TCRAP_Public/120229.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

          Wednesday, February 29, 2012, Vol. 15, No. 43

                            Headlines


A U S T R A L I A

SLEEP CITY: Administrators to Orderly Wind Up Business
WOW AUDIO: Administrators Prepare to Launch Sale Campaign


H O N G  K O N G

KWOKHO LIMITED: Members' Final Meeting Set for March 26
LA ROSE: Dubois and Wallis Appointed as Liquidators
MELODY OF MY HEART: Placed Under Voluntary Wind-Up Proceedings
NEW MODERN: Court Enters Wind-Up Order
N W S MUTUAL: Members' Final General Meeting Set for March 26

PINE WELL: Members' Final Meeting Set for March 28
PROSPER LANE: Cowley and Power Appointed as Liquidators
PRUDENTIAL SURPLUS: Cowley and Power Appointed as Liquidators
SHELL BITUMEN: Creditors' Proofs of Debt Due March 16
STARGREAT LIMITED: Court Enters Wind-Up Order

TIN SUNG: Chan and Shek Step Down as Liquidators
TREASURE PATH: Members' Final Meeting Set for March 26
WELL HONOUR: Cowley and Power Appointed as Liquidators


I N D I A

ABIL DAIRY: CRISIL Rates INR195MM Long-Term Loan at 'CRISIL B'
AMBANK BERHAD: Fitch Affirms Support Rating Floor at 'BB+'
ANDREW YULE: Fitch Affirms 'C' Rating on INR437.9-Mil. Bank Loan
AXIS BANK: Fitch Assigns 'BB+' Support Rating Floor
BAJRANG STEEL: CRISIL Rates INR100MM LT Loan at 'CRISIL BB+'

KAUR SAIN: CRISIL Assigns 'CRISIL B' Rating to Rs110MM Loans
K.KUMAR RAJA: CRISIL Places 'CRISIL BB' Ratings to Rs190MM Loans
LAKE PALACE: Fitch Won't Provide Ratings or Analytical Coverage
NSN REDDY: CRISIL Assigns 'CRISIL BB' Rating to INR250MM Loans
PEARL POLYMER: Fitch Affirms 'BB+' Rating on INR41-Mil. Debt

PVM ENTERPRISES: CRISIL Assigns 'BB' Rating to INR80MM LT Loan
ROYAL PALMS: Delay in Loan Payment Cues CRISIL Junk Ratings
R. R. INDUSTRIAL: CRISIL Assigns B+ Rating to Rs74MM Cash Credit
SAN AUTOMOTIVE: CRISIL Reaffirms 'BB' Rating on INR72MM LT Loan
SAYONA CERAMIC: CRISIL Assigns 'CRISIL B' to Rs34.9MM Loan

SONA OKEGAWA: Fitch Raises National LT Rating to 'BB+(ind)'
SRI VENKATA: CRISIL Assigns 'CRISIL B' Rating to INR100MM Loan
SRI VENKATRAM: Fitch Migrates Rating on Bank Loans to 'D'
SRI VIJAYA: CRISIL Rates INR120MM LT Loan at 'CRISIL B+'
SUKH SAGAR: CRISIL Rates INR82.5MM LT Loan at 'CRISIL B'


I N D O N E S I A

PERTAMINA ENERGY: State Enterprises Calls for Liquidation


J A P A N

ELPIDA MEMORY: Corporate Reorganization Summary
JLOC 41: S&P Cuts Rating on Class D-2 Floating-Rate Notes to 'D'
OLYMPUS CORP: Nominates Sasa as Pres., Proposes 11-Member Board


K O R E A

OZ WING: Moody's Rates Air Tickets Receivables Deal '(P)A1(sf)'


N E W  Z E A L A N D

GENEVA FINANCE: FedPac Boosts Shares in Firm to 19.9%
OTAGO RUGBY: Heads Toward Liquidation; No Bail Out from NZRU
SMG PROPERTIES: Owes Almost NZ$53 Million to Creditors


S I N G A P O R E

DYNAMIKZ TRAVELZ: Court to Hear Wind-Up Petition on March 9
ELCOMP TECHNOLOGIES: Court to Hear Wind-Up Petition on March 9
EMC BUILDING: Creditors Get 39.64733% Recovery on Claims
LG PROPERTIES: Court to Hear Wind-Up Petition on March 9


T A I W A N

KUO HUA: Regulator Seeks New Investor as Acquisition Talks Falter


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


SLEEP CITY: Administrators to Orderly Wind Up Business
------------------------------------------------------
SmartCompany reports that the administrators of collapsed
furniture retailer chain Sleep City have announced the company's
64 stores will be shut down over the next six to eight weeks,
just days after the company collapsed into administration.

According to SmartCompany, PricewaterhouseCoopers partner Michael
Fung said Sleep City and Everyday Living stores, the brands owned
by parent company Furniture and Bedding Concepts, would close.
The financial position of the businesses simply doesn't allow for
them to continue trading, Mr. Fung said.

"We have entered into an in principle agreement with Hilco
Merchant Australia to conduct an orderly liquidation of remaining
stock, both in the stores and the distribution centres," the
report quotes Mr. Fung as saying.  "This arrangement will enable
us to maximise the return from the companies' existing stock for
the benefit of creditors including employees."

The company has 450 staff across the country, many of which will
continue to be employed while the wind-down is being completed,
according to Mr. Fung.  After that point, all staff will be made
redundant.

"We have chosen this orderly wind down option, rather than
immediate shutdown, in order to provide staff with some
additional employment, albeit for only some weeks," SmartCompany
cited Mr. Fung as saying.

                          About Sleep City

Furniture and Bedding Concepts Ltd. --
http://www.sleepcity.com.au/-- is a furniture and bedding
retailer trading as "Sleep City" with over 64 stores in
Australia.  The company employs around 450 staff.

PricewaterhouseCoopers partners Michael Fung, Greg Hall, and
Guy Edwards have been appointed voluntary administrators over
Furniture and Bedding Concepts Ltd. and four other related
entities.

The companies included in the administration are:

     -- Furniture and Bedding Concepts Limited;
     -- Everyday Sleep Trading Pty Ltd;
     -- Uinta Beds Pty Limited;
     -- SDM Marketing Pty Ltd; and
     -- Global Victoria Pty Ltd


WOW AUDIO: Administrators Prepare to Launch Sale Campaign
---------------------------------------------------------
The Sydney Morning Herald reports that administrators began
preparing to launch a sale campaign almost immediately after WOW
Audio Visual Superstores went into liquidation on Monday.

According to the report, a spokesman for receivers Ferrier
Hodgson said advertisements would be placed in newspapers across
Australia today, February 29, in a bid to save the business and
the jobs of 500 employees across 15 stores nationwide, including
10 in Queensland.

The Ferrier Hodgson spokesman said administrators would be
searching for potential buyers at home and abroad, SMH relates.

"Until we speak to some potential buyers and get a feeling for
the level of interest in the market it's too early to say
[whether or not stores will close]," the report quotes the
Ferrier Hodgson spokesman as saying.

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.

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 company 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 disclosed.


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


KWOKHO LIMITED: Members' Final Meeting Set for March 26
-------------------------------------------------------
Members of Kwokho Limited will hold their final general meeting
on March 26, 2012, at 11:00 a.m., at 6A Jonsim Place, at 228
Queen's Road East, in Hong Kong.

At the meeting, Alice P.F. Choi, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


LA ROSE: Dubois and Wallis Appointed as Liquidators
---------------------------------------------------
Gerard Dubois and Richard Alan Wallis on Feb. 15, 2012, were
appointed as liquidators of La Rose Noire Boulangerie Limited.

The company's liquidators are:

         Gerard Dubois
         Richard Alan Wallis
         Rooms 301-303, Corporation Square
         No. 8 Lam Lok Street
         Kowloon Bay, Kowloon
         Hong Kong


MELODY OF MY HEART: Placed Under Voluntary Wind-Up Proceedings
--------------------------------------------------------------
At an extraordinary general meeting held on Feb. 17, 2012,
creditors of Melody of my Heart Ministry Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Wong Wai Chung Alex
         Rm 602, 447 Lockhart Road
         Hong Kong


NEW MODERN: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on Jan. 18, 2012, to
wind up the operations of New Modern Financial Services Limited.

The company's liquidator is Bruno Arboit.


N W S MUTUAL: Members' Final General Meeting Set for March 26
-------------------------------------------------------------
Members of N W S Mutual Limited will hold their final general
meeting on March 26, 2012, at 10:00 a.m., at Rooms 905-909, Yu To
Sang Building, at 37 Queen's Road Central, in Hong Kong.

At the meeting, Chu King Hei Victor, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


PINE WELL: Members' Final Meeting Set for March 28
--------------------------------------------------
Members of Pine Well Trading (HK) Limited will hold their final
meeting on March 28, 2012, at 5:00 p.m., at Room 502, 5th Floor,
Prosperous Building, at 48-52 Des Voeux Road Central, in
Hong Kong.

At the meeting, Law Yui Lun, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


PROSPER LANE: Cowley and Power Appointed as Liquidators
-------------------------------------------------------
Patrick Cowley and Fergal Power on Feb. 14, 2012, were appointed
as liquidators of Prosper Lane Limited.

