TCRAP_Public/120605.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Tuesday, June 5, 2012, Vol. 15, No. 111

                            Headlines


A U S T R A L I A

BEARS LOGISTIC: Ferrier Hodgson Appointed as Receivers
FAI FILM: Liquidators Put Children Animated Films Up For Sale
OCTAVIAR LIMITED: Liquidators Seek AUD200 Million From Fortress
VIDEO 8: Administrator Seeks Buyers for Film Production Companies


C H I N A

CHINA TEL GROUP: To Issue 39.3-Mil. Common Shares to Contractors


H O N G  K O N G

CHINA NEWLIFE: Briscoe and Chen Step Down as Liquidators
CHO AND PARTNERS: Court Enters Wind-Up Order
J. TONG: Court to Hear Wind-Up Petition on June 20
KEEN LLOYD: Court to Hear Wind-Up Petition on June 27
LEGEND SMOOTH: Court Enters Wind-Up Order

LUXMARK SHIPPING: Court to Hear Wind-Up Petition on July 25
MAJOR PROFIT: Court Enters Wind-Up Order
MILANO SHOP: Court to Hear Wind-Up Petition on July 25
MILLION STARS: Court to Hear Wind-Up Petition on July 25
SYNERGY (3G): Court to Hear Wind-Up Petition on July 18

SOLARI COMPUTER: Court to Hear Wind-Up Petition on July 11
TALENT DECADE: Court to Hear Wind-Up Petition on June 20
VISION CARE: Court to Hear Wind-Up Petition on July 18
YATIN DEVELOPMENT: Briscoe and Chen Step Down as Liquidators
YU KEE: Creditors' Proofs of Debt Due June 15


I N D I A

AIR INDIA: "May Not Survive If Strike Continues," Nandan Says
CHEPAR PLASTICS: CARE Assigns 'CARE BB+' Rating to INR22cr Loan
E POLYMERS: ICRA Assigns '[ICRA]B-' Rating to INR14.4cr Loan
JMV LIFESTYLE: CARE Assigns 'BB-' Rating to INR7cr LT Loan
JSV MOTORS: Fitch Assigns 'B' National Long-Term Rating

JUPITAR COKE: ICRA Assigns 'BB' Rating on INR36cr Loan
KINGFISHER AIRLINES: Posts Worst Quarterly Loss at INR1,151cr
MITTAL CONSTRUCTION: CARE Rates INR5cr LT Loan at 'CARE BB+'
NILKANTH CONCAST: CARE Assigns 'C' Rating to INR61.45cr Loan
PRIDE & EXPERT: ICRA Reaffirms 'BB-' Rating on INR24cr Loans

RAJU SPINNING: ICRA Revises Rating on INR43.78cr Loan to 'B+'
R. J. BIOTECH: CARE Rates INR20.56cr Loan at 'CARE BB+'
SHRI LAXMI: ICRA Assigns 'B+' Rating to INR5.75cr Loans
SRI VELMURUGAN: CARE Puts 'BB' Rating on INR7.73cr LT Loan
SWASTIK TRADING: CARE Rates INR7cr Long-Term Loan at 'CARE BB'

VARAD FERTILISERS: CARE Puts 'CARE BB-' Rating to INR7cr Loan
VYANKATESH BOARD: ICRA Puts '[ICRA]BB' Rating on INR22cr Loans
UNIVERSAL MAGNOFLUX: ICRA Cuts Rating on INR2cr Loan to 'B'
WEST COAST INGOTS: CARE Rates INR3.5cr LT Loan at 'CARE B'


I N D O N E S I A

ARPENI PRATAMA: Fitch Ups Issuer Default Rating to 'CC' From 'RD'
PROFESIONAL TELEKOMUNIKASI: Moody's Assigns 'Ba2' CFR


N E W  Z E A L A N D

ANTHEM HOLDINGS: Judge Rejects Henderson Firm's Bid for Assets
CENTURY CITY: Repays NZ$21.4MM to ANZ Bank After Tower Sale


S I N G A P O R E

NAGOYA REPTILE: Creditors Get 100% Recovery on Claims
PLASTO PTE: Creditors' Proofs of Debt Due June 30
PNR GLOBALS: Court to Hear Wind-Up Petition June 15
PRIMA BULKSHIP: Creditors' Proofs of Debt Due July 1
ST AND K: Creditors' Proofs of Debt Due June 30


T A I W A N

UNION INSURANCE: Fitch Affirms IFS Rating at 'BB+'


X X X X X X X X

* BOND PRICING: For the Week May 28 to June 1, 2012


                            - - - - -


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


BEARS LOGISTIC: Ferrier Hodgson Appointed as Receivers
------------------------------------------------------
Brendan Richards -- Brendan.Richards@fh.com.au -- and
George Georges -- george.georges@fh.com.au -- of Ferrier Hodgson
were appointed Receivers and Managers of Bears Logistics (Aust)
Pty Ltd and Bears Moving & Storage (Aust) Pty Ltd on May 11,
2012.

This follows the appointment of Tony Cant and Simon Nelson of
Romanis Cant Chartered Accountants as Voluntary Administrators on
May 11, 2012.

Ferrier Hodgson said: "Following the recent collapse of one of
its biggest clients, Sleep City, Bears had experienced a
significant cashflow problem. This compounded difficulties caused
by the prolonged downturn in the retail sector.

"Unfortunately there was no prospect of reviving the business and
it was closed immediately with the loss of approximately 65
jobs."

Bears Logistics (Aust) Pty Ltd provided transport services to the
retail industry, delivering goods from the port or local
manufacturers to various retailers.


FAI FILM: Liquidators Put Children Animated Films Up For Sale
-------------------------------------------------------------
Cara Waters at SmartCompany reports that the Australian film
industry has been hit by the liquidation of two animated film
companies, FAI Film Distribution Pty Ltd and FAI Films Pty Ltd.

SmartCompany relates that both companies entered liquidation and
liquidator McGrath Nicol is seeking expressions of interest for
the ownership, copyright, distribution rights and income stream
of the animated children's film FernGully: The Last Rainforest
and ownership and copyright of the film's sequel FernGully 2.

According to the report, administrators Tony McGrath and Chris
Honey placed advertisements Monday seeking expressions of
interest in the films by June 18, 2012.

Andrew McIntosh, general manager at HIH Group, told SmartCompany
the FAI film companies are part of the HIH insurance group, which
collapsed in 2001.

"What we are looking for is some interested buyers for the asset;
HIH owns the copyright for the Ferngully movies," SmartCompany
quotes Mr. McIntosh as saying.  "Sale process of the assets is
still ongoing following the collapse in 2001, we have had some
interest  and we have advertised in the US as well in Encore
magazine."

The report relates Mr. McIntosh said there is still value in the
film companies for potential purchasers.


OCTAVIAR LIMITED: Liquidators Seek AUD200 Million From Fortress
---------------------------------------------------------------
Leo Shanahan at The Australian reports that liquidators for the
failed financial group MFS, now known as Octaviar Limited, have
made a bold bid to recover more than AUD200 million in repayments
made to the company's former financier, Fortress Investment
Group.

The Australian relates that in a claim lodged in the Queensland
Supreme court, liquidators for Octaviar have demanded at least
AUD210 million from the Australian arm of New York-based
Fortress.

According to The Australian, the liquidators allege Fortress
breached the Corporations Act in accepting a payment of
AUD189.89 million from the former directors of MFS when they
knew, or should have known, the Gold Coast-based company was
insolvent at the time the payment was made in February 2008.

Liquidators William Fletcher and Katherine Barnet of Bentleys
Corporate Recovery are also aiming to recover another
AUD19.7 million payment made in December 2008 from Octaviar to
Fortress, two months after the company was placed in voluntary
administration in September 2008, The Australian reports.

Interest on the repayments is also being claimed by the
liquidators, meaning, if successful, the final return could be
more than AUD210 million, the report notes.

The Australian recalls that 10,000 investors, mostly elderly,
lost about AUD700 million when the MFS-founded Premium Income
Fund collapsed in the global financial crisis, with the company
now owing a total of AUD2.4 billion to creditors.

According to the report, the repayments made by MFS to Fortress
between February and December 2008 were funded through the sale
of its hospitality arm, Stella, to the CVC Group the same year.

The Australian says the liquidators allege that Fortress
"conspired" with former Octaviar directors David Anderson and
Craig White -- who are also listed as defendants in the case --
to receive the repayments despite the company being in financial
dire straits.

Fortress is contesting the claim and has lodged defences and
affidavits in the court which aim to establish the propriety of
the loan and repayments, The Australian adds.

                          About Octaviar Limited

Australian-based Octaviar Limited, formerly known as MFS Limited,
operated as an investment management business with a portfolio of
businesses and assets.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 15, 2008, Octaviar Limited appointed John Greig and
Nicholas Harwood of Deloitte as Voluntary Administrators.  The
directors of three Octaviar subsidiaries, Octaviar Financial
Services Pty Ltd, Octaviar Investment Notes Limited and Octaviar
Investment Bonds Limited, also appointed Messrs. Greig and
Harwood as Voluntary Administrators.  Fortress Credit Corporation
(Australia) II Pty Ltd., one of Octaviar Limited's major
creditors, also appointed Stephen James Parbery and Anthony
Milton Sims of PPB Advisory as receivers and managers for
Octaviar.

In December 2008, Octaviar's creditors voted for a deed of
company arrangement over two entities in the Octaviar group,
Octaviar Limited, and Octaviar Administration Pty Limited.  The
three other companies in the group were subsequently wound up.

The TCR-AP reported on Aug. 4, 2009, that the Supreme Court of
Queensland placed Octaviar Ltd into liquidation.  Justice
Philip McMurdo terminated a deed of company arrangement that has
been in place since December 2008, naming company administrators
John Greig and Nick Harwood at Deloitte, as provisional
liquidators.

