TCRAP_Public/120227.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Monday, February 27, 2012, Vol. 15, No. 41

                            Headlines


A U S T R A L I A

ALDERLEY VILLAGE: Alderley Square Development in Receivership
HARVEY RMBS: Fitch Affirms Rating on Five Bond Classes
HASTINGS DIVERSIFIED: Full Year Loss Narrows to AUD29.9 Million
RCL GROUP: Secured Creditors Appoint Korda Mentha as Receivers


C H I N A

AMERICAN AIRLINES: Wins DOT Nod of Hainan Codeshare Deal
YUZHOU PROPERTIES: S&P Affirms 'B+' Corporate Credit Rating


H O N G  K O N G

FOOT HOUSE: Court Enters Wind-Up Order
GETWAY LIMITED: First Meetings Slated for March 6
GOOD CLEVER: Court Enters Wind-Up Order
HOKOGAMA LIMITED: Court Enters Wind-Up Order
KLUB MANAGEMENT: Court to Hear Wind-Up Petition on March 21

MACKAY HOLDINGS: Court Enters Wind-Up Order
RELIANCE CONSTRUCTION: Court Enters Wind-Up Order
SEEBRIGHT LIMITED: First Meetings Slated for March 8
SURE BRIGHT: Creditors' Proofs of Debt Due March 16
TICKTOCK GRAPHIC: First Meetings Slated for March 6


I N D I A

ADITYA EXIM: CARE Assigns 'CARE B+' Rating to INR3.25cr LT Loan
AXIS BANK: Fitch Affirms Support Floor Rating at Low-B
BIHAR FOUNDRY: CARE Assigns 'CARE BB' Rating to INR121.11cr Loan
COASTAL OIL: Fitch Rates INR6,418-Mil. Bank Loan at 'BB-'
ESCORTS LTD: Inadequate Info Cues Fitch to Withdraw Ratings

GARG FURNACE: CARE Assigns 'CARE BB+' Rating to INR33.35cr Loan
JAI SHIV: CARE Rates INR10.34cr Long-Term LOAN at 'CARE B+'
KAPICO KERALA: CARE Rates INR165cr Long-Term Loan at 'CARE BB+'
KINGFISHER AIRLINES: Needs $40 Million to Avoid Cash Crunch
OSWIN WOOD: CARE Assigns 'CARE BB' Rating to INR3cr LT Loan

P J EXPORTS: CARE Places 'CARE B' Rating on INR9cr LT Loan
RATNAPRIYA IMPEX: CARE Assigns 'CARE BB-' Rating to INR2cr Loan
R.P. POLY: CARE Places 'CARE BB+ (SO)' Rating on INR9.5cr Loan
RUPA INFOTECH: Inadequate Info Cues Fitch to Migrate Rating
SHREE BALAJEE: CARE Assigns 'CARE BB' Rating to INR38.5cr Loan

SHRI SHYAM: CARE Rates INR32cr Long-Term Loan at 'CARE BB-'
SLS TUBES: CARE Assigns 'CARE BB' Rating to INR56.74cr LT Loan
SRM HOTELS: CARE Rates INR86.06cr Loan at 'CARE BB'
STARWIRE (INDIA): CARE Rates INR43.44cr LT Loan at 'CARE BB-'
STATIONERY POINT: Fitch Places Rating on Two Bank Loans at Low-B

UNIVERSAL INFRA: CARE Rates INR25cr Long-Term Loan at 'CARE BB'


J A P A N

AIJ INVESTMENT: Loses JPY200-Bil. in Funds; Told to Halt Business
CSC SERIES 1: Fitch Cuts Rating on Three Bond Class to 'Dsf'
GALAXY EXPORTS: Fitch Assigns 'B(ind) National Long Term Rating
J-CORE12 TRUST: Fitch Lowers Rating on JPY1.23BB Notes to 'Csf'
JLOC 41: Fitch Lowers Rating on Class D-2 Notes to 'Dsf'

SIGNUM VANGUARD: S&P Gives 'B+' Ratings on 2 Series of Notes


M O N G O L I A

KHAN BANK: Fitch Affirms Issuer Default Rating at 'B'
XACBANK LLC: Fitch Affirms Issuer Default Rating at Low-B


N E W  Z E A L A N D

LOMBARD FINANCE: Four Execs Found Guilty of Misleading Investors


S I N G A P O R E

ARMADA PACIFIC: Creditors' Proofs of Debt Due March 5
ATIM CONSULTANTS: Members' Final Meeting Set for March 23
HAGGAI INSTITUTE: Court to Hear Wind-Up Petition on March 2
SIONG GUAN: Creditors' Proofs of Debt Due March 26


                            - - - - -


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


ALDERLEY VILLAGE: Alderley Square Development in Receivership
-------------------------------------------------------------
Alderley Village Pty Ltd, the company behind the $170 million
Alderley Square apartment development, has fallen into
receivership, the latest victim of Australia's lacklustre
property sales.

Korda Mentha were appointed receivers for the developer in
November.

SmartCompany, citing the Australian Financial Review, relates the
construction of the development was expected to begin this year,
but the development collapsed with $12 million in debt.

The project was reportedly backed by private South Africa-based
investors. The developer behind the property is PCN Projects,
which has offices in both Australia and South Africa, the report
discloses.

The Alderley project would have offered over 200 new residential
apartments. Reports indicate $55 million worth of apartments were
sold during the first 12 months of sales, but transactions slowed
soon after.


HARVEY RMBS: Fitch Affirms Rating on Five Bond Classes
------------------------------------------------------
Fitch Ratings has affirmed five classes of bonds issued from two
Harvey RMBS transactions.  Both transactions are backed by pools
of Australian conforming residential full-documentation mortgages
originated by Credit Union Australia Limited.

The rating actions are as listed below:

Series 2009-1 Harvey Trust (Harvey 2009-1):

  -- AUD255.6m Class A-1 (ISIN AU3FN0007738) affirmed at 'AAAsf';
     Outlook Stable
  -- AUD13.5m Class A-2 (ISIN AU3FN0007746) affirmed at 'AAAsf';
     Outlook Stable
  -- AUD13.5m Class B (ISIN AU3FN0007753) affirmed at 'BBsf';
     Outlook Stable

Series 2010-1 Harvey Trust (Harvey 2010-1):

  -- AUD406.3m Class A-1 (ISIN AU3FN0010179) affirmed at 'AAAsf';
     Outlook Stable
  -- AUD26m Class A-2 (ISIN AU3FN0010187) affirmed at 'AAAsf';
     Outlook Stable

The affirmations reflect Fitch's view that the available credit
enhancement levels are able to support the notes' current
ratings, and that the credit quality and performance of the loans
in the respective collateral pools have remained in line with the
agency's expectations.

"Both transactions have continued to benefit from an increase in
credit enhancement due to seasoning and amortization since
issuance.  The credit quality has remained in line with the
respective initial portfolios and arrears levels are expected to
remain low compared with Fitch's Conforming Dinkum Index," says
Ben Newey, Director in Fitch's Structured Finance team.

As at the end of December 2011, 30+ days arrears were 0.49% and
0.44% for Harvey 2009-1 and Harvey 2010-1 respectively.  Harvey
2009-1 has experienced one default to date resulting in a loss
covered mainly by the LMI provider, and the remainder covered by
excess spread.  Harvey 2010-1 has not experienced any defaults to
date. All loans in the underlying portfolios are covered by
mortgage insurance, with policies provided by Genworth Financial
Mortgage Insurance Pty Ltd and QBE Lenders Mortgage Insurance Pty
Limited ('AA-'/Stable).


HASTINGS DIVERSIFIED: Full Year Loss Narrows to AUD29.9 Million
---------------------------------------------------------------
Australian Associated Press reports that Hastings Diversified
Utilities Fund has narrowed its full year net loss and said the
outlook is favorable.

The company on Friday reported a net loss for the 2011 calendar
year of AUD29.9 million, compared to a net loss of AUD37 million
for 2010, AAP discloses.

According to the news agency, Hastings said the result included
non-operating items and the financial contribution of South East
Water, which was divested in December 2010, and hybrid securities
that were redeemed in June of that year.

AAP relates that chief executive Colin Atkin said the completion
of the South West Queensland Pipeline expansion project on time
and under budget ensured the company was positioned to benefit
from an expected increase in domestic gas demand.

Given Hastings' favorable outlook, Mr. Atkin said, it was clear
that a hostile, highly conditional AUD1.8 billion takeover by
larger rival APA Group undervalued the target and did not
recognize the value of its strategically positioned pipelines,
according to AAP.

As outlined in its target's statement, Hastings expects
significant contracted revenue growth, underpinned by more than
AUD4 billion of total contracted revenue, the report adds.

Hastings Diversified Utilities Fund (ASX:HDF) --
http://www.hfm.com.au-- invests in a range of utility
infrastructure assets within Australia and overseas. The Company
operates in three business segments, including gas pipeline
operator, Water utility operator, and Other.


RCL GROUP: Secured Creditors Appoint Korda Mentha as Receivers
--------------------------------------------------------------
SmartCompany reports that residential land developer RCL Group,
one of the last remaining fragments of failed finance and
property giant Babcock & Brown, has finally been placed in
receivership.

SmartCompany says the company, which has been suspended from
trading from the Australian Securities Exchange, released a
statement confirming Korda Mentha had been appointed receivers
and managers of the company on February 22.

The company said in the statement that receivers and managers
Mark Korda -- mkorda@kordamentha.com  -- and Bryan Webster --
bwebster@kordamentha.com -- were appointed by the secured
creditors of the RCL Group Trust, Torchlight Real Estate Fund,
SmartCompany relates.

According to the report, RCL has been placed in receivership due
to outstanding payments on its debt facility, associated with its
Mernda residential land project.  Torchlight acquired RCL's debts
last November, the report notes.

