TCRAP_Public/120621.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

            Thursday, June 21, 2012, Vol. 15, No. 123

                            Headlines



A U S T R A L I A

ENERGY WATCH: Heads Toward Liquidation amid $8-Million in Debts
JERRY PILARINOS: Receivers Set to Sell Century-Old Building
LIBERTY FUNDING: Fitch Affirms Rating on All Note Classes


C H I N A

SEARCHMEDIA HOLDINGS: Fails to Comply With NYSE Equity Standards


H O N G  K O N G

FRESHTEX HK: Members' Final Meeting Set for July 16
GLOBAL CHINESE: Creditors' Proofs of Debt Due July 16
GREAT KNIGHT: Creditors' Proofs of Debt Due July 18
KEI YAN: Placed Under Voluntary Wind-Up Proceedings
LEE C K: Creditors' First Meeting Set for June 25

MASTERCARD ADVISORS: Seng and Lo Step Down as Liquidators
PCK LIMITED: Creditors' Meeting Set for June 25
PEARL JEWELLERY: Final Meetings Set for July 19
TAI CHONG: Placed Under Voluntary Wind-Up Proceedings
TINLINE LIMITED: Seng and Wong Step Down as Liquidators

V.I.P. DEVELOPMENT: Poh and Tak Step Down as Liquidators


I N D I A

AIR INDIA: 30 Executive Pilots Report Sick
ARADHYA STEEL: Fitch Lowers National Long-Term Rating to 'D'
BAJAJ ECO-TECH: Fitch Affirms National Longterm Rating at 'B'
D.D. IRON: CARE Rates INR6.30cr LT Loan at 'CARE B'
GAURAV FOODS: CARE Rates INR4.71cr LT Bank Loan at 'CARE B'

GLOBE STEELS: CARE Places 'CARE BB' Rating on INR6cr LT Loan
HANUMAN COTTON: CARE Assigns 'CARE B' Rating to INR6.49cr Loan
INTELLIGENT INFRA: Fitch Affirms Nat'l. Longterm Rating at 'BB+'
JALAN IRON: CARE Assigns 'CARE BB-' Rating to INR4.8cr LT Loan
JALARAM GINNING: CARE Places 'CARE B+' Rating to INR7cr LT Loan

MARITIME ENERGY: CARE Assigns 'BB-' Rating to INR17.71cr Loan
NATURAL AND ESSENTIAL: CARE Rates INR11.16cr Loan at 'CARE BB'
O. P. BUILDERS: CARE Rates INR9.32cr LT Loan at 'CARE BB'
PASHUPATI POLYTEX: CARE Puts 'CARE BB' Rating on INR29.66cr Loan
PERFECT INDUSTRIES: CARE Reaffirms 'BB' Rating on INR18.27cr Loan

PRIYADARSHI PURNANDA: CARE Rates INR6.06cr Loan at 'CARE BB-'
ROYAL SYNTHETICS: CARE Assigns 'CARE BB+' Rating to INR2cr Loan
SHREE SWAMINARAYAN: CARE Rates INR5.85cr Loan at 'CARE B-'
TDI INFRASTRUCTURE: CARE Rates INR7cr LT NCD at 'CARE C'


J A P A N

CORSAIR LTD: Fitch Withdraws 'Dsf' Rating on JPY1.5-Bil. Notes
RENESAS ELECTRONICS: Three Foreign Funds Mull Investing in Firm


K O R E A

* KOREA: Moody's Says Household Debt Pressures ABS & RMBS


N E W  Z E A L A N D

ACS (NZ): High Court at Auckland Accepts Scheme of Arrangement
HANOVER FINANCE: SFO's Biggest Probe in Finance Firms Collapses
WINDFLOW TECHNOLOGY: Seeks Shareholders OK for NZ$5.8-Mil. Loan


P H I L I P P I N E S

LEGACY GROUP: Former Exec Arraignment Set for June 21
* PHILIPPINES: Fitch Affirms 'BB+' LongTerm Issuer Default Rating


                            - - - - -


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


ENERGY WATCH: Heads Toward Liquidation amid $8-Million in Debts
---------------------------------------------------------------
Lucy Battersby at smh.com.au reports that Ben Polis' old company,
Energy Watch, is heading for liquidation with unpaid debts of
more than AUD8 million while he faces potential fines of hundreds
of thousands of dollars for misleading advertising.

smh.com.au says investigations by administrator Lawler Draper
Dillon have also found Energy Watch may have been trading
insolvent since as early as July 2009. But early indications were
that the former directors did not have enough assets to justify
legal action, the firm's Stirling Horne said, smh.com.au relays.

"No proposal has been put forward for a deed of company
arrangement, so the only alternative left is to put the company
into liquidation," the report quotes Mr. Horne as saying.

A second creditors' meeting is due to be held tomorrow, June 22.
The report notes that former employees may get some unpaid
entitlements and superannuation, but will have to rely on the
federal government's general employee entitlements and redundancy
scheme (GEERS) if administrators cannot recover the full
AUD886,000.

According to the report, the competition watchdog will reveal on
June 28 proposed penalties against Mr. Polis and the old Energy
Watch for 80 false and misleading claims made in 2011.  The
report recalls that Energy Watch's business tumbled after
offensive comments by Mr. Polis were made public in April.  Three
energy firms terminated their commercial relationship with Energy
Watch and several sports clubs terminated sponsorship deals, the
report relates.  The company name and assets were transferred to
a new company called Energy Watch International on May 16.  Mr.
Polis has nothing to do with the new Energy Watch, owner Danny
Wallis told BusinessDay recently.

Energy Watch went into administration on May 18 with debts of
AUD8.6 million -- including AUD886,000 in employee entitlements,
AUD1.1 million to a secured creditor and AUD6.5 million to
unsecured creditors, including the tax office, smh.com.au
discloses.

Energy Watch Pty Ltd offered an energy price comparison service.


JERRY PILARINOS: Receivers Set to Sell Century-Old Building
-----------------------------------------------------------
Quentin Tod at goldcoast.com.au reports that life has taken a
sour financial turn for Jerry Pilarinos, a property investor who
holds the record for the highest price achieved for a Gold Coast
house -- AUD19 million.

goldcoast.com.au says Mr. Pilarinos has lost control of a major
site in the central business district of Melbourne, his home
town.

According to the report, receivers at Ferrier Hodgson are set to
sell a century-old, three-level nightclub building in Bourke
Street in the wake of a Pilarinos company being placed in
administration.

goldcoast.com.au recalls that Mr. Pilarinos made headlines in
2004 when he paid AUD18 million for a beachfront Hedges Avenue
house owned by gambler and property dealer Harry Kakavas.  He
on-sold the property to Harvey Norman executive Steve Cavalier
for AUD19 million in 2006, a record price for a Queensland home.

goldcoast.com.au notes that the Pilarinos property now under
receiver control in Melbourne is home to The Palace nightclub.

It was acquired by Mr. Pilarinos in 2007 for AUD10 million. It
sits on a 1,445 sq. mtr. site and has a 25 mtr. frontage to
Bourke Street.

Ferrier Hodgson has enlisted CBRE to sell the property by
international tender, goldcoast.com.au adds.


LIBERTY FUNDING: Fitch Affirms Rating on All Note Classes
---------------------------------------------------------
Fitch Ratings has affirmed all classes of notes issued by Liberty
Funding Pty Ltd in respect of Liberty PRIME Series 2009-1,
Liberty PRIME Series 2009-2, and Liberty PRIME 2010-1.  The
transactions are securitisations of Australian prime residential
mortgages originated by Liberty Financial Pty Ltd. The rating
actions are as follows:

Liberty 2009-1:

  -- AUD173.5m Class A3 affirmed at 'AAAsf'; Outlook Stable;
  -- AUD37.8m Class AB affirmed at 'AAAsf'; Outlook Stable;
  -- AUD8.4m Class B affirmed at 'AAsf'; Outlook Stable;
  -- AUD8.4m Class C affirmed at 'Asf'; Outlook Stable;
  -- AUD8.4m Class D affirmed at 'BBBsf'; Outlook Stable; and
  -- AUD3.0m Class E affirmed at 'BBsf'; Outlook Stable.

Liberty 2009-2:

  -- AUD55.3m Class A3 affirmed at 'AAAsf'; Outlook Stable;
  -- AUD6.3m Class AB affirmed at 'AAAsf'; Outlook Stable;
  -- AUD1.8m Class B affirmed at 'AAsf'; Outlook Stable;
  -- AUD1.5m Class C affirmed at 'Asf'; Outlook Stable;
  -- AUD0.9m Class D affirmed at 'BBBsf'; Outlook Stable; and
  -- AUD0.8m Class E affirmed at 'BBsf'; Outlook Stable.
  -- Class A2 was paid in full in February 2012.

