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                      A S I A   P A C I F I C

          Wednesday, February 22, 2012, Vol. 15, No. 38

                            Headlines


A U S T R A L I A

AIR AUSTRALIA: Creditors' Meeting Set for February 29
HEALTHZONE LTD: Receivers Sell Business to Healthy Life
PACIFIC BRANDS: Half Year Loss Widens; Mulls Takeover Offers
SP EXPORTS: Goes Into Voluntary Administration; Owes AUD12.5MM


H O N G  K O N G

CARNIVAL PIONEER: Members' Final Meeting Set for March 19
CEDARICH COMPANY: Catherine Wong Suk Fong Appointed as Liquidator
GRANDTREE INT'L: Briscoe and Wong Appointed as Liquidators
LEHMAN BROTHERS: HKMA Reports Progress on Minibond Cases
MACMILLAN NEW: Tam Chun Wan Steps Down as Liquidator

MONARCH SERVICE: Chiu and Har Step Down as Liquidators
NORITZ HK: Creditors' Proofs of Debt Due March 16
RAINBOW BRIDGE: Seng and Lo Step Down as Liquidators
SAINT GOBAIN: Creditors' Proofs of Debt Due March 19
SINOACE LIMITED: Victor Robert Lew Appointed as Liquidator

WONG KONG: Placed Under Voluntary Wind-Up Proceedings


I N D I A

AIR INDIA: Reports 30.4% Rise in Revenue in January
AVRON CHEMICALS: CRISIL Assigns 'B' LT Rating to INR50MM Loan
DAILY FOODS: CRISIL Rates INR115-Mil. Loan 'CRISIL B'
ESSENN AUTOMOTIVE: CRISIL Assigns 'B+' LT Rating to INR70MM Loan
JSK METALEX: CRISIL Cuts Rating on INR330MM Loan to 'CRISIL D'

KARMA INDUSTRIES: CRISIL Assigns B+ LT Rating to INR3,000MM Loan
LORD'S MARK: CRISIL Assigns 'CRISIL B+' LT Rating to Rs110MM Loan
M.L.R. INDUSTRIES: CRISIL Rates INR700MM Loan at 'CRISIL BB-'
PRINCE RICE: Delays in Debt Repayment Cues CRISIL Junk Rating
PUPIL TREE: Delay in Loan Payment Cues CRISIL Junk Rating

RANI INFRASTRUCTURE: CRISIL Assigns C LT Rating on INR840MM Loan
RKM HOUSING: CRISIL Rates INR76MM Loan at 'CRISIL B+'
SRI VAMSHI: CRISIL Assigns 'CRISIL B+' LT Rating on INR80MM Loan
SUIFT DEALERS: Delay in Debt Repayment Cues CRISIL Junk Rating


J A P A N

CSC SERIES 1: Moody's Cuts Rating of 3 Note Classes to 'C(sf)'
OLYMPUS CORP: Managing Director Found Dead in India


N E W  Z E A L A N D

CRAFAR FARM: Fay to Infuse NZ$18MM; Pengxin Calls Bid "Phantom"


S I N G A P O R E

ALFA AIRE: Creditors' Proofs of Debt Due March 2
HELM FERTILIZER: Creditors' Proofs of Debt Due March 19
IBM SINGAPORE: Court Enters Wind-Up Order
POWER DRAGON: Court to Hear Wind-Up Petition on March 2


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


AIR AUSTRALIA: Creditors' Meeting Set for February 29
-----------------------------------------------------
Steve Creedy at The Australian reports that creditors of failed
carrier Air Australia will meet on Feb. 29 to decide whether to
put the grounded airline into liquidation and allow its 300
employees to access superannuation and redundancy entitlements.

Staff wages were up to date and it is understood talks are under
way with the federal government about paying out superannuation
and redundancy under the General Employment Entitlements and
Redundancy Scheme, The Australian says.

"Our priorities are the employees and the passengers," the report
quotes administrator Mark Korda of KordaMentha as saying.  "Our
second priority is if we can sell the business and find a white
knight."  A third priority would be to investigate whether Air
Australia was trading while insolvent, a question likely to
interest the Australian Securities & Investments Commission, says
The Australian.

According to the report, creditors had complained before Friday's
voluntary administration that they were unable to get payments
from Air Australia and at least one creditor, Airservices
Australia, had taken court action.

Air Australia leased its aircraft and did not have terminals, so
assets are expected to be minimal, the report notes.

The Australian discloses that assets that could be sold include
the air operator's certificate, its engineering operation in
Brisbane, and items such as software and intellectual property.

Passengers had been told to contact their credit card companies
and apply for a charge-back.  This was likely to be the majority
of travellers and those who had started their journey could be
eligible for a refund of their return leg, Mr. Korda, as cited by
The Australian, said.

                        About Air Australia

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

Mark Korda and John Park of KordaMentha were appointed on Feb. 17
by the Director of the Strategic Aviation Group as voluntary
administrators for the firm.  The group consists of seven
companies including Air Australia, Strategic Engineering
Australia, and Strategic Aviation Charter.


HEALTHZONE LTD: Receivers Sell Business to Healthy Life
-------------------------------------------------------
Inside Retailing reports that Healthzone Limited's receivers and
administrators PPB Advisory have confirmed the completion of the
sale of the majority of the business and assets of Healthzone and
its various subsidiary companies to Healthy Life Group Pty
Limited.

Healthy Life Group is a wholly owned subsidiary of Eu Yan Sang
Australia, which in turn is a wholly owned subsidiary of Eu Yan
Sang International, a Singaporean listed company, the report
discloses.

According to Inside Retailing, Eu Yan Sang paid $5 million in
cash and assumed the entitlements for the 210 employees who are
transferring to Healthy Life Group as part of the transaction.
The remaining 23 employees who are not joining Healthy Life Group
will have their entitlements paid in full, the report relays. In
addition, the receivers have retained ownership of a number of
other assets, including pre-completion debtors, which will
improve the return to the secured creditor, Inside Retailing
notes.

Inside Retailing relates that PPB Advisory partner, Phil Carter,
said he was pleased the sale had been completed within three
months of PPB's appointment as receivers and managers.

Mr. Carter said PPB Advisory will now concentrate on realizing
value of the remaining assets, and investigating the conduct of
the company and its officers in the period leading up to the
appointment of receivers and administrators in November 2011, the
report adds.

