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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

            Friday, March 9, 2012, Vol. 15, No. 50

                            Headlines


A U S T R A L I A

APOLLO RMBS: Fitch Affirms Rating on AUD41.7-Mil. Notes at 'BBsf'
MIDWEST VANADIUM: S&P Puts 'B-' Corp. Credit Rating on Watch Neg
SMART SERIES: Fitch Affirms Rating on 26 Note Classes
WOW AUDIO: To Close 15 WOW Superstores, 580 Jobs Affected


C H I N A

BANK OF CHINA: Moody's Keeps 'D' Bank Financial Strength Rating
WYNN RESORTS: New $900MM Notes Has No Impact on Moody's 'Ba2' CFR


H O N G  K O N G

ARTEX HOLDINGS: Final Meetings Set for April 12
CHEUNG'S PLASTIC: Creditors' Proofs of Debt Due May 31
CITY TELECOM: Fitch Affirms Issuer Default Rating at 'BB'
LCK LIMITED: Members' Final Meeting Set for April 12
KASON DEVELOPMENT: Briscoe and Meng Step Down as Liquidators

KENSON PROPERTIES: Annual Meetings Set for March 19
LP DISPLAYS: Annual Meetings Set for March 15
MORGAN STANLEY: Members' Final Meeting Set for April 3
SMARTTRUST LIMITED: Creditors' Proofs of Debt Due March 24
TANCROWN LIMITED: Final Meetings Set for March 23

TONIC TRADING: Final Meetings Set for April 12


I N D I A

AIR INDIA: Pilots Threaten to Go On Strike From April 1
CHOICE SOLUTIONS: ICRA Reaffirms 'BB+' Rating on INR10cr Loan
CHAITANYA INDIA: ICRA Puts '[ICRA]BB-' Rating on INR15cr LT Loan
CLAD METAL: ICRA Assigns '[ICRA]BB' Rating to INR0.7cr Term Loan
ELEGANT COATINGS: ICRA Assigns '[ICRA]BB' Rating to INR1.5cr Loan

GENIX AUTOMATION: Fitch Assigns Junk Ratings on INR210MM Loans
KALLAM SPINNING: ICRA Reaffirms 'BB' Ratings on INR94cr Loans
KAMINENI STEEL: ICRA Assigns [ICRA]B+ Rating to INR530.52cr Loan
KINGFISHER AIRLINES: IATA Suspends Carrier from Clearing House
KRISHNA POLY: ICRA Reaffirms '[ICRA]BB+' Rating on INR7.79cr Loan

MAGNA INFOTECH: ICRA Assigns '[ICRA]BB' Rating to INR23cr Loan
MESHCO STEELS: ICRA Assigns '[ICRA]BB+' Rating to INR1cr LT Loan
SALASAR BALAJI: ICRA Reaffirms '[ICRA]BB-' Rating on INR15cr Loan
SARAF ELECTRICALS: ICRA Rates INR12.5cr Cash Credit at '[ICRA]B'
SHREE SAIBABA: ICRA Rates INR37.67cr Term Loans at '[ICRA]B-'

TIRUMALA SEVEN: ICRA Reaffirms '[ICRA]BB' Rating on INR4cr Loan
UTTAM INDUSTRIAL: Fitch Affirms Nat'l Long-Term Rating at 'B+'
UNITED CONCEPTS: ICRA Assigns '[ICRA]BB' Rating to INR16.5cr Loan
VEDANTA RESOURCES: S&P Affirms 'BB' Foreign Currency CCR
VENUS TEXSPIN: ICRA Ups Rating on INR24.68cr Loan to '[ICRA]BB+'

VSP UDYOG: ICRA Lowers Rating on INR75.18cr Loan to '[ICRA]BB-'


I N D O N E S I A

PT INDOSAT: 2011 Results Weaker But Still Support 'Ba1' Ratings


J A P A N

AIJ INVESTMENT: Investor Firms May Face "Chain of Bankruptcies"
EIRLES TWO: S&P Withdraws 'CCC-' Class B Fixed Rate Note Rating
JLOC 39: Downward Revisions Cue Fitch to Lower Ratings
OLYMPUS CORP: Former Execs Charged Over Loss Cover-Up
SIGNUM VANGUARD: S&P Puts 'CCC' 2006-10 Note Rating on Watch Neg.

SIGNUM VANGUARD: S&P Withdraws 'CCC' Rating on Series 2006-09 CDO
TOKYO ELECTRIC: Urged to Cut Free Contracts With Affiliated Firms


N E W  Z E A L A N D

BRIDGECORP LTD: Judge to Give Verdict in Early April


P H I L I P P I N E S

BANCO FILIPINO: BSP Confident CA Reverse Decision to Reopen Bank


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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A U S T R A L I A
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APOLLO RMBS: Fitch Affirms Rating on AUD41.7-Mil. Notes at 'BBsf'
-----------------------------------------------------------------
Fitch Ratings has affirmed two Apollo RMBS transactions. Both
transactions are backed by pools of Australian conforming
residential full-documentation mortgages originated by Suncorp-
Metway Limited ('A'/Stable/'F1').

The rating actions are:

Apollo Series 2007-1E (Apollo 2007-1E)

  -- AUD301.2m Class 1A (ISIN AU0000AOYHA7) affirmed at 'AAAsf';
     Outlook Stable
  -- AUD214.5m Class 2A (ISIN XS0299266972) affirmed at 'AAAsf';
     Outlook Stable
  -- AUD41.7m Class B (ISIN AU3FN0002580) affirmed at 'BBsf';
     Outlook Stable

Apollo Series 2009-1 (Apollo 2009-1)

  -- Class A1 (ISIN AU3FN0008942) paid in full
  -- Class A2 (ISIN AU3FN0008959) paid in full
  -- AUD681.8m Class A3 (ISIN AU3FN0008697) affirmed at 'AAAsf';
     Outlook Stable
  -- AUD147.8m Class B (ISIN AU3FN0008975) affirmed at 'BBsf';
     Outlook Stable

The affirmations reflect Fitch's view that the available credit
enhancement levels are able to support the notes' current
ratings, and that the credit quality and performance of the loans
in the respective collateral pools remain in line with the
agency's expectations.

"Both transactions have continued to benefit from an increase in
credit enhancement due to seasoning and amortisation since
issuance, while credit quality has remained in line with that of
the initial portfolio," says Anthea Clark, Associate Director in
Fitch's Structured Finance team.

Apollo 2007-1E has experienced seven LMI claims due to losses on
underlying mortgages, which have been covered primarily by the
LMI provider, QBE Lenders Mortgage Insurance Pty Limited ('AA-
'/Stable), and the remainder by excess spread.  Apollo 2009-1 has
not experienced any defaults to date.  All loans in the
underlying portfolios are covered by mortgage insurance from QBE
Lenders Mortgage Insurance.


MIDWEST VANADIUM: S&P Puts 'B-' Corp. Credit Rating on Watch Neg
----------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B-' long-term
corporate credit and debt ratings on Australian mining company
Midwest Vanadium Pty Ltd. on CreditWatch with negative
implications.

"The CreditWatch reflects our concerns regarding MVPL's tight
liquidity position, which we have revised to 'less than
adequate', from 'adequate'," Standard & Poor's credit analyst May
Zhong said.

"The company's slower-than-expected generation of cash flows from
vanadium and iron ore sales, and the capital needed to undertake
modification work to improve the performance of MVPL's crushing,
milling, and beneficiation (CMB) plant have pressured its
liquidity."

"The CMB plant has underperformed because of the presence of clay
in its mineral deposits, delaying the production ramp-up. In
addition, the sale of iron ore is much later than expected.
Further modification work is required to improve the CMB circuit
performance and to boost production ramp-up. In our opinion,
failure to achieve the expected improvement is likely to severely
constrain the throughput at levels well below its expected
capacity, which in turn will negatively affect the company's unit
cash cost of production," S&P said.

"The company will embark on a number of modifications to the CMB
circuit at a cost of about AUD14 million, which are to be
completed in the quarter ending June 30, 2012. In our view, the
scale of this modification work is not material. On March 6,
2012, MVPL's parent Atlantic Ltd. (not rated) announced the
arrangement of a AUD41 million funding package, supplemented by a
share offer for up to AUD10 million. This total funding should be
sufficient to cover the capital costs of the modification works.
However, in our opinion, the size of the funds to be raised
doesn't provide much cushion for further cost overruns and ramp-
up delays," S&P said.

"We will resolve the CreditWatch and maintain the rating if MVPL
achieves several milestones within the next three months. We
expect MVPL to complete its proposed fund raising of AUD41
million and attract a material take-up of its AUD10 million share
purchase plan. We would also need to see MVPL sustaining a
positive available cash position (excluding restricted cash) at
all times. Another milestone is MVPL achieving the ferrovanadium
production ramp-up rate of 65% by end of June 2012 through the
successful commissioning of the modification works to the CMB
plant. We will continue to monitor progress on the commencement
of shipment of iron ore, with the first one currently expected to
be by April 2012," S&P said.

The ratings could be lowered if MVPL fails to achieve any of the
milestones in a timely manner.


SMART SERIES: Fitch Affirms Rating on 26 Note Classes
-----------------------------------------------------
Fitch Ratings has affirmed 26 classes of the SMART series of
Australian ABS.  The transactions are securitisations of
Australian auto and equipment receivables originated by Macquarie
Leasing Pty Limited.

"Performance of the SMART transactions is within Fitch's
expectations.  Each of the portfolios is reporting 30+ day
arrears percentages well below 1%.  To date, excess spread has
been sufficient to cover for losses experienced in each
transaction," said James Leung, Associate Director in Fitch's
Structured Finance team.

SMART Series 2009-1 Trust:

  -- AUD159.6m Class A-2 (ISIN AU3FN0009247) affirmed at 'AAAsf';
     Outlook Stable
  -- AUD17.2m Class B (ISIN AU3FN0009254) affirmed at 'AAsf';
     Outlook Stable
  -- AUD12.6m Class C affirmed at 'Asf'; Outlook Stable
  -- AUD2.6m Class D affirmed at 'BBBsf'; Outlook Stable
  -- AUD2m Class E affirmed at 'BBsf'; Outlook Stable

SMART Series 2010-1US Trust:

  -- Class A-2b (ISIN US83173CAC47) paid in full
  -- USD46.7m Class A-3a (ISIN US83173CAD20) affirmed at 'AAAsf';
     Outlook Stable
  -- USD88.7m Class A-3b (ISIN US83173CAE03) affirmed at 'AAAsf';
     Outlook Stable
  -- USD115m Class A-4b (ISIN US83173CAG50) affirmed at 'AAAsf';
     Outlook Stable
  -- AUD13.6m Class B affirmed at 'AAsf'; Outlook Stable
  --  AUD16.7m Class C affirmed at 'Asf'; Outlook Stable
  -- AUD15.1m Class D affirmed at 'BBBsf'; Outlook Stable
  -- AUD15.1m Class E affirmed at 'BBsf'; Outlook Stable

SMART Series 2010-2 Trust:

  -- Class A-1 (ISIN AU3FN0012035) paid in full
  -- AUD269.2m Class A-2 (ISIN AU3FN0012043) affirmed at 'AAAsf';
     Outlook Stable
  -- AUD11.25m Class B (ISIN AU3FN0012050) affirmed at 'AAsf';
     Outlook Stable
  -- AUD13.75m Class C (ISIN AU3FN0012068) affirmed at 'Asf';
     Outlook Stable
  -- AUD12.5m Class D (ISIN AU3FN0012076) affirmed at 'BBBsf';
     Outlook Stable
  -- AUD12.5m Class E affirmed at 'BBsf'; Outlook Stable

SMART Series 2011-1US Trust:

  -- Class A-1 (ISIN US78446EAA55) paid in full
  -- USD27.9m Class A-2a (ISIN US78446EAB39) affirmed at 'AAAsf';
     Outlook Stable
  -- USD55.7m Class A-2b (ISIN US78446EAC12) affirmed at 'AAAsf';
     Outlook Stable
  -- USD83m Class A-3a (ISIN US78446EAD94) affirmed at 'AAAsf';
     Outlook Stable
  -- USD184m Class A-3b (ISIN US78446EAE77) affirmed at 'AAAsf';
     Outlook Stable
  -- USD174m Class A-4a (ISIN US78446EAF43) affirmed at 'AAAsf';
     Outlook Stable
  -- AUD18.9m Class B affirmed at 'AAsf'; Outlook Stable
  -- AUD23.2m Class C affirmed at 'Asf'; Outlook Stable
  -- AUD21m Class D affirmed at 'BBBsf'; Outlook Stable
  -- AUD21m Class E affirmed at 'BBsf'; Outlook Stable


WOW AUDIO: To Close 15 WOW Superstores, 580 Jobs Affected
---------------------------------------------------------
The receivers and managers of WOW Audio Visual Superstores Pty
Ltd said that all 15 WOW Superstores will close.  A closing down
sale across the chain started March 8.

WOW operates 15 stores across Australia, with the majority in
Queensland.  The closures will result in approximately 580 job
losses.

"Ferrier Hodgson it will be partnering with global realisation
specialists Hilco for the closing down sale.  The sale will run
until all stock is sold, which is expected to take a few weeks,"
the receivers said in a statement.

WOW Receiver and Ferrier Hodgson partner Mr. Stewart McCallum
confirmed that redundant staff would be paid their salaries in
the normal course of business.  However, other employee
entitlements, which are protected under the Federal Government's
General Employee Entitlements and Redundancy Scheme (GEERS), will
not be paid until the realization of all the group's business
assets is concluded and the ownership claims over stock by
suppliers have been resolved.  This is expected to take at least
three months.

                           About WOW Audio

WOW Audio Visual Superstores Pty Ltd, doing business as WOW Sight
and Sound, retails communication and commercial solutions for
businesses.  The company employs about 500 employees, with 10
stores in Queensland and two in New South Wales.  WOW Audio
Visual Superstores also has a single-store presence in Victoria,
the ACT and the Northern Territory.

