TCRAP_Public/120427.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Friday, April 27, 2012, Vol. 15, No. 84

                            Headlines


A U S T R A L I A

HEALTH SERVICES: Call for Administrator as Membership Plummets
SUNLAND GROUP: Puts Palazzo Versace Hotel on Market


C H I N A

WINSWAY COKING: 29% Stake Sale No Impact on Moody's 'Ba3' CFR


H O N G  K O N G

AVALON INVESTMENT: Creditors' Proofs of Debt Due May 21
CONSTELLATION NAVIGATION: Creditors' Proofs of Debt Due May 21
DOUCEUR FASHIONS: Creditors' Meeting Set for May 18
FEB (1989): Seng and Cheng Step Down as Liquidators
GIANT GALAXY: Creditors' Proofs of Debt Due May 19

GOOD QUALITY: Creditors' Proofs of Debt Due May 19
HANG PO: Creditors' First Meeting Set for May 3
HK TUNNELS: Members' Final Meeting Set for May 21
KENIC PROPERTIES: Members' Final Meeting Set for May 21
METRO-ADS INT'L: Philip Brendan Gilligan Steps Down as Liquidator

NEWBROOKE LIMITED: Members' Final Meeting Set for May 21
RIKEN ELECTRIC: Lau Wai Yung Alice Steps Down as Liquidator
SUPERTOYS INDUSTRIAL: Creditors' First Meeting Set for May 2
VINKI CORPORATION: Annual Meetings Set for May 17
YUHAN LIMITED: Creditors' Proofs of Debt Due April 30


I N D I A

AIR INDIA: Expects to Wipe Off Losses in 6 Years
COSMAS PHARMACLS: ICRA Suspends '[ICRA]BB+/[ICRA]A4+' Ratings
DIVINE ALLOYS: ICRA Reaffirms 'BB+' Rating on INR190.92cr Loan
ELLENBARRIE INDUSTRIAL: ICRA Cuts Rating on INR140cr Loans to BB
GOLDEN TREE: ICRA Cuts Rating on INR24cr Loan to '[ICRA]D'

LAXMI SOLVEX: ICRA Cuts Rating on INR193cr Loans to '[ICRA]D'
MANJOORAN HOUSING: ICRA Cuts Rating on INR7cr Loan to '[ICRA]D'
RAIGARH FOODS: ICRA Assigns '[ICRA]B+' Rating to INR6.5cr Loans
RAJAT ISPAT: ICRA Assigns '[ICRA]B+' Rating to INR6cr Loan
S.A. EXPORTS: ICRA Assigns 'BB' Rating to INR4cr Term Loan

SHANTAI EXIM: ICRA Assigns '[ICRA]B+' Rating to INR7cr LT Loan
SHREE DURGA: ICRA Assigns '[ICRA]B-' Rating to INR8.8cr LT Loan
SG ENGINEERS: ICRA Assigns '[ICRA]BB-' Rating to INR4cr Loan
STAR AGRO: ICRA Cuts Rating on INR3.05cr Loans to '[ICRA]B+'
T A PAI: ICRA Cuts Rating on INR41.5cr Loan to '[ICRA]BB-'

UTTAM STRIPS: ICRA Cuts Rating on INR255cr Loans to '[ICRA]D'
VIKARSH STAMPINGS: ICRA Assigns 'BB-' Rating to INR1.5cr Loan


I N D O N E S I A

PAKUWON JATI: Fitch Affirms 'B' Issuer Default Rating


J A P A N

AIJ INVESTMENT: Police Quizzes Clients Over Losses
AIJ INVESTMENT: President Received Up to JPY500MM from Affiliate
ELPIDA MEMORY: Bidding for Rehabilitation Sponsor Moved to May 7
MITSUBISHI UFJ: Moody's Puts Standalone Credit Profile at 'Ba2'
ORIENT CORP: Moody's Puts Standalone Credit Profile at 'Ba2'


N E W  Z E A L A N D

BRIDGECORP LTD: Former Managing Director Jailed for 6-1/2 Years
CAPITAL+MERCHANT: Court Upholds Receivers' IRD Obligations
NZF MONEY: Family Trust Given "Improper Priority," Receivers Say


P H I L I P P I N E S

EXPORT & INDUSTRY BANK: Placed Under PDIC Receivership


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


HEALTH SERVICES: Call for Administrator as Membership Plummets
--------------------------------------------------------------
SMH News reports that a key executive of the scandal-plagued
Health Services Union has called for it to be placed into
administration.

Gerard Hayes, the acting deputy general secretary of the NSW
branch, said the union was "hemorrhaging members" because of the
"factional warfare" between whistleblower Kathy Jackson and the
union's head Michael Williamson, who is refusing to step down
from the union he has run for 17 years, according to SMH News.

The report notes that Mr. Williamson is being investigated by NSW
police over allegations he received a secret commission from a
major supplier to the union.  SMH News relays that Mr. Williamson
has denied any wrongdoing.

SMH News discloses that to add to the union's woes, an internal
investigation into its governance has found problems in its
procurement processes.

The report, citing The Herald, notes that Mr. Williamson failed
to declare his part ownership of United Edge, which received
hundreds of thousands of dollars a year from the union for
provision of IT services.  SMH News says that Mr. Williamson also
organized for his architect to be put on retainer with the union
and his wife's company Canme received AU$400,00 for archiving and
secretarial services.

SMH News notes that the union's procurement officer Cheryl
McMillan had provided Mr. Williamson with a black Centurion
American Express card attached to her own private account.  SMH
News relays that Mr. Williamson is understood to have put up to
AU$30,000 a month on the card.

Mr. Williamson's refusal to stand down has frustrated the wider
labor movement, with the HSU being suspended recently from Unions
NSW and the ACTU, SMH News discloses.

Meanwhile, the report says that an audited annual statement for
the HSU Victoria's now defunct number three branch stated that
Ms. Jackson was paid AU$522,570 in 2010.  However, the report
adds that an E-mail from the accountants responsible for the
statement said it should have indicated she was paid AU$75,884
that year, which is on top of her AU$151,000 salary from the
union's national office.


SUNLAND GROUP: Puts Palazzo Versace Hotel on Market
---------------------------------------------------
SmartCompany reports that struggling listed property developer
Sunland Group has put its flagship Palazzo Versace hotel on the
Gold Coast up for sale with price expectations of around
AUD80 million.

SmartCompany relates that the decision to sell the hotel comes
just seven months after Sunland acquired the hotel outright
following a swap arrangement with Dubai development partner the
Enshaa Group.

According to the report, the sales campaign is being handled by
father and son real estate agents Dan and Sam McVay from boutique
commercial real estate agency McVay Real Estate, which has
offices in Brisbane and Sydney.

Sam McVay told Property Observer he expected the buyer will most
likely come from offshore though there will also be interest from
high-net-worth individuals in Australia given the hotel's iconic
status, SmartCompany relays.

The hotel will be marketed via a five week expressions of
interest campaign with a sale expected to be concluded within
three months, the report says.

The hotel features 200 rooms, three restaurants, a ballroom,
shops, a gymnasium, a spa, a marina and other facilities.

Based in Surfers Paradise, Queensland, Sunland Group Limited
(ASX:SDG) -- http://www.sunlandgroup.com.au/-- is engaged in
property development and construction, together with project
services, and hotel investments and operations.


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


WINSWAY COKING: 29% Stake Sale No Impact on Moody's 'Ba3' CFR
-------------------------------------------------------------
Moody's Investors Service sees no rating impact on Winsway Coking
Coal Holdings Limited's Ba3 corporate family and B1 senior
unsecured bond ratings from the planned sale of a 29.9%
shareholding interest by its major shareholder to Aluminum
Corporation of China Limited.

The ratings outlook remains negative.

"We believe the stake sale will be credit positive. If completed,
Chalco will become the largest shareholder of Winsway and will
have effective control of the company. Winsway will benefit from
Chalco's management support," says Ivan Chung, a Moody's Vice
President.

Winsway has announced that its shareholder, Winsway Resources
Holdings Limited and its CEO Wang Xingchun, have entered into a
conditional agreement to sell 1.128 billion shares, or a 29.9%
stake, to Chalco.

The acquisition is subject to due diligence and approvals from
authorities, shareholders and other parties on or before 30
September 2012.

"In addition, Chalco can help improve Winsway's railway capacity
and funding availability," adds Mr. Chung.

Chalco is a Chinese state-owned enterprise and is the largest
producer of alumina, primary aluminum and aluminum fabrication
products in China.

Chalco is seeking to diversify into other resources to achieve
the full integration of coal and aluminum operations. Such
business initiative benefits Winsway, which is focused on the
trading and logistics of coal supply.

Moreover, Chalco's plan to invest in Mongolian mines will also
help secure future railway capacity for transporting Winsway's
coal from Mongolia.

Given Chalco's strong relationship with its banks, Winsway will
have better access to funding.

Winsway's Ba3 rating continues to reflect its strong market
position in supplying Mongolian coking coal to China, as a result
of its access to the train services at the Sino-Mongolian border.

The rating also considers the lower coking coal prices in
Mongolia, compared with the international market. The company's
established infrastructure, which includes its coking coal
cleaning process, at border crossings provides it with bargaining
power in price negotiations and which helps partly offset the
price risk.

However, the limited capacity of China's railway infrastructure
has hindered the expansion of the coking coal industry. Winsway,
therefore, needs to secure enough railway capacity to support
growth.

In addition, it has a short track record in coking coal
logistics. Its rapid expansion poses execution risks and requires
a high amount of working capital, which could strain its bank
credit limits.

Moody's expects Grande Cache, which will be fully consolidated in
2012, to contribute around 30% of Winsway's total EBITDA. The
interest in upstream coal mines adds volatility to its earnings
due to the price risk related to coal, although investing in
these coal mines partly reduces its supply risk.

Winsway's 2011 credit profile (proforma for acquisition of Grande
Cache Coal and bills payables net of pledged cash) of Debt/EBITDA
of 3.4x and EBITDA/Interest of 4.0x is currently within the Ba3
rating drivers.

Winsway's B1 senior unsecured rating is one notch lower than its
corporate family rating, and reflects legal and structural
subordination. Secured debt, including the USD350 million
acquisition financing, accounted for more than 15% of its total
proforma assets in 2011.

Given the need to support its fast-growing business volumes and
investment in upstream coal mines with working capital
facilities, Moody's expects that Winsway will continue to incur
more onshore secured debt.

The negative outlook reflects Moody's concerns that Winsway's
growth will be pressured by the limited allocation of railway
capacity and softening steel demand in 2012. However, if Chalco
becomes its largest shareholder, Moody's will monitor the
improvement to Winsway's credit profile and railway capacity.

The ratings are unlikely to be upgraded in the near term, given
the negative outlook. However, the outlook will revert to stable
if the company: (1) improves its balance sheet liquidity such
that its cash on hand reaches around 15% of total assets, and (2)
maintains EBITDA margin of 10%-12% on a sustainable basis by
successfully managing its working capital and price risks.

On the other hand, the ratings could be downgraded if the
company's financial position weakens, such that debt/EBITDA
exceeds 4.0x-4.5x and EBITDA/interest stays below 3.5x, as a
result of: (1) the inability to obtain enough railway capacity,
which would limit its land-borne coal supply growth, (2) a
prolonged drop in the per-ton profit of transported coal due to
the pressure from suppliers and customers, (3) material delays or
cost overruns in the development of the company's logistics
infrastructure or processing plants.

Any material change in Mongolian regulations for coal exports
that adversely affects Winsway's coal sourcing would also be
negative for the ratings.

Winsway Coking Coal Holdings Limited's ratings were assigned by
evaluating factors that Moody's considers relevant to the credit
profile of the issuer, such as the company's (i) business risk
and competitive position compared with others within the
industry; (ii) capital structure and financial risk; (iii)
projected performance over the near to intermediate term; and
(iv) management's track record and tolerance for risk.

