TCRAP_Public/120314.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Wednesday, March 14, 2012, Vol. 15, No. 53

                            Headlines


A U S T R A L I A

DALE FORD: Financier Calls In Insolvency Experts
DV KELLY: MP May Face Prosecution as Family-owned Firm Collapse
ILLAWARRA SERIES: Fitch Affirms Rating on 10 Note Classes
MACQUARIE GROUP: Fitch Affirms Support Rating Floor at 'BB'
WATERSIDE POOLS: Goes Into Liquidation


C H I N A

AGILE PROPERTY: S&P Affirms 'BB' Corporate Credit Rating
CHINA TEL GROUP: Enters Into $1MM Line of Credit with Weal Group


H O N G  K O N G

MIT TECHNOLOGY: Court to Hear Wind-Up Petition on March 28
NEW GAS: Court Enters Wind-Up Order
POWER MAX: Court to Hear Wind-Up Petition on April 18
PROD-ART COMPANY: Court Enters Wind-Up Order
PROFIT STAR: Creditors' Proofs of Debt Due April 10

SMART UNION: Court Enters Wind-Up Order
STR (HK): Court Enters Wind-Up Order
SUPREME FINANCIAL: Court to Hear Wind-Up Petition on May 2
TOP FANCY: Court Enters Wind-Up Order
TOTAL SWISS: Court to Hear Wind-Up Petition on April 11


I N D I A

AR AIRWAYS: Fitch Affirms Nat'l Long-Term Rating at 'BB-'
DR. M.V. SHETTY: CRISIL Rates INR60MM Term Loan at 'CRISIL B-'
ENVIRONMENTAL CREATION: CRISIL Rates INR280.5MM Loan at 'BB-'
GAINUP INDUSTRIES: CRISIL Puts 'BB' Rating on INR221.8MM Loan
GL CONSTRUCTIONS: CRISIL Cuts Rating on INR55.2MM Loan to 'BB+'

GURUDEVA TRUST: Inadequate Info Cues Fitch to Migrate Ratings
IMAC INDIA: CRISIL Assigns 'CRISIL BB+' Rating to INR90MM Loan
JET AIRWAYS: Denies Frozen Bank Account Reports
J.Y. INTERNATIONAL: CRISIL Rates INR18.8MM Loan at ' CRISIL B-'
KMS COACH: CRISIL Puts 'CRISIL BB+' Rating on INR60MM Cash Credit

MALPANI COTTONS: CRISIL Rates INR140MM Cash Credit at 'CRISIL B+'
MUKUNDA DAIRY: Fitch Puts 'BB+' LT Rating With Stable Outlook
NIROS ISPAT: Price Volatility Cues Fitch to Put Low-B Rating
POPULAR AUTO: CRISIL Assigns 'CRISIL BB-' Rating to INR1.4MM Loan
RANISATI ROLLER: CRISIL Assigns 'CRISIL B' Rating to INR15MM Loan

REAL AGRO: CRISIL Assigns 'CRISIL BB' Rating to INR15MM Loan
SHREE KRISHNA: Delays in Loan Payment Cues CRISIL Junk Ratings
SHREE SANYEE: Loan Defaults Prompt Fitch to Put 'D' Rating
SSA INTERNATIONAL: Inadequate Info Cues Fitch to Migrate Rating
SUKHRAS MACHINES: Weak Liquidity Cues CRISIL 'C' Ratings

TRINETHRA INFRA: Delay in Loan Payment Cues CRISIL Junk Ratings
VARCHESWI MARKETING: CRISIL Rates INR20MM Loan at 'CRISIL B'
VIJAYA SAI: CRISIL Rates INR50MM Cash Credit at 'CRISIL B'
* 3 Large Indian Carriers Ask Government Aid as Bank Stop Lending


I N D O N E S I A

DAVOMAS ABADI: S&P Puts 'CCC+' Corp. Credit Rating on Watch Neg.


N E W  Z E A L A N D

STRATEGIC FINANCE: Investors to Get Small Payout Soon


S I N G A P O R E

HIBISTAR PTE: Creditors' Proofs of Debt Due April 9
IT XPRESS: Court to Hear Wind-Up Petition March 23
KEUMKANG MARINE: Court Enters Wind-Up Order
LEE HONG: Court to Hear Wind-Up Petition March 23
MSM HOLDINGS: Creditors' Proofs of Debt Due March 23

NAUTILUS PACIFIC: Creditors' Proofs of Debt Due April 9
PETROVAL PTE: Creditors' Proofs of Debt Due March 24


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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A U S T R A L I A
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DALE FORD: Financier Calls In Insolvency Experts
------------------------------------------------
Vanda Carson and Nick Tabakoff at The Daily Telegraph report that
financiers have foreclosed on western Sydney car dealership Dale
Ford after the company had problems paying its debts.

The report relates that insolvency firm McGrath Nicol was
appointed on March 7 by lender Secure Funding.

According to Daily Telegraph, sales of Ford's larger vehicles --
such as its flagship Falcon -- have dwindled in recent years due
to high petrol prices and city living.

Ford delivered just 931 Falcons in January this year, down from
the paltry 1,157 delivered in January 2011, the report notes.

Daily Telegraph discloses that owners Rex Conway and John Stark
had worked for Dale Ford during the 1970s and 1980s before taking
over the dealership, which was once owned and run by racing
legend Sir Jack Brabham.


DV KELLY: MP May Face Prosecution as Family-owned Firm Collapse
---------------------------------------------------------------
SmartCompany reports that Federal Liberal MP Craig Kelly is
fighting allegations he was a de facto director of his family
furniture company, DV Kelly Pty Ltd, that is alleged to have
traded while insolvent.

SmartCompany relates that before entering federal Parliament in
August 2010, the Member for Hughes worked as an "export manager"
for the company that attempted to make money by importing flat-
pack furniture from Asia and onselling it to Harvey Norman.

The firm, founded by his parents Lawrence and Raima Kelly in
1962, hit trouble in December when winding-up orders were issued
by the tax office, according to the report.  It shut its doors in
January owing creditors and staff more than AUD4 million,
SmartCompany discloses.  Administrators and liquidators Con
Cordis have been appointed to pick over the wreckage, the report
notes.

While not listed as an official director of the family firm, Con
Cordis has raised the possibility that Kelly and his brother
Jason may have acted as "de facto" directors, placing them at
risk of prosecution under Australian law, SmartCompany adds.

Chipping Norton-based DV Kelly Pty Ltd imported flat-pack
furniture from Asia.


ILLAWARRA SERIES: Fitch Affirms Rating on 10 Note Classes
---------------------------------------------------------
Fitch Ratings has affirmed 10 classes of notes issued from two
Illawarra Series of CMBS.  The transaction is backed by a pool of
Australian small balance commercial mortgages originated by IMB
Ltd.

The rating actions are:

Illawarra Series 2007-1 CMBS Trust (Illawarra 2007-1 CMBS):

  -- AUD61.28m Class A (ISIN AU3FN0002747) affirmed at 'AAAsf';
     Outlook Stable

  -- AUD12.25m Class B (ISIN AU3FN0002754) affirmed at 'AAAsf';
     Outlook Stable

  -- AUD10.25m Class C (ISIN AU3FN0002838) affirmed at 'AAsf';
     Outlook Stable

  -- AUD8m Class D (ISIN AU3FN0002853) affirmed at 'Asf'; Outlook
     Stable

  -- AUD4.3m Class E (ISIN AUSFN0002788) affirmed at 'BB+sf';
     Outlook Stable

  -- AUD4.2m Class F: not rated

Illawarra Series 2011-1 CMBS Trust (Illawarra 2011-1 CMBS):

  -- AUD152.41m Class A (ISIN AU3FN0014007) affirmed at 'AAAsf';
     Outlook Stable

  -- AUD5.17m Class B (ISIN AU3FN0014015) affirmed at 'AAsf';
     Outlook Stable

  -- AUD8.41m Class C (ISIN AU3FN0014023) affirmed at 'Asf';
     Outlook Stable

  -- AUD9.73m Class D (ISIN AU3FN0014031) affirmed at 'BBBsf';
     Outlook Stable

  -- AUD2.03m Class E (ISIN AUSFN0014049) affirmed at 'BBsf';
     Outlook Stable

  -- AUD6.08m Class F: not rated

  -- AUD4.06m Class G: not rated

The rating affirmations and Stable Outlooks reflect Fitch's view
that credit enhancement is able to support the notes at their
current ratings and that the credit quality and performance of
the underlying loans should remain stable.

"IMB has a history of strong small balance commercial mortgage
performance, with Illawarra 2007-1 and 2011-1 CMBS displaying low
or no arrears, low losses and adequate excess spread," says Kim
Bui, Analyst in Fitch's Structured Finance team.  "In particular,
Illawarra 2007-1 CMBS has benefited from a build up in credit
enhancement as mortgage loans have amortised."

Since closing, Illawarra 2007-1 CMBS has experienced two defaults
generating a loss of AUD261,288 which was fully covered by excess
spread and the credit enhancement provided by the unrated Class F
notes.  Arrears historically have been low and below 1% and as at
end-December 2011, were zero.  Excess spread in Illawarra 2007-1
CMBS has been overall stable and able to repay mortgage
shortfalls when required, reducing temporary charge-offs on the
Class F notes.

Illawarra 2011-1 CMBS has experienced no defaults since closing
in August 2011, and as at end-December 2011, just one loan was in
arrears by 30-59 days, totalling AUD488,521, equivalent to 0.17%
of the current outstanding pool balance.


