/raid1/www/Hosts/bankrupt/TCRAP_Public/120511.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 11, 2012, Vol. 15, No. 94

                            Headlines


A U S T R A L I A

CMI INDUSTRIAL: Government Fast-Tracks Help for Former Workers
FREEDOM SEO: In Administration; Some Staff Saved by Rankist
HEALTH SERVICES: NSW Bill to Give Minister Power Over East Branch
PEPPER RESIDENTIAL NO. 9: S&P Gives 'B' Rating on Class F
SEPPHIRE SERIES: Fitch Upgrades Rating on 2 Note Classes to 'Bsf'


C H I N A

WEST CHINA: Moody's Says Fuping Cement Deal is Credit Positive


H O N G  K O N G

JOINDIN (CHINA): Court to Hear Wind-Up Petition on June 6
LINK WISE: Court Enters Wind-Up Order
LONGWELL GARMENT: Court to Hear Wind-Up Petition on June 6
NITTSU ELECTRONICS: Court Enters Wind-Up Order
YICK YUEN: Creditors' Proofs of Debt Due June 4


I N D I A

AIR INDIA: 20 Flights Cancelled as pilots' stir continues
ASTHA TRADING: CARE Rates INR15.89cr Long-Term Loan at 'CARE B+'
CIPSA TEC: Inadequate Info Cues Fitch to Migrate Ratings to 'D'
HARDAYAL MILK: CARE Rates INR73.88cr Loan at 'CARE BB'
KINGFISHER AIRLINES: Pilots to Strike Over Unpaid Salaries

MANGALAM VENTURES: CARE Assigns 'BB+' Rating to INR9.55cr Loan
P. KISHANCHAND: CARE Assigns 'CARE B+' Rating to INR0.81cr Loan
PAWAR ELECTRO: CARE Assigns 'BB+' Rating to INR10.5cr LT Loan
REDSTONE GRANITO: CARE Assigns 'B+' Rating to INR50cr LT Loan
RVR MARINE: CARE Assigns 'BB' Rating to INR15cr Long-Term Loan

SHIV MILK: CARE Rates INR17.03cr Long-Term Loan at 'CARE B+'
SHIVAM ENTERPRISES: CARE Rates INR7cr Long-Term Loan at 'CARE B+'
SHRI RAMDEV: CARE Rates INR10.50cr Long-Term Loan at 'CARE B'
SHRI SIDHDATA: CARE Assigns 'B+' Rating to INR20.5cr Loans
SHRI SUDERSHAN: CARE Rates INR9.70cr Loan at 'CARE B+'

VAKIL HOUSING: Inadequate Info Cues Fitch to Migrate Ratings
VARUN INDUSTRIES: Delay in Loan Payment Cues CARE Junk Ratings
* INDIA: All But 2 Carriers Defaulted In Airport Charges


I N D O N E S I A

GAJAH TUNGGAL: S&P Affirms 'B' Corp. Credit Rating; Outlook Pos
LIPPO KARAWACI: Fitch Rates New 7-Year Sr. Unsec. Notes at 'BB-'
LIPPO KARAWACI: Moody's Assigns '(P)B1' Rating to Sr. Unsec Notes
LIPPO KARAWACI: S&P Gives 'BB-' Rating on $150-Mil. Senior Notes


J A P A N

JLOC XXXIV: S&P Lowers Rating on Class D Certificates to 'D'
SIGNUM VANGUARD 2005-06: S&P Affirms 'B-p NRi' Rating on Class A
TOKYO ELECTRIC: Japan Takes Over Tepco; To Inject JPY1 Trillion
TOKYO ELECTRIC: Looks to Outsource Seven Board Members


M O N G O L I A

TRADE AND DEVELOPMENT: Moody's Issues Summary Credit Opinion


N E W  Z E A L A N D

CRAFAR FARMS: Court Sets July for 2 Legal Challenges
SPORTS-WIDE: Faces Liquidation Over Unpaid NZ$1 Million Tax
WIRE BY DESIGN: Goes Into Receivership; Awaits Relocation Pay


S I N G A P O R E

FRASERS COMMERCIAL: S&P Affirms 'BB' Corporate Credit Rating
SYRUSS SHORE: Court to Hear Wind-Up Petition on May 18
YEE MING: Creditors' Proofs of Debt Due June 4


X X X X X X X X

* Moody's Says Asian Liquidity Stress Index Stabilized in April
* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


CMI INDUSTRIAL: Government Fast-Tracks Help for Former Workers
--------------------------------------------------------------
ABC News reports that the Australian Federal Government will
fast-track financial assistance for about 50 workers who lost
their jobs at CMI Industrial.

The company's workers in Melbourne, Ballarat and Horsham were
made redundant after CMI Industrial went into administration, ABC
News reports.  The report relates that the workers will get
access to the GEERS program (general employee entitlements and
redundancy scheme) which covers some unpaid entitlements.

ABC News notes that Employment and Workplace Relations Minister
Bill Shorten says the workers would usually have to wait until
the company goes into liquidation to access the scheme.

"The company is not formally in liquidation, but where a company
indicates that is most likely to go into liquidation I do have
that discretion . . . .  Catherine King, the local member for
Ballarat, has certainly been saying Bill, if you can do this and
use your discretion, please do and that's the decision we've been
making this morning," the report quoted Mr. Shorten as saying.

As reported in the Troubled Company Reporter-Europe on April 30,
2012, SmartCompany reports that CMI Industrial entered
administration on April 27, 2012, putting 250 jobs at risk while
a further 1,800 Ford workers have been stood down days later.
According to the report, CMI's troubles began when the landlord
at its Campbellfield plant locked workers out earlier.  The
landlord is claiming a range of debts with unpaid rent being one
component, the report noted.

                       About CMI Industrial

Headquartered in Brisbane, Australia, CMI Industrial manufactures
of a range of specialist components for the automotive, white
goods, transportation and water storage industries. It has
facilities in Melbourne (Campbellfield and West Footscray),
Ballarat and Horsham in Victoria and Toowoomba and Bundaberg in
Queensland.


FREEDOM SEO: In Administration; Some Staff Saved by Rankist
-----------------------------------------------------------
Cara Waters at SmartCompany reports that Freedom SEO has entered
into administration, with customers and the majority of staff
moving to Rankfirst in the latest episode in the "trail of
destruction" created by disgraced Energy Watch chief Ben Polis.

Mr. Polis, the former chief executive of Energy Watch, was also
formerly managing director of Freedom SEO.

According to SmartCompany, Mr. Polis stepped down from his role
at the utilities broker Energy Watch after making racist and
offensive remarks on his personal Facebook page.

SmartCompany says Energy Watch and Freedom SEO were both dumped
as sponsors by the Melbourne Football Club following the race
remarks scandal.

Freedom SEO was partly owned by Energy Watch and Freedom SEO's
website continues to advertise Energy Watch as one of its clients
for website design, the report relates.

Robynne Candiloro, spokesperson for Freedom SEO, told
SmartCompany the circumstances of the collapse were "very
emotional".

"The Ben Polis trail of destruction has had such a bad effect on
our work environment. He has put us through such a wringer that
many of us didn't even want to keep the Freedom SEO name,"
SmartCompany quotes Mr. Candiloro as saying.

"We are innocent and we have nothing to do with him.  All of our
customers know exactly what is going on they do not need to be
told by anyone else, we are in very clear communication with
every person who we trade with. We have come up with a good best-
case scenario and someone has been very generous in what has been
offered."

SmartCompany notes that someone is the owner of Rankfirst, Troy
Winney.

According to the report, Mr. Rankfirst has bought the "minimal
assets" of Freedom SEO, but Mr. Winney said he mainly paid for
the company's client base and will not continue the Freedom SEO
branding.

Mr. Rankfirst is employing five of Freedom SEO's staff and
Mr. Winney was unsure what would happen to the rest of the staff,
the report adds.

Based in Melbourne, Australia, Freedom SEO --
http://www.freedomseo.com.au/-- specialises in search engine
optimisation.


HEALTH SERVICES: NSW Bill to Give Minister Power Over East Branch
-----------------------------------------------------------------
SKY News reports that New South Wales Attorney-General Greg Smith
said a tough new bill would give State Finance Minister Greg
Pearce the power to put the Health Services Union's East branch
into administration.

Under the tough new laws, Mr. Pearce would be given the power to
appoint an administrator to a NSW registered union believed to be
guilty of gross misconduct such as fraud, dishonesty or
maladministration, according to SKY News.  The report relates
that the bill is expected to pass parliament, and Mr. Pearce has
promised an administrator will be appointed to the HSU East
branch.

"Currently the NSW Act does not contain any provision that would
permit the establishment of a scheme or the appointment of an
administrator to clean up a union that is in the kind of mess
that the HSU is.  This is a significant shortcoming," Mr. Smith
told the lower house, the report notes.

SKY News notes that the bill's introduction comes a day after the
release of a Fair Work Australia report alleging former HSU
official and federal MP Craig Thomson spent almost AU$500,000 of
union funds on escorts, meals and electioneering.  The report
says that both the Labor opposition and the Greens said they
would propose amendments to a bill they said gave the minister
too much power.

SKY News discloses that attorney general Paul Lynch said the
opposition supported putting the HSU East branch into
administration, but it should be done by an independent tribunal,
not 'via ministerial caveat.'


PEPPER RESIDENTIAL NO. 9: S&P Gives 'B' Rating on Class F
---------------------------------------------------------
Standard & Poor's Ratings Services assigned its ratings to the
eight classes of nonconforming residential mortgage-backed
securities (RMBS) issued by G.T. Australia Nominees Ltd. as
trustee of Pepper Residential Securities Trust No. 9. Pepper
Residential Securities Trust No. 9 is a securitization of
nonconforming residential mortgages originated by Pepper
HomeLoans Pty Ltd.

The ratings reflect:

  * S&P's view of the credit risk of the underlying collateral
    portfolio, including the fact that this is a closed
    portfolio, which means no further loans will be assigned to
    the trust after the closing date;

  * S&P's view that the credit support is sufficient to withstand
    the stresses the rating agency applies.  This credit support
    comprises note subordination for each class of rated note;

  * The availability of a retention amount built from excess
    spread, and applied monthly to the most subordinated rated
    note at that time; and

  * S&P's expectation that the various mechanisms to support
    liquidity within the transaction, including a liquidity
    facility equal to 2.5% of the invested amount of the notes,
    and principal draws, are sufficient under our stress
    assumptions to ensure timely payment of interest.

