TCRAP_Public/120330.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 30, 2012, Vol. 15, No. 65

                            Headlines


A U S T R A L I A

BANK OF QUEENSLAND: Moody's Reviews 'Ba1(hyb)' Stock Rating
PRINCE HILL: McGrath Nicol Appointed as Administrators
SLEEP CITY: Administrator Closes Geelong Store; Four Staff Axed


C H I N A

POWERLONG REAL: S&P Cuts Corp. Credit Rating to 'B' on Weak Sales
RENHE COMMERCIAL: Moody's Cuts CFR to 'B3'; Outlook Negative


H O N G  K O N G

BOOK OF HOPE: Creditors' Proofs of Debt Due April 23
CHUO MITSUI: Commences Wind-Up Proceedings
CLIPSAL INDUSTRIES: Members' Final Meeting Set for April 27
CNA (H.K.): Lam Wai Hay Appointed as Liquidator
DEEPHAVEN ASIA: Seng and Lo Step Down as Liquidators

FUVANKA INDUSTRIES: Annual Meetings Slated for April 18
GENERAL GARMENT: Young and Wong Step Down as Liquidators
LEXUS AUTOMATION: Kam and Mok Appointed as Liquidators
PANDORA ASSET: Commences Wind-Up Proceedings
RICH PALACE: Young and Wong Step Down as Liquidators

SUPERB DRAGON: Members' Final Meeting Set for April 24
SUPERB UNION: Ying and Chan Step Down as Liquidators
TOWER CLUB: Yeung Wing On Adrian Steps Down as Liquidator
UNITED AIM: Placed Under Voluntary Wind-Up Proceedings
YENKU LIMITED: Members' Final Meeting Set for April 27


I N D I A

AIR INDIA: Eight Unions Threaten to Strike From April 2
AIR INDIA: Government Owes INR574cr; Losing INR10cr Daily
AKSHAY INSULATED: ICRA Assigns '[ICRA]BB' Rating to INR3cr Loan
AMIT BROTHERS: ICRA Reaffirms '[ICRA]BB-' Rating on INR20cr Loan
ANANTH TECH: Fitch Puts Rating on Two Term Loans at 'BB(ind)

B.J. COTTON: ICRA Assigns '[ICRA]B+' Rating to INR4.75cr Loan
CHEMIPHARMA PRIVATE: ICRA Assigns 'BB+' Rating to INR8.02cr Loan
DRD TRUCKS: Fitch Puts Rating on Two Term Loans at Low-B
DUNLOP INDIA: Calcutta High Court Appoints Provisional Liquidator
GAUTHAM JAHNAVI: ICRA Cuts Rating on INR12cr Loan to '[ICRA] D'

GPI TEXTILES: Delays in Debt Repayment Cues ICRA Junk Ratings
KINGFISHER AIRLINES: Mallya May Sell UB Stake to Save Airline
MAHARASHTRA METAL: ICRA Puts 'BB+' Rating on INR31.33cr Loan
MANGALORE URBAN: ICRA Assigns '[ICRA]D' Rating to INR11.95cr Loan
POWER SPINNING: ICRA Assigns '[ICRA]D' Rating to INR5cr Loan

PREMIER DESIGNS: ICRA Assigns '[ICRA]BB' Rating to INR12.5cr Loan
RAGHUVIR DEVELOPERS: ICRA Assigns 'BB+' Rating to INR32.75cr Loan
SMR BUILDERS: ICRA Assigns '[ICRA]BB' Rating to INR15cr Bank Loan
SRI AMBAL: ICRA Reaffirms '[ICRA]BB' Rating on INR17.86cr Loan
SRI LANGTA: Fitch Assigns Nat'l Long-Term Rating at 'BB-(ind)'

SRI SRINIVAS: ICRA Assigns 'ICRA]B+' Rating to INR2.5cr LT Loan
SUDERSHAN BIOTECH: ICRA Cuts Rating on INR6.93cr Loan to 'D'
SUNTOUCH LAMINATE: ICRA Reaffirms '[ICRA]BB-' Term Loan Rating
ULTIMA SWITCHGEARS: ICRA Assigns 'BB' Rating to INR5cr Loan
US GRANITES: ICRA Reaffirms '[ICRA]B' Rating on INR6.48cr Loan

VASMO FOODS: ICRA Reaffirms '[ICRA]B+' Rating on INR16cr Loan


J A P A N

ELPIDA MEMORY: Court to Start Corporate Rehab Proceedings
L-JAC FIVE: S&P Cuts Ratings on 2 Classes of Certificates to 'D'
OLYMPUS CORP: Japan Securities Regulator Ends Probe
TOKYO ELECTRIC: May Seek JPY1 Trillion in Public Aid
TRUST FONTANA 2: Moody's Assigns 'Ba2' Rating to Class D Certs.


M O N G O L I A

XACBANK LLC: Moody's Rates New Senior Unsecured Notes 'Ba3'
* MONGOLIA: Moody's Correct March 26 Bank Ratings Release


P H I L I P P I N E S

MANILA CAVITE: Moody's Says Tender Offer No Impact on 'Caa1' CFR


T H A I L A N D

TRUE CORP: Moody's Says CAT Telecom 3G Contracts Under Scrutiny


V I E T N A M

* VIETNAM: Government to Bail Out Insolvent Banks


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


BANK OF QUEENSLAND: Moody's Reviews 'Ba1(hyb)' Stock Rating
-----------------------------------------------------------
Moody's Investors Service has placed the A3 rating of Bank of
Queensland Limited on review for downgrade after the bank
reported that it had substantially increased its loan-loss
provisioning levels.

The ratings affected are its long-term senior unsecured debt
rating of A3; subordinated debt rating of Baa1 and preference
stock rating of Ba1(hyb).

The short-term rating of Prime-2 is not affected and retains a
stable outlook. The bank financial strength rating of C- (its
stand-alone rating) is not affected and retains a negative
outlook, but its mapping to Baa1 on the long-term scale will be
assessed during the review.

The rating action follows the bank's announcement on March 26
that it had conducted a second review of its loan portfolio in
just over a year and had adopted a more conservative approach to
provisioning, resulting in both a significant rise in impairment
expenses and a net loss for 1H2012.

Ratings Rationale

"Asset quality pressures continue to mount for BoQ, with the
primary driver for its higher level of impaired loans, and hence
provisioning, stemming from a continued decline in the collateral
valuations for its commercial property exposures in Queensland,"
says Marina Ip, an Assistant Vice President and Analyst at
Moody's Sydney office.

"While Moody's sees the additional provisioning as a proactive
step, its necessity raises concerns that the extent of possible
declines in collateral values were not fully identified when the
bank had completed in late 2010 a comprehensive review of its
largest commercial exposures, including the identification of,
and provision for, weaker loans," says Ms. Ip.

"A further negative consideration is that the weakening character
of the economic environment makes it difficult for the bank to
resolve these impaired loans and raises the risk of further asset
quality deterioration from continued depressed collateral
valuations," says Ms. Ip.

On the other hand, Moody's views positively BoQ's announcement
that -- in an effort to strengthen its balance sheet -- it will
raise AUD450million in new ordinary share capital from its
institutional and retail shareholder bases over the coming
months.

Moody's further notes that although the capital-raising will be
issued at a significant discount of 17.1% to the last closing
price, it will be fully underwritten, making it virtually certain
the bank will achieve its estimated pro-forma Core Tier 1 Ratio
of 8.6% and Tier 1 Ratio of 9.5%.

In Moody's view, such higher core capital ratios are necessary to
support BOQ's weakened asset quality position.

The review will focus on (i) a detailed analysis of the bank's
asset quality, and whether there has been any identification of
new single large impairments, and (ii) the successful completion
of its proposed capital-raising.

Downward ratings pressure is likely if the bank's asset quality
profile remains challenged.

Moody's further considers that the reasons for BoQ's previous
negative outlook remain valid, and such an outlook would be the
likely outcome in the absence of downgrade.

The reasons for the negative outlook include the ongoing key
challenges facing Australia's smaller regional banks, such as
meeting shareholder expectations on profitability and returns,
but without taking on too much risk; generally having to pay more
for funding (particularly wholesale funding); exhibiting lesser
economies of scale and lesser ability to invest in technology;
and being less able to develop sizeable fee income streams.

Furthermore, as indicated, the current subdued nature of the
economic environment is likely to impede anytime soon any
improvement in the bank's asset quality position.

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

Bank of Queensland Limited is headquartered in Brisbane,
Queensland, Australia. It reported assets of AUD39.9 billion
(approximately US$42.7 billion) at FY2011 ending August 31, 2011.


PRINCE HILL: McGrath Nicol Appointed as Administrators
------------------------------------------------------
Russell Emmerson at AdelaideNow reports that the final part of
the collapse of Mudgee's biggest winery is now in place with
McGrath Nicol being appointed administrators for the troubled
Prince Hill Wines Group.

AdelaideNow relates that financier Commonwealth Bank appointed
Ferrier Hodgson as receivers and managers on March 14 to a
property owned by Coonawarra Australia Property Trust subsidiary,
CPV Wines, and the Trust's responsible entity, Coonawarra Premium
Vineyards.

The vineyard management company Prince Hill Wine Services is also
being managed by Ferrier Hodgson, while the listed entity has
been suspended from trading, the report says.

According to AdelaideNow, McGrath Nicol partner Sam Davies --
sdavies@mcgrathnicol.com -- said the administrators will work
with Ferrier Hodgson to assess the group's recapitalisation and
restructuring opportunities.

Ferrier Hodgson will control the group's assets, including the
current harvest, but Mr. Davies said it was too early to assess
the reason for the group's collapse, reports AdelaideNow.

"We are working closely with the board and management of Prince
Hill Wines to assess as quickly as possible why the Group has
failed and we will update stakeholders of our progress throughout
the Administration," AdelaideNow quotes Mr. Davies as saying.

Mr. Davies said the non-payment by growers of their management
and licence fees appeared to contribute to the group's collapse,
the report notes.

AdelaideNow states that concerns over the group's viability were
clear in its December accounts, which showed the group was in
breach of its loan covenants and a pay-down requirement had been
breached.

The first creditors' meeting will be held April 5, the report
discloses.

The Prince Hill Wines Group comprises the listed Prince Hill
Wines, its subsidiary Prince Hill Wine Services (which owns 43ha
of vineyards in the Coonawarra region), subsidiary Coonawarra
Premium Vineyards (the trustee of the listed Coonawarra Australia
Property Trust) and CPV Wines, which owns an 87-hectare vineyard
in the Coonawarra region.


SLEEP CITY: Administrator Closes Geelong Store; Four Staff Axed
---------------------------------------------------------------
Alex Oates at Geelong Advertiser reports that the administrator
of Furniture and Bedding Concepts Ltd, trading as Sleep City and
Everyday Living, has closed its Geelong store on the Princes
Highway at Corio.

According to the report, PricewaterhouseCoopers partner Michael
Fung said the closure was part of the ongoing wind down of the
business.

Four staff were offered redundancies as Sleep City closed its
doors on March 24, the Advertiser relays.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 29, 2012, SmartCompany said Mr. Fung said Sleep City and
Everyday Living stores would close.  The financial position of
the businesses simply doesn't allow for them to continue trading,
Mr. Fung said.  "We have entered into an in principle agreement
with Hilco Merchant Australia to conduct an orderly liquidation
of remaining stock, both in the stores and the distribution
centres," the report quotes Mr. Fung as saying.  "This
arrangement will enable us to maximise the return from the
companies' existing stock for the benefit of creditors including
employees."

                         About Sleep City

Furniture and Bedding Concepts Ltd. --
http://www.sleepcity.com.au/-- trading as Sleep City and
Everyday Living, is a furniture and bedding retailer with over 64
stores in Australia.  The company employs around 450 staff.

PricewaterhouseCoopers partners Michael Fung, Greg Hall, and
Guy Edwards have been appointed voluntary administrators over
Furniture and Bedding Concepts Ltd. and four other related
entities.

The companies included in the administration are:

     -- Furniture and Bedding Concepts Limited;
     -- Everyday Sleep Trading Pty Ltd;
     -- Uinta Beds Pty Limited;
     -- SDM Marketing Pty Ltd; and
     -- Global Victoria Pty Ltd


=========
C H I N A
=========


POWERLONG REAL: S&P Cuts Corp. Credit Rating to 'B' on Weak Sales
-----------------------------------------------------------------
Standard & Poor's Ratings Services had lowered its corporate
credit rating on China-based property developer Powerlong Real
Estate Holdings Ltd. to 'B' from 'B+', and its issue rating on
the senior unsecured notes to 'B-' from 'B'. "We also placed all
the ratings, including our 'cnBB-' Greater China scale credit
rating on Powerlong and 'cnB+' rating on the notes, on
CreditWatch with negative implications," S&P said.

"We lowered the rating on Powerlong to reflect our expectation
that the company's financial risk profile has deteriorated to
'highly leveraged' from 'aggressive,' as defined in our criteria,
following its weaker-than-expected financial and operating
performance in 2011. At the end of 2011, Powerlong's debt-to-
EBITDA ratio breached our downgrade trigger of 5x," S&P said.

"We believe Powerlong's financial strength is likely to remain
weak in 2012 due to its poor sales execution outside its home
market," said Standard & Poor's credit analyst Frank Lu. "The
company's property sales will likely remain weak due to the
government's credit tightening and home purchase restrictions.
Powerlong's contracted sales declined 12% to Chinese renminbi
(RMB) 5.48 billion in 2011 from a year ago."

