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

                      A S I A   P A C I F I C

            Friday, April 13, 2012, Vol. 15, No. 74

                            Headlines


A U S T R A L I A

APV AUTOMOTIVE: High Redundancy Costs Spark Collapse, Expert Says
MIRABELA NICKEL: Moody's Cuts Corporate Family Rating to 'B3'


C H I N A

CDC CORP: Maples and Calder Approved as Cayman Islands Counsel
CENTRAL CHINA REAL: S&P Gives 'B+' Rating on Sr. Fixed-Rate Notes
HANGZHOU GLORY: Files for Bankruptcy Protection


H O N G  K O N G

LEHMAN BROTHERS: Members' Final Meeting Set for May 8
LIPSON ENTERPRISES: Annual Meeting Set for April 20
MANKIN DEVELOPMENT: Annual Meeting Set for April 20
MANSTUNG LIMITED: Commences Wind-Up Proceedings
NANOSPAR TECHNOLOGY: Annual Meeting Set for April 20

PINE WELL: Law Yui Lun Steps Down as Liquidator
WHOLE HERO: Annual Meeting Set for April 20


I N D I A

A.D. WINE: ICRA Assigns '[ICRA]B' Rating to INR2.25cr Loan
AREX INDUSTRIES: ICRA Puts '[ICRA]BB+' Rating on INR14.70cr Loans
AVADH COTEX: ICRA Reaffirms '[ICRA]B+' Rating on INR9cr Loan
BARDIYA CONSTRUCTION: ICRA Rates INR6cr Term Loan at '[ICRA]B'
DAMODARDAS JEWELLERS: ICRA Assigns 'BB' Rating to INR10cr Loan

EVERGREEN DEVELOPERS: ICRA Places '[ICRA]B' Rating on INR7cr Loan
GLS INDUSTRIES: ICRA Assigns 'BB' Rating to INR9cr Term Loans
HIMALAYA RESIDENCY: ICRA Places '[ICRA]B+' Rating on INR20cr Loan
HINDUSTAN ZIRCON: ICRA Rates INR8.48cr LT Loan at '[ICRA]B+'
IDT CLOTHING: Delays in Loan Payment Cues ICRA Junk Ratings

SATYAM MOTORS: ICRA Reaffirms 'BB-' Rating on INR15cr Loan
SHIVAM MOTORS: ICRA Reaffirms '[ICRA]B+' Rating on INR6.10cr Loan
UMESH & BROTHERS: ICRA Assigns 'BB-' Rating to INR2.25cr Loan
VISION CERAMIC: Delays in Debt Repayment Cues ICRA Junk Ratings
WAVE INDUSTRIES: ICRA Cuts Rating on INR130.39cr Loan to 'B'


J A P A N

L-JAC 6: S&P Affirms 'B-' Ratings on 4 Classes of Certificates
OLYMPUS CORP: ISS Urges Clients to Reject Board Nominees


N E W  Z E A L A N D

BLUE CHIP: Ex-Saleswoman Gets Home Detention Over Fraud
LOMBARD FINANCE: All Four Directors Appeal Convictions
NZF MONEY: Parent Directors Accused of Breaching Fiduciary Duties


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


APV AUTOMOTIVE: High Redundancy Costs Spark Collapse, Expert Says
-----------------------------------------------------------------
SmartCompany reports that an industrial relations expert said
that the high cost of redundancy payouts were a key reason for
the collapse of APV Automotive Components and could stymie
restructuring attempts by other manufacturers to restructuring.

The report notes that APV Automotive called in receivers this
week and Harry Hickling, the former managing director of APV
Automotive, was reported to have said the unions were to blame
for the company's difficulties and that the company did not have
the cash reserves to finance redundancies.

The average negotiated redundancy payout at APV automotive was
45 weeks, however, some employees were owed a maximum cap of
100 weeks wages, the report notes.

Industrial relations lawyer Andrew Douglas told SmartCompany
manufacturing generally had a cap of 20 weeks redundancy payments
and APV Manufacturing was not alone in being crippled by high
redundancy payment requirements.

"These businesses are left in a position just to fold and don't
have the cash reserves to pay out redundancies," the report
quotes Mr. Douglas as saying.  "The union has to face up to the
fact that this is a threatened industry and needs to be realistic
about losing jobs, and they have to increase levels of
flexibility to meet the demands of the car makers."

Paul Deflice, regional secretary of the Australian Manufacturing
Workers Union, told SmartCompany the union had been unfairly
blamed for the closure of APV Automotive.

"It is really offensive to the workers, because they are not
highly paid workers and they are only on average getting $18 an
hour and they have been on three or four day weeks for the last
few years," Mr. Deflice told SmartCompany.  "When these
provisions were being negotiated, there was give and take on both
sides."

SmartCompany adds that Mr. Deflice said he also does not agree
that high redundancy payouts were a key reason for APV
Automotive's failure.

As reported in the Troubled Company Reporter-Asia Pacific on
April 11, 2012, Australian Associated Press said more than 120
workers have been stood down without pay, with APV Automotive
Components Pty Ltd placed into receivership. AAP related that APV
Automotive cannot afford to pay its 126 staff thanks to a sharp
drop in orders for the parts it makes for Holden, Toyota and
Ford.  Receivers took control of the business on April 10 after
talks to reach agreements on a voluntary redundancy program and a
new enterprise agreement failed, AAP reported.

APV Automotive Components Pty Ltd supplies Australia's big three
car companies with fuel fillers, rear suspension struts and steel
and fabricated parts.


MIRABELA NICKEL: Moody's Cuts Corporate Family Rating to 'B3'
-------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family and
senior unsecured ratings of Mirabela Nickel Limited from B2 to
B3. The ratings are under review for further downgrade.

Ratings Rationale

"The ratings downgrade reflects continued concerns around
Mirabela's very high cash costs of production, which combined
with lower than expected nickel prices have led to negative
operating cash flow for the company, particularly in the fourth
quarter of 2011", says Matthew Moore, a Moody's Assistant Vice
President -- Analyst. Accordingly, Mirabela's credit profile has
worsened to a level that is considerably weaker than what was
incorporated at the previous rating.

"Furthermore, there is significant degree of uncertainty
surrounding Mirabela's ability to improve cash costs towards the
current guidance of around $6.00/lb by the end of 2012", says
Ms. Moore, adding "This, combined with the recent weakness in
nickel prices, will continue to pressure Mirabela's financial and
liquidity profile".

Mirabela has been ramping up operations at its Santa Rita mine in
Brazil. Moody's had expected cash cost to decline and for
improved recoveries throughout 2011 as the ramp up progressed and
required modifications to the processing plant were completed.

Although Mirabela completed an upgrade of its processing plant to
7.2 million tonnes per annum of throughput capacity, and achieved
production of nickel-in-concentrate in line with Moody's
expectation, total cash costs unexpectedly increased year-on-year
for the period ended December 31, 2011, due to lower than
expected ore head grades, higher processing costs due to fines
material present in the ore, lower than expected recoveries and
higher mining costs. Moody's had previously expected for
sequential decreases in costs throughout the year. Average cash
costs for 2011 increased to $7.27/lb versus average costs in 2010
of $7.00/lb and cash costs for the fourth quarter were $7.42/lb.

