TCRAP_Public/120305.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Monday, March 5, 2012, Vol. 15, No. 46

                            Headlines


A U S T R A L I A

ENDEAVOUR INDUSTRIES: Major Cashflow Issues Prompt Receivership
INTERSTAR TITANIUM: S&P Affirms 'BB' Rating on Class D Notes
NUFARM LTD: S&P Affirms 'BB' Corp. Credit Rating; Outlook Stable
RELIANCE RAIL: Moody's Confirms 'B3' Senior Unsecured Rating


C H I N A

KWG PROPERTY: Moody's Says Ba3 Rating Unaffected by 2011 Results
ROAD KING: Moody's Says 'Ba3' Rating Unaffected by 2011 Results


H O N G  K O N G

AKAMAI FINANCIAL: Creditors Get 9.15% Recovery on Claims
BALCON LIMITED: Court Enters Wind-Up Order
BRIGHT EASE: Court Enters Wind-Up Order
CHONG KUI: Court Enters Wind-Up Order
DELUXE MALL: Court Enters Wind-Up Order

GIL-POWER INTERNATIONAL: Creditors Get $0.312 Recovery on Claims
GRANDBLE LIMITED: Court Enters Wind-Up Order
HAN YOUNG: Court Enters Wind-Up Order
HIGH LINK: Court to Hear Wind-Up Petition on April 11
KONG LEE: Court to Hear Wind-Up Petition on March 14

KWONG YICK: Creditors Get 25% Recovery on Claims
LAND ASIA: Court Enters Wind-Up Order
MGT NEMOTO: Creditors and Contributories to Meet on March 12
SHUN WO: Court to Hear Wind-Up Petition on April 11
XINHUA SPORTS: Court Enters Wind-Up Order


I N D I A

A.M.N. JEWELLERS: ICRA Assigns '[ICRA]BB' Rating on INR15cr Loan
ARRAYCOM INDIA: ICRA Reaffirms [ICRA]BB- Rating on INR5.5cr Loan
BHATIA & COMPANY: ICRA Places '[ICRA]BB+' Rating on INR31cr Loan
CENTRAL BANK: Moody's Revises Outlook on 'D-' BFSR to Negative
CHENDURAN COTSPIN: ICRA Cuts Rating on INR20.72cr Loan to 'D'

ELKAYPEE SPINNERS: ICRA Cuts Rating on INR6cr Loan to '[ICRA]D'
ERIC APPAREL: ICRA Assigns '[ICRA]BB+' Rating to INR4.75cr Loan
FLAWLESS DIAMOND: ICRA Cuts Rating on INR20cr Loan to '[ICRA]D'
GIAN SAGAR: ICRA Assigns '[ICRA]BB' Rating to INR135cr Bank Loan
KINGFISHER AIRLINES: Unable to Pay Cash-And-Carry Dues to AAI

KINGFISHER AIRLINES: Ground Staff Strike Work Over Salaries
KUMARAGIRI ELECTRONICS: ICRA Cuts Rating on INR3.49cr Loan to 'D'
MFAR DEVELOPERS: ICRA Assigns '[ICRA]BB' Rating to INR150cr Loan
MJ LOGISTICS: Fitch Affirms 'B+' Long-Term Rating
SHRI GIRI: ICRA Cuts Rating on INR10cr Term Loan to '[ICRA]D'

SIDDHIVINAYAK POULTRY: Fitch Assigns 'B(ind)' National LT Rating
SUBH LABH: ICRA Reaffirms [ICRA]BB Rating on INR10cr Cash Credit
THANJAVUR SPINNING: ICRA Cuts Rating on INR126.29cr Loan to 'BB+'


J A P A N

GODO KAISHA: Moody's Cuts Ratings on Class E & F Notes to 'C(sf)'
JLOC 39 TRUST: Moody's Confirms Class C Notes Rating at 'Caa3'
TRUST FONTANA: Moody's Assigns Provisional Ratings


N E W  Z E A L A N D

AMI INSURANCE: IAG Get Competition Watchdog Nod to Buy AMI
CRAFAR FARMS: OIO Still Working on Consent Reconsideration
DATASOUTH GROUP: Director Pleads Guilty to NZ$103MM Fraud
DON HA REAL ESTATE: Public Trust Wins NZ$1.6MM Judgment Vs. Owner


S I N G A P O R E

UNITED OVERSEAS: Moody's Assigns B Bank Financial Strength Rating


S R I  L A N K A

SRI LANKA TELCOM: S&P Lowers Local Currency Rating to 'B+'
SRI LANKA: S&P Revises Outlook on 'B+' Sovereign Rating to Stable


                            - - - - -


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A U S T R A L I A
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ENDEAVOUR INDUSTRIES: Major Cashflow Issues Prompt Receivership
---------------------------------------------------------------
Patrick Stafford at SmartCompany reports that family-owned
healthcare business Endeavour Industries Pty Ltd. is in
receivership after the company started suffering major cashflow
issues caused by interstate expansion.

The collapse of Endeavour Industries follows months of
difficulties because of the installation of a new accounting
system, which cost the assisted living and healthcare products
supplier much more than expected, SmartCompany says.

According to the report, receiver Andrew Schwarz --
Andrew.Schwarz@twcs.com.au -- at Taylor Woodings, said interstate
expansion and installing a new accounting system put the 27-year-
old business under significant cashflow strain.

"There were financial pressures on the business," Mr. Schwarz
told SmartCompany.  "Moving interstate had taken longer than
expected, and the new accounting system . . . there were
pressures there."

SmartCompany relates that Mr. Schwarz said the collapse was the
result of internal issues rather than external, industry-wide
pressures. "The issue is mainly cashflow," he said.

The company owes AUD3 million to ANZ, but is turning over
AUD12 million a year, the report discloses.

Mr. Schwarz, as cited by SmartCompany, said the business -- which
continues to trade -- is now being put up for sale with hopes of
selling the company as a going concern.

Victoria, Australia-based Endeavour Industries Pty Ltd. --
http://www.endeavourindustries.com.au/-- -- sells healthcare
related products and home modifications, including mobility
vehicles, movement assistance and bariatric equipment, including
ramps, rails and seating. It also operates an installation
service for all of these home modifications.  The company employs
50 people.


INTERSTAR TITANIUM: S&P Affirms 'BB' Rating on Class D Notes
------------------------------------------------------------
Standard & Poor's Ratings Services raised its rating on the class
C notes issued by Interstar Titanium Series 2006-1 Trust. "At the
same time, we affirmed the ratings on two classes of notes and
removed two classes from CreditWatch with negative implications,
where they were placed on Sept. 4, 2011, following our update to
the Australian residential mortgage-backed securities (RMBS)
criteria. The notes are backed by a portfolio of subprime and
nonconforming residential loans originated by Challenger Mortgage
Management 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.

"Although arrears performance generally has been above subprime
SPIN for the life of the transaction and loans in arrears greater
than 30 days is currently greater than 16% of the mortgage
balance, the rated notes have benefited from a build up in the
percentage of credit support provided since close. Further, at
the review date there were no charge offs outstanding and the
excess
spread reserve balance that is available to cover losses
contained over $1.7 million," S&P said.

"Given a large proportion of the portfolio has been repaid, the
remaining portfolio has become concentrated, with the largest 10
borrowers comprising around 20% of the total pool balance. As a
result, we expect that the performance deterioration of a few
loans can have a more pronounced impact on arrears and prepayment
levels in percentage terms. We believe that the lower ranking
notes are sensitive to a slow prepayment rate, due to the
heightened tail-end risk for the transaction as the portfolio
continues to amortize. 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 is available at:

      http://standardandpoorsdisclosure-17g7.com

Rating Actions

Interstar Titanium Series 2006-1
Class       Rating To      Rating From
B           AAA (sf)       AAA (sf)
C           A+ (sf)        A(sf)/Watch Neg
D           BB (sf)        BB (sf)/Watch Neg


NUFARM LTD: S&P Affirms 'BB' Corp. Credit Rating; Outlook Stable
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' corporate
and issue credit ratings on Australia-based Nufarm Ltd., and
revised the outlook to stable from negative. "We also affirmed
the 'B' issue rating on Nufarm Finance (NZ) Ltd.'s step-up
securities," S&P said.

"The outlook revision to stable reflects our view of Nufarm's
improved liquidity and performance in year ended July 31, 2011,
and our expectation for further enhancement in the company's
credit-protection metrics over time. Supporting our expectations
are the company's continued disciplined approach to working-
capital management and the current reasonable trading outlook,"
said Standard & Poor's credit analyst Brenda Wardlaw. "Nufarm's
short-term liquidity pressures have eased since the execution of
a three-year secured facility, supporting our revised view of its
liquidity to 'adequate', from 'less than adequate'."

"The rating on Australia-based Nufarm Ltd., one of the world's
top-10 makers of crop-protection products (such as herbicides,
insecticides, and fungicides), reflects the company's exposure to
cyclical agribusiness sectors, with a strong earnings bias to the
second-half of the year. These weaknesses are partially offset by
our view of the company's solid position in select global crop-
protection markets, geographically-diverse operations, and
strategic alliances with key global players," S&P said.

"The stable outlook assumes that Nufarm's appetite for
acquisitions will remain modest and focus predominantly on small
bolt-on opportunities. We anticipate further strengthening of
Nufarm's key credit metrics, including adjusted FFO/debt
sustained above 15% and stable debt levels, as the company
continues to improve its working-capital efficiency to mitigate
its exposure to the volatile agribusiness sector," S&P said.

Ms. Wardlaw added: "The rating may be lowered if Nufarm adopts a
more aggressive growth strategy that results in weaker credit
metrics, evidenced by adjusted FFO/debt at less than 15%, or if
liquidity deteriorates."

"Upward rating potential is limited in the short term, as Nufarm
is in the early stages of demonstrating its ability to stabilize
its debt at recent lower levels and sustain stronger financial
metrics. Important in considering an upgrade would be the company
demonstrating consistent working-capital management through tight
activity metrics, and a track record of improved margins that
shows the company's re-focused business model on more-diverse
higher-margin products has been successful," S&P said.


RELIANCE RAIL: Moody's Confirms 'B3' Senior Unsecured Rating
------------------------------------------------------------
Moody's Investors Service has confirmed the B3 senior secured
rating and Caa2 subordinated rating of Reliance Rail Finance Pty
Ltd, following the completion of the first drawdown of Reliance's
AUD357 million bank facility in recent days. This concludes the
review that was initiated in December 2011 due to significant
funding uncertainty in relation to Reliance Rail's ability to
draw down under the bank facility.

Ratings Rationale

The bank facility is needed to facilitate the delivery of the
remaining balance of the 78 train-sets as part of the NSW Rolling
Stock public private partnership (PPP) project. Uncertainty about
Reliance Rail's ability to access the bank facility relates to a
provision in the facility documents which could trigger
withdrawal of the facility in the event of wrapper insolvency.
Reliance's bank facilities are guaranteed by Syncora Guarantee
Inc. (rated Ca, developing outlook) and FGIC UK Limited
(unrated).

At the same time, the conclusion of the review also reflects the
practical completion of the seventh train set, and which had
alleviated Moody's concerns over the operational performance of
the train sets delivered to the State so far.

