TCRAP_Public/120525.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 25, 2012, Vol. 15, No. 104

                            Headlines


A U S T R A L I A

HYUNDAI: Seward Sites Go Into Administration
MKM HOMES: Calls in Administrators; Tradesmen Left Out of Pocket
* Bracewell & Giuliani to Discuss Investing in Australian Credits


C H I N A

MASTER SILICON: Incurs $981,000 Net Loss in First Quarter
SINO-FOREST CORP: OSC Commences Proceedings Against Former Execs
SUNRISE REAL ESTATE: Incurs $1.05MM Net Loss in First Quarter


H O N G  K O N G

AMANDA WAKELEY: Creditors' Meeting Set for June 5
CAN (H.K.): Creditors' 2nd Meeting Set for May 30
DYNAMIC MANAGEMENT: Members' Final Meeting Set for June 22
HK AUSTRALIA: Members' Final Meeting Set for June 20
JMC R&D: Park Minbong Steps Down as Liquidator

KENFAIR PUBLICATIONS: Chuang Johnny Steps Down as Liquidator
L & E PACKAGING: Members' Final Meeting Set for June 19
MATISSE INVESTMENTS: Members' Final Meeting Set for June 22
PECONIC INDUSTRIAL: Annual Meetings Set for June 12
PEREGRINE CAPITAL: Annual Meetings Set for June 15

RAB CAPITAL: Cowley and Power Step Down as Liquidators
RAINBOW & DIAMOND: Court to Hear Wind-Up Petition on May 30
ROTARY CENTENNIAL: Lam Tak Keung Steps Down as Liquidator
SAN HING: Placed Under Voluntary Wind-Up Proceedings
SANTA INDUSTRIAL: Members' Final Meeting Set for June 22

SUPPLE MIND: Tang Tin Sek Steps Down as Liquidator
UNIQUE CONCEPT: Chan Sek Kwan Rays Steps Down as Liquidator
WU QIAOMEI: Creditors' Proofs of Debt Due June 30
YORK RISE: Chan Sek Kwan Rays Steps Down as Liquidator


I N D I A

AIR INDIA: May Face Possible Shutdown, CAPA Report Says
AIR INDIA: High Court Issues Contempt Notice to Striking Pilots
BHARTIYA CITY: Inadequate Info Cues Fitch to Migrate Ratings
DEVA (INDIA): CRISIL Places 'CRISIL B' Ratings on INR98.8MM Loans

ESGI GARMENTS: CRISIL Assigns 'CRISIL B+' Rating to INR13MM Loans
JESONS INDUSTRIES: Inadequate Info Cues Fitch to Migrate Ratings
KLA INDIA: CRISIL Cuts Rating on INR20-Mil. Loan to 'CRISIL B+'
KRUPA BUILDERS: Delays in Loan Payment Cues CRISIL Junk Ratings
M/S. FABRICON: CRISIL Puts 'CRISIL B' Rating on INR35.6MM Loans

ORBIT RESORTS: CRISIL Cuts Rating INR3.01BB Loans to 'CRISIL B-'
PINAX PAPER: CRISIL Upgrades Rating on INR157MM Loan to 'BB+'
SAHAYATA MICROFINANCE: Loan Payment Delay Cues CRISIL Junk Rating
SHABARI INT'L: CRISIL Assigns 'BB' Rating to INR53.6MM Term Loan
SHIMLA EDUCATION: CRISIL Assigns 'D' Rating to INR204MM Loans

SRI SHIVA: CRISIL Assigns 'CRISIL B' Rating to INR50MM Loans
SURI SHOES: CRISIL Cuts Rating on INR78.8MM Loans to 'BB+'
UTTAM (BHARAT): CRISIL Cuts Rating on INR115MM Loans to 'BB+'
VHB MEDISCIENCES: CRISIL Puts 'BB' Rating on INR1-Bil. Loans
WESTWELL IRON: CRISIL Rates INR150MM Cash Credit at 'CRISIL BB-'


I N D O N E S I A

MEDCO ENERGI: S&P Affirms 'B' Corp. Credit Rating; Outlook Stable


J A P A N

DTC EIGHT: S&P Raises Rating on Class E Notes to 'BB+'
J-CORE16 TRUST: S&P Cuts Ratings on 2 Classes of Certs. to 'CCC'
RENESAS ELECTRONICS: To Axe Up to 6,000 Jobs


N E W  Z E A L A N D

CENTURY CITY: Receivers Put Cuba Mall Properties on Market
NATHANS FINANCE: Fines Must Go to Investors, Crown Says


P H I L I P P I N E S

MANILA CAVITE: S&P Cuts Rating on $15-Mil. 2010-1 Notes to 'CCC'
NEW RURAL BANK: Placed Under PDIC Receivership


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


HYUNDAI: Seward Sites Go Into Administration
--------------------------------------------
James Baggott at Car Dealer Magazine reports that Seward's
Hyundai dealerships in Christchurch and Salisbury have gone into
administration.

The manufacturer has confirmed the dealerships have closed and
that they are working hard to ensure customers are not affected,
according to Car Dealer Magazine.  The report relates that the
closures are a knock-on effect from the earlier administration of
the brand's Vauxhall and Chevrolet sites.

Those dealerships were recently bought by the Eden group.

"We are quite a way down the line with finding another partner
for both sites," added a spokesman for Hyundai, Car Dealer
Magazine notes.

It is unclear at present whether the Seward bodyshops are
affected by this latest administration, Car Dealer Magazine says.


MKM HOMES: Calls in Administrators; Tradesmen Left Out of Pocket
----------------------------------------------------------------
Lucy Ardern at The Gold Coast Bulletin reports that banned
Gold Coast builder Michael Kljaic has been embroiled in another
troubled construction project in Queensland, MKM Homes, where
dozens of tradesmen and suppliers have been left out of pocket.

The Bulletin notes that Mr. Kljaic's MKM Group went into
receivership in July and is now being wound up by the liquidator,
Rajendra Khatri, from Worrells Solvency and Forensic Accountants.

Now an administrator has also been appointed to MKM Homes, which
is controlled by Natasa Kljaic, the report notes.

Despite Ms. Kljaic being the sole director of MKM Homes, the
Bulletin spoke to several tradesmen who worked for an MKM Homes
construction job in Cloncurry who said Mr. Kljaic was closely
involved with the job.

Yet BSA general manager Ian Jennings said Mr. Kljaic was
"permanently excluded" from having a building license from
September 30 last year, according to the Bulletin.

"(He) must not be a director, secretary or influential person for
MKM Homes or another BSA-licensed entity," the report quotes
Mr. Jennings as saying.

"This means he cannot control or substantially influence the
conduct of the affairs of MKM Homes or any other BSA-licensed
entity and cannot be a shareholder with a significant
shareholding, financier or senior employee of MKM Homes or a BSA
licensed entity."

The Bulletin recalls that Mr. Kljaic was once celebrated as a
Gold Coast's business success story, picking up a series of
awards including entrepreneur of the year in 2009, before his
company, the MKM Group, got into financial strife last year.

Bankruptcy proceedings were issued against Mr. Kljaic in January
this year after seven of his companies were placed into
receivership or liquidation.  Records show the bankruptcy was
dismissed in April, the Bulletin discloses.

MKM Homes has been involved in a number of construction projects
around Queensland, including a camp for miners at Cloncurry.


* Bracewell & Giuliani to Discuss Investing in Australian Credits
-----------------------------------------------------------------
Bracewell & Giuliani and Australia-based Arnold Bloch Leibler are
hosting a discussion of the current environment and potential
opportunities for distressed investing in Australian credits on
May 30, 2012.  Participants may join in person or via webinar.
An ET Presentation will be held at 4:00 p.m. followed by an ET
Presentation and Cocktail at 5:00 p.m.

The discussion will be held at Bracewell & Giuliani office, at
1251 Avenue of the Americas, 49th Floor, between 49th and 50th
Streets, in New York.

Featured speakers are:

   * Leon Zwier -- lzwier@abl.com.au -- and Michael Dodge --
     mdodge@abl.com.au -- partners at Arnold Bloch Leibler.

   * Evan Flaschen -- evan.flaschen@bgllp.com -- and Renee
     Dailey -- renee.dailey@bgllp.com --  partners at Bracewell &
     Giuliani.



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


MASTER SILICON: Incurs $981,000 Net Loss in First Quarter
---------------------------------------------------------
Master Silicon Carbide Industries, Inc., filed with the U.S.
Securities and Exchange Commission its quarterly report on Form
10-Q disclosing a net loss of US$981,399 on US$1.71 million of
revenue for the three months ended March 31, 2012, compared with
a net loss of US$177,621 on US$4.32 million of revenue for the
same period a year ago.

The Company reported a net loss of $3.14 million of $15.94
million of revenues for 2011, compared with net income of
$232,979 on $12.95 million of revenues for 2010.

The Company's balance sheet at March 31, 2012, showed US$26.91
million in total assets, US$11.07 million in total liabilities,
USUS$10 million in redeemable preferres stock-A, US$10 million in
redeemable preferred stock-B, and a US$4.16 million total
stockholders' deficit.

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

                        http://is.gd/k9gXrn

                        About Master Silicon

Located in Lakeville, Connecticut, Master Silicon Carbide
Industries, Inc., through its indirectly wholly-owned operating
subsidiary Yili Master Carborundum Production Co., Ltd. ("Yili
China"), manufactures and sells in China mostly high quality
"green" silicon carbide and some lower-quality "black" silicon
carbide, a non-metallic compound that is widely used in
industries such as semiconductors, solar energy, ceramics,
abrasives and optoelectronics.

Child, Van Wagoner & Bradshaw, PLLC, in Salt Lake City, Utah,
issued a "going concern" qualification on the consolidated
financial statements for the year ended Dec. 31, 2011, citing
cash flow constraints, accumulated deficit, and recurring losses
from operations, which raised substantial doubt about the
Company's ability to continue as a going concern.


SINO-FOREST CORP: OSC Commences Proceedings Against Former Execs
----------------------------------------------------------------
Sino-Forest Corporation said it was informed on May 22, 2012,
that staff of the Ontario Securities Commission commenced
proceedings before the Commission against the Company and six of
its former officers, Allen Chan, Albert Ip, Alfred Hung, George
Ho, Simon Yeung and David Horsley.