Liberty 2010-1:

  -- AUD26.1m Class A1 affirmed at 'AAAsf'; Outlook Stable;
  -- AUD90.0m Class A2 affirmed at 'AAAsf; Outlook Stable;
  -- AUD10.4m Class AB affirmed at 'AAAsf'; Outlook Stable;
  -- AUD3.6m Class B affirmed at 'AAsf'; Outlook Stable;
  -- AUD3.6m Class C affirmed at 'Asf'; Outlook Stable;
  -- AUD3.4m Class D affirmed at 'BBBsf'; Outlook Stable; and
  -- AUD1.0m Class E affirmed at 'BBsf'; Outlook Stable.

The affirmation of the notes reflects Fitch's view that the
available credit enhancement is able to support the notes at
their current rating levels.  The credit quality and performance
of the loans in the collateral pools remain in line with the
agency's expectations.

"None of the three transactions have incurred any charge offs to
date and the transactions are well subordinated at each rating
level.  Furthermore, reserve accounts funded through excess
spread provide additional credit enhancement to the
transactions," said Kim Bui, Analyst in Fitch's Structured
Finance team.

All three transactions have experienced an increase in arrears
since late 2010.  The 30+days arrears as at April 2012 were 3.74%
(Liberty 2009-1), 4.41% (Liberty 2009-2) and 3.52%
(Liberty 2010-1) of their respective outstanding collateral
balance.

Nevertheless, this is mitigated by the more than adequate credit
support available.



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


SEARCHMEDIA HOLDINGS: Fails to Comply With NYSE Equity Standards
----------------------------------------------------------------
SearchMedia Holdings Limited (nyse mkt:IDI) (nyse mkt:IDI.WS),
one of China's leading nationwide multi-platform media companies,
disclosed receipt of a notice from NYSE MKT LLC dated June 13,
2012, extending the period from May 21, 2012 to January 15, 2013,
which the Company must meet the Exchange's financial impairment
standard. The Company's requirement to meet the minimum
stockholders' equity standards remained unchanged at January 15,
2013.

On July 15, 2011, the Exchange originally notified the Company
that it was not in compliance with (1) Section 1003(a)(i) of the
NYSE MKT Company Guide (the "Company Guide") because it reported
stockholders' equity of less than $2,000,000 as of December 31,
2010 and losses from continuing operations and net losses in two
of its three most recent fiscal years ended December 31, 2010 (2)
Section 1003(a)(ii) of the Company Guide because it reported
stockholders' equity of less than $4,000,000 as of December 31,
2010 and losses from continuing operations and net losses in
three of its four most recent fiscal years ended December 31,
2010 and (3) Section 1003(a)(iv) of the Company Guide because, in
the opinion of the Exchange, the Company's losses and its
existing financial resources, bring into question whether it will
be able to continue operations and/or meet its obligations as
they mature.

Based on the information provided by the Company to the Exchange,
the Exchange in a letter dated June 13, 2012, notified the
Company that it had made significant progress towards regaining
compliance with Sections 1003(a)(i), 1003(a)(ii) and 1003(a)(iv)
of the Company Guide and that the Company must demonstrate it had
regained compliance by January 15, 2013.

In addition, NYSE MKT issued a new deficiency notification to the
Company because it was not in compliance with Section
1003(a)(iii) of the Exchange's Company Guide for reporting
stockholders' equity of less than $6,000,000 as of December 31,
2011 and losses from continuing operations and net losses in its
five most recent fiscal years ended December 31, 2011, and that
its listing is being continued pursuant to additional extension
of time to regain compliance by January 15, 2013.

The Company is also required to provide the Exchange with updates
in conjunction with the initiatives of the Company's compliance
plan as appropriate or upon request.

                         About SearchMedia

SearchMedia is a leading nationwide multi-platform media company
and one of the largest operators of integrated outdoor billboard
and in-elevator advertising networks in China.  SearchMedia
operates a network of high-impact billboards and one of China's
largest networks of in-elevator advertisement panels in 50 cities
throughout China.  Additionally, SearchMedia operates a network
of large-format light boxes in concourses of eleven major subway
lines in Shanghai.  SearchMedia's core outdoor billboard and in-
elevator platforms are complemented by its subway advertising
platform, which together enable it to provide a multi-platform,
"one-stop shop" services for its local, national and
international advertising clients.

Marcum Bernstein & Pinchuk LLP, in New York, expressed
substantial doubt about SearchMedia Holdings' ability to continue
as a going concern following the 2010 financial results.  The
independent auditors noted that the Company has suffered
recurring net losses from operations and has a working capital
deficiency.

Searchmedia Holdings reported a net loss of $13.45 million in
2011, a net loss of $46.63 million in 2010, and a net loss of
$22.64 million in 2009.

The Company's balance sheet at Dec. 31, 2011, showed $50.45
million in total assets, $63.90 million in total liabilities and
a $13.45 million total shareholders' deficit.



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


FRESHTEX HK: Members' Final Meeting Set for July 16
---------------------------------------------------
Members of Freshtex Hong Kong Limited will hold their final
general meeting on July 16, 2012, at 9:00 a.m., at Room 1101,
11/F, China Insurance Group Building, 141 Des Voeux Road Central,
in Hong Kong.

At the meeting, Wong Lung Tak Patrick, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


GLOBAL CHINESE: Creditors' Proofs of Debt Due July 16
-----------------------------------------------------
Creditors of Global Chinese Aids Network Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by July 16, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 4, 2012.

The company's liquidator is:

         Liu Wing Ting Stephen
         17th Floor, Shun Kwong Commercial Building
         No. 8 Des Voeux Road
         West, Sheung Wan
         Hong Kong


GREAT KNIGHT: Creditors' Proofs of Debt Due July 18
---------------------------------------------------
Creditors of Great Knight Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
July 18, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on June 4, 2012.

The company's liquidators are:

         Dr. Terence Ho Yuen Wan
         Henry Fung
         Rooms 1001-1003, 10/F
         Manulife Provident Funds Place
         345 Nathan Road
         Kowloon, Hong Kong


KEI YAN: Placed Under Voluntary Wind-Up Proceedings
---------------------------------------------------
At an extraordinary general meeting held on June 6, 2012,
creditors of Kei Yan Charitable Foundation Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Lo Shui San Zue
         7/F, Pearl Oriental Tower
         225 Nathan Road
         Kowloon, Hong Kong


LEE C K: Creditors' First Meeting Set for June 25
-------------------------------------------------
Creditors of Lee C K Limited will hold their meeting on June 25,
2012, at 3:00 p.m., for the purposes provided for in Sections
228A(8), 242, 243, 244 and 255A of the Companies Ordinance.

The meeting will be held at 17/F, Ginza Square, 565-567 Nathan
Road, Yaumatei, Kowloon, in Hong Kong.


MASTERCARD ADVISORS: Seng and Lo Step Down as Liquidators
-----------------------------------------------------------
Natalia Seng Sze Ka Mee and Susan Y H Lo stepped down as
liquidators of Mastercard Advisors Hong Kong Limited on June 1,
2012.


PCK LIMITED: Creditors' Meeting Set for June 25
-----------------------------------------------
Creditors of PCK Limited will hold their meeting on June 25,
2012, at 3:00 p.m., for the purposes provided for in Sections
228A(8), 242, 243, 244 and 255A of the Companies Ordinance.

The meeting will be held at 17/F, Ginza Square, at 565-567 Nathan
Road, Yaumatei, Kowloon, in Hong Kong.


PEARL JEWELLERY: Final Meetings Set for July 19
-----------------------------------------------
Members and creditors of Pearl Jewellery Limited will hold their
final general meetings on July 19, 2012, at 10:00 a.m., and 10:30
a.m., respectively at 19/F, No. 3 Lockhart Road, Wanchai, in Hong
Kong.

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


TAI CHONG: Placed Under Voluntary Wind-Up Proceedings
-----------------------------------------------------
At an extraordinary general meeting held on June 5, 2012,
creditors of Tai Chong Development (Group) Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Kwan Kwok Wah
         Room 803, Tung Hip Commercial Building
         248 Des Voeux Road
         Central, Hong Kong


TINLINE LIMITED: Seng and Wong Step Down as Liquidators
-------------------------------------------------------
Natalia Seng Sze Ka Mee and Cynthia Wong Tak Yee stepped down as
liquidators of Tinline Limited on May 29, 2012.


V.I.P. DEVELOPMENT: Poh and Tak Step Down as Liquidators
--------------------------------------------------------
Wong Poh Weng and Wong Tak Man Stephen stepped down as
liquidators of V.I.P. Development Limited on June 8, 2012.



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I N D I A
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AIR INDIA: 30 Executive Pilots Report Sick
------------------------------------------
The Economic Times reports that the situation at Air India Ltd,
which has witnessed 42 days of pilots strike, might snowball in
the coming days as nearly 30 executive pilots reported sick on
Tuesday citing excessive work pressure.  This could result in
more flight cancellations making it difficult for the national
carrier to stick even to the contingency plan, the report says.

