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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, January 18, 2012, Vol. 15, No. 13

                            Headlines


C H I N A

AMERICAN NANO: Friedman LLP Raises Going Concern Doubt
CDC CORP: Judge Rejects Request for Trustee to Take Control
EVERGREEN ENERGY: Fails to Obtain Funds, May File for Bankruptcy
SPG LAND: S&P Lowers Corporate Credit Rating to 'B' on Weak Sales


H O N G  K O N G

S & B: Placed Under Voluntary Wind-Up Proceedings
SPEYMILL PROPERTY: Corkhill and Bruce Appointed as Liquidators
STANDARD UNION: Pang Siu Chik Alick Appointed as Liquidator
TOP BOND: Members' Final Meeting Set for Feb. 14
TREASURE PATH: Cheng and Lee Appointed as Liquidators

WELL SOUND: Wong Ting Hei Jennings Appointed as Liquidator


I N D I A

BAGH BAHAR: Fitch Puts National Long-Term Rating at 'BB-'
BINJUSARIA SPONGE: CRISIL Puts CRISIL BB+ Rating on INR30MM Loan
BINJUSARIA METAL: CRISIL Puts 'CRISIL B+' Rating on INR30MM Loan
GADRE MARINE: CRISIL Assigns 'CRISIL BB-' Rating to INR20MM Loan
KINGFISHER AIRLINES: Unpaid Pilots May Call in Sick

KINGFISHER AIRLINES: Loses Market Share; Now Ranks Fifth
RAMPRASAD TUBES: CRISIL Reaffirms 'CRISIL B+' Cash Credit Rating
SAI ENTERPRISE: CRISIL Rates INR200MM Cash Credit at 'CRISIL B+'
SUPREME COATED: CRISIL Upgrades Rating on INR190MM Loan to 'BB+'
UNIVERSAL LEATHER: CRISIL Puts 'CRISIL B' Rating on INR9.3MM Loan

VIBGYOR AUTOMOTIVE: CRISIL Puts CRISIL B+ Rating on INR14MM Loan
VISUAL TECHNOLOGIES: CRISIL Cuts Rating on INR70MM Loan to 'BB+'
WRITER LIFESTYLE: CRISIL Puts 'CRISIL BB' Rating on INR960MM Loan


J A P A N

OLYMPUS CORP: Panel Finds 5 Auditors Responsible, Clears KMPG
OLYMPUS CORP: Shareholder Sues Ex-Chairman, 13 Other Execs
SUMITOMO MITSUI: Fitch Affirms Individual Rating at 'C'


N E W  Z E A L A N D

SOUTH CANTERBURY: Top Lawyers to Defend Five Accused of Fraud
ZION WILDLIFE: Receivers Get Offer to Buy Park


P H I L I P P I N E S

DEVELOPMENT BANK: Fitch Affirms 'BB+' Issuer Default Ratings
RIZAL COMMERCIAL: Fitch Rates Proposed Senior Notes at 'BB-(exp)'


S I N G A P O R E

CAMBURY PTE: Creditors' Proofs of Debt Due Jan. 27
CWE AIRSEA: Creditors' Proofs of Debt Due Jan. 31
FARQUSON PTE: Court to Hear Wind-Up Petition Jan. 27
HILCO SINGAPORE: Creditors' Proofs of Debt Due Feb. 10
IUT GLOBAL: Creditors' Proofs of Debt Due Jan. 27

JIN LI: Court Enters Wind-Up Order


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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C H I N A
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AMERICAN NANO: Friedman LLP Raises Going Concern Doubt
------------------------------------------------------
American Nano Silicon Technologies, Inc., filed on Jan. 13, 2012,
its annual report on Form 10-K for the fiscal year ended
Sept. 30, 2011.

Friedman LLP, in Marlton, New Jersey, expressed substantial doubt
about American Nano Technologies' ability to continue as a going
concern.  The independent auditors noted that the Company
suspended its operations in May 2011.  In addition, the Company
has suffered negative cash flows for the year ended Sept. 30,
2011, and has a net working capital deficiency as of Sept. 30,
2011.

The Company suspended manufacturing operations in May 2011 as
part of an effort to relocate its production facilities.  It
resumed limited production on Jan. 2, 2012, in its new
facilities.  "The current cash and inventory level will not be
sufficient to support the Company's resumption of its normal
operations and repayments of the loans," the Company said in the
filing.

The Company reported net income of $3.4 million on $16.1 million
of revenues for fiscal 2011, compared with a net loss of
$4.3 million on $23.4 million of revenues for fiscal 2010.

The Company's balance sheet at Sept. 30, 2011, showed
$23.0 million in total assets, $9.3 million in total liabilities,
and stockholders' equity of $13.7 million.

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

                        http://is.gd/LUrArp

Sichuan, China-based American Nano Silicon Technologies, Inc., is
a nano-technology chemical manufacturer.  It manufactures and
markets "Micro Nano Silicon(TM)" in China.  Micro Nano Silicon is
an ultra fine crystal that can be utilized as a non-phosphorous
additive in detergents, as an accelerant additive in cement, as a
flame retardant additive in rubber and plastics and as a pigment
for paint.


CDC CORP: Judge Rejects Request for Trustee to Take Control
-----------------------------------------------------------
A bankruptcy judge in the U.S. decided that Hong Kong-based
technology provider CDC Corp. could reorganize its finances under
the direction of its new chief restructuring officer.

The Hon. Paul W. Bonapfe of the U.S. Bankruptcy Court for the
Northern District of Georgia denied the request for the
appointment of a trustee despite accusations by a court watchdog
and hedge fund that had argued that the executive was a puppet
controlled by the Debtor's temporarily suspended chief executive.

The Court also approved a stipulation providing that:

   -- Finley, Colmer and Company and its designee Marcus A.
      Watson to serve as chief restructuring officer and to
      perform the duties set forth in a second amended agreement
      dated Dec. 22, 2011; and

   -- the Debtor's exclusive period will expire or be deemed
      lifted, without further notice, hearing or order of the
      Court, on the earliest of:

      (i) Jan. 31, 2012;

     (ii) the filing by the Debtor of a Section 363 motion to
          sell all of the Debtor's interest in CDC Software (or a
          sufficient amount of such interest to result in
          consideration to the estate in an amount that will
          exceed the full amount owing to all creditors); or

    (iii) the Debtor's filing of a Chapter 11 plan of
          reorganization or liquidation.

The U.S. Trustee, as well as Evolution CDC SPV Ltd., Evolution
Master Fund Ltd., SPC, Segregated Portfolio, and E1 Fund Ltd.,
filed motions for appointment of a Chapter 11 trustee.

                          About CDC Corp

Based in Atlanta, CDC Corp. (Nasdaq: CHINA) --
http://www.cdccorporation.net/-- is the parent company of CDC
Software (Nasdaq: CDCS).  CDC Software is based dually in
Shanghai, China, and Atlanta and produces enterprise software
applications, IT consulting services, outsourced applications
development and IT staffing.  The company's owners include Asia
Pacific Online Ltd., Xinhua News Agency and Evolution Capital
Management.

CDC Corporation, doing business as Chinadotcom, filed a Chapter
11 petition (Bankr. N.D. Ga. Case No. 11-79079) on Oct. 4, 2011.
James C. Cifelli, Esq., at Lamberth, Cifelli, Stokes & Stout, PA,
in Atlanta, Georgia, serves as counsel.  Moelis & Company LLC
serves as its financial advisor and investment banker.  Marcus A.
Watson at Finley Colmer and Company serves as chief restructuring
officer.  The Debtor estimated assets and debts at $100 million
to $500 million as of the Chapter 11 filing.


EVERGREEN ENERGY: Fails to Obtain Funds, May File for Bankruptcy
----------------------------------------------------------------
Evergreen Energy Inc. was notified by its China joint venture,
Evergreen-China Energy Technology Co., Ltd., that the joint
venture executed a Coal Upgrading Factory Project Cooperation
Agreement on Dec. 22, 2011, with a Chinese coal mining company.
The Cooperation Agreement provides for the testing of lignite
from a site in Inner Mongolia and for the Chinese coal mining
company to provide land, obtain permits for a K-Fuel facility
with annual capacity of one million tons per year, and for
providing feedstock and certain railroad transportation capacity.