In the notice of hearing and statement of allegations posted on
the OSC's website ( http://www.osc.gov.on.ca), OSC staff allege
that the Company breached Ontario securities laws and acted in a
manner that is contrary to the public interest by providing
information to the public in documents required to be filed or
furnished under Ontario securities laws which was false or
misleading in a material respect contrary to section 122 of the
Ontario Securities Act and by engaging or participating in acts,
practices or a course of conduct related to its securities which
it knows or reasonably ought to know perpetuate a fraud on any
person or company contrary to section 126.1 of the Act. The
alleged breaches of Ontario securities laws relate, among other
things, to these allegations:

   (a) the Company had undisclosed control over suppliers,
       authorized intermediaries and other nominee companies
       within the business model employed by the Company to
       buy and sell standing timber through its British Virgin
       Islands subsidiaries in the People's Republic of China;

   (b) the Company had an undisclosed dishonest process of
       creating deceitful purchase contracts and sales contracts
       and their key attachments to buy and sell standing timber
       to inflate assets and revenue; and

   (c) the Company had undisclosed internal control
       weaknesses/deficiencies that facilitated and concealed
       the fraudulent conduct of its British Virgin Islands
       subsidiaries, suppliers, authorized intermediaries and
       other companies who bought and sold assets in the BVI
       Model, and the dishonest creation of purchase contracts
       and sales contracts, including their key attachments.

OSC staff has made allegations against the Individual
Respondents, other than Mr. Horsley, consistent with those noted
above. In addition, OSC staff has made certain additional
allegations against each of the Individual Respondents.

OSC staff has asked the OSC to consider whether it would be in
the public interest to make a number of orders, including that
trading in any securities of the Company cease permanently, that
the Company pay an administrative penalty of not more than
$1 million for each failure by the Company to comply with Ontario
securities law, that the Company disgorge to the OSC any amounts
obtained as a result of non-compliance with Ontario securities
law, and that the Company pay the costs of the OSC's
investigation and the costs of or related to any hearing before
the OSC. OSC staff is also seeking sanctions against the
Individual Respondents.

As previously disclosed, on March 30, 2012, the Company obtained
an initial order from the Ontario Superior Court of Justice for
creditor protection pursuant to the provisions of the Companies'
Creditors Arrangement Act.  On April 16, 2012, the Court extended
the stay period under the Order to June 1, 2012. Neither the CCAA
nor the Order affects the OSC's investigation in respect of the
Company or an action, suit or proceeding that is taken in respect
of the Company by OSC staff or before the OSC. However, both the
CCAA and the Order prohibit for the duration of the CCAA
proceedings the enforcement by the OSC of any payment of an award
ordered by the OSC or any non-CCAA court.

On April 9, 2012, the Company announced that it had received an
"Enforcement Notice" from staff of the OSC. The Company also
announced that it had learned that Enforcement Notices were also
received by Messrs. Chan, Ip, Hung, Ho, Yeung and Horsley.
Following review of the Enforcement Notice directed at the
Company, further discussions with staff of the OSC, together with
examination of issues identified in the Enforcement Notice
received by the Company, on April 17, 2012, Sino-Forest announced
that it had terminated the employment of Messrs. Hung, Ho and
Yeung, each of whom had previously been placed on administrative
leave from the Company, and that Mr. Ip, who had previously
resigned as an officer of the Company, would not serve as a
consultant to the Company. The Company also announced that Mr.
Chan, who had previously resigned as Chairman, Chief Executive
Officer and Director but continued with the Company as Founding
Chairman Emeritus, had resigned from the Company and that Mr.
Horsley had resigned as the Company's Chief Financial Officer but
would continue as an employee of the Company, to assist with the
Company's restructuring efforts.

The Company is reviewing OSC staff's allegations and considering
what steps if any are appropriate for the Company to take in
response to the allegations in the circumstances of the CCAA
proceedings, the Order and the Company's limited financial
resources.

Inquiries

All inquiries regarding the CCAA proceedings should be directed
to the Monitor, FTI Consulting Canada Inc., via email at:
sfc@fticonsulting.com  or telephone no. (416) 649-8094.
Information about the CCAA proceedings, including copies of all
court orders and the Monitor's reports, are available at the
Monitor's Web site http://cfcanada.fticonsulting.com/sfc.

                       About Sino-Forest Corp.

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

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

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

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


SUNRISE REAL ESTATE: Incurs $1.05MM Net Loss in First Quarter
-------------------------------------------------------------
Sunrise Real Estate Group, Inc., filed with the U.S. Securities
and Exchange Commission its quarterly report on Form 10-Q
disclosing a net loss of US$1.05 million on US$1.71 million of
net revenues for the three months ended March 31, 2012, compared
with a net loss of US$492,303 on US$2.60 million of net revenues
for the same period during the prior year.

The Company reported a net loss of US$1.22 million in 2011,
compared with a net loss of US$25,487 in 2010.

The Company's balance sheet at March 31, 2012, showed US$33.19
million in total assets, US$25.87 million in total liabilities
and US$7.32 million in total shareholders' deficit.

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

                         http://is.gd/5saKvr

                         About Sunrise Real

Headquartered in Shanghai, the People's Republic of China,
Sunrise Real Estate Group, Inc. was initially incorporated in
Texas on Oct. 10, 1996, under the name of Parallax Entertainment,
Inc.  On Dec. 12, 2003, Parallax changed its name to Sunrise Real
Estate Development Group, Inc.  On April 25, 2006, Sunrise Estate
Development Group, Inc. filed Articles of Amendment with the
Texas Secretary of State, changing the name of Sunrise Real
Estate Development Group, Inc. to Sunrise Real Estate Group,
Inc., effective from May 23, 2006.

The Company and its subsidiaries are engaged in the property
brokerage services, real estate marketing services, property
leasing services and property management services in China.

For 2011, Kenne Ruan, CPA, P.C., in Woodbridge. CT, USA, noted
that the Company has significant accumulated losses from
operations and has a net capital deficiency that raise
substantial doubt about its ability to continue as a going
concern.


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


AMANDA WAKELEY: Creditors' Meeting Set for June 5
-------------------------------------------------
Creditors of Amanda Wakeley (Far East) Limited will hold their
meeting on June 5, 2012, at 4:00 p.m., for the purposes provided
for in Sections 199, 243, 244, 251, 255A and 283 of the Companies
Ordinance.

The meeting will be held at 42/F, Central Plaza, 18 Harbour Road,
Wanchai, in Hong Kong.


CAN (H.K.): Creditors' 2nd Meeting Set for May 30
-------------------------------------------------
Creditors of CAN (H.K.) Company Limited, which is in members'
voluntary liquidation, will hold their second meeting on May 30,
2012, at 3:00 p.m., at 17/F, Ginza Square, 565-567 Nathan Road,
Yaumatei, Kowloon, in Hong Kong.

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


DYNAMIC MANAGEMENT: Members' Final Meeting Set for June 22
----------------------------------------------------------
Members of Dynamic Management Research Limited, which is in
members' voluntary liquidation, will hold their final general
meeting on June 22, 2012, at 10:00 a.m., at Rooms 903-908, 9/F,
Kai Tak Commercial Building, 317-319 Des Voeux Road Central, in
Hong Kong.

At the meeting, Ho Mei Ngan and Low Fung Ping, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


HK AUSTRALIA: Members' Final Meeting Set for June 20
----------------------------------------------------
Members of Hong Kong Australia Express Limited, which is in
members' voluntary liquidation, will hold their final meeting on
June 20, 2012, at 2:30 p.m., at Unit 511, 5/F, Tower 1,
Silvercord, 30 Canton Road, Tsimshatsui, Kowloon, in Hong Kong.

At the meeting, Ho Man Kit and Kong Sau Wai, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


JMC R&D: Park Minbong Steps Down as Liquidator
----------------------------------------------
Park Minbong stepped down as liquidator of JMC R&D HK Limited on
May 7, 2012.


KENFAIR PUBLICATIONS: Chuang Johnny Steps Down as Liquidator
------------------------------------------------------------
Chuang Johnny stepped down as liquidator of Kenfair Publications
Limited on May 8, 2012.


L & E PACKAGING: Members' Final Meeting Set for June 19
-------------------------------------------------------
Members of L & E Packaging Far East Limited, which is in members'
voluntary liquidation, will hold their final meeting on June 19,
2012, at 10:00 a.m., at Level 28, Three Pacific Place, 1 Queen's
Road East, in Hong Kong.

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


MATISSE INVESTMENTS: Members' Final Meeting Set for June 22
-----------------------------------------------------------
Members of Matisse Investments Limited, which is in members'
voluntary liquidation, will hold their final meeting on June 22,
2012, at 11:00 a.m., at 36/F, Tower Two, Times Square, at 1
Matheson Street, Causeway Bay, in Hong Kong.

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


PECONIC INDUSTRIAL: Annual Meetings Set for June 12
---------------------------------------------------
Members and creditors of Peconic Industrial Development Limited
will hold their annual meetings on June 12, 2012, at 3:00 p.m.,
and 3:30 p.m., respectively at Rooms 903-908, 9/F, Kai Tak
Commercial Building, 317-319 Des Voeux Road Central, in Hong
Kong.

At the meeting, Leung Shu Yin William, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


PEREGRINE CAPITAL: Annual Meetings Set for June 15
--------------------------------------------------
Members and creditors of Peregrine Capital Limited will hold
their annual meetings on June 15, 2012, at 9:30 a.m., and 10:00
a.m., respectively at 22nd Floor, Prince's Building, 10 Chater
Road, Central, in Hong Kong.

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


RAB CAPITAL: Cowley and Power Step Down as Liquidators
------------------------------------------------------
Patrick Cowley and Fergal Power stepped down as liquidators of
RAB Capital (Asia) Limited on May 18, 2012.


RAINBOW & DIAMOND: Court to Hear Wind-Up Petition on May 30
-----------------------------------------------------------
A petition to wind up the operations of Rainbow & Diamond
Transport Limited will be heard before the High Court of Hong
Kong on May 30, 2012, at 9:30 a.m.

Chan Cheuk Ki Felix filed the petition against the company on
March 22, 2012.

The Petitioner's solicitors are:

          Christopher Li & Co.
          Room 210, 2/F
          China Insurance Group Building
          No. 141 Des Voeux Road
          Central, Hong Kong


ROTARY CENTENNIAL: Lam Tak Keung Steps Down as Liquidator
------------------------------------------------------------
Lam Tak Keung stepped down as liquidator of Rotary Centennial
Institute for Wetland Conservation (District 3450 Area 5) Limited
on May 11, 2012.


SAN HING: Placed Under Voluntary Wind-Up Proceedings
----------------------------------------------------
At an extraordinary general meeting held on May 2, 2012,
creditors of San Hing Air-Conditioning Engineering Limited
resolved to voluntarily wind up the company's operations.


