TCRAP_Public/120214.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

           Tuesday, February 14, 2012, Vol. 15, No. 32

                            Headlines


A U S T R A L I A

MCE FINANCE: Moody's Affirms 'Ba3' Corporate Family Rating


C H I N A

CHINA ORIENTAL: Moody's Reviews 'Ba1' Ratings for Downgrade
CHINA TEL GROUP: Shares Issued Exceed 5% of Outstanding Shares
FUFENG GROUP: Fitch Says FY2011 Fin'l Result Won't Affect Ratings


H O N G  K O N G

AMERTEK LIMITED: Creditors' Proofs of Debt Due March 10
BEAUTY LEGEND: Chan Yui Hang Appointed as Liquidator
DISNEY HSM: Seng and Lo Step Down as Liquidators
DOUBLE LUCK: Members' Final Meeting Set for March 12
EAS INTERNATIONAL: Creditors' Proofs of Debt Due March 12

ESSENTIAL INDUSTRIES: Creditors' Proofs of Debt Due Feb. 24
FINE LOYAL: Chan Yui Hang Appointed as Liquidator
FORTUNA KNITS: Creditors' Proofs of Debt Due March 9
FUTUREX INTERNATIONAL: Members' Final Meeting Set for March 14
GRAND SILVER: Sung Mi Yin Steps Down as Liquidator

WINSWAY COKING: Fitch Affirms Issuer Default Rating at 'BB'


I N D I A

ARUNODAY CONSTRUCTION: CRISIL Upgrades Long-Term Rating to 'B'
ATC FOODS: CRISIL Reaffirms 'CRISIL B' Rating on INR140MM LT Loan
ECOPARK DEVELOPERS: CRISIL Rates INR210MM LT Loan at 'CRISIL BB-'
GEETA COTTON: CRISIL Reaffirms 'CRISIL BB-' Long-Term Rating
GOODWILL ADVANCE: CRISIL Assigns 'CRISIL BB+' Long-Term Rating

INFAB INFRASTRUCTURE: CRISIL Rates INR113.5MM Loan at 'BB-'
KOCHHAR GLASS: Delay in Loan Repayment Cues CRISIL Junk Ratings
KRISHNA COTTON: CRISIL Reaffirms INR165mm LT Loan at 'CRISIL BB-'
MID INDIA: CRISIL Assigns 'CRISIL BB' Rating to INR100MM LT Loan
MILLENIUM CEMENT: CRISIL Assigns 'B-' LT Rating to INR90MM Loan

MNM MARKETING: CRISIL Rates INR81-Mil. Loan at 'CRISIL BB'
NAVBHARAT FUSE: CRISIL Raises Rating on INR539.5MM Loan to 'B-'
NIROS ISPAT: CRISIL Raises Rating on INR365MM Loan to 'CRISIL B'
SOGO SYNERGY: Fitch Places Rating on INR50 Million Fund at 'D'
TIRUPATI BALAJI: CRISIL Assigns 'B' LT Rating to INR90MM Loan

VALLABH TINPLATE: CRISIL Reaffirms 'BB' Rating to INR499.7MM Loan
VIKASH METAL: Fitch Migrates Rating on INR1.05MM Non-Fund to 'D'
* INDIA: Moody's Says Imbalance in Power Sector Unsustainable


I N D O N E S I A

TOWER BERSAMA: Moody's Reviews 'Ba2' CFR for Possible Downgrade


J A P A N

KOBE CITY: Housing to Seek Bankruptcy Protection
TOKYO ELECTRIC: Asks Lenders for JPY1 Trillion Loans
TOKYO ELECTRIC: To Sell JPY300BB in Securities by End of March
TOKYO ELECTRIC: Receives JPY690 Billion Additional Government Aid


K O R E A

KUMHO ASIANA: Former Unit May Sell Shares to Group's Chairman


N E W  Z E A L A N D

FELTEX CARPETS: Liquidators Launch Suit Against Ernst & Young
SOUTH CANTERBURY: Name Suppression Orders Lifted


P H I L I P P I N E S

PRUDENTIALIFE PLANS: Insurance Commission Issues Stay Order


S I N G A P O R E

DBS ASSET: Creditors' Proofs of Debt Due March 12
KEUMKANG MARINE: Court to Hear Wind-Up Petition on Feb. 24
NAM KEONG: Creditors' Meetings Set for Feb. 22
SPORTS NETWORK: Creditors Get 100% Recovery on Claims


X X X X X X X X

BOND PRICING: For the Week Feb. 6 to Feb. 10, 2012


                            - - - - -


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


MCE FINANCE: Moody's Affirms 'Ba3' Corporate Family Rating
----------------------------------------------------------
Moody's Investors Service has affirmed MCE Finance Ltd's Ba3
corporate family rating, its B1 senior unsecured bond rating, and
Melco Crown Gaming's Ba3 secured debt rating.  The ratings
outlook remains stable.

Moody's has also upgraded the standalone ratings of Melco Crown
Gaming and MCE Finance (the rated group) to Ba3 from B1, and
removed the previous one-notch rating uplift stemming from
implied support from Crown Limited (Baa2, stable).

Ratings Rationale

MCE Finance's Ba3 corporate family rating primarily reflects the
credit profile of Melco Crown Gaming, which is the key operating
entity in the rated group.

"The upgrade of the standalone rating of the rated group to Ba3
from B1 reflects its continuous improvement in operating and
financial performance over the past two years," says Kaven Tsang,
a Moody's Assistant Vice President and Analyst.

The improvement is mainly supported by the successful ramp-up of
the City of Dreams, whose EBITDA is likely to exceed US$500
million in 2011, compared with US$326.3 million in 2010 and
US$56.7 million in 2009.

"This robust performance is likely to continue over the next
12-18 months given Macau's favorable and robust gaming market
condition. Accordingly, MCE Finance's debt/EBITDA ratio will
remain at around 2.5x, and EBITDA interest coverage around
6.5x-7.0x, over the next 1-2 years. These ratios positioned it
well at the Ba3 rating level," says Tsang, who is also Moody's
lead analyst for the group.

Given that the rated group's operation will improve and becomes
self-sustainable, Moody's expects diminishing possibility that
the rated group may need financial support from Crown Limited.

In addition, Moody's anticipates Crown is unlikely to need to
provide the funding support to the new Studio City project, owned
by Melco Crown Entertainment, the parent of the rated group, as
it did for the rated group's development of City of Dreams a few
years ago.

Such an expectation is based on the premise that Melco Crown
Entertainment has gained experience in developing gaming
facilities through the City of Dreams.

Accordingly, the previous one-notch rating uplift has been
removed. Thus, the corporate family rating of MCE Finance Limited
remains unchanged at Ba3.

The rated group's Ba3 corporate family rating continues to
reflect the ability of Melco Crown Gaming -- the key operating
entity holding the gaming concession/sub-concession and the two
major casino properties -- in maintaining its market share in a
favorable market in Macau. It is also based on the expectation
that the rated group will continue to reduce its debt leverage
without material fund leakage in support of its parent's
investments. The rating is constrained by its geographic
concentration and short history of current operation.

MCE Finance's B1 bond rating is one notch below the corporate
family rating, reflecting the risk of structural and legal
subordination, as secured and subsidiary debt - mainly that of
Melco Crown Gaming - represents around 20% of the rated group's
total tangible assets as of September 2011.

The Ba3 secured loan rating for Melco Crown Gaming's secured
credit facilities reflects the fact that such syndicated
facilities represent the rated group's major external secured
borrowing, and that all of the rated group's key operating assets
have been pledged to support these facilities.

The stable outlook reflects Moody's expectation that the rated
group's operational improvements and strengthened credit metrics
will be sustained throughout the next 12-18 months, supported by
favorable growth in gaming revenues over the medium term in
Macau.

The ratings could experience downward pressure if (1) the rated
group's operating performance deteriorates as a result of a
significant market slowdown or higher-than-expected competition;
or (2) the rated group engages in further debt-funded
acquisitions or development projects, such that EBITDA interest
coverage falls below 3.5x, or debt/EBITDA rises above 5x.

Significant increases in the consolidated debt leverage of Melco
Crown Entertainment to fund any new projects or, any change in
the current financing structure or any amendments to the terms or
covenants of the existing loan facilities and bond indentures --
that result in looser control over the rated group's cash flow --
could also pressure the ratings.

Upgrade pressure could emerge over the medium term if (1) the
rated group demonstrates further improvements in EBITDA
throughout the cycle; and (2) its parent company, Melco Crown
Entertainment has successfully managed the risks associated with
the new Studio City project over the next 2-3 years such that
Melco Crown Entertainment's EBITDA interest coverage stays above
5x and debt/EBITDA stays below 4x.

The principal methodology used in these ratings was Moody's
Global Gaming Methodology, published in December 2009.

MCE Finance Limited is a subsidiary of NASDAQ-listed Melco Crown
Entertainment Ltd (unrated), which is owned by the Australian-
based gaming operator, Crown Limited (Baa2/stable) and Hong Kong-
listed Melco International Development Ltd (unrated), with each
company holding a 33.36% equity stake. MCE Finance owns a 100%
economic interest in Melco Crown Gaming (Macau) Limited.

Melco Crown Gaming is the key operating company within the group,
holding one of six gaming concessions/sub-concessions in Macau.
It operates two casinos in Macau -- Altira Macau and City of
Dreams -- and approximately 1,600 slot machines through Mocha
Clubs.


=========
C H I N A
=========


CHINA ORIENTAL: Moody's Reviews 'Ba1' Ratings for Downgrade
-----------------------------------------------------------
Moody's Investors Service has placed China Oriental Group Co
Ltd's Ba1 corporate family and senior unsecured ratings under
review for possible downgrade, after the company issued a trading
statement on Feb. 3 indicating a substantially lower net profit
in the second half of 2011 than a year ago.

Ratings Rationale

"The rating review is driven by Moody's concern that China
Oriental's weakened financial position characterized by its
higher debt leverage and lower profit margin is unlikely to
improve in the next 12 months, given the high input costs and the
slow recovery in steel prices," says Jiming Zou, a Moody's
analyst.

The China steel market continues to suffer from overcapacity and
the slowdown in infrastructure and property developments. The
recovery in the steel market could be mild in the next 12 months.

Moody's expects the average selling price for China Oriental's
products to stay depressed. Its EBITDA margin on a rolling 12-
month basis is likely to fall below 10%, which would weigh on its
Ba1 rating. Its debt leverage, measured by Debt/EBITDA, is likely
to exceed 2.5x.

"Moreover, high iron ore prices and the long periods for notes
receivable (with settlement guaranteed by banks) have been
raising the working capital requirements of the company since
Moody's changed the rating outlook to negative in May 2011," Mr.
Zou says.

