TCRAP_Public/120322.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Thursday, March 22, 2012, Vol. 15, No. 59

                            Headlines


A U S T R A L I A

FMG RESOURCES: Fitch Assigns BB+ Final Rating to US$2BB Sr. Notes
SOUTH SYDNEY LEAGUES: NAB Calls In Receivers for League Club
* Receivers Appointed to Two Caratti-Owned Perth Office Buildings


H O N G  K O N G

AAA PROFITS: Creditors' Proofs of Debt Due April 16
ANASWEALTH LIMITED: Creditors' Proofs of Debt Due April 16
ANCO PYROTECHNICS: Commences Wind-Up Proceedings
ASIA WELDING: Creditors' Proofs of Debt Due April 16
BLOXWORTH ENTERPRISES: Annual Meetings Set for March 23

CENTRAX LIMITED: Creditors' Proofs of Debt Due April 16
CHARTER GOLDEN: Members' Final Meeting Set for April 16
CHASE LUCK: Members' Final Meeting Set for April 17
CONCRETE MASONRY: Ying and Chan Step Down as Liquidators
COOKVILLE LIMITED: Creditors' Proofs of Debt Due June 30

COSELSALVAGE LIMITED: Annual Meetings Set for April 12
DIODES ZETEX: Commences Wind-Up Proceedings
DWELL BAY: Members' Final Meeting Set for April 17
EXTRAGAIN ENTERPRISES: Members' Final Meeting Set for April 20
FOOD SCOPE: Members' Final Meeting Set for April 16

GREAT WISDOM: Members' Final Meeting Set for April 18
GROUP SUPER: Members' Final Meeting Set for April 16
HAPPY CITY: Members' Final Meeting Set for April 25
HKPHUDA EDUCATION: Commences Wind-Up Proceedings
HONGKONG PIONEER: Creditors' Proofs of Debt Due April 16

LEHMAN BROTHERS: Gets US$1.5BB Distribution From Asian Subsidiary
V-TRAC HOLDINGS: Court to Hear Wind-Up Petition on March 28
WANTAILAI LIMITED: Court to Hear Wind-Up Petition on April 18
WATHNE OVERSEAS: Court to Hear Wind-Up Petition on April 18
YING YUE: Court to Hear Wind-Up Petition on April 25


I N D I A

AMAN-RA IMPEX: Fitch Affirms National Long-Term Rating at 'B+'
AMAZON CERAMICS: Delays in Loan Repayment Cues Junk Ratings
A.S. MOTORS: CARE Rates INR14.73cr Long-Term Loan at 'CARE BB-'
BANSAL EXTRACTION: CARE Rates INR14.47cr LT Loan at 'CARE B'
BHAGWATI KRIPA: CARE Places 'CARE BB+' Rating on INR12.15cr Loan

GAGAN FERROTECH: CARE Places 'CARE B+' Rating on INR155.26cr Loan
GUJARAT OPTHALMICS: CARE Puts 'CARE BB-' Rating on INR6.76cr Loan
HUSSAIN SHETH: CARE Rates INR20cr Long-Term Loan at 'CARE BB'
IMPEX FERRO: CARE Assigns 'CARE B+' Rating to INR86.37cr LT Loan
JANKI COTTON: CARE Assigns 'CARE B' Rating to INR1.08cr LT Loan

JET AIRWAYS: Consolidates & Rebrands Low-Fare Products
KRISHNAVENI FERTILIZERS: CARE Rates INR5.5cr LT Loan at 'CARE BB'
MASK POLYMERS: CARE Reaffirms 'CARE B' Rating on INR4.24cr Loan
NEWAGE FIRE: CARE Puts 'CARE BB-' Rating on INR6cr LT Loan
RAMKRUPA GINNING: CARE Rates INR15.89cr LT Loan at 'CARE B'

SHREE GANESH: CARE Rates INR11.31cr Long-Term Loan at 'CARE B'
SWAGAT SYNTHETIC: CARE Reaffirms 'BB' Rating on INR21.11cr Loan
VISHRUT HOUSING: CARE Rates INR16.75cr LT Loan at 'CARE BB-'


J A P A N

ELPIDA MEMORY: Taiwan FSC to Delist TDR Before Delisting Schedule
ELPIDA MEMORY: Files Chapter 15 Petition in Delaware
ELPIDA MEMORY: Chapter 15 Case Summary


N E W  Z E A L A N D

BRIDGECORP LTD: Directors to Hear Judge's Verdict on April 5
COMPUTER POWER: Goes Into Liquidation; Owes NZ$8.3 Million
DOMINION FINANCE: Directors' NZ$7 Million Mansion Up for Sale
NZF MONEY: Investors Likely to Get Up to 42% Repayment
STRATEGIC FINANCE: FMA's Jock Hobb Probe Will Remain Closed


S I N G A P O R E

RED BEE: Members' Final Meeting Set for April 16
RW 38: Creditors' Proofs of Debt Due April 13
SKIN REPUBLIC: Court Enters Wind-Up Order
STEELCO (SING): Creditors' Proofs of Debt Due April 16
VERTEX FAR: Court Enters Wind-Up Order

WEWORKZ WOMEN: Creditors' Proofs of Debt Due April 16


                            - - - - -


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


FMG RESOURCES: Fitch Assigns BB+ Final Rating to US$2BB Sr. Notes
-----------------------------------------------------------------
Fitch Ratings has assigned FMG Resources (August 2006) Pty Ltd's
US$1 billion 6% due 2017 and US$1 billion 6.875% due 2022 senior
notes final ratings at 'BB+'.

The final rating matches Fitch's expected rating, which was
assigned on March 14, 2012.  The increase in the issue size has
been assessed and has not affected Fitch's rating.


SOUTH SYDNEY LEAGUES: NAB Calls In Receivers for League Club
------------------------------------------------------------
Leonie Lamont at The Age reports that the fortunes of the
flamboyant property developer Albert Bertini, in his joint
venture with the South Sydney football club owners Russell Crowe
and Peter Holmes a Court, have come crashing down following the
appointment of a receiver to the South Sydney Leagues Club, also
known as 'Souths on Chalmers'.

The Age relates that the National Australia Bank moved earlier
this month to appoint insolvency firm KordaMentha as receiver. It
is the final chapter of the redevelopment saga, which was delayed
by years and saw a falling out between Messrs. Bertini and Crowe.

According to the report, David Winterbottom --
dwinterbottom@kordamentha.com -- of KordaMentha said that he
would seek tenants for the remaining vacant space in the Chalmers
Street headquarters of the Rabbitohs, and then "there will be a
sale process."

The Age notes that the National Australia Bank holds a mortgage
debenture over the joint venture company that developed the
Redfern site -- dubbed Souths on Chalmers -- which also gives it
access to any cash and other assets of the joint venture that
would not be covered by a mortgage.

The company, which houses the joint venture High Concept
Commercial Pty Ltd, comprised a 50% stake by Mr. Bertini's
company, Trivest Pty Ltd, with the remaining 50% held by
Mr. Crowe, Mr. Holmes a Court, and a minority stake by members of
the football club, the report discloses.

The chairman of South Sydney Football Club, Nick Pappas, said
neither the members nor Mr. Holmes a Court and Mr. Crowe had any
exposure to the bank, the Age adds.

"[Trivest] procured funding for the venture from the NAB, it is a
non-recourse against the club," the report quotes Mr. Pappas as
saying. "This is a story of a developer who goes into a joint
venture, assumes all the risk and management, and unfortunately
goes through hard times, but thankfully completes the building in
large part."


* Receivers Appointed to Two Caratti-Owned Perth Office Buildings
-----------------------------------------------------------------
SmartCompany reports that receivers have taken control of two
office properties in Perth worth tens of millions and associated
with the wealthy Caratti family, in what has become the latest
collapse in the troubled West Australian property market.

According to the report, Challenger Financial Services Group has
called in Taylor Woodings as receivers for two Perth properties
owned by the Caratti family -- 1110 Hay Street and 218 St Georges
Terrace.

SmartCompany, citing the Australian Financial Review, relates
that a Taylor Woodings spokesperson said the appointment was
confirmed and that "Taylor Woodings is currently working on
realising the assets of the companies".

The reclusive Caratti family, which owns a number of agricultural
and urban land assets, was said to be worth hundreds of millions
of dollars before recent financial turmoil, says SmartCompany.


