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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Tuesday, March 20, 2012, Vol. 15, No. 57

                            Headlines


A U S T R A L I A

FMG RESOURCES: Moody's Rates US$2-Bil. Sr. Unsecured Notes 'B1'
PERLE CONSTRUCTIONS: Creditors to Meet With New Builder
PERPETUAL TRUSTEE: Moody's Assigns 'Ba2' Rating to Class E Notes
* AUSTRALIA: Moody's Says ABS Performance Stable in Q4 2011
* AUSTRALIA: More Than 80 Construction Firms Collapse in Feb.


C H I N A

RENHE COMMERCIAL: S&P Lowers Corporate Credit Rating to 'B+'


H O N G  K O N G

ASPENTECH ASIA: Hok and Boswell Step Down as Liquidators
BYSMIQUE COMPANY: Commences Wind-Up Proceedings
CONVAC TECHNOLOGIES: Lai and Haughey Step Down as Liquidators
CP ADALTIS: Lo Wing Hung Steps Down as Liquidator
EAGLE BOOM: Court to Hear Wind-Up Petition on June 6

ENGLONG INTERNATIONAL: Chung and Kan Appointed as Liquidators
FANCY OCEAN: Court to Hear Wind-Up Petition on April 18
GOLDEN OCEAN: Ng and Chan Step Down as Liquidators
GRAND CHINA: Court to Hear Wind-Up Petition on March 28
HONGKONG SHEN: Members' Final Meeting Set for April 17


I N D I A

AEGIS LTD: S&P Puts 'BB-' Corp. Credit Rating on Watch Negative
BAZARGAON PAPER: ICRA Assigns '[ICRA]B' Rating to INR3.39cr Loan
FOUNDATION ENG'G: ICRA Reaffirms 'BB+' Rating to INR20.36cr Loan
KEYA INTERNATIONAL: ICRA Withdraws '[ICRA]BB-' Rating on Loan
KINGFISHER AIRLINES: SBI Has no Plan to Lend Kingfisher More Loan

KINGFISHER AIRLINES: To Submit Recovery Plan to DGCA This Week
KINGFISHER AIRLINES: Tax Dept. Threatens to Drag Carrier to Court
LINC PENS: ICRA Assigns '[ICRA]BB' Rating to INR6cr Bank Loan
MADHAV GINNING: ICRA Reaffirms 'B+' Rating on INR0.12cr Term Loan
MOHINDRA FASTENERS: ICRA Reaffirms 'BB' Rating to INR23cr Loan

M/S LIVINGSTONES: ICRA Places '[ICRA]B+' Rating on INR42.5cr Loan
NICKUNJ EDM: ICRA Assigns '[ICRA]BB-' Rating to INR3cr Bank Loan
NICKUNJ EXIMP: ICRA Assigns '[ICRA]BB-' Rating to INR20cr Loan
N.K. POLYMERS: ICRA Assigns '[ICRA]BB-' Rating to INR4cr Loan
PARIKH CONSTRUCTIONS: ICRA Rates INR8cr LT Loan at '[ICRA]BB'

REVASHANKAR GEMS: ICRA Assigns '[ICRA]BB+' Rating to INR45cr Loan
RIMA TRANSFORMERS: ICRA Reaffirms 'BB-' Rating to INR4cr Loan
SPG MULTI: ICRA Assigns '[ICRA]BB-' Rating to INR6cr Loan
SAI-LAXMI TEXOFAB: ICRA Puts '[ICRA]B+' Rating on INR6.21cr Loan
SHREE FATS: ICRA Assigns '[ICRA]B+' Rating to INR24cr Bank Loan

SHUBHAM GINNING: ICRA Reaffirms '[ICRA]B+' Rating on INR8cr Loan
STALLION GARMENTS: Delays in Loan Payment Cues ICRA Junk Ratings
SUNCORP LIFESTYLES: ICRA Puts 'BB' Rating on INR58.55cr Loan
SUNDERLAL MOOLCHAND: ICRA Puts '[ICRA]B+' Rating on INR10cr Loan
TWILIGHT LITAKA: ICRA Cuts Rating on INR32.52cr Loan to 'D'


I N D O N E S I A

BERAU COAL: Moody's Assigns 'B1' Rating to US$500-Mil. Sr. Notes


J A P A N

ARIEL TRUST: Moody's Assigns Provisional Ratings to Trust Certs.
BANK OF TOKYO-MITSUBISHI: Moody's Affirms D BFSR; Outlook Stable
TITAN JAPAN: S&P Keeps 'BB' Rating on Class A Bonds on Watch Neg


N E W  Z E A L A N D

BRIDGECORP LTD: Ex-Directors Hide Default Knowledge, Crown Says
HANOVER FINANCE: Hotchin Auckland Mansion Now Cost NZ$43 Million


P H I L I P P I N E S

RIZAL COMMERCIAL: Moody's Issues Summary Credit Opinion
UNITED COCONUT: Moody's Issues Summary Credit Opinion


S I N G A P O R E

EVERVAST CONSTRUCTION: Court to Hear Wind-Up Petition on March 23
FRESH MILK: Court to Hear Wind-Up Petition on March 23
HAKO OFFSHORE: Court to Hear Wind-Up Petition on March 23
HENG ELECTRICAL: Creditors Get 97.0098% Recovery on Claims
JURONG HI-TECH: Creditors Get 100% Recovery on Claims

JURONG TECHNOLOGIES: Creditors Get 100% Recovery on Claims
LERNOUT & HAUSPIE: Creditors' Meetings Set for March 21


T A I W A N

CHANG HWA: Moody's Upgrades BFSR to 'D+'; Outlook Stable
RADIUM LIFE: Fitch Downgrades Nat'l Long-Term Rating to 'BB+'


V I E T N A M

VIETINBANK: Moody's Assigns 'E+' Bank Financial Strength Rating
VIETNAM JOINT: S&P Gives 'B+/B' Counterparty Credit Ratings


X X X X X X X X

* BOND PRICING: For the Week March 12 to March 16, 2012


                            - - - - -


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A U S T R A L I A
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FMG RESOURCES: Moody's Rates US$2-Bil. Sr. Unsecured Notes 'B1'
---------------------------------------------------------------
Moody's Investors Service has assigned a B1 rating to
US$2.0 billion 144A guaranteed senior unsecured notes to be
issued by FMG Resources (August 2006) Pty Ltd (the financing
vehicle for Fortescue Metals Group Ltd). All other ratings of the
group remain unchanged. The outlook on all ratings is positive.

Ratings Rationale

FMG Resources is issuing:

US$1.0 billion of 6.000% of guaranteed senior unsecured notes
due 2017

US$1.0 billion of 6.875% of guaranteed senior unsecured notes
due 2022

The Notes, issued by FMG Resources (August 2006) Pty Ltd ("FMG
Resources"), a wholly owned subsidiary of Fortescue Metals Group
Ltd, rank equally with all other senior unsecured debt of the
issuer. The issuance is guaranteed by Fortescue and its
restricted subsidiaries. Proceeds from the issue will be used to
fund the company's expansion program aiming to increase
production capacity to 155mtpa.

"Fortescue's B1 corporate family rating continues to be supported
by its long life, low-cost reserves, strong financial profile and
the expectation for continued strong cash margins", says Moore.
This is balanced against elevated cash costs, a concentrated
asset base and the execution risk and funding requirements
associated with the company's aggressive expansion plans.

"The positive outlook reflects Fortescue's progress on ramping up
their production capacity to 55 million tonnes per annum ('mtpa')
and the continued progress around execution and funding for the
155mtpa expansion, says Matthew Moore a Moody's Assistant Vice
President -- Analyst.

The positive outlook also incorporates the strengthened free cash
generation, benefiting from the solid iron ore price environment,
as well as Moody's expectation for continued improvement in
financial metrics, notwithstanding the capital intensive nature
of the expansion program.

The ratings could be upgraded if Fortescue's expansion plans
continue to make progress towards increasing production capacity
on schedule and without any material disappointments and in a
manner that preserves their solid financial profile.

The outlook could be changed to stable if the company experiences
material delays or cost overruns with its expansion plans or a
material weakening of the currently strong financial profile
resulting from larger than expected funding needs or weaker than
expected production and/or iron ore industry fundamentals.

The principal methodology used in rating FMG Resources (August
2006) Pty Ltd was the Global Mining Industry Methodology
published in May 2009.

Fortescue Metals Group, based in Perth, is an iron ore producer
engaged in the exploration and mining of iron ore for export,
mainly to China.


PERLE CONSTRUCTIONS: Creditors to Meet With New Builder
-------------------------------------------------------
Luisa Rubbo at ABC Mid North Coast NSW reports that Coffs Harbour
tradespeople affected by the collapse of Perle Constructions will
have a better idea of how much money they will recover after a
meeting with the newly appointed builder.

Perle's collapse left unfinished housing projects in Coffs
Harbour and dozens of subcontractors owed a total of
AUD1.6 million, the report notes.

ABC relates that government appointed builder St Hilliers will
complete the projects and is meeting with affected subcontractors
over the coming week.

According to the report, Coffs Harbour plumber Ernie Burnett, who
is owed NZ$300,000, said he doesn't expect to recover much of
that, and he said, it's the government's fault.

Mr. Burnett said even if affected locals do get back on the
sites, they can expect to see only a fraction of what they are
owed, ABC relays.

The report adds that Coffs Harbour MP Andrew Fraser said it's an
opportunity for local tradies to get some of their money back.

"It's partial good news . . . it means that the project can be
finished and the builders that actually did lose money in the
first place will get some of their money by completing the job."
ABC quotes Mr. Fraser as saying.

"Coffs Harbour contractors have lost $1.6 million on the original
contract and whilst there may be some funds come back from the
second contract that has been issued they will still lose
probably sixty cents in the dollar."

Perle Pty Ltd is a Sydney-based construction company.  The
company went into receivership in January 2011.


PERPETUAL TRUSTEE: Moody's Assigns 'Ba2' Rating to Class E Notes
----------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to
notes issued by Perpetual Trustee Company Limited in its capacity
as trustee of the SMART Series 2012-1US Trust.

Issuer: SMART Series 2012-1US Trust

   USD100.00 million Class A-1 Notes, Assigned P-1 (sf);

   USD145.0 million Class A-2 Notes, Assigned Aaa (sf);

   USD165.00 million Class A-3 Notes, Assigned Aaa (sf);

   USD90.00 million Class A-4 Notes, Assigned Aaa (sf);

   AUD10.630 million Class B Notes, Assigned Aa2 (sf);

   AUD14.617 million Class C Notes, Assigned A2 (sf);

   AUD13.287 million Class D Notes, Assigned Baa2 (sf);

   AUD11.959 million Class E Notes, Assigned Ba2 (sf).

The AUD7.973 million Seller Notes are not rated by Moody's.

The Class A-1 Notes, Class A-2, Class A-3 and Class A-4 Notes are
fixed rate notes.

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

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

Ratings Rationale

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

The pool includes a relatively high percentage of novated leases
(66%). Moody's considers novated leases to have a lower level of
risk than other contract types and this is a positive feature of
the transaction. At the same time, the deal is exclusively backed
by motor vehicles, predominantly cars. Past non-US SMART
transactions and other Australian ABS transactions typically
include 10-15% of other equipment types. In Moody's opinion,
motor vehicles exhibit less pro-cyclical default patterns and, on
average, higher recovery rates. As a result, Moody's views the
SMART 2012-1US Trust pool as more conservatively structured than
peer portfolios.

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

The deal includes four senior, USD-denominated tranches. The
Class A-1 Notes are fast-pay money-market notes, rated P-1. The
Class A Notes will be repaid sequentially within the Class A Note
allocation. The ratings are based on the credit enhancement
provided by the subordinated notes and the liquidity reserve, in
total equal to 12% for the Class A Notes.

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

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

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

VOLATILITY ASSUMPTION SCORES AND PARAMETER SENSITIVITIES

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

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

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

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

Rating Methodology

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


* AUSTRALIA: Moody's Says ABS Performance Stable in Q4 2011
-----------------------------------------------------------
Moody's Investors Service says that the performance of the
Australian ABS market saw slight increases in delinquencies
across most programs.

The continuing stable outlook is supported by the accumulation of
credit enhancement and the strong credit quality of receivables
originated within Australian ABS.

Moody's expects the default rates for underlying collateral to be
steady, underpinned by Australia's robust economic growth.

Losses will be stable for all vintages throughout 2012, while the
growth rate of losses for the 2010 vintage will slow by the
second quarter.

In Q4, cumulative defaults increased in the range of 2% to 8%, Q-
o-Q, for 2007, 2008, and 2009 vintages.

Cumulative net losses increased in the range of 4% to 11%, Q-o-Q,
for 2007, 2008, and 2009 vintages.

There was a 48% increase in 2010 vintage defaults, and a 50%
increase in net losses, Q-o-Q.

There have been no upgrades or downgrades of Australian ABS notes
since October 2011, and the rating performance of ABS
transactions remains within Moody's expectations.

It was a record year for issuance activity in the Australian ABS
sector in 2011, with a total of 12 deals and a volume of AUD5.76
billion.

Finally, the Personal Property Securities Act came into effect in
February 2012, and while legal opinions around the implications
for securitization structures are vague at this point, Moody's
anticipates more clarity as the year progresses.

The report is entitled, Australian ABS Performance Review: Q4
2011. It can be found at www.moodys.com


* AUSTRALIA: More Than 80 Construction Firms Collapse in Feb.
-------------------------------------------------------------
SmartCompany reports that the building and construction
industries have had a poor start to the year, with more than 80
firms entering administration, liquidation or being hit by a
winding up notice over the past month on the east coast alone.

A SmartCompany review of insolvency appointments shows that
companies in earthmoving, project development, kitchens, fencing,
civil engineering, plumbing, electricians and plasters have
recently collapsed.

SmartCompany discloses that collapses this month include Royal &
Taricon Construction, Amorin Constructions, BQL Constructions,
Bina Constructions, Simtom Constructions, Australian Property and
Construction Pty Ltd.

According to the report, registered company liquidator Cliff
Sanderson, of Dissolve in Sydney, said construction company
collapses are "always prominent", but have become increasingly so
over the past six months.

This is due to the courts opening up for 2012, the weakness in
construction starts, companies getting around to unpaid tax
bills, and the trickle-on effect from larger company collapses,
says SmartCompany.

"There have been a few larger building companies go broke in the
last six to 12 months, like Kell & Rigby, and there's always
flow-on from that, but most of them are actually suburban tradies
[who have collapsed]," SmartCompany quotes Mr. Sanderson as
saying.  "For us, February was bigger than January, and in March
there's been a noticeable uptick on last year."


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C H I N A
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RENHE COMMERCIAL: S&P Lowers Corporate Credit Rating to 'B+'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on China-based underground shopping mall
developer and operator Renhe Commercial Holdings Co. Ltd. to 'B+'
from 'BB-'. The outlook is negative. "At the same time, we
lowered our issue rating on the company's senior unsecured notes
to 'B+' from 'BB-'. We also lowered our Greater China credit
scale rating on Renhe and its senior unsecured notes to 'cnBB-'
from 'cnBB+'. We removed all the ratings from CreditWatch, where
they were placed with negative implications on Dec. 14, 2011,"
S&P said.