James Stewart, Stewart McCallum and Tim Michael of Ferrier
Hodgson were appointed receivers and managers of WOW Audio Visual
Superstores Pty Ltd, WOW Distribution Pty Ltd, and WOW
Corporation Pty Ltd on Feb. 27, 2012, by National Australia Bank
Limited.  The appointments relate to the electrical retailer, WOW
Sight and Sound.

The company owes unsecured creditors about AUD25 million.  It has
also been hit with AUD20 million in debt stemming from Aristocon
Pty Ltd, which collapsed in 2010, SMH disclosed.


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C H I N A
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BANK OF CHINA: Moody's Keeps 'D' Bank Financial Strength Rating
---------------------------------------------------------------
Moody's Investors Service issued a summary credit opinion on Bank
of China Limited and includes certain regulatory disclosures
regarding its ratings.  The release does not constitute any
change in Moody's ratings or rating rationale for Bank of China
Limited and its affiliates.

Moody's current ratings on Bank of China Limited and its
affiliates are:

Senior Unsecured (foreign currency) ratings of A1

Long Term Bank Deposits (foreign currency) ratings of A1

Bank Financial Strength rating of D

Short Term Bank Deposits (foreign currency) ratings of P-1

Bank of China Limited, London Branch

Long Term Deposit Note/CD Program (foreign currency) ratings of
(P)A1

Commercial Paper (foreign currency) ratings of P-1

Short Term Deposit Note/CD Program (foreign currency) ratings of
(P)P-1

Bank of China Limited, Hong Kong Branch

Long Term Deposit Note/CD Program (domestic currency) ratings of
(P)A1

Short Term Deposit Note/CD Program (domestic currency) ratings
of (P)P-1

Bank of China, Paris Branch

Short Term Deposit Note/CD Program (domestic currency) ratings
of P-1

Ratings Rationale

Moody's assigns Bank of China Ltd (BOC) a bank financial strength
rating (BFSR) of D, which translates into a Baseline Credit
Assessment (BCA) of Ba2.

The outlook on the BFSR is stable.

The rating balances three main considerations.

First, the bank has an outstanding franchise and extensive
nationwide distribution network in Mainland China and Hong Kong.
BOC is the fourth-largest banking group in China. Its traditional
strength is in the foreign currency business.

Compared with other Chinese banks, it has higher exposure to
overseas markets and its global network is much stronger. Its
global presence has provided it with greater diversification and
operating flexibility.

Second, since cleaning up its legacy non-performing loans (NPL)
and undergoing recapitalization prior to its Initial Public
Offering (IPO) in 2006, BOC's financial fundamentals have been
robust.

NPLs have fallen sharply, while capitalization has remained
strong. BoC replenished its capital in the equity market in 2010,
following two years of rapid lending growth.

The net interest margin (NIM) has gradually recovered in a rising
interest environment since late 2010. Overall profitability
remains healthy as a result of good efficiency ratios and rising
operating income.

Third, BOC still has a relatively short track record of operating
as a listed bank following international standards of corporate
governance and risk management practices.

This is the principal reason why its BFSR remains in the D
category, despite financial metrics that imply a higher rating.
While risk management is improving, it remains an area that will
require further investment.

Although there has been a shift towards the centralization of
approvals and controls, the sheer size of the bank and its
network poses intrinsic control challenges. Finally, the extent
of the bank's independence from the government's influence is a
complex and evolving issue.

In particular, Moody's is concerned about the risks associated
with the rapid lending growth seen in 2009 and 2010 in the
Chinese banking sector.

These vintages are vulnerable to a potential slow-down in
economic growth due to relaxed underwriting standards in lending
to local government financing vehicles, and the risks related to
a softening in the real estate market.

Such loans are likely to become a source of NPLs as they season.
Rapid lending growth is a classic early warning sign of future
credit quality problems.

BOC's loan growth of 49% was much higher than the system average
of 32% in 2009, though loan growth slowed significantly to 15% in
2010, below the system average of 20%.

Since the global financial crisis, it has changed its strategy to
focus more on the domestic market, and the stimulus policy
implemented in 2009 served as a historic opportunity for the bank
to gain domestic market share.

In mitigation, the bank has considerable buffers that would
provide protection if there is a sharp correction in asset
prices. First, a decline from the peak in housing prices of as
much as 30% would likely have little negative impact on its
mortgage portfolio, given low loan-to-value ratios on most
housing loans.

Second, pre-provision profitability is strong, loan-loss reserves
have risen, and core capital is solid.

Third, Moody's views positively the regulatory actions aimed at:
1) Cooling the housing market, 2) Proactively reviewing exposures
to local government financing vehicles, 3) Encouraging banks to
maintain higher capital and reserve levels, and to strengthen
balance sheets.

BOC's stand-alone BFSR is D/Ba2, i.e. non-investment grade,
reflecting our concern about future volatility in the bank's
asset quality. From a ratings perspective, there is considerable
cushion if a material downturn in asset quality were to occur.

BOC's foreign currency deposit ratings are A1/Prime-1 with a
stable outlook on the long-term deposit rating.

They mainly incorporate three elements: its BFSR of D (which
translates into a baseline credit assessment of Ba2), "very high"
support assumption from the Chinese government (a component of
joint default analysis, referred to as JDA), and the China
systemic support indicator of Aa3.

Moody's considers China as a medium support country. BOC is
considered to have very high support from the government, given
its importance to Chinese economy as the fourth-largest Chinese
bank by assets.

The incorporation of systemic support results in a multi-notch
uplift in its deposit rating from the Ba2 BCA.

However, due to the significant gap between their stand-alone
financial strength and the government's credit standing, any
upgrade to the bank's debt and deposit ratings is unlikely in the
absence of improvement in its underlying credit fundamentals.

Rating Outlook

The outlook on all the ratings is stable, reflecting the solid
positioning of the fundamental ratings for the challenges the
bank is likely to face.

The last rating action was taken on September 27, 2010, when
Moody's affirmed the ratings and changed the outlook on BOC's
foreign currency long-term deposit rating to stable from
positive.

The change in outlook reflected our view that the likelihood of
an upgrade in the ratings had diminished in view of its current
challenges.

What Could Change the Rating - Up

Further positive pressure for the bank's BFSR and deposit rating
is dependent on how BOC manages the conflicting demands of
maintaining asset quality and growing its businesses in a
sustainable manner.

In addition, any positive rating action on the A1 deposit rating
would require an upgrade in the government rating. This in
itself, however, would not automatically lead to an upgrade to
the bank deposit ratings.

To see an improvement in the BFSR, it would be necessary for BOC
to maintain strong financial metrics during the next two to three
years. This is likely to include an environment of policy
tightening, and deterioration in the real estate market and local
government finances in some regions.

Specifically, during the next two to three years, Moody's will
look for:

1) NPLs to stay below 4% of loans, 2) Net income above 1.5% of
average Risk-weighted assets (RWA), and pre-provision profit
(PPP) above 2% of average RWA, 3) Core Tier I ratio staying at 8%
or higher, 4) Improvements in control and risk management
practices as well as infrastructure to at least the levels of its
peers, and 5) An ability to maintain solvency against portfolio
stress tests at the corresponding rating level.

What Could Change the Rating - Down

Given the multi-notch upgrade of the deposit rating versus the
BFSR, any indication that government support is anything other
than extremely high would be negative for the deposit rating,
though this is viewed as unlikely in the medium term.

In the very long run, there could be some transition risk for the
deposit rating as the relationship between the government and
major banks evolves, and if there is no sufficient offsetting
improvement in the bank's stand-alone financial strength rating.

By contrast, evidence that the recent vintage of loan origination
will strain financial strength more than Moody's has assumed will
be negative for the rating.

In particular, Moody's would see the following as negative for
the BFSR during the next two to three years: 1) NPLs surpassing
7%, or special mention loans over 12% of loans, 2) Net income
less than 0.7% of average RWA, or PPP less than 1% of average
RWA, and 3) Core Tier 1 ratio falling to 6% or lower.

Furthermore, any signs of a slowdown or reversal in the trend
towards improvements in risk management, controls and corporate
governance would be negative for the BFSR.

The methodologies used in this rating were Bank Financial
Strength Ratings: Global Methodology published in December 2007,
and Incorporation of Joint-Default Analysis into Moody's Bank
Ratings: A Refined Methodology published in March 2007.


WYNN RESORTS: New $900MM Notes Has No Impact on Moody's 'Ba2' CFR
-----------------------------------------------------------------
Moodys Investors Service said Wynn Resorts, Limited new $900
million notes (not rated) have no impact on the company's Ba2
Corporate Family and Probability of Default ratings, Ba2 First
Mortgage Note ratings, or positive rating outlook.

The principal methodologies used in rating Wynn Resorts, Limited
were Global Gaming published in December 2009, and Loss Given
Default for Speculative-Grade Non-Financial Companies in the
U.S., Canada and EMEA published in June 2009. Other methodologies
and factors that may have been considered in the process of
rating this issuer can also be found on Moody's Web site.

Wynn Resorts Limited owns and operates casino hotel resort
properties in Las Vegas, Nevada and Macau, China. In Las Vegas,
the company owns Wynn Las Vegas, which opened on April 28, 2005
and was expanded with the opening of Encore at Wynn Las Vegas on
December 22, 2008. In Macau, the company owns Wynn Macau, which
opened on September 6, 2006 and was expanded with the opening of
Encore at Wynn Macau on April 21, 2010.  Wynn generates
consolidated net revenue of about $5.3 billion.


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


ARTEX HOLDINGS: Final Meetings Set for April 12
-----------------------------------------------
Members and creditors of Artex Holdings Limited will hold their
final meetings on April 12, 2012, at 11:00 a.m., and 12:00 p.m.,
respectively at Room 1506-1508, 15th Floor, Asia Orient Tower, at
33 Lockhart Road, Wanchai, in Hong Kong.

At the meeting, Yip Kai Yung, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


CHEUNG'S PLASTIC: Creditors' Proofs of Debt Due May 31
------------------------------------------------------
Creditors of Cheung's Plastic Products Factory Limited, which is
in creditors' voluntary liquidation, are required to file their
proofs of debt by May 31, 2012, to be included in the company's
dividend distribution.

The company's liquidator is:

         Leung Chi Wing
         Rm. 803, Yue Xiu Bldg
         160-174 Lockhart Road
         Wanchai, H.K.


CITY TELECOM: Fitch Affirms Issuer Default Rating at 'BB'
---------------------------------------------------------
Fitch Ratings has affirmed Hong Kong-based City Telecom (HK)
Limited's Long-Term Foreign- and Local-Currency Issuer Default
Ratings (IDR) at 'BB'. The Outlook is Stable. The ratings reflect
the company's solid financial profile and its position as the
second-largest broadband service provider in Hong Kong, offset
partially by an increased risk profile with its free-TV
production startup.

Fitch believes that City Telecom will gain additional market s
hare on its well-established fibre-to-the home (FTTH) network,
given that the penetration of FTTH in Hong Kong is low at just
35%. Fitch notes that City Telecom is increasingly competing on
the quality of its network service, rather than price. This
should enable the company to maintain its competitive edge as it
boasts a wider FTTH coverage and better quality than its
competitors.

On the other hand, Fitch expects City Telecom's operating margins
and cash flow generation to weaken over the next 12-18 months as
the company enters the free-TV production business with the
establishment of a multimedia center, to be completed by 2014.
However, Fitch does not foresee substantial deterioration in the
credit profile given its strong core telecom business and net
cash position at end-FY11.

Fitch may consider a negative rating action if the company's
operating EBITDAR margin falls below 20%, and if funds from
operations (FFO)-adjusted net leverage rises above 2x on a
sustained basis (FY11 EBITDAR margin and leverage: 37% and -0.3x,
respectively).  Conversely, a positive rating action may be
considered if the company increases its telecom market share
above 35% and maintains its telecom EBITDAR margin over 30% and
free-TV EBITDAR margin over 15% on a sustained basis.  The rating
may also benefit if City Telecom's EBITDAR exceeds USD100m and
FFO-adjusted net leverage falls below 1x on a sustained basis.


LCK LIMITED: Members' Final Meeting Set for April 12
----------------------------------------------------
Members of LCK Limited will hold their final meeting on April 12,
2012, at 9:00 a.m., at 12 Science Park East Avenue, 6/F, Hong
Kong Science Park, Shatin, New Territories, in Hong Kong.

At the meeting, Yip Chee Lan and Regina Tam Lai Ha, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


KASON DEVELOPMENT: Briscoe and Meng Step Down as Liquidators
------------------------------------------------------------
Stephen Briscoe and Wong Teck Meng stepped down as liquidators of
Kason Development Limited on Feb. 21, 2012.


KENSON PROPERTIES: Annual Meetings Set for March 19
---------------------------------------------------
Members and creditors of Kenson Properties Limited will hold
their annual meetings on March 19, 2012, at 2:30 p.m., and 3:00
p.m., respectively at Room 501, 5/F, Sun Hung Kai Centre, 30
Harbour Road, in Hong Kong.

At the meeting, Ng Hoi Yue Herman, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


LP DISPLAYS: Annual Meetings Set for March 15
---------------------------------------------
Members and creditors of LP Displays International Limited will
hold their annual meetings on March 15, 2012, at 2:30 p.m., and
3:00 p.m., respectively at the offices of FTI Consulting, Level
22, The Center, 99 Queen's Road Central, Central, in Hong Kong.

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


MORGAN STANLEY: Members' Final Meeting Set for April 3
------------------------------------------------------
Members of Morgan Stanley Hong Kong Nominees Limited will hold
their final meeting on April 3, 2012, at 10:00 a.m., at 602 The
Chinese Bank Building, 61-65 Des Voeux Road, Central, in Hong
Kong.

