TCRAP_Public/120119.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, January 19, 2012, Vol. 15, No. 14

                            Headlines


A U S T R A L I A

HADLEYS HOTEL: Goes Into Receivership, In Talks With Korda Mentha
METAL STORM: Settles Dispute with ASOF Over Convertible Security
METAL STORM: Proposes to Issue 41.6 Million Ordinary Shares
METAL STORM: Convertible Note Maturity Extended Thru March 2015
* AUSTRALIA: Corporate Bankruptcies Hit Record High


C H I N A

SHENGDATECH INC: Exclusive Filing Period Extended to March 19
SHENGDATECH INC: Lease Decision Deadline Extended to March 16


H O N G  K O N G

BRIGHT EASE: Court to Hear Wind-Up Petition on Feb. 22
CARDTEL EUROPE: Creditors and Contributories to Meet on Jan. 20
CHERISON ENGINEERING: Court Enters Wind-Up Order
CITIWIDE ENGINEERING: Court Enters Wind-Up Order
COBALT INDUSTRIAL: Court Enters Wind-Up Order

EASTERN LINK: Creditors' First Meeting Set for Feb. 8
KWONG YICK: Creditors' Proofs of Debt Due Jan. 27


I N D I A

AURORA SRI: ICRA Assigns '[ICRA]B+' Rating to INR12.3cr Loan
BESTOCHEM FORMULATIONS: ICRA Rates INR13.5cr Loan at '[ICRA]BB'
GUJARAT FLOTEX: ICRA Reaffirms '[ICRA]BB+' Based Limits Rating
KANERIA SILICO: ICRA Assigns '[ICRA]B' Rating to INR9.9cr Loan
MAGICRETE BUILDING: ICRA Assigns '[ICRA]B' Rating to INR22cr Loan

MACONS INFRATECH: Fitch Rates INR50-Mil. Facility at 'B+(ind)'
MASTER INDIA: Fitch Puts Rating on Two Bank Loans at 'D'
MIL INDUSTRIES: Fitch Holds Rating on INR22MM Facility at 'BB-'
MOTI INDUSTRIES: ICRA Rates INR10cr Facility at '[ICRA]B+'
NEHA EXPORTS: ICRA Assigns '[ICRA]B' Rating to INR0.50cr Loan

RAVI TECHNOFORGE: ICRA Reaffirms '[ICRA]BB+' Term Loan Rating
RUKMINI IRON: ICRA Assigns '[ICRA]BB' Rating to INR1.71cr Loan
SANJAY KRAFT: ICRA Assigns '[ICRA]B+' Rating to INR8cr Loan
SANT MUKTABAI: Patil's Kin Takes Over One of 15 Sugar Factories
SHREE SAI: ICRA Assigns '[ICRA]BB-' Rating to INR25.0cr LT Loan

SUTECH INDUSTRIES: ICRA Assigns '[ICRA]B+' Rating to INR7cr Loan
UMANG BOARDS: ICRA Suspends '[ICRA]B+' INR4.6cr Loan Rating
VIBHOR VAIBHAV: ICRA Puts '[ICRA]BB-' Rating on INR15cr Loan


J A P A N

JAPAN AIRLINES: To Appoint New President in February
OLYMPUS CORP: Files JPY1 Billion Suit Against Internal Auditors


K O R E A

KOREA TECHNOLOGY: Startup DIP Loan Will Now be on Unsecured Basis


N E W  Z E A L A N D

ZION WILDLIFE: Receivers Agree to Conditional Sale of Park


S I N G A P O R E

LEE HENG: Creditors' Proofs of Debt Due Feb. 13
MESATECH PTE: Creditors' Proofs of Debt Due Feb. 13
MOVINGU PTE: Court to Hear Wind-Up Petition Jan. 27
ROCKET-X MEDIA: Creditors' Proofs of Debt Due Feb. 10
SING ONN: Court Enters Wind-Up Order


                            - - - - -


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A U S T R A L I A
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HADLEYS HOTEL: Goes Into Receivership, In Talks With Korda Mentha
-----------------------------------------------------------------
ABC News reports that Hadleys Hotel has called in receivers
before the opening of its new multi-million dollar redevelopment.

The hotel is owned by the Doherty Group but managed by Accor that
is in talks with receiver Korda Mentha, according to ABC News.

The report relates that the Doherty Group's hotels at Ross and at
Ballarat in Victoria are also in the hands of the receiver.

ABC News notes that Korda Mentha's David Winterbottom said the
Hadley's inner Collins Street redevelopment ran significantly
over budget, placing the owners in financial trouble.

The report notes that Mr. Winterbottom said that site, which
includes luxury apartments and a restaurant, will open but he can
not say when.

Mr. Winterbottom says it will be business as usual at Hadleys
which will be sold off in the coming months, the report adds.


METAL STORM: Settles Dispute with ASOF Over Convertible Security
----------------------------------------------------------------
Metal Storm Limited entered into an agreement with The Lind
Partners, LLC, as manager of the Australia Special Opportunity
Fund LP, under which:

   * ASOF provided loans to the Company in various tranches
     totalling A$700,000; and

   * subject to obtaining Shareholder approval and the
     satisfaction or waiver of various other conditions, ASOF
     agreed to have the A$700,000 in loans, together with a
     further payment of A$200,000 cash, applied as consideration
     for the issue of a new type of convertible security to ASOF.

Metal Storm obtained shareholder approval on Dec. 8, 2011, to
issue the ASOF Convertible Security to ASOF.

Metal Storm has received correspondence from ASOF under which
ASOF has alleged that the Company has breached the Convertible
Security Agreement and has reserved its rights in relation to the
alleged breach.

Metal Storm and ASOF have been in negotiations and have now
reached an agreement to resolve the matter.  The key details of
the new agreement are:

   (1) The further payment of A$200,000 cash by ASOF under the
       Convertible Security Agreement is no longer required.

   (2) The Company will make early repayment of A$230,000 of the
       ASOF Loan.

   (3) The residual ASOF Loan will be exchanged for the ASOF
       Security, which will have a face value of A$700,000 (all
       other terms of the ASOF Security remain the same).

   (4) ASOF waives Metal Storm's breaches of the Convertible
       Security Agreement and the impact of those breaches on any
       related agreements with ASOF (including the Deed of Debt
       Forgiveness under which ASOF has agreed to forgive
       approximately A$1.53 million of the face value of Secured
       Notes it has agreed to purchase, subject to various
       conditions being satisfied or waived).

   (5) The Company will pay ASOF's reasonable legal expenses in
       relation to the matter.

Through its holding of shares and the ASOF Security, as well as
its proposed acquisition of Secured Notes with a face value of
approximately A$13 million, ASOF continues to have a vested
interest in the Company's future.  Note holders and shareholders
will have an opportunity to vote on the proposed changes to the
terms of the Company's Secured Notes and Interest Bearing Notes
at their respective meetings scheduled on Jan. 12, 2012.
Shareholder and note holder approval of the proposed changes are
key conditions on the acquisition of the Secured Notes by ASOF.

After implementation of the agreement with ASOF, Metal Storm will
have approximately $750,000 in cash reserves.  The Company
continues to actively seek to complete private placements for the
Rights Issue shortfall and is working to acquire a larger scale
investment.

                         About Metal Storm

Headquartered in Darra, Queensland, Australia, Metal Storm
Limited is a defense technology company with offices in Australia
and the United States.  It specializes in the research, design,
development and integration of projectile launching systems
utilizing its "electronically initiated / stacked projectile"
technology for use in the defense, homeland security, law
enforcement and industrial markets.

