TCRAP_Public/120315.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Thursday, March 15, 2012, Vol. 15, No. 54

                            Headlines


A U S T R A L I A

UNIBIC AUSTRALIA: Consortium Saves Anzac Biscuit Maker


C H I N A

AGILE PROPERTY: Moody's Rates USD Senior Unsecured Notes at 'Ba2'
AGILE PROPERTY: S&P Gives 'BB' Rating on Senior Unsecured Notes


H O N G  K O N G

AIG FINANCIAL: Members' Final Meeting Set for April 10
CEMCO LIMITED: Poon Wai Hung Richard Steps Down as Liquidator
CITIC PACIFIC: Moody's Assigns 'Ba1' Rating to EMTN Program
CITIC PACIFIC: S&P Gives 'BB+' Rating on Senior Unsecured Notes
COLOR MATCH: Creditors' Proofs of Debt Due March 30

DRAGON PROPERTY: Creditors' Proofs of Debt Due April 12
EAST ASIA PROPERTY: Members' Final Meeting Set for April 13
ELITE GROUP: Placed Under Voluntary Wind-Up Proceedings
FAR EAST: Creditors' and Members' Meetings Set for March 27
FORTUNE BEST: Creditors' Proofs of Debt Due March 30

GALA (ASIA): Members and Creditors' Meetings Set for March 30
GENIUS LEGEND: Creditors' Proofs of Debt Due March 30
GIANT ELECTRONICS: Creditors' Meeting Set for March 22
GOLDEN COMMENCE: Creditors' Proofs of Debt Due March 30
GOODMAN FANLING: Creditors' Proofs of Debt Due March 26

GREAT EAGLE: Creditors' Proofs of Debt Due April 10
HK YOUTH: Placed Under Voluntary Wind-Up Proceedings
KING ELEGANT: Creditors' Proofs of Debt Due March 30
MEDICORP 2000: Creditors' Proofs of Debt Due April 13
NETWORK MULTIMEDIA: Annual Meetings Set for April 18

PPF HK: Creditors' Proofs of Debt Due April 9
PROSPER LANE: Creditors' Proofs of Debt Due March 30
WAISS INTERIOR: Court Enters Wind-Up Order
YORKSHIRE BIHK: Chan and Ying Step Down as Liquidators


I N D I A

AIR INDIA: To Receive INR67.5BB State Bail Out
ARUNACHALA SPINNING: CARE Assigns 'B+' Rating to INR17.53cr Loan
ASHISH INFRACON: CARE Reaffirms 'BB+' Rating on INR25cr Loans
GANGA KAVERI: CARE Reaffirms 'BB' Rating on INR5.42cr LT Loan
HARYANA STEEL: CARE Rates INR19cr Long-Term Loan at 'CARE BB'

KARTIKEYA PAPER: CARE Reaffirms 'BB' Rating on INR10.11cr LT Loan
KUMAR URBAN: CARE Assigns 'CARE BB+' Ratings to INR50cr Loans
LAVASA CORP: CARE Reaffirms 'CARE D' Rating on INR1,193cr Loan
MAHADEV FIBRES: CARE Reaffirms 'BB' Rating on INR5.39cr LT Loan
NUTECH ENGINEERING: CARE Rates INR27.59cr Loan at 'CARE BB-'

SALASAR BALAJI: CARE Assigns 'CARE BB' Rating to INR7cr LT Loan
SUVIDHI RAYONS: CARE Reaffirms 'BB' Rating on INR36.63cr LT Loan
TOPWORTH PIPES: CARE Assigns 'CARE B-' Rating to INR355.52cr Loan
VISHWAS COTTON: CARE Assigns 'CARE B' Rating to INR4.67cr Loan


I N D O N E S I A

ALAM SUTERA: S&P Gives 'B' Corp. Credit Rating; Outlook Stable


J A P A N

AIJ INVESTMENT: Scandal Raises Fear of Asset Managers' Losses
AIJ INVESTMENT: President Refuses to Cooperate in Pension Inquiry
ELPIDA MEMORY: Taiwan Unit Plans to Raise Funds to Repay Debts
NIPPON SHEET: Moody's Gives Ba3 Corp. Family Rating, Neg. Outlook


M A L A Y S I A

SILVER BIRD: Classified as Affected Listed Issuer Under PN17


N E W  Z E A L A N D

BLACK ROBIN: Mulls Legal Action Over Substandard Ship


S I N G A P O R E

PROCTER & GAMBLE CHEMICAL: Creditors' Proofs of Debt Due April 4
SENTOSA TIGER: Court Enters Wind-Up Order
SINGAPHIL METALS: Court to Hear Wind-Up Petition March 23
SINGBUILD INVESTMENTS: Creditors' Proofs of Debt Due April 9
WEI LUN: Court to Hear Wind-Up Petition March 23

WESTMINSTER UNICAMPUS: Court Enters Wind-Up Order


                            - - - - -


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


UNIBIC AUSTRALIA: Consortium Saves Anzac Biscuit Maker
------------------------------------------------------
The Australian reports that a consortium of senior managers and
local investors has stepped forward to buy Unibic Australia Pty
Ltd, the country's fourth-biggest biscuit maker.

According to the report, Unibic Australia shut down production
lines for the famous Anzac biscuits and other snacks at its
Melbourne factory when the company collapsed into administration
in early March.

The report says the move ensures packets of the crunchy biscuits,
which were originally baked by wives and mums for the diggers
fighting in World War I, will be available before Anzac Day on
April 25.

The sale also secures the jobs of Unibic's 170 workers and
millions of dollars in royalties the RSL receives from the sale
of Anzac biscuit packets, The Australian relates.

According to the report, Modern Baking Co, the consortium
acquiring Unibic, said the biscuit maker would be recapitalised,
staff re-hired and production resumed immediately at its
Broadmeadows plant.

"The successful rescue of the business is testimony to what can
be achieved with co-operation and support of all the company's
stakeholders," the report cites the consortium as stated. "The
RSL was also vital to the rescue, as well as the support and
encouragement given by the company's customers, particularly the
supermarket chains and suppliers."

The Australian discloses that administrator Glenn Franklin of
accounting firm Lawler Draper Dillon, said proceeds of Unibic's
sale would cover the entitlements of employees, and there would
be a partial return to secured creditors.  There may also be a
small return to unsecured creditors, the report adds.

Unibic Australia Pty. Ltd. manufactures and supplies biscuits,
cakes, cookies, pastries, and shortbreads to supermarkets in
Australia, the United Kingdom, South East Asia, New Zealand,
Canada, and the United States. It also sells ANZAC biscuits in
India.


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C H I N A
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AGILE PROPERTY: Moody's Rates USD Senior Unsecured Notes at 'Ba2'
-----------------------------------------------------------------
Moody's Investors Service has assigned a Ba2 rating to Agile
Property Holdings Ltd's proposed USD senior unsecured notes.

At the same time, Moody's has affirmed Agile's Ba2 corporate
family rating.

The rating outlook is stable.

Ratings Rationale

The proceeds from the proposed USD bonds are intended to fund
land acquisitions, refinancing and general corporate purposes.

"Agile's proposed bond issuance will strengthen its liquidity
position and support its business development in 2012, when
property sales will remain challenging, given that the Chinese
government has not removed its restrictions on home purchases,"
says Kaven Tsang, a Moody's AVP/analyst.

"In addition, the new bonds will lengthen Agile's debt maturity
profile, and this development will be credit positive," adds
Tsang, also Moody's Lead Analyst for the company.

"While Agile's contract sales of RMB32 billion in 2011 fell short
of its target of RMB37 billion, it has -- in reaction --
prudently slowed its pace of development and land acquisitions.
These steps have resulted in an adequate liquidity position,
which includes an unrestricted cash balance of RMB4.7 billion at
end-2011, and a stable interest coverage - EBITDA/interest of
6x," Mr. Tsang says.

Meanwhile, its revenue of RMB22.9 billion (+11.8% y-o-y) and a
decent gross margins of 53.8% in 2011 were in line with Moody's
expectation.