"We lowered the ratings to reflect our expectation that Renhe's
liquidity is likely to weaken in the next year due to the
company's slowing property sales, materially longer collection
period for sales proceeds, and high receivable counterparty
risk," said Standard & Poor's credit analyst Frank Lu.

"We anticipate that Renhe's liquidity sources will likely cover
liquidity uses by about 1.0x over the next 12 months. Coverage
was more than 1.2x a year earlier. Renhe's cash balance is also
likely to stay less than Chinese renminbi (RMB) 4 billion, our
downgrade threshold for the company at the 'BB-' rating level. We
have set this trigger because Renhe has very limited access to
bank credit in China," S&P said.

"Renhe's property sales are likely to remain weak in 2012 due to
subdued demand for property investment in China," said Mr. Lu.
"We expect cash collection from individual buyers to be
significantly slower than before because the bank lending
environment is likely to remain tight in the next six to 12
months."

"The majority of Renhe's buyers need loans to pay 70% of the
contracted prices. In our base-case scenario, we expect the
company's contract sales to be about RMB7 billion in 2012, flat
compared with 2011. We estimate that the company will receive
only about 15% of such sales in 2012, similar to the level in
2011," S&P said.

"Renhe's block-sale of offshore project holding companies to
individual investors on deferred payment terms last year
increased its working capital requirements and the concentration
of counterparty risks. Renhe has not disclosed information about
its buyers, so their credit quality is unclear to us. We expect
counterparty risks to remain high because the company may
continue to pursue project company sales. Renhe has indicated
that it may sell project holding companies in a more transparent
manner and with shorter payment terms. But it has not yet
established any meaningful record. We expect that the majority of
Renhe's overdue block-sales receivable of RMB2.0 billion as of
Nov. 30, 2011, remain outstanding," S&P said.

"In our view, Renhe's weakening liquidity highlights the risk
associated with the company's business model. We believe the
model is vulnerable to a correction in the property market and
credit tightening in China. Regulations governing projects that
Renhe developed from underground civil air defense facilities are
ambiguous in many areas. Any changes in these regulations could
raise questions about the sustainability of the company's
business model. Renhe has very limited access to banking
facilities because it does not hold titles to the properties it
has developed. Renhe has made little progress in securing bank
loans from financial institutions in the past two years. In
addition, regulations on project tendering processes are not
transparent, lowering the visibility of Renhe's future project
reserves," S&P said.

"The negative outlook reflects our expectation that Renhe's cash
flow may deteriorate due to weakening sales and slow cash
collection," said Mr. Lu.

"We expect the deepening correction in the China property market
and the tight bank lending conditions to continue to materially
affect Renhe."

"We could lower the rating if Renhe's liquidity deteriorates due
to a further delay in the collection of outstanding receivables,
weaker-than-expected property sales, or higher-than-expected
construction spending. The rating could also come under pressure
if the company's unrestricted cash balance falls below RMB2.0
billion on a sustainable basis. We may also downgrade Renhe if
the company deviates from its core business or if changes in
regulations significantly undermine its business model," S&P
said.

"We may revise the outlook to stable if Renhe's liquidity
improves due to improvements in sales and collection of sales
receivables, and receipt of overdue receivables without further
material delay. Property sales of more than RMB9.0 billion in
2012 or a reduction in construction spending or other outflows
that is more than we expect could cause an improvement in
liquidity. This is assuming our other base case assumptions
remain unchanged," S&P said.


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


ASPENTECH ASIA: Hok and Boswell Step Down as Liquidators
--------------------------------------------------------
Rainier Hok Chung Lam and Anthony David Kenneth Boswell stepped
down as liquidators of Aspentech Asia Limited on Feb. 21, 2012.


BYSMIQUE COMPANY: Commences Wind-Up Proceedings
-----------------------------------------------
Members of Bysmique Company Limited, on March 5, 2012, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Yang Sih Yu Samuel
         Room 2, 1st Floor, Black A
         Sea View Estate
         2-8 Watson Road
         North Point, Hong Kong


CONVAC TECHNOLOGIES: Lai and Haughey Step Down as Liquidators
-------------------------------------------------------------
Lai Kar Yan (Derek) and Darach E. Haughey stepped down as
liquidators of Convac Technologies Limited on Oct. 13, 2011.


CP ADALTIS: Lo Wing Hung Steps Down as Liquidator
-------------------------------------------------
Lo Wing Hung stepped down as liquidator of CP Adaltis Hong Kong
Company Limited on March 7, 2012.


EAGLE BOOM: Court to Hear Wind-Up Petition on June 6
----------------------------------------------------
A petition to wind up the operations of Eagle Boom Company
Limited will be heard before the High Court of Hong Kong on
June 6, 2012, at 9:30 a.m.

Manyway Holdings Limited filed the petition against the company
on March 6, 2012.

The Petitioner's solicitors are:

          K. H. Lam & Co
          Room 1701, 17th Floor
          Hang Seng Mongkok Building
          677 Nathan Road
          Kowloon, Hong Kong


ENGLONG INTERNATIONAL: Chung and Kan Appointed as Liquidators
-------------------------------------------------------------
Alan Chung Wah Tang and Kan Lap Kee on March 8, 2012, were
appointed as liquidators of Englong International Limited.

The liquidators may be reached at:

          Alan Chung Wah Tang
          Kan Lap Kee
          43/F, The Lee Gardens
          33 Hysan Avenue
          Causeway Bay, Hong Kong


FANCY OCEAN: Court to Hear Wind-Up Petition on April 18
-------------------------------------------------------
A petition to wind up the operations of Fancy Ocean Limited will
be heard before the High Court of Hong Kong on April 18, 2012, at
9:30 a.m.

Willem Diederik Mak Van Waay filed the petition against the
company on Feb. 13, 2012.

The Petitioner's solicitors are:

          Oldham, Li & Nie, Solicitors
          Suite 503, St. George's Building
          2 Ice House Street
          Central, Hong Kong


GOLDEN OCEAN: Ng and Chan Step Down as Liquidators
--------------------------------------------------
Ng Kwok Tung and Chan Wai Kee stepped down as liquidators of
Golden Ocean International Limited on March 8, 2012.


GRAND CHINA: Court to Hear Wind-Up Petition on March 28
-------------------------------------------------------
A petition to wind up the operations of Grand China Shipping
(Hong Kong) Company Limited will be heard before the High Court
of Hong Kong on March 28, 2012, at 9:30 a.m.

Sinfeng Marine Services Pte Ltd filed the petition against the
company on Jan. 10, 2012.

The Petitioner's solicitors are:

          Tsui & Co
          Units 2001-3, 20th Floor
          Kwan Chart Tower
          6 Tonnochy Road
          Wanchai, Hong Kong


HONGKONG SHEN: Members' Final Meeting Set for April 17
------------------------------------------------------
Members of Hongkong Shen Nong Fashion Limited, which is in
members' voluntary liquidation, will hold their final general
meeting on April 17, 2012, at 10:00 a.m., at Room 603, 6/F,
Alliance Building, at 130-136 Connaught Road Central, in Hong
Kong.

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


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AEGIS LTD: S&P Puts 'BB-' Corp. Credit Rating on Watch Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB-' long-term
corporate credit rating on India-based business process
outsourcing (BPO) service provider Aegis Ltd. on CreditWatch with
negative implications.

"We placed the ratings on CreditWatch due to Aegis' weaker-than-
expected operating performance and a significant delay in
refinancing a large upcoming debt maturity," said Standard &
Poor's credit analyst Abhishek Dangra.

"Aegis' lower EBITDA margin and higher debt could weaken its
credit ratios, in our opinion. We expect the company's EBITDA
margin to be about 10%-11% for the fiscal year ending March 31,
2012, lower than our earlier estimate of 12%. We also expect
Aegis' adjusted-debt-to-EBITDA ratio at about 4.1x-4.7x and a
funds from operations (FFO)-to-adjusted-debt ratio at about 17%-
19%. Pricing pressures, delays in some contract closures, and
weaker-than-expected margins of subsidiary AGC Networks Ltd. led
to the decline in EBITDA margin," S&P said.

"Aegis' working capital cycle has also elongated due to a weak
macroeconomic environment, delays in payments, and a longer-than-
expected working capital cycle at AGC Networks. However, the
management still anticipates that Aegis will end fiscal 2012 with
an EBITDA of $120 million and an EBITDA margin of 12%. It also
expects to reduce debt through better working capital
management," S&P said.

"The rating on Aegis reflects the company's weak business
profile, and lower margins and higher attrition rate compared
with peers' in the competitive BPO industry. Aegis' moderate
size, recurring revenues from a good client base, and track
record of improving profitability partly mitigate the
weaknesses," S&P said

"egis' liquidity is 'less than adequate', as defined in our
criteria. We expect the company's ratio of liquidity sources to
liquidity uses to be about 1x in the next 12 months. We, however,
expect Aegis to bridge any shortfall from uncommitted
borrowings," S&P said.

"The company is in the advanced stages of tying up long-term
loans to refinance the $190 million facility due in April 2012.
We believe the significant delay in refinancing may lead to
tighter covenants. In case of further delays in the drawdown of
the facility under negotiation, Aegis' liquidity can become
'weak'. In accordance with our criteria, we do not rate a company
with weak liquidity above 'B-'," S&P said.

"We aim to resolve the CreditWatch after we review the documents
of the new syndicated bank loan that Aegis will take to refinance
the existing bank facility and the company's audited financials
for fiscal 2012," said Mr. Dangra.

"We may revise the outlook to stable if: (1) Aegis refinances the
bank facility on time; and (2) the company's EBITDA margin for
fiscal 2012 is about 12% with the ratio of adjusted debt to
EBITDA at less than 3.75x and the ratio of FFO to debt at more
than 23%," S&P said.

"We may lower the rating by more than one notch if Aegis'
liquidity deteriorates to 'weak'. This could happen if the
company fails to refinance its upcoming debt maturity or to roll
over its working capital facilities," S&P said.

"We may lower the rating by one notch if Aegis' EBITDA margin
weakens to 10%, resulting in weaker cash flow protection measures
with the ratios of FFO to adjusted debt of less than 20% or
adjusted debt to EBITDA of more than 4x," S&P said.


BAZARGAON PAPER: ICRA Assigns '[ICRA]B' Rating to INR3.39cr Loan
----------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B' to the INR3.39
crores term loan facility and  INR6.25 crores fund based facility
of Bazargaon Paper & Pulp Mills Private Limited. ICRA has also
assigned a short-term rating of '[ICRA]A4' to the INR2.50 crores,
short term non-fund based limits of BPPL.

The ratings are constrained on account of irregularity in debt
servicing in the recent past; modest size of operations of the
company with moderate profitability indicators; lack of product
diversification and moderately leveraged capital structure with
gearing of 1.69 times as on March 31, 2011. The ratings also
factor in the vulnerability of the contribution margins and
profitability of the company to waste paper price fluctuations &
currency fluctuations as well as intense competitive pressures in
the industry, especially for lower BF (Burst Factor) category
kraft paper.

The ratings are however supported by the long track record of the
company in the kraft paper business; healthy demand indicators
from end-user industries and its established customer base with
majority of the sales to manufacturers of corrugated boxes. ICRA
also positively notes the company has recently enhanced its
capacities which along with installation of new boiler would
augment the revenue size and profitability indicators, going
forward.

                      About Bazargaon Paper

Bazargaon Paper and Pulp Mills Private Limited was incorporated
in 1982 and started commercial production of the kraft paper from
1989. The company has its manufacturing unit located in Nagpur
(Maharashtra). It commenced with a production capacity of 2,500
TPA in 1989 which was enhanced to 30,000 TPA. It manufactures
kraft paper of various grades viz. 14 BF, 16 BF, 18 BF, 22 BF, 24
BF and 28 BF.

The promoters of BPPL had ventured into the paper industry in
1979 by setting up Apex Paper Mills which has a plant adjacent to
BPPL in Nagpur. Over the years, the promoters have incorporated
several companies and have setup plants at different locations to
cater to the different markets. The major group companies of BPPL
are Apex Paper Mills (Nagpur, with an installed capacity of 6,250
MTPA); Decor paper Mills (Hyderabad, 60,000 MTPA); New Bombay
Paper Mill Pvt Ltd. (New Mumbai, 8,750 MTPA) and Kolar Paper Mill
(plant being setup at Tirupati, Hyderabad with an installed
capacity of 100,000 MTPA).

Recent Results:

For the year FY 11, the company reported an operating income of
INR36.61 crores and profit after tax of INR0.42 crores. For 8M FY
12, the company reported an operating income of INR24.58 crores
and profit after tax of INR0.67 crores (provisional).


FOUNDATION ENG'G: ICRA Reaffirms 'BB+' Rating to INR20.36cr Loan
----------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]BB+' assigned
to the INR20.36 crore (enhanced from INR14 crore) fund based and
non- fund based bank limits of Foundation Engineering Company.
The outlook assigned to the long term rating is stable.

The ratings reaffirmation takes into account the strong operating
margins of the company, high growth in operating income for FY
2011, good mix of real estate and infrastructure projects being
undertaken by the company and the long track record of the
company in foundation and pilling business. The positives are
partly offset by worsening of capital structure indicated by
increase in gearing to 1.29x as on September 2011 from 0.69x as
on March 31, 2010, deterioration in coverage indicators as
indicated by increase in Total Debt/ OPBDIT and increase in
repayment obligations of the company in the near future. Going
forward, the ability of the company to efficiently utilise its
hydraulic pilling rigs while maintain its operating profitability
and managing its capital structure will be key rating
sensitivities.

Foundation is a closely held partnership firm of Mrs. Jamunadevi
Agarwal and Mr. Amit Agarwal who hold 50% stake each in the firm.
Since incorporation in 1973 the firm has executed piling
foundation work for several well known projects in the vicinity
of Mumbai. In FY 07 the firm began phasing out its operations of
the traditional tripod based rigs, and began operating with 2
Hydraulic Rotary Rigs. As on date the firm owns 12 such rigs and
has carried out piling activity for several large projects.

Recent Results:

Foundation has recorded an operating income of INR10.87 crore and
a PAT of INR1.35 crore for the half year ended Sept. 30, 2011.


KEYA INTERNATIONAL: ICRA Withdraws '[ICRA]BB-' Rating on Loan
-------------------------------------------------------------
ICRA has withdrawn the '[ICRA]BB-' and '[ICRA]A4' ratings
assigned to the bank limits of Keya International at the request
of the company. The ratings were placed on a notice of withdrawal
for 90 days in December 2011.


KINGFISHER AIRLINES: SBI Has no Plan to Lend Kingfisher More Loan
-----------------------------------------------------------------
The Times of India reports that finance minister Pranab Mukherjee
said State Bank of India (SBI) has no plan to provide fresh loans
to the cash-strapped airline as of now.