In its rating review, Moody's will focus on the company's ability
to improve profitability and reduce debt leverage through better
product mix, cost savings, discipline in working capital
management and capital spending.

China Oriental mainly manufactures H-section steel and hot rolled
strips/strip products from iron ore at its steel mill in Hebei
Province, China. It has a total steel manufacturing capacity of
11 million tonnes per annum.

Its products are widely used as basic building blocks for
domestic infrastructure projects, such as railways and highways,
factory plants, and sports stadia.

The company was listed on the Hong Kong Stock Exchange in 2004.
It is 45% controlled by its founder, Han Jingyuan, and is 29.6%
owned by ArcelorMittal. In 2010, it recorded sales of RMB30
billion.

The principal methodology used in rating China Oriental Group
Company Ltd was the Global Steel Industry Methodology, published
in January 2009.


CHINA TEL GROUP: Shares Issued Exceed 5% of Outstanding Shares
--------------------------------------------------------------
Since its last quarterly Report on Form 10-Q, VelaTel Global
Communications, Inc., formerly known as China Tel Group, Inc.,
has made the sales of unregistered securities, namely shares of
the Company's Series A common stock.  The aggregate number of
Shares sold exceeds 5% of the total number of Shares issued and
outstanding as of the Company's Report on Form 10-Q filed on
Nov. 14, 2011.

On Dec. 2, 2011, the Company issued 934,657 Shares to Joaquin de
Teresa pursuant to the Settlement Agreement and Mutual General
Release between China Tel Group, Inc., and Joaquin de Teresa,
effective as of Dec. 15, 2010.  This sale of Shares resulted in a
reduction of $154,125 in debt of the Company.

On Dec. 2, 2011, the Company issued 15,000,000 Shares to Azur
Capital (NBD) SDN BHD pursuant to an Addendum to Subscription and
Shareholder Agreement between the Company and Azur, effective as
of Dec. 2, 2011.  This sale of Shares resulted in an investment
of $1,245,000 in Azur.

On Dec. 6, 2011, the Company issued 13,998,100 Shares to Joinmax
Engineering & Consultants (HK) Ltd. for professional services
rendered to the Company pursuant to the Agreement for
Professional Services between China Tel Group, Inc., and Joinmax
effective as of April 10, 2009, as amended by the First Amendment
to Agreement for Professional Services between VelaTel and
Joinmax effective as of Dec. 1, 2011.  This sale of Shares
resulted in a reduction of $1,399,810 in accounts payable of the
Company.

On Jan. 4, 2012, the Company issued 7,262,340 Shares to Joinmax
for professional services rendered to the Company pursuant to the
Joinmax Professional Services Agreement.  This sale of Shares
resulted in a reduction of $726,234 in accounts payable of the
Company.

On Jan. 10, 2012, the Company issued 7,568,880 Shares to Joinmax
for professional services rendered to the Company pursuant to the
Joinmax Professional Services Agreement.  This sale of Shares
resulted in a reduction of $756,888 in accounts payable of the
Company.

On Jan. 11, 2012, the Company issued 816,340 Shares to Joaquin de
Teresa pursuant to the Joaquin de Teresa Settlement Agreement.
This sale of Shares resulted in a reduction of $77,062 in debt of
the Company.

On Feb. 2, 2012, the Company issued 7,405,040 Shares to Joinmax
for professional services rendered to the Company pursuant to the
Joinmax Professional Services Agreement.  This sale of Shares
resulted in a reduction of $740,504 in debt of the Company.

                          About China Tel

Based in San Diego, California, and Shenzhen, China, China Tel
Group, Inc. (OTC BB: CHTL) -- http://www.ChinaTelGroup.com/--
provides high speed wireless broadband and telecommunications
infrastructure engineering and construction services.  Through
its controlled subsidiaries, the Company provides fixed
telephony, conventional long distance, high-speed wireless
broadband and telecommunications infrastructure engineering and
construction services.  ChinaTel is presently building, operating
and deploying networks in Asia and South America: a 3.5GHz
wireless broadband system in 29 cities across the People's
Republic of China with and for CECT-Chinacomm Communications Co.,
Ltd., a PRC company that holds a license to build the high speed
wireless broadband system; and a 2.5GHz wireless broadband system
in cities across Peru with and for Perusat, S.A., a Peruvian
company that holds a license to build high speed wireless
broadband systems.

Since the Company's inception until June 30, 2011, it has
incurred accumulated losses of approximately $242.36 million.
The Company expects to continue to incur net losses for the
foreseeable future.

The Company's independent accountants have expressed substantial
doubt about the Company's ability to continue as a going concern
in their audit report, dated April 15, 2011, for the period ended
Dec. 31, 2010.  As reported by the TCR on April 21, 2011, Mendoza
Berger & Company, LLP, in Irvine, California, expressed
substantial doubt about the Company's ability to continue as a
going concern, following the 2010 financial results.  The
independent auditors noted that the Company has incurred a net
loss of $56,041,182 for the year ended Dec. 31, 2009, cumulative
losses of $165,361,145 since inception, a negative working
capital of $68,760,057, and a stockholders' deficit of
$63,213,793.

The Company reported a net loss of $66,623,130 on $955,311 of
revenue for the year ended Dec. 31, 2010, compared with a net
loss of $56,065,029 on $657,876 of revenue during the prior year.

The Company also reported a net loss of $17.97 million on
$488,476 of revenue for the nine months ended Sept. 30, 2011,
compared with a net loss of $38.22 million on $729,701 of revenue
for the same period a year ago.

The Company's balance sheet at Sept. 30, 2011, showed
$11.57 million in total assets, $22.22 million in total
liabilities, and a $10.64 million total stockholders' deficit.


FUFENG GROUP: Fitch Says FY2011 Fin'l Result Won't Affect Ratings
-----------------------------------------------------------------
Fitch Ratings says that China-based Fufeng Group Limited's
(Fufeng, 'BB'/Stable) profit warning issued for its FY2011
financial results does not have an immediate rating impact on the
food and beverage company's ratings.

The company said its net profit FY2011 is expected to decrease
year-on-year due to issues such as more expensive raw material
costs, higher fixed costs from a new production plant and
increasing financing charges.  Based on Fitch's estimates after
factoring in deterioration in Fufeng's performance in FY2011 due
to the abovementioned reasons, its financials are expected to be
still within the agency's rating case forecast.

However, Fufeng has limited headroom for further deterioration in
profitability and leverage before breaching its negative rating
guidelines of gross margins below 15% (FY10: 24.4%) and financial
leverage (adjusted net debt/operating EBITDAR) above 2.5x (FY10:
0.57x) on a sustained basis.

Fitch also notes that Fufeng has RMB1.03 billion out-of-the-money
convertible bond with a put option on April 1, 2013.  The company
is securing alternate funding for the likely exercise of the
option.  Fitch will continue to monitor this process and any
delay in securing refinancing may negatively impact the ratings.


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


AMERTEK LIMITED: Creditors' Proofs of Debt Due March 10
-------------------------------------------------------
Creditors of Amertek Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
March 10, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Feb. 2, 2012.

The company's liquidator is:

         Leung Mei Fan
         Room 1005, Allied Kajima Building
         138 Gloucester Road
         Wanchai, Hong Kong


BEAUTY LEGEND: Chan Yui Hang Appointed as Liquidator
----------------------------------------------------
Chan Yui Hang on Jan. 20, 2012, was appointed as liquidator of
Beauty Legend Industrial Limited.

The liquidator may be reached at:

         Chan Yui Hang
         Room 515, 5/F
         New Mandarin Plaza Tower A
         14 Science Museum Road
         Tsimshatsui East, Kowloon
         Hong Kong


DISNEY HSM: Seng and Lo Step Down as Liquidators
------------------------------------------------
Natalia K M Seng and Susan Y H Lo stepped down as liquidators of
Disney HSM China Productions Limited on Feb. 1, 2012.


DOUBLE LUCK: Members' Final Meeting Set for March 12
----------------------------------------------------
Members of Double Luck Estates Limited will hold their final
meeting on March 12, 2012, at 10:00 a.m., at Unit 402, 4/F,
Malaysia Building, at No. 50, Gloucester Road, Wanchai, in Hong
Kong.

At the meeting, Chan Chi Bor and Li Fat Chung, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


EAS INTERNATIONAL: Creditors' Proofs of Debt Due March 12
---------------------------------------------------------
Creditors of EAS International Aircargo Co Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by March 12, 2012, to be included in the company's
dividend distribution.

The company's liquidator is:

         Sung Mi Yin Mella
         Suite No. A, 11th Floor
         Ritz Plaza, 122 Austin Road
         Tsimshatsui, Kowloon
         Hong Kong


ESSENTIAL INDUSTRIES: Creditors' Proofs of Debt Due Feb. 24
-----------------------------------------------------------
Creditors of Essential Industries Limited, which is in creditors'
voluntary liquidation, are required to file their proofs of debt
by Feb. 24, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

         Jacqueline Walsh
         Level 17, Tower 1
         Admiralty Centre
         18 Harcourt Road
         Hong Kong


FINE LOYAL: Chan Yui Hang Appointed as Liquidator
-------------------------------------------------
Chan Yui Hang on Jan. 20, 2012, was appointed as liquidator of
Fine Loyal Development Limited.

The liquidator may be reached at:

         Chan Yui Hang
         Room 515, 5/F
         New Mandarin Plaza Tower A
         14 Science Museum Road
         Tsimshatsui East, Kowloon
         Hong Kong


FORTUNA KNITS: Creditors' Proofs of Debt Due March 9
----------------------------------------------------
Creditors of Fortuna Knits Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by March 9, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

         Chan Kuok Kun
         Unit 501, 5/F
         Mirror Tower, 61 Mody Road
         Tsimshatsui East
         Kowloon, Hong Kong


FUTUREX INTERNATIONAL: Members' Final Meeting Set for March 14
--------------------------------------------------------------
Members of Futurex International Limited will hold their final
general meeting on March 14, 2012, at 10:00 a.m., at 2201, Hong
Kong Trade Centre, at 161 Des Voeux Road Central, in Hong Kong.

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


GRAND SILVER: Sung Mi Yin Steps Down as Liquidator
--------------------------------------------------
Sung Mi Yin stepped down as liquidator of Grand Silver
International Management Limited on Feb. 3, 2012.


WINSWAY COKING: Fitch Affirms Issuer Default Rating at 'BB'
-----------------------------------------------------------
Fitch Ratings has affirmed Hong Kong-based Winsway Coking Coal
Holdings Ltd's Long-Term Foreign Currency Issuer Default Rating
(IDR) at 'BB', with Stable Outlook.  This follows regulatory
approval for Winsway's acquisition of Grand Cache Coal
Corporation.  The agency has also affirmed Winsway's senior
unsecured rating at 'BB'.

