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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, June 15, 2012, Vol. 15, No. 119

                            Headlines


A U S T R A L I A

CORSAIR NO.4: Credit Event Notice Cues Fitch to Downgrade Ratings
GOLD COAST BLAZE: Creditors Saves Team From Liquidation
HASTIE GROUP: 1,200 Jobs Saved But Creditors Unlikely to Recover
LIBERTY SERIES: Increased CE Cues Fitch to Upgrade Ratings
REED CONSTRUCTION: Creditors Worry Over Contract Transfer

SECURED BOND: ASIC Winds Up $3.6 Million "Master Fund" Scheme


H O N G  K O N G

ANCO PYROTECHNICS: Members' Final Meeting Set for July 11
BUDDHIST UNIVERSAL: Members' Final Meeting Set for July 16
CLEVER LUCK: Final Meetings Set for July 13
CYK PRODUCE: Members' Final Meeting Set for July 9
DEFOND ELECTRONICS: Members' Final Meeting Set for July 9

ENGEL MACHINERY: Members' Final Meeting Set for July 11
ENTERRA OILFIELD: Members' Final Meeting Set for July 9
FBT 18: Members' Final General Meeting Set for July 13
FBT 21: Members' Final General Meeting Set for July 13
FLORA INTERNATIONAL: Members' Final Meeting Set for June 29

GLORY OCEAN: Members' Final Meeting Set for July 31
KINCHENG FINANCE: Commences Wind-Up Proceedings
LUCKICO DEVELOPMENT: Creditors' Proofs of Debt Due July 9
MANSTUNG LIMITED: Members' Final Meeting Set for June 29
PACIFIC WINES: Annual Meetings Set for June 29


I N D I A

ARYA STEELS: CRISIL Assigns 'B+' Rating to INR180MM Loans
BHANAVI AGRO: CRISIL Raises Rating on INR106.5MM Loans to 'B+'
BHASIN & COMPANY: Delay in Loan Payment Cues CRISIL Junk Ratings
DARJEELING ORGANIC: Fitch Upgrades Nat'l Long-Term Rating to 'B'
DEBNATH KAGAJ: CRISIL Cuts Rating on INR75.9MM Loans to 'B-'

JAGDISH RICE: CRISIL Upgrades Rating on INR100MM Loan to 'BB-'
JINDAL STEELS: CRISIL Assigns 'BB' Rating to INR150MM Loans
OPTECH ENGINEERING: CRISIL Rates INR41.8MM Loans 'BB-'
SANGHVI INTERNATIONAL: CRISIL Rates INR35MM Cash Credit at 'BB'
SAUDAGAR ENTERPRISES: CRISIL Puts 'D' Rating on INR257.5MM Loans

SIDHARTH EXPORTERS: CRISIL Ups Rating on INR100MM Loan to 'BB-'
S. S. INDUSTRIES: CRISIL Reaffirms 'CRISIL B+' Cash Credit Rating
TOYOP RELIEF: Delay in Loan Payment Cues CRISIL Junk Ratings
UNITY LOGISTICS: CRISIL Assigns 'B-' Rating to INR101.5MM Loans


J A P A N

OLYMPUS CORP: Fires Head of South Korean Unit Over Misconduct
TITAN JAPAN SERIES 1: S&P Puts 'BB' Rating on Class A on Watch


N E W  Z E A L A N D

ANSVAR CLAIMS: Policyholders Approves Contingency Scheme


S I N G A P O R E

PETA MARINE: Court to Hear Wind-Up Petition on June 29
PRESTIGE ENERGY: Court Enters Wind-Up Order
PRESTIGE MARINE: Court Enters Wind-Up Order
SAMPOERNA ASIA: Creditors' Proofs of Debt Due July 5
SENTOSA COVE: Creditors' Proofs of Debt Due July 6


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


CORSAIR NO.4: Credit Event Notice Cues Fitch to Downgrade Ratings
-----------------------------------------------------------------
Fitch Ratings has downgraded Corsair (Cayman Islands) No.4 Ltd
Series 6 notes and Omega Capital Investments Plc Series 40's
(Omega 40) class B notes.  The Outlook on Omega 40's class A
notes has been revised to Stable from Negative.  Both
transactions are synthetic arbitrage corporate CDOs (SCDOs)
arranged out of non-Japan Asia.

Corsair (Cayman Islands) No.4 Ltd Series 6
(Corsair No.4 Series 6)

  -- AUD105m notes due March 2014 downgraded to 'Csf' from
     'CCsf'; Recovery Estimate of 0%

Omega Capital Investments Plc Series 40 (Omega 40)

  -- AUD26.7m class A notes due June 2012 affirmed at 'Bsf';
     Outlook revised to Stable from Negative

  -- AUD11.9m class B notes due June 2012 downgraded to 'Csf'
     from 'CCsf'; Recovery Estimate revised to 15% from 0%

The downgrades follow the receipt of a credit event notice of
Residential Capital, LLC (ResCap), one of the corporate names
referenced in both transactions, which is likely to erode the
remaining credit enhancement (CE) for Corsair No.4 Series 6 and
the class B notes of Omega 40 and contribute to losses of both
notes.

The Outlook on Omega 40's class A notes was revised to Stable
from Negative due to the short remaining life to its scheduled
maturity in June 2012.  The affirmation reflects that the
available CE is commensurate with its current rating level.

For Corsair No. 4 Series 6, 12 credit events have occurred since
the transaction closed in 2006 and 11 of them have had their
valuations completed.  The confirmed losses have eroded the CE to
0.4% of the outstanding reference portfolio notional.  The
valuation of ResCap is yet to be finalised.  Given the limited CE
and the fact that the outstanding reference portfolio still has
about 3% of assets in the 'CCC' category or below, it is likely
that the notes will default and incur a loss prior to their
scheduled maturity in March 2014.

For Omega 40, eight credit events have occurred since the
transaction closed in 2006 and seven of them have had their
valuations completed.  The confirmed losses have eroded the CE of
the class A and class B notes to 2.3% and 0.02% of the
outstanding reference portfolio balance, respectively.  Given the
negligible CE available for the class B notes, the default of
this class is inevitable upon the completion of the valuation of
ResCap.  Fitch estimates that, upon maturity, around 85% of the
class B note amount would be retained until the valuation and
loss settlement of ResCap is finalised.  Once the loss settlement
is completed, any residual amount retained for the class B notes
will be returned to class B noteholders.  The latest redemption
date of the class B notes is 20 June 2013.


GOLD COAST BLAZE: Creditors Saves Team From Liquidation
-------------------------------------------------------
Lucy Ardern at goldcoast.com.au reports that the Gold Coast Blaze
have been saved from liquidation following a creditors meeting at
Jupiters Hotel & Casino on Thursday.

According to the report, the majority of creditors voted in favor
of a Deed of Company Arrangement, put forward by administrators,
which means they will receive 7 cents in the dollar of what they
are owed.

The only other option was to liquidate the company which would
have seen the license of the team revoked by Basketball
Australia, the report notes.

The report relates that the club's administrator W Roland Robson,
from Aggs Robson, said the decision made by creditors was a win
for the team and the Gold Coast.

Gold Coast Blaze Pty Ltd moved into voluntary administration
after it failed to meet its financial commitments.  It owes more
than AUD12 million, with the bulk of the funding injected by the
company's founders, the Tomlinsons.

goldcoast.com.au notes that the company's decision to move into
administration earlier this year comes following a lengthy legal
battle with former coach Brendan Joyce, who was sacked in 2009
and successfully then sued for breach of contract, with the Blaze
ordered to pay the AUD310,000 in unpaid wages.

The Gold Coast Blaze is an Australian men's professional
basketball team which competes in the National Basketball League
(NBL).


HASTIE GROUP: 1,200 Jobs Saved But Creditors Unlikely to Recover
----------------------------------------------------------------
ABC News reports that administrators for the Hastie Group said
creditors are unlikely to see much of a return from the failed
company.

Creditors meetings have been held across the country on Thursday.

According to the report, the administrator, PPB Advisory, said
about 1,200 employees have found work with Hastie companies and
three more businesses have been sold, bringing the total to five.

But this still leaves 1,500 employees looking for work, the
report notes.

ABC News relates that PPB's Ian Carson said it is not looking
good for ordinary creditors who are owed AUD100 million.

"We would be surprised if the ordinary creditors received any
extensive return when you think the banks are owed over
AUD500 million," the report quotes Mr. Carson as saying.

A second creditors meeting will discuss why the company failed
and assess its future, ABC News notes.

According to the report, Mr. Carson said it is highly likely the
Hastie Group will go into liquidation, but that decision will be
made by creditors.

                        About Hastie Group

Hastie Group provides technical and engineering services to the
building, infrastructure and resources sectors. It has operations
in Australia, New Zealand, the United Kingdom, Ireland and the
Middle East and has approximately 7,000 employees worldwide
including approximately 4,000 in Australia.

The Hastie Group of companies appointed David McEvoy, Craig
Crosbie and Ian Carson of PPB Advisory as Voluntary
Administrators of all of the Australian entities of Hastie Group
on May 28, 2012.

Peter Anderson, Joseph Hayes, Jason Preston, and Matthew Caddy of
McGrathNicol were appointed Receivers and Managers over a limited
number of trading businesses within the Hastie Group by a
syndicate of secured creditors on May 28, 2012. Those businesses
are Spectrum Fire and Safety, Hastie Services, Gordon Brothers
Industries and Austral Refrigeration.

