TCRAP_Public/120228.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Tuesday, February 28, 2012, Vol. 15, No. 42

                            Headlines


A U S T R A L I A

WOW AUDIO: In Receivership; Owes Approximately AUD25 Million


C H I N A

SHENGDATECH INC: Wants Plan Filing Exclusivity Until June 18
YUZHOU PROPERTIES: S&P Affirms 'B+' Corporate Credit Rating


H O N G  K O N G

AMCOR HOLDINGS: First Meetings Slated for March 7
AURORA ASSOCIATES: Court Enters Wind-Up Order
BELONG LIMITED: Court Enters Wind-Up Order
BESTIME PROPERTIES: Fung Kit Yee Appointed as Liquidator
BS BATTERY: Sung Mi Yin Mella Appointed as Liquidator

CASTING LIMITED: Creditors' Proofs of Debt Due March 31
CITIPORT LIMITED: Placed Under Voluntary Wind-Up Proceedings
COLOR MATCH: Cowley and Power Appointed as Liquidators
CTN FOUNDATION: Creditors' Proofs of Debt Due March 12
FORTUNE BEST: Cowley and Power Appointed as Liquidators

GENIUS LEGEND: Cowley and Power Appointed as Liquidators
GOLDEN COMMENCE: Cowley and Power Appointed as Liquidators
GOOD CLEVER: Court Enters Wind-Up Order
HON KEE: Court Enters Wind-Up Order
KING ELEGANT: Cowley and Power Appointed as Liquidators


I N D I A

BHARAT GINNING: CRISIL Assigns 'B' LT Rating on INR60MM Loan
BIGESTO TECHNOLOGIES: CRISIL Cuts INR200MM Loan LT Rating to 'BB'
G-ONE AGRO: CRISIL Upgrades Rating on INR299.6MM Loan to 'BB-'
KINGFISHER AIRLINES: In Talks With Two Foreign Carriers For Aid
MA SARSINSA: CRISIL Assigns 'B-' LT Rating to INR200MM Loan

MITTAL INFRASTRUCTURE: CRISIL Gives 'B' LT Rating to INR60MM Loan
NATIONAL EXPORT: CRISIL Ups LT Rating on INR133.6MM Loan to 'B+'
NILKANTH COTTON: CRISIL Puts 'CRISIL BB-' Rating on INR70MM Loan
RAJHANS ALLOYS: Delay in Loan Payment Cues CRISIL Junk Ratings
SATYA MEGHA: CRISIL Assigns 'B' LT Rating to INR115MM Loan

SATYAM INDUSTRIES: CRISIL Rates INR188.2MM Loan at 'CRISIL BB-'
SONAI CONSTRUCTIONS: CRISIL Puts 'BB-' LT Rating to INR135MM Loan
SRI VENKATA: CRISIL Rates INR63.1 Million Loan at 'CRISIL B+'
VAJRAM SPINNING: CRISIL Delay in Loan Payment Cues Junk Rating
VARDHMAN CABLES: CRISIL Places 'B+' LT Rating on INR165MM Loan

WOHR PARKING: CRISIL Assigns 'BB' LT Rating on INR60MM Loan


J A P A N

ARLO IV: Moody's Lowers Series 2006 Notes Rating to 'Caa2'
ELPIDA MEMORY: Files for Bankruptcy; Owes JPY448.03 Billion
J-CORE15: Moody's Lowers Class D Notes Rating to 'Caa3'
JCREF CMBS: Moody's Lowers Class B Notes Rating to 'Ba1'
SIGNUM VANGUARD: S&P Gives 'B+' Ratings on 2 Series of Notes


N E W  Z E A L A N D

CRAFAR FARMS: Maori Trusts to File Legal Action Against Landcorp
FELTEX CARPETS: Another 300 Former Investors Join Class Action


S I N G A P O R E

BARNSLEY PTE: Court to Hear Wind-Up Petition on March 9
BELUGA CHARTERING: Court Enters Wind-Up Order
BON INTERNATIONAL: Court to Hear Wind-Up Petition on March 9
CHONG SENG: Court to Hear Wind-Up Petition on March 9
CHOOENG INVESTMENT: Creditors' Proofs of Debt Due March 26

GLOBALFOUNDRIES: Moody's Withdraws 'Ba3' Corporate Family Rating


X X X X X X X X

* BOND PRICING: For the Week Feb. 20 to Feb. 24, 2012


                            - - - - -


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


WOW AUDIO: In Receivership; Owes Approximately AUD25 Million
------------------------------------------------------------
James Stewart, Stewart McCallum and Tim Michael of Ferrier
Hodgson were appointed receivers and managers of WOW Audio Visual
Superstores Pty Ltd, WOW Distribution Pty Ltd, and WOW
Corporation Pty Ltd on Feb. 27, 2012, by National Australia Bank
Limited.

The appointments relate to the electrical retailer, WOW Sight and
Sound.

The receivers and managers are in control of the business and are
conducting an urgent assessment of WOW's financial position.

"WOW has been subject to declining sales and profitability which
has escalated in recent months," The Sydney Morning Herald quotes
Mr. Stewart as saying.  "We will be seeking expressions of
interest for a possible sale of the business as a going concern
immediately."

SMH relates that Ferrier Hodgson said WOW's employee entitlements
totalling about AUD4 million will be protected under the General
Employee Entitlements and Redundancy Scheme with lay-bys and
product manufacturers warranties to be honored.  Gift cards,
however, won't be honored because of the WOW's "financial
predicament" Ferrier Hodgson, as cited by SMH, said.

The company, doing business under the name WOW Sight & Sound,
owes unsecured creditors about AUD25 million.  It has also been
hit with AUD20 million in debt stemming from Aristocon Pty Ltd,
which collapsed in 2010, SMH discloses.

The receivers can be reached at:

          James Stewart
          Stewart McCallum
          Tim Michael
          FERRIER HODGSON
          Level 29, 600 Bourke Street
          Melbourne VIC 3000
          E-mail: james.stewart@fh.com.au
                  stewart.mccallum@fh.com.au
                  tim.michael@fh.com.au

WOW Audio Visual Superstores Pty Ltd, doing business as WOW Sight
and Sound, retails communication and commercial solutions for
businesses.  The company employs about 500 employees, with 10
stores in Queensland and two in New South Wales.  WOW Audio
Visual Superstores also has a single-store presence in Victoria,
the ACT and the Northern Territory.


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


SHENGDATECH INC: Wants Plan Filing Exclusivity Until June 18
------------------------------------------------------------
ShengdaTech, Inc., seeks entry of an order from the Bankruptcy
Court further extending its exclusive periods within which to
file and solicit acceptances of a Chapter 11 plan by an
additional 90 days, to June 18, 2012, for filing a Chapter 11
plan and September 12, 2012 for soliciting acceptances to the
plan.

Under the order approving the first extension motion, the
Debtor's exclusive period to file a plan currently expires on
March 19, 2012, and its exclusive solicitation period expires on
June 14, 2012.

Though the Debtor has made progress, given the unique
complexities of the Chapter 11 case, including issues related to
the recovery of assets in the People's Republic of China, the
Debtor needs additional time to develop and negotiate a plan of
reorganization with its key creditor constituencies, including
the Committee, other key constituencies and the Securities and
Exchange Commission.

                        About ShengdaTech

Headquartered in Shanghai, China, ShengdaTech, Inc., makes nano
precipitated calcium carbonate for the tire industry.
ShengdaTech converts limestone into nano-precipitated calcium
carbonate (NPCC) using its proprietary and patent-protected
technology.  NPCC products are increasingly used in tires, paper,
paints, building materials, and other chemical products.  In
addition to its broad customer base in China, the Company
currently exports to Singapore, Thailand, South Korea, Malaysia,
India, Latvia and Italy.

ShengdaTech sought Chapter 11 bankruptcy protection from
creditors (Bankr. D. Nev. Case No. 11-52649) on Aug. 19, 2011, in
Reno, Nevada, in the United States.

The Shanghai-China based company said in its bankruptcy filing it
would fire all of its officers and restructure to try to recover
from an accounting scandal.

The Company disclosed US$295.4 million in assets and
US$180.9 million in debt as of Sept. 30, 2011.

The Company's legal representative in its Chapter 11 case is
Greenberg Traurig, LLP.  On Aug. 23, 2011, the Court entered an
interim order confirming the Board of Directors Special
Committee's appointment of Michael Kang as the Debtor's chief
restructuring officer.

Alvarez & Marsal North America, LLC, is the Company's chief
restructuring officer.

As reported in the TCR on Sept. 7, 2011, the United States
Trustee appointed AG Ofcon, LLC, The Bank of New York, Mellon (in
its role as indenture trustee for bondholders), and Zazove
Associates, LLC, to serve on the Official Committee of Unsecured
Creditors of ShengdaTech, Inc.

Hogan Lovells US serves as counsel for ShengdaTech's official
committee of unsecured creditors.


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


AMCOR HOLDINGS: First Meetings Slated for March 7
-------------------------------------------------
Creditors and contributories of Amcor Holdings Limited will hold
their first meetings on March 7, 2012, at 2:30 p.m., and 3:00
p.m., respectively at 10th Floor, Dah Sing Life Building, at
99-105 Des Voeux Road Central, in Hong Kong.

