TCRAP_Public/120504.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, May 4, 2012, Vol. 15, No. 89

                            Headlines


A U S T R A L I A

1ST FLEET: In Voluntary Administration; 1,000 Jobs Lost
METAL STORM: Delays 2011 Annual Report Due to Restructuring


C H I N A

MOUNTAIN CHINA: Has C$6.66-Mil. Net Loss for 2011
SINO-FOREST: Files Change of Auditor Notice


H O N G  K O N G

CHAOMING LIMITED: Annual Meetings Set for May 11
CHEMTURA (HK): Creditors' Proofs of Debt Due May 26
ELEGANT HERO: Commences Wind-Up Proceedings
EMERGING SOVEREIGN: Members' Final Meeting Set for May 28
ENOUGH NOW: Creditors' Proofs of Debt Due May 18

FILENET HK: Members' Final Meeting Set for June 1
HIGHWAY INTERNATIONAL: Members' Final Meeting Set for May 28
HILLEX DEVELOPMENT: Wong and Wong Step Down as Liquidators
HK YOUTH: Creditors' Proofs of Debt Due May 31
JET PROFIT: Creditors' Proofs of Debt Due May 16

JET SURPLUS: Creditors' Proofs of Debt Due May 16
KARAY INVESTMENT: Wong and Wong Step Down as Liquidators
KARLANE INVESTMENT: Wong and Wong Step Down as Liquidators
LEADER RADIO: Members' Final Meeting Set for May 29
LEHMAN BROTHERS: HKMA Report Progress of Probe on Minibond Cases

SBI HOLDINGS: Creditors' Proofs of Debt Due May 16


I N D I A

AMBER ELECTROTECH: Fitch Assigns 'B+' National Long-Term Rating
BERRY ALLOYS: Delay in Loan Payment Cues CRISIL Junk Ratings
D B MALLS: Delays in Loan Payment Cues CRISIL Junk Ratings
KEAUM ORGANICS: CRISIL Assigns 'B-' Rating to INR51.7MM Loans
KINGFISHER AIRLINES: Staff Mulls Court Action Over Unpaid Wages

KINGFISHER AIRLINES: Gets Eviction Notice for Defaulting Rent
MIDLAND DIESEL: CRISIL Places 'B-' Rating on INR60MM Loans
NATION EXIM: CRISIL Assigns 'CRISIL B' Rating to INR60MM Loans
PHIL ISPAT: Delay in Debt Payments Cues CRISIL Junk Ratings
R K INDUSTRIES: CRISIL Places 'B' Rating on INR92MM Loans

SMALL TILES: CRISIL Assigns 'CRISIL B+' Rating to INR100MM Loans
SUPERMINT EXPORTS: Inadequate Info Cues Fitch to Migrate Ratings
SVVR EDUCATIONAL: CRISIL Rates INR130MM Loan at 'CRISIL B-'
TECHSMART INDIA: CRISIL Assigns 'B' Rating to INR83.5MM Loans
WINNDSOR COTTON: CRISIL Puts 'B-' Rating on INR174.3MM Loans


N E W  Z E A L A N D

DATASOUTH GROUP: Ex-Director Jailed for 8 Years over SCF Fraud


S R I  L A N K A

BANK OF CEYLON: Fitch Rates $500 Million Sr. Unsec. Notes 'BB-'


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


1ST FLEET: In Voluntary Administration; 1,000 Jobs Lost
-------------------------------------------------------
SmartCompany reports that employees at national trucking company
1st Fleet arrived at work Thursday morning to find their jobs
have been terminated and they have been locked out after the
company was placed into voluntary administration.

The company was placed into administration on Anzac Day but as
recently as May 2, the company was posting notices on its Web
site stating it was still "business as usual".

According to the report, the administrators of the 1st Fleet
Group, de Vries Tayeh, said the administrators found out
yesterday that 1st Fleet's line of funding, which had been
keeping it afloat, had not been extended.

Antony de Vries, of de Vries Tayeh, told SmartCompany the first
that the transport company's employees knew about the collapse
was when they went to work this morning.

"The short line of funding that the business had yesterday
[May 2] was terminated by 1st Fleet's financiers so we were in a
position of no funds to pay for day-to-day expenses," the report
quotes Mr. de Vries as saying.  "We had no other alternative than
to close the doors of the business last night."

SmartCompany relates that Mr. De Vries Tayeh said it was working
closely with the Transport Workers Union to assist 1st Fleet's
workforce in being placed with other employment.

1st Fleet offers trucking services, along with supply chain,
warehousing and recruitment services as well. It employed around
1,200 staff.


METAL STORM: Delays 2011 Annual Report Due to Restructuring
-----------------------------------------------------------
According to a filing with the U.S. Securities and Exchange
Commission recently, the time and attention of Metal Storm's
management has been consumed by a variety of significant matters
that are fundamental for the company to continue as a going
concern, including a restructuring of Metal Storm's existing
convertible debt.  For this reason, Metal Storm has not been able
to timely complete its 2011 annual report on Form 20-F without
unreasonable effort and expense.

                         About Metal Storm

Headquartered in Darra, Queensland, Australia, Metal Storm
Limited is a defense technology company with offices in Australia
and the United States.  It specializes in the research, design,
development and integration of projectile launching systems
utilizing its "electronically initiated / stacked projectile"
technology for use in the defense, homeland security, law
enforcement and industrial markets.

The Company reported a loss of A$6.03 million in 2011, compared
with a loss of A$8.93 million in 2010.

The Company's balance sheet at Dec. 31, 2011, showed A$1.08
million in total assets, A$21.07 million in total liabilities and
a A$19.99 million total deficiency.

PricewaterhouseCoopers noted that the group incurred a loss for
the year ended Dec. 31, 2011, and, as of that date, the group's
net liabilities totalled A$19,991,687.  These conditions, along
with other matters, indicate the existence of material
uncertainty that may cast significant doubt about the group's
ability to continue as a going concern and therefore the group
may be unable to realize its assets and discharge its liabilities
in the normal course of business.