McGrathNicol said the control of those businesses now rests with
the Receivers who intend to continue to trade each one on a
"business as usual" basis while moving quickly to prepare them
for public sale to secure their future.  A sale process for the
Austral business was commenced prior to the appointment and the
Receivers intend to quickly complete that process.


LIBERTY SERIES: Increased CE Cues Fitch to Upgrade Ratings
----------------------------------------------------------
Fitch Ratings has upgraded Liberty Series 2010-1 Auto Trust's
Class B, C and D notes, and affirmed 4 Liberty Series 2011-1
notes.  The transactions are securitisations of non-prime auto
receivables originated by Liberty Financial Pty Ltd.

Liberty Series 2010-1 Auto Trust:

  -- AUD 0.3m Class A affirmed at 'AAAsf'; Outlook Stable;
  -- AUD11.5m Class B upgraded to 'AAsf' from 'A+sf'; Outlook
     Stable;
  -- AUD6.0m Class C upgraded to 'Asf' from 'BBB+sf'; Outlook
     Stable;
  -- AUD3.6m Class D upgraded to 'BBBsf' from 'BB+sf'; Outlook
     Stable.

Liberty Series 2011-1 Auto Trust:

  -- AUD51.8m Class A affirmed at 'AAAsf'; Outlook Stable;
  -- AUD14.9m Class B affirmed at 'Asf'; Outlook Stable;
  -- AUD4.2m Class C affirmed at 'BBB+sf'; Outlook Stable;
  -- AUD3.9m Class D affirmed at 'BBsf'; Outlook Stable.

The rating actions reflect Fitch's view that the increased
available credit enhancement (CE) levels are able to support the
upgrades and affirmations of the notes.  The increase in the
guarantee fee reserve amount for the Liberty 2011-1 transaction,
and the natural amortisation of both transactions have resulted
in the build up of credit enhancement.

"Both Liberty 2010-1 Auto and Liberty 2011-1 Auto have performed
in line with Fitch's expectations.  Since closing, excess spread
has been strong enough to cover all losses incurred to date.
This is expected to continue with additional support provided by
guarantee fee and credit reserves," said Ben Newey, Director in
Fitch's Structured Finance team.  "Defaults experienced to date
by both transactions have trended below those of historical
vintages."

As of end-April 2012, Liberty 2010-1's cumulative gross losses
amounted to AUD3.5m (3.9% of the initial collateral balance) and
Liberty 2011-1's totalling AUD0.2m (0.23% of initial collateral
balance).  This compares to the initial base-case gross loss
estimate of 12.3% and 11.8% for the Liberty 2010-1 and Liberty
2011-1 transactions respectively.  Losses have steadily increased
over time and the excess income has been sufficient to pay for
losses with no charge-offs against the notes.

As of end-April 2012, 30+ days arrears for Liberty 2010-1 and
Liberty 2011-1 amounted to 4.82% and 2.86% respectively.


REED CONSTRUCTION: Creditors Worry Over Contract Transfer
---------------------------------------------------------
Leonie Lamont at smh.com.au reports that creditors who are owed
up to AUD80 million from the embattled Reed Construction group
are concerned that a contract Reed holds on the Law Courts
project has been transferred to another company owned by Reed
founder Geoff Reed.

The government agency Law Courts Ltd on Thursday set to correct
the record with BusinessDay, and said Reed only had the contract
as "construction managers" on the site. It said the AUD300
million project was with firm LCL, and construction work itself
had been carried out by a range of contractors, the report
relates.

Mr. Reed looked after contract administration for LCL, and
oversaw regulatory, industrial, and safety issues on site. The
financial contract value had no bearing on the creditors of Reed,
the agency said.

According to the report, Law Courts Ltd agreed to novate the Reed
Constructions Australia Pty Ltd contract for the Queens Square
Law Courts redevelopment to RBG Holdings Pty Ltd, the holding
company for the Reed Group.

smh.com.au relates that the novation of the contract comes at a
tense time for the company and its subcontractors and suppliers,
many of whom have not been paid for six months.  Reed faces a
wind-up application in the NSW Supreme Court next week from three
creditors, according to the report.

As reported in Troubled Company Reporter-Asia Pacific on May 28,
2012, SmartCompany said that a proceeding has been filed in the
New South Wales Supreme Court to wind up Reed Constructions
Australia after the construction company missed a government-
imposed deadline in May.  SmartCompany recalled that the NSW
Government gave Reed until May 21 to prove it could restart work
on key major works projects after the construction company
suffered a severe cashflow crisis and failed to pay
subcontractors on four road projects, causing the workers to down
tools.  That the deadline has passed and now BCI Nominees has
commenced proceedings, which will be heard on June 20, to wind up
Reed.

Reed was described by the state opposition as on the verge of
collapse with 1,500 jobs at risk, according to SmartCompany.

Reed Constructions -- http://www.reedgroup.com.au/-- is a
privately owned building, design and construction company,
providing construction, design and engineering services across
Australia.


SECURED BOND: ASIC Winds Up $3.6 Million "Master Fund" Scheme
-------------------------------------------------------------
The Australian Securities and Investments Commission said it has
obtained orders in the Supreme Court of New South Wales to wind
up an unregistered managed investment scheme operated by Secured
Bond Ltd.

In proceedings on May 28, 2012, the Supreme Court also made final
orders appointing Barry Taylor -- btaylor@hlbnsw.com.au -- of HLB
Mann Judd as liquidator of the scheme, known as Master Fund.

ASIC believes the Master Fund operated from October 2004 until
December 2008 when ASIC obtained orders restraining the operation
of the Master Fund.  ASIC understands that approximately 40
investors who invested approximately AUD3.6 million were involved
in the Master Fund. Investors in the Master Fund schemes live
predominantly in and around Sydney.

Mr. Taylor will determine the return of money to the investors in
the scheme. The Court has ordered that Mr. Taylor hold a meeting
of Master Fund investors by July 23, 2012.  Mr. Taylor can be
contacted on telephone (02) 9020 4000.

During its investigation into unregistered offshore fund
operators targeting Australian investors and self managed
superannuation funds, in 2007 and 2008 ASIC secured the return to
Australia of more than AUD20 million located in overseas trading
accounts which ASIC says belonged to investors in Master Fund and
13 other schemes not registered with ASIC. ASIC had that money
returned to Australia for the benefit of investors, including
almost US$1 million for investors in Master Fund.

ASIC is taking civil penalty action against the operators of
Master Fund and 13 other schemes, including David Hobbs (a New
Zealand citizen and resident), David Collard and Min Hua Li.  The
hearing of ASIC's civil penalty proceedings commences on July 4,
2012.

Neither Master Fund nor any of the other schemes were registered
with ASIC and their operators did not hold an Australian
Financial Services Licence as required by law.

ASIC has been assisted by the Commodities Futures Trading
Commission in the United States of America, the Financial Markets
Authority in New Zealand and the Securities and Futures
Commission of Hong Kong.



================
H O N G  K O N G
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ANCO PYROTECHNICS: Members' Final Meeting Set for July 11
---------------------------------------------------------
Members of Anco Pyrotechnics Limited will hold their final
general meeting on July 11, 2012, at 11:00 a.m., at 19/F, Tower
A, Manulife Financial Centre, at 223-231 Wai Yip Street, Kwun
Tong, Kowloon, in Hong Kong.

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


BUDDHIST UNIVERSAL: Members' Final Meeting Set for July 16
----------------------------------------------------------
Members of Buddhist Universal Compassion Association Limited will
hold their final meeting on July 16, 2012, at 10:30 a.m., at Rm.
601 Kalok Building, 720 Nathan Road, Kowloon, in Hong Kong.

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


CLEVER LUCK: Final Meetings Set for July 13
-------------------------------------------
Members and creditors of Clever Luck Limited will hold their
final meetings on July 13, 2012, at 2:30 p.m., and 3:00 p.m.,
respectively at 20/F, Far East Consortium Building, 121 Des Voeux
Road Central, in Hong Kong.

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


CYK PRODUCE: Members' Final Meeting Set for July 9
--------------------------------------------------
Members of CYK Produce Limited will hold their final general
meeting on July 9, 2012, at 10:00 a.m., at Level 28, Three
Pacific Place, 1 Queen's Road East, in Hong Kong.

At the meeting, Seng Sze Ka Mee Natalia and Cheng Pik Yuk, the
company's liquidators, will give a report on the company's wind-
up proceedings and property disposal.


DEFOND ELECTRONICS: Members' Final Meeting Set for July 9
---------------------------------------------------------
Members of Defond Electronics Limited will hold their final
general meeting on July 9, 2012, at 10:00 a.m., at 5/F, Chaiwan
Industrial Centre, 20 Lee Chung Street, Chai Wan, in Hong Kong.

At the meeting, Tsang Ming Chit Stanley, the company's
liquidator, will give a report on the company's wind-up
proceedings and property disposal.


ENGEL MACHINERY: Members' Final Meeting Set for July 11
-------------------------------------------------------
Members of Engel Machinery HK Limited will hold their final
general meeting on July 11, 2012, at 10:00 a.m., at 905
Silvercord, Tower 2, 30 Canton Road, Tsimshatsui, Kowloon, in
Hong Kong.