Given the recent weakness in nickel prices and Moody's
expectations for prices over the next 12 to 18 months, it will be
crucial for Mirabela to meet its recent market guidance for cash
costs to fall to around $6.00 per pound by the end of 2012 in
order to fund its operations and upcoming financial obligations.

The rating remains on review for possible downgrade due to
ongoing risks associated with Mirabela's cost reduction program,
the failure of which would likely lead to precipitous rating
downgrade. The review will focus on the company's ability to
demonstrate a trend of improving costs over the next 2-3 months.
The review will also consider the risks around the company's
ability to repay the $25 million of its drawn credit facility
falling due in January 2013.

The principal methodology used in rating Mirabela Nickel Limited
was the Global Mining Industry Methodology published in May 2009.

Mirabela Nickel Ltd based in Perth, Western Australia is a single
asset nickel producer. Mirabela's principal asset is the Santa
Rita Project in Bahia State, Brazil. The Santa Rita project is a
nickel sulphide operation with a nameplate capacity of 7.2Mtpa of
ore milled and full production target between 23,000 to 25,000
tonnes of nickel in concentrate.


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C H I N A
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CDC CORP: Maples and Calder Approved as Cayman Islands Counsel
--------------------------------------------------------------
The Hon. Paul W. Bonapfel of the U.S. Bankruptcy Court for the
Northern District of Georgia authorized CDC Corporation to employ
Maples and Calder as corporate Cayman Islands counsel for limited
purposes and its affiliated services company, Maples Corporate
Services Limited, as registered office provider in the ordinary
course of business to provide services including making filings
with the Cayman Islands Registrar of Companies and related
matters and inconnection therewith to pay prepetition and
postpetition claims.

As reported in the Troubled Company Reporter on March 20, 2012,
James C. Cifelli, Esq., at Lamberth, Cifelli, Stokes, Ellis &
Nason, P.A., the attorney for Debtor, said that in order to
administer this case in a proper, efficient, and economical
manner, the Debtor needs the services of a registered office
provider in connection with the Cayman Islands corporate
registration requirements.

Prior to the Petition Date, Maples Corporate served as a
registered office provider and provided the registered office,
prepared and filed Annual Returns, maintained statutory records,
including the updating and filing of the register of officers and
directors, and obtained good standing certificates.

Prior to the Petition Date, Maples and Calder acted as Cayman
Islands corporate counsel to the Debtor, CDC Software
Corporation, and several of their affiliates.  In light of the
conflict of interest in connection with this Chapter 11 case,
following the Petition Date, Maples and Calder ceased to act as
Cayman Islands corporate counsel to Debtor in respect of matters
connected with the Chapter 11 case.

Mr. Cifelli said that in order to continue properly to operate as
a company incorporated in the Cayman Islands, the Debtor seeks
specific authority to pay the invoices for legal fees and
administrative services, including in connection with the annual
fees and annual filings which were required in the Cayman Islands
in January of 2012.  In respect of the annual fees for 2012, and
certain other administrative expenses incurred, Maples has issued
an invoice in the amount of $5,180.56.

"As Maples served as the provider of the Debtor's registered
office in the Cayman Islands prior to the bankruptcy case and the
firm filed the required annual reports and other filings with the
Cayman Islands Registrar of Companies prior to the bankruptcy
case, it is necessary and appropriate for the Debtor to pay the
prepetition amounts owing to Maples so that Maples can continue
to act on behalf of the Debtor without any change in the Debtor's
registered office.  This is the best way to streamline and insure
that the Debtor can obtain good standing certificates on a timely
basis so as to be able to close the sale contemplated by the sale
motion scheduled to be heard by the Court at the hearing on
March 20, 2012.  The only possible alternative would be to
attempt to identify (and pay) a different registered office
provider in the Cayman Islands -- which would likely result in
additional costs and delays occasioned by an unnecessary hand-
over," Mr. Cifelli says.

The Debtor sought authorization to retain and compensate Maples
without the necessity of formal fee applications.  The Debtor
sought authority to pay the invoices for 2012 registration
matters and to pay Maples in the ordinary course of business for
future necessary filings with the Cayman Islands Registrar of
Companies and related matters.  The services of Maples and Calder
as corporate Cayman Islands counsel for the Debtor are expected
to be limited to providing advice with regard to necessary
corporate updates and filings and related matters and will not be
duplicative of the services performed by the firm of Solomon
Harris.  Maples and Calder is owed US$38,793.75 for professional
services rendered prior to the Petition Date.

Maples and Calder is further owed US$5,793.75 for professional
services rendered after the Petition Date.  Debtor seeks
authority to pay these invoices.

Matthew Gardner, associate partner at Maples, assures the Court
that his firm does not hold or represent interest adverse to the
Debtors' estates, and that it is a "disinterested person" under
Section 101(14) of the Bankruptcy Code.

                          About CDC Corp.

Based in Atlanta, CDC Corp. (Nasdaq: CHINA) --
http://www.cdccorporation.net/-- is the parent company of CDC
Software (Nasdaq: CDCS).  CDC Software is based dually in
Shanghai, China, and Atlanta and produces enterprise software
applications, IT consulting services, outsourced applications
development and IT staffing.  The company's owners include Asia
Pacific Online Ltd., Xinhua News Agency and Evolution Capital
Management.

CDC Corporation, doing business as Chinadotcom, filed a Chapter
11 petition (Bankr. N.D. Ga. Case No. 11-79079) on Oct. 4, 2011.
James C. Cifelli, Esq., at Lamberth, Cifelli, Stokes & Stout, PA,
in Atlanta, Georgia, serves as counsel.  Moelis & Company LLC
serves as its financial advisor and investment banker.  Marcus A.
Watson at Finley Colmer and Company serves as chief restructuring
officer.  The Debtor estimated assets and debts at US$100 million
to US$500 million as of the Chapter 11 filing.

The Official Committee of Equity Security Holders of CDC
Corporation is represented by Troutman Sanders.  The Committee
tapped Morgan Joseph TriArtisan LLC as its financial advisor.


CENTRAL CHINA REAL: S&P Gives 'B+' Rating on Sr. Fixed-Rate Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' rating to
the proposed issue of Singapore-dollar-denominated guaranteed
senior notes by Central China Real Estate Ltd. (CCRE: BB-
/Stable/--; cnBB+/--). "The rating on the four-year fixed-rate
notes is subject to our review of the final issuance
documentation. CCRE intends to use the proceeds from the proposed
issue to finance new and existing property projects, to repay
existing indebtedness, and for general corporate purposes.
Standard & Poor's also assigned its 'cnBB' Greater China credit
scale rating to the proposed issue," S&P said.

"The issue rating is one notch lower than the corporate credit
rating to reflect our opinion that offshore noteholders would be
materially disadvantaged, compared with onshore creditors, in the
event of a default. In our view, CCRE's ratio of priority
borrowings to total assets will remain above our notching
threshold of 15% for speculative-grade debt for the next two
years," S&P said.

"The corporate credit rating on CCRE, a China-based property
developer, reflects the company's debt-funded expansion, and
execution and concentration risks. CCRE's focused strategy and
good market position in Henan province, where it has a long
operating history and sizable, low-cost land reserves, moderate
these weaknesses," S&P said.

"The stable outlook on CCRE reflects our expectation that the
company will generate satisfactory property sales and have good
financial flexibility to meet its short-term obligations. We
regard CCRE's liquidity as adequate supported by good contract
sales. We anticipate that the company will maintain a debt-to-
EBITDA ratio of 3x-4x in 2012, and have at least Chinese renminbi
1 billion in unrestricted cash annually while pursuing its high-
growth strategy," S&P said.


