TCRAP_Public/120308.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Thursday, March 8, 2012, Vol. 15, No. 49

                            Headlines


A U S T R A L I A

JB MACMAHON: Placed in Voluntary Administration
NINE ENTERTAINMENT: Parent to Sell Ticketing Unit to Pay Debts
ONE.TEL LIMITED: Liquidator's "Animosity" Troubles Judge
RELIANCE RAIL: S&P Amends Outlook on 'CCC+' AUD2.06B Debt Rating


C H I N A

CHINA TEL GROUP: Secures $7.7 Million Funding from Investors
PROVIEW ELECTRONICS: Faces Bankruptcy as Trademark Suit Continues
YANLORD LAND: S&P Cuts Corp. Credit Rating to 'BB-'; Outlook Neg.
* Bingham Officially Opens New Office in China


H O N G  K O N G

CHINA ZHEJIANG: Members' Final Meeting Set for April 3
ELECTRO THERMAL: Members' Final Meeting Set for April 3
GRAND LINKER: Creditors' Meeting Set for March 19
INDOVER ASIA: Members' Meeting Set for March 16
KUMAGAI LAND: Members' Final Meeting Set for April 2

MARSHALLS CMTS: Members' Final Meeting Set for April 2
MONEY TRANSFER: Members' Final Meeting Set for April 3
PRESTIGE FOOTWEAR: Placed Under Voluntary Wind-Up Proceedings
PROFIT ELITE: Members' Final Meeting Set for April 2
RESTAURANT KANETANAKA: Members' Final Meeting Set for April 2

TONIC DIGITAL: Annual Meetings Set for April 12
WAI SHING: Creditors' Proofs of Debt Due May 31


I N D I A

ALLIANCZ POLY-CHEM: CRISIL Cuts Rating on INR121.5MM Loan to 'D'
ARM OVERSEAS: CRISIL Rates INR120MM Cash Credit at 'CRISIL B-'
DHARTI ENTERPRISE: CRISIL Places 'B-' Rating on INR69.9MMM Loans
GANGOL SAHKARI: CRISIL Reaffirms 'BB-' Rating on INR110MM Credit
GURUKRUPA GINNING: CRISIL Rates INR60MM Loan at 'CRISIL BB-'

INCAS INT'L: CRISIL Reaffirms 'CRISIL BB+' Rating on INR30MM Loan
LALCHAND JEWELLERS: CRISIL Reaffirms BB+ Rating on INR130MM Loan
MANPHO EXPORTS: CRISIL Ups Rating on INR40MM Loan to 'CRISIL B-'
MMI INTERNATIONAL: Fitch Rates $300-Mil. Senior Notes at 'BB-'
RAJ PACKAGING: CRISIL Revises Rating Outlook on Loan to Negative

RAMESH CORP: CRISIL Rates INR170MM Cash Credit at 'CRISIL BB+'
SHIVAM MELTECH: Fitch Upgrades Nat'l Long-Term Rating to 'B'
SRI SARASWATHI: CRISIL Puts 'CRISIL B-' Rating on INR122.2MM Loan
TURBO TOOLS: CRISIL Cuts Rating on INR62.7MM Loan to 'CRISIL B'
V3 ENGINEERS: CRISIL Raises Rating on INR80MM Loan to 'CRISIL B-'


J A P A N

ORIX-NRL TRUST 14: S&P Lowers Class C Certificate Rating to 'CCC'
TOKYO ELECTRIC: Banks to Provide JPY900-Bil. in New Loans
TOKYO ELECTRIC: Shareholders File JPY5.5-Tril. Suit vs Executives


M O N G O L I A

DEVELOPMENT BANK: S&P Gives 'BB-' Foreign Currency Issue Rating


N E W  Z E A L A N D

CENTURY CITY: Serepisos Heads to LA to Secure Financing
GFNZ GROUP: S&P Affirms 'CCC-' Issuer Credit Rating; Outlook Neg


                            - - - - -


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A U S T R A L I A
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JB MACMAHON: Placed in Voluntary Administration
-----------------------------------------------
Patrick Stafford at SmartCompany reports that JB Macmahon Pty Ltd
has been placed in voluntary administration as a result of an
ongoing downturn in the wine market, with demand continuing to
fall.

BRI Ferrier partner Nick Cooper was appointed to the South
Australia-based JB Macmahon after the company continued to suffer
under poor market conditions.

"The company has been affected by the general downturn in the
wine industry," Mr. Cooper told SmartCompany.  "White wine sales
are slow, and winemakers are not spending capital as they have in
the past. The business is still there and continues to trade,
fulfilling orders, but the demand has just continued to slow."

Mr. Cooper said the company is now being put up for sale.  He
mentioned that because the business acted so quickly to enter
administration, there may be more assets than liabilities.

JB Macmahon Pty Ltd -- http://www.jbmacmahon.com/-- is a
century-old supplier and installer of equipment for winemakers.


NINE ENTERTAINMENT: Parent to Sell Ticketing Unit to Pay Debts
--------------------------------------------------------------
Fairfax NZ News reports that New Zealand's largest sports and
entertainment ticketing company, Ticketek, will be put on the
auction block as its private-equity operator, CVC Asia Pacific,
looks for ways to get a AUD2.7 billion debt monkey and two hedge
funds off its back.

Ticketek and Australia's Allphones Arena business -- also
destined for sale -- are part of CVC's Nine Entertainment Co,
which includes the Nine Network, digital business ninemsn and ACP
Magazines, the report discloses.  Ticketek and Allphones Arena
(which owns the Acer Arena in Sydney) operate under the Nine
Events umbrella and are estimated to be worth a combined
AUD600 million (NZ$782 million), with Ticketek reflecting the
lion's share of the value at between AUD450 million and
AUD500 milion.

According to the report, Nine signalled in Ticketek's annual
report in January that it would consider selling assets to meet
creditors' requirements.  At the same time, it reported a loss of
NZ$500,860 for its New Zealand business for the year ending
June 2011, double the previous year's loss, Fairfax relates.

A five-page summary of both businesses will be released to
targeted companies in the media, airline and tourism industries
next week, the report notes.  Early next month, investment bank
UBS will begin a formal sale process.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 12, 2011, Bloomberg News said Nine Entertainment Co. has
dropped a proposal asking senior lenders to extend the maturity
of a AUD2.8 billion (US$2.9 billion) loan to 2015. CVC Capital
Partners Ltd. will continue talks with lenders, including Goldman
Sachs Group Inc., on a revised proposal to refinance the
Australian media company, one of the sources told Bloomberg.
According to Bloomberg, the Australian Financial Review reported
that Nine Entertainment was forced to scrap the plan after banks,
including Credit Agricole SA and BNP Paribas SA, sold their
portion of the loans to hedge funds, which are seeking to take
control of the media company.

Nine Entertainment Co., formerly known as PBL Media, --
http://www.nineentertainment.com.au/-- is one of the largest
private-equity owned companies in Australia, bought by Asia
Pacific Ltd at the height of the buyout boom in 2006.  CVC spent
about AUD5.3 billion in debt and equity in acquiring the company
from media baron James Packer.  In addition to Nine, one of
Australia's three free-to-air television networks, the group also
owns magazine publisher ACP, the online media company nineMSN,
Acer Arena and ticketing agency Ticketek.


ONE.TEL LIMITED: Liquidator's "Animosity" Troubles Judge
--------------------------------------------------------
Elisabeth Sexton at The Sydney Morning Herald reports that a
senior New South Wales Supreme Court judge said Monday that the
animosity displayed by One.Tel's special purpose liquidator in
correspondence to creditors of the failed phone company was
troubling regardless of the reasons for it.

SMH relates that after hearing evidence from executives of Optus
and Telstra, the chief judge in equity, Justice Patricia Bergin,
told the liquidator's barrister she was "really troubled" by the
fractured relationships.

Optus, left AUD65 million out of pocket by the 2001 collapse,
wants Justice Bergin to replace liquidator Paul Weston, or order
an inquiry into his conduct, says SMH.

According to the report, Justice Bergin told Mr. Weston's
barrister, Nigel Cotman, SC, that the "lack of faith" raised
questions of Mr. Weston's role as an officer of the court and as
trustee of the interests of One.Tel's 535 creditors owed
AUD325 million.

SMH relates that Justice Bergin said this was "irrespective of
the merits of people's opinions or their personalities, that they
may not get on with each other, or one is truculent and the other
isn't."

Mr. Cotman said the bad blood arose partly because in 2008, the
committee of inspection, representing creditors, "sought to usurp
a significant part of the liquidator's role" by holding
negotiations to settle the case with PBL and News, the report
relays.

"Yes I understand that, but the fact that that infection is there
is worrying me, that there is a liquidator who has animosity
towards his creditors," the report quotes Justice Bergin as
saying.  "This has been going on for so long and the lack of
confidence has been present for so long."

SMH recalls that creditors passed a motion of no confidence in
Mr. Weston at their annual meeting in 2009 and another asking him
to resign the following year.

The court appointed Mr. Weston, a partner of the accounting firm
Pitcher Partners, in 2003 to investigate former One.Tel directors
including James Packer and Lachlan Murdoch for AUD132 million
plus interest, now about AUD120 million.  The rest of the
liquidation is under the control of the insolvency firm Ferrier
Hodgson, SMH notes.

                         About One.Tel

One.Tel Limited is an Australian based telecommunications
company, belonging to One.Tel Group.  One.Tel Ltd. was
established in 1995 soon after the deregulation of the Australian
telecommunications industry, most of which are currently under
external administration by court appointed liquidators.

