TCRAP_Public/120424.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

             Tuesday, April 24, 2012, Vol. 15, No. 81

                            Headlines


A U S T R A L I A

APV AUTOMOTIVE: 92 Jobs Saved as Car Parts Plant Reopens
BASACAR PRODUCE: 40 Staff Lose Jobs as Tomato Producer Collapses
LIVING PROFILE: Four Howard-Owned Firms Placed in Receivership
PLENARY CONVENTIONS: Selling Assets to Pay Off Debts


C H I N A

CHINA CEETOP.COM: Clement C.W. Chan Raises Going Concern Doubt
CHINA GREEN ENERGY: PKF Raises Going Concern Doubt
CHINA MARKETING: Child Van Wagoner Raises Going Concern Doubt
CHINA SHENGHUO: Gets Deficiency Notice From NYSE Amex LLC
CHINA TIANRUI: S&P Gives 'B+' Corp. Credit Rating; Outlook Stable

CYBRDI INC: KCCW Accountancy Raises Going Concern Doubt
FIFTH SEASON INT'L: Marcum Bernstein Raises Going Concern Doubt
GREENTOWN CHINA: Moody's Says Asset Sale Positive
HOPSON DEVELOPMENT: Moody's Cuts CFR to 'Caa1'; Outlook Negative


H O N G  K O N G

CHEONG LUNG: Court Enters Wind-Up Order
CITY TELECOM: Fitch Affirms Issuer Default Rating at 'BB'
EXCEL CONCORD: Court Enters Wind-Up Order
FIORI APPAREL: Court to Hear Wind-Up Petition on May 30
HIGH LINK: Court Enters Wind-Up Order

MATREX HK: Court Enters Wind-Up Order
MILILUCK TRADING: Court to Hear Wind-Up Petition on June 6
NEW SAKAI: Court to Hear Wind-Up Petition on May 30
REGAL SPLENDID: Court to Hear Wind-Up Petition on May 9
RENCO TRADING: First Meetings Slated for April 27

SANDELL ASSET: Final General Meeting Slated for May 16
SHUN WO: Court Enters Wind-Up Order
SURE BRIGHT: Creditors Get 100% Recovery on Claims
TOPPER SILICON: Arab and Wong Appointed as Liquidators
V TOOLS: Court to Hear Wind-Up Petition on May 23

VAST TECK: Court to Hear Wind-Up Petition on May 23


I N D I A

ADITYA RICE: CRISIL Assigns 'CRISIL B+' Rating to INR110MM Loans
AMORHOS CHEMICALS: Inadequate Info Cues Fitch to Migrate Rating
BELL MATCH: Delays in Loan Payment Cues CRISIL Junk Ratings
FABRIZIO INDUSTRIES: CRISIL Puts 'B+' Rating on INR163.5MM Loans
FRIENDS INFRABUILD: CRISIL Rates INR100MM Loan at 'CRISIL BB-'

ISHMEET FORGINGS: CRISIL Puts 'CRISIL B-' Rating to INR10MM Loan
KANERIYA SAND: CRISIL Places 'BB-' Rating on INR49.6MM Loans
KESRI OIL: CRISIL Assigns 'CRISIL BB' Rating to INR60MM Loan
KINGFISHER AIRLINES: 200 Engineers Strike Work Over Unpaid Salary
LOGIX BUILDERS: CRISIL Rates INR2.5BB Longterm Loan 'CRISIL B'

REXON STRIPS: Delay in Loan Payment Prompts CRISIL Junk Ratings
SBEM PVT: CRISIL Assigns 'CRISIL B+' Rating to INR45MM Loans
SCORPIO ENGINEERING: CRISIL Puts 'BB-' Rating on INR81MM Loans
SHILPI CABLE: Inadequate Info Prompts Fitch to Withdraw B Rating
SHUKAN HEIGHTS: CRISIL Rates INR120MM Term Loan at 'CRISIL B+'

SRI VIJAYA: CRISIL Assigns 'CRISIL BB-' Rating to INR250MM Loans
SUCHITRAA SILK: CRISIL Puts 'CRISIL BB+' Rating on INR60MM Loans
SUMA SHILP: CRISIL Assigns 'CRISIL BB-' Rating to INR1.2BB Loans
SWAN ENV'L: CRISIL Assigns 'CRISIL BB-' Rating to INR32.8MM Loans
YOGASHRI HEAVY: CRISIL Puts 'BB-' Rating on INR70.9MM Loans


J A P A N

LEOPARD TWO: Fitch Affirms Rating on Two Class Notes at Low-B
MLOX4: S&P Affirms 'CCC' Rating on Class D Trust Certificates
* Japan to Forgive Myanmar's US$3.7BB Debt, Bloomberg Reports


N E W  Z E A L A N D

CAPITAL + MERCHANT: Two Ex-Directors Plead Not Guilty to Fraud


P H I L I P P I N E S

FIRST PROVINCIAL: Placed Under PDIC Receivership


S I N G A P O R E

AVGO ASIA: Court Enters Wind-Up Order
CELESTIAL NUTRIFOODS: Creditors' Meeting Set for April 27
CHUAN INDUSTRIES: Creditors' Proofs of Debt Due May 4
D&Y BUILDERS: Creditors' Meeting Set for April 26
FIRST SHIP: S&P Lowers Corp. Credit Rating to 'B+'; Outlook Neg

MFCC PTE: Court to Hear Wind-Up Petition April 27


X X X X X X X X

* S&P Global Default Tally at 28 as of April 19
* BOND PRICING: For the Week April 16 to April 20, 2012


                            - - - - -


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


APV AUTOMOTIVE: 92 Jobs Saved as Car Parts Plant Reopens
--------------------------------------------------------
Australian Associated Press reports that APV Automotive
Components has reopened thanks to voluntary redundancies and
deals with car makers, saving 92 jobs.

AAP relates that receivers PPB Advisory said 34 voluntary
redundancies, along with order guarantees and short-term parts
price rise agreements made with the car makers, meant 92 workers
had been able to resume work from Monday.

"The company is back in business after an urgent restructuring
over the last two weeks which involved a combination of obtaining
guaranteed order volumes and short-term prices rises from vehicle
manufacturers Holden, Ford and Toyota and a successful voluntary
redundancy process," the news agency quotes receiver Stephen
Longley as saying.  "This outcome has been achieved after
extensive discussions and consultation with the company's key
stakeholders including the vehicle manufacturers, employees, the
AMWU and suppliers."

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

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


BASACAR PRODUCE: 40 Staff Lose Jobs as Tomato Producer Collapses
----------------------------------------------------------------
Bundaberg News Mail reports that more than 40 workers have lost
their jobs after tomato-farming operation Basacar Produce went
into voluntary administration on April 18.

The farm's directors -- husband and wife Ayhan and Zubeyde
Basacar -- owe creditors more than AUD3.5 million from the debts
incurred by the operation, which is run from properties in
Goodwood Rd and Moore Park Rd., the report says.

According to the report, administrator Peter Dinoris --
pdinoris@vincents.com.au -- of Vincents Chartered Accountants
said the couple cited effects of the global financial crisis and
late payments by clients as reasons for administration.

Bundaberg News Mail relates that Mr. Dinoris said all 41 workers,
mostly casual, had been laid off.

Workers are owed more than AUD66,000, while unsecured creditors
are owed almost AUD2.2 million.  The company also owes more than
AUD1.3 million to financiers, the report discloses.

The report says Basacar Produce is the second major tomato grower
to go into administration this year, following Childers-based SP
Exports in late February.  Basacar were also owed money by SP
Exports, adds Bundaberg News Mail.

Basacar Produce Pty Ltd is one of Australia's tomato growers.


LIVING PROFILE: Four Howard-Owned Firms Placed in Receivership
--------------------------------------------------------------
Geoff Chambers and Nick Nichols at goldcoast.com.au report that
four of Mark Howard-owned companies, including Living Profile Pty
Ltd have been placed in receivership.

Mr. Howard -- the high-flying businessman and former V8 Supercars
driver -- has become the 32nd major Gold Coast developer to fall
into receivership, despite a last-ditch attempt to sell off his
properties to cashed-up Asian buyers, according to the report.

Mr. Howard told The Bulletin that the 'credit squeeze' had
finally caught up with four of his companies, including the
company that owns his Hedges Avenue home.

goldcoast.com.au notes that the colourful developer, originally
from Canada, holds a raft of development sites along the tourism
strip, including the former Red Rooster site in Surfers Paradise
and the Sphere apartment project at Southport.

The report relates that Mr. Howard was informed that his
companies, which have a staff of 20, had been placed into
receivership by Morgan Stanley on April 18.

The receivers are now likely to have the final say on whether a
deal to sell key Red Rooster site proceeds, says
goldcoast.com.au.

Ken Whittingham -- ken.whittingham@pkf.com.au -- of PKF is the
receiver to Howard company Living Profile Pty Ltd, the report
discloses.


PLENARY CONVENTIONS: Selling Assets to Pay Off Debts
----------------------------------------------------
The Sydney Morning Herald reports that Plenary Conventions Pty
Ltd is under pressure from soaring debts and has been selling
assets to raise cash. The company is the Victorian government's
partner in the AUD1 billion Melbourne Convention Centre, the
report says.

Sources familiar with the project told SMH that even with
Victoria contributing AUD370 million to the development of the
new MCC, its financial success is far from assured.

According to SMH, the latest financial accounts for Plenary
Conventions show a loss of AUD25 million for the year to
December 2011 thanks largely to rising finance costs on the
company's AUD530 million in debts. Liabilities exceeded assets
for the first time, by AUD4 million, the report notes.

SMH discloses that the MCC, spruiked as a key asset to attract
business to Melbourne, began operating three years ago. Plenary
Group was the consortium lead on the MCC project, providing
equity and project management. Deutsche is the financial
underwriter, Austexx the commercial development partner and
Multiplex Constructions the builder, SMH says.

The report notes that the company is highly geared with negative
shareholder funds and total assets of AUD537 million funded by
AUD530 million of debt.  Most of the debt (AUD460 million) is
from Deutsche Bank. Deutsche itself owns 18% of Plenary Group,
which owns 30.1% of Plenary Conventions Pty Ltd.

SMH says that it appears from the accounts that Plenary has
sought to manage the rising costs of the project by selling
assets. Company searches show Plenary Conventions Holdings Pty
Ltd (PCH, the 50.1 per cent owner of Plenary Conventions Pty Ltd)
has sold down 39.9 per cent of its shares to a Canadian fund
manager, Caisse de Depot et Placement du Quebec (CDPQ). This
means that the MCC is now 30.1 per cent owned by Plenary
Conventions, which maintains the management rights, and 20 per
cent owned by Canada's largest pension fund manager. The other
49.9 per cent is held by a New Zealand-based institutional
investor.

SMH, a notice lodged on Jan. 12, 2012, adds that the Tax Office
has also applied to wind up a related company, Plenary
Conventions Tower Pty Ltd.  The ATO claim is linked to an alleged
tax debt of the MCC hotel and retail business of Plenary Group
and the financially troubled Austexx DFO Group, according to SMH.


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


CHINA CEETOP.COM: Clement C.W. Chan Raises Going Concern Doubt
--------------------------------------------------------------
China Ceetop.com, Inc., filed on April 16, 2012, its annual
report on Form 10-K for the fiscal year ended Dec. 31, 2011.

Clement C. W. Chan & Co., in Hong Kong, expressed substantial
doubt about China Ceetop.com's ability to continue as a going
concern.  The independent auditors noted that the Company
incurred a net loss of $1.65 million for the year ended Dec. 31,
2011, and has an accumulated deficit of $4.32 million at Dec. 31,
2011.

