TCRAP_Public/120323.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

             Friday, March 23, 2012, Vol. 15, No. 60

                            Headlines


A U S T R A L I A

ALICE SPRINGS: Poor Trading Prompts Voluntary Administration
GM HOLDEN: Gets AUD275 Million From Australian Government
ROCK BUILDING: Moody's Withdraws 'D+' Financial Strength Rating
ROCKY POINT: Receiver Finds Preferred Buyer for Generation Plant


H O N G  K O N G

JOI MAXIE: Sole Member' Final General Meeting Set for April 20
JOSE CUERVO: Members' Final Meeting Set for April 17
KA CHING: Creditors' Proofs of Debt Due April 16
KENIC PROPERTIES: Creditors' Proofs of Debt Due April 16
LEVIATHAN LIMITED: Final Meetings Set for April 20

MATE PLASTICS: Creditors' Meeting Set for April 13
NB HANTCHY: Members' Final Meeting Set for April 30
NEW CHINA: Creditors Get 0.50% Recovery on Claims
NEW NAM: Ho Shuk Mui Steps Down as Liquidator
NORDIC KNITS: Lo Wing Hung Steps Down as Liquidator

ORIENTAL CITY: Members' Final Meeting Set for April 17
PERENTO LIMITED: Members' Final Meeting Set for April 17
PETTYSANE INVESTMENT: Placed Under Voluntary Wind-Up Proceedings
PINE BULKSHIP: Creditors' Proofs of Debt Due April 16
POLY TALENT: Members' Final Meeting Set for April 16

RAB CAPITAL: Members' Meeting Set for April 16
RACINE INVESTMENT: Commences Wind-Up Proceedings
RINKE FAR: Members' Final Meeting Set for April 17
RIPRO FAR: Members' Final Meeting Set for April 17
ROSEVILLE ENTERPRISES: Members' Final Meeting Set for April 20


I N D I A

ARMSTRONG (INDIA): ICRA Cuts Rating on INR1cr Loan to '[ICRA]B'
ARYA ALLOYS: ICRA Reaffirms '[ICRA]BB' Rating on INR0.55cr Loan
AYUSHMAN MERCHANTS: ICRA Gives INR50cr Loan '[ICRA]B+' Rating
CIEMME JEWELS: ICRA Raises Rating on INR52cr Loan to '[ICRA]BB'
GALLANTT ISPAT: Delays in Servicing Debt Cue Fitch's 'D' Rating

H.V. METAL: ICRA Assigns '[ICRA]D' Rating to INR6cr Loan
KINGFISHER AIRLINES: To Stop All International Flights
KINGFISHER AIRLINES: Lenders to Secure Dues; Files Legal Notice
LAXMI PUMPS: ICRA Assigns '[ICRA]BB' Rating to INR1.6cr Term Loan
META ROLLS: ICRA Reaffirms '[ICRA]BB+' Rating on INR1.5cr Loan

MYK SPINNING: ICRA Reaffirms '[ICRA]BB+' Rating on INR5.2cr Loan
PERCEPT LIMITED: ICRA Ups Rating on INR18cr Loan to '[ICRA]B-'
PG GLASS: Inadequate Info Cues Fitch to Migrate Ratings
PLATINUM SYNTHETICS: ICRA Rates INR20cr LT Loan at '[ICRA]BB-'
PRAGATI GLASS: Inadequate Info Cues Fitch to Migrate Ratings

PRAMUKH GEMS: ICRA Reaffirms '[ICRA]BB' Rating to INR27cr Loan
PRESIDENCY BUILDERS: ICRA Rates INR10cr Term Loan at '[ICRA]B+'
RAJSHREE HOSPITAL: ICRA Puts '[ICRA]D' Rating on INR16.55cr Loan
RANGOLI INT'L: Fitch Affirms 'BB+' National Long-Term Rating
SATYAM COMPUTER: Board Approves Merger With Tech Mahindra

SHEKHADA COT-GIN: ICRA Puts 'ICRA]B' Rating on INR75cr Loan
SIDDHARTH MERCANTILE: ICRA Puts '[ICRA]B' Rating on INR7cr Loan
SRI SRINIVASA: ICRA Assigns '[ICRA]B+' Rating to INR10cr Loan
STAR CIRCLIPS: ICRA Puts '[ICRA]BB' Rating on INR12.50cr Loan
SVP BUILDERS: ICRA Assigns '[ICRA]BB' Rating to INR31cr LT Loan

SWIDAN CERAMIC: ICRA Assigns '[ICRA]B+' Rating to INR6cr Loan
U V COTTON: ICRA Assigns '[ICRA]B' Rating to INR12cr Cash Credit
YOGIRAJ GINNING: ICRA Assigns '[ICRA]B' Rating to INR1.45cr Loan


I N D O N E S I A

DAVOMAS ABADI: Moody's Lowers Corporate Family Rating to 'Ca'


K O R E A

* SOUTH KOREA: Corporate Bankruptcies Fall Record Low in February


N E W  Z E A L A N D

GENESIS RESEARCH: Denies Insolvency Claims after Query from NZX
NZF MONEY: SFO Confirms Part II Investigation into NZF Group


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


ALICE SPRINGS: Poor Trading Prompts Voluntary Administration
------------------------------------------------------------
ABC News reports that the Alice Springs Memorial Club has been
placed into voluntary administration.  The club's alcohol and
gaming trading license has been suspended and its doors have
closed, the report says.

Administrator Tim Clifton -- tclifton@mhcpartners.com.au -- of
Macks Hall Clifton said up to a million dollars is owed to
creditors, according to ABC News.

"The idea behind a voluntary administration is to effectively do
a deal with the creditors, that's what it's all about," the
report quotes Mr. Clifton as saying.  "If they accept that, then
the club can come back out of administration."

ABC News relates that Mr. Clifton said the club has experienced
poor trading and performance this year.

"They have come to the conclusion that the club is insolvent or
likely to become insolvent in some future time," Mr. Clifton, as
cited by ABC News, said.

"In those circumstances, the board has got the same obligations
as directors of a company in that they need to protect the assets
for the benefit of creditors."

The closure is worrying several of the town's sporting clubs that
are sponsored by the Memo, the report adds.

The Alice Springs Memorial Club is the Premier Family Club in
Alice Springs.  The Memo Club is by far the largest Club in the
Alice, offering gaming and recreational facilities.


GM HOLDEN: Gets AUD275 Million From Australian Government
---------------------------------------------------------
Sid Maher and Lanai Vasek at The Australian report that GM Holden
has secured a AUD275 million taxpayer assistance package,
ensuring it will build two all-new cars in Australia in the
second half of this decade.

The car maker has committed AUD1 billion under the co-investment
deal.

According to the report, GM Holden chairman Mike Devereux said
the funding would secure the next generation of Holden cars.

"Co-investment of this kind is critical for our industry and
helps Australia compete against other car making countries that
protect their industries through tariffs and/or financial
support," The Australia quotes Mr. Devereux as saying.

The federal government has contributed AUD215 million from the
existing $5.4 billion New Car Plan, with the balance provided by
South Australia and Victoria, the news agency discloses.

The Australian reports that Prime Minister Julia Gillard said the
deal would inject an estimated $4 billion into the Australian
economy and support thousands of jobs across the industry.

"This is a strategic co-investment, this is not a handout," the
report quotes Ms. Gillard as saying.

According to the report, the federal and Victorian governments
will also provide an additional $35 million to help auto
components firms move into export markets.

The Australian relates that Ms. Gillard said if the government
had failed to provide assistance to Holden, the company would
have closed its Australian operations, in a "knock-out" blow to
the manufacturing sector.

The partnership will see Holden making cars in Australia until at
least 2022, retaining domestic manufacturing, design and
engineering operations, the report adds.

GM Holden is Australia's oldest automotive company, having grown
from a saddlery business established in Adelaide in 1856.  GM
Hoden is the Australian arm of U.S.-based automaker General
Motors Corporation.


ROCK BUILDING: Moody's Withdraws 'D+' Financial Strength Rating
---------------------------------------------------------------
Moody's Investors Service has withdrawn the following ratings of
The Rock Building Society:

- Long-term local and foreign currency deposit ratings of Baa3;

- Long-term local and foreign currency issuer ratings of Baa3;

- Short-term local and foreign currency deposit ratings of
  Prime-3;

- Short-term local and foreign currency issuer ratings of
  Prime-3; and

- Bank financial strength rating (BFSR) of D+.

All ratings carried a stable outlook at the time of withdrawal.

Ratings Rationale

Moody's has withdrawn the rating for its own business reasons.

The Rock Building Society is headquartered in Rockhampton,
Queensland, Australia.  It reported assets of AUD1,247 million
(approximately US$1,165 million) at FY2011, ending June 30, 2011.


ROCKY POINT: Receiver Finds Preferred Buyer for Generation Plant
----------------------------------------------------------------
Martin Rasini at goldcoast.com.au reports that the electricity
generation plant associated with the Rocky Point sugar mill
appears set to change hands in a move that would secure the
future of up to 200 jobs.