One.Tel is currently in liquidation due to financial problems.
Ferrier Hodgson was appointed as voluntary administrator on
May 29, 2001.  The administrator's report stated that the company
was insolvent as of March 2001.  Accordingly, the administrator
terminated approximately 3,000 employees in June that same year.

Steve Sherman and Peter Walker of Ferrier Hodgson were then
named liquidators on July 24, 2001.


RELIANCE RAIL: S&P Amends Outlook on 'CCC+' AUD2.06B Debt Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services revised the outlook to stable,
from developing, on the 'CCC+' rating on the AUD2.06 billion
senior-secured debt issued by Reliance Rail Finance Pty Ltd., as
well as the 'CCC-' rating on Reliance Rail's AUD100 million
junior-secured debt. "At the same time, we have affirmed the
issue ratings," S&P said.

"The outlook revision reflects our view that downside rating
pressure has reduced following Reliance Rail's first drawdown
under the bank debt facility after the New South Wales
government's capital contribution arrangement became effective on
Feb. 20, 2012. In addition, the project's train set 7 achieved
practical completion on the same date and sets 1 to 6 are
performing well," Standard & Poor's credit analyst Philip Grundy
said. "However, until the bank debt is fully drawn, funding
uncertainty remains, particularly if the debt insurance providers
were to become insolvent, or operations were to significantly
falter."

"In our view, the government's capital-commitment solution is
positive for the Reliance Rail project. However, the commitment
is not until 2018 and there are a number of milestones to be
achieved before then, including delivery of all 78 trains.
Nevertheless, the government solution resolves a number of
issues, including the dispute between the debt insurers and
Reliance Rail, and brings the focus back onto the trains.
Standard & Poor's believes that the pending acquisition of 100%
of Reliance Rail by the New South Wales government in 2018 would
likely give lenders some additional comfort around the long-term
viability of the project, and hence, the first refinancing in
2018," S&P said.

"The stable rating outlook on the senior- and junior-secured debt
issued by RRF is underpinned by the reduced funding uncertainty
associated with the bank debt. We also expect that the
manufacturing joint-venture partnership should be able to deliver
the remaining 71 train sets by late 2014 in line with current
forecasts, and that those trains should be capable of operating
with only minor revenue abatements," S&P said.

"The project debt rating could transition up by at least one
notch if the project achieves its operational targets and funding
risk reduces. However, our concerns over ongoing refinancing risk
and the resultant lower financial metrics are likely to limit the
level of upward transition over the medium to long term. Any
future impediment to further drawdowns under the bank debt
facility, or subpar operational performance of the trains could
place the ratings under negative pressure," S&P said.


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


CHINA TEL GROUP: Secures $7.7 Million Funding from Investors
------------------------------------------------------------
VelaTel Global Communications, Inc., formerly known as as China
Tel Group, Inc., entered into these agreements with Isaac
Organization, Inc.:

   (1) Agreement to Extend and Increase First Line of Credit Loan
       Agreement and Promissory Note, Cancel Stock Purchase
       Agreement, and Grant Option in VN Tech Agreement; and

   (2) Second Line of Credit Loan Agreement and Promissory Note.

On July 1, 2011, the Company entered into a Line of Credit Loan
Agreement and Promissory Note with Isaac.  In the Credit Line,
the Company and Isaac agreed that the Company may borrow up to
$5.0 million in those installments and subject to the same
procedure for making funding requests.

Although the credit limit under the First Note was $5,000,000 and
the Due Date of the First Note was Dec. 31, 2011, Isaac has
advanced the Company funds in excess of the credit limit,
including advances made after the Due Date.  In entering into the
Extension Agreement, the Parties are agreeing to extend the Due
Date for the First Note to June 30, 2012, and to increase the
credit limit under the First Note to reflect the total amount
borrowed, namely $6,385,000 disbursed, plus 5% Holdback fees
totaling $336,052, for a total principal balance of $6,721,052.
Interest in the amount of $332,793 has accrued on the principal
balance, for a total amount due as of Feb. 23, 2012, of
$7,053,846.  In the Extension Agreement, the principal balance of
the First Note is increased to $7,425,101, representing the Pre-
Extension Total Amount Due plus an additional 5% Holdback fee of
$371,255.  Interest will accrue on the Increased Principal
Balance at the rate of 10% per annum.

The Extension Agreement provides that Isaac will be granted an
option to at any time convert all or any portion of the balance
of principal and interest due under the First Note to shares of
the Company's Series A common stock to Isaac or any of its
assigns. The details of the conversion feature will be agreed to
between the Parties when VelaTel has additional authorized Shares
available for issuance.

Under the Second Note, the Company promises to pay to the order
of Isaac the principal sum of $7,368,421, or so much thereof as
may be disbursed to, or for, the benefit of the Company by Isaac,
in Isaac's discretion and subject to Isaac's approval of budgets
identifying the Company's proposed use of each funding request.
For each funding request, Isaac will retain a 5% Holdback as a
set-up fee and compensation for Isaac's due diligence.  Each
Holdback will be added to the principal balance and will accrue
interest along with the amount disbursed and outstanding from
time to time. The total potential amount to be disbursed, net of
5% Holdback fees, is $7,000,000.

On Feb. 24, 2012, the Company granted promissory notes to (3)
Kevin Morrell and (4) Viking Retirement Assets Custodian for the
benefit of Kenneth Hobbs IRA.

On Feb. 28, 2012, the Company filed an SEC Form S-8 Registration
Statement to register 43,166,078 shares of the Company's Series A
Common Stock, some of which are to be issued to officers of the
Company pursuant to independent contractor agreements.

In a letter to shareholders, George Alvarez said: "VelaTel is
today announcing several events that secure the 2012 budget needs
for our current projects.  We have secured approximately $7.7
million of cash funding commitments under promissory notes from
investors.  Our U.S. based independent contractors (former
employees) have agreed to accept up to 100% of their remaining
2012 compensation in the form of our stock, saving us
approximately $4.3 million in cash over the course of the year.
This allows us to devote more of the working capital we have
raised towards launching and expanding our networks."

A full-text copy of the Form 8-K is available for free at:

                        http://is.gd/mPOXGH

A copy of the Letter to Shareholders is available for free at:

                        http://is.gd/14lM3W

                          About China Tel

Based in San Diego, California, and Shenzhen, China, China Tel
Group, Inc. (OTC BB: CHTL) -- http://www.ChinaTelGroup.com/--
provides high speed wireless broadband and telecommunications
infrastructure engineering and construction services.  Through
its controlled subsidiaries, the Company provides fixed
telephony, conventional long distance, high-speed wireless
broadband and telecommunications infrastructure engineering and
construction services.  ChinaTel is presently building, operating
and deploying networks in Asia and South America: a 3.5GHz
wireless broadband system in 29 cities across the People's
Republic of China with and for CECT-Chinacomm Communications Co.,
Ltd., a PRC company that holds a license to build the high speed
wireless broadband system; and a 2.5GHz wireless broadband system
in cities across Peru with and for Perusat, S.A., a Peruvian
company that holds a license to build high speed wireless
broadband systems.

Since the Company's inception until June 30, 2011, it has
incurred accumulated losses of approximately $242.36 million.
The Company expects to continue to incur net losses for the
foreseeable future.

The Company's independent accountants have expressed substantial
doubt about the Company's ability to continue as a going concern
in their audit report, dated April 15, 2011, for the period ended
Dec. 31, 2010.  As reported by the TCR on April 21, 2011, Mendoza
Berger & Company, LLP, in Irvine, California, expressed
substantial doubt about the Company's ability to continue as a
going concern, following the 2010 financial results.

The Company reported a net loss of $66.6 million in 2010,
following a net loss of $56.0 million in 2009.  The Company
reported a net loss of $18.0 million on $488,000 of revenue for
the nine months ended Sept. 30, 2011, compared with a net loss of
$38.2 million on $730,000 of revenue for the same period a year
ago.

The Company's balance sheet at Sept. 30, 2011, showed $11.57
million in total assets, $22.22 million in total liabilities and
a $10.64 million total stockholders' deficit.


PROVIEW ELECTRONICS: Faces Bankruptcy as Trademark Suit Continues
-----------------------------------------------------------------
Elaine Kurtenbach at The Associated Press, citing Chinese media
reports, says that a major creditor of Proview Electronics, which
is challenging Apple Inc.'s use of the iPad trademark, has moved
to have the ailing computer monitor maker liquidated.

According to the AP, Xinhua News Agency and other mainland media
reported Monday that Taiwan-based Fubon Insurance is seeking
$8.68 million in debts and has applied to have Proview declared
bankrupt.

Proview's mainland Chinese subsidiary is based in the southern
export zone of Shenzhen, where an official at the city's
Intermediate Court said he expected an announcement regarding the
bankruptcy soon, the news agency relates.

"It's a sensitive case in a sensitive period of time, so we won't
comment or release information while we will have an announcement
in the near future," the news agency quotes the official who gave
only his surname, Zhu, as saying.

AP relates that Proview lawyer Ma Dongxiao said the company
believes its financial problems won't affect the handling of a
court case in which Apple is appealing a ruling against its claim
to the iPad trademark in China.

The news agency notes that Apple said it bought the trademark
from Proview Electronics in 2009.  Proview is suing Apple in the
U.S., seeking to have that deal ruled invalid.  According to the
report, Proview said the 35,000 British pound ($55,000) deal did
not include the mainland Chinese iPad trademark, which was owned
by the mainland unit, Shenzhen Proview Technology.

Proview, which began selling its own product called the iPAD in
2000, shuttered its Shenzhen factory in November 2010, Bloomberg
News discloses.

Proview Electronics Co., Ltd. operates as a subsidiary of Proview
International Holdings Ltd.  Proview International manufactures
computer monitors and other media devices.


