TCRAP_Public/120321.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 21, 2012, Vol. 15, No. 58

                            Headlines


A U S T R A L I A

AIR AUSTRALIA: Liquidation Only Option Left, KordaMentha Says
BOLD JACK: Producer Places Two Firms Into Liquidation
CAVALIER HOMES: Brisbane Franchise in Administration
COOROY MOUNTAIN: Owner Fights to Save Company
CREATIVE WINDOW: Liquidation Left Hunter Customers Out of Pocket

GOLD COAST TITANS: Property Arm Faces Second Wind Up Petition
* AUSTRALIA: SMEs Insolvency Risk Grows With Late Payments


C H I N A

CHINA TEL GROUP: Excess of 5% of Outstanding Shares Sold
DAQING DAIRY: S&P Affirms, Withdraws 'B' Corp. Credit Rating
ZOOMLION HEAVY: S&P Rates Corporate Credit 'BB+'; Outlook Stable


H O N G  K O N G

HK & KOWLOON: Commences Wind-Up Proceedings
KADORIE HANDBAG: Creditors' Proofs of Debt Due April 25
KWAN WAI: Court to Hear Wind-Up Petition on May 2
LEGEND MARK: Creditors' Proofs of Debt Due April 16
MAYA COFFEE: Court to Hear Wind-Up Petition on April 25

MAYFAIR FAR: Creditors' Proofs of Debt Due April 10
MITSA (HK): Court to Hear Wind-Up Petition on May 9
MULTI-TREND TRADING: Jamie Beth Feuerman Steps Down as Liquidator
NETSTAR HK: Creditors' Proofs of Debt Due March 30
NEWPRO TECHNOLOGY: Members' Final Meeting Set for April 18

ONQORE LIMITED: Court to Hear Wind-Up Petition on April 11
ORIENTAL PLAN: Creditors' Proofs of Debt Due April 17
PEACE MARK: Fok and Sutton Appointed as Liquidators
SIFORD LIMITED: Court to Hear Wind-Up Petition on May 9
STAR MICRONICS: Ho Wai Ip Steps Down as Liquidator


I N D I A

AMBAY COKE: Delay in Loan Payment Cues CRISIL Junk Ratings
ARS PULP: CRISIL Assigns 'CRISIL B' Rating to INR57.5MM Tern Loan
J C CONSTRUCTION: CRISIL Puts 'BB' Rating on INR20MM Cash Credit
KABRA STEELS: CRISIL Assigns 'B' Rating to INR50MM Cash Credit
KEYSTONE INFRA: CRISIL Assigns 'BB+' Rating to INR300MM LT Loan

KINGFISHER AIRLINES: Government May Cancel Operating License
KINGFISHER AIRLINES: Face Court Action Over $21.6MM BOS Dues
LEAD VENTURES: CRISIL Assigns 'BB-' Rating to INR60MM Cash Credit
MANGALATH CASHEWS: CRISIL Rates INR15MM Cash Credit at 'B+'
MANI SQUARE: CRISIL Rates INR1.75BB Long-Term Loan at 'BB-'

POOJA SOYA: CRISIL Assigns 'BB' Rating to INR10MM LT Loan
SALMA EXPORT: CRISIL Assigns 'B+' Rating to INR35MM LT Loan
SARA TEXTILES: CRISIL Rates INR480MM Cash Credit at 'CRISIL BB'
S S S FIBRE: CRISIL Rates INR38 Million Cash Credit 'B-'
STANLUBES AND SPECIALITIES: CRISIL Rates INR5MM Term Loan at 'B+'

UNION BANK OF INDIA: Moody's Cuts BFSR to 'D'; Outlook Stable


J A P A N

NIPPON SHEET: Moody's Withdraws 'Ba2' Corporate Family Rating


K O R E A

INDUSTRIAL BANK OF KOREA: Moody's Issues Summary Credit Opinion
KOREA DEVELOPMENT: Moody's Issues Summary Credit Opinion


N E W  Z E A L A N D

CAPITAL + MERCHANT: Directors' Trial Delayed Until March 30
CRAFAR FARMS: New Zealanders Oppose Crafar Sale to Foreigners
PORTAGE RESORT: Receivers Set Mid-April Deadline for Tenders
WEST COAST BREWERY: To Resolve Tax Issues Before April 3


S I N G A P O R E

BARNSLEY PTE: Court Enters Wind-Up Order
ELCOMP TECHNOLOGIESA: Court Enters Wind-Up Order
HASHIMOTO STONE: Creditors' Meetings Set for March 28
LG PROPERTIES: Court Enters Wind-Up Order
MIYAZAKI SHIPHOLDING: Creditors' Proofs of Debt Due April 12

RAFFLES CAPITAL: Creditors' Proofs of Debt Due April 16


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


AIR AUSTRALIA: Liquidation Only Option Left, KordaMentha Says
-------------------------------------------------------------
Anthony Marx at The Courier-Mail reports that the administrators
of failed Air Australia have recommended liquidation as "the only
realistic option available" and warned that about 500 unsecured
creditors will get no return.

Citing insolvency firm KordaMentha's first detailed report to
creditors released on March 15, The Courier-Mail discloses that
KordaMentha's preliminary review found that a "significant
number" of payments had been made prior to their appointment on
February 17 and these might be voided.

"This can be an indication of preferential payments being made to
creditors (and) would be reviewed further in a liquidation,"
according to KordaMentha's report.

The Courier-Mail relates that KordaMentha said it remain unclear
if the Brisbane-based carrier had traded while insolvent, engaged
in uncommercial transactions, or made unfair loans.  These
issues, according to KordaMentha would also be examined if the
group was wound up.

Any money retrieved could flow back to priority creditors, such
as the 354 employees, the news agency notes.

According to The Courier-Mail, creditors are scheduled to hold
their second meeting on March 23 and will decide whether to
liquidate the airline, which collapsed with $84.6 million in
debts.

The administrators' report, The Courier-Mail cites, related that
Air Australia amassed losses of AUD89 million since the 2010
financial year, when it launched low-cost flights around the
country and then expanded to provide service to Bali, Phuket and
Honolulu.

The Courier-Mail says the administrators' report identified the
reasons for its failure as inadequate use of aircraft, poor
economies of scale, lack of working capital, and fare discounting
to support cash flow.

While there was "minimal interest" from potential buyers of the
airline, KordaMentha said the group's engineering operations had
attracted several expressions of interest, The Courier-Mail adds.

                         About Air Australia

The Air Australia fleet consists of five Airbus A330-200 and
A320-200 aircraft, with headquarters in Hendra, Queensland.
Regular flight paths included Bali, Phuket and Honolulu as well
as Australian domestic destinations such as Melbourne, Brisbane,
Perth, Port Hedland and Derby.

Mark Korda and John Park of KordaMentha were appointed on Feb. 17
by the Director of the Strategic Aviation Group as voluntary
administrators for the firm.  The group consists of seven
companies including Air Australia, Strategic Engineering
Australia, and Strategic Aviation Charter.


BOLD JACK: Producer Places Two Firms Into Liquidation
-----------------------------------------------------
Karl Quinn at The Age reports that Melbourne theatre producer
Simon Myers placed into voluntary liquidation on March 5 two of
his companies, Bold Jack Pty Ltd and Folsom Prison Productions
Pty Ltd.

The move left angry creditors, including Rhonda Burchmore, a
collective AUD1.4 million out of pocket, according to the report.
Bold Jack had debts of just over AUD1 million, while Folsom
Prison had debts of almost AUD370,000.

A meeting of creditors was held March 15 to decide whether the
two companies should be wound up, The Age relays.

Mr. Myers told The Age that unforeseen expenses associated with
the Doris Day show last year and disappointing sales for the
Morning of the Earth show (featuring the 1972 surf movie and live
music from Brian Cadd) had contributed to the collapse of the
firms.  "This is a shocking situation," The Age quotes Mr. Myers
as saying. "It's a really tough industry out there right now."

Some of those owed money, however, have questioned Mr. Myers'
version of events, pointing to the fact that the cash-strapped
producer appears to have bounced back with a new season of
Perkins' The Man In Black at the Sydney Opera House next month,
The Age notes.  Mr. Meyers' firms were behind Tex Perkins' Johnny
Cash tribute show.  The Johnny Cash show is now being presented
by Bold Jack International, an Opera House spokesman told The
Age.

"Bold Jack International isn't me. I'm purely an employee,"
Mr. Myers told The Age. "It was set up ages before this
happened."

The Age says ASIC records show Bold Jack International Pty Ltd
was registered on January 30, 2012, five weeks before Mr. Myers
put its sound-alike entity into administration.  Former employee
Moira Bennett is its sole director. The shares in the company are
held equally by Ms. Bennett and Mr. Myers, The Age discloses.


CAVALIER HOMES: Brisbane Franchise in Administration
----------------------------------------------------
SmartCompany reports that the Brisbane franchise of Gold Coast
residential property group Cavalier Homes has been placed in
administration, just weeks after the owner of Cavalier Homes'
Warrnambool and Gippsland franchises also collapsed.

SmartCompany relates that Lloyd Kerr --
lloyd@jirschsutherland.com.au -- partner at Jirsch Sutherland,
said the Brisbane business is no longer trading after "ongoing
regulatory issues" but stresses that it's "business as usual" for
other Cavalier franchises.

Mr. Kerr said just days into his appointment, he's not yet sure
how long the Brisbane franchise has been in trouble, but
creditors are owed worth of AUD3 million.

According to the report, Mr. Kerr said the franchisor has
expressed its desire to help the 30-odd customers with partially
completed houses.

A creditors' meeting will be held next week, and a detailed
report will follow, the report adds.

A spokesman for the Queensland Building Services Authority told
the ABC that Cavalier Homes Brisbane did not have enough funds to
continue operating, SmartCompany reports.