SANTA INDUSTRIAL: Members' Final Meeting Set for June 22
--------------------------------------------------------
Members of Santa Industrial (HK) Limited, which is in members'
voluntary liquidation, will hold their final meeting on June 22,
2012, at 10:00 a.m., at Rm. 1522, Nan Fung Ctr., 264-298 Castle
Peak Rd, Tsuen Wan, N.T.

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


SUPPLE MIND: Tang Tin Sek Steps Down as Liquidator
--------------------------------------------------
Tang Tin Sek stepped down as liquidator of Supple Mind Limited on
May 14, 2012.


UNIQUE CONCEPT: Chan Sek Kwan Rays Steps Down as Liquidator
-----------------------------------------------------------
Chan Sek Kwan Rays stepped down as liquidator of Unique Concept
Limited on May 4, 2012.


WU QIAOMEI: Creditors' Proofs of Debt Due June 30
-------------------------------------------------
Creditors of Wu Qiaomei International Charitable Foundation
Limited, which is in members' voluntary liquidation, are required
to file their proofs of debt by June 30, 2012, to be included in
the company's dividend distribution.

The company's liquidator is:

         Lu Guoxiang
         Rooms 2107-8, Kai Tak Commercial Bldg
         317-319 Des Voeux Road
         Central, Hong Kong


YORK RISE: Chan Sek Kwan Rays Steps Down as Liquidator
------------------------------------------------------
Chan Sek Kwan Rays stepped down as liquidator of York Rise
Limited on May 4, 2012.


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I N D I A
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AIR INDIA: May Face Possible Shutdown, CAPA Report Says
-------------------------------------------------------
NDTV reports that the Center for Asia Pacific Aviation on
Wednesday said there is a high likelihood of Air India Ltd being
shut down due to human resources problems at the airline and the
management not taking responsibility. In a hard-hitting report,
CAPA said that Air India is set to enter a defining period as
likely management changes loom ahead.

NDTV relates that the CAPA report said the national carrier is
operating on an unviable business model. It continues to stay in
the air because it is being funded by taxpayer money.

CAPA said the airline is entering a defining period. The human
resources integration following the merger of the erstwhile
Indian Airlines with Air India has been handled badly, the
report said. It adds that this issue has been almost deliberately
ignored, with nobody in senior management or government taking
responsibility, according to NDTV.

With no strategy of its own, the CAPA report said the government
now has no option but accept the proposals of the Justice
Dharmadhikari report, whose recommendations are yet to be made
public.

NDTV adds that CAPA said the outcomes will meet with a mixed
response from the unions and more strikes are likely. The
government, according to CAPA, seems to be preparing to adopt a
firm stance, limiting discussions with the unions.

According to NDTV, CAPA said another key concern is that the
management at Air India could be set for change at the most
senior levels, including the position of chairman and managing
director. The new team could be faced with a highly charged and
complex situation.

The Air India board has also not been strengthened following a
couple of high profile non-executive departures last year. Within
the government, too, there could be new appointments in a number
of senior roles, CAPA said.

The CAPA report points out that there is nobody taking ownership
of the turnaround plan for Air India, NDTV discloses.  At the
same time, the plan itself is unrealistic and unachievable
without first resolving the personnel issues emerging from the
merger of the two carriers.

NDTV says CAPA once again recommends that Air India should be
placed in special administration, similar to that adopted for
Satyam, if any meaningful progress is to be achieved. This would
involve bringing in technocrats and experts to run the airline,
external accountants and auditors, and a government-brokered
panel to oversee the transition.

NDTV adds that CAPA said the pre-occupation with Air India has
also hurt the ministry of civil aviation. Because of the Air
India crisis, the ministry has fewer resources to focus on
industry issues. As a result, the policy and regulatory framework
is weak and misaligned with industry requirements.

                         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.


AIR INDIA: High Court Issues Contempt Notice to Striking Pilots
---------------------------------------------------------------
The Wall Street Journal's livemint.com reports that the Delhi
high court has issued a contempt notice to striking pilots of Air
India Ltd for refusing to obey the court's directions to report
back to work on May 9.  If the pilots are found to be in
contempt, they may face a three-month prison term, livemint.com
reports.

Livemint.com relates that Lalit Bhasin, counsel for Air India and
managing partner of Bhasin and Co., said the pilots have to reply
to the notice by July 13.  "This does not mean that they can
strike work till June 13. If their contempt is upheld, every day
of strike will compound the gravity of the issue. The high court
can also propose a criminal contempt on striking pilots," the
report quotes Mr. Bhasin as saying.

According to the report, Air India said the court has issued
notices to 68 pilots who have reported sick after the order.

Livemint.com relates that a section of pilots belonging to trade
union Indian Pilots' Guild (IPG) said that they will reply to the
notice and alleged INR4,325 crore of financial irregularities at
Air India related to leasing of aircraft.  Air India declined to
comment on the allegation, says livemint.com.

The report notes that the pilots' strike at the state-run
national carrier entered the 16th day on Wednesday, with the
revenue loss thus far put at INR250 crore by the airline.  Air
India has cancelled almost all long-haul international flights
and deregistered the guild, the report adds.

                         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.


BHARTIYA CITY: Inadequate Info Cues Fitch to Migrate Ratings
------------------------------------------------------------
Fitch Ratings has migrated India-based Bhartiya City Developers
Private Limited's 'Fitch B-(ind)' National Long-Term rating with
a Stable Outlook to the non-monitored category.  This rating will
now appear as 'Fitch B-(ind)nm' on the agency's website.  Fitch
has also migrated BCDPL's INR5,350m long-term loans to 'Fitch B-
(ind)nm' from 'Fitch B-(ind)'.

The ratings have been migrated to the non-monitored category due
to lack of adequate information, and Fitch will no longer provide
ratings or analytical coverage of BCDPL.  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.


DEVA (INDIA): CRISIL Places 'CRISIL B' Ratings on INR98.8MM Loans
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facilities of Deva (India) Texfab Pvt Ltd.

                             Amount
   Facilities              (INR Mln)   Ratings
   ----------              ---------   -------
   Term Loan                 58.5      CRISIL B/Stable (Assigned)
   Standby Line of Credit     2.1      CRISIL B/Stable (Assigned)
   Cash Credit                30       CRISIL B/Stable (Assigned)
   Proposed Long-Term         8.2      CRISIL B/Stable (Assigned)
    Bank Loan Facility

The rating reflects DTPL's small scale of operations in a
fragmented industry and constrained financial flexibility due to
large working capital requirements. These rating weaknesses are
partially offset by DTPL's above-average capital structure and
promoters' extensive experience in the textile industry.

Outlook: Stable

CRISIL believes that DTPL will face pressure on its liquidity
over the medium term as its cash accruals are expected to tightly
match its debt obligations and because of incremental working
capital requirements to fund growth. The outlook may be revised
to 'Positive' if the company scales up its operations
significantly, resulting in better-than-expected cash accruals,
thereby improving its financial flexibility. Conversely, the
outlook may be revised to 'Negative' if DTPL's revenues and
profitability come under pressure or if the company undertakes a
large debt-funded capital expenditure programme over the medium
term.

                       About Deva (India)

DTPL, promoted in 2005 by Mr. Devashish Goyal and his family
members, started commercial production in 2009-10 (refers to
financial year, April 1 to March 31) by manufacturing and trading
in fabric, mainly suiting. DTPL has an annual capacity to produce
0.3 million fabric meters per month and its capacity utilisation
is around 85 per cent.

DTPL reported a profit after tax (PAT) of INR0.8 million on
operating income of INR184.8million for 2010-11, as against a PAT
of INR0.2 million on operating income of INR45.5 million for
2009-10. For 2011-12, the company's operating income is estimated
at INR180 million.


ESGI GARMENTS: CRISIL Assigns 'CRISIL B+' Rating to INR13MM Loans
-----------------------------------------------------------------
CRISIL has assigned 'CRISIL B+/Stable/CRISIL A4' ratings to the
bank facilities of ESGI Garments Private Limited (part of the
ESGI Group).

                            Amount
   Facilities             (INR Mln)   Ratings
   ----------             ---------   -------
   Packing Credit            70       CRISIL A4 (Assigned)
   Long-Term Loan             3       CRISIL B+/Stable (Assigned)
   Cash Credit               10       CRISIL B+/Stable (Assigned)
   Foreign Bill Purchase     60       CRISIL A4 (Assigned)

The ratings reflect ESGI group's below average financial risk
profile, marked by a highly leveraged capital structure and large
working capital requirements, in addition to the vulnerability of
its operating margin to the volatility in its raw material prices
and forex rates. These rating weaknesses are partially offset by
the extensive experience of the promoters in the leather
industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of ESGI GPL, ESGI Leather exports and
associate entity SG Fashions (collectively referred to as the
ESGI group). This is because ESGI GPL, ESGI leather exports and
SG Fashions, have a common management, significant operational
linkages and financial fungibility.

Outlook: Stable

CRISIL expects the ESGI group to maintain its stable credit risk
profile on the back of its promoter's extensive experience in the
leather industry. The outlook may be revised to "Positive", if
the company scales up its operations significantly and if its
profitability and capital structure improve on a sustainable
basis. Conversely, the outlook may be revised to negative in case
of reduced off take by key customers resulting in lower than
expected revenues or if the company's working capital management
deteriorates or if the company undertakes a debt funded capex
leading to a deterioration in the financial risk profile.

                          About the Group

Set up in 2012, Chennai based ESGI Garments Pvt Ltd (ESGI GPL) is
engaged in manufacturing of leather apparel such as jackets,
skirts, shorts and trousers predominantly exporting to USA and
the European region. The business was earlier being operated
under the aegis of ESGI leather exports, a partnership firm. The
management of ESGI group is planning to curtail the operations at
ESGI leather exports and all the assets and liabilities of ESGI
leather exports are likely to be transferred to ESGI GPL. SG
Fashions, based in Delhi, undertakes job work for ESGI and
generates its entire income from sale to ESGI. The ESGI group has
a current capacity of 3.5 million square feet of finished leather
and 1, 20,000 pieces of leather apparel.

ESGI Group is estimated to report a profit after tax (PAT) of
INR17.3 million on net sales of INR420 million for 2011-12
(refers to financial year, April 1 to March 31), as against a PAT
of INR16.2 million on net sales of INR314 million for 2010-11.


JESONS INDUSTRIES: Inadequate Info Cues Fitch to Migrate Ratings
----------------------------------------------------------------
Fitch Ratings has migrated India-based Jesons Industries
Limited's National Long-Term 'Fitch BB-(ind)' rating with a
Stable Outlook to the non-monitored category.

