TCRAP_Public/111229.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

          Thursday, December 29, 2011, Vol. 14, No. 258

                            Headlines




A U S T R A L I A

COPELAND INDUSTRIES: Asset Sale to Save Jobs, Liquidator Says
* AUSTRALIA: Harvey Norman Boss Warns of More Retailer Closures


H O N G  K O N G

EXACT SOFTWARE: Commences Wind-Up Proceedings
EXPRESS BUILDERS: Briscoe and Borrelli Step Down as Liquidators
FLIGHT CREW: Creditors' Proofs of Debt Due Jan. 31
FUTUREX INTERNATIONAL: Placed Under Voluntary Wind-Up Proceedings
HENFIELD PROPERTIES: Commences Wind-Up Proceedings

HOMAN OVERSEAS: Creditors' Proofs of Debt Due Jan. 31
HOPES ENTERPRISES: Members' Final Meeting Set for Jan. 27
KEEN HIGH: Commences Wind-Up Proceedings
KINGSWAY DECORATION: Stephen Briscoe Steps Down as Liquidator
LIBERTY INT'L: Padraig Liam Walsh Steps Down as Liquidator

MAK KEE: Creditors' Proofs of Debt Due Jan. 30
MANHATTAN MORTGAGE: Members' Final Meeting Set for Jan. 26
NEWAYS INTERNATIONAL: Members' Final Meeting Set for Jan. 30
NEW MOUNT: Ling Wai Ming Steps Down as Liquidator
PARASAND LIMITED: Members' Final Meeting Set for Jan. 26

PICCHIO PHARMA: Members' Final Meeting Set for Jan. 26
PRATTISON GARMENT: Members' Final Meeting Set for Feb. 6
PROCTER & GAMBLE: Members' Final General Meeting Set for Jan. 27
PRUDENTIAL INVESTMENT: Creditors' Proofs of Debt Due Jan. 27
RICHINE DEVELOPMENT: Creditors' Proofs of Debt Due Jan. 31


I N D I A

AUTO PLAANATE: CRISIL Cuts Rating on INR32.3MM Loan to 'CRISIL D'
AVENUES PHARMA: CRISIL Reaffirms 'CRISIL BB' Cash Credit Rating
BABY MEMORIAL: CRISIL Reaffirms 'CRISIL B-' Term Loan Rating
J & K ALUMINIUM: CRISIL Reaffirms 'CRISIL D' Cash Credit Rating
KATARIA AUTOMOBILES: CRISIL Reaffirms 'CRISIL BB+' Loan Rating

KRANTIVEER VASANTRAO: CRISIL Rates INR188.7MM Loan at 'CRISIL B-'
MOHAN MOTOR: CRISIL Rates INR400MM Cash Credit at 'CRISIL B+'
RKB MINING: CRISIL Assigns 'CRISIL B+' Rating to INR50MM LT Loan
SHREE RAJESHWARANAND: CRISIL Reaffirms 'CRISIL BB' Loan Rating
SNEHA FARMS: CRISIL Reaffirms 'CRISIL BB+' Long-Term Rating

SRV TELECOM: CRISIL Upgrades Rating on INR31MM Loan to CRISIL B-
SSZ COMMODITIES: CRISIL Puts 'CRISIL BB-' Rating on INR300MM Loan


J A P A N

OLYMPUS CORP: E&Y's Probe into Firm's Accounting Audit Ongoing
TOKYO ELECTRIC: Faces Possible Nationalization; Seeks Addt'l Fund


N E W  Z E A L A N D

ALADDINS MOTOR: Ordered to Pay Rent or Face Liquidation


S I N G A P O R E

AED SERVICES: Creditors' Proofs of Debt Due Jan. 6
SINGAMIP ENTERPRISE: Creditors' Proofs of Debt Due Jan. 6
STAMFLES REMOTE: Creditors' Proofs of Debt Due Jan. 13


                            - - - - -


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


COPELAND INDUSTRIES: Asset Sale to Save Jobs, Liquidator Says
-------------------------------------------------------------
AdelaideNow reports that Copeland Industries' liquidator Anthony
Phillips -- anthony@heardphillips.com.au -- of Heard Phillips
said the assets of the company have been sold to Sydney-based PVC
manufacturer Australian Plastic Profiles.

Mr. Phillips would not disclose the price but said it would not
pay off the AUD3.5 million owed to secured creditor Commonwealth
Bank.

The deal would also help save jobs, the report relates.  "There
has been a positive outcome -- they took over the lease
at Lonsdale and they are re-employing staff," AdelaideNow quotes
Mr. Phillips as saying.

"They are a serious player and they believe there are some unique
benefits in having an option in South Australia," Mr. Phillips
stated.

AdelaideNow adds that while only five of the company's 32 jobs
have been retained, Mr. Phillips said the Sydney firm was moving
some of its plant to South Australia, a move he expected would
underpin more jobs in an area still hurting from the loss of
manufacturer Mitsubishi.

Copeland Industries entered administration in October largely due
to a failed $3 million investment in new PVC pipe-making
technology, the report discloses.

Copeland Industries is Londsale-based plastics manufacturer.


* AUSTRALIA: Harvey Norman Boss Warns of More Retailer Closures
---------------------------------------------------------------
Dow Jones Newswires reports that Harvey Norman chairman Gerry
Harvey said Wednesday that Australia's battered retail sector
will see more business closures in 2012 after a tough 2011.

"It's already pre-ordained, set in stone," Mr. Harvey told Dow
Jones Newswires in an interview.

Dow Jones says retailers have seen their earnings strained in
2011 as consumers tightened their purse strings in the face of
higher cost of living pressures and concerns about the global
economy.

Natural disasters also dulled spending and shoppers migrated to
the internet to take advantage of the buying power of the
stronger Australian dollar on overseas Web sites, says Dow Jones.

"There are a lot of problems in retail," Mr. Harvey told Dow
Jones, citing higher utility, wage and rent bills, price
deflation and international retail websites as issues.