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


AAA PROFITS: Creditors' Proofs of Debt Due April 16
---------------------------------------------------
Creditors of AAA Profits 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 9, 2012.

The company's liquidators are:

         Tadashi Hasegawa
         Chen Ching-Yun
         Level 28, Three Pacific Place
         1 Queen's Road
         East, Hong Kong


ANASWEALTH LIMITED: Creditors' Proofs of Debt Due April 16
----------------------------------------------------------
Creditors of Anaswealth 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 6, 2012.

The company's liquidator is:

         Lam Ying Sui
         10/F, Allied Kajima Building
         138 Gloucester Road
         Wanchai, Hong Kong


ANCO PYROTECHNICS: Commences Wind-Up Proceedings
------------------------------------------------
Members of Anco Pyrotechnics Limited, on March 6, 2012, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

         John Chi Wai Wong
         Peggy Pei Chi Cheng
         21/F, Edinburgh Tower
         The Landmark
         15 Queen's Road
         Central, Hong Kong


ASIA WELDING: Creditors' Proofs of Debt Due April 16
----------------------------------------------------
Creditors of Asia Welding 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 6, 2012.

The company's liquidator is:

         Lam Ying Sui
         10/F, Allied Kajima Building
         138 Gloucester Road
         Wanchai, Hong Kong


BLOXWORTH ENTERPRISES: Annual Meetings Set for March 23
-------------------------------------------------------
Members and creditors of Bloxworth Enterprises (HK) Limited will
hold their annual meetings on March 23, 2012, at 10:00 a.m., at
the offices of FTI Consulting (Hong Kong) Limited, Level 22, The
Center, at 99 Queen's Road Central, Central, in Hong Kong.

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


CENTRAX LIMITED: Creditors' Proofs of Debt Due April 16
-------------------------------------------------------
Creditors of Centrax 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 9, 2012.

The company's liquidator is:

         Yuen Ting Wah
         Flat 4A, 1B Babington Path
         Ping On Mansion
         Hong Kong


CHARTER GOLDEN: Members' Final Meeting Set for April 16
-------------------------------------------------------
Members of Charter Golden Design & Contracting Limited will hold
their final general meeting on April 16, 2012, at 4:00 p.m., at
10/F, Allied Kajima Building, at 138 Gloucester Road, Wanchai, in
Hong Kong.

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


CHASE LUCK: Members' Final Meeting Set for April 17
---------------------------------------------------
Members of Chase Luck Company Limited will hold their final
general meeting on April 17, 2012, at 10:45 a.m., at 5th Floor,
Jardine House, at 1 Connaught Place, Central, in Hong Kong.

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


CONCRETE MASONRY: Ying and Chan Step Down as Liquidators
--------------------------------------------------------
Ying Hing Chiu and Chan Mi Har stepped down as liquidators of The
Concrete Masonry Producers Association of Hong Kong Limited on
March 7, 2012.


COOKVILLE LIMITED: Creditors' Proofs of Debt Due June 30
--------------------------------------------------------
Creditors of Cookville Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
June 30, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on March 9, 2012.

The company's liquidators are:

         Fung Yan Yee
         14 Tai Hang Road
         2/F, Hong Kong

         Fung Yan Tsan John
         Flat 207, Kent Mansion
         97 Tin Hau Temple Road
         Hong Kong


COSELSALVAGE LIMITED: Annual Meetings Set for April 12
------------------------------------------------------
Members and creditors of Coselsalvage Limited will hold their
annual meetings on April 12, 2012, at 11:00 a.m., and 11:30 a.m.,
respectively at 22nd Floor, Prince's Building, at 10 Chater Road,
Central, in Hong Kong.


DIODES ZETEX: Commences Wind-Up Proceedings
-------------------------------------------
Members of Diodes Zetex Hong Kong Limited, on March 6, 2012,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

         Ho Man Kit
         Kong Sau Wai
         Unit 511, 5th Floor
         Tower 1, Silvercord
         No. 30 Canton Road
         Tsimshatsui, Kowloon
         Hong Kong


DWELL BAY: Members' Final Meeting Set for April 17
--------------------------------------------------
Members of Dwell Bay Limited will hold their final general
meeting on April 17, 2012, at 10:00 a.m., at 5th Floor, Jardine
House, at 1 Connaught Place, Central, in Hong Kong.

At the meeting, Leung Fung Yee Alice, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


EXTRAGAIN ENTERPRISES: Members' Final Meeting Set for April 20
--------------------------------------------------------------
Members of Extragain Enterprises Limited will hold their final
meeting on April 20, 2012, at 9:00 a.m., at Unit 201, 2/F,
Malaysia Building, at 50 Gloucester Road, Wanchai, in Hong Kong.

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


FOOD SCOPE: Members' Final Meeting Set for April 16
---------------------------------------------------
Members of Food Scope Asia Limited will hold their final general
meeting on April 16, 2012, at Roppongi Hills Mori Tower 35/F, 6-
10-1 Roppongi, Minato-ku, Tokyo 106-6135, in Japan.

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


GREAT WISDOM: Members' Final Meeting Set for April 18
-----------------------------------------------------
Members of Great Wisdom Corporation Limited will hold their final
general meeting on April 18, 2012, at 11:00 a.m., at Suite Nos.
1-2A, 15/F, Tower 5, China Hong Kong City, China Ferry Terminal,
Canton Road, in Hong Kong.

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


GROUP SUPER: Members' Final Meeting Set for April 16
----------------------------------------------------
Members of Group Super Limited will hold their final general
meeting on April 16, 2012, at 3:00 p.m., at 10/F, Allied Kajima
Building, at 138 Gloucester Road, Wanchai, in Hong Kong.

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


HAPPY CITY: Members' Final Meeting Set for April 25
---------------------------------------------------
Members of Happy City Limited will hold their final meeting on
April 25, 2012, at 2:30 p.m., at Unit A, 14/F, JCG Building, at
16 Mongkok Road, Mongkok, Kowloon, in Hong Kong.

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


HKPHUDA EDUCATION: Commences Wind-Up Proceedings
------------------------------------------------
Members of HKPHUDA Education and Community Services Limited, on
March 16, 2012, passed a resolution to voluntarily wind up the
company's operations.

The company's liquidator is:

         Fung Wing Yuen
         1/F, Xiu Ping Comm Bldg.
         104 Jervois Street
         Sheung Wan, Hong Kong


HONGKONG PIONEER: Creditors' Proofs of Debt Due April 16
--------------------------------------------------------
Creditors of Hongkong Pioneer Enterprise 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 9, 2012.

The company's liquidator is:

         Lee Kwok On Alexander
         Rooms 1901-2, Park-In Commercial Centre
         56 Dundas Street, Kowloon


LEHMAN BROTHERS: Gets US$1.5BB Distribution From Asian Subsidiary
-----------------------------------------------------------------
Lehman Brothers Holdings Inc. has received a cash distribution of
$1.534 billion from Lehman Brothers Asia Holdings, its affiliate
in liquidation in Hong Kong.

The payment was LBHI's aggregate share of its affiliate's first
two distributions.  It was pursuant to a settlement agreement
entered into on July 31, 2011, which became effective on the
March 6, 2012 effective date of LBHI's bankruptcy plan.

This distribution, which was received on March 15, 2012, had been
anticipated and will be included in LBHI's first distribution to
its creditors on April 17, 2012.  LBHI and its affiliated Debtors
expect additional cash recoveries from the Hong Kong entities in
the future.

                       About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was
the fourth largest investment bank in the United States.  For
more than 150 years, Lehman Brothers has been a leader in the
global financial markets by serving the financial needs of
corporations, governmental units, institutional clients and
individuals worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy
petition disclosed US$639 billion in assets and US$613 billion in
debts, effectively making the firm's bankruptcy filing the
largest in U.S. history.  Several other affiliates followed
thereafter.

Additional units, Merit LLC, LB Somerset LLC and LB Preferred
Somerset LLC, sought for bankruptcy protection in December 2009
or more than a year after LBHI and its other affiliates filed
their bankruptcy cases.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at
Weil, Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S.
District Court for the Southern District of New York, entered an
order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI.

The Bankruptcy Court has approved Barclays Bank Plc's purchase
of Lehman Brothers' North American investment banking and
capital markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also bought
Lehman's operations in the Asia Pacific for US$225 million.

