TCRAP_Public/120420.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

             Friday, April 20, 2012, Vol. 15, No. 79

                            Headlines


A U S T R A L I A

FISHER & PAYKEL: S&P Affirms 'BB/B' Issuer Credit Ratings
GOLD COAST: Placed Into Voluntary Administration to Reduce Debts
OCTAVIAR LIMITED: Liquidator Seek to Recoup AUD80 Million
S&N CIVIL: Administrator Says Liquidation "Not Inevitable"


C A M B O D I A

ACLEDA BANK: Moody's Reviews 'D' BFSR for Downgrade


C H I N A

CHINA AUTOMATION: S&P Lowers Sr. Unsecured Note Rating to 'cnBB'
CHINA DU KANG: Incurs US$696,000 Net Loss in 2011
CHINA TEL GROUP: Lowers Net Loss to US$21.7 Million in 2011
SINO-FOREST CORP: Executives Resign; Monitor to Have More Power
* CHINA: Moody's Says Some Risks Remain for SOEs Despite Aid


H O N G  K O N G

ROYAL FAMILY CLUB: Members' Final Meeting Set for May 14
SAN HING: Members' Final Meeting Set for May 2
SIEMENS WATER: Commences Wind-Up Proceedings
SOUTH CHINA: Members' Final Meeting Set for May 15
STRONG OFFER: Annual Meetings Set for May 14

SUN HERO: Members' Final General Meeting Set for May 14
SUN HOLY: Tang Tin Sek Steps Down as Liquidator
SUN WIN: Members' Final General Meeting Set for May 14
URBAN FASHION: Members' Final Meeting Set for May 15
YATES INTERNATIONAL: Members' Final Meeting Set for May 14


I N D I A

G P ISPAT: Delays in Loan Payment Cues CRISIL Junk Ratings
KAMA METAL: CRISIL Places 'CRISIL B' Rating on INR84MM Loans
KBJ HOTEL: CRISIL Assigns 'CRISIL BB-' Rating to INR600MM Loans
K.D. AGENCIES: CRISIL Reaffirms 'BB-' Rating on INR80MM Loan
KHEDARIA ISPAT: CRISIL Puts 'CRISIL BB-' Rating on INR140MM Loan

PRITI GEMS: CRISIL Rates INR230MM Loan at 'CRISIL BB'
PASHUPATI POLYTEX: CRISIL Puts 'BB-' Rating on INR336.5MM Loans
PUNJAB ALKALIES: Delay in Loan Payment Cues CRISIL Junk Ratings
PURE PHARMA: CRISIL Reaffirms 'B' Rating on INR73.7MM Loans
SHANKAR EARTH: CRISIL Assigns 'CRISIL B+' Rating to INR65MM Loans

SPECTRUM INT'L: CRISIL Rates INR66MM Cash Credit at 'CRISIL B+'
SRI LAKSHMI: CRISIL Assigns 'CRISIL B+' Rating to INR76.7MM Loans
SUPER GLOBAL: Delay in Loan Payment Cues CRISIL Junk Ratings
V R FOUNDRIES: CRISIL Assigns 'BB-' Rating to INR70MM Loan
VIVIN LABORATORIES: CRISIL Puts 'BB-' Rating on INR150.2MM Loan


I N D O N E S I A

* INDONESIA: S&P Assigns 'BB+' Senior Foreign Debt Rating


J A P A N

OLYMPUS CORP: Shareholders Likely to Back New Board Nominees
TOKYO ELECTRIC: State-Backed Fund Official to Head Firm


N E W  Z E A L A N D

4RF COMMUNICATIONS: Receivers Has High Hopes on Firm
FIVE STAR: Former Director Pleads Guilty to NZ$50.1MM Theft
NZF MONEY: Parent Wants Interim Freezing Order on Assets Lifted
* NEW ZEALAND: Failed Finance Firms' Accountants Banned


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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A U S T R A L I A
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FISHER & PAYKEL: S&P Affirms 'BB/B' Issuer Credit Ratings
---------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB/B' issuer
credit ratings on Fisher & Paykel Finance Ltd.  "At the same
time, the stand-alone credit profile for F&PFL has been revised
upward to 'bb+' from 'bb'. The outlook is stable," S&P said.

"The ratings reflect F&PFL's stand-alone credit profile of 'bb+',
and its partial ring-fencing from its parent, Fisher & Paykel
Appliance Holdings Ltd. (F&PAHL, not rated). Although F&PFL is
funded and operated as a separate legal entity, we believe there
is limited external oversight beyond normal corporate
separateness, which, under our rating criteria, limits the extent
to which F&PFL can be rated above our assessment of group
creditworthiness. As such, should our opinion on the credit
quality of the parent and group weaken, there likely would be an
impact on F&PFL's rating. We consider F&PFL to be a non-strategic
subsidiary of its parent," S&P said.

"The improvement of the stand-alone credit profile to 'bb+' from
'bb' reflects our view of the company's stronger earnings
compared with our previous expectations, which results from its
resilient asset quality metrics and sustained margins during the
recent period of relative economic uncertainty," said credit
analyst Harry Hu, of the Financial Services Ratings group. "We
expect that over time the positive earnings trend could
accumulate into a stronger capital position."

"The outlook reflects our expectation that F&PFL's financial
characteristics will remain stable in the medium term," said Mr.
Hu. "The potential for negative ratings momentum could arise if
we see a weaker-than-expected capital position, deteriorated
asset quality, waning banker confidence, or a worsened debenture
reinvestment rate that materially impairs F&PFL's funding and
liquidity profile. Negative rating momentum could also arise if
F&PFL suffers a significant operational event. Additionally, the
rating could be lowered if the parent's creditworthiness
weakens."

"The rating could be raised if in our view the parent's credit
quality improves or if, in our assessment, the extent of ring-
fencing has been strengthened," S&P said.


GOLD COAST: Placed Into Voluntary Administration to Reduce Debts
----------------------------------------------------------------
brisbanetimes reports that the Gold Coast Titans' Property Trust
has been placed into voluntary administration in a move the
organization said will reduce debt across the group, and ensure
the viability of the NRL franchise.

The Titans say the move for the Property Trust, which is separate
to the football club, will reduce significant debt and allow
payments to be made to creditors, according to brisbanetimes.
The report relates that the organization insists the move will
have no day-to-day impact on the club.

The report notes that Managing Director Michael Searle said that
the decision will see creditors receive a far greater return than
if the Property Trust had gone into liquidation.

"We are aiming for the best possible outcome for the creditors in
these most difficult of circumstances. . . .  While the decision
was not an easy one, in the end, it was the best option for all
concerned," Mr. Searle said in a statement obtained by the news
agency.

Brisbanetimes notes that the Titans said placing the Property
Trust in the hands of administrators will also help in the
settlement of the sale of the Centre of Excellence.  The report
relays that the development of the multi-million dollar facility
is at the heart of the financial quagmire the club finds itself
in.

brisbanetimes discloses that the tactic is designed to head off
Friday's action in the Federal Court by Reed Constructions which
says it is owed more than AU$1 million for work on the complex.

Reed Constructions was to begin proceedings to wind up the trust,
the report says.


OCTAVIAR LIMITED: Liquidator Seek to Recoup AUD80 Million
---------------------------------------------------------
Australian Associated Press reports that the liquidators of
Octaviar Limited have launched a legal action in an attempt to
recoup more than AUD80 million in payments made before the Gold
Coast financial services company collapsed.

According to the news agency, Bentleys Corporate Recovery is
taking action in the NSW Supreme Court against 15 parties,
including investment bank JP Morgan Chase and Grant Samuel
Corporate Finance.

AAP relates that the liquidator alleges the AUD80 million in
payments were made shortly before Octaviar collapsed in
January 2008, owing creditors AUD2.5 billion.

Bentleys said it was taking the court action to ensure no
creditors received preferential treatment in receiving money owed
to them, the report says.

                       About Octaviar Limited

Australian-based Octaviar Limited, formerly known as MFS Limited,
operated as an investment management business with a portfolio of
businesses and assets.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 15, 2008, Octaviar Limited appointed John Greig --
jgreig@deloitte.com.au -- and Nicholas Harwood --
nharwood@deloitte.com.au -- of Deloitte as Voluntary
Administrators.  The directors of three Octaviar subsidiaries,
Octaviar Financial Services Pty Ltd, Octaviar Investment Notes
Limited and Octaviar Investment Bonds Limited, also appointed
Messrs. Greig and Harwood as Voluntary Administrators.  Fortress
Credit Corporation (Australia) II Pty Ltd., one of Octaviar
Limited's major creditors, also appointed Stephen James Parbery
--  sparbery@ppbadvisory.com  -- and Anthony Milton Sims --
tsims@ppbadvisory.com -- of PPB Advisory as receivers and
managers for Octaviar.

In December 2008, Octaviar's creditors voted for a deed of
company arrangement over two entities in the Octaviar group,
Octaviar Limited, and Octaviar Administration Pty Limited.  The
three other companies in the group were subsequently wound up.

The TCR-AP reported on Aug. 4, 2009, that the Supreme Court of
Queensland placed Octaviar Ltd into liquidation.  Justice
Philip McMurdo terminated a deed of company arrangement that has
been in place since December 2008, naming company administrators
John Greig and Nick Harwood at Deloitte, as provisional
liquidators.

Administrators and liquidators Greig and Harwood at Deloitte were
then replaced by Bentleys Corporate Recovery under court order.

According to The Age, creditors are yet to recover about
AUD2.5 billion from the Group, which was found to have
AUD1 billion in intercompany loans.


S&N CIVIL: Administrator Says Liquidation "Not Inevitable"
----------------------------------------------------------
Cara Water at SmartCompany reports that administrators said a
liquidation is "not inevitable" after being appointed to the
Western Australian construction company S&N Civil Constructions.

Martin Jones -- martin.jones@fh.com.au -- and Darren Weaver --
darren.weaver@fh.com.au -- from Ferrier Hodgson were appointed as
administrators on April 11 and called for expressions of interest
on Wednesday, April 18.

SmaryCompany relates that a notice placed in national newspapers
sought expressions of interest from "parties interested in
participating in a financial restructuring of S&N, a major civil
construction and concreting company with operations nationally."

"Opportunity exists for parties to take either a debt or equity
position in the company, or to purchase the business as a whole,"
the notice said.

Martin Jones, partner at Ferrier Hodgson, told SmartCompany he
did not see the process as a liquidation, rather "an approach to
find a positive solution."