The liquidators may be reached at:

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


PRUDENTIAL SURPLUS: Cowley and Power Appointed as Liquidators
-------------------------------------------------------------
Patrick Cowley and Fergal Power on Feb. 14, 2012, were appointed
as liquidators of Prudential Surplus Limited.

The liquidators may be reached at:

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


SHELL BITUMEN: Creditors' Proofs of Debt Due March 16
-----------------------------------------------------
Creditors of Shell Bitumen (Tianjin) Holding Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by March 16, 2012, to be included in the company's
dividend distribution.

The company's liquidators are:

         Ying Hing Chiu
         Chan Mi Har
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


STARGREAT LIMITED: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Hong Kong entered an order on Dec. 12, 2011, to
wind up the operations of Stargreat Limited.

The company's liquidator is Bruno Arboit.


TIN SUNG: Chan and Shek Step Down as Liquidators
------------------------------------------------
Chan Wai Chun Heather and Shek Wai Lan stepped down as
liquidators of Tin Sung Transportation Limited on Feb. 15, 2012.


TREASURE PATH: Members' Final Meeting Set for March 26
------------------------------------------------------
Members of Treasure Path Company Limited will hold their final
general meeting on March 26, 2012, at 11:00 a.m., at 20/F, Fung
House, at No. 19-20 Connaught Road Central, in Hong Kong.

At the meeting, Lee Yuen Han Hope, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


WELL HONOUR: Cowley and Power Appointed as Liquidators
------------------------------------------------------
Patrick Cowley and Fergal Power on Feb. 14, 2012, were appointed
as liquidators of Well Honour Limited.

The liquidators may be reached at:

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


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


ABIL DAIRY: CRISIL Rates INR195MM Long-Term Loan at 'CRISIL B'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank loan facilities of ABIL Dairy LLP.

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

   Total Bank Loan Facilities Rated: INR195 Million

The rating reflects ABIL's exposure to project related risks
arising out of the large debt funded capex for setting up its
dairy farm, expected weak financial risk profile marked by modest
net worth, aggressive gearing, and weak debt protection measures.
The aforementioned weaknesses are partially offset by healthy
demand prospects in dairy industry.

Outlook: Stable

CRISIL believes that ABIL's credit profile over the near term
will be constrained on account of being in project implementation
phase. The outlook may be revised to 'Positive' in case of
successful implementation of project and subsequent ramp up in
operations. Conversely, the outlook may be revised to 'Negative'
in case project cost or time overrun adversely impacts the
accruals and hence the debt repayment ability of the firm.

                          About ABIL Dairy

Formed on March 18, 2011, ABIL is a Limited Liability partnership
between Mr. Amit Bhosle (60% interest in partnership) and Mr.
Sagar Dharia (40%). ABIL is setting up a fully automated dairy
farm, near Solapur, which once completed will have 1300 Holstein
Freisn cows and milk processing capacity expandable to 25000
litres per day (LPD). The dairy farm involves a capex of INR28 cr
which is being funded through term loan of INR18.7 cr and
remaining through partners' contribution. The civil construction
is expected to be completed by July 2012 while number of cows
will progressively increase to reach 1300 cows by April 2013.
Mr. Dharia is directly involved in implementation of project and
later ensuring the stabilization of operations while Mr. Bhosle
is there mainly in the capacity of investor and providing
financial support.


AMBANK BERHAD: Fitch Affirms Support Rating Floor at 'BB+'
----------------------------------------------------------
Fitch Ratings has affirmed Malaysia-based AmBank (M) Berhad's and
AmInvestment Bank Berhad's Long-Term Foreign-Currency Issuer
Default Ratings (IDRs) at 'BBB' with a Stable Outlook.  At the
same time, the agency has affirmed AmBank's Viability Rating at
'bbb'.

AmBank's ratings reflect its reasonable domestic franchise,
satisfactory balance sheet, steady earnings base, and manageable
asset quality.  They also incorporate Fitch's expectations that
the bank will continue to build a diversified loan portfolio, and
strengthen its capital as well as funding profile.  Significant
improvements in these areas will be ratings positive, but the
agency believes any meaningful improvements in these areas are
only likely over the long-term.

Fitch recognizes that Australia & New Zealand Banking Group (ANZ;
'AA-'/Stable) is a strategic partner of AmBank's parent, AMMB
Holdings Berhad (AMMB) and provides support through the Board and
senior management representation, governance, risk management,
strategy, new business development and resources support.  The
agency expects AmBank's profitability to remain largely stable.
The bank's strategy to grow low-risk, low-yield corporate loans
amid tight competition in the domestic market could narrow
margins despite efforts to expand low-costs deposits.  The weak
global economy could also pressure the bank's earnings although
this may be partly offset by efforts to expand its non-interest
income business.

The low interest rate environment and ample liquidity in the
domestic market have helped the bank to raise wholesale
borrowings, which may alleviate some asset/liability mismatch
risks.  Nevertheless, Fitch believes AmBank will focus more on
customer deposits than wholesale funds over the long term; its
loans/deposits ratio is likely to remain between 90%-100%, higher
than the peer average of 88% domestically.

Negative rating pressure may arise should the economic downturn
become sharp and protracted causing significant deterioration in
asset quality and, consequently, capital impairment.  However,
Fitch believes provisioning risks for AmBank are low in the near
term as loan loss reserves covered 94% of non-performing loans at
end-December 2011.  The bank continues to improve its risk
management, which could mitigate asset quality risks.

While AmBank's core Tier 1 capital adequacy ratio (CAR, excluding
hybrids) of 7.7% seems satisfactory for its risk profile and at
the current ratings level, Fitch expects that more core capital
buffer may be desirable in view of its aspiration to pay
dividends to its parent, AMMB, as well as the local Basel III
capital regulations, which prescribe a minimum core tier 1 CAR of
4.5% and a capital conservation buffer of up to 2.5%.

AmBank's 'BB+' hybrid rating was among the capital securities
Fitch placed on Rating Watch Negative (RWN) in December 2011, and
the agency expects to resolve the RWNs in Q112. The RWN resulted
from the agency's new criteria on bank regulatory capital and
similar securities.

Fitch expects AmInvestment's risk profile and ratings to continue
to move in line with those of AmBank.  Although both banks
operate as separate legal entities, their operations are highly
integrated and closely linked.  AmInvestment is a key operating
division of the AMMB group that focuses on investment banking and
stock-brokerage.

The full list of rating actions is as follows:

AmBank

  -- Long-Term Foreign-Currency IDR affirmed at 'BBB'; Outlook
     Stable
  -- Short-Term Foreign-Currency IDR affirmed at 'F3'
  -- Viability Rating affirmed at 'bbb'
  -- Support Rating affirmed at '3'
  -- Support Rating Floor affirmed at 'BB+'
  -- Long-term deposits affirmed at 'BBB+'

AmInvestment

  -- Long-Term Foreign-Currency IDR affirmed at 'BBB'; Outlook
     Stable
  -- Short-Term Foreign-Currency IDR affirmed at 'F3'
  -- Support Rating affirmed at '3'
  -- Support Rating Floor affirmed at 'BB+'
  -- Long-term deposits affirmed at 'BBB+'


ANDREW YULE: Fitch Affirms 'C' Rating on INR437.9-Mil. Bank Loan
----------------------------------------------------------------
Fitch Ratings has affirmed India-based Andrew Yule & Company
Limited's National Long-Term Rating at 'Fitch Dind)'.

The ratings reflect the accumulated losses of INR518.7 million on
the company's balance sheet for the financial year ended March
2011 (FY11) because of continued and significant net losses
incurred before FY08 (FY01-FY07); though it has made net profits
from FY08-FY11 (INR413m in FY11).  AYCL is still registered under
the Board for Industrial and Financial Reconstruction (BIFR) and
is trying to implement the rehabilitation scheme, as approved by
the Board for Reconstruction of Public Sector Enterprises, Union
Cabinet and BIFR, to restructure its debt and operations.

The ratings also reflect irregularities in statutory dues
payments, including sales tax, wealth tax, agricultural income
tax, professional tax and excise duty for FY11.  However, there
have been no defaults on loan repayments since FY11, after
considering the relief, concessions and loan restructuring as per
BIFR's sanctioned scheme, and fresh arrangement with
banks/financial institutions,.

The ratings may be upgraded if the company successfully completes
its rehabilitation scheme, allowing it to exit BIFR.

AYCL is headquartered in Kolkata and is the flagship company of
the Andrew Yule group.  The Government of India holds 93.3% of
the company's equity, with the balance being held by financial
institutions and the public.  Its shares are listed on the Bombay
Stock Exchange (BSE). It presently operates four divisions,
namely tea, engineering, electrical and general divisions.

Fitch has also affirmed AYCL's bank loan ratings as follows:

  -- INR437.9m fund based limits: affirmed at 'Fitch C(ind)'
  -- INR6.9m non-fund based limits: affirmed at 'Fitch A4(ind)'


AXIS BANK: Fitch Assigns 'BB+' Support Rating Floor
---------------------------------------------------
Fitch Ratings has assigned Axis Bank Limited's proposed foreign
currency senior unsecured notes, to be issued under its EUR2bn
medium term notes (MTN) programme, an expected rating of 'BBB-
(exp)'.  The final rating is contingent upon the receipt of final
documents conforming to information already received.

