TCRAP_Public/120329.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 29, 2012, Vol. 15, No. 64

                            Headlines


A U S T R A L I A

FIRSTMAC FIDUCIARY: Fitch Affirms Rating on 33 Note Classes
PZ CUSSONS: Closes Melbourne Manufacturing Plant; 92 Jobs Lost


H O N G  K O N G

ACCA LIMITED: Members' Final Meeting Set for April 26
ALL LEGEND: Kong Chi How Johnson Steps Down as Liquidator
AMERTEK LIMITED: Members' Final Meeting Set for April 23
BELTON COMPONENTS: Annual General Meeting Set for April 25
CHUNG-PAO RESIN: Chu Hei Chun Appointed as Liquidator

ECO-DISCOVER LIMITED: Fung Ka Kin Appointed as Liquidator
EROS COMPANY: Chan Yui Hang Appointed as Liquidator
GRAND CHASE: Placed Under Voluntary Wind-Up Proceedings
LINK GARMENT: Members' Final Meeting Set for April 20
NOBLE TIME: Members' Final Meeting Set for April 24

RECOTON (HK): Annual General Meeting Set for April 12
SENIOR LINK: Puen and Lo Step Down as Liquidators
SINOPIA ASSET: Commences Wind-Up Proceedings
THAI PROPERTY: Fulton and Tang Appointed as Liquidators
XIAO XIONGMAO: Creditors' Proofs of Debt Due April 25


I N D I A

JAHANGIR BIRI: CRISIL Assigns 'BB-' Rating to INR135MM Loans
KINGFISHER AIRLINES: Suspends Flights to Several Indian Cities
LEEFORD HEALTHCARE: CRISIL Keeps 'BB+' Rating on INR80MM Credit
LMD EDUCATIONAL: CRISIL Rates INR202.7MM LongTerm Loans
MULTIWAL PULP: CRISIL Cuts Rating on INR642.5MM Loans to 'BB+'

PEARL DISTILLERY: CRISIL Assigns 'BB-' Rating on INR150MM Loan
RLJ FERRO: CRISIL Reaffirms 'B-' Rating on INR80MM Loans
SHREE VENUS: CRISIL Assigns 'BB-' Rating to INR24.1MM Term Loan
SREE NARAYANA: CRISIL Assigns 'D' Rating on INR120MM Term Loan
SRI GANESH: CRISIL Assigns 'BB-' Rating to INR29.4MM Term Loan

SRI KUMARAN: CRISIL Assigns 'B+' Rating to INR24.6MM Term Loan
UNITED CORPORATION: CRISIL Rates INR50MM Cash Credit at 'B-'
V.K.A. POLYMERS: CRISIL Assigns 'B+' Rating to INR17.4MM Loan
V R COATINGS: CRISIL Reaffirms 'BB' rating on INR30MM LT Loan


J A P A N

AIJ INVESTMENT: Pres. Admits Falsifying Fund Performance Reports
ELPIDA MEMORY: Delisted from Tokyo Stock Exchange
SONY CORP: Incoming Pres. Stakes Reputation on Losing TV Unit
TOKYO ELECTRIC: Shareholders Seek to Scrap Niigata Nuclear Plant


M O N G O L I A

XAXBANK LLC: Fitch Rates $300 Million Term Notes 'B'


N E W  Z E A L A N D

ALLIED FARMERS: Future in Doubt; Need to Sell Assets to Survive
BIOCORP GROUP: Receiver Says NZ$5.5MM SCF Investment Written Off
GRACE HOLDINGS: Bullion Buyer Boss Faces Civil Action
VISCOUNT PLASTICS: To Close Christchurch Factory; 23 Jobs Lost


P H I L I P P I N E S

LEGACY BANK: Owner Celso de los Angeles Passes Away


S I N G A P O R E

HUMPUSS SEA: First Meetings Slated for April 25
JCR1 PTE: Creditors' Proofs of Debt Due April 23
MORE WORLD: Court to Hear Wind-Up Petition on April 13
PRIMUS VENTURES: Court to Hear Wind-Up Petition April 13


                            - - - - -


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


FIRSTMAC FIDUCIARY: Fitch Affirms Rating on 33 Note Classes
-----------------------------------------------------------
Fitch Ratings has affirmed 33 classes of notes issued by 10
FirstMac RMBS transactions.  All transactions are backed by pools
of conforming Australian residential mortgages sourced directly
or by way of third party introducers.  The mortgages were
originated in the name of nominee companies on behalf of the
trustee, FirstMac Fiduciary Services Pty Ltd, and sold to the
various trusts by the FirstMac warehouses.

The rating actions reflect Fitch's view that credit enhancement
levels are able to support the notes' current ratings.  The
credit quality and performance of the loans in the respective
collateral pools remain in line with the agency's expectations.

All transactions are paying down on a sequential basis with
principal collections being allocated to the senior notes with
the exception of FirstMac Mortgage Funding Trust Series 1E-2007.
The amortisation of the notes has resulted in improvements in
credit enhancement.

FirstMac Mortgage Funding Trust Series 1E-2007 has been paying on
a pro-rata basis since February 2011, with principal collections
being allocated across all three tranches of notes.

As at end-January 2012, 30+ day arrears ranged from 0.1% for
FirstMac Mortgage Funding Trust Series 2-2011 to 4.1% for
FirstMac Bond Series 2-2005 Trust.  The aggregate 30+ day arrears
for the reviewed FirstMac transactions were 2.0%.  This compares
with Fitch's 30+ Day Dinkum Index of 1.57% as at 31 December
2011.

All transactions have lenders' mortgage insurance (LMI) provided
by one or more of the following insurers; QBE Lenders' Mortgage
Insurance Limited ('AA-'/Stable), Genworth Financial Mortgage
Insurance Pty Ltd and Housing Loan Insurance Corporation.  Any
losses not covered by LMI policies to date have been covered by
excess spread. No transactions have experienced any losses to
date.

FirstMac Bond Series 2-2005 Trust:

  -- AUD124.3m Class A-1 (ISIN AU300FMA5015) affirmed at 'AAAsf';
     Outlook Stable
  -- AUD7.1m Class AB (ISIN AU300FMA5023) affirmed at 'AAAsf';
     Outlook Stable
  -- AUD16.5m Class B (ISIN AU300FMA5031) affirmed at 'BBsf';
     Outlook Stable

FirstMac Bond Series 1C-2006:

  -- AUD214.9m Class A (ISIN AU3FN0010708) affirmed at 'AAAsf';
     Outlook Stable

FirstMac Bond Series 1E-2006 Trust:

  -- EUR125.7m Class A (ISIN XS0250012498) affirmed at 'AAAsf';
     Outlook Stable
  -- AUD50.5m Class B (ISIN AU300FMA9017) affirmed at 'BBsf';
     Outlook Stable

FirstMac Mortgage Funding Trust Series 1-2007:

  -- AUD200.3m Class A (ISIN AU0000FMAHA0) affirmed at 'AAAsf';
     Outlook Stable
  -- AUD25.1m Class AB (ISIN AU3FN0001889) affirmed at 'AAAsf';
     Outlook Stable
  -- AUD27m Class B (ISIN AU3FN0001897) affirmed at 'BBsf';
     Outlook Stable

FirstMac Mortgage Funding Trust Series 1E-2007:

  -- EUR88m Class A-1 (ISIN XS0305486127) affirmed at 'AAAsf';
     Outlook Stable
  -- AUD232.4m Class A-2 (ISIN AU3FN0003026) affirmed at 'AAAsf';
     Outlook Stable
  -- AUD35.3m Class B (ISIN AU3FN0003018) affirmed at 'BBsf';
     Outlook Stable

FirstMac Mortgage Funding Trust Series 2-2008:

  -- AUD273.8m Class A-2 (ISIN AU3FN0007050) affirmed at 'AAAsf';
     Outlook Stable
  -- AUD39m Class AB (ISIN AU3FN0007068) affirmed at 'AAAsf';
     Outlook Stable
  -- AUD15m Class B-1 (ISIN AU3FN0007076) affirmed at 'AAsf';
     Outlook Stable
  -- AUD6m Class B-2 (ISIN AU3FN0007084) affirmed at 'BBsf';
     Outlook Stable
  -- Class A-1 was paid in full in June 2011