YANLORD LAND: S&P Cuts Corp. Credit Rating to 'BB-'; Outlook Neg.
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on China-based property developer Yanlord
Land Group Ltd. to 'BB-' from 'BB'. The outlook is negative. "We
also lowered the issue rating on the company's senior unsecured
notes to 'B+' from 'BB'," S&P said.

"At the same time, we lowered our Greater China scale credit
rating on Yanlord to 'cnBB' from 'cnBB+', and that on the notes
to 'cnBB-' from 'cnBB+'," S&P said.

"We downgraded Yanlord because we expect the company's cash flow
to remain weak and its capital structure to deteriorate over the
next 12 months due to its unsatisfactory sales execution of
property sales and a deepening market correction," said Standard
& Poor's credit analyst Frank Lu. "In addition, we believe the
company's refinancing risks have increased in the coming two
years, as a large amount of debt will mature in 2012-2013."

"Standard & Poor's expects Yanlord's sales to remain weak in 2012
due to the poor outlook for the property market, with subdued
demand due to continued purchase restrictions in its key
markets," S&P said.

"In our view, government policy measures to cool the property
market have had a greater effect on Yanlord's sales than on some
similarly rated peers. This is largely due to the company's
higher concentration in high-end projects and in cities with
purchase restriction, its smaller scale, and its weaker-than-
expected sales execution capability," Mr. Lu said.

"We believe Yanlord's refinancing risks in the coming two years
have increased. As of the end of 2011, the company has about
RMB8.21 billion in debt due between 2012 and 2013. This includes
convertible bonds of about Singapore dollars (S$)375 million with
a put option in July 2012. In our view, Yanlord may be able to
refinance part of the loans, given its good banking relationships
and certain financial flexibility," S&P said.

"Nevertheless, Yanlord has a good reputation on its branding and
its well-located land bank should be sufficient for development
over the next five years. In our view, the company could be
vulnerable to land supply changes due to its small land bank,"
S&P said.

"The negative outlook reflects our view that Yanlord's financial
risk profile could weaken further as the company's property sales
will likely remain weak and its liquidity could deteriorate," S&P
said.

"We may consider lowering the rating if: (1) Yanlord's debt-
funded expansion remains aggressive, such that its EBITDA
interest coverage ratio is below 2x; or (2) its liquidity
deteriorates further," S&P said.

"We may revise the outlook to stable if the company improves its
property sales to at least RMB10 billion in 2012, reduces its
leverage, and improves its liquidity position," S&P said.


* Bingham Officially Opens New Office in China
----------------------------------------------
Upon the official opening of its Beijing office, Bingham secured
its first mainland China client, Lion Fund Management Co. Ltd.,
located in Beijing and Shenzen. Lion Fund manages mutual funds
for its clients and invests in public equity and fixed income
markets.

"We are pleased to have the opportunity to work with a respected
financial institution such as Lion Fund regarding their
international expansion efforts," said Xiaowei Ye, co-managing
partner, and a principal at Bingham Consulting.

"Chairman Qin Weizhou is a visionary, and I am impressed by his
team of young men and women. They have extensive financial and
investment experience in China as well as abroad. Bingham
maintains a best-in-class practice serving financial institutions
and we look forward to working closely with Lion Fund."

Bingham officially opened its Beijing office February 21 with a
launch event drawing 300 business and political leaders at the
prestigious former U.S. Embassy premises, Maison Boulud in
Beijing.

"We have a terrific team in place in Beijing, and we look forward
to representing Lion Fund as they seek global business
opportunities," said Bingham Consulting president Chris Cox.

Chairman Qin of Lion Fund said, "Lion Fund looks forward to a
meaningful and prosperous relationship with Bingham with its
world-renowned financial services platform, which will provide
valuable services to the company and our investors."

Brian Beglin, Beijing office co-managing partner and principal of
Bingham Consulting, noted that Lion Fund has "wisely recognized
that outbound Chinese business ventures must take into account
the local policy implications of their activities as well as the
legal issues. We look forward to working with them in reaching
their business goals. "

With more than 1,000 lawyers in 14 offices worldwide, Bingham
McCutchen's leading role in Asia dates back to 1997 when the firm
combined with Marks & Murase, a New York firm known for its
complex cross-border work in Japan. In 2007, Bingham further
expanded in Asia with the opening of its Hong Kong office and its
combinations with two leading Tokyo firms - Sakai & Mimura, a
leader in cross-border financial restructuring and M&A, and
New Tokyo International, a premier insolvency, corporate and
litigation firm.  Today, Bingham's Tokyo office is among the
largest law firms in Japan, with more than 70 lawyers (most of
whom are Japanese bengoshi) providing a full range of business
law services, including domestic and cross-border financial
restructurings, corporate, M&A, finance, financial regulatory,
investment funds, intellectual property, antitrust, litigation,
employment and real estate. The Hong Kong office, consisting of
Hong Kong, English, U.S., Australian and Irish-qualified lawyers
representing banks, public and private investment funds,
insurance companies and corporates, focuses on global finance,
including restructuring and distressed debt, corporate/M&A,
investment funds, structured finance, derivative transactions,
and litigation advisory capability.


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


CHINA ZHEJIANG: Members' Final Meeting Set for April 3
------------------------------------------------------
Members of China Zhejiang International Trading Company Limited
will hold their final general meeting on April 3, 2012, at
10:00 a.m., at Room 1501, Unit 22, Shi Jia Graden (Flat B Lianjin
Building), Chao Hui Road, Hangzhou, in China 310014.

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


ELECTRO THERMAL: Members' Final Meeting Set for April 3
-------------------------------------------------------
Members of Electro-Thermal-Technologies & Components Limited will
hold their final meeting on April 3, 2012, at 4:00 p.m., at 6/F,
Kwan Chart Tower, at 6 Tonnochy Road, Wanchai, in Hong Kong.

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


GRAND LINKER: Creditors' Meeting Set for March 19
-------------------------------------------------
Creditors of Grand Linker (Hong Kong) Limited will hold their
meeting on March 19, 2012, at 10:30 a.m., for the purposes
provided for in Sections 241, 242, 243, 244 and 255A of the
Companies Ordinance.

The meeting will be held at 5/F, Dah Sing Life Building, at 99-
105 Des Voeux Road Central, in Hong Kong.


INDOVER ASIA: Members' Meeting Set for March 16
-----------------------------------------------
Members of Indover Asia Limited will hold their final meeting on
March 16, 2012, at 3:00 p.m., at 35th Floor, One Pacific Place,
at 88 Queensway, in Hong Kong.

At the meeting, Lai Kar Yan (Derek) and Darach E. Haughey, the
company's liquidators, will give a report on the company's wind-
up proceedings and property disposal.


KUMAGAI LAND: Members' Final Meeting Set for April 2
----------------------------------------------------
Members of Kumagai Land Development Company Limited will hold
their final meeting on April 2, 2012, at 11:00 a.m., at 8th
Floor, Gloucester Tower, The Landmark, at 15 Queen's Road
Central, in Hong Kong.

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


MARSHALLS CMTS: Members' Final Meeting Set for April 2
------------------------------------------------------
Members of Marshalls CMTS Limited will hold their final meeting
on April 2, 2012, at 10:00 a.m., at 8th Floor, Gloucester Tower,
The Landmark, at 15 Queen's Road Central, in Hong Kong.

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


MONEY TRANSFER: Members' Final Meeting Set for April 3
------------------------------------------------------
Members of Money Transfer Limited will hold their final general
meeting on April 3, 2012, at 2:30 p.m., at 20th Floor, Euro Trade
Centre, at 21-23 Des Voeux Road Central, in Hong Kong.

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


PRESTIGE FOOTWEAR: Placed Under Voluntary Wind-Up Proceedings
-------------------------------------------------------------
At an extraordinary general meeting held on Feb. 22, 2012,
creditors of Prestige Footwear Company Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Leung Chi Wing
         Room 3, 8/F
         Yue Xiu Building
         160 Lockhart Road
         Wan Chai, Hong Kong


PROFIT ELITE: Members' Final Meeting Set for April 2
----------------------------------------------------
Members of Profit Elite Limited will hold their final meeting on
April 2, 2012, at 3:00 p.m., at Units B-C, 15th Floor, Sun House,
at 90 Connaught Road Central, in Hong Kong.

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


RESTAURANT KANETANAKA: Members' Final Meeting Set for April 2
-------------------------------------------------------------
Members of Restaurant Kanetanaka Company Limited will hold their
final general meeting on April 2, 2012, at 2:30 p.m., at 1001
Admiralty Centre Tower I, 18 Harcourt Road, in Hong Kong.

At the meeting, Chan Kim Chee and Chiu Fan Wa, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


TONIC DIGITAL: Annual Meetings Set for April 12
-----------------------------------------------
Members and creditors of Tonic Digital Products Limited will hold
their annual meetings on April 12, 2012, at 3:30 p.m., and
4:00 p.m., respectively at Room 201, Duke of Windsor Social
Service Building, at 15 Hennessy Road, Wanchai, in Hong Kong.

At the meeting, Yeung Lui Ming (Edmund) and Darach E. Haughey,
the company's liquidators, will give a report on the company's
wind-up proceedings and property disposal.


WAI SHING: Creditors' Proofs of Debt Due May 31
-----------------------------------------------
Creditors of Wai Shing Plastic Toys Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by May 31, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

         Leung Chi Wing
         Rm. 803, Yue Xiu Bldg
         160-174 Lockhart Road
         Wanchai, H.K.


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


ALLIANCZ POLY-CHEM: CRISIL Cuts Rating on INR121.5MM Loan to 'D'
----------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Alliancz Poly-Chem Overseas Ltd to 'CRISIL D' from 'CRISIL B-
/Positive'.