The ratings have been migrated to the non-monitored category due
to lack of adequate information, and Fitch will no longer provide
ratings or analytical coverage of JIL.  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 classified JIL's following bank loan ratings as
non-monitored:

  -- INR138m long term loans: migrated to 'Fitch BB-(ind)nm'
     from 'Fitch BB-(ind)'

  -- INR270m fund-based working capital limits: migrated to
     'Fitch BB-(ind)nm' from 'Fitch BB-(ind)'

  -- INR705m non-fund-based limits: migrated to 'Fitch
     A4+(ind)nm' from 'Fitch A4+(ind)'


KLA INDIA: CRISIL Cuts Rating on INR20-Mil. Loan to 'CRISIL B+'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of KLA
India Public Ltd to 'CRISIL B+/Negative/CRISIL A4' from 'CRISIL
BBB-/Negative/CRISIL A3'.

                            Amount
   Facilities             (INR Mln)    Ratings
   ----------             ---------    -------
   Bank Guarantee            10        CRISIL A4 (Downgraded from
                                                  'CRISIL A3')

   Bill Discounting         220        CRISIL A4 (Downgraded from
                                                  'CRISIL A3')

   Export Packing Credit    100        CRISIL A4 (Downgraded from
                                                  'CRISIL A3')

   Export Packing Credit     20        CRISIL B+/Negative
                                       (Downgraded from 'CRISIL
                                        BBB-/Negative')

   Proposed Short-Term       24        CRISIL A4 (Downgraded from
   Bank Loan Facility                            'CRISIL A3')

The downgrade reflects significant deterioration in KLA's
liquidity and financial flexibility because of the company's
stretched receivables of about INR200 million for over six months
(which also includes receivables of about INR140 million
outstanding for over two years) from customers mainly in South
Africa and other export markets. The payment from these customers
has been stretched after the ban on export of non-basmati rice in
2008-09 (refers to financial year, April 1 to March 31). There
were no transactions with these customers after the ban and,
therefore, the customers have delayed the payments to KLA. The
payment is covered under credit insurance from Export Credit
Gurarantee Corporation. However, KLA has not claimed the amount
from ECGC, as the same is expected to be recovered directly from
the customers in about two months. Also, KLA's working capital
requirements have seen an increase because of large orders from
the company's customers after the lift of the ban on export of
non-basmati rice in September 2011. This has led to an increase
in working capital requirements. KLA's large working capital
requirements have been funded by increase in the company's bank
borrowings, as reflected in the almost full utilisation of its
bank limits of INR340 million. CRISIL believes that KLA's
financial risk profile, especially its liquidity, will
deteriorate further in case the collection from these customers
is delayed further.

The ratings continue to reflect KLA's moderate financial
flexibility because of a small net worth, and the company's
limited product diversity, product concentration in its revenue
profile, small scale of operations, and exposure to risks related
to government regulations. These rating weaknesses are partially
offset by KLA's sound risk management policies and established
position in the agricultural (agro)-products trading business,
and entry into the business of trading in iron ore.

Outlook: Negative

CRISIL believes that KLA's scale of operations will be negatively
impacted in 2010-11 by the unfavorable business environment for
iron ore and rice exports. The ratings may be downgraded if the
company's revenues decline significantly, thereby impacting its
business risk profile. Conversely, the outlook may be revised to
'Stable' if KLA attracts new customers and increases its scale of
operations, while it maintains its profitability and capital
structure.

                         About KLA India

KLA India Public Ltd was set up in 2002 by the Agarwal family. It
trades in agro-commodities and iron ore fines. The company
primarily exports basmati rice to South Africa and the UK. It
also trades in sugar, soya bean, maize, and peanuts. In December
2008, KLA started trading in iron ore fines. The company also has
a rice processing unit at Rudrapur (Uttaranchal).

KLA reported a profit after tax (PAT) of INR18 million on net
sales of INR1.1 billion for 2010-11, against a PAT of
INR16 million on net sales of INR1.06 billion for 2009-10.


KRUPA BUILDERS: Delays in Loan Payment Cues CRISIL Junk Ratings
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Krupa Builders Pvt Ltd.

                             Amount
   Facilities              (INR Mln)   Ratings
   ----------              ---------   -------
   Proposed Long-Term         100      CRISIL D (Assigned)
   Bank Loan Facility

   Term Loan                  200      CRISIL D (Assigned)

The rating reflects recent instances of delays by KBPL in paying
the interest on its term loan. The delays have been caused by the
company's weak liquidity, which is constrained as KBPL is yet to
generate any sales on its residential project in Hyderabad
(Andhra Pradesh).

KBPL is also exposed to intense competition in the real estate
market in Hyderabad. Furthermore, the project's offtake is
exposed to regulatory risks arising out of the Telangana
separation issue in the state, which has impacted the demand for
residential properties in the city. KBPL, however, benefits from
its extensive track record in real estate construction.

                        About Krupa Builders

KBPL is part of the Mumbai (Maharashtra)-based Krupa group of
companies, which has been operating in the real estate
development segment for the past 35 years. The group has
completed about 24 residential and commercial projects in Mumbai
and Baroda (Gujarat). KBPL is currently developing a 240-flat
residential township called Cascade Greens at Kompally in
Hyderabad. The township is expected to be completed by mid-2013;
the company has completed about 46 per cent of the total
construction till date.


M/S. FABRICON: CRISIL Puts 'CRISIL B' Rating on INR35.6MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of M/s. Fabricon.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan               13.1      CRISIL B/Stable (Assigned)
   Cash Credit             22.5      CRISIL B/Stable (Assigned)
   Letter of Credit        17.5      CRISIL A4 (Assigned)

The ratings reflect Fabricon's modest scale of operations,
working capital intensive nature of activity and below average
financial risk profile marked by its modest networth, geared
capital structure and subdued debt protection metrics. These
rating weaknesses are partially offset by the extensive industry
experience of promoters and established relationships with its
customers.

Outlook: Stable

CRISIL believes that Fabricon will maintain a stable business
risk profile on the back of established market presence & long
standing experience of the promoters. The outlook may be revised
to 'Positive' in case of significant increase in revenues coupled
with improvement in net cash accruals and debt protection
metrics. Conversely, the outlook may be revised to 'Negative' in
case of deterioration in operating margins or debt protection
metrics or significant elongation in its working capital cycle.

                       About M/s. Fabricon

M/s. Fabricon is a partnership firm, formed in 1978, by the
Kolkata, West Bengal based Ghosh family, with the overall
operations of the firm managed by Mr. Sanjit Ghosh, a first
generation entrepreneur along with his son Mr. Sudipto Gosh. The
firm is engaged in sheet metal fabrication for manufacturing of
switch gear, generator panels and other components catering to
the electrical components and equipment industry.

Fabricon reported a profit after tax (PAT) of INR3 million on net
sales of INR80.8 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR4.4 million on net
sales of INR82.2 million for 2009-10.


ORBIT RESORTS: CRISIL Cuts Rating INR3.01BB Loans to 'CRISIL B-'
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Orbit Resorts Pvt Ltd (part of the Orbit group) to 'CRISIL B-
/Negative' from 'CRISIL BB/Stable'.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit              160       CRISIL B-/Negative
                                      (Downgraded from CRISIL
                                      BB/Stable)

   Proposed Long-Term         3.6     CRISIL B-/Negative
   Bank Loan Facility                 (Downgraded from CRISIL
                                      BB/Stable)

   Term Loan               2854.9     CRISIL B-/Negative
                                      (Downgraded from CRISIL
                                       BB/Stable)

The downgrade reflects CRISIL's belief that the Orbit group's
liquidity will continue to remain under pressure due to the large
repayment obligations for the loan availed to fund the new hotel.
The group's liquidity weakened as a result of foreign exchange
losses of around INR80 million incurred in 2011-12 (refers to
financial year, April 1 to March 31) on rollover of foreign
currency debt. The liquidity has also been adversely affected by
cost overruns of around INR300 million in The Oberoi project.
CRISIL believes that the Orbit group's operating cash flows will
just be enough to pay its current interest on the term loans.
CRISIL also believes that the Orbit group's liquidity will
further weaken over the medium term with the commencement of
principal repayments in 2013-14.

The rating reflects the Orbit group's weak financial risk
profile, marked by high gearing and weak liquidity. The rating
also factors in the vulnerability of the group's margins to
cyclicality and competition in the hotel industry. These rating
weaknesses are partially offset by the Orbit group's good
operating performance supported by its tie-up with EIH Ltd, a
leading hotel property management company.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of ORPL and its subsidiary, Orbit
Aviation Pvt Ltd (OAPL; rated 'CRISIL BB/Stable'), together
referred to as the Orbit group. This is because OAPL is an 87 per
cent subsidiary of ORPL and OAPL's loans are guaranteed by ORPL.

Outlook: Negative

CRISIL believes that the Orbit group's financial risk profile,
particularly liquidity, will remain under pressure over the
medium term due to high gearing and large debt repayment
obligations. The rating may be downgraded in case of more-than-
expected reduction in accruals, leading to further deterioration
in liquidity. Conversely, the outlook may be revised to 'Stable'
in case of rapid ramp-up in occupancy rate of The Oberoi, while
the group maintains average room rentals for both the hotels as
well as occupancy rate for Trident, leading to higher accruals.

                         About the Group

Incorporated in 1988, ORPL owns 5-star hotels, Trident and The
Oberoi, in Gurgaon (Haryana). Trident has 136 rooms and five food
and beverages (F&B) outlets, while The Oberoi has 202 rooms with
five F&B outlets, 30,000 square feet of shop space, and other
facilities such as gymnasium and a club. Trident commenced
operations from January 2004 while The Oberoi started commercial
operations in April 2011.

ORPL is also a majority shareholder in OAPL and Gurbaaz Media Pvt
Ltd (Gurbaaz Media). OAPL operates aircraft rental service and
bus service in Punjab. It has a fleet of two aircrafts and one
helicopter. OAPL also operates passenger buses across 40 routes
in Punjab using its fleet of over 50 buses. Gurbaaz Media is an
investment company that owns G-Next media Pvt Ltd, which runs
three television channels in Punjab.

For 2010-11, the Orbit group reported a profit after tax of
INR100 million on net sales of INR1 billion.


PINAX PAPER: CRISIL Upgrades Rating on INR157MM Loan to 'BB+'
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Pinax Paper Mills Pvt Ltd to 'CRISIL BB+/Stable' from 'CRISIL
BB/Stable'; the rating on the company's short-term bank
facilities has been reaffirmed at 'CRISIL A4+.'

