text: TCRAP_Public/120316.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Friday, March 16, 2012, Vol. 15, No. 55 HeadlinesA U S T R A L I AAARVBEE DEMOLITION: Council to Take Over Operations of FacilitiesAMP BANK: Moody's Issues Summary Credit OpinionFMG RESOURCES: Fitch Rates $1 Billion Senior Notes at 'BB+'GOLD COAST TITANS: ATO Withdraws Wind Up ApplicationHOPE HARBOUR: Financier Calls In Receivers to Gold Coast MarinaKIRWAY CONSTRUCTIONS: Creditors' Meeting Set for March 16MIDWEST VANADIUM: Moody's Cuts Corporate Family Rating to 'Caa1'SMART SERIES: Fitch Rates AUD11.96 Mil. Class E Notes at 'BBsf'STEVE PARISH: 2011 Queensland Floods Prompt LiquidationWATERSIDE POOLS: Council Won't Pull Out Illegally Installed PoolsC H I N AKWG PROPERTY: Moody's Assigns 'B1' Rating to Proposed BondsH O N G K O N GAPRICA (ASIA): Creditors' Proofs of Debt Due April 10APPROACH GROUP: Creditors' Proofs of Debt Due March 26AUSTRIAN GAMING: Ha Yue Fuen Henry Steps Down as LiquidatorBONNY NICE: Ying and Chan Step Down as LiquidatorsDIRECT FASHION: Creditors' Meeting Set for March 20EFFECTIVE LABEL: Seng and Wong Step Down as LiquidatorsEVERTEAM TRADING: Creditors' Meeting Set for March 19FEB (1989): Members' Final Meeting Set for April 13G.H INVESTMENT: Hok and Boswell Step Down as LiquidatorsGLOBAL ACCESS: Leung Mei Fan Steps Down as LiquidatorPRUDENTIAL SURPLUS: Creditors' Proofs of Debt Due March 30STAR FOCUS: Creditors' Meeting Set for March 16STAR FOCUS GLOBAL: Creditors' Meeting Set for March 16TIN'S PLAZA: Creditors' Proofs of Debt Due March 26UNITED SOURCE: Members' Final Meeting Set for April 13WELL HONOUR: Creditors' Proofs of Debt Due March 30WING YIP: Creditors' Proofs of Debt Due March 26WINFORE LIMITED: Placed Under Voluntary Wind-Up ProceedingsI N D I AAIR INDIA: Boeing Denies Report on $500MM 787 Delay PaymentAMBEY METALLIC: ICRA Puts '[ICRA]B+' Rating on INR4.7cr Bank LoanARANI POWER: Delays in Loan Payment Cues ICRA Junk RatingsASHLEY ALTEAMS: ICRA Assigns '[ICRA]BB+' Rating to INR55cr LoanCAUVERY COFFEE: ICRA Cuts Rating on INR3.02cr Loan to '[ICRA]D'DEWAN ALLOYS: ICRA Assigns '[ICRA]B' Rating to INR1.3cr Bank LoanFREEWORLD EXPORTS: ICRA Withdraws 'BB' Rating on INR40cr LoanJS FASHIONS: ICRA Reaffirms '[ICRA]BB' Rating on INR15cr LT LoanMALPE MANIPAL: ICRA Places '[ICRA] B' Rating on INR30cr Term LoanPANKAJ STEEL: ICRA Assigns '[ICRA]B+' Rating to INR4.5cr LoanP&R ENGINEERING: ICRA Reaffirms '[ICRA]D' Rating on INR29cr LoanRAUS INFRAS: ICRA Cuts Rating on INR32.5cr Loan to '[ICRA]B+'RELIANCE METALS: ICRA Assigns '[ICRA]BB' Rating to INR1.50cr LoanRK ELECTRICAL: ICRA Reaffirms '[ICRA]B+' Rating on INR10cr LoanROHINI OIL: ICRA Assigns ''[ICRA]B+' Rating to INR10cr Bank LoanROSE GEMS: ICRA Assigns '[ICRA]BB+' Rating to INR3.2cr LoanRUPA INFOTECH: Fitch Withdraws 'B+' Rating on INR750-Mil. LoanSAI VENKATA: ICRA Assigns '[ICRA]C' Rating to INR10cr Bank LoanSHIVAM IRON: ICRA Reaffirms '[ICRA]BB+' Rating on INR48.75cr LoanSRI BALAJI: ICRA Assigns '[ICRA]C' Rating to INR6cr Bank LoanSRI SAI: ICRA Assigns '[ICRA]B+' Rating to INR7cr Bank FacilitiesSRI SALASAR: ICRA Assigns '[ICRA]BB-' Rating to INR30cr LoanV N JEWELLERS: ICRA Suspends 'BB-' Rating on INR27cr LoanI N D O N E S I AALAM SUTERA: Moody's Assigns 'B2' Corporate Family RatingJ A P A NPROLOGIS INC: Fitch Rates $582 Million Preferred Stock at 'BB'K O R E AC&M CO: Moody's Revises Outlook on 'B3' CFR to NegativeM O N G O L I AMONGOLIAN MINING: Moody's Assigns 'B1' Corporate Family Rating* MONGOLIA: Moody's Issues Summary Credit OpinionN E W Z E A L A N DNEW ZEALAND ASSOCIATION: S&P Gives 'BB+' Finc'l. Strength RatingOTAGO RUGBY: Strikes Bail Out Deal With Council, NZRU and BNZSIGNATURE HOMES: Manawatu Creditors Awaits Update from LiquidatorT H A I L A N DAYUDHYA PUBLIC: Fitch Affirms Support Rating Floor at 'BB+'V I E T N A MHOANG ANH: Fitch Affirms Issuer Default Rating at 'B'X X X X X X X X* Large Companies with Insolvent Balance Sheets - - - - -=================A U S T R A L I A=================AARVBEE DEMOLITION: Council to Take Over Operations of Facilities-----------------------------------------------------------------The Coffs Coast Advocate reports that Bellingen Council has beenforced to step in and take over the shire's waste facilities atBellingen and Raleigh from contractor Aarvbee Demolitions &Recyclers Pty Ltd from the end of next week.According to the report, Bellingen Council general manager LizJeremy said council had been working closely with Aarvbee sincelate last year when the company went into voluntary liquidation.The report relates that Ms. Jeremy said until recently, it lookedlike Aarvbee's operation of the facilities within Bellingen Shirewere financially viable and as a result, council agreed to arequest from the liquidator to allow Aarvbee to continue tooperate under a voluntary administration arrangement.Ms. Jeremy said council was recently informed that agreement hasnot been reached by enough creditors to the proposed new Deed ofCompany arrangements and as a result, Aarvbee was placed inliquidation, the report relays.As a consequence, council's contract with Aarvbee will end onMarch 23 and it will then step in to operate the Waste Facilitiesat Bellingen and Raleigh, the Coffs Coast Advocate reports.The only exception is the Reuse shop which will close, the reportadds.Aarvbee had been contracted by Bellingen Shire Council to operatethe Raleigh and Bellingen waste facilities since 2007.Located in Coffs Harbour, New South Wales, Aarvbee Demolitions &Recyclers Pty Ltd operates demolition and waste recyclingfacilities. The company manages two recycling centres at theCoffs Harbour and Bellingen waste depots. It also has ademolition arm.AMP BANK: Moody's Issues Summary Credit Opinion-----------------------------------------------Moody's Investors Service issued a summary credit opinion on AMPBank Limited and includes certain regulatory disclosuresregarding its ratings. This release does not constitute anychange in Moody's ratings or rating rationale for AMP BankLimitedMoody's current ratings on AMP Bank Limited are: Long Term Issuer Rating of A2 Long Term Bank Deposits (domestic and foreign currency) ratings of A2 Bank Financial Strength ratings of D+ Short Term Bank Deposits (domestic and foreign currency) ratings of P-1 Short Term Issuer Rating (domestic and foreign currency) ratings of P-1 BACKED Senior Unsecured (domestic currency) ratings of Aaa/A2 BACKED Senior Unsecured MTN Program (domestic currency) ratings of (P)Aaa/(P)A2 BACKED Senior Unsecured MTN Program (foreign currency) ratings of (P)A2 BACKED Subordinate MTN Program (domestic and foreign currency) ratings of (P)A3 BACKED Commercial Paper (foreign currency) ratings of P-1 BACKED Other Short Term (domestic and foreign currency) ratings of (P)P-1Ratings RationaleMoody's assigns a bank financial strength rating (BFSR) of D+ toAMP Bank, which translates into a baseline risk assessment ofBa1. AMP Bank's obligations are covered by an unconditional andirrevocable guarantee from a sister company AMP Group Holdings,and for this reason the bank's global local currency (GLC)deposit ratings of A2 / Prime-1 are the same as the issuerratings of its guarantor. The guarantee therefore provides 5notches of rating uplift over AMP Bank's Ba1 baseline riskassessment.The rating reflects the bank's low risk profile, which is focusedon residential mortgage lending and deposit-taking. It alsoreflects the advantages of being part of the AMP Group - the bankenjoys economies of scale by utilising the group's back officefunctions such as Treasury, IT and HR. However the BFSR alsorecognises the bank's very small size and weak profitability. AMPBank utilises a range of funding sources, includingsecuritization, retail and superannuation deposits and term debt.Over the past few years the bank has successfully grown itsdeposit base and on balance sheet funding to compensate for thereduced demand in the RMBS market.The bank benefits from the dominant franchise and distributionplatform of its parent's superannuation / life insurancebusiness. Over the past three years, superannuation clients ofthe AMP Group have allocated a greater proportion of funds tobank deposit products as they sought to reduce their exposure tomore risky asset classes, and these have flowed through to AMPBank. Focused marketing and pricing strategies continue toprovide support for retail deposit growth.With regards to the prospect for systemic support, Australia isconsidered a high support country but AMP Bank is viewed ashaving low systemic importance, due to its small market share.The bank's GLC issuer ratings -- which address the risk of seniornon-deposit obligations -- and its senior debt ratings are alsoA2 / Prime-1, reflecting the same support considerations as thedeposit ratings.Thus the deposit and debt ratings of AMP Bank incorporate fourmain elements: (1) the bank's BFSR of D+, which addresses itsstand-alone credit profile, (2) Moody's assessment of a very highprobability of support from its parent (a component of jointdefault analysis, referred to as JDA), (3) Moody's assessment ofa moderate probability of systemic support in Australia (also acomponent of JDA) and (4) the seniority of its deposits and otherobligations.The bank's foreign currency obligations are rated the same as itslocal currency obligations. Australia's sovereign ceilings fordeposits and debt are at Aaa, and therefore do not constrain thebank's foreign currency ratings.Rating OutlookThe outlook for all ratings is Stable.The stable outlook for the BFSR reflects AMP Bank's prudentapproach to lending which should ensure it maintains its creditrisk profile, even as the near term outlook for credit growthremains subdued, which has the potential to see some relaxationof underwriting standards across the sector.The bank continues to use securitisation as a major fundingsource. However, the bank has some diversity in its fundingthrough its retail deposits and term debt. The bank's ties to theAMP group have supported its funding success: (i) the group has astrong credit profile, underpinning investor confidence, and (ii)the bank has been able to leverage the group's superannuation /insurance franchise to raise funding.The Stable outlook for the deposit and debt ratings tracks theoutlook of its guarantor AMP Group Holdings, which is alsoStable.What Could Change the Rating - UpBFSRGiven the pressures on AMP Bank's business from higher fundingcosts and the current competitive operating environment, anupgrade to the bank's BFSR is not considered likely in the nearterm.Deposit & Debt RatingsAn upgrade of the bank's guarantor, AMP Group Holdings.What Could Change the Rating - DownBFSRA combination of the following will provide downward pressure onthe rating[1] Significant decline in profitability (defined as net incomeas a percentage of average risk weighted assets falling below0.5%), as a result of on-going funding pressures[2] The ratio of Tangible Common Equity to Risk Weighted Assetsfalling below 7% and the ratio of Tier 1 capital to Risk WeightedAssets declining below 7%.[3] The ratio of non-performing loans to gross loans exceeding 2%and/or the ratio of non-performing loans to capital and loan lossreserves increasing to more than 20%.Deposits & DebtBecause AMP Bank's deposit and debt ratings are guaranteed, theywould not be affected by a change in the BFSR. They would only beaffected by a downgrade of the bank's guarantor, AMP GroupHoldings, which carries a stable rating outlook.The methodologies used in this rating were Bank FinancialStrength Ratings: Global Methodology published in February 2007and Incorporation of Joint-Default Analysis into Moody's BankRatings: A Refined Methodology published in March 2007.FMG RESOURCES: Fitch Rates $1 Billion Senior Notes at 'BB+'-----------------------------------------------------------Fitch Ratings has assigned FMG Resources (August 2006) Pty Ltd'sUS$ 1 billion senior notes due 2017 and 2022 expected ratings of'BB+(exp)'.The notes will be unconditionally, jointly and severallyguaranteed by Fortescue Metals Group Limited (Fortescue,'BB+'/Stable) and its subsidiaries currently representing morethan 95% of the group's consolidated total assets and net income.As a result, Fitch regards the credit risk associated with thesenior notes to be the same as that of senior unsecuredobligations of Fortescue itself.The proceeds of the notes will be used to finance the expansionof Fortescue's mining capacity to 155 million tonnes per annum(mtpa) and the acquisition of mobile mining equipment to supportthe expansion. The final ratings are contingent upon receipt byFitch of final documentation conforming to information alreadyreceived.Fortescue's Issuer Default Rating of 'BB+' reflects its positionas a high- margin producer supported by its relatively lowproduction costs and proximity to its customers in Asia.Fitch expects Fortescue's debt leverage and coverage ratios (FY11adjusted leverage to funds from operations (FFO) and FFO/grossinterest of 1.95x and 5.74x respectively) to weaken over the nexttwo years as a consequence of the ongoing large-scale and debt-funded capex to meet output expansion. Credit metrics are thenlikely to recover from FY14 as the project reaches completion andbegins ramping up. The execution risk in developing operationsto the planned 155 mtpa from 55mtpa remains a constraint on theIDR. However, Fitch notes that the various mine, railway andport programmes are progressing well and according to managementremain on track for completion by end-June 2013.Fortescue's ratings could be downgraded if projected adjustedgross leverage to funds from operations (FFO) exceeds 2.75xand/or funds from operations (FFO) gross interest cover fallsbelow 4.0x on a sustained basis. The agency notes that leverageand coverage are forecast to be weaker than these guidelines inFY13 as capex ramps up before again becoming consistent withratings once capex slows and production increases from FY14.However, a sustained material deviation from the business plan,such as delays or cost overruns associated with its expansionwhich may result in higher-than-expected funding requirements orweaker-than-expected production may result in negative ratingaction.GOLD COAST TITANS: ATO Withdraws Wind Up Application----------------------------------------------------The Daily Telegraph reports that Gold Coast Titans have avoidedliquidation proceedings levelled against the club's property arm,with the Australian Tax Office dropping a Federal Court lawsuitin Brisbane on March 14.The Daily Telegraph discloses that the ATO commenced moves onFebruary 16 to have Gold Coast Titans (Property) Pty Ltd wound-up.The company was registered in 2007 to own and operate theAUD20 million Centre of Excellence and Titanium Bar, which hasbeen at the centre of a series of financial disputes between GoldCoast boss Michael Searle and various builders, according to theDaily Telegraph.The report recalls that after an ugly split with the originalbuilder Simcorp in early 2010, Mr. Searle engaged ReedConstructions to complete the multi-storey development at Robina.The Daily Telegraph notes that Reed Constructions was also namedin court documents lodged by the ATO over the past month. TheNational Rugby League (NRL) was aware of the case.An interlocutory hearing was held on March 14 at Brisbane'sFederal Court. Lawyers for the ATO, however, told the court theyhad decided to drop the case.It now remains to be seen whether Reed Constructions, who had itslawyers attend the court, will pursue the Titans.All 1,000 shares of Gold Coast Titans (Property) Pty Ltd areowned by the NRL club, Gold Coast NRL (Licensed Operations) PtyLtd.Mr. Searle is the managing director of both companies, the reportdiscloses.Due to the Centre of Excellence woes, the Daily Telegraphrelates, the property arm was in significant debt to theCommonwealth Bank, which loaned Mr. Searle money to fundconstruction.The debt has forced Mr. Searle to approach the NRL on numerousoccasions for advances of the club's annual AUD4 million grant.Gold Coast Titans (Property) Pty Ltd owns and operates Centre ofExcellence at Robina.HOPE HARBOUR: Financier Calls In Receivers to Gold Coast Marina---------------------------------------------------------------Nick Nichols at goldcoast.com.au reports that Hope Harbour, theGold Coast marina acquired by Craig Gore in 2008 forAUD38 million, has been placed into receivership by financierMorgan Stanley.The report notes that the move marks another chapter in theunravelling of Mr. Gore's business interests ahead of proposedbankruptcy proceedings against him by the Australian TaxationOffice.According to goldcoast.com.au, Morgan Stanley has appointedJohn Melluish -- firstname.lastname@example.com -- and Steve Sherman --firstname.lastname@example.com -- of Ferrier Hodgson as receivers toIMDM (Hope Harbour) Pty Ltd, whose ultimate shareholder isstricken Gore company Ocerog Pty Ltd.The US investment giant became Hope