The issuer has not informed Standard & Poor's (Australia) Pty
Limited whether the issuer is publically disclosing all relevant
information about the structured finance instruments the subject
of this rating report or whether relevant information remains
non-public.

               STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

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

           http://standardandpoorsdisclosure-17g7.com

RATINGS ASSIGNED

Class      Rating      Amount (mil. A$)
A-1        AAA (sf)    72.0
A-2        AAA (sf)    138.0
A-3        AAA (sf)    38.4
B          AA (sf)     13.5
C          A (sf)      12.6
D          BBB (sf)    9.6
E          BB (sf)     6.0
F          B (sf)      2.4
G          N.R.        7.5

N.R.-Not rated


SEPPHIRE SERIES: Fitch Upgrades Rating on 2 Note Classes to 'Bsf'
-----------------------------------------------------------------
Fitch Ratings has upgraded two classes of the Sapphire Series
transactions and affirmed 19 others. The transactions are VIII
Series 2005-2 Trust, Sapphire VI Series 2004-2 Trust, and
Sapphire VII Series 2005-1E Trust.  The transactions are a
securitisation of Australian non-conforming residential mortgages
originated by Bluestone Group Pty Limited.

The rating actions reflect Fitch's view that the available credit
enhancement levels are sufficient to support the notes' current
ratings, and that the credit quality and performance of the loans
in the current collateral pool remain in line with the agency's
expectations.  Moreover, mortgage performance has slightly
improved since Fitch's last rating actions in August 2011.

"Defaults and losses have stabilised and these seasoned pools
have experienced loss severity below market levels, despite high
arrears common in the non-conforming market in general," said
James Zanesi, Director in Fitch's Structured Finance team.
"Available income has continued to be strong and this has more
than offset the impact of realised losses."

Arrears in the mortgage pool of Sapphire VI have decreased since
August 2011.  The main risk remains the strong concentration in
the pool of only 90 loans at end-January 2012.  At that time, the
pool had paid down to AUD20.1m from the original AUD301.66m, with
30+ days and 90+ days arrears far below other non-conforming
transactions and amounting to 9% and 2.4% of the collateral pool
respectively.  As of the January 2012 payment date, the credit
enhancement of the class BA, BZ and CA notes had increased
significantly from that at August 2011.  Class CZ and Class D
notes have accrued interest totalling AUD0.9m and AUD1.4m to
date, respectively.  Class CZ and Class D interest are not
required payments under the transaction documentation.  There
have been no charge-offs on the Class D notes.  The notes are
amortising on a sequential basis as there is no pro-rata trigger
in place. The available income in the transaction has been
sufficient to cover losses to date.  However, as the mortgage
portfolio reduces in size, the risk of principal losses resulting
from the concentrated default of large loans becomes the primary
driver for Fitch's analysis.

Arrears in Sapphire VII have worsened since August 2011, although
the level of delinquencies is still low in comparison to other
Sapphire transactions.  As of January 2012, the pool had paid
down to AUD62.1m from the original AUD601.9m, with 30+ days and
90+ days arrears low at 13.5% and 3.6% of the collateral pool
respectively.  As of the January 2012 payment date, the credit
enhancement of the rated notes had also modestly increased since
August 2011.  The class CZ and Class D notes currently provide
subordination of AUD4.2m and AUD3.85m respectively. Class D notes
have accrued interest of AUD1.3m. There have been no charge-offs
on Class D notes.  The rated notes are currently amortising on a
pro-rata basis.  The available income in the transaction has been
sufficient to cover losses to date.

Sapphire VIII has experienced a modest decrease in arrears since
August 2011.  As of January 2012, the pool had paid down to
AUD65.3m from the original AUD503.7m, with 30+ days arrears at
14.7% and 90+ days arrears at 5% of the collateral pool.  As of
the January 2012 payment date, the credit enhancement of the
class BA, BZ and CA notes had also increased significantly since
August 2011.  The class CZ and Class D notes currently provide
subordination of AUD7.4m and AUD3.15m respectively.  Class CZ and
Class D accrued interest currently amounts to AUD2.7m and
AUD0.7m, respectively.  There have been no charge-offs on class D
notes. The notes are currently amortising on a pro-rata basis.
The available income in the transaction has been sufficient to
cover losses to date.

A cash flow analysis was performed on each of the transactions,
stressing a combination of interest rates, defaults, default
timings, prepayment rates and recovery lags.

The rating actions are as listed below.

Sapphire VI Series 2004-2 Trust

  -- AUD8.3m Class BA notes (AU300SAP7054) affirmed at 'A-sf';
     Outlook Stable
  -- AUD4.6m Class BZ notes (AU300SAP7062) affirmed at 'BBB-sf';
     Outlook Stable
  -- AUD2.8m Class CA notes (AU300SAP7070) affirmed at 'B+sf';
     Outlook Stable

Sapphire VII Series 2005-1E Trust

  -- EUR2.9m Class A1 notes (XS0223701540) affirmed at 'AAAsf';
     Outlook Stable
  -- AUD2.9m Class A2 notes (AU300SAP8011) affirmed at 'AAAsf';
     Outlook Stable
  -- EUR6.6m Class MA1 notes (XS0223702274) affirmed at 'AA+sf';
     Outlook Stable
  -- AUD3.2m Class MA2 notes (AU300SAP8029) affirmed at 'AA+sf';
     Outlook Stable
  -- EUR6.2m Class MZ1 notes (XS0223702357) affirmed at 'AA-sf';
     Outlook Stable
  -- AUD2.8m Class MZ2 notes (AU300SAP8037) affirmed at 'AA-sf';
     Outlook Stable
  -- EUR3.8m Class BA1 notes (XS0223702514) affirmed at 'BBBsf';
     Outlook Stable
  -- AUD6.3m Class BA2 notes (AU300SAP8045) affirmed at 'BBBsf';
     Outlook Stable
  -- AUD7.7m Class BZ notes (AU300SAP8052) affirmed at 'BBsf';
     Outlook Stable
  -- AUD0.5m Class CA notes (AU300SAP8060) affirmed at 'Bsf';
     Outlook Stable
  -- BA1 currency swap obligation affirmed at 'BBBsf'; Outlook
     Stable

Sapphire VIII Series 2005-2 Trust

  -- AUD12.3m Class AA notes (AU300SAP9019) affirmed at 'AAAsf';
     Outlook Stable
  -- AUD1.6m Class AM notes (AU300SAP9027) affirmed at 'AAAsf';
     Outlook Stable
  -- AUD1.1m Class AZ notes (AU300SAP9035) affirmed at 'AAAsf';
     Outlook Stable
  -- AUD12.9m Class MA notes (AU300SAP9043) affirmed at 'AA+sf';
     Outlook Stable
  -- AUD10.9m Class MZ notes (AU300SAP9050) affirmed at 'A+sf';
     Outlook Stable
  -- AUD10m Class BA notes (AU300SAP9068) affirmed at 'BBBsf';
     Outlook Stable
  -- AUD9.2m Class BZ notes (AU300SAP9076) upgraded to 'BBsf'
     from 'BB-sf'; Outlook Stable
  -- AUD1.8m Class CA notes (AU300SAP9084) upgraded to 'Bsf' from
     'B-sf''; Outlook Stable


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


WEST CHINA: Moody's Says Fuping Cement Deal is Credit Positive
--------------------------------------------------------------
Moody's Investors Service commented that West China Cement's
acquisition of Fuping Cement is credit positive for WCC (Ba3,
negative) as the transaction will be funded by equity and
investments in WCC by Italcementi (Ba1, negative), a global
leader in the cement industry.

WCC has announced its conditional acquisition of Fuping Cement
through the issuing of 284.2 million new shares at HKD2.1815 each
to Cimfra China, a wholly owned subsidiary of Ciments Francais
(Ba1, negative), which is in turn a part of the Italcementi
Group.

The transaction will be subject to the approval of China's
Ministry of Commerce and fulfillment of certain conditions under
a share subscription agreement.

Fuping Cement owns a 2-million-tonne cement production plant in
Zhuangli town in Shaanxi and a 35% interest in Shifeng Cement
which has a 2-million-tonne plant in Caocun town, also in
Shaanxi. WCC is also still completing the acquisition of a 65%
interest in Shifeng Cement, which began in March 2012.

The issuance of HKD620 million worth of new shares to acquire
capacity will enhance its equity base without cash outflow from
WCC and hence is credit positive. With respect to the
consolidation of the debt at Fuping Cement, the impact on WCC's
debt leverage will be small.

The acquisition of Fuping Cement will give WCC significant
competitive advantages. By adding another 2 million tonnes to its
production capacity and taking over the entire stake in Shifeng,
WCC will own and operate all New Suspension Preheater (NSP) dry
process cement production facilities in the Weinan region and
become a clear market leader in Shaanxi province. This will
strengthen its pricing power and help restore cement prices in
the local markets.

In particular, the facilities of Fuping and Shifeng Cement are
close to WCC's existing facilities. They will be integrated into
the production and sales network of the group, create synergy and
help improve profitability in the long term.

Moody's considers the acquisition price of RMB337 (HKD416) for
each tonne of cement-producing capacity as reasonable, given the
consolidation now happening in the competitive market of Shaanxi
province. There are also the benefits of an enhanced market
position and growth potential.

An additional benefit to WCC will be indirect ownership of 6.25%
of its shareholding by Italcementi, the major owner of Ciment
Francais. The appointment of a director by Italcementi and the 3-
year lock-up period for its investment in WCC, once the
acquisition is completed, will enhance expertise and management
control at WCC.

The principal methodology used in rating West China Cement
Limited was the Global Building Materials Industry Methodology
published in July 2009.

West China Cement is one of the leading cement producers in
Shaanxi province, China. As of end-2011, the company's cement
production capacity had reached 16.2 million tonnes per annum.
Most of the company's plants are located in southern Shaanxi,
where it has a dominant market share.

The company is 40.9% owned by its chairman, Mr. Zhang Jimin. It
was listed on the Hong Kong Stock Exchange in August 2010.