At the meeting, Chiu Koon Shou, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


AURORA ASSOCIATES: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Hong Kong entered an order on Oct. 20, 2011, to
wind up the operations of Aurora Associates Company Limited.

The company's liquidator is Bruno Arboit.


BELONG LIMITED: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on Oct. 31, 2011, to
wind up the operations of Belong Limited.

The company's liquidator is Bruno Arboit.


BESTIME PROPERTIES: Fung Kit Yee Appointed as Liquidator
--------------------------------------------------------
Fung Kit Yee on Feb. 24, 2012, was appointed as liquidator of
Bestime Properties Limited.

The company's liquidator is:

         Fung Kit Yee
         Unit B, 1/F, Neich Tower
         128 Gloucester Road
         Wanchai, Hong Kong


BS BATTERY: Sung Mi Yin Mella Appointed as Liquidator
-----------------------------------------------------
Sung Mi Yin Mella on Feb. 17, 2012, was appointed as liquidator
of BS Battery Co Limited.

The company's liquidator is:

         Sung Mi Yin Mella
         Suite No. A, 11th Floor
         Ritz Plaza, 122 Austin Road
         Tsimshatsui, Kowloon
         Hong Kong


CASTING LIMITED: Creditors' Proofs of Debt Due March 31
-------------------------------------------------------
Creditors of Casting Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
March 31, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

         Wong John Wing Kit
         Unit F, 7/F
         CNT Tower, 338 Hennessy Road
         Wan Chai, Hong Kong


CITIPORT LIMITED: Placed Under Voluntary Wind-Up Proceedings
------------------------------------------------------------
At an extraordinary general meeting held on Feb. 17, 2012,
creditors of Citiport Limited resolved to voluntarily wind up the
company's operations.

The company's liquidators are:

         Natalia K M Seng
         Susan Y H Lo
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


COLOR MATCH: Cowley and Power Appointed as Liquidators
------------------------------------------------------
Patrick Cowley and Fergal Power on Feb. 14, 2012, were appointed
as liquidators of Color Match Limited.

The liquidators may be reached at:

         Patrick Cowley
         Fergal Power
         8th Floor, Prince's Building
         10 Chater Road
         Central, Hong Kong


CTN FOUNDATION: Creditors' Proofs of Debt Due March 12
------------------------------------------------------
Creditors of CTN Foundation Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by March 12, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Feb. 13, 2012.

The company's liquidator is:

         Hoe Hoo Han
         Shop 95-96, 1st Floor
         Block 14 City Garden Shopping Centre
         233 Electric Road
         North Point, Hong Kong


FORTUNE BEST: Cowley and Power Appointed as Liquidators
-------------------------------------------------------
Patrick Cowley and Fergal Power on Feb. 14, 2012, were appointed
as liquidators of Fortune Best Investment Limited.

The liquidators may be reached at:

         Patrick Cowley
         Fergal Power
         8th Floor, Prince's Building
         10 Chater Road
         Central, Hong Kong


GENIUS LEGEND: Cowley and Power Appointed as Liquidators
--------------------------------------------------------
Patrick Cowley and Fergal Power on Feb. 14, 2012, were appointed
as liquidators of Genius Legend Limited.

The liquidators may be reached at:

         Patrick Cowley
         Fergal Power
         8th Floor, Prince's Building
         10 Chater Road
         Central, Hong Kong


GOLDEN COMMENCE: Cowley and Power Appointed as Liquidators
----------------------------------------------------------
Patrick Cowley and Fergal Power on Feb. 14, 2012, were appointed
as liquidators of Golden Commence Limited.

The liquidators may be reached at:

         Patrick Cowley
         Fergal Power
         8th Floor, Prince's Building
         10 Chater Road
         Central, Hong Kong


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

The company's liquidator is Bruno Arboit.


HON KEE: Court Enters Wind-Up Order
-----------------------------------
The High Court of Hong Kong entered an order on Jan. 13, 2012, to
wind up the operations of Hon Kee Scaffolding Company Limited.

The company's liquidator is Bruno Arboit.


KING ELEGANT: Cowley and Power Appointed as Liquidators
-------------------------------------------------------
Patrick Cowley and Fergal Power on Feb. 14, 2012, were appointed
as liquidators of King Elegant Holdings Limited.

The liquidators may be reached at:

         Patrick Cowley
         Fergal Power
         8th Floor, Prince's Building
         10 Chater Road
         Central, Hong Kong


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BHARAT GINNING: CRISIL Assigns 'B' LT Rating on INR60MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the cash
credit facility of Bharat Ginning Factory.

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

   Total Bank Loan Facilities Rated: INR60 Million

The rating reflects BGF's weak financial risk profile, marked by
high gearing and weak debt protection metrics, and small scale of
operations in a highly fragmented cotton ginning industry. The
rating also factors in the vulnerability of the firm's business
and profitability to changes in government policy. These rating
weaknesses are partially offset by the extensive industry
experience of BGF's partners.

Outlook: Stable

CRISIL believes that BGF will continue to benefit over the medium
term from its partners' experience industry experience. The
outlook may be revised to 'Positive' if the firm's scale of
operations improves significantly or its capital structure
improves either by equity infusion by the partners or higher-
than-expected cash accruals. Conversely, the outlook may be
revised to 'Negative' if BGF's financial risk profile
deteriorates further due to increased working capital borrowings
or if the firm undertakes any large debt-funded capital
expenditure programme, or in case of change in government policy
having a negative impact on its operations.

                       About Bharat Ginning

Set up in 1999, BGF is engaged in cotton ginning and is based in
Gandhinagar (Gujarat). The firm has an installed ginning capacity
of 200 bales per day. BGF is promoted by Mr. Kiritbhai
Prahladbhai Patel and his brother, Mr. Mukeshbhai Prahladbhai
Patel.

BGF reported net profit of INR1 million on net sales of INR286
million for 2010-11 (refers to financial year, April 1 to
March 31), as against net profit of INR1.3 million on net sales
of INR185 million for 2009-10.


BIGESTO TECHNOLOGIES: CRISIL Cuts INR200MM Loan LT Rating to 'BB'
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Bigesto Technologies Ltd to 'CRISIL BB/Stable/CRISIL A4+' from
'CRISIL BBB-/Positive/CRISIL A3'.

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

   Short-Term Rating        CRISIL A4+ (Downgraded from 'CRISIL
                             A3')

   Total Bank Loan Facilities Rated: INR200 Million

The rating downgrade reflects CRISIL's belief that the PG group's
business risk profile and liquidity will deteriorate
significantly, because of expected decline in the group's scale
of operations and profitability leading to insufficient cash
accruals vis-a-vis maturing debt obligations in 2012-13 (refers
to financial year, April 1 to March 31). The group's cash
accruals for 2012-13 are expected to be substantially less than
earlier expectations, in the range of INR75 million to INR85
million, vis--vis maturing debt obligations of INR126.3 million
in 2012-13. However, CRISIL believes that the PG group's
promoters will extend unsecured loans to the group to fill up the
gap between its cash accruals and debt obligations.

The downgrade also factors in CRISIL's belief that the PG group
will report significantly weaker-than-earlier-expected debt
protection metrics over the near to medium term as a result of
the expected dip in its revenues and the profitability.

The decline in the scale of operations and profitability is
driven by lower-than-expected growth in the colour television
(CTV) industry in 2011-12 (the CTV industry is expected to grow
by a mere 2 per cent in 2011-12) coupled with lower-than-expected
capacity utilisation at the recently set-up plastic injection
molding plants under PGEL. CRISIL expects the PG group's scale of
operations to decline by 42 per cent (year-on-year) and its
revenues to remain around INR2.7 billion for 2011-12. For the
half year ended September 30, 2011, the group has reported
revenues of around INR1.5 billion, against INR3 billion for the
corresponding period of 2010-11. The profitability of the group
is also expected to remain under pressure over the medium term
because of the increase in the overall fixed costs (with the
commissioning of the two new plants in 2011-12) amidst low
capacity utilisation levels and increased pricing pressures from
various original equipment manufacturers (OEMs). The fall in the
group's operating margin and an increase in its interest and
depreciation costs have resulted in a net loss of INR24 million
for the half year ended September 30, 2011.

For 2011-12, the PG group's cash accruals are expected to be
substantially less than earlier expectations, in the range of
INR20 million to INR30 million, which will be insufficient to
meet maturing debt obligations of INR68.2 million for the year;
the mismatch however has been supported by the funds raised by
PGEL through its initial public offering (IPO) in September 2011.
However with the blocking of INR320 million out of the total
proceeds from the IPO of INR1.2 billion because of the Securities
Exchange Board of India's (SEBI's) order dated December 28, 2011,
financial flexibility of PGEL has been constrained.