"We believe Powerlong's profit margins are unlikely to recover to
the 2010 level, after the decline in 2011. EBITDA margin fell to
32.2% in 2011 from 44.6% in 2010. The company's product mix has
shifted to less profitable projects in third- and fourth-tier
cities. In addition, price discounting could turn aggressive to
clear rising inventory. We see limited scope for Powerlong to
reduce its leverage in 2012, given the challenging business
outlook," S&P said.

"We put the ratings on CreditWatch because of heightened
liquidity risk due to our expectations that property sales are
unlikely to improve as the difficult operating environment will
likely persist in 2012," said Mr. Lu. "Powerlong has very limited
headroom in some of its offshore bank loan covenants. If the
company breaches these covenants, it could face potential
acceleration of debt repayment."

"We aim to resolve the CreditWatch status within the next few
weeks after reviewing Powerlong's strategy to preserve its cash
flows given the weak outlook for property sales and the company's
liquidity position. We may lower the rating on Powerlong by one
notch if we assess that its liquidity will deteriorate to 'weak'
from 'less than adequate' currently, which means that sources of
cash will not be sufficient to cover the uses of cash in the next
12 months."


RENHE COMMERCIAL: Moody's Cuts CFR to 'B3'; Outlook Negative
------------------------------------------------------------
Moody's Investors Service has downgraded to B3 from B1 the
corporate family and senior unsecured debt ratings of Renhe
Commercial Holdings Co Ltd.

The ratings outlook remains negative.

Ratings Rationale

"The downgrade reflects Moody's doubts that Renhe will be able to
sustain its business model due to its track record of weak sales
execution and collection of sales proceeds," says Kaven Tsang, a
Moody's Assistant Vice President and Analyst.

Renhe's book sales of RMB2.2 billion in 2011 are well below
Moody's expectation. Renhe has attributed these lower sales to
weak purchasing sentiments and a tight bank credit environment,
even though its properties are commercial in nature.

Although the company has managed to collect some sales proceeds
from its disposal of BVI subsidiaries that own its projects, its
accounts receivables remained high at RMB4.8 billion as at 31
December 2011.

"Another reason for the downgrade is Renhe's rapid consumption of
cash. Its low cash balance decreases its ability to manage in
China's challenging property market," says Mr. Tsang.

Renhe's cash balance dropped to RMB2.2 billion in December 2011,
from RMB8.8 billion as of December 2010. The decline was due to
substantial cash outflows for (1) the repurchase of shares
totaling RMB1.0 billion, (2) the acquisition of the Wuxi project
for RMB2.6 billion, (3) construction costs totaling 4.6 billion,
and (4) dividend payments of RMB 1.5 billion.

"The downgrade also reflects Renhe's lack of funds for further
property development," adds Mr. Tsang.

Renhe is unable to borrow from banks due to its inability to
offer mortgage charges on its projects. The cash from its bond
issuance remains the key source of funding for development when
sales contributions are not strong. Its cash balance of RMB2.2
billion at end-2011 hardly offers any real support for further
development.

Meanwhile, net rental from Renhe's properties-on-hand can only
cover a fraction of the annual interest payments, reflecting the
company's weak debt servicing ability.

Renhe's gross rental of RMB350 million in 2011 is well below its
cash interest payments of around RMB800 million.

"Moody's is also concerned about Renhe's aggressive accounting
treatment on revaluating some of its projects that are still
under construction," says Mr. Tsang.

Renhe plans to adjust its business model to increase its holdings
of investment properties, and has reported fair value gain from
some properties that were previously designated for sale. The
revaluations have included some incomplete projects.

At the same time, the B3 ratings reflect the company's weak
credit metrics. Renhe's EBITDA interest coverage dropped to below
1.5x in 2011, which is in line with its B3 rating.

The ratings outlook is negative, and reflects Moody's concerns
that Renhe's liquidity and financial profile could continue to
weaken in the next 12-18 months, as the sector's challenging
operating environment is unlikely to turn around in the near
term.

Renhe's ratings could be downgraded further if its business
continues to underperform in the next six months such that (1)
the company's balance sheet liquidity continues to deteriorate
with further declines in unrestricted cash, (2) there are further
delays in the collection of accounts receivables, and/or (3) the
company maintains a high dividend payout.

Moody's would also consider a rating downgrade if Renhe's cash
balance fell below RMB1.5 billion, adjusted debt/capitalization
rose above 60%, and EBITDA/interest failed to recover to above
1.5x.

Furthermore, changes in laws and regulations that could
negatively impact the conditions for developing underground air
defense shelters for commercial use could also be negative for
the ratings.

The ratings are unlikely to be upgraded, given the negative
outlook.

Renhe's ratings were assigned by evaluating factors Moody's
believes are relevant to the credit profile of the issuer, such
as (1) business risk and competitive position of the company
versus others within its industry, (2) capital structure and
financial risk of the company, (3) projected performance of the
company over the near to intermediate term, and (4) management's
track record and risk tolerance.

These attributes were compared against other issuers from both
within and outside of Renhe's core industry, and Renhe's ratings
are believed to be comparable to those of other issuers with
similar credit risk.

Renhe Commercial Holdings Co Ltd specializes in the commercial
operation and development of underground shopping centers that
can also function as civilian air defense shelters.The projects
are built below city commercial centers and transportation hubs,
and are free of land-use premium fees. As of December 2011, the
company was operating and managing 22 malls in 15 cities in
China.


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


BOOK OF HOPE: Creditors' Proofs of Debt Due April 23
----------------------------------------------------
Creditors of Book of Hope International Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by April 23, 2012, to be included in the company's
dividend distribution.

The company's liquidator is Lam Wai Hay.


CHUO MITSUI: Commences Wind-Up Proceedings
------------------------------------------
Members of Chuo Mitsui Investments Hong Kong Limited, on March
12, 2012, passed a resolution to voluntarily wind up the
company's operations.

The company's liquidators are:

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


CLIPSAL INDUSTRIES: Members' Final Meeting Set for April 27
-----------------------------------------------------------
Members of Clipsal Industries Hong Kong Limited will hold their
final meeting on April 27, 2012, at 10:00 a.m., at 25/F, Wing On
Centre, at 111 Connaught Road Central, in Hong Kong.

At the meeting, Kong Chi How Johnson, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


CNA (H.K.): Lam Wai Hay Appointed as Liquidator
-----------------------------------------------
Lam Wai Hay on March 15, 2012, was appointed as liquidator of CNA
(H.K.) Company Limited.

The liquidator may be reached at:

         Lam Wai Hay
         17/F, Ginza Square
         565-567 Nathan Road
         Yaumatei, Kowloon
         Hong Kong


DEEPHAVEN ASIA: Seng and Lo Step Down as Liquidators
----------------------------------------------------
Natalia K M Seng and Susan Y H Lo stepped down as liquidators of
Deephaven Asia Limited on March 10, 2012.


FUVANKA INDUSTRIES: Annual Meetings Slated for April 18
-------------------------------------------------------
Members and creditors of Fuvanka Industries Limited will hold
their annual meetings on April 18, 2012, at 11:00 a.m., and
11:15 a.m., respectively at 32nd Floor of One Pacific Place, 88
Queensway, in Hong Kong.

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


GENERAL GARMENT: Young and Wong Step Down as Liquidators
--------------------------------------------------------
Isabelle Angeline Young and John Chi Wai Wong stepped down as
liquidators of General Garment Manufactory (H.K.) Limited on
March 7, 2012.


LEXUS AUTOMATION: Kam and Mok Appointed as Liquidators
------------------------------------------------------
Kam Hau Choi Anthony and Mok Yu Cheung on March 15, 2012, were
appointed as liquidators of Lexus Automation Limited.

The liquidators may be reached at:

         Kam Hau Choi Anthony
         Mok Yu Cheung
         Suite 2105, 21/F
         Wing On Centre
         111 Connaught Road
         Central, Hong Kong


PANDORA ASSET: Commences Wind-Up Proceedings
--------------------------------------------
Members of Pandora Asset One Limited, on March 9, 2012, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

         Ying Hing Chiu
         Chan Mi Har
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


RICH PALACE: Young and Wong Step Down as Liquidators
----------------------------------------------------
Natalia K M Seng and Susan Y H Lo stepped down as liquidators of
Rich Palace Limited on March 13, 2012.


SUPERB DRAGON: Members' Final Meeting Set for April 24
------------------------------------------------------
Members of Superb Dragon Limited will hold their final meeting on
April 24, 2012, at 3:00 p.m., at 607-608, 6/F, Wing On House, at
71 Des Voeux Road Central, Central, in Hong Kong.

At the meeting, Tom Cheuk Kuen and Lo Shui San Zue, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


SUPERB UNION: Ying and Chan Step Down as Liquidators
----------------------------------------------------
Ying Hing Chiu and Chan Mi Har stepped down as liquidators of
Superb Union Investments Limited on March 12, 2012.


TOWER CLUB: Yeung Wing On Adrian Steps Down as Liquidator
--------------------------------------------------------
Yeung Wing On Adrian stepped down as liquidator of Tower Club
Limited on March 12, 2012.


UNITED AIM: Placed Under Voluntary Wind-Up Proceedings
------------------------------------------------------
At an extraordinary general meeting held on March 15, 2012,
creditors of United Aim Investment Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Kwaan Wing Lok
         Room 402, Tung Chai Building
         88-89, Wellington Street
         Central, Hong Kong


YENKU LIMITED: Members' Final Meeting Set for April 27
------------------------------------------------------
Members of Yenku Limited will hold their final general meeting on
April 27, 2012, at 10:00 a.m., at 5/F, Dah Sing Life Building, at
99-105 Des Voeux Road Central, in Hong Kong.

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


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I N D I A
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AIR INDIA: Eight Unions Threaten to Strike From April 2
-------------------------------------------------------
The Times of India reports that eight Air India unions
representing a large chunk of the over 28,000 staff on Wednesday
threatened to go on strike from April 2 to protest delay in
salary payments and sought Prime Minister's immediate
intervention to resolve the situation.

According to the report, the eight major unions, representing a
cross-section of staffers ranging from pilots, engineers to
ground staff, wrote to Prime Minister Manmohan Singh, saying they
would implement 'No pay no work' policy from April 2 as the
management was "withholding" their "legitimate wages".

Civil Aviation Minister Ajit Singh tried to soothe ruffled
feathers of the protesters saying the government has "stood by
them" before and would continue to do so.

"Let's hope they will realise that the government is doing all it
can. The government has already intervened," the report quotes
the civil aviation minister as saying.

"The Financial Restructuring Plan (FRP) has been cleared by the
Group of Ministers. A (cabinet) note has been moved. The Prime
Minister was away for 2-3 days. So CCEA (Cabinet Committee on
Economic Affairs) has to be convened," Mr. Singh said, adding
even the employees realize that "they are better off than
employees of other airlines."

The agitators have alleged that they have not been paid salaries
and allowances for over past three months, the report notes.

                         About Air India

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

                         *     *     *

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


AIR INDIA: Government Owes INR574cr; Losing INR10cr Daily
---------------------------------------------------------
The Economic Times reports that India Civil Aviation Minister
Ajit Singh said the government owes over INR574 crore to Air
India Ltd with Prime Minister's Office having an outstanding of
more than INR200 crore.

"The outstanding amount to be collected by Air India from the
various central Ministries or departments and government agencies
as on March 15 is approximately INR574.67 crore," Mr. Singh told
the Lok Sabha.

"Of the four regions, Northern region has to recover INR160.27
crore, Southern region INR13.16 crore, Eastern region INR29.55
crore and Western region INR8.24 crore," the report quotes Singh
as saying.  Air India is incurring an operational loss of INR10
crore every day, he added.

The Economic Times relates that Singh also said that in the last
three years, Air India has received INR114.35 crore from the
Ministry of Defense, INR212 crore from the Prime Minister's
Office and INR112.98 crore from Ministry of External Affairs.

                        About Air India

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

                         *     *     *

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


AKSHAY INSULATED: ICRA Assigns '[ICRA]BB' Rating to INR3cr Loan
---------------------------------------------------------------
ICRA has assigned an '[ICRA]BB' rating with stable outlook to the
INR3.00 crore long term fund based facilities of Akshay Insulated
Conductors. ICRA has also assigned an '[ICRA]A4' rating to the
INR4.50 crore short term non fund based facilities of AIC.

The assigned ratings take into consideration low borrowing levels
of the firm which is supported by capital infusion by partners
over the years. The ratings also draw comfort from the raw
material procurement arrangement which protects the firm from
copper price volatility which is one of the biggest risk factor
in copper wires industry. The ratings are however constrained by
AIC's small scale of operations and thin margins as well as low
entry barriers and stiff competition in the industry. ICRA
also notes that the firm has significantly reduced copper wire
trading business in the current year and operating income is
expected to decline considerably.

AIC was established in 1979 and it operates in highly competitive
copper wire industry. It started with manufacturing of enamelled
copper wires. AIC started manufacturing Bare Copper Wires in
2005. In 2008, AIC started trading of bare copper wires. The firm
also developed Bondable Wires and Litz wires in 2003 and 2007
respectively. AIC has also setup a unit in Parwanoo, Himachal
Pradesh.

Recent Results

AIC has reported a profit after tax (PAT) of INR0.62 crore in
FY11 on an operating income of INR69.0 crore. The firm has
reported operating profit before depreciation, interest,
amortization and tax (OPBDITA) of INR1.04 crore in the same
period.