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


SMARTTRUST LIMITED: Creditors' Proofs of Debt Due March 24
----------------------------------------------------------
Creditors of Smarttrust Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
March 24, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Feb. 24, 2012.

The company's liquidator is:

         Lee Pik Yue Ada
         Room 1303-5, 13/F
         Wilson House, 19-27 Wyndham Street
         Central, Hong Kong


TANCROWN LIMITED: Final Meetings Set for March 23
-------------------------------------------------
Members and creditors of Tancrown Limited will hold their final
meetings on March 23, 2012, at 10:30 a.m., and 11:00 a.m.,
respectively at Units 2205-07, 22/F., China Merchants Building,
303-307 Des Voeux Road Central, in Hong Kong.

At the meeting, Leigh Man Sung Camballaw, the company's
liquidator, will give a report on the company's wind-up
proceedings and property disposal.


TONIC TRADING: Final Meetings Set for April 12
----------------------------------------------
Members and creditors of Tonic Trading Development Limited will
hold their final meetings on April 12, 2012, at 2:00 p.m., and
2:30 p.m., respectively at Room 201, Duke of Windson Social
Service Building, 15 Hennessy Road, Wanchai, in Hong Kong.

At the meeting, Yeung Lui Ming (Edmund) and Darach E. Haughey,
the company's liquidators, will give a report on the company's
wind-up proceedings and property disposal.


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


AIR INDIA: Pilots Threaten to Go On Strike From April 1
-------------------------------------------------------
The Times of India reports that a union leader said Wednesday
that Air India pilots have again threatened to go on strike from
April 1 over non-payment of salaries and other allowances for
four months.

The Indian Pilots Guild (IPG) said in a letter to the Director-
General of Civil Aviation (DGCA) sent Tuesday that the pilots
would not operate flights till their dues were cleared, according
to the report.

"A large number of our members (pilots) have informed us that
owing to the psychological stress that they are under and bearing
in mind the safety of passengers, they will be unable to operate
flights on and after April 1, until the management clears all the
dues," IPG President Jeetendra Awhad said in the letter, the
report relates.

According to the report, Mr. Awad said the pilots have not been
paid salaries and layover allowances from December and flying
allowances from November, amounting to nearly a quarter of the
total annual emoluments.

Mr. Awhad said this had caused tremendous hardships,
psychological stress and embarrassment to pilots, many of whom
hail from humble economic backgrounds, the report relays.

                         About Air India

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

                         *     *     *

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


CHOICE SOLUTIONS: ICRA Reaffirms 'BB+' Rating on INR10cr Loan
-------------------------------------------------------------
ICRA has re-affirmed the '[ICRA]BB+' rating on the long-term
scale assigned to the fund based bank facilities for an enhanced
amount of INR10 crore, and the INR2 crore, proposed bank
facilities of Choice Solutions Limited. The outlook on the long-
term rating is stable. ICRA has also reaffirmed the '[ICRA]A4+'
rating on the short-term scale assigned to non-fund based bank
facilities of the company for an enhanced amount of INR3.00
crore.

The ratings continue to derive strength from CSL's experienced
promoters and management; its established track record of
operations in the Information Technology (IT) and power
protection infrastructure space; and its alliance with APC-
Schneider which provides branding support in the power-protection
business contributing towards stable business from the segment.
Further, the ratings also favorably factor in CSL's comfortable
capital structure (gearing of 0.77 times as on March 31, 2011);
and its comfortable coverage indicators (as reflected in OPBDITA/
interest & finance charges of 4.01 times, NCA/ debt of 29% and
debt/ OPBDITA of 2 times for FY11) primarily resulting from its
stable profitability margins and limited term liabilities. While
reaffirming the ratings, ICRA has taken a note of CSL's increased
focus on high-margin facility management businesses which
together with healthy growth prospects in the solar products'
division is expected to improve operational & financial profile
of the company in the short to medium term. Nevertheless, its
performance remains to be seen given its limited experience in
the segment. Further, the ratings continue to be constrained by
the company's modest profitability indicators which together with
working capital intensive nature of the business & significant
funds blocked in tax deducted at source (TDS)-receivables
continue to keep the company's liquidity stretched. To improve
upon its liquidity position, the company has successfully
obtained permission from Income Tax authorities for lower rate of
TDS for its repeat clients accounting for approximately 60% of
its revenues. While assigning the ratings, ICRA has also taken
into consideration the intensely competitive and fragmented
nature of the industry and CSL's increased client concentration
risk.

In ICRA's view, the key rating sensitivity is the company's
ability to administer its scale of operations effectively while
diversifying into higher-margin businesses so as to minimize
pressure on the working capital; and improve its liquidity
position by managing its TDS receivables. Further, the company's
ability to achieve reasonable growth in the new segments in order
to improve its profitability metrics remains to be seen.

                     About Choice Solutions

Incorporated in 1991 by Mr. Jagannath Kallakurchi (CEO and MD)
and a few others, Choice Solutions Limited provides IT
infrastructure and data-center solutions to customers in India as
well as outside India. CSL is also an authorized distributor and
service provider for the products of Tata BP Solar India Limited
since 1999 in Andhra Pradesh. Company's service portfolio has
been expanded over the years to include services such as
networking, software, Automated Management Services, Solar Energy
etc. IT Infrastructure and related services, however, continue to
account for ~90% to the company's revenues.

CSL operates through its offices across 11 cities in India and
has its own Network Operations Center (NOC) at its Hyderabad HQ
Office. Broadly, CSL's operations can be categorized into five
divisions, namely - Power Protection, Software Products
(including software development), Facility Management and Solar
Products.

Recent Results

CSL reported an operating income of INR90 crore and a profit
after tax (PAT) of INR2.20 crore in FY11 as compared to an
operating income of INR87.38 crore and PAT of INR1.05 crore in
FY10. As per the provisional numbers, the company has achieved a
turnover of INR50.35 crore in the first six months of the current
financial year as compared to INR49.98 crore in the corresponding
previous.


CHAITANYA INDIA: ICRA Puts '[ICRA]BB-' Rating on INR15cr LT Loan
----------------------------------------------------------------
ICRA has assigned '[ICRA]BB-' rating with a stable outlook to the
INR15 crore Long Term Bank Loans of Chaitanya India Fin Credit
Private Limited.

The rating factors in the short track record of the company
(2 years), geographical concentration of Chaitanya's portfolio in
5 districts of 1 state and lack of financial flexibility with the
current funding profile concentrated on a few institutions. The
return on net worth is moderate at 6.4% in YTD Jan-12 compared to
2.3% in FY11 owing to high operating and funding costs; the
future profitability of the company would depend on its ability
to scale up and reduce cost of funds. The rating however, draws
comfort from the management's reasonable track record and past
experience in the microfinance business, presence of external
directors on the Board and the ability of the promoters to infuse
equity to keep the company adequately capitalised in line with
current business plans. The internal audit and IT systems at the
company are strong and given the good risk management policies
being followed the asset quality has been good (30+ dpd of 0.21%
as on Jan-12). However, the geographical concentration and nature
of Chaitanya's portfolio poses a challenge for asset quality
management.

While the recent RBI guidelines could augur well for MFIs in the
long term given the continuation of Priority Sector Lending
status for MFIs and with restriction on multiple lending being
brought in, there are several operational challenges including
assessment of borrower indebtedness in the short to medium term.

                       About Chaitanya India

Chaitanya India Fin Credit Pvt. Ltd. is a Microfinance
Institution that was set up by Mr. Anand Rao and Mr. Samit Shetty
in September 2009 as an NBFC and started operations from October
2009. The equity in the company has been primarily brought in by
the promoters and their associates; however, the company has an
Angel Investor who was brought in, in FY2011 and has a small
stake in the. Chaitanya lends to women primarily in rural areas
under the Grameen Bank Group Lending model. Chaitanya offers
varied products to suit the borrower's requirements with
relatively higher loan amount. As of August 2011, Chaitanya
operates in 5 districts in Karnataka and serves 15 thousand
borrowers.

It had a lending portfolio of INR15.20 crore as on January 2012
and disbursed loans of INR23.18 crore in YTD January 2012 and
INR14.95 crore in FY2011.


CLAD METAL: ICRA Assigns '[ICRA]BB' Rating to INR0.7cr Term Loan
----------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB' to the
INR0.7 crore term loans and INR2.25 crore fund based limits of
Clad Metal India Private Limited.  The outlook on the long term
rating is 'Stable'.  ICRA has also assigned a short term rating
of '[ICRA]A4' to the INR11.45 crore non fund based limits of
CMIPL.

The ratings favorably factor in the company's strong customer
base with healthy market share with major OEMs, proximity to
manufacturing units of the OEMs resulting in lower fright costs
and strong experience of promoters in the sheet metal industry.

The ratings are however constrained by the company's modest scale
of operations, high client concentration with top five clients
accounting for more than 80% of revenues, relatively high
inventory risk, competition from cheaper Chinese imports
pressuring margins and stretched capital structure characterized
by high gearing and weak coverage indicators.

                         About Clad Metal

Promoted by Mr. Ashok Kale in 2005, the company has been involved
in the manufacturing of roll bond evaporators used in
refrigerators and supplies it to reputed OEMs such as LG, Haier
and Videocon. Roll bond evaporators refer to the aluminium body
present inside refrigerators on which gas tubes are engraved for
cooling.

Recent Results:

The company recorded a net profit of INR1.8 crore on a turnover
of INR36.0 crore in H1FY12.


ELEGANT COATINGS: ICRA Assigns '[ICRA]BB' Rating to INR1.5cr Loan
-----------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB' to the INR1.5
crore term loans and INR4.5 crore fund based limits of Elegant
Coatings Private Limited. The outlook on the long term rating is
'Stable'.  ICRA has also assigned a short term rating of
'[ICRA]A4' to the INR6.0 crore non fund based limits of ECPL.

The ratings favorably factor in the company's strong customer
base with healthy market share with major OEMs, proximity to
manufacturing units of the OEMs resulting in lower fright costs
and strong experience of promoters in the sheet metal industry.

The ratings are however constrained by the company's modest scale
of operations, high client concentration with top five clients
accounting for 100% of revenues, low value addition involved in
the manufacturing process limiting margin expansion and stretched
capital structure characterized by high gearing and weak coverage
indicators.

                       About Elegant Coatings

Established in 1995 by Mr. Ashok Kale, the company manufactures
electrical metal flush and surface boxes, press components for
refrigerator, TV and ACs, antennas for DTH sets and concealed
electrical boxes. The company has an established customer base
consisting of OEMs such as Videocon and Legrand India.

Recent Results:

The company recorded a net profit of INR1.0 crore on a turnover
of INR20.7 crore in H1FY12.


GENIX AUTOMATION: Fitch Assigns Junk Ratings on INR210MM Loans
--------------------------------------------------------------
Fitch Ratings has assigned India's Genix Automation Private
Limited a National Long-Term rating of 'Fitch C(ind)'.

The rating reflects GAPL's stretched liquidity position as
reflected in its near 93% utilization of the fund-based working
capital limits for the financial year ended March 2011 (FY11).
The latter is attributed to a stretched working capital cycle of
84 days in FY11 (FY10: 49 days), largely due to an increase in
average inventory days to 90 days from 62 days during the same
period.

Fitch notes that although the company has a sound customer
profile, over 70% of FY11 revenues were contributed by Tata
Motors Limited (TML).  The customer concentration is likely to
remain as TML also accounts for 55% of the total order book value
of INR531.10m (2.3x FY11 revenues) as at end-February 2012, with
Nissan Motors Company Ltd contributing about 30% and others 15%.
Therefore, any delay in payment from these customers would add to
liquidity pressures.

A positive rating guideline would be enhancements in working
capital limits.  A negative rating guideline would be over-
utilization of bank limits thus resulting in penal interest.

Incorporated in 2006, GAPL provides turnkey automation solutions,
ranging from designing and engineering to installation and
commissioning, to major passenger car manufacturers in India.  In
FY11, GAPL reported revenue of INR230.3m (FY10: INR219.7m) and an
EBITDA margin of 10% (13%).

Fitch has also assigned ratings to GAPL's bank loans as follows:

  -- INR50m fund-based limits: assigned 'Fitch C(ind)'
  -- INR160m non-fund based limits: assigned 'Fitch C(ind)'


KALLAM SPINNING: ICRA Reaffirms 'BB' Ratings on INR94cr Loans
-------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]BB'
outstanding on the INR52.73 crore term loan facilities and
INR42.00 crore fund based facilities of Kallam Spinning Mills
Limited. ICRA has also reaffirmed the short term rating of
'[ICRA]A4' outstanding on the INR5.00 crore fund based facilities
of KSML.  ICRA has assigned long term rating of '[ICRA]BB' and
short term rating of '[ICRA]A4' to the INR0.27 crore fund based
facilities (inter-changeable) of KSML. The outlook on the long
term rating is stable.

The re-affirmation of ratings takes into account the integrated
nature of operations of the company with presence in ginning,
ring and open ended spinning of cotton yarn and hydel power
generation and its established relationship with customers
lending stability to operations, locational advantage of being
present in Guntur (major cotton growing area) reducing logistics
costs and experience of the promoters in the textile industry.
While the operational performance of the company has been
impacted in the current fiscal owing to the slowdown in yarn
demand moderating volume growth and realizations coupled with
consumption of high cost cotton inventory, diversified presence
across business segments has supported volumes and limited the
impact on profits from operations to an extent. The ratings also
factor in the stretched capital structure characterized by high
gearing and moderate coverage indicators, moderate scale of
operations and intense competition in a fragmented industry
limiting pricing flexibility and earnings being exposed to the
fluctuations witnessed in raw material prices. The ability of the
company to sustain volumes and improve its margins going forward
would remain key rating sensitivities.