Cavalier Homes is one of Australasia's largest residential
building entities and provides specialist construction finance
advice.


COOROY MOUNTAIN: Owner Fights to Save Company
---------------------------------------------
Kathy Sundstrom at Noosa News reports that the owner of Cooroy
Mountain Group is confident he can come up with millions of
dollars in four days to save his company.

According to the report, administrator Robert Hutson of
KordaMentha said Greg Dinsey had until Tuesday to prove he has
the finance to continue trading.

Noosa News relates that Mr. Dinsey said he was "very close" to
finalizing a Deed of Company Arrangement which would save the
company from certain closure and protect the jobs of the 63
employees.

"We are putting an offer forward to pay our creditors," the
report quotes Mr. Dinsey as saying.  "We are working feverishly
towards this. We are right on the brink of bringing in the DOCA.
It will be the best offer as we need the company to trade on."

Mr. Hutson said he was not confident Mr Dinsey would secure the
cash before the deadline, Noosa News relays.

                       About Cooroy Mountain

Cooroy Mountain Group employed between 70 and 100 staff, and has
operated from Cooroy Mountain since 1991, which also includes
Wimmers Soft Drink and Cooroy Mountain Transport.

Cooroy Mountain Group and four of its companies, including Cooroy
Mountain Spring Water, were placed in administration early in
September 2011.


CREATIVE WINDOW: Liquidation Left Hunter Customers Out of Pocket
----------------------------------------------------------------
Gabriel Wingate-Pearse at The Herald reports that Hunter families
may be thousands of dollars out of pocket after the winding up of
Creative Window Furnishings.

The Herald relates that the company owes creditors AUD600,000 and
that most of them are mums and dads, along with the Australian
Tax Office and manufacturers.

Among them is Andrew Tull, a father of four who has paid a
AUD2,500 deposit on a AUD6,500 order for blinds to fit out his
new house in Chisholm.

According to the report, Mr. Tull said he was disappointed that
when he spoke to company director Michelle Cox three days before
receiving a letter informing him of the situation, she did not
mention the liquidation.

The Herald relates that Mr. Tull said other people on the list of
about 70 creditors were owed sums between AUD5,000 and AUD15,000.

Bradd Morelli, of Jirsch Sutherland, confirmed that he was
appointed liquidator when the company went into voluntary
liquidation on February 29, the Herald discloses.

The Herald reports that Mr. Morelli said the two biggest
creditors were Luxaflex and Ms. Cox.

Creative Window Furnishings is a curtains and blinds business
with offices in Swansea and Rutherford.


GOLD COAST TITANS: Property Arm Faces Second Wind Up Petition
-------------------------------------------------------------
The Courier-Mail reports that Gold Coast Titans are fighting
legal firestorms on two fronts, with a second company to sue the
club's property arm in the Supreme Court for AUD336,000.

Plastering company Clipstar has engaged a legal firm, claiming it
has not been paid for work on the controversial Centre of
Excellence project, The Courier-Mail reveals.

According to the report, the development comes 48 hours after the
Gold Coast Titans (Property) Pty Ltd was subjected to liquidation
proceedings in Brisbane's Federal Court after the Australian Tax
Office filed on application on February 16.

The Courier-Mail relates that the ATO withdrew from proceedings,
but Reed Constructions, which completed the Centre of Excellence,
has indicated a desire to push on with wind-up proceedings as
they seek AUD1.04 million.

The report states that concerns about the Gold Coast empire's
fiscal health escalated, with Titans boss Michael Searle
revealing the property arm may have to sell the Centre of
Excellence to ease financial pressure on the club.

Gold Coast Titans (Property) Pty Ltd owns and operates Centre of
Excellence at Robina.


* AUSTRALIA: SMEs Insolvency Risk Grows With Late Payments
----------------------------------------------------------
Lucy Ardern at goldcoast.com.au reports that Gold Coast companies
are under growing stress from customers extending the late
payment of their accounts, sparking warnings from a peak body
that they risk becoming insolvent.

Gold Coast Committee chair of the Australian Institute of Company
Directors, Janelle Manders, said small to medium-sized
enterprises (SMEs) were most at risk from the delays in payments.

"It seems to be taking about a month longer than normal to settle
accounts," the report quotes Ms. Manders as saying.  "This is
putting a lot of pressure on SMEs on the Coast.  It is easy for
directors of SMEs to be consumed by the day-to-day operations of
the company and fail to notice the warning signs."

Ms. Manders said SMEs and larger companies needed to ensure they
had a ready supply of credit to cover debts that dragged out,
goldcoast.com.au reports.


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C H I N A
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CHINA TEL GROUP: Excess of 5% of Outstanding Shares Sold
--------------------------------------------------------
Since Feb. 7, 2012, VelaTel Global Communications, Inc., formerly
known as as China Tel Group, Inc., has made the sales of Series A
common stock.  The Company filed a Form 8-K because the aggregate
number of Shares sold exceeds 5% of the total number of shares
issued and outstanding as of the Company's Report on Form 8-K
filed on Feb. 7, 2012.

On Feb. 17, 2012, the Company issued 4,055,164 shares to Domenico
Butler for professional services rendered to Perusat S.A.
pursuant to an agreement for construction services between the
company, Perusat and Butler.  This sale of Shares resulted in a
reduction of $162,206 in accounts payable to the Company.

On Feb. 23, 2012, the Company issued 26,938,510 shares to Joinmax
Engineering & Consultants (HK) Ltd. for professional services
rendered to the Company pursuant to the Agreement for
Professional Services between ChinaTel Group, Inc., and Joinmax
effective as of April 10, 2009, as amended by the First Amendment
to Agreement for Professional Services between VelaTel and
Joinmax effective as of Dec. 1, 2011, and the Second Amendment
for Professional Services between the Company and Joinmax as of
Jan. 6, 2012.  This sale of Shares resulted in a reduction of
$2,693,851 in accounts payable to the Company.

On March 2, 2012, the Company issued 6,348,860 shares to Mario
Navarro for professional services rendered to Perusat pursuant to
the Restated Settlement Agreement between Perusat, the Company
and Navarro, effective as of March 1, 2012.  This Sale of Shares
resulted in a reduction of $353,638 in accounts payable to the
Company.

The restricted Shares issued to the aforementioned persons and
entities relied upon exemptions provided for in Sections 4(2) and
4(5) of the Securities Act of 1933, as amended, including
Regulation D promulgated thereunder based on the aforementioned
knowledge of the Company's operations and financial condition and
experience in financial and business matters that allowed them to
evaluate the merits and risk of receipt of these securities.

                          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.


DAQING DAIRY: S&P Affirms, Withdraws 'B' Corp. Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' long-term
corporate credit rating on Daqing Dairy Holdings Ltd., a China-
based maker of milk powder products. "We also affirmed the 'cnBB-
' Greater China credit scale rating on the company. We then
withdrew all the ratings at the company's request. The rating
outlook at the time of the withdrawal was stable," S&P said.


ZOOMLION HEAVY: S&P Rates Corporate Credit 'BB+'; Outlook Stable
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' long-term
corporate credit rating to China-based construction machinery
manufacturer Zoomlion Heavy Industry Science and Technology Co.
Ltd.  The outlook is stable. "We also assigned our 'cnBBB+'
Greater China credit scale rating to the company. At the
same time, we assigned our 'BB+' issue rating and our 'cnBBB+'
Greater China credit scale rating to the proposed issue of senior
unsecured notes by Zoomlion H.K. SPV Co. Ltd. Zoomlion will
guarantee the notes. The rating on the notes is subject to our
review of the final issuance documentation," S&P said.

"The rating on Zoomlion reflects our view that the company's
financial risk profile is significant, as our criteria defines
the term," said Standard & Poor's credit analyst Steffi Chen.
"Cash flow pressure from high capital expenditure and working
capital requirements, and execution risks in overseas expansion
also constrain the rating. Moreover, the company is susceptible
to  policy risks in China. Zoomlion's established operating
record, strong market position in concrete and crane machinery,
and good profitability temper the weaknesses."

"Zoomlion's short record of consistent and disciplined financial
management characterizes its financial risk profile. We believe
Zoomlion's cash flows will remain under pressure due to tight
credit controls in China and the company's limited flexibility to
reduce finance leases in its current stage. The company also has
high capital expenditure for growth," S&P said.

"We view Zoomlion's business risk profile as 'satisfactory,' as
defined in our criteria. We believe that the company will be able
to sustain its competitiveness due to its more diversified
product offerings than domestic peers', improved technological
capabilities in key product segments, and effective distribution
and sales network across China," S&P said.

"We believe that Zoomlion is susceptible to high policy risks due
to its high revenue concentration from China," said Ms. Chen.
"Any adverse changes in favorable policies of the government
could significantly weaken its profitability and growth
prospects."

"Zoomlion also faces execution risks from entering into new
markets where it has limited experience. We believe it would take
a few years for the company to scale up operations and have
material income from overseas," S&P said.

Zoomlion's moderate debt leverage, good amount of surplus cash on
hand, and flexibility to scale back capital expenditure in
response to a market slowdown support the rating.

"The issue rating is the same as the corporate credit rating on
Zoomlion to reflect the credit support the company provides. We
expect Zoomlion's ratio of priority debt to total assets to
likely remain below our threshold of 15% for speculative-grade
debt," S&P said.

"The stable outlook reflects our expectation that Zoomlion will
maintain its strong market position in its key operating segments
in China with good profitability," said Ms. Chen. "We also
anticipate that the company will have sufficient liquidity and
cash flow to fulfill its planned capital expenditure and working
capital needs."

"We may lower the rating if Zoomlion's profitability declines or
its debt rises beyond our expectation, such that the adjusted
ratio of total debt to EBITDA weakens to more than 4.0x," S&P
said.

