TCRAP_Public/120220.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

           Monday, February 20, 2012, Vol. 15, No. 36

                            Headlines


A U S T R A L I A

AIR AUSTRALIA: Placed in Administration; Passengers Stranded
BLUELEAF FOOD: In Administration; Seeks Buyers for Business
DARK HORSE: Faces Liquidation Amid AUD500,000 Tax Bill
FRYER HOLDINGS: Court Bottler Supplier to Pay AUD1.8MM
HEALTHZONE LTD: Close to Selling Business for AUD5 Million

KLEENMAID GROUP: Directors Accused of AUD13-Mil. Fraud
TASAIR PTY: In Liquidation; Owes More Than AUD4 Million
UNIBIC AUSTRALIA: Faces Creditor's Wind-up Bid, Seeks Investors


H O N G  K O N G

CHEONG THAI: Court Enters Wind-Up Order
CHINA NONFERROUS: Fok Hei Yu Appointed as New Liquidator
FIRST CHINA: Creditors' Proofs of Debt Due March 19
GOLDEN GENERAL: Court to Hear Wind-Up Petition on March 21
JIALI BIO: Chiu and Tsang Appointed as Liquidators

LUNG WAH: Court Enters Wind-Up Order
MF GLOBAL: First Meetings Slated for March 22
MF GLOBAL HOLDINGS: First Meetings Slated for March 22
RISING PROFIT: Court Enters Wind-Up Order
STRONG RICH: Court Enters Wind-Up Order

SUBOR ELECTRONICS: Court Enters Wind-Up Order
TICKTOCK GRAPHIC: Ng and Lui Appointed as Liquidators
TWIN CALIBER: Placed Under Voluntary Wind-Up Proceedings
VEVION HK: Court to Hear Wind-Up Petition on March 21
WAI DICK: Court Enters Wind-Up Order


I N D I A

AMBADI CASHEW: CRISIL Assigns 'CRISIL B+' Rating to INR50MM Loan
AUGUSTAN TEXTILE: CRISIL Reaffirms 'D' Rating on INR169.2MM Loans
BISMI APPLIANCES: CRISIL Rates INR120MM LT Loan at 'CRISIL BB-'
GANGAI SPINNING: CRISIL Assigns 'BB' Rating on INR149.2MM Loan
MAHAVIR DAL: CRISIL Cuts Rating on INR115MM Loan to 'CRISIL BB'

RYTHU MITRA: CRISIL Assigns 'CRISIL D' Rating to INR150MM LT Loan
SAURAV CHEMICALS: Fitch Affirms 'BB(ind)' National LT Rating
SHUKAN GLORY: CRISIL Assigns 'CRISIL B+' Rating to INR100MM Loan
SHUKAN GOLD: CRISIL Assigns 'CRISIL B+' Rating to INR200MM Loan
SHUKAN ORCHID: CRISIL Assigns 'CRISIL B+' Rating to INR130MM Loan

SHUKAN PALACE: CRISIL Assigns 'CRISIL B+' Rating to INR80MM Loan


I N D O N E S I A

FAJAR SURYA: S&P Withdraws 'B+' Corp. Credit Rating; Outlook Neg


J A P A N

TOKYO ELECTRIC: Japan Governors Slam Utility's Price Hikes
TOKYO ELECTRIC: Government Ends Funding Standoff With Firm
ELPIDA MEMORY: Uncertain About Future After Financing Deal Fails
OLYMPUS CORP: Three Former Execs Arrested Over Securities Fraud
TOKYO ELECTRIC: Government Bailout to Follow Resona Model


N E W  Z E A L A N D

ALPINE CHOPPERS: In Receivership, Still Owes NZ$5 Million
CRAFAR FARMS: OIO Ruling on Farm Sale Expected Within Days
EQUITABLE MORTGAGES: Crown Faces Up to NZ$60-Mil. Shortfall
EXIDE TECHNOLOGIES: Closes Petone Plant; 40 Staff Lose Jobs
GRACE HOLDINGS: Goes Into Liquidation; SFO Begins Probe


                            - - - - -


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


AIR AUSTRALIA: Placed in Administration; Passengers Stranded
------------------------------------------------------------
Mark Korda and John Park of KordaMentha were appointed on Feb. 17
by the Director of the Strategic Aviation Group as voluntary
administrators for the firm.  The group consists of seven
companies including Air Australia, Strategic Engineering
Australia, and Strategic Aviation Charter.

Mr. Korda has advised that passenger airline Air Australia would
no longer be accepting bookings, and operations would be
suspended immediately.

Mr. Korda also indicated the administrators would be calling for
immediate expressions of interest in the sale of the business.
Passengers who bought tickets on a credit card and/or have travel
insurance covering insolvency are likely to be entitled to a
refund.

Mr. Korda said it was too early to predict the ultimate position
of Air Australia or to be precise about the reasons for the
Group's problems.

The administrators may be reached at:

          Mark Korda
          John Park
          Kordamentha pty ltd
          Level 24
          333 Collins Street
          Melbourne 3000
          Victoria, Australia
          GPO Box 2985
          Tel: +61 3 8623 3333
          Fax: +61 3 8623 3399
          E-mail: jpark@kordamentha.com
                  mkorda@kordamentha.com

              Qantas Offers Help to Stranded Passengers

Australian Associated Press reports that Qantas CEO Alan Joyce
said Qantas and Jetstar will try to help passengers stranded
after Air Australia entered administration.

"They're actually very full on Jetstar services but Jetstar is
looking at adding supplementary services to help those
passengers," Mr. Joyce told the Seven Network, AAP reports.

The news agency relates that Mr. Joyce said Qantas was also
looking at adding supplementary services.

"If the (Air Australia) passengers come to a Qantas desk, a
Jetstar desk, show their ticket, we'll give them a ticket for the
same value they've paid with Air Australia," AAP quotes Mr. Joyce
as saying.  "So they don't have to pay anymore and they can try
and recover that fare from their travel agencies or their credit
card suppliers."

                         About Air Australia

The Air Australia fleet consists of five Airbus A330-200 and
A320-200 aircraft, with headquarters in Hendra, Queensland.
Regular flight paths included Bali, Phuket and Honolulu as well
as Australian domestic destinations such as Melbourne, Brisbane,
Perth, Port Hedland and Derby.


BLUELEAF FOOD: In Administration; Seeks Buyers for Business
-----------------------------------------------------------
SmartCompany reports that BlueLeaf Food Group, which appears to
trade as "Nature's Selection", has been placed in administration
with partner Quentin Olde of Taylor Woodings Chartered
Accountants appointed as administrator.

Expressions of interest have been called for by the firm, which
states the business has a projected revenue of AUD4 million for
the 2011-12 financial year, along with a workforce of more than
30 employees, production lines for retail packaging, vitamin
blending, packaging and dry mixing, according to SmartCompany.

Blueleaf also has high security leased premises, along with on-
site research and development facilities.

BlueLeaf Food Group provided a wide range of food manufacturing
and marketing services for the industrial and food service
sector, along with retailers.  Nature's Selection is a subsidiary
of AAB Holdings.


DARK HORSE: Faces Liquidation Amid AUD500,000 Tax Bill
------------------------------------------------------
Sean Cowan at The West Australian reports that Dark Horse
Developments has been hit with a big tax bill and could be forced
into liquidation after the Australian Taxation Office launched
Federal Court proceedings last month.