"It does not have any of those key signals that lead me to
conclude that [liquidation] is inevitable, but we are working
through all the details with a view to finding a path out of the
administration," the report quotes Mr. Jones as saying.

"S&N has enjoyed growth and expansion over the last couple of
years but got into difficulty with a contract and as a
consequence of that and other financial pressure has made a
decision to appoint administrators."

S&N Civil Constructions Pty Ltd -- http://www.sncivil.com.au/--
provides concrete and civil construction contracting services for
the mineral processing, above and underground facilities of mine
development; and general constructions for manufacturing,
processing, industrial and commercial development. The company is
based in Perth, Australia.


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ACLEDA BANK: Moody's Reviews 'D' BFSR for Downgrade
---------------------------------------------------
Moody's Investors Service has placed on review for downgrade four
financial institutions in Cambodia, Philippines and Vietnam,
whose standalone credit assessments are currently positioned
above their domicile countries' sovereign debt ratings. The
announcements reflect Moody's revised assessment of the linkage
between the credit profiles of sovereigns and financial
institutions globally, which is further discussed in the rating
implementation guidance "How Sovereign Credit Quality May Affect
Other Ratings" published on February 13, 2012.

Consistent with this guidance, Moody's expects to position the
standalone credit assessments of most banks globally at (or
below) the rating of the sovereign where the bank is domiciled.

Moody's expects to conclude the reviews within approximately
three months.

RATINGS RATIONALE

- REVIEW OF STANDALONE RATINGS ABOVE THE SOVEREIGN DEBT RATING

Moody's believes that the creditworthiness of financial
institutions with low cross-border operational diversification
and/or high balance-sheet exposures to the debt of their domestic
sovereign is closely linked to that sovereign's credit strength.
Banks with these characteristics are unlikely to have standalone
credit assessments above the sovereign, which is often viewed as
the lowest credit risk in the local market or currency.

During the reviews, Moody's will assess the degree to which the
issuer's standalone credit profile is correlated with that of the
sovereign. The reviews will take into account (i) the extent to
which the banks' business depends on the domestic macroeconomic
and financial environment; (ii) the degree of reliance on market-
based, and therefore more confidence-sensitive, funding; and
(iii) direct or indirect exposures to domestic sovereign debt,
compared with their capital bases.

Overall, for most of the affected banks, Moody's expects that
most standalone credit assessments will be rated at the same
level as their domicile sovereigns' debt ratings, once the rating
agency has concluded the reviews. Exceptions may arise in cases
where banks' linkages with sovereign risk are mitigated by high
levels of cross-border diversification (operations and earnings)
and low levels of sovereign debt holdings.

- LOCAL-CURRENCY DEPOSIT AND ISSUER RATINGS

Moody's ratings incorporate assumptions about external support
through its joint-default analysis (JDA) methodology. As a
result, issuers whose standalone credit strength is positioned
below or at the sovereign rating level will continue to benefit
from the availability of external sources of support, either from
a higher-rated foreign parent and/or government (or systemic)
support, where applicable.

Moody's expects that some banks' local-currency deposit and debt
ratings may continue to benefit from rating uplift due to
systemic or parental support assumptions; however, the degree of
uplift will depend on their systemic importance or shareholder
composition that includes a higher-rated parent. The level of
external support and the positioning of the standalone credit
assessment will determine the extent of each bank's local-
currency deposit and debt rating downgrades.

- FOREIGN-CURRENCY DEPOSIT AND ISSUER RATINGS

The foreign-currency deposit ratings of some of the affected
banks are lower than their standalone credit assessments, as they
are constrained by relatively low foreign-currency deposit
ceilings in their respective countries. Therefore, Moody's
expects that these ratings are unlikely to be affected by the
downgrade of the banks' standalone credit assessments.

In certain cases, the foreign-currency issuer ratings are
positioned higher than the foreign-currency deposit ratings. As a
result, some banks' foreign-currency issuer ratings will be
affected by their standalone credit assessment downgrades.

KEY RATING DRIVERS

For the affected four banks, the key rating drivers are (i) the
level of cross-border diversification of their operations; (ii)
the level of balance-sheet exposure to domestic sovereign debt,
compared with their capital bases; (iii) franchise resilience and
intrinsic strength within the operating environment; (iv)
shareholder composition and the rating of the parent bank
incorporated in Moody's JDA; and/or (v) the assumptions for
systemic support available to a bank in case of need.

LIST OF RATING ACTIONS

The following rating actions were taken:

CAMBODIA

- ACLEDA Bank Plc's Ba2 local currency long-term deposit and
issuer ratings, and D BFSR placed on review for downgrade; B1
foreign currency long-term issuer rating , B3 long-term foreign-
currency deposit rating and Not Prime short-term ratings
unaffected.

- Cambodian Public Bank's D BFSR placed on review for downgrade;
Ba1 local currency long-term deposit and issuer ratings, B1
foreign currency long-term issuer rating, B3 long-term foreign-
currency deposit rating and Not Prime short-term ratings
unaffected.

PHILIPPINES

- Bank of the Philippine Islands' Baa2/P-2 local currency
deposit rating, and C- BFSR placed on review for downgrade; Ba2
long-term foreign-currency deposit rating and Not Prime foreign
currency short-term deposit rating unaffected.

VIETNAM

- Asia Commercial Bank's Ba3 local currency long-term deposit
and issuer ratings, and D- BFSR placed on review for downgrade;
B1 foreign currency long-term issuer rating, B2 long-term
foreign-currency deposit rating and Not Prime short-term ratings
unaffected.

Principal Methodologies

The methodologies used in these ratings were Bank Financial
Strength Ratings: Global Methodology published in February 2007,
and Incorporation of Joint-Default Analysis into Moody's Bank
Ratings: Global Methodology published in March 2012.


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CHINA AUTOMATION: S&P Lowers Sr. Unsecured Note Rating to 'cnBB'
----------------------------------------------------------------
Standard & Poor's Ratings Services revised the outlook on China
Automation Group Ltd., a China-based industrial safety and
critical control systems provider, to negative from stable. "We
also lowered the Greater China credit scale rating on China
Automation and that on the company's outstanding senior unsecured
notes to 'cnBB' from 'cnBB+'. At the same time, we affirmed our
'BB-' long-term corporate credit rating on China Automation and
the 'BB-' issue rating on the notes," S&P said.

"We revised the outlook to reflect our uncertainty over the
prospects for China's railway industry over the next 12-18
months," said Standard & Poor's credit analyst Jerry Fang. "This
is mainly because a major train accident at Wenzhou in July 2011
led many ongoing projects in the industry to either slow down or
be suspended. Bidding for many new projects was also put on hold.
The impact on China Automation is significant because the railway
segment has accounted for about half of its total revenue over
the past two years. The business risk profile for the company
remains 'weak.'"

"In our view, China Automation's profitability in the next 12-18
monthly will partly hinge on the execution of the investment
plans of the Ministry of Railways. The ministry has reduced its
investments since the second half of 2011, on a year-over-year
basis. The government has planned to invest Chinese renminbi
(RMB) 500 billion in 2012, of which RMB400 billion was earmarked
for Infrastructure," S&P said.

"We expect the relatively stable petrochemical segment to support
China Automation's profitability. We also anticipate that the
revenue contribution from two subsidiaries acquired in the past
12 months will provide an additional buffer to moderate the
pressure on the company's profitability," S&P said.

"An increase in trade receivables is likely to persist in the
next few quarters due to tight liquidity in China. If China
Automation can not take measures to effectively manage its
working capital, its liquidity position could weaken. Similarly,
if the company uses a significant amount of debt to meet
potentially rising working capital needs, the situation and the
measures taken could lead its leverage to deteriorate. China
Automation's trade and bills receivables as the end of 2011
increased by 58.3% year over year. However, we estimate that the
company has cash and cash equivalents of about RMB818 million,
higher than the company's minimum cash balance for operations of
RMB500 million-RMB650 million. Such excess cash and internal cash
flow generation from the petrochemical business are likely to
moderate a likely increase in debt," S&P said.

"We have lowered China Automation's financial risk profile to
'aggressive' from 'significant because its leverage ratio is
weaker than expected after the issuance of $200 million notes in
April 2011. In addition, we see a possibility that the company's
debt will increase over the next 12 months if its working capital
needs increase and the company uses debt to meet such needs,"
said Mr. Fang.

"According to our base-case scenario, the company's ratio of
total debt to EBITDA is likely to fall to 3.6x-4.2x from 3.6x in
2011. We also expect the company's profitability to come under
strain due to the uncertainty associated with its railway-related
business. We anticipate that China Automation's gross margin will
drop by 1%-2% because of newly consolidated businesses and a
change of revenue mix," S&P said.

"The rating on China Automation continues to reflect the
company's limited revenue base and high customer concentration.
The company also has a weaker technology base than leading global
peers'. The company's dominant position in its niche
petrochemical and railway control systems' market in China
tempers these weaknesses. The high entry barriers of China's
petrochemical and railway industries offer additional support,"
S&P said.

"We could lower the rating if China Automation fails to maintain
its profitability and leverage. A ratio of total debt to EBITDA
consistently above 4x would indicate such weakening. This could
happen if the execution of railway investments continues to be
delayed or an increase in working capital leads the company to
significantly increase its use of debt," S&P said.

"We could revise the outlook to stable if the company can
maintain its profitability and leverage. A ratio of total debt to
EBITDA consistently below 4x would indicate such stability. This
could happen if there is meaningful and timely progress on
railway investments over the next 12-18 months, and changes in
working capital do not lead the company to significantly increase
its use
of debt," S&P said.


CHINA DU KANG: Incurs US$696,000 Net Loss in 2011
-------------------------------------------------
China Du Kang Co., Ltd., filed with the U.S. Securities and
Exchange Commission its annual report on Form 10-K disclosing a
net loss of US$696,001 on US$1.94 million of sales of liquor in
2011, compared with a net loss of US$897,194 on US$1.27 million
of sales of liquor in 2010.

The Company's balance sheet at Dec. 31, 2011, showed US$15.62
million in total assets, US$6.15 million in total liabilities,
and US$9.46 million in total equity.

For 2011, Keith K. Zhen, CPA, in Brooklyn, New York, expressed
substantial doubt about the Company's ability to continue as a
going concern.  The independent auditors noted that the company
incurred an operating loss for each of the years in the two-year
period ended Dec. 31, 2011, and as of Dec. 31, 2011, had an
accumulated deficit.