Agile's proposed bond issue will reduce room for further increase
in borrowings as the proposed bond issue will push its adjusted
debt/total capitalization to 50-55% which is at the high end for
its rating Ba2 rating level. However, Moody's takes comfort that
Agile can execute its sales which will in turn maintain a EBITDA
interest coverage at around 5-5.5x that will support its Ba2
rating.

Agile's Ba2 corporate family rating continues to reflect its long
operating track record and established brand in the economically
strong Pearl River Delta, as well as its resilient sales
performance and disciplined financial management. These features
have together resulted in stable financial metrics and a good
liquidity position.

At the same time, the company's ratings are constrained by the
business and financial risks associated with its rapid expansion
and geographic concentration in Guangdong province.

The stable outlook reflects Moody's expectation that Agile will
maintain discipline in its new land acquisitions, such that its
liquidity will be sufficient to fund its near-term needs.

Pressure for an upgrade could be limited in the near term given
the challenging operating environment and the company's high
adjusted debt/capitalization ratio. However, upgrade pressure
could emerge over the medium term if the company can (1)
successfully implement its business plan with good
diversification in geography and products; and (2) maintain good
liquidity, with a minimum cash balance consistently above 10%-15%
of total assets, as well as access to the offshore bank and debt
markets.

Credit metrics indicating such improvements would include
adjusted debt/capitalization below 35-40% and EBITDA/interest
above 7-8x.

On the other hand, the ratings could be pressured downwards if
(1) Agile's operating cash flow weakens due to materially weaker-
than-expected sales, and/or over-expansion in new projects; (2)
liquidity deteriorates because of aggressive land acquisitions;
or (3) debt increases substantially.

Moody's would consider adjusted debt/capitalization consistently
above 50-55% or EBITDA/interest below 4-5x as indicators for a
downgrade.

The principal methodology used in rating Agile Property Holdings
Ltd was the Global Homebuilding Industry Methodology published in
March 2009.

Agile Property Holdings Ltd is one of China's major property
developers, operating in the mid- to high-end segment. As of
March 2012, the group has operations in 26 cities and districts
in China, and a land bank with a total GFA of 31.44 million sqm.
Guangdong province is its largest market, accounting for around
50% of the company's land bank. It listed on the Stock Exchange
of Hong Kong in 2005. Currently, the Chen family, Agile's
founding family, owns a 63.2% equity interest in the company.


AGILE PROPERTY: S&P Gives 'BB' Rating on Senior Unsecured Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' issue rating
and 'cnBBB-' Greater China credit scale issue rating to the
proposed issue of U.S.-dollar fixed-rate senior unsecured notes
by Agile Property Holdings Ltd. (BB/Stable/--; cnBBB-). "The
rating is subject to our review of the final issuance
documentation. The company will use the net proceeds from the
proposed issuance to purchase new land sites, for refinancing and
general working capital purposes," S&P said.

"The issue rating is the same as the corporate credit rating on
Agile because we believe the company's ratio of priority debt to
total assets will likely remain below our threshold of 15% for
speculative-grade debt," S&P said.

"The rating on Agile reflects the company's sales concentration
in Guangdong and Hainan provinces and execution risks associated
with its expansion outside these markets. The rating also
reflects the risk of operating in China's highly competitive and
volatile real estate market with evolving regulatory policies.
Agile's established market position in Guangdong and Hainan, its
sizable low-cost land bank, and operating and financial
management track record temper these weaknesses," 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. We also expect the company to
continue to manage its expansion and leverage with caution," S&P
said.


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


AIG FINANCIAL: Members' Final Meeting Set for April 10
------------------------------------------------------
Members of AIG Financial Products (International) Limited will
hold their final general meeting on April 10, 2012, at 10:00
a.m., at Level 28, Three Pacific Place, 1 Queen's Road East, in
Hong Kong.

At the meeting, Ying Hing Chiu and Chan Mi Har, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


CEMCO LIMITED: Poon Wai Hung Richard Steps Down as Liquidator
-------------------------------------------------------------
Poon Wai Hung Richard stepped down as liquidator of Cemco Limited
on March 9, 2012.


CITIC PACIFIC: Moody's Assigns 'Ba1' Rating to EMTN Program
-----------------------------------------------------------
Moody's Investors Service has assigned a Ba1 rating to CITIC
Pacific's USD notes drawn under its Euro Medium Term Notes (EMTN)
Program.

At the same time, Moody's has affirmed CITIC Pacific's Ba1
corporate family rating and the Ba1 senior unsecured bond rating
on its outstanding bonds.

The outlook on all ratings is negative.

Ratings Rationale

"The Ba1 rating incorporates CITIC Pacific's standalone Ba3
rating and a two-notch uplift, in turn reflecting Moody's
assessment of the expected strong support that its major
shareholder, CITIC Group Corporation (rated Baa2), is likely to
provide, in case of need," says Ken Chan, a Moody's Vice
President.

The Ba3 standalone rating reflects its diversified business
portfolio, which includes cyclical sectors, such as property
development and steel, and those that provide more stable cash
flow, including investment properties, tunnels, Dah Chong Hong
(trading), power generation and CITIC 1616 (telecoms).

"However, we consider that the Sino Iron project in Western
Australia will continue to weigh on the credit profile of CITIC
Pacific. We expect that the company's adjusted debt will continue
to rise in 2012 and its financial metrics will remain weak for
the rating level. The reason is that the large amount of capex
needed to complete the iron ore project will far exceed its
operating cash flow in the next two years," says Chan, also CITIC
Pacific's international lead analyst.

"In addition, despite the better visibility evident now on the
completion of Lines 1 and 2, there is still a high degree of
uncertainty on the time needed for their commissioning, their
actual production costs and the scale of the capex for Lines 3-
6," adds Kai Hu, a Moody's Vice President and local market
analyst for CITIC Pacific.

"We also consider that CITIC Pacific's two other core businesses
-- property development and specialty steel, and which are
inherently cyclical and contribute to the bulk of the company's
operating cash flow -- will be under pressure. The reasons are
the slowdown in the Chinese economy and the extension of
restrictions on housing purchases in key cities. The declining
trend in iron ore prices will also challenge the projected
profitability of the iron ore project, though it will moderately
benefit the steel business," says Hu.

"Moreover, CITIC Pacific will have a total of HKD28bn in debt
maturing in 2012. We expect the refinancing risk to be
manageable, given its past track record of demonstrated access to
the bank and capital markets and the support from its parent. But
it could face higher interest costs and stricter borrowing
conditions," continues Hu.

The two-notch uplift to the final Ba1 rating reflects the
expected strong support from CITIC Group Corporation -- which has
majority ownership --- in times of difficulty. Its timely
provision of cover for CITIC Pacific's large derivative losses in
late 2008 is clear evidence of this willingness to offer support.

The negative outlook reflects Moody's concerns over uncertainties
on the progress of the iron ore project and potential downward
pressure on its property development and specialty steel
business.

The rating outlook could revert to stable if 1) the Sino Iron
project progresses according to its current schedule and
successfully ramps up to generate operating cash flow as
projected, and 2) CITIC Pacific improves its liquidity profile
and lowers its financial leverage through further asset sales, or
equity raisings, or more restrained capital spending, such that
adjusted FFO (Fund Flow From Operation)/Debt trends above 10%.

The rating could undergo a downgrade if 1) the Sino Iron project
misses its milestones or incurs further material cost overruns,
2) the operating performance of its other core businesses fall
short of Moody's expectation; and 3) the company's liquidity
profile deteriorates.

Credit metrics that Moody's will consider for an downgrade
include adjusted debt/capitalization above 55-60%, and adjusted
FFO/Debt failing to trend above 10% in 2013.

Should there be a downgrade of CITIC Group Corporation's rating,
its support level and hence the rating uplift for CITIC Pacific
would be revisited.

CITIC Pacific Limited's ratings were assigned by evaluating
factors that Moody's considers relevant to the credit profile of
the issuer, such as the company's (i) business risk and
competitive position compared with others within the industry;
(ii) capital structure and financial risk; (iii) projected
performance over the near to intermediate term; and (iv)
management's track record and tolerance for risk.

