TCRAP_Public/120221.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Tuesday, February 21, 2012, Vol. 15, No. 37

                            Headlines


A U S T R A L I A

SINGULARITY PRODUCTIONS: In Administration, Owes AU15.13 Million


C H I N A

CHINA MEDICAL: S&P Withdraws 'D' Corporate Credit Rating
HANG SENG: Moody's Reviews 'D' BFSR for Possible Downgrade
ZTE CORP: Fitch Downgrades Issuer Default Rating to 'BB-'


H O N G  K O N G

AMPRESS PACIFIC: Liu and Lam Step Down as Liquidators
AMPRESS PACKAGING: Liu and Lam Step Down as Liquidators
ARTISTIC INTERNATIONAL: Ying and Chan Step Down as Liquidators
EC (ASIA): Liu and Lam Step Down as Liquidators
EC MANUFACTURING: Liu and Lam Step Down as Liquidators

HILLEX DEVELOPMENT: Members' Final Meeting Set for March 19
JMC R&D: Creditors' Proofs of Debt Due March 5
MERRILL LYNCH: Kong Chi How Steps Down as Liquidator
PRESTIGE CORPORATION: Liu and Lam Step Down as Liquidators
STAR GLOBAL: Commences Wind-Up Proceedings


I N D I A

BABA SMELTERS: ICRA Reaffirms 'BB+' Rating on INR1.71cr Loan
BHADRA ENTERPRISES: ICRA Reaffirms '[ICRA]B+' Long Term Rating
BIG TILES: ICRA Assigns '[ICRA]B+' Rating to INR4.69cr Loan
CORE EDUCATION: S&P Affirms 'B+' Rating on Senior Unsecured Notes
IBD SPACE: ICRA Assigns '[ICRA]B+' Rating to INR27.5cr Loan

INDIAN TRADING: ICRA Assigns '[ICRA]B+' Rating to INR8cr Loan
KINGFISHER AIRLINES: Cuts 13% Flights; DGCA Summons Officials
KINGFISHER AIRLINES: December Qtr Net Loss Widens to INR444.6cr
KSK MAHANADI: ICRA Places '[ICRA]BB+' on IN9,024cr Loan Rating
MANJEERA CONSTRUCTIONS: ICRA Rates INR28cr Loan at '[ICRA]B'

NAGAMMAL MILLS: ICRA Assigns '[ICRA]B+' Rating to INR5.5cr Loan
NESTOR PHARMA: ICRA Assigns '[ICRA]B+' Rating to IRN75cr Loan
NEVATIA STEEL: ICRA Assigns '[ICRA]B+' Rating to INR0.5cr Loan
SATYAM SMELTERS: ICRA Reaffirms '[ICRA]BB+' INR12cr Loan Rating
SRINIVASA COTTON: ICRA Reaffirms 'BB+' Rating on INR19.2cr Limits

THANGA PRATAPH: ICRA Revises Rating on INR7.25cr Loan to 'D'
VKS PROJECTS: ICRA Assigns '[ICRA]BB' Rating to INR18cr Loan
WELSET POLYPACK: ICRA Assigns '[ICRA]B' Rating to INR9.5cr Loan


J A P A N

CITIBANK JAPAN: Moody's Says Review Affects C- BFSR
CSC SERIES 1: S&P Lowers Ratings on 3 Classes of Bonds to 'D'
JLOC 38: S&P Cuts then Withdraws 'D' Rating on Class D Notes
OLYMPUS CORP: May Face Corporate Indictment Over Coverup Scandal


N E W  Z E A L A N D

CRAFAR FARMS: Closed to Rival Bids Until Chinese Offer Expires
HIBERNIAN CREDIT: Depositors May Lose Two-Thirds of Investment


S I N G A P O R E

ESM PTE: Members' Final Meeting Set for March 16
GOLDEN TRISTAR: Court to Hear Wind-Up Petition on Feb. 24
SIN LEONG: Court to Hear Wind-Up Petition on March 2
THIRD WIND: Court to Hear Wind-Up Petition on Feb. 24
YUSHIN PRECISION: Creditors' Proofs of Debt Due March 15


X X X X X X X X

* S&P: Global Corporate Defaults Total 16 So Far In 2012
* BOND PRICING: For the Week Feb. 13 to Feb. 17, 2012


                            - - - - -


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


SINGULARITY PRODUCTIONS: In Administration, Owes AU15.13 Million
----------------------------------------------------------------
Press Trust of India reports that Singularity Productions Pty Ltd
has gone into administration with an estimated debt of
AU$15.13 million.

Worrells Solvency & Forensic Accountants is winding up the
company, according to Press Trust of India.

The report notes that efforts are ongoing to save the
AU$28 million movie, Singularity, bulk of which has been
completed.

The creditors discussed completing Singularity by June 30, which
will entitle the film to government rebates allowing creditors to
be re-paid, the report discloses.

Press Trust of India says more than AU$13 million of Australian-
based expenditure is expected to be eligible for the 40% Producer
Offset rebate once the film is complete.

Worrells told creditors that it had now secured all of the
company's books and records, which it was reviewing, while
outstanding company returns had now been lodged with the
Australian Taxation Office, Press Trust of India relays.

The report says that the problem apparently started when Belgian-
sourced funding secured by film company Corsan, controlled by one
of the film's offshore producers, Paul Breuls, dried up during
production.


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


CHINA MEDICAL: S&P Withdraws 'D' Corporate Credit Rating
--------------------------------------------------------
Standard & Poor's Ratings Services lowered the long-term
corporate credit rating on advanced in-vitro diagnostic company
China Medical Technologies Inc. to 'D' from 'SD'. "At the same
time, we lowered our Greater China credit scale rating on CMED to
'D' from 'SD'. We subsequently withdrew all the ratings. At the
time of the withdrawal, our debt rating on the company's $150
million convertible bond due December 2016 was 'D'," S&P said.

"The rating actions followed confirmation that CMED missed the
coupon payment on its $276 million 4.0% convertible bond maturing
in August 2013. The interest payment was due on Feb. 15, 2012. We
understand the issuer has a 30-day grace period -- under the
bond's terms and conditions -- to make the payment," S&P said.

"We had lowered the corporate credit rating on CMED to 'SD' on
Jan. 31, 2012, after the company missed a semi-annual interest
payment due on Dec. 15, 2011, on its $150 million 6.25%
convertible bond maturing in December 2016. The company also
failed to make the payment within the 30-day grace period," S&P
said.

"CMED has not explained why it did not make the two coupon
payments, given that it appears to have sufficient capacity to do
so. According to CMED's unaudited results for the quarter ended
Sept. 30, 2011, the company has about $206.5 million in cash and
cash equivalents. Nevertheless, we note that on Dec. 13, 2011,
CMED announced that it would restructure its debt to strengthen
its balance sheet," S&P said.

"We are withdrawing the ratings on CMED because the company has
not provided us with adequate information to enable us to
determine its current financial position and intent," S&P said.


HANG SENG: Moody's Reviews 'D' BFSR for Possible Downgrade
----------------------------------------------------------
Moody's has placed the Aa1 long-term debt and deposit ratings of
The Hongkong & Shanghai Banking Corporation Limited on review for
possible downgrade. The bank financial strength rating of B+,
which assesses the bank's stand-alone financial profile and
equates to a long-term rating of Aa2, was also placed on review.
The short-term rating of Prime-1 was affirmed with a stable
outlook.

At the same time, selected ratings of subsidiaries of The
Hongkong & Shanghai Banking Corporation have also been placed
under review for possible downgrade.

Ratings Rationale

"The rating review of The Hongkong & Shanghai Banking Corporation
Limited follows the rating review of its parent HSBC Holdings plc
and its UK affiliate HSBC Bank plc, in light of their exposure to
European stresses and vulnerabilities presented by their capital
markets businesses", says Patrick Winsbury, a Moody's Senior Vice
President.

"The rating review of The Hongkong & Shanghai Banking Corporation
Limited will focus on the potential, in our view, for the bank to
come under pressure to increase returns to its parent. We will
consider the prospects that this might reduce the bank's
exceptionally strong liquidity and solid capitalisation over
time."

"The review will also consider whether subsidiaries of The
Hongkong & Shanghai Banking Corporation Limited are in turn
affected by these developments."

A downgrade of The Hongkong & Shanghai Banking Corporation
Limited would very likely result in a downgrade of the debt and
deposit ratings of its subsidiaries. These ratings currently
incorporate parent support, reflecting the strong track record of
The HSBC group in making liquidity and capital available to its
subsidiaries in times of stress. A lower parent rating would
therefore have a direct impact on the ratings of the
subsidiaries.

Other issues that will be considered in the review are:

1) The degree to which potentially weaker operating conditions
   and intrinsic challenges in capital markets business lines may
   impact profitability at The Hongkong & Shanghai Banking
   Corporation Limited

2) The potential impact of global regulatory initiatives to ring-
   fence assets for the protection of depositors, which might
   diminish the predictability of cross-border parental support
   within the HSBC group.

3) The potential impact of global regulatory initiatives to
   minimize the probability that governments could be called upon
   to support banks at times of market stress. The Hongkong &
   Shanghai Banking Corporation Limited currently incorporates
   one notch of uplift for systemic support in its debt and
   deposit ratings, reflecting its leading market share and note-
   issuing status in Hong Kong. While Moody's believes the parent
   would be the primary source of support for the subsidiaries,
   their ratings do also incorporate varying degrees of uplift
   for systemic support, reflecting their relative systemic
   importance in their own markets.

As in the case of The Hongkong & Shanghai Banking Corporation
Limited, the bank financial strength ratings of its subsidiaries
are also affected by the review of their parent and the potential
to come under greater pressure for returns. The impact has
differed according to the circumstances of each subsidiary and
the relative positioning of each rating.

* The bank financial strength rating of Hang Seng Bank Limited
  (B+/Aa2) has been placed under review for possible downgrade.

* The bank financial strength rating of Hang Seng Bank (China)
  Limited (D/Ba2) has been placed under review for possible
  downgrade. Additional factors that will be considered are
  profitability and internal capital generation as the bank
  continues to develop its operations, as well as the challenging
  operating environment in Mainland China. As a consequence, the
  bank's short-term rating of Prime-1 has also been placed under
  review for possible downgrade.