Documents obtained by The West Australian reveal Dark Horse,
which owns The Suite in Shenton Park and The Cabin in Mt
Hawthorn, owes more than AUD500,000 in unpaid taxes.

The Deputy Commissioner of Taxation has asked the court to have
the company, owned by Peter and Brendon Aitken, wound up. The
application will be heard on Feb. 21, according to the report.

The West Australian relates that Mr. Aitken said there was no
dispute about the size of the company's debt, but it was caused
by a cash flow shortage.

Mr. Aitken expected to be able to pay the debt, in full, over the
next year, the report notes.


FRYER HOLDINGS: Court Bottler Supplier to Pay AUD1.8MM
------------------------------------------------------
James Atkinson at The Shout reports that beverage manufacturing
company Fryer Holdings has won damages and legal costs of
$1.83 million from the supplier of faulty bottles that were found
to contain glass fragments.

Fryer, which is now in liquidation, took Chinese company MEC
Group to the NSW Supreme Court claiming MEC had supplied goods
that were not fit for purpose or of merchantable quality,
according to the report.

The Shout says the court heard that the company bought a bottle-
washing line and bottling line from MEC Group, which also
supplied Fryer with glass bottles sourced in China.

In November 2008, The Shout recalls, Fryer received six
complaints from consumers that glass fragments had been found in
soft drinks it had bottled using the goods and equipment supplied
by MEC.

Justice Robert McDougall found that the most likely cause was
that the bottles were defective, The Shout reports.

In a decision handed down on January 30, he ordered MEC Group to
pay Fryer $1.4 million for loss of profit, as well as Fryer's
legal costs of $430,000.


HEALTHZONE LTD: Close to Selling Business for AUD5 Million
----------------------------------------------------------
Patrick Stafford at SmartCompany reports that Healthzone Limited
is now close to a AUD5 million sale, after being placed into
receivership last year.

The business was placed in receivership last November, with PPB
and HLB Mann Judd appointed, despite finalizing a capital raising
worth nearly AUD10 million in the previous month.

SmartCompany relates that Healthzone has reportedly been
attempting to get franchisees on board for a AUD5 million sale to
Singapore health group Eu Yan Sang.  It is understood the deal
would only proceed if a majority of its 80 franchisees agreed to
remain with the company post-sale, the report says.

Healthzone general manager of retail Garth Parker told
SmartCompany the deal was expected to be finalized Thursday, and
that getting the backing of franchisees was "pretty easy".

According to SmartCompany, the Australian Financial Review
reported Wednesday how shareholders and creditors are questioning
how the company with a market cap of AUD30 million is being sold
for only AUD5 million.

Healthzone Limited is a health products distributor, producer and
retail franchise.  The business itself is a distributor of
natural health and beauty products, although distributes health
products to stores in Asia, Europe and North America.  The
business has 250 employees and 110 stores, 80 of them franchised.


KLEENMAID GROUP: Directors Accused of AUD13-Mil. Fraud
------------------------------------------------------
The Sunshine Coast Daily reports that the company directors
behind Kleenmaid Group have been accused of a AUD13 million fraud
against the Westpac Bank.

According to the report, the high-profile lawyer representing
Kleenmaid directors Andrew and Bradley Young expects the
brothers' fraud and insolvent trading trial to be a "long,
arduous, drawn-out procedure".

Sunshine Coast Daily relates that following an exhaustive
investigation lasting almost three years, the Youngs and
Kleenmaid co-director Gary Armstrong faced Maroochydore
Magistrates Court for the first time on Thursday, Feb. 16.

Andrew Young and Mr. Armstrong have been charged with two counts
of fraud and 18 counts of insolvent trading, while Bradley Young
has been charged with one count of fraud and 18 counts of
insolvent trading, according to the report.

The Youngs have hired barrister John Rivett, who represented
jailed former Queensland MP Gordon Nuttall, the report says.

Mr. Armstrong has separate legal representation, but Mr. Rivett
expects all three men will be tried together on the Coast,
Sunshine Coast Daily relates.

The report notes that the barrister told Magistrate Wallace
Ehrick that he had just taken on the case and given the huge
amount of evidence that needed to be examined, he requested the
case be adjourned to June to July.  However, Mr. Ehrick set the
next court date for May 17.

                      About Kleenmaid Group

Founded in 1985, Kleenmaid Group -- http://www.kleenmaid.com.au/
-- sells kitchen and laundry appliances.

The Troubled Company Reporter-Asia Pacific reported on April 13,
2009, that Kleenmaid Group has been placed into administration.
The company appointed Deloitte partners John Greig, Richard
Hughes and David Lombe as voluntary administrators.  A TCR-AP
report on May 26, 2009, said the creditors of Kleenmaid Group
voted to wind up the company at a meeting in Brisbane.

The TCR-AP, citing a report posted at news.com.au, said that the
administrators had recommended that Kleenmaid be put into
liquidation, saying the company may have been insolvent as early
as June 2007.  The administrators said Kleenmaid creditors are
owed AU$102 million, which included AU$3 million owed to
Kleenmaid employees.

Liquidators from Deloitte have not yet finished their report on
claims the former Kleenmaid Group may have been trading while
insolvent for up to two years, according to The Sydney Morning
Herald.


TASAIR PTY: In Liquidation; Owes More Than AUD4 Million
-------------------------------------------------------
Matt Smith at The Mercury reports that creditors owed more than
AUD4 million by airline operator TasAir Pty Ltd will have to wait
a few more months to find out if they will get their money back.

The Mercury relates that the company, which went into voluntary
liquidation this month, owes money to 171 creditors including the
State Government's Department of Economic Development, Tourism
and the Arts, which is owed more than AUD1.6 million.

According to the report, liquidator Robert Tenbensel, of
Tenbensel & Dee Chartered Accountants, said he was still to reach
a conclusion about the failure of the business.

Mr. Tenbensel met creditors on February 14 in Hobart.

The report relates that Mr. Tenbensel said Tasair director George
Ashwood advised the meeting, through a written statement, that
the ever-increasing cost of fuel, competitor activity and
regulation compliance costs were the main reasons behind the
collapse of the business.

Mr. Tenbensel, as cited by The Mercury, said the return to
creditors was dependent on the sale of the aircraft assets.

"While we have commenced our investigations, there is still a
significant amount of work to do," the report quotes Mr.
Tenbensel as saying.  "We will be keeping creditors updated as
the work progresses."


UNIBIC AUSTRALIA: Faces Creditor's Wind-up Bid, Seeks Investors
---------------------------------------------------------------
SmartCompany reports that biscuit maker Unibic Australia Pty Ltd
is seeking a last-minute deal with a new investor to stave off a
wind-up order from creditors.

According to SmartCompany, The Age reported that the Victoria-
based maker of Anzac and home-brand biscuits said higher
ingredient costs and the difficult retail environment have
rattled the company.

The company is now family-owned and employs about 170 people
after being sold by Lazard, SmartCompany says.  It has a
multimillion-dollar biscuit and cake building in the northern
Melbourne suburb of Broadmeadows that is only a couple of years
old.  The company's chief executive Michael Quin told The Age
that since the building was opened, commodity prices have surged
by 60%, SmartCompany relates.