CITIC Pacific Limited's ratings were assigned by evaluating
factors that Moody's considers relevant to the credit profile of
the issuer, such as the company's (i) business risk and
competitive position compared with others within the industry;
(ii) capital structure and financial risk; (iii) projected
performance over the near to intermediate term; and (iv)
management's track record and tolerance for risk. Moody's
compared these attributes against other issuers both within and
outside CITIC Pacific Limited's core industry and believes CITIC
Pacific Limited's ratings are comparable to those of other
issuers with similar credit risk.

Other Factors used in this rating are described in Analytical
Considerations in Assessing Conglomerates published in September
2007.

CITIC Pacific Ltd, listed in Hong Kong, is a conglomerate 57.6%
owned by CITIC Group Corporation. It was one of the first Chinese
companies to list and invest outside of China. It is engaged in a
range of businesses, including specialty steel manufacturing,
iron ore mining, property development and investment, power
generation, aviation, infrastructure, communications and
distribution.

CITIC Group Corporation, headquartered in Beijing, is a
conglomerate investment company wholly owned by the State Council
of the Chinese government. As of end-2010, it had total
consolidated assets of HKD193 billion.


CITIC PACIFIC: S&P Gives 'BB+' Rating on Senior Unsecured Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' rating to
the proposed issue of senior unsecured notes by CITIC Pacific
Ltd. (BB+/Negative/--; cnBBB/--) under the company's $2.0 billion
medium-term notes program. "We also assigned our 'cnBBB' Greater
China scale credit rating to the proposed issue. The ratings are
subject to our review of the final issuance documentation. We
expect CITIC Pacific to use the proceeds from the proposed notes
for the group's general purposes, including financing the
construction of Sino Iron, a project in Australia, and
refinancing of existing debt," S&P said.

"The corporate credit rating on CITIC Pacific is not affected by
the proposed issue because we expect the company's leverage to
increase in 2012 to fund its iron ore mining project in
Australia. The company's financial performance in 2011 was
broadly within our expectation. In our view, CITIC Pacific has
some flexibility to moderate the increase in leverage by using
its large cash balance and proceeds from asset sales to partly
fund capital expenditure. As of Dec. 31, 2011, the company's
ratio of adjusted debt to capital is 53.3% compared with 53.5% a
year earlier," S&P said.

"In our view, the credit profile of CITIC Pacific will hinge on
the progress of the Sino Iron project. The company targets to
commission the first production line by end-August and the second
line by the end of December 2012. The project, if executed within
budget and on schedule, is likely to generate meaningful cash
flows in the next two to three years and help the group
deleverage," S&P said.

"We regard CITIC Pacific's liquidity as 'adequate,' as defined in
our criteria. Our assessment is based on the company's high cash
balance and available banking facilities. As of Dec. 31, 2011,
the group has cash and deposits of Hong Kong dollar (HK$) 30.9
billion. We expect some cash inflows from asset disposals this
year," S&P said.

"The negative outlook on the rating on CITIC Pacific reflects our
view of the commissioning risks associated with the Sino Iron
project. We may lower the rating if: (1) cost overruns at the
project drain CITIC Pacific's liquidity; (2) we believe the
project will likely incur losses due to cost overruns or delays
in commissioning; (3) the company's ratio of total debt to total
capital increases to more than 60% on a sustainable basis due to
a significant increase in debt to fund expansion or capital
expenditure; or (4) in an unlikely scenario, support from CITIC
Group weakens. In our view, the rating upside potential is
limited," S&P said.


COLOR MATCH: Creditors' Proofs of Debt Due March 30
---------------------------------------------------
Creditors of Color Match Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
March 30, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

         Fergal Power
         27/F, Alexandra House
         18 Chater Road
         Central, Hong Kong


DRAGON PROPERTY: Creditors' Proofs of Debt Due April 12
-------------------------------------------------------
Creditors of Dragon Property Group Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by April 12, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on March 2, 2012.

The company's liquidator is:

         Davies Anthony Philip
         13B, Tak Lee Commercial Building
         113-117 Wan Chai Road
         Wanchai, Hong Kong


EAST ASIA PROPERTY: Members' Final Meeting Set for April 13
-----------------------------------------------------------
Members of East Asia Property Development (Shanghai) Limited will
hold their final general meeting on April 13, 2012, at 10:30
a.m., at Level 28, Three Pacific Place, 1 Queen's Road East, in
Hong Kong.

At the meeting, Seng Sze Ka Mee Natalia and Cheng Pik Yuk, the
company's liquidators, will give a report on the company's wind-
up proceedings and property disposal.


ELITE GROUP: Placed Under Voluntary Wind-Up Proceedings
-------------------------------------------------------
At an extraordinary general meeting held on March 2, 2012,
creditors of Elite Group Asia Limited resolved to voluntarily
wind up the company's operations.

The company's liquidators are:

         Chan Chung Wash Clement
         5/F, Heng Shan Centre
         145 Queen's Road East
         Wanchai, Hong Kong


FAR EAST: Creditors' and Members' Meetings Set for March 27
-----------------------------------------------------------
Creditors and members of Far East Chartering Limited will hold
their annual meetings on March 27, 2012, at 11:30 a.m., at the
offices of FTI Consulting (Hong Kong) Limited, Level 22, The
Center, 99 Queen's Road Central, in Central Hong Kong.

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


FORTUNE BEST: Creditors' Proofs of Debt Due March 30
----------------------------------------------------
Creditors of Fortune Best Investment Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by March 30, 2012, to be included in the company's
dividend distribution.

The company's liquidator is:

         Fergal Power
         27/F, Alexandra House
         18 Chater Road
         Central, Hong Kong


GALA (ASIA): Members and Creditors' Meetings Set for March 30
-------------------------------------------------------------
Members and creditors of Gala (Asia) Industries Limited will hold
their annual meetings on March 30, 2012, at 2:30 p.m., and 3:00
p.m., respectively at 25/F, Tower One, Tern Centre, at 237-251
Queen's Road Central, in Hong Kong.

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


GENIUS LEGEND: Creditors' Proofs of Debt Due March 30
-----------------------------------------------------
Creditors of Genius Legend Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by March 30, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

         Fergal Power
         27/F, Alexandra House
         18 Chater Road
         Central, Hong Kong


GIANT ELECTRONICS: Creditors' Meeting Set for March 22
------------------------------------------------------
Creditors of Giant Electronics Limited will hold their meeting on
March 22, 2012, at 12:00 p.m., for the purposes provided for in
Sections 241, 242, 243, 244 and 255A of the Companies Ordinance.

The meeting will be held at Room 704, The Boys' and Girls' Clubs
Association of Hong Kong, 3 Lockhart Road, Wanchai, in Hong Kong.


GOLDEN COMMENCE: Creditors' Proofs of Debt Due March 30
-------------------------------------------------------
Creditors of Golden Commence Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by March 30, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

         Fergal Power
         27/F, Alexandra House
         18 Chater Road
         Central, Hong Kong


GOODMAN FANLING: Creditors' Proofs of Debt Due March 26
-------------------------------------------------------
Creditors of Goodman Fanling Investments No. 1 Limited, which is
in members' voluntary liquidation, are required to file their
proofs of debt by March 26, 2012, to be included in the company's
dividend distribution.

The company's liquidator is:

         Patrick Cowley
         27/F, Alexandra House
         18 Chater Road
         Central, Hong Kong


GREAT EAGLE: Creditors' Proofs of Debt Due April 10
---------------------------------------------------
Creditors of Great Eagle Shipping Lines 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 commenced wind-up proceedings on Feb. 28, 2012.

The company's liquidators are:

         Stephen Briscoe
         Wong Teck Meng
         602 The Chinese Bank Building
         61-65 Des Voeux Road
         Central, Hong Kong


HK YOUTH: Placed Under Voluntary Wind-Up Proceedings
----------------------------------------------------
At an extraordinary general meeting held on Feb. 27, 2012,
creditors of Hong Kong Youth Science Foundation Limited resolved
to voluntarily wind up the company's operations.

