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        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

         Wednesday, December 14, 2011, Vol. 14, No. 247

                            Headlines



A U S T R A L I A

HARLEY-DAVIDSON: Closes Australian Unit; 212 Workers Lose Jobs
NATIONAL LEISURE: Receivers Tap Jones Lang, CBRE to Sell Assets


C H I N A

CHINA DIGITAL: Posts US$251,500 Net Loss in Sept. 30 Quarter
CHINA TEL GROUP: Inks Pact to Acquire 75% Interest in Herlong
CHINA TEL GROUP: Enters Into Addendum to Azur Shareholder Pact
SINO-FOREST CORP: May Default on Bonds, Miss Earnings Deadline


H O N G  K O N G

AKAI HOLDINGS: Creditors Get 2.1329% Recovery on Claims
BLUE SKY: Creditors to Get 7.26% Recovery on Claims
BOWLS INTERNATIONAL: Court Enters Wind-Up Order
CGF EN: Court Enters Wind-Up Order
CARLSON INDUSTRIAL: Creditors Get 70% Recovery on Claims

CHEONG FAT: Court Enters Wind-Up Order
CHIU KEE: Creditors Get 15.00% Recovery on Claims
CITICHEM INT'L: Yiu and Lai Appointed as Liquidators
CROWN RECORD: Creditors' Proofs of Debt Due Dec. 30
DONPOWER TRADING: First Meetings Set for Dec. 30

GRAND SKY: Court Enters Wind-Up Order
HEMPSTONE LIMITED: Chen and Lo Appointed as Liquidators
HUGE EDUCATION: Court Enters Wind-Up Order
JUMBO WATCH: Court Enters Wind-Up Order
K VISION: Court Enters Wind-Up Order


I N D I A

ARCAP 2004-1: Fitch Lowers Ratings on Seven Note Classes
ARUNA PAPER: ICRA Assigns '[ICRA]D' Rating to INR11cr Bank Loan
BHAVYA CEMENTS: ICRA Reaffirms [ICRA]BB+ Rating on INR206cr Loan
CARBON RESOURCES: Delays in Loan Payment Cues ICRA Junk Ratings
GEM EDIBLE: ICRA Reaffirms '[ICRA]BB+' Rating on INR0.34cr Loan

GUJARAT COTFIB: ICRA Assigns '[ICRA]B' Rating to INR3.37cr Loan
DUDI & COMPANY: ICRA Assigns '[ICRA]B+' Rating to INR9.75cr Loan
JUPITAR ISPAT: ICRA Reaffirms '[ICRA]BB+' Cash Credit Rating
MADRAS MEDICAL: ICRA Reaffirms '[ICRA]BB-' Rating on Loan Rating
PARSVNATH DEVELOPERS: Fitch Drops 'B-' Rating on Two Loans

PERFECT RETREADS: ICRA Reaffirms '[ICRA] BB+' Cash Credit Rating
SILVER FAB: ICRA Assigns '[ICRA]BB' Rating to INR3.98cr Loan
SUPREME BUILD: Fitch Withdraws 'BB(ind)' Rating on INR540 Loan
UNITECH LIMITED: Fitch Withdraws Low-B Rating on Long-Term Debt
WINWIND POWER: Loan Payment Delays Cue ICRA to Put Junk Ratings


I N D O N E S I A

BANK MANDIRI: Fitch Affirms Individual Rating at 'C/D'
PAKUWON JATI: Moody's Raises Corporate Family Rating to 'B2'


J A P A N

CORSAIR LIMITED: Fitch Junks Rating on JPY4 Billion Notes
OLYMPUS CORP: To Hold First-Half Earning Briefing Tomorrow
OLYMPUS CORP: Auditor Ernst & Young to Probe Audit of Accounting


N E W  Z E A L A N D

NATIONAL FINANCE: Ex-Boss Pleads Guilty of Misleading Investors
NZF GROUP: Shareholders Approve Sale of Home-Loan Business


S I N G A P O R E

GLOBALFOUNDRIES SINGAPORE: S&P Withdraws BB Corp. Credit Rating


S R I  L A N K A

TRADE FINANCE: Fitch Affirms National Long-Term Rating at 'BB+'


T A I W A N

TAISHIN FINANCIAL: Fitch Affirms Individual Rating at 'C'


V I E T N  A M

VIETNAM SHIPBUILDING: Elliott Advisers Sue Over Interest Default


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


HARLEY-DAVIDSON: Closes Australian Unit; 212 Workers Lose Jobs
--------------------------------------------------------------
SmartCompany reports that US motorcycle producer Harley-Davidson
will close its South Australian subsidiary producer of cast
wheels and wheel hubs, New Castalloy.

Harley-Davidson President and Chief operating officer Matt
Levatich made the announcement in the U.S. on Dec. 8, the report
says.

"The company's decision on wheel production follows a review of
the long-term fit and competitiveness of the New Castalloy
business with our strategy and was not made lightly,"
SmartCompany quotes Mr. Levatich as saying.

"New Castalloy has been a valued part of the Harley-Davidson
team. We appreciate the many significant contributions of New
Castalloy's employees over the years."

According to the report, the company plans to wind down
operations at the plant over the next 18 months, after which it
will outsource production of the components to current suppliers
in China.  The move is expected to save it $9 million a year, the
report notes.

The South Australian Government will offer the 212 sacked
employees AUD3,000 to AUD5,000 to help them retrain for other
industries, says SmartCompany.


NATIONAL LEISURE: Receivers Tap Jones Lang, CBRE to Sell Assets
---------------------------------------------------------------
Bridget Carter at The Australian reports that receivers have
appointed real estate agents to sell the assets of failed listed
pub operator National Leisure and Gaming.

According to The Australian, receiver PPB Advisory said the sale
of 32 leasehold pubs would be handled by Jones Lang LaSalle
Hotels and CBRE Hotels.

PPB said the sale process would start on February 2, with
expressions of interest to be received by March 2 and binding
offers due by March 16, The Australian relates.

The team of selling agents will be led jointly by Joel Fisher of
CBRE and John Musca of Jones Lang LaSalle, says The Australian.

The Australian reports that PPB Advisory partner Stephen Longley
said receivers had worked with NLG's management team in the past
two months to stabilize and improve its trading performance.

"The venues are trading well and it is now appropriate to market
them for sale after the busy holiday period," the report quotes
Mr. Longley as saying.

                     About National Leisure

Based in Melbourne, Australia, National Leisure & Gaming
Limited (ASX:NLG) -- http://www.nationalleisure.com.au/-- is
engaged in the acquisition and operation of leisure and gaming
venues.  NLG operates in the hospitality and gaming industry in
Australia.  As of June 30, 2010, NLG operated 35 hotels.  NLG's
portfolios are located in New South Wales and Queensland.

Ian England and Guy Edwards of PricewaterhouseCoopers were
appointed as voluntary administrators of NLG and its related
entities on Oct. 6, 2011.

Following the appointment of the voluntary administrators, NLG's
secured creditors appointed Stephen Longley --
slongley@ppbadvisory.com -- Jack Bournelis --
jbournelis@ppbadvisory.com -- and Marcus Ayres --
mayres@ppbadvisory.com -- of PPB Advisory as receivers and
managers.

NLG said these appointments reflects the company's inability to
be able to effect solution to address the long term structural
issues associated with onerous leases at certain venues.  The
decision to appoint voluntary administrators follows discussions
with the secured creditors of NLG, Goldman Sachs (Asia) Finance,
York Global Finance Holdings and Varde Investment Partners, who
elected not to extend the senior facilities, which were scheduled
to expire on Jan. 31, 2012.


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


CHINA DIGITAL: Posts US$251,500 Net Loss in Sept. 30 Quarter
------------------------------------------------------------
China Digital Animation Development, Inc., filed its quarterly
report on Form 10-Q, reporting a net loss of $251,573 on $458,429
of revenue for the three months ended Sept. 30, 2011, compared
with a net loss of US$825,354 on US$1.8 million of revenue for
the three months ended Sept. 30, 2010.

The Company's balance sheet at Sept. 30, 2011, showed
$11.2 million in total assets, US$448,195 in total liabilities,
and stockholders' equity of US$10.8 million.

"The Company has incurred significant continuing losses during
the three months ended Sept. 30, 2011, and the year ended June
30, 2011, and has relied on the Company's registered capital to
fund operations," the Company said in the filing.

"As of Sept. 30, 2011, we had cash and equivalents on hand of
US$12,253.  These conditions raise substantial doubt about the
Company's ability to continue as a going concern."

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

                       http://is.gd/MIW4av

New York-based China Digital Animation Development, Inc., was a
shell company for several years prior to 2008.  On Nov. 12, 2008,
the Company acquired the outstanding capital stock of RDX
Holdings Limited, a corporation organized under the laws of the
British Virgin Islands.  The acquisition was effected by a share
exchange between Fu Qiang and Su Jianping, the shareholders of
RDX, and the Company.  In exchange for the capital stock of RDX,
the Company issued 14,400,000 shares of its common stock to the
Messrs. Fu and Su; the issued shares represented 72% of the
outstanding shares of the Company.

RDX is engaged in the business of managing the assets and
operations of Heilongjiang Hairong Science and Technology
Development Co., Ltd., a corporation organized under the laws of
The People's Republic of China.  Hairong is primarily engaged in
animation design and development.  Hairong operates its business
primarily in the PRC with its headquarters in Harbin city,
Heilongjiang province.


CHINA TEL GROUP: Inks Pact to Acquire 75% Interest in Herlong
-------------------------------------------------------------
US-based VelaTel Global Communications, formerly known as China
Tel Group, Inc., has entered into a Business Cooperation
Agreement with the shareholders of Herlong Investments Limited to
acquire a 75% controlling interest in Herlong and its operating
subsidiaries, Novi-Net, d.o.o., and Montenegro Connect, d.o.o.
The transaction is expected to close the first week of January
2012 to allow sufficient time for VelaTel's auditors to conduct
the work needed to report the financial results of Herlong and
its subsidiaries on VelaTel's consolidated financial statements
going forward.