                        Amount
   Facilities          (INR Mln)       Ratings
   ----------          ---------       -------
   Cash Credit           121.5         CRISIL D

The downgrade reflects delay by APCL in servicing its debt over
the past few months; the delays have been caused by weakening in
the company's liquidity. APCL's account has been classified as a
non-performing asset by its banker.

APCL's liquidity has weakened because of the problems it is
facing in realising debtors, both new and old, contrary to
CRISIL's earlier expectations of recovery of old debtors. APCL
was able to correct the high debtor situation temporarily in
2010-11; however it has not been able to sustain the early
realization of debtors which led to recurrence of liquidity
problems for APCL. The company offers long credit period of
around 60 to 90 days to its customers to fight intense market
competition. In addition, its sales are not backed by any letter
of credit. APCL also has high inventory level, leading to
working-capital-intensive operations, and small scale of
operations.

However, the company benefits from the industry experience of
promoters and company's diversified product portfolio, which
mitigates the risk of downturn in any one single product
category.

                     About Alliancz Poly-Chem

APCL was established in 1992 as a proprietary concern, Alliancz
Overseas, by Mr. Raajhivv Gulaati. It was reconstituted as a
closely held public limited company in January 2003. The company
trades in ittar (natural perfume), industrial chemicals, liquid
paraffin, and glycerine.


ARM OVERSEAS: CRISIL Rates INR120MM Cash Credit at 'CRISIL B-'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the bank
facilities of ARM Overseas P Ltd.

                        Amount
   Facilities          (INR Mln)       Ratings
   ----------          ---------       -------
   Cash Credit           120           CRISIL B-/Stable  

The rating reflects ARM's below average financial risk profile
marked by highly leveraged capital structure because of the
working-capital-intensive nature of the company's business, and
small scale of operations. These rating weaknesses are partially
offset by the extensive industry experience of ARM's promoters.

Outlook: Stable

CRISIL believes that ARM will continue to benefit over the medium
term from its promoters' extensive industry experience; CRISIL,
however, also believes that ARM's financial risk profile will
remain weak during this period, because of the company's large
working capital requirements. The outlook may be revised to
'Positive' in case ARM reports significant improvement in its
capital structure and scale of operations, with improvement in
its margins. Conversely, the outlook may be revised to 'Negative
'in case the company reports further deterioration in its working
capital cycle or undertakes any large, debt-funded capital
expenditure programme.

                         About ARM Overseas

ARM, incorporated in 2008, mills and processes basmati rice; it
sells to exporters in India. The company, based in New Delhi, has
total capacity to process around 100 to 120 tonnes of rice per
day. ARM is managed by Mr. Anand Goel and his family.

ARM reported a net profit of INR1.5 million on net sales of
INR634 million for 2010-11 (refers to financial year, April 1 to
March 31); its first full year of operations.


DHARTI ENTERPRISE: CRISIL Places 'B-' Rating on INR69.9MMM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-
term bank facilities of Dharti Enterprise.

                        Amount
   Facilities          (INR Mln)       Ratings
   ----------          ---------       -------
   Term Loan              8.9          CRISIL B-/Stable
   Cash Credit           40            CRISIL B-/Stable
   Proposed Long-Term    21            CRISIL B-/Stable
   Bank Loan Facility

The rating reflects Dharti's weak financial risk profile, marked
by a small net worth, high gearing, and weak debt protection
metrics, small scale and limit track record of operations, and
exposure to high inventory risk. These rating weaknesses are
partially offset by the extensive experience of Dharti's partners
in the cotton ginning industry.

Outlook: Stable

CRISIL believes that Dharti will maintain its credit risk profile
over the medium term backed by its partners' long association
with the cotton ginning industry. The outlook may be revised to
'Positive' in case of significant improvement in accruals and
infusion of capital leading to improvement in capital structure
and financial risk profile. Conversely, the outlook may be
revised to 'Negative' in case of lower-than-expected operating
margin causing deterioration in cash accruals or debt-funded
capex adversely impacting its debt protection measures.

                        About Dharti Enterprise

Dharti, based in Viramgam (Gujarat) is in the business of cotton
ginning and pressing. The firm was incorporated in 2009 with Mr.
Mansukhbhai Patel, Mr. Kiritbhai Patel, Mr. Damodarbhai Patel and
Mrs. Nimishaben Patel as the four partners. It has an installed
capacity to manufacture 80 bales of cotton per day.

DE reported a profit after tax (PAT) of INR0.4 million on net
sales of INR162.2 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.03 million on net
sales of INR12.5 million for 2009-10.


GANGOL SAHKARI: CRISIL Reaffirms 'BB-' Rating on INR110MM Credit
----------------------------------------------------------------
CRISIL's rating on Gangol Sahkari Dugdh Utpadak Sangh Ltd's bank
facility continues to reflect Gangol's moderate business risk
profile marked by its established track record in the dairy
industry.

                        Amount
   Facilities          (INR Mln)       Ratings
   ----------          ---------       -------
   Cash Credit           110           CRISIL BB-/Stable  

These rating strengths are partially offset by Gangol's weak
financial risk profile marked by high gearing and small net
worth, and vulnerability of its revenues and profitability to
adverse regulatory changes and to market competition.

Outlook: Stable

CRISIL believes that Gangol's business risk profile will remain
stable over the medium term, supported by its established track
record in the dairy business. Its financial risk profile is
expected to remain constrained by high gearing and small net
worth over the medium term. The outlook may be revised to
'Positive' in case Gangol improves its profitability, supported
by increase in turnover, leading to improvement in its financial
risk profile. Conversely, the outlook may be revised to
'Negative' in case the company's cash accruals decline because of
a decline in operating margin and if its undertakes a debt-funded
capital expenditure (capex) programme, thereby leading to
deterioration in its financial risk profile.

Update

Gangol's revenues are expected to increase by 30 to 35 per cent
year-on-year in 2011-12 (refers to financial year, April 1 to
March 31), driven by increase in capacity utilisation, mainly
because of improved availability of milk from primary co-
operative societies. The company is likely to generate revenues
in the range of INR2.25 billion to INR2.4 billion for 2011-12.

In 2010-11, the company received funds from Pradeshik Cooperative
Dairy Federation (PCDF) to pay off loans from National Dairy
Development Board (NDDB) aggregating INR92.3 million (including
accumulated interest cost of INR38.4 million). The fund infusion
by PCDF is being treated as loan, which has a moratorium period
of two years and will be paid over seven years, starting from
2012-13, with yearly instalment of INR13.1 million per year.
However, Gangol expects the loan to get converted into grant, and
consequently, no repayment obligations to arise. But, CRISIL has
treated the loan as debt since there is currently no written
agreement regarding conversion of the loan into grant. Hence,
large loan repayments to PCDF will remain a rating sensitivity
factor for Gangol and could exert pressure on its credit risk
profile.

Gangol reported a net loss of INR28.9 million on net sales of
INR1.97 billion for 2010-11, against a profit after tax of INR5.1
million on net sales of INR1.92 billion for 2009-10.

                       About Gangol Sahkari

Gangol is a milk cooperative based in Meerut (Uttar Pradesh),
working under PCDF, which holds around 85 per cent equity stake
in Gangol. Gangol procures milk from over 750 primary cooperative
societies, processes it, and sells various milk products under
the PCDF-owned brand, Parag. It also does jobwork for Mother
Dairy Fruit & Vegetable Pvt. Ltd. Gangol has milk processing
capacity of about 350,000 litres per day (lpd). Of this, there is
manufacturing capacity of 250,000 lpd for packaged milk, 15
tonnes per day (tpd) for butter, 10 tpd for ghee, 30 tpd for milk
powder (including skimmed and whole milk powder), 1 tpd for
paneer, and 0.6 tpd for mawa. Packaged milk contributes to about
90 per cent of Gangol's total sales.


GURUKRUPA GINNING: CRISIL Rates INR60MM Loan at 'CRISIL BB-'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the bank
facilities of Gurukrupa Ginning and Oil Industries.

                        Amount
   Facilities          (INR Mln)       Ratings
   ----------          ---------       -------
   Cash Credit            60           CRISIL BB-/Stable

The rating reflects the extensive industry experience of GGOI's
promoters. These rating strengths are partially offset by GGOI's
average financial risk profile marked by limited net worth,
vulnerability to changes in government policy, and small scale of
operations in the intensely competitive cotton-ginning industry.

Outlook: Stable

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

                      About Gurukrupa Ginning

GGOI is a partnership firm promoted by Mr. Anil Jivani, Mr.
Shriraj Jivani, Mr. Altaf Gangani, Mr. Govind Bawalia, and Mr.
Ramesh Jhapadia The firm has a cotton ginning unit at Babra in
Amreli (Gujarat) with capacity of 160 bales per day.

GGOI reported net profit of INR0.64 million on net sales of
INR514.5 million for 2010-11 (refers to financial year, April 1
to March 31) as against net profit of INR0.3 million on net sales
of INR299.0 million for 2009-10.


INCAS INT'L: CRISIL Reaffirms 'CRISIL BB+' Rating on INR30MM Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Incas International
continue to reflect the benefits that Incas derives from its
promoters' industry experience, and its diversified customer and
product profiles.

                        Amount
   Facilities          (INR Mln)       Ratings
   ----------          ---------       -------
   Packing Credit        107.2         CRISIL A4+  
   Bill Discounting      100.0         CRISIL A4+  
   Letter of Credit       80.0         CRISIL A4+  
   Bank Guarantee          1.0         CRISIL A4+  
   Term Loan              30.0         CRISIL BB+ /Stable

These rating strengths are partially offset by the firm's average
financial risk profile, marked by average debt protection metrics
and small net worth, and exposure to risks related to lack of
backward integration in operations and to intense competition in
the leather goods industry.