The company's liquidators are:

         Chui Pui Tim
         Room 1001-2A, 10th Floor
         Double Building
         22 Stanley Street
         Central, Hong Kong


KING ELEGANT: Creditors' Proofs of Debt Due March 30
----------------------------------------------------
Creditors of King Elegant Holdings Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by March 30, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

         Fergal Power
         27/F, Alexandra House
         18 Chater Road
         Central, Hong Kong


MEDICORP 2000: Creditors' Proofs of Debt Due April 13
-----------------------------------------------------
Creditors of Medicorp 2000 Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by April 13, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Feb. 24, 2012.

The company's liquidators are:

         Dr. Terence Ho Yuen Wan
         Henry Fung
         Rooms 1001-1003, 10/F
         Manulife Provident Funds Place
         345 Nathan Road
         Kowloon, Hong Kong


NETWORK MULTIMEDIA: Annual Meetings Set for April 18
----------------------------------------------------
Members and creditors of Network Multimedia Enterprises Limited
will hold their annual meetings on April 18, 2012, at 10:30 a.m.,
and 11:00 a.m., respectively at Room 1601-1602, 16th Floor, One
Hysan Avenue, Causeway Bay, in Hong Kong.

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


PPF HK: Creditors' Proofs of Debt Due April 9
---------------------------------------------
Creditors of PPF Hong Kong Limited, 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 commenced wind-up proceedings on Feb. 24, 2012.

The company's liquidators are:

         Liou Kun Chiu Eddie
         Ng Kit Ying Zelinda
         36/F, Tower Two
         Times Square, 1 Matheson Street
         Causeway Bay, Hong Kong


PROSPER LANE: Creditors' Proofs of Debt Due March 30
-----------------------------------------------------
Creditors of Prosper Lane Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
March 30, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

         Fergal Power
         27/F, Alexandra House
         18 Chater Road
         Central, Hong Kong


WAISS INTERIOR: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on Jan. 20, 2012, to
wind up the operations of Waiss Interior Limited.

The company's liquidator is Yuen Tsz Chun Frank.


YORKSHIRE BIHK: Chan and Ying Step Down as Liquidators
------------------------------------------------------
Chan Mi Har and Ying Hing Chiu stepped down as liquidators of
Yorkshire BIHK Limited on March 1, 2012.


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AIR INDIA: To Receive INR67.5BB State Bail Out
----------------------------------------------
Bloomberg News reports that Air India Ltd. is set to get a
INR67.5 billion (US$1.4 billion) state bailout, almost double the
amount the federal government has spent on new hospitals over the
past three years.

Bloomberg relates that two people familiar with the matter said
the cash injection will be announced in the budget on March 16.
The government may also pay off INR180 billion of plane loans
over the next 10 years, one of Bloomberg's source said.

Bloomberg notes that India, which is facing surging rates of
diabetes and has the world's highest number of people living with
tuberculosis, has already pumped INR32 billion into Air India
since April 2009 as the carrier struggles with fuel and loan
costs.  The unprofitable airline, India's third-largest, has also
helped prolong a price war that has contributed to losses at
listed Kingfisher Airlines Ltd. and Jet Airways (India) Ltd, says
Bloomberg.

The aviation ministry has recommended giving the carrier
INR199 billion of new equity in the five years to 2017, Bloomberg
discloses, citing a report submitted to the Planning Commission,
an agency that designs five-year economic and social programs in
India.

                          About Air India

Air India Ltd -- http://www.airindia.com/-- transports
passengers throughout India and to more than 40 destinations
throughout the world.  Affiliate Air India Express operates as a
low-fare carrier, mainly between India and destinations in the
Middle East, and Air India Cargo provides freight transportation.
The government of India has merged Air India with another state-
controlled carrier, Indian Airlines, which has focused on
domestic routes.  The combined airline, part of a new holding
company called National Aviation Company of India, uses the Air
India brand.  The new Air India and its affiliates have a fleet
of more than 110 aircraft altogether.

                         *     *     *

The Troubled Company Reporter-Asia Pacific, citing the Hindustan
Times, reported on June 19, 2009, that Air India has been
bleeding cash due to excess capacity, lower yield, a drop in
passenger numbers, an increase in fuel prices and the effects of
the global slowdown.  Air India had debt of INR42,570 crore and
accumulated losses of INR22,000 crore as of March 31, 2011,
according to livemint.com.


ARUNACHALA SPINNING: CARE Assigns 'B+' Rating to INR17.53cr Loan
----------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Arunachala Spinning Mills India Pvt Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      17.53      CARE B+ (Assigned)
   Short-term Bank Facilities      0.18      CARE A4 (Assigned)
   Long-term / Short-term Bank     2.00      CARE B+/CARE A4
   Facilities                                (Assigned)

Rating Rationale

The ratings of Arunachala Spinning Mills India Pvt. Ltd. are
primarily constrained by weak financial risk profile marked by
low profitability, low net-worth base owing to accumulated
losses and weak liquidity indicators. ASMIPL's presence in the
highly fragmented cotton yarn industry with susceptibility of
operating margins to volatility in raw material prices further
constrain the ratings.

The above constraints are partially offset by the wide experience
of the promoters, presence in textile cluster with easy access to
labor and proximity to the end user industry.

ASMIPL's ability to move up in textile value chain, diversify
product offerings and improvement in overall financial risk
profile with improvement in profitability margins and solvency
position are the key rating sensitivities.

                      About Arunachala Spinning

ASMIPL was incorporated in 2004 by a group of persons led by
Mr. M. N. Natarajan to undertake business of manufacturing cotton
yarn. The company produces cotton yarn with an average of 40
counts mainly used by hosiery industry. ASMIPL operates with an
installed capacity of 16,800 spindles i.e. 2,800 metric tonnes
per annum (MTPA) from its sole manufacturing facility located at
Dharapuram region in Tirupur district of Tamil Nadu.

ASMIPL has four associate companies namely Bagyalakshmi Dyeing,
Everking Garments, Superking Knitters and Veeyem Tex. All the
associate concerns are in the business of dyeing fabrics
and manufacturing garments.


ASHISH INFRACON: CARE Reaffirms 'BB+' Rating on INR25cr Loans
-------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Ashish Infracon Pvt Ltd.

   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term Bank Facilities     5.00       'CARE BB+' Reaffirmed
   Long/Short-term Bank         20.00       'CARE BB+'/'CARE A4'
   Facilities                                Reaffirmed

Rating Rationale

The ratings continue to be constrained by the modest scale of
operations with limited geographical diversity of Ashish Infracon
Private Limited, low profitability, weak solvency position and
intense competition in the highly fragmented tender based
construction industry. The above factors continue to far outweigh
promoters' experience, AIPL's long standing association with the
government clientele and moderate revenue visibility.

Sustained increase in the scale of operations and improvement in
profitability through diversification into new revenue segments
and geographies are the key rating sensitivities.

                       About Ashish Infracon

Gujarat based, Ashish Infracon Pvt. Ltd. was originally formed as
a partnership firm, named as Ashish Construction, in 1995. The
firm was taken over by AIPL as a going concern w.e.f. Sept. 21,
2010. AIPL is involved into the construction and infrastructure
related activities, mainly road construction and has a status of
'AA' class contractor from Road and Building
Department (R&B) of Government of Gujarat (GoG) for execution of
the road projects. The main promoter, Mr. Ashish Patel, has about
15 years of experience in the construction industry.

As per audited results of FY11 (refers to period from April, 1 to
March 31), AIPL reported total operating income of INR67.20 crore
and PAT of INR1.92 crore.


GANGA KAVERI: CARE Reaffirms 'BB' Rating on INR5.42cr LT Loan
-------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Ganga Kaveri Feeds Pvt Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       5.42      CARE BB (Reaffirmed)

Rating Rationale

The rating of Ganga Kaveri Feeds Private Limited continues to
remain constrained on account of limited value addition resulting
in low profit margins, leveraged capital structure and
weak debt coverage indicators. Furthermore, the rating is also
constrained owing to GKFPL's working-capital intensive
operations, presence in the highly fragmented industry and
seasonality associated with the agriculture based input.

The rating, however, continues to factor in the wide experience
of the promoters and the proximity to the raw material
procurement area.  Improvement in financial risk profile with
improvement in profitability margins and improvement in capital
structure is the key rating sensitivity.