The notes are rated at the same level as ABL's Long-Term Foreign
Currency Issuer Default Rating (IDR) of 'BBB-', as they will
constitute direct, unsubordinated and senior unsecured
obligations of the bank, and will rank equally with all its other
unsecured and unsubordinated obligations.

ABL's other ratings are as follows:

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

Axis Bank is the 8th largest bank in India in India with a strong
franchise, sound profitability and asset quality.  The bank's
reputation, established track record and capable management have
enabled it to carve a leading position in certain niches (e.g.
debt syndication and underwriting) while ensuring growth over the
last five years.


BAJRANG STEEL: CRISIL Rates INR100MM LT Loan at 'CRISIL BB+'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable' rating to the long-
term bank facilities of Bajrang Steel and Alloys Ltd.

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

   Total Bank Loan Facilities Rated: INR100 Million

The rating reflects BSAL's above-average financial risk profile,
marked by low gearing and moderate net worth and debt protection
metrics, and promoter's extensive experience in the steel
industry. This rating strength is partially offset by BSAL's
working-capital-intensive operations, marginal market share, and
vulnerability to cyclicality in the steel industry.

Outlook: Stable

CRISIL believes that BSAL will continue to benefit over the
medium term from its promoters' extensive experience in the steel
industry and comfortable financial risk profile. The outlook may
be revised to 'Positive' in case of better-than-expected cash
accruals or working capital management, leading to improvement in
BSAL's liquidity. Conversely, the outlook may be revised to
'Negative' in case of deterioration in the company's liquidity or
its financial risk profile, driven by lower-than-expected revenue
or profitability or any significant debt-funded capital
expenditure plan.

                         About Bajrang Steel

BSAL manufactures steel ingots and steel structurals. The company
has an installed capacity of 30,000 tonnes per annum (tpa) of
steel ingots and 25,380 tpa of steel structurals. BSAL's plant is
located in Rourkela (Orissa). The average utilisation of the
company's rolling mill was 60 per cent and of the ingot plant was
around 54 per cent in 2010-11. Almost 90 per cent of the ingot
production is consumed in-house for production of steel
structurals, while the rest is sold in the local market in
Rourkela. Around 60 per cent of the steel structural production
is sold to project companies, while the rest is sold to local
dealers and retailers. BSAL's day-to-day operations are managed
by its promoters-directors, who have over two decades of
experience in the steel industry.

BSAL reported a profit after tax (PAT) of INR8.6 million on net
sales of INR636 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR11.1 million on net
sales of INR516 million for 2009-10.


KAUR SAIN: CRISIL Assigns 'CRISIL B' Rating to Rs110MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank loan facilities of Kaur Sain Spinning Mills.

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

   Total Bank Loan Facilities Rated: INR130 Million

    Facility                  Amt   Rating
    --------                 ----   ------
    Proposed LongTerm
      Bank Loan Facility     30MM   CRISIL B/Stable
    Cash Credit              80MM   CRISIL B/Stable
    Letter of Credit         20MM   CRISIL A4

The ratings reflect KSM's weak financial risk profile, marked by
a highly leveraged capital structure and weak debt protection
metrics, and small scale of operations in a fragmented industry.
These rating weaknesses are partially offset by KSM's long-
standing presence in the partially oriented yarn industry (POY).

Outlook: Stable

CRISIL believes that KSM will benefit over the medium term from
its long-standing presence in the POY industry. The outlook may
be revised to 'Positive' in case of significant improvement in
the firm's financial risk profile due to capital infusion by the
partners, or improvement in its scale of operations. Conversely,
the outlook may be revised to 'Negative' in case of deterioration
in the firm's financial risk profile due to significant increase
in inventory, leading to large incremental bank borrowings, or in
case of a debt-funded capital expenditure programme.

                         About Kaur Sain

KSM was established in 1999 as a partnership firm by Mr. Sushil
Kumar Mittal and his family members. The firm manufactures POY at
its plant in Ludhiana (Punjab). KSM has an installed capacity to
produce 12 tonnes per day of texturing yarn. The firm also trades
in knitted cloth, which accounted for 25 per cent of its revenues
in 2010-11 (refers to financial year, April 1 to March 31).

KSM reported a book profit of INR5.0 million on net sales of
INR487.7 million for 2010-11, as against a book profit of INR4.8
million on net sales of INR444.9 million for 2009-10


K.KUMAR RAJA: CRISIL Places 'CRISIL BB' Ratings to Rs190MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of K.Kumar Raja Projects Pvt Ltd.

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

   Total Bank Loan Facilities Rated: INR220 Million

    Facility                  Amt   Rating
    --------                 ----   ------
    Proposed Shortterm
      Bank Loan Facility     11MM   CRISIL A4+
    Letter of Credit         10MM   CRISIL A4+
    Bank Guarantee          169MM   CRISIL A4+
    Cash Credit              30MM   CRISIL BB/Stable

The ratings reflect KRPL's above-average financial risk profile,
marked by comfortable gearing and debt protection metrics, and
promoter's extensive experience in the electrical, mechanical and
civil construction industry. These rating strengths are partially
offset by KRPL's working-capital-intensive operations and
susceptibility to risks related to fragmentation and intense
competition in the electrical, mechanical and civil construction
industry.

Outlook: Stable

CRISIL believes that KRPL will benefit over the medium term from
its experienced management. The outlook may be revised to
'Positive' if the company improves its scale of operations and
profitability on a sustainable basis, leading to improvement in
its financial risk profile. Conversely, the outlook may be
revised to 'Negative' in case its financial risk profile
deteriorates owing to reduced revenues and margins, or if the
company undertakes a large debt-funded capital expenditure
programme, or if there is a delay in receipt of bills from
various principals.

                        About K.Kumar Raja

Established as a proprietary firm, K Kumar Raja Projects, in
1986, and reconstituted as a partnership firm in 1990, Kumar Raja
Associate, KRPL was again reconstituted as a private limited
company in 1999. The company is promoted by Mr. K Kumar Raja and
undertakes electrical, mechanical, and civil contracts for
government entities. KRPL is a super special class contractor for
Defence Research and Development Organisation. The company is
headquartered in Vishakhapatnam, Andhra Pradesh and has a current
order book of around INR350 million.

KRPL reported a profit after tax (PAT) of INR11.9 million on net
sales of INR349.3 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR12 million on net
sales of INR489.5 million for 2009-10.


LAKE PALACE: Fitch Won't Provide Ratings or Analytical Coverage
---------------------------------------------------------------
Fitch Ratings has withdrawn India-based The Lake Palace Hotels &
Motels Pvt. Ltd's 'Fitch BB(ind)nm' National Long-Term rating.
The agency has also withdrawn the 'Fitch BB(ind)nm' rating on
LPHM's INR717.6m long-term bank loan.

The National Long-Term rating has been withdrawn as it is no
longer considered by Fitch to be relevant to its coverage, and
the instruments ratings have been withdrawn as the loan has been
paid in full.

Fitch will no longer provide ratings or analytical coverage of
LPHM.


NSN REDDY: CRISIL Assigns 'CRISIL BB' Rating to INR250MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the cash
credit facility of NSN Reddy Rice Industry.

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

   Total Bank Loan Facilities Rated: INR250 Million

The rating reflects the extensive industry experience of NSN's
partners and largely assured offtake from Food Corporation of
India. This rating strength is partially offset by NSN's weak
financial risk profile, marked by a modest net worth, moderate
gearing, and weak debt protection metrics, and the susceptibility
of its operating margin to adverse regulatory changes and
volatility in raw material prices.

Outlook: Stable

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

                        About NSN Reddy

Set up in 2006 as a partnership firm in Kakinada (Andhra Pradesh)
by Mr. N.Bheemeshwar Reddy, Mrs. Prasanna Lakshmi, Mr.
N.Satyanarana Reddy, and Mr. N.Suryanarayana Reddy, NSN mills and
processes paddy into raw and parboiled rice, rice bran, broken
rice, and husk. It has installed paddy milling capacity of 15
tonnes per hour (tph) for parboiled rice and 10 tph for raw rice.
Mr. N.Satyanarana Reddy (father of Mr. N Bheemeshwar Reddy) and
Mr. N.Suryanarayana Reddy (brother of Mr. N Bheemeshwar Reddy)
left the firm in 2011; the firm is currently managed by
Mr. N.Bheemeshwar Reddy and his wife, Mrs. Prasanna Lakshmi. The
promoters have nearly four decades of experience in the rice
milling industry.

NSN reported a profit after tax (PAT) of INR6.5 million on net
sales of INR597.3 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR5.7 million on net
sales of INR542.9 million for 2009-10.


PEARL POLYMER: Fitch Affirms 'BB+' Rating on INR41-Mil. Debt
------------------------------------------------------------
Fitch Ratings has affirmed India-based Pearl Polymer Limited's
National Long-Term rating at 'Fitch BB+(ind)'.  The Outlook is
Stable.

The ratings reflect PPL's stable position in PET (polyethylene
terephthalate) bottles industry with an established brand
"Pearlpet" and its pan-India presence through multiple
manufacturing plants, enabling proximity to customers and hence
freight savings, particularly given its high volume-to-weight
ratio.