According to goldcoast.com.au, receiver Jason Preston, of
McGrathNicol, said a number of parties had lodged bids for the
facility, held by Rocky Point Green Power, and a preferred buyer
had been selected.

"We are now working with that party to achieve a binding sales
agreement," the report quotes Mr. Preston as saying.

The plant, which began operating in 2003, was funded mainly by
the State Government, which contributed $70 million to its cost,
and employs about 35 people.

                         About Rocky Point

Rocky Point Green Power is a Queensland-based electricity
generation plant.

Receiver Jason Preston of McGrathNicol was in February 2012
appointed by Rocky Point Green Power's only secured creditor, the
company's financier and a subsidiary of Babcock & Brown.  Rocky
Point Green Power owes the finance company about AUD6 million.

Debts to unsecured creditors have not been disclosed, but are
understood to include several sums of about $1 million.  The list
of unsecured creditors includes the sugar mill, held by the Heck
family, according to goldcoast.com.au.


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


JOI MAXIE: Sole Member' Final General Meeting Set for April 20
--------------------------------------------------------------
Sole Member of Joi Maxie (Shandong) Property Limited will hold a
final general meeting on April 20, 2012, at 10:40 a.m., at Level
28, Three Pacific Place, at 1 Queen's Road East, in Hong Kong.

At the meeting, Kee Lap Tat Leonard, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


JOSE CUERVO: Members' Final Meeting Set for April 17
----------------------------------------------------
Members of Jose Cuervo International Hong Kong Limited will hold
their final general meeting on April 17, 2012, at 10:00 a.m., at
Guillermo Gonzalez Carmarena #800-4 Piso, Zedec Santa Fe, in
Mexico, D.F. 01210.

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


KA CHING: Creditors' Proofs of Debt Due April 16
------------------------------------------------
Creditors of Ka Ching Beauty Company Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by April 16, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on March 6, 2012.

The company's liquidator is:

         Lam Ying Sui
         10/F, Allied Kajima Building
         138 Gloucester Road
         Wanchai, Hong Kong


KENIC PROPERTIES: Creditors' Proofs of Debt Due April 16
--------------------------------------------------------
Creditors of Kenic Properties Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by April 16, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on March 9, 2012.

The company's liquidator is:

         Yuen Ting Wah
         Flat 4A, 1B Babington Path
         Ping On Mansion
         Hong Kong


LEVIATHAN LIMITED: Final Meetings Set for April 20
--------------------------------------------------
Members and creditors of Leviathan Limited will hold their final
meetings on April 20, 2012, at 11:00 a.m., at Level 28, Three
Pacific Place, 1 Queen's Road East, in Hong Kong.

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


MATE PLASTICS: Creditors' Meeting Set for April 13
--------------------------------------------------
Creditors of Mate Plastics Manufacturing Limited will hold their
meeting on April 13, 2012, at 3:30 p.m., for the purposes
provided for in Sections 241, 242, 243 and 244 of the Companies
Ordinance.

The meeting will be held at Room 1601-1602, 16th Floor, One Hysan
avenue, Causeway Bay, in Hong Kong.


NB HANTCHY: Members' Final Meeting Set for April 30
---------------------------------------------------
Members of NB Hantchy International Limited will hold their final
meeting on April 30, 2012, at 11:30 a.m., at 17th Floor, Shun
Kwong Commercial Building, at No. 8 Des Voeux Road West, Sheung
Wan, in Hong Kong.

At the meeting, Liu Wing Ting Stephen, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


NEW CHINA: Creditors Get 0.50% Recovery on Claims
-------------------------------------------------
The New China Hong Kong Group Limited, which is in creditors'
liquidation, will declare the third interim dividend to its
creditors on or after March 26, 2012.

The company will pay 0.50% for ordinary claims.

The company's liquidator is:

         James Wardell
         Room 1601-1602, 16th Floor
         One Hysan Avenue
         Causeway Bay, Hong Kong


NEW NAM: Ho Shuk Mui Steps Down as Liquidator
---------------------------------------------
Ho Shuk Mui stepped down as liquidator of New Nam Fung Restaurant
Limited on March 2, 2012.


NORDIC KNITS: Lo Wing Hung Steps Down as Liquidator
---------------------------------------------------
Lo Wing Hung stepped down as liquidator of Nordic Knits Int'l
Limited on March 6, 2012.


ORIENTAL CITY: Members' Final Meeting Set for April 17
------------------------------------------------------
Members of Oriental City Group (China) Limited will hold their
final meeting on April 17, 2012, at 10:00 a.m., at Unit 402, 4/F,
Malaysia Building, at No. 50, Gloucester Road, Wanchai, in
Hong Kong.

At the meeting, Chan Chi Bor and Li Fat Chung, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


PERENTO LIMITED: Members' Final Meeting Set for April 17
--------------------------------------------------------
Members of Perento Limited will hold their final general meeting
on April 17, 2012, at 10:15 a.m., at 5th Floor, Jardine House, at
1 Connaught Place, Central, in Hong Kong.

At the meeting, Leung Fung Yee Alice, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


PETTYSANE INVESTMENT: Placed Under Voluntary Wind-Up Proceedings
----------------------------------------------------------------
At an extraordinary general meeting held on March 11, 2012,
creditors of Pettysane Investment Limited resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

         Chow Chi Chieh
         Flat E, 4th Floor
         Tower 16, Yee Tsui Court
         South Horizons
         Ap Lei Chau, Hong Kong


PINE BULKSHIP: Creditors' Proofs of Debt Due April 16
-----------------------------------------------------
Creditors of Pine Bulkship Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by April 16, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on March 12, 2012.

The company's liquidators are:

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


POLY TALENT: Members' Final Meeting Set for April 16
----------------------------------------------------
Members of Poly Talent Investment Limited will hold their final
general meeting on April 16, 2012, at 3:30 p.m., at 10/F, Allied
Kajima Building, at 138 Gloucester Road, Wanchai, in Hong Kong.

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


RAB CAPITAL: Members' Meeting Set for April 16
----------------------------------------------
Members of RAB Capital (Asia) Limited will hold a meeting on
April 16, 2012, at 10:00 a.m., at 27/F, Alexandra House, 18
Chater Road, Central, in Hong Kong.

At the meeting, Patrick Cowley and Fergal Power, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


RACINE INVESTMENT: Commences Wind-Up Proceedings
------------------------------------------------
Members of Racine Investment Limited, on March 14, 2012, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

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


RINKE FAR: Members' Final Meeting Set for April 17
--------------------------------------------------
Members of Rinke Far East Limited will hold their final general
meeting on April 17, 2012, at 10:00 a.m., at Level 28, Three
Pacific Place, at 1 Queen's Road East, in Hong Kong.

At the meeting, Ying Hing Chiu and Chan Mi Har, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


RIPRO FAR: Members' Final Meeting Set for April 17
--------------------------------------------------
Members of Ripro Far East Limited will hold their final general
meeting on April 17, 2012, at 10:00 a.m., at Level 28, Three
Pacific Place, at 1 Queen's Road East, in Hong Kong.

At the meeting, Ying Hing Chiu and Chan Mi Har, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


ROSEVILLE ENTERPRISES: Members' Final Meeting Set for April 20
--------------------------------------------------------------
Members of Roseville Enterprises Limited will hold their final
meeting on April 20, 2012, at 3:00 p.m., at Suite No. A, 11th
Floor, Ritz Plaza, at 122 Austin Road, Tsimshatsui, Kowloon, in
Hong Kong.

At the meeting, Sung Mi Yin Mella, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


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


ARMSTRONG (INDIA): ICRA Cuts Rating on INR1cr Loan to '[ICRA]B'
---------------------------------------------------------------
ICRA has revised the long term rating outstanding on INR1.00
crore Fund based (Cash Credit) bank facilities of Armstrong
(India) Construction from '[ICRA]BB-' to '[ICRA]B'. ICRA has also
reaffirmed the short term rating outstanding on the INR5.00 crore
non fund based (Bank Guarantee) bank limits of AIC at '[ICRA]A4'.

The rating revision takes into account the significant decline in
scale of operations as reflected by degrowth in turnover as well
as diminishing of turnover. The rating revision also factors in
the deterioration in the financial profile of the company as
reflected by an increase in working capital intensity of
operations (from 96% in fY 2010 to 169% in FY 2011); increase in
gearing (from 4.49X as on March 31, 2010 to 5.81X as on March 31,
2011) as well weakening of coverage indicators (from 1.94X in FY
2010 to 1.07X as on FY 2011). The ratings continue to factor in
the high competitive intensity in the industry arising out of its
fragmented nature coupled with the competitive bidding system;
geographic concentration risk on account of the company's
operations being focused in Mumbai, Maharashtra and the client
concentration risk with BMC being it's primary client. The
ratings, however, derive comfort from the established track
record and long experience of the promoter group in the
construction industry and the diversified service offering AIC
having a presence in construction of roads, buildings, drainage
systems. Going forward, the company's ability to scale up its
operations while managing its capital structure and liquidity
position, given the working capital intensive nature of
operations, remains critical from a credit perspective.