The Republic of Croatia granted Novi-Net a nationwide license to
provide wireless broadband access (WBA) and related
telecommunication services as part of its protocols to become the
next member of the European Union.  The license grants the use of
42 MHz of radio frequency spectrum in the 3.5 GHz bandwidth to
serve Croatia's 4.5 million citizens.  Since 2006, Novi-Net has
been providing WBA in five counties in northern Croatia under a
regional license.  Novi-Net currently owns a data center, a
network core and 11 base transceiver stations (BTS) to provide
WBA and related services to approximately 1,500 subscribers.
Novi-Net has 15 existing experienced employees, local brand name
recognition, and a mature marketing program.  VelaTel intends to
maintain the existing management and operations employees.  Novi-
Net founder and general manager Karlo Vlah commented, "The
national license provides the vehicle for Novi-Net to take our
network to the next level.  Our partnership with VelaTel and the
expertise and capital they bring provides the driver."

Montenegro Connect holds a similar nationwide license in
Montenegro, also covering 40 MHz in the 3.5 GHz bandwidth.
Montenegro's year round population stands at 625,000, but it
enjoys over 1 million mostly affluent tourist visitors per year.
Montenegro Connect is a "greenfield" operation with two BTS
installed for testing purposes and no commercial operations or
subscriber base.  Although each country will have separate
networks for regulatory and billing purposes, VelaTel expects to
realize significant savings by consolidating many functions in
the two contiguous markets that share the same language and
economic demographics.  VelaTel CEO George Alvarez noted,
Combining our engineering and deployment expertise with the
experience and local knowledge base of Novi-Net's personnel will
allow Montenegro Connect to hit the ground running and avoid many
of the learning curve issues a new operator typically
experiences."

In exchange for its 75% equity stake, VelaTel will contribute all
CAPEX and OPEX necessary to deploy and operate the Croatia and
Montenegro networks until the companies are cash flow positive.
VelaTel's service level commitment is for 75 new BTS plus the
core equipment, other infrastructure and software needed to
support up to 150,000 subscribers.  Based on pro formas the
parties have developed, VelaTel's commitment includes its ability
to leverage 85% vendor financing from its strategic partner, ZTE
Corporation.  VelaTel has already placed the equipment order and
paid the US$713,000 down payment for the equipment, which ZTE has
already manufactured.  Based on an estimated delivery date during
February 2012, VelaTel expects to complete the deployment of the
new equipment during the summer of 2012.

CEO Alvarez concluded, "These companies provide us a low cost
entry into the geographic center of the Balkan countries.  We
expect this to lead to other opportunities in the region."

                          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.

Since the Company's inception until June 30, 2011, it has
incurred
accumulated losses of approximately US$242.36 million.  The
Company expects to continue to incur net losses for the
foreseeable future.

The Company's independent accountants have expressed substantial
doubt about the Company's ability to continue as a going concern
in their audit report, dated April 15, 2011, for the period ended
Dec. 31, 2010.  As reported by the TCR on April 21, 2011, Mendoza
Berger & Company, LLP, in Irvine, California, expressed
substantial doubt about the Company's ability to continue as a
going concern, following the 2010 financial results.  The
independent auditors noted that the Company has incurred a net
loss of US$56,041,182 for the year ended Dec. 31, 2009,
cumulative
losses of US$165,361,145 since inception, a negative working
capital of US$68,760,057, and a stockholders' deficit of
US$63,213,793.

The Company reported a net loss of US$66,623,130 on US$955,311 of
revenue for the year ended Dec. 31, 2010, compared with a net
loss
of US$56,065,029 on US$657,876 of revenue during the prior year.

The Company also reported a net loss of US$17.97 million on
US$488,476 of revenue for the nine months ended Sept. 30, 2011,
compared with a net loss of US$38.22 million on US$729,701 of
revenue for the same period a year ago.

The Company's balance sheet at Sept. 30, 2011, showed
US$11.57 million in total assets, US$22.22 million in total
liabilities and a $10.64 million total stockholders' deficit.


CHINA TEL GROUP: Enters Into Addendum to Azur Shareholder Pact
--------------------------------------------------------------
VelaTel Global Communications, Inc., formerly known as China
Tel Group, Inc., entered into an addendum to a previous
Subscription and Shareholder Agreement dated Nov. 11, 2010,
between the Company and Azur Capital (NBD) SBN BHD.  The material
terms of the Addendum are:

   (1) The Company will issue Azur 15,000,000 shares of its
Series
       A common stock.

   (2) Azur will secure an opinion letter from its attorneys
       regarding the irrevocable right of YYNT to use and
       commercialize the Backbone Fiber and the legality and
       irrevocable nature of the contract between Enbishi and
       YYNT, in addition to allowing those rights to be
       unreservedly assigned to JV.  Azur will make every effort
       to assist the Company and ZTE in complying with the
       financing requirements for the Equipment Contract.

   (3) Azur will complete the formation and registration of WFOE,
       with the assistance of the Company's counsel, but will
       allow the Company to open all bank accounts for WFOE, HK
       Co. and NewCo on behalf of the Parties and subject to the
       joint signature requirements set forth in the Agreement.

   (4) Azur will cooperate in the use of the YYNT Network by the
       Company's customers/partners Aerostrong Company Limited
       or New Generation Special Network Communication Technology
       Co., Ltd., including the potential need to adjust equity
       percentages of the Parties pursuant to the Agreement or
       equity percentages of the Parties and YYNT under the JV
       Agreement between them to reflect the use needs and
ability
       of Aerostrong or NGSN to commercialize the Backbone Fiber.

A full-text copy of the Addendum to Subscription and Shareholder
Agreement is available for free at http://is.gd/DRwLKH

                          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.

Since the Company's inception until June 30, 2011, it has
incurred
accumulated losses of approximately US$242.36 million.  The
Company expects to continue to incur net losses for the
foreseeable future.

The Company's independent accountants have expressed substantial
doubt about the Company's ability to continue as a going concern
in their audit report, dated April 15, 2011, for the period ended
Dec. 31, 2010.  As reported by the TCR on April 21, 2011, Mendoza
Berger & Company, LLP, in Irvine, California, expressed
substantial doubt about the Company's ability to continue as a
going concern, following the 2010 financial results.  The
independent auditors noted that the Company has incurred a net
loss of US$56,041,182 for the year ended Dec. 31, 2009,
cumulative
losses of US$165,361,145 since inception, a negative working
capital of US$68,760,057, and a stockholders' deficit of
US$63,213,793.

The Company reported a net loss of US$66,623,130 on US$955,311 of
revenue for the year ended Dec. 31, 2010, compared with a net
loss
of US$56,065,029 on US$657,876 of revenue during the prior year.

The Company also reported a net loss of US$17.97 million on
US$488,476 of revenue for the nine months ended Sept. 30, 2011,
compared with a net loss of US$38.22 million on US$729,701 of
revenue for the same period a year ago.

The Company's balance sheet at Sept. 30, 2011, showed US$11.57
million in total assets, US$22.22 million in total liabilities
and a US$10.64 million total stockholders' deficit.


SINO-FOREST CORP: May Default on Bonds, Miss Earnings Deadline
--------------------------------------------------------------
Bloomberg News reports that Sino-Forest Corp., the timber
producer fending off fraud allegations, said it will default on
its bonds and miss a self-imposed deadline to report earnings as
it considers putting itself up for sale.

The Hong Kong- and Mississauga, Ontario-based company said in a
statement that it won't make a $9.78 million interest payment on
its 2016 convertible notes that's due Dec. 15, according to
Bloomberg.  There's no assurance if or when the earnings results
will be released, Sino-Forest said.

"Maybe the creditors could force this into liquidation and try
and claim whatever they can from this as a result of this
breach," John Stephenson, who helps manage $2.7 billion at First
Asset Investment Management Inc. in Toronto, told Bloomberg in a
telephone interview.  "It's just another chapter in this sad
tale."

Greenheart Group Ltd., a unit that's 64% controlled by Sino-
Forest according to Bloomberg data, had its shares suspended from
trading in Hong Kong pending the release of a price-sensitive
release.

"The board has determined that it must consider all strategic
options available," Sino-Forest said. "The company may consider
obtaining other sources of capital, including through the
recapitalization of the company or the sale of some or all of its
business."

Bloomberg recalls that Sino-Forest said Nov. 15 it would publish
its earnings within 30 days and that the delay had breached
certain covenants on its senior and convertible notes.  The
company said Monday it expects to receive notices of default as
it further delays its earnings, Bloomberg adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 31, 2011, Bloomberg News said Sino-Forest Corp.'s Chief
Executive Officer and Chairman Allen Chan resigned two days after
the Ontario Securities Commission said the company may have
exaggerated timber holdings, the same charge made by short seller
Carson Block in June.  The OSC halted trading in Sino-Forest's
shares on Aug. 26 and said the company may have misrepresented
revenue.  Bloomberg noted that Sino-Forest has plunged 67% in
Toronto since Mr. Block's Muddy Waters LLC published a report
June 2 alleging that the company was a "fraud."

                         About Sino-Forest

Sino-Forest Corporation (TSE:TRE) -- http://www.sinoforest.com--
is a commercial forest plantation operator in the People Republic
of China (PRC).  As of Dec. 31, 2009, Sino-Forest had
approximately 512,700 hectares of forest plantations located
primarily in southern and eastern China.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 1, 2011, Standard & Poor's Ratings Services lowered the
long-term corporate credit rating on China-based commercial
forest operator Sino-Forest Corp. to 'CCC-' from 'B'. The outlook
is negative. "At the same time, we lowered the issue rating on
the senior unsecured notes and convertible bonds to 'CCC-' from
'B'.  We also lowered the Greater China credit scale ratings on
the company and the notes to 'cnCCC-' from 'cnBB-'. We removed
all the ratings from CreditWatch, where they were originally
placed with negative implications on June 30, 2011. We then
withdrew all the ratings," S&P related.

"We lowered the rating on Sino-Forest partly because we believe
recent developments point towards a higher likelihood that
allegations of fraud at the company will be substantiated," said
Standard & Poor's credit analyst Frank Lu. "The downgrade also
reflects our opinion about the severity of the difficulties the
company now faces in operating its existing business and our
view that the pressure on liquidity has increased."

Moody's Investors Service also downgraded to Caa1 from B1 the
corporate family and senior unsecured debt ratings of Sino-Forest
Corporation.  At the same time, Moody's continues its review for
further downgrade.


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


AKAI HOLDINGS: Creditors Get 2.1329% Recovery on Claims
-------------------------------------------------------
Akai Holdings Limited, which is in compulsory liquidation,
declared the fourth dividend to its creditors on or after Dec.
12, 2011.

The company paid 2.1329% for ordinary claims.