FirstMac Mortgage Funding Trust Series 1-2009:

  -- AUD316.5m Class A-3 (ISIN AU3FN0008413) affirmed at 'AAAsf';
     Outlook Stable
  -- AUD40.6m Class AB (ISIN AU3FN0008421) affirmed at 'AAAsf';
     Outlook Stable
  -- AUD15.6m Class B-1 (ISIN AU3FN0008439) affirmed at 'AAsf';
     Outlook Stable
  -- AUD6.3m Class B-2 (ISIN AU3FN0008447) affirmed at 'BBsf';
     Outlook Stable

FirstMac Mortgage Funding Trust Series 2-2009:
  -- AUD26.6m Class A-1 (ISIN AU3FN0009486) affirmed at 'AAAsf';
     Outlook Stable
  -- AUD295.4m Class A-2 (ISIN AU3FN0009494) affirmed at 'AAAsf';
     Outlook Stable
  -- AUD19.7m Class AB (ISIN AU3FN0009502) affirmed at 'AAAsf';
     Outlook Stable
  -- AUD16m Class B-1 (ISINAU3FN0009510) affirmed at 'BBBsf';
     Outlook Stable

FirstMac Mortgage Funding Trust Series 1-2010:

  -- AUD33.9m Class A-1 (ISIN AU3FN001425) affirmed at 'AAAsf';
     Outlook Stable
  -- AUD88.2m Class A-2 (ISIN AU3FN0011433) affirmed at 'AAAsf';
     Outlook Stable
  -- AUD173.6m Class A-3 (ISIN AU3FN0011441) affirmed at 'AAAsf';
     Outlook Stable
  -- AUD35.7m Class AB (ISIN AU0011458) affirmed at 'AAAsf';
     Outlook Stable

FirstMac Mortgage Funding Trust Series 2-2011:

  -- AUD74.2m Class A-1 (ISIN AU3FN0014767) affirmed at 'F1+sf'
  -- AUD114.8m Class A-2 (ISIN AU3FN0014775) affirmed at 'AAAsf';
     Outlook Stable
  -- AUD87.7m Class A-3 (ISIN AU3FN0014783) affirmed at 'AAAsf';
     Outlook Stable
  -- AUD0m Class A-4 affirmed at 'AAAsf'; Outlook Stable
  -- AUD11.7m Class AB (ISIN AU3FN0014791) affirmed at 'AAAsf';
     Outlook Stable


PZ CUSSONS: Closes Melbourne Manufacturing Plant; 92 Jobs Lost
--------------------------------------------------------------
Australian Associated Press reports that the Cussons soap-making
company is closing down its plant at Dandenong, Victoria,
throwing 92 workers out of a job.

AAP relates that Cussons, whose products include Imperial Leather
soap and detergents Trix and Morning Fresh, said 81 people would
go from Dandenong with another 11 from its Mulgrave headquarters
in Melbourne's east.

From July, much of the manufacturing will shift from Dandenong to
a plant interstate, with the remainder outside Australia, the
news agency says.

According to the report, managing director Chris How said the
decision to shut the factory had been difficult.

"It is not a reflection of the effort or contribution of our
employees, it is a decision that reflects the challenging
economic and competitive environment," AAP quotes Mr. How as
saying.

AAP notes that in the interim half-year report of Cussons's
British parent company, chairman Richard Harvey said revenue in
Australia had been lower because of tough trading conditions,
less shelf space in supermarkets and competition from private
label products.

Mr. How, as cited by AAP, said there was no one specific factor
to blame for the shutdown.

It is expected the final round of production at Dandenong will
end on July 31, AAP adds.

PZ Cussons manufactures personal healthcare products, and
consumer goods.


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


ACCA LIMITED: Members' Final Meeting Set for April 26
-----------------------------------------------------
Members of Acca Limited will hold their final meeting on April
26, 2012, at 10:00 a.m., at Suite 1501, 148 Electric Road, North
Point, in Hong Kong.

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


ALL LEGEND: Kong Chi How Johnson Steps Down as Liquidator
---------------------------------------------------------
Kong Chi How Johnson stepped down as liquidator of All Legend
Investments Limited on March 6, 2012.


AMERTEK LIMITED: Members' Final Meeting Set for April 23
--------------------------------------------------------
Members of Amertek Limited will hold their final general meeting
on April 23, 2012, at 9:00 a.m., at Room 1005, Allied Kajima
Building, at 138 Gloucester Road, Wanchai, in Hong Kong.

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


BELTON COMPONENTS: Annual General Meeting Set for April 25
----------------------------------------------------------
Members of Belton Components Limited will hold their annual
general meeting on April 25, 2012, at 4:00 p.m., at 62nd Floor,
One Island East, at 18 Westlands Road, Island East, in Hong Kong.

At the meeting, Stephen Liu Yiu Keung, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


CHUNG-PAO RESIN: Chu Hei Chun Appointed as Liquidator
-----------------------------------------------------
Chu Hei Chun on Feb. 27, 2012, was appointed as liquidator of
Chung-Pao Resin Chemical Co Limited.

The liquidator may be reached at:

         Chu Hei Chun
         16th Floor, Wincome Centre
         39 Des Voeux Road
         Central, Hong Kong


ECO-DISCOVER LIMITED: Fung Ka Kin Appointed as Liquidator
---------------------------------------------------------
Fung Ka Kin on March 21, 2012, was appointed as liquidator of
Eco-Discover Limited.

The liquidator may be reached at:

         Fung Ka Kin
         Room 703, 7th Floor
         Nam Wo Hong Building
         148 Wing Lok Street
         Sheung Wan, Hong Kong


EROS COMPANY: Chan Yui Hang Appointed as Liquidator
---------------------------------------------------
Chan Yui Hang on March 2, 2012, was appointed as liquidator of
Eros Company Limited.

The liquidator may be reached at:

         Chan Yui Hang
         Room 515, 5/F
         New Mandarin Plaza Tower A
         14 Science Museum Road
         Tsimshatsui East
         Kowloon, Hong Kong


GRAND CHASE: Placed Under Voluntary Wind-Up Proceedings
-------------------------------------------------------
At an extraordinary general meeting held on March 15, 2012,
creditors of Grand Chase Development Limited resolved to
voluntarily wind up the company's operations.

The company's liquidators are:

         James T. Fulton
         Cordelia Tang
         905 Silvercord, Tower 2
         30 Canton Road, Tsimhatsui
         Kowloon, Hong Kong


LINK GARMENT: Members' Final Meeting Set for April 20
-----------------------------------------------------
Members of Link Garment Company Limited will hold their final
meeting on April 20, 2012, at 10:00 a.m., at Room 1003, Park
Tower, at 15 Austin Road, Tsim Sha Tsui, Kowloon, in Hong Kong.

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


NOBLE TIME: Members' Final Meeting Set for April 24
---------------------------------------------------
Members of Noble Time Development Limited will hold their final
general meeting on April 24, 2012, at 3:30 p.m., at Room A, 19/F,
Tung Hip Commercial Building, at 248 Des Voeux Road Central, in
Hong Kong.

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


RECOTON (HK): Annual General Meeting Set for April 12
-----------------------------------------------------
Creditors and contributories of Recoton (Hong Kong) Limited will
hold their annual meetings on April 12, 2012, at 10:00 a.m., at
the office of FTI Consulting, Level 22, The Center, at 99 Queen's
Road Central, Central, in Hong Kong.

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


SENIOR LINK: Puen and Lo Step Down as Liquidators
-------------------------------------------------
Puen Wing Fai and Lo Yeuk Ki Alice stepped down as liquidators of
Senior Link (Far East) Limited on March 13, 2012.


SINOPIA ASSET: Commences Wind-Up Proceedings
--------------------------------------------
Members of Sinopia Asset Management (Asia Pacific) Limited, on
March 14, 2012, passed a resolution to voluntarily wind up the
company's operations.