                         About Ganga Kaveri

Ganga Kaveri Feeds Private Limited, based in Gadarpur area in
Uttarakhand, was incorporated in 1988 by Mr. J. P. Sawhney. It is
engaged in the processing of wheat and paddy seedsat its two
processing units in Uttarakhand and West Bengal. GKFPL purchases
the breeder seeds (initial level or raw seeds) of wheat and paddy
from the state authorities or Agriculture Universities. These
seeds are sold to the farmers for up-gradation to foundation
seeds. Foundation seeds are then repurchased back from the
farmers for further germination and for producing final seeds as
per the specifications of State Certification Agency (for
agriculture seed). GKFPL has installed capacity of 22 Metric
Tonnes Per Hour of processing and grading of seeds as on Jan. 31,
2012.

During FY11 (refers to the period April 1 to March 31), GKFPL
reported a PAT of INR0.04 crore on a total operating income of
INR12.25 crore as against a PAT of INR0.06 crore on a total
operating income of INR18.40 crore in FY10.


HARYANA STEEL: CARE Rates INR19cr Long-Term Loan at 'CARE BB'
-------------------------------------------------------------
CARE assigns 'CARE BB' rating to the bank facilities of Haryana
Steel Mongers Pvt Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       19.00     CARE BB (Assigned)

Rating Rationale

The rating is constrained by the relatively weak financial risk
profile of HSMPL as reflected by thin profitability margin, high
overall gearing and low debt coverage indicators. The rating also
take into account the vulnerability of the company's business to
volatility in steel prices, working-capital intensive nature of
its operations, intense business competition owing to low entry
barriers and the inherent cyclicality of the steel industry.
However, the rating weaknesses are partially off-set by the
experience of the promoters in steel trading, long track record
of operations and established relationships with the suppliers
and customers.

Going forward, HSMPL's ability to achieve the envisaged income
and profitability amid competition and managing its working-
capital requirements effectively shall remain the key rating
sensitivities.

Haryana Steel Mongers Private Limited was originally incorporated
by Mr. J.P. Gupta and family in 1976 as M/s Haryana Steel
Mongers, a partnership firm. In January 1999 the firm was
converted into a private limited company and was renamed as
HSMPL. As per the family settlement in 2008, the business was
divided, with Mr. Yogesh Gupta taking over Faridabad Steel
Mongers Private Limited and Mr. Raj Kumar Gupta taking control of
HSMPL. The company is involved in trading of flat steel products.
It sources majority of its purchases from Steel Authority of
India Ltd (SAIL) on Memorandum of Understanding (MOU) basis.

During FY11 (refers to the period April 1 to March 31), the firm
registered a PBILDT and PAT of INR1.72 cr and INR0.25 cr
respectively on a total operating income of INR175.67cr.


KARTIKEYA PAPER: CARE Reaffirms 'BB' Rating on INR10.11cr LT Loan
-----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Kartikeya Paper Distributor Pvt. Ltd.


   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      10.11      CARE BB (Reaffirmed)

Rating rationale

The rating continues to factor in the financial risk profile of
KPDPL marked by low margins, high leverage and elongated
operating cycle and small scale of operation. The rating is also
constrained by the volatility in the prices of trading goods and
its significant dependence on the fortunes of the paper industry.
The rating, however, draws strength from the promoter's
experience and long track record of operation. Ability of the
company to increase the level of operation and improve the
financial risk profile with better management of the working
capital would be the key rating sensitivities.

KPDPL was incorporated in April 1998 for carrying out the
marketing and distribution business of various kinds of printing
and writing paper. Mr. Raj Kumar Agarwal, the promoter of KPDPL,
took over the reins of his family's business of the paper and
paper products in the year 1981 and carried on the same by
forming KPDPL in 1998. It sources all kinds of paper and paper
products from reputed manufacturers and is the authorized
wholesale dealer of Ballarpur Industries Ltd. and its subsidiary
Bilt Graphic Paper Products Ltd. for eastern Uttar Pradesh (U.P.)
and the authorized sole distributor of Avery Dennison (India)
Pvt. Ltd. for U.P. and Uttaranchal. The company has branch
offices in Kanpur, Allahabad and Lucknow. It deals with all kinds
of printing and writing paper like news print paper, cartridge
paper, coated paper, uncoated paper, photo state paper, lazor
paper, executive bond paper, tissue paper, copier paper, etc.

As per audited results for FY11 (refers to period from April 1 to
March 31), KPDPL reported PBILDT & PAT of INR2.0 crore (INR1.8
crore in FY10) and INR0.2 crore (INR0.2 crore in FY10)
respectively on total income of INR40.5 crore (INR35.8 crore in
FY10).


KUMAR URBAN: CARE Assigns 'CARE BB+' Ratings to INR50cr Loans
-------------------------------------------------------------
CARE assigns 'CARE BB+' and 'CARE A4' ratings to the bank
facilities of Kumar Urban Development Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       1.00      CARE BB+ (Assigned)
   Long-term/Short-term Bank      49.00      CARE BB+/CARE A4
   Facilities                                 (Assigned)

Rating Rationale

The ratings are constrained by heavy reliance on debt leading to
considerable repayment obligations in the next 2-3 years and weak
repayment track record in the past. The rating also factors in
geographical concentration risk, aggressive development plans
going forward, heavy reliance on customer advances to fund
projects, inherent project execution risk and cyclical nature of
the industry.

The ratings, however, derive strength from experience and
reputation of the promoters in the real estate industry and
established brand image in Pune, healthy operating profitability,
good booking status of the ongoing projects and presence of
considerable land reserves with the company.

Ability of KUDL to execute and market its Mumbai projects in a
timely manner and arrange the requisite funding to deliver the
increased scale of operations remain the key rating
sensitivities.

Kumar Urban Development Limited, formerly known as Kumar Housing
and Land Development Limited, was incorporated in May 1993. The
company is promoted by Mr. Lalit Kumar Jain and is in the
business of real estate development. KUDL has presence primarily
in Pune and has taken up projects in Mumbai. KUDL, including its
subsidiaries, has developed 6.50 million square feet (msf) of
developable area in the past. Currently, the company has 23
ongoing projects with total saleable area of 6.85 msf.
During FY11 (refers to period from April 1 to March 31), KUDL
earned total income of INR251 crore and incurred loss of
INR45 crore on a consolidated basis.


LAVASA CORP: CARE Reaffirms 'CARE D' Rating on INR1,193cr Loan
--------------------------------------------------------------
CARE revises/withdraws ratings assigned to the bank facilities
and instruments of lavasa corporation limited and its
subsidiaries/group companies.

Ratings

Lavasa Corporation Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Bank Facilities              1,193.00     'CARE D' Reaffirmed

   DDCD-II#                       250.00      Withdrawn

   # Ratings withdrawn with immediate effect as there is no
     outstanding amount under the said facility

LCL Subsidiaries/Associate Companies

                    Facilities        (INR crore)  Ratings
                    -----------       -----------  -------
Dasve Hospitality   Long-term           30.00      CARE B
Institute Ltd.      bank facilities                (Reaffirm)

Ecomotel Hotel      Long-term           18.00      CARE D(Revised
Limited             bank facilities                from CARE BB)

Spotless Laundry    Long-term           10.00      CARE D(Revised
Services Ltd.       bank facilities                from CARE BB)

                    Short-term           9.00      CARE D(Revised
                    bank facilities                from CARE A4)

Rationale

The ratings of Ecomotel Hotel Limited and Spotless Laundry
Services Ltd. are revised to 'CARE D' on account of delays in
servicing the principal and interest obligations to lenders.


MAHADEV FIBRES: CARE Reaffirms 'BB' Rating on INR5.39cr LT Loan
---------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Mahadev Fibres Limited.

   Facilities                 (INR crore)  Ratings
   -----------                -----------  -------
   Long-term Bank Facilities      5.39     'CARE BB' (Reaffirmed)
   Short-term Bank Facilities     0.62     'CARE A4' (Reaffirmed)

Rating Rationale

The ratings of Mahadev Fibres Limited continue to be constrained
due to its modest scale of operations, susceptibility of its
operating margins to the volatility associated with the raw
material price fluctuation and financial risk profile marked by
thin profitability margins along with stressed liquidity
indicators. The ratings are further constrained on account of the
customer and supplier concentration risk and presence in the
highly fragmented and competitive cotton yarn industry. The
ratings continue to favorably take into account the experience of
the promoters in the cotton yarn industry.