"SBI has informed that currently there is no such plan to provide
additional loan to Kingfisher," Mukherjee told Rajya Sabha in
reply to a query over SBI's reported plans to bail out the
airline by giving a fresh loan of INR1,500 crore, according to
the report.

The report relates that Mr. Mukherjee said SBI, which leads the
consortium of lenders to Kingfisher, has informed that, as of
February, the airline's account is "sub-standard" with eight
public sector banks and "standard" with five public sector banks.
"The consortium agreed to 'holding on operations', whereby a
portion of the credits into the account are appropriated for
reducing irregularities in the accounts of banks," the report
quotes Mr. Mukherjee as saying.

The Times of India also reports that aviation minister Ajit Singh
also made it clear that the government cannot force banks to
continue lending to anyone after a meeting with PM Manmohan Singh
to discuss the problems plaguing India's aviation industry.

                     About Kingfisher Airlines

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

                        *     *     *

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

Kingfisher lost INR4.44 billion (US$90.1 million) in the fiscal
third quarter that ended in December 2011, 74.8 per cent more
than a loss of INR2.54 billion a year earlier, The Economic Times
disclosed.  The company has lost INR11.8 billion (US$240 million)
in the first nine months of the current fiscal year that ends in
March, a 35 per cent rise from a year earlier.


KINGFISHER AIRLINES: To Submit Recovery Plan to DGCA This Week
--------------------------------------------------------------
The Wall Street Journal's livemint.com reports that two airline
executives said Kingfisher Airlines Ltd will this week outline a
recovery plan to the aviation regulator so it can continue
flying.

According to livemint.com, the plan entails a further curtailing
of international operations, pulling out of all loss-making
routes, renegotiating high-cost aircraft lease rentals, tapping
foreign loans for working capital, and getting back its
$40 million deposit from the International Air Transport
Association, or Iata, an umbrella body for airlines.

Kingfisher Airlines also plans to disburse salaries in a phased
manner to its employees, who have not been paid since December,
one of the two executives, requesting anonymity, told
livemint.com.

Livemint.com says the meeting is crucial for Kingfisher Airlines
as it has failed to convince the director general of civil
aviation (DGCA) of its ability to meet regulatory requirements in
running its fleet.

The regulator has issued a show-cause notice to the airline
asking why it should be allowed to continue operations. DGCA can
initiate tough measures against the airline if it fails to
convince the regulator about its potential for recovery, since
the cash crunch can affect flight safety.


                     About Kingfisher Airlines

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

                        *     *     *

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

Kingfisher lost INR4.44 billion (US$90.1 million) in the fiscal
third quarter that ended in December 2011, 74.8 per cent more
than a loss of INR2.54 billion a year earlier, The Economic Times
disclosed.  The company has lost INR11.8 billion (US$240 million)
in the first nine months of the current fiscal year that ends in
March, a 35 per cent rise from a year earlier.


KINGFISHER AIRLINES: Tax Dept. Threatens to Drag Carrier to Court
-----------------------------------------------------------------
The Times of India reports that the revenue department has
threatened to take Kingfisher Airlines to the court over Service
Tax evasion, saying the company has not deposited taxes it
collected from travellers.

"They (Kingfisher) have to face the court . . .  Evasion has
already taken place . . .  They can even be jailed," the report
quotes Central Board of Excise and Customs (CBEC) Chairman S K
Goel as saying.

According to the report, the service tax department has already
frozen as many as 40 bank accounts of the debt-ridden Kingfisher
for non-payment of dues worth INR76 crore, which also include
arrears and interest. Its IATA accounts too have been frozen, the
report notes.

"Now there are two things -- We have to recover that (dues) and
secondly whatever punishment has to be given (by court),"
Mr. Goel, as cited by TOI, added.

The airline had informed CBEC that it would pay the dues by
March 31, the report notes.

The Service Tax department can take Kingfisher to court under
Section 76 and 78 of the Finance Act. Under the provisions of the
Act, the CBEC can charge up to 200 per cent of the tax evaded as
penalty.

                     About Kingfisher Airlines

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

                        *     *     *

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

Kingfisher lost INR4.44 billion (US$90.1 million) in the fiscal
third quarter that ended in December 2011, 74.8 per cent more
than a loss of INR2.54 billion a year earlier, The Economic Times
disclosed.  The company has lost INR11.8 billion (US$240 million)
in the first nine months of the current fiscal year that ends in
March, a 35 per cent rise from a year earlier.


LINC PENS: ICRA Assigns '[ICRA]BB' Rating to INR6cr Bank Loan
-------------------------------------------------------------
ICRA has assigned an '[ICRA]BB' rating to the INR6.00 crore fund
based bank facility of Dolswap Business Private Limited. The
outlook on the long term rating is stable. ICRA has also assigned
an '[ICRA]A4' rating to the INR1.50 crore non- fund based bank
facility of DBPL.

The ratings take into account the established track record of the
promoters in the writing instrument industry, reputed customer
base consisting of Linc Pens & Plastics Ltd and Win Pens Private
Ltd and positive demand outlook of the industry in the medium to
long term, driven by the growth in the literacy rate and healthy
demand for writing instruments. The ratings are, however,
constrained by DBPL's modest scale of current operations,
susceptibility of margins to volatility in raw material prices,
particularly polymers, which vary largely with crude oil prices
and DBPL's weak financial profile characterized by low net profit
margins, leveraged and progressively deteriorating capital
structure and depressed level of coverage indicators. The ratings
are further constrained by DBPL's dependence on its top two
customers that have accounted for almost the entire sales made by
the company in the last two years. ICRA also notes that DBPL is
present in the lower end of the price sensitive mass segment,
which is characterized by intense competition from established
players as well as the unorganized sector.

Company Profile DBPL, incorporated in 1997 by the Kolkata based
Dewan family, was taken over by the current promoters Mr. Ashok
Goyal, Mr. Giriraj Ratan Kothari and Mr. Kanishka Goyal in 2007.
The company is engaged in the manufacturing of pen, refill and
various parts of a pen. DBPL is also engaged in job work of
household plastic products like jar, cream case, bucket, tub etc.
The company is also engaged in trading of plastic granules in
small quantities. DBPL's manufacturing unit is located at
Jangalpur (West Bengal). A major portion of the pen and refill
manufactured is marketed under the brand name 'Linc' and 'Win'
for Linc Pen & Plastic Limited and Win Pens Private Limited,
respectively.

Recent Results:

The company reported a net profit of INR0.45 crore in 2010-11 on
an operating income of INR34.61 crore, as compared to a net
profit of INR0.39 crore on an operating income of INR10.63 crore
during 2009-10. In the first six months of 2011-12 ended
Sept. 30, 2011, the company reported a net profit of INR0.41
crore on an operating income of INR23.25 crore (provisional).


MADHAV GINNING: ICRA Reaffirms 'B+' Rating on INR0.12cr Term Loan
-----------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B+' rating to the fund based
INR12.00 crore cash credit facility and INR0.12 crore term loan
facility of Madhav Ginning & Pressing Private Limited.

The rating continues to be constrained by MGPPL's low
profitability, highly leveraged capital structure on account of
working capital intensive nature of business and weak debt
protection indicators. The rating also takes note of the high
competition due to fragmented nature of the industry and the
susceptibility of the profitability to adverse movement in raw
material prices which in turn is linked to the seasonal nature of
cotton industry and government regulations on MSP and exports.

The rating, however, favorably takes into account the long
standing experience of promoters in the industry and company's
proximity to the raw material sources which ensures easy
availability of cotton.

Madhav Ginning Pressing Private Limited was incorporated in the
year 2005 by Mr. Chhaganbhai P. Kakdiya, director, with other 27
shareholders, being family members or relatives. At present, it
has 36 ginning machines to produce cotton bales and cotton seed
with its plant location at Jasdan, Rajkot.

Recent Results:

For the year ended March 31, 2011, the company has reported an
operating income of INR104.26 crore with profit after tax (PAT)
of INR0.28 crore. Further, during first ten months of FY 2012
(unaudited provisional financials), the company has achieved an
operating income of INR46.85 crore with an operating profit of
INR1.43 crore.


MOHINDRA FASTENERS: ICRA Reaffirms 'BB' Rating to INR23cr Loan
--------------------------------------------------------------
ICRA has reaffirmed an '[ICRA]BB' rating to the INR23 Crores
(revised from INR24 crores) fund based limits of Mohindra
Fasteners Limited. The outlook on the rating is stable. ICRA has
also reaffirmed an '[ICRA]A4' rating to the INR16 crores (revised
from INR15 crores) non-fund based limits of MFL.

The retention of the ratings factor in the highly competitive and
fragmented nature of the industry and low value addition of
company's operations which translates into limited bargaining
power of the company. Moreover, the company's margins remain
exposed to any adverse variations raw material prices and
exchange rates on the export portion of the company's revenues.
Moreover, high working capital intensive nature of the business
has resulted in high working capital intensity for the company.
Nevertheless, ICRA takes some comfort from MFL's experienced
management, its diversified clientele and low capital expenditure
requirements in the future.

MFL is engaged in manufacturing high tensile fasteners and is
promoted by Arneja and Juneja family. MFL has its two
manufacturing units with a combined capacity of 12000 MTPA for
manufacturing fasteners for automotive and industrial
applications. MFL supplies fasteners to domestic automobile
players like Hero Honda, Rico Auto, Autoli, Subros etc. and
exports to countries in Europe, USA


M/S LIVINGSTONES: ICRA Places '[ICRA]B+' Rating on INR42.5cr Loan
-----------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' rating to the
INR42.501 crore working capital facilities of M/s Livingstones.

The assigned rating takes into account the promoters experience
and operating track record of over three decades in the gems and
jewellery business and benefits accruing though forward
integration into jewellery through its group concern. The rating
is however constrained by small scale of operations, declining
sales trend since last five fiscals and high gearing levels. ICRA
notes that the firm operates in an industry which is exposed to
intense competition due to presence of large number of organized
as well as unorganised players, which along with volatile demand
scenario has led to modest profitability levels for the company.
The liquidity position also remains stretched given high fund
based utilization levels as well as high working capital
intensity

                      About M/s Livingstones

M/s Livingstones was established as a proprietary concern by
Mr.Pankaj N. Kothari in 1976 and was subsequently converted into
a partnership firm in 1982 with admission of Mr.Sandip Kothari
and other family members. The firm was last reconstituted on
01.04.2006 with the retirement of its key promoters, Mr.Pankaj
Kothari along with his wife Mrs. Shilpa Kothari. Mr. Sanket
Kothari, son of Mr. Sandip Kothari, was then inducted into the
business as a partner. LS deals in diamonds of mainly round
brilliant cut in whites and extra whites ranging from 2 cents to
20 cents. It specializes in low cartage diamonds i.e. in USD 50
to USD 250. For the financial year 2011, LS reported an operating
income of INR77.43 Crore and a profit after tax of INR5.14 Crore.

Recent results:

LS reported, on a provisional basis, a profit after tax (PAT) of
INR0.58 crore on net sales of INR37.37 crore for the first half
2011-12.


NICKUNJ EDM: ICRA Assigns '[ICRA]BB-' Rating to INR3cr Bank Loan
----------------------------------------------------------------
ICRA has assigned an '[ICRA]BB-' rating to the INR3.00 crore
fund-based bank facilities of Nickunj EDM Wires & Consumables Pvt
Ltd. The outlook on the long-term rating is 'stable'. ICRA has
also assigned an '[ICRA]A4' rating to the INR3.80 crore short-
term non-fund based bank facilities of NEWCPL.

The assigned ratings take into account the long standing
experience of the promoters of NEWCPL in the trading of EDM Wires
and related consumables; moderate level of operating
profitability and comfortable coverage indicators; and a
diversified customer base spread across various industries, which
reduce sector concentration risks. The ratings are, however
constrained by NEWCPL's small scale of current operations; short
track record of the company in the manufacturing of EDM wires;
and the high working capital intensity of the business which
leads to a tight liquidity situation. ICRA also notes the
company's exposure to price risks on account of high level of
freehold inventory held; and exposure to risks arising out of
currency fluctuations in the absence of a formal hedging
mechanism.

Incorporated in 2007, NEWCPL is a part of the Mumbai-based
Nickunj Group. The company is engaged in the manufacture of EDM
wires in addition to trading of related accessories and
consumables like EDM fluids, filters, resins etc. The flagship
company of the Nickunj Group, Nickunj Eximp Entp P Ltd (rated
[ICRA]BB-/stable/[ICRA]A4), is involved in the trading of a large
number of products across sectors including automobiles, ceramics
and refractory, aerospace, abrasives and defence equipments.

Recent Results:

As per the audited results of 2010-11, NEWCPL reported a profit
after tax (PAT) of INR0.65 crore on an operating income of
INR15.21 crore as compared to a PAT of INR0.57 crore on an
operating income of INR15.03 crore in 2009-10. As per the
provisional results for the period from April 2011 to
December 2011, NEWCPL reported an operating income of INR15.16
crore and a profit before tax of INR0.88 crore.


NICKUNJ EXIMP: ICRA Assigns '[ICRA]BB-' Rating to INR20cr Loan
--------------------------------------------------------------
ICRA has assigned an '[ICRA]BB-' rating to the INR20.00 crore
fund-based bank facilities of Nickunj Eximp Entp P Ltd. The
outlook on the long-term rating is 'stable'. ICRA has also
assigned an '[ICRA]A4' rating to the INR11.46 crore short-term
non-fund based bank facilities of NEEPL.

The assigned ratings take into account the long standing
experience of the promoters of NEEPL in the trading business;
established relationships with suppliers and exclusive selling
rights in India for products from various international
suppliers; and a diversified product portfolio, which reduces
sector concentration risks. The ratings are, however, constrained
by the relatively small scale of current operations; and low
profitability on account of limited value addition in the trading
business. ICRA also takes note of the adverse financial risk
profile of the company on account of high gearing and weak
coverage indicators, indicating an unfavourable financial risk
profile; high working capital intensity of the business which
exerts pressures on the liquidity of the company. The ratings are
also constrained by the high customer concentration risks with
the top 10 customers contributing to about 67% of the operating
income in the first nine months of 2011-12; and the company's
exposure to risks arising out of currency fluctuations in the
absence of a formal hedging mechanism

Incorporated in 1985, NEEPL is the flagship company of the
Mumbai-based Nickunj Group and is engaged in trading of over
4,000 products across sectors including automobiles, ceramics and
refractory, aerospace, abrasives and defence equipments.
Aluminium ingots constitute one of the major products traded by
NEEPL and other products include pneumatic tools, tool holders,
helmets and many other products.. NEEPL's group company, Nickunj
EDM Wires and Consumables Pvt Ltd (rated [ICRA]BB-
/stable/[ICRA]A4), is involved in the manufacture of Electrical
Discharge Machining (EDM) wires and trading of related products.