Administrators and liquidators Greig and Harwood at Deloitte were
then replaced by Bentleys Corporate Recovery under court order.

According to The Age, creditors are yet to recover about
AUD2.5 billion from the Group, which was found to have
AUD1 billion in intercompany loans.


VIDEO 8: Administrator Seeks Buyers for Film Production Companies
-----------------------------------------------------------------
Cara Waters at SmartCompany reports that administrator Ferrier
Hodgson placed a sale advertisement for film production companies
Video 8 Holdings and Video 8 Media last week.

Administrator Ferrier Hodgson is seeking expressions of interest
before June 8, 2012, the report discloses.

Michael Cave, spokesperson for Ferrier Hodgson, told SmartCompany
the administrator launched the expression of interest campaign
last week.

"There have been numerous inquiries and we have sent out
information memorandums to numerous parties," SmartCompany quotes
Mr. Cave as saying.  "Obviously there are still a few days to go,
but we are hoping for some decision over the next few weeks."

SmartCompany relates that Mr. Cave said the businesses were being
sold as a going concern and employ 13 people.

Morgan Kelly, administrator of Video 8, said in a statement: "I'm
pleased to say that trading has stabilised and I am confident
about a positive outcome to the expression of interest campaign."

The Video 8 companies provide technical assessment services to
the film and television production market in Australia with high-
end broadcast standard conversion, broadcast duplication services
and a specialist media archiving and digitisation facility in
Artarmon.



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


CHINA TEL GROUP: To Issue 39.3-Mil. Common Shares to Contractors
----------------------------------------------------------------
VelaTel Global Communications, Inc., formerly known as China Tel
Group Inc., filed with the U.S. Securities and Exchange
Commission a Form S-8 registering 39,368,196 shares of common
stock issuable to independent contractors for services provided
to the Company by the consultants pursuant to Independent
Contractor Agreements.  The proposed maximum aggregate offering
price is $704,690.  A copy of the filing is available for free at
http://is.gd/OuG8FD

                           About China Tel

Based in San Diego, California, and Shenzhen, China, China Tel
Group, Inc. (OTC BB: CHTL) -- http://www.ChinaTelGroup.com/--
provides high speed wireless broadband and telecommunications
infrastructure engineering and construction services.  Through
its controlled subsidiaries, the Company provides fixed
telephony, conventional long distance, high-speed wireless
broadband and telecommunications infrastructure engineering and
construction services.  ChinaTel is presently building, operating
and deploying networks in Asia and South America: a 3.5GHz
wireless broadband system in 29 cities across the People's
Republic of China with and for CECT-Chinacomm Communications Co.,
Ltd., a PRC company that holds a license to build the high speed
wireless broadband system; and a 2.5GHz wireless broadband system
in cities across Peru with and for Perusat, S.A., a Peruvian
company that holds a license to build high speed wireless
broadband systems.

After auditing the 2011 results, Kabani & Company, Inc., in Los
Angeles, California, expressed substantial doubt as to the
Company's ability to continue as a going concern.  The
independent auditors noted that the Company has incurred a net
loss for the year ended Dec. 31, 2011, cumulative losses of $254
million since inception, a negative working capital of $16.4
million and a stockholders' deficiency of $9.93 million.

The Company reported a net loss of $21.79 in 2011, compared with
a net loss of $66.62 million in 2010.

The Company's balance sheet at March 31, 2012, showed
$13.57 million in total assets, $19.53 million in total
liabilities and a $5.95 million total stockholders' deficiency.



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


CHINA NEWLIFE: Briscoe and Chen Step Down as Liquidators
--------------------------------------------------------
Stephen Briscoe and Chen Yung Ngai Kenneth stepped down as
liquidators of China Newlife (HK) Limited on Nov. 16, 2012.


CHO AND PARTNERS: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order on May 23, 2012, to
wind up the operations of Cho and Partners Engineering Limited.

The official receiver is Teresa S W Wong.


J. TONG: Court to Hear Wind-Up Petition on June 20
--------------------------------------------------
A petition to wind up the operations of J. Tong Shipping Company
Limited will be heard before the High Court of Hong Kong on
June 20, 2012, at 9:30 a.m.

Rizhao Fengze International Trade Company Limited filed the
petition against the company on April 16, 2012.

The Petitioner's solicitors are:

          Brenda Chark & Co.
          11F, CNT Tower
          338 Hennessy Road
          Wanchai, Hong Kong


KEEN LLOYD: Court to Hear Wind-Up Petition on June 27
-----------------------------------------------------
A petition to wind up the operations of Keen Lloyd Finance
Limited (formerly known as Hanking Industries Limited) will be
heard before the High Court of Hong Kong on June 27, 2012, at
9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company on April 26, 2012.

The Petitioner's solicitors are:

          Messrs. Deacons
          5th Floor, Alexandra House
          18 Chater Road
          Central, Hong Kong


LEGEND SMOOTH: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on May 10, 2012, to
wind up the operations of Legend Smooth Limited.

The company's liquidators are Ho Man Kit Horace and Kong Sze Man
Simone.


LUXMARK SHIPPING: Court to Hear Wind-Up Petition on July 25
-----------------------------------------------------------
A petition to wind up the operations of Luxmark Shipping Limited
will be heard before the High Court of Hong Kong on July 25,
2012, at 9:30 a.m.

The Petitioner's solicitors are:

          Danny Ma & Co.
          Unit 706, 7th Floor
          Metroplaza Tower 2
          No. 223 Hing Fong Road
          Kwai Fong, New Territories


MAJOR PROFIT: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on May 23, 2012, to
wind up the operations of Major Profit International Limited.

The official receiver is Teresa S W Wong.


MILANO SHOP: Court to Hear Wind-Up Petition on July 25
------------------------------------------------------
A petition to wind up the operations of Milano Shop Limited will
be heard before the High Court of Hong Kong on July 25, 2012, at
9:30 a.m.

Hui Yuk filed the petition against the company on May 9, 2012.

The Petitioner's solicitors are:

          B. Mak & Co.
          Units 3512-3513, 35th Floor
          West Tower, Shun Tak Centre
          168-200 Connaught Road
          Central, Hong Kong


MILLION STARS: Court to Hear Wind-Up Petition on July 25
--------------------------------------------------------
A petition to wind up the operations of Million Stars
Developmment Limited trading as Kin Ming Garment Factory will be
heard before the High Court of Hong Kong on July 25, 2012, at
9:30 a.m.

Dah Sing Bank Limited filed the petition against the company on
May 18, 2012.

The Petitioner's solicitors are:

          Wilkinson & Grist
          6th Floor, Prince's Building
          10 Chater Road
          Central, Hong Kong


SYNERGY (3G): Court to Hear Wind-Up Petition on July 18
-------------------------------------------------------
A petition to wind up the operations of Synergy (3G) Products
Limited will be heard before the High Court of Hong Kong on
July 18, 2012, at 9:30 a.m.

Leung Shu Yuen filed the petition against the company on May 15,
2012.

The Petitioner's solicitors are:

          Joseph C.T. Lee & Co.
          10th Floor, Euro Trade Centre
          21-23 Des Voeux Road
          Central, Hong Kong


SOLARI COMPUTER: Court to Hear Wind-Up Petition on July 11
----------------------------------------------------------
A petition to wind up the operations of Solari Computer
Engineering Limited will be heard before the High Court of Hong
Kong on July 11, 2012, at 9:30 a.m.

Yeung Tak Ming filed the petition against the company on May 9,
2012.


TALENT DECADE: Court to Hear Wind-Up Petition on June 20
--------------------------------------------------------
A petition to wind up the operations of Talent Decade Holdings
Limited will be heard before the High Court of Hong Kong on
June 20, 2012, at 9:30 a.m.

Extensive Trading Company Limited filed the petition against the
company on April 17, 2012.

The Petitioner's solicitors are:

          CWL Partners
          50/F & 64/F, Bank of China Tower
          1 Garden Road
          Central, Hong Kong


VISION CARE: Court to Hear Wind-Up Petition on July 18
------------------------------------------------------
A petition to wind up the operations of Vision Care Products
Limited will be heard before the High Court of Hong Kong on
July 18, 2012, at 9:30 a.m.

Carl Zeiss Vision Sunlens Asia Pacific Limited (formerly known as
Sola Hong Kong Limited) filed the petition against the company on
May 14, 2012.

The Petitioner's solicitors are:

          Karas Lawyers
          1702, 17/F
          Tower 1 Admiralty Centre
          18 Harcourt Road
          Hong Kong


YATIN DEVELOPMENT: Briscoe and Chen Step Down as Liquidators
------------------------------------------------------------
Lai Kar Yan (Derek) and Darach E. Haughey stepped down as
liquidators of Yatin Development Limited on May 3, 2012.


YU KEE: Creditors' Proofs of Debt Due June 15
---------------------------------------------
Creditors of Yu Kee Food Company Limited, which is in compulsory
liquidation, are required to file their proofs of debt by
June 15, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

          Stephen Briscoe
          Chan Pui Sze
          602 The Chinese Bank Building
          61-65 Des Voeux Road
          Central, Hong Kong



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


AIR INDIA: "May Not Survive If Strike Continues," Nandan Says
-------------------------------------------------------------
IBNLive reports that Air India chief Rohit Nandan on Saturday
warned that the airline may not be able to survive in the long
run if its pilots don't end their 26-day-old strike.

"If the airline has to survive in the long run, achieve the
turnaround, it is essential for the pilots to come back,"
Mr. Nandan told IANS, reports IBNLive.