Mr. Quinn was also quoted in June last year saying that the
company was looking for a strategic investor to help it boost
exports to Asia, reports SmartCompany.

An application to wind up the company was filed earlier this
month by creditors, which include suppliers and Labourpower
Recruitment Services, but Mr. Quinn told The Age the case was "in
the process of being resolved," SmartCompany adds.

Unibic Australia Pty. Ltd. manufactures and supplies biscuits,
cakes, cookies, pastries, and shortbreads to supermarkets in
Australia, the United Kingdom, South East Asia, New Zealand,
Canada, and the United States. It also sells ANZAC biscuits in
India.


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


CHEONG THAI: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on Oct. 25, 2011, to
wind up the operations of Cheong Thai Food Limited.

The company's liquidator is Pui Chiu Wing.


CHINA NONFERROUS: Fok Hei Yu Appointed as New Liquidator
--------------------------------------------------------
Fok Hei Yu on Feb. 17, 2012, was appointed as liquidator of China
Nonferrous Metals (Hong Kong) Finance Company Limited.

Fok Hei Yu replaces John Robert Lees who stepped down as the
company's liquidator.

The liquidators may be reached at:

         Fok Hei Yu
         Desmond Chung Seng Chiong
         Level 22, The Center
         99 Queen's Road Central
         Central, Hong Kong


FIRST CHINA: Creditors' Proofs of Debt Due March 19
---------------------------------------------------
Creditors of First China Property Management Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by March 19, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Feb. 10, 2012.

The company's liquidator is:

         Sy Mei Ling
         36th Floor, Tower Two
         Times Square, 1 Matheson Street
         Causeway Bay, Hong Kong


GOLDEN GENERAL: Court to Hear Wind-Up Petition on March 21
----------------------------------------------------------
A petition to wind up the operations of Golden General
Corporation Limited will be heard before the High Court of
Hong Kong on March 21, 2012, at 9:30 a.m.

Zhang Zhen Liang filed the petition against the company on
Jan. 16, 2012.


JIALI BIO: Chiu and Tsang Appointed as Liquidators
--------------------------------------------------
Chiu Koon Shou and Tsang Fan Wan on Jan. 10, 2012, were appointed
as liquidators of Jiali Bio Group Limited.

The liquidators may be reached at:

         Chiu Koon Shou
         Tsang Fan Wan
         10/F Dah Sing Life Building
         99-105 Des Voeux Road
         Central, Hong Kong


LUNG WAH: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order on Jan. 4, 2012, to
wind up the operations of Lung Wah Imperial Restaurant Limited.

The company's liquidator is Pui Chiu Wing.


MF GLOBAL: First Meetings Slated for March 22
---------------------------------------------
Contributories and creditors of MF Global Hong Kong Limited will
hold their first meetings on March 22, 2012, at 2:00 p.m., and
2:30 p.m., respectively at The Auditorium, Duke of Windsor Social
Service Building, 1st Floor, at 15 Hennessy Road, Wanchai, in
Hong Kong.

At the meeting, Patrick Cowley, Fergal Thomas Power and Lui Yee
Man, the company's liquidators, will give a report on the
company's wind-up proceedings and property disposal.


MF GLOBAL HOLDINGS: First Meetings Slated for March 22
------------------------------------------------------
Contributories and creditors of MF Global Holdings HK Limited
will hold their first meetings on March 22, 2012, at 11:30 a.m.,
and 12:00 p.m., respectively at The Auditorium, Duke of Windsor
Social Service Building, 1st Floor, at 15 Hennessy Road, Wanchai,
in Hong Kong.

At the meeting, Patrick Cowley, Fergal Thomas Power and Lui Yee
Man, the company's liquidators, will give a report on the
company's wind-up proceedings and property disposal.


RISING PROFIT: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on Jan. 4, 2012, to
wind up the operations of Rising Profit Corporation Limited.

The company's liquidator is Pui Chiu Wing.


STRONG RICH: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on Jan. 4, 2012, to
wind up the operations of Strong Rich International Limited.

The company's liquidator is Pui Chiu Wing.


SUBOR ELECTRONICS: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Hong Kong entered an order on Dec. 29, 2011, to
wind up the operations of Subor Electronics Technology Limited.

The company's liquidator is Pui Chiu Wing.


TICKTOCK GRAPHIC: Ng and Lui Appointed as Liquidators
-----------------------------------------------------
Messrs. Ng Kwok Wai and Lui Chi Kit on Jan. 17, 2012, were
appointed as liquidators of Ticktock Graphic Equipment Company
Limited.

The liquidators may be reached at:

         Messrs. Ng Kwok Wai
         Lui Chi Kit
         Unit A, 14th Floor
         JCG Building
         16 Mong Kong Road
         Mongkok, Kowloon


TWIN CALIBER: Placed Under Voluntary Wind-Up Proceedings
--------------------------------------------------------
At an extraordinary general meeting held on Feb. 9, 2012,
creditors of Twin Caliber Limited resolved to voluntarily wind up
the company's operations.

The company's liquidator is:

         Ngan Lin Chun Esther
         1902 MassMutual Tower
         38 Gloucester Road
         Wanchai, Hong Kong


VEVION HK: Court to Hear Wind-Up Petition on March 21
-----------------------------------------------------
A petition to wind up the operations of Vevion Hong Kong Limited
will be heard before the High Court of Hong Kong on March 21,
2012, at 9:30 a.m.

Century Best International Trading Limited filed the petition
against the company on Jan. 18, 2012.

The Petitioner's solicitors are:

          Simon C.W. Yung & Co.
          Unit 2603-6, 26th Floor
          ING Tower, 308 Des Voeux
          Central, Hong Kong


WAI DICK: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order on Jan. 4, 2012, to
wind up the operations of Wai Dick Toys Co Limited.

The company's liquidator is Pui Chiu Wing.


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


AMBADI CASHEW: CRISIL Assigns 'CRISIL B+' Rating to INR50MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the cash
credit facility of Ambadi Cashew Product.

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

   Total Bank Loan Facilities Rated:  INR50 Million

The rating reflects ACP's small scale of operations, exposure to
intense competition, and weak financial risk profile, marked by
low net worth and weak debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of
ACP's proprietor in the cashew industry.

Outlook: Stable

CRISIL believes that ACP will continue to benefit over the medium
term from its established track record and stable demand
prospects in the cashew industry. The outlook may be revised to
'Positive' if the firm considerably scales up its operations
resulting in improvement in financial risk profile. Conversely,
the outlook may be revised to 'Negative' if the firm records
lower-than-expected revenues and profitability or undertakes
greater-than-expected debt-funded capital expenditure programme
or in case of significant withdrawals by the proprietor.

                        About Ambadi Cashew

Set up as a proprietorship concern in 1994 by Mr. J Udaykumar,
ACP processes raw cashew nuts. ACP currently operates three
processing facilities in Kollam, Kerala with an installed
capacity of 8 tonnes per day.

ACP reported a profit after tax (PAT) of INR0.9 million on net
sales of INR118.2 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.6 million on net
sales of INR98 million for 2009-10.


AUGUSTAN TEXTILE: CRISIL Reaffirms 'D' Rating on INR169.2MM Loans
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Augustan Textile
Colours Ltd continue to reflect instances of delay by ATCL in
servicing its term loan; the delays have been caused by the
company's weak liquidity.