"The drawdown under the bank facility is a positive development
in Reliance Rail's funding profile," says Spencer Ng, a Moody's
Assistant Vice President and lead analyst for Reliance Rail.

But the bulk majority of the bank facility remains undrawn and is
scheduled to be progressively drawn over the next 18 months", Ng
says.

The developing outlook considers the range of potential outcomes
and the ramifications for the company's debt holders. Positive
momentum for the B3 rating could gradually emerge 1) as Reliance
demonstrates continued ability to draw under the bank facility to
support project completion and 2) if delivery of the balance of
the train sets remains substantially in line with the current
timetable.

On the other hand, the rating could be downgraded if there is
increased risk of a funding shortfall for the project.

The methodologies used in this rating were Construction Risk in
Privately-Financed Public Infrastructure (PFI/PPP/P3) Projects
published in December 2007, and Operating Risk in Privately-
Financed Public Infrastructure (PFI/PPP/P3) Projects published in
December 2007.

Reliance Rail Finance Pty Ltd is the funding vehicle for the
Reliance Rail Group. Reliance Rail Group was the successful
consortium appointed by Railcorp in 2006 to deliver the NSW
Rolling Stock public private partnership (PPP) project. Reliance
Rail is in the process of manufacturing 78 eight-car "Waratah"
trains for the Sydney suburban rail network and has completed an
associated maintenance facility. Reliance Rail will also maintain
the trains and the maintenance facility from completion until
2043.


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KWG PROPERTY: Moody's Says Ba3 Rating Unaffected by 2011 Results
----------------------------------------------------------------
Moody's Investors Service says that KWG Property Holding
Limited's 2011 annual results were generally in line with Moody's
expectations, and have no immediate impact on its issuer rating
of Ba3 and bond rating of B1.

The ratings outlook remains stable.

KWG reported 36% y-o-y growth in turnover to RMB10.1 billion,
with gross profit margin improving to 44% from 41%. Net profit
booked in 2011 increased to RMB 2.1 billion from RMB1.3 billion.
The favorable results were due to the company's broad range of
product offerings, as well as its effective marketing and pricing
strategies.

Meanwhile, KWG continues to grow recurring revenue. Income from
its leasing and hotel operations registered growth of 15.4% y-o-y
to RMB 209 million in 2011.

Due to tight regulatory controls in the cities in which it
operates and delays in the launch of new pre-sales projects in
Shanghai in the last quarter, achieved contract sales of RMB11.5
billion 2011 were only 5% higher than 2010, and only 77% of its
full-year target of RMB15 billion.

At the same time, the slowdown in contract sales in 2H2011 was
within Moody's expectations as it had already factored in the
challenging nature of the operating environment in Moody's rating
assessment.

KWG's total on-balance sheet debt (including trust financing)
rose slightly to RMB15.4 billion as of December 2011 from RMB15.1
billion as of December 2010, while its adjusted
debt/capitalization ratio dropped to 56% from 57%, but still
within the range for its Ba3 rating.

Meanwhile, adjusted EBITDA interest coverage was at 3.3x in 2011,
similar to the previous year. Moody's expects KWG's adjusted
EBITDA interest coverage ratio to stay around 3.0-3.5x in the
next 12 months, assuming no significant increase in debt
financing.

At the same time, the company's cash holding dropped to RMB5.4
billion from RMB6.8 billion one year ago as it funded its land
payments, as planned. Nonetheless, it was enough to fund
committed land premium payable of RMB1 billion, maturing offshore
bank loans of RMB781 million, and trust loans of RMB1,550 million
due in 2012.

In 2011, the company spent RMB3.9 billion in land acquisitions.
The amount was funded by its cash holdings and internally
generated cash. Its total land bank increased to an attributable
GFA of 9 million sqm at end-2011 from 8.4 million a year ago, and
enough for development of 5-6 years.

Moody's believes that the China property market in 2012 will
remain under the influence of government tightening.
Nevertheless, Moody's expects that KWG's strong brand name, good
quality products and diversified product offerings will help it
generate sales despite the restrained state of the market.

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

KWG is a Chinese property developer founded in 1995. Currently,
it has a total attributable land bank of around 9 million sqm in
gross floor area in Guangzhou, Chengdu, Suzhou, Beijing,
Shanghai, Tianjin and Hainan. KWG mainly develops mid-to-high end
residential properties, office buildings, shopping malls and
hotels.


ROAD KING: Moody's Says 'Ba3' Rating Unaffected by 2011 Results
---------------------------------------------------------------
Moody's Investors Service says that Road King Infrastructure's
2011 operating results will not have an immediate impact on its
Ba3 rating and negative outlook.

With good property sales in the previous year, Road King's 2011
results have been within Moody's expectations. Its Ba3 ratings
continue to reflect the company's (1) stable cash flow from its
toll road investments for debt servicing, (2) adequate liquidity,
and (3) cautious strategy on land acquisition. At the same time,
its ratings are constrained by its small scale and weaker brand
name recognition due to its shorter track record in property
development.

Road King's revenue reached HKD6.8 billion for the full year in
2011, up 38.3% year-on-year. Its adjusted EBITDA margin weakened
to 28.7% from 36.8%, which was a combined result of a change in
the product mix and some sales incentives to stimulate contract
sales. Moody's expects the company's contract sales and operating
margins to remain under pressure, all of which has been captured
in the current negative rating outlook.

Cash receipts from the company's toll road business, despite
being HKD93 million less than last year, due to lack of one-off
disposal gain, remained sufficient to cover interest expenses in
2011. Road King's adjusted EBITDA/ interest coverage for 2011
remained above 3.0x, and was in line with Moody's forecast.

Based on its 2011 results and a net increase of about 15% in
adjusted debt, Moody's estimates that Road King's adjusted
debt/capitalization was about 49.6% at end-2011. This was weaker
than the 48.3% a year earlier, but down from the 49.8% recorded
in June 2011.

Road King's property contract sales were RMB5,633 million in
2011, about 5% short of its revised annual sales target of RMB
5.9 billion, and 9% lower than the sales achieved in 2010.
However, Moody's notes the contract sales in the second half of
2011 were 34% more than that in the first half, reversing the
downward slippage trend. This is a better-than-expect result
given that most developers face steep decline in sales in the
last quarter of 2011.

Due to its proactive arrangement to secure refinancing facilities
from offshore banks in late 2011, Road King's cash-on-hand of HKD
3.4 billion is sufficient to fund the repayment of US$149 million
FRN (Floating Rate Notes) maturing in May 2012, and some onshore
bank loans scheduled to be due in 2012. The company has no
committed land premium payments outstanding, and its attributable
land bank of GFA 4.5 million sqm is sufficient for five to six
years of development.

Despite several new projects scheduled for launch this year,
Moody's expects the growth of Road King's property contract sales
in 2012 to remain constrained by the government's restrictive
home purchasing policies towards the sector, which is likely to
remain in place for the year.

Moody's will continue to monitor the execution of Road King's
contract sales in 2012, as well as the profitability margins of
project sales. Moody's thinks a downgrade could be possible if
Road King significantly fails to achieve its sales target in 2012
and/or is unable to maintain its adjusted EBITDA margin over 25%.

Moody's will consider a signal for a downgrade if the company's
cash receipts from the toll road businesses significantly and
steadily fall short of its interest expenses.

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

Established in 1994, Road King Infrastructure Limited is a Hong
Kong-listed company with investments in toll roads as well as
investment projects in China.


================
H O N G  K O N G
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AKAMAI FINANCIAL: Creditors Get 9.15% Recovery on Claims
--------------------------------------------------------
Akamai Financial Markets (Hong Kong) Limited, which is in
creditors voluntary liquidation, will declare the third dividend
to its creditors on March 16, 2012.

The company will pay 9.15% for ordinary claims.

The company's liquidators are:

         Fok Hei Yu
         Roderick John Sutton
         22/F The Center
         99 Queen's Road Central
         Central, Hong Kong


BALCON LIMITED: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on Feb. 22, 2012, to
wind up the operations of Balcon Limited.

The company's liquidator is Teresa S W Wong.


BRIGHT EASE: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on Feb. 22, 2012, to
wind up the operations of Bright Ease Limited.

The company's liquidator is Teresa S W Wong.


CHONG KUI: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on Feb. 22, 2012, to
wind up the operations of Chong Kui (Group) Limited.

The company's liquidator is Teresa S W Wong.


DELUXE MALL: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on Feb. 22, 2012, to
wind up the operations of Deluxe Mall Limited.

The company's liquidator is Teresa S W Wong.


GIL-POWER INTERNATIONAL: Creditors Get $0.312 Recovery on Claims
----------------------------------------------------------------
Gil-Power International Limited, which is in liquidation,
declared dividend to its contributories on or after March 2,
2012.

The company paid $0.312 per share for ordinary claims.

The company's liquidator is:

         Teresa S W Wong
         At the Official Receiver's
         Office 10th Floor
         Queensway Government
         Offices, 66 Queensway
         Hong Kong


GRANDBLE LIMITED: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order on Feb. 22, 2012, to
wind up the operations of Grandble Limited.

The company's liquidator is Teresa S W Wong.


HAN YOUNG: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on Feb. 22, 2012, to
wind up the operations of Han Young Resources Company Limited.

The company's liquidator is Teresa S W Wong.


HIGH LINK: Court to Hear Wind-Up Petition on April 11
-----------------------------------------------------
A petition to wind up the operations of High Link Technology
Limited will be heard before the High Court of Hong Kong on
April 11, 2012, at 9:30 a.m.

Lai Wing Sun filed the petition against the company on Jan. 30,
2012.


KONG LEE: Court to Hear Wind-Up Petition on March 14
----------------------------------------------------
A petition to wind up the operations of Kong Lee Industries
(International) Co. Limited will be heard before the High Court
of Hong Kong on March 14, 2012, at 9:30 a.m.

Chu Chi Leung filed the petition against the company on Nov. 14,
2011.

The Petitioner's solicitors are:

          Messrs. N. K. Tsang & Co
          12th Floor, Hang Seng Mongkok Building
          677 Nathan Road
          Kowloon, Hong Kong


KWONG YICK: Creditors Get 25% Recovery on Claims
------------------------------------------------
Kwong Yick Metals Limited, which is in liquidation, will declare
the final dividend to its creditors on March 7, 2012.

The company will pay 25% for ordinary claims.

The company's liquidators are:

         James Wardell
         Chan Wai Dune Charles
         Room 1601-1602, 16th Floor One
         Hysan Avenue
         Causeway Bay, Hong Kong


LAND ASIA: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on Feb. 22, 2012, to
wind up the operations of Land Asia Management Limited.

The company's liquidator is Teresa S W Wong.


MGT NEMOTO: Creditors and Contributories to Meet on March 12
------------------------------------------------------------
Creditors and Contributories of MGT Nemoto International Limited
will hold their first meetings on March 12, 2012, at 2:30 p.m.,
and 3:00 p.m., respectively at 10th Floor, Dah Sing Life
Building, 99-105 Des Voeux Road Central, in Hong Kong.