Harbour's mortgagee inDecember following a buyout of the distressed loan book of UK-based Capital Finance, the report discloses.goldcoast.com.au discloses that Hope Harbour comprises a 283-berth marina and houses the ferry terminal for the failed CouranCove Resort which is also in the hands of liquidators fromFerrier Hodgson through a members' voluntary liquidation of thecompany.According to the report, Hope Harbour's receivers said they hadno immediate plans to market the property."We want to initially bed down the operations and maintainbusiness as usual," the report quotes Mr. Melluish as saying.Mr. Gore acquired Hope Harbour from Gold Coast developerJohn Fish. He lost control of the asset in 2009 after MayfairGroup stepped in and subsequently appointed receivers to privateGore company Ocerog, the ultimate shareholder of IMDM (HopeHarbour).Mayfair was among a majority of creditors who last month calledfor and voted to terminate Mr. Gore's AUD495 million personalinsolvency agreement, setting him on course to bankruptcy,according to goldcoast.com.au.KIRWAY CONSTRUCTIONS: Creditors' Meeting Set for March 16---------------------------------------------------------Celine Foenander at ABC Gippsland reports that the liquidatorshave moved in on Kirway Constructions but it is unclear whencreditors will get the money owed to them.Creditors have been called to a meeting at the Melbourne officeof liquidator Pitcher Partners today, March 16.The Kirway group of businesses including two Cavalier Homesfranchises has 600 creditors.According to ABC, Gess Rambaldi -- firstname.lastname@example.com --of Pitcher Partners said initial investigations had identified atleast AU4 million owed to creditors.ABC relates that Mr. Rambaldi said the immediate priority was torecover the money owed to the company, then try to completecommercial and residential building projects.Kirway Constructions Pty Ltd -- http://www.kirway.com.au/-- is a building and construction compay.MIDWEST VANADIUM: Moody's Cuts Corporate Family Rating to 'Caa1'----------------------------------------------------------------Moody's Investors Service has downgraded the corporate family andsenior secured ratings of Midwest Vanadium Pty Ltd to Caa1 fromB3. The outlook is negative.Ratings Rationale"The ratings downgrade reflects material concerns with regard toMVPL's capacity to maintain sufficient liquidity to fund fullramp up of operations and incremental capex associated with plantmodifications", says Matthew Moore, a Moody's Assistant VicePresident -- Analyst."A combination of slower than expected ramp-up of ferrovanadiumproduction and an inability, to date, to sell its iron finesstockpile have led to delays in expected cash flow generation,which combined with the company's currently weak liquidityposition has placed substantial negative pressure on itsratings", says Moore.While the company began producing ferrovanadium in January 2012,ramp up continues to be impacted by issues with the crushing,milling and beneficiation (CMB) circuit of the plant. This hasfurther delayed expected revenues and cash flow and will requireadditional capital expenditures to reduce the presence of clayfines in the grinding circuit. Expected cash flows have also beennegatively impacted by the lack of iron ore fines sales whichwere forecast to provide incremental revenue and cash flow tofurther support the project.In March 2012, MVPL's parent company, Atlantic Limited (Atlantic,unrated), announced that it had signed agreements for a $41.7million funding package to provide liquidity support during theramp up and to fund the plant modifications at the project. Thisis in addition to a $25 million share placement completed overthe last several months to help mitigate the lack of iron orefines contribution at the project. The $41.7 million fundingpackage includes the issuance of $30 million in senior unsecuredconvertible notes and an additional $11.7 million of equityissuance, which will require shareholder approval. Atlantic alsoannounced a share purchase plan, which depending on the uptakecould raise up to an additional $10 million to help supportliquidity at MVPL."While these actions will improve the company's very weakliquidity profile and assist to support the ramp up whileoperations seek to become break even, there is very littlecushion for any further delays, cost increases or unforeseenissues", says Moore.If the modifications are completed on schedule and are successfulin rectifying the performance issues in the CMB circuit, thecompany expects to meet its accelerated ramp up to 65% of totalproduction capacity of 6,300 tonnes of contained vanadium by June2012. Moody's would expect the company's operations could beginto breakeven at this production level.However, the negative outlook reflects the expectation that ifthere are any significant delays in reaching the targetproduction levels, the company could quickly use up its thinliquidity cushion and be reliant on further external fundingsources to maintain adequate cash and to support its ongoingviability.The rating could face further negative pressure if the plantmodifications are not successful or completed on time and onbudget, the operations do not become break even by at latest, theSeptember 2012 quarter, or there are any issues in securingshareholder approval for the equity component of the currentproposed funding package.The outlook could be changed to stable if the company completesthe upgrades on time and on budget and begins to operate at breakeven levels of production. The outlook could also be stabilizedif the company begins to generate cash flow from its iron orefines such that liquidity improves to more comfortable levelsthan currently expected and with adequate liquidity cushion tomanage its operating challenges.The principal methodology used in rating Midwest Vanadium Pty Ltdwas the Global Mining Industry Methodology published in May 2009.Midwest Vanadium Pty Ltd (MVPL) a 100% owned subsidiary ofAtlantic Ltd (Atlantic), an Australian publicly listed company.The company has completed the redevelopment of the Windimurravanadium mine, located approximately 400km east of Geraldton incentral Western Australia. MVPL holds tenements covering a 27kilometer strike length. The project is expected to produce 6,800tonnes of contained vanadium and has an expected mine life of 28years.SMART SERIES: Fitch Rates AUD11.96 Mil. Class E Notes at 'BBsf'---------------------------------------------------------------Fitch Ratings has assigned SMART Series 2012-1US Trust's notesfinal ratings. The transaction is an asset-backed securitisationbacked by Australian automotive lease receivables originated byMacquarie Leasing Pty Limited (Macquarie Leasing). -- USD100m Class A-1 notes: 'F1+sf' -- USD145m Class A-2 (a & b) notes: 'AAAsf'; Outlook Stable -- USD165m Class A-3 (a & b) notes: 'AAAsf'; Outlook Stable -- USD90m Class A-4 (a) notes: 'AAAsf'; Outlook Stable -- AUD10.63m Class B notes: 'AAsf'; Outlook Stable -- AUD14.62m Class C notes: 'Asf'; Outlook Stable -- AUD13.29m Class D notes: 'BBBsf'; Outlook Stable -- AUD11.96m Class E notes: 'BBsf'; Outlook Stable -- AUD7.97m seller notes: not ratedThe notes were issued by Perpetual Trustee Company Limited astrustee for SMART Series 2012-1US Trust. The latter is a legallydistinct trust established pursuant to a master trust andsecurity trust deed.The final ratings of the Class A notes are based on the qualityof the collateral; the 11% credit enhancement provided by thesubordinate Class B, C, D, and E notes, the unrated seller notesand excess spread. It also reflects a liquidity reserve accountsized at 1% of the aggregate invested amount of the notes atclosing; the interest rate swap arrangement the trustee hasentered into with Macquarie Bank Ltd ('A'/Stable/'F1'); andMacquarie Leasing Pty Ltd's lease underwriting and servicingcapabilities.The final ratings on the other classes of notes are based on allthe strengths supporting the Class A notes, excluding theircredit enhancement levels, but including the credit enhancementprovided by each class of notes' respective subordinate notes.At the cut-off date, the total collateral portfolio consisted of15,420 leases totalling AUD531.5m with an average size ofAUD34,468. The pool comprises passenger and commercial vehiclelease receivables from Australian residents across the country,consisting of amortising principal and interest leases withvarying balloon amounts payable at maturity. The weightedaverage balloon payment for the portfolio is 30.5% of leases'current balance. The majority of leases consist of novatedcontracts (66.3%), where the lease is novated to the employer insalary packaging arrangements.Historical gross loss rates by quarterly vintage on passengervehicle and truck leases range between 0.6% and 1.6%, and between0.5% and 5%, respectively.STEVE PARISH: 2011 Queensland Floods Prompt Liquidation-------------------------------------------------------Patrick Stafford at SmartCompany reports that Steve ParishPublishing has been placed in liquidation and will be put up forsale after the company failed to receive an insurance payoutfollowing the Queensland floods in 2011.Ian Currie and Daniel Moore of BRI Ferrier were appointed asliquidators on March 12. The sale of the business will takeplace through GraysOnline auction site.Mr. Currie told SmartCompany the business has suffered since theQueensland floods."The business was flooded last year and the insurance wouldn'tpay," the report quotes Mr. Currie as saying. "They've tried tostruggle on and get through things, but it's just become toodifficult."SmartCompany says revenue for the business was not disclosed.However, an advertisement calling for expressions of intereststates the company has AUD1.5 million of stock on hand, with an"established network" with major retailers including David Jonesand Myer, along with a distribution warehouse in Brisbane.Steve Parish Publishing is owned by wildlife and naturephotographer Steve Parish. The business acts as a publishing armfor Mr. Parish's photography, although it also handles otherpublications as well, SmartCompany discloses.WATERSIDE POOLS: Council Won't Pull Out Illegally Installed Pools-----------------------------------------------------------------ABC Newcastle reports that Newcastle Council is reassuringcustomers of Waterside Pools that their pools will not have to beremoved despite being installed illegally.The owner of "Waterside Pools" and "Our Town Pools", DennisFaulkner, was allegedly installing pools before getting thenecessary Council development approvals, and customers could beforced to remove them.According to the report, council spokesman Geoffrey Douglas saidthey have all been asked to lodge new "Certificate of Compliance"forms."Our focus first and foremost will be on safety and making surethat the appropriate barriers are in place," ABC quotes Mr.Douglas as saying. "We're not looking at this point in time tohave people remove their pools, that's certainly not the startingposition. We'd rather make sure that the status of the pool wasup to standard and met all safety standards as well."ABC relates that Mr. Douglas said if the pools are deemed safethey will not need to be removed.Waterside Pools, a Hunter pool company that claims to be thelargest installer of fibreglass pools in Hunter region, has wentinto liquidation in February 2012.=========C H I N A=========KWG PROPERTY: Moody's Assigns 'B1' Rating to Proposed Bonds-----------------------------------------------------------Moody's Investors Service has assigned a B1 rating to KWGProperty Holding Limited's proposed bond issuance.At the same time, Moody's has affirmed KWG's Ba3 corporate familyrating.The rating outlook is stable.The proceeds from the bond issue are intended to finance KWG'sproperty projects and for general corporate purposes.Ratings Rationale"KWG's ratings will not be affected by the proposed bond issue.The company has existing indebtedness maturing in 2012,accordingly, debt leverage will not increase materially, and --as measured by adjusted debt to total capitalization -- willremain below 55% in the next 12-18 months," says Jonathan Lee, aMoody's Vice President and Senior Analyst."Furthermore, the bond will lengthen the company's debt maturityprofile and enhance liquidity, a development which is creditpositive in the challenging property market now prevailing," addsLee, also Moody's lead analyst for KWG."However, KWG's further debt capacity will be limited, as Moody'sexpects its credit metrics -- adjusted debt/total capitalizationat 50-55% and EBITDA/interest coverage at 2.5x-3x in the next 12-- 18 months -- to be at the weaker end of the range for itsrating level," says Mr. Lee.Moody's expects KWG will be cautious in future land acquisitionsand development expenditure. As a result, it will continue tomaintain adequate liquidity -- such that its cash holding remainsabove 10% of total assets -- and that adjusteddebt/capitalization will stay below 55%. Any deviation from suchexpectations would pressure the ratings and outlook downward.KWG's Ba3 corporate family rating continues to reflect its strongbrand name, in turn, supported by its quality products and itsdiversified product range -- office, retail and residential --which command premium pricing. It also recognizes KWG's goodoperating track record in Guangzhou, Chengdu and Suzhou.On the other hand, the rating is constrained by KWG's relativelylow level of geographical diversification, given that over 40% ofits land bank is located in Guangzhou, and the high executionrisk associated with its fast-growth development plan andexpansion into new markets, such as Shanghai and Hainan province.The bond rating is notched down to B1 from Ba3, reflecting therisk of structural and legal subordination.The stable outlook reflects the company's current adequateliquidity position. This will support its property developmentbusiness in the next 12 - 18 months.Upward pressure on the ratings could be limited in the nearfuture. However, medium-term upgrade pressure may emerge if KWG(1) achieves its planned sales; (2) replicates its success inGuangzhou in other Chinese cities; and (3) shows good financialdiscipline and expands cautiously, while maintaining a soundliquidity profile and strong credit metrics.Moody's sees EBITDA/interest coverage consistently above 4x-5xand adjusted debt leverage below 40% - 45% as indications of apotential rating upgrade.The rating could undergo a downgrade if KWG (1) experiences asignificant shortfall in sales; (2) materially increases itsinvestment in projects that impair its liquidity position; (3)executes an aggressive land acquisition plan funded mainly bydebt; and/or (4) shows evidence of a material weakening of itsbalance sheet liquidity.Moody's sees EBITDA/interest below 2.5x-3.0x and adjusted debtleverage consistently above 50%-55% as indications for apotential downgrade of the ratings.The principal methodology used in rating KWG was the GlobalHomebuilding Industry Methodology published in March 2009.KWG is a Chinese property developer founded in 1995. Currently,it has a total attributable land bank of around 9 million sqm ingross floor area in Guangzhou, Chengdu, Suzhou, Beijing,Shanghai, Tianjin and Hainan. KWG mainly develops mid-to-high endresidential properties, office buildings, shopping malls andhotels.