   Facilities                 Ratings
   ----------                 -------
   Long-Term Rating           CRISIL D (Reaffirmed)
   Short-Term Rating          CRISIL D (Reaffirmed)

   Total Bank Loan Facilities Rated: INR169.2 Million

ATCL also has a weak financial risk profile marked by a high
gearing and weak debt protection metrics; moreover, the company
has a small scale of operations with limited revenue diversity.
Furthermore, its margins are susceptible to increase in power
costs and to competitive pressures in the textiles industry.
However, ATCL benefits from its promoter's industry experience
and from being a part of the Augustan group.

ATCL, set up in 2005, is based in Coimbatore (Tamil Nadu) and
undertakes printing, bleaching, and dyeing of fabric and yarn.
The group, founded in 1992 by Mr. N Athimoolam Naidu, consists of
four companies that are engaged in cutting, sewing, embroidery,
printing, bleaching, dyeing, and knitting operations.

ATCL incurred a net loss of INR7.5 million on net sales of
INR222 million in 2010-11 (refers to financial year, April 1 to
March 31), against a net loss of INR10.2million on net sales of
INR155 million in 2009-10.


BISMI APPLIANCES: CRISIL Rates INR120MM LT Loan at 'CRISIL BB-'
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the cash
credit facility of Bismi Appliances.

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

   Total Bank Loan Facilities Rated:  INR120 Million

The rating reflects Bismi's weak financial risk profile, high
geographical concentration and exposure to intense competition.
These rating weaknesses are partially offset by Bismi's
established market position in Kerala, coupled with low inventory
and debtor risk.

Outlook: Stable

CRISIL believes that Bismi will benefit over the medium term from
its established market position in Kerala. The outlook may be
revised to 'Positive' in case of significant increase in
revenues, along with improvement in net cash accruals, resulting
in improvement in financial risk profile. Conversely, the outlook
may be revised to 'Negative' in case of deterioration in
operating margin or debt protection metrics, or greater-than-
expected withdrawals from capital, resulting in weakening in the
firm's financial risk profile.

                       About Bismi Appliances

Bismi was established in 2003 as a partnership firm by Mr. V A
Yousuf and his family. At present, Bismi has six retail outlets
across Kerala through which it sells home appliance and
electrical items of various brands including LG, Godrej,
Whirlpool, Toshiba, Philips, Sony, Videocon, Panasonic, and
Samsung.

Bismi reported a profit after tax (PAT) of INR7.7 million on net
sales of INR987 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR5.6 million on net
sales of INR652 million for 2009-10.


GANGAI SPINNING: CRISIL Assigns 'BB' Rating on INR149.2MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' rating to the bank
facilities of Gangai Spinning Mills.

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

   Total Bank Loan Facilities Rated:  INR149.2 Million

The rating reflects the benefits that the Gangai group derives
from its integrated operations in textile readymade garment
segment and its promoter's experience in the textile industry.
The ratings also factors in the group's above average financial
risk profile marked by healthy capital structure and comfortable
debt protection metrics. These rating strengths are partially
offset by the group's small scale and working-capital-intensive
operations and the susceptibility of the group's operating
margins to volatility in raw material prices.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of GSM and its group entity, Gangai
Garments (GG) together referred to as the Gangai group. The
consolidated approach is because both the entities are in a
similar line of business, have a common management and have
significant financial fungibility.

Outlook: Stable

CRISIL believes that Gangai group will continue to benefit over
the medium term from its established track record in the textile
industry. The outlook may be revised to 'Positive' if the group
considerably improves its scale of operations while maintaining
its profitability, resulting in improvement in financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
there is considerable decline in accruals or if the group
undertakes a large debt-funded capital expenditure programmee or
if there is deterioration in working capital management, or if
there are greater than expected capital withdrawal by the firm's
partners.

                        About the group

Set up as a partnership firm in 1994, GG exports ready-made
garments (RMG) predominantly to the European market. Their group
entity, Gangai Spinning Mills, set up in 1997, manufactures
cotton yarn and currently operates 12,672 spindles in Tiruppur
(Tamil Nadu). The group derives around 75 per cent of revenues
from manufacture of cotton yarn (sales through merchant
exporters) and the remaining from the RMG segment (sales to
wholesalers in Europe). Gangai group has integrated operations
with spinning, knitting, stitching and finishing activities
undertaken in house; only the dyeing function is outsourced to
nearby units.

The Gangai group reported a profit after tax (PAT) of
INR24.6 million on net sales of INR 380 million for 2010-11
(refers to financial year, April 1 to March 31), as against a PAT
of INR17.5 million on net sales of INR 375 million for 2009-10.


MAHAVIR DAL: CRISIL Cuts Rating on INR115MM Loan to 'CRISIL BB'
---------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Mahavir Dal Mills Pvt Ltd to 'CRISIL BB/Stable' from 'CRISIL
BB+/Stable'.

   Facilities                   Ratings
   ----------                   -------
   Long-Term Rating             CRISIL BB/Stable (Downgraded from
                                'CRISIL BB+/Stable')

   Total Bank Loan Facilities Rated: Rs115 Million

The downgrade reflects expected year-on-year decline of around 18
per cent in MDM's revenues for 2011-12 (refers to financial year,
April 1 to March 31) because of a drop in prices of masoor dal
during the year - masoor dal prices have been on a declining
trend because of subdued demand. The downgrade also reflects
deterioration in MDM's financial risk profile caused by its
increased working capital requirements. The company's gearing has
increased as a result of a surge in working capital bank
borrowings with increase in its inventory levels during 2011-12.
The company has stacked up around 3000 tonnes of lower-quality
and low-priced masoor dal (valued at INR90 million as on
December 31, 2011 compared to around INR51 million as on
March 31, 2011) imported from Canada. The significant increase in
inventory level is expected to result in increase in its gearing
to over 2.0 times over the medium term. This is expected to
result in weakening in the company's debt protection metrics-net
cash accruals t total debt (NCATD) and interest coverage ratios
are expected to be 6% and 1.8 times respectively over the medium
term. The increase in working capital requirements has led to
almost full utilization of MDM's bank lines over the 12 months
ended December 31, 2011, resulting in weakening in liquidity.

The rating reflects MDM's promoters' extensive experience in
agro-commodities business. The rating strength is partially
offset by the company's large working capital requirements, small
scale of operations and weak financial risk profile marked by
marked by small net worth, high gearing and weak debt protection
metrics.

Outlook: Stable

CRISIL believes that MDM will continue to benefit from its
promoters' extensive experience in the agro-commodities business.
The outlook may be revised to 'Positive' in case MDM increases
its scale of operations by enhancing its geographical
diversification or by generating more-than-expected cash
accruals. Conversely, the outlook may be revised to 'Negative' if
the company's profitability declines or its debt protection
metrics deteriorate because of larger-than-expected debt-funded
capital expenditure.

                       About Mahavir Dal

MDM, promoted by Mr. Mukesh Kumar Agarwal in 2005, is into
processing of pulses (mainly masoor dal). The company's
processing unit, in Kanpur (Uttar Pradesh), has three sorting
machines (that remove impurities on the basis of colour), two of
which were installed in 2008-09 and the third in 2009-10. The
three machines have a combined sorting capacity of 32,000 tonnes
per annum.