"They (pilots) should think about the long-term impact this
strike will have on the airline and their future." Nandan's
outspoken comments came even as the strike continued for the 26th
day, pushing up the airline's revenue losses to more than
INR350 crore, IBNLive relates.

IBNLive says the losses, according to a senior Air India official
in Mumbai, are among the biggest suffered by the airline due to
any strike. "Current load factor (passenger traffic) is at an
all-time low for the international segment. Being the peak travel
season, the overall losses will be far above the predicted
revenue drain of INR400 crore," IBNLive quotes an official in the
operations arm of the airline as saying.

"In the peak travel season, international outbounds are highest
for us. We have lost a lot of opportunities to cater to
passengers going to the US-Europe and Far-East Asian regions."

According to the report, the airline expects to stabilise its
international operations through the interim plan which it
implemented Friday and cut its losses to less than INR5 crore a
day from the present INR10 crore.

IBNLive relates that the interim plan has axed seven
international destinations including Hong Kong, Osaka, Seoul and
Toronto.

The Indian Pilots Guild (IPG), representing aviators of the
erstwhile Air India, went on strike May 8 against the move to
train their counterparts from Indian Airlines on the soon-to-be-
inducted Boeing 787 Dreamliner, the report notes.

                         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.


CHEPAR PLASTICS: CARE Assigns 'CARE BB+' Rating to INR22cr Loan
---------------------------------------------------------------
CARE assigns 'CARE BB+' and 'CARE A4+' ratings to the bank
facilities of Chepar Plastics Pvt. Ltd.

   Facilities                  (INR crore)    Ratings
   -----------                 -----------    -------
   Long-term Bank Facilities       22.00      CARE BB+ Assigned
   Short-term Bank Facilities      10.00      CARE A4+ Assigned

Rating Rationale

The ratings of Chepar Plastics Pvt. Ltd. are constrained by its
relatively small scale of operations with a small net worth base,
low profitability and high debt level. The ratings are further
constrained by customer concentration risk, elongated working
capital cycle, moderately stretched liquidity position and
presence in a highly competitive & fragmented industry.

The ratings factor is in the benefit derived from long &
established track record of the company with established
relationship with reputed customers. The ratings are further
benefited from management's experience and financial support in
the past.

The ability of CPPL to improve the overall scale of operations &
financial risk profile, improvement in the liquidity position and
diversifying the existing customer base are the key rating
sensitivities.

Chepar Plastics Pvt. Ltd., was established in 1978 as a
partnership firm and was promoted by Mr. Chetan Parekh.
Subsequently in 1993, it was converted into a private limited
company. It is engaged in the business of manufacturing various
marketing and advertising articles such as display trays &
stands, metal boxes, glow sign boards, banners and novelties.
CPPL has its manufacturing facility in Andheri, Mumbai and also
in Vasai, Thane, Maharashtra. It has in-house capacities for
designing, production, installation and display of advertising
items onsite. The company caters to the needs of the corporate
entities and provides customized solutions to their advertising
needs. CPPL supplies to companies in various sectors such as
FMCG, Pharma etc. It also provides erection and assembly services
of the manufactured advertising products to its client at their
respective sites.

During FY11, CPPL reported a total operating income of INR77.98
crore and PAT of INR2.46 crore as against total operating income
of INR61.32 crore and PAT of INR2.10 crore in FY10.


E POLYMERS: ICRA Assigns '[ICRA]B-' Rating to INR14.4cr Loan
------------------------------------------------------------
ICRA has assigned '[ICRA]B-' rating for the INR14.40 crore bank
lines of E Polymers Private Limited.

                           Amount
   Facilities             (INR Cr)       Ratings
   ----------             ---------      -------
   Fund based facilities    14.40        [ICRA]B- Assigned

The assigned rating is constrained by the current modest scale of
operations and weak financial profile of EPPL. Further, the
inherently low margins in the polymers industry resulting from
high competitive pressures and fragmentation together with low
capacity utilization expected in the first year, is expected to
adversely impact the ability to generate cash flows to meet the
repayment obligations. In addition, the scale of operations of
the company severely limits its bargaining power with respect to
the suppliers (consisting of companies including Reliance
Industries) as well as customers (comprising of prominent cement
manufacturers in the state). To mitigate the customer
concentration risk, the company is diversifying its clientele to
include customers from sugar, rice and other industries. The
recent debt funded capital investment and the resultant higher
interest costs are expected to result in a modest financial
profile for the company in the first year.

However, the rating is supported by the long experience of
promoters in the construction industry and their resultant
business networks which led to initial orders for EPPL. A
favorable outlook for Cement industry also augurs well for the
off-take prospects of the company. ICRA factors mitigation of raw
material availability and price risks owing to reliable large-
scale suppliers and monthly revision selling prices as an
operational strength as the company would be cushioned from
volatility in polymer industry to an extent. Company Profile

E Polymers Private Limited was incorporated in the year 2010 and
is in the production of Poly Woven Sacks/ fabric. The sacks are
used in the packaging of Cement, Sugar, Rice and other
commodities. It was promoted by Mr. R Ram Mohan Rao, Mr. R Sujan
and Mr. R Suman who are also the partners in a sister concern
Sujana Constructions. The manufacturing facility is located in
Pashamylaram, Medak.


JMV LIFESTYLE: CARE Assigns 'BB-' Rating to INR7cr LT Loan
----------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of JMV Lifestyle.

   Facilities                  (INR crore)    Ratings
   -----------                 -----------    -------
   Long-term Bank Facilities      7.00        CARE BB- Assigned
   Short-term Bank Facilities     1.50        CARE A4 Assigned

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

Rating Rationale

The ratings are constrained by the short track record with
relatively small scale of operations of JMV Lifestyle (JMV) and
its constitution as a proprietorship firm. The ratings are
further constrained by its stretched liquidity, high leverage and
its presence in the highly fragmented textile processing
industry. The ratings, however, factor the vast experience of the
proprietor in the textile industry and his resourcefulness.

The ability of JMV to increase the scale of its operations along
with improvement in the overall financial risk profile and
efficient management of its working capital are the key rating
sensitivities.

JMV Lifestyle, a proprietorship firm, was established in 2010 by
Mr. Manmohan Singh, who has been in the textile business since
the last two decades. JMV started its operation in FY11 and is
mainly engaged in the business of dyeing and processing of grey
fabrics and manufacturing of fashionable T-shirts which
constitutes 10% of its total sales. It sells the same under the
brand name of 'JMV Lifestyle' through a retail outlet at Dadar in
Mumbai. JMV's plant has an annual capacity of 2,160 Metric Tonnes
Per Annum (MTPA) and is located at Dombivali, Maharashtra on a
leasehold land. JMV procures its entire raw material domestically
and has domestic sales only. It also supplies to companies like
Provogue (I) Ltd. JMV also has a sister concern viz 'JMV
Enterprise Pvt. Ltd.' which is in the business of trading of grey
fabrics since the last decade and Mr Manmohan Singh is also a
Director in that company.


JSV MOTORS: Fitch Assigns 'B' National Long-Term Rating
-------------------------------------------------------
Fitch Ratings has assigned India's JSV Motors and Construction
Private Limited a National Long-Term Rating of 'Fitch B(ind)'.
The Outlook is Stable.

The ratings reflect JSV's small size of operations and its
limited track record of operations in the car dealership
business.  FY12 (financial year ending March) was the first full
year of operations for the company.  Provisional results for FY12
indicate revenue of INR484m (FY11: INR161m).

The ratings are constrained by JSV's low operating EBITDAR margin
(FY12: 4.2%) due to the trading nature of its business and tight
liquidity position on account of high working capital
requirements.  The company faces high inventory days (around 55
days) with negligible creditors as it does not receive any credit
from Hyundai Motors India Limited for the cars it sells, leading
to the near-full use of its working capital credit limits (FY12:
96%).

The ratings also reflect high net financial leverage (net
debt/operating EBITDA: around 8.5x in FY12) and low gross
interest coverage ratio (FY12: 1.2x) on account of high working
capital debt (FY12: INR82m) and low operating margins of the
company.  Fitch expects operating margins to improve from FY13
onwards as the company would not have to pay rent for its
workshop land since the same has been purchased in FY12.

Positive rating action may result from an improvement in revenue
and profitability leading to net interest coverage ratio above
1.5x on a sustained basis.  Conversely, a decline in revenue and
profitability and any unexpected debt-led capex or increase in
working capital cycle leading to net interest coverage ratio
below 1.1x on a sustained basis could lead to negative rating
action.

JSV is a dealership company of Hyundai Motors India Limited.
Provisional numbers for FY12 indicate EBITDAR of INR20.3m (FY11:
INR0.7m) and net loss of INR0.7m (FY11: INR6m).

Fitch has also assigned ratings to JSVs's following debt
instruments:

  -- INR20.6m long-term debt: assigned 'Fitch B(ind)'
  -- INR67.9m fund-based working capital limits: assigned 'Fitch
     B(ind)'/'FitchA4(ind)'


JUPITAR COKE: ICRA Assigns 'BB' Rating on INR36cr Loan
------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB' rating to the INR32.28 crore
term loans of Jupitar Coke & Energy Private Limited. ICRA has
also assigned an '[ICRA]BB' rating to the INR36 crore fund based
working capital limits of the company. The outlook on the rating
is stable.

                         Amount
   Facilities           (INR Cr)     Ratings
   ----------           ---------    -------
   Fund based limits      36         [ICRA]BB (stable) assigned
   Term Loan              32.28      [ICRA]BB (stable) reaffirmed

The rating reaffirmation reflects the recent commissioning of the
project and the commencement of operations of the sinter and the
coke plants and the low off-take risk, given that the entire
produce of the company is being procured by group companies in
downstream business. The rating also reflects the limited track
record of operations with operations across business cycles
having commenced only in September 2011, delays in commissioning
of the project which led to an increase in the project cost,
exposure of the company's profitability and cashflows to the
cyclicality in coking coal and iron ore, and the aggressive
capital structure expected in the near term on account of project
term loans and usage of debt to part fund the working capital
requirements.