The Company reported a net loss of $1.65 million on $12.86
million of sales for 2011, compared with a net loss of $1.59
million on $14.77 million of sales for 2010.

The Company's balance sheet at Dec. 31, 2011, showed $1.27
million in total assets, $338,281 in total current liabilities,
and stockholders' equity of $931,500.

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

                       http://is.gd/N5ZeKf

Shenzhen, China-based China Ceetop.com, Inc., an Oregon-
registered corporation, is a leading Business-to-Consumer ("B2C")
e-commerce company.  The Company owns and operates the online
platform: http://www.ceetop.com/

The Company mainly focuses on selling
Computers/Communications/Consumer ("3C") products online and
providing a trading information platform for both buyers and
sellers as software as a service ("SaaS").  The Company carries a
wide range of products in assorted categories, including
mainstream digital products, home appliances, kitchen appliances,
personal care, and lifestyle products, etc. under well-known
international and Chinese brands.


CHINA GREEN ENERGY: PKF Raises Going Concern Doubt
--------------------------------------------------
China Green Energy Industries, Inc., filed on April 16, 2012, its
annual report on Form 10-K for the fiscal year ended Dec. 31,
2011.

PKF, in San Diego, Calif., expressed substantial doubt about
China Green Energy's ability to continue as a going concern.  The
independent auditors noted that the Company has experienced
negative cash flows from operations and is dependent upon future
financing in order to meet its planned operating activities.

The Company reported a net loss of $2.31 million on $24.91
million of revenues for 2011, compared with net income of $4.14
million on $28.59 million of revenues for 2010.

The Company's balance sheet at Dec. 31, 2011, showed
$50.12 million in total assets, $46.40 million in total current
liabilities, and stockholders' equity of $3.72 million.

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

                       http://is.gd/xTtH8S

Located in Changzhou City, Jiangsu Province, China, China Green
Energy Industries, Inc., manufactures and distributes clean
technology-based consumer products, including light electric
vehicles, or LEVs, and cryogen-free refrigerators.  The Company
also manufactures and distributes network and High-Definition
Multimedia Interface, or HDMI, cables.


CHINA MARKETING: Child Van Wagoner Raises Going Concern Doubt
-------------------------------------------------------------
China Marketing Media Holdings, Inc., filed on April 16, 2012,
its annual report on Form 10-K for the fiscal year ended Dec. 31,
2011.

Child Van Wagoner & Bradshaw, PLLC, in Salt Lake City, Utah,
expressed substantial doubt about China Marketing's ability to
continue as a going concern.  The independent auditors noted that
the Company has cash flow constraints and has suffered a large
loss from operations.

The Company reported a net loss of $6.76 million on $12.86
million of revenue for 2011, compared with net income of $4.34
million on $14.18 million of revenue for 2010.

The Company's balance sheet at Dec. 31, 2011, showed
$18.09 million in total assets, $3.13 million in total
liabilities, and stockholders' equity of $14.96 million.

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

                       http://is.gd/SpFa6k

Located in Beijing, China, China Marketing Media Holdings, Inc.,
was originally organized under the laws of the State of Texas on
Oct. 29, 1999, under the name Brazos Strategies, Inc.  It changed
its name to Infolife, Inc., on July 16, 2003 and finally to China
Marketing Media Holdings, Inc., on Feb. 7, 2006.  China Marketing
is a holding company and has no operations other than
administrative matters and the ownership of its direct and
indirect operating subsidiaries.  Through its indirect Chinese
subsidiaries, it is engaged in the business of selling magazines
and advertising space in its magazines, providing sales and
marketing consulting services and online sales of various
consumer products.  All of the Company's operations, assets,
personnel, officers and directors are located in China.
Currently, it publishes China Marketing magazine in China.


CHINA SHENGHUO: Gets Deficiency Notice From NYSE Amex LLC
---------------------------------------------------------
China Shenghuo Pharmaceutical Holdings, Inc. disclosed that on
April 17, 2012, it received a deficiency letter from the NYSE
Amex LLC stating that the Company has resolved the continued
listing deficiency with respect to Section 1003(a)(i) of the
AMEX's Company Guide (the "Company Guide") referenced in AMEX's
letter dated September 22, 2010.

However, as a result of the Company sustaining losses which are
so substantial in relation to its overall operations or its
existing financial resources, or its financial condition has
become so impaired that it appears questionable, in the opinion
of AMEX, as to whether such issuer will be able to continue
operations and/or meet its obligations as they mature, the
Company is no longer in compliance with Section 1003(a)(iv) of
the Company Guide.  The Deficiency Letter states that, in order
to maintain its AMEX listing, the Company must submit a plan of
compliance by May 1, 2012, advising AMEX how it intends to regain
compliance with Section 1003(a)(iv) of the Company Guide by July
2, 2012.  If the Company does not submit such a plan or if the
plan is not accepted by AMEX, the Company would be subject to
delisting procedures as set forth in Section 1010 and part 12 of
the Company Guide.

In view of, among other things, the belief of the Board of
Directors that under the Company's current circumstances, it is
not reasonably practicable for the Company to establish and
implement a plan of compliance that would satisfy AMEX's
continued listing requirements, the substantial financial burden
on the Company as a result of its status as a U.S. public
company, the Company's inability to raise capital in the United
States and the minimal benefits derived from being a U.S. public
company, the Board of Directors of the Company determined on
April 19, 2012 that it is in the best interest of the Company to
voluntarily delist the Company's common stock from AMEX and
deregister its shares with U.S. Securities & Exchange Commission
(the "SEC"). In connection therewith, the Company notified AMEX
on April 20, 2012 of the Company's intention to file a Form 25 -
Notification of Removal from Listing and/or Registration under
Section 12(b) of the Securities Exchange Act of 1934, with the
SEC on or about April 30, 2012.

It is expected that the delisting will take effect on or about
May 10, 2012.  Accordingly, the Company expects that the last day
of trading of its common stock on AMEX will be on or about
May 10, 2012.

On the effective date of the delisting, the Company plans to file
a Form 15 with the SEC to suspend its duty to file reports under
Section 15(d) of the Exchange Act.  Upon filing of the Form 15,
the Company's obligation to file certain reports with the SEC,
including reports on Forms 10-K, 10-Q and 8-K, will immediately
be suspended.

After the Company has filed the Form 15, its common stock is
anticipated to be available for trading on the OTC Pink Sheets,
although there can be no assurances that any trading market for
the Company's securities will exist, and the liquidity of such
trading market may be very limited.

                        About China Shenghuo

Located in Kunming National Economy & Technology Developing
District, China, China Shenghuo Pharmaceutical Holdings, Inc.,
was incorporated in the State of Delaware on May 24, 2005.  The
Company is primarily engaged in the research, development,
manufacture, and marketing of pharmaceutical, nutritional
supplement and cosmetic products.  Almost all of the Company's
products are derived from the medicinal herb Panax notoginseng,
also known as Sanqi, Sanchi or Tienchi.  Panax notoginseng is a
greyish-brown or greyish-yellow plant that only grows in a few
geographic locations on earth, one of which is Yunnan Province in
southwest China, where the Company's operations are located.  The
main root of Panax notoginseng is cylindrically shaped and is
most commonly one-to-six centimeters long and one-to-four
centimeters in diameter.  Panax notoginseng saponins (PNS), the
active ingredient in Panax notoginseng, is extracted from the
plant using high-tech equipment and in accord with Good
Manufacturing Practice ("GMP") standards.  The Company's main
product, Xuesaitong Soft Capsules, accounted for approximately
84.5% of the Company's sales for the year ended Dec. 31, 2011.


CHINA TIANRUI: S&P Gives 'B+' Corp. Credit Rating; Outlook Stable
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long-term
corporate credit rating and 'cnBB' Greater China credit scale
rating to China Tianrui Group Cement Co. Ltd.. The outlook is
stable. A the same time, Standard & Poor's assigned its 'B' issue
rating and 'cnBB-' Greater China credit scale rating to
the group's proposed issue of senior unsecured notes. "The rating
on the notes is subject to our review of the final documentation
for the notes issuance. Tianrui group is a Cayman Islands
corporation that indirectly owns 100% of Tianrui Cement, a China-
based cement producer," S&P said.

"The rating on Tianrui group reflects its short track record, the
heavy reliance of its capital structure on short-term debt, and
aggressive growth plans," said Standard & Poor's credit analyst
Jian Cheng. "The group operates in a competitive, cyclical, and
capital-intensive industry, which we believe is heading into a
weak cycle. The group's operating scale, reasonable geographic
diversification, and relatively efficient operations due to
vertical integration partly moderate the weaknesses."

"We rate the proposed issue one notch lower than the rating on
Tianrui group due to priority liabilities, primarily at the
operating company in China. The group will use the proceeds from
the proposed notes for acquisitions and general corporate
purposes," S&P said.

"We expect Tianrui group to have an operating margin of more than
20% in 2012, due to its strategy of maintaining prices by
limiting clinker production. The group has, however, yet to
demonstrate an ability to maintain an operating margin at this
level. Over its four-year financial history, the operating margin
was only above 20% in 2011, when it reached 22.7%. The margin
averaged about 10% in 2008-2010. Although Tianrui has been
producing cement since 2000 in Henan and Liaoning provinces, the
group was listed on the Hong Kong stock exchange only in December
2011," S&P said.

"The group's liquidity, as defined in on our criteria, could
become 'inadequate' if Tianrui group fails to roll over its
working capital loans, given its high short-term debt. As of end-
2011, the group has Chinese renminbi (RMB) 5.45 billion in short-
term debt, or about 76% of total debt. This high level is likely
to persist even after the group repays its outstanding syndicated
loans and commercial paper," S&P said.

"We believe that the group's large capital expenditure (capex)
requirements of about RMB2.8 billion are aggressive. This could
prevent its financial risk profile from improving, particularly
if it funds capex with debt. Also, the company's ability to
integrate acquisitions while maintaining high margins is
untested," S&P said.

"We view Tianrui group's business risk profile as 'weak.' We
believe China's cement industry has higher-than-average risks,
despite the country's favorable long-term economic growth
potential. This reflects the industry's high degree of
competition, high capital intensity, and potential for
overcapacity. Industry players are susceptible to increases in
production costs, such as energy and raw materials," S&P said.

"As China's economic growth moderates, the cement industry will
likely feel some pain as real estate construction and
infrastructure building slow down. Should cement companies
continue to produce at full capacity, prices and margins will
decline. In our base case scenario, we anticipate that market
discipline--through cutbacks in the production utilization rate--
could help curb oversupply and maintain prices," S&P said.

"Tianrui group's market position in its core markets of Henan and
Liaoning underpins its competitive advantages. The group is the
largest cement producer in Henan province and ranks as one of the
top two clinker and cement producers in Liaoning. It has about
35.4 million tons of cement production capacity and about 22.2
million tons of clinker rated capacity as of Dec. 31, 2011.
Compared with its domestic peers, Tianrui benefits from its
relative large operating scale, reasonable geographic
diversification, and relatively new and efficient facilities. Its
integration into quarrying also supports its competitive
position," S&P said.

"The stable outlook reflects our expectation that Tianrui Group
will maintain adequate liquidity and moderate leverage while
pursuing aggressive expansion," said Mr. Cheng.

"We may lower the rating if Tianrui group's financial leverage
increases, as indicated by a ratio of debt EBITDA ratio that
remains more than 5x. This could happen if lower cement prices or
substantially reduced capacity utilization causes its operating
margins to decline," S&P said.