Recent Results:

As per the audited results of 2010-11, NEEPL reported a profit
after tax (PAT) of INR1.78 crore on an operating income of
INR92.75 crore as compared to a PAT of INR1.67 crore on an
operating income of INR86.90 crore in 2009-10. As per the
provisional results for the period from April 2011 to December
2011, NEEPL reported an operating income of INR76.39 crore and a
profit before tax of INR2.45 crore.


N.K. POLYMERS: ICRA Assigns '[ICRA]BB-' Rating to INR4cr Loan
-------------------------------------------------------------
The rating of '[ICRA]BB-' has been assigned to the  INR4 crore
long-term fund-based facilities of N.K. Polymers & Additives Mfg.
Co.; the outlook on the rating is Stable. The rating of
'[ICRA]A4' has also been assigned to the  INR11 crore short-term
non-fund based facilities of NKP.

The ratings factor in the high competition in the industry and
stiff competition from DOP imports leading to low margins.
Further, the industry faces regulatory risks associated with
phthalates on account of health concerns, leading to these being
phased out in developed countries; any similar legislation in
India may adversely impact the firm's sales. The ratings also
factor in the low margins and high working capital intensity on
account of favourable terms for sales to Action Group companies;
and the overall weak financial risk profile of the firm,
characterised by low profitability, high gearing, high working
capital intensity and cash outflows. Further, the profitability
is vulnerable to forex fluctuations on account of import of raw
materials; lack of a hedging policy and rupee depreciation in
2011-12 may hurt profitability. ICRA also notes that the capital
structure of the firm, being a proprietorship, is vulnerable to
withdrawal of capital. The ratings, however, factor in the
favourable demand outlook for the customer industries such as
PVC; and the improvement in operating capacity utilisation in
recent years, leading to substantial increase in revenues. The
entity is a part of the Action Group of companies, a major player
in the footwear and power devices industries in India. The
financial strength of the group leads to the availability of low
cost funding; besides, there is fungibility of cash flows within
the group. However, default by certain group/associate companies
in the recent past is a concern. The ability of the firm to
improve its profitability and manage its capital structure and
liquidity will be the key rating sensitivities going forward.

About N.K. Polymers

N.K. Polymers & Additives Mfg. Co. is a part of the Action Group
of companies, known for its footwear and power devices products.
It is a proprietorship firm of Mr. Nand Kishore Aggarwal, the
promoter Chairman of the Action Group. The firm was incorporated
in 1996 and is engaged in the manufacturing of plasticisers,
primarily dioctyl phthalate (DOP) and n-butyl phthalate (DBP). It
is managed by Mr. Subhash Chander Aggarwal (brother of Mr. N.K.
Aggarwal) and his son Mr. Varun Aggarwal. The manufacturing unit
of the firm is located in Daman with an installed capacity of
16,750 metric tonnes per annum (MTPA). Plasticisers are used to
obtain the desired characteristics during the manufacture of
plastic material and are primarily used in polyvinyl chloride
(PVC) manufacturing. The major raw materials in the production of
plasticisers are oxo-alcohols, which are primarily imported, and
phthalic anhydride (PAN), which is sourced domestically. The
customers include various Action Group companies in the footwear,
PVC pipes, cables and leather cloth segments - accounting for
about 60-70% of the revenues, while the rest is sold to other
external customers. DOP constitutes about 66% of the sales, while
the rest is constituted by DBP.

In 2010-11, the company reported net profit of  INR1.6 crore on
an operating income of INR110.1 crore as against net profit
ofINR1.1 crore on an operating income of INR39.3 crore in
2009-10.


PARIKH CONSTRUCTIONS: ICRA Rates INR8cr LT Loan at '[ICRA]BB'
-------------------------------------------------------------
ICRA has assigned the ratings of '[ICRA]BB' to the INR8.0 crore
long term fund based limit and INR3.0 crore long term non-fund
based limit of Parikh Constructions Private Limited.  The outlook
on the assigned rating is Stable.

The assigned ratings of PCPL favorably factor in the established
track record of the group of nearly twenty years in the
construction sector and the revenue visibility emanating from the
order-book position of the company. However, the ratings are
constrained by the company's moderate scale of operation, order
book characterized by low sectoral and client diversification and
high geographical concentration with projects largely in and
around Sangli and Pune in Maharashtra. The ratings also take into
account the decline in the company's turnover and its moderate
Operating Margin in FY11; high gearing due to low net-worth as of
March 31, 2011 and high Net working capital intensity of 18.7% on
account of high debtor days of 113 in FY11. The ratings are
further constrained by the insignificant capital expenditure by
the company towards purchase of equipments since commencement of
its operations as majority of machineries are being operated on
lease resulting in subdued profitability of the company.

Incorporated in 2008; Parikh Constructions Private Limited is a
closely held private limited company which is held by two
brothers Mr. Motilal Parikh (Chairman) and Mr. Gokul Parikh
(Managing Director) and their family members. Parikh group has
been involved in construction activities since 1990 and has
executed around 200 projects including industrial, institutional,
hotels & resorts, temple, bunglows and commercial buildings in
various parts of Maharashtra such as Ichalkaranji, Sangli,
Mumbai, Kolhapur and Pune. Some of the notable projects that the
company has executed in the past are construction of Islampur
Integrated Textile Park in Islampur (INR72.0 crore); construction
of police training school at Tasgaon (INR28.0 crore) and
construction of factory for Sahyadri Starch Limited at Sangli
(INR10.0 crore). Prior to the incorporation of the company in
2008; the group had three partnership firms which used to execute
such projects which are however not operational at present. In
FY10; one of the partnership firm of the group namely - Parikh
Construction was merged with PCPL for consolidation of group
activities in the private limited company. Presently, the entire
activities of the group are being undertaken by PCPL.

Recent Results:

In FY11; PCPL reported an OI of INR39.0 crore and Profit after
tax (PAT) of INR1.2 crore. As per the provisional figures for the
period from April-December 2011; the company has booked a
turnover of INR23.0 crore.


REVASHANKAR GEMS: ICRA Assigns '[ICRA]BB+' Rating to INR45cr Loan
-----------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]BB+' to INR45.00
Crore fund based facilities of Revashankar Gems Ltd.

The ratings reflect the low profitability levels for the company
due to limited value addition in business thereby constraining
margins, its highly working capital intensive nature of
operations due to elongated receivable and high inventory holding
and exposure to adverse movements in the prices of CPDs and
foreign exchange rates.. The CPD industry is also characterised
by severe competition from players in the unorganised as well as
organised sectors though competitive risks are partially
mitigated by the RGL's established position in the industry
resulting in better realisations. The ratings however, favourably
consider the long standing experience of promoters in Gems and
Jewellery business, marketing support from group concerns and the
benefits accrued from its established supplier base for
uninterrupted supply of rough diamonds.

                        About Revashankar Gems

Revashankar Gems Ltd. was established in 1961 as a partnership
firm and later converted into a public limited company in 1995 to
deal in the processing and export of Cut and Polished Diamonds
(CPD) catering mainly to foreign markets. The company has a
manufacturing facility located in Surat with an approximate area
of 16,000 sq. ft. It has its registered office located in Mumbai.

RGL has associate concerns Shankar Packaging Ltd., Naqsh
Collection, Shankar Jewels Ltd., Shangold India Ltd., S.J
International and Diamonds India Ltd.

Recent Results: RGL earned net profit of INR1.20 Crore on an
operating income of INR105.01 Crore for the year ended March 31,
2011.


RIMA TRANSFORMERS: ICRA Reaffirms 'BB-' Rating to INR4cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB-' rating to the INR4 crore long
term fund based limits of Rima Transformers & Conductors Private
Limited. ICRA has also reaffirmed the '[ICRA]A4' rating to the
INR7 crore Non-fund based facilities of the company. The outlook
on the long-term rating is stable.

The ratings reaffirmation takes into account RTCPL's modest
financial profile characterized by low margins, high gearing and
stretched debt service coverage indicators. The rating is also
constrained by the presence of RTCPL in the transformers and
conductors business, which is characterized by the presence of a
large number of small unorganized players resulting in high
competitive pressures. ICRA has also noted that the company's
wholly owned subsidiary in Sharjah has been making losses till
FY11, which has resulted in erosion of net worth of that
subsidiary and stretched capitalization and coverage indicators
for RTCPL as a whole on a consolidated basis. The ratings are
however supported by sufficiently long operating history of the
company and the promoters experience in the business. While
assigning the rating, ICRA has factored in the diversified
product portfolio offered by the company and superior technical
capabilities reflected by RTCPL manufacturing transformers up to
220 KV voltage class. Going forward, ICRA expects the company to
benefit from the healthy prospects in the transformer business
arising out of various investment programmes of private parties
and state governments, however the company's ability to secure
sufficient orders to optimally utilise its capacity, while
maintaining its profit margins will remain crucial for future
growth and profitability.

                        About Rima Transformers

Rima Transformers & Conductors Private Limited commenced its
operations from 1977 and is headed by Mr. Diwakar M Shetty, who
is a Mechanical Engineer and is working in copper and electrical
industry for more than 40 years. The companies manufacture
transformers of various capacities and copper products from their
conductor's business unit. The companies have been catering to
the needs of private parties and state power utilities.

Recent Results:

RTCPL reported operating income of INR38.94 crore and a net
profit of INR0.40 crore in FY2011 as against operating income of
INR55.86 crore and a net profit of INR0.76 crore in FY2010.


SPG MULTI: ICRA Assigns '[ICRA]BB-' Rating to INR6cr Loan
---------------------------------------------------------
ICRA has assigned an '[ICRA]BB-' rating to the INR6.00 crore fund
based facilities of SPG Multi Trade Private Limited. ICRA has
also assigned an '[ICRA]A4' rating to the INR14.00 crore non fund
based facilities of SPG. ICRA has also assigned [ICRA]BB-
/[ICRA]A4 rating to the INR30.00 crore unallocated limits of SPG.

The assigned ratings factor in SPG Multi Trade's weak
profitability and stretched liquidity resulting in a highly
leveraged capital structure, and below-average coverage
indicators. However, debt largely comprises of interest free
unsecured loans providing comfort. The margins are however,
expected to remain under pressure given the nature of business
and its exposure to, commodity price and foreign exchange
fluctuations. The ratings also factor in the high competitive
intensity in trading business following low entry barriers and
risks emanating from export regulations on cotton and coal.
However, ICRA ratings also factor in promoter's experience in
trading and benefits arising from a diversified product
portfolio. SPG has been able to register significant improvement
in sales in 2010-11 driven by increase in trading volumes.

                        About SPG Multi

Incorporated in 2006 as 'Shree Tirupati Real Estates Pvt Ltd'
with an objective to execute real estate projects, SPG Multi
Trade Private Limited changed its line of business in February,
2008 and commenced trading of multiple products like coal,
cotton, cotton waste, fabric, steel and RBD oil in domestic as
well as international market in March, 2009. The company is
mainly engaged in trading of coal, cotton and fabric. It is also
engaged in trading of other commodities on the basis of margin
opportunity. SPG Multi Trade is an associate of SPG Group
promoted by group Chairman Mr. Madan Lal Goyal. SPG has its
offices in Mumbai and Gandhidham (Gujarat) and warehouse located
in Aurangabad (Maharashtra) taken on lease. Recent Results SPG
recorded a net profit of INR0.53 Crore on an operating income of
INR115.13 Crore for the year ending March 31, 2011


SAI-LAXMI TEXOFAB: ICRA Puts '[ICRA]B+' Rating on INR6.21cr Loan
----------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B+' to the INR6.21
crore facilities and a short-term rating of '[ICRA]A4' to the
INR0.16 crore facility of Sai-Laxmi Texofab.

However, the ratings favorably factor in the promoter's long
track record in textile industry; location advantages and the
good demand prospects of its products in the textile sector.
About the Firm Sai-Laxmi Texofab started its operations in 2002.
The firm is involved in texturizing of yarns and manufacturing of
grey cloth. Its registered office and its manufacturing facility
for grey cloth are located at Surat city, while the facility for
yarn is located at Kim village, Surat.

Recent Results:

During the financial year 2010-11, the firm registered a profit
after tax of INR2.03 crore on an operating income of INR38.64
crore.


SHREE FATS: ICRA Assigns '[ICRA]B+' Rating to INR24cr Bank Loan
---------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' and a short
term rating of '[ICRA]A4' to the INR24.0 Crore bank limits of
Shree Fats and Proteins Private Limited.

The ratings are constrained by the high business risks associated
with the edible oil (and related products) industry including
high competitive intensity and fragmentation; profitability of
domestic edible oil players vulnerable to import pressure and
changes in import duty differential between crude and refined
oil; exposure to commodity price, foreign exchange fluctuation
and agro-climatic risks. These factors apart, the ratings are
also constrained by the aggressive financial risk profile
characterized by low return indicators, adverse capital structure
and low coverage indicators. Nevertheless, while assigning the
ratings, ICRA has favorably factored in the promoters'
significant experience in mustard oil and related products;
suitably located manufacturing plant near raw material sources
and favorable demand prospects for edible oil in India.

Shree Fats and Proteins Pvt. Ltd. was incorporated in 1991. The
Company manufactures refined oil and de-oiled cake in its
manufacturing plant located in the outskirts of Jaipur having
solvent plant with processing capacity of around 400 Tonnes per
day (TPD) and refinery with capacity of 50 TPD.

Recent Results:

SFPPL reported a turnover of INR120.87 Crore and a net profit of
INR0.32 Crore during financial year 2010-11. The company had
reported a turnover of INR125.83 Crore and a net profit of
INR0.53 Crore during 2009-10.


SHUBHAM GINNING: ICRA Reaffirms '[ICRA]B+' Rating on INR8cr Loan
----------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B+' rating to the fund based
INR8.00 crore cash credit facility and INR1.60 crore term loan
facility of Shubham Ginning Pressing Private Limited. ICRA has
assigned the '[ICRA]A4' rating to the non fund based INR0.02
crore forward contract limit of Shubham Ginning Pressing Private
Limited.

The rating continues to be constrained by SGPPL's low
profitability, highly leveraged capital structure on account of
working capital intensive nature of business and weak debt
protection indicators. The rating also takes note of the high
competition due to fragmented nature of the industry and the
susceptibility of the profitability to adverse movement in raw
material prices which in turn is linked to the seasonal nature of
cotton industry and government regulations on MSP and exports.

The rating, however, favorably takes into account the long
standing experience of promoters in the industry and company's
proximity to the raw material sources which ensures easy
availability of cotton.

Shubham Ginning Pressing Pvt. Ltd. was incorporated in 2007 by
Ajaybhai K Vaghasiya and is engaged in cotton ginning and
pressing business with 40 ginning machine and 1 pressing machine
located at Jasdan, Gujarat.

Recent Results:

For the year ended March 31, 2011, the company reported an
operating income of INR54.30 crore with profit after tax (PAT) of
INR0.05 crore. Further, during first nine months of FY 2012
(unaudited provisional financials), the firm reported an
operating income of INR28.68 crore with profit before tax (PBT)
of INR0.29 crore.


