TCRAP_Public/120126.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 26, 2012, Vol. 15, No. 19

                            Headlines


A U S T R A L I A

LYNAS CORP: Secures US$225MM in Funds for Malaysian Plant
MONEYWISE WEALTH: Ferrier Hodgson Appointed as Receivers


H O N G  K O N G

MEIWA HK: Members' Final Meeting Set for Feb. 22
NLV LIMITED: Members' Final Meeting Set for Feb. 22
PANWELL ENGINEERING: Placed Under Voluntary Wind-Up Proceedings
PECONIC INDUSTRIAL: Final Meetings Set for Feb. 28
PRINCE OF PEACE: Members' Final Meeting Set for Feb. 20

PROFIT ELITE: Creditors' Proofs of Debt Due Feb. 20
PUGANG INTERNATIONAL: Members' Final Meeting Set for Feb. 21
RAINBOW STAR: Creditors' Proofs of Debt Due Feb. 29
RIGHT LINK: Members' Final Meeting Set for Feb. 21
SAINT GOBAIN: Commences Wind-Up Proceedings

STANDARD CHARTERED: Members' Final Meeting Set for Feb. 21
STARBAY INTERNATIONAL: Creditors' Proofs of Debt Due Feb. 17
TOP REAL: Commences Wind-Up Proceedings
TRIO EQUITY: Jeremy David Kraft Steps Down as Liquidator
TWILIGHT TRADING: Creditors' Proofs of Debt Due Feb. 21

UMP MEDICAL: Members and Creditors Final Meetings Set for March 2
WARM CENTURY: Creditors' Proofs of Debt Due Feb. 27
WELL NICE: Members' Final Meeting Set for Feb. 23
WELWITCHIA RESSURGENCIA: Members' Final Meeting Set for Feb. 22
YEN NAVIGATION: Creditors' Proofs of Debt Due Feb. 15


I N D I A

AAMODA BROADCASTING: CRISIL Cuts Rating on INR130MM Loan to 'D'
ANSAL HOUSING: Fitch Cuts Rating on Two Bank Facilities to Low-B
GIRDHARI LAL: CRISIL Cuts Rating on INR400MM Loan to 'CRISIL BB+'
IMPHAL MUNICIPAL: Fitch Migrates Nat'l Long-Term Rating to 'B-'
KALER ELECTRICALS: CRISIL Places 'B' Rating on INR54.5MM Loan

KATARIA CARRIERS: CRISIL Rates INR211.2MM Loan at 'CRISIL BB+'
MITTAPALLI AUDHINARAYANA: CRISIL Reaffirms B+ Cash Credit Rating
POLYSPIN EXPORTS: CRISIL Assigns 'BB' Rating on INR26MM Loan
P & P OVERSEAS: Delay in Debt Payment Cues CRISIL Junk Rating
RAJSHEKHAR CONSTRUCTIONS: Fitch Rates INR90-Mil. Loan at 'B+'

REDCO HOTELS: CRISIL Rates INR450MM Loan at 'CRISIL B+'
SABARI'S EDUCATIONAL: CRISIL Cuts Rating on INR108.1MM Loan to D
SALONA COTSPIN: CRISIL Cuts Rating on INR75MM Loan to 'CRISIL D'
SANTHIRAM EDUCATIONAL: CRISIL Rates INR100M Loan at 'CRISIL B'
SHAFA EDUCATIONAL: Delay in Debt Payment Cues CRISIL Junk Rating

SHARAD CONSTRUCTIONS: Fitch Migrates Rating on 2 Loans to Low-B
SHRISTI COTSPINN: CRISIL Cuts Rating on INR176.1MM Loan to 'D'
SRI SHIRIDI: CRISIL Rates INR90 Million Loan at 'CRISIL D'
SUPARNA CHEMICALS: CRISIL Raises Rating on INR13.9MM Loan to 'B'
TEJA SHIPPING: CRISIL Puts 'CRISIL B+' Rating on INR81.8MM Loan

* Fitch Withdraws Rating on 10 ULBS Ratings


J A P A N

ELPIDA MEMORY: May Gain Another Government Bailout
J-CORE FL1: S&P Cuts Ratings on 2 Classes of Certificates to 'CC'
OLYMPUS CORP: Sony, Fujifilm in Talks to Invest in Olympus
OLYMPUS CORP: Shareholders File JPY220MM Damages Suit


N E W  Z E A L A N D

AMI INSURANCE: Antitrust Regulator to Look Into IAG Takeover


                            - - - - -


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


LYNAS CORP: Secures US$225MM in Funds for Malaysian Plant
---------------------------------------------------------
Sarah-Jane Tasker at The Australian reports that Lynas Corp's
Malaysian plant has been strongly backed by a US investment firm,
which has injected a US$225 million (AUD214 million) funding
boost to finish construction of the delayed plant.

Mount Kellett Capital Management, a US-based investment firm set
up by former Goldman Sachs bankers, has agreed to provide the
funds through an unsecured convertible bond issue, with an
immediate US$50 million injection, according to The Australian.
The US$175 million balance will be subscribed once the investment
firm completes due diligence, which is expected next month.

The Sydney Morning Herald relates that Lynas is awaiting
Malaysian approval to start refining rare earth ore produced at
its Mount Weld mine in Australia.  Malaysia's Atomic Energy
Licensing Board will make a recommendation at the end of this
month, which will then be considered by cabinet, Malaysia's
International Trade and Industry Minister Mustapa Mohamed told
reporters last week, according to SMH.

                        About Lynas Corp.

Lynas Corporation Limited (ASX:LYC) -- http://www.lynascorp.com/
-- is a mineral exploration company operating mainly in
Australia.  The Company's activities are focused primarily on the
exploration and development of rare earths deposits and
exploration for other mineral resources.  Lynas Corporation
Limited is also engaged in the planning, design and construction
of a concentration plant and advanced materials processing plant.
The Company's subsidiaries include Lynas Malaysia Sdn Bhd, Lynas
Transales Pty Ltd, Mt Weld Niobium Pty Ltd, Mt Weld Holdings Pty
Ltd, Mt Weld Rare Earths Pty Ltd, Lynas Chemet Australia Pty Ltd
and Mt Weld Mining Pty Ltd.

                          *     *     *

The company incurred three consecutive annual net losses of
AUD4.50 million, AU$29.28 million, and AU$43.04 million for the
years ended June 30, 2008, 2009 and 2010.

The miner reported a net loss of AUD57.29 million for the year
ended June 30, 2011.


MONEYWISE WEALTH: Ferrier Hodgson Appointed as Receivers
--------------------------------------------------------
Brendan Richards and Morgan Kelly at Ferrier Hodgson were
appointed by a secured creditor as receivers and managers of
Moneywise Wealth Management Pty Ltd pursuant to a Deed of
Appointment dated Jan. 12, 2012.

"The Receivers and Managers of the Company are now responsible
for the management of all of the property of the Company,
including its clients," Ferrier Hodgson said in a statement.

"While clients were formerly serviced by the Company under a
license agreement with AON Hewitt Financial Advice Limited, this
agreement has since been terminated, resulting in AON becoming
responsible for servicing all clients," the receivers added.

Ferrier Hodgson may be reached at:

          Brendan Richards
          Morgan Kelly
          Level 29, 600 Bourke Street
          Melbourne  VIC  3000
          Tel: +61 3 9600 4922
          Fax: +61 3 9642 5887
          E-mail: Brendan.Richards@fh.com.au
                  morgan.kelly@fh.com.au


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


MEIWA HK: Members' Final Meeting Set for Feb. 22
------------------------------------------------
Members of Meiwa Hong Kong Trading Co Ltd will hold their final
meeting on Feb. 22, 2012, at 10:00 a.m., at 35th Floor, One
Pacific Place, 88 Queensway, in Hong Kong.