Jupitar Coke & Energy Private Limited was set up by the Kolkata
based Jupitar Group of Industries in 2008, led by Mr. Nabarun
Bhattacharya. The company has commissioned a sinter plant
(120,000 MTPA), a coke oven plant (120,000 MTPA) and a waste heat
recovery based captive power plant (1.5 MW) at Koderma, Jharkhand
to produce sinter and low ash metallurgical coke to be used by
its group company engaged in the manufacturing of pig iron. The
operations of the company began in September 2011.


KINGFISHER AIRLINES: Posts Worst Quarterly Loss at INR1,151cr
-------------------------------------------------------------
The Times of India reports that Kingfisher Airlines, which has
never made a profit since inception in 2005, posted its worst
ever quarterly loss of INR1,151.5 crore in January-March 2012.

TOI notes that while this is almost three times the loss
witnessed in the same period last year, Q4 accounted for nearly
half the INR2,328 crore loss in 2011-12.  The loss in 2010-11 was
INR1,027.4 crore.

With the airline slashing flights since last November to cut
costs and stay afloat, its sales in Q4 fell to INR741.1 crore
from INR1,626.1 crore in the same period last fiscal.  TOI adds
that Kingfisher Airlines' financial statement shows the airline
had a total liability of INR14,162.4 crore on March 31, 2012.

                      About Kingfisher Airlines

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

                        *     *     *

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

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


MITTAL CONSTRUCTION: CARE Rates INR5cr LT Loan at 'CARE BB+'
------------------------------------------------------------
CARE assigns 'CARE BB+' and 'CARE A4+' ratings to the bank
facilities of Mittal Construction Unit.

   Facilities                (INR crore)    Ratings
   -----------               -----------    -------
   Long-term bank facility       5.0        CARE BB+ Assigned
   Long term/Short term          6.5        CARE BB+/CARE A4+
    bank facility                            Assigned

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

Rating Rationale

The ratings are constrained by the relatively small size of
operations of M/s Mittal Construction Unit (MCU) along with its
constitution as a partnership firm, susceptibility to volatility
in input prices, risk associated with delay in project execution
and its presence in a highly competitive and fragmented
construction industry due to the bid-driven nature of the
business.

The above constraints offset the benefits derived from experience
of the partners, long track record of operations, satisfactory
project execution capability & order book position coupled with
increased thrust on infrastructure related activities by the
Govt. of India.  Growth in order book position coupled with
timely completion of orders in hand and improvement in
profitability are the key rating sensitivities.

M/s Mittal Construction Unit, a small sized partnership firm
formed in April, 1982 by Mittal family of Muzaffarnagar is
engaged in providing different types of construction services
ranging from piling & foundation, water drainage systems, fire
and safety design, piping isometric design, quality control, etc.
to construction of roads, industrial, commercial and residential
buildings. The firm, with its registered office in Muzaffarnagar
(U.P.) has seven regional offices in major cities across India.

During FY11 (refers to the period from April 1 to March 31), MCU
had reported a total operating income of INR75.4 crore (FY10:
INR70.4 crore) and a PAT of INR2.6 crore (FY10: INR3.5 crore).
Further, as per provisional results for FY12, the firm has
achieved a total operating income of INR95.0 crore.


NILKANTH CONCAST: CARE Assigns 'C' Rating to INR61.45cr Loan
------------------------------------------------------------
CARE assigns 'CARE C' and 'CARE A4' ratings to the bank
facilities of Nilkanth Concast Private Limited.

   Facilities                  (INR crore)     Ratings
   -----------                 -----------     -------
   Long-term Bank Facilities      61.45        CARE C Assigned
   Short-term Bank Facilities     40.00        CARE A4 Assigned

Rating Rationale

The ratings are constrained due to stressed liquidity position of
Nilkanth Concast Private Limited as a consequence of elongation
of its working capital cycle which has in the past led to
instances of delay in debt servicing. The ratings are further
constrained on account of the deterioration in its capacity
utilization, its limited distribution network and presence in the
cyclical and competitive steel industry.

The ratings, however, take comfort from the experience of the
promoters in handling diverse businesses and benefits derived
from its captive source of power.

Ability of the company to streamline its working capital cycle
and thereby improve its liquidity position along with improvement
in its profitability would be the key rating sensitivities.

Incorporated in 2003 by Mr. Chandrashekhar Ayachi, NCPL is
engaged in manufacturing of Thermo Mechanically Treated (TMT)
steel bars. The company has TMT bars manufacturing capacity of
90,000 Metric Tonnes Per Annum (MTPA) along with Sponge Iron and
Mild Steel Billets manufacturing capacity of 72,000 MTPA and
90,000 MTPA respectively. The products manufactured by NCPL are
sold under the brand 'Nilkanth TMT' in domestic market.  NCPL has
also setup a 16 Mega Watt (MW) thermal captive power plant by
installing waste recovery boilers and fluid bed boilers.

NCPL registered total operating income of INR178.81 crore with a
PAT of INR1.03 crore in FY11 (refers to the period April 1 to
March 31) as compared to total operating income of INR216.08
crore with a PAT of INR2.46 crore in FY10. During 9MFY12
(unaudited), the company reported a total operating income of
INR136.30 crore with a PBILDT of INR19.41 crore.


PRIDE & EXPERT: ICRA Reaffirms 'BB-' Rating on INR24cr Loans
------------------------------------------------------------
ICRA has reaffirmed the long term rating of Pride & Expert
Properties Private Limited at '[ICRA] BB-' for INR24.00 crore
fund based limits including OD limits of INR10.00 crore, Proposed
OD limits of INR10 crore & term loans of INR4.00 crore. The
outlook on the rating is stable.

                         Amount
   Facilities           (INR Cr)     Ratings
   ----------           ---------    -------
   Overdraft              10.00      [ICRA]BB-(Stable) Reaffirmed
   Overdraft (Proposed)   10.00      [ICRA]BB-(Stable) Reaffirmed
   Term Loan               4.00      [ICRA]BB-(Stable) Reaffirmed

ICRA has withdrawn the [ICRA]BB- rating on the INR10.00 crore
term loan facilities of PEPPL upon request from the Company,
since the loan has been fully repaid.

The rating reaffirmation takes into account the improved booking
levels in the residential projects of the company and the
business model of JDAs with the landowners, which reduces the
requirement for upfront capital investment. The ratings continue
to factor in PEPPL's experienced management and Pride Group's
established track record in real estate development in Pune,
Mumbai and Bangalore. The rating also draws comfort from the
limited repayment liability of the company in the next 12 months
(-INR4 crore).

The rating is constrained due to booking cancellations in the
commercial property, which was expected to contribute the major
proportion of cash inflows during FY12. The shortfall in cash
flows due to cancellation of bookings was met through funding
support from group companies. The company continues to face cost
overruns due to rising labour & interest costs and project delays
due to labour & raw material unavailability. The rating also
factors in the company's exposure to execution risk considering
the early stages of physical progress in its residential
projects.

Going forward, ability of the company to achieve healthy sales
volumes and achieve high collection efficiency in its ongoing
projects while minimising the time and cost overruns will be the
key rating sensitivities.

                        About Pride & Expert

PEPPL is a part of the Pride Group, which was established in 1993
and is currently headed by Mr Arvind P Jain. The group has
presence in cities of Bangalore, Pune & Mumbai and in the last 18
years of its presence, it has developed more than 3 million sft
of space in Mumbai, Bangalore & Pune. Pride Group has completed
projects both in the commercial & residential segment. PEPPL has
completed commercial four projects, two each in Pune and
Bangalore with a total built-up area of 2.6 lakh sft. The company
is currently developing four projects in Bangalore with a total
built-up area of 15.8 lakh sft, out of which Pride Hulkul is the
sole commercial venture, whereas Pride Pristine, Pride Pavillion
& Pride Springfields are the ongoing residential projects.

Recent Results:

For financial year 2011-12(provisional), the company had a net
profit of INR8.69 crore and operating income of INR47.00 crore as
compared to a PAT of INR1.67 crore on an operating income of
INR14.76 crore for FY11.


RAJU SPINNING: ICRA Revises Rating on INR43.78cr Loan to 'B+'
-------------------------------------------------------------
ICRA has revised the long term rating outstanding on the INR24.78
term loan facilities and the INR19.00 crore fund based facilities
of Raju Spinning Mills Private Limited from [ICRA]BB to [ICRA]B+.
ICRA has assigned [ICRA]B+ rating to the INR0.26 crore non-fund
based facility of RSMPL. ICRA has reaffirmed the short term
rating of [ICRA]A4 to the INR5.00 crore (decreased from INR5.72
crore) non-fund based limits of the Company.

                           Amount
   Facilities             (INR Cr)       Ratings
   ----------             ---------      -------
   Term Loan                24.78        [ICRA]B+ (revised from
                                         [ICRA]BB)

   Fund based facilities    19.00        [ICRA]B+ (revised from
                                         [ICRA]BB)

   Non-fund based            0.26        [ICRA]B+ assigned
   facilities

   Non-fund based            5.00        [ICRA]A4 reaffirmed
   facilities
   (reduced from INR5.72 cr)

The revision in long term rating reflects the deterioration in
the operational and financial profile of the company during 2011-
12, owing to slowdown witnessed in the spinning industry
especially during the first half of the fiscal. While the
financial performance of the company improved during 2010-11,
revenues and margins were adversely impacted in 2011-12 owing to
the moderation of volumes and realizations on account of the
slowdown, leading to losses from operations. The same coupled
with the recent debt funded capital expenditure and working
capital intensive nature of operations has resulted in
deterioration in capitalization levels and strained liquidity
position. Earnings of RSMPL continue to remain exposed to the
volatility in cotton prices, owing to the limited pricing
flexibility on account of competition and moderate scale of
operations. The ratings also factor in the significant experience
of the promoters in the textile industry and the company's
presence in fine count value added yarn segment supporting
volumes and realizations to an extent.