               International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers
International (Europe) on Sept. 15, 2008.  The joint
administrators have been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan
Inc. filed for bankruptcy in the Tokyo District Court on
Sept. 16.  Lehman Brothers Japan Inc. reported about JPY3.4
trillion (US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other
insolvency and bankruptcy proceedings undertaken by its
affiliates.  (http://bankrupt.com/newsstand/or 215/945-7000)


V-TRAC HOLDINGS: Court to Hear Wind-Up Petition on March 28
-----------------------------------------------------------
A petition to wind up the operations of V-Trac Holdings Limited
will be heard before the High Court of Hong Kong on March 28,
2012, at 9:30 a.m.

Messrs. Bruce Donald Gemmell and Rhys James Cain, Ernst & Young
Limited filed the petition against the company on Jan. 4, 2012.

The Petitioner's solicitors are:

          Oldman, Li & Nie, Solicitors
          Suite 503, St. George's Building
          2 Ice House Street
          Central, Hong Kong


WANTAILAI LIMITED: Court to Hear Wind-Up Petition on April 18
-------------------------------------------------------------
A petition to wind up the operations of Wantailai Limited
(formerly known as Linpo China Limited) will be heard before the
High Court of Hong Kong on April 18, 2012, at 9:30 a.m.

Walton Advanced Engineering Limited filed the petition against
the company on Feb. 13, 2012.

The Petitioner's solicitors are:

          Sit, Fung, Kwong & Shum
          18th Floor, Gloucester Tower
          The Landmark, 11 Pedder Street
          Central, Hong Kong


WATHNE OVERSEAS: Court to Hear Wind-Up Petition on April 18
-----------------------------------------------------------
A petition to wind up the operations of Wathne Overseas Limited
will be heard before the High Court of Hong Kong on April 18,
2012, at 9:30 a.m.

Young Shiu Shum filed the petition against the company on
Feb. 15, 2012.


YING YUE: Court to Hear Wind-Up Petition on April 25
----------------------------------------------------
A petition to wind up the operations of Ying Yue Construction
Engineering Co Limited will be heard before the High Court of
Hong Kong on April 25, 2012, at 9:30 a.m.

Chong Mun Trading as Mun Kee Engineering Company filed the
petition against the company on Feb. 20, 2012.

The Petitioner's solicitors are:

          Paul Kwong & Company
          Flat A, 11th Floor
          Shun Pont Commercial Building
          Nos. 5-11 Thomson Road
          Wanchai, Hong Kong


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


AMAN-RA IMPEX: Fitch Affirms National Long-Term Rating at 'B+'
--------------------------------------------------------------
Fitch Ratings has affirmed India-based Amon-ra Impex Private
Limited's National Long-Term rating at 'Fitch B+(ind)'.  The
Outlook is Stable.

The ratings remain constrained by Amon-ra's small size of
operations, which limits its financial flexibility, and volatile
margins due to the trading nature of its business.  In the
financial ended March 2011 (FY11), revenues grew by 66% yoy to
INR205.7m and operating margins declined to 4.4% from 5.1%, on
the back of increased sales of its low-margin polymer product.
The ratings are also constrained by Amon-ra's inability to pass
on the full rise in cost to customers and exchange rate
fluctuations.

Fitch notes that Amon-ra has a limited product portfolio and it
imports entirely from a single supplier - Korea-based Hanwha
Corporation.  That being said, the company is undertaking
measures to increase the number of its suppliers and products in
the medium term.

The ratings also continue to reflect Amon-ra's comfortable credit
profile in FY11, with low gross financial leverage (adjusted
debt/EBITDA) of 0.1x (FY10: 1.2x) and high interest coverage of
19.9x (FY10: 7.4x).  The ratings also draw comfort from a
significant improvement in the company's net working capital
cycle (FY11: 19 days; FY10: 46 days), mainly driven by a one-time
write-off of inventories taken for polyvinyl chloride (PVC)
floorings and also because it undertook confirmed orders for its
polymer products.

The ratings may be downgraded upon any significant decline in
Amon-ra's revenues and EBITDA margins falling below 2%, as well
as from a sustained deterioration in its net debt/EBITDA to
beyond 4x.  Any disputes with Hanwha Corporation would lead to
revenue loss and be negative for the rating.

Established in 1995, Amon-ra is involved in the trading of
polymers and PVC flooring, under Hanwha Group's brand name.  Its
total debt for FY11 stood at INR0.8m (FY10: INR7.6m).

Fitch has also affirmed Amon-ra's bank loans ratings as follows:

  -- INR5.0 million fund-based cash credit limits: affirmed at
     'Fitch B+ (ind)'

  -- INR45m non-fund based limits: affirmed at 'Fitch A4(ind)'


AMAZON CERAMICS: Delays in Loan Repayment Cues Junk Ratings
-----------------------------------------------------------
CARE assigns 'CARE D' rating to the bank facilities of Amazon
Ceramics Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      23.46      CARE D Assigned
   Short-term Bank Facilities      4.50      CARE D Assigned

Rating Rationale

The rating assigned to the bank facilities of Amazon Ceramics
Limited factors in the instances of delay in debt servicing due
to stressed liquidity.

Amazon Ceramics Limited, located in Prantij region of Gujarat is
promoted by Mr. Prafulla Gattani. ACL, originally promoted as
Eureka Tiles Ltd in September 2003 by Mr. J B Patel assumed its
current name from May 2010. In October 2006, Mr. Prafulla Gattani
took over the company and presently looks after the overall
operations.

ACL manufactures vitrified tiles which find usage in both
commercial as well as residential buildings. ACL has an installed
capacity to manufacture 4750 square meters of vitrified tiles per
day as on March 31, 2011. During FY12, ACL increased its capacity
from 4750 square meters of vitrified tiles per day to 6000 square
meters of vitrified tiles per day. Commercial production for the
additional capacity started from September 2011.

During FY11 (audited, refers to the period April 1 to March 31),
ACL reported a PAT of INR2.06 crore on a total operating income
of INR41.84 crore as against the net loss of INR0.92 crore on a
total income of INR25.66 crore.


A.S. MOTORS: CARE Rates INR14.73cr Long-Term Loan at 'CARE BB-'
---------------------------------------------------------------
CARE assigns 'CARE BB-' rating to the bank facilities of A.S.
Motors Private Limited.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      14.73      CARE BB- (Assigned)

Rating Rationale

The rating of A.S. Motors Private Limited is primarily
constrained by weak financial risk profile characterized by low
profitability, highly leveraged capital structure and moderately
stressed liquidity position. The rating is further constrained by
operations in the highly competitive automobile dealership
industry and limited bargaining power against principal
manufacturer. The rating, however, favorably takes into account
the experience of the promoters in the automobile dealership
business, ASMPL's positioning as sole dealer for Tata Motors Ltd
in Gwalior region, diversified revenue stream and favorable
automobile industry scenario in long term.

Increase in market presence in light of competitive nature of the
industry, improvement in the financial risk profile and any debt-
funded capex are the key rating sensitivities.

                        About A.S. Motors

A.S. Motors Private Limited was established in 1988 at Gwalior,
Madhya Pradesh (MP) by Mr. Sanjay Garg, the Managing Director.
ASMPL is engaged in the business of automobile dealership of Tata
Motors Limited's (TML) passenger cars. The company also ventured
into the two-- wheeler segment in 2003 by having the authorized
dealership of Honda Motors India Ltd.  ASMPL also has dealership
of Tractors and Farm Equipment Limited since 2010. ASMPL has two
showrooms located at Gwalior, M.P. and also provides after sales
services and spare parts at its outlet.

During FY11 (refers to the period April 1 to March 31), ASMPL
reported net profit of INR0.33 crore (FY10: INR0.30 crore) on a
total operating income of INR71.81 crore (FY10: INR55.42 crore).


BANSAL EXTRACTION: CARE Rates INR14.47cr LT Loan at 'CARE B'
------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank
facilities of Bansal Extraction & Exports Pvt Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      14.47      CARE B Assigned
   Long-term/Short-term Bank      66.00      CARE B/CARE A4
    Facilities                                Assigned
   Short-term Bank Facilities      3.00      CARE A4 Assigned

Rating Rationale

The ratings of Bansal Extraction & Exports Private Limited are
constrained on account of the nascent stage of its operations and
promoters' lack of experience in soya oil extraction and
processing industry. The ratings are further constrained by its
presence in the highly fragmented and competitive domestic edible
oil industry, vulnerability of its margins to volatility in
commodity prices and high working capital intensity associated
with edible oil processing industry.

