger synergies.  The low 2x range is
appropriate for a 'BBB' IDR for an industrial REIT of PLD's size.
In a stress case not anticipated by Fitch resulting in negative
same-store NOI, fixed-charge coverage could sustain below 2x,
which would be appropriate for a 'BBB-' IDR.

One of the company's strategic initiatives since the ProLogis and
AMB Property Corporation merger in June 2011 is aligning the
portfolio with an investment strategy focused on global markets.
Consistent with that strategy, during the second half of 2011,
PLD completed approximately $1.65 billion in building and land
dispositions and fund contributions in predominantly non-global
markets, of which approximately $1.38 billion was PLD's share.
As a result, the percentage of the portfolio in global markets
increased to 84.2% of total operating portfolio as of Dec. 31,
2011 from 78.6% as of June 30, 2011.  Additionally, the company
continues to selectively develop in high growth potential
markets, which Fitch views favorably.

Bondholders benefit from Prologis' global franchise as it
mitigates exposure to regional demand drivers.  As of Dec. 31,
2011, PLD's operating portfolio consisted of 3,200 buildings in
22 countries in the Americas, Europe and Asia.  As of Dec. 31,
2011, the company had approximately $43.3 billion in total assets
under management including $24.7 billion in the private capital
segment. Prologis continues to streamline this segment via fund
dissolutions and consolidations.

PLD's tenant roster is granular and includes more than 4,500
customers.  As of Dec. 31, 2011, top tenants were DHL at 2.4% of
annual base rents, CEVA Logistics at 1.4%, Kuehne & Nagel at
1.2%, Home Depot, Inc. (Fitch IDR of 'A-' with a Stable Rating
Outlook) at 1.1% and SNCF Geodis at 1%, and no other tenant
exceeds 1% of total rent.  Lease expirations are manageable with
14.1%, 16.3% and 15.4% of Prologis' share of annual base rents
expiring in 2012, 2013 and 2014, respectively.

Prologis has strong access to capital and financial flexibility.
The company raised $7.2 billion in capital in 2011, including
$2.2 billion in a new global line of credit and Yen revolver
commitments.  Fitch calculates that unencumbered assets to
unsecured debt was 2.2x at Dec. 31, 2011 when annualizing 4Q'11
unencumbered NOI and utilizing a capitalization rate of 7%, which
is appropriate for a 'BBB' IDR.  When including 50% of PLD's book
value of unencumbered land and development, asset coverage
increases to 2.3x.  In addition, the covenants in the company's
senior note indentures and credit agreements do not restrict
PLD's financial flexibility.

Leverage remains high for an industrial REIT but is trending
toward a level consistent with a 'BBB' IDR.  Net debt to 4Q'11
annualized recurring operating EBITDA including Fitch's estimate
of recurring cash distributions from unconsolidated entities was
7.8x compared with 8.6x in 3Q'11.  Improvements stem from
proceeds from dispositions and contributions used to repay debt
along with modest EBITDA growth.

As part of the company's goal to strengthen its financial
position, Prologis is focused on reducing leverage.  Fitch
anticipates that leverage will approach 7.0x over the next 12 to
24 months prior to a recapitalization of PEPR principally due to
debt repayment from asset sale and contribution proceeds.
Leverage sustaining between 7.0x and 8x is appropriate for a
'BBB' IDR for an industrial REIT of PLD's size and good asset
quality.  In a stress case not anticipated by Fitch resulting in
negative same-store NOI, leverage could sustain above 8.0x, which
would be appropriate for a 'BBB-' IDR.

PLD's liquidity position changes materially when layering in
proceeds from expected asset sales and fund contributions.
Sources of liquidity (unrestricted cash, availability under the
company's credit facilities pro forma for the 487.5 million Euro
senior term loan effective February 2012, and projected retained
cash flows after dividends and distributions) divided by uses of
liquidity (PLD's share of debt maturities and projected recurring
capital expenditures) was 0.6x for Jan. 1, 2012 to Dec. 31, 2013.

Adding $3.5 billion of proceeds from asset sales as a liquidity
source and $1.1 billion of capital requirements from acquisitions
and development starts as a liquidity use, liquidity coverage
would be 1.2x.  $3.5 billion represents Prologis' 70% share of
proceeds, net of proceeds to PLD's co-investment partners, from
the midpoint of 2012 disposition and contribution guidance.
$1.075 billion represents Prologis' 40% share of capital
requirements, net of capital requirements for PLD's co-investment
partners, from the midpoint of 2012 acquisition guidance plus
Prologis' 70% share of capital requirements, net of capital
requirements for PLD's co-investment partners, from the midpoint
of 2012 development start guidance.

Despite Prologis' solid capital raising track record, execution
risks are present in the company's deleveraging and debt
repayment strategy.  An economic slowdown or the company's
inability to sell and contribute assets to funds as contemplated
could place pressure on the company's ability to address debt
maturities and its liquidity position.  Debt maturities are
heavily weighted towards the next several years, with 9.7% of
debt maturing in 2012, 14.4% maturing in 2013, 17.7% in 2014 and
16% in 2015.

While Prologis operates a global portfolio, Europe represents
approximately 24.7% of 4Q'11 NOI. Despite macroeconomic
uncertainties in the Eurozone, European industrial property
fundamentals are somewhat stable and PLD's European property
occupancy increased to 91.6% in 4Q'11 from 90% in 3Q'11.  The
majority of Prologis' consolidated assets in Europe are held in
Prologis European Properties (PEPR). PEPR is currently a publicly
listed vehicle that is expected to be delisted in the near future
and recapitalized and unconsolidated from PLD's balance sheet
after 2012.  Presently, the future structure for PEPR remains
unclear and the aforementioned macroeconomic environment adds to
the uncertainty. .

Broadly, the Fitch report, 'European Senior Fixed Income Investor
Survey Q112,' dated Feb. 13, 2012, notes that most European
participants in a recent fixed income investor survey think the
Eurozone crisis will persist through 2012.  While this may
generally dampen near-term investor appetite, the PEPR portfolio
includes prime assets that are desirable to institutional
investors.  A PEPR recapitalization would enable PLD to monetize
a portion of its investment, with the proceeds likely used to
repay debt or fund development.