Winsway will inject approximately USD390 million as equity
interest in a joint venture that is being used as a vehicle to
make the acquisition.  The additional USD350 million debt for the
acquisition will be borrowed by Grand Cache without recourse to
Winsway.

Given its high capex and debt servicing needs, Grand Cache is
unlikely to distribute any dividends to Winsway.  Thus, once the
acquisition is completed, Fitch will likely deconsolidate Grand
Cache's financials in its analysis of Winsway's credit profile.
However, Fitch will continue to monitor Grand Cache's performance
to evaluate if further capital injection from Winsway is
necessary.

The joint venture, 60% owned by Winsway and 40% by Marubeni,
received notification from the Minister of Industry in Canada
that the acquisition Grand Cache had been approved under the
Investment Canada Act.  This clears a major hurdle for the
closing of this transaction.


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


ARUNODAY CONSTRUCTION: CRISIL Upgrades Long-Term Rating to 'B'
--------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of Arunoday
Construction Company Pvt Ltd. to 'CRISIL B/Stable/CRISIL A4' from
'CRISIL D/CRISIL D'.  The rating upgrade reflects Arunoday's
timely servicing of its debt over the last one year ended
December 2011.

   Facilities                  Ratings
   ----------                  -------
   Long-Term Rating            CRISIL B/Stable
                               (Upgraded from CRISIL D)

   Short-Term Rating           CRISIL A4
                               (Upgraded from CRISIL D)

   Total Bank Loan Facilities Rated: INR173.8 Million

The ratings also reflect ACPL's exposure to risks related to
concentration in revenue profile and working-capital-intensive
operations. These rating weaknesses are partially offset by
ACPL's moderate business risk profile, marked by promoters'
industry experience and project execution skills.

Outlook: Stable

CRISIL believes that Arunoday Construction Company Pvt Ltd will
continue to benefit over the medium term from its promoters'
industry experience and project execution skills. The outlook may
be revised to 'Positive' if the company strengthens its business
profile through greater geographical and customer diversity, or
manages its working capital more efficiently. Conversely, any
large additional debt-funded capital expenditure (capex) or
acquisition plan, leading to deterioration in the company's
financial risk profile, may lead to a revision in the outlook to
Negative'.

                   About Arunoday Construction

Set up by Mr. Om Prakash Lahoty in 1980, ACPL has been
manufacturing concrete sleepers used in railway tracks since
1984. The key raw materials involved in the manufacturing process
are cement, high temperature superconductor wires, inserts, and
chips. The company's facility in Jagiroad (Assam) has capacity to
manufacture 60,000 sleepers per annum. ACPL is also involved in
construction of buildings for the Government in Assam.

ACPL reported a profit after tax (PAT) of INR14 million on net
sales of INR613 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR12 million on net
sales of INR558 million for 2009-10.


ATC FOODS: CRISIL Reaffirms 'CRISIL B' Rating on INR140MM LT Loan
-----------------------------------------------------------------
CRISIL's ratings on the long-term bank facilities of ATC Foods
Pvt Ltd (ATC; formerly known as Aggarwal Trading company)
continue to reflect ATC's weak financial risk profile, marked by
high gearing, small net worth, and weak debt protection metrics,
and small scale of operations. These rating weaknesses are
partially offset by the extensive industry experience of ATC's
promoters and healthy growth prospects for the rice industry.

   Facilities                   Ratings
   ----------                   -------
   Long-Term Rating             CRISIL B/Stable (Reaffirmed)

   Total Bank Loan Facilities Rated: INR140 Million

Outlook: Stable

CRISIL believes that ATC's financial risk profile will remain
weak over the medium term due to its working-capital-intensive
operations and low cash generation from its business. The outlook
may be revised to 'Positive' in case of substantial improvement
in its profitability while increasing its scale of operations,
leading to improvement in cash accruals. Conversely,
deterioration in capital structure or pressures on profitability
may result in a revision in outlook to 'Negative'.

                          About ATC Foods

Set up in 1980, ATC is engaged in milling, processing, and
selling basmati rice. It produces polished as well as unpolished
rice that is sold to exporters in India. About 5 per cent of the
company's revenue is contributed by domestic sales under Sohni,
its own brand. The company has also entered into a job work
agreement in September 2011 with Shri Ganesh Agro Foods
(partnership firm in Gharonda, Karnal [Punjab]), which has a
parboiling unit for milling 80 tonnes per day (tpd) of rice. The
agreement has led to ATC having a total milling capacity of 180
tpd of rice.

ATC reported a profit after tax (PAT) of INR3 million on net
sales of INR945 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR2 million on net
sales of INR1035 million for 2009-10.


ECOPARK DEVELOPERS: CRISIL Rates INR210MM LT Loan at 'CRISIL BB-'
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the long-
term bank facilities of Ecopark Developers LLP.

   Facilities                   Ratings
   ----------                   -------
   Long-Term Rating             CRISIL BB-/Stable (Assigned)

   Total Bank Loan Facilities Rated: INR210 Million

The rating reflects the locational advantage of EDLLP's project
and partners' extensive industry experience. These rating
strengths are partially offset by EDLLP's exposure to execution
and offtake risk related to the Eco Star project, and funding
risks related to the Karjat project.

Outlook: Stable

CRISIL believes that EDLLP will benefit over the medium term from
the extensive industry experience of its partners and the
emergence of Goregaon (Mumbai, Maharashtra) as a favored
destination for commercial space. The outlook may be revised to
'Positive' if the firm successfully executes the project on
schedule, and achieves adequate sales, thereby generating
sufficient cash flows through customer advances to meet funding
and debt repayment obligations. Conversely, the outlook may be
revised to 'Negative' in case of delays in project execution or
customer acquisition, leading to lower cash flows, which, in
turn, will impact EDLLP's debt-servicing capability; or if the
firm contracts higher than expected debt for funding of the
Karjat project.

                     About Ecopark Developers

EDLLP was set up in 2010 to carry out the development of a
commercial complex (Eco Star) in Goregaon East. The firm's
partners include the promoters of Ecohomes Construction Pvt Ltd,
a Mumbai-based real estate company that develops mid-range
residential and commercial properties. EDLLP's project,
comprising office spaces in multiple-sized units, is expected to
be launched in the next two months and will be completed by mid-
2014. The firm is also in the early stages of planning to develop
two residential projects in Karjat, near Mumbai.


GEETA COTTON: CRISIL Reaffirms 'CRISIL BB-' Long-Term Rating
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Geeta Cotton Company
(GCC, part of the Geeta group) continue to reflect the group's
healthy business risk profile backed by its promoter's extensive
experience in the cotton industry.

   Facilities                  Ratings
   ----------                  -------
   Long-Term Rating            CRISIL BB-/Stable (Reaffirmed)


Total Bank Loan Facilities Rated: INR275.5 Million
                                  (Enhanced from INR165.5-Mil.)

This rating strength is partially offset by the Geeta group's
weak financial risk profile, marked by small net worth, high
gearing, and weak debt protection metrics, and susceptibility to
government policies.

For arriving at the ratings, CRISIL has combined business and
financial risk profiles of GCC and Krishna Cotton Company,
together referred to as the Geeta group. The consolidated
approach is because both the companies have the same management,
are in a similar line of business, and have operational linkages
between them.

Outlook: Stable

CRISIL believes that the Geeta group will continue to benefit
over the medium term from its promoter's extensive experience in
the cotton ginning business. The outlook may be revised to
'Positive' if the group's capital structure improves because of
significant improvement in accruals or infusion of funds by the
promoter. Conversely, the outlook may be revised to 'Negative' if
the Geeta group's financial risk profile deteriorates because of
lower-than-expected operating margin or debt-funded capital
expenditure plan.

                           About the Group

Set up as a proprietorship firm in 1983 by Mr. K Nagnath Patel,
GCC was engaged in cotton ginning. Mr. Patel set up another
proprietary concern, Sri Narsimha Oil, in 1983 to undertake
jobwork for GCC. In 2006, the two entities were merged and GCC
was reconstituted as a partnership firm. The firm is engaged in
cotton ginning and processing of cotton seed to produce cotton
seed oil and cotton seed oil cake. KCC, formed in 2006 as a
proprietorship concern, is also engaged in cotton ginning. It was
reconstituted as a partnership firm in 2006 after its merger with
Dhananjay Industries. KCC is engaged in cotton ginning and
processing of cotton seed to produce cotton seed oil and cotton
seed oil cake. The manufacturing facilities of both the entities
are located in Bhainsa (Andhra Pradesh).

The Geeta group reported a profit after tax (PAT) of INR18
million on net sales of INR2.51 billion for 2010-11 (refers to
financial year, April 1 to March 31), as against a PAT of INR6
million on net sales of INR1.37 billion for 2009-10.


GOODWILL ADVANCE: CRISIL Assigns 'CRISIL BB+' Long-Term Rating
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable/CRISILA4+' ratings to
the bank facilities of Goodwill Advance Construction Company Pvt
Ltd.

   Facilities                   Ratings
   ----------                   -------
   Long-Term Rating             CRISIL BB+/Stable (Assigned)
   Short-Term Rating            CRISIL A4+ (Assigned)

   Total Bank Loan Facilities Rated: INR320 Million

The ratings reflect GACPL's established track record, moderate
operating efficiency, and above-average financial risk profile,
marked by a low adjusted 1 gearing and healthy debt protection
metrics. These rating strengths are partially offset by GACPL's
limited revenue diversity and small scale of operations.

Outlook: Stable

CRISIL believes that GACPL will benefit over the medium term from
its established position in the irrigation infrastructure
construction industry and its moderate order book. The outlook
may be revised to 'Positive' if the company significantly scales
up its operations, while improving its profitability and also
diversifying its revenue base. Conversely, the outlook may be
revised to 'Negative' if time and cost overruns in projects
result in decline in GACPL's revenues or accruals, or if the
company undertakes any large debt-funded capital expenditure
programme leading to deterioration in the financial risk profile
of the company.

                       About Goodwill Advance

GACPL was established as a proprietorship firm in 1991 by Mr.
Harbans Lal Sethi. It was reconstituted as a private limited
company in 2010. The company is a civil infrastructure contractor
for irrigation sector and power plants. GACPL works for the
governments of Rajasthan, Madhya Pradesh, Chhattisgarh, and
Gujarat.

GACPL reported a profit after tax (PAT) of INR 5 million on net
sales of INR 426 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR28 million on net
sales of INR563 million for 2009-10.


INFAB INFRASTRUCTURE: CRISIL Rates INR113.5MM Loan at 'BB-'
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Infab Infrastructure Pvt Ltd.