As reported by the Troubled Company Reporter on July 25, 2011,
PricewaterhouseCoopers, in Brisbane, Australia, expressed
substantial doubt about Metal Storm's ability to continue as a
going concern.  The independent auditors noted that the Company
has suffered recurring losses from operations and has a net
capital deficiency.

The Company reported a net loss of A$8.94 million on
A$3.35 million of revenue for 2010, compared with a net loss of
A$11.31 million on A$1.11 million of revenue for 2009.

The Company's balance sheet at Dec. 31, 2010, showed
A$2.15 million in total assets, A$20.64 million in total
liabilities, all current, and an equity deficit of
A$18.49 million.


METAL STORM: Proposes to Issue 41.6 Million Ordinary Shares
-----------------------------------------------------------
Metal Storm Limited proposes to issue 41,666,667 ordinary shares
pursuant to a convertible security agreement.

The Company relies on case 1 in section 708A (5) of the
Corporations Act 2001 (Act) in respect of the issue of the
Shares.

                         About Metal Storm

Headquartered in Darra, Queensland, Australia, Metal Storm
Limited is a defense technology company with offices in Australia
and the United States.  It specializes in the research, design,
development and integration of projectile launching systems
utilizing its "electronically initiated / stacked projectile"
technology for use in the defense, homeland security, law
enforcement and industrial markets.

As reported by the TCR on July 25, 2011, PricewaterhouseCoopers,
in Brisbane, Australia, expressed substantial doubt about Metal
Storm's ability to continue as a going concern.  The independent
auditors noted that the Company has suffered recurring losses
from operations and has a net capital deficiency.

The Company reported a net loss of A$8.94 million on
A$3.35 million of revenue for 2010, compared with a net loss of
A$11.31 million on A$1.11 million of revenue for 2009.

The Company's balance sheet at Dec. 31, 2010, showed
A$2.15 million in total assets, A$20.64 million in total
liabilities, all current, and an equity deficit of
A$18.49 million.


METAL STORM: Convertible Note Maturity Extended Thru March 2015
---------------------------------------------------------------
Metal Storm Limited advised that Note Holders have approved the
amendment to the Convertible Note Terms at the meeting of Note
Holders held in Brisbane on Jan. 12, 2012.

As a result of the resolution and the Note Holder resolution
being approved, the maturity date of the notes has been extended
to March 1, 2015, and the conversion price formula has been
amended.

The approval of Note Holders is subject to the Company obtaining
Shareholder approval for a similar resolution to amend the Note
Terms.

                         About Metal Storm

Headquartered in Darra, Queensland, Australia, Metal Storm
Limited is a defense technology company with offices in Australia
and the United States.  It specializes in the research, design,
development and integration of projectile launching systems
utilizing its "electronically initiated / stacked projectile"
technology for use in the defense, homeland security, law
enforcement and industrial markets.

As reported by the TCR on July 25, 2011, PricewaterhouseCoopers,
in Brisbane, Australia, expressed substantial doubt about Metal
Storm's ability to continue as a going concern.  The independent
auditors noted that the Company has suffered recurring losses
from operations and has a net capital deficiency.

The Company reported a net loss of A$8.94 million on
A$3.35 million of revenue for 2010, compared with a net loss of
A$11.31 million on A$1.11 million of revenue for 2009.

The Company's balance sheet at Dec. 31, 2010, showed
A$2.15 million in total assets, A$20.64 million in total
liabilities, all current, and an equity deficit of
A$18.49 million.


* AUSTRALIA: Corporate Bankruptcies Hit Record High
---------------------------------------------------
Caroline Henshaw at The Courier-Mail reports that new research
has found that corporate bankruptcies rose to a record high last
year as small businesses buckled in the face of an end to
government tax breaks.

Citing data from the Australian Securities and Investment
Commission, the report discloses that between January and
November last year a total of 9,178 companies went into
insolvency administration, up 22% over the average of previous
years and up 10% compared with the year before.

Dissolve company liquidator Cliff Sanderson said most of these
were small businesses feeling the pinch as consumers reined in
spending and the Australian Taxation Office started to call in
breaks handed out during the global financial crisis, according
to the report.

"The driver of a lot of the small liquidations is the Australian
tax office and this is going to continue in 2012," the report
quotes Mr. Sanderson as saying.  "Post-GFC the ATO went very,
very light on business but now they're starting to ask companies
to repay their debts."

The Courier-Mail relates that Mr. Sanderson said small retailers
and "tradies" have been hit hardest by the downturn and were
likely to suffer in the year ahead.


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C H I N A
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SHENGDATECH INC: Exclusive Filing Period Extended to March 19
-------------------------------------------------------------
Judge Bruce T. Beesley of the U.S. Bankruptcy Court for the
District of Nevada has extended the period during which
ShengdaTech Inc. has the exclusive right to file a Chapter 11
plan to and including March 19, 2012.  The period during which
the Debtor has the exclusive right to solicit votes to accept the
plan is also extended to and including June 14, 2012.

In its request for the extension, the Debtor said it needs more
time to investigate fraudulent actions of its prior management
and to locate and secure its assets and the assets of its
subsidiaries.  The Debtor has worked with the Official Committee
of Unsecured Creditors to develop a strategy to recover and
safeguard its assets.  According to the Debtor, the strategy
needs to play out over the coming months in order for it to be in
a position to propose a plan of reorganization.

                         About ShengdaTech

Headquartered in Shanghai, China, ShengdaTech, Inc., makes nano
precipitated calcium carbonate for the tire industry.
ShengdaTech converts limestone into nano-precipitated calcium
carbonate (NPCC) using its proprietary and patent-protected
technology.  NPCC products are increasingly used in tires, paper,
paints, building materials, and other chemical products.  In
addition to its broad customer base in China, the Company
currently exports to Singapore, Thailand, South Korea, Malaysia,
India, Latvia and Italy.

ShengdaTech sought Chapter 11 bankruptcy protection from
creditors (Bankr. D. Nev. Case No. 11-52649) on Aug. 19, 2011, in
Reno, Nevada, in the United States.

The Shanghai-China based company said in its bankruptcy filing it
would fire all of its officers and restructure to try to recover
from an accounting scandal.

The Company disclosed US$295.4 million in assets and US$180.9
million in debt as of Sept. 30, 2011.

The Company's legal representative in its Chapter 11 case is
Greenberg Traurig, LLP.  On Aug. 23, 2011, the Court entered an
interim order confirming the Board of Directors Special
Committee's appointment of Michael Kang as the Debtor's chief
restructuring officer.

Alvarez & Marsal North America, LLC, is the Company's chief
restructuring officer.

As reported in the Troubled Company Reporter on Sept. 7, 2011,
the United States Trustee appointed AG Ofcon, LLC, The Bank of
New York, Mellon (in its role as indenture trustee for
bondholders), and Zazove Associates, LLC, to serve on the
Official Committee of Unsecured Creditors of ShengdaTech, Inc.

Hogan Lovells US serves as counsel for ShengdaTech's official
committee of unsecured creditors.


SHENGDATECH INC: Lease Decision Deadline Extended to March 16
-------------------------------------------------------------
Judge Bruce T. Beesley of the U.S. Bankruptcy Court for the
District of Nevada has extended the deadline by which
ShengdaTech, Inc., must assume or reject the unexpired leases of
non-residential real property through and including March 16,
2012, without prejudice to the Debtor's right to seek a further
extension of the deadline.

                         About ShengdaTech

Headquartered in Shanghai, China, ShengdaTech, Inc., makes nano
precipitated calcium carbonate for the tire industry.
ShengdaTech converts limestone into nano-precipitated calcium
carbonate (NPCC) using its proprietary and patent-protected
technology.  NPCC products are increasingly used in tires, paper,
paints, building materials, and other chemical products.  In
addition to its broad customer base in China, the Company
currently exports to Singapore, Thailand, South Korea, Malaysia,
India, Latvia and Italy.