At the meeting, James T. Fulton, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


ENTERRA OILFIELD: Members' Final Meeting Set for July 9
-------------------------------------------------------
Members of Enterra Oilfield Rentals Limited will hold their final
meeting on July 9, 2012, at 10:00 a.m., at 8th Floor, Gloucester
Tower, The Landmark, 15 Queen's Road Central, in Hong Kong.

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


FBT 18: Members' Final General Meeting Set for July 13
------------------------------------------------------
Members of FBT 18 Company Limited will hold their final general
meeting on July 13, 2012, at 10:15 a.m., at Level 28, Three
Pacific Place, 1 Queen's Road East, in Hong Kong.

At the meeting, Natalia K M Seng, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


FBT 21: Members' Final General Meeting Set for July 13
------------------------------------------------------
Members of FBT 21 Company Limited will hold their final general
meeting on July 13, 2012, at 10:20 a.m., at Level 28, Three
Pacific Place, 1 Queen's Road East, in Hong Kong.

At the meeting, Natalia K M Seng, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


FLORA INTERNATIONAL: Members' Final Meeting Set for June 29
-----------------------------------------------------------
Members of Flora International Hong Kong Limited will hold their
final meeting on June 29, 2012, at 10:30 a.m., at 36/F, Tower
Two, Times Square, 1 Matheson Street, Causeway Bay, in Hong Kong.

At the meeting, Michel Henricus Bots and Ng Kit Ying Zelinda, the
company's liquidators, will give a report on the company's wind-
up proceedings and property disposal.


GLORY OCEAN: Members' Final Meeting Set for July 31
---------------------------------------------------
Members of Glory Ocean (HK) Limited will hold their final meeting
on July 31, 2012, at 11:00 a.m., at its registered office.

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


KINCHENG FINANCE: Commences Wind-Up Proceedings
-----------------------------------------------
Members of Kincheng Finance (H.K.) Limited, on May 31, 2012,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

         Tsui Kei Pang
         5th Floor, Jardine House
         1 Connaught Place
         Central, Hong Kong


LUCKICO DEVELOPMENT: Creditors' Proofs of Debt Due July 9
---------------------------------------------------------
Creditors of Luckico Development Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by July 9, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

         Leung Chi Cheung Sandy
         511, King Hei House
         Tung Hei Court, Shaukiwan
         Hong Kong


MANSTUNG LIMITED: Members' Final Meeting Set for June 29
--------------------------------------------------------
Members of Manstung Limited will hold their final meeting on
June 29, 2012, at 10:00 a.m., at 36/F, Tower Two, Times Square, 1
Matheson Street, Causeway Bay, in Hong Kong.

At the meeting, Michel Henricus Bots and Ng Kit Ying Zelinda, the
company's liquidators, will give a report on the company's wind-
up proceedings and property disposal.


PACIFIC WINES: Annual Meetings Set for June 29
----------------------------------------------
Members and creditors of Pacific Wines and Spirits Limited will
hold their annual meetings on June 29, 2012, at 11:00 a.m., and
11:30 a.m., respectively at Rm. 1801, 69 Jervois St., Sheung Wan,
in Hong Kong.

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



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I N D I A
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ARYA STEELS: CRISIL Assigns 'B+' Rating to INR180MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Arya Steels Rolling India Ltd.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Term Loan               15       CRISIL B+/Stable (Assigned)
   Proposed Long-Term      65       CRISIL B+/Stable (Assigned)
    Bank Loan Facility
   Cash Credit            100       CRISIL B+/Stable (Assigned)
   Letter of Credit        50       CRISIL A4 (Assigned)

The ratings reflect ASRIL's weak debt protection metrics driven
by low profitability, small scale of operations in a highly
fragmented steel industry, lack of integrated operations, and
moderate susceptibility to volatility in raw material prices.
These rating weaknesses are partially offset by the extensive
experience of ASRIL's promoter in the steel industry and his
continuous funding support and consistently improvement working
capital management, leading to improving capital structure.

Outlook: Stable

CRISIL believes that ASRIL will continue to benefit over the
medium term from its promoter's extensive experience in the steel
industry. The outlook may be revised to 'Positive' in case the
company significantly scales up its operations and improves its
profitability, leading to improvement in its financial risk
profile, particularily liquidity. Conversely, the outlook may be
revised to 'Negative' in case ASRIL undertakes a large debt-
funded capital expenditure programme, or reports a decline in its
revenues or profitability, or provides significant financial
support to its group companies, leading to weakening in its
financial risk profile.

                       About Arya Steels

ASRIL was incorporated in January 2006 by Mr. Rajendra Prasad
Singla and commenced commercial production from September 2007.
The company operates a steel rolling mill with capacity of 45,000
tonnes per annum in Kolhapur (Maharashtra), which operated at an
average capacity utilisation of 80 per cent during 2011-12
(refers to financial year, April 1 to March 31). The promoter has
experience of around 18 years in the steel industry through a
group company, Shri Balaji Rolling Mills Pvt Ltd, which was
incorporated in June 1994 and manufactures mild steel ingots.

For 2010-11, ASRIL reported a profit after tax (PAT) of INR4.4
million on net sales of INR940.9 million, against a net loss of
INR1.2 million on net sales of INR725.7 million for 2009-10.


BHANAVI AGRO: CRISIL Raises Rating on INR106.5MM Loans to 'B+'
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Bhanavi Agro Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Rupee Term Loan         36.5     CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Cash Credit             70.0     CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

The upgrade reflects substantial increase in BAPL's cash accruals
in 2011-12 (refers to financial year, April 1 to March 31)
because of stabilisation of operations at its second plant in
Banswara (Rajasthan). This led to a sequential improvement of
about 300 basis points (bps; 100 bps equals 1 percentage point)
in the company's operating profitability over two years to an
estimated 6.5 per cent in 2011-12. In addition, sustained
efficient working capital management, marked by average debtors
of less than 30 days of sales during 2011-12, has led to an
improvement in gearing to an estimated 2.3 times as on March 31,
2012 from 2.9 times as on March 31, 2010. BAPL's gearing is
expected to continue to improve over the medium term, as the
company has no major debt-funded capital expenditure (capex)
plan.

The rating reflects BAPL's below-average financial risk profile,
marked by small net worth, high gearing and average debt
protection metrics, and exposure to risks related to geographical
and product concentration in its revenue profile. These rating
weaknesses are partially offset by BAPL's promoter's extensive
experience in the wheat flour business and the established market
position of the company's brand, Rani Bhog, in the Gujarat and
Rajasthan region.

Outlook: Stable

CRISIL believes that BAPL's credit risk profile will remain
constrained on account of its weak capital structure. The outlook
may be revised to 'Positive' if the BAPL's capital structure
improves significantly, most likely driven by fresh equity
infusion or higher profitability. Conversely, the outlook may be
revised to 'Negative' if BAPL's liquidity weakens, most likely
because of less-than-expected cash accruals or stretch in
realisation.

                      About Bhanavi Agro

Incorporated in 2001, BAPL operates flour mills for producing
wheat products such as maida, atta, rava, and suji. The company's
mills in Udaipur and Banswara (both in Rajasthan), have a
capacity of 90 tonnes per day (tpd) and 150 tpd, respectively.
BAPL has a strong market position in Gujarat and Maharashtra. It
sells its products mainly in packages ranging from 25 kilogram
(kg) to 90 kg. Most of BAPL's customers are wholesalers and
distributors.

For 2011-12, BAPL's profit before tax (PBT) and net sales are
estimated at INR6.0 million and INR428 million respectively; the
company reported a PBT of INR5.4 million on net sales of INR476
million for 2010-11.


BHASIN & COMPANY: Delay in Loan Payment Cues CRISIL Junk Ratings
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Bhasin & Company to 'CRISIL D/CRISIL D' from 'CRISIL
B/Stable/CRISIL A4'.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bank Guarantee           3       CRISIL D (Downgraded from
                                    'CRISIL A4')

   Letter of Credit         7       CRISIL D (Downgraded from
                                    'CRISIL A4')

   Overdraft Facility      60       CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

   Term Loan               11.9     CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

The rating downgrade reflects instances of delay by Bhasin in
servicing the instalments on its term loan because of its weak
liquidity. The weak liquidity is due to a decline in the credit
period allowed by the suppliers, which is because of the low
bargaining power of the firm, leading to large working capital
requirements and full bank limit utilization. Moreover, the
promoter withdrew funds amounting to INR5.5 million in 2011-12
(refers to financial year, April 1 to March 31), leading to a
decline in Bhasin's net worth from its 2010-11 level, which
further led to a stretch in liquidity. CRISIL believes that
Bhasin's liquidity will remain weak over the medium term, driven
by large working capital requirements.

Bhasin also has a small scale of operations and below-average
financial risk profile, marked by small net worth, weak debt
protection metrics, and high gearing. The ratings also factor in
the firm's exposure to risks inherent in its tender-based nature
of business, risks related to intense competition in the domestic
hosiery garments industry, and large loans and advances extended
to group company, Dev Arjuna Promoters and Developers (P) Ltd,
which is into real estate development. These rating weaknesses
are partially offset by the extensive experience of Bhasin's
promoter in the hosiery garments business and its established
relationships with reputed clients.