Raju Spinning Mills Private Ltd was incorporated in 1983 and is
primarily engaged in production of cotton yarn with its spinning
unit located at Rajapalayam, Tamil Nadu. The company is closely
held by the promoters and the promoters' family. The company
commenced operations in the year 1984 with a capacity of 4000
spindles. In a phased manner, the company has expanded its
capacity to current levels of 59,932 spindles. The company's
product profile is skewed towards the finer counts of carded and
combed yarn, with counts largely ranging from 60s to 100s. The
company also produces customized yarns as per the requirements of
the customers.

Recent Results:

For the nine months ended December 2011, the Company has reported
loss of INR7.2 crore on an operating income of INR34.1 crore, as
against net profit of INR4.9 crore on an operating income of
INR66.8 crore for 2010-11.


R. J. BIOTECH: CARE Rates INR20.56cr Loan at 'CARE BB+'
-------------------------------------------------------
CARE assigns 'CARE BB+' rating to the bank facilities of R. J.
Biotech Pvt. Ltd.

   Facilities                  (INR crore)    Ratings
   -----------                 -----------    -------
   Long-term Bank Facilities      20.56       CARE BB+ Assigned

Rating Rationale

The ratings of R. J. Biotech Pvt. Ltd. are constrained by its
relatively small scale of operations with a small net worth base
and high debt level. The ratings are further constrained by
cyclical nature of agricultural industry and highly competitive
seed industry. Also the company's nature of business is such that
it has elongated working capital cycle and is high working
capital intensity business.

The ratings of RJBPL derive strength from the promoters' vast
experience in agricultural industry and their financial support
in the past. The ratings are further benefited by the growth in
revenue with improving profitability and the positive outlook of
the domestic hybrid seed industry.

RJBPL's ability for continuous R&D and successful introduction of
new hybrid seeds resulting in the improvement in the overall
financial risk profile and efficient management of its working
capital cycle with improvement in liquidity position are the key
rating sensitivities.

R. J. Biotech Pvt. Ltd. was incorporated in 2005 by
Mr. Raghavendra Joshi. The primary business of the company is to
research, and manufacture hybrid seeds for various crops and
vegetables. Though the company was incorporated in 2005, major
business activity started in 2009, when it initially introduced
its own hybrid seeds in the market. The company has its research
facility in Aurangabad (Maharashtra) & Hyderabad (Andhra
Pradesh). Currently the company has developed a portfolio of 83
different types of diversified hybrid seeds. The company belongs
to the R.J. Group, founded by Mr. Raghavendra Joshi in 1987. The
group as a whole is engaged in diverse activities like
manufacture of granulated mixed fertilizers, poultry and
hatcheries, neem-based natural pesticides, organic manure,
biotechnology etc.


SHRI LAXMI: ICRA Assigns 'B+' Rating to INR5.75cr Loans
-------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to the INR1.00 crore term
loan facility and INR4.75 crore cash credit facility of Shri
Laxmi Ginning Factory.  The rating draws comfort from account
extensive experience of the promoters in the cotton ginning
industry with favorable location in Parbhani providing easy
access to quality raw material.

                         Amount
   Facilities           (INR Cr)       Ratings
   ----------           ---------      -------
   Term Loan              1.00         [ICRA]B+ assigned
   Cash Credit            4.75         [ICRA]B+ assigned

The ratings are, however, constrained by small scale of
operations in highly fragmented industry, low margin on account
of limited value addition and adverse capital structure. ICRA
further notes that the firm's profitability remains vulnerable to
regulatory environment and agro climatic conditions in the
country as well as international demand supply scenario.

Laxmi Ginning is a partnership firm engaged in cotton ginning &
pressing in Parbhani district of Maharashtra. Firm was
constituted in 1998 in Kolhapur with three partners Mr.
Rajendra.K.Gholecha, Mrs. Anita.P.Gholecha and Mrs.
Prema.K.Gholecha.


SRI VELMURUGAN: CARE Puts 'BB' Rating on INR7.73cr LT Loan
----------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of Sri Velmurugan Fabricators.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long term Bank Facilities      7.73       CARE BB Assigned
   Short term Bank Facilities     1.80       CARE A4 Assigned

Rating Rationale

The ratings of Sri Velmurugan Fabricators are primarily
constrained by small scale of operations, high receivable days
resulting in long operating cycle, project execution risk and
client concentration risk. However, the ratings are underpinned
by experience of the promoters & management team with long track
record of the firm in the fabrication industry, strong clientele
with repeat business being successfully generated over the years
and growth in revenue from the past three years with high
profitability margins.  SVF's ability to improve its scale of
operations, manage its receivable levels and diversify its client
base are the key rating sensitivities.

SVF was established in the year 1977 by Mr. A. Baluswamy in
Trichy. Since inception and for a reasonable period of time, SVF
had largely been a fabricator of several components such as
ducts, wind boxes, air heater assembly, spiral casings,
structures, dampers, pressure vessels and heat exchangers, for
BHEL. The firm is also a supplier of fabricated components to
other customers like FL Smidth, Fouress Engineering India Ltd,
Fives Cail, KCP India and the Sanmar Group. However, for the last
ten years, SVF is largely into Wind Mill Tower production and in
FY11 (refers to the period April 1st 2010 to March 31, 2011), 95%
of its revenues came from manufacturing wind mill tower sections.
It started manufacturing polygonal towers for NEC Micon India
Ltd. and circular towers for Vestas Wind Technology India Ltd.
(Vestas). Currently it is supplying wind mill tower sections to
Gamesa Wind Turbines Pvt. Ltd, a Spanish MNC. SVF is mainly into
job-work activity wherein the material required for making the
tower sections is supplied by the customers themselves, thus
mitigating the raw material price fluctuation risk. SVF has an
installed capacity of 4,500 MTPA (Metric ton per annum) for wind
mill tower production. Currently, the firm is managed by three
partners, namely Mr. Ashok Kumar, Mr. Satish Kumar and Mrs.
Lakshmi.


SWASTIK TRADING: CARE Rates INR7cr Long-Term Loan at 'CARE BB'
--------------------------------------------------------------
CARE assigns 'CARE BB' rating to the bank facilities of Swastik
Trading Company.

   Facilities                  (INR crore)     Ratings
   -----------                 -----------     -------
   Long-term Bank Facilities        7          CARE BB Assigned

Rating Rationale

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

The rating is constrained by the modest scale of operations of
Swastik Trading Company along with its constitution as a
partnership firm which restricts its financial flexibility, its
low profitability margins which are inherent in trading
operations and its exposure to price fluctuation risk on its
inventory.

These weaknesses, however, are partially offset by the long track
record of operations of STC and its experienced promoters,
established relationship with their suppliers and clients and
moderate working capital cycle.

The ability of the firm to improve its scale of operations and
financial risk profile are the key rating sensitivities.

Swastik Trading Company was constituted in 1988 as a partnership
firm by Mr S.K. Bhatia (55% partner) and his younger brother Mr
Lalit Kumar Bhatia (45% partner). The day-to-day operations are
looked after by both the brothers. The firm is engaged in the
trading of various types of yarn viz, Polyester Yarn, Cotton
Yarn, Texturising Yarn, Fully Drawn Yarn, Blended Yarn, Dyed
Yarn, etc, which are mainly used by hosiery/fabrics/garment
units. Yarn trading has been the family business of the partners
for more than 33 years. STC procures yarn from various industry
majors and supplies them to garment/fabric units and other
retailers mainly in Punjab.

STC earned a PAT of INR0.39 crore on a total income of INR71.04
crore in FY11 (refers to the period April 01 to March 31) as
against a PAT of INR0.29 crore on a total income of INR61.65
crore in FY10.  Further, as per provisional results, STC has
earned a PAT of INR0.44 crore on total income of INR75.00 crore
in FY12.


VARAD FERTILISERS: CARE Puts 'CARE BB-' Rating to INR7cr Loan
-------------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of Varad Fertilisers Pvt. Ltd.

   Facilities                  (INR crore)    Ratings
   -----------                 -----------    -------
   Long-term Bank Facilities       7.00       CARE BB- Assigned
   Short-term Bank Facilities      0.25       CARE A4 Assigned

Rating Rationale

The ratings of Varad Fertilisers Pvt. Ltd. are constrained by its
relatively small scale of operations with a small net worth base,
low & declining profitability margins and high debt level.
The ratings are further constrained by market concentration risk
and cyclical nature of nature of agricultural industry. These
constraints far outweigh the strength derived from the experience
of the promoters and their financial support in the past.
VFPL's ability to improve the overall scale of operations &
financial risk profile and diversifying the geographical base are
the key rating sensitivities.

Varad Fertilisers Pvt. Ltd. incorporated in the year 1991, was
promoted by Mr. Ramniwas Mandhani for the purpose for
manufacturing fertilizers. The company manufactures fertilizers
with its components being Nitrogen (N), Phosphorus (P) &
Potassium (K). The major raw materials procured by the company
are urea, diammonium phosphate (DAP), single super phosphate
(SSP), muriate of potash (MOP) & dolomite which are sourced
entirely from domestic market. Company's entire sales are
generated from the state of Maharashtra. The company also trades
in the raw materials viz. urea, diammonium phosphate (DAP),
single super phosphate (SSP), muriate of potash (MOP) & dolomite.
The share of trading revenues has increased from 52% in FY09 to
85% in FY11.