Moody's compared these attributes against other issuers both
within and outside Winsway Coking Coal Holdings Limited's core
industry and believes Winsway Coking Coal Holdings Limited's
ratings are comparable to those of other issuers with similar
credit risk.

Winsway Coking Coal is one of the largest suppliers of coking
coal in China, and obtains its supplies from Mongolia and other
international markets. It also processes coal and provides
logistics services to its customers, mainly Chinese steel makers
and coke plants, through its integrated coking coal supply chain
in China. It listed on the Hong Kong Stock Exchange in October
2010, and is 49.7%-controlled by its founder and CEO Wang
Xingchun.


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


AVALON INVESTMENT: Creditors' Proofs of Debt Due May 21
-------------------------------------------------------
Creditors of Avalon Investment Company Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by May 21, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on April 20, 2012.

The company's liquidator is:

         Lai Man Chau James
         Room 1205, 12/F
         Manulife Provident Funds Place
         No. 345 Nathan Road
         Kowloon


CONSTELLATION NAVIGATION: Creditors' Proofs of Debt Due May 21
--------------------------------------------------------------
Creditors of Constellation Navigation Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by May 21, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on April 13, 2012.

The company's liquidators are:

         Stephen Briscoe
         Wong Teck Meng
         602 The Chinese Bank Building
         61-65 Des Voeux Road
         Central, Hong Kong


DOUCEUR FASHIONS: Creditors' Meeting Set for May 18
---------------------------------------------------
Creditors of Douceur Fashions Limited will hold a meeting on
May 18, 2012, at 3:30 p.m., for the purposes provided for in
Sections 241, 242, 243 and 244 of the Companies Ordinance.

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


FEB (1989): Seng and Cheng Step Down as Liquidators
---------------------------------------------------
Seng Sze Ka Mee Natalia and Cheng Pik Yuk stepped down as
liquidators of FEB (1989) Limited on April 14, 2012.


GIANT GALAXY: Creditors' Proofs of Debt Due May 19
--------------------------------------------------
Creditors of Giant Galaxy Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by May 19,
2012, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on April 13, 2012.

The company's liquidators are:

         Natalia K M Seng
         Susan Y H Lo
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


GOOD QUALITY: Creditors' Proofs of Debt Due May 19
--------------------------------------------------
Creditors of Good Quality Enterprises Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by May 19, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on April 13, 2012.

The company's liquidators are:

         Natalia K M Seng
         Susan Y H Lo
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


HANG PO: Creditors' First Meeting Set for May 3
-----------------------------------------------
Creditors of Hang Po Marble (Eng) Limited will hold their first
meeting on May 3, 2012, at 10:45 a.m., for the purposes provided
for in Sections 241, 242, 243, 244, 251 and 255A of the Companies
Ordinance.

The meeting will be held at The whole of 22nd Floor, 9 Des Voeux
Road West, in Hong Kong.


HK TUNNELS: Members' Final Meeting Set for May 21
-------------------------------------------------
Members of Hong Kong Tunnels and Highways Management Company
Limited will hold their final meeting on May 21, 2012, at 10:00
a.m., at 20/F, Henley Building, at 5 Queen's Road Central, in
Hong Kong.

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


KENIC PROPERTIES: Members' Final Meeting Set for May 21
-------------------------------------------------------
Members of Kenic Properties Limited will hold their final meeting
on May 21, 2012, at 10:30 a.m., at 20th Floor, The Hong Kong Club
Building, 3A Chater Road, Central, in Hong Kong.

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


METRO-ADS INT'L: Philip Brendan Gilligan Steps Down as Liquidator
-----------------------------------------------------------------
Philip Brendan Gilligan stepped down as liquidator of Metro-Ads
International Limited on April 16, 2012.


NEWBROOKE LIMITED: Members' Final Meeting Set for May 21
--------------------------------------------------------
Members of Newbrooke Limited will hold their final general
meeting on May 21, 2012, at 10:00 a.m., at Level 28, Three
Pacific Place, at 1 Queen's Road East, in Hong Kong.

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


RIKEN ELECTRIC: Lau Wai Yung Alice Steps Down as Liquidator
-----------------------------------------------------------
Lau Wai Yung Alice stepped down as liquidator of Riken Electric
Wire Limited on April 9, 2012.


SUPERTOYS INDUSTRIAL: Creditors' First Meeting Set for May 2
------------------------------------------------------------
Creditors of Supertoys Industrial Company Limited will hold their
first meeting on May 2, 2012, at 3:00 p.m., for the purposes
provided for in Sections 241, 242, 243, 244, 251 and 255A of the
Companies Ordinance.

The meeting will be held at Thornton Room, 3/F., South Tower, 41
Salisbury Road YMCA of Hong Kong, Tsimshatsui, Kowloon, in Hong
Kong.


VINKI CORPORATION: Annual Meetings Set for May 17
-------------------------------------------------
Members and creditors of Vinki Corporation Limited will hold
their annual meetings on May 17, 2012, at 11:00 a.m., and 11:30
a.m., respectively at 43/F, The Lee Gardens, 33 Hysan Avenue,
Causeway Bay, in Hong Kong.

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


YUHAN LIMITED: Creditors' Proofs of Debt Due April 30
-----------------------------------------------------
Creditors of Yuhan Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
April 30, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on April 10, 2012.

The company's liquidator is:

         Man King Chi Eddie
         c/o Amber Commercial Building
         13th Floor, 70 Morrison Hill Road
         Hong Kong


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I N D I A
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AIR INDIA: Expects to Wipe Off Losses in 6 Years
------------------------------------------------
The Times of India reports that official sources said Air India,
which would get equity infusion of INR30,000 crore till 2021 as
part of its turnaround plan, expects to wipe off its losses and
become cash positive in the next five to six years.

According to the report, top Air India officials said the
airline, which would get an upfront equity infusion of Rs6,750
crore this financial year, estimates that it would slash its
current yearly operating loss of Rs 1,700 crore to just Rs23
crore in five years and become cash positive by 2018.

The estimations are based on the assumption that the airline's
turnaround plan (TAP) and the financial restructuring plan (FRP),
now approved by the government, would be implemented as planned,
TOI relates.

The report notes that the officials said Air India was now on a
revival mode and "our fundamentals are strong".

The officials, as cited by TOI, said the turnaround and financial
restructuring plans would give the national carrier a cash
deficit support of INR4,552 crore till 2021, as also equity for
the already-guaranteed loan of INR18,929 crore till the same
period for aircraft acquisition.

The SBI-led consortium of banks has also approved conversion of
short-term working capital loans of INR11,000 crore into long-
term loans, according to TOI.

Under the revamp plan, the report notes, the airline would have
to maintain on-time performance of up to 90%, passenger load
factor (PLF) of about 73% and improving its yields per revenue
kilometre by at least 5 to 10%.

                         About Air India

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

                         *     *     *

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


COSMAS PHARMACLS: ICRA Suspends '[ICRA]BB+/[ICRA]A4+' Ratings
-------------------------------------------------------------
ICRA has suspended the ratings outstanding of
'[ICRA]BB+/[ICRA]A4+' assigned earlier to the INR9.17 crore bank
facilities of Cosmas Pharmacls. The suspension of ratings follows
ICRA's inability to carry out rating surveillance on account of
non-cooperation from the company.


DIVINE ALLOYS: ICRA Reaffirms 'BB+' Rating on INR190.92cr Loan
--------------------------------------------------------------
ICRA has re-affirmed the '[ICRA]BB+' rating assigned to the
INR190.92 crore term loan of Divine Alloys & Power Co. Limited.
The outlook on the long term rating is stable.

                         Amount
   Facilities           (INR Cr)       Ratings
   ----------           ---------      -------
   Fund Based Limits      190.92       [ICRA]BB+ (stable)
   (Term Loans)                        reaffirmed

The reaffirmation of rating takes into account the experience of
DAPCL's promoters and senior management in the steel industry and
availability of raw materials in the vicinity of its plant,
leading to low landed cost of input materials. ICRA notes that
the company has embarked upon a vertically integrated project,
which is likely to lead to a growth in revenues and profitability
post successful commissioning of the facilities. However, in the
interim period, the company would face significant project
related risks, including the risk of plant stabilization and
achievement of desired process parameters. The financial risk
profile of the company is characterized by conservative capital
structure and low working capital intensity of operations;
however, net profitability remains at a weak level. The rating
is, however, also constrained by the vulnerability to the
inherent cyclicality in the steel industry, which is passing
through a weak phase, is likely to keep profitability and cash
flows volatile of the players including DAPCL. The rating also
factors in the substantial debt servicing obligation in the near
term, which may exert pressure on the company's cash flows. ICRA
also notes that significant growth in the scale of operations
being targeted, the ability to manage the operations post
commissioning of the project would remain a challenge for the
company.

Incorporated in 2004, DAPCL is engaged in the manufacturing of
mild steel ingot (90,000 MTPA) and pig iron (21,000 MTPA). The
manufacturing facilities of the company are located at
Kaushalgarh, Jharkhand. The company started commercial production
at its plant in 2006-07. The company is currently setting up an
integrated steel plant with a capacity of 210,000 metric tonne
per annum (MTPA) of mild steel structural items.

Recent Results:

The company reported a net profit of INR3.71 crore on an
operating income of INR205.31 crore in 2010-11. During the first
half of 2011-12, the company reported a net profit of INR1.20
crore (provisional) on an operating income of INR125.92 crore
(provisional).


ELLENBARRIE INDUSTRIAL: ICRA Cuts Rating on INR140cr Loans to BB
----------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR105.03
crore (reduced from INR113.65 crore) term loans, INR21.00 crore
fund based (enhanced from INR14.00 crore) and INR14.00 crore
(enhanced from INR12.35 crore) non fund based bank facilities of
Ellenbarrie Industrial Gases Limited from '[ICRA]BB+' to
'[ICRA]BB'. The outlook on the rating is Stable. The non fund
based facilities are interchangeable between long term and short
term, for which ICRA has revised the short term rating from
'[ICRA]A4+' to '[ICRA]A4'. ICRA has also assigned an [ICRA]A4
rating to INR1.00 crore bill discounting limit of EIGL.

                      Amount
   Facilities        (INR Cr)      Ratings
   ----------        ---------     -------
   Term Loan          105.03       [ICRA]BB (Stable)
                                   revised from [ICRA]BB+
                                   (Stable)

   Fund Based Limits   21.00       ICRA]BB (Stable) revised from
                                   [ICRA]BB+ (Stable)

   Non Fund Based      14.00       [ICRA]BB (Stable) revised from
   Limits                          [ICRA]BB+ (Stable)/[ICRA]A4
                                   revised from [ICRA]A4+

   Bill Discounting     1.00       [ICRA]A4 assigned
   Limit

The revisions in the ratings take into account the
underperformance of the company from January to December 2011 as
compared to ICRA expectations and the significant drop in EIGL's
profitability because of increasing power costs and competitive
pressure on realizations, leading to a weakening of coverage
indicators as well. In ICRA's opinion, EIGL's profitability may
remain under pressure given the sharp increase in power tariff in
West Bengal in Q4FY12. The ratings continue to reflect the
established market position of EIGL as one of the major
industrial gas manufacturers in India, favorable demand outlook
for industrial gases from the manufacturing industries that
mitigates offtake risks to an extent, the company's wide
distribution network of dealers in packaged gases, and the
improvement in turnover and profits post stabilization of the
plant in Visakhapatnam. The ratings are however constrained by
EIGL's adverse capital structure attributable to debt funded
capital expansion in the past. Going forward, the debt funded
capital expenditure of the company in Hyderabad is likely to keep
the gearing at a high level over the medium term. Since the
industrial gas business is capital intensive in nature, ICRA
believes that the company's profits would remain sensitive to its
ability to run the plants at high capacity utilization levels.