A copy of the Form 10-K is available for free at:

                        http://is.gd/rmv3fI

                        About China Du Kang

Headquartered in Xi'an, Shaanxi, in the PRC, China Du Kang Co.,
Ltd., was incorporated as U.S. Power Systems, Inc., in the State
of Nevada on Jan. 16, 1987.  The Company is principally engaged
in the business of production and distribution of distilled
spirit with the brand name of "Baishui Dukang".  The Company also
licenses the brand name to other liquor manufactures and liquor
stores.


CHINA TEL GROUP: Lowers Net Loss to US$21.7 Million in 2011
-----------------------------------------------------------
Velatel Global Communications, Inc., formerly known as China Tel
Group Inc., filed with the U.S. Securities and Exchange
Commission its annual report on Form 10-K disclosing a net loss
of US$21.79 million on US$688,942 of revenue in 2011, compared
with a net loss of US$66.62 million on US$955,311 of revenue in
2010.

The Company's balance sheet at Dec. 31, 2011, showed US$12.83
million in total assets, US$22.76 million in total liabilities
and a US$9.92 million total stockholders' deficiency.

For 2011, Kabani & Company, Inc., in Los Angeles, California,
expressed substantial doubt as to the Company's ability to
continue as a going concern.  The independent auditors noted that
the Company has incurred a net loss for the year ended Dec. 31,
2011, cumulative losses of US$253,660,984 since inception, a
negative working capital of US$16,386,204 and a stockholders'
deficiency of US$9,928,838.

A copy of the Form 10-K is available for free at:

                        http://is.gd/Hy14Ae

                          About China Tel

Based in San Diego, California, and Shenzhen, China, China Tel
Group, Inc. (OTC BB: CHTL) -- http://www.ChinaTelGroup.com/--
provides high speed wireless broadband and telecommunications
infrastructure engineering and construction services.  Through
its controlled subsidiaries, the Company provides fixed
telephony, conventional long distance, high-speed wireless
broadband and telecommunications infrastructure engineering and
construction services.  ChinaTel is presently building, operating
and deploying networks in Asia and South America: a 3.5GHz
wireless broadband system in 29 cities across the People's
Republic of China with and for CECT-Chinacomm Communications Co.,
Ltd., a PRC company that holds a license to build the high speed
wireless broadband system; and a 2.5GHz wireless broadband system
in cities across Peru with and for Perusat, S.A., a Peruvian
company that holds a license to build high speed wireless
broadband systems.


SINO-FOREST CORP: Executives Resign; Monitor to Have More Power
---------------------------------------------------------------
Sino-Forest Corporation disclosed its intention to apply to the
court, in the application commenced by the Company under the
Companies' Creditors Arrangement Act on March 30, 2012, to
enhance the powers of the court-appointed Monitor, FTI Consulting
Canada Inc.

Sino-Forest has terminated the employment of Alfred Hung, Vice
President Corporate Planning and Banking of the Company, George
Ho, Vice President Finance of the Company and Simon Yeung, Vice
President Operations of Sino-Panel (Asia) Inc., a subsidiary of
the Company.  The Company also announced that Albert Ip, who
served as Senior Vice President Development and Operations North
East and South West China, prior to his recent resignation, will
not serve as a consultant to the Company.

Sino-Forest also said that Allen Chan, the Founding Chairman
Emeritus of the Company, has voluntarily resigned from the
Company and that David Horsley has resigned as the Company's
Chief Financial Officer but will continue as an employee of the
Company, to assist with the Company's restructuring efforts.

In late August 2011, Messrs. Hung, Ho and Yeung were placed on
administrative leave by the Company, and Mr. Ip was requested to
act solely on the instructions of W. Judson Martin, the Vice
Chairman and Chief Executive Officer of the Company.  These
actions were taken after certain information was uncovered during
the course of the review being undertaken by the Independent
Committee of the Board of Directors of the Company, established
in response to the allegations made in a "report" prepared by
Muddy Waters LLC that was publicly disclosed on June 2, 2011, and
immediately before the Ontario Securities Commission issued a
temporary cease trade order on Aug. 26, 2011.

On Aug. 28, 2011, the Company announced that Mr. Chan had
voluntarily resigned as Chairman, Chief Executive Officer and
Director but would continue with the Company as Founding Chairman
Emeritus, a non-executive position.

On March 30, 2012, Mr. Ip resigned from the Company for health
reasons but had agreed to serve as a consultant to Sino-Forest on
a part-time basis.

The information identified in August 2011, did not raise conduct
issues in relation to Mr. Horsley. For this reason, no
consideration was given to taking employment action against him
at that time.

On April 9, 2012, the Company announced that it had received an
"Enforcement Notice" on April 5, 2012 from Staff of the Ontario
Securities Commission.  The Company also announced that it had
learned that Enforcement Notices also were received that day by
Messrs. Chan, Ip, Hung, Ho, Yeung and Horsley.  As previously
disclosed, the Enforcement Notice received by Sino-Forest alleges
conduct contrary to ss. 122 and 126.1 of the Ontario Securities
Act and raises conduct issues in relation to the Company and in
relation to the individuals who also received Enforcement
Notices. The Company intends to respond to the Enforcement Notice
that it received.

Following review of the Enforcement Notice directed at the
Company, further discussions with Staff of the Commission,
together with examination of issues identified in the Enforcement
Notice received by the Company, the Board of Directors of the
Company determined that it was in the best interests of Sino-
Forest to terminate the employment of Messrs. Hung, Ho and Yeung
and not to enter into a consulting arrangement with Mr. Ip.

Following receipt of the Enforcement Notice, Mr. Chan informed
the Board of Directors that he wished to resign as Founding
Chairman Emeritus and as an employee of the Company.  Mr. Chan
has indicated that he remains available to assist with efforts to
allow the Company's stakeholders to realize value in relation to
assets located in the People's Republic of China.

The Board of Directors believes that the nature of the
allegations made against Mr. Horsley in the Enforcement Notice
differ substantially from those directed at the other individuals
who received Enforcement Notices on April 5, 2012.  In these
circumstances the Board, having consulted with the Monitor, has
determined that it is in the best interests of the Company to
retain Mr. Horsley's services while allowing Mr. Horsley to step
down from his role as Chief Financial Officer.

Following discussions with the Monitor, the Company intends to
forthwith bring an application in the CCAA Proceeding to enhance
the powers of the Monitor.  Among other things, the enhanced
powers will facilitate the Monitor providing additional
assistance to the Company in light of the personnel changes
identified above.

                         About Sino-Forest

Sino-Forest Corporation -- http://www.sinoforest.com/-- is a
commercial forest plantation operator in China.  Its principal
businesses include the ownership and management of tree
plantations, the sale of standing timber and wood logs, and the
complementary manufacturing of downstream engineered-wood
products.  Sino-Forest also holds a majority interest in
Greenheart Group Limited, a Hong-Kong listed investment holding
company with assets in Suriname (South America) and New Zealand
and involved in sustainable harvesting, processing and sales of
its logs and lumber to China and other markets around the world.
Sino-Forest's common shares have been listed on the Toronto Stock
Exchange under the symbol TRE since 1995.

Sino-Forest Corporation on March 30, 2012, obtained an initial
order from the Ontario Superior Court of Justice for creditor
protection pursuant to the provisions of the Companies' Creditors
Arrangement Act.

Under the terms of the Order, FTI Consulting Canada Inc. will
serve as the Court-appointed Monitor under the CCAA process and
will assist the Company in implementing its restructuring plan.
Gowling Lafleur Henderson LLP is acting as legal counsel to the
Monitor.

During the CCAA process, Sino-Forest expects its normal day-to-
day operations to continue without interruption. The Company has
not planned any layoffs and all trade payables are expected to
remain unaffected by the CCAA proceedings.


* CHINA: Moody's Says Some Risks Remain for SOEs Despite Aid
------------------------------------------------------------
Moody's Investors Service says that support from the Chinese
government boosts the credit quality for some of the country's
state-owned enterprises (SOEs), but some risks remain.

China's 'central' SOEs, which are under the direct supervision of
the central government, have certain advantages that support
their credit quality: (1) a higher likelihood of extraordinary,
governmental support in time of stress, when compared to private-
sector counterparts; (2) better access to domestic bank loans,
and bond and equity markets, which enhances their liquidity
profile; and (3) supervision from China's central government,
which improves governance.

"Among Moody's rated Chinese corporate issuers, central SOEs and
their subsidiaries are mostly investment grade; whereas, non-SOEs
tend to be sub-investment grade firms," says Kai Hu, a Moody's
Senior Analyst and Vice President.

Hu was speaking at the release of a report titled, "Governmental
support boosts credit quality for some Chinese SOEs, but risks
remain."

"In line with pronouncements from China's government, central
SOEs could be categorized into two groups: (1) those serving
social welfare and strategic sectors, and (2) SOEs in competitive
industries," says Mr. Hu, who is also the lead author of the
report.

"We believe that central SOEs deemed strategically important are
most likely to receive extraordinary governmental support, if
necessary. To reflect this variance, we assign differing support
levels and provide a rating uplift for rated central SOEs, based
on Moody's methodology for Government-Related Issuers," he adds.

For example, China National Offshore Petroleum Corporation (Aa3
stable) and Sinochem Hong Kong (Group) Company Limited (Baa1
stable) receive higher ratings uplift, versus the other central
SOEs.

According to the report, central SOEs have preferential and more-
stable access to credit from domestic banks, compared to non-
state-owned enterprises. SOEs also dominate the issuance in
China's domestic corporate bond and equity markets.

In addition, the supervision of central SOEs from China's State-
Owned Assets Supervision and Administration Commission (SASAC)
partially mitigates concerns about corporate governance by
providing additional checks and balances.

SASAC approves the scope of business, oversees key decisions,
appoints and evaluates management for central SOEs, and is
increasingly subjecting the SOEs to market discipline by publicly
listing the firms.

However, central SOEs differ in credit quality and risk profiles.

"Some SOEs carry social burdens that weaken their financial
profiles or face the risk of policy shifts that could hurt their
industry or their position in the industry, while others have
exposure to increasing execution risks in expanding overseas,"
Mr. Hu says.

The report is titled "Governmental support boosts credit quality
for some Chinese SOEs, but risks remain".