================H O N G K O N G================APRICA (ASIA): Creditors' Proofs of Debt Due April 10-----------------------------------------------------Creditors of Aprica (Asia) Limited, which is in members'voluntary liquidation, are required to file their proofs of debtby April 10, 2012, to be included in the company's dividenddistribution.The company's liquidator is: Lau Hin Chi 19th Floor, Cameron Commercial Centre 468 Hennessy Road Causeway Bay Hong KongAPPROACH GROUP: Creditors' Proofs of Debt Due March 26------------------------------------------------------Creditors of Approach Group Limited, which is in members'voluntary liquidation, are required to file their proofs of debtby March 26, 2012, to be included in the company's dividenddistribution.The company's liquidator is: Nicholas Carter PricewaterhouseCoopers (BVI) Limited PO Box 4654 Road Town, Tortola VG1110 British Virgin IslandsAUSTRIAN GAMING: Ha Yue Fuen Henry Steps Down as Liquidator-----------------------------------------------------------Ha Yue Fuen Henry stepped down as liquidator of Austrian GamingIndustries Hong Kong Limited on March 1, 2012.BONNY NICE: Ying and Chan Step Down as Liquidators--------------------------------------------------Ying Hing Chiu and Chan Mi Har stepped down as liquidators ofBonny Nice Industries Limited on Feb. 29, 2012.DIRECT FASHION: Creditors' Meeting Set for March 20---------------------------------------------------Creditors of Direct Fashion Sourcing Limited will hold theirmeeting on March 20, 2012, at 10:30 a.m., for the purposesprovided for in Sections 241, 242, 243, 244 and 251 of theCompanies Ordinance.The meeting will be held at 20/F, Henley Building, 5 Queen's RoadCentral, in Hong Kong.EFFECTIVE LABEL: Seng and Wong Step Down as Liquidators-------------------------------------------------------Natalia Seng Sze Ka Mee and Synthia Wong Tak Yee stepped down asliquidators of Effective Label Limited on Feb. 29, 2012.EVERTEAM TRADING: Creditors' Meeting Set for March 19-----------------------------------------------------Creditors of Everteam Trading Limited will hold their meeting onMarch 19, 2012, at 3:00 p.m., for the purposes provided for inSections 241, 242, 243 and 244 of the Companies Ordinance.The meeting will be held at 27/F, Alexandra House, 18 ChaterRoad, in Hong Kong.FEB (1989): Members' Final Meeting Set for April 13---------------------------------------------------Members of Feb (1989) Limited will hold their final meeting onApril 13, 2012, at 10:30 a.m., at Level 28, Three Pacific Place,at 1 Queen's Road East, in Hong Kong.At the meeting, Seng Sze Ka Mee Natalia and Cheng Pik Yuk, thecompany's liquidators, will give a report on the company's wind-up proceedings and property disposal.G.H INVESTMENT: Hok and Boswell Step Down as Liquidators--------------------------------------------------------Rainier Hok Chung Lam and Anthony David Kenneth Boswell steppeddown as liquidators of G.H Investment Co Limited on March 5,2012.GLOBAL ACCESS: Leung Mei Fan Steps Down as Liquidator-----------------------------------------------------Leung Mei Fan stepped down as liquidator of Global AccessTechnology Limited on Feb. 28, 2012.PRUDENTIAL SURPLUS: Creditors' Proofs of Debt Due March 30----------------------------------------------------------Creditors of Prudential Surplus Limited, which is in members'voluntary liquidation, are required to file their proofs of debtby March 30, 2012, to be included in the company's dividenddistribution.The company's liquidator is: Fergal Power 27/F, Alexandra House 18 Chater Road Central, Hong KongSTAR FOCUS: Creditors' Meeting Set for March 16-----------------------------------------------Creditors of Star Focus Limited will hold their meeting onMarch 16, 2012, at 9:45 a.m., for the purposes provided for inSections 241, 242, 243, 244 and 255A of the Companies Ordinance.The meeting will be held at Room 103, Duke of Windsor SocialService Building, G/F, No. 15 Hennessy Road, Wanchai, in HongKong.STAR FOCUS GLOBAL: Creditors' Meeting Set for March 16------------------------------------------------------Creditors of Star Focus Global Limited will hold their meeting onMarch 16, 2012, at 10:30 a.m., for the purposes provided for inSections 241, 242, 243, 244 and 255A of the Companies Ordinance.The meeting will be held at Room 103, Duke of Windsor SocialService Building, G/F, No. 15 Hennessy Road, Wanchai, in HongKong.TIN'S PLAZA: Creditors' Proofs of Debt Due March 26---------------------------------------------------Creditors of Tin's Plaza Limited, which is in members' voluntaryliquidation, are required to file their proofs of debt byMarch 26, 2012, to be included in the company's dividenddistribution.The company's liquidator is: Patrick Cowley 27/F, Alexandra House 18 Chater Road Central, Hong KongUNITED SOURCE: Members' Final Meeting Set for April 13------------------------------------------------------Members of United Source International Limited will hold theirfinal meeting on April 13, 2012, at 3:30 p.m., at 35th Floor, OnePacific Place, at 88 Queensway, in Hong Kong.At the meeting, Lai Kar Yan (Derek) and Darach E. Haughey, thecompany's liquidators, will give a report on the company's wind-up proceedings and property disposal.WELL HONOUR: Creditors' Proofs of Debt Due March 30---------------------------------------------------Creditors of Well Honour Limited, which is in members' voluntaryliquidation, are required to file their proofs of debt byMarch 30, 2012, to be included in the company's dividenddistribution.The company's liquidator is: Fergal Power 27/F, Alexandra House 18 Chater Road Central, Hong KongWING YIP: Creditors' Proofs of Debt Due March 26------------------------------------------------Creditors of Wing Yip Investments No. 1 Limited, which is inmembers' voluntary liquidation, are required to file their proofsof debt by March 26, 2012, to be included in the company'sdividend distribution.The company's liquidator is: Patrick Cowley 27/F, Alexandra House 18 Chater Road Central, Hong KongWINFORE LIMITED: Placed Under Voluntary Wind-Up Proceedings-----------------------------------------------------------At an extraordinary general meeting held on Feb. 29, 2012,creditors of Winfore Limited resolved to voluntarily wind up thecompany's operations.The company's liquidators are: Leong Ting Kwok David Fong Yuk Yu Tracy Units 3401-02, 34th Floor AIA Tower, 183 Electric Road North Point, Hong Kong=========I N D I A=========AIR INDIA: Boeing Denies Report on $500MM 787 Delay Payment-----------------------------------------------------------Bloomberg News reports that a Boeing Co. executive disputed theIndian government's statement that the planemaker agreed to paystate-owned Air India Ltd. US$500 million in compensation becauseof delays delivering 27 composite-plastic Dreamliners."I think if we settled for $500 million, somebody would have toldme," Bloomberg quotes Jim Albaugh, president of Boeing'scommercial aircraft unit, as saying at the JPMorgan Chase & Co.aviation, transportation and defense conference in New York onMarch 14. "We don't comment on deals that we've done, but I cantell you that we're not writing anybody a check for US$500million."Bloomberg notes that airlines sign up for delivery slots whenthey place orders, and Boeing faces penalties for late planessuch as the 787 Dreamliner. The aircraft was about three yearsbehind schedule when it was turned over to its first customerlast year, the report says.According to Bloomberg, Prashant Sukul, a joint secretary atIndia's Civil Aviation Ministry, told reporters at the country'sHyderabad air show on March 14 that the planemaker agreed to thepayment two weeks ago. Air India may get further compensation asit previously asked for US$840 million and it has since asked formore because of further delays, Sukul, as cited by Bloomberg,said.Bloomberg relates that Sukul said the carrier will get its first787 in May and it will no longer be the second operator of theplane. Delivery was delayed from last year because Boeing isstill working with the carrier on certification, pilot trainingand introduction plans, Dinesh Keskar, the planemaker's Indiahead, told Bloomberg. He declined to comment on compensation,says Bloomberg. About Air IndiaAir India Ltd -- http://www.airindia.com/-- transports passengers throughout India and to more than 40 destinationsthroughout the world. Affiliate Air India Express operates as alow-fare carrier, mainly between India and destinations in theMiddle East, and Air India Cargo provides freight transportation.The government of India has merged Air India with another state-controlled carrier, Indian Airlines, which has focused ondomestic routes. The combined airline, part of a new holdingcompany called National Aviation Company of India, uses the AirIndia brand. The new Air India and its affiliates have a fleetof more than 110 aircraft altogether. * * *The Troubled Company Reporter-Asia Pacific, citing the HindustanTimes, reported on June 19, 2009, that Air India has beenbleeding cash due to excess capacity, lower yield, a drop inpassenger numbers, an increase in fuel prices and the effects ofthe global slowdown. Air India had debt of INR42,570 crore andaccumulated losses of INR22,000 crore as of March 31, 2011,according to livemint.com.AMBEY METALLIC: ICRA Puts '[ICRA]B+' Rating on INR4.7cr Bank Loan-----------------------------------------------------------------ICRA has assigned an '[ICRA]B+' rating to the INR4.70 crore fund-based bank facilities of Ambey Metallic Limited. ICRA has alsoassigned an '[ICRA]A4' rating to the INR10.19 crore non-fundbased bank facilities of AML.The assigned ratings are constrained by the adverse impact thatthe continuing ban on iron ore mining in Karnataka is likely tohave on its operations, and the company's small scale of currentoperations, with a limited extent of value addition. The ratingsalso reflect AML's significant exposure to price risks on accountof its high level of inventory, given the cyclicality inherent inthe steel industry; and AML's exposure to forex risk on accountof imports of coal, in the absence of a formal hedging mechanismfollowed by the company. The ratings, however, take into accountthe long standing experience of the promoters of AML in the ironand steel business; and the company's conservative capitalstructure and moderate coverage indicators which indicate acomfortable financial risk profile. The ratings also favorablyfactors in the proximity of AML's plant to its customers andsources of raw material, namely iron ore, and AML's access toports, all of which support profitability. About Ambey MetallicIncorporated in 2001, AML is engaged in the manufacturing ofsponge iron using iron ore and coal as key raw materials. AML hasan installed capacity of 36,000 Metric Tonnes Per Annum (MTPA) atits manufacturing facility in Pissurlem, Goa. AML procures ironore from the states of Karnataka and Goa and imports coal fromSouth Africa and Indonesia. More than 95% of the sponge ironproduced is sold to companies within the state of Goa.Recent Results:AML reported a profit after tax (PAT) of INR1.56 crore on anoperating income of INR38.00 crore in 2010-11 as compared to aPAT of INR1.51 crore on an operating income of INR20.75 crore in2009-10. In the period between April 2011 and February 2012, AMLreported gross sales of INR26.05 crore.ARANI POWER: Delays in Loan Payment Cues ICRA Junk Ratings----------------------------------------------------------ICRA has revised the long-term rating to '[ICRA]D' from'[ICRA]B+' for INR27.42 crore term loans, INR9.50 crore fundbased limits and INR2.00 crore bank guarantee limits of AraniPower Systems Limited. ICRA has also revised the short termrating from '[ICRA]A4' to '[ICRA]D' to INR3.80 crore letter ofcredit limits of APSL.The revision in ratings reflects delays in servicing its debtobligations in the recent past. Further, the ratings continue toremain constrained by lack of track record (which is often amajor requirement in evaluation of bidders for projects) andstrong competitive pressures both from domestic as well as globalplayers with local presence. Moreover, product introduction andgaining customer acceptance is a long time process in thisindustry partly limiting the company's ability to get moreorders, which has resulted in lesser than expected revenues,profitability & coverage indicators.ICRA, however, takes note of the strong potential for steamdriven turbo-generators driven by increased thrust of privateplayers in the cogeneration and independent power producer (IPP)space; experienced promoters backed by a strong technical teamand in-house design capabilities to manufacture turbinesaccording to customer requirements and end to end solutionsoffered by the company. About Arani PowerIncorporated in 2006, Arani Power Systems Limited is a Hyderabadbased original equipment manufacturer of 4-45 MW steam turbinesand supplies systems, components and services in the field ofsteam based, medium capacity power generation equipments. Therange of steam turbines is up to 45 Megawatts with inlet steamparameters ranging from 65ata/500 deg C up to 100ata/525 deg C.The systems cover widely TG (Turbo Generators) Island thatincludes steam turbines, alternators, gearboxes and heatexchangers with the state-of-the-art controls. The company offersturbo-generators packages from Co-generation, IPPs, CPPs, CCP'sin sugar, steel, cement, paper, biomass and other core sectorsincluding the utility segment. The company also provides value-added services that include erection, commissioning, supply ofreplaceable components, troubleshooting, engineering improvementsand repairs. APSL was incorporated by a group of technocrats,namely Mr. Ramesh Yerramsetti (MD, GSS America Infotech Limited),Mr. Bhargav Marepally (CEO & MD, GSS America Infotech Limited)and Mr. K.C Peraiah.Recent Results:For FY2011, the company reported a loss of INR1.1 crore on anoperating income of INR16.6 crore.ASHLEY ALTEAMS: ICRA Assigns '[ICRA]BB+' Rating to INR55cr Loan---------------------------------------------------------------ICRA has assigned long-term rating of '[ICRA]BB+' to the INR55.00crore term loan, INR30.00 crore fund based facilities andINR10.00 crore proposed term loans of Ashley Alteams IndiaLimited. The outlook on the long-term rating is stable. ICRA hasalso assigned short-term rating of '[ICRA]A4+' to the INR20.00crore non-fund based facilities and INR10.00 crore proposed non-fund based facilities of AAIL.The ratings draw comfort from AAIL's strong parentage and supportit draws from its JV parents, Alteams OY and Ashok LeylandLimited, and the commitment exhibited by the parents in extendingtechnological and financial support to AAIL. The ratings alsodraw comfort from the proximity of the company's manufacturingfacility (in Cheyyar, near Chennai) to many large OEMs in theautomobile and telecommunication industries, its strong customerprofile ensuring steady volumes, and newly installedelectroplating facility, which aids in customer acquisitions andhigher realizations. The ratings factor in the weak financialprofile of the company characterized by low operating margin,significant accumulated losses and large debt repaymentobligations. Although steady sales volumes have been witnessed inthe last few months, AAIL's break-even is estimated only by 2013-14, necessitating continuous financial support from JV partnersto fund losses and meet large debt repayment obligations. AAIL'sability to scale up operations and achieve early break-even iscritical for improving its credit profile.Ashley Alteams India Limited, started as Ashley Alteams India (P)Limited in 2007 and was converted into a public limited companyin 2010 under the present name. AAIL is a 50:50 Joint Venture(JV) partnership between AOY and ALL. AOY is part of AlteamsGroup OY, one of the biggest light metal foundries in Europe witha turnover of around EUR100 million. Alteams Group OY is owned byKuusakoski Group OY, a Finland based international re-cyclingcompany with a turnover of around EUR800 million. ALL, part ofthe Hinduja group, is the second largest commercial vehiclemanufacturer in India.AAIL produces high-pressure aluminium die-castings for theautomotive manufacturers and telecommunication network-equipmentmanufacturers. AAIL has a foundry and machine shop in Cheyyar,near Chennai with an installed capacity of 7000 tonnes per annum.AAIL's facility has 11 die casting machines and 30 CNC machineswith capacity to produce components ranging from 1 kg to 20 kg.The Greenfield facility at Cheyyar was funded by equity from JVpartners, term loan from banks and long term loan from FinnishFund for Industrial Cooperation Limited.Recent results:For the nine month period ended December 31, 2011, AAIL had a netloss of INR15.2 crore on an operating income of INR87.3 crore.CAUVERY COFFEE: ICRA Cuts Rating on INR3.02cr Loan to '[ICRA]D'---------------------------------------------------------------ICRA has revised the rating assigned to INR3.02 crore term loanof Cauvery Coffee Traders from '[ICRA]B' to '[ICRA]D'. ICRA hasalso revised the short term ratings assigned to the INR16.8 crorepacking credit facility of CCT from '[ICRA]A4' to '[ICRA]D'. Therating revision takes into account the significant delays in thedebt servicing by the company.Cauvery Coffee Traders, a partnership firm, is engaged in theexport of coffee, iron ore and bauxite. The firm was establishedin 1993 and for the last few years, iron ore fines export haveconstituted almost entirely to its total sales. CCT is primarilyengaged in the exports of iron ore to Chinese market, which isshipped from Mangalore and Goa ports. With the ban on iron oreexports in Karnataka, CCT has increased its focus in domesticmarket.DEWAN ALLOYS: ICRA Assigns '[ICRA]B' Rating to INR1.3cr Bank Loan-----------------------------------------------------------------ICRA has assigned a long term rating of '[ICRA]B' to the INR1.30crore cash credit limits Dewan Alloys and Metals Private Limited.ICRA has also assigned a short term rating of '[ICRA]A4' to theINR10.00 crore Letter of Credit facility and INR0.16 crore BankGuarantee of DAMPL.The ratings take into account DAMPL's moderate scale ofoperations, highly leveraged capital structure, and lowprofitability metrics. The ratings also take into considerationthe susceptibility of the firm's profitability to adversemovements in raw material prices. However, the ratings drawcomfort from the long experience of promoters and strongrelationship with its client base. The assigned ratings alsopositively factor in the firm's favorable