AMIT BROTHERS: ICRA Reaffirms '[ICRA]BB-' Rating on INR20cr Loan
----------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB-' rating assigned to the
INR20 crore fund based facilities of Amit Brothers Private
Limited.  The outlook for the assigned rating is stable.

The reaffirmation of ratings takes into account the experience of
promoters of over 25 years in the trading business, an
established dealership network and supplier base of the company.
Further, with the foray into manufacturing of batteries, the
profitability has improved with an increasing proportion of
manufacturing sales now substituting trading sales. However
ratings concerns emanate from low margins inherent in the trading
business which still constitutes a substantial portion of the
company's sales. The rating is also constrained by relatively
high working capital (WC) intensity of operations, which coupled
with the substantial increase in revenues, has  resulted in
consistently negative cash generation from operations (adjusted
for WC changes) in the last 3-4 years. Moreover, the company will
remain susceptible to adverse movements in finished goods prices
as the number of days of inventory have continued to increase in
the last three years. Competitive industry and commoditized
product profile also constrain the margins of the company.  Going
forward, the company's ability to develop its own brand and
choice of funding for its capital expenditure plans will remain
key rating drivers for the company.

                        About Amit Brothers

Amit Brothers Pvt. Ltd. was set up 25 years ago as a proprietor
entity at Palam, New Delhi and started with business of paint,
hardware and sanitary retailing in the West Delhi area. The
proprietorship firm was converted into a private limited company
with the name of Amit Brothers Pvt. Ltd. Initially, the
company was into retailing of paints and hardware with
distribution and sales of branded companies' products such as
Nerolac, Asian Paints, Hindware, Somani etc. As the business
expanded, the company took dealership of Crompton Greaves and
started wholesale along with retail for distribution
of Crompton Greaves' products. The company itself has built up a
network of sub dealers and dealers running over 280 distribution
points for retail sale of goods dealt by the company. The company
is mainly concentrated in Delhi NCR region. ABPL has forayed into
manufacturing of inverter batteries in FY 2009.

Recent Results

Amit Brothers Private Limited has reported an operating income of
INR97.7 crore in FY 2011 registering a growth of 45% over FY
2010. The profit after tax has also increased from INR0.20 crore
in FY 2010 to INR0.90 crore in FY 2011. In 9 months FY 2012, the
company has achieved a turnover of 89 crore.


ANANTH TECH: Fitch Puts Rating on Two Term Loans at 'BB(ind)
------------------------------------------------------------
Fitch Ratings has assigned India's Ananth Technology Limited a
National Long-Term rating of 'Fitch BB(ind)'.  The Outlook is
Stable.

The ratings are constrained by ATL's extended working capital
cycle of 727 inventory days due to the long lead time for orders;
however, advance payments from its customers alleviate the
liquidity risks.

The ratings are also constrained by the INR1,430m corporate
guarantee extended by ATL for the INR2,220m large-scale debt-
funded project of its associate company - Gagan Aerospace Private
Limited.  The project is in the initial stages of implementation.
ATL is also required to make equity investments in Gagan over the
next three years. As a result, the adjusted leverage (including
guarantees) is projected to remain high at 6x-7x in the medium
term.

The ratings also reflect ATL's stable cash flows from lease
rentals of owned property and its 20-year operational track
record as a qualified vendor with leading government space and
defense research organizations.  Also, its strong order book
status provides medium-term revenue visibility.

Positive rating guidelines include a significant improvement in
ATL's revenues and profitability coupled with successful
implementation of Gagan's project, leading to a sustained
reduction in adjusted leverage.  Conversely, a decline in
revenues and/or profitability and a higher-than-projected
investments/support to Gagan, leading to adjusted leverage
exceeding 8.0x may be negative for the ratings.

ATL is a Hyderabad-based company, founded in 1991 by an ex-NASA
and ex-ISRO scientist, Dr. Subbarao Pavuluri.  ATL undertakes
design, development, fabrication and supply of systems and sub-
systems for defence and space applications.  In FY11 (financial
year ending March), ATL posted revenue of INR431.2m (FY10:
INR313m), an operating EBITDAR margin of 44.2% (42.3%), and
adjusted leverage of 4.2x (6.4x).

Rating actions on ATL's bank facilities:

  -- INR160m fund-based working capital: assigned 'Fitch BB(ind)'
  -- Outstanding INR428.98m long-term loans: assigned 'Fitch
     BB(ind)'
  -- INR900m non-fund-based working capital limits: assigned
     'Fitch A4+(ind)'


B.J. COTTON: ICRA Assigns '[ICRA]B+' Rating to INR4.75cr Loan
-------------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to INR4.75 crore fund
based cash credit facility of B.J. Cotton Industries.  ICRA has
also assigned an '[ICRA]A4' rating to INR0.65 crore Standby line
of credit.

The assigned ratings are constrained by firm's weak financial
profile as reflected by low profitability, high leveraged capital
structure on account of working capital intensive nature of the
business, and weak debt protection indicators. The ratings also
take into account the low value addition and intense competition
on account of fragmented cotton industry which exerts further
pressure on profitability. The rating further incorporates the
vulnerability of profitability due to fluctuations in raw
material prices given the seasonal availability of cotton and
government regulations on MSP and export quota.

The ratings, however, favorably consider the long experience of
the promoters in the cotton industry, favorable location of the
firm giving it easy access to high quality raw cotton and
moderate diversification on account of forward integration in
crushing division.

                         About B.J. Cotton

Established in 2004, B. J. Cotton Industries is engaged in
ginning & pressing of raw cotton to produce cotton seeds and
cotton bales and is also engaged in cotton seed crushing
operations through its associate concern Vallabh Oil Industries
on job work basis. The firm is located at Bodeli, Gujarat. It is
also engaged in trading of cotton bales, cotton seeds and cotton
oil .The firm is equipped with 22 ginning machines and 1 pressing
machine with an installed capacity to produce 200 cotton bales
per day.

Recent Results

For the year ended March 31, 2011, the firm reported an operating
income of INR74.77 crore with profit after tax of INR0.28 crore.


CHEMIPHARMA PRIVATE: ICRA Assigns 'BB+' Rating to INR8.02cr Loan
----------------------------------------------------------------
ICRA has assigned an '[ICRA]BB+' rating to the INR8.02  crore,
term loans; the INR7.50 crore, long-term, fund-based facilities;
and the INR1.35 crore, unallocated facilities of Precise
Chemipharma Private Limited.

ICRA has also assigned an [ICRA]A4+ rating to the INR4.50 crore,
short-term, fund based facilities and the INR3.35 crore, short-
term, non-fund based facilities of PCPL. The outlook on the long-
term rating is stable.

The ratings factor in the vast experience of the promoter in the
pharmaceutical business; PCPL's moderately diversified product
portfolio in terms of presence across different therapeutic
segments; and its entry into the contract manufacturing business
which will help the company gain a foothold in the formulations
business.

The ratings are, however, constrained by the stretched financial
profile of the company as characterised by moderately  high
gearing levels,  high working capital intensity, and weak debt
and interest coverage indicators. ICRA also notes the company's
debt funded capex plans for setting up an Intermediates plant at
Ambernath  and completion of its new API facility at Nashik
which could further pressurize the capital structure and
liquidity position of the company.

                     About Precise Chemipharma

Precise Chemipharma Private Limited is primarily engaged in
manufacturing and exports of Active Pharmaceutical Ingredients
(APIs), drug pellets, intermediates; merchant trading of certain
drugs and contract manufacturing of formulations. The company was
incorporated in the year 1994 by Mr. Pravin Shah who has over 40
years of experience in the pharmaceutical business.

PCPL had setup the plant in 1999 and received licenses in 2001 to
manufacture APIs. At the API plant, PCPL has developed around 42
products which it mostly exports to CIS and ROW markets. The
company has recently setup a bulk drug plant at Navi Mumbai and
is waiting for clearance from the environment authority and state
government agencies. In May 2011, PCPL had started contract
manufacturing from its Nasik plant.

Precise Biopharma Private Ltd. (PBPL) is a group company of PCPL
and both the companies are promoted by the same family. PBPL was
started in the year 2008 and the main business activity of this
company is trading in formulations, wherein it buys the same from
PCPL and sells it to the semi-regulated markets like India,
Africa, LATAM, South East Asia and CIS, under the marketers'
name.  Initially, the promoters had started PBPL with the
intention of carrying out formulations manufacturing through this
new entity.

However, the management has applied for drug licenses for
different products under both the companies.  Wherever, the
licenses had come in the name of PBPL, the drugs would be
manufactured by PCPL and sold to PBPL which in turn exports it to
its clients.

Recent Results

For the nine months ended Dec. 31, 2011 (unaudited), PCPL has
reported a profit before tax of INR3.98 core on an operating
income of INR46.98 crore. As per the audited results for FY 2011,
PCPL reported a profit after tax (PAT) of INR3.56 crore on an
operating income of INR39.99 crore as compared to a PAT of
INR3.94 crore on an operating income of INR38.78 crore in FY 2010


DRD TRUCKS: Fitch Puts Rating on Two Term Loans at Low-B
--------------------------------------------------------
Fitch Ratings has assigned India's DRD Trucks India Private
Limited a National Long-Term rating of 'Fitch BB-(ind)' with
Stable Outlook.

The ratings are constrained by the intense competition in the
domestic commercial vehicle market, a working capital-intensive
business model, its low margins and execution risk of the debt-
funded new self-loading mobile concrete mixers plant.

The ratings also draw strength from the industry experience of
DRD's sponsors of 36 years and DRD's sole dealership for Asia
Motor Works' commercial vehicles for the state of Andhra Pradesh.

Positive rating action may result from timely completion of
planned capex and an increase in revenues and improved EBIDTA
margins leading to improved net leverage below 3.5x on a
sustained basis.  Conversely, negative rating action may result
from significant time and cost overruns in implementation of
planned capex or leverage exceeding 5.0x from FY13 on a sustained
basis.

DRD is a Hyderabad-based dealer for AMW commercial vehicles for
the past five years.  For the financial year ended March 2011,
revenue and EBITDA increased to INR668m (FY10: INR64.3m) and
INR16.3m (INR9.3m), respectively.  However, its EBITDA margin
declined to 2.4% (14.5%).  The significant change in financials
came after the company started to bill end-customers directly as
opposed to AMW billing customers previously.  It had a net
debt/EBITDA of 1.24x (2.95x), and EBIDTA interest cover of 4.53x
(2.71x)

Fitch has also assigned ratings to DRD's bank facilities as
follows:

  -- INR100m term loan: 'Fitch BB-(ind)'
  -- INR120m fund based working capital facilities: 'Fitch BB-
     (ind)'/'Fitch A4+(ind)'
  -- INR70m of non fund-based facilities: 'Fitch A4+(ind)'


DUNLOP INDIA: Calcutta High Court Appoints Provisional Liquidator
-----------------------------------------------------------------
The Hindu Business Line reports that the Calcutta High Court on
Monday asked for appointment of a provisional liquidator to take
stock of the assets of Dunlop India Ltd.

The report recalls that the company's creditors and a few
employees had sought the liquidation of its assets last year.
Justice Sanjib Banerjee admitted the petition from 41 applicants
on Nov. 8, 2011, the report says.

As on March 31, 2011, the company has unsecured loans of about
INR272 crore and secured loans of about INR48 crore.

Dunlop Vice-President Corporate Communications Dhrubajyoti Nandi
said the company will appeal to the Division Bench against the
order, Hindu Business Line reports.

"The West Bengal Government's counsel has pleaded that the
present promoter (Pawan Kumar Ruia) to be allowed to retain
control over operations. We have been asking for the support of
State Government. Now that we see it is forthcoming, we are
hopeful that things will sort out," the report quotes Nandi as
saying.

Headquartered in Kolkota, India, Dunlop India Limited
manufactures and distributes automotive tires and tubes.  The
firm also manufactures high-pressure hoses, steelcord belting,
and vibration isolators.


GAUTHAM JAHNAVI: ICRA Cuts Rating on INR12cr Loan to '[ICRA] D'
---------------------------------------------------------------
ICRA has revised the long term rating assigned to INR12 crore
bank facilities of Gautham Jahnavi Construction Private Limited
from [ICRA] B+ to [ICRA] D.

The revision in the rating reflects GJCPL's delays in servicing
its debt obligation in the recent past on account of liquidity
issues faced by the company. Further, the rating continues to
remain constrained by the company's modest scale of revenue, high
geographical concentration risk with presence mainly in Karnataka
and modest profitability of the company as reflected by operating
margin of around 7% and net margin of around 2.18%.

ICRA however takes note of the long track record of operations of
GJCPL and its experienced promoters in construction business.
Moreover, GJCPL's top line witnessed a good growth FY 2011
(operating income of INR44.18 crore in FY 11 as against operating
income of INR16.95 crore in FY 2010).

                        About Gautham Jahnavi

Gautham Jahnavi Construction Pvt.Ltd. was established by
Mr. Mallikarjuna in the year 1987 as a proprietorship concern and
was later converted into a private limited company in April 2005.
Mr. Mallikarjuna has been in the construction industry for more
than 23 years through this company. Since the inception, the
company has mainly been involved in construction of the projects
such as residential apartments, commercial complexes, and
industrial buildings. The company has completed projects mainly
in the state of Karnataka. The company has strength of 40
engineers & technicians for execution of its projects.