* The outlook for the bank financial strength rating of HSBC Bank
  Australia Ltd (C-/Baa1) has been revised to Stable from
  Positive, as a consequence of the parent's review

* The outlook for the bank financial strength rating of HSBC Bank
  Malaysia Berhad (C-/Baa1) has been affirmed at Stable

* The outlook for the bank financial strength rating of HSBC Bank
  (China) Company Limited (D/Ba2) has been affirmed at Stable

For more information on the rating actions on HSBC Holdings plc
and HSBC Bank plc, please refer to the following press release on
moodys.com: "Moody's takes rating actions on multiple European
banks". For rating considerations relating to banks with capital
markets operations, which directly affect the ratings of HSBC
Holdings plc but also have some relevance to the ratings of The
Hongkong & Shanghai Banking Corporation Limited, please refer to
"Moody's Reviews Ratings For Banks And Securities Firms With
Global Capital Markets Operations".

The ratings of The Hongkong & Shanghai Banking Corporation
Limited and its subsidiaries affected by this rating action are:

Issuer: Hang Seng Bank (China) Limited

   On Review for Possible Downgrade:

   -- Bank Financial Strength Rating, Placed on Review for
      Possible Downgrade, currently D

   -- FC Issuer Rating, Placed on Review for Possible Downgrade,
      currently A1

   -- FC Deposit Rating, Placed on Review for Possible Downgrade,
      currently A1, P-1

   -- LC Deposit Rating, Placed on Review for Possible Downgrade,
      currently A1, P-1

   Outlook Actions:

   -- Outlook, Changed To Rating Under Review From Stable

Issuer: Hang Seng Bank Limited

   On Review for Possible Downgrade:

   -- Bank Financial Strength Rating, Placed on Review for
      Possible Downgrade, currently B+

   -- FC Subordinate Regular Bond/Debenture, Placed on Review for
      Possible Downgrade, currently Aa2

   -- LC Senior Unsecured Deposit Program, Placed on Review for
      Possible Downgrade, currently (P)Aa1

   -- FC Senior Unsecured Deposit Rating, Placed on Review for
      Possible Downgrade, currently Aa1

   -- LC Senior Unsecured Deposit Rating, Placed on Review for
      Possible Downgrade, currently Aa1

   Outlook Actions:

   -- Outlook, Changed To Rating Under Review From Stable

Issuer: Hongkong & Shanghai Banking Corp. (Singapore)

   On Review for Possible Downgrade:

   -- FC Senior Unsecured Medium-Term Note Program, Placed on
      Review for Possible Downgrade, currently (P)Aa1

   -- FC Subordinated Medium-Term Note Program, Placed on Review
      for Possible Downgrade, currently (P)Aa2

   -- LC Senior Unsecured Regular Bond/Debenture, Placed on
      Review for Possible Downgrade, currently Aa1

   Outlook Actions:

   -- Outlook, Changed To Rating Under Review From Stable

Issuer: Hongkong & Shanghai Bank.Corp. (Sydney)

   On Review for Possible Downgrade:

   -- FC Issuer Rating, Placed on Review for Possible Downgrade,
      currently Aa1

   -- LC Issuer Rating, Placed on Review for Possible Downgrade,
      currently Aa1

   -- LC Senior Unsecured Medium-Term Note Program, Placed on
      Review for Possible Downgrade, currently (P)Aa1

   -- LC Senior Unsecured Regular Bond/Debenture, Placed on
      Review for Possible Downgrade, currently Aa1

   -- FC Senior Unsecured Deposit Rating, Placed on Review for
      Possible Downgrade, currently Aa2

   -- LC Senior Unsecured Deposit Rating, Placed on Review for
      Possible Downgrade, currently Aa2

   Outlook Actions:

   -- Outlook, Changed To Rating Under Review From Stable

Issuer: Hongkong and Shanghai Banking Corp Ltd (NZ)

   On Review for Possible Downgrade:

   -- LC Senior Unsecured Medium-Term Note Program, Placed on
      Review for Possible Downgrade, currently (P)Aa1

   -- LC Senior Unsecured Regular Bond/Debenture, Placed on
      Review for Possible Downgrade, currently Aa1

   Outlook Actions:

   -- Outlook, Changed To Rating Under Review From Stable

Issuer: Hongkong and Shanghai Banking Corp. Ltd (The)

   On Review for Possible Downgrade:

   -- Bank Financial Strength Rating, Placed on Review for
      Possible Downgrade, currently B+

   -- FC Issuer Rating, Placed on Review for Possible Downgrade,
      currently Aa1

   -- FC Junior Subordinated Regular Bond/Debenture, Placed on
      Review for Possible Downgrade, currently Aa3 (hyb)

   -- FC Senior Unsecured Medium-Term Note Program, Placed on
      Review for Possible Downgrade, currently (P)Aa1

   -- FC Subordinated Medium-Term Note Program, Placed on Review
      for Possible Downgrade, currently (P)Aa2

   -- LC Senior Unsecured Deposit Program, Placed on Review for
      Possible Downgrade, currently (P)Aa1

   -- FC Senior Unsecured Regular Bond/Debenture, Placed on
      Review for Possible Downgrade, currently Aa1

   -- FC Senior Unsecured Deposit Rating, Placed on Review for
      Possible Downgrade, currently Aa1

   -- LC Senior Unsecured Deposit Rating, Placed on Review for
      Possible Downgrade, currently Aa1

   Outlook Actions:

   -- Outlook, Changed To Rating Under Review From Stable

Issuer: HSBC Bank (China) Company Limited

   On Review for Possible Downgrade:

   -- FC Issuer Rating, Placed on Review for Possible Downgrade,
      currently A1, P-1

   -- LC Issuer Rating, Placed on Review for Possible Downgrade,
      currently A1, P-1

   -- FC Senior Unsecured Deposit Rating, Placed on Review for
      Possible Downgrade, currently A1, P-1

   -- LC Senior Unsecured Deposit Rating, Placed on Review for
      Possible Downgrade, currently A1, P-1

   Outlook Actions:

   -- Outlook, Changed To Rating Under Review From Stable

Issuer: HSBC Bank Australia Ltd

   On Review for Possible Downgrade:

   -- FC Issuer Rating, Placed on Review for Possible Downgrade,
      currently Aa3

   -- LC Issuer Rating, Placed on Review for Possible Downgrade,
      currently Aa3

   -- LC Senior Unsecured Medium-Term Note Program, Placed on
      Review for Possible Downgrade, currently (P)Aa3

   -- LC Subordinated Medium-Term Note Program, Placed on Review
      for Possible Downgrade, currently (P)A1

   -- LC Subordinate Regular Bond/Debenture, Placed on Review for
      Possible Downgrade, currently A1

   -- LC Senior Unsecured Deposit Program, Placed on Review for
      Possible Downgrade, currently (P)Aa3

   -- LC Senior Unsecured Medium-Term Note Program, Placed on
      Review for Possible Downgrade, currently (P)Aa3

   -- FC Senior Unsecured Regular Bond/Debenture, Placed on
      Review for Possible Downgrade, currently Aa3

   -- LC Senior Unsecured Regular Bond/Debenture, Placed on
      Review for Possible Downgrade, currently Aa3

   -- FC Senior Unsecured Deposit Rating, Placed on Review for
      Possible Downgrade, currently Aa3

   -- LC Senior Unsecured Deposit Rating, Placed on Review for
      Possible Downgrade, currently Aa3

   Outlook Actions:

   -- Outlook, Changed To Rating Under Review From Stable(m). The
      Bank Financial Strength Rating of C- has a stable outlook.

Issuer: HSBC Bank Malaysia Berhad

   On Review for Possible Downgrade:

   -- LC Senior Unsecured Deposit Rating, Placed on Review for
      Possible Downgrade, currently Aa3

   Outlook Actions:

   -- Outlook, Changed To Rating Under Review From Stable. The
      Bank Financial Strength Rating of C- has a stable outlook.

Issuer: HSBC Markets (Bahamas) Limited

   On Review for Possible Downgrade:

   -- FC Senior Unsecured Medium-Term Note Program, Placed on
      Review for Possible Downgrade, currently (P)Aa1

   -- FC Subordinated Medium-Term Note Program, Placed on Review
      for Possible Downgrade, currently (P)Aa2

   Outlook Actions:

   -- Outlook, Changed To Rating Under Review From 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.


ZTE CORP: Fitch Downgrades Issuer Default Rating to 'BB-'
---------------------------------------------------------
Fitch Ratings has downgraded China-based ZTE Corporation's Long-
Term Foreign- and Local-Currency Issuer Default Ratings (IDR) to
'BB-' from 'BB+' respectively.  The Outlook of the ratings is
Stable.

"The downgrade reflect a downward trend of ZTE's credit metrics,
as the company focuses on increasing handset shipments through an
aggressive marketing push," says Kevin Chang, Director in Fitch's
Asia Pacific Telecommunications, Media and Technology team.

For the first three quarters of 2011, ZTE's operating EBIT margin
fell to 1.8% from 4% a year ago and free cash flow (FCF) remained
negative, despite over 25% revenue growth.  Last-12-month total
debt/operating EBITDA rose to 7.7x as of end-September 2011 from
3.2x as of end-2010.

Fitch forecasts that ZTE's 2011-2013 financial results will be
significantly worse than the agency's prior expectations, with
operating EBITDA averaging at around USD650m and funds flow from
operation (FFO) adjusted leverage remaining above 4.0x.  FCF and
pre-dividend FCF margin are likely to remain negative as a result
of large working capital requirements supporting revenue growth.

ZTE has become one of the world's top five providers of
telecommunications equipment through significant investment in
research and development and favorable pricing due to cost
advantages over its competitors.  However, the company's push to
gain market share in Europe and North America led to a fall in
profitability in 2011.

Fitch may consider a further negative rating action if ZTE
reports operating EBITDA below USD600m, an operating EBIT margin
of less than 2%, or FFO-adjusted leverage above 6x on a sustained
basis.


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


AMPRESS PACIFIC: Liu and Lam Step Down as Liquidators
-----------------------------------------------------
Liu Tin Chak Arnold and Lam Chi Wai Peter stepped down as
liquidators of Ampress Pacific Limited on Feb. 6, 2012.