                     About Healthzone Limited

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

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 24, 2011, Smartcompany said Healthzone Limited has gone into
receivership as the retail industry continues to suffer, despite
figures showing sales have increased in three consecutive months,
with the highest growth in over two years.  Phil Carter and Chris
Hill of PPB Advisory have been named as receivers and managers.
Barry Taylor and Andrew Needham of HLB Mann Judd were also
appointed as voluntary administrators of the business and its
divisions.


PACIFIC BRANDS: Half Year Loss Widens; Mulls Takeover Offers
------------------------------------------------------------
The Sydney Morning Herald reports that Pacific Brands has widened
its first half losses and predicted worse is to come in the
second half.  The company on Friday also revealed it was
considering takeover offers from various parties, the report
says.

SMH relates that Pacific Brands on Friday reported its first half
loss had widened to AUD353.865 million in the six months to
Dec. 31, 2011, from AUD206.1 million in the previous
corresponding period.  Sales revenue slid to AUD684.729 million
from AUD852.078 million, SMH discloses.

According to SMH, the owner of the famous Bonds clothing brand
said trading conditions remained challenging and it expected a
significant fall in earnings during the second half.

"Underlying sales are expected to be down due to continuing weak
retail conditions and changes to the customer base," the company
said in a statement.

However, Pacific Brands, which on Feb. 16 confirmed more than 100
jobs are to be shed at its Bonds and Berlei distribution centres
in Sydney, said it would try to limit the impact on its earnings
by continuing cost cuts, SMH reports.

Pacific Brands also revealed it had received a variety of
takeover offers, including an offer from Kohlberg Kravis Roberts,
the report adds.

                      About Pacific Brands

Based in Australia, Pacific Brands Limited (ASX:PBG) --
http://www.pacificbrands.com.au/-- is engaged in the
manufacturing, sourcing, marketing and distribution of consumer
lifestyle brands across the underwear, socks, hosiery, intimate
apparel, footwear, bed linen, bedding accessories, bedding,
foams, corporate uniforms, workwear, streetwear, lifestyle
apparel and sporting goods markets.  All products are sold
predominantly throughout the Asia-Pacific region.  The company
also markets and distributes underwear, intimates, footwear and
bed linen in the United Kingdom and Europe.  The company's
segments comprise Underwear & Hosiery, Outerwear & Sport, Home
Comfort, Footwear and Other.  In June 2008, the company sold its
New Zealand foams, flooring and bedding business.


SP EXPORTS: Goes Into Voluntary Administration; Owes AUD12.5MM
--------------------------------------------------------------
Caitlyn Gribbin and Frances Adcock at ABC News report that tomato
grower SP Exports has gone into voluntary administration.

ABC News relates that SP Exports managing director Andrew Philip
said the company's operations in Childers and in Victoria have
been taken over by administrators, leaving 60 people out of work.

Earlier this month, ABC News recalls, the company put eight
Childers properties for sale to pay debts.

Administrator John Shanahan -- jshanahan@kordamentha.com -- said
creditors to SP Exports are owed AUD12.5 million, ABC News
reports.

According to the report, Mr. Shanahan said a meeting next week
will determine whether the company can continue trading.

"In this circumstance, there's a proposed deed of company
arrangement that will be put to creditors at the second meeting,
which will put in place the opportunity for the company to
continue to go forward, albeit in a lesser capacity," the report
quotes Mr. Shanahan as saying.

A creditors meeting will be held in Childers later this month.

SP Exports Pty Ltd -- http://www.spexports.com.au/-- is
Australia's premier field grown tomato producer.


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


CARNIVAL PIONEER: Members' Final Meeting Set for March 19
---------------------------------------------------------
Members of Carnival Pioneer International Limited, which is in
members' voluntary liquidation, 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.


CEDARICH COMPANY: Catherine Wong Suk Fong Appointed as Liquidator
-----------------------------------------------------------------
Catherine Wong Suk Fong on Feb. 9, 2012, was appointed as
liquidator of Cedarich Company Limited.

The liquidator may be reached at:

         Catherine Wong Suk Fong
         Flat A, 19/F
         Primrose Mansion
         Tai Koo Shing, Hong Kong


GRANDTREE INT'L: Briscoe and Wong Appointed as Liquidators
----------------------------------------------------------
Stephen Briscoe and Wong Teck Meng on Feb. 7, 2012, were
appointed as liquidators of Grandtree International Company
Limited.

The liquidators may be reached at:

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


LEHMAN BROTHERS: HKMA Reports Progress on Minibond Cases
--------------------------------------------------------
The Hong Kong Monetary Authority (HKMA) announced Feb. 17 that
investigation of over 99% of a total of 21,843 Lehman Brothers-
related complaint cases received has been completed.  These
include:

    * 15,765 cases, which have been resolved by a settlement
      agreement reached under section 201 of the Securities and
      Futures Ordinance;

    * 3,203 cases, which have been resolved through the enhanced
      complaint handling procedures required by the settlement
      agreement;

    * 2,370 cases, which were closed because insufficient prima
      facie evidence of misconduct was found after assessment or
      no sufficient grounds and evidence were found after
      investigation;

    * 375 cases (including minibond cases), which are under
      disciplinary consideration after detailed investigation by
      the HKMA, of which proposed disciplinary notices are being
      prepared in respect of 320 such cases and proposed
      disciplinary notices or decision notices have been issued
      in respect of the other 55 cases; and

    * 59 cases in respect of which investigation work has been
      completed and are going through the decision process to
      decide whether there are sufficient grounds for
      disciplinary actions or whether the cases should be closed
      because of insufficient evidence or lack of disciplinary
      grounds.

    Investigation work is underway for the remaining 69 cases.

                       About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was
the fourth largest investment bank in the United States.  For
more than 150 years, Lehman Brothers has been a leader in the
global financial markets by serving the financial needs of
corporations, governmental units, institutional clients and
individuals worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy
petition disclosed US$639 billion in assets and US$613 billion in
debts, effectively making the firm's bankruptcy filing the
largest in U.S. history.  Several other affiliates followed
thereafter.