   Facilities                 Ratings
   ----------                 -------
   Long-Term Rating           CRISIL BB-/Stable (Assigned)
   Short-Term Rating          CRISIL A4+ (Assigned)

   Total Bank Loan Facilities Rated: INR113.5 Million

The ratings reflect IIPL's above-average financial risk profile
marked by a comfortable capital structure and moderate debt
protection metrics; the ratings also reflect the benefits that
the company derives from its promoters' established track record
in the hydraulic installation industry. These rating strengths
are partially offset by IIPL's small scale of operations and high
working capital intensity of the company's operations.

Outlook: Stable

CRISIL believes that IIPL will continue to benefit over the
medium term from its promoters' extensive experience in the
hydraulic installation industry and its healthy order book
providing near term revenue visibility. The outlook may be
revised to 'Positive' in case of significant and sustained
improvement in the company's scale of operations and
profitability. Conversely, the outlook may be revised to
'Negative', if IIPL's incremental working capital requirement or
any large, debt-funded capital expenditure leads to deterioration
in its financial risk profile or if the company's order book
weakens leading to lower-than-expected topline, thus putting
pressure on its accruals generated in the business.

                     About Infab Infrastructure

IIPL was set up as a partnership firm named Indian Fabricators in
1980 by Mr. Bharat Patel. In 2004, the entity was reconstituted
as a private limited company and got its present name. IIPL
traditionally was into hydro-mechanical work for irrigation and
dam projects and began civil construction work from 2004 onwards.
Hydro-mechanical work and civil construction work contributed 80
per cent and 20 per cent of IIPL's total sales for 2010-11
(refers to financial year, April 1 to March 31). The company's
product line consists of radial gates, vertical lift gates, canal
gates, and hoists.

For 2010-11, IIPL reported a profit after tax (PAT) of INR7.4
million on net sales of INR141.3 million, against a PAT of INR2.8
million on net sales of INR112.5 million for 2009-10.


KOCHHAR GLASS: Delay in Loan Repayment Cues CRISIL Junk Ratings
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities
of Kochhar Glass (India) Pvt Ltd.  The rating reflects instances
of delay by KGPL in servicing its debt; the delays have been
caused by the company's weak liquidity.

   Facilities                  Ratings
   ----------                  -------
   Long-Term Rating            CRISIL D (Assigned)

   Total Bank Loan Facilities Rated: INR155 Million

KGPL also has an average financial risk profile, marked by a
small net worth and average debt protection metrics, and its
scale of operations is small. Also, the company's revenue profile
is geographically concentrated and it is exposed to risks related
to its high dependence on the cyclical real estate industry.
These rating weaknesses are partially offset by the extensive
industry experience of KGPL's promoters.

                       About Kochhar Glass

Incorporated in 2000, KGPL was promoted by Mr. J L Kochhar and
his son, Mr. Sandeep Kochhar. It initially traded in standard
glasses on a small scale. However, in 2007-08 (refers to
financial year, April 1 to March 31), the company began
manufacturing toughened glass. Over the years, the company has
been able to expand its product portfolio and has started
manufacturing insulated glass and laminated glass. Currently,
KPGL has two manufacturing facilities, both in Bhopal (Madhya
Pradesh). It sells its products under the KG TUFF, KG Lam, and KG
Therm brand names.

KGPL reported a profit after tax (PAT) of INR6.4 million on net
sales of INR296.9 million for 2010-11, as against a PAT of INR7.1
million on net sales of INR216.0 million for 2009-10.


KRISHNA COTTON: CRISIL Reaffirms INR165mm LT Loan at 'CRISIL BB-'
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Krishna Cotton Company
(KCC, part of the Geeta group) continue to reflect the group's
healthy business risk profile backed by its promoter's extensive
experience in the cotton industry.

   Facilities                    Ratings
   ----------                    -------
   Long Term Rating              CRISIL BB-/Stable (Reaffirmed)

   Total Bank Loan Facilities Rated: INR165 Million

This rating strength is partially offset by the Geeta group's
weak financial risk profile, marked by small net worth, high
gearing, and weak debt protection metrics, and susceptibility to
government policies.

For arriving at the ratings, CRISIL has combined business and
financial risk profiles of Geeta Cotton Company and Krishna
Cotton Company, together referred to as the Geeta group. The
consolidated approach is because both the companies have the same
management, are in a similar line of business, and have
operational linkages between them.

Outlook: Stable

CRISIL believes that the Geeta group will continue to benefit
over the medium term from its promoter's extensive experience in
the cotton ginning business. The outlook may be revised to
'Positive' if the group's capital structure improves because of
significant improvement in accruals or infusion of funds by the
promoter. Conversely, the outlook may be revised to 'Negative' if
the Geeta group's financial risk profile deteriorates because of
lower-than-expected operating margin or debt-funded capital
expenditure plan.

                           About the Group

Set up as a proprietorship firm in 1983 by Mr. K Nagnath Patel,
GCC was engaged in cotton ginning. Mr. Patel set up another
proprietary concern, Sri Narsimha Oil, in 1983 to undertake
jobwork for GCC. In 2006, the two entities were merged and GCC
was reconstituted as a partnership firm. The firm is engaged in
cotton ginning and processing of cotton seed to produce cotton
seed oil and cotton seed oil cake.

KCC, formed in 2006 as a proprietorship concern, is also engaged
in cotton ginning. It was reconstituted as a partnership firm in
2006 after its merger with Dhananjay Industries. KCC is engaged
in cotton ginning and processing of cotton seed to produce cotton
seed oil and cotton seed oil cake. The manufacturing facilities
of both the entities are located in Bhainsa (Andhra Pradesh).

The Geeta group reported a profit after tax (PAT) of
INR18 million on net sales of INR2.51billion for 2010-11 (refers
to financial year, April 1 to March 31), as against a PAT of
INR6 million on net sales of INR1.37 billion for 2009-10.


MID INDIA: CRISIL Assigns 'CRISIL BB' Rating to INR100MM LT Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' rating to the long-
term bank facilities of Mid India Enterprises Pvt Ltd (Mid India;
part of the Mnm group).

   Facilities                   Ratings
   ----------                   -------
   Long-Term Rating             CRISIL BB/Stable(Assigned)

   Total Bank Loan Facilities Rated: INR100 Million

The rating reflects the Mnm group's promoters' extensive
experience in the business of retailing of apparel and other
consumer discretionary goods and its established regional market
position. These rating strengths are partially offset by the
group's large working capital requirements leading to its average
financial risk profile, high geographical concentration, and
exposure to competition in the apparel retailing space.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Mnm Marketing Pvt Ltd (Mnm Marketing;
rated CRISIL BB/Stable) and Mid India. The entities are together
referred to as the Mnm group. This is because the two entities
are in similar lines of business, have a common management with
centrally managed operations and have significant financial
linkages with each other.

Outlook: Stable

CRISIL believes that the Mnm group will maintain its established
regional market position in the apparel and accessories retailing
space. The outlook may be revised to 'Positive' if the group
improves its capital structure significantly and diversifies into
other geographical regions, while maintaining its scale of
operations, profitability and financial risk profile. Conversely,
the outlook may be revised to 'Negative' if the group undertakes
larger-than-expected debt-funded capital expenditure (capex)
programme towards setting up new stores or if its working capital
requirements increase significantly, leading to weakening in its
financial risk profile.

                       About Mid India

The Mnm group is based in Vijayawada (Andhra Pradesh [AP]). Mid
India is into organised retailing of readymade garments (RMGs),
saris and accessories. It operates its stores under the M&M
brand. Currently, the company has six stores in AP, of which one
is operated by Mid India itself and the remaining five are
franchised out. Mid India also operates one store in Nagpur
(Maharashtra).

Mnm Marketing undertakes sourcing activity for the Mnm group and
other retail chains, apart from its retailing activity. There are
three RMG stores under Mnm Marketing: Manhar -- a multi-brand
retail outlet, Manyata -- designer ethnic ladies wear outlet, and
an exclusive brand outlet for Twills Fashionwear.

Mid India reported a profit after tax PAT of INR1.6 million on an
operating income of INR655.9 million for 2010-11, against a PAT
of INR0.4 million on an operating income of INR466.2 million for
2009-10.


MILLENIUM CEMENT: CRISIL Assigns 'B-' LT Rating to INR90MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Millenium Cement Company Pvt Ltd.

   Facilities                  Ratings
   ----------                  -------
   Long-Term Rating            CRISIL B-/Stable (Assigned)
   Short-Term Rating           CRISIL A4 (Assigned)

   Total Bank Loan Facilities Rated: INR90 Million

The ratings reflect MCCPL's weak financial risk profile marked by
a modest net worth, and high gearing. The ratings also reflect
the susceptibility of the margins to cyclicality in the end-user
industry and volatility in raw material prices. These rating
weaknesses are partially offset by MCCPL's established market
position and promoters' extensive experience in the cement
industry.

Outlook: Stable

CRISIL believes that MCCPL will continue to benefit over the
medium term from its established market position and its
promoters' extensive experience in the cement business. The
outlook may be revised to 'Positive' in case of significant
improvement in its capital structure while maintaining a steady
growth in revenues and net cash accruals. Conversely, the outlook
may be revised to 'Negative' in case MCCPL faces a decline in its
operating margin or debt protection metrics or elongation of its
working capital cycle.

                       About Millenium Cement

MCCPL was incorporated in 1999 and promoted by Mr. Sushil Agarwal
of the Siliguri (West Bengal)-based Agarwal family; it
manufactures portland pozzolona cement from clinker. The company
sells its products to corporate clients like Hindustan
Construction Company, Lanco Infratech, Gammon India etc and also
sells its product through a network of distributors. The overall
operations of the company are managed by Mr. Sushil Agarwal. The
company has a manufacturing facility at Jalpaiguri (West Bengal)
with capacity of 800 metric tonnes per day. MCCPL sells its
products under the brand name, Shatabdi Cement.

MCCPL reported a net loss of INR0.4 million on net sales of
INR164.5 million for 2010-11 (refers to financial year, April 1
to March 31), against a profit after tax(PAT) of INR7.7 million
on net sales of INR131.2 million for 2009-10.


MNM MARKETING: CRISIL Rates INR81-Mil. Loan at 'CRISIL BB'
----------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' rating to the long-
term bank facilities of Mnm Marketing Private Limited (Mnm
Marketing; part of the Mnm group).

   Facilities                      Ratings
   ----------                      -------
   Long-Term Rating                CRISIL BB/Stable (Assigned)

   Total Bank Loan Facilities Rated: INR81 Million

The rating reflects the Mnm group's promoters' extensive
experience in the business of retailing of apparel and other
consumer discretionary goods and its established regional market
position. These rating strengths are partially offset by the
group's large working capital requirements leading to its average
financial risk profile, high geographical concentration, and
exposure to competition in the apparel retailing space.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Mnm Marketing and Mid India
Enterprises Pvt Ltd (Mid India; rated CRISIL BB/Stable). The
entities are together referred to as the Mnm group. This is
because the two entities are in similar lines of business, have a
common management with centrally managed operations and have
significant financial linkages with each other.