AMPRESS PACKAGING: Liu and Lam Step Down as Liquidators
-------------------------------------------------------
Liu Tin Chak Arnold and Lam Chi Wai Peter stepped down as
liquidators of Ampress Packaging Limited on Feb. 6, 2012.


ARTISTIC INTERNATIONAL: Ying and Chan Step Down as Liquidators
--------------------------------------------------------------
Ying Hing Chiu and Chan Mi Har stepped down as liquidators of
Artistic International (Hong Kong) Limited on Feb. 10, 2012.


EC (ASIA): Liu and Lam Step Down as Liquidators
-----------------------------------------------
Liu Tin Chak Arnold and Lam Chi Wai Peter stepped down as
liquidators of EC (Asia) Limited on Feb. 6, 2012.


EC MANUFACTURING: Liu and Lam Step Down as Liquidators
------------------------------------------------------
Liu Tin Chak Arnold and Lam Chi Wai Peter stepped down as
liquidators of EC Manufacturing Limited on Feb. 6, 2012.


HILLEX DEVELOPMENT: Members' Final Meeting Set for March 19
-----------------------------------------------------------
Members of Hillex Development Limited will hold their final
general meeting on March 19, 2012, at 11:00 a.m., at Unit A1,
15/F, United Centre, at 95 Queensway, in Hong Kong.

At the meeting, Wong Poh Weng and Wong Tak Man Stephen, the
company's liquidators, will give a report on the company's wind-
up proceedings and property disposal.


JMC R&D: Creditors' Proofs of Debt Due March 5
----------------------------------------------
Creditors of JMC R&D HK Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by March
5, 2012, to be included in the company's dividend distribution.

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

The company's liquidator is:

         Park Mindong
         Sillimprugio Apt 107-304
         1730 (12/6) Sillim-dong
         Gwanak-gu, Seoul Metropolitan
         Korea


MERRILL LYNCH: Kong Chi How Steps Down as Liquidator
----------------------------------------------------
Kong Chi How Johnson stepped down as liquidator of Merrill Lynch
Futures (Hong Kong) Limited on Feb. 7, 2012.


PRESTIGE CORPORATION: Liu and Lam Step Down as Liquidators
----------------------------------------------------------
Liu Tin Chak Arnold and Lam Chi Wai Peter stepped down as
liquidators of Prestige Corporation Limited on Feb. 6, 2012.


STAR GLOBAL: Commences Wind-Up Proceedings
------------------------------------------
Members of Star Global International (H.K.) Limited, on Feb. 7,
2012, passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

         Kong Chi How Johnson
         25th Floor, Wing On Centre
         111 Connaught Road
         Central, Hong Kong


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


BABA SMELTERS: ICRA Reaffirms 'BB+' Rating on INR1.71cr Loan
------------------------------------------------------------
ICRA has re-affirmed the '[ICRA]BB+' rating to the INR1.71 crore
term loan and INR13.00 crore cash credit facilities of Baba
Smelters Private Limited.  ICRA has also reaffirmed the
'[ICRA]A4+' rating to the INR1.50 crore non-fund based facilities
of BSPL.

The ratings reaffirmation takes into account the experience of
the promoters in the steel industry, location of BSPL's
manufacturing unit in proximity to raw material sources and
customer base that reduces freight costs, a low working capital
intensity of the business and the comfortable coverage indicators
of the company. ICRA notes that the contractual agreement with
SAIL for conversion of billets into structural items is likely to
have a positive impact on the turnover and profitability of the
company going forward. Further, the ratings also consider the
diversified customer base of the company, which reduces sales
concentration risk to a certain extent. The ratings, however,
continues to be constrained by BSPL's relatively small scale of
operations, a highly fragmented market leading to stiff
competition and lack of geographical diversification as sales are
primarily concentrated in the state of West Bengal. The ratings
also factor in the low value addition in the business, the
inherent vulnerability of BSPL to the cyclicality in the steel
industry that is currently passing through a difficult phase,
which is likely to adversely impact the margins and cash flows of
the company.

BSPL was incorporated in 2003 and has been engaged in the
manufacture of mild steel structural items, which include angles,
channels, joists and flats. The company started its operations in
April 2006. The company has a re-rolling mill with an installed
capacity to manufacture 62,400 MTPA of mild steel items. The
manufacturing facility of the company is located at Mangalpur
Industrial Estate, in Raniganj, West Bengal and is spread over an
area of around 3.5 acres.

Recent Results:

The company reported a profit after tax of INR1.23 crore in FY 11
on an operating income of INR154.80 crore, as compared to a
profit after tax of INR 1.31 crore on an operating income of
INR137.68 crore during FY 10. In the first six months of FY 12
ended on September 30, 2011, the company posted a profit before
tax of INR1.78 crore on an operating income of INR77.70 crore
(provisional).


BHADRA ENTERPRISES: ICRA Reaffirms '[ICRA]B+' Long Term Rating
--------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]B+' assigned
to the INR15.001 crore fund based limits (term loans) of Bhadra
Enterprises.

The reaffirmation of rating continues to reflect the firm's
exposure to execution and market risks given the initial stages
of the project. The construction of the Veer Tower project has
been delayed because of shortage of labor and material. Bhadra
Enterprises intends to sell the flats on ready possession basis.
The rating however derives comfort from the project's presence in
upscale Kandivli region of North Mumbai with good demand
potential, the long experience of promoters in the real estate
business and the comfortable capital structure with minimal
reliance on debt so far.

                        About Bhadra Enterprises

Formed in 2005, Bhadra Enterprises is a partnership firm with
presence in construction business. It is headquartered in Mumbai.
It is currently executing the Veer Tower project in Kandivli area
at a project cost of INR 52.54 crore. Veer Tower is a thirty
floor residential project comprising of 96 flats.

For six month period of FY 2012, the firm has reported NIL Profit
after Tax on an operating income of INR 4.56 crore (provisional).


BIG TILES: ICRA Assigns '[ICRA]B+' Rating to INR4.69cr Loan
-----------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to the INR 4.69 crore term
loan and INR 4.50 crore cash credit facility of Big Tiles. ICRA
has also assigned an '[ICRA]A4' rating to the INR 0.64 crore
short term non-fund based facilities of BT.

The rating is constrained by BT's relatively small scale of
operations as compared to organized pan India players, highly
competitive nature of the ceramic tile industry and relatively
lower visibility of its brand compared to other large organized
players. The ratings also take into account the vulnerability of
BT's profitability to increasing gas and power costs as well as
the cyclicality associated with the real estate industry.

However, the ratings favorably consider the extensive experience
of the promoters in ceramic industry and anti dumping duty on
cheap Chinese imports restricting further competition and
shielding sales realizations. The company also stands to benefit
from recent installation of digital printing machine which are
expected to yield higher realizations. Firm Profile Big Tiles
(BT) is a wall tiles manufacturer with its plant situated at
Morbi, Gujarat. The firm was established in 2008, while the firm
commenced its operations in August 2009. BT is managed by
Mr. Pankaj Marvaniya and other family members. The plant has an
installed capacity to produce 20000 MTPA of ceramic wall tiles.
BT currently manufactures wall tiles of size "18 X 12" and 24" X
12" with the current set of machineries at its production
facilities.


CORE EDUCATION: S&P Affirms 'B+' Rating on Senior Unsecured Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' issue rating
on the proposed issue of senior unsecured notes due 2017 by Core
Education and Consulting Solutions Inc., a wholly owned
subsidiary of Core Education & Technologies Ltd. (CORE;
B+/Stable/--). CORE and some of its subsidiaries will guarantee
the notes, which will be issued under rule 144A and Regulation S
of the Securities Act.

"We affirmed the issue rating because we believe CECS is a core
subsidiary of CORE and the companies can together meet an escrow
shortfall, if any, for the issue. Moreover, the escrow amount
will be retained by a higher rated trustee and escrow agent, BNY
Mellon N.A. (AA-/Negative/A-1+), until the parent guarantee is in
place," S&P said.

"CORE has not yet received consent from some banks for extending
the guarantee to the issue. The company has put in place an
escrow mechanism to earmark funds for banks. Under the escrow,
initial bond proceeds would be released directly to some banks
and, if the consent from banks is not received within 45 days of
the issue, the company will need to redeem the bonds in full. In
such an event, there could be a shortfall in the escrow account
of about $63 million, excluding unpaid and accrued interest," S&P
said.

"We expect CORE to implicitly support any requirement for
repayment by CECS, which we assess as core to the consolidated
entity. We expect CECS and CORE to meet any escrow shortfall on
redemption if the escrow release conditions are not met. This
could be through use of available unutilized bank facilities at
the parent level," S&P said.

"We understand from our interaction with some lenders that the
process for granting consent is in the advanced stages and may be
completed before the escrow end date, likely reducing the
shortfall amount," S&P said.

"In our view, CORE's liquidity will remain 'adequate,' as defined
in our criteria, irrespective of the notes issuance. We have not
included the bond proceeds in our liquidity assessment. However,
we have assumed roll over of all working capital facilities, some
of which will get repaid and replaced by other borrowings. We
believe the proposed issuance enforces tighter financial
covenants for future repatriation of funds from the U.S. to
India, but we expect the company to meet those covenants," S&P
said.

"After the escrow release conditions are met and the parent
guarantee is in place, the proposed notes will carry the rating
derived from the 'B+' long-term corporate credit rating on CORE.
The issue rating is subject to our review of the final issuance
documentation," S&P said.


IBD SPACE: ICRA Assigns '[ICRA]B+' Rating to INR27.5cr Loan
-----------------------------------------------------------
ICRA has assigned the long-term rating of '[ICRA]B+' to the
INR27.50 crore, fund-based limits of IBD Space Infrastructure
Private Limited.

The assigned rating takes into account the high competition due
to the presence of many completed and on-going projects in the
close vicinity and funding risk rising from dependence on
customer advances that are contingent on timing of bookings and
collections and are required to fund part of the project cost and
cost overruns. The rating is also constrained by the low
collection efficiency of 38.3% with only INR 5.99 crore of
advances received against advances due of INR 15.62 crore.

The rating, however, draws comfort from the long track record and
extensive experience (of more than 15 years) of the promoters in
real estate development; satisfactory project sold status
(INR39.26 crore as on Dec 2011) and competitive pricing of the
project. The rating also factors in the attractive location of
the apartments with easy accessibility and the fact that debt for
the project has been tied up. In ICRA's view, the key rating
sensitivities are improvement in collection efficiency of the
company and completion of the project within time.