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


SHUN WO: Court to Hear Wind-Up Petition on April 11
---------------------------------------------------
A petition to wind up the operations of Shun Wo Engineering
Consultant Services Limited will be heard before the High Court
of Hong Kong on April 11, 2012, at 9:30 a.m.

Chu Chi Leung filed the petition against the company on Jan. 30,
2012.


XINHUA SPORTS: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on Feb. 22, 2012, to
wind up the operations of Xinhua Sports & Entertainment (HK)
Limited.

The company's liquidator is Teresa S W Wong.


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A.M.N. JEWELLERS: ICRA Assigns '[ICRA]BB' Rating on INR15cr Loan
----------------------------------------------------------------
ICRA has assigned long-term rating of '[ICRA]BB' to the INR15.00
crore cash credit facilities of A.M.N. Jewellers Private Limited.
ICRA has also assigned short-term rating of '[ICRA]A4' to the
INR10.00 crore fund based facilities (sub limit) of AMNJPL. The
outlook on the long-term rating is stable.

The ratings consider the long standing experience of the AMN
group in the jewellery trading business, favorable outlook for
the jewellery industry backed by strong demand for gold and the
Company's limited exposure to price risk owing to the dealer-
distributor nature of business arrangement. The ratings however
are constrained by the Company's limited scale of operations,
thin margins prevalent in the business and liquidity pressure
arising from working capital intensive nature of business. Growth
in revenues and margins will be dependent on demand for gold,
movement in gold prices and exchange rate fluctuations. While the
demand for gold is buoyant, any sharp correction in demand is
expected to have a direct impact on the Company's business.

A.M.N. Jewellers is a part of the AMN group, run by family
members since 1924. The group operated in Trichy (Tamil Nadu) as
wholesale and retail traders in gold through its two entities,
A.M.N. Jewellers (AMNJ) and M/s. AM Natarajan Chetty Bros.
AMNJPL was incorporated in end of February 2011 through a mix of
business succession and business take-over of the two entities
AMNJ and AMNCB. The Company is primarily engaged in dealer
distributor model of business whereby the Company supplies
jewellery to jewellery manufacturers like Emerald Jewel Industry
India Limited (EJIIL) and other local retailers. AMNJPL is also
engaged in manufacturing and selling of gold jewellery through
its retail shop located in Trichy. With the Company getting
incorporated towards end of 2010-11, 2011-12 has been the
Company's first full year of operations.

Recent Results:

The Company's net sales stood at INR109.3 crore with a PAT of
INR1.6 crore during the nine months ended December 2011.


ARRAYCOM INDIA: ICRA Reaffirms [ICRA]BB- Rating on INR5.5cr Loan
----------------------------------------------------------------
ICRA has re-affirmed '[ICRA]BB-' rating assigned to the INR5.5
crore fund based facilities of Arraycom India Limited.  The
rating outlook is stable. ICRA has also re-affirmed '[ICRA]A4'
rating assigned to the INR 24 crore non-fund-based bank
facilities of AIL.

The ratings re-affirmation incorporates volatility in AIL's
revenues & cash flows given the tender driven business, high
dependence on a single customer for business and highly
competitive business environment in which AIL operates. The
rating also takes into consideration AIL's relatively small size
of operations, high working capital intensity and limited
financial flexibility. ICRA also notes that AIL has limited
bargaining power with most of its original equipment suppliers,
given the large scale of their operations and limited number of
equipment suppliers globally because of the technical complexity
of the equipments produced by them. The company is also exposed
to the currency fluctuation as significant part of the equipments
is imported from abroad. The company's aggressive pricing
strategy to build up its credentials and maintain business
volumes has resulted in the low operating margins in the system
integration business.

The ratings, nevertheless, favorably factor in AIL's proven
system integration capabilities and technical credentials built
up over a period of time and , experienced and technically
proficient management team, and healthy demand prospects driven
by large scale investment planned in digital transmission,
satellite communication, installation of earth station etc.

Founded in 1992, AIL is engaged in the business of manufacturing
electronic material and system engineering & integration in the
fields of satellite communication, broadcasting, seismology etc.
The Company has completed on turnkey basis installation of many
earth stations, television transmitters, antennas for satellite
interception and digital transmission facility for various
government departments and public sector enterprises. The company
has recently forayed into E- Learning and Power semiconductor
business and plans to gradually ramp up the business in next two-
three years.

During the nine month period April- December 2011, the company
reported net profit of INR 0.86 crore on a turnover of INR 17.6
crore.


BHATIA & COMPANY: ICRA Places '[ICRA]BB+' Rating on INR31cr Loan
----------------------------------------------------------------
ICRA has assigned "[ICRA]BB+/[ICRA]A4+" ratings for the INR31.0
crore bank facilities of Bhatia & Company.  The outlook on the
long-term rating is "Stable".

The assigned ratings take into account the strong market position
of BAC in the Rajasthan region, being one of the largest dealers
of MSIL in the region, its long standing relationship with MSIL,
stable operating profit margins and extensive experience of the
promoters in the automobile dealership business. The ratings are,
however, constrained by high regional concentration of the
business with operations limited to the Rajasthan state along
with high working capital intensity associated with the
dealership business. The ratings also take into account the
significant capital expenditure planned in near term which may
deteriorate the capital structure of the company.

Recent Results:

In 2010-11, BAC reported Operating Income (OI) of INR219.2 Crore,
Operating Profit before Depreciation, Interest and Tax (OPBDIT)
of INR7.6 Crore and Profit After Tax (PAT) of INR 1.2 Crore.

Bhatia & Company was founded as a partnership firm by late Mr. J
C Bhatia in 1979 as an agency of Kirloskar Tractor. They also
obtained dealership of Enfield Motorcycle in 1982-83. They were
awarded the dealership of MSIL in 1986. The company has received
several awards in recognition of their consistent performance. In
2006, it was converted into private limited company. BAC
currently has three major showrooms located at Kota and
Chittorgarh. Besides, it also operates three e-outlets at Bund,
Jhalawar and Baran. The promoter group also has presence in
various businesses including real estate, finance, villas and
malls and education.


CENTRAL BANK: Moody's Revises Outlook on 'D-' BFSR to Negative
--------------------------------------------------------------
Moody's Investors Service has revised the ratings outlook for
Central Bank of India (CBI) to negative from stable.

The affected ratings are: D- bank financial strength (BFSR),
which maps to a baseline credit assessment (BCA) of Ba3, and its
local/foreign currency long-term/short-term deposit of
Baa3/Prime-3.

Ratings Rationale

"The revised outlook considers that CBI's comparatively modest
capital level and weak asset quality will be further pressured in
the current difficult operating environment. Moody's views the
bank as being more vulnerable than its similarly-rated peers
(D-), given its relatively riskier loan book, which includes a
high proportion of loans to troubled industries, such as the
power sector," says Beatrice Woo, a Moody's Vice President and
Senior Credit Officer.

CBI reported a Tier 1 capital ratio of 7.77% as of 31 December
2011. The level was below the 8% Tier 1 ratio that the government
of India has committed to maintaining in public sector banks
(PSB) and lower than its peers; the system Tier 1 ratio average
reaching 9.60%.

Importantly, such a level for its Tier 1 capital ratio does not
provide a sufficient cushion to absorb the potentially higher
credit costs coming from its deteriorating asset quality or to
support growth.

On the asset quality front, the bank's non-performing assets
(NPA), as of 31 December 2011, reached a 2-year high of 3.7% of
loans and INR49.2 billion on a absolute basis. In addition,
restructured assets accounted for 7.4% of loans, significantly
above Moody's estimated 4.2% for the system.

Finally, its loan book has larger exposures to stressed sectors
than the system average. For example, infrastructure loans
represented 21% of loans against 15% for the system. Within
infrastructure, loans to the power sector made up 14% of loans
versus 8% for the system.

Against a backdrop of a slowing economy and high interest rates,
Moody's expects the rising trend evident in CBI's new NPA and
restructured assets formation rates to continue. Therefore, CBI's
potential credit costs could increase materially in the near-
term, while Moody's notes that the bank's provision coverage
declined to 48.1% in December 2011 from 70.3% a year earlier.

In determining CBI's stand-alone BFSR, Moody's assessed the
bank's capital after incorporating expected losses in its risk
assets using scenario analysis. This approach is consistent with
Moody's "Calibrating Bank Ratings in the Context of the Global
Financial Crisis" (February 2009) and the assumptions in "Stress
Testing Indian Banks' Asset Quality" (January 2009).

Under a highly adverse scenario, which assumed a gross NPA ratio
of 11.6%, CBI's economic solvency would prove only marginally
positive.

Therefore, its stand-alone rating would only be maintained if
there was a sustained improvement in its Tier 1 capital base such
that CBI's economic solvency, after incorporating expected
losses, improves to the capital cushion range for a D- rated
bank.

Finally, the deposit ratings also carry negative outlooks because
of downward pressure from a possibly lower stand-alone rating.

Nonetheless, Moody's assessment of systemic support is unchanged
because the probability of support for CBI, if needed, remains
very high, and would likely continue to result in an uplift in
its global local currency deposit rating from its standalone
rating.

This view is predicated on CBI's position as the sixth largest
PSB in India's domestic banking landscape, and its close
relationship with the government of India, via the latter's
80.205% holding, and as evidenced by the bank's receipt of
repeated capital infusions.

The methodologies used in this rating were Bank Financial
Strength Ratings: Global Methodology published in February 2007,
Incorporation of Joint-Default Analysis into Moody's Bank
Ratings: A Refined Methodology published in March 2007, and
Moody's Guidelines for Rating Bank Hybrid Securities and
Subordinated Debt published in November 2009.

CBI, headquartered in Mumbai in India, had assets of INR3.22
trillion as of December 31, 2011.

The detailed ratings, which now all carry negative outlooks, are
shown below:

  The standalone BFSR is D- which maps to a BCA of Ba3; global
  local currency deposit of Baa3; foreign currency long-
  term/short-term deposit of Baa3/Prime-3.

These ratings were initiated by Moody's. This issuer did not
participate in the credit rating process.


CHENDURAN COTSPIN: ICRA Cuts Rating on INR20.72cr Loan to 'D'
-------------------------------------------------------------
ICRA has revised the long term rating outstanding on the INR20.72
crore term loan facilities, INR16.50 crore long term fund based
facilities of Chenduran Cotspin (India) Private Limited from
'[ICRA]BB-' to '[ICRA]D'.  ICRA has also revised the short term
rating outstanding on the INR7.78 crore non-fund based facilities
of Chenduran from '[ICRA]A4' to '[ICRA]D'.

The revision in ratings reflects the delays in debt servicing by
the company, on the back of constrained liquidity position owing
to challenging demand scenario in the textile industry. On
account of slowdown witnessed in the spinning industry, the
financial profile of the company is expected to remain stretched
in the near term.

Chenduran Cotspin (India) Private was started in 2003 as M/s.
Thuran Spinning Mills Private Ltd and was managed by Mr.
P.Govindaswamy and his brothers. During 2008-09 the name of the
company was changed to Chenduran Cotspin (India) Private Limited
and is now fully owned by Mr. P. Govindaswamy and his wife.
Chenduran manufactures 100% cotton yarn, the Company does not
produce any value added yarn like mercerised yarn. The Company
has its spinning mill in Vedasandur near Dindigul, with an
installed capacity of 32,382 spindles out of which 14,000
spindles were added in the last three years. Chenduran produces
combed yarn (85% to 90%), which is sold to knitting units through
merchant traders.