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


MOUNTAIN CHINA: Has C$6.66-Mil. Net Loss for 2011
-------------------------------------------------
Mountain China Resorts (Holding) Limited reported its financial
results for the fiscal year ended Dec. 31, 2011.

For the year ended Dec. 31, 2011, the Company generated revenues
from resort operations of C$6.66 million and a net loss of
C$23.13 million or C$0.11 per share compared to $4.37 million and
a net loss of C$21.30 million or C$0.12 per share.  Resort
Operations EBITDA from continuing operations for the 2011 year
were negative C$0.79 million compared to negative C$5.69 million
in the 2010 year.

As of Dec. 31, 2011, the Debtor had total assets of C$187.7
million and total debt of C$118.2 million.

The Company has an accumulated deficit, a working capital
deficiency and has defaulted on a bank loan, which casts
substantial doubt on the Company's ability to continue as a going
concern.  The Company's ability to meet its obligations as they
fall due and to continue to operate as a going concern is
dependent on further financing and ultimately, the attainment of
profitable operations.

Management of the Company plans to fund its future operation by
obtaining additional financing through loans and private
placements and through the sale of the properties held for sale.
However, there is no assurance that the Company will be able to
obtain additional financing or sell the properties held for sale.

A full text copy of the company's press release is available free
at http://is.gd/exnY1Q

MCR is the premier developer of four season destination ski
resorts in China.  MCR is transforming existing China ski
properties into world-class, four seasons luxury mountain resorts
with excellent real estate investment opportunities for
discerning buyers.  In February 2009, the Company's Sun Mountain
Yabuli Resort was awarded Best Resort Makeover in Asia by TIME
Magazine. Yabuli is also the permanent home of the China
Entrepreneur's Forum the leading and most influential community
of China's most distinguished and successful entrepreneurs and
business leaders with over 5,000 members from across a variety of
key industries.


SINO-FOREST: Files Change of Auditor Notice
-------------------------------------------
Sino-Forest Corporation said it has filed the attached Change of
Auditor Notice on Sedar in accordance with National Instrument
51-102 together with a letter from its former auditor, Ernst &
Young LLP, confirming that it is in agreement with the statements
contained in the notice that relate to Ernst & Young LLP.

On April 4, Ernst & Young said it is resigning, effective
immediately, partly because Sino still couldn't resolve
outstanding issues in relation to its 2011 annual financial
statements.

The auditor's announcement came just a few hours before the
Toronto Stock Exchange announced that it will delist shares of
Sino-Forest, as of May 9.

                       About Sino-Forest Corp.

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

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

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

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


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


CHAOMING LIMITED: Annual Meetings Set for May 11
------------------------------------------------
Creditors and contributories of Chaoming Limited will hold their
annual meetings on May 11, 2012, at 11:00 a.m., and 11:30 a.m.,
respectively at 43th Floor, The Lee Gardens, 33 Hysan Avenue,
Causeway Bay, in Hong Kong.

At the meeting, Alison Wong Lee Fung Ying and Alan Chung Wah
Tang, the company's liquidators, will give a report on the
company's wind-up proceedings and property disposal.


CHEMTURA (HK): Creditors' Proofs of Debt Due May 26
---------------------------------------------------
Creditors of Chemtura (HK) Holding Co Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by May 26, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

         Lau Wu Kwai King Lauren
         Yuen Tsz Chun Frank
         5th Floor, Ho Lee Commercial Building
         38-44 D'Aguilar Street
         Central, Hong Kong


ELEGANT HERO: Commences Wind-Up Proceedings
-------------------------------------------
Members of Elegant Hero Limited, on April 20, 2012, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Wong Ka Ho
         Unit 8/F, Infotech Centre
         21 Hung To Road
         Kwun Tong
         Kowloon, Hong Kong


EMERGING SOVEREIGN: Members' Final Meeting Set for May 28
---------------------------------------------------------
Members of Emerging Sovereign Group Hong Kong Limited will hold
their final meeting on May 28, 2012, at 11:00 a.m., at 7th Floor,
Alexandra House, at 18 Chater Road, Central, in Hong Kong.

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


ENOUGH NOW: Creditors' Proofs of Debt Due May 18
------------------------------------------------
Creditors of Enough Now Development Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by May 18, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on April 19, 2012.

The company's liquidator is:

         Ngan Lin Chun Esther
         1902 MassMutual Tower
         38 Gloucester Road
         Wanchai, Hong Kong


FILENET HK: Members' Final Meeting Set for June 1
-------------------------------------------------
Members of Filenet Hong Kong Limited will hold their final
general meeting on June 1, 2012, at 10:00 a.m., at 10/F, PCCW
Tower, Taikoo Place, at 979 King's Road, Quarry Bay, in Hong
Kong.

At the meeting, Chan Wah Tip Michael and Ho Man Kei Keith, the
company's liquidators, will give a report on the company's wind-
up proceedings and property disposal.


HIGHWAY INTERNATIONAL: Members' Final Meeting Set for May 28
------------------------------------------------------------
Members of Highway International Limited will hold their final
meeting on May 28, 2012, at 11:00 a.m., at 26/F, Times Media
Centre, 133 Wanchai Road, Wanchai, in Hong Kong.

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


HILLEX DEVELOPMENT: Wong and Wong Step Down as Liquidators
----------------------------------------------------------
Wong Poh Weng and Wong Tak Man Stephen stepped down as
liquidators of Hillex Development Limited on April 20, 2012.


HK YOUTH: Creditors' Proofs of Debt Due May 31
----------------------------------------------
Creditors of Hong Kong Youth Science Foundation Limited, which is
in members' voluntary liquidation, are required to file their
proofs of debt by May 31, 2012, to be included in the company's
dividend distribution.

The company's liquidator is:

         Chui Pui Tim
         Room 1001-2A, 10th Floor
         Double Building
         22, Stanley Street
         Central, Hong Kong


JET PROFIT: Creditors' Proofs of Debt Due May 16
------------------------------------------------
Creditors of Jet Profit Investment Development Limited, which is
in members' voluntary liquidation, are required to file their
proofs of debt by May 16, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on April 17, 2012.