HANGZHOU GLORY: Files for Bankruptcy Protection
-----------------------------------------------
Esther Fung at The Wall Street Journal reports that Hangzhou
Glory Real Estate Co. has filed for bankruptcy protection,
falling victim to the China government's two-year campaign to
rein in property prices and pointing to wider problems ahead in
the country's real-estate market.

The Journal relates that analysts said the financial woes of
Hangzhou Glory won't drag down other firms in the hard-hit
property sector.  But they said that other weaker players could
see similar strains, the report relays.

According to the Journal, an official at the Yuhang district
court in Hangzhou said the bankruptcy proceedings for Hangzhou
Glory have begun.  The date of the filing wasn't clear, the
Journal notes.  Attorneys at T&C Law Firm, which is handling the
company's bankruptcy filing, couldn't be reached for comment,
says the Journal.

Hangzhou Glory Real Estate has delayed delivery of some homes at
its only project, West City Times Home, a saleswoman told the
Journal by phone. She declined to give further details, the
Journal notes.

The West City Times Home project is near Hangzhou's famous West
Lake, a coveted area for wealthy Chinese, the report discloses.

Hangzhou Glory Real Estate Co. is a real estate firm based in
Hangzhou, China.


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


LEHMAN BROTHERS: Members' Final Meeting Set for May 8
-----------------------------------------------------
Members of Lehman Brothers South Asia Limited will hold their
final meeting on May 8, 2012, at 10:00 a.m., at 35th Floor, 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.


LIPSON ENTERPRISES: Annual Meeting Set for April 20
---------------------------------------------------
Members and creditors of Lipson Enterprises Limited will hold
their annual meeting on April 20, 2012, at 10:30 a.m., at 62nd
Floor, One Island East, at 18 Westlands Road, Island East, in
Hong Kong.

At the meeting, David Yen Ching Wai, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


MANKIN DEVELOPMENT: Annual Meeting Set for April 20
---------------------------------------------------
Members and creditors of Mankin Development Limited will hold
their annual meeting on April 20, 2012, at 11:00 a.m., at 62nd
Floor, One Island East, at 18 Westlands Road, Island East, in
Hong Kong.

At the meeting, David Yen Ching Wai, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


MANSTUNG LIMITED: Commences Wind-Up Proceedings
-----------------------------------------------
Members of Manstung Limited, on March 26, 2012, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

         Michel Henricus Bots
         Ng Kit Ying Zelinda
         36/F, Tower Two, Times Square
         1 Matheson Street
         Causeway Bay, Hong Kong


NANOSPAR TECHNOLOGY: Annual Meeting Set for April 20
----------------------------------------------------
Members and creditors of Nanospar Technology Limited will hold
their annual meeting on April 20, 2012, at 11:30 a.m., at 62nd
Floor, One Island East, at 18 Westlands Road, Island East, in
Hong Kong.

At the meeting, David Yen Ching Wai, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


PINE WELL: Law Yui Lun Steps Down as Liquidator
-----------------------------------------------
Law Yui Lun stepped down as liquidator of Pine Well Trading (HK)
Limited on March 28, 2012.


WHOLE HERO: Annual Meeting Set for April 20
-------------------------------------------
Members and creditors of Whole Hero Limited will hold their
annual meeting on April 20, 2012, at 12:00 p.m., at 62nd Floor,
One Island East, at 18 Westlands Road, Island East, in Hong Kong.

At the meeting, David Yen Ching Wai, 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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A.D. WINE: ICRA Assigns '[ICRA]B' Rating to INR2.25cr Loan
----------------------------------------------------------
ICRA assigned the rating of '[ICRA]B' to the INR2.25 crore fund
based limits, INR6.0 crore non-fund based facilities and INR0.75
crore unallocated limits of A.D. Wine.

The rating is supported by promoter's experience in the liquor
distribution industry, stable profitability, and healthy returns
indicators given the trading nature of the business with low
capital investment requirement. However the rating is constrained
by high gearing of the firm (3.59 times as on March 31, 2011).
The rating also factors in the inherent business risk related to
annual license renewal, and exposure to high regulatory risks.

A.D. Wine was converted into a partnership firm by partnership
deed dated March 31, 2010 between Mr. Anil Kumar Dogra, and Mr.
Mehar Chand Dogra. Earlier the firm was run as proprietorship
firm by Mr. Anil Kumar Dogra.

A.D. Wine is engaged in distribution and sales of country liquor
in Himachal Pradesh. A.D. Wine has licences for sale of liquor in
multiple districts of Himachal Pradesh including Shimla, Solan,
Ropar, and Una.

Recent Results

In FY2011, A.D. Wine registered operating income of INR16.54
crore on which it earned profit before tax of INR1.02 crore.


AREX INDUSTRIES: ICRA Puts '[ICRA]BB+' Rating on INR14.70cr Loans
-----------------------------------------------------------------
A long-term rating of '[ICRA]BB+' has been assigned to the term
loans of INR10.20 crore and the fund-based limits of INR4.50
crore of Arex Industries Limited.

Further, a short-term rating of [ICRA]A4+ has been assigned to
the INR0.30 crore non-fund based limits of AIL. The outlook on
the long-term is 'Stable'.

The assigned ratings are constrained by the modest size of the
company's operations; the high working capital intensity of the
business due to high inventory requirements; and the moderate
competitive pressures in the industry both from the organized and
unorganized segments. The ratings are further constrained by the
vulnerability of business to the demand conditions in the textile
industry as observed in the current fiscal where weak global
demand has subdued the performance of the domestic textile
industry and has resulted in contraction in revenues and
profitability margins of the company.

The ratings, however, factor in positively, the long experience
of the promoters and established track record of the company in
the manufacture of garment labels; the company's good market
position and client profile; and the capital-intensive nature of
the garment label industry which acts as a deterrent to new
entrants setting up major competing capacity. The ratings also
reflect the healthy level of operating profitability in past
years, and the satisfactory debt coverage indicators.

                       About Arex Industries

Arex Industries Limited was established in 1979 by Mr. Dinesh
Bilgi (currently the Managing Director of AIL). The company has
been listed on the Bombay Stock Exchange since 1995. AIL is
engaged in the manufacture of woven and printed labels of various
types, which find application in the garment/textile industry.
AIL has its manufacturing facility located at GIDC Chattral,
Kalol, in Gujarat and marketing and sales offices at Ahmedabad,
Mumbai, Bangalore, Tirupur, Chennai and Delhi.

For nine-months-ended Dec. 31, 2011 (unaudited financial
statements) the company has reported Profit after Tax (PAT) of
INR0.09 crore on an Operating Income (OI) of INR16.51 crore. For
the year-ended March 31, 2011, the company had reported PAT of
INR1.91 crore on OI of INR25.06 crore


AVADH COTEX: ICRA Reaffirms '[ICRA]B+' Rating on INR9cr Loan
------------------------------------------------------------
ICRA has reaffirmed an '[ICRA]B+' rating to the INR9.00 crore
cash credit facility of Avadh Cotex Pvt Ltd.

