TCRAP_Public/120301.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

            Thursday, March 1, 2012, Vol. 15, No. 44

                            Headlines


A U S T R A L I A

BANK OF QUEENSLAND: Fitch Affirms Support Rating Floor at 'BB'
CONISTON HOTEL: In Receivership, to Go on The Market Again
REED CONSTRUCTIONS: On the Brink of Collapse, NSW Opposition Says
SAPPHIRE VII: S&P Affirms 'BB' Rating on Class CA Notes


C H I N A

GLORIOUS PROPERTY: Moody's Lowers CFR to 'B3' From 'B2'


H O N G  K O N G

ACEGLORY DEVELOPMENT: Members' Final Meeting Set for March 23
ACT NOW: Arboit and Blade Step Down as Liquidators
ALLIED FINE: Members' Final Meeting Set for March 26
AMS CAPITAL: Members' Final General Meeting Set for March 30
ARROW KING: Fok Hei Yuen Steps Down as Liquidator

CE INNOVATIONS: Wong and Arab Step Down as Liquidators
FAME ABLE: Members' Final Meeting Set for March 26
FINESTYLE MARITIME: Annual Meetings Set for March 26
FLEMING MUTUAL: Members' Final General Meeting Set for March 26
FURANGO LIMITED: Seng and Lo Step Down as Liquidators

GOODMAN FANLING: Mitchell and Cowley Appointed as Liquidators
MANROSE LIMITED: Seng and Yee Appointed as Liquidators
MARSMAN HK: Fok Hei Yuen Steps Down as Liquidator
MAX SURPLUS: Members' Final Meeting Set for March 26
O.B.W. LIMITED: Seng and Lo Step Down as Liquidators


I N D I A

ACN INFOTECH: ICRA Assigns '[ICRA]B' Rating to INR21.2cr Loan
ANMOL STEEL: ICRA Reaffirms '[ICRA]BB+' Rating on INR5cr Loan
GIRIRAJ TIMBERS: ICRA Rates INR6cr Bank Limits at '[ICRA]BB-'
G. M. RAO: ICRA Assigns '[ICRA]B+' Rating to INR25cr Bank Loan
GMR SOLVENTS: ICRA Assigns '[ICRA]B' Rating to INR15cr Loan

INDIA EXPOSITION: ICRA Reaffirms '[ICRA]BB+' on INR27.4cr Loan
INDO DUTCH: ICRA Assigns '[ICRA]B-' Rating to INR8.5cr Term Loan
JAMUNA JYOTI: ICRA Assigns '[ICRA]B+' Rating to INR15cr Bank Loan
JBM MA: ICRA Reaffirms '[ICRA]BB+' Rating on INR144cr Bank Loan
MAYFAIR POLYMERS: ICRA Puts '[ICRA]BB-' Rating on INR0.90cr Loan

NAGARJUNA HYDRO: ICRA Puts '[ICRA]B-' Rating on INR59cr LT Loan
NAVBHARAT FUSE: ICRA Rates INR22.25cr Loan at '[ICRA]BB-'
NBM IRON: ICRA Withdraws '[ICRA]BB' Rating on INR5cr Cash Credit
SAURAT AUTO: ICRA Reaffirms '[ICRA]BB+' Rating on INR7cr Loan
SHARP INDUSTRIES: ICRA Rates INR75cr LT Loan at '[ICRA]BB-'

SUWARNA BUILDCON: ICRA Puts '[ICRA]B+' Rating on INR5.17cr Loan
UJALA SALES: ICRA Assigns '[ICRA]B' Rating to INR6cr Bank Loan
VEDANTA RESOURCES: Moody's Affirms 'Ba1' Corporate Family Rating


I N D O N E S I A

BAKRIE TELECOM: Fitch Cuts Issuer Default Ratings to 'CCC'
BERAU COAL: Moody's Affirms Corporate Family Rating at 'B1'
BERAU COAL: S&P Affirms BB- Corp. Credit Rating; Outlook Positive


J A P A N

AIJ INVESTMENT: Investors May Lose Investment After Suspension
ELPIDA MEMORY: Government to Offer Help to Affected SMEs
TOKYO ELECTRIC: To Pay JPY600K Each to Pregnant, Child Evacuees


N E W  Z E A L A N D

OTAGO RUGBY: Ellis Mulls Helping Union Out of Financial Trouble


S I N G A P O R E

SINGAMIP ENTERPRISE: Creditors Get 100% Recovery on Claims
SPEEDLOCK ENGINEERING: Creditors' Proofs of Debt Due March 9
SUM YIP: Creditors Get 7.93875% Recovery on Claims


X X X X X X X X

* S&P's List of 2012 Global Defaults Has 18 as of Feb. 22


                            - - - - -


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


BANK OF QUEENSLAND: Fitch Affirms Support Rating Floor at 'BB'
--------------------------------------------------------------
Fitch Ratings has affirmed Bank of Queensland's ratings,
including its Long-Term Foreign Currency Issuer Default Rating
(IDR) 'BBB+' with Stable Outlook.

The ratings reflect BoQ's conservative and robust risk management
framework and sound liquidity and capital positions while also
factoring in a reliance on wholesale funding and moderate
geographic and product concentration.

Like a number of other Australian banks, BoQ exhibits a reliance
on wholesale funding, with customer deposits accounting just 52%
of total funding (including securitisations and equity) at 31
August 2011 (FYE11).  BoQ's funding mix has improved since 2008,
with increased deposit funding and reduced wholesale reliance,
particularly with respect to securitization.  Fitch expects this
improvement to continue and the bank itself has a target of 60%
of total funding from customer deposits by 2015, which should
prove a more sustainable funding mix.

Fitch notes BoQ's competent management of its wholesale funding,
with maturities reasonably well spread and limited borrowings
from offshore markets.  In addition, it holds a significant
portfolio of central bank repo-eligible assets.

Asset quality deteriorated somewhat in FY11 due to the impairment
of a small number of large commercial exposures and a broader
deterioration in the equipment finance lease book.  However,
arrears levels are showing signs of improvement.  At 1.33%, BoQ's
ratio of impaired loans to gross loans at FYE11 was low relative
to similarly rated international peers.  In addition, BoQ's
provisioning levels are high compared with other Australian
regional banks, with total provisions equating to 57% of impaired
loans at FYE11.

Due to the increase in impaired assets and a series of natural
disasters in early 2011, impairment charges doubled to AUD201m in
FY11.  As a result, pre-impairment operating profit fell 12%.
Impairment charges are likely to fall in FY12, particularly if
asset quality continues to improve, although revenue headwinds
such as slow credit growth and high funding costs may partially
offset this benefit.  BoQ's profitability has been subdued since
FY07.  As BoQ seeks to improve profitability, any initiatives
that increase the risk profile of the bank may lead to negative
rating action.

Capitalisation is adequate; at FYE11, BoQ's Fitch core capital
ratio was 8.4%, while its core Tier 1 ratio calculated using the
standardised approach under Basel II was 7.4%.  BoQ is well-
positioned for the implementation of Basel III; at FYE11, BoQ
estimates that its common equity Tier 1 ratio calculated using
the Australian regulators conservative interpretation of the
rules was 7.3%.

BoQ is Australia's ninth-largest bank, with total assets of
AUD40bn at Aug. 31, 2011.  It has a growing interstate presence,
but remains concentrated in its home state of Queensland.

The ratings of BoQ are listed below:

  -- Long-Term Foreign Currency IDR: affirmed at 'BBB+'; Outlook
     Stable
  -- Short-Term Foreign Currency IDR: affirmed at 'F2'
  -- Viability Rating: affirmed at 'bbb+'
  -- Support Rating: affirmed at '3'
  -- Support Rating Floor: affirmed at 'BB'
  -- Senior unsecured debt: affirmed at 'BBB+'
  -- Subordinated debt: affirmed at 'BBB'.


CONISTON HOTEL: In Receivership, to Go on The Market Again
----------------------------------------------------------
Chris Paver at Illawarra Mercury News reports that Gilmore's
Hotel has been placed in receivership and is once again set to be
sold.

Receiver Alan Hayes of PPB Advisory said renovation costs at the
pub had topped AU$4million and were a major factor in the
receivership, according to Illawarra Mercury News.

Mr. Hayes, the report notes, also said the receivers expected
strong interest in the hotel and there had already been a number
of unsolicited offers to buy the property.  A sale campaign is
due to begin next month.

The pub failed to sell when the Gilmore family placed it on the
market last year, Illawarra Mercury News recalls.

The report relays that Mr. Hayes said uncertainty relating to
proposed changes to gaming machine legislation had affected hotel
values and was another factor in the receivership.

PPB Advisory has appointed hotel manager Pat Cullen to run the
pub until it is sold; while Real estate firm Jones Lang LaSalle
has been appointed to manage the sale, Illawarra Mercury News
notes.

Gilmore's Hotel at Coniston is a well-known watering hole, which
opened in 1955 and has recently undergone major renovations, and
was in the hands of the Gilmore family for 30 years.


REED CONSTRUCTIONS: On the Brink of Collapse, NSW Opposition Says
-----------------------------------------------------------------
Australian Associated Press reports that the New South Wales
opposition said that major government contractor Reed
Constructions is on the verge of collapse, putting more than
1,500 jobs at risk.

AAP relates that opposition Leader John Robertson said Labor
understands that about 1,500 subcontractors are owed between
AUD60 million and AUD80 million by the company for completed work
on state government-funded projects.