Incorporated in 1994, Armstrong (India) Construction is a
proprietorship concern based in Mumbai. The company is primarily
operates as a civil contractor for the contractor for the
construction of roads; storm water drainage; sewerage projects
and buildings. The company primarily caters to government
entities like the BMC (Brihanmumbai Mahanagar Corporation) which
is Mumbai's city municipal corporation. The company's operations
have been largely based in Mumbai. AIC is a registered class 1-A
contractor with PWD and AA grade contractor with BMC.

For the financial year ending March 2011, AIC reported an
operating income of INR11.56 crore and a net profit of INR0.44
crore as compared to revenues of INR22.29 crore and net profit of
INR1.53 crore in the previous year.


ARYA ALLOYS: ICRA Reaffirms '[ICRA]BB' Rating on INR0.55cr Loan
---------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]BB' assigned
to the INR14.95 crore fund based bank facilities and INR0.55
crores non-fund based limits of Arya Alloys Private Limited.  The
outlook on the long term rating is stable. ICRA has also
reaffirmed [ICRA]A4 rating assigned to INR2.00 crores non-fund
based bank facilities of AAPL.

The rating continues to reflect the inherently low value additive
and intensely competitive nature of the lead processing industry
which coupled with AAPL's moderate scale of operations (thereby
resulting in modest economies of scale) and susceptibility of its
profitability to variation in lead prices has resulted in low
profitability indicators for the company. This in turn has
resulted in modest cash accruals and moderate debt protection
indicators. About 50% of AAPL's sales are to a single client
[Tata AutoComp GY Batteries Limited, a Tata Group Company] which
increases the client concentration risk for the company, although
this risk is mitigated by TGY's huge demand for lead and AAPL's
Memorandum of Understanding (MOU) with TGY specifying a minimum
purchase quantity to be bought by TGY every month. While
assigning the rating ICRA has also noted the high working capital
intensity of operations which has resulted in a high gearing of
2.05 times as on March 31st, 2011 and negative cash flow from
operations for the company in the last three years. Nevertheless,
the rating draws comfort from AAPL's experienced management and
its long track record in the lead processing industry which have
resulted in consistent growth in operating income in the past
five years and low offtake risk as the company has signed a MOU
with its main client for supplying lead. Going forward, the
company's ability to manage its working capital requirements as
the scale of operations increase will be critical to its future
funding requirements and gearing levels.

                        About Arya Alloys

Arya Alloys Private Limited was incorporated in 1991. In 1996,
Mr. Raj Kumar Bansal bought the company from the erstwhile
promoters and set up a manufacturing unit for processing of lead.
The unit started commercial production in 1997. At present, the
company is managed by Mr. Raj Kumar Bansal who is the chairman of
the company and his son Mr. Romy Bansal who is the managing
director of the company. Mr. Raj Kumar Bansal looks after
production while Mr. Romy Bansal takes care of all other aspects
of business like purchase, marketing and sales and finance.

Recent Results:

As per the audited results, AAPL reported a net profit of INR0.73
crore on an operating income of INR68.31 crore for the year ended
March 31, 2011 as against a net profit of INR0.37 crore on an
operating income of INR51.26 crore for the year ended March 31,
2010.


AYUSHMAN MERCHANTS: ICRA Gives INR50cr Loan '[ICRA]B+' Rating
-------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to INR15.00
crore fund based limits and short term rating of '[ICRA]A4' for
INR2.00 crore non-fund based limits of Ayushman Merchants Private
Limited. The said limits include proposed limits to the extent of
INR5.00 crore.

The ratings are constrained by AMPL's modest scale of operations,
its dependence on a single supplier and single product for its
revenue, its exposure to risk of default from customers owing to
its bearing of entire credit risk instead of its principal
Chemplast Sanmar Limited and its stretched financial profile as
reflected in a high gearing of 5.42 times as on 31st December
2011. Modest profitability coupled with high working capital
intensity has resulted in weak coverage indicators. ICRA on the
other hand also takes into account the experience of the
promoters in the polymers consignment sales business and the
relationship with Chemplast Sanmar as the sole distributor of PVC
resin in the state of AP. ICRA also favourably factors the
healthy demand outlook for the polymer industry.

                       About Ayushman Merchants

Incorporated in 2006, Ayushman Merchants Private Limited is an
authorized distributor of Chemplast Sanmar Limited in the state
of AP. The company is managed by Mr. Manoj Dugar who has
experience of over 15 years in the polymer industry. The
management is involved in many other ventures apart from AMPL.
The other ventures involve manufacture of Cast Polypropylene
(CPP)/ Ethyl-Vinyl Acetate (EVA) films through Welset Polypack
Private Limited [rated ICRA B], manufacture of PP sheets/rods
through Dugar Polymers Limited [rated ICRA B+] etc.

Recent Results:

The company reported a net profit of INR0.22 crore during the FY
2011 and an operating income of INR1.71 crore as against a net
profit and operating income of INR0.12 crore and INR0.31 crore
respectively during FY 2010.


CIEMME JEWELS: ICRA Raises Rating on INR52cr Loan to '[ICRA]BB'
---------------------------------------------------------------
ICRA has revised upwards the rating for the INR52.0 crore
(revised from INR69.0 crore) long-term bank facilities of Ciemme
Jewels Limited from '[ICRA]BB' to '[ICRA]BB+'. The outlook for
the long term rating is stable.

The rating revision takes into consideration the improvement in
the financial profile of the group owing to the equity infusion
with the IPO of C Mahendra Exports Limited (CMEL) in
January 2011. Further INR30 crore from the IPO proceeds are to be
utilized towards retail expansion which would take care of the
capex requirement of CJL in the medium term. The rating continues
to factor in the long-standing experience of the promoters and
the company management in the cut & polished diamond business for
over three decades and the fact that CJL has steady supply of
polished diamonds from the ultimate parent company CMEL which
enjoys DTC 'Sight holder' status. The ratings are however
constrained by CJL's leveraged capital structure, its stretched
working capital intensity along with high utilization levels of
bank limits and the susceptibility of its revenues to foreign
currency fluctuations. CJL is also exposed to intense competition
from organized as well as unorganized players in the industry.

Ciemme Jewels Limited is a wholly owned subsidiary of C Mahendra
International Limited.  CMIL is in turn a wholly owned subsidiary
of C Mahendra Exports Limited which is the flagship company of
the C Mahendra Group. CMIL is the holding company for all other C
Mahendra group companies.

CJL was incorporated on April 3, 2003 as C.M. Jewels Private
Limited to buy, sell, export, import, deal market and manufacture
diamonds, precious stones, semi-precious stones and jewellery.
The name of the company was changed to Ciemme Jewels Private
Limited on June 06, 2003. The company was converted into a public
limited company and name was further changed to Ciemme Jewels
Limited with effect from June 28, 2007. The company is engaged in
the manufacturing and marketing of Diamond studded jewellery. It
also engages in trading of diamonds.


GALLANTT ISPAT: Delays in Servicing Debt Cue Fitch's 'D' Rating
---------------------------------------------------------------
Fitch Ratings has downgraded India-based Gallantt Ispat Ltd's
National Long-Term rating to 'Fitch D(ind)' from 'Fitch B+(ind)'.

The downgrade reflects GIL's delays in servicing its debt
obligations from July 2011 to December 2011, due to its high
working capital requirements and delays in disbursement of
subsidy dues from the Government of Uttar Pradesh (GoUP).  As per
the company, around INR1,250m of subsidy is due from GoUP, in
accordance with the Heavy Industrial Investment Promotion Policy.
GoUP suspended the subsidy scheme in November 2011, which has
been challenged by the company in the High Court.  The company
expects the subsidy issue to be resolved during Q1FY13 (financial
year ending March).

Fitch notes that GIL's founders infused INR400m into the company
in December 2012 by way of zero-coupon fully convertible
unsecured debentures to improve its liquidity position.  The
company's operations remain stable with revenue of INR1,863.2
million in 9MFY12 and an EBITDA of INR130.8 million.

A consistent demonstration of timely debt servicing for at least
two quarters would lead to a positive rating action.  Fitch
expects an improvement in the company's liquidity position after
disbursement of subsidy by GoUP.

GIL is a part of Gallant Group. It owns a fully integrated steel
plant with a 99,000 metric tonnes per annum captive sponge iron
plant and an 18 MW power plant.  In FY11, the company reported
revenues of INR2,272.8m (FY10: INR1,224.5m), a negative EBITDA of
INR2.8m (FY10: INR29.2m), and a negative EBITDA margin of 0.12%
(FY10: 2.4%).  However, it earned a net profit of INR31.6m (FY10:
a net loss of INR45m) due to other income of INR173.4m from the
sale of land and a profit of INR32.2m on the sale of investments.
Its overall debt increased in FY11 to INR1,442.8m (FY10:
INR851.8m).

Fitch has also downgraded GIL's following bank facilities:

  -- INR1,1176.2 million term loans outstanding: downgraded to
     'Fitch D(ind)' from 'Fitch B+(ind)';

  -- INR 480 million fund based working capital limit: assigned
     'Fitch D(ind)'; and

  -- INR 66.2 million (enhanced from INR20m) non fund based
     limits: downgraded to 'Fitch D(ind)' from 'Fitch A4(ind)'.