MACQUARIE GROUP: Fitch Affirms Support Rating Floor at 'BB'
-----------------------------------------------------------
Fitch Ratings has downgraded Macquarie Group Limited's and its
Australian subsidiaries' Long-Term Issuer Default Ratings (IDR)
and Viability Ratings (VR) by one notch.  At the same time, the
Rating Watch Negative (RWN) on MGL and its subsidiaries has been
removed and a Stable Outlook assigned to the Long-Term IDRs.

These actions conclude Fitch's review of MGL announced on 8
February 2012 which stemmed from Fitch's broad review of the
largest banking institutions in the world.  This review has been
ongoing for some time and was prompted by challenges facing
financial institutions globally, in particular those that are
more exposed to market- oriented income.  These actions do not
reflect any developments specific to Macquarie, but result from
this broad global review.

MGL has exposure to a number of market-oriented businesses.  An
uncertain global economic environment and increasing regulation
mean that absolute returns from these businesses are likely to be
subdued relative to pre-2008 levels in the short- to medium-term.
Also, market- oriented businesses have a more volatile earnings
profile than traditional commercial banking businesses.

In addition, Macquarie has a reliance on wholesale funding
relative to peers. Wholesale funding has become more vulnerable
to swings of investor confidence following the crisis that began
in 2008.  Although MGL manages this exposure well, with a
conservative liquidity policy and limited use of short-term
wholesale funding, in Fitch's view this reliance, when combined
with a more volatile earnings profile relative to that of
commercial banks, is better reflected at the new rating levels.

Fitch notes that Macquarie's market-oriented businesses are
client-focused, with only modest proprietary trading exposures,
which offset some of the risks noted above.  The group has also
been proactive in addressing the changing operating environment
and regulatory issues, exiting a number of businesses, reducing
costs and undertaking capital efficiency initiatives.  In
addition, a number of non-market oriented businesses with a more
stable earnings profile provide some offset to earnings
volatility.

Other aspects of Macquarie's financial profile, including asset
quality, capital and exposure to market risk continue to compare
favourably with larger global trading and universal banks and
support a Stable Outlook.  A material weakening of any of these
aspects may result in further negative rating action.

MGL provides both investment banking and traditional banking
services, with a focus on client transactions.  Operations span
markets in Australia, the UK, Europe, Asia and the US. MGL's six
businesses can be divided into those that are market-oriented
(Macquarie Capital, Macquarie Securities and Fixed Income,
Commodities and Currencies) and those that provide traditional
commercial banking and wealth management services (Macquarie
Funds, Corporate and Asset Finance, and Banking and Financial
Services).

The rating actions are as follows:

Macquarie Group Limited (MGL):

  -- Long-Term IDR: downgraded to 'A-' from 'A'; removed from
     RWN; Stable Outlook
  -- Short-Term IDR: downgraded to 'F2' from 'F1'; removed from
     RWN
  -- Viability Rating: downgraded to 'a-' from 'a'; removed from
     RWN
  -- Support Rating: affirmed at '5
  -- Support Rating Floor: affirmed at 'No Floor'
  -- Senior unsecured debt: downgraded to 'A-' from 'A'; removed
     from RWN
  -- Short-term debt: downgraded to 'F2' from 'F1'; removed from
     RWN
  -- Hybrid capital instruments: downgraded to 'BB' from 'BB+';
     removed from RWN

Macquarie Bank Limited (MBL):

  -- Long-Term IDR: downgraded to 'A' from 'A+'; removed from
     RWN; Stable Outlook
  -- Short-Term IDR: affirmed at 'F1'
  -- Viability Rating: downgraded to 'a' from 'a+'; removed from
     RWN
  -- Support Rating: affirmed at '3'
  -- Support Rating Floor: affirmed at 'BB'
  -- Government-guaranteed senior debt: affirmed at 'AAA'
  -- Senior unsecured debt: downgraded to 'A' from 'A+'; removed
     from RWN
  -- Short-term debt: affirmed at 'F1'
  -- Subordinated debt: downgraded to 'A-' from 'A'; removed from
     RWN
  -- Hybrid capital instruments: downgraded to 'BB+' from 'BBB-';
     removed from RWN
  -- Exchangeable capital securities: downgraded to 'BB+(exp)'
     from 'BBB- (exp)'; removed from RWN

Macquarie Financial Holdings Limited (MFHL):

  -- Long-Term IDR: downgraded to 'A-' from 'A'; removed from
     RWN; Stable Outlook
  -- Short-Term IDR: downgraded to 'F2' from 'F1'; removed from
     RWN
  -- Support Rating: affirmed at '1'

Macquarie International Finance Limited (MIFL):

  -- Long-Term IDR: downgraded to 'A-' from 'A'; removed from
     RWN; Stable Outlook
  -- Short-Term IDR: downgraded to 'F2' from 'F1'; removed from
     RWN
  -- Support Rating: affirmed at '1'


WATERSIDE POOLS: Goes Into Liquidation
--------------------------------------
Waterside Pools, a Hunter pool company that claims to be the
largest installer of fibreglass pools in Hunter region, has gone
into liquidation.

The owner of Waterside Pools, Dennis Faulkner, bought Our Town
Pools around six years ago. At its peak the company, based at
Belmont North and Rutherford, employed nearly a dozen people.

But it has recently gone into liquidation with the ABC being told
the remaining three employees are owed around AUD60,000 in annual
and long service leave.  They are now lodging claims with GEERS,
the Commonwealth's Employee Entitlements Scheme.

According to ABC, suppliers are owed more than AUD500,000 and at
least 10 customers are still waiting on pumps and filters to be
installed in their new pools.


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C H I N A
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AGILE PROPERTY: S&P Affirms 'BB' Corporate Credit Rating
--------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' long-term
corporate credit rating on China-based property developer Agile
Property Holdings Ltd. The outlook is stable. "At the same time,
we affirmed the 'BB' issue rating on the company's outstanding
senior unsecured notes. We also affirmed our 'cnBBB-' Greater
China credit scale rating on Agile and our 'cnBBB-' issue rating
on its outstanding senior unsecured notes," S&P said.

"We affirmed the ratings on Agile to reflect our view that the
company can maintain its credit strength despite a deepening
market correction in the next 12 months," said Standard & Poor's
credit analyst Frank Lu. "We expect the company's property sales
to remain stable this year, with the government's policy
tightening still taking a toll. Agile's leverage is likely to
increase moderately in 2012, but should stay comfortably within
our downgrade thresholds."

"Agile's increasing properties for sale, moderate exposure to
cities with purchase restrictions, and satisfactory execution
capabilities should underpin sales this year, in our view. In our
base case, we assume contracted sales of about Chinese renminbi
(RMB) 31 billion in 2012, which would be flat year over year.
This level represents about 50% of the total available properties
for sale in 2012," S&P said.

"In our opinion, Agile faces continued revenue concentration risk
from its two main markets of Guangdong and Hainan provinces. In
particular, its Hainan sales are from a single large-scale
tourism property project. We expect Hainan's contribution to
revenue to remain significant at about 20% over the next two
years, down from 40% in 2011 because more sales will come from
other projects. Satisfactory sales in Hainan and the company's
good market presence in Guangdong temper concentration risk, in
our view," S&P said.

"We believe Agile's growth appetite is aggressive, but the
company's financial management is flexible and it controls the
pace of growth in response to cyclical market conditions," said
Mr. Lu. "Agile may step up expansion of its land bank this year,
mainly through debt funding. Our base case takes into account a
potential debt increase. We estimate that the company's debt-to-
EBITDA ratio will rise to 2.5x-3.0x in 2012 from 2.2x in 2011 and
EBITDA interest coverage could fall to about 5.0x from 6.0x in
2011. That level would still compare favorably with 'BB'-rated
peers."

"We anticipate that Agile's gross profit margin will drop to a
more stable level of about 40% over the next two years from 54%
in 2011. The decline reflects the future smaller contribution
from Hainan and a cut in average selling prices since late 2011.
Such a margin would be satisfactory compared with similarly rated
peers', in our view," S&P said.

"The stable outlook on Agile reflects our expectation that the
company's property sales and capital structure will largely
remain stable in the next year," said Mr. Lu. "We also expect the
company to continue to manage its expansion and leverage with
caution."

"We could lower the rating if Agile's property sales are
materially below our expectation or management adopts more
aggressive plans for construction and land acquisitions over the
next 12 months, such that the company's EBITDA interest coverage
falls below 3x and the ratio of total debt to EBITDA exceeds
4x. We may also lower the rating if, over the next 12 months,
Agile's liquidity and funding flexibility weaken due to weak
sales or rapid expansion," S&P said.

"We may raise the rating if: (1) Agile's significant financial
risk profile further improves due to strong sales, good
profitability, and well-managed leverage, such that the company
maintains an adjusted ratio of total debt to EBITDA of less than
3.0x and EBITDA interest coverage ratio of more than 5.0x
on a sustained basis; and (2) it materially improves its
geographical or product diversification," S&P said.