location which placesit in close proximity to its customers.Dewan Alloys and Metals Private Limited is engaged in import andtrading of HMS scrap and re-rollable steel scrap, which isprocured primarily from countries in West Africa and the MiddleEast . DAMPL was established in 2000-01, and is based out ofMandi Gobindhgarh, Punjab.In FY 2010-11, the company reported an operating income ofINR39.73 crore and a profit after tax of INR0.10 crore.FREEWORLD EXPORTS: ICRA Withdraws 'BB' Rating on INR40cr Loan-------------------------------------------------------------ICRA has withdrawn the '[ICRA]BB' and '[ICRA]A4' ratings to theINR40.0 crore bank facilities of Freeworld Exports PrivateLimited which were under notice of withdrawal. The ratings arewithdrawn as the period of notice of withdrawal is completed.JS FASHIONS: ICRA Reaffirms '[ICRA]BB' Rating on INR15cr LT Loan----------------------------------------------------------------ICRA has reaffirmed '[ICRA]BB' rating assigned to INR15.00 crorelong-term fund based limits (enhanced from INR12.00 crore) of JSFashions (INTL) Private Limited. ICRA also has reaffirmed the'[ICRA]A4' rating assigned to the INR1.00 crore short-term fundbased limits and INR6.43 crore short-term non-fund based limits(enhanced from INR3.00 core) of the Company. The outlook on thelong-term rating is Stable.The re-affirmation of the ratings factors in extensive experienceof the promoters in the textile industry and the company'sestablished relationship with reputed garment manufacturersresulting in low order volatility. Despite significant increasein the cotton prices during 2010-11, the company was able tomaintain its operating margin with back to back sourcing offabric on receipt of new orders. Going forward, with correctionin cotton prices in 2011-12 and improvement in the demandscenario, the company's performance is expected to improve.However, the ratings are constrained by the below averagefinancial risk profile of the company marked by thin profitmargins (on account of competitive and commoditized nature oftextile trading business) and increase in the working capitalrequirements of the company owing to significant rise in cottonprices and higher credit period allowed to the customers. As aresult, the company's gearing stood at 2.2 times as on 31stMarch, 2011 increasing from 1.7 times as on 31st March, 2010.Going forward, the working capital requirements of the companyare likely to remain high in the near-term given the low creditperiod allowed by the company's fabric suppliers and only gradualimprovement expected in the collection period. About JS FashionsPromoted as a partnership firm in 1994 and incorporated in 1999,JSPL is engaged in the business of trading in cotton shirtingfabrics for both the domestic and international markets. Thefabric is sold under three brand names "Villa Italia","Cotonificio" and "Soktas". Villa Italia and Cotonificio(supplied mainly in the retail segment) are two brands registeredby the company while Soktas is a Turkish shirting fabric brandfor which JSPL acts as a distributor. The company supplies toboth retail (having a network of 10 agents) and wholesalesegments (with relationship with established readymade garmentmanufacturers like ITC Limited, Arvind Textiles, Hasbro Clothingetc). The domestic sales contribute to approximately 90% of thetotal revenues of the company while exports (mainly to Dubai,Indonesia and Singapore) contribute the remaining 10%.The company has been promoted by Mr. Jugraj Jain who alsooperates a proprietary concern named "JS Exports" (started in2007-08), which is engaged exclusively in selling of Soktasfabric in the retail segment mainly in the states of Tamil Nadu,Andhra Pradesh and Karnataka.Recent Results:For 2010-11, the company's operating income stood at INR87.8crore with a profit after tax of INR1.6 crore. For the 10 months2011-12, the company's operating income stands at INR77.7 crorewith a profit before tax (PBT) of INR2.74 crore.MALPE MANIPAL: ICRA Places '[ICRA] B' Rating on INR30cr Term Loan-----------------------------------------------------------------ICRA has assigned a long term rating of '[ICRA] B' to INR30.0crore term loan facility of Malpe Manipal Builders PrivateLimited.The rating takes into account the favorable location of thecompany's sole ongoing project, commitment of the promoters toinfuse equity capital and experience of the appointed contractorin executing building construction projects. However, the ratingsare constrained due to the company's limited track record in realestate business and its exposure to single project risk. Therating also factors in the slow booking rate (average booking of2.5 flats per month since launch in January 2009) whichaccompanied with slow collections can put immense pressure on therepayment of the term loan starting from January 2013. The ratingalso reflects the highly competitive nature of Udupi real estatemarket marked by the presence of established players like MandaviPromoters and Builders and Sai Radha Builders. About Malpe ManipalMalpe Manipal Builders Private Limited was incorporated in 2008to construct and sell multi storied residential complex and forother real estate development. The first project undertaken byMMBPL was Oasis Park in 2010. Oasis Park is a four storiedbuilding built with basic amenities. The company subsequentlystarted construction of Royal Embassy; a 30 storied building withmodern amenities at Manipal, Udupi. The building is located atclose proximity to the Manipal University Campus. MMBPL also has-9% stake in Akash Associates, a partnership firm incorporated inJuly 2007 to buy and sell land.Recent Results:MMBPL registered an operating income of INR1.00 crore and Netprofit of INR0.02 crore in first half of FY12.PANKAJ STEEL: ICRA Assigns '[ICRA]B+' Rating to INR4.5cr Loan-------------------------------------------------------------ICRA has assigned an '[ICRA]B+' rating to INR4.5 Crore cashcredit limits of Pankaj Steel Corporation. ICRA has also assignedan '[ICRA]A4' rating to INR10 Crore short term fund basedfacilities of PSC.The cash credit facility of INR4.5 Crore is a sub limit of shortterm non fund based limit of INR10 Crore and the combinedutilisation should not exceed INR10 Crore at any point of time.The assigned ratings reflect PSC's adverse financial profilecharacterized by low net profitability, depressed level ofcoverage indicators and leveraged capital structure. The ratingsalso take into account the firm's small scale of operations withsales growth being sluggish and the risk associated with thestatus of a proprietary concern, including the risk of capitalwithdrawal by the proprietor. Moreover, the ratings are furtheraffected by the high working capital intensity of its operationsresulting from high inventory levels which amplify the firm'sexposure to volatility in steel prices. The ratings howeverfactor in the long experience of the key management in iron &steel trading business and the moderately diversified customerbase which mitigates client concentration risk to certain extent.M/s Pankaj Steel Corporation promoted by Mrs. Usha Agarwal wasincorporated as proprietorship concern in 1978. PSC is primarilyengaged in trading waste and scrap of iron & steel. Apart fromtrading PSC is also involved in processing steel (on job workbasis) as per customer specifications. PSC has its registeredoffice at Reay Road, Mumbai and two warehouses at Kalamboli, NaviMumbai.Recent results:PSC recorded a net profit of INR0.1 Crore on an operating incomeof INR7.6 Crore for the year ending March 31, 2011 (Audited).P&R ENGINEERING: ICRA Reaffirms '[ICRA]D' Rating on INR29cr Loan----------------------------------------------------------------ICRA has reaffirmed rating of '[ICRA]D' assigned to theINR29.0 crore Term Loans of P&R Engineering Services PrivateLimited.ICRA's rating action factors in the relatively high credit riskprofile of the company given the nascent stage of operations ofthe company's hydel project in Brenwar, J&K, weak cash accrualsand the high gearing of the company. These factors have putpressure on the liquidity position of the company. The ratingalso factors in hydrological risks as PRESPL is not covered underdeemed generation clause in case of factors like shortage ofwater or loss of generation due to silting. The project hasoperated at a lower than expected PLF (Plant Load Factor) in thelast 12 months on account of shortage of water. Given that therevenues of the company are linked to actual unit sales, thisexposes the company to risks of variable cash flows. Further,given the seasonality of power production (and hence cash flowgeneration), the cash flows of the company are likely to remainvolatile and this may result in continued liquidity mismatches inthe initial years of operation. On the positive side, the projectis nearing completion, with two units already operational and thethird unit nearing completion, which limits the likelihood of anyfurther time and cost escalations. The rating also draws comfortfrom the limited demand risks due to significant energy deficitin northern India, upside potential in tariffs in the merchantroute, additional revenue stream from Renewable EnergyCertificates (RECs) and receipt of capital subsidy (50% amountingto INR1.97 crores) from Ministry of New and Renewable Energy.Further, the counterparty credit risks are also significantlymitigated as the company is selling power through PTC, afinancially strong entity.P&R Engineering Services Pvt Ltd is promoted by the P&R Group todevelop, own and operate a 7.5 MW small hydro project in Jammu &Kashmir, District Budgam. This is a run of the river type schemeon Doodhganga, a tributary of Jhelum, which will utilize flows ofthe river to harness approximately 204m of net head. The companyreported an operating income of INR7.71 crore in FY 2011 andprofit after tax of INR0.36 crore.RAUS INFRAS: ICRA Cuts Rating on INR32.5cr Loan to '[ICRA]B+'-------------------------------------------------------------ICRA has revised the long term rating for INR32.5 crore banklines of RAUS Infras Limited to '[ICRA]B+' from '[ICRA]BB-'.The rating revision takes into account the stretched liquiditysituation of the company as evident from frequent over-drawingsfrom the fund-based limits and recurrent utilization of ad-hoclimits from the bank. The liquidity has been stretched on accountof significant increase in size and number of projects beingexecuted by the company, along with elevated working capitalintensity of operations due to shift in orderbook from interiordecoration and fittings to civil construction work. ICRA's ratingcontinues to factor in the competitive nature of the civilconstruction and interior decoration industries which arecharacterized by low entry barriers and presence of large numberof small-to-medium sized players. The rating, however, derivescomfort from RIL's experienced management, its reputed anddiversified client base and its long track record in the interiordecoration business.RAUS Infras Limited is a public limited company engaged ininterior decorating and civil construction work of officebuildings, staff quarters, residential complexes, commercialcomplexes, hotels, group housing societies, metro stations,hostels etc. for various clients in public and private sectors.RIL was promoted by Mr. Ramesh Sharma, who has been carrying outthe interior decoration and civil construction business since1988 under a proprietorship concern (Sharma Constructions). RILbegan operations in FY10 when all the assets and liabilities ofthe proprietorship concern were transferred in the books of RIL.Recent Results:In FY2011, RAUS Infras Limited (RIL) reported operating income ofINR120 crore (previous year INR90 crore) and net profit of INR4.8crore (previous year INR3.5 crore).RELIANCE METALS: ICRA Assigns '[ICRA]BB' Rating to INR1.50cr Loan-----------------------------------------------------------------ICRA has assigned an '[ICRA]BB' rating to the INR1.50 crore fund-based bank facilities of M/s. Reliance Metals & Alloys. Thelong-term rating has been assigned a 'stable' outlook. ICRA hasalso assigned an '[ICRA]A4' rating to the INR3.50 crore non-fundbased bank facilities of RMA.The assigned ratings take into account the significant experienceof the proprietor in the non-ferrous metal trading business;healthy revenue growth on the back of growing demand fromcustomers; low inventory levels maintained by the firm, whichhelps maintain a healthy return on capital employed and alsoreduce its exposure to volatility in non-ferrous metal prices,and the firm's established relationships with overseas suppliers,which ensure adequate availability of aluminium scrap. Theratings are, however, constrained by the low, albeit improving,profitability of the firm due to limited value addition in thetrading business and the intensely competitive nature of the non-ferrous metal trading industry; sensitivity to exchange ratefluctuations, given its significant dependence on imports, andits weak cash flow position. The ratings also factor in the risksinherent in a proprietorship firm including the risk of capitalwithdrawals by the proprietor.Established in April 2008, Reliance Metals & Alloys is aproprietorship firm engaged in trading of non-ferrous metalscrap. The firm mainly imports aluminium scrap and sells the samein the domestic market, with the manufacturers of extrusion,aluminium alloys and utensils as its key end-user customers. Thefirm has a warehouse at Bhiwandi while its head-office is locatedat Mumbai.Recent ResultsIn 2010-11, RMA reported a profit after tax (PAT) of INR0.43crore on the back of net sales of INR53.54 crore. As per theprovisional financials for the April 2011-December 2011 period,RMA reported a profit before tax (PBT) of INR0.62 crore on theback of net sales of INR51.5 crore.RK ELECTRICAL: ICRA Reaffirms '[ICRA]B+' Rating on INR10cr Loan---------------------------------------------------------------ICRA has reaffirmed the rating assigned to the INR10.0 crore fundbased bank facilities of RK Electrical Industries (India) PrivateLimited at '[ICRA]B+'. ICRA has also reaffirmed the ratingassigned to the INR14.0 crore Non Fund based bank facilities ofRKEIPL at '[ICRA]A4'.The reaffirmation of ratings takes into account the experience ofpromoters in the industry, and good brand recognition which hashelped the company in registering robust growth in revenues in FY2010-11. However the ratings continue to be constrained byrelatively weak operational and financial profile as is reflectedin its small scale of operations, low profitability, adversecapital structure, high working capital intensity, andvulnerability of its profits to fluctuations in raw materialprices. Going forward the ability of the company to gain neworders and improve profitability and cash flows will remain keyrating drivers.R K Electrical Industries (India) Private Limited wasincorporated in the year 1974 by Mr. R.K Sethi and is engaged inthe business of manufacturing wires and cables. The company'sproduct profile includes Low Tension power cable, control cables,instrumentation cables, low tension Aerial bunched cables (ABC).The company also manufactures Signalling and quad cables forIndian Railways.R K Electrical Industries (India) Private Limited reported aprofit after tax (PAT) of INR0.23 crore in FY 2010-11 on anoperating income of INR30.84 crore registering a decline of 59%in operating income over the previous year.ROHINI OIL: ICRA Assigns ''[ICRA]B+' Rating to INR10cr Bank Loan----------------------------------------------------------------ICRA has assigned a long term rating of '[ICRA]B+' to Rs.10.00crore fund based limits of Rohini Oil Field Chemical IndustriesPrivate Limited.The assigned rating is constrained by the high dependence ofROFCIPL's operations on APMDC Ltd. for raw materials, poor powerscenario prevalent in the region and small scale of operations.ICRA also notes the fact that the operating margins of thecompany are vulnerable to adverse movement in raw materialprices. The rating also factors in the high client concentration,with top 5 clients contributing to 95% revenue in FY11. Therating is further constrained by the weak financial profile ofthe company as characterized by high gearing, weak coverageindicators and high working capital intensity. The ratinghowever, draws comfort from strong growth in revenues (on a smallscale) in last 3 years backed by improved orders on account ofestablished relationship with clients, favourable location ofmanufacturing facility on account of its proximity to APMDC Ltd.mining site and its revenue visibility in near term on account ofINR13 crore order from ONGC Ltd.Rohini Oil Field Chemicals Industries Pvt. Ltd. is an A.P basedmanufacturer and supplier of drilling grade Grey Barite Powderestablished in 2005 and is being promoted by Mr. K. SubramanyamRaju. ROFCIPL procures barite crystals primarily from APMDC Ltd.,grinds it and sells it to companies involved in oil explorationlike ONGC