The company's liquidators are:

         Rainier Hok Lam
         Anthony David Kenneth Boswell
         22/F, Prince's Building
         Central, Hong Kong


THAI PROPERTY: Fulton and Tang Appointed as Liquidators
-------------------------------------------------------
James T. Fulton and Cordelia Tang on March 15, 2012, were
appointed as liquidators of Thai Property Investments Limited.

The liquidators may be reached at:

         James T. Fulton
         Cordelia Tang
         905 Silvercord
         Tower 2, 30 Canton Road
         Tsimshatsui, Kowloon
         Hong Kong


XIAO XIONGMAO: Creditors' Proofs of Debt Due April 25
-----------------------------------------------------
Creditors of Xiao Xiongmao Air-Conditioning Co. 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 15, 2012.

The company's liquidator is:

         Leung Chi Wa Simon
         22nd Floor, Universal House
         229-230 Gloucester Road
         Causeway Bay, Hong Kong


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


JAHANGIR BIRI: CRISIL Assigns 'BB-' Rating to INR135MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the long-
term bank facilities of Jahangir Biri Factory Pvt Ltd.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit          125.0       CRISIL BB-/Stable (Assigned)
   Proposed LT Bank      10.0       CRISIL BB-/Stable (Assigned)
    Loan Facility

The rating reflects JBFPL's established relationship with
contract manufacturers and distributors and promoter's extensive
experience in manufacturing biris. These rating strengths are
partially offset by JBFPL's working-capital-intensive operations
and below-average financial risk profile, marked by a relatively
small net worth and below-average debt protection metrics.

Outlook: Stable

CRISIL believes that JBFPL will benefit over the medium from its
promoter's extensive experience in manufacturing biris. The
outlook may be revised to 'Positive' in case of better-than-
expected operating income and profitability or working capital
management, leading to improvement in liquidity, along with
overall financial risk profile. Conversely, the outlook may be
revised to 'Negative' in case of deterioration in liquidity or
overall financial risk profile on account of stretched working
capital or significant debt-funded capital expenditure plan.

                        About Jahangir Biri

JBFPL was established as proprietorship firm by Mr. Altab Hossain
in 1995. In 1997, Mr. Hossain's sons joined the business and the
proprietorship concern was reconstituted as a partnership firm.
Again, in 1999, the firm was reconstituted as a private limited
company to facility smooth execution of operations.

JBFPL manufactures biris and produced around 2.1 billion sticks
in 2010-11 (refers to financial year, April 1 to March 31). The
company's production unit is based in West Bengal and it deals
with around 250 contractors that have a large workforce of around
40,000 workers. JBFPL markets its production under four to five
brands such as Sunday, Deluxe, Ruby, and Howrah Biri primarily in
Delhi, Punjab, Haryana, Rajasthan, Uttar Pradesh, and Orissa.

JBFPL reported a profit after tax (PAT) of INR6.28 million on net
sales of INR369.4 million for 2010-11, as against a PAT of
INR6.26 million on net sales of INR358.1 million for 2009-10.


KINGFISHER AIRLINES: Suspends Flights to Several Indian Cities
--------------------------------------------------------------
Anirban Chowdhury at Dow Jones Newswires reports that Kingfisher
Airlines Ltd. said has suspended flights to several Indian cities
as the ailing carrier struggles with frozen bank accounts and
limited crew.

Dow Jones relates that Kingfisher said over the next six months
it would operate 120 flights with 20 of its planes, almost a
quarter of what it operated a year earlier.  The carrier said it
will retain flights to India's main cities, the report relays.

Meanwhile, The Times of India reports that Kingfisher Airlines on
Tuesday asked employees at several locations to "stay at home" in
view of temporary suspension of operations to many places but
claimed that it was not laying off people, at least at the
moment.

"We are in a 'holding' pattern right now and are waiting for
various decisions from the government and our consortium of
bankers on FDI policy, working capital funding, etc," the carrier
said in a statement obtained by TOI.  Although employees will
remain on its rolls until it can recapitalise the company and
resume operations to affected destinations, Kingfisher warned of
"a major impact on the staffing decisions" because of the steps
being taken."

                      About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., provides scheduled and unscheduled aircraft
passenger and cargo services, including charter services.
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% rise from a year earlier.


LEEFORD HEALTHCARE: CRISIL Keeps 'BB+' Rating on INR80MM Credit
--------------------------------------------------------------
CRISIL rating on the long-term bank facilities of Leeford
Healthcare Ltd continue to reflect Leeford's established
distribution network and the extensive experience of its
promoters.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit        80.0        CRISIL BB+/Stable (Reaffirmed)

These rating strengths are partially offset by Leeford's small
scale of operations, low operating margin, and weak financial
flexibility, marked by high gearing, small net worth, and high
utilisation of bank lines. .

Outlook: Stable

CRISIL believes that Leeford's operating income will increase
over the medium term, backed by its established distribution
network, intense marketing efforts undertaken and the extensive
experience of its promoters. Leeford's financial risk profile
will improve marginally but remain moderate over the medium term
on account of absence of debt funded capex plans leading to
expected improvement in the gearing levels over the medium term.
The outlook may be revised to 'Positive' if Leeford registers a
strong growth in operating income/operating profitability leading
to more-than-expected improvement in capital structure.
Conversely, the outlook may be revised to 'Negative' in case of
lower-than-expected growth in operating income/operating
profitability or if Leeford undertakes a significant debt-funded
capital expenditure programme or its liquidity declines, thereby
significantly weakening its financial risk profile.

Update

For 2010-11 (refers to financial year, April 1 to March 31),
Leeford reported a healthy year-on-year increase of around 55 per
cent in operating revenues; in line with CRISIL's expectations.
This significant growth is primarily on account of the intense
marketing efforts undertaken by the company backed by its healthy
distribution network across the country. However, the operating
profitability in 2010-11 declined to around 6 per cent from the
level of more than 8 per cent in the past, mainly because of the
increase in the selling & distributions (S&D) expenses by ~35 per
cent for the same period. However in 2011-12, the S&D expenses
have not increased significantly and the same is expected to
remain in line with the past trend. CRISIL expects Leeford's
operating margins to decline from its previous levels mainly on
account of steep increase in the director remuneration in 2011-12
from previous levels. Although reduction in S&D expense and
increased revenues from the herbal products in 2011-12 will help
offset pressure on profitability to some extent, however,
operating margins will remain moderate in the range of 5.5-6.0 %
over the medium term.

Leeford's gearing has slightly deteriorated to 2.4 times than the
previous year level of 2.2 times primarily on account of lower
PAT levels in 2010-11 and increase in the interest bearing
unsecured loans (USL) from the promoters and directors of the
company which stood at INR253 million as on 31st March 2011 and
the same are expected to be retained in the business over the
medium term. CRISIL expects Leeford's gearing to improve to ~1.8
times in the near to medium term, as the company has no major,
debt-funded capital expenditure (capex) plans.

Leeford's bank limits were highly utilised, at around 95 per cent
during the 12 months ended January, 2012. CRISIL expects
Leeford's liquidity to remain adequate over the medium term,
supported by free cash accruals and continuous support in the
form of unsecured loans from the promoters.

Leeford reported a profit after tax (PAT) of INR18 million on net
sales of INR752 million for 2010-11, against a PAT of INR18
million on net sales of INR487 million for 2009-10.

                      About Leeford Healthcare

Incorporated in 2006 by Mr. Jiwan Lal Gupta, and based in
Ludhiana, Leeford sells pharmaceuticals formulations. Its
products include analgesics, nutritionals, and anti-allergic,
anti-diabetic, and anti-fungal formulations. Leeford outsources
its manufacturing operations to third party vendors located in
Himachal Pradesh and Uttaranchal region.


LMD EDUCATIONAL: CRISIL Rates INR202.7MM LongTerm Loans
-------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to LMD
Educational & Research Foundation's bank facilities.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Proposed Long-Term      18.1       CRISIL BB-/Stable
    Bank Loan Facility

   Term Loan              184.6       CRISIL BB-/Stable

The rating reflects expectation of improvement in LMD's financial
risk profile, given its increasing cash accruals and the healthy
demand prospects for the education sector in India. These rating
strengths are partially offset by LMD's exposure to intense
market competition, limited track record in the education sector,
and susceptibility to any adverse regulatory changes in the
education sector.