H.V. METAL: ICRA Assigns '[ICRA]D' Rating to INR6cr Loan
--------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]D' to INR6.0 crore
fund based facilities of H.V. Metal Arc Private Limited. ICRA has
also assigned a short-term rating of '[ICRA]D' to INR1.5 crores
non-fund based facilities of HMAPL.

The assigned ratings factor in HMAPL's weak liquidity profile as
marked by consistently high utilization as well as overdrawals in
the working capital limits availed from the bank. The ratings
also take into consideration HMAPL's relatively moderate scale of
operations resulting in limited economies of scale; high
competitive intensity of the industry which limits the pricing
flexibility of the industry participants; and the company's
vulnerability to raw material price volatility; which have led to
moderate profitability indicators. The ratings however draw
comfort from the long experience of the promoters in the
industry; HMAPL's diverse customer base and also its sizeable
order book in hand. These factors have enabled the company to
achieve steady revenue growth since incorporation in the year
2007.

H.V. Metal Arc Private Limited is a private limited company and
its product offering includes pre-engineered buildings, metal arc
air ventilators and structural steel. The company has been
promoted by Mr. Harish Aswal and Mr. Vishal Goyal in the year
2007 and its manufacturing facilities are located in Greater
Noida (Uttar Pradesh).

Recent Results

For FY2011, the firm has achieved an operating income of
INR22.8 crore and a net profit of INR0.51 crore. HMAPL has
achieved an operating income of INR17.0 crore and a net profit of
INR0.54 crore for 9M-FY2012 (as per provisional financial
results).


KINGFISHER AIRLINES: To Stop All International Flights
------------------------------------------------------
ET Now reports that Kingfisher Airlines Ltd. will shut all
international operations by April 10, 2012.  The last flight
under its international operations' division on April 10 will be
a Delhi-Heathrow one.

Flights to Dubai, Colombo, Kathmandu, Bangkok will stop operating
by Sunday, March 25, 2012, the report relates.

The ailing airline has already shut shop for its Hong Kong and
Singapore divisions. A mail sent by ET Now to Kingfisher Airlines
has not yet revealed any response. However, the Airline had in
the past expressed the intention of curtailing its international
operations.

Meanwhile, ET Now reports that talks between the pilots and the
management of Kingfisher Airlines are said to have been
inconclusive.  According to ET Now sources, the management seems
to have indicated that employees would be given a one month
salary once the Income Tax (I-T) department de-freezes its
accounts. However, with employees demanding their three months
pending salary, no solution seems to have been arrived at, the
report says.

                     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: Lenders to Secure Dues; Files Legal Notice
---------------------------------------------------------------
The Times of India reports that the Airports Authority of India
(AAI) and lenders to Kingfisher Airlines Ltd are moving to secure
their dues from the Vijay Mallya-promoted carrier.

According to the report, AAI has served a legal notice to
Kingfisher after the airline's cheque of INR14 crore issued to
the authority bounced a few weeks ago.  Sources told TOI that the
move may be precursor to other steps such as filing a police
complaint against the management for the bounced cheque. "Our
dues from Kingfisher are INR265 crore. We are going to seek 18%
interest on that apart from clearing of those dues. We are asking
for inter-corporate guarantees from the airline," the report
quotes an unnamed official as saying. The airport operator is
seeking inter-corporate guarantees so that it is able to get
something out of the airline in the event it shuts down, the
report notes.

The report relates that the GMR-run Delhi and Hyderabad airports
are likely to allow Kingfisher to operate only after paying for
each flight. "Kingfisher was on cash-and-carry and stopped paying
about a fortnight back. We will take a decision on Kingfisher in
a day or two and could do what AAI is doing," said a senior GMR
official told TOI.

According to the report, lenders said that they are watching the
situation closely and may have to initiate action if the airline
does not show any improvement and clears its dues. Although banks
met last month to look at a possible financial aid, they have not
reconvened since then as any assistance has been ruled out. "The
promoters and the management have been telling us that they are
lining up investors. But where are the investors?" the report
quotes a banker as saying.  The lenders have securities and
guarantees from the promoters to secure their exposure of over
INR7,000 crore to Kingfisher, the report adds.

                       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% rise from a year earlier.


LAXMI PUMPS: ICRA Assigns '[ICRA]BB' Rating to INR1.6cr Term Loan
-----------------------------------------------------------------
ICRA has assigned the '[ICRA]BB' rating to the INR1.60 crore term
loans facilities and INR3.00 crore fund based cash credit
facilities of Laxmi Pumps Private Limited. The outlook on the
long term rating is stable. ICRA has also assigned the '[ICRA]A4'
rating to the INR0.70 crore short term non-fund based facilities
of LPPL.

The ratings favorably factor in the long standing experience of
the promoters in the submersible pump industry, and its well
established distribution network. The ratings also factor in the
significant growth in operating income over the last three
fiscals on the back of increase in manufacturing capacity and
foray into the casting business which ICRA views as a positive
development given that the seasonality inherent to the
submersible pump business. The ratings are however constrained by
the highly competitive and fragmented nature of the submersible
pump industry with intense competition from both organized and
unorganized players and vulnerability of the company's
profitability to raw material price fluctuation given that end
users tend to remain very cost conscious. ICRA also notes that
the revenues of the pumps business are exposed to both geographic
and client concentrations risks. Further, the castings business,
with is modest scale of operations, limited bargaining power with
large clients and its mediocre product portfolio has limited
avenues of margin growth. While the company's capital structure
remains modest, its liquidity profile continues to remain tight
resulting in delayed payment to creditors evidenced in its high
creditor days.

Laxmi Pumps Private Limited was incorporated by Mr. Rajeev Patil
in 1991. The company is mainly involved in the business of
manufacturing of submersible pump set (i.e pump and motor) and
mono-block pumps under the "Lada" brand which are predominantly
used in agriculture and domestic applications. During FY 07, LPPL
also forayed into the manufacture of SG Iron castings in order to
diversify its business profile. The company manufactures over 150
components such as differential cage housings, steering knuckles,
wheel hubs and bearing caps which are supplied to Tier-1
suppliers and OEMs such as Ritter India Private Limited, VST
Tillers and Tractors and Kirloskar Oil Engines Limited. LPPL's
manufacturing facility is located in Gokul-Shirgaon near
Kolhapur.

As per the company's results for the year ending March 31, 2011,
DCPL recorded an operating income of INR31.29 crore and a PAT of
INR0.84 crore as against an operating income of INR25.88 crore
and PAT of INR0.40 crore for the twelve months ending March 31,
2010.


META ROLLS: ICRA Reaffirms '[ICRA]BB+' Rating on INR1.5cr Loan
--------------------------------------------------------------
ICRA has reaffirmed '[ICRA]BB+' rating to the INR1.50 crore term
loan and INR10.0 crore cash credit facilities of Meta Rolls and
Commodities Private Limited with stable outlook. ICRA has also
reaffirmed '[ICRA]A4+' rating to the INR11.00 crore non fund
based facilities of MRPL.

The rating reaffirmation takes into account healthy growth in
operating income in last and current fiscal and moderate
financial risk profile with no long term debts on book. ICRA
continues to derive comfort from the established track record of
promoters in the steel industry, ready client base for MRPL's
products in form of Rajuri Steel Private Limited, healthy
capacity utilization for the company and overall favorable demand
outlook for the industry. The ratings, however, remain
constrained by the modest scale of operations, low value add
nature of business characterized by single product manufacturing
(MS Billets) and high client concentration. The financial risk
profile is characterized by low accruals in line with industry
trend and moderate debt protection and coverage indicators. ICRA
further notes the intensely competitive nature of industry
combined with inherent cyclicality of commodity business exposing
company to volatility in cash flows.

Meta Rolls and Commodities Private Limited, set up in 2002 in
Jalna (Maharashtra), is engaged in manufacturing of MS Billets
using induction furnace and continuous casting process with an
annual capacity of 90,000 MT.


MYK SPINNING: ICRA Reaffirms '[ICRA]BB+' Rating on INR5.2cr Loan
----------------------------------------------------------------
ICRA has re-affirmed the rating assigned to the INR5.2 crore term
loans and the INR4.8 crore fund based facilities of MYK Spinning
Industries Limited at '[ICRA]BB+'. ICRA has also re-affirmed the
rating assigned to the INR3.5 crore non-fund based facilities of
MYKSIL at '[ICRA]A4+'. The outlook on the long term rating is stable.

The re-affirmation of ratings takes into account the long standing
relationship with established customers lending stability to volumes,
presence in finer count yarn which entails better value addition,
locational advantage of being near the cotton growing area and
financial flexibility enjoyed by virtue of being a part of the
Parasakti group. The operational and financial performance of the
company has been impacted in the current fiscal owing to the slowdown
in yarn demand moderating volume growth and realizations coupled with
consumption of high cost cotton inventory, resulting in net losses
for the first nine months of the current fiscal. The rating also
factors in the stretched financial profile characterized by high
gearing owing to the debt funded capital expenditure coupled with
losses incurred in the past, small scale of operations, vulnerability
of earnings to volatile cotton prices and intense competition in a
highly fragmented industry which suffers from limited product
differentiation. The ability of the company to improve volumes and
margins going forward would remain key rating sensitivities.