"Barry O'Farrell needs to intervene immediately to stop the loss
of another 1,500 construction jobs in NSW," AAP quotes
Mr. Robertson as saying in a statement.  "These 1,500
subcontractors are working on NSW government-funded roads,
schools and major civic buildings like the Supreme Court, but
many of them haven't been paid in months."

According to the news agency, the Construction Forestry Mining
and Energy Union (CFMEU) said the building and construction
industry was in crisis.

The union said tendering processes have become so competitive in
the NSW construction industry that builders were forced to bid
for work at unrealistic prices, AAP relays.

"The collapse of the Kell & Rigby Group, and now, possibly, Reed
is devastating for the industry, devastating for the many people
left without payment and devastating for workers left without
entitlements and employment," AAP quotes CFMEU state secretary
Brian Parker as saying.

"Investment in the industry will be harder to attract if
businesses and projects are not considered viable because of an
increased risk of corporate collapse.

"The CFMEU calls on the O'Farrell government to take action to
save these subcontractors and the thousands of jobs that will be
lost."

Mr. Parker said an urgent inquiry should be held into tendering
practices and payment processes, AAP adds.

Reed Constructions -- http://www.reedgroup.com.au/-- is a
privately owned building, design and construction company,
providing construction, design and engineering services across
Australia.


SAPPHIRE VII: S&P Affirms 'BB' Rating on Class CA Notes
-------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on 19
classes of notes issued by six Australian Sapphire subprime
residential mortgage-backed securities (RMBS) transactions. "At
the same time, we affirmed the ratings on 25 classes of notes and
removed 24 from CreditWatch, where they were placed on Sept. 4,
2011, following our update to the Australian RMBS criteria. The
notes are backed by a portfolio of subprime and nonconforming
residential loans originated by Bluestone Group Pty. Ltd.," S&P
said

"The rating actions are based on further cash flow analysis we
conducted after the CreditWatch placements. We believe the credit
enhancement available and cash flow from the underlying loan
portfolios can withstand stress scenarios commensurate with the
ratings on each of the notes," S&P said.

"Across the board we have seen an improvement in the performance
of these transactions, with most transactions (with the exception
of Sapphire XI Series 2007-2) being able to reimburse all
outstanding charge offs to subordinated notes with excess spread.
Although the arrears performance for most of these transactions
has been above the subprime SPIN, there has been a build up of
the percentage of credit support provided for each class of
notes," S&P said.

"All transactions have paid down substantially, however this has
meant that most of the portfolios are now quite small and
therefore are exposed to borrower concentration. The higher
concentrations as well as weighted funding costs and expenses as
the portfolio amortizes heightens the tail-end risk for the
transactions, particularly for the lower-ranking notes.
Therefore, the lower ranking notes are sensitive to a slow
prepayment rate, and we have observed that the prepayment rate
for these portfolios has been slowing in recent years. However,
in our opinion, the high subordination levels provide a strong
buffer to withstand any losses at the tail end of 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 are available at:

         http://standardandpoorsdisclosure-17g7.com

Rating Actions

Name
              Class       Rating To      Rating From

Sapphire VII Series 2005-1E Trust
              A1          AA- (sf)       AA- (sf)
              A2          AA- (sf)       AA- (sf)
              MA1         AA- (sf)       AA- (sf)
              MA2         AA- (sf)       AA- (sf)
              BA1         A- (sf)        BBB+ (sf)/Watch Pos
              BA2         A- (sf)        BBB+ (sf)/Watch Pos
              BZ          BB+ (sf)       BB+ (sf)/Watch Pos
              CA          BB (sf)        BB (sf)/Watch Pos
              MZ1         AA- (sf)       A+ (sf)/Watch Pos
              MZ2         AA- (sf)       A+ (sf)/Watch Pos

Sapphire VI Series 2004-2 Trust
              BA          AAA (sf)       A (sf)/Watch Pos
              BZ          A (sf)         BBB (sf)/Watch Pos

Sapphire XI Series 2007-2 Trust
              AA          AAA (sf)       AAA (sf)
              AM          AAA (sf)       AAA (sf)
              AZ          AAA (sf)       AAA (sf)
              BA          BB (sf)        BB (sf)/Watch Neg
              BZ          B (sf)         B (sf)/Watch Neg
              CA          B- (sf)        CCC (sf)
              MA          A+ (sf)        A (sf)/Watch Neg
              MZ          BBB+ (sf)      BBB (sf)/Watch Neg

Sapphire VIII Series 2005-2 Trust
              AA          AAA (sf)       AAA (sf)
              AM          AAA (sf)       AAA (sf)
              AZ          AAA (sf)       AAA (sf)
              BA          A- (sf)        BBB (sf)/Watch Neg
              BZ          BB+ (sf)       BB- (sf)/Watch Neg
              CA          B (sf)         CCC+ (sf)/Watch Neg
              MA          AAA (sf)       AAA (sf)
              MZ          AA (sf)        A+ (sf)

Sapphire IX Series 2006-1 Trust
              AA          AAA (sf)       AAA (sf)
              AM          AAA (sf)       AAA (sf)
              AZ          AAA (sf)       AAA (sf)
              BA          BBB (sf)       BBB- (sf)/Watch Neg
              BZ          BB (sf)        BB- (sf)/Watch Neg
              CA          B (sf)         B- (sf)/Watch Neg
              MA          AA (sf)        AA (sf)/Watch Neg
              MZ          A (sf)         A (sf)/Watch Neg

Sapphire X Series 2007-1 Trust
              AA          AAA (sf)       AAA (sf)
              AM          AAA (sf)       AAA (sf)
              AZ          AAA (sf)       AAA (sf)
              BA          BBB- (sf)      BB+ (sf)/Watch Neg
              BZ          BB- (sf)       B+ (sf)/Watch Neg
              CA          B (sf)         CCC+ (sf)
              MA          AA (sf)        AA (sf)/Watch Neg
              MZ          A (sf)         A (sf)/Watch Neg


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C H I N A
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GLORIOUS PROPERTY: Moody's Lowers CFR to 'B3' From 'B2'
-------------------------------------------------------
Moody's Investors Service has downgraded Glorious Property
Holdings Limited's corporate family rating to B3 from B2.

At the same time, Moody's has downgraded Glorious' bond rating to
Caa1 from B3.

The outlook on both ratings is negative.

Ratings Rationale

"The ratings downgrade reflects Moody's increased concern over
the weak state of Glorious' financial management. Moody's
estimates that the company has a high level of short-term loans
at above 55% of its total debt that will mature in 2012, and this
situation will in turn raise its near-term refinancing risk at a
time when bank financing to the property sector remains tight,"
says Kaven Tsang, a Moody's AVP/Analyst.

"It also reflects Moody's concern over Glorious' high level of
liquidity risk due to its weak cash position, which Moody's
estimates to be below 50% of its short-term debt," adds Tsang.

"In addition, Moody's is concerned that Glorious' ability to
achieve a good level of pre-sales in 2012 could be challenging,
given that the Chinese government is likely to maintain purchase
restrictions which have greatly impacted Shanghai and the Yangtze
River Delta, areas in which the company has projects for sale,"
says Tsang.

Glorious had RMB419 million of property sales in January 2012,
down 24% month-on-month or 64% year-on-year, partly because of
Chinese New Year holidays in that month.

On the other hand, the B3 corporate family rating continues to
reflect Glorious' high-quality land bank which is located in the
major districts of first-tier cities, such as Shanghai and
Beijing. Its high profit margin also offers some flexibility on
pricing in a down-market.

The negative outlook reflects, as stated, Moody's concerns that
Glorious faces relatively high liquidity risk arising from its
maturing debt.

The ratings could be further downgraded if Glorious (1) fails to
arrange new funding for its maturing debt; or (2) shows a
deterioration in its sales performance or experiences a decline
in its profit margins.

An upgrade is unlikely in the near term, given the negative
outlook. However, the outlook could return to stable if Glorious
(1) can refinance most of its short-term debt; (2) shows an
improvement in its debt maturity profile; and (3) improves its
cash position to around 10% of total assets.

At the same time, Moody's would expect the company to maintain
(1) EBITDA interest coverage above 2x, and (2) adjusted
debt/capitalization under 55-60%.

The principal methodology used in rating Glorious was the Global
Homebuilding Industry Methodology published in March 2009.

Glorious Property Holdings Limited is a medium-sized residential
property developer based in Shanghai. It has now expanded to
eastern and northern China. It has a land bank of around 19.6
million sqm (gross floor area) in Shanghai, Beijing, Tianjin, and
several second-tier cities in the Yangtze River Delta and
Northeast China. Glorious listed on the Stock Exchange of Hong
Kong in 2009. Its chairman, the major shareholder, owns 68.2%,
and also has a shipbuilding company listed in Hong Kong.


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


ACEGLORY DEVELOPMENT: Members' Final Meeting Set for March 23
-------------------------------------------------------------
Members of Aceglory Development Limited will hold their final
general meeting on March 23, 2012, at 3:00 p.m., at 3rd Floor,
Alliance Building, at 130-136 Connaught Road Central, in
Hong Kong.

At the meeting, Lau Ngai Ma Emma, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


ACT NOW: Arboit and Blade Step Down as Liquidators
--------------------------------------------------
Bruno Arboit and Simon Richard Blade stepped down as liquidators
of Act Now Children's Fund Limited on Feb. 24, 2012.