The above weaknesses, however, far offset the benefits derived
from the experience of the promoters in other businesses, BEEPL's
integrated manufacturing facilities with value added products and
steady growth potential for edible oil sector in India.

BEEPL's ability to increase the scale of its operations after
stabilizing its recently commissioned soya oil extraction &
processing facility and improve its profitability by managing
volatility associated with raw material prices would remain the
key rating sensitivities.

                       About Bansal Extraction

Incorporated in May 2009, Bansal Extraction & Exports Pvt Ltd is
promoted by the Bansal Group of Bhopal, Madhya Pradesh. BEEPL is
engaged in the business of soya oil extraction and refining at
its processing unit located at Mandideep, near Bhopal. In
February 2011, it had commissioned phase I of its project which
included a soya oil extraction unit with an installed capacity of
750 Tonnes Per Day (TPD) and a refinery unit with an installed
capacity of 125 TPD.

During FY12, the company further expanded its manufacturing
facilities to set up units for producing value added soya
products like Lecithin and Acid Oil (Phase II of the project).
The aggregate cost of Phase-I and Phase-II of the project was
INR44.32 crore which was funded through term loan of INR16.62
crore, equity of INR20.00 crore and unsecured loans from
promoters of INR7.70 crore.


BHAGWATI KRIPA: CARE Places 'CARE BB+' Rating on INR12.15cr Loan
----------------------------------------------------------------
CARE assigns 'CARE BB+' and 'CARE A4' ratings to the bank
facilities of Bhagwati Kripa Paper Mills Pvt Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      12.15      CARE BB+ Assigned
   Short-term Bank Facilities      4.00      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Bhagwati Kripa
Paper Mills Private Limited are constrained primarily on account
of low profitability margins, leveraged capital structure, weak
liquidity position and post implementation risk pertaining to
recently completed debt-funded capex.

The ratings are further constrained due to BKMPL's presence in
the highly fragmented kraft paper industry and vulnerability of
margins to volatility in raw material and power cost and exchange
rate fluctuation.

The above constraints far offset the benefits derived from the
vast experience of the promoters of BKPMPL in the paper packaging
industry and stable demand indicators for kraft paper from
packaging industry. Furthermore, the ratings factor in the
infusion of funds by the promoters in the form of unsecured
loans, which are subordinate to the bank facilities.

BKPMPL's ability to increase presence in the competitive
packaging industry and stabilization of newly added capacity,
continuing funding support from the promoters and improvement in
overall financial risk profile are the key rating sensitivities.

BKPMPL, incorporated in August 2004 as a private limited company,
is promoted by Mr. Prem Kishore Mehra along with his family
members. Promoters also own Shivam Products Private Ltd which is
engaged in the business of manufacturing of corrugated boxes.
BKPMPL is engaged in the manufacturing of kraft paper and has its
manufacturing facility in Jaipur, Rajasthan. It had an installed
capacity of 24,000 Metric Tonnes Per Annum (MTPA) as on March 31,
2011. The company manufactures different varieties of kraft paper
ranging up to 250 Grams Per Square Meter (GSM) and Bursting
Factor (BF) up to 28.


GAGAN FERROTECH: CARE Places 'CARE B+' Rating on INR155.26cr Loan
-----------------------------------------------------------------
CARE assigns 'CARE B'+ & 'CARE A4' ratings to the bank facilities
of Gagan Ferrotech Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long term bank facilities      155.26     'CARE B+' Assigned
   Short term bank facilities      26.00     'CARE A4' Assigned

Rating Rationale

The ratings are constrained by the low capacity utilization, low
profit level & margins, volatility in input prices & finished
goods and intense competition & cyclicality in the steel
industry. However, the ratings draw strength from the experience
of the promoters, forward integration initiatives taken by the
company, moderate gearing ratios. Ability of the company to
improve its scale of operations and profit level by combating the
pressure of cyclicality and volatility in raw material & finished
goods prices.

Gagan Ferrotech Ltd. was incorporated in 1993 as Gagan
Commodities Pvt. Ltd. by Shri Deepak Agarwal & Shri Vinay Kumar
Agarwal of Durgapur. In 2006, the company started its operations
with setting up of 66,000 MT per annum sponge iron plant. Over
the years, GFL expanded its sponge iron capacity and as a part of
forward integration initiative set up facility for billets & TMT
bars (which commenced operations in February 2010). Besides, GFL
is also setting up a captive power plant of 12 MW. Currently, it
has a sponge iron capacity of 1,38,600 MTPA, Billets capacity of
1,32,000 MTPA, TMT Bars capacity of 1,26,000 MTPA.

On a total income of INR331.1crore, GFL posted a PAT of
INR4.1 crore in FY11.


GUJARAT OPTHALMICS: CARE Puts 'CARE BB-' Rating on INR6.76cr Loan
-----------------------------------------------------------------
CARE assigns 'CARE BB-' rating to the bank facilities of Gujarat
Opthalmics Pvt. Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       6.76      'CARE BB-' Assigned

Rating Rationale

The rating is constrained by relatively small scale of operations
of Gujarat Opthalmics Pvt. Ltd. with declining profitability,
small networth base and high debt level. The rating is also
constrained by stretched working capital cycle & moderately
stretched liquidity position, supplier concentration risk and
foreign exchange fluctuation risk.  These factors far offset the
benefits derived from the experienced management and established
track record of operations.

The ability of GOPL to improve the overall scale of operations
with improved financial risk profile, efficient management of
working capital cycle and improvement in liquidity position are
the key rating sensitivities.

                     About Gujarat Opthalmics

Gujarat Opthalmics Pvt. Ltd., originally established as a
partnership firm in 1983 in the name of Mangalsons Optics was
converted to GOPL as a private limited company in July 1995.
GOPL, promoted by Mr. Abhliash Khara and Mr. Pratik Khara, is
mainly engaged in the business of manufacturing and trading of
lenses (contributing around 70% of the revenues) and part of the
revenues is also generated from sales of different types of
optical frames. The company mainly deals in bi-focal glass
lenses. Company's key raw material viz. white glass & photo-
chromic glass are purchased from domestic as well as overseas
market (imports contributed around 65% of the total purchase
during FY11, refers to April 1 to March 31). GOPL has installed
capacity of 65,0000 pairs of lenses as on March 31, 2011 with
manufacturing facility located at Daman.

During FY11, GOPL reported a total operating income of INR11.01
crore and a PAT of INR0.27 crore as compared to a total income of
INR8.06 crore and a PAT of INR0.22 crore for FY10.


HUSSAIN SHETH: CARE Rates INR20cr Long-Term Loan at 'CARE BB'
-------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of Hussain Sheth Ispat (Ship Breaking).

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term/Short-term            20        CARE BB/CARE A4
   Bank Facilities                           Assigned

Rating Rationale

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

The rating is constrained by modest scale of operations of
Hussain Sheth Ispat (Ship Breaking), the firm's presence in a
highly cyclical ship-breaking industry coupled with volatility
attached to steel prices and vulnerability to changes in the
government policies. The rating is further constrained due to
competition from the domestic and international market, foreign
exchange risk and the industry characterized by environmental
concerns and potential risk of health hazards to workers. The
rating however draws comfort from the experience of the promoters
and management in the ship-breaking industry, its presence in
Alang-Sosiya belt, significant growth in revenue and favorable
prospects of the Indian ship-breaking industry.

Ability to maintain financial growth and manage volatility in
steel prices are the key rating sensitivities.

                        About Hussain Sheth

Hussain Sheth Ispat (Ship Breaking), incorporated in the year
2005 is engaged in the shipbreaking activity. It is promoted by
Mr. Firoz Yusufbhai Kaliwala and Mr. Imran Yusufbhai Kaliwala,
who have an experience of 12 years in the similar line of
business. HSIS is a partnership concern, located in Alang port,
in the district of Bhavnagar, Gujarat. The major part of revenues
comes from the sale of steel scrap to the local buyers and the
balance from the sale of oil which is extracted from the ships
before ship-breaking activity is started, furniture and other
utilities forming part of the ship.