Meanwhile, The Economic Times says that the last ditch effort of
executive pilots to speak to the AI management and the aviation
ministry to plead on behalf of the 300 striking pilots of the
Indian Pilots Guild yielded no breakthrough.

The report notes executive pilots are senior commanders, who
spend more time doing managerial duty than flying duty. They,
being part of the management, are generally not allowed to take
part in any industrial action. The airline has about 120
executive pilots, who have been deployed on flying duty.

According to the report, senior Air India officials downplayed
the impact of the number of executive pilots reporting sick.
"Even when there was no pilot agitation it was normal for about
10-11 executive pilots to report sick," the official told ET.

While Air India officials claimed the truncated schedule was
being maintained, sources said that in the coming days there
could be disruptions again, the report relays.

"Now it will be difficult to stick to the current schedule if
this continues," a senior pilot told ET. Other sources also
pointed to the massive losses that Air India was incurring in the
wake of the strike even as the airline states that 75% of its
operations are being maintained despite the strike, the report
discloses.

Senior pilots also expressed how more of their members would be
needed if the airline has to be turned around, the report adds.

                        About Air India

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

                          *     *     *

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

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

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


ARADHYA STEEL: Fitch Lowers National Long-Term Rating to 'D'
------------------------------------------------------------
Fitch Ratings has downgraded India-based Aradhya Steel Private
Limited's National Long-Term rating to 'Fitch D(ind)' from 'Fitch
BB(ind)'/Stable.

The downgrade reflects Aradhya's continuous delays in meeting its
debt obligations since FY12 (year end March).  This is due to
liquidity pressures on the company, as illustrated by the
overutilisation of its working capital facilities by 6.1% in
April 2012 and 11.4% in May 2012.

Fitch notes that the company's working capital requirements
increased in FY12, due to higher inventory requirements and
longer receivable periods, and there was a lack of sufficient
working capital limits to support the same.  Though the company
has maintained a debt service reserve account covering one
quarterly instalment of term loan repayment and three months
interest amounting to INR21.7m (and accrued interest of INR2.3m),
it has not been utilised by its bank for clearing overdue
interest.

Fitch remains concerned of Aradhya's liquidity over the short-
term due to a continuance of insufficient working capital limits.
However, over the medium-term, the company's liquidity could see
an improvement, with an improvement in the working capital cycle
through a reduction in inventory and debtor days together with an
expected enhancement in its working capital limits.

Positive rating action may result from utilisation of the working
capital facilities within sanctioned limits and timely debt
servicing of the term loans for two continuous quarters.

Aradhya manufactures steel wires and wire ropes, catering
primarily to the automotive and infrastructure segment since
1971.  For FY12 (provisional, unaudited), revenue was INR1,550.7m
(up 38.4% yoy), EBIDTA was INR155.8m (FY11: 10%) and adjusted
debt/EBITDAR was 5.84x (FY11: 5.49x).

Rating actions on Aradhya's bank facilities:

  -- INR400 million fund-based working capital limits (enhanced
     from INR320 million): downgraded to National Long- and
     Short-Term 'Fitch D(ind)' from 'Fitch BB(ind)' and 'Fitch
     A4+(ind)'

  -- INR65.4 million non-fund-based working capital limits:
     downgraded to National Long- and Short-Term 'Fitch D(ind)'
     from 'Fitch BB(ind)' and 'Fitch A4+(ind)' -- INR243.7
     million outstanding term loans: downgraded to National Long-
     Term 'Fitch C(ind)' from 'Fitch BB(ind)'


BAJAJ ECO-TECH: Fitch Affirms National Longterm Rating at 'B'
-------------------------------------------------------------
Fitch Ratings has revised Bajaj Eco-Tech Products Limited's
Outlook to Stable from Negative.  Its National Long-Term rating
has been affirmed at 'Fitch B(ind)'.  Its INR690 million fund-
based working capital limit have also been affirmed at National
Long-Term 'Fitch B(ind)' and National Short-Term 'Fitch A4(ind)'.
The company is a manufacturer of medium-density fibre boards and
particle boards in India.

The Outlook revision reflects Fitch's expectations that BEPL's
liquidity profile, while constrained, should improve following a
turnaround in its latest financial performance.  Minimal debt
repayment and capex spend, plus continued support from its
sponsor Bajaj Hindusthan Limited, mean liquidity pressure is
further reduced.

Fitch also notes Bajaj Hindusthan Limited's plan to absorb BEPL,
if approved, will benefit the latter's ratings.  The extent of
benefit would, however, depend on the agency's credit risk
assessment of Bajaj Hindusthan Limited.

BEPL's interest coverage remained below 1x in FY12.  The company
has, however, continued to receive timely support from Bajaj
Hindusthan Limited via unsecured loans and equity injections to
service its debt repayments.

For FY12, sales fell 15% to INR1.2 billion.  However, the company
reported an operating profit of INR166m in FY12, compared with a
loss of INR276 million in FY11.


D.D. IRON: CARE Rates INR6.30cr LT Loan at 'CARE B'
---------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of D.D. IRON
and Steels Pvt. Ltd

   Facilities                  (INR crore)    Ratings
   -----------                 -----------    -------
   Long-term Bank Facilities       6.30       'CARE B' Assigned

Rating Rationale

The rating is constrained by the small scale of operations of the
family managed business of D. D. Iron and Steels Pvt. Ltd.
coupled with limited track record and thin profitability margins.
The rating is further constrained by lack of backward integration
with exposure to volatility in raw material prices, intense
competition and cyclical nature of the iron & steel industry. The
rating, however, derives strength from the experience of the
promoters, satisfactory leverage ratio and capacity utilisation.

Ability to improve scale of operations along with improvement in
financial risk profile while managing raw material price
fluctuations and sustaining competition will be the key rating
sensitivities.

D.D. Iron & Steels Pvt. Ltd, incorporated in January 2008, by
Jaiswal family based at Rourkela (Odisha), is engaged in
manufacturing of mild steel ingots with current installed
capacity of 27,000 MTPA (expanded from 16,200 MTPA). The
manufacturing unit of the company is located at Sundergarh,
Odisha. The unit commenced commercial production in December2008.
The day-to-day affairs of the company are looked after by Shri
Gouri Shankar Jaiswal, M.D., having more than three decade of
experience in steel industry.

During FY11 (refers to the period from April 1 to March 31), DDIS
reported a total operating income of INR 48.3 crore (FY10
INR35.6 crore) and a PAT of INR 0.1 crore (FY10 INR 0.3 crore).
Further, as per the provisional results for FY12, the company has
reported a total operating income of INR 36.4 crore.


GAURAV FOODS: CARE Rates INR4.71cr LT Bank Loan at 'CARE B'
-----------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Gaurav
Foods And Cool Connections Pvt Ltd.

   Facilities                  (INR crore)    Ratings
   -----------                 -----------    -------
   Long-term Bank Facilities      4.71        CARE B Assigned

Rating Rationale

The rating of Gaurav Foods and Cool Connections Private Limited
is primarily constrained by the nascent stage along with small
scale of its operations, weak financial risk profile, volatility
associated with agro-commodity prices coupled with raw material
availability issues, high working capital intensity of its
operations and geographical concentration risk. The rating is
further constrained by its presence in a highly competitive,
fragmented and regulated industry. The aforesaid constraints is
partially offset by the rich experience of the promoters,
location advantage, presence in a recession proof industry and
stable demand outlook. Ability of the company to increase its
scale of operations and achieve the desired profitability levels
shall be the key rating sensitivities.

Gaurav Foods & Cool Connections Pvt. Ltd., incorporated in
January 2008, was promoted by Shri Sunil Kumar of Patna to set up
a flour mill in Patna (Bihar). The company commenced commercial
production at its plant [having an aggregate installed capacity
of 36,000 metric tonnes per annum (MTPA)] on August 12, 2010. The
company has received INR12.3 lakhs from the State government
of Bihar in the form of capital subsidy under the program 'Scheme
for Integrated Development of Food Processing Sector' for setting
up its plant. It markets its products (different flour qualities
like "Atta", "Maida", "Suzi" and "Rawa" in different measures of
10kgs, 25kgs and 50kgs) under the brand name "Pushti" and
"Vijaya" GPL procures wheat from wholesalers and commission
agents present in local grain markets and sell its products to
wholesale traders in the states of Bihar, Jharkhand and Uttar
Pradesh.

During FY11 (refers to the period from April 1to March 31), GPL
reported PBILDT of INR0.51 crore and PAT of INR (0.43) crore on
total operating income of INR 11.06. As per provisional results
for FY12, the company has reported PAT of INR0.23 crore on a
total operating income of INR23.52 crore.