The rating continues to be constrained by the weak financial
profile of the company as reflected by thin profit margins due to
inherently low value addition in the business and stretched
capital structure as a result of high working capital borrowings.
The rating further takes note of the company's small scale of
operations which limits scale economies, and susceptibility of
the cotton prices to seasonality as well as regulatory risks
which together with the highly competitive industry environment
further exerts pressure on margins.

The ratings however consider the long experience of the promoters
in the cotton ginning and pressing industry, favorable location
in Gujarat giving it easy access to raw cotton and a positive
demand outlook for cotton and cottonseed, with Gujarat being one
of the biggest consumers for cottonseed oil.

                        About Avadh Cotex

Established in 2006, Avadh Cotex Pvt Ltd. is engaged in the
ginning of raw cotton to produce cotton seeds and cotton bales.
The business is promoted and managed by Bharatbhai J. Bhalala. He
has an experience of over 20 years in this industry. The factory
is located at Shapar, Rajkot, Gujarat.

The company is equipped with 24 ginning machines and has an
annual installed capacity of processing 15,228 MT of raw cotton
(200 working days).

Recent Results

During FY 2011, the company reported a profit after tax of
INR0.03 Cr on an operating income of INR54.82 Cr.


BARDIYA CONSTRUCTION: ICRA Rates INR6cr Term Loan at '[ICRA]B'
--------------------------------------------------------------
ICRA has assigned '[ICRA]B' rating to the INR6.0 crore term loans
of Bardiya Construction Co. Pvt Ltd.

The rating is constrained by the weak operational performance of
the property over past few years partly attributable to ongoing
expansion and renovation of the hotel leading to low occupancies.

Further the rating factors in the continued net losses posted by
the company owing to high interest and depreciation charge. The
rating factors in market risks owing to intense competition in
the upscale segment marked by significant room addition which is
expected to keep ARRs under pressure.

Further, the company has modest scale of operations and is
exposed to concentration risks on account having only a single
property.

The rating however favorably factors in company's association
with Welcomgroup and 'Fortune' brand which apart from giving
access to Fortune's centralized reservation systems also imparts
visibility in the Jaipur market. The rating also draws comfort
from the locational advantages available to the property on
account of proximity to the International airport and key
upcoming commercial areas in the city. Going forward, company's
ability to improve its operating performance amid the competitive
landscape and improve its financial profile will be key rating
sensitivities.

Recent Results

In FY 2011, the company registered an operating income of INR7.8
crore, operating profit of INR3.3 crore and net loss of INR0.2
crore. The company had a net worth of INR13.6 crore and total
debt of INR20.1 crore. The debt to equity ratio stood at INR1.48
times as of March 31, 2011.  As per the provisional results
provided by the company, in the nine months ended Dec. 31, 2011,
the company registered revenues of INR4.7 crore from its hotel
operations.

                      About Bardiya Construction

Bardiya Constructions Co. Pvt Ltd operates a 5 star equivalent
hotel by the name of Hotel Fortune Park Bella Casa in the city of
Jaipur. This hotel has been operational since FY 07. BCCPL has
been promoted by the Garg and Bardiya families of Jaipur which
has interest in gems and jewellery business, construction
activity and education apart from hospitality. The 109 room hotel
is being operated and managed by ITC group owned Fortune Park
Hotels Ltd which has a 10 year agreement with BCCPL upto August
2016. The property is a mixed use development, majority of which
is occupied by the hotel, some part houses retail space and
balance houses a two screen multiplex.

BCCPL has entered into lease agreements with various lessees; the
cinema is run by First Cinema, a local multiplex operator and
there are two restaurants partly occupying the retail space.


DAMODARDAS JEWELLERS: ICRA Assigns 'BB' Rating to INR10cr Loan
--------------------------------------------------------------
ICRA has assigned a rating of '[ICRA]BB' to the INR10.00 crore
long term, fund based  facilities of Damodardas Jewellers.  The
outlook for the long term rating is stable.

The ratings take into account the long track record of promoters,
established market position of the firm in jewellery business
since past five decades, strong reputation of the firm in
Vadodara and nearby region, wide product portfolio and healthy
growth in operating income. ICRA also notes that the firm's
strategy of selling the metal on the basis of spot prices and
purchasing the same on a daily basis mitigates the risk of
volatility in gold prices to certain extent.

The ratings are, however, constrained by the moderate gearing
level, high working capital intensity and highly fragmented
nature of the industry as well as increasing competition from
organized retail players. Further, DJ is a partnership firm and
any significant withdrawals from the capital account could affect
its capital structure. ICRA further notes that the ability of the
firm to scale-up its operations, in an increasingly competitive
environment while improving its margins remains key rating
drivers.

                      About Damodardas Jewellers

Damodardas Jewellers was set up in 1961 as a partnership firm. DJ
is engaged in the business of manufacturing gold, diamond and
platinum jewellery along with trading of gold bullion. DJ is
promoted by the members of the Chokshi family, who have five
decades of experience in the jewellery business.

The firm's initial operations included manufacturing gold
jewellery and trading silver utensils, following which it
gradually started manufacturing and selling BIS hallmarked
jewellery, branded jewellery and graded and certified diamond
jewellery. The firm has been operating in the city of Vadodara,
located in the state of Gujarat since inception.

Recent Results

In FY 2011, DJ reported an operating income of INR43.50 crore (as
against INR29.91 crore. during FY 2010) and profit after tax of
INR1.22 crore (as against INR0.99 crore during FY 2010). During
9MFY2012 (provisional unaudited financials), DJ reported an
operating income of Rs 35.98 crore and a profit after tax of
INR2.33 crore.


EVERGREEN DEVELOPERS: ICRA Places '[ICRA]B' Rating on INR7cr Loan
-----------------------------------------------------------------
ICRA has assigned '[ICRA]B' long term rating to the INR7.0 crore
bank limits of Evergreen Developers.

The assigned rating takes into account the limited track record
of the promoters in real estate development in Mumbai suburbs,
cost overrun of 15% expected on the project, only 15% bookings
achieved on the project which exposes the project to market
risks, and also funding risks as cost overrun would be funded
through promoter's funds. However the rating favorably factors in
the low project execution risks as 69% of the budgeted project
cost has been incurred and financial closure achieved on the
project.

                     About Evergreen Developers

Bitcon India Infrastructure Developers Private Limited (BIIDPL)
was established as a proprietary concern in the year 1976 by Mr.
Sanmukhlal Nanalal Shah. The proprietorship concern was converted
into partnership in 1981 and subsequently to a private limited
company in April 2008. However, it continues to remain a closely
held company with all the shares being held within the family of
the founder.  BIIDPL is involved in the construction business
since inception and has executed construction, repairs,
concretization, widening and strengthening, renovation and
maintenance works for roads, airports, runways, buildings and
Nalla.


GLS INDUSTRIES: ICRA Assigns 'BB' Rating to INR9cr Term Loans
-------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB' to the INR9.0
crore term loans and INR9.0 crore fund based working capital
limits of GLS Industries Private Limited. Further, ICRA has also
assigned a short term rating of '[ICRA]A4' to the INR17.0 Crore
non fund based working capital limits of GLS Industries Private
Limited.  The Outlook on the long-term rating is Stable.