The two-notch differential between PLD's IDR and preferred stock
rating is consistent with Fitch's criteria for corporate entities
with an IDR of 'BBB-'.  Based on Fitch research titled 'Treatment
and Notching of Hybrids in Nonfinancial Corporate and REIT Credit
Analysis' these preferred securities are deeply subordinated and
have loss absorption elements that would likely result in poor
recoveries in the event of a corporate default.

The following factors may result in an upgrade to 'BBB':

  -- Fixed charge coverage sustaining above 2.0x (fixed charge
     coverage ratio was 2.0x in 4Q'11);
  -- Net debt to recurring operating EBITDA sustaining below 8.0x
     (leverage was 7.8x in 4Q'11);
  -- Unencumbered asset coverage sustaining above 2.0x (as of
     Dec. 31, 2011, when including 50% of PLD's book value of
     unencumbered land and development, unencumbered asset
     coverage was 2.3x).

The following factors may result in negative momentum on the
Outlook:

  -- An inability to continue executing on the company's
     strategic priorities, which entail substantial dispositions
     and fund contributions to reduce leverage;
  -- Fixed charge coverage sustaining below 2.0x;
  -- Net debt to recurring operating EBITDA sustaining above
     8.0x;
  -- Unencumbered asset coverage sustaining below 2.0x.

The following factors may result in negative momentum on the
rating:

  -- Fixed charge coverage ratio sustaining below 1.5x;
  -- Leverage sustaining above 9.0x;
  -- Liquidity coverage after dispositions, fund contributions,
     acquisitions and development starts sustaining below 1.0x.


=========
K O R E A
=========


C&M CO: Moody's Revises Outlook on 'B3' CFR to Negative
-------------------------------------------------------
Moody's Investors Service has revised to negative from stable the
outlook for C&M Co. Ltd.'s B3 corporate family rating and C&M
Finance Ltd's B3 senior unsecured bond rating.

Ratings Rationale

"The negative outlook mainly reflects Moody's concern that C&M's
near-term liquidity profile will be under pressure given the
quantum of debt to be refinanced (approximately KRW 2 trillion)
between December 2011 and March 2012," says Laura Acres, a
Moody's Vice President and Senior Credit Officer.

Moody's views C&M's liquidity profile and credit metrics on a
fully consolidated basis following its takeover in March 2008 by
a consortium of financial and strategic investors led by MBK
Partners and the Macquarie Korean Opportunities Fund. The
consortium funded the acquisition through KRW1.2 trillion of term
loans and a KRW300 billion interest tranche to service the term
loans through a special purpose entity, Kookmin Cable Investment.
These facilities will mature on March 27, 2013. In addition to
the acquisition facilities, C&M faces total debt maturities of
about KRW655 billion over the coming 12 months including the
existing debt under its KRW600 billion senior bank facility also
falling due on March 27, 2013.

"Refinancing of such a substantial sum will be challenging for a
B3 rated credit. Furthermore, the looming refinancing risk is
exacerbated by concerns over the limited drawing headroom under
the KRW300 billion interest tranche. If the interest tranche is
fully utilized before the maturity, either the shareholders will
need to refinance all the debt facilities or C&M will be required
to upstream cash to KCI. Although C&M has cash of about KRW180
billion as of December 2011, Moody's believes that C&M will have
limited flexibility to upstream monies given its own debt service
requirements," explains Ms. Acres, also Moody's Lead Analyst for
C&M.

That said, Moody's takes comfort from C&M's robust fundamental
operating performance, which is relatively strong for the rating
level. Based on a full consolidation with KCI, Moody's estimates
that C&M's adjusted EBITDA increased by 25% year-on-year in 2011
and its adjusted debt/EBITDA reduced to under 7.0x from 8.4x in
2010, primarily due to the ARPU-positive acquisition of two SOs
in March 2011. Although the ongoing competition from the IPTV
operators is likely to result in a gradual erosion of margins for
cable TV operators, Moody's expects that C&M will be able to
maintain favorable EBITDA margins relative to its rated peer
group through a competitive position consistent with a monopoly
or duopoly status in substantially all of its areas of operation
and also a continuing migration of existing analogue subscribers
to the more remunerative digital platform.

Upward pressure on the rating is unlikely given the negative
outlook. However, the outlook could revert to stable should C&M:
1) successfully execute on a comprehensive refinancing plan for
all facilities falling due in the next 12 months (including
KRW600 billion senior bank facility for C&M and KRW1.5 trillion
acquisition facilities structured under KCI); 2) maintain its
trend of improving financials such that adjusted consolidated
debt/EBITDA remains below 7.0x; and 3) continue to successfully
migrate analogue customers over the more remunerative dialogue
platform.

The ratings may encounter additional downward rating pressure
should C&M encounter any substantial delays in closing its
refinancing plan or the headroom under its KRW300 billion
interest facility falls below KRW10 billion. Moody's would also
be concerned should ongoing competitive threats cause C&M's
earnings to deteriorate further such that adjusted EBITDA margins
fall below 45% or adjusted consolidated debt/EBITDA increase
above 8.0x on a sustained basis.

Given the private equity ownership structure, Moody's would also
be concerned if the shareholders sought to pull more cash out of
C&M than anticipated, through such methods as inter-company loans
or special dividends and/or to sell off C&M.

The principal methodology used in rating C&M Co., Ltd. was the
Global Cable Television Industry Methodology published in July
2009.

C&M is the third largest multi-system cable television operator
based on subscribers (2.7 million as at December 2011), with a
market share of approximately 18% as of 3Q 2011. C&M owns 18
affiliated system operators each of which are a monopoly or
duopoly provider in their respective service regions. The company
also provides internet access service to 0.63 million subscribers
and voice over Internet Protocol ("VoIP") services to more than
0.26 million.

In March 2008, C&M was acquired by a consortium (the
"Consortium") of financial and strategic investors led by MBKP
and MKOF. Following the acquisition, 93.8% of shares in C&M are
held through a special purpose vehicle, KCI, which is in turn
wholly owned by the Consortium.