RCL Group (ASX:RCL) -- http://www.rclgroup.com.au/-- formerly
Babcock & Brown Residential Land Partners, comprises RCL Group
Limited and RCL Group Trust.  The principal activity of RCL
consists of residential land subdivision and property development
in the geographical areas of Australia and New Zealand.


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


AMERICAN AIRLINES: Wins DOT Nod of Hainan Codeshare Deal
--------------------------------------------------------
American Airlines, a founding member of oneworld(R), publicly
thanked the U.S. Department of Transportation (DOT) for granting
its request to approve a reciprocal codeshare agreement with
Hainan Airlines of the People's Republic of China.

"This decision comes after Chinese Vice President Xi Jinping
appeared at the White House on Tuesday with President Barack
Obama, who stressed that the U.S. is focused on building a better
economic and strategic relationship between the two nations,"
said Will Ris, American's Senior Vice President -- Government
Affairs.  "In this spirit, American applauds the president and
DOT for their approval of the proposed codeshare relationship
between American and Hainan Airlines, China's fourth largest
carrier.

"This new codeshare relationship will promote travel and tourism
and further strengthen economic and cultural ties between the
U.S. and China," Mr. Ris added.  "A codeshare relationship will
allow American and Hainan to efficiently connect Chinese air
travelers from cities throughout China to the U.S. via Beijing
and Shanghai.  Similarly, the approval will create more
convenient travel options for U.S. consumers when traveling to
China."

With this approval, Hainan will be able to display the AA*
designator code on its flights between the U.S. and China
(currently Seattle-Beijing) and on its flights within China
beyond American's Beijing and Shanghai gateways.  In addition,
American may now display the HU* code on its flights between the
U.S. and China (currently Chicago-Beijing, Chicago-Shanghai and
Los Angeles-Shanghai) and on flights operated by American within
the U.S. beyond Hainan's Seattle gateway.

                      About American Airlines

AMR Corp. and its subsidiaries including American Airlines, the
third largest airline in the United States, filed for bankruptcy
protection (Bankr. S.D.N.Y. Lead Case No. 11-15463) in Manhattan
on Nov. 29, 2011, after failing to secure cost-cutting labor
agreements.

AMR, previously the world's largest airline prior to mergers by
other airlines, is the last of the so-called U.S. legacy airlines
to seek court protection from creditors.

American Airlines, American Eagle and the AmericanConnection
carrier serve 260 airports in more than 50 countries and
territories with, on average, more than 3,300 daily flights.  The
combined network fleet numbers more than 900 aircraft.

The Company reported a net loss of $884 million on $18.02
billion of total operating revenues for the nine months ended
Sept. 30, 2011.  AMR recorded a net loss of $471 million in the
year 2010, a net loss of $1.5 billion in 2009, and a net loss of
$2.1 billion in 2008.

The Company's balance sheet at Sept. 30, 2011, showed
$24.72 billion in total assets, $29.55 billion in total
liabilities, and a $4.83 billion stockholders' deficit.

Weil, Gotshal & Manges LLP serves as bankruptcy counsel to the
Debtors.  Paul Hastings LLP and Debevoise & Plimpton LLP Groom
Law Group, Chartered, are on board as special counsel.
Rothschild Inc., is the financial advisor.   Garden City Group
Inc. is the claims and notice agent.

Jack Butler, John Lyons, Felecia Perlman and Jay Goffman at
Skadden, Arps, Slate, Meagher & Flom LLP entered their appearance
as proposed counsel to the Official Committee of Unsecured
Creditors in AMR's chapter 11 proceedings on Dec. 9, 2011.
The Committee has selected Togut, Segal & Segal LLP as co-counsel
for conflicts and other matters; Moelis & Company LLC as its
investment banker, and Mesirow Financial Consulting, LLC as its
financial advisor.

Bankruptcy Creditors' Service, Inc., publishes AMERICAN AIRLINES
BANKRUPTCY NEWS.  The newsletter tracks the Chapter 11 proceeding
undertaken by AMR Corp. and its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000).


YUZHOU PROPERTIES: S&P Affirms 'B+' Corporate Credit Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services revised its rating outlook on
Yuzhou Properties Co. Ltd. to negative from stable. "At the same
time, we affirmed the 'B+' long-term corporate credit rating on
the Xiamen-based property developer and the 'B' issue rating on
its outstanding senior unsecured notes. As a result of the
outlook revision, we also lowered our Greater China credit scale
rating on Yuzhou to 'cnBB-' from 'cnBB' and on the issue rating
to 'cnB+' from 'cnBB-'," S&P said.

"We revised the rating outlook to negative to reflect our view
that Yuzhou's property sales and cash flows will likely remain
weak in the next six to 12 months, following lower-than-expected
contracted sales in 2011," said Standard & Poor's credit analyst
Steffi Chen. "In our view, monetary tightening and administrative
measures to control property prices have increased the financial
strain for Yuzhou, as reflected in its deteriorating credit
metrics."

"In our view, Yuzhou is likely to remain vulnerable to the
deepening correction in the property market because of a
hesitation to cut prices in a bid to maintain its brand
reputation. Purchase restrictions in particular will continue to
affect sales. These restrictions, and other measures to cool the
property market, are likely to remain in force this year in the
cities where Yuzhou operates, including Xiamen, its largest
market," S&P said.

"Yuzhou's sales target for 2012 seems ambitious to us, based on
our negative outlook for China's property market. The company
aims for sales of Chinese renminbi (RMB) 5 billion, a 16% year-
over-year increase. Its sales in 2011 were weaker than we
expected. Contracted sales declined to RMB4.3 billion from RMB5.2
billion, meeting just 67% of its budget for the year," S&P said.

"In our base-case scenario, we expect Yuzhou's credit ratios to
weaken significantly in 2012, moving the company closer to our
downgrade triggers. Our key assumptions are that contracted sales
will be flat from a year earlier, EBITDA margins will weaken to
about 40%, and borrowings will increase moderately to more than
RMB6 billion to fund new projects and ongoing developments. We
also assume that Yuzhou's average borrowing costs for onshore
loans will increase by just 1%. As a result, we expect the
company's adjusted debt-to-EBITDA ratio to weaken to about 4.5x
from 3.5x and the EBITDA interest coverage ratio to decline to
about 2.5x from 3.3x in 2012," S&P said.

"In our opinion, Yuzhou's small scale and niche market position
in the high-end property segment increase its execution risk in a
deepening market downturn. All of the company's projects to be
sold in 2012 are concentrated in tier-one and tier-two cities
where purchase restrictions are imposed. In addition, the company
could face significant challenges in clearing out its inventories
of high-end properties, such as villas, given the increased
housing supply, weakened investor sentiment, and continued tight
credit controls. We believe Yuzhou has limited pricing
flexibility to improve sales because most of its properties to be
sold in 2012 are later phases of existing projects," S&P said.

"The affirmed rating on Yuzhou reflects the company's limited
operating scale, high geographic and project concentration,
increased leverage, and aggressive growth and acquisitions in the
past two years," said Ms. Chen. "The company's strong market
position in Xiamen, low-cost and expanded land bank, and above-
average profitability temper the rating weaknesses. We believe
the company's land acquisitions have maintained its low cost
position, and continue to support its competitive position."

"We may lower the rating of Yuzhou if: (1) property sales are
less than RMB4 billion and its profit margins are lower than we
expected for 2012; or (2) debt-funded expansion and acquisitions
are more aggressive than we expected, resulting in lower credit
ratios, such as a ratio of total debt to total capitalization of
more than 60% and EBITDA interest coverage of less than 2x," S&P
said.

"We may revise our outlook to stable if Yuzhou improves its
property sales in a difficult market and cautiously manages its
financial risk profile. This would be indicated if the company's
contracted sales increase to at least RMB5 billion and it
maintains an EBITDA margin of at least 35% for 2012," S&P said.


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


FOOT HOUSE: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order Jan. 18, 2012, to
wind up the operations of Foot House Company Limited.

The company's liquidator is Bruno Arboit.


GETWAY LIMITED: First Meetings Slated for March 6
-------------------------------------------------
Creditors and contributories of Getway Limited will hold their
first meetings on March 6, 2012, at 3:00 p.m., and 3:30 p.m.,
respectively at Unit 511, 5/F, Tower 1, Silvercord, at 30 Canton
Road, Tsimshatsui, Kowloon, in Hong Kong.

At the meeting, Ho Man Kit Horance and Kong Sze Man Simone, the
company's liquidators, will give a report on the company's wind-
up proceedings and property disposal.


GOOD CLEVER: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order June 21, 2010, to
wind up the operations of Good Clever Development Limited.

The company's liquidator is Bruno Arboit.


HOKOGAMA LIMITED: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order Jan. 18, 2012, to
wind up the operations of Hokogama Limited.

The company's liquidator is Bruno Arboit.


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

Hing Lung Food Place Limited filed the petition against the
company.

The Petitioner's Solicitors are:

          Lam & Partners
          Hing Lung Food Place Limited
          Office A, 3rd Floor
          Lloyds Commercial Centre
          No. 8 Wing Lok Street
          Sheung Wan, Hong Kong


MACKAY HOLDINGS: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order Nov. 5, 2010, to
wind up the operations of The Mackay Holdings Limited.

The company's liquidator is Bruno Arboit.


RELIANCE CONSTRUCTION: Court Enters Wind-Up Order
-------------------------------------------------
The High Court of Hong Kong entered an order Jan. 18, 2012, to
wind up the operations of Reliance Construction Engineering (HK)
Limited.

The company's liquidator is Bruno Arboit.


SEEBRIGHT LIMITED: First Meetings Slated for March 8
----------------------------------------------------
Creditors and contributories of Seebright Limited will hold their
first meetings on March 8, 2012, at 10:30 a.m., and 11:30 a.m.,
respectively at the Official Receiver's Office, 10th Floor,
Queensway Government Offices, at 66 Queensway, in Hong Kong.