Outlook: Stable

CRISIL believes that the Mnm group will maintain its established
regional market position in the apparel and accessories retailing
space. The outlook may be revised to 'Positive' if the group
improves its capital structure significantly and diversifies into
other geographical regions, while maintaining its scale of
operations, profitability and financial risk profile. Conversely,
the outlook may be revised to 'Negative' if the group undertakes
larger-than-expected debt-funded capital expenditure (capex)
programme towards setting up new stores or if its working capital
requirements increase significantly, leading to weakening in its
financial risk profile.

                       About Mnm Marketing

The Mnm group is based in Vijayawada (Andhra Pradesh [AP]). Mid
India is into organised retailing of readymade garments (RMGs),
saris and accessories. It operates its stores under the M&M
brand. Currently, the company has six stores in AP, of which one
is operated by Mid India itself and the remaining five are
franchised out. Mid India also operates one store in Nagpur
(Maharashtra).

Mnm Marketing undertakes sourcing activity for the Mnm group and
other retail chains, apart from its retailing activity. There are
three RMG stores under Mnm Marketing: Manhar -- a multi-brand
retail outlet, Manyata -- designer ethnic ladies wear outlet, and
an exclusive brand outlet for Twills Fashionwear.

Mnm Marketing reported a profit after tax (PAT) of INR6.7 million
on an operating income of INR826.4 million for 2010-11, against a
net loss of INR0.2 million on an operating income of INR564.9
million for 2009-10.


NAVBHARAT FUSE: CRISIL Raises Rating on INR539.5MM Loan to 'B-'
---------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Navbharat Fuse Company Ltd to 'CRISIL B-/Stable/CRISIL A4' from
'CRISIL D/CRISIL D'.

   Facilities                  Ratings
   ----------                  -------
   Long-Term Rating            CRISIL B-/Stable (Upgraded from
                                                 CRISIL D)

   Short-Term Rating           CRISIL A4 (Upgraded from CRISIL D)

   Total Bank Loan Facilities Rated: INR539.5 Million

The rating upgrade reflects timely servicing of its debt by NFCL
since August 2011, following equity infusion of INR40 million in
July 2011. The equity has alleviated the pressure on the
company's liquidity to some extent, which is otherwise weak
because of large working capital propensity. The upgrade also
factors in NFCL management's commitment to ensure timely debt
servicing over the medium term, by timely infusing funds in case
of cash flow mismatches.

The ratings reflect NFCL's weak financial risk profile marked by
a small net worth, an aggressive gearing, inadequate debt
protection metrics, and weak liquidity; the ratings also factor
in the company's working-capital-intensive operations, and
exposure to intense industry competition. These rating weaknesses
are partially offset by the experience of NFCL's promoters in the
explosives business.

Outlook: Stable

CRISIL believes that NFCL's overall credit risk profile will
remain constrained by its weak liquidity emanating from its high
working capital intensity. The outlook may be revised to
'Positive' if the company infuses sizeable long-term funds to
substantially alleviate the pressure on its liquidity.
Conversely, the outlook may be revised to 'Negative' if NECL's
working capital cycle stretches further or if the company
undertakes any large, debt-funded capital expenditure programme,
further weakening its financial risk profile.

                      About Navbharat Fuse

NFCL, set up in 1999, manufactures explosives and accessories. It
has capacity to manufacture 25,000 tonnes per annum (tpa) of
cartridge explosives and 44,000 tpa of bulk explosives. In 2003-
04 (refers to financial year, April 1 to March 31), the company
diversified into manufacturing steel by setting up a sponge iron
plant with capacity of 60,000 tpa.

NFCL has an associate concern named Navbharat Explosives Company
Ltd (NECL), which manufactures bulk and cartridge explosives.
NECL has a manufacturing unit in Abhanpur (Chhattisgarh), and two
support plants (one each in Dhanpuri [Madhya Pradesh] and Korba
[Chhattisgarh]). The company has capacity to manufacture 12,500
tonnes of cartridge explosives and 20,000 tonnes of bulk
explosives per annum.

NFCL reported a profit after tax (PAT) of INR37.01 million on net
sales of INR914.6 million for 2010-11, against a PAT of INR10.8
million on an operating income of INR858.5 million for 2009-10.


NIROS ISPAT: CRISIL Raises Rating on INR365MM Loan to 'CRISIL B'
-----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Niros Ispat Pvt Ltd to 'CRISIL B/Stable' from 'CRISIL C', and
has reaffirmed its rating on the company's short term facilities
at 'CRISIL A4'

   Facilities                    Ratings
   ----------                    -------
   Long-Term Rating              CRISIL B/Stable (Upgraded from
                                                  'CRISIL C')

   Short-Term Rating             CRISIL A4 (Reaffirmed)

   Total Bank Loan Facilities Rated: INR365 Million

The rating upgrade reflects NIPL's timely servicing of its debt
over the past one year. The upgrade also reflects CRISIL's belief
that NIPL will generate adequate cash accruals to meet its term
debt obligations, and that the company will maintain its moderate
operating efficiencies, over the medium term. Also, CRISIL
derives comfort from the fact that the working capital limits of
the company are being enhanced in the next couple of months and
also that the promoters' would be willing to support the
liquidity of the company in the future if the need arises.

The ratings also reflect NIPL's working-capital-intensive
operations, marginal market share, and vulnerability to
cyclicality in the steel industry. These rating weaknesses are
partially offset by NIPL's moderate operating efficiency.

Outlook: Stable

CRISIL believes that NIPL will benefit over the medium term from
its moderate operating efficiency. The outlook may be revised to
'Positive' in case of higher-than-expected increase in revenues
and profitability. Conversely, the outlook may be revised to
'Negative' in case of lower-than-expected capacity utilisation,
which may deteriorate its operating margin, or in case of any
significant debt-funded capital expenditure plan over and above
expected.

                         About Niros Ispat

NIPL was incorporated in 2001 as a closely held company by
Mr. Sunil Mittal and Mr. Anil Agarwal. The company initially
traded in iron ore. The promoters set up a sponge iron plant with
a capacity of 25 tonnes per day (tpd) in Bhilai (Chhattisgarh) in
2003. The company was acquired by Mr. Anil Agarwal, Mr.
Siddheswar Agarwal, and Mr. Ashish Goyal in November 2009. The
new promoters expanded the sponge iron capacity to 325 tpd. The
project was completed in December 2010, and commercial operations
commenced from January 13, 2011. In 2011-12 (refers to financial
year, April 1 to March 31), NIPL has set up an induction furnace
plant with a capacity of 30,000 tonnes per annum. Commercial
production from the same is expected to commence from February
2012.

NIPL reported a profit after tax (PAT) of INR4 million on net
sales of INR421 million for 2010-11, as against a net loss of
INR1 million on net sales of INR167 million for 2009-10.


SOGO SYNERGY: Fitch Places Rating on INR50 Million Fund at 'D'
--------------------------------------------------------------
Fitch Ratings has assigned India's Sogo Synergy Pvt Ltd a
National Long-Term rating of 'Fitch D(ind)'.  SSPL's INR50
million fund-based working capital limits have also been assigned
a 'Fitch D(ind)' rating.

The ratings reflect SSPL's continuous over-utilisation of its
fund-based limits during the last 12 months till December 2011.
The company's tight liquidity position is due to the working
capital intensive nature of its business and weak operating
performance in H1FY12 (financial year ending March).  As of 30
September 2011, the company carried high levels of inventory and
advances.

The ratings also reflect the company's small scale of operations
(revenue for H1FY12: INR72.8m), limited track record in the IT
industry and exposure to currency risk.

Positive rating guidelines include regularisation in the
utilisation of the fund-based facility for at least two quarters.

SSPL is engaged in the reselling and rental of IT hardware. In
H1FY12, it reported an EBITDA of INR6.5m and a profit after tax
of INR1.2 million.


TIRUPATI BALAJI: CRISIL Assigns 'B' LT Rating to INR90MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Tirupati Balaji Extrusion Pvt Ltd

   Facilities                  Ratings
   ----------                  -------
   Long-Term Rating            CRISIL B/Stable (Assigned)
   Short-Term Rating           CRISIL A4 (Assigned)

   Total Bank Loan Facilities Rated: INR90 Million

The ratings reflect TBEPL's susceptibility to project and
commercialization risk and expected weak financial risk profile,
marked by a small net worth and high gearing. The ratings also
factor in the vulnerability of the company's operating
performance to volatility in raw material prices and fortunes of
end-user industries, especially the construction sector. These
rating weaknesses are partially offset by the locational
advantage that TBEPL enjoys due to proximity to end-user market.

Outlook: Stable

CRISIL believes that TBEPL will be able to complete the project
as per revised timelines and within budgeted cost as well as
commercialize it successfully. The outlook may be revised to
'Positive' in case of more-than-expected utilization of its
capacities, leading to higher revenues or improvement in the
operating margin. Conversely, the outlook may be revised to
'Negative' if there is significant deterioration in the company's
working capital cycle or if TBEPL's operations take longer than
expected to stabilize.

                       About Tirupati Balaji

TBEPL was incorporated on July 2, 2009, as a private limited
company, M/s Smart Fit Extrusions Pvt Ltd, to manufacture
aluminium extrusions. The name of the company was changed to the
current one on June 22, 2010. TBEPL was promoted by Mr. Vineet
Sethia, Mr. Kapil Mittal, and Mr. Shashank Gupta The company's
manufacturing unit is being set up in Dewas industrial area in
Madhya Pradesh, with capacity of nearly 300 tonnes per month.
TBEPL will begin commercial production in April 2012.


VALLABH TINPLATE: CRISIL Reaffirms 'BB' Rating to INR499.7MM Loan
-----------------------------------------------------------------
CRISIL's rating on the bank facility of Vallabh Tinplate Pvt.
Ltd. continues to reflect the expectation of healthy operating
efficiency because of its integrated manufacturing facility (with
the major raw material, cold-rolled coils (CRCs), being sourced
from group companies).

   Facilities                     Ratings
   ----------                     -------
   Long-Term Rating               CRISIL BB/Stable (Reaffirmed)

   Total Bank Loan Facilities Rated: INR499.7 Million

The ratings also factor in support VTPL receives from the Vallabh
group. VTPL represents a forward integration initiative of the
Vallabh group. VTPL will procure CRC for its production process
from its group companies, Vardhaman Industries Ltd (VIL, rated
'CRISIL BBB/Negative/ CRISIL A3+') and Vallabh Steel Ltd (VSL,
rated 'CRISIL BBB/Negative/CRISIL A3+'). Hence, VTPL is
strategically important to the Vallabh group and is expected to
receive support in the event of distress. These rating strengths
are partially offset by VTPL's weak financial risk profile,
marked by high debt levels and weak debt protection metrics. VTPL
is expected to commence commercial operations of its tinplating
facility, which will have a capacity of 60,000 tonnes per annum
(tpa), from the end of February 2012, and its operating cash
flows in initial years of operations are expected to be modest.