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


MONGOLIAN MINING: Moody's Assigns 'B1' Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service has assigned a B1 corporate family
rating to Mongolian Mining Corporation.

At the same time, Moody's has assigned a provisional (P)B1 rating
to its proposed five-year senior notes.

The notes will be issued by MMC and unconditionally guaranteed by
Energy Resources LLC and certain other subsidiaries.

The outlook for both ratings is stable. This is the first time
that Moody's has assigned ratings to MMC.

The bond proceeds will be used for capital investments, and
general corporate purposes.

The provisional status of the notes will be removed once the
issuance is completed.

"MMC's rating reflects its status as the largest integrated
coking coal mining company in Mongolia, its competitive cost
position, and its first-mover advantage over its domestic coal
peers," says Simon Wong, a Moody's Vice President and Senior
Analyst, adding, "Its low production costs, price advantages, and
proximity to China, the largest consumer and a net importer of
coking coal, also gives it an edge over seaborne competitors."

The prices of coking coal exported from Mongolia are lower than
the international market, giving MMC a competitive edge against
the seaborne market.

Furthermore, its integrated operation -- including paved road
access to the Chinese border, its coal-fired power plant, and
most importantly its position as the first company in Mongolia to
own and operate a coal handling and preparation plant (CHPP),
with a coal washing capacity of 10 million tonnes per annum --
allows it to sell hard coking coal direct to end-users in China
at higher prices and margins.

Moody's considers that MMC is well positioned to benefit from the
strong outlook for Mongolian coal exports. AME, an industry
consultant, expects China's coking coal imports to increase 4.7%
in 2012 to 46.1 million tonnes, and grow at 7.1% CAGR between
2013 and 2016.

But, counterbalancing these credit strengths are a number of
major credit challenges.

"MMC's operations are wholly exposed to the evolving regulatory
environment and emerging market risk of Mongolia (B1/stable).
Furthermore, it has a total reliance on China as it takes 100% of
its products," adds Mr. Wong.

"In addition, MMC has a short operating track record and strong
reliance on key contractors to achieve its production targets,"
adds Wong, who is also the Lead Analyst for MMC. For example,
Leighton Asia, a subsidiary of Leighton Holdings (Baa2/Stable),
is its sole mining contractor.

But, such risk is mitigated by Leighton's extensive mining
experience, as well as its strong on-site track record, including
high productivity and a zero fatality rate. Furthermore, the
contract with Leighton is structured to incentivize for
outperformance.

"MMC also has limited operational and product diversity, and
exhibits high revenue concentration to key customers, all of
which exposes both sides to the same volatile commodity cycles,"
adds Wong.

MMC's operations are concentrated in the Gobi Desert. Its main
mine is Ukhaa Khudag (UHG). It achieved coking coal production of
7.1 million tonnes in 2011 and targets 10.7 million tonnes in
2012. Baruun Naran (BN), 30km away from UHG, was acquired in 2011
and commenced production in February 2012 with an expected
initial output of 1 million tonnes.

However, the concentration risk is partly mitigated by low
earthquake and flood risk, while the proximity of the two mines
to each other reduces overlaps in infrastructure and costs.

As indicated, MMC exports 100% of its production to industrial
end-users in China; a total of seven key coking plants and iron &
steel manufacturers, and which are all exposed to the weakening
steel demand growth in China. However, the credit risks are
partially reduced by their strong incentive to honor their off-
take contracts and payments due to the shortage of quality hard
coking coal in China and MMC's competitive prices relative to
seaborne products.

MMC also has a large capex plans total US$940 million for 2012-
2013. Its plans to construct a US$700 million railway from its
mine to the Chinese border, expand its coal washing capacity,
procure new equipment, and construct a 30km paved road linking
the BN mine with UHG. The railway project, however, is subject to
government approval and obtaining the necessary project financing
from the ADB.

Moody's considers that MMC's liquidity profile is weak due to its
large capex plans and current maturities of US$425 million as at
December 31, 2011.

With its debt maturities, it has recently closed a syndicated
loan of up to US$300 million to refinance a maturing loan from
Standard Bank.

No notching is applied to MMC's senior unsecured note rating as
Moody's expects the company to keep secured debt to its total
assets below 15% in 2013 and 2014. However, if the ratio
increases above 15% on a sustained basis, then the senior
unsecured note rating will be notched down to reflect the risk of
legal subordination.

The stable outlook reflects Moody's expectation that MMC will
successfully implement its business plan, and maintain its
competitiveness in the near to medium term.

Near-term upward rating pressure is limited, given MMC's short
operating track record and substantial debt-funded capex program.
Positive rating momentum could emerge in the medium term if it
achieves its production targets, executes the rail project within
time and budget, broadens its customer base, secures the approval
of the investment agreement, and demonstrates its ability to
weather potential cyclicality in the market.

Evidence of such upgrade pressure would be a trend of positive
free cash flow and adjusted debt/EBITDA consistently below 3x.

Downward rating pressure would emerge if a) industry fundamentals
deteriorate, or b) there are any changes in laws and regulations
that adversely affect MMC's business, resulting in a decline in
operating cash flow that could constrain its ability to service
its debt. Indicators that Moody's would consider as a trigger for
a downgrade include adjusted debt/EBITDA rising above 4x or
adjusted EBIT/ interest expenses falling below 2.5x.

The principal methodology used in rating MMC was Moody's Global
Mining Industry, published in May 2009.

MMC is the largest private-owned coal mining company in Mongolia.
Established in 2005, it was listed on the Hong Kong Stock
Exchange in October 2010. It has two producing mines located in
the Gobi Desert. The Ukhaa Khudag mine, which produced 7.1MT of
coking coal in 2011; while the Baruun Naran mine, acquired in
2011, commenced production in February 2012.


* MONGOLIA: Moody's Issues Summary Credit Opinion
-------------------------------------------------
Moody's Investors Service issued a summary credit opinion on
Mongolia, Government of and includes certain regulatory
disclosures regarding its ratings. The release does not
constitute any change in Moody's ratings or rating rationale for
Mongolia, Government of.