"We could raise the rating if Tianrui group maintains its current
operating margin, establishes a longer track record, shows
discipline towards its acquisitions, and demonstrates that it can
integrate its acquisition with existing efficient facilities,"
S&P said.


CYBRDI INC: KCCW Accountancy Raises Going Concern Doubt
-------------------------------------------------------
Cybrdi, Inc., filed on April 16, 2012, its annual report on Form
10-K for the fiscal year ended Dec. 31, 2011.

KCCW Accountancy Corp., in Diamond Bar, California, expressed
substantial doubt about Cybrdi's ability to continue as a going
concern.  The independent auditors noted that the Company has
incurred recurring losses, accumulated deficit, and working
capital deficit at Dec. 31, 2011, and 2010.

The Company reported a net loss of $347,169 on $546,258 of
revenues for 2011, compared with a net loss of $538,714 on
$819,733 of revenues for 2010.

The Company's balance sheet at Dec. 31, 2011, showed
$10.91 million in total assets, $5.81 million in total
liabilities, and stockholders' equity of $5.10 million.

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

                       http://is.gd/EDvgvq

Cybrdi, Inc., located in Xi'an, Shaanxi, People's Republic of
China, is holding company incorporated with 80% equity in
Chaoying Biotech, which is engaged in biotechnology
manufacturing, and research and development.  Through Chaoying
Biotech, Cybrdi also controls SD Chaoying, a cultural and
entertainment company, which is also developing a casino.


FIFTH SEASON INT'L: Marcum Bernstein Raises Going Concern Doubt
---------------------------------------------------------------
Fifth Season International, Inc., filed on April 16, 2012, its
annual report on Form 10-K for the fiscal year ended Dec. 31,
2011.

Marcum Bernstein & Pinchuk LLP, in New York, expressed
substantial doubt about Fifth Season's ability to continue as a
going concern.  The independent auditors noted that the Company
has a significant working capital deficiency.  "[A]s of Dec. 31,
2011, the Company is not in compliance with its loan covenant in
connection with its loan with China Construction Bank," the
independent auditors said.

The Company reported net income of $88,326 on $198.73 million of
revenues for 2011, compared with net income of $9.05 million on
$55.97 million of revenues for 2010.

The Company's balance sheet at Dec. 31, 2011, showed
$229.06 million in total assets, $185.88 million in total
liabilities, and stockholders' equity of $43.18 million.

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

                       http://is.gd/nKpTlL

Located in Shenzhen, People's Republic of China, Fifth Season
International, Inc., is engaged in the investment, assignment,
and leasing of commercial properties, in the operation of
department stores, and in the wholesale of goods in China.


GREENTOWN CHINA: Moody's Says Asset Sale Positive
-------------------------------------------------
Moody's Investors Service says that Greentown China Holdings
Limited's (B3, negative) recent move to sell a parcel of land in
Shanghai will help improve the company's liquidity position.

However, the rating outlook remains negative, given the company's
high debt leverage and the continued pressure on its liquidity
arising from the large amount of short-term debt when compared
with the substantially lower cash balance and slow contract
sales.

The parcel of land, designated for commercial and office use, is
located at Tianshan Road in Shanghai, with a total site area of a
26,000 square meters. Based on the framework agreement, Greentown
and MaAnShan Development -- which own 70% and 30%, respectively,
of the project company -- will sell their entire stake to SOHO
China for RMB2.1 billion.

"The disposal of a prime land by Greentown, one of China's
largest developers, amplifies the tight credit environment for
Chinese developers, whose liquidity position has continued to
deteriorate in the last two to three quarters," says Kaven Tsang,
a Moody's Assistant Vice President and Analyst.

"Asset sales have become a means for large but financially weak
property developers in China to generate cash in order to repay
short-term debt and avoid insolvency," Mr. Tsang adds.

The sale price of RMB82,200 per square meter indicates the
premium status of the land parcel and the attractiveness of prime
projects for deep-pocketed buyers even during the current market
downturn.

Greentown will receive a total of RMB1.6 billion from SOHO China
for its 70% stake in the project company and its shareholder
loans. The proceeds will improve Greentown's cash balance, which
has declined to RMB5.9 billion, compared with its short-term debt
of around RMB20 billion as of end-2011.

The company has already disposed of its stakes in a number of
projects, including another prime project in Shanghai (the Bund
project), so far this year. From 2011 to January 2012 Greentown
sold five projects and raised RMB3.24 billion.

"We expect that Greentown will continue to address near-term cash
needs by selling assets, given the large amount of properties on
hand, many of which could be realizable due to their good
locations," Mr. Tsang says.

Although these efforts help improve its credit profile, the
absence of sufficient funds to repay its maturing debt continues
to pressure its ratings.

The company's current B3 corporate family rating reflects its
weak contract sales and high debt leverage, amid tight bank
credit for developers and regulatory restrictions that are
unfavorable to developers, like Greentown, that offer deluxe
properties for sale.

The principal methodology used in rating Greentown was the Global
Homebuilding Industry Methodology, published in March 2009.

Greentown China Holdings Limited is one of China's major property
developers, with a primary focus in Hangzhou city and Zhejiang
Province. As of Dec. 31, 2011, it had a land bank with a total
attributable gross floor area of 41 million square meters (square
meters).


HOPSON DEVELOPMENT: Moody's Cuts CFR to 'Caa1'; Outlook Negative
----------------------------------------------------------------
Moody's Investors Service has downgraded Hopson Development
Company Holdings Limited's corporate family rating to Caa1 from
B3, and its senior unsecured rating to Caa2 from Caa1.

The ratings outlook is negative.

Ratings Rationale

"The downgrades reflect the company's heightened liquidity risk
as a result of its low cash holdings and weak sales execution,
versus large near-term debt maturities, including USD350 million
senior notes due in November 2012," says Jiming Zou, a Moody's
Analyst.

"The continued lackluster property market and weak financial
performance increase the likelihood that the company may not be
able to refinance its debt in a timely manner," he adds.

Hopson's 2011 contract sales of around RMB10 billion were
materially lower than its original target. Its operating
performance has been significantly hurt by the Chinese
government's policy to rein in soaring property prices.

Purchase restrictions and a tight credit environment have reduced
the demand for high-end residential properties in first-tier
cities, to which Hopson has a significant exposure.

Its financial position further weakened in 2011, as the company
made substantial land premium payments and incurred construction
expenses to ramp up its property offerings. As a result, its
gross debt increased to RMB28.6 billion at end-2011, compared
with RMB19.7 billion a year ago. Moreover, its adjusted interest
coverage (EBITDA/Interest) fell to 1.1x in 2011.

Furthermore, as of 31 December 2011, a significant part of the
company's capital was tied up in: completed properties (RMB9.4
billion), properties under development (RMB40 billion), and
investment properties (RMB13.5 billion).

Hopson's refinancing risk is high and it has been slow in
addressing its weak liquidity position. So far, it has yet to
conclude any material transactions to raise funds. Its current
sales target in 2012 will entail more funding. At the same time,
its short-term debt of RMB11 billion is large, relative to its
cash balance of around RMB3 billion as of end-2011.

Moody's will monitor the company's efforts to improve its
liquidity position, including project monetization and raising
new debt in the next few months. The absence of any favorable
development could further pressure the ratings.

The negative outlook reflects Moody's concern over Hopson's
heightened level of liquidity risk, based, in turn, on its need
to refinance its offshore debt and trust loans. It is also based
upon the weakness in sales, and which has resulted in a high
level of inventory.

The ratings could be further downgraded if Hopson fails to
arrange new funding for its maturing debt.

A rating upgrade is unlikely, given the negative outlook and the
serious refinancing risk.

The principal methodology used in rating Hopson Development
Company Holdings Limited was the Global Homebuilding Industry
Methodology published in March 2009.

Hopson Development Company Holdings Limited is one of the largest
property developers in China, with a land bank of 31.9 million
square meters in gross floor area. Its principal business
interests are residential developments in four major cities --
Guangzhou, Beijing, Shanghai, and Tianjin -- and their
surrounding areas.


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


CHEONG LUNG: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on April 11, 2012,
to wind up the operations of Cheong Lung Restaurant Design
Limited.

The official receiver is Teresa S W Wong.


CITY TELECOM: Fitch Affirms Issuer Default Rating at 'BB'
---------------------------------------------------------
Fitch Ratings has affirmed City Telecom Limited's Long-Term
Foreign- and Local-Currency Issuer Default Ratings at 'BB' with
Stable Outlook and withdrawn the ratings.

The ratings have been withdrawn because the ratings of the issuer
are no longer considered by Fitch to be relevant to the agency's
coverage.  Accordingly, Fitch will no longer provide ratings or
analytical coverage of City Telecom.


EXCEL CONCORD: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on April 11, 2012,
to wind up the operations of Excel Concord Limited.

The official receiver is Teresa S W Wong.


FIORI APPAREL: Court to Hear Wind-Up Petition on May 30
-------------------------------------------------------
A petition to wind up the operations of Fiori Apparel Limited
will be heard before the High Court of Hong Kong on May 30, 2012,
at 9:30 a.m.

Tsang Yuet Mei filed the petition against the company on
March 26, 2012.


HIGH LINK: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on April 11, 2012,
to wind up the operations of High Link Technology Limited.

The official receiver is Teresa S W Wong.


MATREX HK: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on April 11, 2012,
to wind up the operations of Matrex Hong Kong Limited.

The official receiver is Teresa S W Wong.


MILILUCK TRADING: Court to Hear Wind-Up Petition on June 6
----------------------------------------------------------
A petition to wind up the operations of Mililuck Trading Limited
will be heard before the High Court of Hong Kong on June 6, 2012,
at 9:30 a.m.

China Resources Conic Company Limited filed the petition against
the company on March 30, 2012.

The Petitioner's solicitors are:

          Chong & Partners
          8/F, BOC Group Life Assurance Tower
          136 Des Voeux Road
          Central, Hong Kong


NEW SAKAI: Court to Hear Wind-Up Petition on May 30
---------------------------------------------------
A petition to wind up the operations of New Sakai Hong Kong
Limited will be heard before the High Court of Hong Kong on
May 30, 2012, at 9:30 a.m.

Kamiya Design Inc. (also known as Kabushiki Kaisha Kamiya Design
Jimusho in Japanese) filed the petition against the company on
March 27, 2012.

The Petitioner's solicitors are:

          Li & Partners
          Rooms 2201-03, 22nd Floor
          World-Wide House
          19 Des Voeux Road
          Central, Hong Kong


REGAL SPLENDID: Court to Hear Wind-Up Petition on May 9
-------------------------------------------------------
A petition to wind up the operations of Regal Splendid Limited
will be heard before the High Court of Hong Kong on May 9, 2012,
at 9:30 a.m.

Sun Hung Kai Structured Finance Limited and Sun Hung Kai
Investment Services Limited filed the petition against the
company on March 1, 2012.

The Petitioner's solicitors are:

          Fred Kan & Co
          31st Floor, Central Plaza
          No. 18 Harbour Road
          Hong Kong


RENCO TRADING: First Meetings Slated for April 27
-------------------------------------------------
Creditors and contributories of Renco Trading Limited will hold
their first meetings on April 27, 2012, at 9:00 a.m., and
10:00 a.m., respectively at Room 602, The Boys' and Girls' Clubs
Association of Hong Kong, at 3 Lockhart Road, Wan Chai, in Hong
Kong.

At the meeting, Yiu Cho Yan and Lai Jacqueline, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


SANDELL ASSET: Final General Meeting Slated for May 16
------------------------------------------------------
Members of Sandell Asset Management Asia Limited will hold their
final general meeting on May 16, 2012, at 10:00 a.m., at Room
313, 3/F, Central Building, at Pedder Street, Central, in Hong
Kong.