                            Amount
   Facilities             (INR Mln)   Ratings
   ----------             ---------   -------
   Bank Guarantee            10       CRISIL A4+ (Reaffirmed)

   Cash Credit               40       CRISIL BB+/Stable (Upgraded
                                      from CRISIL BB/Stable)

   Long-Term Loan           117       CRISIL BB+/Stable (Upgraded
                                      from CRISIL BB/Stable)

   Letter of Credit           7       CRISIL A4+ (Reaffirmed)


The upgrade reflects PPMPL's higher-than-expected sales,
supported by the company's established distribution network and
high profitability. The upgrade also factors in CRISIL's belief
that PPMPL's financial risk profile will improve over the medium
term, supported by the company's healthy accruals and the absence
of debt-funded capital expenditure plans.

The ratings reflect PPMPL's moderate financial risk profile,
marked by average gearing and comfortable debt protection
indicators, and the benefits that the company derives from the
advantageous location of its plant. These rating strengths are
partially offset by PPMPL's small scale of operations and limited
product diversity.

Outlook: Stable

CRISIL believes that PPMPL will continue to benefit over the
medium term from the high demand for industrial paper, especially
kraft paper, in its region of operation. The outlook may be
changed to 'Positive' in case the company reports significantly
higher-than-expected revenues and net cash accruals, along with
lower-than-expected gearing, over the near to medium term.
Conversely, the outlook may be changed to 'Negative' if PPMPL
undertakes a significantly large, debt-funded capital expenditure
programme, resulting in higher-than-expected gearing or lower-
than-expected improvement in its debt protection metrics.

                          About Pinax Paper

PPMPL is promoted by Mr. Sanjay Khemka and Mr. Vivek Banka. The
company manufactures kraft paper in the range of 14 burst factor
(bf) to 22 bf. It was incorporated in April 2004 as Adi Shakti
Ispat Pvt Ltd in Bihar for manufacturing ingots and billets. In
2004-05 (refers to financial year, April 1 to March 31), the
company's name was changed to Adi Shakti Ispat (India) Pvt Ltd
and its registered office was shifted to Kolkata (West Bengal)
from Patna (Bihar). Furthermore, for setting up a paper mill, the
name of the company was changed to its current one and the
objects clause in the Memorandum of Association altered. PPMPL
currently has a kraft paper manufacturing capacity of 100 tonnes
per day.

PPMPL reported a profit after tax (PAT) of INR11 million on net
sales of INR381 million for 2010-11, as against a PAT of INR5.4
million on net sales of INR200 million for 2009-10.


SAHAYATA MICROFINANCE: Loan Payment Delay Cues CRISIL Junk Rating
-----------------------------------------------------------------
CRISIL has removed its rating on the long-term bank loan
facilities of Sahayata Microfinance Pvt Ltd from 'Rating Watch
with Negative Implications' and has downgraded its ratings to
'CRISIL D' from 'CRISIL B'.

                             Amount
   Facilities               (INR Mln)   Ratings
   ----------               ---------   -------
   Long-Term Bank Facility     700      CRISIL D (Downgraded from
                                        'CRISIL B/Rating Watch
                                         with Negative
                                         Implications')

The downgrade reflects instances of delay by Sahayata in
servicing its debt; the delays have been caused by its insolvent
financial position and weak liquidity. Based on discussions with
Sahayata's current management, CRISIL understands that the
company is in the process of discussing various options with its
lenders, given its inability to make debt repayments in the near
term.

After suspension of Sahayata's senior management in September
2011, on grounds of financial misrepresentation and fraud, the
company's board decided to conduct an independent audit of its
operations. The findings of this audit highlight issues
pertaining to misrepresentation of actual delinquency, creation
of fictitious customers, manipulation of expenses and
misappropriation of funds by the earlier senior management team.
Consequently, the company's financial statements were adversely
impacted. Sahayata has reported a net loss of INR303 million as
per the restated financial statements of 2010-11 (refers to
financial year, April 1 to March 31), against the previously
reported net loss INR49 million for the same period.

Sahayata's board has appointed a temporary management team,
comprising special advisors from its investors, to enable the
company transit through this phase. With lack of additional
funding, Sahayata's loans portfolio reduced to INR625 million as
on December 31, 2011 from INR1350 million as on March 31, 2011.
Its weak asset quality has also adversely impacted its financial
position.

                     About Sahayata Microfinance

Sahayata commenced operations as a society in September 2006 in
Udaipur (Rajasthan); the promoters came together with their own
investments to test the viability of the business in Rajasthan.
In August 2007, the promoters acquired a non-banking finance
company, Shree Hari Fintrade Pvt Ltd. In August 2009, the
company's name was changed to the current one. On September 15,
2011, the performance of Sahayata's management was reviewed and
the board suspended the company's management, ordering full
review of the company's financials and operations. An external
auditor was appointed to conduct a detailed audit of the company
and the management.

Sahayata reported a net loss of INR303 million on a total income
of INR472 million for 2010-11, compared to profit after tax of
INR52 million on a total income of INR237 million for 2009-10.
For the nine months ended December 31, 2011, Sahayata reported a
net loss of INR109 million on a total income of INR156 million.


SHABARI INT'L: CRISIL Assigns 'BB' Rating to INR53.6MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of Shabari International (part of the Shabari
group).

                            Amount
   Facilities             (INR Mln)   Ratings
   ----------             ---------   -------
   Export Packing Credit     67.5     CRISIL A4+ (Assigned)
   Term Loan                 53.6     CRISIL BB/Stable (Assigned)

The ratings reflect the extensive experience of the Shabari
group's promoter in the home textiles segment and the group's
moderate financial risk profile marked by healthy debt protection
metrics and a moderate capital structure. These rating strengths
are partially offset by the Shabari group's small scale, and
working-capital-intensive operations and susceptibility of the
group's operating profitability to volatility in raw material
prices and foreign exchange rates.

For arriving at the ratings, CRISIL has combined the business and
financial risk profile of SI and Shabari Cottons Pvt Ltd (SCPL),
together referred to as the Shabari group. This is because both
the entities are in the same line of business, and have
significant business synergies and common promoters. Moreover,
the management of the Shabari group intends to merge both the
entities over the medium term.

Outlook: Stable

CRISIL believes that the Shabari group will continue to benefit
over the medium term from its healthy track record in the home
textiles segment and its established relationships with its key
customers. The outlook may be revised to 'Positive' if the group
registers considerable increase in its revenues, while it
maintains its profitability, resulting in improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if the Shabari group records considerable decline in
its revenues or profitability, resulting in weakening of its
financial risk profile, or in case of delays in stabilization of
operations post the setting up of its processing unit, or if it
undertakes a significant debt-funded capital expenditure
programme, resulting in deterioration in its financial risk
profile, or in case of greater-than-expected capital withdrawal
by its promoter.

                        About the Group

SI set up as a proprietorship concern in 1993, derives its
revenues from supply of home textile products, primarily to the
European market. It has its manufacturing unit in Kannur
(Kerala), with capacity to manufacture 4000 metres of fabric per
day; its product category includes table and kitchen linen,
curtains, bed linen, napkins, and other home textile products.
SI's group entity, SCPL, is currently setting up a dedicated
dyeing unit, which is to become operational by September 2012.
The project cost of INR70 million has been funded through term
loans of INR50 million and promoter's contribution for the rest.
The group is promoted by Mr. Shabari Das, who has been in the
home textiles segment for over two decades.

The Shabari group reported a profit after tax (PAT) of INR9.2
million on net sales of INR280 million for 2010-11 (refers to
financial year, April 1 to March 31), against a PAT of INR18.5
million on net sales of INR237 million for 2009-10.


SHIMLA EDUCATION: CRISIL Assigns 'D' Rating to INR204MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facility of Shimla Education & Research Society. The rating
reflects instances of delay by SERS in servicing its debt; the
delays have been caused by the society's weak liquidity.

                             Amount
   Facilities              (INR Mln)   Ratings
   ----------              ---------   -------
   Overdraft Facility          4       CRISIL D
   Term Loan                  200      CRISIL D

SERS also has a weak financial risk profile, marked by a small
net worth, high gearing, and weak debt protection metrics, small
scale of operations with geographical concentration, and
vulnerability to regulatory risks associated with educational
institutions. These rating weaknesses are partially offset by the
extensive experience of SERS's promoters in the educational
sector and healthy demand prospects of the industry.

SERS was set up in 2008 by Mr. Sandeep Gupta and his brother, Mr.
Rakesh Gupta. The society runs Bells Institute of Management and
Technology in Shimla (Himachal Pradesh). The institute is
approved by the All India Council for Technical Education and is
affiliated to the state government-owned Himachal Pradesh
University. The institute started operations in 2010-11 (refers
to financial year, April 1 to March 31) by offering courses in
engineering, such as computer science engineering, computer
engineering, mechanical engineering, electronics and
communication engineering, and management courses.

SERS reported a profit after tax (PAT) of INR2.7 million on net
sales of INR22.7 million for 2010-11 (The society started
operations in 2010-11).


SRI SHIVA: CRISIL Assigns 'CRISIL B' Rating to INR50MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Sri Shiva Parvathi Industries.

                             Amount
   Facilities              (INR Mln)   Ratings
   ----------              ---------   -------
   Cash Credit                20       CRISIL B/Stable
   Long-Term Loan             30       CRISIL B/Stable

The rating reflects SSPI's weak financial risk profile, marked by
weak debt protection metrics, high gearing, and small net worth,
and its limited track record of operations in the highly
fragmented and competitive rice milling industry. The rating also
factors in the susceptibility of the firm's operating margin to
adverse government regulations and raw material price volatility.
These rating weaknesses are partially offset by the extensive
experience of SSPI's management in the rice industry and steady
off take from the Food Corporation of India (FCI; rated 'CRISIL
AAA (SO)/Stable').

Outlook: Stable

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

                          About Sri Shiva

Incorporated in 2009 as a partnership firm, SSPI mills and
processes paddy into rice, rice bran, broken rice, and husk. The
firm has an installed paddy milling capacity of 6 tonnes per hour
(tph). Furthermore, SSPI has rice ravva processing capacity of 2
tph. Its rice mills are located in Medak (Andhra Pradesh). The
managing partner, Mr. Nalla Nagarajam, has around 30 years of
experience in the rice industry. SSPI has commenced commercial
operations during August 2011.


SURI SHOES: CRISIL Cuts Rating on INR78.8MM Loans to 'BB+'
----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Suri
Shoes Pvt Ltd to 'CRISIL BB+/Stable/CRISIL A4+' from 'CRISIL BBB-
/Negative/CRISIL A3'.