The ratings are constrained by the flexible packaging industry
being a highly fragmented industry with a large number of players
in the organised segment as well as the unorganised segment;
customer concentration risk with 58% of sales being derived from
top three customers; regulatory risks attached to the ban of
plastic packaging (as seen in gutkha segment), although the
impact has been favorable for the players who have switched to
paper-based packaging for the gutkha segment and moderate
financial risk profile characterized by moderate operating
margins, return indicators and debt coverage indicators.
Nevertheless, while assigning the ratings, ICRA has favorably
factored in the established presence of the promoters in the
flexible packaging industry; favorable demand prospects for
flexible packaging material in the domestic market; diversified
customer base, primarily in the food and pan masala segments and
backward integration into manufacturing of PE films, printing
inks and cylinders which allows greater control over the
manufacturing process.

                       About GLS Industries

GLS Industries Private Limited is engaged in the manufacture of
flexible packaging laminates from polymer based films (PET and
PE) as well as paper-aluminium sheets. The company was
incorporated in 2003 and has its corporate office and
manufacturing facilities in Gurgaon, Haryana. The operations of
the Company were started in 2006. The unit also has plants for
support functions such as rotogravure cylinder making, ink
making, packaging design etc.

Recent Results

GIPL reported a turnover of INR68.88 Crore and a net profit of
INR1.23 Crore during 2010-11. The company had reported a turnover
of INR58.64 Crore and a net profit of INR1.10 Crore during 2009-
10.


HIMALAYA RESIDENCY: ICRA Places '[ICRA]B+' Rating on INR20cr Loan
-----------------------------------------------------------------
ICRA has assigned the long term rating of '[ICRA]B+' to the
INR20.0 crore term loans of Himalaya Residency (P) Limited.

The rating of HRPL factors in the risks associated with its on-
going project (Himalaya Tanishq): execution risk due to
intermediate stage of construction, market risk due to moderate
bookings achieved so far and significant upcoming supply in the
region, and funding risk due to modest customer advances in the
project. The rating is also constrained by the modest scale of
operations and low profitability of the company in the past.
While assigning the rating, ICRA has also noted the support
extended by HRPL to a group company which is developing a
residential group housing project in Noida Extension; similar
support in future could impact the financial risk profile of the
company. The rating is, however, supported by experience of
promoters in the real estate business, approvals and debt tie-up
in place for its on-going project. Going forward, the company's
ability to improve bookings and collections, and timely execute
its on-going projects is the key rating sensitivity.

                      About Himalaya Residency

Himalaya Residency (P) Limited was incorporated in 2003 as a
private limited company. HRPL is engaged in real estate
development in Vaishali and Indirapuram in Ghaziabad (Uttar
Pradesh).

HRPL had recently completed a group housing project named
Himalaya Legend in Indirapuram and is currently developing
another group housing project in Raj Nagar Extension (outskirts
of Ghaziabad) under the name of Himalaya Tanishq.

In the financial year ending March 31, 2011 (FY2011), AIL had an
operating income of INR26.77 crore on which it earned a Profit
after Tax (PAT) of INR0.64 crore compared to operating income of
INR10.73 crore and PAT of INR0.24 crore in FY2010.


HINDUSTAN ZIRCON: ICRA Rates INR8.48cr LT Loan at '[ICRA]B+'
------------------------------------------------------------
A rating of '[ICRA]B+' has been assigned to the INR8.48 crore
long-term, fund based facilities of Hindustan Zircon.

In arriving at the ratings, ICRA has taken a consolidated view of
Astron Group companies, which are into similar business segment
of ceramic tiles.  The assigned rating is constrained by HZ's
limited track record of operations; demand scenario being
dependent on real estate business cycles; the intensely price
competitive business environment on account of fragmented
industry structure; vulnerability of profitability to adverse
fluctuations in raw material (zircon sand) prices which may not
be passed onto the customers adequately in a highly price
competitive market scenario as well as exposure to foreign
exchange rate risk as a part of Zircon sand requirement will be
met through imports. While assigning the ratings ICRA also notes
the expected adverse capital structure in the near term on
account of debtfunded nature of the project; the project returns
and debt coverage metrics would remain highly sensitive to the
product establishment and the company's pricing power in the
domestic market.

Further, HZ is a partnership concern and any significant
withdrawals from the capital account would affect its capital
structure.

The rating, however, favorably factors in the long experience of
promoters and Astron group of industries in the domestic ceramic
industry and the location advantage derived from proximity of the
manufacturing facility to major tile manufacturing hubs like
Morbi, Kadi, Himmatnagar etc.

                       About Hindustan Zircon

Hindustan Zircon was incorporated on July 22, 2010 as a
partnership firm with the purpose of manufacturing Zirconium
Silicate - a mineral used as an input during manufacturing of
ceramic glaze frits for tiles, sanitary ware etc.  The commercial
production has commenced from September 2011.The firm is a part
of "Astron Group of companies" located in Himmatnagar, Gujarat.
The group has been associated with the ceramic tile industry for
over a decade and is primarily engaged in the manufacturing of
ceramic and zircon products which are the key raw materials
required for manufacturing of ceramic tiles. The manufacturing
facility of the firm is located in Himmatnagar, Gujarat.


IDT CLOTHING: Delays in Loan Payment Cues ICRA Junk Ratings
-----------------------------------------------------------
ICRA has downgraded the long-term rating of IDT Clothing Private
Limited to '[ICRA]D' from '[ICRA]BB' for the INR1.50 crore term
loans of IDT. ICRA has downgraded the short-term rating of IDT to
[ICRA]D from [ICRA]A4 assigned to the INR9.50 crore (reduced from
INR15.00 crore), short-term, fund-based facilities and INR0.75
crore, short-term, non-fund based facilities of IDT.

The rating downgrade reflects recent delays in debt servicing by
the company. Slump in export markets leading to declining orders,
hardening of yarn prices, continuing cost competition from
domestic and international players and rising interest rates have
proved  unfavorable to the profitability of operations. This has
lead to weakening of capital structure indicators for the
company.

Additionally, strike at one of their manufacturing units in Q3,
FY 2012 led to sharp rise in inventory holding leading to
significant strain on the liquidity. Nonetheless, ICRA also takes
note of management's endeavour to broaden its revenue base across
markets and to customers having diversified presence across
countries which could help impart stability to its business risk
profile. However, the near term period is expected to remain
challenging.

                        About IDT Clothing

IDT started manufacturing readymade fashion garments in the year
1993-94 and was incorporated as a private limited company in
September 2007. The company manufactures casual wear for men,
women and children. Initially it started with fashion garments
for men only. However, it has also diversified into women's wear
and children's wear since the past 6-7 years. Its manufacturing
facilities are located at Kalyan and Lower Parel and have a
production capacity of about 30,000 pieces per month.

Recent Results

For the twelve months ending March 31, 2011, IDT reported profit
after tax (PAT) of INR0.0 crore on an operating income of INR44.6
crore as compared to a PAT of INR0.9 crore on an operating income
of INR45.6 crore for the twelve months ending March 31, 2010. As
per unaudited 9M, FY 2012, the company reported a PBT of INR0.3
crore over an operating income of INR21.1 crore.


SATYAM MOTORS: ICRA Reaffirms 'BB-' Rating on INR15cr Loan
----------------------------------------------------------
ICRA has reaffirmed '[ICRA]BB-/[ICRA]A4' ratings to the INR15.0
crore, bank facilities of Satyam Motors Private Limited. The
outlook on longterm rating has been reaffirmed as "Stable".