At the meeting, Lai Kar Yan (Derek) Darach E. Haughey, the
company's liquidators, will give a report on the company's wind-
up proceedings and property disposal.


NLV LIMITED: Members' Final Meeting Set for Feb. 22
---------------------------------------------------
Members of NLV Limited will hold their final meeting on Feb. 22,
2012, at 11:30 a.m., at 35th Floor, One Pacific Place, 88
Queensway, in Hong Kong.

At the meeting, Lai Kar Yan (Derek) and Darach E. Haughey, the
company's liquidators, will give a report on the company's wind-
up proceedings and property disposal.


PANWELL ENGINEERING: Placed Under Voluntary Wind-Up Proceedings
---------------------------------------------------------------
At an extraordinary general meeting held on Jan. 9, 2012,
creditors of Panwell Engineering Limited resolved to voluntarily
wind up the company's operations.


PECONIC INDUSTRIAL: Final Meetings Set for Feb. 28
--------------------------------------------------
Members and creditors of Peconic Industrial Development Limited
will hold their final meetings on Feb. 28, 2012, at 3:00 p.m.,
and 3:30 p.m., respectively at Rooms 903-908, 9/F, Kai Tak
Commercial Building, at 317-319 Des Voeux Road Central, in
Hong Kong.

At the meeting, Leung Shu Yin William, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


PRINCE OF PEACE: Members' Final Meeting Set for Feb. 20
-------------------------------------------------------
Members of Prince of Peace Health Care Limited will hold their
final general meeting on Feb. 20, 2012, at 10:00 a.m., at Room 2,
17/F, Yuk Fai House, Yue Fai Court, at 45 Yue Kwong Road,
Aberdeen, in Hong Kong.

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


PROFIT ELITE: Creditors' Proofs of Debt Due Feb. 20
---------------------------------------------------
Creditors of Profit Elite Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
Feb. 20, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

         Au Tin Po
         Units B-C, 15th Floor
         Sun House
         90 Connaught Road
         Central, Hong Kong


PUGANG INTERNATIONAL: Members' Final Meeting Set for Feb. 21
------------------------------------------------------------
Members of Pugang International Development Company Limited will
hold their final general meeting on Feb. 21, 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.


RAINBOW STAR: Creditors' Proofs of Debt Due Feb. 29
---------------------------------------------------
Creditors of Rainbow Star Properties Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Feb. 29, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Jan. 13, 2012.

The company's liquidator is:

         Chan Siu Lai Joan
         27th Floor, One Island South
         2 Heung Yip Road
         Wong Chuk Hang
         Hong Kong


RIGHT LINK: Members' Final Meeting Set for Feb. 21
--------------------------------------------------
Members of Right Link Consultants Limited will hold their final
general meeting on Feb. 21, 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.


SAINT GOBAIN: Commences Wind-Up Proceedings
-------------------------------------------
Members of Saint Gobain Pipelines Hong Kong Limited, on Jan. 13,
2012, passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

         Philip Brendan Gilligan
         7th Floor, Alexandra House
         18 Chater Road
         Central, Hong Kong


STANDARD CHARTERED: Members' Final Meeting Set for Feb. 21
----------------------------------------------------------
Members of Standard Chartered Custody (Hong Kong) Limited will
hold their final meeting on Feb. 20, 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, Iain Ferguson Bruce, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


STARBAY INTERNATIONAL: Creditors' Proofs of Debt Due Feb. 17
------------------------------------------------------------
Creditors of Starbay International Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Feb. 17, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

         Stephen Briscoe
         602 The Chinese Bank Building
         61-65 Des Voeux Road
         Central, Hong Kong


TOP REAL: Commences Wind-Up Proceedings
---------------------------------------
Members of Top Real Estate Consultants Limited, on Jan. 10, 2012,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

         Wong Lung Tak Patrick
         Room 1101, 11/F
         China Insurance Group Building
         141 Des Voeux Road
         Central, Hong Kong


TRIO EQUITY: Jeremy David Kraft Steps Down as Liquidator
--------------------------------------------------------
Jeremy David Kraft stepped down as liquidator of Trio Equity
Derivatives (Hong Kong) Limited on Jan. 16, 2012.


TWILIGHT TRADING: Creditors' Proofs of Debt Due Feb. 21
-------------------------------------------------------
Creditors of Twilight Trading Company Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Feb. 21, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Jan. 18, 2012.

The company's liquidator is:

         Suresh Lachman Narain
         Room 1601, Wing On Centre
         111 Connaught Road
         Central, Hong Kong


UMP MEDICAL: Members and Creditors Final Meetings Set for March 2
-----------------------------------------------------------------
Members and creditors of UMP Medical Centre (Heng Fa Chuen)
Limited will hold their final meetings on March 2, 2012, at
11:00 a.m., and 3:00 p.m., respectively at Room 1001, Allied
Kajima Building, at 138 Gloucester Road, Wanchai, in Hong Kong.

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


WARM CENTURY: Creditors' Proofs of Debt Due Feb. 27
---------------------------------------------------
Creditors of Warm Century Holdings Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Feb. 27, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Jan. 13, 2012.

The company's liquidator is:

         Pang Siu Chik Alick
         Room 101, 1/F
         Tak Fung Building
         79-81 Connaught Road West
         Hong Kong


WELL NICE: Members' Final Meeting Set for Feb. 23
-------------------------------------------------
Members of Well Nice Investments Limited will hold their final
meeting on Feb. 23, 2012, at 11:00 a.m., at 7/F, San Toi
Building, 139 Connaught Road Central, in Hong Kong.

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


WELWITCHIA RESSURGENCIA: Members' Final Meeting Set for Feb. 22
---------------------------------------------------------------
Members of Welwitchia Ressurgencia Limited will hold their final
general meeting on Feb. 22, 2012, at 10:00 a.m., at 2310 Dominion
Centre, at 43-59 Queen's Road East, in Hong Kong.

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


YEN NAVIGATION: Creditors' Proofs of Debt Due Feb. 15
-----------------------------------------------------
Creditors of Yen Navigation Company Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Feb. 15, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Jan. 9, 2012.

The company's liquidator is:

         Man Yun Wah
         Room 2105, 21/F
         Office Tower, Langham Place
         8 Argyle Street
         Mongkok, Kowloon
         Hong Kong


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


AAMODA BROADCASTING: CRISIL Cuts Rating on INR130MM Loan to 'D'
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities
of Aamoda Broadcasting Company Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR130 Million Term Loan          CRISIL D (Assigned)
   INR20 Million Cash Credit         CRISIL D (Assigned)

The rating reflects instances of delay by ABCPL in servicing its
debt; these delays have been caused by the company's weak
liquidity.

The Aamoda group incurred net losses in 2010-11 (refers to
financial year, April 1 to March 31), has a weak financial risk
profile, marked by weak debt protection metrics and high gearing,
and is exposed to risks related to intense competition and
limited track record of operations in the television broadcasting
industry. These weaknesses are partially offset by the experience
of ABCPL's promoters and its in-house production capabilities.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of ABCPL and its parent, Aamoda
Publications Pvt Ltd (APPL), together referred to as the Aamoda
group. The combined approach is because APPL holds a 72 per cent
stake in ABCPL.

                       About Aamoda Broadcasting

ABCPL was established in 2008 by Mr. V Radhakrishna and his wife,
Mrs. K Kanaka Durga. It is a subsidiary of Aamoda Publications
Pvt Ltd. The company is operating a 24-hour free-to-air satellite
Telugu news channel named ABN Andhra Jyothy. The news channel
commenced commercial operation on October 15, 2009, and its
target market is Andhra Pradesh.

APPL, incorporated in August 2002, publishes and prints the
Telugu daily newspaper, Andhra Jyothy, and Telugu weekly, Navya.

The Aamoda group reported a net loss of INR15 million on net
sales of INR1704 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a net loss of INR55 million on
net sales of INR1556 million for 2009-10.