Incorporated in June 2008, IBD Space Infrastructure Private
Limited is engaged in development and construction of apartments,
houses, flats, rooms, bungalows, markets, shopping complexes,
townships or other building or accommodations. The company is
developing its first project 'Belmont Park' (residential
apartments) in Village Kelod Hala, Near IDA Scheme No.78 Part II,
A.B. Road, Indore (Madhya Pradesh). This first phase of the
project is being developed on the land area of 219,871 sq. ft.
with saleable area of 524,256 sq. ft. for an estimated cost of
INR 60.00 crore. The project is being developed by IBD Space
Infrastructure Pvt. Ltd. on Joint Development Agreement (JDA)
basis with two JDA Partners: Space Infra and Real Estate Pvt.
Ltd. & Nipun Real mart Pvt. Ltd. These two partners will get 15%
of the sales proceeds from the project as cost of land.


INDIAN TRADING: ICRA Assigns '[ICRA]B+' Rating to INR8cr Loan
-------------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to the INR8.00 crore fund
based and INR7.00 crore proposed fund based bank facilities of
Indian Trading Bureau Private Limited . ICRA has also assigned an
'[ICRA]A4' rating to the INR5.00 crore non fund based bank
facilities of ITBPL.

The ratings take into account ITBPL's modest scale of operations,
its weak financial profile characterised by low profitability,
adverse capital structure and a high working capital intensity of
operations and exposure to currency fluctuation risks on account
of significant imports. The ratings are also impacted by the
inherent risks in the poultry industry in terms of seasonal
demand patterns and sudden disease outbreaks, and the highly
fragmented nature of the industry with low entry barriers, which
leads to intense competition among organized and unorganized
players, adversely impacting margins. The ratings, however, take
into consideration the experience of the promoters in the trading
business, ITBPL's wide range of products that reduce product
concentration risk and its status as one of the leading importer
in the Eastern part of India of essential feed additives
manufactured by major international companies. The ratings also
consider the favourable demand prospects for the domestic poultry
industry providing growth opportunity to players including ITBPL.

                       About Indian Trading

Incorporated in 1948, ITBPL was acquired by the "Chattha Group"
in 1989. ITBPL is involved in the trading of poultry feed
additives like amino acids, premix and enzymes and products like
medicines, vaccine, equipment related to poultry industry. The
company also trades in products like furniture, decorative items
and some other components.

Recent Results:

The company reported a net profit of INR0.36 crore in 2010-11 on
an operating income of INR48.77 crore, as compared to a net
profit of INR0.31 crore on an operating income of INR37.44 crore
during 2009-10. In the first six months of 2011-12 ended 30th
September 2011, the company posted a profit before tax of INR0.61
crore on an operating income of INR 36.37 crore (provisional).



KINGFISHER AIRLINES: Cuts 13% Flights; DGCA Summons Officials
-------------------------------------------------------------
Bloomberg News reports that Kingfisher Airlines Ltd., the Indian
carrier seeking new funds after losses, cut about 13% of flights
after bird strikes and other "unexpected events" forced airplanes
out of service.

As many as 32 daily flights were canceled starting Feb. 17, the
Bangalore-based company said in a Feb. 18 e-mailed statement
obtained by Bloomberg.  The carrier, controlled by billionaire
Vijay Mallya, plans to resume its full schedule of 240 flights a
day this week, it said.

Bloomberg says Kingfisher denied closing any operations
permanently in a bid to reassure customers about its long-term
viability after posting more than 10 straight quarterly losses,
having accounts frozen by tax authorities and cutting flights
last year.  The groundings following damage to engines after they
sucked in birds may also reflect a shortage of powerplants cited
by the aviation regulator last month, according to the report.

The airline said "unexpected events" were the cause of the
cancellations.  Suggestions it is cutting its schedule
permanently "are ill-founded," it said.

The airline is also confident it will be able to resolve a tax
dispute and regain access to accounts, it said.

                  DGCA Summons Kingfisher Officials

Meanwhile, The Economic Times reports that Kingfisher's CEO and
top officials were summoned Monday by the Directorate General of
Civil Aviation to explain the large-scale disruptions in the
operations of the cash-strapped carrier even as government ruled
out any bailout.

DGCA has asked senior officials of the airlines, including CEO
Sanjay Aggarwal, to appear before it Tuesday to explain the
cancellations.

The ailing carrier had till late Sunday evening failed to file a
report on the number of flights it had cancelled since Friday
night to the DGCA.

                        No Government Bail Out

The Economic Times reports that Civil Aviation Minister Ajit
Singh made it clear that government will not bailout the airline.

"No, government is not going to have any bailout," the Minister
told reporters, adding, "Government is not going to ask banks or
private industry for that matter," according to ET.

"Recently government had seized their bank accounts also. So our
first concern is that flights which are ongoing, passenger safety
should not be compromised and then let us see what reply they
give. DGCA is inquiring into it," ET quotes Mr. Singh as saying.

Mr. Singh, as cited by ET, said Kingfisher is facing several
financial problems.  "Day before yesterday, as they did not give
salary to their employees for many months, people went on strike
in Kolkata. Naturally, the flights got cancelled," he said.

DGCA's role, Mr. Singh said, was to see that there are no
questions on passenger safety, ET adds.

                     About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., serves about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.  It maintains bases in major cities such as Delhi and
Mumbai.  Kingfisher Airlines is a unit of UB Holdings, best known
for its United Breweries unit, and the carrier shares the
Kingfisher brand with a popular Indian beer.  UB Holdings also
owns a stake in another domestic carrier, Air Deccan, whose
operations it combined with Kingfisher Airlines in mid-2008.
Kingfisher Airlines began flying in 2005.

                         *     *     *

Kingfisher Airlines lost money six years in a row, accumulating
net debt of INR77.2 billion (US$1.74 billion) as of March 2010,
according to data compiled by Bloomberg.


KINGFISHER AIRLINES: December Qtr Net Loss Widens to INR444.6cr
---------------------------------------------------------------
The Times of India reports that Kingfisher Airlines Ltd's net
loss has widened to INR444.26 crore for the quarter ended
December 31, 2011, due to high fuel costs and weaker rupee.

According to the report, Kingfisher had reported a net loss of
INR253.69 crore in the October-December quarter in the last
fiscal, the company said in a regulatory filing to the BSE.

Kingfisher said income from operation also declined to
INR1,342.32 crore in the quarter ended December 31, 2011 from
INR1,583.43 crore in the same period last fiscal, the report
relates.

"Steep depreciation of the Indian rupee coupled with consistently
high crude oil prices has led to a challenging quarter for the
Indian aviation industry," Kingfisher, as cited by The Times of
India, said.

The private carrier is in a financial mess and struggling to
service its loans, which have run up to over INR6,000 crore,
according to the report.

                Auditors Raise Going Concern Doubt

Separately, The Economic Times reports that auditors of
Kingfisher Airlines have once again raised concern over its
ability to stay afloat and said it would need to inject more
money to remain a "going concern".

". . . the financial statements being prepared on a going concern
basis, notwithstanding the fact that the company's networth is
eroded. The appropriateness of the said basis is inter-alia
dependent on the company's ability to infuse the requisite funds
for meeting its obligations," BK Ramadhayani & Co. said in the
its report, according to ET.

Their noting came in the wake of Kingfisher promoter Vijay Mallya
claiming that the latest financial statement had been based on
the premise that "the company is a going concern," The Economic
Times notes.

                     About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., serves about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.  It maintains bases in major cities such as Delhi and
Mumbai.  Kingfisher Airlines is a unit of UB Holdings, best known
for its United Breweries unit, and the carrier shares the
Kingfisher brand with a popular Indian beer.  UB Holdings also
owns a stake in another domestic carrier, Air Deccan, whose
operations it combined with Kingfisher Airlines in mid-2008.
Kingfisher Airlines began flying in 2005.

                         *     *     *

Kingfisher Airlines lost money six years in a row, accumulating
net debt of INR77.2 billion (US$1.74 billion) as of March 2010,
according to data compiled by Bloomberg.


KSK MAHANADI: ICRA Places '[ICRA]BB+' on IN9,024cr Loan Rating
--------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB+' for
INR9,024.00 crore term loans of KSK Mahanadi Power Company
Limited. The assigned long-term rating carries a Stable outlook.

ICRA's rating draws strength from the progress made in project
execution, achievement of financial closure with respect to debt,
substantial infusion of equity funds and receipt of most permits
required. The fixed-price and time nature of the EPC contract
partly insulates the project from the risk of cost overruns,
although it would still remain vulnerable to risks arising out of
forex movements, interest rate changes and permitting delays. The
project also enjoys access to a captive coal block and proximity
to domestic coal mines which are likely to result in a
competitive cost of generation especially once the captive block
is operational.

However, these strengths are offset by the project implementation
risks which are typical of large sized green field projects (as
reflected in current 7 month delay), and lack of experience of
the promoter group in executing projects of this scale. Pending
equity infusion from the parent company also exposes the project
to funding risks. The project is also subject to significant fuel
risks given that it is unclear whether the tapering linkage
received in lieu of Morga (Chhattisgarh) block (50% of proposed
fuel mix) is convertible into long-term linkage while the other
captive block (Gare- Pelma, Chhattisgarh) is at an early stage of
development having yet to achieve full environmental clearance
and land acquisition. Off-take and profitability risks also arise
from the fact that final PPA's are yet to be signed for 2600 MW
of power (although MOU's exist for 1800 MW of the same). Further,
project has obligation to sell significant portion of power
generated (over 1100 MW) at very fine rates which may constrain
profitability, although the validity of the obligation to sell
1010 MW to GUVNL at fine rates remains to be seen given the
cancellation of Morga block and non-allocation of alternate coal
block. Risks also arise from the fact that Chinese equipment of
this configuration is yet to be fully tested in Indian
conditions.

Going forward, KMPCL's ability to infuse balance equity and
complete project (and related ancillaries) without further cost
and time overruns, achieving fuel security for the project, and
finalizing the terms of power sales with its key customers would
be the key rating sensitivity factors.