During FY11 (refers to the period April 1 to March 31), HSIS
reported a total operating income of INR67.56 crore and a PAT of
INR1.35 crore. It registered revenues worth INR63.99 crore in
9MFY12.


IMPEX FERRO: CARE Assigns 'CARE B+' Rating to INR86.37cr LT Loan
----------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Impex Ferro Tech Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term bank facilities      86.37      'CARE B+' Assigned

   Long-term/short term bank      35.00      'CARE B+/CARE A4'
   Facilities                                 Assigned

   Short-term bank facilities    133.20       'CARE A4' Assigned

Rating Rationale

The above ratings are constrained by the Impex Ferro Tech Ltd's
weak financial risk profile marked by low profitability margins
and adverse capital structure, irregular supply of power leading
to low capacity utilization and inherent cyclicality in the ferro
alloys industry. The ratings are also constrained due to its
moderate scale of operation with lack of backward integration
vis-a-vis volatility in raw material prices. The aforesaid
ratings are however, underpinned by experience of the promoters,
strategic location of the plant with proximity to source of
primary raw materials and established position of the group in
the ferro alloy industry. IFTL's ability to achieve envisaged
level of profitability and its ability to improve liquidity
position and manage working capital effectively will be the key
rating sensitivities.

                         About Impex Ferro

Impex Ferro Tech Ltd, incorporated in 1995, has been under
control of SKP group of Kolkata (the current promoters) since
March 2011, is a mid-sized manufacturer of High Carbon ferro
manganese & ferro silico manganese and others used in
manufacturing of steel (primarily mild, alloy and stainless
steel).

Currently, IFTL has an aggregate manufacturing capacity of 59,025
tonnes per annum (TPA) of ferro alloys. Apart from manufacturing,
it is also involved in trading activities of iron ore &/or steel
products.

IFTL achieved PAT (after defd tax) of INR7.2 crore (Rs.6.5 crore
in FY10) on a total income of INR608.3 crore (Rs.555.8 crore in
FY10) in FY11.  As per unaudited working results for the nine
month period ended Dec.31, 2011 (M9FY12), IFTL achieved total
income & PAT (after defd tax) of INR454.3 crore (as against
INR445.1 crore in M9FY11) & INR5.2 crore (as against INR4.7 crore
in M9FY11) respectively.


JANKI COTTON: CARE Assigns 'CARE B' Rating to INR1.08cr LT Loan
---------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank
facilities of Janki Cotton Industries.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      1.08       CARE B Assigned
   Short-term Bank Facilities     4.00       CARE A4 Assigned

Rating Rationale

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

The ratings are primarily constrained by Janki Cotton Industries'
short track of operations and weak financial profile marked by
thin profitability, low capital base and weak solvency position.

The rating is further constrained by its presence in the lowest
segment of the textile value chain having limited value addition,
highly fragmented and competitive cotton ginning business,
volatility associated with the cotton prices and the government
policies impacting the business. The ratings, however, draw
strength from the experience of the partners in the cotton
ginning industry and locational advantage on account of proximity
to the cotton-growing regions of Gujarat.

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

                        About Janki Cotton

Amreli-based Janki Cotton Industries was formed on Sept. 11, 2008
as a partnership concern by Mr. Amba Viroja and other family
members to undertake the business of cotton ginning.  The
promoter group consists of eight partners with Mr. Amba Viroja
and  Mrs. Mukta Viroja jointly having 40% share in profits.  Mr.
Mukesh Viroja is the key partner and he looks after the day-to-
day operations of the firm. JCI's product mix constitutes cotton
bales and cotton seeds and has an installed capacity to produce
3,110 MT of cotton bales and 5,443 MT of cotton seeds as on
March 31, 2011.


JET AIRWAYS: Consolidates & Rebrands Low-Fare Products
------------------------------------------------------
As part of a strategic rebranding exercise, Jet Airways (India)
Limited said it will consolidate its low fare service products
under the JetKonnect brand to simplify the group's service
proposition and enhance brand recall. Thus, effective March 25,
the erstwhile JetLite and Jet Airways Konnect services will
operate under the JetKonnect brand, enabling guests to avail of a
single superior in-flight product in the full service (Jet
Airways) and low-fare (JetKonnect) categories.

Jet Airways (India) Limited and JetLite (India) Limited will
continue as distinct business entities operating under their own
airline operating permits.

In an attempt to achieve brand consistency, JetKonnect will be
the dedicated low fare service with a mixed fleet of Boeings and
ATR aircraft to operate on metro, tier II and III routes.

The aircraft will be duly painted in JetKonnect colours over
time. JetKonnect will offer Premiere services on certain routes
where guests may enjoy service identical to that enjoyed by
Premiere guests on Jet Airways. This will be further expanded in
a phased manner. The cockpit and cabin crew will don the same
uniform as their counterparts from Jet Airways. Some JetKonnect
flights will operate under the S2 code, while others will have
flight numbers prefixed by the 9W code. 9W and S2 will also
continue their existing Codeshare agreement enabling guests to
enjoy seamless connectivity between India and the world.

A gradual rebranding of the JetKonnect brand would be manifest on
letterheads, the JetKonnect website, boarding passes, tickets,
stationery. Signages at all check-in and ticketing counters will
have dual branding reflecting the existing Jet Airways and the
new JetKonnect logos. Difference in fares between the premier Jet
Airways and JetKonnect will also be reflected on the website and
all visible communication avenues. Economy guests onboard
JetKonnect flights will continue to be offered a range of
refreshments from Jet Cafe, JetKonnect's buy-on-board meal
service.

Effective March 26, 2012, guests to jetlite.com would be
automatically redirected to the new, re-branded jetkonnect.com

Commenting on the rebranding exercise, Sudheer Raghavan, Chief
Commercial Officer, Jet Airways, said, "The decision was made to
streamline our product portfolio and offer our guests a single
superior in-flight product in the full service and low fare
categories respectively, drawing synergies from the Jet Airways
mother brand. The launch of brand JetKonnect is the culmination
of a well coordinated effort. We are confident that this
initiative will be well accepted by all our guests. The Jet
Airways Group is continually looking at opportunities to
optimally deploy and cross-utilise common resources of Jet
Airways and JetLite wherever possible and this rebranding
exercise will help further in synergising the airlines'
collective operations."

                       About Jet Airways

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

                          *     *     *

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


KRISHNAVENI FERTILIZERS: CARE Rates INR5.5cr LT Loan at 'CARE BB'
-----------------------------------------------------------------
CARE assigns 'CARE BB' rating to the bank facilities of
Krishnaveni Fertilizers Pvt. Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      5.50       'CARE BB' Assigned

Rating Rationale

The rating factors in project stabilization risk, no long-term
supply agreement for sourcing raw materials, low bargaining power
of the company vis-a-vis its large vendors, highly regulated
nature of industry and working capital intensive nature of
business.

The rating derives strength from the experience of promoters in
the Fertilizer industry, achievement of financial closure and
approvals, advance stage of project implementation and healthy
demand for the product from the farmers.

The ability of the company to complete the project within cost
and time schedule and obtain raw materials from large vendors and
push its products to farmers through distributors are the key
rating sensitivities.

Incorporated on June 21, 2008, Krishnaveni Fertilizers Private
Ltd. is setting up a 150 TPD NPK granular fertilizer
manufacturing unit in Nadikudi, Guntur District of Andhra Pradesh
at a project cost of INR5.41 cr funded through debt of INR2.50
crore, equity of INR2.84 cr and the rest through unsecured loans
from promoters. The unit is expected to commence operations
beginning from April 1, 2012. The company is promoted by Mr. G.
Udaya Bhaskara Rao, an experienced professional in fertilizer
industry, along with his family members.

As on February 18, 2012, land development, civil works and
partial installation of plant and equipment have been completed.
Further, as on the above mentioned date, the company has incurred
a cost of INR3.65 crore which was met through equity of
INR1.90 crore and debt of INR1.75 crore.


MASK POLYMERS: CARE Reaffirms 'CARE B' Rating on INR4.24cr Loan
---------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Mask Polymers Insulators Private Limited.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       4.24      CARE B Reaffirmed
   Short-term Bank Facilities      1.00      CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Mask Polymers
Insulators Private Limited continue to remain constrained on
account of its financial risk profile marked by very low
operating income, loss making operations and stressed debt
coverage indicators. The ratings are further constrained on
account of short track record of operations, limited product
offering resulting in low bargaining power against customers and
small order book position providing limited revenue visibility.