Ltd. ROFCIPL was initially a partnership firm which gotconverted into a private limited company on June 3, 2011.Recent Results:As per the provisional results of (8M) FY12, ROFCIPL has reportedan operating income of INR10.21 crore with an OPBDITA of INR1.60crore.ROSE GEMS: ICRA Assigns '[ICRA]BB+' Rating to INR3.2cr Loan-----------------------------------------------------------ICRA has assigned an '[ICRA]A4+' rating to the INR21.80 croreshort-term fund-based facilities of Rose Gems. Ratings of'[ICRA]BB+' and/or '[ICRA]A4+' have also been assigned to theINR3.20 crore proposed bank facilities of RG. The outlookassigned to the long term rating is 'Stable'.The assigned ratings factor in the entrenched experience of thepartners in the CPD industry, moderately diversified customerbase and the continuous improvement in the firms operating incomeon the back of a gradual recovery in both volumes andrealisations of finished diamonds. The ratings however areconstrained by the firm's stretched financial profile on accountof high inventory, elongated receivables and consequent pressureon liquidity evident from the firm's high utilization of banklimits. As a result, the firm's capital structure remainsleveraged with weak debt protection indicators. The ratings arefurther constrained by the highly fragmented nature of industrywith low entry barriers resulting in pressure on margins, whichare also susceptible to volatility in rough diamond prices andforeign exchange fluctuations.Established in 1997, RG, is engaged in the import of roughdiamonds and manufacture and export of polished diamonds. Thefirm has its office in Mumbai and Surat and two manufacturingfacilities in Surat and Bhavnagar.Recent Results:As per its audited financials for FY 2011, RG recorded a netprofit of INR2.2 crore on an operating income of INR62.1 crore.For the period April-September 2011 the firm recorded anoperating profit of INR2.3 crore on an operating income ofINR27.9 crore.RUPA INFOTECH: Fitch Withdraws 'B+' Rating on INR750-Mil. Loan--------------------------------------------------------------Fitch Ratings has withdrawn the National Long-Term 'FitchB+(ind)nm' rating on India-based Rupa Infotech & InfrastructurePvt Ltd and its INR750 million term loan.The National Long-Term rating has been withdrawn as it is nolonger considered by Fitch to be relevant to its coverage, andthe instrument rating has been withdrawn as the loan has beenpaid in full.Fitch will no longer provide ratings and analytical coverage ofRIIP.SAI VENKATA: ICRA Assigns '[ICRA]C' Rating to INR10cr Bank Loan---------------------------------------------------------------ICRA has assigned a long term rating of '[ICRA]C' to INR10.00crore fund based facility of Sai Venkata Agro Industries PrivateLimited.The assigned rating is constrained by SVAIPL's modest scale ofoperations, stretched liquidity position owing to high gearingand weak debt coverage indicators, low profitability on accountof low value addition work and intense competition in theindustry characterized by large number of small players. Therating further incorporates the susceptibility of its margins tofluctuations in the raw cotton prices. However, ICRA drawscomfort from the company's favorable access to the raw materialand the promoters' experience of more than two decades in theginning industry.Sai Venkata Agro Industries Private Limited) is engaged in cottonginning and pressing with the product mix of cotton bales andcottonseed. SVAIPL was incorporated in the year 2009 by Mr. G.Vinod Kumar. It has its production facilities at Mancherial,Adilabad District of Andhra Pradesh. The company startedoperations from November 2009 onwards. The company has 96 ginningmachines of which the company leased 48 ginning machines toCotton Corporation of India in FY10. From FY11 onwards, thecompany is operating through 96 ginning machines. The day to dayoperations is looked after by Mr. G. Vinod Kumar.Recent Results:In FY11, SVAIPL reported operating income of INR110.92 crore andnet profit of INR0.98 crore.SHIVAM IRON: ICRA Reaffirms '[ICRA]BB+' Rating on INR48.75cr Loan-----------------------------------------------------------------ICRA has re-affirmed the '[ICRA]BB+' rating assigned to theINR48.75 crore (increased from INR47.08 crore earlier) term loanand INR62.00 crore (increased from INR43.00 crore earlier) cashcredit facilities of Shivam Iron & Steel Co. Limited. Theoutlook on the long term rating is stable. ICRA has also re-affirmed the '[ICRA]A4+' rating to the INR47.00 crore (increasedfrom INR34.41 crore earlier) non-fund based bank facilities ofSISCL.The reaffirmation of ratings take into account the experience ofSISCL's promoters in the steel industry, its integrated nature ofoperations that lead to increase in value addition in thebusiness, its diversified product portfolio that mitigates demandrisk of a particular product and proximity to raw materialsources leading to low landed cost of input materials. ICRA notesthat the company has successfully increased its sponge iron andferro alloy capacity in the current financial year and is also inthe process of increasing its billet manufacturing capacity,which is likely to lead to a growth in revenues and profitabilitygoing forward. The ratings are, however, constrained by thecyclicality inherent in the steel business, which is passingthrough a difficult phase, that is likely to adversely impact theprofitability of the players in the steel business includingSISCL, its weak financial profile as reflected by its lowprofitability, increasing gearing and depressed level of coverageindicators, and a highly working capital intensive nature ofoperations, which in turn impacts its liquidity position.Substantial debt servicing obligation in the near term mayfurther exert pressure on the company's cash flows. ICRA alsonotes that the absence of any captive source of power results inhigh cost of operations of the company, since the manufacturingprocess of some of its products is power intensive. Whileassigning the ratings, ICRA has also considered the business riskprofile of SISCL's group entity Sundaram Ferro-Tech PrivateLimited (rated at [ICRA]BB- (stable) and [ICRA]A4), since the twocompanies operate under the common management.SISCL was incorporated as a private limited company in 1998 andstarted commercial production in 1999-2000. The company wasconverted into a public limited company in 2006. SISCL has beeninvolved in the production of sponge iron, mild steel (MS)/stainless steel (SS) ingot and billet, MS structural items likeangle, channel, bar and flat, SS flat, and ferro alloys (silicoand ferro manganese). Currently its sponge iron, ingot/ billet,rolling and ferro alloy manufacturing facilities stand at 90,000metric tonne per annum (MTPA), 108,400 MTPA, 69,000 MTPA and37,100 MTPA respectively. The sponge iron unit of the company islocated at Koderma, Jharkhand and other manufacturing facilitiesare located at Giridih, Jharkhand.Recent ResultsThe company reported a net profit of INR3.69 crore on anoperating income of INR228.75 crore in 2010-11. During the firsthalf of 2011-12, the company reported a net profit of INR2.49crore (provisional) on an operating income of INR132.61 crore(provisional).SRI BALAJI: ICRA Assigns '[ICRA]C' Rating to INR6cr Bank Loan-------------------------------------------------------------ICRA has assigned a long term rating of '[ICRA]C' to INR6.00crore fund based facility of Sri Balaji Agro Industries.The assigned rating is constrained by SBAI's modest scale ofoperations, stretched liquidity position owing to high gearingand weak debt coverage indicators, low profitability on accountof low value addition work, and intense competition in theindustry characterized by large number of small players. Therating further incorporates the susceptibility of its margins tofluctuations in the raw cotton prices. However, ICRA drawscomfort from the company's favorable access to the raw materialand the promoters' experience of more than two decades in theginning industry.Sri Balaji Agro Industries is engaged in cotton ginning andpressing with the product mix of cotton bales and cottonseed.SBAI was incorporated as a partnership firm in the year 2008 byMr. T. Ashok Kumar and Ms. G. Sarita. It has its productionfacilities at Asifabad, Adilabad District of Andhra Pradesh. Thefirm had started its operation with 48 ginning machines, of whichfirm owns 24 ginning machines and the rest are leased fromMahalakshmi Cottons for which firm pays job works charges. Thetotal installed raw material intake capacity of 240 MT per dayand day to day operations is looked after by Mr. T. Ashok Kumarand Mr. G. Praveen.Recent ResultsIn FY11, SBAI reported operating income of INR59.62 crore and netprofit of INR0.15 crore.SRI SAI: ICRA Assigns '[ICRA]B+' Rating to INR7cr Bank Facilities-----------------------------------------------------------------ICRA has assigned a long term rating of '[ICRA]B+' to INR7.00crore fund based facility of Sri Sai Baba Cotton Industries.The assigned rating is constrained by SSBCI's moderate scale ofoperations, intense competition in the industry and its lowprofitability owing to low value addition work which coupled withhigh gearing results in weak debt coverage indicators. The ratingfurther incorporates the susceptibility of its margins tofluctuations in the raw cotton prices. However, ICRA drawscomfort from the company's easy access to the raw material andthe promoters' experience of more than three decades in theginning industry.Sri Sai Baba Cotton Industries is engaged in cotton ginning andpressing with the product mix of cotton bales and cottonseed. Ithas its production facilities at Ponnari Village, AdilabadDistrict of Andhra Pradesh. The firm has 72 TMC gins with a totalannual capacity of 64,000 bales.Recent Results:In FY11, SSBCI reported operating income of INR72.48 crore andnet profit of INR0.13 crore.SRI SALASAR: ICRA Assigns '[ICRA]BB-' Rating to INR30cr Loan------------------------------------------------------------ICRA has assigned long-term rating of '[ICRA]BB-' for INR30.00crore fund based limits and ratings of '[ICRA]BB-/[ICRA]A4' forINR3.00 crore bank guarantee limits of Sri Salasar Balaji AgroTech (P) Limited. The long-term rating carries a stable outlook.The assigned ratings are constrained by SBAT's low value addedactivity resulting in low operating profit and net profitmargins; weak financial profile characterized by a gearing of 6.2times as on March 31, 2011, and interest coverage ratio of 1.4times for FY2011; and risk of operating in a commodity marketcharacterized by the volatility in cotton prices that aresusceptible to agro-climatic risks as well as to centralgovernment policies and regulations.The ratings, however, take into account the long experience ofthe promoters of SBAT in the cotton ginning and trading business;the steady growth in operating income supported by increasedtrading volumes & exports and proximity to cotton producing beltof Adilabad resulting in favorable access to raw material(Kapas). Further, trading house recognition by director generalof foreign trade in November 2011 results in quicker processingof company exports as direct exports accounted for 36% of therevenue in FY2011.Incorporated in 2003, Sri Salasar Balaji Agro Tech (P) Limited ispromoted by Mr. Mahesh Kumar Khetan & his family. SBAT is intotrading of cotton FP Bales, cotton seed, loose lint, processingof cotton Kapas to produce cotton lint though sale of processedKapas accounts for less than 1% of the operating income. Thecompany started exporting cotton bales from the year 2008 and isprimarily exporting to Bangladesh & China. SBAT is recognized astrading house by director general of foreign trade in November2011 which is valid till March 2016.Recent Results:For FY2011, the company reported an operating income of INR801.08crore and a PAT of INR1.76 crore.V N JEWELLERS: ICRA Suspends 'BB-' Rating on INR27cr Loan---------------------------------------------------------ICRA has suspended the '[ICRA]BB-' rating assigned to theINR27.00 Crore long term loans & working capital facilities and'[ICRA]A4' rating to the INR5.00 Crore short term non-fund basedBank Guarantee facility of V N Jewellers. The suspension followsICRA's inability to carry out a rating surveillance in theabsence of the requisite information from the company.According to its suspension policy, ICRA may suspend any ratingoutstanding if in its opinion there is insufficient informationto assess such rating during the surveillance exercise. ICRA willwithdraw the rating in case it remains under suspension for aperiod of three yearsV N Jewellers is a family run partnership firm since 2000. VNJ isengaged in 14, 18, diamond studded gold jewellery 22 carat Polkigold Jewellery and ornaments, 24 carat Gold coins and standardgold bar, loose diamonds trading, silver and utensils andSolitaire Diamond Jewellery. VNJ caters only to the Indiandomestic markets specifically North India for its wholesaleoperations. It is also a prime vendor/Jobworker of TitanIndustries Ltd. for Titan Industries Tanishq Brand. VNJ has 3sister concerns; V N Salla Real Estate Private Ltd., V N SallaProperties Private Ltd. and M/s Woodart Interiors. VNJ has afactory set-up in Goregaon, Mumbai, a sales office in Delhi and aretail showroom in Bandra, Mumbai.=================I N D O N E S I A=================ALAM SUTERA: Moody's Assigns 'B2' Corporate Family Rating---------------------------------------------------------Moody's Investors Service has assigned a B2 corporate familyrating to PT Alam Sutera Realty Tbk.At the same time, Moody's has assigned a provisional (P)B2 seniorunsecured bond rating to the proposed senior unsecured notes tobe issued by Alam Sutera International Private Limited (AlamSutera International), an entity wholly-owned by Alam SuteraRealty, and guaranteed by Alam Sutera Realty and itssubsidiaries.The outlook on both ratings is stable.Ratings RationaleThis is the first time Moody's has assigned ratings to AlamSutera Realty or Alam Sutera International. The provisionalstatus of the senior unsecured bond rating will be removed uponcompletion of the bond issuance.The proceeds from the issuance will be used for (a) theacquisition of land; (b) the development of new and existingprojects; and (c) the funding of transaction expenses."Alam Sutera Realty's B2 rating reflects its sound businessmodel, which focuses on township design, as well as the sale ofland lots and low-rise commercial and residential properties.This approach allows it the flexibility to scale its projects inaccordance with market conditions and lowers development risks,"says Alvin Tan, a Moody's Analyst."The company also benefits from an extensive low-cost land bankin Tangerang, and which it has been acquiring since the early1990s. As such, it is well-positioned to benefit from theappreciating land values in the region, and giving it the abilityto generate strong adjusted operating margins of 42 to 50% overthe past two years," adds Mr. Tan, who is also Moody's LeadAnalyst for Alam Sutera Realty.However, the company's ratings are constrained by its smallscale, lack of geographic diversity, and limited track record intownship planning, having focused on only a single project inAlam Sutera since 1994.Then again, Moody's also recognizes that it had sold or leased atotal of 9,252 land lots and properties that it had developed inAlam Sutera, of which 6,638 were residential land lots andproperties, as at December 31, 2011."Alam Sutera Realty remains exposed to the volatile propertysector, with a limited contribution from the more stable,recurring income stream from its investment properties," saysTan."And while the Alam Sutera township project has been successfulto date, the company's ability to replicate the same model withits second township project in Pasar Kemis remains uncertain.Furthermore, plans to expand into Bali's tourism sector,especially its potential investment in the Garuda Wisnu Kencanatourism project, also increases execution risks," Mr. Tan adds.The stable outlook reflects Moody's expectation that Alam SuteraRealty will be well-supported by its ample low-cost land bank inGreater Jakarta, as well as its ongoing discipline in the pursuitof its growth strategy.Upward rating pressures could emerge if Alam Sutera Realty isable to execute its expansion strategy successfully, and whichalso includes the ability to replicate the Alam Sutera townshipmodel in its new project in Pasar Kemis. An upgrade would also besupported by sustained improvement in sales performance andpositive free cash flow generation. Credit metrics that willsupport an upgrade include EBIT/Interest coverage above 4.0-4.5xand adjusted leverage below 40% on a sustained basis.On the other hand, downward pressure could emerge if Alam SuteraRealty's financial and liquidity profiles weaken due to (1) thecompany failing to execute its business plans; (2) adeterioration in the property market, leading to protractedweakness in its operations and credit profile; and (3) a materialdepreciation in the Rupiah, and which increases the company'sdebt-servicing obligations.Moody's considers EBIT/Interest coverage below 2.0x and adjustedleverage above 50% as indications that a downgrade may benecessary. The senior unsecured bond rating could also bedowngraded if the company raises more secured debt than expected.The principal methodology used in these ratings was Moody'sGlobal Homebuilding Industry, published in March 2009.Established on November 3, 1993, PT Alam Sutera Realty Tbk (AlamSutera Realty) is an integrated property developer in Indonesiawith a sizeable land bank of 1,451 ha (gross area) as ofDecember 31, 2011. The company focuses on the sale of land lotsin accordance to township planning needs, as well as propertydevelopment in residential, commercial and industrial segments inIndonesia. Alam Sutera Realty was founded by the family of TheNing King, and was formerly known as PT Adhihutama Manunggal, Thecompany listed on the Indonesian Stock Exchange on 18 December2007.