ShengdaTech sought Chapter 11 bankruptcy protection from
creditors (Bankr. D. Nev. Case No. 11-52649) on Aug. 19, 2011, in
Reno, Nevada, in the United States.

The Shanghai-China based company said in its bankruptcy filing it
would fire all of its officers and restructure to try to recover
from an accounting scandal.

The Company disclosed US$295.4 million in assets and US$180.9
million in debt as of Sept. 30, 2011.

The Company's legal representative in its Chapter 11 case is
Greenberg Traurig, LLP.  On Aug. 23, 2011, the Court entered an
interim order confirming the Board of Directors Special
Committee's appointment of Michael Kang as the Debtor's chief
restructuring officer.

Alvarez & Marsal North America, LLC, is the Company's chief
restructuring officer.

As reported in the Troubled Company Reporter on Sept. 7, 2011,
the United States Trustee appointed AG Ofcon, LLC, The Bank of
New York, Mellon (in its role as indenture trustee for
bondholders), and Zazove Associates, LLC, to serve on the
Official Committee of Unsecured Creditors of ShengdaTech, Inc.

Hogan Lovells US serves as counsel for ShengdaTech's official
committee of unsecured creditors.


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H O N G  K O N G
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BRIGHT EASE: Court to Hear Wind-Up Petition on Feb. 22
------------------------------------------------------
A petition to wind up the operations of Bright Ease Limited will
be heard before the High Court of Hong Kong on Feb. 22, 2012, at
9:30 a.m.

Chan Wai Kwok filed the petition against the company on Dec. 19,
2011.


CARDTEL EUROPE: Creditors and Contributories to Meet on Jan. 20
---------------------------------------------------------------
Creditors and contributories of Cardtel Europe Limited will hold
their first meetings on Jan. 20, 2012, at 2:30 p.m., and 3:00
p.m., respectively at Units 511-512, 5/F, Tower 1, Silvercord, 30
Canton Road, Tsimshatsui, Kowloon, in Hong Kong.

At the meeting, Ho Man Kit Horace and Kong Sze Man Simone, the
company's liquidators, will give a report on the company's wind-
up proceedings and property disposal.


CHERISON ENGINEERING: Court Enters Wind-Up Order
------------------------------------------------
The High Court of Hong Kong entered an order on Jan. 4, 2012, to
wind up the operations of Cherison Engineering Limited.

The official receiver is Teresa S W Wong.


CITIWIDE ENGINEERING: Court Enters Wind-Up Order
------------------------------------------------
The High Court of Hong Kong entered an order on Jan. 4, 2012, to
wind up the operations of Citiwide Engineering Limited.

The official receiver is Teresa S W Wong.


COBALT INDUSTRIAL: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Hong Kong entered an order on Jan. 4, 2012, to
wind up the operations of Cobalt Industrial (Holdings) Company
Limited.

The official receiver is Teresa S W Wong.


EASTERN LINK: Creditors' First Meeting Set for Feb. 8
-----------------------------------------------------
Creditors of Eastern Link Investment Limited will hold their
first meeting on Feb. 8, 2012, at 3:30 p.m., at Room 1909-10, Nan
Fung Tower, at 173 Des Voeux Road Central, in Hong Kong.

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


KWONG YICK: Creditors' Proofs of Debt Due Jan. 27
-------------------------------------------------
Creditors of Kwong Yick Metals Limited, which is in liquidation,
are required to file their proofs of debt by Jan. 27, 2012, to be
included in the company's dividend distribution.

The company's liquidator is:

          James Wardell
          Room 1601-1602, 16th Floor
          One Hysan Avenue
          Causeway Bay, Hong Kong


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AURORA SRI: ICRA Assigns '[ICRA]B+' Rating to INR12.3cr Loan
------------------------------------------------------------
ICRA has assigned the long-term rating at '[ICRA]B+' for
INR12.30 crore fund based limits of Aurora Sri Venkateswara Swamy
Steel & Alloys Private Limited.  The assigned rating is
constrained by project execution risks; significant funding risk
and vulnerability of operating margins to raw material price
volatility as the company lacks captive raw material sources.
ICRA also notes that the promoters have to infuse additional
funds to service repayment obligations in case of any delay in
the commercial production date beyond April 2012 as the term loan
repayment is starting from April 2012. However, the ratings
favorably factor in favorable demand outlook for ferro alloys;
low power cost for ferro alloy units in Andhra Pradesh and
moderate financial risk profile with a project gearing of 0.5
times.

Incorporated in 2008, Aurora Sri Venkateswara Swamy Steel &
Alloys Private Limited is proposing to set up a ferro alloys
manufacturing unit with an installed capacity of 9 MVA. The
company proposes to manufacture silico manganese (SiMn) and ferro
manganese (FeMn). The plant is located at Bobili growth centre,
which is around 80 KM from Vishakhapatnam. The company expects to
start commercial production by April 2012.


BESTOCHEM FORMULATIONS: ICRA Rates INR13.5cr Loan at '[ICRA]BB'
---------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB' to the INR13.5
Cr fund based limits of Bestochem Formulations (India) Limited.
The outlook on the long term rating is 'Stable'.

The assigned ratings factors in the long standing experience of
the promoters in the pharmaceuticals industry and diversified
product portfolio across therapeutic segments of antibiotics,
analgesics, antiemetics, neurotropics etc. The company has
established sales network consisting of 738 medical
representatives (MRs) across India. The ratings, however, remain
suppressed by the moderate scale of operations despite having
long presence in domestic formulations market which render the
company vulnerable to high competition, its low profitability due
to high employee costs and complete outsourcing of drug
manufacturing. Further, the capital structure of the company
remains stretched on account of high working capital intensity.

Bestochem Formulations (India) Limited, incorporated in 1995 is a
marketer of therapeutic formulations with over 170 products sold
across India. The company is promoted by Mr. Girish Juneja and
Mr. Vijay Prakash and who possess over 40 years of experience in
the pharmaceuticals industry. The company is based out of
Sahibabad, UP and has collaboration with over 10 WHO-GMP
recognized manufacturing associates for the formulation of
analgesics, antipyretics, antibiotics. The company has a network
of 1500 authorized stockiest and has a sales network of over 900
people.


GUJARAT FLOTEX: ICRA Reaffirms '[ICRA]BB+' Based Limits Rating
--------------------------------------------------------------
ICRA has reaffirmed the long term rating of Gujarat Flotex
Limited at '[ICRA]BB+' for an enhanced amount of INR12.00 crore
(earlier amount INR8.00 crore) fund based limits and INR9.35
crore term loan. The long term rating carries a stable outlook.
ICRA has also reaffirmed the short term rating at '[ICRA]A4+' for
an enhanced amount of INR2.00 crore (earlier amount INR1.60
crore) non-fund based of GFL.

The rating reaffirmation factors in promoters' long track record
in the flocking business ;wide customer base ,robust growth in
GFL's operating income in the last few years and increased
profits due to economies of scale resulting from -capacity
expansion programs undertaken by the company . Moreover, since
the capex was largely debt funded, associated interest costs have
kept the -net margins modest.The rating also continues to be
constrained by competitive threats from local players and
imports, GFL's limited bargaining power due to its modest size
and its leveraged capital structure on account of high external
debt for capex (gearing of 1.35 times as on March 11).-ICRA also
notes that the company's margins continue to remain exposed to
price and exchange rate fluctuations - while importing raw
material.

