TCRAP_Public/120216.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Thursday, February 16, 2012, Vol. 15, No. 34

                            Headlines


A U S T R A L I A

BABCOCK & BROWN: Creditors to Get $400 Contribution Reimbursement
INSYDE RESTAURANT: Unsecured Creditors Unlikely to Get Paid
SLEEP CITY: In Administration; 450 Jobs at Risk
STUDIO 2000: Creditors Approve Revival Plan


C H I N A

CHINA TEL GROUP: To Issue 2 Million Shares for Legal Services
CONTAINERSHIP CO: May Use Chapter 15 to Sue Shippers


H O N G  K O N G

GOODSHAW COMPANY: Lam and Blaauw Step Down as Liquidators
SHAGANG SHIPPING: Court to Hear Wind-Up Petition on Feb. 22
SINO HOPE: Creditors' Meeting Set for March 1
SIU LUNG: Kong and Wu Step Down as Liquidators
SKY HOME: Members' Final General Meeting Set for March 26

SPRING VICTORY: Creditors' Proofs of Debt Due March 12
SUNNY TECH: Creditors Get 0.33% Recovery on Claims
TIS FINANCE: Members' Final Meeting Set for Feb. 24
TREASURE WIN: Chan Yui Hang Appointed as Liquidator
WATT (NOMINEES): Watt Hung Chow Steps Down as Liquidator


I N D I A

AIR INDIA: To Reduce Six Long-Haul International Flights
BN SPONGE: CARE Rates INR11.33cr Long-Term Rating at 'CARE BB-'
CAPTAIN POLYPLAST: CARE Puts 'CARE BB-' Rating on INR8.89cr Loan
DELFINA CERAMIC: CARE Assigns 'CARE B+' Rating to INR4.45cr Loan
ESS KAY: CARE Rates INR25cr Long Term Bank Loan at 'CARE BB+'

GEMINI EQUIPMENT: CARE Assigns 'CARE BB+' Issuer Rating
GUJARAT GINNING: CARE Places 'CARE B' Rating on INR11.61cr Loan
KAYTX INDUSTRIES: CARE Puts 'CARE B+' Rating on INR20cr Loan
PERFECT VITAMINS: CARE Assigns 'CARE C' Rating to INR18.3cr Loan
REAL GRANITO: CARE Assigns 'CARE B+' Rating to INR27.7cr Loan

R.K. ICE: CARE Rates INR25cr Long-Term Loan at 'CARE BB-'
SHAHLON SILK: CARE Reaffirms 'CARE BB+' Long-Term Rating
SHREE ARUN: CARE Rates INR6.99cr Long-Term Bank Loan at 'BB+'
SYSCO INDUSTRIES: CARE Assigns 'CARE B' Rating to INR23.5cr Loan
UMA COTTON: CARE Rates INR7.07cr Long-Term Loan at 'CARE B'


I N D O N E S I A

BAKRIE TELECOM: S&P Cuts Corp. Credit Rating to CCC+; Outlook Neg


N E W  Z E A L A N D

BRIDGECORP LTD: Receiver Gives Evidence in Court
SOUTH CANTERBURY: Sullivan, White Ready to Clear Their Names


P H I L I P P I N E S

* PHILIPPINES: 31 Pre-need Firms Have Trust Fund Deficiencies


S I N G A P O R E

DBS BANK: Moody's Gives 'B' Bank Financial Strength Rating


                            - - - - -


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A U S T R A L I A
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BABCOCK & BROWN: Creditors to Get $400 Contribution Reimbursement
-----------------------------------------------------------------
The Sydney Morning Herald reports that the Federal Court has
approved an application by the liquidator, David Lombe, to
reimburse Babcock & Brown creditors and pay them an additional
"uplift" of 10 times their individual contribution.

SMH relates that the payments will come from the proceeds of a
confidential settlement of a AUD158 million damages suit against
the former auditor and directors of Babcock & Brown.

While the orders made by Justice Arthur Emmett earlier this month
will still leave creditors out of pocket from the bank's
AUD5 billion collapse, the success of Mr. Lombe's novel
litigation-funding strategy justifies the decision by some
creditors to increase their exposure by contributing AUD$400
each, says SMH.

According to the report, Mr. Lombe, a partner of the accounting
firm Deloitte, said on Friday that he had chosen the sum of
AUD400 on gut feeling.  "If I had made it AUD1,000 I don't think
people would have done it," he said.

Creditors invested a combined AUD557,000 that Mr. Lombe spent on
public examinations in the Federal Court in 2010, SMH recalls.

The report relates that the examinations were followed by a suit
alleging that the former auditor and directors had improperly
paid AUD158 million in dividends out of capital.  Those sued were
the former chairman, Jim Babcock, the managing director, Phil
Green, and directors James Fantaci, Geoffrey Martin, Elizabeth
Nosworthy, Dieter Rampl, Martin Rey, Joe Roby, Michael Sharpe and
the auditor Ernst & Young.

During a confidential mediation before trial last year, the
defendants agreed to pay an undisclosed sum, SMH recounts.  They
made no admissions of liability and said they had settled "solely
to avoid the cost and inconvenience of litigation," adds SMH.

According to SMH, the suit was funded by the listed litigation
funder IMF Australia, which said last year it expected to receive
AUD7.5 million from the settlement.

SMH says Justice Emmett ordered that the creditors who funded the
examinations be paid their contribution of AUD557,000 plus an
"uplift" of $5.57 million before the rest of the proceeds are
distributed to all creditors.  Mr. Lombe said returning "a good
multiple" to the contributing creditors was required because he
would have been unable to fund the examinations without their
investment, SMH reports.

"And if we hadn't conducted the examinations, we wouldn't have
come up with our cause of action re[garding] the dividends," SMH
quotes Mr. Lombe as saying.

Mr. Lombe said, as cited by SMH, the evidence he gathered in the
examinations made him "a very secure litigant" in his
negotiations with IMF to fund the suit and with the defendants to
settle it.

No creditor will receive more than their original claim in the
winding up process, SMH adds.

                       About Babcock & Brown

Headquartered in Sydney, Australia, Babcock & Brown Limited
was a global alternative asset manager specializing in the
origination and management of asset in sectors, where the company
has a franchise and proven track record, and where there are
opportunities to add  scale, infrastructure, air operating
leasing and selected real estate.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 13, 2009, Babcock & Brown appointed voluntary
administrators after investors in the company's subordinated
notes listed in New Zealand voted against a special resolution to
restructure the terms of the notes.  Under the special
resolution, the company's equity and subordinated note holders
won't receive any return.  Babcock & Brown appointed David Lombe
and Simon Cathro of Deloitte Touche Tohmatsu as Voluntary
Administrators.

The TCR-AP reported on Aug. 25, 2009, that Babcock & Brown Ltd
creditors voted to liquidate the company's assets.  Deloitte said
the vote empowers it to investigate matters surrounding the
collapse of the group, including potential conflicts of interest
between the boards of Babcock & Brown and affiliated company
Babcock & Brown International Pty. Ltd. which held most of the
group's assets.


INSYDE RESTAURANT: Unsecured Creditors Unlikely to Get Paid
-----------------------------------------------------------
Anthony Marx at The Courier-Mail reports that about 200 unsecured
creditors of the Insyde Restaurant Group are unlikely to claw
back anywhere near the AUD9.5 million owed to them.

The failed company's Siana City and Boardwalk Bar and Bistro
restaurants in Brisbane closed on Feb. 8, leaving about 65
employees out of work, The Courier-Mail reports.

Administrator Ian Currie of BRI Ferrier told The Courier-Mail
that the impact of last year's flood and delays by the landlord
in re-opening a toilet facility had proved to be costly setbacks.
The company had also expanded too quickly without adequate
finance and suffered from poor trading conditions, he said.