The ratings are supported by the company's diversified customer
base and high concentration in less cyclical segments like
pharmaceuticals, food and beverages and fast-moving consumer
goods.  Its largest customer accounted for only 12% of its total
sales in FY11 (financial year-end: March 2011).

The ratings are constrained by PPL's moderate-to-high net
financial leverage (net debt/EBITDA) of 3.5- 4.2x and weak
operating EBITDA margin of around 10% over FY08-FY11.  This is
due to high competition from smaller, low-cost regional retailers
and the company's inability to fully pass on raw material price
increases to its end-customers.

Negative rating action may result from significant debt-led capex
or increased investment in group companies, or margin pressures
leading to net financial leverage exceeding 4.5x on a sustained
basis.  Conversely, a sustained and significant improvement in
margins along with a reduction of financial leverage to below 3x
on a sustained basis may lead to positive rating action.

For 9MFY12, PPL reported revenues of INR1,579m (FY11: INR1,893m),
an EBITDA of INR115m (FY11: INR159m) and a profit after tax of
INR-17m (FY11: INR7m).

Fitch has also affirmed PPL's bank loan ratings as follows:

  -- INR41m long-term debt: affirmed at 'Fitch BB+(ind)'

  -- INR240m fund-based working capital limits: affirmed at
     'Fitch BB+(ind)'/'Fitch A4+(ind)'

  -- INR105m non-fund based working capital limits: affirmed at
     'Fitch BB+(ind)/FitchA4+(ind)'


PVM ENTERPRISES: CRISIL Assigns 'BB' Rating to INR80MM LT Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' rating to the long-
term bank facilities of PVM Enterprises Pvt Ltd.

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

   Total Bank Loan Facilities Rated: INR80.0 Million

The rating reflects the benefits that PVM derives from its
promoters' extensive experience in the fabric processing industry
and its established relationships with its customers; the rating
also reflects the company's moderate financial risk profile
marked by a comfortable gearing and healthy debt protection
metrics though constrained by a small net worth. These rating
strengths are partially offset by PVM's small scale of, and
working-capital-intensive, operations, and susceptibility to
volatility in raw material prices.

Outlook: Stable

CRISIL believes that PVM will continue to benefit over the medium
term from its promoters' extensive industry experience and its
established relationships with its customers. The outlook may be
revised to 'Positive' in case the company scales up its
operations considerably, while it maintains its profitability,
leading to better-than-expected cash accruals and liquidity.
Conversely, the outlook may be revised to 'Negative' in case PVM
reports lower-than-expected profitability, larger-than-expected
working capital requirements, or larger-than-expected debt-funded
capital expenditure, leading to pressure on its financial risk
profile, particularly its liquidity.

                       About PVM Enterprises

PVM was set up by Mr. Vijay Mehtani and his wife, Mrs. Priyanka
Mehtani, in 1996. It processes grey fabric and knitted fabric,
which includes dyeing, printing, and finishing. PVM derives
around 65 per cent of its revenues from processing on job-work
basis, and the rest from sale of processed fabrics.

PVM reported a profit after tax (PAT) of INR4.4 million on net
sales of INR201.8 million for 2010-11 (refers to financial year
from April, 1 to March, 31), against a PAT of INR3.2 million on
net sales of INR147.6 million for 2009-10.


ROYAL PALMS: Delay in Loan Payment Cues CRISIL Junk Ratings
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Royal Palms (India) Pvt Ltd.

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

   Total Bank Loan Facilities Rated:  INR1170 Million

The rating reflects instances of delay by RPIPL in servicing its
debt; the delays have been caused by the company's weak
liquidity.

These rating weaknesses are partially offset by the extensive
industry experience of RPIPL's promoters, available land bank,
and in-house construction facilities resulting in lower
construction costs.

Royal Palms (India) Pvt Ltd was incorporated in the year 1984.
The company is managed by its Chairman and Managing Director
Mr. Amir A. Nensey. In managing the day to day operations of the
company, he is supported by his sons Mr. Muhamad Nensey and
Mr. Dilawar Nensey. The company is engaged into hospitality, real
estate and construction business. RIPL commenced its operations
by acquiring 240 acres of land near Aarey Milk Colony Goregaon
East.

The company has forayed into Residential construction in the year
2000. Company till date has around 22 residential buildings about
1836 units, possession of 6 buildings has already been given and
rest of the properties are under construction but 95% of units
under construction are already sold

The company commenced its first venture into the hospitality
business by setting up a 223 room five star hotel in the name of
Park Plaza in Sep 2005. Initially the firm operated this hotel
under the Carlsons' group. However later in 2007, the company
cancelled its agreement with Carlson's and the hotel was renamed
as 'The Palms Hotel'.In Dec 2008 the company inaugurated its
second hotel by the name Villa Hotel. This hotel consists of 109
self contained villas. In 2008-09 both The Palms Hotel and Villa
Hotel were consolidated into Royal Palms Tower and Villa Hotel.
The third Hotel of the company i.e The Imperial Palace Hotel's
construction commenced in April 2008 with total capacity of 416
rooms.

RPIPL reported a profit after tax (PAT) of INR74 million on net
sales of INR1147.5 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR163.5 million on net
sales of INR1226.1 million for 2009-10.


R. R. INDUSTRIAL: CRISIL Assigns B+ Rating to Rs74MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of R.R. Industrial Corporation (India) Pvt
Ltd.

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

   Total Bank Loan Facilities Rated: INR114 Million

    Facility                  Amt   Rating
    --------                 ----   ------
    Cash Credit              74MM   CRISIL B+/Stable
    Letter of Credit         40MM   CRISIL A4

The ratings reflect RR Group's weak financial risk profile marked
by a small net worth, a high total outside liabilities to
tangible net worth ratio, and weak debt protection metrics. These
rating weaknesses are partially offset by the benefits that the
group derives from its promoters' extensive experience in the
business of trading in structural steel products and its
established customer base.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of RRICPL and RR Industrial Corporation,
a proprietorship concern. This is because both the entities,
together referred to as RR Group, are in the same line of
business, have common management and have significant operational
and financial fungibility.

Outlook: Stable

CRISIL believes that RR Group will continue to benefit over the
medium term from its established position in the structural steel
products trading industry and its promoters' extensive experience
in the sector. The outlook may be revised to 'Positive' in case
the group significantly increases its revenues and net cash
accruals, while it improves its working capital cycle and debt
protection metrics. Conversely, the outlook may be revised to
'Negative' in case RR Group reports a decline in its operating
margin or debt protection metrics, or significant elongation of
its working capital cycle.

                          About the Group

RRICPL was set up in 2009 by the Raipur (Chhattisgarh)-based Jain
family. It trades in structural steel products such as thermo-
mechanically treated (TMT) bars, angles, channels, beams, sheets,
and plates. The company's overall operations are managed by Mr.
Sanjay Jain, a second-generation entrepreneur. RRICPL sells these
products to established players such as Gayatri Projects, KJ
Infrastructure Projects (I) Pvt Ltd, and Precision Infratech Ltd
etc.

In 1986, Mr. Kanhaiyalal Jain, father of Mr Sanjay Jain,
established M/s. R. R. Industrial Corporation (RRIC), a
proprietorship concern. The concern is engaged trading of
structural steel products such as angles, channels, beams and TMT
bars. Its sells to established players like ESSAR Projects,
JaiPrakash Associates, Lanco Infratech and Larsen and Toubro Ltd
etc. In 2009, the promoters established RRICPL, and started to
gradually shift the entire operations from RRIC to RRICPL.
However RRIC continues to deal with its legacy clients and all
the new clients will be under RRICPL.

RRICPL (standalone) reported a profit after tax (PAT) of
INR0.1 million on net sales of INR63.4 million for 2010-11
(refers to financial year, April 1 to March 31).


SAN AUTOMOTIVE: CRISIL Reaffirms 'BB' Rating on INR72MM LT Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of SAN Automotive
Industries Pvt Ltd continue to reflect SAN's established
clientele.

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

   Total Bank Loan Facilities Rated: INR72 Million

This rating strength is partially offset by SAN's weak financial
risk profile marked by small net worth and high gearing;
susceptibility to volatility in raw material prices; and small
scale of operations in the highly fragmented sheet metal
components industry.

Outlook: Stable

CRISIL believes that SAN will maintain its modest business risk
profile over the medium term, supported by its established and
diversified clientele. The company's financial risk profile,
however, is likely to be constrained by its highly leveraged
capital structure and large working capital requirements over the
medium term. The outlook may be revised to 'Positive' if SAN
prudently manages its incremental working capital requirements or
scales up its operations, while maintaining its profitability and
capital structure. Conversely, the outlook may be revised to
'Negative' in case of lower-than-expected revenues or
profitability, leading to a decline in cash accruals, or larger-
than-expected debt-funded capital expenditure (capex), which
would cause deterioration in capital structure.

Update

SAN's operating income increased by around 25 per cent to
INR489.8 million in 2010-11 (refers to financial year, April 1 to
March 31). The company has reported revenues of INR300 million
for the period April 2011 to November 2011 and is likely to
report revenues of INR500 million for 2011-12.