ALLIED FINE: Members' Final Meeting Set for March 26
----------------------------------------------------
Members of Allied Fine Development Limited will hold their final
general meeting on March 26, 2012, at 3:00 p.m., at Room 904,
President Commercial Centre, at 608 Nathan Road, Mongkok, in
Kowloon.

At the meeting, Chow Kai Yip Lawrence, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


AMS CAPITAL: Members' Final General Meeting Set for March 30
-------------------------------------------------------------
Members of AMS Capital Limited will hold their final general
meeting on March 30, 2012, at 5:00 p.m., at Room 301-303, 3/F,
Golden Gate Commercial Building, at 136-138 Austin Road,
Tsimshatsui, Kowloon, in Hong Kong.

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


ARROW KING: Fok Hei Yuen Steps Down as Liquidator
-------------------------------------------------
Fok Hei Yuen stepped down as liquidator of Arrow King Limited on
Feb. 15, 2012.


CE INNOVATIONS: Wong and Arab Step Down as Liquidators
------------------------------------------------------
Wong Tak Man Stephen and Osman Mohammed Arab stepped down as
liquidators of CE Innovations Limited on Feb. 14, 2012.


FAME ABLE: Members' Final Meeting Set for March 26
--------------------------------------------------
Members of Fame Able Limited will hold their final general
meeting on March 26, 2012, at 9:00 a.m., at 56/F, B.M.
Intercontinental Business Center, 100 Yu Tong Road, Shanghai, in
China.

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


FINESTYLE MARITIME: Annual Meetings Set for March 26
----------------------------------------------------
Members and creditors of Finestyle Maritime Services Limited will
hold their annual meetings on March 26, 2012, at 11:00 at 62/F,
One Island East East, at 18 Westlands Road, Island East, in
Hong Kong.

At the meeting, Stephen Liu Yiu Keung, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


FLEMING MUTUAL: Members' Final General Meeting Set for March 26
---------------------------------------------------------------
Members of Fleming Mutual Limited will hold their final general
meeting on March 26, 2012, at 11:30 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.


FURANGO LIMITED: Seng and Lo Step Down as Liquidators
-----------------------------------------------------
Natalia K M Seng and Susan Y H Lo stepped down as liquidators of
Furango Limited on Feb. 18, 2012.


GOODMAN FANLING: Mitchell and Cowley Appointed as Liquidators
-------------------------------------------------------------
Paul Mitchell and Patrick Cowley on Feb. 13, 2012, were appointed
as liquidators of Goodman Fanling Investments No. 1 Limited.

The liquidators may be reached at:

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


MANROSE LIMITED: Seng and Yee Appointed as Liquidators
------------------------------------------------------
Natalia Seng Sze Ka Mee and Cynthia Wong Tak Yee on Feb. 17,
2012, were appointed as liquidators of Manrose Limited.

The liquidators may be reached at:

         Natalia Seng Sze Ka Mee
         Cynthia Wong Tak Yee
         Level 28, Three Pacific Place
         1 Queen's Road
         East, Hong Kong


MARSMAN HK: Fok Hei Yuen Steps Down as Liquidator
-------------------------------------------------
Fok Hei Yuen stepped down as liquidator of Marsman Hong Kong
China Limited on Feb. 16, 2012.


MAX SURPLUS: Members' Final Meeting Set for March 26
----------------------------------------------------
Members of Max Surplus International Development Limited will
hold their final general meeting on March 26, 2012, at 3:00 p.m.,
at Room 904, President Commercial Centre, at 608 Nathan Road,
Mongkok, in Kowloon.

At the meeting, Chow Kai Yip Lawrence, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


O.B.W. LIMITED: Seng and Lo Step Down as Liquidators
----------------------------------------------------
Natalia K M Seng and Susan Y H Lo stepped down as liquidators of
O.B.W. Limited on Feb. 18, 2012.


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I N D I A
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ACN INFOTECH: ICRA Assigns '[ICRA]B' Rating to INR21.2cr Loan
-------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B' for INR21.20
crore bank facilities of ACN Infotech (India) Pvt Ltd.

The assigned rating is constrained primarily by the
unavailability of audited numbers of the foreign subsidiaries of
ACN which generate more than 90% of the total revenue at a
consolidated level. In addition the ratings factor in the small
scale of operation of the company, lack of growth in revenue in
the past three years on account of inability of the company to
increase its customer base substantially. ICRA also notes that
the software solutions being developed by Cosa BV are valued at
around 30% of Net worth and uncertainties of future cash flows
form this product under development could significantly affect
ACN's Net Worth in the future. However, ICRA takes comfort from
the ability of the management to make strategic acquisitions and
manage the acquired assets efficiently which currently contribute
majority of the revenue at a consolidated level.

ACN is focused on providing IT services to its clients in the
domains of Business Process Management, Document Management
System (DMS) and Systems Integration Services. Its client list
includes reputed names like Sony Pictures Entertainment Inc,
Touchstone Pictures (subsidiary of Walt Disney Motion Pictures
Group Inc, National Broadcasting Company and HDI Gerling AG
(third largest insurance company in Germany). ACN is focused on
the markets of USA and Europe and generates majority of the
revenue from sales in these geographies through its subsidiaries.

ACN Infotech Pvt Ltd was established in 2001 in Vizag. ACN is
promoted by Mr Chaman Baid. This is a closely held company with
the promoters holding 100% shares. Over the years the company has
grown through inorganic means by acquiring target firms in USA
and Europe. The key subsidiaries of ACN are BPS Solutions GmbH in
Germany and ACN Infotech Inc in USA. The company is focused on
providing IT services to its clients in the domains of Business
Process Management (BPM), Document Management System (DMS) and
Systems Integration Services.


ANMOL STEEL: ICRA Reaffirms '[ICRA]BB+' Rating on INR5cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]BB+' to the
INR5.00 crore fund-based bank facilities of Anmol Steel
Processors Private Limited.  The long-term rating has been
assigned a 'stable' outlook. ICRA has also reaffirmed the short-
term rating of '[ICRA]A4+' to the INR 35.00 crore non-fund based
bank facilities of ASPPL.

The rating reaffirmations take into account the long track record
of the promoters in the steel processing and trading business;
the company's procurement efficiency based on an established
relationship with leading hot rolled (HR) coil suppliers and its
high asset turnover and moderate working capital intensity
leading to a healthy, although declining, return on capital
employed. ICRA also takes note of the fact that the capital
structure of the company has witnessed significant improvement in
the current financial year on account of a recent equity infusion
of INR12.5 crore and its operating profile is expected to improve
in the near-to-medium term on account of its ongoing capacity
expansion programme which will enhance its capacity to 150,000
metric tonnes per annum (MTPA) and reduce its dependence on
third-party outsourcing. Nevertheless, the ratings are
constrained by the limited value addition in ASPPL's business and
a highly fragmented nature of the industry characterized by
intense competition, both of which result in thin operating and
net profitability; limited steel processing capacity of the
company at present which necessitates outsourcing of some
operations, leading to further pressure on its profit margins and
its depressed coverage indicators. The ratings also take into
account a significant reduction in the steel processing volumes
of ASPPL in the current financial year due to change in its
procurement policy and conservative approach towards customer
selection.

                        About Anmol Steel

Established in 1994, ASPPL is engaged in processing and trading
of HR coils and has its HR coils cutter and de-coiler facility
located at Taloja in the Raigad district of Maharashtra. ASPPL
mainly procures HR coils from leading domestic HR coil suppliers.
The existing annual capacity of HR coil processing facility of
the company is 72,000 MT and it is in the process of enhancing
the same to 150,000 MT in 2012-13.

In 2010-11, ASPPL reported a profit after tax (PAT) of
INR0.70 crore on the back of net sales of INR 340.5 crore.
As per the provisional results for the period April-December
2011, ASPPL reported net sales of INR119.6 crore.


GIRIRAJ TIMBERS: ICRA Rates INR6cr Bank Limits at '[ICRA]BB-'
-------------------------------------------------------------
ICRA has assigned long-term rating of '[ICRA]BB-' rating to the
INR6 crore fund based limits of Giriraj Timbers Pvt Ltd. ICRA has
also assigned a short term rating of '[ICRA]A4' to INR20 crore
non-fund based facilities of GTPL. The outlook for the long term
rating is stable.

The ratings takes into account the relatively low value additive
and highly competitive nature of the business which has resulted
in below average margins in this business and this is unlikely to
change significantly in the medium term. Further, almost the
entire timber requirement is met through imports (in USD) and the
import payables are not completely hedged by the company exposing
the company to exchange rate fluctuations. However, the ratings
draw comfort from the long experience of promoters, significant
turnover growth witnessed in last few years, and low gearing
levels of the company.

                       About Giriraj Timbers

Giriraj Timbers Pvt Ltd is a privately owned company that was
incorporated in year 2003. The company is 100% held by promoter
family and their friends and relatives. The company imports
hardwood logs from various countries like Malaysia, Ghana and
New Zealand. It distributes the sawn timber from its offices in
Nangloi , Delhi and Gandhidham, Gujarat.

Recent Results:

In 2010-11 the company has reported an operating income (OI) of
INR75.99 crore with a profit after tax of INR0.53 crore compared
to an OI of INR65.57 crore and profit after tax Rs 0.21 crore in
2009-10.


G. M. RAO: ICRA Assigns '[ICRA]B+' Rating to INR25cr Bank Loan
--------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to INR 25.00
crore fund based facility of G. M. Rao Cottons Private Limited.