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


SHUN WO: Court Enters Wind-Up Order
-----------------------------------
The High Court of Hong Kong entered an order on April 11, 2012,
to wind up the operations of Shun Wo Engineering Consultant
Services Limited.

The official receiver is Teresa S W Wong.


SURE BRIGHT: Creditors Get 100% Recovery on Claims
----------------------------------------------------
Sure Bright Limited declared the second and final ordinary
dividend to its creditors on or after April 20, 2012.

The company paid 100% for ordinary claims.

The company's liquidators are:

         Mat Ng
         John Robert Lees
         c/o JLA Asia Limited
         20/F Henley Building
         5 Queen's Road
         Central, Hong Kong


TOPPER SILICON: Arab and Wong Appointed as Liquidators
------------------------------------------------------
Osman Mohammed Arab and Wong Tak Man Stephen on May 20, 2011,
were appointed as liquidators of Topper Silicon Steel Industry
Company Limited.

The liquidators may be reached at:

          Osman Mohammed Arab
          Wong Tak Man Stephen
          29/F Caroline Centre Lee
          Gardens Two
          28 Yun Ping Road
          Hong Kong


V TOOLS: Court to Hear Wind-Up Petition on May 23
-------------------------------------------------
A petition to wind up the operations of V Tools & Equipment
Engineering Limited will be heard before the High Court of
Hong Kong on May 23, 2012, at 9:30 a.m.

Cheng Loi yuet filed the petition against the company on
March 19, 2012.


VAST TECK: Court to Hear Wind-Up Petition on May 23
---------------------------------------------------
A petition to wind up the operations of Vast Teck Limited will be
heard before the High Court of Hong Kong on May 23, 2012, at
9:30 a.m.

Cheng Loi Yuet filed the petition against the company on
March 19, 2012.


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

ADITYA RICE: CRISIL Assigns 'CRISIL B+' Rating to INR110MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Aditya Rice Industries.

                             Amount
   Facilities              (INR Mln)     Ratings
   ----------              ---------     -------
   Proposed Cash Credit       15         CRISIL B+/Stable
   Limit

   Cash Credit                25         CRISIL B+/Stable

   Long-Term Loan             70         CRISIL B+/Stable

The rating reflects ARI's weak financial risk profile, marked by
high gearing, small net worth, and weak debt protection metrics,
modest scale of operations, and exposure to intense competition
in the rice milling industry. These rating weaknesses are
partially offset by the extensive industry experience of ARI's
partners.

Outlook: Stable

CRISIL believes that ARI will benefit over the medium term from
the extensive industry experience of its management. 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 into the firm, resulting in improved 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 Aditya Rice

ARI commenced operations in February 2012. The firm mills and
processes paddy into rice, rice bran, broken rice, and husk. It
has an installed paddy milling capacity of 8 tonnes per hour. Its
rice mill is located in Miryalguda in Nalgonda district (Andhra
Pradesh). The firm is promoted by Mr. Gowrammurthy, Mr. Yadgiri,
and their family members.


AMORHOS CHEMICALS: Inadequate Info Cues Fitch to Migrate Rating
---------------------------------------------------------------
Fitch Ratings has migrated India-based Amorphos Chemicals Pvt.
Ltd's 'Fitch B+(ind)' National Long-Term rating with a Stable
Outlook to the non-monitored category.

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

Fitch has also migrated ACPL's following bank loan ratings to the
non-monitored category:

  -- INR63.1 million fund-based working capital limits: migrated
     to 'Fitch B+(ind)nm'/'Fitch A4(ind)nm' from 'Fitch B+ (ind)'
     /'Fitch A4(ind)'

  -- INR18 million non-fund-based working capital limits:
     migrated to 'Fitch B+(ind)nm'/'Fitch A4(ind)nm' from 'Fitch
     B+ (ind)'/'Fitch A4(ind)'


BELL MATCH: Delays in Loan Payment Cues CRISIL Junk Ratings
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of The Bell Match Company.

                            Amount
   Facilities             (INR Mln)     Ratings
   ----------             ---------     -------
   Proposed Long-Term       76.5        CRISIL D
   Bank Loan Facility

   Packing Credit            50         CRISIL D

   Letter of Credit           8         CRISIL D

   Long-Term Loan          75.5         CRISIL D

The ratings reflect instances of delay by BMC in servicing its
debt; the delays have been caused by the firm's weak liquidity,
arising out of its large working capital requirements.

BMC has a below-average financial risk profile, marked by high
gearing and modest debt protection metrics, and its scale of
operations is modest. Also, the firm's operating profitability is
susceptible to volatility in foreign exchange rates. BMC,
however, benefits from the extensive industry experience of its
promoters and its established market position in the niche
segment of premium safety matches.

                        About Bell Match

Established as a partnership firm in 1998, Sivakasi (Tamil Nadu)-
based BMC manufactures safety matches for clients based in
Europe, Middle East, and the US. The firm currently derives
around 98 per cent of its revenues from exports. The France-based
Flamup, USA-based Admatch Corporation, and Dubai-based Joma
Trading Company are BMC's major customers.

BMC is part of the Bell group of companies, which has interests
in a wide range of industries, ranging from hospitality to
fireworks. The day-to-day operations of the company are managed
by the promoter, Mr. Vasant Rajasingh.

BMC reported a profit after tax (PAT) of INR2.9 million on net
sales of INR150.7 million for 2010-11 (refers to financial year,
April 1 to March 31), against a loss of INR1.3 million on net
sales of INR186.9 million for 2009-10.


FABRIZIO INDUSTRIES: CRISIL Puts 'B+' Rating on INR163.5MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to Fabrizio
Industries Pvt Ltd's bank facilities.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan              136         CRISIL B+/Stable
   Overdraft Facility      27.5       CRISIL B+/Stable

The rating reflects start-up nature of Fabrizio's operations and
the vulnerability of its operating margin to limited pricing
power due to competition from other manufacturers of closures for
bottles used in the liquor industry in India. These rating
weaknesses are partially offset by the benefits that Fabrizio
derives from favourable demand prospects and exclusive technology
tie-up with GEFIT SpA, Italy.

Outlook: Stable

CRISIL believes that the credit risk profile of Fabrizio will
remain sensitive to the successful ramp-up of installed
capacities. The commercial operations from the plant have begun
in January 2012 and the ramp up in installed capacities is
expected to be gradual. The outlook may be revised to 'Positive'
if Fabrizio is able to profitably ramp up the installed
capacities while maintaining its capital structure. Conversely,
the outlook may be revised to 'Negative' if the company
undertakes larger-than-expected, debt-funded capex or is not able
to successfully stabilise the newly installed capacities.

                     About Fabrizio Industries

Fabrizio was incorporated in 2009 for implementing a project to
manufacture patented security closures for spirit bottles at
Mapusa Industrial Estate, Mapusa, Goa. The project has been set
up in technical collaboration with GEFIT SpA, Italy. GEFIT is one
of the world's leading suppliers of machinery used for
manufacturing of security closures. The unit will manufacture
security closures for the 750 millilitre bottles called the The
Spirit cap. Commercial operations began in January 2012 with an
installed capacity of around70 million caps per year. Fabrizio
has received orders for supply of 60 million caps from large
liquor manufacturers including Allied Blenders and Distillers Ltd
and Jagjit Industries Ltd.


FRIENDS INFRABUILD: CRISIL Rates INR100MM Loan at 'CRISIL BB-'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the long-
term bank facilities of Friends Infrabuild Pvt Ltd.

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

The rating reflects FIPL's moderate exposure to offtake and
funding risks. This rating strength is partially offset by FIPL's
exposure to high project implementation risk; limited track
record of promoters in the real estate development business.

Outlook: Stable

CRISIL believes that FIPL will benefit over the medium term from
its moderate offtake risk given the prime location of the
company's project. The outlook may be revised to 'Positive' if
FIPL makes significant progress on implementation of the project
or receives more-than-expected customer advances, thereby
substantially improving its overall liquidity. Conversely, the
outlook may be revised to 'Negative' if there are any delays in
the expected advances from its customers, or if the company faces
time or cost overruns in its project and reports lower-than-
expected saleability.

                      About Friends Infrabuild

Friends Infrabuild Private Limited (FIPL), earlier known as
Ahmedabad Royal Gardens Hotel Private Limited, was taken over by
the current promoters on April 26, 2011. FIPL main objective is
to undertake real estate development under the Friends group. The
company is constructing 60 luxurious residential flats under a
project, Friends Ville Lifestyle. The total area developed is
built-up area of about 19.8 million square feet with 3 buildings
of 10 storeys each comprising of 60 flats. The total cost of the
project is expected to be INR 731 million is expected to be
funded by a term loan of around INR 100 million and promoter's
contribution of around INR 400 million and balance advances from
customers.

                        About the Group

"Friends & Friends Co." and other companies in the group
collectively called as "Friends Group" was formed by three family
friends in 1984 with a view to provide all types of shipping
solutions to the port users has now became a known business house
of Gandhidham- Kandla. The Friends Group has now diversified into
other areas like Salt, Iron ore, Textiles and Commodity Exports.


ISHMEET FORGINGS: CRISIL Puts 'CRISIL B-' Rating to INR10MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the bank
facilities of Ishmeet Forgings Pvt Ltd.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Rupee Term Loan         10         CRISIL B-/Stable
   Cash Credit             49         CRISIL B-/Stable
   Proposed Long-Term      11         CRISIL B-/Stable
    Bank Loan Facility

The rating reflects IFPL's weak financial risk profile marked by
high gearing, small scale of operations, and working-capital-
intensive operations. These rating weaknesses are partially
offset by IFPL's promoters' extensive experience in the forging
industry.

Outlook: Stable

CRISIL believes that IFPL will maintain its business risk profile
over the medium term, supported by promoter's long experience in
forging industry. However, the financial profile of the company
is expected to be constrained by high gearing over the medium
term. The outlook may be revised to 'Positive' in case IFPL's
financial risk profile improves significantly, most likely driven
by a substantial growth in topline or infusion of equity capital
by the promoters. Conversely, the outlook may be revised to
'Negative' in case of deterioration in company's working capital
management and lower-than-expected operating margin leading to
decline in cash accruals over the medium term.

                        About Ishmeet Forgings

IFPL was incorporated in 2002 and is promoted by Mr. Raghbir
Singh and family. The company manufactures forged components at
its unit located in Ludhiana (Punjab) and derives the majority of
its revenues from auto-components manufacturers. IFPL's current
capacity is 6000 tonnes per annum (tpa), against its initial
capacity of 1200 tpa.

IFPL reported a net profit of INR2.03 million on net sales of
INR216 million for 2010-11 (refers to financial year, April 1 to
March 31), against a net profit of INR0.28 million on net sales
of INR168 million for 2009-10.


KANERIYA SAND: CRISIL Places 'BB-' Rating on INR49.6MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the bank
facilities of Kaneriya Sand & Aggregates Pvt Ltd.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             8.5        CRISIL BB-/Stable
   Term Loan              41.1        CRISIL BB-/Stable

The ratings reflect the company's strong customer profile,
moderate revenue visibility on account of the contracts with its
key clients, above average profitability and the promoters'
extensive experience in the sector. These rating strengths are
partially offset by KSAPL's relatively short track record and
geographic concentration as the company generates most of its
sales from the Surat (Gujarat) region.

Outlook: Stable

CRISIL expects KSAPL will maintain its credit profile on the back
the long experience of the promoters in sand and aggregates
manufacturing. The outlook may be revised to 'Positive' if the
company's scale of operations increases substantially and on a
sustained basis, most likely by entering into sales contracts
with more clients, and without significantly impacting
profitability. Conversely the outlook may be revised to
'Negative' in case of significant deterioration in profitability
or increases in working capital, or any debt funded capital
expenditures.