The ratings reflect the PG group's established market position in
the electronic manufacturing services (EMS) segment, supported by
its promoter's industry experience, healthy operating
efficiencies, and the increase in its net worth and improvement
in its gearing post the IPO. These rating strengths are partially
offset by the pressure on the group's business risk profile
because of the decline in its scale of operations and
profitability, dependence on a single customer, LG Electronics
India Pvt Ltd (LG India; rated 'CRISIL AA+/Stable/CRISIL A1+),
for the majority of revenues, and the expected deterioration in
the group's debt protection metrics over the near term.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of PGEL and Bigesto Technologies Ltd1
(Bigesto), together referred to as the PG group. This is because
the two entities are in related lines of business, have a common
management team, and have common procurement, marketing and
finance functions. Moreover, the promoters plan to merge the two
entities over the medium term.

Outlook: Stable

CRISIL believes that the PG group will maintain its established
position in the EMS market, its healthy operating efficiencies,
and its increased net worth and improved gearing over the medium
term. The group's business risk profile and liquidity, however,
is expected to remain under pressure because of the expected
decline in its scale of operations over the near term. The
outlook may be revised to 'Positive' if the group achieves
greater-than-expected increase in its revenues and cash accruals,
leading to an improvement in its liquidity, or if it prepays its
term loans after the release of the blocked funds, leading to a
reduction in its overall debt levels and maturing debt
obligations. Conversely, the outlook may be revised to 'Negative'
if there is a greater-than-expected decline in the group's
revenues and profitability, most likely caused by continued low
capacity utilisation at its recently set-up plants or lower-than-
expected growth rate of the CTV industry, leading to increased
pressure on the group's business risk profile and liquidity.

                          About the Group

The PG group, set up in 1977 by Mr. Promod Gupta, is engaged in
assembling CTV sets, digital versatile disc (DVD) and video
compact disc (VCD) players, and air-conditioners (ACs), and in
manufacturing printed circuit board (PCB) assemblies, color
flourscent lamps (CFL) and plastic injection moldings for LG
India, Videocon Industries Ltd , MIRC Electronics Ltd (rated
'CRISIL A/Stable/CRISIL A1') and for automobile OEMs such as
Mahindra & Mahindra Ltd (rated 'CRISIL AA+/Stable/CRISIL A1+').
PGEL has manufacturing facilities in Roorkee (Uttarakhand),
Greater Noida (Uttar Pradesh) and Pune (Maharashtra) for
assembling CTVs and injection-moulded plastic components. PGEL is
further undertaking a capital expenditure programme of around
INR510 million in 2011-12 and 2012-13 for expanding its plastic
injection moulding capacities at its Greater Noida and Pune
units. In September 2011, PGEL made its IPO at the National Stock
Exchange and the Bombay Stock Exchange, raising INR1.2 billion
from the equity market.

The PG group reported a profit after tax (PAT) of INR 185.5
million on net sales of INR 4.5 billion for 2010-11, against a
PAT of INR102 million on net sales of INR3.64 billion for
2009-10.


G-ONE AGRO: CRISIL Upgrades Rating on INR299.6MM Loan to 'BB-'
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of G-One Agro Products Ltd to 'CRISIL BB-/Stable' from 'CRISIL
B+/Stable'.

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

   Total Bank Loan Facilities Rated: INR299.6 Million

The upgrade reflects G-One's larger-than-expected accruals backed
by a sharp ramp up in topline along with a stable operating
margin, leading to an improved business risk profile for the
company. G-One's topline has more than doubled over the past two
years, with an operating margin of around 1.4 per cent; the
company is expected to register sales of close to INR5 billion in
2011-12 (refers to financial year, April 1 to March 31The sales
growth has been driven by a combination of price rise and sales
of close to INR2.5 billion being contributed from the crude palm
oil refining division which commenced in January 2010. The rating
upgrade also accounts for improvement in G-One's financial risk
profile marked by an increase in net worth, which is expected at
INR120 million as on March 31, 2012, an increase from INR70
million as on March 31, 2011, backed by conversion of unsecured
loans from promoters to equity. Subsequently, the company's
gearing has moderated, expected to be less than 2.5 times as on
March 31, 2012, down from aggressive levels of close to 5 times
in the past.

The ratings reflect the benefits that the G-One group derives
from its scaled up operations and its promoters' extensive
experience in the edible oils industry. These rating strengths
are partially offset by the G-One group's susceptibility to risks
related to the commodity nature of its operations in the
intensely competitive edible oils industry, and below-average
risk profile marked by a weak capital structure and inadequate
debt protection metrics.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of GAPL with those of the recently set up
Naturefresh Industries Ltd (NFIL; formerly, Naturefresh Agro
Foods Ltd). This is because GAPL and NFIL, together referred to
as the G-One group, are in a similar line of business, and are
expected to have strong business linkages. Furthermore, NFIL will
procure most of its raw material requirement from GAPL. Also, the
companies are expected to support each other in case of financial
exigencies.

Outlook: Stable

CRISIL believes that the G-One group will continue to benefit
over the medium term from its promoters' experience in the edible
oils market in Gujarat and its successful entry into the palm oil
business. The outlook may be revised to 'Positive' in case the
group reports improvement in its profitability and capital
structure. Conversely, the outlook may be revised to 'Negative'
in case the G-One group reports deterioration in its financial
risk profile, most likely because of larger-than-expected, debt-
funded capital expenditure programme or stretch in working
capital cycle.

                           About the Group

GAPL was reconstituted as a private limited company with its
current name in November 2003; it was initially set up in 1989 as
a partnership firm named Welcome Industries, whose name was
changed to G-One Group Agro Industries in April 2001. The company
manufactures refined edible oils and palm oil; it also trades in
mustard seeds. The G-One group plans to set up manufacturing
units of vanaspati, bakery shortening, and margarine, with
capacities of 100 tonnes per day (tpd), 20 tpd, and 10 tpd
respectively, at a total cost of INR85 million, funded at a debt-
to-equity ratio of 3:1 in NFIL. The project is expected to be
commissioned by July 2012.

GAPL reported a profit after tax (PAT) of INR12 million on net
sales of INR4.6 billion for 2010-11, against a PAT of INR5.8
million on net sales of INR1.98 billion for 2009-10.


KINGFISHER AIRLINES: In Talks With Two Foreign Carriers For Aid
---------------------------------------------------------------
Reuters reports that Kingfisher Airlines is talking with two
foreign carriers about a potential rescue package that could be
announced within days, Kingfisher's chairman, Vijay Mallya, said
in an interview with the Times newspaper on Monday.

The news agency relates that Mr. Mallya, the billionaire who
controls 58% of Kingfisher, said that he had secured provisional
approval from the government for a change in the law that would
ease restrictions on foreign ownership of Indian airlines.

According to Reuters, Mr. Mallya said the foreign airlines, which
he did not name, were ready to invest in Kingfisher as soon as a
change in the law was announced.  The change would allow overseas
airlines to own up to 49% of an Indian carrier for the first
time, says Reuters.

One of the airlines involved in the talks is International
Airlines Group, the owner of British Airways and Iberia,
according to an unnamed financial source cited by the Times,
reports Reuters.

Abu Dhabi's flagship carrier, Etihad Airways, has discussed the
possibility of a tie-up, which would involve the foreign groups
providing equity in exchange for a minority stake, the Times, as
cited by Reuters, said.

                     About Kingfisher Airlines

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

                        *     *     *

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

Kingfisher lost INR4.44 billion (US$90.1 million) in the fiscal
third quarter that ended in December, 74.8 per cent more than a
loss of 2.54 billion rupees a year previously, The Economic Times
discloses.  The company has lost INR11.8 billion (US$240 million)
in the first nine months of the current fiscal year that ends in
March, a 35 per cent rise from a year earlier.


MA SARSINSA: CRISIL Assigns 'B-' LT Rating to INR200MM Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-
term bank facilities of Ma Sarsinsa Steels Pvt Ltd.

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

   Total Bank Loan Facilities Rated: INR200 Million

The rating reflects MSSPL's below-average financial risk profile
marked by a high gearing, and the company's small scale of
operations, and exposure to risks related to implementation of,
and offtake from, its cold-rolled (CR) steel manufacturing
facility. These rating weaknesses are partially offset by the
extensive industry experience of MSSPL's promoters.

Outlook: Stable

CRISIL believes that MSSPL will continue to benefit over the
medium term from its promoters' industry experience. The outlook
may be revised to 'Positive' if the company timely commissions
its manufacturing facilities and achieves better-than-expected
revenues and margins. Conversely, the outlook may be revised to
'Negative' if MSSPL reports time and cost overruns in its
manufacturing facility project, leading to overall deterioration
in its financial risk profile.

                        About Ma Sarsinsa

MSSPL trades in CR strips and is a consignee agent for Hi Tech
Pipes Ltd (rated 'CRISIL BB/Stable/CRISIL A4+') in Delhi and
Haryana. The company was set up in 1985 and is promoted and
managed by Mr. Nirmal Bindal and his brother Mr. Deepak Bindal.

MSSPL is setting up a plant to manufacture CR strips from hot-
rolled strips at Jhajjar (Haryana) with capacity of 30,000 tonnes
per annum. The total cost of the project is around INR180
million, which is being funded by a term loan of INR100 million
and the rest by promoters' contribution. The project is at
construction stage and is expected to become fully operational in
April 2012.

MSSPL reported a profit after tax (PAT) of INR0.46 million on net
sales of INR100 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR0.39 million on net
sales of INR76 million for 2009-10.