The Cooperation Agreement requires that the Company and its joint
venture partners raise, directly or through third parties, the
estimated $40 million to $50 million required for the design and
construction of the K-Fuel facility.  In addition, the
Cooperation Agreement provides that the lignite must meet certain
upgrading and storage requirements, with testing to be performed
in China.  The Company does not have the capital to invest in the
facility and it is also the Company's understanding from
discussions with the other parties to the joint venture that they
do not have the capital to invest in the facility.  One of the
joint venture partners has indicated that a reputable party in
China has been in discussions about investing some of the capital
and serving as co-developer of the K-Fuel facility.  The identity
of that party has not been disclosed and the joint venture
partner has confirmed that no agreement has been reached at this
time.

The Cooperation Agreement does not provide for royalties or any
license fee to be paid to the joint venture or the Company.
Furthermore, the Cooperation Agreement does not provide cash flow
to the Company or its subsidiaries and neither the joint venture
nor its partners will provide financing to the Company.

The terms of the joint venture agreement provide that either
party may terminate the joint venture if, by Dec. 31, 2011, the
joint venture has not executed a "Commercial Agreement" with a
project owner as a sub-licensee of a K-Fuel Plant within China.
The Company does not believe the Cooperation Agreement
constitutes the required "Commercial Agreement."

The Company has been working with its joint venture partners to
extend the time period with which the joint venture may comply
with the Commercial Agreement requirements, to provide cash to
the Company and to address a few other issues of concern.  These
efforts concluded on Jan. 11, 2012, and were unsuccessful.
Accordingly, the Company's board is evaluating whether it should
terminate the Joint Venture Agreement pursuant to its terms in
order to preserve rights to the K-Fuel technology for the Company
in China.

The Company remains unable to obtain additional financing and,
given its current financial condition, there is substantial doubt
that the Company will be able to continue operations.  The
Company continues to consider its remaining strategic
alternatives, including a bankruptcy filing.

                       About Evergreen Energy

Evergreen Energy Inc. has developed two, proprietary, patented,
and green technologies: the GreenCert(TM) suite of software and
services and K-Fuel(R).  GreenCert, which is owned exclusively by
Evergreen, is a science-based, scalable family of environmental
intelligence solutions that quantify process efficiency and
greenhouse gas emissions from energy, industrial and agricultural
sources and may be used to create verifiable emission reduction
credits.  K-Fuel technology significantly improves the
performance of low-rank coals, yielding higher efficiency and
lowering emissions.

The Company reported a net loss of $21.02 million on $403,000 of
total operating revenue for the year ended Dec. 31, 2010,
compared with a net loss of $58.53 million on $423,000 of total
operating revenue during the prior year.

The Company also reported a net loss of $6.83 million on $325,000
of total operating revenue for the nine months ended Sept. 30,
2011, compared with a net loss of $18 million on $303,000 of
total operating revenue for the same period a year ago.

The Company's balance sheet at Sept. 30, 2011, showed
$20.25 million in total assets, $18.86 million in total
liabilities, and $1.38 million in total stockholders' equity.

Hein & Associates LLP, in Denver, Colo., expressed substantial
doubt about Evergreen Energy's ability to continue as a going
concern.  The independent auditors noted that the Company has
suffered recurring losses from operations and has had recurring
cash used in operations.


SPG LAND: S&P Lowers Corporate Credit Rating to 'B' on Weak Sales
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on China-based property developer SPG
Land Holdings Ltd. to 'B' from 'B+'. "The outlook is negative. We
also lowered the issue rating on the company's senior unsecured
notes to 'B-' from 'B'. At the same time, we lowered our Greater
China credit scale ratings on SPG Land to 'cnB+' from 'cnBB', and
on the notes to 'cnB' from 'cnBB-'. We removed all the ratings
from CreditWatch, where they had been placed with negative
implications on Aug. 31, 2011," S&P said.

"We downgraded SPG Land because we expect the company's cash
flows to remain weak and its capital structure to deteriorate
over the next 12 months due to its poor execution of property
sales and a deepening market correction," said Standard & Poor's
credit analyst Frank Lu. "We also believe the risk of SPG Land
breaching its loan covenant is high for the next six to 12 months
due to very limited covenant headroom and weak sales."

"We expect SPG Land's contracted sales to remain weak in 2012 due
to the poor outlook for the property market, with subdued demand
due to continued purchase restrictions in China. The company's
contracted sales of Chinese renminbi (RMB) 3.2 billion in 2011, a
50% decline from 2010, were materially below our expectation. In
our view, policy tightening has had a greater effect on SPG
Land's sales than on some similarly rated peers. This is largely
due to the company's high concentration in high-end projects and
in cities with purchase restriction, limited scale, and execution
risks outside its home market of Shanghai," S&P said.

"Another covenant breach could cause SPG Land's liquidity to
deteriorate fast because of potential debt acceleration. As of
June 30, 2011, the company has breached certain covenants under
its Hong Kong dollar (HK$) 500 million offshore loan. SPG Land
obtained a waiver from its lender before the end of 2011.
However, the company's headroom under the revised covenant
remains very limited in the next six to 12 months, in our
opinion," S&P said.

"We expect SPG Land's financial performance to deteriorate in the
next one to two years due to continued weak sales and high debt,"
said Mr. Lu. "The company will likely increase debt to finance
construction and land premium payments."

"SPG Land's liquidity is less than 'adequate', as defined in our
criteria. We believe the company's liquidity sources may not be
sufficient to cover liquidity uses in 2012. Nevertheless, SPG
Land's brand recognition and market position in its core markets
are rating strengths. The company also benefits from some
geographic and product diversity," S&P said.

"The negative outlook reflects our view that SPG Land's financial
strength could deteriorate further due to continued weak sales.
We expect the company's cash flows and capital structure to
reflect a highly leveraged financial risk profile. For example,
we forecast the company's EBITDA interest coverage at less than
2x in 2012," S&P said.

"We could lower the rating if: (1) SPG Land's sales in the first
half of 2012 are weak, at less than RMB2 billion, with no signs
of improving; or (2) the company's leverage further deteriorates
due to poor sales, such that the headroom on its financial
covenants narrows further in 2012. A technical breach could
trigger the repayment of SPG Land's loan and accelerate an early
repayment of the company's outstanding bond," S&P said.

"We may revise the outlook to stable if SPG Land's property sales
and liquidity improve. We could also revise the outlook if the
company's financial flexibility, including headroom in its
financial covenant, increases. SPG Land's flexibility could
improve if it lowers debt or pays off the covenant-tight offshore
loan," S&P said.


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H O N G  K O N G
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S & B: Placed Under Voluntary Wind-Up Proceedings
-------------------------------------------------
At an extraordinary general meeting held on Jan. 3, 2012,
creditors of S & B Chemicals Limited resolved to voluntarily wind
up the company's operations.

The company's liquidator is:

         Luk Sai Yan
         12/F, No. 3 Lockhart Road
         Wanchai, Hong Kong


SPEYMILL PROPERTY: Corkhill and Bruce Appointed as Liquidators
--------------------------------------------------------------
Thomas Andrew Corkhill and Iain Ferguson Bruce on Dec. 30, 2011,
were appointed as liquidators of Speymill Property Group (Far
East) Limited.

The liquidators may be reached at:

         Thomas Andrew Corkhill
         Iain Ferguson Bruce
         8th Floor, Gloucester Tower
         The Landmark
         15 Queen's Road
         Central, Hong Kong


STANDARD UNION: Pang Siu Chik Alick Appointed as Liquidator
-----------------------------------------------------------
Pang Siu Chik Alick on Jan. 6, 2012, was appointed as liquidator
of Standard Union Limited.

The liquidator may be reached at:

         Pang Siu Chik Alick
         Room 101, 1/F
         Tak Fung Building
         79-81 Connaught Road West
         Hong Kong


TOP BOND: Members' Final Meeting Set for Feb. 14
------------------------------------------------
Members of Top Bond Technology Limited will hold their final
meeting on Feb. 14, 2012, at 11:00 a.m., at 20/F, Fung House, at
No. 19-20 connaught Road Central, in Hong Kong.

At the meeting, Lee Yuen Han Hope, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


TREASURE PATH: Cheng and Lee Appointed as Liquidators
-----------------------------------------------------
Cheng Kwok Wai David and Lee Yuen Han Hope on Dec. 30, 2011, were
appointed as liquidators of Treasure Path Company Limited.

The liquidators may be reached at:

         Cheng Kwok Wai David
         Lee Yuen Han Hope
         20/F, Fung House
         No. 19-20 Connaught Road
         Central, Hong Kong


WELL SOUND: Wong Ting Hei Jennings Appointed as Liquidator
----------------------------------------------------------
Wong Ting Hei Jennings on Jan. 1, 2012, was appointed as
liquidator of Well Sound International Investment Limited.