Outlook: Stable

CRISIL believes that LMD will maintain its business risk profile
over the medium term on the back of successful stabilisation of
its operations. Its financial risk profile is expected to improve
over the medium term, backed by improving cash accruals. The
outlook may be revised to 'Positive' if the society registers
higher-than-expected cash accruals leading to improvement in its
financial risk profile, or adds courses, leading to improvement
in its business profile. Conversely, the outlook may be revised
to 'Negative' if the society undertakes any larger-than-expected
debt-funded capex programme, leading to deterioration in its
financial risk profile, or reports lower-than-expected intake.

                       About LMD Educational

LMD was established in 2007 by Mr. Shyam Sunder Goyal. It is a
society, operating two institutes in Roorkee (Uttarkhand) -
Quantum School of Technology offers engineering courses at the
graduate level and Quantum School of Business offers postgraduate
level business management courses. The institutes are affiliated
to the Uttarkhand Technical University (UTU) and the technical
courses approved by the All India Council for Technical Education
(AICTE). There are currently 1600 students enrolled at the
society's institutes.

LMD reported a net profit of INR15.4 million on net revenues of
INR108 million for 2010-11 (refers to financial year, April 1 to
March 31), against a net loss of INR13.1 million on net revenues
of INR45.6 million for 2009-10 (the initial year of the society's
operations).


MULTIWAL PULP: CRISIL Cuts Rating on INR642.5MM Loans to 'BB+'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank loan facilities of
Multiwal Pulp and Board Mills Pvt Ltd to 'CRISIL
BB+/Stable/CRISIL A4+' from 'CRISIL BBB-/Stable/CRISIL A3'.

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit        420.0         CRISIL BB+/Stable(Downgraded
                                    from 'CRISIL BBB-/Stable')

   Term Loan          222.5         CRISIL BB+/Stable(Downgraded
                                    from 'CRISIL BBB-/Stable')

   Bank Guarantee       7.5         CRISIL A4+ (Downgraded from
                                    'CRISIL A3')

The downgrade reflects MPBMPL's weak liquidity because of pending
sanctions and late disbursements of the bank facilities applied
for by the company. Post its acquisition of a sick unit in Andhra
Pradesh, MPBMPL applied for additional working capital limits to
fund its increased working capital requirement. However, because
of the late sanction/disbursement of these limits, MPBMPL is
currently utilising its internal accruals and its existing
facilities of its Kashipur (Uttarakhand) unit. This is evident
from the company's fully utilised bank limits for the 12 months
through November 2011. The rating action also reflects CRISIL's
belief that MPBMPL's financial risk profile is expected to
deteriorate over the medium term; the company's gearing is
expected to deteriorate to more than 2 times over the medium term
from 1.35 times as on March 31, 2011. This is because of MPBMPL's
planned capital expenditure (capex) of INR1.50 billion for 2011-
12 (refers to financial year, April 1 to March 31) and inherent
incremental working capital requirements. CRISIL believes that
the company's significantly weakened liquidity will be alleviated
on the pending disbursement of its sanction limits. Timeliness of
these disbursements will be a key rating sensitive factor.

The ratings continue to reflect MPBMPL's established position in
the industrial paper segment. This rating strength is partially
offset by the company's large capacity expansion plans and
working-capital-intensive operations, which may adversely affect
its gearing, and susceptibility to volatility in waste paper
prices.

Outlook: Stable

CRISIL believes that MPBMPL will continue to have cost-effective
operations, leading to adequate cash accruals to meet its
maturing debt obligations. The company's liquidity is, however,
expected to remain constrained over the near term by pending
disbursements of its bank limits. The outlook may be revised to
'Positive' in case MPBMPL demonstrates strong improvement in its
cash accruals while it effectively manages its working capital,
over the medium term, thereby improving its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
there is a further delay in disbursement from banks or if the
company undertakes any large, unexpected debt-funded capex
programme, leading to a further strain on its financial risk
profile.

                        About Multiwal Pulp

MPBMPL was set up by Mr. Waseem Ahmed Khan and his family in
1998. The company is a diversified paper unit that manufactures
duplex boards and kraft paper, and operates in other segments of
paper products such as writing and printing paper (WPP) and
newsprint. MPBMPL's plant, located at Kashipur, manufactures
paper products with capacity 500 tonnes per day (tpd). The
company also acquired a sick unit in Andhra Pradesh in May 2011
with capacity of 120 tpd. With certain planned modifications in
this unit, the capacity of this unit will further increase to 200
tpd. Though MPBMPL manufactures various types of paper products,
its major sales are driven by the sales of duplex paper boards
and WPP.

MPBMPL reported a profit after tax (PAT) of INR192.7 million on
sales of INR3.68 billion in 2010-11, against a PAT of INR172.1
million on sales of INR2.72 billion in 2009-10.


PEARL DISTILLERY: CRISIL Assigns 'BB-' Rating on INR150MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the long-
term bank facilities of Pearl Distillery Ltd.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            150        CRISIL BB-/Stable (Assigned)

The rating reflects PDL's established market position in the
Indian-made foreign liquor (IMFL) segment in Andhra Pradesh (AP)
and the healthy demand prospects for its products. These rating
strengths are partially offset by PDL's below-average financial
risk profile, marked by past losses and subsequent debt
restructuring, and susceptibility to regulatory risks in the IMFL
segment.

Outlook: Stable

CRISIL believes that PDL will benefit over the medium term from
its established market position and promoters' experience in the
liquor business. The outlook may be revised to 'Positive' if the
company improves its revenues and margins on a sustainable basis,
along with an improvement in its capital structure. Conversely,
the outlook may be revised to 'Negative' if the company makes
significant investments in unrelated businesses or if there are
delays in stabilisation of operations at its ongoing capital
expenditure (capex), thereby impacting its cash accruals, or if
there are any adverse regulatory changes.

                      About Pearl Distillery

Incorporated in 1973, PDL is an IMFL-manufacturing and bottling
company with an installed capacity of 5.7 million cases per
annum. PDL derives majority of its revenues by undertaking
bottling for the various brands of United Spirits Ltd. PDL's
operations are integrated backward with capacities of 90,000
liters per day (lpd) of extra-neutral alcohol (ENA) that is
molasses-based. Currently, the company has undertaken a capex
programme to set up a distillation facility for manufacturing
grain-based ENA, with an installed capacity of 65,000 lpd; the
unit is expected to be completed by April 2012. The capex of
INR450 million is expected to be funded through internal accruals
and unsecured loans extended by the promoters. PDL is currently
owned by Mr. G V Reddy through his holding companies, Lakshmi
Utility Finance Pvt Ltd and Crown Real Estates Pvt Ltd. The
company's daily operations are managed by Mr. Shiv Kumar Reddy
and its manufacturing facilities are located in Singarayakonda,
Ongol district (AP).

For 2010-11 (refers to financial year, April 1 to March 31), PDL
reported a profit after tax of INR128.6 million on net sales of
INR3115.7 million.


RLJ FERRO: CRISIL Reaffirms 'B-' Rating on INR80MM Loans
--------------------------------------------------------
CRISIL's rating on the bank facilities of RLJ Ferro Alloys Pvt
Ltd continue to reflect RLJFPL's weak financial risk profile,
marked by a small net worth and a high gearing, and the
vulnerability of the company's margins to volatility in
ferroalloy prices.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Cash Credit            60        CRISIL B-/Stable (Reaffirmed)
   Proposed Long-Term     20        CRISIL B-/Stable (Reaffirmed)
    Bank Loan Facility

These rating weaknesses are partially offset by the benefits that
RLJFPL derives from its promoters' experience in the ferroalloys
industry.