CHINA TEL GROUP: Enters Into $1MM Line of Credit with Weal Group
----------------------------------------------------------------
VelaTel Global Communications, Inc., formerly known as China Tel
Group, Inc., on March 5, 2012, granted a Line of Credit
Promissory Note to Weal Group, Inc., in the principal amount of
$1,052,631.  The disbursement amount of the Weal Note is
$1,000,000.  Weal will retain a 5% Holdback as a set-up fee and
compensation for Weal's due diligence.  The difference between
the disbursement amount and the principal amount represents the
5% Holdback fee.  The Maturity Date of the Weal Note is March 5,
2013.  The Company may prepay the Weal Note in whole or in part
prior to its Maturity Date without penalty.  The Weal Note bears
interest on its principal amount at 10% per annum.  The Weal Note
provides:

   Contemporaneously with the execution of the Weal Note,
   Borrower is maker on a Note with Isaac Organization, Inc.
   The Isaac Note provides that Borrower and Isaac agree to add
   a conversion feature granting Isaac an option to convert all
   or a portion of the balance of principal and interest due
   under the Isaac Note to shares of Borrower's Series A common
   stock.  The details of the conversion feature will be agreed
   to between the Parties when Borrower has additional authorized
   Shares available for issuance.  Upon that amendment or
   substitution of the Isaac Note, Borrower agrees to amend or
   substitute the Weal Note with an amended Weal Note containing
   identical conversion features to the amended or substituted
   Isaac Note.

A complete copy of the Weal Note is available for free at:

                       http://is.gd/A1CN6A

                         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.


================
H O N G  K O N G
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MIT TECHNOLOGY: Court to Hear Wind-Up Petition on March 28
----------------------------------------------------------
A petition to wind up the operations of MIT Technology Co Limited
will be heard before the High Court of Hong Kong on March 28,
2012, at 9:30 a.m.

Kaga Devices (H.K.) Limited filed the petition against the
company on Jan. 26, 2012.

The Petitioner's solicitors are:

          Fred Kan & Co
          3104-3107, 31/F
          Central Plaza
          No. 18 Harbour Road
          Hong Kong


NEW GAS: Court Enters Wind-Up Order
-----------------------------------
The High Court of Hong Kong entered an order on Jan. 4, 2012, to
wind up the operations of New Gas (E & M) Engineering Company
Limited.

The company's liquidator is Yuen Tsz Chun Frank.


POWER MAX: Court to Hear Wind-Up Petition on April 18
-----------------------------------------------------
A petition to wind up the operations of Power Max International
Development Limited will be heard before the High Court of Hong
Kong on April 18, 2012, at 9:30 a.m.

Mak Ching Shan filed the petition against the company on Feb. 14,
2012.

The Petitioner's solicitors are:

          Szwina Pang Edward Li & Co.
          Suite 1408, 14th Floor
          Prince's Building
          10 Chater Road
          Central, Hong Kong


PROD-ART COMPANY: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order on Feb. 13, 2012, to
wind up the operations of Prod-Art Company Limited.

The company's liquidator is Yuen Tsz Chun Frank.


PROFIT STAR: Creditors' Proofs of Debt Due April 10
---------------------------------------------------
Creditors of Profit Star International Holdings Limited, which is
in members' voluntary liquidation, are required to file their
proofs of debt by April 10, 2012, to be included in the company's
dividend distribution.

The company's liquidator is:

         Cheung Hok Hin Alan
         Messrs. Wing United
         CPA Limited
         Suite 2302, 23/F
         Seaview Commercial Building
         21 Connaught Road
         West, Sheung Wan
         Hong Kong


SMART UNION: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on Feb. 27, 2012, to
wind up the operations of Smart Union Group Limited.

The company's liquidator is:

         Mat Ng
         20/F, Henley Building
         5 Queen's Road
         Central, Hong Kong


STR (HK): Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order on Jan. 18, 2012, to
wind up the operations of STR (Hong Kong) Limited.

The company's liquidator is:

         Mat Ng
         20/F, Henley Building
         5 Queen's Road
         Central, Hong Kong


SUPREME FINANCIAL: Court to Hear Wind-Up Petition on May 2
----------------------------------------------------------
A petition to wind up the operations of Supreme Financial
Services Limited will be heard before the High Court of Hong Kong
on May 2, 2012, at 9:30 a.m.

Zurich International Life Limited filed the petition against the
company on Feb. 24, 2012.

The Petitioner's solicitors are:

          Winnie Mak, Chan & Yeung
          8th Floor, Two Chinachem Plaza
          68 Connaught Road
          Central, Hong Kong


TOP FANCY: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on Feb. 8, 2012, to
wind up the operations of Top Fancy Enterprise Limited.

The company's liquidator is:

         Mat Ng
         20/F, Henley Building
         5 Queen's Road
         Central, Hong Kong


TOTAL SWISS: Court to Hear Wind-Up Petition on April 11
-------------------------------------------------------
A petition to wind up the operations of Total Swiss (Hong Kong)
Limited will be heard before the High Court of Hong Kong on
April 11, 2012, at 9:30 a.m.

PM-International AG filed the petition against the company on
Feb. 1, 2012.

The Petitioner's solicitors are:

          Ho Wong & Wong
          Suite 2508, Tower 1
          Lippo Centre
          89 Queensway, Hong Kong


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AR AIRWAYS: Fitch Affirms Nat'l Long-Term Rating at 'BB-'
---------------------------------------------------------
Fitch Ratings has affirmed India-based AR Airways Private
Limited's National Long-Term Rating at 'Fitch BB-(ind)' with a
Stable Outlook.  The agency has also affirmed ARAPL's outstanding
INR661.8m long-term bank loans at 'Fitch BB-(ind)'.

The ratings continue to be constrained by ARAPL's small scale of
operations and sluggish growth, as illustrated by its revenue of
INR528m in FY11 (financial year ending March) and INR490m in FY10
(FY09: INR439m).  Also, ARAPL continues to post net losses (FY10-
FY11: around INR30m) due to high depreciation and interest costs.

The ratings are also constrained by the expected decline in
revenue in FY12 due to unfavourable market conditions and large
debt servicing, amounting to around INR200m each year, due from
FY12 onwards with an expected debt service coverage ratio (DSCR)
of around 0.9x in FY12 (FY11: 1.0x).  The DSCR is likely to
reduce slightly in the near-term, and ARAPL would require
financial support from its founders or refinancing for debt
servicing.

Although ARAPL's revenues have shown a sustained improvement over
the last two years, its EBITDAR margins declined to 28.25% in
FY11 after rising to 34.95% in FY10 (FY09: 25.97%) due to
unfavorable market conditions.  There was a slight increase in
its financial leverage in FY11, with the adjusted net debt/
EBITDAR of 4.92x, after improving significantly to 4.83x in FY10
from 7.13x in FY09.

ARAPL is also facing high debtor days (around 60 days), with
about 50% of debtors being older than six months at end-January
2012.  However, average days of receivables reduced to around 60
in FY11 from past year's level of around 68.  Furthermore, the
private air charter industry is capital intensive, highly
volatile, linked to economic activity and highly competitive.
Also, large corporate groups have their own aircrafts.

The ratings continue to be supported by ARAPL's long-term
agreements with its corporate customers, under which the company
has received a significant amount of advance money against its
commitment to provide a particular number of flying hours
annually.

Positive rating action may result from improvements in the scale
of business and higher EBITDAR margins leading to DSCR exceeding
1.05x on a sustained basis.  Conversely, any significant increase
in refinancing risk leading to a reduction in DSCR and/ or debt-
led capex and a decline in EBITDAR leading to deterioration of
the adjusted net debt/EBITDAR could be negative for the ratings.

ARAPL is an air charter service company, which offers fee-based
air charter services to corporate, political parties, state
governments among others.  The company has a fleet of seven
aircrafts out of which six are owned, and operates under the
brand name 'Club One Air'.  The company's main operating expenses
include fuel expenses, maintenance expenses, and airport &
landing charges.


DR. M.V. SHETTY: CRISIL Rates INR60MM Term Loan at 'CRISIL B-'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the term
loan facility of Dr. M.V. Shetty Memorial Trust.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Term Loan              60          CRISIL B-/Stable (Assigned)

The rating reflects established trust offering spectrum of
educational course and Healthy demand prospects of education
sector in India. These rating strengths are partially offset by
the trust's exposure to intensely competitive landscape of
education sector in and around Mangalore coupled with below
average financial risk profile marked by high gearing and subdued
debt protection metrics and weak debt servicing indicators.

Outlook: Stable

CRISIL expects Dr. M.V. Shetty Memorial Trust will continue to
benefit over the medium term from the diversified profile of
educational courses offered by its institutes. The outlook may be
revised to 'Positive' if DMVS further scales up its operations
resulting in substantial improvement in its net cash accruals
leading to sizeable cushion in cash flow from operations and debt
servicing commitments. Conversely, the outlook may be revised to
'Negative' in the event of a substantial decline in student
intake or any further large debt funded capital expenditure
resulting in deterioration in its financial risk profile.

DMVS was established in 1985 by Dr. M. Ramgopal Shetty. The trust
has established 11 educational institutions in an around
Mangalore, Karnataka, and offers Physiotherapy, Nursing,
Engineering, Arts and Science course. The trust was a pioneer in
starting nursing courses in Mangalore in mid- 1980's. This trust
grew under the management of Dr M Ramgopal Shetty, who is surgeon
by profession and runs the Dr M V Shetty Hospital at Mangalore.
The total student strength across all educational institutes is
about 1900.

DMVS reported a net deficit (excess of expenditure over income)
of INR6.6 million on operating income of INR96.3 million for
2010-11 (refers to financial year, April 1 to March 31), against
a net deficit of INR6.1 million on operating income of INR92.8
million for 2009-10.