                       About Bhasin & Company

Bhasin was established as a proprietorship firm in the 1950s by
the late Mr. Ramlal Bhasin. After the demise of Mr. Ramlal Bhasin
in 1992, his son, Mr. Balraj Kumar Bhasin, took over the business
as the proprietor. Mr. Balraj Kumar Bhasin manages the firm's
operations and is assisted by his son, Mr. Mohnish Bhasin. Bhasin
manufactures hosiery products and also copper, nickel, and silver
medals. The firm sells all its products to the Armed Forces and
its business is completely tender based. Bhasin increased its
installed capacity to 4000 spindles in 2010-11 from 2000
spindles. Its facility is located in Ludhiana (Punjab),

For 2010-11, Bhasin reported a profit after tax (PAT) of INR2.8
million on net sales of INR325 million, against a PAT of INR2.2
million on net sales of INR172 million for 2009-10.


DARJEELING ORGANIC: Fitch Upgrades Nat'l Long-Term Rating to 'B'
----------------------------------------------------------------
Fitch Ratings has upgraded India's Darjeeling Organic Tea Estates
Pvt. Ltd.'s National Long-Term Rating to 'Fitch B(ind)' from
'Fitch D(ind)'.  The Outlook is Stable.

The upgrade reflects regular servicing of term loans (listed
below) over the last six months.  There has also been an
improvement in DOTEPL's credit metrics based on the provisional
numbers for the financial year ended March 2012 (FY12).
Financial net leverage (total adjusted net debt/operating EBITDA)
and gross interest coverage improved to around 4x-4.5x and 1.5x,
respectively, from 6.3x and 1.3x in FY11.  However, Fitch expects
free cash flows to remain negative in the near term due to
increased working capital requirements and ongoing capex.

An improvement in gross interest coverage above 1.7x on a
sustained basis would be positive for the ratings while
deterioration in gross interest coverage below 1.2x on a
sustained basis would be negative.

For FY12 Fitch expects DOTEPL to have seen an improvement in
revenue (FY11: INR488.9m) and EBITDA to have improved but a
slight weakening in margins (FY11: 31.1%) .

Fitch has also upgraded the ratings of DOTEPL's bank facilities
as follows:

  -- INR296.6m term loans: upgraded to 'Fitch B(ind)' from 'Fitch
     D(ind)'

  -- INR370m fund based limits: upgraded to 'Fitch B(ind)' from
     'Fitch D(ind)'

  -- INR5m non-fund based limits: upgraded to 'Fitch A4(ind)'
     from 'Fitch D(ind)'


DEBNATH KAGAJ: CRISIL Cuts Rating on INR75.9MM Loans to 'B-'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Debnath Kagaj Udyog Pvt Ltd (part of the Debnath group) to
'CRISIL B-/Stable' from 'CRISIL B/Stable', while reaffirming the
rating on the short-term bank facilities at 'CRISIL A4'.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Cash Credit           30.90      CRISIL B- (Downgraded from
                                    'CRISIL B/Stable')

   Bank Guarantee         5.00      CRISIL A4 (Reaffirmed)

   Term Loan             28.00      CRISIL B-(Downgraded from
                                    'CRISIL B/Stable')

   Proposed Long-Term    17.00      CRISIL B-(Downgraded from
   Bank Loan Facility               'CRISIL B/Stable')

The rating downgrade reflects significant decline in the Debnath
group's profitability. The group incurred a net loss of INR6.57
million (estimated) in 2011-12 (refers to financial year, April 1
to March 31), while it reported a net profit of INR3.77 million
in 2010-11. This has also led to deterioration in its debt
protection metrics; the net cash accruals to total debt and
interest coverage ratios stood at 6 per cent and 1.91 times,
respectively, in 2011-12, as against 24 per cent and 2.25 times,
respectively, in 2010-11. The Debnath group's liquidity has
weakened due to insufficient cash accruals to meet term debt
obligations over the medium term. The group's cash accruals are
estimated at INR4.74 million for 2011-12 against term debt
obligations of INR12 million.

The ratings also reflect the Debnath group's weak financial risk
profile, marked by small net worth, weak debt protection metrics,
and low profitability, and small scale of operations in the
fragmented kraft paper manufacturing industry. These rating
weaknesses are partially offset by the extensive industry
experience of the Debnath group's promoter.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of DKU and Debnath Paper Mill Pvt Ltd
(DPM), together referred to as the Debnath group. This is because
both companies have a common management and significant
operational and financial linkages between them. Moreover, DPM
has extended corporate guarantee for DKU's bank facilities.

Outlook: Stable

CRISIL believes that the Debnath group will continue to benefit
over the medium term from its promoter's extensive experience in
the kraft paper manufacturing business. The outlook may be
revised to 'Positive' if the Debnath group's financial risk
profile improves due to better-than-expected profitability and
cash accruals, or if its business risk profile improves with
increase in scale of operations or greater diversification of
product offerings. Conversely, the outlook may be revised to
'Negative' if the group's financial risk profile deteriorates,
most likely because of large debt-funded capital expenditure, or
if there is a decline in its cash accruals.

                        About the Group

DKU manufactures kraft paper and has an installed manufacturing
capacity of 19,200 tonnes per annum (tpa) in Burdwan (West Bengal
[WB]). The company commenced commercial operations in July 2008.
DKU manufactures a variety of kraft paper ranging between 80
grams (gm) and 140 gm per square metre, with a burst factor of
14. The company's revenues are concentrated in WB.

Incorporated in 1998, DPM also manufactures kraft paper at its
manufacturing facility in Burdwan, which has a capacity of 3600
tpa. Mr. Mihir Debnath is the Debnath group's promoter-director.

The Debnath group reported a net loss of INR6.57 million on net
sales of INR231.92 million for 2011-12, as against a profit after
tax (PAT) of INR3.77 million on net sales of INR260.52 million
for 2010-11.


JAGDISH RICE: CRISIL Upgrades Rating on INR100MM Loan to 'BB-'
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Jagdish Rice Mills (part of the Jagdish group) to 'CRISIL BB-
/Stable' from 'CRISIL B+/Stable'.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Cash Credit            100.0     CRISIL BB-/Stable (Upgraded
                                    from 'CRISIL B+/Stable')

The rating upgrade reflects the increase in the Jagdish group's
revenues, along with improvement in working capital management
and liquidity. The group's working capital management has
improved to an estimated gross current assets of 125 days in
2011-12 (refers to financial year, April 1 to March 31), from 298
days in 2010-11. The working capital has improved as the key raw
material, paddy, was earlier available only during its season and
millers had to maintain a stock for the full year; however, since
the past 12 months, paddy farmers have started stocking paddy,
and sell it to millers during the off season (albeit at higher
prices). This availability, despite putting pressure on the
margins, has freed up significant funds, leading to improvement
in the Jagdish group's working capital and liquidity. The group's
average utilisation of bank lines was 71 per cent for 12 months
through April 2012. As a result of lower utilisation of bank
lines, the gearing also improved to an estimated 3.8 times in
2011-12, from over 8 times in 2010-11. CRISIL believes that the
Jagdish group's gearing will remain at a similar level, supported
by decline in reliance on working capital fund and absence of a
plan to contract any fresh term debt over the medium term.

The rating reflects the extensive industry experience of the
Jagdish group's partners and the healthy growth prospects for the
rice industry. These rating strengths are partially offset by the
Jagdish group's below-average financial risk profile, marked by
high gearing and below-average debt protection metrics, and
susceptibility to adverse regulatory changes, vagaries of the
monsoon, and to volatility in raw material prices.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of JRM and Sidharth Exporters (SE),
together referred to as the Jagdish group. This is because the
two entities are in the same line of business, have common
promoters and management, and strong financial linkages between
them. Also, both entities have provided guarantees for the
other's bank lines.

Outlook: Stable

CRISIL believes that the Jagdish group's financial risk profile
will remain below-average due to its working-capital-intensive
operations and small net worth, over the medium term The outlook
may be revised to 'Positive' if the group significantly improves
its operating margin and increases its scale of operations, while
prudently managing its working capital requirements. Conversely,
the outlook may be revised to 'Negative' if the group's operating
margin declines, leading to further weakening in its financial
risk profile, or if its working capital cycle lengthens
significantly, thereby adversely impacting its liquidity.

                         About the Group

The Jagdish group, established in 2000, is based in Jalalabad
(Punjab) and managed by Mr. Daulat Ram and his sons. The group
has two entities, JRM and SE, both engaged in processing basmati
rice. The group's facilities are located in Jalalabad, with
milling capacity of 10 tonnes per hour. The Jagdish group was
primarily engaged in processing non-basmati rice (parmal) till
2007-08; it commenced processing basmati rice on jobwork basis in
the second-half of 2008-09. To support the processing of basmati
rice, the group expanded its capacity (modernised its plants by
setting up an additional sortex and other machinery) over the
past three years. The Jagdish group worked on jobwork basis
during the crop season (October to December) in 2008-09 and 2009-
10. It started processing and selling the 1121 variety of basmati
rice in November 2010.

For 2010-11, the Jagdish group reported a profit after tax (PAT)
of INR6.33 million on net sales of INR346.8 million, against a
PAT of INR8 million on net sales of INR41 million for 2009-10.


JINDAL STEELS: CRISIL Assigns 'BB' Rating to INR150MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' rating to the bank
facilities of Jindal Steels.