Ellenbarrie Industrial Gases Limited, incorporated on Nov. 23,
1973, is an established industrial gases company. The company
manufactures and supplies industrial oxygen, nitrogen, argon,
acetylene, carbon dioxide and other speciality gases from its
plants in Uluberia and Kalyani in West Bengal and Visakhapatnam
in Andhra Pradesh. The company has a diversified customer base
and caters to different industries like steel, oil & gas,
pharmaceutical, aerospace & defense, food & beverage, healthcare
etc.


GOLDEN TREE: ICRA Cuts Rating on INR24cr Loan to '[ICRA]D'
----------------------------------------------------------
ICRA has revised the rating assigned to the INR24 crore term loan
programme of Golden Tree Hotels Private Limited to '[ICRA]D' from
[ICRA]B.

The rating revision primarily factors in the recent delays in
interest servicing by Golden Tree Hotels following the suspension
of construction activity on the under-implementation 140 room 3-4
Star Hotel at Rajajinagar, Bangalore. As a result of delays in
implementation, interest on the loan is currently being serviced
through support from the promoters generally with a lag, while
debt repayments are scheduled to commence in March 2013. Given
the uncertainty on resumption of construction activity, ICRA
expects timely debt servicing to continue to be challenging.
Other credit constraints include the execution risks, ability of
the promoters to infuse equity in a timely manner and the
considerable market risks.

Golden Tree Hotels, promoted by the Bangalore-based Yadalam
family, is currently developing a 140 room 3-4 star hotel at
Rajajinagar, Bangalore at a cost of INR41 crore. Other companies
within the Yadalam Group include Ramkumar Mills Private Limited
(rated [ICRA]B/A4, engaged in the processing of cotton, viscose,
polyester and various blended fabrics) and Sumangala Properties
(engaged in the development of a 0.6 million sft mall and
commercial office complex at Rajajinagar, adjacent to Golden Tree
Hotels). The hotel to be operated under the ?Sarovar Portico'
brand, is currently under construction and was earlier scheduled
to be completed within April 2011 ? construction of the hotel has
however since been suspended. The project cost of INR41 crore is
proposed to be funded by debt of INR24 crore (fully tied up) and
equity of INR17 crore.


LAXMI SOLVEX: ICRA Cuts Rating on INR193cr Loans to '[ICRA]D'
-------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR23.00
crore term loans and the INR120.00 crore fund based facilities of
Laxmi Solvex division of Laxmi Ventures (India) Limited from
'[ICRA]BB-' to '[ICRA]D'. ICRA has revised the short term rating
assigned to the INR50.00 crore non fund based bank limits of LS
from '[ICRA]A4' to '[ICRA]D'.

                         Amount
   Facilities           (INR Cr)       Ratings
   ----------           ---------      -------
   Term Loans             23.00        [ICRA]D; revised from
                                       [ICRA]BB-

   Fund Based Limits      120.00       [ICRA]D; revised from
                                       [ICRA]BB-

   Non Fund Based Limits   50.00       [ICRA]D; revised from
                                       [ICRA]A4

The ratings revision reflects the recent delays in debt servicing
by the company owing to strained liquidity position. The
company's liquidity position is strained owing to substantial
losses incurred in a consignment of de-oiled cake which was
spoilt at the port and was subsequently sold at low realisations.

Laxmi Ventures (India) Limited was incorporated in 1980 in the
name of Laxmi Distributors Pvt. Ltd. The company is promoted by
the Anil Agarwal and Sunil Agarwal families. The Anil Agarwal
family holds majority stake in LVIL while the Sunil Agarwal
family holds minority stake. The company initially took up the
distributorship of cigarettes for ITC Ltd. The company purchased
the Rama International hotel property at Auranagabad in 1984. In
1994 the company set up a Soya crushing plant and a refinery
under a new division called Laxmi Solvex at Dewas in the state of
Madhya Pradesh. Laxmi Solvex division manufactures and sells
crude and refined soya bean oil and de-oiled cake. The division
is also engaged in the trading of soya de-oiled cake, soya seed,
maize, etc.


MANJOORAN HOUSING: ICRA Cuts Rating on INR7cr Loan to '[ICRA]D'
---------------------------------------------------------------
ICRA has downgraded the ratings on the INR7.0 term loan
facilities of Manjooran Housing Development Company Private
Limited from '[ICRA]BB-' to '[ICRA]D'.

                         Amount
   Facilities           (INR Cr)       Ratings
   ----------           ---------      -------
   Long term, Term        7.00         [ICRA]D Downgraded
   Loans

The rating takes into account the delays in debt servicing in the
recent past resulting from the stretched liquidity position of
the company. The company posted considerably lesser revenues in
FY 2011, as compared to ICRA's estimates, due to the delay in
execution of some of the projects. The operating profitability
has also declined due to the adverse movements in the raw
material and labour costs. Nevertheless, ICRA takes note of the
longstanding experience of the Promoters in the real estate
industry and the advantageous location of the projects.

Manjooran Housing Development Company Private Limited is a Cochin
based real-estate company incorporated in 1996 by the Manjooran
family. The company started out initially with the small scale
development of housing layouts before entering into the
development of multi-storied apartments in the past few years.
The company has completed 6 residential plot/apartment
development projects in and around Cochin/Ernakulam over the past
16 years. The company reported operating income of INR14.8 crore
and net profit of INR0.59 crore in FY 2011.


RAIGARH FOODS: ICRA Assigns '[ICRA]B+' Rating to INR6.5cr Loans
---------------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to the INR6.50 crore fund
based bank facilities of Raigarh Foods & Hotel Business Pvt Ltd.
ICRA has also assigned an '[ICRA]A4' rating to the INR1.50 crore
non-fund based bank facilities of RFHBPL.

                             Amount
   Facilities               (INR Cr)      Ratings
   ----------              ---------      -------
   Fund Based Limits-         5.00        [ICRA]B+ assigned
   Cash Credit

   Fund Based Limits?         1.50        [ICRA]B+ assigned
   Term Loan

   Non Fund Based Limits-     1.00        [ICRA]A4 assigned
   Bank Guarantee

   Non Fund Based Limits-     0.50        [ICRA]A4 assigned
   Letter of Credit

The ratings take into account RFHBPL's small scale of current
operations and a weak financial profile characterized by low
profitability and depressed level of coverage indicators. The
ratings also factor in the intensely competitive nature of the
rice milling industry and the high working capital intensity of
RFHBPL's operations which exerts pressure on margins and
liquidity position. ICRA also takes note of the agro climatic
risks, which can affect the availability of paddy during adverse
weather conditions. The ratings, however, favorably take into
account the experience of the promoters in production and sale of
rice and its presence in a major paddy growing area, resulting in
easy availability of paddy.

                      About Raigarh Foods

Raigarh Foods & Hotel Business Private Limited was incorporated
as a private limited company in 1996 by Mr. Subhash Agarwal based
in Raigarh, Chhattisgarh. The company is engaged in milling of
raw and parboiled rice and has an installed milling and sorting
capacity of 48,000 metric tonne per annum (MTPA).

Recent Results:

The company reported a net profit of INR0.15 crore during 2010-11
on an operating income of INR23.84 crore, as compared to a net
profit of INR0.14 crore on an operating income of INR17.89 crore
during 2009-10. During the nine month period April 2011-
December 2011, the company has posted a profit before tax of
INR0.33 crore (provisional) on an operating income of
INR20.46 crore (provisional).


RAJAT ISPAT: ICRA Assigns '[ICRA]B+' Rating to INR6cr Loan
----------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to the INR6.00 crore fund
based bank limits of Rajat Ispat Private Limited. ICRA has also
assigned an '[ICRA]A4' rating to the INR0.50 crore non-fund based
bank limits of RIPL.

                            Amount
   Facilities              (INR Cr)     Ratings
   ----------              ---------    -------
   Fund Based Limits-        6.00       [ICRA]B+ assigned
   Cash Credit

   Non Fund Based Limits-    0.50       [ICRA]A4 assigned
   Letter of Credit

The ratings take into account RIPL's small scale of current
operations, highly fragmented and intensely competitive industry
with low entry barriers, which results in pricing pressures, and
weak financial profile characterized by low profitability and
depressed level of coverage indicators. The ratings also take
into consideration the limited value addition in the existing
stand-alone mild steel ingot manufacturing business of RIPL and
the vulnerability to the inherent cyclicality in the steel
industry, which is passing through a weak phase, is likely to
adversely impact the margins and cash flows of the company. The
ratings, however, take note of the locational advantage of the
manufacturing unit in proximity to raw material sources and
customer base which reduces freight costs, and the established
relationship with suppliers that mitigates the risk of
unavailability of raw material to an extent.

                         About Rajat Ispat

Rajat Ispat Private Limited was incorporated in 1996, as Mahendra
Ispat Private Limited by Mr. Subhash Agarwal. Later on the
company changed its name to Rajat Ispat Private Limited and
started its operation in 2005. RIPL is engaged in manufacturing
of ingots with an installed capacity of 18,000 metric tonne per
annum. The company is also involved in trading of steel products
like ingots, sponge iron, pig iron and scrap.

Recent Results:

The company reported a net profit of INR0.08 crore during 2010-11
on an operating income of INR54.18 crore, as compared to a net
profit of INR0.11 crore on an operating income of INR55.74 crore
during 2009-10. During the nine month period April 2011- December
2011, the company has posted a profit before tax of INR0.25 crore
(provisional) on an operating income of INR40.60 crore
(provisional).


S.A. EXPORTS: ICRA Assigns 'BB' Rating to INR4cr Term Loan
----------------------------------------------------------
ICRA has assigned an '[ICRA]BB' rating to the INR4.00 crore term
loan facility of S.A.Exports. The outlook on the long term rating
is stable. ICRA has also reaffirmed the '[ICRA]A4' rating to the
INR19.50 crore (enhanced from INR15.00 crore) fund based and
INR0.30 crore non-fund based bank facilities of SAE.

                              Amount
   Facilities                (INR Cr)          Ratings
   ----------                ---------         -------
   Term Loan                    4.00           [ICRA]BB (Stable)
                                               Assigned

   Fund Based Limit?Export   Enhanced from     [ICRA]A4
   Packing Credit to         INR6cr to INR8cr  reaffirmed/
                                               assigned

   Fund Based Limits?FDBP/   Enhanced from     [ICRA]A4
   FUBP                      INR9cr to INR11cr reaffirmed/
                                               assigned

   Non Fund Based Limit?        0.30           [ICRA]A4
   Bank Guarantee                              reaffirmed

The ratings take into account the promoter's long standing
experience in the business of sea food export, existing
relationship with reputed overseas customers ensuring steady flow
of export orders, its established relationship with the fishermen
for regular supply of sea food and an improvement in the firm's
capital structure. The ratings also favourably factors in the
marketing initiatives and tie-ups of the firm with reputed
overseas customers. The ratings, however, continues to be
constrained by the weak financial profile of the firm
characterized by thin profit margins on the back of limited
pricing flexibility due to high competition from domestic and
international players, its significant customer concentration
risk and susceptibility to volatility in foreign currency rates
which impacts cash flows and profits of sea food exporters
including SAE. The ratings also take into consideration the
inherent risks like susceptibility to diseases, climate change
risks and adverse change in government policies. Reduction in the
export incentives and recent increase in the anti-dumping duty in
USA are likely to have an adverse impact on the company's
profitability. ICRA takes note of the risk associated with the
legal status of the entity as a partnership firm including risk
of capital withdrawal and the ongoing debt-funded capital
expenditure, which can adversely impact the capital structure and
liquidity position of the firm in the short to medium term.