According to the report, Mr. Currie said three other eateries in
the group, Siana Valley, the Agave Mexican Bar and Grill, and The
Black Espresso coffee company would remain open for now in
Fortitude Valley.

"They are continuing to trade at this point in time while we
attempt to get some rent relief from landlords and negotiate with
potential purchasers," the report quotes Mr. Currie as saying.

Insyde directors Donald Johnston, Grant Johnston, and Gregory
Bunt hope to get creditor approval for a deed of company
arrangement to allow the group to continue operating, The
Courier-Mail says.

But Mr. Currie said he would not recommend that option to
creditors because the now-shut Boardwalk had been critical in
funding the rest of the business, then report notes.  "Without
the Boardwalk, I don't believe the balance of the business is
profitable," Mr. Currie, as cited by The Courier-Mail, said.

The report relates that Mr. Currie said the company had few
assets beyond stock, furniture and fit outs, while a specified
amount of the AUD9.5 million owing came from loans made by the
directors.


SLEEP CITY: In Administration; 450 Jobs at Risk
-----------------------------------------------
PricewaterhouseCoopers partners Michael Fung, Greg Hall, and
Guy Edwards have been appointed voluntary administrators over
Furniture and Bedding Concepts Ltd. and four other related
entities.

Michael Fung, PwC partner, said, "The companies will be operating
in a 'business as usual' mode while we get a clearer
understanding of the current state of each business.  We are
still investigating the causes behind the administration; however
we believe that the current soft retail environment is a
contributing factor."

                     Complex Web of Ownership

The Sydney Morning Herald reports that the administrators face a
difficult task unravelling the 64-store chain's complex web of
ownership and supply.

SMH relates that the group's financial arrangements revolve
around its former director, Chinese tycoon Zhu Zhangjin.
Mr. Zhu, who quit as a director of Sleep City's operating
company, Furniture and Bedding Concepts, in December, is closely
involved in both the group's owner and its supplier, the report
says.

Sleep City is owned by Chinese group Sunbridge Industrial Group,
of which Mr. Zhu is an executive director and major shareholder,
SMH discloses.

According to SMH, the bedding retailer was financially dependent
on Sunbridge, Sleep City said in a 2010 annual report filed with
the corporate regulator.  It disclosed it lost AUD25 million that
year and owed AUD52 million to a related party.

SMH says Sunbridge and Sleep City are supplied by Hong Kong-
listed, Cayman Islands-registered Kasen International Holdings,
of which Mr. Zhu is executive chairman.  Mr Zhu indirectly
controls more than 30% of Sunbridge and owns about 43% of Kasen,
mostly through his company Joyview Enterprises, the report notes.

In what may have been a sign of impending trouble for Sleep City,
Kasen terminated its three-year supply agreement with Furniture
and Bedding Concepts in December a year early, SMH relays.

According to the report, Kasen told the Hong Kong exchange it was
simplifying its supply arrangements "for the purpose of
consolidating all existing and future transactions between
members of the group and members of the Sunbridge group."

The Sydney Morning Herald said in a separate report that about
450 jobs are at risk after the company's directors appointed
administrators.

                       About Sleep City

Furniture and Bedding Concepts Ltd. --
http://www.sleepcity.com.au/-- is a furniture and bedding
retailer trading as "Sleep City" with over 64 stores in
Australia.  The company employs around 450 staff.

The companies included in the administration are:

     -- Furniture and Bedding Concepts Limited;
     -- Everyday Sleep Trading Pty Ltd;
     -- Uinta Beds Pty Limited;
     -- SDM Marketing Pty Ltd; and
     -- Global Victoria Pty Ltd


STUDIO 2000: Creditors Approve Revival Plan
-------------------------------------------
Alexandra Economou at The Advertiser reports that Studio 2000
Photographers has been thrown a lifeline by its creditors and
staff.

A meeting of creditors unanimously agreed to accept a Deed of
Company Arrangement proposal under which all of the company's
priority creditors, such as its financial institution and
employees, will be paid in full including staff superannuation
and long-service leave, according to the report.

The Advertiser relates that the arrangement includes unsecured
creditors having their agreed debts settled over a period of up
to five years.

Among those who have helped inject money in the business were
some of Studio 2000's staff, the report notes.

According to the report, KordaMentha administrator Chris Powell
said the outcome was positive for creditors and the business.

"This is a business that has developed many long-term supplier
relationships over 25 years and employs about 70 people," the
report quotes Mr. Powell as saying.  "A winding up of the
business would have resulted in many creditors receiving little
or no repayment of their debts, and the termination of all (70)
staff. Under the arrangement, the business will need to trade
profitably to ultimately finalize the arrangement, and we are
working with the company's director and management team to ensure
that occurs."

Mr. Powell said the success for Studio 2000 highlighted the
benefits of the voluntary administration regimen, the report
adds.

Studio 2000 Photographers is a 25-year-old photography studio in
Adelaide.  The company went into administration in December 2011
owing AUD1.5 million to creditors.  KordaMentha Pty Ltd partner
Chris Powell was appointed as administrator to the company.


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C H I N A
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CHINA TEL GROUP: To Issue 2 Million Shares for Legal Services
-------------------------------------------------------------
Velatel Global Communications, Inc., formerly known as China Tel
Group, Inc., filed with the U.S. Securities and Exchange
Commission a Form S-8 registering 2.03 million shares of common
stock.  The shares of the Series A common stock are being
registered in the name of Lawrence W. Horwitz (1,153,846 shares)
and Mark C. Fields (879,001 shares), consultants to the Company,
for legal services provided to Company.  A full-text copy of the
prospectus is available at http://is.gd/XjotEW

                          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.


CONTAINERSHIP CO: May Use Chapter 15 to Sue Shippers
-----------------------------------------------------
The Containership Co. (TCC) A/S can proceed with 77 lawsuits
filed in bankruptcy court against shippers who allegedly violated
contracts to transport containers, a bankruptcy judge in
Manhattan ruled.

In August, Containership Co. started the 77 lawsuits, contending
the shippers hadn't sent the minimum number of containers called
for by contract. Several dozen of the shippers responded by
filing papers in bankruptcy court seeking authority to bring an
action against Containership Co. in the Federal Maritime
Commission, alleging a violation of the U.S. Shipping Act of
1984.

Bankruptcy Judge Sean H. Lane denied a motion filed by 22
parties-in-interest to modify the automatic stay, pursuant to
Section 362(d)(1) of the Bankruptcy Code, in the Chapter 15
bankruptcy case of The Containership Company.  The parties seek
to lift the stay to file complaints before the Federal Maritime
Commission alleging violations of the federal Shipping Act of
1984 by the debtor.  The Motion further requests that the Chapter
15 debtor's adversary proceedings against the parties be stayed
indefinitely.  The Motion was joined by more than a dozen other
parties, all of whom are defendants in adversary proceedings
filed by the Chapter 15 debtor alleging breach of contract.
Judge Lane concluded that the Federal Maritime Commission does
not have exclusive or primary jurisdiction over the parties'
allegations, which are in the nature of defenses to the Chapter
15 debtor's breach of contract actions.

On Aug. 1 and 2, 2011, the Debtor filed roughly 77 adversary
proceedings against certain shippers alleging breach of
prepetition service contracts entered into between the Debtor and
the shippers.  The contracts each included a minimum quantity
commitment, requiring the shipper to tender a certain quantity of
containers to the Debtor within the term of the contracts.  The
complaints in the adversary proceedings assert that the shippers
breached these service contracts by failing to meet the specified
MQCs, and they seek liquidated damages plus interest and
reasonable attorneys' fees.