The liquidator may be reached at:

         Wong Ting Hei Jennings
         Unit 406, Hua Qin International Building
         340 Queen's Road
         Central, Hong Kong


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BAGH BAHAR: Fitch Puts National Long-Term Rating at 'BB-'
---------------------------------------------------------
Fitch Ratings has assigned India's Bagh Bahar Appliances Private
Limited a National Long-Term rating of 'Fitch BB-(ind)'.  The
Outlook is Stable.

The ratings are constrained by BBAPL's inherently thin EBITDA
margins (FY11 (end-March 2011): 1.85%, FY10: 2.47%), low EBITDA
interest coverage (FY11: 2.20x) and high financial leverage (net
debt/EBITDA: 5.59x in FY11).  Margins declined in FY11 due to
increased contribution from the low-margin mobile handsets
division (FY11: 55%, FY10: 25%) to the total revenue (FY11:
INR23,776 million, up 96% yoy).  Management expects that there
will be an equal contribution from BBAPL's home appliances and
mobile handsets segments in the near-term.

The ratings are also constrained by the company's high working
capital intensity as reflected by its full utilisation of working
capital limits in FY11.

The ratings also factor in BBAPL's decade-long relationship with
its key supplier -Samsung India Electronics Private Limited, and
over 10 years of management experience in the distribution of
home appliances and mobile handsets.

Negative rating guidelines include appointment of additional
distributor by SIEL for consumer appliances and an EBITDA
interest coverage ratio of below 1.5x on a sustained basis.
Positive rating guidelines include an EBITDA interest coverage of
above 2.2x on a sustained basis.

BBAPL is a distributor of SIEL's home appliances in Pune and Goa,
and also a re-distributor of SIEL's mobile handsets in Pune Rural
district.  It had a total debt of INR261m as on 31 March 2011,
mainly consisting of working capital facilities.

Rating actions on BBAPL are as follows:

  -- National Long-Term rating assigned at 'Fitch BB-(ind)';
     Outlook Stable

  -- INR250m cash credit limit assigned at 'Fitch BB-(ind)'

  -- INR30m non-fund based facilities assigned at
     'Fitch A4+(ind)'


BINJUSARIA SPONGE: CRISIL Puts CRISIL BB+ Rating on INR30MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable/CRISIL A4+' ratings to
the bank facilities of Binjusaria Sponge and Power Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR30 Million Cash Credit       CRISIL BB+/Stable (Assigned)

   INR35 Million Proposed Cash     CRISIL BB+/Stable (Assigned)
    Credit Limit

   INR2.5 Million Proposed Bank    CRISIL A4+ (Assigned)
    Guarantee

   INR2.5 Million Bank Guarantee   CRISIL A4+ (Assigned)

The ratings reflect BSPPL's above-average financial risk profile,
marked by comfortable gearing, and healthy debt protection
metrics and the promoters' extensive industry experience in the
steel industry. These rating strengths are partially offset by
BSPPL's small scale of operations in an intensely fragmented
industry and susceptibility to customer concentration risks in
revenue profile. The ratings also factor in the susceptibility of
the company's operating margin to volatility in raw material
prices.

Outlook: Stable

CRISIL believes that BSPPL will benefit over the medium term from
the extensive industry experience of its promoters and its
healthy capital structure. The outlook may be revised to
'Positive' if the company scales up its operations and
profitability on a sustained basis, while maintaining its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if the company undertakes a large debt-funded capital
expenditure programme or in case of a sustained slowdown in the
end-user industries leading to a decline in revenues and
profitability or in case of any significant fund support to its
group entities, leading to weakening in its financial risk
profile.

                       About Binjusaria Sponge

BSPPL was incorporated in 2003 by Mr. Vinod Kumar Kedia and his
family members. The company manufactures sponge iron at its
manufacturing facilities in Mehboobnagar (Andhra Pradesh) with an
installed capacity of 30,000 tonnes per annum. The company
derives around 60 per cent of its revenues from the sale of
sponge iron to its group entity, Binjusaria Ispat Pvt Ltd (rated
'CRISIL BBB/Stable/CRISIL A3+'), which is managed independently.
BSPPL's day-to-day operations are managed by the promoter and his
sons, Mr. Hitesh Kumar Kedia and Mr. Sumeet Kumar Kedia. The
promoters also manage Binjusaria Metal Box Company, which
manufactures tin containers; the promoters also have other
business interests in education, jewellery, paper, and hotels.

BSPPL reported a profit after tax (PAT) of INR1.2 million on net
sales of INR184.0 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.2 million on net
sales of INR171.1 million for 2009-10.


BINJUSARIA METAL: CRISIL Puts 'CRISIL B+' Rating on INR30MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Binjusaria Metal Box Company.

   Facilities                     Ratings
   ----------                     -------
   INR30 Million Cash Credit      CRISIL B+/Stable (Assigned)
   INR30 Million Standby Line     CRISIL B+/Stable (Assigned)
    of Credit
   INR180-Mil. Letter of Credit   CRISIL A4 (Assigned)

The ratings reflect BMC's small scale of operations with exposure
to customer concentration risks in its revenue profile and to
intense competition from other substitutable products. These
rating weaknesses are partially offset by BMC's moderate
financial risk profile, marked by comfortable gearing and healthy
debt protection metrics, and partners' extensive experience in
the packaging industry.

Outlook: Stable

CRISIL believes that BMC will benefit over the medium term from
the extensive industry experience of its partners and healthy
capital structure. The outlook may be revised to 'Positive' in
case the firm scales up its operations and profitability on a
sustained basis, while maintaining its capital structure.
Conversely, the outlook may be revised to 'Negative' in case
BMC's revenues decline owing to reduced off take from its
customer, or in case the firm undertakes a large debt-funded
capital expenditure programme or if there is a large quantum of
capital withdrawn by the partners, leading to weakening in its
financial risk profile.

                      About Binjusaria Metal

BMC was set up as a partnership firm in 1964 by Mr. Banwarilal
Kedia and his family members. Until 2009-10 (refers to financial
year, April 1 to March 31), the firm was also engaged in high
seas trading of edible oils; currently, it only manufactures tin
containers that are used as packaging material such as tin
containers for coconut oil. Majority of BMC's revenues is derived
from sale of tin containers to Shalimar Chemical Works Ltd (rated
'CRISIL A/Stable'). BMC's day-to-day operations are managed by
Mr. Vinod Kumar Kedia (son of Mr. Banwarilal Kedia) and his sons,
Mr. Sumeet Kumar Kedia and Mr. Hitesh Kumar Kedia. The promoters
also manage Binjusaria Ispat Pvt Ltd (rated CRISIL BBB/Stable/
CRISIL A3+) and Binjusaria Sponge and Power Pvt Ltd, which
manufacture billets, thermo-mechanically treated bars, and sponge
iron, respectively.

BMC reported a profit after tax (PAT) of INR3.2 million on net
sales of INR51.4 million for 2010-11, as against a PAT of INR3.0
million on net sales of INR80.3 million for 2009-10.


GADRE MARINE: CRISIL Assigns 'CRISIL BB-' Rating to INR20MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the long
term loan and 'CRISIL A4+' rating to the foreign bill purchase
and standby line of credit facilities of Gadre Marine Export Pvt
Ltd (GMEPL; part of the Gadre group) and reaffirmed its rating on
GMEPL's other aforementioned bank facilities at 'CRISIL BB-
/Stable/CRISIL A4+'.

   Facilities                       Ratings
   ----------                       -------
   INR20.0 Million Long-Term Loan  CRISIL BB-/Stable (Assigned)

   INR113.0 Million Foreign
   Currency Term Loan
   (Reduced from INR217.0 Million) CRISIL BB-/Stable (Reaffirmed)

   INR87.0 Million Proposed Long-  CRISIL BB-/Stable
   Term Bank Loan Facility
   (Enhanced from INR23.0 Million)

   INR150.0 Million Foreign Bill   CRISIL A4+ (Assigned)
   Purchase

   INR120.0 Million Standby Line   CRISIL A4+ (Assigned)
   of credit

   INR270.0 Million Packing Credit CRISIL A4+
   (Enhanced from INR100.0 Mil)

   INR180.0 Million Foreign Bill   CRISIL A4+
   Discounting (Enhanced from
   INR130.0 Million)

   INR60.0-Mil. Letter of Credit   CRISIL A4+
    (Enhanced from INR20.0 Mil.)