At the meeting, Teresa S W Wong, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


SURE BRIGHT: Creditors' Proofs of Debt Due March 16
---------------------------------------------------
Creditors of Sure Bright 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 liquidator is:

         Mat Ng
         c/o JLA Asia Limited
         20/F Henley Building
         5 Queen's Road
         Central, Hong Kong


TICKTOCK GRAPHIC: First Meetings Slated for March 6
---------------------------------------------------
Creditors and contributories of Ticktock Graphic Equipment
Company Limited will hold their first meetings on March 6, 2012,
at 2:15 p.m., and 2:45 p.m., respectively at Room 203, 2/F, Duke
of Windsor Social Service Building, at No. 15 Hennessy Road,
Wanchai, in Hong Kong.

At the meeting, Lui Chi Kit, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


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


ADITYA EXIM: CARE Assigns 'CARE B+' Rating to INR3.25cr LT Loan
---------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Aditya Exim Ltd.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       3.25      CARE B+ Assigned
   Long-term/short-term Bank      10.00      CARE B+/CARE A4
    Facilities                                Assigned
   Short-term Bank Facilities      5.10      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Aditya Exim
Limited are primarily constrained on account of modest scale of
operations in fragmented industry, below average financial risk
profile marked by high leverage and modest liquidity position and
susceptibility of profit margins to raw material price
fluctuation and foreign exchange fluctuations. Furthermore, the
ratings are also constrained by high customer concentration risk
and vulnerability to demand from oil and gas sector and change in
the government regulations.

The ratings, however, favorably take into account the vast
experience of the promoters in the industry, established track
record of operations of AEL for more than a decade and benefits
of integrated nature of operations.

Managing volatility associated with raw material prices and
improvement in the overall financial risk profile are the key
rating sensitivities.

                        About Aditya Exim

Incorporated in 1995, Aditya Exim Limited was originally promoted
by Mr. Nitin Parekh along with six other promoters. Currently AEL
is managed by Mr. Aditya Parekh, son of Mr. Nitin Parekh,
Mrs. Rekha Parekh and Mr. Rajeev Anjaria. AEL has commenced
manufacturing and export of forged components like flanges, pipe
fittings, shafts etc in FY11 (refers to the period April 1 to
March 31) which finds its application in the upstream and
downstream oil and gas industry, refineries, chemicals and petro
chemicals industry. However, till FY10, almost 100% of the total
operating income was derived through trading activities. The
company operates with its installed manufacturing capacity of 800
metric tonnes per annum (MTPA) of flanges and 500 MTPA of pipe
fittings as on March 31, 2011 from its sole manufacturing unit
located at GIDC, Vadodara.


AXIS BANK: Fitch Affirms Support Floor Rating at Low-B
------------------------------------------------------
Fitch Ratings has affirmed India-based Axis Bank Limited's Long-
Term (LT) Foreign Currency (FC) Issuer Default Rating (IDR) at
'BBB-' with a Stable Outlook.  The agency has also affirmed the
bank's other outstanding ratings.

The ratings affirmation reflects ABL's strong franchise (eighth-
largest bank in India), good asset quality (gross non-performing
loans for the first nine months of the financial year ending
March 2012 (9M12): 1.1%) and sound profitability (return on
assets: 1.6% in 9M12).  The bank has a leading position in
certain niches (e.g. debt syndication and underwriting) leading
to a high fee income.  While the high growth has negatively
impacted the bank's capitalization (compared with other large
private sector banks in India) and funding, they are likely to
improve with the expected moderation in loan growth.

The following ratings of ABL have been affirmed:

  -- LT FC IDR: 'BBB-'; Outlook Stable
  -- Short-Term FC IDR: 'F3'
  -- Viability Rating: 'bbb-'
  -- Support Rating: '3'
  -- Support Rating Floor: 'BB+'
  -- FC senior debt: 'BBB-'
  -- National Long-Term rating: 'Fitch AAA(ind)'; Outlook Stable
  -- INR57bn subordinated lower tier 2 debt programme: 'Fitch
     AAA(ind)'
  -- INR6.53bn subordinated upper tier 2 debt programme: 'Fitch
     AA+(ind)'
  -- INR2.14bn perpetual tier 1 debt programme: 'Fitch AA+(ind)'

In addition, ABL's following instrument ratings have been
affirmed and withdrawn as the previously envisaged debt issuances
did not take place:

  -- FC subordinated lower tier II: 'BB+'
  -- FC upper tier II bonds: 'BB-'

Fitch has also maintained ABL's FC perpetual tier 1 bonds, rated
at 'BB-', on Rating Watch Negative and simultaneously withdrawn
the rating.

Axis Bank is the third-largest private sector bank in India with
over 1,400 branches.


BIHAR FOUNDRY: CARE Assigns 'CARE BB' Rating to INR121.11cr Loan
----------------------------------------------------------------
CARE assigns 'CARE BB/CARE A4' ratings to the bank facilities of
Bihar Foundry & Castings Ltd.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term bank facilities      121.11     'CARE BB' Assigned
   Short-term bank facilities      10.00     'CARE A4' Assigned

Rating Rationale

The above ratings are constrained by the company's weak financial
profile marked by low profitability margins with cash losses
during FY11 and adverse capital structure, irregular supply of
power leading to low capacity utilization and customer
concentration risk. The ratings are also constrained due to,
highly leveraged project under implementation and its moderate
scale of operation with lack of backward integration vis--vis
volatility in raw material prices and inherent cyclicality of the
steel industry. The aforesaid ratings are however, underpinned by
experience of the promoters with long track record, strategic
location of the plant with proximity to source of primary raw
materials and achievement of financial closure for the ongoing
projects. BFCL's ability to complete the ongoing project
successfully & derive benefit therefrom and achieve envisaged
level of profitability will be the key rating sensitivities.

                         About Bihar Foundry

Bihar Foundry & Castings Ltd was incorporated in 1973 by Shri
Hari Kishan Budhia of Ranchi (Jharkhand), with an objective of
setting-up of an integrated steel plant. The company after
incorporation remained dormant for almost three years and
subsequently, in April 1976, it commenced commercial production
of ingots with capacity of 18,000 metric tonnes per annum (MTPA)
at Ramgarh, Jhrkhand. Over the years, the company had set up
various manufacturing facilities like TMT bars (25,000 MTPA),
Ingot (48,000 MTPA) and Ferro alloys (23,000 MTPA).

Currently, to achieve better operational efficiency, the company
is implementing a project for setting up capacities to produce
90,000 MTPA sponge iron (one kiln of 30,000 MTPA already
commenced operations from Oct.2011 onwards), 12 MW captive power
plant and expanding the capacity of its Ferro alloys plant to
37,250 MTPA to cater the growing domestic demand of alloy
steel. The aggregate project cost is INR124.3 crore, which is
being funded at a debt-equity ratio of 3:1.

BFCL achieved PAT (after defd tax) of INR4.0 crore (Rs.3.6 crore
in FY10) on a total income of INR162.8 crore (Rs.120.6 crore in
FY10) in FY11. However, during the aforesaid period, BFCL
suffered cash loss of INR5.9 crore (as against cash profit of
INR5.8 crore in FY10).


COASTAL OIL: Fitch Rates INR6,418-Mil. Bank Loan at 'BB-'
---------------------------------------------------------
Fitch Ratings has assigned India-based Coastal Oil and Gas
Infrastructure Private Ltd's INR6,418.50 million senior project
bank loans a 'Fitch BB-(ind)' rating.  The Outlook is Stable.

COGIL is a special purpose company set up by Abir Infrastructure
Private Ltd (ABPL) to construct, operate and maintain a crude oil
terminal, and to construct and maintain a product intermediary
tank farm facility on Nagarjuna Oil Corporation Ltd's premises
under a 20-year terminalling service agreement (TSA).  The
combined project cost is estimated at INR9,170.20m, for which
COGIL has undertaken a senior debt of INR6,418.50m.  The project
forms part of NOCL's 5.94 MMTPA petroleum refinery project at
Cuddalore, Tamil Nadu.  NOCL is part of Nagarjuna group, which
has a four-decade-long track record in the chemical and
fertiliser related business vertical.  It is co-promoted by Tata
Petrodyne, TIDCO, Cuddalore Port Company and Uhde, Germany.

The rating is constrained by NOCL's (the 100% off-taker
counterparty) vulnerability to downside scenarios in the highly
cyclical oil refining sector with increasing levels of refining
overcapacity in India.  While Fitch does not have a formal rating
on NOCL and given the lack of full information on NOCL, it has
performed broad stresses on the refinery's gross refining margins
to assess the impact on its profitability and arrived at a
conservative estimate of the refinery's credit profile.  Some
comfort is drawn from the fact that service payments to COGIL
form part of NOCL's operational expenses and hence fall senior to
its debt service in the cash flow waterfall.

Revenue risk is mitigated by the presence of a strong 'use-or-
pay' clause in the availability model with a pre-fixed stream of
monthly cash flows agreed in the TSA.  Also, favorable
termination payment clauses in the agreement cover the debt
outstanding at any time during the loan term.  Furthermore,
coverage metrics remain comfortable at a minimum debt service
coverage ratio of 1.42x in Fitch's base case.  Though a variable
interest rate (annual reset) is a risk, cash flows demonstrate
reasonable resilience even for adverse interest rate related
stresses.

The project benefits from the absence of deduction clauses for
any performance deficiency; however, its continuance beyond 90
days triggers an event of default and hence could result in
cancellation of the TSA.  Any increase in O&M expenses would
impact the coverage ratios, because of the fixed revenue nature;
although in Fitch's base case, there is a reasonable cushion to
absorb such sudden costs.

According to the Lender's Engineer, the project may be delayed
slightly from its revised commercial operation date of 30 June
2012, because of the recent cyclone that hit the area.  Also, any
further delays in commissioning of the refinery may postpone the
receipt of availability payments.  That being said, ABPL's
undertaking to meet debt service until the project becomes
operational partly mitigates this risk.