                       About Kallam Spinning

Kallam group, established by Mr. Haranadha Reddy, is based in
Guntur, Andhra Pradesh and has been in the cotton ginning and
pressing business since 1970s. The group entered into cotton yarn
spinning under Kallam Spinning Mills Limited (KSML) in 1993. KSML
started commercial production with 12,000 spindles and has
continuously augmented its capacity over the years to current
levels of 53,835 spindles. The company primarily caters to the
domestic market and is largely into manufacturing of medium
counts of cotton yarn. The Kallam group also has presence in the
cottonseed oil industry under Kallam Agro & Products (P) Limited
which was established in 1983.

Recent Result:

For the nine months ended December 2011, the company has made a
net loss of INR0.4 crore on an operating income of INR106.8
crore. For the corresponding period of the previous fiscal, the
company made a net profit of INR12.4 crore on an operating income
of INR94.1 crore.


KAMINENI STEEL: ICRA Assigns [ICRA]B+ Rating to INR530.52cr Loan
----------------------------------------------------------------
ICRA has assigned rating of '[ICRA]B+' to the INR530.52 crores
term loans and non fund based of Kamineni Steel and Power India
Private Limited.

The rating is constrained by the fact that the steel project
being implemented under KSP is in initial stages of
implementation thus exposing the company to high project risks.
Further, the rating takes into account the highly leveraged
funding pattern of the project which leads to limited financial
flexibility available with the company. While assigning the
rating, ICRA has also noted the plans to set up a 220 MW gas
based power plant in KSP, which although is currently on hold in
absence of secured gas linkage, increases overall project risks
for the company.

The rating however favorably factors in the low funding risks,
given that its entire debt has been tied up and that the
promoters have already brought in 45% of the total equity. The
rating also takes into account the low project approval risks and
limited offtake risks for the project given that it will act as a
backward integration for group company USTPL which manufactures
seamless pipes for oil and gas exploration activity. However,
like its group companies, KSP will remain exposed to the
cyclicality in the oil and gas sector. ICRA notes that the
company has appointed experienced project consultants and
execution agencies and that the project is going as per schedule
at present. Going forward, the company's ability to commission
the project within the budgeted time and cost and achieve the
desired cost structure will be key rating sensitivities.

                      About Kamineni Steel

KSP is a part of Hyderabad based Kamineni group which has
interests in steel pipes, healthcare and education sectors. KSP
is setting up a 360,000 MT round billet manufacturing plant and
also proposes to set up a 220 MW gas based power plant in
Narketpally, Andhra Pradesh; adjacent to its group companies Oil
country Tubular Limited and United Seamless Tubulaar Private
Limited. The company has started the execution of the billet
manufacturing plant in April 2011 and plans to commission it by
March 2013. The facility will act as captive raw material
supplier to USTPL (300,000 MT seamless pipe plant) and USAI Forge
(group's forging unit). Further the proposed power plant will
cater to entire power requirements of the Kamineni group. The
company has acquired 143 acres land in Narketpally out of which
50 acres will be used by the billet plant and balance shall be
used by the power plant.


KINGFISHER AIRLINES: IATA Suspends Carrier from Clearing House
--------------------------------------------------------------
The Economic Times reports that the International Air Transport
Association suspended Kingfisher Airlines from its clearing house
effective Wednesday due to non-payment of dues.

"This is because the airline did not settle their ICH (IATA
Clearing House) account within the stipulated deadline.
Kingfisher's participation in the ICH will be reinstated after
the airline fulfills the ICH requirements," IATA spokesman Albert
Tjoeng said in an e-mail to Reuters, according to ET.

Kingfisher Airlines said the "temporary suspension" will not
impact its flight operations, ET reports.

"Kingfisher Airlines continues to operate 200 flights to 46
domestic and international destinations. The ICH suspension does
not impact our guests travelling on any Kingfisher Airlines
flight or our flight schedules," Kingfisher said in a statement.

ET relates that the carrier said it is working with the tax
authorities to reactivate its bank accounts and expects the
accounts to be "un-attached" soon.

             Hindustan Petroleum Resumes Jet Fuel Supply

Meanwhile, The Times of India reports that Hindustan Petroleum
Corp Ltd on Thursday resumed oil supplies to Kingfisher Airlines
after the beleaguered airline agreed to pay for daily fuel off-
take.

HPCL, which is Kingfisher's biggest aviation fuel supplier, had
stopped refuelling Vijay Mallaya-run airline at around 18.00
hours on Wednesday, The Times of India relates.

According to TOI, a senior company official said HPCL decided to
resume supplies after hectic negotiations.

"There is a certain financial discipline we have been following
for past two years. And when some payments got delayed without
any explanation, we had no option but to stop supplies," TOI
quotes the official as saying.

The report notes that Kingfisher, which owes INR515 to INR520
crore in fuel bills along with interest, had not been honoring
its daily fuel bills, prompting the state-owned oil firm to snap
supplies.

Kingfisher accounts for 47 per cent of HPCL's total jet fuel
sales, the report adds.

                      About Kingfisher Airlines

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

                        *     *     *

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

Kingfisher lost INR4.44 billion (US$90.1 million) in the fiscal
third quarter that ended in December, 74.8 per cent more than a
loss of 2.54 billion rupees a year previously, The Economic Times
discloses.  The company has lost INR11.8 billion (US$240 million)
in the first nine months of the current fiscal year that ends in
March, a 35 per cent rise from a year earlier.


KRISHNA POLY: ICRA Reaffirms '[ICRA]BB+' Rating on INR7.79cr Loan
-----------------------------------------------------------------
ICRA has reaffirmed the long term rating at '[ICRA]BB+' assigned
to INR7.79 crore fund based limits of Krishna Poly Packs Private
Limited. The outlook on the long-term rating is stable.

The rating draws comfort from the experienced promoters with
established relationships with customers in the poly woven sacks
industry; KPPL's move into polymer distribution which would
ensure stability of raw material supply for KPPL, besides
opportunity to gain from favorable demand prospects via external
sales. Although, KPPL would not bear any price risk, it would be
exposed to credit risk as it will assume the responsibility of
collecting payments from customers, while it is supposed to make
payment to HMEL on a negligible credit period. Besides, the
company's ability to generate a meaningful interest spread over
its own cost of borrowings remains to be seen.

The rating is however constrained by deterioration in financial
profile characterize by dip in operating profit margin owing to
increased raw material cost in FY11 and decline in net margins
from 1.4% in FY 10 to 0.6% in FY11 due to non-operating expenses
incurred as a result of diminution in the investment made by the
company in Vah magna retail mart.

ICRA notes that the Indian poly woven sacks industry is
characterized by high fragmentation and competitive intensity.
Since the cement manufacturers are large players in terms of
their size and operations, KPPL exhibits weak bargaining power
with them, leaving its profitability vulnerable particularly in a
scenario of increasing competitive pressure.

                      About Krishna Polypacks

Krishna Polypacks Pvt. Ltd. has been incorporated in the year
1983 and was promoted by Mr.M. Murali. KPPL is into manufacturing
of poly woven sacks with a current installed capacity of 8.27
crore sacks per annum. In 2006, it has started two 750 KW power
generation plants through wind mills at Veeranam in Tamilnadu.

Recent Results:

As per the provisional results, the company reported a turnover
of INR23.86 crore during (6M) FY12 and an operating profit of
INR1.51 crore.


MAGNA INFOTECH: ICRA Assigns '[ICRA]BB' Rating to INR23cr Loan
--------------------------------------------------------------
ICRA has assigned '[ICRA]BB' rating on a long-term scale to the
enhanced bank limits of INR23.00 crore (enhanced from INR11
crore) of Magna Infotech Private Limited.  The outlook on the
long-term rating is stable.

The rating factors in continued delays in the payment of
statutory dues (service tax) by the company, which in turn is
attributable to its stretched liquidity position arising out of
its rapid growth and limited long term working capital funding.
The rating continues to draw comfort from experienced management
of the company, its established customer relationships and
reputed client base. The rating also factors in substantial
client concentration in operations as around 45-50% of the total
revenue for the company is contributed from its top 10 customers.
Going forward, ability of MIPL to tie up working capital funds
commensurate with its growth, improvement in profitability
margins and prudent working capital management will remain key
rating sensitivities.
Company Profile:

Established in 1995, Magna caters to staff augmentation
requirements of IT and ITeS companies operating in India. Having
established relationships with over 150 clients across the
country Magna's coveted client list includes the likes of IBM,
Accenture, J.P Morgan Services, Hewlett Packard and Patni
Computers amongst others. IKYA Human Solutions Private Limited
has acquired a 51% stake in the company in November 2010.

For the financial year ending March 31, 2011, the company
reported an operating income of INR181.96 crore and excess of
income over expenditure of INR1.18 crore as compared to an
operating income of INR111.23 crore and an excess of income over
expenditure of INR2.70 crore in FY10.


MESHCO STEELS: ICRA Assigns '[ICRA]BB+' Rating to INR1cr LT Loan
----------------------------------------------------------------
ICRA has assigned an '[ICRA]BB+' rating to the INR1.00 crore long
term fund based facility of Meshco Steels. ICRA has also assigned
an '[ICRA]A4+' rating to the INR26.00 crore non fund based bank
facility of MS. The outlook assigned to the long term rating is
Stable.

The ratings reflect the long standing experience of the partners
in the steel industry and the operational and marketing benefits
enjoyed through its association with Shah Brothers Ispat Pvt. Ltd
{rated [ICRA]BB+(Stable)/[ICRA]A4+} which is the flagship company
of the group. The ratings also factor in the comfortable capital
structure and coverage indicators of the company. The ratings
are, however, constrained by MS's modest scale of operations as
also the vulnerability of the business to competitive pressures
in the industry and fluctuations in steel prices. ICRA also notes
that the company's profit margins have remained thin, because of
the limited value-additive nature of the business.

                         About Meshco Steels

Incorporated in 1995, Meshco Steels is an intermediary in the
steel market dealing in long and mild steel products. It is a
wholly owned subsidiary of Shah Brothers Ispat Pvt. Ltd. which is
a leading brand in the steel market. MS has its registered office
in Masjid Bunder, Mumbai. It has recently established a 100%
subsidiary in Dubai by the name of Allsteels DMCC to tap the
potential in GCC (Gulf Co-operation Council) countries and to
engage in merchant trading of steel.

Recent Results:

As per its audited financials for FY 11, MS recorded a net profit
of INR1.37 crore on an operating income of INR48.12 crore. For
the six months of FY 12, MS reported an operating profit of
INR0.34 crore on an operating income of INR23.43 crore as per its
provisional financials.


SALASAR BALAJI: ICRA Reaffirms '[ICRA]BB-' Rating on INR15cr Loan
-----------------------------------------------------------------
ICRA has reaffirmed long-term rating at '[ICRA]BB-' for INR15.00
crore fund based limits of Salasar Balaji Industries.  Further,
the long term rating carries a stable outlook.

The reaffirmation of rating continues to factor in strong growth
in sales in FY2011 owing to increased trading activity; vast
experience of promoters in cotton trading business resulting in
procuring raw material at competitive rates; and diversified
product portfolio as a result of forward integration into cotton
seed oil extraction. ICRA notes that the favorable location of
the ginning unit in Adilabad (Andhra Pradesh) leads to easy
access to raw material and reduces transportation cost for raw
material procurement.

The rating is however constrained by weak financial profile
characterized by high gearing and weak coverage indicators; small
scale of operations and fragmented industry characterized by
competition from a large number of players which limits the
ability to pass on the hike in the input costs; and profitability
exposed to volatility in cotton prices and regulatory risks.

Salasar Balaji Industries was formed in 1996 to undertake cotton
trading and ginning. The firm is engaged in the trading of cotton
FP Bales, cotton seed, loose lint, processing of cotton Kapas to
produce cotton bales and processing of cotton seeds to produce
cotton seed wash oil & cotton seed oil cake using leased oil
mills. As on 28 Feb 2012, the company has 40 gins and a capacity
to produce 36,000 bales in the cotton arrival season.

Recent Results:

For FY2011, the company achieved a turnover of INR133.68 crore
and PAT of INR0.31 crore as compared to INR76.4 crore income and
PAT of INR0.85 crore for FY2011.


SARAF ELECTRICALS: ICRA Rates INR12.5cr Cash Credit at '[ICRA]B'
----------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B' and a short
term rating of '[ICRA]A4' to the to the INR12.50 crore cash
credit limits, INR9.00 crore bank guarantee and the INR7.00 crore
letter of credit/buyers credit facility of Saraf Electricals
Private Limited.

The ratings take into account the long track record of SEPL's
promoters in transformers and energy meters manufacturing
business, its demonstrated ability to secure tender contracts
from government entities, and good demand prospects for the
transformer industry owing to the anticipated additions to power
capacity in India over the next few years. However, the ratings
are constrained by SEPL's small scale of operations, highly
competitive nature of industry which leads to pressure on
operating margins and the high working capital intensity of
SEPL's operations owing to high debtor days, thus leading to
liquidity constraints. Going forward, SEPL's ability to secure
sufficient orders to optimally utilize its capacity while
maintaining its profit margins will remain crucial for the
company's growth and profitability.

                     About Saraf Electricals

Saraf Electricals Private Limited was established in 1988, and is
engaged in the manufacturing of distribution and power
transformers, instrument transformers (CT/PTs), and energy
meters. The company also undertakes turnkey projects for the
installation, testing and commissioning of transformers, energy
meters and High Voltage Distribution Systems (HVDS). The
company's manufacturing facility is located in Bathinda, Punjab.

In FY 2011, the company reported an operating income of INR72.06
crore and a profit after tax of INR1.05 crore.


SHREE SAIBABA: ICRA Rates INR37.67cr Term Loans at '[ICRA]B-'
-------------------------------------------------------------
A rating of '[ICRA]B-' has been assigned to the INR37.67 crore
term loans and INR25.33 crore long-term fund-based limits of
Shree Saibaba Sugars Limited.