During FY11, VFPL reported a total operating income of INR34.59
crores and PAT of INR0.19crores as against total operating income
of INR20.22 crores and PAT of INR0.19 crores in FY10.


VYANKATESH BOARD: ICRA Puts '[ICRA]BB' Rating on INR22cr Loans
--------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]BB' to the
INR15.50 crores term loan facility and INR6.50 crores fund based
facility of Vyankatesh Board Mill Private Limited. ICRA has also
assigned a short-term rating of [ICRA]A4 to the INR8.0 crores,
short term non-fund based limits of VBMPL2. The outlook on the
long-term rating is Stable.

                         Amount
   Facilities           (INR Cr)     Ratings
   ----------           ---------    -------
   Long Term Fund         6.50       [ICRA]BB (Stable)(assigned)
   Based Limits

   Term Loans            15.50       [ICRA]BB (Stable) (assigned)

   Short Term Non-Fund    8.00       [ICRA]A4 (assigned)
   Based Limits

The ratings are constrained on account of modest size of
operations of the company and its weak net profitability and
return indicators owing to high interest and depreciation burden.
The gearing of the company also remains high due to debt-funded
expansions incurred in the past and high working capital
intensity, though about 30% of the total loans outstanding as on
March 31, 2012 have been brought in by the promoters. The ratings
also factor in the lack of product diversification and
vulnerability of the contribution margins and profitability of
the company to waste paper price fluctuations & currency
fluctuations.

The ratings are however supported by the long track record of the
company in the duplex board industry; steady improvement in
realization levels supported by healthy demand from end-user
industries and established agent network, mainly in the Western &
Southern region. ICRA notes that the current capex plans of the
company to diversify into cut stock paper and kraft paper would
diversify its product portfolio going forward, though the same
would affect the capital structure of the company in the near
term.

                       About Vyankatesh Board

Vyankatesh Board Mill Private Limited was incorporated in May
1987 as Wagon Paper & Board Mill to undertake production of kraft
paper with an installed capacity of 600 MTPA. In October 1995 the
company was taken over by Mr. Sohan Taori and the name was
changed to Vyankatesh Board Mill Private Limited (VBMPL). After
the takeover, the plant of the company (located at Village
Khairya on Amravati Road which is around 30 kms from Nagpur) was
converted for manufacturing of duplex board and the installed
capacity was increased to produce 1500 MTPA of Duplex
paper/Board. The company has recently setup a new plant (adjacent
to the existing plant) with an installed capacity of 18000 MTPA.
The new plant was commissioned in 2008. The company currently
produces duplex paper of low GSM (Grammage per Sq Metre) varying
from 180 to 250. The company is currently managed by Mr. Sohan
Taori and Mr. Rajendra Rathi.

Recent Results:

For FY 12, the company reported an operating income of INR25.70
crores and profit after tax of INR0.79 crores.


UNIVERSAL MAGNOFLUX: ICRA Cuts Rating on INR2cr Loan to 'B'
-----------------------------------------------------------
ICRA has revised the long term rating assigned to the INR2.0
crore fund based facilities of Universal Magnoflux Private
Limited from [ICRA]B+ to [ICRA]B. ICRA has reaffirmed the rating
of [ICRA]A4 to the INR3.25 non fund-based limits of UMPL.

                         Amount
   Facilities           (INR Cr)       Ratings
   ----------           ---------      -------
   Fund based limits       2.0         [ICRA]B revised from
                                       [ICRA]BB+

   Non-fund based limits   3.25        [ICRA]A4 reaffirmed

The rating revision factors in the decline in revenues and the
profitability of the company which coupled with sharp increase in
working capital intensity of operations has led to stretched
liquidity position of the company as reflected in full
utilization of cash credit facilities. The rating also factors in
the current modest scale of operations in its core business of
transformer manufacturing and the highly competitive nature of
the transformer industry leading to low profitability margins.
The ratings however continue to draw support from the long
standing track record of UMPL's promoters in transformer
manufacturing business, good demand prospects for transformers
owing to the anticipated additions to power capacity in India
over the next few years and price variation clauses in the
contracts with customers which partially mitigates impact of
adverse movements in raw material prices on UMPL's margins.

Going forward, the growth in UMPL's operating income will be
dependent upon company's ability to successfully bid for tenders.
In ICRA's view, UMPL's ability to scale up in a profitable
manner, manage working capital intensity and maintain a healthy
financial risk profile would remain the key rating sensitivities.

Universal Magnoflux Private Limited manufactures current and
potential transformers up to 220 Kv class. Current transformers,
together with potential transformers (PT), are known as
instrument transformers. Instrument transformers are used for
measuring voltage and current in electrical power systems, and
for power system protection and control like monitoring the
operation of the power grid. UMPL was established in 1982 by Mr
VK Tapadia, with a manufacturing facility at Indore. The shares
of the company are closely held by the Tapadia family. The
company derives majority of its revenues from sale of instrument
transformers to various State electricity boards and state
transmission companies through tendering process

Recent Results:

UMPL reported a profit after tax (PAT) of INR0.004 crores on an
operating income of INR6.56 crores in FY2011-12 as against an PAT
of INR0.11 crores on an operating income of 8.99 crores in FY
2010-11.


WEST COAST INGOTS: CARE Rates INR3.5cr LT Loan at 'CARE B'
----------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' rating to the bank facilities
of West Coast Ingots Pvt. Ltd.

   Facilities                  (INR crore)    Ratings
   -----------                 -----------    -------
   Long-term Bank Facilities       3.50       CARE B Assigned
   Short-term Bank Facilities      8.00       CARE A4 Assigned

Rating Rationale

The rating of West Coast Ingots Pvt. Ltd. is constrained by its
relatively small scale of operations with low profitability,
small net worth base, high debt level and weak liquidity
position.

The rating is further constrained by revenue concentration to
group-company and cyclical nature of steel industry.

The rating factors are in the benefit derived from the company's
long track record, experience of the promoters and their
financial support in the past.

The ability of WCIPL to improve the overall scale of operations &
financial risk profile, diversifying revenue base and improvement
in liquidity position are the key rating sensitivities.

West Coast Ingots Pvt. Ltd., was incorporated in 1997 and was
promoted by Mr. Harsh Vardhan Mittal. It is engaged in the
business of manufacturing mild steel (MS) ingots. The company
procures it main raw material i.e. pig iron & mild steel (MS)
scrap, from the domestic market as also its entire sales are
generated from domestic market. The revenue stream of the
company is depended on the group company, Mohit Ispat Ltd., to
whom majority of the sales are made during FY11. MIL is mainly
engaged in the business of manufacturing of thermomechanically-
treated (TMT) bars.

During FY11, WCIPL reported a total operating income of INR50.68
crore and PAT of INR0.02 crore as against total operating income
of INR53.92 crore and PAT of INR0.06 crore in FY10.

As per the provisional results during 9MFY12, WCIPL posted total
income of INR 53.21 crore and PBT of INR 0.73 crore.



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


ARPENI PRATAMA: Fitch Ups Issuer Default Rating to 'CC' From 'RD'
-----------------------------------------------------------------
Fitch Ratings has upgraded PT Arpeni Pratama Ocean Line Tbk's
Long-Term Foreign and Local Currency Issuer Default Ratings to
'CC' from 'RD' (Restricted Default), its USD senior unsecured
notes rating to 'CC' from 'C' and its National Long-Term Rating
to 'CC(idn)' from 'RD(idn)'.  The Recovery Rating on the USD
notes is 'RR6'.

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

The upgrade follows Arpeni's successful debt restructuring in
Q112.  However, Arpeni's credit profile remains weak and its
tight liquidity position, in particular, is a risk.


PROFESIONAL TELEKOMUNIKASI: Moody's Assigns 'Ba2' CFR
-----------------------------------------------------
Moody's Investors Service has assigned a Ba2 corporate family
rating to PT Profesional Telekomunikasi Indonesia.

The outlook on the rating is stable.

This is the first time that Moody's has assigned ratings to
Protelindo.

Ratings Rationale

"The Ba2 rating reflects Protelindo's position as one of two
leading independent telecommunications tower companies in
Indonesia, albeit with a small revenue base relative to other
rated tower companies outside Indonesia," says Nidhi Dhruv, a
Moody's Analyst

"Although there is high customer concentration, which is a
weakness of the tower sector generally, we note that the
underlying business model is supported by the long-term nature of
its revenue base, which is founded on non-cancellable contracts.
This provides a high degree of visibility on revenue streams and
absent any further investment, provides for the ability to
generate significant free cash flow," adds Dhruv, who is also
lead analyst for Protelindo.

Protelindo's tenant base substantially comprises the smaller
cellular operators in Indonesia, including 39% revenues from
Hutchison CP Telecom (HCPT unrated), which is the fourth largest
cellular operator in Indonesia, while the 'Big 3' operators --
Telekomunikasi Selular (Baa1 stable), XL Axiata (Ba1 stable) and
Indosat (Ba1 stable) -- together account for 32% of revenue. The
'Big 3' control 85% of Indonesia's wireless market.

"In future, the share from the 'Big 3' should rise as Protelindo
is actively diversifying its tenant base and the ramp-up rate
suggests that majority of the collocation agreements are now
being signed with the Big 3", adds Dhruv.

"Moody's also considers that Protelindo's high customer
concentration and exposure to HCPT may limit upward rating
direction, but does not present a material near-term negative
risk, especially given the long-term nature of the contracts",
says Dhruv.

The rating also reflects the relatively short track record of
operating a tower business in Indonesia, including a limited
history of tenancy renewals across the industry, the limited
scale of the business, and the need for acquisitions if the
business is to grow quickly.