The assigned rating is constrained by GMRCPL's modest scale of
operations, its low profitability given the low value addition
and intense competition because of fragmented nature of the
industry, its stretched liquidity position owing to high gearing
and weak debt coverage indicators, which is unlikely to change
significantly in the medium term. The rating further incorporates
the susceptibility of margins to fluctuations in the raw cotton
prices. However, ICRA draws comfort from the company's favorable
access to the raw material and the promoters' experience of more
than two decades in the ginning industry.

G. M. Rao Cottons Private Limited is engaged in cotton ginning,
pressing and cottonseeds crushing with the product mix of cotton
bales, cottonseed, and cotton wash oil and oil cake. GMRCPL was
incorporated in the year 2001 by Mr. G. Vinod Kumar. The company
had started its operation with 48 ginning machines and later on
leased 24 more ginning machines from Sri Balaji Cotton Mills for
which company pays job works charges, with a total raw material
capacity of 360 MT/ day. The company operates through eight oil
expellers which have a total intake capacity of 72 MT/ day. The
day to day operations is looked after by Mr. G. Vinod Kumar.

Recent Results

In FY11, GMRCPL reported operating income of INR 114.23 crore and
net profit of INR 1.35 crore.


GMR SOLVENTS: ICRA Assigns '[ICRA]B' Rating to INR15cr Loan
-----------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B' to INR15.00
crore fund based facility of GMR Solvents.

The assigned rating is constrained by GMRS' modest scale of
operations, its stretched liquidity position given its low
profitability, high gearing translating into weak debt protection
metrics which is unlikely to change significantly in the medium
term. The rating assigned also takes into consideration high
competition faced by GMRS due to the fragmented nature of the
industry and easy substitutability between different varieties of
edible oil products. The rating further incorporates the GMRS'
exposure to agro climatic risks affecting the availability and
hence pricing of raw material soybean. However, ICRA draws
comfort from the favorable demand prospects for edible oil and
soy meal products and also the promoters' experience of more than
a decade in the edible oil industry.

                         About GMR Solvents

GMR Solvents was incorporated as a proprietary firm in the year
2001 by Mr. G. Vinod Kumar is engaged in solvent extraction from
soya seed with the product mix of soya oil and DOC. It has its
production facilities at Adilabad District of Andhra Pradesh. The
solvent extraction unit has an intake crushing capacity of 200
TPD (tonnes per day). The day to day operations is looked after
by Mr. G. Vinod Kumar.

Recent Results

In FY11, GMRS reported operating income of INR100.90 crore and
net profit of INR1.29 crore.


INDIA EXPOSITION: ICRA Reaffirms '[ICRA]BB+' on INR27.4cr Loan
--------------------------------------------------------------
ICRA has reaffirmed '[ICRA]BB+' rating to the INR27.40 Crores
(revised from INR 37.84 Crores) fund based limits of India
Exposition Mart Limited. The outlook on the rating is stable.
ICRA has also withdrawn the '[ICRA]A4+' rating outstanding for
the INR13 Cr non-fund based limits of India Exposition Mart
Limited as is no amount outstanding against the rated instrument.

The rating factors in IEML's experienced promoters, locational
advantage and strong infrastructural facilities for the company's
project. The rating is however constrained by tight liquidity
position of the company due to high debtor days and reimbursement
of deposits to the mart owners. The rating also factors in the
delays in the third phase of the project on account of
unavailability of funds. However, rating derives comfort from
improving connectivity and accommodation facilities in Greater
Noida and IEML's assured business revenues from the annual fair
held by Exports Promotion Council of Handicrafts (EPCH). Going
forward, the company's ability to earn lease revenue by hosting
additional events in presence of strong competition from the
other such established venue, Pragati Maidan, would form the key
sensitive factor.

                      About India Exposition

India Exposition Mart Limited was incorporated in 2001-02 by
group of exporters and EPCH (Exports Promotion Council of
Handicrafts, Ministry of Textiles) for the development of India
Expo Center & Mart at Greater Noida in 2001-02. The India Expo
Center & Mart was conceptualized for the promotion of Indian
exports industry for carpets, handloom, silk and jute products
and Handicraft products from India. The land for this project was
provided on lease by Greater Noida Industrial Development
Authority (GNIDA) at concessional rates. The project has around
1800 marts most of which have been already sold out to exporters.
The Expo Centre section consists of 8 exhibition halls,
conference facilities, parking facilities, hotels, restaurants,
helipads, warehousing facilities, and logistics centers etc.
where annual exhibitions and fairs are held. In addition, EPCH
has entered into MoU (Memorandum of Understanding) with IEML for
organizing India Handicrafts and Gifts Fair in India Expo Center.


INDO DUTCH: ICRA Assigns '[ICRA]B-' Rating to INR8.5cr Term Loan
----------------------------------------------------------------
ICRA has assigned an '[ICRA]B-' rating to the INR8.50 crore term
loan and INR1.50 crore open cash credit facilities of Indo Dutch
Carpet Mfg. Pvt. Ltd.

The assigned rating takes into account the small scale of current
operations with low turnover, nominal profits and cash accruals
and the weak financial position as reflected by the company's
leveraged capital structure, depressed coverage indicators and
tight liquidity position. ICRA also notes the limited bargaining
power of the company as they acts as a backward integration of
established associated group companies and the current
sluggishness in the auto ancilliary sector which may lead to
stressed cash flows, impacting the debt servicing capacity of the
company. Nevertheless, the rating factors in the promoters'
experience in the auto component industry and its proximity to
raw material sources that reduces freight costs.

Incorporated in 2006, as PCP Infrastructure Pvt Ltd, the company
changed its name to Indo Dutch Carpet Mfg. Pvt. Ltd. in 2008. The
manufacturing facilities of the company are located at Pathredi
and Khuskhera at Bhiwadi district, Rajasthan with a total
capacity of 3,500 metric tonne per annum (MTPA).The commercial
production from Pathredi and and Khuskhera facilities started
from December 2010 and July 2011 respectively. Besides IDCMPL,
the group has other companies engaged in auto ancilliary business
including Paracoat Products Limited rated at [ICRA]BBB-
stable/[ICRA]A3 and PCP Auto Interiors Pvt Ltd.

Recent Results:

The company reported a net loss of INR0.40 crore (provisional)
during the first 7 months (April 2011 to October 2011) of 2011-12
on an operating income of INR3.30 crore, as compared to a net
profit of INR0.09 crore on an operating income of INR1.71 crore
during 2010-11.


JAMUNA JYOTI: ICRA Assigns '[ICRA]B+' Rating to INR15cr Bank Loan
-----------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to the
INR15.00 crore fund based bank limits of Jamuna Jyoti Developers
Private Limited.

The ratings factor in the high execution risk of the project
since it is in the nascent stage of construction and is subject
to the risk of time and cost overruns, considerable market risk
as more than 98% of the total saleable area is yet to be sold and
the real estate industry passing through a weak phase at present.
The rating is also constrained by the lack of financial closure
of the project. The rating is supported by the experience of the
promoter of more than 15 years in the residential real estate
industry having executed more than 17 residential projects with a
cumulative floor area of more than 500,000 square feet, presence
of a land bank of more than 100,000 square feet owned by the
group, which is situated in and around Kolkata.

                        About Jamuna Jyoti

Jamuna Jyoti Developers Private Limited belongs to the Jamuna
group of Kolkata, which has been in the residential real estate
business for more than 15 years. The group is promoted by
Mr. Sanjay Agarwal and it has executed various real estate
projects in Kolkata. JJDPL was incorporated in the year 1999,
however this is the first real estate project which the company
has undertaken.


JBM MA: ICRA Reaffirms '[ICRA]BB+' Rating on INR144cr Bank Loan
---------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB+/[ICRA]A4+' ratings for the
INR144.0 crore bank facilities of JBM MA Automotive Private
Limited. The outlook on the long-term rating is "Stable".

The reaffirmation of ratings takes into account the long
experience of JBMMA's promoters in the automotive sheet metal
business, benefits arising from technical expertise of both the
JV partners and sole supplier status of the company for its
existing as well as recently added customers in its portfolio.
The rating, however, is constrained on account of JBMMA's high
client concentration risk, limited scalability options, high debt
funded capex towards capacity build-up and weak profitability
metrics. ICRA notes that JBM MA has added several new customers
in its portfolio over the last one year and their contribution to
its overall revenues is likely to increase over the medium term,
partially mitigating the current risks emanating from high
dependence on Fiat and TML. Moreover, even as JBMMA's revenue
growth is expected to remain healthy over the medium term, its
profitability metrics and credit profile is expected to remain
under pressure given its continued large capex plans towards
setting-up capacity for new businesses gained. The company also
has large debt repayment obligations over the short term;
however, ICRA considers JBMMA's refinancing risks to be low given
the strength of the promoter group.

Incorporated in 2007, JBMMA is a 50:50 joint venture (JV) between
JBM Auto Limited (part of the JBM group) and Magnetto Automotive
SpA, Italy (MA). The JV was formed to undertake the manufacture
and supply of sheet metal parts namely skin panels, under body
panels and other assemblies to Tata Motors Limited (TML), Fiat
India Automobiles Private Limited (Fiat-Tata Fiat JV), and later
on added the Volkswagen Group and Mahindra & Mahindra (M&M) in
its customers list. The company began commercial production from
its plant at Pune (Maharashtra) w.e.f. January 15, 2009 and is
currently supplying parts for various models of TML, Fiat, M&M
and Volkswagen.

Recent Results

In 2010-11, JBMMA reported a net loss of INR3.1 crore on an
operating income of INR158.6 crore.