   INR30.0 Million Bank Guarantee  CRISIL A4+
   (Enhanced from INR20.0 Million)

On Dec. 5, 2011, CRISIL had upgraded its rating on GMEPL's bank
facilities to 'CRISIL BB-/Stable/CRISIL A4+' from 'CRISIL B-
/Stable/CRISIL A4'.

The upgrade had factored in expected improvement in the Gadre
group's liquidity. The improvement in liquidity, which was driven
by healthy net cash accruals, had, however, been below
expectation. Cash accruals were supported by healthy revenue
growth and stable operating profitability. The upgrade also
factored in reduced liquidity pressure for the group - in the
past the group's liquidity problems had led to its loans being
rescheduled. The group's revenues increased at a healthy year-on-
year rate of 40 per cent to INR2.8 billion in 2010-11 (refers to
financial year, April 1 to March 31). Also, the group's operating
efficiency had improved, as one of its surimi processing units
was shifted to Veravel (Gujarat), which is closer to its
procurement centres, from Ratnagiri (Maharashtra). Moreover, the
upgrade also factored in improvement in the group's financial
risk profile, which was supported by a reduction in gearing and
moderate debt protection metrics, and the benefits that the group
was poised to reap from the improved demand outlook for its
products.

The ratings continue to reflect the benefits that the Gadre group
derives from its integrated operations and its promoters'
extensive industry experience, and the group's above-average
financial risk profile marked by moderate debt protection metrics
and high net worth. These rating strengths are partially offset
by the group's relatively high gearing, and exposure to risks
related to volatility in fish supply and to adverse changes in
government regulations.

For arriving at its ratings, CRISIL continues to combine the
business and financial risk profiles of GMEPL and Gadre Marine
Export. The two entities are together referred to herein as the
Gadre group. This is because the entities have common promoters,
and operational and financial linkages with each other, including
interchangeable fund flows.

Outlook: Stable

CRISIL believes that the Gadre group will continue to benefit
over the medium term from its promoters' extensive industry
experience. The group's operations are expected to remain
integrated and its financial risk profile is expected to remain
above average over the medium term, supported by moderate debt
protection metrics and high net worth. The outlook may be revised
to 'Positive' if the Gadre group reports a significant
improvement in its capital structure and improves its liquidity
further. Conversely, the outlook may be revised to 'Negative' if
the group's business risk profile is adversely impacted by the
on-going slowdown in its key markets, if there are delays in
realisation of receivables, or if the group undertakes larger-
than-expected debt-funded capital expenditure, thereby weakening
its capital structure.

                         About the Group

GMEPL, incorporated in 1994 by the Gadre family, manufactures and
exports seafood products such as surimi and surimi analogue. The
promoters entered the seafood business in 1978, by setting up
GME, a proprietorship concern. The surimi operations were
initially under GME; they were transferred to GMEPL in 2007-08
(refers to financial year, April 1 to March 31). GME now
processes various kinds of fish, packs these in whole and dressed
forms, and exports these in frozen condition. The group has its
manufacturing facilities in Ratnagiri and Veravel.

GMEPL reported a profit after tax (PAT) of INR60.2 million on net
sales of INR2.6 billion for 2010-11, against a profit after tax
of INR23.7 million on net sales of INR1.9 billion for 2009-10.


KINGFISHER AIRLINES: Unpaid Pilots May Call in Sick
---------------------------------------------------
The Wall Street Journal's livemint.com reports that several
pilots of Kingfisher Airlines Ltd have threatened to call in sick
this week to protest against non-payment of salaries and
deteriorating working conditions.

Three airline executives, who declined to be named, told
livemint.com relates that some Kingfisher pilots may call in sick
starting Tuesday, following a similar protest by state-run Air
India Ltd's pilots that disrupted about 40 flights on Saturday.
"There is no patience left among employees," said one of the
executives, referring to the delay in salary payments, according
to livemint.com.

A second executive at the airline told livemint.com that pilots
are communicating through a dedicated Facebook page created by
Kingfisher employees, as the airline does not have a labour union
or a welfare society.

Kingfisher's pilots have been hired by rivals such as IndiGo and
GoAir that are expanding their fleets.  Many pilots at Kingfisher
are serving notice periods or are waiting to be paid salaries for
the past two months, the executive told livemint.com.

                      About Kingfisher Airlines

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

                        *     *     *

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

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 16, 2011, The Economic Times said Kingfisher Airlines Ltd.
has found itself parrying questions about its survival after its
auditor raised doubts over the company's ability to stay in
business for long.  Audit firm BK Ramadhyani & Co, which
examined the books of the airline, said in remarks published in
the airline's annual report that Kingfisher's ability to remain a
"going concern" will depend on its promoters bringing in money
into the company.  The auditors also said Kingfisher has not
deposited with the government money it collected from employees
as tax deducted at source and provident fund contribution,
painting a dire picture of the airline's finances, The Economic
Times reported.


KINGFISHER AIRLINES: Loses Market Share; Now Ranks Fifth
--------------------------------------------------------
The Economic Times reports that Kingfisher Airlines has slumped
two places to fifth in terms of market share, according to
government data, as the cash-strapped carrier cuts routes and
grounds planes.

The private airline, part of liquor baron Vijay Mallya's UB
Group, carried 14% of Indian air passengers in November, down
from 16.7% in October when it was the third-biggest airline.

Jet Airways and its low-cost subsidiary JetLite remained in top
spot with 27.1%, followed by no-frills carrier IndiGo at 19.8%,
state-run Air India on 17.4% and budget airline SpiceJet at
15.5%, the report discloses.

                      About Kingfisher Airlines

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

                         *     *     *

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

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 16, 2011, The Economic Times said Kingfisher Airlines Ltd.
has found itself parrying questions about its survival after its
auditor raised doubts over the company's ability to stay in
business for long.  Audit firm BK Ramadhyani & Co, which
examined the books of the airline, said in remarks published in
the airline's annual report that Kingfisher's ability to remain a
"going concern" will depend on its promoters bringing in money
into the company.  The auditors also said Kingfisher has not
deposited with the government money it collected from employees
as tax deducted at source and provident fund contribution,
painting a dire picture of the airline's finances, The Economic
Times reported.


RAMPRASAD TUBES: CRISIL Reaffirms 'CRISIL B+' Cash Credit Rating
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Ramprasad Tubes and
Bars Private Limited continue to reflect RTB's weak financial
risk profile, marked by high gearing and weak debt protection
metrics, and customer concentration in its revenue profile. These
rating weaknesses are partially offset by RTB's moderate business
risk profile marked by established relationships with customers
and extensive industry experience of its management.

   Facilities                        Ratings
   ----------                        -------
   INR100.00 Million Cash Credit    CRISIL B+/Stable (Reaffirmed)
   INR7.30 Million Long-Term Loan   CRISIL B+/Stable (Reaffirmed)
   INR5.00 Million Letter of Credit CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that RTB will benefit over the medium term from
its established position in the steel and iron castings industry.
The outlook may be revised to 'Positive' if the company's
financial risk profile improves as a result of equity infusion or
significant increase in cash accruals. Conversely, the outlook
may be revised to 'Negative' if the company undertakes larger-
than-expected debt-funded capital expenditure programme, or if
its profitability and cash accruals decline significantly.

                      About Ramprasad Tubes

Set up in 1997 by Mr. S Rajendran, Mr. S Selvaraj, Mr. J
Vidyaprakash, and Mr. N Ravipadmanabhan, RTB manufactures bright
bars and grey and spheroidal graphite iron castings. The company,
based in Coimbatore (Tamil Nadu), has the capacity to produce
7000 tonnes per annum (tpa) of bright bars and 12,000 tpa of iron
castings.

For 2010-11 (refers to financial year, April 1 to March 31), RTB
reported a profit after tax (PAT) of INR16.4 million on net sales
of INR667.5 million, as against a PAT of INR8.7 million on net
sales of INR383.0 million for 2009-10.


SAI ENTERPRISE: CRISIL Rates INR200MM Cash Credit at 'CRISIL B+'
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the cash
credit facility of Sai Enterprise.

   Facilities                       Ratings
   ----------                       -------
   INR200 Million Cash Credit       CRISIL B+/Stable (Assigned)

The rating reflects Sai's moderately high susceptibility to risks
related to implementation and demand for the Avadh Lake City
project and its susceptibility to cyclicality in the real estate
sector. These rating weaknesses are partially offset by its
promoters' extensive experience in the real estate industry.

Outlook: Stable

CRISIL believes that Sai will continue to benefit from the
extensive experience of its partners. The outlook may be changed
to 'Positive' if Sai receives more-than-expected bookings and
customer advances for the ongoing project. The outlook may be
changed to 'Negative' in case of low demand or time and cost
overruns in project completion.