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


JOINDIN (CHINA): Court to Hear Wind-Up Petition on June 6
---------------------------------------------------------
A petition to wind up the operations of Joindin (China) Limited
will be heard before the High Court of Hong Kong on June 6, 2012,
at 9:30 a.m.

New Orient Business Systems, Limited (formerly known as New
Orient Business System) filed the petition against the company on
March 29, 2012.

The Petitioner's solicitors are:

          Mayer Brown JSM
          18 Floor, Prince's Building
          10 Chater Road
          Central, Hong Kong


LINK WISE: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on March 13, 2012,
to wind up the operations of Link Wise Furniture Company Limited.

The company's liquidator is Pui Chiu Wing.


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

Bank of China (Hong Kong) Limited filed the petition against the
company on April 3, 2012.

The Petitioner's solicitors are:

          Messrs. Wat & Co.
          11th Floor, On Lok Yuen Building
          Nos. 25-27A Des Voeux Road
          Central, Hong Kong


NITTSU ELECTRONICS: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Hong Kong entered an order on March 14, 2012,
to wind up the operations of Nittsu Electronics Company Limited.

The company's liquidator is Pui Chiu Wing.


YICK YUEN: Creditors' Proofs of Debt Due June 4
-----------------------------------------------
Creditors of Yick Yuen Plastic Factory Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by June 4, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on April 16, 2012.

The company's liquidator is:

         Ho Sun Fung Allan
         Room 2702-3, C.C. Wu Building
         302-8 Hennessy Road
         Wanchai, Hong Kong


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


AIR INDIA: 20 Flights Cancelled as pilots' stir continues
---------------------------------------------------------
The Times of India reports that over 20 Air India flights were
cancelled on Thursday from Delhi and Mumbai as the agitation by
the protesting pilots entered the third day.

Despite the Delhi high court declaring their stir as illegal, the
pilots remained defiant and said the agitation would continue
till their demands were met, TOI relates.

"Three international departures from Mumbai and 8 from Delhi have
been cancelled due to non-availability of pilots", the report
quotes an Air India official as saying.

Around 12 international arrivals at Delhi airport were also
cancelled, according to the website of Delhi airport cited by
TOI.

According to the report, passengers were inconvenienced as
airline officials were unable to accommodate them in other
flights or give any concrete information on when their flights
will take off.

From Delhi flights to Frankfurt, Shanghai, Toronto, New Jersey,
Chicago and Seoul were cancelled while Air India flights to New
York, Riyadh and Shanghai were not operating from Mumbai, the
report relays.

Taking a strong view of the agitation, the Air India management
had on Wednesday sacked 26 more pilots.  With this, the number of
sacked pilots has reached 36.

TOI says the pilots have been protesting against rescheduling of
Boeing 787 Dreamliner training.

                         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.

In April 2012, the Union Cabinet approved an operational
turnaround plan through an equity infusion of INR30,000 crore
(US$5.8 billion) over the next eight years.

"The Cabinet Committee on Economic Affairs (CCEA) has approved
the turnaround plan (TAP) and financial restructuring plan (FRP)
of Air India, under which the government will infuse INR30,000
crore into the airline by 2020-21, subject to certain milestones
that AI will have to meet," civil aviation minister Ajit Singh
said.


ASTHA TRADING: CARE Rates INR15.89cr Long-Term Loan at 'CARE B+'
----------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Astha
Trading Company.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      15.89      CARE B+' Assigned

The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of the firm at present.
The rating may undergo change in case of withdrawal of the
capital or the unsecured loans brought in by the partners in
addition to the financial performance and other relevant factors.

Rating Rationale

The rating is constrained by relatively small scale of operations
of Astha Trading Company with low profitability, competition from
the private dairies and co-operatives and its constitution
being a partnership firm.  These factors far offset the benefits
derived from the promoter's experience.

The ability of ATC to improve the scale of operations alongwith
overall financial risk profile and efficient management of
working-capital cycle are the key rating sensitivities.

Astha Trading Company, a partnership firm, was established in the
year 2009 and is a part of the Dwarka group of companies which in
turn is a part of the Unizonn group. The firm is engaged
in the business of milk processing. Mr. Kapil Devprakash Rajput
is the key partner of the Group. The firm procures raw milk from
local dairy farmers and sells it through distributors and
agencies. The Firm purchases on cash basis and receives the money
from clients generally at the end of the month or two months in
some cases. In FY12, the firm acquired a sick milk processing
unit situated at Village Ambitgaon, Taluka Chiplun, District
Ratnagiri, Maharashtra which has a capacity to process milk of
100,000 litres per day.

During FY11 (refers to the period April 1 to March 31), Astha
Trading Co. reported a total income of INR25.69 crore and a PAT
of INR0.33 crore. Further as informed by management, the firm has
earned revenue of INR46.76 crore and a PBILDT INR1.16 crore for
the period April 01, 2011 to March 31, 2012.


CIPSA TEC: Inadequate Info Cues Fitch to Migrate Ratings to 'D'
---------------------------------------------------------------
Fitch Ratings has migrated CIPSA TEC India Private Limited's
'Fitch D(ind)' National Long-Term rating to the non-monitored
category.  The rating will now appear as 'Fitch D(ind)nm' on the
agency's Web site.

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

Fitch has also migrated CIPSA's bank loan ratings to the non-
monitored category as follows:

  -- INR258.8m long term loans: migrated to 'Fitch D(ind)nm' from
     'Fitch D(ind)'

  -- INR170m fund-based working capital limits: migrated to
     'Fitch D(ind)nm' from 'Fitch D(ind)'

  -- INR276.7m non-fund based working capital limits: migrated to
     'Fitch D(ind)nm' from 'Fitch D(ind)'


HARDAYAL MILK: CARE Rates INR73.88cr Loan at 'CARE BB'
------------------------------------------------------
CARE assigns 'CARE BB' ratings to the long-term bank facilities
of Hardayal Milk Products Private Limited.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      73.88      CARE BB [Double B]

Rating Rationale

The ratings are constrained by weak financial risk profile,
seasonal requirement of funds resulting in high working-capital
utilization, intense competition from the organized as well as
unorganized sector and changes in the government policies and
environmental conditions.

However, the rating constraints are partially mitigated by
relevant experience of the promoters in the industry and
established milk procurement and marketing arrangement.
Going forward, ability to improve profitability margins,
efficient working-capital management, enhancing milk procurement
and handling capacities would remain the key rating
sensitivities.

Hardayal Milk Products Pvt. Ltd. was setup by Mr. Praveendra
Kumar, Mr. Ramveer Singh, Mr. Hardayal Singh, Mr. Veerpal Singh
and Mr. Amol Yadav in July 2005. The company started production
from December 2006 with initial milk processing capacity of 2
lakh litres per day (Llpd).

HMPPL is involved in production of various milk products like
Pasteurised packed milk (65% of total operating income in FY11),
Skimmed Milk Powder - SMP (24% of total operating income in
FY11) and other milk products like Flavored Milk, Curd, Flavored
Yogurt, Butter milk, Paneer, Ghee, Pasteurized Butter, Whole Milk
Powder and Dairy Whitener. The company has an installed capacity
to process 7 Llpd of raw milk as on 31 December, 2011 at its
Shikohabad plant in Uttar Pradesh.

During FY11 (refers to the period April 1 to 31 March), HMPPL
earned a PAT of INR0.65 crore on a total operating income of
INR257.81 crore. During H1FY12, HMPPL earned a PAT of INR0.58
crore on a total operating income of INR137.35 crore.


KINGFISHER AIRLINES: Pilots to Strike Over Unpaid Salaries
----------------------------------------------------------
The Times of India reports that a section of Kingfisher Airlines
pilots have decided not to fly from Thursday tonight to protest
"backtracking" by the management on its "assurance" of remitting
their January salaries from May 9.

"The management had said that it would start giving January
salaries from May 9 onwards. However, it has backtracked on its
commitment," Kingfisher sources told PTI, the report relates.

According to the report, sources said Kingfisher Airline chairman
Vijay Mallya had "assured" the staff in his May 5 communication
to them of remitting their January salaries from Wednesday
onwards.

The sources said that in an indication of a showdown with the
management, a section of the Delhi-based pilots of the cash-
strapped airline on Thursday reported sick, while their Mumbai
counterparts decided not to fly from Thursday tonight, TOI
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.


MANGALAM VENTURES: CARE Assigns 'BB+' Rating to INR9.55cr Loan
--------------------------------------------------------------
CARE assigns 'CARE BB+' and 'CARE A4+' ratings to the bank
facilities of Mangalam Ventures Limited.

   Facilities                  (INR crore)     Ratings
   -----------                 -----------     -------
   Long-term Bank Facilities-     9.55         CARE BB+ Assigned
   Fund-based

   Short-term Bank Facilities-    2.00         CARE A4+ Assigned
   Non-fund Based

Rating Rationale

The ratings are constrained by low profitability margins,
customer concentration risk and exposure to foreign exchange
fluctuations due to export nature of business. The ratings are
further constrained by high degree of competition in the domestic
as well as in the export apparel market. The ratings however,
recognize the experience of the promoters, long track record of
the company, significant increase in total operating income and
comfortable capital structure and debt coverage indicators. The
company's ability to improve its scale of operations and
profitability with diversification of customer base are key
rating sensitivities.

                      About Mangalam Ventures

Mangalam Ventures Limited started its operations as a private
limited company in the name of Sonia Textile Private Limited in
1993 and later reconstituted as a public limited company in 1994.

In 2006, it changed its name to MVL from Sonia Textiles Limited.
The key promoters of MVL are Mr. Sharat Jain, Mr. Vinod Ahuja and
Mr. Yashpal Kumar. MVL is primarily engaged in manufacturing and
exporting of Grey Knitted Fabrics and Knitwear garments to USA,
Europe & Canada since the last 16 years. Around 80 per cent of
total export turnover is achieved through direct exports to
Canada while the remaining 20 per cent is through agents (buying
house) in Delhi and NCR (National Capital Region).

MVL has a manufacturing unit setup at Faridabad with an installed
capacity of 16.50 lakh pieces per annum.

During FY11 (FY refers to period from April 1 to March 31), MVL
reported a total operating income of INR39.46 crore and a PAT of
INR0.45 crore. MVL registered a PAT of INR0.45 crore on the total
operating income of INR23.98 crore in H1FY12.