On a standalone basis, ABCPL reported a net loss of INR62 million
on net sales of INR1544 million for 2009-10, as against a net
loss of INR84 million on net sales of INR12 million for 2009-10.


ANSAL HOUSING: Fitch Cuts Rating on Two Bank Facilities to Low-B
----------------------------------------------------------------
Fitch Ratings has downgraded India-based Ansal Housing and
Construction Limited's National Long-Term rating to 'Fitch
D(ind)' from 'Fitch BB-(ind)'.

The downgrade reflects AHCL's defaults on the repayment of the
principal amount of INR72.9m, which was due as of September 2011
and paid in November 2011.  Fitch received the intimation about
the delay in December 2011.  While there are no overdue amounts,
the company is exposed to significant volatility due to industry
factors and hence there is a likelihood of further cash flow
strains.

Positive rating guidelines include timely payments for interest
and principal amounts for at least two quarters.

AHCL is into real estate and restaurant business segments.  In
FY11, the company reported consolidated revenues of INR3.5
billion (FY10: INR3.1 billion).

AHCL's bank facilities have also been downgraded as follows:

  -- Secured overdraft facilities of INR750m: downgraded to
     'Fitch D(ind)' from 'Fitch BB-(ind)'

  -- Term loans of INR640m: downgraded to ' Fitch D(ind)' from
     'Fitch BB-(ind)'


GIRDHARI LAL: CRISIL Cuts Rating on INR400MM Loan to 'CRISIL BB+'
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Girdhari Lal Constructions Pvt Ltd to 'CRISIL BB+/Stable/CRISIL
A4+' from 'CRISIL BBB/Stable/CRISIL A3+'

   Facilities                       Ratings
   ----------                       -------
   INR400 Million Cash Credit       CRISIL BB+/Stable (Downgraded
                                     from CRISIL BBB/Stable)

   INR18 Million Proposed Cash      CRISIL BB+/Stable (Downgraded
   Credit Limit                      from CRISIL BBB/Stable)

   INR32 Million Bank Guarantee     CRISIL A4+ (Downgraded from
                                      CRISIL A3+)

The downgrade reflects the major deterioration in GLCPL's
financial risk profile, driven by aggressive scale up of
operations in 2010-11 (refers to financial year, April 1 to
March 31) resulting in substantial working capital and capital
expenditure (capex) requirements, which were funded entirely
through interest-bearing mobilisation advances and bank
borrowing. The downgrade also factors in the diversion of some of
the mobilisation advances to non-core activities of purchasing
real estate, servicing loans to affiliates, as well as repaying
unsecured loans availed of from the promoters. This fund
diversion is expected to impact the GLCPL's liquidity in the core
business over the medium term. The pressure on the company's
liquidity will be aggravated by term loan repayments of INR13
million in 2011-12 and capex plan of INR20 million in 2011-12.

For arriving at the ratings, CRISIL has considered the standalone
financials of GLCPL. The financials of other group companies,
such as Pushpa Infra-constructions, have not been consolidated
with GLCPL owing to lack of information provided by the
management on other group companies.

The ratings reflect GCLPL's established position in the niche
defence civil construction segment, healthy order book,
promoters' extensive industry experience. These rating strengths
are partially offset by multi-fold increase in interest bearing
commercial and financial obligations due to aggressive scale up
of GLCPL's operations in 2010-11, stretched liquidity owing to
diversion of core business funds to non-core activities, and high
vulnerability to delay in execution and receipt of payments from
key projects.

Outlook: Stable

CRISIL believes that GLCPL will maintain its business risk
profile over the medium term supported by its established
position as a defence civil contractor and its healthy order
book. However, the company's liquidity, and hence its financial
risk profile, is likely to remain weak over this period due to
diversion of some of mobilization advances to non core activities
in 2010-11 which will impact cash flow from core operations over
the medium term in the absence of any fresh inflow of
mobilisation advances. Liquidity pressure will be exacerbated by
term loan repayments and capex and working capital requirements
over the next three years. The outlook may be revised to
'Positive' if GLCPL is able to meet its funding requirements in
its core business in the next three years through fresh inflow of
mobilisation advances on new projects or by reversing the fund
flow from non-core activities into core activities through
infusion of funds by promoters. Conversely, the outlook may be
revised to 'Negative' if the company is unable to manage the
liquidity pressures in the core business from the above mentioned
sources and raise fresh debt to meet the funding requirements
which will result in further deterioration in the financial risk
profile.

                      About Girdhari Lal

GLCPL was originally established in 1963 as a proprietary
concern, Girdhari Lal Contractor, where Mr. Girdhari Lal Mehta
was the proprietor. The firm was reconstituted as a private
limited company in 1993. GLCPL undertakes turnkey civil contracts
(mainly housing facilities) for defence agencies such as Military
Engineering Services, Directorate General of Married
Accommodation Project, and Army Welfare Housing Project. The
major projects being presently executed by the company includes
housing projects for DG MAP in Delhi, Gurgaon (Haryana), Hindon
(Gurgaon), and Pathankot (Punjab), and housing project for AWHP
in Mohali (Punjab).GLCPL is promoted and managed by Mr. Girdhari
Lal Mehta and his three sons, Mr. Naveen Mehta, Mr. Vikas Mehta,
and Mr. Navit Mehta.

GLCPL reported a profit after tax (PAT) of INR21 million on net
sales of INR774 million for 2010-11, as against a PAT of INR16
million on net sales of INR443 million for 2009-10.


IMPHAL MUNICIPAL: Fitch Migrates Nat'l Long-Term Rating to 'B-'
---------------------------------------------------------------
Fitch Ratings has migrated Imphal Municipal Council's 'Fitch B-
(ind)' National Long-Term rating with a Stable Outlook to the
"Non-Monitored" category.

The rating has been migrated to the non-monitored category due to
lack of adequate information, and Fitch will no longer provide
ratings or analytical coverage of ImMC.  The rating will remain
in the non-monitored category for six months and be withdrawn at
the end of that period.  However, in the event the issuer starts
furnishing information during this six-month period, the rating
may be reinstated and will be communicated through a "Rating
Action Commentary".


KALER ELECTRICALS: CRISIL Places 'B' Rating on INR54.5MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Kaler Electricals Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR54.5 Million Term Loan          CRISIL B/Stable (Assigned)
   INR42.5 Million Cash Credit        CRISIL B/Stable (Assigned)
   INR8 Million Letter of Credit      CRISIL A4 (Assigned)
   INR2 Million Bank Guarantee        CRISIL A4 (Assigned)

The ratings reflect KEPL's small scale of operations with high
supplier concentration, and weak financial risk profile marked by
a small net worth, a high gearing, and weak debt protection
metrics. These rating weaknesses are partially offset by the
benefits that the company derives from its promoter's extensive
experience and its established relationships with its suppliers.

The promoters along with their associates have provided INR6
million of non-interest bearing, unsecured loans to KEPL, which
will be retained in the business until the bank loans are repaid;
for arriving at the rating, these loans have been treated as
quasi equity.

Outlook: Stable

CRISIL believes that KEPL will continue to benefit over the
medium term from its promoter's extensive experience and its
established relationship with its suppliers. The outlook may be
revised to 'Positive' if the company significantly improves its
financial risk profile driven by better-than-expected cash
accruals or equity infusion along with efficient working capital
management. Conversely, the outlook may be revised to 'Negative'
in case of further stress on KEPL's liquidity resulting from
lower-than-expected cash accruals, or larger-than-expected
working capital requirements or debt-funded capital expenditure.