The company's liquidators are:

         Cosimo Borrelli
         G Jacqueline Fangonil Walsh
         Level 17, Tower 1
         Admiralty Centre
         18 Harcourt Road
         Hong Kong


BLUE SKY: Creditors to Get 7.26% Recovery on Claims
---------------------------------------------------
Blue Sky Industries Limited, which is in liquidation, will
declare the dividend to its creditors on Dec. 23, 2011.

The company will pay 7.26% for ordinary claims.


BOWLS INTERNATIONAL: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Hong Kong entered an order on Nov. 30, 2011, to
wind up the operations of Bowls International Limited.

The acting official receiver is Lee Mei Yee May.


CGF EN: Court Enters Wind-Up Order
----------------------------------
The High Court of Hong Kong entered an order on Nov. 9, 2011, to
wind up the operations of CGF En Bio-Tech International Company
Limited.

The company's liquidator is:

          Mat Ng
          JLA Asia Limited
          20/F, Henley Building
          5 Queen's Road
          Central, Hong Kong


CARLSON INDUSTRIAL: Creditors Get 70% Recovery on Claims
--------------------------------------------------------
Carlson Industrial (H.K.) Limited, which is in liquidation,
declared the first and interim dividend to its creditors on or
after Dec. 14, 2011.

The company paid 70% for ordinary claims.

The company's liquidators are:

         Ho Man Kit Horace
         Kong Sze Man Simone
         Units 511-512, Tower 1
         Silvercord, 30 Canton Road
         Tsimshatsui, Kowloon
         Hong Kong


CHEONG FAT: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on Oct. 14, 2011, to
wind up the operations of Cheong Fat Electrical Company Limited.

The company's liquidator is Lau Siu Hung.


CHIU KEE: Creditors Get 15.00% Recovery on Claims
-------------------------------------------------
Chiu Kee Construction Company Limited, which is in liquidation,
will declare the first and interim dividend to its creditors on
or after Jan. 6, 2012.

The company will pay 15.00% for preferential claims.

The company's liquidator is:

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


CITICHEM INT'L: Yiu and Lai Appointed as Liquidators
----------------------------------------------------
Yiu Cho Yan and Lai Jacqueline on Nov. 3, 2011, were appointed as
liquidators of Citichem International Limited.

The liquidators may be reached at:

         Yiu Cho Yan
         Lai Jacqueline
         Room 1702, Asian House
         1 Hennessy Road
         Wanchai, Hong Kong


CROWN RECORD: Creditors' Proofs of Debt Due Dec. 30
---------------------------------------------------
Creditors of Crown Record Company Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Dec. 30, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

         Osman Mohammed Arab
         29/F., Caroline Centre
         Lee Gardens Two
         28 Yun Ping Road
         Hong Kong


DONPOWER TRADING: First Meetings Set for Dec. 30
------------------------------------------------
Contributories and creditors of Donpower Trading Limited will
hold their first meetings on Dec. 30, 2011, at 2:30 p.m., and
3:30 p.m., respectively at Rooms 1909-10, Nan Fung Tower, at 173
Des Voeux Road Central, in Hong Kong.

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


GRAND SKY: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on Nov. 18, 2011, to
wind up the operations of Grand Sky (HK) Enterprise Limited.

The company's liquidator is Lau Siu Hung.


HEMPSTONE LIMITED: Chen and Lo Appointed as Liquidators
-------------------------------------------------------
Chen Yung Ngai Kenneth and Lo Wa Kei Roy on Nov. 10, 2011, were
appointed as liquidators of Hempstone Limited.

The liquidators may be reached at:

         Chen Yung Ngai Kenneth
         Lo Wa Kei Roy
         43/F, The Lee Gardens
         33 Hysan Avenue
         Causeway Bay, Hong Kong


HUGE EDUCATION: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on Oct. 14, 2011, to
wind up the operations of Huge Education Limited.

The company's liquidator is Lau Siu Hung.


JUMBO WATCH: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on Nov. 30, 2011, to
wind up the operations of Jumbo Watch Limited.

The acting official receiver is Lee Mei Yee May.


K VISION: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order on Nov. 28, 2011, to
wind up the operations of K Vision International Investment
(H.K.) Limited.

The acting official receiver is Lee Mei Yee May.


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I N D I A
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ARCAP 2004-1: Fitch Lowers Ratings on Seven Note Classes
--------------------------------------------------------
Fitch Ratings has downgraded India-based Magneti Marelli
Motherson Auto System Limited's National Long-Term rating to
'Fitch BB+(ind)' from 'Fitch BBB-(ind)'.  The Outlook is Stable.

The downgrade reflects MMM's continued weak operating performance
in FY11 (year-end: March 2011), due to the lower-than-expected
off-take from key customers.  This has delayed the EBIDTA break-
even beyond Fitch's expectation to FY13 from the earlier expected
in FY10 which was later postponed to FY11.  MMM has been
incurring EBITDA and net losses since the start of operations in
September 2008.

Fitch notes that MMM is targeting new customers and developing
product models for existing customers -- Maruti Suzuki India
Limited, Volkswagen India, Ford Motors India etc, which will
improve its revenues and profitability over the next two years.
However, this has led to higher-than-expected capex, which is
being funded through additional equity from promoters: Magneti
Marelli SpA (MM, part of the FIAT group) and Samvardhna Motherson
Finance Limited (SMFL, part of Samvardhana Motherson Group).  The
promoters provided INR316m in FY11 and INR200m in FY12 for capex
requirements and the repayment of existing loans.

The ratings, however, derive strength from the established
presence and the strong relationship of the promoters with
original equipment manufacturers in the international and
domestic automotive markets.  Fitch believes the management,
technical and financial support from the promoters has helped MMM
in obtaining orders in its product segments.  The agency expects
the promoters to continue supporting MMM over the medium term.

The ratings are constrained by MMM's inability to ramp-up
business as expected and significant capex requirements over the
medium term to execute its current orders amid weak financial
performance.  Its revenue grew moderately by 9.8% to INR855m in
FY11, leading to an operating loss of INR59m (FY10: an operating
loss of INR121m).

Further negative rating action may result from MMM's continued
inability to ramp up operations along with operating EBIDTA
break-even not being achieved by FY13, or a reduction in support
from the promoters and non-infusion of equity as planned.  On the
contrary, an improvement in the financial profile with consistent
deleveraging and positive operating EBIDTA over the medium-term
may lead to a rating upgrade.

MMM is a 50:50 JV between MM and SMFL.  The products covered as
part of this JV includes automotive lighting parts, plastic air
intake manifold and other power-train products except engine
control unit, as well as brake and clutch pedal module.  It has
two production facilities in Pune and Manesar.

MMM:

  -- National Long-Term rating downgraded to 'Fitch BB+(ind)'
     from 'Fitch BBB-(ind)'; Outlook Stable

  -- INR237.5m term loans (reduced from INR300m): downgraded to
     'Fitch BB+(ind)' from 'Fitch BBB-(ind)'

  -- INR150m fund-based working capital limits (enhanced from
     INR100m): downgraded to 'Fitch BB+(ind)'/'Fitch A4+(ind)'
     from 'Fitch BBB-(ind)'/'Fitch A3(ind)'


ARUNA PAPER: ICRA Assigns '[ICRA]D' Rating to INR11cr Bank Loan
---------------------------------------------------------------
ICRA has assigned long-term rating of '[ICRA]D' rating to the
INR11.00 crore fund-based limits Aruna Paper Board Mills Private
Limited.

ICRA's ratings factor in the company's stretched financial
position as reflected in financial losses in FY 2009 and FY 2010
and liquidity indicators as evidenced by delays in debt servicing
and the consistent overutilization of the working capital limits
extended to the company. This situation has arisen out of the
poor operating metrices (as reflected in relatively low capacity
utilization of 55% in FY 2011 and 45% in FY 2010), of the
company's core paper manufacturing operations, which in turn can
be attributed to poor availability of grid power and also
stabilization issues associated with the paper plant which was
commissioned only in FY 2009. ICRA has however taken note of the
long-standing presence of the company in straw board manufacture
(over two decades) and existing relationships which the company
could leverage in coming years.

                         About Aruna Paper

M/S. Aruna Paper Board Mills Pvt. Ltd. was formerly known as
Aruna Straw Boards Pvt Ltd. It was set up with a view to
manufacture Straw Board with an installed capacity of 5 TPD in
1976. Presently the company has expanded its capacity over the
years from 5 TPD to 12 TPD. Recently, the Company has expanded
operations into paper manufacture by installing manufacturing
line with an installed capacity of 40 TPD of News Print and Cream
Wove paper cost of INR15.00 crore.

The company sources paddy straw from the local farmers while the
raw material for the paper plant is sourced from traders for used
paper. The company sells most of the manufactured straw board to
Sivakasi (Tamil Nadu) while the paper manufactured is sold to
news print trading companies and notebook manufacturers in Andhra
Pradesh and Tamil Nadu.

Recent Results:

APBMPL generated an operating income of INR17.03 crores in FY11,
reporting a growth of 1% over FY10, which translated into an
operating profit of 2.62 crores,


BHAVYA CEMENTS: ICRA Reaffirms [ICRA]BB+ Rating on INR206cr Loan
----------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB+' rating assigned to INR206.00
crore fund-based bank facilities of Bhavya Cements Limited.  The
outlook on the rating is 'stable'.

The rating reaffirmation factors in the vulnerability of the
company to volatility in international/e-auction coal prices in
absence of formal coal linkages. Moreover, the power situation in
AP was adversely impacted due to recent Telangana agitation and
any shortfall in state supplies will expose the company to non-
availability/volatile prices of power. The rating is further
inhibited by high gearing of BCL at 2.21 as on 30 Sept, 2011 on
account of debt funded capex in past. ICRA continues to note that
while the company has an option to convert CCPS (issued to PE
investor) into equity, however this will be contingent upon its
IPO prior to June 2013. ICRA also notes that while the company
may not buyback the first series of CCPS, which will be
facilitated by the promoters as was done for the first
instalment, however in case IPO is delayed the buyback obligation
for the second series of CCPS amounting to INR20 crore may fall
upon the company (in case of sufficient reserves) thereby
adversely impacting its liquidity position. The above concerns
are however mitigated by the satisfactory operational performance
demonstrated by the company during the current year, whereby the
company reported healthy capacity utilisation which coupled with
firm cement prices resulted in satisfactory profitability
indicators.

Going forward, with the ongoing capacity additions in the cement
industry, the ability of the company to achieve high capacity
utilization and maintain profitability in the backdrop of supply
side pressures will be crucial for its overall credit profile.