Additional units, Merit LLC, LB Somerset LLC and LB Preferred
Somerset LLC, sought for bankruptcy protection in December 2009
or more than a year after LBHI and its other affiliates filed
their bankruptcy cases.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at
Weil, Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S.
District Court for the Southern District of New York, entered an
order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI.

The Bankruptcy Court has approved Barclays Bank Plc's purchase
of Lehman Brothers' North American investment banking and
capital markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also bought
Lehman's operations in the Asia Pacific for US$225 million.

               International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers
International (Europe) on Sept. 15, 2008.  The joint
administrators have been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan
Inc. filed for bankruptcy in the Tokyo District Court on
Sept. 16.  Lehman Brothers Japan Inc. reported about JPY3.4
trillion (US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other
insolvency and bankruptcy proceedings undertaken by its
affiliates.  (http://bankrupt.com/newsstand/or 215/945-7000)


MACMILLAN NEW: Tam Chun Wan Steps Down as Liquidator
----------------------------------------------------
Tam Chun Wan stepped down as liquidator of Macmillan New Asia
Publishers Limited on Feb. 10, 2012.


MONARCH SERVICE: Chiu and Har Step Down as Liquidators
------------------------------------------------------
Ying Hing Chiu and Chan Mi Har stepped down as liquidators of
Monarch Service Bureau Limited on Feb. 10, 2012.

NORITZ HK: Creditors' Proofs of Debt Due March 16
-------------------------------------------------
Creditors of Noritz Hong Kong Holdings Compay Limited, which is
in members' voluntary liquidation, are required to file their
proofs of debt by March 16, 2012, to be included in the company's
dividend distribution.

The company's liquidators are:

         Thomas Andrew Corkhill
         Iain Ferguson Bruce
         8th Floor, Gloucester Tower
         The Landmark
         15 Queen's Road
         Central, Hong Kong


RAINBOW BRIDGE: Seng and Lo Step Down as Liquidators
----------------------------------------------------
Natalia K M Seng and Susan Y H Lo stepped down as liquidators of
Rainbow Bridge Trading Limited on Feb. 7, 2012.


SAINT GOBAIN: Creditors' Proofs of Debt Due March 19
----------------------------------------------------
Creditors of Saint Gobain Pipelines Hong Kong Limited, which is
in members' voluntary liquidation, are required to file their
proofs of debt by March 19, 2012, to be included in the company's
dividend distribution.

The company's liquidator is:

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


SINOACE LIMITED: Victor Robert Lew Appointed as Liquidator
----------------------------------------------------------
Victor Robert Lew on Feb. 9, 2012, was appointed as liquidator of
Sinoace Limited.

The liquidator may be reached at:

         Victor Robert Lew
         22nd Floor, Tai Yau Building
         181 Johnston Road
         Wanchai, Hong Kong


WONG KONG: Placed Under Voluntary Wind-Up Proceedings
-----------------------------------------------------
At an extraordinary general meeting held on Feb. 9, 2012,
creditors of Wong Kong Ha Wan Shan Association Limited resolved
to voluntarily wind up the company's operations.

The company's liquidator is:

         Lam Wai Hay
         Room 2301, 23/F
         Ginza Square
         565-567 Nathan Road
         Yaumatei, Kowloon
         Hong Kong


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


AIR INDIA: Reports 30.4% Rise in Revenue in January
---------------------------------------------------
Press Trust of India reports that national carrier Air India has
turned in a good performance in January with the overall revenue
going by 30.4% over the same period last year.

The air carrier's international revenue went up by 27.2% and
domestic revenue is up by 36.6% during the month. Overall there
was a 30.4% improvement in revenues throughout the network, a
senior official told PTI.

"Our domestic capacity in terms of available seats per kilometre
increased 16.3%, whereas in the overall network, it remained
static. The number of passengers carried increased 11.5% on
international routes and 18.1% on domestic routes thereby helping
the passenger load factor to a 5.4% increase over the entire
network," the official told PTI.

The yields on international routes rose 18.8% and 16.9% on
domestic services and on the network by 19.3%, the official, as
cited by PTI, said.

Incidentally, PTI relates, Air India's performance is in line
with the figures projected in its turnaround plan.

The airline's financial restructuring plan was given the nod by
the group of ministers (GoM) in the meeting held on Feb. 7, after
which banks financing the working capital of the company endorsed
its financial restructuring plan in a meeting held on Feb. 17,
the news agency adds.

                       About Air India

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

                         *     *     *

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


AVRON CHEMICALS: CRISIL Assigns 'B' LT Rating to INR50MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Avron Chemicals Pvt Ltd.

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

   Total Bank Loan Facilities Rated: INR50 Million

The ratings reflect Avron's modest financial risk profile marked
by low networth and high leverage and the risks associated with
the trading nature of operations. These weaknesses are partially
offset by Avron's established relationships with customers and
suppliers coupled with the extensive experience of its promoters'
in the chemical trading industry.

Outlook: Stable

CRISIL believes that Avron will continue to benefit from its
established position in the chemical trading business and the
industry experience of its promoters, over the medium term. The
outlook may be revised to 'Positive' if the firm increases its
scale of operations while improving upon its profitability levels
leading to an improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of a
decline in business volumes impacts the company's cash accruals
and financial risk profile.

                         About Avron Chemicals

Avron Chemicals Pvt Ltd was incorporated in 2009 by Mr. SK
Tapuriah of the Mumbai based Tapuriah family. The company
undertakes trading, market and distribution of various chemicals,
petrochemical solvent and ethyl alcohol. The company is also a
distributor of Morepen Laboratories Limited and Ganesh Benzoplast
Limited for marketing of their various products. The Tapuriah
family also promotes other two concerns, Traxpo Enterprises
Private Limited established in 1997 and Intec Logistics Private
Ltd which was established in 2009. Traxpo Enterprises is
primarily engaged in Import of Petrochemicals, Solvents &
Intermediates with registered office in Kolkata.

For 2010-11 (refers to financial year, April 1 to March 31),
Avron reported a provisional profit after tax (PAT) of INR1.57
million on net sales of INR461 million, against a PAT of INR1.4
million on net sales of INR201 million for 2009-10.


DAILY FOODS: CRISIL Rates INR115-Mil. Loan 'CRISIL B'
-----------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank loan
facilities of Daily Foods.