                      About Kaler Electricals

Incorporated in 2002 and promoted by Mr. Shrawan Kaler, KEPL
trades in water pumps, flat cables, and pipes; it has started
manufacturing polyvinyl chloride (PVC) and high-density
polyethylene (HDPE) pipes and electrical cables in June 2011. The
company's manufacturing unit is in the Sikar district
(Rajasthan). Prior to commencement of manufacturing operations,
KEPL derived its entire revenues from the trading segment. In
2011-12 (refers to financial year, April 1 to March 31), the
company is expected to derive about half of its total revenues
from the manufacturing segment and the balance from the trading
segment.


KATARIA CARRIERS: CRISIL Rates INR211.2MM Loan at 'CRISIL BB+'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable/ CRISIL A4+' ratings
to the bank facilities of Kataria Carriers.

   Facilities                        Ratings
   ----------                        -------
   INR211.2 Million Term Loan        CRISIL BB+/Stable (Assigned)
   INR70 Million Cash Credit         CRISIL BB+/Stable (Assigned)
   INR22.8 Million Proposed Long-    CRISIL BB+/Stable (Assigned)
    Term Bank Loan Facility
   INR10 Million Bank Guarantee      CRISIL A4+ (Assigned)
   INR36 Million Letter of Credit    CRISIL A4+ (Assigned)

The ratings reflect Kataria's moderate financial risk profile
marked by comfortable debt protection metrics, and established
and diversified clientele. These rating strengths are partially
offset by the susceptibility of Kataria's operating margin to
fuel price hikes and intense competition in highly fragmented
industry.

Outlook: Stable

CRISIL believes that Kataria will maintain its business risk
profile, supported by established relationships with its
customers, over the medium term. The outlook may be revised to
'Positive' if Kataria generates more-than-expected cash accruals
and improves its capital structure. Conversely, the outlook may
be revised to 'Negative' if the firm's operating margin declines,
working capital requirements increase, or if it undertakes a
larger-than-expected, debt-funded capital expenditure programme
or higher than expected withdrawal of capital by partners leading
to deterioration in debt servicing ability of the firm.

                      About Kataria Carriers

Kataria, formed in 1995, is a partnership firm owned by Mr.
Mahendra Kataria and his brother Mr. Manish Kataria. It is based
in Kanpur (Uttar Pradesh). The firm is engaged in road
transportation business. It has a fleet of about 213 owned
vehicles and 300 vehicles on rent (mainly on full-truck-loading
basis). The firm has a diversified clientele across various
industries, including power, engineering, fast-moving consumer
goods, metals and automotive. Some of Kataria's reputed clients
are Areva T&D India Ltd, Vedanta Aluminum Ltd (rated 'CRISIL A-
/Stable/ CRISIL A2+' and CRISIL AA+(SO)/Stable/CRISIL A1+(SO)),
Bharat Aluminum Company Ltd (rated CRISIL AA/Stable/CRISIL A1+),
Bharat Heavy Electricals Ltd(rated 'CRISIL AAA/Stable/CRISIL
A1+'), Container Corporation of India Ltd, and Gujarat Co
Operative Milk Marketing Federation Ltd (CRISIL AAA/Stable/CRISIL
A1+). Kataria has also diversified into rural godown business -
it has warehouse with area of about 0.23 million square feet in
Pargana, Kanpur district.

Kataria reported a book profit of INR53.2 million on net sales of
INR1.4 billion for 2010-11 (refers to financial year, April 1 to
March 31), against a book profit of INR45.0 million on net sales
of INR961 billion for 2009-10.


MITTAPALLI AUDHINARAYANA: CRISIL Reaffirms B+ Cash Credit Rating
----------------------------------------------------------------
CRISIL rating on the bank facility of Mittapalli Audinarayana
Enterprises Pvt Ltd continues to reflect Mittapalli's weak
financial risk profile, marked by small net worth, high gearing
and weak debt protection metrics, and working-capital-intensive
operations. These rating weaknesses are partially offset by the
benefits that the company derives from its promoters' experience
in the tobacco processing industry and its established
relationships with customers.

   Facilities                       Ratings
   ----------                       -------
   INR300-Mil. Open Cash Credit    CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Mittapalli will maintain its business risk
profile over the medium term, supported by its established
relationships with customers and promoters' industry experience.
An improvement in Mittapalli's financial risk profile, most
likely driven by improved gearing or higher-than-expected
profitability, may result in a revision in the rating outlook to
'Positive'. Conversely, the outlook may be revised to 'Negative'
in case of a more-than-expected increase in the company's working
capital requirements, leading to deterioration in its financial
risk profile, especially liquidity, or if its business suffers
because of any adverse regulatory changes.

                     About Mittapalli Audinarayana

Set up as a partnership firm in 1964, Mittapalli was
reconstituted as a private limited company in 2006. It is
promoted by Mr. Mittapalli Rama Rao and his sons, Mr. Mittapalli
Umamaheswar Rao and Mr. Mittapalli Siva Kumar. Mittapalli
processes tobacco leaves for sale in India and abroad. Currently,
Mr. Mittapalli Rama Rao is the managing director of the company.

Mittapalli reported a profit after tax (PAT) of INR13.3 million
on net sales of INR775.7 million for 2010-11 (refers to financial
year, April 1 to March 31), against a PAT of INR10.3 million on
net sales of INR679.9 million for 2009-10.


POLYSPIN EXPORTS: CRISIL Assigns 'BB' Rating on INR26MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of Polyspin Exports Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR26 Million Cash Credit          CRISIL BB/Stable (Assigned)
   INR117 Million Long-Term Loan      CRISIL BB/Stable (Assigned)
   INR12 Million Proposed Long-Term   CRISIL BB/Stable (Assigned)
    Bank Loan Facility
   INR32.6 Mil. Buyer Credit Limit    CRISIL A4+ (Assigned)
   INR60 Mil. Foreign Bill Purchase   CRISIL A4+ (Assigned)
   INR90 Million Letter of Credit     CRISIL A4+ (Assigned)
   INR15 Million Short Term Loan      CRISIL A4+ (Assigned)
   INR62.5 Million Packing Credit     CRISIL A4+ (Assigned)

The ratings reflect the extensive experience of PEL's promoters
in the flexible intermediate bulk containers (FIBC) segment and
moderate financial risk profile, marked by moderate net worth and
debt protection metrics. These rating strengths are partially
offset by PEL's modest scale of operations in an intensely
competitive industry and risk related to delay in stabilisation
of the ongoing textile project.

Outlook: Stable

CRISIL believes that PEL will continue to benefit over the medium
term from its established track record in the industry. The
outlook may be revised to 'Positive' if the company records
considerable increase in revenues while maintaining its
profitability, resulting in improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
PEL records lower-than-expected revenues and profitability or
there are considerable delays in stabilizing operations in its
spinning unit or the company undertakes greater-than-expected
debt-funded capital expenditure programme, resulting in
deterioration in its financial risk profile.

                       About Polyspin Exports

Incorporated as a 100% export-oriented unit in 1991, PEL derives
its entire revenues from export of FIBC bags predominantly to
European countries. The company has its manufacturing unit in
Rajapalayam (Tamil nadu) with an installed capacity of 5,500
tonnes per annum. PEL is also setting up a spinning unit to be
operational by March' 2012 (to manufacture open end yarn) at a
project cost of INR100 million to be funded through term loans of
INR79.6 million and the remaining through internal accruals.

PEL reported a profit after tax (PAT) of INR14.9 million on net
sales of INR441.1 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR10 million on net
sales of INR347 million for 2009-10.


P & P OVERSEAS: Delay in Debt Payment Cues CRISIL Junk Rating
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the short-term bank
facilities of P & P Overseas.

   Facilities                          Ratings
   ----------                          -------
   INR22.5 Million Bill Discounting    CRISIL D (Assigned)
   INR40.0 Million Packing Credit      CRISIL D (Assigned)

The rating reflects instances of delay by PPO in servicing its
debt; the delays have been caused by the firm's weak liquidity.