                             Amount
   Facilities              (INR Mln)  Ratings
   ----------              ---------  -------
   Standby Line of Credit     19.5    CRISIL BB/Stable (Assigned)
   Cash Credit               130.0    CRISIL BB/Stable (Assigned)
   Proposed Long-Term          0.5    CRISIL BB/Stable (Assigned)
    Bank Loan Facility

The rating reflects the benefits that JS derives from its
promoters' experience in trading in steel products and its
established relations with its key principals; the rating also
reflects the firm's moderate financial risk profile marked by
moderate capital structure and debt protection metrics. These
rating strengths are partially offset by JS's modest scale of
operations in the intensely competitive steel trading segment and
its working capital intensive operations.

Outlook: Stable

CRISIL believes that JS will continue to benefit over the medium
term from its established track record in the steel trading
business. The outlook may be revised to 'Positive' if the firm
reports higher-than-expected increase in its revenues and
profitability, resulting in improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
JS reports decline in its revenues because of a slowdown in end-
user industries or if its working capital management
deteriorates, resulting in a stretch in its liquidity, or if the
firm undertakes a significant debt-funded capital expenditure
programme, or if its partners withdraw substantial capital from
its account, thereby weakening its capital structure.

                        About Jindal Steels

JS was set up in 2003 as a partnership concern. It is managed by
Mr. Hemant Bajaj and his wife, Dimple Bajaj. The firm is engaged
in trading of thermo-mechanically treated bars, channels, angles,
joists, and beams. JS deals in products manufactured by Rashtriya
Ispat Nigam Ltd (rated 'CRISIL A1+') and Steel Authority of India
Ltd (SAIL) in Tamil Nadu. JS makes around 40 per cent of its
sales to construction players, and the rest through dealers and
retailers.

JS reported a profit after tax (PAT) of INR7.7 million on net
sales of INR852 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR4.9 million on net
sales of INR494 million for 2009-10.


OPTECH ENGINEERING: CRISIL Rates INR41.8MM Loans 'BB-'
------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Optech Engineering Pvt Ltd.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Term Loan               11.8     CRISIL BB-/Stable (Assigned)
   Bank Guarantee          35       CRISIL A4+ (Assigned)
   Cash Credit             30       CRISIL BB-/Stable (Assigned)

The ratings reflect Optech's above-average debt protection
metrics, and the extensive experience of the company's promoters.
These rating strengths are partially offset by Optech's working-
capital-intensive operations and exposure to intense competition,
and the susceptibility of the company's revenues to economic
downturns.

Outlook: Stable

CRISIL believes that Optech will continue to benefit over the
medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' in case the company
significantly increases its revenues and profitability, resulting
in improvement in its overall financial risk profile. Conversely,
the outlook may be revised to 'Negative' in case Optech reports
deterioration in its working capital management, or a decline in
its profitability, resulting in deterioration of its financial
risk profile.

                     About Optech Engineering

Optech was set up in 2005 by Mr. Siddhartha Desai and Mr. Trisit
Kumar Bhuiyan. The company provides end-to-end solutions in
design, fabrication, installation, and servicing of hydrocarbon
pressure vessels and storage tanks. Optech's manufacturing
facility is in Thane (Maharashtra), with production capacity of
200 to 300 tonnes per annum. Optech was earlier engaged in
providing erection and commissioning services; its manufacturing
facility was set up in 2009. Optech specialises in providing
storage and handling solutions for liquefied petroleum gas (LPG),
and has also set up many LPG filling stations and bottling
plants.

Optech reported a profit after tax (PAT) of INR8.1 million on net
sales of INR147.1 million for 2010-11 (refers to financial year,
April 1 to march 31), against a PAT of INR5.3 million on net
sales of INR116.8 million for 2009-10.


SANGHVI INTERNATIONAL: CRISIL Rates INR35MM Cash Credit at 'BB'
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of Sanghvi International.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Cash Credit             35       CRISIL BB/Stable (Assigned)
   Letter of Credit        52.5     CRISIL A4+ (Assigned)

The ratings reflect the extensive experience of SI's promoter in
the steel trading industry. This rating strength is partially
offset by SI's modest scale of operations and moderate financial
risk profile marked by moderate networth and slender
profitability margins.

Outlook: Stable

CRISIL believes that SI will benefit over the medium term from
its promoter's extensive experience in the steel trading
industry. The outlook may be revised to 'Positive' in case the
firm reports higher-than-expected growth in its revenues and
profitability while improving its capital structure. Conversely,
the outlook may be revised to 'Negative' in case of a sharp
decline in SI's revenues and profitability margins or in case of
a significant elongation of its working capital cycle leading to
weakening of its debt protection indicators.

                     About Sanghvi International

Set up in 1996 as a proprietorship concern of Mr. Rajesh Sanghvi,
SI is engaged in trading of steel products like HR and CR coils
and sheets which find application in various industries like
automobile, infrastructure and heavy engineering. SI is based in
Mumbai (Maharashtra) and operates primarily in Maharashtra and
Gujarat.

SI reported a profit after tax (PAT) of INR10 million on net
sales of INR811.7 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR8.56 million on net
sales of INR613.22 million for 2009-10.


SAUDAGAR ENTERPRISES: CRISIL Puts 'D' Rating on INR257.5MM Loans
----------------------------------------------------------------
CRISIL's rating on the bank facilities of Saudagar Enterprises
continues to reflect the continued delays by Saudagar in
servicing its debt. The delays have been caused by the firm's
weak liquidity. The liquidity has been weak because of Saudagar's
insufficient and uneven cash accruals vis-…-vis debt obligations.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Long-Term Loan         167.5     CRISIL D (Reaffirmed)
   Overdraft Facility      40.0     CRISIL D (Reaffirmed)
   Post Shipment Credit    20.0     CRISIL D
   Pre Shipment Packing    30.0     CRISIL D
    Credit

The rating continues to reflect Saudagar's weak financial risk
profile marked by small net-worth, high gearing and weak debt
protection metrics, large working capital requirements, small
scale of operations in the garments industry, and vulnerability
to volatility in cotton prices. These weaknesses are mitigated by
the integrated nature of Saudagar's operations.

Update

Saudagar's revenues are estimated to grow by around 50 per cent
in 2011-12 (refers to financial year, April 1 to March 1) to
around INR500 million; the growth in revenues is attributable to
the revival of sales, after the firm shifted its dyeing and
processing work to Maharashtra and Kerala. Saudagar's operating
margin is estimated to decline to around 10.3 per cent in 2011-12
as compared to 18.6 per cent in 2010-11, as a result of
lengthening of its processing cycle and the increased cost of
transportation.

The firm's working capital intensity remains high, with higher
debtor realisation period and large inventory storage
requirements. Saudagar's debtors are estimated to remain high at
around 85 days of sales in 2011-12, as compared to 50 days in
2010-11; also, the firm stores around 120 days of inventory to
cater to spot orders. The long working capital cycle has led to
uneven cash flows for the firm, thereby resulting in delays in
repayment of its term debt.

Saudagar reported a profit after tax (PAT) of INR17.4 million on
net sales of INR379.8 million for 2010-11 (refers to financial
year, April 1 to March 31), against a PAT of INR7.4 million on
net sales of INR350.9 million for 2009-10.

                        About Saudagar Enterprises

Saudagar was set up in 1977 by Mr. Ashraf Saudagar K Merchant.
The firm manufactures towels and hosiery garments for men, women,
and children, and exports these products to countries in the
Middle East. The proprietorship firm has integrated operations,
with facilities for knitting, stitching, printing, and
manufacture of cotton yarn.


SIDHARTH EXPORTERS: CRISIL Ups Rating on INR100MM Loan to 'BB-'
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Sidharth Exporters (part of the Jagdish group) to 'CRISIL BB-
/Stable' from 'CRISIL B+/Stable'.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Cash Credit            100.0     CRISIL BB-/Stable (Upgraded
                                    from 'CRISIL B+/Stable')

The rating upgrade reflects the increase in the Jagdish group's
revenues, along with improvement in working capital management
and liquidity. The group's working capital management has
improved to an estimated gross current assets of 125 days in
2011-12 (refers to financial year, April 1 to March 31), from 298
days in 2010-11. The working capital has improved as the key raw
material, paddy, was earlier available only during its season and
millers had to maintain a stock for the full year; however, since
the past 12 months, paddy farmers have started stocking paddy,
and sell it to millers during the off season (albeit at higher
prices). This availability, despite putting pressure on the
margins, has freed up significant funds, leading to improvement
in the Jagdish group's working capital and liquidity. The group's
average utilisation of bank lines was 71 per cent for 12 months
through April 2012. As a result of lower utilisation of bank
lines, the gearing also improved to an estimated 3.8 times in
2011-12, from over 8 times in 2010-11. CRISIL believes that the
Jagdish group's gearing will remain at a similar level, supported
by decline in reliance on working capital fund and absence of a
plan to contract any fresh term debt over the medium term.

The rating reflects the extensive industry experience of the
Jagdish group's partners and the healthy growth prospects for the
rice industry. These rating strengths are partially offset by the
Jagdish group's below-average financial risk profile, marked by
high gearing and below-average debt protection metrics, and
susceptibility to adverse regulatory changes, vagaries of the
monsoon, and to volatility in raw material prices.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Jagdish Rice Mills (JRM) and SE,
together referred to as the Jagdish group. This is because the
two entities are in the same line of business, have common
promoters and management, and strong financial linkages between
them. Also, both entities have provided guarantees for the
other's bank lines.