Recent Results

Gautham Jahnavi Construction Pvt Ltd earned a profit after tax
(PAT) of INR0.97 crore on an operating income of INR44.18 crore
in the FY 2010-11


GPI TEXTILES: Delays in Debt Repayment Cues ICRA Junk Ratings
-------------------------------------------------------------
ICRA has assigned '[ICRA]D' rating to INR6.0 crore long term fund
based and INR10.0 crore short term non-fund based bank facilities
of GPI Textiles Limited.

The assigned rating is constrained by the delays in the debt
servicing and payment of statutory liabilities by the company,
which is on account of stretched liquidity. The dispute amongst
the major shareholders of the company has delayed the infusion of
additional capital in the company to fund the continuous losses
been incurred, which has resulted in stretched liquidity.  The
financial profile of the company is weak on account of losses
being incurred, which has also eroded the net worth of the
company.  The rating also takes into account the company's modest
positioning in a fragmented industry which limits its ability to
pass on the hike in the input costs, resulting in pressure on the
operating profitability; however the company benefits from its
diversification across the cotton and polyester yarn which
provides it the flexibility to change the product mix as per the
market demand.

Going forward, timely debt servicing and operating at optimum
capacity levels would be dependent on the timely infusion of
funds in the company, given the erosion of its net worth and
stretched liquidity, and thus it would be the key rating
sensitivity.

                       About GPI Textiles

GPITL is an Ispat group company and was incorporated in September
2000 to take over the textile division of another group company
Gontermann- Peipers (India) Limited which was operating a
spinning mill in  Nalagarh (Himachal Pradesh). Pursuant to the
scheme of the demerger which was approved in August, 2004, all
the assets and liabilities of the textile division of GPIL was
transferred to GPITL retrospectively with effect from January 01,
2003.  GPITL is presently engaged primarily in spinning of cotton
and polyester yarn and has an installed capacity of 84,672
spindles and 960 open end rotors.

Due to the continuous losses which had eroded the net worth of
the company, the company was placed under the purview of Board
for Industrial and Financial Reconstruction in November 2006.

Consequently, the company entered into a One Time Settlement
(OTS) with its lenders and to infuse fresh funds in the company,
inducted a strategic inventor Avenue Capital Group, which
invested through one of its subsidiary GL Asia Mauritius II
Limited. Though post the financial restructuring, the company
came out of the purview of BIFR in November 2008, it has been
again referred to BIFR in 2010-11 on account of erosion of the
net worth of the company due to the continuous losses being
incurred.


KINGFISHER AIRLINES: Mallya May Sell UB Stake to Save Airline
-------------------------------------------------------------
The Economic Times reports that Vijay Mallya is considering the
sale of a portion of his stake in the flagship liquor business
United Breweries to save Kingfisher Airlines.

According to the report, Kingfisher Airlines' cash crunch
continues to worsen and banks refuse to lend more money without
equity support from the promoter.

People close to Mr. Mallya told ET that talks have begun with
Heineken to sell a portion of the 40.57% stake owned by United
Breweries Holdings, the main promoter company in United
Breweries, the makers of Kingfisher.  Heineken owns 37% and could
become the majority owner if the transaction fructifies, the
report notes.

The report says Mr. Mallya is also open to the idea of selling a
small stake in United Spirits, the makers of McDowell whisky.
The promoters own about 28.01% of the company, but a massive
chunk, about 91.45%, is pledged with financial institutions and
banks.

Mr. Mallya's urgency, ET notes, stems from the enormous pressure
being applied on him by banks to bring in equity and save
Kingfisher Airlines from almost certain bankruptcy.  ET notes
that the stricken airline has sharply reduced the number of daily
flights, laid off a large chunk of its employees, and shut down
operations in some domestic and all international routes.  Banks,
which have lent the airline over INR7,000 crore, have refused to
give more money unless the promoters bring in money of their own,
ET relays.

Mr. Mallya's hand, ET adds, has also been forced by the fact that
parent company UB Holdings has guaranteed most of Kingfisher
Airlines' loans, apart from pledging its stake in the liquor
business.  A bankruptcy will force the lenders to invoke the
guarantee and sale of the pledged shares of the liquor and beer
business could follow, a scenario that Mr. Mallya will be keen to
avoid.

                      About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., provides scheduled and unscheduled aircraft
passenger and cargo services, including charter services.
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.


MAHARASHTRA METAL: ICRA Puts 'BB+' Rating on INR31.33cr Loan
------------------------------------------------------------
ICRA has assigned an '[ICRA]BB+' rating to the INR31.33 crore
fund-based bank facilities and term loans of Maharashtra Metal
Powders Limited.  The outlook on the long-term rating is
'stable'. ICRA has also assigned an [ICRA]A4+ rating to the
INR8.00 crore, short-term non-fund-based bank facilities of MMPL.

The ratings take into account the long experience of the
promoters of MMPL in aluminium powder business; its diversified
customer base across various industries, which reduces industry
concentration risk and its consistent growth in turnover for last
three years. However, the ratings are constrained by the weak
financial risk profile of the company, as characterised by a
declining profitability, increasing gearing and a high working
capital intensity and exposure of the profitability to
fluctuations in aluminium prices, which is further accentuated by
its high inventory levels. ICRA also notes that although the
current scale of operations of MMPL is moderate, it is expected
to improve with the implementation of the expansion project for
the manufacture of aluminium conductors. However, the gearing and
coverage indicators of the company are expected to weaken in the
short-to-medium term due to the largely debt-funded nature of the
project.

                      About Maharashtra Metal

Incorporated in 1984, MMPL is in the business of manufacturing
aluminium powder and paste, which are used in a wide variety of
applications  such as thermit welding; manufacture of refractory
for the steel industry and manufacture of explosives, fireworks,
printing ink and paints. The manufacturing facility of MMPL is
located at Maregaon, near Nagpur in Maharashtra.  MMPL has a
significant presence in the export markets too, where its
products are mainly used in the manufacture of light weight
concrete blocks and explosives. MMPL has undertaken an expansion
and diversification project to set up a manufacturing facility
for various types of aluminium conductors for the power
transmission industry.

Recent Results

In 2010-11, MMPL reported a profit after tax (PAT) of INR1.01
crore on an operating income of INR 58.14 crore as compared to a
PAT of INR 1.11 crore on an operating income of INR 50.23 crore
in 2009-10.


MANGALORE URBAN: ICRA Assigns '[ICRA]D' Rating to INR11.95cr Loan
-----------------------------------------------------------------
ICRA has assigned the '[ICRA]D' rating to the INR11.95 crore term
loans of Mangalore Urban Development Authority.

The rating factors in the recent delays of MUDA in servicing of
its debt obligations; its dependence upon the Government of
Karnataka (GoK) for key revenue decisions such as notification
and development of layouts, as reflected by nominal sale of sites
by MUDA during the period from 2001-02 to 2009-10 in the absence
of notifications for new layout during the period; and
significant project risks and an aggressive funding pattern of
the same. The large term loan availed for the development of a
new residential layout may have an adverse impact on MUDA's
liquidity position if the market response for the layout is not
favorable. ICRA notes the rising land acquisition and development
costs for new projects, which could affect the profitability of
the MUDA's proposed layouts in future.

The rating is, however, supported by the strategic importance of
MUDA to GoK as the planning and development authority for the
Mangalore Local Planning Area; its strong operational, legal and
financial linkages with GoK, which has an  adequate credit
profile; and MUDA's role as the sole developer of sites in MLPA.

MUDA is the planning and development agency for MLPA and,
therefore, derives strategic importance from GoK. Its key
development functions include acquisition of land and formation
of layouts/schemes to provide for residential, commercial and
civic amenity sites. However, it has to depend upon GoK's
notifications for undertaking any new project, which could lead
to delays in project execution. The revenues of MUDA from sale of
sites remained low due to delays in approval for layouts from GoK
in the period from 2001-02 to 2009-10. The last layout that was
developed by MUDA was Maruti Nagar Layout (MNL) in 2000-01, with
a total area of 6.64 acres. The layout included 68 sites, which
were allotted by MUDA. After a long interval, the U Srinivasa
Mallya Nagar Layout (USMNL) was developed in 2010-11, with a
total area of 10.29 acres. The layout consisted of 129 sites, of
which 83 residential sites have been sold by MUDA for INR 3.81
crore till date. The remaining sites include two civic amenity
sites, three commercial sites, one plot for miscleneous use and
40 sites kept for sale under auction. Additionally, MUDA is in
the process of developing a 200-acre residential layout, which is
proposed to have 3,695 sites.  Till date, MUDA has acquired more
than 70 acres for the proposed layout, which was primarily funded
by a term loan. The maintenance of the layouts developed by
MUDA is taken over by Mangalore City Corporation (MCC) unlike
some other Development Authorities, which hand over the layouts
to the respective urban local body after a gap of five to ten
years. MUDA has proposed to undertake various city-level
infrastructure projects such as construction of a commercial
complex, ring road and truck terminals. These proposals are at
various stages of finalisation and are proposed to be implemented
on the basis of public private partnership (PPP).

MUDA has received the sanction for a term loan of INR 137.44
crore, which would be released in two phases (Phase I - INR 32.19
crore and Phase II - INR 105.25 crore). The term loan amount
would be utilised for acquiring and developing the 200 acre
proposed residential layout, for which an estimated project cost
of INR137.44 crore (including the cost of land acquisition) would
be incurred. The size of the ongoing project is significantly
higher than the past projects, which exposes MUDA to project
related risks. As on March 31, 2011, MUDA had an outstanding
balance of INR11.95 crore. The first instalment of principal
repayment fell due in December 2011, which however was not paid
in a timely manner by MUDA.

The total receipts of MUDA increased to INR 32.58 crore in 2010-
11 from INR 4.49 crore in 2009-10, which is largely comprised of
income from development fee, income from sale of sites,
reservation fee and loans. MUDA has availed itself of a fresh
term loan of INR11.95 crore during 2010-11 for funding the
ongoing project. The reservation fee, which was introduced in the
year 2009-10, is accrued to a reservation fund, and is utilized
for the development of various civic amenities in these layouts.
As on March 31, 2011, the fund had a balance of around INR 6.00
crore. The total expenditure of MUDA also increased to INR 32.77
crore in 2010-11 from INR4.48 crore in 2009-10, which largely
includes expenditure of INR19.28 crore towards land acquisition
and allocation of funds towards reservation fund. Prior to 2010-
11, MUDA's expenditure levels remained at nominal levels, since
no new layout development project was undertaken.

                       About Mangalore Urban

MUDA came into being with effect from May 18, 1988 under the
Karnataka Urban Development Authority Act, 1987. MUDA today
operates as the planning and development agency for MLPA and is
designated as the Planning Authority under the Karnataka Town and
Country Planning (KTCP) Act, 1961. According to the existing
rules, residential/commercial schemes in MLPA can only be
executed under specific approval from MUDA. The Authority's
planning activity includes preparation of master plans for the
city and individual scheme plans as per existing bye-laws and
approval of development plans for private housing
schemes/buildings. The development functions of MUDA include
acquisition of land, formation of layouts/schemes to provide for
residential, commercial and civic amenity sites, and construction
of commercial complexes, houses and flats. MUDA currently serves
an area of 306 sq. km. The key source of revenue for MUDA is
derived from sale of sites; and the key expenditure is incurred
towards land acquisition and development of new layouts.

Recent Results

As per the receipt-expenditure account for 2010-11, MUDA reported
an overall deficit of INR0.19 crore as against an overall surplus
of INR0.01 crore in 2009-10.


POWER SPINNING: ICRA Assigns '[ICRA]D' Rating to INR5cr Loan
------------------------------------------------------------
ICRA has assigned long-term rating of '[ICRA]D' to the
INR5.00 crore fund based facilities of Power Spinning Mills. ICRA
has also assigned short-term rating of '[ICRA]D' to the INR7.00
crore non-fund based facilities of the firm.

The assigned ratings reflect the delays in debt servicing by the
firm and it's stretched financial profile characterized by thin
margins, high gearing and inadequate coverage indicators. Low
yarn demand coupled with moderation in yarn realizations has
stretched the liquidity position and capital structure of the
firm. The ratings are also impacted by the firm's small scale of
operations restricting economies of scale and the intense
competition in the highly fragmented industry which restricts
bargaining power of the players. ICRA expects the firm's
profitability to be under pressure over the short to medium term
with inventory losses and volatile cotton prices. The ratings
factor in the promoter's experience in the textile industry.

Power Spinning Mills was incorporated in March 2003 as a
partnership firm and is engaged in the production of semi combed
cotton yarn (hosiery variety) and fabric with its manufacturing
plant at Dharapuram, Tamil Nadu. The firm commenced operations in
December 2003 with an installed capacity of 4,572 spindles which
has been expanded over the years to reach the current level of
10,380 spindles.

Recent Results

During the year ended March 31, 2011, PSM reported net profit of
INR0.1 crore on operating income of INR19.5 crore.


PREMIER DESIGNS: ICRA Assigns '[ICRA]BB' Rating to INR12.5cr Loan
-----------------------------------------------------------------
A rating of '[ICRA]BB' has been assigned to the INR12.50 crore
cash credit facility of Premier Designs Realties Private Limited.
The outlook for the rating is stable.

The assigned rating is constrained by the absence of track record
of the company; exposure to project execution risks, however
significant construction work has been completed which mitigates
the risk to a limited certain extent; exposure of company's
operations to the cyclicality inherent in the real estate sector
and vulnerability of profitability to adverse fluctuations in the
cement and steel prices, although the same is mitigated to an
extent due to phased booking undertaken by the company. The
rating is further constrained by the moderate booking status of
the ongoing project in comparison to construction work completed.