Outlook: Stable

CRISIL believes that VTPL will continue to receive timely
operational and financial support from its parent, VIL. Its
financial risk profile will, however, remain stretched on the
back of high debt levels and interest costs. The outlook may be
revised to 'Positive' if VTPL is able to achieve larger-than-
expected capacity utilisation and operating profitability,
resulting in substantial improvement in debt protection metrics.
Conversely, the outlook may be revised to 'Negative' if it
registers less-than-expected cash accruals, in case of a stretch
in the working capital cycle, or in case of dilution of support
from VIL.

                       About Vallabh Tinplate

VTPL is part of Vallabh group, which was set up by Mr. Kapil
Kumar Jain in 1981. The Vallabh group manufactures steel and
steel products through VSL and VIL, and terry towels through
Vallabh Textiles Pvt Ltd. Under VSL and VIL, the group produces
about 200,000 tpa of high-value steel products. These comprise
products such as CRC, steel ingots, hot-rolled strips, galvanised
and black electric resistance welding steel pipes, galvanised
plain sheets (GP), galvanised corrugated sheets (GC), color-
coated sheets and precision tubes. These products are marketed in
the domestic as well as the international market under the OSWAL
brand name.

VTPL is setting up an integrated facility for the manufacture of
tinplate at an aggregate project cost of INR890 million, funded
in a debt-to-equity ratio of 2:1. The total capacity will be
60,000 tpa. The land for the project is taken on lease from VIL,
which is located in the premises of the existing GP/GC plant of
VIL in village Bapror, Rajpura, Patiala (Punjab). VTPL will
procure CRC from its group companies and forward integrate the
group's core operations. The project is expected to become
operational by end of February 2012.


VIKASH METAL: Fitch Migrates Rating on INR1.05MM Non-Fund to 'D'
----------------------------------------------------------------
Fitch Ratings has migrated India-based Vikash Metal & Power Ltd's
'Fitch C(ind)' National Long-Term rating to the "Non-Monitored"
category.  This rating will now appear as 'Fitch C(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 VMPL.  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 migrated SMPL's bank loans to the non-monitored
category as follows:

  -- INR651.84 million long-term loans: migrated to 'Fitch
     C(ind)nm' from 'Fitch C(ind)'

  -- INR657.5 million fund-based limits: migrated to 'Fitch
     C(ind)nm' from 'Fitch C(ind)'

  -- INR1,050 million non-fund based limits: migrated to 'Fitch
     D(ind)nm' from 'Fitch D(ind)'


* INDIA: Moody's Says Imbalance in Power Sector Unsustainable
-------------------------------------------------------------
Moody's Investors Service says India's power sector is facing an
unsustainable structural imbalance, which is having a detrimental
impact on a number of players in the sector. At the same time,
Moody's highlighted that the creditworthiness of NTPC Ltd (Baa3,
stable) and privately-owned Tata Power Ltd. (Ba3, stable) has
remained largely insulated from the sector's woes.

"India's policy of providing all communities with power has
reached a stage where the low tariffs paid by consumers have
resulted in a massive build-up of losses at some of the country's
state-owned power utilities, which are bearing the brunt of this
policy," says Alan Greene, a Moody's Vice President and Senior
Credit Officer.

"In FY2011, losses on power sold by state-run utilities were
estimated at USD18 billion. We expect further pressure on power
purchase costs."

Greene was speaking at the launch of a special report on the
Indian Power Sector, which he authored.

According to the report, companies that are more exposed to large
projects, or those with weak power purchase agreements, will face
credit risks. The lack of sufficient domestic and foreign funding
is also a concern.

"The growth in bank lending to the power sector is showing signs
of slowing and foreign lenders are wary of involvement, due to
the glaring structural credit weaknesses in the industry," adds
Greene.

However, Moody's-rated power companies are well-placed to face
these challenges. NTPC benefits from good fuel supply agreements
and robust power purchase pacts under the so-called Tripartite
Agreement, where payments from customers, predominantly State
Electricity Boards, are ultimately supported by the Reserve Bank
of India.

Similarly, Tata Power has sufficient fuel supplies for its
current capacity, including its imported coal arrangements, and
its power purchase agreements are largely with the State
Electricity Boards with better payment records.


=================
I N D O N E S I A
=================


TOWER BERSAMA: Moody's Reviews 'Ba2' CFR for Possible Downgrade
---------------------------------------------------------------
Moody's Investors Service has placed the Ba2 Corporate Family
Rating of PT Tower Bersama Infrastructure Tbk under review for
possible downgrade.

Ratings Rationale

This follows the announcement made by PT Indosat Tbk ("Indosat"
-- rated Ba1 stable) that it has signed an agreement with TBI for
TBI to purchase 2,500 of its telecommunications towers. The total
upfront consideration is US$406 million of which approximately
US$350 million will be paid in cash and the remainder will be in
the form of newly issued shares in TBI equivalent to 5% of the
enlarged equity base.

Indosat, as the anchor tenant, will lease back the towers from
TBI for a period of 10 years at market rates. There is also the
potential for a further earn out provision equivalent to some
US$113 million over the life of the 10 year lease on the towers
to be paid by TBI to Indosat.

For TBI the deal should further enhance its overall tenant
quality and Moody's estimates that the Tier One tenancy ratio -
being revenues attributable to Indosat, PT Telekomunikasi
Indonesia (Baa1 stable), PT Telekomunikasi Sellular (Baa1 stable)
and XL Axiata (Ba1 stable) - will increase to approximately 70%
from the current 64%. In addition, TBI will have the potential to
build collocations on the 2,500 towers which will generate
additional revenues. The addition of these towers should catapult
TBI into being the single largest independent tower provider in
Indonesia, a position from which it should benefit given the
growing number of collocations and increased acceptance of tower
sharing by telecommunications operators in Indonesia.

Notwithstanding these benefits, Moody's will need to consider how
TBI plans on funding the acquisition as given the size of the
deal there could be a substantial deterioration in leverage
metrics. This also represents the largest acquisition, in terms
of number of towers, contemplated by TBI and Moody's will also
consider its ability to integrate and successfully manage those
assets as well as grow the tenancy ratio.

Given the high level of cash flow visibility surrounding the
acquisition, the expected growth in collocations and associated
ability to delever, it is Moody's view that any downgrade in
TBI's rating will be no more than one notch and, depending on the
nature of funding, could be contained at the Ba2 rating level.

The acquisition is still subject to TBI shareholder approvals as
well as the consent of Indosat's creditors and could therefore be
a period of months before financial close is reached.

The principal methodology used in rating PT Tower Bersama
Infrastructure Tbk was the Global Communications Infrastructure
Rating Methodology published in June 2011.

TBI is the holding company of the Tower Bersama Group, one of the
2 leading independent tower operators in Indonesia, with 4,868
telecommunication sites serving 7,002 tenants as of 31st December
2011. It leases space on its communications towers to cellular
telecommunications operators on long-term contracts.


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


KOBE CITY: Housing to Seek Bankruptcy Protection
------------------------------------------------
Gearoid Reidy at Bloomberg News reports that Tokyo Shoko Research
said Kobe City Housing Supply Corp. plans to file for bankruptcy
protection.

Bloomberg, citing a faxed statement from the corporate
bankruptcy researcher, discloses that the company has liabilities
of JPY54.7 billion (US$705 million).

Kobe City Housing Supply Corp is a Japanese government-affiliated
public corporation.


TOKYO ELECTRIC: Asks Lenders for JPY1 Trillion Loans
----------------------------------------------------
Bloomberg News, citing the Nikkei newspaper, reports that Tokyo
Electric Power Co. and the Japanese government's nuclear disaster
rescue fund asked lenders for about JPY1 trillion
(US$12.9 billion) in loans.

The Nuclear Damage Liability Facilitation Fund is asking
for the loans to be advanced with no collateral or repayment
guarantees from the government, the Nikkei said, without
providing the source of the information, according to Bloomberg.

Bloomberg relates that the newspaper said the formal request to
banks is part of a business plan to avert TEPCO's collapse after
the Fukushima disaster, which will be completed in March.

                        About Tokyo Electric

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

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

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


TOKYO ELECTRIC: To Sell JPY300BB in Securities by End of March
--------------------------------------------------------------
Kyodo News reports that Tokyo Electric Power Co. said Thursday it
will finish selling around JPY300 billion in securities by the
end of March to deal with huge compensation costs stemming from
the Fukushima No. 1 nuclear power plant disaster.

TEPCO President Toshio Nishizawa told Natural Resources and
Energy Agency chief Ichiro Takahara that with regard to its asset
sales, "the area which is showing the biggest progress is
securities. I believe we can achieve the sales to a level very
close to our goal during this financial year," Kyodo relates.

In return for receiving financial aid from the state to pay
redress to those harmed by the accident, the utility has promised
to slash JPY2.65 trillion in costs over 10 years, while selling
JPY330.1 billion in securities and JPY247.2 billion in real
estate assets, both within three years.

                        About Tokyo Electric

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

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

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


TOKYO ELECTRIC: Receives JPY690 Billion Additional Government Aid
-----------------------------------------------------------------
Mitsuru Obe at Dow Jones Newswires reports that Japanese trade
and industry minister Yukio Edano on Monday approved the release
of JPY690 billion in additional financial aid to Tokyo Electric
Power Co. to help it meet massive compensation claims from people
affected by the Fukushima Daiichi nuclear disaster.

According to Dow Jones, Mr. Edano said the approval was made on
condition that TEPCO will meet several requirements, including a
review of the planned rate hike for corporate users, set to take
effect in April, and ceding to the government "sufficient"
control over the company's management.

"I have no plan to approve a request from Tepco for a capital
infusion unless the company agrees to allow sufficient voting
rights that would be in line with the amount of government
investment in the company," the news agency quotes Mr. Edano as
saying in a meeting with TEPCO president Toshio Nishizawa.
Dow Jones relates that Mr. Edano demanded that Mr. Nishizawa
promise to revise the planned 17% rate hike for corporate users
once the government completes a review of electricity rates later
this year.

Mr. Edano also said he wants "more aggressive cost-cutting by
TEPCO and accelerated asset sales," Dow Jones reports.

According to the report, Mr. Nishizawa promised to redouble cost-
cutting efforts and introduce a more flexible rate plan, but
stopped short of making any commitment regarding the size of
government ownership in Tepco in the event of capital injection.