On Aug. 19, 2011, some of the defendants in the adversary
proceedings filed a Motion to (A) Modify the Automatic Stay to
Allow Movants to File Claims Against the Debtor and Permit the
Federal Maritime Commission to Exercise Jurisdiction Over Actions
Alleging Violations of the Shipping Act of 1984 and (B) Stay
Related Adversary Proceedings.  The Motion was filed on behalf of
22 parties and an additional 16 parties seek to join in the
Motion.  The Movants contend that the Debtor violated the
Shipping Act of 1984 and that the Debtor's conduct should be
brought to the attention of the FMC.

The Movants are: Apex Maritime Co., Inc.; Argos Freight, Inc.;
Barthco International, Inc; O.E.C. Shipping Los Angeles, Inc.;
Pantainer Ltd.; T-Z Cargo Limited; Universal Shipping Inc.; Wako
Express (HK) Co. Ltd.; Multi-Trans Shipping Agency, Inc.; Winair
Logistics, Inc.; Interglobo North America Inc.; CEVA Freight,
LLC; Globe Express Services, Ltd.; Phoenix International Freight
Services, Ltd.; US Pacific Transport, Inc.; England Global
Logistics USA, Inc.; Union Logistics, Inc.; Translink Shipping,
Inc.; Pudong Trans. USA, Inc.; United Logitsics (LAX), Inc.;
Topocean; and UPS Ocean Freight Service, Inc.

Nine motions to join were filed on behalf of these parties:
Headwin Global Logistics (USA), Inc.; Shanghai YiJia
Transportation Co.; CMA CGM Logistics S.A.; Global Forwarding,
Ltd.; U.S. United Logistics (Ningbo) Inc.; MCL-Multi Container
Line, Inc.; Sirius Global Logistics Co., Ltd.; Ocean World Lines;
Seapassion Logistics, Inc.; Rocky International, LLC; TT Ocean
Logistics, LLC; STD Logistics, Ltd.; On Time Shipping Line Ltd.;
Howard Berger; Pactrans Air & Sea, Inc.; and American
International Cargo Service, Inc.  The motions to join were
unopposed and are granted by the Court.

Edward D. Greenberg, Esq., David P. Street, Esq., and Brendan
Collins, Esq. -- egreenberg@gkglaw.com and dstreet@gkglaw.com --
at GKG LAW, P.C. represent Apex Maritime Co., Inc., Argos
Freight, Inc., Barthco International, Inc., LCL Lines, O.E.C.
Shipping Los Angeles, Inc., Pantainer Ltd., T-Z Cargo Limited,
Universal Shipping Inc., Wako Express (HK) Co. Ltd., Multi-Trans
Shipping Agency, Inc., Winair Logistics, Inc., Interglobo North
America Inc., CEVA Freight, LLC, Global Forwarding, Ltd., US
United Logistics (Ningbo), Inc., MCL-Multi Container Line, Inc.,
Seapassion Logistics, Inc., Rocky International, LLC, TT Ocean
Logistics, LLC, STD Logistics Ltd., On Time Shipping Line Ltd.
and American International Cargo Service, Inc.

Barbra R. Parlin, Esq., Christopher R. Nolan, Esq., and J.
Michael Cavanaugh, Esq. -- barbra.parlin@hklaw.com ,
chris.nolan@hklaw.com and michael.cavanaugh@hklaw.com -- at
HOLLAND & KNIGHT LLP serve as attorneys for UPS Ocean Freight
Service, Inc. and Ocean World Lines.

James M. Maloney, Esq., in Port Washington, N.Y., argues for
Pactrans Air & Sea, Inc.

Maryann Gallagher, Esq., Timothy A. Barnes, Esq., Lizabeth L.
Burrell, Esq., and Heather Elizabeth Saydah, Esq. --
mgallagher@curtis.com and tbarnes@curtis.com -- at CURTIS,
MALLET-PREVOST, COLT & MOSLE LLP, represent Globe Express
Services, Ltd.

Henry P. Gonzalez, Esq., and Carlos Rodriquez, Esq. --
gonzalez@rorlaw.com and rodriguez@rorlaw.com -- at RODRIGUEZ,
O'DONNELL, GONZALEZ & WILLIAMS, P.C., argue for US Pacific
Transport, Inc., Phoenix International Freight Services, Ltd.,
Union Logistics, Inc., Translink Shipping, Inc., Pudong Trans.
USA, Inc., United Logistics (LAX), Inc., Headwin Global Logistics
(USA), Inc., Shanghai YiJia International Transportation Co., CMA
CGM Logistics S.A. and Sirius Global Logistics Co., Ltd.

Howard F. Strongin, Esq. -- hstrongin@sralawfirm.com -- at
STRONGIN, ROTHMAN & ABRAMS LLP, represents England Global
Logistics USA, Inc.

Brian P. Dunning, Esq., and Edward A. Smith, Esq. --
bcdunning@Venable.com and easmith@Venable.com -- at VENABLE LLP
represent Topocean.

Rishi Kapoor, Esq., and Gerardo A. Carlo Altieri, Esq., CARLO &
LOZADA, LLC in Puerto Rico, represent Phoenix International
Freight Services, Ltd. and US Pacific Transport.

Sandra Gale Behrle, Esq., at COOPER, BROWN & BEHRLE, P.C., argues
for Seapassion Logistics, Inc., Rocky International, LLC, TT
Ocean Logistics, LLC, STD Logistics Ltd., On Time Shipping Line
Ltd. and American International Cargo Service, Inc.

Aleksander Powietrzynski, Esq., at WINSTON & WINSTON, P.C.,
represents Howard Berger Company.

A copy of Judge Lane's Memorandum of Decision is available at
http://is.gd/hk5gGLfrom Leagle.com.

                      About Containership Co.

Denmark-based The Containership Co. is a company formed in 2009
to operate container ships between China and Los Angeles,

The company filed for reconstruction in Denmark in April 2011.
The same month, the Danish court approved the restructuring plan.

On May 31, 2011, the company filed for protection in the U.S.
under Chapter 15 (Bankr. S.D.N.Y. Case No. 11-12622).

The Chapter 15 petition was signed by Jorgen Hauschildt, as court
appointed receiver or reconstructor in the bankruptcy proceeding
before the Copenhagen Maritime & Commercial Court, Bankruptcy
Division, Denmark.

The Company, which has its corporate headquarters in Norway and
operational head office in Denmark, owns one and charters five
container vessels.  The Debtor is estimated to have $1 million to
$10 million in assets and up to $50 million in liabilities in the
Chapter 15 petition.

The U.S. Bankruptcy Court in New York ruled in July that Denmark
was home to the so-called foreign main proceeding.  The U.S.
judge granted relief in Chapter 15, formally halting creditor
actions in the U.S.  The Company filed under Chapter 15 in the
U.S. so that the U.S. bankruptcy judge can prevent creditors from
seizing the vessels when they come to the U.S.

Containership was founded with $25 million from a private
placement.  It first sailed in April 2010 and ran up a
$7.4 million loss last year before taxes on revenue of
$83.8 million.

Jeremy O. Harwood, Esq., at Blank Rome, LLP, in New York, serves
as counsel for the petitioner.


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H O N G  K O N G
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GOODSHAW COMPANY: Lam and Blaauw Step Down as Liquidators
---------------------------------------------------------
Lam Hok Chung Rainier and Jan G.W. Blaauw stepped down as
liquidators of Goodshaw Company Limited on Jan. 18, 2012.


SHAGANG SHIPPING: Court to Hear Wind-Up Petition on Feb. 22
-----------------------------------------------------------
A petition to wind up the operations of Shagang Shipping Company
Limited will be heard before the High Court of Hong Kong on
Feb. 22, 2012, at 9:30 a.m.

Gala Properties Inc. filed the petition against the company on
Dec. 15, 2011.

The Petitioner's solicitors are:

          Ince & Co
          Room 3801-06, 38th Floor
          ICBC Tower, Citibank Plaza
          3 Garden Road, Hong Kong


SINO HOPE: Creditors' Meeting Set for March 1
---------------------------------------------
Creditors of Sino Hope (H.K.) Limited will hold their meeting on
March 1, 2012, at 9:30 a.m., for the purposes provided for in
Sections 247 of the Companies Ordinance.