ENVIRONMENTAL CREATION: CRISIL Rates INR280.5MM Loan at 'BB-'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the long-
term bank facilities of Environmental Creation Pvt Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan             280.5       CRISIL BB-/Stable (Assigned)

The rating reflects ECPL's established relationships with its
anchor clients like Big Bazaar, FAME Cinemas, Globus, Jammin
resulting in steady flow of lease rentals. This rating strength
is partially offset by the susceptibility of the margins to
cyclicality in economic environment and competition.

Outlook: Stable

CRISIL believes that ECPL will maintain a stable business risk
profile on the back of its steady cash flows under the existing
lease agreements. The outlook may be revised to 'Positive' in
case of better than expected response to the upcoming residential
project leading to lower reliance on external debt. Conversely,
the outlook may be revised to 'Negative' in case weakening of the
debt servicing metrics either due to repricing of the existing
lease agreements at lower rates or any significant debt funded
support to the upcoming residential project.

                    About Environmental Creation

ECPL, incorporated in 1998 by Mr. Jay Prakash Agarwal, an Kolkata
(West Bengal) based architect owns a four storey mall, Seven Seas
Mall, in Vadodara, Gujarat. In 2009-10, the Kolkata based
Chamaria family, engaged in commercial and industrial
construction in and around Kolkata, entered the business by
acquiring 50 per cent stake in ECPL. Hence presently the equity
is held equally by the Agarwal family and the Chamaria family.
The company's overall operations are managed by Mr. Jay Prakash
Agarwal. The mall has a built up area of 0.25 million square
feet, which also includes a multiplex. Seven Seas Mall has been
operational since May 2008. The mall is 95 percent occupied with
established clients like Big Bazaar, FAME Cinemas, Globus,
Jammin, MAX and Mc Donalds.

ECPL reported a profit after tax (PAT) of INR10.6 million on net
sales of INR77.1 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR4.4 million on net
sales of INR53.3 million for 2009-10.


GAINUP INDUSTRIES: CRISIL Puts 'BB' Rating on INR221.8MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of Gainup Industries India Pvt Ltd.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Term Loan              221.8       CRISIL BB/Stable (Assigned)
   Letter of Credit        50         CRISIL A4+ (Assigned)
   Bank Guarantee          15         CRISIL A4+ (Assigned)
   Cash Credit            100         CRISIL BB/Stable (Assigned)

The ratings reflect the benefits that GIPL derives from its
integrated operations and its moderate financial risk profile
marked by healthy capital structure and comfortable debt
protection metrics. These rating strengths are partially offset
by GIPL's moderate scale of operations, working-capital-intensive
operations and the susceptibility of the company's operating
margin to volatility in raw material prices.

Outlook: Stable

CRISIL believes that GIPL will continue to benefit over the
medium term from its integrated operations and promoters'
extensive experience in the textile industry. The outlook may be
revised to 'Positive' if the company improves its scale of
operations, while maintaining its capital structure, resulting in
improvement in financial risk profile. Conversely, the outlook
may be revised to 'Negative' if there is considerable decline in
cash accruals or if working capital management deteriorates or if
the company undertakes a large debt-funded capital expenditure
programme, resulting in weakening in its financial risk profile.

                     About Gainup Industries

Incorporated as a private limited company, GIPL derives around 60
per cent of its revenues from manufacturing cotton yarn and the
remaining from manufacture of readymade garments (sales made
through merchant exporters). The company has integrated
operations and operates 18,000 spindles and an in-house
garmenting unit with a capacity of 1,500 garments per day in its
manufacturing unit in Dindigul (TN). GIPL is currently
undertaking capex to the tune of INR 60 million to be funded
through term loans to the tune of INR 45 million and the
remaining through promoter's funds. This would result in
enhancement in garmenting unit's capacity to 6,500 garments per
day. The company's day-to-day operations are managed by Mr. S
Dwarakanathan and his wife, Mrs. D Indra.

DIPL reported a profit after tax (PAT) of INR 19.8 million on net
sales of INR 662 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR 10.3 million on net
sales of INR 438 million for 2009-10.


GL CONSTRUCTIONS: CRISIL Cuts Rating on INR55.2MM Loan to 'BB+'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
GL Constructions Pvt Ltd to 'CRISIL BB+/Negative/CRISIL A4+' from
'CRISIL BBB-/Negative/CRISIL A3'.

                        Amount
   Facilities          (INR Mln)       Ratings
   ----------          ---------       -------
   Bank Guarantee           50        CRISIL A4+ (Downgraded from
                                      CRISIL A3)

   Cash Credit              50        CRISIL BB+/Negative
                                      (Downgraded from CRISIL
                                       BBB-/Negative)

   Proposed Long-Term       55.2       CRISIL BB+/Negative
   Bank Loan Facility

   Term Loan                44.8        CRISIL BB+/Negative

The downgrade reflects the decline in GLC's business risk profile
and liquidity position. The revenues of the company are expected
to decline for the second consecutive year to INR350 million in
2011-12 (refers to financial year, April 1 to March 31) from
INR450 million in 2009-10. The decline in revenues is driven by
segmental and geographical concentration in GLC's revenue
profile, as it operates only in the road segment in Mumbai and
Navi Mumbai. Due to intense competition in this segment, the
company was unable to win tenders, resulting in decline in
revenues. Going forward, the company has plans to enter building
construction in Pune as a means to diversify its revenue profile.

CRISIL believes that GLC's revenues will grow at a modest pace,
marked by its modest order book of INR300 million. The liquidity
of the company was constrained by deteriorating working capital
management. Its gross current assets were 363 days as on
March 31, 2011, up from 257 days as on March 31, 2010. Though
working capital requirements are expected to moderate over the
medium term, with significant recovery of its debtors and
retention money, the operations are nevertheless expected to
remain working capital intensive.

The ratings reflect GLC's established track record in the road
construction business, and average financial risk profile, marked
by healthy gearing and moderate debt protection indicators. These
strengths are, however, partially offset by GLC's exposure to
risks related to intense competition in the road construction
business, geographical and customer concentration in its revenue
profile, and large working capital requirements.

Outlook: Negative

CRISIL believes that GLC's credit risk profile will come under
pressure in case of a further decline in its revenues, coupled
with high working capital intensity. The rating may be downgraded
if there is no improvement in GLC's scale of operations or its
working capital management. Conversely, the outlook may be
revised to 'Stable' in case it improves its order book position,
and significantly improves working capital management through
better collections and release of retention money.

                       About GL Constructions

GLC, incorporated in 1996, was promoted by Mr. Sunil Mathreja. It
undertakes road construction and repair work. The company is a
classified AA contractor for Municipal Corporation of Greater
Mumbai, Metropolitan Regional Development Authority, Maharashtra
State Road Development Corporation, Navi Mumbai Municipal
Corporation, and Thane Municipal Corporation.

GLC reported a profit after tax (PAT) of INR9.8 million on net
sales of INR455.4 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR30.5 million on net
sales of INR589.9 million for 2009-10.


GURUDEVA TRUST: Inadequate Info Cues Fitch to Migrate Ratings
-------------------------------------------------------------
Fitch Ratings has migrated India-based Gurudeva Trust's National
Long-Term Rating of 'Fitch B(ind)' with a Stable Outlook to the
non-monitored category.  The rating will now appear as 'Fitch
B(ind)nm' on the agency's website.

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

Fitch also classified Gurudeva Trust's following bank loan
ratings as non-monitored:

  -- INR113.5m term loan: migrated to 'Fitch B(ind)nm' from
     'Fitch B(ind)'
  -- INR4.5m overdraft limit: migrated to 'Fitch B(ind)nm' from
     'Fitch B(ind)'

Gurudeva Trust is a public charitable trust formed in 2001 to run
Sree Narayana Guru Institute of Science and Technology.  The
institute offers courses in management, computer applications and
bio-informatics.  For FY10, Gurudeva Trust reported income of
INR49m, operating surplus of INR21.9m and net surplus of INR3m.


IMAC INDIA: CRISIL Assigns 'CRISIL BB+' Rating to INR90MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable/CRISIL A4+' ratings to
the bank facilities of IMAC India Coach Builders Pvt Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long-Term Loan         90         CRISIL BB+/Stable (Assigned)
   Bank Guarantee         20         CRISIL A4+ (Assigned)
   Cash Credit            50         CRISIL BB+/Stable (Assigned)

The ratings reflect the KMS group's established regional presence
in the bus body-building business aided by the extensive industry
experience of its promoter, its long standing customer
relationships, and its healthy order book. The ratings also
factor in the group's above-average financial risk profile,
marked by healthy gearing and debt protection metrics. These
rating strengths are partially offset by the KMS group's
susceptibility to the highly competitive nature of the bus body-
building industry, its working capital intensive operations,
customer concentration in its revenue profile, and to slowdown in
offtake from the end-user industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of KMS Coach Builders Pvt Ltd and IMAC
India Coach Builders Pvt Ltd, together referred to as the KMS
group. The consolidated approach is because both the companies
are in the same line of business, share a common management, and
have financial and operational linkages between them.

Outlook: Stable

CRISIL believes that the KMS group will benefit over the medium
term from the extensive industry experience of its promoters in
the bus-body building industry. The outlook may be revised to
'Positive' if the increase in the KMS group's revenues and
profitability is more than expected and if there is a significant
improvement in its capital structure. Conversely, the outlook may
be revised to 'Negative' in case of the KMS group's weaker-than-
expected business performance, or if it undertakes a larger-than-
expected debt-funded capital expenditure programme or delays in
receivables from the state transport undertakings, thereby
adversely affecting the group's financial risk profile.