GFL is primarily engaged in the manufacturing of flocked fabric.
The company has its manufacturing unit located in Ahmadabad
(Gujarat) and has an installed capacity of around 103 lac metres
of flocked fabric per year. The company's product, flocked
fabrics, find applications in upholstery/ home furnishing
industry (sofa covers, chair covers, etc.), automotive industry
(essentially car seat covers), packaging industry (jewellery
pouches etc.) and other miscellaneous applications (bindi,
jackets etc. GFL sells its products to non-exclusive retailers,
distributors and wholesalers within India and exports its
products to countries like Dubai, Pakistan, Afghanistan, and
Tanzania etc. The exports have however formed a small portion
(around 2%) of the company's overall revenues in FY 11. Fabric
manufacturing is dominated by a large number of independent,
small-scale units. High degree of fragmentation due to the large
unorganized segment has led to high competitive intensity,
thereby limiting the pricing power of the companies. In addition,
the direct linkage to the textile industry exposes the company's
business to the cyclicality inherent in the textile industry.
However, GFL benefits from significant experience of the
promoters who have been in this line of business for over three
decades.

                       About Gujarat Flotex

Gujarat Flotex Pvt. Limited, incorporated in 2000, is engaged in
the business of manufacturing flocked fabrics primarily for the
domestic market. The product (flocked fabric) is essentially the
nylon coated fabric which finds applications in the upholstery/
home furnishing industry (sofa covers, chair covers, etc.),
automotive industry (essentially car seat covers), packaging
industry (jewellery pouches etc.) and other miscellaneous
applications (bindi, jackets etc.). The company is a family
driven business and is promoted by the Tosniwal family which has
been engaged in the flocking industry since 1976.

Recent Results:

In year ended March 31, 2011, the company has reported an
operating income (OI) of INR50.03 crore with a profit after net
profit of INR1.31 crore compared to an OI of INR37.91 crore and a
profit of INR1.21 crore in 2009-10.


KANERIA SILICO: ICRA Assigns '[ICRA]B' Rating to INR9.9cr Loan
--------------------------------------------------------------
A rating of '[ICRA]B' has been assigned to the INR9.90 crore
long-term, fund based facilities of Kaneria Silico Private
Limited.

The assigned ratings are constrained by the execution risks
associated for the project of Soluble Sodium Silicate Unit being
set-up by the company, and the technology risks associated with
plant and machinery which is being imported from China, and its
commercial viability in Indian conditions. Thus, any delays in
equipment supplies or any shortfall in the performance parameters
over the stipulated period remain key rating sensitivities. ICRA
also notes that the company is yet to tie-up debt for the
project, although it has initiated the process; any material
delays in the same could lead to delays in the project execution.
Further, the ratings are constrained by the intense competitive
pressures from established peer group as well as vulnerability to
both i.e. any shortfall in availability and upward pricing
revision of gas.

The assigned rating, however, favourably factors in the extensive
experience of the promoters in related industries-glass and
tiles, however, experience in soluble sodium silicate industry
remains limited; locational advantages on account of
manufacturing unit being present in Bharuch district which is
close to raw material suppliers. Further, company also has secure
access to two key inputs power and gas through agreement with its
group company-KGL. ICRA also notes that although significant
competition is present in the soluble sodium silicate industry,
sales risk is mitigated to some extent on account of captive
consumption by group company.

                       About Kaneria Silico

Incorporated in 2009, Kaneria Silico Pvt. Ltd. is promoted by
Mr. Anil Kaneria and Mr Manish Modia. The company has been set up
for the manufacture of Glass Sodium Silicates and Liquid Sodium
Silicates with an installed capacity of 30,000 TPA. KSPL's
manufacturing facility is located at Jhagadia in Bharuch
district, Gujarat providing the company locational advantage on
account of its proximity to the suppliers of raw materials being
silica and soda ash. The company expects to commence commercial
production from January 2013. The company envisages selling a
sizeable portion of glass sodium silicate to its group concern
Kaneria Granito Limited; translating into backward integration
for the group.


MAGICRETE BUILDING: ICRA Assigns '[ICRA]B' Rating to INR22cr Loan
-----------------------------------------------------------------
The rating of '[ICRA]B' has been assigned to INR22.00 Cr. term
loans and INR6.00 Cr. cash credit facility of Magicrete Building
Solutions Pvt. Ltd.

The assigned rating is constrained on account of the stressed
liquidity position of the company resulting in delays in interest
and debt servicing, however the company has been regular in last
four months; relatively modest scale of operations; limited track
record of the promoters in manufacturing of AAC blocks and high
competition in the industry from organized as well as unorganized
players in addition to low entry barriers for the new entrants.
The assigned rating also takes into account the proposed debt
funded capital expenditure plans which are expected to further
weaken the capital structure in the near to medium term.

The rating however favorably factor in the qualified management
profile, locational advantage on account of proximity to major
consumption centres viz. Ahmedabad and Mumbai and positive demand
outlook for AAC blocks on account of increasing acceptance of the
product in the Indian market. The rating also favorably takes
into account the significant growth in operations for the company
in the past two years.

                    About Magicrete Building

Set up in April 2008 as a private limited company by Mr. Saurabh
Bansal, Mr. Siddharth Bansal, Mr. Sunil Roongta, and Mr. Vinod
Mittal, Magicrete Building Solutions Pvt. Ltd. (MBSPL) started
commercial operations in September 2009 and is engaged in the
manufacturing and marketing of Autoclaved Aerated Blocks (AAC).
The company's manufacturing facility is located at Navsari
(Gujarat) and has a capacity of 150,000 CuM.

Recent Results:

During FY 2011, MBSPL reported an operating income of INR28.65
Cr. (as against INR7.27 Cr. during FY 2010) and profit after tax
of INR0.53 Cr. (as against loss of INR0.59 Cr. for FY 2010).


MACONS INFRATECH: Fitch Rates INR50-Mil. Facility at 'B+(ind)'
--------------------------------------------------------------
Fitch Ratings has assigned India's Macons Infratech Private
Limited a National Long-Term rating of 'Fitch B+(ind)'.  The
Outlook is Stable.

The ratings reflect Macons's limited operational track record in
the domestic construction industry and the modest size of its
projects.  While there are limited execution risks due to low
complexity of the projects, the company's practice of
subcontracting portions of its work to others results in low
profitability (EBITDA margins: 5.3% in FY11 (end-March 2011).

The ratings also reflect high customer concentration risks, with
90% of FY11 revenues coming from two customers.  While Fitch
expects the concentration to reduce in the near-term as Macons
takes up government projects, it is likely to stretch its working
capital cycle due to high collection periods.

The ratings are, however, supported by the strong revenue
visibility (order pipeline: 2.2x FY11 revenues) for the company
and its favourable debt protection metrics including low
financial leverage (debt/EBITDA) of 2.8x and high interest cover
of 7.3x in FY11.

Negative rating action may result from a weakening of Macons's
EBITDA margins or delays in collection due to its increasing
exposure to state government projects resulting in a liquidity
squeeze or debt/EBITDA exceeding 4.0x.  Positive rating action
may result from an improvement in EBITDA margins leading to
debt/EBITDA sustained at levels below 2.5x.

Macons is a Bangalore-based civil contractor, who has been
predominantly executing works on a back-to-back basis for its
customer Totem Infra.  Macons has completed projects in
irrigation, road, railway and commercial building sectors.  Its
total revenues in FY11 was INR488m (FY10: INR293m) and EBITDA was
INR25.7m (INR12.9m).

Rating actions on Macons:

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

  -- INR50 million fund-based limits: assigned at 'Fitch
     B+(ind)'/'Fitch A4(ind)'

  -- INR50 million non-fund-based working capital limits:
     assigned at 'Fitch A4(ind)'


MASTER INDIA: Fitch Puts Rating on Two Bank Loans at 'D'
--------------------------------------------------------
Fitch Ratings has assigned Master India Brewing Company a
National Long-Term rating of 'Fitch D(ind)'.