GLOBE STEELS: CARE Places 'CARE BB' Rating on INR6cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of Globe Steels Pvt Ltd.

   Facilities                (INR crore)   Ratings
   -----------               -----------   -------
   Long-term Bank Facilities     6.00      CARE BB Assigned
   Short-term Bank Facilities    3.25      CARE A4 Assigned

Rating Rationale

The ratings are primarily constrained by the presence of Globe
Steels Pvt. Ltd. in a highly competitive and fragmented bright
steel bar industry, low profitability and ongoing debt-funded
capex. Susceptibility of operating margins to volatility in raw
material prices further constrains the ratings.

The above constraints are partially offset by wide experience of
the promoters of over three decades in bright steel bar
manufacturing industry and established track record of
operations.

Globe's ability to increase its scale of operations, improvement
in profitability along with completion of the ongoing capex
without time and cost overrun are the key rating sensitivities.

Globe was incorporated in September 1986 by Mr. Padam Modi,
Mr. Gajanand Modi and Mr. R. Sridhar to manufacture bright steel
bars. These steel bars are mainly used in auto parts,
construction equipment, agricultural equipment, machinery,
mining, bearings, hand tools, fasteners and general engineering.
The company operates from its sole manufacturing facility located
at Ambattur, Chennai (Tamil Nadu) which is certified as ISO
9001:2000 and has an installed capacity of 12,600 metric tonnes
per annum (MTPA).

Globe has a subsidiary company named Globe Components Pvt. Ltd.
which is in the business of manufacturing automotive components.
During FY11 (refers to the period April 1 to March 31), Globe
reported a total operating income of INR45.39 crore and a Profit
After Tax (PAT) of INR1.17 crore as against PAT of INR0.89 crore
on total income of INR31.92 crore during the corresponding last
year.


HANUMAN COTTON: CARE Assigns 'CARE B' Rating to INR6.49cr Loan
--------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank
facilities of Hanuman Cotton Industries.

   Facilities                  (INR crore)    Ratings
   -----------                 -----------    -------
   Long-term Bank Facilities       6.49       CARE B Assigned
   Short-term Bank Facilities      2.00       CARE A4 Assigned

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

Rating Rationale

The ratings assigned to the bank facilities of Hanuman Cotton
Industries are mainly constrained on account of its weak
financial risk profile characterized by highly leveraged capital
structure, thin profitability margin and weak debt protection
metrics. Furthermore, the ratings are constrained on account of
its presence in the highly competitive and fragmented cotton-
ginning business with limited value addition, volatility
associated with raw material prices and impact of changes in the
government policy for cotton.

The ratings, however, favorably take into account the experience
of the partners in cotton-ginning business and proximity to
cotton-producing region of Gujarat.

HCI's ability to increase its scale of operations in light of
competitive nature of the industry along with improvement in the
financial risk profile remains the key rating sensitivity.

HCI was constituted in March 2006 as a partnership firm by the
Vekaria family based out of Amreli (Gujarat) by eight partners
with unequal profit and loss sharing agreement among them. HCI is
primarily engaged in cotton ginning & pressing activities with an
installed capacity of 10,886 Metric Tonnes Per Annum (MTPA) for
cotton bales and 18,380 MTPA for cotton seeds as on March 31,
2012 at its manufacturing facility located at Savarkundla in
Amreli district (Gujarat). During FY12, HCI established an oil-
seed crushing facility with a capacity of 1,381 MTPA for wash oil
which was completed in April 2012.

As against a net profit of INR0.01 crore on a total income of
INR21.09 crore in FY10 (FY refers to the period from April 1 to
March 31), HCI earned a PAT of INR0.06 crore on a total operating
income of INR26.84 crore during FY11. As per provisional results
for FY12, HCI earned a PAT of INR0.17 crore on a total income of
INR29.52 crore.


INTELLIGENT INFRA: Fitch Affirms Nat'l. Longterm Rating at 'BB+'
----------------------------------------------------------------
Fitch Ratings has revised India-based Intelligent Infrastructure
Ltd's Outlook to Negative from Stable, while affirming its
National Long-Term rating at 'Fitch BB+(ind)'.  Its INR62.4
million long-term loan (reduced from INR147.8m) has been affirmed
at 'Fitch BB+(ind)'.

The Negative Outlook reflects possible further termination of
lease rentals at its commercial project Globsyn Crystal in the
financial year ending March 2013, which would increase the
vacancy rate and liquidity pressure.  Fitch notes that there has
been a termination of lease for 32,859 sq ft of area and 26 car
parking lots in December 2011 after failing to renegotiate for
higher rentals.  This in turn raised the project's vacancy rate
to 45.2% in FY12 from 37.98% in FY11.

The rating may be downgraded if there is further termination of
lease at Globsyn Crystal leading to a higher vacancy. The Outlook
may be revised to Stable if the company secures a new lease
rental discounting facility from its bank to improve liquidity
and debt coverage.

IIL is a special purpose vehicle formed to execute a commercial
project called Globsyn Crystals by four partners - Sureka group
(26.7%), Shrachi group (22.5%), New Vernon Private Equity Ltd.
(50%) and Pawan Choriwal (0.8%).  The project was completed with
a capital outlay of INR976.4 million, financed by its sponsors
(INR402.5 million), a bank loan (INR280.1 million) and internal
accruals (INR293.1 million).  Out of the total area of 493,128 sq
ft, IIL gave 86,987 sq ft and a cash premium of INR107.33 million
to Globsyn Technologies Ltd in return for development rights.


JALAN IRON: CARE Assigns 'CARE BB-' Rating to INR4.8cr LT Loan
--------------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of Jalan Iron and Steel Company.

   Facilities                  (INR crore)    Ratings
   -----------                 -----------    -------
   Long-term bank facilities       4.8        'CARE BB-' Assigned
  Short-term bank facility         1.0        'CARE A4' 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 assigned to the bank facilities of M/s. Jalan Iron
and Steel Company are primarily constrained by its small scale of
operations coupled with limited track record and its constitution
as a partnership firm. The ratings are further constrained by the
lack of backward integration for basic raw materials,
susceptibility to volatility in prices of raw materials &
finished goods, intense competition and cyclical nature of the
iron & steel industry. The ratings, however, derive strength from
the experience of the partners, various exemptions and subsidies
under government schemes and satisfactory capacity utilization
for mild steel ingots.

Ability to improve scale of operations along with improvement in
financial risk profile while mitigating raw material price
fluctuations and sustaining competition will be the key rating
sensitivities.

JISC was formed as a partnership firm in July 2006 by Shri
Ramawatar Jalan and his son Shri Abhishek Jalan based at
Guwahati, Assam for carrying out the business of trading of iron
and steel products. Subsequently in 2008, the firm was
reconstituted with introduction of six new partners.  Thereafter,
the partners opted to shift its business from trading to
manufacturing of mild steel ingots and have set up 8,574 metric
tonnes per annum (MTPA) capacity plant at Dorakohora (Assam), at
an aggregate cost of INR6.5 crore, which was funded with a debt
equity mix of 0.85:1. The plant commenced commercial production
of ingots from October, 2010.

The firm is currently managed by Shri Vinod Hansaria and Shri
Abhishek Jalan, who possess around 37 years and 14 years of
experience respectively in the same industry.

In FY11 (with six months of operations commencing from October
2010 to March2011), JISC reported a PBILDTof INR0.7 crore and net
loss of INR0.3 crore on a total operating income of INR9.3
crore.


JALARAM GINNING: CARE Places 'CARE B+' Rating to INR7cr LT Loan
---------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Jalaram Ginning Factory.

   Facilities                  (INR crore)    Ratings
   -----------                 -----------    -------
   Long-term/Short-term Bank        7         CARE B+/CARE A4
   Facilities                                 Assigned

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

Rating Rationale

The ratings assigned to the bank facilities of Jalaram Ginning
Factory (JGF) are mainly constrained on account of its weak
financial risk profile characterized by highly leveraged capital
structure, thin profitability and weak debt coverage indicators.
The ratings are further constrained on account of its
constitution as a partnership firm, its presence in the highly
competitive and fragmented cotton ginning business with limited
value addition, susceptibility of its profitability to volatile
cotton prices and impact of changes in government policies for
cotton.

The ratings, however, favorably take into account the wide
experience of the partners in cotton ginning business and
proximity to cotton-producing region of Gujarat.

JGF's ability to move upward in the textile value chain along
with improvement in the financial risk profile remains the key
rating sensitivity.

Jalaram Ginning Factory was originally formed in July 1995 as a
partnership firm by five partners. Subsequently in September
2007, Mr Vishal Gandecha and Mr Gautam Gandecha took over the
firm with equal profit-loss sharing ratio and currently manage
the overall operations of the firm. JGF is engaged in cotton
ginning and pressing business with total installed capacity of
49,275 bales per annum (8,130 Metric Tonnes Per Annum) as on
March 31, 2011 at its manufacturing facility located at
Dhrangadhra (Gujarat).