MITTAL INFRASTRUCTURE: CRISIL Gives 'B' LT Rating to INR60MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Mittal Infrastructure Pvt Ltd.

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

   Total Bank Loan Facilities Rated: INR60 Million

The ratings reflect MIPL's financial risk profile constrained by
small net worth and expected deterioration in debt protection
metrics, limited revenue visibility on account of small order
book, small scale of operations, and high geographical
concentration. These rating weaknesses are partially offset by
the extensive industry experience of MIPL's promoters and funding
support.

For arriving at the ratings, CRISIL has treated unsecured loans
of INR40 million, extended by the promoters as on March 31, 2011,
as neither debt nor equity. As per the banker and the company's
management, these loans are subordinated to bank debt and
interest-bearing at 12 per cent per annum. However, the interest
has been retained in the business.

Outlook: Stable

CRISIL believes that MIPL will benefit over the medium term from
the extensive industry experience of its promoters. The outlook
may be revised to 'Positive' in case of substantial improvement
in the company's order book, resulting in significant increase in
scale of operations, or in case of higher-than-expected
profitability or equity infusion by the promoters. Conversely,
the outlook may be revised to 'Negative' in case of larger-than-
expected incremental working capital requirements due to delays
in project execution or realization of payments, resulting in
weakening in its financial risk profile and liquidity.

                   About Mittal Infrastructure

MIPL was incorporated in 2004 by members of the Mittal family
based in Pune (Maharashtra). The company, registered as an class
A government contractor, is engaged in civil works for government
entities, such as the Railways; semi-government entities such as
Hindustan Aeronautics Ltd. (HAL), Bharat Electronics Ltd (BEL);
private entities, such as colleges for trusts; and factory sheds
for companies. MIPL bids directly for projects through tenders.
The company's projects are concentrated in and around Pune.

MIPL reported a profit after tax (PAT) of INR9.6 million on net
sales of INR230.5 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR7.8 million on net
sales of INR169.1 million for 2009-10.


NATIONAL EXPORT: CRISIL Ups LT Rating on INR133.6MM Loan to 'B+'
----------------------------------------------------------------
CRISIL has upgraded its rating on long-term bank loan facilities
of National Export Industries to 'CRISIL B+/Stable' from 'CRISIL
B/Stable' and has reaffirmed the short-term rating at 'CRISIL
A4'.

   Facilities               Ratings
   ----------               -------
   Long-Term Rating         CRISIL B+/Stable (Upgraded from
                            'CRISIL B/Stable')

   Short-Term Rating        CRISIL A4 (Reaffirmed)

   Total Bank Loan Facilities Rated: INR133.6 Million

The upgrade reflects expected improvement in NEI's financial risk
profile, especially liquidity, because of its improving
profitability. NEI's gearing is expected to improve to 2.2 times
as on March 31, 2012 from 2.4 times as on March 31, 2011; gearing
was even higher at 3.9 times as on March 31, 2009. Moreover, with
no capital expenditure (capex) plan for the medium term, the
firm's gearing is expected to remain around 2.0 times over the
medium term. Its debt protection metrics also improved in 2010-11
(refers to financial year, April 1 to March 31), with interest
coverage ratio of 2.2 times and net cash accruals to total debt
(NCATD) ratio of 0.06 times; the ratios are expected to remain at
similar levels over the medium term. The firm does not have any
long-term debt and utilization of its bank lines has remained
moderate, supporting its liquidity. The upgrade also factors in
the need-based support, in the form of unsecured loans that the
firm is expected to get from the partners. The firm's
profitability is expected to be moderate, at 3.5 to 4 per cent,
and revenue growth is expected to be around 10 per cent in 2011-
12. Its business risk profile is also supported by its
established relations with its client who include larger edible
oil refineries in Gujarat.

The ratings continue to reflect NEI's weak financial risk profile
marked by small net worth, and exposure to intense competition in
the fragmented edible oils industry. These rating weaknesses are
partly offset by NEI's promoter-partners' established position in
the edible oils industry

Outlook: Stable

CRISIL believes that NEI will maintain its business risk profile,
supported by its established clientele and moderate growth in
revenues, over the medium term. The outlook may be revised to
'Positive' if the firm improves its capital structure
significantly, most likely driven by infusion of funds by the
partners, or improves its debt protection metrics significantly
with more-than-expected cash accruals. Conversely, the outlook
may be revised to 'Negative' in case the firm's financial risk
profile deteriorates, most likely caused by large capital
withdrawals from the firm by the partners, or if the firm's
profitability deteriorates significantly, leading to pressure on
its cash accruals.

                      About National Export

National Export Industries, a partnership firm, is based in
Gujarat. The firm is into manufacturing and trading in edible
oils and de-oiled cakes. Set up in 1988, NEI was taken over by
its current partners in 1994. 15 per cent of the firm's revenues
comes from trading and the rest from manufacturing activities.
NEI derives almost its entire revenues from groundnut oil and its
by-products. The firm has crushing capacity of 80 tonnes per day
(tpd), de-oiled cake manufacturing capacity of 125 tpd, and oil-
refining capacity of 50 tpd.

NEI reported a book profit of INR8.7 million on net sales of
INR586.2 million for 2010-11, against a book profit of INR2.5
million on net sales of INR603.0 million for 2009-10.


NILKANTH COTTON: CRISIL Puts 'CRISIL BB-' Rating on INR70MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the cash
credit facility of Nilkanth Cotton Industries.

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

   Total Bank Loan Facilities Rated: INR70 Million

The rating reflects NCI's average financial risk profile, marked
by a small net worth and modest debt protection metrics, small
scale of operations in the intensely competitive cotton ginning
industry, and vulnerability to changes in government policies.
These rating weaknesses are offset by the benefits that NCI
derives from its partners' extensive industry experience.

Outlook: Stable

CRISIL believes that NCI will continue to benefit over the medium
term from its partners' industry experience. The outlook may be
revised to 'Positive' if the firm reports significant improvement
in its scale of operations and profitability, or if its capital
structure improves either by capital infusion or higher-than-
expected cash accruals. Conversely, the outlook may be revised to
'Negative' if NCI reports further deterioration in its financial
risk profile because of increased working capital borrowings or
if it undertakes any large, debt-funded capital expenditure
programme, or in case of change in government policy negatively
impacting its operations.

                       About Nilkanth Cotton

NCI is a partnership firm, which was set up by Mr. Prahladbhai
Patel, Mr. Jethabhai Padhariya, Mr. Pragjibhai Padhariya, and Mr.
Vallabhbhai Padhariya. The firm has a cotton ginning unit at
Dhasa in Bhavnagar (Gujarat), with capacity of 200 bales per day.
In addition, NCI also has a cotton-seed oil crushing unit.

NCI reported a book profit of INR0.8 million on net sales of
INR527.4 million for 2010-11 (refers to financial year, April 1
to March 31), against a book profit of 0.3 million on net sales
of INR290.1 million for 2009-10.


RAJHANS ALLOYS: Delay in Loan Payment Cues CRISIL Junk Ratings
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities
of Rajhans Alloys Pvt Ltd. The rating reflects instances of delay
by RAPL in servicing its debt; the delays have been caused by the
company's weak liquidity.

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

   Total Bank Loan Facilities Rated: INR265 Million

The Rajhans group also has stretched working capital cycle driven
by inventory build-up, and below-average financial risk profile
marked by high gearing and weak debt protection metrics. These
above weaknesses are partially offset by the extensive industry
experience of the Rajhans group's promoters.

CRISIL has taken a consolidated view of the business and
financial risk profiles of RAPL and Rajhans Metals Pvt Ltd
(RMPL), together referred to as the Rajhans group. The
consolidated approach is because both the companies are in the
same line of business and are managed by the same promoters.
Furthermore, there is fungible cash flow between the two
companies, and the management has indicated that RMPL and RAPL
will likely support each other as and when required.

                            About the Group

The Rajhans group, based in Jamnagar (Gujarat), comprises RAPL
and RMPL. The group manufactures brass alloy products, including
brass rods, extruded tubes, rods, pipes, and coils. RMPL has been
in the same line of business since 1987, while RAPL was
incorporated in 2010. Both the companies are promoted by Mr.
Milan Dodhia, Mr. Ramniklal Shah, and Mr. Kailashchandra
Mandawewala.

The Rajhans group reported a profit after tax (PAT) of about
INR60 million on net sales of INR2.3 billion for 2010-11 (refers
to financial year, April 1 to March 31), as against a PAT of
INR109 million on net sales of INR1.8 billion for 2009-10.


SATYA MEGHA: CRISIL Assigns 'B' LT Rating to INR115MM Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Satya Megha Industries.

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

   Total Bank Loan Facilities Rated: INR115 Million

The ratings reflect SMI's nascent stage of operations in a
fragmented industry, geographical and customer concentration, and
weak financial risk profile, marked by a high gearing and small
net worth. These rating weaknesses are partially offset by the
extensive experience of SMI's partners in manufacturing and
trading in steel products.