                       About Bhavya Cements

Incorporated in April 2007, Bhavya Cements Limited has set up a
1.2 million tonnes per annum cement manufacturing facility in
Guntur district of Andhra Pradesh. BCL is promoted by Mr. V
Ananda Prasad and his associates. Mr. Prasad is a first
generation entrepreneur and started his construction and real
estate business in 1991 by incorporating Bhavya Constructions
Private Limited (BCPL).

The project implementation began in September 2008 and was
expected to commence operations in March 2010. Regional issues
and heavy rainfall resulted into delays in implementation and
plant could commence operations in November 2010 only. The total
project cost of INR320 crore was funded by equity infusion of
INR74 crore from promoters, INR40 crore private equity infusion
from Wayzata Indian Ocean Limited and debt of INR206 crore.


CARBON RESOURCES: Delays in Loan Payment Cues ICRA Junk Ratings
---------------------------------------------------------------
ICRA has assigned an '[ICRA]D' rating to the INR5.1 crore term
loan, INR23.25 crore fund-based working capital limits and
INR12.76 crore non-fund based working capital limits of Carbon
Resources Private Limited.

The rating factors in the recent delays by CRPL in meeting
principal and interest payment obligations on term loans, the
delays experienced in commissioning of the new Calcined Petroleum
Coke (CPC) plant at Bongaigaon leading to time and cost overruns
and the company's relatively small size of operations in the
domestic CPC industry. The working capital requirement of the
business is also high leading to tight liquidity position,
however, ICRA notes the company's application for higher working
capital limits has been sanctioned by its bankers, which is
likely to provide liquidity support in the short term. The rating
also takes into consideration the locational advantage with the
old CPC plant being located in close proximity to the Barauni
refinery of Indian Oil Corporation, resulting in low inward
freight cost. However for the new CPC plant, the company is yet
to enter into any firm arrangements for supply of raw material.
The rating factors in the comfortable coverage indicators of CRPL
despite moderate gearing levels and existing relationships with a
diversified client base, which result in repeat orders for the
CEP division. The production at the newly set up CPC plant at
Bongaigaon, Assam is likely to start soon. In ICRA's opinion, the
satisfactory servicing of debt obligations along with
stabilization of the new plant would be key rating sensitivities
going forward.

                         About Carbon Resources

CRPL was incorporated as a private limited company in FY 01 and
its equity capital is closely held by the promoters. Currently,
the company has manufacturing plants based in Barauni, Bihar (CPC
Plant) and Giridih, Jharkhand (Coal Tar Distillation and CEP
Plant). The current annual capacity of CPC plant and CEP plant
are 27000 MTPA and 24000 MTPA respectively. The company has
recently set up a new CPC plant at Bongaigaon, Assam with an
annual capacity of 18000 MTPA which is likely to start commercial
production soon.


GEM EDIBLE: ICRA Reaffirms '[ICRA]BB+' Rating on INR0.34cr Loan
---------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB+' rating assigned to the
INR0.34 crore term loan facilities and INR5.00 crore fund based
bank facilities of Gem Edible Oils Private Limited.  ICRA has
also reaffirmed the '[ICRA]A4+' rating assigned to the INR18.00
crore non-fund based bank facilities of GEOPL. The outlook on the
long-term rating is stable.

The re-affirmation of ratings reflects the steady improvement in
operational and financial performance of the company, illustrated
by the strong volume growth, stable profit margins and improved
capitalization levels and coverage indicators. The rating also
factors in the established market presence of the company,
operational support enjoyed from group companies, favorable
demand growth potential for edible oil over the medium term and
also the rich experience of the promoters in the business. The
rating continues to be constrained by the thin profit margins in
the oil processing business owing to limited value addition and
highly fragmented industry structure with intense competition
from established players and also substitute products restricting
pricing flexibility. The rating also considers the limited
presence of the company in the branded segment, restricted
geographical reach with presence only in the south Indian market
and exposure of earnings to volatility in raw material prices and
exchange rate fluctuations which is likely to impact the
profitability in the current fiscal. While the gearing of the
company is moderately high at 1.1 times as on March 2011,
capitalization ratios are expected to improve upon the envisaged
conversion of unsecured loans from promoters into equity.

                         About Gem Edible

Gem Edible Oils Private Limited was incorporated in 2004 with an
objective of manufacturing refined edible oils. Prior to this,
the promoters were engaged in trading of edible oil for over 20
years. With their experience and long association with edible oil
business, the promoters started their own manufacturing unit in
2004. The company presently has a production capacity of 100MTs
per day and a storage capacity of 4000MTs. The company is engaged
in refining of sunflower oil and trading of other edible oil
including cotton seed oil, palm oil, rice bran refined oil and
soya refined oil and sells all the products under its brand "Gem
Gold".

Recent Results

For the first half year ended September 2011, the company has
reported a profit before tax of INR3.2 crore on an operating
income of INR87.1 crore.


GUJARAT COTFIB: ICRA Assigns '[ICRA]B' Rating to INR3.37cr Loan
---------------------------------------------------------------
ICRA has assigned an '[ICRA]B' rating to INR3.37 crore term loan
and INR7.00 crore cash credit facility of Gujarat Cotfib.  ICRA
has also assigned an '[ICRA]A4' rating to the INR0.33 crore non
fund based facility of GC.

The ratings are constrained by the limited track record of the
firm's operations, weak financial profile of the company as
reflected by thin operating and net profit margins due to
inherently low value addition in the business and stretched
capital structure as a result of high working capital borrowings.
The rating further takes note of the firm's modest scale of
operations which limits scale economies. The rating also
incorporates lack of diversification in the product profile and
susceptibility of the cotton prices to seasonality and regulatory
risks which together with the highly competitive industry
environment further exerts pressure on margins. ICRA also notes
that GC is a partnership firm and any significant withdrawals
from the capital account would affect its capital structure
further.

The ratings, however, consider the long experience of the
promoters in the cotton ginning and pressing industry and the
advantage the firm enjoys by virtue of its location in cotton
producing region giving it easy access to raw cotton.

                       About Gujarat Cotfib

Gujarat Cotfib was established in July 2008 and started
commercial production during FY 2009-10. It is engaged in ginning
and pressing of raw cotton to produce cotton seeds and cotton
bales. The factory is located at Nizar, Gujarat. The company is
equipped with 40 ginning machines with an ability to process
around 32000 MTPA of raw cotton.

Recent Results:

During FY 2011, the firm reported net profit of INR0.36 Cr on an
operating income of INR57.93 Cr. as against net loss of INR1.32
Cr on an operating income of INR39.37 Cr for FY 2010.


DUDI & COMPANY: ICRA Assigns '[ICRA]B+' Rating to INR9.75cr Loan
----------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to the INR9.75
crore fund based and non-fund based bank facilities of Dudi &
Company.

The rating takes into account D&C's modest scale of operations as
indicated by an operating income of INR8.75 crore in FY2011, its
relatively high gearing levels of 1.74 times as on March 31, 2011
and high working capital intensity of business. The rating is
also constrained by D&C's high geographical concentration of
order book and vulnerability of its profitability to movement in
raw material prices. The rating is however supported by D&C's
established track record of operations in the construction
industry, its experienced promoters and steady operating and net
margins in the past.

                       About Dudi and Company

Dudi and Company is a partnership firm, which was established in
1996 by Sh. Prabhu Daya Dudi and Sh. Anna Ram Dudi. D&C is
primarily engaged in road laying and building construction for
Government Departments of Rajasthan and Madhya Pradesh. The
client base of D&C comprises of Government organizations like
Rajasthan State Rural Development Corporation, Rural Road
Development Authority of MP, Public Works Department Bikaner and
Jhunjhnu, RIICO Bikaner and Rajasthan State Agricultural
Marketing Board.

Recent Results:

The firm has reported a net profit before tax of INR0.89 crore on
an operating income of INR8.75 crore in FY2011


JUPITAR ISPAT: ICRA Reaffirms '[ICRA]BB+' Cash Credit Rating
------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB+' rating to the INR66.0 crore
(enhanced from INR57.0 crore earlier) cash credit facility of
Jupitar Ispat Private Limited.  The outlook on the long term
rating is stable.

The reaffirmation of the rating reflects the strong revenue
growth of the company witnessed during recent years on the back
of satisfactory level of capacity utilisation since the
commissioning of the manufacturing facilities, the locational
advantage enjoyed by the company, given its proximity to raw
material sources as well as customers, which reduces its freight
costs, and the operational integration with a group company
Jupitar Coke & Energy Pvt Ltd, which consumes a part of JIPL's
produce. The rating is however constrained by the leveraged
capital structure and depressed levels of coverage indicators of
the company and limited value addition in its coal washing and
beneficiation business, which keeps the margins at moderate
levels. ICRA also takes note of the decline in operating profit
margin in 2010-11 over 2009-10. The rating also takes into
consideration the high working capital intensity of operations of
JIPL which negatively affects its liquidity position and the
sensitivity of the company's profitability to raw material price
changes.

However, ICRA also notes that the company has signed a Memorandum
of Understanding (MoU) with Bharat Coking Coal Limited for the
supply of raw material which, to some extent, is expected to lead
to raw material security and mitigation of risks associated with
the volatility in raw material prices going forward. In arriving
at the rating, ICRA has also considered the business risk
profiles of JIPL's group companies Jupitar Spun Pipes & Casting
Pvt Ltd (rated at [ICRA]BBB-/Stable and [ICRA]A3) and Jupitar
Coke & Energy Pvt Ltd (rated at [ICRA]BB/Stable), since all the
group companies are operationally integrated and operate under a
common management.

                        About Jupitar Ispat

Jupitar Ispat Private Limited was set up by the Kolkata based
Jupitar Group of Industries in 2009, led by Mr. Nabarun
Bhattacharya. The company has a coal washery and coal
beneficiation plant for handling low ash metallurgical coal at
Koderma, Jharkhand. The coal washing and beneficiation plant has
an annual capacity of 1.08 million MT of washed and beneficiated
coal. JIPL has a number of ICRA rated group companies, viz.
Jupitar Spun Pipes & Casting Pvt Ltd (JSPCPL, rated at [ICRA]BBB-
/Stable and [ICRA]A3) and Jupitar Coke & Energy Pvt Ltd (JCEPL,
rated at [ICRA]BB/Stable). JSPCPL is engaged in the production of
pig iron, ingot, structural items, TMT bars and steel castings,
while JCEPL has the facilities for manufacturing sinter, coke and
power generation. The operations of the group companies are
integrated with each other.