The ratings reflect the company's default in its repayment of a
term loan instalment and interest, amounting to INR12.1m on the
due date of December 31, 2011.  The company overutilized its
fund-based limits by 104% during FY11 after its liquidity was
stretched by its long net cash cycle of 124 days.

Timely repayments of its term liabilities and interest obligation
for two consecutive quarters would lead to its ratings being
reviewed.

Master India Brewing Company was incorporated in Guwahati as a
partnership firm and is involved in beer brewing.  The company
has an installed capacity of 150,000 hecto litres per annum and
supplies to United Breweries Limited. The partners have been in
the liquor business since 1996.

The agency has assigned the following ratings to its bank loans:

  -- INR270m of term loan: 'Fitch D(ind)'
  -- INR45m of fund-based working capital limits: 'Fitch D(ind)'


MIL INDUSTRIES: Fitch Holds Rating on INR22MM Facility at 'BB-'
---------------------------------------------------------------
Fitch Ratings has revised India-based MIL Industries Ltd's
Outlook to Negative from Stable. Its National Long-Term rating
has been affirmed at 'Fitch BB-(ind)'.

The Outlook change reflects Fitch's expectation that MIL's
financial leverage (debt/EBITDA) would remain high in the near
term due to increased debt to fund working capital and depressed
EBITDA margins.

Fitch notes that MIL's financial leverage increased to 5.5x in
FY11 (year-end March) from 2.6x in FY10 and interest coverage
(EBITDA/gross interest) fell to 2.4x from 3.8x.  This followed a
decline in MIL's EBITDA margin to 7.7% from 13.5% due to volatile
rubber prices and limited flexibility to pass on rise in input
costs as well as greater working capital requirements stemming
from major orders booked in the last quarter.  In Q1 FY12 MIL
reported provisional turnover of INR41.1m and an EBITDA margin of
7.1%.

The ratings continue to be supported by MIL's track record of
manufacturing and supplying industrial linings to major players
in industries such as fertilisers, chemicals, iron & steel.  The
ratings also reflect its strength in the specialised
polytetrafluoroethylene (PTFE) lining sector and the growth
potential of the high-margin PTFE hose segment.

The Outlook may be revised back to Stable if MIL's leverage falls
below 4.5x on a sustained basis.  Conversely downgrade may result
from MIL's leverage exceeding 5.5x on a sustained basis.

MIL is in the business of providing anti-corrosion and anti-
abrasion lining and products-rubber and PTFE lining/products-to
the process and flow industry.  In FY11, MIL had net turnover of
INR181.4m (FY10: INR174m) with operating EBITDA of INR13.9m
(FY10: INR23.4m).

Fitch has also affirmed MIL's bank facilities as follows:

  -- INR22m fund-based working capital limit: affirmed at 'Fitch
     BB-(ind)'

  -- INR65m non-fund-based facilities: affirmed at 'Fitch A4+
     (ind)'


MOTI INDUSTRIES: ICRA Rates INR10cr Facility at '[ICRA]B+'
----------------------------------------------------------
A rating of '[ICRA]B+' has been assigned to the INR10.00 crore
cash credit facility of Moti Industries.

The assigned rating is constrained by the modest scale of
operations and adverse financial profile of the firm as reflected
by low profit margins due to inherently low value addition in the
business, highly leveraged capital structure and weak coverage
indicators. The rating also takes into account the highly
fragmented nature of the industry and vulnerability of the profit
margins to volatility in cotton prices which are exposed to
seasonality and variations in crop harvests. ICRA also notes that
MI is a partnership firm and any significant withdrawals from the
capital account would affect its net worth and thereby have an
adverse impact on the capital structure.

The rating, however, favourably factors in the long experience of
the promoters in the cotton ginning and pressing business,
favourable location of the firm which gives it easy access to raw
cotton and favourable outlook for cotton exports in the near term
given the OGL upto October 2012

                       About Moti Industries

Moti Industries is engaged in ginning and pressing of raw cotton
to produce cotton seeds and cotton bales. The business is managed
jointly by Mr. Kuldeep Patel, Mr. Diabhai patel & Mr.
Govardhanbhai Patel, who took over the firm from Mr. Aakash Patel
in 2007. The plant is located at Shapar, Rajkot (Gujarat). The
firm is equipped with 24 ginning machines and one fully automated
pressing machine. Before taking over Moti Industries, the
promoters were involved in Kuldeep Cotton Industries however the
promoters sold the firm to other partners in 2006.

Recent Results:

In FY 2011, MI reported an operating income of INR40.51 Cr. (as
against INR22.14 Cr. during FY 2010) and profit after tax of
INR0.26 Cr (as against INR0.15 Cr. during FY 2010).


NEHA EXPORTS: ICRA Assigns '[ICRA]B' Rating to INR0.50cr Loan
-------------------------------------------------------------
ICRA has assigned long-term rating of '[ICRA]B' to the INR0.50
crore fund based limits of Neha Exports.  ICRA has also assigned
a short term rating of 'A4' to INR4.50 crore fund based
facilities and INR1.00 crore non fund based facility of Neha
Exports.

The assigned ratings take into consideration firm's small scale
of operations, low profitability and low value add nature of
firm's operations given its presence in trading business and
exposure to foreign exchange rate fluctuation as exports
constitute major portion of total revenue.  Low profitability
coupled with relatively high gearing (2.69 times as on March 31,
2011) has translated into low debt protection indicators (Net
Cash Accruals/Debt of 2% and interest coverage of 1.03 times in
FY2011) for the firm. The ratings however draw comfort from
firm's long track record of operations and the experience of the
management in this business; established relations with its
customers and limited price risk since the sales are usually
backed by confirmed order from customers.

                       About Neha Exports

Neha Exports is a proprietorship firm started by Ms. Madhu
Gulati. The firm is engaged in trading and export of Public
address system popularly known as PA systems.  The firm was
started by Ms Madhu Gulati. The firm is exporting these systems
mainly to Middle East, South East Asia and African countries.
The various components of PA system are sourced from local
suppliers in India and exported to different countries.

Recent Results:

In 2010-11, the firm has reported an operating income (OI) of
INR23.29 crore with a profit after tax of INR0.08 crore compared
to an OI of INR13.05 crore and profit after tax INR0.04 crore in
2009-10.


RAVI TECHNOFORGE: ICRA Reaffirms '[ICRA]BB+' Term Loan Rating
-------------------------------------------------------------
ICRA has reaffirmed the rating assigned to the INR61.50 crore
(enhanced from INR53.68 crore) term loans and INR20.00 crore
(enhanced from INR12.50 crore) long term fund based limits of
Ravi Technoforge Private Limited at '[ICRA]BB+'.  The outlook for
the long term rating is Stable.

ICRA has also reaffirmed the rating assigned to the INR1.88 crore
(enhanced from INR1.24 crore) short-term non fund based bank
facilities at '[ICRA]A4+.'

The rating reaffirmation takes into account the long standing
expertise of the promoters in the manufacturing of high quality
bearing races at competitive prices; the fixed conversion price
model of the company which insulate it from the raw material
price fluctuations and the preferred supplier status from global
bearing companies like SKF and FAG Bearings. The ratings,
however, remained constrained on account of the stretched
financial risk profile of the company with a high gearing; the
assured return clauses for PE investors could impact the
company's risk profile going ahead. The ratings are also
constrained by the modest scale of operations of the company in a
highly fragmented industry and the competition from low cost
Chinese products.