ESCORTS LTD: Inadequate Info Cues Fitch to Withdraw Ratings
-----------------------------------------------------------
Fitch Ratings has withdrawn India-based Escorts Limited's 'Fitch
BB(ind)nm' National Long-Term rating.

The ratings have been withdrawn due to lack of adequate
information, and Fitch will no longer provide ratings or
analytical coverage of Escorts.

Fitch migrated Escorts to the "Non-Monitored" category on
August 19, 2011.

Escort's bank loan ratings have also been withdrawn as follows:

  -- Term loans of INR1,639.4m: 'Fitch BB(ind)nm'; rating
     withdrawn

  -- Fund-based working capital limits of INR2,045m: 'Fitch
     BB(ind)nm'/'FitchA4+(ind)nm'; ratings withdrawn

  -- Non- fund-based working capital limits of INR1,085m: 'Fitch
     BB(ind)nm'/'Fitch A4+(ind)nm'; ratings withdrawn


GARG FURNACE: CARE Assigns 'CARE BB+' Rating to INR33.35cr Loan
---------------------------------------------------------------
CARE assigns 'CARE BB+' and 'CARE A4+' ratings to the bank
facilities of Garg Furnace Ltd.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities     33.35      CARE BB+ Assigned
   Short-term Bank Facilities    11.50      CARE A4+ Assigned

Rating Rationale

The ratings are constrained by the relatively moderate scale of
operations backed by low capacity utilization levels of GFL and
the low profitability profile of the company attributable to
limited backward integration. The ratings also take into account
the working-capital intensive nature of the operations,
geographically concentrated client base and the inherent
cyclicality of the steel industry.

However, the ratings derive strength from the experience of the
promoters in steel business, the diversified product portfolio
and moderate capital structure.

Going forward, GFL's ability to achieve the envisaged revenue and
profitability amid competition while managing the working-
capital requirements shall remain the key rating sensitivity

                        About Garg Furnace

Garg Furnace Ltd., originally promoted by Mr. Dharam Pal Garg and
Mr. Jagdish Chand Garg, was incorporated on Dec. 27, 1973 as a
private limited company which was subsequently converted into a
public limited company on February 25, 1976. Mr. Davinder Garg,
son of Mr. Jagdish Chandra Garg has been heading the company's
operations since 1988. At present, the company is engaged into
manufacturing of steel products i.e. ingots, rounds, wire rods,
castings etc. with a total capacity of 85,000 metric tonnes (MTs)
from its manufacturing facility situated at Ludhiana, Punjab.
Further, it has recently implemented a wire rod plant with a
production capacity of 2.67 tonnes per day (TPD).

Apart from this, the company is also engaged into trading of
textile products.


JAI SHIV: CARE Rates INR10.34cr Long-Term LOAN at 'CARE B+'
-----------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Jai Shiv
Suitings Pvt Ltd.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      10.34      CARE B+ Assigned

Rating Rationale

The rating of Jai Shiv Suitings Pvt. Ltd. is primarily
constrained by the modest scale of operations and below average
financial risk profile marked by thin profitability, leveraged
capital structure and weak liquidity indicators. The ratings are
further constrained by JSSPL's presence in the highly fragmented
and cyclical textile industry with limited presence in textile
value chain and susceptibility of operating margins to volatility
in raw material prices.

The above constraints are partially offset by the wide experience
of the promoters, established manufacturing facility and presence
in textile cluster of Bhilwara.

Improvement in the overall financial risk profile with increase
in scale operations and profitability are the key rating
sensitivities.

Jai Shiv Suitings Pvt Ltd. was incorporated in 1993 by Mr. Shanti
Lal Ajmera to undertake business of manufacturing and trading of
synthetic fabrics. However, the business operations started from
2002. Mr. Ajmera was earlier managing Ajmera Textile [BHL] Pvt.
Ltd. which was engaged in the manufacturing of grey fabrics.

The plant of JSSPL is situated at Bhilwara, Rajasthan with an
installed weaving capacity of 45.70 lakh meters per annum as on
March 31, 2011 for manufacturing of grey fabric mainly used in
suiting and shirting.


KAPICO KERALA: CARE Rates INR165cr Long-Term Loan at 'CARE BB+'
---------------------------------------------------------------
CARE assigns 'CARE BB+' rating to the long-term bank facilities
of Kapico Kerala Resorts Pvt Ltd.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      165.00     CARE BB+ Assigned

Rating Rationale

The rating primarily factors the delay faced by KKR in
implementation of the project involving establishment of a 5-star
category luxury resort & spa in Kerala. The rating also takes
note of the limited headroom available for KKR in accommodating
any further delay in implementing the project, the longer payback
period of the project and cyclical nature of the hospitality
industry.

The rating, however, takes comfort from the tie-up with the
Banyan Tree Group for managing the operations of the resort,
presence of resourceful promoters and having experienced board
and top management.

Ability of KKR to ensure completion of the project within the
cost estimates and revised time frame, timely infusion of the
equity/ other contribution by the promoters for funding the
project and to achieve the envisaged Occupancy Rate (OR) and
Average Room Rental (ARR) will be the key rating sensitivities.

                        About Kapico Kerala

KKR, incorporated in 2006, is jointly promoted by Mr. Pradeep
Handa (Vice-Chairman & Group CEO of the Kuwait based Kapico
Group), Ms Retna Easwaran (wife of Mr. Easwaran - Finance
Director) and Mr. Roy Mathew (Chairman of the Mini Muthoottu
Group, Kerala).

The company is currently engaged in setting a 5-Star category,
backwater and beach-based super luxury spa resort on a private
island near Alleppey, about 60 kilometres away from the Cochin
International Airport. The project would comprise 61 premium
villas situated along the periphery of the backwater based
independent island and 10 traditional luxury houseboats along
with other facilities.

The project is expected to be completed at an estimated total
cost of INR283 cr, to be funded through equity of INR118 cr and
term debt of INR165 cr. The resort and spa is expected to
commence commercial operations in June 2012 as against the
earlier estimated COD in June 2011.


KINGFISHER AIRLINES: Needs $40 Million to Avoid Cash Crunch
-----------------------------------------------------------
Dow Jones' DBR Small Cap reports that Kingfisher Airlines Ltd.
has made a fresh appeal to its lenders for additional loans of
INR2 billion ($40.59 million), less than a fourth of what it had
asked earlier, in another effort to solve its severe cash crunch
problem, a senior executive at one of the lending banks said.

Dow Jones said in a separate report says that the head of AerCap
Holdings NV said that it repossessed two planes from India's
Kingfisher Airlines Ltd., underscoring the challenges facing
aircraft leasing companies after the collapse of as many as a
dozen carriers so far this year.

                     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.


OSWIN WOOD: CARE Assigns 'CARE BB' Rating to INR3cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of Oswin Wood Panels Pvt Ltd.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      3.00       CARE BB Assigned
   Short-term Bank Facilities     2.69       CARE A4 Assigned
   Long/Short-term Bank           3.00       CARE BB/CARE A 4
   Facilities                                Assigned

Rating Rationale

The ratings takes into account OPPL's small size of operations,
susceptibility to the volatile raw material prices, the weak
financial profile characterized by high overall gearing, low
networth and low profitability margins. The ratings also factor
in highly competitive nature of the plywood industry with large
number of unorganized players and the working-capital intensive
nature of operations.

The ratings also factor in the vast experience of the promoters
in the timber and plywood industry, OPPL's operational track
record of over two decades and established relationship with the
timber suppliers.


Going forward, the ability of the company to grow its size of
operations by effective capacity utilization, sustain and further
improve its profitability amidst increased input cost due to
foreign currency fluctuation, rationalization of debt levels and
prudent working-capital management would be the key rating
sensitivities.

OPPL is a Chennai based company engaged in the business of
manufacturing plywood and doors. OPPL was established in the year
1989 by Mr. Rajkumar Tibrewala. OPPL started its operation with
manufacturing of plywood. Later during 2000, the company started
manufacturing moulded panel doors and flush doors. OPPL has an
installed capacity of 10000 cubic metre p.a. for Plywood and
55000 numbers for doors as on Sept. 30, 2011.

OPPL is the flagship company of the Oswin Group. The group is
promoted by Mr. Raj Kumar Tibrewala. The group has presence in
veneer, plywood, iron and steel and power.

During FY11 (refers to the period April 1 to March 31), OPPL has
registered a PAT of INR 0.61 crore on a total income of INR23.59
crore. Furthermore, during H1FY12, the company has registered a
Profit before tax of INR0.39 crore on a total income of INR11.78
crore on provisional basis.


P J EXPORTS: CARE Places 'CARE B' Rating on INR9cr LT Loan
----------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank
facilities of P J Exports.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       9.00      CARE B Assigned
   Short-term Bank Facilities      3.00      CARE A4 Assigned

The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of PJ Exports at present.
The rating may undergo a change in case of withdrawal of capital
or unsecured loans brought in by the partners in addition to
changes in the financial performance and other relevant factors.

Rating Rationale

The ratings of P J Exports is constrained by small scale of
operations, constitution as a partnership firm, withdrawal of
capital due to retirement of partners, low profitability margins,
high overall gearing, tight liquidity position and significant
revenues from the European market which is facing challenging
economic environment.

The ratings however derive strength from the experience of the
promoters in the home textiles business.  PJE's ability to scale
up operations and profitability in light of global economic
slowdown and ability of the partners to infuse capital remains
the key rating sensitivities.

P J Exports was formed in February 1990 by Mrs. Sulochana Todi
and later on Mrs Anamika Todi joined her as a partner in the
business. The firm manufactures Home furnishing textiles
including Bed sheets, pillow cover, curtains.