At the same time, concerns exist regarding emerging market risk
and particularly any changes to the regulatory and political
environment in Indonesia as well as potential for the dynamics of
the tower industry to change as large telecommunications
operators strategically review options for their sizeable tower
portfolios.

The outlook on the ratings is stable on the expectation that
Protelindo grows and delevers in accordance with its business
model and that the regulatory environment remains relatively
benign.

Upward rating pressure in the near term is limited, given
Protelindo's small scale and substantial exposure to the smaller
cellular operators. However, the rating may experience upward
pressure should Protelindo improve its fundamental credit
profile; in particular, Moody's would like to see adjusted
debt/EBITDA fall and remain below 3.0x on a consistent basis and
for interest cover, as measured by (FFO + interest)/interest, to
rise above 4.0x.

Downward pressure could arise should competition intensify, such
that Protelindo cannot meet its business plan. Such pressures
would be evidenced by adjusted debt/EBITDA remaining above 4.5x
and (FFO + interest)/interest falling below 2.5x.

In addition, Moody's expectation is for Protelindo's tenancy mix
to improve with greater revenue contribution coming from the Big
3 operators. Changes contrary to this expectation would be viewed
negatively.

The principal methodology used in rating PT Profesional
Telekomunikasi Indonesia was the Global Communications
Infrastructure Rating Methodology published in June 2011.

Founded in 2003, Protelindo is one of two leading independent
tower companies in Indonesia with 6,767 telecommunication sites
serving 11,510 tenants as of March 31, 2012. It essentially
leases space on its communications towers to cellular
telecommunications operators on long-term contracts.

Protelindo is wholly owned by Sarana Menara Nusantara ("SMN"),
which is listed on the Indonesian Stock Exchange. SMN is in turn,
indirectly, majority owned by the Hartono Family.



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


ANTHEM HOLDINGS: Judge Rejects Henderson Firm's Bid for Assets
--------------------------------------------------------------
Fairfax NZ News reports that two companies owned by property
developer David Henderson have lost an application to the High
Court over competing claims to the assets of Anthem Holdings,
another company associated with him.

Fairfax NZ News recalls that the plaintiffs, Gibbston Downs Wines
and RFD finance No2, owned by Mr. Henderson, had sought a
declaration that their security interest over the collateral of
Anthem Holdings, which was in receivership, had priority over
Perpetual Trust's claim.

According to the report, Justice Chisholm ruled that given the
plaintiffs' security interest did not have priority over
Perpetual's, the declarations sought could not be made.  The
application was dismissed, the report notes.

Justice Chisholm ruled Perpetual was entitled to costs against
the plaintiff together with disbursements, Fairfax NZ News
relays.

Fairfax NZ News notes that the background to the case was that
Christchurch finance company Propertyfinance Securities (PFS)
provided finance to Anthem under a general security agreement in
2005. The securities register for Anthem recorded PFS as the
first registered security holder, the report relays.

The report relates that the following year Capital+Merchant
Finance provided finance to Anthem, on the basis that it held a
first ranking security interest.

Ultimately, PFS agreed to concede priority to Capital+Merchant,
the report notes.  Capital +Merchant assigned its first ranking
security interest to Perpetual in November 2006.

Fairfax NZ News says the plaintiffs had contended that the
subordination arrangement expired on March 31, 2010, but the
judge did not agree.

Anthem was incorporated in 1999 to develop the Gibbston Valley
vineyard.


CENTURY CITY: Repays NZ$21.4MM to ANZ Bank After Tower Sale
-----------------------------------------------------------
Fairfax NZ News reports that ANZ National Bank has been repaid
NZ$21.4 million following the sale of bankrupt developer Terry
Serepisos's ASB Tower headquarters in Wellington.

The report notes that the 16-storey block on the corner of Hunter
St and Jervois Quay was put up for tender last year on the
instructions of Century City Investments receiver Barry Jordan.

According to the news agency, the property was sold to Wellington
lawyer Mike Garnham for NZ$22 million.  This is less than the
NZ$23.5 million Mr. Serepisos paid for it in 2006 and well under
the property's 2009 rating value of NZ$34.2 million, the report
relays.

Fairfax NZ News relates that ANZ, who appointed Jordan after
Mr. Serepisos defaulted on payments, had a first mortgage on the
property of NZ$25.4 million and was also owed NZ$820,000 on loan
guarantee.

Repayments following the building sale have left the bank with a
shortfall of NZ$4.8 million and no money was available to repay
other creditors, according to Fairfax NZ News.

Fairfax NZ News relates that Mr. Jordan said in his latest report
on the receivership, Allied Farmers Investment was owed $4.295m
on a second mortgage and a second ranked security agreement.
Inland Revenue also had a preferential claim of $60,000 for
unpaid GST.

Mr. Serepisos, who was sole director of the company, was
bankrupted last September with debts of about NZ$200 million.

                 *     *     *

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.



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


NAGOYA REPTILE: Creditors Get 100% Recovery on Claims
-----------------------------------------------------
Nagoya Reptile Co Pte Ltd will declare the first and final
dividend on June 11, 2012.

The company will pay 100% to the received claims.

The company's liquidator is:

         Bob Yap Cheng Ghee
         Nagoya Reptile Co Pte Ltd
         c/o KPMG Advisory Services Pte. Ltd.
         16 Raffles Quay #22-00
         Hong Leong Building
         Singapore 048581


PLASTO PTE: Creditors' Proofs of Debt Due June 30
-------------------------------------------------
Creditors of Plasto Pte Ltd, 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 liquidators are:

         Mohamed Ali Bin Kadir
         Nancy Julia Zehnder
         c/o IP Consultants Pte Ltd
         60 Robinson Road
         #11-01 Bank of East Asia Building
         Singapore 068892


PNR GLOBALS: Court to Hear Wind-Up Petition June 15
---------------------------------------------------
A petition to wind up the operations of PNR Globals Pte Ltd will
be heard before the High Court of Singapore on June 15, 2012, at
10:00 a.m.

Luther Llp filed the petition against the company on May 25,
2012.

The Petitioner's solicitors are:

         Bernard & Rada Law Corporation
         143 Cecil Street,
         #18-00 GB Building
         Singapore 069542


PRIMA BULKSHIP: Creditors' Proofs of Debt Due July 1
----------------------------------------------------
Creditors of Prima Bulkship Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by July 1, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

         Andrew Grimmett
         c/o 6 Shenton Way
         #32-00 DBS Building Tower Two
         Singapore 068809


ST AND K: Creditors' Proofs of Debt Due June 30
-----------------------------------------------
Creditors of ST and K International Pte Ltd, 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:

         Aaron Loh Cheng Lee
         Ernst & Young Solutions LLP
         c/o One Raffles Quay
         North Tower, 18th Floor
         Singapore 048583




===========
T A I W A N
===========


UNION INSURANCE: Fitch Affirms IFS Rating at 'BB+'
--------------------------------------------------
Fitch Ratings has affirmed Taiwan-based Union Insurance Company's
Insurance Financial Strength (IFS) rating at 'BB+' and its
National IFS rating at 'A-(twn)'.  The Outlook is Stable.
The ratings reflect Union's modest and volatile earnings
performance as well as its sound risk-based capitalisation and a
prudent and liquid balance sheet.

Union continues to moderate its risk appetite in insurance
underwriting to reduce volatility and improve profit margins.  It
plans to grow the premiums of profitable commercial motor and
casualty insurance and to downsize businesses with unfavourable
loss experience.  Commercial motor and casualty as a share of
retained premiums increased to 52% in 2011 from 45% in 2010.

Union's profitability remains weak despite an improvement in its
product mix.  This is due to a competitive operating environment,
which has constrained underwriting margins.  Further, low
interest rates and poor stock market performance are pressuring
investment profits.  The company reported a net loss of TWD63m
(excluding the impact of changes in claims equalisation reserve)
in 2011.  The combined ratio remained high at 101.9% in 2011, but
lower than 114.4% in 2010 when it suffered significant losses
from several insurance claims.

Union's statutory risk-based capital ratio was sound at above
300% at end-2011, compared with the regulatory minimum of 200%.
Fitch considers that Union's capital position provides a strong
buffer against adverse reserve developments, particularly in view
of its low underwriting leverage with net written premiums to
adjusted shareholders' surplus (including shareholders' fund and
claims equalisation reserve) at around 1x between 2009 and 2011.

Investments remain liquid and are of sound credit quality.  At
end-2011 about 50% of invested assets were bank deposits while
fixed-income portfolios were mainly government bonds.  Equity
exposures were reasonably low at TWD0.5bn at end-2011,
representing 28% of shareholders' equity.

Key rating drivers that could lead to a downgrade include
substantial underwriting losses or poor investment performance
resulting in a fall in its statutory capital ratio below 250% on
a sustained basis.  Conversely, consistent improvements in
insurance underwriting performance, the containment of large
losses and continued prudent capitalisation are key factors for
an upgrade.