                          About the Group

Set up in 2004 as a proprietorship firm, KMS was reconstituted as
a private limited company in 2007. Based in Bengaluru
(Karnataka), KMS is engaged in assembling and body-building of
various types of buses ranging from inter-city luxury buses
(standard and sleeper variety) to high-end city buses. The
company has an installed capacity of undertaking body building
for around 120 buses per month. The promoter-director, Mr. Ismail
Shariff, has more than two decades of experience in similar lines
of business. Later, in 2010-11 (refers to financial year, April 1
to March 31), the promoters set up IMAC with a production
capacity of 200 buses per month. The new facility was set up at a
cost of INR126.4 million and had commenced commercial operations
during 2010-11. The KMS group reported a profit after tax (PAT)
of INR22 million on net sales of INR801 million for 2010-11, as
against a PAT of INR16 million on net sales of INR603 million for
2009-10.


JET AIRWAYS: Denies Frozen Bank Account Reports
-----------------------------------------------
The Times of India reports that Jet Airways said the tax
authority has not frozen the airline's bank accounts, contrary to
media reports, and the company still plans to pay its January tax
dues of 350 million rupees on Monday, March 19.

According to the report, Jet Airways spokeswoman Srirupa Sen
clarified the service tax department has asked the International
Air Transport Association (IATA) to deposit a part of the
airline's collections from its settlement systems directly to the
government.

"The service tax department has been in touch with IATA with
regards to having their proceeds remitted when the collections
are remitted to Jet Airways," the airline said in a statement.

                       About Jet Airways

Jet Airways (India) Ltd (BOM:532617) --
http://www.jetairways.com/-- provides air transportation.  The
geographic segments of the company are domestic and
international.  The company has a frequent flyer program named
Jet Privilege wherein the passengers who uses the services of the
airline become services of the airline become members of Jet
Privilege and accumulates miles to their credit.  The company's
subsidiaries include Jet Lite (India) Limited, Jetair Private
Limited, Jet Airways LLC, Trans Continental e Services Private
Limited, Jet Enterprises Private Limited, Jet Airways of India
Inc., India Jetairways Pty Limited and Jet Airways Europe
Services N.V.  On April 20, 2007, the company acquired Sahara
Airlines Limited.

                          *     *     *

Jet Airways posted three consecutive consolidated net losses of
INR9.6 billion, INR4.2 billion, and INR858.4 million for the
years ended March 31, 2009 through 2011.


J.Y. INTERNATIONAL: CRISIL Rates INR18.8MM Loan at ' CRISIL B-'
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of J.Y. International.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Term Loan              18.8        CRISIL B-/Stable (Assigned)
   Proposed Long-Term     13.2        CRISIL B-/Stable (Assigned)
   Bank Loan Facility
    Cash Credit              38       CRISIL B-/Stable (Assigned)
   Post Shipment Credit     50        CRISIL A4 (Assigned)

The ratings reflect JYI's below-average financial risk profile,
marked by high gearing and weak debt protection metrics, and
stretched liquidity on account of increasing working capital
requirements. These rating weaknesses are partially offset by the
extensive industry experience of JYI's partners and established
relationships with key clients.

Outlook: Stable

CRISIL believes that JYI will benefit over the medium term from
the extensive experience of its partners in the steel kitchenware
business and established relationships with customers. The
outlook may be revised to 'Positive' if faster collection of
receivables translates into lower working capital requirements
thereby improving the firm's financial risk profile. Conversely,
the outlook may be revised to 'Negative' in case JYI's if there
is a significant reduction in its equity because of withdrawals
by partner, or if the firm's financial risk profile deteriorates
materially due to any large debt-funded capital expenditure plans
or further stretching of its working capital cycle.

                       About J.Y. International

JYI is engaged in the manufacture and export of stainless steel
kitchenware, including stock pots, cutlery, buckets and other
accessories. The firm was founded in 2004 as a partnership
between Mr. Mehul Parekh and Mr. Pankaj Parekh; the latter left
the firm in 2005. Mr. Mehul Parekh's wife, Mrs. Yogini Parekh,
joined JYI as a partner during the same year. Before setting up
the firm, the partners manufactured circle cut steel on jobwork
basis. Currently, JYI generates about 60 per cent of its sales
from exports to Singapore, Dubai, Latin America, Canada, Ghana,
the USA, and the UK. The firm acquires steel from local
manufacturers and processes it at its plant in Vasai
(Maharashtra).

JYI reported a profit after tax (PAT) of INR3.4 million on net
sales of INR444.5 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR3.5 million on net
sales of INR369.1 million for 2009-10.


KMS COACH: CRISIL Puts 'CRISIL BB+' Rating on INR60MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable/CRISIL A4+' ratings
to the bank facilities of KMS Coach Builders Pvt Ltd.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Bank Guarantee        30           CRISIL A4+
   Cash Credit           60           CRISIL BB+/Stable Assigned)

The ratings reflect the KMS group's established regional presence
in the bus body-building business aided by the extensive industry
experience of its promoter, its long standing customer
relationships, and its healthy order book. The ratings also
factor in the group's above-average financial risk profile,
marked by healthy gearing and debt protection metrics. These
rating strengths are partially offset by the KMS group's
susceptibility to the highly competitive nature of the bus body-
building industry, its working capital intensive operations,
customer concentration in its revenue profile, and to slowdown in
offtake from the end-user industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of KMS and IMAC India Coach Builders Pvt
Ltd, together referred to as the KMS group. The consolidated
approach is because both the companies are in the same line of
business, share a common management, and have financial and
operational linkages between them.

Outlook: Stable

CRISIL believes that the KMS group will benefit over the medium
term from the extensive industry experience of its promoters in
the bus-body building industry. The outlook may be revised to
'Positive' if the increase in the KMS group's revenues and
profitability is more than expected and if there is a significant
improvement in its capital structure. Conversely, the outlook may
be revised to 'Negative' in case of the KMS group's weaker-than-
expected business performance, or if it undertakes a larger-than-
expected debt-funded capital expenditure programme or delays in
receivables from the state transport undertakings, thereby
adversely affecting the group's financial risk profile.

                         About the Group

Set up in 2004 as a proprietorship firm, KMS was reconstituted as
a private limited company in 2007. Based in Bengaluru
(Karnataka), KMS is engaged in assembling and body-building of
various types of buses ranging from inter-city luxury buses
(standard and sleeper variety) to high-end city buses. The
company has an installed capacity of undertaking body building
for around 120 buses per month. The promoter-director, Mr. Ismail
Shariff, has more than two decades of experience in similar lines
of business. Later, in 2010-11 (refers to financial year, April 1
to March 31), the promoters set up IMAC with a production
capacity of 200 buses per month. The new facility was set up at a
cost of INR126.4 million and had commenced commercial operations
during 2010-11. The KMS group reported a profit after tax (PAT)
of INR22 million on net sales of INR801 million for 2010-11, as
against a PAT of INR16 million on net sales of INR603 million for
2009-10.


MALPANI COTTONS: CRISIL Rates INR140MM Cash Credit at 'CRISIL B+'
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the cash
credit facility of Malpani Cottons Pvt Ltd.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Cash Credit            140         CRISIL B+/Stable (Assigned)

The rating reflects MCPL's below-average financial risk profile,
marked by high gearing and weak debt protection metrics. The
rating also factors in the susceptibility of the company's
margins to volatility in cotton and cotton seed prices. These
rating weaknesses are partially offset by the extensive industry
experience of MCPL's promoters and established position in the
cotton industry.

Outlook: Stable

CRISIL believes that MCPL will continue to benefit over the
medium term from its promoters' extensive experience in the
cotton ginning business. The outlook may be revised to 'Positive'
in case of significant improvement in its capital structure by
generation of higher-than-expected cash accruals or infusion of
capital by the promoters while maintaining its revenues and
improving its profitability. Conversely, the outlook may be
revised to 'Negative' if MCPL's financial risk profile
deteriorates because of deterioration in its working capital
management or higher-than-expected debt-funded capital
expenditure plan.

                        About Malpani Cottons

Based in Andhra Pradesh, MCPL is engaged in ginning and pressing
as well as trading in raw cotton, cotton seeds, and oil cake. The
company was promoted in 2005 by Mr. Manish Malpani and his
brother, Mr. Mukesh Malpani. MCPL has taken the processing
facilities on lease basis from its group entity, Shri Maheshwari
Industries. The unit has a capacity of ginning 500 bales per day.

MCPL reported a profit after tax (PAT) of INR4 million on net
sales of INR886 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR2 million on net
sales of INR668 million for 2009-10.


MUKUNDA DAIRY: Fitch Puts 'BB+' LT Rating With Stable Outlook
-------------------------------------------------------------
Fitch Ratings has assigned India's Mukunda Dairy Products Private
Limited a National Long-Term rating of 'Fitch BB+(ind)' with
Stable Outlook.

The ratings reflect Mukunda's exposure to the volatility of raw
material prices, its limited pricing power, its working capital-
intensive business model and intense competition.

The ratings also factor in the decade-long experience of
Mukunda's sponsors in the domestic dairy industry.  They further
take into account its strong milk procurement base, large
customer base, moderate profit contribution from its tie-up with
Reliance Dairy, and an established presence in its core markets,
Hyderabad and Bangalore.