P. KISHANCHAND: CARE Assigns 'CARE B+' Rating to INR0.81cr Loan
---------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of P. Kishanchand Textiles Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      0.81       CARE B+ Assigned
   Short-term Bank Facilities     5.00       CARE A4 Assigned

Rating Rationale

The ratings of P. Kishanchand Textiles Limited are constrained by
relatively small scale ofoperations, low profitability margins
with small net worth base and high debt level, volatility in the
price of raw material & foreign exchange rates effecting the
company's profitability margins and supplier concentration risk.

The ratings factor in the benefit derived from its long track
record of operations, experienced management and their financial
support in the past.  PKTL's ability to improve its overall scale
of operations while managing the forex risk would be the key
rating sensitivity.

P. Kishanchand Textiles Ltd. was established in 1972 as a
partnership concern by Mr. Purshottam Das Kishanchand and
subsequently it was converted into a closely held public limited
company in 1998. The company is engaged in the business of
trading in fabrics. The company is managed by the current
managing director Mr. P. Kishanchand and Mr. Pawankumar & Mr.
Anandkumar Agarwal are the other directors of the company. During
FY11 (FY refers to period from April 1 to March 31), the company
earned its entire revenue from the domestic markets while 24% of
the total purchases were in the form of import mainly from China
and Korea. The company has its godown located at Bhiwandi.

During FY11, PKTL reported a total operating income of INR10.00
crore and PAT of INR 0.04 crore as compared to a total operating
income of INR 12.86 crore and PAT of INR 0.04 crore during FY10.


PAWAR ELECTRO: CARE Assigns 'BB+' Rating to INR10.5cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE BB+' and 'CARE A4+' ratings to the bank
facilities of Pawar Electro Systems Pvt. Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      10.50      CARE BB+ Assigned
   Short-term Bank Facilities      1.00      CARE A4+ Assigned

Rating Rationale

The ratings are primarily constrained by the relatively small
scale of operations of Pawar Electro Systems Pvt. Ltd., high debt
level, moderately stretched working capital cycle and supplier
concentration risk.

These constraints far outweigh the benefits derived from the
promoter's experience in trading & manufacturing of blood bank
equipments & and their financial support in the past, established
customers and distributors network.  The ability to improve the
scale of operations with improvement in the overall financial
risk profile through proper working capital management are the
key rating sensitivities.

Pawar Electro System Private Limited, incorporated in 2006, was
promoted by Mr. Kailash Pawar, Mrs. Manisha Pawar and Mr. Hemant
Wagh. PESPL is engaged in trading and manufacturing
of blood bank equipments. PESPL is ISO 9001:2003 certified and
its products comply with medical devices standards of ISO
13485:2003. The company's initial manufacturing processes are
outsourced and final assembly is carried out in its own unit.
Outsourcing is performed as per design, specifications and
technical assistance by PESPL which ensure right quality for the
products. PESPL has a network of around 10 - 12 distributors
spread across many states. The company has its four branch
offices located at Bengaluru, Hyderabad, Indore and Chandigarh,
which are managed by regional heads. In FY11 (FY refers to period
from April 1 to March 31), the entire revenue of the company was
earned from domestic market. However, the company plans to
diversify in the export markets. Accordingly, the company has
established a marketing & distribution center in Nairobi, Kenya
in alliance with Harley's Ltd. PESPL sells its products under the
brand JOVE.

During FY11, PESPL reported total operating income of INR14.65
crore and PAT of INR0.45 crore as compared to total operating
income of INR8.05 crore and PAT of INR0.22 crore during FY10. As
per the provisional results for nine months ended on December 31,
2011, the company has achieved revenue of INR40.69 crore and PAT
of INR1.51 crore.


REDSTONE GRANITO: CARE Assigns 'B+' Rating to INR50cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Redstone Granito Private Limited.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       50.00     CARE B+ Assigned
   Short-term Bank Facilities       6.60     CARE A4

Rating Rationale

The ratings are constrained on account of the very short track
record of operations of Redstone Granito Private Limited (RGPL),
highly leveraged capital structure due to recently commissioned
predominantly debt-funded project and below average debt coverage
indicators. The ratings are also constrained by the
susceptibility of its operating margins to volatility in the
prices of feedstock (LNG) and other key raw materials and its
presence in a highly competitive and fragmented vitrified tiles
industry which has strong linkages with the cyclical real estate
sector.

The above constraints far offset the benefits derived from the
vast experience of the promoters of RGPL in the tiles industry
and its favorable location by virtue of being situated in the
ceramic tile manufacturing hub of Morbi in Gujarat.

RGPL's ability to operate its plant at optimum level, achieve the
envisaged level of total income and profitability by managing raw
material price volatility and improve its capital structure are
the key rating sensitivities.

                      About Redstone Granito

Incorporated in December 2010, Wankaner (near Morbi)-based RGPL
is promoted by Mr. Jagjivan Varmora (of Sunshine Group), Mr
Vishal Raiyani, Mr. Nilesh Bhalodia and Mr Ramesh Ranipa.

RGPL has set up a greenfield project for the manufacturing of
double charged vitrified tiles with an installed capacity of
7,500 Square Meter Per Day (SMPD) or 97,500 Metric Tonne Per
Annum (MTPA) which has commenced production from November 2011.
The project was set up at a cost of around INR52 crore and was
funded through a term loan of INR30.00 crore, equity capital of
INR13.00 crore and the balance through interest free unsecured
loans from the promoters.

As per provisional results for four months of operations in FY12
(refers to the period April 1 to March 31), RGPL earned a PAT of
INR0.01 crore on a total income of INR13.79 crore.


RVR MARINE: CARE Assigns 'BB' Rating to INR15cr Long-Term Loan
--------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of RVR Marine Products Limited.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       15.00     CARE BB Assigned
   Short-term Bank Facilities      77.00     CARE A4

Rating Rationale

The rating assigned are constrained by the relatively high
gearing level and declining trend of profitability margins,
seasonal availability of raw material leading to high inventory
levels, exposure to foreign exchange, volatility of international
sea food prices, dependence on government policies, inherent
risks in the seafood industry and stiff competition from within
India and other South East Asian countries. The rating is however
underpinned by the experience and long track record of the
promoters, growth in total income over the period, location of
the plant in aquaculture zone, approvals from international
authorities for processing facilities and favorable demand
outlook for the Shrimps in both domestic and export markets. The
ability of RVR to improve sales and profitability margin without
any deterioration in the capital structure are the key rating
sensitivities.

RVR Marine Products Ltd., promoted by Mr. R Satyanarayana, is
engaged in manufacture of value-added frozen Aqua & Sea food
products - Shrimp/Prawn varieties. The company was incorporated
in 2002 and the processing plant was set up in 2003. Mr
Satyanarayana has been associated with the Sea Food industry for
the past 20 years.

RVR has its processing facility close to the aquaculture zone in
Bhimavaram. The plant has a capacity to produce 30 MT of
prawns/shrimp/fish per day. The processing facilities of RVR and
the laboratory for microbiological & anti-biotic analysis are
compliant with International Standards for Seafood products and
the plant is accredited with certifications from United States
Food and Drug Administration (USFDA); British Retail Consortium
(BRC) and European Union (EU) for Sea Food exports. Further, the
operations are also compliant with Good Manufacturing Practices
[GMP] and the quality control systems are accredited with ISO:
2000 certification.

RVR has registered a PAT of INR2.87 cr on the total income of
INR156.27 cr during FY11 (refers to period from April 1 to
March 31).


SHIV MILK: CARE Rates INR17.03cr Long-Term Loan at 'CARE B+'
------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Shiv Milk
Products.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      17.03      'CARE B+' Assigned

The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of the firm at present.
The rating may undergo change in case of withdrawal of the
capital or the unsecured loans brought in by the partners in
addition to the financial performance and other relevant factors.

Rating Rationale

The rating is constrained by relatively small scale of operations
of Shiv Milk Products with low profitability, weak financial risk
profile marked by high gearing level & stretched working
capital cycle, competition from private dairies & co-operatives
and its constitution being a partnership firm. These factors far
offset the benefits derived from the experienced promoters and
their financial support in the past.

The ability of SMP to improve the scale of operations along with
financial risk profile and efficient management of working
capital cycle are the key rating sensitivities.

                         About Shiv Milk

Shiv Milk Products, a partnership firm, was established in 2005
and is part of the Dwarka group of companies which in turn is
part of Unizonn group. The firm is engaged in the business of
milk processing. Mr. Kapil Devprakash Rajput is the key partner
of the Group. The total milk processing capacity of Dwarka group
stands at around 41 lakh litres per day with presence in
different regions of Maharashtra. The firm procures raw milk from
local dairy farmers and its plant is located at Vaijapur in
Aurangabad district of Maharashtra with a milk processing
capacity of 100,000 litres per day.

During FY11 (FY refers to period from April 1 to March 31), SMP
reported a total income of INR 38.21 crore and a PAT of INR0.66
crore as against a total income of INR 27.57 crore and a PAT of
INR0.08 crore in FY10.


SHIVAM ENTERPRISES: CARE Rates INR7cr Long-Term Loan at 'CARE B+'
-----------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Shivam
Enterprises.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       7.00      CARE B+ Assigned

The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of the firm at present.
The rating may undergo change in case of withdrawal of the
capital or the unsecured loans brought in by the partners in
addition to the financial performance and other relevant factors.

Rating Rationale

The rating is constrained by relatively small scale of operations
of Shivam Enterprises with low profitability, moderately
stretched working-capital cycle, competition from the private
dairies and co-operatives and its constitution being a
partnership firm. These factors far offset the benefits derived
from the experienced promoters and their financial support in the
past.

The ability of Shivam Enterprises to improve the scale of
operations and profitability as well as overall financial risk
profile and efficient management of working-capital cycle are the
key rating sensitivities.

Shivam Enterprises, a partnership firm, was established in 2007
and is a part of the Dwarka group of companies which in turn is a
part of the Unizonn group. The firm is engaged in the business of
milk processing and Mr Kapil Devprakash Rajput is the Managing
Director of the Group. The firm procures raw milk from the local
dairy farmers and sells it through distributors and agencies.
Firm purchases on cash basis and receives the money from the
clients generally at the end of the month or two months in some
cases. Its plant is located at Karjat, Maharashtra with a milk
processing capacity of 100,000 litres per day.