While upbeat about post Christmas discount sales for retailers,
especially his own business, Mr. Harvey said they would not be
enough to affect full year earnings, Dow Jones reports.

"It's a bit of a help, but not much," Mr. Harvey added.

Dow Jones notes that several businesses went into administration,
including clothing chains Fletcher Jones, Colorado, Bettina Liano
and Ed Harry, and the parent of bookshop chains Borders and Angus
& Robertson, REDgroup Retail.

According to the news agency, hopes that cuts in official
interest rates in November and December by Australia's central
bank might boost consumer confidence and spending in the lead up
to Christmas appear to have been dashed since major retailers JB
Hi-Fi, Billabong and Kathmandu issued earnings downgrades based
on worse-than-expected sales that prompted investors to dump
their shares.

Billabong plunged 44% and Kathmandu fell 25% on the days of their
updates while JB Hi-Fi fell 15% the day after, Dow Jones
discloses.

Dow Jones adds that fellow retailers, department stores Myer and
David Jones, and Harvey Norman, have been tarred by association,
with Myer's shares down 15%, David Jones down 12% and Harvey
Norman down 14% since the downgrades by their peers earlier this
month.


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


EXACT SOFTWARE: Commences Wind-Up Proceedings
---------------------------------------------
Members of Exact Software Hong Kong Limited, on Dec. 14, 2011,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

         Rainier Hok Chung Lam
         Anthony David Kenneth Boswell
         22/F, Prince's Building
         Central, Hong Kong


EXPRESS BUILDERS: Briscoe and Borrelli Step Down as Liquidators
---------------------------------------------------------------
Stephen Briscoe and Cosimo Borrelli stepped down as liquidators
of The Express Builders Company Limited on Dec. 13, 2011.


FLIGHT CREW: Creditors' Proofs of Debt Due Jan. 31
--------------------------------------------------
Creditors of Flight Crew Services (H.K.) Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Jan. 31, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Dec. 23, 2011.

The company's liquidators are:

         Martin James Murray
         Liu Sui Yuk
         33rd Floor, One Pacific Place
         88 Queensway
         Hong Kong


FUTUREX INTERNATIONAL: Placed Under Voluntary Wind-Up Proceedings
-----------------------------------------------------------------
At an extraordinary general meeting held on Dec. 14, 2011,
creditors of Futurex International Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Lau Yui Wing
         2201, Hong Kong Trade Centre
         161 Des Voeux Road
         Central, Hong Kong


HENFIELD PROPERTIES: Commences Wind-Up Proceedings
--------------------------------------------------
Members of Henfield Properties Limited, on Dec. 22, 2011, passed
a resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Lee King Yue
         72-76/F, Two International Finance Centre
         8 Finance Street
         Central, Hong Kong


HOMAN OVERSEAS: Creditors' Proofs of Debt Due Jan. 31
-----------------------------------------------------
Creditors of Homan Overseas Holdings Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Jan. 31, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Dec. 13, 2011.

The company's liquidators are:

         Lai Kar Yan (Derek)
         Darach E. Haughey
         35th Floor, One Pacific Place
         88 Queensway, Hong Kong


HOPES ENTERPRISES: Members' Final Meeting Set for Jan. 27
---------------------------------------------------------
Members of Hopes Enterprises Limited will hold their final
general meeting on Jan. 27, 2012, at 11:00 a.m., at 23/F, Wing On
House, at 71 Des Voeux Road Central, in Hong Kong.

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


KEEN HIGH: Commences Wind-Up Proceedings
----------------------------------------
Sole shareholder of Keen High Technologies (H.K.) Limited, on
Dec. 16, 2011, passed a resolution to voluntarily wind up the
company's operations.

The company's liquidator is:

         Chan Kwok Ki
         Unit 505, 5/F
         Wing On House
         71 Des Voeux Road
         Central, Hong Kong


KINGSWAY DECORATION: Stephen Briscoe Steps Down as Liquidator
-------------------------------------------------------------
Stephen Briscoe stepped down as liquidator of Kingsway Decoration
& Engineering Company Limited on Nov. 24, 2011.


LIBERTY INT'L: Padraig Liam Walsh Steps Down as Liquidator
----------------------------------------------------------
Padraig Liam Walsh stepped down as liquidator of Liberty
International (HK) Limited on Dec. 12, 2011.


MAK KEE: Creditors' Proofs of Debt Due Jan. 30
----------------------------------------------
Creditors of Mak Kee Contracting Company Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Jan. 30, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Dec. 23, 2011.

The company's liquidator is:

         Mak Kwok Fai
         Room 1205, 12/F
         Manulife Provident Funds Place
         No. 345 Nathan Road
         Kowloon


MANHATTAN MORTGAGE: Members' Final Meeting Set for Jan. 26
----------------------------------------------------------
Members of Manhattan Mortgage Company Limited will hold their
final general meeting on Jan. 26, 2012, at 10:00 a.m., at 8th
Floor, Gloucester Tower, The Landmark, at 15 Queen's Road
Central, in Hong Kong.

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


NEWAYS INTERNATIONAL: Members' Final Meeting Set for Jan. 30
------------------------------------------------------------
Members of Neways International (HK) Limited will hold their
final meeting on Jan. 30, 2012, at Dr. Nolenslaan 107B, at 6136
GL Suttard, The Netherlands.

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


NEW MOUNT: Ling Wai Ming Steps Down as Liquidator
-------------------------------------------------
Ling Wai Ming stepped down as liquidator of New Mount Limited on
Dec. 12, 2011.


PARASAND LIMITED: Members' Final Meeting Set for Jan. 26
--------------------------------------------------------
Members of Parasand Limited will hold their final general meeting
on Jan. 26, 2012, at 10:00 a.m., at Level 28, Three Pacific
Place, 1 Queen's Road East, in Hong Kong.