Moody's current ratings on Mongolia, Government of are:

Long Term Issuer (domestic and foreign currency) ratings of B1

Short Term Issuer (domestic and foreign currency) ratings of NP

Ratings Rationale

Mongolia's B1 government bond rating is consistent with Moody's
methodology scores of low economic and institutional strengths,
moderate government financial strength and high event risk. Long-
term economic prospects are bright, but the near-term fiscal
outlook is clouded by spending pressures.

Mongolia's rating has been constrained by susceptibility to
destabilizing boom-bust cycles stemming from (1) an
undiversified, dual mining/agricultural economy subject to
mineral price vulnerability on one front and occasional extremely
severe winters on the other, and (2) pro-cyclical monetary and
fiscal policies.

Mongolia pulled through the 2008-2009 boom-bust cycle with the
assistance of an 18-month IMF Stand-by-Arrangement, successfully
completed in the fall of 2010. Under the program, inflation was
reined in and international reserves were rebuilt. The health of
government finances over the long term will in large part depend
on the implementation of the country's fiscal stability law, key
measures of which come into play in 2013-2014.

Predictability with foreign investment agreements would ensure
benefits to Mongolia from the country's substantial mineral
endowments. After many years of delay, Mongolia's parliament
approved the government's agreement with Ivanhoe Mines and Rio
Tinto in October 2009 to develop the very rich Oyu Tolgoi copper
and gold deposit. The exploitation of this and other large
mineral deposits, such as high-grade coking coal in Tavan Tolgoi,
will be transformational for the Mongolian economy, but the
management of the windfall will pose considerable challenges to
the authorities.

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


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


NEW ZEALAND ASSOCIATION: S&P Gives 'BB+' Finc'l. Strength Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services has assigned its 'BB+' insurer
financial strength rating (FSR) to the New Zealand Association of
Credit Unions (NZACU: BB+/Stable/B), a traditional member-owned
service provider to New Zealand credit unions. The rating outlook
is stable.

"The 'BB+' FSR and stable outlook align with the existing 'BB+'
issuer credit rating on NZACU," Standard & Poor's credit analyst
Michael Vine said. "The FSR represents the association's
financial security characteristics with respect to its ability to
meet its insurance policy obligations."

"In addition to providing banking and operational services and
deposit facilities to member credit unions, NZACU also offers
insurance products to credit unions. These include life
insurance, loan repayment insurance, and funeral plan cover to
credit union members, as well as motor insurance policies through
its subsidiary Credit Union Insurance Ltd. (BB/Stable/--)," S&P
said.

"The stable outlook reflects our view that NZACU will remain an
integrated and important service provider to a material portion
of the New Zealand credit union industry. Rating stability also
factors in an expectation that NZACU's business position and
franchise will not be marginalized by further anticipated
consolidation in the New Zealand credit union sector or from any
material migration of its key customers to other service
providers. These are also factors that if not maintained
represent the most likely areas of downward rating pressure. The
most likely area of upward rating potential relates to NZACU's
capital and earnings assessment," S&P said.


OTAGO RUGBY: Strikes Bail Out Deal With Council, NZRU and BNZ
-------------------------------------------------------------
The National Business Review reports that the Otago Rugby has
been saved by a deal that sees the Dunedin City Council writing
off a NZ$400,000 unpaid bill, major creditor BNZ converting debt
to sponsorship, and a NZ$500,000 NZRFU loan.

NBR relates that a deal was hammered out during a meeting between
the council and ORFU "change manager" Jeremy Curragh on March 14.
The council approved the recovery package by eight votes five,
with two absences, the report notes.

A new arrangement with ORFU's largest creditor, BNZ, was central
to the recovery package.

BNZ spokeswoman Erica Lloyd told NBR that the bank began talks
with the ORFU and NZRFU before Christmas.  It has now reached an
"alternative commercial arrangement" with the NZRFU, freeing the
province of its bank debt load, says NBR.

According to NBR, the other key elements of the deal are:

   -- NZRU will loan ORFU NZ$500,000;

   -- the loan is subject to conditions including the
      resignation of the entire ORFU board, and an NZFU
      observer attending every meeting of the new board;

   -- Dunedin City Council and its events company Dunedin
      Venue Management (DVML), which manages the Forsyth
      Barr Stadium, will write off around NZ$480,000 in
      unpaid bills;

   -- In return, NZFU has pledged to hold a series of high-
      profile games at the council-owned stadium, including
      a North-South match in June, and All Black tests in
      2013 and 2014;

   -- DVML will sign a three-year venue deal with ORFU for
      the ITM Cup;

   -- DVML will take over management of ORFU sponsorship; and

   -- NZRU, ORFU and the players association to work together
      to cut player contracting spend by $290,000.

NBR quotes NZRU chief executive Steve Tew as saying that, "We
will want to have a new board in place that has the right blend
of skills and experience to ensure this union never again finds
itself in the predicament it currently faces. And we will be
insisting on ongoing scrutiny of its business plans and
accounts."

           ORFU Boss Says Terminating Board is a Mistake

Meanwhile, ONE News reports that Otago Rugby Union chairman Wayne
Graham said it is a mistake to terminate its board.

Mr. Graham told TV ONE's Breakfast the expertise of the board
should not be written off.

"The board is probably 18 months in existence so it's a very new
board and some of the issues we've been dealing with have been
inherited over the past 10-20 years," ONE News quotes Mr. Graham
as saying.

"I think we've got some of the best business brains in the town
around the board table now and I think it's a mistake to tell the
board to go away."

As reported in the Troubled Company Reporter-Asia Pacific on
March 7, 2012, Sport24 said that the Otago Rugby Football Union
put off immediate liquidation on March 2 and revealed the
existence of a possible lifeline.  Faced with debts of
NZ$2.35 million, the Otago Union said earlier in the week it
would fold on March 2, but at the last minute announced that the
move had been delayed for a week, according to Sport24.

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


SIGNATURE HOMES: Manawatu Creditors Awaits Update from Liquidator
-----------------------------------------------------------------
Jimmy Ellingham at Manawatu Standard reports that Manawatu's
failed Signature Homes franchise is again getting the hurry-up to
communicate with creditors.

Manawatu Standard relates that Karacrombie Enterprises, of which
Stephen Crombie was sole director and the main shareholder,
placed itself into liquidation in November 2010.