Established in 1995, S.A. Exports is engaged in the export of sea
food, primarily black tiger prawns. It is a partnership firm
promoted by Mr. Nasir Ahmed Khan, who has been in the industry
for the past three decades. The firm has a total processing
capacity of 28 TPD (tonnes per day). SAE operates from a leased
processing plant located at Jessore Road, Kolkata.

Recent Results

During 2010-11, SAE reported a net profit of INR0.54 crore on
operating income of INR78.83 crore. During the period from April
2011 to February 2012, the firm posted a profit after tax of
INR0.42 crore (provisional) on an operating income of INR53.15
crore (provisional).


SHANTAI EXIM: ICRA Assigns '[ICRA]B+' Rating to INR7cr LT Loan
--------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B+' to the
INR7.00 crore fund-based bank facilities of Shantai Exim Limited.
ICRA has also assigned a short-term rating of '[ICRA]A4' to the
INR18.00 crore fund-based bank facilities of the company.

                         Amount
   Facilities           (INR Cr)       Ratings
   ----------           ---------      -------
   Long Term Fund          7.00        [ICRA]B+ (Assigned)
   Based Limits

   Short Term Fund         18.00       [ICRA]A4 (Assigned)
   Based Limits

The assigned ratings are constrained due to the weak financial
profile characterized by low profit margins, adverse capital
structure and weak debt coverage indicators. The ratings also
factor in the vulnerability of profits to the volatility in raw
material prices and fluctuations in the exchange rates along with
the intense competition in export markets from other domestic and
international suppliers. However, the ratings favorably factor in
the long experience of the directors in the textile industry and
the location advantages arising from its proximity to raw
material sources.

                       About Shantai Exim

Incorporated in 2004, Shantai Exim Limited is engaged in the
manufacturing and export of women's fashion wear, mainly sarees
and dress materials to Indonesia, Pakistan, Afghanistan, Turkey,
etc. The company is also engaged in trading of fancy yarn.The
company has its registered office and manufacturing facility at
Pandesara, Surat.

Recent Results

During the financial year 2010-11, SEL registered a profit after
tax of INR1.44 crore on an operating income of INR144.32 crore.
For the nine months ended December 2011, SEL registered a net
profit of INR1.79 crore on an operating income of INR108.18 crore
(Provisional numbers).


SHREE DURGA: ICRA Assigns '[ICRA]B-' Rating to INR8.8cr LT Loan
---------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B-' to the INR8.8
crore term loan facilities of Shree Durga Construction Private
Limited. ICRA has also assigned a short term rating of '[ICRA]A4'
to the INR5.0 crore non-fund based bank limits of SDCPL?.

                         Amount
   Facilities           (INR Cr)       Ratings
   ----------           ---------      -------
   Long term, Fund         8.80        [ICRA]B- assigned
   based limits

   Short term, Non         5.00        [ICRA]A4 assigned
   fund based limits

The ratings factor in the company's small scale of operations in
the highly competitive road construction industry ; its
geographical and client concentration risk which has limited the
company's ability to have stable order inflows and revenue
growth. The ratings also take into consideration the stretched
capital structure of the company resulting from significant
working capital requirements and past debt-funded capital
expenditure; the ensuing repayment commitments in the forthcoming
years are expected to result in weak cash flow and coverage
indicators over the medium term. The ratings also consider the
long track record and experience of the promoters in the industry
and the company's adequate operating capabilities to scale up its
operations over the next 1-2 years and the increasing number of
road projects being bid out as part of the Central and State
infrastructure spending programmes.

Shree Durga Constructions (P) Ltd promoted by Mr. R.P. Narayanan,
is a small scale civil contractor specialising in construction of
roads and bridges. The promoters have been involved in road
construction activities for the past few decades through the firm
M/s Shree Durga Constructions. SDPCL was incorporated in 2006 to
execute larger scale road projects in the Government sector and
took over the proprietorship. SDCPL is a qualified Class-I
contractor with the Public Works Department of Governments of
Tamil Nadu, Karnataka and Pondicherry. It has a presence in the
Salem district of Tamil Nadu (Coimbatore, Salem, Erode, Tirupur,
Karur, etc.) and has also executed number of high value projects
in Karnataka.


SG ENGINEERS: ICRA Assigns '[ICRA]BB-' Rating to INR4cr Loan
------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]BB-' to the
INR4.0 crore fund based facilities of SG Engineers. ICRA has also
assigned a short-term rating of '[ICRA]A4' to the INR4.0 crores
short-term fund based facilities of SG Engineers. The outlook on
the long term rating is stable.

                         Amount
   Facilities           (INR Cr)       Ratings
   ----------           ---------      -------
   Long term Fund          4.0         [ICRA]BB- assigned
   Based limits

   Short term Fund         4.0         [ICRA]A4 assigned
   Based limits

The ratings are constrained by SG's small-scale of operations
which coupled with highly fragmented and competitive nature of
industry has led to low pricing flexibility. This has resulted in
modest operating margins which are also exposed to adverse
movement in raw material prices particularly steel as there are
no price variation clauses in contracts. The ratings also take
into account the client concentration risk as 75% of SG's
revenues come from Indian army; thus the future revenue growth of
the firm will be dependent upon its ability to secure fresh
orders from the army. Nevertheless, the ratings derive comfort
from long and established track record of promoters in the
fabrication industry which has resulted in repeat orders from key
client and favourable financial profile as reflected by, strong
capitalization (gearing of 0.25 times as on March 31, 2011) and
coverage indicators (interest coverage of 6.6 times in FY11).

SG Engineers was established in the year 1987 as a proprietorship
firm by Mrs Bina Gupta. At present, the firm is managed by Mrs.
Bina Gupta and her son Mr. Siddharth Gupta who is an engineering
and management graduate from UK. Over the years SG has expanded
its product portfolio to include value-add products such as
Punched Tape Concertina Coils, Post Fence Metal Angles,
Prefabricated Building Structures and Fiber Re-inforced Plastics
and Incinerators. The company has three manufacturing units, one
each in New Delhi, Haryana and Himachal Pradesh. The Delhi and
Haryana units are involved in fabrication works while the
Himachal Pradesh unit is involved in manufacturing of Pre
Engineered Buildings (PEB) and Polyurethane Foam(PUF) panels. The
primary customers for the firm are various departments such as,
the Indian Army and other Paramilitary Forces.

Recent results:

SG reported a profit after tax (PAT) of INR0.97 crores on an
operating income of INR19.43 crores in FY 2010-11 as against an
PAT of INR0.37 crores on an operating income of 8.87 crores in FY
2009-10.


STAR AGRO: ICRA Cuts Rating on INR3.05cr Loans to '[ICRA]B+'
------------------------------------------------------------
ICRA has revised the long-term rating from '[ICRA]BB' to
'[ICRA]B+' to the INR1.44 crore term loan facilities and
INR1.61 crore fund based bank facilities of Star Agro Marine
Exports Private Limited. ICRA has also reaffirmed the short-term
rating of '[ICRA]A4' to the INR12.43 crore non-fund based bank
facilities and INR36.10 fund based bank facilities of STAGRO.

                              Amount
   Facilities                (INR Cr)      Ratings
   ----------                ---------     -------
   Term Loan facilities         1.44       Revised from [ICRA]BB
                                           (Stable) to [ICRA]B+

   Fund based facilities        1.61       Revised from [ICRA]BB
                                           (Stable) to [ICRA]B+

   Non-fund based facilities   12.43       [ICRA]A4 reaffirmed

   Fund based facilities       36.10       [ICRA]A4 reaffirmed

The revision in ratings considers the losses incurred in the
first half of previous fiscal which are expected to deteriorate
the financial structure in the current fiscal. The ratings also
considers the stretched financial profile characterized by high
gearing, low coverage indicators, fluctuating margins and tight
liquidity scenario, small scale of operations restricting
financial flexibility and threat of anti-dumping measures in
importing countries which may lead to fall in demand. The ratings
consider the industry characterized by low value addition coupled
with intense competition resulting in low pricing flexibility,
the threat of disease outbreaks and the lack of backward
integration leading to weak operational efficiencies. However,
the ratings consider the experience of the promoters in the
industry and the recurring source of revenue from the overseas
customers.

Star Agro Marine Exports Private Limited was incorporated in 1998
with its factory at Nellore in Andhra Pradesh. Its promoter,
Mr. Shaik Abdul Aziz, has over fourteen years of experience in
shrimp farming. Until 2000, the company outsourced processing of
shrimps and in 2005, the company acquired the current processing
plant to consolidate its operations and improve its efficiency.
In 2006, the company floated M/s. Star Agro Marine Inc., a
liaison office in the United States of America. The company
currently caters only to export markets and supplies to Belgium,
France, Germany, United Kingdom and the United States.

Recent Results

According to unaudited results, the Company achieved net profit
of INR0.9 crore on operating income of INR73.6 crore during the
nine months ended December 31, 2011. The company reported net
profit of INR0.5 crore on operating income of INR92.0 crore
during 2010-11.


T A PAI: ICRA Cuts Rating on INR41.5cr Loan to '[ICRA]BB-'
----------------------------------------------------------
ICRA has revised the long term rating assigned to INR41.50 crore
( reduced from INR52.00 crore) bank facilities of T A Pai
Management Institute from '[ICRA] BB+' to '[ICRA]BB-'.  The
outlook on the long term rating is stable.

                             Amount
   Facilities               (INR Cr)          Ratings
   ----------               ---------         -------
   Fund based facilities-    41.50 (reduced   [ICRA]BB- /(Stable)
   Term Loan                 from INR52c)     (Downgraded from
                                              [ICRA]BB+)

The rating revision reflects the deterioration in TAPMI's
financial profile marked by significant increase in the gearing
(10.57 x as on March 31, 2011) and weakening of the coverage
indicators. The institute reported net losses in the past few
years on account of its significant debt funded capital
expenditure which resulted in erosion of its net worth. Moreover,
the institute's future expansion plans which are likely to be
debt funded could further deteriorate the stretched financial
profile and may expose the institute to re-financing risk. These
apart, the rating is also constrained by the competitive
pressures and regulatory challenges involved in the private
education sector. While assigning the rating, ICRA also notes
that with increased seat intake, attracting and retaining high
quality faculty remains a challenge for the institute. The
rating, however, continues to derive comfort from long track
record of TAPMI's promoters in the education sector; TAPMI's
experienced faculty and its good infrastructure facilities as
well as its established brand equity.

                           About T A Pai

Incorporated in the year 1980, T A Pai Management Institute, has
been providing management education for over two decades. The
institute is governed by T A Pai Management Institute Trust
(TAPMI Trust) and the Governing Council appointed by the Trust.
The institute runs several management courses including PGDM,
EPGPM, e-GPX. The institute moved its operations to a new
residential campus spread over 40 acres of land, and currently
conducts these courses in the new campus in Manipal as well as
the Center for Executive Education in Bangalore.

Recent results

For FY 12, TAPMI recognized operating profit (OPBDITA) of
INR11.37 crore and net profit of INR0.17 crore on an operating
income of INR25.77 crore (provisional numbers). During FY 2010-
11, TAPMI had recognized operating profit (OPBDITA) of INR3.89
crore and net loss of INR7.08 crore on an operating income of
INR15.98 crore.


UTTAM STRIPS: ICRA Cuts Rating on INR255cr Loans to '[ICRA]D'
-------------------------------------------------------------
ICRA has revised the rating to '[ICRA]D' from '[ICRA]BB' assigned
to INR152.50 crore fund based limits and INR77.50 crore term
loans of Uttam Strips Limited. The stable outlook on the long
term rating has been withdrawn. ICRA has also revised short term
rating to '[ICRA]D' from '[ICRA]A4' assigned to INR25 crore non-
fund based limits (sub limits of fund based limits) of USL.