Promoted by Mr. P. Muni Krishna, MYK Spinning Industries Limited,
part of the Parasakthi group is engaged in the manufacture of cotton
yarn. The company manufactures medium and finer counts of cotton yarn
ranging from 40's to 80's counts. The company procures cotton from
ginners within Andhra Pradesh and uses medium and long staple cotton
of MCU and DCH variety.

For the nine months ended December 2011, MYKSIL has reported a net
loss of INR2.0 crore on an operating income of INR24.2 crore as
against net profit of INR2.3 crore on an operating income of INR42.2
crore during 2010-11.


PERCEPT LIMITED: ICRA Ups Rating on INR18cr Loan to '[ICRA]B-'
--------------------------------------------------------------
ICRA has upgraded the rating assigned to the INR18.00 crore
(reduced from INR25.00 crore), long-term bank facilities of
Percept Limited to '[ICRA]B' from '[ICRA]B-'.

The rating upgrade takes into account the share cum warrant
agreement entered into with Brand Equity Treaties Limited (BETL,
a Times of India Group company) for a total equity infusion of
INR100 crore, of which Percept has received INR32.5 crore till
date. This is expected to lower the company's dependence on
external debt, thereby improving the coverage indicators of the
company and aid in its overall business growth. The rating also
factors in the change in the business model of Percept for its
film production and distribution segment wherein the company has
reduced the downsides, which has improved the performance of the
company in FY2011. However, this also limits the potential upside
resulting in more assignments to be undertaken to meet the fixed
overheads. The rating is however constrained by the continuing
losses in the current year despite the change in the business
model, impacting its liquidity profile. Percept's business
involves significant challenges pertaining to cost control and
timely collection of receivables and is also highly sensitivity
to volumes on account of high fixed overheads. The timely
infusion of the balance funds from BETL supporting the company's
operations would remain a key rating sensitivity.

Founded in 1984, Percept Picture Company Private Limited was an
entertainment, media and communications company. On July 19,
2007, the company was converted from a private limited company to
a public limited company; and on January 17, 2008, the name of
the company was changed to Percept Limited. This was followed by
the business transfer agreements in February 2008 between Percept
Limited and six other group companies, whereby Percept Limited
acquired, as a going concern on a slump sale basis, the entire
business of the six companies.

                      About Percept Limited

Percept Limited has a team of over 1,000 people and 62 offices in
India and the Middle East. The company operates in three main
verticals - Entertainment (which includes content creation for
movies, television and ad films; talent management; sports and
experiential & entertainment marketing), Media (which includes
media services; out-of-home and digital media) and Communications
(which includes advertising; public relations and integrated
marketing communication consultancy).

Recent Results:

For the twelve months ended March 31, 2011, Percept Limited
reported a net loss of INR7.2 crore on revenues of INR176.2 crore
as against a net loss of INR21.2 crore on revenues of INR134.0
crore for the twelve months ended March 31, 2010.


PG GLASS: Inadequate Info Cues Fitch to Migrate Ratings
-------------------------------------------------------
Fitch Ratings has migrated India-based PG Glass Pvt Ltd's 'Fitch
D(ind)' National Long-Term rating to the non-monitored category.
This rating will now appear as 'Fitch D(ind)nm' on the agency's
website.  Fitch has also migrated PGGL's INR200m long-term loans
to 'Fitch D(ind)nm' from 'Fitch D(ind)'.

The ratings have been migrated to the non-monitored category due
to lack of adequate information, and Fitch will no longer provide
ratings or analytical coverage of PGGPL.  The ratings will remain
in the non-monitored category for a period of six months and be
withdrawn at the end of that period.  However, in the event the
issuer starts furnishing information during this six-month
period, the ratings could be re-instated and will be communicated
through a Rating Action Commentary.


PLATINUM SYNTHETICS: ICRA Rates INR20cr LT Loan at '[ICRA]BB-'
--------------------------------------------------------------
A rating of '[ICRA]BB-' has been assigned to the INR20.00 crore
long-term fund-based facility of Platinum Synthetics Pvt. Ltd.
The outlook for the rating is stable.

The assigned rating is constrained by the modest scale and
limited track record of operations; high competitive intensity in
the industry due to its fragmented nature; vulnerability of
profitability to raw material price fluctuations and to the level
of duties on imported yarn; and limited bargaining power with the
larger suppliers. Further, the rating is constrained by weak
financial profile characterized by the low profitability and
return indicators; moderate capital structure and debt protection
metrics.

The assigned rating, however, favorably factors in the experience
of the promoters in the textile business; locational advantages
derived from proximity of the manufacturing unit to the raw
material sources as well as lower power tariff rate; and positive
demand outlook for man-made fibres due to high volatility in
cotton prices and significant price differential between cotton
and man-made fibres.

Incorporated in 2009, Platinum Synthetics Pvt. Ltd. is engaged in
commercial production of polyester POY, polyester DTY. Besides,
the company also deals in grey cloth primarily through trading of
the same. The company is promoted by Mr. Jayprakash Motwani,
Mr. Iqbal Hingora and Mr. Altaf Bhagad. The promoters of the
company have an experience of more than a decade in the textile
industry. Before incorporating PSPL, the promoters were involved
in trading of polyester POY.

Recent Results:

In FY 2011, PSPL reported an operating income of INR66.86 Cr. (as
against INR0.27 Cr. during FY 2010) and profit after tax of
INR0.04 Cr (as against INR0.01 Cr. during FY 2010).


PRAGATI GLASS: Inadequate Info Cues Fitch to Migrate Ratings
------------------------------------------------------------
Fitch Ratings has migrated India-based Pragati Glass Pvt Ltd's
'Fitch D(ind)' National Long-Term rating to the non-monitored
category.  This rating will now appear as 'Fitch D(ind)nm' on the
agency's website.

The ratings have been migrated to the non-monitored category due
to lack of adequate information, and Fitch will no longer provide
ratings or analytical coverage of PGPL.  The ratings will remain
in the non-monitored category for a period of six months and be
withdrawn at the end of that period.  However, in the event the
issuer starts furnishing information during this six-month
period, the ratings could be reinstated and will be communicated
through a Rating Action Commentary.

Fitch has also migrated PGPL's bank loan ratings to the non-
monitored category as follows:

  -- INR79.9 million long-term loans migrated to 'Fitch D(ind)nm'
     from 'Fitch D(ind)'
  -- INR125 million cash credit facility migrated to 'Fitch
     D(ind)nm' from 'Fitch D(ind)'
  -- INR14 million non-fund based limits migrated to 'Fitch
     D(ind)nm' from 'Fitch D(ind)'


PRAMUKH GEMS: ICRA Reaffirms '[ICRA]BB' Rating to INR27cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB' rating to the INR27.00 crore
long term fund based facilities of Pramukh Gems.  The outlook on
the long-term rating is 'Stable'.

The rating continues to factor in the experience of the promoters
in the cut and polished diamond business, its moderately
diversified customer base. The rating, however, continues to
remain constrained by the firm's moderate scale of operations;
susceptibility of its margin to foreign exchange fluctuation risk
and presence of intense competition from both organized and
unorganized sectors. The rating also factor in the stretched
liquidity position of the firm as evident from high bank limit
utilization levels, While the capital structure remains
comfortable at present, ICRA takes note of the risks associated
with the legal status of PG as a partnership firm, including the
risks of withdrawal of capital by partners.

                       About Pramukh Gems

Pramukh Gems is a diamond processing and exporting firm,
established as a family business in the year 1985 and was
converted into partnership firm in the year 2002. The firm is
engaged in processing and export of diamonds (Cut & Polished
diamonds). PG is promoted by five partners having established
experience in the industry. The firm has its office cum showroom
at Opera house, Mumbai, from where the marketing activities are
controlled while the processing operations are carried out from
factories at Surat.


PRESIDENCY BUILDERS: ICRA Rates INR10cr Term Loan at '[ICRA]B+'
---------------------------------------------------------------
ICRA has assigned the long term rating of '[ICRA]B+' to
INR10.00 crore term loan programme of Presidency Builders &
Developers.

The rating reflects strong reputation and long track record of
the promoters with more than a decade of experience in the real
estate industry in Mangalore. The rating also factors in with
regards to the ongoing project Presidency Flora low funding risk
as the debt has been tied up with Indian Overseas Bank, promoters
have infused the required equity and project has recorded 39%
bookings (33 units out of 88) in its initial stage of
construction -11% complete. The marketability is further
strengthened on account of the prime location of the project and
price competitiveness. The rating is however constrained by the
company's modest scale of operations and the risk that stems from
the fact that Presidency Flora is the biggest project of the firm
launched till date.

The rating also factors in high dependence of debt repayment on
bookings and timely collection of the customer advances and any
slowdown in the same might strain the debt servicing capacity of
the company. The rating also reflects the risks inherent in sole
proprietorship concerns inter alia the limited ability to raise
capital and the exposure to personal liabilities of the promoter.
Going forward the construction progress of the project and
ability of the company to achieve healthy bookings and timely
collection would be the key rating sensitivity.