=========J A P A N=========PROLOGIS INC: Fitch Rates $582 Million Preferred Stock at 'BB'--------------------------------------------------------------Fitch Ratings expects to withdraw the 'BBB-' rating on theJPY10 billion 3.25% private placement senior unsecured term loandue 2020 with Prologis Japan Finance Y.K. as borrower and assigna 'BBB-' rating to the same term loan with Prologis Tokyo FinanceInvestment Limited Partnership as the new borrower. Fitch alsoexpects to withdraw the 'BBB-' rating on the JPY36.5 billionsenior unsecured revolving credit facility with Prologis JapanFinance Y.K. as borrower. Fitch currently rates Prologis, Inc.(NYSE: PLD) and its operating partnership, Prologis, L.P.(collectively, Prologis or the company) as follows:Prologis, Inc. -- Issuer Default Rating (IDR) 'BBB-'; -- $582 million preferred stock 'BB'.Prologis, L.P. -- IDR 'BBB-'; -- $1.8 billion global senior credit facility 'BBB-'; -- $4.6 billion senior unsecured notes 'BBB-'; -- $1.4 billion senior unsecured convertible notes 'BBB-'; -- EUR487.5 million senior unsecured term loan 'BBB-'; -- JPY36.5 billion senior unsecured revolving credit facility (previously listed as an obligation of Prologis Japan Finance Y.K.).The Rating Outlook is Positive.Prologis has the right to substitute the borrower under the July8, 2010 JPY10 billion loan agreement and is simplifying itsfinancing structure with a new tax efficient vehicle, PrologisTokyo Finance Investment Limited Partnership. The JPY10 billion3.25% private placement senior unsecured term loan due 2020remains a senior unsecured obligation that is guaranteed byPrologis, Inc. and Prologis, L.P. The terms of the loanagreement have not been modified. In addition, the JPY36.5billion revolving credit facility remains a senior unsecuredobligation that is guaranteed by Prologis, Inc. and Prologis,L.P. under the Yen revolver agreement dated June 3, 2011.The Positive Outlook reflects that the company's credit profileis migrating toward a 'BBB' IDR. The Positive Outlook takes intoaccount improving fundamentals across the company's broadindustrial real estate platform and the ongoing implementation ofa strategy to de-lever the company through property dispositionsand fund contributions. In addition to the de-leveringimplications, Fitch anticipates that this strategy will result inimproving portfolio asset quality via sales of lower qualityassets in non-core markets.PLD's credit strengths include a global franchise (including theprivate capital platform), a granular tenant roster, strongaccess to capital, and a large unencumbered asset base. Creditconcerns include high leverage for the rating as a result ofPLD's large land holdings (though leverage is trending toward alevel consistent with a 'BBB' IDR) and sizeable debt maturitiesthrough 2015. In addition, PLD's liquidity position will dependmaterially on its ability to sell and contribute assets to funds.Operating performance continues to improve due to favorabletenant demand. Occupancy increased to 92.2% in the fourth quarterof 2011 (4Q'11) from 91% in 3Q'11, and rental rate declinesmoderated to negative 4.5% in 4Q'11 compared with negative 8.6%in 3Q'11. Overall, same-property NOI grew by 40 basis points(bps) in 4Q'11 compared with negative 70 bps in 3Q'11. Fixedcharge coverage (recurring operating EBITDA including Fitch'sestimate of recurring cash distributions from unconsolidatedentities less recurring capital expenditures and straight-linerent adjustments divided by cash interest incurred and preferreddividends) was 2.0 times (x) in 4Q'11, up from 1.8x in 3Q'11 dueto stabilizing fundamentals, reduced fixed charges and G&Aexpense reductions via merger synergies. When combining theresults of legacy ProLogis and AMB Property Corporation, fixedcharge coverage was 1.6x in 2010 and 1.4x in 2009.Fitch anticipates that fixed charge coverage may decline somewhatin the near term due to earnings reductions from expected assetsales but that coverage will sustain in the low 2x range over thenext 12 to 24 months due to flat-to-low single digit same storeresults, incremental earnings from development and privatecapital income, and merger synergies. The low 2x range isappropriate for a 'BBB' IDR for an industrial REIT of PLD's size.In a stress case not anticipated by Fitch resulting in negativesame-store NOI, fixed-charge coverage could sustain below 2x,which would be appropriate for a 'BBB-' IDR.One of the company's strategic initiatives since the ProLogis andAMB Property Corporation merger in June 2011 is aligning theportfolio with an investment strategy focused on global markets.Consistent with that strategy, during the second half of 2011,PLD completed approximately $1.65 billion in building and landdispositions and fund contributions in predominantly non-globalmarkets, of which approximately $1.38 billion was PLD's share.As a result, the percentage of the portfolio in global marketsincreased to 84.2% of total operating portfolio as of Dec. 31,2011 from 78.6% as of June 30, 2011. Additionally, the companycontinues to selectively develop in high growth potentialmarkets, which Fitch views favorably.Bondholders benefit from Prologis' global franchise as itmitigates exposure to regional demand drivers. As of Dec. 31,2011, PLD's operating portfolio consisted of 3,200 buildings in22 countries in the Americas, Europe and Asia. As of Dec. 31,2011, the company had approximately $43.3 billion in total assetsunder management including $24.7 billion in the private capitalsegment. Prologis continues to streamline this segment via funddissolutions and consolidations.PLD's tenant roster is granular and includes more than 4,500customers. As of Dec. 31, 2011, top tenants were DHL at 2.4% ofannual base rents, CEVA Logistics at 1.4%, Kuehne & Nagel at1.2%, Home Depot, Inc. (Fitch IDR of 'A-' with a Stable RatingOutlook) at 1.1% and SNCF Geodis at 1%, and no other tenantexceeds 1% of total rent. Lease expirations are manageable with14.1%, 16.3% and 15.4% of Prologis' share of annual base rentsexpiring in 2012, 2013 and 2014, respectively.Prologis has strong access to capital and financial flexibility.The company raised $7.2 billion in capital in 2011, including$2.2 billion in a new global line of credit and Yen revolvercommitments. Fitch calculates that unencumbered assets tounsecured debt was 2.2x at Dec. 31, 2011 when annualizing 4Q'11unencumbered NOI and utilizing a capitalization rate of 7%, whichis appropriate for a 'BBB' IDR. When including 50% of PLD's bookvalue of unencumbered land and development, asset coverageincreases to 2.3x. In addition, the covenants in the company'ssenior note indentures and credit agreements do not restrictPLD's financial flexibility.Leverage remains high for an industrial REIT but is trendingtoward a level consistent with a 'BBB' IDR. Net debt to 4Q'11annualized recurring operating EBITDA including Fitch's estimateof recurring cash distributions from unconsolidated entities was7.8x compared with 8.6x in 3Q'11. Improvements stem fromproceeds from dispositions and contributions used to repay debtalong with modest EBITDA growth.As part of the company's goal to strengthen its financialposition, Prologis is focused on reducing leverage. Fitchanticipates that leverage will approach 7.0x over the next 12 to24 months prior to a recapitalization of PEPR principally due todebt repayment from asset sale and contribution proceeds.Leverage sustaining between 7.0x and 8x is appropriate for a'BBB' IDR for an industrial REIT of PLD's size and good assetquality. In a stress case not anticipated by Fitch resulting innegative same-store NOI, leverage could sustain above 8.0x, whichwould be appropriate for a 'BBB-' IDR.PLD's liquidity position changes materially when layering inproceeds from expected asset sales and fund contributions.Sources of liquidity (unrestricted cash, availability under thecompany's credit facilities pro forma for the 487.5 million Eurosenior term loan effective February 2012, and projected retainedcash flows after dividends and distributions) divided by uses ofliquidity (PLD's share of debt maturities and projected recurringcapital expenditures) was 0.6x for Jan. 1, 2012 to Dec. 31, 2013.Adding $3.5 billion of proceeds from asset sales as a liquiditysource and $1.1 billion of capital requirements from acquisitionsand development starts as a liquidity use, liquidity coveragewould be 1.2x. $3.5 billion represents Prologis' 70% share ofproceeds, net of proceeds to PLD's co-investment partners, fromthe midpoint of 2012 disposition and contribution guidance.$1.075 billion represents Prologis' 40% share of capitalrequirements, net of capital requirements for PLD's co-investmentpartners, from the midpoint of 2012 acquisition guidance plusPrologis' 70% share of capital requirements, net of capitalrequirements for PLD's co-investment partners, from the midpointof 2012 development start guidance.Despite Prologis' solid capital raising track record, executionrisks are present in the company's deleveraging and debtrepayment strategy. An economic slowdown or the company'sinability to sell and contribute assets to funds as contemplatedcould place pressure on the company's ability to address debtmaturities and its liquidity position. Debt maturities areheavily weighted towards the next several years, with 9.7% ofdebt maturing in 2012, 14.4% maturing in 2013, 17.7% in 2014 and16% in 2015.While Prologis operates a global portfolio, Europe representsapproximately 24.7% of 4Q'11 NOI. Despite macroeconomicuncertainties in the Eurozone, European industrial propertyfundamentals are somewhat stable and PLD's European propertyoccupancy increased to 91.6% in 4Q'11 from 90% in 3Q'11. Themajority of Prologis' consolidated assets in Europe are held inPrologis European Properties (PEPR). PEPR is currently a publiclylisted vehicle that is expected to be delisted in the near futureand recapitalized and unconsolidated from PLD's balance sheetafter 2012. Presently, the future structure for PEPR remainsunclear and the aforementioned macroeconomic environment adds tothe uncertainty. .Broadly, the Fitch report, 'European Senior Fixed Income InvestorSurvey Q112,' dated Feb. 13, 2012, notes that most Europeanparticipants in a recent fixed income investor survey think theEurozone crisis will persist through 2012. While this maygenerally dampen near-term investor appetite, the PEPR portfolioincludes prime assets that are desirable to institutionalinvestors. A PEPR recapitalization would enable PLD to monetizea portion of its investment, with the proceeds likely used torepay debt or fund development.The two-notch differential between PLD's IDR and preferred stockrating is consistent with Fitch's criteria for corporate entitieswith an IDR of 'BBB-'. Based on Fitch research titled 'Treatmentand Notching of Hybrids in Nonfinancial Corporate and REIT CreditAnalysis' these preferred securities are deeply subordinated andhave loss absorption elements that would likely result in poorrecoveries in the event of a corporate default.The following factors may result in an upgrade to 'BBB': -- Fixed charge coverage sustaining above 2.0x (fixed charge coverage ratio was 2.0x in 4Q'11); -- Net debt to recurring operating EBITDA sustaining below 8.0x (leverage was 7.8x in 4Q'11); -- Unencumbered asset coverage sustaining above 2.0x (as of Dec. 31, 2011, when including 50% of PLD's book value of unencumbered land and development, unencumbered asset coverage was 2.3x).The following factors may result in negative momentum on theOutlook: -- An inability to continue executing on the company's strategic priorities, which entail substantial dispositions and fund contributions to reduce leverage; -- Fixed charge coverage sustaining below 2.0x; -- Net debt to recurring operating EBITDA sustaining above 8.0x; -- Unencumbered asset coverage sustaining below 2.0x.The following factors may result in negative momentum on therating: -- Fixed charge coverage ratio sustaining below 1.5x; -- Leverage sustaining above 9.0x; -- Liquidity coverage after dispositions, fund contributions, acquisitions and development starts sustaining below 1.0x.=========K O R E A=========C&M CO: Moody's Revises Outlook on 'B3' CFR to Negative-------------------------------------------------------Moody's Investors Service has revised to negative from stable theoutlook for C&M Co. Ltd.'s B3 corporate family rating and C&MFinance Ltd's B3 senior unsecured bond rating.Ratings Rationale"The negative outlook mainly reflects Moody's concern that C&M'snear-term liquidity profile will be under pressure given thequantum of debt to be refinanced (approximately KRW 2 trillion)between December 2011 and March 2012," says Laura Acres, aMoody's Vice President and Senior Credit Officer.Moody's views C&M's liquidity profile and credit metrics on afully consolidated basis following its takeover in March 2008 bya consortium of financial and strategic investors led by MBKPartners and the Macquarie Korean Opportunities Fund. Theconsortium funded the acquisition through KRW1.2 trillion of termloans and a KRW300 billion interest tranche to service the termloans through a special purpose entity, Kookmin Cable Investment.These facilities will mature on March 27, 2013. In addition tothe acquisition facilities, C&M faces total debt maturities ofabout KRW655 billion over the coming 12 months including theexisting debt under its KRW600 billion senior bank facility alsofalling due on March 27, 2013."Refinancing of such a substantial sum will be challenging for aB3 rated credit. Furthermore, the looming refinancing risk isexacerbated by concerns over the limited drawing headroom underthe KRW300 billion interest tranche. If the interest tranche isfully utilized before the maturity, either the shareholders willneed to refinance all the debt facilities or C&M will be requiredto upstream cash to KCI. Although C&M has cash of about KRW180billion as of December 2011, Moody's believes that C&M will havelimited flexibility to upstream monies given its own debt servicerequirements," explains Ms. Acres, also Moody's Lead Analyst forC&M.That said, Moody's takes comfort from C&M's robust fundamentaloperating performance, which is relatively strong for the ratinglevel. Based on a full consolidation with KCI, Moody's estimatesthat C&M's adjusted EBITDA increased by 25% year-on-year in 2011and its adjusted debt/EBITDA reduced to under 7.0x from 8.4x in2010, primarily due to the ARPU-positive acquisition of two SOsin March 2011. Although the ongoing competition from the IPTVoperators is likely to result in a gradual erosion of margins forcable TV operators, Moody's expects that C&M will be able tomaintain favorable EBITDA margins relative to its rated peergroup through a competitive position consistent with a monopolyor duopoly status in substantially all of its areas of operationand also a continuing migration of existing analogue subscribersto the more remunerative digital platform.Upward pressure on the rating is unlikely given the negativeoutlook. However, the outlook could revert to stable should C&M:1) successfully execute on a comprehensive refinancing plan forall facilities falling due in the next 12 months (includingKRW600 billion senior bank facility for C&M and KRW1.5 trillionacquisition facilities structured under KCI); 2) maintain itstrend of improving financials such that adjusted consolidateddebt/EBITDA remains below 7.0x; and 3) continue to successfullymigrate analogue customers over the more remunerative dialogueplatform.The ratings may encounter additional downward rating pressureshould C&M encounter any substantial delays in closing itsrefinancing plan or the headroom under its KRW300 billioninterest facility falls below KRW10 billion. Moody's would alsobe concerned should ongoing competitive threats cause C&M'searnings to deteriorate further such that adjusted EBITDA marginsfall below 45% or adjusted consolidated debt/EBITDA increaseabove 8.0x on a sustained basis.Given the private equity ownership structure, Moody's would alsobe concerned if the shareholders sought to pull more cash out ofC&M than anticipated, through such methods as inter-company loansor special dividends and/or to sell off C&M.The principal methodology used in rating C&M Co., Ltd. was theGlobal Cable Television Industry Methodology published in July2009.C&M is the third largest multi-system cable television operatorbased on subscribers (2.7 million as at December 2011), with amarket share of approximately 18% as of 3Q 2011. C&M owns 18affiliated system operators each of which are a monopoly orduopoly provider in their respective service regions. The companyalso provides internet access service to 0.63 million subscribersand voice over Internet Protocol ("VoIP") services to more than0.26 million.In March 2008, C&M was acquired by a consortium (the"Consortium") of financial and strategic investors led by MBKPand MKOF. Following the acquisition, 93.8% of shares in C&M areheld through a special purpose vehicle, KCI, which is in turnwholly owned by the Consortium.