MFL's ability to increase its scale of operations and improve its
profitability through better product realization and by moving up
in the textile value chain would remain the key rating
sensitivity.

                       About Mahadev Fibres

Established in 2004, MFL is a closely-held public limited company
promoted by Mr. Raj Kumar Bansal and Mr. Baldev Ram along with
their family members. The company was established to undertake
the business of manufacturing cotton yarn with an average of 20
counts and selling it in the domestic market. MFL operates with
an installed capacity of 2,028 rotors i.e. 6,480 Metric Tonnes
Per Annum (MTPA) from its sole manufacturing facility located at
Samana in Punjab. The yarn manufactured by the company is sold to
the hosiery and woven fabric manufacturing companies.

As per audited results of FY11 (refers to period from April, 1 to
March 31), MFL reported total operating income of INR29.59 crore
and PAT of INR0.24 crore.


NUTECH ENGINEERING: CARE Rates INR27.59cr Loan at 'CARE BB-'
------------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of Nutech Engineering Technologies Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      27.59      'CARE BB-' Assigned
   Short-term Bank Facilities      6.00      'CARE A4' Assigned

Rating Rationale

The ratings are constrained by Nutech Engineering Technologies
Ltd.'s relatively small scale of operations with a small net
worth base & moderately stressed liquidity position marked by
stretched working capital cycle, moderate current ratio and high
working capital utilization. The ratings are also constrained by
high debt levels and customer concentration risk.

The ratings factor in the benefit derived from experienced
management and their financial support in past & growth in
operations with healthy operating margins and established
relationship with reputed customers.

The ability of NETL to improve the overall scale of operations
and financial profile, efficient management of working capital
cycle thereby improvement in liquidity position of the company
are the key rating sensitivities.

                      About Nutech Engineering

Nutech Engineering is a closely held company and was promoted by
Mr. Bishambernath Khurana in 1986. NETL is engaged in the
business of manufacturing air conditioning, ventilations and
exhaust system equipments like air handling units (AHUs),
centrifugal fans etc. NETL's majority of the revue is derived
from AHUs which are used in the centralised air conditioning
systems. The products of the company are customised as per the
requirement of the client and they find applications in various
commercial establishments like shopping malls, hotels, hospitals,
corporate offices. The company
sources various key parts required for AHU from the domestic
market as also predominantly its revenue is generated from
domestic market.


SALASAR BALAJI: CARE Assigns 'CARE BB' Rating to INR7cr LT Loan
---------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of Salasar Balaji Ship Breakers Pvt Ltd.

   Facilities                  (INR crore)     Ratings
   -----------                 -----------     -------
   Long-term Bank Facilities      7.00         CARE BB (Assigned)
   (Fund Based)

   Short-term Bank Facilities     60.00        CARE A4 (Assigned)
   (Non-fund Based)

Rating Rationale

The ratings are constrained by small scale of operations, low and
highly volatile profitability margins inherent in the ship-
breaking business. Further, regulatory/environmental risk, stiff
competition with the large number of unorganized players and
cyclical nature of the industry also act as constraining factors.
The rating also factors in experience of the promoters in ship
breaking activities and continuing over-supply scenario in the
shipping industry and IMO regulations stipulating maximum age of
tankers.

The ability of the company to manage the gross margins between
the purchase price and sales realization in the scenario of
volatility in scrap prices and exchange rate is the key rating
sensitivity.

                      About Salasar Balaji

Incorporated in the year 2000, Salasar Balaji Ship Breakers
Private Limited is engaged in ship breaking activity. The Company
is promoted by Mr. Sanjeev Chaudhry who has more than 25
years of experience in the ship breaking business. The ship
breaking activity is carried out at Alang, Bhavnagar in Gujarat
with total area of around 12,000 sq. mt. SBSBPL also has plans to
enter into trading activity (ferrous and non-ferrous metals) to
protect itself from the fluctuating fortunes of the ship breaking
business.

During FY'11, SBSBPL had earned a PAT of INR0.67 crore on total
income of INR50.09 crore.


SUVIDHI RAYONS: CARE Reaffirms 'BB' Rating on INR36.63cr LT Loan
----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Suvidhi Rayons Pvt Ltd.

   Facilities                (INR crore)   Ratings
   -----------               -----------   -------
   Long-term Bank Facilities    36.63      'CARE BB' (Reaffirmed)

Rating Rationale

The rating of Suvidhi Rayons Private Limited continues to remain
constrained by the small scale of operations characterized by low
capitalization and modest income levels, presence in highly
fragmented textile industry and financial risk profile
characterized by high leverage.

The rating, however, favorably takes into account the experience
of the promoters of SRPL, established manufacturing operations
and government support through Technology Upgradation Fund
Scheme.

Efficient utilization of enhanced production capacity while
improving profitability and improvement in capital structure are
the key rating sensitivities.

Suvidhi Rayons Private Limited was originally incorporated in the
name of Suvidhi Capvest Pvt. Ltd. in the year 1997 for dealing in
investment activities. Subsequently in the year 2002, SRPL
amended its object clause to deal in textile business and
simultaneously changed its name to its present form. SRPL had
started its weaving operations for grey synthetic fabric
initially with 20 looms, which has grown to 108 Sulzer looms
(Automatic Weaving Machines) as on March 31, 2011.

SRPL has two manufacturing facilities at Bhilwara with an
installed capacity of 84 Lakh Meters per Annum of fabric.

As per audited results of FY11 (refers to period from April, 1 to
March 31), SRPL reported total operating income of INR86.29 crore
and PAT of INR1.07 crore.


TOPWORTH PIPES: CARE Assigns 'CARE B-' Rating to INR355.52cr Loan
-----------------------------------------------------------------
CARE assigns 'CARE B-' and 'CARE A4' ratings to the bank
facilities of Topworth Pipes & Tubes Pvt Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long term Bank Facilities      355.52     CARE B- (Assigned)
   Short term Bank Facilities     471.00     CARE A4 (Assigned)

Rating Rationale

The ratings are constrained by nascent stage of operations, low
capacity utilization, lack of prior experience in pipe
manufacturing, inadequate revenue visibility by way of low order-
book and the past liquidity issues.

However, the ratings derive strength from experience of promoters
in steel industry, presence of certifications, accreditations and
Registration with reputed clients and proximity to Jawaharlal
Nehru Port Trust.

The ability to secure adequate orders thereby operating at an
optimal level is the key rating sensitivities.

                       About Topworth Pipes

Topworth Pipes and Tubes Pvt Ltd, previously named as Akshata
Pipes and Tubes Pvt Ltd, is a Topworth group company. TPTPL has
set up a plant for manufacturing and coating of H-SAW pipes (3
Lakh Tonne per annum), ERW pipes (0.4 lakh tonne per annum) at
Khopoli, Maharashtra.  The products of the company TPTPL finds
its applications in various industries including water pipe
lines, Agriculture and Irrigation, Oil and Gas Pipe Lines,
Construction and Chemicals Industries, Fire Fighting System,
Power Projects, Automobile Industry, etc.

The company completed the project in September 2010 with total
capital cost of INR465 crores which was funded through
INR172 crore of equity and INR292 crore debt.


VISHWAS COTTON: CARE Assigns 'CARE B' Rating to INR4.67cr Loan
--------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Vishwas
Cotton Industries.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      4.67       CARE B Assigned

Rating Rationale

The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of the firm at present.
The rating may undergo change in case of withdrawal of the
capital or the unsecured loans brought in by the partners in
addition to the financial performance and other relevant factors.

The rating assigned to bank facilities of Vishwas Cotton
Industries is primarily constrained by its short track of
operations and weak financial profile marked by thin and
fluctuating profitability, low capital base and high overall
gearing ratio. The rating is further constrained by its presence
in the lowest segment of the textile value chain having limited
value addition, highly fragmented and competitive cotton ginning
business, volatility associated with the cotton prices and the
government policies impacting the business. The rating, however,
draws strength from the experience of the partners in cotton
ginning and locational advantage on account of proximity to the
cotton-growing regions of Gujarat.