RATNAPRIYA IMPEX: CARE Assigns 'CARE BB-' Rating to INR2cr Loan
---------------------------------------------------------------
CARE assigns 'CARE BB- and CARE A4' ratings to the bank
facilities of Ratnapriya Impex Pvt. Ltd.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       2.0       'CARE BB-' Assigned
   Short-term Bank Facilities     10.0       'CARE A4' Assigned

Rating Rationale

The ratings of Ratnapriya Impex Pvt. Ltd. are constrained due to
its short track record of operation, low operating margin,
foreign exchange fluctuation risk and working capital intensive
nature of business. These factors far outweigh the benefits
derived from strong domestic demand of the traded products,
diversified product profile and experience of the promoters in
trading.

The ability of the company to improve its profitability on the
back of institutional selling along with its ability to capture
the market share in business of traded goods and manage working
capital effectively would be the key rating sensitivities.

RIPL was incorporated in July 2009 with the purpose of carrying
on trading business of various commodities like edible oils,
oilseeds, melting scrap, etc. The company commenced its operation
from June 2010. The business of the company largely depends on
trade opportunities in edible oil and heavy melting scrap, which
are mainly imported from various countries like Dubai, Singapore,
West African countries etc.

In FY11 (July 1, 2010 to March 31, 2011), RIPL reported a PBILDT
of INR0.6 crores and a PAT (after deferred tax) of INR0.4 crores
on a total operating income of INR56.6 crores.


R.P. POLY: CARE Places 'CARE BB+ (SO)' Rating on INR9.5cr Loan
--------------------------------------------------------------
CARE assigns 'CARE BB+' and 'CARE A4+' ratings to the bank
facilities of R.P. Poly Packs Pvt Ltd.

                                  Amount
   Facilities                  (INR crore)  Ratings
   -----------                 -----------  -------
   Long-term Bank Facilities      9.50     CARE BB+ (SO) Assigned
   Short-term Bank Facilities     5.03     CARE A4+ (SO) Assigned

Rating Rationale

The rating for the above facilities is primarily based on credit
enhancement in the form of an unconditional and irrevocable
corporate guarantee provided by RPEOL (rated 'CARE BB+' for its
long-term bank facilities).

The rating of RPEOL take into account small scale of operations
of the company, weak financial profile and susceptibility to
fluctuation in crude palm and edible oil prices along with
currency fluctuation risk. The ratings are also constrained by
inherent risks associated with the edible oil industry like the
fragmented industry structure and frequent changes in the
government policies. The ratings, however, favorably take into
account the long experience of the promoters of RPEOL in the
edible oil industry, low working-capital utilization levels,
comfortable gearing ratio and favorable outlook for the edible
oil industry.

Augmenting the scale of operations and maintaining profitability
margins while procuring raw material at competitive prices will
be the key rating sensitivities.

                       About R. P. Poly Packs

R. P. Poly Packs Private Limited, earlier known as Bhavesh Sales
Pvt Ltd has been promoted by Mr. K.C Agarwal, Mr. Rakesh Agarwal
and Mr. Ajay Agarwal (Also current directors of the group
company RPEOL) in FY07 (refers to the period April 1 to March
31). The company has set up a manufacturing unit of tarpaulin
sheets in Kanpur and started commercial production from October
2011 and has achieved sales of INR5.23 crore till January 2012
(during 4-months operation in FY12).

The company is engaged in manufacturing of tarpaulin sheets with
an installed capacity of 4760 tonnes per annum (TPA). The product
finds application in packaging and agricultural sector. It is
also widely used in water proofing and construction, transport
industry and temporary shelters.

Kanpur is a major whole sale market for tarpaulin in northern
India. HDPE/PP granules are the main raw materials which are
sourced from Reliance industries, Indian Oil Corporation, GAIL
and Haldia Petrochemicals Ltd on credit terms of 2-3 days to
avail of cash discount. The sales of the company are restricted
to the local buyers of Kanpur.

                    About the Guarantor (RPEOL)

RPEOL was initially incorporated as a private limited company
under the name Shri Om Tanker Services P Ld in 1996 by the Gupta
family, whose share was later bought by the Agrawal family and
converted into a closely-held Public Ltd. Co. in FY03 under the
supervision of current directors namely, namely Mr. B.M Agarwal,
Mr. K. C Agarwal, Mr. Rakesh Agarwal and Mr. Ajay Agarwal. The
company is engaged in refining of edible oils (palm oil and rice
bran oil) and manufacturing of vanaspati ghee. The company, as on
September 30, 2011 has an installed capacity of 60000 tonnes
per annum (TPA) and 27000 TPA for edible oil and vanaspati ghee
processing respectively.


RUPA INFOTECH: Inadequate Info Cues Fitch to Migrate Rating
-----------------------------------------------------------
Fitch Ratings has migrated India-based Rupa Infotech &
Infrastructure Pvt Ltd's National Long-Term 'Fitch B+(ind)'
rating with a Stable Outlook to the non-monitored category.  This
rating will now appear as 'Fitch B+(ind)nm' on the agency's
website.  The rating of RIIP's INR750m term loan has also been
migrated to 'Fitch B+(ind)nm' from 'Fitch B+(ind)'.

The ratings have been migrated to the non-monitored category due
to lack of adequate information, and Fitch will no longer provide
ratings or analytical coverage of RIIP.  The ratings will remain
in the non-monitored category for a period of six months and be
withdrawn at the end of that period.  However, in the event the
issuer starts furnishing information during this six-month
period, the ratings could be reinstated and will be communicated
through a "rating action commentary".


SHREE BALAJEE: CARE Assigns 'CARE BB' Rating to INR38.5cr Loan
--------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' rating to the bank
facilities of Shree Balajee Landmark Hotels Pvt Ltd.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       38.50     CARE BB Assigned
   Short-term Bank Facilities       1.00     CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Shree Balajee
Landmark Hotels Pvt Ltd (SBHPL) are constrained on account of
large-sized debt funded expansion project and modest scale of
operations in the cyclical and competitive hotel industry. The
ratings however draw strength from SBHPL's tieup with ITC Welcome
group imparting brand recognition and superior management
expertise, the promoter's extensive experience in the hotel
management industry and moderate financial risk profile marked by
moderate solvency position and debt coverage indicators.

Ability of SBHPL to complete the ongoing expansion project
without any time and cost overrun and subsequent increase in
scale of operations are the key rating sensitivities.

                       About Shree Balajee

Shree Balajee Landmark Hotels Pvt Ltd was incorporated in 2003 by
the Galani Group which was promoted by Mr. Kamal Galani and
Mr. Suresh Galani at Dubai. The group has its presence in various
businesses such as trading of electronic goods, garments, real
estate and software development. The group started its operations
in India in the year 1998 by venturing into the business of
hospitality management. Presently, the Galani Group has three
companies having three different hotel properties at Ahmedabad
and Indore: West Inn Limited, Rising Hotel Limited and Shree
Balajee Landmark Hotels Pvt Ltd.

Presently, the hotel property has 87 rooms which include 44
standard rooms, 12 NFC rooms, 13 FC rooms, six executive suits,
seven DFC suits, three petit suits, one deluxe and one
presidential suit.

The hotel has four restaurants which can accommodate more than
175 people. SBHPL has undertaken expansion project to add 81 new
rooms in the existing property. The estimated cost of the project
is INR45.00 crore envisaged to be funded through term debt of
INR35.00 crore and balance through infusion of unsecured loans
and internal accruals.


SHRI SHYAM: CARE Rates INR32cr Long-Term Loan at 'CARE BB-'
-----------------------------------------------------------
CARE assigns 'CARE BB-' rating to the bank facilities of Shri
Shyam Warehousing and Power Pvt. Ltd.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       32.0      'CARE BB -' Assigned

Rating Rationale

The ratings of Shri Shyam Warehousing and Power Pvt. Ltd. is
constrained by the post implementation risk associated with
recently completed biomass based power project due to high
dependence on open access market in the absence of any power off-
take arrangement and this being the first venture of promoters in
the field. The rating is also constrained by the risk related to
the family managed business & small scale of existing operation
and exposure to the vagaries of nature since primary raw
material- rice husk is an agro-based commodity. These factors far
outweigh its strategic plant location with proximity to raw
material sources & high voltage substations and synergy with the
other group business.

The ability of the power plant to achieve operational parameters
as envisaged and regular availability of fuel (rice husk) would
be the key rating sensitivities going forward.

SSWPPL, incorporated in October 2002, was promoted by one Agrawal
family of Chhattisgarh as Shri Shyam Warehousing & Construction
Pvt. Ltd. to operate warehousing and construction business. In
April 2004, SSWCPL was rechristened as SSWPPL. As of now it has
aggregate storage area of about 87,000 square feet. Since
inception, the rental income from warehousing business was the
singular source of revenue for the company.

However, in a bid to diversify the revenue stream and capitalize
on the easy availability of rice husk (process waste from the
existing rice mills of the promoters) SSWPPL decided to venture
into biomass based power generation business. Accordingly, the
company has recently (November 2011) completed implementation of
a 10 MW rice husk based power plant at Banari in the Janjgir
district of Chhattisgarh. At present the power plant is going
through final trial run and expected to be operational by
February 2012. The company has plans to sell the entire power
generation from its plant (after meeting the auxiliary
consumption) through open access system.


SLS TUBES: CARE Assigns 'CARE BB' Rating to INR56.74cr LT Loan
--------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of SLS Tubes Pvt Ltd.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       56.74     CARE BB Assigned
   Short-term Bank Facilities       8.26     CARE A4 Assigned
   Long/Short-term Bank             5.00     CARE BB/CARE A4
    Facilities                                Assigned

Rating Rationale

The ratings are primarily constrained by the short track of
manufacturing operations of SLS Tubes Private Limited (SLS) with
major focus on trading income, project execution risk associated
with expansion project and likely deterioration in financial risk
profile on account of debt-funded capex.

The ratings are further constrained by working capital intensive
nature of operations and susceptibility of profit margins to
fluctuation in raw material prices. The ratings, however, draw
strength from experienced promoters in the steel industry and
stable outlook of user industries.