During FY11 , Shivam Enterprises reported a total income of
INR40.31 crore and a PAT of INR0.82 crore. Further as informed by
the management, in FY12 the firm has booked revenue of INR66.82
crore with a PAT of INR3.04 crore.


SHRI RAMDEV: CARE Rates INR10.50cr Long-Term Loan at 'CARE B'
-------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Shri
Ramdev Cotspin.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      10.50      CARE B Assigned

The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of the firm at present.
The rating may undergo change in case of withdrawal of the
capital or the unsecured loans brought in by the partners in
addition to the financial performance and other relevant factors

Rating Rationale

The rating is constrained by relatively small scale of operations
of Shri Ramdev Cotspin with low profitability margin due to
presence in lowest segment of textile value chain, operating
margins are susceptible to cotton price fluctuations and
seasonality associated with cotton, presence in the highly
fragmented industry with low entry barriers and high
susceptibility to changes in the government policies and its
constitution being a partnership firm.

These factors far offset the benefits derived from the
experienced partners and their financial support in the past.

The ability of SRC to improve the scale of operations and move up
in the cotton value chain and diversification of its product
portfolio and efficient management of working-capital cycle are
the key rating sensitivities.

                        About Shri Ramdeo

Shri Ramdeo Cotspin was established in the year 2007 by Mr Pawan
R. Gupta, Mrs Rekha P. Chandak, Mrs Rita A. Gupta and Mrs Kavita
N. Chandak. SRC is engaged in the business of cotton ginning and
pressing and trading of cotton bales. Mr Pawan R. Gupta, the key
acting partner, manages operations of the firm and has experience
of around fifteen years in trading of cotton and cotton related
products. The key raw material i.e. raw cotton is also sourced
from the local market.

The firm earns the major part of its revenue from cotton bales
(which formed 86% of total revenue in FY11, FY refers to the
period April 1 to March 31) which is sold to the traders and
textile mills through agents. Around 60% of SRC's revenue is
generated from trading business. SRC's plant is located at Akot,
district Akola having an installed capacity to produce 36,000
cotton bales p.a.

During FY11, SRC reported a total income of INR74.00 crore and a
PAT of INR1.30 crore as against a total income of INR31.14 crore
and a PAT of INR0.16 crore in FY10.


SHRI SIDHDATA: CARE Assigns 'B+' Rating to INR20.5cr Loans
----------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Shri Sidhdata Steel Tubes.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      17.50      CARE B+ Assigned
   Long/Short-term Bank            3.00      CARE B+ /CARE A4
   Facilities                                Assigned

The ratings assigned by CARE are based on the capital deployed by
the partners and the financial strength of the firm at present.
The ratings may undergo change in case of withdrawal of capital
or the unsecured loans brought in by the partners in addition to
the financial performance and other relevant factors.

Rating Rationale

The ratings assigned to the bank facilities of Shri Sidhdata
Steel Tubes (SSST) are constrained mainly on account of its weak
financial profile marked by thin profitability margins, highly
leveraged capital structure, long operating cycle and weak debt
protection metrics. The ratings are further constrained due to
its presence in a highly competitive and cyclical steel pipes
industry and susceptibility of profitability to fluctuation in
prices of raw materials.

The ratings, however, favorably take into account the wide
experience of the partners in the steel industry and established
track record of operations of the firm.  Improvement in financial
risk profile with better working-capital management and increase
in scale of operations are the key rating sensitivities.

Shri Sidhdata Steel Tubes is a partnership firm started in the
year 2000 by Mr Rajesh Kumar Gupta and Mrs Manju Gupta with an
equal capital contribution. It is engaged in the manufacturing
of Electric Resistance Welding (ERW) steel pipes and tubes. Its
sole manufacturing facility located at Gautam Budh Nagar (Uttar
Pradesh) has an installed capacity of 24,000 Metric Tonnes Per
Annum (MTPA).

During the year FY11 (refers to the period April 1 to March 31),
it has earned a PAT of INR0.59 crore on a total income of
INR70.55 crore, as against a PAT of INR0.42 crore on a total
income of INR55.25 crore in FY10.


SHRI SUDERSHAN: CARE Rates INR9.70cr Loan at 'CARE B+'
------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Shri
Sudershan Tubes.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       9.70      CARE B+ Assigned

The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of the firm at present.
The rating may undergo change in case of withdrawal of capital or
the unsecured loans brought in by the partners in addition to the
financial performance and other relevant factors.

Rating Rationale

The rating assigned to the bank facilities of Shri Sudershan
Tubes is constrained mainly on account of its weak financial
profile marked by thin profitability margins, highly leveraged
capital structure and weak debt protection metrics. The rating is
further constrained due to its presence in a highly competitive
and cyclical steel industry and trading nature of operations
resulting into low profitability margins and high working-capital
requirements.

The rating, however, favorably takes into account the wide
experience of the partners in the steel industry, established
track record of operations of the firm and growth in operations
witnessed over the last three years. SST's ability to increase
its scale of operations and improvement in financial risk profile
with better working-capital management are the key rating
sensitivities.

                        About Shri Sudershan

Initially started as a proprietorship firm by Mr. Om Prakash
Gupta in 2002, Shri Sudershan Tubes was converted into a
partnership firm in the year 2007 with Mr Om Prakash Gupta and Mr
Suresh Kumar Gupta as equal partners. It is engaged in the
trading of steel products namely, mild steel pipes, galvanized
iron pipes and tubes, hot rolled coils, cold rolled coils and
sheets, skelp, etc. It has a ware-housing facility at Sahibabad
(Uttar Pradesh).

During the year FY11 (refers to the period April 1 to March 31),
it earned a PAT of INR0.49 crore on a total income of INR44.51
crore as against a PAT of INR0.41 crore on a total income of
INR37.40 crore in FY10. As per Provisional results for nine
months ending December 2011, SST has achieved a total income of
INR29.65 crore and a PBT of INR0.51 crore.


VAKIL HOUSING: Inadequate Info Cues Fitch to Migrate Ratings
------------------------------------------------------------
Fitch Ratings has migrated India-based Vakil Housing Development
Corporation Private Limited'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 the agency's
website.

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

Fitch has also migrated CIPSA's bank loan ratings to the non-
monitored category as follows:

  -- INR361.6m long-term debt: migrated to 'Fitch B-(ind)nm' from
     'Fitch B-(ind)'

  -- INR29.9m fund based limits: migrated to 'Fitch B-
     (ind)nm'/'Fitch A4(ind)nm' from 'Fitch B-(ind)'/'Fitch
     A4(ind)'


VARUN INDUSTRIES: Delay in Loan Payment Cues CARE Junk Ratings
--------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Varun Industries Limited.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      51.42      CARE D Revised from
                                             CARE BB+

   Long-term/Short-term Bank     700.00      CARE D Revised from
   Facilities                                CARE A4+

Rating Rationale

The ratings revision reflects the delay in servicing of debt
obligations by the company on account of its weakened liquidity
position as a result of delay in realisation of proceeds from the
various customers.

Promoted by Mr. Kiran Mehta, Mr. Virendra Mehta and Mr. Kailash
Agarwal in 1989, Varun Exports was established as a partnership
firm for exporting Stainless Steel (SS) utensils. In March 1996,
Varun Continental Ltd was incorporated, which subsequently took
over Varun Exports. VCL was renamed as VIL in April, 2005.
Over the years, VIL has ventured into diverse businesses and
currently is engaged in manufacturing and export of SS utensils
as well as export/import of diamond and agro goods (mainly raw
corn, soya bean, palm oil), wind power generation and rig hiring
business. VIL has facilities located at Vasai for manufacturing
kitchenware items and a re-rolling mill in Jodhpur for
manufacturing SS sheets.

During FY11, VIL earned a Profit After Tax (PAT) of INR39.34
crore on a total operating income of 2,954.32 crore as against a
PAT of INR23.82 crore on a total operating income of INR1,562.53
crore in FY10. VIL posted a PAT of INR49.70 crore on a total
income of INR2,930.05 crore during 9MFY12.


* INDIA: All But 2 Carriers Defaulted In Airport Charges
--------------------------------------------------------
Reuters reports that Civil Aviation Minister Ajit Singh said on
Wednesday that all but two major airlines in India have defaulted
on paying airport charges.

Indigo, the only profitable airline in the country, and
privately-held Go Air have not defaulted on airport payments,
Mr. Singh told lawmakers in a written reply, according to
Reuters.

Reuters relates that Mr. Singh said the government has initiated
legal action against Kingfisher Airlines "towards dishonour of
the cheques submitted" by the carrier, while Jet Airways and
Spicejet have been served notices on overdues.


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


GAJAH TUNGGAL: S&P Affirms 'B' Corp. Credit Rating; Outlook Pos
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Indonesia-based tire manufacturer PT Gajah Tunggal Tbk. to
positive from stable. "At the same time, we affirmed the 'B'
corporate credit rating on the company. We also affirmed the 'B'
issue rating on Gajah Tunggal's guaranteed secured notes," S&P
said.

"The positive outlook reflects our view that Gajah Tunggal's
financial risk profile will likely strengthen to 'aggressive'
over the next 12-18 months, from 'highly leveraged' currently,"
said Standard & Poor's credit analyst Xavier Jean. "We expect
moderate revenue growth and softening raw material prices to
support the company's cash flows and improve its leverage."

"We project Gajah Tunggal's ratio of total debt to EBITDA to
gradually decline to less than 2.5x in 2013, from about 3.1x in
2012, in our base-case scenario. We also expect the company's
ratio of total debt to total debt plus equity to decline to about
45% in 2013, from about 51% in 2011. These projections are based
on the following assumptions of revenue growth of 6% in 2012 and
7% in 2013 and EBITDA margin of 12%-13% over the next two years,"
S&P said.

"We expect that Gajah Tunggal's cash flows will improve in 2012
and 2013, with funds from operations of Indonesian rupiah (IDR)
1,100 billion-IDR1,200 billion, and that the company's free
operating cash flows will be positive over the period. We view
Gajah Tunggal's liquidity as 'adequate', as defined in our
criteria. We expect the company's liquidity sources to exceed its
liquidity uses by about 1.4x in the next 12 months," S&P said.