The rating reaffirmation factors in favourably the fact that the
company is an authorised dealer of Maruti Suzuki India Limited,
the market leader in the passenger car segment in India. However,
the ratings remain constrained by the stagnant growth of the
company on account of increasing competitive intensity in its
area of operations, its low profit margins on sale of vehicles,
spares and accessories, its weak financial risk profile
characterized by high gearing and low debt coverage indicators
and the stretched liquidity position of the company. The ability
of SMPL to register growth in its operating revenues amid the
high competitive intensity in its area of operation as well as
manage its working capital intensity would remain the key rating
sensitivity.

                       About Satyam Motors

Satyam Motors Private Limited was incorporated as a partnership
firm, M/s My Choice, on November 11, 2006. Later, the partnership
deed was amended on October 3rd, 2007 and the name of the firm
was changed to M/s Satyam Motors and the firm commenced operating
as a Maruti Suzuki India Limited vehicle dealership in Dec, 2007.
On September 23rd, 2008, the partnership firm was converted into
a private limited company by the name of Satyam Motors Private
Ltd (SMPL).

SMPL is one of the authorized dealers for vehicles of MSIL in
Bhopal, Madhya Pradesh. The day to day management of the firm is
taken care of by Shri S.N. Maheshwari and Shri Sudeep Maheshwari
with support from other directors. 2008-09 was the first full
year of operations for the company. The company has a sales
showroom cum service workshop located in Bhopal.

Recent Results

As per provisional financial statements, SMPL posted an operating
income of INR33.1 Crore in AprDec 2011-12. The company reported
an operating profit before depreciation, interest and tax of
INR3.3 Crore and profit after tax (PAT) of INR1.2 Crore as per
provisional financials.


SHIVAM MOTORS: ICRA Reaffirms '[ICRA]B+' Rating on INR6.10cr Loan
-----------------------------------------------------------------
ICRA has reaffirmed '[ICRA]B+' rating for INR6.10  crore, long-
term fund based facilities of Shivam Motors Private Limited.
ICRA has also reaffirmed [ICRA]A4 rating for INR58.75 crore short
term fund based bank limits of the company.  The rated amount is
enhanced from INR21.30 crore to INR64.85 crore.

The rating reaffirmation considers SMPL's limited financial
flexibility on account of thin profit margins and stretched cash
flow position- both inherent in the automotive dealership
business. The company has an adverse capital structure and
reported an increase in financial leverage to 3.7x (as on
March 31, 2011) on account of higher working capital borrowings.
The ratings, nevertheless, recognise the favorable competitive
position of SMPL as the sole dealer of TML in the seven districts
of Chhattisgarh and expected increase in business with setting up
of a new 3S outlet at Ambikapur.

Further, ICRA takes note of the improvement in scale of
operations with healthy demand of M&HCVs during the past few
quarters. Experience of SMPL's promoters and the company's long-
standing relationship with TML also provide some comfort

                         About Shivam Motors

SMPL is sole supplier of the commercial vehicles and spare parts
of TML in the seven districts of Chhattisgarh, namely, Bilaspur,
Korba, Janjgir, Surguja, Koriya, Raigarh and Jashpurnagar. The
company was incorporated in 1983 by Mr. Kailash Gupta as its key
director and other close family members - Mr. Prem Chand Gupta
and Mrs. Shalini Gupta as directors.

SMPL is one of the many companies under Mr. Kailash Gupta. The
flagship company of the group is Commercial Automobiles Private
Limited, which is into the dealership of the CVs and PVs of TML
in Madhya Pradesh. Another major peer company of SMPL is
Commercial Engineers and Body BuildersCompany Limited, which is
involved in the manufacturing of bodies for commercial vehicles

Recent Results

As per provisional 9m 2011-12 financials, SMPL reported an
operating income of around INR386.2 crore (provisional) and a
profit before tax of INR1.7 crore.


UMESH & BROTHERS: ICRA Assigns 'BB-' Rating to INR2.25cr Loan
-------------------------------------------------------------
ICRA has assigned '[ICRA]BB-' rating to the INR2.25 crore fund
based and INR8.00 crore non fund based bank facilities of Umesh &
Brothers Construction. The outlook on the long term rating is
stable.

The rating factors in the small scale of operations of the firm,
proprietorship nature of the concern and the exposure to raw
material price fluctuation. The rating is also constrained by the
high geographic and client concentration in the order book and
high competitive intensity in the industry owing to its
fragmented nature leading to pressure on margins. However, the
rating draws comfort from the long track record of the proprietor
in executing electrification and civil works for the railways for
over two decades and the healthy order book position as on
Nov. 30, 2011.

                     About Umesh & Brothers

UBC was incorporated in 1992 as a partnership firm by three
brothers- Mr. Umesh Munde, Mr. Abhay Munde and Mr. Dinesh Munde.
The firm was converted into a proprietorship concern in January
2001, with the retirement of Mr. Dinesh Munde and Mr. Abhay
Munde. Currently, Mr. Umesh S. Munde is the sole proprietor of
the concern.UBC started as a  civil contractor of railways and
later diversified into electrification projects for railways
executing projects in the range of INR2- 3 crore. The firm
currently is a registered 'A' class contractor undertaking
electrification works for railways including survey, designing,
laying and insulation of cables with project sizes ranging from
INR5 crore to INR15 crore.

Recent Results

For the financial year ending March 2011, UBC reported an
operating income of INR21.07 crore and a net profit of INR1.59
crore as compared to revenues of INR17.15 crore and profit of
INR1.37 crore in the previous year.


VISION CERAMIC: Delays in Debt Repayment Cues ICRA Junk Ratings
---------------------------------------------------------------
ICRA has downgraded the long term rating assigned to the INR3.00
crore cash credit facility and INR4.35 crore term loan of Vision
Ceramic Private Limited to [ICRA]D from [ICRA]B+. ICRA has also
downgraded the short term rating assigned to the INR0.50 crore
short-term non-fund based facilities of VCPL to '[ICRA]D' from
[ICRA]A4.

The rating revision is primarily driven by the delays in debt
servicing and consistent overutilization of cash credit limits by
the company due to tight liquidity position. The ratings are
further constrained by the weak financial profile of the company
characterized by low operating profitability, incurrence of net
losses; moderately leveraged capital structure and weak debt
protection metrics; small size of operations and lower brand
recognition of the company vis-…-vis the established large sized
tile manufacturers; highly competitive nature of the ceramic
tiles industry, limited product portfolio of the company which
makes marketing to large distributors and institutional players
more challenging; high dependence of demand for the company's
products on the real estate sector which tends to be
characterized by cyclicality and vulnerability of profitability
to the increasing prices of gas.

The ratings continue to take into account the long experience of
the promoters in tiles industry and the locational advantage of
the company in terms of ease of access to raw materials.

                        About Vision Ceramic

Incorporated in April 2008, Vision Ceramic Private Limited is
engaged in the business of manufacturing ceramic wall glazed
tiles and ceramic body material. The company has its
manufacturing facility located at Morbi, Gujarat with a total
capacity of 15,000 MTPA (Metric tonnes per annum) of wall tiles
and 22000 MTPA of body material. VCPL started production of body
clay in FY09 while the production of wall tiles was started in
February 2010.

VCPL currently has the capability to manufacture wall tiles of
size 8"x12", 10"x13", 12"x18" and 12"x24" and sells its products
under the brand "Vision".