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

   Total Bank Loan Facilities Rated: INR 115 Million

The rating reflects Daily Foods's weak financial risk profile,
marked by weak debt protection measures and a high gearing,
presence in low value-added product, modest scale of operations
leading to a low operating margin, and exposure to risks
associated with government regulations. These rating weaknesses
are partially offset by the extensive experience of Daily Foods's
proprietor in the dairy products industry.

Outlook: Stable

CRISIL believes that Dairy Foods will benefit over the medium
term from its strong track record in the dairy industry. The
firm's financial risk profile is expected to remain constrained
by a low operating margin and high debt levels, during this
period. The outlook may be revised to 'Positive' if Diary Foods'
financial risk profile improves, most likely as a result of
increase in its share capital or improvement in its operating
margin. Conversely, the outlook may be revised to 'Negative' if
the firm reports deterioration in its financial risk profile most
likely because of a large, debt-funded capital expenditure
programme or if it significantly increases its working capital
leading to large incremental bank borrowings.

                         About Daily Foods

Daily Foods manufactures various dairy products. The products are
sold to other dairies such as Mother Dairy and in the whole sale
market under the brand name Shree Gopal R Ultimate. The firm has
a manufacturing unit at Hapur (Uttar Pradesh) with processing
capacity of around 300,000 litres of milk per day. Daily Foods
was set up in 1984. Currently, the firm's operations are looked
after by Mr. Rajesh Kumar, the second-generation promoter of the
family.

Daily Foods reported a book profit of INR5.0 million on net sales
of INR922.5 million for 2010-11 (refers to financial year,
April 1 to March 31), against a book profit of INR3.9 million on
net sales of INR722.4 million for 2009-10.


ESSENN AUTOMOTIVE: CRISIL Assigns 'B+' LT Rating to INR70MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Essenn Automotive Pvt Ltd.

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

   Total Bank Loan Facilities Rated: INR70 Million

The ratings reflect EAPL's weak financial risk profile, marked by
a small net worth and weak debt protection metrics, and small
scale and nascent stage of operations with low profitability.
These rating weaknesses are partially offset by EAPL's
association with Volkswagen, which supports its business risk
profile.

Outlook: Stable

CRISIL believes that EAPL will benefit over the medium term from
the support it gets from Volkswagen for funding its working
capital requirements and its association with the Volkswagen
brand. The outlook may be revised to 'Positive' in case of
improvement in EAPL's financial risk profile driven by higher-
than-expected cash accruals, along with efficient working capital
management. Conversely, the outlook may be revised to 'Negative'
in the event of pressure on the company's liquidity on account of
withdrawal of support by Volkswagen, resulting in larger-than-
expected working capital requirement or in case of large debt-
funded expansion.

                       About Essenn Automotive

Incorporated in 2010, EAPL is an authorised dealer for Volkswagen
passenger cars. The company commenced its commercial operations
in December 2011. Currently, EAPL sells four models and their
variants of Volkwagen cars (Polo, Vento, Jetta, and Passat), with
Polo and Vento being the highest-sold models. The company would
add two new models and their variants (Touareg and Beetle) by
around April 2012. EAPL's dealership area spans Siliguri (West
Bengal), Northern Bengal, Sikkim, and Bhutan. EAPL expects to
derive more than 90 per cent of its revenues from sale of cars
while the balance would be derived from service, sale of spares,
and other miscellaneous sources.


JSK METALEX: CRISIL Cuts Rating on INR330MM Loan to 'CRISIL D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the INR330-million term loan
facility of JSK Metalex Pvt Ltd to 'CRISIL D' from 'CRISIL
B+/Stable'.

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

   Total Bank Loan Facilities Rated: INR 330 Million

The downgrade reflects instances of delays by JSKM in servicing
the interest on its term loan - the delays have ranged from 10 to
18 days. JSKM's poor liquidity has caused the delays. The
company's liquidity weakened because of less-than-expected cash
accruals as its operations are in the start-up phase, and also
because of large working capital requirements arising out of high
inventory and debtor level leading to full utilisation of bank
limits. Despite expected increase in the company's cash accruals
with increase in its scale of operations, its liquidity is
expected to remain stretched, because of large working capital
requirements and tightly matched cash accruals against maturing
term loan obligations, over the medium term.

In addition to a weak financial risk profile, JSKM has small
scale of operations and is also susceptible to intense
competition in the steel tubes segment. However, CRISIL believes
that JSKM will benefit from its location advantages, in terms of
availability of raw materials at relatively lower costs, which
would enhance its operating efficiency.

                       About JSK Metalex

JSKM was incorporated in 2009, promoted by Mr. Vineet Chhabra and
family. The company will operate in the pre-galvanised and
galvanised pipe segments. The project was set up at a cost of
around INR570 million, funded by term loan of INR363 million and
promoters' funds. The company's unit for manufacturing pre-
galvanised pipes started commercial production in June, 2011
onwards. For galvanised pipes and hot-rolled coils, production
started in October 2011. Its installed capacities for
manufacturing pre-galvanised and galvanised pipes are 18,240
tonnes per annum (tpa) and 18,720 tpa respectively (on two-shift
basis). JSKM manufactures pipes in different sizes, with
diameters ranging from 0.5 to 6 inches. The company mainly sells
its products through traders.


KARMA INDUSTRIES: CRISIL Assigns B+ LT Rating to INR3,000MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Karma Industries Ltd.

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

   Total Bank Loan Facilities Rated: INR3000 Million

The ratings reflect the Karma group's exposure to implementation-
and offtake-related risks associated with its ongoing lead and
lead alloys project, and susceptibility to volatility in
commodity prices. These ratings weaknesses are partially offset
by the extensive experience of the group's promoters in the steel
business.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of KIL and KIL's wholly owned
subsidiaries, Karma Commodities Limited and Karma Infrastructure
Ltd.  The entities are together referred to as the Karma group.

Outlook: Stable

CRISIL believes that the Karma group will continue to benefit
over the medium term from its established customer relationships
and the extensive industry experience of it promoters. The
outlook may be revised to 'Positive' if the company's lead and
lead alloy manufacturing project stabilizes its operations in
time and exhibits higher than expected cash accruals and
substantial and sustainable improvement in its debt protection
metrics. Conversely, the outlook may be revised to 'Negative' in
case there is slowdown in the group's revenue growth or time or
cost overruns in respect of its ongoing project or significant
deterioration in its capital structure.