STALLION GARMENTS: Delays in Loan Payment Cues ICRA Junk Ratings
----------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]D' to the INR14.11
crore term loan facilities and INR10.00 crore fund based facility
of M/s. Stallion Garments. ICRA has also assigned a short-term
rating of '[ICRA]D' to the INR12.00 crore fund based bank
facilities of the firm.

The assigned ratings consider delays witnessed in servicing of
term loans by the firm owing to tight liquidity position arising
out of sub-optimal utilization of the firm's dyeing operations.
The firm's financial profile is characterized by net losses, high
gearing, weak coverage metrics and stretched working capital
intensity. The firm's scale of operations is currently small
restricting economies of scale and which coupled with the sub-
optimal utilization of its dyeing unit owing to Madras High Court
order towards closure of dyeing units in Tirupur in January 2011
has impacted the firm's revenue growth and margins. Further, the
firm's margins are susceptible to the raw material and exchange
rate fluctuations. The partners' experience of more than 20 years
in the textile industry and the firm's diversified customer base
is likely to support the operations once the demand scenario
picks up and the order flow streamlines.

M/s. Stallion Garments was established in the year 1986 as a
partnership firm, is primarily engaged in the manufacture and
export of hosiery garments to Europe and U.S. The firm sells
innerwear under its brand name 'When' for men and 'Lam' for women
in the domestic market. The firm also has license to manufacture
and market the series of series of Levi's Strauss innerwear for
men to India, Sri Lanka, Bangladesh and Nepal.

Recent Results

For the first half year ended September 30, 2011, the firm has
reported a profit before tax of INR1.6 crore on an operating
income of INR20.7 crore.


SUNCORP LIFESTYLES: ICRA Puts 'BB' Rating on INR58.55cr Loan
------------------------------------------------------------
ICRA has assigned an '[ICRA]BB' rating to INR58.55 crore long
term bank facilities of Suncorp Lifestyles Limited. ICRA has also
assigned an '[ICRA]A4' rating to the INR6.45 crore short term
fund based facilities of SCLL. The outlook on the long term
rating is stable.

The assigned rating favorably factors in the large scale of
operations of SCLL in the branded retail stores business with 185
stores spread across 242000 square feet of retail space in all
four states of South India. The rating also factors in the range
of stores SCLL owns, from flagship to discount, which are present
in tier 1, tier 2 and tier 3 cities with 30% of its revenues
coming from its stores in the tier 2 and tier 3 cities. The
rating is also supported by the favorable terms and margins that
SCLL enjoys on account of its established relationships with
prominent lifestyle brands like Levis, Reebok and Pepe Jeans.
Further, the rating also takes into account the favorable demand
outlook for branded garments in India driven by increasing
disposable incomes, high percentage of young and middle aged
population and increasing brand consciousness in urban and semi
urban areas.

Nevertheless, the assigned rating is constrained by weak
financial profile of SCLL with high gearing and low coverage
indicators on account of aggressive debt funded expansion. The
rating is also constrained by significant brand concentration
risk for SCLL as its top three brands Reebok, Levis and Pepe
Jeans contribute to more than 90% of its overall revenues. The
rating is also weakened by the working capital intensive nature
of the readymade garment retailing business and the high
inventory levels of SCLL resulting in negative fund flow from
operations. The rating is also limited by the vulnerability of
revenues and profitability to economic downturns due to fixed
nature of operational expenses like rentals, interest expenses
and employee salaries.

Suncorp Lifestyles Limited was incorporated on 1st April, 2007 as
Sun Corporation, a partnership firm, before it changed its name
to Suncorp Lifestyles Private Limited in 2008 and later to a
Public limited company, Suncorp Lifestyles Limited in November,
2010. The company is into retail franchising of branded clothes.
The promoters of SCLL had simultaneously started two more
companies Suncorp Retail Private Limited and Suncorp Fashion
Private Limited in the same, branded merchandise retailing
business opening new store in various locations. In 2010, the two
associate companies merged with SCLL.

SCLL currently operates 185 retail stores with a 242000 sq ft of
retail space across all four southern states in India and is
associated with brands like Reebok, Levis, Pepe Jeans London,
Mega mart (Aravind group), Titan, W, Peter England and John
Players.


SUNDERLAL MOOLCHAND: ICRA Puts '[ICRA]B+' Rating on INR10cr Loan
----------------------------------------------------------------
ICRA has assigned the long-term rating of '[ICRA]B+' to the
INR10.00 crore fund based limits of Sunderlal Moolchand Jain
Tobacconist Private Limited.

The rating reflects the extensive experience of the promoters in
the bidi manufacturing industry and STPL's established network
and brands (Azad and 51). The rating is, however, constrained by
the exposure to regulatory changes and susceptibility of
company's profitability to intense competition. The rating also
takes into account its modest financial risk profile as reflected
by thin profitability margin of 1.4% and high gearing of 2.57
times as on March 31, 2011. Going forward, the ability of STPL to
improve the overall financial risk profile with increase in the
scale of operations and efficient management of the working
capital cycle will be amongst the key rating sensitivity factors.

Sunder Lal Moolchand Jain Tobacconist Private Limited, was
started in 1948 by Late Shri MoolChand Jain. It has been
operating for more than five decades in the bidi manufacturing
industry. The company is a closely held company. The company sold
around 180 crore bidies in FY11 through its multi-brands like
Deluxe Azad and 51. The sales of the company are mainly
concentrated to northern states of the country with the maximum
contribution coming from Madhya Pradesh and Rajasthan. Apart from
deriving its revenues from the sale of bidi, the company also
derives some part (5-8%) of its turnover from sale of tendu
leaves (a key raw material for the manufacturing of bidi) and
sale of match box. The company has eight manufacturing spread
across four states.

Recent Results:

For the period ending FY11 (April 2010-March 2011), the company
reported a net profit of INR0.65 crore on an operating income of
INR44.72 crore. For the first nine months of FY12, it has
reported (provisional) aturnover of INR34.43 crore.


TWILIGHT LITAKA: ICRA Cuts Rating on INR32.52cr Loan to 'D'
-----------------------------------------------------------
ICRA has revised the long term rating from '[ICRA]BB+' to
'[ICRA]D' for the INR32.52 crore fund based long term bank
facilities of Twilight Litaka Pharma Limited. ICRA has also
revised short term rating from '[ICRA]A4+' to '[ICRA]D' for the
INR36.48 crore fund based and INR10.00 crore non fund based short
term bank facilities of TLPL.

The ratings revision reflects delays in debt servicing by the
company due to tight liquidity condition.

TLPL was originally incorporated as Li Taka Pharmaceuticals Pvt.
Ltd., in 1974. The company transformed into a Public Limited
Company in 1985 and it came out with a public issue during the
year 1986 for expansion and upgradation of its manufacturing
facilities. The company has grown organically and inorganically
over last few years, and in FY11 TLPL acquired Briorcia Pharma
(I) Private Limited. TLPL is exclusive manufacturer - supplier of
dietary supplements to the all India requirements of Herbalife
International India Ltd. and is now aiming to function as a
manufacturing hub for its South Asian requirements. The company
is also a specialized manufacturer of animal feed products and is
one of the important suppliers to Pfizer. TLPL also export its
animal feed products to South Africa and Kenya.

Recent Result:

During first nine months of current fiscal (9M FY12), TLPL
reported a net profit of INR32.0 crore on an operating income of
INR550.9 crore.


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


BERAU COAL: Moody's Assigns 'B1' Rating to US$500-Mil. Sr. Notes
----------------------------------------------------------------
Moody's Investors Service has assigned a definitive B1 rating to
the US$500 million, 7.25%, 5-year senior notes issued by PT Berau
Coal Energy Tbk (Berau).  The rating outlook is positive.

Ratings Rationale

The notes are unconditionally and irrevocably guaranteed by PT
Berau Coal, PT Armadian Tritunggal, Empire Capital Resources Pte
Ltd, Winchester Investment Holdings PLC and Aries Investments
Limited, Seacoast Offshore Inc and Maple Holdings Ltd.

The definitive rating on this debt obligation confirms the
provisional (P)B1 bond rating assigned on February 27, 2012,
based on the fact that the amount raised from the bond issue and
the covenants stated in the Offering Memorandum Circular of 6
March 2012 are consistent with Moody's expectations.

About US$345 million of the new issue will be used to refinance
Berau's existing credit facility, and the balance will fund
capital expenditure and general corporate purposes.

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

PT Berau Coal (and its parent PT Berau Coal Energy) is
Indonesia's fifth-largest producer and exporter of thermal coal.
It operates three active mines (Lati, Sambarata and Binungan) at
a single site in East Kalimantan. It had estimated coal resources
of 1.94 billion tons, and proven and probable reserves estimated
at 467 million tons as of December 31, 2010.


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


ARIEL TRUST: Moody's Assigns Provisional Ratings to Trust Certs.
----------------------------------------------------------------
Moody's SF Japan K.K. has assigned provisional ratings to Ariel
Trust.

Moody's SF Japan K.K. is a registered credit rating agency under
the Financial Instrument and Exchange Act, but not a Nationally
Recognized Statistical Rating Organization.  Therefore, the
credit ratings assigned by Moody's SF Japan K.K. are Registered
Credit Ratings to the FSA but are not NRSRO Credit Ratings.

The ratings address the expected loss posed to investors by the
legal final maturity. The structure allows for ultimate payments
of dividends (in scheduled amounts) and principal by the legal
final maturity.

Moody's issues provisional ratings in advance of the final sale
of securities. These ratings, however, represent Moody's
preliminary credit opinions only. Upon a conclusive review of the
transaction and associated documentation, Moody's will endeavor
to assign definitive ratings to the securities. Definitive
ratings may differ from provisional ratings. The provisional
ratings are based on information received as of March 15, 2012.

The complete rating actions follow:

Deal Name: Ariel Trust

Class, Amount, Dividend, Rating, Credit Support*1

Class A Trust Certificate, JPY9.6 billion, Fixed, (P)Aa1 (sf),
31.5%

Class B Trust Certificate, JPY1.3 billion, Fixed, (P)Aa3 (sf),
22.2%

Class C Trust Certificate, JPY1.6 billion, Fixed, (P)A3 (sf),
10.8%

Class D Trust Certificate, JPY1.5 billion, Fixed, (P)Baa3 (sf),
0.0%

Class R Trust Certificate*2, JPY6 million, -, Non-Rated, 0.0%

*1 The formula used to calculate the credit support in place for
this transaction:

Credit support %: A / B, where

A: Total principal amount of the debt subordinate to the rated
debt

B: Total amount of debt (Approximately JPY 14 billion)

*2 Class R Trust Certificate represents the right to receive
excess cash flow from the water fall at trust level.

Scheduled Total Issuance Amount: Approximately JPY 14 billion

Expected Dividend Payment: Quarterly

Expected Closing Date: April 10, 2012

Expected Maturity Date: May 2, 2017

Legal Final Maturity Date: May 2, 2021

Underlying Asset: A non-recourse loan (the loan)

Underlying Loan Amount: JPY14 billion

Underlying Property: A full-service hotel located in the Tokyo
metropolitan district

Originator: SMBC Nikko Securities Inc. ("SMBC Nikko Securities")

Arranger: SMBC Nikko Securities

Trustee: DB Trust Company Limited Japan ("DB Trust")

Special Servicer: Premier Asset Management Company

Rating Rationale

SMBC Nikko Securities will entrust the underlying loan to DB
Trust, and upon receipt of trust certificates in return, it will
transfer the trust certificates to investors. Dividends on the
trust certificates will depend on the interest payments on the
loan. Interest on the loan will be depend on a cash flow from the
Underlying Property.

The interest rate on the loan is fixed. The waterfalls at the
borrower and the trust levels are sequential.

The transaction has a two-year internal tail period between the
expected and the final maturities (April 28, 2017 and April 30,
2019) of the loan and two-year tail period at the CMBS level
between the final maturity of the loan and the legal final
maturity of the trust certificates (May 2, 2021).

The subject deal is a single-borrower / single-asset CMBS
transaction. The ratings are based mainly on 1) the quality of
the Underlying Property ; 2) the amortization mechanism; 3) the
credit support provided by the senior/subordinate structure, as
illustrated by the loan-to-value (LTV) and level of stressed DSCR
; and 4) the legal and structural integrity of the transaction.

Moody's estimated the credit support levels for each of the rated
classes based on Moody's net cash flow and value for the
Underlying Property. The following are Moody's LTVs and Stressed
DSCRs for each rated class. Moody's considers these numbers
appropriate for each of the ratings.

Moody's LTV:

Total amount of the subject classes and the classes senior to the
subject classes / Moody's Value for the Underlying Property

Class A Trust Certificate: Closing, 50.5%; Balloon*3, 41.0%

Class B Trust Certificate: Closing, 57.3%; Balloon, 47.8%

Class C Trust Certificate: Closing, 65.7%; Balloon, 56.2%

Class D Trust Certificate: Closing, 73.6%; Balloon, 64.1%

*3 The Balloon LTV in each case is based on Moody's expected
outstanding debt balance at balloon (the final maturity of the
loan) as estimated by Moody's.

Moody's Stressed DSCR:

Moody's Net Cash Flow / (Total amount of the subject debt and
senior to the debt - a 6.5% Loan Constant).

Class A Trust Certificate: Closing, 1.86x; Balloon*4, 2.29x

Class B Trust Certificate: Closing, 1.64x; Balloon, 1.96x

Class C Trust Certificate: Closing, 1.43x; Balloon, 1.67x

Class D Trust Certificate: Closing, 1.28x; Balloon, 1.46x

*4 The Balloon Stressed DSCR in each case is based on 1) the
outstanding debt balance at balloon (the final maturity of the
loan), as estimated by Moody's and 2) a 6.5% loan constant.

The principal methodology used in this rating was Moody's
"Updated: Moody's Approach to Rating CMBS Transactions in Japan,"
published on September 30, 2010, and available on
www.moodys.co.jp.

Moody's received and took into account one or more third-party
assessments on the due diligence performed regarding the
underlying assets or financial instruments in this transaction
and the assessments had a neutral impact on the rating.

The V Score for this transaction is Medium, which is same as the
Medium V Score assigned to the Japanese Single Borrower CMBS
sector.

Moody's V scores provide a relative assessment of the quality of
available credit information and the potential variability of
various inputs in a rating determination. The V score ranks
transactions by the potential for significant rating changes
owing to uncertainty about the assumptions due to data quality,
historical performance, the level of disclosure, transaction
complexity, modelling, and the transaction governance that
underlie the ratings. V scores apply to the entire transaction,
not to individual tranches.

If Moody's valuation of the property -- used in determining the
initial rating -- was reduced by 5%, 15%, or 25%, the model
output for the Class A Trust Certificate would be Aa2, Aa3, A3,
the Class B Trust Certificate would be A1, A3, Baa3, the Class C
Trust Certificate would be Baa1, Baa3, Ba3, and the Class D Trust
Certificate would be Ba1, Ba3, B3 respectively (the "parameter
sensitivities").