===============M O N G O L I A===============MONGOLIAN MINING: Moody's Assigns 'B1' Corporate Family Rating--------------------------------------------------------------Moody's Investors Service has assigned a B1 corporate familyrating to Mongolian Mining Corporation.At the same time, Moody's has assigned a provisional (P)B1 ratingto its proposed five-year senior notes.The notes will be issued by MMC and unconditionally guaranteed byEnergy Resources LLC and certain other subsidiaries.The outlook for both ratings is stable. This is the first timethat Moody's has assigned ratings to MMC.The bond proceeds will be used for capital investments, andgeneral corporate purposes.The provisional status of the notes will be removed once theissuance is completed."MMC's rating reflects its status as the largest integratedcoking coal mining company in Mongolia, its competitive costposition, and its first-mover advantage over its domestic coalpeers," says Simon Wong, a Moody's Vice President and SeniorAnalyst, adding, "Its low production costs, price advantages, andproximity to China, the largest consumer and a net importer ofcoking coal, also gives it an edge over seaborne competitors."The prices of coking coal exported from Mongolia are lower thanthe international market, giving MMC a competitive edge againstthe seaborne market.Furthermore, its integrated operation -- including paved roadaccess to the Chinese border, its coal-fired power plant, andmost importantly its position as the first company in Mongolia toown and operate a coal handling and preparation plant (CHPP),with a coal washing capacity of 10 million tonnes per annum --allows it to sell hard coking coal direct to end-users in Chinaat higher prices and margins.Moody's considers that MMC is well positioned to benefit from thestrong outlook for Mongolian coal exports. AME, an industryconsultant, expects China's coking coal imports to increase 4.7%in 2012 to 46.1 million tonnes, and grow at 7.1% CAGR between2013 and 2016.But, counterbalancing these credit strengths are a number ofmajor credit challenges."MMC's operations are wholly exposed to the evolving regulatoryenvironment and emerging market risk of Mongolia (B1/stable).Furthermore, it has a total reliance on China as it takes 100% ofits products," adds Mr. Wong."In addition, MMC has a short operating track record and strongreliance on key contractors to achieve its production targets,"adds Wong, who is also the Lead Analyst for MMC. For example,Leighton Asia, a subsidiary of Leighton Holdings (Baa2/Stable),is its sole mining contractor.But, such risk is mitigated by Leighton's extensive miningexperience, as well as its strong on-site track record, includinghigh productivity and a zero fatality rate. Furthermore, thecontract with Leighton is structured to incentivize foroutperformance."MMC also has limited operational and product diversity, andexhibits high revenue concentration to key customers, all ofwhich exposes both sides to the same volatile commodity cycles,"adds Wong.MMC's operations are concentrated in the Gobi Desert. Its mainmine is Ukhaa Khudag (UHG). It achieved coking coal production of7.1 million tonnes in 2011 and targets 10.7 million tonnes in2012. Baruun Naran (BN), 30km away from UHG, was acquired in 2011and commenced production in February 2012 with an expectedinitial output of 1 million tonnes.However, the concentration risk is partly mitigated by lowearthquake and flood risk, while the proximity of the two minesto each other reduces overlaps in infrastructure and costs.As indicated, MMC exports 100% of its production to industrialend-users in China; a total of seven key coking plants and iron &steel manufacturers, and which are all exposed to the weakeningsteel demand growth in China. However, the credit risks arepartially reduced by their strong incentive to honor their off-take contracts and payments due to the shortage of quality hardcoking coal in China and MMC's competitive prices relative toseaborne products.MMC also has a large capex plans total US$940 million for 2012-2013. Its plans to construct a US$700 million railway from itsmine to the Chinese border, expand its coal washing capacity,procure new equipment, and construct a 30km paved road linkingthe BN mine with UHG. The railway project, however, is subject togovernment approval and obtaining the necessary project financingfrom the ADB.Moody's considers that MMC's liquidity profile is weak due to itslarge capex plans and current maturities of US$425 million as atDecember 31, 2011.With its debt maturities, it has recently closed a syndicatedloan of up to US$300 million to refinance a maturing loan fromStandard Bank.No notching is applied to MMC's senior unsecured note rating asMoody's expects the company to keep secured debt to its totalassets below 15% in 2013 and 2014. However, if the ratioincreases above 15% on a sustained basis, then the seniorunsecured note rating will be notched down to reflect the risk oflegal subordination.The stable outlook reflects Moody's expectation that MMC willsuccessfully implement its business plan, and maintain itscompetitiveness in the near to medium term.Near-term upward rating pressure is limited, given MMC's shortoperating track record and substantial debt-funded capex program.Positive rating momentum could emerge in the medium term if itachieves its production targets, executes the rail project withintime and budget, broadens its customer base, secures the approvalof the investment agreement, and demonstrates its ability toweather potential cyclicality in the market.Evidence of such upgrade pressure would be a trend of positivefree cash flow and adjusted debt/EBITDA consistently below 3x.Downward rating pressure would emerge if a) industry fundamentalsdeteriorate, or b) there are any changes in laws and regulationsthat adversely affect MMC's business, resulting in a decline inoperating cash flow that could constrain its ability to serviceits debt. Indicators that Moody's would consider as a trigger fora downgrade include adjusted debt/EBITDA rising above 4x oradjusted EBIT/ interest expenses falling below 2.5x.The principal methodology used in rating MMC was Moody's GlobalMining Industry, published in May 2009.MMC is the largest private-owned coal mining company in Mongolia.Established in 2005, it was listed on the Hong Kong StockExchange in October 2010. It has two producing mines located inthe Gobi Desert. The Ukhaa Khudag mine, which produced 7.1MT ofcoking coal in 2011; while the Baruun Naran mine, acquired in2011, commenced production in February 2012.* MONGOLIA: Moody's Issues Summary Credit Opinion-------------------------------------------------Moody's Investors Service issued a summary credit opinion onMongolia, Government of and includes certain regulatorydisclosures regarding its ratings. The release does notconstitute any change in Moody's ratings or rating rationale forMongolia, Government of.Moody's current ratings on Mongolia, Government of are: Long Term Issuer (domestic and foreign currency) ratings of B1 Short Term Issuer (domestic and foreign currency) ratings of NPRatings RationaleMongolia's B1 government bond rating is consistent with Moody'smethodology scores of low economic and institutional strengths,moderate government financial strength and high event risk. Long-term economic prospects are bright, but the near-term fiscaloutlook is clouded by spending pressures.Mongolia's rating has been constrained by susceptibility todestabilizing boom-bust cycles stemming from (1) anundiversified, dual mining/agricultural economy subject tomineral price vulnerability on one front and occasional extremelysevere winters on the other, and (2) pro-cyclical monetary andfiscal policies.Mongolia pulled through the 2008-2009 boom-bust cycle with theassistance of an 18-month IMF Stand-by-Arrangement, successfullycompleted in the fall of 2010. Under the program, inflation wasreined in and international reserves were rebuilt. The health ofgovernment finances over the long term will in large part dependon the implementation of the country's fiscal stability law, keymeasures of which come into play in 2013-2014.Predictability with foreign investment agreements would ensurebenefits to Mongolia from the country's substantial mineralendowments. After many years of delay, Mongolia's parliamentapproved the government's agreement with Ivanhoe Mines and RioTinto in October 2009 to develop the very rich Oyu Tolgoi copperand gold deposit. The exploitation of this and other largemineral deposits, such as high-grade coking coal in Tavan Tolgoi,will be transformational for the Mongolian economy, but themanagement of the windfall will pose considerable challenges tothe authorities.The principal methodology used in this rating was Sovereign BondRatings published in September 2008.====================N E W Z E A L A N D====================NEW ZEALAND ASSOCIATION: S&P Gives 'BB+' Finc'l. Strength Rating----------------------------------------------------------------Standard & Poor's Ratings Services has assigned its 'BB+' insurerfinancial strength rating (FSR) to the New Zealand Association ofCredit Unions (NZACU: BB+/Stable/B), a traditional member-ownedservice provider to New Zealand credit unions. The rating outlookis stable."The 'BB+' FSR and stable outlook align with the existing 'BB+'issuer credit rating on NZACU," Standard & Poor's credit analystMichael Vine said. "The FSR represents the association'sfinancial security characteristics with respect to its ability tomeet its insurance policy obligations.""In addition to providing banking and operational services anddeposit facilities to member credit unions, NZACU also offersinsurance products to credit unions. These include lifeinsurance, loan repayment insurance, and funeral plan cover tocredit union members, as well as motor insurance policies throughits subsidiary Credit Union Insurance Ltd. (BB/Stable/--)," S&Psaid."The stable outlook reflects our view that NZACU will remain anintegrated and important service provider to a material portionof the New Zealand credit union industry. Rating stability alsofactors in an expectation that NZACU's business position andfranchise will not be marginalized by further anticipatedconsolidation in the New Zealand credit union sector or from anymaterial migration of its key customers to other serviceproviders. These are also factors that if not maintainedrepresent the most likely areas of downward rating pressure. Themost likely area of upward rating potential relates to NZACU'scapital and earnings assessment," S&P said.OTAGO RUGBY: Strikes Bail Out Deal With Council, NZRU and BNZ-------------------------------------------------------------The National Business Review reports that the Otago Rugby hasbeen saved by a deal that sees the Dunedin City Council writingoff a NZ$400,000 unpaid bill, major creditor BNZ converting debtto sponsorship, and a NZ$500,000 NZRFU loan.NBR relates that a deal was hammered out during a meeting betweenthe council and ORFU "change manager" Jeremy Curragh on March 14.The council approved the recovery package by eight votes five,with two absences, the report notes.A new arrangement with ORFU's largest creditor, BNZ, was centralto the recovery package.BNZ spokeswoman Erica Lloyd told NBR that the bank began talkswith the ORFU and NZRFU before Christmas. It has now reached an"alternative commercial arrangement" with the NZRFU, freeing theprovince of its bank debt load, says NBR.According to NBR, the other key elements of the deal are: -- NZRU will loan ORFU NZ$500,000; -- the loan is subject to conditions including the resignation of the entire ORFU board, and an NZFU observer attending every meeting of the new board; -- Dunedin City Council and its events company Dunedin Venue Management (DVML), which manages the Forsyth Barr Stadium, will write off around NZ$480,000 in unpaid bills; -- In return, NZFU has pledged to hold a series of high- profile games at the council-owned stadium, including a North-South match in June, and All Black tests in 2013 and 2014; -- DVML will sign a three-year venue deal with ORFU for the ITM Cup; -- DVML will take over management of ORFU sponsorship; and -- NZRU, ORFU and the players association to work together to cut player contracting spend by $290,000.NBR quotes NZRU chief executive Steve Tew as saying that, "Wewill want to have a new board in place that has the right blendof skills and experience to ensure this union never again findsitself in the predicament it currently faces. And we will beinsisting on ongoing scrutiny of its business plans andaccounts." ORFU Boss Says Terminating Board is a MistakeMeanwhile, ONE News reports that Otago Rugby Union chairman WayneGraham said it is a mistake to terminate its board.Mr. Graham told TV ONE's Breakfast the expertise of the boardshould not be written off."The board is probably 18 months in existence so it's a very newboard and some of the issues we've been dealing with have beeninherited over the past 10-20 years," ONE News quotes Mr. Grahamas saying."I think we've got some of the best business brains in the townaround the board table now and I think it's a mistake to tell theboard to go away."As reported in the Troubled Company Reporter-Asia Pacific onMarch 7, 2012, Sport24 said that the Otago Rugby Football Unionput off immediate liquidation on March 2 and revealed theexistence of a possible lifeline. Faced with debts ofNZ$2.35 million, the Otago Union said earlier in the week itwould fold on March 2, but at the last minute announced that themove had been delayed for a week, according to Sport24.Based in Dunedin, the Otago Rugby Football Union --http://www.orfu.co.nz/-- is the official governing body of rugby union for the Otago Region of New Zealand.SIGNATURE HOMES: Manawatu Creditors Awaits Update from Liquidator-----------------------------------------------------------------Jimmy Ellingham at Manawatu Standard reports that Manawatu'sfailed Signature Homes franchise is again getting the hurry-up tocommunicate with creditors.Manawatu Standard relates that Karacrombie Enterprises, of whichStephen Crombie was sole director and the main shareholder,placed itself into liquidation in November 2010.This came just days before an application to wind the company up,filed by Darryl Pritchard, owner of Pritchard's Kitchens andDesigns and Pritchard's Joiners, was to be heard in court, thereport says.The report discloses that Ohakune-based Lance Gilbertson, fromInsolvency Services, was appointed liquidator and after his firstreport into the company's affairs was issued on Nov. 22, 2010, hefell silent.According to the report, Mr. Gilbertson said his "six-monthly"report was not filed with the Companies Office until August 2last year. It was due on June 9, the Standard notes.Mr. Gilbertson told the Manawatu Standard he was waiting forlegal advice on the "potential recovery of funds", but would notelaborate.Manawatu Standard relates that Mr. Gilbertson was supposed tohave filed a further update last month, but the Companies Officeis yet to receive anything from him."There are outstanding filing obligations in relation to thiscompany's insolvency," a note on the office's website said.Creditors spoken to by the Manawatu Standard had not heard fromMr. Gilbertson since he issued his last report and were unhappyat again being left in the dark.Companies Office spokesman Alastair Stewart said while the officehad no powers of enforcement, Mr Gilbertson would be reminded ofhis obligations to keep creditors up to date. "We will befollowing up with the liquidator to determine where the reportis," he said.The last liquidator's report identified 97 creditors were owed atotal NZ$1,383,366.