For arriving at its rating, CRISIL has revised the earlier
approach of consolidating the business and financial risk
profiles of RLJFPL with those of its group company Baahubali
Ferro Tech and Power Pvt Ltd. This is because the group companies
have largely reduced their inter-company transactions, with no
funding support being extended by one company to the other. There
is business line segregation in terms of different kind of
products being catered to by the companies. Hence, the rating has
been assigned on a standalone basis for RLJFPL.

Outlook: Stable

CRISIL believes that RLJFPL will continue to benefit over the
medium term from its promoters' experience in the ferroalloys
industry. The outlook may be revised to 'Positive' if the company
reports significant increase in its cash accruals, on the back of
steady and significant improvement in its operating margin and
scale of operations, or if there is an improvement in its capital
structure. Conversely, the outlook may be revised to 'Negative'
if RLJFPL undertakes a large, debt-funded capital expenditure
programme thus impacting its capital structure or if its
operating margin falls in case the company is unable to pass on
price fluctuations to end customers.

                          About RLJ Ferro

RLJFPL, incorporated in 2006 by the Baahubali group, trades in
ferroalloys imported from Bhutan and Meghalaya and those
manufactured by other players in India. The group's manufacturing
company, BFTPL, manufactures silico-manganese, mild steel ingots,
ferrosilicon, ferromanganese, and thermo-mechanically treated
bars, with a capacity of 30000 tonnes of mild steel ingots per
month and 13500 tonnes of ferroalloys per month.

On a standalone basis, RLJFPL reported a profit after tax (PAT)
of INR4.9 million on net sales of INR691.1 million for 2010-11
(refers to financial year, April 1 to March 31), against a PAT of
INR1.1 million on net sales of INR639 million for 2009-10.


SHREE VENUS: CRISIL Assigns 'BB-' Rating to INR24.1MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Shree Venus Energy System Pvt Ltd.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan            24.1        CRISIL BB-/Stable (Assigned)
   Standby Line          3.5        CRISIL BB-/Stable
    of Credit
   Proposed Long-Term   27.4        CRISIL BB-/Stable
    Bank Loan Facility
   Letter of Credit       5         CRISIL A4+
   Bank Guarantee         5         CRISIL A4+
   Cash Credit           25         CRISIL BB-/Stable

The ratings reflect the extensive industry experience of SVESPL's
promoters and established track record of operations. These
rating strengths are partially offset by SVESPL's average
financial risk profile marked by small net worth and average debt
protection metrics, and low bargaining power with customers
resulting in stretched receivables.

Outlook: Stable

CRISIL believes that SVESPL will benefit over the medium term
from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if the company significantly
increases its scale of operations, along with sustaining its
profitability, resulting in substantial higher than expected cash
accruals, while efficiently managing its working capital cycle
leading to substantial improvement in financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
decline in revenues and profitability or in case of larger-than-
expected debt-funded capital expenditure, resulting in further
weakening of financial risk profile.

                        About Shree Venus

SVESPL was established by Mr. C Palaniappan as a partnership
company in 1993 and reconstituted as a private limited company in
1999. The company began its operations as a trader of insulation
materials and later started taking up projects on turnkey basis
for insulation work in buildings for Larsen & Toubro; in 2000 it
diversified into manufacturing. Currently, SVESPL derives around
50 per cent of income from sale of manufactured items, such as
ducts and pipes used in insulation and the rest 50 per cent from
project work and trading.

SVESPL reported a profit after tax (PAT) of INR2.5 million on net
sales of INR107.0 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR2.6 million on net
sales of INR103.5 million for 2009-10.


SREE NARAYANA: CRISIL Assigns 'D' Rating on INR120MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Sree Narayana Gurukulam Charitable Trust. The
rating reflects instances of delay by SNGCT in servicing its
debt; the delays have been caused by the trust's weak liquidity.

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan           120          CRISIL D (Assigned)

SNGCT is also exposed to regulatory risks and intense competition
in the educational segment. These rating weaknesses are partially
offset by the industry experience of its trustees and the healthy
demand prospects for the education industry.

Established in 2001 as a charitable trust by the Kunnathunadu
Sree Narayana Dharma Paripalana union, SNGCT undertakes social
welfare activities in Perumbavoor, Ernakulam district (Kerala).
The trust currently manages two institutions, Sree Narayana
Gurukulam College of Engineering and Sree Narayana Gurukulam
Institute of Management, in Kolenchery, Ernakulam district with a
total approved student intake of 652 per year.

SNGCT reported a surplus of INR25.3 million on operating income
of INR139.2 million for 2010-11 (refers to financial year, April
1 to March 31), as against a surplus of INR27.4 million on
operating income of INR120.5 million for 2009-10.


SRI GANESH: CRISIL Assigns 'BB-' Rating to INR29.4MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Sri Ganesh Forwarders Pvt Ltd.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan             29.4        CRISIL BB-/Stable (Assigned)
   Proposed Long-Term     5.6        CRISIL BB-/Stable (Assigned)
    Bank Loan Facility
   Cash Credit          150          CRISIL BB-/Stable (Assigned)
   Letter Of Guarantee   45          CRISIL A4+ (Assigned)

The ratings reflect the extensive experience of SGFPL's promoters
in the logistics business and established relationship with
customers. These rating strengths are partially offset by SGFPL's
working-capital-intensive nature of operations and intense
competition in the logistics industry

Outlook: Stable

CRISIL believes that SGFPL will continue to benefit over the
medium term from the extensive experience of its promoters in the
logistics business and established tie-ups with its customers.
The outlook may be revised to 'Positive' if SGFPL reports higher-
than-expected growth in revenue and profitability, while
maintaining its profitability and improving its working capital
cycle. Conversely, the outlook may be revised to 'Negative' if
SGFPL's financial risk profile deteriorates due to further
lengthening of its operating cycle or decline in its revenues or
profitability.

                         About Sri Ganesh

SGFPL was incorporated in 1995 as a licensed customs house agent
in Hyderabad (Andhra Pradesh). The company is promoted by Mr. M V
Vinay, Mr. M V Vijay, Mrs. Anuraddha Vinay, and Mrs. Pallavi.
SGFPL primarily provides services under two divisions - container
transportation and custom house clearing. Container
transportation is the flagship business of SGFPL, wherein it
undertakes handling and transportation of containerised cargo
from port terminals to container freight stations. SGFPL's
clientele includes Maersk India Private Limited, Gateway
Distripark Limited, and Gateway Rail Freight Limited. The company
has its registered office in Hyderabad and corporate office in
Mumbai (Maharashtra).

SGFPL reported a profit after tax (PAT) of INR63.7 million on net
sales of INR701.2 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR16.8 million on net
sales of INR409.2 million for 2009-10.


SRI KUMARAN: CRISIL Assigns 'B+' Rating to INR24.6MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Sri Kumaran Steels India Pvt Ltd.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan             24.6        CRISIL B+/Stable (Assigned)
   Cash Credit           35          CRISIL B+/Stable (Assigned)
   Letter of Credit      50          CRISIL A4 (Assigned)

The ratings reflect SKSIPL's below-average financial risk
profile, marked by high gearing, susceptibility to volatility in
steel prices, and exposure to intense competition in the steel
industry. These rating weaknesses are partially offset by the
extensive experience of SKSIPL's promoters in the steel industry
and the benefits that it derives from being a part of the
Kalliyath group, which has integrated manufacturing operations in
the steel industry.

Outlook: Stable

CRISIL believes that SKSIPL will benefit over the medium term
from its promoters' extensive experience in the steel industry
and the benefits that the company derives from its association
with the Kalliyath group. The outlook may be revised to
'Positive' in case SKSIPL achieves higher-than-expected revenues
and accruals, resulting in improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
SKSIPL's revenues decline significantly as a result of reduced
offtake from the Kalliyath group, or if its margins deteriorate
because of volatility in raw material prices, or if the company
undertakes any significant debt-funded capital expenditure
programme, resulting in further weakening in its capital
structure or liquidity.