MAYFAIR POLYMERS: ICRA Puts '[ICRA]BB-' Rating on INR0.90cr Loan
----------------------------------------------------------------
ICRA has assigned an '[ICRA]BB-' rating to the Rs 0.90 crore term
loan and INR1.75 crore working capital facilities of Mayfair
Polymers Private Limited.  The outlook for the long term rating
is stable. ICRA has also assigned an '[ICRA]A4' rating to
INR6.00 crore Letter of Credit and INR0.40 crore Bank Guarantee
facilities of MPPL.

The ratings are constrained by MPPL's weak financial position
characterized by modest scale of operations, low profit margins,
highly leveraged capital structure, and high working capital
intensity of operations. The ratings also take into account the
highly competitive and fragmented nature of the industry with
competition from both unorganized and established players and
vulnerability of operating profitability to fluctuations in cost
of key raw material i.e. PVC resin given the company's limited
ability pass on the same to its customers.

The ratings however favorably consider MPPL's experienced
management with a long track record in the PVC pipes business and
its diversified client base. The ratings also positively consider
the favorable market potential for PVC pipes business
domestically, with increasing demand expected from end user
industry segments such as agriculture/irrigation and
building/construction.

                         About Mayfair Polymers

Mayfair Polymers Private Limited was originally incorporated as a
partnership firm under the name of "Mayfair Industries" which was
involved in the manufacturing & fixing of RCC pipes. Subsequently
in August 1992, it was converted into a private limited company.
MPPL is promoted by Mr. Sushmit Patel & Mrs. Manisha Patel. The
company is engaged in manufacturing of PVC & HDPE pipes and the
manufacturing facilities are located at Himmatnagar, Gujarat.


NAGARJUNA HYDRO: ICRA Puts '[ICRA]B-' Rating on INR59cr LT Loan
---------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B-' to the
INR59.00 crore long term loans of Nagarjuna Hydro Energy Private
Limited.

ICRA's rating factors in weak financial position characterized by
low profitability, high gearing of 1.7X as on March 31, 2011 and
modest debt coverage indicators. ICRA's rating also factors in
the relatively low tariff levels (base tariff of INR2.90/kwh,
with a fixed annual escalation of 2% on the base tariff), which
have resulted in suboptimal returns given the high capital cost
of the project. Given that the revenues of the company are linked
to actual unit sales, this exposes the company to risks of
variable cashflows arising out of hydrological risks and also
timely payment from the current customer viz Chamundeshwari
Electricity Supply Corporation. However, the counterparty risks
are partly mitigated by the fact that in case CESC defaults
payments for three continuous months the company can sell power
on merchant basis.  The rating, however favorably takes into
account satisfactory operations of the plant, firm off take
arrangement with CESC and limited demand risks due to significant
energy deficit in India and additional revenue generation from
the sale of carbon emission reduction (CER's).

Going forward, satisfactory hydrology, ability of the company to
meet the designed performance parameters and timely debt
servicing would remain key rating drivers.

                       About Nagarjuna Hydro

Nagarjuna Hydro Energy Private Limited is an Independent Power
Producer (IPP) promoted by KVM Energy Group. The company operates
a 15 MW run of the river hydel power plant which utilizes the
hydrological resource of the catchments area of Balekallu Hole, a
tributary to river Kemp Hole. The Government of Karnataka has
allotted the project KHMS-1, on Build, Own, Operate and Transfer
(BOOT) basis under private sector participation in Power
Projects. The project is expected to generate 57.27 MU in a 50%
dependable year. The plant commenced commercial operations in
July 2011 and has signed a PPA for 10 years with CESC at a base
tariff of INR2.9/unit in the first year with a fixed annual
escalation of INR0.058/kwh for the next nine years and renewable
for next 10 years. The total project cost is INR96 crore
including cost overruns on account of delays in project
commissioning. The project was registered with CDM Executive
Board on May 2011 for the sale of CERs which provides an
additional stream of revenues.

Recent Results

During the current year, (6M) FY12 the company has generated
INR38.45 MUs with an operating income of INR 11.15 crore.


NAVBHARAT FUSE: ICRA Rates INR22.25cr Loan at '[ICRA]BB-'
---------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB-' to the
INR22.25 crore fund based bank limits of Navbharat Fuse Company
Limited. The outlook on the long term rating is stable. ICRA has
also assigned a short term rating of '[ICRA]A4' to the INR37.50
crore non fund based bank limits of NFCL.

While arriving at the ratings, ICRA has considered the business
risk profiles of NFCL's group company, Navbharat Explosives
Company Limited (NECL, rated [ICRA]BB-/stable, [ICRA]A4),
collectively referred to as the Navbharat Group, since there are
strong operational, financial and managerial linkages among the
two companies. The ratings take into consideration the experience
of the promoter of near three decades and the significant
improvement in leverage of the company in the last three years.
The ratings are however constrained by the tender based business
along with the high sales concentration which keeps margin under
check and the high working capital intensity of the business
driven by high debtor days which exerts pressure on liquidity;
Moreover NFCL is exposed to regulatory risk given the hazardous
nature of the products it manufactures.

Navbharat Fuse Company Limited was incorporated in 1985 as a
manufacturer of explosives. The company produces cartridge
explosives and bulk explosives and has a total production
capacity of around 69,000 tons per annum (TPA). The promoter has
an experience of near three decades in the explosives business.
During FY 2005 - 06 NFCL also set up a sponge iron plant with a
capacity of 60,000 TPA.

Recent Results

The company has reported a net profit of INR3.70 crore in FY 11
on an operating income of INR92.89 crore. The company had earned
a net profit of INR1.12 crore on an operating income of INR88.77
crore in FY 10.


NBM IRON: ICRA Withdraws '[ICRA]BB' Rating on INR5cr Cash Credit
----------------------------------------------------------------
ICRA has reaffirmed the short term rating of '[ICRA]A4' assigned
to the INR69.87 crore (enhanced from INR50.00 crore) non fund
based limits of NBM Iron & Steel Trading Private Limited. The
long term rating of '[ICRA]BB' has been withdrawn as the company
no longer avails the fund based cash credit facility (amount
reduced to Nil from INR5.00 crore.)

The rating continues to be constrained by cyclicality associated
with the business of the company, as the ship breaking business
prospects are linked to international shipping business
fundamentals; weak financial profile characterized by low
profitability margins and weak coverage indicators which have
further declined in FY 2011; vulnerability of profitability to
adverse fluctuations in scrap prices and foreign currency
exchange rates. However, the rating favorably factor in the
established presence of NBM in the ship breaking business;
comfortable gearing level of 0.05 time as on March 31, 2011 and a
positive outlook for the ship breaking industry in the near term.

NBM Iron & Steel Trading Private Limited was originally
incorporated in August 1997 as M/s. Hussain Sheth Ship Breakers
Pvt. Ltd., in Bhavnagar. After temporarily suspending ship-
breaking activities, the company was renamed as NBM Iron and
Steel Trading Pvt. Ltd. in 2005 and resumed ship-breaking
activities in 2009. Presently, NBM operates from Plot No. 61 at
Alang-Sosiya Ship breaking Yard, Bhavnagar on a lease basis from
Gujarat Maritime Board (GMB). The area of the plot is around.
2430 sq meters.

Recent Results:

For the year ended March 31, 2011 the company reported an
operating income of INR81.92 crore and profit after tax of
INR1.76 crore as against an operating income of INR42.41 crore
and profit after tax of INR2.09 crore for the financial year
2009-10.


SAURAT AUTO: ICRA Reaffirms '[ICRA]BB+' Rating on INR7cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB+' rating to the INR7 crore term
loan and INR1 crore cash credit facility of Saurat Auto Tech Pvt.
Ltd. The outlook on the long term rating is Stable.

The rating reaffirmation takes into account the demonstrated
track record of the promoters in the auto-component precision
machining business and the healthy financial profile of the
company, as indicated by its conservative capital structure,
comfortable debt coverage indicators and healthy return on
capital employed. The rating also factors in the low working
capital intensive nature of SATPL's operations, due to its
favorable payment terms with its customers as well as suppliers,
thus leading to a comfortable liquidity position. The rating is,
however, constrained by the company's significant exposure to
client concentration risks, with Tata Motors Limited being its
sole customer at present. However, ICRA notes that such risks are
mitigated to an extent by SATPL's long standing relationship with
Tata Motors Limited and its subsidiaries - HV Axles Limited and
HV Transmissions Limited, ensuring repeat orders. The rating also
reflects SATPL's small scale of operations, which deprives the
company of the benefits derived out of economies of scale, and
also results in limited bargaining power against both its
suppliers and buyers, whose operating profiles are significantly
larger. The rating further incorporates the inherent cyclicality
in both the commercial vehicles (CVs) and steel industries,
leading to demand risks, and is likely to keep the company's
profits and cash flows volatile.

SATPL is engaged in the precision machining of various auto-
component forgings and castings since 1993 and has been promoted
by the Kolkata based Das family. The company's plant is based in
Jamshedpur, Jharkhand and executes orders primarily for TML.

Recent Results

SATPL reported a profit after tax (PAT) of INR1.16 crore in FY11
on an operating income (OI) of INR23.69 crore, as compared to a
PAT of INR0.88 crore on an OI of INR18.27 crore in FY10.


SHARP INDUSTRIES: ICRA Rates INR75cr LT Loan at '[ICRA]BB-'
-----------------------------------------------------------
The rating of '[ICRA]BB-' has been assigned to the INR75 crore
long-term fund-based facilities (including INR30 crore of
proposed limits) of Sharp Industries Limited; the outlook on the
rating is Stable.