VCI's ability to improve its financial risk profile while
managing volatility associated with the cotton prices and moving
up in the textile value chain is the key rating sensitivity.

                        About Vishwas Cotton

Amreli-based Vishwas Cotton Industries was formed in June 2009 as
a partnership concern by Mr. Dhanji Karetia and family members to
undertake the business of cotton ginning. The promoter
group consists of six partners including Mr. Janak Javiya, one of
the key partners of the firm. He looks after the overall
operations. The firm's product mix constitutes cotton bales and
cotton seeds and has an installed capacity to produce 3,235 MTPA
of cotton bales and 5,661 MTPA of cotton seeds as on March 31,
2011.


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


ALAM SUTERA: S&P Gives 'B' Corp. Credit Rating; Outlook Stable
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' long-term
corporate credit rating and 'axBB-' ASEAN scale rating to
Indonesia-based real estate developer PT Alam Sutera Realty Tbk.
The outlook is stable.

"At the same time, Standard & Poor's assigned a 'B' issue rating
to the proposed senior unsecured notes by Alam Sutera
International Pte. Ltd., a special purpose vehicle set up to
issue the notes. Alam Sutera's subsidiaries guarantee the notes.
The issue rating is subject to our review of the final
documents," S&P said.

"The rating on Alam Sutera reflects the company's aggressive
debt-funded expansion, high project concentration, and execution
risks for a proposed hospitality venture in Bali, Indonesia,"
said Standard & Poor's credit analyst Kah Ling Chan. "The
company's large, low-cost, and well-located land bank, strong
growth potential, and good record of developing the Alam Sutera
township in Indonesia temper these weaknesses."

"In our view, the single-project concentration risk is material
despite the company's diversification efforts. The Alam Sutera
township, which is west of Jakarta, will continue to contribute
the bulk of property sales in the next two years. The company has
launched its second project but contributions are likely to
remain limited. Alam Sutera benefits from the good location and
reputation of the project, as well as low land costs," S&P said.

"We expect Alam Sutera to increase its debt aggressively over the
next two years, albeit from a low level, to fund land
acquisitions and new projects," Ms. Chan said. "In January 2012,
the company raised Indonesian rupiah (IDR) 786 billion in a sale
of shares for land bank acquisition. The proposed issue of up to
$150 million in senior unsecured notes for buying more land will
further increase debt to IDR2.8 trillion by the end of 2012 from
an estimated IDR554 billion at the end of 2011," S&P said.

"The stable outlook reflects our expectation that Alam Sutera
will generate satisfactory cash flows from property sales at good
margins to partly mitigate the significant increase in borrowings
in 2012. The stable outlook also incorporates our expectation
that the proposed bond issue will be successful, and the company
will maintain adequate liquidity while expanding aggressively. In
our base-case scenario, we expect the company's debt-to-EBITDA
ratio to be about 2.9x and EBITDA interest coverage 4.4x in
2012," S&P said.

"The potential upside to the rating is limited, in our view. We
may raise the rating if Alam Sutera executes its high-growth
strategy well, including replenishing its land bank at a low cost
and generating good profitability from the Bali hospitality
project. We may also upgrade the company if it increases its
operating scale and diversifies its cash flow sources to include
a larger number of projects and property leasing," S&P said.

"We may lower the rating if Alam Sutera deviates from its
strategy and core business of property development or makes
larger debt-funded acquisitions than we expected. The rating may
also come under pressure if a cyclical slowdown materially
reduces the company's property sales and lowers EBITDA margin to
less than 40%," S&P said.


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


AIJ INVESTMENT: Scandal Raises Fear of Asset Managers' Losses
-------------------------------------------------------------
Hiroko Nakata at The Japan Times reports that the fiasco at AIJ
Investment Advisors Co. is not only threatening the retirement
prospects of more than 880,000 people, it is also raising fears
that more corporate pension money is being misinvested.

The news agency says AIJ's loss may force its client companies to
slash pension benefits, raise premiums or, if worst comes to
worst, collapse.  Experts also said the possibility of veiled
losses at other asset management firms during the economic slump
cannot be ruled out because of a lack of proper scrutiny, the
report relates.

"The problem is not only about AIJ," the report quotes Koichi
Haji, chief economist at NLI Research Institute, as saying.
Mr. Haji said that the case involves numerous pension funds and
that other asset managers may also have racked up massive losses.

The AIJ scandal alone stunned its clients and their employees,
the report says.

According to the report, financial regulators suspended the
Tokyo-based asset manager for a month from Feb. 24 because it
could not explain what happened to the money. AIJ reportedly lost
most of the JPY185.3 billion it was managing through funds
registered in the Cayman Islands. Its clients included
84 corporate pension funds linked to about 540,000 workers and
340,000 recipients.

As for why AIJ was able to continue engaging in its allegedly
shady activities and whether other asset managers are in the same
boat remain unanswered as the Securities and Exchange
Surveillance Commission investigates, The Japan Times states.

The report notes that the welfare ministry said that as many as
52 of the 84 pension funds AIJ was managing are already running
deficits or will do so soon if AIJ cannot return the missing
money.

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


AIJ INVESTMENT: President Refuses to Cooperate in Pension Inquiry
-----------------------------------------------------------------
Takashi Hirokawa at Bloomberg News reports that AIJ Investment
Advisors Co. President Kazuhiko Asakawa declined a request to
appear before a parliamentary committee seeking answers over how
the suspended fund manager lost as much as US$2 billion of
pension money.

"Unfortunately I am unable to take up the offer," Mr. Asakawa
said, according to a faxed statement read by Banri Kaieda,
chairman of the lower house financial committee, to reporters in
Tokyo on March 12.  Asakawa wrote that he is busy compiling
information requested by the government's financial watchdog,
Mr. Kaieda, as cited by Bloomberg, said.

According to Bloomberg, Mr. Asakawa's reply is his first
statement to be made public since the Financial Services Agency
suspended AIJ on Feb. 24 for a month to find out what happened to
the JPY185.3 billion (US$2.3 billion) of pension assets managed
by his firm.  Bloomberg notes that the case has prompted the
regulator to embark on its widest investigation of asset managers
in the country and spurred politicians to consider increased
oversight of the industry.

The FSA's investigative arm, the Securities and Exchange
Surveillance Commission, "is still continuing its inspection,"
Mr. Asakawa wrote, according to Mr. Kaieda. "I am busy as we are
preparing documents to detail the assets under management by the
March 23 deadline," Mr. Kaieda quoted Mr. Asakawa as saying,
reports Bloomberg.

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


ELPIDA MEMORY: Taiwan Unit Plans to Raise Funds to Repay Debts
--------------------------------------------------------------
Focus Taiwan News Channel reports that Rexchip Electronics Corp.,
a Taiwan-based memory chip manufacturing arm of Elpida Memory
Inc., said Friday that it plans to raise about NT$6 billion
(US$203 million) in funds through a rights issue to repay its
debts.

The company said it will assign part of the funds as working
capital for its day-to-day operations, the report relates.

According to the news agency, Rexchip, which was established by
Elpida and Taiwan's Powerchip Technology Corp. in November 2006
to produce DRAM chips, is faced with the obligation to repay some
NT$15.3 billion in debts by the end of this year.

However, Rexchip is sitting on only NT$5.8 billion in cash, while
Elpida owes its Taiwanese unit as much as NT$4 billion in
accounts receivable, dealing another blow to the Taiwanese firm's
cash flow, Taiwan Focus notes.

Taiwan Focus says the large accounts receivable came after
Rexchip provided its DRAM chips to the Japanese parent company,
which filed for bankruptcy last month in Japan at a time when the
global financial DRAM business was encountering a market
downturn.

Currently, Elpida owns a more-than 50 percent stake in Rexchip,
while Powerchip holds another 21.3 percent, the report discloses.

                         About Elpida Memory

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

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

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

Elpida has liabilities of JPY448.03 billion (US$5.52 billion) at
the end of March 2011.