The company's liquidator is:

         Chui Chi Yun Robert
         Room 2109, China Resources Building
         26 Harbour Road
         Wanchai, Hong Kong


JET SURPLUS: Creditors' Proofs of Debt Due May 16
-------------------------------------------------
Creditors of Jet Surplus Holdings Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by May 16, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on April 17, 2012.

The company's liquidator is:

         Chui Chi Yun Robert
         Room 2109, China Resources Building
         26 Harbour Road
         Wanchai, Hong Kong


KARAY INVESTMENT: Wong and Wong Step Down as Liquidators
--------------------------------------------------------
Wong Poh Weng and Wong Tak Man Stephen stepped down as
liquidators of Karay Investment Limited on April 20, 2012.


KARLANE INVESTMENT: Wong and Wong Step Down as Liquidators
----------------------------------------------------------
Wong Poh Weng and Wong Tak Man Stephen stepped down as
liquidators of Karlane Investment Limited on April 20, 2012.


LEADER RADIO: Members' Final Meeting Set for May 29
---------------------------------------------------
Members of Leader Radio Company Limited will hold their final
meeting on May 29, 2012, at 3:00 p.m., at 20th Floor, Tung Wai
Commercial Building, at 109-111 Gloucester Road, Wanchai, in Hong
Kong.

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


LEHMAN BROTHERS: HKMA Report Progress of Probe on Minibond Cases
-----------------------------------------------------------------
The Hong Kong Monetary Authority (HKMA) announced April 27 that
investigation of over 99% of a total of 21,855 Lehman-Brothers-
related complaint cases received has been completed.  These
include:

    * 15,769 cases which have been resolved by a settlement
      agreement reached under section 201 of the Securities and
      Futures Ordinance;

    * 3,447 cases which have been resolved through the enhanced
      complaint handling procedures required by the settlement
      agreement;

    * 2,440 cases which were closed because insufficient prima
      facie evidence of misconduct was found after assessment or
      no sufficient grounds and evidence were found after
      investigation;

    * 25 cases (including minibond cases) which are under
      disciplinary consideration after detailed investigation by
      the HKMA, of which proposed disciplinary notices are being
      prepared; and

    * 124 cases in respect of which investigation work has been
      completed and are going through the decision process to
      decide whether there are sufficient grounds for
      disciplinary actions or whether the cases should be closed
      because of insufficient evidence or lack of disciplinary
      grounds.

Investigation work is underway for the remaining 48 cases.

A table summarizing the progress of the disciplinary and
complaint-resolution work in respect of Lehman-Brothers-related
complaints is available at http://is.gd/dH2ETV

                     About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was
the fourth largest investment bank in the United States.  For
more than 150 years, Lehman Brothers has been a leader in the
global financial markets by serving the financial needs of
corporations, governmental units, institutional clients and
individuals worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy
petition disclosed US$639 billion in assets and US$613 billion in
debts, effectively making the firm's bankruptcy filing the
largest in U.S. history.  Several other affiliates followed
thereafter.

Affiliates Merit LLC, LB Somerset LLC and LB Preferred Somerset
LLC sought for bankruptcy protection in December 2009.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at
Weil, Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S.
District Court for the Southern District of New York, entered an
order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI.

The Bankruptcy Court approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for US$1.75
billion.  Nomura Holdings Inc., the largest brokerage house in
Japan, purchased LBHI's operations in Europe for US$2 plus the
retention of most of employees.  Nomura also bought Lehman's
operations in the Asia Pacific for US$225 million.

Lehman emerged from bankruptcy protection on March 6, 2012, more
than three years after it filed the largest bankruptcy in U.S.
history.  Lehman is set to make its first payment to creditors
under its $65 billion payout plan on April 17, 2012.

               International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers
International (Europe) on Sept. 15, 2008.  The joint
administrators have been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan
Inc. filed for bankruptcy in the Tokyo District Court on
Sept. 16.  Lehman Brothers Japan Inc. reported about JPY3.4
trillion (US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other
insolvency and bankruptcy proceedings undertaken by its
affiliates.  (http://bankrupt.com/newsstand/or 215/945-700)


SBI HOLDINGS: Creditors' Proofs of Debt Due May 16
--------------------------------------------------
Creditors of SBI Holdings Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by May 16,
2012, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on April 17, 2012.

The company's liquidator is:

         Chui Chi Yun Robert
         Room 2109, China Resources Building
         26 Harbour Road
         Wanchai, Hong Kong


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


AMBER ELECTROTECH: Fitch Assigns 'B+' National Long-Term Rating
---------------------------------------------------------------
Fitch Ratings has assigned India's Amber Electrotech Ltd. a
National Long-Term rating of 'Fitch B+(ind)'.  The Outlook is
Stable.

The ratings are constrained by Amber's low revenue base and weak
operating profitability.  In the financial year ended March 2011
(FY11), revenue was INR503m (FY10: INR551m) and EBITDA margin was
6.8% (6.3%).  The ratings are also constrained by Amber's tight
liquidity position, as illustrated by its near 100% utilisation
of the authorised fund-based working capital limits in the last
12 months.  However, comfort is drawn from significant
unencumbered bank fixed deposits of about INR31m at end-FY12
(FY11: INR48m).

The ratings are, however, supported by the strong revenue
visibility over the short term from Amber's order book of over
INR1.5bn (over 3x FY11 revenue) at end-March 2012.  The ratings
also reflect the company's strong credit matrices in FY11, with
adjusted financial leverage (adjusted net debt/EBITDA) of 0.1x
and interest coverage ratio (EBITDA net interest coverage) of
11.1x.  Fitch, however, expects these ratios to deteriorate in
the short term due to possible cash outflow on planned capital
expenditures.  The ratings also benefit from Amber's experience
of over five decades in the electrical contracting business.

Positive rating action may result from an improved liquidity
position on a sustained basis.  Conversely, financial leverage
exceeding 3.0x on a sustained basis may lead to negative rating
action.