At the meeting, Ying Hing Chiu and Chan Mi Har, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


PICCHIO PHARMA: Members' Final Meeting Set for Jan. 26
------------------------------------------------------
Members of Picchio Pharma (Asia) Limited will hold their final
general meeting on Jan. 27, 2012, at 11:00 a.m., at Room 1903,
New World Tower, 18 Queen's Road Central, in Hong Kong.

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


PRATTISON GARMENT: Members' Final Meeting Set for Feb. 6
--------------------------------------------------------
Members of Prattison Garment Limited will hold their final
meeting on Feb. 6, 2012, at 10:00 a.m., at Flat E, 52/F., Block
2, The Arch, at No. 1 Austin Road, West Kowloon, in Hong Kong.

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


PROCTER & GAMBLE: Members' Final General Meeting Set for Jan. 27
----------------------------------------------------------------
Members of Procter & Gamble (HK) Dormant Limited will hold their
final general meeting on Jan. 27, 2012, at 11:00 a.m., at 20/F,
Prince's Building, Central, in Hong Kong.

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


PRUDENTIAL INVESTMENT: Creditors' Proofs of Debt Due Jan. 27
------------------------------------------------------------
Creditors of Prudential Investment Company Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Jan. 27, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Dec. 15, 2011.

The company's liquidators are:

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


RICHINE DEVELOPMENT: Creditors' Proofs of Debt Due Jan. 31
---------------------------------------------------------
Creditors of Richine Development Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Jan. 31, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Dec. 23, 2011.

The company's liquidator is:

         Mak Kin Hung
         1404, Two Grand Tower
         625 Nathan Road
         Kowloon


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


AUTO PLAANATE: CRISIL Cuts Rating on INR32.3MM Loan to 'CRISIL D'
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the long term bank
facilities of Auto Plaanate Indostry Pvt Ltd to 'CRISIL D' from
CRISIL B/Stable.

   Facilities                    Ratings
   ----------                    -------
   INR32.3 Million Term Loan     CRISIL D (Downgraded from
                                 'CRISIL B/Stable')

   INR97.7 Million Cash Credit   CRISIL D (Downgraded from
                                 'CRISIL B/Stable')

The rating on the short term loans has been withdrawn as the
facilities have been discontinued. The downgrade reflects delays
by APIPL in servicing its debt obligations; the delays have been
caused by the company's weak liquidity.

The ratings continue to reflect APIPL's weak financial risk
profile, marked by a small net worth, estimated aggressive total
outside liabilities to tangible net worth ratio, and weak debt
protection metrics, and susceptibility to risks related to low
bargaining power with automobile (auto) manufacturers and intense
competition in the auto dealership market. These rating
weaknesses are partially offset by APIPL's strong relationship
with principal, Mahindra and Mahindra Ltd (M&M; rated 'CRISIL
AA+/Stable/CRISIL A1+').

                        About Auto Plaanate

APIPL (formerly, Rahul Automobile Udyog Pvt Ltd) was set up by
Mr. Shaligram Tiwari and others in January 2004. It began
operations in August 2005 as a dealer of M&M's passenger cars and
light commercial vehicles. APIPL has also recently started with
the dealership of heavy commercial vehicles of M&M. APIPL's main
showroom and service stations are in Dhanbad (Jharkhand). Its
dealership covers Dhanbad, Bokaro, Giridih, Devgarh, Koderma, and
Hazaribagh.

APIPL reported a profit after tax (PAT) of INR3 million on net
sales of INR763.24 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR2.6 million on net
sales of INR791.32 million for 2009-10.


AVENUES PHARMA: CRISIL Reaffirms 'CRISIL BB' Cash Credit Rating
---------------------------------------------------------------
CRISIL's rating on the bank facilities of Avenues Pharmaceuticals
Associates continues to reflect Avenues Pharma's established
market position, the benefits it derives from the extensive
industry experience of its promoters, and its robust
technological and logistics infrastructure.

   Facilities                       Ratings
   ----------                       -------
   INR180.0 Million Cash credit     CRISIL BB/Stable (Reaffirmed)
   INR10.0 Million Standby Line     CRISIL BB/Stable (Reaffirmed)
   of Credit

These rating strengths are partially offset by the firm's average
financial risk profile, marked by relatively high ratio of total
outstanding liabilities to tangible net worth (TOLTNW) and
moderate debt protection metrics.

Outlook: Stable

CRISIL believes that Avenues Pharma will maintain its business
risk profile on the back of established relationships with key
customers and suppliers and the steady growth in demand for
pharmaceutical products. The outlook may be revised to 'Positive'
if the firm's capital structure, operating margin and cash
accruals improve significantly. Conversely, the outlook may be
revised to 'Negative' if Avenues Pharma undertakes large debt-
funded capital expenditure programme, or reports sharp
deterioration in operating margin or debt protection metrics.

                    About Avenues Pharmaceuticals

Set up in 1978, by Mr. K G Subbaraj as a partnership firm,
Avenues Pharma is engaged in distribution of pharmaceutical
products such as medicines and vaccines. Avenues Pharma is the
stockist for major pharmaceutical companies such as
GlaxoSmithKline, MSD, AstraZeneca, Allergan India Pvt Ltd,
Ranbaxy Laboratories Ltd, Pfizer Ltd, Sanofi Aventis, Sanofi
Pasteur, Galderma, Wyeth Pharmaceuticals and Johnson & Johnson
Ltd. Avenues Pharma is a super stockist for Bio-med Ltd, and a
consignee agent for Albert David Ltd.

Avenues Pharma reported a net profit of INR11.7 million on net
sales of INR1079 million for 2010-11 (refers to financial year,
April 1 to March 31), against a net profit of INR11.2 million on
net sales of INR965 million for 2009-10.


BABY MEMORIAL: CRISIL Reaffirms 'CRISIL B-' Term Loan Rating
------------------------------------------------------------
CRISIL's rating on the long-term loan of Baby Memorial Hospital
Ltd continues to reflect BMHL's weak financial risk profile,
marked by weak debt protection metrics and high gearing, exposure
to implementation-related risks associated with it ongoing
projects, and the problems the company faces because of having
its operations concentrated in a single location.