                         About the Group

KIL, incorporated in August 1977, is a public limited company
listed on the Bombay Stock Exchange (BSE), with majority shares
owned by the Mumbai-based Mehta family. KIL is engaged in trading
in steel products, chiefly mild-steel (MS) angles, MS channels,
MS plates and thermo-mechanically treated (TMT) bars. Mr. Ramesh
Mehta and his son, Mr. Abhishek Mehta, and other directors manage
the operations of the company.

KCL was established by the Mehta family in 2008-09 (refers to
financial year, April 1 to March 31) for undertake commodity
trading. The company has licenses for trading and clearing
operations from Multi Commodity Exchange of India Limited (MCX),
National Commodity and Derivatives Exchange Limited (NCDEX), etc.
KCL commenced commercial operations, albeit at a small scale, in
2011-12.

K Infra was incorporated in July 2009 to carry out infrastructure
activities. The company has not started operations yet.

KIL reported a profit after tax (PAT) of INR20 million on gross
sales of INR6588 million for 2010-11, against a PAT of INR9.9
million on gross sales of INR4284 million for 2009-10.


LORD'S MARK: CRISIL Assigns 'CRISIL B+' LT Rating to Rs110MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Lord's Mark Papers & Polymers Pvt Ltd.

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

   Total Bank Loan Facilities Rated  Rs.110 Million

The ratings reflect LMPPPL's small scale of operations in a
highly fragmented paper industry, working-capital-intensive
operations, and average financial risk profile, marked by small
net worth and high gearing. The ratings also factor in the
susceptibility of the company's margins to volatility in raw
material prices. These rating weaknesses are partially offset by
the extensive industry experience of LMPPPL's promoters and
established relationships with customers and suppliers.

Outlook: Stable

CRISIL believes that LMPPPL will continue to benefit over the
medium term from its promoters' extensive industry experience and
established relationships with customers and suppliers. The
outlook may be revised to 'Positive' if there is improvement in
the company's profitability margins, while it maintains its
revenue growth, or there is a substantial improvement in its
capital structure on account of equity infusion by the promoters.
Conversely, the outlook may be revised to 'Negative' if there is
deterioration in its financial risk profile either on account of
lower-than-expected profitability or larger-than-expected working
capital requirements.

                        About Lord's Mark Papers

Incorporated in 1998 as Lord's Marketing and Research Pvt Ltd
(LMRPL) by Mr. Sachidanand Upadhyay and Mr. Vijay Borkar, the
company initially developed marketing strategies for reputed
companies, such as United Breweries Ltd and Hindustan Unilever
Ltd. In 2001, the company ventured into processing of packaged
drinking water and was selling the same to Indian Railways under
its brand, Aqua Fresh. However, in 2006, LMRPL discontinued the
business of developing marketing strategies and processing of
packaged drinking water, and ventured into manufacturing
carbonless paper, heat-sensitive thermal paper, high-density
polyethylene bags, and low-density polyethylene bags. After the
exit of Mr. Vijay Borkar from the company, Mr. Rajesh Chavan and
Mr. G M Ansari joined as directors in the company and
subsequently in 2008, LMRPL was renamed LMPPPL. LMPPPL currently
has two manufacturing units in Mumbai (Maharashtra), collectively
producing 2200 tonnes per month (tpm) of printed writing paper.
Moreover, it has one unit in Daman (Diu and Daman) with an
installed capacity to manufacture around 60 tpm of high-density
polyethylene bags and low-density polyethylene bags.

LMPPPL reported a profit after tax (PAT) of INR2.2 million on net
sales of INR146.6 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR1.4 million on net
sales of INR87.6 million for 2009-10.


M.L.R. INDUSTRIES: CRISIL Rates INR700MM Loan at 'CRISIL BB-'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the bank
facilities of M.L.R. Industries Pvt Ltd.

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

   Total Bank Loan Facilities Rated: INR700 Million

The rating reflects the extensive experience of the BAIL group's
promoters in the pasta business and healthy demand prospects for
pasta products. The rating also factors in MLR's access to well-
established supply and distribution network of the BAIL group and
strong brand equity of the group's brand Bambino. These rating
strengths are partially offset by MLR's exposure to risks related
to implementation and stabilisation of operations after
completion of its ongoing pasta manufacturing project. The rating
also reflects the group's susceptibility to competition in both
the domestic and export markets in the wheat products industry.

For arriving at the ratings, CRISIL has combined the financial
and business risk profiles of MLR with those of Bambino Agro
Industries Ltd, Seshasayi Foods Pvt Ltd, Ghanta Foods Pvt Ltd,
and Marshal Transport Company, collectively referred to as the
BAIL group. This is because all these entities share a common
brand, have significant operational linkages and common
management team.

Outlook: Stable

CRISIL believes that MLR will commence commercial operations as
scheduled in March 2012 without any time or cost overruns, and
stabilise operations at the earliest. MLR is likely to generate
sufficient accruals to service its debt, over the medium term.
The outlook may be revised to 'Positive' if MLR's operational
performance in the initial years exceeds expectations or if its
capital structure improves through additional equity infusion.
Conversely, the outlook may be revised to 'Negative' in case of
any delay in stabilisation of the company's ongoing project, or
in case of additional debt-funding for the project, leading to
deterioration in the company's financial risk profile, especially
its gearing and debt protection metrics.

                         About the Group

MLR, part of the BAIL group, was incorporated in February 2002
for setting up a food processing unit in Nalagonda district,
Andhra Pradesh. MLR held only the land assets till date, a part
of which was let out to its group company, BAIL. While MLR did
not have any manufacturing operations till date, it is presently
setting up a 24,000-tonne-per-annum pasta manufacturing unit in
Bibinagar, Nalagonda district. The cost of the project is
estimated at around INR518.6 million, of which INR158.6 million
is being funded through equity from promoters, and the remaining
through debt. MLR is scheduled to commence commercial production
in March 2012.