"We may raise the rating on Zoomlion if: (1) the company executes
its overseas expansion plan well and builds a record in overseas
markets in the next two to three years; and (2) it improves its
operating cash flow and maintains moderate leverage ratios," S&P
said.


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


HK & KOWLOON: Commences Wind-Up Proceedings
-------------------------------------------
Members of Hong Kong & Kowloon Rattanwares Traders Welfare
Association Limited, on March 6, 2012, passed a resolution to
voluntarily wind up the company's operations.

The company's liquidator is:

         Sze Sau Wan
         Rm 602, 447 Lockhart Road
         Hong Kong


KADORIE HANDBAG: Creditors' Proofs of Debt Due April 25
-------------------------------------------------------
Creditors of Kadorie Handbag International Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by April 25, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on March 6, 2012.

The company's liquidator is:

         Lee King Chung
         Room 1109, 11/F
         118 Connaught Road
         West, Hong Kong


KWAN WAI: Court to Hear Wind-Up Petition on May 2
-------------------------------------------------
A petition to wind up the operations of Kwan Wai Decoration
Limited will be heard before the High Court of Hong Kong on
May 2, 2012, at 9:30 a.m.

Chan Chi Ming filed the petition against the company on Feb. 28,
2012.

The Petitioner's solicitors are:

          ONC Lawyers
          15th Floor, The Bank of East Asia Building
          10 Des Voeux Road
          Central, Hong Kong


LEGEND MARK: Creditors' Proofs of Debt Due April 16
---------------------------------------------------
Creditors of Legend Mark Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
April 16, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on March 8, 2012.

The company's liquidator is:

         Poon Ching Wah
         Room 902, 9th Floor
         Bank Centre
         636 Nathan Road
         Kowloon, Hong Kong


MAYA COFFEE: Court to Hear Wind-Up Petition on April 25
-------------------------------------------------------
A petition to wind up the operations of Maya Coffee Limited will
be heard before the High Court of Hong Kong on April 25, 2012, at
9:30 a.m.

SFB Limited filed the petition against the company on Feb. 15,
2012.

The Petitioner's solicitors are:

          Philip K. H. Wong, Kennedy Y. H. Wong & Co
          23/F, Admiralty Centre Tower II
          18 Harcourt Road
          Hong Kong


MAYFAIR FAR: Creditors' Proofs of Debt Due April 10
---------------------------------------------------
Creditors of Mayfair Far East Corporation 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 March 8, 2012.

The company's liquidator is:

         Tong Kwong Wah Jerry
         Flat E, 34/F
         Scholastic Garden
         No. 48 Lyttelton Road
         Mid-Level West, Hong Kong


MITSA (HK): Court to Hear Wind-Up Petition on May 9
---------------------------------------------------
A petition to wind up the operations of Mitsa (HK) Limited will
be heard before the High Court of Hong Kong on May 9, 2012, at
9:30 a.m.

Chan Mee Kuen Shirley filed the petition against the company on
March 1, 2012.

The Petitioner's solicitors are:

          Y. T. Szeto & Co., Solicitors
          Unit 1702, Golden Centre
          188 Des Voeux Road
          Central, Hong Kong


MULTI-TREND TRADING: Jamie Beth Feuerman Steps Down as Liquidator
-----------------------------------------------------------------
Jamie Beth Feuerman stepped down as liquidator of Multi-Trend
Trading Limited on March 5, 2012.


NETSTAR HK: Creditors' Proofs of Debt Due March 30
--------------------------------------------------
Creditors of Netstar Hong Kong 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 liquidators are:

         Messrs Bruno Arboit
         Simon Richard Blade
         22/F, The Centre
         99 Queen's Road Central
         Central, Hong Kong


NEWPRO TECHNOLOGY: Members' Final Meeting Set for April 18
----------------------------------------------------------
Members of Newpro Technology Limited, which is in members'
voluntary liquidation, will hold their final meeting on April 18,
2012, at 10:00 a.m., at 43, Boulevard du Prince Henri, L-1724
Luxembourg.

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


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

Topper Silicon Steel Industry Company Limited filed the petition
against the company on Feb. 3, 2012.

The Petitioner's solicitors are:

          Kenneth Sit
          Room 1203, 12th Floor
          Euro Trade Centre
          13-14 Connaught Road
          Central, Hong Kong


ORIENTAL PLAN: Creditors' Proofs of Debt Due April 17
-----------------------------------------------------
Creditors of Oriental Plan Development Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by April 17, 2012, to be included in the company's
dividend distribution.

The company's liquidator is:

         Kong Chi How Johnson
         25/F, Wing On Centre
         111 Connaught Road
         Central, Hong Kong


PEACE MARK: Fok and Sutton Appointed as Liquidators
---------------------------------------------------
Fok Hei Yu and Roderick John Sutton on Jan. 4, 2012, were
appointed as liquidators of Peace Mark (Holdings) Limited.

The liquidators may be reached at:

          Fok Hei Yu
          Roderick John Sutton
          c/o FTI Consulting (Hong Kong) Limited
          Level 22, The Center
          99 Queen's Road, Central
          Central, Hong Kong


SIFORD LIMITED: Court to Hear Wind-Up Petition on May 9
-------------------------------------------------------
A petition to wind up the operations of Siford Limited will be
heard before the High Court of Hong Kong on May 9, 2012, at
9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company on March 7, 2012.

The Petitioner's solicitors are:

          Chow, Griffiths & Chan
          6th Floor, South China Building
          No. 1 Wyndham Street
          Central, Hong Kong


STAR MICRONICS: Ho Wai Ip Steps Down as Liquidator
--------------------------------------------------
Ho Wai Ip stepped down as liquidator of Star Micronics Asia
Limited on March 6, 2012.


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AMBAY COKE: Delay in Loan Payment Cues CRISIL Junk Ratings
----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Ambay Coke Industries Pvt Ltd to 'CRISIL D' from
'CRISIL B-/Stable'.

                        Amount
   Facilities          (INR Mln)       Ratings
   ----------          ---------       -------
   Cash Credit            120          CRISIL D
   Term Loan               50          CRISIL D
   Proposed Long-Term     545          CRISIL D
    Bank Loan Facility

The downgrade reflects instances of delay by Ambay in servicing
its debt; the delays have been caused by the company's weak
liquidity.

Ambay is also exposed to project implementation risks. This
rating weakness is partially offset by the extensive experience
of Ambay's promoters' in the steel business.

                       About Ambay Coke

Ambay was acquired by its current management in February 2008 and
commenced operations in July 2008. The company processes coke and
sells it to small vendors and blast furnaces. Its unit in Burdwan
(West Bengal) has 18 coking chambers, with capacity to process
30,000 tonnes of coke per annum. Ambay was reconstituted as a
private limited company from a partnership firm in October 2009.
The company has capital expenditure plans of setting up a rolling
mill plant over the medium term.

Ambay reported a profit after tax (PAT) of INR7 million on net
sales of INR356 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR15 million on net
sales of INR339 million for 2009-10.


ARS PULP: CRISIL Assigns 'CRISIL B' Rating to INR57.5MM Tern Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of ARS Pulp & Papers Pvt Ltd.

                        Amount
   Facilities          (INR Mln)       Ratings
   ----------          ---------       -------
   Cash Credit            20           CRISIL B/Stable
   Term Loan              57.5         CRISIL B/Stable

The rating reflects ARS's exposure to implementation and offtake
risks associated with the manufacturing project and small scale
of operations in the highly fragmented paper industry. These
rating weaknesses are partially offset by the extensive industry
experience of ARS's promoters and established contacts in the
paper industry.

Outlook: Stable

CRISIL believes that ARS will continue to benefit over the medium
term from its promoters' extensive experience in the paper
industry. The outlook may be revised to 'Positive' in case the
company successfully implements its manufacturing capacity
without any significant time or cost overruns and achieves
higher-than-expected revenue and profitability. Conversely, the
outlook may be revised to 'Negative' if there are significant
time or cost overruns in the project, thereby adversely affecting
the financial risk profile or if the company achieves
significantly lower-than-expected revenues and profitability.

                      About ARS Pulp & Papers

Incorporated in 2006 by Mr. Ashish Gupta and his brother, Mr.
Ashok Gupta, ARS is setting up a manufacturing facility for
thermal paper, carbonless paper, and label stock; the unit will
have an installed capacity of 1465 tonnes per annum (tpa) for
thermal paper, 694 tpa for carbonless paper, and 591 tpa for
label stock, and is expected to be commissioned by May 2012.
Based in Sonepat (Haryana) ARS's operations are managed by Mr.
Ashish Gupta and Mr. Ashok Gupta. The total cost of the project
is INR86.1 million, to be funded with term loan of INR57.5
million and the balance with promoters' contribution.

The company is yet to commence the commercial operations.


J C CONSTRUCTION: CRISIL Puts 'BB' Rating on INR20MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of J C Construction Pvt Ltd.

                        Amount
   Facilities          (INR Mln)       Ratings
   ----------          ---------       -------
   Bank Guarantee         80           CRISIL A4+
   Cash Credit            20           CRISIL BB/Stable

The ratings reflect JCPL's above-average financial risk profile,
marked by low gearing and healthy debt protection metrics, and
healthy order book that provides revenue visibility over the
medium term. These rating strengths are partially offset by
JCPL's small scale of operations in a highly fragmented civil
construction industry and customer and geographical concentration
in revenue profile.

Outlook: Stable

CRISIL believes that JCPL will benefit over the medium term from
its promoters' extensive industry experience in the road and
bridge construction business and its healthy order book. The
outlook may be revised to 'Positive' if JCPL strengthens its
business risk profile through greater customer and geographical
diversity, along with better management of working capital during
the peak construction period. Conversely, lower-than-expected
accruals or stretched working capital or any large debt-funded
capital expenditure plan, leading to weakening in the company's
liquidity, may lead to a revision in the outlook to 'Negative'.