The business risk profile of the company continues to be
supported by its established clinetele. Denso India Ltd, which is
into auto-ancillary components, is SAN's major client, with a
share of about 25 per cent of the total revenues. For 2011-12,
SAN's telecom division's contribution to revenues is expected to
be negligible, as there have been no major investments by the
telecom companies. The consumer durables division has also been
hit, as Samsung Electronics India (SEI) is exiting from window
air-conditioner business from this year after witnessing de-
growth of 26 per cent in its window air-conditioner business in
2010-11. In the consumer durables division, SEI is one of the
major clients. Decline in these two segments will be offset by
increasing sales to automobile segment. The automobile segment is
expected to contribute 93 per cent of SAN's total revenues in
2011-12. SAN mainly concentrates on the two-wheeler segment,
where it has entered into new contracts with Hero MotoCorp Ltd.
and India Yamaha Motor Pvt Ltd.

SAN's financial risk profile continues to be constrained by its
high gearing and small net worth. Gearing was 1.52 times as on
March 31, 2011, and is likely to improve, as the promoters have
brought in share application money of INR23 million, which is
likely to be converted into equity share capital by March 2012.
SAN has also been making capacity additions since the past four
years and is unlikely to undertake any major capex programme over
the medium term. Working capital requirements are also expected
to improve, as receivables position is expected to improve with
reduced exposure to the telecom sector. SAN's net worth was
small, at INR72.9 million, as on March 31, 2011 because of small
accretion to reserves. Its liquidity is supported by low bank
limit utilisation of about 57 per cent over the past 12 months
ending June 2011 and sufficient net cash accruals to meet its
term loan obligations.

SAN's operating profitability was adversely impacted in 2010-11
because of increased input costs, in the form of raw material
prices and power expenses. Operating margin declined to 5.2 per
cent in 2010-11 from 7.7 per cent in the previous year. With
increase in sales to the automotive sector, the company's margin
is expected to improve to about 7 per cent over the medium term.
However, net cash accruals increased to INR55.8 million in 2010-
11 from INR21.2 million a year ago, driven by a one-time non-
operating income of INR41.2 million being recognised owing to IT
disclosure made by the company in 2010-11.

SAN reported a profit after tax (PAT) of about INR42 million on
net sales of INR482.7 million for 2010-11, against a PAT of
INR9.6 million on net sales of INR391.3 million for 2009-10.

                       About SAN Automotive

SAN was established in 2002 by the Gumber family. Mr. Avinash
Chander Gumber is the chairperson and Mr. Dinesh Gumber is the
director. SAN manufactures sheet metal and foam components that
are used in consumer durables, telecommunication and automobile
industries. The company has manufacturing facilities at Faridabad
in Haryana and its operations are ISO 14001:2004/TS 16949:2002
certified. The company meets the entire requirement of some of
its key customers. It is the sole supplier of foam insulation to
the Noida unit of Samsung India Electronics Pvt Ltd. SAN also
provides after-sales services, including user manual,
installation training, operational training and on-site support.


SAYONA CERAMIC: CRISIL Assigns 'CRISIL B' to Rs34.9MM Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Sayona Ceramic.

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

   Total Bank Loan Facilities Rated: INR55.9 Million

    Facility                  Amt   Rating
    --------                 ----   ------
    Bank Guarantee            6MM   CRISIL A4
    Cash Credit              15MM   CRISIL B/Stable
    Term Loan               34.9MM  CRISIL B/Stable

The ratings reflect Sayona's below-average financial risk
profile, marked by a high gearing and weak debt protection
metrics, and addition of large fresh capacities leading to
pressure on the firm's capacity utilisations and profitability.
These rating weaknesses are partially offset by the benefits that
Sayona derives from its promoters' extensive experience in the
ceramics industry, and the advantageous location of its facility,
marked by easy access to raw material and skilled labour,
expected to result in healthy operating efficiencies.

Outlook: Stable

CRISIL believes that Sayona will continue to benefit over the
medium term because of its strategic location and its partners'
extensive experience in the ceramic industry. The outlook may be
revised to 'Positive' in case the firm shows better-than-expected
revenue growth or records higher-than-expected profitability.
Conversely, the outlook may be revised to 'Negative' if Sayona
reports less-than-expected revenues and profitability or if its
working capital requirements are larger than expectations thus
leading to a weak financial risk profile.

                       About Sayona Ceramic

Sayona was set up in December 2010 and has set up a facility to
manufacture ceramic-glazed wall tiles with capacity of 5500 boxes
per annum. The project has been set up in Morbi (Gujarat) and
commenced commercial production in October 2011.


SONA OKEGAWA: Fitch Raises National LT Rating to 'BB+(ind)'
-----------------------------------------------------------
Fitch Ratings has upgraded India-based Sona Okegawa Precision
Forgings Limited's National Long-Term rating to 'Fitch BB+(ind)'
from 'Fitch BB(ind)'.  The Outlook is Stable.

The upgrade reflects continuous and significant improvements in
SOPFL's consolidated operating profitability and financial
leverage in FY11 (financial year ending March) and 9MFY12.
Consolidated operating EBIDTAR increased to INR1,402m in FY11
from INR685m in FY10 and further to INR1,472m in 9MFY12;
Consequently, financial leverage reduced to 6.5x from 12.4x and
further to 4.7x (on an annualised basis).  The company's
operations have also become profitable from FY11 onwards at the
net level, compared with net losses incurred in FY09 and FY10.

The ratings factor in the technical expertise of SOPFL's founders
-- India's Sona Group (75%) and Japan's Mitsubishi Materials
Corporation (MMC; 25%) -- and its diversified customer portfolio
across the automobile industry, with limited customer
concentration.  Maruti Suzuki India Limited, along with its
associate company -- Suzuki Powertrain India Limited, remains its
largest customer, with a revenue share of about 15%-20% over
FY08-FY11.  Other key customers include Mahindra & Mahindra
Limited, Automotive Axles Limited, H V Axles Limited, Tata Motors
Limited ('BB'/Stable) and Tractors & Farm Equipment Limited.
SOPFL's technology agreement with MMC and its access to precision
forging technology of its subsidiaries have strengthened its
business profile.  Fitch has taken a consolidated view of SOPFL's
and its subsidiaries' business and financial positions.

SOPFL's standalone revenues grew by 47.9% yoy to INR2,207m in
FY11, with a slight decline in its operating EBIDTAR margin of
23.9% (FY10: 24.9%).  Despite the high capex spend of INR277m in
FY11 (FY10: INR22m), SOPFL's FY11 standalone financial leverage
(net adjusted debt/operating EBIDTAR: 6.0x) broadly remained at
the similar level of FY10 (6.6x) and is likely to remain so in
FY12 as part of the capex has been incurred in the current year.

The ratings are constrained by SOPFL high, though reduced,
consolidated financial leverage due to significant borrowings in
its international subsidiaries undertaken for the acquisition of
precision forging facilities in Germany and North America.  The
international subsidiaries' profitability, which began to improve
from FY10 onwards, remains weak in relation to its standalone
operations, leading to SOPFL extending liquidity support to its
subsidiaries by way of inter-company loans and guarantees over
FY08-FY11.  Fitch notes that though SOPFL has planned capex of
about INR1,900m over FY13-FY15 for its standalone operations,
stability of international operations could bring about
improvement in its consolidated financial metrics.

Negative rating guidelines include a significant decline in
profitability or an unexpected increase in borrowings resulting
in consolidated financial leverage exceeding 7x.  Positive
rating guidelines include an improvement in profitability of
international subsidiaries and consolidated financial leverage
of below 4.5x on a sustained basis.

SOPFL is a JV between Sona Autocomp Holding (the investment
holding arm of the Sona Group) and MMC.  The company commenced
operations in 1998, and manufactures precision forged bevel
gears, differential case assemblies and synchroniser rings at its
two facilities in Gurgaon and Pune.  During 9MFY12, SOPFL
recorded revenue of INR14.7bn and an operating EBIDTAR of
INR1.5bn, registering yoy growth of 17.6% and 75%, respectively.

Rating actions on SOPFL's instruments:

  -- INR1,890.2m long-term loans (reduced from 1,977.8m):
     upgraded  to 'Fitch BB+(ind)' from 'Fitch BB(ind)'

  -- INR300m fund-based limits (enhanced from INR280m): upgraded
     to 'Fitch BB+(ind)' from 'Fitch BB(ind)' and affirmed at
     'Fitch A4+(ind)'

  -- INR145m non-fund based limits (enhanced from INR125m):
     upgraded to 'Fitch BB+(ind)' from 'Fitch BB(ind)' and
     affirmed at 'Fitch A4+(ind)'


SRI VENKATA: CRISIL Assigns 'CRISIL B' Rating to INR100MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Sri Venkata Padma Traders.

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

   Total Bank Loan Facilities Rated: INR100 Million

The rating reflects SVPT's weak financial risk profile, marked by
a small net worth, high gearing, and weak debt protection
metrics, small scale of operations with low operating margin, and
high working capital requirements. These rating weaknesses are
partially offset by the extensive experience of SVPT promoter in
the rice milling industry and established relationship with
suppliers and customers.

Outlook: Stable

CRISIL believes that SVPT will benefit over the medium term from
its promoter's extensive industry experience. The outlook may be
revised to 'Positive' in case of improvement in SVPT's financial
risk profile, driven by better-than-expected cash accruals or
equity infusion, along with efficient working capital management.
Conversely, the outlook may be revised to 'Negative' in case of
further stress on the firm's liquidity resulting from lower-than-
expected cash accruals or larger-than-expected working capital
requirements and debt-funded capital expenditure plan.