KSK Mahanadi Power Company Limited, promoted by KSK Energy
Ventures Limited, is currently developing a 3600 MW (6 x 600 MW)
domestic coal based power project at Chhattisgarh with a total
cost of INR 16191 crore to be funded by debt of INR 12953 crore
and equity of INR 3238 crore. The project is currently in the
process of implementation (expected CoD of December 2014), having
achieved financial closure; and has witnessed physical progress
in the plant works as well as ancillary infrastructure.


MANJEERA CONSTRUCTIONS: ICRA Rates INR28cr Loan at '[ICRA]B'
------------------------------------------------------------
ICRA has assigned '[ICRA]B' rating to INR28.00 crore fund based
facilities of Manjeera Constructions Limited.

The assigned rating is constrained by significant funding
commitments towards projects under a subsidiary, Manjeera Retail
Holdings Private Limited. With around 60% of the space in this
project yet to be sold, MCL may be required to fund any shortfall
in the project; stretched financial profile at consolidated level
characterized by a gearing of 2.12 times as on Mar 31, 2011;
moderate coverage indicators with TD/OPBITDA of 9.99 and NCA/TD
of 6% in FY11 and high geographical concentration risk since all
projects are based out of Hyderabad which is witnessing a slump
in real estate demand due to uncertainty over the Telangana
issue.

The rating however draws comfort from over two decades of MCL's
established track record in Hyderabad real estate market with
demonstrated execution capabilities through completion of 23
projects comprising 2.46 million sft of development; moderate
market risk for Trinity Homes project of MCL owing to more than
100 bookings out of 202 in the last year and low funding risk for
other ongoing residential projects of MCL due to tying up of cost
through customer advances.

                     About Manjeera Constructions

MCL was incorporated in the year 1987 under the name of Manjeera
Constructions Private Limited by Mr. G. Yoganand. MCL since
inception has completed 23 projects in housing and commercial
segments with a total constructed area of 2.46 million sq ft in
Hyderabad. 15 out of the 23 projects amounting to 1.22 million
sft (49.6% of total development) were in residential segment and
7 out of 23 amounting to 1.19 million sft (48.4% of total
development) in commercial segment and 0.048 million sft (2% of
total development) in hospitality segment. The company was later
converted into a public listed company, with the shares being
listed on BSE as well as NSE.

For the year ended March 31, 2011, MCL (Standalone) reported a
net profit of INR 10.31 crore on revenues of INR 83.03 crore.
Revenues and net profit for the six months ended Sept. 30, 2011
were at INR 48.01 crore and INR 4.71 crore respectively.


NAGAMMAL MILLS: ICRA Assigns '[ICRA]B+' Rating to INR5.5cr Loan
---------------------------------------------------------------
ICRA has assigned long-term rating of '[ICRA]B+' to the INR5.50
crore term loan facilities and the INR3.00 crore fund based
facilities of Nagammal Mills Private Limited.

The ratings consider the experience of promoters in the business
and the Company's production of finer counts, which is expected
to entail relatively healthy operating margins. The ratings also
consider the sluggish demand conditions for yarn since the
beginning of current fiscal which is likely to have an
adverse impact on the revenue growth and accruals in the near-to-
medium term, NMPL's small scale of operations which restricts
scale economics / financial flexibility and the intense
competition in a fragmented industry structure amidst low product
differentiation which restricts pricing flexibility.
NMPL's financial profile is characterized by stretched capital
structure.

NMPL, incorporated in 1957 and promoted by Mr. Kumaraswamy, is
primarily engaged in production of cotton yarn with focus on
production of finer counts of yarn. It has an installed capacity
of 24,168 spindles at its plant in Nagercoil, Tamil Nadu. The
company supplies single and doubled yarn in cone and hank form
and is also involved in production of gassed and merchandised
yarn. The Company has installed a wind mill near Nagercoil with a
capacity of 2.5 MW per annum.

Recent Results:

According to unaudited results, NMPL reported loss (before tax
adjustments) of INR0.3 crore on operating income of INR9.7 crore
during the half-year ended September 30, 2011. The Company
reported net profit of INR 0.7 crore on operating income of
INR21.7 crore during 2010-11 against net profit of INR0.8 crore
on operating income of INR17.6 crore during 2009-10.


NESTOR PHARMA: ICRA Assigns '[ICRA]B+' Rating to IRN75cr Loan
-------------------------------------------------------------
ICRA has assigned '[ICRA]B+/[ICRA]A4' ratings for the INR75 crore
bank facilities of Nestor Pharmaceuticals Limited.

The rating takes into account the integrated operations of NPL
with presence in both API and formulations business', healthy
growth in revenues with entry into new markets and new product
introductions and experience of the promoters in the business.
The ratings also take into account the diversified geographic
presence of the company spanning domestic and exports to semi
regulated and regulated market (through its UK subsidiary-Nestor
UK doing contract manufacturing). The ratings also draw comfort
from the established market position of the company in African
and some Asian markets.

The ratings of NPL, however, are constrained by the company's
weak financial risk profile characterized by moderate profits on
standalone basis, weak performance of UK subsidiary, high debt
levels (both in India as well as UK) and weak debt coverage
indicators. The ratings also reflect NPL's high working capital
intensity on account of longer cash conversion cycle from African
markets resulting in a tight liquidity position. Going forward,
any debt funded investments in expansions, new facilities or
subsidiaries may adversely impact capital structure of NPL.

                     About Nestor Pharmaceutical

Incorporated in 1975 by the Sehgal family, Nestor Pharmaceutical
Limited (NPL) essentially focuses on manufacturing and marketing
of wide range of branded and generic formulations in domestic as
well as export markets and manufacturing of Active Pharma
Ingredients.  Nestor has two umbrella brands under which products
are marketed globally-'NESTOR' which is an established brand and
'STERIHEAL'- 'hygiene for health' brand. The company has five
manufacturing units with three in India and one each in UK and
Nigeria. In India, it has manufacturing facilities in Hyderabad,
Faridabad and Goa. It has two subsidiaries, Nestor UK and
Nostrum, Nigeria, which are also involved in the
manufacturing and marketing of formulations.

Recent Results

NPL's standalone operating income was INR 79.5 crore while its
consolidated income was around 108.5 crore in H1 2011-
12(provisional). The company's operating profit before
depreciation, interest and tax stood at INR7.5 crore in H1 2011-
12(provisional). NPL reported a profit after tax (PAT) of
INR2.0 crore on a standalone basis in H1 2011-12(provisional).


NEVATIA STEEL: ICRA Assigns '[ICRA]B+' Rating to INR0.5cr Loan
--------------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to the INR0.50 crore fund
based bank facilities of Nevatia Steel & Alloys Private Limited.
ICRA has also assigned an '[ICRA]A4' rating to the INR14.79 crore
(including INR1.54 crore of untied amount) fund based bank
facilities and INR 8.71 crore non-fund based facilities of NSAPL.

The assigned ratings take into account the weak financial profile
marked by low margins, highly leveraged capital structure and
weak debt protection indicators. The company is also dependent on
export incentives for its profitability and could also be
vulnerable to the weak macro economic situation in Europe, which
is its key export destination. The ratings favorably factor in
the promoters' experience in the manufacturing of stainless steel
wires and bright bars and the company's established relationship
with its customers.

                          About Nevatia Steel

NSAPL, an ISO 9001:2008 accredited company, was incorporated in
the year 1988 by Mr. Sharad Kumar R. Nevatia. The company is
engaged in the manufacturing of stainless steel wires, bright
bars and welding wires from SS rods. NSAPL has its registered
office at Worli, Mumbai and two manufacturing units at Tarapura
(Dist. Thane) with a total installed capacity of 6,600 MT per
annum.


SATYAM SMELTERS: ICRA Reaffirms '[ICRA]BB+' INR12cr Loan Rating
---------------------------------------------------------------
ICRA has re-affirmed the '[ICRA]BB+' rating to the INR12.00 crore
term loan and INR3.00 crore cash credit facilities of Satyam
Smelters Private Limited.  ICRA has also reaffirmed the
'[ICRA]A4+' rating to the INR3.00 crore non fund based facilities
of SSPL.

The ratings reaffirmation takes into account the experience of
the promoters in the steel industry and the proximity to raw
material sources that reduces the company's freight costs. ICRA
notes that regular capital infusions by the promoters have
resulted in a comfortable capital structure of the company. The
ratings, however, continues to be constrained by SSPL's small
scale of operations, its highly concentrated customer base and a
lack of geographical diversification as the company's sales are
primarily concentrated in the state of West Bengal. The ratings
also factor in the inherent vulnerability of SSPL to the
cyclicality in the steel industry that is currently passing
through a difficult phase, which is likely to adversely impact
the margins and cash flows of the company. ICRA notes that the
commercial production of SSPL's billet manufacturing unit has
been delayed since the past one year on account of unavailability
of power supply; however the commercial production of the unit is
expected to start in the near term as the approval for power
supply from Damodar Valley Corporation has been received
recently.

                       About Satyam Smelters

SSPL was incorporated in 2004 and has been engaged in the
manufacture of sponge iron. The company has two kilns with an
installed capacity of 60,000 MTPA for manufacturing of sponge
iron. The manufacturing facility of the company is located at the
Jamuria Industrial Estate at Burdwan, West Bengal.

Recent Results:

The company reported a profit after tax of INR1.96 crore in FY 11
on an operating income of INR74.43 crore, as compared to a profit
after tax of INR1.00 crore on an operating income of INR33.13
crore during FY 10. In the first six months of FY 12 ended on
Sept. 30, 2011, the company posted a profit before tax of INR1.89
crore on an operating income of INR39.04 crore (provisional).


SRINIVASA COTTON: ICRA Reaffirms 'BB+' Rating on INR19.2cr Limits
-----------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB+' rating to the INR19.2 crore
bank limits of Srinivasa Cotton and Oil Mills Limited.  The
outlook on the long term rating is stable.

The rating reaffirmation is driven by the strengths arising out
of integrated operations of the company, long track record of
operations and its established distribution network. The company
reported higher margins and profitability in FY11 on back of
lower inventory costs in a rising cotton price environment as a
result of which the credit metrics improved significantly. The
rating however is constrained by the intense competition in the
sector from organized and unorganized players, threat from
cheaper substitutes like palm oil and regulatory risks. The
rating is also constrained by vulnerability of the company to
fluctuations in raw material prices and availability and its
dependence on externalities such as monsoon for profitable
operations.