                            Amount
   Facilities             (INR Mln)   Ratings
   ----------             ---------   -------
   Bank Guarantee            0.5      CRISIL A4+ (Downgraded from
                                                  'CRISIL A3')

   Foreign Bill Purchase    100.0     CRISIL A4+ (Downgraded from
                                                  'CRISIL A3')

   Letter of Credit          20.0     CRISIL A4+ (Downgraded from
                                                  'CRISIL A3')

   Standby Line of Credit    35.0     CRISIL BB+/Stable
                                      (Downgraded from 'CRISIL
                                       BBB-/Negative')

   Term Loan                 43.8     CRISIL BB+/Stable
                                      (Downgraded from 'CRISIL
                                       BBB-/Negative')

   Packing Credit            80.0     CRISIL A4+ (Downgraded from
                                                  'CRISIL A3')

The downgrade reflects CRISIL's belief that Suri Shoes's debt
protection metrics will be weaker than earlier expected over the
medium term. The interest coverage and net cash accruals to total
debt ratios are estimated at below 2 times and 0.1 times,
respectively, for 2011-12 (refers to financial year, April 1 to
March 31). This is a result of increased working capital
requirements, leading to increased borrowings and resultant
interest expense. CRISIL believes that Suri Shoes's working
capital requirements will remain high, with gross current assets
of around 200 days, thereby restricting any improvement in its
debt protection metrics over the medium term.

The ratings reflect Suri Shoes' established track record in the
footwear industry. This strength is partially offset by Suri
Shoes' average financial risk profile, marked by average debt
protection metrics, susceptibility to volatility in raw material
prices and foreign exchange rates and to intense industry
competition.

Outlook: Stable

CRISIL believes that Suri Shoes will continue to benefit from its
established presence in footwear industry and promoters'
extensive industry experience over the medium term. The outlook
may be revised to 'Positive' in case Suri Shoes's debt protection
metrics improve significantly, on account of sustained
improvement in profitability and cash accruals. Conversely, the
outlook may be revised to 'Negative' in case the company's
financial risk profile weakens on account of decline in
profitability, large, debt-funded capex programme or if its
working capital cycle lengthens.

                        About Suri Shoes

Suri Shoes was established in 1970 as a partnership firm called
Suri Industries by Mr. Rakesh Suri and Mr. Ranjan Suri. It was
reconstituted as a private limited company in 1991. The company
manufactures and exports safety and fashion leather footwear for
men and women. It has the capacity to manufacture 1 million pairs
of footwear per annum at its plant in Kanpur (Uttar Pradesh). The
company derives all its revenue from exports to the UK, Germany,
Australia, and other countries.

In 2001, the company entered into a UK-based joint venture (JV)
named Sheval Shoes Ltd, for marketing its products in the UK;
Suri Shoes holds a 60 per cent stake in the JV.

Suri Shoes reported a profit after tax (PAT) of INR3.9 million on
net sales of INR604 million for 2010-11, against a profit after
tax (PAT) of INR5.1 million on net sales of INR562.6 million for
2009-10.


UTTAM (BHARAT): CRISIL Cuts Rating on INR115MM Loans to 'BB+'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Uttam
(Bharat) Electricals Pvt Ltd to 'CRISIL BB+/Stable/CRISIL A4+'
from 'CRISIL BBB-/Stable/CRISIL A3'.

                             Amount
   Facilities              (INR Mln)   Ratings
   ----------              ---------   -------
   Term Loan                  7.1      CRISIL BB+/Stable
                                       (Downgraded from 'CRISIL
                                        BBB-/Stable')

   Proposed Long-Term         47.9     CRISIL BB+/Stable
   Bank Loan Facility                  (Downgraded from 'CRISIL
                                        BBB-/Stable')

   Letter of Credit            90      CRISIL A4+ (Downgraded
                                       from 'CRISIL A3')

   Bank Guarantee              50      CRISIL A4+ (Downgraded
                                       from 'CRISIL A3')

   Cash Credit                 60      CRISIL BB+/Stable
                                       (Downgraded from 'CRISIL
                                        A3')

The rating downgrade reflects deterioration in Uttam's business
risk profile marked by significantly lower-than-expected revenues
and profitability in 2011-12 on account of increasing
competition, leading to a decline in sales volume and lower
realisations. These factors have also led to pressure on the
company's operating margin, which declined to around 3.5 per cent
in 2011-12 from 7.6 per cent in 2009-10. Over the medium term,
CRISIL believes that Uttam's business risk profile will continue
to remain stressed till it is able to significantly scale up its
operations, backed by regular orders from state electricity
boards of Rajasthan, Punjab and Madhya Pradesh.

The downgrade also reflects significant deterioration in the
company's debt protection metrics, driven by lower-than-expected
operating profitability. Its interest coverage and net cash
accruals to total debt (NCATD) ratios are estimated at 1.6 times
and 0.09 times, respectively, during 2012, which is significantly
lower than previous levels. Though the operating profitability is
expected to improve marginally, the debt protection metrics will
continue to remain weak, with interest coverage and NCATD ratios
expected in the range of 1.8 times to 1.9 times and 0.11 times to
0.12 times, respectively, over the medium term.

The ratings reflect Uttam's low gearing driven by less reliance
on short-term borrowings, and the benefits that it derives from
the extensive industry experience of the promoters. These rating
strengths are partially offset by the pressure on Uttam's
business risk profile due to a decline in the scale of operations
and operating margin, customer concentration in revenues, and
small scale of operations in a fragmented transformers industry.

Outlook: Stable

CRISIL believes that Uttam's business risk profile will remain
under pressure over the medium term due to intense competition in
the distribution transformers industry, leading to decline in its
realisation and profitability. However, low gearing and moderate
bank limit utilisation support the company's overall credit risk
profile. The outlook may be revised to 'Positive' in case Uttam
reports significantly greater-than-expected increase in its scale
of operations, along with an improvement in its profitability.
Conversely, the outlook may be revised to 'Negative' if the
company's revenues and profitability continue to remain under
pressure, resulting in lower-than-expected cash accruals, which
will result in further weakening in its debt protection metrics.

                       About Uttam (Bharat)

Uttam was promoted in 1991 by the late Mr. Purushottam Agarwal
and his three sons: Mr. Atul Agarwal, Mr. Akhil Agarwal, and Mr.
Alok Agarwal. Mr. Purushottam Agarwal started the business of
repairing transformers in 1983 through a partnership firm, Uttam
Bharat Electricals, which started manufacturing distribution
transformers in 1987. Uttam was set up to take over the business
of the aforementioned partnership firm. The company has two
manufacturing facilities in Jaipur (Rajasthan). The second unit
was commissioned at Narayan Vihar in Jaipur in 2009-10, which was
set up at a cost of INR35 million; this facility manufactures
small distribution transformers. Uttam has an installed capacity
to manufacture transformers up to 725,000 kilovolt amperes.

For 2010-11, Uttam reported a profit after tax (PAT) of INR4.5
million on net sales of INR807 million, against a PAT of INR23.7
million on net sales of INR753 million for 2009-10.


VHB MEDISCIENCES: CRISIL Puts 'BB' Rating on INR1-Bil. Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' rating to the bank
facilities of VHB Medisciences Limited, a part of the VHB group.

                             Amount
   Facilities              (INR Mln)   Ratings
   ----------              ---------   -------
   Cash Credit               100.0     CRISIL BB/Stable

   Working Capital           200.0     CRISIL BB/Stable
   Demand Loan

   Term Loan                 600.0     CRISIL BB/Stable

   Proposed Long-Term        100.0     CRISIL BB/Stable
   Bank Loan Facility

The ratings factor in strong financial support received from its
parent Neon Laboratories Ltd (Neon; rated CRISIL
BBB+/Stable/CRISIL A2) and longstanding experience of its
promoters in pharmaceutical industry, leading to good client
relationships. These strengths are partially offset by the
group's weak financial risk profile resulting from a negative net
worth and high debt levels.

CRISIL has consolidated the financial and business risk profiles
of VHBMSL and VHB Life Sciences Limited (VHBLSL); hereinafter
referred to as the VHB group, due to significant business and
financial linkages between the two companies. Moreover, VHBLSL
has extended a corporate guarantee to VHBMSL and the promoters
plan to merge the two companies over the near to medium term.

Outlook: Stable

CRISIL believes that the VHB group will continue to receive
funding support from Neon for meeting its debt obligations in a
timely manner. CRISIL also believes that the group would maintain
a stable credit risk profile over the medium term, backed by its
established relationships with customers and suppliers. The
outlook may be revised to 'Positive' if the group registers
significant growth in its revenues, improves its profitability
and receives equity infusion in the group, resulting in a
positive networth. Conversely, the outlook may be revised to
'Negative' if the company faces higher-than-expected debtor or
inventory write-offs, or sharp increase in gearing because of
large debt-funded capital expenditure or increase in working
capital intensity of its operations.

                        About the VHB Group

The VHB Group has been in existence since 1946, engaged in
manufacturing & marketing of therapeutic formulations. The group
had started operations with VHB Life Sciences Ltd which was
primarily engaged in trading of pharmaceutical formulations which
are only available in the import market. The group ventured into
manufacture of formulations and parentrals/injectables in 2007
through VHB Medisciences Ltd. Both the companies reported net
losses during 2010-11 due to writing-off of losses post the
acquisition by Neon, which had been accumulated in previous
years. The losses were booked due to one-time inventory/debtors
write-offs and fire in one of the factories.

The VHB group reported a net loss of INR1 billion on net sales of
INR1.7 billion for 2010-11 (refers to financial year, April 1 to
March 31), against a profit after tax of INR9 million on net
sales of INR3.9 billion for 2009-10.


WESTWELL IRON: CRISIL Rates INR150MM Cash Credit at 'CRISIL BB-'
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Westwell Iron & Steel Pvt Ltd.

                             Amount
   Facilities              (INR Mln)   Ratings
   ----------              ---------   -------
   Bank Guarantee             30       CRISIL A4+ (Assigned)
   Cash Credit               150       CRISIL BB-/Stable
                                       (Assigned)

The ratings reflect the extensive industry experience of
Westwell's promoters. The rating strength is partially offset by
Westwell's modest operating efficiency marked by low capacity
utilization in iron ore and stone crushing segment, and high
exposure to group companies constraining financial flexibility.

Outlook: Stable

CRISIL believes that Westwell will benefit over the medium term
from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of significant ramp-
up in its operations, along with efficient working capital
management. Conversely, the outlook may be revised to 'Negative'
in case of adverse impact on operations on account of regulatory
issues associated with iron ore, or in the event of pressure on
liquidity on account of lower-than-expected cash accruals or
larger-than-expected incremental working capital requirements or
increase in exposure to group companies.