   Facilities                    Ratings
   ----------                    -------
   INR600.00 Million Term Loan   CRISIL B-/Stable (Reaffirmed)

These rating weaknesses are partially offset by BMHL's
established position in the Kozhikode (Kerala) market and the
steps it has taken to mitigate its employee-attrition-related
risks.

Outlook: Stable

CRISIL believes that BMHL will continue to benefit from its
established market position among private hospitals in Kozhikode.
Its financial risk profile is, however, expected to remain under
pressure over the medium because of its large, ongoing debt-
funded capital expenditure (capex) programmes. The outlook may be
revised to 'Positive' in case of a significant increase in BMHL's
scale of operations and cash accruals or a substantial equity
infusion in the company, which would mitigate the funding-related
risks for its capex programmes, thereby leading to improvement in
its capital structure. Conversely, the outlook may be revised to
'Negative' if BMHL's profitability and cash accruals decline
significantly, or if the company undertakes larger-than-expected
debt-funded capex programme, leading to deterioration in its
capital structure.

                        About Baby Memorial

BMHL, started by Dr. K G Alexander in 1987 as a partnership firm,
is one of the largest hospitals in Kozhikode. The partnership
firm was reconstituted as a public limited company in April 2009.
Currently, the hospital has 480 beds. The company additionally
set up a 320-bed super-specialty unit, which commenced commercial
operations in April 2011. BMHL has positioned itself as a multi-
specialty tertiary-care referral hospital. It specialises in
aneasthesiology and critical care, cardiology, cardiac surgery,
neurology, neurosurgery, oncology, paediatrics, endocrinology,
nephrology, gastroenterology, urology, obstetrics and
gynaecology, plastic and reconstructive surgery, internal
medicine, and general and laparoscopic surgery. BMHL also offers
postgraduate courses for doctors, and degree and diploma courses
in nursing. The company plans to set up Healthcity, a 700-bed
hospital in Cochin (Kerala).

For 2010-11 (refers to financial year, April 1 to March 31), BMHL
reported a profit after tax (PAT) of INR61 million on net sales
of INR564 million, against a PAT of INR31 million on net sales of
INR469 million for the previous year.


J & K ALUMINIUM: CRISIL Reaffirms 'CRISIL D' Cash Credit Rating
---------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of J&K
Aluminium Company at 'CRISIL D/CRISIL D'.

   Facilities                         Ratings
   ----------                         -------
   INR170 Million Cash Credit Limit   CRISIL D (Reaffirmed)
   INR22 Million Term Loan            CRISIL D (Reaffirmed)
   INR100 Million Letter of Credit    CRISIL D (Reaffirmed)

The ratings reflect continued delays by JKAC in servicing its
debt and instances of overdrawn cash credit limit. The account
has been classified as non-performing asset by the bankers of
JKAC. The company's operations are currently halted due to excess
pressure on liquidity.

JKAC, a partnership firm set up by Mr. Randhir Singh Saini and
his family members, was set up in 2005 to manufacture aluminium
wire rods and other allied products. The firm has set up its
factory at the Industrial Growth Centre, Jammu (Jammu and
Kashmir). The firm manufactures wire rods that are used by wire
and cable manufacturers as raw material. The company has stopped
commercial production due to excess pressure on liquidity on the
back of legal conflict with Income Tax commissioner.


KATARIA AUTOMOBILES: CRISIL Reaffirms 'CRISIL BB+' Loan Rating
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Kataria Automobiles
Ltd continue to reflect KAL's established position in the
automotive dealership market, and the increasing contribution of
its services and spare parts sales operations to its revenues.

   Facilities                            Ratings
   ----------                            -------
   INR850.00 Mil. Cash Credit Limit      CRISIL BB+/Stable
   (Enhanced from INR270.0 Million)      (Reaffirmed)

   INR200.0 Million Rupee Term Loan      CRISIL BB+/Stable
   (Enhanced from INR185.5 Million)       (Reaffirmed)

   INR300.00 Million Bank Guarantee      CRISIL A4+ (Reaffirmed)
   (Enhanced from INR220.0 Million)

These rating strengths are partially offset by KAL's moderate
financial risk profile, marked by large working capital
requirements and ongoing debt-funded capital expenditure (capex)
programme. The ratings also factor in KAL's susceptibility to
intense competition in the automotive dealership market.

Outlook: Stable

CRISIL believes that KAL will maintain its credit risk profile,
backed by its established market position, and expected
improvement in its gearing, over the medium term, most likely
from the sale of the commercial complex being constructed by KAL.
The outlook may be revised to 'Positive' if there is a
significant improvement in the company's capital structure or its
liquidity improves with better-than-expected accruals, backed by
strong profitability. Conversely, the outlook may be revised to
'Negative' if there is a decline in the company's profitability
or if KAL undertakes any additional debt-funded capex programme,
which adversely impacts it's gearing and debt protection metrics,
or if the company continues to be exposed to real estate
projects.

                       About Kataria Group

KAL was set up by the Kataria Group in 1995. KAL is involved in
the automobile dealership and transportation business. Currently,
the company is an authorised dealer of Maruti Suzuki India Ltd
(MSIL; rated CRISIL AAA/Stable/CRISIL A1+) and TVS Motor Company
Limited. It has various showrooms in Gujarat in cities such as
Ahmedabad, Baroda, Surat, Vapi, Navsari, Silvassa and Valsad. It
is one of the four dealers in Ahmedabad with a market share of
around 35 per cent, one of three in Surat and the only dealer in
Vapi and Navsari. The company has been among the top 10 dealers
in the J D Power Survey for customer satisfaction. In addition to
the dealership business, KAL entered the transportation business
few years back to benefit from the increasing demand for cargo
handling in the growing economy.