                      About Ravi Technoforge

Ravi Technoforge Private Limited was established in 1990 by
Mr. Amrutlal Bharadia to manufacture high quality forged & turned
bearing races. The bearing races are the inner and outer rings
for a variety of ball, taper roller, cylindrical and spherical
bearings used in automotive, aerospace, medical, electrical and
heavy engineering equipments. The company is based in Rajkot,
Gujarat and has an installed capacity of 4800 MT/annum to produce
about 180 varieties of races. The company is Green Flow & Zero
Defect supplier to SKF group and Certified Quality Supplier for
FAG Bearings globally.

Recent Results:

The company reported a Profit after Tax (PAT) of INR3.3 crore on
an Operating Income (OI) of INR63.6 crore for the financial year
ending March 31, 2011. Also, as per the provisional financials
for H1 FY 2012, the company reported a PAT of INR2.2 crore on an
OI of INR36.6 crore.


RUKMINI IRON: ICRA Assigns '[ICRA]BB' Rating to INR1.71cr Loan
--------------------------------------------------------------
ICRA has assigned '[ICRA]BB' rating to INR1.71 crore bank lines
of Rukmini Iron Pvt Ltd.  ICRA also has an '[ICRA]BB' rating to
INR16 crore bank lines of Rukmini Iron Pvt Ltd.

The ratings takes into account modest scale of operations, which
results in limited economies of scale, relatively value additive
nature of the business and high competitive pressures in the
steel rolling business. These factors have resulted in modest
operating margins and this is unlikely to change significantly in
the medium term. Further, in spite of moderate working capital
(WC) intensity of operations substantial growth in the turnover
has resulted in limited cash generation from operations (as
measured by net cash accruals adjusted for working capital
changes). However the ratings draw comfort from the long
experience of promoters and strong relationship with its client
base. The assigned ratings also positively factors in the
company's partially integrated nature of operations through its
in-house ingot manufacturing facility which tends to give
economies of scale in business operations. This new facility
which became operational in March 2010 has lead to overall
increase in scale of operations in year ended March 31st 2011.

                        About Rukmini Iron

Rukmini Iron Pvt. Ltd commenced its operations in financial year
2003-2004 with the establishment of an induction furnace having
capacity of 18000 MT per annum. The company went in for forward
integration in FY 10 with the setting up of TMT bar manufacturing
facility of capacity 40000 MT per annum. The promoters have been
in this iron and steel industry since 1992. The promoters have
been associated with Essar steel, Lyold Steel, Steel Authority of
India (SAIL) as their independent agents and distributors.

Recent Results:

Rukmini Iron Pvt Ltd has posted a net profit of INR0.53 crore on
an operating income of INR58.59 crore during 2010-11 as against
profit after tax of INR0.47 crore on operating income of INR26.19
crore during 2009-10.


SANJAY KRAFT: ICRA Assigns '[ICRA]B+' Rating to INR8cr Loan
-----------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' for Rs8.00
crore sanctioned/proposed bank limits of Sanjay Kraft Paper
Private Limited.  The rating takes into account the easy
availability of raw materials, healthy growth in the operating
income and the favourable demand outlook for the kraft paper
industry. The assigned ratings are however constrained by high
product concentration risk as the company solely manufactures
kraft paper, its high working capital intensity, its modest scale
of operations, its moderate coverage indicators and the highly
fragmented industry which puts pressure on the company's
profitability. While the sales realisations have improved over
last few years, the benefits of improved realisations have been
largely offset by the increase in input costs.

                        About Sanjay Kraft

Sanjay Kraft Paper Private Limited established in the year 2006
is a manufacturer of kraft paper from recyclable waste paper. The
company was promoted by Mr. Sanjay Shaw and Mrs. Nidhi Devi, who
are no longer a part of the company. The promoters of SKPPL were
unable to focus on the operations of the paper unit owing to
another highly successful venture in which they were actively
involved and this resulted in a management reconstitution. The
management now comprises of Mr. Nageswara Rao and Mr.
Venkateswara Rao and the company is closely held with the
directors holding the entire share capital. The company has a
unit at Dwaraka Tirumala Mandal with a capacity of 50 TPD. The
plant commenced operations from the second half of 2009.

Recent Results:

The company reported a net profit of Rs.0.07 crore during the
FY2011 and an operating income of Rs.15.12 crore as against a net
profit and operating income of Rs.0.06 crore and Rs.11.56 crore
respectively during FY2010.


SANT MUKTABAI: Patil's Kin Takes Over One of 15 Sugar Factories
---------------------------------------------------------------
Surendra Gangan at DNA reports that one of the 15 sugar factories
that will go under the hammer after they went into liquidation is
under the control of president Pratibha Patil's family.  Sant
Muktabai Sahakari Sakhar Karkhana (SMSSK), promoted and chaired
by Patil in the late 1980s, owes dues more than INR60 crore to
various banks, according to the report.

DNA relates that the Maharashtra State Co-Operative Bank Limited
(MSCBL) plans to auction 15 sugar factories -- that went into
liquidation -- in the fourth quarter of this financial year to
raise INR300 crore as part of its dues of INR1,752 crore from
various sugar factories.  Earlier last week, DNA recounts, the
MSCBL issued advertisements announcing the auction of eight sugar
factories.

The report says Muktabai, a Jalgaon-based sugar factory, is now
controlled by Patil's brother GN Patil and his family.  After an
attempt to sell the factory to a private entrepreneur failed, the
MSCBL announced the auction of the SMSSK along with other
factories.  The management of the factory, which has the crushing
capacity of more than 2,500 metric tonnes, made several
unsuccessful attempts to sell the factory to settle its dues,
according to DNA.

DNA notes that the reserve price of the auction of Muktabai is
set at INR46.07 crore by the MSCBL, well short of the over INR60
crore dues. "Muktabai is not only a defaulter of the MSCBL, but
also owes money to some other banks.  The auction will be held
for factory land (170 acres), building, plant and machinery with
a capacity of 2,500 tonnes crushing per day," source from
Mantralaya said.

"We expect Rs350 crore to be raised from the sale of 15
factories. The state government is the bank guarantor for the
loans given to the factories and hence, we expect Rs275 crore
from the government as residual part of the dues of these
factories," the report quotes Pramod Karnad, managing director of
the MSCBL, as saying.

DNA, citing estimates, discloses that the MSCBL dues come to
INR1,752 crore, including the bank guarantee given by the
government to nearly 25 sugar factories that went into
liquidation.  The MSCB has already sold five factories and
recovered INR275 crore from the state government, including that
of the bank guarantee.  After the high court's interim order
directing the MSCBL to sell the factories to recover its dues,
the apex co-operative bank has initiated the auction of the
factories. The court directive came more than a year ago.

Sant Muktabai Sahakari Sakhar Karkhana (SMSSK) known as Sant
Muktabai Cooperative Sugar Factory is a cooperative sugar factory
founded by Pratibha Patil the nominee of UPA and Indian left for
2007 election for President of India.


SHREE SAI: ICRA Assigns '[ICRA]BB-' Rating to INR25.0cr LT Loan
---------------------------------------------------------------
ICRA has assigned '[ICRA]BB-' rating to the INR25.0 crore long-
term fund based facilities of Shree Sai Gold Palace.  The outlook
on the long-term rating is stable.

The assigned rating factors in the low value additive and highly
competitive nature of the jewellery industry characterized by the
presence of many organized and unorganized players, resulting in
low profit margins. The demand in the industry remains
susceptible to volatile gold prices, seasonality, changing
fashion trends and other global factors. The rating also takes
into account high financial risk profile of the firm as reflected
in high gearing levels, relatively weak coverage indicators and
stretched liquidity position owing to significant working capital
requirements towards inventory holding. The firm's presence also
remains concentrated with around 70% of the revenues accounted by
single store. The rating is, however, supported by extensive
experience of the promoters, established relationships with
customers, high brand equity enjoyed by the firm in traditional
jewellery segment and healthy growth in the operating income over
the past few years.