The assigned rating takes into account the small size of
operations, the lack of forward integration thereby increasing
exposure to movement in contribution margins in sugar business,
the exposure of operations to agro-climatic risks and cyclical
trends in sugar business and vulnerability to changes in
regulatory policies. The company has a past history of
irregularity in debt servicing with corporate debt restructuring
implemented w.e.f October 2010 that provides it with a moratorium
of two years. The company is yet to tie-up its working capital
limits with the lenders and lack of the same has impacted the
plant utilisation levels so far. The rating also takes into
account the high execution and funding risks for the 5 MW solar
project recently awarded to the company.

The rating, however, positively factors in the operational track
record of the company, the improving contribution margins
witnessed in the previous sugar season and the relatively
flexible FRP-based cane pricing regime in Maharashtra which
offers some hedging during times of supply induced pricing
pressures.

                        About Shree Saibaba

Shree Saibaba Sugars Limited was incorporated on March 9, 2000
and commenced sugar crushing operations in SY (Sugar Year) 2006-
07. The company's sugar factory is located near Ausa in the Latur
district of Maharashtra, and has a crushing capacity of 2500 TCD.
The company is promoted and managed by Mr. Rajeshwar Bukey and
the shareholding is held by the promoters and the sugarcane
farmers (members) of the region.

Recent Results:

For year ended March 31, 2011 the company has recorded Profit
after Tax (PAT) of INR0.25 crore on operating income of INR62.64
crore.


TIRUMALA SEVEN: ICRA Reaffirms '[ICRA]BB' Rating on INR4cr Loan
---------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB' rating to the INR4.00 crore
fund based bank facilities of Tirumala Seven Hills Private
Limited.  The outlook on the long term rating is stable. ICRA has
also reaffirmed the '[ICRA]A4' rating to the INR42.00 crore non
fund based bank facilities of TSH.

The ratings reaffirmation takes into account the favorable demand
outlook on the telecom infrastructure sector, the established
track record of the promoters of TSH, the company's moderate debt
levels leading to low gearing and comfortable level of coverage
indicators. The ratings, however, continues to be constrained by
the low fluctuating profitability of TSH from core operations,
its small scale of operations, high working capital intensity
because of a high level of receivables and the company's exposure
to foreign currency fluctuation risks. The company's net profits
in the past have been largely supported by non-operating income.
The ratings are further constrained by TSH's dependence on its
top three customers which accounted for more than 50% of its
total revenues during 2010-11.

                       About Tirumala Seven

TSH was incorporated as a trading company in 1990 and was
promoted by Mr. Vinod Khetawat and his family members. The
company is primarily involved in trading of telecom and
transmission equipment, providing infrastructure support and
services for applications like air-conditioners for a wide range
of industries like telecom, hospitality, and internet data
centre. The company also acts as a commission agent and
facilitates trading of telecom related equipment to other
companies located outside India.

Recent Results:

The company reported a net profit of INR1.12 crore in FY11 on an
operating income of INR60.72 crore, as compared to a net profit
of INR1.74 crore in FY10 on an operating income of INR78.90
crore.


UTTAM INDUSTRIAL: Fitch Affirms Nat'l Long-Term Rating at 'B+'
--------------------------------------------------------------
Fitch Ratings has affirmed India-based Uttam Industrial
Engineering Limited's National Long-Term rating at 'Fitch
B+(ind)'.  The Outlook is Stable.

The ratings continue to be constrained by UIEL's still high
adjusted net financial leverage.  In the financial year ended
March 2011 (FY11), net debt (including corporate
guarantee)/EBITDAR was 49.4x, albeit an improvement from 149.7x
in FY10.  The ratings are also constrained by UIEL's significant
exposure to the highly cyclical domestic sugar industry, which
has resulted in volatile revenue and profitability in the past.
However, the company has been diversifying into the power sector
to reduce its dependence on the sugar industry.

The ratings also factor in UIEL's long track record in the
industry and a respectable clientele, including India's large
sugar manufacturers.  The company also enjoys operational
linkages with group companies, which specialize in engineering,
procurement and construction of power co-generation projects
domestically and internationally.  These linkages help reduce
UIEL's dependence on the domestic sugar industry.  The ratings
are also supported by UIEL's adequate interest coverage
(EBITDAR/net interest expense) of 24.3x in FY11 (FY10: 54.7x).

Negative rating action may result from a decline in revenues and
profitability or any unexpected debt-funded expansion leading to
deterioration in financial leverage.

UIEL is a privately held company, engaged primarily in
engineering of equipment and machinery and execution of turnkey
projects for the sugar industry.  In FY11, the company reported
revenue of INR1,270m (FY10: INR476m), an EBITDA margin of 10.1%
(9.6%) and net income of INR91m (INR21m).  Net debt/EBITDA
(excluding corporate guarantee) stood at 0.63x in FY11 (2.25x).

Fitch has also affirmed UIEL's bank loan ratings as follows:

  -- INR40m fund-based working capital limits: affirmed at 'Fitch
     B+(ind)'
  -- INR360m non-fund based working capital limits (reduced from
     INR430m): affirmed at 'Fitch A4(ind)'


UNITED CONCEPTS: ICRA Assigns '[ICRA]BB' Rating to INR16.5cr Loan
-----------------------------------------------------------------
ICRA has assigned the long term rating of '[ICRA]BB' to the
INR16.5 Crore fund based limits of United Concepts & Solutions
Private Limited. ICRA has also assigned the short term rating of
'[ICRA]A4' to the INR1.5 Crore non fund based limits of the
company.  The outlook on the long term rating is Stable.

The assigned ratings factor in the long standing experience of
the promoters in the furniture industry and established clientele
of the company. The ratings take into account the moderate
capital structure of the company with gearing of 1.2 times at the
end of March 2011 and healthy profit after tax reported in the
previous fiscal. The company is a manufacturer of modular
furniture for offices and educational institutes, however its
scale of operations are relatively moderate and it faces strong
competition from other larger players in the sector. The company
plans to enter the flat-pack furniture segment in order to cater
to the retail customers and is carrying out capex towards
construction of a new and larger facility for carrying out the
operations of the existing as well as its new products. The
ratings favorably take into account the limited execution risks
as the project is near its completion, however, the company is
exposed to risks of lower than expected take-off in the volumes
in the flat-pack furniture segment which can affect its financial
risk profile.

                       About United Concepts

United Concepts & Solutions Private Limited is a manufacturer of
modular furniture and provides solutions for offices, educational
institutes and homes. Its product profile includes workstations,
partitions, storages, meeting tables, institutional furniture
etc. which are designed and developed as per the needs of the
customers. Unicos is promoted by the Kochhar family, and is
headed by Mr. M.L. Kochhar with over 55 years of experience in
the furniture industry. The company was incorporated in 1999
after it took over "The United Stores", a furniture trading
entity being run by the same promoters. Unicos is headquartered
in Noida, UP and has marketing offices in Mumbai, Pune,
Bangalore, Kolkata and Lucknow.


VEDANTA RESOURCES: S&P Affirms 'BB' Foreign Currency CCR
--------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' long-term
foreign currency corporate credit rating on India-based Vedanta
Resources PLC. The outlook is negative. "At the same time, we
affirmed the 'BB' issue ratings on the company's senior unsecured
notes.  We also affirmed the 'BB' ratings on the senior unsecured
notes issued by Vedanta's wholly owned subsidiaries and
guaranteed by the company," S&P said.

"The rating on Vedanta reflects our view that the company's
financial risk profile is 'aggressive' and its business risk
profile is 'fair', as defined in our criteria. Vedanta's
financial strategy, which we view as aggressive, places much of
its debt, but none of its cash, at the holding company.
Operational risks in Vedanta's metals and mining businesses in
India are growing, in our opinion. The company has limited
backward integration in aluminum, power, and copper. Vedanta is
also exposed to the volatility in commodity prices," S&P said.

"The company's strong market position in zinc and low cost of
production in oil and gas partly offset the above weaknesses. In
addition, Vedanta's cash flow coverage metrics are supportive of
a higher financial risk profile when viewed on a consolidated
basis," S&P said.

"We expect that the acquisition of Cairn India Ltd. will increase
Vedanta's consolidated profitability and improve its cash flows,"
said Standard & Poor's credit analyst Vishal Kulkarni.
"Nevertheless, the weaker-than-expected performance of Vedanta's
other businesses is likely to somewhat offset the benefits from
the Cairn acquisition. We partly attribute the weaker performance
to increased country risk in India."

"Our assessment of Vedanta's financial risk profile largely
reflects the company's strategy of using debt at the holding
company. Vedanta's willingness to send cash upstream from its
Indian subsidiaries, in which it has sizable minority interests,
is untested. In our opinion, the proposed reorganization of
Vedanta's Indian subsidiaries will likely reduce subsidiaries'
reliance on debt at the holding company for growth. Also, the
holding company would need less cash dividends from subsidiaries
to service debt. We note that Vedanta's proposed reorganization
by itself will not reduce its consolidated debt of about $17
billion as of Dec. 31, 2011," S&P said.

"The negative outlook reflects sizable refinancing requirements
at the holding company over the next two years and our
expectation that the company's cash flows could weaken because of
increased operating and country risks in India," said Mr.
Kulkarni.

"We could lower the ratings if Vedanta receives cash dividends
from subsidiaries that are lower than its interest payments such
that the company has to borrow to pay interest. We could also
downgrade Vedanta if production is lower than we expected due to
increased operating risks. We may measure the operating risks
based on Vedanta's ability to meet our volume expectations," S&P
said.

"We will also consider any factors that mitigate such risks. We
could also downgrade Vedanta if its profitability is weaker than
we expect, such that the ratio of FFO to gross debt is less than
25% on a sustained basis," S&P said.

"We could revise the outlook to stable if: (1) Vedanta's
reorganization progresses without any significant revisions to
the initial proposal and is completed by November 2012; (2)
Cairn's production growth progresses as expected and the company
achieves an EBITDA of $2.5 billion in fiscal 2013; (3) operating
risks at Vedanta's other businesses do not increase; and (4)
Vedanta's subsidiaries pay sufficient cash dividends to enable it
to service debt at the holding company level and maintain its
financial flexibility until its proposed reorganization is
complete," S&P said.


VENUS TEXSPIN: ICRA Ups Rating on INR24.68cr Loan to '[ICRA]BB+'
----------------------------------------------------------------
ICRA has upgraded the rating of INR24.68 crore fund based
facilities of Venus Texspin Limited to '[ICRA]BB+' from
'[ICRA]BB' rating on long term scale. The long term rating
continues to carry a stable outlook. ICRA has also upgraded the
rating of INR11.25 crore non fund based facilities of VTL to
'[ICRA]A4+' from '[ICRA]A4' on short term scale.

The upgrade of ratings primarily factors in relative improvement
in financial profile of the company in FY2011 primarily driven by
sizeable growth in revenues, profitability, infusion of equity
(partly through part conversion of unsecured loans into equity)
and limited capex plans of the company going forward. The
ratings, however, continue to derive comfort from established
experience of promoters in the textile business which aids
product offtake and helps secure repeat orders. However, the
ratings continue to be constrained by seasonality of revenues
which exert temporary working capital strain on cash flows,
limited pricing power of the company owing to commoditized nature
of the product and fragmented nature of the market, and
susceptibility of profitability to volatility in raw material
prices which lead to significant variation in contribution
margin/Kg throughout the year. Further, the ratings also factor
in the fact that in FY2011, while capacity utilization improved,
VTL's sizeable growth in revenues was largely attributed to
relatively low margin trading business. ICRA takes into
cognizance that while skewness of revenue profile of the company
towards trading would improve scalability of the business and
partly counter seasonality of revenues associated with acrylic
yarn, the same would also dampen profitability metrics of the
company. The ratings continue to be capped by heightened client
concentration risk as reflected by majority of revenues stemming
from a common control entity Supreme Texmart Ltd.

Going forward, VTL's ability to maintain adequate profitability
in light of inherently volatile raw material prices and altering
mix of trading and manufacturing revenues, sustain a moderate
working capital cycle, diversify its client base, prudently plan
any new capex in the company will remain key rating
sensitivities.

                        About Venus Woollen

Incorporated in 1982 as M/s Venus Woollen Mills, Venus Texspin
Limited is engaged in manufacturing acrylic yarn. The assets and
liabilities of VML were taken over by VTL w.e.f. April 1, 2008.
The company has a spinning unit with installed capacity of 9488
spindles capable of manufacturing 10TPD at 32 count yarn, in
Ludhiana which is the largest market for woollen wear in India.
The company manufactures varieties of 100% acrylic yarn, acrylic-
nylon yarn, acrylic-polyester yarn for hosiery i.e. worsted,
fancy, fresh, chenille & feather etc that are used to knit
sweaters. The company sells yarn in dyed as well as raw white
form.

VTL's revenues grew from INR58.58 crore in FY2010 to INR133.54
crore in FY2011 and the net profit increased from INR0.76 crore
in FY2010 to INR2.75 crore in FY2011.


VSP UDYOG: ICRA Lowers Rating on INR75.18cr Loan to '[ICRA]BB-'
---------------------------------------------------------------
ICRA has revised downwards the long term rating assigned to the
INR75.18 crore (enhanced from INR52.15 crore) cash credit
facilities and INR49.32 crore term loans of VSP Udyog Private
Limited from '[ICRA]BB' to '[ICRA]BB-'. ICRA has reaffirmed the
short term rating assigned to the INR7.50 crore (enhanced from
INR4.00 crore) letter of credit facilities and INR3.50 crore bank
guarantee facilities (which is a sublimit of the INR7.50 crore
letter of credit limits) of VSPUPL at '[ICRA]A4'.  ICRA has also
assigned a long term rating of [ICRA]BB- to the INR0.50 crore
bank guarantee facility (which is a sublimit of the INR7.50 crore
letter of credit limits) of VSPUPL.  The outlook on the long term
rating is Stable.