Incorporated in 1983, BAIL produces vermicelli, macaroni, and
pasta products. Its product range comprises wheat flour,
semolina, spaghetti, pasta, instant food mixes, soups, blended
spices and ready-to-eat Indian snacks and sweets. The group has
three manufacturing facilities in Gurgaon (Haryana), Bibinagar
(Hyderabad) and Nagpur, Maharashtra (this plant is under group
company Seshasayi Foods Pvt Ltd) with a total installed capacity
of 156 tonnes per day (tpd). The company sells its products under
the brand name Bambino. BAIL is South East Asia's largest
vermicelli producer. The company has a share of around 65 per
cent in India's vermicelli market. Ghanta Foods Pvt Ltd
manufactures instant foods and has a wide product range. Marshal
Transport Company arranges transport for the group companies.


PRINCE RICE: Delays in Debt Repayment Cues CRISIL Junk Rating
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities
of Prince Rice Mills Pvt Ltd.  The rating reflects instances of
delay by PRMPL in servicing its term debt; the delays have been
caused by the company's weak liquidity.

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

   Total Bank Loan Facilities Rated: INR205.0 Million

PRMPL is also exposed to risks related to volatility in raw
material prices, to high dependence on the monsoon, and to
project stabilisation. The company, however, benefits from the
assured rice offtake from the government and the stable demand
for rice.

                          About Prince Rice

PRMPL, based in Burdwan (West Bengal), has set up a rice mill to
process non-basmati raw and parboiled rice with capacity of
80,000 tones of paddy per annum. The company has also set up a
captive power plant, with capacity of 700 kilowatts per hour. The
mill commenced commercial operations in November 2011. The
project capital outlay was INR235 million funded by a term loan
of INR135 million, unsecured loan of INR10 million, and equity
contribution by promoters for the rest. The company is equally
owned by families of Mr. Ram Prasad Bhattacharya and Mr. Subrata
Koner. The promoters, over the medium term, have plans to expand
PRMPL's rice milling capacity to 160,000 tonnes per annum (tpa)
with an estimated capital outlay of INR100 million. The company
has already built necessary infrastructure for the same, while
setting up initial capacity of 80,000 tpa, and needs to procure
necessary machineries to expand the capacity. The project will
take around one year to complete from the date of financial
closure. The promoters are also planning to set up a 30,000-tpa
silica manufacturing plant. However, this project is currently at
the nascent stage.


PUPIL TREE: Delay in Loan Payment Cues CRISIL Junk Rating
----------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Pupil Tree Foundation.  The rating reflects
instances of delay by PTF in servicing its debt; the delays have
been caused by the trust's weak liquidity.

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

   Total Bank Loan Facilities Rated: INR 170 Million

PTF also has a below-average financial risk profile, marked by
weak capital structure and debt protection metrics, and small net
worth, and limited revenue diversity. These rating weaknesses are
partially offset by PTF's established regional position in
Bellary (Karnataka) supported by competent promoters and a
healthy operating efficiency.

Set up by Mr. Prabhuraj Jahagirdas and his family members in
2001, PTF operates Pupil Tree Academy in Bellary, which offers
playschool, kindergarten, primary, secondary, and higher
secondary education. The school follows syllabus set by Indian
Certificate of Secondary Education and Karnataka State Board. The
school currently has around 2100 students.

PTF reported a surplus (excess of income over expenditure) of
INR1 million on total income of INR59 million for 2010-11 (refers
to financial year, April 1 to March 31), as against a surplus
(excess of income over expenditure) of INR6 million on total
income of INR54 million for 2009-10.


RANI INFRASTRUCTURE: CRISIL Assigns C LT Rating on INR840MM Loan
----------------------------------------------------------------
CRISIL has assigned 'CRISIL C/CRISIL A4' ratings to the bank
facilities of Rani Infrastructure Development Ltd.  The ratings
reflect instances of delay by RIDL in servicing its debt (not
rated by CRISIL); the delays have been caused by the company's
weak liquidity.

   Facilities                Ratings
   ----------                -------
   Long-Term Rating          CRISIL C (Assigned)
   Short-Term Rating         CRISIL A4 (Assigned)

   Total Bank Loan Facilities Rated: INR 840 Million

RIDL also has a weak financial risk profile, marked by average
net worth, high gearing, and weak debt protection metrics, and
large working capital requirements. These weaknesses are
partially offset by RIDL's healthy order book and successful
track record in the irrigation and road construction space.

                     About Rani Infrastructure

Hyderabad (Andhra Pradesh)-based RIDL was incorporated in 1983.
Promoted by Mr. G Gundiah, RIDL undertakes construction of
infrastructure projects, primarily roads and irrigation works.
The company's clients include various state and central
government bodies. RIDL has consciously adopted a shift towards
projects backed by bodies such as the World Bank and Asian
Development Bank in recent years.

RIDL reported a profit after tax (PAT) of about INR23 million on
net sales of about INR651 million for 2010-11 (refers to
financial year, April 1 to March 31), as against a PAT of about
INR17 million on net sales of about INR491 million for 2009-10.


RKM HOUSING: CRISIL Rates INR76MM Loan at 'CRISIL B+'
-----------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facility of RKM Housing Ltd.

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

   Total Bank Loan Facilities Rated: INR 76 Million

The rating reflects RKM's exposure to project execution risk with
significant dependence on customer advances to fund project costs
in the past and also to risks and cyclicality inherent in the
Indian real estate industry. These rating weaknesses are
partially offset by the benefits that the company derives from
its promoters' extensive experience and from its business model
with focus on sale of plots, leading to better matching of cash
inflows and outflows.

Outlook: Stable

CRSIL believes that RKM's credit risk profile will remain
sensitive to the timeliness of inflow of promoters' contribution
and customer advances in relation to the real estate project at
Mohali (Punjab). The outlook may be revised to 'Positive' in case
of timely execution of the Mohali project along with earlier-
than-expected infusion of promoters' funding and customer
advances leading to higher-than-expected cash inflows.
Conversely, the outlook may be revised to 'Negative' in case of
time or cost overrun in relation to the project or in the event
of delays in receipt of customer advances or promoters' funding
contribution.

                        About RKM Housing

Incorporated in 2006-07 (refers to financial year, April 1 to
March 31), RKM is currently engaged in real estate development
activity in Sector 112 of Mohali. The company has already
completed a residential real estate project at Zirakpur (Punjab).
This project has been completed in August 2011 and RKM expects to
book revenues from this project during the current financial
year. Currently, the project area at sector 112 in Mohali is
spread over 31 acres. The saleable area of the project is about
55 per cent of the total area. While most of the saleable area
would be sold as open plots, RKM plans to construct a residential
apartment project in an area of about 3 acres. Work on the
residential apartment project is expected to commence in April
2012 and completed by March 2015.