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


ROYAL FAMILY CLUB: Members' Final Meeting Set for May 14
--------------------------------------------------------
Shareholders of Royal Family Club Limited will hold their final
general meeting on May 14, 2012, at 9:00 a.m., at Room 1410,
14/F, Harbour Centre, at 25 Harbour Road, Wanchai, in Hong Kong.

At the meeting, Poon Wai Hung Richard, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


SAN HING: Members' Final Meeting Set for May 2
----------------------------------------------
Members of San Hing Air-Conditioning Engineering Limited will
hold their final general meeting on May 2, 2012, at 10:00 a.m.,
at Ground Floor, 25 Hung Kwong Street, Tokwawan, in Kowloon.

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


SIEMENS WATER: Commences Wind-Up Proceedings
--------------------------------------------
Members of Siemens Water Technologies International Sales
Limited, on March 30, 2012, passed a resolution to voluntarily
wind up the company's operations.

The company's liquidators are:

         John Chi Wai Wong
         Peggy Pei Chi Cheng
         21/F, Edinburgh Tower
         The Landmark
         15 Queen's Road
         Central, Hong Kong


SOUTH CHINA: Members' Final Meeting Set for May 15
--------------------------------------------------
Members of South China Sea Farm Marine Protection, Research and
Education Foundation Limited will hold their final meeting on
May 15, 2012, at 5:00 p.m., at 1256, DD 253, 7 Miles, Clearwater
Bay Road, Kowloon, in Hong Kong.

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


STRONG OFFER: Annual Meetings Set for May 14
--------------------------------------------
Members and creditors of Strong Offer Investment Limited will
hold their annual meetings on May 14, 2012, at 3:00 p.m., and
3:30 p.m., respectively at 12/F, Bel Trade Commercial Building,
1-3 Burrows Street, Wanchai, in Hong Kong.

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


SUN HERO: Members' Final General Meeting Set for May 14
-------------------------------------------------------
Members of Sun Hero Logistics Limited will hold their final
general meeting on May 14, 2012, at 11:00 a.m., at Room 1205,
12/F, Manulife Provident Funds Place, at No. 345 Nathan Road, in
Kowloon

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


SUN HOLY: Tang Tin Sek Steps Down as Liquidator
-----------------------------------------------
Tang Tin Sek stepped down as liquidator of Sun Holy Enterprises
Limited on April 3, 2012.


SUN WIN: Members' Final General Meeting Set for May 14
------------------------------------------------------
Members of Sun Win Logistics Limited will hold their final
general meeting on May 14, 2012, at 10:00 a.m., at Room 1205,
12/F, Manulife Provident Funds Place, at No. 345 Nathan Road, in
Kowloon.

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


URBAN FASHION: Members' Final Meeting Set for May 15
----------------------------------------------------
Members of Urban Fashion Management Limited will hold their final
general meeting on May 15, 2012, at 2:30 p.m., at 29th Floor,
Caroline Centre, at Lee Gardens Two, 28 Yun Ping Road, in
Hong Kong.

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


YATES INTERNATIONAL: Members' Final Meeting Set for May 14
----------------------------------------------------------
Members of Yates International Limited will hold their final
general meeting on May 14, 2012, at 12:00 p.m., at Room 1205,
12/F, Manulife Provident Funds Place, at No. 345 Nathan Road, in
Kowloon.

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


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


G P ISPAT: Delays in Loan Payment Cues CRISIL Junk Ratings
----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of G P
Ispat Pvt Ltd (part of the GP group) to 'CRISIL D/CRISIL D' from
'CRISIL BB/Stable/CRISIL A4+'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           50        CRISIL D
   Cash Credit             390        CRISIL D
   Term Loan               146.2      CRISIL D

The downgrade reflects instances of delay by GPIPL in servicing
its term debt. The delays have been caused by weakening in
liquidity as a result of contraction in credit limits offered by
the company's suppliers - creditors, as on December 31, 2011,
declined to INR40 million (7 days of purchase) from INR95 million
(17 days) as on March 31, 2011. Liquidity weakened also because
the company converted INR50 million of its cash credit facility
into demand loans - bank limits reduced to INR340 million from
INR390 million in June 2011 because of the conversion.

The GP group has large working capital requirements and is faced
with limited pricing flexibility because of intense competition
in the steel industry. However, the group benefits from its
moderate business risk profile, supported by its integrated
operations.

For arriving at its ratings, CRISIL continues to combine the
financial risk profiles of GPIPL and Super Iron & Steel Pvt Ltd
because of their operational linkages. The entities are together
referred to as the GP group. GPIPL buys over 85 per cent of SIS's
production. However, CRISIL has not consolidated the financial
risk profiles of Buland Ingot Pvt Ltd with the group, as there
are no operational activities in this company - all the assets of
BIPL were bought by GPIPL in 2009-10 (refers to financial year,
April 1 to March 31). Earlier, CRISIL had consolidated GPIPL, SIS
and BIPL in its analytical approach.

                          About G P Ispat

GPIPL was incorporated in 2005 and manufactures steel ingots,
rebars and thermo-mechanically treated (TMT) bars. GPIPL has two
manufacturing facilities, with a combined rolling capacity of
0.247 million tonnes per annum (tpa), and ingot and billet
manufacturing capacity of 36,000 tpa. SIS, a group company, is
also engaged in manufacturing ingots and billets, with a combined
capacity of 48,000 tpa. BIPL's assets (property, plants, and
equipment) were purchased by GPIPL in 2009-10; currently, BIPL
has no operations.

For 2010-11, GPIPL reported a net profit of INR19 million on net
sales of INR2.4 billion, against a net profit of INR7 million on
net sales of INR2.2 billion for the preceding year.


KAMA METAL: CRISIL Places 'CRISIL B' Rating on INR84MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Kama Metal and Alloys Pvt Ltd.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan              19.3        CRISIL B/Stable
   Proposed Long-Term     12.2        CRISIL B/Stable
   Bank Loan Facility
   Cash Credit            52.5        CRISIL B/Stable
   Letter of Credit       10          CRISIL A4

The ratings reflect KMPL's small scale of operations,
susceptibility to volatility in raw material prices, and large
working capital requirements. These rating weaknesses are
partially offset by the benefits that KMPL derives from its
promoters' extensive industry experience, the partly integrated
nature of its operations, and moderate gearing and comfortable
debt protection metrics.

Outlook: Stable

CRISIL believes that KMPL will benefit over the medium term from
the extensive industry experience of its promoters. The outlook
may be revised to 'Positive' in case the company significantly
scales up its operations, while it manages its working capital
efficiently. Conversely, the outlook may be revised to 'Negative'
in case KMPL reports pressure on its liquidity, resulting from
lower-than-expected cash accruals, or larger-than-expected
incremental working capital requirements or debt-funded capital
expenditure.

                        About Kama Metal

KMPL, incorporated in 2008, operates an ingot manufacturing unit
as well as a rolling division (key products include mild steel
ingots, flats, and pipes). The company has an ingot manufacturing
capacity of 17,750 tonnes per annum (tpa) and rolling capacity of
20,000 tpa (since its ingot capacity is lower than its rolling
division capacity; KMPL is currently expanding its ingot unit to
a total capacity of 25,000 tpa). Currently, about 90 per cent of
the ingots manufactured by KMPL are used in captive consumption
in the rolling division.

KMPL reported a profit after tax (PAT) of INR10.1 million on net
sales of INR305.6 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR8.2 million on net
sales of INR281.0 million for 2009-10.


KBJ HOTEL: CRISIL Assigns 'CRISIL BB-' Rating to INR600MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the bank
facilities of KBJ Hotel Goa Pvt Ltd.

                            Amount
   Facilities             (INR Mln)     Ratings
   ----------             ---------     -------
   Proposed Long-Term        300        CRISIL BB-/Stable
    Bank Loan Facility
   Term Loan                 300        CRISIL BB-/Stable

The rating reflects the benefits that KBJHPL derives from its
hotel's favorable location near the Goa International Airport and
its tie-up with the Thailand-based entity Absolute Hotel Services
which operates under the U Hotels & Resorts brand. These rating
strengths are partially by the execution and offtake risks
associated with KBJHPL's ongoing project in Goa.

Outlook: Stable

CRISIL believes that KBJHPL will benefit over the medium term
from the financial and managerial support by the KBJ group and
its tie-up with AHS. The outlook may be revised to 'Positive' if
KBJHPL reports higher-than-expected operating cash flows, driven
by significantly higher-than-expected offtake. Conversely, the
outlook may be revised to 'Negative' if the company faces
significant time or cost overrun in implementation of its
project, or faces pressures in attaining optimal occupancy
levels, leading to impairment of its debt servicing ability.

                        About KBJ Hotel

KBJHPL was incorporated in February 2010 and is promoted by
Mumbai (Maharashtra)-based Mr. Mohit Kamboj, a third-generation
entrepreneur. The company is a venture of the Mumbai-based KBJ
Group into the hospitality sector. KBJHPL is in the process of
setting up a 111-room, 5-star deluxe hotel project at Vagator in
Anjuna Village (Goa) under the brand name KBJ Grand. The
facilities to be offered are a separate casino/gaming block along
with restaurant, bar, gymnasium, spa, and banquet halls. The
management has tied up with AHS which operates under the brand U
Hotels & Resorts for running the operations of its hotel. The
hotel would be constructed in two blocks; one would be the main
hotel building and the other the casino. The hotel is expected to
commence operations in April 2014. The total cost of the project
is expected to be INR1 billion. The KBJ group was set up in 1956
by the late Mr. B L Kamboj who started the wholesale of gold
jewellery under the banner, Banwarilal & Company, in Amritsar
(Punjab). After expanding their activities to include all aspects
of the gold business, the group gradually forayed into other
businesses such as real estate and hospitality.


K.D. AGENCIES: CRISIL Reaffirms 'BB-' Rating on INR80MM Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of K.D. Agencies
Pvt Ltd continues to reflect the extensive experience of KDAPL's
promoter in the coal trading business. This rating strength is
partially offset by KDAPL's below-average financial risk profile,
marked by small net worth, high gearing, modest profitability,
and weak debt protection metrics, small scale of operations, and
susceptibility to volatility in coal prices.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit                75      CRISIL BB-/Stable
                                      (Reaffirmed)
   Standby Line of Credit      5      CRISIL BB-/Stable
                                      (Reaffirmed)

Outlook: Stable

CRISIL believes that KDAPL will continue to benefit over the
medium term from its promoter's extensive experience in the coal
trading business. The outlook may be revised to 'Positive' if
there is more-than-expected increase in the company's revenues
and profitability. Conversely, the outlook may be revised to
'Negative' if KDAPL reports lower-than-expected revenues and
profitability, or undertakes a larger-than-expected debt-funded
capital expenditure programme, leading to weakening in its
financial risk profile.