This came just days before an application to wind the company up,
filed by Darryl Pritchard, owner of Pritchard's Kitchens and
Designs and Pritchard's Joiners, was to be heard in court, the
report says.

The report discloses that Ohakune-based Lance Gilbertson, from
Insolvency Services, was appointed liquidator and after his first
report into the company's affairs was issued on Nov. 22, 2010, he
fell silent.

According to the report, Mr. Gilbertson said his "six-monthly"
report was not filed with the Companies Office until August 2
last year. It was due on June 9, the Standard notes.

Mr. Gilbertson told the Manawatu Standard he was waiting for
legal advice on the "potential recovery of funds", but would not
elaborate.

Manawatu Standard relates that Mr. Gilbertson was supposed to
have filed a further update last month, but the Companies Office
is yet to receive anything from him.

"There are outstanding filing obligations in relation to this
company's insolvency," a note on the office's website said.

Creditors spoken to by the Manawatu Standard had not heard from
Mr. Gilbertson since he issued his last report and were unhappy
at again being left in the dark.

Companies Office spokesman Alastair Stewart said while the office
had no powers of enforcement, Mr Gilbertson would be reminded of
his obligations to keep creditors up to date. "We will be
following up with the liquidator to determine where the report
is," he said.

The last liquidator's report identified 97 creditors were owed a
total NZ$1,383,366.


===============
T H A I L A N D
===============


AYUDHYA PUBLIC: Fitch Affirms Support Rating Floor at 'BB+'
-----------------------------------------------------------
Fitch Ratings has assigned Bank of Ayudhya Public Company
Limited's (BAY; 'AA-(tha)'/Stable) unsubordinated unsecured
debenture programme of up to THB20bn, with a maturity not
exceeding 270 days, a National Short-term rating of 'F1+(tha)'.
At the same time, the agency has affirmed the bank's ratings.

Proceeds raised from the programme will be used for the bank's
general corporate purposes and liquidity management.

BAY's unsubordinated unsecured debenture programme is rated at
the same level as the bank's National Short-Term rating of
'F1+(tha)', which is consistent with its National Long-Term
rating.  The bank's ratings are based on the bank's standalone
financial position, robust performance, strong capital position
and continued improvement of asset quality.  The ratings also
consider BAY's greater use of wholesale funding, relative to
similarly rated peers, to better match its asset profile.

BAY was established in 1945 and is Thailand's fifth-largest
commercial bank. It had a market share in loans and deposits of
about 8% each as of end-2011.  Its key subsidiaries are involved
in auto finance, credit cards, consumer finance, securities and
fund management.  Given BAY's share of deposits and loans, there
is a moderate probability of government support, should this be
needed.

Bank of Ayudhya Public Company Limited's ratings

  -- Long-Term Foreign Currency IDR affirmed at 'BBB'; Outlook
     Stable
  -- Short-Term Foreign Currency IDR affirmed at 'F3'
  -- Viability Rating affirmed at 'bbb'
  -- Support Rating affirmed at '3'
  -- Support Rating Floor affirmed at 'BB+'
  -- National Long-Term Rating affirmed at 'AA-(tha)'; Outlook
     Stable
  -- National Short-Term Rating affirmed at 'F1+(tha)'
  -- National Long-term unsubordinated unsecured debt affirmed at
     'AA-(tha)'
  -- National Long-term subordinated debt affirmed at 'A+(tha)'
  -- National Short-term unsubordinated unsecured debenture
     programme assigned at 'F1+(tha)'


=============
V I E T N A M
=============


HOANG ANH: Fitch Affirms Issuer Default Rating at 'B'
-----------------------------------------------------
Fitch Ratings has revised Vietnam-based property developer Hoang
Anh Gia Lai JSC's Outlook to Negative from Stable.  Its Long-Term
Foreign and Local Currency Issuer Default Ratings (IDRs) have
been affirmed at 'B'.  The agency has also downgraded HAGL's
senior unsecured rating and its USD90 million notes to 'B-' from
'B', and revised the Recovery Rating on the notes to 'RR5' from
'RR4'.

The Outlook revision reflects the higher credit risk faced by
HAGL due to a sharp drop in property sales in Ho Chi Minh City.
As a result, HAGL was saddled with completed, but unsold,
inventory of VND3.5trn at end-2011.  In addition, the company's
net debt increased to VND8.7trn at end-2011 from VND2.3trn a year
earlier, following accelerated non-property related capex.  This
far exceeded Fitch's previous expectations and has worsened
recovery prospects on HAGL's senior unsecured debt.

HAGL is addressing these problems although at present, it is
unclear whether these efforts will be sufficient to avert further
deterioration in HAGL's financial profile, particularly in light
of a VND1.1trn currently out-of-the-money convertible bond
maturity in August 2013.

HAGL has no plans to launch new property projects in the near
term and instead, is focusing on liquidating its existing
inventory.  More promisingly, some of its non-property related
businesses have commenced operations and will likely improve cash
flow from operations in 2012.  The company has begun selling iron
ore in 2011.  Furthermore, three of its planned 17 hydro power
projects have begun generating power and more are likely to come
onstream in 2012.  It is also likely to significantly reduce
capex materially in 2012, though management is committed to
expanding the hydro power and rubber plantation business.

Further negative action may be taken if the company is not on
track to meaningfully reduce property inventory or if, in any
quarter this year, funds from operations interest coverage falls
below 2.0x.

The rating Outlook may be revised to Stable only when the
company's property inventory has been substantially liquidated
and the iron ore and hydro power businesses begin contributing
meaningfully to the company.  These events will alleviate current
liquidity risks.