Founded in 1958, Amber is an electrical contracting company and
also provides turnkey solutions for variety of projects including
internal and external electrification, substation, fire alarm
systems, CCTV, among others.  The company has executed such
projects for hospitals, hotels, industrial, townships and
commercial complexes.  Its net profit was INR18m in FY11 (net
margin: 3.6%) and INR17m in FY10 (net margin: 3.1%).  According
to Amber's provisional figures for H1FY12, revenue was INR179m
and EBITDA was INR19m.

Fitch has also assigned ratings to Amber's debt instruments as
follows:

  -- INR60 million fund-based working capital limits: assigned
     'Fitch B+ (ind)'/'Fitch A4(ind)'

  -- INR200 million non-fund-based working capital limits:
     assigned 'Fitch B+(ind)'/'Fitch A4(ind)'


BERRY ALLOYS: Delay in Loan Payment Cues CRISIL Junk Ratings
------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Berry Alloys Ltd.

                                Amount
   Facilities                  (INR Mln)     Ratings
   ----------                  ---------     --------
   Term Loan                      260        CRISIL D
   Cash Credit                    130        CRISIL D
   Foreign Letter of Credit       170        CRISIL D
   Credit

The ratings reflect instances of delay by BAL in servicing its
debt; the delays have been caused by the company's weak
liquidity.

BAL has a limited track record and is exposed to intense market
competition in the ferroalloys industry. Its operating margin is
susceptible to volatility in raw material prices. However, the
company benefits from the extensive experience of its promoters
in the steel and ferroalloys industries.

                         About Berry Alloys

BAL was incorporated in 2006 in Bobbili (Vizianagaram district)
in Andhra Pradesh, promoted by Mr. Vijay Gupta, his uncle, Mr.
Surendra Singhal, and cousin, Mr. Ravi Singhal. The promoters
have traditionally been in the timber business, dealing in
veneers and plywood. The promoter family has also been engaged in
manufacture of steel in Asansol (West Bengal) and Patna (Bihar).
BAL installed two 9 megavolt ampere-(MVA) furnaces, each with
capacity of 90-100 tonnes per day ? the first furnace was
commissioned in October 2011 and the second in December 2011. BAL
plans to install another two 9-MVA plants in 2012-13 (refers to
financial year, April 1 to March 31).


D B MALLS: Delays in Loan Payment Cues CRISIL Junk Ratings
----------------------------------------------------------
CRISIL has assigned its 'CRISIL D' ratings to the term loan
facility of D B Malls Pvt Ltd.  The rating reflects instances of
delay by DB Malls in servicing its debt; the delays have been
caused by the company's weak liquidity.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan              2750        CRISIL D

DB Malls has a weak financial risk profile because of the large
quantum of debt it contracted for its capital expenditure and
because of its delayed revenue growth as a result of delays in
implementation of project. However, the company's revenues are
stable, supported by long-term lease contracts.

DB Malls was incorporated in 2006 for the development of an
integrated mall, multiplex, commercial space and a hotel on a
5.90-acre plot at Sanjay Nagar, Bhopal (allotted by Madhya
Pradesh Housing Board). The company is a part of the Dainik
Bhaskar group. The project was started in early 2007 and
construction was completed in April 2010, with operations
starting in August 2010 (given for fit-out in April 2010).

The Dainik Bhaskar group was established 50 years ago as a
newspaper publishing house in Madhya Pradesh. The group is one of
the leading publishing houses in northern India, with dailies
such as Dainik Bhaskar, Divya Bhaskar, and DNA. The group also
has multiple other business interests, including FM radio,
textiles, soya oil and vanaspati, power generation, education,
fast-moving consumer goods, cable TV, SMS short codes,
infotainment, real estate and special economic zones, in India
and abroad.


KEAUM ORGANICS: CRISIL Assigns 'B-' Rating to INR51.7MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Keaum Organics Pvt Ltd.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Term Loan              41.7       CRISIL B-/Stable
   Bank Guarantee          3.3       CRISIL A4
   Cash Credit            10         CRISIL B-/Stable

The ratings reflect Keaum's limited track record, small-scale
operations, and susceptibility to intense industry competition,
and weak financial risk profile. These rating weaknesses are
partially offset by promoters' extensive industry experience and
advantageous location of plant and diverse capability.

Outlook: Stable

CRISIL believes that Keaum will continue to benefit from its
promoters' extensive industry experience over the medium term.
The outlook may be revised to 'Positive' if Keaum substantially
increases its cash accruals while generating positive accretions
to reserves. Conversely, the outlook may be revised to 'Negative'
if Keaum's financial risk profile deteriorates significantly
either on account of continued losses or larger-than-expected
working capital requirements adversely affecting its liquidity.

                        About Keaum Organics

Incorporated in July 2009, Keaum is promoted by Mr. Ketan Joshi
and Mr. Bipin Shah for setting up a solvent distillation unit in
India to cater to the pharmaceutical and chemical industries for
their requirements of rectifying/purifying/distilling solvents
and speciality chemicals. The company commenced manufacturing in
July 2011. Keaum's daily operations are managed by Mr. Ketan
Joshi. Mr. Bipin Shah is a UK- based non-resident Indian (NRI)
and a silent investor in the company.


KINGFISHER AIRLINES: Staff Mulls Court Action Over Unpaid Wages
---------------------------------------------------------------
The Times of India reports that a section of Kingfisher Airlines
staff including engineers and pilots is mulling the option of
moving the Labour Court to expedite settlement of their salaries.

"April has ended and with that the airline has once again
accumulated salary dues of employees of four months (Jan-April).
Unfortunately, the top management has not bothered to inform us
as to when it intends to pay us. The situation is back to square
one," some airline employees told TOI, requesting anonymity.

According to the report, the pilots said they were considering
seeking the intervention of the Labour court in the matter and
get the employees' dues cleared in an expeditious manner. They
would soon take a joint decision with other staffers on the
future course of action, the pilots added.

Last month also, TOI recalls, a section of employees, including
pilots and engineers, had served an ultimatum to the airline
management to clear their dues by April 20 or face a strike.