During FY11 (refers to the period of April 1 to March 31), JGF
reported total operating income of INR103.84 crore and PAT of
INR0.91 crore as against a total operating income of INR6.33
crore and PAT of 0.01 crore during FY10. As per FY12 provisional
results, the firm reported total operating income of INR93.47
crore and PAT of INR1.03 crore.


MARITIME ENERGY: CARE Assigns 'BB-' Rating to INR17.71cr Loan
-------------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of Maritime Energy Heli Air Services Pvt. Ltd.

   Facilities                  (INR crore)    Ratings
   -----------                 -----------    -------
   Long-term Bank Facilities       17.71      CARE BB- Assigned
   Short-term Bank Facilities       0.50      CARE A4 Assigned

Rating Rationale

The ratings are constrained by liquidity issues faced by the
company in the past due to stretched receivables, revenue risk
due to high dependence on a single seaplane and short-term
contract with Andaman and Nicobar government, delay in
commencement of operations in AP and Maharashtra, proposed high
debt-funded expansion, high fluctuation in Aviation Turbine Fuel
and risk associated with Tourism and Aviation industries.

The ratings, however, are strengthened by a strong team of
experienced professionals, Memorandum of Understanding (MOU) in
place for operating seaplane services in Andhra Pradesh
and Maharashtra for 3 years and additional contract for seaplane
services in A&N through Andaman Aviation (AnA), first-mover
advantage being the first and sole seaplane operator in India,
improvement in seaplane utilization in FY12 (refers to April 1 to
March 31), advanced stage of signing MOUs with few State
governments/private parties and increasing demand and awareness
about seaplane services in India.

Ability of the promoters to timely infuse equity and achieve
financial closure for the purchase of two additional seaplanes,
timely approval and acquisition of seaplanes for operating them
in Andhra Pradesh and Maharashtra, achieve envisaged
profitability margins and scale of operations are the key rating
sensitivities. Successful marketing and promotion in Andhra
Pradesh and Maharashtra, in the absence of fixed-price contracts
with the respective governments, is also one of the key rating
sensitivities.

MEHAIR was promoted by a set of three professionals with
extensive experience in charter aviation services in India. The
company was set up to provide seaplane charter services in
Andaman and Nicobar islands (A&N). MEHAIR has in place the
relevant certification of Directorate General Civil Aviation
(DGCA) to operate as a Non-Scheduled Operator (NSOP) in India.
The company had purchased used Cessna 208A seaplane (6 yrs old,
1+9 pax) in November 2010, at a cost of INR7.50 crore funded
through a DER of 2.0x. During August 2011, MEHAIR had entered
into direct agreement with A&N Government for providing seaplane
services in A&N. This contract is renewable after every six
months and is presently valid till September 2012. The company
provides services between the capital Port Blair and the island
of Havelock, Hut Bay and Diglipur in A&N.


NATURAL AND ESSENTIAL: CARE Rates INR11.16cr Loan at 'CARE BB'
--------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of Natural And Essential Oils Pvt Ltd.

   Facilities                  (INR crore)    Ratings
   -----------                 -----------    -------
   Long-term Bank Facilities       11.16      CARE BB Assigned
   Short-term Bank Facilities       4.15      CARE A4 Assigned

Rating Rationale

The ratings are constrained by small scale of operations of
Natural and Essential Oils Private Limited (NESSO), financial
risk profile marked by cash losses, highly leveraged capital
structure, elongated working capital cycle due to high inventory
holding period and high utilization of working capital limits.
The ratings are further constrained on account of exposure to
adverse movement in exchange rates.

The above constraints are partially offset by experience of the
promoters & management team and long track record of the company,
established track record of group and support from the
promoters/group companies. The ratings are further supported by
location advantage with easy availability of raw materials and
wide range of products offerings along with favorable marketing
arrangements.

NESSO's ability to increase its scale of operations and
improvement its overall financial profile are the key rating
sensitivities.

NESSO was incorporated in 1979 and is promoted by Mr. Pavan G
Ranga, Mr. Arjun M Ranga, Mr. Kiran V Ranga, Mr. Vishnudas V
Ranga and Mr. Anirudh M Ranga. The company is engaged in the
business of manufacturing, trading and exporting of herbal
extracts, floral extracts, green tea/coffee extracts and
essential oils with a manufacturing unit located at Jumbla
Village, Mysore, within close proximity to the flower growing
areas. The company's product line includes a wide range of
fragrances and natural oils which cater to leading perfume
manufacturers, cosmetic and herbal industry. NESSO is an ISO
22000 company certified for complying with the international
standard requirements for food safety management system and also
has Kosher India Certification for food
quality and management.


O. P. BUILDERS: CARE Rates INR9.32cr LT Loan at 'CARE BB'
---------------------------------------------------------
CARE assigns 'CARE BB' rating to the bank facilities of
O. P. Builders And Hotels Pvt Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      9.32       CARE BB Assigned

Rating Rationale

The rating is primary constrained on account of the financial
risk profile of O. P. Builders And Hotels Private Limited (OBHPL)
characterized by accumulated losses, leveraged capital structure
and weak debt coverage indicators. The rating is further
constrained by OBHPL's short track record of operations in
competitive and cyclical hotel industry and lack of experience of
the promoters in hotel business.

The rating, however, favourably takes into account the tie-up
with the Sarovar group for operations & marketing functions
thereby imparting brand recognition, moderate occupancy level and
location advantage due to proximity to a popular tourist
destination.

Ability of OBHPL to achieve envisaged occupancy rate and average
room revenue along with overall improvement in financial risk
profile and continued association of the Sarovar group are the
key rating sensitivities.

OBHPL was incorporated in 2006 by the Dangayach family based at
Jaipur, Rajasthan. Mr. Om Prakash Dangayach and Mrs. Pushpa
Dangaych are the key promoters.  The company owns a single
3-star hotel, Park Inn, at Jaipur. OBHPL tied up with the Sarovar
group for operations and management of hotel.

OBHPL operates a 70-room heritage hotel which includes 48 twin
rooms, 21 double rooms, and one suite. The hotel became
operational in May 2009. The hotel has two restaurants which can
accommodate around 60 people. The hotel also has a banquet hall
having capacity of 145 people. During FY11 (refers to the period
April 1 to March 31), OBHPL reported net loss of INR0.18 crore
(FY10: net loss of INR1.94 crore) on a total operating income of
INR7.51 crore (FY10: INR4.95 crore).


PASHUPATI POLYTEX: CARE Puts 'CARE BB' Rating on INR29.66cr Loan
----------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4+' ratings to the bank
facilities of Pashupati Polytex Private Limited.

   Facilities                  (INR crore)    Ratings
   -----------                 -----------    -------
   Long-term Bank Facilities      29.66       CARE BB Assigned
   Short-term Bank Facilities      1.00       CARE A4+ Assigned

Rating Rationale

The rating is constrained by the modest scale of operations of
Pashupati Polytex Private Limited (PPPL) along with short track
record, price volatility of polyester stable fibre and limited
pricing power due to presence of large players. These weaknesses,
however, are partially offset by the experienced promoters,
average financial risk profile marked by comfortable coverage
indicators and moderate gearing, and comfortable working capital
cycle.

The ability of the company to improve its scale of operations and
profitability margins, and maintain capital structure are the key
rating sensitivities.

PPPL, incorporated in 2009, is engaged in the manufacturing of
Polyester Stable Fibre (PSF) and Non Woven Fibre. The plant is
located in Uttrakhand with the total installed capacity of 21,600
MT per annum as on March 31, 2012. The main product for the
company is PSF, which contributed around 99% to the total sales
in FY12 (refers to the period April 01 to March 31). The company
manufactures recycled PSF and uses PET (Polyethylene
Terephthalate) bottles as raw material.

PPPL earned a PAT of INR1.64 crore on a total income of INR83.16
crore in FY11. Furthermore, as per provisional results, the
company has earned a PAT of INR2.58 crore on total income of
INR125.69 crore in FY12.


PERFECT INDUSTRIES: CARE Reaffirms 'BB' Rating on INR18.27cr Loan
-----------------------------------------------------------------
CARE reaffirms the ratings assigned to bank facilities of Perfect
Industries Pvt. Ltd.

   Facilities                  (INR crore)     Ratings
   -----------                 -----------     -------
   Long-term Bank Facilities      18.27        CARE BB Reaffirmed
   Short-term Bank Facilities     32.10        CARE A4 Reaffirmed

Rating Rationale

The ratings continue to be constrained by small size of
operations, stretched liquidity position, high product
concentration and absence of any long-term contracts with
customers. The ratings are further weakened by foreign exchange
risk and threat from substitutes.