The rating, however, favorably factors in the experience of the
promoters in real estate development and the established presence
of the group in Ahmedabad, moderate funding risks since financial
closure has been achieved and significant portion of equity
capital infused, revenue visibility supported by execution of
current project and location advantage being located in Ahmedabad
which has witnessed modest demand from the customers.

Premier Designs Realties Private Limited was incorporated in the
year 2009 and is engaged in construction of residential
apartments and commercial properties. The company is based in
Ahmedabad, Gujarat, and is currently focusing on execution of a
residential project, Parvati Nandan Park, in the Ahmedabad city.
The company is promoted by Mr. Yagnesh Vyas and his son Mr. Smit
Vyas.  The promoters, in the past, have successfully completed
six residential projects in Ahmedabad all of which are situated
in close vicinity to the ongoing project.


RAGHUVIR DEVELOPERS: ICRA Assigns 'BB+' Rating to INR32.75cr Loan
-----------------------------------------------------------------
ICRA has assigned an '[ICRA]BB+' rating to the INR32.75 crore
long term fund based facilities of Raghuvir Developers & Builders
(RDB or the firm. The outlook on the rating is 'stable'.

The rating favorably factors in the experience of the promoters
in real estate development and the favorable location of the
current projects. The rating also takes into account the healthy
land bank holdings of the promoters in Surat and Ahmedabad.
The assigned rating, however, is constrained by the execution and
market risks for the projects given the number of projects and
early stages of construction in three of the large projects. The
market risks are heightened because of the large size of the
projects, its premium positioning and the increasing competition
within the Surat real estate market. The rating also takes into
account the cyclicality of real estate sector, and high regional
concentration risk. Also, the firm remains exposed to risks
inherent in partnership firms.

                     About Raghuvir Developers

Raghuvir was established in August, 2006 as a partnership firm
and is engaged in real estate development. The partners in the
firm are Chandrakant J. Korat, Shivlalbhai S. Ponkia,
G.R.Asodaria, Hiteshbhai B. Ponkia, Bhanubhai Ranchhodbhai and
Chimanbhai J Korat. The firm is based out of Surat, Gujarat and
has successfully executed 12 commercial and residential projects,
while has five residential and two commercial ongoing projects.
The firm has one group concern viz. Raghuvir Developers which is
also engaged in real estate development and is executing its
first project 'Shyam Palace' in Vesu, Surat.

Recent Results

RDB recorded a net profit of INR 31.85 crore on an operating
income of INR 26.77 crore for the year ending March 31, 2011.


SMR BUILDERS: ICRA Assigns '[ICRA]BB' Rating to INR15cr Bank Loan
-----------------------------------------------------------------
ICRA has assigned long term rating of '[ICRA]BB' to
INR15.00 crore bank facilities of SMR Builders Pvt Ltd.  The
outlook on the long term rating is stable.

The assigned rating draws comfort from over two decades of SMR's
established track record in Hyderabad real estate market with
demonstrated execution capabilities through completion of 44
projects comprising 3.25 million sft of development; close to 30%
of current area under development in Bangalore which  mitigates
the risks arising out of advanced construction stage of majority
of the projects, low funding risk for other ongoing residential
projects of SMR due to tying up of cost through customer advances
and term loans. The rating is however constrained by the exposure
of the company to the cyclicality inherent in the Hyderabad real
estate industry, high receivables even for the projects in
advanced stage of execution and stress on the liquidity position
of the company on account of  the large debt to be taken for the
Bandlaguda project.

SMR was incorporated in the year 1985. It was incorporated with
an object of pursuing Real Estate and Construction Business. The
company was set up by Mr. S Ram Reddy who has completed B Arch
from JNTU and Masters in Housing from School of Planning and
Architecture. The company since inception has completed 44
projects in housing and commercial segments with a total
constructed area of 3.25 million sq ft in Hyderabad and
Bangalore.


SRI AMBAL: ICRA Reaffirms '[ICRA]BB' Rating on INR17.86cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]BB' to the
INR17.86 Crore term loans and fund based bank limits of Sri Ambal
& Co.  ICRA has also reaffirmed the short term rating of
'[ICRA]A4' to the INR5 crore non-fund based bank limits of the
firm. The outlook on the long-term rating is Stable.

The reaffirmation of the ratings factors in the modest position
of the firm in the highly competitive road construction industry,
continuing exposure to geographical and client concentration risk
and the restricted orderbook size for the firm. The ratings also
take into consideration the decline in the revenues from
construction segment in FY 2011 resulting from its weak
orderbook, the stretched working capital position of the firm and
significant repayment commitments in the forthcoming years which
will stress the coverage indicators going forward. The ratings,
nevertheless, continue to derive comfort from the long track
record and experience of the promoters in the industry and the
adequacy of plant & equipment for scaling up its operations over
the next 1-2 years. The ratings also favorably consider the
steady growth in revenue contribution from the stable petrol bunk
operations; improvement in margins due to increased integration
with the quarrying business of the promoters and reduced gearing
levels.

                          About Sri Ambal

Sri Ambal & Co. is a small scale civil contractor specialising in
construction of roads and bridges promoted by two brothers - Mr.
S.A. Nandakumar and Mr. S.A. Palanisamy. Ambal was incorporated
in 1998 as a partnership firm.The firm is a qualified Class-I
contractor with the Public Works Department of Government of
Tamil Nadu and Karnataka and has presence around Coimbatore in
Tamil Nadu (Coimbatore, Salem, Erode, Tirupur, Karur, etc.) and
around Mysore in South Karnataka.

Ambal also runs a petrol bunk licensed by HPCL.


SRI LANGTA: Fitch Assigns Nat'l Long-Term Rating at 'BB-(ind)'
--------------------------------------------------------------
Fitch Ratings has assigned India-based Sri Langta Baba Steels
Pvt. Ltd. a National Long-Term rating of 'Fitch BB-(ind)'.  The
Outlook is Stable.  It has also assigned the company's
INR90.6 million term loans and INR150m fund-based limits ratings
of 'Fitch BB-(ind)'.

The ratings are constrained by SLBS's small scale of operations,
the working capital- intensive nature of its business and lack of
secure raw material supply.  The latter exposes the company to
price volatility in raw materials, which account for
approximately 85% of total sales.

The ratings, however, draw comfort from a significant improvement
in SLBS's financials for the nine-month period ended December
2011 (9MFY12), with revenue of INR509m (FY11: INR203.1m), EBITDA
margins of around 11% (10.9%), interest cover of around 2x (0.9x)
and net financial leverage (net adjusted debt/operating EBITDA)
of around 4.1x (9.2x).  This is mainly because of increased
capacity utilisation of its existing 38,400 metric tonne per
annum (MTPA) rolling mill and increased output from its new
57,000 MTPA ingot plant, which was completed in March 2011.

Credit metrics are also likely to have improved in FY12, with
interest cover above 1.5x and net financial leverage below 5x,
based on the improvement witnessed in 9MFY12.

A positive rating guideline would be an improvement in SLBS's
interest coverage above 2.5x on a sustained basis.  A negative
rating guideline would be deterioration in interest coverage
below 1.5x on a sustained basis.

SLBS is a steel manufacturing company, and started commercial
production in 2008 in Giridih (Jharkhand).


SRI SRINIVAS: ICRA Assigns 'ICRA]B+' Rating to INR2.5cr LT Loan
---------------------------------------------------------------
ICRA has assigned '[ICRA]B+' rating to the INR2.5 crore of long-
term fund based limits of Sri Srinivas Industries. ICRA has also
assigned '[ICRA]A4' rating to the INR 1.5 crore short-term fund
based and INR1.0 crore shortterm non fund based limits of the
firm.

The rating takes into account the long standing presence of
promoters in the cashew processing industry with experience of
over 20 years and the firm's diversified customer base. The
assigned ratings are however constrained by the firm's small
scale of operations restricting scale economies, high competitive
intensity in the industry owing to presence of a large number of
small players, low product differentiation and limited pricing
flexibility. The firm remains exposed to volatility in cashew
prices and labor shortages in the industry leading to sub-optimal
capacity utilization. The ratings also take into account the
below average financial risk profile of the firm characterized by
thin profit margins (on account of low value addition), high
gearing, weak coverage indicators and high working capital
intensity. In 2010-11, the firm's sales volumes have also sharply
declined on account of disassociation with Prabhava Cashew
Processors (a proprietorship concern run by family members of the
promoters), which processed a large part of the Firm's total
output on a job-work basis.

                       About Sri Srinivas

Established in 1981, Sri Srinivas Industries has been promoted by
Mr. M Vedavyasa Prabhu. However, the operations of the firm are
currently managed by Mr. Vinayak Prabhu (son of Mr. M Vedavyasa
Prabhu) and Mrs. M Vinaya Prabhu (wife of Mr. Vinayak Prabhu) The
Firm is primarily engaged in the processing plain cashew kernels
from raw cashew nuts (RCNs). The firm procures RCNs generally
from wholesalers based in the domestic market, processes them at
its plant located at Bantwal (Mangalore; installed capacity of 6
Metric Tonnes / day), packs the processed cashew kernels in prime
tins and sells them in both domestic and international (mainly
Japan) markets.

Recent Results

For 2010-11, the Firm's operating income stood at INR10.2 crore
with a profit after tax of INR0.2 crore. As per the provisional
results for ten months ending January, 2012, the Firm's operating
income stands at INR13.8 crore with a profit before tax of
INR0.4 crore.


SUDERSHAN BIOTECH: ICRA Cuts Rating on INR6.93cr Loan to 'D'
------------------------------------------------------------
ICRA has revised the long-term rating of '[ICRA]B' outstanding on
the INR6.93 crore fund based bank facilities of Sudershan Biotech
Limited at [ICRA]D.  ICRA has also revised the short term rating
of '[ICRA]A4' outstanding on the INR2.00 crore non fund based
bank facilities of the company at [ICRA]D.

The revision in the ratings reflects the deterioration in
liquidity profile of SBL and the continuous delay in servicing of
the debt obligations by the company.  The ratings continue to be
constrained by the current project phase of the company, limited
track record, continuing losses and consequent stretched
liquidity position of the company. This has led to restructuring
of the term loans in June 2010 and SBL had been dependent on
equity infusion to meet its debt service obligations. SBL has
plans of setting up manufacturing facilities for production of
Chymosin, Interferon Beta and Human Serum Albumin; these green
field projects will be exposed to typical project execution risks
and timely equity investment will be critical for completion of
the projects. The ratings however draw comfort from strong
research and development team of SBL; the company owns a pool of
patented products and processes which gives it a competitive
advantage in terms of technology.

                       About Sudershan Biotech

SBL is a research led organization, registered in the year 1999
and came into operation in 2001. SBL started as R&D unit,
specializing in recombinant DNA technology that has evolved into
an organization with focus in the areas of industrial Enzymes,
Diagnostic Proteins and Therapeutic Proteins. The company was
started by Dr. V. Guntaka, who is currently a professor at the
University of Tennessee, Memphis, TN, USA, as its Chief
Scientific Advisor. The company has 15000 sq ft R&D facility
including an antigen manufacturing facility in Hyderabad.


SUNTOUCH LAMINATE: ICRA Reaffirms '[ICRA]BB-' Term Loan Rating
--------------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]BB-' assigned
to the INR3.00 crore term loan and INR3.00 crore cash credit
facility of Suntouch Laminate Private Limited.

The outlook on the rating is stable. ICRA has also reaffirmed the
short-term rating of [ICRA]A4 assigned to the INR1.00 crore
short-term, non-fund based limits of SLPL (the non-fund based
limits are a sub-limit of CC limits).

The reaffirmation of ratings take into account the relatively
limited track record of commercial operations, its small scale of
operations  at present; the competitive nature of the laminates
industry due to high fragmentation; the vulnerability of its
profitability to cyclicality of the real estate industry as well
as the fluctuation in raw material prices. The ratings also take
into account the weak financial profile resulting from losses in
the first year of operations, weak capital structure and high
working capital intensity.

The ratings however favorably factor in the past experience of
the promoters in laminates and related businesses, healthy growth
in operating income during 9MFY12 with diversification in sales
geographies and customers, location advantage giving SLPL easy
access to raw material sources and the expected increase in
demand for decorative laminates due to large scale real estate
development across the country.

                       About Suntouch Laminate

Suntouch Laminate Private Limited, established in December 2009,
has been set-up for the manufacturing and trading of decorative
laminate sheets.  SLPL has its production unit located in
Lilapar Road near Morbi, Gujarat with a reported manufacturing
capacity of 900,000 laminate sheets per annum. SLPL commenced
commercial operations in October 2010.

Recent Results

During FY 2011, SLPL reported an operating income of
INR2.10 crore and loss of INR0.71 crore.  During 9MFY 2012
(provisional), SLPL reported an operating income of INR6.81 crore
and profit before depreciation and tax of INR0.14 crore.


ULTIMA SWITCHGEARS: ICRA Assigns 'BB' Rating to INR5cr Loan
-----------------------------------------------------------
ICRA has assigned a '[ICRA] BB' rating to the INR5.00 crore
fund-based limits of Ultima Switchgears Ltd.  ICRA has also
assigned '[ICRA] A4' rating to the INR2.00 crore short term fund
based limits and INR2.00 crores short term non-fund based limits
of USL.