The ratings may be upgraded if net leverage is below 3.0x on a
sustained basis.  Conversely, the ratings may be downgraded if
net leverage from FY13 rises above 4.5x on a sustained basis.

Mukunda is based in Hyderabad and has a processing capacity of
400,000 litres per day.  It has 10 chilling centres and a
processing centre each in Hyderabad and Bangalore.  Mukunda
processes liquid milk and sells under the brand name 'Mukunda' in
its core markets.  For the financial year ended March 2011, it
reported revenue of INR873m (FY10: INR818m) with an EBIDTA of
INR36m (INR34m) with an EBIDTA margin of 4.1% (4.2%).  Mukunda
had a net leverage of 3.76x (3.1x) and interest cover of 2.39x
(2.26x) for the same period.

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

  -- INR80m of fund-based working capital limits: assigned 'Fitch
     BB+(ind)'/'Fitch A4+(ind)'
  -- Proposed INR20m of fund-based working capital limits:
     assigned 'Fitch BB+(ind)(exp)'/'Fitch A4+(ind)(exp)'


NIROS ISPAT: Price Volatility Cues Fitch to Put Low-B Rating
------------------------------------------------------------
Fitch Ratings has assigned India's Niros Ispat Pvt Ltd a National
Long-Term rating of 'Fitch B+(ind)' with Stable Outlook.

The ratings reflect Niros's exposure to price volatility in raw
materials (80% of sales) and finished goods and its tight
liquidity position as reflected by the 100% working capital
utilization during the past 12 months.  Fitch notes that the
company is seeking ad hoc limits from bankers, and expects
liquidity to improve with the enhancement of working capital
limit to INR200m from INR145m in February 2012.

Furthermore, Niros is setting up an INR402.3m, 8 megawatt waste
heat recovery based power plant in Bhilai, which is being funded
by a debt of INR267m, equity of INR85.3m and internal accruals of
INR50m. Any delay in project execution may add to liquidity
pressure.

The ratings are, however, supported by the company's 161% yoy
revenue growth to INR436.9m in FY11 (financial year ending
March), with EBITDA margin increasing to 7.2% from 3.5%.  This is
a result of the successful commencement of commercial production
at its 90,000 metric ton per annum (MTPA) sponge iron plant at
Bhilai in January 2011, increasing total capacity to 97,500 MTPA.
Its 30,000 MTPA induction furnace also commenced operations in
February 2012 in Bhilai.  In the 10 months period ended January
2012, Niros reported revenue of INR1,136.6m with its EBITDA
margin increasing to 9%, as the company achieved capacity
utilization of 54% in sponge iron.

Positive rating guidelines include timely completion of the
capex with no major cost overrun, improvements in margins and
maintenance of liquidity.  Conversely, delays in completion of
the capex resulting in liquidity pressure and interest coverage
of below 1.2x on a sustained basis may result in negative rating
action.

Niros was incorporated in 2001. In FY11, its net financial
leverage (total adjusted net debt/operating EBITDAR) was 9.95x
and interest coverage (operating EBITDA/gross interest expense)
was 1.25x.

Fitch has also assigned ratings to Niros's bank loans as follows:

  -- INR145m fund-based limit: assigned at 'Fitch B+(ind)'
  -- INR144.4m term loan: assigned at 'Fitch B+(ind)'
  -- INR50m non fund-based limit: assigned at 'Fitch A4(ind)'


POPULAR AUTO: CRISIL Assigns 'CRISIL BB-' Rating to INR1.4MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Popular Auto Dealers Pvt Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Working Capital       1.4         CRISIL BB-/Stable (Assigned)
    Term Loan
   Long-Term Loan        5.1         CRISIL BB-/Stable (Assigned)
   Bank Guarantee        36          CRISIL A4+ (Assigned)
   Cash Credit           46          CRISIL BB-/Stable (Assigned)

The ratings reflect PADPL's established regional position in the
automobile dealership business and moderate financial risk
profile, marked by moderate debt protection metrics. These rating
strengths are partially offset by PADPL's relatively small scale
of operations, exposure to risks related to low bargaining power
with principals, and intense competition in the automobile
dealership market.

Outlook: Stable

CRISIL believes that PADPL will benefit over the medium term from
its established market position. The outlook may be revised to
'Positive' if the company's capital structure and scale of
operations improve significantly. Conversely, the outlook may be
revised to 'Negative' if there is higher reliance on debt to fund
incremental working capital requirements, or the company
undertakes a large debt-funded capital expenditure programme.

                        About Popular Auto

PADPL is a part of the Kuttukaran group promoted by Mr.
Kuttukaran Porinchu Paul in 1940. PADPL was incorporated in 2005
as an authorised dealer for genuine spare parts for passenger
vehicles of Maruti Suzuki India Ltd.  In December 2008, the
company commenced dealership of genuine spare parts for passenger
vehicles for Tata Motors Ltd. PADPL currently has eight retail
outlets and six warehouses, and is present in 13 of Kerala's 14
districts and in Bengaluru. The company is now managed by his
family members, Mr. Naveen Phillip, Mr. Francis K Paul, and Mr.
John K Paul. PADPL's ultimate parent company, Popular Vehicles
and Services Ltd (rated 'CRISIL BB/Stable/CRISIL A4+') is a
leading dealer for MSIL in Kerala, with 11 showrooms and 24
service centres. The company also trades in used cars and spare
parts for MSIL vehicles.

PADPL reported a profit after tax (PAT) of INR9.0 million on net
sales of INR346.1 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR2.4 million on net
sales of INR272.6 million for 2009-10.


RANISATI ROLLER: CRISIL Assigns 'CRISIL B' Rating to INR15MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Ranisati Roller Flour Mills Pvt Ltd, part
of the Radhee group.

                        Amount
   Facilities          (INR Mln)       Ratings
   ----------          ---------       -------
   Proposed Long-Term     15           CRISIL B/Stable (Assigned)
   Bank Loan Facility

   Cash Credit            80           CRISIL B/Stable (Assigned)

   Letter of Credit       15           CRISIL A4 (Assigned)

The ratings reflect the Radhee group's weak financial risk
profile, marked by high gearing, small net worth, and weak debt
protection metrics, and constrained profitability due to low
pricing power. These rating weaknesses are partially offset by
the extensive experience of the Radhee group's promoters in the
flour roller milling sector and the group's established
relationships with its customers and suppliers.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of Rani Sati, Radhee Foods Pvt Ltd, and
Kaushalya Roller Flour Mills Pvt Ltd, together referred to as the
Radhee group. The consolidated approach is because all the
companies are in the same line of business, have the same
promoters, and have fungible cash flows among them.

Outlook: Stable

CRISIL believes that the Radhee group will benefit over the
medium term from the extensive experience of its promoters in the
flour roller milling business and established relationships with
customers. The outlook may be revised to 'Positive' if the
group's capital structure improves substantially most likely
because of large equity infusion or if its debt protections
metrics improve substantially most likely because of sustained
increase in profitability. Conversely, the outlook may be revised
to 'Negative' in case of significant increase in the Radhee
group's working capital funding requirement, or if it undertakes
a large, debt-funded capital expenditure, leading to further
deterioration of its financial risk profile.

                        About the Group

Rani Sati, Radhee, and Kaushalya are part of the Radhee group,
which manufactures wheat-based products, such as maida, sooji,
tandoori atta, and cattle feed. Maida is the staple product
manufactured by the group and accounts for about 50 per cent of
its turnover. Kaushalya is based in Mumbai, Rani Sati in Pune,
and Radhee in Ahmednagar (all in Maharashtra). Each company
operates a production facility with capacity of about 250 tonnes
per day. The companies are held by Mr. Mahesh Gupta and his
father, Mr. Gaurishankar Gupta, who set up Kaushalya in 1991,
Rani Sati in 2004 and Radhee in 2008; the promoters were earlier
involved in other family companies.

The Radhee group reported a profit after tax (PAT) of INR8.2
million on net sales of INR2.4 billion for 2010-11 (refers to
financial year, April 1 to March 31), as against a PAT of INR0.1
million on net sales of INR1.8 billion for 2009-10.


REAL AGRO: CRISIL Assigns 'CRISIL BB' Rating to INR15MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' rating to the bank
facilities of Real Agro Industries Pvt Ltd.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Cash Credit           15           CRISIL BB/Stable (Assigned)
   Term Loan            120           CRISIL BB/Stable (Assigned)

The rating reflects the benefits that RAIPL derives from its
promoters' extensive experience in the biscuit manufacturing
industry, its contract manufacturing agreement with Britannia
Industries Ltd (BIL; rated 'CRISIL AAA/Stable/CRISIL A1+') which
provides healthy revenue visibility, and its healthy operating
efficiencies driven by small working capital requirements and the
absence of input price risk. These rating strengths are partially
offset by RAIPL's average financial risk profile, marked by a
high gearing and moderate debt protection metrics, and the start-
up nature of the company's operations.

Outlook: Stable

CRISIL believes that RAIPL will benefit over the medium term from
its contract manufacturing agreement with BIL and its healthy
operating efficiencies. The outlook may be revised to 'Positive'
if RAIPL registers higher-than-expected accruals resulting in
significant improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if there is
any significant delay in operationalisation of RAIPL's plant, or
if the company undertakes any large, debt-funded capital
expenditure programme, leading to deterioration in its capital
structure.