The latest aid commitment brings the total amount of financial
aid to the utility to JPY1.58 trillion, including JPY890 billion
in assistance approved in November, Dow Jones discloses.  The aid
will be provided separately from an expected capital injection of
JPY1 trillion to help the company deal with other costs, such as
those for decommissioning the Fukushima Daiichi plant and
building new thermal power plants, according to Dow Jones.

Dow Jones notes that the additional aid was decided after
compensation eligibility was expanded in December to include
1.5 million people who voluntarily evacuated their homes in
Fukushima Prefecture, in addition to 110,000 forced to leave
under mandatory evacuation orders.

The aid will allow TEPCO to maintain a sufficient capital cushion
and report April-December earnings results later Monday, Dow
Jones adds.

                        About Tokyo Electric

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

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

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


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


KUMHO ASIANA: Former Unit May Sell Shares to Group's Chairman
-------------------------------------------------------------
According to Bloomberg News, MoneyToday reported Kumho Industrial
Co., which was a unit of Kumho Asiana Group before creditors took
control in 2010, may raise KRW220 billion (US$196 million) by
selling new shares to the group's chairman Park Sam Koo.

Bloomberg relates that MoneyToday said creditors will provide
working capital and seek a debt-to-equity swap to boost Kumho
Industrial's finances.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 6, 2009, The Korea Herald said Kumho Asiana Group has been
suffering from a liquidity crisis, which observers describe as a
typical case of acquisition indigestion.  In a bid to ease a cash
shortage, the conglomerate in July 2009 decided to re-sell the
controlling stakes and management rights of Daewoo Engineering,
after acquiring it in 2006 for KRW6.4 trillion.  The creditors
decided on Dec. 30, 2009, to put two other ailing units -- Kumho
Industrial Co. and Kumho Tire Co. -- under a debt rescheduling
program.  Meanwhile, the group's other two units -- Korea Kumho
Petrochemical Co. and Asiana Airlines Inc. -- will have to
improve their financial health through rigorous self-
restructuring efforts as earlier agreed with creditors.  Kumho
Asiana unveiled a restructuring plan on Jan. 5, 2011, that
involves raising KRW1.3 trillion (US$1.1 billion) by selling off
assets, while cutting costs via a 20% reduction in executive
positions and wages, Yonhap News Agency reported.

                        About Kumho Asiana

Established in 1946, Kumho Asiana Group is a large South Korean
conglomerate, with subsidiaries in the automotive, industry,
leisure, logistic, chemical and airline fields.  The group is
headquartered at the Kumho Asiana Main Tower in Sinmunno 1-ga,
Jongno-gu, Seoul, South Korea.


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


FELTEX CARPETS: Liquidators Launch Suit Against Ernst & Young
-------------------------------------------------------------
Fairfax NZ News reports that the liquidators of failed carpet
maker Feltex have launched proceedings against big four
accountancy firm Ernst & Young.

Fairfax NZ relates that the liquidators said the action relates
to Feltex's incorrect December 30, 2005 half-year financial
statement prepared by Ernst & Young.  The financial statement
significantly impacted on the claim against directors, the
liquidators said.

Last year, the liquidators dropped a legal action seeking
NZ$41 million from five former Feltex directors in favor of a
settlement, the report recounts.

The liquidators, as cited by Fairfax NZ, said they had outlined
the claim against E&Y but the firm had failed to engage in any
dialogue towards a resolution.  Accordingly, proceedings were
issued in early December against E&Y Australia and New Zealand.

E&Y said in a statement that the liquidators' claims were
baseless and would be strongly defended, according to the report.

E&Y said the accounts at issue did not involve an audit.  Rather
it was a review for the purposes of transitioning to
International Financial Reporting Standards, Fairfax NZ adds.

                       About Feltex Carpets

Headquartered in Auckland, New Zealand, and established more than
50 years ago, Feltex Carpets Limited -- http://www.feltex.com/--
has built a reputation for being one of the world's leading
manufacturers of superior-quality carpet.  The Feltex operation
included a wool scouring plant, six spinning mills, three tufted
carpet mills, a woven carpet mill and offices in New Zealand,
Australia and the United States.

ANZ Bank placed the company in receivership on Sept. 22, 2006,
and named Colin Nicol, Peter Anderson and Kerryn Downey, of
McGrathNicol+Partners, as receivers and managers.

The TCR-AP reported on Oct. 4, 2006, that Godfrey Hirst acquired
Feltex as a going concern, including its assets and undertakings
in New Zealand, Australia, and the United States.  Proceeds of
the sale will be used to ease the company's NZ$128-million debt
to ANZ Bank.

On Dec. 13, 2006, the High Court in Auckland ruled in favor of an
application by the Shareholders Association against Feltex
Carpets putting the carpet maker into liquidation.  John Vague
was appointed as liquidator.


SOUTH CANTERBURY: Name Suppression Orders Lifted
------------------------------------------------
The National Business Review reports that suppression orders
preventing the naming of former South Canterbury Finance
directors Edward Sullivan and Robert White, charged with
NZ$1.7 billion of fraud, have been lifted.

The suppression orders expired in the Timaru District Court on
Monday, NBR says.

According to the news agency, Messrs. Sullivan and White have
been charged by the Serious Fraud Office along with former South
Canterbury chief executive Lachie McLeod and company accountants
Terrence Hutton and Graeme Brown.

The charges relate to the alleged disguise of related-party loans
that breached the company's trust deed and the government
guarantee and resulted in NZ$1.58 billion paid out of public
funds to depositors and bondholders, NBR relates.

NBR discloses that:

  -- Mr. Sullivan, a lawyer, is facing the most charges: two
     counts of theft by a person in a special relationship;
     five of false statements by a promoter; and two of
     obtaining by deception.

  -- Mr. White, a retired accountant and director, is charged
     with one count of theft by a person in a special
     relationship, two of false statements by a promoter, and
     one of obtaining by deception.

  -- Mr. McLeod faces two charges of theft by a person in a
     special relationship, two of false accounting, and one
     of obtaining by deception.

  -- Mr. Hutton has been charged with two counts of false
     accounting.

  -- Mr. Brown, former South Canterbury chief financial officer,
     faces one charge of false accounting.

                      About South Canterbury

Based in New Zealand, South Canterbury Finance Limited
(NZE:SCFHA) -- http://www.scf.co.nz/-- was engaged in the
provision of financial services.  The Company's principal
activities were borrowing funds from public and institutional
investors and on lending those funds to the business, plant and
equipment, property, rural and consumer sectors.  It typically
advanced funds by means of hire purchase, floor plans, leasing of
plant, vehicles and equipment, personal loans, business term
loans and revolving credit facilities, mortgages against
property, and other financial instruments, including consumer
loan insurance.

On Aug. 31, 2010, Trustees Executors Limited, as trustee for
South Canterbury Finance charging group, appointed Kerryn Downey
and William Black of McGrathNicol as receivers of the charging
group's secured assets.

"As Trustee, we have had South Canterbury Finance under
heightened surveillance since 2008.  As part of that, SCF was
granted a Trustee waiver in February 2010 to allow it time to
recapitalize.  Unfortunately, the Company's Directors have
advised us that they have not been successful with respect to a
recapitalization and requested us to appoint a receiver.  At this
point we, as Trustee, agree that it is the best interests of
debenture, deposit and bond holders to do that," said Yogesh
Mody, Southern Regional Manager for Trustees Executors Limited.

The New Zealand government repaid South Canterbury's 35,000
depositors and stockholders NZ$1.6 billion under the Crown
retail deposit guarantee scheme.


=====================
P H I L I P P I N E S
=====================


PRUDENTIALIFE PLANS: Insurance Commission Issues Stay Order
-----------------------------------------------------------
Philippine Daily Inquirer reports that the government has ordered
preneed firm Prudentialife Plans to suspend payment on all claims
but continue payments for some terminated plans as it awaits
action from the Insurance Commission (IC) on its proposal for
relief and rehabilitation.

Prudentialife failed to keep itself afloat after losing its
license and permit to sell new plans in 2009, and now is short of
at least PHP10 billion in funds to cover obligations to some
300,000 clients, according to the Inquirer.

The Inquirer relates that in a stay order that Prudentialife
received on February 6, conservator Rosario S. Bernaldo of the IC
told the company that payments of claims has been suspended
indefinitely until the regulator has decided with finality on the
firm's proposal for rehabilitation.

According to the report, Prudentialife has been placed under
conservatorship -- in particular, under the authority of the IC
through Ms. Bernaldo --since September 2010, a year after the
Securities and Exchange Commission stripped it of its license and
disallowed the sale of new plans.

The order also prevents Prudentialife from disposing of any
property and paying any of its liabilities, as the company itself
requested through the proposal, the Inquirer relates.

Plan holders, creditors and stakeholders are advised to file with
the IC their comments on the rehabilitation proposal, and to
attend hearings on March 2 and 13, the report notes.

In its proposal filed last December 9, the Inquirer says,
Prudentialife asked to be allowed to undergo rehabilitation
instead of liquidation.

According to the Inquirer, company president Jose Alberto T. Alba
said in its rehabilitation proposal that Prudential wants to keep
its life insurance operations and spin off its pension and
education plan businesses.

Mr. Alba said that as of Sept. 30, 2011, Prudentialife's assets
were valued at a total of about PHP9.15 billion while its
liabilities were estimated at PHP19.67 billion, the Inquirer
discloses.

While Prudentialife has enough funds to cover life plan claims,
it expects to pay a total of some PHP10.5 billion on pension and
education plan claims, the report adds.

The company blames the deterioration of its finances to "an old
basket of plans that guaranteed high benefits" but which were
based on "assumptions that were proven then, but were not
sustained due to subsequent events beyond (the company's)
control."

Also, Mr. Alba said company obligations mounted because of "open-
ended traditional education plans," which were based on the
assumption that the tuition hike ceiling of 10% a year would be
maintained.

                 Philippine Prudential not related
                     to troubled Prudentialife

Meanwhile, ABS-CBNnews.com reports that Philippine Prudential
Life Insurance Company, Inc. said it was not connected in any way
to the troubled Prudentialife Plans.

"Philippine Prudential Life Insurance Company, Inc. is
financially sound, as it remains to be a stable and strongly
capitalized company, duly-licensed by our government regulator,
the Insurance Commission," ABS-CBNnews.com quotes Philippine
Prudential President and CEO Gregorio D. Mercado as saying.

"Our valued Policyholders can be assured that their interests are
protected with the Company's financial strength and business
expertise.  We remain focused on the daily execution of our
business and continue to provide our clients with the highest
levels of service, as we continue to expand and write new
business, while remaining committed to meeting our policyholders'
needs."