SRI VAMSHI: CRISIL Assigns 'CRISIL B+' LT Rating on INR80MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Sri Vamshi Krishna Industries.

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

   Total Bank Loan Facilities Rated: INR80.0 Million

The ratings reflect SVKI's working-capital-intensive operations
and susceptibility to risks related to volatility in raw material
prices and uneven rainfall. These rating weaknesses are partially
offset by assured rice offtake by government and stable demand
for rice.

Outlook: Stable

CRISIL believes that SVKI will continue to benefit over the
medium term from the extensive industry experience of its
partners and healthy prospects for the rice processing industry.
The outlook may be revised to 'Positive' in case there is higher-
than-expected increase in the firm's revenues and profitability,
or in case of better working capital management, leading to
improvement in liquidity. Conversely, the outlook may be revised
to 'Negative' in case there is lower-than-expected capacity
utilisation by SVKI, which may weaken its accruals, or in case it
undertakes significant debt-funded capital expenditure programme,
leading to further weakening in its liquidity.

                        About Sri Vamshi

Based in Andhra Pradesh (AP), SVKI mills and processes non-
basmati raw and parboiled rice at its unit, which has installed
capacity of 120 tonnes of paddy per day. Currently, the unit
operates at around 55 per cent capacity. The firm procures paddy
from local farmers and traders against a credit of around 30
days. Sales are primarily made to government bodies and
wholesalers in AP. Till 2010-11 (refers to financial year, April
1 to March 31), SVKI also sold rice to Reliance Fresh Ltd and
Nestle India Ltd; however, it discontinued supplying rice to
these two entities in 2011-12. After the Government of India
lifted the ban on export of non-basmati rice in 2011-12, SVKI has
started exporting rice to Dubai and Africa through a dealer based
in the United Arab Emirates. The firm plans to import a rice
sorting machine at an estimated capital outlay of INR7.5 million
in 2011-12.

For 2010-11, SVKI reported a profit after tax (PAT) of INR3.5
million on net sales of INR298.4 million, as against a PAT of
INR2.9 million on net sales of INR217.1 million reported for
2009-10.


SUIFT DEALERS: Delay in Debt Repayment Cues CRISIL Junk Rating
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Suift Dealers Pvt Ltd.  The ratings reflect
instances of delay by SDPL in servicing its debt; the delays have
been caused by the company's weak liquidity. The company has been
facing a stretch in its receivables thereby impairing its
liquidity.

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

   Total Bank Loan Facilities Rated: INR 113.5 Million

SDPL also has a weak financial risk profile, marked by a modest
net worth, high gearing, and weak debt protection metrics. This
rating weakness is partially offset by the extensive experience
of SDPL's promoters in the textile industry.

                        About Suift Dealers

Incorporated in 2004 by Mr. Maheshkumar Nangalia, SDPL processes
cotton and synthetic yarn into grey fabric and also manufactures
furnishings and ladies garments. The company's day-to-day
operations are managed by Mr. Manish Nangalia, son of Mr.
Maheshkumar Nangalia. SDPL's manufacturing unit in Surat
(Gujarat) has an installed capacity to process 3,00,000 metres of
fabric per day.

SDPL reported a profit after tax (PAT) of INR1 million on net
sales of INR277.52 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR0.2 million on net
sales of INR294 million for 2009-10.


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


CSC SERIES 1: Moody's Cuts Rating of 3 Note Classes to 'C(sf)'
--------------------------------------------------------------
Moody's Japan K.K. has downgraded the ratings for the Class B-2
through F-3 bonds issued by CSC Series 1 GK.

  Class B-2/B-3, downgraded to B2 (sf); previously on June 24,
  2011, downgraded to Ba3 (sf)

  Class C-2, downgraded to Caa3 (sf); previously on May 18, 2011,
  downgraded to B3 (sf)

  Class D-2, downgraded to C (sf); previously on May 18, 2011,
  downgraded to Caa2 (sf)

  Class E-2/E-3, downgraded to C (sf); previously on May 18,
  2011, downgraded to Caa3 (sf)

  Class F-3, downgraded to C (sf); previously on May 18, 2011,
  downgraded to Ca (sf)

Deal Name: CSC Series 1 GK

Class: Class B-2 through F-3 bonds

Issue Amount (initial): JPY13.0 billion

Dividend: Floating

Issue Date (initial): December 28, 2006

Final Maturity Date: November 2012

Underlying Asset (initial): 11 non-recourse loans backed by real
estate

Originator: Credit Suisse Principal Investments Limited, Tokyo
Branch (CSPI)

Arranger: Credit Suisse Securities (Japan) Limited

The bonds were issued by CSC, Series 1 GK. The 11 loans, which
were originated by CSPI, were transferred to the issuer and are
backed by 72 properties.

In this transaction, any principal payments at maturity, or
prepayments resulting from the sale of the underlying properties,
or refinancing of the loans, are allocated on a pro-rata basis to
the balance of the Senior (Class A through E) and the
Subordinated (Class F and G) Bonds first.

Sequential payments are then applied to the Senior and pro-rata
payments to the Subordinated Bonds. In the event of a loan
default, a write-down amount -- due to any loss from the
defaulting loan -- will be allocated in reverse sequential order
from the Class G to A bonds.

Two of the loans have already been paid down in full. The
principal of two loans suffered partial impairment, and six loans
were recovered in full due to special servicing.

The remaining one loan is under special servicing, initially
backed by office/retail properties in and outside Tokyo.

Ratings Rationale

The current rating action reflects these factors:

1. The result of a write-down of the Class E-2 through F-3 bonds,
   in turn due to the loss on a special servicing loan backed by
   a retail property in the local area.

2. In light of the revision of the asset disposition strategy on
   Jan-2012 by the special servicer, losses on the remaining loan
   are highly likely and could negatively affect the Class B-2
   through D-2 bonds.

The principal methodology used in this rating was "Updated:
Moody's Approach to Rating CMBS Transactions in Japan (June
2010)" published on September 30, 2010.

Moody's did not receive or take into account any third party due
diligence reports on the underlying assets or financial
instruments related to the monitoring of this transaction in the
past six months.