                       About Kaneriya Sand

Incorporated in 2010, KSAPL started operations in January 2011;
based in Surat, the company is involved in the manufacturing and
distribution of sand and aggregates, which are used in the
construction sector. The company operates a crushing plant at a
distance of about 60 kilometres from Surat; it operates the plant
on a leased land of about 10 lakh square feet.

The company is promoted by Mr. Hasmukh Kaneriya and Mr. Dilip
Kaneriya, who were earlier involved in the same sector through
companies held by the Kaneriya family.

KSAPL reported a profit after tax (PAT) of INR1.8 million on net
sales of INR24.2 million for the period January-March 2011.


KESRI OIL: CRISIL Assigns 'CRISIL BB' Rating to INR60MM Loan
------------------------------------------------------------
CRISIL has assigned 'CRISIL BB/Stable/CRISIL A4+'ratings to the
bank facilities of Kesri Oil Pvt Ltd.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             60         CRISIL BB/Stable
   Letter of Credit       350         CRISIL A4+

The ratings reflect the benefits that KOPL derives from its
established relations with its customers and suppliers, and the
company's moderate financial risk profile supported by a moderate
gearing. These rating strengths are partially offset by KOPL's
small scale of operations in the intensely competitive industry
and constrained financial flexibility because of large working
capital requirements.

Outlook: Stable

CRISIL believes that KOPL will continue to benefit over the
medium term from its long-standing track record in the base oil
processing industry and its established customer base. The
outlook may be revised to 'Positive' if the company reports
substantial improvement in its business risk profile supported by
substantial increase in its operating margin resulting in higher-
than-expected net cash accruals. Conversely, the outlook may be
revised to 'Negative' in case KOPL reports greater-than-expected
deterioration in its capital structure or debt protection metrics
or operating margin, adversely impacting its business or
financial risk profiles.

                        About Kesri Oil

KOPL is a private limited company that manufactures and supplies
a wide range of petroleum derivative oils such as transformer
oils, rubber process oils, industrial and automotive
lubricants/oils, and liquid paraffin oils. Initially set up as a
partnership firm named Kesri Oil Emporium in 1957, the entity was
later reconstituted as a private limited company under its
current name in 1994. Mr. Ashok Vig, son of founder-promoter Mr.
Tilak Raj Vig, is the present managing director of the company.
He and his wife Ms. Vanita Vig look after the day-to-day
operations of the company. KOPL has two blending units in
Faridabad (Haryana) and Anjar (Gujarat), with total processing
capacity of 100,000 kilolitres per annum.


KINGFISHER AIRLINES: 200 Engineers Strike Work Over Unpaid Salary
-----------------------------------------------------------------
The Times of India reports that around 200 engineers of the
crisis-hit Kingfisher Airlines Ltd. struck work on Saturday
protesting non-payment of salaries despite the airline's earlier
claim that all the staff had been paid.

"Some 200 engineers went on strike work today [April 21] as they
have still not been paid their salaries," the report quotes
airline officials as saying.  "The non-payment apparently could
be because of some technical glitch. We are trying to figure out
whether the problem of clearance of salaries is from the
airline's system or some back-end problem of the banks."

The strike has, however, not affected Kingfisher's flight
operations, the officials, as cited by TOI, said.

The report notes that Kingfisher Airlines had on April 9 said
that it had paid December salary to all its staff.  "In fact, we
paid the salaries of all employees on April 4 itself," the
carrier had said.

Airline's chairman Vijay Mallya had then assured his employees
that their salaries would be disbursed in a staggered manner from
April 4 to 10, says TOI.

                     About Kingfisher Airlines

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

                        *     *     *

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

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


LOGIX BUILDERS: CRISIL Rates INR2.5BB Longterm Loan 'CRISIL B'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Logix Builders & Promoters Pvt Ltd.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long-Term     2,500       CRISIL B/Stable
   Bank Loan Facility

The rating reflects LBPL's exposure to funding and implementation
risks associated with its ongoing residential project in Noida
(Uttar Pradesh) and to inherent risks and cyclicality in the real
estate sector in India. These rating weaknesses are partially
offset by the extensive experience of LBPL's management in the
real estate sector.

Outlook: Stable

CRISIL believes that LBPL will benefit over the medium term from
the extensive industry experience of its promoter. The outlook
may be revised to 'Positive' if there is a significant
improvement in its business and financial risk profiles, backed
by timely implementation and high saleability of its ongoing
project, leading to healthy cash accruals on a sustainable basis.
Conversely, the outlook may be revised to 'Negative' if there are
time and cost overruns in the company's ongoing project, or
significant pressure on LBPL's liquidity, or if there are delays
in receiving customer advances, leading to pressure on revenues
and profitability and weakening in the company's debt-servicing
ability.

                       About Logix Builders

Incorporated in 2011, LBPL is a part of the Logix group, which is
headed by Mr. Shakti Nath. LBPL is implementing a 2.3 million
square feet residential project in Sector 150 Noida (Uttar
Pradesh) at a total cost of about INR7.7 billion, to be funded
with bank loan of INR2.5 billion, promoter's contribution of
INR1.25 billion, and the remaining through customer advances. The
project is expected to be commercially launched in May 2012 and
is expected to be completed by December 2016.


REXON STRIPS: Delay in Loan Payment Prompts CRISIL Junk Ratings
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/ CRISIL D' ratings to the bank
facilities of Rexon Strips Ltd. The ratings reflect the instances
of delay by RSL in servicing its term debt; the delays have been
caused by the company's weak liquidity.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                48        CRISIL D
   Proposed Long-Term       30        CRISIL D
    Bank Loan Facility
   Letter of Credit         10        CRISIL D
   Bank Guarantee           10        CRISIL D
   Cash Credit             220        CRISIL D

RSL also has working-capital-intensive operations and is exposed
to risks related to volatility in raw material prices. The
company, however, benefits from its promoters' extensive
experience in the steel industry.

                       About Rexon Strips

RSL, promoted by the Rourkela (Orissa)-based Kejriwal family,
manufactures sponge iron and ingots with capacity of 60,000
tonnes per annum (tpa) and 25000 tpa, respectively. The company
also has a 0.3-million-tpa pellet plant; however, the plant is
currently closed for modernisation. In August 2011, RSL commenced
commercial operations at its 0.3-million-tpa iron ore
beneficiation unit. The company procures iron ore from Orissa
Mining Company and Aryan Mines, and coal from Mahanadi Coalfields
Ltd, primarily against advance/spot payment. RSL has a coal
linkage with MCL for monthly coal supply of 6000 tonnes. RSL has
also entered into a quantitative agreement with OMC for
procurement of 1 million tonnes of iron ore fines per annum for
its iron ore beneficiation unit. RSL markets sponge iron and
ingots in North India, primarily in Punjab and Uttar Pradesh, and
also in North-East India against a credit period of 7 to 10 days.


SBEM PVT: CRISIL Assigns 'CRISIL B+' Rating to INR45MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of SBEM Pvt Ltd.

                            Amount
   Facilities              (INR Mln)     Ratings
   ----------              ---------     -------
   Proposed Long-Term         25         CRISIL B+/Stable
   Bank Loan Facility

   Letter of Credit            5         CRISIL A4

   Bank Guarantee             10         CRISIL A4

   Cash Credit                20         CRISIL B+/Stable

The ratings reflect SBEM's small scale and working capital
intensive nature of operations, and below-average financial risk
profile, marked by small net worth and high gearing. These rating
weaknesses are partially offset by the extensive industry
experience of SBEM's promoters and established relationships with
major customers and suppliers.

Outlook: Stable

CRISIL believes that SBEM will continue to benefit over the
medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' in case of
significant improvement in the company's scale of operations and
profitability, leading to higher-than-expected cash accruals,
along with efficient working capital management. Conversely, the
outlook may be revised to 'Negative' in case of lower-than-
expected cash accruals or larger-than-expected working capital
requirements or debt funded capex, resulting in further pressure
on SBEM's liquidity.

                           About SBEM Pvt

Incorporated in 1974, SBEM manufactures customised process
control instruments, such as level indicators and controllers,
and also provides tank gauging solutions. SBEM also manufactures
customised flow measurement and metering instruments. These
products find application in the power and steel industries, oil
refineries, water treatment units, and ships and submarines. SBEM
derives majority of its revenues from levels indicators and
controllers and tank gauging solutions. SBEM also has an in-house
research and development (R&D) centre. SBEM's manufacturing
facilities are located in Pune (Maharashtra) and it has sales and
service offices in Delhi, Mumbai (Maharashtra), Chennai (Tamil
Nadu), and Kolkata (West Bengal).


SCORPIO ENGINEERING: CRISIL Puts 'BB-' Rating on INR81MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Scorpio Engineering Pvt Ltd.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Long-Term Loan           1         CRISIL BB-/Stable
   Cash Credit             80         CRISIL BB-/Stable
   Letter of Credit       110         CRISIL A4+

The ratings reflect SEPL's established presence in setting up
material handling systems across diverse industries. This rating
strength is partially offset by SEPL's modest scale of
operations, concentration in revenue profile, and below-average
financial risk profile, marked by high gearing.

Outlook: Stable

CRISIL believes that SEPL will continue to benefit over the
medium term from its established position in setting up pneumatic
conveying systems. The outlook may be revised to 'Positive' if
SEPL reports significant increase in scale of operations, backed
by improvement in its operating margin or working capital
management, resulting in improvement in its capital structure.
Conversely, the outlook may be revised to 'Negative' if SEPL
reports deterioration in its financial risk profile because of
large debt-funded capital expenditure, or deterioration in its
operating margin, or increase in its working capital
requirements.

                     About Scorpio Engineering

Incorporated in 1983 and based in Bengaluru (Karnataka), SEPL
designs, manufactures, supplies, erects, and commissions
pneumatic conveying systems and heavy bulk handling systems. The
company currently derives around 70 per cent of its revenues from
heavy bulk handing systems, and the rest from pneumatic conveying
systems. SEPL is promoted by Mr. Bala Velan along with his wife,
Ms. Veera Velan. As on February 29, 2012, SEPL had an order book
of about INR373.6 million, which is expected to be executed over
the next 12 months.

SEPL reported a loss of INR4.44 million on net sales of INR107.12
million for 2010-11 (refers to financial year, April 1 to
March 31), as against a PAT of INR1.30 million on net sales of
INR148.28 million for 2009-10.


SHILPI CABLE: Inadequate Info Prompts Fitch to Withdraw B Rating
-----------------------------------------------------------------
Fitch Ratings has withdrawn India-based Shilpi Cable Technologies
Limited's 'Fitch B(ind)nm' National Long-Term rating.

The ratings have been withdrawn due to lack of adequate
information, and Fitch will no longer provide ratings or
analytical coverage of Shilpi.

Fitch migrated Shilpi to the non-monitored category on Oct. 19,
2011.

Shilpi's bank loan ratings have also been withdrawn as follows:

  -- Outstanding INR420.2m term loans: 'Fitch B(ind)nm'; rating
     Withdrawn

  -- INR320m fund-based working capital limits: 'Fitch
     B(ind)nm'/'Fitch A4(ind)nm'; ratings withdrawn

  -- INR720.3m non-fund based working capital limits: 'Fitch
     B(ind)nm'/'Fitch A4(ind)nm'; ratings withdrawn


SHUKAN HEIGHTS: CRISIL Rates INR120MM Term Loan at 'CRISIL B+'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Shukan Heights Corporation.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan              120         CRISIL B+/Stable

The rating reflects the Height's exposure to implementation- and
saleability-related risks associated with its ongoing project and
susceptibility to inherent risks and cyclicality in the real
estate sector in India. These rating weaknesses are partially
offset by the extensive experience of the Height's promoters in
the real estate sector.