The meeting will be held at 27th Floor, Alexandra House, at 18
Chater Road, Central, in Hong Kong.


SIU LUNG: Kong and Wu Step Down as Liquidators
----------------------------------------------
Kong Chi How Johnson and Wu Shek Chun Wilfred stepped down as
liquidators of Siu Lung International Limited on Jan. 31, 2012.


SKY HOME: Members' Final General Meeting Set for March 26
---------------------------------------------------------
Members of Sky Home Development Limited will hold their final
general meeting on March 26, 2012, at 10:00 a.m., at Room 1701-2,
17/F, ING Tower, at 308 Des Voeux Road Central, in Hong Kong.

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


SPRING VICTORY: Creditors' Proofs of Debt Due March 12
------------------------------------------------------
Creditors of Spring Victory 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 liquidators are:

         Lui Man Hang
         Lui Man Yuen Spenser
         Room 1601, Wing On Centre
         111 Connaught Road
         Central, Hong Kong


SUNNY TECH: Creditors Get 0.33% Recovery on Claims
--------------------------------------------------
Sunny Tech (Far East) Industrial Limited, which is in compulsory
liquidation, will declare the first dividend to its creditors on
or after Feb. 28, 2012.

The company will pay 0.33% for ordinary claims.

The company's liquidator is:

         Lau Siu Hung
         Room 1909-10, 19/F
         Nan Fung Tower
         173 Des Voeux Road
         Central, Hong Kong


TIS FINANCE: Members' Final Meeting Set for Feb. 24
---------------------------------------------------
Members of Tis Finance (HK) Limited will hold their final general
meeting on Feb. 24, 2012, at 10:00 a.m., at Units 3204-3207,
32/F., Cosco Tower, at No. 183 Queen's Road Central, in
Hong Kong.

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


TREASURE WIN: Chan Yui Hang Appointed as Liquidator
---------------------------------------------------
Chan Yui Hang on Jan. 20, 2012, was appointed as liquidator of
Treasure Win Holdings 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


WATT (NOMINEES): Watt Hung Chow Steps Down as Liquidator
--------------------------------------------------------
Watt Hung Chow stepped down as liquidator of Watt (Nominees)
Limited on Jan. 26, 2012.


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AIR INDIA: To Reduce Six Long-Haul International Flights
--------------------------------------------------------
The Times of India reports that the national carrier Air India
Ltd is planning to prune six long-haul international flights
apart from taking a relook at its domestic network.  The Maharaja
is aiming to cut its daily fuel bill of INR17 crore by
INR2-3 crore through this move in the subdued travel period that
will last until April, the report says.

Apart from fuel bill and oil PSUs regularly cutting off supply to
AI, the delay in induction of the Boeing 787 Dreamliner into the
fleet also triggered this route-cut move, the Times of India
notes.  The twice daily Delhi-London flight would be brought down
to once daily and the frequency of Delhi-Toronto and Delhi-
Frankfurt flights will be reduced, according to the report.

"With its 250 seats, the Dreamliner is the ideal size of aircraft
for us. In the current season, it may not be possible to fill up
an over 300 seater (that the B-777 s are) to a breakeven point.
So the frequency of flights using this plane on sectors like
Delhi-London and Delhi-Toronto is being reduced. The Dreamliner
is now expected to make its debut in late summer and be used to
launch flights to Australia," the quotes a senior official as
saying.

While the reduced flights schedule will free up some B-777s, AI
is planning to ensure that aircraft utilization does not drop,
the report relays.

                           About Air India

Air India Ltd -- http://www.airindia.com/-- transports
passengers throughout India and to more than 40 destinations
throughout the world.  Affiliate Air India Express operates as a
low-fare carrier, mainly between India and destinations in the
Middle East, and Air India Cargo provides freight transportation.
The government of India has merged Air India with another state-
controlled carrier, Indian Airlines, which has focused on
domestic routes.  The combined airline, part of a new holding
company called National Aviation Company of India, uses the Air
India brand.  The new Air India and its affiliates have a fleet
of more than 110 aircraft altogether.

                         *     *     *

The Troubled Company Reporter-Asia Pacific, citing the Hindustan
Times, reported on June 19, 2009, that Air India has been
bleeding cash due to excess capacity, lower yield, a drop in
passenger numbers, an increase in fuel prices and the effects of
the global slowdown.  The carrier incurred net losses of
INR2,226.16 crore in 2007-08 and INR5,548 crore in 2008-09.  Air
India is estimated to have lost INR54 billion in the fiscal year
ended March 31, 2010, according to The Wall Street Journal.


BN SPONGE: CARE Rates INR11.33cr Long-Term Rating at 'CARE BB-'
---------------------------------------------------------------
CARE assigns 'CARE BB-' rating to the bank facilities of BN
Sponge Iron Pvt. Ltd.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      11.33      CARE BB- Assigned

Rating Rationale

The rating is constrained by the modest scale of operations of BN
Sponge Iron Pvt. Ltd. in a highly competitive and fragmented
corrugated box industry. The rating is further constrained by
BSIPL's moderately weak financial risk profile marked by weak
solvency and liquidity position and stabilization risk pertaining
to on-going debt funded project capacities.  The above
constraints are partially offset by the wide experience of the
promoters with established manufacturing facilities and reputed
clientele.

Improvement in overall financial risk profile with increase in
scale of operations, improvement in profitability and timely
stablilisation of the new plant are the key rating sensitivities.

New Delhi based BSIPL was incorporated in June, 2004 by Mr. Vinod
Agarwal and Mr. Rajeev Agarwal for putting up an induction
furnace based steel plant in Ghaziabad (UP). However, due to
power related issues, the promoters dropped the plan and in June
2006 BSIPL set up a semiautomatic plant for manufacturing of
corrugated boxes and the same was upgraded to fully automatic
plant in 2008. The products are marketed in the name and style of
"BN PACK".
BSIPL is presently undertaking a project for installation of a
new fully automatic machine in order to increase its capacity of
processing paper to 36,000 MTPA from the existing capacity of
12,000 MTPA.

The total cost of the project is estimated at INR6.00 crore which
is to be funded by term loan of INR4.50 crore and balance through
internal accruals.


CAPTAIN POLYPLAST: CARE Puts 'CARE BB-' Rating on INR8.89cr Loan
----------------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4+' ratings to the bank
facilities of Captain Polyplast Ltd.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      8.89       CARE BB- Assigned
   Short-term Bank Facilities     8.00       CARE A4+ Assigned

Rating Rationale

The ratings of Captain Polyplast Limited are mainly constrained
on account of modest size of operations, weak financial risk
profile marked by fluctuating turnover and profitability margins,
weak debt coverage indicators and vulnerability to changes in
government regulations.  The above constraints are partially
offset by the benefits derived from the vast experience and
established track record of the promoters in the agro industry,
benefits of backward integration in Polyvinyl chloride (PVC)
pipes manufacturing and geographical diversity.

Diversifying its product offering with increase in geographical
presence along with improvement in the overall financial risk
profile with better working capital management are the key rating
sensitivities.

                      About Captain Polyplast

Captain Polyplast Limited was established in March 1997 by
Mr. Ramesh Khichadiya along with two other business associates.
CPL undertakes business of manufacturing and trading of HDPE
Pipes, PVC Pipes and also assembling of irrigation equipment
including Drip Irrigation Systems, Sprinkler Irrigation Systems
and other various parts related to Micro Irrigation System (MIS).
CPL has an installed capacity of 6,750 metric tonnes per annum
(MTPA) of manufacturing different grades of pipes which are used
in MIS at its sole manufacturing unit located at Shapar near
Veraval (Gujarat).