The ratings, however, continue to favorably take into account the
vast experience of the management and strong demand of the
products from power transmission and distribution players.
Improvement in the overall financial risk profile and increase in
the scale of operations are the key rating sensitivities.

                         About Mask Polymers

Mask Polymers Insulators Private Limited was incorporated in
August 2008 with the objective of manufacturing polymer
insulators by Mr. Rajesh Mhaske, along with Ms Rajshree Mhaske
(his wife), Mr. Ramdas Kakade and Mr. Ranjeet Kakade. MPIPL has
set up its plant at Navlakh Umbre in Pune, Maharashtra at a total
cost of INR5.00 crore funded through bank term loan of INR4.00
crore and remaining amount through equity share capital [debt
equity ratio of four times]. The plant has started commercial
operations from October 2010 onwards. Its product portfolio
includes Ultra High Voltage (UHV), Extra High Voltage (EHV),
Medium Voltage (MV) sub-station connectors, UHV and EHV insulator
hardware and conductor accessories that are widely used in power
transmission and distribution industry. MPIPL supplies these
directly to the power infrastructure companies that receive
contracts from State Electricity Boards for erection of power
transmission lines.


NEWAGE FIRE: CARE Puts 'CARE BB-' Rating on INR6cr LT Loan
----------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of Newage Fire Protection Engineers Pvt. Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      6.00       'CARE BB-' Assigned
   Short-term Bank Facilities     5.75        'CARE A4' Assigned

Rating Rationale

The ratings are constrained by Newage Fire Protection Engineers
Pvt. Ltd.'s relatively small scale of operations with low
profitability & high gearing levels. The ratings are further
constrained by short track record of business operations, limited
bargaining power against large reputed clients and presence in a
highly fragmented & competitive industry.  The ratings factor in
the benefit derived from experienced promoters and their
financial support in past.

The ability of NFPEPL to increase the scale of operations with
improvement in the overall financial risk profile and efficient
management of working capital of the company are the key rating
sensitivities.

Newage Fire Protection Engineers Pvt. Ltd. is a private limited
company promoted by Mr. Mitul Shah & Mr. Milind Shah in 2008. The
company commenced its operations in February 2010 and is engaged
in the business of supply of firefighting equipments and project
based installation of customized firefighting system. Also NFPEPL
undertakes annual maintenance contracts for the firefighting
systems. The company derives majority (85% during FY11, refers to
April 1 to March 31) of its revenue from domestic market and
balance from exports to Malaysia and UAE. The company's clientele
list comprises of reputed companies viz. JSW Steel, BHEL, Larsen
& Toubro Ltd. etc.  The firefighting equipments are mainly
procured from domestic market while imports accounted for 28% of
total purchases in FY11. Company's warehouse is located at
Deonar, Mumbai, Maharashtra.


RAMKRUPA GINNING: CARE Rates INR15.89cr LT Loan at 'CARE B'
-----------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Ramkrupa
Ginning & Pressing Pvt Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      15.89      CARE B Assigned

Rating Rationale

The rating of Ramkrupa Ginning & Pressing Private Limited is
constrained by its weak financial risk profile indicated by low
profitability and high leverage, high level of working-capital
intensity and volatility attached to raw material prices. The
ratings however, recognize the experience of the promoters,
proximity of the company to cotton growing area of Gujarat and
significant growth in the total operating income of the company.
Its ability to improve its overall financial profile will remain
as the key rating sensitivity.

Ramkrupa Ginning and Pressing Private Limited incorporated in the
year 2006 and promoted by Mr. Bipin Bhai Gondaliya, is in the
business of cotton ginning and pressing (90 percent of total
sales) and trading of clean cotton (10 percent of total sales).
RGPPL is a family centric business. The company has four
directors and they have been in the industry for more than 15
years. The manufacturing unit of RGPPL comprises of 48 ginning
machines, conveyor belts and pneumatic system machines for
pressing.

During FY11 (refers to the period April 1 to March 31), RGPPL
reported a total operating income of INR60.49 crore and a PAT of
INR0.09 crore.


SHREE GANESH: CARE Rates INR11.31cr Long-Term Loan at 'CARE B'
--------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Shree
Ganesh Cotex.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
  Long-term Bank Facilities      11.31       CARE B Assigned

Rating Rationale

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

The rating of Shree Ganesh Cotex is constrained mainly on account
of its weak financial risk profile characterized by highly
leveraged capital structure, thin profitability margin and weak
debt coverage indicators. The rating is further constrained on
account of its presence in highly competitive and fragmented
cotton ginning business with limited value addition, volatility
associated with raw material (cotton) prices and impact of
regulatory changes in the government policy for cotton.

The ratings, however, favorably takes into account the wide
experience of the partners in the cotton ginning business and
proximity to cotton producing region of Gujarat.

SGC's ability to move upward in the textile value chain along-
with improvement in the financial risk profile remains the key
rating sensitivity.

                       About Shree Ganesh

Shree Ganesh Cotex was promoted in 2009 as a partnership firm;
currently there are eleven partners who have an unequal holding
in the firm and they collectively look after the overall
operations of the firm. SGC is involved in the cotton ginning and
pressing with main products as cotton bales and cotton seeds. It
has an installed capacity of 3,300 Metric Tonnes Per Annum (MTPA)
for cotton bales as on March 31, 2011 at its sole manufacturing
facility located at Amreli (Gujarat).


SWAGAT SYNTHETIC: CARE Reaffirms 'BB' Rating on INR21.11cr Loan
---------------------------------------------------------------
CARE reaffirms the ratings assigned to the are bank facilities of
Swagat Synthetic Private Limited.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities     21.11       CARE BB Reaffirmed
   Short-term Bank Facilities     0.10       CARE A4 Reaffirmed

Rating Rationale

The ratings of Swagat Synthetic Private Limited continue to
remain constrained due to its below-average financial risk
profile characterized by thin profitability margins, leveraged
capital structure, long operating cycle and weak liquidity
position. Furthermore, the ratings continue to be constrained on
account of its small scale of operations coupled with risk
pertaining to fluctuation in raw material prices and project risk
associated with the envisaged debt-funded capex.

The ratings, however, continue to favorably take into account the
wide experience of the promoters in the textile industry, SSPL's
presence in Bhilwara Textile cluster and established marketing
network.

Improvement in the overall financial risk profile including
improvement in profitability margins/cash accruals,
rationalisation of debt levels and control over operating cycle
continue to remain the key rating sensitivities.

                         About Swagat Synthetic

Swagat Synthetic Private Limited, incorporated in 1987, is a
private limited company which is promoted by Mr. Jagdish Prasad
Nuwal. The promoters of SSPL have more than three decades of
experience in the textile industry.
SSPL is mainly engaged in manufacturing synthetic fabric at its
two units in Bhilwara, Rajasthan.

During FY11 (refers to the period xxx to xxx), SSPL increased its
installed capacity from 90.20 lakh meter per annum to 109 lakh
meters per annum. As on March 31, 2011, the promoters and their
relatives held nearly 100% stake in the company.

As per audited results for FY11 (refers to the period April 1 to
March 31), SSPL reported a PAT of INR0.34 crore on a total
operating income of INR57.30 crore.


VISHRUT HOUSING: CARE Rates INR16.75cr LT Loan at 'CARE BB-'
------------------------------------------------------------
CARE assigns 'CARE BB-' rating to the bank facility of Vishrut
Housing Pvt. Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term bank facility       16.75       CARE BB- Assigned

Rating Rationale

The rating of Vishrut Housing Pvt Ltd is constrained due to the
risk of non-renewal of lease contract after the lock-in period
and fluctuations in interest rate vis-a-vis fixed revenue. The
rating, however, draws comfort from the experience of the
promoters and group support, reputed lessee Cinemax India Ltd,
present lease rentals being sufficient for debt repayment,
availability of security deposit from lessee and revenue sharing
arrangement.

Ability to renew lease for a longer tenure and regular receipt of
contracted lease rentals are the key rating sensitivities.