                       About Sri Kumaran

Based in Coimbatore (Tamil Nadu), SKSIPL manufactures mild steel
ingots. The company was incorporated in 2007 by Mr. S Thangavelu
and later sold to the Kerala-based Kalliyath group in 2009; the
name of the company remains unchanged. SKSIPL derives its entire
revenues through sales of steel ingots to Kairali Steels Pvt Ltd
(Kairali; rated 'CRISIL BB/Stable/CRISIL A4+') and Gasha Steels
Pvt Ltd (GSPL; rated 'CRISIL BB/Stable/CRISIL A4+'), part of the
Kalliyath group.

Formed in 1927 by Mr. Kalliyath Abdul Khadar, the Kalliyath group
is based in Kerala. The group is primarily managed by Mr.
Khadar's grandsons, Mr. K Abdul Gafoor and Mr. K M Noorisha. The
Kalliyath group derives 90 per cent of its revenues from sale of
thermo-mechanically treated bars, and the remainder from sale of
other steel items used in the construction industry. GSPL and
Kairali are the only two manufacturing companies in the group; 75
per cent of the group's revenues come from trading operations.

For 2010-11 (refers to financial year, April 1 to March 31),
SKSIPL reported a profit after tax (PAT) of INR2 million on net
sales of INR330 million, as against a net loss of INR6 million on
net sales of INR41 million for 2009-10.


UNITED CORPORATION: CRISIL Rates INR50MM Cash Credit at 'B-'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-
term bank facilities of United Corporation.

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

The rating reflects UC's stretched liquidity because of working-
capital-intensive operations, and below-average financial risk
profile, marked by small net worth, high gearing, and moderate
interest coverage ratio. The rating also reflects UC's
susceptibility to risks related to geographical concentration and
the intense market competition it faces. These rating weaknesses
are partially offset by the extensive experience of UC's promoter
in the liquor wholesale business, established relationships with
liquor manufacturers, and a diversified clientele.

Outlook: Stable

CRISIL believes that UC will benefit over the medium term from
its promoter's extensive experience in the liquor trading
business and its established relationships with liquor
manufacturers. The outlook may be revised to 'Positive' in case
of an improvement in the firm's liquidity, most likely driven by
better working capital management, infusion of capital by the
promoter, or a substantial increase in cash accruals. Conversely,
less-than-expected cash accruals, and deterioration in liquidity
or capital structure as a result of larger-than-expected debt-
funded capital expenditure or stretched working capital cycle,
may drive a revision in the outlook to 'Negative'.

                      About United Corporation

Formed in 1977, UC is engaged in trading in and distribution of
alcoholic beverage. The firm is an authorised distributor in six
districts in northern West Bengal of Indian-made foreign liquor
of Pernod Ricard India Pvt Ltd, Jagatjit Industries Ltd, Radico
Khaitan, Mohan Meakin Ltd, and Beam Global Spirits & Wine; of
beer manufactured by Carlsberg India Pvt Ltd and InBev India
International Ltd (Budweiser); and of wines of Nashik Vintners
Pvt Ltd (Sula Wine) and Remy Martin. For JIL, Budweiser, and Sula
Wine, UC is the exclusive distributor in its area of operations.
The firm's day-to-day operations are managed by its promoter, Mr.
Nawal Kishore Soni and his son, Mr. Praveen Soni.


V.K.A. POLYMERS: CRISIL Assigns 'B+' Rating to INR17.4MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of V.K.A. Polymers Pvt Ltd.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Packing Credit           45       CRISIL A4 (Assigned)
   Long-Term Loan           17.4     CRISIL B+/Stable(Assigned)
   Bank Guarantee           25       CRISIL A4 (Assigned)
   Cash Credit              20       CRISIL B+/Stable (Assigned)

The ratings reflect VKA's below-average financial risk profile,
marked by small net worth and high gearing, and tender-based
nature of operations. The ratings also factor in the
susceptibility of the company's margins to volatility in foreign
exchange rates. These rating weaknesses are partially offset by
the extensive experience of VKA's promoters in manufacturing high
density polyethylene (HDPE) monofilament mosquito bed nets and
the benefits that the company derives from the World Health
Organisation (WHO) certification of its product.

Outlook: Stable

CRISIL believes that VKA will benefit over the medium term from
the WHO certification of its key product offering and the
extensive industry experience of its promoters. The outlook may
be revised to 'Positive' if there is significant increase in the
company's scale of operations as a result of increased orders
from participating in tenders, while the company improves its
profitability and capital structure, resulting in an improvement
in its financial risk profile. Conversely, the outlook may be
revised to 'Negative' in case the company generates lower-than-
expected accruals or if its receivables collection deteriorates
or if VKA undertakes significant debt-funded capital expenditure
programme, resulting in further weakening in its financial risk
profile and liquidity.

                       About V.K.A. Polymers

Based in Karur (Tamil Nadu), VKA manufactures HDPE monofilament
mosquito bed nets and sells the same under its trademark, MAGNet.
The products are incorporated with the WHO-approved insecticide
to provide long-lasting protection against malaria and other
diseases spread by insect vectors. VKA is the only HDPE
manufacturer in India to have ISO 9001:2008 and OHSAS 18001:2007
certifications. The company participates in various tenders
floated by agencies on behalf of the Ministry of Health of
various countries, primarily African and American countries; non-
governmental organisations such as the United Nations Children's
Fund; and certain other private parties. VKA has a current order
book of about INR400 million, to be executed in 2012-13 (refers
to financial year, April 1 to March 31).

For 2010-11, VKA reported a profit after tax (PAT) of INR9
million on net sales of INR177 million, as against a PAT of INR10
million on net sales of INR249 million for 2009-10.


V R COATINGS: CRISIL Reaffirms 'BB' rating on INR30MM LT Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of V R Coatings Pvt Ltd
continue to reflect VRCPL's established market position in the
automated painting systems industry, supported by its experienced
management, and its moderate financial risk profile marked by
comfortable gearing and adequate debt protection metrics, though
constrained by its small net worth.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bank Guarantee          10       CRISIL A4+ (Reaffirmed)
   Cash Credit             30       CRISIL BB/Stable (Reaffirmed)
   Proposed Long-Term      30       CRISIL BB/Stable (Reaffirmed)
   Bank Loan Facility

These rating strengths are partially offset by VRCPL's small-
scale and working-capital-intensive operations, and
susceptibility of its operating margin to volatility in raw
material prices and foreign exchange rates.

Outlook: Stable

CRISIL believes that VRCPL will continue to benefit from its
strong brand positioning and promoter's industry experience.
However, its scale of operations is expected to remain small over
the medium term because of dearth of growth capital. The outlook
may be revised to 'Positive' if VRCPL increases its scale of
operations substantially and on a sustained basis, without
weakening its capital structure or profitability. Conversely, the
outlook may be revised to 'Negative' if there is a stretch in the
company's working capital cycle or if the company undertakes a
large, debt-funded, capital expenditure (capex) programme,
thereby weakening its liquidity.

Update

VRCPL reported sales of over INR170 million for 2010-11 (refers
to financial year, April 1 to March 31) and its sales for 2011-12
are expected to be about INR220 million. Its operating margin was
healthy, at about 12.6 per cent, in 2010-11 and is expected to
remain at similar levels over the medium term. The company has
enhanced its manufacturing capacities to about 2000 pumps from
1200 pumps in 2011-12. Its business risk profile continues to
benefit from its strong market position, with it being one of the
five players globally for automated painting equipment and
systems and the only such manufacturer in India. Its market
dominance is supported by its strong operating team, experienced
and technically qualified management and high entry barriers in
the segment. VRCPL's topline is expected to grow at close to 40
per cent annually over the medium term, as it is likely to meet
the steady demand for its products with its recent capacity
expansion. Steady profitability of close to 13 per cent and
return on capital employed (RoCE) of over 15 per cent in 2010-11
solidifies the business risk profile further.

VRCPL's net worth is expected to be about INR45 million as on
March 31, 2012. The small net worth restricts its ability to
raise further debt in case of exigencies. Gearing is moderate and
is expected to be about 1 time as on March 31, 2012. Debt
protection metrics are expected to remain adequate over the
medium term. Net cash accruals to total debt ratio is expected to
be 0.23 times and interest coverage ratio is expected to be over
3 times in 2011-12.