Outlook: Stable

CRISIL believes that Incas will continue to benefit over the
medium term from its established customer base and its promoters'
experience in the leather goods industry. The outlook may be
revised to 'Positive' if Incas significantly scales up its
operations and improves its operating margin, while it maintains
its capital structure. Conversely, the outlook may be revised to
'Negative' if any slowdown in Incas's end-user industry or
intensifying competition in the leather exports industry
negatively impacts the firm's cash accruals, or if the firm
undertakes a large, debt-funded capital expenditure (capex)
programme, thereby weakening its capital structure.

Update

Incas reported a 29.9 per cent year-on-year sales growth and an
operating income of INR407.3 million for 2010-11 (refers to
financial year, April 1 to March 31), as against an operating
income of INR313.5 million for the previous year. The firm
reported, on provisional basis, a sales turnover of INR320
million for the period April 1 to September 30, 2011. As on
Sept. 30, 2011, it had an order book of INR100 million. The
growth in the six months ending September 30, 2011 was primarily
driven by revival in demand in the firm's end-user regions, the
US and Europe, after the slowdown in the leather goods industry
in 2009-10. Moreover, export incentives provided by the
government under the Focus Products Scheme in 2010-11 led to an
increase in Incas's operating margin by close to 2 per cent in
2010-11. However, the firm's gearing increased significantly to
1.42 times as on March 31, 2011, from 0.35 times as on March 31,
2010, mainly because of a rise in the short-term debt for the
firm's working capital requirements. CRISIL believes that Incas's
financial risk profile will remain comfortable for the existing
rating category over the medium term.

Incas has plans to shift to its new plant in Manesar (Haryana)
from its plant in Gurgaon (Haryana) in the beginning of 2012-13,
to save on rent and other related costs. Incas has also planned
to acquire a small tannery in Jaipur (Rajasthan) in 2011-12 for
undertaking conversion of raw leather to finished leather and
other processing activities (albeit with low value addition). The
firm's total capex for the medium term is expected to be in the
range of INR20 million to INR30 million.

Incas reported a net profit of INR5.37 million on net sales of
INR360.5 million for 2010-11, against a net profit of INR8.03
million on net sales of INR285.7 million for 2009-10.

                    About Incas International

Set up in 2000 as a proprietorship concern by Mr. Vikas Kalra,
Incas manufactures leather garments and accessories such as bags,
gloves, and belts. The firm exports its products to the US and
Europe. Incas has two plants in Gurgaon (Haryana) and one plant
in Manesar for the manufacture of garments and accessories.


LALCHAND JEWELLERS: CRISIL Reaffirms BB+ Rating on INR130MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Lalchand Jewellers Pvt
Ltd continue to reflect Lalchand's established regional market
position and promoters' extensive experience in the jewellery
retail business.  These rating strengths are partially offset by
Lalchand's working-capital-intensive operations, limited scale of
operations and geographic concentration in revenues.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Cash Credit          130.00        CRISIL BB+/Stable
   Bank Guarantee       100.00        CRISIL A4+

Outlook: Stable

CRISIL believes that Lalchand will maintain its business risk
profile over the medium term, supported by its established market
position in Bhubaneswar (Orissa). The outlook may be revised to
'Positive' if Lalchand's financial risk profile improves, most
likely because of an increase in cash accruals and an improvement
in capital structure. Conversely, the outlook may be revised to
'Negative' in case of a decline in the company's profitability.

                     About Lalchand Jewellers

Lalchand commenced operations as a small proprietorship firm,
retailing gold, in Bhubaneshwar in 1960. The firm was
reconstituted as a private limited company in 1995. The company
is currently managed by Mr. Sanjay Hans, son of the founder, Mr.
Lalchand Hans. Mr. Sanjay Hans joined the firm in the early 1990s
and has about two decades of experience in the retail jewellery
business. Lalchand is a retailer of gold, diamond, and third-
party branded jewellery (such as Dia, Nakshatra, ARY), high-end
watches (diamond studded, gold-plated brands such as Rado and
Citizen), and pens. Lalchand has been in the jewellery business
over the past five decades and is a well-known brand in
Bhubaneshwar. The company owns one of the biggest gold jewellery
showrooms in Orissa.


MANPHO EXPORTS: CRISIL Ups Rating on INR40MM Loan to 'CRISIL B-'
----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Manpho
Exports to 'CRISIL B-/Stable/CRISIL A4' from 'CRISIL D/CRISIL D'.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Cash Credit            40          CRISIL B-/Stable  
   Letter of Credit        5          CRISIL A4  
   Proposed Cash Credit   20          CRISIL B-/Stable
    Limit                    

The upgrade reflects improvement in Manpho's liquidity, driven by
absence of any debt obligations and any large debt-funded capital
expenditure (capex) plan for the medium term -- the firm repaid all
its debt by September 30, 2011. The upgrade also reflects
CRISIL's belief that Manpho's expected sizeable cash accruals
will be adequate to support its incremental working capital
requirements over the medium term.

The ratings reflect Manpho's modest scale of operations and
susceptibility of its profitability to volatility in raw material
prices. These rating weaknesses are partially offset by Manpho's
healthy capital structure and moderate net worth, and promoters'
experience in the textile industry.

Outlook: Stable

CRISIL believes that Manpho will benefit over the medium term
from its promoters' experience in the textile industry and will
maintain its healthy capital structure. The outlook may be
revised to 'Positive' if Manpho reports significant and sustained
improvement in its working capital management, while increasing
its revenues and maintaining its profitability. Conversely, the
outlook may be revised to 'Negative' in case Manpho's working
capital cycle gets stretched, or if the company undertakes a
larger-than-expected, debt-funded capital expenditure programme,
or in case its revenues and profitability deteriorates
substantially, thereby adversely affecting its liquidity.

                       About Manpho Exports

Manpho was established in 1989 as a partnership firm by Mr.
Lalith Parekh and his family members. The firm manufactures silk
home-furnishing products and made-ups, such as curtains, quilts,
cushion covers and bedsheets. The firm also trades in cotton and
polyester fabrics. Manpho's products are manufactured at its
facility in Bengaluru (Karnataka), which has 10 imported and 12
indigenously made looms, and employs around 150 people. Manpho
exports primarily to retailers in Europe and the Middle East.

Manpho reported a profit after tax (PAT) of INR1.4 million on net
sales of INR114.6 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR6.3 million on net
sales of INR158.8 million for 2009-10.


MMI INTERNATIONAL: Fitch Rates $300-Mil. Senior Notes at 'BB-'
--------------------------------------------------------------
Fitch Ratings has assigned MMI International Limited's senior
secured USD300m notes due 2017 a final rating of 'BB-'.  The
notes are fully guaranteed by MMI's parent company, Precision
Capital Private Limited, and certain other subsidiaries of MMI.
This follows the receipt of documents materially conforming to
information already received.  The final rating is in line with
the expected rating assigned on February 7, 2012.

The final notes' rating is in line with MMI's Long-Term Foreign-
Currency Issuer Default Rating (IDR) of 'BB-', which has a Stable
Outlook.  Fitch notes that the notes are structurally
subordinated to the existing and future debt of some MMI's
subsidiaries, which do not guarantee the notes.  Such
subsidiaries contributed 42% of MMI's consolidated revenue for
the 12 months ended October 2011 but represented just 14% and 8%
of MMI's assets and liabilities respectively at end-October 2011.
The rating of the notes may be downgraded if MMI raises
structurally super-senior debt or if creditors at non-guarantor
subsidiaries rise to a level that threatens expected recovery on
the notes.

The IDR reflects MMI's position as a key hard disk drive (HDD)
component maker for US-based Seagate Technology PLC
('BB+'/Stable) and moderate-to-high barriers to entry in the
market.

The Stable Outlook reflects Fitch's expectation that MMI's
business and financial profile will remain commensurate with the
current rating over the next two years.  However, Fitch may
consider a negative rating action if the cost per gigabyte spread
between solid state drives and HDDs narrows significantly, or if
MMI's funds flow from operations (FFO)-adjusted leverage rises
above 4.0x and /or FFO interest coverage falls below 3.0x on a
sustained basis.


RAJ PACKAGING: CRISIL Revises Rating Outlook on Loan to Negative
----------------------------------------------------------------
CRISIL has revised its rating outlook on the long-term bank
facilities of Raj Packaging Industries Ltd to 'Negative' from
'Stable', while reaffirming the rating at 'CRISIL BB+'; the
rating on the short-term bank facilities has been reaffirmed at
'CRISIL A4+.

                        Amount
   Facilities          (INR Mln)       Ratings
   ----------          ---------       -------
   Bank Guarantee          1           CRISIL A4+
   Cash Credit            50           CRISIL BB+/Negative
   Letter of Credit       20           CRISIL A4+
   Term Loan              29           CRISIL BB+/Negative

The outlook revision reflects CRISIL's belief that RPIL's
business and financial risk profiles will remain constrained by
pressure on the company's operating profitability. RPIL's
operating profitability has come under pressure because of the
company's inability to pass on increase in raw material cost and
operating cost to its customers. RPIL has seen a sharp increase
in its raw material prices, especially the mettalocene grade of
linear low density polymer because of increase in import duty
from July 2011 onwards and sharp depreciation of the Indian rupee
vis--vis the US dollar. CRISIL believes that RPIL's operating
margin will remain under pressure on account of firm raw material
prices (crude derivatives) and high competitive pressures. The
operating margin is expected to remain low around 7 per cent over
the near to medium term. The outlook revision also factors in the
weakening of the company's debt protection metrics because of
lower-than-expected cash accruals arising from lower-than-
expected profitability and revenues. CRISIL believes that RPIL's
debt protection metrics and liquidity will remain weak because of
low cash accruals. However, the company's liquidity is supported
by infusion of unsecured loans from promoters, of about INR30
million in 2010-11 (refers to financial year, April 1 to March
31) and INR5.5 million in 2011-12. CRISIL believes that RPIL's
liquidity will be supported by unsecured loans from the company's
promoters over the near to medium term.