                       About J C Construction

JCPL was started as a proprietorship firm in 1974 by Mr. J C
Hazarika to undertake civil construction works. The firm was
reconstituted as a private limited company in 1999 with
Mr. Amitabh Hazarika, son of Mr. J C Hazarika, and Mrs. Ila
Hazarika, wife of Mr. J C Hazarika, joining the business as
directors. JCPL's day-to-day operations are being looked after by
Mr. Amitabh Hazarika. Since its inception, JCPL has undertaken
civil construction activities in Assam, such as road and bridge
construction. The company constructs roads primarily for Public
Works Department, Assam, for various central government schemes,
and also for Airports Authority of India; it constructs bridges
primarily for road and bridge department, Assam.

JCPL reported a profit after tax (PAT) of INR9.8 million on net
sales of INR234.7 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR11.7 million on net
sales of INR264.8 million for 2009-10.


KABRA STEELS: CRISIL Assigns 'B' Rating to INR50MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank loan facilities of Kabra Steels Ltd, part of the Kabra
Brothers group.

                              Amount
   Facilities               (INR Mln)       Ratings
   ----------               ---------       -------
   Proposed Short-Term         50           CRISIL A4
   Bank Loan Facility

   Cash Credit                 50           CRISIL B/Stable

   Letter of Credit           250           CRISIL A4

The ratings reflect the Kabra Brothers group's weak financial
risk profile, and susceptibility to price volatility because of
the commodity nature of its business. These rating weaknesses are
partially offset by the benefits that the group derives from its
promoters' extensive industry experience.

For arriving at its ratings, CRISIL has combined the financial
and business risk profiles of Kabra Brothers and Kabra Steels.
This is because these entities, together referred to herein as
the Kabra Brothers group, have a common management and operate in
a similar line of business.

Outlook: Stable

CRISIL believes that the Kabra Brothers group's financial risk
profile will remain constrained by the group's low profitability
and highly leveraged capital structure, over the medium term. The
outlook maybe revised to 'Positive' if the group generates
considerably higher accruals and significantly reduces its
liabilities. Conversely, the outlook may be revised to 'Negative'
in case the Kabra Brothers group reports significant decrease in
its revenues and profitability or substantial increase in its
outside liabilities.

                       About the Group

Kabra Brothers, incorporated in 1970, is a part of the Kolkata-
based (West Bengal) Kabra Brothers group. The group was set up by
Mr. Shyam Sunder Kabra in 1970. It consists of Kabra Brothers and
Kabra Steels. Kabra Brothers trades in imported coal, while Kabra
Steels trades in coal, iron ore, and metals, and also undertakes
mining and crushing of stone.

For 2010-11 (refers to financial year, April 1 to March 31), the
Kabra Brothers group reported a profit after tax of INR17 million
(INR6 million for the previous year) on net sales of INR2.10
billion (INR1.07 billion).


KEYSTONE INFRA: CRISIL Assigns 'BB+' Rating to INR300MM LT Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable/CRISIL A4+' ratings to
the bank facilities of Keystone Infra Pvt Ltd.

                            Amount
   Facilities             (INR Mln)        Ratings
   ----------             ---------        -------
   Proposed Long-Term       300            CRISIL BB+/Stable
   Bank Loan Facility

   Bank Guarantee           130            CRISIL A4+

   Cash Credit              110            CRISIL BB+/Stable

The ratings reflect the extensive experience of KIPL's promoters
in the construction industry, strong revenue visibility, and
above-average financial risk profile, marked by low gearing, and
healthy debt protection metrics. These rating strengths are
partially offset by KIPL's working-capital-intensive nature of
operations and modest scale of operations in a highly fragmented
industry.

Outlook: Stable

CRISIL believes that KIPL will benefit from its promoters'
extensive industry experience and strong revenue visibility, over
the medium term. The outlook may be revised to 'Positive' in case
there is significant improvement in revenues and profitability,
while diversifying its customer and geographical base and
maintaining its debt protection metrics. Conversely, the outlook
may be revised to 'Negative' in case the company undertakes any
larger-than-expected debt-funded capital expenditure programme,
leading to weakening in its financial risk profile.

                       About Keystone Infra

Incorporated in 2005, KIPL undertakes construction of roads for
state and national highways and border fencing work for military
and irrigation work for public works department (PWD). The
company is a registered 'Class A' contractor for PWD. KIPL
undertakes projects primarily in Bihar and Jharkhand. The
company's registered office is located in Hyderabad (Andhra
Pradesh). Mr. D. M. Ramesh is the managing director of the
company.

KIPL reported a profit after tax (PAT) of INR26.5 million on net
sales of INR630.4 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR22.4 million on net
sales of INR617.4 million for 2009-10.


KINGFISHER AIRLINES: Government May Cancel Operating License
------------------------------------------------------------
The Times of India reports that Kingfisher Airlines' operating
license and flights could face a serious trouble from Tuesday
unless airline chairman Vijay Mallya is able to get some working
capital soon.

The news agency relates that state-run Airport Authority of India
(AAI) has decided to allow Kingfisher to operate only those
flights for which the airline has paid from Monday midnight to
Tuesday midnight. Private airports may follow suit, the report
notes.

Meanwhile, The Times of India reports that the Directorate
General of Civil Aviation's financial audit recently concluded
that "reasonable case exists for withdrawal of their
(Kingfisher's) airline operator permit as their financial stress
is likely to impinge on safety."

According to the report, DGCA chief Bharat Bhushan has called
Mallya for a meeting on Tuesday. Based on this meeting, the
regulator is likely to send a report to the ministry as a
decision like suspending the licence of a big airline like
Kingfisher would require a nod from the government.

                      About Kingfisher Airlines

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

                        *     *     *

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

Kingfisher lost INR4.44 billion (US$90.1 million) in the fiscal
third quarter that ended in December 2011, 74.8 per cent more
than a loss of INR2.54 billion a year earlier, The Economic Times
disclosed.  The company has lost INR11.8 billion (US$240 million)
in the first nine months of the current fiscal year that ends in
March, a 35 per cent rise from a year earlier.


KINGFISHER AIRLINES: Face Court Action Over $21.6MM BOS Dues
------------------------------------------------------------
The Hindu reports that the U.K. High Court has determined that
Kingfisher Airlines owes Bank of Scotland US$21.6 million in
overdue lease payments for 10 ATR 72-500 aircraft.

The Hindu, citing flightglobal.com, relates that Bank of Scotland
had brought the action on behalf of a consortium of lenders
against Kingfisher's parent company, United Breweries Holdings,
who had guaranteed the airline's obligations.

"I am satisfied that the amounts claimed are due and owing and
that, therefore, in those circumstances the claimants are
entitled to summary judgment in the sum claimed, that is
US$21,589,972.56," the report quotes Justice Eder as saying in
his January 13 judgment.

Justice Eder said he saw "no other good reason" why the matter
should not proceed to trial.

According to The Hindu, flightglobal.com related that the
judgment paves the way for a potential action in India, or
elsewhere, as it enables Bank of Scotland to pursue United
Breweries Holdings' assets to recover the outstanding sum.

The Hindu discloses that Bank of Scotland, as the security
trustee for a group of syndicated lenders, funded KF Turbo
Leasing, a special purpose vehicle incorporated in the Cayman
Islands that purchased the ATR aircraft.

Each aircraft was leased then by KF Turbo leasing, for a term of
ten years beginning on the delivery of that aircraft, to
Kingfisher, according to U.K. documents cited by The Hindu.

Both parties entered into the agreement on March 29, 2007, The
Hindu discloses.

                     About Kingfisher Airlines

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

                        *     *     *

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

Kingfisher lost INR4.44 billion (US$90.1 million) in the fiscal
third quarter that ended in December 2011, 74.8 per cent more
than a loss of INR2.54 billion a year earlier, The Economic Times
disclosed.  The company has lost INR11.8 billion (US$240 million)
in the first nine months of the current fiscal year that ends in
March, a 35 per cent rise from a year earlier.


LEAD VENTURES: CRISIL Assigns 'BB-' Rating to INR60MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Lead Ventures.

                        Amount
   Facilities          (INR Mln)       Ratings
   ----------          ---------       -------
   Bank Guarantee         1.5          CRISIL A4+
   Cash Credit           60            CRISIL BB-/Stable

The ratings reflect the extensive experience of LV's promoters'
family and associates. These rating strengths are partially
offset by LV's small scale, and nascent stage, of operations with
low profitability, and high working capital intensity; the
ratings also factor in the firm's weak financial risk profile
marked by small net worth and high gearing.

Outlook: Stable

CRISIL believes that LV will continue to benefit over the medium
term from the extensive experience of its promoters' family and
associates. The outlook may be revised to 'Positive' in case the
firm significantly improves its financial risk profile, driven by
higher-than-expected cash accruals or capital infusion, along
with efficient working capital management. Conversely, the
outlook may be revised to 'Negative' in case LV reports larger-
than-expected working capital requirements or lower-than-expected
cash accruals, resulting in pressure on its liquidity.

                        About Lead Ventures

LV is a partnership firm set up in 2009 by Mr. Durez Azeez Fazal
along with his sister Ms. Sameera Khan. LV is a sole distributor
for Castrol India Ltd's (Castrol's) engine and industrial
lubricants in North Bengaluru since February 2010. The firm is
also a sole distributor for Nestle India Ltd (Nestle) for its 126
products for South Bengaluru since October 2010. LV expects to
derive about 65 per cent of its total revenues for 2011-12
(refers to financial year, April 1 to March 31) from the
distributorship for Castrol, with 'Castrol Active 4T' being the
highest selling product within this segment. The balance revenues
will be derived from the distributorship for Nestle, with Maggi
and its variants being the highest selling product in this
segment. Majority of the sales under both segments are targeted
towards retailers.