Outlook: Stable

CRISIL believes that SMI will continue to benefit over the medium
term from its partners' extensive industry experience. The
outlook may be revised to 'Positive' in case of significant
improvement in the firm's business risk profile on account of
ramp-up in scale of operations, along with improvement in its
financial risk profile on account of improvement in capital
structure, along with more-than-expected profitability, leading
to increased cash accruals. Conversely, the outlook may be
revised to 'Negative' in case of larger-than-expected working
capital requirements, leading to weakening in its financial risk
profile and liquidity.

                         About Satya Megha

SMI was set up in Assam in August 2009 by three partners - Mr.
Ratan Sharma, Mr. Purushottam Murarka, and Mr. Mangilal Jalan.
The firm started its operations by manufacturing steel billets
from August 2011. Currently, SMI has completed the first phase of
the project and the plant with 34,200-tonne mild steel billet
capacity (with 9-tonne furnace capacity) has started operations.
The construction of the second phase of the project of the plant
with capacity of 52,800 tonnes of mild steel billets (with 15-
tonne furnace capacity) has started recently and is expected to
be operational by 2013-14 (refers to financial year, April 1 to
March 31). SMI's partners have more than 15 years of experience
in manufacturing and trading in steel products through other
group companies.


SATYAM INDUSTRIES: CRISIL Rates INR188.2MM Loan at 'CRISIL BB-'
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the long-
term bank facilities of Satyam Industries.

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

   Total Bank Loan Facilities Rated: INR188.2 Million

The rating reflects the extensive experience of SI's partners in
the steel industry. This rating strength is partially offset by
SI's below-average financial risk profile, marked by small
networth and high gearing, working-capital-intensive operations,
and exposure to intense competition in the steel industry.

Outlook: Stable

CRISIL believes that SI will benefit from its promoter's
extensive industry experience over the medium term. The outlook
may be revised to 'Positive' in case of significant improvement
in SI's financial risk profile and liquidity, driven by higher-
than-expected increase in revenues and profitability or capital
infusion by the partners. Conversely, the outlook may be revised
to 'Negative' in case of lower-than-expected revenue or operating
margin, or in case of any further significant debt-funded capital
expenditure plan, leading to weakening in its overall financial
risk profile and liquidity.

                        About Satyam Industries

SI was established as a partnership firm in 2006 and commenced
commercial operations from April 2009. SI manufactures mild steel
ingots and high strength deformed (HSD) bars. The firm increased
its installed capacity to manufacture ingots to 54,000 tonnes per
annum (tpa) from 30,000 tpa in June 2010, while the installed
capacity for HSD bars is about 25,000 tpa. The HSD bars are sold
to traders spread across Manipur and Mizoram. About 80 per cent
of SI's total sales are generated from Mizoram and the balance
from Manipur.

SI reported a profit after tax (PAT) of INR5 million on net sales
of INR407 million for 2010-11 (refers to financial year, April 1
to March 31), as against a PAT of INR14 million on net sales of
INR506 million for 2009-10.


SONAI CONSTRUCTIONS: CRISIL Puts 'BB-' LT Rating to INR135MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Sonai Constructions Pvt Ltd.

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

   Total Bank Loan Facilities Rated: INR135 Million

The ratings reflect SCPL's promoters' extensive experience in
irrigation projects segment, coupled with a healthy order book
position which provides the company with strong revenue
visibility over the medium term. These rating strengths are
partially offset by small scale of operations with customer
concentration in its revenue profile and the company's moderate
financial risk profile.

Outlook: Stable

CRISIL believes that Sonai Constructions Pvt Ltd (SCPL) will
maintain its credit profile backed by its promoter's extensive
experience in execution of irrigation projects and healthy order
book. The outlook may be revised to 'Positive' if the company
successfully scales up its operations and diversifies its revenue
streams across sectors, while improving its profitability and
capital structure. Conversely, the outlook may be revised to
'Negative' if there is cost and time overruns in executing
projects or if the company's liquidity position weakens further
on account of delays in debtor collection.

                     About Sonai Constructions

Sonai Constructions Private Limited promoted by Mr. Ramesh
Ahirrao, a technocrat, in 2000 is a company engaged in civil
construction work. The company is a specialist in execution of
major irrigation projects comprising of masonry and earthen
concrete dams and other related hydraulic structures. The Ahirrao
family has been engaged in the civil construction for more than
three decades and prior to SCPL, Mr. Ramesh Ahirrao had set up a
proprietorship concern under the name of Amit Builders. Amit
Builders is engaged in the civil construction work of irrigation,
construction of dam and other ancillary work.

For 2010-11 (refers to financial year, April 1 to March 31), SCPL
reported a profit after tax (PAT) of INR9.3 million on net sales
of INR170.2 million, against a PAT of INR12.5 million on net
sales of INR212.2 million for 2009-10.


SRI VENKATA: CRISIL Rates INR63.1 Million Loan at 'CRISIL B+'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating on the long-
term bank facilities of Sri Venkata Lakshmi Raw & Boiled Rice
Mill.

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

   Total Bank Loan Facilities Rated: INR63.1 Million

The rating reflects SVLR's weak financial risk profile, marked by
small net worth, high gearing, and weak debt protection metrics
and its modest scale of operations in the highly fragmented and
competitive rice milling industry. The rating also factors in the
susceptibility of the firm's operating margin to adverse
government regulations and raw material price volatility. These
rating weaknesses are partially offset by the extensive
experience of SVLR's management in the rice industry and steady
offtake from the Food Corporation of India (FCI; rated 'CRISIL
AAA (SO)/Stable').

Outlook: Stable

CRISIL believes that SVLR will continue to benefit over the
medium term from its management's extensive industry experience.
The outlook may be revised to 'Positive' if the firm's revenues
and profitability increase substantially, leading to an
improvement in its financial risk profile, or in case of
significant infusion of capital by the promoter, resulting in an
improvement in SVLR's capital structure. Conversely, the outlook
may be revised to 'Negative' if the firm undertakes aggressive
debt-funded expansions, or if its revenues and profitability
decline substantially or if the promoter withdraws capital from
the firm, leading to weakening in its financial risk profile.

                        About Sri Venkata

Incorporated in 2005 as a partnership firm, SLVR mills and
processes paddy into rice, rice bran, broken rice, and husk. It
has an installed paddy milling capacity of 5 tonnes per hour
(tph). Its rice mills are located in Nellore (Andhra Pradesh).
The managing partner, Mr.M Venkateswara Rao, has around 35 years
of experience in the rice industry.

SLVR reported a profit after tax (PAT) of INR1 million on net
sales of INR209 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.4 million on net
sales of INR200 million for 2009-10.


VAJRAM SPINNING: CRISIL Delay in Loan Payment Cues Junk Rating
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' ratings to the bank facilities
of Vajram Spinning Mills Pvt Ltd. The ratings reflect instances
of delay by VSMPL in servicing its debt; the delays have been
caused by the company's weak liquidity.

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

   Total Bank Loan Facilities Rated: INR69 Million

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

                       About Vajram Spinning

Set up in 2008, VSMPL manufactures cotton yarn. Its spinning
mills are located in Rajapalayam (Tamil Nadu). The company has an
installed capacity of 9000 spindles and is owned by Mr. N
Selvaraj and his family members.

VSMPL reported a profit after tax (PAT) of INR0.1 million on net
sales of INR114 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR2 million on net
sales of INR56 million for 2009-10.


VARDHMAN CABLES: CRISIL Places 'B+' LT Rating on INR165MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Vardhman Cables & Conductors.

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

   Total Bank Loan Facilities Rated: INR165 Million

The ratings reflect VCC's weak financial risk profile, marked by
a small net worth, a high gearing, and constrained debt
protection metrics, and small scale of operations with supplier
concentration risk. These rating weaknesses are partially offset
by the extensive industry experience of VCC's promoters.

Outlook: Stable

CRISIL believes that VCC will continue to benefit over the medium
term from its promoters' extensive experience in the cables and
conductors industry. The outlook may be revised to 'Positive' in
case the firm reports significant improvement in its financial
risk profile because of larger-than-expected cash accruals along
with efficient working capital management. Conversely, the
outlook may be revised to 'Negative' in case VCC faces further
pressure on its financial risk profile because of lower-than-
expected cash accruals, or larger-than-expected working capital
requirement or debt-funded capital expenditure.

                       About Vardhman Cables

VCC, set up in 1993, manufactures cables and conductors. Under
the conductor segment, the firm manufactures aluminium conductors
steel reinforced and aluminium conductors of various
measurements; its manufacturing unit is at Kholapur district
(Maharashtra). VCC derives 90 per cent of its revenues from sales
to private sector entities and the rest from the government
sector. The firm's key customers include Nagarjuna Construction
Company Ltd and Ashoka Buildcon Ltd. VCC's revenue profile is
marked by moderate seasonality, with the last quarter
contributing about 40 per cent to the firm's revenues.

VCC reported a net profit of INR6.9 million on net sales of
INR840.5 million for 2010-11, as against a net profit of INR5.6
million on net sales of INR678.3 million for 2009-10.


WOHR PARKING: CRISIL Assigns 'BB' LT Rating on INR60MM Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of Wohr Parking Systems Pvt Ltd.