                          Amount
   Facilities            (INR Cr)       Ratings
   ----------            ---------      -------
   Term Loans              77.50        Revised to [ICRA]D
   Fund Based Limits      152.50        Revised to [ICRA]D
   Non-Fund Based Limits   25.00        Revised to [ICRA]D

The revision in ratings factor in USL's stretched liquidity
profile which has led to delays in debt servicing by the company.
Further the ratings are constrained by USL's moderate financial
profile marked by low profitability, high working capital
intensity, high gearing, and weak debt protection indicators. It
also takes into consideration highly competitive nature of the
industry, its exposure to raw material price fluctuation risk and
geographical concentration risk faced by the company. However
ICRA has noted the strengths of USL arising from its experienced
management, its established relationship with its customers,
healthy growth achieved by the company in its turnover, and the
location advantage for being situated close to its target market
i.e. Delhi NCR region.

                        About Uttam Strips

Uttam Strips Limited (erstwhile Uttam Strips Private Limited) is
a closely held public limited company. USL was established by Mr.
Ramesh Kumar Miglani along with his sons Mr. Rishi Miglani & Mr.
Rajat Miglani by converting a sick unit Munak Galva Limited in
October 2006. The promoters had acquired the above mentioned sick
unit in FY2004. The company is involved in manufacturing of Cold
Rolled Closed Annealed (CRCA) sheets, coils and strips. Company
procures HR (Hot Rolled) coils form domestic market and converts
them to CRCA. Besides manufacturing of CRCA steel, company is
also involved in manufacturing precision tubes and wire rods. It
has also set up a plant for manufacturing metallic home products
such as ironing boards, space savers, driers and step ladders
etc.

Recent Results:

For FY2011 USL reported an operating income of INR304 crore and
profit after tax of INR2.46 crore against operating income of
INR144 crore and profit after tax of INR0.37 crore in FY2010.


VIKARSH STAMPINGS: ICRA Assigns 'BB-' Rating to INR1.5cr Loan
-------------------------------------------------------------
ICRA has assigned the '[ICRA]BB-' rating to the INR1.50 crore
cash credit loans facilities of Vikarsh Stampings India Private
Limited. The outlook on the long term rating is Stable. ICRA has
also assigned the '[ICRA]A4' rating to the INR5.00 crore short
term non-fund based facilities of VSPL. The cash credit
facilities are sublimit to the non-fund based facilities of the
company.

                         Amount
   Facilities           (INR Cr)     Ratings
   ----------           ---------    -------
   Cash Credit            1.50       [ICRA]BB- (stable) assigned
   Short Term Non Fund    5.00       [ICRA]A4 assigned
   Based Facilities

The assigned ratings factor in the long standing experience of
the promoters in transformer lamination business and the well
diversified client base of the company with top 5 clients
accounting for 37% of its total revenues. The ratings are however
constrained by the company's modest scale of operations, high
gearing, poor coverage indicators and stretched liquidity
position given the increase in receivable days over the last two
fiscals. While the company recorded healthy growth in revenues
over the last four fiscals, the weak demand outlook for processed
CRGO steel given that the transformer industry is currently in a
state of oversupply is expected to weigh down volume growth and
cash accruals over the near term. In addition, VSPL's margins
continue to remain exposed to fluctuation in forex rates and CRGO
steel prices. While ICRA notes that the expected conversion of
unsecured loans from promoters into equity will provide adequate
support to the company's capitalization indicators, the ability
of the company to improve upon its receivable collection and
hence cash flow and liquidity position remains the key rating
sensitivity.

Vikarsh Stampings India Private Limited was established in 2000
as a partnership company by Mr. Laxmikant Trivedi, Mr. Milind
Wani and Mr. Sameer Shinde. The company was subsequently
converted into a Private Limited firm in 2003. VSPL is currently
engaged in the manufacture of lamination cores for transformers
of upto 75MVA. The company also manufactures toroidal cores for
metering transformers. VSPL's manufacturing facility is located
at Dhangarwadi, Shirwal (near Pune).

Recent Results:

For the financial year ending March 31, 2011, DCPL recorded an
operating income of INR65.21 crore and a PAT of INR1.61 crore as
against an operating income of INR61.27 crore and PAT of INR1.85
crore for the twelve months ending March 31, 2010.


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


PAKUWON JATI: Fitch Affirms 'B' Issuer Default Rating
-----------------------------------------------------
Fitch Ratings has affirmed and upgraded PT Pakuwon Jati Tbk
ratings as follows:

  -- Long Term Foreign Currency Issuer Default Rating affirmed at
     'B'; Outlook Stable

  -- Long Term Local Currency Issuer Default Rating affirmed at
     'B'; Outlook Stable

  -- National Long Term rating upgraded to 'A-(idn)' from 'BBB+
     (idn)'; Outlook Stable

Simultaneously, Fitch has withdrawn all of the above ratings as
they are no longer considered by Fitch to be relevant to the
agency's coverage.

The National rating upgrade reflects Pakuwon's strengthened
recurring income base due to the opening of its latest shopping
mall Gandaria City.  This, together with Tunjungan Plaza, will
continue to underpin strong recurring cashflows in the medium-
term with their high occupany rates above 94%.  As of 31 December
2011, EBITDA generated from the company's shopping malls
operation and hospitality business contributed around 50% of
consolidated EBITDA.

Fitch will no longer provide analytical coverage or ratings of
Pakuwon.


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


AIJ INVESTMENT: Police Quizzes Clients Over Losses
--------------------------------------------------
Kyodo News reports that police are interviewing people from
corporate pension funds in connection with the massive losses
they suffered at the hands of AIJ Investment Advisors Co.

Kyodo relates that the investigators said Wednesday the police
are looking to build a fraud case against AIJ, in addition to the
alleged violation of a financial product trading law, as they
work with the Securities and Exchange Surveillance Commission.
According to the report, the securities regulators have already
launched an investigation into the investment advisory firm on
suspicion that it lured corporate pension funds into signing
asset management deals based on false information.

Kyodo notes that AIJ is alleged to have worked in concert with
ITM Securities Co., which was effectively under its control, in
luring corporate pension funds into asset management deals, even
though it was making losses on the assets through derivatives
trading.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 27, 2012, Bloomberg News said the Financial Services Agency
on Feb. 24 ordered AIJ Investment to halt its business after
finding the asset manager's clients funds of about JPY183.2
billion may be "adversely affected" and started a probe into the
263 asset managers operating in Japan.

As recommended by the Securities and Exchange Surveillance
Commission, the FSA on March 23 stripped AIJ of its investment
adviser registration and ordered ITM Securities Co., which is
effectively under AIJ's control, to suspend operations for six
months.

Tokyo-based asset-management firm AIJ Investment Advisors Co.,
led by Kazuhiko Asakawa, was established in April 1989, and had
120 clients including pension plans with JPY183.2 billion in
assets as of the end of 2010.  It has 12 employees.


AIJ INVESTMENT: President Received Up to JPY500MM from Affiliate
----------------------------------------------------------------
The Japan Times reports that AIJ Investment Advisors Co.
President Kazuhiko Asakawa said Tuesday he received JPY400
million to JPY500 million in dividends from an AIJ affiliate he
owned.

However, in sworn testimony before the House of Councilors
Financial Affairs Committee, Mr. Asakawa denied that he intended
to cheat AIJ's clients, mainly corporate pension funds, the
report says.

Mr. Asakawa said he received the dividends from AIA, a fund
management firm he owned outright, between 2003 and 2005, on top
of his annual salary of about JPY79 million at AIJ.

According to the report, AIJ paid JPY4.5 billion in management
fees to AIA between 2002 and 2011. Asakawa's testimony clarified
that part of the money was funneled to him as dividends.

"I received JPY400 million to JPY500 million, but JPY300 million
was taken as tax," Mr. Asakawa told the Upper House panel.

Mr. Asakawa, as cited by the report, said he held JPY121 million
in personal assets as of the end of last year, including
JPY23 million in cash and deposits.

"I've never intended to swindle clients for personal gain through
fictitious asset management," Mr. Asakawa told the Upper House
committee.  He made a similar statement before the House of
Representatives Financial Affairs Committee earlier this month,
when he also spoke under oath, according to The Japan Times.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 27, 2012, Bloomberg News said the Financial Services Agency
on Feb. 24 ordered AIJ Investment to halt its business after
finding the asset manager's clients funds of about JPY183.2
billion may be "adversely affected" and started a probe into the
263 asset managers operating in Japan.

As recommended by the Securities and Exchange Surveillance
Commission, the FSA on March 23 stripped AIJ of its investment
adviser registration and ordered ITM Securities Co., which is
effectively under AIJ's control, to suspend operations for six
months.

Tokyo-based asset-management firm AIJ Investment Advisors Co.,
led by Kazuhiko Asakawa, was established in April 1989, and had
120 clients including pension plans with JPY183.2 billion in
assets as of the end of 2010.  It has 12 employees.


ELPIDA MEMORY: Bidding for Rehabilitation Sponsor Moved to May 7
----------------------------------------------------------------
The Japan Times reports that the administrator of Elpida Memory
Inc. has postponed the deadline for the second round of bidding
to select the failed Japanese chipmaker's rehabilitation sponsor
to May 4 from today, April 27, as initially scheduled.

According to the report, sources said by extending the bidding
period by one week, the administrator seems to have urged three
camps of prospective sponsors to present more detailed
rehabilitation plans.

The three are major U.S. chipmaker Micron Technology Inc., South
Korea's SK Hynix Inc., and an alliance of U.S. and Chinese
investment funds, the report notes.

The report states that the administrator plans to pick a party as
early as the second week of May and give it preferential
negotiating rights.  After a sponsor is selected, the
administrator hopes to enter into debt-reduction negotiations
with Elpida's creditor banks, the report relays.

The report says the administrator carried out the first round of
bidding at the end of March and narrowed down sponsor candidates
to the three.

Though the three parties pledged assistance of JPY100 billion to
JPY150 billion each in the first round of bidding, they have
tightened some of their terms for accepting the sponsorship, the
sources, as cited by the report, said.

Meanwhile, Reuters reports that sources close to the talks said
Toshiba Corp is no longer bidding for Elpida Memory, leaving a
handful of foreign firms including SK Hynix and Micron Technology
in the race to take over the company.

Toshiba has decided not to join the second round of bidding after
talks stalled on a joint bid with potential partners, including
South Korea's SK Hynix, the sources told Reuters on Tuesday.

                       About Elpida Memory

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

Tokyo, Japan-based Elpida Memory Inc. sought the U.S.
bankruptcy court's recognition of its reorganization proceedings
currently pending in Tokyo District Court, Eight Civil Division.

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

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

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

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


MITSUBISHI UFJ: Moody's Puts Standalone Credit Profile at 'Ba2'
---------------------------------------------------------------
Moody's Japan K.K. has downgraded the ratings of for Mitsubishi
UFJ NICOS Co., Ltd.

The affected ratings are:

Long-term issuer rating (foreign) to Baa1* from A2*

Senior unsecured shelf (domestic) rating to (P)Baa1* from (P)A2*

Commercial paper (domestic) and short-term issuer rating
(foreign) to Prime-2* from Prime-1*

The outlook for all ratings is stable.

* According to Japanese regulations, these ratings were initiated
  by Moody's Japan K.K. and were not requested by the issuer.

This concludes the review initiated on April 7, 2011 and extended
on August 24, 2011 and March 19, 2012.

This action follows Moody's implementation of its new Finance
Company Global Rating Methodology on March 19, 2012.

Ratings Rationale

As indicated, the downgrades result from the implementation of
Moody's revised global rating methodology for finance companies.

NICOS's Baa1 rating reflects the company's stand-alone credit
profile, equivalent to a Ba2 rating, as well as the uplift from
Moody's expectation of very high support probability from
Mitsubishi UFJ Financial Group, Inc. (MUFG, unrated) and the Bank
of Tokyo-Mitsubishi UFJ, Ltd. (BTMU, Aa3 deposit rating, C/a3
standalone bank financial strength rating/baseline credit
assessment) in times of stress, given NICOS's strategic
importance to MUFG and BTMU.