The ratings take into account the intensely competitive nature of
the switchgear industry which has put pressure on USL's margins,
the company's modest scale of operations which coupled with
moderate profitability has resulted in moderate cash accruals.
The ratings are also constrained by susceptibility of USL's
profitability to fluctuations in raw material prices and the
relatively high debtor days which has resulted in high working
capital intensity of operations and high utilization of fund
based working capital limits. Nevertheless, the ratings derive
comfort from USL's experienced management, its established
relations with key customers which has enabled it to secure
repeat orders in the past, the company's comfortable capital
structure and it's above average debt protection indicators.
Going forward, the company's ability to improve its scale of
operations and profitability while maintaining its working
capital intensity would be the key rating sensitivities.

                      About Ultima Switchgears

Ultima Switchgears Limited is engaged in the business of
assembling and manufacturing of switchgears. USL was set up by
Ms.Vandana Parmar who manages the operations of the company
along with his husband Mr.D.V.Parmar who have several years of
experience in the industry. The company's facilities are located
in Roorkee and Greater Noida(UP).

Recent Results

The company reported a net profit of INR2.38 crores on an
operating income of INR34.95 crores in FY11 as against net profit
of INR2.43 crores on an operating income of INR32.68 crores in
FY10.


US GRANITES: ICRA Reaffirms '[ICRA]B' Rating on INR6.48cr Loan
--------------------------------------------------------------
ICRA has re-affirmed the long-term rating of '[ICRA]B' for
INR6.48 crore fundbased limits and short term rating of
'[ICRA]A4' assigned to  INR0.75 crore non fund based limits of US
Granites.

The re-affirmation in rating is due to the decline in
profitability of the firm, withdrawal of tax benefits from FY 12
erosion in net worth on account of higher drawings, high working
capital intensity and the resultant tight liquidity conditions.
The ratings are further inhibited by firm's presence in a highly
competitive market, susceptibility to adverse movement in
exchange rates, lack of captive quarries, and high geographic
concentration of revenues from the US market. The ratings also
take into cognizance the weak financial profile of the firm as
indicated by decline in operating profit and stretched liquidity
position owing to build-up of inventory. However, the ratings are
supported by more than a decade of experience of the promoters in
the granite industry, conservative capital structure of the firm,
moderate coverage indicators, improvement in working capital
intensity of the firm as compared to previous years, increase in
revenues from new customers and diversification of client profile
in FY 12 which has reduced the client and geographic
concentration risks to a significant extent.

                        About US Granites

US Granites was established in 2002 as a partnership firm. The
firm is engaged in the manufacture and export of granite slabs
and monuments. In the year 2002 the firm acquired the sick
granite processing unit namely Ravi Rocks situated at Bolaram in
the Medak district of Andhra Pradesh which was renamed as US
Granites.

Recent Results

As per the provisional results of the company, US Granites
reported an operating income of INR13.15 crore during (9M) FY12
with an operating profit of INR1.67 crore.


VASMO FOODS: ICRA Reaffirms '[ICRA]B+' Rating on INR16cr Loan
-------------------------------------------------------------
ICRA has re-affirmed the '[ICRA]B+' rating outstanding on the
INR16.00 crore fund based facilities (enhanced from INR11.90
crore) of Vasmo Foods Co Private Limited.

The rating re-affirmation reflects the management's established
track record in the manufacturing and selling of variety of
pulses and gram flour. The ratings take into account the
financial profile characterised by thin margins owing to limited
value-addition and stretched coverage metrics due to working
capital intensive nature of business. The rating also considers
the susceptibility of earnings to raw material prices and
government regulations on pricing/distribution/export of
agricultural commodities, and intense competition in the
fragmented industry restricting pricing flexibility.

Vasmo Group was incorporated in the year 1969 by Mr. Mohan. Until
January 2010, the group comprised of three entities: [1] Vasmo
Foods Co, [2] M/S Vasantha Mohan Company and [3] M/S
Vasantha & Company. M/S Vasantha Mohan Company and M/S Vasantha
and Company were proprietary units, established in 1980 and 1995
and Vasmo Foods Co was a partnership  firm incorporated in 2002.

Recent Results

During the year ended March 31, 2011, VFCPL reported net profit
of INR0.3 crore on an operating income of INR84.1 crore against
net profit of INR0.3 crore on operating income of INR82.3 crore
during 2009-10.


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


ELPIDA MEMORY: Court to Start Corporate Rehab Proceedings
---------------------------------------------------------
Elpida Memory, Inc., said that on March 23, 2012, the Tokyo
District Court made the order to commence corporate
reorganization proceedings for Elpida and Akita Elpida Memory,
Inc., in response to petitions filed by the two companies on
Feb. 27, 2012 to begin such proceedings.

At the same time, the Court appointed Yukio Sakamoto, President &
CEO, and Nobuaki Kobayashi, attorney-at-law as the Trustees and
made the order to commence reorganization proceedings, it also
ordered the examination of the both companies by the Examiner.

"We sincerely regret the hardship and inconvenience it has caused
among those who have been supporting us. From now on, we will
work together as a whole and will make our best efforts to
rebuild the business of our company under the administration of
the Trustees appointed by the Tokyo District Court. Your
continued support and contribution will be greatly appreciated,"
Elpida said.

                       About Elpida Memory

Elpida Memory Inc. (TYO:6665) -- http://www.elpida.com/ja/-- is
a Japan-based company principally engaged in the development,
design, manufacture and sale of semiconductor products, with a
focus on dynamic random access memory (DRAM) silicon chips.  The
main products are DDR3 SDRAM, DDR2 SDRAM, DDR SDRAM, SDRAM,
Mobile RAM and XDR DRAM, among others.  The Company distributes
its products to both domestic and overseas markets, including the
United States, Europe, Singapore, Taiwan, Hong Kong and others.
The company has eight subsidiaries and two associated companies.

Elpida Memory, Inc., and its consolidated subsidiary, Akita
Elpida Memory, Inc., filed for corporate reorganization
proceedings in Tokyo District Court on Feb. 27, 2012.

The Tokyo District Court immediately rendered a temporary
restraining order to restrain creditors from demanding repayment
of debt or exercising their rights with respect to the company's
assets absent prior court order.

Atsushi Toki, Attorney-at-Law, has been appointed by the Tokyo
Court as Supervisor and Examiner in the case.

Elpida said liabilities totaled JPY448.03 billion, or $5.52
billion, as of March 31, 2011.   Elpida's total outstanding
loans equal JPY102 billion and its total outstanding bonds equal
JPY138.3 billion.  Elpida's loan facilities include a (i) JPY66.6
billion secured syndicated loan facility due April 2, 2012;
(ii)  JPY18.3 billion secured syndicated loan facility due
March 31, 2012; (iii)  JPY6 billion secured loan from the
Development Bank of Japan, Inc. due March 31, 2013; (iv) JPY10
billion unsecured loan from the DBJ due April 2, 2012; and (v)
JPY1 billion unsecured loan from ORIX Trust and Banking
Corporation due Sept. 30, 2013.

Elpida Memory Inc. is also seeking the U.S. bankruptcy court's
recognition of its reorganization proceedings currently pending
in Tokyo District Court, Eight Civil Division.

Yuko Sakamoto, as foreign representative, filed a Chapter 15
petition (Bankr. D. Del. Case No. 12-10947) for Elpida on
March 19, 2012.


L-JAC FIVE: S&P Cuts Ratings on 2 Classes of Certificates to 'D'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D (sf)' from 'CCC-
(sf)' its ratings on the class C and D-1 trust certificates
issued under the L-JAC Five Trust Beneficial Interest (L-JAC
Five) transaction.

"Three of the transaction's remaining loans, which have
defaulted, were impaired. The three loans originally represented
about 16%, about 12%, and about 8% of the total initial issuance
amount of the trust certificates. We  lowered to 'D (sf)' our
ratings on classes C and D-1 because we have learned that part of
the outstanding principal on these classes has been written off
following the impairment of the loans," S&P said.

"Of the 20 loans (effectively 13 loans because some of the loans
are in cross-collateral and cross-default) that initially backed
the trust certificates, effectively six loans remain, all of
which have defaulted. The six loans originally represented a
combined 36% or so of the initial issuance amount of the trust
certificates. In addition, among the transaction's six remaining
loans, there are two loans for which the sales of the related
collateral properties have been completed but final calculations
at the loan level have not yet been completed. These two loans
originally represented a combined 14% or so of the initial
issuance amount of the trust certificates," S&P said.

L-JAC Five is a multiborrower commercial mortgage-backed
securities (CMBS) transaction. The trust certificates were
originally secured by effectively 13 loans, and the loans were
originally backed by 81 real estate properties and real estate
beneficial interests. Premier Asset Management Co. acts as the
servicer for this transaction.

"The ratings reflect our opinion on the likelihood of the full
payment of interest and the ultimate repayment of principal on
the class C and D-1 trust certificates by the transaction's legal
final maturity date in August 2015," S&P said.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

         http://standardandpoorsdisclosure-17g7.com

RATINGS LOWERED
L-JAC Five Trust Beneficial Interest
JPY63.63 billion Floating-rate trust certificates due August 2015
Class   To       From        Initial issue amount   Coupon type
C       D (sf)   CCC- (sf)   6.10 bil.             Floating rate
D-1     D (sf)   CCC- (sf)   1.70 bil.             Floating rate


OLYMPUS CORP: Japan Securities Regulator Ends Probe
---------------------------------------------------
Kana Inagaki at Dow Jones Newswires reports that Japanese
securities regulators ended their probe of Olympus Corp.,
bringing the inquiry into one of the country's biggest corporate
scandals closer to completion. Investigations by police and
prosecutors however continue.

According to the news agency, the Securities and Exchange
Surveillance Commission said Wednesday it recommended that
prosecutors file additional charges against Olympus and four
individuals for their alleged involvement in keeping around
US$1.5 billion in investment losses off the camera maker's books
for 13 years.  Dow Jones relates that the Tokyo District Public
Prosecutor's Office said it filed those charges against the
company and former Chairman Tsuyoshi Kikukawa, former Executive
Vice President Hisashi Mori, former company auditor Hideo Yamada
and outside investment adviser Akio Nakagawa.

The individuals are suspected of involvement in inflating the
value of the company's net assets for the fiscal years beginning
April 2008 and 2009, the prosecutor's office, as cited by Dow
Jones, said. The three former executives also are suspected of
fabricating figures for the fiscal year starting April 2010,
according to a statement obtained by Dow Jones.

Prosecutors earlier this year charged the four individuals and
Olympus with fabricating figures for the fiscal years that
started in April of 2006 and 2007.

A securities-commission official said the charges will
"essentially conclude our probe," which has centered on the
falsification of financial documents at Olympus.

Prosecutors on Wednesday also charged Hiroshi Ono, a former
director of Tokyo-based consulting firm Global Co., with
fabricating financial reports for the fiscal years starting April
2006 and 2007. Prosecutors also filed new fraud charges against
two other Global executives who had already been charged,
Nobumasa Yokoo and Taku Hada. Global had managed an investment
fund and introduced potential acquisitions to Olympus.

The Troubled Company Reporter-Asia Pacific reported on Nov. 9,
2011, that Block & Leviton LLP, a Boston-based law firm
representing investors seeking to recover money lost due to
investment fraud, said it is investigating possible securities
fraud claims involving Olympus Corp.

On Oct. 14, 2011, Olympus's Board of Directors fired the
Company's then-President and Chief Executive Officer, Michael
Woodford, after Mr. Woodford attempted to force an inquiry into
Olympus's acquisition of British medical device maker Gyrus in
2008.  At issue were the $687.0 million in advisory fees paid to
a relatively obscure financial firm in relation to the
acquisition.  The fees were approximately one-third of the
$2.0 billion acquisition price, which is almost 30 times higher
than normal.

On Nov. 8, 2011, the Company admitted to an accounting cover-up,
stating that the advisory fees paid in connection with the Gyrus
deal and other acquisitions were used to hide steep investment
losses that began in approximately 1990.  Speaking at a press
conference, the Company's President, Shuichi Takayama, confessed
that "[w]e have conducted extremely improper accounting" and that
"[o]ur previous statements were in error."

The Company's admission, released just prior to the opening of
trading on the Tokyo Stock Exchange, where Olympus's common stock
is traded, sent shares spiraling downward by 29% over the prior
day's close to JPY734 (or $9.40).  The Company's American
Depository Receipts also plummeted on the news, losing 31%
compared to the prior day's close of $13.72.  Since mid-October,
when Mr. Woodward's allegations first surfaced, the Company's
stock has lost approximately 70% of its market value.

The Japanese Securities and Exchange Surveillance Commission is
said to be investigating along with the U.S. Federal Bureau of
Investigation, and the U.S. Securities and Exchange Commission.


TOKYO ELECTRIC: May Seek JPY1 Trillion in Public Aid
----------------------------------------------------
Kyodo News reports that Tokyo Electric Power Co. plans to seek an
injection of JPY1 trillion in public funds from a state-backed
entity by the end of the month to avoid insolvency, as it
struggles with the Fukushima Daiichi nuclear power plant crisis.

According to the report, sources close to the matter said the
utility also plans to request some JPY800 billion of additional
financial assistance, which will be used for ballooning
compensation payments stemming from the world's worst nuclear
accident since the 1986 Chernobyl disaster.

But it is not certain that the company's comprehensive
restructuring plan, which is expected to stipulate both the
capital injection and the additional aid, will be submitted by
Saturday's deadline because the issue of who should take over
from outgoing TEPCO Chairman Tsunehisa Katsumata remains
undecided, the news agency relates.