MDM's profit after tax (PAT) and net sales are estimated at of
INR6.5 million and INR500 million respectively for 2011-12; the
company reported a PAT of INR3.2 million on net sales of INR617
million for 2010-11.


RYTHU MITRA: CRISIL Assigns 'CRISIL D' Rating to INR150MM LT Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities
of Rythu Mitra Fertilizers Pvt Ltd.

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

   Total Bank Loan Facilities Rated: INR150 Million

The rating reflects instances of delay by RMF in servicing its
debt; the delays have been caused by the company's weak liquidity
on account of its start up nature of operations.

The rating also reflects RMF's susceptibility to project related
risks and to intense government regulations in the fertilizer
segment. These rating weaknesses are partially offset by the
entrepreneurial experience of RMF's promoters.

RMF is currently setting up nitrogen, phosphorus, and potassium
(NPK) manufacturing unit with an installed capacity of 400 tonnes
per day (120,000 tonnes per annum) in Machilipatnam, Krishna
district (Andhra Pradesh). The project for setting up the
manufacturing unit commenced in October 2010 and the promoters
plan to commence commercial production by April 2012. The total
project cost of INR 175 million is funded through term loans to
the tune of INR 90 million, equity infusion to the tune of
INR62.5 million and the remaining through unsecured loans by the
promoters. RMF has been promoted by Mr. M Sambasiva Rao and his
friend, Mr. G Gopichand.


SAURAV CHEMICALS: Fitch Affirms 'BB(ind)' National LT Rating
------------------------------------------------------------
Fitch Ratings has revised India-based Saurav Chemicals Limited's
(SCL) Outlook to Positive from Stable.  Its National Long-Term
rating has been affirmed at 'Fitch BB(ind)'.

The Outlook revision reflects SCL's strong revenue growth coupled
with its improved profitability and net financial leverage since
FY10 (financial year ending March). Revenue grew by around 24%
yoy to INR633m in FY11, with an operating EBITDA margin of 14.1%
(FY10: 12.7%).  This coupled with a reduction in debt levels to
INR269m in FY11 (FY10: INR311m) resulted in an improvement in net
financial leverage (total adjusted debt net of cash/operating
EBITDAR) to 2.9x in FY11 from 4.7x in FY10.  For 9MFY12, the
company reported net revenues of INR627m with an operating EBITDA
margin of 12%.

The revenue growth was backed by increased domestic sales of
active pharmaceutical ingredients (APIs) and intermediates.
Exports contributed around 14% to the total revenues in FY11
(FY10: 16%).  The improved operating profitability is on account
of better capacity utilization and improved efficiency levels.

The ratings are underpinned by the company's established
relationships with its clients.  The ratings are, however,
constrained by the small size of SCL's operations in
pharmaceutical industry, heavy customer concentration with around
50% of the sales coming from only two customers and working
capital intensive nature of the industry.  Fitch notes that the
company is taking measures to reduce customer and product
concentration.

Positive rating action may result from an increase in size of the
company while maintaining stable profitability resulting in
sustained levels of net financial leverage (total adjusted net
debt/operating EBITDA) of below 3x.

SCL manufactures intermediates and APIs for domestic and
international markets.  The company mainly manufactures
intermediates for cephelosporin APIs and also manufactures APIs
for diverse therapeutic segments like central nervous system,
diabetes, acute pain.  The company has its manufacturing
facilities at Dera Bassi, Punjab.  Its API plant is EUGMP
approved by the Danish Medicine Authority and the German Health.
The company expects to receive the USFDA approval by Q113.

Rating action on SCL's bank loans are as follows:

  -- INR31 million long-term loans (reduced from INR37.2m):
     affirmed at 'Fitch BB(ind)'

  -- INR145 million fund-based working capital limits (enhanced
     from INR135m): affirmed at 'Fitch BB(ind)'/'Fitch A4+(ind)'

  -- INR90 million non-fund based working capital limits
     (enhanced from INR50m): affirmed at 'Fitch A4+(ind)'


SHUKAN GLORY: CRISIL Assigns 'CRISIL B+' Rating to INR100MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Shukan Glory Developers (Glory; part of the Shukan
group).

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

   Total Bank Loan Facilities Rated: INR100 Million

The rating reflects the Shukan group's exposure to implementation
and saleability-related risks associated with its ongoing
projects and susceptibility to inherent risks and cyclicality in
the real estate sector in India. These rating weaknesses are
partially offset by the extensive experience of the group's
promoters in the real estate sector.

For arriving at its rating, CRISIL has combined the financial and
business risk profiles of Shukan Sky Corporation, Shukan Gold
Corporation, Glory, Shukan Orchid Infrastructure, and Shukan
Palace Infrastructure.  The entities are collectively referred to
as the Shukan group. This is because all the entities have common
management, promoters (mainly from the Patel family of Ahmedabad
[Gujarat]), common brand name, and cash flow fungibility among
them.

Outlook: Stable

CRISIL believes that the Shukan group will maintain its business
risk profile, supported by promoters' extensive experience in the
real estate sector, over the medium term. The outlook may be
revised to 'Positive' if there is a significant improvement in
the group's business and financial risk profiles, most likely
driven by timely implementation and high sales levels of its
ongoing projects, leading to healthy cash accruals on a sustained
basis. Conversely, the outlook may be revised to 'Negative' if
the group faces time or cost overrun in its ongoing projects, or
significant pressure on its liquidity, or delays in receiving
customer advances, leading to pressure on revenues and
profitability and consequent deterioration in its debt servicing
ability.

                          About the Group

The Shukan group is into residential and commercial real estate
development, mainly in and around Ahmedabad. The group has been
in business for more than two decades. The group is promoted by
Mr. Rameshbhai R Patel and his family members. It has completed
about four commercial and five residential projects in and around
Ahmedabad. Currently, the group is executing the following
projects (total saleable area of 1.73 million square feet):


SHUKAN GOLD: CRISIL Assigns 'CRISIL B+' Rating to INR200MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Shukan Gold Corporation (Gold; part of the Shukan
group).

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

   Total Bank Loan Facilities Rated:  INR200 Million

The rating reflects the Shukan group's exposure to
implementation- and saleability-related risks associated with its
ongoing projects and susceptibility to inherent risks and
cyclicality in the real estate sector in India. These rating
weaknesses are partially offset by the extensive experience of
the group's promoters in the real estate sector.

For arriving at its rating, CRISIL has combined the financial and
business risk profiles of Shukan Sky Corporation, Gold, Shukan
Glory Developers, Shukan Orchid Infrastructure, and Shukan Palace
Infrastructure.  The entities are collectively referred to as the
Shukan group. This is because all the entities have common
management, promoters (mainly from the Patel family of Ahmedabad
[Gujarat]), common brand name, and cash flow fungibility among
them.

Outlook: Stable

CRISIL believes that the Shukan group will maintain its business
risk profile, supported by promoters' extensive experience in the
real estate sector, over the medium term. The outlook may be
revised to 'Positive' if there is a significant improvement in
the group's business and financial risk profiles, most likely
driven by timely implementation and high sales levels of its
ongoing projects, leading to healthy cash accruals on a sustained
basis. Conversely, the outlook may be revised to 'Negative' if
the group faces time or cost overrun in its ongoing projects, or
significant pressure on its liquidity, or delays in receiving
customer advances, leading to pressure on revenues and
profitability and consequent deterioration in its debt servicing
ability.