VHPL, incorporated in April 1998, belongs to the Mani group of
Kolkata. Mani group, promoted by Shri Sanjay Jhunjhunwala in
1980, is a well-known Kolkata based real estate group with around
forty completed residential and commercial projects mainly in the
city.

VHPL is the owner of the cineplex area in 'Mani Square', a
commercial project of the group completed in 2008, comprising of
a mall with cineplex and multi-level car park. The cineplex area
is
leased out by VHPL to Cinemax with effect from December 25, 2008
and an agreement for provision of additional facilities was
entered into in February, 2011.


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


ELPIDA MEMORY: Taiwan FSC to Delist TDR Before Delisting Schedule
-----------------------------------------------------------------
The China Post, citing the United Evening News, reports that
Taiwan's Financial Supervisory Commission (FSC) is considering
whether to get Elpida's Taiwan depository receipt (TDR) delisted
from the main board ahead of its scheduled delisting date of
March 28.

The Post relates that the Elpida TDR is supposed to be taken down
on March 28, the same day the Elpida stock gets delisted from
Japan, after the financially strapped memory chip-maker filed for
bankruptcy protection.

However, the FSC is now considering whether to get the TDR de-
listed earlier so that local investors can have enough time to
act, the paper, as cited by the Post, said.

Meanwhile, The China Post says Japanese media reported that
Elpida has been active in its restructuring effort even after the
firm filed for bankruptcy.

Japanese media said Elpida will by the beginning of May decide on
a partner who can provide financial support, and the company will
do this through a bidding process, the Post relays.

Among the companies that have reportedly expressed interest in
the bidding are: Micron, Intel, Toshiba, Taiwan Semiconductor
Manufacturing Co. and Formosa Plastics Corp., the last two of
which are Taiwanese, according to the Post.

                        About Elpida Memory

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

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

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

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


ELPIDA MEMORY: Files Chapter 15 Petition in Delaware
----------------------------------------------------
Tokyo, Japan-based Elpida Memory Inc. is seeking the U.S.
bankruptcy court's recognition of its reorganization proceedings
currently pending in Tokyo District Court, Eight Civil Division.

Yuko Sakamoto, as foreign representative, filed a Chapter 15
petition (Bankr. D. Del. Case No. 12-10947) for Elpida on
March 19, 2012.

Mr. Sakamoto says that ongoing litigation in the U.S. will force
Elpida to incur substantial costs and divert significant monetary
and personnel resources from the Japan reorganization effort.
Elpida has been named as a defendant or counter-claim defendant
in a number of matters in which it is alleged that Elpida
products infringe certain patents.  The suits alleged that
certain Elpida DRAM products infringe on patents held by the
complaining parties.

Elpida has also been paying the cost of defense for non-debtor
subsidiary Elpida USA and certain of its customers.

Elpida is a party to numerous contracts with U.S. counterparties
and/or non-U.S. counterparties, including license agreements,
sublicense agreements and other agreements involving U.S.
patents, patent applications or intellectual property, some of
which contain provisions granting the counterparty a right to
terminate for various reasons, including Elpida's filing
bankruptcy, becoming a debtor under the Bankruptcy Code or
becoming insolvent.

To ensure that the reorganization in Japan continues in a smooth
and stable manner, Elpida seeks provisional relief on an
emergency basis, pursuant to Sections 105 and 1519, to, among
other things, stay litigation pending against (i) Elpida and (ii)
its non-debtor subsidiary, Elpida USA, as well the down-stream
customers, to whom Elpida owes indemnification obligations.

                       Tokyo Proceeding

Elpida Memory and its subsidiary, Akita Elpida Memory, Inc.,
filed for corporate reorganization proceedings in Tokyo District
Court on Feb. 27, 2012.

The Tokyo District Court immediately rendered a temporary
restraining order to restrain creditors from demanding repayment
of debt or exercising their rights with respect to the company's
assets absent prior court order.

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

Elpida said liabilities totaled JPY448.03 billion, or $5.52
billion, as of March 31, 2011.   Elpida's total outstanding
loans equal JPY102 billion and its total outstanding bonds equal
JPY138.3 billion.  Elpida's loan facilities include a (i) JPY66.6
billion secured syndicated loan facility due April 2, 2012;
(ii)  JPY18.3 billion secured syndicated loan facility due
March 31, 2012; (iii)  JPY6 billion secured loan from the
Development Bank of Japan, Inc. due March 31, 2013; (iv) JPY10
billion unsecured loan from the DBJ due April 2, 2012; and (v)
JPY1 billion unsecured loan from ORIX Trust and Banking
Corporation due Sept. 30, 2013.

Elpida explained that investments by DRAM vendors in production
capacity in recent years led to an oversupplied market and a
sharp decline in PC DRAM prices.  The DRAM industry also saw a
significant drop in demand as a result of a rapid downturn in
global economic conditions beginning in 2008.  In 2009, Elpida
submitted a business restructuring plan to the Ministry of
Economy, Trade and Industry in Japan and obtained a JPY$100
billion syndicated loan from banks.  However, the business
environment surrounding Elpida was still unfavorable, in 2010 due
to a historic appreciation of the yen against the dollar and a
steep fall in the price of DRAM products as a result of fierce
competition in the DRAM industry.

Elpida's failure to reach agreement with creditors on a
refinancing forced the company to file for bankruptcy.  Upcoming
scheduled debt payments included: (i) redemption of JPY15 billion
bonds due March 22, 2012; (ii) repayment of JPY18.3 billion of
the syndicated loan and JPY2 billion of the DBJ loan, due
March 30, 2012; (iii) payment of a JPY31 billion put option of
preferred stock to DBJ, exercisable on or after April 1, 2012;
and (iv) repayment of JPY66.6 billion of the syndicated loan,
JPY10 billion of the DBJ loan, and JPY0.1 billion of the ORIX
loan.

"In the future, pursuant to the Corporate Reorganization Act and
under the instruction and supervision of the Tokyo District Court
and Mr. Atsushi Toki, Attorney-at-Law and the Supervisor and
Examiner, we will work together so that we can secure as much
repayment funds as possible for the creditors," Elpida said.

Dow Jones Newswires says that Elpida's bankruptcy filing is the
largest corporate failure among Japan's manufacturers since the
end of World War II.

Elpida has posted a net loss for five consecutive quarters
through December.

                      About Elpida Memory

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


ELPIDA MEMORY: Chapter 15 Case Summary
--------------------------------------
Chapter 15 Petitioner: Yukio Sakamoto

Chapter 15 Debtor: Elpida Memory, Inc.
                   2-1, Yaesu 2-chome, Chuo-ku
                   Chuo-ku
                   Tokyo 104-0028
                   Japan

Chapter 15 Case No.: 12-10947

Type of Business: Elpida is a company based in Japan that
                  manufactures Dynamic Random Access Memory
                  (DRAM) integrated circuits.  It is seeking
                  the U.S. bankruptcy court's recognition of its
                  reorganization proceedings currently pending in
                  Tokyo District Court, Eight Civil Division.
                  Elpida's bankruptcy filing is the largest
                  corporate failure among Japan's manufacturers
                  since the end of World War II.

Chapter 15 Petition Date: March 19, 2012

Court: U.S. Bankruptcy Court
       District of Delaware (Delaware)

Judge: Christopher S. Sontchi

Debtor's Counsel: Lee E. Kaufman, Esq.
                  RICHARDS, LAYTON & FINGER, P.A.
                  920 North King Street
                  One Rodney Square
                  Wilmington, DE 19801
                  Tel: (302) 651-7582
                  Fax: (302) 651-7701
                  E-mail: kaufman@rlf.com

                         - and -

                  Mark D. Collins, Esq.
                  RICHARDS LAYTON & FINGER, P.A.
                  One Rodney Square
                  P.O. Box 551
                  Wilmington, DE 19899
                  Tel: (302) 651-7700
                  Fax: (302) 651-7701
                  E-mail: collins@RLF.com

Estimated Assets: More than $1 billion

Estimated Debts: More than $1 billion

The Debtor did not file a list of creditors together with its
petition.


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


BRIDGECORP LTD: Directors to Hear Judge's Verdict on April 5
------------------------------------------------------------
The National Business Review reports that accused Bridgecorp Ltd
directors Rod Petricevic, Rob Roest, and Peter Steigrad will know
in two weeks if their "it was the other guy" defenses worked.

NBR relates that the trio left Auckland High Court Tuesday on
remand with almost six months of contested evidence and legal
sparring behind them.