Outlook: Stable

CRISIL believes that the Height will maintain its business risk
profile, supported by promoters' extensive experience in the real
estate sector, over the medium term. The outlook may be revised
to 'Positive' if there is a significant improvement in the
Height's business and financial risk profiles, most likely driven
by timely implementation and high sales levels of its ongoing
projects, leading to healthy cash accruals on a sustained basis.
Conversely, the outlook may be revised to 'Negative' if the firm
faces time or cost overrun in its ongoing projects, or
significant pressure on its liquidity, or delays in receiving
customer advances, leading to pressure on revenues and
profitability and consequent deterioration in its debt servicing
ability.

                         About Shukan Heights

Height is a partnership firm of Ms. Bhanuben R Patel, Mr. Vijay R
Patel, Mr. Mahesh R Patel, and Mr. Romil R Patel, formed in
January 2011. The firm's ongoing project involves construction of
128 residential and 6 commercial units, with combined saleable
area of 0.22 million square feet. Shukan Heights is a part of
Shukan Group.

The Shukan group is in the business of development of residential
and commercial projects, mainly in and around Ahmedabad
(Gujarat). It has been in business for more than two decades. The
group is promoted by Mr. Rameshbhai R Patel and his family
members, based in Ahmedabad. The group has completed four
commercial and five residential projects in and around Ahmedabad.


SRI VIJAYA: CRISIL Assigns 'CRISIL BB-' Rating to INR250MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the long-
term bank facilities of Sri Vijaya Lakshmi Rice Industries.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             200        CRISIL BB-/Stable
   Term Loan                50        CRISIL BB-/Stable

The rating reflects the extensive experience of SVLR's management
in the rice industry and largely assured offtake from Food
Corporation of India (FCI). These rating strengths are partially
offset by SVLR's weak financial risk profile, marked by weak debt
protection metrics, high gearing, and small net worth, and modest
scale of operations in 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 SVLR 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 SVLR'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,
leading to weakening in its financial risk profile.

                          About Sri Vijaya

Set up in 2002 as a partnership firm, SVLR mills and processes
paddy into rice, rice bran, broken rice, and husk. The firm has
an installed paddy milling capacity of 22 tonnes per hour. Its
rice mills are located in Nellore (Andhra Pradesh). SVLR's
managing partner, Mr. G Vinod Kumar Reddy, has more than 15 years
of experience in the rice industry.

SVLR reported a profit after tax (PAT) of INR3.7 million on net
sales of INR944 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR3.0 million on net
sales of INR674 million for 2009-10.


SUCHITRAA SILK: CRISIL Puts 'CRISIL BB+' Rating on INR60MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable/CRISIL A4+' ratings to
the bank facilities of Suchitraa Silk Pvt Ltd (part of the
Suchitraa group).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Long-Term Loan           10        CRISIL BB+/Stable
   Cash Credit              50        CRISIL BB+/Stable
   Letter of Credit         50        CRISIL A4+

The ratings reflect the Suchitraa group's established market
position in the viscose and polyester yarn industry and
diversified clientele. These rating strengths are partially
offset by the Suchitraa group's below-average financial risk
profile, marked by high gearing and weak protection metrics, and
susceptibility of its margins to volatility in raw material
prices and foreign exchange rates.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SSPL and Suchitra Yarn Traders (SYT),
collectively referred to as the Suchitraa group. The consolidated
approach is because the two entities are in the same line of
business, under a common management, and have significant
operational and financial linkages between them.

Outlook: Stable

CRISIL believes that the Suchitraa group will benefit over the
medium term from its established position in the man-made fibres
industry and strong fund support from its promoters. The outlook
may be revised to 'Positive' if the group substantially increases
its scale of operations and improves its profitability, leading
to improvement in financial risk profile. Conversely, the outlook
may be revised to 'Negative' if the group undertakes a large
debt-funded capital expenditure programme, or if its capital
structure weakens because of sizeable capital withdrawals by its
promoters.

                         About the Group

SSPL was incorporated in 1995 and is based in Salem (Tamil Nadu).
The company trades in and processes polyester filament yarn and
viscose filament yarn. SYT was established in 1997 and is also
engaged in trading in and processing polyester filament yarn and
viscose filament yarn. The Suchitraa group is promoted by Mr.
Prakash Raj Goel and his family members.

There are 12 associate entities of the SSPL group, involved in
activities across the value chain of manufacturing polyester
filament yarn and viscose filament yarn - these entities also do
jobwork for SSPL and SYT.

The Suchitraa group reported a profit after tax (PAT) of INR5.55
million on net sales of INR705.14 million for 2010-11 (refers to
financial year, April 1 to March 31), against a PAT of INR4.85
million on net sales of INR531.05 million for 2009-10.


SUMA SHILP: CRISIL Assigns 'CRISIL BB-' Rating to INR1.2BB Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the long-
term bank facilities of Suma Shilp Ltd.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             250        CRISIL BB-/Stable
   Term Loan               950        CRISIL BB-/Stable

The rating reflects the benefits that SSL derives from the prime
location of its property, its revenue visibility from long-term
lease contracts, and its promoters' extensive experience in the
real estate industry. These rating strengths are partially offset
by SSL's tightly matched cash flows and repayment obligations,
small scale of operations, and high customer concentration.

Outlook: Stable

CRISIL believes that SSL will continue to benefit from its
promoter's experience in the real estate leasing industry. The
outlook may be revised to 'Positive' if SSL's capital structure
improves significantly because of equity infusion by the
promoters, leading to improvement in its financial risk profile,
especially liquidity. Conversely, the outlook may be revised to
'Negative' in case of unexpected termination of the company's
existing leases, leading to lower lease rentals vis--vis debt-
servicing obligations, or if the company undertakes larger-than-
expected debt-funded capital expenditure or acquisition
programme, or if there is more-than-expected stretch in its
receivables from electricity board of Maharashtra.

                         About Suma Shilp

SSL was incorporated in 1984 and promoted by Mr. Pramod Naralkar.
SSL develops residential and commercial property. SSL has also
leased out one of its properties, Down Town Center (DTC) - the
building comprises 10 floors, of which three are leased to the
Cummins group of companies. DTC is about 0.35 million square feet
(sq ft), of which 80,000 sq ft has been leased out. This property
is located in Pune (Maharashtra). Lease rentals are expected to
have contributed about 51 per cent of SSL's total income in 2011-
12 (refers to financial year, April 1 to March 31).

SSL also generates revenues from windmills, with a combined
capacity of 15 megawatt. The windmills were installed in Dhule
(Maharashtra) in 2006-07 for tax benefits. Revenues from
windmills are estimated to have accounted for about 35 per cent
of SSL's total revenues for 2011-12.


SWAN ENV'L: CRISIL Assigns 'CRISIL BB-' Rating to INR32.8MM Loans
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Swan Environmental Pvt Ltd.

                            Amount
   Facilities             (INR Mln)     Ratings
   ----------             ---------     -------
   Term Loan                 0.3        CRISIL BB-/Stable
   Standby Line of Credit    7.5        CRISIL BB-/Stable
   Letter of Credit         10          CRISIL A4+
   Bank Guarantee           20          CRISIL A4+
   Cash Credit              25          CRISIL BB-/Stable

The ratings reflect the extensive industry experience of SEPL's
promoters, established relationship with suppliers and customers,
and moderate operating profitability resulting in comfortable
debt protection metrics. These rating strengths are partially
offset by SEPL's small scale of, and working-capital-intensive,
operations and exposure to receivables collections and foreign
exchange risk.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SEPL and Startech Labs Pvt Ltd. This
is because SLPL is a subsidiary of SEPL, with the latter holding
about 60 per cent of the former's share capital.

Outlook: Stable

CRISIL believes that SEPL will continue to benefit over the
medium term from the extensive industry experience of its
promoters and established relationship with suppliers and
customers. The outlook may be revised to 'Positive' in case of
significant ramp-up in scale of operations, along with efficient
working capital management. Conversely, the outlook may be
revised to 'Negative' in case of pressure on the company's
liquidity on account of lower-than-expected cash accruals or
larger-than-expected working capital requirements or debt-funded
capital expenditure.

                      About Swan Environmental

Established in 1987, SEPL trades in measuring and monitoring
devices related to environment, water, agricultural (agri) food,
and pharmaceuticals. SEPL is organised into four distinct
divisions, in line with the product line. The company imports
these products from its principles abroad and sells them entirely
in the domestic market. In addition to the trading activity, SEPL
has two other sources of revenues - commission on those products
that are sold directly by the principal in the country and also
revenues from maintenance activities.

During 2010-11 (refers to financial year, April 1 to March 31),
SEPL recorded total operating income of about INR190 million, of
which about 73 per cent of revenues were derived from profit on
trading activities, about 24 per cent from commission income, and
the remaining 3 per cent represents maintenance income.


YOGASHRI HEAVY: CRISIL Puts 'BB-' Rating on INR70.9MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Yogashri Heavy Engineering Pvt Ltd.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan              20.9        CRISIL BB-/Stable
   Letter of Credit       10          CRISIL A4+
   Bank Guarantee          5          CRISIL A4+
   Cash Credit             50         CRISIL BB-/Stable

The ratings reflect the established track record of YHEPL in the
metal fabrication industry aided by its promoters' extensive
industry experience and its diversified customer profile. These
rating strengths are partially offset by YHEPL's susceptibility
to intense competition in the fragmented metal fabrication
industry and its working capital intensive operations.

Outlook: Stable

CRISIL believes that YHEPL will benefit over the medium term from
the extensive industry experience of its promoters. The outlook
may be revised to 'Positive' if the company improves its scale of
operations and profitability on a sustained basis, leading to
improvement in its financial risk profile. Conversely, the
outlook may be revised to 'Negative' in case the company's
profitability declines or if it undertakes a larger-than-expected
debt-funded capital expenditure programme, leading to weakening
of its financial risk profile.

                       About Yogashri Heavy

Established in 1994, YHEPL is involved in the fabrication of
metal components used in various industries such as power, edible
oil, automobile, chemical, earth-moving, and mining. Some of the
key customers of the company include Bharat Heavy Electricals
Ltd. (BHEL rated 'CRISIL AAA/Stable/CRISIL A1+'), De Smet
Chemfood Engineering Pvt Ltd and VA Tech Wabag Ltd. The company
is promoted by Mr. K R Ramaswamy, Mr. K R Anandraj, Mr. R
Pushparaj, and their family members. YHEPL's manufacturing
facility is located in SIPCOT industrial estate in Hosur (Tamil
Nadu), and has an installed capacity of 6000 tonnes per annum.

YHEPL reported a profit after tax (PAT) of INR1.66 million on net
sales of INR68.46 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.99 million on net
sales of INR44.4 million for 2010-11.


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


LEOPARD TWO: Fitch Affirms Rating on Two Class Notes at Low-B
-------------------------------------------------------------
Fitch Ratings has affirmed Leopard Two Funding Limited notes.
The transaction is a securitisation of fully amortising mortgage
loans backed by multi-family apartment properties throughout
Japan.