NIPPON SHEET: Moody's Gives Ba3 Corp. Family Rating, Neg. Outlook
-----------------------------------------------------------------
Moody's Japan K.K. has withdrawn its B1 issuer rating of Nippon
Sheet Glass Co., Ltd., and assigned a Corporate Family Rating
(CFR) of Ba3 with a negative outlook.

Moody's assigns Corporate Family Ratings to companies with
significant debt at multiple legal entities (as is the case with
NSG). The CFR represents Moody's assessment of the risk of the
enterprise and therefore, in Moody's opinion, the new CFR will
more accurately reflect NSG's enterprise risk.

Rating Rationale

This withdrawal action does not reflect a change in the company's
creditworthiness.

The CFR of Ba3 reflects the challenges NSG faces in improving its
earnings and cash flow because of weak economies in its main
markets -- in particular Europe --, severe competitions in
emerging markets and input costs pressure. The combination of
restructuring costs and generally weak demand (other than in its
auto sector) is expected to constrain improvement for the next 12
to 18 months.

NSG's profitability has worsened since late 2011 and the company
recorded an operating loss of JPY2.7 billion for Oct-Dec 2011. At
the same time, it revised its full-year financial forecasts for
FYE3/2012, cutting operating profits to JPY4 billion from JPY25
billion.

Accordingly, it has been restructuring its business with
estimated cost of JPY25 billion immediately leading to annual
savings of JPY20 billion. In addition to these cash costs, the
company will need to record non-cash expenses associated with the
restructuring plan.

These cash and non-cash costs will put pressure on NSG's
financials for the immediate future while NSG continues to
struggle with uncertain economic conditions, high input prices,
pressured profitability in its main products such as building
glass and glass for solar panels.

The rating reflects continued support from financial institutions
which lifts the rating by one notch from Nippon Sheet Glass's
fundamental credit worthiness. Moody's believes that continued
strong financial support from its main banks and Sumitomo Mitsui
Banking Corporation (Aa3) is essential to NSG's structural
reforms and in maintaining its ratings.

The negative outlook reflects the significant execution risk
involved in its plan to improve its weakened financial profile
within a reasonable time and in an environment of volatile macro-
economic conditions in its key markets.

Downward rating pressure could emerge if NSG is not able to
clearly demonstrate that its restructuring efforts are being
achieved. This will include clear evidence of a continued strong
position in its core markets, improved profitability, and
declining leverage. These improvements are expected to become
evident in the next 12 to 18 months. Further downward rating
action would be considered if, for example, adjusted debt/EBITDA
continues to exceed 7.0x at the end of FYE3/2014, or adjusted
total debt/Capitalization remains over 75%.

The rating could also come under pressure if headroom under its
bank covenants --were to tighten.

NSG is unlikely to be upgraded in the near term, given the
negative outlook and the challenges facing the company. Steady
improvements, after the initial restructuring charges are
expected in its profitability and balance sheet structure,
evidenced by adjusted Debt/EBITDA sustainably 6.0x and adjusted
Debt/Capitalization below 65%, could generate a consideration of
a change in the outlook to stable from negative.

The principal methodology used in this rating was Moody's "Global
Manufacturing Industry", published on December 29, 2010, and
available on www.moodys.co.jp.

Headquartered in Tokyo, Japan, Nippon Sheet Glass Co., Ltd. is
one of the world's leading building products and automotive glass
companies.


===============
M A L A Y S I A
===============


SILVER BIRD: Classified as Affected Listed Issuer Under PN17
------------------------------------------------------------
Silver Bird Group Berhad is now listed as a Practice Note 17
company based on the criteria set by the Bursa Malaysia
Securities Bhd as it has triggered Paragraph 8.04 and Paragraphs
2.1(d) and 2.1(f) of PN17 of the Main Market Listing
Requirements.

The PN17 criteria was triggered as a result of:

   -- the Company's latest audited accounts for the financial
      year ended Oct. 31, 2011, that was announced on Feb. 29,
      2012, where SBGB's Auditors have expressed a disclaimer
      of opinion on the Company's latest audited accounts;

   -- a default in payment by the major subsidiaries of the
      Company; and

   -- the Company's inability to provide a solvency declaration
      to Bursa Malaysia.

The Company intends to formulate a regularisation plan to address
its PN17 status.

Silver Bird Group Berhad, an investment holding company,
manufactures and distributes consumer food products in Malaysia
and Singapore.


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


BLACK ROBIN: Mulls Legal Action Over Substandard Ship
-----------------------------------------------------
Fleur Cogle at The Timaru Herald reports that Black Robin
Freighters is in danger of going under after major problems with
a ship bought from Colombia came to light since its purchase in
2008.

According to the report, the Jaguar was surveyed by a Colombian
member of the Lloyd's Register Central and South America - part
of the international classification society, Lloyd's Register, a
British-registered charity.

Problems started emerging the day Black Robin Freighters took
possession of it late in 2008, the report says.

The Timaru Herald notes that Black Robin, which runs a Chatham
Islands service from Timaru, was dealt a second blow -- plunged
into receivership and liquidation when South Canterbury Finance
collapsed in 2010. Black Robin had borrowed nearly NZ$5 million
from SCF to fund repairs to the ship, the report relates.

Black Robin founder Kelvyn Leslie is now considering legal action
against LR, which he says let Black Robin down, the Timaru Herald
says.

According to the Timaru Herald, Mr. Leslie said LR failed to
identify major faults in the ship which should have been picked
up in surveys done before the ship's purchase.

"The bottom line is that we relied absolutely on the supposed
reputation of Lloyd's Register to provide us with the assurance
that the ship we were buying was fully up to class and statutory
flag standards. And they let us down to the extent that they
almost -- but not bloody quite -- broke us financially and in
spirit," the report quotes Mr. Leslie as saying.

"The multimillion-dollar losses, stress and hardship occasioned
by their actions must, and will, be addressed."

As well as surveying the ship to ensure it met the society's
classification standards, LR carries out statutory checks for
New Zealand ships on behalf of Maritime New Zealand, the report
notes.

However, LR has rejected the allegation of substandard surveys by
members in Colombia.

Black Robin Freighters is a Timaru shipping company.


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


PROCTER & GAMBLE CHEMICAL: Creditors' Proofs of Debt Due April 4
----------------------------------------------------------------
Creditors of Procter & Gamble Chemical Services Ltd, which is in
members' voluntary liquidation, are required to file their proofs
of debt by April 4, 2012, to be included in the company's
dividend distribution.

The company's liquidator is:

          Aaron Loh Cheng Lee
          Ernst & Young Solutions LLP
          c/o One Raffles Quay
          North Tower 18th Floor
          Singapore 048583


SENTOSA TIGER: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on March 2, 2012, to
wind up the operations of Sentosa Tiger Island Pte Ltd.

Sentosa Development Corporation 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


SINGAPHIL METALS: Court to Hear Wind-Up Petition March 23
---------------------------------------------------------
A petition to wind up the operations of Singaphil Metals (S) Pte
Ltd will be heard before the High Court of Singapore on March 23,
2012, at 10:00 a.m.

United Overseas Bank Limited filed the petition against the
company on Feb. 27, 2012.

The Petitioner's solicitors are:

         Drew & Napier LLC
         10 Collyer Quay, #10-01
         Ocean Financial Centre
         Singapore 049315


SINGBUILD INVESTMENTS: Creditors' Proofs of Debt Due April 9
------------------------------------------------------------
Creditors of Singbuild Investments 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:

          Bob Yap Cheng Ghee
          Tay Puay Cheng
          Wong Pheng Cheong Martin
          c/o 16 Raffles Quay #22-00
          Hong Leong Building
          Singapore 048581


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

United Overseas Bank Limited filed the petition against the
company on Feb. 29, 2012.

The Petitioner's solicitors are:

         Messrs Tan Kok Quan Partnership
         8 Shenton Way
         #47-01, AXA Tower
         Singapore 068811


WESTMINSTER UNICAMPUS: Court Enters Wind-Up Order
-------------------------------------------------
The High Court of Singapore entered an order on Feb. 24, 2012, to
wind up the operations of Westminster Unicampus Pte Ltd.

Attorney-General filed the petition against the company.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee's Office
         The URA Centre (East Wing)
         45 Maxwell Road, #06-11
         Singapore 069118


                             *********

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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