Parameter sensitivities are not intended to measure how the
rating might migrate over time; rather, they are designed to
provide a quantitative calculation of how the initial rating
might change if key input parameters used in the initial rating
process differed. The analysis assumes that the deal has not
aged, and does not factor structural features such as sequential
payment effect. Parameter sensitivities reflect only the ratings
impact of each scenario from a quantitative/model-indicated
standpoint. Qualitative factors are also taken into consideration
in the ratings process, so the actual ratings that would be
assigned in each case could vary from the information presented
in the parameter sensitivity analysis.

The rating implementation guidance, Moody's "Updated Report on V
Scores and Parameter Sensitivities for Structured Finance
Securities," published on September 30, 2010, and "V Scores and
Parameter Sensitivities in the Asian CMBS Sector," published on
September 30, 2010, are available on www.moodys.co.jp.


BANK OF TOKYO-MITSUBISHI: Moody's Affirms D BFSR; Outlook Stable
----------------------------------------------------------------
Moody's Investors Service affirmed Bank of Tokyo-Mitsubishi UFJ
(Mexico), S.A., Institucion de Banca Multiple Filial's bank
financial strength rating (BFSR) of D. Moody's de M‚xico also
affirmed BTMUM's Mexican National Scale long and short term
deposit ratings of Aa1.mx and MX-1, respectively. BTMUM's Ba2
baseline credit assessment, which is derived from the D BFSR,
remains unchanged. The outlook on all ratings is stable.

Ratings Rationale

The affirmation of all BTMUM ratings incorporates its small local
franchise and specialized lending scope, predominantly catering
to the Mexican operations of its Japanese client base. The
affirmation also acknowledges the recent capitalization by its
parent bank, late in 2011, and the normalization of its asset
quality indicators, following a temporary spike in delinquencies
caused by regulatory reclassification of some specific loans.

As a wholly-owned subsidiary of The Bank of Tokyo-Mitsubishi UFJ,
Ltd. (whose deposits are rated Aa3 by Moody's, based on a
baseline credit assessment of A3), BTMUM is primarily focused on
servicing Japanese corporations operating in Mexico, through a
corporate lending and trading business model. Many of these
clients are related to the auto industry, and benefit from
guarantees provided to BTMU in Japan by their parent companies;
as such, BTMUM's loan book carries relatively moderate credit
risk. Moreover, dollar denominated loans to prime Mexican
corporations are done by BTMUM's sister Mexican agency and booked
directly through The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York
Branch. Following the capitalization, BTMUM became a direct
subsidiary of BTMU with 79.93% ownership, followed by BTMU North
America International, Inc. with 20.07%. BTMUM had Mx$9.8 billion
in assets as of year-end 2011, which represent 0.16% of the
Mexican banking system's assets.

BTMUM maintains good risk management standards that are aligned
with and supported by parent company guidelines. Risk governance
is enhanced through various committees with direct reporting to -
and participation of- risk officers from head office.

The US$200 million capitalization of BTMUM by its parent bank
brought total capital to Mx$3.5 billion in the fourth quarter of
2011, and will allow the Mexican subsidiary to increase its
lending activity within its core target market composed of
Japanese corporations related to the auto industry. For now,
Moody's concerns about large credit risk concentration in BTMUM's
balance sheet have been addressed with the capitalization, but as
lending increases, Moody's expects that large exposures to
corporate borrowers will increase again. High single borrower
concentrations, measured against Tier 1 capital and preprovision,
pre-tax income (PPI), could be of concern were the quality of
some sizable loans to deteriorate.

The last rating action regarding this issuer was on 3 March 2011
when Moody's affirmed all of BTMUM's ratings.

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.

Moody's National Scale Ratings (NSRs) are intended as relative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
relative risks. NSRs differ from Moody's global scale ratings in
that they are not globally comparable with the full universe of
Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country. NSRs are designated
by a ".nn" country modifier signifying the relevant country, as
in ".mx" for Mexico.


TITAN JAPAN: S&P Keeps 'BB' Rating on Class A Bonds on Watch Neg
----------------------------------------------------------------
Standard & Poor's Ratings Services kept its rating on the class A
floating-rate bonds issued under the Titan Japan, Series 1 GK
(Titan) transaction on CreditWatch with negative implications.
"At the same time, we affirmed our ratings on classes B to D. We
initially placed our rating on class A on CreditWatch negative on
Nov. 29, 2011. Then, on Dec. 21, 2011, we simultaneously lowered
our rating on class A to 'BB (sf)' from 'BBB (sf)' and kept it on
CreditWatch negative," S&P said.

"Of the six loans that backed the transaction when the bonds were
issued in December 2007, only four loans remain. Two of the
remaining loans (effectively one loan because the two loans are
in cross-collateral and cross-default) defaulted at their
maturity in November 2010. The two loans originally represented
about 64% of the total initial issuance amount of the bonds," S&P
said.

"These two loans are backed by a portfolio of suburban shopping
centers that are set to be sold in bulk. However, the shopping
centers have not yet been sold," S&P said.

"On Dec. 21, 2011, we revised downward our assumption with
respect to the likely collection amount from the shopping centers
backing the above two remaining loans, and lowered our ratings on
classes A to C accordingly. Under our revised assumption, we
estimated the combined value of the properties to be about 43% of
our initial underwriting value. We also maintained our
CreditWatch negative placement for class A on Dec. 21, 2011,
because we considered the need to review our rating on that class
after ascertaining
primarily progress in the sales of the shopping centers in
question," S&P said.

"With the transaction's legal final maturity date less than eight
months away, we see growing uncertainty over the completion of
the sales of the shopping centers in question by that date.
Nevertheless, because the servicer is progressing with its sales
plan, we require additional time to confirm the status of the
property sales before reviewing our rating. We are keeping the
rating on class A on CreditWatch negative to reflect this view,"
S&P said.

"At the same time, we affirmed our ratings on classes B to D
because these classes are already rated 'CCC (sf)' or 'CCC-
(sf)'," S&P said.

"Titan is a multiborrower commercial mortgage-backed securities
(CMBS) transaction. The bonds were originally secured by six
nonrecourse loans extended to six obligors. The nonrecourse loans
were initially backed by 43 real estate properties or real estate
beneficial interests. The transaction was arranged by Credit
Suisse Securities (Japan) Ltd., and Premier Asset Management Co.
acts as the servicer for this transaction," S&P said.

"The ratings reflect our opinion on the likelihood of the full
and timely payment of interest and the ultimate repayment of
principal by the transaction's legal final maturity date in
November 2012 for the class A bonds, and the full payment of
interest and ultimate repayment of principal by the legal
maturity date for the class B to D bonds," S&P said.

             Standard & Poor's 17g-7 Disclosure Report

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

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

         http://standardandpoorsdisclosure-17g7.com

RATING KEPT ON CREDITWATCH NEGATIVE
Titan Japan, Series 1 GK
JPY125.8 billion floating-rate bonds due Nov. 2012
Class      Rating                 Initial issue amount
A          BB (sf)/Watch Neg      JPY90.2 bil.

RATINGS AFFIRMED
Titan Japan, Series 1 GK
Class      Rating         Initial issue amount
B          CCC (sf)       JPY12.1 bil.
C          CCC- (sf)      JPY11.8 bil.
D          CCC- (sf)      JPY11.7 bil.


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


BRIDGECORP LTD: Ex-Directors Hide Default Knowledge, Crown Says
---------------------------------------------------------------
Fairfax NZ News reports that the Crown has accused Bridgecorp
Ltd's former directors of putting up a "smokescreen" to hide
their knowledge that the company was defaulting on payments to
investors four months before its receivership.

The company's former directors Rod Petricevic, Rob Roest and
Peter Steigrad are facing 10 Securities Act charges relating to
allegedly making untrue statements in prospectus documents when
raising money from the public.

In the High Court at Auckland on March 14, the news agency
relates, Financial Markets Authority lawyer Brian Dickey began
his closing statement by saying that any suggestion Messrs.
Petricevic and Roest did not know the statements were false was
"nothing more than a smokescreen for known defaults".

According to the report, Mr. Dickey painted a grim picture of
Bridgecorp's final months in operation, summarizing the company's
problems around the suspension of its Australian business, the
dropping reinvestment and new investment rates, and a loan book
which was not being repaid by December 2006.

All of the issues would have been reported monthly to the board
and clearly visible in the company's cash bank account position,
Mr. Dickey, as cited by Fairfax NZ, said.

                      About Bridgecorp Ltd

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

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

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


HANOVER FINANCE: Hotchin Auckland Mansion Now Cost NZ$43 Million
----------------------------------------------------------------
BusinessDesk reports that the cost of failed Hanover Finance boss
Mark Hotchin's Auckland mansion has blown out to NZ$43 million,
making it one of New Zealand's most expensive homes.

Built over three sections in cliff-top Paritai Drive, often known
as Auckland's richest street, the home is at the centre of
attempts by Mr. Hotchin to make a living while protracted
litigation relating to the Hanover Finance collapse plays out,
the report says.

According to the report, Mr. Hotchin put NZ$12.5 million of his
own money into the development, which is owned by a family trust
known as KA4. Once completed, the mansion could free up funds for
Mr. Hotchin, depending on its sale price, BusinessDesk relates.

However, his lawyer, Bruce Stewart QC, told the Court of Appeal
Mr. Hotchin was willing "not to access that NZ$12 million" except
by agreement with the Financial Markets Authority or by court
order, says BusinessDesk.

BusinessDesk says the court heard also that a NZ$4.5 million
mortgage had recently been approved to complete the development.

That takes the seven bedroom home's total development cost to
NZ$43 million, from a previously disclosed NZ$35 million, to take
it past the NZ$40 million price tag placed on Russian steel
magnate Alexander Abramov's Northland mansion, which was today
labelled the country's most expensive home, the report notes.

The FMA and Serious Fraud Office are both investigating
Mr. Hotchin, although the FMA is only pursuing civil action. The
SFO has yet to complete its investigation into the Hanover
collapse.

                     About Hanover Finance Limited

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

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

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

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


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


RIZAL COMMERCIAL: Moody's Issues Summary Credit Opinion
-------------------------------------------------------
Moody's Investors Service issued a summary credit opinion on
Rizal Commercial Banking Corporation and includes certain
regulatory disclosures regarding its ratings. This release does
not constitute any change in Moody's ratings or rating rationale
for Rizal Commercial Banking Corporation.

Moody's current ratings on Rizal Commercial Banking Corporation
are:

Senior Unsecured (foreign currency) ratings of Ba2

Senior Unsecured MTN Program (foreign currency) ratings of (P)Ba2

Long Term Bank Deposits (foreign currency) ratings of Ba2

Bank Financial Strength ratings of D-

Subordinate MTN Program (foreign currency) ratings of (P)Ba3

Preferred Stock Non-cumulative (foreign currency) ratings of B3
(hyb)

Short Term Bank Deposits (foreign currency) ratings of NP

Other Short Term (foreign currency) ratings of (P)NP

Ratings Rationale

Rizal Commercial Banking Corporation's bank financial strength
rating ("BFSR") of D- reflects its well established niche in the
corporate middle market and special economic zones, improved
capitalization, and potential synergies from its affiliation with
the Yuchengco Group of companies.

The rating additionally takes into account its relatively small
market presence, modest earnings, and weak asset quality. Its
past reliance on external support provided through regulatory
forbearance also serves as a constraint on its rating.

Moody's assessment of a high probability of systemic support for
RCBC, and a systemic support input assumption of Baa3 result in
an uplift in its global local currency deposit ratings from its
Ba3 baseline credit assessment ("BCA"). As the Philippines'
country foreign currency deposit ceiling is at Ba2, the bank's
foreign currency long-term deposit rating is constrained at Ba2.
The Baa3 systemic support input's two notch lift above the local
currency government bond rating of Ba2 takes into consideration
Moody's expectations that the risk of a system-wide banking
crisis is low and the risk that the government "ring-fencing" its
own position from the banking system is medium.

Thus, the deposit and debt ratings of RCBC incorporate four main
elements: (1) the bank's BFSR of D-, which translates into a BCA
of Ba3; (2) Moody's assessment of a high probability of systemic
support from the government of the Philippines and a systemic
support input assumption of Baa3; (3) the Philippines' foreign
currency deposit and debt ceilings of Ba2 and Baa3, respectively;
and (4) the seniority of its deposits and debts.

Rating Outlook

On June 15, 2011, RCBC's foreign currency long-term deposit
rating was raised to Ba2 from Ba3. This was in line with the
sovereign rating action that raised Philippines sovereign's
foreign currency deposit ceiling to Ba2 from Ba3. RCBC's rating
remains constrained by the foreign currency deposit ceiling. The
rating outlook is stable.

What Could Change the Rating - Up

- Significant reduction in non-performing assets without
regulatory forbearance

- Sustained improvement in profitability as a result of better
utilization of its affiliations with the Yuchengco group for
cross-selling opportunities

- Increase in its systemic importance through prudent growth in
its market share

What Could Change the Rating - Down

- Deterioration in the bank's asset quality, such that earnings
and capital are affected

- Aggressive organic growth and/or acquisitions at the expense of
capital, asset quality and profitability

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


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

Moody's current ratings on United Coconut Planters Bank are:

Long Term Bank Deposits (foreign currency) ratings of B2

Long Term Deposit Note/CD Program (foreign currency) ratings of
(P)B2

Bank Financial Strength rating of E

Short Term Bank Deposits (foreign currency) ratings of NP

Short Term Deposit Note/CD Program (foreign currency) ratings of
(P)NP

Ratings Rationale

Moody's assigns a bank financial strength rating ("BFSR") of E to
the United Coconut Planters Bank of the Philippines ("UCPB"),
which translates to a baseline credit assessment of Caa1. The
rating reflects the bank's thin capitalization, history of
continuing net losses, weak asset quality, restricted access to
capital, and uncertainty over whether its rehabilitation program
can successfully rebuild its diminished franchise.

Moody's assessment of the high probability of systemic support
for UCPB and systemic support input assumption of Baa3 results in
an uplift in its local currency deposit ratings from the Caa1
baseline credit assessment (BCA).

The bank's foreign currency rating is B2/NP. The Baa3 systemic
support input's two notch uplift above the local currency
government bond rating of Ba2 takes into consideration Moody's
expectations that the risk of a system-wide banking crisis is low
and the risk that the government "ring-fencing" its own position
from the banking system is medium.

Thus, the deposit ratings of UCPB incorporate two main elements:
(1) the bank's BFSR of E, which translates into a BCA of Caa1 and
(2) Moody's assessment of the high probability of systemic
support from the government of the Philippines (a component of
joint default analysis, referred to as JDA).

Rating Outlook

The outlook for UCPB's ratings is stable.

What Could Change the Rating - Up

- Significant improvements in financial conditions including its
profitability and asset quality

- Resolution of the share sequestration and ownership issues
thereby lifting restrictions on capital-raising

- Sale to a strong third-party investor with commercial
objectives

What Could Change the Rating - Down

- Developments that lower the probability of systemic support,
such as downgrades to the country ceiling

- Mergers among its competitors such that UCPB's industry
position is marginalized to the point where it becomes
systematically less important could affect its deposit rating

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.