PPO also has a weak financial risk profile, marked by high
gearing, weak debt protection metrics and small net worth, large
working capital requirements, and small scale of operations, and
is susceptible to intense competition in the printing and
packaging industry. However, the firm benefits from the
established track record of its promoters in the printing and
packaging industry.

                       About P & P Overseas

Set up by Mr. Rohit Narang in 2002, PPO is a proprietary firm
based in Gurgaon (Haryana). PPO manufactures and exports paper
products such as paper bags, corrugated boxes, and cartons. The
firm derives about 80 per cent of its turnover from sale of paper
bags and the rest from sale of corrugated boxes and cartons. PPO
primarily caters to customers in Canada and Europe.

PPO reported a book profit of INR7.9 million on net sales of
INR143.46 million for 2010-11 (refers to financial year, April 1
to March 31), against a book profit of INR11.90 million on net
sales of INR128.23 million for 2009-10.


RAJSHEKHAR CONSTRUCTIONS: Fitch Rates INR90-Mil. Loan at 'B+'
-------------------------------------------------------------
Fitch Ratings has assigned India's Rajshekhar Constructions
Private Limited a National Long-Term rating of 'Fitch B+(ind)'.
The Outlook is stable.

The rating reflects RCPL's weak credit profile, as reflected by
low EBITDA interest coverage of 1.5x and high net financial
leverage of 4.3x in the financial year ended March 2011 (FY11).
Revenue declined by 16% yoy to INR400.9m in FY11, due to delayed
execution at the project site from more-than-expected rainfalls;
though margins improved to 8.5% (FY10: 6.2%).  The ratings are
also constrained by the regional and client concentration risks
as around 60% of RCPL's contracts are executed for the Assam
state government in north east India.

The ratings, however, draw support from the company's strong
order book of INR1059.3m (2.6x FY11 revenue) as on December 2011
and over five-decade-long experience of its founders' in civil
construction.

Positive rating guidelines include EBITDA interest coverage of
above 2x.  Negative rating guidelines include EBITDA interest
coverage of below 1.2x.

Incorporated in 1958, RCPL is Guwahati-based civil contractor
engaged in the construction of roads, bridges, buildings,
irrigation projects for government undertakings.

Fitch has also assigned ratings to RCPL's bank facilities as
follows:

  -- INR90m fund based limits: 'Fitch B+(ind)'
  -- INR150m non fund based limits: 'Fitch A4(ind)'


REDCO HOTELS: CRISIL Rates INR450MM Loan at 'CRISIL B+'
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the rupee
term loan facility of Redco Hotels Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR450 Million Rupee Term Loan     CRISIL B+/Stable (Assigned)

The rating reflects RHPL's exposure to risks related to project
implementation and revenue off-take. These rating weaknesses are
partially offset by the benefits that the company derives from
its management's experience and its tie-up with Marriott Hotels
India Pvt. Ltd.

Outlook: Stable

CRISIL believes that RHPL will derive benefits from its
promoters' extensive experience and its tie-up with Marriott.
Though there is an expected time overrun of around nine months
for constructing the hotel, the company's debt repayment ability
is not expected to be significantly affected as the term loan
repayments begin in February 2014 and no cost overrun is
expected. The outlook may be revised to 'Positive' if the company
completes the project without a cost overrun and generates stable
accruals from operations with sustained profitability.
Conversely, the outlook may be revised to 'Negative' if there is
a further delay in implementation of the project, or if RHPL is
unable to generate stable accruals from operations, thereby
negatively impacting its debt repayment ability.

                         About Redco Hotels

RHPL was incorporated in 2008 by Mr. Afzal Ladak, his son Mr.
Shakeel Ladak, and his son-in-law Mr. Iqbal Makani. It is
currently constructing a four-star hotel at Chakan in Pune
(Maharashtra). The hotel will be constructed on 3.2 acres of land
at Chakan and will house 176 rooms besides other facilities such
as restaurants, a coffee shop, and meeting rooms. The total cost
of the project is estimated at INR1070 million and is proposed to
be financed through promoter's contribution of INR690 million and
a term loan of INR380 million from the bank. The hotel is
expected to commence operations from January 2013.

The company has tied up with Marriott for managing the operations
of the hotel; the hotel will be branded as 'Courtyard' by
Marriott. Marriott International Inc. is a leading lodging
company with more than 3500 lodging properties in the US and 65
other countries and operates hotels under its various brands. The
layout of the hotel has been designed by Marriot International
Design Inc, USA meeting the standards of the Courtyard brand of
hotels.


SABARI'S EDUCATIONAL: CRISIL Cuts Rating on INR108.1MM Loan to D
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sabari's Educational
Trust continue to reflect delays by SET in servicing its debt;
the delays have been caused by SET's weak liquidity arising out
of its cash flow mismatches.

   Facilities                        Ratings
   ----------                        -------
   INR108.10 Million Term Loan       CRISIL D (Reaffirmed)
   INR2.00 Million Cash Credit       CRISIL D (Reaffirmed)
   INR3.90 Million Proposed Long-    CRISIL D (Reaffirmed)
   Term Bank Loan Facility

SET continues to have weak financial risk profile. However, the
firm continues to benefit from good infrastructure with growing
reputation.

Set up in 1997 by Mr. T N P Muthoo Nataraajan, SET runs a higher
secondary school, Sri Dhayanandapuri Matriculation Higher
Secondary School, and an engineering college for women, Tejaa
Shakthi Institute of Technology (established in 2008). Both the
institutions are near Tirupur (Tamil Nadu).

SET reported a net loss of INR11.5 million on net sales of
INR51.0 million for 2010-11 (refers to financial year, April 1 to
March 31), against a net loss of INR20.4 million on net sales of
INR33.7 million for 2009-10.


SALONA COTSPIN: CRISIL Cuts Rating on INR75MM Loan to 'CRISIL D'
----------------------------------------------------------------
CRISIL has downgraded its ratings on the existing bank facilities
of Salona Cotspin Ltd to 'CRISIL D/CRISIL D' from 'CRISIL BB-
/Stable/CRISIL A4+'.

   Facilities                          Ratings
   ----------                          -------
   INR75.00 Million Overdraft          CRISIL D (Downgraded from
   (Enhanced from INR14.70 Million)    'CRISIL BB-/Stable')

   INR146.60 Million Cash Credit       CRISIL D (Downgraded from
   (Enhanced from INR106.60 Million)   'CRISIL BB-/Stable')

   INR30.00 Million Bill Discounting   CRISIL D (Downgraded from
   (Enhanced from INR10.00 Million)    'CRISIL A4+')

   INR29.30 Million Letter of Credit   CRISIL D (Downgraded from
                                       'CRISIL A4+')

   INR12.40 Million Bank Guarantee     CRISIL D (Downgraded from
   (Reduced from INR13.20 Million)     'CRISIL A4+')

   INR236.7 Million Term Loan          CRISIL D (Downgraded from
   (Enhanced from INR178.30 Million)   'CRISIL BB-/Stable')

The downgrade reflects instances of delays by Salona in servicing
its debt; the delays have been caused by the company's weak
liquidity and cash losses incurred during the six months ended
September 30, 2011.

Salona has a below-average financial risk profile marked by a
high gearing. Its margins are susceptible to adverse changes in
cotton prices and to power shortages. However, the company
benefits from its promoter's experience in the textile business.

For arriving at the ratings, CRISIL has considered the business
and financial risk profiles of Salona on a standalone basis. For
the previous ratings exercise, CRISIL had combined Salona's
business and financial risk profiles with those of its associate
entity, Shristi Cotspinn Pvt Ltd.  The change in the analytical
approach has been driven by the absence of any financial
fungibility and minimal intercompany transactions between the two
companies.