The Kataria Group was founded by Mr. Shobhagmal Kataria in 1956
and has grown to become one of the largest transport operators in
India, with 60 branches. The group has since diversified into
other sectors. It started dealerships of LML Limited two-wheelers
in 1984. The group further expanded to become one of the top-
rated MSIL car dealerships in 1996. The Kataria group also
acquired the dealership of TVS Motor Company's two-wheelers, in
2003.

KAL reported a profit after tax (PAT) of INR82.1 million on net
sales of INR8.8 billion for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR47.9 million on net
sales of INR5.7 billion for 2009-10.


KRANTIVEER VASANTRAO: CRISIL Rates INR188.7MM Loan at 'CRISIL B-'
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the term
loan facility of Krantiveer Vasantrao Narayanrao Naik Shikshan
Prasarak Sanstha.

   Facilities                    Ratings
   ----------                    -------
   INR188.7 Million Term Loan    CRISIL B-/Stable (Assigned)

The rating reflects expected deterioration in KVN's financial
risk profile because of its large debt-funded capital expenditure
(capex) programme, the nascent stage of operations of the trust's
engineering institute, and KVN's vulnerability to regulatory
risks associated with educational institutions. These rating
weaknesses are partially offset by the benefits that KVN derives
from the healthy demand prospects for the education industry, and
its promoter's extensive experience in the education industry and
funding support.

Outlook: Stable

CRISIL believes that KVN will continue to benefit over the medium
term from its promoter's extensive experience in the education
industry. The outlook may be revised to 'Positive' in case of
timely completion of the trust's capex programme along with a
better-than-expected ramp up in operations of its institutes.
Conversely, the outlook may be revised to 'Negative' in case of
lower-than-expected ramp up in operations of KVN's educational
institutes or in the event of stress on the trust's liquidity.

                   About Krantiveer Vasantrao

KVN was set up in January 1953 under the guidance of Mr.
Vasantrao Naik to set up hostels in Nashik (Maharashtra) for
students from the minority community. Subsequently, the trust
expanded to include pre-primary schools, primary schools,
secondary schools, higher secondary schools, a
science/commerce/arts junior college, polytechnic institutes,
industrial training institutes, an engineering institute, and a
management institute. As in 2011, it has around 60 institutes,
which operate mainly in Nashik. KVN plans to start two colleges,
five secondary schools, three primary schools, and one industrial
training institute over the medium term. The trust's engineering
institute, which commenced operations in June 2011, is currently
being expanded; work on the same is expected to be completed by
June 2012.

KVN reported a profit after tax (PAT) of INR12 million on net
sales of INR155 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR1 million on net sales
of INR116 million for 2009-10.


MOHAN MOTOR: CRISIL Rates INR400MM Cash Credit at 'CRISIL B+'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the cash
credit facility of Mohan Motor Udyog Pvt Ltd.

   Facilities                    Ratings
   ----------                    -------
   INR400 Million Cash Credit    CRISIL B+/Stable (Assigned)

The rating reflects MMUP's below-average financial risk profile,
marked by a relatively small net worth and high total outside
liabilities to tangible net worth ratio, and pressure on margins
due to intense competition. These rating weaknesses are partially
offset by MMUP's strong market position in the automobile
dealership business and its established association with its
principal, Maruti Suzuki India Ltd (MSIL; rated 'CRISIL
AAA/Stable/CRISIL A1+').

Outlook: Stable

CRISIL believes that MMUP will continue to benefit over the
medium term from its established market position and relationship
with its principals. The outlook may be revised to 'Positive' if
the company significantly improves its revenues and
profitability, or significantly strengthens its capital
structure, thereby improving its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if MMUP
undertakes a larger-than-expected, debt-funded capital
expenditure programme, or if it significantly relies on debt to
fund its incremental working capital requirements, leading to
weakening in its financial risk profile.

                        About Mohan Motor

Incorporated in 1979 by Mr. Sandip Kumar Bajaj and family, MMUP
is an authorised dealer in Kolkata (West Bengal) for MSIL for
sale of its entire range of passenger vehicles, including its
True Value vehicles, sale of spares and accessories, and for
servicing of passenger vehicles. Currently, MMUP has two
exclusive showrooms with three extension counters and one
workshop in and around Kolkata.


RKB MINING: CRISIL Assigns 'CRISIL B+' Rating to INR50MM LT Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of RKB Mining & Infrastructure.

   Facilities                    Ratings
   ----------                    -------
   INR50 Million Proposed LT     CRISIL B+/Stable (Assigned)
   Bank Loan Facility

   INR100 Mil. Letter of Credit   CRISIL A4 (Assigned)

The ratings reflect RKB's weak financial risk profile coupled
with risks inherent to the trading nature of business and
increasingly competitive industry. This rating weakness is
partially offset by the established presence and long standing
experience of RKB's promoter in iron and steel trading industry.

Outlook: Stable

CRISIL believes that RKB will continue to benefit over the medium
term from its established position and long standing experience
of promoters in the iron and steel industry. The outlook may be
revised to 'Positive' in case of better-than-expected growth in
revenues, while maintaining its debt protection metrics and
stable operating margins. Conversely, the outlook may be revised
to 'Negative' in case of deterioration in operating margins or
larger than expected debt funded capital expenditure or
elongation in working capital cycle, thus resulting in
deterioration in debt protection metrics.

                       About RKB Mining

RKB Mining and Infrastructure, established in 2007, as a
partnership firm, is engaged in trading of steel products such as
boilers quality steel plates and checkered steel coils (chaka
plates).The firm is promoted by the Mumbai based Shah family. The
overall operations are managed by Mr. Navin Mehta, brother in law
of Mr. Virat Shah, a key person in the group concern RajanKumar &
Bros (Impex) (RNB) (rated 'CRISIL BB/Stable/CRISIL A4+').RNB is
engaged in trading of various commodities like steel plates,
coils, iron ore, glass beads, other construction material and
cardamom. RKB is also planning to venture into real estate
construction activity for Godrej Industries Limited starting
2012-13 The overall project size is estimated to be around seven
lakh square feet. The nature of work to be under taken by RKB
includes supply of construction labour force and materials and
erection of building structures.