The rating is constrained by the high competitive intensity in
the flexible packaging industry; regulatory risks regarding the
ban of plastic packaging (as observed in the gutkha segment); the
tight liquidity position on account of high working capital
intensity and limited financial flexibility; and the aggressive
capex plans, which may lead to an increase in the financial risk
profile of the company in the medium term. ICRA also notes that
the company has a history of debt restructuring, wherein debt
waivers from financial institutions have led to inflated net
worth and associated healthy financial indicators; however, the
restructured debt has been fully repaid and the financial
performance of the company has improved since the restart of
normal operations in 2006-07. The rating, however, factors in the
favorable demand prospects for the flexible packaging industry in
the domestic market; established operations and diversified
customer base, primarily in the food and pan masala segments; and
higher realisations and contribution margins on account of the
presence of relatively higher value-added products in its product
profile and favorable cost structure due to partly backward
integrated operations. The ability of the company to manage its
liquidity position while maintaining profitability and capital
structure will be the key rating sensitivities going forward.

                      About Sharp Industries

Sharp Industries Limited is engaged in the manufacture of
flexible packaging laminates. It is a public limited company,
incorporated in 1988 and has its manufacturing in Vasai, Dist.
Thane (Maharashtra). The company is listed on the Bombay Stock
Exchange. SIL was originally incorporated by Mr. Ishwarlal Dang
and Mr. Ranchodbhai Patel. In 1996, the current promoters, led by
Mr. Vinod Sheth, acquired 30% stake from the original promoters
and thereafter acquired 21% through an open public offer. The
company incurred heavy losses from 2001 onwards, leading to
erosion of its net worth. Subsequently, the debt of the company
was transferred to ARCIL, a restructuring package was worked out
in 2005-06 and the company resumed normal operations. The
restructured debt has been completely repaid by the company by
2010-11.

SIL currently has a production capacity of 14,000 metric tonnes
per annum (MTPA), including 2,000 MTPA of holographic film at its
manufacturing unit. The unit also has plants for support
functions such as rotogravure cylinder making, packaging design
and colour imaging.

For the twelve months ended September 2011, the company reported
net profit of INR33.6 crore on an operating income of INR196
crore against net profit of INR18.7 crore on an operating income
of INR113.3 crore for the twelve months ended
September 2010.


SUWARNA BUILDCON: ICRA Puts '[ICRA]B+' Rating on INR5.17cr Loan
---------------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to the INR 5.17 crore fund
based limits of Suwarna Buildcon Private Limited and an
'[ICRA]A4' rating to the INR 2.00 crore non-fund based limits of
SE. ICRA has also assigned [ICRA]B+/[ICRA]A4 ratings to the
INR9.35 crore proposed limits of SBPL such that the total
utilization of all rated facilities does not exceed INR20 crore.

The ratings are constrained by SBPL's high gearing levels which
limit its financial flexibility, SBPL's small scale of operations
with a networth of INR1.72 crore as of March 31, 2011, and SE's
exposure to geographic, client and project concentration risks.
The ratings however, favorably factor in the long-standing
experience of the promoters in the construction segment
(particularly in irrigation projects), the established
relationship with the principal client - Vidarbha Irrigation
Development Corporation and the expected on-schedule completion
of SBPL's largest project undertaken till date which could enable
it to execute similar large-sized projects going forward.

                         About Suwarna Buildcon

Suwarna Buildcon Private Limited was incorporated in March 2011
following the conversion of erstwhile Suwarna Enterprises (a
Hindu Undivided Family, its karta being Mr. Manoj Abrol) into a
private limited company. Mr. Abrol has over 19 years experience
in the civil construction space. SBPL is engaged in the
construction of weirs and barrages, road work including
construction of structures like minor bridges, rail over bridges,
earth work (excavation and transport of sand) and construction of
buildings. SBPL typically executes projects in Maharashtra for
government departments, with its current order book largely
concentrated towards irrigation projects in and around Nagpur
being executed for Vidarbha Irrigation Development Corporation.


UJALA SALES: ICRA Assigns '[ICRA]B' Rating to INR6cr Bank Loan
--------------------------------------------------------------
ICRA has assigned '[ICRA]B' rating to INR6.0 crore Fund Based
Limits of Ujala Sales Private Limited.

The rating is constrained by intensely competitive nature of
trading business; modest scale of USPL's operations and its
stretched financial profile characterized by low profitability,
its sales being exposed to seasonal demand of the product and its
modest debt protection metrics. However, the rating takes into
account USPL's experienced promoters with long track record in
the trading business; extensive distribution network, limited
exposure to price risk as the procurement function is though not
order backed but the prices of the product are less volatile and
its established relations with key customers.

Ujala Sales Private Limited incorporated in 1994-95, is engaged
in the business of trading of Pumping Equipments, Stamping
Supplies, Heating Equipments, Generators and other electronics
equipments. The company was established with a view to demark the
trading business of pumps manufactured in Ujala Pumps Pvt. Ltd.
(Flagship Company started by the same promoters) to another group
company. The manufacturing facility of Ujala pumps is situated in
Bhiwadi, Rajasthan. Ujala sales being part of the same group
procures the pumps at a concessional rate. It sells its products
mostly to wholesalers and retailers in North India. The company's
head office is located in Preet Vihar, Delhi from where it
controls the marketing and finance operations. For stocking of
inventory, the company has established its warehousing facilities
across all its branches in various states.

Recent Results:

In FY2011 the company earned a profit after tax (PAT) of INR7
lakhs on operating income of INR53.23 crore as against PAT of
INR21 lakhs and operating income of INR65.18 crore in FY2010.


VEDANTA RESOURCES: Moody's Affirms 'Ba1' Corporate Family Rating
----------------------------------------------------------------
Moody's Investors Service has affirmed its corporate family
rating of Vedanta Resources plc at Ba1 and its senior unsecured
rating of Ba3. Both ratings retain a negative outlook.

Ratings Rationale

The affirmation follows the company's announcement regarding the
restructuring of its businesses to bring all its Indian-centric
operations under a single, listed holding company. The new Indian
holdco to be called Sesa-Sterlite, represents a merger of Sesa
Goa with Sterlite Industries while retaining, respectively, the
iron ore and copper smelting activities as operating divisions in
the new company. At the same time, Vedanta Resources' interests
in the recently acquired Cairn India and in Vedanta Aluminium
will be subsumed into the new holding company structure.

Moody's notes that in September 2008, Vedanta announced a
streamlining of its structure into three industry groups.
However, this initiative coincided with the global financial
crisis and was aborted fairly swiftly.

"While market conditions are presently more clement than in 2008,
Moody's does not underestimate the challenges and time required
to obtain the agreements and approvals of all the parties and
authorities involved", says Alan Greene, a Moody's Vice President
and Senior Credit Officer.

Apart from some USD180 million of savings to be made, primarily
from group tax efficiencies, there is no reduction in group debt
levels, which remain around USD16.5 billion. However, the
reduction of indebtedness by some USD5.9 billion at the thinly
capitalised parent is an improvement, achieved by pushing down
borrowings and assets to the new Indian holdco. At the same time,
the Parent company's ability to meet its outgoings will be
underpinned by the new holdco servicing an inter company
obligation, together with any dividends from the holdco or from
KCM, the main business outside the new holdco.

"In due course, the new holdco will be able to share more
effectively the rich cash flows from the zinc and oil businesses
with the weaker aluminium, power and copper refining businesses.
However, in so doing, the Parent loses its direct line of sight
to its 38.8% stake in Cairn India, the Group's most important
asset," adds Greene, who is also Lead Analyst for Vedanta.

From a creditor viewpoint, having the debt burden closer to the
operating assets makes sense, but this serves to increase
subordination risk for lenders to the parent company. Upstream
guarantees from the Indian holdco to the Parent are not permitted
by Reserve Bank of India regulations. However, the Parent will
continue to guarantee the USD2.8 billion of Cairn acquisition
facilities transferred to Sesa-Sterlite.

Moody's believes that this restructuring is a mild positive for
Vedanta in the long-term and the ratings may refelct that in due
course. In the near-term, Moody's is looking for clearer signs
that downside risks are fading. Despite the higher than expected
oil prices since December, primarily due to Middle East
tensions,Moody's would like to see further evidence of Cairn's
performance under new ownership and ideally the output from the
Rajasthan fields increasing from 125,000 towards 175,000 barrels
of oil per day (boepd) and beyond Cairn India's oil, currently
providing 38% to 41% of Group EBITDA, is a key driver of the
Group, and from which the conversion to cash flow is high. Across
Vedanta's other business sectors Moody's has trimmed back its
expectations as both India's and China's rate of growth are
likely to be checked in 2012.

Although Moody's continuously monitors its ratings, it would not
expect to have resolved Moody's operational concerns before mid-
2012 and by which time the restructuring process should also be
well advanced with any material surprises revealed, after which
the outlook could be returned to stable.

The principal methodology used in rating Vedanta Resources plc
was the Global Mining Industry Methodology published in May 2009.


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


BAKRIE TELECOM: Fitch Cuts Issuer Default Ratings to 'CCC'
----------------------------------------------------------
Fitch Ratings has downgraded Indonesia-based PT Bakrie Telecom
Tbk's Long-Term Foreign- and Local-Currency Issuer Default
Ratings to 'CCC' from 'B'.  The agency has also downgraded the
senior unsecured rating to 'CCC' from 'B'. The Recovery Rating
remains at 'RR4'.