                         About the Group

The Shukan group is into residential and commercial real estate
development, mainly in and around Ahmedabad. The group has been
in business for more than two decades. The group is promoted by
Mr. Rameshbhai R Patel and his family members. It has completed
about four commercial and five residential projects in and around
Ahmedabad. Currently, the group is executing the following
projects (total saleable area of 1.73 million square feet):


SHUKAN ORCHID: CRISIL Assigns 'CRISIL B+' Rating to INR130MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Shukan Orchid Infrastructure (Orchid; part of the
Shukan group).

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

   Total Bank Loan Facilities Rated: INR130 Million

The rating reflects the Shukan group's exposure to
implementation- and saleability-related risks associated with its
ongoing projects and susceptibility to inherent risks and
cyclicality in the real estate sector in India. These rating
weaknesses are partially offset by the extensive experience of
the group's promoters in the real estate sector.

For arriving at its rating, CRISIL has combined the financial and
business risk profiles of Shukan Sky Corporation, Shukan Gold
Corporation, Shukan Glory Developers, Orchid, and Shukan Palace
Infrastructure.  The entities are collectively referred to as the
Shukan group. This is because all the entities have common
management, promoters (mainly from the Patel family of Ahmedabad
[Gujarat]), common brand name, and cash flow fungibility among
them.

Outlook: Stable

CRISIL believes that the Shukan group will maintain its business
risk profile, supported by promoters' extensive experience in the
real estate sector, over the medium term. The outlook may be
revised to 'Positive' if there is a significant improvement in
the group's business and financial risk profiles, most likely
driven by timely implementation and high sales levels of its
ongoing projects, leading to healthy cash accruals on a sustained
basis. Conversely, the outlook may be revised to 'Negative' if
the group faces time or cost overrun in its ongoing projects, or
significant pressure on its liquidity, or delays in receiving
customer advances, leading to pressure on revenues and
profitability and consequent deterioration in its debt servicing
ability.

                         About the Group

The Shukan group is into residential and commercial real estate
development, mainly in and around Ahmedabad. The group has been
in business for more than two decades. The group is promoted by
Mr. Rameshbhai R Patel and his family members. It has completed
about four commercial and five residential projects in and around
Ahmedabad. Currently, the group is executing the following
projects (total saleable area of 1.73 million square feet):


SHUKAN PALACE: CRISIL Assigns 'CRISIL B+' Rating to INR80MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Shukan Palace Infrastructure (Palace; part of the
Shukan group).

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

   Total Bank Loan Facilities Rated: INR80 Million

The rating reflects the Shukan group's exposure to
implementation- and saleability-related risks associated with its
ongoing projects and susceptibility to inherent risks and
cyclicality in the real estate sector in India. These rating
weaknesses are partially offset by the extensive experience of
the group's promoters in the real estate sector.

For arriving at its rating, CRISIL has combined the financial and
business risk profiles of Shukan Sky Corporation, Shukan Gold
Corporation, Shukan Glory Developers, Shukan Orchid
Infrastructure, and Palace. The entities are collectively
referred to as the Shukan group. This is because all the entities
have common management, promoters (mainly from the Patel family
of Ahmedabad [Gujarat]), common brand name, and cash flow
fungibility among them.

Outlook: Stable

CRISIL believes that the Shukan group will maintain its business
risk profile, supported by promoters' extensive experience in the
real estate sector, over the medium term. The outlook may be
revised to 'Positive' if there is a significant improvement in
the group's business and financial risk profiles, most likely
driven by timely implementation and high sales levels of its
ongoing projects, leading to healthy cash accruals on a sustained
basis. Conversely, the outlook may be revised to 'Negative' if
the group faces time or cost overrun in its ongoing projects, or
significant pressure on its liquidity, or delays in receiving
customer advances, leading to pressure on revenues and
profitability and consequent deterioration in its debt servicing
ability.

                          About the Group

The Shukan group is into residential and commercial real estate
development, mainly in and around Ahmedabad. The group has been
in business for more than two decades. The group is promoted by
Mr. Rameshbhai R Patel and his family members. It has completed
about four commercial and five residential projects in and around
Ahmedabad. Currently, the group is executing the following
projects (total saleable area of 1.73 million square feet).


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


FAJAR SURYA: S&P Withdraws 'B+' Corp. Credit Rating; Outlook Neg
----------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'B+' long-term
corporate credit rating on Indonesia-based packaging paper
manufacturer PT Fajar Surya Wisesa Tbk. at the company's request.
The negative outlook at the time of the withdrawal reflected our
expectation that Fajar could breach the covenant on its bank
loan.

"We believe that the company has limited headroom in the covenant
because its debt-to-EBITDA ratio is unlikely to improve
significantly over the next 12 months due to lower margins.
Global macroeconomic weakness and Fajar's limited ability to pass
on the rising costs of raw material to consumers will continue to
pressure margins. We also expect the company to maintain its
current level of debt. However, we understand that a possibility
of a covenant waiver exists," S&P said.


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


TOKYO ELECTRIC: Japan Governors Slam Utility's Price Hikes
----------------------------------------------------------
Kyodo News reports that the governors of Tokyo and nine other
prefectures submitted a petition Wednesday calling Tokyo
Electric's planned electricity rate hikes "extremely regrettable"
and urged the utility to first accelerate efforts to restructure
and rationalize its operations.

TEPCO intends to raise electricity charges for companies an
average of 17% starting in April, and also hopes to increase
rates for household users in the near future to cover fuel costs
driven up by having to rely more heavily on thermal power.

The 10 governors said in the petition submitted to the central
government, TEPCO and the government-backed Nuclear Damage
Liability Facilitation Fund that price hikes would effectively
force consumers to pay for TEPCO's errors and the central
government's lax oversight of the nuclear power industry,
according to Kyodo.

"Although the direct cause of the accident at the Fukushima
complex was the earthquake and tsunami, we cannot deny it is also
a man-made disaster, given (the plant's) insufficient safety
measures and the responses to the accident," the petition reads.

It was signed by the governors of Tokyo, Yamanashi, Ibaraki,
Tochigi, Gunma, Saitama, Chiba, Kanagawa, Shizuoka and Nagano
prefectures, the report discloses.

                     About Tokyo ELectirc

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: Government Ends Funding Standoff With Firm
----------------------------------------------------------
Dow Jones' Daily Bankruptcy Review reports that the Japanese
government ended its standoff with the country's biggest utility,
releasing a second round of financial aid totaling JPY690 billion
(US$8.9 billion), in exchange for the utility's promises to
review a rate increase and implement more aggressive cost-cutting
to deal with the costs of Japan's worst nuclear disaster.

                  About Tokyo ELectirc

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.


ELPIDA MEMORY: Uncertain About Future After Financing Deal Fails
----------------------------------------------------------------
Elpida Memory Inc. said there is "uncertainty" over its viability
because it lacks financing for debt due in April.

According to the report, the company said it hasn't been able to
reach a deal with Japan's trade ministry, the Development Bank of
Japan and its main lenders.  Elpida's ability to repay
JPY92 billion (US$1.2 billion) in bonds and loans by April is
made more difficult by plunging chip prices and five straight
quarters of losses, Bloomberg says.