Outlook: Stable

CRISIL believes that the Jagdish group's financial risk profile
will remain below-average due to its working-capital-intensive
operations and small net worth, over the medium term. The outlook
may be revised to 'Positive' if the group significantly improves
its operating margin and increases its scale of operations, while
prudently managing its working capital requirements. Conversely,
the outlook may be revised to 'Negative' if the group's operating
margin declines, leading to further weakening in its financial
risk profile, or if its working capital cycle lengthens
significantly, thereby adversely impacting its liquidity.

                          About the Group

The Jagdish group, established in 2000, is based in Jalalabad
(Punjab) and managed by Mr. Daulat Ram and his sons. The group
has two entities, JRM and SE, both engaged in processing basmati
rice. The group's facilities are located in Jalalabad, with
milling capacity of 10 tonnes per hour. The Jagdish group was
primarily engaged in processing non-basmati rice (parmal) till
2007-08; it commenced processing basmati rice on jobwork basis in
the second-half of 2008-09. To support the processing of basmati
rice, the group expanded its capacity (modernised its plants by
setting up an additional sortex and other machinery) over the
past three years. The Jagdish group worked on jobwork basis
during the crop season (October to December) in 2008-09 and 2009-
10. It started processing and selling the 1121 variety of basmati
rice in November 2010.

For 2010-11, the Jagdish group reported a profit after tax (PAT)
of INR6.33 million on net sales of INR346.8 million, against a
PAT of INR8 million on net sales of INR41 million for 2009-10.


S. S. INDUSTRIES: CRISIL Reaffirms 'CRISIL B+' Cash Credit Rating
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of S. S.
Industries continues to reflect SSI's weak financial risk
profile, marked by high gearing, small net worth, and weak debt
protection metrics, large working capital requirements, and
susceptibility to adverse regulatory changes, vagaries of the
monsoon, and volatility in raw material prices and foreign
exchange rates. These rating weaknesses are partially offset by
the healthy growth prospects for the rice processing industry and
the extensive industry experience of SSI's partners.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Cash Credit             270      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SSI's financial risk profile will remain
weak because of its large working capital requirements and small
net worth, over the medium term. The outlook may be revised to
'Positive' in case the firm improves its capital structure
substantially, most likely through fresh equity infusion by the
partners or if it records better-than-expected cash accruals.
Conversely, the outlook may be revised to 'Negative' if SSI
undertakes a large debt-funded capital expenditure programme over
the medium term, thereby adversely affecting its capital
structure.

Update

SSI's operating revenues are estimated at INR1000 million for
2011-12 (refers to financial year, April 1 to March 31), which is
a year-on-year increase of around 45 per cent. The healthy growth
in operating revenues was primarily driven by increase in the
firm's clientele and large orders from its existing key
customers. SSI's operating revenues are projected to grow at a
moderate pace over the medium term on account of the healthy
demand from the domestic and export markets primarily because of
reduction in the export floor price to USD700 in February 2012;
this is expected to make Indian produce cheaper. Lifting up of
the ban on the export of non-basmati rice and expectation of a
healthy monsoon in 2012-13 are also likely to boost SSI's
operating revenues over the near term.

SSI's operating profitability is estimated to remain around 6 per
cent in 2011-12, which is in line with past trend. The operating
profitability is expected to remain at similar levels over the
medium term on account of intense competition in the rice
industry. SSI continues to have a weak financial risk profile,
marked by estimated gearing of over 10 times as on March 31,
2012. The gearing is expected to remain high, at around 10 times,
over the medium term owing to large incremental working capital
requirements commensurate with expected growth funded through
bank borrowing as there is no capital infusion envisaged and
accretions to reserves are small. The firm's debt protection
metrics remain weak, with estimated interest coverage and net
cash accruals to total debt ratios of 1.5 times and 0.04 times,
respectively, during 2011-12. The debt protection metrics are
expected to remain weak in the near term on account of high debt
and low profitability levels.

SSI's cash credit limits of INR270 million continue to remain
moderately utilised, at around 60 per cent, over the 12 months
ended March 31, 2012. The firm's liquidity is supported by
infusion of interest-bearing (at 18 per cent) unsecured loans
extended by the partners, which is estimated to have increased to
INR83 million in 2011-12 from INR72 million in 2010-11.

SSI's profit after tax (PAT) and net sales are estimated at
around INR12 million and INR1000 million, respectively, for 2011-
12; the firm reported a PAT and net sales of INR5 million and
INR687 million, respectively, for 2010-11.

                       About S. S. Industries

S. S. Industries processes basmati rice at its facility in
Jalalabad (Punjab), which has milling and sortex capacity of 8
tonnes per hour (tph) and 4 tph, respectively. The firm primarily
processes non-basmati rice till 2005-06. From 2006-07, however,
it began processing and exporting the PUSA 1121 variety of
basmati rice and reduced its focus on non-basmati rice. Till
2009-10, the firm only had the capacity for milling, and sortex
and grading was done by its group company. However in 2010-11,
SSI commissioned its own sortex facility of 4 tph, which
partially meets its requirement. The firm is planning to incur
INR30 million during 2012-13 towards upgrading its sortex plant,
which will increase the sortex capacity to around 6 tph.


TOYOP RELIEF: Delay in Loan Payment Cues CRISIL Junk Ratings
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Toyop
Relief Pvt Ltd to 'CRISIL D/CRISIL D' from 'CRISIL
B+/Stable/CRISIL A4'.


                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Rupee Term Loan          54      CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

   Packing Credit          150      CRISIL D (Downgraded from
                                    'CRISIL A4')

   Letter of Credit        100      CRISIL D (Downgraded from
                                    'CRISIL A4')

   Proposed Long-Term       50      CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL B+/Stable')

The downgrade reflects instances of delay by TRPL in servicing
the term loans that it has contracted for setting up its
windmill. The delays have been caused by weakening in TRPL's
liquidity as a result of delays in payments from the Rajasthan
Vidyut Vitran Nigam Ltd.

TRPL's also has large working capital requirements and below-
average financial risk profile marked by small net-worth and high
gearing level. However, TRPL derives benefits from its
established market position in the disaster relief material
industry, its diversified business risk profile, and healthy
relationships with non-governmental organizations (NGOs).

                         About Toyop Relief

TRPL was established in April 2008 by Mr. Sachin Shah. TRPL took
over the business of Sabra Exim Investments, which was originally
set up in 1994. TRPL supplies disaster relief material, including
kitchen accessories, plastic toiletries, and tarpaulin tents, to
NGOs and multilateral agencies. It also imports and trades in
power tillers and specialty plastic granules. The speciality
plastic granules business was under Toyop & Co, a proprietorship
concern of Mr. Sachin Shah, which was merged with TRPL in March
2010.

TRPL has also set up two windmills with a combined capacity of
3.6 megawatt in Rajasthan and has a 20-year power purchase
agreement with RVVNL for sale of power from the windmills.

TRPL reported, on provisional basis, a profit after tax (PAT) of
INR2.7 million on net revenues of INR 896 million for 2011-12
(refers to financial year, April 1 to March 31); the company
reported a PAT of INR19.4 million on net revenues of INR732
million for 2010-11.


UNITY LOGISTICS: CRISIL Assigns 'B-' Rating to INR101.5MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-
term bank facilities of Unity Logistics (part of the Unity
group).

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Proposed Long-Term      11       CRISIL B-/Stable (Assigned)
   Bank Loan Facility

   Cash Credit              2.5     CRISIL B-/Stable (Assigned)

   Long-Term Loan          88       CRISIL B-/Stable (Assigned)

The rating reflects the Unity group's below-average financial
risk profile, marked by a small net worth and highly leveraged
capital structure, and modest scale of operations in the
intensely competitive logistics industry. These rating weaknesses
are partially offset by the benefits that the group derives from
its promoter's extensive experience in the logistics industry and
its established relationships with its clients.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of UL and its associate entity Unity
Transport Services (UTS), together referred to as the Unity
group. This is because both the entities are in the same line of
business, are managed by the same promoters, and have
considerable financial fungibility. Furthermore, the group's
management intends to merge both the two entities into a single
entity over the medium term.

Outlook: Stable

CRISIL believes that the Unity group will continue to benefit
over the medium term from its diverse offerings in the logistics
sector and its established relationship with its clients. The
outlook may be revised to 'Positive' in case the group reports
any significant improvement in its capital structure, supported
by better-than-expected cash accruals. Conversely, the outlook
may be revised to 'Negative' in case the Unity group reports
sustained deterioration in receivables resulting in pressure on
its liquidity, or in case the group undertakes any large, debt-
funded capital expenditure programme, resulting in deterioration
in its financial risk profile.

                           About the Group

UL, set up in 1996, provides logistics and warehousing solutions
to various clients in and around Bengaluru (Karnataka). UTS, the
group entity of UL, was established in 2001. UTS offers carrying
and freight agent (CFA) services to various clients in and around
Bengaluru. The day-to-day operations of both the entities are
managed by the promoter, Mr. Raveendra.

The Unity group primarily operates in three main business
segments - transportation services, CFA services, and warehousing
solutions. The group caters to various clients such as Britannia
Industries Ltd (rated 'CRISIL AAA/Stable/CRISIL A1+'), ITC Ltd
(rated 'CRISIL AAA/Stable/CRISIL A1+'), Seshayee Paper and Boards
Ltd, and CEAT Ltd.