"The rating on Gajah Tunggal reflects the company's 'weak'
business risk profile and a 'highly leveraged' financial risk
profile. We believe the company has an aggressive capital
structure, and it is exposed to the cyclical and competitive tire
manufacturing industry. We also believe that its financial
flexibility is limited. Gajah Tunggal's competitive cost position
and leading share in the Indonesian tire market temper these
weaknesses," S&P said.

"We could raise the rating by one notch if we believe Gajah
Tunggal's total-debt-to-EBITDA ratio will stabilize at 2.5x-3.0x,
with the ratio of FFO to total debt exceeding 20% and positive
free operating cash flows," said Mr. Jean. "An upgrade assumes
that Gajah Tunggal does not engage in a more aggressive dividend
distribution or related-party transactions with its 49.7%
shareholder Denham Pte Ltd. that could weaken its own cash flows
or leverage."

"A downgrade seems less likely in the coming months given our
expectation of Gajah Tunggal's operating performance. However, we
could revise the outlook to stable if: (1) intense price
competition or rapidly increasing raw material prices result in
revenue growth of less than 1% and a decline in EBITDA margin to
below 10% such that Gajah Tunggal's total-debt-to-EBITDA ratio
exceeds 3.5x; (2) the company's liquidity deteriorates quickly
because of a rapid increase in working capital requirements or
less favorable terms of trade with clients; or (3) capital
spending significantly exceeds our expectation of IDR500 billion-
IDR600 billion in 2012, resulting in a ratio of total debt to
total debt plus equity of above 50% for a prolonged period," S&P
said.


LIPPO KARAWACI: Fitch Rates New 7-Year Sr. Unsec. Notes at 'BB-'
----------------------------------------------------------------
Fitch Ratings has assigned PT Lippo Karawaci Tbk's proposed
seven-year senior unsecured notes an expected 'BB-(exp)' rating.
The bonds are to be issued by Theta Capital Pte. Ltd. and
guaranteed by LK.  The final rating is contingent upon receipt of
the final documents conforming to information already received.
The expected rating is in line with LK's Long-term Foreign and
Local Currency Issuer Default Ratings (IDRs) and senior unsecured
rating of 'BB-'.

LK plans to use most of the proceeds from the proposed issue to
fund the development of new retail malls, hospitals, and
residential developments.  Fitch is of the view that these debt-
funded expansions will not impair LK's current financial profile,
which is supported by Indonesia's favourable long-term demand for
residential properties and healthcare services, a continued
strong recurring income base, and LK's demonstrated track record
in managing the these businesses.

On May 8, 2012, Fitch upgraded LK to 'BB-' (Fitch Upgrades Lippo
Karawaci to 'BB-'; Outlook Stable, dated 8 May 2012 ), on an
improved liquidity position following strong presales in 2011
which enables the company to execute its large capex programme
with a lower reliance on debt.  LK's ratings benefit from a high
proportion of recurring income from healthcare, retail malls, and
hospitality business, which helps mitigate the impact of volatile
income from property development and allows the company to
maintain a sound financial profile.  This recurring income
provides adequate interest and fixed charge coverage.  LK's
ratings also reflect its well-distributed debt maturity profile
and its track record of managing through property cycles.


LIPPO KARAWACI: Moody's Assigns '(P)B1' Rating to Sr. Unsec Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)B1 rating
to the proposed senior unsecured notes to be issued by Theta
Capital Pte Ltd and guaranteed by PT Lippo Karawaci Tbk and some
of its subsidiaries.

The outlook for the rating is positive.

Ratings Rationale

"The proposed bond issuance will improve the company's financial
flexibility and provide funding for its capex plans to build 21
hospitals and 15 retail malls over the medium term. An increased
debt level will pressure financial metrics, but Moody's take
comfort from the company's track record of financial discipline,"
says Alan Greene, a Moody's Vice President and Senior Credit
Officer.

LK has consistently held adequate cash holdings, and maintained a
well-balanced debt maturity profile. As of December 31, 2011, the
company had cash and cash equivalents of Rp2.17 trillion (US$239
million) as compared to maturing debt of Rp145 billion (US$16
million) over the next four quarters.

However, its overall financial profile is expected to weaken from
the strong performance in FY2011, due to its aggressive expansion
plans. Capex is likely to incorporate some level of debt funding
(including the proposed bond issuance), which may potentially
result in a deterioration of gearing and leverage ratios.
Interest coverage, on the other hand, is expected to improve as
LK increases the scale of its operations. Operating cash flow and
its associated credit metrics are expected to remain volatile
over the next three years due to the heavy working capital
requirements. In addition, in November 2011, shareholders
approved a share buyback up to an aggregate value of Rp600
billion, with the buyback period valid for 18 months.

"LK's diversified property portfolio and growing recurring income
base partly mitigates the development risk of its expansion
plans. Its residential and retail developments are well-
positioned to benefit from Indonesia's growing middle income
class, while its healthcare segment remains resilient," adds
Mr. Greene, who is also Moody's lead analyst for LK.

"Nevertheless, LK's success in its asset-light strategy
ultimately relies on connected entities such as First REIT and
Lippo Malls Indonesia Retail Trust absorbing the completed
hospital and retail developments," continues Mr. Greene.

On April 5, 2012, LK's rating outlook was changed to positive to
reflect the strong growth in recurring income from the retail
malls, healthcare, hospitality and infrastructure, as well as
property and portfolio management businesses, which contributed
approximately 51% of LK's FY2011 revenue.

LK's ratings could be upgraded if it maintains financial
discipline in the pursuit of its growth strategy, while
continuing to be well-supported by stable recurring income from
its retail malls, healthcare, hospitality, as well as property
and portfolio management businesses.

A further track record of prudent investment and strategy
decisions over the coming 12-18 months could see LK's ratings
upgraded to Ba3. An upgrade would also be supported by a
sustained strong sales performance and improved cash flow
generation, as well as a further strengthening of recurring
income. Credit metrics that will support an upgrade include
EBIT/interest coverage above 3.0-3.5x and adjusted leverage below
40% on a sustained basis.

On the other hand, the ratings could return to stable if LK's
financial and liquidity profiles weaken due to 1) the company
failing to execute its business plans; 2) a deterioration in the
property market, leading to protracted weakness in its operations
and credit profile; and 3) a material depreciation in the Rupiah,
and which increases the company's debt-servicing obligations.

The principal methodology used in rating PT Lippo Karawaci Tbk
was the Global Homebuilding Industry Methodology published in
March 2009.

PT Lippo Karawaci Tbk is one of the largest property developers
in Indonesia, with a sizable land bank of around 1,489 ha as of
December 31, 2011. Since 2004, the company has diversified into
the healthcare and hospitality businesses and infrastructure
development. Its recurring income continues to grow, comprising
around 50% of LK's total revenue over the last three years.


LIPPO KARAWACI: S&P Gives 'BB-' Rating on $150-Mil. Senior Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' rating to
the proposed issue of up to $150 million senior notes guaranteed
by PT Lippo Karawaci Tbk. (BB-/Stable/--; axBB+/--) and some of
its subsidiaries. Theta Capital Pte. Ltd., a special purpose
vehicle that Lippo Karawaci owns, will issue the notes, which are
due in 2019. The rating on the proposed notes is the same as the
rating on Lippo Karawaci's existing senior notes due in 2015.

Lippo Karawaci intends to use the proceeds from the proposed
notes to finance retail malls, hospitals, property development,
working capital requirements, and general corporate purposes.

"In our view, the corporate credit rating on Lippo Karawaci is
not affected by the proposed issue. While the proposed issue will
raise Lippo Karawaci's debt to a level higher than we had
anticipated, we expect the company's operating performance to
remain strong in the next 12 to 18 months. Operating performance
was significantly better than we expected in 2011. Strong
economic growth in Indonesia has culminated in robust demand for
the company's properties and healthcare services, and increased
occupancy at its hotels and shopping malls. Factoring in the
proposed notes issuance, we forecast Lippo Karawaci's ratio of
lease-adjusted debt to EBITDA at about 3.8x-4.3x for the next 12
to 18 months, compared with 4.0x as of Dec. 31, 2011, and its
debt-to-capitalization ratio at 40%-45%, compared with 34.2%,"
S&P said.

"The corporate credit rating reflects the company's aggressive
capital expenditure plans and exposure to volatile cash flows
from the cyclical property development business. Lippo Karawaci's
dominant position in the domestic property market and its strong
financial flexibility in respect of good access to equity and
capital markets temper the above weaknesses. The stable rating
outlook reflects our expectation that the company's strong growth
from its property development and healthcare businesses, stable
profitability, and adequate liquidity will translate into a
financial performance that is appropriate for the rating in the
next 12 to 18 months," S&P said.


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


JLOC XXXIV: S&P Lowers Rating on Class D Certificates to 'D'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D (sf)' from 'CC
(sf)' its rating on the class D trust certificates issued under
the JLOC XXXIV Trust Certificate transaction. "The class A to C
trust certificates issued under the same transaction have already
been fully redeemed. We withdrew our rating on class X in January
2012 with the full redemption of classes A to C," S&P said.

"On Jan. 24, 2012, we lowered to 'CC (sf)' from 'CCC (sf)' our
rating on class D, the transaction's lowest-level tranche,
because we confirmed that this class had incurred an effective
loss. Specifically, although the sales of the properties backing
the transaction's remaining tokutei mokuteki kaisha (TMK;
special-purpose company) bond had been completed, we found that
the outstanding principal on the TMK bond exceeded the amount of
proceeds collected through the property sales. The remaining TMK
bond originally represented about 40% of the total initial
issuance amount of the trust certificates. The trust termination
procedures have been completed following the completion of the
sales of the properties that backed the TMK bond. We downgraded
class D to 'D (sf)' because we have confirmed that the
outstanding principal on that class was written down on the trust
termination date in May 2012," S&P said.

JLOC XXXIV is a multiborrower commercial mortgage-backed
securities (CMBS) transaction. The trust certificates were
initially secured by two TMK bonds and a nonrecourse loan. The
TMK bonds and the nonrecourse loan were originally backed by 61
real estate properties and two loans extended to two obligors.
The transaction was arranged by Morgan Stanley Japan Securities
Co. Ltd., and ORIX Asset Management & Loan Services Corp. acts as
the servicer for this transaction.

"The rating reflects our opinion on the likelihood of the full
payment of interest and the ultimate repayment of principal by
the transaction's legal final maturity date in October 2013 for
the class D certificates," S&P said.

               STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

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

           http://standardandpoorsdisclosure-17g7.com

RATING LOWERED
JLOC XXXIV Trust Certificate
JPY67.1 billion trust certificates due October 2013
Class     To         From        Initial issue amount
D         D (sf)     CC (sf)     JPY6.9 bil.


SIGNUM VANGUARD 2005-06: S&P Affirms 'B-p NRi' Rating on Class A
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B-p NRi (sf)'
rating on the class A loan extended under Signum Vanguard Ltd.'s
series 2005-06 collateralized debt obligation (CDO) transaction.

"The rating action is part of our regular review. We affirmed our
rating on the transaction because the tranche's level of credit
enhancement, in our opinion, remains at a level commensurate with
the current rating," S&P said.

             STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

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

           http://standardandpoorsdisclosure-17g7.com

RATING AFFIRMED
Signum Vanguard Ltd.
Secured floating rate credit-linked loan series 2005-06
Class   Rating         Issue amount
A       B-p NRi (sf)   JPY3.0 bil.


TOKYO ELECTRIC: Japan Takes Over Tepco; To Inject JPY1 Trillion
---------------------------------------------------------------
Tsuyoshi Inajima and Yuji Okada at Bloomberg News report that
Japan's government took control of Tokyo Electric Power Co., the
center of the Fukushima nuclear disaster, and agreed to provide
JPY1 trillion (US$12.5 billion) as part of the nation's largest
bailout since the rescue of the banking industry in the 1990s.

Bloomberg relates that the government will obtain more than 50%
of the voting rights in the utility known as TEPCOunder a 10-year
plan approved on May 8 by Trade and Industry Minister Yukio
Edano. The government stake may rise to two-thirds if TEPCO fails
to meet goals that include cost cuts and compensation payments,
says Bloomberg.

According to Bloomberg, the announcement is the culmination of
talks since June between TEPCO and the government to help the
utility return to profit.  Bloomberg notes that TEPCO has been on
government support since the March 11, 2011 quake and tsunami
wrecked the Fukushima Dai-Ichi nuclear station, causing reactor
meltdowns and forcing about 160,000 people to evacuate from towns
around the plant.

Government control is unlikely to "end within six months, one
year or two years," Mr. Edano told reporters Tuesday.  "It will
depend on how well Tepco carries out restructuring measures,"
Bloomberg quotes Mr. Edano as saying.

The government isn't ruling out lowering its voting rights to
below 50% should TEPCO fulfill the measures, Bloomberg notes.

Under the plan, Bloomberg discloses, the utility aims for an
unconsolidated profit of JPY106.7 billion in the year ending
March 2014, based on an electricity rate increase and the restart
of the Kashiwazaki Kariwa nuclear station.  Bloomberg says
nationalization of Tepco paves the way for the government to
restructure the electricity industry monopolized by regional
utilities and possibly break up power generation and transmission
networks to allow more competition.

According to the report, the government has set aside
JPY9 trillion as part of the bailout of TEPCO and to pay
compensation and cleanup costs related to radiation leaks from
the Fukushima nuclear plant.

Corporate turnaround lawyer Kazuhiko Shimokobe, who leads the
government-backed Nuclear Damage Liability Facilitation Fund,
will replace Chairman Tsunehisa Katsumata.  Naomi Hirose will be
promoted to take President Toshio Nishizawa's job, the company
said in a statement May 8, according to Bloomberg.

Katsumata and Nishizawa will officially step down at a meeting of
shareholders in June, TEPCO, as cited by Bloomberg, said.

                      About Tokyo Electric

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

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

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

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


TOKYO ELECTRIC: Looks to Outsource Seven Board Members
------------------------------------------------------
Jiji Press reports that Tokyo Electric Power Co. plans to appoint
seven directors from outside the company in a proposed 11-member
board, sources said Wednesday.

Jiji Press says the plan would cut the number of TEPCO board
members from the current 16.

Under the plan, the report relates, the utility would form
nominating, auditing and compensation committees, composed mainly
of outside directors, to oversee management to be led by incoming
President Naomi Hirose.

Domestic business groups, including the Keidanren, expressed
their willingness to help find outside board members for TEPCO,
adds Jiji Press.

                       About Tokyo Electric

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

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

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

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


===============
M O N G O L I A
===============


TRADE AND DEVELOPMENT: Moody's Issues Summary Credit Opinion
------------------------------------------------------------
Moody's Investors Service issued a summary credit opinion on
Trade and Development Bank of Mongolia LLC and includes certain
regulatory disclosures regarding its ratings.  The release does
not constitute any change in Moody's ratings or rating rationale
for Trade and Development Bank of Mongolia LLC.

Moody's current ratings on Trade and Development Bank of Mongolia
LLC are:

Senior Unsecured (foreign currency) ratings of Ba3, on review for
downgrade

Senior Unsecured MTN Program (foreign currency) ratings of
(P)Ba3, on review for downgrade

Long Term Bank Deposits (domestic currency) ratings of Ba3, on
review for downgrade

Long Term Bank Deposits (foreign currency) ratings of B2

Long Term Issuer Rating (domestic and foreign currency) ratings
of Ba3, on review for downgrade

Bank Financial Strength ratings of D-, on review for downgrade

Subordinate (foreign currency) ratings of B1, on review for
downgrade

Subordinate MTN Program (foreign currency) ratings of (P)B1, on
review for downgrade

Short Term Bank Deposits (domestic and foreign currency) ratings
of NP

Other Short Term (foreign currency) ratings of (P)NP

Short Term Issuer Rating (domestic and foreign currency) ratings
of NP

Ratings Rationale

Moody's assigns a bank financial strength rating (BFSR) of D- to
the Trade and Development Bank of Mongolia, which maps to a
standalone rating of ba3 on the long-term rating scale. The
rating reflects the bank's: (1) solid market position, (2) sound
profitability, and (3) good operating efficiency.

The rating is offset by the bank's: (1) high concentration risk,
given the less-diversified and volatile nature of Mongolia's
economy, (2) substantial Tier 1 core capital needs, in case it
repeats its rapid growth over the next few years, and (3)
relatively weak corporate governance on a global basis.

The operating environment has been improving due to the recovery
in the mining industry. Moody's believes that the benefits of the
Oyu Tolgoi copper and gold project, as well as the Tavan Tologoi
coking coal project, will be transformational for the economy.
But the historic boom-bust cycle of the economy adds to the
volatile operating environment for the banking business.

According to the IMF, the Mongolia's economy is overheating
currently, raising concerns of a hard landing if external shocks
hit the country. The European sovereign crisis could also lead to
a significant drop in copper and coal prices.

The IMF believes that the size of the country's foreign currency
reserves and its swap line with the People's Bank of China (PBOC)
are not enough to defend an exchange rate target. In addition,
inflation of 15%-16% may accelerate as fiscal policy is expected
to be challenged by political pressure for pro-cyclical spending.

TDB is 73.1% owned, directly and indirectly, by US Global
Investment LLC, an intermediate parent company, which is in turn
owned equally by an individual, Erdenebileg Doljin, and Central
Asia Mining LLC. The latter is the ultimate parent company, and
is owned by two individuals. Goldman Sachs acquired a 4.8% stake
in TDB in February 2012.

Apart from the treasury stock of 3.4%, the bank's remaining stake
of 18.3% is owned by a number of individuals, who are minority
shareholders.

Moody's believes that the probability of systemic support for TDB
is high, given the bank's large market presence in Mongolia. The
systemic support indicator for Mongolia (i.e. the government bond
rating) is B1, which leaves the bank's local currency bank
deposit rating at its standalone rating of ba3. TDB's foreign
currency deposit rating is B2, and is constrained by the country
ceiling.

Moody's also assigns a foreign currency Ba3 rating to the bank's
senior unsecured debt, and a B1 rating to dated subordinated debt
in its medium-term note program. Its short-term ratings are not-
prime.

TDB's deposit and debt ratings incorporate three main elements:
(1) the bank's BFSR of D-, (2) Moody's assessment of high
systemic support from the Mongolia government, a component of the
Joint Default Analysis (JDA), with the systemic support indicator
of B1, and (3) the seniority of its deposits and debt.

Credit Strengths

- Solid franchise in Mongolia as the country's third largest
bank in terms of loans and deposits

- Leading position in corporate banking, foreign exchange, as
well as the trade-related and project finance business

- Sound profitability with good operating efficiency

Credit Challenges

- Maintaining good asset quality, while pursuing loan growth in
a volatile economy

- Lack of geographic diversification

- High risk from customer concentrations and potential corporate
governance issues

- Core capital under pressure if the bank repeats its rapid
growth in coming years

Rating Outlook

The BFSR, local currency bank deposits rating, issuer rating,
foreign currency long-term senior unsecured debt rating, foreign
currency long-term senior unsecured MTN/ subordinate MTN are on
review for downgrade. The foreign currency deposit rating carries
a stable outlook.

What Could Change the Rating - Up

There is no upside pressure on the rating in the short term, as
reflected in the review for downgrade. The current standalone
credit assessments-- which are above the sovereign level-- are
likely to decline, under global guidance.

The review of Mongolian banks is in accordance with Moody's re-
assessment of the correlation between the sovereign and banking
sector. It is not due to any changes in TDB's standalone credit
profile.

During the review, Moody's will focus on the following factors
that could mitigate TDB's credit correlation with that of the
sovereign: (1) its relative low direct exposure to government
debt, apart from central bank bills, (2) the sizeable presence of
foreign shareholders, (3) any changes in the vulnerability of the
Mongolian banking system to shocks when compared to the 2008
crisis, and (4) the size of the liquidity buffers - in both
domestic and foreign currency - held by TDB.

What Could Change the Rating - Down

Additional factors that could exert negative pressure on the
rating include (1) asset quality deteriorating significantly,
possibly due to aggressive expansion, (2) NPLs surpassing 4.5%,
(3) the new NPL formation rate of gross loans exceeding 8%, (4)
its Tier 1 ratio falling below 9%, (5) profitability
deteriorating significantly, with net income less than 1.4% of
average RWA, or (6) signs of strain in the bank's liquidity
position, a decline in the Mongolian economy, or a system-wide
confidence crisis, which could threaten the bank's franchise.