The key factors behind NICOS's Ba2 standalone credit profile are:
(1) its established presence and its market share -- one of the
largest -- in the domestic credit card industry; and its long
operating history and strong brand recognition, attributes that
Moody's expects will help the company rebuild a profitable
franchise in the challenging operating environment in Japan, (2)
its weak standalone financial fundamentals, as indicated by high
volatility of its bottom-line results due to large restructuring
costs, as related to a series of M&As and MUFG's reorganization
of its non-bank business, (3) its stable funding and liquidity
profiles, as evidenced by its low dependence on its market-based
funding such as commercial paper and bond issues on the
assumption that its bank funding (93% of its total interest
bearing debt as of end-March 2011) will remain steady, as
underpinned by its status as a core business of MUFG.

Due to a weak domestic economy, NICOS continues to face a severe
operating environment for its credit card business. In addition,
overpaid-interest claims have pressured the company's bottom-line
profits, although to a much smaller degree when compared with
some other Japanese consumer finance specialists.

But for the 6 months ended September 2011, NICOS posted a net
profit of JPY13.7 billion, up by JPY20.8 billion from a year ago.
This indicated the return of its profitability in a more
normalized environment and followed an additional JPY100 billion
provision on overpaid interest claims in the previous fiscal year

The rise in profit was due mainly to the absence of any
additional provisions for losses on overpaid-interest claims and
a sharp decrease in associated provisions.

Contributing to NICOS's stand-alone credit profile is its
ownership by MUFG, a relationship that provides the company with
operating and funding opportunities that Moody's believes are
supportive to its credit profile. The inseparability of NICOS'
business from MUFG will contribute to future earnings stability.

NICOS's four notches of ratings uplift -- relative to its
standalone credit profile of Ba2 -- reflects Moody's expectation
that MUFG will provide extra-ordinary support, if necessary.

Moody's assumption of the very high probability of MUFG's extra-
ordinary support for NICOS is supported by its capital injections
of JPY120 billion for FYE3/2008 and JPY85 billion for FYE3/2011.

The stable outlook reflects Moody's expectation that NICOS's
profitability will further stabilize due to its restructuring of
its business with a focus on credit card business under its
alliance with MUFG, its cost reduction efforts, and less pressure
from overpaid-interest claims. The stable outlook also
incorporates Moody's view that NICOS' stable funding and
liquidity profile will remain unchanged, supported by its good
and strong relationships with MUFG group banks including BTMU and
other Japanese financial institutions.

Upward pressure on the rating is unlikely in the next two years.
It eventually could arise if NICOS can demonstrate that it can
achieve a sustainably profitable franchise in the challenging
environment for Japanese finance companies focused on consumer
credit.

Downward pressure on the rating could result from (1) a
deterioration in its stand-alone financial fundamentals such as
the failure to maintain positive net income or any deterioration
in the stability of its funding profile or capitalization, (2)
reductions in equity ownership, or changes in its business model,
resulting in it losing its status as a card-issuing vehicle for
MUFG.

The principal methodology used in this rating was "Finance
Company Global Rating Methodology" published on March 19, 2012,
and available on www.moodys.co.jp.

Mitsubishi UFJ NICOS Co., Ltd., headquartered in Tokyo, is a
major Japanese credit card company, with consolidated assets of
JPY 2.4 trillion as of September 30, 2011.


ORIENT CORP: Moody's Puts Standalone Credit Profile at 'Ba2'
------------------------------------------------------------
Moody's Japan K.K. has downgraded to Baa3 from Baa2 the issuer
rating of Orient Corporation.

The rating outlook is stable.

This concludes the review initiated on April 7, 2011 and extended
on August 24, 2011 and March 19, 2012.

This action follows Moody's implementation of its new Finance
Company Global Rating Methodology on March 19, 2012.

Ratings Rationale

As indicated, the downgrades result from the implementation of
Moody's revised global rating methodology for finance companies.

Orico's Baa3 rating reflects the company's stand-alone credit
profile, equivalent to a Ba2 rating, as well as the uplift from
Moody's expectation of high support probability from Mizuho
Financial Group, Inc. including Mizuho Corporate Bank, Ltd.
(MHCB, A1 deposit rating, C-/baa1 standalone bank financial
strength rating/baseline credit assessment) and Mizuho Bank, Ltd.
(MHBK, A1 deposit rating, C-/baa1 standalone bank financial
strength rating/baseline credit assessment) in times of stress,
given Orico's strategic importance to MHFG.

The key factors behind Orico's Ba2 standalone credit profile are:
(1) the expectation that the company can maintain an operating
franchise -- which includes installment sales, credit card/loans
and guarantee business for bank loans -- supported by high brand
recognition, lending and collections expertise, a nationwide
member-store network, and its business alliance with MHFG, (2)
its weak standalone financial strength, as indicated by its low
capital base and low profitability, (3) its stable funding and
liquidity profiles, as evidenced by its low dependence on market-
based funding such as commercial paper and bond issues on the
assumption that its bank funding (84% of its total interest-
bearing debt as of end-December 2011) will remain steady, as
underpinned by its favorable relationship with MHFG.

Due to a weak domestic economy, Orico continues to face a severe
operating environment for its businesses. In addition, overpaid-
interest claims associated with the past cashing business have
pressured its bottom-line profits, although to a much smaller
degree when compared with other Japanese consumer finance
specialists.

However, given that Orico's quarterly repayment amounts for
overpaid-interest claims declined by almost half to JPY6.4
billion for the third quarter of FYE3/2012 -- from their peak of
JPY11.7 billion for the second quarter of FYE3/2010 -- their
impact on its financials is likely to be mitigated.

On March 30, 2012, Orico revised downwards its net income
forecast for FYE3/2012 to JPY2 billion from JPY8.7 billion due to
its provisions for overpaid-interest claims of JPY9.5-10.5
billion. Nevertheless, Orico expects to record positive net
income due to its cost reduction efforts.

Contributing to Orico's stand-alone credit profile is its
ownership by MHFG, a relationship that provides Orico with
operating and funding opportunities that Moody's believes are
supportive to its credit profile. Product diversification in the
consumer credit area -- such as its guarantee business and
business alliance with MHFG -- will contribute to future earnings
stability in Moody's view.

Orico's two notches of uplift for its rating -- relative to its
standalone credit profile of Ba2 -- reflects Moody's expectation
that MHFG will provide extra-ordinary support, if necessary,
despite its status as a minority controlled affiliate.

Moody's assumption of the high probability of MHFG's extra-
ordinary support is supported by MHFG's decision to make Orico an
equity method affiliate in September 2010. Orico's strategic
importance to and close business integration with MHFG are also
evidenced by the steady increase in Orico's guarantee business.
The latter is mainly provided to MHBK.

The stable outlook reflects Moody's expectation that Orico's
profitability will further stabilize due mainly to its
diversified line of businesses including auto loans, its
strengthening business alliance with MHFG, Orico's cost reduction
efforts, and less pressure from overpaid-interest claims.

The stable outlook also incorporates Moody's view that Orico's
stable funding and liquidity profile will remain unchanged,
supported by its good and strong relationships with Mizuho group
banks and other Japanese financial institutions.

Upward pressure on the rating could result from 1) an increase in
the direct shareholdings (with voting rights) of Mizuho group
banks; such a development would further strengthen its strategic
importance, or 2) a provision by Mizuho group banks of explicit,
legally binding, and extensive guarantees to Orico.

Downward pressure on the rating could result from 1) a reduction
in MHFG' shareholding in Orico, 2) a weakening of its operational
integration with MHFG, or a fall in its strategic importance to
MHFG, 3) downgrades of the ratings of Mizuho group banks, or 4) a
demonstration of unstable bottom-line performances due to
increases in credit costs and costs related to overpaid-interest
claims.

The principal methodology used in this rating was "Finance
Company Global Rating Methodology" published on March 19, 2012,
and available on www.moodys.co.jp.

Orient Corporation, headquartered in Tokyo, was established in
1954. Its primary business lines include installment sales of
general/specific products, and provision of credit card
cash/loans and credit guarantees. It had total consolidated
assets of around JPY4.2 trillion as of December 31, 2011.


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


BRIDGECORP LTD: Former Managing Director Jailed for 6-1/2 Years
---------------------------------------------------------------
BusinessDesk reports that Bridgecorp Ltd former managing director
Rod Petricevic has been jailed for six and a half years for his
role in misleading investors and knowingly making false
statements in offer documents.

According to BusinessDesk, the New Zealand Herald reported that
in the High Court in Auckland on Thursday, Judge Geoffrey Venning
said he didn't believe Mr. Petricevic showed true remorse for his
actions in the collapse of the finance company.

Earlier this month, BusinessDesk recalls, Mr. Petricevic was
found guilty on all 18 counts of breaching the Securities Act,
Crimes Act and Companies Act, and was held in custody. The Crimes
Act charges carried a maximum sentence of 10 years imprisonment.

BusinessDesk says Crown prosecutor Brian Dickey asked for a
starting point of eight years, while Mr. Petricevic's counsel,
Charles Cato, said six years was adequate.

Bridgecorp executive director Rob Roest, who was convicted on all
counts with Mr. Petricevic, will be sentenced on May 18 with
Peter Steigrad, a non-executive director.  Mr. Steigrad received
bail and was convicted on six of 10 counts relating under the
Securities Act.

                       About Bridgecorp Ltd

Based in New Zealand, Bridgecorp Ltd. is a property development
and finance company.

Bridgecorp was placed in receivership on July 2, 2007, after
failing to pay principal due to debenture holders.  John Waller
and Colin McCloy, partners at PricewaterhouseCoopers, were
appointed as receivers.  Bridgecorp owes around 14,500 investors,
which liquidators estimate to approximate NZ$500 million.

Bridgecorp's nine Australian companies were also placed into
voluntary administration, owing about 100 investors about
AUD24 million (NZ$27 million).


CAPITAL+MERCHANT: Court Upholds Receivers' IRD Obligations
----------------------------------------------------------
Fairfax NZ News reports that the principle that receivers must
account to Inland Revenue for the GST on a mortgagee sale has
been upheld by the Court of Appeal.

The case involved IRD and the receivers of Capital+Merchant
Investments and its secured creditor, lender of last resort
Fortress Credit Corporation, according to Fairfax NZ News.

The report notes that the receivers were seeking direction from
the court as to whether GST on a mortgagee property sale had to
be paid to IRD or could go to the secured creditor.

Fairfax NZ News says that the Court of Appeal decision overturns
a High Court judgment that receivers are personally liable for
GST in such circumstances.

Law firm Chapman Tripp in an analysis of the decision said some
of the judgment from the Court of Appeal was surprising and it
was expecting an appeal to the Supreme Court, Fairfax NZ News
discloses.

Fairfax NZ News notes the case involved the sale of mortgaged
properties by mortgagee Capital+ Merchant Investments.  At the
time of the mortgagee sales CMI was in receivership, after
defaulting on a loan from Fortress, the report relays.

Fairfax NZ News says that the receivers accepted that CMI was
liable to account for GST to IRD but argued that because it was
in receivership and unable to meet its debt, IRD was simply an
unsecured creditor.

The receivers believed that as they had no personal liability for
the GST, they must account to the secured creditor, Fortress, for
all proceeds of the sale, including the amounts received as GST,
the report adds.


NZF MONEY: Family Trust Given "Improper Priority," Receivers Say
----------------------------------------------------------------
Fairfax NZ News reports that receivers of NZF Money claim a
contrived transaction pushed through the day before the finance
company collapsed led to a director jumping the creditors' queue,
potentially saving his family trust more than a million dollars.