The report relates that the crisis was averted at the last minute
after Kingfisher chairman Vijay Mallya wrote to them assuring
payments of salaries within a week in a staggered manner.

The employees now claim that as many as 200 employees, mainly
engineers, have still not been paid their January salary despite
Mr. Mallya's assurance, the report relays.

                     About Kingfisher Airlines

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

                        *     *     *

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

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


KINGFISHER AIRLINES: Gets Eviction Notice for Defaulting Rent
-------------------------------------------------------------
The Financial Express reports that two real estate developers
owned by a relative of Anand Jain, a confidant of Reliance
Industries chairman Mukesh Ambani, have asked cash-starved
Kingfisher Airlines to vacate its rented office in Mumbai suburbs
as the airline has failed to pay rent from November 2011.

On April 11, the report relates, Samruddha Realtors and Dhruvam
Realtors served an eviction notice on Kingfisher through their
lawyer Ranjana Parikh, giving time until May 11 to move out.

The airline, owned by liquor baron Vijay Mallya, owes R3.83 crore
to Samruddha Realtors for leasing 52,350 sq ft and R47.34 lakh to
Dhruvam Realtors for renting 6,450 sq ft in The Qube commercial
tower in the city's Andheri (East) area, reads a copy of the
eviction notice seen by FE.

Both unlisted developers said in their eviction notice that the
airline did not respond to reminders sent on February 28, 2012,
and hence had to be issued an eviction notice.

                     About Kingfisher Airlines

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

                        *     *     *

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

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


MIDLAND DIESEL: CRISIL Places 'B-' Rating on INR60MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Negative/CRISIL A4' ratings to
the bank facilities of Midland Diesel Services Pvt. Ltd.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Channel Financing       15        CRISIL B-/Negative
   Bank Guarantee          20        CRISIL A4
   Cash Credit             45        CRISIL B-/Negative

The ratings reflect MDSPL's weak financial risk profile, marked
by a small net worth, a high total outside liabilities to
tangible net worth ratio, weak debt protection metrics, and small
scale of operations. These rating weaknesses are partially offset
by the benefits that the company derives from its promoters'
extensive industry experience and its long-standing relationships
with its principal.

Outlook: Negative

CRISIL believes that MDSPL's financial risk profile will remain
constrained by the company's low cash accruals and moderate term
loan obligations. The ratings may be downgraded in case MDSPL
reports further pressure on its liquidity because of increase in
its working capital needs, lower-than-expected cash accruals, or
significant debt-funded capital expenditure. Conversely, the
outlook may be revised to 'Stable' in case the company reports
improvement in its financial risk profile driven by larger-than-
expected cash accruals, resulting from better-than-expected ramp
up in its scale of operations and improvement in its operating
margin along with efficient working capital management.

                         About Midland Diesel

MDSPL was set up in 1984 by Mr. Dixit. The company is currently
run by his sons, Mr. S. R. Dixit and Mr. P. R. Dixit, along with
his grandsons, Mr. Rohit Dixit and Mr. Rahul Dixit. MDSPL is an
authorised dealer for Cummins India Ltd for 9 districts in
Vidharbha (Maharashtra) and 11 districts in Madhya Pradesh. MDSPL
is based in Nagpur (Maharashtra), with branch offices in Jabalpur
and Satna (Madhya Pradesh). The company mainly deals in diesel
generators used for power generation for industrial usage, and
its spares.

MDSPL reported a profit after tax (PAT) of INR1.2 million on net
sales of INR275.3 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR1.4 million on net
sales of INR193.5 million for 2009-10.


NATION EXIM: CRISIL Assigns 'CRISIL B' Rating to INR60MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Nation Exim.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit             35        CRISIL B/Stable
   Warehouse Financing     25        CRISIL B/Stable

The rating reflects NE's modest scale of operations, weak
financial risk profile, marked by high total outside liabilities
to tangible net worth ratio and modest debt protection metrics,
and working-capital-intensive operations. These rating weaknesses
are partially offset by the extensive experience of NE's
proprietor in the agri-commodity trading business, particularly
dry fruits and spices.

Outlook: Stable

CRISIL believes that NE will benefit over the medium from the
extensive industry experience of its proprietor. The outlook may
be revised to 'Positive' if the firm's scale of operations
increases significantly, while maintaining its profitability
levels or if there is a sustained improvement in the firm's
financial risk profile led by capital infusion by the proprietor.
Conversely, the outlook may be revised to 'Negative' if there is
deterioration in its financial risk profile either on account of
lower-than-expected profitability, larger-than-expected working
capital requirements, or a large debt-funded capital expenditure.

                       About Nation Exim

NE was established as a proprietorship firm in 2005 by Mr. Sunil
Chhabria. The firm trades in various commodities, such as
almonds, cloves, pistachio, and few exotic spices. NE primarily
imports these commodities from the US, Australia, Sri Lanka,
Madagascar, and Tanzania.

NE reported a profit after tax (PAT) of INR0.7 million on net
sales of INR42.1 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR1.1 million on net
sales of INR 80.5 million for 2009-10.


PHIL ISPAT: Delay in Debt Payments Cues CRISIL Junk Ratings
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of the
Phil Ispat Pvt Ltd (part of the Bhojani group) to 'CRISIL
D/CRISIL D' from 'CRISIL B-/Negative/CRISIL A4'.

                             Amount
   Facilities              (INR Mln)    Ratings
   ----------              ---------    -------
   Bank Guarantee             10        CRISIL D
   Cash Credit               120        CRISIL D
   Letter of Credit           10        CRISIL D
   Standby Line of Credit     10        CRISIL D
   Term Loan                  80.2      CRISIL D

The rating downgrade reflects the fact that PIPL has been
delaying quarterly debt repayments by around 85 days over the
three quarters ended January 2012. The downgrade also factors in
delay of about 31 days in January 2012 in servicing the interest
on its term debt. The delays are primarily on account of the
Bhojani group's weak liquidity, marked by depressed cash accruals
owing to operational losses suffered by the group in 2011-12
(refers to financial year, April 1 to March 31). The operational
losses are mainly on account of the Bhojani group's inability to
operate at optimal level during the same period. Furthermore, the
plant was shut down during September to October 2011 and again in
January 2012 due to non-availability of raw material, iron ore,
because of expiry of mining permit by the Government of
Chhattisgarh during the same period, leading to further stress on
the group's liquidity. CRISIL believes that the PIPL's liquidity
will remain weak over the medium term owing to expected
insufficient cash accruals vis--vis its fixed repayment
obligations.