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


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


CRAFAR FARMS: Court Sets July for 2 Legal Challenges
----------------------------------------------------
tvnz News reports that two legal challenges to the New Zealand
government's consent for Chinese company Shanghai Pengxin to buy
the Crafar farms are to be heard together in the High Court in
July.

Businessman Sir Michael Fay wants to buy the 16 North Island
dairy farms, said the group's appeal over a High Court ruling
earlier this year around Pengxin's proposed purchase, and its
new, more recent challenge against the government's second green
light for the Chinese deal, are to be rolled into one hearing in
Wellington on July 2, according to tvnz News.

The report recalls that the government early this year allowed
the NZ$200 million-plus Pengxin purchase on the recommendation of
the Overseas Investment Agency.  The report notes that a judicial
review challenge against that decision by Mr. Fay's group, which
has offered NZ$171.5 million for the in-receivership farming
estate, resulted in the High Court effectively sending the
decision back to the OIO and Government ministers for a rethink.

The report says that Mr. Fay's group challenged the OIO's
recommendation on two fronts:

   -- that the Pengxin purchase was of economic benefit to New
      Zealand; and

   -- that Pengxin had the necessary business acumen and farming
      experience to operate the farms.

tvnz News notes that the court supported the economic benefit
challenge, but not the business acumen question.

Mr. Fay's group has asked the Court of Appeal to rule on the High
Court's latter decision, the report says.

Since then, tvnz News discloses that the OIO has again
recommended that Pengxin be allowed to buy the farms, which have
been in receivership for more than two years, and the Government
has again consented, sparking a fresh legal challenge from Fay's
group.

A spokesman for Pengxin has said the company intends to have its
proposed farms manager, state-owned enterprise Landcorp, on the
farms by spring, but will not say whether the deal with the
receivers is unconditional, tvnz News adds.

                        About Crafar Farms

Crafar Farms, New Zealand's largest family owned dairy business,
runs about 20,000 milking cows, and carries about 10,000 of other
stock.  The company employed 200 staff.

Crafar Farms was placed in receivership in October 2009, by its
lenders Westpac Banking Corp., Rabobank Groep and PGG Wrightson
Finance.  The banks, owed around NZ$200 million, put KordaMentha
partners Michael Stiassny and Brendon Gibson in as receivers
after Crafar Farms breached covenants on its loans.

The latest report on the four Crafar companies in receivership
-- Plateau Farms, Ferry View Farms, Hillside and Taharua -- said
their bank debt in October was NZ$256 million, according to
BusinessDay.co.nz.


SPORTS-WIDE: Faces Liquidation Over Unpaid NZ$1 Million Tax
-----------------------------------------------------------
The Dominion Post reports that Wellington's oldest gym chain,
Sports-Wide, is more than NZ$1 million behind in taxes and may
face liquidation.

According to the Post, NBR Online reported that the company has a
May 21 deadline to arrange a payment plan with Inland Revenue.

In the High Court at Wellington yesterday, Associate Judge Tony
Christiansen said he would allow the chain "one final chance". An
order for liquidation would be made if no agreement was reached.

The first Sports-Wide fitness club opened in 1983.  The Company
owns The Atrium on The Terrace and another gym in Willis St.


WIRE BY DESIGN: Goes Into Receivership; Awaits Relocation Pay
-----------------------------------------------------------
Fairfax NZ News reports that Wire by Design, an Auckland
engineering company locked in a four-year battle with the
Transport Agency over a motorway extension has gone into
receivership, putting 50 jobs at risk.

Wire by Design, which bought the assets of the engineering
company Faulkner Collins last year, called in the receivers on
May 9, says Fairfax NZ News.

According to the report, the company was forced to relocate from
its leased Mt Roskill premises to make way for construction of
the State Highway 20 (SH20) Waterview Connection.

Fairfax NZ News notes that the Engineering Printing and
Manufacturing Union is calling for the Government to intervene
and settle the dispute between the business and the New Zealand
Transport Agency.

Wire by Design director Hadley Wright claims NZTA owes the
company NZ$2.6 million in compensation for lost business during
the seven-month period in which it was out of operation,
according to the report.

The company claims that it was relocated to Neilson St, Onehunga
from Stoddard Road, Mt Roskill, in December 2010 but still lacks
the functionality it had at the old building, the company claims,
the report relays.

Fairfax NZ News reports that EPMU spokesman Joe Gallagher said
Wright was battling not just the NZTA but the Inland Revenue
Department over an unpaid tax bill whilst struggling to run the
business day-to-day.

"Wire By Design has been trying to get a relocation compensation
claim sorted with the Government (which runs NZTA) for over three
years," the report quotes Mr. Gallagher as saying.

"The company has lived up to its end of the bargain and done all
it can to secure a fair compensation package that it is entitled
to under the law."

The Crown was obliged under the Public Works Act to relocate the
business to alternative premises on a "like-for-like and same
functionality basis", Gallagher said.

An NZTA spokesman said the NZTA said it was inappropriate for it
to comment as there were still matters to be settled in court.
"We'd hope that there is a satisfactory conclusion to all this,"
Fairfax NZ News adds

Based in Auckland, New Zealand, Wire by Design manufactures wire,
tube and sheetmetal products including shopping trolleys.


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


FRASERS COMMERCIAL: S&P Affirms 'BB' Corporate Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services revised the outlook on
Singapore-based Frasers Commercial Trust to positive from stable.
"At the same time, we affirmed the 'BB' long-term corporate
credit rating on the trust," S&P said.

"The positive outlook reflects our view that FCOT's financial
risk profile could improve to 'intermediate' from the current
'significant' in the next 12 to 18 months," said Standard &
Poor's credit analyst Wee Khim Loy. "We expect the trust to use
the proceeds from a proposed asset sale to repay its debt."

"FCOT has a conditional agreement with Bayfront Ventures Pte Ltd.
for the sale of KeyPoint, a non-grade A commercial building in
Singapore, for Singapore dollar (S$) 360 million. The transaction
is expected to be complete in September 2012, assuming that
unitholders approve it by July 30, 2012," S&P said.

"Under our base-case scenario, we project FCOT's gearing (defined
as the ratio of borrowings to total assets) to improve to 41%-43%
and its EBITDA interest cover at 2x-2.2x following the proposed
sale. As of March 31, 2012, FCOT's gearing was 52% and EBITDA
interest cover was 1.9x. We expect the improved gearing to
provide FCOT with the financial flexibility to acquire better
quality assets and strengthen its asset portfolio," S&P said.

"The rating on FCOT reflects the trust's small asset base of
eight buildings, valued at about S$1.7 billion, after the sale of
KeyPoint. The rating also benefits from the satisfactory credit
profile of FCOT's sponsor Frasers Centrepoint Ltd., which is
wholly owned by Frasers & Neave Ltd., a property and food and
beverage conglomerate listed in Singapore," S&P said.

"FCOT's liquidity is 'adequate,'. As of March 31, 2012, the trust
has unrestricted cash and cash equivalents of S$90 million. We
estimate that FCOT's liquidity sources will exceed uses by about
1.2x in 2012," S&P said.

"We may raise the rating if FCOT's gearing improves to about 40%
at least and EBITDA interest coverage exceeds 2x on a sustainable
basis," said Ms. Loy. "This assumes that the portfolio quality
improves or remains stable."

"Conversely, we could revise the outlook to stable if FCOT
engages in more debt-funded acquisitions such that its EBITDA
interest coverage falls below 1.5x over a prolonged period," S&P
said.


SYRUSS SHORE: Court to Hear Wind-Up Petition on May 18
------------------------------------------------------
A petition to wind up the operations of Syruss Shore Engineering
Pte Ltd will be heard before the High Court of Singapore on
May 18, 2012, at 10:00 a.m.

United Overseas Bank Limited filed the petition against the
company on April 20, 2011.

The Petitioner's solicitors are:

          Rajah & Tann LLP
          9 Battery Road, #25-01
          Straits Trading Building
          Singapore 049910


YEE MING: Creditors' Proofs of Debt Due June 4
----------------------------------------------
Creditors of Yee Ming Keng Contractor & Realty (Pte) Ltd, which
is in voluntary liquidation, are required to file their proofs of
debt by June 4, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on April 27, 2012.

The company's liquidator is:

          Lau Chin Huat
          50 Havelock Road, #02-767
          Singapore 160050


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


* Moody's Says Asian Liquidity Stress Index Stabilized in April
---------------------------------------------------------------
Moody's Investors Service says that its Asian Liquidity Stress
Index (Asian LSI) stabilized in April and now stands at 15.3%,
compared with 15.5% in March.

The Index, which increases when speculative-grade liquidity
appears to decrease, is near its highest level since October
2010. However, it remains well below the high of 37% recorded in
4Q2008 during the financial crisis.

In absolute terms, 15 of the 98 issuers in the speculative-grade
portfolio demonstrated weak liquidity as at end April compared
with 15 of 97 issuers in March.

The details are outlined in a report entitled "Moody's Asia
Liquidity Stress Index."

"In April, the liquidity sub-index for Chinese speculative-grade
companies stood at 15.6%, down from the high of 18.6% in March.
While there was some improvement for the liquidity of Chinese
property companies, it remains of note that almost one in four of
such companies have weak liquidity," says Laura Acres, a Moody's
Vice President and Senior Credit Officer.

As of end-April 2012, the 12-month trailing default rate for
speculative-grade names was 2.63%, which compares to no defaults
in 2011. The correlation between weak liquidity and default
remains high. Some 93.3% of Asia-Pacific companies with the
lowest SGL score (SGL-4) are rated B1 and below, compared with
86.6% in March.

In April, the downgrade to upgrade ratio moderated with just one
downgrade compared to one upgrade after three clear quarters of
downgrades exceeding upgrades.

There were also four negative outlook changes and one rating was
put on review for downgrade.

"As such a strong negative bias remains with almost 40% of the
speculative-grade portfolio having a negative outlook or being on
review for downgrade," adds Ms. Acres.

During Q1 2012 in Asia, concerns about euro area sovereign debt
and a more general economic slowdown seemed to ease as markets
reopened and investors showed appetite for Asian risk. However,
more recently, a level of caution has prevailed and there remain
several deals in the market yet to complete.

Moody's still expects a moderate erosion of liquidity this year,
as a tight credit supply in China flows through to the wider
corporate space.


* 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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