                       About Salona Cotspin

Salona was set up by Mr. Shyamlal Agarwal in 1994 in Erode (Tamil
Nadu). The company manufactures grey hosiery yarn in counts
ranging from 20s to 40s, and grey knit fabric. The company has
24,336 spindles and 8 knitting machines. It sells its products in
the Tirupur (Tamil Nadu) market. Direct exports contributed 15 to
20 per cent to Salona's total revenues in 2010-11 (refers to
financial year, April 1 to March 31).

Salona reported a profit after tax (PAT) of INR44.7 million on
net sales of INR736.9 million for 2010-11, against a PAT of
INR22.6 million on net sales of INR511.3 million for 2009-10.


SANTHIRAM EDUCATIONAL: CRISIL Rates INR100M Loan at 'CRISIL B'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Santhiram Educational Society.

   Facilities                        Ratings
   ----------                        -------
   INR100 Million Proposed Long-     CRISIL B/Stable (Assigned)
   Term Bank Loan Facility

The rating reflects SES's weak financial risk profile, marked by
a small net worth, high gearing, and weak debt protection
metrics, and susceptibility to regulatory risks in the education
sector. These rating weaknesses are partially offset by the
extensive experience SES's promoters in the educational society.

Outlook: Stable

CRISIL believes that SES will continue to benefit from its
promoters' extensive experience in the educational sector, over
the medium term. The outlook may be revised to 'Positive' in case
of sustainable increase in the society's scale of operations and
profitability or improvement in the capital structure on account
of infusion of capital. Conversely, the outlook may be revised to
'Negative' if the society undertakes a large debt-funded capital
expenditure programme, leading to weakening in its capital
structure, or if its revenues and margins decline steeply.

Established in 2008, SES runs a women's engineering college,
Syamala Devi Institute of Technology for Women, in Nandyal
(Andhra Pradesh [AP]). The society is promoted by Dr. M Santhi
Ramudu and his family members. The college offers graduate
courses in engineering and management. The courses offered are
approved by All India Council for Technical Education, and the
college is affiliated to the Jawaharlal Nehru Technological
University, Hyderabad (AP).

SES reported a provisional surplus (excess of income over
expenditure) of INR0.3 million on net revenues of INR21 million
for 2010-11, as against a surplus of INR0.04 million on net
revenues of INR12 million for the previous year.


SHAFA EDUCATIONAL: Delay in Debt Payment Cues CRISIL Junk Rating
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities
of Shafa Educational Society. The rating reflects instances of
delay by SES in servicing its debt; the delays have been caused
by the SES's weak liquidity.

   Facilities                        Ratings
   ----------                        -------
   INR10 Million Cash Credit         CRISIL D (Assigned)
   INR311 Million Long-Term Loan     CRISIL D (Assigned)
   INR79 Million Proposed Long-      CRISIL D (Assigned)
   Term Bank Loan Facility
   INR100 Million Bank Guarantee     CRISIL D (Assigned)

SES has an average financial risk profile, marked by moderate net
worth, weak gearing, and average debt protection metrics; the
trust is also susceptible to geographical concentration in
revenue profile and to adverse regulatory changes in the
educational sector. However, the society has an established
regional presence, supported by supported by its promoter's
extensive industry experience.

Set up in 2001, SES runs two institutes that provide courses in
medicine and nursing. Both the institutes are approved by Dr. NTR
University of Health Sciences, Vijaywada, and the Medical Council
of India. The annual student intake capacity for the medicine and
nursing courses is 100 each. As on date, the society has a total
of 800 students

SES reported a surplus (excess of income over expenditure) of
INR0.50 million on total income of INR239 million for 2010-11
(refers to financial year, April 1 to March 31) against a surplus
(excess of income over expenditure) of INR0.30 million on total
income of INR208 million for 2009-10.


SHARAD CONSTRUCTIONS: Fitch Migrates Rating on 2 Loans to Low-B
---------------------------------------------------------------
Fitch Ratings has migrated India-based Sharad Constructions
Private Limited's National Long-Term 'Fitch BB(ind)' rating with
a Stable Outlook to the "Non-Monitored" category.  This rating
will now appear as 'Fitch BB(ind)nm' on the agency's Web site.

The ratings have been migrated to the non-monitored category due
to lack of adequate information, and Fitch will no longer provide
ratings or analytical coverage of Sharad.  The ratings will
remain in the non-monitored category for a period of six months
and be withdrawn at the end of that period.  However, in the
event the issuer starts furnishing information during this six-
month period, the ratings could be re-activated and will be
communicated through a Rating Action Commentary.

Fitch has also classified Sharad's following bank loan ratings as
non-monitored:

  -- Outstanding INR0.68m term loans: migrated to 'Fitch
     BB(ind)nm' from 'Fitch BB(ind)'

  -- INR5m fund-based limits: migrated to 'Fitch BB(ind)nm' from
     'Fitch BB(ind)'

  -- INR50m non-fund based limits: migrated to 'Fitch A4+(ind)nm'
     from 'Fitch A4+(ind)'


SHRISTI COTSPINN: CRISIL Cuts Rating on INR176.1MM Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the existing bank facilities
of Shristi Cotspinn Pvt Ltd to 'CRISIL D/CRISIL D' from 'CRISIL
BB-/Stable/CRISIL A4+'. CRISIL has also assigned its 'CRISIL D'
rating to the INR18.50-million bank guarantee facility of
Shristi.

   Facilities                          Ratings
   ----------                          -------
   INR176.10 Million Term Loan         CRISIL D (Downgraded from
   (Enhanced from INR120.40 Million)   'CRISIL BB-/Stable')

   INR140.00 Million Cash Credit       CRISIL D (Downgraded from
   (Enhanced from INR60.00 Million)    'CRISIL BB-/Stable')

   INR18.50 Million Bank Guarantee     CRISIL D (Downgraded from
                                       'CRISIL A4+')

The downgrade reflects instances of delays in servicing debt and
overdue of bank limits by Shristi; the delays have been caused by
the company's weak liquidity and cash losses incurred during the
six months ended September 30, 2011.

Shristi has a below-average financial risk profile marked by a
high gearing. Its margins are susceptible to adverse changes in
cotton prices and to power shortages. However, the company
benefits from its promoters' experience in the textile business.

For arriving at the ratings, CRISIL has considered the business
and financial risk profiles of Shristi on standalone basis. For
the previous ratings exercise, CRISIL had combined Shristi's
business and financial risk profiles with those of its associate
entity, Salona Cotspin Ltd. The change in the analytical approach
has been driven by the absence of any financial fungibility and
minimal intercompany transactions between the two companies.

                      About Shristi Cotspinn

Incorporated in 1995, Shristi manufactures cotton yarn of counts
in the range of 40s to 80s. The company's mill has 16,800
spindles. Its main customers include innerwear manufacturers in
India.

Shristi reported a profit after tax (PAT) of INR18.0 million on
net sales of INR373.3 million for 2010-11 (refers to financial
year, April 1 to March 31), against a PAT of INR10.1 million on
net sales of INR237.2 million for 2009-10.


SRI SHIRIDI: CRISIL Rates INR90 Million Loan at 'CRISIL D'
----------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term loan
facility of Sri Shiridi Sai Educational Academy.

   Facilities                        Ratings
   ----------                        -------
   INR90 Million Long-Term Loan      CRISIL D (Assigned)

The rating reflects instances of delay by SSEA in servicing its
debt; the delays have been caused by the SSEA's weak liquidity.

SSEA has an average financial risk profile, marked by small size
of net worth, healthy gearing, and average debt protection
metrics; the trust is also susceptible to geographical
concentration in revenue profile and to adverse regulatory
changes in the educational sector. However, the society has an
established regional presence, supported by supported by its
promoter's extensive industry experience.

Set up in 2007, SSEA runs two institutes that provide under-
graduate and post-graduate courses in engineering, management,
and pharmacy. Both the institutes are approved by All India
Council for Technical Education and Jawaharlal Nehru
Technological University. The annual intake of students for the
engineering course is 498, for management course is 60, and for
pharmacy course is 78. The total student strength is 2140
students.