                       About Sai Enterprise

Sai is a partnership firm that undertakes real-estate development
in Bardoli (Gujarat). Sai was set up by Mr. Vipulbhai Undhad and
his friend, Mr. Jayantilal Panchal, and their family members to
undertake construction in Surat. The firm is undertaking a
housing project named Avadh Lake City at Bardoli, comprising 574
houses spread across around 1.1 million square feet. The total
cost of the project is estimated to be around INR700 million and
is expected to be completed by September 2012.

Sai reported a net profit of INR13 million on net sales of INR52
million for 2010-11 (refers to financial year, April 1 to
March 31), as against net profit of INR66 million on net sales of
INR294 million for 2009-10.


SUPREME COATED: CRISIL Upgrades Rating on INR190MM Loan to 'BB+'
----------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of Supreme
Coated Board Mills Pvt Ltd to 'CRISIL BB+/Stable' from 'CRISIL
BB/Stable'.

   Facilities                       Ratings
   ----------                       -------
   INR190 Million Cash Credit       CRISIL BB+/Stable (Upgraded
   (Enhanced from INR130 Million)   from CRISIL BB/Stable)

   INR120.4 Mil. Long-Term Loan     CRISIL BB+/Stable (Upgraded
   (Enhanced from INR114.50 Mil.)   from CRISIL BB/Stable)

The upgrade reflects improvement in SCBM's business risk profile
aided by higher-than-expected accruals and improved working
capital management. The company clocked a year-on-year revenue
growth of 48 per cent in 2010-11 (refers to financial year,
April 1 to March 31) backed by improvement in operating rates and
better realisation. To combat the power shortages, it resorted to
merchant power which resulted in improvement in sales volumes by
an incremental 750 tonnes per month. Also, SCBM's realisations
improved by 8 per cent during 2010-11.The company's revenues are
expected to grow marginally at 5 per cent during the ongoing
year, aided by healthy off take from its end-user industries
thereby resulting in an improvement in cash accruals. SCBM's
operating profitability margins have been stable at around 18 per
cent during 2010-11. The operating profitability margins are
expected to marginally improve over the medium term aided by
setting up of a captive co-generation plant. Furthermore, during
2010-11, SCBM has rationalised its inventory holding levels to 83
days of cost of sales vis-…-vis 103 days of cost of sales during
2009-10. This has resulted in an improvement in working capital
management and lower borrowing levels. Hence, SCBM's financial
risk profile has also strengthened marginally, with improvement
in gearing and debt protection metrics. CRISIL expects further
improvement in SCBM's financial risk profile over the medium
term, following improvement in the company's accruals, improving
capital structure, and absence of any large debt-funded capital
expenditure (capex) plans.

The rating reflects the benefits that SCBM derives from its
established relationships with its customers, and the healthy
growth prospects for the duplex board industry. These rating
strengths are partially offset by SCBM's small scale of
operations, large working capital requirements, and average
financial risk profile marked by a moderate net worth, a high
gearing, and healthy debt protection metrics.

Outlook: Stable

CRISIL believes that SCBM will continue to benefit from its
promoters' industry experience, over the medium term. The outlook
may be revised to 'Positive' in case the company significantly
scales up its operations, sustains improvement in its
profitability, and improves its capital structure. Conversely,
the outlook may be revised to 'Negative' if SCBM undertakes any
large debt-funded capex programme, or its profitability declines
significantly, thereby deteriorating its financial risk profile.

                       About Supreme Coated

Set up in 2003, SCBM (formerly, Supreme Duplex Board Mills Pvt
Ltd) commenced commercial operations in 2005. It manufactures
white-coated boards, which are used in the matchstick, firework,
notebook, and packaging industries, among others. The company is
the pioneer in duplex board manufacturing in and around Sivakasi
(Tamil Nadu). SCBM has a production capacity of 150 tonnes per
day.

SCBM reported a profit after tax (PAT) of INR45 million on net
sales of INR881 million for 2010-11, against a PAT of INR20
million on net sales of INR610 million for 2009-10.


UNIVERSAL LEATHER: CRISIL Puts 'CRISIL B' Rating on INR9.3MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Universal Leather Agency.

   Facilities                       Ratings
   ----------                       -------
   INR9.3 Million Term Loan         CRISIL B/Stable (Assigned)
   INR1 Million Proposed Long-      CRISIL B/Stable (Assigned)
    Term Bank Loan Facility
   INR35 Million Foreign Bill       CRISIL A4 (Assigned)
    Purchase
   INR1.5 Million Letter of Credit  CRISIL A4 (Assigned)
   INR0.4 Million Bank Guarantee    CRISIL A4 (Assigned)
   INR37.8 Million Packing Credit   CRISIL A4 (Assigned)

The ratings reflect ULA's declining scales of operations due to
slowdown in leather industry, susceptibility to intense
competition, weak financial risk profile marked by weak debt
protection metrics and small networth, and large working capital
requirements. These rating weaknesses are partially offset by the
extensive industry experience of ULA's promoters and the funding
support received from them.

Outlook: Stable

CRISIL believes that ULA will continue to benefit from the
extensive industry experience of its promoters, over the medium
term. The outlook may be revised to 'Positive' in case of
significant improvement in ULA's scale of operations while
sustaining profitability. Conversely, the outlook may be revised
to 'Negative' in case ULA's liquidity deteriorates further, most
likely because of lower-than-expected cash accruals or
significant working capital requirements or debt-funded capital
expenditure.

                         About Universal Leather

ULA was set up in 1963, with Mr. Chu Thut Keon and his son, Mr.
Chu Ying Wah, as partners. ULA is operated by Mr. Victor Chu, Mr.
Richard Chu, and Ms. Maria Chu, who are the fourth generation of
the promoters' family. ULA manufactures and exports finished
leather and leather products. The firm derives its revenues from
exports to Austria, Canada, Germany, USA, Spain, South Africa,
Hong Kong, New Zealand, and Cyprus. The firm operates a tannery,
wherein it manufactures products like wallets, bags, luggage bags
etc.

ULA reported a net profit of INR0.7 million on net sales of
INR61.9 million for 2010-11 (refers to financial year, April 1 to
March 31), as against a profit after tax of INR1.05 million on
net sales of INR65.3 million for 2009-10.


VIBGYOR AUTOMOTIVE: CRISIL Puts CRISIL B+ Rating on INR14MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Vibgyor Automotive Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR30 Million Cash Credit        CRISIL B+/Stable (Assigned)
   INR14 Million Long-Term Loan     CRISIL B+/Stable (Assigned)
   INR26.5 Million Proposed Long-   CRISIL B+/Stable (Assigned)
   Term Bank Loan Facility

The rating reflects VAPL's weak financial risk profile marked by
high gearing and weak debt protection measures. The rating also
factors in VAPL's customer concentration risks in its revenue
profile and working capital intensity in its operations. These
rating weaknesses are partially offset by the extensive
experience of VAPL's promoters in the auto components industry
with established relationships with reputed customers.

Outlook: Stable

CRISIL believes that VAPL will continue to benefit over the
medium term owing to steady offtake from its key customers. The
outlook may be revised to 'Positive' in case of significant
improvement in the company's scale of operations and
profitability or in case there is any significant equity infusion
by the promoters, leading to improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of deterioration in working capital management or in case
the company undertakes a large debt-funded capital expenditure
programme, thereby weakening its financial risk profile.

                       About Vibgyor Automotive

VAPL, set up as a partnership firm in 1995, was reconstituted as
a private limited company in 2004. The company manufactures
automobile components, such as shafts, tube components and other
precision components. VAPL's clientele includes Lucas TVS Limited
(CRISIL AAA/FAAA/Stable/ CRISIL A1+), Brakes India Limited
(CRISIL AA/ Stable/ CRISIL A1+), and Rane (Madras) Limited. The
company was promoted by Mr. S. Padmanabhan and his friend, Mr. S.
Parthasarathy, and its day-to-day operations are managed by Mr.
S. Balajee, Mr. K. S. Sridhar, Mr. Sridhar Ramanujam and Mr. S.
Soban Babu. The company's plant is located in Kundrathur (Tamil
Nadu).

VAPL reported a profit after tax (PAT) of INR1 million on net
sales of INR261 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.5 million on net
sales of INR189 million for 2009-10.