MADRAS MEDICAL: ICRA Reaffirms '[ICRA]BB-' Rating on Loan Rating
----------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB-' rating to the INR30.71 crore
term loan facilities and INR3.00 crore fund based bank facilities
of The Madras Medical Mission.  The outlook on the long term
rating is stable.  ICRA has also reaffirmed the '[ICRA]A4' rating
to the INR10.00 crore short term loan facilities and INR13.35
crore non fund based bank facilities of MMM.

The rating re-affirmation takes into account the improvement in
the financial performance of the entity with steady growth in
revenues and accruals, aided by the better operational
performance of the hospital and also the medical college unit.
Despite the same, MMM's financial profile continues to be
stretched, with the net worth continuing to remain negative owing
to consistent losses incurred over the period 2004-08 which had
led to debt restructuring in the past. The losses were primarily
on account of the weak operational performance of the medical
college during its initial years as against the huge fixed costs
incurred in establishing the medical college, which coupled with
the average operational indicators in the hospital unit resulted
in considerable losses adversely impacting the capital structure.
While the financial profile is expected to improve over the
medium term aided primarily by the improving profitability of the
medical college, capitalization levels are expected to remain
stretched on account of the significant losses incurred in the
past. The rating also considers the established position of MMM
in the healthcare market of Tamil Nadu, strong technical
capabilities backed by state-of-the-art equipment and healthy
demand for healthcare services, which could be offset to an
extent by the intensifying competition and the relatively weak
operational indicators of the hospital on account of MMM being a
not for profit charitable institution.

                       About Madras Medical

The Madras Medical mission is a registered society (under the
Tamil Nadu Societies Registration Act, 1975) established in 1982
by Bishop Zachariah Mar Dionysius. MMM commenced operations in
1987 by providing cardiac care treatment out of rented premises
and over the years has developed into a multi specialty hospital.
Currently MMM has a cardiac centre, reproductive medicine centre,
transplant centre for renal cases, radiology division and a
nuclear medicine centre. In 2001, MMM started the Pondicherry
Institute of Medical Sciences (PIMS) to provide medical
education. MMM has also entered into public - private partnership
with the Ministries of Health and Family Welfare of several
countries including Tanzania, Seychelles, Bangladesh, Fiji,
Bahrain, Maldives and Rwanda for treatment of their patients and
for training of their medical and paramedical professionals. It
also has a tie up with the GoI to treat central government
employees. In 2008, MMM College of Nursing was established to
train quality nursing personnel to serve the global markets.


PARSVNATH DEVELOPERS: Fitch Drops 'B-' Rating on Two Loans
----------------------------------------------------------
Fitch Ratings has withdrawn India-based Parsvnath Developers
Limited's National Long-Term rating of 'Fitch B-(ind)nm'.
Simultaneously, the agency has withdrawn the 'Fitch B-(ind)nm'
rating on Parsvnath's long-term loans of INR2bn and INR9bn, and
the 'Fitch A4(ind)nm' rating on its short-term loan of INR2bn.

The ratings have been withdrawn due to lack of adequate
information.  Fitch will no longer provide ratings or analytical
coverage of Parsvnath.


PERFECT RETREADS: ICRA Reaffirms '[ICRA] BB+' Cash Credit Rating
----------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the enhanced
bank facilities of Perfect Retreads Private Limited at
'[ICRA] BB+' for INR25.0 crore (enhanced from INR12.0 crore) cash
credit facilities.  The outlook on long term rating is stable.

The rating continues to reflect the longstanding experience of
promoters in the dealership business and the diversified revenue
mix across two wheelers, passenger vehicles and commercial
vehicle dealership, each from different OEM. ICRA also draws
comfort from the PRPL's strong credential as the sole commercial
vehicle dealer of TATA Motors Limited in the six districts of
Saurashtra and amongst leading dealers of Maruti Suzuki India
Limited passenger vehicles and Hero Motocorp Limited motorcycles
in Saurashtra region. The ratings are however constrained by
PRPL's thin operating margins and high working capital intensity
both of which are inherent to the automotive dealership business
and stretched capital structure of the company. PRPL's capital
structure is stretched with high gearing (1.60 times, FY11); with
most of the debt (-90%, FY11) being related to working capital
borrowing.

                       About Perfect Retreads

Perfect Retreads Private Limited was started as a tyre retreading
company in 1988 by its main promoter Mr. Suryakant Patel. The
company then ventured into the auto services business by
launching the first computerized wheel alignment and wheel
balancing services for cars and LCVs in the Saurashtra region. In
1995, PRPL entered into the dealership of passenger vehicles of
Maruti Suzuki India Limited (MSIL, erstwhile Maruti Udyog
Limited) in Rajkot. Since then the company has expanded its
presence and started dealership of Hero Motocorp Limited (HHML)
in September 2000, followed by dealership of commercial vehicles
(CVs) of Tata motors Limited in August 2003. PRPL is the sole
dealer of TML's CV in six out of seven districts (barring
Jamnagar) of Saurashtra region.

PRPL has well diversified presence across Saurashtra region with
owned showrooms at Rajkot, Junagadh, Verawal and Morvi and the
company is the largest dealer of TML's CV and second largest
dealer of MSIL passenger vehicles in Saurashtra region, as per
the management.


SILVER FAB: ICRA Assigns '[ICRA]BB' Rating to INR3.98cr Loan
------------------------------------------------------------
ICRA has assigned '[ICRA]BB' rating to the INR3.98 crore term
loans and INR5.50 crore fund based facilities of Silver Fab
Suitings Pvt Ltd.  The outlook on the rating is stable.

The ratings of SFSPL favorable factors in the promoters
experience in the textile business, favorable location of its
manufacturing facility, and diversified customer base with repeat
customers. The ratings are however constrained by SFSPL's modest
scale of operations, highly fragmented industry with intense
competition, and vulnerability of the profitability and cash
flows to cyclicality in the textile industry and raw-material
price fluctuation. Going forward, company's ability to improve
its profitability while maintaining its capital structure will be
key rating sensitivities.

Incorporated in 2003, SFSPL is promoted by Mr. Sampat Lal Chordia
and is engaged in polyester fabric manufacturing. SFSPL has two
manufacturing facility located in RIICO Industrial area in
Bhilwara and has 92 looms.

Recent Results:

SFSPL reported profit after tax of INR0.43 crore on operating
income of INR35.22 crore for the financial year ended March 31,
2011. The Company reported profit after tax of INR0.35 crore on
operating income of INR21.44 crore for the financial year ended
March 31, 2010.


SUPREME BUILD: Fitch Withdraws 'BB(ind)' Rating on INR540 Loan
--------------------------------------------------------------
Fitch Ratings has withdrawn India-based Supreme Build Cap
Limited's National Long-Term rating of 'Fitch BB(ind)' with a
Stable Outlook.  The agency has also withdrawn the 'Fitch
BB(ind)' rating on SBCL's INR540.6m long-term loan (last year
outstanding INR550m).

The National Long-Term rating has been withdrawn as it is no
longer considered by Fitch to be relevant to its coverage.  The
instrument rating has been withdrawn has the loan has been paid
in full.  The agency will no longer provide ratings or analytical
coverage of SBCL.


UNITECH LIMITED: Fitch Withdraws Low-B Rating on Long-Term Debt
---------------------------------------------------------------
Fitch Ratings has withdrawn India-based Unitech Limited's
National Long-Term rating of 'Fitch B-(ind)nm'. Simultaneously,
the agency has withdrawn Unitech's bank loan ratings as follows:

  -- INR5,000m, INR20,000m and INR19,000m long-term debt
     programmes: 'Fitch B-(ind)nm'; rating withdrawn

  -- INR5,000m and INR6,000m short-term debt programmes: 'Fitch
     A4(ind)nm'; rating withdrawn

  -- INR1,000m short-term bank loan programme: 'Fitch A4(ind)nm';
     rating withdrawn

  -- INR3,000m non-fund based bank limits: 'Fitch A4(ind)nm';
     rating withdrawn

The ratings have been withdrawn due to lack of adequate
information.  Fitch will no longer provide ratings or analytical
coverage of Unitech.


WINWIND POWER: Loan Payment Delays Cue ICRA to Put Junk Ratings
---------------------------------------------------------------
ICRA has revised the rating outstanding on the INR557.5 crore
term loans and fund based facilities of Winwind Power Energy
Private Limited from '[ICRA]BBB-' to '[ICRA]D'.  ICRA has also
revised the rating outstanding on the INR400.00 crore non-fund
based facilities of the company from '[ICRA]A3' to '[ICRA]D'.

The revision in the ratings considers the current delay in the
servicing of bank loans arising from stretched liquidity position
of the company.

The ratings also factor in the tepid sales off-take for WPEPL's
Wind Turbine Generators.  WPEPL has manufactured and installed
only 44 MW of WTGs since the commencement of manufacturing in
June 2009 as against a substantially higher forecasted volume.
Further, with a modest firm orderbook and sales realization,
WPEPL's cash flow from operations is expected to remain
stretched. Accordingly, the company shall continue to remain
dependent on the promoter group for debt servicing.

                        About Winwind Power

Winwind Power Energy Private Limited was incorporated in India in
July 2007 as a 100% subsidiary of Winwind OY (WWO) - a Finland
based wind turbine manufacturer, established in the year 2000.
WWO, a relatively recent entrant in the European Wind Energy
market, offers two WTG models - WWD1 with a 1 MW capacity and
WWD3 with a 3 MW capacity. It has supplied approximately 285 MW
of wind power capacity in markets such as Finland, Sweden,
Estonia, Portugal, France, and Czech Republic and is currently
targeting other high growth markets. WPEPL commissioned its
manufacturing and assembly plant in Vengal, Tamil Nadu in June
2009 for producing the WWD1 model and currently possesses a
production capacity of 4 WWD1 WTGs per day. Currently, the
company's target markets include India, Maldives, Bangladesh, Sri
Lanka, etc.

WWO was acquired by the Chennai based Siva Ventures Ltd. in
October 2006. SVL is a wholly owned subsidiary of Siva Industries
and Holdings Ltd. (SIHL, erstwhile Sterling Infotech Limited),
which was promoted by Mr. C. Sivasankaran in 1994. SVL is the
principal investment arm of The Siva Group (SG). SG has
successful track record of acquiring/promoting companies and
later divesting its stake in these ventures at a significant
premium. Some of the notable examples include Barista, Dishnet
DSL, Sahara's Aamby Valley and Aircel. Apart from WWO, the
current investments of the group are mainly in Shipping &
Logistics, Palm Oil manufacturing, Realty and Food & Beverages
businesses. Besides, SVL has made strategic investments in
companies in Agro and Engineering sector. For the year ended 31st
March 2011, SVL generated a Profit after Tax (PAT) of INR586.24
crore on a turnover of 9.64 crore.