OLYMPUS CORP: Managing Director Found Dead in India
---------------------------------------------------
Diksha Sahni at The Wall Street Journal reports that the managing
director in India for Japan's Olympus Medical Systems India Pvt.
Ltd. was found dead in an apparent suicide Monday in a children's
park at a high-rise apartment complex in Gurgaon, a satellite
city of India's capital.

The Journal relates that police said Tsutomi Omori, a Japanese
national, was found hanging from the iron railings of a boundary
wall inside a children's park at the "DLF The Icon" apartment
complex at around 8:30 a.m. Monday.

According to the report, a police official said two suicide notes
written in Japanese were found near his body. "One was addressed
to his family, which the Japanese embassy officials refused to
translate, the other note was translated as saying, 'I regret my
decision,'" the Journal quotes Maheshwar Dyal, deputy
commissioner of police (east) for Gurgaon police, as saying.

Mr. Dyal added that Mr. Omori's body was moved to a mortuary.
The Japanese embassy in New Delhi and Mr. Omori's family in Japan
have been informed of the incident, the Journal reports.

The Japanese embassy in New Delhi confirmed that police have
reported the incident to the embassy but declined to give details
about the suicide note saying that "it was a private matter" and
that the "matter is under investigation," says the Journal.

Police added that a post mortem is likely to be conducted soon on
Mr. Omori's body, according to the Journal.

Olympus Corp. has been at the center of a major accounting
scandal recently.  The Journal says authorities in Tokyo last
week arrested three Olympus executives that the company said were
the main people responsible for hiding more than $1.5 billion in
investment losses for 13 years.  There was no immediate
indication that Mr. Omori's suicide was in any way related to the
scandal, the Journal notes.

                        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 FARM: Fay to Infuse NZ$18MM; Pengxin Calls Bid "Phantom"
---------------------------------------------------------------
The National Business Review reports that Sir Michael Fay's rival
bidding group for the Crafar farm estate said it will inject more
than NZ$18 million into the 16 dairy farms over the first three
milking seasons to lift production by up to 30% while increasing
jobs by 15%.

NBR relates that in a submission made Feb. 17 to the Overseas
Investment Office, the Fay-led bidding group provided detailed
improvements to its members plan for the rundown farms and
benefits that would come from them being run by "experienced
local dairy farmers and local iwi".

Receivers rejected Fay's previous NZ$171.5 million offer for the
farms over a conditional offer from Chinese firm Shanghai
Pengxin.  NBR relates that Mr. Fay said his group was making the
submission matching each of the economic and various benefits of
the purchase claimed by Pengxin.

Mr. Fay's group said it will mainly employ sharemilkers on the
farms, giving them the opportunity to grow and develop their own
dairy business, and provide the traditional method for dairy farm
ownership, the report relays.

The group's iwi members are very aware of the importance of the
Mohaka River and will continue activity to halt further
degradation of the Mohaka catchment, according to the submission
obtained by NBR.

             Chinese Bidder Calls Fay's Bid "Phantom"

In a separate report, National Business Review's Conor O'Brien
relates that Shanghai Pengxin released a statement slamming what
it calls the Sir Michael Fay-led consortium's "phantom', saying
it "lacks credibility."

The Chinese company said its bid will bring a variety of economic
benefits to New Zealand and that Mr. Fay's group has not done
their due diligence, NBR relates.

"They can promise whatever they like, even though they have not
done due diligence on the properties, because no-one could hold
them to their promises, even if they ever succeed in having an
offer for the properties accepted," NBR quotes Pengxin spokesman
Cedric Allan as saying.

According to the report, the injection of more than
NZ$200 million of foreign exchange into the economy,
NZ$18.7 million upgrading of the farms, and a significant
increase are all being touted as benefits of Shanghai Pengxin's
bid.  "[T]he delivery of all of these benefits could be
scrutinised and enforced by the Overseas Investment Office,
unlike those promised by the phantom Fay group offer," Mr. Allan
said, NBR cites.

                        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.


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


ALFA AIRE: Creditors' Proofs of Debt Due March 2
------------------------------------------------
Creditors of Alfa Aire Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by
March 2, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

          The Official Receiver
          The URA Centre (East Wing)
          45 Maxwell Road #06-11
          Singapore 069118


HELM FERTILIZER: Creditors' Proofs of Debt Due March 19
-------------------------------------------------------
Creditors of Helm Fertilizer Asia (Singapore) Pte Ltd, which is
in voluntary liquidation, are required to file their proofs of
debt by March 19, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

          Ebenezer John Lazarus
          Chen Yeow Sin
          1 Raffles Place
          #20-02 One Raffles Place
          Singapore 048616


IBM SINGAPORE: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on Feb. 13, 2012, to
wind up the operations of Beans Group Pte Ltd.

IBM Singapore Pte Ltd filed the petition against the company.

The company's liquidator is:

         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road, #05-11/#06-11
         Singapore 069118


POWER DRAGON: Court to Hear Wind-Up Petition on March 2
-------------------------------------------------------
A petition to wind up the operations of Power Dragon Trading Pte
Ltd will be heard before the High Court of Singapore on March 2,
2012, at 10:00 a.m.

Standard Chartered Bank filed the petition against the company on
Feb. 8, 2012.

The Petitioner's solicitors are:

          Rajah & Tann LLP
          9 Battery Road
          #25-01 Straits Trading Building
          Singapore 049910


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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

April 3-5, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        Grand Hyatt Atlanta, Atlanta, Ga.
           Contact: http://www.turnaround.org/

Apr. 19-22, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Annual Spring Meeting
        Gaylord National Resort & Convention Center,
        National Harbor, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Workshop
        The Ritz-Carlton Amelia Island, Amelia Island, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 2-4, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hyatt Regency Chesapeake Bay, Cambridge, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

November 1-3, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Westin Copley Place, Boston, Mass.
           Contact: http://www.turnaround.org/

Nov. 29 - Dec. 2, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Winter Leadership Conference
        JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
           Contact: 1-703-739-0800; http://www.abiworld.org/

April 10-12, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        JW Marriott Chicago, Chicago, Ill.
           Contact: http://www.turnaround.org/

October 3-5, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Marriott Wardman Park, Washington, D.C.
           Contact: http://www.turnaround.org/


                             *********

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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