                          About Real Agro

RAIPL was set up in 2008 by Mr. Sriprakash Loya, Mr. Vishnu
Prasad Agarwal, Mr. Nandlal Vijaywargi, and Mr. Vijay Kumar
Agarwal to set up a facility for contract manufacturing of
biscuits for BIL. Currently, the promoters have two functional
companies, Real Bakers Pvt Ltd and Sovino Foods Pvt Ltd; both the
companies undertake contract manufacturing for BIL. RAIPL's
facility is expected to have capacity of 27,654 tonnes per annum
and is being built at Medchal (Andhra Pradesh) at a total cost of
INR186.4 million. The project is being funded by a term loan of
INR120 million, trade deposit from BIL of INR20 million, and
equity contribution of INR46.4 million from the promoters. The
plant has commenced commercial production from February 2012.


SHREE KRISHNA: Delays in Loan Payment Cues CRISIL Junk Ratings
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Shree Krishna Educational and Charitable Society.

                        Amount
   Facilities          (INR Mln)       Ratings
   ----------          ---------       -------
   Term Loan             101.5         CRISIL D (Assigned)
   Overdraft Facility      6           CRISIL D (Assigned)
    Proposed Long-Term
   Bank Loan Facility      2.5         CRISIL D (Assigned)

The ratings reflect instances of delays by SKECS in timely
servicing of its debt repayment obligations; these delays have
been caused by the society's weak liquidity.

SKECS also has a weak financial risk profile, marked by a small
net worth and moderate debt protection metrics, and is vulnerable
to adverse regulatory changes. These rating weaknesses are
partially offset by the healthy demand prospects for the
education industry.

Established in 2008, SKECS operates two institutes - Aryabhatta
Engineering and Management Institute and Aryabhatta College -
that offer courses in various disciplines, such as engineering,
management, along with other graduation courses and are located
at Punjab. Both the institutes started operating from academic
year 2009-10 and are in the process of ramping up their
operations. Over the medium term, the primary revenue earner of
the society is expected to be its engineering and management
institute.

SKECS's profit after tax (PAT) is estimated at INR4.9 million on
an operating income of INR17.9 million for 2010-11, against a PAT
of INR17.2 million on an operating income of INR38.8 million for
2009-10.


SHREE SANYEE: Loan Defaults Prompt Fitch to Put 'D' Rating
----------------------------------------------------------
Fitch Ratings has assigned India-based Shree Sanyeeji Rolling
Mills a National Long-Term rating of 'Fitch D(ind)'.

The ratings reflect SSRM's defaults on term loan installments
amounting to INR12m and interest payments thereon, for the past
three months, and its overutilisation of the cash credit limits
by 4%-10% every month for the last six months.

The ratings are also constrained by a 10-month delay in the
commissioning of SSRM's TMT manufacturing plant, as well as low
capacity utilisation of around 20%-30%, low interest coverage of
0.97x, and high net financial leverage of 14.29x in FY11
(financial year ending March).

Timely repayments of its term liabilities and interest
obligations for two consecutive quarters would lead to a rating
upgrade.

Incorporated in 2009, SSRM has a 1.32 lacs metric tonne per annum
steel TMT bars manufacturing unit in Guwahati.  In FY11, SSRM
reported revenues of INR244.9m, EBITDAR margins of 13.03% and
total debt outstanding was INR463.3m.

SSRM's bank loans have also been rated as follows:

  -- INR211.5m long-term loans: assigned 'Fitch D(ind)'
  -- INR180m fund-based limits: assigned 'Fitch D(ind)'


SSA INTERNATIONAL: Inadequate Info Cues Fitch to Migrate Rating
---------------------------------------------------------------
Fitch Ratings has migrated India's SSA International Limited's
National Long-Term 'Fitch BB (ind)' rating with Stable Outlook to
the non-monitored category.  Simultaneously, the agency has
migrated the company's following bank loan ratings to the non-
monitored category:

  -- Outstanding INR371.7m long-term bank loan: migrated to
     'Fitch BB(ind)nm' from 'Fitch BB(ind)'

  -- INR2,200m fund-based working capital limits: migrated to
     'Fitch BB(ind)nm'/'Fitch A4+(ind)nm' from 'Fitch
     BB(ind)'/'Fitch A4+(ind)'

  -- INR553m non-fund based working capital limits: migrated to
     'Fitch BB(ind)nm'/'Fitch A4+(ind)nm' from 'Fitch
     BB(ind)'/'Fitch A4+(ind)'

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


SUKHRAS MACHINES: Weak Liquidity Cues CRISIL 'C' Ratings
--------------------------------------------------------
CRISIL has assigned its 'CRISIL C/CRISIL A4' ratings to the bank
facilities of Sukhras Machines Private Limited, part of the
Sukhras group.

                        Amount
   Facilities          (INR Mln)       Ratings
   ----------          ---------       -------
   Term Loan             16.8          CRISIL C (Assigned)
   Proposed Long-Term    86.4          CRISIL C (Assigned)
   Bank Loan Facility
   Bank Guarantee        50            CRISIL A4 (Assigned)
   Cash Credit           56.8          CRISIL C (Assigned)

The ratings reflect SMPL's weak liquidity, which is reflected in
delays in servicing its interest and principal obligations on the
term loan availed. The ratings also factor in SMPL's modest scale
of operations and working capital intensity of its activity.
These rating weaknesses are partially offset by the promoters'
extensive industry experience.

For arriving at its ratings, CRISIL has combined the business and
financial risk profile of SMPL and its group companies, Hydrochem
Engineers (Bombay) Pvt Ltd and Speedomat Engineers Pvt Ltd. The
companies are collective referred to as the 'Sukhras group'. This
is because of the common management of all the entities and
significant operational synergies between these entities. HEBPL
and SEPL undertake job-work for SMPL.

Incorporated in the year 1999 by the Mumbai based Luthra family,
Sukhras Machines Pvt Ltd is engaged in manufacturing of
centrifuge machines, primarily used in the pharmaceutical
industry. The company was initially incorporated as Sukhras
Machines, a partnership firm in the year 1960 by Mr. Tilak Raj
Luthra. SMPL has its manufacturing facility in Wada, Maharashtra.
Mr. Sidharth Raj Luthra along with his daughter, Ms. Saloni
Luthra and son, Mr. Eshan Luthra, overlooks the overall
operations of the company.

Speedomat Engineers Pvt Ltd was incorporated in the year 1981 and
has its manufacturimg unit at Tarapur, Maharashtra, while
Hydrochem Engineers (Bombay) Pvt Ltd was incorporated in 1992 and
has its manufacturing unit at Rabale, Maharashtra.

The Sukhras group reported, a profit after tax (PAT) of INR11.46
million on net sales of INR147.52 million for 2010-11 (refers to
financial year, April 1 to March 31); the group reported a PAT of
INR9.93 million on net sales of INR189.91 million for 2009-10.


TRINETHRA INFRA: Delay in Loan Payment Cues CRISIL Junk Ratings
---------------------------------------------------------------
CRISIL has downgraded its rating on the cash credit facility
of Trinethra Infra Ventures Ltd to 'CRISIL D' from
'CRISIL BB-/Stable'.

                        Amount
   Facilities          (INR Mln)       Ratings
   ----------          ---------       -------
   Cash Credit            80           CRISIL D (Downgraded from
                                       'CRISIL BB-/Stable')

The downgrade reflects instances of delay by TVIL in servicing
its cash credit account; the delays have been caused by the
company's weak liquidity resulting from delays in execution of
its hotel projects in Hyderabad, Visakhapatnam, and Kakinada (all
in Andhra Pradesh).

TIVL also has geographical and principal concentration in its
revenue profile, a limited track record of operations in the
civil construction industry, and is exposed to risks related to
the implementation of its capital expenditure programme. The
company, however, benefits from its promoters' experience in the
construction industry.

                        About Trinethra Infra

TIVL, based in Hyderabad, undertakes civil construction projects
as a special-grade sub-contractor in Andhra Pradesh. Over the
past four years, the company had executed civil construction work
on a sub-contract basis. It plans to construct three-star hotels
in Hyderabad, Eluru (Andhra Pradesh), Kakinada, and
Visakhapatnam, and in Bengaluru (Karnataka).

TIVL reported a profit after tax (PAT) of INR60 million on net
sales of INR1150 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR46 million on net sales
of INR1010 million for 2009-10.


VARCHESWI MARKETING: CRISIL Rates INR20MM Loan at 'CRISIL B'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Varcheswi Marketing Agencies.

                            Amount
   Facilities             (INR Mln)    Ratings
   ----------              ---------   -------
   Export Packing Credit      20       CRISIL B/Stable (Assigned)
   Export Packing Credit      29       CRISIL A4 (Assigned)
   Proposed Long-Term Bank   111       CRISIL B/Stable (Assigned)

The ratings reflect VMA's initial stage of operations, and
susceptibility to risks related to agricultural commodity nature
of products and regulatory risks. These rating weaknesses are
partially offset by VMA's prudent working capital management
policies and its partner's extensive experience in the rice
industry.

Outlook: Stable

CRISIL believes that VMA will benefit over the medium term from
the extensive experience of its partners in the rice industry.
The outlook may be revised to 'Positive' in case of more-than-
expected increase in the firm's scale of operations and
profitability, or in case of capital infused into the business by
the partners, leading to improvement in financial risk profile
and liquidity. Conversely, the outlook may be revised to
'Negative' if VMA's financial risk profile, especially liquidity
deteriorates because of withdrawal of capital, stretch in working
capital, or lower-than-expected operating income and
profitability.