The downgrade reflects the growing liquidity risks BTEL faces
with its IDR650bn bond maturing on 4 September 2012 and finance
lease obligation payments of IDR660bn in 2012.  Cash and
equivalents were only IDR250bn at end-2011 and Fitch does not
expect the company to generate sufficient cash to meet its
obligations.  BTEL is currently negotiating with foreign banks to
raise refinancing loans.  However, the company's high leverage
and poor trading results mean it is likely to breach the
financial covenants of its obligations.

BTEL's revenue declined 3% yoy in 2011, following slowing growth
of 0.8% and 24.5% in 2010 and 2009, respectively.  If the company
is unable to generate revenue growth and free cash flow, Fitch
expects the company to breach its covenants of 4x leverage and
2.5x interest coverage.

The company is struggling with its CDMA service to compete with
the dominant GSM product in Indonesia's telecommunication market.
Prior to 2010, BTEL experienced robust subscriber and revenue
growth.  Since then, however, revenue growth has been slower than
that of the four largest telco competitors.  Despite its success
in maintaining subscriber growth (2011: 19.5%, 2010: 22.8%),
deteriorating average revenue per user led to a fall in revenue
market share among the five largest telcos to 3.5% in 2011 from
3.8% in 2010.

The BWA service (broadband wireless access) launched in June 2010
was initially expected to boost the company's revenue growth and
compensate for stagnant growth in voice and SMS revenue. Although
BWA revenue grew to IDR85bn (Q311) from IDR1.2bn (Q310), this
product has yet to contribute significantly to BTEL's revenue -
just 4.23% in 2011. The company forecasts BWA's revenue
contribution will grow to 10% of total revenue by end-2013.

Fitch may downgrade further if BTEL breaches financial covenants,
or if the company does not have a committed facility or an
injection of funds by early June 2012 to meet the IDR650bn
maturity due in September 2012.  An upgrade would be contingent
on improvements in both its liquidity and trading position which,
given current tough market conditions, will be a challenge.


BERAU COAL: Moody's Affirms Corporate Family Rating at 'B1'
-----------------------------------------------------------
Moody's Investors Service has changed the outlook of PT Berau
Coal Energy Tbk to positive from stable and affirmed the B1
corporate family and senior secured ratings.

Moody's has also assigned a provisional (P)B1 rating with a
positive outlook to the proposed five-year senior notes.

The notes will be issued by Berau and unconditionally guaranteed
by PT Berau Coal, PT Armadian Tritunggal, Empire Capital
Resources Pte. Ltd., Winchester Investment Holdings PLC and Aries
Investments Limited, Seacoast Offshore Inc. and Maple Holdings
Ltd.

The provisional status of the notes will be removed once the
issuance is completed.

Ratings Rationale

"The positive outlook reflects Berau's continued improvement to
its operating performance and financial metrics, and Moody's
expectation that Berau will continue to maintain a prudent
financial profile," says Simon Wong, a Moody's Vice President and
Senior Analyst.

"The proposed bond issuance and the higher capex during 2012 to
2013 will increase Berau's adjusted consolidated debt/EBITDA
leverage to around 2x, which is still strong for the current
rating. We expect Berau to gradually deleverage over the medium
term," adds Mr. Wong, who is also lead analyst for Berau.

Berau's adjusted consolidated total debt/EBITDA was 1.5x for LTM
Sept. 30, 2011.

The company has increased its budgeted capex over the next three
years to about US$691 million in order to construct an overland
conveyor and power station, boost production capacity, and fund
the exploration and development of two new mine sites.

It plans to use the proceeds from the proposed bond to refinance
the existing credit facility, fund capital expenditure, and for
general corporate purposes.

"Nevertheless, the maintenance covenants attached to the existing
credit facility will be removed following the refinancing.
Furthermore, the recent shareholder change at Bumi PLC, as well
as the subsequent proposition to reshuffle key board members of
Bumi PLC, have added some uncertainty for investors," adds Mr.
Wong.

Berau is 84.7%-owned and controlled by Bumi PLC.

Bakrie & Brothers sold half of its 47.6% effective interest in
Bumi PLC to Borneo Lumbung Energi & Metal (Borneo) in early 2012.
Borneo is a major coking coal producer in Indonesia.

The B1 rating reflects Berau's majority ownership of PT Berau
Coal, one of the world's lowest-cost producers and exporters of
coal with a consistent track record of production growth. In
addition, its customer base consists of large utilities with
excellent payment records.

The ratings also consider Berau's lack of diversification, given
its single concession and single product, and its exposure to
commodity cycles, as well as the uncertainty in the regulatory
environment. Berau also faces a high level of concentration risk,
as its top ten customers account for approximately 75% of its
revenue.

The positive outlook reflects Berau's improved credit metrics,
expanding production capacity, and Moody's expectation that Berau
and Berau Coal will maintain a prudent financial profile.

Upward rating pressure may emerge if Berau expands its production
capacity as planned, while maintaining the current prudent
financial profile such that adjusted consolidated total/EBITDA
remains below 2x and adjusted consolidated EBIT / interest
expense stays above 3.75x.

Moody's would also like to see a track record of stability in
Berau's ownership and more clarity of its strategic direction
under Bumi PLC.

Downward pressure on the ratings could emerge, if industry
fundamentals deteriorate, leading to a decline in free cash flow
that could constrain Berau's ability to make debt payments.
Indicators that Moody's would consider as triggers for a
downgrade include adjusted consolidated debt/EBITDA rising above
3.5x or adjusted consolidated EBIT/interest expense falling below
2.75x.

Other negative rating triggers include (1) a material change in
Bumi PLC's financial policy, resulting in deterioration to
Berau's capital structure; (2) any adverse decision regarding the
off-setting of VAT payments; or (3) any change in laws and
regulations, particularly with regard to mining concessions, that
would adversely affect the business.

The principal methodology used in rating Berau was Moody's Global
Mining Industry, published in May 2009.

PT Berau Coal (and it parent Berau Coal Energy) is Indonesia's
fifth-largest producer and exporter of thermal coal. It operates
three active mines (Lati, Sambarata and Binungan) at a single
site in East Kalimantan. It had estimated coal resources of 1.94
billion tons, and proven and probable reserves estimated at 467
million tons as of December 31, 2010.


BERAU COAL: S&P Affirms BB- Corp. Credit Rating; Outlook Positive
-----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Indonesia-based thermal coal miner PT Berau Coal Energy to
positive from stable. "At the same time, we affirmed the 'BB-'
corporate credit rating on Berau Energy and the 'BB-' issue
rating on the senior secured notes guaranteed by Berau Energy,"
S&P said.

Standard & Poor's also assigned its 'BB-' issue rating to a
proposed issue of $500 million senior secured notes by Berau
Energy. The proposed notes will mature in 2017.

"Our positive outlook on the corporate credit rating reflects our
view that Berau Energy's financial risk profile will continue to
improve over the next two years," said Standard & Poor's credit
analyst Xavier Jean. "We expect production growth and steady
thermal coal prices to result in stronger cash flows and
improving leverage over the period."

"Under our base-case scenario, we project Berau Energy's ratio of
total debt to EBITDA to improve gradually to about 1.8x in 2013,
from about 2.2x in 2012," S&P said.

"We also expect the company's ratio of total debt to total debt
plus equity to decline to about 56% in 2013, from about 61% in
2012," S&P said.

"In our opinion, Berau Energy's growing production and higher
EBITDA should lower the sensitivity of its financial performance
to slower production growth or weaker gross profit per ton," Mr.
Jean said.

"The rating on Berau Energy is a combination of what we consider
as the company's current and expected 'weak' business risk
profile and 'significant' financial risk profile, as defined in
our criteria. The rating reflects the Indonesian coal producer's
mineral, customer and single-mine concentration risks, regulatory
uncertainty, and its aggressive capital structure. Berau Energy's
good record of production growth, improving cash flows, and low,
albeit increasing, cost production profile partially offset these
weaknesses," S&P said.

"The issue rating on the proposed $500 million notes reflects the
'BB-' long-term corporate credit rating on Berau Energy. The
rating on the proposed notes is subject to our review of the
final issuance documentation, and confirmation of the amount and
terms of the notes. The notes are secured by first-priority liens
on the company's debt and interest reserve accounts and the
capital stocks of the subsidiary guarantors, including PT Berau
Coal. Berau Energy expects to use the proceeds from the proposed
notes to repay $340 million of its senior secured credit facility
and the remaining $160 million for general corporate purposes and
capital expenditures.

"Berau Energy's main operating subsidiary, PT Berau Coal,
unconditionally guarantees the proposed notes. The notes will
rank pari passu with the $450 million notes, issued by Berau
Capital Resources Pte. Ltd. in 2010 and also unconditionally
guaranteed by Berau Energy," S&P said.

"The positive rating outlook reflects our expectation that Berau
Energy's production will continue to grow steadily in 2012 and
2013. It also reflects our projections of gross profit per ton of
$22-$25 and of improved cash flows and lower leverage over the
period. We also do not expect debt to decline materially before
the maturity of Berau Energy's $450 million senior secured
notes," S&P said.

"We could raise the rating if we expect Berau Energy's production
ramp-up in 2012 and 2013 to materialize while gross profit per
ton exceeds $22. We believe this will require (1) average selling
prices above $75 per ton; (2) cash costs of about $50 per ton;
and (3) average monthly production volumes exceeding 2.25 million
tons over the first half of 2013. A rating upgrade would also be
contingent on the absence of credit-negative operational or
financial policy changes from Berau Energy's parent Bumi PLC (not
rated), including a more aggressive dividend distribution or
related-party transactions that could weaken Berau Energy's
financial risk profile or disrupt operations," S&P said.