Update

KDAPL clocked revenues of around INR340 million for the 11 months
ended February 2012, and is estimated to report an operating
income of around INR370 million for 2011-12 (refers to financial
year, April 1 to March 31), which is a year-on-year growth of
around 5 per cent. KDAPL witnessed an almost 40 per cent drop in
volumes traded during 2011-12 (around 0.07 million tonnes traded
during 2011-12 as compared with around 0.11 million tonnes during
2010-11). Thus, despite volume de-growth, the company is expected
to report flat revenue growth on account of increase in average
realisations for domestic coal during 2011-12. Due to the trading
nature of its operations, KDAPL has always reported a moderate
operating margin, in the range of 2.5 per cent to 3.5 per cent,
over the past four years ended 2010-11. However, lack of
availability and higher demand for coal from the end-user
industry has resulted in better pricing power for the company;
thus, KDAPL is expected to report an operating margin of around
4.5 per cent for 2011-12 (around 100 basis points higher than
2010-11). The company reported an operating margin of around
4.6 per cent for the nine months ended December 2011.

KDAPL's financial risk profile is marked by small net worth and
weak debt protection metrics. The company had a small net worth
of INR30 million as on March 31, 2011, which restricts its
financial flexibility to contract fresh debt to meet its working
capital requirements. Moderate profitability and high gearing
have resulted in weak debt protection metrics, with net cash
accruals to total debt and interest coverage ratios at 5 per cent
and 1.9 times, respectively, in 2010-11.

KDAPL has moderate liquidity. The company does not have any term
loan except sanctioned housing loan of INR7 million, of which
INR3.3 million has been disbursed till date. KDAPL's cash
accruals are estimated to be sufficient to meet its maturing term
debt obligation over the medium term. The company had a healthy
current ratio of 1.43 times as on March 31, 2011. The current
ratio is expected to remain healthy over the medium term.
However, KDAPL's average bank line utilisation was high, at 90
per cent, during the 12 months through February 2012, thereby
restricting its financial flexibility to meet short-term
exigencies.

                         About K.D. Agencies

Incorporated in 2004 by Mr. Arvind Khemka based in Kolkata (West
Bengal [WB]), KDAPL trades in domestic coal. The company procures
coal from subsidiaries of Coal India Ltd through e-auctions
conducted by two auction agents - Metal Junction and Metal &
Scrap Trading Corporation Ltd. KDAPL also procures coal from
local coal traders. In 2009-10, the company traded in around
0.065 million tonnes of coal. Around 30 per cent of KDAPL's
revenues are derived from WB, 35 per cent from Orissa, and the
rest from the open markets in Uttar Pradesh. The company also
transports coal on behalf of Jindal Steel and Power Ltd and Rasoi
Vanaspati & Industries Ltd.


KHEDARIA ISPAT: CRISIL Puts 'CRISIL BB-' Rating on INR140MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the long-
term bank facilities of Khedaria Ispat Ltd.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             40         CRISIL BB-/Stable
   Term Loan              100         CRISIL BB-/Stable

The rating reflects extensive industry experience of KDIL's
promoters, moderate project risk and adequate liquidity supported
by promoters' funds and enhancement in bank lines. These rating
strengths are partially offset by KDIL's modest scale of
operations in a fragmented steel manufacturing industry and its
susceptibility to downturns in its end-user industry and to
volatility in steel prices.

Outlook: Stable

CRISIL believes that KDIL will continue to benefit over the long
term from its promoters' extensive experience in the steel
industry. The outlook may be revised to 'Positive' in case of a
significant increase in the company's scale of operations along
with an improvement in its profitability leading to more-than-
expected cash accruals, or if the company demonstrates better
than expected working capital management. Conversely, the outlook
may be revised to 'Negative' in case of pressure on KDIL's
liquidity, most likely caused by less-than-expected cash accruals
or larger-than-expected working capital borrowings.

                        About Khedaria Ispat

KDIL manufactures sponge iron and steel ingots. The company was
acquired by its current management in 2007. KDIL's manufacturing
unit is located in Sundergarh (Orissa). The capacity of the
company's sponge iron unit is 12,000 tonnes per annum (tpa;
currently, the unit is being operated at about 85 per cent
capacity) and that of its ingot unit is 12,600 tpa (ingot unit
commenced operations in 2010-11 [refers to financial year, April
1 to March 31]).

KDIL reported a profit after tax (PAT) of INR9.1 million on net
sales of INR174.5 million for 2010-11, against a PAT of INR12.8
million on net sales of INR97.4 million for 2009-10.


PRITI GEMS: CRISIL Rates INR230MM Loan at 'CRISIL BB'
-----------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' rating to the post
shipment credit facility of Priti Gems Exports Pvt Ltd.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Post Shipment Credit     230       CRISIL BB/Stable

The rating reflects the benefits that PGEPL derives from its
established market position, supported by its promoters'
extensive industry experience. This rating strength is partially
offset by the company's working-capital-intensive operations, and
modest financial risk profile marked by a high ratio of total
outside liabilities to tangible net worth and modest debt
protection metrics.

Outlook: Stable

CRISIL believes that PGEPL will continue to benefit over the
medium term from its promoters' extensive experience in the
diamond industry. The outlook may be revised to 'Positive' if the
company reports significantly higher-than-expected growth in its
revenues, while it maintains its profitability and capital
structure. Conversely, the outlook may be revised to 'Negative'
if PGEPL reports deterioration in its debt protection metrics
because of lower-than-expected growth in its revenues and margins
or a significant stretch in its working capital cycle.

                         About Priti Gems

PGEPL was set up in 1984 as a partnership firm named Priti Gems,
which commenced operations in 1994; it was reconstituted as a
private limited company in 2010-11 (refers to financial year,
April 1 to March 31). The company is part of K Chandrakant & Co,
which is one of the oldest partnership firms in the diamond
segment in Mumbai (Maharashtra). Mr. Jatin Doshi, Mr. Sanjiv
Shah, and Mr. Vipul Shah, the sons of the partners of K
Chandrakant & Co, are the directors of PGEPL. The company
specialises in manufacturing cut and polished dark brown diamonds
ranging from 0.01 carat to 20 carats in shapes such as round,
princess, oval, emerald, marquise, pear, and heart. The firm has
its manufacturing facilities at Surat (Gujarat) and Dahisar
(Maharashtra).

PGEPL reported a profit after tax (PAT) of INR12.6 million on net
sales of INR1.92 billion for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR9.4 million on net
sales of INR971.1 million for 2009-10.


PASHUPATI POLYTEX: CRISIL Puts 'BB-' Rating on INR336.5MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Pashupati Polytex Pvt Ltd.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan               170        CRISIL BB-/Stable
   Proposed Long-Term       46.5      CRISIL BB-/Stable
    Bank Loan Facility
   Packing Credit            5        CRISIL A4+
   Bank Guarantee            5        CRISIL A4+
   Cash Credit             120        CRISIL BB-/Stable

The ratings reflect PPPL's efficient working capital management
and promoters' extensive experience in the polyester fabric
industry. These rating strengths are partially offset by PPPL's
average financial risk profile, marked by high gearing, and small
scale of operations in a highly competitive industry.

Outlook: Stable

CRISIL believes that PPPL will benefit over the medium term from
the experience industry experience of its promoters. The outlook
may be revised to 'Positive' if the company achieves
significantly higher-than-expected profitability, along with
steady growth in sales, while successfully implementing capital
expenditure (capex). Conversely, the outlook may be revised to
'Negative' if PPPL reports lower-than-expected sales or
profitability or undertakes larger-than-expected debt funded
capex programme, thereby adversely affecting its financial risk
profile.

                       About Pashupati Polytex

PPPL, an Uttarakhand-based company, was incorporated in 2008 by
Mr. Vishnu Prakash Goenka and Mr. Bankey Bihari Goenka. The
company manufactures polyester staple fibre (recycled fibre) from
polyethylene terephthalate bottles. PPPL has set up a
manufacturing facility in Kashipur (Uttarakhand) with a capacity
of 21,600 tonnes per annum. The company sell its products in
Rajasthan, Punjab, and Delhi.


PPPL reported a profit after tax (PAT) of INR16.4 million on net
sales of INR829.9 million for 2010-11 (refers to financial year,
April 1 to March 31), which was the first year of commercial
operations.


PUNJAB ALKALIES: Delay in Loan Payment Cues CRISIL Junk Ratings
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Punjab Alkalies & Chemicals Ltd. CRISIL has also
withdrawn its rating on PACL's non-convertible debentures on the
company's request, as the instruments have been redeemed.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan               724.4      CRISIL D
   Cash Credit              90        CRISIL D
   Proposed Long-Term       69.1      CRISIL D
    Bank Loan Facility

The assigned rating reflects expected delays by PACL in servicing
its debt and in debenture redemption over the medium term, as per
the terms of restructuring by the corporate debt restructuring
cell; the delays are expected because of the company's weak
liquidity.

PACL also has a weak financial risk profile, marked by high
gearing, small net worth, and weak debt protection metrics. Also,
it has had sluggish operations over the past five years, with
recent operating losses. PACL is also susceptible to adverse
changes in government regulations and to intense competition from
players in the domestic market and the import segment. However,
the company benefits from its established and well-diversified
clientele.

                      About Punjab Alkalies

PACL was incorporated in 1975 as a public limited company, in
which Punjab State Industrial Development Corporation Ltd has
44.6% ownership. PACL manufactures caustic soda and chlorine. Its
plant in Ropar (Punjab) has production capacity of 99,000 tonnes
per annum.

PACL reported a net loss of INR0.24 billion on net sales of
INR1.73 billion for 2010-11 (refers to financial year, April 1 to
March 31), against a net loss of INR0.22 billion on net sales of
INR1.54 billion for 2009-10. For the nine months ended Dec. 31,
2011, the company reported a profit before tax of INR0.08 billion
on net sales of INR1.74 billion.