The Unity group has posted a provisional profit after tax (PAT)
of INR8.3 million on net sales of INR96.2 million for 2011-12
(refers to financial year, April 1 to March 31), against a PAT of
INR3.5 million on net sales of INR81.6 million for 2010-11.



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


OLYMPUS CORP: Fires Head of South Korean Unit Over Misconduct
-------------------------------------------------------------
The Japan Times Online reports that Olympus Corp. has fired
Executive Officer Bang Il Seok, who also served as head of its
South Korean unit, due to "improper conduct as a manager."

Olympus officials said the scandal-hit camera and medical
equipment maker removed Mr. Bang, 48, from both posts effective
June 4 because he was discovered to have forged a document, the
report relates.

According to the report, the officials said Mr. Bang's dismissal
is unrelated to the company's loss cover-up.

The report says the company is investigating Mr. Bang on
suspicion of various misconduct, including embezzlement, and is
mulling the possibility of legal action against him.

Mr. Bang was appointed head of Olympus Korea Co. when the company
was set up in October 2000.  He also served as Olympus' executive
officer from April last year after excelling in such fields as
digital camera sales in South Korea.

                        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.

As reported in the Troubled Company Reporter-Asia Pacific on
May 14, 2012, Japan Today said Olympus Corp. posted a
JPY48.99 billion loss in the year to March, a shortfall largely
tied to a loss cover-up at the camera and medical equipment maker
that hammered Japan's corporate-governance image.  Japan Today
said the firm attributed the loss to a scandal that sparked
lawsuits and the arrest of former executives accused of
hiding about US$1.7 billion in investment losses. According to
the report, Olympus said the result, which reversed a small
profit of JPY3.87 billion a year earlier and was bigger than
forecast, was largely attributed to costs related to the cover-
up.


TITAN JAPAN SERIES 1: S&P Puts 'BB' Rating on Class A on Watch
--------------------------------------------------------------
Standard & Poor's Ratings Services has kept its rating on the
class A floating-rate bonds issued under the Titan Japan, Series
1 GK (Titan) transaction on CreditWatch with negative
implications. "At the same time, we affirmed our ratings on
classes B to D. We initially placed our rating on class A on
CreditWatch negative on Nov. 29, 2011. Then, on Dec. 21, 2011, we
lowered our rating on class A to 'BB (sf)' from 'BBB (sf)' and
kept it on CreditWatch negative. The rating on that class has
remained on CreditWatch negative since Nov. 29, 2011," S&P said.

"Of the six loans that backed the transaction when the bonds were
issued in December 2007, only four loans remain. The sales of the
properties backing two of the remaining loans have progressed.
Indeed, for each of these two loans, all except one collateral
property have been sold. The two other loans (effectively one
loan because the two loans are in cross-collateral and cross-
default), which defaulted at their maturity in November 2010, are
backed by a portfolio of suburban shopping centers, which are set
to be sold in bulk. These latter two loans originally represented
about 64% of the total initial issuance amount of the bonds.
Procedures for the sale of these suburban shopping centers are
underway, but the sale has not yet been completed," S&P said.

"We see downward pressure on the ratings on the bonds because,
although procedures for the sale of the shopping centers are
underway, there is increasing uncertainty over the completion of
this sale by the legal final maturity date as the transaction's
legal final maturity date draws closer and is now less than five
months away. As such, we maintained the rating on class A on
CreditWatch negative because we considered the need to confirm
the status of the sale of the shopping centers before reviewing
our rating," S&P said.

"At the same time, we affirmed our ratings on classes B to D
because these classes are already rated 'CCC (sf)' or 'CCC-
(sf)'," S&P said.

Titan is a multiborrower commercial mortgage-backed securities
(CMBS) transaction. The bonds were originally secured by six
nonrecourse loans extended to six obligors. The nonrecourse loans
were initially backed by 43 real estate properties or real estate
beneficial interests. The transaction was arranged by Credit
Suisse Securities (Japan) Ltd., and Premier Asset Management Co.
acts as the servicer for this transaction.

"The ratings reflect our opinion on the likelihood of the full
and timely payment of interest and the ultimate repayment of
principal by the transaction's legal final maturity date in
November 2012 for the class A bonds, and the full payment of
interest and ultimate repayment of principal by the legal
maturity date for the class B to D bonds," 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 Reports
included in this credit rating report are available at:

            http://standardandpoorsdisclosure-17g7.com

RATING KEPT ON CREDITWATCH NEGATIVE
Titan Japan, Series 1 GK
JPY125.8 billion floating-rate bonds due Nov. 2012
Class     Rating                Initial issue amount
A         BB (sf)/Watch Neg     JPY90.2 bil.

RATINGS AFFIRMED
Titan Japan, Series 1 GK
Class       Rating          Initial issue amount
B           CCC (sf)        JPY12.1 bil.
C           CCC- (sf)       JPY11.8 bil.
D           CCC- (sf)       JPY11.7 bil.



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


ANSVAR CLAIMS: Policyholders Approves Contingency Scheme
--------------------------------------------------------
stuff.co.nz reports that Ansvar policyholders have voted in favor
of a contingency scheme put forward by the insurer for settling
their claims if the company goes under.

The report says Ansvar, now known as Ansvar Claims Services
(ACS), withdrew from the New Zealand insurance market after last
year's earthquakes, having received more than NZ$700 million in
claims.

In terms of the scheme administrators and creditors would be
appointed to ensure ACS finalized a formula for payments to
claimants if a pro-rata system was needed, stuff.co.nz notes.

According to the report, ACS said the scheme had received the
required support both by number of votes and by the value of the
claims they represented, with 139 votes representing 95 per cent
of the value of claims, in favor of the scheme, and seven votes
representing 5 per cent of the value of claims, against.

stuff.co.nz relates that ACS chief executive Andrew Moon said the
company was pleased with the level of support. "While our view is
that the company is solvent and is likely to remain solvent,
therefore all claims will be paid in full, we are pleased that
creditors have acknowledged it as a prudent measure to have in
place, should the company's financial situation deteriorate," the
report quotes Mr. Moon as saying.

Now ACS will apply to the High Court in Auckland on Tuesday for
approval of the scheme, the report adds.

The report says that seven people were also elected by
policyholders to serve on a creditors' committee which will work
with administrators if ACS becomes insolvent.

Late last week, stuff.co.nz recalls, the Reserve Bank issued a
report on ACS's proposed scheme which raised concerns over ACS's
solvency and the fairness of distributions to customers in terms
of the scheme.  However, it stopped short of giving a
recommendation to customers on whether or not to vote in favour
of the scheme.

Ansvar Claims Services (ACS) was a leading insurer of churches,
heritage organisations, educational institutions, and charitable
organisations, with about 2,000 policies in Christchurch.



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


PETA MARINE: Court to Hear Wind-Up Petition on June 29
------------------------------------------------------
A petition to wind up the operations of Peta Marine Services Pte
Ltd will be heard before the High Court of Singapore on June 29,
2012, at 10:00 a.m.

Chimbusco International Petroleum (Singapore) Pte Ltd filed the
petition against the company on May 31, 2012.

The Petitioner's solicitors are:

          Stamford Law Corporation
          10 Collyer Quay, #27-00
          Ocean Financial Centre
          Singapore 049315


PRESTIGE ENERGY: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Singapore entered an order on June 1, 2012, to
wind up the operations of Prestige Energy Pte Ltd.

Chimbusco International Petroleum (Singapore) Pte Ltd filed the
petition against the company.

The company's liquidators are:

         Andrew Grimmett
         Lim Loo Khoon
         Deloitte & Touche LLP
         care of 6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809


PRESTIGE MARINE: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Singapore entered an order on June 1, 2012, to
wind up the operations of Prestige Marine Services Pte Ltd.

Chimbusco International Petroleum (Singapore) Pte Ltd filed the
petition against the company.

The company's liquidators are:

         Timothy James Reid
         Tan Aik Kiat
         Ng Yau Yee Theresa
         Ferrier Hodgson
         care of 8 Robinson Road
         #12-00 ASO Building
         Singapore 048544


SAMPOERNA ASIA: Creditors' Proofs of Debt Due July 5
----------------------------------------------------
Creditors of Sampoerna Asia Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by July 5, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

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


SENTOSA COVE: Creditors' Proofs of Debt Due July 6
--------------------------------------------------
Creditors of Sentosa Cove Pte Ltd, which is in members' voluntary
liquidation, are required to file their proofs of debt by July 6,
2012, to be included in the company's dividend distribution.