How many shares the government should acquire in return for the
capital injection is expected to be discussed by reflecting the
views of whoever succeeds Mr. Katsumata, Kyodo's sources said.

The government expects the next chairman to play a leading role
in reforming TEPCO, the report adds.

                     About Tokyo Electric

Tokyo Electric Power Company is the largest electric power
company in Japan and the largest privately owned electric
utility in the world.  TEPCO supplies electricity to meet the
increasingly diversified and sophisticated demands of its over
28.09 million customers in the metropolitan Tokyo, which is the
political, economic, and cultural center of Japan, and eight
surrounding prefectures.

Bloomberg News said the utility is battling radiation leaks at
the Fukushima Dai-Ichi power plant north of Tokyo after a
March 11 earthquake and tsunami knocked out its cooling systems,
causing the biggest atomic accident in 25 years.  More than
50,000 households were forced to evacuate and Bank of America
Corp.'s Merrill Lynch estimates TEPCO may face compensation
claims of as much as JPY11 trillion (US$135 billion).

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 11, 2011, Moody's Japan K.K. confirmed the ratings of TEPCO.
The ratings confirmed include its senior secured rating of Ba2,
long-term issuer rating of B1, and Corporate Family Rating of
Ba3.  The ratings outlook is negative.

In February, Standard & Poor's Ratings Services kept Tokyo
Electric Power Co. Inc. on CreditWatch but revised its
implications to negative from developing. "We maintained the 'B+'
long-term corporate credit, 'B' short-term corporate credit, and
'BB+' long-term debt ratings on the company. The stand-alone
credit profile on TEPCO remains at 'ccc+', and the likelihood
that the company will receive extraordinary support from the
government of Japan (AA-/Negative/A-1+) in the event of financial
distress remains 'high.' We placed the ratings on CreditWatch
developing on May 13, 2011, and kept them on that status after
lowering the ratings on the company on May 30, and again on
Aug. 4 and Nov. 9," S&P said.


TRUST FONTANA 2: Moody's Assigns 'Ba2' Rating to Class D Certs.
---------------------------------------------------------------
Moody's SF Japan K.K. has assigned definitive ratings to Trust
Fontana 2, totaling JPY 28.82 billion, backed by residential
mortgage loans.

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

The ratings address the expected loss posed to investors by the
legal final maturity date. The structure allows for timely
payments of dividend (in scheduled amounts, on scheduled payment
dates) and ultimate repayment of principal by the legal final
maturity date for the Class A1 and A2 Trust Certificates. It also
allows for the full payment of dividend and ultimate repayment of
principal by the legal final maturity date for the Class B
through D Trust Certificates.

The complete rating actions are as follows:

Transaction Name: Trust Fontana 2

Class, Issue Amount, Scheduled Dividend Rate, Payment Frequency,
Rating

Class A1 Trust Certificates, JPY16.02 billion, Fixed, Monthly,
Aaa (sf)

Class A2 Trust Certificates, JPY11.36 billion, Fixed, Monthly,
Aaa (sf)

Class B Trust Certificates, JPY0.92 billion, Fixed, Monthly, Aa2
(sf)

Class C Trust Certificates, JPY0.26 billion, Fixed, Monthly, A2
(sf)

Class D Trust Certificates, JPY0.26 billion, Fixed, Monthly, Ba2
(sf)

Credit Enhancement: The senior/subordinated structure and excess
spreads available.

Subordination:

Class A1: Approx. 46.0%

Class A2: Approx. 7.7%

Class B: Approx. 4.6%

Class C: Approx. 3.8%

Class D: Approx. 2.9%

* The formula used to calculate the subordination in place for
  this transaction is:

  Subordination = A/B, where A equals the total principal amount
  of the trust certificates subordinated to the subject trust
  certificates and B equals the initial outstanding balance of
  the residential mortgage loan pool.

Entrustment Date: March 19, 2012

Trust Amendment Date: March 28, 2012

Closing Date: March 28, 2012

Final Maturity Date: October 30, 2048

Underlying Asset: Residential mortgage loans

Special Servicer: MU Frontier Servicer Co., Ltd (MU Frontier
Servicer)

Back-up Servicer: MU Frontier Servicer

Asset Trustee: The Sumitomo Trust and Banking Co. Ltd. (Sumitomo
Trust Bank)

Arranger: Sumitomo Trust Bank

Rating Rationale

The obligors consist mainly of salaried workers and civil
servants, which have fairly high incomes. The weighted average
loan-to-value and debt-to-income ratio are relatively low.

Having analyzed both the obligors' attributes and the
originator's historical performance, Moody's estimates a
cumulative gross loss rate of 2.2% in the pool. Given the
transaction structure, Moody's believes that the credit
enhancement for each of the Class A1 Trust Certificates through
the Class D Trust Certificates is sufficient to assign the
individual ratings for each transaction.

The Seller (Originator/Servicer) entrusted a pool of its
residential mortgage loans, all related rights (excluding the
rights and obligation relating to the Group Life Insurance) and
cash to the Asset Trustee for the purpose of the sale.

The Seller received the Residential Mortgage-Backed Trust
Certificates and the Reserve Trust Certificates.

The Seller sold the Residential Mortgage-Backed Trust
Certificates to the initial investor and retains the Reserve
Trust Certificates.

On the Trust Amendment Date, the Residential Mortgage-Backed
Trust Certificates held by the initial investor were, on the
initial investor's request, changed to Class A1 and A2 Trust
Certificates (the Senior Trust Certificates), Class B through D
Trust Certificates (the Mezzanine Trust Certificates) and the
Subordinated Trust Certificates based on the trust amendment
agreement entered into between the Seller and the Asset Trustee.

The initial investor sold the Senior Trust Certificates and a
part of Mezzanine Trust Certificates to the investors and retains
the rest of Mezzanine Trust Certificates and the Subordinated
Trust Certificates.

Entrustment of the residential mortgage loans was perfected
against third parties via registration pursuant to the Perfection
Law. Notification of entrustment to the obligors of the
receivables will not be made unless certain events occur.

The Seller has established first security interests (mortgages)
on the collateral properties. The Asset Trustee held the security
interests in accordance with the entrustment of the loans.
Transfer of the ownership of the security interests will not be
perfected by registration unless certain events occur.

The transfer of the Residential Mortgage-Backed Trust
Certificates and the Senior Trust Certificates was perfected
against relevant obligors and third parties under Article 94 of
Japan's Trust Law.

The Seller will act as Servicer, under the servicing agreement
with the Asset Trustee. MU Frontier Servicer was appointed as the
Special Servicer as well as the Back-up Servicer which can take
over actual servicing operations.

Principal redemption will be made in a sequential manner from
Class A1 Trust Certificates through Class D Trust Certificates.

Interest collections (after paying expenses and dividends) will
be transferred to the Principal Account up to the aggregate
amount of the outstanding balance of defaulted loans and modified
loans (excluding the aggregate amount of the loans repurchased by
the Seller) under the Act concerning Temporary Measures to
Facilitate Financing for SMEs, etc. (defaulted trapping
mechanism).

If any dividend suspension events occur, the dividends waterfall
to the appropriate Mezzanine and Subordinated Trust Certificates
will be suspended until the trust certificates senior to the
subjected trust certificates are fully redeemed. Key dividend
suspension events include the accumulated default amount
exceeding the trigger threshold set for to each of the Mezzanine
and Subordinated Trust Certificates.

If any early amortization events occur, the dividends waterfall
to the Subordinated Trust Certificates will be suspended, and the
excess spread will be used to redeem the Senior Trust
Certificates and the Mezzanine Trust Certificates. Key early
amortization events include a servicer replacement event.

In preparation for servicer replacement, liquidity was provided
in the form of a cash reserve at closing. This reserve will cover
the dividend payments of the Senior Trust Certificates and the
Mezzanine Trust Certificates as well as trust fees, servicing
fees, fees relating to start of the back-up servicer operation
and so forth. Cash reserves for set-off and commingling risk also
were funded at the closing.

Moody's considers the Seller (Originator/Servicer) to have
sufficient capabilities of servicing the pool, having taken into
account their business franchises, underwriting criteria, and
their servicer operations.

Moody's considers MU Frontier Servicer to have sufficient
capabilities to be the Special Servicer and the Back-up Servicer,
having taken into account their servicing of performing loans as
well as defaulted loans.

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

Moody's did not receive or take into account a third-party due
diligence report on the underlying assets or financial
instruments in this transaction.

The V Score for this transaction indicates "Low/Medium"
uncertainty about critical assumptions, in line with the
Low/Medium score for the Japanese RMBS (Conforming) sector.

The V Score reflects: The quality of historical data, disclosure
of information for analysis and the characteristics of the
transaction. Compared to the typical RMBS, the transaction
features a short track record of mother pool performance.
However, Moody's may supplement Moody's analysis by referring to
the historical data of other originators' mother pool as well as
monitoring data on existing securitization transactions backed by
residential mortgage receivables in the Japanese RMBS
(Conforming) sector. The detailed, loan level characteristic data
is provided.

Although the Originator doesn't retain the Subordinated Trust
Certificates, the initial investor, which belongs to the same
industrial group as the Originator, retains it.

Moody's V Scores provide a relative assessment of the quality of
available credit information and the potential variability around
the various inputs to a rating determination.

The V Score ranks transactions by the potential for significant
rating changes owing to uncertainty around the assumptions due to
data quality, historical performance, the level of disclosure,
transaction complexity, the modeling and the transaction
governance that underlie the ratings. V Scores apply to the
entire transaction, not to individual tranches.

Moody's also ran sensitivity analyses for key parameters in this
transaction. For instance, if the cumulative gross loss rate of
2.2% used in determining the initial rating was changed to 3.3%
or 4.4%, the model output for the Class A1 would not change. But
the model output for the Class A2 would change from Aaa to Aaa or
to Aa1, the model output for the Class B would change from Aa2 to
Aa3 or to A1, the model output for the Class C would change from
A2 to Baa1 or to Baa3, the model output for the Class D would
change from Ba2 to B2 or to B3 (parameter sensitivities).

Parameter Sensitivities are not intended to measure how the
rating of the security might migrate over time; rather they are
designed to provide a quantitative calculation of how the initial
rating might change if key input parameters used in the initial
rating process differed.

The analysis assumes that the deal has not aged, and does not
factor structural features such as sequential payment effect.
Parameter Sensitivities reflect only the ratings impact of each
scenario from a quantitative/model-indicated standpoint.

Qualitative factors are also taken into consideration in the
ratings process, so the actual ratings that would be assigned in
each case could vary from the information presented in the
Parameter Sensitivity analysis.

The rating implementation guidance, "V Scores and Parameter
Sensitivities in the Asia/Pacific RMBS Sector," published on
September 30, 2010, is available on www.moodys.co.jp.


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


XACBANK LLC: Moody's Rates New Senior Unsecured Notes 'Ba3'
-----------------------------------------------------------
Moody's Investors Service has assigned a Ba3 rating to XacBank's
proposed USD senior unsecured notes, which will be drawn from its
US$300 million Euro Medium-Term Note Programme. The notes are on
review for downgrade following Moody's decision to place the
ratings of four Mongolian banks on review for downgrade on 26
March 2012.

The review reflects Moody's revised assessment of the linkage
between the credit profiles of sovereigns and financial
institutions globally, which is further discussed in the rating
implementation guidance titled "How Sovereign Credit Quality May
Affect Other Ratings" published on February 13, 2012.

Moody's anticipates that, in the case of XacBank, the maximum
downgrade will be one notch, which would bring the banks' ratings
in line with Mongolia's sovereign rating.

Ratings Rationale

The rating assigned to the notes is subject to the receipt of
final documentation, the terms and conditions of which are not
expected to change in any material way from the draft documents
reviewed by Moody's.

"The rating is underpinned by the bank's growing franchise, well-
established expertise in microfinance, improved credit quality,
and solid capitalization after a series of capital injections.
Moreover, the rating receives support from the supportive
position of its international shareholders, which have helped
with funding and corporate governance, and have endeavored to
enhance the level of risk management," says Hyun Hee Park, a
Moody's Analyst.

"On the other hand, the rating takes into account the strong
geographical concentration of the bank's operations in Mongolia,
which -- with its boom-bust cycle -- results in a volatile
operating environment. The bank also has a strong reliance on
non-deposit funding and is involved in an aggressive expansion
program," she adds.

Moody's further notes that its high net interest margin is based
on high lending rates, due in turn to well-established customer
relationships on the lending side, and despite a low reliance on
deposit funding when compared to its domestic peers.

XacBank has maintained capital levels to support asset growth of
74.6% in 2011. It also received a capital injection of MNT36.8
billion from TenGer Financial Group, an immediate parent.

Its Tier 1 capital ratio had improved to over 14% as of December
2011 and the bank expects to maintain at least 10% despite
continued aggressive asset growth in 2012. Earlier pressure on
asset quality has dissipated somewhat due to Mongolia's improved
economic prospects following the recovery in the mining sector in
2010 and 2011.

Given the bank's traditional portfolio in consumer and SME
lending, loan concentration risk is much lower than that of its
corporate-focused peers. However, as it grows and serves larger
business clients over time, rising levels of concentration risk
may affect credit quality.

In addition, its high volume of unseasoned loans will over time
translate into a greater vulnerability to any economic
dislocations.