MANGALATH CASHEWS: CRISIL Rates INR15MM Cash Credit at 'B+'
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Mangalath Cashews.

                        Amount
   Facilities          (INR Mln)       Ratings
   ----------          ---------       -------
   Packing Credit         63           CRISIL A4
   Cash Credit            15           CRISIL B+/Stable
   Bill Discounting       15           CRISIL A4
   Buyer Credit Limit     30           CRISIL A4

The ratings reflect Mangalath Cashews' weak financial risk
profile, marked by a weak capital structure and the expected
weakening of its debt protection metrics, and the firm's small
scale operations, large working capital requirements, and
susceptibility to intense industry competition. These rating
weaknesses are partially offset by the extensive industry
experience of Mangalath Cashews' partners.

Outlook: Stable

CRISIL believes that Mangalath Cashews will continue to benefit
from its partners' extensive industry experience, over the medium
term. However, CRISIL also believes that the firm's financial
risk profile will remain weak because of its working-capital-
intensive operations. The outlook may be revised to 'Positive' if
Mangalath Cashews scales up its operations while it prudently
manages its working capital cycle. Conversely, the outlook may be
revised to 'Negative' if the firm reports significant weakening
of its liquidity, its working capital cycle lengthens, or its
revenues and profitability come under pressure.

                      About Mangalath Cashews

Mangalath Cashews was set up by Mr. S Saji and his family in 2001
and is based in Kollam (Kerala). It processes, and trades in,
cashews nuts. The firm derives over 40 per cent of its total
revenues from the direct export, 40 per cent through indirect
export, and the rest from the domestic market. Mangalath Cashews
currently operates eight factories.

Mangalath Cashews reported a net profit of INR8.3 million on net
sales of INR305 million for 2010-11 (refers to financial year,
April 1 to March 31), against a net profit of INR5.6 million on
net sales of INR285 million for 2009-10.


MANI SQUARE: CRISIL Rates INR1.75BB Long-Term Loan at 'BB-'
-----------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of Mani
Square Ltd to 'CRISIL BB-/Stable' from 'CRISIL B+/Stable'.

                        Amount
   Facilities          (INR Mln)       Ratings
   ----------          ---------       -------
   Long-Term Loan       1750.00        CRISIL BB-/Stable

The upgrade reflects the improvement in MSL's liquidity on
account of the robust offtake for its ongoing real estate
projects. Three of the company's four ongoing projects -
Shiromani, Manikala, and Manishri are nearing completion, while
the funding for the fourth project, Swarnmani, has been tied up.
The cash flow generated from the three projects in the near term
is expected to improve MSL's liquidity. CRISIL further believes
that the established position of the Mani group, of which MSL is
a part, in the real estate market in Kolkata (West Bengal) will
help the company increase the offtake from the fourth project
over the medium term.

The rating reflects the extensive experience of MSL's promoter in
the real estate market, diversified tenant profile, and unique
offerings in its Mani Square Mall. These rating strengths are
partially offset by MSL's below-average financial risk profile,
marked by highly leveraged capital structure, weak debt
protection metrics, and low securitisable revenues, and exposure
to risks and cyclicality inherent in the real estate sector in
India.

Outlook: Stable

CRISIL believes that MSL will benefit over the medium term from
its promoter's established position in the real estate sector.
The outlook may be revised to 'Positive' if the company's
financial risk profile improves, driven by infusion of fresh
equity by the promoter, or on account of improvement in cash
accruals from operations. Conversely, the outlook may be revised
to 'Negative' in case the company makes large investments in
group concerns or undertakes a large debt-funded real estate
project, leading to weakening in its financial risk profile.

                         About Mani Square

Incorporated in 1959 under the name of Raj Kumar & Co, MSL
changed its name in 2004-05 (refers to financial year, April 1 to
March 31). MSL, part of the Mani group of companies promoted by
Mr. Sanjay Jhunjhunwala, undertakes development of residential
and commercial real estate projects. The company also owns and
manages MSM, a 0.7-million-square-feet (sq-ft) retail property in
Kolkata.

The Mani group, set up in the 1980s, is a reputed real estate
group in Eastern India; the group is engaged in construction,
development, and maintenance of commercial, retail, as well as
residential real estate. Since its inception, the Mani group has
developed a total area of more than 3 million sq ft comprising
more than 40 projects.

MSL reported a profit after tax (PAT) of INR182.2 million on net
sales of INR316.1 million for 2010-11, as against a PAT of
INR51.9 million on net sales of INR391.0 million for 2009-10.


POOJA SOYA: CRISIL Assigns 'BB' Rating to INR10MM LT Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of Pooja Soya Industries Pvt Ltd.

                            Amount
   Facilities             (INR Mln)       Ratings
   ----------              ---------      -------
   Proposed Long-Term         10          CRISIL BB/Stable
   Bank Loan Facility

   Letter of Credit           80          CRISIL A4+

   Bank Guarantee             10          CRISIL A4+

   Cash Credit               250          CRISIL BB/Stable

The ratings reflect PSIPL's moderate financial risk profile,
marked by moderate net worth, healthy operating efficiency marked
by its location advantage due to proximity to raw material
sources, and promoters' extensive industry experience. These
rating strengths are partially offset by the vulnerability of
PSIPL's operating margin to volatility in raw material prices.
The ratings also factor in the company's presence in an intensely
competitive and fragmented edible oil industry.

Outlook: Stable

CRISIL believes that PSIPL will benefit over the medium term from
its promoters' extensive industry experience and PSIPL's
established relationship with customers. The outlook may be
revised to 'Positive' if the company enhances its operating
efficiencies, resulting in significantly improved profitability.
Conversely, the outlook may be revised to 'Negative' if PSIPL
plans to undertake a major debt-funded capex programme, or if
there is further change in its inventory holding policy,
resulting in pressure on its current capital structure.

                        About Pooja Soya

Incorporated in 2006, PSIPL is engaged in solvent extraction and
production of Soya products via crude oil and Deoiled Cake at its
facility in Ratlam (Madhya Pradesh), which has capacity of 600
tonnes per day (tpd). PSIPL is promoted by members of the
Manglani family, who have been engaged in the Soya business since
1964 through PSIPL's group entities and have a strong knowledge
and understanding of the market. The PSIPL's unit was acquired by
the Manglani family from Kartik Solvex Ltd (a sick company) as a
300-tpd facility, capacity of which was subsequently enhanced to
600 tpd.

PSIPL reported a profit after tax (PAT) of INR1.6 million on net
sales of INR1182.4 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR6.9 million on net
sales of INR1877.4 million for 2009-10.


SALMA EXPORT: CRISIL Assigns 'B+' Rating to INR35MM LT Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Salma Export Import Agency.

                           Amount
   Facilities             (INR Mln)       Ratings
   ----------             ---------       -------
   Proposed Long-Term        35           CRISIL B+/Stable
   Bank Loan Facility

   Buyer Credit Limit        45           CRISIL B+/Stable

   Cash Credit               20           CRISIL B+/Stable

The rating reflects SEIA's weak financial risk profile, marked by
a ratio of high total outside liabilities to tangible net worth
because of working-capital-intensive operations and below-average
debt protection metrics. The rating also factors in SEIA's
relatively modest scale of operations in the intensely
competitive market for trading in leather products. These rating
weaknesses are partially offset by the benefits that SEIA from
its promoters' long-standing experience in the leather industry
and its established relationships with its customers.

Outlook: Stable

CRISIL believes that SEIA will continue to benefit from its
promoters' extensive industry experience and its established
relationship with its suppliers, over the medium term. The
outlook may be revised to 'Positive' in case the firm reports
substantial improvement in its scale of operations and
profitability, along with an improvement in its capital
structure. Conversely, the outlook may be revised to 'Negative'
if SEIA reports continued delay in realization of receivables
from its customers impacting its liquidity, or if it undertakes a
large, debt-funded capital expenditure programme, or in case the
promoters withdraw a large quantum of capital, leading to
deterioration in its financial risk profile.

                         About Salma Export

SEIA was set up in 1995 as a partnership firm by Mr. A S Abdul
Basith, Mr. Moinuddin (son of Mr. A S Abdul Basith), and Ms.
Vahibunnisa (wife of Mr. A S Abdul Basith). The firm is an
importer and trader of raw hide and semi-finished leather
products such as cow, goat, and sheep hide, and wet blue in the
domestic market. SEIA has two warehouses in Chennai and Ranipet
(both in Tamil Nadu), totalling 70,000 square feet. Besides
trading, the firm's partners have diversified business activities
in manufacturing of semi-finished leather, shoes, and allied
chemicals, under the Salma group which comprises nine entities,
managed independently.

SEIA reported a profit after tax (PAT) of INR17 million on net
sales of INR720 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR17.1 million on net
sales of INR569 million for 2009-10.


SARA TEXTILES: CRISIL Rates INR480MM Cash Credit at 'CRISIL BB'
---------------------------------------------------------------
CRISIL has upgraded the ratings on the bank loan facilities of
Sara Textiles Ltd, part of the Sara group, to 'CRISIL
BB/Stable/CRISIL A4+' from 'CRISIL B-/Negative/CRISIL A4'.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit            480.0        CRISIL BB/Stable

   Letter of credit
   & Bank Guarantee        65.0        CRISIL A4+

   Term Loan              245.0        CRISIL BB/Stable

The rating upgrade reflects the expected improvement in the
financial risk profile, particularly the liquidity, of the Sara
group, marked by the recent sale of Sara International Ltd's
(SIL's) 50 percent stake in Gopalpur Ports Ltd. The group has
sold off its stake to Jindal Steel and Power Limited due to its
inability to support the project as a developer. CRISIL believes
that the proceeds from this stake sale (estimated to be more than
INR1 billion) are expected to provide considerable financial
flexibility to the Sara group for scaling up its existing
operations or undertaking new business opportunities with the
objective of strengthening its business risk profile. The funding
of these new business opportunities and the subsequent impact on
the financial risk profile of the group will remain a key rating
sensitivity factor.