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I N D O N E S I A
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BANK MANDIRI: Fitch Affirms Individual Rating at 'C/D'
------------------------------------------------------
Fitch Ratings has affirmed PT Bank Mandiri (Persero) Tbk's Long-
term Foreign- and Local-Currency Issuer Default Ratings (IDR) at
'BB+' with Positive Outlook.

The affirmations reflect Mandiri's improved underlying
profitability, satisfactory asset quality and adequate coverage
of non-performing loans (NPLs).  The ratings also reflect
Mandiri's status as Indonesia's largest state-owned bank, and its
adequate capital.

Rapid loan growth may affect the bank's capital position and/or
asset quality and exert pressure on the bank's Viability 'bb+'
Rating.  However, this may be mitigated by Mandiri's strong
underlying profitability and high provision cover.

The Positive Outlook is in line with that of the sovereign
rating.  A sovereign rating upgrade could lead to a similar
rating change for the bank, given its significant government
ownership and systemic importance as Indonesia's largest bank
(13.3% of total system assets at end-September 2011).  Downside
risk is limited given the IDR at the Support Rating Floor of
'BB+'.

Mandiri's underlying profitability remains sound, with the return
on assets having improved to 2.7% at end-September 2011 (2010:
2.3%).  This was supported by a larger loan base, as well as by
stronger fee income and manageable provision charges, despite
lower net interest margins.

NPLs increased to 2.4% at end-Q311 from 2.2% at end-2010 due to a
slight weakening of its corporate and commercial loan portfolios.
However, Mandiri's NPLs remained below the industry average of
2.7% at end-Q311 and were 155% covered.

The bank's Tier 1 capital adequacy ratio (CAR) and total CAR
increased to 12.9% and 15.6% at end-September 2011, respectively,
(2010: 10.1% and 13.4%).  An equity injection via right issues in
Q111 and earnings retention helped offset the capital reduction
from Basel II operational risk implementation and loan growth.

Mandiri was publicly listed in 2003 and remains majority-owned by
the Indonesian government (60% as at end-September 2011).

Mandiri's ratings:

  -- Long-Term Foreign- and Local-Currency IDRs affirmed at
     'BB+', Outlook Positive

  -- Short-Term Foreign Currency IDR affirmed at 'B';

  -- Support Floor Rating affirmed at 'BB+'

  -- National Long-Term Rating affirmed at 'AAA(idn)'; Outlook
     Stable

  -- Viability Rating affirmed at 'bb+'

  -- Individual Rating affirmed at 'C/D'

  -- Support Rating affirmed at '3'


PAKUWON JATI: Moody's Raises Corporate Family Rating to 'B2'
------------------------------------------------------------
Moody's Investors Service has upgraded PT Pakuwon Jati Tbk's
corporate family rating to B2 from B3.  The rating outlook is
stable.

Ratings Rationale

"The upgrade reflects the higher visibility now evident for
Pakuwon's investment plan and its conservative expansion
strategy, following its announcement that it plans to fully fund
the IDR1.3 trillion acquisition of a 99.99% stake in PT Elite
Prima Hutama via a rights issue," says Alvin Tan, a Moody's
Analyst.

As the acquisition is a material related-party transaction,
approvals from the shareholders and the Jakarta Stock Exchange
were sought and obtained. The majority shareholders, who own
approximately 73% of the company, have undertaken to subscribe
for their pro-rata share of the offering. The transaction is
expected to complete by end-2011.

Elite Prima is developing the Kota Kasablanka superblock, located
in South Jakarta, which comprises (a) four condominium towers;
(b) two office towers -- one for lease and another for sale; and
(c) one retail mall. The development of the first condominium
tower is expected to be completed by end-2011, while the office
towers, retail mall and two additional condominium towers are
expected to be completed by mid-2012.

"Although the acquisition will increase development risk, it will
improve Pakuwon's scale and further diversify its cash flows.
Besides, with the substantial completion of the Gandaria City
project, Pakuwon is now in a stronger position to take on the
large Kota Kasablanka project," says Mr. Tan.

Moody's expects the company to continue its strategy to fund the
construction of residential properties at its projects with cash
flow from presales. In addition, it should continue to benefit
from strong recurring cash flows from its existing investment
properties, such as Tanjungan Plaza, Sheraton Surabaya, and
Gandaria City Mall.

Presales for the condominiums at Kota Kasablanka have been strong
at almost 70% for the first two condominium towers since its
launch in 2008. In addition, 77% of the retail mall has already
been preleased, and will contribute to recurring income upon its
completion from mid-2012.

Although the percentage contribution from recurring income will
decrease over the next 2 to 3 years, due to the increased
contribution from the sales of residential and office properties
at Kota Kasablanka, as well as existing projects, the quantum is
expected to rise after the completion of the office and retail
properties at Kota Kasablanka. Pakuwon targets recurring income
at 50% of total income over the longer term.

"Elite Prima, by itself, has a weaker credit profile as compared
to Pakuwon. However, Moody's expects Pakuwon's Debt/Book
Capitalization to remain below 50%, with EBITDA/Interest coverage
at 3-5x after the acquisition, in line with a B2 rating profile,"
Mr. Tan adds.

As of August 31, 2011, approximately Rp 120 billion of debt at
Elite Prima will mature in 2012. Moody's expects Pakuwon to repay
maturing debt with cash from property sales from Kota Kasablanka
and its cash on hand.

The stable outlook reflects Moody's expectation that Pakuwon will
be well-supported by recurring income from its investment
properties, as well as ongoing discipline in the pursuit of its
growth strategy.

Upward rating pressures are not expected over the near to medium
term, but could emerge over the long term, if Pakuwon
successfully executes its business plans with sustained
improvements in sales and cash flow generation and further grows
its recurring income base, whilst maintaining solid liquidity in
the form of cash balances and committed facilities. Credit
metrics that will support an upgrade include EBIT/Interest
coverage above 4.0x and adjusted leverage below 40-45% on a
sustained basis.

On the other hand, downward pressure could emerge if Pakuwon's
financial and liquidity profiles weaken due to (1) the company
failing to execute its business plans; and (2) a deterioration in
the property market, leading to protracted weakness in its
operations and credit profile.

Moody's considers EBIT/Interest coverage below 2.0x and adjusted
leverage above 55% as indications that a downgrade may be
necessary.

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

Headquartered in Surabaya, Indonesia, Pakuwon is engaged in the
development, management and operation of shopping centers, office
buildings, condominium towers, hotels and residential townships,
in Surabaya, East Java and Jakarta. The company listed on the
Jakarta Stock Exchange in 1989


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


CORSAIR LIMITED: Fitch Junks Rating on JPY4 Billion Notes
---------------------------------------------------------
Fitch Ratings has downgraded Corsair (Jersey) Limited's Series
326 credit-linked notes due September 2014 as follows:

  -- JPY4bn* notes due September 2014 downgraded to 'Csf' from
     'CCsf'; Recovery Estimate 0%

* as of Dec. 8, 2011

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

Eight credit events have occurred in the reference portfolio to
date, with the bankruptcy of The PMI Group, Inc. (PMI) being the
most recent in late November 2011.

Fitch believes it is highly likely that the transaction will
incur a loss following the default of PMI, based on the
cumulative loss caused by the preceding seven credit events and
limited remaining credit enhancement.  The loss from PMI is
expected to materialise once the final price for the defaulted
credit has been determined.  The Recovery Estimate is unchanged
since it was assigned on November 18, 2011 at 0%.


OLYMPUS CORP: To Hold First-Half Earning Briefing Tomorrow
----------------------------------------------------------
The Japan Times reports that Olympus Corp. said it will hold a
briefing at a Tokyo hotel tomorrow, Dec. 15, about its first-half
earnings report that will be attended by President Shuichi
Takayama.

The report relates that the company is expected to submit its
quarterly report, including information about earnings, to the
Financial Services Agency today, Dec. 14.

By law, the quarterly report must be submitted by this date for
the company to remain listed on the Tokyo Stock Exchange, The
Japan Times says.

The report notes that Olympus was initially scheduled to announce
its April-September earnings for fiscal 2011 on Nov. 8, but
postponed it amid the unfolding scandal.

                     Securities Investment Scandal

The Troubled Company Reporter-Asia Pacific reported on Nov. 9,
2011, that Block & Leviton LLP, a Boston-based law firm
representing investors seeking to recover money lost due to
investment fraud, said it is investigating possible securities
fraud claims involving Olympus Corp.

On Oct. 14, 2011, Olympus's Board of Directors fired the
Company's then-President and Chief Executive Officer, Michael
Woodford, after Mr. Woodford attempted to force an inquiry into
Olympus's acquisition of British medical device maker Gyrus in
2008.  At issue were the $687.0 million in advisory fees paid to
a relatively obscure financial firm in relation to the
acquisition.  The fees were approximately one-third of the $2.0
billion acquisition price, which is almost 30 times higher than
normal.

On Nov. 8, 2011, the Company admitted to an accounting cover-up,
stating that the advisory fees paid in connection with the Gyrus
deal and other acquisitions were used to hide steep investment
losses that began in approximately 1990.  Speaking at a press
conference, the Company's President, Shuichi Takayama, confessed
that "[w]e have conducted extremely improper accounting" and that
"[o]ur previous statements were in error."

The Company's admission, released just prior to the opening of
trading on the Tokyo Stock Exchange, where Olympus's common stock
is traded, sent shares spiraling downward by 29% over the prior
day's close to JPY734 (or $9.40).  The Company's American
Depository Receipts also plummeted on the news, losing 31%
compared to the prior day's close of $13.72.  Since mid-October
when Mr. Woodward's allegations first surfaced, the Company's
stock has lost approximately 70% of its market value.

Amidst the growing accounting scandal that could be one of the
largest in corporate history, the TSE has indicated that the
Company's shares could be de-listed.  In addition, the Japanese
Securities and Exchange Surveillance Commission is said to be
investigating along with the U.S. Federal Bureau of
Investigation, and the U.S. Securities and Exchange Commission.

                        About Olympus Corp.