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


EVERVAST CONSTRUCTION: Court to Hear Wind-Up Petition on March 23
-----------------------------------------------------------------
A petition to wind up the operations of Evervast Construction Pte
Ltd will be heard before the High Court of Singapore on March 23,
2012, at 10:00 a.m.

Logistics Engineering Pte Ltd filed the petition against the
company on Feb. 28, 2012.

The Petitioner's solicitors are:

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


FRESH MILK: Court to Hear Wind-Up Petition on March 23
------------------------------------------------------
A petition to wind up the operations of Fresh Milk Suppliers Pte
Ltd will be heard before the High Court of Singapore on March 23,
2012, at 10:00 a.m.

Indian Bank filed the petition against the company on Feb. 28,
2012.

The Petitioner's solicitors are:

          Mallal & Namazie
          138 Robinson Road, #10-01
          The Corporate Office
          Singapore 068906


HAKO OFFSHORE: Court to Hear Wind-Up Petition on March 23
---------------------------------------------------------
A petition to wind up the operations of Hako Offshore Pte Ltd
will be heard before the High Court of Singapore on March 23,
2012, at 10:00 a.m.

Svitzer Salvage Asia Pte Ltd filed the petition against the
company on Feb. 27, 2012.

The Petitioner's solicitors are:

          Gurbani & Co.
          78 Shenton Way, #31-02
          Singapore 079120


HENG ELECTRICAL: Creditors Get 97.0098% Recovery on Claims
----------------------------------------------------------
Heng Electrical Engineering Pte Ltd declared the first and final
dividend on March 8, 2012.

The company paid 97.0098% for preferential claims.

The company's liquidator is:

         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


JURONG HI-TECH: Creditors Get 100% Recovery on Claims
-----------------------------------------------------
Jurong Hi-Tech Industrial Pte Ltd declared the first and final
dividend on March 14, 2012.

The company paid 100% for preferential and 2.87% for ordinary
claims.

The company's liquidator is:

         Tam Chee Chong
         c/o 6 Shenton Way
         #32-00 DBS Building Tower Two
         Singapore 068809


JURONG TECHNOLOGIES: Creditors Get 100% Recovery on Claims
----------------------------------------------------------
Jurong Technologies Industrial Corpn Ltd declared the first and
final dividend on March 14, 2012.

The company paid 100% for preferential and 1.20% for ordinary
claims.

The company's liquidator is:

         Tam Chee Chong
         c/o 6 Shenton Way
         #32-00 DBS Building Tower Two
         Singapore 068809


LERNOUT & HAUSPIE: Creditors' Meetings Set for March 21
-------------------------------------------------------
Lernout & Hauspie Asia Pte Ltd, which is liquidation, will hold a
meeting for its creditors on March 21, 2012, at 10:00 a.m., at 8
Wilkie Road, #03-08 Wilkie Edge, in Singapore 228095.

Agenda of the meeting include:

   a. to provide an update on the status of liquidation;

   b. to approve a first and final dividend on the admitted
      preferential claims pursuant to S328(1)(b) to S328(1)(f);

   c. to consider and if thought fit, to approve Liquidators'
      fees; and

   d. discuss other business.

The company's liquidators are:

         Chee Yoh Chuang
         Lim Lee Meng
         c/o 8 Wilkie Road
         #03-08 Wilkie Edge
         Singapore 228095


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


CHANG HWA: Moody's Upgrades BFSR to 'D+'; Outlook Stable
--------------------------------------------------------
Moody's Investors Service has affirmed the A3 long-term deposit
ratings, as well as the P-1 short-term deposit ratings of
Taiwan's Chang Hwa Commercial Bank, First Commercial Bank and Hua
Nan Commercial Bank with a stable outlook.

At the same time, Moody's has upgraded the standalone bank
financial strength ratings (BFSRs) of these three banks to D+
from D. The D+ BFSRs now map to Ba1 on Moody's long-term rating
scale. The outlook on their BFSRs is also stable.

Because there is no change in FCB's long-term deposit rating, the
issuer rating of First Financial Holding Co Ltd (FFHC), its
parent company, remains unchanged at Baa1/stable.

Ratings Rationale

The upgrades in the BFSRs of the "Big Three" state-controlled
commercial banks, CHCB, FCB, and HNCB, reflect their improved
financial fundamentals in terms of profitability, good asset
quality, and strong liquidity that have been maintained in the
past two years following the financial crisis.

The improvement in the capital adequacy of FCB and HNCB due to
recent capital injections from their parents, as well as their
reduced cash dividend payouts, also support our decision for an
upgrade in their BFSRs.

FCB's Tier 1 capital ratio (preliminary unconsolidated) improved
to 8.34% as of end-2011, from 7.0% at end-2010, following a
capital injection of TWD15 billion by FFHC in 2H2011.

Meanwhile, HNCB's Tier 1 capital ratio is also expected to
improve to above 8.5% from 7.55% (consolidated) at end-2010,
following a capital injection of TWD20 billion from its parent
Hua Nan Financial Holding Co Ltd in 1Q2012.

CHCB's Tier 1 capital ratio was 8.04% as at end-3Q2011.

Moody's expects that these banks will endeavor to maintain a Tier
1 capital ratio of at least 8% to meet the regulatory
requirements for their China expansions. The 8% threshold is the
requirement by Taiwanese regulator for banks who want to set up a
subsidiary in China.

In addition, these three banks have demonstrated consistent
improvements in their profitability, as measured by both pre-
provision income (PPI) and net income as a percentage of risk-
weighted assets in 2011. All of them reported stronger net
profits for the first nine months of 2011, which was mainly
driven by higher net interest margins, increased loan balances,
and lower loan loss provisions. Nonetheless, core profitability
continues to be weak compared to banks globally and this is a
constraining factor for all Taiwanese bank ratings.

The asset quality of these three banks held up well throughout
the global financial crisis, and significantly outperformed their
regional and global peers. Their non-performing loan (NPL) ratios
were very low, and remained below 1% as of end-2011. However,
given sluggish global economic growth and its impact on Taiwan's
economy, which is largely export-driven, we expect these banks'
NPL ratios to deteriorate slightly in the next 12-18 months.
According to our stress test assumptions, the deterioration in
asset quality should remain manageable despite stresses in the
troubled DRAM and TFT-LCD industries.

These banks have strengthened their loan loss reserves to around
1% of their total loans, which bolster their abilities to absorb
potential credit costs from the troubled tech sector, following
encouragement by the regulator to raise loan loss reserves to
cover at least 1% of their total loans, despite very low NPL
ratios.

The upgrade also incorporates Moody's view that the strong
franchises of these banks as well as their association to the
government engender trust among customers. This strong customer
confidence should allow these banks to withstand severe stress
over an extended period of time.

Despite the favorable trends in their financial fundamentals, one
of the credit challenges for these three banks, which is common
for other Taiwanese banks, remains their high single-borrower
concentration. Compared to global peers, CHCB, FCB and HNCB have
high top 20 borrower concentration relative to their Tier 1
capital and PPI. Such concentration could lead to heightened
volatility in their asset quality and profitability and, by
extension, in their capital, in the event of a significant
economic downturn.

The affirmation of CHCB, FCB and HNCB's A3/P-1 deposit ratings
considers the very high support from the Taiwan government due to
the banks' status as important government-controlled banks with a
strong market presence. The Taiwan government -- the systemic
support provider and with high propensity for support -- has a
local currency deposit ceiling of Aa3 with a stable outlook. It
also reflects the strong liquidity of these banks given their
little reliance on wholesale funding and the fact that they are
largely deposit-funded.

There is limited upside potential on these ratings in the short
term. Upward rating pressure could emerge over the longer-term if
these banks have: (1) consistent improvement in profitability
with net income exceeding 1.1% of risk-weighted assets; (2) core
Tier 1 capital ratio rising above 10%; (3) asset quality metrics
maintained at around the current levels; and (4) a material
reduction in their top 20 borrower exposures as a percentage of
Tier 1 capital declining below 200%, and as percentage of PPI
declining below 750%.

Nonetheless, their ratings could be downgraded if any individual
bank has (1) significant deterioration in its asset quality and a
rise in credit costs, with problem loans rising above 2.5% of
gross loans; (2) Tier 1 capital ratio falling below 7%; (3)
weakened profitability, with net income below 0.6% of risk-
weighted assets; and (4) lower systemic support as a result of
reduced government ownership.

Rating Methodologies

The methodologies used in these ratings 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.

Headquartered in Taichung, Taiwan, Chang Hwa Commercial Bank had
unconsolidated assets of TWD1.56 trillion as of September 30,
2011.

Headquartered in Taipei, Taiwan, First Commercial Bank is one of
the major subsidiaries of FFHC and had unconsolidated assets of
TWD2.06 trillion as of September 30, 2011.

Headquartered in Taipei, Taiwan, Hua Nan Commercial Bank is one
of the major subsidiaries of HNFHC had unconsolidated assets of
TWD1.91 trillion as of September 30, 2011.


RADIUM LIFE: Fitch Downgrades Nat'l Long-Term Rating to 'BB+'
-------------------------------------------------------------
Fitch Ratings has downgraded Taiwan-based property developer
Radium Life Tech. Corp. Ltd's National Long-Term Rating to
'BB+(twn)' from 'BBB(twn)'.  The Outlook is Stable.

The downgrade reflects the weaker-than-expected performance of
RLT's investment property and hotel operations.  Rental for its
mall located at Taipei Station was constrained by competitive
pressure and low profit-sharing between RLT and its tenants,
despite full occupancy.  For FY11, RLT's recurring EBITDA
interest coverage was less than 1x.  Fitch expects the low
recurring EBITDA interest coverage to persist unless RLT is able
to significantly increase its rental collections or lower its
operating cost structure over the medium term.

Radium's only hotel, Radium-Kagaya, experienced weak occupancy
rates averaging at 35% in 2011 amid weaker economic sentiment and
lower tourist arrivals from Japan (one of the key markets) after
Japan's earthquake and tsunami incident in March 2011.  The hotel
has yet to break even since becoming operational in December
2010.

RLT's credit profile is supported by its proven track record in
property development activities and quality locations of its
property development projects that have close proximity to rapid
transit stations in Taipei's metropolitan area.  Its practice of
pre-selling projects not only augments funding needed for
development costs, but also provides significant visibility on
demand and market viability.  Furthermore, for most of its
projects, RLT incurs minimal upfront costs as it does not need to
acquire land bank.  Instead, land is provided by the local
government and in return the government receives a portion of the
completed units from RLT.

The rating, however, is constrained by RLT's small operational
scale and limited geographical diversification.  RLT's large
working capital requirements also result in significant
volatility in leverage and liquidity over the medium term.

The Stable Outlook reflects Fitch's view that recurring income,
though lower than previously expected, will provide sufficient
coverage to interest on debt financing investment properties, and
that development risks will remain manageable.

Fitch may consider negative rating action if recurring EBITDA to
non-property development related interest expense is less than 2x
and/or available liquidity (sum of unrestricted cash, undrawn
committed credit facilities and expected free cash flow over the
next 12 months) to total short-term debt is less than 1x on a
sustained basis.  Fitch estimates that these measures were 4.09x
and 0.87x, respectively in 2011.

No positive action is currently envisaged over the next 12-24
months given the constraints posed by RLT's small size.  Fitch
may consider positive rating action if the company's recurring
EBITDA exceeds TWD1.5bn per annum and recurring income EBITDA to
total interest expense exceeds 1.5x.


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


VIETINBANK: Moody's Assigns 'E+' Bank Financial Strength Rating
---------------------------------------------------------------
Moody's Investors Service has assigned the following ratings to
Vietnam Joint Stock Commercial Bank for Industry and Trade:

* B1 long-term foreign currency debt rating to the proposed
   issue of senior unsecured notes

* B2 / Not-Prime long and short-term foreign currency deposits

* B1 / Not-Prime long and short-term local currency deposits

* B1 / Not-Prime long and short-term foreign currency issuer
   ratings

* B1 / Not-Prime long and short-term local currency issuer
   ratings

* Bank Financial Strength Rating (BFSR) of E+

Ratings Rationale

The outlook for all ratings is stable, except for the foreign
currency senior unsecured notes, and foreign currency deposit and
issuer ratings, which carry a negative outlook, in line with the
outlook for the foreign currency ceilings of Vietnam.

The BFSR of E+, which translates into a Baseline Credit
Assessment (BCA) of B2, reflects the bank's fundamental credit
strength, which is constrained by its: (i) low risk-absorption
capacity; (ii) weak asset quality, as well as low loan-loss
reserve coverage when compared to its global peers; (iii) very
high single-borrower concentrations; (iv) tight liquidity; and
(v) the inherent challenges of the operating environment in
Vietnam.

On the other hand, the ratings are underpinned by: (i) the size
of its franchise as the second-largest bank in Vietnam in terms
of assets; (ii) its large customer base of major state-owned
enterprises that has been a relatively stable source of income;
and (iii) the potential benefits of skills transfer from its
strategic partner, the International Finance Corporation (IFC;
unrated), which holds a 10% stake in Vietinbank.

Vietinbank's Tier 1 capital ratio stood at 9.8% at the end of
2011 in accordance with Basel I calculations. But, in stressed
conditions, the bank's ability to absorb expected medium-term
credit losses under Moody's stress-test scenarios is weaker than
its rated peers due to its relatively lower earnings and loan-
loss reserves cushion.

Moody's believes that Vietnamese banks require Tier 1 capital
ratios well in excess of 9% in order to provide adequate coverage
in the current challenging economic environment in the country as
well as support future loan growth.

The bank's asset quality is deteriorating and its true level of
non-performing loans by international standards is hard to
estimate. Based on Vietnamese Accounting Standards (VAS), non-
performing loans (defined as loans 90+ days overdue) increased to
VND2.2 trillion (0.8% of gross loans) at end-2011, from VND1.5
trillion (0.7%) at end-2010.

Based on IFRS, non-performing loans were VND9.4 trillion (4%) at
end-2010 (data as of end-2011 is currently unavailable),
illustrating Moody's concern that the true level of non-
performing loans under VAS is under-stated. Further, the bank's
loan-loss reserve coverage ratio was low at 33% at end-2010 under
IFRS (138% under VAS). Moody's expects asset quality risks to
increase during the next two years.

In addition, its loan portfolio's single-borrower concentration,
relative to its core capital and earnings, is much higher than
its regional and global peers. Such concentration exposes
earnings to volatility and may affect asset quality in a
downturn. Its top 20 loan exposures are over 700% of pre-
provision profits.

As with most other Vietnamese banks, Vietinbank's liquidity
position is tight, as evidenced by a 114% loan-to-deposit ratio
at end-2011 (115% at end-2010). Its sizable and stable core
deposit base accounted for nearly 61% of its funding at end-
2011, with a profile mainly in local currency. This concern is
somewhat offset by the fact that short-term assets formed 32% of
total assets at end-2011.