The revision in the ratings take into account VSPUPL's
deterioration of financial risk profile, as indicated by an
aggressive capital structure as well as depressed debt coverage
indicators and the high working capital intensive nature of
business which exerts pressure on the company's liquidity
position. ICRA notes that on the back of an increase in working
capital loans to support higher production levels, coupled with
the increase in project loan for its capacity expansion plan,
VSULP's capital structure has deteriorated in the current
financial year, as indicated by a high gearing of 3.50 time as on
Sept. 30, 2011. This, coupled with the moderate operating
profitability has kept coverage indicators at depressed levels.
The ratings also reflect the inherent cyclicality of the steel
business, exposing it to the risk of volatile cash flows and the
company's limited vertical integration of operations, exposing
the company to raw material price risks. In ICRA's opinion, the
intense competition in the fragmented billet and TMT bar
manufacturing businesses due the commoditized nature of the
products is likely to keep margins under pressure. However, the
ratings derive comfort from the long experience of the promoters
in the steel business and the company's consistent growth in
revenues and profits in the last few years. ICRA observes that
the capacity expansion project that was undertaken by the company
has been completed and has commenced commercial production
recently. This would increase VSPUPL's scale of business
considerably. The ratings also factor in VSPUPL's close proximity
to raw material suppliers, thereby ensuring its timely
availability at low freight costs.

The revision in the ratings take into account VSPUPL's
deterioration of financial risk profile, as indicated by an
aggressive capital structure as well as depressed debt coverage
indicators and the high working capital intensive nature of
business which exerts pressure on the company's liquidity
position. ICRA notes that on the back of an increase in working
capital loans to support higher production levels, coupled with
the increase in project loan for its capacity expansion plan,
VSULP's capital structure has deteriorated in the current
financial year, as indicated by a high gearing of 3.50 time as on
September 30, 2011. This, coupled with the moderate operating
profitability has kept coverage indicators at depressed levels.
The ratings also reflect the inherent cyclicality of the steel
business, exposing it to the risk of volatile cash flows and the
company's limited vertical integration of operations, exposing
the company to raw material price risks. In ICRA's opinion, the
intense competition in the fragmented billet and TMT bar
manufacturing businesses due the commoditized nature of the
products is likely to keep margins under pressure. However, the
ratings derive comfort from the long experience of the promoters
in the steel business and the company's consistent growth in
revenues and profits in the last few years. ICRA observes that
the capacity expansion project that was undertaken by the company
has been completed and has commenced commercial production
recently. This would increase VSPUPL's scale of business
considerably. The ratings also factor in VSPUPL's close proximity
to raw material suppliers, thereby ensuring its timely
availability at low freight costs.

                           About VSP Udyog

VSPUPL was incorporated in October 2002. The company is promoted
by Mr. Om Prakash Agarwala, who has over two decades of
experience in the iron and steel industry. In 2005, VSPUPL set up
its first 1x8 MT induction furnace of 22,800 MT capacity at
Banskopa, Durgapur, West Bengal. The furnace capacity was
subsequently doubled to 45,600 MT in FY07. With the successful
operation of the induction furnace and growth in demand of value
added products, the company set up a rolling mill in FY09, with
an installed capacity of 80,000 MT. In the current financial
year, the company has further set up a new rolling mill line with
an installed capacity of 1,20,000 TPA, commercial production from
which has commenced from January 2012 onwards.

Recent Results:

VSPUPL's net profit after tax (PAT) for H1 FY12 stood at INR4.18
crore (provisional) on the back of an operating income (OI) of
INR216.25 crore as against a PAT of INR5.11 crore on operating
income of INR266.17 crore during FY11.


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


PT INDOSAT: 2011 Results Weaker But Still Support 'Ba1' Ratings
---------------------------------------------------------------
Moody's Investors Service notes that Indosat's results for 2011
have come in slightly weaker than expected, but remain within the
parameters of Moody's Ba1 rating.

The rating outlook remains stable.

For 2011, Indosat saw revenue growth of 4% YoY, which was lower
than expected and lower in comparison to its domestic peers.
Revenue growth was weakened by price competition in the voice and
SMS segments, and which was not adequately compensated by growth
in data revenue.

But despite net adds of only 200,000 in Q4 2011, the company is
maintaining its established position as the second largest
cellular operator in Indonesia with 51.7 million subscribers,
well ahead of the number 3 player, XL Axiata with 46.4 million
subscribers. At the same time, XL Axiata has been closing the gap
in market share on a revenue basis.

However, Moody's notes that for the last three quarters Indosat
has been gradually losing subscriber and market shares, and in
our opinion recovery will depend on its efforts to step up its
data capabilities. Indosat is budgeting for significant
investments in its data network in 2012 to keep pace with
competition.

"We expect capex to remain high at over IDR6.0 trillion in 2012,
given the imminent need to invest in 3G and data networks, where
Indosat lags its peers, as well as for participation in the
auction for additional 3G spectrum expected in 2012," says Nidhi
Dhruv, a Moody's Analyst.

"However, the expected cash inflow of US$406 million in 2012 from
the sale of 2,500 towers to Tower Bersama should help funding
without straining the company's leverage metrics (2011 adjusted
debt/ebitda 2.7x), such that Indosat's overall financial profile
should remain consistent with its current rating," adds Dhruv,
also Moody's Lead Analyst for Indosat.

Moody's notes that 2011 was a challenging year for Indosat on the
back of fundamental changes in the management team, and its
financial results were partly and adversely affected by one-off
events. The latter included the Voluntary Separation Scheme in
1H2011 as well as adjustments to pension liabilities and
spectrum-fee calculations that reduced reported net profit by
Rp280 billion in Q4 2011.

The company's cost-saving initiatives have kept margins at
relatively stable levels, and resulted in total cost savings of
about Rp660 billion in 2011. EBITDA margins dropped to 46% from
49% a year ago, which is in line with an expected margin
contraction for Indonesian operators as the industry matures and
traditional voice and SMS revenue shows a natural decline. We
note, however, that margins remain strong for the rating category
and compare favorably on a global basis.

The principal methodology used in rating Indosat was the Global
Telecommunications Industry Methodology published in December
2010.

Indosat is a fully integrated telecommunications network and
services provider in Indonesia. The company is the second-largest
cellular operator in the country, as well as its leading provider
of international call services. It also provides multi-media,
data communications, and internet services. Indosat is 65%-owned
by QTel.


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


AIJ INVESTMENT: Investor Firms May Face "Chain of Bankruptcies"
---------------------------------------------------------------
The Mainichi Daily News reports that companies that have
commissioned troubled AIJ Investment Advisors Co. to invest money
from their employees' pension funds fear that huge amounts of the
group's investment losses could cause them to go under.

According to the report, employees' pension funds borrow money
for the public pension insurance program for employees and invest
the money on behalf of the government in addition to premiums
collected from employees.

Since such investment losses had actually caused a chain of
bankruptcies in the past, ruling and opposition parties have
begun to consider relief measures for companies to minimize their
losses, the report says.

Mainichi Daily discloses that the employees' pension fund for
construction companies in Nagano Prefecture had entrusted AIJ
with approximately JPY6.5 billion, or over 30% of its pension
money.

An executive of a member company expressed grave concern about a
possible "chain of bankruptcies triggered by AIJ," according to
the report.

Mainichi Daily says there are speculations that if pension money
with which the Nagano pension fund has entrusted AIJ is
completely lost, the fund will lose at least JPY7 billion of
public pension money it has borrowed from the state, which
translates into an average of some JPY20 million per each member
company.

The report, citing the Health, Labor and Welfare Ministry,
discloses that of the 84 pension funds that have commissioned AIJ
to invest their money, 74 are employees' pension funds set up by
small and medium-sized businesses.

Since AIJ has lost most of the JPY200 billion it was entrusted
with, it is highly likely that the employees' pension funds
cannot get back most of their money, Mainichi Daily adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 27, 2012, Bloomberg News said the Financial Services Agency
on Feb. 24 ordered AIJ Investment Advisors Co. to halt its
business after finding the asset manager's clients funds of about
JPY183.2 billion (US$2.3 billion) may be "adversely affected" and
started a probe into the 263 asset managers operating in Japan.

Tokyo-based asset-management firm AIJ Investment Advisors Co.,
led by Kazuhiko Asakawa, was established in April 1989, and had
120 clients including pension plans with JPY183.2 billion in
assets as of the end of 2010.  It has 12 employees.


EIRLES TWO: S&P Withdraws 'CCC-' Class B Fixed Rate Note Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services has withdrawn its 'CCC- (sf)'
rating on class B of Eirles Two Ltd.'s series 310 collateralized
debt obligation (CDO) transaction. "The rating withdrawal follows
the arranger's notification to us that the issuer fully
repurchased and cancelled the notes," S&P said.

            Standard & Poor's 17g-7 Disclosure Report

Sec Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:

         http://standardandpoorsdisclosure-17g7.com

Rating Withdrawn
Eirles Two Ltd.
Series 310 portfolio credit linked secured notes
Class   To        From        Issue amount   Coupon type
B       NR        CCC- (sf)   JPY1 bil.        Fixed rate
The transaction's closing date was Dec. 14, 2006.


JLOC 39: Downward Revisions Cue Fitch to Lower Ratings
------------------------------------------------------
Fitch Ratings has downgraded JLOC 39's class B and D trust
beneficiary interests (TBIs) due April 2014 and affirmed the
rest.  The transaction is a Japanese multi-borrower type CMBS
securitisation.

The rating actions are:

  -- JPY11bn* Class A TBIs affirmed at 'Asf'; Outlook Stable
  -- JPY5.4bn* Class B TBIs downgraded to 'CCCsf' from 'Bsf';
     Recovery Estimate 55%
  -- JPY3.9bn* Class C TBIs affirmed at 'CCsf'; Recovery Estimate
     0%
  -- JPY2.2bn* Class D TBIs downgraded to 'Csf' from 'CCsf';
     Recovery Estimate 0%

*as of March 6, 2012

The downgrade of the class B and D TBIs reflects Fitch's downward
revision of the value of all four remaining properties in the
portfolio.  Fitch has revised down its cash flow estimates for
the four properties backing four defaulted loans, taking into
account their weak cash flow performance throughout 2011.  The
largest underlying loan in the transaction, backed by a single-
office building in Tokyo, defaulted upon maturity in February
2012.  As this defaulted loan accounted for more than half of the
total remaining underlying loan balance, Fitch believes that
principal loss on the class B to D TBIs mainly will depend on the
workout activity of this defaulted loan.

The affirmation of the class A TBIs reflects repayment of their
principal to date on a sequential basis, which has offset the
negative impact of the property revaluation by reducing the loan-
to-value ratio of the class A TBIs.  The class A TBIs have been
partially redeemed after three underlying loans were paid in full
with property sales proceeds since Fitch's previous rating action
in March 2011.

This transaction was a securitisation of Tokutei Mokuteki Kaisha
specified bonds and non-recourse loans issued by and extended to
a total of 10 issuers or borrowers, respectively.  At closing,
these underlying loans were ultimately secured by 34 real estate
properties.  The transaction is now secured by four underlying
loans backed by four real estate properties and repayment
proceeds from one underlying loan.


OLYMPUS CORP: Former Execs Charged Over Loss Cover-Up
-----------------------------------------------------
ChannelNews Asia reports that Japanese prosecutors said Wednesday
they had charged Olympus Corp. and three former senior executives
over a huge loss cover-up.

The move came as the 20-day detention period of former president
Tsuyoshi Kikukawa, named as a key player in a scheme to shift
US$1.7 billion of losses from the camera-maker's balance sheet,
expired, ChannelNews Asia relates.

According to the report, Tokyo District prosecutors said
Mr. Kikukawa, two other former Olympus executives, Hideo Yamada
and Hisashi Mori, and three financial advisers conspired to
falsify the company's balance sheet in fiscal 2006 and 2007.

The same charge was also laid against Olympus as a corporate
entity, the report says.

ChannelNews Asia says prosecutors also arrested the three
disgraced former Olympus officers and financial adviser Akio
Nakagawa for lying in financial documents relating to fiscal 2008
and fiscal 2009 as well as in 2011.

                         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.


SIGNUM VANGUARD: S&P Puts 'CCC' 2006-10 Note Rating on Watch Neg.
-----------------------------------------------------------------
Standard & Poor's Ratings Services has placed its 'CCC (sf)'
rating on the series 2006-10 notes issued under the Signum
Vanguard Ltd. collateralized debt obligation (CDO) transaction on
CreditWatch with negative implications. "At the same time, we
affirmed our 'CCC (sf)' rating on the series 2 loan issued under
the Hummingbird Securitisation Ltd. CDO transaction and removed
the rating from CreditWatch negative," S&P said.

"During our monthly run of transactions on version 5.1 of our CDO
evaluator, the tranche placed on CreditWatch negative had a
synthetic rated overcollateralization (SROC) level less than 100%
at the current rating as of Feb. 29, 2012. Meanwhile, the SROC
level of the tranche on which the rating was affirmed and removed
from CreditWatch negative recovered to 100% or above as of the
same date," S&P said.

"For all the transactions that we ran on our CDO evaluator, we
applied the top obligor and industry test SROCs, as well as the
results of the Monte Carlo default simulation," S&P said.

"By the end of the month, we intend to review the tranches listed
below with ratings that we placed on CreditWatch negative, along
with any other tranches with ratings that are presently on
CreditWatch negative or positive, in accordance with our current
CDO criteria," S&P said.

            Standard & Poor's 17g-7 Disclosure Report

Sec Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:

         http://standardandpoorsdisclosure-17g7.com

Rating Placed On Creditwatch Negative
Signum Vanguard Ltd.
Secured floating rate credit-linked notes series 2006-10
To                       From           Issue amount
CCC (sf)/Watch Neg       CCC (sf)       JPY300.0 mil.

Rating Affirmed, Removed From Creditwatch Negative
Hummingbird Securitisation Ltd.
Series 2 loan
Class        To             From                    Issue amount
#2 Loan      CCC (sf)       CCC (sf)/Watch Neg      JPY3.0 bil.