VISUAL TECHNOLOGIES: CRISIL Cuts Rating on INR70MM Loan to 'BB+'
----------------------------------------------------------------
CRISIL has downgraded its ratings on Visual Technologies India
Pvt Ltd's bank facilities to 'CRISIL BB+/Stable/CRISIL A4+' from
'CRISIL BBB-/Negative/CRISIL A3'.

   Facilities                       Ratings
   ----------                       -------
   INR70.0 Million Cash Credit      CRISIL BB+/Stable(Downgraded
                                    from 'CRISIL BBB-/Negative')

   INR2.5 Million Long Term Loan    CRISIL BB+/Stable(Downgraded
   (Reduced from INR55.5 Million)   from 'CRISIL BBB-/Negative')

   INR30.0 Mil. Letter of Credit    CRISIL A4+ (Downgraded from
   (Enhanced from INR10 Million)    'CRISIL A3')

   INR140.0 Mil. Bank Guarantee     CRISIL A4+ (Downgraded from
   (Enhanced from INR70 Million)    'CRISIL A3')

The rating downgrade reflects the difficult business environment
in the television (TV) broadcasting industry as a result of
intense competition among TV channels and consequent pricing
pressures on component suppliers, including VTIPL. CRISIL
believes that although VTIPL will improve its revenue level in
2011-12 (refers to financial year, April 1 to March 31), driven
by completion of its pending orders from its key client,
Doordarshan Kendra, Delhi (DDK), and increase in number of
tenders, its profitability pressures will restrict any material
improvement in its cash accruals in 2011-12. VTIPL's weak
performance in 2010-11 was caused by change in customers'
preferences to source equipment directly from the principal (to
avail of cost benefits) and by less-than-expected revenues from
DDK. The rating downgrade also factors in VTIPL's increasing
funding support to its group entities - the company's investment
in group companies increased to INR21.0 million in 2010-11 from
INR3.0 million in 2009-10 and is expected to increase further to
INR45.3 million over the medium term.

The ratings continue to reflect VTIPL's ability to provide
turnkey solutions, excellent customer relationships, moderate
financial risk profile, supported by prudent working capital
management, and the benefits it derives from its promoters'
industry experience. These rating strengths are partially offset
by VTIPL's high dependency on capital expenditure (capex) plans
of TV channels, volatility in its revenues, and its exposure to
pricing pressures as a result of the difficult business
environment in the TV broadcasting industry.

Outlook: Stable

CRISIL believes that VTIPL will maintain its business risk
profile over the medium term despite pricing pressures, supported
by improvement in its business level. The outlook may be revised
to 'Positive' in case VTIPL substantially improves its revenues
and profitability, while prudently managing its working capital
requirements. Conversely, the outlook may be revised to
'Negative' if VTIPL's business performance is weaker than
expected, the company undertakes a larger-than-expected, debt-
funded capex programme, its working capital requirements increase
to more-than-expected levels, or if it makes further investments
in its group companies.

                     About Visual Technologies

Established in 1996, VTIPL is a privately owned entity, with
registered office in Jangpura, New Delhi. The company is
primarily into marketing and distributing professional audio-
video broadcast equipment; it is an exclusive distributor of
Panasonic audio-video broadcast equipment. It also specialises in
designing digital satellite news gathering (DSNG) vans, which it
sells or rents to news and media channels and production houses.
It operates through its service centres in Noida (Uttar Pradesh),
Mumbai (Maharashtra), Chennai (Tamil Nadu), Hyderabad (Andhra
Pradesh), Kolkata (West Bengal), and Thiruvananthapuram (Kerala).
VTIPL has recently opened its new branch in Singapore. It has
entered into a new segment, wherein equipments are supplied to
wedding photographers.

For 2010-11, VTIPL reported a profit after tax of INR2.5 million
(Rs.5.3 million for 2009-10) on net sales of INR304.8 million
(Rs.334.3 million).


WRITER LIFESTYLE: CRISIL Puts 'CRISIL BB' Rating on INR960MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' rating to the long-
term bank facilities of Writer Lifestyle Pvt Ltd (WLL).

   Facilities                      Ratings
   ----------                      -------
   INR960 Million Term Loan        CRISIL BB/Stable (Assigned)
   INR340 Million Proposed Long-   CRISIL BB/Stable (Assigned)
    Term Bank Loan Facility

  (All above facilities are with Oriental Bank of Commerce.)

The rating reflects the financial support that WLL derives from
its promoter, P N Writer & Company Pvt Ltd (PNW) and, the benefit
it draws from the management support and brand visibility owing
to the tie-up with the Hilton group. These rating strengths are
partially offset by WLL's susceptibility to risks related to
project implementation and offtake. The rating also factors in
the vulnerability of the company's margins to cyclicality and
competition in the hotel industry.

Outlook: Stable

CRISIL believes that WLL will maintain its stable credit profile
given the strong support from its promoter, PNW, and WLL's tie up
with the Hilton Group. The outlook may be revised to 'Negative'
in case of any significant delay in successfully commissioning
the hotel within the specified timeline and the budget.
Conversely, higher-than-expected occupancy levels, and earlier
than expected cash break-even of operations, may drive a revision
in outlook to 'Positive'.

                      About Writer Lifestyle

WLL, belonging to the Writer Group, is a wholly owned subsidiary
of PNW. WLL is an SPV floated to set up a luxury 5-star category
Resort and Spa at Shillim (Near Lonavala in Maharashtra).

This resort and spa will be developed on the wellness theme,
under the Hilton brand and will also be managed by the Hilton
group. The hotel will have 100 rooms/villas and is located at
Shillim near Lonavala and is 100 km drive from Mumbai and 30 km
drive from Pune. The whole project is on a campus of 330 acre.
The management plans to complete the project by April 2012 with
soft launch in the same month and full commercial launch in
September 2012. The total project cost is estimated at INR1960
million, which will be funded through INR1050 million term debt
and balance through contributions from the promoters. The
promoters are also planning a 20 villa project in the vicinity of
the resort with a total cost of about INR690 million. The villa
project is expected to be funded with a term debt of INR250
million and rest through promoter funds and customer advances.

PNW has two core segments, relocation business (about 60 per cent
of revenue in 2010-11) and record management business (about 40
per cent of revenue in 2010-11). The company had recorded net
sales of about INR2.04 billion in 2010-11 with profit after tax
of INR248.1 million. The relocation business is the first
business started by PNW in pre-independence era and currently is
the core business of the company and the group. This is steady
business with the revenue expected to grow at 5 per cent to 10
per cent over the medium term. The record management business was
started in 1993 and the company has around 50 per cent to 60 per
cent market share in this business segment. The revenue in this
business is expected to grow at 15 per cent to 20 per cent over
the medium term.


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


OLYMPUS CORP: Panel Finds 5 Auditors Responsible, Clears KMPG
-------------------------------------------------------------
Bloomberg News reports that Olympus Corp. faulted five internal
auditors for fraud and said KPMG Azsa LLC and Ernst & Young
ShinNihon LLC weren't responsible.

Bloomberg relates that Olympus said Tuesday that an investigation
panel the company set up determined that five internal auditors
are culpable for JPY8.4 billion (US$109 million) in costs related
to the cover-up of losses.  The panel submitted its report on
Jan. 16 to the company, which is preparing to file legal claims
against the internal auditors, company spokesman Tsuyoshi Kitada
told Bloomberg.

According to the report, the company said President Shuichi
Takayama was scheduled to disclose what else the company will do
in response to the panel's findings Tuesday.

Olympus said the panel's probe found Minoru Ota, a former
internal auditor of the company who headed its accounting unit
until 2001, responsible for JPY3.7 billion of fees and other
costs related to the cover-up, the largest amount among the five
people.

The other four auditors, Tadao Imai, Makoto Shimada, Yasuo
Nakamura, and Katsuo Komatsu, didn't fulfill their duties and
were responsible for the remaining JPY4.7 billion of cover-up
expenses, the company, 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.


OLYMPUS CORP: Shareholder Sues Ex-Chairman, 13 Other Execs
----------------------------------------------------------
According to Reuters, the Yomiuri daily reported that an Olympus
Corp shareholder filed suit on Tuesday against former chairman
Tsuyoshi Kikukawa and 13 other executives for firing former
president Michael Woodford without addressing his questions about
past deals, damaging trust in the medical equipment maker.

The Yomiuri said the shareholder, an individual investor residing
in Nara, western Japan, is asking the current and former board
members to pay a total JPY1.34 billion (US$17.5 million)to the
company, Reuters relays.

                     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.