Situated at Varagani, SCOM is engaged in cotton seed processing
to produce cotton seed oil. It also markets various by-products
that are generated in the process including De-Oiled Cake, Hulls
and Linters. The company procures cotton and cottonseed from
local distributors and ginners directly. It sells the cotton lint
for cotton spinning to its group company Vishwateja Spinning
Mills and to other spinning units in the vicinity. Currently the
company has a capacity of 120 Tonnes per Day (TPD) for cotton
ginning, 350 TPD for seed processing, 180 TPD for solvent
extraction and 50 TPD for oil refining. The company is closely
held by Mr. D. Seshagiri Rao and his family members having 100%
of the shareholding


THANGA PRATAPH: ICRA Revises Rating on INR7.25cr Loan to 'D'
------------------------------------------------------------
ICRA has revised the long term rating outstanding on the INR7.25
crore term loan facilities, INR4.00 crore fund based facilities,
and the INR0.67 crore non-fund based facilities of Thanga Prataph
Spinning Mills from '[ICRA]B+' to '[ICRA]D'.  ICRA has also
revised the short term rating outstanding on the INR1.00 crore
non-fund based facilities of TPSMPL from '[ICRA]A4' to '[ICRA]D'.

The revision in ratings reflects delays in debt servicing by the
Company owing to stretched liquidity conditions. Fall in yarn
demand, moderation in yarn realization coupled with volatile
cotton prices had resulted in thin accruals from operations. With
high debt repayment obligations, the strained liquidity
conditions have led to delays in debt servicing. The ratings also
consider the company's small scale of operations restricting
economies of scale and financial flexibility, the intense
competition in the highly fragmented industry restricting pricing
flexibility and vulnerability of the textile industry to
competition from low-cost countries. The ratings take note of the
experience of the promoters in the textile business of over
twenty five years.

                        About Thanga Prataph

Thanga Prataph Spinning Mills Private Ltd was incorporated in
1993 and started its commercial production in 1995 with 3,000
spindles which was expanded to 14,928 spindles in 2008. The
company manufactures cotton yarns in the counts ranging from 10s
to 62s. During 2009-10, the company shifted its focus towards
lower counts. The company sells its products mainly through
brokers to the markets of Ichalkaranji, Biwandi, New Delhi and
Coimbatore. TSPMPL has a manufacturing facility at Rajapalayam.

Recent Results:

TPSMPL reported a net profit of INR 0.1 crore on an operating
income of INR12.1 crore for 2010-11.


VKS PROJECTS: ICRA Assigns '[ICRA]BB' Rating to INR18cr Loan
------------------------------------------------------------
ICRA has assigned long term rating of '[ICRA]BB' to the INR18.00
crore Fund based (Cash Credit) and INR1.00 crore Proposed bank
facilities of VKS Projects Limited.  The outlook on the long-term
rating is Stable.

The rating factors in the promoter's long experience and proven
track record in the EPC industry, healthy order book giving
visibility to sales in the near term as well as moderate capital
structure. The rating, however, is constrained by the high
working capital intensity of operation arising out of high
receivables position and consequent stretched liquidity position
as indicated by negative fund flows from operations as well as
consistently high fund based limit utilization levels. The
ratings are further constrained by the modest scale of
operations, high competitive intensity in the industry and
vulnerability to client concentration risk. The company plans to
issue an Initial Public Offering (IPO) in the near term, the
proceeds of which are to be used for setting up training and
design centres, enhancement of asset base as well for meeting the
working capital requirement, which would help it to scale up its
operations. However, given the susceptibility of the IPO proposal
to market conditions, ICRA would evaluate the impact on the
credit profile once the company is able to go through with the
IPO.

Incorporated in 1998, VKS Project Limited is a closely held
public limited company engaged in industrial infrastructure and
general contracting on an Engineering Procurement & Construction
(EPC) basis. The company is based out of Navi Mumbai,
Maharashtra. VKS was incorporated in 1998 as Chaitanya
Contractors & Engineers Private Limited and was renamed VKS
Projects Private Limited in 2007. VKS was converted into a
Limited Company in November 2010 and renamed VKS Projects
Limited.

For the financial year ending March 2011, VKS reported an
operating income of INR 59.68 crore and a net profit of INR 3.16
crore as compared to revenues of INR 30.23 crore and net profit
of INR 2.00 crore in the previous year.


WELSET POLYPACK: ICRA Assigns '[ICRA]B' Rating to INR9.5cr Loan
---------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B' for INR9.55
crore fund based limits of Welset Polypack Private Limited.

The ratings are constrained by WPPL's modest scale of operations
as a result of low capacity utilisation levels in its business of
manufacturing Cast Poly-Propylene (CPP) films, resulting in
modest economies of scale which coupled with the vulnerability in
raw material prices over which it has little control has resulted
in low profitability indicators. Low profitability coupled with
high gearing arising out of debt funding of its operations has
resulted in stretched financial profile as reflected in a
relatively high gearing of 2.30 times as on 31 March 2011 and
stretched coverage and liquidity indicators. The rating also
negatively factors the delay in servicing term loan obligations
for the month of September 2011. The rating on the other hand
take into account the experience of the promoters in the polymer
industry, the steady growth in operating income albeit on a small
base, and favorable demand outlook for the industry.

Incorporated in 2007, Welset Polypack Private Limited is a
manufacturer of CPP films used in packaging of food products.
WPPL operates through a manufacturing unit situated at Medchel
Road, Hyderabad. The unit commenced operations during the year
2008 and the company manufactures three grades of CPP films --
Transparent, White Opaque and Metallized.

The company is managed by Mr. Manoj Dugar and two other
directors. The management has more than 15 years experience in
the polymer industry and are involved in many other ventures
apart from WPPL. The other ventures involve manufacture of
Polypropylene (PP) sheets and rods/ Poly-Ethylene (PE) sheets and
rods, trading activities, infrastructure etc. WPPL purchases raw
materials from a group company, Dugar Polymers Limited [rated
ICRA B+] which acts as a consignment and Del Credere agent for
Indian Oil Corporation.

Recent Results:

The company reported a profit before tax of INR0.37 crore during
the FY 2011 and an operating income of INR13.95 crore as against
a profit before tax and operating income of INR0.24 crore and
INR8.52 crore respectively during FY 2010.


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


CITIBANK JAPAN: Moody's Says Review Affects C- BFSR
---------------------------------------------------
Moody's Japan K.K. has placed under review for possible downgrade
the ratings of Citibank Japan Ltd.

Those affected are its C- bank financial strength rating (BFSR),
which translates into a Baa1 baseline credit assessment, and its
A2/Prime-1 long-term and short-term deposit ratings.

At the same time, Moody's has placed under review for possible
downgrade the Baa1 issuer rating of Citigroup Japan Holdings
Corp.; and the Baa1 senior unsecured and long-term issuer
ratings, and Baa2 (hyb) subordinated debt ratings, and Prime-2
short-term rating of Citigroup Global Markets Japan Inc.

Ratings Rationale

The review for possible downgrade of the ratings of CJL, CJH and
CGMJ follows the rating actions on their parents, Citigroup Inc.
and Citibank N.A. on Feb. 15, 2012.

For further details on these actions, refer to Moody's press
release, "Moody's Reviews Ratings for Banks and Securities Firms
with Global Capital Markets Operations" February 15 , 2012.

CJL's BFSR reflects its strong link to the BFSR of Citibank N.A.,
given the integration of its businesses and operational platform
with Citibank N.A.

As a result, Moody's incorporates a very high probability of
parent support for CJL from Citibank N.A.

Furthermore, the ratings of CJH and CGMJ reflect Moody's
assessment of a very high probability of support from Citigroup,
in case of need, given their strategic importance to Citigroup as
consolidated subsidiaries and their role as key vehicles for its
securities business in Japan.

Please see ratings tab on the issuer/entity page on the Moody's
website for the last rating action and the rating history.

The principal methodologies used in CJL's ratings were Moody's
Bank Financial Strength Ratings: Global Methodology and
Incorporation of Joint-Default Analysis into Moody's Bank
Ratings: A Refined Methodology published on September 30, 2010,
and available on www.moodys.co.jp.

The principal methodologies used in rating CJH and CGMJ were
Global Securities Industry Methodology published on September 30,
2010, and available on www.moodys.co.jp.

Citibank Japan Ltd., headquartered in Tokyo, is a wholly owned
subsidiary of Citibank N.A.

Citigroup Japan Holdings Corp., headquartered in Tokyo, is a
wholly owned subsidiary of Citigroup Inc.

Citigroup Global Markets Japan Inc., headquartered in Tokyo, is a
wholly owned subsidiary of Citigroup Japan Holdings Corp.


CSC SERIES 1: S&P Lowers Ratings on 3 Classes of Bonds to 'D'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D (sf)' from 'CC
(sf)' its ratings on the class E-2, E-3, and F-3 bonds issued
under the CSC, Series 1 GK transaction.

"We lowered our ratings on classes E-2 to F-3 because we have
confirmed that the principal on these three classes was written
down on the principal and interest payment date in February
2012," S&P said.

"On Jan. 12, 2012, we lowered to 'CC (sf)' from 'CCC- (sf)' our
ratings on classes E2 to F3. The downgrades reflected our view of
the likelihood of these three classes incurring losses because,
although the sale of the property backing one of the
transaction's two remaining loans had been completed, the
outstanding principal balance of the loan exceeded the amount of
proceeds collected through the sale of the property in question.
The loan, which defaulted in November 2009, originally
represented about 8% of the total initial issuance amount of the
bonds," S&P said.

CSC, Series 1 GK is a multiborrower commercial mortgage-backed
securities (CMBS) transaction. The bonds were initially secured
by 11 nonrecourse loans (effectively six loans because some of
the loans are in cross-collateral and cross-default) extended to
six obligors. The loans were originally backed by 72 real estate
trust certificates and real estate properties. The transaction
was arranged by Credit Suisse Securities, and ORIX Asset
Management & Loan Services Corp. acts as the servicer for the
transaction.

            Standard & Poor's 17g-7 Disclosure Report

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

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

       http://standardandpoorsdisclosure-17g7.com

Ratings Lowered
CSC, Series 1 GK
JPY36.2 billion yen-denominated bonds due November 2012
Class     To         From        Initial issue amount
E-2       D (sf)     CC (sf)     JPY0.9 bil.
E-3       D (sf)     CC (sf)     JPY0.6 bil.
F-3       D (sf)     CC (sf)     JPY1.9 bil.