The company's liquidators are:

          Chee Yoh Chuang
          Abuthahir Abdul Gafoor
          c/o 8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095



===============
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
ALTIUM LTD                 ALU            24.26        -3.62
APN EUROPEAN PRO           AEZ           321.75      -106.88
ARASOR INTERNATI           ARR            19.21       -26.51
AUSTRALIAN ZI-PP           AZCCA          77.74        -2.57
AUSTRALIAN ZIRC            AZC            77.74        -2.57
BIRON APPAREL LT           BIC            19.71        -2.22
CLARITY OSS LTD            CYO            31.64        -5.75
CNPR GROUP                 CNP        15,483.44      -349.73
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            10.91        -0.31
RANGE RIVER GOLD           RNG            13.53       -22.79
RENISON CONSOLID           RSN            10.15       -22.74
RENISON CONSO-PP           RSNCL          10.15       -22.74
RIVERCITY MOTORW           RCY           386.88      -809.14
STERLING BIOFUEL           SBI            31.12        -7.52
SVC GROUP LTD              SVC            13.47        -1.66


CHINA

ACHENG RELAY-A             922            54.63        -0.83
ANHUI GUOTONG-A            600444         72.38        -2.15
BAOCHENG INVESTM           600892         38.24        -4.15
CHANG JIANG-A              520         1,396.09        -3.63
CHENGDE DALU -B            200160         35.27        -4.01
CHENGDU UNION-A            693            29.46       -22.21
CHINA KEJIAN-A             35            100.91      -192.82
CONTEL CORP LTD            CTEL           59.32       -45.72
DONGXIN ELECTR-A           600691         13.73       -28.65
GUANGDONG ORIE-A           600988         14.53        -3.97
GUANGXIA YINCH-A           557            64.02       -81.42
GUANGZHOU IRON-A           600894        542.50       -70.92
HEBEI BAOSHUO -A           600155        110.77       -78.03
HEBEI JINNIU C-A           600722        250.44       -85.87
HUASU HOLDINGS-A           509            91.19       -18.53
HUNAN ANPLAS CO            156            48.17       -43.11
HUNAN TIANYI-A             908            65.87        -1.55
JILIN PHARMACE-A           545            30.17        -6.95
JINCHENG PAPER-A           820           179.74      -114.18
QINGDAO YELLOW             600579        188.23       -59.95
SHANDONG DACHE-A           600882        206.33       -10.84
SHANDONG HELON-A           677           860.38      -154.31
SHANG BROAD-A              600608         43.41        -6.72
SHANXI GUANLU-A            831           299.13        -7.60
SHENZ CHINA BI-A           17             21.55      -267.13
SHENZ CHINA BI-B           200017         21.55      -267.13
SHENZ INTL ENT-A           56            281.74       -60.20
SHENZ INTL ENT-B           200056        281.74       -60.20
SHIJIAZHUANG D-A           958           213.66      -111.34
SICHUAN GOLDEN             600678        152.07       -87.92
TAIYUAN TIANLO-A           600234         64.35       -10.61
TIANJIN MARINE             600751         86.23       -89.05
TIANJIN MARINE-B           900938         86.23       -89.05
TIBET SUMMIT I-A           600338         71.21        -8.42
TOPSUN SCIENCE-A           600771        129.64      -106.79
WUHAN BOILER-B             200770        255.82      -182.03
WUHAN LINUO SOLA           600885         97.03       -23.36
XIAMEN OVERSEA-A           600870        214.41      -136.52
XIAN HONGSHENG-A           600817         15.81      -278.59
XINJIANG CHALK-A           972           693.71        -4.07
YANBIAN SHIXIA-A           600462         96.06      -134.10
YIBIN PAPER IN-A           600793        131.24        -4.84
YOUCAN FOODS INT           YCAN          102.82        -9.02
YUEYANG HENGLI-A           622            32.62       -25.60


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 OCEAN SHIP           651           408.06       -51.68
CHINA SEVEN STAR           245            90.25        -2.25
CNI 23 INT'L               611            68.05       -67.58
CROSBY CAPITAL             8088           25.70       -17.43
CYPRESS JADE               875            38.61       -10.78
FIRST NTUL FOODS           1076           17.14       -56.90
FU JI FOOD & CAT           1175           73.43      -389.20
ICUBE TECHNOLOGY           139            25.54        -2.12
MELCOLOT LTD               8198           39.21       -76.03
MITSUMARU EAST K           2358           24.72       -18.95
PALADIN LTD                495           175.99       -12.97
PROVIEW INTL HLD           334           314.87      -294.85
SINO RESOURCES G           223            15.64       -34.61
SUNCORP TECH LTD           1063           11.78        -8.30
SUNLINK INTL HLD           2336           15.63       -36.91
SURFACE MOUNT              SMT            86.34        -8.13
U-RIGHT INTL HLD           627            10.86      -204.99


INDONESIA

ARPENI PRATAMA             APOL          466.54      -308.89
ASIA PACIFIC               POLY          386.26      -814.44
ERATEX DJAJA               ERTX           17.57       -10.49
HANSON INTERNATI           MYRX           96.12        -0.89
HANSON INT-PREF            MYRXP          96.12        -0.89
JAKARTA KYOEI ST           JKSW           31.61       -44.38
MATAHARI DEPT              LPPF          196.31      -290.04
MITRA INTERNATIO           MIRA        1,076.79      -446.64
MITRA RAJASA-RTS           MIRA-R2     1,076.79      -446.64
PANASIA FILAMENT           PAFI           30.57       -20.41
PANCA WIRATAMA             PWSI           31.13       -38.63
PRIMARINDO ASIA            BIMA           10.65       -20.85
SUMALINDO LESTAR           SULI          180.19        -1.15
TOKO GUNUNG AGUN           TKGA           12.27        -0.93
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            16.52        -3.14
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
BHAGHEERATHA ENG           BGEL           22.65       -28.20
BLUE BIRD INDIA            BIRD          122.02       -59.13
CELEBRITY FASHIO           CFLI           36.61        -6.76
CFL CAPITAL FIN            CEATF          12.36       -49.56
CHESLIND TEXTILE           CTX            20.51        -0.03
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
DISH TV INDIA              DITV          517.03       -18.42
DISH TV INDI-SLB           DITV/S        517.03       -18.42
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           15.21        -3.78
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
JOG ENGINEERING            VMJ            50.08       -10.08
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
MURLI INDUSTRIES           MRLI          275.90       -20.19
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
QUADRANT TELEVEN           QDTV          188.57      -116.81
QUINTEGRA SOLUTI           QSL            16.76       -17.45
RAJ AGRO MILLS             RAM            10.21        -0.61
RATHI ISPAT LTD            RTIS           44.56        -3.93
RELIANCE MEDIAWO           RMW           425.22       -21.31
RELIANCE MED-SLB           RMW/S         425.22       -21.31
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            89.32        -6.92
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           24.64        -0.44
STORE ONE RETAIL           SORI           15.48       -59.09
SUN PHARMA ADV             SPADV          17.41       -13.07
SUPER FORGINGS             SFS            17.83        -6.37
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
TOTAL EXPORTS              TTL         1,069.83      -154.99
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
UNIWORTH TEXTILE           FBW            20.57       -37.60
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
WIRE AND WIRELES           WNW           110.69       -14.26


JAPAN

CREST INVESTMENT           2318           65.01        -3.55
HIMAWARI HD                8738          412.87       -13.56
ISHII HYOKI CO             6336          151.15       -28.05
KANMONKAI CO LTD           3372           59.00       -10.08
L CREATE CO LTD            3247           42.34        -9.15
MEIHO ENTERPRISE           8927           80.76       -11.33
MISONOZA THEATRI           9664           71.18        -4.66
NIS GROUP CO LTD           8571          444.72      -158.85
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

CHIN HUNG INT-2P           2787          571.91        -9.34
CHIN HUNG INTL             2780          571.91        -9.34
CHIN HUNG INT-PF           2785          571.91        -9.34
DAISHIN INFO               20180         740.50      -158.45
DVS KOREA CO LTD           46400          17.40        -1.20
KOREA PACIFIC 05           93400          19.23        -3.67
KOREA PACIFIC 06           93410          11.56        -2.37
KOREA PACIFIC 07           99210          26.66        -7.95
NAMKWANG ENGINEE           1260          762.58       -56.69


MALAYSIA

HAISAN RESOURCES           HRB            46.16        -3.53
HO HUP CONSTR CO           HO             48.52       -13.65
LINEAR CORP BHD            LINE           14.01        -6.45
LUSTER INDUSTRIE           LSTI           18.37        -7.57
MITHRIL BHD                MITH           23.78        -5.65
VTI VINTAGE BHD            VTI            16.01        -3.34


NEW ZELAND

NZF GROUP LTD              NZF NZ Eq     142.71        -0.26


PHILIPPINES

CYBER BAY CORP             CYBR           14.31      -100.17
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
UNIWIDE HOLDINGS           UW             50.36       -57.19
VICTORIAS MILL             VMC           164.26       -18.20


SINGAPORE

ADV SYSTEMS AUTO           ASA            18.83        -9.25
HL GLOBAL ENTERP           HLGE           89.50       -11.36
LINDETEVES-JACOB           LJ             25.10        -8.96
NEW LAKESIDE               NLH            19.34        -5.25
SCIGEN LTD-CUFS            SIE            68.70       -42.35
SUNMOON FOOD COM           SMOON          19.33       -14.30
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          38.87       -46.47
K-TECH CONSTRUCT           KTECH/F        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         101.18      -175.61
PICNIC CORPORATI           PICNI/F       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          62.30        -1.84
TONGKAH HARBOUR            THL            62.30        -1.84
TONGKAH HAR-NVDR           THL-R          62.30        -1.84
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          30.60        -1.13
BEHAVIOR TECH CO           2341           30.60        -1.13
BEHAVIOR TECH-EC           2341O          30.60        -1.13
CHIEN TAI CEMENT           1107          203.00       -60.11
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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