CPL is one of the authorized and registered suppliers for MIS
with Gujarat Green Revolution Company Limited (GGRCL, a
Government of Gujarat undertaking) for supplying MIS instruments
in all 25 districts of Gujarat. CPL has also expanded its
business to Rajasthan, Madhya Pradesh, Himachal Pradesh, Punjab,
Tamilnadu, Delhi and Uttar Pradesh. CPL sells its products under
the brand name of "Captain".

As per the audited results for FY11 (refers to the period April 1
to March 31), CPL reported a net profit of INR0.27 crore on a
total operating income of INR36.87 crore as compared to the net
profit of INR0.66 crore on a total operating income of INR37.56
crore in FY10.


DELFINA CERAMIC: CARE Assigns 'CARE B+' Rating to INR4.45cr Loan
----------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Delfina Ceramic Pvt Ltd.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      4.45       CARE B+ Assigned
   Short-term Bank Facilities     0.50       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Delfina Ceramic
Private Limited are constrained on account of the recently
commissioned greenfield glazed tiles manufacturing project
which is predominantly debt-funded, susceptibility of its
operating margins to volatility in the prices of fuel and other
key raw materials. The ratings are further constrained on account
of DCPL's presence in a highly competitive and fragmented tiles
industry wherein demand is linked to the cyclical real estate
industry.

The above constraints far offset the benefits derived from the
vast experience of promoters of DCPL in the tiles industry and
benefits from being located in ceramic tile hub of Gujarat with
easy access to raw material and labour.

Timely stabilization of the recently setup manufacturing facility
and achieving the envisaged level of sales while managing raw
material and fuel price volatility are the key rating
sensitivities.

                      About Delfina Ceramic

DCPL, incorporated in July 2010, is promoted by Mr. Rajesh
Baraiya, Mr. Rajni Vansdadiya, Mr. Vinodsinh Tomar,
Mr. Dilipkumar Singhal and Mr. Jayanti Agola.  DCPL had set up a
greenfield plant for manufacturing of wall glazed tiles with an
installed capacity of 21,000 metric tonnes per annum (MTPA) at
Morbi in Gujarat. The project was set up at a cost of INR6.48
crore which was funded through term loan of INR3.30 crore and
balance from promoter contribution. DCPL commenced production in
the month of April 2011 and FY12 will be the first year of its
operations.

As per the provisional results, DCPL earned a total operating
income of INR12.57 crore and profit before tax (PBT) of INR1.51
crore from April 2011 till December 2011.


ESS KAY: CARE Rates INR25cr Long Term Bank Loan at 'CARE BB+'
-------------------------------------------------------------
CARE assigns 'CARE BB+' rating to long term bank facilities of
ESS Kay Auto Finance Ltd.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long Term Bank Facilities       25        CARE BB+

Rating Rationale

The rating is constrained due to the modest size of operation,
regional concentration of business, lower seasoning of loan
portfolio, high gearing level and concentrated resource base of
the company. The rating factors in good profitability, secured
lending portfolio and good MIS system.  The rating also factors
in the niche segment focus of the company in originating priority
sector loans and good asset quality. Scale of operation, leverage
and asset quality are key rating sensitivities.

Ess Kay Auto Finance Pvt. Ltd. is a small sized NBFC operating
out of Rajasthan.  Incorporated in 1994, the company is primarily
engaged in vehicle financing including commercial vehicle, multi
utility vehicle, car, three-wheeler etc. It also originates loans
for AU Financiers (I) Pvt. Ltd. (AUFPL), a Jaipur based NBFC,
under channel business arrangement. Business of Ess Kay is
entirely concentrated in Rajasthan with 45 branches. The company
was promoted by Mr. Rajendra Setia along with his family members.
Mr. Setia is a science graduate and managing director of the
company and also a President of Rajasthan Finance Companies
Association.

The company reported net profit of INR 2.28 crore on total income
of INR11.85 crore as compared to net profit of INR 0.62 crore on
total income of INR 4.75 crore.  It had loan portfolio of
INR14.21 crore on its book and INR 108.85 crore of off-book
portfolio as on March 31, 2011. For H1FY12, the company reported
net profit of INR 2.88 crore on total income of INR 10.66 crore.


GEMINI EQUIPMENT: CARE Assigns 'CARE BB+' Issuer Rating
-------------------------------------------------------
CARE assigns 'CARE BB+ (Is)' rating to Gemini Equipment And
Rentals Pvt Ltd.

   Facilities                Ratings
   -----------               -------
   Issuer Rating             'CARE BB+ (Is)' Assigned

Rating Rationale

The rating is constrained by limited track record, intense
competition affecting its profitability margins, stretched
receivables period, cyclical nature of the industry and
predominantly debtfunded capital expenditure plans.  The rating
however considers reputed client profile and support from its
shareholders Berggruen Holdings Inc and Cycladic Capital
Management.

GEAR's ability to scale up its operations without resorting to
larger than expected debt and ability to optimally utilize the
enhanced asset base considering the cyclical nature of the
industry and stiff competitive scenario are the key rating
sensitivities.

Incorporated in 2007, GEAR is engaged in renting of capital
equipment. GEAR was set up by two private equity firms Berggruen
Holdings and Cycladic Capital in association with Mr. Rajiv
Sethi.

GEAR currently owns 400 equipments and employs around 960 people
across 110 sites in India.  Apart from the general construction
and infrastructure equipment, the company also rents out
equipment like forklifts and material handling which are used in
multiple sectors such as petrochemical, metal FMCG etc.

During the 2011 fiscal year, GEAR posted a PAT of INR0.04 crore
on total operating income of INR29.09 crore.


GUJARAT GINNING: CARE Places 'CARE B' Rating on INR11.61cr Loan
---------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank
facilities of Gujarat Ginning & Oil Industries.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      11.61      CARE B Assigned
   Short-term Bank Facilities      3.00      CARE A4 Assigned

Rating Rationale

The ratings assigned by CARE are based on the capital deployed by
the partners and the financial strength of the firm at present.
The ratings may undergo change in case of withdrawal of the
capital or the unsecured loans brought in by the partners in
addition to the financial performance and other relevant factors.
The ratings are mainly constrained on account of modest scale of
operations of Gujarat Ginning & Oil Industries (GGOI), presence
in lowest segment of the textile value chain with limited value
addition and weak financial risk profile characterized by highly
leveraged capital structure, thin profitability margin and weak
debt coverage indicators. The ratings are further constrained on
account of GGOI's presence in the highly competitive and
fragmented cotton ginning business, volatility associated with
raw material (cotton) prices and impact of regulatory changes in
the government policy for cotton.

The ratings, however, favorably takes into account the wide
experience of the partners in the cotton ginning business and the
benefits derived from being situated in the cotton-producing belt
of Gujarat.

GGOI's ability to increase the scale of operations while moving
up the textile value chain along with improvement in the
financial risk profile is the key rating sensitivity.

                      About Gujarat Ginning

Gujarat Ginning & Oil Industries was promoted in 1994 as a
partnership firm; currently there are two partners Mr. Maganlal
Parvadiya and Mr Chandulal Parvadiya. It is involved in the
cotton ginning & pressing and crushing of cotton seed with main
products as cotton bales, cotton seeds and cotton seed oil. It
has an installed capacity of 300 BPD (Bales Per Day) for cotton
bales as on March 31, 2011 at its sole manufacturing facility
located at Gondal (Gujarat).