JLOC 38: S&P Cuts then Withdraws 'D' Rating on Class D Notes
------------------------------------------------------------
Standard & Poor's Ratings Services raised to 'AAA (sf)' from 'A
(sf)' its rating on the class B notes issued under the JLOC 38
LLC. transaction, and affirmed its 'BBB- (sf)' rating on class C.
"The class A notes have already been fully redeemed. We lowered
to 'D (sf)' our rating on class D on Jan. 15, 2010, and withdrew
our rating on the interest-only (IO) class X on Jan. 24, 2012, in
accordance with our updated criteria for rating IO securities,"
S&P said.

"With respect to 26 of the 34 loans that initially backed the
notes, the loans were repaid by their respective maturity dates
or the sales of the collateral properties were completed after
the loans defaulted. The 26 loans originally represented about
85% of the total initial issuance amount of the notes. The
proceeds were used to redeem the principal on the notes in
sequential order
and, as a result, the class A notes were fully redeemed on the
payment date in January 2012," S&P said.

"We have revised downward our assessment of the value of the
property backing one of the transaction's eight remaining loans
after considering the performance of the property, as well as the
status of its sale. The loan, which defaulted in September 2011,
originally represented about 2% of the total initial issuance
amount of the notes. We currently assume the value of the
property backing the defaulted loan to be about 51% of our
initial underwriting value, compared with about 55% of our
initial underwriting value when we last assessed the property's
value in July 2011. Meanwhile, we currently assume the combined
value of the properties backing all eight remaining loans to be
about 62% of our initial underwriting value," S&P said.

"We raised our rating on class B because, although we lowered our
assumption for the value of the property backing the loan that
defaulted in September 2011, the loan-to-value (LTV) ratio of the
class B notes--based on our revised total underwriting value for
the properties backing the eight remaining loans--has improved
markedly due to either repayment of the underlying loans or
progress in their recovery," S&P said.

"Meanwhile, we affirmed our rating on class C after considering
our revised assumption for the likely collection amount from the
properties backing the transaction's eight remaining loans. We
intend to continue monitoring primarily the status of the
repayment of these eight loans," S&P said.

JLOC 38 LLC. is a multiborrower commercial mortgage-backed
securities (CMBS) transaction. The notes were originally secured
by loans extended to 34 obligors. The loans were initially backed
by 105 real estate properties and real estate trust certificates.
The transaction was arranged by Morgan Stanley Japan Securities
Co. Ltd., and ORIX Asset Management & Loan Services Corp. acts as
the servicer for this transaction.

"The ratings reflect our opinion on the likelihood of the full
payment of interest and ultimate repayment of principal by the
transaction's legal final maturity in April 2016 for the class B
and C notes," S&P said.

            Standard & Poor's 17g-7 Disclosure Report

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

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

       http://standardandpoorsdisclosure-17g7.com

Rating Raised
JLOC 38 LLC.
JPY82.91 billion secured notes issued on Sept. 21, 2007,
due April 2016
Class     To           From       Initial issue amount
B         AAA (sf)     A (sf)     JPY5.52 bil.

Rating Affirmed
JLOC 38 LLC.
Class       Rating          Initial issue amount
C           BBB- (sf)       JPY5.20 bil.


OLYMPUS CORP: May Face Corporate Indictment Over Coverup Scandal
----------------------------------------------------------------
Kyodo News reports that investigative sources said Sunday
prosecutors are considering a corporate indictment against
Olympus Corp. over the falsification of the company's financial
reports to conceal massive investment losses.

The news agency relates that the special investigative unit of
the Tokyo District Public Prosecutors Office and the Securities
and Exchange Surveillance Commission have apparently determined
it is possible to seek fines from the camera and medical
equipment maker, following the Tokyo Stock Exchange's decision
last month to keep the company listed.

The prosecutors and regulators were concerned at first that
building a criminal case against Olympus would contribute to its
delisting, says Kyodo.

According to the report, sources said Olympus is likely to be
indicted as a corporation when prosecutors charge its former
Chairman and President Tsuyoshi Kikukawa, 70, and six other
people arrested last week on suspicion of violating a law
regulating financial product trading.  If found guilty, Kyodo
relates, the company would face up to JPY700 million in
penalties.

Meanwhile, Japan Today reports that the president of Olympus
Corp. has promised changes at the company as it seeks to start
afresh after a year in which it was hit by an accounting scandal
that tarnished the image of corporate Japan.

Japan Today relates that Shuichi Takayama said a new board that
would be appointed at a shareholders' meeting in April would
enhance the firm's position.

                    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.


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


CRAFAR FARMS: Closed to Rival Bids Until Chinese Offer Expires
--------------------------------------------------------------
Adam Bennett at nzherald.co.nz reports that receivers for the
Crafar dairy farms are refusing to consider rival bids, including
one from former owner Allan Crafar, until the Overseas Investment
Office and Government reconsider Shanghai Pengxin's offer.

The OIO and ministers Maurice Williamson and Jonathan Coleman
were told to reconsider their approval for the Chinese company's
offer by High Court Judge Forrie Miller, nzherald.co.nz says.

According to the report, Crafar farms receiver Brendan Gibson, of
KordaMentha, has given Shanghai Pengxin until Wednesday this week
to come back with an offer that has OIO and Government sign-off.

Former owner Mr. Crafar on Feb. 16 said he wanted to buy the
farms back, the report notes.

"We've got sufficient money available and arranged to pay the
amount that the Chinese are paying," the report quotes Mr. Crafar
as saying.

According to nzherald.co.nz, Mr. Crafar said he had spoken with
the receivers and been told they would not cancel Shanghai
Pengxin's deal, "even though the Chinese have missed several
deadlines, which wouldn't happen if I was trying to do a deal.
They won't let us match their funds. They want NZ$70 million
more. . .  They want all the penalty interest and stuff that the
receiver hasn't paid when he's been running the farms."

Mr. Crafar said he had initiated legal action against the
receivers and banks with mortgages over the farms, nzherald.co.nz
relays.

nzherald.co.nz relates that Mr. Gibson said Mr. Crafar had not
been in touch Thursday, but there were "a lot of people who are
expressing interest in buying the properties".

However, he would not consider any other offer until that from
Shanghai Pengxin expired or was otherwise prevented from
proceeding, nzherald.co.nz 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.

The TCR-AP, citing The National Business Review, reported on
Feb. 20, that the government was ordered by the high court to
reconsider its decision to allow the sale of the Crafar farms to
a subsidiary of Shanghai Pengxin.

Ministers approved the sale of the 16 Crafar farms to Shanghai
Pengxin late last month, conditional on a deal being struck with
Landcorp to run the farms, according to NBR.


HIBERNIAN CREDIT: Depositors May Lose Two-Thirds of Investment
--------------------------------------------------------------
Hamish Rutherford at Fairfax NZ News reports that depositors in
the fraud-hit Hibernian Credit Union face losing around two-
thirds of their investment unless liquidators pursue damages
claims, possibly through the courts.

In late January, at the request of the Registrar of Friendly
Societies, John Fisk and Jeremy Morley of PricewaterhouseCoopers
were appointed liquidators, Fairfax NZ discloses.

Hibernian was defrauded by its former accounts manager, Susan
Hagai, who in October was jailed for four years and two months
after pleading guilty to the long-running theft.  Ms. Hagai
admitted she may have stolen up to NZ$1.5 million over seven
years.

According to the news agency, the liquidators are preparing the
first creditors' report for the 524 members who had deposited
cash in the organisation, which operated in a similar way to a
retail bank.

The related, but separate, Hibernian Catholic Benefit Society,
which was also defrauded by Hagai, continues to operate, the
report notes.

Fairfax NZ relates that Mr. Fisk said the members collectively
had deposited about NZ$1.7 million, although the credit union was
now only holding about NZ$600,000 in cash and securities, leaving
a substantial shortfall.

PWC is collecting information from parties involved in the case
to see if there are any avenues to pursue in an effort to recover
more money, according to Fairfax NZ.

Mr. Fisk, as cited by Fairfax NZ, said that while it was too
early to say whether the liquidators would be making claims
against any parties, in the absence of taking action to recover
funds, depositors faced losing most of their investments.

"Any additional money to what we've got now will only come if
there is action taken, so it really does come down to what the
outcome of the investigations are and any claims that are
available to us."

It was too early to say whether the liquidators would be making
claims, Mr. Fisk said, although he confirmed that information had
been requested from Grant Thornton, Hibernian's long-time
auditors, Fairfax NZ adds.

Founded in 1869, The Hibernian Catholic Benefit Society was a
friendly society which offers financial services to about 2,800
members, of which about 20% to 30% are also with the credit
union.


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


ESM PTE: Members' Final Meeting Set for March 16
------------------------------------------------
Members of ESM Pte Ltd will hold their final meeting on March 16,
2012, at 5:30 p.m., at 1 Scotts Road, #21-08 Shaw Centre,
Singapore 228208.

At the meeting, Chia Lay Beng, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


GOLDEN TRISTAR: Court to Hear Wind-Up Petition on Feb. 24
---------------------------------------------------------
A petition to wind up the operations of Golden Tristar Wood
Trading Pte Ltd will be heard before the High Court of Singapore
on Feb. 24, 2012, at 10:00 a.m.

Thoresen Shipping Germany Gmbh filed the petition against the
company on Feb. 2, 2012.

The Petitioner's solicitors are:

          Asia Practice LLP
          6 Battery Road, #28-01
          Singapore 049909


SIN LEONG: Court to Hear Wind-Up Petition on March 2
----------------------------------------------------
A petition to wind up the operations of Sin Leong Sieng Hardware
& Machinery Pte Ltd will be heard before the High Court of
Singapore on March 2, 2012, at 10:00 a.m.

Malayan Banking Berhad filed the petition against the company on
Feb. 8, 2012.

The Petitioner's solicitors are:

          Khattarwong LLP
          No. 80 Raffles Place
          #25-01 UOB Plaza 1
          Singapore 048624


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

Thung Yai Rubber Co Ltd filed the petition against the company on
Feb. 2, 2012.