SLS's ability to increase scale of operations while sustaining
profitability margins in light of fluctuating raw material price
and execution of project within the envisaged cost parameters and
consequent stabilization of operations would be the key rating
sensitivities.

SLS was promoted and incorporated by Mr. Shantilal Sanghvi and
his son Mr. Mahesh Sanghvi in September 2007. Initially it was
engaged in trading of stainless steel products. During October
2009, SLS has established a unit for manufacturing of seamless
and welded pipes and tubes made from stainless steel (SS), carbon
steel (CS), titanium and other alloys. The plant is located at
Chhatral Industrial Area, Gandhinagar and has an installed
capacity of 6,000 Metric Tonnes Per Annum (MTPA) as on March 31,
2011.


SRM HOTELS: CARE Rates INR86.06cr Loan at 'CARE BB'
---------------------------------------------------
CARE assigns 'CARE BB' ratings to the bank facilities of SRM
Hotels Pvt Ltd.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      86.06      'CARE BB' Assigned

Rating Rationale

The rating is primarily constrained by the delay faced by SHPL in
implementing a project involving establishment of five-star
category hotel in Chennai and the consequent rephasement of term
loans repayments. The rating also takes note of SHPL's small size
of operations in relation to the project size (which has seen an
upward revision) that is expected to be largely debt-funded,
limited headroom available for SHPL in accommodating any further
delay in project implementation, absence of collaboration with
any of the reputed operators to manage the project and cyclical
nature of the hospitality industry.

The rating, however, takes comfort from the promoter's experience
in the hospitality industry, location advantage of SHPL's two
operational hotel properties in Chennai and Trichy and synergies
arising from being part of the SRM Group.

Ability of SHPL to ensure completion of the project within the
revised cost and time frame, timely infusion of the equity/ other
contribution by the promoters for funding the project and to
achieve the envisaged Occupancy Rate (OR) and Average Room Rental
(ARR) will be critical in determining the company's financial
prospects. In addition, the company's ability to improve and
sustain its profitability at reasonable levels, so as to avoid
the risk of the largely debt-funded capex from affecting its risk
profile are the key rating sensitivities.

                         About SRM Hotels

SRM Hotels Private Ltd, incorporated in 1994 is promoted by
Mr. T.R.Pachamuthu and belongs to the SRM group based in Chennai.
The group has diversified interests in educational institutions,
transport services, engineering & construction, hotels and media.
SHPL primarily owns and operates two budget category hotels
(three star) in the name of SRM Hotels (erstwhile Royal Southern
Hotels) situated at Maraimalai Nagar, Chennai and Trichy with an
aggregate capacity of 159 rooms as at the end of March 2011. In
addition to the room inventory both these hotels are equipped
with food & beverage outlets, banquet & conference halls and
other facilities. The company is currently developing a hotel
property under five-star category with a proposed room inventory
of 162 rooms at Guindy, Chennai. Both the operational hotels and
the hotel under construction are strategically located in terms
of proximity to airport and commercial/industrial areas.


STARWIRE (INDIA): CARE Rates INR43.44cr LT Loan at 'CARE BB-'
-------------------------------------------------------------
CARE assigns 'CARE BB-' rating to the bank facilities of Starwire
(India) Vidyut Pvt Ltd.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      43.44      CARE BB- Assigned

Rating Rationale

The rating is constrained by lack of experience of the promoters
in implementing and operating biomass power project, seasonal
availability of biomass fuel, pending execution of Power Purchase
Agreement (PPA) and inherent project implementation risks. The
rating however draw comfort from the project achieving financial
closure, award of EPC contract, order of requisite machinery
and obtaining power evacuation approval.

Going forward, ability of the company to timely execute the
project without any cost overrun, successfully signing the final
PPA and to operate at the desired generation levels shall be the
key rating sensitivities.

Starwire (India) Vidyut Pvt Ltd is undertaking a Greenfield
project of installing 9.9 MW biomass based power plant in village
Khurawata of Mahendargarh District in Haryana awarded by
Haryana Renewable Energy Development Agency.  The purpose of the
project is to utilize biomass fuel (Mustard crop residue, Julia
Flora etc.) which is an agriculture waste, to generate
electricity.


STATIONERY POINT: Fitch Places Rating on Two Bank Loans at Low-B
----------------------------------------------------------------
Fitch Ratings has assigned Stationery Point India Limited a
National Long-Term rating of 'Fitch BB(ind)' with Stable Outlook.

The ratings reflect SPIL's near-full utilization (around 95%) of
its working capital facilities during September 2011-January 2012
due to its high working capital requirements as the company is
offered a limited credit period from its suppliers.  The ratings
also reflect the INR629.5m corporate guarantee extended by SPIL
to its group companies, namely Shivani Flexipack and S.K.
Agrotech.

The ratings are constrained by SPIL's small scale of operations
that offers limited bargaining power with suppliers and volatile
operating margins due to intense competition and unstable raw
material prices (mainly polyester, polyethylene and
polypropylene). The latter accounts for around 41% of cost of
goods sold. However, revenues have grown significantly at a CAGR
of 42.6% over the last three years to INR2,327m in FY11
(financial year ending September), with EBIDTA margins increasing
to 14.2% (FY08: 8.8%). This was because the company launched high
value-added products in its flexible packaging segment in FY11.

SPIL's ratings also reflect the more than a decade-long
experience of its founders in the domestic packaging industry and
its strong established relationship with its clients.

Negative rating guidelines include higher-than-expected working
capital requirements and total adjusted net debt/EBITDA exceeding
5.0x on a sustained basis.  Positive rating guidelines include a
consistent demonstration of improved working capital management
and a total adjusted net debt/EBITDAR of below 3.5x on a
sustained basis.

Incorporated in 1999, SPIL manufactures flexible packaging
products (86% of FY11 total revenues), paper products and wire
products at a capacity of 10,600 TPA, 2,000 TPA and 1,125 TPA,
respectively, at Kaledhon, District Satara.  For FY11, the
company's total debt stood at INR1,375m, which included the
corporate guarantees to group companies, and financial leverage
(total adjusted net debt/EBITDA) was 4.2x.

Fitch has also assigned ratings to SPIL's bank loans as follows:

  -- INR450m working capital cash credit limits: assigned 'Fitch
     BB(ind)'
  -- INR140.8m O/S term loans as on September 2011: assigned
     'Fitch BB(ind)'
  -- INR29.5m non-fund based working capital limits: assigned
     'Fitch A4+(ind)'


UNIVERSAL INFRA: CARE Rates INR25cr Long-Term Loan at 'CARE BB'
---------------------------------------------------------------
CARE assigns 'CARE BB' rating to the bank facilities of Universal
Infra & Agri Oils Pvt. Ltd.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term bank facilities        25.0     CARE BB Assigned

Rating Rationale

UIAOPL's rating is mainly constrained due to short track record
of operations in rice bran oil segment, which is exposed to the
risks emanating from low level of awareness amongst the consumer
fraternity on account of the industry being in initial phase of
product life cycle. Also large number of substitute products, low
margins inherent in the edible oil industry owing to high degree
of competition resulting from its fragmented nature, subjectivity
to vagaries of nature being an agri based commodity, geographical
concentration, high working capital intensity, post
implementation project risk and paradigm shift to relatively new
line of business further constrain the rating. The rating,
however, draws support from experience of the promoters,
proximity to raw material sources and markets, gradual continuous
increase in demand of edible oils on the back of growing domestic
consumption and expected fillip in acceptability of the product
by the masses in view of existing brand name.

Ability of the company to achieve the projected capacity
utilisation, successfully launch its brand and garner market
share and to enhance scale of operation while sustaining
profitability shall remain the key rating sensitivities.

                        About Universal Infra

Universal Infra & Agri Oils Pvt. Ltd., promoted in the year 1994
by Gupta family of Bhubaneshwar, is engaged in production of
edible refined rice bran oil (RBO) with installed capacity of
90,000 tonnes per annum (TPA) & 36,000 TPA for solvent extraction
& refinery unit respectively.

Initially engaged in manufacturing Aluminum Stranded conductors,
the company lateron discontinued the same and set up the rice
bran oil production unit which commenced operation in end-
December, 2010. Although the major portion of produce is
currently being sold unbranded, the company plans to market the
same under Rishta brand, owned by group a company operating in
the same region.

Shri Subhash Chandra Gupta and Shri Harsh Mohan Gupta (s/o Shri
Subhash Chandra Gupta) are the directors of the company with Shri
Harsh Mohan Gupta, possessing around 10 years of experience,
looks after the day to day business of the company.


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


AIJ INVESTMENT: Loses JPY200-Bil. in Funds; Told to Halt Business
-----------------------------------------------------------------
Bloomberg News reports that the Financial Services Agency on
Friday ordered AIJ Investment Advisors Co. to halt its business
after finding the asset manager's clients funds of about
JPY183.2 billion (US$2.3 billion) may be "adversely affected" and
started a probe into the 263 asset managers operating in Japan.

"We've ordered AIJ to halt business for a month in order to
safeguard investors, as it appears client assets have been
adversely affected," Bloomberg quotes Financial Services Minister
Shozaburo Jimi as saying at a briefing in Tokyo.  The regulator
is still investigating the firm and can't comment on losses.  The
regulator said suspension lasts from today until March 23,
Bloomberg relates.

According to Bloomberg, the Nikkei newspaper reported that AIJ
may have lost most of the JPY200 billion (US$2.5 billion) it
manages for companies' pension plans.  Regulators have been
investigating AIJ since the end of January and are unable to
explain where some money went, the Nikkei reported.

Tokyo-based asset-management firm AIJ, led by Kazuhiko Asakawa,
was established in April 1989, and had 120 clients including
pension plans with JPY183.2 billion in assets as of the end of
2010.  It has 12 employees.