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


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

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

AUSTRALIA

AAT CORP LTD               AAT           32.50         -13.46
AAT CORP LTD               AAT           32.50         -13.46
APN EUROPEAN PRO           AEZ          563.10         -79.26
AUSTAR UNITED              AUN          686.84        -145.61
AUSTRALIAN ZI-PP           AZCCA         77.74          -2.57
AUSTRALIAN ZIRC            AZC           77.74          -2.57
BIRON APPAREL LT           BIC           19.71          -2.22
CENTRO PROPERTIE           CNP        15,483.4        -349.73
CLARITY OSS LTD            CYO           31.64          -5.75
MACQUARIE ATLAS            MQA        1,671.52        -842.29
MISSION NEWENER            MBT           22.05         -27.72
NATIONAL LEISURE           NLG          154.59         -34.49
NATURAL FUEL LTD           NFL           19.38        -121.51
ORION GOLD NL              ORN           11.35          -4.05
REDBANK ENERGY L           AEJ          377.31         -22.16
RENISON CONSOLID           RSN           10.20         -22.16
RENISON CONSO-PP           RSNCL         10.20         -22.16
RIVERCITY MOTORW           RCY          386.88        -809.14
STERLING BIOFUEL           SBI           20.58          -1.88
SVC GROUP LTD              SVC           13.47          -1.66


CHINA

BAOCHENG INVESTM           600892        54.75          -3.55
CHENGDE DALU -B            200160        33.15          -5.30
CHENGDU UNION-A            693           32.68         -15.13
CHINA FASHION              CFH           10.11          -0.76
CHINA KEJIAN-A             35           103.72        -192.59
CONTEL CORP LTD            CTEL          59.32         -45.72
DONGXIN ELECTR-A           600691        14.82         -23.94
GUANGDONG ORIE-A           600988        15.71          -3.91
GUANGDONG SUNR-A           30           111.22           0.00
GUANGDONG SUNR-B           200030       111.22           0.00
GUANGXIA YINCH-A           557           19.49         -44.84
GUANGZHOU IRON-A           600894       567.50         -32.00
HEBEI BAOSHUO -A           600155       141.30        -414.58
HEBEI JINNIU C-A           600722       240.40         -64.41
HUASU HOLDINGS-A           509           94.81         -12.27
HUNAN ANPLAS CO            156           45.35         -32.70
JILIN PHARMACE-A           545           34.73          -7.31
JINCHENG PAPER-A           820          198.46        -130.71
QINGDAO YELLOW             600579       218.06         -21.01
SHANXI LEAD IN-A           673           19.29          -1.82
SHENZ CHINA BI-A           17            20.97        -266.50
SHENZ CHINA BI-B           200017        20.97        -266.50
SHENZ INTL ENT-A           56           256.62         -28.92
SHENZ INTL ENT-B           200056       256.62         -28.92
SHENZHEN DAWNC-A           863           26.83        -165.43
SHENZHEN KONDA-A           48           122.96          -7.23
SHIJIAZHUANG D-A           958          217.74         -95.97
SICHUAN DIRECT-A           757           96.63        -170.70
SICHUAN GOLDEN             600678       147.66         -82.88
TAIYUAN TIANLO-A           600234        67.43         -22.23
TIANJIN MARINE             600751       114.38         -61.31
TIANJIN MARINE-B           900938       114.38         -61.31
TIBET SUMMIT I-A           600338        85.56          -3.87
TOPSUN SCIENCE-A           600771       137.37         -85.06
WUHAN BOILER-B             200770       317.76        -162.36
WUHAN GUOYAO-A             600421        11.22         -28.07
WUHAN LINUO SOLA           600885       106.01          -9.03
XIAMEN OVERSEA-A           600870       256.81        -136.78
XIAN HONGSHENG-A           600817        15.98        -296.67
YANBIAN SHIXIA-A           600462       204.56         -22.61
YANTAI YUANCHE-A           600766        63.90          -6.36
YIBIN PAPER IN-A           600793       144.18          -2.37
YUEYANG HENGLI-A           622           37.67         -21.61


HONG KONG

BEP INTL HLDGS L           2326          11.98          -1.14
BUILDMORE INTL             108           16.57         -57.57
CHINA HEALTHCARE           673           46.24          -3.08
CHINA NEW ENERGY           1041         110.74         -80.18
CHINA OCEAN SHIP           651          485.84          -2.95
CHINA PACKAGING            572           19.73         -16.87
CMMB VISION HOLD           471           30.68         -17.93
CNI 23 INT'L               611           68.05         -67.58
FIRST NTUL FOODS           1076          14.94         -56.59
FU JI FOOD & CAT           1175          73.43        -389.20
ICUBE TECHNOLOGY           139           25.54          -2.12
MELCOLOT LTD               8198          51.52         -55.33
MITSUMARU EAST K           2358          24.87         -16.51
PALADIN LTD                495          175.99         -12.97
PROVIEW INTL HLD           334          314.87        -294.85
SINO RESOURCES G           223           15.64         -34.61
SMART UNION GP             2700          41.81         -38.85
SUNLINK INTL HLD           2336          17.79         -36.13
SURFACE MOUNT              SMT           86.34          -8.13
U-RIGHT INTL HLD           627           10.86        -204.99


INDONESIA

ARPENI PRATAMA             APOL         568.63        -226.21
ASIA PACIFIC               POLY         443.39        -871.25
ERATEX DJAJA               ERTX          11.89         -22.43
HANSON INTERNATI           MYRX          34.47          -7.55
HANSON INT-PREF            MYRXP         34.47          -7.55
JAKARTA KYOEI ST           JKSW          31.61         -44.38
MITRA INTERNATIO           MIRA       1,076.79        -446.64
MITRA RAJASA-RTS           MIRA-R2    1,076.79        -446.64
MULIA INDUSTRIND           MLIA         509.06         -48.37
PANASIA FILAMENT           PAFI          30.57         -20.41
PANCA WIRATAMA             PWSI          31.13         -38.63
PRIMARINDO ASIA            BIMA          10.01         -21.54
TOKO GUNUNG AGUN           TKGA          12.89          -0.66
UNITEX TBK                 UNTX          18.41         -18.45