ELKAYPEE SPINNERS: ICRA Cuts Rating on INR6cr Loan to '[ICRA]D'
---------------------------------------------------------------
ICRA has revised the long term rating outstanding on the INR6.00
crore term loan facilities, INR 4.00 crore long term fund based
facilities of Elkaypee Spinners Private Limited from '[ICRA]B' to
'[ICRA]D'.

The revision in ratings reflects the delays in debt servicing by
the company, on the back of constrained liquidity position owing
to challenging demand scenario in the textile industry. On
account of slowdown witnessed in the spinning industry, the
financial profile of the company is expected to remain stretched
in the near term.

Elkaypee Spinners Private Limited was promoted by Mr.
P.Govindaswamy and his family members in 1988 as a partnership
firm to manufacture specialty yarns and other yarns required for
the manufacturing of export garments. Later, in May 1993 the firm
was converted into a private limited company- Elkaypee Spinners
Private Limited. ESPL was working with a capacity of 3024
spindles till March 2010. The Company has recently expanded the
capacity to 13,344 spindles supported by term loans from SIDBI.
ESPL produces blended yarn (75% polyester and 25% cotton), which
is sold to merchant traders. The end market for yarn produced by
ESPL is Ichalkaranji Market and the end use is for weaving. ESPL
has increased its capacity in 2009-10 with a capital expenditure
INR9.4 Crore out of which INR3.5 Crore was funded through
external borrowings. February


ERIC APPAREL: ICRA Assigns '[ICRA]BB+' Rating to INR4.75cr Loan
---------------------------------------------------------------
A long term rating of '[ICRA]BB+' has been assigned to the
INR4.75 crore term loans of Eric Apparel Private Limited.  The
outlook on the long term rating is Stable.  A short term rating
of '[ICRA]A4+' has also been assigned to the INR12.60 crore fund
based and INR2.00 crore non-fund based bank facilities of the
company.

The assigned ratings take into consideration the vast experience
of the promoter in the apparels industry; moderate operating
margins of the company on account of focus on higher value added
business; the cost plus pricing model which helps the company
partially mitigate risks associated with volatility in raw
material prices and moderately stretched capital structure. The
ratings are however, constrained by the modest scale of
operations of the company in a highly competitive apparel
industry with strong competition from organized and unorganized
players; significant dependence on top customer and the
vulnerability of the revenues to foreign currency fluctuations;
however currency risks are partially mitigated with the help of
forward contracts. ICRA also notes the long standing relationship
of the company with top customer, Mayoral Moda Infantil, spanning
over 11 years which partially mitigates the risks associated with
high customer concentration. The economic conditions in the
developed markets remain crucial for the future growth of the
company and constrain the company's ratings further.

Eric Apparel Private Limited was incorporated in the year 1997.
Promoted by Mr M O Johnse and his wife, Mrs Usha Johnse as a
proprietorship firm in 1981 and formerly known as Big Ben
Creations; it was primarily involved in providing job work
services to apparel manufacturers until 1985. Presently, the
company is involved in the manufacturing of ready to wear
apparels for men, women and children primarily for the export
markets in Europe, Canada and USA.

The company has two manufacturing facilities, one each in
Vikhroli and Thane, both in and around Mumbai; with a total
production capacity of 200,000 units per month. The new facility
at Thane commenced operations in July 2011 and is SA 8000
certified. The company is also in the process of getting the
Worldwide Responsible Accredited Production (WRAP) certification
for the facility

Recent results:

As per audited results for FY 2011, the company reported a Profit
after Tax (PAT) of INR0.57 crore on an Operating Income (OI) of
INR32.24 crore. Also, as per provisional financials for 8 months
ended FY 2012, the company reported a PAT of INR0.67 crore on an
OI of INR21.53 crore.


FLAWLESS DIAMOND: ICRA Cuts Rating on INR20cr Loan to '[ICRA]D'
---------------------------------------------------------------
ICRA has revised downwards the long term rating assigned to
INR20.00 crore fund-based bank facilities of Flawless Diamond
(India) Limited from '[ICRA]B+' to '[ICRA]D'. ICRA has also
revised downwards the short-term rating assigned to INR 44 crore
fund based facilities and to INR3.60 non-fund based facilities of
FDL from '[ICRA]A4' to '[ICRA]D'. Further, ICRA has suspended the
ratings assigned to all the above borrowing programme of FDL.

The ratings revision follows the default in payments of debt
obligations on account of recessionary effects and non-
realization of export proceeds leading to significant
deterioration in the company's financial performance during FY
2012.

In addition, ICRA has also suspended the ratings, given that ICRA
is unable to properly assess the credit quality of FDL in the
absence of requisite information from the company. According to
its suspension policy, ICRA may suspend any rating outstanding if
in its opinion there is insufficient information to assess such
rating during the surveillance exercise. ICRA will withdraw the
rating in case it remains under suspension for a period of three
years.

Flawless Diamond (India) Limited, incorporated as a limited
company on 2nd of May 1989 was promoted by Mr. Uttamchand A.
Jain, Mr. Bhawar U Jain and Mr. Kamal U Jain. It was listed on
the Bombay Stock Exchange in 1992. The company has its diamond
and jewellery manufacturing unit in Dehradun, Uttaranchal.


GIAN SAGAR: ICRA Assigns '[ICRA]BB' Rating to INR135cr Bank Loan
----------------------------------------------------------------
ICRA has assigned long-term rating of '[ICRA]BB' rating for the
INR 135.0 crore bank facilities of Gian Sagar Educational &
Charitable Trust.  The long-term rating has been assigned a
Stable outlook.

The assigned rating takes into account the strong reputation of
the medical college as well as the hospital operated by GSECT and
high occupancy rate at both the medical college as well as the
hospital. The rating also positively considers the comfortable
capital structure of the trust owing to its strong net worth. The
rating is, however, constrained by low profitability of the trust
and large dependence on charity and donation income for its
operations, lumpy nature of the fee receipts exposing the trust
to cash flow mis-match risk during the year and moderate scale of
operations at present. The trust has large debt repayments in the
short to medium term; given the moderate cash accruals, the trust
is exposed to significant refinancing risk. The ability of the
trust to reduce its dependence on charity income and increase its
scale of operations by getting approval for the new post-graduate
courses would be key rating sensitivities going forward.

Gian Sagar Educational and Charitable Trust was established in
the year 2003 to establish Colleges, Hospitals, Social Welfare
and Research Centers. The trust operates Gian Sagar Group of
Institutions which include Gian Sagar Medical College, Gian Sagar
Dental College, Gian Sagar College of Physiotherapy and Gian
Sagar School and College of Nursing. Through these colleges,
GSECT runs various medical courses including MBBS, MD/MS, BDS and
Bachelors and Masters in Nursing and Physiotherapy. The trust
also operates Gian Sagar Hospital which provides a complete range
of latest diagnostic, medical and surgical facilities.

Recent Results:

In 2010-11, GSECT reported Operating Income (OI) of INR 42.7
Crore, Operating Profit before Depreciation, Interest and Tax
(OPBDIT) of INR -5.7 Crore and Profit After Tax (PAT) of INR12.1
Crore. In 6m, 2011-12 (provisional), GSECT reported OI of INR35.5
Crore.


KINGFISHER AIRLINES: Unable to Pay Cash-And-Carry Dues to AAI
-------------------------------------------------------------
The Times of India reports that government officials said
Kingfisher Airline is now unable to pay the daily cash-and-carry
amount to the Airports Authority of India (AAI) and has
accumulated dues of INR5 crore in past week (Feb. 20 to Feb 26).
But, with the civil aviation ministry making clear that it won't
pull the plug on Kingfisher, AAI cannot take any action against
the airline, the report says.

According to the report, AAI had put Kingfisher on cash-and-carry
about two months back after it accumulated dues of INR250 crore
and since then it was paying about INR80 lakh everyday to operate
flights from AAI airports under the original winter schedule
where it was operating about 240 flights a day. This daily
payment fell to INR60-65 lakh after the airline cut flights
recently, according to an unnamed official cited by TOI.

"Kingfisher has been complaining that it has been left high and
dry by seizure of bank accounts by tax authorities and has
stopped paying for some days now. They have gone to the extent of
saying that the only option for them - if we press for payment -
is to close down. We have asked them to at least clear the cash-
and-carry dues by Wednesday," a senior AAI official told TOI.

"The usual thing would be to cut their flights but they are
already running a truncated schedule," the official told TOI when
asked if it the carrier does not pay by Wednesday.  A cheque for
INR14 crore issued to AAI by the airline had bounced earlier this
month, the report says.

"For weeks, Kingfisher has been telling us that it is expecting
money. But, those promises are proving hollow. Still, they have
no reason to worry as the aviation ministry has publicly said no
action would be taken against them and that they would only
ensure safety of whatever aircraft Kingfisher flies through
enhanced DGCA checks," the report relays citing aviation sources.

                      About Kingfisher Airlines

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

                        *     *     *

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

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


KINGFISHER AIRLINES: Ground Staff Strike Work Over Salaries
-----------------------------------------------------------
Hindustan Times reports that Kingfisher Airlines faced fresh
trouble after its ground staff and technicians went on a strike
at the Delhi airport on Wednesday.

According to the report, sources said the strike by the airline
employees was against the non-payment of salaries for the last
three months.  Hindustan Times notes that though the nearly two-
day-long strike didn't lead to any flight cancellations at the
Indira Gandhi International Airport, some flights were delayed by
two to three hours.

Hindustan Times relates that sources at the airport said the
strike was called off by Thursday afternoon. "Though many
employees had joined the strike, additional staff was called in
to maintain normal operations at Delhi," the report quotes an
airport official as saying.  "There were, however, no voluble
protests by the employee either inside or outside the airport."

"We haven't received salaries since December 2011. It has become
extremely difficult to run our households," the report quotes a
Kingfisher technician as saying.

                       About Kingfisher Airlines

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

                        *     *     *

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

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


KUMARAGIRI ELECTRONICS: ICRA Cuts Rating on INR3.49cr Loan to 'D'
-----------------------------------------------------------------
ICRA has revised the long-term rating outstanding on the INR3.49
crore term loan facilities and the INR3.50 crore fund based
facilities of Kumaragiri Electronics Limited to '[ICRA]D' from
'[ICRA]B'. ICRA has also revised the short-term rating
outstanding on the INR4.00 crore non-fund based facilities of KEL
to '[ICRA]D' from '[ICRA]A4'.

The revision in ratings reflects delays in debt servicing by the
Company owing to stretched liquidity conditions. While the
decline in yarn demand and realisations during the current fiscal
has stretched the cash accruals, procurement of inventory since
December 2011 (i.e., during the cotton procurement season) has
further tightened the cash flows. The ratings also consider the
Company's small scale of operations which restricts economies of
scale / financial flexibility and the intense competition in a
highly fragmented industry, amidst low product differentiation,
which restricts pricing flexibility. The Company's capital
structure and coverage indicators are stretched, due to
aggressive debt-funded capital expenditure incurred in the past.
The promoters have experience of about three decades in the
business.