SIGNUM VANGUARD: S&P Withdraws 'CCC' Rating on Series 2006-09 CDO
-----------------------------------------------------------------
Standard & Poor's Ratings Services has withdrawn its 'CCC (sf)'
rating on Signum Vanguard Ltd.'s series 2006-09 collateralized
debt obligation (CDO) transaction. "The rating withdrawal follows
the arranger's notification to us that the issuer fully
repurchased and cancelled the notes on March 1, 2012," S&P said.

            Standard & Poor's 17g-7 Disclosure Report

Sec Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:

         http://standardandpoorsdisclosure-17g7.com

Rating Withdrawn

Signum Vanguard Ltd.
MAJOR multi-jurisdiction repackaging note programme series
2006-09 JPY2 billion secured floating-rate credit-linked notes
due 2013

To            From           Initial issue amount
NR            CCC (sf)       JPY2 bil.
The transaction's closing date was Nov. 29 , 2006.


TOKYO ELECTRIC: Urged to Cut Free Contracts With Affiliated Firms
-----------------------------------------------------------------
The Mainichi Daily News reports that Japan's Economy, Trade and
Industry Minister Yukio Edano said on March 6 that he would urge
Tokyo Electric Power Co. to cut the amount of its "free"
contracts with its affiliated firms and subsidiaries by 30%
within three years.

The same instruction will be given to the government's Nuclear
Damage Liability Facilitation Fund, the report says.  Mr. Edano
made the decision at a time when critics say "free" contracts
with its group firms have pushed up TEPCO's costs, resulting in
higher electricity rates, according to Mainichi Daily.

Mainichi Daily relates that at the meeting on March 6 of the
government's "Task Force on the Reform of Electric Power
Systems," Tokyo Vice Gov. Naoki Inose said that if TEPCO were to
increase public tenders and reduce the unit amount of each
contract, "of its annual free contracts totaling JPY172 billion,
it will be able to cut JPY50 billion a year and JPY150 billion
for three years."  Mr. Inose then said, "It should use the
reduced amount to curb an attempt to raise electricity rates."
In his response, Edano said, "I want to instruct them to further
streamline their operations with the target of reducing 30
percent within three years."

The report notes that a Tokyo Metropolitan Government
investigation has revealed that one of TEPCO's subsidiaries,
tasked with operating a high-class restaurant for TEPCO
employees, forked the whole business over to an unrelated
company, resulting in the TEPCO unit making more profits that it
should.  TEPCO has paid costs higher than necessary to its
subsidiaries, and the extra costs have been added to electricity
rates, the report adds.

                        About Tokyo Electric

Tokyo Electric Power Company (TEPCO) is the largest electric
power company in Japan and the largest privately owned electric
utility in the world.  Tepco supplies electricity to meet the
increasingly diversified and sophisticated demands of its over
28.09 million customers in the metropolitan Tokyo, which is the
political, economic, and cultural center of Japan, and eight
surrounding prefectures.

Bloomberg News said the utility is battling radiation leaks at
the Fukushima Dai-Ichi power plant north of Tokyo after a
March 11 earthquake and tsunami knocked out its cooling systems,
causing the biggest atomic accident in 25 years.  More than
50,000 households were forced to evacuate and Bank of America
Corp.'s Merrill Lynch estimates TEPCO may face compensation
claims of as much as JPY11 trillion (US$135 billion).

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 11, 2011, Moody's Japan K.K. confirmed the ratings of Tokyo
Electric Power Co.  The ratings confirmed include its senior
secured rating of Ba2, long-term issuer rating of B1, and
Corporate Family Rating of Ba3.  The ratings outlook is negative.

In February, Standard & Poor's Ratings Services kept Tokyo
Electric Power Co. Inc. on CreditWatch but revised its
implications to negative from developing. "We maintained the 'B+'
long-term corporate credit, 'B' short-term corporate credit, and
'BB+' long-term debt ratings on the company. The stand-alone
credit profile on TEPCO remains at 'ccc+', and the likelihood
that the company will receive extraordinary support from the
government of Japan (AA-/Negative/A-1+) in the event of financial
distress remains 'high.' We placed the ratings on CreditWatch
developing on May 13, 2011, and kept them on that status after
lowering the ratings on the company on May 30, and again on
Aug. 4 and Nov. 9," S&P said.


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


BRIDGECORP LTD: Judge to Give Verdict in Early April
----------------------------------------------------
Radio New Zealand reports that the Auckland High Court has now
heard all the evidence in the trial of three former directors of
failed finance company Bridgecorp.

Rod Petricevic, Rob Roest, and Peter Steigrad are facing criminal
charges after the company collapsed in 2007 owing more than
NZ$450 million.

According to the report, the Crown will begin summing up its case
on March 14, followed by the defense for Mr. Petricevic,
Mr. Roest, and Mr. Steigrad in that order.

It is expected that the judge will deliver his verdict before
Easter in early April, Radio NZ relays.

Radio NZ notes that the trial has been hampered by a series of
delays, mostly due to changes of counsel, applications for legal
aid and because one of the defence lawyers was ill.

It was initially due to start in July 2011 and eventually began
in October, the report says.

Messrs. Petricevic and Roest each face 18 charges under the
Securities, Crimes and Companies Acts.  Mr. Stiegrad faces 10
charges under the Securities Act.

                      About Bridgecorp Ltd

Based in New Zealand, Bridgecorp Ltd. is a property development
and finance company.

Bridgecorp was placed in receivership on July 2, 2007, after
failing to pay principal due to debenture holders.  John Waller
and Colin McCloy, partners at PricewaterhouseCoopers, were
appointed as receivers.  Bridgecorp owes around 14,500 investors,
which liquidators estimate to approximate NZ$500 million.

Bridgecorp's nine Australian companies were also placed into
voluntary administration, owing about 100 investors about
AUD24 million (NZ$27 million).


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


BANCO FILIPINO: BSP Confident CA Reverse Decision to Reopen Bank
----------------------------------------------------------------
BusinessMirror reports that the Bangko Sentral ng Pilipinas and
its Monetary Board remain optimistic the Court of Appeals will
reverse its recent decision on Banco Filipino.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 3, 2012, the Philippine Daily Inquirer said the Court of
Appeals in January ordered the Bangko Sentral ng Pilipinas to
reopen Banco Filipino Savings and Mortgage Bank and to extend to
it within 30 days state financial assistance worth more than
PHP25 billion.  According to the Inquirer, the appellate court's
former Special 14th Division ruled that respondents BSP, Monetary
Board and the Philippine Deposit Insurance Corp. committed grave
abuse of discretion and violated BF's right to due process when
they implemented MB Resolution 372-A on March 17, 2011 which
placed the bank under receivership and barred it from continuing
its business operations in the country due to "unsound banking
practices."

BusinessMirror relates that lawyer Augusto San Pedro Jr., counsel
for BSP-MB, reiterated the findings of Philippine Deposit
Insurance Inc. that BF is insolvent and could no longer operate
with safety to its depositors and creditors.

"The finding of insolvency has been independently determined by
PDIC . . . PDIC's valuation of Banco Filipino assets, through
independent reputable appraisal companies, was consistent with
that of BSP," BusinessMirror quotes Mr. San Pedro as saying.

Both the BSP and PDIC, as receiver and liquidator of closed
banks, have the legal mandate and competence to determine these
things. Surely, these should weigh heavily in the court's mind
than a private appraisal of an unregistered company,"
Mr. San Pedro, as cited by BusinessMirror, added.

Mr. San Pedro also said two separate divisions of the appellate
court had issued resolutions supporting the position of the BSP,
adds BusinessMirror.

                        About Banco Filipino

Banco Filipino Savings & Mortgage Bank --
http://www.bancofilipino.com/-- was organized in 1964, offers
full domestic banking services, which are five main types,
namely: cash services; commercial services; loans; money market
services; and trust services.  It started operations on July 9,
1964.

Bangko Sentral ng Pilipinas closed Banco Filipino after the
bank's liabilities overwhelmed its assets by PHP8.4 billion, and
then filed charges against the bank's directors and officials.
BSP also placed the bank under the receivership of the state-run
Philippine Deposit Insurance Corp. to provide immediate relief to
the bank's 177,652 depositors.


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


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

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

AUSTRALIA

AAT CORP LTD               AAT           32.50         -13.46
AAT CORP LTD               AAT           32.50         -13.46
APN EUROPEAN PRO           AEZ          563.10         -79.26
AUSTAR UNITED              AUN          686.84        -145.61
AUSTRALIAN ZI-PP           AZCCA         77.74          -2.57
AUSTRALIAN ZIRC            AZC           77.74          -2.57
BIRON APPAREL LT           BIC           19.71          -2.22
CENTRO PROPERTIE           CNP        15,483.4        -349.73
CLARITY OSS LTD            CYO           31.64          -5.75
MACQUARIE ATLAS            MQA        1,671.52        -842.29
MISSION NEWENER            MBT           22.05         -27.72
NATIONAL LEISURE           NLG          154.59         -34.49
NATURAL FUEL LTD           NFL           19.38        -121.51
ORION GOLD NL              ORN           11.35          -4.05
REDBANK ENERGY L           AEJ          377.31         -22.16
RENISON CONSOLID           RSN           10.20         -22.16
RENISON CONSO-PP           RSNCL         10.20         -22.16
RIVERCITY MOTORW           RCY          386.88        -809.14
STERLING BIOFUEL           SBI           20.58          -1.88
SVC GROUP LTD              SVC           13.47          -1.66


CHINA

BAOCHENG INVESTM           600892        54.75          -3.55
CHENGDE DALU -B            200160        33.15          -5.30
CHENGDU UNION-A            693           32.68         -15.13
CHINA FASHION              CFH           10.11          -0.76
CHINA KEJIAN-A             35           103.72        -192.59
CONTEL CORP LTD            CTEL          59.32         -45.72
DONGXIN ELECTR-A           600691        14.82         -23.94
GUANGDONG ORIE-A           600988        15.71          -3.91
GUANGDONG SUNR-A           30           111.22           0.00
GUANGDONG SUNR-B           200030       111.22           0.00
GUANGXIA YINCH-A           557           19.49         -44.84
GUANGZHOU IRON-A           600894       567.50         -32.00
HEBEI BAOSHUO -A           600155       141.30        -414.58
HEBEI JINNIU C-A           600722       240.40         -64.41
HUASU HOLDINGS-A           509           94.81         -12.27
HUNAN ANPLAS CO            156           45.35         -32.70
JILIN PHARMACE-A           545           34.73          -7.31
JINCHENG PAPER-A           820          198.46        -130.71
QINGDAO YELLOW             600579       218.06         -21.01
SHANXI LEAD IN-A           673           19.29          -1.82
SHENZ CHINA BI-A           17            20.97        -266.50
SHENZ CHINA BI-B           200017        20.97        -266.50
SHENZ INTL ENT-A           56           256.62         -28.92
SHENZ INTL ENT-B           200056       256.62         -28.92
SHENZHEN DAWNC-A           863           26.83        -165.43
SHENZHEN KONDA-A           48           122.96          -7.23
SHIJIAZHUANG D-A           958          217.74         -95.97
SICHUAN DIRECT-A           757           96.63        -170.70
SICHUAN GOLDEN             600678       147.66         -82.88
TAIYUAN TIANLO-A           600234        67.43         -22.23
TIANJIN MARINE             600751       114.38         -61.31
TIANJIN MARINE-B           900938       114.38         -61.31
TIBET SUMMIT I-A           600338        85.56          -3.87
TOPSUN SCIENCE-A           600771       137.37         -85.06
WUHAN BOILER-B             200770       317.76        -162.36
WUHAN GUOYAO-A             600421        11.22         -28.07
WUHAN LINUO SOLA           600885       106.01          -9.03
XIAMEN OVERSEA-A           600870       256.81        -136.78
XIAN HONGSHENG-A           600817        15.98        -296.67
YANBIAN SHIXIA-A           600462       204.56         -22.61
YANTAI YUANCHE-A           600766        63.90          -6.36
YIBIN PAPER IN-A           600793       144.18          -2.37
YUEYANG HENGLI-A           622           37.67         -21.61


HONG KONG

BEP INTL HLDGS L           2326          11.98          -1.14
BUILDMORE INTL             108           16.57         -57.57
CHINA HEALTHCARE           673           46.24          -3.08
CHINA NEW ENERGY           1041         110.74         -80.18
CHINA OCEAN SHIP           651          485.84          -2.95
CHINA PACKAGING            572           19.73         -16.87
CMMB VISION HOLD           471           30.68         -17.93
CNI 23 INT'L               611           68.05         -67.58
FIRST NTUL FOODS           1076          14.94         -56.59
FU JI FOOD & CAT           1175          73.43        -389.20
ICUBE TECHNOLOGY           139           25.54          -2.12
MELCOLOT LTD               8198          51.52         -55.33
MITSUMARU EAST K           2358          24.87         -16.51
PALADIN LTD                495          175.99         -12.97
PROVIEW INTL HLD           334          314.87        -294.85
SINO RESOURCES G           223           15.64         -34.61
SMART UNION GP             2700          41.81         -38.85
SUNLINK INTL HLD           2336          17.79         -36.13
SURFACE MOUNT              SMT           86.34          -8.13
U-RIGHT INTL HLD           627           10.86        -204.99


INDONESIA

ARPENI PRATAMA             APOL         568.63        -226.21
ASIA PACIFIC               POLY         443.39        -871.25
ERATEX DJAJA               ERTX          11.89         -22.43
HANSON INTERNATI           MYRX          34.47          -7.55
HANSON INT-PREF            MYRXP         34.47          -7.55
JAKARTA KYOEI ST           JKSW          31.61         -44.38
MITRA INTERNATIO           MIRA       1,076.79        -446.64
MITRA RAJASA-RTS           MIRA-R2    1,076.79        -446.64
MULIA INDUSTRIND           MLIA         509.06         -48.37
PANASIA FILAMENT           PAFI          30.57         -20.41
PANCA WIRATAMA             PWSI          31.13         -38.63
PRIMARINDO ASIA            BIMA          10.01         -21.54
TOKO GUNUNG AGUN           TKGA          12.89          -0.66
UNITEX TBK                 UNTX          18.41         -18.45