                      About Presidency Builders

Presidency Builders & Developers, a proprietorship concern
founded by Mr. Hyder Ali in the year 1999, is a reputed real
estate developer in Mangalore, Karnataka. The entity has
successfully executed several projects in Mangalore which include
both residential and commercial complexes to the tune of around
0.36 million sft of saleable area in residential and commercial
space. Currently the company is developing three projects in
Joint development with the respective land owners - Presidency
Flora (total project cost INR31.60 crore), Presidency Skycourt
(total project cost INR13.23 crore) and Presidency Spectrum
(total project cost INR3.20 crore). Presidency Flora with a
saleable area of 0.16 million sft is the biggest project of the
firm launched till date and carries a total project cost of
INR31.60 crore, funded by term loan of INR10 crore from Indian
Overseas Bank, INR5 crore equity contribution and balance
INR16.60 crore through customer advances. The term loan is repaid
through three quarterly instalments starting from Dec. 2013. The
project has achieved 39% bookings till date and construction is
11% complete; target date of completion and handing over of
possession is Dec 2013.

Recent results:

For FY2010-11, the company has reported an operating income of
INR5.35 crore and PAT of INR0.23 crore.


RAJSHREE HOSPITAL: ICRA Puts '[ICRA]D' Rating on INR16.55cr Loan
----------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]D' to the
INR16.55 crore bank lines of Rajshree Hospital & Research Pvt
Ltd.

The ratings assigned are constrained by the delayed interest
payments, RHRC's moderate scale of operations, high gearing of
2.1 times as on March 31, 2011 and dependence on external
financing from group entities to meet debt obligations and
working capital requirements. The ratings also take into account
high competitive intensity faced by the company because of
presence of several large and small hospitals in Indore, low per
bed day inpatient revenues, and net losses likely to continue in
FY12 as the hospital is in a nascent stage, being in its second
year of operation. The ratings however draw comfort from the
presence of reputed consultants, the experience of the promoters
in the healthcare industry, the ability of the hospital to
achieve break even at OPBDIT level within 18 months of operation,
and a good catchment area of the hospital as it is located in the
Vijay Nagar region of Indore.

Rajshree Hospital & Research Pvt Ltd was incorporated in April
2008 to construct and operate a modern hospital providing all
super specialty medical facilities in Indore. The company
commenced business from June 7, 2010. Dr. Devendra Bhargava, the
promoter, is a renowned surgeon and has been running a nursing
home for the last 30 years at Martand Chowk, Indore. Rajshree
Hospital, located at Vijay Nagar is a super speciality hospital
providing healthcare facilities in cardiology, nephrology,
Urology, neurology, orthopaedics, etc.

Recent Results:

The operating income of the hospital was INR7.31 crores in FY11.
This increased to INR11.80 crores for the 10 months ending
January 31, 2012 (provisional) supported by an increase in
inpatient admissions.


RANGOLI INT'L: Fitch Affirms 'BB+' National Long-Term Rating
------------------------------------------------------------
Fitch Ratings has affirmed India-based Rangoli International
Private Limited's National Long-Term rating at 'Fitch BB+(ind)'.
The Outlook is Stable.

The ratings continue to be constrained by RIPL's weak
profitability, with operating EBITDA and net income at 3.97% and
1.4%, respectively, in FY11 (financial year ending March) and
4.2% and 1.3% in FY10, due to its highly working capital
intensive garmenting business.  The ratings are also constrained
by the company's stressed liquidity position as reflected by its
fully utilized working capital limits.  However, comfort is drawn
from very low capex requirements in the near term and the company
having obtained additional bank limits in FY12 to support
expanded operations and higher volumes.

The ratings are further constrained by RIPL's exposure to
volatile international markets as 80% of its revenue is generated
from exports, and forex risks mainly due to its unhedged foreign
operations.

The ratings, however, draw comfort from management's eight years
of experience in the international textile markets and a large
revenue base of INR4,625m in FY11, up 25% yoy.  The ratings also
factor in RIPL's low net financial leverage (adjusted net
debt/operating EBITDA) of 3.07x in FY11; although it is likely to
increase in FY12 due to an expected increase in debt levels.

Negative rating action may result from a fall in operating EBITDA
margins and an increase in working capital requirements leading
to interest coverage falling to below 1.5x and/or net financial
leverage exceeding 6x on a sustained basis.  Conversely, positive
rating action may result from a sustained improvement in
operating EBITDA margins coupled with an adjusted net debt/
EBITDA of 3.5x.

RIPL is a Delhi-based manufacturer and exporter of readymade
garments.  The company's customers are mostly trading companies
in Middle East countries and Hong Kong.  It also engages in
trading diamonds (10%-15% of overall sales).  RIPL's interest
coverage stood at 3.29x in FY11 (FY10: 2.7x).

Fitch has also affirmed RIPL's bank loan facilities as follows:

  -- INR1,116m fund-based working capital limits (increased from
     INR890m): affirmed at 'Fitch BB+(ind)'/'Fitch A4+(ind)'
  -- INR376m non-fund-based limits (increased from INR352m):
     affirmed at 'Fitch BB+(ind)'/'Fitch A4+(ind)'


SATYAM COMPUTER: Board Approves Merger With Tech Mahindra
---------------------------------------------------------
The boards of directors of Tech Mahindra and Satyam Computer
Services, in their respective meetings held on March 21, approved
a proposal to merge Mahindra Satyam with Tech Mahindra along with
certain wholly owned subsidiaries of Mahindra Satyam and Tech
Mahindra.

The exchange ratio recommended by the valuers and approved by
both the boards is 2 shares of Tech Mahindra (face value of
INR10 each), for every 17 shares of Mahindra Satyam (face value
of INR2 each). On a pro-forma basis, the Mahindra Group will own
26.3% in the combined entity, British Telecom will own 12.8%,
10.4% will be held as treasury stock, 34.4% to be held by the
public shareholders of Mahindra Satyam and the balance 16.1% will
be held by the public shareholders of Tech Mahindra. Tech
Mahindra will issue 103.4 million new shares, thereby increasing
its outstanding shares to 230.8 million and its equity capital to
INR2,308 million.

Satyam said, "the merger will result in the creation of a new
offshore services leader with revenues of approximately
USD2.4 billion in revenues, approximately 75,000+ strong work
force and 350+ active clients (including Fortune Global 500
companies), across 54 countries. The joint entity will have a
unified go-to-market strategy with deep competencies and a
balanced mix of revenues from telecom, manufacturing, technology,
media & entertainment, banking financial services and insurance,
retail and healthcare.

"Revenues will be well balanced with a diversified global
footprint that would boast of contribution from Americas at 42%,
Europe at 35% and Emerging Markets at 23%.

"The combined entity will leverage Tech Mahindra`s expertise in
Mobility, System Integration, and delivery of large
transformations and to better penetrate the opportunity presented
by Mahindra Satyam`s diverse set of clients across multiple
verticals.

"Likewise Mahindra Satyam`s expertise in Enterprise Solutions
will enable a more complete value proposition to be delivered to
Tech Mahindra's clients. The combination will benefit from
operational synergies, economies of scale, sourcing benefits, and
standardization of business processes."

Anand G Mahindra, chairman, Tech Mahindra said, "This merger will
help propel the combined entity into the top tier of Indian
software and services companies, achieving the group's key
objective of being in a leadership role in each of our focus
business areas."

Vineet Nayyar, vice chairman and managing director of Tech
Mahindra and chairman of Mahindra Satyam, said, "This merger is a
key part of our strategy to deliver industry leading
performance."

C.P. Gurnani, whole-time director and CEO of Mahindra Satyam,
said, "The Mahindra Satyam turnaround is a shining story of
determination and grit and now comes to its most important
chapter, with this merger. As enterprises the world over look to
bolster their IT strategies to keep pace in the connected world,
this merged entity will provide the perfect blend of capability
to address this evolving market."

According to the merger scheme approved by both the boards, the
merger is proposed to be undertaken through a Court approved
Scheme of Arrangement under Sections 391 to 394 of the Companies
Act, 1956.

The proposed Scheme of Arrangement will be subject to the
approvals of the Bombay High Court at Mumbai and the Andhra
Pradesh High Court at Hyderabad. The merger will further be
subject to various statutory approvals, including those from the
shareholders and the lenders/creditors.

As reported in the Troubled Company Reporter-Asia Pacific, former
Satyam Chairman Ramalinga Raju resigned in January 2009 after
admitting he manipulated the company's accounts, including
inflating cash and bank balances, understating liabilities, and
overstating debtors position.  Mr. Raju's confession prompted
investigations into the company by different entities including
Andhra Pradesh state police, the U.S. Securities and Exchange
Commission, and the Securities and Exchange Board of India.  A
three-member board was subsequently created by the government,
which appointed KPMG and Deloitte Touche Tohmatsu to reevaluate
the software company's books.  Several groups considered filing
class action suits against the company.  Mr. Raju was later found
to have invented more than one quarter of Satyam's workforce and
used fictitious names to siphon INR200 million (US$4.1 million) a
month out of the company.  Tech Mahindra Ltd. acquired control of
the company in April 2009.