                         About Westwell Iron

Westwell was incorporated in 1996 and started operations with an
iron ore crushing unit in Keonjhar (Odisha) in 2004; the unit has
a capacity of 150 tonnes per hour (tph). Westwell's promoters are
Mr. Prashant Jaiswal, Mr. Manish Jaiswal, Mr. Ajay Kumar, and Mr.
Rajesh Kumar. From 2010, the company started aggregates business,
used in construction activities, with its stone crushing unit in
Rajgram (West Bengal) with a capacity of 150 tph. Westwell has 80
bighas of land in Rajgram, which is used as a mining site for the
stone crushing unit, and it started excavation in the same from
2012 onwards. The company has also taken up a contract for
operation and maintenance of a toll plaza in Jharkhand on NH-32
for a year up to November 2012.

Westwell had an estimated profit after tax (PAT) and net sales of
INR5.3 million and INR425.4 million for 2011-12 (refers to
financial year, April 1 to March 31), as against a PAT of INR11.2
million on net sales of INR687.0 million for 2010-11.


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


MEDCO ENERGI: S&P Affirms 'B' Corp. Credit Rating; Outlook Stable
-----------------------------------------------------------------
Standard & Poor's Ratings Services revised the outlook on
Indonesia-based oil and gas exploration and production company PT
Medco Energi Internasional Tbk. to stable from negative. "At the
same time, we affirmed the 'B' long-term corporate credit rating
on the company. In line with the outlook revision, we raised the
ASEAN scale rating on Medco to 'axBB-' from 'axB+'," S&P said.

"We revised the outlook to stable to reflect Medco's lower
reliance on debt to fund future growth," said Standard & Poor's
credit analyst Andrew Wong. "Higher oil prices and asset sales
have increased the company's liquidity and internal sources of
cash. We, therefore, expect Medco's debt-to-EBITDA ratio to
remain at about 4.0x in 2012 and 2013, in line with our
expectation for the rating."

"The stable outlook reflects our expectation that Medco's
production and development projects will continue to progress as
planned, and that oil prices will remain above US$90 a barrel and
gas prices at about US$4.0 per million British thermal unit," S&P
said.

"We affirmed the rating to reflect Medco's exposure to volatile
hydrocarbon prices, the company's large investment requirements,
and its aggressive financial policy that relies on debt to fund
growth," said Mr. Wong. "Medco's favorable location and cost
structure, the good growth potential in its development and
exploration blocks, and its partial insulation from currency
instability and sovereign debt risk temper these weaknesses."

"Medco's liquidity and operating cash flow have improved due to
higher oil prices. Medco has 'adequate' liquidity, as our
criteria define the term. We expect the company's sources of
liquidity, including cash and available credit facilities, to
exceed its uses of liquidity by at least 1.4x in the next 12
months. We anticipate that the company's liquidity sources will
exceed its needs even if EBITDA declines by 15%. Asset sales have
also contributed to the
improvement in liquidity," S&P said.

"We expect Medco's financial risk profile to remain 'aggressive',
despite the improvement in liquidity. This is due to the
company's substantial estimated total capital expenditure of $695
million in 2012 and 2013. The spending relates to Medco's major
development projects, namely the Senoro-Toili gas/liquefied
natural gas development and the Block A gas reserves project in
Indonesia," S&P said.

"Progress at Medco's major projects is critical to prevent any
deterioration in the company's 'weak' business risk profile from
the continuing decline in its producing asset, namely the Rimau
block. While the growth potential in Medco's major projects is
solid, these projects expose the company to some execution and
operational risks. These projects, however, are currently
proceeding as planned," S&P said.

"We may lower the rating if Medco's liquidity or financial risk
profile weakens due to: (1) delays at the company's major
projects, resulting in higher-than-expected capital expenditure
or a delay in cash flow contributions; (2) lower-than-expected
production in existing fields; or (3) a substantial fall in oil
prices. The debt-to-EBITDA ratio rising to more than 4.5x on a
sustained basis would indicate such a weakening," S&P said.

S&P could raise the rating these occur:

    Higher-than-expected oil prices result in improved credit
    ratios and liquidity for Medco. A debt-to-EBITDA ratio of
    about 3.5x on a sustained basis would indicate such an
    improvement; and

    The company's major development projects progress as planned.
    This includes a commercialization of the Block A gas reserves
    development by the second half of 2012 and timely progress of
    the Senoro-Toili block toward production in 2014.


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


DTC EIGHT: S&P Raises Rating on Class E Notes to 'BB+'
------------------------------------------------------
Standard & Poor's Ratings Services raised to 'BB+ (sf)' from 'BB
(sf)' its rating on the class E pass-through notes issued under
the DTC Eight Funding Ltd. transaction. "At the same time, we
affirmed our ratings on the classes A to D, and N pass-through
notes issued under the DTC8 transaction and DTC Seven Funding
Ltd. transaction," S&P said.

"The underlying assets of the two transactions are residential
apartment mortgage-loans that were originated by New Century
Finance Co. Ltd. (New Century Finance; The name of the company
was changed to Lehman Brothers Commercial Mortgages on Dec. 1,
2007), a former affiliate of Lehman Brothers Tokyo Branch. New
Century Finance extended the mortgage loans to finance the
construction costs and miscellaneous expenses of newly
constructed apartments built by Daito Trust Construction Co.
Ltd.," S&P said.

Standard & Poor's received the historical data of the master
lease payment made by Daito Building Management Co. Ltd. for each
property from the servicer and used the data for the rating
analysis.

"The data indicates that the current aggregate rental revenue
from the properties in each transaction is below our initial
forecast. On the other hand, the transactions' credit enhancement
levels have increased as the redemption of the senior notes has
progressed. In addition, the pace of the rent decrease has been
moderate and we believe that a sudden acceleration of the
decrease is unlikely in the near term. Moreover, only one of the
transactions' underlying loans has defaulted since the closing of
the transactions. Taking into account all these factors, we
raised our rating on class E of DTC8 and affirmed our ratings on
five classes of DTC7 and five classes of DTC8," S&P said.

"Principal and interest payments on the class N notes are made
mainly by using the transactions' excess spread (interest and
other revenue from the underlying assets of the transactions less
transaction costs and interest on the notes other than the class
N notes). Under the DTC7 and DTC8 transactions, the total amount
of express spread that is generated during the transactions'
terms diminishes as defaults and prepayments on the underlying
loans occur, and we regard this as a stress factor for the notes.
Although prepayments have exceeded our initial assumptions,
redemption for the class N notes has progressed as there has been
only one default on the transactions' underlying loans. We
affirmed our ratings on the class N notes of DTC7 and DTC8
because we still expect these classes to be fully redeemed after
considering the total amounts that have been redeemed for each
transaction until now, as well as prepayment and default
assumptions under our 'BBB' stress scenario," S&P said.

"Regarding class A of DTC8, we lowered the rating to 'AA (sf)' on
April 15, 2009, because a replacement advancing agent had not
been found since the commencement of the Civil Rehabilitation
Proceedings of Lehman Brothers Tokyo Branch, which had acted as
the advancing agent before then. As of now, the transaction still
lacks an advancing agent. However, we do not believe that the
situation in terms of the transaction exposure to liquidity risk
has worsened given that: (1) the transaction is structured in
such a way that the liquidity reserves are maintained at a
certain level over the course of the transaction; and (2) the
outstanding amount of the notes has continued to decrease. The
affirmation of the rating on class A reflects this view, in
addition to those factors relating to our credit analysis," 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 Reports
included in this credit rating report are available at:

       http://standardandpoorsdisclosure-17g7.com

RATING RAISED
DTC Eight Funding Ltd.
JPY44.232 billion pass-through notes due November 2038
Class    To          From         Initial issue amount
E        BB+ (sf)    BB (sf)      JPY0.24 bil.


RATINGS AFFIRMED
DTC Seven Funding Ltd.
JPY27.792 billion pass-through notes due February 2038
Class       Rating           Initial issue amount
A           AAA (sf)         JPY21.78 bil.
B           AA (sf)          JPY1.20 bil.
C           A (sf)           JPY1.06 mil.
D           BBB (sf)         JPY0.89 bil.
N           BBB (sf)         JPY2.35 bil.

* Non-rated class E notes
   (initial issue amount: JPY0.512 bil.)
   were also issued under this transaction.

DTC Eight Funding Ltd.

Class       Rating           Initial issue amount
A           AA (sf)          JPY35.00 bil.
B           AA (sf)          JPY1.78 bil.
C           A (sf)           JPY1.62 mil.
D           BBB (sf)         JPY1.21 bil.
N           BBB (sf)         JPY3.90 bil.

* Non-rated class F notes
   (initial issue amount: JPY0.482 bil.)
   were also issued under this transaction.


J-CORE16 TRUST: S&P Cuts Ratings on 2 Classes of Certs. to 'CCC'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'CCC (sf)' its
ratings on the class C and D trust certificates issued under the
J-CORE16 Trust Certificates (J-CORE16) transaction, and affirmed
its ratings on classes A, B, and X issued under the same
transaction.

"J-CORE16 is a property liquidation-type commercial mortgage-
backed securities (CMBS) transaction. The trust certificates
issued under this transaction are secured by one specified bond.
The specified bond was originally backed by 18 real estate
properties, nine of which have already been sold. Although the
specified bond has not yet matured, the nine remaining collateral
properties are to be sold for lower prices than the specified
bond's stated release prices because all the holders of the trust
certificates have agreed," S&P said.

"We downgraded classes C and D because we believe that these
classes are now more likely to incur losses given that the
scheduled combined sales price of the nine remaining properties
is lower than our own assumption. Meanwhile, we affirmed our
ratings on classes A and B after considering the collection
amount from the eight remaining properties, for which the sales
contracts have already been signed, and the likely collection
amount from the remaining property that is scheduled to be sold
shortly," S&P said.

"In reviewing our ratings this time, we revised downward our
assumption for the likely collection amount from the remaining
property that is set to be sold in the near future, and assume
the value of the property to be about 45% of our initial
underwriting value, whereas we estimated the value of the
property to be about 47% of our initial underwriting value at our
last ratings review in April 2012," S&P said.