Incorporated in 1986, KEL is presently engaged in producing
cotton yarn. The Company presently has an installed capacity of
28,000 spindles. KEL is closely held by the promoter and their
relatives/friends. The Company has manufacturing facilities
located at Dharmapuri, Tamil Nadu. KEL installed a 600 KW
windmill near Panagudi in Tamil Nadu for captive power
consumption in the year 2004-05.

Previously, the Company was engaged in the manufacture of
aluminium metalized di-electric polypropylene film. In 1995, the
business became redundant due to advancement in technology.
Consequently, the Company diversified into the textile industry.


MFAR DEVELOPERS: ICRA Assigns '[ICRA]BB' Rating to INR150cr Loan
----------------------------------------------------------------
ICRA has assigned an '[ICRA]BB' rating, with stable outlook, to
the INR150 crore term loan of Mfar Developers Private Limited.

The rating takes into account established track record of
promoters in the construction industry and the advantageous
location of MDPL's project as a part of Manyata Tech Park, which
is located on Outer Ring Road (ORR) in Bengaluru and is well
connected with other parts of the city. In addition, the rating
favorably factors in the fully leased status of the earlier phase
of MDPL's project to Philips, NXP and Pace, which improves the
marketability of the under-construction area as well. The rating
is, however, constrained by the initial stage of the project
implementation and pending requisite approvals, which exposes the
project to cost and time overrun risks. Further, the disbursement
of the project loan is linked to the company's ability to obtain
the pending approvals and upfront infusion of 50% of the
envisaged promoter's contribution; thus the timely achievement of
the above mentioned milestones will be crucial for the smooth
progress of the project. Moreover, the company is yet to start
the leasing activity for the under-development area in the
project thus exposing it to market risks; however comfort can be
drawn from the fully leased status of earlier completed phases.

Mfar Developers Private Limited is a Special Purpose Vehicle
(SPV) incorporated on 8th July 2008 as a 100% subsidiary of Mfar
Holdings Private Limited for carrying on the development of 12.5
acre of land at Mfar Manyata Tech Park, Nagavara, Outer Ring
Road, Bangalore. MHPL (Guarantor for the rated limits) is the
property development arm of the Mfar Group and act as a holding
company for the group's real estate ventures with a net worth of
INR87.4 crore. The land was acquired by MHPL under a joint
development agreement (JDA) with Manyata Promoters Pvt Ltd (MPPL)
with an area sharing proportion of 64:36 respectively. Initially,
the development of 8 acre was completed by MHPL and the rights
and obligations of the joint development agreement (JDA) were
later transferred to MDPL. The 5.37 lac sft of developed area on
8 acre of land has been completely leased to multinational
companies i.e. Philips Electronics India Private Limited
(Philips), NXP Semiconductors India private Limited (NXP) and
Pace Micro Technology (India) Private Limited (Pace). MDPL has
initiated development of the remaining 4.5 acre of the land,
where it plans to construct 9.29 lakh sft of commercial office
space and 3.89 lakh sft of car parking space to accommodate 1395
cars at a total cost of approximately INR245 crore.

Mfar Group was promoted by Dr. P. Mohamed Ali, who has over 30
years of experience in engineering, construction and projects and
is the Founder and Managing Director of Galfar Engineering &
Contracting LLC, having a turnover of INR4767 crore in CY2010.
GECL is one of the leading construction company in Oman and has a
significant presence in Qatar, Oman, UAE, Yemen, Kuwait and
India. Mfar Group entered India in 1996 and through its six
companies, which has operations across construction, hospitality,
manufacturing, and real estate sectors.


MJ LOGISTICS: Fitch Affirms 'B+' Long-Term Rating
-------------------------------------------------
Fitch Ratings has affirmed India-based MJ Logistics Services
Limited's National Long-Term Rating at 'Fitch B+(ind)' with a
Stable Outlook.  The agency has also affirmed the rating on
MJLSL's outstanding bank term loan of INR354.5m at 'Fitch
B+(ind)'.

The ratings reflect MJLSL's reliance on a single customer, at
around 40% of total revenue, and its weaker-than-expected
operating performance.  Despite significant improvement in
utilization levels of its warehouses, high interest cost led the
company to a wider net loss of INR38m in the financial year ended
March 2011 (FY10: net loss of INR30m).

The wider loss came despite the company operating at almost 100%
utilization in all its warehouse locations. Revenue almost
doubled to INR244m and EBITDA margins turned positive at 11.45%
(FY10: -17.99%; FY09: -15.67%) but nevertheless were lower than
Fitch's expectations.  Leverage was high at 9.15x although this
is expected to improve significantly in the next one to two years
as EBITDA margins continue to improve.

The ratings continue to draw comfort from the company's existing
and new relationships with reputable clients, improved financial
performance in FY 11 and FY12 and quality facilities available at
the warehouses.

For the 10 months ending January 31, 2012, MJLSL reported revenue
of around INR236m with an EBITDA margin of around 16.5%.  The net
loss for the same period stood at INR17m.

Negative rating action may result from a decline in occupancy
rates and higher-than-expected operating expenses coupled with
debt-led capex causing continuation of the adjusted net leverage
(net debt/ EBITDAR) above 7x on a sustained basis.  Improved
operational efficiency and profitability resulting in adjusted
net financial leverage under 4.5x on a sustained basis may be
positive for the ratings.

MJLSL was incorporated in 2005 as a limited company.  The company
is engaged in third-party logistics with service offerings
spanning across transportation, warehousing and distribution to
various clients.  MJLSL currently owns a warehouse at Palwal,
Faridabad. The company also manages around 500,000 sq ft of
leased warehousing space at different locations.  The company
proposes to expand both its ambient and cold storage warehousing
space at Palwal in FY13 which would lead to a substantial
increase in capacity.


SHRI GIRI: ICRA Cuts Rating on INR10cr Term Loan to '[ICRA]D'
-------------------------------------------------------------
ICRA has revised the long term rating outstanding on the
INR10.00 crore term loan facilities, INR 4.00 crore long term
fund based facilities and INR2.00 crore long term non fund based
facilities of Shri Giri Spinning Mills (India) Private Limited
from '[ICRA]B' to '[ICRA]D'.

The revision in ratings reflects the delays in debt servicing by
the company, on the back of constrained liquidity position owing
to challenging demand scenario in the textile industry. On
account of slowdown witnessed in the spinning industry, the
financial profile of the company is expected to remain stretched
in the near term.

Incorporated in 2008, Shri Giri Spinning Mills (India) Private
Limited commenced operations in mid-October 2008 with installed
capacity of 6,000 spindles and enhanced its capacity over the
years to reach the current level of 12,000 spindles. The company
is engaged in the manufacture of cotton yarn with its unit
located at Veppadai, Erode. The company is closely held by
promoters and their family members.


SIDDHIVINAYAK POULTRY: Fitch Assigns 'B(ind)' National LT Rating
----------------------------------------------------------------
Fitch Ratings has assigned India's Siddhivinayak Poultry Breeding
Farm and Hatcheries Pvt Ltd a National Long-Term rating of 'Fitch
B(ind)'.  The Outlook is Stable.

The ratings reflect the fragmented nature of the domestic poultry
industry, resulting in high competition, and the small scale of
SPBHPL's operations (revenue: INR10.45m in FY11 (financial year
ending March)), given the early stages of its business.  SPBHPL
planned to operate three farms, of which two are operational.
The third farm has been delayed; however, funding for the same
has been already tied up by the company.

The ratings also reflect the two-decade-long track record of
SPBHPL's founders in the poultry business and the company's
vertical integration with group companies forming the complete
poultry value chain.  The ratings also factor in steady
consumption-led growth expected in the medium-term in the Indian
poultry industry.  Fitch notes that although the industry is
relatively less prone to economic downturns compared with non-
food commodities, it remains susceptible to inherent industry
risks including disease outbreaks and volatile poultry and feed
prices.

A sustained improvement in operations resulting in strong growth
in revenues and profitability may be positive for the ratings.
On the contrary, any pressure on liquidity or weak operational
performance resulting in a significant negative impact on
profitability may be negative for the ratings.

Incorporated in 2010, SPBFHPL is engaged in the production of
hatchable eggs.  In FY11, the company had an EBITDA margin of 18%
and a total debt of INR47.98m.

Fitch has also assigned ratings to SPBFHPL's bank facilities as
follows:

  -- INR123.2m term loan: assigned at 'Fitch B(ind)'
  -- INR24.67m unsecured loan: assigned at 'Fitch B(ind)'


SUBH LABH: ICRA Reaffirms [ICRA]BB Rating on INR10cr Cash Credit
----------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB' rating assigned to the
INR10.00 crore cash credit facility of Subh Labh Vyapaar Private
Limited. The outlook on the rating is Stable. ICRA has also
reaffirmed the '[ICRA]A4' rating assigned to the INR14.00 crore
short term Letter of Credit facility of SLVPL.

The ratings continue to factor in the conservative capital
structure of SLVPL and the established track record of the
promoters in timber trading which accounts for more than 70% of
the company's turnover. The ratings are however constrained by
the adverse financial risk profile of the company characterized
by the depressed coverage indicators, high working capital
requirement that exerts pressure on the liquidity of the company
and the low profitability in business. ICRA notes that SLVL's
margins continue to remain low due to the low entry barriers and
low value addition in the trading business. The ratings also take
into account the exposure of the company's profitability to
movement in foreign exchange rates, with a substantial portion of
procurement being met through imports.

Subh Labh Vyapaar Private Limited was incorporated in the year
2006. SLVL is one of the companies of the Lovely group of
Kolkata. The group is involved in trading a variety of
commodities that includes timber, iron, steel, coal, marble,
manganese, etc. In 2009-10, SLVL traded in iron & steel, timber
and coal while in April-September 2010, SLVL has traded in
timber, marble & fabric.

Recent Results:

SLVPL registered a profit after tax of INR0.56 crore in 2010-11
on the back of net sales of INR83.54 crore. In the year 2009-10,
the company registered a profit after tax of INR0.39 crore on the
back of net sales of INR73.95 crore.


THANJAVUR SPINNING: ICRA Cuts Rating on INR126.29cr Loan to 'BB+'
-----------------------------------------------------------------
ICRA has revised the long-term rating outstanding on the
INR126.29 crore term loan facilities (enhanced from INR86.29
crore) and the INR52.00 crore fund based facilities (enhanced
from INR21.00 crore) of Thanjavur Spinning Mill Limited from
'[ICRA]BBB-' to '[ICRA]BB+'.  The outlook on the long-term rating
is stable. ICRA has also revised the short-term rating
outstanding on the INR11.00 crore fund based (sub-limit)
facilities, the INR 12.00 crore non-fund based facilities and the
INR11.00 crore non-fund based (sub-limit) facilities of TSML from
'[ICRA]A3' to '[ICRA]A4+'. ICRA has also assigned the short-term
rating of [ICRA]A4+ to the INR 4.00 crore fund based facilities
of TSML.