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

   Total Bank Loan Facilities Rated: INR60.0 Million

The ratings reflect WPSPL's present healthy order book position
leading to revenue visibility over the medium term, moderate
financial risk profile, marked by comfortable debt protection
metrics, and technology support from joint venture (JV) partner,
Otto Whr GmbH (OWG). These rating strengths are partially offset
by WPSPL's moderately working-capital-intensive and small scale
of, operations, its limited track record in highly competitive
industry, and its exposure to cyclicality and investments in
Indian real estate industry.

Outlook: Stable

CRISIL believes that WPSPL will benefit over the medium term from
its healthy order book position and technological support from JV
partner. The outlook may be revised to 'Positive' in case the
company achieves significant growth in revenues along with
improvement in profitability, leading to higher-than-expected
cash accruals. Conversely, the outlook may be revised to
'Negative' in case large working capital requirements, lower-
than-expected customer advances, or a larger-than-expected debt-
funded capital expenditure plan deteriorate WPSPL's financial
risk profile, particularly its liquidity.

                        About Wohr Parking

WPSPL was incorporated in 2005-06 (refers to financial year,
April 1 to March 31) as a 50:50 JV between the Vyas group of
Pune-promoted by Mr. Girish Vyas and OWG. The JV was formed to
manufacture and sell manual parking systems in India. WPSPL's
factory was set up at Pune during 2006-07; which started
commercial operation from April 2007. WPSPL currently earns
around 90 per cent of its revenues from the Indian market, while
the remaining comes from exports to Australia and Malaysia. The
parking systems manufactured and sold by WPSPL are designed and
invented by its Germany parent, OWG, which has been designing and
supplying car stacking systems and car lift technology since the
past 50 years.

WPSPL reported a profit after tax (PAT) of INR4.1 million on net
sales of INR215 million for 2010-11, as against a PAT of INR5.7
million on net sales of INR144 million for 2009-10.


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


ARLO IV: Moody's Lowers Series 2006 Notes Rating to 'Caa2'
----------------------------------------------------------
Moody's Investors Service announced the following rating action
on the notes issued by ARLO IV Ltd. The transaction is a
synthetic CDO referencing a portfolio of corporate entities.

Issuer: ARLO IV Limited

   -- Series 2006 (Bichumi Global 1) US$200,000,000 Secured
      Limited Recourse Credit-Linked Notes due 2016,
      Downgraded to Caa2 (sf); previously on Aug 5, 2011
      Downgraded to Caa1 (sf)

Ratings Rationale

The rating action is the result of the overall credit
deterioration of the reference portfolio since last rating
action. Excluding Ca/C rated reference entities and those subject
to credit events, the 10-year weighted average rating factor
(WARF) of the portfolio increased from 247 in last rating action
in August 2011 to now 334, equivalent to Baa2.

Since inception, the occurrence of credit events has completely
eroded the subordination and incurred losses to the tranche. The
incurred losses currently amount to 2.1% of the original tranche
size.

The notes have a remaining life of 4.6 years. The Insurance and
Banking sectors are the most represented, weighting 17.0% and
15.4% respectively, of the current notional of the reference
portfolio.

Moody's rating action factors in a number of sensitivity analyses
and stress scenarios, discussed below. Results are given in terms
of the number of notches' difference versus the base case, where
higher notches correspond to lower expected losses, and vice-
versa:

- Market Implied Ratings ("MIRs") are modeled in place of the
corporate fundamental ratings to derive the default probability
of the reference entities in the portfolio. The gap between an
MIR and a Moody's corporate fundamental rating is an indicator of
the extent of the divergence in credit view between Moody's and
the market. The result of this run is one notch lower than that
of the base case.

- Another sensitivity analysis is to replace the Senior Unsecured
rating of European banks, whose specified reference obligation is
subordinated, by their Subordinate rating. The result of this run
is also comparable to the base case.

In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of rating committee
considerations. These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, and
specific documentation features. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, may influence the final rating decision.

Rating Methodology

The principal methodology used in this rating was "Moody's
Approach to Rating Corporate Collateralized Synthetic
Obligations" published in September 2009.

Other methodologies and factors that may have been considered in
the process of rating this issuer can also be found on Moody's
website.

Moody's analysis for this transaction is based on CDOROM v2.8.

Due to the impact of revised and updated key assumptions
referenced in "Moody's Approach to Rating Corporate Synthetic
Obligations", key model inputs used by Moody's in its analysis
may be different from the manager/arranger's reported numbers. In
particular, rating assumptions for all publicly rated corporate
credits in the underlying portfolio have been adjusted for
"Review for Possible Downgrade", "Review for Possible Upgrade",
or "Negative Outlook".

Moody's does not run a separate loss and cash flow analysis other
than the one already done by the CDOROM model. For a description
of the analysis, refer to the methodology and the CDOROM user's
guide on Moody's website.

Moody's analysis of CSOs is subject to uncertainties, the primary
sources of which include complexity, governance and leverage.
Although the CDOROM model captures many of the dynamics of the
Corporate CSO structure, it remains a simplification of the
complex reality. Of greatest concern are (a) variations over time
in default rates for instruments with a given rating, (b)
variations in recovery rates for instruments with particular
seniority/security characteristics and (c) uncertainty about the
default and recovery correlations characteristics of the
reference pool. Similarly on the legal/structural side, the legal
analysis although typically based in part on opinions (and
sometimes interpretations) of legal experts at the time of
issuance, is still subject to potential changes in law, case law
and the interpretations of courts and (in some cases) regulatory
authorities. The performance of this CSO is also dependent on on-
going decisions made by one or several parties, including the
Manager and the Trustee. Although the impact of these decisions
is mitigated by structural constraints, anticipating the quality
of these decisions necessarily introduces some level of
uncertainty in Moody's assumptions. Given the tranched nature of
CSO liabilities, rating transitions in the reference pool may
have leveraged rating implications for the ratings of the CSO
liabilities, thus leading to a high degree of volatility. All
else being equal, the volatility is likely to be higher for more
junior or thinner liabilities.

The base case scenario modeled fits into the central
macroeconomic scenario predicted by Moody's of a sluggish
recovery scenario in the corporate universe. Should
macroeconomics conditions evolve, the CSO ratings will change to
reflect the new economic conditions.


ELPIDA MEMORY: Files for Bankruptcy; Owes JPY448.03 Billion
-----------------------------------------------------------
Elpida Memory, Inc., and its consolidated subsidiary, Akita
Elpida Memory, Inc., filed for corporate reorganization
proceedings in Tokyo District Court on Monday, Feb. 27.

Elpida said its board of directors resolved to file the
bankruptcy petition at a meeting earlier Monday.

The Tokyo District Court has immediately rendered a temporary
restraining order to restrain creditors from demanding repayment
of debt or exercising their rights with respect to the company's
assets absent prior court order.

Atsushi Toki, Attorney-at-Law, has been appointed by the Tokyo
Court as Supervisor and Examiner in the case.

Elpida said the bankruptcy filing has caused its straight bonds
and convertible bonds with stock acquisition rights to be
accelerated and become due for redemption.  The bonds are:

     * Unsecured Straight Bonds Series No. 2 (with inter-bond
       pari passu clause) (Issued on March 22, 2005);

     * Unsecured Straight Bonds Series No. 4 (with inter-bond
       pari passu clause) (Issued on December 8, 2005);

     * Unsecured Straight Bonds Series No. 6 (with inter-bond
       pari passu clause) (Issued on November 29, 2007);

     * The US Dollar Denominated Convertible Bonds due 2013
       (bonds with stock acquisition rights) (Issued on April 20,
       2010);

     * 130% Call Option Attached Unsecured Convertible Type Bonds
       with Stock Acquisition Rights (2nd Series) (Issued on
       October 26, 2010); and

     * 130% Call Option Attached Unsecured Convertible Type Bonds
       with Stock Acquisition Rights (3rd Series) (August 1,
       2011)

"In the future, pursuant to the Corporate Reorganization Act and
under the instruction and supervision of the Tokyo District Court
and Mr. Atsushi Toki, Attorney-at-Law and the Supervisor and
Examiner, we will work together so that we can secure as much
repayment funds as possible for the creditors," Elpida said.

The Company also disclosed that, in view of the bankruptcy
filing, the board of directors has decided to cancel an
extraordinary shareholders' meeting set for March 28, 2012.  The
Company had intended to propose at the meeting to decrease the
amount of its stated capital pursuant to the provisions of
Article 447, paragraph 1 of the Companies Act of Japan and
transfer the entire amount to other capital surplus.  That
proposal was subject to shareholder vote.

Dow Jones Newswires' Juro Osawa and Shawn Schroter report that
Elpida's bankruptcy filing is the largest corporate failure among
Japan's manufacturers since the end of World War II.

Elpida, Dow Jones relates, said liabilities totaled JPY448.03
billion, or $5.52 billion, at the end of March 2011.  Elpida has
posted a net loss for five consecutive quarters through December.

Dow Jones relates that prior to the bankruptcy filing, people
familiar with the matter said Elpida was considering a strategic
alliance with U.S.-based rival Micron Technology Inc. as a step
to secure support from its creditors.  According to Dow Jones,
Elpida President Yukio Sakamoto said, "We received offers [for
help] from potential partners, but they never materialized in a
concrete form."