                     About Prudentialife Plans

Prudentialife Plans -- http://www.prudentialife.com/-- started
in 1978, as a pre-need company.  It has diversified into
financial services, non-life insurance, memorialization, real
estate and travel and leisure.


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


DBS ASSET: Creditors' Proofs of Debt Due March 12
-------------------------------------------------
Creditors of DBS Asset Management (United States) Pte Ltd, which
is in members' voluntary liquidation, are required to file their
proofs of debt by March 12, 2012, to be included in the company's
dividend distribution.

The company's liquidator is:

         Lee Kay Beng
         c/o 16 Raffles Quay #22-00
         Hong Leong Building
         Singapore 048581


KEUMKANG MARINE: Court to Hear Wind-Up Petition on Feb. 24
----------------------------------------------------------
A petition to wind up the operations of Keumkang Marine Pte Ltd
will be heard before the High Court of Singapore on Feb. 24,
2012, at 10:00 a.m.

Malayan Banking Berhad filed the petition against the company on
Feb. 2, 2012.

The Petitioner's solicitors are:

          Shook Lin & Bok LLP
          1 Robinson Road
          #18-00 AIA Towers
          Singapore 049542


NAM KEONG: Creditors' Meetings Set for Feb. 22
----------------------------------------------
Nam Keong Industrades Pte Ltd, which is in compulsory
liquidation, will hold a meeting for its creditors on Feb. 22,
2012, at 10:00 a.m., at 8 Cross Street, #17-00 PWC Building,
Singapore 048424.

Agenda of the meeting includes:

   a. to lay before the meeting a report of the liquidators
      showing how the winding-up was conducted;

   b. to approve the remuneration of the liquidators; and

   c. discuss other business.

The company's liquidator is:

         Goh Thien Phong
         c/o PricewaterhouseCoopers LLP
         8 Cross Street #17-00
         PWC Building
         Singapore 048424


SPORTS NETWORK: Creditors Get 100% Recovery on Claims
-----------------------------------------------------
Sports Network Pte Ltd declared the first and final dividend on
Feb. 10, 2012.

The company paid 100% for preferential and 0.748% for unsecured
creditors.


===============
X X X X X X X X
===============


BOND PRICING: For the Week Feb. 6 to Feb. 10, 2012
----------------------------------------------------


  AUSTRALIA
  ---------

ADVANCE ENERGY           9.50    01/04/2015   AUD       1.07
AMITY OIL LTD           10.00    10/31/2013   AUD       2.05
CHINA CENTURY           12.00    09/30/2014   AUD       0.75
DIVERSA LTD             11.00    09/30/2014   AUD       0.14
EXPORT FIN & INS         0.50    12/16/2019   NZD      71.84
EXPORT FIN & INS         0.50    06/15/2020   AUD      69.84
EXPORT FIN & INS         0.50    06/15/2020   NZD      69.93
IMF AUSTRALIA           10.25    12/31/2014   AUD       1.74
KIMBERLY METALS         10.00    08/05/2016   AUD       0.36
MIDWEST VANADIUM        11.50    02/15/2018   USD      68.87
MIDWEST VANADIUM        11.50    02/15/2018   USD      68.87
NEW S WALES TREA         0.50    09/14/2022   AUD      63.08
NEW S WALES TREA         0.50    10/07/2022   AUD      62.89
NEW S WALES TREA         0.50    10/28/2022   AUD      62.73
NEW S WALES TREA         0.50    11/18/2022   AUD      62.57
NEW S WALES TREA         0.50    12/16/2022   AUD      62.25
NEW S WALES TREA         0.50    02/02/2023   AUD      61.97
NEW S WALES TREA         0.50    03/30/2023   AUD      61.54
TREAS CORP VICT          0.50    08/25/2022   AUD      63.50
TREAS CORP VICT          0.50    03/03/2023   AUD      62.00
TREAS CORP VICT          0.50    11/12/2030   AUD      43.05
WESTPAC BANKING          2.50    12/15/2016   USD      43.44


  CHINA
  -----

CHINA GOVT BOND          1.64    12/15/2033   USD      60.31


  HONG KONG
  ---------

CHINA SOUTH CITY        13.50    01/14/2016   USD      74.62
RESPARCS FUNDING         8.00    12/29/2049   USD      30.00


  INDIA
  -----

AKSH OPTIFIBRE           1.00    02/05/2013   USD      40.21
EX-IM BK OF IN           9.45    06/15/2014   INR       9.85
GEMINI COMMUNICA         6.00    07/18/2012   EUR      60.98
PRAKASH IND LTD          5.25    04/30/2015   USD      70.11
SHIV-VANI OIL            5.00    08/17/2015   USD      67.33
SUZLON ENERGY LT         5.00    04/13/2016   USD      62.68
VIDEOCON INDUS           6.75    12/16/2015   USD      71.80



  JAPAN
  -----

JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      62.15
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      63.75
TAKEFUJI CORP            9.20    04/15/2011   USD       4.00
TOKYO ELEC POWER         1.45    09/30/2019   JPY      72.12
TOKYO ELEC POWER         1.37    10/29/2019   JPY      72.25
TOKYO ELEC POWER         2.05    10/29/2019   JPY      75.00
TOKYO ELEC POWER         1.81    02/28/2020   JPY      74.00
TOKYO ELEC POWER         1.48    04/28/2020   JPY      71.25
TOKYO ELEC POWER         1.39    05/28/2020   JPY      70.00
TOKYO ELEC POWER         1.31    06/24/2020   JPY      69.37
TOKYO ELEC POWER         1.94    07/24/2020   JPY      74.63
TOKYO ELEC POWER         1.22    07/29/2020   JPY      69.12
TOKYO ELEC POWER         1.15    09/08/2020   JPY      68.87
TOKYO ELEC POWER         1.63    07/16/2021   JPY      70.37
TOKYO ELEC POWER         2.34    09/29/2028   JPY      65.78
TOKYO ELEC POWER         2.40    11/28/2028   JPY      66.16
TOKYO ELEC POWER         2.20    02/27/2029   JPY      64.25
TOKYO ELEC POWER         2.11    12/10/2029   JPY      62.84
TOKYO ELEC POWER         1.95    07/29/2030   JPY      61.00
TOKYO ELEC POWER         2.36    05/28/2040   JPY      58.75


  MALAYSIA
  --------

ADVANCED SYNERY          2.00    01/26/2018   MYR       0.10
ASTRAL SUPREME           3.00    08/0/2021    MYR       0.09
CRESENDO CORP B          3.75    01/11/2016   MYR       1.60
DUTALAND BHD             7.00    04/11/2013   MYR       0.40
DUTALAND BHD             7.00    04/11/2013   MYR       0.90
ENCORP BHD               6.00    02/17/2016   MYR       0.88
KUMPULAN JETSON          5.00    11/27/2012   MYR       1.11
LION DIVERSIFIED         4.00    12/17/2013   MYR       1.19
MALTON BHD               6.00    06/30/2018   MYR       0.92
MITHRIL BHD              3.00    04/05/2012   MYR       0.74
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.24
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.42
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.21
PANTECH GROUP            7.00    12/21/2017   MYR       0.10
PRESS METAL BHD          6.00    08/22/2019   MYR       2.09
REDTONE INTL             2.75    03/04/2020   MYR       0.12
RUBBEREX CORP            4.00    08/14/2012   MYR       0.77
SCOMI ENGINEERING        4.00    03/19/2013   MYR       0.54
SCOMI GROUP              4.00    12/14/2012   MYR       0.07
TRADEWINDS CORP          2.00    02/26/2016   MYR       1.57
WAH SEONG CORP           3.00    05/21/2012   MYR       2.51
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.50
YTL CEMENT BHD           5.00    11/10/2015   MYR       2.17
YTL LAND & DEVEL         3.00    10/31/2021   MYR       0.50


NEW ZEALAND
-----------

BLUE STAR GROUP          9.10    09/15/2015   NZD       6.51
FLETCHER BUILDING        8.50    03/15/2015   NZD       7.00
FONTERRA                 5.30    11/29/2049   NZD      72.00
INFRATIL LTD             8.50    09/15/2013   NZD       8.70
INFRATIL LTD             8.50    11/15/2015   NZD       7.80
INFRATIL LTD             4.97    12/29/2049   NZD      54.10
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.08
NEW ZEALAND POST         7.50    11/15/2039   NZD      65.44
NZF GROUP                6.00    03/15/2016   NZD       5.00
TOWER CAPITAL            8.50    04/15/2014   NZD       1.02
TRUSTPOWER LTD           8.50    09/15/2012   NZD       7.05
TRUSTPOWER LTD           8.50    03/15/2014   NZD       6.70
UNI OF CANTERBUR         7.25    12/15/2019   NZD       0.96


SINGAPORE
---------

BAKRIE TELECOM          11.50    05/07/2015   USD      60.07
BAKRIE TELECOM          11.50    05/07/2015   USD      67.07
BLUE OCEAN              11.00    06/28/2012   USD      34.00
UNITED ENG LTD           1.00    03/03/2014   SGD       0.99
WBL CORPORATION          2.50    06/10/2014   SGD       1.03


SOUTH KOREA
-----------


BUSAN SOLOMON MU         8.50    10/29/2014   KRW      50.20
CN 1ST ABS               8.00    02/27/2015   KRW      31.99
CN 1ST ABS               8.30    11/27/2015   KRW      33.27
EX-IMP BK KOREA          0.50    01/25/2017   KRW      67.35
EX-IMP BK KOREA          0.50    10/23/2017   KRW      64.11
EX-IMP BK KOREA          0.50    12/22/2017   KRW      62.76
GYEONGGI MUTUAL          8.50    08/29/2016   KRW      70.15
GYEONGGI MUTUAL          8.00    01/22/2016   KRW      70.11
HIMART 1ST ABS           4.60    04/30/2013   KRW      70.23
HYUNDAI SWISS BK         8.50    10/02/2013   KRW      70.20
HYUNDAI SWISS BK         8.50    07/15/2014   KRW      11.62
HYUNDAI SWISS II         7.90    07/23/2015   KRW      61.13
KHC 4TH SEC SPC          7.00    12/08/2016   KRW      32.39
NEW LIFE 1ST ABS        10.00    03/08/2014   KRW      29.92


SRI LANKA
---------

SRI LANKA GOVT           6.20    08/01/2020   LKR      74.75
SRI LANKA GOVT           7.00    10/01/2023   LKR      68.34
SRI LANKA GOVT           5.35    03/01/2026   LKR      56.71
SRI LANKA GOVT           8.00    01/01/2032   LKR      70.78


TAIWAN
------

TAIWAN GB-A01104         1.75    02/13/2042   TWD      57.44


                             *********

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.





                 *** End of Transmission ***