RKB reported a profit after tax (PAT) of INR 3.0 million on net
sales of INR112.4 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.8 million on net
sales of INR54 million for 2009-10.


SHREE RAJESHWARANAND: CRISIL Reaffirms 'CRISIL BB' Loan Rating
--------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of Shree
Rajeshwaranand Paper Mills Ltd at 'CRISIL BB/Stable/CRISIL A4+',
while assigning its 'CRISIL A4+' rating to the company's short-
term bank guarantee facility.

   Facilities                            Ratings
   ----------                            -------
   INR117.6 Mil. Cash Credit Facility    CRISIL BB/Stable
   (Reduced from INR120.0 Million)        (Reaffirmed)

   INR37.4 Million Rupee Term Loan       CRISIL BB/Stable
   (Reduced from INR60.0 Million)         (Reaffirmed)

   INR40.0 Million Letter of Credit      CRISIL A4+
   (Enhanced from INR25 Million)

   INR10.0 Million Bank Guarantee        CRISIL A4+ (Assigned)

The ratings continue to reflect SRPML's established track record
supported by its established clientele and moderate financial
risk profile marked by moderate debt protection metrics. These
rating strengths are partially offset by SRPML's large
incremental working capital requirements, susceptibility to risks
related to small scale of operations, and intense competition in
the newsprint paper industry.

Outlook: Stable

CRISIL believes that SRPML will benefit over the medium term from
its long track record in the newsprint industry and its
established clientele. The outlook may be revised to 'Positive'
if the company registers higher-than-expected revenue growth
while maintaining its operating margin. Conversely, the outlook
may be revised to 'Negative' if the company undertakes a larger-
than-expected debt-funded capital expansion programme, leading to
weakening in its financial risk profile, or contracts larger-
than-expected working capital borrowing, leading to a decline in
its debt protection metrics.

                    About Rajeshwaranand Paper

Incorporated in 1989, SRPML manufactures newsprint. Its plant in
Bharuch (Gujarat) has an installed capacity of 30,000 tonnes per
annum (tpa), which was increased in 2010-11 (refers to financial
year, April 1 to March 31) from 21,000 tpa in 2008-09. Currently,
around 95 per cent of the paper manufactured by SRPML is for the
newsprint segment; however, from 2010-11 onwards, the company
also started manufacturing writing and printing paper. SRPML
supplies newsprint to players in the newspaper industry across
the country; however, a large share of its revenue comes from
Gujarat, Rajasthan, and Maharashtra. The company is listed on the
Bombay Stock Exchange.

For 2010-11, SRPML reported a profit after tax (PAT) of INR12.4
million on net sales of INR580.6 million, as against a PAT of
INR8.2 million on net sales of INR587.9 million for 2009-10. For
the six months ended September 30, 2011, the company reported a
net profit of INR5.3 million on net sales of INR294.2 million, as
against a net profit of INR4.8 million on net sales of INR314.6
million for the corresponding period of 2010.


SNEHA FARMS: CRISIL Reaffirms 'CRISIL BB+' Long-Term Rating
-----------------------------------------------------------
CRISIL has reaffirmed its long-term rating on the bank facilities
of Sneha Farms Pvt Ltd, part of the Sneha group, at 'CRISIL
BB+/Stable'.

   Facilities                     Ratings
   ----------                     -------
   INR553.30 Million LT Loan      CRISIL BB+/Stable (Reaffirmed)
   INR450 Million Cash Credit     CRISIL BB+/Stable (Reaffirmed)

The rating continues to reflect the Sneha group's healthy
operating capabilities supported by backward integration and the
extensive experience of its promoters in the poultry industry.
These rating strengths are partially offset by the Sneha group's
moderate financial risk profile, marked by high gearing and
moderate debt protection metrics, geographical concentration in
revenue profile, and inherent risks in the poultry industry.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of SFPL, Sneha Foods and Feeds Ltd, Varun
Breeding Farms Pvt Ltd, and Dendi Agro Farms Pvt Ltd,
collectively referred to as the Sneha group. The consolidated
approach is because all the four entities are in similar lines of
business, have a common management, and have fungible cash flows
among them.

Outlook: Stable

CRISIL believes that the Sneha group will continue to benefit
from its well-integrated operations and its promoters' extensive
experience in the poultry industry. The outlook may be revised to
'Positive' if the group significantly improves its capital
structure and stabilizes operations at its backward-integrated
facilities, leading to improvement in its revenues and margins.
Conversely, the outlook may be revised to 'Negative' if the
group's profitability is lower than expected, its capital
structure weakens because of more-than-expected debt contracted
to fund capex and incremental working capital requirements or in
case of lower profitability.

                          About the Group

The Sneha group, based in Hyderabad (Andhra Pradesh), was
established in 1995 with the incorporation of SFPL by Mr. Dendi
Ram Reddy and his friend, Mr. A Gopal Reddy. SFPL is the flagship
entity of the group and is in the business of poultry farming,
particularly broiler birds. SFPL, VBFPL, and DAFPL have a
combined capacity to produce 150,000 broiler birds per day. The
Sneha group owns around 45 own retail outlets and has 350
associate retail outlets in and around Hyderabad for selling
broiler birds. SFPL also has integrated poultry feed mills near
Hyderabad with a capacity to produce 800 tonnes per day (tpd) of
poultry feed.

SFFL, a public limited company, was incorporated in 2008 in
Chandrapur (Maharashtra). Mr. Dendi Ram Reddy and his friends
hold majority stake in SFFL and the remainder is held by other
independent shareholders. SFFL commenced commercial production in
June 2010. It has a capacity to produce 750 tpd of soya de-oiled
cake and 100 tpd of soya refined oil to cater to the requirements
of the feed mills under SFPL. SFFL is expected to derive 25 per
cent of its sales from the poultry feed mills under SFPL.

VBFPL was incorporated in 2002 and is engaged in the process of
hatching eggs through its laying farms. It typically receives
jobwork income as most of its sales are routed to SFPL.