Based in Japan, Olympus Corporation (TYO:7733) --
http://www.olympus-global.com/-- manufactures and sells medical
products, life and industrial products, imaging products,
information communication products and other products.  As of
March 31, 2011, the Company has 188 subsidiaries and 11
associated companies.


OLYMPUS CORP: Auditor Ernst & Young to Probe Audit of Accounting
----------------------------------------------------------------
Bloomberg News reports that an Ernst & Young ShinNihon LLC
committee will determine whether there were auditing problems or
lapses in judgment in its probe on the coverup of a $1.7 billion
fraud at Olympus Corp.

According to Bloomberg, ShinNihon said Dec. 8 that it formed a
committee to investigate its audit of Olympus and verify an
internal probe that found nothing wrong.  "We will look into
whether there were problems in the accounting process for
acquisitions and also judgments made in auditing," Bloomberg
quotes Toshifumi Takada, a panel member and economics professor
at Tohoku University in Miyagi, northern Japan, as saying.

Bloomberg notes that Olympus is investigating about 70 executives
to answer queries over losses and transactions for acquisitions,
including US$687 million in payments to advisers in the purchase
of Gyrus Group Plc in 2008 and stake writedowns in three other
takeovers.  The camera maker set up a special panel in November
to conduct a probe after former Chief Executive Officer Michael
Woodford revealed the coverup costing JPY135 billion, the report
relates.

Nobuo Gohara, a lawyer and committee member, said the ShinNihon
committee plans to ask KPMG Azsa LLC, Tokyo=based Olympus' former
auditors, to cooperate with its probe, says Bloomberg.  The
committee intends to release an interim report by Dec. 31 and a
full account by the end of February, Mr. Gohara, as cited by
Bloomberg, said.

                  Securities Investment Scandal

The Troubled Company Reporter-Asia Pacific reported on Nov. 9,
2011, that Block & Leviton LLP, a Boston-based law firm
representing investors seeking to recover money lost due to
investment fraud, said it is investigating possible securities
fraud claims involving Olympus Corp.

On Oct. 14, 2011, Olympus's Board of Directors fired the
Company's then-President and Chief Executive Officer, Michael
Woodford, after Mr. Woodford attempted to force an inquiry into
Olympus's acquisition of British medical device maker Gyrus in
2008.  At issue were the $687.0 million in advisory fees paid to
a relatively obscure financial firm in relation to the
acquisition.  The fees were approximately one-third of the $2.0
billion acquisition price, which is almost 30 times higher than
normal.

On Nov. 8, 2011, the Company admitted to an accounting cover-up,
stating that the advisory fees paid in connection with the Gyrus
deal and other acquisitions were used to hide steep investment
losses that began in approximately 1990.  Speaking at a press
conference, the Company's President, Shuichi Takayama, confessed
that "[w]e have conducted extremely improper accounting" and that
"[o]ur previous statements were in error."

The Company's admission, released just prior to the opening of
trading on the Tokyo Stock Exchange, where Olympus's common stock
is traded, sent shares spiraling downward by 29% over the prior
day's close to JPY734 (or $9.40).  The Company's American
Depository Receipts also plummeted on the news, losing 31%
compared to the prior day's close of $13.72.  Since mid-October
when Mr. Woodward's allegations first surfaced, the Company's
stock has lost approximately 70% of its market value.

Amidst the growing accounting scandal that could be one of the
largest in corporate history, the TSE has indicated that the
Company's shares could be de-listed.  In addition, the Japanese
Securities and Exchange Surveillance Commission is said to be
investigating along with the U.S. Federal Bureau of
Investigation, and the U.S. Securities and Exchange Commission.

                        About Olympus Corp.

Based in Japan, Olympus Corporation (TYO:7733) --
http://www.olympus-global.com/-- manufactures and sells medical
products, life and industrial products, imaging products,
information communication products and other products.  As of
March 31, 2011, the Company has 188 subsidiaries and 11
associated companies.


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


NATIONAL FINANCE: Ex-Boss Pleads Guilty of Misleading Investors
---------------------------------------------------------------
The New Zealand Herald reports that former National Finance 2000
Ltd director Trevor Allan Ludlow has pleaded guilty to eight
charges of misleading investors and making false financial
statements.

Mr. Ludlow, along with fellow directors Carol Braithwaite and
Anthony Banbrook, was accused of making untrue statements in the
registered prospectus for National Finance 2000 Limited dated
Sept. 22, 2005.

The single charge under the Securities Act was brought by the
Financial Markets Authority and carries a maximum penalty of five
years' imprisonment or fines of up to NZ$300,000.

The report relates that Mr. Ludlow told the High Court Tuesday
that there was 'nothing to do' in Mt Eden prison and that he was
trying to change his accommodation.

Although Mr. Ludlow's lawyer Grant Collecutt requested that
Mr. Ludlow's sentencing take place on Friday, the FMA said it
would be more appropriate for sentencing to take place in the
New Year, the report notes.

Mr. Ludlow will be sentenced on January 26 next year.

As reported in the Troubled Company Reporter-Asia Pacific
Oct. 21, 2011, former director of National Finance 2000 Limited
Trevor Allan Ludlow was sentenced to six years imprisonment in
the Auckland District Court on Oct. 20, 2011, after being found
guilty of false accounting and theft by a person in a special
relationship.  Mr. Ludlow was also found guilty of seven charges
under the Crimes Act in July, following an investigation by the
Serious Fraud Office.  Mr. Ludlow was found to have breached the
terms of the Trust Deed under which National Finance operated,
defrauding investors of an estimated NZ$3.5 million.  This
included approximately NZ$2.7 million of unauthorized or
unsecured advances made to his Payless Car group of companies; as
well as undisclosed related party transactions totalling over
NZ$800,000 to an audio company; a property in Fiji; and land
purchased for another company he owned.

                      About National Finance

National Finance 2000 Ltd., whose core business was car finance,
was placed in receivership in May 2006, owing 2,000 investors
NZ$21 million.  Trevor Allan Ludlow was the sole shareholder and
a director of the company.  John Gray was employed by the company
as an accountant.

After considering a complaint received from the Receiver,
PricewaterhouseCoopers, the Serious Fraud Office determined that
an investigation into the affairs the National Finance 2000
Limited may disclose serious or complex fraud.  An investigation
under Part One of the Serious Fraud Office Act was commenced on
June 30, 2006.  This was elevated to a Part Two investigation on
May 8, 2007.

Charges were laid against Trevor Allan Ludlow and John Gray in
October 2009.


NZF GROUP: Shareholders Approve Sale of Home-Loan Business
----------------------------------------------------------
BusinessDay.co.nz reports that the shareholders of NZF Group on
Dec. 12 approved the sale of a majority stake in its home-loan
business to Australian financier Resimac.

According to the report, following a brief special general
meeting in Auckland, shareholders have agreed to NZF transferring
all the shares in NZF Homeloans and NZF Securitisation to Resimac
New Zealand Home Loans (RNZHL), a subsidiary of non-bank lender
Resimac.

In exchange, the company gets a 20% stake in RNZHL and the
transaction also releases NZ$5.23 million in cash for ongoing
investment opportunities, BusinessDay.co.nz says.

BusinessDay.co.nz notes that an independent report by Campbell
MacPherson found the benefits of the deal outweighed the
negatives, including the release of cash "trapped" as equity in
wholesale loan facilities provided by Westpac.

The independent report, as cited by BusinessDay.co.nz, said NZF
had been struggling recently due to a number of factors flowing
from the collapse of the finance company sector and the global
financial crisis.

Of the total proceeds from the deal, NZ$0.9 million would be paid
to finance company subsidiary NZF Money, BusinessDay.co.nz adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 17, 2011, Chief executive Mark Thornton said NZF Group made
a loss of NZ$4.8 million in the 2011 financial year, an
"extremely difficult" period for the company.  This followed a
NZ$4.5 million loss the previous year.  The removal of the Crown
Retail Deposit Guarantee Scheme in October 2010 saw NZF's
debenture stock funding plummet from NZ$63.7 million to
NZ$20.8 million.  In July, NZF was forced to call the receivers
into its finance company subsidiary NZF Money after a failed
transaction pushed its cash position to critical levels.
BusinessDay.co.nz related that receivers KordaMentha said in
their first report released in September that debenture holders
owed NZ$16.4 million are likely to face a shortfall.  According
to the report, NZF has written the carrying value of NZF Money
down to nothing, and this will result in a loss on discontinued
operations of NZ$10.7 million in the current year's financial
statements.

                         About NZF Group

NZF Group Limited (NZE:NZF)-- http://www.nzf.co.nz/-- is a
provider of financial services.  The Company provides a
diversified range of services including investment, lending,
insurance and mortgage broking. NZF operates in four divisions:
property finance, home loans, consumer finance and financial
services distribution.


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


GLOBALFOUNDRIES SINGAPORE: S&P Withdraws BB Corp. Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'BB' corporate
credit rating, 'BB' senior unsecured rating, and all issue-level
ratings on GLOBALFOUNDRIES Singapore Pte. Ltd., at the issuer's
request. GLOBALFOUNDRIES Singapore is a direct subsidiary of
unrated and privately owned GLOBALFOUNDRIES.


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


TRADE FINANCE: Fitch Affirms National Long-Term Rating at 'BB+'
---------------------------------------------------------------
Fitch Ratings Lanka has affirmed Trade finance and Investments's
National Long-Term rating at 'BB+(lka)'. The Outlook is Stable.

The rating factors in TFI's strong asset quality, capitalization,
and profitability metrics for a small-sized registered finance
company (RFC).  The rating is, however, constrained by its narrow
product diversity, comprising mainly hire purchase and leases,
and limited funding sources.

A rating upgrade may occur if TFI increases its funding and
product diversity, while maintaining sound asset quality,
liquidity and profitability.  A rating downgrade may occur if TFI
is unable to change its asset mix (reducing exposure to two-
stroke three-wheelers) and its profitability and asset quality
deteriorate significantly relative to peers.

TFI's loan book grew by 34% for the six months ended September
2011 (H112) and 37% in FY11 as the demand for vehicle leases
increased in the post-war economy.  In addition, the company
increased its network by opening a branch in Jaffna, which will
provide access to a new clientele.

Advances in arrears over three months/gross loans ratio improved
to 10.2% in H112 from 16.3% at FYE11.  Its non-performing loan
ratio (which is the regulatory level for provisioning) also
improved to 2.9% at end-H112 from 4.7% at end-FY11.  This ratio
compared well with peers, and was mainly driven by concerted
recoveries and loan growth.