Liquidity is stretched on account of working-capital-intensive
operations. Bank limit utilisation over the 12 months ended
December 31, 2011 was close to 90 per cent on a limit of INR35
million. Cash accruals are expected to be in the range of INR16
million to INR20 million versus annual repayments of INR6 million
to INR7 million over the medium term.

VRCPL reported a profit after tax (PAT) of INR3.7 million on net
sales of INR170.4 million for 2010-11, against a PAT of INR4.3
million on net sales of INR150.3 million for 2009-10.

                       About V R Coatings

Set up in 1985 by the D'Souza family, VRCPL manufactures and
installs automated painting systems that handle liquid and semi-
liquid paints. VRCPL manufactures pneumatically-driven airless
spray painting and dispensing equipment. These systems are used
in automobile, ship building, steel fabrication, and heavy
engineering industries. The company has a facility in Pune
(Maharashtra) and caters to the Indian and export markets.


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


AIJ INVESTMENT: Pres. Admits Falsifying Fund Performance Reports
----------------------------------------------------------------
Bloomberg News reports that AIJ Investment Advisors Co. President
Kazuhiko Asakawa said he ordered the falsification of fund
performance reports in the hope the Japanese asset manager could
recoup losses that may be more than US$1 billion.

Admitting for the first time that AIJ had disguised losses,
Mr. Asakawa told a Japanese parliamentary committee that he can't
explain how investor funds will be repaid, Bloomberg relates.  He
apologized to clients and the securities investment community.

According to Bloomberg, the losses have prompted the review of
265 asset managers nationwide, and last week, AIJ's offices were
raided and its registration revoked.  Bloomberg says Securities
regulators said Mr. Asakawa and Shigeko Takahashi, another
director, conspired to conceal trading losses to attract pension
funds, a scandal that has weakened confidence in corporate
governance after camera maker Olympus Corp. admitted last year to
a 13-year cover-up of losses.

"I was the one who ordered to fabricate the reports and Ms.
Takahashi was the one that created the reports," Mr. Asakawa told
the committee, making his first appearance following the firm's
suspension in February. "I wanted to recoup the losses I made. My
duty now is to return the funds as much as possible to my
clients."

Bloomberg notes that lawmakers called for further questioning of
Mr. Asakawa in front of the country's Diet, saying his answers
weren't sufficient.  Mr. Asakawa had initially declined a request
to appear before the parliamentary committee, the report says.

The Securities and Exchange Surveillance Commission said last
week that the firm oversaw JPY145.8 billion (US$1.8 billion) of
clients' money and lost JPY109.2 billion from derivatives trades
directed by Mr. Asakawa over nine years, Bloomberg discloses.
AIJ's clients included 92 pension funds, according to the SESC.
Most were small to mid-sized Japanese retirement plans that
strived to close funding gaps created by low bond yields and two
decades of slumping stocks, Bloomberg discloses.

According to Bloomberg, regulators on March 23 searched AIJ's
Tokyo headquarters and withdrew its registration. They also
ordered brokerage ITM Securities Co. to halt business for six
months for allegedly selling the funds with the knowledge that
reports of their value were false.

Meanwhile, Bloomberg News reports that Hideaki Nishimura, founder
of ITM, also apologized before lawmakers for the scandal, adding
that his firm had limited information on AIJ.  Mr. Nishimura said
he will cooperate with regulators and considers himself a victim,
although his firm was responsible for marketing the funds.
Mr. Asakawa said the false reports were passed on to ITM.

Mr. Nishimura said he never doubted the numbers given by AIJ
because the net asset value provided by the asset manager and
that from HSBC Holdings Plc matched.  Bank of Bermuda, a unit of
HSBC, was listed as the fund administrator in an undated 13-page
document in Japanese obtained by Bloomberg News.

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


ELPIDA MEMORY: Delisted from Tokyo Stock Exchange
-------------------------------------------------
The Associated Press reports that Elpida Memory Inc. has been
removed from the Tokyo Stock Exchange after filing for Japan's
largest-ever manufacturing bankruptcy.

The exchange's Web site showed Elpida's company's shares were
delisted as of Wednesday, March 28, the news agency relates.

                       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, 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 Memory Inc. is also 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.


SONY CORP: Incoming Pres. Stakes Reputation on Losing TV Unit
-------------------------------------------------------------
Bloomberg News reports that Sony Corp.'s incoming President Kazuo
Hirai put himself in charge of the company's unprofitable TV
unit, staking his reputation on ending eight years of losses.

Sony said in a statement Monday that the company abolished two
divisions at its main electronics unit and promoted three
executives.  The changes, effective April 1, when Mr. Hirai will
take over as chief executive officer of the Tokyo-based company,
are aimed at speeding up management decisions, Satsuki Shinnaka,
a spokeswoman for Japan's biggest electronics exporter, told
Bloomberg.

Bloomberg relates that Mr. Hirai, who's been credited for making
the PlayStation game business profitable, is bringing in a new
team as he seeks to turn around the TV business that's forecast
to lose money for an eighth consecutive year. Mr. Hirai,
according to Bloomberg, has vowed "painful" steps to cut costs
and turn around a company facing a fourth straight annual loss
amid consumers increasingly flocking to devices from Samsung
Electronics Co. and Apple Inc. for movies and games.

"You can't just expect any hero to show up and resolve Sony's
problems," Bloomberg quotes Shiro Mikoshiba, an analyst at Nomura
Holdings Inc. in Tokyo, as saying.

Bloomberg says Sony named Shoji Nemoto to oversee the company's
technology strategy and its digital imaging and solution units.
Kunimasa Suzuki will be in charge of product strategy, mobile
phones and personal computers.  Tomoyuki Suzuki was named to
oversee Sony's chip and device solution businesses.

                         About Sony Corp.

Sony Corporation (TYO:6758) -- http://www.sony.co.jp/ -- is the
ultimate parent company of the Sony Group.  The company is
primarily focused on Electronics, such as audiovisual/
information technology products & components; Game, such as
PlayStation; Entertainment, such as motion pictures and music,
and Financial Services, such as insurance and banking sectors.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 4, 2011, the Associated Press said Sony Corp. reported a
JPY27 billion loss for the latest quarter and downgraded its
annual earnings forecast to stay in the red for the fourth year
straight.  The company is now projecting a JPY90 billion
loss for the fiscal year through March 2012 after earlier
forecasting a profit of JPY60 billion.  Sony had a loss of
JPY260 billion in its previous fiscal year.


TOKYO ELECTRIC: Shareholders Seek to Scrap Niigata Nuclear Plant
----------------------------------------------------------------
Kyodo News reports that a group of individual shareholders of
Tokyo Electric Power Co. plans to propose at this year's
shareholders' meeting that the utility scrap its nuclear reactors
in Niigata Prefecture and build on the site a thermal power
station fired by liquefied natural gas.

It will be the 21st time that the group has proposed during a
shareholders' meeting that the utility quit nuclear power, says
Kyodo.

Kyodo discloses that TEPCO has three nuclear plants -- the
Kashiwazaki-Kariwa plant in Niigata Prefecture and the Fukushima
No. 1 and No. 2 plants in Fukushima Prefecture.  Both plants in
Fukushima were affected by the huge earthquake and tsunami on
March 11, 2011.

"As Tokyo Electric will unlikely be able to reactivate the No. 1
and No. 2 nuclear power plants, our latest proposal would
effectively lead the company to end nuclear power generation," a
group member said in Tokyo, Kyodo reports.

According to Kyodo, the group will also make four other proposals
at the annual meeting, likely to be held in June, including
selling Tepco's power transmission and distribution facilities to
cover the massive redress payments it owes due to the crisis. It
also wants lifetime health surveys on the people who worked to
contain the crisis.

The report relates that the group said the members hold more than
30,000 shares, the threshold for making a proposal at a
shareholders' meeting.  Tepco has about 1.6 billion shares
outstanding.