SSEA reported a surplus (excess of income over expenditure) of
INR2.00 million on total income of INR49 million for 2010-11
(refers to financial year, April 1 to March 31) against a surplus
(excess of income over expenditure) of INR0.01 million on total
income of INR34 million for 2009-10.


SUPARNA CHEMICALS: CRISIL Raises Rating on INR13.9MM Loan to 'B'
----------------------------------------------------------------
CRISIL has upgraded its ratings on Suparna Chemicals Limited bank
loan facilities to 'CRISIL B/Stable/CRISIL A4' from 'CRISIL D'

   Facilities                        Ratings
   ----------                        -------
   INR13.9-Mil. Rupee Term Loan      CRISIL B/Stable (Upgraded
                                     from CRISIL D)

   INR60 Million Cash Credit         CRISIL B/Stable (Upgraded
                                     from CRISIL D)

   INR60.1 Million Proposed Long-    CRISIL B/Stable (Upgraded
   Term Bank Loan Facility           from CRISIL D)

   INR27.5 Million Bank Guarantee    CRISIL A4 (Upgraded from
                                     CRISIL D)

   INR67.5 Mil. Letter of Credit     CRISIL A4 (Upgraded from
                                     CRISIL D)

The rating upgrade reflects SCL's timely payment of its debt
obligations since the past six months beginning April 2011, on
account of improved liquidity profile. The upgrade also reflects
CRISIL's expectation that over the near term, SCL will generate
cash accruals that are adequate to meeting its term debt
obligations.

The ratings continue to reflect SCL's small scale of operations
and moderate financial risk profile characterized by modest debt
protection indicators. These rating weaknesses are partially
offset by SCL's promoters' sound technical capabilities and
established relationship with their global distributor Evonik-
Degussa GmbH.

Outlook: Stable

CRISIL believes that SCL will continue to benefit from its
promoters' experience in specialty chemicals business, and their
sound technical expertise, over the medium term. The outlook may
be revised to 'Positive' in case of a significant scale up on
operations on the back of an improved demand environment in
overseas or domestic markets. Conversely, the outlook may be
revised to 'Negative' in case of a significant decline in revenue
or profitability resulting in a weakening of its debt servicing
metrics or if SCL undertakes larger-than-expected debt-funded
capital expenditure programme, leading to deterioration in its
capital structure.

                      About Suparna Chemicals

Incorporated in 1981, Suparna Chemicals manufactures various
potassium and sodium based specialty chemicals. The company is
promoted by Mr. Ramnath Mandal. Its manufacturing facilities are
located at Vapi (Gujarat) and Mumbai. The main chemicals
manufactured by the company include Potassium Tertiary Butoxide
(KTB), Potassium-Sodium Alloy (NAK), Potassium Super oxide etc.
The company has also added a new product line, breathing
apparatus, which is sold under the brand name, Raksha Kavach. The
main industries served include pharmaceutical, defence
(explosives and missiles) and mining. It also undertakes merchant
exports of Ketonic resins manufactured by one of its group
concerns Resin and Allied Chemical Industries Pvt. Ltd.


TEJA SHIPPING: CRISIL Puts 'CRISIL B+' Rating on INR81.8MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' to the bank facilities
of Teja Shipping.

   Facilities                        Ratings
   ----------                        -------
   INR81.8 Million Term Loan         CRISIL B+/Stable (Assigned)
   INR18.1 Million Proposed Long-    CRISIL B+/Stable (Assigned)
   Term Bank Loan Facility

The rating reflects Teja's small scale of operations in the
fragmented trans-shipping industry, with geographic and customer
concentration. These rating weaknesses are partially offset by
Teja's stable business model, supported by experienced promoter
and the firm's assured offtake agreement with its key customer,
and above-average debt protection metrics albeit offset by high
gearing.

Outlook: Stable

CRISIL believes that Teja will continue to benefit over the
medium term from its promoters' extensive industry experience and
assured offtake agreement with its customer. The outlook may be
revised to 'Positive' in case the firm significantly improves its
scale of operations, along with improvement in its financial risk
profile driven by higher-than-expected cash accruals. Conversely,
the outlook may be revised to 'Negative' in case of lesser-than-
expected improvement in Teja's scale of operations and
profitability. Any adverse impact on business risk profile due to
regulatory action on iron ore mining in Goa may also result in
'Negative' outlook.

                       About Teja Shipping

Set up as a proprietorship firm in 2010, Teja was reconstituted
as a partnership firm in the same year. The firm is promoted by
Mr. Sitaram R Gaonkar. Based at Ponda (Goa), it commenced
operations in November 2010 and has two barges in operation with
capacity of 2100 dead weight tonnage (DWT) each. Teja deploys its
barges on charter basis to iron-ore exporting entity.

During the first year of operation in 2010-11 (refers to
financial year, April 1 to March 31), Teja reported a net loss of
INR1.3 million on net sales of INR10.3 million.


* Fitch Withdraws Rating on 10 ULBS Ratings
-------------------------------------------
Fitch Ratings has withdrawn 10 Indian urban local bodies' (ULBs)
ratings assigned under the Jawaharlal Nehru National Urban
Renewal Mission programme.

The rating withdrawal follows the completion of Ministry of Urban
Development's mandate to Fitch.  Therefore, the rating of the
issuers is no longer considered by Fitch to be relevant to its
coverage.  The agency will no longer provide ratings or
analytical coverage of these ULBs.

The ratings withdrawn are as follows:

Ajmer Municipal Corporation: 'Fitch BBB-(ind)'/Stable
Indore Municipal Corporation: 'Fitch BBB(ind)'/Stable
Kalyan Dombivili Municipal Corporation: 'Fitch A(ind)'/Stable
Mira Bhayandar Municipal Corporation: 'Fitch A-(ind)'/Stable
Municipal Corporation of Greater Mumbai: 'Ficth AA(ind)'/Stable
Municipal Corporation of Jabalpur: 'Fitch BB+(ind)'/Stable
Navi Mumbai Municipal Corporation: 'Fitch AA(ind)'/Stable
Pune Municipal Corporation: 'Fitch AA-(ind)'/Stable
Thane Municipal Corporation: 'Fitch AA-(ind)'/Stable
Ujjain Municipal Corporation: 'Fitch BB(ind)'/Positive


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


ELPIDA MEMORY: May Gain Another Government Bailout
--------------------------------------------------
Bloomberg News reports that Elpida Memory Inc., facing a deadline
to repay $1.2 billion of debt by April, may gain financial
support for the second time in three years as Japan seeks to keep
the company alive amid a slump in the chip market.

Bloomberg relates that Yoshihiro Nakatani, a senior fund manager
at Asahi Life Asset Management Co., said the nation's trade
ministry will probably extend support set to expire in March for
Elpida.

"The ministry can't let Elpida go under, as it rescued the
company under the banner of a Japanese flagship," Mr. Nakatani,
who manages JPY95 billion (US$1.2 billion) and doesn't hold
Elpida shares, told Bloomberg.  "Japanese electronics makers are
using Elpida's DRAM, so it would mean trouble."

According to the report, demand for DRAM chips, which speed up
processing in computers by temporarily storing data, has slumped
as PC sales slowed, causing Elpida to post a fourth straight
quarterly loss for the period ended Sept. 30.  Japanese media
have reported Elpida may tie up with Micron Technology Inc. and
Nanya Technology Corp. as it seeks to avoid a failure to
refinance its debt, which could cut off supply to clients
including Apple Inc., Bloomberg relays.

Bloomberg, citing a company filing in June, says Elpida needs
JPY92 billion to repay bonds and loans by April.  Cash totaled
JPY100.2 billion as of Sept. 30, the company, as cited by
Bloomberg, said in October.