  -- JPY4,375m* Class A-1 notes affirmed at 'AAAsf'; Outlook
     Stable
  -- JPY4,375m* Class A-2 notes affirmed at 'AAAsf'; Outlook
     Stable
  -- JPY520m* Class B notes affirmed at 'AAsf'; Outlook Stable
  -- JPY520m* Class C notes affirmed at 'Asf'; Outlook Stable
  -- JPY540m* Class D notes affirmed at 'BBsf'; Outlook Stable
  -- JPY41m* Class E notes affirmed at 'BBsf'; Outlook Stable

*as at April 19, 2012

The affirmations reflect Fitch's view that available credit
enhancement (CE) levels are sufficient to support the current
ratings.  CE levels have continued to grow due to sequential
payment from scheduled amortisation and prepayments.

Only one loan was delinquent since closing in August 2004, due to
the March 2011 earthquake and tsunami in Japan, and has since
been cured. No loans have defaulted.  Based on the master lease
structure in place, Fitch expects stable loan performance to
continue.

Performance of the collateral properties remains weak relative to
Fitch's initial assumption, and the agency has revised up pool
loss expectations as a share of the current outstanding note
balance from closing, based on lower cash flow estimates.  This
is, however, offset by the growth of CE levels, resulting in
today's affirmation.  Fitch further notes that the portfolio's
vacancy rates and rent levels have been stable since the last
rating action in June 2011.


MLOX4: S&P Affirms 'CCC' Rating on Class D Trust Certificates
-------------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its ratings on
the class A to D trust certificates issued under the MLOX4
transaction.

"In October 2010, we lowered our assumptions for the likely
collection amounts from the properties backing one of the
transaction's four underlying loans, which defaulted in February
2012, and the three other underlying loans, which are due to
mature in May 2012. The former loan originally represented about
30%, and the other three loans about 37%, about 29%, and about
5%, of the total initial issuance amount of the trust
certificates. Under our revised assumptions, we estimated the
combined value of the properties that continue to back the former
loan to be about 59%, and the combined values of the properties
that continue to back each of the three other loans to be about
59%, about 62%, and about 70%, of our initial underwriting
values. This time, we maintained our assessments for the likely
collection amounts from all of these properties, given that the
properties' cash flows have remained in line with the assumptions
we made in October 2010. We affirmed our ratings on classes A to
D accordingly," S&P said.

"MLOX4 is a multiborrower commercial mortgage-backed securities
(CMBS) transaction. The trust certificates were initially secured
by four loans extended to four obligors. The loans were
originally backed by 22 real estate trust certificates held by
the four obligors. The transaction was arranged by Merrill Lynch
Japan Securities Co. Ltd., and ORIX Asset Management & Loan
Services Corp. acts as the servicer for this transaction," S&P
said.

"The ratings reflect our opinion on the likelihood of the full
and timely payment of interest and the ultimate repayment of
principal by the transaction's legal final maturity date in May
2014 for the class A trust certificates, and the full payment of
interest and ultimate repayment of principal by the legal final
maturity date for the class B to D trust certificates," S&P said.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.

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

      http://standardandpoorsdisclosure-17g7.com/1111528.pdf

RATINGS AFFIRMED
MLOX4
JPY42.6 billion floating-rate trust certificates due May 2014
Class              Initial issue amount    Coupon type
A       A- (sf)    JPY25.0 bil.              Floating rate
B       BB- (SF)   JPY6.7 bil.               Floating rate
C       B- (sf)    JPY6.7 bil.               Floating rate
D       CCC (sf)   JPY4.2 bil.               Floating rate


* Japan to Forgive Myanmar's US$3.7BB Debt, Bloomberg Reports
-------------------------------------------------------------  
Bloomberg News reports that Japan will forgive JPY303.5 billion
(US$3.7 billion) in loans and interest to Myanmar, according to a
statement distributed to reporters before Myanmar's President
Thein Sein met Prime Minister Yoshihiko Noda on April 21.

Japan will also roll over JPY198.9 billion of debt, and vowed to
resume aid, says Bloomberg.

According to Bloomberg, Thein Sein, on his first visit as head of
state, is courting investment from Japan amid a shift toward
democracy over the past year that's encouraged re-engagement with
developed nations after five decades of military dictatorship.
Honda Motor Co. is among companies expressing interest in
Myanmar, a nation of 64 million people between India and China,
notes Bloomberg.

Bloomberg relates that Mr. Noda said in the statement that Japan
will extend economic cooperation to "support Myanmar's efforts
for reforms in various areas towards its democratization,
national reconciliation and sustainable development."

Japan agreed to complete a feasibility study by year's end to
develop a port and industrial estate at Thilawa, 25 kilometers
south of Yangon, Myanmar's biggest city, according to a statement
obtained by Bloomberg.  The industrial zone would promote
Japanese investment and help grow Myanmar's economy, the
statement, as cited by Bloomberg, said.


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


CAPITAL + MERCHANT: Two Ex-Directors Plead Not Guilty to Fraud
--------------------------------------------------------------
Hamish Fletcher at nzherald.co.nz reports that two former
directors of Capital+ Merchant Finance Ltd. directors have
pleaded not guilty to criminal charges in the High Court at
Auckland.

The report says former directors Neal Medhurst Nicholls and Wayne
Leslie Douglas face three criminal charges for theft by a person
in a special relationship and the publishing of false statements.
Some of the charges carry a maximum penalty of 10 years' jail.

According to the report, the pair's case concerns allegedly
related-party loans of about NZ$14.5 million made to three
companies that converted two run-down Palmerston North office
blocks into student accommodation, a project called "the Hub".

nzherald.co.nz relates that the pair allegedly stood to benefit
from these related-party loans but failed to disclose them in a
Capital + Merchant prospectus and knew they breached the
company's trust deed.

The proceedings, brought by the Serious Fraud Office, are being
heard by Justice Ed Wylie without a jury and are expected to take
about two and a half weeks, the report notes.

Prosecutor Nick Williams will spearhead the Crown case,
nzherald.co.nz says.  The duo's defence team includes Bruce Gray
QC, the report adds.

                    About Capital + Merchant

Capital + Merchant Finance Ltd, operating in property finance,
was one of the bigger finance companies in New Zealand.  Capital
+ Merchant Finance, along with subsidiary Capital + Merchant
Investments Ltd., went into receivership on Nov. 23, 2007, due to
breaches in respect of general security agreements issued by the
companies in favor of creditor Fortress Credit Corporation
(Australia) 11 Pty Ltd.  Fortress appointed Tim Downes and
Richard Simpson of Grant Thornton, chartered accountants, while
trustee Perpetual Trust have called in KordaMentha.

Capital + Merchant owes about NZ$190 million to 7,000 investors.
Fortress reportedly has a prior charge over assets and was owed
around NZ$70 million in total.


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


FIRST PROVINCIAL: Placed Under PDIC Receivership
------------------------------------------------
The Monetary Board placed the First Provincial Bank, Inc. (Rural
Bank) under the receivership of the Philippine Deposit Insurance
Corporation (PDIC) by virtue of MB Resolution No. 592 dated
April 19, 2012. As Receiver, PDIC took over the bank on April 20,
2012.

First Provincial Bank is a four-unit bank with Head Office
located along McArhur Highway cor. Juan Luna St., Tarlac City.
Its three branches are in Mabalacat, Pampanga; Paniqui, Tarlac;
and La Trinidad, Benguet. Latest available records show that as
of June 30, 2011, the Bank had 4,233 accounts with total deposit
liabilities of PHP190.5 million. According to the latest General
Information Sheet filed by the First Provincial Bank with the
Securities and Exchange Commission, the bank is owned by Blesilo
Florido P. Buan, Florido P. Buan and Romina P. Canilao.

In a statement, PDIC said that upon takeover, all bank records
shall be gathered, verified and validated. The state deposit
insurer assured depositors that all valid deposits shall be paid
up to the maximum deposit insurance coverage of PHP500,000.

PDIC said that depositors with valid accounts with balances of
PHP10,000 and below, who have no outstanding obligations with
First Provincial Bank and who have updated their addresses with
the bank in the past year, need not file deposit insurance
claims. PDIC targets to start mailing payments to these
depositors to the last known addresses recorded in the bank by
last week of May 2012.

Depositors whose accounts have balances of more than PHP10,000
and have outstanding obligations should file their deposit
insurance claims. The claims settlement operations will be
conducted at the bank premises by third week of June 2012. The
inclusive dates and schedule will be announced through notices to
be posted in the bank premises and other public places as well as
through the PDIC website, www.pdic.gov.ph, newspapers and radios
as soon as it is finalized.

According to PDIC, depositors who have balances of PHP10,000 and
below but whose addresses in the bank records may not be updated
or are incomplete will be given the chance to update their
addresses. Depositor Update Forms will be distributed to during
the Depositors Forum for the depositors to accomplish, and will
also be made available at the bank premises.


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


AVGO ASIA: Court Enters Wind-Up Order
-------------------------------------
The High Court of Singapore entered an order on April 13, 2012,
to wind up the operations of Avgo Asia Pte Ltd.

The Hong Kong Delivery Company Ltd filed the petition against the
company.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee's Office
         The URA Centre (East Wing)
         45 Maxwell Road #05-11/#06-11
         Singapore 069118


CELESTIAL NUTRIFOODS: Creditors' Meeting Set for April 27
---------------------------------------------------------
Creditors of Celestial Nutrifoods Limited, which is in
liquidation, will hold a meeting on April 27, 2012, at 9:00 a.m.,
at 8 Shenton Way, #17-02A, in Singapore 068811.

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


CHUAN INDUSTRIES: Creditors' Proofs of Debt Due May 4
-----------------------------------------------------
Creditors of Chuan Industries Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by May 4,
2012, to be included in the company's dividend distribution.

The company's liquidator is:

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


D&Y BUILDERS: Creditors' Meeting Set for April 26
-------------------------------------------------
Creditors of D&Y Builders Pte Ltd, which is in liquidation, will
hold a meeting on April 26, 2012, at 10:30 a.m., at 8 Wilkie Road
#03-08, Wilkie Edge, in Singapore 228095.

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


FIRST SHIP: S&P Lowers Corp. Credit Rating to 'B+'; Outlook Neg
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Singapore-based First Ship Lease Trust
to 'B+' from 'BB-'. The outlook is negative.

"We lowered the rating on FSL because of the increase in the
company's exposure to volatile freight rates in the spot market,"
said Standard & Poor's credit analyst Abhishek Dangra. "This is
due to termination of fixed-rate long-term charter contracts by
two lessees. A prolonged downturn in the shipping industry has
put the weak credit profile of FSL's lessees under pressure."

"In 2012, PT Berlian Laju Tanker Tbk. (BLT; D/--/--) terminated
the charter contract with FSL, which repossessed the three
chemical tankers leased to BLT and will deploy them in the
'Nordic Siva' pool. FSL also announced that it is renegotiating
charter terms with TORM S.A. (unrated) for two product tankers.
The charter arrangement is likely to be adjusted to variable
rates that TORM achieves in the freight market. TORM is also
negotiating restructuring of debt with its lenders. Another
lessee, Groda Shipping & Transportation Ltd. (unrated), returned
two vessels in June 2010. FSL will deploy one of these two
vessels on time-charter with Petroleo Brasileiro S.A. - Petrobras
(BBB/Stable/--) from the second half of 2012," S&P said.

"FSL's business risk profile is 'weak', in our view. The company
is exposed to risks in the shipping industry, which will face
difficult times in 2012 due to oversupply of ships, tepid demand,
and high bunker fuel prices. We assess the credit profiles of
FSL's lessees to be in the 'B' category. A prolonged downturn in
the shipping industry increases the risk that some more lessees
may terminate charter arrangements," S&P said.