They will return on April 5 to hear the verdict of Justice Geoff
Venning, who is now evaluating the evidence to determine if they
are guilty or not guilty on 10 Securities Act charges of
misleading investors in Bridgecorp's 2006/2007 prospectus and
associated financial statements, according to NBR.

                         About Bridgecorp Ltd

Based in New Zealand, Bridgecorp Ltd. is a property development
and finance company.

Bridgecorp was placed in receivership on July 2, 2007, after
failing to pay principal due to debenture holders.  John Waller
and Colin McCloy, partners at PricewaterhouseCoopers, were
appointed as receivers.  Bridgecorp owes around 14,500 investors,
which liquidators estimate to approximate NZ$500 million.

Bridgecorp's nine Australian companies were also placed into
voluntary administration, owing about 100 investors about
AUD24 million (NZ$27 million).


COMPUTER POWER: Goes Into Liquidation; Owes NZ$8.3 Million
----------------------------------------------------------
The Dominion Post reports that Computer Power (NZ) Ltd has gone
into liquidation owing more than NZ$8.3 million in tax, penalties
and interest.

Computer Power was put into liquidation in the High Court at
Wellington this week.

According to the Post, liquidator John Fisk said the institute
would stay open over the next two days while he and the other
liquidator Jeremy Morley talked to government agencies and
potential purchasers. The institute's future may be clearer then,
he said.

The 47 staff have been paid until the end of the month and fee
protection insurance should cover students' fees, the report
relays.

The Post notes that Immigration New Zealand suspended processing
visas for international students to attend the institute on
February 20 when it learned of doubts about its financial
viability.

The report relates that Immigration's operations support branch
manager Michael Carley said 32 visa applications were on hold
pending a decision on the institute's future.

Computer Power (NZ) Ltd is a private computer training institute.
The institute runs Computer Power Institute campuses in
Wellington, Christchurch and Auckland. It has about 750 students
including about 150 international students.


DOMINION FINANCE: Directors' NZ$7 Million Mansion Up for Sale
-------------------------------------------------------------
Fairfax NZ News reports that the palatial NZ$7 million Auckland
residence of two failed Dominion Finance directors facing a raft
of action from regulators has been put up for sale.

According to the news agency, Terry and Ann Butler live in a
487 sq.m. home in Remuera's exclusive Darwin Lane and the
property, with a current rateable valuation of NZ$6.8 million, is
being advertised with an asking price of over NZ$7 million.

Dominion collapsed in September 2008 owing 5,937 debenture
holders nearly NZ$177 million. Receivers presiding over the
failed company estimate investors could lose up to 90% of their
investment.

Fairfax NZ relates that Mr. Butler claimed he was the biggest
loser following the collapse of his companies and dismissed
suggestions that proceeds from the house sale should be used to
repay investors.

The report notes that ownership of the Remuera property appears
to be held in trust, with the Butlers joined by fellow Dominion
Finance director Robert Whale on property records as listed
owners.

According to the Fairfax NZ, the Butlers, along with Whale and
two other Dominion Finance Group directors, are facing civil and
criminal proceedings brought by the Financial Markets Authority.
All five have pleaded not guilty to charges of misleading
investors, the report notes.

The Serious Fraud Office has also prosecuted Whale and Terry
Butler, and two employees of the company, laying a total of 14
charges of theft by a person in a special relationship, the
report adds.

The High Court at Auckland was told Tuesday that the SFO trial
was scheduled to begin in February 2013, with the FMA actions
following afterwards, Fairfax NZ reports.

                      About Dominion Finance

Based in Auckland, New Zealand, Dominion Finance Holdings
Limited (DFH:NZX) -- http://www.dominionfinance.co.nz/--engages
in the provision of financial services through the raising of
debenture stock.  The company operates through its wholly owned
subsidiaries Dominion Finance Group Limited and North South
Finance Limited, and investment vehicle Dominion Investment Fund
Limited.  Both Dominion Finance Group Limited and North South
Finance Limited accept debenture stock investments and apply
them (in conjunction with its own funds) towards the provision
of certain loans and other financial accommodation.

Dominion Finance was put into receivership in September 2008
owing about NZ$176.9 million to more than 5,900 investors. It was
put into liquidation by the High Court at Auckland in May 2009.
Associate Judge Faire appointed William Black and Andrew Grenfell
of McGrathNicol as liquidators of the firm.  Receiver Rod
Partington of Deloitte said the liquidation application will not
affect the progress of the receivership.


NZF MONEY: Investors Likely to Get Up to 42% Repayment
------------------------------------------------------
Fairfax NZ News reports that the receivers of NZF Money Ltd said
investors in the failed finance company are likely to get back
well under half what they are owed.

According to Fairfax NZ, KordaMentha said in their latest report
receivers that they expect debenture holders to be repaid between
25% and 42% of the amounts owed to them.

The receivers said it was extremely unlikely there would be a
return to unsecured creditors of the company, the news agency
relates.

NZF Money was placed in receivership by its directors in July
last year owing debenture holders NZ$16.4 million.  It had a loan
book of NZ$28.3 million.  Twenty loans with a face value of
NZ$27 million remain outstanding.

KordaMentha said the NZF loan book was significantly overvalued
at the time of the receivership and contained a high level of
unrealised bad debts, Fairfax NZ reports.

                          About NZF Money

NZF Money Limited, previously known as New Zealand Finance
Limited, has been in operation since 1997.  The company provides
financial services with its core activity being a diversified
range of services including; investment, lending, insurance and
mortgage broking.


STRATEGIC FINANCE: FMA's Jock Hobb Probe Will Remain Closed
-----------------------------------------------------------
The New Zealand Herald reports that the Financial Markets
Authority said its investigation of former Strategic Finance
director, the late Jock Hobbs, would remain closed.

"FMA decided in June 2011 to close its investigation into whether
Mr. Hobbs had committed a breach of the Securities Act on the
basis of medical evidence then provided to it on behalf of
Mr. Hobbs," the agency said in a statement.

That decision was communicated by the FMA to the former All
Black's solicitors on June 14, 2011.

"The FMA's investigation into whether other parties have
committed offences under the Securities Act is continuing and no
decisions on possible charges have yet been made," it said.

Mr. Hobbs, a founder and director of Strategic, died last Tuesday
after a six-year battle with leukemia.

                        About Strategic Finance

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

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

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

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


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


RED BEE: Members' Final Meeting Set for April 16
------------------------------------------------
Members of Red Bee Media Singapore Pte Ltd will hold their final
meeting on April 16, 2012, at 10:00 a.m., at The Board Room, BC2
A3 Broadcast Centre, at 201 Wood Lane, London W12 7TP, in United
Kingdom.

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


RW 38: Creditors' Proofs of Debt Due April 13
----------------------------------------------
Creditors of RW 38 Pte Ltd, which is in members' voluntary
liquidation, are required to file their proofs of debt by
April 13, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

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


SKIN REPUBLIC: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on March 2, 2012, to
wind up the operations of Skin Republic Pte Ltd.

HSBC Institutional Trust Services (Singapore) Limited (in its
capacity as Trustee of Starhill Global Real Estate Investment
Trust) filed the petition against the company.

The company's liquidator is:

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


STEELCO (SING): Creditors' Proofs of Debt Due April 16
------------------------------------------------------
Creditors of Steelco (Sing) 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 liquidator is:

         Chian Yeow Hang
         c/o ABACUS ADVISORY SERVICES PTE LTD
         6001 Beach Road
         #09-09 Golden Mile Tower
         Singapore 199589


VERTEX FAR: Court Enters Wind-Up Order
--------------------------------------
The High Court of Singapore entered an order on March 2, 2012, to
wind up the operations of Vertex Far East Pte Ltd.

Urban Redevelopment Authority filed the petition against the
company.

The company's liquidator is:

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


WEWORKZ WOMEN: Creditors' Proofs of Debt Due April 16
-----------------------------------------------------
Creditors of Weworkz (Women Enterprise Workz) Co-Operative Ltd
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 liquidator is:

         Don M Ho, FCPA
         c/o Don Ho & Associates,
         Public Accountants & Certified Public Accountants
         Equity Plaza 20 Cecil Street, #12-02
         Singapore 049705


                             *********

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.





                 *** End of Transmission ***