INDIA

ALPS INDUS LTD             ALPI         288.11          -7.01
AMIT SPINNING              AMSP          20.43          -1.96
ARTSON ENGR                ART           23.87          -0.60
ASHAPURA MINECHE           ASMN         191.87         -68.03
ASHIMA LTD                 ASHM          63.23         -48.94
ATV PROJECTS               ATV           60.17         -54.25
BELLARY STEELS             BSAL         451.68        -108.50
BLUE BIRD INDIA            BIRD         122.02         -59.13
CAMBRIDGE SOLUTI           CAMB         149.58         -56.66
CELEBRITY FASHIO           CFLI          36.61          -6.76
CFL CAPITAL FIN            CEATF         12.36         -49.56
COMPUTERSKILL              CPS           14.90          -7.56
CORE HEALTHCARE            CPAR         185.36        -241.91
DCM FINANCIAL SE           DCMFS         18.46          -9.46
DFL INFRASTRUCTU           DLFI          42.74          -6.49
DIGJAM LTD                 DGJM          99.41         -22.59
DUNCANS INDUS              DAI          122.76        -227.05
FIBERWEB INDIA             FWB           12.15         -15.81
GANESH BENZOPLST           GBP           49.24         -21.14
GEM SPINNERS LTD           GEMS          14.58          -1.16
GSL INDIA LTD              GSL           29.86         -42.42
HARYANA STEEL              HYSA          10.83          -5.91
HENKEL INDIA LTD           HNKL          69.07         -31.72
HIMACHAL FUTURIS           HMFC         406.63        -210.98
HINDUSTAN PHOTO            HPHT          74.44      -1,519.11
HINDUSTAN SYNTEX           HSYN          15.20          -3.81
HMT LTD                    HMT          133.66        -500.46
ICDS                       ICDS          13.30          -6.17
INDAGE RESTAURAN           IRL           15.11          -2.35
INTEGRAT FINANCE           IFC           49.83         -51.32
JAGSON AIRLINES            JGA           11.31          -0.41
JCT ELECTRONICS            JCTE         104.55         -68.49
JD ORGOCHEM LTD            JDO           10.46          -1.60
JENSON & NIC LTD           JN            18.05         -86.40
JIK INDUS LTD              KFS           20.63          -5.62
KALYANPUR CEMENT           KCEM          33.31         -30.53
KDL BIOTECH LTD            KOPD          14.66          -9.41
KERALA AYURVEDA            KRAP          13.97          -1.69
KIDUJA INDIA               KDJ           14.85          -1.71
KINGFISHER AIR             KAIR       1,935.94        -661.89
KINGFISHER A-SLB           KAIR/S     1,935.94        -661.89
KITPLY INDS LTD            KIT           37.68         -45.35
LLOYDS FINANCE             LYDF          21.65         -11.39
LLOYDS STEEL IND           LYDS         510.00         -48.98
LML LTD                    LML           65.26         -56.77
MADRAS FERTILIZE           MDF          143.14         -99.28
MAHA RASHTRA APE           MHAC          22.23         -15.85
MARKSANS PHARMA            MRKS         110.32         -14.04
MILTON PLASTICS            MILT          17.67         -51.22
MODERN DAIRIES             MRD           38.41          -0.45
MTZ POLYFILMS LT           TBE           31.94          -2.57
MYSORE PAPER               MSPM          97.02         -15.69
NATH PULP & PAP            NPPM          14.50          -0.63
NICCO CORP LTD             NICC          78.28          -4.14
NICCO UCO ALLIAN           NICU          32.23         -71.91
NK INDUS LTD               NKI          141.35          -7.71
NUCHEM LTD                 NUC           24.72          -1.60
PANCHMAHAL STEEL           PMS           51.02          -0.33
PARASRAMPUR SYN            PPS           99.06        -307.14
PAREKH PLATINUM            PKPL          61.08         -88.85
PIRAMAL LIFE SC            PLSL          51.20         -64.85
PREMIER SYNTHET            PRS           12.55          -8.26
QUADRANT TELEVEN           QDTV         188.57        -116.81
QUINTEGRA SOLUTI           QSL           24.66         -11.51
RAJ AGRO MILLS             RAM           10.21          -0.61
RATHI ISPAT LTD            RTIS          44.56          -3.93
REMI METALS GUJA           RMM          101.32         -17.12
RENOWNED AUTO PR           RAP           14.12          -1.25
ROLLATAINERS LTD           RLT           22.97         -22.24
ROYAL CUSHION              RCVP          18.88         -81.42
SADHANA NITRO              SNC           18.21          -0.73
SAURASHTRA CEMEN           SRC          106.01          -2.81
SCOOTERS INDIA             SCTR          19.43         -10.78
SEN PET INDIA LT           SPEN          11.58         -26.67
SHAH ALLOYS LTD            SA           213.69         -39.95
SHALIMAR WIRES             SWRI          25.78         -38.78
SHAMKEN COTSYN             SHC           23.13          -6.17
SHAMKEN MULTIFAB           SHM           60.55         -13.26
SHAMKEN SPINNERS           SSP           42.18         -16.76
SHREE GANESH FOR           SGFO          35.96          -1.80
SHREE KRISHNA              SHKP          19.89          -0.71
SHREE RAMA MULTI           SRMT          62.15         -42.08
SIDDHARTHA TUBES           SDT           75.90         -11.45
SOUTHERN PETROCH           SPET         407.16        -200.86
SQL STAR INTL              SQL           10.58          -3.28
STELCO STRIPS              STLS          14.90          -5.27
STERLING HOL RES           SLHR          66.77          -2.85
STI INDIA LTD              STIB          35.39          -0.54
STORE ONE RETAIL           SORI          15.48         -59.09
TATA TELESERVICE           TTLS       1,311.30        -138.25
TATA TELE-SLB              TTLS/S     1,311.30        -138.25
TODAYS WRITING             TWPL          44.08          -5.32
TRIUMPH INTL               OXIF          58.46         -14.18
TRIVENI GLASS              TRSG          24.23         -12.34
TUTICORIN ALKALI           TACF          19.13         -16.31
UNIFLEX CABLES             UFC           47.46          -7.49
UNIFLEX CABLES             UFCZ          47.46          -7.49
UNIMERS INDIA LT           HDU           18.05          -5.87
UNITED BREWERIES           UB         3,067.32        -137.09
UNIWORTH LTD               WW           169.51        -155.79
USHA INDIA LTD             USHA          12.06         -54.51
VANASTHALI TEXT            VTI           25.92          -0.15
VENTURA TEXTILES           VRTL          14.33          -1.91
VENUS SUGAR LTD            VS            11.06          -1.08