SUMITOMO MITSUI: Fitch Affirms Individual Rating at 'C'
-------------------------------------------------------
Fitch Ratings has affirmed Sumitomo Mitsui Financial Group's,
Sumitomo Mitsui Banking Corporation's, and Sumitomo Mitsui
Banking Corporation Europe's ratings, including their Foreign and
Local Currency Issuer Default Ratings (IDR) Ratings.  The
Outlooks are Stable.

The ratings of SMM Auto Finance, Inc., have been affirmed and
simultaneously withdrawn, as they are no longer considered by
Fitch to be relevant to the agency's coverage.  Fitch will no
longer provide ratings or analytical coverage for SMMAF.

SMFG's Long-term IDRs are driven by Fitch's expectation of a very
high probability of state support, should it be required.  As
SMFG's and its subsidiary banks' Long-term IDRs are at the
Support Rating Floor of 'A', a downgrade of the IDRs is unlikely
unless there is a substantial weakening in either the ability or
the willingness of the Japanese sovereign to provide support.

Modest profitability and large stock exposure constrain the
group's Viability Ratings (VRs).  On the other hand, the ratings
benefit from the group's significant domestic franchise, strong
liquidity and sound asset quality.  Core capital is considered
adequate for its current risk profile.  A significant and
sustained increase in core capital beyond Fitch's expectations,
coupled with strengthened profitability, would be positive for
the VRs.  Conversely an unexpected increase in risk tolerance
without additional core capital to compensate could be negative
for the VRs.

SMFG's Fitch core capital, excluding hybrid capital and other
items, rose to over 8% at end-September 2011 from 2.5% at end-
March 2009.  As a Global Systemically Important Financial
Institution provisionally listed by the Financial Stability
Board, SMFG is likely to be subjected to much more stringent
capital regulation than under the current Basel II framework.
SMFG targets to raise its common equity Tier 1 ratio to
approximately 8% by end-March 2014 from above 7% currently (based
on final Basel III for 2019).  Fitch notes that whether or not
the bank can achieve this would depend on growth of its risk
assets.  SMFG may also need to accelerate internal capital
generation to enhance its global franchise.  Its planned
expansion in Asia should help internal capital generation over
time, provided it remains vigilant on credit risk.

The ratings on SMFG and SMBC's debt instruments are consistent
with Fitch's criteria.  SMFG's Tier 1 preferred securities are
currently on Rating Watch Negative (RWN) following Fitch's
revised notching methodology for bank capital instruments.
SMBC's lower Tier 2 subordinated debt are currently rated 'A-',
notched down one level from the bank's support-driven IDR,
reflecting the prospect of state support.  However, Fitch notes
that the international trend is increasingly leaning towards
"burden sharing", especially in developed economies.  Fitch will
monitor any changes that Japan's Financial Services Agency may
make to the support framework for bank failures currently
available under Article 102 of the Deposit Insurance Law.

SMBCE's ratings reflect its strategic linkage to its parent SMBC
and its operational role in Europe as a branch of its parent.
SMMAF's IDRs are based on the potential support from the SMFG
group, which owns a 56% total stake in the subsidiary.

SMFG is the third-largest banking group in Japan by assets, with
about a 13% share in the domestic lending and deposits markets.
Promise Co., Ltd. (Promise) will become a fully owned subsidiary
of SMFG on 1 April 2012 following the completion of the latter's
takeover of Promise.  The acquisition has not had any rating
impact, due to Promise's modest size and capitalisation. See,
'Fitch Upgrades Promise to 'A-'; Withdraws Ratings', dated 16
January 2012.

The rating actions are as follows:

SMFG:

  -- Long-Term Foreign and Local Currency IDRs affirmed at 'A';
     Outlook Stable
  -- Short-Term Foreign and Local Currency IDRs affirmed at 'F1'
  -- Individual Rating affirmed at 'C'
  -- Viability Rating affirmed at 'bbb+'
  -- Support Rating affirmed at '1'
  -- Support Rating Floor affirmed at 'A'
  -- Preferred securities (SMFG Preferred Capital USD 1 Limited
     and SMFG Preferred Capital GBP 1 Limited): 'BBB-' remain on
     RWN

SMBC:

  -- Long-Term Foreign and Local Currency IDRs affirmed at 'A';
     Outlook Stable
  -- Short-Term Foreign and Local Currency IDRs affirmed at 'F1'
  -- Individual Rating affirmed at 'C'
  -- Viability Rating affirmed at 'bbb+'
  -- Support Rating affirmed at '1'
  -- Support Rating Floor affirmed at 'A'
  -- Senior unsecured ratings affirmed at 'A'
  -- Senior subordinated ratings affirmed at 'A-'

SMBCE:

  -- Long-Term Foreign Currency IDRs affirmed at 'A'; Outlook
     Stable
  -- Short-Term Foreign and Local Currency IDRs affirmed at 'F1'
  -- Individual Rating affirmed at 'C'
  -- Support Rating affirmed at '1'

SMMAF:

  -- Long-Term Foreign Currency IDR affirmed at 'A-'; Outlook
     Stable; withdrawn
  -- Short-Term Foreign Currency IDR affirmed at 'F1'; withdrawn
  -- Support Rating affirmed at '1'; withdrawn


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


SOUTH CANTERBURY: Top Lawyers to Defend Five Accused of Fraud
-------------------------------------------------------------
The National Business Review reports that five of the
New Zealand's top lawyers including a Queen's Counsel are being
employed to defend the South Canterbury Finance five accused of
fraud-related crimes.

The lawyers acting in the case include QC Bruce Squire, high-
profile barrister Pip Hall, Canterbury Chamber's Richard Raymond,
and Christchurch's Jonathan Eaton of Bridgeside Chambers and
Stephen Rennie of Rhodes & Co, NBR discloses.

NBR relates that none of the defendants were present at the court
hearing Monday where the judge granted interim name suppression.

As reported in the Troubled Company Reporter-Asia on Dec. 9,
2011, the Serious Fraud Office confirmed that it has laid charges
following its investigation into South Canterbury Finance
Limited.  SFO Chief Executive Adam Feeley said that, following a
14-month investigation into a variety of transactions involving
SCF, the SFO had laid 21 charges against five individuals
involved with the company's affairs.

According to Fairfax NZ, the charges include entering the Crown
Guarantee Scheme by deception in 2008 (which cost
NZ$1.58 billion), omitting to disclose a related party loan of
NZ$64.185 million from SCF to Southbury Group and Woolpak
Holdings, failing to disclose related party loans of
NZ$19.1 million from SCF to Shark Wholesalers, and, in 2008 and
2009, breaching the crown guarantee by lending NZ$39 million to
Quadrant Holding Limited.

                     About South Canterbury

Based in New Zealand, South Canterbury Finance Limited
(NZE:SCFHA) -- http://www.scf.co.nz/-- is engaged in the
provision of financial services.  The Company's principal
activities are borrowing funds from public and institutional
investors and on lending those funds to the business, plant and
equipment, property, rural and consumer sectors.  It typically
advances funds by means of hire purchase, floor plans, leasing of
plant, vehicles and equipment, personal loans, business term
loans and revolving credit facilities, mortgages against
property, and other financial instruments, including consumer
loan insurance.

On Aug. 31, 2010, Trustees Executors Limited, as trustee for
South Canterbury Finance charging group, appointed Kerryn Downey
and William Black of McGrathNicol as receivers of the charging
group's secured assets.

"As Trustee, we have had South Canterbury Finance under
heightened surveillance since 2008.  As part of that, SCF was
granted a Trustee waiver in February 2010 to allow it time to
recapitalize.  Unfortunately, the Company's Directors have
advised us that they have not been successful with respect to a
recapitalization and requested us to appoint a receiver.  At this
point we, as Trustee, agree that it is the best interests of
debenture, deposit and bond holders to do that," said Yogesh
Mody, Southern Regional Manager for Trustees Executors Limited.

The New Zealand government said it would repay South Canterbury's
35,000 depositors and stockholders NZ$1.6 billion under the crown
retail deposit guarantee scheme.


ZION WILDLIFE: Receivers Get Offer to Buy Park
----------------------------------------------
Fairfax NZ News reports that the receivers of Zion Wildlife
Gardens have quashed suggestions its 36 remaining cats may be
euthanised, saying they have an offer to buy the park as a going
concern.

But Zion's lawyer Evgeny Orlov said Rabobank's statement about
keeping the cats in the park was "simply untrue", as he had
received an application from legal representatives to either have
the cats removed from the park or put down by February, the news
agency says.

"Why would they ask that if they are going to sell as a going
concern?" the report quotes Mr. Orlov as saying.