INDIA

ALPS INDUS LTD             ALPI         288.11          -7.01
AMIT SPINNING              AMSP          20.43          -1.96
ARTSON ENGR                ART           23.87          -0.60
ASHAPURA MINECHE           ASMN         191.87         -68.03
ASHIMA LTD                 ASHM          63.23         -48.94
ATV PROJECTS               ATV           60.17         -54.25
BELLARY STEELS             BSAL         451.68        -108.50
BLUE BIRD INDIA            BIRD         122.02         -59.13
CAMBRIDGE SOLUTI           CAMB         149.58         -56.66
CELEBRITY FASHIO           CFLI          36.61          -6.76
CFL CAPITAL FIN            CEATF         12.36         -49.56
COMPUTERSKILL              CPS           14.90          -7.56
CORE HEALTHCARE            CPAR         185.36        -241.91
DCM FINANCIAL SE           DCMFS         18.46          -9.46
DFL INFRASTRUCTU           DLFI          42.74          -6.49
DIGJAM LTD                 DGJM          99.41         -22.59
DUNCANS INDUS              DAI          122.76        -227.05
FIBERWEB INDIA             FWB           12.15         -15.81
GANESH BENZOPLST           GBP           49.24         -21.14
GEM SPINNERS LTD           GEMS          14.58          -1.16
GSL INDIA LTD              GSL           29.86         -42.42
HARYANA STEEL              HYSA          10.83          -5.91
HENKEL INDIA LTD           HNKL          69.07         -31.72
HIMACHAL FUTURIS           HMFC         406.63        -210.98
HINDUSTAN PHOTO            HPHT          74.44      -1,519.11
HINDUSTAN SYNTEX           HSYN          15.20          -3.81
HMT LTD                    HMT          133.66        -500.46
ICDS                       ICDS          13.30          -6.17
INDAGE RESTAURAN           IRL           15.11          -2.35
INTEGRAT FINANCE           IFC           49.83         -51.32
JAGSON AIRLINES            JGA           11.31          -0.41
JCT ELECTRONICS            JCTE         104.55         -68.49
JD ORGOCHEM LTD            JDO           10.46          -1.60
JENSON & NIC LTD           JN            18.05         -86.40
JIK INDUS LTD              KFS           20.63          -5.62
KALYANPUR CEMENT           KCEM          33.31         -30.53
KDL BIOTECH LTD            KOPD          14.66          -9.41
KERALA AYURVEDA            KRAP          13.97          -1.69
KIDUJA INDIA               KDJ           14.85          -1.71
KINGFISHER AIR             KAIR       1,935.94        -661.89
KINGFISHER A-SLB           KAIR/S     1,935.94        -661.89
KITPLY INDS LTD            KIT           37.68         -45.35
LLOYDS FINANCE             LYDF          21.65         -11.39
LLOYDS STEEL IND           LYDS         510.00         -48.98
LML LTD                    LML           65.26         -56.77
MADRAS FERTILIZE           MDF          143.14         -99.28
MAHA RASHTRA APE           MHAC          22.23         -15.85
MARKSANS PHARMA            MRKS         110.32         -14.04
MILTON PLASTICS            MILT          17.67         -51.22
MODERN DAIRIES             MRD           38.41          -0.45
MTZ POLYFILMS LT           TBE           31.94          -2.57
MYSORE PAPER               MSPM          97.02         -15.69
NATH PULP & PAP            NPPM          14.50          -0.63
NICCO CORP LTD             NICC          78.28          -4.14
NICCO UCO ALLIAN           NICU          32.23         -71.91
NK INDUS LTD               NKI          141.35          -7.71
NUCHEM LTD                 NUC           24.72          -1.60
PANCHMAHAL STEEL           PMS           51.02          -0.33
PARASRAMPUR SYN            PPS           99.06        -307.14
PAREKH PLATINUM            PKPL          61.08         -88.85
PIRAMAL LIFE SC            PLSL          51.20         -64.85
PREMIER SYNTHET            PRS           12.55          -8.26
QUADRANT TELEVEN           QDTV         188.57        -116.81
QUINTEGRA SOLUTI           QSL           24.66         -11.51
RAJ AGRO MILLS             RAM           10.21          -0.61
RATHI ISPAT LTD            RTIS          44.56          -3.93
REMI METALS GUJA           RMM          101.32         -17.12
RENOWNED AUTO PR           RAP           14.12          -1.25
ROLLATAINERS LTD           RLT           22.97         -22.24
ROYAL CUSHION              RCVP          18.88         -81.42
SADHANA NITRO              SNC           18.21          -0.73
SAURASHTRA CEMEN           SRC          106.01          -2.81
SCOOTERS INDIA             SCTR          19.43         -10.78
SEN PET INDIA LT           SPEN          11.58         -26.67
SHAH ALLOYS LTD            SA           213.69         -39.95
SHALIMAR WIRES             SWRI          25.78         -38.78
SHAMKEN COTSYN             SHC           23.13          -6.17
SHAMKEN MULTIFAB           SHM           60.55         -13.26
SHAMKEN SPINNERS           SSP           42.18         -16.76
SHREE GANESH FOR           SGFO          35.96          -1.80
SHREE KRISHNA              SHKP          19.89          -0.71
SHREE RAMA MULTI           SRMT          62.15         -42.08
SIDDHARTHA TUBES           SDT           75.90         -11.45
SOUTHERN PETROCH           SPET         407.16        -200.86
SQL STAR INTL              SQL           10.58          -3.28
STELCO STRIPS              STLS          14.90          -5.27
STERLING HOL RES           SLHR          66.77          -2.85
STI INDIA LTD              STIB          35.39          -0.54
STORE ONE RETAIL           SORI          15.48         -59.09
TATA TELESERVICE           TTLS       1,311.30        -138.25
TATA TELE-SLB              TTLS/S     1,311.30        -138.25
TODAYS WRITING             TWPL          44.08          -5.32
TRIUMPH INTL               OXIF          58.46         -14.18
TRIVENI GLASS              TRSG          24.23         -12.34
TUTICORIN ALKALI           TACF          19.13         -16.31
UNIFLEX CABLES             UFC           47.46          -7.49
UNIFLEX CABLES             UFCZ          47.46          -7.49
UNIMERS INDIA LT           HDU           18.05          -5.87
UNITED BREWERIES           UB         3,067.32        -137.09
UNIWORTH LTD               WW           169.51        -155.79
USHA INDIA LTD             USHA          12.06         -54.51
VANASTHALI TEXT            VTI           25.92          -0.15
VENTURA TEXTILES           VRTL          14.33          -1.91
VENUS SUGAR LTD            VS            11.06          -1.08


JAPAN

CREST INVESTMENT           2318          65.01          -3.55
CROWD GATE CO              2140          11.63          -4.29
DDS INC                    3782          18.69          -0.08
FUJITSU COMP LTD           6719         398.22          -2.90
HIMAWARI HD                8738         412.87         -13.56
ISHII HYOKI CO             6336         201.38         -12.95
KANMONKAI CO LTD           3372          59.00         -10.08
L CREATE CO LTD            3247          42.34          -9.15
MEIHO ENTERPRISE           8927          76.16         -18.35
MISONOZA THEATRI           9664          71.18          -4.66
NEXT JAPAN HOLDI           2409         177.68          -5.08
NIS GROUP CO LTD           NISZ         444.72        -158.85
NIS GROUP CO LTD           8571         444.72        -158.85
PROMISE CO LTD             8574       11,162.3        -661.54
PROPERST CO LTD            3236         305.90        -330.20
TOYO KNIFE CO              5964          75.99          -3.68
WORLD LOGI CO              9378         119.36          -2.48


KOREA

DAISHIN INFO               20180        740.50        -158.45
HANIL ENGINEERIN           6440         880.70         -22.42
KUKDONG CORP               5320          53.07          -1.85
PLA CO LTD                 82390         14.95         -21.43
SUNGJEE CONSTRUC           5980         114.91         -83.19
YOUILENSYS CORP            38720        166.70         -12.34


MALAYSIA

HAISAN RESOURCES           HRB           46.16          -3.53
HO HUP CONSTR CO           HO            60.04         -10.65
LUSTER INDUSTRIE           LSTI          18.37          -7.57
MITHRIL BHD                MITH          23.78          -5.65
NGIU KEE CO-BHD            NKC           14.26         -12.73
PUNCAK NIA HLD B           PNH        4,074.02          -5.07
VTI VINTAGE BHD            VTI           16.92          -2.61


PHILIPPINES

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


SINGAPORE

ADV SYSTEMS AUTO           ASA           18.73         -10.70
ADVANCE SCT LTD            ASCT          25.29         -10.05
HL GLOBAL ENTERP           HLGE          91.74         -10.10
LINDETEVES-JACOB           LJ            23.09         -11.61
NEW LAKESIDE               NLH           19.34          -5.25
SCIGEN LTD-CUFS            SIE           68.70         -42.35
SUNMOON FOOD COM           SMOON         19.85         -13.04
TT INTERNATIONAL           TTI          232.83         -79.27


THAILAND

ABICO HLDGS-F              ABICO/F       15.28          -4.40
ABICO HOLDINGS             ABICO         15.28          -4.40
ABICO HOLD-NVDR            ABICO-R       15.28          -4.40
ASCON CONSTR-NVD           ASCON-R       59.78          -3.37
ASCON CONSTRUCT            ASCON         59.78          -3.37
ASCON CONSTRU-FO           ASCON/F       59.78          -3.37
BANGKOK RUBBER             BRC           77.91        -114.37
BANGKOK RUBBER-F           BRC/F         77.91        -114.37
BANGKOK RUB-NVDR           BRC-R         77.91        -114.37
CALIFORNIA W-NVD           CAWOW-R       28.07         -11.94
CALIFORNIA WO-FO           CAWOW/F       28.07         -11.94
CALIFORNIA WOW X           CAWOW         28.07         -11.94
CIRCUIT ELEC PCL           CIRKIT        16.79         -96.30
CIRCUIT ELEC-FRN           CIRKIT/F      16.79         -96.30
CIRCUIT ELE-NVDR           CIRKIT-R      16.79         -96.30
DATAMAT PCL                DTM           12.69          -6.13
DATAMAT PCL-NVDR           DTM-R         12.69          -6.13
DATAMAT PLC-F              DTM/F         12.69          -6.13
ITV PCL                    ITV           36.02        -121.94
ITV PCL-FOREIGN            ITV/F         36.02        -121.94
ITV PCL-NVDR               ITV-R         36.02        -121.94
K-TECH CONSTRUCT           KTECH/F       38.87         -46.47
K-TECH CONSTRUCT           KTECH         38.87         -46.47
K-TECH CONTRU-R            KTECH-R       38.87         -46.47
KUANG PEI SAN              POMPUI        17.70         -12.74
KUANG PEI SAN-F            POMPUI/F      17.70         -12.74
KUANG PEI-NVDR             POMPUI-R      17.70         -12.74
PATKOL PCL                 PATKL         52.89         -30.64
PATKOL PCL-FORGN           PATKL/F       52.89         -30.64
PATKOL PCL-NVDR            PATKL-R       52.89         -30.64
PICNIC CORP-NVDR           PICNI-R      101.18        -175.61
PICNIC CORPORATI           PICNI/F      101.18        -175.61
PICNIC CORPORATI           PICNI        101.18        -175.61
PONGSAAP PCL               PSAAP/F       11.83          -0.91
PONGSAAP PCL               PSAAP         11.83          -0.91
PONGSAAP PCL-NVD           PSAAP-R       11.83          -0.91
SAHAMITR PRESS-F           SMPC/F        27.92          -1.48
SAHAMITR PRESSUR           SMPC          27.92          -1.48
SAHAMITR PR-NVDR           SMPC-R        27.92          -1.48
SUNWOOD INDS PCL           SUN           19.86         -13.03
SUNWOOD INDS-F             SUN/F         19.86         -13.03
SUNWOOD INDS-NVD           SUN-R         19.86         -13.03
THAI-DENMARK PCL           DMARK         15.72         -10.10
THAI-DENMARK-F             DMARK/F       15.72         -10.10
THAI-DENMARK-NVD           DMARK-R       15.72         -10.10
TONGKAH HARBOU-F           THL/F         59.28          -0.06
TONGKAH HARBOUR            THL           59.28          -0.06
TONGKAH HAR-NVDR           THL-R         59.28          -0.06
TRANG SEAFOOD              TRS           15.18          -6.61
TRANG SEAFOOD-F            TRS/F         15.18          -6.61
TRANG SFD-NVDR             TRS-R         15.18          -6.61
TT&T PCL                   TTNT         589.80        -223.22
TT&T PCL-NVDR              TTNT-R       589.80        -223.22
TT&T PUBLIC CO-F           TTNT/F       589.80        -223.22


TAIWAN

BEHAVIOR TECH CO           2341S         52.48          -0.01
BEHAVIOR TECH CO           2341          52.48          -0.01
BEHAVIOR TECH-EC           2341O         52.48          -0.01
CHIEN TAI CEMENT           1107         195.99         -57.35
HELIX TECH-EC              2479T         23.39         -24.12
HELIX TECH-EC IS           2479U         23.39         -24.12
HELIX TECHNOL-EC           2479S         23.39         -24.12
TAIWAN KOL-E CRT           1606U        507.21        -147.14
TAIWAN KOLIN-EN            1606V        507.21        -147.14
TAIWAN KOLIN-ENT           1606W        507.21        -147.14


                             *********

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

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

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


                            *********


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

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

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

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

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





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