The ratings reflect the benefits that the Sara group derives from
its promoters' extensive experience in the trading business,
supported by its healthy relationships with its customers and its
efficient supply chain management. This rating strength is
partially offset by the group's constrained financial risk
profile, marked by a high gearing and weak debt protection
metrics, and susceptibility to volatility in prices of traded
commodities especially iron ore fines.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SIL and STL. This is because SIL and
STL, together referred to as the Sara group, are under common
directors and management. SIL has a 44 per cent stake in STL's
equity, and is likely to support STL in case of exigencies. SIL
has also provided an undertaking to CRISIL for timely servicing
of STL's debt, in case STL does not have requisite cash flows to
meet its principal and interest obligations in a timely manner.

Outlook: Stable

CRISIL believes that the Sara group will continue to benefit over
the medium term from its established market position in the
trading business, further supported by its business of terry
towels manufacturing. The outlook may be revised to 'Positive' if
the group reports an improvement in its financial risk profile
because of more-than-expected profitability and growth in
operating income, while it maintains its capital structure.
Conversely, the outlook may be revised to 'Negative' if the Sara
group reports a weakening of its financial risk profile because
of deterioration in its working capital management and liquidity,
or if the group undertakes a large, debt-funded acquisition or
capital expenditure programme.

                          About the Group

SIL, set up in 1973 by Mr. D P Singh, is the flagship company of
the Sara group. It trades in iron ore fines, hot-rolled steel
coils, textiles, cement, steel, coal, and agricultural
commodities. GPL was a joint venture between SIL and Orissa
Stevedores Ltd (rated 'CRISIL BBB/Stable/CRISIL A3+'), for
developing the port in Gopalpur (Orissa) for INR12.5 billion. SIL
had invested INR240 million in GPL in the form of equity capital.
However, SIL has recently sold off its entire stake in this joint
venture in October 2011.

STL, incorporated in 2005, manufactures terry towels and trades
in bath mats and bed sheets. The company has its manufacturing
facility in Nalagarh (Himachal Pradesh). With enhanced production
capacities, STL is looking at increasing the share of its
manufactured products as a percentage of its total sales.

Sara Group reported, on a consolidated basis, a net profit of
INR8.3 million on operating income of INR7.18 billion in 2010-11
(refers to financial year, April 1 to March 31), against a net
profit of INR28.6 million on operating income of INR5.98 billion
in 2009-10.

STL reported, on a standalone basis, a net loss of INR1.6 million
on sales of INR1.18 billion in 2010-11, against a net profit of
INR17.3 million on sales of INR878.6 million in 2009-10.


S S S FIBRE: CRISIL Rates INR38 Million Cash Credit 'B-'
--------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of S S S
Fibre Ltd to 'CRISIL B+/ Stable/CRISIL A4' from 'CRISIL BB-/
Stable/ CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)       Ratings
   ----------          ---------       -------
   Bank Guarantee         20           CRISIL A4
   Bank Guarantee         20           CRISIL A4+
   Cash Credit            50           CRISIL B+/Stable
   Cash Credit            38           CRISIL BB-/Stable
   Term Loan             116           CRISIL B+/Stable

The rating downgrade reflects CRISIL's belief that SSSFL's
liquidity will remain weak over the medium term. This is because
SSSFL's cash accruals are expected to be barely sufficient to
meet its maturing term debt obligations over 2012-13 (refers to
financial year, April 1 to March 31) and 2013-14. SSSFL's bank
limits are also expected to remain almost fully utilized because
of its expected inventory losses of more than INR20 million in
2011-12 and incremental working capital requirements for its
recently added capacities. Moreover, the company is likely to
report a net loss for 2011-12, which would constrain its
financial flexibility and reduce its net worth.

The ratings continue to reflect SSSFL's limited financial
flexibility, just adequate cash accruals vis--vis maturing term
debt repayments, and small scale of operations and net worth.
These rating weaknesses are partially offset by the experience of
SSSFL's promoters in the yarn industry, and the company's
moderate operating efficiency.

Outlook: Stable

CRISIL expects SSSFL's liquidity to remain weak because of
constrained financial flexibility as a result of losses expected
for 2011-12. However, SSSFL will continue to benefit from its
promoters' experience in cotton yarn industry. The outlook may be
revised to 'Positive' in case SSSFL generates more-than-expected
cash accruals vis-a-vis its maturing debt obligations, thereby
improving its liquidity. Conversely, the outlook may be revised
to 'Negative' if the company generates less-than-expected cash
accruals, or undertakes a larger-than-expected debt-funded
capital expenditure programme, leading to deterioration in its
liquidity and capital structure.

                         About S S S Fibre

Set up in 2007, SSSFL manufactures cotton carded yarn (in counts
between 16s and 35s). The company has a manufacturing facility
and two warehouses in Samana (Punjab). The company procures the
J-34 variety of cotton from the local markets of Punjab, such as
Muktsar, Barnala, and Sunam. It has an installed capacity of
15,504 spindles (increased from 13,104 spindles in January, 2012)
for manufacturing cotton yarn. SSSFL sells carded cotton yarn
largely to traders and merchant exporters in North India, with
exports usually constituting around 25 per cent of its sales.

SSSFL reported a profit after tax (PAT) of INR1.1 million on net
sales of INR242 million for 2010-11, against a PAT of INR0.9
million on net sales of INR204 million for 2009-10.


STANLUBES AND SPECIALITIES: CRISIL Rates INR5MM Term Loan at 'B+'
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Stanlubes and Specialities (India) Pvt
Ltd.

                        Amount
   Facilities          (INR Mln)       Ratings
   ----------          ---------       -------
   Term Loan              5            CRISIL B+/Stable
   Letter of Credit      10            CRISIL A4
   Bank Guarantee         5            CRISIL A4
   Cash Credit           40            CRISIL B+/Stable

The ratings reflect SSIPL's small scale of operations, exposure
to intense competition leading to constrained profitability, and
working-capital-intensive operations. These rating weaknesses are
partially offset by SSIPL's diversified customer profile, reputed
clientele, and promoters' extensive experience in the lubricant
business.

Outlook: Stable

CRISIL believes that SSIPL's credit profile will be supported by
the strong demand for greases in the domestic and international
markets and its established relationships with its clientele over
the medium term. The outlook may be revised to 'Positive' upon
substantial and sustainable improvement in turnover and
profitability post capacity expansion along with efficient
management of working capital cycle. Conversely, the outlook may
be revised to 'Negative' in case of decline in turnover or
profitability, or higher-than-expected working capital
requirements, leading to weakening in the company's financial
risk profile.

                 About Stanlubes and Specialities

SSIPL was incorporated in 1990 by Mr. Melville A D'Cunha. The
company's present promoters, who are members of the Kohli and
Anand families, bought SSIPL from Mr. D'Cunha in April 2010.
SSIPL manufactures grease, which is used as a lubricating agent
to reduce friction and wear and tear of various machine parts.
The company is a contract manufacturer for entities, such as
Indian Oil Corporation Limited and Hindustan Petroleum
Corporation Limited. Grease sold to HPCL and IOCL is used by them
and also sold to automotive and other industrial clients. SSIPL
has a total manufacturing capacity of 660 tonnes per day. The
company's product portfolio includes lithium-based grease, which
accounts for 90 per cent of the company's total products
manufactured; wheel bearing and chassis grease accounts for the
remaining 10 per cent of the products manufactured.

SSIPL reported a profit after tax (PAT) of INR1.0 million on net
sales of INR211.2 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR3.0 million on net
sales of INR188.7 million for 2009-10.


UNION BANK OF INDIA: Moody's Cuts BFSR to 'D'; Outlook Stable
-------------------------------------------------------------
Moody's Investors Service has downgraded by one notch the ratings
for Union Bank of India.

The revised ratings which carry stable outlooks are:

Bank financial strength (BFSR) to D from D+, which now maps to
the long-term rating of Ba2 from Ba1;

Global local currency deposit to Baa3/Prime-3 from Baa2/Prime-2;

Foreign currency senior debt to Baa3 from (P)Baa2;

Foreign currency senior MTN program to (P)Baa3 from (P)Baa2;

Foreign currency subordinated MTN program to (P)Ba1 from
(P)Baa3; and

Foreign currency junior subordinated MTN program to (P)Ba2 from
(P)Ba1

The foreign currency long-term/short deposit ratings of
Baa3/Prime-3 are unaffected and carry stable outlooks.

Ratings Rationale

"The rating action considers that UBI's weaker financial metrics
-- in particular, its high level of troubled assets, but low
provision coverage -- have pushed the bank into a lower
standalone rating band," says Beatrice Woo, a Moody's Vice
President and Senior Credit Officer.

"Notwithstanding our expectation that UBI's capital ratios will
soon be boosted by a capital infusion, we view its loss-
absorption cushion to be comparatively modest when considering
its deteriorating asset quality and expected growth. In the
current difficult operating environment, we expect further
weakening in asset quality and lower profitability. When
balancing these factors and its overall franchise value, the
revised rating ranks UBI more appropriately against other
Moody's-rated Indian mid-sized public sector banks (PSB)," says
Ms. Woo.