The Petitioner's solicitors are:

          Attorneys Inc. LLC
          24 Raffles Place
          #25-06A Clifford Centre
          Singapore 048621


YUSHIN PRECISION: Creditors' Proofs of Debt Due March 15
--------------------------------------------------------
Creditors of Yushin Precision Equipment (Singapore) Pte Ltd,
which is in voluntary liquidation, are required to file their
proofs of debt by March 15, 2012, to be included in the company's
dividend distribution.

The company's liquidator is:

          Lau Chin Huat
          C/o 6 Shenton Way #32-00
          DBS Building Tower Two
          Singapore 068809


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


* S&P: Global Corporate Defaults Total 16 So Far In 2012
--------------------------------------------------------
Two corporate issuers defaulted during the week, raising the 2012
global tally to 16, said an article published Feb. 16 by Standard
& Poor's Global Fixed Income Research, titled "Global Corporate
Default Update (Feb. 9 - 15, 2012)."

The first default occurred after Indonesian shipping company, PT
Berlian Laju Tanker Tbk., failed to make lease payments to at
least one company and announced that it would cease payments on
all of its debt and lease obligations.  The second default
occurred after U.S.-based retailer, DirectBuy Holdings Inc.,
failed to make an interest payment on its $335 million senior
secured notes.

So far this year, missed payments accounted for six defaults,
bankruptcy filings accounted for three, distressed exchanges were
responsible for two, and three defaulters were confidential. Of
the remaining defaults, one was due to a notice of acceleration
by the issuer's lender and the other was due to the company's
placement under regulatory supervision.


* BOND PRICING: For the Week Feb. 13 to Feb. 17, 2012
-----------------------------------------------------


  AUSTRALIA
  ---------

ADVANCE ENERGY           9.50    01/04/2015   AUD       1.07
AMITY OIL LTD           10.00    10/31/2013   AUD       2.05
CHINA CENTURY           12.00    09/30/2014   AUD       0.70
DIVERSA LTD             11.00    09/30/2014   AUD       0.14
EXPORT FIN & INS         0.50    12/16/2019   NZD      71.44
EXPORT FIN & INS         0.50    06/15/2020   AUD      69.50
EXPORT FIN & INS         0.50    06/15/2020   NZD      69.65
GRIFFIN COAL MIN         9.50    12/01/2016   USD      63.00
IMF AUSTRALIA           10.25    12/31/2014   AUD       1.72
KIMBERLY METALS         10.00    08/05/2016   AUD       0.36
MIDWEST VANADIUM        11.50    02/15/2018   USD      68.50
MIDWEST VANADIUM        11.50    02/15/2018   USD      68.50
NEW S WALES TREA         0.50    09/14/2022   AUD      62.88
NEW S WALES TREA         0.50    10/07/2022   AUD      62.69
NEW S WALES TREA         0.50    10/28/2022   AUD      62.52
NEW S WALES TREA         0.50    11/18/2022   AUD      62.35
NEW S WALES TREA         0.50    12/16/2022   AUD      62.13
NEW S WALES TREA         0.50    02/02/2023   AUD      61.74
NEW S WALES TREA         0.50    03/30/2023   AUD      61.29
TREAS CORP VICT          0.50    08/25/2022   AUD      63.24
TREAS CORP VICT          0.50    03/03/2023   AUD      61.62
TREAS CORP VICT          0.50    11/12/2030   AUD      43.11


  CHINA
  -----

CHINA GOVT BOND          1.64    12/15/2033   USD      63.76


  HONG KONG
  ---------

CHINA SOUTH CITY        13.50    01/14/2016   USD      74.62
RESPARCS FUNDING         8.00    12/29/2049   USD      30.68


  INDIA
  -----

AKSH OPTIFIBRE           1.00    02/05/2013   USD      41.40
EX-IM BK OF IN           9.45    06/15/2014   INR       9.80
GEMINI COMMUNICA         6.00    07/18/2012   EUR      61.27
PRAKASH IND LTD          5.25    04/30/2015   USD      70.33
SHIV-VANI OIL            5.00    08/17/2015   USD      67.90
SUZLON ENERGY LT         5.00    04/13/2016   USD      60.22
VIDEOCON INDUS           6.75    12/16/2015   USD      73.45



  JAPAN
  -----

ELPIDA MEMORY            0.50    10/26/2015   JPY      67.60
ELPIDA MEMORY            0.70    08/01/2016   JPY      65.00
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      65.23
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      64.60
TAKEFUJI CORP            9.20    04/15/2011   USD       4.00
TOKYO ELEC POWER         1.45    09/30/2019   JPY      70.50
TOKYO ELEC POWER         1.37    10/29/2019   JPY      74.00
TOKYO ELEC POWER         2.05    10/29/2019   JPY      69.62
TOKYO ELEC POWER         1.81    02/28/2020   JPY      72.12
TOKYO ELEC POWER         1.48    04/28/2020   JPY      69.25
TOKYO ELEC POWER         1.39    05/28/2020   JPY      67.75
TOKYO ELEC POWER         1.31    06/24/2020   JPY      67.12
TOKYO ELEC POWER         1.94    07/24/2020   JPY      74.84
TOKYO ELEC POWER         1.22    07/29/2020   JPY      66.25
TOKYO ELEC POWER         1.15    09/08/2020   JPY      65.50
TOKYO ELEC POWER         1.63    07/16/2021   JPY      66.00
TOKYO ELEC POWER         2.34    09/29/2028   JPY      65.83
TOKYO ELEC POWER         2.40    11/28/2028   JPY      66.18
TOKYO ELEC POWER         2.20    02/27/2029   JPY      64.13
TOKYO ELEC POWER         2.11    12/10/2029   JPY      63.09
TOKYO ELEC POWER         1.95    07/29/2030   JPY      61.12
TOKYO ELEC POWER         2.36    05/28/2040   JPY      57.00


  MALAYSIA
  --------

ADVANCED SYNERY          2.00    01/26/2018   MYR       0.10
ASTRAL SUPREME           3.00    08/0/2021    MYR       0.09
CRESENDO CORP B          3.75    01/11/2016   MYR       1.61
DUTALAND BHD             7.00    04/11/2013   MYR       0.90
DUTALAND BHD             7.00    04/11/2013   MYR       0.44
ENCORP BHD               6.00    02/17/2016   MYR       0.91
KUMPULAN JETSON          5.00    11/27/2012   MYR       1.27
LION DIVERSIFIED         4.00    12/17/2013   MYR       1.19
MALTON BHD               6.00    06/30/2018   MYR       0.91
MITHRIL BHD              3.00    04/05/2012   MYR       0.72
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.22
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.42
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.21
PANTECH GROUP            7.00    12/21/2017   MYR       0.10
PRESS METAL BHD          6.00    08/22/2019   MYR       2.07
REDTONE INTL             2.75    03/04/2020   MYR       0.11
RUBBEREX CORP            4.00    08/14/2012   MYR       0.75
SCOMI ENGINEERING        4.00    03/19/2013   MYR       0.59
SCOMI GROUP              4.00    12/14/2012   MYR       0.07
TRADEWINDS CORP          2.00    02/26/2016   MYR       1.57
WAH SEONG CORP           3.00    05/21/2012   MYR       2.41
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.63
YTL CEMENT BHD           5.00    11/10/2015   MYR       2.15
YTL LAND & DEVEL         3.00    10/31/2021   MYR       0.50


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

BLUE STAR GROUP          9.10    09/15/2015   NZD       6.10
FLETCHER BUILDING        8.50    03/15/2015   NZD       7.00
FONTERRA                 5.30    11/29/2049   NZD      72.00
INFRATIL LTD             8.50    09/15/2013   NZD       8.70
INFRATIL LTD             8.50    11/15/2015   NZD       8.25
INFRATIL LTD             4.97    12/29/2049   NZD      54.00
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.08
NEW ZEALAND POST         7.50    11/15/2039   NZD      65.52
NZF GROUP                6.00    03/15/2016   NZD       6.29
TOWER CAPITAL            8.50    04/15/2014   NZD       1.02
TRUSTPOWER LTD           8.50    09/15/2012   NZD       7.05
TRUSTPOWER LTD           8.50    03/15/2014   NZD       6.60
UNI OF CANTERBUR         7.25    12/15/2019   NZD       0.97


SINGAPORE
---------

BAKRIE TELECOM          11.50    05/07/2015   USD      61.12
BAKRIE TELECOM          11.50    05/07/2015   USD      58.52
BLUE OCEAN              11.00    06/28/2012   USD      34.00
UNITED ENG LTD           1.00    03/03/2014   SGD       0.99
WBL CORPORATION          2.50    06/10/2014   SGD       1.02


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


BUSAN SOLOMON MU         8.50    10/29/2014   KRW      50.16
CN 1ST ABS               8.00    02/27/2015   KRW      32.02
CN 1ST ABS               8.30    11/27/2015   KRW      33.31
DWC AUT 57TH ABS         6.50    08/10/2012   KRW      72.01
EX-IMP BK KOREA          0.50    01/25/2017   KRW      67.77
EX-IMP BK KOREA          0.50    10/23/2017   KRW      64.29
EX-IMP BK KOREA          0.50    12/22/2017   KRW      62.98
GYEONGGI MUTUAL          8.50    08/29/2016   KRW      70.15
GYEONGGI MUTUAL          8.00    01/22/2016   KRW      70.13
HIMART 1ST ABS           4.60    04/30/2013   KRW      70.73
HYUNDAI SWISS BK         8.50    10/02/2013   KRW      70.54
HYUNDAI SWISS BK         8.50    07/15/2014   KRW      11.62
HYUNDAI SWISS II         8.30    01/13/2015   KRW      50.15
HYUNDAI SWISS II         7.90    07/23/2015   KRW      50.14
JINHEUNG MUTUAL          8.50    10/17/2014   KRW      30.15
JINHEUNG MUTUAL          7.00    01/23/2015   KRW      30.14
KHC 4TH SEC SPC          7.00    12/08/2016   KRW      32.58
NEW LIFE 1ST ABS        10.00    03/08/2014   KRW      29.92


SRI LANKA
---------

SRI LANKA GOVT           6.20    08/01/2020   LKR      74.69
SRI LANKA GOVT           7.00    10/01/2023   LKR      64.96
SRI LANKA GOVT           5.35    03/01/2026   LKR      52.01
SRI LANKA GOVT           8.00    01/01/2032   LKR      65.66


                             *********

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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