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


* BOND PRICING: For the Week May 28 to June 1, 2012
---------------------------------------------------


  AUSTRALIA
  ---------

ADVANCE ENERGY           9.50    01/04/2015   AUD       1.07
AMITY OIL LTD           10.00    10/31/2013   AUD       2.01
CHINA CENTURY           12.00    09/30/2012   AUD       0.70
COM BK AUSTRALIA         1.50    04/19/2022   AUD      68.78
DIVERSA LTD             11.00    09/30/2014   AUD       0.13
EXPORT FIN & INS         0.50    12/16/2019   NZD      73.32
EXPORT FIN & INS         0.50    06/15/2020   AUD      74.53
IMF AUSTRALIA           10.25    12/31/2014   AUD       1.73
KIMBERLY METALS         10.00    08/05/2016   AUD       0.31
MIDWEST VANADIUM        11.50    02/15/2018   USD      60.50
MIDWEST VANADIUM        11.50    02/15/2018   USD      62.00
MIRABELA NICKEL          8.75    04/15/2018   USD      72.50
MIRABELA NICKEL          8.75    04/15/2018   USD      72.50
NEW S WALES TREA         0.50    09/14/2022   AUD      68.20
NEW S WALES TREA         0.50    10/07/2022   AUD      68.02
NEW S WALES TREA         0.50    10/28/2022   AUD      67.85
NEW S WALES TREA         0.50    11/18/2022   AUD      67.45
NEW S WALES TREA         0.50    12/16/2022   AUD      67.24
NEW S WALES TREA         0.50    02/02/2023   AUD      66.88
NEW S WALES TREA         0.50    03/30/2023   AUD      66.46
SUNCORP METWAY           6.75    09/23/2024   AUD      93.50
TREAS CORP VICT          0.50    08/25/2022   AUD      68.51
TREAS CORP VICT          0.50    03/03/2023   AUD      66.94
TREAS CORP VICT          0.50    11/12/2030   AUD      49.56


  CHINA
  -----

BA YI IRON & STE         6.78    09/16/2014   CNY      58.00
CHINA GOVT BOND          4.86    08/10/2014   CNY      70.11
CHINA GOVT BOND          1.64    12/15/2033   CNY      75.00
PUDONG CONSTR            6.90    10/24/2016   CNY      74.00

  HONG KONG
  ---------

CHINA SOUTH CITY        13.50    01/14/2016   USD      74.00
RESPARCS FUNDING         8.00    12/29/2049   USD      29.75


  INDIA
  -----

AKSH OPTIFIBRE           1.00    02/05/2013   USD      72.24
EX-IM BK OF INDIA        9.45    06/15/2014   INR      10.07
JSL STAINLESS LT         0.50    12/24/2019   USD      66.63
MASCON GLOBAL LT         2.00    12/28/2012   USD      10.50
PRAKASH IND LTD          5.62    10/17/2014   USD      70.07
PRAKASH IND LTD          5.25    04/30/2015   USD      70.15
PYRAMID SAIMIRA          1.75    07/04/2012   USD       0.87
REI AGRO                 5.50    11/13/2014   USD      68.06
REI AGRO                 5.50    11/13/2014   USD      68.06
SHIV-VANI OIL            5.00    08/17/2015   USD      59.63
SUZLON ENERGY LT         5.00    04/13/2016   USD      59.77


  INDONESIA
  ---------

BAKRIE TELECOM          11.90    09/04/201    IDR      75.00


  JAPAN
  -----


ELPIDA MEMORY            2.03    03/22/2012   JPY      27.37
ELPIDA MEMORY            2.10    11/29/2012   JPY      28.12
ELPIDA MEMORY            2.29    12/07/2012   JPY      28.00
ELPIDA MEMORY            0.70    08/01/2016   JPY      26.62
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      63.43
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      62.49
NIPPON SHEET GLA         1.22    07/28/2016   JPY      72.98
TOKYO ELEC POWER         1.38    10/29/2019   JPY      73.50
TOKYO ELEC POWER         1.48    04/28/2020   JPY      72.69
TOKYO ELEC POWER         1.39    05/28/2020   JPY      71.86
TOKYO ELEC POWER         1.31    06/24/2020   JPY      71.13
TOKYO ELEC POWER         1.95    07/24/2020   JPY      74.88
TOKYO ELEC POWER         1.22    07/29/2020   JPY      70.25
TOKYO ELEC POWER         1.16    09/08/2020   JPY      69.46
TOKYO ELEC POWER         1.63    07/16/2021   JPY      70.33
TOKYO ELEC POWER         2.35    09/29/2028   JPY      66.50
TOKYO ELEC POWER         2.40    11/28/2028   JPY      67.75
TOKYO ELEC POWER         2.21    02/27/2029   JPY      65.13
TOKYO ELEC POWER         2.11    12/10/2029   JPY      64.88
TOKYO ELEC POWER         1.96    07/29/2030   JPY      64.88
TOKYO ELEC POWER         2.37    05/28/2040   JPY      64.25


  MALAYSIA
  --------

ADVANCED SYNERY          2.00    01/26/2018   MYR       0.07
ASTRAL SUPREME           3.00    08/0/2021    MYR       0.13
CRESENDO CORP B          3.75    01/11/2016   MYR       1.65
DUTALAND BHD             7.00    04/11/2013   MYR       0.40
DUTALAND BHD             7.00    04/11/2013   MYR       0.90
ENCORP BHD               6.00    02/17/2016   MYR       0.88
KUMPULAN JETSON          5.00    11/27/2012   MYR       1.11
LION DIVERSIFIED         4.00    12/17/2013   MYR       0.60
MALTON BHD               6.00    06/30/2018   MYR       0.87
MITHRIL BHD              3.00    04/05/2012   MYR       0.73
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.22
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.44
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.21
PANTECH GROUP            7.00    12/21/2017   MYR       0.09
PRESS METAL BHD          6.00    08/22/2019   MYR       1.94
REDTONE INTL             2.75    03/04/2020   MYR       0.10
RUBBEREX CORP            4.00    08/14/2012   MYR       0.77
SCOMI ENGINEERING        4.00    03/19/2013   MYR       0.54
SCOMI GROUP              4.00    12/14/2012   MYR       0.07
SENAI-DESARU EXP         1.35    06/30/2027   MYR      44.94
SENAI-DESARU EXP         1.35    12/31/2027   MYR      43.66
SENAI-DESARU EXP         1.35    06/30/2028   MYR      42.37
SENAI-DESARU EXP         1.35    06/29/2029   MYR      39.90
SENAI-DESARU EXP         1.35    06/30/2031   MYR      34.45
TRADEWINDS CORP          2.00    02/26/2016   MYR       1.08
TRADEWINDS PLANT         3.00    02/28/2016   MYR       0.81
TRC SYNERGY              5.00    01/20/2012   MYR       1.55
WAH SEONG CORP           3.00    05/21/2012   MYR       2.31
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.62
YTL CEMENT BHD           5.00    11/10/2015   MYR       2.21


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

BLUE STAR GROUP          9.10    09/15/2015   NZD       4.50
FLETCHER BUILDING        8.50    03/15/2015   NZD       6.20
INFRATIL LTD             8.50    09/15/2013   NZD       7.25
INFRATIL LTD             8.50    11/15/2015   NZD       6.70
INFRATIL LTD             4.97    12/29/2049   NZD      55.50
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.10
NEW ZEALAND POST         7.50    11/15/2039   NZD      64.56
NZF GROUP                6.00    03/15/2016   NZD       2.11
TOWER CAPITAL            8.50    04/15/2014   NZD       1.02
TRUSTPOWER LTD           8.50    09/15/2012   NZD       7.15
TRUSTPOWER LTD           8.50    03/15/2014   NZD       6.50
UNI OF CANTERBUR         7.25    12/15/2019   NZD       0.99


PHILIPPINES
-----------

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


SINGAPORE
---------

BAKRIE TELECOM          11.50    05/07/2015   USD      72.21
BAKRIE TELECOM          11.50    05/07/2015   USD      70.26
BLUE OCEAN              11.00    06/28/2012   USD      35.62
BLUE OCEAN              11.00    06/28/2012   USD      35.62
CAPITAMALLS ASIA         2.15    01/21/2014   SGD       1.00
CAPITAMALLS ASIA         3.80    01/12/2022   SGD       1.00
DAVOMAS INTL FIN        11.00    12/08/2014   USD      21.52
DAVOMAS INTL FIN        11.00    12/08/2014   USD      25.50
UNITED ENG LTD           1.00    03/03/2014   SGD       1.50
WBL CORPORATION          2.50    06/10/2014   SGD       1.44


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

BUSAN SOLOMON            8.10    04/19/2015   KRW      49.90
CN 1ST ABS               8.00    02/27/2015   KRW      32.49
CN 1ST ABS               8.30    11/27/2015   KRW      33.81
EXP-IMP BK KOREA         0.50    08/10/2016   BRL      69.65
EXP-IMP BK KOREA         0.50    09/28/2016   BRL      69.34
EXP-IMP BK KOREA         0.50    10/27/2016   BRL      68.86
EXP-IMP BK KOREA         0.50    11/28/2016   BRL      67.93
EXP-IMP BK KOREA         0.50    12/22/2016   BRL      67.53
EXP-IMP BK KOREA         0.50    1/25/2017    TRY      67.97
EXP-IMP BK KOREA         0.50    10/23/2017   TRY      64.84
EXP-IMP BK KOREA         0.50    11/21/2017   BRL      62.34
EXP-IMP BK KOREA         0.50    12/22/2017   BRL      61.96
EXP-IMP BK KOREA         0.50    12/22/2017   TRY      64.09
GRKABS 2ND ABS          10.00    09/29/2014   KRW      30.51
GYEONGGI MUTUAL          8.50    08/29/2014   KRW      83.51
HYUNDAI SWISS BK         8.50    10/02/2013   KRW      92.14
HYUNDAI SWISS BK         8.50    10/02/2013   KRW      85.64


SRI LANKA
---------

SRI LANKA GOVT           5.80    01/15/2017   LKR      72.17
SRI LANKA GOVT           6.20    08/01/2020   LKR      72.90
SRI LANKA GOVT           7.00    10/01/2023   LKR      74.83
SRI LANKA GOVT           5.35    03/01/2026   LKR      61.47
SRI LANKA GOVT           8.00    01/01/2032   LKR      59.20


THAILAND
--------

THAILAND GOVT            0.75    01/4/2022    THB      74.67



                             *********

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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