"Elpida has not made as much progress as initially envisioned in
discussions with the relevant parties," the company said.
"Therefore, material uncertainty about its assumed going concern
is found."

Elpida has the equivalent of $4.16 billion of bonds and loans
outstanding, according to data compiled by Bloomberg.  Japan
Credit Rating Agency, the only risk assessor to grade Elpida, cut
its rating on the chipmaker to BBB-, the lowest investment level,
from BBB after the company's announcement, Bloomberg reports.

Bloomberg relates that analysts said Japan's largest maker of
dynamic random access memory, the most common chip in computers,
needs government backing to stay in business after five straight
quarters of losses.  The Japanese company lost 62% of its market
value last year, extending a 37% slump in 2010, the report notes.

As reported in the Jan. 26, 2012, edition of the Troubled Company
Reporter-Asia Pacific, Bloomberg News said Elpida Memory, facing
a deadline to repay $1.2 billion of debt by April, may gain
financial support for the second time in three years as Japan
seeks to keep the company alive amid a slump in the chip market.

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

                       About Elpida Memory

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


OLYMPUS CORP: Three Former Execs Arrested Over Securities Fraud
---------------------------------------------------------------
Bloomberg News reports that three former executives at Olympus
Corp., including former Chairman Tsuyoshi Kikukawa, and four
others were arrested for suspected violation of the Financial
Instruments and Exchange Act.

Bloomberg, in a Feb. 16 report, related that the prosecutors said
Mr. Kikukawa, the 70-year old former executive who headed Olympus
for 10 years till last year, Hideo Yamada, 67, who led Olympus's
investment unit since 80s and later became an auditing officer,
and former executive vice president Hisashi Mori concealed losses
and falsified financial statements, a violation of Financial
Instruments and Exchange Act.

The prosecutors also arrested Akio Nakagawa, cited in a December
panel report as a key figure who aided Olympus in structuring its
loss-hiding schemes, Bloomberg adds.  Nobumasa Yokoo, who was
also named in the report, was arrested with two co-workers by the
Tokyo Metropolitan Police, according to the statement obtained by
Bloomberg.

Yoshiaki Yamada, a Tokyo-based spokesman, told Bloomberg Olympus
will cooperate fully with prosecutors.

                     Securities Investment Scandal

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

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

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

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

The Japanese Securities and Exchange Surveillance Commission is
said to be investigating along with the U.S. Federal Bureau of
Investigation, and the U.S. Securities and Exchange Commission.

                        About Olympus Corp.

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


TOKYO ELECTRIC: Government Bailout to Follow Resona Model
---------------------------------------------------------
Bloomberg News reports that Japan Trade and Industry minister
Yukio Edano said the government's bailout of Tokyo Electric Power
Co. will be similar to the 2003 rescue of struggling Resona
Holdings Inc.

"The capital injection into Resona will be the model for when the
government injects capital into Tepco," the report quotes
Mr. Edano as saying.  "It's widely agreed that Resona has
returned to health."

While the government plans to bail out the utility, which has
been relying on aid to cover nuclear disaster-related
compensation, Mr. Edano said Monday the government expects to
receive "sufficient" voting rights in return for a capital
infusion, adding he would veto any plan that doesn't include this
provision, Bloomberg reports.

Under Prime Minister Junichiro Koizumi, the report notes, the
government pumped JPY1.96 trillion into Resona in 2003 after its
capital fell below the minimum regulatory requirement, and
received majority voting rights in the bank.

Bloomberg says Resona returned to profit in the year that ended
in March 2005 and stayed profitable throughout the global
financial crisis, when governments around the world were forced
to rescue banks crippled by loan losses and write-downs on
mortgage securities.

                      About Tokyo Electric

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

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

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


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


ALPINE CHOPPERS: In Receivership, Still Owes NZ$5 Million
---------------------------------------------------------
John Edens at The Southland Times reports that Investigators has
revealed that a group of helicopter companies which has been put
under receivership owes more than NZ$5 million.

Alpine Choppers and Alpine Choppers NZ, run by pilot and
businessman Brendan Thow, were placed in receivership in December
2010 owing NZ$9.12 million to secured creditor Face Finance,
according to The Southland Times.

The report notes that the debt had been reduced by NZ$4 million
when the receivers came in.

The Southland Times discloses that the third receivers' report by
Colin Gower and Stephen Tubbs, of BDO Christchurch, said the debt
and liability owed to Face Finance was NZ$4.97 million.

Preferential creditors were owed NZ$107,295, the report relates.

The Southland Times discloses that the only assets Alpine
Choppers had were helicopters and they were subject to security
arrangements and their sale would not generate enough proceeds.

The report says that Alpine Choppers NZ was a trading entity and
had book debts of NZ$315,000 when the receivers were appointed.
The Southland Times notes that most of those debts had been paid
before receivership and investigators had collected another
NZ$115,000.

However, there were not yet enough funds to pay creditors, The
Southland Times discloses.

The report notes that most of the employees worked for Alpine
Choppers NZ and claims had been received on their behalf for
wages and holiday pay.

The Southland Times relates that provisional claims had been
filed for U$1494 by staff against Alpine Choppers and NZ$33,212
against Alpine Choppers NZ.  The Inland Revenue Department wanted
NZ$72,589, the report says.

No funds were available, so far, for 47 unsecured creditors who
had filed provisional claims of NZ$206,798 overall, The Southland
Times discloses.

Between June and November last year, legal expenses cost
NZ$25,537, receivers' fees were NZ$40,831 and NZ$100,000 was paid
to Face Finance, the report recalls.


CRAFAR FARMS: OIO Ruling on Farm Sale Expected Within Days
----------------------------------------------------------
Colin Wiliscroft at The National Business Review reports that the
Overseas Investment Office is expected to resubmit a
recommendation to government ministers about the sale of the
Crafar farms within days, not weeks.

The news agency relates that Land Information Minister Maurice
Williamson said while he did not have a clear timeframe, he
expected to receive new advice from the OIO about the sale of the
farms to a subsidiary of Chinese company Shanghai Pengxin that
was consistent with Wednesday's high court ruling within that
timeframe.

According to the report, Justice Forrie Miller's ruling called
for a different test to be used by OIO when considering a section
of the Overseas Investment Act that looked at the economic
benefits of selling farm land to overseas buyers.

"This ruling changes the interpretation of how the economic
factors . . . should be assessed," NBR quotes Mr. Williamson as
saying.

NBR notes that the government was on Wednesday ordered by the
high court to reconsider its decision to allow the sale of the
Crafar farms to a subsidiary of Chinese company Shanghai Pengxin.

Justice Forrie Miller set aside the consent for the sale that was
granted by Land Information Minister Maurice Williamson and
Associate Finance Minister Jonathan Coleman, the report states.

NBR notes that the ministers announced on January 27 that they
had accepted the recommendation of the Overseas Investment Office
(OIO) to grant consent to Milk New Zealand Holding, a subsidiary
of Shanghai Pengxin Group, to acquire the 16 farms.  New Zealand
government-owned Landcorp was to manage the farms.

Mr. Williamson said then that it was clear the bid met the
relevant sections of the Overseas Investment Act, the report
adds.

                         About Crafar Farms

Crafar Farms, New Zealand's largest family owned dairy business,
runs about 20,000 milking cows, and carries about 10,000 of other
stock.  The company employed 200 staff.