                         About Shree Sai

Shree Sai Gold Palace was started in December, 2004 by Mr. T. A.
Saravana (brother), Mr. T. A. Senthil (brother), S.Sheela Devi
(wife of Mr T.A Saravana) and A. Dhanalakshmi (Mother). The
promoters have been engaged in the business of wholesale trading
of gold for over 10 years. The firm deals in traditional gold
jewellery, silver, diamond, platinum and precious stones. The
firm currently owns three stores for jewellery retailing, two of
which are located at Basavanagudi (Bangalore) and one at
Padmanabhanagar (Bangalore).

Recent Results:

For 2010-11, the firm's operating income stood at INR97.9 crore
with a profit after tax of INR2.0 crore.


SUTECH INDUSTRIES: ICRA Assigns '[ICRA]B+' Rating to INR7cr Loan
----------------------------------------------------------------
ICRA has assigned the "[ICRA]B+" rating to INR7.0 Crore of fund
based limits of Sutech Industries Private Limited.

ICRA's rating take into account modest scale of operations,
almost fully utilized fund based limits resulting in low
financial flexibility, high working capital intensity and weak
debt coverage indicators. The ratings however take comfort from
the growth the business has witnessed since inception, low
vulnerability to raw material price fluctuations and negligible
long term debt commitments.

                      About Sutech Industries

Sutech Industries Private Limited is a private limited company
that got incorporated on April 15, 1999 by Mr. Sukhdev Singh.
SIPL is engaged in manufacturing of MS ingot & casting and has
its manufacturing facility in Ghaziabad. The company commenced
its operations in January, 2008 and since then has been supplying
predominantly to various local rolling mills and machine
manufacturers. The company's main raw materials comprise MS
scrap, Pig iron and Sponge iron which it predominantly procures
from local suppliers and suppliers based out of Orissa and
Kolkata.

In FY2011, the Company achieved an operating income of INR19.82
Crore and a PAT of INR0.17 Crore. The gearing level of the
company as of March 31, 2011 was at 1.94 times.


UMANG BOARDS: ICRA Suspends '[ICRA]B+' INR4.6cr Loan Rating
-----------------------------------------------------------
ICRA has suspended '[ICRA]B+' rating assigned to the INR4.60
crore long term fund based bank limits and INR18.56 crore term
loan of Umang Boards Private Limited. The suspension follows
ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


VIBHOR VAIBHAV: ICRA Puts '[ICRA]BB-' Rating on INR15cr Loan
------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB-' to INR15.00
crore fund based limits and INR7.00 crore non-fund based limits
of Vibhor Vaibhav Infra Pvt. Ltd.  The outlook on the rating is
Stable. ICRA has also assigned a short term rating of '[ICRA]A4'
to the INR5.00 crore non-fund based limit (sublimit of Bank
Guarantee) of VVIPL.

The assigned ratings factor in VVIPL's limited financial
flexibility arising out of stretched creditor days, which is
reflected in high amount of outside liabilities vis-a-vis
tangible Networth (Total outside liabilities/Tangible Networth of
4.59 times as on March 31, 2011, and the company's low networth
which limits its ability to bid for larger tenders.). The ratings
are also constrained by VVIPL's exposure to geographical
concentration risk arising out of presence in majorly one state
(Uttar Pradesh) coupled with client concentration risk,
vulnerability of its margins to raw material prices (due to
absence of escalation clause in contracts) and intensely
competitive nature of construction industry. The rating, however,
draws comfort from long track record and experience of the
promoter in the construction business, strong growth in the
operating revenues and modest order book position of 1.52 times
(order book as on December 2011 and operating income for FY11).

In ICRA's view, improvement in the financial flexibility and
financial risk profile would be the key rating sensitivities.

                       About Vaibhav Infra

Founded in 2001 by Mr. Praveen Tyagi and Suman Tyagi, Vibhor
Vaibhav Infra Pvt. Ltd is an A class Civil and Electrical
contractor registered with Ghaziabad Development Authority. The
company's area of expertise lies in construction of sewer
treatment plants, sector development projects, water works and
development of electricity transmission and distribution
infrastructure. The company is currently executing projects in
Uttar Pradesh and NCR of Delhi. It also sub-contracts part of the
projects on back to back basis. Vibhor Vaibhav Infrahomes Pvt.
Ltd, a group company is engaged in development of residential
township with VVIP Addresses as its maiden project in Ghaziabad.

Recent Results:

The firm reported a net profit of INR7.38 crores on an operating
income of INR217.22 crores in FY11 as against net profit of
INR3.94 crores on an operating income of INR100.16 crores in
FY10.


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


JAPAN AIRLINES: To Appoint New President in February
----------------------------------------------------
The Japan Times reports that Japan Airlines Corp. will appoint
Senior Managing Executive Officer Yoshiharu Ueki as its new
president following a shareholders' meeting in February, a move
intended to strengthen its new management team ahead of its
relisting later this year.

The carrier said Tuesday that current President Masaru Onishi
will become JAL chairman, while current Chairman Kazuo Inamori
will serve as honorary chairman, according to the report.

Mr. Inamori, however, said he will leave the airline next January
in line with his promise at the time he joined JAL in February
2010 to help rehabilitate the company, the report relates.

"I thought it's very important to establish a new management team
with JAL-bred employees while I'm still here," Mr. Inamori told a
news conference in Tokyo, according to the report.

The Japan Times relates that Mr. Inamori said he will step back
from JAL's management and devote his final year with the company
to nurturing new managers.

Mr. Ueki, who joined JAL in 1975, will become the first ex-pilot
to serve as the carrier's president. He was appointed to his
current post in December 2010.

After the shareholders' meeting, state-backed Enterprise
Turnaround Initiative Corp. of Japan will withdraw two of the
three executives it sent to serve on JAL's board, Akitoshi
Nakamura and Koichi Mizutome, allowing the carrier's new
management to act independently.

ETIC, which currently holds more than 90 percent of JAL's voting
rights, hopes to take JAL public again this autumn.

                       About Japan Airlines

Japan Airlines Corporation -- http://www.jal.co.jp/-- is a
Japan-based company mainly engaged in the provision of air
transport services.  The Company is active in five business
segments through its 203 subsidiaries and 83 associated
companies.  JAL International Co. Ltd. is a wholly owned
operating subsidiary of Japan Airlines Corporation.

Japan Airlines Corporation, Japan Airlines International Co.,
Ltd. and JAL Capital Co., Ltd., on Jan. 19, 2010, filed the
petitions to commenced corporate reorganization proceedings with
the Tokyo District Court.  The Court appointed the Enterprise
Turnaround Initiative Corporation of Japan and Eiji Katayama,
Esq., as reorganization trustees.

Japan Airlines Corp. filed for reorganization Jan. 19, 2010, in
the Tokyo District Court and filed a Chapter 15 petition in New
York (Bankr. S.D.N.Y. Case No. 10-10198).  The Company estimated
debts at $28 billion.

In November 2010, Japan Airlines reached a basic agreement with
its major creditor banks on new loans of JPY284.9 billion.  The
airline's rehabilitation plan was approved by the Tokyo District
Court at the end of the month.


OLYMPUS CORP: Files JPY1 Billion Suit Against Internal Auditors
---------------------------------------------------------------
Kyodo News reports that Olympus Corp. said Tuesday it has filed a
lawsuit seeking up to a total of JPY1 billion in damages from
five current and former auditors for losses associated with the
company's accounting fraud.