Vietinbank is the second-largest state-owned bank in Vietnam by
assets. It was partially privatized at the end of 2008. The
government's stake in the bank is expected to fall to 51% from
80% in the next three years. It is currently ranked fourth in
terms of system deposits and third in terms of loans, while its
lending is weighted towards the commercial segment.

The IFC tie-up aims to enhance Vietinbank's SME business,
strengthen its internal controls, IT and risk management
infrastructure.

Vietinbank's profitability is modest due to worsening economic
conditions. Pre-provision profits to average risk-weighted assets
were 2.5% on average for the past three years, around the E+
regional peer group median.

Only 10% of the bank's income is derived from a combination of
fees and commission, insurance, dividend and treasury income.
Amid a fiercely competitive environment, the bank will continue
to face the challenge of enhancing its retail franchise and fee-
based income.

A BFSR upgrade is unlikely in the near term, given: (i) Vietnam's
challenging operating environment; (ii) the absence of a robust
global recovery; (iii) tight liquidity; and (iv) deterioration in
loan quality.

On the other hand, the stable outlook on the ratings could change
to negative if: (i) there is a significant erosion in franchise
value; (ii) the bank's Tier 1 capital ratio falls below 6%; (iii)
the mismanagement of the bank's growth strategy adversely affects
its liquidity profile such that loan-to-deposit ratios exceed
150%; and (iv) material losses arising from its loan book results
in its non-performing loans ratio exceeding 6% under IFRS.

In a low support country like Vietnam, Vietinbank's long-term
global local currency (GLC) deposit rating of B1 is based on
Moody's assessment of a very high degree of systemic support due
mainly to its importance, given its size in the banking sector.
The GLC deposit rating therefore benefits from a one-notch uplift
from the B2 BCA.

The bank's long-term foreign and local currency issuer ratings
are also positioned at B1. Both local- and foreign-currency
short-term deposit and issuer ratings are rated Not-Prime.

In addition, Moody's has assigned a B1 foreign currency debt
rating to the senior unsecured notes to be issued by Vietinbank.
The exact amount, maturity, and pricing of the issuance have not
been finalized. The B1 rating--the same as the bank's long-term
GLC deposit rating (and at Vietnam's B1 foreign currency bond
ceiling)--assigned to these senior notes also incorporates
Moody's expectation of systemic support.

These notes will constitute direct, unconditional,
unsubordinated, and unsecured obligations of Vietinbank and will
rank pari passu among themselves and equally with all other
unsecured senior obligations.

Principal Methodologies

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.

Established in 1988, Vietinbank is the second-largest bank in
Vietnam. Headquartered in Hanoi, the bank reported total assets
of VND461 trillion (approximately US$22 billion) at end-2011.


VIETNAM JOINT: S&P Gives 'B+/B' Counterparty Credit Ratings
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long-term
and 'B' short-term counterparty credit ratings to Vietnam Joint
Stock Commercial Bank for Industry and Trade. "The outlook on the
long-term rating is negative. At the same time, we assigned our
'B+' issue rating to the bank's proposed issue of senior
unsecured notes," S&P said.

"Standard & Poor's bases its ratings on Vietinbank on the
economic and industry risk in Vietnam, the bank's 'strong'
business position, 'very weak' capital and earnings, 'adequate'
risk position, 'average' funding, and 'adequate' liquidity, as
our criteria defines those terms. The stand-alone credit profile
(SACP) of the bank is 'b'," S&P said.

"Vietinbank's strong business franchise in Vietnam and good
geographic reach (with an extensive branch network) within the
country support the bank's business position," Standard & Poor's
credit analyst Ivan Tan. "The bank is one of the three largest
banks in the country and has a market share of 13% in deposits."

"We expect Vietinbank to benefit from foreign strategic
partnerships as part of its ongoing privatization. The bank's
risk management practices are likely to gradually improve. In
2011, the International Finance Corp. (IFC) acquired a stake of
about 10% in Vietinbank; the bank is looking for a second
strategic partner," S&P said.

"Our assessment of Vietinbank's capital and earnings is based on
our expectation that the bank's pre-diversification risk-adjusted
capital (RAC) ratio will remain about 2%-3% in the next 12-18
months," said Mr. Tan. "We anticipate that the bank's earnings
will decline in 2012 due to margin pressure and higher credit
costs. However, we expect these earnings to support the 17% loan
growth target that the regulator has set."

"We assess Vietinbank's risk position as 'adequate' because of
the bank's simple business model, where the bulk of its revenue
comes from traditional commercial lending products. We expect
Vietinbank's asset quality to remain weak by international
standards due to operating environment risks in Vietnam's banking
industry and the bank's evolving risk management practices and
rapid loan growth in recent years," S&P said.

"Vietinbank's loan to deposit ratio is comparable to the industry
and supports the bank's 'average' funding profile. Vietinbank's
holdings of cash and other liquid assets support its 'adequate'
liquidity profile," S&P said.

"The rating on Vietinbank is one notch above the SACP to reflect
the bank's 'high systemic importance' in Vietnam and our
assessment that the Vietnamese government is 'highly
supportive,'" S&P said

"In line with our criteria, we have equalized the ratings on the
bank's proposed senior unsecured notes with the long-term
counterparty credit rating on Vietinbank," S&P said.

"The negative rating outlook on Vietinbank reflects the outlook
on the sovereign rating on Vietnam (BB-/Negative/B; axBB/axB),"
S&P said.

"We could downgrade Vietinbank if: (1) we lower the sovereign
rating on Vietnam; (2) the bank's asset quality declines
substantially; or (3) its RAC ratio falls below 2% because of an
above-average growth in loans," S&P said.

"We may revise the outlook to stable if: (1) we take a similar
action on the sovereign rating and Vietinbank maintains its
credit profile; or (2) we raise the bank's SACP to 'b+' following
any large capital-raising, including via a stake sale to a
strategic partner, such that the RAC ratio rises above 3%," S&P
said.


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


* BOND PRICING: For the Week March 12 to March 16, 2012
-------------------------------------------------------


  AUSTRALIA
  ---------

ADVANCE ENERGY           9.50    01/04/2015   AUD       1.07
ANTARES ENERGY          10.00    10/31/2013   AUD       2.05
CHINA CENTURY           12.00    09/30/2014   AUD       0.70
DIVERSA LTD             11.00    09/30/2014   AUD       0.07
EXPORT FIN & INS         0.50    12/16/2019   NZD      71.50
EXPORT FIN & INS         0.50    06/15/2020   AUD      68.80
EXPORT FIN & INS         0.50    06/15/2020   NZD      69.55
IMF AUSTRALIA           10.25    12/31/2014   AUD       1.72
KIMBERLY METALS         10.00    08/05/2016   AUD       0.34
MIDWEST VANADIUM        11.50    02/15/2018   USD      69.00
MIDWEST VANADIUM        11.50    02/15/2018   USD      69.00
NEW S WALES TREA         0.50    09/14/2022   AUD      61.99
NEW S WALES TREA         0.50    10/07/2022   AUD      61.81
NEW S WALES TREA         0.50    10/28/2022   AUD      61.65
NEW S WALES TREA         0.50    11/18/2022   AUD      61.49
NEW S WALES TREA         0.50    12/16/2022   AUD      61.27
NEW S WALES TREA         0.50    02/02/2023   AUD      60.90
NEW S WALES TREA         0.50    03/30/2023   AUD      60.47
TREAS CORP VICT          0.50    08/25/2022   AUD      62.21
TREAS CORP VICT          0.50    03/03/2023   AUD      60.58
TREAS CORP VICT          0.50    11/12/2030   AUD      43.32


  CHINA
  -----

CHINA GOVT BOND          1.64    12/15/2033   USD      63.89
CHINA THREE GORG         3.45    04/08/2014   CNY      70.00
CQ TEXILE                6.48    01/12/2018   CNY      70.00
NANTONG INDUSTRY         5.27    05/18/2016   CNY      58.00
ZJG LAND BUREAU          7.80    12/15/2018   CNY      58.00


  HONG KONG
  ---------

CHINA SOUTH CITY        13.50    01/14/2016   USD      74.62
RESPARCS FUNDING         8.00    12/29/2049   USD      33.33


  INDIA
  -----

AKSH OPTIFIBRE           1.00    02/05/2013   USD      41.73
EX-IM BK OF IN           9.45    06/15/2014   INR      10.00
GEMINI COMMUNICA         6.00    07/18/2012   EUR      64.97
PRAKASH IND LTD          5.25    04/30/2015   USD      70.06
PRAKASH IND LTD          5.62    04/30/2015   USD      71.76
SHIV-VANI OIL            5.00    08/17/2015   USD      67.67
SUZLON ENERGY LT         5.00    04/13/2016   USD      64.93
  JAPAN
  -----

ELPIDA MEMORY            0.50    10/26/2015   JPY      72.50
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      60.99
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      62.08
TOKYO ELEC POWER         1.60    05/29/2019   JPY      74.56
TOKYO ELEC POWER         1.45    09/30/2019   JPY      72.34
TOKYO ELEC POWER         1.37    10/29/2019   JPY      71.76
TOKYO ELEC POWER         1.81    02/28/2020   JPY      72.62
TOKYO ELEC POWER         1.48    04/28/2020   JPY      69.25
TOKYO ELEC POWER         1.39    05/28/2020   JPY      69.37
TOKYO ELEC POWER         1.31    06/24/2020   JPY      68.87
TOKYO ELEC POWER         1.94    07/24/2020   JPY      74.81
TOKYO ELEC POWER         1.22    07/29/2020   JPY      68.25
TOKYO ELEC POWER         1.15    09/08/2020   JPY      67.50
TOKYO ELEC POWER         1.63    07/16/2021   JPY      66.00
TOKYO ELEC POWER         2.34    09/29/2028   JPY      65.66
TOKYO ELEC POWER         2.40    11/28/2028   JPY      66.01
TOKYO ELEC POWER         2.20    02/27/2029   JPY      63.96
TOKYO ELEC POWER         2.11    12/10/2029   JPY      62.92
TOKYO ELEC POWER         1.95    07/29/2030   JPY      60.50
TOKYO ELEC POWER         2.36    05/28/2040   JPY      59.75


  MALAYSIA
  --------

ADVANCED SYNERY          2.00    01/26/2018   MYR       0.09
ASTRAL SUPREME           3.00    08/0/2021    MYR       0.09
CRESENDO CORP B          3.75    01/11/2016   MYR       1.35
DUTALAND BHD             7.00    04/11/2013   MYR       0.90
DUTALAND BHD             7.00    04/11/2013   MYR       0.45
ENCORP BHD               6.00    02/17/2016   MYR       0.89
KUMPULAN JETSON          5.00    11/27/2012   MYR       1.30
LION DIVERSIFIED         4.00    12/17/2013   MYR       1.17
MALTON BHD               6.00    06/30/2018   MYR       0.91
MITHRIL BHD              3.00    04/05/2012   MYR       0.76
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.23
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.60
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.21
PANTECH GROUP            7.00    12/21/2017   MYR       0.10
PRESS METAL BHD          6.00    08/22/2019   MYR       2.13
REDTONE INTL             2.75    03/04/2020   MYR       0.10
RUBBEREX CORP            4.00    08/14/2012   MYR       0.68
SCOMI ENGINEERING        4.00    03/19/2013   MYR       0.55
SCOMI GROUP              4.00    12/14/2012   MYR       0.06
TRADEWINDS CORP          2.00    02/26/2016   MYR       1.57
WAH SEONG CORP           3.00    05/21/2012   MYR       2.41
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.63
YTL CEMENT BHD           5.00    11/10/2015   MYR       2.34
YTL LAND & DEVEL         3.00    10/31/2021   MYR       0.49


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

BLUE STAR GROUP          9.10    09/15/2015   NZD       4.00
FLETCHER BUILDING        8.50    03/15/2015   NZD       6.70
FONTERRA                 8.50    03/15/2015   NZD      73.00
INFRATIL LTD             8.50    09/15/2013   NZD       8.10
INFRATIL LTD             8.50    11/15/2015   NZD       8.10
INFRATIL LTD             4.97    12/29/2049   NZD      55.50
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.07
NEW ZEALAND POST         7.50    11/15/2039   NZD      65.85
NZF GROUP                6.00    03/15/2016   NZD       3.17
TOWER CAPITAL            8.50    04/15/2014   NZD       1.02
TRUSTPOWER LTD           8.50    09/15/2012   NZD       7.00
TRUSTPOWER LTD           8.50    03/15/2014   NZD       6.60
UNI OF CANTERBUR         7.25    12/15/2019   NZD       0.98


SINGAPORE
---------

BLUE OCEAN              11.00    06/28/2012   USD      34.00
DAVOMAS INTL FIN        11.00    12/08/2014   USD      16.00
UNITED ENG LTD           1.00    03/03/2014   SGD       0.98
WBL CORPORATION          2.50    06/10/2014   SGD       1.02


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


CN 1ST ABS               8.00    02/27/2015   KRW      32.14
CN 1ST ABS               8.30    11/27/2015   KRW      33.43
EX-IMP BK KOREA          0.50    01/25/2017   KRW      68.43
EX-IMP BK KOREA          0.50    10/23/2017   KRW      65.35
EX-IMP BK KOREA          0.50    12/22/2017   KRW      64.38
GYEONGGI MUTUAL          8.50    08/29/2014   KRW      10.15
GYEONGGI MUTUAL          8.50    12/11/2014   KRW       8.00
GYEONGGI MUTUAL          8.00    01/22/2016   KRW      10.11
GYEONGGI SOLOMON         8.10    04/19/2015   KRW      10.12
HYUNDAI SWISS BK         8.50    10/02/2013   KRW      10.14
HYUNDAI SWISS BK         8.50    07/15/2014   KRW       9.42
HYUNDAI SWISS II         8.30    01/13/2015   KRW      10.13
HYUNDAI SWISS II         7.90    07/23/2015   KRW      10.11
JINHEUNG MUTUAL          8.50    10/17/2014   KRW      10.12
JINHEUNG MUTUAL          7.00    01/23/2015   KRW      10.11
KOREA MUTUAL SAV         8.10    06/26/2015   KRW      10.12
KOREA MUTUAL SAV         8.00    12/17/2015   KRW      10.11
NEW LIFE 1ST ABS        10.00    03/08/2014   KRW      30.13
WOORI FIN HLDGS          5.83    03/08/2042   KRW      25.18
YOUNGNAM MUTUAL          8.50    12/18/2014   KRW      10.14


SRI LANKA
---------

SRI LANKA GOVT           6.20    08/01/2020   LKR      70.16
SRI LANKA GOVT           7.00    10/01/2023   LKR      62.96
SRI LANKA GOVT           5.35    03/01/2026   LKR      52.91
SRI LANKA GOVT           8.00    01/01/2032   LKR      66.71


VIETNAM
-------

HCMC INVT FUND           9.25    08/10/2016   VND      12.30


                             *********

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
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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
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                 *** End of Transmission ***