===============T H A I L A N D===============AYUDHYA PUBLIC: Fitch Affirms Support Rating Floor at 'BB+'-----------------------------------------------------------Fitch Ratings has assigned Bank of Ayudhya Public CompanyLimited's (BAY; 'AA-(tha)'/Stable) unsubordinated unsecureddebenture programme of up to THB20bn, with a maturity notexceeding 270 days, a National Short-term rating of 'F1+(tha)'.At the same time, the agency has affirmed the bank's ratings.Proceeds raised from the programme will be used for the bank'sgeneral corporate purposes and liquidity management.BAY's unsubordinated unsecured debenture programme is rated atthe same level as the bank's National Short-Term rating of'F1+(tha)', which is consistent with its National Long-Termrating. The bank's ratings are based on the bank's standalonefinancial position, robust performance, strong capital positionand continued improvement of asset quality. The ratings alsoconsider BAY's greater use of wholesale funding, relative tosimilarly rated peers, to better match its asset profile.BAY was established in 1945 and is Thailand's fifth-largestcommercial bank. It had a market share in loans and deposits ofabout 8% each as of end-2011. Its key subsidiaries are involvedin auto finance, credit cards, consumer finance, securities andfund management. Given BAY's share of deposits and loans, thereis a moderate probability of government support, should this beneeded.Bank of Ayudhya Public Company Limited's ratings -- Long-Term Foreign Currency IDR affirmed at 'BBB'; Outlook Stable -- Short-Term Foreign Currency IDR affirmed at 'F3' -- Viability Rating affirmed at 'bbb' -- Support Rating affirmed at '3' -- Support Rating Floor affirmed at 'BB+' -- National Long-Term Rating affirmed at 'AA-(tha)'; Outlook Stable -- National Short-Term Rating affirmed at 'F1+(tha)' -- National Long-term unsubordinated unsecured debt affirmed at 'AA-(tha)' -- National Long-term subordinated debt affirmed at 'A+(tha)' -- National Short-term unsubordinated unsecured debenture programme assigned at 'F1+(tha)'=============V I E T N A M=============HOANG ANH: Fitch Affirms Issuer Default Rating at 'B'-----------------------------------------------------Fitch Ratings has revised Vietnam-based property developer HoangAnh Gia Lai JSC's Outlook to Negative from Stable. Its Long-TermForeign and Local Currency Issuer Default Ratings (IDRs) havebeen affirmed at 'B'. The agency has also downgraded HAGL'ssenior unsecured rating and its USD90 million notes to 'B-' from'B', and revised the Recovery Rating on the notes to 'RR5' from'RR4'.The Outlook revision reflects the higher credit risk faced byHAGL due to a sharp drop in property sales in Ho Chi Minh City.As a result, HAGL was saddled with completed, but unsold,inventory of VND3.5trn at end-2011. In addition, the company'snet debt increased to VND8.7trn at end-2011 from VND2.3trn a yearearlier, following accelerated non-property related capex. Thisfar exceeded Fitch's previous expectations and has worsenedrecovery prospects on HAGL's senior unsecured debt.HAGL is addressing these problems although at present, it isunclear whether these efforts will be sufficient to avert furtherdeterioration in HAGL's financial profile, particularly in lightof a VND1.1trn currently out-of-the-money convertible bondmaturity in August 2013.HAGL has no plans to launch new property projects in the nearterm and instead, is focusing on liquidating its existinginventory. More promisingly, some of its non-property relatedbusinesses have commenced operations and will likely improve cashflow from operations in 2012. The company has begun selling ironore in 2011. Furthermore, three of its planned 17 hydro powerprojects have begun generating power and more are likely to comeonstream in 2012. It is also likely to significantly reducecapex materially in 2012, though management is committed toexpanding the hydro power and rubber plantation business.Further negative action may be taken if the company is not ontrack to meaningfully reduce property inventory or if, in anyquarter this year, funds from operations interest coverage fallsbelow 2.0x.The rating Outlook may be revised to Stable only when thecompany's property inventory has been substantially liquidatedand the iron ore and hydro power businesses begin contributingmeaningfully to the company. These events will alleviate currentliquidity risks.===============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) ------- ------ ------ ------------AUSTRALIAAAT CORP LTD AAT 32.50 -13.46AAT CORP LTD AAT 32.50 -13.46APN EUROPEAN PRO AEZ 563.10 -79.26AUSTAR UNITED AUN 686.84 -145.61AUSTRALIAN ZI-PP AZCCA 77.74 -2.57AUSTRALIAN ZIRC AZC 77.74 -2.57BIRON APPAREL LT BIC 19.71 -2.22CENTRO PROPERTIE CNP 15,483.4 -349.73CLARITY OSS LTD CYO 31.64 -5.75MACQUARIE ATLAS MQA 1,671.52 -842.29MISSION NEWENER MBT 22.05 -27.72NATIONAL LEISURE NLG 154.59 -34.49NATURAL FUEL LTD NFL 19.38 -121.51ORION GOLD NL ORN 11.35 -4.05REDBANK ENERGY L AEJ 377.31 -22.16RENISON CONSOLID RSN 10.20 -22.16RENISON CONSO-PP RSNCL 10.20 -22.16RIVERCITY MOTORW RCY 386.88 -809.14STERLING BIOFUEL SBI 20.58 -1.88SVC GROUP LTD SVC 13.47 -1.66CHINABAOCHENG INVESTM 600892 54.75 -3.55CHENGDE DALU -B 200160 33.15 -5.30CHENGDU UNION-A 693 32.68 -15.13CHINA FASHION CFH 10.11 -0.76CHINA KEJIAN-A 35 103.72 -192.59CONTEL CORP LTD CTEL 59.32 -45.72DONGXIN ELECTR-A 600691 14.82 -23.94GUANGDONG ORIE-A 600988 15.71 -3.91GUANGDONG SUNR-A 30 111.22 0.00GUANGDONG SUNR-B 200030 111.22 0.00GUANGXIA YINCH-A 557 19.49 -44.84GUANGZHOU IRON-A 600894 567.50 -32.00HEBEI BAOSHUO -A 600155 141.30 -414.58HEBEI JINNIU C-A 600722 240.40 -64.41HUASU HOLDINGS-A 509 94.81 -12.27HUNAN ANPLAS CO 156 45.35 -32.70JILIN PHARMACE-A 545 34.73 -7.31JINCHENG PAPER-A 820 198.46 -130.71QINGDAO YELLOW 600579 218.06 -21.01SHANXI LEAD IN-A 673 19.29 -1.82SHENZ CHINA BI-A 17 20.97 -266.50SHENZ CHINA BI-B 200017 20.97 -266.50SHENZ INTL ENT-A 56 256.62 -28.92SHENZ INTL ENT-B 200056 256.62 -28.92SHENZHEN DAWNC-A 863 26.83 -165.43SHENZHEN KONDA-A 48 122.96 -7.23SHIJIAZHUANG D-A 958 217.74 -95.97SICHUAN DIRECT-A 757 96.63 -170.70SICHUAN GOLDEN 600678 147.66 -82.88TAIYUAN TIANLO-A 600234 67.43 -22.23TIANJIN MARINE 600751 114.38 -61.31TIANJIN MARINE-B 900938 114.38 -61.31TIBET SUMMIT I-A 600338 85.56 -3.87TOPSUN SCIENCE-A 600771 137.37 -85.06WUHAN BOILER-B 200770 317.76 -162.36WUHAN GUOYAO-A 600421 11.22 -28.07WUHAN LINUO SOLA 600885 106.01 -9.03XIAMEN OVERSEA-A 600870 256.81 -136.78XIAN HONGSHENG-A 600817 15.98 -296.67YANBIAN SHIXIA-A 600462 204.56 -22.61YANTAI YUANCHE-A 600766 63.90 -6.36YIBIN PAPER IN-A 600793 144.18 -2.37YUEYANG HENGLI-A 622 37.67 -21.61HONG KONGBEP INTL HLDGS L 2326 11.98 -1.14BUILDMORE INTL 108 16.57 -57.57CHINA HEALTHCARE 673 46.24 -3.08CHINA NEW ENERGY 1041 110.74 -80.18CHINA OCEAN SHIP 651 485.84 -2.95CHINA PACKAGING 572 19.73 -16.87CMMB VISION HOLD 471 30.68 -17.93CNI 23 INT'L 611 68.05 -67.58FIRST NTUL FOODS 1076 14.94 -56.59FU JI FOOD & CAT 1175 73.43 -389.20ICUBE TECHNOLOGY 139 25.54 -2.12MELCOLOT LTD 8198 51.52 -55.33MITSUMARU EAST K 2358 24.87 -16.51PALADIN LTD 495 175.99 -12.97PROVIEW INTL HLD 334 314.87 -294.85SINO RESOURCES G 223 15.64 -34.61SMART UNION GP 2700 41.81 -38.85SUNLINK INTL HLD 2336 17.79 -36.13SURFACE MOUNT SMT 86.34 -8.13U-RIGHT INTL HLD 627 10.86 -204.99INDONESIAARPENI PRATAMA APOL 568.63 -226.21ASIA PACIFIC POLY 443.39 -871.25ERATEX DJAJA ERTX 11.89 -22.43HANSON INTERNATI MYRX 34.47 -7.55HANSON INT-PREF MYRXP 34.47 -7.55JAKARTA KYOEI ST JKSW 31.61 -44.38MITRA INTERNATIO MIRA 1,076.79 -446.64MITRA RAJASA-RTS MIRA-R2 1,076.79 -446.64MULIA INDUSTRIND MLIA 509.06 -48.37PANASIA FILAMENT PAFI 30.57 -20.41PANCA WIRATAMA PWSI 31.13 -38.63PRIMARINDO ASIA BIMA 10.01 -21.54TOKO GUNUNG AGUN TKGA 12.89 -0.66UNITEX TBK UNTX 18.41 -18.45INDIAALPS INDUS LTD ALPI 288.11 -7.01AMIT SPINNING AMSP 20.43 -1.96ARTSON ENGR ART 23.87 -0.60ASHAPURA MINECHE ASMN 191.87 -68.03ASHIMA LTD ASHM 63.23 -48.94ATV PROJECTS ATV 60.17 -54.25BELLARY STEELS BSAL 451.68 -108.50BLUE BIRD INDIA BIRD 122.02 -59.13CAMBRIDGE SOLUTI CAMB 149.58 -56.66CELEBRITY FASHIO CFLI 36.61 -6.76CFL CAPITAL FIN CEATF 12.36 -49.56COMPUTERSKILL CPS 14.90 -7.56CORE HEALTHCARE CPAR 185.36 -241.91DCM FINANCIAL SE DCMFS 18.46 -9.46DFL INFRASTRUCTU DLFI 42.74 -6.49DIGJAM LTD DGJM 99.41 -22.59DUNCANS INDUS DAI 122.76 -227.05FIBERWEB INDIA FWB 12.15 -15.81GANESH BENZOPLST GBP 49.24 -21.14GEM SPINNERS LTD GEMS 14.58 -1.16GSL INDIA LTD GSL 29.86 -42.42HARYANA STEEL HYSA 10.83 -5.91HENKEL INDIA LTD HNKL 69.07 -31.72HIMACHAL FUTURIS HMFC 406.63 -210.98HINDUSTAN PHOTO HPHT 74.44 -1,519.11HINDUSTAN SYNTEX HSYN 15.20 -3.81HMT LTD HMT 133.66 -500.46ICDS ICDS 13.30 -6.17INDAGE RESTAURAN IRL 15.11 -2.35INTEGRAT FINANCE IFC 49.83 -51.32JAGSON AIRLINES JGA 11.31 -0.41JCT ELECTRONICS JCTE 104.55 -68.49JD ORGOCHEM LTD JDO 10.46 -1.60JENSON & NIC LTD JN 18.05 -86.40JIK INDUS LTD KFS 20.63 -5.62KALYANPUR CEMENT KCEM 33.31 -30.53KDL BIOTECH LTD KOPD 14.66 -9.41KERALA AYURVEDA KRAP 13.97 -1.69KIDUJA INDIA KDJ 14.85 -1.71KINGFISHER AIR KAIR 1,935.94 -661.89KINGFISHER A-SLB KAIR/S 1,935.94 -661.89KITPLY INDS LTD KIT 37.68 -45.35LLOYDS FINANCE LYDF 21.65 -11.39LLOYDS STEEL IND LYDS 510.00 -48.98LML LTD LML 65.26 -56.77MADRAS FERTILIZE MDF 143.14 -99.28MAHA RASHTRA APE MHAC 22.23 -15.85MARKSANS PHARMA MRKS 110.32 -14.04MILTON PLASTICS MILT 17.67 -51.22MODERN DAIRIES MRD 38.41 -0.45MTZ POLYFILMS LT TBE 31.94 -2.57MYSORE PAPER MSPM 97.02 -15.69NATH PULP & PAP NPPM 14.50 -0.63NICCO CORP LTD NICC 78.28 -4.14NICCO UCO ALLIAN NICU 32.23 -71.91NK INDUS LTD NKI 141.35 -7.71NUCHEM LTD NUC 24.72 -1.60PANCHMAHAL STEEL PMS 51.02 -0.33PARASRAMPUR SYN PPS 99.06 -307.14PAREKH PLATINUM PKPL 61.08 -88.85PIRAMAL LIFE SC PLSL 51.20 -64.85PREMIER SYNTHET PRS 12.55 -8.26QUADRANT TELEVEN QDTV 188.57 -116.81QUINTEGRA SOLUTI QSL 24.66 -11.51RAJ AGRO MILLS RAM 10.21 -0.61RATHI ISPAT LTD RTIS 44.56 -3.93REMI METALS GUJA RMM 101.32 -17.12RENOWNED AUTO PR RAP 14.12 -1.25ROLLATAINERS LTD RLT 22.97 -22.24ROYAL CUSHION RCVP 18.88 -81.42SADHANA NITRO SNC 18.21 -0.73SAURASHTRA CEMEN SRC 106.01 -2.81SCOOTERS INDIA SCTR 19.43 -10.78SEN PET INDIA LT SPEN 11.58 -26.67SHAH ALLOYS LTD SA 213.69 -39.95SHALIMAR WIRES SWRI 25.78 -38.78SHAMKEN COTSYN SHC 23.13 -6.17SHAMKEN MULTIFAB SHM 60.55 -13.26SHAMKEN SPINNERS SSP 42.18 -16.76SHREE GANESH FOR SGFO 35.96 -1.80SHREE KRISHNA SHKP 19.89 -0.71SHREE RAMA MULTI SRMT 62.15 -42.08SIDDHARTHA TUBES SDT 75.90 -11.45SOUTHERN PETROCH SPET 407.16 -200.86SQL STAR INTL SQL 10.58 -3.28STELCO STRIPS STLS 14.90 -5.27STERLING HOL RES SLHR 66.77 -2.85STI INDIA LTD STIB 35.39 -0.54STORE ONE RETAIL SORI 15.48 -59.09TATA TELESERVICE TTLS 1,311.30 -138.25TATA TELE-SLB TTLS/S 1,311.30 -138.25TODAYS WRITING TWPL 44.08 -5.32TRIUMPH INTL OXIF 58.46 -14.18TRIVENI GLASS TRSG 24.23 -12.34TUTICORIN ALKALI TACF 19.13 -16.31UNIFLEX CABLES UFC 47.46 -7.49UNIFLEX CABLES UFCZ 47.46 -7.49UNIMERS INDIA LT HDU 18.05 -5.87UNITED BREWERIES UB 3,067.32 -137.09UNIWORTH LTD WW 169.51 -155.79USHA INDIA LTD USHA 12.06 -54.51VANASTHALI TEXT VTI 25.92 -0.15VENTURA TEXTILES VRTL 14.33 -1.91VENUS SUGAR LTD VS 11.06 -1.08JAPANCREST INVESTMENT 2318 65.01 -3.55CROWD GATE CO 2140 11.63 -4.29DDS INC 3782 18.69 -0.08FUJITSU COMP LTD 6719 398.22 -2.90HIMAWARI HD 8738 412.87 -13.56ISHII HYOKI CO 6336 201.38 -12.95KANMONKAI CO LTD 3372 59.00 -10.08L CREATE CO LTD 3247 42.34 -9.15MEIHO ENTERPRISE 8927 76.16 -18.35MISONOZA THEATRI 9664 71.18 -4.66NEXT JAPAN HOLDI 2409 177.68 -5.08NIS GROUP CO LTD NISZ 444.72 -158.85NIS GROUP CO LTD 8571 444.72 -158.85PROMISE CO LTD 8574 11,162.3 -661.54PROPERST CO LTD 3236 305.90 -330.20TOYO KNIFE CO 5964 75.99 -3.68WORLD LOGI CO 9378 119.36 -2.48KOREADAISHIN INFO 20180 740.50 -158.45HANIL ENGINEERIN 6440 880.70 -22.42KUKDONG CORP 5320 53.07 -1.85PLA CO LTD 82390 14.95 -21.43SUNGJEE CONSTRUC 5980 114.91 -83.19YOUILENSYS CORP 38720 166.70 -12.34MALAYSIAHAISAN RESOURCES HRB 46.16 -3.53HO HUP CONSTR CO HO 60.04 -10.65LUSTER INDUSTRIE LSTI 18.37 -7.57MITHRIL BHD MITH 23.78 -5.65NGIU KEE CO-BHD NKC 14.26 -12.73PUNCAK NIA HLD B PNH 4,074.02 -5.07VTI VINTAGE BHD VTI 16.92 -2.61PHILIPPINESCYBER BAY CORP CYBR 13.99 -95.62FIL ESTATE CORP FC 40.90 -15.77FILSYN CORP A FYN 23.11 -11.69FILSYN CORP. B FYNB 23.11 -11.69GOTESCO LAND-A GO 21.76 -19.21GOTESCO LAND-B GOB 21.76 -19.21PICOP RESOURCES PCP 105.66 -23.33STENIEL MFG STN 21.07 -11.96SYNERGY GRID & D SGP 236.14 -17.93UNIWIDE HOLDINGS UW 50.36 -57.19VICTORIAS MILL VMC 164.26 -18.20SINGAPOREADV SYSTEMS AUTO ASA 18.73 -10.70ADVANCE SCT LTD ASCT 25.29 -10.05HL GLOBAL ENTERP HLGE 91.74 -10.10LINDETEVES-JACOB LJ 23.09 -11.61NEW LAKESIDE NLH 19.34 -5.25SCIGEN LTD-CUFS SIE 68.70 -42.35SUNMOON FOOD COM SMOON 19.85 -13.04TT INTERNATIONAL TTI 232.83 -79.27THAILANDABICO HLDGS-F ABICO/F 15.28 -4.40ABICO HOLDINGS ABICO 15.28 -4.40ABICO HOLD-NVDR ABICO-R 15.28 -4.40ASCON CONSTR-NVD ASCON-R 59.78 -3.37ASCON CONSTRUCT ASCON 59.78 -3.37ASCON CONSTRU-FO ASCON/F 59.78 -3.37BANGKOK RUBBER BRC 77.91 -114.37BANGKOK RUBBER-F BRC/F 77.91 -114.37BANGKOK RUB-NVDR BRC-R 77.91 -114.37CALIFORNIA W-NVD CAWOW-R 28.07 -11.94CALIFORNIA WO-FO CAWOW/F 28.07 -11.94CALIFORNIA WOW X CAWOW 28.07 -11.94CIRCUIT ELEC PCL CIRKIT 16.79 -96.30CIRCUIT ELEC-FRN CIRKIT/F 16.79 -96.30CIRCUIT ELE-NVDR CIRKIT-R 16.79 -96.30DATAMAT PCL DTM 12.69 -6.13DATAMAT PCL-NVDR DTM-R 12.69 -6.13DATAMAT PLC-F DTM/F 12.69 -6.13ITV PCL ITV 36.02 -121.94ITV PCL-FOREIGN ITV/F 36.02 -121.94ITV PCL-NVDR ITV-R 36.02 -121.94K-TECH CONSTRUCT KTECH/F 38.87 -46.47K-TECH CONSTRUCT KTECH 38.87 -46.47K-TECH CONTRU-R KTECH-R 38.87 -46.47KUANG PEI SAN POMPUI 17.70 -12.74KUANG PEI SAN-F POMPUI/F 17.70 -12.74KUANG PEI-NVDR POMPUI-R 17.70 -12.74PATKOL PCL PATKL 52.89 -30.64PATKOL PCL-FORGN PATKL/F 52.89 -30.64PATKOL PCL-NVDR PATKL-R 52.89 -30.64PICNIC CORP-NVDR PICNI-R 101.18 -175.61PICNIC CORPORATI PICNI/F 101.18 -175.61PICNIC CORPORATI PICNI 101.18 -175.61PONGSAAP PCL PSAAP/F 11.83 -0.91PONGSAAP PCL PSAAP 11.83 -0.91PONGSAAP PCL-NVD PSAAP-R 11.83 -0.91SAHAMITR PRESS-F SMPC/F 27.92 -1.48SAHAMITR PRESSUR SMPC 27.92 -1.48SAHAMITR PR-NVDR SMPC-R 27.92 -1.48SUNWOOD INDS PCL SUN 19.86 -13.03SUNWOOD INDS-F SUN/F 19.86 -13.03SUNWOOD INDS-NVD SUN-R 19.86 -13.03THAI-DENMARK PCL DMARK 15.72 -10.10THAI-DENMARK-F DMARK/F 15.72 -10.10THAI-DENMARK-NVD DMARK-R 15.72 -10.10TONGKAH HARBOU-F THL/F 59.28 -0.06TONGKAH HARBOUR THL 59.28 -0.06TONGKAH HAR-NVDR THL-R 59.28 -0.06TRANG SEAFOOD TRS 15.18 -6.61TRANG SEAFOOD-F TRS/F 15.18 -6.61TRANG SFD-NVDR TRS-R 15.18 -6.61TT&T PCL TTNT 589.80 -223.22TT&T PCL-NVDR TTNT-R 589.80 -223.22TT&T PUBLIC CO-F TTNT/F 589.80 -223.22TAIWANBEHAVIOR TECH CO 2341S 52.48 -0.01BEHAVIOR TECH CO 2341 52.48 -0.01BEHAVIOR TECH-EC 2341O 52.48 -0.01CHIEN TAI CEMENT 1107 195.99 -57.35HELIX TECH-EC 2479T 23.39 -24.12HELIX TECH-EC IS 2479U 23.39 -24.12HELIX TECHNOL-EC 2479S 23.39 -24.12TAIWAN KOL-E CRT 1606U 507.21 -147.14TAIWAN KOLIN-EN 1606V 507.21 -147.14TAIWAN KOLIN-ENT 1606W 507.21 -147.14 *********Tuesday's edition of the TCR-AP delivers a list of indicativeprices for bond issues that reportedly trade well below par.Prices are obtained by TCR-AP editors from a variety of outsidesources during the prior week we think are reliable. Thosesources may not, however, be complete or accurate. The TuesdayBond Pricing table is compiled on the Friday prior topublication. Prices reported are not intended to reflect actualtrades. Prices for actual trades are probably different. Ourobjective is to share information, not make markets in publiclytraded securities. Nothing in the TCR-AP constitutes an offeror solicitation to buy or sell any security of any kind. It islikely that some entity affiliated with a TCR-AP editor holdssome position in the issuers' public debt and equity securitiesabout which we report.A list of Meetings, Conferences and Seminars appears in eachWednesday's edition of the TCR-AP. Submissions about insolvency-related conferences are encouraged. Send announcements email@example.com's edition of the TCR-AP features a list of companies withinsolvent balance sheets obtained by our editors based on thelatest balance sheets publicly available a day prior topublication. At first glance, this list may look like thedefinitive compilation of stocks that are ideal to sell short.Don't be fooled. Assets, for example, reported at historicalcost net of depreciation may understate the true value of afirm's assets. A company may establish reserves on its balancesheet for liabilities that may never materialize. The prices atwhich equity securities trade in public market are determined bymore 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 NTroubled 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 orpublication in any form (including e-mail forwarding,electronic re-mailing and photocopying) is strictly prohibitedwithout prior written permission of the publishers.Information contained herein is obtained from sources believedto 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 samefirm for the term of the initial subscription or balancethereof are US$25 each. For subscription information, contactPeter Chapman at 240/629-3300. *** End of Transmission ***