Strong capitalization is indicated by TFI's significantly high
equity-to-asset ratio of 57% in H112, compared with the sector
average of 16%.  Its internal capital generation has been strong
in light of its strong profitability with net interest margins at
20.1% (annualized) for H112 (FYE11: 18.7%).  The company has
planned additional branch expansions from 2012 onwards;
therefore, Fitch expects cost/average assets to increase (H112:
5.6% (annualized)).

TFI's liquidity ratio was well above sector at 43% at H112.
Given the company's ongoing deposit mobilisation plans for new
branches, Fitch expects its liquidity ratios to reduce from
historical averages in the near term, but remain above the sector
average of 20%, as the company funds loan growth at the branches.
However, Fitch expects TFI to normalize its loan/deposit ratios
at each branch as deposit mobilisation occurs at the branch
level.  Currently majority of TFI's deposits, which accounted for
37% of total assets as at H112, are primarily from related
parties (H112: 62%).

Incorporated in 1978, TFI is an RFC. It has been in operation for
33 years and is currently run by the owners of Jetwing Group (the
Cooray family), with over 75% stake.  TFI was listed in the Stock
Exchange in September 2011 and currently has an asset base of
LKR739m.  It operates through three branches -- one each in
Colombo, Jaffna and Kilinochchi, and has a staff strength of 29.


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


TAISHIN FINANCIAL: Fitch Affirms Individual Rating at 'C'
---------------------------------------------------------
Fitch Ratings has affirmed Taishin Financial Holdings Company's
and principal operating subsidiary Taishin International Bank's
ratings.  Simultaneously, the agency has assigned ratings to
Taishin Securities Co., Ltd.  TIB and TSS are wholly-owned
subsidiaries of TFHC.

TIB's Issuer Default Ratings, National Ratings and Viability
Rating reflect its well-established domestic consumer banking
franchise, sound asset quality as well as adequate liquidity and
capitalization.  The ratings are constrained by TIB's moderate-
sized franchise and somewhat concentrated loan portfolio.  Fitch
expects TIB's financial performance to remain stable in 2012,
underpinned by the reduced risk profile of its credit portfolio.
Nonetheless, the agency may consider negative rating action if
the bank pursues rapid growth in lending and further
concentration in riskier exposures that lead to notable
deterioration in asset quality and core capitalization.  TIB's
Support Rating of '3' and Support Rating Floor of 'BB+' reflect
Fitch's expectation of moderate state support in case of need,
given the bank's systemic importance in Taiwan.

TFHC's ratings are mostly driven by the credit profile of TIB.
Any changes in TIB's ratings most likely would have a similar
effect on TFHC.  TFHC's IDRs and National ratings are rated one
notch below TIB's, reflecting its reduced but still high
leverage.  Meanwhile, any aggressive investments or acquisitions
by TFHC leading to significant weakening of the group's
consolidated financial strength will pressure TFHC's and TIB's
ratings.  On the other hand, Fitch may consider equalising TFHC
and TIB's ratings if TFHC significantly reduces its leverage.
Although there has been no precedent of the government supporting
a holding company, Fitch believes TFHC would benefit indirectly
from any government support provided to TIB.

The ratings of TSS reflect its status as an integral part of
TFHC.  TSS's IDRs and National ratings are rated one notch lower
than TIB's to reflect Fitch's view that in a stressed economic
environment TIB's propensity and available resources to support
TSS may be reduced.  Any rating action on TFHC and TIB could
trigger a similar move on TSS. A significant reduction in TSS's
strategic importance to the group could also trigger a rating
action on TSS.

Prospects for loan growth at TIB are likely to be subdued given
rising risks to the global economy and moderating domestic
economic activity.  At end-September 2011, TIB had limited non-
performing loans and accumulated reasonably strong loan loss
reserves at 1.09% of total loans.  Concentration on the property
market (45% of total credit) and technology sector (17% of total
credit) may expose the bank to asset quality deterioration.
Nonetheless, TIB's improved underwriting practices, generally
conservative loan-to-value ratios and low proportion of high-risk
mortgages provide some mitigation.

TFHC's cash position is more than sufficient to cover its
standalone short-term liabilities and interest and preferred
shares dividend obligations.  Moreover, TIB's liquidity profile
has improved moderately in 2008-9M11, as evidenced by a rising
share of retail demand deposits, although it is still not as
strong as the leading commercial banks in Taiwan.  TSS has sound
liquidity and mostly funds its operations with its own capital.

TFHC's asset sales and improved earnings have helped lower its
financial leverage.  TFHC's double leverage declined to 123% at
end-June 2011 based on Fitch's eligible capital calculations,
from 158% at end-June 2009.  It had a statutory sum-of-parts
capital adequacy ratio of 127% against the regulatory minimum of
100%, reflecting sound capitalisation among its subsidiaries.
TIB's Tier 1 capital ratio was adequate at 9% at end-H111. Fitch
considers TIB's capital buffer as appropriate to withstand a
sharp increase in credit costs.  TSS has a small but sound
balance sheet with only limited leverage.

TFHC's subordinated bonds are rated two notches below its
National Long-Term rating, in line with Fitch's current rating
criteria and notching practice for such performing securities.
Any change in Fitch's appraisal of the loss-bearing features of
such instruments could impact the ratings.

TFHC is a bank-centric financial holding company with two bank
subsidiaries -- TIB and Chang Hwa Bank ('BBB+'/Stable, 22.55%
owned) -- and was the fourth-largest of 15 domestic financial
holding companies by consolidated assets.  TIB is the 14th
largest bank in Taiwan by assets and deposits, with a market
share of 2.9% in deposits. TSS is a small securities company in
Taiwan.

Taishin Financial Holdings Company (TFHC):

  -- Long-Term Foreign Currency IDR affirmed at 'BBB'; Outlook
     Stable

  -- Short-Term Foreign Currency IDR affirmed at 'F3'

  -- National Long-Term rating affirmed at 'A+(twn)'; Outlook
     Stable

  -- National Short-Term rating affirmed at 'F1(twn)'

  -- Viability Rating affirmed at 'bbb'

  -- Individual Rating affirmed at 'C'

  -- Support Rating affirmed at '5'

  -- Subordinated debt rating affirmed at 'A-(twn)'

Taishin International Bank (TIB):

  -- Long-Term Foreign Currency IDR affirmed at 'BBB+'; Outlook
     Stable

  -- Short-Term Foreign Currency IDR affirmed at 'F2'

  -- National Long-Term rating affirmed at 'AA-(twn)'; Outlook
     Stable

  -- National Short-Term rating affirmed at 'F1+(twn)'

  -- Viability Rating affirmed at 'bbb+'

  -- Individual Rating affirmed at 'C'

  -- Support Rating affirmed at '3'

  -- Support Rating Floor affirmed at 'BB+'

Taishin Securities Co., Ltd (TSS):

  -- Long-Term Foreign Currency IDR assigned at 'BBB'; Outlook
     Stable

  -- Short-Term Foreign Currency IDR assigned at 'F3'

  -- National Long-Term rating assigned at 'A+(twn)'; Outlook
     Stable

  -- National Short-Term rating assigned at 'F1(twn)'


==============
V I E T N  A M
==============


VIETNAM SHIPBUILDING: Elliott Advisers Sue Over Interest Default
----------------------------------------------------------------
Isabella Steger and Alison Tudor at The Wall Street Journal
report that U.S. hedge fund Elliott Advisers LP is suing
Vietnamese state-run shipbuilder Vinashin in the U.K. High Court.

According to a filing seen by The Wall Street Journal, served in
late November, Elliott is suing for par value of its investment,
together with unpaid interest and default interest totaling
US$13.2 million.

The Journal relates that the filing said 22 of the subsidiaries
of Vietnam Shipbuilding Industry Corporation or Vinashin were the
original guarantors of the loan, and are named as defendants in
the case.  Four of the subsidiaries were transferred to two other
state-owned enterprises - Vietnam Oil and Gas Group and Vietnam
National Shipping Corporation - as part of a restructuring in mid-
2010 amid a police investigation into fraud at the company, the
Journal says.  The terms of the loan prohibit Vinashin from
transferring assets without the consent of lenders.

According to the news agency, a person familiar with the matter
said even after the restructuring, investors were "confident"
Vinashin would make good on the first payment last December
because of a letter of support sent by the government in
March 2007 to investors explicitly backing the repayment of the
loan.  That guarantee led Standard & Poor's Rating Services to
assign the same credit rating to Vinashin as it had on Vietnam's
sovereign debt.

That guarantee was "the only reason why foreign investors
invested in the facility," given Vinashin's lack of track record
and massive debt, the Journal's source said.


The government has said Vinashin's debt are not the
responsibility of the state.

Vinashin, whose debts of more than US$4 billion pushed it to the
brink of bankruptcy, in December 2010 reportedly defaulted on the
first US$60 million installment of a US$600 million loan arranged
by Credit Suisse in 2007.

Vinashin got a US$600 million loan in 2007 from banks led by
Credit Suisse Group AG that paid interest of 1.5 percentage
points more than the London interbank offered rate, according to
data compiled by Bloomberg.  While it made a US$6.8 million
interest payment on Dec. 23, 2010, the company missed a Dec. 20,
2010, deadline to make a US$60 million principal payment and
asked lenders for a one-year extension, Bloomberg related.

Vietnam Shipbuilding Industry Group is a state-owned shipbuilding
company.


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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

April 3-5, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        Grand Hyatt Atlanta, Atlanta, Ga.
           Contact: http://www.turnaround.org/

Apr. 19-22, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Annual Spring Meeting
        Gaylord National Resort & Convention Center,
        National Harbor, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Workshop
        The Ritz-Carlton Amelia Island, Amelia Island, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 2-4, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hyatt Regency Chesapeake Bay, Cambridge, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

November 1-3, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Westin Copley Place, Boston, Mass.
           Contact: http://www.turnaround.org/

Nov. 29 - Dec. 2, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Winter Leadership Conference
        JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
           Contact: 1-703-739-0800; http://www.abiworld.org/

April 10-12, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        JW Marriott Chicago, Chicago, Ill.
           Contact: http://www.turnaround.org/

October 3-5, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Marriott Wardman Park, Washington, D.C.
           Contact: http://www.turnaround.org/


                             *********

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, Psyche A. Castillon, Ivy B.
Magdadaro, Frauline S. Abangan, and Peter A. Chapman, Editors.

Copyright 2011.  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
Christopher Beard at 240/629-3300.





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