For arriving at the ratings, CRISIL has treated the interest
bearing unsecured loans of INR30 million as on March 31, 2011
from RPIL's promoters and affiliates, as neither debt nor equity
in view of the undertaking provided by the company for non-
withdrawal of these loans over the medium term.

The ratings reflect the benefits that RPIL derives from its
established market position and its sound operating efficiencies.
These rating strengths are partially offset by the company's weak
financial profile, marked by a small net worth, a high gearing,
and weak debt protection metrics, and small scale of operations
in the intensely competitive packaging industry.

Outlook: Negative

CRISIL believes that RPIL's operating profitability will remain
under pressure, because of company's inability to pass on raw
material price increase to its customers, and that low cash
accruals along with large working capital requirements will
constrain the company's liquidity, over the medium term. The
ratings may be revised downward in case of continued pressure on
RPIL's operating margin leading to lower-than-expected cash
accruals and further pressure on the company's liquidity. The
outlook may be revised to 'Stable' in case the company reports
improvement in its scale of operations and profitability, leading
to higher-than-expected cash accruals and improvement in its
financial risk profile, particularly its liquidity.

                       About Raj Packaging

RPIL, incorporated in 1988 as a private limited company, is
promoted by Mr. Prem Kankaria and Mr. U C Bhandari. The company
manufactures multilayered, co-extruded plastic films, and
flexible packing materials. It supplies its products mainly to
various film converters such as The Paper Products Ltd (rated
'CRISIL AA-/Stable/CRISIL A1+') and edible oil manufacturers such
as Ruchi Soya Industries Ltd.

RPIL reported a profit after tax (PAT) of INR0.4 million on an
operating income of INR252.3 million for 2010-11, against a PAT
of INR9.1 million on an operating income of INR189.8 million for
2009-10.


RAMESH CORP: CRISIL Rates INR170MM Cash Credit at 'CRISIL BB+'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable' rating to the long-
term bank facilities of Ramesh Corporation.

                        Amount
   Facilities          (INR Mln)       Ratings
   ----------          ---------       -------
   Cash Credit            170          CRISIL BB+/Stable

The rating reflects the benefits that RC derives from its
established position in the distribution of electronic goods in
Ahmedabad (Gujarat) supported by its authorised distributorship
for diverse brands and its promoters' extensive experience in the
white goods and electronic appliances distribution business.
These rating strengths are partially offset by the firm's average
financial risk profile marked by a ratio of high total outside
liabilities to tangible net worth, and limited growth
opportunities because of fixed territory of operations.

Outlook: Stable

CRISIL believes that RC will continue to benefit over the medium
term from its partners' extensive experience in the electronics
and white goods distribution business and its authorised
distributorship of diverse brands in Ahmedabad. The outlook may
be revised to 'Positive' if the firm reports substantial
improvement in its operating profitability, along with growth in
its topline, or if there is significant capital infusion by the
partners, leading to improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if RC
achieves lower-than-expected profitability, undertakes a larger-
than-expected, debt-funded capital expenditure programme, or if
its working capital requirements increase significantly thus
resulting in larger-than-expected debt and hence, a weaker
financial risk profile.

                      About Ramesh Corporation

RC is a partnership firm, which was set up in 1978 by Mr.
Rameshchandra Patel and his family after reconstituting it from
sole proprietorship firm. It is the authorised distributor for
Ahmedabad for various brands such as Samsung, Panasonic,
Whirlpool, Onida, Hitachi, and Eureka Forbes. In addition, RC has
five retail showrooms in Ahmedabad (including one exclusive Sony
Centre) from where it retails white goods and electronic
appliances of various brands. The firm derives about 60 per cent
of its revenues from its distributorship business and the rest
from its retail stores.

RC reported a net profit of INR12.4 million in 2010-11 (refers to
financial year, April 1to March 31) on an operating income of
INR1163 million, against a net profit of INR5.2 million on an
operating income of INR829.9 million for 2009-10.


SHIVAM MELTECH: Fitch Upgrades Nat'l Long-Term Rating to 'B'
------------------------------------------------------------
Fitch Ratings has upgraded India-based Shivam Meltech Private
Limited's National Long-Term rating to 'Fitch B(ind)' from 'Fitch
B-(ind)'.  The Outlook is Stable.

The upgrade reflects Fitch's view that SMPL's revenue will grow
by over 200% yoy to above INR2,000m in FY12 (financial year
ending March), coupled with a significant improvement in its
EBITDA margins to around 7%-8% compared with 4.5% in FY11, which
may also lead to improved credit metrics.  The expectations are
driven by the addition of a 120,000 metric tonne per annum (MTPA)
capacity rolling mill plant in March 2011.

The ratings, however, remain constrained by the company's high
net adjusted debt/EBITDA of 16.2x (FY10: 12.1x), low interest
coverage of 0.7x (FY10: 2.2x), low capacity utilization of the
existing plant (below 25%) and exposure to raw materials price
volatility.

Positive rating guidelines include an improvement in interest
cover to above 1.5x.  Negative rating guidelines include
deterioration in interest coverage to below 1.1x.

In FY11, SMPL reported revenue of INR551.1m (FY10: INR366.9m)
along with an EBITDA of INR25m (FY10: INR18m) and a total
adjusted debt of INR406.8m (FY10: INR222.3m).  Free cash flow
(FCF) remained negative at INR353m (FY10: negative INR263.6m).
Fitch expects FCF to remain negative in FY12 mainly due to the
company's higher working capital requirements because of
increased volume of business.

Rating actions on SMPL's bank facilities are as follows:

  -- INR280m term loans: upgraded to 'Fitch B(ind)' from 'Fitch
     B- (ind)'

  -- INR48.5m fund-based limits: upgraded to 'Fitch B(ind)' from
     'Fitch B-(ind)'

  -- INR6.5m non-fund based limits: affirmed at 'Fitch A4(ind)'


SRI SARASWATHI: CRISIL Puts 'CRISIL B-' Rating on INR122.2MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Negative' rating to the long-
term loan facility of Sri Saraswathi Education Society.

                        Amount
   Facilities          (INR Mln)       Ratings
   ----------          ---------       -------
   Long-Term Loan        122.2         CRISIL B-/Negative  

The rating reflects SSES's geographical concentration in revenue
profile, exposure to intense competition and high degree of
regulation by governmental agencies in the education sector, and
below-average financial risk profile, marked by high gearing and
weak debt protection metrics. These rating weaknesses are
partially offset by SSES's established regional position in the
educational services segment.

Outlook: Negative

CRISIL believes that SSES's liquidity will be under pressure over
the medium term, due to uncertainty towards revival of economic
conditions in the Bellary region resulting in delay in fees
receipt and reduction in admission enquiries. The ratings may be
downgraded if SSES' intake drops substantially resulting in lower
than expected revenues and cash accruals or if the society
undertakes any significant capital expenditure programme (capex)
resulting in deterioration in its financial risk profile.
Conversely, the outlook may be revised to stable, if SSES scales
up its operations, leading to substantial increase in its cash
accruals and improvement in its capital structure.

Established in 1991 under the Indian Societies Registration Act,
SSES runs two schools, Nandi School (NS) and Nandi International
School (NIS), in Bellary (Karntaka), which has a total student
intake of around 4500. NS is affiliated to the Karnataka State
Board and provides education from kindergarten to class X; NIS is
affiliated to the Central Board of Secondary Education and
imparts education from class I to class XII, in addition to
offering a hostel facility. SSES was founded by Mr. Iqbal Ahmed
and his wife, Mrs. Ismatt Ahmed, in 1991. Its day-to-day affairs
are managed by their three sons, Mr. Umair Ahmed, Mr. Ubaid
Ahmed, and Mr. Uzair Ahmed

SSES reported a surplus of profit after tax (PAT) of INR8.48
million on net income of INR76.5 million for 2010-11 (refers to
financial year, April 1 to March 31), as against a surplus of
INR4.3 million on net income of INR60.8 million for 2009-10.


TURBO TOOLS: CRISIL Cuts Rating on INR62.7MM Loan to 'CRISIL B'
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Turbo Tools Pvt Ltd to 'CRISIL B/Stable' from 'CRISIL
B+/Negative' and has reaffirmed its rating on TTPL's short-term
facilities at 'CRISIL A4'.

                             Amount
   Facilities              (INR Mln)       Ratings
   ----------              ---------       -------
   Cash Credit                60           CRISIL B/Stable
   Export Bill Purchase       50           CRISIL A4
   Proposed Long-Term         62.7         CRISIL B/Stable
    Bank Loan Facility
   Rupee Term Loan            7.8          CRISIL B/Stable

The downgrade reflects more-than-expected deterioration in the
Turbo group's credit risk profile because of its continued
suppressed profitability resulting in weakening in its liquidity.
CRISIL believes that the Turbo group's cash accruals in 2012-13
(refers to financial year, April 1 to March 31) will be tightly
matched against its maturing term debt obligations, thereby
leaving the group with insignificant cushion to meet any
exigency. CRISIL also expects the group's financial risk profile
to remain weak over the near term, because of expected increase
in the group's bank borrowings, as its working capital
requirements are likely to remain large.