"The ratings reflect our opinion on the likelihood of the full
and timely payment of interest and the ultimate repayment of
principal by the transaction's legal final maturity date in May
2015 for the class A certificates, the full payment of interest
and the ultimate repayment of principal by the legal maturity
date for the class B to D certificates, and the timely payment of
available interest for the interest-only class X certificates.
The transaction was arranged by Deutsche Bank AG Tokyo Branch,
and ORIX Asset Management & Loan Services Corp. acts as the
servicer for this transaction," 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 Reports
included in this credit rating report are available at:

       http://standardandpoorsdisclosure-17g7.com

RATINGS LOWERED
J-CORE16 Trust Certificates
JPY21.9 billion trust certificates due May 2015
Class  To        From     Initial issue amount  Coupon type
C      CCC (sf)  B+ (sf)  JPY2.5 bil.           Floating rate
D      CCC (sf)  B- (sf)  JPY1.0 bil.           Floating rate

RATINGS AFFIRMED
J-CORE16 Trust Certificates
Class     Rating     Initial issue amount    Coupon type
A         AA+ (sf)   JPY15.5 bil.            Floating rate
B         A (sf)     JPY2.9 bil.             Floating rate
X         AAA (sf)   JPY21.9 bil. (initial notional principal)


RENESAS ELECTRONICS: To Axe Up to 6,000 Jobs
--------------------------------------------
Jiji Press reports that Renesas Electronics Corp. is considering
shedding 5,000 to 6,000 jobs, or about 12 to 14% of its workforce
of 42,000, sources said Tuesday.

Jiji Press relates that the sources said the struggling chipmaker
plans to carry out the cut mainly through voluntary retirement
and attrition.

According to the report, the sources said the company may ask
three major shareholders -- Hitachi Ltd., Mitsubishi Electric
Corp. and NEC Corp. -- for an additional investment of
JPY50 billion to JPY100 billion to strengthen its financial base.

The three companies appear reluctant to accept the request,
according to JiJi Press' sources.

The report relates the sources said Renesas Electronics is
considering realigning its 18 domestic production facilities by
closing, consolidating or selling plants facilities to other
companies.

The company posted a group net group loss last year of
JPY62.6 billion due to the stagnant semiconductor market and the
soaring yen, Jiji Press adds.

Based in Tokyo, Japan, Renesas Electronics Corp. manufactures
semiconductor systems for mobile phones and automotive
applications.


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


CENTURY CITY: Receivers Put Cuba Mall Properties on Market
----------------------------------------------------------
Hank Schouten at The Dominion Post reports that a huge chunk of
Wellington's Cuba Mall, previously owned by Century City Holdings
owner and bankrupt developer Terry Serepisos, has been put up for
sale by receivers.

The Farmers/Deka block, described as the largest redevelopment
site in central Wellington, covers almost one hectare of land
between Cuba and Victoria streets and includes a large part of
Cuba Mall, the report discloses.

The combined buildings have a rateable value of NZ$28.6 million.

According to the Post, the sale has been ordered by Grant
Thornton receivership specialists David Ruscoe and Richard
Simpson.

The Post says the receivers reported last year that Mr.
Serepisos' company Century City owed nearly NZ$59 million on the
properties -- a NZ$36.4 million mortgage to the Bank of Scotland
International and another NZ$22.46 million to South Canterbury
Finance.

Mr. Serepisos had plans for a NZ$60 million redevelopment but
they never came to anything, the report notes.

The report relates that Colliers International director
Richard Findlay said the properties were being sold by deadline
private treaty closing on June 26, 2012.

                     *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 27, 2011, nzherald.co.nz said Wellington businessman and
former Phoenix football owner Terry Serepisos was declared
bankrupt in the High Court at Wellington after his last-minute
bid for more time to pay debts was rejected.  Judge Gendall
granted an application by South Canterbury Finance, owed some
NZ$22.5 million, to declare Mr. Serepisos bankrupt after he
failed to convince the court to grant him four more days to
secure funding from a Hong Kong-based merchant bank.  In August,
BusinessDesk recalled, Mr. Serepisos was granted adjournment to
put forward a proposal to creditors that would sell down his
property portfolio in an orderly fashion, in a bid to meet the
entirety of the NZ$204 million owed to his lenders.  The
portfolio, made up of some 150 residential properties and more
than six commercial buildings, was valued at NZ$232.5 million,
BusinessDesk said.  The Serepisos-owned companies include Century
City Hunter Street, Century City Investments, Century City
Developments, Century City Management, and Century City Football,
which previously owned the Wellington Phoenix football team.


NATHANS FINANCE: Fines Must Go to Investors, Crown Says
-------------------------------------------------------
Hamish Fletcher at The New Zealand Herald reports that the Crown
said reparations from convicted Nathans Finance directors should
be distributed to out-of-pocket investors by the court rather
than go to the failed finance company's receivers.

Furthermore, the Crown said compensation should only be paid to
those who put in new funds or reinvested during the directors'
offending instead of all investors who had money in Nathans, the
Herald relates.

The Herald notes that three former Nathans' directors --
Kenneth (Roger) Moses, Mervyn Doolan and Donald Young -- were
found guilty of making untrue statements in the company's
registered prospectus and investment statement dated December 13,
2006.

According to the Herald, Mr. Moses was sentenced to two years and
two months' jail and ordered to pay NZ$425,000 in reparations.
Mr. Doolan was sentenced to two years and four months' jail and
ordered to pay NZ$150,000 while Mr. Young was sentenced to nine
months' home detention plus 300 hours of community work and
reparations of NZ$310,000.

Another former Nathans director, John Hotchin, who pleaded guilty
to Securities Act charges and gave evidence in the Crown's case,
was sentenced to 11 months' home detention, 200 hours' community
work and ordered to pay NZ$200,000 in reparations, the Herald
adds.

However, the Herald notes, the High Court has yet to decide how
these funds will be distributed and which investors are eligible
for the reparation.

                       About Nathans Finance

Nathans Finance Ltd went into receivership when the finance
company's trustee, Perpetual Trust Limited, appointed receivers
on Aug. 20, 2007.  The company owed approximately NZ$174 million
to some 7,000 investors.  Nathans Finance is a wholly owned
subsidiary of VTL Group Limited, which also went into
receivership in November 2008.  VTL Group owns a number of
vending machine related businesses which operate in New Zealand,
Australia, North America and Europe.


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


MANILA CAVITE: S&P Cuts Rating on $15-Mil. 2010-1 Notes to 'CCC'
----------------------------------------------------------------
Standard & Poor's Rating Services lowered its rating on the
outstanding US$15.06 million Series 2010-1 notes (due 2022)
issued by Manila Cavite Toll Road Finance Co. (MCTFC) to 'CCC'
from 'CCC+'. "We subsequently withdrew our rating at MCTFC's
request. At the time of rating withdrawal, the outlook was
negative," S&P said.

"We lowered our rating on the Series 2010-1 notes because traffic
volume of 11,000-11,500 vehicles a day on the extension road
continued to be below our expectation of closer to 20,000
vehicles a day by end of first quarter 2012," said Standard &
Poor's credit analyst Allan Redimerio. "The lower rating also
reflected our view that the creditor and bondholder protection
structure in the project is weaker after the Series 2010-1 bond
tender exercise."

"Although the project's cash flow position improved after the
bond tender exercise, we believe it does not provide sufficient
buffer to protect the project from further cash flow disruptions.
The lower bank financing cost relieves some pressure caused by
lower traffic, but we estimate the project to just barely meet
its debt servicing based on current traffic levels in the next
12-15 months," S&P said.

"In addition, about 90% of the notes were refinanced through a
loan facility. We expect the facility to be repaid earlier than
the Series 2010-1 notes, with a principal amortization profile
that is back-ended, similar to the Series 2010-1 notes. The step-
up in the loan facility's repayment profile in a few years would
put significant pressure on the project. A strong growth in
traffic on the extension road could mitigate the risk of a step-
up in principal repayment, but we remain negative in our view,
given the poor traffic performance so far in 2012," S&P said.


NEW RURAL BANK: Placed Under PDIC Receivership
----------------------------------------------
The Monetary Board placed the New Rural Bank of Tagkawayan, Inc.
(Quezon) under the receivership of the Philippine Deposit
Insurance Corporation (PDIC) by virtue of MB Resolution No. 772.A
dated May 17, 2012.  As Receiver, PDIC took over the bank on
May 18, 2012.

New RB Tagkawayan is an eight-unit bank with head office located
along Lagdameo Boulevard, Tagkawayan, Quezon; and Executive
Office in Candelaria, Quezon. Two of its seven branches are in
Sariaya, Quezon. The five other branches are in Calauag,
Candelaria and Lucena City in Quezon; and in San Juan and Rosario
in Batangas. Latest available records show that as of Dec. 31,
2011, the Bank had 14,099 accounts with total deposit liabilities
of PHP363.44 million. According to the latest General Information
Sheet filed by the New RB of Tagkawayan with the Securities and
Exchange Commission, the bank is majority owned by Daniel De Gala
(39.85%) and Anicia De Gala (39.85%).  Its Chairman and President
is Anicia R. De Gala.

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

PDIC said that depositors with valid accounts with balances of
PHP10,000 and below, who have no outstanding obligations with the
New RB of Tagkawayan and who have updated their addresses with
the bank in the past year, need not file deposit insurance
claims. PDIC targets to start mailing payments to the depositors
with small balances to their last known addresses recorded in the
bank by end of June 2012.

Depositors whose accounts have balances of more than PHP10,000
and have outstanding obligations should file their deposit
insurance claims. The inclusive dates and schedule of the claims
settlement operations for these accounts will be announced
through notices to be posted in the bank premises and other
public places as well as through the PDIC Web site,
www.pdic.gov.ph, newspapers and radios as soon as details are
finalized.

Depositors' Forums will be conducted starting Tuesday, May 22,
2012 to inform depositors of the requirements and procedures for
filing deposit insurance claims. Claim forms will also be
distributed during said Forum. The schedule and venues of the
Depositors' Forums will be posted in the bank premises and in the
PDIC website, www.pdic.gov.ph.

According to PDIC, depositors who have balances of PHP10,000 and
below but whose addresses in the bank records may not have been
updated or are incomplete may update their addresses with PDIC
representatives at the bank premises. Depositor Update Forms will
be distributed to during the Depositors Forum for the depositors
to accomplish, and will also be made available at the bank
premises. These should be accompanied by a photo-bearing ID of
the depositor with his signature.


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


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

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

AUSTRALIA

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


CHINA

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


HONG KONG

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


INDONESIA

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


INDIA

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


JAPAN

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


KOREA

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


MALAYSIA

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


PHILIPPINES

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


SINGAPORE

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


THAILAND

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


TAIWAN

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


                             *********

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

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

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


                            *********


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

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

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

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

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





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