However, the ratings derive strength from robust FY11 (refers to
the period from April 1 to March 31) performance with healthy
profitability margins.

The company's ability to achieve projected sales and
profitability and diversify its product portfolio to counter
competition are the key rating sensitivities.

Perfect Industries Pvt Ltd was originally formed as Perfect
Biotech, a partnership firm in January 2008 by Mr. Brijkishore
Maniyar, Mr. Rajkishore Maniyar and Mr. Sunil Mundada and was
converted to a private limited company on Feb. 18, 2011.
Previously, the promoters were engaged in assembling and trading
of home security systems and have limited experience in their
present line of business. The company is engaged in manufacturing
and export of Soya Lecithin in various forms viz liquid, powder
and granules which is used as an emulsifying and stabilizing
agent in packaged food, animal feed and cosmetics. The product is
also known to have nutritional values as it helps in the
reduction of cholesterol. The manufacturing facilities of the
company are located in Nagpur, Maharashtra. To meet the
increasing demand for its existing products, during FY10, the
company had undertaken capex to enhance its installed capacity
from 3 TPD to 13 TPD in phases which was completed in January
2011.

During FY11 (refers to the period April 1 to March 31), PI
reported a PAT of INR3.55 crore (FY10: INR1.24 crore) on a total
income of INR54.22 crore (FY10: INR21.19 crore).  Furthermore, in
H1FY12 (unaudited) PI achieved a PBT of INR5.92 crore (9MFY11:
INR7.95 crore) on a total income of INR25.08 crore (9MFY11:
INR41.47 crore).


PRIYADARSHI PURNANDA: CARE Rates INR6.06cr Loan at 'CARE BB-'
-------------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of Priyadarshi Purnanda Automobile Pvt. Ltd.

   Facilities                 (INR crore)    Ratings
   -----------                -----------    -------
   Long-term Bank Facilities      6.06       'CARE BB-' Assigned
   Short-term Bank Facilities     0.75       'CARE A4' Assigned

Rating Rationale

The ratings assigned to bank facilities of Priydarshi Purnanda
Automobile Private Limited (PPAPL) are primarily constrained by
pricing constraints and margin pressure arising out of
competition from various auto dealers in the market, its linkages
to the fortunes of Ford India Pvt. Ltd., high revenue
concentration, working capital intensive nature of business
leading to higher borrowings and cyclical nature of the auto
industry.

The aforesaid constraints are partially offset by the rich
experience of the promoters, sole authorized dealership status of
Ford passenger cars in Bihar resulting in low competition,
nonexistence of contract renewal risk and integrated nature of
business.

Going forward, PPAPL's ability to increase its scale of
operations and profitability margins, effectively manage its
working-capital requirements and performance of Ford passenger
cars in the domestic market would be the key rating
sensitivities.

PPAPL was promoted in the year 2007 by Shri Manish Priyadarshi
and Smt. Manju Sinha. It is currently the only authorized dealer
of Ford India Pvt. Ltd for its passenger cars, spares &
accessories for Bihar. PPAPL has a Ford passenger car showroom
(on rental basis), covering an area of about 6,000 sq. ft. in
Patna, wherein it also provides repair and refurbishment services
for Ford cars. It also has a warehouse (self-owned) in close
proximity to the showroom, having a capacity to store around 20-
25 passenger cars. At present, PPAPL's product portfolio consists
of popular Ford cars like 'Endeavour', 'Fiesta', 'Figo', 'Ikon'
and 'Fusion' in different models and colours. The company follows
order based policy for high priced Ford cars (like 'Endeavour')
keeping the region and target market in mind. PPAPL receives a
small portion of its revenue from finance and insurance companies
in the form of commission for bundled marketing of their
products.

During FY11 (refers to the period from April 1to March 31), PPAPL
reported a PAT of INR0.17 crore (Rs.0.12 crore in FY10) on total
operating income of INR30.24 crore (Rs.7.65 crore in FY10).


ROYAL SYNTHETICS: CARE Assigns 'CARE BB+' Rating to INR2cr Loan
---------------------------------------------------------------
CARE assigns 'CARE BB+' and 'CARE A4+' ratings to the bank
facilities of Royal Synthetics.

   Facilities                  (INR crore)    Ratings
   -----------                 -----------    -------
   Long-term Bank Facilities        2         CARE BB+ Assigned
   (Fund-based)

   Short-term Bank Facilities      58         CARE A4+ Assigned
   (Non-fund Based)

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

Rating Rationale

The ratings are constrained by low profitability margins due to
trading nature of its operations, susceptibility of its
profitability margins to volatility in prices of
chemicals/fluctuations in exchange rates and working capital
intensive nature of operations.

The ratings also consider the experience of the partners in the
chemical trading business, established relationship with the
suppliers and diversified customer profile and end-user
application.

RS' ability to maintain its profitability margins in the scenario
of stiff competition and volatility in chemical prices/exchange
rate is the key rating sensitivity.

Set up in 1993, Royal Synthetic is primarily engaged in trading
of chemicals such as di-isocyanate, polyurethane, polyester
polyol, and other additives and derivatives. The firm procures
majority of its products from the international suppliers located
in Japan, China and Europe and sells them in the domestic market.
The products find varied application and are mainly used in
flexible slab stock foam, thermoware, refrigeration panels, and
paints. Apart from its existing product portfolio, during FY11
the firm ventured into the trading of rubber chemicals and bulk
drugs (however, contribution to sales from this segment was
negligible during FY11 and FY12).

During FY11, INRhad earned a PAT of INR2.34 crore on total income
of INR138.51 crore. As per provisional figures the firm had
earned a PAT of INR1.31 crore on total income of INR157.16 crore
during FY12.


SHREE SWAMINARAYAN: CARE Rates INR5.85cr Loan at 'CARE B-'
----------------------------------------------------------
CARE assigns 'CARE B-' rating to the bank facilities of Shree
Swaminarayan Shishu Sahayak Kendra.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       5.85      CARE B- Assigned

Rating Rationale

The rating assigned to the bank facilities of Shree Swaminarayan
Shishu Sahayak Kendra is constrained mainly on account of its
small scale of operations, weak financial risk profile marked by
deteriorating profitability and weak capital structure. The
rating is further constrained on account of regulatory
restrictions in the education industry and SSK's high dependence
on revenue from Bachelor of Pharmacy (B.Pharm) course coupled
with its falling enrolment ratio.

The above constraints far offset the benefits derived from the
experience of the promoters in the education sector.

Improvement in the overall financial risk profile with
rationalization of capital structure, increase in surplus margin,
increase in scale of operations by way of diversification to
other courses and improvement in enrollment ratio of the existing
courses would be the key rating sensitivities.

Bharuch (Gujarat) based SSK was constituted in 1977 by Mr Ashwin
B. Patel under the Bombay Public Charitable Trust Act, 1950.
Presently, SSK runs a school under the name Shri Swaminarayan
Vidyalaya offering education from standard 1st to 12th. SSK also
runs a pharmacy college under the name Laxminarayan Dev College
of Pharmacy which was established in 2009. The school is
affiliated to Gujarat State Education Board (GSEB) and the
Pharmacy College is affiliated to Gujarat Technological
University (GTU) and approved by All India Council for Technical
Studies (AICTE).

In September 2011, the trust obtained the approval from AICTE and
GTU to commence post graduate course in Master in Computer
Application (MCA) which is run under the name Shree Laxminarayan
Dev College of Computer Applications. The admission in MCA
program would be done through Gujarat Common Entrance Test
(GCET). The trust has started offering MCA course from AY
(Academic year) 2012-13 with the intake of 120 students.

In December 2011, SSK completed a project for constructing
educational blocks at its existing campus with a total cost of
INR9.13 crore funded with a debt-equity mix in the proportion of
3.54:1.  As per the audited results for FY11 (refers to the
period April 1 to March 31), SSK reported a net surplus of
INR0.02 crore on a total operating income of INR0.83 crore as
compared to the net surplus of INR0.63 crore on a total operating
income of INR1.17 crore in FY10.


TDI INFRASTRUCTURE: CARE Rates INR7cr LT NCD at 'CARE C'
--------------------------------------------------------
CARE assigns 'CARE C' to the NCD issue of TDI Infrastructure Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Non-Convertible        7        CARE C Assigned
   Debenture (NCD)

Rating Rationale

The rating is constrained by irregular debt servicing in the
recent past due to stretched liquidity profile of the company.
The rating also factors in high gearing levels and inherent risk
associated with the real estate sector.