Crafar Farms was placed in receivership in October 2009, by its
lenders Westpac Banking Corp., Rabobank Groep and PGG Wrightson
Finance.  The banks, owed around NZ$200 million, put KordaMentha
partners Michael Stiassny and Brendon Gibson in as receivers
after Crafar Farms breached covenants on its loans.

The latest report on the four Crafar companies in receivership
-- Plateau Farms, Ferry View Farms, Hillside and Taharua -- said
their bank debt in October was NZ$256 million, according to
BusinessDay.co.nz.

As reported in the Troubled Company Reporter-Asia Pacific on
April 27, 2010, The New Zealand Herald said 16 farms in the
Crafar Farms group have been placed onto the open market for sale
by Crafar's receivers through Bayleys Real Estate.  Bayley's said
the receivership sale is the single largest receivership sale of
farms in New Zealand history.  The 16 farms employ nearly 200
staff and managers and cover 8,000 hectares.  They are located in
the Waikato, near Benneydale in the King Country, Reporoa,
Atiamuri, Waverley, Hawera and Bulls.


EQUITABLE MORTGAGES: Crown Faces Up to NZ$60-Mil. Shortfall
-----------------------------------------------------------
Duncan Bridgeman at The National Business Review reports that
taxpayers face a NZ$50 million to NZ$60 million shortfall on the
approximate NZ$178 million paid out to investors in Equitable
Mortgages under the retail deposit guarantee scheme.

Citing latest report from receivers Grant Graham and Brendon
Gibson of KordaMentha, NBR discloses that the estimate loan
recoveries might enable repayments of between 65% and 70%
(NZ$124.9 to NZ$134.6 million).

The receivers have so far repaid NZ$50 million to investors and
the Crown, says NBR.

The Treasury has refunded 97% of secured debenture holders owed
about NZ$178 million.

A further NZ$14 million was owed to investors not covered by the
guarantee, NBR adds.

Headquartered in Auckland, New Zealand, Equitable Mortgages
provides first ranking loans for commercial, industrial and
residential property.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 30, 2010, Equitable Mortgages called in receivers for
the company.  According to The New Zealand Herald, the
institution has around 6,000 depositors and approximately NZ$178
million in Crown-guaranteed deposits.  Deloitte's Rod Pardington
and David Levin were initially appointed Equitable Mortgages'
receivers but were replaced by Messrs. Graham and Gibson on
Dec. 17, 2010.


EXIDE TECHNOLOGIES: Closes Petone Plant; 40 Staff Lose Jobs
-----------------------------------------------------------
Paul Easton at stuff.co.nz reports that forty people will lose
their jobs after the closure of Exide Technologies' controversial
Petone battery recycling plant in New Zealand was announced on
Feb. 16.  The decision to close the factory on March 31 was
announced by the company, the report says.

"As a result of the New Zealand Court of Appeal's decision to
permit the continued and unlimited export of used lead-acid
batteries from New Zealand, we have concluded that it is
necessary to close our facility," the report quotes Exide
Australasia managing director John Cowpe as saying.

"Without a sufficient amount of raw material coming into the
facility, we are unable to effectively and profitably operate the
business. We are disappointed with the Court's decision and the
negative impact on the citizens of New Zealand who no longer have
a recycling facility in their country, as well as on our
employees."

Mr. Cowpe thanked all Exide employees for their service, the
report relays.

The Petone plant is New Zealand's only lead-acid battery
recycling plant.  About 40 people work there.

The plant has been dogged by problems, including harmful lead
emissions, an explosion and a fire, and was convicted twice for
breaching emission standards, the report notes.

                     About Exide Technologies

Headquartered in Princeton, New Jersey, Exide Technologies
(NASDAQ: XIDE) -- http://www.exide.com/-- manufactures and
distributes lead acid batteries and other related electrical
energy storage products.

The Company filed for Chapter 11 protection (Bankr. Del. Case No.
02-11125) on April 14, 2002.  Matthew N. Kleiman, Esq., and
Kirk A. Kennedy, Esq., at Kirkland & Ellis, and James E. O'Neill,
Esq., at Pachulski Stang Ziehl & Jones LLP represented the
Debtors in their successful restructuring.  The Court confirmed
Exide's Amended Joint Chapter 11 Plan on April 20, 2004.  The
plan took effect on May 5, 2004.  While it has emerged from
bankruptcy, reorganized Exide is still resolving claims filed
against it in the Bankruptcy Court.

                          *     *     *

Reorganized Exide carries 'B' issuer credit ratings from Standard
& Poor's.  "The ratings on Exide Technologies reflect what we
consider to be the Company's aggressive financial risk profile,
which incorporates S&P's expectation that sales and profitability
will improve gradually as demand increases," said Standard &
Poor's credit analyst Nancy Messer.

Exide has 'B3' corporate family and probability of default
ratings from Moody's Investors Service.  In July 2008, Moody's
upgraded the rating to 'B3' from 'Caa1'.  Exide's B3 Corporate
Family Rating continues to incorporate the company's leveraged
profile cyclical industry characteristics, and raw material
pricing pressure, Moody's said in January 2011.


GRACE HOLDINGS: Goes Into Liquidation; SFO Begins Probe
-------------------------------------------------------
Hamish Fletcher at nzherald.co.nz reports that Grace Holdings
New Zealand Limited, trading as Bullion Buyer, has been placed in
liquidation, and investors with a total of at least NZ$3 million
outstanding are warned to "expect the worst".

The Serious Fraud Office on Feb. 15 confirmed that it had
commenced a formal investigation into the gold and precious metal
trading company.

SFO Chief Executive Adam Feeley said the media reports late last
week of investors' concerns about their investments had resulted
in numerous other persons coming forward to contact the SFO.

"Since then, we have moved swiftly to assess these complaints,
secure the company's financial records, and make additional
inquiries.  As a result we have concluded that there are
reasonable grounds to believe that an offence of serious fraud
may have been committed, and accordingly commenced a formal
investigation under Part 2 of the SFO Act."

Mr. Feeley said that the SFO's priority was now to make contact
with as many investors as possible, and to coordinate their
investigation with other agencies which may have an interest in
the matter.

In particular, the SFO said it was liaising with the Registrar of
Companies to ensure that appropriate steps are taken to protect
any funds for the benefit of creditors of the company.

According to nzherald.co.nz, SFO general manager of financial
markets and corporate fraud Simon McArley said that he believed
about 50 people had a total of about NZ$3 million with the
bullion investment company.

"We can't tell you how much the loss will be because it may not
be anything or it could be the whole lot or something in between.
Obviously that's the amount people have got invested but we don't
at this stage know where that's gone or what might have happened
to it," nzherald.co.nz quotes Mr. McArley as saying.

nzherald.co.nz relates that liquidator Grant Reynolds, who was
appointed on Monday, said investors should "expect the worst".

Mr. Reynolds said he did not know the exact state of Grace
Holdings' accounts because the SFO had taken most of the
company's documents, according to nzherald.co.nz.

Mr. Reynolds may be reached at:

          Grant Reynolds
          Reynolds & Associates Limited
          PO Box 259-059 Greenmount Auckland New Zealand
          Tel: +64 9 526 0743
          Fax: +64 9 526 0748
          E-mail: grant@randa.co.nz


                             *********

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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