                      About Sri Venkata Padma

Set up in 2000 by Mr. Sarthi Appareddy, SVPT is engaged in
milling of non-basmati rice and sells the same in the domestic
market. SVPT operates a rice mill in East Godavari district
(Andhra Pradesh) with a milling capacity of 2400 quintals per
day. The production unit is currently being operated at about 70
per cent capacity utilisation. The firm also has a warehouse to
store its paddy and processed rice with a storage capacity of
45,000 quintals. At present, SVPT derives about 80 per cent of
its revenues from sale of rice and the balance from sale of rice
bran and husk. The firm derives 50 per cent of its revenues from
selling rice to the Food Corporation of India. The firm does not
undertake any direct exports.


SRI VENKATRAM: Fitch Migrates Rating on Bank Loans to 'D'
---------------------------------------------------------
Fitch Ratings has migrated India-based Sri Venkatram Spinners
Private Limited's 'Fitch D(ind)' National Long-Term rating to the
non-monitored category.  This rating will now appear as 'Fitch
D(ind)nm' on the agency's website.

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

Fitch has also migrated SVSPL's bank loan ratings to the non-
monitored category as follows:

  -- INR262m long-term loans: migrated to 'Fitch D(ind)nm' from
     'Fitch D(ind)'

  -- INR160m fund-based working capital limits: migrated to
     'Fitch D(ind)nm' from 'Fitch D(ind)'

  -- INR70m non-fund based limits: migrated to 'Fitch D(ind)nm'
     from 'Fitch D(ind)'


SRI VIJAYA: CRISIL Rates INR120MM LT Loan at 'CRISIL B+'
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the cash
credit facility of Sri Vijaya Lakshmi Agro Industries.

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

   Total Bank Loan Facilities Rated: INR120 Million

The rating reflects SVAI's weak financial risk profile, marked by
high gearing, and weak debt protection metrics, and intense
competition in the rice milling industry. These rating weaknesses
are partially offset by the extensive industry experience of
SVAI's partners.

Outlook: Stable

CRISIL believes that SVAI will benefit over the medium term from
the extensive industry experience of its management. The outlook
may be revised to 'Positive' if the firm improves its scale of
operations and capital structure leading to an improvement in its
financial risk profile. 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 partners withdraw capital from the firm,
leading to weakening in its financial risk profile.

                     About Sri Vijaya Lakshmi

Set up in 2010 as a partnership firm, SVAI mills and processes
paddy into rice, rice bran, broken rice, and husk. The firm has
an installed paddy milling capacity of 8 tonnes per hour (tph).
Its rice mill is located in Nellore (Andhra Pradesh). The firm is
promoted by Mr. Madhusudhan Reddy and his family members.

SVAI reported a profit after tax (PAT) of INR3 million on net
sales of INR440 million for 2010-11 (refers to financial year,
April 1 to March 31).


SUKH SAGAR: CRISIL Rates INR82.5MM LT Loan at 'CRISIL B'
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the bank
facilities of Sukh Sagar Motors Pvt Ltd.

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

   Total Bank Loan Facilities Rated: INR82.5 Million

The rating reflects SSMPL's working-capital-intensive operations
leading to a weak financial risk profile, marked by low interest
coverage ratio, and susceptibility to intense competition in the
automotive dealership market. These rating weaknesses are
partially offset by SSMPL's diversified revenue profile.

Outlook: Stable

CRISIL believes that SSMPL will maintain its business risk
profile backed by diversified revenue profile and established
relationships with Tata Motors ltd (TML, rated 'CRISIL AA-
/Stable/CRISIL A1+'). The outlook may be revised to 'Positive' if
company's financial risk profile improves backed by improvement
in working capital management, or better than expected cash
accruals. Conversely, the outlook may be revised to 'Negative' if
SSMPL's debt protection metrics weaken further, or if the
company's margins deteriorate, leading to lower cash accruals and
exerting further pressure on its liquidity.

                           About Sukh Sagar

SSMPL was incorporated in 2008 by Mr. Baljinder Singh Khanna and
his son, Mr. Amandeep Singh Khanna in Jabalpur (Madhya Pradesh).
The company is an authorised dealer for TML for the Jabalpur
region. The company has one showroom and a workshop. It is also
engaged in providing road transportation services, and this
segment contributed around 7 per cent to its topline in 2010-11
(refers to financial year, April 1 to March 31). In addition,
SSMPL also provides tax service in Jabalpur and has a fleet of 25
taxis. This segment contributed around 1.5 per cent to its sales
in 2010-11.

SSMPL reported a profit after tax (PAT) of INR0.9 million on net
sales of INR227.5 million for 2010-11, as against a PAT of INR0.9
million on net sales of INR192.5 million for 2009-10.


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


PERTAMINA ENERGY: State Enterprises Calls for Liquidation
---------------------------------------------------------
The Jakarta Globe reports that Indonesia's State Enterprises
Minister Dahlan Iskan has called for the liquidation of the state
oil and gas firm Pertamina's Hong Kong-based trading arm,
Pertamina Energy Trading, on the grounds that it was prone to
graft.

The trading arm, known as Petral, markets Pertamina's crude oil
and oil products, as well as assisting in importing crude to meet
Indonesia's domestic demand, the Globe says.

According to the report, Mr. Dahlan said he had received reports
that Petral executives had received illegal fees from crude oil
trading.

"A number of people believe there have been many corruption cases
at Petral," the report quotes Mr. Dahlan as saying.  "Pertamina's
image is often hurt because of the many issues involving Petral."

Mr. Dahlan said he had discussed Petral with Pertamina president
director Karen Agustiawan.

According to the Globe, Mr. Dahlan said Karen thought the
liquidation idea was generally a good one, the report notes.
Mr. Dahlan said she told him that she would support the move, as
long as Petral's functions were not to be brought back under the
jurisdiction of Pertamina, the report relays.

"Karen said it would be better for Petral to be disbanded, or as
a second option, its incoporation be relocated to Indonesia," the
report quotes Mr. Dahlan as saying.

Mr. Dahlan, as cited by the Globe, added that Petral should no
longer be a subsidiary of Pertamina because in the event of a
corruption case involving Petral, Pertamina would be dragged into
the mire.

                       About PT Pertamina

PT Pertamina (Persero) -- http://www.pertamina.com/-- is a
wholly state-owned enterprise.  The enactment of Oil and Gas Law
No. 22/2001 in November 2001 and Government Regulation
No.31/2003 has changed its legal status from a special state
owned enterprise into a Limited Liability Company.  In carrying
out its activities, PT Pertamina implements an integrated system
from upstream to downstream.  Pertamina operates seven oil
refineries with a total output capacity of around 1 million
barrels per day.  However, these refineries only cover about
three-quarters of domestic oil demand, the rest is supplied by
imports.


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


ELPIDA MEMORY: Corporate Reorganization Summary
-----------------------------------------------
Debtor: Elpida Memory, Inc.
        2-1 Yaesu 2-chome, Chuo-ku
        Tokyo, Japan

Name of Case: Heisei 24 (Mi) No. 1
              Corporate Reorganization Case

Type of Business: Elpida Memory, Inc., engages in the
                  development, design, manufacture and sale of
                  semiconductor products, with a focus on dynamic
                  random access memory (DRAM) silicon chips.

                  Web site: http://www.elpida.com/en/index.html

Petition Date: February 27, 2012

Court: The Tokyo District Court

Debtor's
Counsel   : Nobuaki Kobayashi, Esq.
            Motohiro Suzuki, Esq.
            Kentaro Ohishi, Esq.
            Kohei Okawa, Esq.
            Nobuko Otsuki, , Esq.
            Ryosuke Takishima, Esq.
            KOBAYASHI & ASSOCIATES LAW OFFICE
            DIK-Koujimachi Building 3F 1-6-9
            Koujimachi Chiyoda-ku, Tokyo 102-0083
            Japan
            Tel: +81-3-3238-8111
            FaX: +81-3-3238-8133
            Email Add: info@law.gr.jp

                   and

            Kosei Watanabe, Esq.
            Takayuki Maruyama, Esq.
            Junko Motozawa, Esq.
            So Miyamoto, Esq.
            Takashi Matsunaga, Esq.
            Nobuyuki Hayano, Esq.
            OH-EBASHI LPC & PARTNERS
            Kishimoto Building 2F
            2-1, Marunouchi 2-Chome, Chiyoda-ku
            Tokyo 100-0005, Japan
            TEL: 81-3-5224-5566
            FAX: 81-3-5224-5565

                   and

            Toshiaki Tabata, Esq.
            OGAWAMACHI SOGO LAW OFFICE


Supervisor
and
Examiner   : Atsushi Toki, Esq.

Total Debts:  JPY448.033 Billion as of March 31, 2011


JLOC 41: S&P Cuts Rating on Class D-2 Floating-Rate Notes to 'D'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D (sf)' from 'CC
(sf)' its rating on the class D-2 floating-rate notes issued
under the JLOC 41 LLC. transaction.  The class A to C-2 notes
have already been fully redeemed. "We lowered to 'D (sf)' our
ratings on classes C-3 and D-3 on Aug. 23, 2010, as well as our
rating on class D-1 on Nov. 24, 2010," S&P said.