The Bhojani group also has a marginal market share in the steel
industry. The ratings also factor in the working capital
intensive operations of the group. These rating weaknesses are
partially offset by the group's above-average financial risk
profile and extensive industry experience of the Bhojani group's
promoters.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of PIPL and NK Bhojani Pvt Ltd (NKB;
rated 'CRISIL B-/Stable/ CRISIL A4'), collectively referred to as
the Bhojani group. This is because NKB owns about 28 per cent of
PIPL's shares. About 40 per cent of the requirement of crushed
iron by PIPL is sourced from NKB. Furthermore, both entities have
a common management and business linkages. Also, NKB extends
indirect support to PIPL by way of favourable credit terms in
case the need arises.

                            About the Group

Incorporated in June 2004, PIPL was acquired by Mr. N K Bhojani
and Mr. S K Thacker (cousins) in 2006-07 for INR110 million. PIPL
manufactures sponge iron. It has an installed capacity of 60,000
tonnes per annum (tpa) at its facility in Bilaspur
(Chhattisgarh).

The promoters also own NKB, which was established in 1992. NKB
owns around 44 per cent stake in PIPL. NKB currently has an
installed capacity to produce 36,000 tpa of sponge iron; it has
crusher machines with iron-ore crushing capacities of 208,000
tpa. The company also undertakes iron ore mining works and has a
dealership from Larsen & Toubro Ltd for spares sales and service.

The Bhojani group reported a profit after tax (PAT) of INR6
million on net sales of INR478 million for 2010-11, as against a
PAT of INR19 million on net sales of INR296 million for 2009-10.


R K INDUSTRIES: CRISIL Places 'B' Rating on INR92MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of R K Industries.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit             82        CRISIL B/Stable
   Proposed Long-Term

   Bank Loan Facility      10         CRISIL B/Stable

The rating reflects RKI's below-average financial risk profile,
marked by high gearing and weak debt protection metrics, working-
capital-intensive operations and presence in highly fragmented
industry. These rating weaknesses are partially offset by the
extensive experience of RKI's proprietor in the engineering
industry.

Outlook: Stable

CRISIL believes that RKI will continue to benefit over the medium
term from the extensive experience of its proprietor in the
engineering industry. The outlook may be revised to 'Positive' if
the firm improves its working capital cycle and scale of
operations. Conversely, the outlook may be revised to 'Negative'
if its working capital cycle is stretched further, leading to
weak liquidity, or in case the firm undertakes any significant
debt-funded capital expenditure programme.

Established in 1987, RKI is engaged in fabrication of steel
structures and machinery parts having application in the power
sector, and fertiliser and heavy engineering industries. RKI's
products are utilised by engineering, procurement, and
construction contractors. Based in New Delhi, the firm is managed
by Mr. Rakesh Dua and his family members.

RKI reported profit of INR9 million on net sales of INR378
million for 2010-11 (refers to financial year, April 1 to
March 31), as against profit of INR9.3 million on net sales of
INR395 million for 2009-10. RKI is expected to report net sales
of around INR800 million for 2011-12.


SMALL TILES: CRISIL Assigns 'CRISIL B+' Rating to INR100MM Loans
----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Small Tiles Pvt Ltd (part of the ST group) to 'CRISIL
B+/Stable' from 'CRISIL B/Stable' while reaffirming its short-
term rating at CRISIL A4.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee          8.8       CRISIL A4
   Cash Credit            40         CRISIL B+/Stable
   Term Loan              60         CRISIL B+/Stable

The rating upgrade reflects the improvement in the ST group's
business risk profile, marked by stabilisation of the project,
increase in production capacity, and offtake agreement with Prism
Cement Ltd (PCL), providing revenue visibility.

STPL commissioned the project on schedule in October 2011 with
the current capacity of 5000 square meters per day (smpd) as
against the initial plan of 3000 smpd whereas the ST group's
combined capacity is 13,000 smpd. The offtake agreement with PCL
provides revenue visibility in an intensely competitive ceramic
tiles industry as PCL is an established and leading player in the
industry through its division, H&R Johnson. CRISIL believes that
with increase in capacity utilisation, ST group's scale of
operations are expected to increase to INR500 million in 2013-14
against estimated sales of about INR120 million in 2011-12.
However, successful ramp up in scale up of operations while
maintaining healthy profitability is yet to be demonstrated.
Also, CRISIL, believes that the ST group's financial risk profile
will remain constrained, marked by weak debt protection metrics
and high gearing; any debt-funded capital expenditure may weaken
its financial risk profile, and this will remain a rating
sensitivity factor.

The ratings reflect the ST group's weak financial risk profile,
marked by weak debt protection metrics and high gearing, and
small scale of operations. These rating weaknesses are partially
offset by the benefits that the ST group derives from its
agreement with PCL and extensive industry experience of its
promoters.

For arriving at the ratings, CRISIL has combined the business and
financial risk profile of STPL and its wholly owned subsidiary,
Solid Ceramic Pvt Ltd (SCPL), together referred to as the ST
group. The consolidated approach is because these companies
belong to the same promoter family and have fungible cash flows
between them.

Outlook: Stable

CRISIL believes that the ST group will benefit over the medium
term from its promoters' extensive industry experience and
offtake agreement with PCL. The outlook may be revised to
'Positive' if the group is able to successfully scale up the
operations while increasing its profitability. Conversely, the
outlook may be revised to 'Negative' if the group undertakes
debt-funded capital expansion plans or if there are lower-than-
expected cash accruals most likely because of low profitability
or high dividend payouts.