The rating downgrade also underscores lower-than-expected
improvement in revenues and profitability of Turbo Industries
Pvt. Ltd (TIPL; the flagship company of the Turbo group), which
has resulted in a stretch in TTPL's receivables from TIPL,
thereby adversely impacting TTPL's liquidity. Thus, CRISIL
believes that liquidity of the Turbo group will remain weak over
the medium term because of subdued cash accruals and large
working capital requirements.

The ratings continue to reflect the Turbo group's weak financial
risk profile marked by high gearing and weak debt protection
metrics, limited scale of operations, and customer concentration.
These rating weaknesses are partially offset by the group's
extensive track record in manufacturing scaffoldings and other
structural products.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Turbo Impex (TI), TIPL and TTPL. The
entities are collectively referred to as the Turbo group. This is
because all the entities are in the same line of business and
under a common management. Furthermore, TIPL's bank lines are
guaranteed by TI and TTPL.

Outlook: Stable

CRISIL believes that although the Turbo group's business risk
profile may improve over the medium term, its financial risk
profile, especially liquidity, will remain weak over the same
period because of small cash accruals and large working capital
requirements. The outlook may be revised to 'Positive' if the
group's financial risk profile improves, most likely driven by an
improvement in liquidity because of increase in cash accruals.
Conversely, the outlook may be revised to 'Negative' if the group
reports less-than-expected cash accruals or undertakes larger-
than-expected, debt-funded capital expenditure (capex) programme,
thereby further constraining its liquidity.

TIPL was promoted in 2000 as Turbo Scaffolding Pvt Ltd; the name
was changed to the current one in 2006. The company manufactures
fabricated steel structural products, mainly scaffoldings. The
majority of the Turbo group's revenues come from exports.

TTPL manufactures nuts, bolts, fasteners, and wing nuts, which
are used in the manufacture of scaffoldings. These are sold to
third parties, and used for captive consumption in TIPL. TTPL is
also into forging, pressing components, and machining tools.

TI is a partnership firm, set up by Mr. Ravinder Pal Singh and
his family members. It exports products manufactured by TIPL and
TTPL, and processes orders that require products from both TIPL
and TTPL.

For 2010-11, the Turbo group reported a net loss of INR54.6
million on net sales of INR672 million, against a net loss of
INR80.5 million on net sales of INR504 million for 2009-10.


V3 ENGINEERS: CRISIL Raises Rating on INR80MM Loan to 'CRISIL B-'
-----------------------------------------------------------------
CRISIL has upgraded its ratings on the long-term bank facilities
of V3 Engineers Pvt Ltd to 'CRISIL B-/Stable' from 'CRISIL C';
the rating on the company's short-term bank facilities has been
reaffirmed at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)       Ratings
   ----------          ---------       -------
   Bank Guarantee         40           CRISIL A4
   Cash Credit            50           CRISIL B-/Stable
   Letter of Credit       30           CRISIL A4
   Long-Term Loan         80           CRISIL B-/Stable
   Proposed Long-Term     2.8          CRISIL B-/Stable
   Bank Loan Facility

The rating upgrade reflects improvement in V3 Engineers' scale of
operations and operating margin over the past two years. The
rating also factors in the timely debt servicing by the company
over the past 12 months. V3 Engineers is expected to generate
adequate net cash accruals of around INR40 million over the
medium term to meet its term debt of around INR10 million in
2012-13 (refers to financial year, April 1 to March 31) and INR24
million in 2013-14. The upgrade also reflects CRISIL's belief
that V3 Engineers will sustain its increased scale of operations
and maintain its operating margin over the medium term. The
company reported, on a provisional basis, revenues of INR337
million for the nine months ended December 31, 2011, against
revenues of INR335 million in 2010-11.

The ratings reflect V3 Engineers' weak financial risk profile,
marked by a small net worth and weak debt protection metrics, and
working-capital-intensive operations. These rating weaknesses are
partially offset by the company's established position in the
furniture industry and diversified customer base.

Outlook: Stable

CRISIL believes that V3 Engineers will continue to sustain its
scale of operations, backed by the steady demand for its products
over the medium term. The outlook may be revised to 'Positive' if
the company reports improvement in its capital structure and
scale of operations on a sustained basis, contributed by an
increase in its cash accruals and a stable operating margin.
Conversely, the outlook may be revised to 'Negative' if V3
Engineers reports deterioration in its financial risk profile,
most likely because of a sharp decline in its revenues or margins
and debt-funded capital expenditure.

                        About V3 Engineers

V3 Engineers was set up as a partnership firm in 1990 by Mr. R
Guruprasad, Mr. N Vasu, and Mr. S Sampath Raghavan. It was
reconstituted as a private limited company in 2000. Based in
Bengaluru (Karnataka), V3 Engineers manufactures and installs
modular furniture for corporate use; it diversified into the home
segment and complete interior solutions in 2006-07. The company
derives around 80 per cent of its revenues from corporate
(office) furnishings and the rest from home furnishings.


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


ORIX-NRL TRUST 14: S&P Lowers Class C Certificate Rating to 'CCC'
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'CCC (sf)' from 'B
(sf)' its rating on the class C trust certificates issued under
the ORIX-NRL Trust 14 transaction, and placed its 'A+ (sf)'
rating on class B on CreditWatch with negative implications. "At
the same time, we affirmed our 'CCC (sf)' ratings on the class D
to G trust certificates (also listed below). The class A trust
certificates issued under the same transaction were fully
redeemed on the trust distribution date in December 2011, and we
withdrew the rating on class X in the same month. Meanwhile, we
lowered to 'D (sf)' from 'CC (sf)' our rating on class H in
September 2011," S&P said.

"Of the 10 nonrecourse loans and specified bonds that initially
backed the transaction, two loans and one specified bond remain.
All the properties backing one of the loans, which originally
represented about 6.2% of the total initial issuance of the trust
certificates, have been sold, but the final calculation for this
loan has not yet been completed. As such, the transaction has
effectively only one remaining loan, which has defaulted, and one
remaining specified bond. The remaining loan and specified bond
(hereafter, the 'loans') originally represented about 13.4% and
about 8.9%, respectively, of the total initial issuance amount of
the trust certificates," S&P said.

"We lowered our rating on class C because we see downward
pressure on the likely collection amount from the three
properties backing the transaction's remaining loans, given the
status of the sales of these properties, which the servicer is
undertaking, as well as the minimum property sales prices stated
in the servicer's sales plan," S&P said.

"If the sales of the above three properties move forward, the
sales proceeds will be used to redeem class B--currently the
transaction's highest-level tranche. As such, we expect
redemption of class B to continue to progress. Otherwise, we
believe that the prices of the properties are very likely to come
under increasing downward pressure, primarily given that the
servicer will need to review its sales plan. In our view, in such
a case, the rating on class B will also be under downward
pressure. We placed on CreditWatch negative the rating on class B
to reflect this view," S&P said.

"We also affirmed our ratings on classes D to G because these
four classes are already rated 'CCC (sf)'," S&P said.

"We intend to review our rating on class B after ascertaining the
progress of the sales of the properties backing the transaction's
remaining loans and reconsidering our assessments of the values
of these properties," S&P said.

"ORIX-NRL Trust 14 is a multiborrower commercial mortgage-backed
securities (CMBS) transaction. The trust certificates were
initially secured by 10 nonrecourse loans and specified bonds
extended to eight obligors. The 10 nonrecourse loans and
specified bonds were originally backed by 39 real estate
certificates and real estate properties. The transaction was
arranged by ORIX Corp., and ORIX Asset Management & Loan Services
Corp. acts as the servicer for this transaction," S&P said.

"The ratings reflects our opinion on the likelihood of the full
payment of interest and the ultimate repayment of principal by
the transaction's legal final maturity date in December 2013 for
the class B to G certificates," S&P said.

            Standard & Poor's 17g-7 Disclosure Report

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

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

         http://standardandpoorsdisclosure-17g7.com

Rating Lowered
ORIX-NRL Trust 14
JPY20.7 billion trust certificates due December 2013
Class       To             From         Initial issue amount
C           CCC (sf)       B (sf)       JPY1.2 bil.

Rating Placed On Creditwatch Negative
ORIX-NRL Trust 14
Class       To                      From          Initial issue
amount
B           A+ (sf)/Watch Neg       A+ (sf)       JPY2.0 bil.

Ratings Affirmed
ORIX-NRL Trust 14
Class       Rating         Initial issue amount
D           CCC (sf)       JPY0.7 bil.
E           CCC (sf)       JPY0.3 bil.
F           CCC (sf)       JPY0.5 bil.
G           CCC (sf)       JPY0.1 bil.


TOKYO ELECTRIC: Banks to Provide JPY900-Bil. in New Loans
---------------------------------------------------------
Mitsuru Obe at The Wall Street Journal reports that Japan's
biggest banks are finalizing proposals to provide Tokyo Electric
Power Co. with new loans and rollovers worth billions of dollars,
a key part of efforts to improve the utility's financial health
after the Fukushima Daiichi nuclear accident last year.

But people familiar with the matter said the proposals, expected
to be submitted to TEPCO and the government by Wednesday, won't
be enough to address the company's more fundamental problems over
the longer term: its massive outstanding liabilities and the huge
cost of dealing with the aftermath of the disaster, the Journal
relays.

The news agency, several people familiar with the matter,
discloses that under the proposals, TEPCO's main creditors will
provide JPY500 billion ($6.13 billion) in new loans, set up
JPY400 billion in new credit lines and agree to roll over JPY170
billion in existing loans.

Of the JPY900 billion in new financing, the majority or JPY500
billion will come from the government-backed Development Bank of
Japan, says the Journal.