Satyam reported a INR1.25 billion loss for the 12 months ended
March 31, 2010, and an INR81.8 billion loss for 2009.  The
company reported INR1.47 billion net loss in 2011, its third
annual loss.

                      About Mahindra Satyam

Headquartered in Secunderabad, India, Mahindra Satyam
(PINK:SAYCY) -- http://www.mahindrasatyam.net/-- formerly known
as Satyam Computer Services Limited, is information,
communications and technology (ICT) Company providing business
consulting, information technology and communication services.
The Company is powered by a pool of information technology (IT)
and consulting professionals across enterprise solutions, client
relationship management, business intelligence, business process
quality, operations management, engineering solutions, digital
convergence, product lifecycle management, and infrastructure
management services. The Company is a part of the Mahindra Group,
a global industrial conglomerate in India.


SHEKHADA COT-GIN: ICRA Puts 'ICRA]B' Rating on INR75cr Loan
-----------------------------------------------------------
ICRA has assigned rating of '[ICRA]B' to the INR0.75 crore term
loan and INR7.00 crore cash credit facilities of Shekhada Cot-Gin
Private Limited.

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

The rating, however, positively considers the long experience of
the promoters in the cotton industry, location advantage enjoyed
by the company and mitigation of project execution risk with the
plant commencing operations in March 2012.

                     About Shekhada Cot-Gin

Established in 2011, Shekhada Cot-Gin Private Limited is promoted
by Mr. Paresh Shekhada, Mr. Virag Shekhada and Mr. Bharat
Shekhada. The company is planning to engage in cotton ginning &
pressing of raw cotton with 24 ginning machines to produce cotton
lint and cotton seed. The company's factory premises are located
in Jamnagar (Gujarat) with processing capacity of around 110 MTPD
of raw cotton. The promoters of the firm are also associated with
other firms engaged in the similar line of business.


SIDDHARTH MERCANTILE: ICRA Puts '[ICRA]B' Rating on INR7cr Loan
---------------------------------------------------------------
ICRA has assigned an '[ICRA]B' rating to the INR7.00 crore long
term fund based bank facilities of Siddharth Mercantile Private
Limited. ICRA has also assigned an '[ICRA]A4' rating to the
INR3.00 crore non-fund based bank facilities of SMPL.

The ratings reflect the cyclicality associated with the steel
industry and the ongoing weakness being faced by the industry.
The ratings also factor in SMPL's moderate scale of current
operations, despite a significant increase in its turnover in
2010-11, and its weak financial profile characterized by nominal
profits, a moderately aggressive capital structure and weak
coverage indicators. The ratings take into account the promoters
experience in the steel trading business and a favorable long
term demand outlook for the steel industry.

Incorporated in the year 1997, SMPL is promoted by Mr. Mukesh
Goyal and family. The company is involved in the business of
trading in steel, steel intermediates and ferro alloys. SMPL
deals in silico manganese, ferro silicon, sponge iron, mild steel
(MS) ingots/billets, MS scrap steel, MS long products, pig iron
etc. The promoters also have interests in the commercial real
estate and construction business.

Recent Results:

In the year 2010-11, SMPL reported a net profit of INR0.21 crore
on net sales of INR81.00 crore. During the year 2009-10, the
company reported a net profit of INR0.14 crore on net sales of
INR44.33 crore.


SRI SRINIVASA: ICRA Assigns '[ICRA]B+' Rating to INR10cr Loan
-------------------------------------------------------------
ICRA has assigned '[ICRA]B+' rating to the INR10.00 crores long
term bank facilities of Sri Srinivasa Rice Mill Mahendrawada.

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

Sri Srinivasa Rice Mill Mahendrawada was set up in 1978 as a
partnership firm by Mr. T. Sathi Reddy and his family. The firm
is engaged in milling, processing, and selling of boiled rice,
raw rice, bran, and husk. Currently, the firm has paddy milling
capacity of 55,800 Metric Tons per annum.

Recent Results:

During the financial year ending March 2011, the firm reported
net profit of INR0.19 crores on a turnover of INR24.52 crores
against a reported net profit of INR0.17 crores on a turnover of
INR17.34 crores during FY2009-10.


STAR CIRCLIPS: ICRA Puts '[ICRA]BB' Rating on INR12.50cr Loan
-------------------------------------------------------------
ICRA has assigned an '[ICRA]BB' rating to the INR12.50 crore cash
credit facility, INR7.58 crore term loan and INR1.46 crore
proposed bank limits of Star Circlips & Engineering Limited. The
outlook assigned to the long term rating is "Stable". ICRA has
also assigned an '[ICRA]A4' rating to the INR4.50 crore short
term fund based (sublimit of cash credit facility) and INR3.25
crore short term non fund based bank facilities of SCEL. The
total utilization of fund based and non fund based limits should
not exceed INR24.79 crore.

The assigned ratings are constrained by SCEL's leveraged capital
structure , high working capital intensity which impacts its
liquidity profile and exposure to price risk given its high
inventory levels. ICRA also notes the company's exposure to
cyclicality in the automobile industry and sensitivity to forex
risks given its dependence on exports. The ratings, however,
favorably factor in the promoter's established track record in
the auto ancillary industry, healthy revenue growth and its
reputed customer base including operational benefits from SCEL's
technical collaborations for sales and distributorship with
foreign partners.

                      About Star Circlips

Incorporated in 1974, by promoter and director Mr. Prassana M.
Lodha, Star Circlips & Engineering Limited is engaged in the
manufacturing of circlips, retaining rings, shims, washers,
spacers and other multiform components that are mainly used in
automobiles. The company has a registered office in Nagpur and
two manufacturing units at Hingna and Butibori (Nagpur) with
total installed production capacity of 1,000 million units per
annum.

Recent results:

SCEL recorded a net profit of INR1.03 crore on an operating
income of INR51.23 crore for the year ending March 31, 2011.


SVP BUILDERS: ICRA Assigns '[ICRA]BB' Rating to INR31cr LT Loan
---------------------------------------------------------------
ICRA has assigned '[ICRA]BB' rating to INR31.00 crore long term
fund-based facilities of SVP Builders (I) Limited.

The rating takes into account the established track record of SVP
Group in Ghaziabad, U.P real estate market with their completed
projects fully sold and occupied by residents. The reputation of
the Group coupled with attractive project offerings at affordable
price points has translated into healthy response from customers
as visible in satisfactory booking levels achieved by projects.
Notwithstanding the high competitive intensity owing to influx of
unsold inventory in the economy segment in Raj Nagar Extension,
Ghaziabad, the initial response for under execution projects
provides visibility of off-take and collections especially in
back drop of improved demand prospects in Ghaziabad, U.P
catalyzed by concerns looming over land acquisition in Noida &
Greater Noida area. Further, the rating is supported by low
regulatory risk as all the construction approvals are in place
and company has land titles for all projects. The rating also
takes comfort from track record of moderate capital structure
maintained by the company over the years as reflected in peak
gearing of 0.42 times as on November 2011. However, the rating is
constrained by funding support extended by SVP to its group
companies as reflected in significant proportion of investments,
and loans and advances. The rating also takes into account the
execution risks arising from nascent stage of construction of
phase 2 of Gulmohar Garden and high dependence on timely
marketing of unsold inventory and collection of customer advances
as no construction loan has been tied up for this project and
large proportion of project cost is being funded with customer
advances.

Going forward, the extent of financial support lent to group
companies, ability to successfully market unsold apartment
inventory, timely collection from already sold units, and
execution of the project as per scheduled timelines will remain
the key rating sensitivities.

SVP Builders India Limited is engaged in development of
residential properties in Ghaziabad, Uttar Pradesh. The Company
has successfully completed two projects: Gulmohar Enclave and
Gulmohar Tower, which had combined saleable area of about 1.1
million square feet. Further, SVPBL is executing two more
projects: Gulmohar Garden and Gulmohar Residency in Ghaziabad,
Uttar Pradesh.


SWIDAN CERAMIC: ICRA Assigns '[ICRA]B+' Rating to INR6cr Loan
-------------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to the INR6.00 crore term
loan and INR3.00 crore cash credit facility of Swidan Ceramic.
ICRA has also assigned an '[ICRA]A4' rating to the INR0.80 crore
short term non-fund based facilities of SC.

The assigned ratings reflect the risks inherent in green field
project including market risks, and the risks associated with the
stabilization of the plant, as per expected parameters post
commencement of operations. The ratings also take into account
the vulnerability of SC's profitability to the cyclicality
associated with the real estate industry. The firm's capital
structure is also expected to remain highly leveraged on account
of debt funded projects undertaken by the firm.

However, the ratings favorably consider the extensive experience
of the promoters in ceramic industry, anti dumping duty on cheap
Chinese imports which could reduce competitive pressures and
location advantage enjoyed by the firm resulting in ease of
access to raw material sources.

Established in 2011, Swidan Ceramic (SC) is expected to start
commercial production from April 2012. SC is promoted by Mr.
Meghjibhai and other family members. The plant would have an
installed capacity to manufacture 22,500 MTPA of wall tiles. SC
would manufacture wall glazed tiles of sizes 12" X 12" and 12" X
18" with current set of machineries and production facilities.