Of the three loans that initially backed the notes, only one loan
remains.

The remaining loan, which defaulted in March 2009, originally
represented about 22% of the total initial issuance amount of the
notes.

"On Jan. 26, 2012, we lowered to 'CC (sf)' from 'CCC- (sf)' our
rating on class D-2. The downgrade reflected our view of the
likelihood of this class incurring a loss following the sales of
the related collateral properties, which had been completed.
Specifically, although the calculation of the loss at the loan
level had not yet been finalized, we found that the outstanding
principal on the loan exceeded the amount of proceeds collected
through the sales of the properties in question," S&P said.

"We lowered to 'D (sf)' our rating on class D-2 because we have
confirmed that the principal on this class was written down on
the principal and interest payment date in February 2012," S&P
said.

"The notes issued under this commercial mortgage-backed
securities (CMBS) transaction were originally secured by three
loans extended to three obligors. The loans were initially backed
by 31 real estate trust certificates and real estate properties.
The transaction was arranged by Morgan Stanley Japan Securities
Co. Ltd., and ORIX Asset Management & Loan Services Corp. acts as
the servicer for this transaction," S&P said.

           Standard & Poor's 17g-7 Disclosure Report

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

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

       http://standardandpoorsdisclosure-17g7.com

Rating Lowered
JLOC 41 LLC.
JPY23.36 billion floating-rate notes due February 2015
Class     To      From        Initial issue amount  Coupon type
D-2       D (sf)  CC (sf)     JPY0.69 bil.          Floating rate


OLYMPUS CORP: Nominates Sasa as Pres., Proposes 11-Member Board
---------------------------------------------------------------
Bloomberg News reports that Olympus Corp. proposed an 11-member
board to replace President Shuichi Takayama and other directors
following the Japanese camera maker's admission of a 13-year
cover-up of investment losses.

The company said Hiroyuki Sasa, 56, head of marketing at the
medical systems unit that is now Olympus's biggest earner, was
nominated as president, relates Bloomberg.

Bloomberg says shareholders will vote in April on the nominees,
who include Yasuyuki Kimoto, a former executive at main creditor
Sumitomo Mitsui Financial Group Inc., as chairman.

But the moves are expected to irritate some international
investors, who have called for external appointments to lead the
company in the wake of the $1.5 billion accounting scandal that
has engulfed it since former Chief Executive Michael Woodford was
ousted last October, The Wall Street Journal reports.

The Journal relates that Mr. Takayama has said that the company
would leave key decisions, including whether to raise fresh
capital by selling a stake to a business partner, to the new
management team.

"We acknowledge that our capital adequacy ratio got hurt. We
think there are a variety of options to take [on strengthening
capital] among broad options," the Journal quotes Mr. Sasa as
saying at a news conference.  A capital tie -- meaning an investment
by a third party -- is among the options, said Mr. Sasa, an
executive officer since 2007, the Journal reports.

Before considering any tie-up, though, Mr. Sasa said, "We are
working on revamp plans by reviewing our business portfolio . . .
We want to focus on our business strategy first," the Journal
adds.

                        About Olympus Corp.

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


=========
K O R E A
=========


OZ WING: Moody's Rates Air Tickets Receivables Deal '(P)A1(sf)'
---------------------------------------------------------------
Moody's Investors Service has assigned a provisional rating of
(P)A1 (sf) to the Secured Floating Rate Notes to be issued by OZ
Wing II Cayman Limited.

The complete rating action is:

Issuer: OZ Wing II Cayman Limited

   -- US$ [ ] million Secured Floating Rate Notes due 2017,
      Provisional Rating (P)A1 (sf) Assigned

Ratings Rationale

The rating is based on an unconditional and irrevocable credit
facility and an interest-rate swap to be provided by the Korea
Development Bank (KDB; A1/Prime-1/D) and a cross-currency swap
and an interest-rate swap to be provided by Standard Chartered
Bank Korea Limited (SCB Korea, A1/Prime-1/C-) for the timely
payment of scheduled principal and interest on the notes.

As such, the rating on the notes is highly linked to the rating
of KDB. The link with SCB Korea's rating is limited as the risk
of a default while SCB Korea is still the provider of cross-
currency and interest-rate swaps will be mitigated by the
collateral posting and counterparty replacement mechanism
incorporated in both the swaps.

When assigning the provisional rating, Moody's considered these
factors:

1) The unconditional and irrevocable credit facility and the
   interest-rate swap to be provided by KDB,

2) The cross-currency and interest-rate swaps to be provided by
   SCB Korea, and

3) The legal and structural protection in the transaction.

OZ Wing II Cayman Limited -- a newly established, bankruptcy-
remote, special-purpose company incorporated in the Cayman
Islands -- will issue secured floating-rate notes and use the
proceeds to acquire a yen-denominated variable-rate bond to be
issued by the bond issuer.

The bond issuer, a limited liability, special securitization
company incorporated in Korea, will use the proceeds to acquire
an investor beneficial certificate from the originator, Asiana
Airlines, Inc.

Asiana Tokyo will entrust to the Japanese Trust: (1) certain
receivables to be generated from the operation of its passenger
services for flight routes between Japan and Korea, and (2) JPY[
] million to fund the reserve account on the closing date. The
Japanese trust will, in exchange, issue an investor beneficial
certificate and a seller beneficial certificate to Asiana Tokyo.

The notes will have a pre-defined monthly principal amortization
schedule and will bear an interest rate equal to one-month LIBOR
plus a spread.

Rating Methodology

Moody's analysis of the transaction is based primarily on the
credit facility to be provided by KDB, the cross-currency swap to
be provided by SCB Korea, and the interest-rate swaps to be
provided by KDB and SCB Korea. The obligations of the interest-
rate swaps providers under the interest rate swaps are several
and not joint.

KDB provided an unconditional and irrevocable yen-denominated
credit facility to the note issuer in exchange for a fee. The
initial commitment amount is designed to cover the principal
balance of the underlying bond, the yen fixed payments under the
interest-rate swap, the senior fees, and the senior expenses.

The commitment amount also has a cushion to cover any
extraordinary fees and expenses or any increases in fees that are
denominated in currencies other than yen due to changes in the
exchange rates.

The maximum amount that can be drawn on the credit facility at
closing will be capped at the initial commitment amount of JPY[ ]
billion.

The commitment amount will be reduced by an amount equal to the
sum of the principal repayment of the bond, the yen fixed
payments under the interest-rate swap, yen-equivalent of the
senior fees and expenses, but not the cushion amount to cover the
extraordinary senior fees and expenses. Hence, this provides some
buffer to pay for any extraordinary items incurred.

The notes benefit from the committed credit facility until
maturity, for a term of five years. The obligations of KDB as the
credit facility provider cannot be cancelled, waived, or varied
prior to the discharge in full of the notes' outstanding amounts.

In addition, any failure to pay the credit facility provider's
fee will not prejudice the rights of the note issuer or relieve
the credit facility provider from any of its obligations under
the credit facility arrangement.

Furthermore, the obligations of KDB to the note issuer under the
credit facility agreement shall not be discharged, impaired or
otherwise affected by:

* The making or absence of any demand on the note issuer for
  payment

* The winding-up of the note issuer

* Any of the obligations of the note issuer under the notes or
  the note trust deed being or becoming illegal, invalid,
  unenforceable or ineffective.

The commitment amount of the credit facility will be fixed and
denominated in yen, whereas the notes will bear one-month LIBOR
plus a spread and will be denominated in US$. The note issuer
will enter into interest-rate swaps and cross currency swap to
mitigate interest rate and cross currency mismatches.

The rating of the notes will be highly linked to KDB's rating as
the transaction's credit quality depends on KDB's ability to
fulfill its obligations under the credit facility deed and the
interest-rate swap. Consequently, any change to KDB's rating will
result in a corresponding rating change to the notes.

The rating of the notes will also be linked to SCB Korea if the
latter fails to meet the collateral posting and/or counterparty
replacement requirements as stipulated in the cross-currency and
interest-rate swaps, respectively.

These collateral posting and/or counterparty replacement
requirements--which are in line with Moody's swap framework--
provide additional protection to the investors against the credit
deterioration risks of SCB Korea.


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


GENEVA FINANCE: FedPac Boosts Shares in Firm to 19.9%
-----------------------------------------------------
Fairfax NZ News reports that foreign exchange services provider
Federal Pacific Group has bought a NZ$1.2 million cornerstone
stake in troubled finance company GFNZ Group, previously known as
Geneva Finance.

Federal Pacific Group (FedPac), a subsidiary of Ireland-based
Fexco, now has a 19.9% share of GFNZ, Fairfax NZ relates. It paid
an inflated price of 2.75c a share, compared with the 1.3c GFNZ
shares are trading at on the NZAX, according to the report.

GFNZ was put into moratorium in November 2007 owing investors
more than NZ$138 million.  As at September it had repaid 62% of
that, not including additional interest.

In its last interim report, the financier said it was pursuing
new funding lines. Now GFNZ aims to expand its loan book with the
additional funding lines Auckland-based FedPac has arranged, the
report notes.

According to Fairfax NZ, GFNZ managing director David O'Connell
said FedPac would help it maintain scheduled repayments to its
creditors.