KAYTX INDUSTRIES: CARE Puts 'CARE B+' Rating on INR20cr Loan
------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Kaytx Industries Pvt Ltd.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities     20.00       CARE B+ Assigned
   Short-term Bank Facilities    10.00       CARE A4 Assigned

Rating Rationale

The ratings of Kaytx Industries Private Limited are mainly
constrained on account of weak financial risk profile marked by
fluctuating turnover, low profitability and weak debt coverage
indicators. The ratings are further constrained by its working-
capital intensive nature of operations, weak liquidity and
presence in the highly fragmented and cyclical steel industry.
The above constraints far offset the benefits derived from the
vast experience of the promoters in manufacturing and trading of
structural steel products and reputed clientele base.  Increase
in scale of operation, improvement in overall financial risk
profile with rationalization of debt levels and better working-
capital management while managing the volatile steel prices are
the key rating sensitivities.

                       About Kaytx Industries

Incorporated in 2005, Kaytx Industries Private Limited, was
promoted by Mr Satish Dutt and his wife Mrs Parveen Dutt, to
undertake manufacturing and trading of steel structural products
such as angles, H-beams, joints, channels, heavy rounds and
galvanizing and fabrication of steel structural products.

Subsequently in April 01, 2011, the Aggarwal group which is
engaged in steel business for over three decades, took over the
management of the company. KIPL is currently managed by Mr
Parshotam Aggarwal, Mr. Salil Aggarwal and Mr. Namit Aggarwal.
Products of KIPL find its application in hydel projects, railway
tunnel, railway electrification and other electricity
transmission structures.

KIPL operates from its sole manufacturing plant located at Mandi,
Gobindgarh in Punjab state with a re-rolling capacity of 60,000
metric tonnes per annum (MTPA) to manufacture the steel
structured products, galvanizing capacity of 18,000 MTPA and
fabrication capacity of 14,400 MTPA as on March 31, 2011.

As per the audited results for FY11 (refers to the period April 1
to March 31), KIPL reported a net profit of INR0.41 crore on a
total operating income of INR70.56 crore as compared to the net
profit of INR0.46 crore on a total operating income of INR55.50
crore in FY10. As per the provisional result for 9MFY12, KIPL has
reported the total operating income of INR87.52 crore and Profit
Before Tax of INR0.82 crore.


PERFECT VITAMINS: CARE Assigns 'CARE C' Rating to INR18.3cr Loan
----------------------------------------------------------------
CARE assigns 'CARE C' and 'CARE A4' ratings to the bank
facilities of Perfect Vitamins Pvt Ltd.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       18.30     CARE C Assigned
   Short-term Bank Facilities       8.00     CARE A4 Assigned

Rating Rationale

The ratings are constrained by instances of delays in debt
servicing in the recent past, small size of operations & short
track record of Perfect Vitamins Private Limited (PVPL). The
ratings however, recognize the longstanding experience of the
promoters. Ability of the company to timely service its debt
obligations & scale up operations will remain as the key rating
sensitivities.

                       About Perfect Vitamins

Perfect Vitamins Private Limited was incorporated in 2009 and
promoted by Mr. Brijkishore Maniyar and Mr. Rajkishore Maniyar.
The company is engaged in manufacturing of nutritious products &
vitamins. The manufacturing plant is located at Butibori, Nagpur
with an installed capacity of 15,000 metric tons per annum.
PVPL's main line of business includes manufacturing of Non-GMO
(Genetically Modified Organism) standard liquid Lecithin, natural
Vitamin E Tocopherols, natural concentrated Sterol, Fatty Acid
Methyl Ester (FAME) and Black Oil, which are used as emulsifying
and stabilizing agents in packaged foods, animal feed,
pharmaceuticals, oil manufacturing and cosmetic industries.

PVPL is in nascent stages of operations with FY11 being the first
full year of operations, with commercial production of Liquid
Lecithin starting from November 2010 and Tocopherol from
September 2011.

During FY11 (refers to the period April 1 to March 31), PVPL
reported a total operating income of INR5.44 crore and a PAT of
INR0.80 crore. The company achieved a PAT of INR0.13 crore on a
turnover of INR17.23 crore during 9MFY12 (unaudited & refers to
the period April 1 to December 31).


REAL GRANITO: CARE Assigns 'CARE B+' Rating to INR27.7cr Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Real Granito Pvt Ltd.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      27.67      CARE B+ Assigned
   Short-term Bank Facilities      1.50      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Real Granito
Private Limited are constrained primarily on account of the risk
associated with the predominantly debt-funded green field
vitrified tiles manufacturing project which is recently
commissioned. The ratings are further constrained on account of
RGPL's presence in a highly competitive and fragmented vitrified
tiles industry, volatility associated with key raw materials and
fuel prices and linkages to the cyclical real estate industry.
The above constraints far offset the benefits derived from the
vast experience of the promoters of RGPL in the tiles industry
and advantages pertaining to location in ceramic tile hub.

Stabilization of the recently setup manufacturing facility,
ability to achieve the envisaged level of sales while managing
raw material price volatility in light of competitive tile
industry and improvement in financial risk profile with
rationalization of debt levels are the key rating sensitivities.

                      About Real Granito

Incorporated in April 2010, RGPL is promoted by Mr. Chiman
Hirani, Mr. Pritesh Hirani, Mr. Tejas Hirani, Mr. Kishan Hirani
and three other associate promoters. RGPL is engaged into
manufacturing of vitrified tiles and has recently set up the
green-field project.  The total cost of the project was INR28.71
crore which was funded through term loan of INR17.67 crore,
equity capital of INR9.00 crore and the balance through non-
interest bearing unsecured loans from the promoters. The plant
started commercial production from April 2011.

During Q1FY12 (provisional: refers to the period April 1 to
June 30), RGPL has registered a total operating income of INR9.34
crore and PBT of INR0.41 crore.


R.K. ICE: CARE Rates INR25cr Long-Term Loan at 'CARE BB-'
---------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of R.K. Ice & Cold Storage.

                                    Amount
   Facilities                    (INR crore)   Ratings
   -----------                   -----------   -------
   Long-term / Short-term Bank      25.00      CARE BB-/CARE A4
   Facilities                                  Assigned

Rating Rationale

The ratings assigned by CARE are based on the capital deployed by
the partners and the financial strength of the firm at present.
The ratings may undergo change in case of withdrawal of the
capital or the unsecured loans brought in by the partners in
addition to the financial performance and other relevant factors.
The ratings are constrained on account of the modest scale of
operations of R.K. Ice & Cold Storage in the highly fragmented
seafood processing industry with limited value addition and weak
financial risk profile characterized by leveraged capital
structure, thin profitability and weak debt coverage indicators.
The ratings are further constrained by the working-capital
intensive nature of operations, inherent risk associated with
seafood processing industry and susceptibility of profitability
margins to foreign exchange rate fluctuations.

The ratings, however, favorably take into account the wide
experience of the partners and established track record of
operations of over two decades in the seafood processing
industry.  Increase in scale of operations along with improvement
in overall financial risk profile with improvement in
profitability and efficient working-capital management are the
key rating sensitivities.

R. K. Ice & Cold Storage was established as a partnership firm in
1991 by the Khetalpar family of Mangrol (Gujarat). Headed by
Mr. Ratilal Khetalpar and managed along with his four sons, the
firm is engaged in the export of seafood such as squid, ribbon
fish, cuttlefish and shrimp primarily to China, Europe and
Middle-East. The firm has a processing facility at Mangrol with
an installed capacity of 85 tonnes per day for processing of
seafood and a cold storage facility with a capacity of 1400
tonnes for preserving processed seafood.

As against a net profit of INR0.23 crore on a total operating
income of INR38.71 crore in FY10 (refers to the period April 1 to
March 31), RKICS earned a PAT of INR0.30 crore on a total
operating income of INR62.79 crore during FY11.


SHAHLON SILK: CARE Reaffirms 'CARE BB+' Long-Term Rating
--------------------------------------------------------
CARE reaffirms 'CARE BB+' and 'CARE A4' ratings to the bank
facilities of Shahlon Silk Mills Pvt. Ltd.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      13.46      CARE BB+
   (reduced from INR18.84 crore)             Reaffirmed

   Short-term Bank Facilities     3.50       CARE A4 Reaffirmed

Rating Rationale

The ratings take into account the significant deterioration in
the capital structure of Fairdeal group, tightening liquidity
position and declined profitability in FY11 (refers to the period
April 1 to March 31) and H1FY12.