Dow Jones recounts Micron CEO Steve Appleton, who had pushed
Micron to pick up factories from other companies exiting the DRAM
market, died in a plane crash in early February.  After the
accident, Micron's top leaders reaffirmed a willingness to play a
role in further industry consolidation.

Dow Jones says shares in Micron were up 6.9% on the Nasdaq Stock
Market on Monday, reflecting investor hopes about the positive
impact of reduced competition as well as the possibility that the
Boise, Idaho, company would be able to pick up some Elpida assets
at lower prices as part of bankruptcy proceedings.  According to
Dow Jones, Micron hasn't confirmed whether it held any talks with
Elpida, and a Micron spokesman declined to comment Monday.

Dow Jones, citing market-research firm IHS iSuppli Corp., relates
as of September, Elpida and Micron were tied as the world's
third-largest DRAM makers, with each holding 12.1% of the market.
Samsung Electronics Co. led the market with a 45% share.  Hynix
Semiconductor Inc., was second with 21.5%.

Dow Jones also notes Elpida and Taiwan-based Powerchip
Semiconductor Corp. have a joint venture called Rexchip
Electronics Corp. It remains unclear how the Japanese company's
bankruptcy filing will affect Rexchip.  Representatives at
Powerchip and Rexchip couldn't immediately be reached for comment
on Monday, the report says.

Dow Jones notes Elpida was created in 1999 from the merger of
former operations of NEC Corp. and Hitachi Ltd., taking its name
from "elpis" -- a Greek mythological spirit meaning "hope" -- as
well as D for "dynamic" and A for "association."

                       Grounds for the Petition

Elpida was established in December 1999 as a sole company in
Japan that specializes in DRAM (the company's initial trade name
was NEC Hitachi Memory, Inc.), has started development operations
for DRAM products since April 2000, and changed its trade name to
the present one in May 2000.

Thereafter, Elpida expanded its business by establishing foreign
companies as local distribution offices, by commencement of sales
business inside and outside Japan, by succession of businesses of
other domestic or foreign companies to our company, by
collaboration with other domestic or foreign companies, and by
commencement of manufacturing of products at its subsidiary in
Hiroshima (currently, our Hiroshima Plant). Since March 2003, the
company has been a sole company in Japan being engaged in DRAM
business. After the listing of its shares (currently, common
shares) on the 1st section of the Tokyo Stock Exchange in
November 2004, the company explored its business through such as
the plant and equipment investments into Hiroshima Plant, etc.,
the establishment in 2005 of a joint venture company, Tera Probe,
Inc., a company specialized in wafer probe testing, the
establishment of Akita Elpida Memory, Inc., a wholly owned
subsidiary to take on the back-end process for DRAM, the
establishment of Rexchip Electronics Corporation, a joint venture
company for front-end process, and the subsequent acquisition
thereof as a subsidiary.

However, as a result of the reinforcement of production capacity
by investments into plants and equipment implemented proactively
in the DRAM industry in 2006 through 2007 in expectation of the
growth of demand due to an increase of the volume of shipment of
personal computers as well as an increase of the capacity of DRAM
per unit, the supply significantly exceeded the demand.  At the
beginning of 2007, the price of DRAM started falling sharply and,
combined by a significant decrease of demand for the products due
to the global economic downturn begun in the fall 2008, such
price further declined.  In the fiscal year ended March 2009, the
company was forced to experience a significant deterioration in
business results compared with the previous year.

In such situation, being evaluated in June 2009 as one of the
companies having world's highest technology in development and
design of DRAM, the company received an approval on the business
restructuring plan under the Act on Special Measures Concerning
Revitalization of Industry and Innovation of Industrial Activity
from the Ministry of Economy, Trade and Industry in order to
maintain such superiority in technology and to increase the
productivity.  Despite such business restructuring plan that
targeted on keeping the superiority in technology, improvement of
productivity and further expansion of market share by
implementing the most advanced research and development of
premier DRAM, and by investments into advanced plant and
equipment which enable high productivity, the circumstances
around the company turned from bad to worse due to the factors
such as the record-breaking strong yen against the US dollar, and
the steep fall of the price of DRAM products by fiercer
competition in the DRAM industry.  Within such continuing harsh
management environment, an additional negative factor, which is a
stagnation of demand for DRAM due to the great flood in Thailand
in 2011, has arisen.

"Based on the background mentioned, we have concluded that, if we
continue the business by ourselves, we will face cash shortage
soon. Moreover, we assumed that, if we left this situation and
then cash shortage would become reality, the corporate value of
our company must significantly fall, there must be no way to be
supported by any sponsorship, and the people concerned such as
the creditors must suffer more inconvenience. Therefore, we are
obliged to decide that we will aim for the restructuring of our
business under the proceedings of the Corporate Reorganization
Act and filed the petition as of today," Elpida said.

"In the future, under the instruction and supervision of the
Tokyo District Court and Mr. Atsushi Toki, Attorney-at Law and
the Supervisor and Examiner, our company will work together
aiming for the restructuring of our business with a view to
selection of a sponsor and the sponsorship from such sponsor so
that we can secure as much repayment funds as possible for the
creditors," the company added.

                     About Elpida Memory

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


J-CORE15: Moody's Lowers Class D Notes Rating to 'Caa3'
-------------------------------------------------------
Moody's Japan K.K. has changed the ratings on six classes of J-
CORE 15 trust certificates and asset-backed loans.

Class A-1 trust certificate and Class A-1 loan, Aaa (sf) placed
under review for possible downgrade; previously on August 11,
2011, confirmed at Aaa (sf)

Class D loan, downgraded to Caa3 (sf); previously on August 11,
2011, downgraded to Caa1 (sf)

Class E trust Certificate, downgraded to Caa3 (sf); previously on
August 11, 2011, downgraded to Caa1 (sf)

Class F trust certificate and Class F loan, downgraded to Caa3
(sf); previously on August 11, 2011, downgraded to Caa1 (sf)

Deal Name: J-CORE15 Trust

Class: Class A-1, E, F trust certificates and Class A-1, D, F
asset-backed loans

Issue Amount (initial): JPY54.7 billion

Dividend: Floating

Issue Date: July 14, 2008

Final Maturity Date: July 2013

Underlying Asset: Specified bond backed by an office

Originator: Deutche Bank AG Tokyo Branch

Arranger: Deutche Bank AG Tokyo Branch

J-CORE 15 is a single-asset/single-borrower CMBS deal, effected
in July 2008. The property was previously used as the
headquarters of Shinsei Bank and is in Chiyoda-ku, Tokyo.

The originator entrusted the specified bond to the asset trustee
and received the Class A-1 through F trust certificates.

The trustee took out the Class A-1, A-2, D and F loans from the
originator, and then used the proceeds to redeem the
corresponding trust certificates. These trust certificates and
loans were sold through the arranger to investors. The trust
certificates and loans are rated by Moody's.

Ratings Rationale

The current rating action reflects the following factors:

1. Moody's has been prompted to place Class A-1 loans/trust
certificates under review for possible downgrade because of
growing uncertainty over collateral recovery and disposal timing,
given that approximately 17 months remain before their final
maturities.

For a more detailed explanation of Moody's approaches on the
periods to legal final maturities on CMBS transactions please
refer to the Moody's methodology report "Rating Caps for CMBS in
the Tail Period" (Oct 2011).

2. The downgrades of the Class D loans, Class E trust
certificates, and Class F loans/trust certificates reflect the
increased probability of losses from backing specified bond as
the controlling right has been moved to the senior note holder
after terminating the junior noteholder's controlling terms.

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

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


JCREF CMBS: Moody's Lowers Class B Notes Rating to 'Ba1'
--------------------------------------------------------
Moody's Japan K.K has downgraded the ratings for the Class A
through D Notes issued by JCREF CMBS 2007-1 GK. Moody's has also
confirmed the ratings for the Class E Notes.

Details follow:

Class A, downgraded to A2 (sf); previously on December 14, 2011
Aa2 (sf) placed under review for possible downgrade

Class B, downgraded to Ba1 (sf); previously on December 14, 2011
Baa1 (sf) placed under review for possible downgrade

Class C, downgraded to B1 (sf); previously on December 14, 2011
Ba1 (sf) placed under review for possible downgrade

Class D, downgraded to Caa2 (sf); previously on December 14, 2011
B2 (sf) placed under review for possible downgrade

Class E, confirmed at Caa3 (sf); previously on December 14, 2011
Caa3 (sf) placed under review for possible downgrade

Deal Name: JCREF CMBS 2007-1 GK

Classes: A through E Notes

Issue Amount (initial): JPY 58.2 billion

Dividend: Floating

Issue Date (initial): November 22, 2007

Final Maturity Date: December, 2015

Underlying Asset (initial): Five non-recourse loans, four TMK
bonds, and cash

Originator: Barclays Capital Japan Limited

Arranger: Barclays Capital Japan Limited

JCREF CMBS 2007-1, effected in November 2007, represents the
securitization of five non-recourse loans and four specified
bonds (hereinafter referred to as the "loans").