U V COTTON: ICRA Assigns '[ICRA]B' Rating to INR12cr Cash Credit
--------------------------------------------------------------
ICRA has assigned the long term rating of '[ICRA]B' to INR12.00 crore
cash credit and INR2.10 crore term loan facilities of U V Cotton &
Oil Industries.  ICRA has also assigned short term rating of
'[ICRA]A4' rating to INR0.20 crore bank guarantee facility of UVCOI.

The assigned ratings reflect the risks inherent in green field
project including market risks and the risks associated with the
stabilization of the plant, as per expected parameters post
commencement of operations. The ratings also take into account the
low value additive nature of the ginning industry and intense
competition on account of fragmented industry structure which
restricts pricing flexibility resulting in thin profitability;
vulnerability of profitability to fluctuations in raw material prices
which are in turn subject to seasonality and crop harvest. The rating
also takes into account the firm's weak capital structure which is
expected to remain stretched on account of debt funded capital
expenditure and high working capital intensity inherent in the
business.

The ratings however positively consider the long experience of the
promoters in the cotton industry, locational advantage enjoyed by the
firm and mitigation of project execution risk with the plant
commencing operations in March 2012.

U V Cotton & Oil Industries incorporated in 2011 is promoted by
Mr. Chandubhai Khachar and other family members. The firm proposes to
engage in cotton ginning, pressing and cotton seed crushing to
produce cotton bales, cotton seed oil and cake. The commercial
production of ginning operation is expected to start from
March 15, 2012.


YOGIRAJ GINNING: ICRA Assigns '[ICRA]B' Rating to INR1.45cr Loan
----------------------------------------------------------------
ICRA has assigned rating of '[ICRA]B' to the INR1.45 crore term
loan and INR12.00 crore cash credit facilities of Yogiraj Ginning
& Oil Industries.

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

The rating however positively considers the long experience of
the promoters in the cotton industry, locational advantages
enjoyed by the firm and mitigation of project execution risk with
the plant commencing operations in March 2012.

Established in 2011, YGOI was promoted by Mr. Praful Chanaria,
Mr. Anupsinh Sarvaiya and other family members. The firm is
planning to engage in cotton ginning and pressing operations and
is in the process of setting up a facility in Gondal (Gujarat)
with 24 ginning machines having an intake capacity of around 150
MTPD of raw cotton. The promoters of the firm are also associated
with other firms engaged in the similar line of business.


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


DAVOMAS ABADI: Moody's Lowers Corporate Family Rating to 'Ca'
-------------------------------------------------------------
Moody's Investors Service has downgraded to Ca from Caa3 the
corporate family rating of PT Davomas Abadi.  The outlook for the
rating is negative.

Ratings Rationale

"The rating action follows Moody's concerns that the weak sales
over the past two quarters and poor inventory management could
have led to the depletion of cash reserves and impaired the
company's ability to service interest payments," says Alvin Tan,
a Moody's Analyst.

"The company's Ca rating also reflects its default on the
interest payments and principal for the US$3.9 million
unrestructured notes, which was due in May 2011, with a fairly
low expectation of recovery," adds Tan, who is also Moody's lead
analyst for Davomas.

Moody's also notes that under the terms of the restructured
senior secured notes due 2014, a default in payment of interest
or principal on the unrestructured notes will not be considered
as an event of default.

"In addition, the company's current Ca corporate family rating
continues to reflect the operating challenges it faces in turning
around its business, after the resumption of its operations from
a seven-month suspension that ended in December 2009, as well as
its history of debt restructuring," says Mr. Tan.

Although Davomas is yet to announce its full-year results,
Moody's expects sales volumes for its cocoa products to decline
in the fourth quarter of 2011 and first-quarter 2012, due mainly
to its high exposure to the weak European and US markets. As a
result, the company's cash reserves could deplete as it will need
to continue servicing fixed-operating costs which could impair
its ability to service interest payments.

The rating could be downgraded following further expectation of a
lower recovery for Davomas' bondholders.

The prospects for upward rating pressure are limited over the
near term given the current negative outlook.

The principal methodology used in rating PT Davomas Abadi Tbk was
the Global Food - Protein and Agriculture Industry Methodology
published in September 2009.

P.T. Davomas Abadi Tbk is the largest producer and exporter of
cocoa butter and cocoa powder in Indonesia. Established in 1990
and listed on the Jakarta Stock Exchange since 1994, the company
has an annual production capacity of approximately 70,000 tons
each of cocoa butter and cocoa powder.


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


* SOUTH KOREA: Corporate Bankruptcies Fall Record Low in February
-----------------------------------------------------------------
Yonhap News reports that the Bank of Korea (BOK) said the number
of South Korean corporate bankruptcies fell to a record low in
February as more construction companies outside the capital city
stayed afloat than in January.

The central bank said the number declined to 94 in February from
103 a month earlier as fewer builders based in provincial cities
went insolvent, according to the news agency.

"In February, the number of construction firms outside Seoul that
went bankrupt dropped by 15 from January," Yonhap quotes an
economist at the BOK as saying. "There was increased demand for
newly built apartments in the regional real-estate markets, which
could have affected the builders."

Yonhap relates that the BOK economist said even though the number
of corporate failures reached a record low last month, it is
premature to say that the financial conditions of South Korean
firms have improved substantially.  Yonhap's sources added that
the number of bankrupt companies has been hovering around 100 in
the past two years.

Since May 2009, the number of insolvent companies has remained
below 200 every month, the report adds.


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


GENESIS RESEARCH: Denies Insolvency Claims after Query from NZX
---------------------------------------------------------------
The National Business Review reports that Genesis Research and
Development, which is planning a reverse takeover of Australian
medical researcher Mariposa Health, has batted away insolvency
claims after a query from NZX Market Supervision.

NBR relates that chief executive Stephen Hall said in a letter of
response that the company hasn't received any questions from
shareholders as to its solvency, and "can confirm that it is able
to pay its debts as they fall due and continues to be solvent."

According to the report, the statement came after the market
supervisor queried the company, saying it received a complaint
from a Genesis shareholder alleging the company may be insolvent.

The stock exchange regulator also asked whether the company was
complying with continuous disclosure rules over its planned
merger with Mariposa, to which Mr. Hall said progress has been
made, but no date has been set down for the shareholder meeting
to secure approval, NBR relays.

NBR notes that the deal is essentially a backdoor listing for the
unlisted Australian company on the NZX, which would then seek to
raise fresh capital to pursue its development programmes.

Genesis posted a loss of NZ$500,000 in the 2011 calendar year,
and had just NZ$100,000 of cash as at Dec. 31.

                        About Genesis Research

New Zealand-based Genesis Research & Development Corp.
-- http://www.genesis.co.nz/-- engages in commercializing
scientific research. It operates solely in the biotechnology
industry and considers the health operation as the only segment.
The health programs focus on developing products for human
health, predominantly in the fields of immunology and cancer,
together with animal health and physiology, and include venture
capital type investments, including investment interests in
Solirna Biosciences Ltd, Real Time Genomics Inc. and Pure Power
Global. Operations are carried out in New Zealand. The Company's
subsidiaries include AgriGenesis Biosciences Limited, BioGenesis
Limited, BioStore NZ Limited and Genesis Employee Fund Limited.


NZF MONEY: SFO Confirms Part II Investigation into NZF Group
------------------------------------------------------------
The Serious Fraud Office said that it has commenced a Part II
investigation into NZF Group Limited, NZF Money Limited, and
their related companies.

SFO and the Financial Markets Authority (FMA) together have been
assessing a range of allegations relating to the conduct of the
group. The primary focus of the SFO assessment relates to alleged
related party transactions between members of the group, its
directors and officers. The transactions cover a period from 2006
to the present.

SFO Chief Executive Adam Feeley said, "We are extremely conscious
of the need to respond quickly where material concerns arise. We
are satisfied that there are valid grounds for an investigation
into the wider group, and that there is a legitimate interest in
publicly advising investors of this investigation."

SFO acknowledged the assistance received from FMA to date.

Mr. Feeley said, "The public can take confidence from the fact
that both regulators and law enforcement agencies are working
closely on these matters, and our investigation will continue to
proceed in close co-operation with the FMA's activities."

                        About NZF Money

NZF Money Limited, previously known as New Zealand Finance
Limited, has been in operation since 1997.  The company provides
financial services with its core activity being a diversified
range of services including; investment, lending, insurance and
mortgage broking.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 23, 2011, BusinessDesk said NZF Money, the deposit-taking
subsidiary of NZF Group, was put in receivership in July 2011
after its parent failed to secure short-term funding needed to
keep the finance company afloat.  The shortfall arose after the
Financial Markets Authority forced the company to pull its
debenture prospectus which hoped to raise NZ$350 million over the
issues around asset quality and liquidity disclosure.


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


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

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

AUSTRALIA

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


CHINA

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


HONG KONG

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


INDONESIA

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


INDIA

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


JAPAN

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


KOREA

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


MALAYSIA

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


PHILIPPINES

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


SINGAPORE

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


THAILAND

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


TAIWAN

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


                             *********

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

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

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


                            *********


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

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

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

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

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





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