Furthermore, the ratings continue to be constrained by the
moderate scale of operations, financial risk profile marked by
fluctuating profit margins, adverse capital structure and
stressed liquidity position, susceptibility of its margins to any
adverse raw material price fluctuations and presence in a highly
competitive industry. However the ratings continue to factor in
the vast experience of the promoters of the company in the
synthetic textile industry and long-operational track record with
established marketing setup. To arrive at the rating, CARE has
considered the consolidated financial performance of the group
which includes Fairdeal Filaments Ltd, Shahlon Industries Pvt
Ltd. and Shahlon Silk Mills Pvt Ltd as they all have common
product portfolio and operate under the same management.

Improvement in the profitability margins, rationalization of high
debt level and improvement in liquidity position accompanied by
increase in scale of operations are the key rating sensitivities.

                        About Shahlon Silk

Shahlon Silk Mills Pvt Ltd, incorporated in 2008, is promoted by
Mr Jayanti R. Shah and Mr Arvind R. Shah. SSMPL is a part of the
Fairdeal Group which also has other entities, namely
Fairdeal Filaments Ltd. (FFL; rated 'CARE BB+/CARE A4') and
Shahlon Industries Pvt. Ltd. (SIPL; rated 'CARE BB+/CARE A4') in
the same line of business. All the three entities have a common
management, manufacturing infrastructure, raw material
procurement process and marketing and distribution setup.

SSMPL is mainly engaged in the manufacturing of texturized,
twisted and sized yarn and synthetic fabric for use in clothing,
home furnishing and other applications. SSMPL is also a marketing
agent for synthetic yarn products of Reliance Industries Ltd
(RIL) and the Fairdeal group enjoys around 40% share among the 27
marketing agents within Surat of RIL's yarn products.

During FY11 (refers to the period April 1 to March 31), SSMPL
reported a PAT of INR0.56 crore on a total operating income of
INR62.24 crore against the PAT of INR0.41 crore on a total
operating income of INR57.54 crore in FY10.

During HIFY12, the company has reported a total income of
INR26.99 crore.


SHREE ARUN: CARE Rates INR6.99cr Long-Term Bank Loan at 'BB+'
-------------------------------------------------------------
CARE assigns 'CARE BB+' rating to the bank facilities of Shree
Arun Packaging Co Pvt Ltd.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      6.99       CARE BB+ Assigned

Rating Rationale

The rating is constrained by modest scale of operations of Shree
Arun Packaging Company Private Limited (SAPCO), stretched
liquidity position due to long-operating cycle, client
concentration risk and highly fragmented nature of the industry.
However, the rating is underpinned with the established track
record of the promoters in the industry, improved financial
performance and prospects of growth in the packaging industry.
Its ability to improve scale of operations with improvement in
operating cycle while managing receivable days will remain as the
key rating sensitivity.

                       About Shree Arun

Shree Arun Packaging Company Private Limited is promoted by
Mr. Narayanprasad Bhotica, Mr. Hemant K Bhotica and Mr. Tushar N
Bhotica. The company was incorporated in 1995 and is engaged in
offset printing and packaging. The manufacturing unit is located
at Mahape, Navi Mumbai with an installed capacity of 300 tons of
packaging material per month. SAPCO is an ISO 9001:2008 certified
company and it has BRC: IOP recognition certificate, a British
standard certification for packaging which lays emphasis on good
manufacturing, health, hygiene and safety practices. SAPCO's main
line of business includes supply of packaging material for
consumer products such as pharmaceuticals, soaps, cosmetics,
blades, toys and food items, mainly used in pharmaceuticals and
FMCG sectors. SAPCO is engaged in multi-colour printing and paper
conversions for cartons, boxes, catch covers, wrappers, labels
and other items of paper and board.

During FY11 (refers to the period April 1 to March 31), SAPCO
reported a total operating income of INR17.15 crore and a PAT of
INR1.28 crore. It registered a profit of INR 3.00 crore on the
total operating income of INR16.70 crore in H1FY12.


SYSCO INDUSTRIES: CARE Assigns 'CARE B' Rating to INR23.5cr Loan
----------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Sysco
Industries Pvt Ltd.
                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       23.50     CARE B Assigned

Rating Rationale

The rating is constrained on account of the nascent stage of
operations of Sysco Industries Private Limited (SIPL),
predominantly debt-funded capex and presence in the highly
fragmented and competitive segment of the textile value chain.
The above constraints far offset the benefits derived from the
vast experience of the promoters in the textile business and
diverse product portfolio.  SIPL's ability to complete the
ongoing project without any time and cost overrun and achieving
the envisaged level of sales and profitability margins are the
key rating sensitivities.

                       About Sysco Industries

Surat-based Sysco Industries Private Limited, incorporated in
September 2009, is promoted by two promoter directors, Mr Saurabh
Jain and his brother Mr. Sidharrtha Jain. SIPL is currently
setting up a green field project to manufacture metallised
polyester film (MPF), lacquered metallised polyester film (LMPF),
metallised yarn and jari kasab with a proposed installed capacity
of 4,286 metric tonnes per annum (MTPA). The project is envisaged
to be implemented in two phases with installation of coating and
micro slitting machineries being the first phase and installation
of fabric metallizer machines being implemented in the second
phase of the project.

As on September 30, 2011, SIPL has completed phase I of the
project and commercial production has commenced in October 2011.
Furthermore, commercial production from phase II of the project
is envisaged to commence from February 2012.


UMA COTTON: CARE Rates INR7.07cr Long-Term Loan at 'CARE B'
-----------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Uma Cotton
Industries.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       7.07      CARE B Assigned

Rating Rationale

The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of the firm at present.
The rating may undergo change in case of withdrawal of the
capital or the unsecured loans brought in by the partners in
addition to the financial performance and other relevant factors.
The rating is primarily constrained on account of weak financial
risk profile of Uma Cotton Industries marked by thin
profitability and stressed liquidity indicators, its presence in
the lowest segment of textile value chain with limited value
addition in the cotton ginning business and seasonality
associated with procurement of raw material resulting into
working-capital intensive nature of operations.

These constraints outweigh the benefits derived from the
partners' experience and locational advantage in terms of
proximity to the cotton seed growing regions in Gujarat.

UCI's ability to increase its scale of operations and move up in
the cotton value chain and diversification of its product
portfolio thereby improving its profitability are the key rating
sensitivities.

                          About Uma Cotton

Established in 2006 as partnership firm, Amreli (Gujarat) based
Uma Cotton Industries is owned and managed by six active
partners. Since its inception, the firm is engaged in cotton
ginning and pressing of raw cotton to produce cotton bales and
cotton seeds. UCI deals in 'Shankar 6' type of cotton which is
being sourced through local farmers and also from agriculture
marketing yards of Gujarat. UCI operates through its sole
processing unit located in Amreli (Gujarat) which has an
installed capacity to process 4,000 MTPA of cotton bales and
7,000 MTPA of cotton seeds as on March 31, 2011.


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


BAKRIE TELECOM: S&P Cuts Corp. Credit Rating to CCC+; Outlook Neg
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Indonesia-based limited mobility
wireless operator PT Bakrie Telecom Tbk. to 'CCC+' from 'B'. "The
outlook is negative. We also lowered our rating on Bakrie Telecom
Pte. Ltd.'s senior unsecured notes due 2015 to 'CCC+' from 'B'.
BTEL guarantees the notes," S&P said.