CSC SERIES 1: Fitch Cuts Rating on Three Bond Class to 'Dsf'
------------------------------------------------------------
Fitch Ratings has downgraded the class C-2 through F-3 of CSC
Series 1 GK's bonds due November 2012 and affirmed the remaining
three classes.  The transaction is a Japanese multi-borrower type
CMBS securitisation.  The details of the rating actions are as
follows:

  -- JPY1.1bn* Class B-2 bonds affirmed at 'CCCsf'; Recovery
     Estimate 100%
  -- JPY0.9bn* Class B-3 bonds affirmed at 'CCCsf'; Recovery
     Estimate 100%
  -- JPY3.2bn* Class C-2 bonds downgraded to 'CCsf' from 'CCCsf';
     Recovery Estimate 60%
  -- JPY3.2bn* Class D-2 bonds downgraded to 'Csf' from 'CCsf';
     Recovery Estimate 0%
  -- JPY0.4bn* Class E-2 bonds downgraded to 'Dsf' from 'CCsf';
     Recovery Estimate 0%
  -- JPY0.3bn* Class E-3 bonds downgraded to 'Dsf' from 'CCsf';
     Recovery Estimate 0%
  -- JPY0* Class F-3 bonds downgraded to 'Dsf' from 'CCsf'
  -- JPY0* Class G-3 bonds affirmed at 'Dsf'

*as of February 21, 2012

The class A-2 and A-3 bonds were redeemed in full in November
2011.

The downgrades of the class E-2 to F-3 bonds to 'Dsf' reflect the
write-down of their principal on the February 2012 payment date,
after workout activity of one defaulted loan resulted in partial
recovery.  The class G-3 bonds were downgraded to 'Dsf' in March
2011 and have been written down to zero at the latest payment
date.  The Recovery Estimate of the class F-3 and G-3 bonds will
no longer be calculated as the principal has been written down to
zero.

The downgrades of the class C-2 and D-2 bonds reflect Fitch's
view of the increased possibility of principal loss on these
bonds.  One underlying loan that defaulted in November 2009
remains in the transaction.  The servicer implemented workout
activity through property sales and four properties backing this
loan have been sold since the previous rating action in May 2011.
To complete their workout by legal final maturity in November
2012, the servicer has reduced minimum sales values for the
remaining three properties frequently.  As a result, Fitch
believes that these bonds are not likely to be redeemed in full.

The affirmations of the class B-2 and B-3 bonds at 'CCCsf'
reflect Fitch's view that although full repayment of the
principal on these bonds is expected, interest deferral on these
bonds may occur and not be resolved by legal final maturity,
depending on the timing of sales for the remaining three
properties.  Interest deferral may occur if the payment of
special servicing fee following the property sales is large. The
special servicing fee relating to the sales of the collateral
properties is being deducted from the fund that pays the interest
on the bonds, rather than from the account of received principal
proceeds of the underlying loan.  As a result, the deduction may
lead to an interest shortfall.  Fitch will closely monitor the
possibility of occurrence of interest deferral on these bonds.

At closing in December 2006, the bonds were backed by loans
extended to six borrowers, and secured by 72 commercial real
estate properties in Japan.  The transaction is now backed by one
defaulted loan backed by three properties and sales proceeds from
one sold property.


GALAXY EXPORTS: Fitch Assigns 'B(ind) National Long Term Rating
---------------------------------------------------------------
Fitch Ratings has assigned India's Galaxy Exports Private Limited
a National Long-Term rating of 'Fitch B(ind)'.  The Outlook is
Stable.

The ratings are constrained Galaxy's small scale of operations,
weak credit profile and lack of any raw material linkages.  For
the financial year ended March 2011 (FY11), the company reported
revenues of only INR225m and high net financial leverage of 8.3x.

The ratings, however, benefit from the comfortable liquidity
position of Galaxy as illustrated by its only around 78.0%
utilization of the working capital limits on an average (on
closing balance) in the last six months (ending December 2011).

Positive rating guidelines include a sustained improvement in
Galaxy's net debt/EBITDA to below 5.0x.  Conversely, net
debt/EBITDA exceeding 7.0x on a sustained basis may result in
negative rating action.

Incorporated in 1992, Galaxy manufactures MS ingots at its 28,500
MTPA facility in Chandil, Jharkhand. The company has a registered
office in Kolkata.

Fitch has also assigned ratings to Galaxy's bank loans, as
follows:

  -- INR65m fund-based limits: assigned 'Fitch B(ind)'
  -- INR28.3m term loan (outstanding as on 31 December 2011):
     assigned 'Fitch B(ind)'


J-CORE12 TRUST: Fitch Lowers Rating on JPY1.23BB Notes to 'Csf'
---------------------------------------------------------------
Fitch Ratings has downgraded J-CORE12 Trust's class E trust
beneficiary interests (TBIs) due February 2014, and revised the
Outlook on class D TBIs to Stable from Negative.  The transaction
is a Japanese multi-borrower type CMBS securitisation.

  -- JPY0.2bn* Class C TBIs affirmed at 'Asf'; Outlook Stable
  -- JPY1.78bn* Class D TBIs affirmed at 'BBsf'; Outlook revised
     to Stable from Negative
  -- JPY1.23bn* Class E TBIs downgraded to 'Csf' from 'CCsf';
     Recovery Estimate 25%

*as of February 22, 2012

The Class A and B TBIs were fully redeemed at the payment date in
February 2012.

The downgrade of class E reflects Fitch's view that this class is
unlikely to be redeemed in full given the available funds in the
transaction.

The affirmations of class C and D TBIs are based on Fitch's
expectation that available funds are sufficient to redeem these
classes in full.  The Outlook change on class D TBIs reflects
this and the fact the transaction is now mostly backed by cash.
Previously, the Negative Outlook on class D TBIs reflected the
sensitivity of this class to any additional significant downward
revision in recovery prospects from the collateral properties.
There are now no more collateral properties underlying the
transaction.

In its analysis, the agency also has taken into account a nominal
principal reduction event as defined in the transaction
documents.  Fitch notes that while this means the principal
amount used to calculate dividends may be less than the current
balance of each of the TBIs, the available funds in the
transaction are sufficient to pay even the dividend amounts that
would be due without the event, in addition to principal
repayment of the class C and D TBIs.  Fitch has also taken into
consideration that a reduction of the dividends, if any, would
not be attributed to insufficient funds and would not constitute
a breach of any contractual obligations on these classes.

The TBIs were issued in May 2007 and the transaction was
initially collateralised by three loans and one TMK bond,
ultimately backed by 47 commercial real estate properties.  The
transaction is now backed by cash in the trust and one defaulted
loan with no collateral properties.  Once the final recovery is
determined by the servicer with respect to the defaulted loan,
the transaction will be terminated.


JLOC 41: Fitch Lowers Rating on Class D-2 Notes to 'Dsf'
--------------------------------------------------------
Fitch Ratings has downgraded JLOC 41, LLC's class D-2 notes due
February 2015 to 'Dsf' and affirmed the remaining three notes at
'Dsf'.  The transaction is a Japanese multi-borrower type CMBS
securitisation. The rating actions are as follows:

  -- JPY0* Class C-3 affirmed at 'Dsf'
  -- JPY0* Class D-1 affirmed at 'Dsf'
  -- JPY9m* Class D-2 downgraded to 'Dsf' from 'Csf'; Recovery
     Estimate 0%
  -- JPY0* Class D-3 affirmed at 'Dsf'

*as of February 22, 2012

The downgrade of the class D-2 notes to 'Dsf' reflects the
writedown of the principal on the February 2012 payment date.
The principal was written down after the servicer in December
2011 determined the provisional unrecoverable amount of a
defaulted loan following the sale of all underlying properties.
The servicer will determine the final unrecoverable amount after
the loan borrower has been dissolved.

Fitch expects the transaction will be terminated within the next
six months and does not expect Recovery Estimate on the class D-2
notes to be revised.

The ratings will be withdrawn within 11 months of the last
defaulted rated tranche.

At closing in June 2008, the notes were ultimately secured by
three underlying loans collateralised by 31 properties.  After
all the underlying loans defaulted, workouts have been
effectively completed to date and no properties remain in the
transaction.


SIGNUM VANGUARD: S&P Gives 'B+' Ratings on 2 Series of Notes
------------------------------------------------------------
Standard & Poor's Ratings Services kept its ratings on Signum
Vanguard Ltd.'s series 2010-7 and 2011-2 secured fixed rate notes
on CreditWatch but changed the implications to negative from
developing. "We had placed the ratings on both transactions on
CreditWatch developing on May 31, 2011," S&P said.

The rating actions follow changes to the CreditWatch status of
the issuer credit rating on the reference entity of the
transactions' single-name credit default swaps (CDS).

              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 Kept On Creditwatch, Implications Changed To Negative
Signum Vanguard Ltd.
Series 2010-7 secured fixed rate note due 2020
To                 From               Issue amount
B+/Watch Neg       B+/Watch Dev       JPY5.0 bil.

Series 2011-2 secured fixed rate note due 2021
To                 From               Issue amount
B+/Watch Neg       B+/Watch Dev       JPY5.0 bil.


===============
M O N G O L I A
===============


KHAN BANK: Fitch Affirms Issuer Default Rating at 'B'
-----------------------------------------------------
Fitch Ratings has revised Mongolia-based Khan Bank LLC's Outlook
to Stable from Positive. Its ratings, including Long-Term Foreign
and Local Currency Issuer Default Ratings (IDR) of 'B' and
Viability Rating (VR) of 'b', have been affirmed.

The Outlook change has taken into account the bank's ongoing
rapid loan growth and its potential to moderate improvement in
the bank's capitalization, in light of the challenging market
from internal capital generation.  Although additional equity
raising is expected in 2012, Fitch believes it could be exhausted
by strong loan growth.  Stronger and sustainable capitalization
both in terms of quantity and quality, which was previously
indicated as essential for an upgrade, is therefore less likely
to be achieved in the near term.  That said, the bank is unlikely
to allow excessive loan growth without improving capitalization,
which mitigates the possibility for any downgrades.  Hence, the
Outlook is Stable.