TDIIL, the flagship company of the Taneja Group of developers was
incorporated in 1997 and primarily undertakes real estate
development through TDIIL and its subsidiaries. TDIIL has two
wholly-owned subsidiaries, namely, Taneja Developers &
Infrastructure Limited (rated CARE D) which is developing two
integrated township projects in Mohali, Punjab and Taneja
Developers & Infrastructure (Panipat) Limited (rated CARE D)
which is developing a township project in Panipat, Haryana. Apart
from the projects in subsidiaries, TDIIL is currently developing
two major residential projects, one each in Kundli (Sonipat) and
Faridabad. The NCD of INR7 cr is for part-financing the Faridabad
project.

TDIIL reported a PAT of INR9.0 crore on a total operating income
of INR358.4 crore in FY11 (refers to the period April 1 to
March 31; as per audited results). As per the provisional results
of the company for FY12, the company earned a PAT of INR23.7
crore on the net sales of INR405.5 crore.



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


CORSAIR LTD: Fitch Withdraws 'Dsf' Rating on JPY1.5-Bil. Notes
--------------------------------------------------------------
Fitch Ratings has downgraded and simultaneously withdrawn Corsair
(Jersey) Limited's Series 326's rating due to tranche default.

  -- JPY1,576m* Corsair (Jersey) Limited Series 326 credit-linked
     notes due September 2014 downgraded to 'Dsf' from 'Csf';
     rating withdrawn

* as of June 18, 2012

The transaction was a managed synthetic corporate CDO, initially
referencing a portfolio of investment-grade corporate
obligations.

The downgrade follows the receipt of a valuation notice of the
defaulted reference entity, PMI Group, Inc., which showed the
cumulative loss of the transaction surpassing its subordination
amount.  To date, the transaction has suffered eight credit
events.

As a result of the rating withdrawal, Fitch is no longer
maintaining the Recovery Estimate on the transaction.


RENESAS ELECTRONICS: Three Foreign Funds Mull Investing in Firm
---------------------------------------------------------------
The Japan Times Online reports that three overseas investment
funds are considering buying a stake in struggling chipmaker
Renesas Electronics Corp., which seeks funds to carry out the
closure of domestic plants and other restructuring, sources said
Tuesday.

According to the report, sources said NEC Corp. and two other
major shareholders of Renesas and its main creditor banks are
meanwhile expected to agree within days on providing
JPY100 billion in financial assistance.

The Japan Times Online relates that sources said to rebuild its
business, the semiconductor maker will make arrangements to
integrate its slumping system chip operations with those of
Panasonic Corp. and Fujitsu Ltd.

The report notes that Renesas is expected to need tens of
billions of yen in additional capital to conduct large-scale
restructuring and make investments in its mainstay
microcontroller business.  But the major shareholders, which also
include Hitachi Ltd. and Mitsubishi Electric Corp., remain
cautious about taking larger stakes in Renesas, the report
relays.

As the company looks for new investors, a U.S. fund and others
have shown interest in making investments, the sources, as cited
by The Japan Times Online, said.

Based in Tokyo, Japan, Renesas Electronics Corp. --
http://am.renesas.com/-- manufactures semiconductor systems for
mobile phones and automotive applications.  The company employs
about 44,000 workers world-wide.

For the fiscal year that ended March 31, 2012, the chip maker
reported a net loss of JPY62.60 billion and revenue of JPY883.11
billion.  In the previous fiscal year when the company was
created, it reported a net loss of JPY115.02 billion, The Wall
Street Journal said.



=========
K O R E A
=========


* KOREA: Moody's Says Household Debt Pressures ABS & RMBS
---------------------------------------------------------
Moody's Investors Service says that the Korean household loans
have characteristics that make them vulnerable to financial
shocks and tail risks arising from the European debt crisis and
China's economic slowdown.

"This can lead to a deterioration in loan performance in Korea,
in turn exerting pressure on ABS and RMBS transactions," says
Marie Lam, a Moody's Vice President and Senior Credit Officer.

Lam was speaking at the release of a new Moody's report titled,
"The Evolving Korean Household Debt Market Pressures
Securitization Transactions".

According to the report, more Koreans are borrowing to pay for
their living expenses and there is an increase in borrowers from
the older age group and lower income group.

Korea's low unemployment rate -- which has stayed at 3% to 5%
over the last few years -- may not provide a cushion against the
deterioration in loan performance because self-employed people,
who make up about 23% of the employed population, have in general
incurred much higher debt than households in general.

Therefore, although the performance of the loans is good
currently, it is an unreliable indicator of future loan
performance because of this structural weakness in the portfolio.

The report notes that ABS transactions with unsecured receivables
are particularly vulnerable because these transactions are
revolving and securitize new receivables and new accounts from
time to time.

Secured mortgage loans are less susceptible, as they have
accumulated more than 60% in equity, which provides a good
cushion against obligor defaults and any decline in property
price.

"We believe the performance of the loans could deteriorate
rapidly under a stressed scenario. However, our central scenario
for Korea is that the economy will grow 3%-4% in 2012 and the
banking system will remain stable," adds Ms. Lam.



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


ACS (NZ): High Court at Auckland Accepts Scheme of Arrangement
--------------------------------------------------------------
Hamish Fletcher at nzherald.co.nz reports that the Reserve Bank,
a Catholic bishop and an Anglican property trust were all
represented in court on Tuesday as Ansvar Insurance Limited
(New Zealand), now known as ACS (NZ) Limited, put forward a
contingency plan for insolvency.

The report says ACS appeared in the High Court at Auckland to get
approval for the plan, formally known as a scheme of arrangement.
Under the Companies Act, a scheme of arrangement needs to be
cleared by a judge.

According to the report, the plan would allow ACS to have
managers instead of liquidators take control if the company
became insolvent.

nzherald.co.nz relates that ACS' lawyer, Michael Arthur, said it
would be easier under the scheme for the insurer to make payments
to claimants than it would be in the event of a liquidation.

The scheme would also make an extra NZ$22 million of reinsurance
unconditionally available, Mr. Arthur told Justice Geoffrey
Venning, according to the report.

nzherald.co.nz states that ACS directors would remain in control
of the business and insurance payouts would continue unless
insolvency was deemed inevitable.

The plan, approved by creditors last week, is part of the
company's withdrawal from the New Zealand market because of
soaring costs following the Christchurch earthquakes, the report
notes.

The report notes that the company cancelled its policies in
December last year, blaming the "prohibitive cost of
reinsurance". Its business is now limited to managing its
outstanding insurance claims, NZ$700 million of which are quake
related, says nzherald.co.nz.

In approving the application Tuesday, the report relates, Justice
Venning said the scheme provided the best opportunity for an
"ordered and efficient" management of insurance claims.

"It is inevitable that if a liquidation was to occur, the
liquidator would need some time to familiarize themselves with
the operation of the company and would proceed on a cautious
basis which would likely result in material delays when dealing
with claims," the report quotes Justice Venning as saying.

Justice Venning said he was satisfied the concerns had been
adequately answered by ACS, the report adds.

Ansvar Insurance Limited (New Zealand) was a leading insurer of
churches, heritage organisations, educational institutions, and
charitable organisations, with about 2,000 policies in
Christchurch.


HANOVER FINANCE: SFO's Biggest Probe in Finance Firms Collapses
---------------------------------------------------------------
stuff.co.nz reports that Serious Fraud Office boss Adam Feeley
said the long-running Hanover Finance investigation is dwarfing
all previous finance company probes.

"It is without precedence in size in New Zealand . . . it is
bigger than South Canterbury Finance, bigger than Equiticorp,
bigger than any of the finance companies that we've looked at,"
the report quotes Mr. Feeley as saying.

The report notes that the Hanover probe was launched in 2010, two
years after Hanover froze NZ$554 million of assets affecting
13,000 investors.

It is one of just two remaining SFO probes launched in the wake
of a string of finance company failures costing Kiwi investors
billions of dollars, stuff.co.nz says.

According to the report, Mr. Feeley said in dollar terms, Hanover
was not as big as some of the cases taken by the SFO, but it
dwarfed the other inquiries in terms of "the number of
transactions, the complexity of transactions, the volume of
analysis that's been undertaken and the number of parties to be
interviewed. It's unprecedented."

Mr. Feeley was unwilling to put a date on when the inquiry would
be finished, stuff.co.nz notes.

"We have always said in relation to Hanover, as with any
investigation, it will take as long as it needs to take.  It's
taking a very long time as compared with the other cases because
of the sheer scale of it . . . there are issues that we need to
resolve to our satisfaction we haven't done that to date. When we
have . . . we will make a decision," Mr. Feeley, as cited by
stuff.co.nz, said.

                     About Hanover Finance

Hanover Finance Limited -- http://www.hanover.co.nz/-- was
New Zealand's third-largest privately-owned finance company with
total assets of NZ$796 million at December 31, 2007.  The company
was established in 1984 to provide finance to the rural sector
and began lending to property developers and investors in 1995.
The loan portfolio has been gradually downsized since 2006 as a
result of a more cautious approach to lending in the face of
retail funding constraints.