"Geneva is operating in a market that has seen many competitors
fall away, and we see the expansion of the profitable new
business model into this space as the key to putting the group
onto a long term and sustainable, profitable platform," the
report quotes Mr. O'Connell as saying.

Shareholders in GFNZ will be offered a pro-rata rights issue at
the same 2.75c a share price, the report notes.

Having reduced operating costs by NZ$25 million a year since
being put into moratorium the company now operates with what it
calls a lower risk new business model, with a focus on attracting
new equity and debt compared with its previous focus on
collecting old receivables, according to Fairfax NZ.

GFNZ reported a loss of NZ$0.3 million in the six months to
September, Fairfax NZ discloses.

                       About Geneva Finance

Geneva Finance Limited -- http://www.genevafinance.co.nz/--
provides finance and financial services to the consumer credit
and small to medium business markets.  The company provides hire
purchase finance and personal loans secured by registered
security interests over personal assets such as motor vehicles,
household goods and residential property.  Geneva Finance's
loans are originated through three distribution channels
(Direct, Retail and Dealer), processed by the central sales desk
and mobile sign-up managers then administered through a national
operations centre located at Mt Wellington, Auckland.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
April 8, 2011, Standard & Poor's Ratings Services said it has
lowered its long-term counterparty credit rating on New Zealand
finance company Geneva Finance Ltd. to 'SD' from 'CC'.  The
rating was also removed from CreditWatch with negative
implications, where it was placed on March 17, 2011.  At the same
time, the insurer financial strength rating on Geneva's captive
insurer, Quest Insurance Group Ltd., was affirmed at 'CC' and
removed from CreditWatch with developing implications.  A
positive rating outlook has been assigned on the Quest rating.


OTAGO RUGBY: Heads Toward Liquidation; No Bail Out from NZRU
------------------------------------------------------------
Otago Daily Times reports that the Otago Rugby Football Union
will cease trading on Friday, saddled with debts of more than
NZ$2.2 million, with no ability to repay them.

The union's annual meeting on Monday night heard the union had
posted a loss last year of NZ$862,000, and may not be able to
field a team in this year's ITM Cup, ODT says.

According to the report, Union chairman Wayne Graham said the
union had no other option but to cease trading and would apply to
the High Court on Friday to put itself in liquidation.

ODT says the New Zealand Rugby Union has declined to bail-out the
union or loan it any money as it simply said the debt was too big
and would set a precedent it was not comfortable with.

Prime Minister John Key told Firstline the Government had not
been approached for assistance, but said he would prefer the
union sort out its finances without taxpayer assistance,
according to the report.

ODT discloses that the union had 180 creditors in the local
business community, owed NZ$180,000 to them, and union staff
would be out of a job on Friday.  The union also had a loan of
NZ$1.2 million with the Bank of New Zealand.

Mr. Graham offered a glimmer of hope to the meeting by saying if
a rescue package, which showed a viable business plan for the
next year, could come together by Friday then the union would not
be put into liquidation, ODT reports.

Four parties had been involved in negotiations to continue: Otago
Rugby Football Union, New Zealand Rugby Union, Bank of New
Zealand and Dunedin Venues Management Ltd.

Those parties could not come to agreement for a way forward but
Graham declined to say what was the stumbling block, ODT adds.

                      Six Years of Deficits

BusinessDesk reports that the Otago Rugby Union's looming
liquidation comes after six years of deficits for the club as
dwindling ticket sales and mounting debt squeezed the life out of
the sports administrator.

The 2011 deficit of NZ$862,000 announced at the meeting is the
sixth on the trot for the club, which posted its biggest loss of
NZ$5.9 million in 2009, reflecting the sale of Carisbrook Stadium
to the Dunedin City Council that crystallised a NZ$4.5 million
loss.

The union's revenue from match takings and ground rental has
fallen about a third in the past five years from an annual peak
of some NZ$3 million through the early part of the last decade.

Based in Dunedin, the Otago Rugby Football Union --
http://www.orfu.co.nz/-- is the official governing body of rugby
union for the Otago Region of New Zealand.


SMG PROPERTIES: Owes Almost NZ$53 Million to Creditors
------------------------------------------------------
SMG Properties, one of the companies which developed Queenstown's
five star, NZ$100 million The Rees Hotel, owes almost
NZ$53 million to its creditors, according to the liquidator's
latest report.

The complex features 89 units on the Frankton Rd site, including
60 hotel rooms and 23 lakefront residences, the report discloses.

Beech Cove Properties Ltd owned the properties on 275-395
Frankton Rd, with SMG Properties Ltd as the contractor.  Lindsay
Singleton, of Auckland, is listed as SMG Properties Ltd's sole
director -- the company was placed in liquidation on January 28,
2011, reports ODT.

According to ODT, liquidator Keaton Pronk, of Insolvency &
Trustee Service said in his latest report the balance of funds on
hand was NZ$91.07, with the company owing a total of
NZ$52,862,992.

It is understood the Bank of New Zealand and Dominion Finance
Group loaned Beechcove Ltd a total of almost NZ$100 million when
the company had little more than four years' development
experience.

BNZ and Dominion Finance Group are owed a total of NZ$51.45
million as secured creditors.

The report lists 59 unsecured creditors, including the Inland
Revenue Department, which is owed NZ$1.25 million.

ODT relates that the liquidators' report said the prospect of a
dividend payment was "unlikely".

Meanwhile, directors of The Rees Hotel Ltd, which operates the
hotel and is not in liquidation, are understood to have received
an offer to buy the complex, including undeveloped land, earlier
this month.

A letter obtained by the Otago Daily Times, dated February 16, to
The Rees Ltd (TRL) apartment owners from the TRL board, said the
directors had received "an unsolicited offer" from Distinction
Hotels.

The offer was to buy the management rights and related assets for
the operation of the hotel/apartment business, which included 32
unsold apartments and an undeveloped lakefront parcel of land.

The letter said due diligence began on February 8, with the
signing of a "comprehensive confidentiality agreement".

However, the letter said "the directors of TRL do not welcome
this unsolicited offer position".


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


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

Tin Yu Jiann filed the petition against the company on Feb. 16,
2012.

The Petitioner's solicitors are:

          Messrs Surian & Partners
          No. 101 Upper Cross
          Street #07-02 People's Park Centre
          Singapore 058357


ELCOMP TECHNOLOGIES: Court to Hear Wind-Up Petition on March 9
--------------------------------------------------------------
A petition to wind up the operations of Elcomp Technologies
(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. 16, 2012.

The Petitioner's solicitors are:

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


EMC BUILDING: Creditors Get 39.64733% Recovery on Claims
--------------------------------------------------------
EMC Building Products (Pte) Ltd declared the preferential
dividend to its creditors on Feb. 21, 2012.

The company paid 39.64733% to the received claims.

The company's liquidator is:

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


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

The Applicant's solicitors are:

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


===========
T A I W A N
===========


KUO HUA: Regulator Seeks New Investor as Acquisition Talks Falter
-----------------------------------------------------------------
A.M. Best Co. said Taiwan's insurance regulator plans to launch
another public bidding round for Kuo Hua Life Insurance Co. Ltd.
after potential acquirer Taiwan Financial Holdings Co. Ltd. ended
discussions on the insolvent life insurer.

This will be the second public bidding for Kuo Hua, which failed
to find an investor in a public bidding in May 2010, said a
spokesperson with the Insurance Bureau of the Financial
Supervisory Commission. Details and conditions for the public
bidding are scheduled to complete by the end of May.

Taiwan Financial had intended to acquire Kuo Hua, which was the
first life insurer taken over by the regulator in Taiwan, but
Taiwan Financial ended further acquisition talks due to a
disagreement on terms and conditions. Taiwan Financial, a state-
owned financial corporation, owns BankTaiwan Life Insurance, Bank
of Taiwan, Land Bank of Taiwan, Export-Import Bank of China and
BankTaiwan Securities.

Kuo Hua is overseen by the Taiwan Insurance Guarantee Fund, a
protection fund run by the industry and funded by a tax on
premiums. The FSC had extended the takeover period for Kuo Hua
for another nine months last November, the third extension since
the life insurer became insolvent in 2009 (Best's News Service,
Nov. 7, 2011). The regulator said is hoping to look for an
investor for Kuo Hua as soon as possible.

Kuo Hua posted a loss of NT$6.9 billion (US$233 million) in 2010,
according to the Taiwan Insurance Institute. Its total premium
income amounted NT$35.8 billion in 2010, with NT$20.1 billion in
individual life policies. Kuo Hua's total assets stood at NT$272
billion, but its liabilities were NT$339 billion.

In August 2009, Kuo Hua failed to keep its capital adequacy ratio
at the required level. The life insurer had a net deficit of
NT$58.9 billion before the takeover by the FSC (Best's News
Service, April 26, 2010).

Taiwan regulator had been concerned about capital adequacy in the
life insurance market due to negative-spread books of business.
Insurers have been hit by negative spreads in legacy books of
business due to high guarantee rates for life policies. Also,
there is lack of investment interest in the life sector, while
foreign players have exited the market over the past few years.

Kuo Hua Insurance Co. Ltd. is a Taiwan-based life insurer.


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


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

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

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

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

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

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

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

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

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


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

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

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


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

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

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

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

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




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