"We expect FSL's EBITDA margin to fall further in 2012 because it
will have six vessels in the spot market. These vessels are
likely to generate EBITDA margins of less than 20%, as against
80%-90% EBITDA margins for chartered vessels. FSL's cash flows
are therefore likely to be significantly lower. Its cash EBITDA
margin has been rapidly falling over the past two years due to
its exposure to the spot market. Cash EBITDA margin was about 77%
in 2011, from 90% in 2009. However, stable chartered income on
FSL's remaining 19 vessels is likely to help the company maintain
cash EBITDA interest coverage above 2.5x and a ratio of funds
from operations to debt above 10% in 2012 and 2013. FSL's
financial risk profile is 'aggressive', in our view," S&P said.

"We expect FSL's liquidity to be less than adequate due to
significantly lower EBITDA margins on vessels in the spot market
than for charter contracts," said Mr. Dangra. "We expect the
ratio of sources to uses of funds to be equal in fiscal 2012. FSL
is also at risk of breaching covenants if its EBITDA declines by
about 10%."

"In our view, FSL has limited access to capital markets, and its
mortgage of all existing vessels under a banking arrangement
limits its financial flexibility. However, we note that FSL can
reduce dividends to maintain its liquidity," S&P said.

"The negative outlook reflects our view of high credit risk of
FSL's lessees and its increasing exposure to the volatile spot
market amid the prolonged downturn in the shipping industry," S&P
said.

"We may lower the rating if: (1) the credit profiles of FSL's
lessees deteriorate further and payments from lessees are
delayed; or (2) FSL faces liquidity and covenant pressure such
that its debt servicing coverage ratio falls below 1.2x," S&P
said.

"In our view, an upgrade is unlikely over the next 12 months. We
may revise the outlook to stable if we see clear signs of
improvement in the credit quality of FSL's lessees, along with a
sustained improvement in the company's credit protection measures
and adequate liquidity," S&P said.


MFCC PTE: Court to Hear Wind-Up Petition April 27
-------------------------------------------------
A petition to wind up the operations of MFCC Pte Ltd
formerly known as Haruna (S) Pte Ltd will be heard before the
High Court of Singapore on April 27, 2012, at 10:00 a.m.

Neo Hock Beng, Chuang Keng Chew, Chia Seng Hock James and Tan Bee
Kuan filed the petition against the company on April 4, 2012.

The Petitioner's solicitors are:

         Messrs Allister Lim & Thrumurgan
         111 North Bridge Road
         #11-04 Peninsula Plaza
         Singapore 179098


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


* S&P Global Default Tally at 28 as of April 19
-----------------------------------------------
Two rating actions pushed Standard & Poor's 2012 global corporate
default tally to 28 issuers, said an article published April 19
by Standard & Poor's Global Fixed Income Research, titled "Global
Corporate Default Update (April 12 - 18, 2012)."

On April 12, 2012, Standard & Poor's Ratings Services lowered its
ratings on Dallas-based Reddy Ice Holdings Inc. to 'D', after the
company announced that it has voluntarily filed for relief under
Chapter 11 of the U.S. Bankruptcy Code and has secured
commitments for $70 million in debtor-in-possession financing
from Macquarie Bank Ltd.

On April 18, 2012, Standard & Poor's lowered its long- and short-
term issuer credit ratings on Residential Capital LLC (ResCap) to
'SD' (selective default). ResCap, the troubled mortgage
subsidiary of Ally Financial Inc., failed to make a scheduled
interest payment on its senior unsecured notes, which will mature
in April 2013, opting instead to use the 30-day grace period that
the debt's indenture allows.

Of the total defaulters this year, 18 were based in the U.S.,
five in the emerging markets, three in Europe, and two in the
other developed region (Australia, Canada, Japan, and New
Zealand).  In comparison, last year, only 11 issuers--six based
in the U.S., two in New Zealand, one in Europe, one in Canada,
and one in the emerging markets--defaulted during the same period
(through April 18).

"So far this year, missed payments accounted for 11 defaults,
bankruptcy filings accounted for six, distressed exchanges were
responsible for four, and four defaulters were confidential,"
said Diane Vazza, head of Standard & Poor's Global Fixed Income
Research. "Of the remaining defaults, one was the result of a
notice of acceleration by the issuer's lender, one was due to the
company's placement under regulatory supervision, and the last
was due to a judicial organization filing."


* BOND PRICING: For the Week April 16 to April 20, 2012
-------------------------------------------------------


  AUSTRALIA
  ---------

ADVANCE ENERGY           9.50    01/04/2015   AUD       1.07
ANTARES ENERGY          10.00    10/31/2013   AUD       2.05
CHINA CENTURY           12.00    09/30/2014   AUD       0.66
COM BK AUSTRALIA         1.50    04/19/2022   AUD      72.09
DIVERSA LTD             11.00    09/30/2014   AUD       0.13
EXPORT FIN & INS         0.50    12/16/2019   NZD      72.54
EXPORT FIN & INS         0.50    06/15/2020   AUD      70.67
EXPORT FIN & INS         0.50    06/15/2020   NZD      71.17
IMF AUSTRALIA           10.25    12/31/2014   AUD       1.71
KIMBERLY METALS         10.00    08/05/2016   AUD       0.33
MIDWEST VANADIUM        11.50    02/15/2018   USD      64.62
MIDWEST VANADIUM        11.50    02/15/2018   USD      59.50
NEW S WALES TREA         0.50    09/14/2022   AUD      64.81
NEW S WALES TREA         0.50    10/07/2022   AUD      61.81
NEW S WALES TREA         0.50    10/28/2022   AUD      61.65
NEW S WALES TREA         0.50    11/18/2022   AUD      61.49
NEW S WALES TREA         0.50    12/16/2022   AUD      61.27
NEW S WALES TREA         0.50    02/02/2023   AUD      60.90
NEW S WALES TREA         0.50    03/30/2023   AUD      60.47
TREAS CORP VICT          0.50    08/25/2022   AUD      62.21
TREAS CORP VICT          0.50    03/03/2023   AUD      63.42
TREAS CORP VICT          0.50    11/12/2030   AUD      45.05


  CHINA
  -----

CHINA GOVT BOND          1.64    12/15/2033   USD      63.96


  HONG KONG
  ---------

RESPARCS FUNDING         8.00    12/29/2049   USD      32.44


  INDIA
  -----

AKSH OPTIFIBRE           1.00    02/05/2013   USD      70.38
EX-IM BK OF IN           9.45    06/15/2014   INR       9.75
GEMINI COMMUNICA         6.00    07/18/2012   EUR      71.57
JSL STAINLESS            0.50    12/24/2019   USD      69.21
MASCON GLOBAL            2.00    12/28/2012   USD       9.12
PRAKASH IND LTD          5.25    04/30/2015   USD      71.57
PRAKASH IND LTD          5.62    04/30/2015   USD      69.21
PYRAMID SAIMIRA          1.75    07/04/2012   USD       6.12
REI AGRO                 5.50    11/13/2014   USD      73.13
REI AGRO                 5.50    11/13/2014   USD      73.13
RELIGARE FINVEST        13.70    06/19/2012   INR      59.00
SHIV-VANI OIL            5.00    08/17/2015   USD      66.02
SUZLON ENERGY LT         5.00    04/13/2016   USD      59.08


  JAPAN
  -----

ELPIDA MEMORY            2.03    03/22/2012   JPY      26.00
ELPIDA MEMORY            2.10    11/29/2012   JPY      25.75
ELPIDA MEMORY            0.50    12/07/2012   JPY      26.05
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      62.44
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      61.51
TOKYO ELEC POWER         1.60    05/29/2019   JPY      72.62
TOKYO ELEC POWER         1.45    09/30/2019   JPY      70.75
TOKYO ELEC POWER         1.37    10/29/2019   JPY      70.35
TOKYO ELEC POWER         1.81    02/28/2020   JPY      72.87
TOKYO ELEC POWER         1.48    04/28/2020   JPY      69.25
TOKYO ELEC POWER         1.39    05/28/2020   JPY      69.37
TOKYO ELEC POWER         1.31    06/24/2020   JPY      68.87
TOKYO ELEC POWER         1.94    07/24/2020   JPY      74.81
TOKYO ELEC POWER         1.22    07/29/2020   JPY      67.50
TOKYO ELEC POWER         1.15    09/08/2020   JPY      67.75
TOKYO ELEC POWER         1.63    07/16/2021   JPY      66.50
TOKYO ELEC POWER         2.34    09/29/2028   JPY      65.66
TOKYO ELEC POWER         2.40    11/28/2028   JPY      66.87
TOKYO ELEC POWER         2.20    02/27/2029   JPY      64.25
TOKYO ELEC POWER         2.11    12/10/2029   JPY      63.12
TOKYO ELEC POWER         1.95    07/29/2030   JPY      60.87
TOKYO ELEC POWER         2.36    05/28/2040   JPY      59.87


  MALAYSIA
  --------

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


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

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


PHILIPPINES
-----------
BAYAN TELECOMMUN        13.50    07/15/2049   USD      20.50
BAYAN TELECOMMUN        13.50    07/15/2049   USD      20.50


SINGAPORE
---------

BLUE OCEAN              11.00    06/28/2012   USD      37.00
BLUE OCEAN              11.00    06/28/2012   USD      35.12
DAVOMAS INTL FIN        11.00    12/08/2014   USD      25.73
DAVOMAS INTL FIN        11.00    12/08/2014   USD      25.37
UNITED ENG LTD           1.00    03/03/2014   SGD       0.98
WBL CORPORATION          2.50    06/10/2014   SGD       1.02


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

CN 1ST ABS               8.00    02/27/2015   KRW      32.27
CN 1ST ABS               8.30    11/27/2015   KRW      33.58
EX-IMP BK KOREA          0.50    01/25/2017   KRW      68.48
EX-IMP BK KOREA          0.50    10/23/2017   KRW      65.35
EX-IMP BK KOREA          0.50    12/22/2017   KRW      64.38
GYEONGGI MUTUAL          8.50    08/29/2014   KRW      10.15
GYEONGGI MUTUAL          8.50    12/11/2014   KRW       8.00
GYEONGGI MUTUAL          8.00    01/22/2016   KRW      10.11
GYEONGGI SOLOMON         8.10    04/19/2015   KRW      10.12
HYUNDAI SWISS BK         8.50    10/02/2013   KRW      10.14
HYUNDAI SWISS BK         8.50    07/15/2014   KRW       9.42
HYUNDAI SWISS II         8.30    01/13/2015   KRW      10.13
HYUNDAI SWISS II         7.90    07/23/2015   KRW      10.11
JINHEUNG MUTUAL          8.50    10/17/2014   KRW      10.12
JINHEUNG MUTUAL          7.00    01/23/2015   KRW      10.11
KOREA MUTUAL SAV         8.10    06/26/2015   KRW      10.12
KOREA MUTUAL SAV         8.00    12/17/2015   KRW      10.11
NEW LIFE 1ST ABS        10.00    03/08/2014   KRW      30.13
WOORI FIN HLDGS          5.83    03/08/2042   KRW      25.18
YOUNGNAM MUTUAL          8.50    12/18/2014   KRW      10.14


SRI LANKA
---------

SRI LANKA GOVT           7.50    08/15/2018   LKR      74.62
SRI LANKA GOVT           6.20    08/01/2020   LKR      65.58
SRI LANKA GOVT           7.00    10/01/2023   LKR      60.99
SRI LANKA GOVT           5.35    03/01/2026   LKR      53.00
SRI LANKA GOVT           8.00    01/01/2032   LKR      66.74


THAILAND
--------

THAILAND GOVT            9.25    01/04/2022   VND      74.63


                             *********

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
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                 *** End of Transmission ***