The bank's other ratings are:

- placed on review for downgrade: Bank Financial Strength of D-;
   local currency bank deposits rating of Ba3; issuer rating of
   Ba3; foreign currency long-term senior unsecured debt of Ba3;
   and foreign currency senior unsecured MTN of (P)Ba3

- Unaffected ratings: foreign currency bank deposits rating of
   B2; local currency/ foreign currency short-term deposit rating
   of NP; local currency/ foreign currency short-term issuer
   rating of NP; and Euro MTN program of (P)NP

Moody's does not intend to assign ratings to individual notes
issued under the Programme, with features linked to the
performance of another obligor (credit-linked notes), nor does it
intend to assign ratings to notes for which the payment of
principal or interest is variable and contractually dependent on
the occurrence of a non-credit-linked event or the performance of
an index (non-credit-linked notes).

The only exception will be for notes whose principal and coupon
payments are affected by standard sources of variation.

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

XacBank LLC is based in Ulaanbaatar. It is a systemically
important bank in Mongolia, with consolidated assets of
MNT817.5 billion (US$585.5 billion) as of December 31, 2011.


* MONGOLIA: Moody's Correct March 26 Bank Ratings Release
---------------------------------------------------------
Moody's Investors Service issued a correction to the March 26,
2012 release: "Moody's reviews four Mongolian banks' ratings for
downgrade".

Moody's placed on review for downgrade the ratings of four
Mongolian banks.

The affected banks are all rated one notch above the B1 Mongolian
sovereign rating.

The announcement reflects Moody's revised assessment of the
linkage between the credit profiles of sovereigns and financial
institutions globally, which is further discussed in the rating
implementation guidance titled "How Sovereign Credit Quality May
Affect Other Ratings" published on February 13, 2012.

The banks placed under review are: Golomt Bank, Khan Bank, the
Trade and Development Bank of Mongolia (TDB), and XacBank.

Moody's anticipates that for all four banks the maximum downgrade
will be one-notch, which would bring the banks' ratings in line
with Mongolia's sovereign rating.

Ratings Rationale

The rating implementation guidance clarifies that in order to be
rated above the sovereign, an issuer must not only be
fundamentally stronger than the sovereign -- from a credit
perspective -- but also demonstrate a degree of insulation from
the domestic macroeconomic and financial disruption which
generally accompanies a sovereign default.

In the case of Mongolia, the key credit vulnerability of both the
sovereign and the banks is their exposure to boom-bust economic
cycles, in view of the volatility in commodity prices and the
rapid development of the mining sector. There is, therefore, a
significant correlation between the sovereign credit profile and
that of the banks.

Moreover, the rapid growth in system-wide bank lending -- over
70% in 2011 -- is a concern. The high volume of unseasoned loans
makes the banks more vulnerable to any economic dislocation that
could arise in a scenario of sovereign distress.

While the four rated banks differ in terms of how rapidly their
loan books have grown recently, these are differences of degree
and all have experienced very strong credit expansion. Liquidity
has also tightened as deposits grew much less than loans --
around 40% in 2011.

During the review, Moody's will focus on the following factors
that could mitigate the banks' credit correlation with that of
the sovereign: (1) their relative low direct exposure to
government debt, apart from central bank bills; (2) the sizeable
presence of foreign shareholders at many of these banks; (3) any
changes in the vulnerability of the Mongolian banking system to
shocks when compared to the 2008 crisis; and (4) the size of the
liquidity buffers -- in both domestic and foreign currency --
held by these banks.

The ratings of the four Mongolian banks are as follows:

Khan Bank

- placed on review for downgrade: Bank Financial Strength of D-;
   local currency bank deposits rating of Ba3; issuer rating of
   Ba3; foreign currency long-term senior unsecured debt of Ba3;
   and foreign currency long-term senior unsecured
   MTN/Subordinate MTN of (P)Ba3/(P)B1

- Unaffected ratings: foreign currency bank deposits rating of
   B2; and local currency/ foreign currency short-term deposit
   rating of NP

Golomt Bank

- placed on review for downgrade: Bank Financial Strength of D-;
   local currency bank deposits rating of Ba3; and Issuer rating
   of Ba3

- Unaffected ratings: foreign currency bank deposits rating of
   B2

Trade Development Bank of Mongolia

- placed on review for downgrade: Bank Financial Strength of D-;
   local currency bank deposits rating of Ba3; issuer rating of
   Ba3; foreign currency long-term senior unsecured debt of Ba3;
   and foreign currency long-term senior unsecured
   MTN/subordinate MTN of (P)Ba3/(P)B1

- Unaffected ratings: foreign currency bank deposits rating of
   B2; local currency/ foreign currency short-term deposit rating
   of NP; and local currency/ foreign currency short-term issuer
   rating of NP

XacBank

- placed on review for downgrade: Bank Financial Strength of D-;
   local currency bank deposits rating of Ba3; issuer rating of
   Ba3; foreign currency long-term senior unsecured debt of Ba3;
   and foreign currency long-term senior unsecured MTN of (P)Ba3

- Unaffected ratings: foreign currency bank deposits rating of
   B2; local currency/ foreign currency short-term deposit rating
   of NP; local currency/ foreign currency short-term issuer
   rating of NP; and Euro MTN program of (P)NP

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


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


MANILA CAVITE: Moody's Says Tender Offer No Impact on 'Caa1' CFR
----------------------------------------------------------------
Moody's Investors Service says that there is no immediate impact
on Manila Cavite Toll Road's Caa1 corporate family and senior
secured debt ratings, following the tender offer for its
outstanding US$160 million notes launched by its associated
company, Cavitex Finance Corp, which is in turn wholly owned by
Luis J.L. Virata.

Coastal Road Corporation is the security provider of the Notes by
pledging its shares of UEM - MARA Philippines Corporation, the
entity which holds the concession right of the toll road. CRC is
wholly owned by the Virata Family.

The ratings outlook remains negative.

In March 2012, Cavitex Finance announced a cash tender offer and
consent solicitation for any and all of its outstanding 12%
US$160 million Series 2010-1 notes due 2020 issued by MCTR. The
total consideration for each US$1,000 principal outstanding
amount of the notes is equal to US$970 plus a tender premium of
US$30.

"The consent solicitation seeks to eliminate substantially all
restrictive covenants; certain early amortization events; as well
as all of the cash trapping events and certain reporting
provisions, definitions and cross-references contained in the
indenture and support agreements governing the notes," says
Annalisa Di Chiara, a Moody's Vice President and Senior Analyst.

If the majority of the bondholders (51% or more) tender their
notes and the tender is settled, Cavitex Finance would be
permitted to take certain actions previously prohibited by the
restrictive covenants contained in MCTR's indentures, including
incurring additional debt, issuing new shares to a third-party
investor, and granting liens.

"Under this scenario, untendered notes will no longer benefit
from the original restrictive covenants. Taken together with the
company's below par operating performance, Moody's believes the
holders of the untendered notes could be exposed to increased
financial risks," adds Ms. DiChiara.

MCTR's Caa1 rating continues to reflect its below par operating
performance, driven by the anemic traffic volume on the R-1
extension. The annual average daily traffic volume is about
10,000 units, versus the management's estimation of 45,000.
Consequently, for the last two testing periods, the company has
reported quarterly debt-service coverage ratio below the required
level of 1.15x.

As of March 19, about 72.5% of the outstanding notes had been
validly tendered and not withdrawn. Cavitex Finance plans to
refinance the tendered notes through a new senior secured bank
facility which is currently under negotiation.

Moody's expects the bank facility to have amortizing repayment
terms and lower interest costs, which would reduce the debt-
service requirements and eliminate foreign exchange volatility by
better aligning the domestic currency denominated bank facility
with the domestic currency revenue stream.

However, the final terms and conditions, including the cash
waterfall, are unclear at this time and could expose the holders
of the untendered notes to additional credit or subordination
risks.

The tender offer will expire on March 30 (New York Time).

Upon the completion of the tender offer and depending on the
acceptance rate, Moody's may consider withdrawing the rating if
insufficient information is provided by the company to
effectively monitor the rating for the outstanding untendered
notes.

MCTR is a single-purpose company incorporated in the Cayman
Islands, with limited liability. MCTR is the financing vehicle
for UEM - MARA Philippines Corporation ("UMPC"), which is wholly
owned by Coastal Road Corporation, both incorporated in the
Philippines. UMPC has rights under a toll road concession to
design, finance, construct, and operate the Manila Cavite Toll
Expressway, including the existing R1-Expressway, and R1-
Extension. The concession runs for a term of 35 years to October
2033. The toll road concession arrangements are in place with the
Philippines Reclamation Authority, a corporation that is owned
and controlled by the Government of the Republic of the
Philippines (Ba2, stable outlook) and the Philippines Government
via the Toll Regulatory Board. UMPC has assigned its toll road
collection rights to MCTR to support the Notes.


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


TRUE CORP: Moody's Says CAT Telecom 3G Contracts Under Scrutiny
---------------------------------------------------------------
Moody's Investors Service says it will continue to monitor
developments around the Thai ICT Ministry's scrutiny of contracts
between True Corporation (B2 stable) and CAT Telecom (unrated).
Recent reports state that the ministry may challenge the
contracts that the two companies signed in January 2011 enabling
True to roll out 3G services in Thailand.

More clarity on the ICT ministry's decision should emerge over
the next few days. To some extent, the current ratings of True
Move and True Corp accommodate the generally uncertain and
politicized regulatory environment for Thai telcos. However,
should the scrutiny lead to termination of the contracts, there
could be negative rating implications for True Move (B2 stable)
and its parent company, True Corp. However, Moody's understanding
is that an extreme case of contract termination would need to be
preceded by a court process.

"The extended regulatory and legal scrutiny of the True-CAT deal
will further extend the period of protracted regulatory
uncertainty for True. If this culminates in termination of the
contracts, it could jeopardize True's cellular operations and
competitiveness, and which could lead to downward rating pressure
for True Move and True Corp" says Nidhi Dhruv, a Moody's Analyst
and also lead analyst for both True Move and True Corp.

In this context, Moody's notes that True Move's current 2G
concession will expire in September 2013. It remains unclear
whether the company will be able to extend its concession term,
although it has signed a Memorandum of Agreement with CAT to
extend the concession for another five years, up to 2018.

"True Corp's 7.9% service revenue growth in FY2011 was largely
driven by its 3G business and product sales from smartphones and
tablet devices exceeded 100% growth. Thus, the deal between CAT
and True is very important to maintain True's growth and
competitiveness, especially in light of persistent delays in the
regulators' plans to launch 3G license auctions in Thailand,"
adds Dhruv.

Although the actual contract is between CAT and Real Move
(unrated), an operating company in True's wireless group, it
could nonetheless impact True Move as Real Move continues to be a
subsidiary guarantor of the remaining outstanding amounts of True
Move's 2013 and 2014 bonds -- although the outstanding amount is
small (USD15.6 million) after the bonds were refinanced last
September. We also note that True Corp and True Move have no
material debt maturities until 2014.

The principal methodology used in this rating was Global
Telecommunications Industry, published in December 2010.

Headquartered in Bangkok, True Corp is an integrated provider of
fixed-line, broadband, internet, and mobile services, and pay TV.
True Corp is listed on the Thai Stock Exchange; the Charoen
Pokphand Group is its major shareholder with 64.7% shareholding.
True Corp's wireless business is conducted predominantly through
its 99.3%-owned subsidiary, True Move, Thailand's third largest
mobile telecommunications operator.


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


* VIETNAM: Government to Bail Out Insolvent Banks
-------------------------------------------------
Viet Nam News Agency reports that insolvent banks unable to cover
payment demands from depositors will receive support from the
State Bank of Viet Nam or other commercial banks if their
defaults were likely to have a negative impact on the entire
banking system, according to a new circular issued by the central
bank last week.

The news agency says that Issuance of Circular No 06 is also
being viewed as an opening salvo in the regulatory process
required to implement the nation's plan to reorganize the banking
industry by 2015.

Under the circular, the Viet Nam News relates, the State Bank
would play a key role in requiring stronger credit institutions
to refinance debt loads for weaker banks or would provide
financing directly.

According to the report, credit institutions which have lost
their payment capacity due to serious problems will receive loans
at preferential rates equivalent to the re-financing interest
rate announced by the central bank. If the banks receiving the
support fail to repay the loans when due, they will be charged
interest on past due amounts at 1.5 times of the initial rates.

Viet Nam News relates that the borrowers must use funds from
preferential loans to pay their individual depositors. Using the
loan proceeds to cover institutional depositors may proceed with
the approval of the State Bank Governor.

A number of banks have low liquidity because they have used
short-term deposits to fund medium- and long-term lending. Under
pressure to meet credit growth and profit forecasts, banks have
also lent a significant amount of money to the high-risk real
estate and securities industries, according to the report.

The news agency relates that although the central bank has
allowed banks to use up to 30 per cent of short-term deposits for
medium- and long-term loans, a number of banks have lent up to 70
per cent.  According to the report, State Bank Governor Nguyen
Van Binh said that the nation now had nine poorly-performing
credit institutions. These were now under supervision by the
central bank in order to prepare for their reorganisation.

Viet Nam news notes that under a plan approved by Prime Minister
Nguyen Tan Dung earlier this month to restructure the banking by
2015, domestic commercial banks would be classified into three
groups -- healthy, temporarily short of liquidity, and fragile --
in order for authorities to approve suitable measures, such as
re-organisation, merger or acquisition, reform of risk management
systems, or the interference of the State Bank or other agencies.


===============
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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