PURE PHARMA: CRISIL Reaffirms 'B' Rating on INR73.7MM Loans
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Pure Pharma Ltd
continue to reflect PPL's small scale of operations, below-
average financial risk profile marked by modest net worth and
weak debt protection metrics, and highly working-capital-
intensive operations. These rating weaknesses are partially
offset by the extensive industry experience of PPL's promoters.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           40        CRISIL A4
   Cash Credit              64        CRISIL B/Stable
   Letter of Credit         35        CRISIL A4
   Term Loan                 9.7      CRISIL B/Stable

Outlook: Stable

CRISIL believes that PPL's scale of operations will remain small
and its financial risk profile will remain below average over the
medium term. The outlook may be revised to 'Positive' in case PPL
increase its scale of operations substantially, without weakening
its capital structure. Conversely, the outlook may be revised to
'Negative' in case of any stretch in PPL's working capital cycle,
leading to stress on its liquidity.

Update

PPL's revenues in 2010-11 (refers to financial year, April 1 to
March 31) were INR165 million, a decline of about 20 per cent
over that in the previous year. Revenues declined because of
repair and maintenance work disrupting around 2 months of
production. The repair and maintenance work was undertaken for
the World Health Organisation's (WHO) inspection for its Good
Manufacturing Practices certification. This certification is
required by most of the company's clients. Nonetheless, PPL's
revenues for 2011-12 are estimated to have witnessed healthy
growth to about INR240 million. PPL reported a moderate operating
profitability of 8.8 per cent for 2010-11 and is likely to
maintain it over the medium term.

PPL's gearing was 1.35 time as on March 31 2011 and is expected
to remain around this level over the medium term. Liquidity
remains stretched because of working-capital-intensive
operations, resulting in high bank limit utilisation. For 2011-
12, PPL's working capital requirements are estimated to be large,
with high debtor and inventory holding period of about 200 and
140 days respectively. Its working capital cycle is stretched, as
around 80 per cent of its revenues come from exports to
government agencies of various countries, where the receivables
are stretched because of procedural delays.


PPL reported a profit after tax (PAT) of INR0.3 million on an
operating income of INR165 million for 2010-11, against a PAT of
INR0.9 million on an operating income of INR222 million for 2009-
10.

                         About Pure Pharma

PPL was originally established as a partnership firm by Mr. J P
Badlani and Mr. R W Valvani in 1955 and was reconstituted as a
closely held public limited company in 1980. The company
manufactures pharmaceutical formulations for the overseas and
domestic markets. Its wide product range comprises generic drugs
for human and veterinary application, in the form of tablets,
capsules, liquids, powders, and injections. The manufacturing
facility of PPL is in Indore (Madhya Pradesh).


SHANKAR EARTH: CRISIL Assigns 'CRISIL B+' Rating to INR65MM Loans
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Shankar Earth Movers.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             5          CRISIL B+/Stable
   Proposed Long-Term     60          CRISIL B+/Stable

The rating reflects SEM's exposure to unfavorable government
policies, and to geographical and customer concentration risks.
These rating weaknesses are partially offset by SEM's
satisfactory financial risk profile, marked by moderate debt
protection metrics, and partners' extensive industry experience.

Outlook: Stable

CRISIL believes SEM will maintain its credit risk profile baked
by its partners' extensive industry experience and established
relationships with customers, over the medium term. The outlook
may be revised to 'Positive' in case of significant increase in
the firm's scale of operations while maintaining its
profitability leading to improvement in financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of a
decline in SEM's profitability or larger-than-expected debt-
funded capex, leading to deterioration in the firm's financial
risk profile, or if there is an adverse impact on the business
operations due to government policies on mining industry.

                        About Shankar Earth

SEM was established in 1992 as a partnership firm and is engaged
in sub-contracting work in iron ore and bauxite mines. The firm
recorded a turnover of around INR110 million in 2010-11 (refers
to financial year, April 1 to March 31), of which around 70 per
cent was from a single customer, Magnum Minerals Pvt Ltd (MMPL).
The firm primarily operates in iron ore mines with around 80 per
cent of revenues coming from iron ore mining, and the rest from
mining of bauxite.

SEM reported a profit after tax (PAT) of INR31.0 million on net
sales of INR103.0 million for 2010-11, as against a PAT of
INR13.4 million on net sales of INR52.4 million for 2009-10.


SPECTRUM INT'L: CRISIL Rates INR66MM Cash Credit at 'CRISIL B+'
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Spectrum International Pvt Ltd.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             66         CRISIL B+/Stable

The rating reflects SIPL's modest financial risk profile marked
by modest networth and debt protection metrics and a highly
levered capital structure and vulnerability of the company's
margins to volatility in cotton prices. These rating weaknesses
are partially offset by the extensive experience of SIPL's
promoter in the textile industry and the favorable demand
prospects in the organic cotton segment.

Outlook: Stable

CRISIL believes that SIPL will continue to benefit over the
medium term from the extensive industry experience of its
promoter in the organic textile industry and established
relationships with suppliers and customers. The outlook may be
revised to 'Positive' if there is significant increase in SIPL's
scale of operations, while improving or maintaining its
profitability and capital structure. Conversely, the outlook may
be revised to 'Negative' in case of a significant decline in
SIPL's revenues or profitability or if its capital structure
deteriorates on account of large incremental working capital
requirements.

                     About Spectrum International

Incorporated in 2000 by Mr. Amit Shah, SIPL trades in organic
cotton, primarily cotton bales and related products such as
readymade garments. The Shah family has been in the textile
industry for more than two decades through other entities.

SIPL procures raw organic cotton from 8,000 farmers in Gujarat,
Maharashtra and Orissa, who cultivate the organic cotton
exclusively for SIPL under a contractual agreement. The raw
organic cotton procured is converted to bales on job-work basis.
SIPL's sells these bales to Arvind Mills Ltd, the Vardhman group,
Cheslind Textiles Ltd, and Loyal Textile Mills Ltd, who are
preferred spinners for companies like Marks & Spencer, Hennes &
Mauritz, and C&A.

SIPL has also recently ventured into organic ready-made garments
industry, which it gets manufactured on job-work basis.

SIPL reported a profit after tax (PAT) of INR1.4 million on net
sales of INR1.04 billion for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR1.3 million on net
sales of INR0.5 billion for 2009-10.


SRI LAKSHMI: CRISIL Assigns 'CRISIL B+' Rating to INR76.7MM Loans
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Sri Lakshmi Srinivasa Raw & Boiled Rice
Mill.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             70         CRISIL B+/Stable
   Term Loan                6.7       CRISIL B+/Stable

The rating reflects the extensive experience of SLSR's partners
in the rice industry and largely assured offtake from Food
Corporation of India. These ratings strengths are partially
offset by SLSR's weak financial risk profile, marked by high
gearing, small net worth, and weak debt protection metrics, and
modest scale of operations in an intensely competitive market.
The rating also factors in the susceptibility of the firm's
operating margin to adverse government regulations and volatility
in raw material prices.

Outlook: Stable

CRISIL believes that SLSR will continue to benefit over the
medium term from its management's extensive industry experience.
The outlook may be revised to 'Positive' if the firm's revenues
and profitability increase substantially, leading to an
improvement in its financial risk profile, or in case of
significant infusion of capital by the partners, resulting in an
improvement in SLSR's capital structure. Conversely, the outlook
may be revised to 'Negative' if the firm undertakes aggressive
debt-funded expansions, or if its revenues and profitability
decline substantially, or if the partners withdraw capital from
the firm, leading to weakening in its financial risk profile.

                        About Sri Lakshmi

Incorporated in 1983, as a proprietorship firm , Sri Lakshmi
Srinivasa and company, was reconstituted during 2002 as
Partnership firm, Sri Lakshmi Srinivasa Raw and Boiled Rice Mill
is engaged in milling and processing of paddy into rice, rice
bran, broken rice and husk. It has an installed paddy milling
capacity of 5.0 tonnes per hour (tph) and a cogeneration facility
(husk based) of 0.25 megawatts. Its rice mills are located in
Nellore (Andhra Pradesh). The managing partner Mr.Avula
Srinivasulu has more than 28 years of experience in Rice
industry.

SLSR reported a profit after tax (PAT) of INR1 million on net
sales of INR301 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.4 million on net
sales of INR294 million for 2009-10.


SUPER GLOBAL: Delay in Loan Payment Cues CRISIL Junk Ratings
------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Super Global Ltd.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long-Term      70         CRISIL D
   Bank Loan Facility

   Term Loan              100         CRISIL D

The rating reflects instances of delay by SGL in servicing its
interest obligations; the delays have been caused by the
company's weak liquidity.

SGL also has a weak financial risk profile, marked by high
gearing, small scale of operations, and expected low
profitability in a highly competitive steel billet industry.
These rating weaknesses are partially offset by SGL's exposure to
low implementation and moderate funding risk, and promoters'
extensive industry experience.

                        About Super Global

SGL, incorporated on Sept. 3, 2008, is setting up a unit to
manufacture mild steel billets with a capacity of 36,000 tonnes
per annum. The construction work on the project started in 2009-
10 (refers to financial year, April 1 to March 31) and the unit
is expected to commence commercial production from April 2012.
SGL is promoted by Mr. Pritpal Singh Chandhok and his sons.


V R FOUNDRIES: CRISIL Assigns 'BB-' Rating to INR70MM Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of V R Foundries.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             70         CRISIL BB-/Stable
   Letter of Credit        30         CRISIL A4+

The ratings reflect the extensive experience of VRF's partners in
the castings and forgings industry, healthy demand prospects for
grey iron castings, and benefits derived from a diversified
customer base. These rating strengths are partially offset by
VRF's moderate financial risk profile, marked by modest net worth
and moderate gearing levels, and exposure to intense competition
in the highly fragmented castings and forgings industry.

Outlook: Stable

CRISIL believes that VRF will continue to be benefit from its
experienced management, established relationships with its major
customers, and diversified clientele. The outlook may be revised
to 'Positive' if the firm's financial risk profile improves with
increase in its scale of operations and profitability on a
sustained basis, leading to improvement in capital structure.
Conversely, the outlook may be revised to 'Negative' if VRF's
financial risk profile deteriorates because of lower-than-
expected cash accruals, or in case of time and cost overruns in
its ongoing projects.