The Originator transferred the nine loans to the Issuer and
issued the Class A through E Notes and Class X distribution. The
Notes are rated by Moody's and were sold to investors.

In this transaction, the loans are dividend into senior and
junior components. The senior components are securing the Classes
A through E Notes.

The redemptions of the Notes are applied based on pro-rata
payments such as payments at maturity and prepayments resulting
from refinancing. Sequential payments from the most senior class
of the Notes are applied in the event of loan defaults and fast
pay by the breach of the triggers. Losses incurred by any
defaulted loans are allocated in reverse sequential order, and
starting with the most subordinate class of the Notes.

One of the loans has been recovered, and the transaction is
currently secured by eight loans, six of which are under special
servicing.

Ratings Rationale

The current rating action reflects the following factors:

1) Given that the profitability of the properties for the six
specially serviced loans remain lower than Moody's previous
assumptions in March 2011, and that the lengthening of the
special servicing activities is expected, Moody's has lowered its
recovery assumptions by 44% from Moody's initial value.

2) As a result of the special servicing activities, losses from
the remaining loans are highly likely and could negatively affect
the Class D Notes.

Moody's will continue to monitor the properties' operating status
and the progress of special servicing.

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

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


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.


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


CRAFAR FARMS: Maori Trusts to File Legal Action Against Landcorp
----------------------------------------------------------------
Fairfax NZ News reports that Maori trusts trying to buy two
Crafar farms in the King Country they claim is "ancestral land"
are taking legal action against two Government agencies in a bid
to thwart a Chinese purchase of the Crafar estate.

According to the report, lawyers for the Tiroa E and Te Hape B
Trusts, part of the Sir Michael Fay-led group of farmers and iwi
trying to head off Shanghai Pengxin's bid for the in-receivership
farms, are likely to file proceedings at the High Court at
Wellington in the next few days against state owned enterprise
Landcorp and Land Information NZ.

Pengxin has contracted Landcorp to run the 16 North Island dairy
farms if its NZ$210 million bid, which has run into a legal
roadblock, ends up approved for a second time by the Government,
Fairfax NZ says.

Fairfax NZ relates that Chairman of the iwi trusts, Hardie Peni,
said Landcorp's focus on its commercial interests is effectively
locking iwi out of a chance to buy two farms "illegally" obtained
in the 1800s.

According to Fairfax NZ, Mr. Peni said without Landcorp in the
mix the Chinese deal "is going nowhere."

Mr. Peni said the trusts, which represent Tu Wharetoa and Ngati
Rereahu, had retained Maori issues specialist law firm Rainey
Collins, and he hoped proceedings could be filed in the next two
days, Fairfax NZ discloses.

The report adds Mr. Peni said that the OIO was prepared to pass
land containing sites of "deep ancestral significance" for Ngati
Rereahu into overseas ownership, when there was an opportunity
for iwi to buy two farms back, acts against the best interests of
tangata whenua.

Fay's group has offered NZ$171.5 million for the 16 farms,
rejected as too cheap by receivers KordaMentha.

                        About Crafar Farms

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

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

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

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

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

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


FELTEX CARPETS: Another 300 Former Investors Join Class Action
--------------------------------------------------------------
Fairfax NZ News reports that another 300 former Feltex Carpet
investors have joined 2,500 others in a class action against the
former directors, sellers and promoters of the failed
carpetmaker.

The former shareholders claim the prospectus accompanying the
Feltex share offer of just more than NZ$250 million in shares in
2004 was misleading and contained untrue statements.

Feltex collapsed in late 2006 and shareholders lost their entire
investment.

According to the report, counsel for the plaintiffs Austin Forbes
QC said some potential claimants who had not yet joined the group
action had expressed concerns about personal liability for any
adverse costs.

But that had been addressed by obtaining an insurance policy
through London-based Harbour Litigation Funding and by lodging
NZ$200,000 in the Christchurch High Court last June as security
for costs, Mr. Forbes, as cited by Fairfax NZ, said.

Mr. Forbes said the second concern was an assumption by some
investors that they were too late to join the action, which was
not correct, the report relates.

According to the report, Mr. Forbes said the High Court ruled
last year that Eric Houghton, the shareholder taking the action
on behalf of others, had stopped the limitation of time for
bringing a claim for all investors he represented by filing the
claim and representative application in February 2008.

The discovery process was set to begin shortly, however several
interlocutory matters are still to be determined by the Court of
Appeal, the report adds.

                       About Feltex Carpets

Headquartered in Auckland, New Zealand, and established more than
50 years ago, Feltex Carpets Limited -- http://www.feltex.com/--
has built a reputation for being one of the world's leading
manufacturers of superior-quality carpet.  The Feltex operation
included a wool scouring plant, six spinning mills, three tufted
carpet mills, a woven carpet mill and offices in New Zealand,
Australia and the United States.

ANZ Bank placed the company in receivership on Sept. 22, 2006,
and named Colin Nicol, Peter Anderson and Kerryn Downey, of
McGrathNicol+Partners, as receivers and managers.

The TCR-AP reported on Oct. 4, 2006, that Godfrey Hirst acquired
Feltex as a going concern, including its assets and undertakings
in New Zealand, Australia, and the United States.  Proceeds of
the sale will be used to ease the company's NZ$128-million debt
to ANZ Bank.

On Dec. 13, 2006, the High Court in Auckland ruled in favor of an
application by the Shareholders Association against Feltex
Carpets putting the carpet maker into liquidation.  John Vague
was appointed as liquidator.


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


BARNSLEY PTE: Court to Hear Wind-Up Petition on March 9
-------------------------------------------------------
A petition to wind up the operations of Barnsley Pte Ltd will be
heard before the High Court of Singapore on March 9, 2012, at
10:00 a.m.

Shook Lin & Bok LLP filed the petition against the company on
Feb. 16, 2012.

The Petitioner's solicitors are:

          Shook Lin & Bok LLP
          1 Robinson Road
          #18-00 AIA Tower
          Singapore 048542


BELUGA CHARTERING: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Singapore entered an order on Feb. 17, 2012, to
wind up the operations of Beluga Chartering GMBH.

Beluga Shipping Gmbh & Co. Kg Ms "Beluga Persuasion" filed the
petition against the company.

The company's liquidators are:

         Abuthahir Abdul Gafoor
         RSM Chio Lim LLP
         8 Wilkie Road
         #03-08 Wilkie Edge
         Singapore 228095

         Chee Yoh Chuang
         RSM Chio Lim LLP
         8 Wilkie Road
         #03-08 Wilkie Edge
         Singapore 228095


BON INTERNATIONAL: Court to Hear Wind-Up Petition on March 9
------------------------------------------------------------
A petition to wind up the operations of Bon International
(Singapore) Pte Ltd will be heard before the High Court of
Singapore on March 9, 2012, at 10:00 a.m.

United Overseas Bank Limited filed the petition against the
company on Feb. 10, 2012.

The Petitioner's solicitors are:

          Messrs WongPartnership LLP
          63 Market Street #02-01
          Singapore 048942


CHONG SENG: Court to Hear Wind-Up Petition on March 9
-----------------------------------------------------
A petition to wind up the operations of Chong Seng Wooden Case
Factory Pte Ltd will be heard before the High Court of Singapore
on March 9, 2012, at 10:00 a.m.

The Comptroller of Goods and Services Tax filed the petition
against the company on Feb. 10, 2012.

The Petitioner's solicitors are:

          Infinitus Law Corporation
          77 Robinson Road, #16-00
          Robinson 77
          Singapore 068896


CHOOENG INVESTMENT: Creditors' Proofs of Debt Due March 26
----------------------------------------------------------
Creditors of Chooeng Investment Co Pte Ltd, which is in members'
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:

         Sim Guan Seng
         Khor Boon Hong
         Victor Goh
         C/o Baker Tilly TFW LLP
         15 Beach Road
         #03-10 Beach Centre
         Singapore 189677


GLOBALFOUNDRIES: Moody's Withdraws 'Ba3' Corporate Family Rating
----------------------------------------------------------------
Moody's Investors Service has withdrawn the Ba3 corporate family
rating, and Ba3 debt ratings of GLOBALFOUNDRIES Singapore.

Ratings Rationale

Moody's has withdrawn the ratings because it believes it has
insufficient or otherwise inadequate information to support the
maintenance of the rating.

GFS provides wafer fabrication services and technologies to
semiconductor suppliers and system companies. GFS is a wholly
owned subsidiary of GLOBALFOUNDRIES Inc. The Abu Dhabi government
owns GFS through its wholly owned subsidiary, Advanced Technology
Investment Company.


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


* BOND PRICING: For the Week Feb. 20 to Feb. 24, 2012
-----------------------------------------------------


  AUSTRALIA
  ---------

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


  CHINA
  -----

CHINA GOVT BOND          1.64    12/15/2033   USD      63.76


  HONG KONG
  ---------

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


  INDIA
  -----

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



  JAPAN
  -----

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


  MALAYSIA
  --------

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


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

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


SINGAPORE
---------

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


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


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


SRI LANKA
---------

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


                             *********

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

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

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


                            *********


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

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

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

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

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





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