The revision in ratings consider the sharp deterioration in
financial profile, especially the capital structure and coverage
metrics, due to steep losses arising from the sluggish demand
conditions for yarn since the beginning of current fiscal. While
the capital structure and coverage metrics are expected to remain
at stretched levels over the medium term on account of high debt
levels, the ratings consider the financial flexibility enjoyed by
TSML by being a part of the Ramco Group and the established
presence of promoters in the spinning business. The ratings also
consider the Group's balanced presence across various count
ranges, production of value-added yarn which entails relatively
higher margins and the intense competition in a highly fragmented
industry amidst low product differentiation restricts pricing
flexibility of spinners. The Ramco Group has presence across
diverse industries like cement, fibre cement products, spinning
and software. The Group comprises entities like Madras Cements
Limited (which has ratings outstanding of [ICRA]A+ (Stable) and
[ICRA]A1+ on its bank facilities) and Ramco Industries Limited
(which has ratings outstanding of [ICRA]A- and [ICRA]A1 on its
bank facilities).

ICRA has taken a consolidated view of the business and financial
profiles of the spinning entities in Ramco Group (viz.,
Rajapalayam Mills Limited (RML), The Ramaraju Surgical Cotton
Mills Limited, Sri Vishnu Shankar Spinning Mill Limited, Sandhya
Spinning Mill Limited, Thanjavur Spinning Mill Limited and
Rajapalayam Spinners Private Limited) for the purpose of this
rating, due to strong business and financial inter-linkages,
common management control and extension of corporate guarantees
by RML to other spinning companies in the Group.

                      About Thanjavur Spinning

TSML was incorporated in 1961 (formerly known as Thanjavur
Textiles Limited), pursuant to acquisition by "Ramco Group" in
2000 following a closure for two years. TSML is primarily engaged
in the manufacture of cotton yarn. TSML has an installed capacity
of 50,160 spindles and 776 rotors as on March 31, 2011 at its
manufacturing facility at Thanjavur (Tamil Nadu).

TSML produces yarn counts ranging from 10s to 80s (single/ double
yarn). TSML also has facilities to produce value-added yarn
including compact spun and doubled yarn. Domestic market forms
the bulk of the Company's revenues (at more than 70%), with the
rest comprising exports to countries such as Honk Kong, Cairo,
Alexandria and Bahrain. TSML has wind turbine generators (with
installed capacity of 9 MW), to control power costs.

Recent Results:

TSML reported net loss of INR10.4 crore on operating income of
INR61.0 crore during the half-year ended Sept. 30, 2011 against
net profit of INR1.3 crore on operating income of INR39.8 crore
for the corresponding period in 2010-11.


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


GODO KAISHA: Moody's Cuts Ratings on Class E & F Notes to 'C(sf)'
-----------------------------------------------------------------
Moody's Japan K.K. has downgraded the ratings for the Class B
through F Notes issued by Godo Kaisha Orso Funding CMBS 6.

Details follow:

Class B, downgraded to B1 (sf); previously on December 6, 2011
Ba1 (sf) placed under review for possible downgrade

Class C, downgraded to Caa1 (sf); previously on December 6, 2011
B1 (sf) placed under review for possible downgrade

Class D, downgraded to Ca (sf); previously on December 6, 2011
Caa1 (sf) placed under review for possible downgrade

Class E, downgraded to C (sf); previously on December 6, 2011
Caa3 (sf) placed under review for possible downgrade

Class F, downgraded to C (sf); previously on December 6, 2011
Caa3 (sf) placed under review for possible downgrade

Deal Name: Godo Kaisha Orso Funding CMBS 6

Class: Class B through F

Issue Amount (initial): JPY13.9 billion

Dividend: Floating

Issue Date (initial): March 19, 2007

Final Maturity Date: November, 2013

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

Originator: Bear Stearns Japan Ltd. Tokyo Branch (as of the issue
date)

Arranger: Bear Stearns Japan Ltd. Tokyo Branch (as of the issue
date)

Godo Kaisha Orso Funding CMBS 6, effected in March 2007,
represents the securitization of two non-recourse loans and four
TMK bonds.

The Originator transferred six loans and TMK bonds in total to
the Issuer and issued the Class A through F notes. The notes were
sold to investors. The notes are rated by Moody's.

In this transaction, redemptions of the notes are made on a pro-
rata basis, such as payments at maturity and prepayments
resulting from refinancing. Sequential payments from the most
senior class of the notes are applied in the event of loan
defaults and fast pay by the breach of the triggers.

Losses incurred by any defaulted loans are allocated in the
reverse sequential order, starting with the most subordinate
class of the notes.

The transaction is currently backed by two TMK bonds. One TMK
bond is backed by an office/residential complex located in Tokyo,
while the other is backed by a hotel in Tokyo.

Both have passed their expected maturity date.

Ratings Rationale

The current rating action reflects the following factors:

1) Given that the performance of the office/residential complex
remains lower than Moody's previous assumptions, the new estimate
for disposal prices is approximately 44% lower than Moody's
initial value.

2) In light of Moody's re-assessment, losses on the bond are
highly likely and could negatively affect the Class C and D
Notes.

3) The Class E and F Notes will incur losses from the bond backed
by a hotel, as a result of the collection activity by the Special
Servicer.

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

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


JLOC 39 TRUST: Moody's Confirms Class C Notes Rating at 'Caa3'
--------------------------------------------------------------
Moody's Japan K.K has downgraded the ratings on the Class A
through C trust certificates issued by JLOC 39 Trust.

Moody's has also confirmed the ratings on the Class D trust
certificates.

Class A, downgraded to A1 (sf); previously on December 14, 2011
Aa1 (sf) placed under review for possible downgrade

Class B, downgraded to Ba2 (sf); previously on December 14, 2011
Baa2 (sf) placed under review for possible downgrade

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

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

Deal Name: JLOC 39 Trust

Classes: A through D trust certificates

Issue Amount (initial): JPY40.3 billion

Dividend: Floating

Issue Date (initial): December 21, 2007

Final Maturity Date: April, 2014

Underlying Asset (initial): 14 specified bonds, a non-recourse
loan, and cash

Originator: Morgan Stanley Japan Securities Co., Ltd. (as of the
issue date)

Arranger: Morgan Stanley Japan Securities Co., Ltd. (as of the
issue date)

The JLOC 39 Trust, effected in December 2007, represents the
securitization of 14 specified bonds and a non-recourse loan (all
hereinafter referred to as the "loans") issued to ten borrowers.
The transaction is currently secured by four specified bonds
backed by four properties, all of which have passed their
expected maturity date.

The originator entrusted the loans to the asset trustee, and
received the Class A through D trust certificates, which it then
sold to investors. The trust certificates are rated by Moody's.

In this transaction, the loans are divided into two types:
component loans and pooled loans.

Component loans are further subdivided into senior and junior
components. The senior component and pooled loans secure the
Class A through D, and X trust certificates.

Cash flow allocated to the senior components will be combined
with the cash flow from the pooled loans, and used to make the
payments on the Class A through D senior trust certificates
sequentially, in all cases of scheduled amortization, balloon
payments at maturity, voluntary prepayments, and recovery
payments from defaulting loans.

The losses from any defaulting loans allocated to the senior
trust certificates, whether from a component or a pooled loan,
will be aggregated and allocated in reverse sequential order,
starting with the most subordinate class of the trust
certificates, from Class D to Class A trust certificates.

Four loans matured during Moody's review period; two of the loans
were paid down in full, and the other two defaulted at maturity.

The loan that defaulted in February 2012 is backed by an office
building in central Tokyo, which accounts for approximately 70%
of the current underlying properties on Moody's initial value
basis.

Ratings Rationale

The current rating action reflects the following factors:

1) The recovery from the loans may fall below Moody's assumptions
at the last rating action (April 2011), given the performance of
underlying properties in terms of actual rentals and occupancy
rates, in addition to the types of property and their locations.
Moody's has thus lowered its recovery assumptions by
approximately 53% (weighted average) from its initial
assumptions.

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

3) A future decline in cash flow from the underlying properties
could increase the uncertainty of interest payments of the trust
certificates.

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

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

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


TRUST FONTANA: Moody's Assigns Provisional Ratings
--------------------------------------------------
Moody's SF Japan K.K. has assigned provisional ratings to Trust
Fontana 2, totaling JPY29.16 billion, backed by residential
mortgage loans.

Moody's SF Japan K.K. is a registered credit rating agency under
the Financial Instrument and Exchange Act but not a Nationally
Recognized Statistical Rating Organization.  Therefore the credit
ratings assigned by Moody's SF Japan K.K. are Registered Credit
Ratings to the FSA but are not NRSRO Credit Ratings.

The ratings address the expected loss posed to investors by the
legal final maturity date. The structure allows for timely
payments of dividend (in scheduled amounts, on scheduled payment
dates) and ultimate repayment of principal by the legal final
maturity date for the Class A1 and A2 Trust Certificates. It also
allows for the full payment of dividend and ultimate repayment of
principal by the legal final maturity date for the Class B
through D Trust Certificates.

Moody's issues provisional ratings in advance of the final sale
of the securities. These ratings, however, only represent Moody's
preliminary credit opinions. Upon a conclusive review of the
transaction and associated documentation, Moody's will endeavor
to assign definitive ratings to the trust certificates.
Definitive ratings may differ from provisional ratings. The
provisional ratings are based on the information received as of
Feb. 28, 2012.

The complete rating actions are:

Transaction Name: Trust Fontana 2

Class, Scheduled Issue Amount, Scheduled Dividend Rate, Payment
Frequency, Rating

Class A1 Trust Certificates, JPY 16.20 billion, Fixed, Monthly,
(P)Aaa (sf)

Class A2 Trust Certificates, JPY 11.49 billion, Fixed, Monthly,
(P)Aaa (sf)

Class B Trust Certificates, JPY 0.93billion, Fixed, Monthly,
(P)Aa2 (sf)

Class C Trust Certificates, JPY 0.27billion, Fixed, Monthly,
(P)A2 (sf)

Class D Trust Certificates, JPY 0.27billion, Fixed, Monthly,
(P)Ba2 (sf)

Credit Enhancement: The senior/subordinated structure and excess
spreads available.

Subordination:

Class A1: Approx. 46.0%

Class A2: Approx. 7.7%

Class B: Approx. 4.6%

Class C: Approx. 3.7%

Class D: Approx. 2.8%

* The formula used to calculate the subordination in place for
  this transaction is:

  Subordination = A/B, where A equals the total principal amount
  of the trust certificates subordinated to the subject trust
  certificates and B equals the initial outstanding balance of
  the residential mortgage loan pool.

Scheduled Entrustment Date: March 19, 2012

Scheduled Trust Amendment Date: March 28, 2012

Scheduled Closing Date: March 28, 2012

Final Maturity Date: October 30, 2048

Underlying Asset: Residential mortgage loans

Special Servicer: MU Frontier Servicer Co., Ltd (MU Frontier
Servicer)

Back-up Servicer: MU Frontier Servicer

Asset Trustee: The Sumitomo Trust and Banking Co. Ltd. (Sumitomo
Trust Bank)

Arranger: Sumitomo Trust Bank

Rating Rationale

The obligors consist mainly of salaried workers and civil
servants, which have fairly high incomes. The weighted average
loan-to-value and debt-to-income ratio are relatively low.