JAPAN

CREST INVESTMENT           2318          65.01          -3.55
CROWD GATE CO              2140          11.63          -4.29
DDS INC                    3782          18.69          -0.08
FUJITSU COMP LTD           6719         398.22          -2.90
HIMAWARI HD                8738         412.87         -13.56
ISHII HYOKI CO             6336         201.38         -12.95
KANMONKAI CO LTD           3372          59.00         -10.08
L CREATE CO LTD            3247          42.34          -9.15
MEIHO ENTERPRISE           8927          76.16         -18.35
MISONOZA THEATRI           9664          71.18          -4.66
NEXT JAPAN HOLDI           2409         177.68          -5.08
NIS GROUP CO LTD           NISZ         444.72        -158.85
NIS GROUP CO LTD           8571         444.72        -158.85
PROMISE CO LTD             8574       11,162.3        -661.54
PROPERST CO LTD            3236         305.90        -330.20
TOYO KNIFE CO              5964          75.99          -3.68
WORLD LOGI CO              9378         119.36          -2.48


KOREA

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


MALAYSIA

HAISAN RESOURCES           HRB           46.16          -3.53
HO HUP CONSTR CO           HO            60.04         -10.65
LUSTER INDUSTRIE           LSTI          18.37          -7.57
MITHRIL BHD                MITH          23.78          -5.65
NGIU KEE CO-BHD            NKC           14.26         -12.73
PUNCAK NIA HLD B           PNH        4,074.02          -5.07
VTI VINTAGE BHD            VTI           16.92          -2.61


PHILIPPINES

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


SINGAPORE

ADV SYSTEMS AUTO           ASA           18.73         -10.70
ADVANCE SCT LTD            ASCT          25.29         -10.05
HL GLOBAL ENTERP           HLGE          91.74         -10.10
LINDETEVES-JACOB           LJ            23.09         -11.61
NEW LAKESIDE               NLH           19.34          -5.25
SCIGEN LTD-CUFS            SIE           68.70         -42.35
SUNMOON FOOD COM           SMOON         19.85         -13.04
TT INTERNATIONAL           TTI          232.83         -79.27


THAILAND

ABICO HLDGS-F              ABICO/F       15.28          -4.40
ABICO HOLDINGS             ABICO         15.28          -4.40
ABICO HOLD-NVDR            ABICO-R       15.28          -4.40
ASCON CONSTR-NVD           ASCON-R       59.78          -3.37
ASCON CONSTRUCT            ASCON         59.78          -3.37
ASCON CONSTRU-FO           ASCON/F       59.78          -3.37
BANGKOK RUBBER             BRC           77.91        -114.37
BANGKOK RUBBER-F           BRC/F         77.91        -114.37
BANGKOK RUB-NVDR           BRC-R         77.91        -114.37
CALIFORNIA W-NVD           CAWOW-R       28.07         -11.94
CALIFORNIA WO-FO           CAWOW/F       28.07         -11.94
CALIFORNIA WOW X           CAWOW         28.07         -11.94
CIRCUIT ELEC PCL           CIRKIT        16.79         -96.30
CIRCUIT ELEC-FRN           CIRKIT/F      16.79         -96.30
CIRCUIT ELE-NVDR           CIRKIT-R      16.79         -96.30
DATAMAT PCL                DTM           12.69          -6.13
DATAMAT PCL-NVDR           DTM-R         12.69          -6.13
DATAMAT PLC-F              DTM/F         12.69          -6.13
ITV PCL                    ITV           36.02        -121.94
ITV PCL-FOREIGN            ITV/F         36.02        -121.94
ITV PCL-NVDR               ITV-R         36.02        -121.94
K-TECH CONSTRUCT           KTECH/F       38.87         -46.47
K-TECH CONSTRUCT           KTECH         38.87         -46.47
K-TECH CONTRU-R            KTECH-R       38.87         -46.47
KUANG PEI SAN              POMPUI        17.70         -12.74
KUANG PEI SAN-F            POMPUI/F      17.70         -12.74
KUANG PEI-NVDR             POMPUI-R      17.70         -12.74
PATKOL PCL                 PATKL         52.89         -30.64
PATKOL PCL-FORGN           PATKL/F       52.89         -30.64
PATKOL PCL-NVDR            PATKL-R       52.89         -30.64
PICNIC CORP-NVDR           PICNI-R      101.18        -175.61
PICNIC CORPORATI           PICNI/F      101.18        -175.61
PICNIC CORPORATI           PICNI        101.18        -175.61
PONGSAAP PCL               PSAAP/F       11.83          -0.91
PONGSAAP PCL               PSAAP         11.83          -0.91
PONGSAAP PCL-NVD           PSAAP-R       11.83          -0.91
SAHAMITR PRESS-F           SMPC/F        27.92          -1.48
SAHAMITR PRESSUR           SMPC          27.92          -1.48
SAHAMITR PR-NVDR           SMPC-R        27.92          -1.48
SUNWOOD INDS PCL           SUN           19.86         -13.03
SUNWOOD INDS-F             SUN/F         19.86         -13.03
SUNWOOD INDS-NVD           SUN-R         19.86         -13.03
THAI-DENMARK PCL           DMARK         15.72         -10.10
THAI-DENMARK-F             DMARK/F       15.72         -10.10
THAI-DENMARK-NVD           DMARK-R       15.72         -10.10
TONGKAH HARBOU-F           THL/F         59.28          -0.06
TONGKAH HARBOUR            THL           59.28          -0.06
TONGKAH HAR-NVDR           THL-R         59.28          -0.06
TRANG SEAFOOD              TRS           15.18          -6.61
TRANG SEAFOOD-F            TRS/F         15.18          -6.61
TRANG SFD-NVDR             TRS-R         15.18          -6.61
TT&T PCL                   TTNT         589.80        -223.22
TT&T PCL-NVDR              TTNT-R       589.80        -223.22
TT&T PUBLIC CO-F           TTNT/F       589.80        -223.22


TAIWAN

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


                             *********

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

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

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


                            *********


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

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

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

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

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





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