"We lowered the rating because we expect BTEL's liquidity to come
under considerable pressure in the next seven months. Despite an
increase in tariffs in September 2011, an improvement in the
company's operating performance is likely to be lower than we
expected in 2012. We believe this could further strain BTEL's
ability to make its lease payments, which amount to about
Indonesian rupiah (IDR) 700 billion each year. We also anticipate
that the company will not meet its interest coverage covenant for
the year ended Dec. 31, 2011, on its local currency bonds. In
addition, BTEL's weak operating performance makes it difficult
for the company to raise funds to pay its local currency bonds of
IDR650 billion that mature in September 2012," S&P said.

"BTEL's operating performance for the quarter ended Dec. 31,
2011, is likely to have been weaker than our expectation for the
previous 'B' rating," said Standard & Poor's credit analyst Mehul
Sukkawala. "A higher-than-expected fall in voice and SMS traffic
largely offsets the expected improvement from tariff hikes. We
also expect the company's financial performance to be very weak
in 2012."

"We believe BTEL has 'weak' liquidity, as defined in our
criteria. The company's liquidity sources are likely to cover
liquidity uses by 0.6x in the next 12 months. We also expect that
BTEL will breach its local currency bond covenant in two to three
months," S&P said.

"The negative outlook reflects our view that BTEL may not be able
to undertake strategic measures by September 2012 to address its
weak liquidity," said Mr. Sukkawala.

"We could lower the rating if: (1) we expect the local currency
bondholders to trigger acceleration of payment because of the
covenant breach; or (2) BTEL does not raise additional funds by
May 2012 to strengthen its liquidity position," S&P said.

"We could revise the outlook to positive or raise the rating if
BTEL arranges for adequate funds to meet both its upcoming
rupiah-denominated bond repayment and its ongoing finance lease
payments. This assumes that the company's EBITDA interest
coverage is more than 1.5x and adequate headroom is restored
within its debt facility financial covenants," S&P said.


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


BRIDGECORP LTD: Receiver Gives Evidence in Court
------------------------------------------------
Fairfax NZ reports that PricewaterhouseCoopers receiver
Colin McCloy has given evidence in the trial of three Bridgecorp
Limited directors in the High Court at Auckland on Feb. 14.

The former finance company directors, Rod Petricevic, Rob Roest
and Peter Steigrad, are facing 10 charges relating to allegedly
making untrue statements in prospectus documents when raising
money from the public, the report notes.

Mr. McCloy was appointed receiver and liquidator of several
Bridgecorp companies from its collapse in mid-2007, Fairfax NZ
discloses.

According to the report, Mr. McCloy confirmed that Bridgecorp had
NZ$459 million worth of secured debenture stock, or investors'
money, outstanding.

Fairfax NZ relates that Mr. McCloy said those 14,500 investors
could now expect less than 10 cents in the dollar back on their
investment, although only 3.5 cents in the dollar had so far been
collected.

Mr. McCloy, as cited by Fairfax NZ, said the NZ$76.7 million of
loans made by Bridgecorp to Barcroft Holdings, which the Crown
contends were related party loans that were not disclosed
properly in Bridgecorp's investment prospectus, had not been
subject to normal commercial practice.

Mr. McCloy said the Barcroft loans had insufficient documentation
and security associated with them, they had not been approved by
Bridgecorp's credit committee, and there was a lack of proper
monitoring of the loans among other problems, Fairfax relates.

He said Barcroft appeared to be "nothing more than a conduit,"
through which more loans could be advanced by Bridgecorp.

Mr. McCloy is continuing his evidence.  Mr. Petricevic and his
fellow directors are expected to give evidence later this week
and into next, the report notes.

                       About Bridgecorp Ltd

Based in New Zealand, Bridgecorp Ltd. is a property development
and finance company.

Bridgecorp was placed in receivership on July 2, 2007, after
failing to pay principal due to debenture holders.  John Waller
and Colin McCloy, partners at PricewaterhouseCoopers, were
appointed as receivers.  Bridgecorp owes around 14,500 investors,
which liquidators estimate to approximate NZ$500 million.

Bridgecorp's nine Australian companies were also placed into
voluntary administration, owing about 100 investors about
AUD24 million (NZ$27 million).


SOUTH CANTERBURY: Sullivan, White Ready to Clear Their Names
------------------------------------------------------------
Fairfax NZ News reports that Timaru lawyer Ed Sullivan and
retired accountant Bob White are looking forward to their day in
court and the chance to clear their names.

Name suppression for the pair ended on Feb. 13, meaning the names
of all five of the South Canterbury Finance executives accused
facing charges can now be revealed, according to Fairfax NZ.

The five executives face 21 charges worth NZ$1.7 billion laid by
the Serious Fraud Office, the news agency says.

Fairfax NZ notes that the other three accused waived their right
to name suppression earlier. They are former SCF chief executive
Lachie McLeod, Timaru chartered accountant Terry Hutton, and
former SCF chief financial officer Graeme Brown.

The five were to appear in Timaru District Court on Feb. 13.
However, the registrar received applications to remand the
defendants to May 28 for a post-committal conference.

All defendants have issued press releases through their lawyers
denying the allegations and signalling they will be defended,
says Fairfax NZ.

                       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
=====================


* PHILIPPINES: 31 Pre-need Firms Have Trust Fund Deficiencies
-------------------------------------------------------------
Alvin Elchico at ABS-CBN News reports that 31 pre-need firms,
including Prudentialife Plans Inc., have trust fund deficiencies
and are not allowed to sell pre-need products.

According to the report, Insurance Commission (IC) spokesman
Atty. Luke John Apatan said most of these firms will proceed with
liquidation if no fresh capital is infused.

In the case of Prudentialife, ABS-CBN News says the IC will still
conduct a hearing on March 2 and 13 to determine if the firm's
educational and pension plans can be converted into life
insurance.  Otherwise, the company will proceed with liquidation.

ABS-CBN News notes that Prudentialife has a current trust fund
deficiency of PHP11 billion.  If liquidated, the company's
330,000 plan holders will get less than half of the value of
their plans, the report relays.

According to ABS-CBN News, the IC is planning to conduct a deeper
probe into possible illegal diversion of funds outside the trust
fund during heydays of the company.  If proven, a case of large-
scale estafa may be filed against the owner of the firm.

The IC has advised consumers to be careful when buying pre-need
plans, adding they should make sure to check first if the company
offering such products are licensed and of good standing, the
report adds.


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


DBS BANK: Moody's Gives 'B' Bank Financial Strength Rating
----------------------------------------------------------
Moody's Investors Service has assigned an Aa2 rating to DBS Bank
Ltd's (DBS) proposed 10-year SGD1 billion subordinated notes,
callable in five years.  The rating outlook is stable.

Ratings Rationale

The notes will be issued through DBS' USD15 billion Global Medium
Term Note Programme.

The notes will represent direct, unsecured, subordinated
obligations of the bank. As such, they are rated at Aa2, which is
one notch below DBS' long-term senior unsecured obligations of
Aa1.

The notes are intended to qualify as Lower Tier II capital
securities and to rank senior to all common shareholders, Tier I
Capital Securities, and Upper Tier II Capital Securities of DBS.

DBS' other ratings are:

- Bank financial strength rating: B (standalone rating mapped to
   the long-term scale of Aa3)

- Long-term/short-term deposits: Aa1/P-1

- Short-term foreign currency commercial paper: P-1

- Senior Unsecured foreign currency MTN: (P)Aa1

- Junior subordinated debt: A1(hyb)

- Preference shares: A3(hyb)

The outlook on all ratings is stable.

The methodologies used in this rating were Bank Financial
Strength Ratings: Global Methodology published in February 2007,
and Incorporation of Joint-Default Analysis into Moody's Bank
Ratings: A Refined Methodology published in March 2007.

Headquartered in Singapore, DBS reported total assets of SGD341
billion at end-December 2011.


                             *********

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

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

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


                            *********


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

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

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

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

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





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