Hanover Finance's investors in December 2008 voted in favor of
the company's Debt Restructure Proposals, including a plan to
fully repay NZ$552.6 million principal it owes over five years.
However, Hanover Finance said in November 2009 it is no longer
likely to fully repay investors under a debt restructuring plan
due to a deterioration in the commercial property development
market, a TCR-AP report on Nov. 12, 2009, said.

In December 2009, investors agreed to swap their Hanover
interests for shares in Allied Farmers Ltd.

The Serious Fraud Office commenced an investigation into the
affairs of Hanover Finance Ltd in September 2010 after
considering complaints received from the Securities Commission,
Allied Farmers and others.

The Financial Markets Authority, on March 30, 2012, filed civil
proceedings against directors and promoters of Hanover Finance
Ltd, Hanover Capital Ltd, and United Finance Ltd.  Proceedings
under the Securities Act have been filed against Mark Hotchin,
Eric Watson, Greg Muir, Sir Tipene O'Regan, Bruce Gordon and
Dennis Broit. They relate to statements made in the
December 2007 prospectuses, subsequent advertising, and the
March 2008 prospectus extension certificate.


WINDFLOW TECHNOLOGY: Seeks Shareholders OK for NZ$5.8-Mil. Loan
---------------------------------------------------------------
Alan Wood at stuff.co.nz reports that cash-strapped Windflow
Technology will ask shareholders to approve borrowing about
NZ$5.8 million for three United Kingdom turbine projects.

If shareholders do not support the deal, there are questions over
the future of the company which late last year raised
NZ$2 million from shareholders to keep it going until June, the
report says.

According to stuff.co.nz, Windflow said it was proposing to
borrrow from 11.9% shareholder David Iles who is offering up to
NZ$5.8 million of funding.

The report relates that Mr. Isles is asking for a 20% interest
rate on each of the three loans for each of the turbine
developments.

stuff.co.nz discloses that shareholders will be asked to vote on
July 4 to approved three turbine projects in Scotland and the
loans for them from Mr. Isles.

                     About Windflow Technology

Christchurch, New Zealand-based Windflow Technology Limited --
http://www.windflow.co.nz/-- is engaged in the development and
manufacture of wind turbines.  The Company's wholly owned
subsidiaries include, Wind Blades Ltd, Pacific Windfarms Ltd and
Windflow Hawaii Ltd.  The Company has one customer, NZ Windfarms
Ltd.  Wind Gears Ltd is owned 50% by Windflow Technology Limited.
Wind Gears Ltd is engaged in the development and construction of
gear boxes for the wind turbines.  Windpower Otago Ltd is owned
20% by the Company.

                          *     *     *

Windflow Technology incurred a net loss of NZ$7 million in the
year ended June 30, 2011, compared with the NZ7.95 million loss
booked in the prior financial year.  The company posted a net
loss of NZ$1.23 million for the year ended June 30, 2009.



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


LEGACY GROUP: Former Exec Arraignment Set for June 21
-----------------------------------------------------
The Daily Tribune reports that the Bacolod City Regional Trial
Court is set to arraign an executive of Legacy Group of Companies
today, June 21, 2012, for estafa charges filed by the Philippine
Deposit Insurance Corp. (PDIC).

PDIC is the receiver of the Nation Bank which Mr. Petralba and
cohorts defrauded of PHP56 million, the report says.

The Tribune discloses that Mr. Petralba is an executive of
various Legacy banks, including Rural Bank of Carmen, RB of Bais
and Pilipino RB.  These banks are part of the 12 Legacy
affiliated banks closed almost simultaneously in December 2008.

Mr. Petralba jumped bail in October 2010 and was on the run for
years until his capture in Bohol in February 2012, the report
recalls.

According to the report, Mr. Petralba is co-accused with the
still at large Legacy Group lawyer Christine Cruz-Limpin and the
late Legacy owner Celso de los Angeles in a string of criminal
cases pending before the courts.

The report relates that Mr. Petralba has been arraigned in the
RTC Danao for two estafa cases involving RB of Carmen Inc.,
another Legacy-affiliated bank.

The closure of the Legacy banks cost the government
PHP11.7 billion in public funds which the PDIC used to pay
deposit insurance claims, the report adds.

                         About Legacy Group

Headquartered in Quezon City, Philippines, The Legacy Group --
http://www.legacy.com.ph/-- was a conglomerate of banks and pre-
need companies.  The banks offered various financial products and
the pre-need firms offered pension, education and memorial plans.
Other members of The Group provided credit cards, micro-lending
and automotive financing services.

                           *     *     *

The Bangko Sentral ng Pilipinas in 2008 placed 13 Legacy-member
rural banks under the receivership of the Philippine Deposit
Insurance Corporation due to insolvency.  The banks under
receivership are Rural Bank of Paranaque; Rural Bank of San Jose
(in Batangas); Pilipino Rural Bank (in Cebu); Rural Bank of Bais
(in Negros Oriental province); Bank of East Asia (in Cebu); First
Interstate Bank (Rural Bank of Kananga, Leyte), Inc.; Philippine
Countryside Bank (in Cebu); Dynamic Bank (Rural Bank of
Calatagan, in Batangas); San Pablo City Development Bank; Nation
Bank (in Bacolod City); Rural Bank of DARBCI (General Santos);
Bicol Development Bank (Legaspi City); and the Rural Bank of
Carmen (Cebu).


* PHILIPPINES: Fitch Affirms 'BB+' LongTerm Issuer Default Rating
-----------------------------------------------------------------
Fitch Ratings affirmed the Philippines's Long-Term Foreign- and
Local-Currency Issuer Default Ratings (IDR) at 'BB+' and 'BBB-',
respectively.  The Outlook for both ratings is Stable.  The
Country Ceiling has also been affirmed at 'BBB-', and the Short-
Term Foreign Currency IDR at 'B'.

"The ratings and Outlook are supported by strong external
finances, a track record of macroeconomic stability, favourable
economic prospects, and falling public debt ratios," said Philip
McNicholas, Director in Fitch's Asia-Pacific Sovereign Ratings
group.  "However, structural weaknesses including low average
income, a weak business environment and a low fiscal revenue take
weigh on the credit profile."

The Philippines enjoys broadly favourable near-term economic
prospects. Fitch forecasts GDP growth to accelerate to 5.5% in
2012 from 3.9% in 2011, while average inflation is expected to
moderate to 3.5% yoy from 4.7% yoy (based on 2006 prices).  Lower
inflation and a moderate fiscal deficit (2.6% of GDP expected for
2012) suggest scope for policy flexibility to respond to adverse
economic shocks, should they materialise.  However, the country
has some way to go to narrow the gap in credit and structural
fundamentals with peers. Average incomes are low (USD2,400
against a 'BB' range median of USD4,200) and the level of human
development is poor.  However, the recent pick-up in investment
to 21.7% of GDP, bringing it in line with the 'BB' range peer
median, is encouraging and could support stronger growth if
sustained.

Credit growth accelerated in 2011 and has remained strong so far
in 2012, supported by abundant domestic liquidity.  Strong recent
real credit growth, if sustained, could eventually pose risks to
financial and economic stability.  However, healthy capital
adequacy ratios (17.3% versus the 'BB' range median of 15.3%) and
the small size of the banking system relative to the domestic
economy (private sector credit at 32% of GDP) mitigate the risks
from the sector for the sovereign credit profile.

The Aquino administration's reform agenda has focused on tackling
perceived shortcomings in governance and poverty and has the
potential to address long-standing structural weaknesses.
However, it will likely take time to feed through to the
sovereign credit profile.  Reforms aimed at broadening the
revenue base to create fiscal space for greater public investment
could also prove favourable to longer-term growth prospects.
However, those benefits are also expected to take time to emerge.

Fitch estimates general government debt fell to 42% of GDP at
end-2011, in line with 'BB' range peers.  The ratio is expected
to remain on a downward trajectory.  However, a low fiscal
revenue base is a drag on the credit profile -- the sovereign
raised just 14% of GDP in revenue in 2011.  The Philippines'
debt/revenue ratio of 300% remains well above the 'BB' range
median of 163%.  Following administrative improvements revenue
growth has begun to exceed nominal GDP growth.  However, such
gains need to be sustained if the government is to achieve its
medium-term objective of a revenue/GDP ratio of 15.9% by 2016.

Strengthening the fiscal revenue base, and generating the
resources to meet the administration's public investment and
social spending plans, would be positive for the ratings.
Likewise, a longer track record of improvements in governance and
the business environment leading to stronger investment and
firmer medium-term growth prospects would put upward pressure on
the ratings, if sustained over time.  Conversely, fiscal slippage
would be negative for the credit profile, as would a reversal of
recent progress on governance or the emergence of risks to basic
political stability.



                             *********

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.





                 *** End of Transmission ***