                         About the Group

Set up in November 2010 as a partnership firm, Small Tiles, STPL
was reconstituted as a private limited company in 2011-12 (refers
to financial year, April 1 to March 31). The unit, based in Morbi
(Gujarat), was operational in October 2011. STPL was initially
promoted by three promoter families ? the Kanjiyas and Patels,
Adrojas and Kothiyas, and Bavravas and Varmoras (used
interchangeably).

In November 2011, PCL purchased 50 per cent stake in STPL. The
directors on STPL's board are Mr. Gautam Patel, Mr. Rajesh
Adroja, Mr. Jagdish Bavrava, and three representatives of PCL.
PCL has invested INR140 million in STPL in the form of equity and
preference share capital. STPL increased the scope of its ongoing
project by about 50 per cent and the additional investment was
funded through investment by PCL. Furthermore, STPL also
purchased entire stake in adjacent unit, SCPL. The overall
capacity of the ST group is about 13,000 smpd as against initial
project plan of 3000 smpd. The project under STPL was
commissioned as per schedule in October 2011 and under SCPL in
February 2012. The ST group has an offtake agreement with PCL
wherein the entire production of STPL and SCPL is sold to PCL.


SUPERMINT EXPORTS: Inadequate Info Cues Fitch to Migrate Ratings
----------------------------------------------------------------
Fitch Ratings has migrated India-based Supermint Exports Pvt.
Ltd.'s 'Fitch B+(ind)' National Long-Term rating with Stable
Outlook to the non-monitored category.  This rating will now
appear as 'Fitch B+(ind)nm' on Fitch's website.  Simultaneously,
the agency has classified the company's following bank loan
ratings as non-monitored:

  -- INR4.5 million long-term loans: migrated to 'Fitch
     B+(ind)nm' from 'Fitch B+(ind)'; Outlook Stable

  -- INR90 million funds-based working capital limits: migrated
     to 'Fitch B+(ind)nm'/'Fitch A4(ind)nm' from 'Fitch
     B+(ind)'/'Fitch A4(ind)'

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


SVVR EDUCATIONAL: CRISIL Rates INR130MM Loan at 'CRISIL B-'
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the term
loan facility of S V V R Educational Society.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan              130         CRISIL B-/Stable

The rating reflects SVVR's weak financial risk profile marked by
stretched liquidity and exposure to regulatory risks. This rating
weakness is partially offset by SVVR's diversified revenues
across various disciplines and financial support from promoters.
Outlook: Stable

CRISIL believes that SVVR will benefit over the medium term from
the stabilizing operations. The outlook may be revised to
'Positive' if there is higher than expected increase in total
fees income along with improvement in operating margin.
Conversely, the outlook may be revised to 'Negative' if the
student occupancy levels are lower than expected or if the
society undertakes any major debt-funded capital expenditure
programme leading to further deterioration in financial risk
profile.

SVVR was set up in 2008 by promoters of the SAGAR group of
industries; Mr. Sammidi Veera Reddy is the society current
president. SVVR currently operates three educational institutes ?
Sagar Institute of Technology (SIT), Food and Agri Business
School (FABS), and Sagar Business School (SBS). The society
started its operations with SIT and FABS in September 2009. SBS
started its operations in 2011. The campuses of all the three
institutes are in Urella, Ranagareddy District (Andhra Pradesh).

SVVR reported a net loss of INR30 million on net sales of INR33
million for 2010-11 (refers to financial year, April 1 to
March 31), as against a net loss of INR16 million on net sales of
INR26 million for 2009-10.


TECHSMART INDIA: CRISIL Assigns 'B' Rating to INR83.5MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B' rating to the long-term bank
facilities of Techsmart India Pvt Ltd.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Overdraft Facility      3.5       CRISIL B/Stable
   Term Loan               80        CRISIL B/Stable

The rating reflects TIPL's working capital intensive nature of
operations and its marginal market share in the intensely
competitive e-governance segment. These rating weaknesses are
partially offset by TIPL's healthy order book providing revenue
visibility over the medium term.

Outlook: Stable

CRISIL believes that TIPL will benefit from its healthy order
book over the near to medium term. The outlook may be revised to
'Positive' if the company's financial risk profile improves on
the back of improved liquidity. Conversely, the outlook may be
revised to 'Negative' if TIPL's financial risk profile weakens
considerably as a result of low net cash accruals, and large
debt-funded capex.

                      About Techsmart India

TIPL is in the information technology (IT) services industry. It
provides software development, IT facility management services,
smart card applications, data processing, data conversion,
digital printing, system integration, and manpower deployment
services for e-governance activities of the central government,
state governments, and private institutions. TIPL also trades in
hardware products, which contributed an estimated 40 per cent to
the company's turnover in 2011-12 (refers to financial year,
April 1 to March 31).

TIPL's promoters initially set up a partnership firm, Business
Software Solutions, in 1998. The promoters then set up a private
limited company, Business Software Solutions (India) Pvt Ltd, in
2000, which took over the operations of the firm. The name of the
company was changed to TIPL in March 2010.

TIPL reported a provisional profit after tax (PAT) of INR20
million on net sales of INR340 million for 2011-12, as against a
PAT of INR4 million on net sales of INR128 million for 2010-11.


WINNDSOR COTTON: CRISIL Puts 'B-' Rating on INR174.3MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' rating to
the long-term bank facilities of Winndsor Cotton Mills Private
Limited.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Long-Term Loan         100         CRISIL B-/Stable
   Key Loan                24.3       CRISIL B-/Stable
   Bank Guarantee          14.4       CRISIL A4
   Cash Credit             50         CRISIL B-/Stable

The rating reflects WCM's below-average financial risk profile
marked by highly leveraged capital structure and weak debt
protection metrics and risk related to small scale of operations
and susceptibility of margins to volatility in raw material
prices. These rating weaknesses are partially offset by the
industry experience of WCM's promoter in the textile industry.