Having analyzed both the obligors' attributes and the
originator's historical performance, Moody's estimates a
cumulative gross loss rate of 2.2% in the pool. Given the
transaction structure, Moody's believes that the credit
enhancement for each of the Class A1 Trust Certificates through
the Class D Trust Certificates is sufficient to assign the
individual ratings for each transaction.

The Seller (Originator/Servicer) will entrust a pool of its
residential mortgage loans, all related rights (excluding the
rights and obligation relating to the Group Life Insurance) and
cash to the Asset Trustee for the purpose of the sale. In turn,
the Seller will receive the Residential Mortgage-Backed Trust
Certificates and the Reserve Trust Certificates.

The Seller will sell the Residential Mortgage-Backed Trust
Certificates to the initial investor and retain the Reserve Trust
Certificates.

On the Trust Amendment Date, the Residential Mortgage-Backed
Trust Certificates held by the initial investor will, on the
initial investor's request, be changed to Class A1 and A2 Trust
Certificates (the Senior Trust Certificates), Class B through D
Trust Certificates (the Mezzanine Trust Certificates) and the
Subordinated Trust Certificates based on the trust amendment
agreement entered into between the Seller and the Asset Trustee.

The initial investor will sell the Senior Trust Certificates and
a part of Mezzanine Trust Certificates to the investors and
retain the rest of Mezzanine Trust Certificates and the
Subordinated Trust Certificates.

Entrustment of the residential mortgage loans will be perfected
against third parties via registration pursuant to the Perfection
Law. Notification of entrustment to the obligors of the
receivables will not be made unless certain events occur.

The Seller has established first security interests (mortgages)
on the collateral properties. The Asset Trustee will hold the
security interests in accordance with the entrustment of the
loans.

Transfer of the ownership of the security interests will not be
perfected by registration unless certain events occur.

The transfer of the Residential Mortgage-Backed Trust
Certificates and the Senior Trust Certificates will be perfected
against relevant obligors and third parties under Article 94 of
Japan's Trust Law.

The Seller will act as Servicer, under the servicing agreement
with the Asset Trustee. MU Frontier Servicer will be appointed as
the Special Servicer as well as the Back-up Servicer which can
take over actual servicing operations.

Principal redemption will be made in a sequential manner from
Class A1 Trust Certificates through Class D Trust Certificates.

Interest collections (after paying expenses and dividends) will
be transferred to the Principal Account up to the aggregate
amount of the outstanding balance of defaulted loans and modified
loans (excluding the aggregate amount of the loans repurchased by
the Seller) under the Act concerning Temporary Measures to
Facilitate Financing for SMEs, etc. (defaulted trapping
mechanism).

If any dividend suspension events occur, the dividends waterfall
to the appropriate Mezzanine and Subordinated Trust Certificates
will be suspended until the trust certificates senior to the
subjected trust certificates are fully redeemed. Key dividend
suspension events include the accumulated default amount
exceeding the trigger threshold set for to each of the Mezzanine
and Subordinated Trust Certificates.

If any early amortization events occur, the dividends waterfall
to the Subordinated Trust Certificates will be suspended, and the
excess spread will be used to redeem the Senior Trust
Certificates and the Mezzanine Trust Certificates. Key early
amortization events include a servicer replacement event.

In preparation for servicer replacement, liquidity will be
provided in the form of a cash reserve at closing. This reserve
will cover the dividend payments of the Senior Trust Certificates
and the Mezzanine Trust Certificates as well as trust fees,
servicing fees, fees relating to start of the back-up servicer
operation and so forth. Cash reserves for set-off and commingling
risk will also be funded at the closing.

Moody's considers the Seller (Originator/Servicer) to have
sufficient capabilities of servicing the pool, having taken into
account their business franchises, underwriting criteria, and
their servicer operations.

Moody's considers MU Frontier Servicer to have sufficient
capabilities to be the Special Servicer and the Back-up Servicer,
having taken into account their servicing of performing loans as
well as defaulted loans.

The principal methodology used in this rating was "Updated:
Moody's Approach to Rating RMBS Transactions in Japan" published
on September 30, 2010, and available on www.moodys.co.jp.

Moody's did not receive or take into account a third-party due
diligence report on the underlying assets or financial
instruments in this transaction.

The V Score for this transaction indicates "Low/Medium"
uncertainty about critical assumptions, in line with the
Low/Medium score for the Japanese RMBS (Conforming) sector.

The V Score reflects: The quality of historical data, disclosure
of information for analysis and the characteristics of the
transaction.

Compared to the typical RMBS, the transaction features a short
track record of mother pool performance. However, Moody's may
supplement its analysis by referring to the historical data of
other originators' mother pool as well as monitoring data on
existing securitization transactions backed by residential
mortgage receivables in the Japanese RMBS (Conforming) sector.
The detailed, loan level characteristic data is provided.

Although the Originator doesn't retain the Subordinated Trust
Certificates, the initial investor, which belongs to the same
industrial group as the Originator, retains it.

Moody's V Scores provide a relative assessment of the quality of
available credit information and the potential variability around
the various inputs to a rating determination.

The V Score ranks transactions by the potential for significant
rating changes owing to uncertainty around the assumptions due to
data quality, historical performance, the level of disclosure,
transaction complexity, the modeling and the transaction
governance that underlie the ratings. V Scores apply to the
entire transaction, not to individual tranches.

Moody's also ran sensitivity analyses for key parameters in this
transaction. For instance, if the cumulative gross loss rate of
2.2% used in determining the initial rating was changed to 3.3%
or 4.4%, the model output for the Class A1 would not change.

But the model output for the Class A2 would change from Aaa to
Aaa or to Aa1, the model output for the Class B would change from
Aa2 to Aa3 or to A1, the model output for the Class C would
change fromA2 to Baa2 or to Ba1, the model output for the Class D
would change from Ba2 to B1 or to Caa1 (parameter sensitivities).

Parameter Sensitivities are not intended to measure how the
rating of the security might migrate over time; rather they are
designed to provide a quantitative calculation of how the initial
rating might change if key input parameters used in the initial
rating process differed.

The analysis assumes that the deal has not aged, and does not
factor structural features such as sequential payment effect.
Parameter Sensitivities reflect only the ratings impact of each
scenario from a quantitative/model-indicated standpoint.

Qualitative factors are also taken into consideration in the
ratings process, so the actual ratings that would be assigned in
each case could vary from the information presented in the
Parameter Sensitivity analysis.

The rating implementation guidance, "V Scores and Parameter
Sensitivities in the Asia/Pacific RMBS Sector," published on
September 30, 2010.


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


AMI INSURANCE: IAG Get Competition Watchdog Nod to Buy AMI
----------------------------------------------------------
Insurance Australia Group Limited on March 1, 2012, announced it
had received approval from the New Zealand Commerce Commission
and Overseas Investment Office for its acquisition of the AMI
insurance business. IAG is now awaiting final approval from the
Reserve Bank of New Zealand to enable the acquisition to
complete.

The acquisition will accelerate IAG's profitable growth in one of
its core markets of New Zealand.

AMI writes approximately NZ$360 million of annual premium and
will increase the Group's New Zealand premium base by nearly 30%.
Combining AMI and IAG in New Zealand is expected to generate at
least NZ$30 million per annum in net synergies within two years.

CEO of IAG's New Zealand business, Ms Jacki Johnson, said the
acquisition reflected the positive long term outlook for the New
Zealand insurance market.

"New Zealand is regarded as a home market for IAG, and we are
confident that it will continue to offer attractive returns into
the future.

"We look forward to receiving final approval so we can bring
certainty for AMI customers and staff," she said.

The acquisition excludes all liabilities relating to current and
future claims from the earthquakes which have impacted the
Canterbury region.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 20, 2011, AMI Insurance said it has accepted a conditional
offer from IAG to purchase 100% of a reconfigured AMI company
with a separate Government-owned company being established to
steadily resolve all AMI earthquake claims existing at the time
of purchase.  IAG said in a separate statement that it had
entered into an agreement to purchase the AMI Insurance business
for NZ$380 million.

The TCR-AP, citing The New Zealand Herald, reported on April 8,
2011, that the government had announced a support package for AMI
Insurance that Finance Minister Bill English acknowledges could
top NZ$1 billion and leave the Crown liable for up to NZ$200
million a year in ongoing claims.  Interest.co.nz said the
government stepped in to guarantee AMI policy holders if the
insurance company had exhausted its own reserves due to the
financial hit caused by the two Christchurch earthquakes on
Sept. 4, 2010, and Feb. 22, 2011. AMI subsequently reported a
NZ$705 million annual loss and breached its Crown Support Deed
arrangement through a NZ$76 million shortfall to its NZ$198.6
million regulatory capital requirement, according to
Interest.co.nz.

                        About AMI Insurance

AMI Insurance -- http://www.ami.co.nz/-- is the largest wholly
New Zealand owned fire and general and personal lines insurance
company.  The company has 73 branches, two contact centres and 21
agencies throughout New Zealand, nearly 1,000 staff, and around
500,000 New Zealand customers holding 1.2 million policies.


CRAFAR FARMS: OIO Still Working on Consent Reconsideration
----------------------------------------------------------
Fairfax NZ News reports that the Overseas Investment Office said
it is continuing to work its way through its High Court-ordered
reconsideration of consent for a Chinese company to buy the
Crafar farms, having received new feedback from the Chinese.

The OIO invited the Shanghai Pengxin company to comment on a
submission from a New Zealand rival bidding group led by Sir
Michael Fay, says Fairfax NZ.

According to the report, the Fay group submission detailed the
greater economic benefits it claimed to create if it bought the
16 in-receivership North Island farms instead of Pengxin.

Fairfax NZ recalls that the High Court on February 15 set aside
an OIO grant of consent for Pengxin, the receivers preferred
bidder, to buy the farming estate, with a direction that
Government ministers who supported the consent recommendation
reconsider.

The court judgment followed a judicial review challenge by the
Fay group of the OIO processes around the Chinese application,
the report relays.

According to Fairfax NZ, the OIO on Feb. 29 released a summary of
its earlier consent for Pengxin subsidiary Milk New Zealand
Holding to buy the sensitive-classified dairy and drystock farms,
totalling nearly 8,000 hectares.

Fairfax NZ relates that the summary said the Chinese company
intended to form a 50:50 joint venture with state-owned
enterprise Landcorp to develop and manage the farms for Pengxin.

This new company would do most of the planning, budgeting and
reporting for the farms.

Landcorp would also manage the sale and acquisition of properties
for Pengxin's property portfolio, and undertake capital
expenditure on its behalf, the summary, as cited by Fairfax NZ,
said.


DATASOUTH GROUP: Director Pleads Guilty to NZ$103MM Fraud
---------------------------------------------------------
Former Datasouth Group director, Gavin Clifford Bennett, on
March 1 pleaded guilty to charges brought by the Serious Fraud
Office relating to a NZ$103 million fraud involving a Ponzi-style
scheme.