According to Fairfax NZ, the receivers on Tuesday confirmed an
application had been made to the High Court in Auckland, and said
it was intended to support the sale of Zion with the existing
animals remaining in the park.

"An interested party has offered to purchase the business and
assets of Zion," Fairfax NZ quotes Colin McCloy, a partner of
PricewaterhouseCoopers, as saying.

"The receivers believe the offer represents good value and the
best option to preserve the operation of the park and the welfare
of the animals.  However, existing Court directions need to be
varied to support the sale process. As a result, the receivers
have applied to the Court to have the existing directions
varied."

Fairfax NZ relates that Mr. McCloy said the welfare of the
wildlife was a priority, and food and veterinary care have
continued to be provided and funded.

"The receivers will be in a better position to discuss progress
further in the coming weeks. At this stage, we cannot discuss the
ongoing sale process, due to commercial sensitivity," Mr. McCloy
said.

The application was to be heard in the High Court at Auckland
today, Jan. 18, the report adds.

As reported in the Troubled Company Reporter-Asia Pacific on
July 28, 2011, stuff.co.nz said that Rabobank has called in
receivers from PricewaterhouseCoopers to place Zion Wildlife into
receivership.  PWC partner and receiver Colin McCloy confirmed
the move several hours after park operator Patricia Busch went
public with her concerns that some of the Northland wildlife
reserve's big cat could be "put down" or relocated, according to
stuff.co.nz.  Mrs. Busch said her farm and all of her land had
been mortgaged in a bid to save the park.  stuff.co.nz disclosed
that Mrs. Busch said that the park's income had been drastically
reduced due to a series of incidents; including the stopping of
wildlife encounters, the tragic death of big cat handler Dalu
Mncube and ongoing litigation between her son, Craig "Lion Man"
Busch, herself and various companies.

Zion Wildlife Gardens is a famous park in New Zealand.


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


DEVELOPMENT BANK: Fitch Affirms 'BB+' Issuer Default Ratings
------------------------------------------------------------
Fitch Ratings has affirmed Development Bank of the Philippines'
ratings, including its 'BB+' Long-Term Issuer Default Ratings
(IDRs) and 'bb+' Viability Rating.  The Outlook is Stable.

"The rating affirmation reflects DBP's sound balance sheet and
satisfactory earnings profile, counterbalanced by risks arising
from its policy-driven lending as well as concentration in its
loan and borrowing counterparties," says Alfred Chan, Director in
Fitch's Financial Institutions team.  "There is limited upside to
the bank's ratings, which are already high relative to many
Philippine banks rated by Fitch, and for a policy bank."

Any perceived weakening in loss absorption capacity, asset
quality and/or funding, especially in a sudden and sustained
downturn, would be negative for DBP's ratings.  Nonetheless,
Fitch is maintaining a Stable Outlook on the view that any
increase in credit costs is likely to only moderate earnings,
with little impact on the bank's core capitalisation; its core
Tier 1 capital adequacy ratio (without hybrids) was a strong
12.6% at end-June 2011.  Moreover, the bank's strong links with
the Philippine government support its access to official
development assistance funds and public sector deposits, thereby
aiding its funding profile.  Meanwhile, Fitch will monitor the
ongoing state-level legal probe surrounding certain transactions
of the bank, which could result in negative rating implications,
although the impact appears limited at this stage.

Fitch views DBP as systemically important to the domestic
economy, given its 100% government ownership, mandated policy
role and 4% share of banking system assets.  However, the '3'
Support Rating and 'BB' Support Rating Floor reflect only a
moderate probability of state support, constrained by the
Philippine government's 'BB+' Long-Term Foreign-Currency IDR.

The 'BB+' rating of the senior notes is the same as DBP's IDR, as
the senior notes constitute its direct, unconditional and
unsecured obligations and, hence rank equally with its unsecured
and unsubordinated obligations.  The 'B+' hybrid rating is three
notches below the bank's Viability Rating due to the instrument's
deeply subordinated status and dividend deferral mechanism.
Fitch views the risk of dividend deferral as low, given the bank
is unlikely to breach its regulatory minimum capital adequacy
ratios and its likely sufficient distributable reserves.

DBP is a government-owned policy bank that supports developmental
programmes and projects that are aligned with the government's
agenda in the Philippines.

The full list of rating actions is as follows:

DBP:

  -- Long-Term Foreign Currency IDR affirmed at 'BB+'; Stable
     Outlook
  -- Long-Term Local-Currency IDR affirmed at 'BB+'; Stable
     Outlook
  -- National Long-Term Rating affirmed at 'AA+(phl)'; Stable
     Outlook
  -- Viability Rating affirmed at 'bb+'
  -- Individual Rating affirmed at 'C/D'
  -- Support Rating affirmed at '3'
  -- Support Rating Floor affirmed at 'BB'
  -- USD300m 5.5% senior notes 25 March 2021 affirmed at 'BB+'
  -- USD130m perpetual callable subordinated hybrid notes
     affirmed at 'B+'


RIZAL COMMERCIAL: Fitch Rates Proposed Senior Notes at 'BB-(exp)'
-----------------------------------------------------------------
Fitch Ratings has assigned Rizal Commercial Banking Corp.'s
proposed USD-denominated senior notes an expected 'BB-(exp)'
rating.  The notes will be issued under the bank's USD1bn medium-
term note programme.

The final rating is contingent on the receipt of final documents
conforming to information already received.

The notes are rated at the same level as RCBC's 'BB-' Long-Term
Foreign-Currency Issuer Default Rating (IDR) as they will
constitute direct and unsecured obligations of RCBC, and hence
will rank equally with all its unsecured and unsubordinated
obligations.  The net proceeds are intended for RCBC's working
capital, general banking and other corporate purposes.

RCBC is a mid-sized universal bank with total assets of PHP312
billion at end-September 2011. The Yuchengco family's group of
companies owned a majority 50.4% stake in the bank at end-2010.

RCBC's list of ratings:

  -- Long-Term Foreign-Currency IDR 'BB-'; Outlook Stable
  -- Long-Term Local-Currency IDR 'BB-'; Outlook Stable
  -- Viability Rating 'bb-'
  -- Individual Rating 'D'
  -- Support Rating '3'
  -- Support Rating Floor 'BB-'


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


CAMBURY PTE: Creditors' Proofs of Debt Due Jan. 27
--------------------------------------------------
Creditors of Cambury Pte Ltd, which is in voluntary liquidation,
are required to file their proofs of debt by Jan. 27, 2012, to be
included in the company's dividend distribution.

The company's liquidator is:

         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


CWE AIRSEA: Creditors' Proofs of Debt Due Jan. 31
-------------------------------------------------
Creditors of CWE Airsea Global Services Pte Ltd, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Jan. 31, 2012, to be included in the company's
dividend distribution.

The company's liquidator is:

         Ong Woon Pheng
         C/o 3 Shenton Way
         #03-05A Shenton House
         Singapore 068805


FARQUSON PTE: Court to Hear Wind-Up Petition Jan. 27
----------------------------------------------------
A petition to wind up the operations of Farquson Pte Ltd will be
heard before the High Court of Singapore on Jan. 27, 2012, at
10:00 a.m.

The Bank Of East Asia Limited filed the petition against the
company on Jan. 5, 2012.

The Petitioner's solicitors are:

         Messrs Ho & Wee
         No. 14 Robinson Road
         #03-03 Far East Finance Building
         Singapore 048545


HILCO SINGAPORE: Creditors' Proofs of Debt Due Feb. 10
------------------------------------------------------
Creditors of Hilco Singapore Private Limited, which is in
voluntary liquidation, are required to file their proofs of debt
by Feb. 10, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

         Gan Hwa Soon
         c/o 1 Coleman Street #06-10
         The Adelphi
         Singapore 179803


IUT GLOBAL: Creditors' Proofs of Debt Due Jan. 27
-------------------------------------------------
Creditors of IUT Global Pte Ltd, which is in creditors' voluntary
liquidation, are required to file their proofs of debt by
Jan. 27, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

         Chee Yoh Chuang
         Abuthahir Abdul Gafoor
         8 Wilkie Road #03-08
         Singapore 228095


JIN LI: Court Enters Wind-Up Order
----------------------------------
The High Court of Singapore entered an order on Dec. 9, 2011, to
wind up Jin Li Construction Pte Ltd's operations.

UMW Equipment & Engineering Pte Ltd filed the petition against
the company.

The company's liquidator is:

         The Official Receiver, care of
         The Insolvency & Public Trustee's Office
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


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

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

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

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





                 *** End of Transmission ***