The Journal adds that TEPCO's main creditor bank, Sumitomo Mitsui
Banking Corp., will contribute JPY100 billion, while two other
major Japanese banks will provide JPY100 billion.  The remaining
JPY200 billion will come from insurers, trust banks and other
financial institutions, the report says.

The Journal states that the loans are part of a plan that Tepco
is set to present to the government at the end of March, under
which the company is expected to explain how it will restructure
itself to ensure its long-term viability.

                         About Tokyo Electric

Tokyo Electric Power Company (TEPCO) is the largest electric
power company in Japan and the largest privately owned electric
utility in the world.  TEPCO supplies electricity to meet the
increasingly diversified and sophisticated demands of its over
28.09 million customers in the metropolitan Tokyo, which is the
political, economic, and cultural center of Japan, and eight
surrounding prefectures.

Bloomberg News said the utility is battling radiation leaks at
the Fukushima Dai-Ichi power plant north of Tokyo after a
March 11 earthquake and tsunami knocked out its cooling systems,
causing the biggest atomic accident in 25 years.  More than
50,000 households were forced to evacuate and Bank of America
Corp.'s Merrill Lynch estimates Tepco may face compensation
claims of as much as JPY11 trillion (US$135 billion).

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 11, 2011, Moody's Japan K.K. confirmed the ratings of Tokyo
Electric Power Co.  The ratings confirmed include its senior
secured rating of Ba2, long-term issuer rating of B1, and
Corporate Family Rating of Ba3.  The ratings outlook is negative.

In February, Standard & Poor's Ratings Services kept Tokyo
Electric Power Co. Inc. on CreditWatch but revised its
implications to negative from developing. "We maintained the 'B+'
long-term corporate credit, 'B' short-term corporate credit, and
'BB+' long-term debt ratings on the company. The stand-alone
credit profile on TEPCO remains at 'ccc+', and the likelihood
that the company will receive extraordinary support from the
government of Japan (AA-/Negative/A-1+) in the event of financial
distress remains 'high.' We placed the ratings on CreditWatch
developing on May 13, 2011, and kept them on that status after
lowering the ratings on the company on May 30, and again on
Aug. 4 and Nov. 9," S&P said.


TOKYO ELECTRIC: Shareholders File JPY5.5-Tril. Suit vs Executives
-----------------------------------------------------------------
The Tokyo Times reports that 42 shareholders of Tokyo Electric
have filed a suit against the company asking for JPY5.5 trillion
(US$67 billion) in compensation, the largest claim of this kind
ever made in Japan.

According to the report, the shareholders accused 27 current and
former TEPCO directors of systematically ignoring tsunami
warnings and failing to prepare for a possible accident like the
one that destroyed the plant.

The Tokyo Times relates that the claim, filed at the Tokyo
District Court on Monday, urges the directors to pay damages to
the company, which in turn would compensate those affected.

"By seeking to hold individuals responsible, we want to correct
the collective and systemic irresponsibility in the nuclear
industry," the report quotes one of the lawyers as saying.

The compensation amount was calculated starting from a
government-made evaluation of what the company would have to pay
to affected individuals and businesses, the lawyer, as cited by
The Tokyo Times, added.

                         About Tokyo Electric

Tokyo Electric Power Company (TEPCO) is the largest electric
power company in Japan and the largest privately owned electric
utility in the world.  TEPCO supplies electricity to meet the
increasingly diversified and sophisticated demands of its over
28.09 million customers in the metropolitan Tokyo, which is the
political, economic, and cultural center of Japan, and eight
surrounding prefectures.

Bloomberg News said the utility is battling radiation leaks at
the Fukushima Dai-Ichi power plant north of Tokyo after a
March 11 earthquake and tsunami knocked out its cooling systems,
causing the biggest atomic accident in 25 years.  More than
50,000 households were forced to evacuate and Bank of America
Corp.'s Merrill Lynch estimates Tepco may face compensation
claims of as much as JPY11 trillion (US$135 billion).

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 11, 2011, Moody's Japan K.K. confirmed the ratings of Tokyo
Electric Power Co.  The ratings confirmed include its senior
secured rating of Ba2, long-term issuer rating of B1, and
Corporate Family Rating of Ba3.  The ratings outlook is negative.

In February, Standard & Poor's Ratings Services kept Tokyo
Electric Power Co. Inc. on CreditWatch but revised its
implications to negative from developing. "We maintained the 'B+'
long-term corporate credit, 'B' short-term corporate credit, and
'BB+' long-term debt ratings on the company. The stand-alone
credit profile on TEPCO remains at 'ccc+', and the likelihood
that the company will receive extraordinary support from the
government of Japan (AA-/Negative/A-1+) in the event of financial
distress remains 'high.' We placed the ratings on CreditWatch
developing on May 13, 2011, and kept them on that status after
lowering the ratings on the company on May 30, and again on
Aug. 4 and Nov. 9," S&P said.


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


DEVELOPMENT BANK: S&P Gives 'BB-' Foreign Currency Issue Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' foreign
currency issue rating to the proposed issue of U.S. dollar notes
by Development Bank of Mongolia.

"The bank's inaugural issue is a senior unsecured drawdown from
its $600 million euro medium term note program, which we rated
'BB-'. The tenure of the proposed issue is expected to be between
three and five years," S&P said.

"DBM is wholly owned by the government and is the only policy
bank in Mongolia. The bank's mandate is to secure financing for a
variety of projects that constitute key components of the
government's development strategy. These include railroad and
road transportation, infrastructure for housing projects, energy,
and industrial development," S&P said.

"All payments related to the notes under the program have the
unconditional, irrevocable, and timely guarantee of the
government of Mongolia (BB-/Positive/B). The obligations rank
pari passu with other external debt obligations of the sovereign.
We have equalized the issue rating with the sovereign credit
rating on Mongolia because of the strength of the sovereign
guarantee and ownership, and the bank's policy role," S&P said.

"The sovereign ratings on Mongolia reflect the country's
underdeveloped, resource-based economic profile and weak policy
environment. Mongolia's exceptionally strong growth outlook over
the medium term, and moderating public and external debt ratios
balance these weaknesses. Continued strong donor and multilateral
support also underpin the rating by ensuring a moderate debt-
servicing burden," S&P said.


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


CENTURY CITY: Serepisos Heads to LA to Secure Financing
-------------------------------------------------------
Fairfax NZ News reports that bankrupt property developer Terry
Serepisos departed Wellington for Los Angeles this week in a
continuation of his long-running quest to secure offshore
financing.

John Fisk of PricewaterhouseCoopers, who is receiver and
liquidator of more than a dozen of the bankrupt property
developer's companies, said he had heard about the LA trip but
was unaware of the details, the report relates.

Fairfax NZ notes that a spokesman for the Official Assignee, who
has to approve a bankrupt's travel overseas, said Mr. Serepisos
was given consent to travel abroad between March 2 and 13.
According to the report, Mr. Serepisos recently told an Auckland
gossip columnist that he wanted to relocate to Auckland because
"Wellington is too much of a fishbowl".  The Official Assignee's
office confirmed the bankrupt would not need permission to make a
move within New Zealand, the report notes.

                      *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 27, 2011, nzherald.co.nz said Wellington businessman and
former Phoenix football owner Terry Serepisos was declared
bankrupt in the High Court at Wellington after his last-minute
bid for more time to pay debts was rejected.  Judge Gendall
granted an application by South Canterbury Finance, owed some
NZ$22.5 million, to declare Mr. Serepisos bankrupt after he
failed to convince the court to grant him four more days to
secure funding from a Hong Kong-based merchant bank.  In August,
BusinessDesk recalled, Mr. Serepisos was granted adjournment to
put forward a proposal to creditors that would sell down his
property portfolio in an orderly fashion, in a bid to meet the
entirety of the NZ$204 million owed to his lenders.  The
portfolio, made up of some 150 residential properties and more
than six commercial buildings, was valued at NZ$232.5 million,
BusinessDesk said.  The Serepisos-owned companies include Century
City Hunter Street, Century City Investments, Century City
Developments, Century City Management, and Century City Football,
which previously owned the Wellington Phoenix football team.


GFNZ GROUP: S&P Affirms 'CCC-' Issuer Credit Rating; Outlook Neg
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'CCC-' long-term
issuer credit rating on GFNZ Group Ltd. and on GFNZ's subsidiary,
Quest Insurance Group Ltd. The outlook on each issuer is
negative.

"The long-term issuer credit rating on GFNZ takes into account
the insurer's ability to meet sizeable semi-annual debenture
repayments and bank loan principal reductions. This factor
underpins our assessment of GFNZ's financial profile, as does its
knock-on effect of giving GFNZ the ability to expand its new
ledger business and its overall business position. The rating
also incorporates our view of good arrears on the new ledger, and
improved collection capabilities that are beneficial to future
profitability," S&P said.

"The negative outlook reflects the key challenge with meeting
sizeable debenture repayments and bank loan principal
reductions," said credit analyst Harry Hu, of the Financial
Services Ratings group. "While the most recent share placement
lowers the liquidity needs to meet immediate repayment needs,
further funding is required to: meet future refinancing needs;
expand its new ledger business; and avert potential business
reconfigurations that may include downsizing its operations. The
current rating and outlook also factors in our expectation that
credit quality of the new ledger business will be maintained and
collections performance remain good."

"In Standard & Poor's view, should the planned funding
initiatives be successful and greater certainty around cash
receipts be established, then there is scope for an upward
revision of the current rating and outlook. However, the rating
could be lowered if funding prospects were to materially worsen,
or collections efforts become less effective and thus jeopardize
scheduled repayment obligations or trigger an adverse liquidity
event. The rating could also be lowered if we see a sustained
decrease in creditworthy new business volumes that weakens GFNZ's
overall business profile," 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.

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