The Sneha group reported a profit after tax (PAT) of INR171.1
million on net sales of INR5.2 billion for 2010-11, as against a
PAT of INR53.3 million on net sales of INR2.6 billion for 2009-
10.


SRV TELECOM: CRISIL Upgrades Rating on INR31MM Loan to CRISIL B-
----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
SRV Telecom Pvt Ltd to 'CRISIL B-/Stable' from 'CRISIL C',
reaffirmed its rating on SRV's bank guarantee facility at 'CRISIL
A4', and has withdrawn its rating on the INR31-million long-term
loan as it has been fully repaid.

   Facilities                    Ratings
   ----------                    -------
   INR92 Million Cash Credit     CRISIL B-/Stable (Upgraded from
                                                      CRISIL C)

   INR31 Million Term Loan       CRISIL B-/Stable (Upgraded from
                                           CRISIL D; Withdrawn)

   INR28 Million Proposed LT     CRISIL B-/Stable (Assigned)
   Bank Loan Facility

   INR80 Mil. Bank Guarantee     CRISIL A4 (Reaffirmed)

The upgrade reflects improvement in SRV's liquidity, which was
driven by retirement of long-term loans through proceeds from
sale of some of the company's machinery and unsecured loans from
promoters for funding operations and meeting debt obligations.
The upgrade also reflects expected improvement in SRV's working
capital management because of its recent entry into the cook-top
business, which has a favorable working capital cycle with a
relatively longer credit period. SRV's customers in the cook-top
business are primarily private players; earlier, it used to
supply (based on tenders) telecom equipment to Bharat Sanchar
Nigam Ltd (BSNL). This is expected to stabilize SRV's revenues
and cash flows, thereby improving its liquidity.

The ratings reflect SRV's weak financial risk profile, marked by
weak liquidity and high gearing, and weak business risk profile
as a result of decline in revenues and profitability. These
rating weaknesses are partially offset by expected improvement in
SRV's working capital management over the medium term.

Outlook: Stable

CRISIL believes that SRV's financial and business risk profiles
will remain under pressure till the company stabilizes its
induction cook-top business. The outlook may be revised to
'Positive' if SRV scales up its operations substantially, leading
to better profitability and cash generation. Conversely, the
outlook may be revised to 'Negative' if SRV's revenues and cash
generation do not improve as expected, or if the company
contracts more-than-expected debt for its capital expenditure.

                      About SRV Telecom

SRV, based in Bengaluru (Karnataka), was incorporated in 1995. It
started operations as a manufacturer of telecommunication
equipment and electronic products ( phones with caller
identification (ID), electronic push button telephones (EPBT),
fixed wireless telephones (FWT), patch cords and pigtails, and
coin box telephones.

Owing to irregularities in the telecom sector and slower
realisation of dues from BSNL, SRV has recently entered into the
consumer durables segment. The company manufactures induction
cook-tops for TTK Prestige Ltd (rated 'CRISIL AA-/Stable/CRISIL
A1+') and other private players. SRV has discontinued with the
majority of its telecom operations and plans to produce only
patch cords to cater to orders from private players.

For 2010-11 (refers to financial year, April 1 to March 31), SRV
reported a net loss of INR5 million (Rs.7 million for 2009-10),
as against net sales of INR270 million (Rs.533 million).


SSZ COMMODITIES: CRISIL Puts 'CRISIL BB-' Rating on INR300MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the bank
facilities of SSZ Commodities Pvt. Ltd.

   Facilities                     Ratings
   ----------                     -------
   INR300 Million Import Letter   CRISIL BB-/Stable (Assigned)
   of Credit Limit

The rating reflects established presence and extensive experience
of its promoters in the steel trading segment. These rating
strengths are partially offset by its weak financial risk
profile, modest scale of operations in an intensely competitive
steel trading industry.

Outlook: Stable

CRISIL believes that SSZ will maintain a stable business risk
profile over the medium term, on the back of extensive experience
of the promoter. The outlook may be revised to 'Positive' if the
company reports significantly higher-than-expected growth in
revenues and earnings, while maintaining its debt protection
metrics. Conversely, the outlook may be revised to 'Negative',
financial risk profile deteriorates because of substantially
lower-than-expected profitability or revenues or significant
deterioration in its working capital cycle.

                        About SSZ Commodities

SSZ was incorporated in November 2009, promoted by three
businessmen, Mr. Sanjay Gupta, Mr. Zaheer Lokhandwala and Mr.
Mohanlal Jatia, having equal stake in the company. All the three
prompters have varied experience in various business activities
like ship breaking, steel manufacturing and trading, textile etc.
SSZ is engaged in trading of steel plates and coils. The
promoters of the company are supported by a group of
professional, who look after the day to day running of the
business operations. The company has its registered office at
Darukhana, Mumbai and a warehouse at Taloja, Maharashtra.

SSZ reported a provisional profit after tax (PAT) of INR18.8
million on net sales of around INR1.59 billion for 2010-11
(refers to financial year, April 1 to March 31).


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


OLYMPUS CORP: E&Y's Probe into Firm's Accounting Audit Ongoing
--------------------------------------------------------------
Bloomberg News reports that an Ernst & Young ShinNihon LLC
committee said it's still investigating whether the audit of
Olympus Corp.'s accounting was appropriate after the Japanese
camera maker admitted hiding investment losses.

The panel said in a statement that Olympus's purchase of Gyrus
Group Plc has complicated links to the company's overall cover-up
and will require more time to probe, according to Bloomberg.

Bloomberg relates that ShinNihon, which signed off on Olympus's
2010 results, formed the committee this month to verify an
internal investigation that earlier found nothing wrong in its
audit of the endoscope maker.  Olympus, reeling from a
$1.7 billion accounting fraud, restated more than five years of
past earnings on Dec. 14, wiping out 70% of its net assets, says
Bloomberg.