"A downgrade seems less likely in the coming months given our
current operating expectations," S&P said. However, S&P could
revise the outlook to stable or lower the rating if one of these
occurs:

* "Berau Energy's trend of stronger cash flows and decreasing
   leverage is interrupted. This could materialize if production
   and sales volumes fall short of our current expectations,
   while lower average selling prices or higher cash costs weaken
   the ratio of debt to EBITDA to above 2.5x for a sustained
   period," S&P said.

* Indonesia's mining regulation or accounting changes such that
   Berau Energy's sales, profitability or cash position is
   materially affected," S&P said.


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


AIJ INVESTMENT: Investors May Lose Investment After Suspension
--------------------------------------------------------------
Atsuko Fukase at The Wall Street Journal reports that directors
of some pension funds that invested money with AIJ Investment
Advisors Co. said they were attracted by promises of high, or at
least sustainable, returns on their investments through the
global economic downturn.

Now those funds may be facing losses, days after Japan's
Financial Services Agency ordered AIJ to suspend its operations,
saying the firm allegedly lost most of JPY183 billion
(US$2.27 billion) in funds it managed, the Journal notes.

Neither AIJ nor its broker, ITM Securities Co., has been accused
of wrongdoing, according to the Journal.

The Journal says Japanese regulators ordered AIJ Investment
Advisors Co., a money manager with offices in downtown Tokyo, to
suspend its operations.

Like the regulators, pension-fund managers want to know what has
happened to their money, which the FSA says can no longer be
traced, the news agency relates.  Around 880,000 people are
enrolled in or already receive payments from 84 corporate pension
funds that used AIJ and could be affected, Japan's Ministry of
Health, Labor and Welfare said Tuesday.

The amount of money involved and the number of people affected
triggered the FSA's announcement last week that it would inspect
all 263 independent money managers that, like AIJ, are qualified
to handle pension funds for small companies. The regulator also
ordered AIJ to halt operations for a month.

According to the Journal, at least one pension-fund director said
the complexity of the financial products that AIJ and ITM
Securities said they used -- a sophistication cited by the money
manager as a reason for its unusually promising returns -- went
beyond the fund's understanding, but directors believed their
funds were in safe hands and didn't persist with their questions.

In a filing to the Japan Securities Investment Advisers
Association, the Journal relates that AIJ said its investment
strategy is centered on shorting options tied to the Nikkei Stock
Average of 225 companies, or selling in the belief that it can
buy the assets cheaper at a later date, as well as arbitrage
trades in equity and bond derivatives.

"I'm getting calls from companies and their employees [worried
about their benefits] all day long," the Journal quotes a
director of Hokkaido Jyouyou Jidousha Kousei Nenkin, a pension
fund representing about 70 taxi companies based on the northern
island of Hokkaido.  It had about JPY1.5 billion invested with
AIJ, or about 8% of its funds, the Journal notes.

The Journal relates that the director said both companies and
their employees are concerned that their investments may have
disappeared, and that they may not receive pension payouts they
are due.  As is standard practice in Japan, the money deposited
in these pension funds isn't covered by insurance plans. If the
money can't be recovered, companies will have to find some way to
cover the cost of paying pensions due to their employees.

Overall, AIJ had 127 investment-management contracts totaling
JPY218 billion as of Sept. 30, of which the vast majority were
for Japanese corporate pension funds, according to a filing with
the Japan Securities Investment Advisors Association cited by the
Journal.  It isn't clear why the FSA announcement cited a smaller
amount.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 27, 2012, Bloomberg News said the Financial Services Agency
on Friday ordered AIJ Investment Advisors Co. to halt its
business after finding the asset manager's clients funds of about
JPY183.2 billion (US$2.3 billion) may be "adversely affected" and
started a probe into the 263 asset managers operating in Japan.

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


ELPIDA MEMORY: Government to Offer Help to Affected SMEs
--------------------------------------------------------
Kyodo News reports that the Ministry of Economy, Trade and
Industry said Tuesday it will enable medium to small companies to
receive safety net and other emergency loans from two government-
backed financial institutions to shield them from possible
adverse effects from Elpida Memory Inc.'s bankruptcy.

According to Kyodo, the ministry said it will offer a
consultation service at Japan Finance Corp. and Shoko Chukin
Bank, as well as prefectural federations of societies of commerce
and industry and federations of small business associations for
companies that could be affected by the chip-maker's filing
Monday for court-led rehabilitation.

METI chief Yukio Edano urged companies that had business with
Elpida and other related enterprises to utilize the service if
necessary, the news agency adds.

                        About Elpida Memory

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

Elpida Memory, Inc., and its consolidated subsidiary, Akita
Elpida Memory, Inc., filed for corporate reorganization
proceedings in Tokyo District Court on Feb. 27.

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

Elpida said liabilities totaled JPY448.03 billion (US$5.52
billion, at the end of March 2011.


TOKYO ELECTRIC: To Pay JPY600K Each to Pregnant, Child Evacuees
---------------------------------------------------------------
Kyodo News reports that Tokyo Electric Power Co. said it will pay
JPY600,000 each to pregnant women and children aged 18 or under
who have voluntarily evacuated their homes because of the triple-
meltdown crisis at the Fukushima No. 1 power plant.

The news agency says the sum will be paid, starting next month,
as compensation money through last December for residents of 23
municipalities in Fukushima Prefecture located outside the
government-designated evacuation zones around the plant.

Many people who have voluntarily evacuated had been hoping Tepco
would pay the actual costs incurred, but the utility has said
that would entail a laborious application process and delay
payments, Kyodo relates.

As a result, TEPCO will add JPY200,000 to a sum presented in a
compensation guideline compiled by a government panel for
pregnant women and children who are likely to have seen a large
increase in their living expenses as a result of evacuation,
according to company officials cited by Kyodo.

According to Kyodo, TEPCO said pregnant women and kids who have
remained in the 23 municipalities will each receive JPY400,000
from TEPCO in line with the guideline worked out in December.
Other residents will be paid JPY80,000 each, regardless of
whether they evacuated, also in line with the guideline, due to
their radiation fears, the report adds.


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


OTAGO RUGBY: Ellis Mulls Helping Union Out of Financial Trouble
---------------------------------------------------------------
Amelia Wade at nzherald.co.nz reports that one of Otago's
favorite rugby sons, Marc Ellis, said anyone who has had a
relationship with the Otago Rugby Football Union would want to do
their bit to help it out.

Mr. Ellis would not directly say whether he had considered
stepping in to help pull the Otago Rugby Football Union out of
financial strife, but said he had several brief discussions about
the situation, according to nzherald.co.nz.

The former All Black cut his teeth playing rugby for the union
when he started playing for Otago in the NPC in 1991 at the age
of 20, the report discloses.

nzherald.co.nz relates that Mr. Ellis made a name for himself
while playing for the province and earned an All Black selection
in 1992.

According to the report, Mr. Ellis said he was among the many
people who were disappointed to see the ORFU in trouble.

"Undoubtedly I'd like to see a situation where both the rugby
community and the wider community down there [could enjoy] what I
guess we had the good fortune of enjoying in the 90s," the report
quotes Mr. Ellis as saying.  "It's sad to see but I'm sure
there's a number of people that have the same strong emotional
ties that I do and want to see the union dig themselves out of
it."

Meanwhile, nzherald.co.nz reports that former Otago player and
coach Laurie Mains said he was willing to put money into the
project.

"I've already pledged a very significant amount of money towards
this and along with Eoin Edgar we have made ourselves available
to the board of Otago Rugby to go to the business community to be
part of trying to get the funds," Mr. Mains told Newstalk ZB.

Mr. Mains said they can't simply pack their bags and leave Otago
rugby to die.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 29, 2012, Otago Daily Times said 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 said.  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.


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


SINGAMIP ENTERPRISE: Creditors Get 100% Recovery on Claims
----------------------------------------------------------
Singamip Enterprise Pte Ltd declared the first and final dividend
to its creditors on Feb. 27, 2012.

The company paid 100% for preferential and 18% for ordinary
claims.

The company's liquidator is:


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


SPEEDLOCK ENGINEERING: Creditors' Proofs of Debt Due March 9
------------------------------------------------------------
Creditors of Speedlock Engineering Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by March 9, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

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


SUM YIP: Creditors Get 7.93875% Recovery on Claims
--------------------------------------------------
Sum Yip Interior Renovation Pte Ltd declared the preferential
dividend to its creditors on Feb. 15, 2012.

The company paid 7.93875% to the received claims.

The company's liquidator is:

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


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


* S&P's List of 2012 Global Defaults Has 18 as of Feb. 22
---------------------------------------------------------
Two corporate issuers defaulted this week, raising the 2012
global tally to 18, said an article published by Standard &
Poor's Global Fixed Income Research, titled "Global Corporate
Default Update (Feb. 16 - 22, 2012)."  The first default occurred
after U.S.-based chemical company Reichhold Industries Inc.
failed to make an interest payment on its $195 million senior
unsecured notes due on Aug. 15, 2014. The second default occurred
after ERC Ireland Finance Ltd. missed a coupon payment on its
EUR350 million floating-rate notes due on Feb. 15, 2012.

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


                             *********

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

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

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


                            *********


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

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

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

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

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





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