Outlook: Stable

CRISIL believes that WCM will benefit over the medium term from
the industry experience of its promoter. The outlook may be
revised to 'Positive' if the company records considerable
increase in revenues and profitability, resulting in improvement
in financial risk profile. Conversely, the outlook may be revised
to 'Negative' if there is considerable decline in accruals and
profitability owing to lower operating rates or deterioration in
working capital management, or if the company undertakes a large
debt-funded capital expenditure programme, resulting in weakening
in its financial risk profile.

                       About Winndsor Cotton

WCM set up in 2005, derives its revenues from manufacture of
cotton yarn (predominantly 40's count). The company has its
manufacturing facility in Annur, Coimbatore with an installed
capacity of 20,400 spindles. The company makes its sales through
agents/ dealers in the region, the day to day operations of the
company are managed by Mr. Arun Thangam, who has been in the
textile segment for over two decades.

WCM reported a profit after tax (PAT) of INR0.1 million on net
sales of INR273 million for 2011-12 (refers to financial year,
April 1 to March 31), as against a loss of INR10 million on net
sales of INR150 million for 2010-11.


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


DATASOUTH GROUP: Ex-Director Jailed for 8 Years over SCF Fraud
--------------------------------------------------------------
Gavin Clifford Bennett, the former managing director of Datasouth
Group, was sentenced on May 3, 2012, to eight years imprisonment
in the Christchurch District Court after pleading guilty to fraud
charges laid by the Serious Fraud Office in November 2011.

Mr. Bennett pleaded guilty in March to six representative charges
under the Crimes Act relating to approximately 900 separate
incidents of dishonestly using a document, and a further two
charges of false accounting, SFO said in a statement.

The charges related to Mr. Bennett falsifying documents to obtain
approximately NZ$65 million funding from South Canterbury Finance
(SCF), and falsifying the financial statements of Datasouth
Finance by approximately $38 million in order to retain the
ongoing finance facility from SCF.

Of the money defrauded from SCF, SFO said Mr. Bennett personally
benefitted from approximately NZ$7.8 million that was paid into
bank accounts controlled by him or to meet his credit card
expenses. The expenditure of this money included rental of luxury
apartments; payments to female escorts; and other lavish
expenditure on restaurants, jewellery, and high-end fashion.

The SFO assessed the resulting financial loss to SCF from the
fraud as being at least NZ$23 million.

In sentencing Mr. Bennett, Judge Farish described it as an
"unprecedented level of fraud" to support a "lavish and grandiose
lifestyle."

SFO Chief Executive Adam Feeley welcomed the sentence and the
conclusion of the case.

"This was a cynical fraud to inflate one man's business ego and
allow him to live a life of luxury while his staff struggled to
keep the business afloat. His crimes, which were uncovered soon
after the Christchurch earthquake, resulted in 31 people losing
their jobs at the worst possible time for the city."

Mr. Feeley praised the actions of the Datasouth Chief Executive
both in uncovering the fraud and then calling in the SFO.

"Complex corporate frauds can rarely be uncovered without someone
within the company willing to stand up and do the right thing. We
have nothing but praise and respect for the Chief Executive who
not only helped ensure a successful prosecution, but also
minimised further losses."

Mr. Feeley said that the case also highlighted the scope of
impact that financial crime has on society.

"While our immediate priority with an investigation is to ensure
that those who commit crimes are held to account, we need to
ensure that victims of fraudsters are not overlooked. We
recognise that this as an important issue which needs increasing
focus in our work, and will be looking to work with Victim
Support to ensure that we are also helping people affected by
financial crime to get practical support and information."

As reported in the Troubled Company Reporter-Asia Pacific on
April 5, 2011, The National Business Review said that three of
four NZ-registered companies associated with IT services company
DataSouth have been placed in liquidation.  A fourth, DataSouth
Finance is now subject to a Serious Fraud Office investigation.
The investigation relates to lease deals with DataSouth Clients,
bankrolled by South Canterbury Finance, NBR said.

The three companies that have been placed in liquidation --
DataSouth, DataSouth Business Solutions and DataSouth Group --
are all 100% owned by managing director and sole director Gavin
Clifford Bennett, bar DataSouth Group in which Alan Raymond
MacDonald, of Gore, has a minority stake.  HFK has been appointed
liquidator.

DataSouth Group was founded in 1993 in Christchurch and grew to
open offices in Auckland, Wellington, Melbourne and Sydney.
Datasouth is comprised of Datasouth Business Solutions Ltd and
Datasouth Finance Ltd in New Zealand; and Datasouth Business
Solutions Australia Pty Ltd (ABN 36 105 388 654) in Australia.


================
S R I  L A N K A
================


BANK OF CEYLON: Fitch Rates $500 Million Sr. Unsec. Notes 'BB-'
---------------------------------------------------------------
Fitch Ratings has assigned Sri Lanka-based Bank of Ceylon's
USD500 million senior unsecured notes due 2017 a final rating of
'BB-'.  This follows the completion of the notes issue and the
receipt of documents conforming to information previously
received.

The final rating is the same as the expected rating assigned on
April 17, 2012.  The notes are rated at the same level as BOC's
'BB-' Long-Term Foreign-Currency Issuer Default Rating (LT FC
IDR).  The notes carry an interest rate of 6.875% per annum.

A full list of BOC's outstanding ratings:

  -- LT FC IDR: 'BB-'; Outlook Stable
  -- LT Local Currency IDR: 'BB-'; Outlook Stable
  -- USD senior unsecured notes: 'BB-'
  -- Viability Rating: 'b+'
  -- Support Rating: '3'
  -- Support Rating Floor: 'BB-'
  -- National Long-Term Rating: 'AA+(lka)'; Outlook Stable
  -- Subordinated debentures: 'AA(lka)'


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


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

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

AUSTRALIA

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


CHINA

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


HONG KONG

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


INDONESIA

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


INDIA

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


JAPAN

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


KOREA

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


MALAYSIA

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


PHILIPPINES

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


SINGAPORE

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


THAILAND

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


TAIWAN

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


                             *********

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

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

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


                            *********


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

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

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

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

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





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