On the asset quality front, UBI's non-performing assets (NPA), as
of 31 December 2011, rose to a near 2.5-year high of 3.33% of
loans and INR52.1 billion on an absolute basis. In addition,
restructured assets accounted for 5.53% of the bank's loans,
significantly above Moody's estimated 4.2% for the system, and
with the uptrend showing no signs of reversing. Although part of
the NPA increase was attributable to system-based recognition --
a situation faced by many Indian banks -- Moody's expects further
deterioration in asset quality against a backdrop of a slowing
economy and high interest rates. Therefore, UBI's potential
credit costs could increase above trend in the near-term, while
Moody's also notes that the bank's provision coverage declined to
63.1% in December 2011 from 70.2% a year earlier.

As for capital, Moody's notes that UBI reported a Tier 1 capital
ratio of 7.98% as of 31 December 2011, slightly below the 8% that
the Indian government has committed to maintaining for PSB and
lower than its peers. The system Tier 1 ratio averaged 9.60%. By
the end of March 2012, the bank expects to receive INR10 billion
in new capital from the government. But most importantly, even
this increase in Tier 1 capital ratio does not provide sufficient
cushion to absorb the potentially higher credit costs emanating
from UBI's deteriorating asset quality or to support rapid growth
while remaining within the Ba1 rating band (standalone BFSR
rating).

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

Under a highly adverse scenario, which assumed a gross NPA ratio
of 12.0%, UBI's economic solvency would be only moderately
positive. To put this into context, the bank's ability to
withstand potential losses is only comparable to that of Ba2-
rated Indian banks.

Therefore, its stand-alone rating could be further downgraded if
asset quality and capital ratios continued to deteriorate at the
same pace as in the past year. In addition, if its Tier 1 capital
base demonstrated declining economic solvency, after
incorporating expected losses, such that it fell below 1%, a
level for a D- rated bank.

Given this rating downgrade and the continued difficult operating
environment for banks in India, the likelihood of an upward
rating action is unlikely over the next 12 to 18 months.

Finally, the global local currency deposit and foreign currency
debt ratings were also downgraded due to the lower standalone
rating. Nonetheless, Moody's maintains its assessment that the
probability of systemic support for UBI, if needed, remains very
high, and results in a two-notch uplift in its global local
currency deposit rating from its standalone rating. This view is
predicated on UBI's position as the seventh largest PSB in
India's domestic banking landscape, and its close relationship
with the government, via the latter's 57.07% holding, and as
evidenced by the bank's receipt of repeated capital infusions.

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

UBI, headquartered in Mumbai, had assets of INR2.4 trillion as of
December 31, 2011.


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


NIPPON SHEET: Moody's Withdraws 'Ba2' Corporate Family Rating
-------------------------------------------------------------
Moody's Japan K.K. has withdrawn its Ba3 corporate family rating
(with negative outlook) on Nippon Sheet Glass Co., Ltd. for its
own business reasons.

Rating Rationale

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

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.


=========
K O R E A
=========


INDUSTRIAL BANK OF KOREA: Moody's Issues Summary Credit Opinion
---------------------------------------------------------------
Moody's Investors Service issued a summary credit opinion on
Industrial Bank of Korea and includes certain regulatory
disclosures regarding its ratings. The release does not
constitute any change in Moody's ratings or rating rationale for
Industrial Bank of Korea.

Moody's current ratings on Industrial Bank of Korea are:

Senior Unsecured (foreign currency) ratings of A1

Senior Unsecured MTN Program (foreign currency) ratings of
(P)A1/A1

Long Term Bank Deposits (foreign currency) ratings of A1

Bank Financial Strength ratings of D+

Subordinate MTN Program (foreign currency) ratings of (P)A2

Junior Subordinate MTN Program (foreign currency) ratings of
(P)A2

Commercial Paper (foreign currency) ratings of P-1

Short Term Bank Deposits (foreign currency) ratings of P-1

Other Short Term (foreign currency) ratings of (P)P-1

Ratings Rationale

Moody's has assigned foreign currency long-term deposit and
senior debt ratings of A1 to the Industrial Bank of Korea (IBK).
The ratings incorporate three factors: (1) its standalone bank
financial strength rating (BFSR) of D+; (2) Moody's assessment of
a very high probability of government support (a component of
joint default analysis, referred to as JDA); and (3) the
seniority of the bank's deposits and senior debt.

The D+ BFSR, which translates into a Baa3 on the long-term scale,
is derived from its adequate franchise value and financial
profiles, but its lackluster risk positioning due to its policy
role.

As of June 2011, small- and medium-sized enterprise (SME) loans
accounted for about 77% of its loan book. It has a leading share
of about 20.5% in domestic SME lending. It also has a public
mandate to support the growth of the SME sector.

It has an adequate financial profile, as its strong efficiency is
counterbalanced partly by its modest liquidity, which is due in
turn to its high dependence on wholesale funding.

Moody's views its risk positioning as modest for two reasons: its
policy role mandates the level of funding that it must provide to
the SME sector, and the government is in a position to influence
management.

Moody's believes that the likelihood of systemic support for IBK
falls into the "fully supported" category, which results in a
five-notch uplift of its local currency deposit rating from the
BCA. The IBK Act, under which the bank operates, provides for its
policy function and strong sovereign support, with Article 43
stipulating the government's legal obligation to replenish any
deficit if its reserves prove insufficient to absorb losses.

Rating Outlook

The bank's ratings -- A1 foreign currency deposit and senior
debt, A2 subordinated debt, and D+ BFSR -- all have stable
outlooks.

What Could Change the Rating - Up

The outlook on the BFSR could be revised to positive from stable
if its overall financial profile improves noticeably, with its
KRW loan-to-deposit ratio falling below 100% (about 250% in June
2011) and core Tier 1 ratio rising above 10% due to retained
earnings.

The outlook on the bank's long-term deposit and debt ratings
would be revised to positive if that on the sovereign rating were
to change to positive.

What Could Change the Rating - Down

A downgrade of the BFSR could arise if the domestic or global
economies significantly deteriorate - deviating from Moody's
central scenario of a slow and gradual recovery -- with NPLs
rising above 4% of loans, or its core Tier 1 ratio (excluding
hybrid Tier 1 securities) falling below 7%, or its funding
experiences a shortage.

The outlook on the bank's long-term deposit and debt ratings
would be revised to negative if that on the sovereign rating were
to change to negative.

The methodologies used in this rating were Bank Financial
Strength Ratings: Global Methodology published in February 2007,
Incorporation of Joint-Default Analysis into Moody's Bank
Ratings: A Refined Methodology published in March 2007, Moody's
Guidelines for Rating Bank Hybrid Securities and Subordinated
Debt published in November 2009, and Short-Term Ratings published
in June 2010.


KOREA DEVELOPMENT: Moody's Issues Summary Credit Opinion
--------------------------------------------------------
Moody's Investors Service issued summary credit opinion on Korea
Development Bank and includes certain regulatory disclosures
regarding its ratings. The release does not constitute any change
in Moody's ratings or rating rationale for Korea Development
Bank.

Moody's current ratings on Korea Development Bank are:

Senior Unsecured (foreign currency) ratings of A1

Senior Unsecured MTN Program (foreign currency) ratings of (P)A1

Long Term Bank Deposits (domestic and foreign currency) ratings
of A1

Bank Financial Strength ratings of D

Senior Unsecured Shelf (foreign currency) ratings of (P)A1

Commercial Paper (foreign currency) ratings of P-1

Short Term Bank Deposits (domestic and foreign currency) ratings
of P-1

Other Short Term (foreign currency ratings of (P)P-1

BACKED Senior Unsecured (foreign currency) ratings of A1

BACKED Senior Unsecured Shelf (foreign currency) ratings of
(P)A1

Ratings Rationale

Moody's has assigned an A1 global local currency long-term
deposit rating to KDB. The rating incorporates two factors: (1)
the bank's bank financial strength rating (BFSR) of D, which maps
to Ba2 on the long-term scale; and (2) Moody's assessment of the
very high probability of government support (a component of joint
default analysis, referred to as JDA).

KDB's D BFSR considers the balance between its fundamental
strengths and weaknesses.

Its strengths include good franchise, high capital adequacy with
its Tier 1 ratio of 16.3% at March 2011, and high operating
efficiency due to its focus on wholesale banking. The bank has a
dominant presence in the domestic large corporate finance and
investment banking sectors.

Its weaknesses include modest corporate governance due to
government influence, high dependence on wholesale funding, and
high borrower concentrations. The bank is also vulnerable to big
event risks stemming from its policy role.

The high probability of systemic support for KDB is underpinned
by Article 44 of the KDB Act which holds the government legally
responsible to replenish its capital if its reserves are
insufficient to cover losses. In addition, the government
directly and indirectly has a 100% ownership of KDBFG.

Its short -term ratings are Prime-1.

Rating Outlook

The outlook on the bank's global local and foreign currency long-
term deposit of A1 is negative, reflecting the risk associated
with privatization. Moody's does not entirely exclude the
possibility of the government lowering its ownership of the KDB
Financial Group below 50% within next a few years. Moody's notes
that the government guarantee -- under Article 18-2 (1) -- does
not apply to these deposits.

However, the outlook on the bank's A1 long-term foreign currency
senior unsecured debt rating is stable, which reflects Moody's
view that the National Assembly in Korea is likely to take
necessary action to provide KDB with the government guarantee
stipulated in Article 18-2 (1) of the KDB Act.

What Could Change the Rating - Up

The outlooks on the bank's long-term deposit ratings can be
revised to a stable from a negative if the government's
privatization plan is cancelled or postponed.

The possible upgrade of BFSR would need to consider KDB's future
business model as well as the government's influence. The
triggers for upgrading its BFSR include: enhancing its KRW loan-
to-deposit ratio to 150% (212% at end-2010), raising its net
interest margin to 2% level (1.52% in 2010), and reduce the
proportion of twenty largest group exposures to the level of
major domestic peers. Moody's will also focus on the bank's track
record in maintaining profitability and asset quality in line
with major domestic peers through future economic downturns.