Recent Results

During FY11, VCPL reported an operating income of INR12.02 (as
against INR5.75 crore in FY10) and net loss of INR1.11 Cr. (as
against profit after tax of INR0.02 crore in FY10).


WAVE INDUSTRIES: ICRA Cuts Rating on INR130.39cr Loan to 'B'
------------------------------------------------------------
ICRA has revised the rating of INR130.39 Crore of term loan and
INR89.03 Crore of Fund based limits of Wave Industries Private
Limited to '[ICRA]B' from '[ICRA]B+.'

The revision of ratings takes into account the deterioration in
the outlook for UP based sugar mills, including WIPL following a
significant hike in cane prices announced for SY 2011-12 by
government of Uttar Pradesh (GoUP) coupled with expectations of
supply side pressures on sugar prices. While ICRA has taken note
of some improvement in price realization in Q1 SY 2011-12, ICRA
expects that it is unlikely to be sustained given the scenario of
falling international prices and expectations of domestic
oversupply. WIPL's ratings are also constrained by the sharp
deterioration in the financial profile of the company as
reflected in losses incurred in FY 2011, which has in turn
resulted in depletion in its net worth and a high gearing
of -9.96 times as on March 31, 2011 (increase from 6.74 times in
March 31, 2010).

Further, ICRA expects its debt repayments (arising from recent
debt funded capex for acquisition of four sugar mills) falling
due in  FY2012 and  FY2013 to be significant in relation to
expected accruals, thus keeping its debt coverage indicators and
liquidity under pressure in the medium term. The rating also
reflects the risks arising out of the inherent cyclicality in the
sugar business, agro-climactic factors and government policies
governing cane pricing, sugar release mechanism and pricing of
by-products. Nevertheless, the ratings continue to derive some
comfort from the company's long track record in the sugar
business, adequate size of operations with enhanced crushing
capacity of 18800 tcd and partial forward integration into
cogeneration, which is expected to provide some cushion to the
company's revenues and profitability against cyclicality in the
sugar industry.

                      About Wave Industries

Wave Industries Private Limited is a group company of the Chadha
Group. It was originally incorporated as Chadha Sugars Private
Limited in the year 1997 by acquisition of a 2500 TCD running
sugar mill from Oswal Agro Mills Ltd., (Abhey Oswal Group
Company) for a consolidated price of INR25 crore. The sugar mill
is located in the midst of the cane belt in Dhanaura Tehsil of
Jyoti ba Phoole Nagar (Amroha) District of Uttar Pradesh.
Subsequent to the acquisition, the crushing capacity was expanded
to 5000 tcd during 1999-2000 with financial assistance from IFCI.
Since then, the company has expanded its crushing capacity
several times. Currently, WIPL is operating with a crushing
capacity of 18800 tons per day (TCD) (expanded from  8,300 tcd
during August, 2010) along with a biomass based co-generation
plant of 33 MW (10 MW for catering to the captive power needs of
the sugar unit).

For FY 2011, the company reported Operating Income of INR372.37
crore and a net loss of INR7.63 crore.


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


L-JAC 6: S&P Affirms 'B-' Ratings on 4 Classes of Certificates
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on the
class A, B-1 to G-1, and X-2 trust certificates issued under the
L-JAC Six Trust Beneficial Interest transaction.

"The two loans that backed the trust certificates when they were
issued in November 2007 remain. We reexamined our assessments of
the likely collection amounts from the properties backing these
two loans after considering some factors, such as the performance
of the properties in question," S&P said.

"In November 2010, we lowered our assumption with regard to the
likely collection amount from the property (an office building in
Tokyo) backing one of the two loans. The loan in question
originally represented about 84% of the total initial issuance
amount of the trust certificates. In March 2010, the loan had its
maturity date extended to September 2014. Under our revised
assumption, we estimated the value of the related collateral
property to be about 59% of our initial underwriting value. This
time, we maintained our assumption with respect to the value of
the property, given that the property's cash flow has been in
line with the assumptions we made in November 2010, and affirmed
our ratings on the class A, B-1 to G-1, and X-2 trust
certificates accordingly. Meanwhile, as excess cash flow has been
retained since the loan had its maturity date extended in March
2010, the level of credit enhancement has effectively improved,"
S&P said.

"Also in November 2010, we revised downward our assumption with
respect to the likely collection amount from the property backing
the transaction's other underlying loan. This loan originally
represented about 16% of the total initial issuance amount of the
trust certificates. The loan, which is backed by an office
building in Tokyo, is due to mature in September 2012. Under our
revised assumption, we estimated the value of the property to be
about 70% of our initial underwriting value. This time, however,
we again lowered our assumption after considering several
factors, including rent revisions for tenants, as well as a
comparison with real estate deals involving similar asset types.
We currently estimate the value of the property to be about 62%
of our initial underwriting value. With regard to 's rating
actions, this downward revision had no direct adverse impact
because the loan-to-value (LTV) ratio of this loan has been low
since the transaction's closing," S&P said.

"L-JAC 6 is a multiborrower commercial mortgage-backed securities
(CMBS) transaction that was arranged by Lehman Brothers Japan
Inc. The trust certificates were initially secured by two loans
that were originally extended to two obligors. The loans were
originally backed by two real estate trust certificates. Premier
Asset Management Co. acts as the servicer for this transaction,"
S&P said.

"The ratings reflect our opinion on the likelihood of the full
and timely payment of interest and the ultimate full repayment of
principal for the class A trust certificates by the transaction's
legal final maturity date in October 2016, the full payment of
interest and the ultimate repayment of principal by the
transaction's legal final maturity date for the class B-1 to G-1
trust certificates, and the timely payment of available interest
for the interest-only class X-2 trust certificates," 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 AFFIRMED
L-JAC Six Trust Beneficial Interest
JPY97.5 billion trust certificates due October 2016
Class       Rating          Initial issue amount
A           AA (sf)         JPY59.7 bil.
B-1         BBB+ (sf)       JPY8.4 bil.
C-1         BB- (sf)        JPY8.5 bil.
D-1         B- (sf)         JPY9.5 bil.
E-1         B- (sf)         JPY3.2 bil.
F-1         B- (sf)         JPY4.2 bil.
G-1         B- (sf)         JPY4.0 bil.
X-2         AAA (sf)        JPY97.5 bil. (initial notional
principal)


OLYMPUS CORP: ISS Urges Clients to Reject Board Nominees
--------------------------------------------------------
Bloomberg News reports that ISS Proxy Advisory Services
recommended that its clients reject Olympus Corp.'s proposed
appointment of Hiroyuki Sasa as president, saying he lacks the
right experience to lead the company after a US$1.7 billion
fraud.

"Sasa's work experience does not appear appropriate" to head
Olympus "at a time when the firm is faced with enormous tasks
ranging from restructuring and financial stabilization to
restoration of investor trust," ISS said in a report published
April 6 obtained by Bloomberg.

Bloomberg notes that the recommendation may prompt investors to
reject Olympus's February proposal for an 11-member board to
replace President Shuichi Takayama and other directors after the
company admitted to a 13-year cover-up of investment losses.
According to Bloomberg, shareholders will vote April 20 on
nominees including Sasa, head of marketing at Olympus's medical
systems unit, and Yasuyuki Kimoto, a former executive at main
creditor Sumitomo Mitsui Financial Group Inc. who has been
nominated as chairman.

Bloomberg relates that ISS said investors should vote against
Mr. Kimoto because of concerns that bank interests will be
prioritized over shareholder interests.