The news agency notes that the allegation against Pat O'Connor
forms part of an action being taken against five directors of NZF
Money's parent company, NZF Group.

The court action has left the NZX-listed company frozen and
facing possible liquidation, the report says.

According to Fairfax NZ, receivers Brendan Gibson and Graham
Grant, of KordaMentha, claim in documents filed in the High Court
in Auckland that Mr. O'Connor's family trust Hillview Trust had
NZ$1.4 million invested in NZF Group debentures in the lead-up to
NZF Money's collapse on July 22, 2011.

"One day prior to the receivership, a transaction was processed
'maturing' these debentures early, converting the amount owed
into a secured loan advanced by the Hillview Trust," Mr. Gibson
said in an affidavit obtained by Fairfaz NZ.  "We are disputing
the effectiveness of this transaction.  On its face, it appears
to be an attempt to give Mr. O'Connor's family trust an improper
priority over other debenture holders."

Fairfax NZ relates that the receivers' reports show debenture
holders of NZF Money bonds, mostly small retail investors, could
lose as much as 75% of the NZ$16.4 million owed.

According to the news agency, NZF Group chief executive
Mark Thornton's affidavit disputed the receivers' interpretation
of the Hillview Trust transaction.  "This is not what happened,"
he said.

Fairfax NZ relates that Mr. Thornton said the debenture-to-loan
security swap came after O'Connor gave an undertaking to fund the
completion of a NZF Money-backed property development on Waiheke.
"Completion of the subdivision would have unlocked considerable
profit for the company," Mr. Thornton said.

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

Fairfax NZ says Messrs. Gibson and Grant's central claim accuses
NZF Group directors O'Connor, Thornton, Peter Huljich, John
Callaghan and Richard Waddel of breach of fiduciary duty over the
October 2010 sale of shares in mortgage management vehicle NZ
Homeloans.

NZ Homeloans, a subsidiary of NZF Money, was sold to parent
company NZF Group for just NZ$1,000.

Receivers claim the sale was "conducted at significant
undervalue" and NZ Homeloans was actually worth NZ$3 million, and
this amount should have been made available to repay debenture
holders, adds Fairfax NZ.

                          About NZF Money

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

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

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

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


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



EXPORT & INDUSTRY BANK: Placed Under PDIC Receivership
------------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) said it has
taken over the Export & Industry Bank (EIB) on April 27, 2012, to
implement Monetary Board Resolution No. 686 dated April 26, 2012.
As Receiver, PDIC will gather all the assets of the closed bank
and verify and validate all bank records.

PDIC President Valentin A. Araneta has directed the Corporation
to marshall all resources needed to ensure that the receivership
and the payment of deposit insurance are done swiftly.  All
insured depositors are assured that PDIC will pay insurance on
all valid deposit accounts as soon as possible. PDIC EVP in
charge of Receivership and Liquidation, Cristina Q. Orbeta has
been designated official spokesperson regarding the closed bank
with VP for Corporate Affairs Group Maria Leonida Fres-Felix as
Deputy Spokesperson.

Payment for accounts with balances of PHP10,000 and below
comprising 62% of the bank's total deposit accounts of 50,052 is
targeted to start by the end of May.  Holders of these accounts
who have no outstanding loans and who have updated their
addresses in the bank in the past year, need not file deposit
insurance claims.

For depositors with account balances of more than PHP10,000,
claim forms will be distributed during Depositors Forums to be
conducted nationwide starting May 2, 2012.  During the Forums,
the procedures, instructions and requirements for filing claims
will be discussed.  Claims servicing operations for accounts of
over PHP10,000 are expected to commence no later than end of
June.

ABS-CBNnews.com reports that the Bangko Sentral ng Pilipinas
placed EIB under receivership on April 26, 2012.

According to the report, the Monetary Board said it placed Export
& Industry Bank under receivership as of April 26, invoking
Section 30 of Republic Act 7653 or the New Central Bank Act.

ABS-CBNnews.com relates that the MB cited the bank's "inability
to meet obligations as they becomes due, insufficient realizable
assets to meets its liabilities and its inability to continue its
business without involving probable losses to its depositors and
creditors."

Export & Industry Bank wrote the BSP to surrender its bank
operations to the BSP and declared a bank holiday effective
April 27, ABS-CBNnews.com relays.

Headquartered in Makati City, Manila, Export & Industry Bank
-- http://exportbank.com.ph/-- has 50 branches and has revived
former Urban Bank unit under new names.  Its principal activity
is the provision of commercial banking services such as deposit
taking, loans and trade finance, domestic and foreign fund
transfers, treasury, foreign exchange and trust services.


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


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

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

AUSTRALIA

AAT CORP LTD               AAT         32.50           -13.46
ALTIUM LTD                 ALU         24.26            -3.62
APN EUROPEAN PRO           AEZ        321.75          -106.88
AUSTAR UNITED              AUN        686.84          -145.61
AUSTRALIAN ZI-PP           AZCCA       77.74            -2.57
AUSTRALIAN ZIRC            AZC         77.74            -2.57
BIRON APPAREL LT           BIC         19.71            -2.22
CLARITY OSS LTD            CYO         31.64            -5.75
CNPR GROUP                 CNP     15,483.44          -349.73
MACQUARIE ATLAS            MQA      1,671.52          -842.29
MISSION NEWENER            MBT         22.05           -27.72
NATIONAL LEISURE           NLG        154.59           -34.49
NATURAL FUEL LTD           NFL         19.38          -121.51
ORION GOLD NL              ORN         10.91            -0.31
RANGE RIVER GOLD           RNG         13.53           -22.79
RENISON CONSOLID           RSN         10.15           -22.74
RENISON CONSO-PP           RSNCL       10.15           -22.74
RIVERCITY MOTORW           RCY        386.88          -809.14
STERLING BIOFUEL           SBI         31.12            -7.52
SVC GROUP LTD              SVC         13.47            -1.66


CHINA

ACHENG RELAY-A             922         54.63            -0.83
BAOCHENG INVESTM           600892      54.75            -3.55
CHENGDE DALU -B            200160      33.15            -5.30
CHENGDU UNION-A            693         32.68           -15.13
CHINA KEJIAN-A             35         101.04          -194.27
CONTEL CORP LTD            CTEL        59.32           -45.72
DONGXIN ELECTR-A           600691      13.73           -28.65
FASTUBE LTD                FTUBE       89.78            -6.98
GUANGDONG ORIE-A           600988      15.24            -4.10
GUANGXIA YINCH-A           557         19.49           -44.84
GUANGZHOU IRON-A           600894     542.50           -70.92
HEBEI BAOSHUO -A           600155     141.30          -414.58
HEBEI JINNIU C-A           600722     250.44           -85.87
HUASU HOLDINGS-A           509         94.81           -12.27
HUNAN ANPLAS CO            156         45.47           -31.64
JILIN PHARMACE-A           545         34.73            -7.31
JINCHENG PAPER-A           820        198.46          -130.71
QINGDAO YELLOW             600579     218.06           -21.01
SHANDONG DACHE-A           600882     211.79            -3.83
SHANG BROAD-A              600608      43.41            -6.72
SHANXI LEAD IN-A           673         19.29            -1.82
SHENZ CHINA BI-A           17          20.97          -266.50
SHENZ CHINA BI-B           200017      20.97          -266.50
SHENZ INTL ENT-A           56         256.62           -28.92
SHENZ INTL ENT-B           200056     256.62           -28.92
SHENZHEN DAWNC-A           863         26.83          -165.43
SHENZHEN KONDA-A           48         122.96            -7.23
SHIJIAZHUANG D-A           958        217.74           -95.97
SICHUAN DIRECT-A           757         96.63          -170.70
SICHUAN GOLDEN             600678     147.66           -82.88
TAIYUAN TIANLO-A           600234      66.00            -9.45
TIANJIN MARINE             600751      86.23           -89.05
TIANJIN MARINE-B           900938      86.23           -89.05
TIBET SUMMIT I-A           600338      85.56            -3.87
TOPSUN SCIENCE-A           600771     137.37           -85.06
WUHAN BOILER-B             200770     317.76          -162.36
WUHAN GUOYAO-A             600421      11.22           -28.07
WUHAN LINUO SOLA           600885     100.71           -20.23
XIAMEN OVERSEA-A           600870     256.81          -136.78
XIAN HONGSHENG-A           600817      15.98          -296.67
YANBIAN SHIXIA-A           600462     204.56           -22.61
YANTAI YUANCHE-A           600766      63.90            -6.36
YIBIN PAPER IN-A           600793     144.18            -2.37
YOUCAN FOODS INT           YCAN       102.82            -9.02
YUEYANG HENGLI-A           622         37.67           -21.61


HONG KONG

BEP INTL HLDGS L           2326        11.98            -1.14
BUILDMORE INTL             108         16.57           -57.57
CHINA E-LEARNING           8055        15.94            -1.89
CHINA HEALTHCARE           673         46.24            -3.08
CHINA NEW ENERGY           1041       110.74           -80.19
CHINA OCEAN SHIP           651        485.84            -2.95
CMMB VISION HOLD           471         30.68           -17.93
CNI 23 INT'L               611         68.05           -67.58
CROSBY CAPITAL             8088        25.70           -17.43
FIRST NTUL FOODS           1076        14.94           -56.59
FU JI FOOD & CAT           1175        73.43          -389.20
ICUBE TECHNOLOGY           139         25.54            -2.12
MELCOLOT LTD               8198        39.21           -76.03
MITSUMARU EAST K           2358        24.87           -16.51
PALADIN LTD                495        175.99           -12.97
PROVIEW INTL HLD           334        314.87          -294.85
SINO RESOURCES G           223         15.64           -34.61
SMART UNION GP             2700        41.81           -38.85
SUNCORP TECH LTD           1063        11.78            -8.30
SUNLINK INTL HLD           2336        17.79           -36.13
SURFACE MOUNT              SMT         86.34            -8.13
U-RIGHT INTL HLD           627         10.86          -204.99


INDONESIA

ARPENI PRATAMA             APOL       568.63          -226.21
ASIA PACIFIC               POLY       402.84          -803.02
ERATEX DJAJA               ERTX        18.80           -10.69
HANSON INTERNATI           MYRX        94.28            -3.62
HANSON INT-PREF            MYRXP       94.28            -3.62
JAKARTA KYOEI ST           JKSW        31.61           -44.38
MITRA INTERNATIO           MIRA     1,076.79          -446.64
MITRA RAJASA-RTS           MIRA-R   1,076.79          -446.64
PANASIA FILAMENT           PAFI        30.57           -20.41
PANCA WIRATAMA             PWSI        31.13           -38.63
PRIMARINDO ASIA            BIMA        10.01           -21.54
TOKO GUNUNG AGUN           TKGA        12.89            -0.66
UNITEX TBK                 UNTX        18.41           -18.45