Mr. Bennett was convicted on six representative charges under the
Crimes Act relating to approximately 900 separate incidents of
dishonesty using a document, and two further charges of false
accounting.

SFO Chief Executive Adam Feeley welcomed the guilty plea saying,
"The collapse of Datasouth was a significant event in the
Christchurch business community and caused widespread losses.  Mr
Bennett's guilty plea brings to a satisfactory end one of SFO's
largest investigations in recent times."

The Datasouth Group offered technology hardware for lease through
DataSouth Business Solutions Limited, and provided finance for
the technology leasing solutions through DataSouth Finance
Limited.

The SFO alleged that between April 2005 and March 2011, Mr.
Bennett created false documents relating to the lease of IT
equipment to fraudulently obtain funds from South Canterbury
Finance totalling approximately NZ$65 million.

It was further alleged that Bennett falsified entries in
Datasouth Finance financial statements by an estimated
NZ$38 million in order to retain the ongoing finance facility.

Mr. Bennett used the dishonestly obtained funds to repay earlier
false lease agreements in a manner similar to a Ponzi scheme.

Loan funds were also applied to meet business expenses and
personal expenses.

Between April 2005 and March 2011, a total of approximately
NZ$7.8 million was paid either to personal New Zealand and
Australian bank accounts controlled by Mr. Bennett or applied to
business credit cards that Mr. Bennett used for personal
expenses, though a small portion of that amount was used for
genuine business expenses.

Significant areas of personal expenditure by Mr. Bennett include:

   * The rental for two luxury residential apartments in the
     Rocks, Sydney (AUD463,000);

   * Regular payments to various female companions totalling
     (AUD900k,000);

   * Food and beverages (AUD429,000), a significant amount of
     which was spent at Hemmesphere bar and restaurant Sydney);

   * International air travel for Bennett and on occasions
     various companions totalling (AUD161,000) including to
     Argentina, New York, Hong Kong, Las Vegas, New Caledonia,
     Rio de Janerio, San Francisco, Paris and London;

   * Jewellery and flowers (including purchases at Tiffany & Co)
     (AUD16,000);

   * Corporate car taxi expenses (AUD53,000); and

   * Clothes and apparel (including purchases at Louis Vuitton,
     Cartier, Chanel, Giorgio Armani, Barney's and Bloomingdales
     New York, Victoria's Secret, Paul Smith, Gucci, Jimmy Choo,
     Harrods London) (AUD163,000).

The resulting financial loss to South Canterbury Finance was at
least NZ$23 million.

Mr. Bennett was remanded in custody for sentencing on May 3,
2012.

As reported in the Troubled Company Reporter-Asia Pacific on
April 5, 2011, The National Business Review said that three of
four NZ-registered companies associated with IT services company
DataSouth have been placed in liquidation.  A fourth, DataSouth
Finance is now subject to a Serious Fraud Office investigation.
The investigation relates to lease deals with DataSouth Clients,
bankrolled by South Canterbury Finance, NBR said.

The three companies that have been placed in liquidation --
DataSouth, DataSouth Business Solutions and DataSouth Group --
are all 100% owned by managing director and sole director Gavin
Clifford Bennett, bar DataSouth Group in which Alan Raymond
MacDonald, of Gore, has a minority stake.  HFK has been appointed
liquidator.

DataSouth Group was founded in 1993 in Christchurch and grew to
open offices in Auckland, Wellington, Melbourne and Sydney.
Datasouth is comprised of Datasouth Business Solutions Ltd and
Datasouth Finance Ltd in  New Zealand; and Datasouth Business
Solutions Australia Pty Ltd (ABN 36 105 388 654) in Australia.


DON HA REAL ESTATE: Public Trust Wins NZ$1.6MM Judgment Vs. Owner
-----------------------------------------------------------------
Fairfax NZ News reports that the Public Trust has gained a
summary judgment against self-proclaimed property king Don Ha for
a debt of more than NZ$1.6 million.

Mr. Ha did not appear at the High Court at Auckland on March 1
after withdrawing his opposition to the judgment, the report
says.

According to the report, the debt is the latest in a series of
financial woes for the Auckland investor and property mentor.
His firm Don Ha Real Estate was placed into receivership in March
last year.

Including costs and disbursements Mr. Ha personally owes
NZ$1,683,502 to the Public Trust, New Zealand's largest trustee
organization, the report relays.

Fairfax NZ notes that though receivers are still dealing with
Mr. Ha's company, which owed about NZ$7 million to Kiwibank, he
was back in the driving seat by May last year.

The most recent receivers' report said Kiwibank was unlikely to
be repaid in full and unsecured creditors would not get anything
back, Fairfax NZ discloses.

As reported in the Troubled Company Reporter-Asia Pacific on
May 23, 2011, BusinessDay.co.nz said the receivers of Don Ha Real
Estate, the south Auckland real estate agency owned by Don Ha,
have sold the company for NZ$1.35 million -- back to another
company of which he is the principal.  Receivers Tim and David
Ruscoe of Grant Thornton were appointed in March by Kiwibank
which had a general security agreement over Don Ha Real Estate in
relation to NZ$7 million worth of mortgage debts to other
companies within the Don Ha group.  The debts were over 50
investment properties in south Auckland that Mr. Ha owned and
rented out, but had fallen behind on the payments for,
BusinessDay.co.nz noted.


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


UNITED OVERSEAS: Moody's Assigns B Bank Financial Strength Rating
-----------------------------------------------------------------
Moody's Investors Service has assigned an Aa1 rating to United
Overseas Bank Limited's proposed issuance of US$-denominated
five-year senior unsecured bonds.  The ratings outlook is stable.

The proposed notes will be issued pursuant to UOB's SGD5 billion
Euro Medium Term Note (EMTN) programme.

Ratings Rationale

"The proposed US$ bonds represent direct, senior, unsubordinated,
and unsecured obligations of UOB. As such, they have the same
rating as UOB's long-term deposits of Aa1," says Christine Kuo, a
Moody's Vice President and Senior Credit Officer.

The bank's other ratings are:

- Bank financial strength rating: B

- Long-term/short-term deposits: Aa1/P-1

- Long-term senior unsecured debt: Aa1

- Regular subordinated debt: Aa2

- Junior subordinated debt: A1(hyb)

- Preference shares (issued by UOB Cayman Ltd): A3(hyb)

- Senior Unsecured EMTN: (P)Aa1/(P)P-1

- Lower Tier II capital qualifying subordinated EMTN: (P)Aa2

"The methodologies used in this rating were Bank Financial
Strength Ratings: Global Methodology published in February 2007,
Incorporation of Joint-Default Analysis into Moody's Bank
Ratings: A Refined Methodology published in March 2007, and
Moody's Guidelines for Rating Bank Hybrid Securities and
Subordinated Debt published in November 2009."

UOB is headquartered in Singapore. It reported total assets of
SGD237 billion at end-December 2011.


================
S R I  L A N K A
================


SRI LANKA TELCOM: S&P Lowers Local Currency Rating to 'B+'
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term local
currency rating on Sri Lanka Telecom PLC to 'B+' from 'BB-'. The
outlook is stable. "At the same time, we revised the outlook on
the long-term foreign currency rating to stable from positive,
and affirmed the 'B+' rating," S&P said.

"Our rating action on SLT reflects our action on the sovereign
rating on Sri Lanka," said Standard & Poor's credit analyst Mehul
Sukkawala. "Our local currency long-term sovereign rating
continues to constrain the local currency long-term corporate
rating on SLT. Our transfer and convertibility assessment of 'B+'
for Sri Lanka constrains the foreign currency long-term corporate
rating on the company."

"SLT's stand-alone credit profile (SACP) of 'bb+' reflects the
country and macroeconomic risks of Sri Lanka, and the company's
large capital expenditure plans. SLT's strong cash flow
protection measures and strong market position temper these
weaknesses. Also, based on our criteria for rating government-
related entities, we see a low likelihood of extraordinary
government support to SLT. Our view is based on our assessment of
the company's limited importance to, and limited link with, the
Sri Lankan government," S&P said.

"The government and its associated institutions own a little more
than 50% of SLT. Malaysia-based Global Telecommunications
Holdings B.V., a wholly owned subsidiary of Usaha Tegas Sdn.
Bhd., holds a 45% stake," S&P said.

"The stable outlook on the rating reflects the outlook on the
sovereign rating," said Mr. Sukkawala.

"We could raise or lower the local currency rating on SLT if we
take a similar action on the sovereign rating. A rating action on
the foreign currency rating will depend on any change in our
transfer and convertibility assessment of Sri Lanka. We are
unlikely to lower the ratings even if SLT's operating and
financial performances deteriorate significantly because the
company's SACP of 'bb+' is three notches above the rating," S&P
said.


SRI LANKA: S&P Revises Outlook on 'B+' Sovereign Rating to Stable
-----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on the
long-term foreign currency sovereign credit rating on the
Democratic Socialist Republic of Sri Lanka to stable from
positive. At the same time, Standard & Poor's affirmed its 'B+/B'
foreign currency sovereign credit ratings on Sri Lanka.

"We also lowered the long-term local currency rating to 'B+' from
'BB-', while affirming the 'B' short-term local currency rating.
The outlook for the long-term local currency rating is stable.
Likewise, the long-term local currency issue rating has been
lowered to 'B+' from 'BB-'. We also affirmed the recovery rating
at '4'. The transfer and convertibility (T&C) assessment is
unchanged, at 'B+'," S&P said.

"We revised our outlook on the long-term foreign currency rating
to reflect the country's deteriorating external liquidity," said
Standard & Poor's credit analyst Takahira Ogawa. "We also lowered
the long-term local currency rating to the same level as the
foreign currency rating to reflect the country's lack of track
record in having a floating exchange rate regime and its still-
developing secondary market for debt instruments."

"The ratings are constrained by weak external liquidity,
moderately high and increasing external debt, fundamental fiscal
weaknesses, the attendant high public debt and interest burden,
and political institutions that, in some cases, lack transparency
and independence," S&P said.

"Improved growth prospects and the government's moderate progress
in addressing a number of its structural weaknesses, through
fiscal measures and success in limiting inflation to single
digits, support the ratings," S&P said.

Although the government and the central bank have recently begun
to shift their monetary and foreign exchange rate policies to
control the pace of credit expansion and import growth, Sri
Lanka's external liquidity has weakened.

"We estimate its gross international reserves fell to three
months' coverage of current account payments in December 2011
from roughly four months in the middle of 2011," Mr. Ogawa said.

"The stable outlook reflects our view that the country's strong
medium-term growth prospects of more than 6% of GDP per capita
and recent measures to improve the fiscal profile are balanced
against vulnerable external liquidity and high fiscal and
external debt. We also expect the recently announced monetary and
foreign exchange policy to keep the country's external position
from further deterioration," S&P said.

"We may raise the rating if there is evidence of progress in
addressing the external weaknesses and domestic problems, such as
fiscal or structural economic reforms that reduce the
vulnerabilities from high debt and interest burdens and the
still-narrow economic profile. Conversely, we may lower the
rating if there is substantial further deterioration of the
country's external liquidity, or if Sri Lanka's growth and
revenue prospects fall below our current expectations," S&P said.


                             *********

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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