Bloomberg notes that Toshifumi Takada, a panel member and
economics professor at Tohoku University in Miyagi, northern
Japan, said Monday that Olympus's cover-up started "way before"
ShinNihon took over the audit.  "We're probing whether it was
possible to point out issues" related to Gyrus before Olympus
admitted to the 13-year cover-up, Mr. Takada, as cited by
Bloomberg, said.

According to the report, Olympus is also investigating about 70
executives to answer queries over losses and transactions for
acquisitions, including $687 million in payments to advisers in
the purchase of Gyrus in 2008 and stake writedowns in three other
takeovers. In March 2010, $620 million was paid to buy back Gyrus
preferred shares given to its advisers as part of fees.

Minister Shozaburo Jimi said earlier this month that Japan's
Financial Services Agency is looking into any role the auditors
may have played in the Olympus cover-up, Bloomberg adds.

Bloomberg says Nobuo Gohara, a lawyer and committee member, said
the panel found the handover between KPMG Azsa LLC and ShinNihon
didn't break any rules.

KPMG Azsa, which signed off on Olympus's 2009 results after
confronting the camera maker over accounting irregularities, and
ShinNihon, failed to conduct an adequate handover, Olympus's
investigation panel said earlier this month, Bloomberg adds.

                   Securities Investment Scandal

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

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

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

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

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

                        About Olympus Corp.

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


TOKYO ELECTRIC: Faces Possible Nationalization; Seeks Addt'l Fund
-----------------------------------------------------------------
Bloomberg News reports that Trade and Industry Minister Yukio
Edano told Tokyo Electric Power Co. President Toshio Nishizawa in
Tokyo on Monday that the company needs to consider all options
related to its survival, including the government taking
temporary control of the utility.

Bloomberg relates that the company on Monday requested
JPY689.4 billion (US$8.8 billion) in additional aid to pay
compensation linked to the Fukushima nuclear plant disaster.
Mr. Edano countered with the option to nationalize the company,
without saying if that would require an injection of public funds
or some other means, according to Bloomberg.

Bloomberg notes that the utility, which supplies power to
Metropolitan Tokyo, the world's biggest city, needs support from
the government's Nuclear Damage Liability Facilitation Fund to
avoid insolvency.  TEPCO may face JPY4.5 trillion in compensation
payments by 2013 to those who lost livelihoods and homes in the
March 11 disaster at its Fukushima Dai-Ichi atomic station, the
report discloses.

"I want you to consider all options including temporary
government control of Tepco" as the company needs to improve its
finances for compensation payments and raise funds for
decommissioning, Mr. Edano told Mr. Nishizawa and officials of
the government-backed fund at the meeting, Bloomberg relays.

Accepting a government takeover "is an option to avoid the
collapse of the company," Bloomberg quotes TEPCO spokesman Osamu
Yokokura as saying when questioned before the meeting.  "Options
are still under discussion, nothing has been decided."

According to Bloomberg, TEPCO revised its estimate for
compensation payments for the disaster to JPY1.7 trillion by
March 2013 from JPY1.01 trillion, it said in a statement on its
Web site on Dec. 26, announcing its request for support.

Mr. Nishizawa said he will draw up a business plan by the end of
March based on Mr. Edano's order.  He declined to comment further
when asked by reporters if the company will accept falling under
government control.

The government's Nuclear Damage Liability Facilitation Fund will
seek approval from Mr. Edano as early as next month to provide
the support to TEPCO, said Soichi Yamamoto, an official at the
body.

                      About Tokyo Electric

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

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

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


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


ALADDINS MOTOR: Ordered to Pay Rent or Face Liquidation
-------------------------------------------------------
Manawatu Standard reports that the former operators of Aladdins
Motor Inn have been ordered to pay rent to the property owner, or
face liquidation.

Manawatu Standard relates that Aladdins Motor is closed and now
the High Court has ordered the company of the same name to pay
NZ$20,801 to Bowcorp Holdings.

Earlier this year, Bowcorp issued a statutory demand for the
rent, but Aladdins applied to the court to set this aside while
several disputes were sorted, the report recalls.

However, after a hearing in Palmerston North, Associate Judge
David Gendall has ruled the statutory demand must be met,
Manawatu Standard relates.

The report notes that should the money not change hands, the
judge said Bowcorp could apply to wind Aladdins up.

At a court hearing this month, both parties said they had agreed
to attend arbitration next year, report Manawatu Standard.

Aladdins asked for the statutory demand to be sorted there, but
Bowcorp's lawyer, David Sheppard, successfully sought a court
resolution, the report notes.

The motel ceased trading in October, Manawatu Standard reports.

Aladdins Motor Inn is a Palmerston North-based motor lodge.


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


AED SERVICES: Creditors' Proofs of Debt Due Jan. 6
--------------------------------------------------
Creditors of Aed Services Pte Ltd, which is in under judicial
management, are required to file their proofs of debt by Jan. 6,
2012, to be included in the company's dividend distribution.

The company's liquidator is:

          Yit Chee Wah
          c/o FTI Consulting (Singapore) Pte Ltd
          8 Shenton Way, #17-02A
          Singapore 068811



SINGAMIP ENTERPRISE: Creditors' Proofs of Debt Due Jan. 6
---------------------------------------------------------
Creditors of Singamip Enterprise Private Limited, which is in
court winding up, are required to file their proofs of debt by
Jan. 6, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

          Sim Guan Seng
          C/o Baker Tilly TFW LLP
          15 Beach Road
          #03-10 Beach Centre
          Singapore 189677


STAMFLES REMOTE: Creditors' Proofs of Debt Due Jan. 13
------------------------------------------------------
Creditors of Stamfles Remote Site Services Pte Ltd, which is in
liquidation, are required to file their proofs of debt by
Jan. 13, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

          Goh Ngiap Suan
          c/o Goh Ngiap Suan & Co
          336 Smith Street
          #06-308 New Bridge Centre
          Singapore 050336


                             *********

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

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

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


                            *********


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

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

Copyright 2011.  All rights reserved.  ISSN: 1520-9482.

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

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





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