ISS said the proposed board hasn't laid out its strategic vision,
making it hard for shareholders to evaluate Sasa's leadership,
Bloomberg adds.

Separately, Bloomberg News reports that Japan Proxy Governance
Institute said it supported the proposed appointment of
Mr. Kimoto as chairman and Mr. Sasa as president.

As reported in the Troubled Company Reporter-Asia Pacific on
March 30, 2012, Dow Jones Newswires said 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 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.  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.

                        About Olympus Corp.

Based in Japan, Olympus Corporation (TYO:7733) --
http://www.olympus-global.com/-- manufactures and sells medical
products, life and industrial products, imaging products,
information communication products and other products.  As of
March 31, 2011, the Company has 188 subsidiaries and 11
associated companies.


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


BLUE CHIP: Ex-Saleswoman Gets Home Detention Over Fraud
-------------------------------------------------------
Fairfax NZ News reports that a former sales woman for the failed
property investment scheme Blue Chip has been sentenced to home
detention after pleading guilty to mortgage fraud.

The news agency relates that Rachel Anna Jarvis admitted the
charges following an investigation by the Serious Fraud Office.

While working as a sales representative for Blue Chip in
Southland between 2006 and 2007, Fairfax NZ relates, Ms. Jarvis
altered lending documents to secure NZ$1.5 million worth of loans
which the investors would have otherwise been unable to afford.

Some of the investors have since suffered bankruptcy as a result,
the report says.

According to the report, Ms. Jarvis worked for both Blue Chip as
a sales person and Town and Country Finance as a mortgage broker,
submitting applications to lending institutions.

In the Invercargill District Court, Judge Kevin Phillips said
Ms. Jarvis had destroyed lives, making vulnerable people to
bankrupt, Fairfax NZ reports.

Fairfax NZ notes that Judge Phillips said Ms. Jarvis was not
being sentenced in relation to the collapse of the Blue Chip
Group, which fell over in 2008 owing investors more than NZ$80
million.

Fairxfax NZ adds that SFO chief executive Adam Feeley said while
the level of offending was at the lower end of SFO's threshold
for investigations, the high levels of public interest in matters
related to Blue Chip was a factor in the SFO prosecuting the
case.

"This case demonstrates that we have retained an open mind on all
matters connected with the Blue Chip group, and if further
evidence of fraud comes to light, we will investigate those
matters as well," the report quotes Mr. Feeley as saying.

                         About Blue Chip NZ

Blue Chip New Zealand Ltd. is a financial services company with
offices throughout New Zealand.  It is a subsidiary of Blue Chip
Financial Solutions Limited, now known as Northern Crest
Investments.  Northern Crest operates in two divisions: financial
services and leasing services.  The financial services division
is engaged in the provision of financial structuring services and
investment product to a variety of clients.  The leasing
activities division is engaged in rental of residential property.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
April 15, 2008, Blue Chip New Zealand Ltd. is in voluntary
liquidation, joining 20 other Blue Chip companies that are now
being wound up.

Northern Crest Investments, the last surviving business of Mark
Bryers' failed Blue Chip group, went into liquidation in
June 2011.


LOMBARD FINANCE: All Four Directors Appeal Convictions
------------------------------------------------------
BusinessDesk reports that all four directors of Lombard Finance &
Investments will appeal their convictions and have lodged papers
in the Court of Appeal.

BusinessDesk relates that the court has received papers from
Sir Doug Graham, Bill Jeffries, Lawrie Bryant and Michael Reeves
appealing their convictions, though no date has been set for a
hearing.  Mr. Jeffries was the only one of the four to indicate
he would appeal the decision immediately after the guilty
verdict, the report says.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 27, 2012, The National Business Review said the four former
Lombard directors have been found guilty of Securities Act
charges in the High Court in Wellington.  All four had pleaded
not guilty to five Securities Act charges, the report noted.
Justice Robert Dobson heard the case alone and presided over a
trial that began in October and only wrapped up earlier last
month. Justice Dobson indicated that he will consider community-
based sentences and financial penalties. Justice Dobson said the
charges proven were a material step away from the seriousness
requires for a custodial sentence.  Sentencing has been set down
for March 29, NBR added.

In 2010, the Securities Commission, now known as the Financial
Markets Authority, commenced civil proceedings under the
Securities Act against Lombard Finance directors Sir Douglas
Graham, Michael Reeves, William Jeffries and Lawrence Bryant.

The Commission alleged that Lombard Finance's offer documents and
advertisements misled investors by misrepresenting the investment
risks, especially in relation to liquidity, the quality of the
loan book, adherence to credit policies and the company's overall
financial position.  The Commission also alleged that the
directors made false statements in the registered prospectus
dated September 7, 2007, as amended by a memorandum of amendments
dated December 24, 2007, and investment statements dated
December 28, 2007.

                       About Lombard Finance

Lombard Finance & Investments Limited is a wholly owned
subsidiary of Lombard Group, a diversified company specializing
in the financial services sector offering a number of lending
options and providing investment opportunities for its
shareholders and investors.

Lombard Finance was placed into receivership on April 10, 2008,
by its trustee, Perpetual Trust Limited.  PricewaterhouseCoopers
partners John Fisk and John Waller have been appointed receivers
of the company.  The receivership also applies to three other
subsidiaries of Lombard Group, being Lombard Asset Finance
Limited, Lombard Property Holdings Limited and Lombard Asset
Finance No 2 Limited.  The receivership does not impact on
Lombard Group Limited.

The company owed NZ$127 million to 4,400 investors.


NZF MONEY: Parent Directors Accused of Breaching Fiduciary Duties
-----------------------------------------------------------------
Fairfax NZ News reports that past and current directors of NZF
Group are being accused of buying assets from the collapsed
finance company subsidiary, NZF Money Limited, at below market
value.

The news agency relates that the NZX-listed NZF Group was frozen
last week by a High Court interim order, following an application
from the receivers of the company's collapsed finance company
subsidiary NZF Money.

According to the report, the receivers said in a statement their
concerns related to an October 2010 sale of NZ Homeloans from NZ
Money to NZF Group where it was believed "the sale price for that
asset was significantly lower than its true value."

One of the directors at the time of the transaction was Peter
Huljich, who was convicted last year of misleading investors in
the former Huljich Wealth Management KiwiSaver scheme, says
Fairfax NZ.

The NZF Money receivers said the directors are claimed to have
been in breach of fiduciary duties for "receiving an asset it
knew to have been sold at less than market value," the report
relays.

Fairfax NZ notes that the freezing order was sought to preserve
assets that would be made available to NZF debenture holders if
Messrs. Gibson and Graham's action was successful.

According to Fairfax NZ, NZF Group chief executive Mark Thornton
said in statements to the NZX that the claimed breach of
fiduciary duties would be "vigorously defended", and the interim
freezing order against NZF Group would be challenged in a full
hearing at the High Court in Auckland on April 27.

NZF Money and NZF Group had identical directors at the time of
the transaction in question, and in October 2010 the board was
comprised of Thornton, Huljich, Pat O'Connor, John Callaghan and
James Sclater, Fairfax NZ discloses.

                            About NZF Money

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

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

The TCR-AP reported on March 23, 2012, that the Serious Fraud
Office said that it has commenced a Part II investigation into
NZF Group Limited, NZF Money Limited, and their related
companies.

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


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