                        About V R Foundries

Set up as a partnership firm by Mr. V Rajendran and his family
members in 1974, VRF, based in Coimbatore (Tamil Nadu), produces
grey iron castings used in engineering, automobile, textile and
agricultural sectors. At present, the firm has an installed
production capacity of 18,000 tonnes per annum (tpa) and is
currently operating at 85 per cent of its installed capacity. The
management plans to increase VRF's production capacity to 54,000
tpa by 2014-15 (refers to financial year, April 1 to March 31).
The expansion plan is expected to cost INR400 million, which
would be funded at a debt-equity ratio of 3:1.

The promoters also run the group entity, Ranba Castings Limited
(CRISIL B+/Stable/ CRISIL A4). RCL was set up in 1995 by Mr. V.
Rajendran in Coimbatore. The company manufactures rough iron
castings and has a production capacity of 24000 tonnes per annum.
Both the entities are independently managed and do not have any
financial or operational linkages with each other.

VRF reported a profit after tax (PAT) of INR30.1 million on net
sales of INR559.3 million for 2010-11, as against a PAT of INR8.3
million on net sales of INR440.1 million for 2009-10.


VIVIN LABORATORIES: CRISIL Puts 'BB-' Rating on INR150.2MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Vivin Laboratories Pvt. Ltd (part of the
Vivin group).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             120.0      CRISIL BB-/Stable
   Proposed Long-Term       30.2      CRISIL BB-/Stable
   Bank Loan Facility
   Letter of credit &       75.0       CRISIL A4+
   Bank Guarantee

The ratings reflect the benefits that the Vivin group derives
from its established relationship with its client Mylan
Laboratories Ltd (Mylan; rated CRISIL AA-/Stable/CRISIL A1+), and
its promoter's experience in the pharmaceuticals industry. These
rating strengths are partially offset by the Vivin group's
working-capital-intensive operations constraining its liquidity,
modest scale of operations and aggressive capex plans.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Vivin Labs, Vivin Life Sciences Ltd,
and Eytan Laboratories Ltd, together referred to as the Vivin
group. This is because these companies are expected to have
significant operating and financial linkages. Moreover, all the
entities operate under a common management.

Outlook: Stable

CRISIL believes that the Vivin group will register moderate
revenue growth, backed by steady orders from Mylan, and
incremental revenues from Eytan and Vivin Life, over the medium
term. The outlook may be revised to 'Positive' if the group
improves the product and customer diversity in its revenue
profile over the medium term. Conversely, the outlook may be
revised to 'Negative', if the Vivin group reports more-than
expected deterioration in its capital structure or its debt
protection metrics.

                         About the Group

Vivin Labs, incorporated in 2004, manufactures drug
intermediaries and custom-made chemicals. It has a manufacturing
facility at Gandhi Nagar in Hyderabad (Andhra Pradesh). The
company sells its entire production to Mylan. Vivin Life is an 80
per cent subsidiary of Vivin Labs, and Eytan is a group company.
Vivin Life will be engaged in the formulations business. Eytan is
being set up for manufacturing of Active Pharmaceutical
Ingredients (APIs); operations are expected to start from
September 2012.

The Vivin group reported a profit after tax (PAT) of INR21.8
million on net sales of INR516.3 million for 2010-11 (refers to
financial year, April 1 to March 31), against a PAT of INR53.7
million on net sales of INR392.5 million for 2009-10.


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


* INDONESIA: S&P Assigns 'BB+' Senior Foreign Debt Rating
---------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' senior
unsecured long-term foreign currency debt rating to a proposed
U.S. dollar-denominated benchmark-size global unsecured bond
issue by the Republic of Indonesia (BB+/Positive/B; axBBB+/axA-
2). The issue will combine a reopening of an existing bond
maturing in 2042 with a new bond with a 10-year maturity, both of
which form part of the country's $15 billion global medium-term
notes program.

The bond will constitute the direct, unconditional, and unsecured
obligations of the sovereign, and will rank equal with
Indonesia's other unsecured and unsubordinated external debt.

"The sovereign credit rating on Indonesia reflects continuing
improvements in the government's balance sheet and external
liquidity, a resilient economic performance, and cautious fiscal
management. Rating constraints include Indonesia's low per capita
income, structural and institutional impediments to higher
economic growth, and relatively high and volatile inflation. In
addition, the country remains vulnerable to external shocks
partly on account of shallow domestic capital markets. The recent
introduction of the bond stabilization framework somewhat
moderates this risk," S&P said.

"We may raise the sovereign ratings if reforms such as subsidy
rationalization suggest that fiscal and external vulnerabilities
are further reduced, if the external debt burden declines, or the
sovereign's balance sheet improves. Conversely, a stalling of
reforms or the absence of timely and adequate policy responses to
renewed fiscal or external pressures would result in the ratings
stabilizing or weakening," S&P said.


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

OLYMPUS CORP: Shareholders Likely to Back New Board Nominees
------------------------------------------------------------
Kana Inagaki and Daisuke Wakabayashi at The Wall Street Journal
report that a majority of Olympus Corp. stockholders at a
shareholders' meeting today, April 20, are likely to back a slate
of management-proposed directors -- despite opposition from proxy
advisers and some prominent foreign investors.

The Journal relates that Japanese institutional investors
constituting roughly 15% of Olympus's voting shares said they are
planning to vote with management.  Lenders and corporations that
do business with Olympus also are expected to stick closely with
management recommendations, the news agency says.  Together, the
Journal notes, those votes are likely to total at least the 50%
needed to approve the slate, based on discussions with several
investors.

The Journal states that nine foreign investors -- including
Harris Associates LP, Southeastern Asset Management Inc., and
Indus Capital Partners LLC-- in March issued a letter expressing
concerns about the proposed slate.  Yet even if all of those
foreign investors -- which held as much as 30% of Olympus when
the letter was issued -- voted against management, they wouldn't
have enough votes to block the board's nominees, according to the
Journal.

The Journal notes that critics said the outcome reflects a
familiar Japanese formula of accommodating banks, compliant
shareholders, and toothless regulators.

"It just suggests business as usual in Japan despite everything,"
the report quotes former Chief Executive Michael Woodford, whose
dismissal in October triggered the investigation into the
scandal.  Mr. Woodford, who had exposed Olympus's accounting
scandal, in January abandoned his plan for a proxy fight, citing
a lack of support from Japanese investors, notes the Journal.

According to the Journal, six months after the scandal started to
dominate headlines in Japan, the company has emerged relatively
unscathed.  The company's share price has dropped in half since
Mr. Woodford's departure. But Olympus hasn't been forced to sell
any businesses, lay off staff, or alter its strategy drastically,
the report says.  The company still has about three-quarters of
the global market for endoscopes, cameras that are used for
internal medical examinations, the Journal adds.

                          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.


TOKYO ELECTRIC: State-Backed Fund Official to Head Firm
-------------------------------------------------------
Bloomberg News reports that corporate turnaround lawyer Kazuhiko
Shimokobe said he accepted an offer from Japan's Prime Minister
Yoshihiko Noda to take the job of chairman of Tokyo Electric
Power Co. and start restructuring the company at the heart of the
Fukushima nuclear disaster.

Mr. Shimokobe, 64, heads the state-backed fund set up to handle
the bailout of the utility known as TEPCO, Bloomberg relates.

"Prime Minister Noda said it's going to be a tough job but he
would like me to become chairman of the new Tepco," the report
quotes Mr. Shimokobe as saying.  "I told him that I will make my
utmost efforts so the new Tepco can take the first step and I
will accept the request."

According to Bloomberg, Mr. Shimokobe is a former adviser for the
Industrial Revitalization Corporation of Japan, which handled the
restructuring of cosmetics company Kenebo Ltd. and the Dec. 2004
rescue of Daiei Inc.

Known as the IRCJ, Bloomberg notes, the bailout agency was set up
to restructure companies laden with debt after the burst of the
economic bubble in the 1990s. Mr. Shimokobe worked at the agency
from 2003 until it was dissolved in 2007 after restructuring the
finances and finding buyers for 41 companies, Bloomberg
discloses.

His appointment clears the way for delivery of a business
restructuring plan for Tepco under new management being compiled
by the utility and the group Shimokobe now heads, the Nuclear
Damage Liability Fund.  The fund has said it aimed to deliver the
plan to the government this month.

Mr. Shimokobe will replace current TEPCO chairman Tsunehisa
Katsumata.  President Nishizawa will also be replaced by another
TEPCO official, Mr. Shimokobe, as cited by Bloomberg, said.

                       About Tokyo Electric

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

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

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

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


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


4RF COMMUNICATIONS: Receivers Has High Hopes on Firm
----------------------------------------------------
Tom Pullar-Strecker at Fairfax NZ News reports that hopes are
high that 4RF Communications can be saved along with the jobs of
its 74 staff, after the company was put into receivership.

The news agency says the board of 4RF Communications -- chaired
by former Telecom boss Peter Troughton -- asked ANZ Bank to call
in the receivers after some "key shareholders" tried to cash up
their share of NZ$5.5 million they had advanced the company in
2008 in the form of convertible notes.  The shareholders are
believed to include Australian investment firm Carnegie, Wylie &
Company, the report discloses.

According to the report, receiver John Fisk of
PricewaterhouseCoopers said the assets of the business had been
put into a new debt-free subsidiary company, 4RF, in preparation
for a sale, under an arrangement known to accountants as a "hive
down", and he was optimistic PwC would find a buyer within two or
three months.

Fairfax NZ relates that Mr. Fisk said all the company's staff
were now employed by 4RF.

The report notes that 4RF Communications has racked up NZ$34.5
million in accumulated losses since it was founded in 1998 and
posted a loss of NZ$3.1 million for the year ended March 2011,
after sales slid 19 per cent to NZ$16.6 million.

However, Fisk said its prospects were quite promising. "It has
suffered from the general global financial crisis but it has got
a new product that is doing well now. It is making good strides
and turned around its performance in the last 12 months quite
well."

Mr. Fisk, as cited by Fairfax NZ, said PwC would be approaching
"industry players" and venture capital firms that could be
interested in buying 4RF.

4RF Communications, Ltd. -- http://www.4rf.com/-- designs and
manufactures point to point microwave radio systems in New
Zealand and internationally. Its products include Aprisa XE
digital access radio, a point-to-point linking solution; and
Aprisa XS expansion shelf.


FIVE STAR: Former Director Pleads Guilty to NZ$50.1MM Theft
-----------------------------------------------------------
Fairfax NZ News reports that convicted former Five Star Finance
director Anthony Bowden has pleaded guilty to two more charges,
this time laid by the Serious Fraud Office.