What Could Change the Rating - Down

Downgrade of KDB's long-term deposit or debt ratings can occur if
Moody's views that the progress on the bank's privatization
warrants a noticeable drop of probability of systemic support for
the bank.

Downward pressure on BFSR could result from deterioration in
asset quality, with NPLs rising above 5% of loans, a fall in Tier
1 capital ratio below 6%, or a structural change that affects the
bank's competitiveness in the investment banking-related
businesses.

The methodologies used in this rating were Bank Financial
Strength Ratings: Global Methodology published in February 2007,
Incorporation of Joint-Default Analysis into Moody's Bank
Ratings: A Refined Methodology published in March 2007, and
Short-Term Prime Ratings published in June 2010.


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


CAPITAL + MERCHANT: Directors' Trial Delayed Until March 30
-----------------------------------------------------------
Nick Krause at Fairfax NZ News reports that Capital + Merchant
Finance has had the start date for the trial of its directors on
criminal charges delayed a week.

The High Court at Auckland heard Tuesday that the change in date
will allow lawyers time to address background issues, the report
says.

According to the news agency, Capital + Merchant wants to get
full disclosure of documents from BDO, its former auditors.  It's
seeking all documents relating to Capital + Merchant and related
parties from 2004-2007.

Fairfax NZ notes that Justice Edwin Wylie will call the parties
back to court on March 30 although both sides acknowledged the
issue may be resolved before then.  The full trial has been put
back to April 23.

                        About Capital + Merchant

Capital + Merchant Finance Ltd, operating in property finance,
was one of the bigger finance companies in New Zealand.  Capital
+ Merchant Finance, along with subsidiary Capital + Merchant
Investments Ltd., went into receivership on November 23, 2007,
due to breaches in respect of general security agreements issued
by the companies in favor of creditor Fortress Credit Corporation
(Australia) 11 Pty Ltd.  Fortress appointed Tim Downes --
tim.downes@nz.gt.com -- and Richard Simpson of Grant Thornton,
chartered accountants, while trustee Perpetual Trust have called
in KordaMentha.

Capital + Merchant owes about NZ$190 million to 7,000 investors.
Fortress reportedly has a prior charge over assets and was owed
around NZ$70 million in total.


CRAFAR FARMS: New Zealanders Oppose Crafar Sale to Foreigners
-------------------------------------------------------------
Fairfax NZ News reports that a new survey shows that
New Zealanders are still deeply opposed to the sale of the Crafar
dairy farms to foreigners despite hearing months of debate from
both sides of the argument.

A survey by pollsters UMR shows 70% Kiwis opposed the sale of the
nearly 8,000 hectare farming estate to overseas investors  --
regardless of nationality, according to Fairfax NZ.

The news agency relates that commissioned by the Crafar Farms
Purchase Group, led by Sir Michael Fay, the poll of 750 people
was carried out before the Labour Party revealed its revamped
overseas investment policy on March 11.

Fairfax NZ notes that the group, comprising of North Island
farmers and iwi, wants to buy the Crafar farms and divide them
between themselves, but its NZ$171.5 million bid has been
rejected as too cheap by receivers KordaMentha, whose preferred
bidder is Chinese company Shangahi Pengxin, understood to be
offering NZ$210 million.

As reported in the Troubled Company Reporter-Asia Pacific on
April 27, 2010, The New Zealand Herald said 16 farms in the
Crafar Farms group have been placed onto the open market for sale
by Crafar's receivers through Bayleys Real Estate.  Bayley's said
the receivership sale is the single largest receivership sale of
farms in New Zealand history.  The 16 farms employ nearly 200
staff and managers and cover 8,000 hectares.  They are located in
the Waikato, near Benneydale in the King Country, Reporoa,
Atiamuri, Waverley, Hawera and Bulls.

The TCR-AP, citing The National Business Review, reported on
Feb. 20 that the government was ordered by the high court to
reconsider its decision to allow the sale of the Crafar farms to
a subsidiary of Shanghai Pengxin.  Ministers approved the sale of
the 16 Crafar farms to Shanghai Pengxin late in January,
conditional on a deal being struck with Landcorp to run the
farms, according to NBR.

                          About Crafar Farms

Crafar Farms, New Zealand's largest family owned dairy business,
runs about 20,000 milking cows, and carries about 10,000 of other
stock.  The company employed 200 staff.

Crafar Farms was placed in receivership in October 2009, by its
lenders Westpac Banking Corp., Rabobank Groep and PGG Wrightson
Finance.  The banks, owed around NZ$200 million, put KordaMentha
partners Michael Stiassny and Brendon Gibson in as receivers
after Crafar Farms breached covenants on its loans.

The latest report on the four Crafar companies in receivership
-- Plateau Farms, Ferry View Farms, Hillside and Taharua -- said
their bank debt in October was NZ$256 million, according to
BusinessDay.co.nz.


PORTAGE RESORT: Receivers Set Mid-April Deadline for Tenders
------------------------------------------------------------
The Marlborough Express reports that receivers selling Portage
Resort Hotel in the Marlborough Sounds have set a mid-April
deadline for tenders for the property.

The Portage Resort Hotel Ltd was put under the management of
PricewaterhouseCoopers partners John Fisk and Malcolm Hollis on
Sept. 13, 2011, owing about NZ$5 million.  The company was then
put in liquidation on October 10.  The liquidator is the Ministry
of Economic Development insolvency and trustee service.

The Inland Revenue Department and ANZ National Bank are listed as
creditors, the Marlborough Express discloses.

According to the report, the resort was first advertised for sale
on Trade Me in September, and has also been listed with
international luxury property brokerage Sotheby's.

The Marlborough Express notes that Bayleys is handling the
tender, which agents Kate Mullins and Peter Harris said presents
a "rare opportunity to purchase the freehold going concern of one
of New Zealand's most iconic and well-known resorts".

                        About Portage Resort

The Portage Resort Hotel offers room and backpacker
accommodation, restaurant, cafe, pool, and spa.  It has 50 rooms
and there is scope to develop at least another 25.  The resort
consists of four parcels of land with a total area of about 1.4
hectares. It has a fine dining restaurant, a separate cafe and
bar, a conference room which can seat 100 and a guest lounge and
bar.


WEST COAST BREWERY: To Resolve Tax Issues Before April 3
--------------------------------------------------------
Michael Berry at Fairfax NZ News reports that the West Coast
Brewery director Paddy Sweeney said the company's issues with the
taxman should be sorted before its High Court date for
liquidation proceedings.

The Inland Revenue Department (IRD) has petitioned the High Court
to wind up The West Coast Brewery, and the case is due to be
heard in Christchurch on April 3, the report relates.

According to the report, Mr. Sweeney, who founded the Good
Bastards Club, has downplayed the impending liquidation
proceedings, saying it was the result of a mix-up after the
company switched offices following the February 2011 quake.

The report relates that Mr. Sweeney said the company had not
missed a tax payment in 12 months, however the IRD had sent a
demand for settlement of an historic tax debt to the operation's
former office as the address had not been changed by the
company's accountants.

When the company did not respond, the IRD started proceedings
through the High Court, Mr. Sweeney, as cited by Fairfax NZ,
said.

Mr. Sweeney said the company has since spoken to the department
and started working through the issue, Fairfax NZ relays.

The company is a subsidiary of West Coast Brewing, which was
founded by Queensland-based entrepreneur Sweeney to buy
Westport's Miner's Brewery in 2007.

The brewery was renamed The West Coast Brewery, owned by its
namesake subsidiary, and Sweeney has ambitions to build the brand
into the nation's third largest brewer. The company owns the
Westport brewery and the group's beer brands.


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


BARNSLEY PTE: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on March 9, 2012, to
wind up the operations of Barnsley Pte Ltd.

Shook Lin & Bok LLP filed the petition against the company.

The company's liquidator is:

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


ELCOMP TECHNOLOGIESA: Court Enters Wind-Up Order
------------------------------------------------
The High Court of Singapore entered an order on March 9, 2012, to
wind up the operations of Elcomp Technologies (Singapore) Pte
Ltd.

United Overseas Bank Limited 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 #05-11/#06-11
         Singapore 069118


HASHIMOTO STONE: Creditors' Meetings Set for March 28
-----------------------------------------------------
Hashimoto Stone (S) Pte Ltd, which is liquidation, will hold a
meeting for its creditors on March 28, 2012, at 3:00 p.m., at 21
Merchant Road #07-02 Royal Merukh S.E.A. Building, in Singapore
058267.

Agenda of the meeting include:

   a. to update the creditors on the status of the liquidation of
      the Company;

   b. to appoint a committee of inspection, if thought fit; and

   c. discuss other business.

The company's liquidators are:

         Chia Soo Hien
         Leow Quek Shiong
         c/o 21 Merchant Road
         #05-01 Royal Merukh S.E.A. Building
         Singapore 058267


LG PROPERTIES: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on March 9, 2012, to
wind up the operations of LG Properties (Singapore) Pte Ltd.

The company's liquidators are:

         Chia Soo Hien
         Leow Quek Shiong
         BDO LLP
         21 Merchant Road
         #05-01 Royal Merukh S.E.A Building
         Singapore 058267


MIYAZAKI SHIPHOLDING: Creditors' Proofs of Debt Due April 12
------------------------------------------------------------
Creditors of Miyazaki Shipholding Pte Ltd, 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's liquidator is:

         Lau Chin Huat
         C/o 6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809


RAFFLES CAPITAL: Creditors' Proofs of Debt Due April 16
------------------------------------------------------
Creditors of Raffles Capital Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by April 16, 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


===============
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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