INDIA

ALPS INDUS LTD             ALPI       288.11            -7.01
AMIT SPINNING              AMSP        20.43            -1.96
ARTSON ENGR                ART         23.87            -0.60
ASHAPURA MINECHE           ASMN       191.87           -68.03
ASHIMA LTD                 ASHM        63.23           -48.94
ATV PROJECTS               ATV         60.17           -54.25
BELLARY STEELS             BSAL       451.68          -108.50
BLUE BIRD INDIA            BIRD       122.02           -59.13
CAMBRIDGE SOLUTI           CAMB       149.58           -56.66
CELEBRITY FASHIO           CFLI        36.61            -6.76
CFL CAPITAL FIN            CEATF       12.36           -49.56
COMPUTERSKILL              CPS         14.90            -7.56
CORE HEALTHCARE            CPAR       185.36          -241.91
DCM FINANCIAL SE           DCMFS       18.46            -9.46
DFL INFRASTRUCTU           DLFI        42.74            -6.49
DIGJAM LTD                 DGJM        99.41           -22.59
DUNCANS INDUS              DAI        122.76          -227.05
FIBERWEB INDIA             FWB         12.15           -15.81
GANESH BENZOPLST           GBP         49.24           -21.14
GEM SPINNERS LTD           GEMS        14.58            -1.16
GSL INDIA LTD              GSL         29.86           -42.42
HARYANA STEEL              HYSA        10.83            -5.91
HENKEL INDIA LTD           HNKL        69.07           -31.72
HIMACHAL FUTURIS           HMFC       406.63          -210.98
HINDUSTAN PHOTO            HPHT        74.44        -1,519.11
HINDUSTAN SYNTEX           HSYN        15.21            -3.78
HMT LTD                    HMT        133.66          -500.46
ICDS                       ICDS        13.30            -6.17
INDAGE RESTAURAN           IRL         15.11            -2.35
INTEGRAT FINANCE           IFC         49.83           -51.32
JAGSON AIRLINES            JGA         11.31            -0.41
JCT ELECTRONICS            JCTE       104.55           -68.49
JD ORGOCHEM LTD            JDO         10.46            -1.60
JENSON & NIC LTD           JN          18.05           -86.40
JIK INDUS LTD              KFS         20.63            -5.62
KALYANPUR CEMENT           KCEM        33.31           -30.53
KDL BIOTECH LTD            KOPD        14.66            -9.41
KERALA AYURVEDA            KRAP        13.97            -1.69
KIDUJA INDIA               KDJ         14.85            -1.71
KINGFISHER AIR             KAIR     1,935.94          -661.89
KINGFISHER A-SLB           KAIR/S   1,935.94          -661.89
KITPLY INDS LTD            KIT         37.68           -45.35
LLOYDS FINANCE             LYDF        21.65           -11.39
LLOYDS STEEL IND           LYDS       510.00           -48.98
LML LTD                    LML         65.26           -56.77
MADRAS FERTILIZE           MDF        143.14           -99.28
MAHA RASHTRA APE           MHAC        22.23           -15.85
MARKSANS PHARMA            MRKS       110.32           -14.04
MILTON PLASTICS            MILT        17.67           -51.22
MODERN DAIRIES             MRD         38.41            -0.45
MTZ POLYFILMS LT           TBE         31.94            -2.57
MYSORE PAPER               MSPM        97.02           -15.69
NATH PULP & PAP            NPPM        14.50            -0.63
NICCO CORP LTD             NICC        78.28            -4.14
NICCO UCO ALLIAN           NICU        32.23           -71.91
NK INDUS LTD               NKI        141.35            -7.71
NUCHEM LTD                 NUC         24.72            -1.60
PANCHMAHAL STEEL           PMS         51.02            -0.33
PARASRAMPUR SYN            PPS         99.06          -307.14
PAREKH PLATINUM            PKPL        61.08           -88.85
PIRAMAL LIFE SC            PLSL        51.20           -64.85
PREMIER SYNTHET            PRS         12.55            -8.26
QUADRANT TELEVEN           QDTV       188.57          -116.81
QUINTEGRA SOLUTI           QSL         24.66           -11.51
RAJ AGRO MILLS             RAM         10.21            -0.61
RATHI ISPAT LTD            RTIS        44.56            -3.93
REMI METALS GUJA           RMM        101.32           -17.12
RENOWNED AUTO PR           RAP         14.12            -1.25
ROLLATAINERS LTD           RLT         22.97           -22.24
ROYAL CUSHION              RCVP        18.88           -81.42
SADHANA NITRO              SNC         18.21            -0.73
SAURASHTRA CEMEN           SRC        106.01            -2.81
SCOOTERS INDIA             SCTR        19.43           -10.78
SEN PET INDIA LT           SPEN        11.58           -26.67
SHAH ALLOYS LTD            SA         213.69           -39.95
SHALIMAR WIRES             SWRI        25.78           -38.78
SHAMKEN COTSYN             SHC         23.13            -6.17
SHAMKEN MULTIFAB           SHM         60.55           -13.26
SHAMKEN SPINNERS           SSP         42.18           -16.76
SHREE GANESH FOR           SGFO        35.96            -1.80
SHREE KRISHNA              SHKP        19.89            -0.71
SHREE RAMA MULTI           SRMT        62.15           -42.08
SIDDHARTHA TUBES           SDT         75.90           -11.45
SOUTHERN PETROCH           SPET       407.16          -200.86
SQL STAR INTL              SQL         10.58            -3.28
STELCO STRIPS              STLS        14.90            -5.27
STERLING HOL RES           SLHR        66.77            -2.85
STI INDIA LTD              STIB        35.39            -0.54
STORE ONE RETAIL           SORI        15.48           -59.09
TATA TELESERVICE           TTLS     1,311.30          -138.25
TATA TELE-SLB              TTLS/S   1,311.30          -138.25
TODAYS WRITING             TWPL        44.08            -5.32
TRIUMPH INTL               OXIF        58.46           -14.18
TRIVENI GLASS              TRSG        24.23           -12.34
TUTICORIN ALKALI           TACF        19.13           -16.31
UNIFLEX CABLES             UFC         47.46            -7.49
UNIFLEX CABLES             UFCZ        47.46            -7.49
UNIMERS INDIA LT           HDU         18.05            -5.87
UNITED BREWERIES           UB       3,067.32          -137.09
UNIWORTH LTD               WW         169.51          -155.79
USHA INDIA LTD             USHA        12.06           -54.51
VANASTHALI TEXT            VTI         25.92            -0.15
VENTURA TEXTILES           VRTL        14.33            -1.91
VENUS SUGAR LTD            VS          11.06            -1.08


JAPAN

CREST INVESTMENT           2318        65.01            -3.55
FUJITSU COMP LTD           6719       398.22            -2.90
HIMAWARI HD                8738       412.87           -13.56
ISHII HYOKI CO             6336       151.15           -28.05
KANMONKAI CO LTD           3372        59.00           -10.08
L CREATE CO LTD            3247        42.34            -9.15
MEIHO ENTERPRISE           8927        76.16           -18.35
MISONOZA THEATRI           9664        71.18            -4.66
NEXT JAPAN HOLDI           2409       174.51            -3.95
NIS GROUP CO LTD           NISZ       444.72          -158.85
NIS GROUP CO LTD           8571       444.72          -158.85
PROPERST CO LTD            3236       305.90          -330.20
TOYO KNIFE CO              5964        75.99            -3.68
WORLD LOGI CO              9378       119.36            -2.48


KOREA

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


MALAYSIA

HAISAN RESOURCES           HRB         46.16            -3.53
HO HUP CONSTR CO           HO          49.17           -12.11
LINEAR CORP BHD            LINE        14.01            -6.45
LUSTER INDUSTRIE           LSTI        18.37            -7.57
MITHRIL BHD                MITH        23.78            -5.65
NGIU KEE CO-BHD            NKC         14.26           -12.73
PUNCAK NIA HLD B           PNH      4,074.02            -5.07
VTI VINTAGE BHD            VTI         16.01            -3.34


PHILIPPINES

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


SINGAPORE

ADV SYSTEMS AUTO           ASA         18.83            -9.25
HL GLOBAL ENTERP           HLGE        90.39           -11.73
LINDETEVES-JACOB           LJ          23.09           -11.61
NEW LAKESIDE               NLH         19.34            -5.25
SCIGEN LTD-CUFS            SIE         68.70           -42.35
SUNMOON FOOD COM           SMOON       21.29           -13.58
TT INTERNATIONAL           TTI        232.83           -79.27


THAILAND

ABICO HLDGS-F              ABICO/      15.28            -4.40
ABICO HOLDINGS             ABICO       15.28            -4.40
ABICO HOLD-NVDR            ABICO-      15.28            -4.40
ASCON CONSTR-NVD           ASCON-      59.78            -3.37
ASCON CONSTRUCT            ASCON       59.78            -3.37
ASCON CONSTRU-FO           ASCON/      59.78            -3.37
BANGKOK RUBBER             BRC         77.91          -114.37
BANGKOK RUBBER-F           BRC/F       77.91          -114.37
BANGKOK RUB-NVDR           BRC-R       77.91          -114.37
CALIFORNIA W-NVD           CAWOW-      28.07           -11.94
CALIFORNIA WO-FO           CAWOW/      28.07           -11.94
CALIFORNIA WOW X           CAWOW       28.07           -11.94
CIRCUIT ELEC PCL           CIRKIT      16.79           -96.30
CIRCUIT ELEC-FRN           CIRKIT      16.79           -96.30
CIRCUIT ELE-NVDR           CIRKIT      16.79           -96.30
DATAMAT PCL                DTM         12.69            -6.13
DATAMAT PCL-NVDR           DTM-R       12.69            -6.13
DATAMAT PLC-F              DTM/F       12.69            -6.13
ITV PCL                    ITV         36.02          -121.94
ITV PCL-FOREIGN            ITV/F       36.02          -121.94
ITV PCL-NVDR               ITV-R       36.02          -121.94
K-TECH CONSTRUCT           KTECH/      38.87           -46.47
K-TECH CONSTRUCT           KTECH       38.87           -46.47
K-TECH CONTRU-R            KTECH-      38.87           -46.47
KUANG PEI SAN              POMPUI      17.70           -12.74
KUANG PEI SAN-F            POMPUI      17.70           -12.74
KUANG PEI-NVDR             POMPUI      17.70           -12.74
PATKOL PCL                 PATKL       52.89           -30.64
PATKOL PCL-FORGN           PATKL/      52.89           -30.64
PATKOL PCL-NVDR            PATKL-      52.89           -30.64
PICNIC CORP-NVDR           PICNI-     101.18          -175.61
PICNIC CORPORATI           PICNI/     101.18          -175.61
PICNIC CORPORATI           PICNI      101.18          -175.61
PONGSAAP PCL               PSAAP/      11.83            -0.91
PONGSAAP PCL               PSAAP       11.83            -0.91
PONGSAAP PCL-NVD           PSAAP-      11.83            -0.91
SAHAMITR PRESS-F           SMPC/F      27.92            -1.48
SAHAMITR PRESSUR           SMPC        27.92            -1.48
SAHAMITR PR-NVDR           SMPC-R      27.92            -1.48
SUNWOOD INDS PCL           SUN         19.86           -13.03
SUNWOOD INDS-F             SUN/F       19.86           -13.03
SUNWOOD INDS-NVD           SUN-R       19.86           -13.03
THAI-DENMARK PCL           DMARK       15.72           -10.10
THAI-DENMARK-F             DMARK/      15.72           -10.10
THAI-DENMARK-NVD           DMARK-      15.72           -10.10
TONGKAH HARBOU-F           THL/F       62.30            -1.84
TONGKAH HARBOUR            THL         62.30            -1.84
TONGKAH HAR-NVDR           THL-R       62.30            -1.84
TRANG SEAFOOD              TRS         15.18            -6.61
TRANG SEAFOOD-F            TRS/F       15.18            -6.61
TRANG SFD-NVDR             TRS-R       15.18            -6.61
TT&T PCL                   TTNT       589.80          -223.22
TT&T PCL-NVDR              TTNT-R     589.80          -223.22
TT&T PUBLIC CO-F           TTNT/F     589.80          -223.22


TAIWAN

ARASOR INTERNATI           ARR         19.21           -26.51
CHIEN TAI CEMENT           1107       200.55           -55.72
HELIX TECH-EC              2479T       23.39           -24.12
HELIX TECH-EC IS           2479U       23.39           -24.12
HELIX TECHNOL-EC           2479S       23.39           -24.12
TAIWAN KOL-E CRT           1606U      507.21          -147.14
TAIWAN KOLIN-EN            1606V      507.21          -147.14
TAIWAN KOLIN-ENT           1606W      507.21          -147.14


                             *********

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

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

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


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

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

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

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

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





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