The news agency relates that Mr. Bowden has admitted two charges
of theft of a total NZ$50.1 million "by a person in a special
relationship."

In December 2010, the report recalls, Bowden was convicted and
given nine months' home detention on Securities and Financial
Reporting Act charges laid by the Financial Markets Authority.

He will now be sentenced on the more recent SFO charges in the
High Court in June, Fairfax NZ relays.

Fairfax NZ relates that the Crown said Mr. Bowden had facilitated
the related party loans in breach of the company's trust deed.

Justice Paul Heath remanded Mr. Bowden on bail and asked for a
report on the suitability of home detention, the report notes.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 27, 2010, the Serious Fraud Office laid over 100 charges
under the Crimes Act against Nicholas Kirk, Marcus MacDonald,
Anthony Bowden and Neill Williams who are associated with the
collapsed Five Star Finance Group.  The offences each carry a
maximum penalty of seven years imprisonment.  Messrs. Kirk,
McDonald and Bowden are former directors of Five Star Finance
Ltd, while Mr. Williams was heavily involved in its management.
The Companies Office also laid criminal charges in Auckland
District Court against Messrs. MacDonald, Bowden, Kirk and
Williams.  The case was referred to it by the Securities
Commission.

                          About Five Star

Established in 1992, Five Star Finance Limited focused on
financing real estate loans following a restructuring exercise
that created Five Star Consumer Finance in New Zealand and Five
Star Consumer Finance Pty in Australia.

Five Star Debenture Nominee Limited acted as debenture holder on
behalf of unsecured depositors and appeared to lend all of the
money it raised to Five Star Finance.

Five Star Finance Limited went into receivership on September 5,
2007.  Five Star Debenture Nominee Limited went into liquidation
on November 5, 2007.  At the start of the liquidation in June
2009, the shortfall of assets to liabilities was NZ$51.7 million,
according to The Dominion Post.  The Post says joint liquidator
Paul Sargison, of Gerry Rea & Associates, said the firm's
directors attributed the group's failure to the economic crisis
but his own appraisal is that Five Star has been insolvent since
no later than March 31, 2005.


NZF MONEY: Parent Wants Interim Freezing Order on Assets Lifted
---------------------------------------------------------------
APNZ reports that NZF Group will seek to have an interim freezing
order on its assets lifted at a one-day hearing in the High Court
at Auckland on April 27.

As reported in the Troubled Company Reporter-Asia Pacific on
April 11, 2012, Fairfax NZ News said KordaMentha receivers
Brendon Gibson and Grant Graham, acting for the subsidiary NZF
Money, have successfully obtained an interim High Court order
preventing the NZF Group from dealing with or disposing of
assets.  Receivers mounted the action after becoming concerned
about the October 2010 internal restructuring of NZF Homeloans.

                          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.


* NEW ZEALAND: Failed Finance Firms' Accountants Banned
-------------------------------------------------------
The National Business Review reports that two chartered
accountants have been barred from public practice for two years
after errors were found in their audits of three companies,
including Blue Chip and Capital + Merchant Finance.

The third company, which couldn't be named until the lifting of
an interim suppression order, was Beneficial Finance, the report
discloses.  Unlike the other two, NBR relates, it is still
operating.

NBR discloses that Robert Innes-Jones and Peter McNoe were
accused of several breaches of the Institute of Chartered
Accountants' code of ethics while conducting audits for BDO
between 2006 and 2008.

As part of their penalty they've been censured, are not allowed
to undertake audits of issuers for five years, and the matter
will be publicized on the institute's website and in the print
media, the report notes.

They're also ordered to pay the Institute prosecution costs of
NZ$320,000 and NZ$285,000, respectively.

Mr. Innes-Jones admitted two charges relating to the audit of
Blue Chip and Mr. McNoe admitted four charges over his audit of
Capital and Merchant.  Both were for the 2006-2007 financial
year, according to NZ News.


===============
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
ALTIUM LTD                 ALU         24.26            -3.62
APN EUROPEAN PRO           AEZ        321.75          -106.88
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
CLARITY OSS LTD            CYO         31.64            -5.75
CNPR GROUP                 CNP     15,483.44          -349.73
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         10.91            -0.31
RANGE RIVER GOLD           RNG         13.53           -22.79
RENISON CONSOLID           RSN         10.15           -22.74
RENISON CONSO-PP           RSNCL       10.15           -22.74
RIVERCITY MOTORW           RCY        386.88          -809.14
STERLING BIOFUEL           SBI         31.12            -7.52
SVC GROUP LTD              SVC         13.47            -1.66


CHINA

ACHENG RELAY-A             922         54.63            -0.83
BAOCHENG INVESTM           600892      54.75            -3.55
CHENGDE DALU -B            200160      33.15            -5.30
CHENGDU UNION-A            693         32.68           -15.13
CHINA KEJIAN-A             35         101.04          -194.27
CONTEL CORP LTD            CTEL        59.32           -45.72
DONGXIN ELECTR-A           600691      13.73           -28.65
FASTUBE LTD                FTUBE       89.78            -6.98
GUANGDONG ORIE-A           600988      15.24            -4.10
GUANGXIA YINCH-A           557         19.49           -44.84
GUANGZHOU IRON-A           600894     542.50           -70.92
HEBEI BAOSHUO -A           600155     141.30          -414.58
HEBEI JINNIU C-A           600722     250.44           -85.87
HUASU HOLDINGS-A           509         94.81           -12.27
HUNAN ANPLAS CO            156         45.47           -31.64
JILIN PHARMACE-A           545         34.73            -7.31
JINCHENG PAPER-A           820        198.46          -130.71
QINGDAO YELLOW             600579     218.06           -21.01
SHANDONG DACHE-A           600882     211.79            -3.83
SHANG BROAD-A              600608      43.41            -6.72
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      66.00            -9.45
TIANJIN MARINE             600751      86.23           -89.05
TIANJIN MARINE-B           900938      86.23           -89.05
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     100.71           -20.23
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
YOUCAN FOODS INT           YCAN       102.82            -9.02
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 E-LEARNING           8055        15.94            -1.89
CHINA HEALTHCARE           673         46.24            -3.08
CHINA NEW ENERGY           1041       110.74           -80.19
CHINA OCEAN SHIP           651        485.84            -2.95
CMMB VISION HOLD           471         30.68           -17.93
CNI 23 INT'L               611         68.05           -67.58
CROSBY CAPITAL             8088        25.70           -17.43
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        39.21           -76.03
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
SUNCORP TECH LTD           1063        11.78            -8.30
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       402.84          -803.02
ERATEX DJAJA               ERTX        18.80           -10.69
HANSON INTERNATI           MYRX        94.28            -3.62
HANSON INT-PREF            MYRXP       94.28            -3.62
JAKARTA KYOEI ST           JKSW        31.61           -44.38
MITRA INTERNATIO           MIRA     1,076.79          -446.64
MITRA RAJASA-RTS           MIRA-R   1,076.79          -446.64
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        15.21            -3.78
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
FUJITSU COMP LTD           6719       398.22            -2.90
HIMAWARI HD                8738       412.87           -13.56
ISHII HYOKI CO             6336       151.15           -28.05
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       174.51            -3.95
NIS GROUP CO LTD           NISZ       444.72          -158.85
NIS GROUP CO LTD           8571       444.72          -158.85
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

CHIN HUNG INT-2P           2787       571.91            -9.34
CHIN HUNG INTL             2780       571.91            -9.34
CHIN HUNG INT-PF           2785       571.91            -9.34
DAISHIN INFO               20180      740.50          -158.45
DVS KOREA CO LTD           46400       17.40            -1.20
KOREA PACIFIC 05           93400       19.23            -3.67
KOREA PACIFIC 06           93410       11.56            -2.37
KOREA PACIFIC 07           99210       26.66            -7.95
NAMKWANG ENGINEE           1260       762.58           -56.69


MALAYSIA

HAISAN RESOURCES           HRB         46.16            -3.53
HO HUP CONSTR CO           HO          49.17           -12.11
LINEAR CORP BHD            LINE        14.01            -6.45
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         16.01            -3.34


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         18.83            -9.25
HL GLOBAL ENTERP           HLGE        90.39           -11.73
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       21.29           -13.58
TT INTERNATIONAL           TTI        232.83           -79.27


THAILAND

ABICO HLDGS-F              ABICO/      15.28            -4.40
ABICO HOLDINGS             ABICO       15.28            -4.40
ABICO HOLD-NVDR            ABICO-      15.28            -4.40
ASCON CONSTR-NVD           ASCON-      59.78            -3.37
ASCON CONSTRUCT            ASCON       59.78            -3.37
ASCON CONSTRU-FO           ASCON/      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-      28.07           -11.94
CALIFORNIA WO-FO           CAWOW/      28.07           -11.94
CALIFORNIA WOW X           CAWOW       28.07           -11.94
CIRCUIT ELEC PCL           CIRKIT      16.79           -96.30
CIRCUIT ELEC-FRN           CIRKIT      16.79           -96.30
CIRCUIT ELE-NVDR           CIRKIT      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/      38.87           -46.47
K-TECH CONSTRUCT           KTECH       38.87           -46.47
K-TECH CONTRU-R            KTECH-      38.87           -46.47
KUANG PEI SAN              POMPUI      17.70           -12.74
KUANG PEI SAN-F            POMPUI      17.70           -12.74
KUANG PEI-NVDR             POMPUI      17.70           -12.74
PATKOL PCL                 PATKL       52.89           -30.64
PATKOL PCL-FORGN           PATKL/      52.89           -30.64
PATKOL PCL-NVDR            PATKL-      52.89           -30.64
PICNIC CORP-NVDR           PICNI-     101.18          -175.61
PICNIC CORPORATI           PICNI/     101.18          -175.61
PICNIC CORPORATI           PICNI      101.18          -175.61
PONGSAAP PCL               PSAAP/      11.83            -0.91
PONGSAAP PCL               PSAAP       11.83            -0.91
PONGSAAP PCL-NVD           PSAAP-      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/      15.72           -10.10
THAI-DENMARK-NVD           DMARK-      15.72           -10.10
TONGKAH HARBOU-F           THL/F       62.30            -1.84
TONGKAH HARBOUR            THL         62.30            -1.84
TONGKAH HAR-NVDR           THL-R       62.30            -1.84
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

ARASOR INTERNATI           ARR         19.21           -26.51
CHIEN TAI CEMENT           1107       200.55           -55.72
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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