In June 2009, Elpida received JPY30 billion of public loans via
the Development Bank of Japan under the Law on Special Measures
for Industrial Revitalization.  Elpida later received another
JPY10 billion from the DBJ and JPY100 billion from 14 private
banks, including three megabanks, as syndicated loans.

                       About Elpida Memory

Elpida Memory Inc. (TYO:6665) -- http://www.elpida.com/ja/-- is
a Japan-based company principally engaged in the development,
design, manufacture and sale of semiconductor products, with a
focus on dynamic random access memory (DRAM) silicon chips.  The
main products are DDR3 SDRAM, DDR2 SDRAM, DDR SDRAM, SDRAM,
Mobile RAM and XDR DRAM, among others.  The Company distributes
its products to both domestic and overseas markets, including the
United States, Europe, Singapore, Taiwan, Hong Kong and others.
The company has eight subsidiaries and two associated companies.


J-CORE FL1: S&P Cuts Ratings on 2 Classes of Certificates to 'CC'
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'CC (sf)' from 'CCC
(sf)' its ratings on the class D and E trust certificates issued
under the J-CORE FL1 Trust Certificate (J-CORE FL1) transaction.
"At the same time, we withdrew our rating on the interest-only
(IO) class X trust certificates issued under the same
transaction," S&P said.

"The only remaining specified bond, which has already defaulted,
originally represented about 8.3% of the total initial issuance
amount of the trust certificates and is backed by a regional
retail property. The class C trust certificates (initial issuance
amount: JPY1.6 bil.) were fully redeemed on the trust
distribution date in January 2012, following the completion in
December 2011 of the sale of the regional retail property that
backed the specified bond in question," S&P said.

"Meanwhile, we have found that the outstanding balance of the
transaction's remaining specified bond exceeds the amount of
proceeds collected through the sale of the regional retail
property.  We lowered to 'CC (sf)' our ratings on classes D and E
because we expect the total amount of funds in the transaction
that could ultimately be available for redemption to be lower
than the total amount required to fully redeem these two classes.
We intend to lower to 'D (sf)' the ratings on classes D and E if
losses are actually incurred at the transaction level in the
future," S&P said.

"Since the class C trust certificates -- rated 'AAA (sf)' up to
our withdrawal of the rating following full redemption -- were
fully redeemed in December 2011, no trust certificates rated 'AA-
(sf)' or above with an outstanding principal balance remain under
this transaction. Accordingly, we have withdrawn our rating on
class X in accordance with our updated criteria for rating IO
securities," S&P said.

"J-CORE FL1 is a multiborrower commercial mortgage-backed
securities (CMBS) transaction. The trust certificates were
originally backed by three Tokkin (specified money in trust)
loans extended to three Tokkin trustees that each owns one
specified bond backed by real estate trust beneficial interests,
as well as by one additional nonrecourse loan backed by Tokkin
beneficial interests and real estate trust beneficial interests.
The transaction was arranged by Deutsche Securities Inc., and
ORIX Asset Management & Loan Services Corp. acts as the servicer
for this transaction," S&P said.

"The ratings reflect our view on the likelihood of the full
payment of interest and the ultimate repayment of principal by
the transaction's legal final maturity date in April 2012 for the
class D and E trust certificates," S&P said.

            Standard & Poor's 17g-7 Disclosure Report

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

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

         http://standardandpoorsdisclosure-17g7.com

Ratings Lowered
J-CORE FL1 Trust Certificate
JPY16.6 billion floating-rate trust certificates due April 2012
Class     To          From         Initial issue amount
D         CC (sf)     CCC (sf)     JPY1.0 bil.
E         CC (sf)     CCC (sf)     JPY0.2 bil.

Rating Withdrawn
Class     Rating      Initial notional principal
X         AAA (sf)    JPY16.6 bil.


OLYMPUS CORP: Sony, Fujifilm in Talks to Invest in Olympus
----------------------------------------------------------
Daisuke Wakabayashi and Juro Osawa at The Wall Street Journal
report that people familiar with the matter said Olympus Corp. is
fielding offers from some of Japan's biggest companies to raise
as much as JPY100 billion, or roughly $1.3 billion,.

Sources told the Journal Sony Corp., Fujifilm Holdings Corp. and
Terumo Corp. are in preliminary discussions to invest in the
camera and medical-equipment maker.

Sony might be willing to acquire as much as a 30% stake, which
would be valued at about JPY100 billion, the news agency relates.

                    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.

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.


OLYMPUS CORP: Shareholders File JPY220MM Damages Suit
-----------------------------------------------------
The Mainichi Daily News reports that a group of former and
current shareholders of Olympus Corp. filed a lawsuit Monday
demanding the camera and medical equipment maker pay damages of
around JPY220 million for losses incurred as a result of the
sharp decline in its share price following the revelation of
accounting fraud.

The suit was filed with the Osaka District Court by 37 former and
current shareholders in the Kanto and Kansai regions as well as a
company, the report says.  They bought Olympus shares between
October 2007 and Nov. 7 last year, the Mainichi discloses.

According to the report, the shareholders' lawyer said it is the
first claim for damages filed by a group of shareholders in
connection with the company's coverup of massive investment
losses dating back to the 1990s.

Olympus falsified financial statements released from June 2007 to
August last year, including by inflating figures for consolidated
net assets, the Mainichi relates.

The report states that the shareholders claim important
accounting items were falsified that significantly influenced
their judgment, adding they would not have bought the shares if
the information had been stated correctly.

The company itself has filed lawsuits seeking damages from
current and former executives, and auditors, while an Olympus
shareholder in Nara Prefecture is also suing executives for
causing losses to the company, the report notes.

                     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.

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.


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


AMI INSURANCE: Antitrust Regulator to Look Into IAG Takeover
------------------------------------------------------------
BusinessDesk reports that the Commerce Commission will look at
whether banks will act as a competitive constraint on insurers
when it weighs up whether Insurance Australia Group is allowed to
acquire the good businesses of AMI Insurance.

According to the report, the antitrust regulator has to test
whether the takeover will substantially lessen competition, and
may not clear the acquisition if it does. IAG holds that it will
face strong competition after the acquisition from existing
rivals and banks, BusinessDesk citing the commission's statement
of preliminary issues.

"The commission understands that no New Zealand bank offering
general insurance products underwrites its own policies. Instead,
it will resell a product of an insurance company," the regulator
said.

"The commission will assess whether or not banks are able to
provide competitive constraint as a result of this relationship,"
it said.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 20, 2011, AMI Insurance said it has accepted a conditional
offer from IAG to purchase 100% of a reconfigured AMI company
with a separate Government-owned company being established to
steadily resolve all AMI earthquake claims existing at the time
of purchase.  IAG said in a separate statement that it had
entered into an agreement to purchase the AMI Insurance business
for NZ$380 million.

The TCR-AP, citing The New Zealand Herald, reported on April 8,
2011, that the government had announced a support package for AMI
Insurance that Finance Minister Bill English acknowledges could
top NZ$1 billion and leave the Crown liable for up to NZ$200
million a year in ongoing claims.  Interest.co.nz said the
government stepped in to guarantee AMI policy holders if the
insurance company had exhausted its own reserves due to the
financial hit caused by the two Christchurch earthquakes on
Sept. 4, 2010, and Feb. 22, 2011. AMI subsequently reported a
NZ$705 million annual loss and breached its Crown Support Deed
arrangement through a NZ$76 million shortfall to its NZ$198.6
million regulatory capital requirement, according to
Interest.co.nz.

                        About AMI Insurance

AMI Insurance -- http://www.ami.co.nz/-- is the largest wholly
New Zealand owned fire and general and personal lines insurance
company.  The company has 73 branches, two contact centres and 21
agencies throughout New Zealand, nearly 1,000 staff, and around
500,000 New Zealand customers holding 1.2 million policies.


                             *********

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

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

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


                            *********


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

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

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

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

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





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