                    About Varcheswi Marketing

Established in 2011, VMA trades in rice, maize, and spices in the
export and domestic markets. The firm is promoted by two
partners, Mr. Nageswara Rao and Mr. Rama Murthy, who have
extensive experience in the rice industry.


VIJAYA SAI: CRISIL Rates INR50MM Cash Credit at 'CRISIL B'
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the cash
credit facility of Vijaya Sai Cotton Corporation.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit           50          CRISIL B/Stable (Assigned)

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

Outlook: Stable

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

                        About Vijaya Sai

VSCC was established in 2009 and is engaged in ginning and
trading of cotton. The firm is located in Guntur (Andhra
Pradesh). It operates with an installed ginning capacity of 400
bales per day. VSCC's proprietor, Mr. P Sai Suresh Kumar, has
more than 10 years of experience in the cotton industry.

VSCC reported a net profit of INR1.52 million on net sales of
INR239.50 million for 2010-11 (refers to financial year, April 1
to March 31), as against a net profit of INR0.46 million on net
sales of INR24.10 million for 2009-10.


* 3 Large Indian Carriers Ask Government Aid as Bank Stop Lending
-----------------------------------------------------------------
The Economic Times reports that Air India Ltd, Jet Airways and
Kingfisher Airlines have sought government intervention in
getting banks to lend working capital to them.  An aviation
ministry source said that banks have completely stopped lending
to airlines and that the sector is facing its gravest fight for
survival, the report relates.

"Airlines have told us that bank funds are out of bounds for them
even as working capital requirement is shooting up. With crude
oil at $130 a barrel, there are indications that jet fuel price
will rise again. Banks ask for viability before lending but the
sector as of now is anything but that," a source told ET, warning
that unless some sector-specific package is worked out, other
airlines too could join the ranks of AI and Kingfisher, who are
on the verge of closure.

The news agency says the ongoing Kingfisher crisis is, in fact,
proving to be a double-edged sword for the aviation ministry.
While it realizes the sector as a whole needs a package to
survive, any push at this time "is being seen as a sop to save
Kingfisher," the report quotes a senior official as saying.
While this charge virtually rules out any swift action,
Kingfisher itself is benefiting from this muddle, ET states.

According to the report, aviation authorities said they will keep
a close eye on the situation in Kingfisher on Monday from when a
many pilots have threatened to go on strike for not getting paid.
If that happens, the airline would not be able to meet the highly
truncated schedule of 175 daily flights on 28 working aircraft.

"If Kingfisher comes to a position where it can't keep its
schedule because of unpaid pilots going on strike, we'll need to
take some action. But if we do that, how can we overlook AI,
where unpaid pilots have threatened to go on leave from April 1?"
an official told ET, adding that the only difference is that AI
is government-owned.


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


DAVOMAS ABADI: S&P Puts 'CCC+' Corp. Credit Rating on Watch Neg.
----------------------------------------------------------------
Standard & Poor's Ratings Services had placed its 'CCC+' long-
term corporate credit rating on PT Davomas Abadi Tbk. on
CreditWatch with negative implications. "We also placed the
'CCC+' issue rating on the senior secured notes due 2014 that
Davomas guarantees on CreditWatch with negative implications.
Davomas International Finance Co. Ltd., a wholly owned subsidiary
of Davomas, issued the notes," S&P said.

"We placed the ratings on CreditWatch because we have not been
able to confirm reports that Davomas missed a coupon payment due
on March 7, 2012," said Standard & Poor's credit analyst Xavier
Jean. "The Indonesian stock exchange suspended trading in Davomas
shares on March 9, 2012, following news reports that the company
failed to pay US$3.561 million interest on its senior secured
notes."

"We aim to resolve the CreditWatch placement when we obtain
greater clarity on Davomas' payment of its coupon due on March 7,
2012," said Mr. Jean. "We would lower the rating to 'D' if we can
confirm that the company missed the coupon payment. We could
affirm the rating with a negative outlook if we can confirm that
the company made the coupon payment."


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


STRATEGIC FINANCE: Investors to Get Small Payout Soon
-----------------------------------------------------
The National Business Review reports that Strategic Finance
investors, owed NZ$400 million, will get a small payout from
property sales soon.

NBR relates that receiver John Fisk, from PwC, said in a progress
update for investors that distributions will be made as soon as
sales money comes in from some of the properties in the Pacific
that Strategic funded.  That was expected to happen in April, the
report says.

"Two resorts in Rarotonga are now subject to unconditional
contracts and we are awaiting the necessary regulatory approvals
so these sales can settle - we estimate that settlement will
occur in April," according to the update cited by NBR.

NBR says that difficulties realising properties - particularly
coastal and development ones - made it difficult to estimate the
exact amount receivers could expect to see.

Receivers have estimated investors could see between 12%-26% of
their outstanding principal returned.  So far, receivers have
paid out 7c in the dollar - which equates to NZ$26 million in
total.

                   About Strategic Finance

Headquartered in Wellington, New Zealand, Strategic Finance
Limited (NZE:SFLHA) -- http://www.strategicfinance.co.nz/--
operated as a specialist finance company offering financial
services, primarily to the property sector.  The Company also
provided specialist financial and advisory services to the
property and corporate sectors.  The Company operated in
New Zealand, Australia and Pacific Islands.  The Company's
operating subsidiaries include Strategic Advisory Limited,
Strategic Nominees Limited, Strategic Mortgages Limited and
Strategic Nominees Australia Limited.  The Company's non-
operating subsidiary is Strategic Properties No.1 Limited.  In
May 2009, the Company incorporated a subsidiary, Gulf Property
Holdings Limited.

Strategic Finance Limited's parent company, Strategic Investment
Group, was wholly owned by Australian-based finance company Allco
HIT Limited.

The Troubled Company Reporter-Asia Pacific reported on March 15,
2010, that PricewaterhouseCoopers partners John Fisk and Colin
McCloy were appointed receivers of Strategic Finance Limited and
related companies Strategic Advisory Limited, Strategic Mortgages
Limited, Strategic Nominees Limited, and Strategic Nominees
Australia Limited.  This ended the moratorium arrangement that
had been in place since December 2008.  The companies' trustee,
Perpetual Trust, appointed receivers after SFL failed to generate
sufficient loan recoveries for its milestone repayment on Jan. 7,
2010.  The company owed NZ$417 million to 13,000 investors.

Perpetual Trust Ltd., on July 27, 2010, appointed liquidators to
Strategic Finance.  The High Court in Wellington made an order
that Corporate Finance's John Cregten and Andrew McKay be
appointed liquidators.


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


HIBISTAR PTE: Creditors' Proofs of Debt Due April 9
---------------------------------------------------
Creditors of Hibistar Pte Ltd, which is in members' voluntary
liquidation, are required to file their proofs of debt by
April 9, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

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


IT XPRESS: Court to Hear Wind-Up Petition March 23
--------------------------------------------------
A petition to wind up the operations of IT Xpress Pte Ltd will be
heard before the High Court of Singapore on March 23, 2012, at
10:00 a.m.

Standard Chartered Bank filed the petition against the company on
Feb. 24, 2012.

The Petitioner's solicitors are:

         Rajah & Tann LLP
         9 Battery Road, #25-01
         Straits Trading Building
         Singapore 049910


KEUMKANG MARINE: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Singapore entered an order on Feb. 24, 2012, to
wind up the operations of Keumkang Marine Pte Ltd.

Malayan Banking Berhad filed the petition against the company.

The company's liquidator is:

         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road, #05-11/#06-11
         Singapore 069118


LEE HONG: Court to Hear Wind-Up Petition March 23
-------------------------------------------------
A petition to wind up the operations of Lee Hong Electrical
Engineering Pte Ltd will be heard before the High Court of
Singapore on March 23, 2012, at 10:00 a.m.

UES Holdings Pte Ltd (formerly known as United Engineers
(Singapore) Private Limited) filed the petition against the
company on March 1, 2012.

The Petitioner's solicitors are:

         Pereira & Tan LLC
         141 Middle Road #04-02/03
         GSM Building
         Singapore 188976


MSM HOLDINGS: Creditors' Proofs of Debt Due March 23
----------------------------------------------------
Creditors of MSM Holdings Pte Ltd, which is in members' voluntary
liquidation, are required to file their proofs of debt by
March 23, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

          Chen Yeow Sin
          Abuthahir Abdul Gafoor
          c/o 1 Raffles Place
          #20-02 One Raffles Place
          Singapore 048616


NAUTILUS PACIFIC: Creditors' Proofs of Debt Due April 9
-------------------------------------------------------
Creditors of Nautilus Pacific One Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by April 9, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

          Leow Quek Shiong
          Gary Loh Weng Fatt
          c/o BDO LLP
          21 Merchant Road
          #05-01 Royal Merukh S.E.A. Building
          Singapore 058267


PETROVAL PTE: Creditors' Proofs of Debt Due March 24
----------------------------------------------------
Creditors of Petroval Pte Ltd, which is in members' voluntary
liquidation, are required to file their proofs of debt by
March 24, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

          Cosimo Borrelli
          Borrelli Walsh Pte Limited
          One Raffles Place
          Tower 2, #10-62
          Singapore 048616


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


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

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

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

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

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

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

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

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

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


                             *********

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

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

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


                            *********


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

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

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

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

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





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