The news agency relates that the company filed the damages suit
with the Tokyo District Court after receiving an in-house panel's
report, which said the auditors are responsible for about
JPY8.38 billion in losses.  The amount sought was decided by
taking into consideration the auditors' ability to pay damages,
the report notes.

According to Kyodo, the panel said the company's two auditing
firms, KPMG Azsa LLC and Ernst & Young ShinNihon LLC, were not
liable, saying they had conducted the necessary procedures and it
was hard for them to spot the loss coverup.

Kyodo notes that the suit over some of the losses will follow
another damages suit filed with the court last week by Olympus.
The company is demanding 19 current and former executives pay up
to JPY3.6 billion in compensation for the losses, says Kyodo.

                     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.


=========
K O R E A
=========


KOREA TECHNOLOGY: Startup DIP Loan Will Now be on Unsecured Basis
-----------------------------------------------------------------
Debtors Korea Technology Industry America, Inc., Uintah Basin
Resources, LLC, and Crown Asphalt Ridge, L.L.C., filed with the
U.S. Bankruptcy Court for the District of Utah on Dec. 23, 2011,
an amended motion for approval of postpetition financing.

The Debtors and their lender, Rutter & Wilbanks Corporation, have
agreed that the loan of up to $5,000,000 contemplated by the
Original Startup DIP Financing Motion will be on an unsecured,
subordinated basis rather than on a superpriority, secured basis,
except that $300,000 of the loan, which will be used to pay for
costs of extracting tar sands (and thereby produce income) will
be on a superpriority, secured basis.  A copy of the Amended
Startup DIP Loan Agreement is available for free at:

       http://bankrupt.com/misc/koreatechnology.doc240.pdf

A summary of the terms of the Amended Startup DIP Facility is
shown below:

   Borrowers:                 Korea Technology Industry, Inc.,
                              Uintah Basis Resources, LLC, and
                              Crown Asphalt Ridge, L.L.C.

   Lender:                    Rutter & Wilbanks Corporation

   Regular Interest Rate:     5%

   Default Interest Rate:     10%

   Fees and expenses:         No fees, but the Debtors will pay
                              the expenses of the lender.

   Maturity:                  Earlier of Aug. 31, 2012, the
                              effective date of a plan of
                              reorganization, the termination of
                              the Start up DIP loan agreement, or
                              the payment in full of the
                              obligations thereunder.

   Liens, collateral and      No lien or collateral or priority
   priority:                  for Advances except that, to secure
                              the Extraction Costs Advances
                              (which can total no more than
                              $300,000), the Lender will receive
                              under section 364(c)(1), a
                              superpriority administrative
                              expense priority; under section
                              364(d), a fully perfected lien on
                              materials that are extracted
                              utilizing Extraction Cost Advances.

   Limitation on use          The proceeds of the Startup DIP
   of proceeds:               facility will be used only for
                              costs associated with the
                              completion of construction and
                              commissioning of the hot water
                              extraction and evaporation process
                              portions of the Debtors' procession
                              facility and  operation of the
                               "dry froth" circuit.

A full-text copy of the Original Startup Financing Motion is
available for free at:

    http://bankrupt.com/misc/KOREATECHNOLOGY_dipfinancing.pdf

                      About Korea Technology

Korea Technology Industry America, Inc., is a subsidiary of
Seoul-based Korea Technology Industry Co. that tried to squeeze
crude oil from Utah's sandy ridges.  Korea Technology Industry
America, Uintah Basin Resources LLC, and Crown Asphalt Ridge
L.L.C., filed separate Chapter 11 bankruptcy petitions (Bankr. D.
Utah Case Nos. 11-32259, 11-32261, and 11-32264) on Aug. 22,
2011.  The cases are jointly administered under KTIA's case.
Steven J. McCardell, Esq., and Kenneth L. Cannon II, Esq., at
Durham Jones & Pinegar, P.C., in Salt Lake City, serve as the
Debtors' counsel.  The Debtors tapped DBH Consulting, LLC, as
their accountant.  The Debtors disclosed US$35,246,360 in assets
and US$38,751,528 in debts.

Mark D. Hashimoto, in his capacity as examiner in the Debtors
cases, retained George Hofmann and the firm of Parsons Kinghorn
Harris, P.C., as his counsel, and Piercy Bowler Taylor & Kern as
his accountants and financial advisors.

Richard A. Wieland, the United States Trustee for Region 19, has
appointed three members to the Official Committee of Unsecured
Creditors.


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


ZION WILDLIFE: Receivers Agree to Conditional Sale of Park
----------------------------------------------------------
The New Zealand Herald reports that receivers for Zion Wildlife
Gardens said they have agreed to a conditional sale that would
keep the park's big cats alive and at home.

The struggling Northland wildlife park was placed into
liquidation in August after the High Court at Whangarei found it
could not pay debts said to be more than $100,000.

The Herald relates that a lawyer for its operator Patricia Busch
has accused receivers PricewaterhouseCoopers of planning to
euthanase the park's 36 big cats, which include lions, cheetah
and white tigers.

Rabobank New Zealand, who called in receivers to the park, on
Wednesday denied plans to kill the big cats, the Herald says.

According to the report, Rabobank's New Zealand general manager
Ben Russell said a conditional sale contract in place would see
the animals remain at the park.

"There is not, and has never been, any intention to euthanize any
animals at Zion Wildlife Gardens. The welfare of the wildlife is
a priority - they are being very well cared for and the planned
sale of the park would enable them to remain in place," the
report quotes Mr. Russell as saying.

In the High Court at Auckland on Wednesday, the Herald relates
that PwC lawyer Justin Toebes sought to postpone providing
details of the proposed park sale, but Justice Mark Woolford
requested a copy of the offer.

It will not disclose commercially sensitive information, such as
the name of the prospective buyer, the report notes.

The Herald says Mr. Toebes also made an application regarding the
right of the receivers to enter the park.

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

Zion Wildlife Gardens is a famous park in New Zealand.


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


LEE HENG: Creditors' Proofs of Debt Due Feb. 13
-----------------------------------------------
Creditors of Lee Heng Motors Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by Feb.
13, 2012, to be included in the company's dividend distribution.

The company's liquidator is:

         Quek Seow Heng
         c/o M/s Wee Hui Pheng & Co.
         1 Coleman Street #06-10
         The Adelphi
         Singapore 179803


MESATECH PTE: Creditors' Proofs of Debt Due Feb. 13
---------------------------------------------------
Creditors of Mesatech Pte Ltd, which is in members' voluntary
liquidation, are required to file their proofs of debt by Feb.
13, 2012, to be included in the company's dividend distribution.

The company's liquidators are:

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


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

SME Funding Advisory Pte Ltd filed the petition against the
company on Jan. 3, 2012.

The Petitioner's solicitor is:

         M/s Chow Ng Partnership
         116 Jalan Bukit Merah, #01-1655
         Singapore 160116


ROCKET-X MEDIA: Creditors' Proofs of Debt Due Feb. 10
-----------------------------------------------------
Creditors of Rocket-X Media Pte Ltd, which is in creditors'
voluntary liquidation, are required to file their proofs of debt
by Feb. 10, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

         Chan Yee Hong
         c/o Nexia TS Risk Advisory Pte. Ltd.
         100 Beach Road
         Shaw Tower #30-00
         Singapore 189702


SING ONN: Court Enters Wind-Up Order
------------------------------------
The High Court of Singapore entered an order on Dec. 9, 2011, to
wind up Sing Onn Trading Pte Ltd's operations.

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

The company's liquidator is:

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


                             *********

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
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related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

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


                            *********


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

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

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

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

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





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