As the largest bank in the Mongolian banking system, Fitch
expects Khan Bank would be the domestic bank most likely to
receive state support in case of need.  However, despite Fitch's
expectation of the sovereign's high propensity to support, the
Mongolian government's financial capability to provide timely
support to the banking system remains limited as underlined by
its IDRs of 'B+'.

Khan Bank's VR -- which currently drives its IDRs -- reflects its
continued liquidity and funding strengths relative to similarly
rated banks.  This is supported by its leading domestic
franchise, despite intensifying competition for funding in
Mongolia's banking sector, which could potentially be influenced
by a volatile economic and operating environment.

Fitch expects competition for high quality new lending and
funding to squeeze the bank's net interest margin (NIM), although
Fitch notes that at 7.8% it compares well with similarly rated
banks and local peers.  Given the agency's forecast for slower
economic growth in 2012 and ahead, Fitch believes there is higher
risk of loan quality weakening and an increase in loan loss
charges (LLCs) in the medium term, albeit manageable.

Khan Bank's loan balance grew 76% yoy in 2011. Although loan
growth is likely to slow in 2012 as the bank seeks to reduce
pressure on capital and liquidity, Fitch expects it to remain in
strong double-digits.  This is based on the country's mining
investment prospects and infrastructure needs.  Based on Fitch's
central scenario, Khan Bank's total regulatory capital ratio is
unlikely to improve significantly from the current level, even if
annual loan growth is limited at 30% and there is additional
capital raising.  This is based on assumptions that NIM declines
and LLCs increase from current levels (NIM: 7.8%, LLC/total
loans: 0.2% in 2011).  Tier 1/core capital ratio was 10.8% while
total capital adequacy ratio was 15.4% in 2011.

Despite strong loan growth, the bank maintained its loan to
deposit ratio at 81%, which is conservative compared with other
banks in 'B' category.  Deposit funding structure remains a
strength for the bank, although Fitch notes some deposit
concentration.  Although the rapid loan growth is pressuring the
bank's liquidity, liabilities are comfortably covered by liquid
assets.

Khan Bank is Mongolia's largest bank with 24.8% and 26.6% market
share in lending and deposits respectively in 2011.  It is
majority-owned by Japan's Sawada Holdings Co Ltd and its group
company.  The bank's main businesses are SME, consumer and
corporate lending.

Khan Bank's ratings

  -- Long-Term Foreign and Local Currency IDRs affirmed at 'B';
     Outlook revised to Stable from Positive.
  -- Short-Term Foreign Currency IDR affirmed at 'B'
  -- Viability Rating affirmed at 'b'
  -- Support Rating affirmed at '4'
  -- Support Rating Floor affirmed at 'B'


XACBANK LLC: Fitch Affirms Issuer Default Rating at Low-B
---------------------------------------------------------
Fitch Ratings has affirmed Mongolia-based XacBank LLC's Long-Term
Foreign and Local Currency Issuer Default Ratings (IDRs) at 'B'
with Stable Outlooks.

XacBank's ratings reflect its adequate capitalization and overall
ability to absorb unexpected losses following new capital-raising
during 2011, as well as sound asset quality. However, Mongolia's
volatile operating environment, strong growth (which requires
regular external capital raising), as well as heavy dependence on
non-deposit funding remain constraints for its ratings.

Fitch sees the bank's capitalization as not sustainable at the
high levels recorded at end 2011, given expectations of
continuing high loan growth and weaker outlook for profitability
and internal capital generation.  Without additional new equity
the bank's capitalization could fall to nearly 12% (minimum
regulatory requirement in Mongolia), should 2011 loan growth be
repeated in 2012 and net interest margin fall by a further 100bp-
150bp.  The bank raised MNT24.9bn of common equity and USD15m
subordinated debt in November 2011, which elevated its Tier 1 and
total regulatory capital ratios to 14.1% and 20.2%, respectively,
at end 2011 (from 10.1% and 13.86% in 2010).

Dependence on non-deposit funding exposes the bank to potential
refinancing risk, although the institutions providing XacBank
funding are mainly development funds not seeking for high returns
and their funds may be more stable than regular market funding.
The current rapid loan growth could also pressure the bank's
funding ability, although Fitch would expect growth to be managed
taking into consideration any funding limitations.  About half of
XacBank's funding comprises borrowings from foreign micro finance
funds and international development banks as well as local banks
and the Mongolian government's development funds.

Excessive loan growth without improving capitalization and having
suitable funding in place may lead to negative rating action. In
light of local market volatility, any upgrades in the near term
are unlikely unless the bank achieves higher levels of capital in
a consistent manner amid the high loan growth and/or materially
reduces its dependency on non-deposit funding.

Fitch believes that the Mongolian government would consider
XacBank as important since it is the fourth-largest bank in the
system with 9% market shares both in deposit and lending.  This
might indicate a high propensity for sovereign support in case of
need.  However, the government's limited ability to provide full
and timely support to all banks in case of systemic stress
remains, leading Fitch to affirm XacBank's Support Rating and
Support Rating Floor at '5' and 'B-' respectively.  The Mongolian
sovereign's Long-term IDRs were affirmed at 'B+' on 22 November
2011.

XacBank's loan balance grew 66% yoy in 2011, against a backdrop
of domestic economic boom.  Loan growth and low loan loss charges
(56bp of total loans) helped keep the bank's profitability flat
(return on assets: 1.9%), despite a fall in net interest margin
(7.8% down from 8.6% in 2010).  Shrinking margin was due to
intensifying competition over new lending and an increase in
funding costs.

XacBank's ratings:

  -- Long-Term Foreign and Local Currency IDR affirmed at 'B';
     Outlook Stable
  -- Short-Term Foreign Currency IDR affirmed at 'B'
  -- Viability Rating affirmed at 'b'
  -- Support Rating affirmed at '5'
  -- Support Rating Floor affirmed at 'B-'


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


LOMBARD FINANCE: Four Execs Found Guilty of Misleading Investors
----------------------------------------------------------------
Matt Nippert and Colin Williscroft at The National Business
Review report that four people facing trial over the collapse of
Lombard Finance have been found guilty of Securities Act charges
in the High Court in Wellington.

According to NBR, those former Lombard directors charged included
two former justice ministers Sir Douglas Graham and Bill
Jeffries, along with former press officer to the Queen Lawrie
Bryant.  Former Lombard chief executive Michael Reeves was also
charged.

All four had pleaded not guilty to five Securities Act charges,
the report notes.

Justice Robert Dobson heard the case alone and presided over a
trial that began in October and only wrapped up earlier this
month, the report relays.

NBR relates that Justice Dobson indicated that he will consider
community-based sentences and financial penalties.

Justice Dobson said the charges proven were a material step away
from the seriousness requires for a custodial sentence.

Sentencing has been set down for March 29, the report notes.

In 2010, the Securities Commission, now known as the Financial
Markets Authority, commenced civil proceedings under the
Securities Act against Lombard Finance directors Sir Douglas
Graham, Michael Reeves, William Jeffries and Lawrence Bryant.

The Commission alleged that Lombard Finance's offer documents and
advertisements misled investors by misrepresenting the investment
risks, especially in relation to liquidity, the quality of the
loan book, adherence to credit policies and the company's overall
financial position.  The Commission also alleged that the
directors made false statements in the registered prospectus
dated September 7, 2007, as amended by a memorandum of amendments
dated December 24, 2007, and investment statements dated
December 28, 2007.

                       About Lombard Finance

Lombard Finance & Investments Limited is a wholly owned
subsidiary of Lombard Group, a diversified company specializing
in the financial services sector offering a number of lending
options and providing investment opportunities for its
shareholders and investors.

Lombard Finance was placed into receivership on April 10, 2008,
by its trustee, Perpetual Trust Limited.  PricewaterhouseCoopers
partners John Fisk and John Waller have been appointed receivers
of the company.  The receivership also applies to three other
subsidiaries of Lombard Group, being Lombard Asset Finance
Limited, Lombard Property Holdings Limited and Lombard Asset
Finance No 2 Limited.  The receivership does not impact on
Lombard Group Limited.

The company owed NZ$127 million to 4,400 investors.


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


ARMADA PACIFIC: Creditors' Proofs of Debt Due March 5
-----------------------------------------------------
Creditors of Armada Pacific Bulk Carriers (Singapore) Pte Ltd,
which is in 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's liquidators are:

          Messrs Tam Chee Chong
          Lim Loo Khoon
          c/o 6 Shenton Way #32-00
          DBS Building Tower Two
          Singapore 068809


ATIM CONSULTANTS: Members' Final Meeting Set for March 23
---------------------------------------------------------
Members of ATIM Consultants Pte Ltd will hold their final meeting
on March 23, 2012, at 11:00 a.m., at 1 Scotts Road, #21-08 Shaw
Centre, in 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.


HAGGAI INSTITUTE: Court to Hear Wind-Up Petition on March 2
-----------------------------------------------------------
A petition to wind up the operations of Haggai Institute For
Advanced Leadership Training Ltd will be heard before the High
Court of Singapore on March 2, 2012, at 10:00 a.m.

Christian Love in Action, Inc filed the petition against the
company on Feb. 6, 2012.

The Petitioner's solicitors are:

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


SIONG GUAN: Creditors' Proofs of Debt Due March 26
--------------------------------------------------
Creditors of Siong Guan Company (Private) Limited, which is in
voluntary liquidation, are required to file their proofs of debt
by March 26, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

          Chia Soo Hien
          Leow Quek Shiong
          c/o BDO LLP
          21 Merchant Road
          #05-01 Royal Merukh S.E.A. Building
          Singapore 058267


                             *********

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.


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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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