                      About Tokyo Electric

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

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

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

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


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


XAXBANK LLC: Fitch Rates $300 Million Term Notes 'B'
----------------------------------------------------
Fitch Ratings has assigned Mongolia-based XacBank LLC's proposed
foreign currency senior unsecured notes, to be issued under its
USD300m medium term notes (MTN) programme, an expected rating of
'B (exp)' and Recovery Rating 'RR4'.  The final rating is
contingent upon the receipt of final documents conforming to
information already received.

The notes are rated at the same level as XacBank's Long-Term
Foreign Currency Issuer Default Rating (IDR) of 'B', as they will
constitute direct, unsubordinated and senior unsecured
obligations of the bank, and will rank equally with all its other
unsecured and unsubordinated obligations.  'RR4', denoting
recovery rates between 31%-50%, is the highest Recovery Rating
that can normally be assigned to any issue ratings by Mongolian
banks based on the agency's methodology.

The proceeds will be used for funding and general corporate
purposes. Fitch also believes a proportion will be used for
refinancing existing non-deposit funding maturing in 2012.  The
latter includes about USD40m borrowed funds and USD40m due to
banks.  After the refinancing, Fitch notes that the bank's
funding structure will shift to debt capital market funding from
borrowings from development funds.  XacBank's ratings and in turn
the issue rating for the senior unsecured notes may come under
pressure should this change in funding pose material refinancing
and margin pressures in future.

For more details on XacBank's ratings and credit profile, refer
to "Fitch Affirms Mongolia's XacBank at 'B'; Outlook Stable ",
dated 22 February 2012, and XacBank's full rating report, which
will be published shortly.

XacBank's ratings are as follows:

  -- Long-Term Foreign and Local Currency IDR: 'B';
     Outlook Stable
  -- Short-Term Foreign Currency IDR: 'B'
  -- Viability Rating: 'b'
  -- Support Rating: '5'
  -- Support Rating Floor: 'B-'

XacBank is the fourth-largest bank in Mongolia with a 9% market
share in lending and a 7% share in deposits.  The bank
experienced a 66% annual loan growth in 2011, which Fitch expects
to be exceeded in 2012.


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


ALLIED FARMERS: Future in Doubt; Need to Sell Assets to Survive
---------------------------------------------------------------
Tamsyn Parker at nzherald.co.nz reports that the future of Allied
Farmers is in doubt after its accounts revealed it needs to sell
property, collect money owed to it, and reach an agreement with
its rural creditors in order to survive as a going concern.

The rural services business, which acquired the assets of Hanover
and United Finance in December 2009, revealed its position in
half-year accounts filed to the NZX on March 26.

About 16,000 people with investments totalling in excess of
NZ$500 million have lost most of their money following the
failure of Hanover and related companies, and the sale of assets
to Allied Farmers, nzherald.co.nz notes.

According to nzherald.co.nz, the unaudited accounts show the
company made a NZ$9 million loss for the six months to
December 2011, an improvement on the NZ$20.6 million loss it made
in the same prior period.

But a note in the accounts also reveals it faces significant
challenges to continue operating, says nzherald.co.nz.

"The cash flow forecasts of the Group indicate that in order for
there to be a reasonable expectation that the group have adequate
resources to continue operations for the foreseeable future there
will need to be: Continued realisation of financial and property
assets of Allied Farmers Investments; agreement of arrangements
with rural creditors; collection of the balance of the Allied
Farmers Rural Limited revolving credit facilities," Allied
Farmers said its accounts cited by nzherald.co.nz.

Allied Farmers Investments, a subsidiary of Allied which manages
the assets acquired from Hanover and United Finance, made a loss
of NZ$4.2 million in the six months to December 2011 after taking
a NZ$3.6 million hit on its Matarangi Beach Estates business, the
report discloses.

In a letter to investors, nzherald.co.nz reports, chairman Garry
Bluett said Allied Farmers Investments had continued to make
losses because several assets where large second mortgages were
held had been sold by first mortgage holders resulting in further
write-downs.

Mr. Bluett also said Allied Farmers Investments still had some
loans that "may prove difficult to collect," nzherald.co.nz adds.

According to the report, the company's accounts show its current
liabilities were NZ$32.5 million as of December 31 versus current
assets of NZ$24.5 million.

Its biggest liability is a NZ$14.054 million loan from its former
subsidiary Allied Nationwide Finance which is part of the
agreement with the finance company following its receivership,
the report relays.

                      About Allied Farmers

Based in New Zealand, Allied Farmers Limited (NZE:ALF) --
http://www.alliedfarmers.co.nz/-- is engaged in livestock, real
estate, finance, wool brokering and manufacturing (meat and
timber).  Rural Services comprise livestock, merchandise and real
estate operations.  The Company's Rural Services activities are
carried out in Taranaki, Waikato, King Country and Manawatu.  Its
Financial Services activities are carried out by Allied
Nationwide Finance Limited in Auckland, Wellington and
Christchurch.  Timber processing comprises the Company's
discontinued sawmilling operations.  On June 29, 2007, Allied
Nationwide Finance Limited, Nationwide Finance Limited and Allied
Prime Finance Limited were amalgamated, with Nationwide Finance
Limited being the continuing entity.  Nationwide Finance Limited
subsequently changed its name to Allied Nationwide Finance
Limited.


BIOCORP GROUP: Receiver Says NZ$5.5MM SCF Investment Written Off
----------------------------------------------------------------
Matt Nippert at Fairfax NZ News reports that Biocorp, a failed
biotech venture touted by the late Allan Hubbard as the panacea
to his financial problems, is likely to cost the taxpayer more
than NZ$10 million.

According to Faixfax NZ, the Biocorp group of companies operated
by Stephen McRae collapsed in February last year and a
BusinessDay investigation into Mr. McRae, a now-bankrupt
Blenheim-based biochemist, reveals a serial entrepreneur whose
sidelines included pet food manufacturing and the early stages of
a tequila distillery.

Fairfax NZ relates that Biocorp was conducting pharmaceutical
research and in interviews conducted before his death in
September in a car crash, Mr. Hubbard said he believed the
company and its principal had great promise.

"He [McRae] is quite a brilliant fellow. He worked out a cure for
Hepatitis C, the one that causes liver cancer," the report quoted
Mr. Hubbard as saying at the time.

Mr. Hubbard, as cited by Fairfax NZ, said the biotechnology
project stalled after planned clinical trials in Egypt were
disrupted by the Arab Spring revolutions that toppled President
Hosni Mubarak.

According to the report, the five Biocorp companies and
associated trusts located in Blenheim had received a
NZ$5.5 million investment in 2006 from Mr. Hubbard's Southbury
Group, South Canterbury Finance's ultimate owner, in return for a
10 per cent stake in one of the companies, and also loans
totalling NZ$13.6 million the finance company.

Fairfax NZ, citing a latest Biocorp reports recently issued by
receiver, PricewaterhouseCoopers, discloses that SCF is yet to
receive a cent back.

A former meatworking premises in Blenheim, the group's principal
asset, has been provisionally sold and will settle in mid-April,
but former McRae colleague Paul Lewis expected it to fetch less
than NZ$5 million.

According to reports prepared by the receivers of Southbury
Group, Mr. Hubbard's NZ$5.5 million investment in Biocorp has
been written off as worthless.

The total cost to taxpayers from the SCF bailout has steadily
grown and is now expected to exceed NZ$1 billion, the largest
corporate failure in New Zealand's history.

Despite Mr. Hubbard's investment through Southbury, Biocorp was
never declared as related-party in SCF prospectuses and was only
identified as such by Treasury inspectors four months before the
company collapsed in September 2011, triggering a NZ$1.8 billion
government bailout.


GRACE HOLDINGS: Bullion Buyer Boss Faces Civil Action
-----------------------------------------------------
Hamish Fletcher at The New Zealand Herald reports that the
director of Grace Holdings NZ, an embattled bullion trading firm
that owes investors at least NZ$3 million, could face civil
action from its liquidator.

The Serious Fraud Office (SFO) last month launched a formal probe
into Grace Holdings NZ, which ran the Bullion Buyer website, and
seized documents from the company's downtown Auckland offices,
the Herald says.

The Herald relates that the investigation followed complaints
from a Christchurch family who were told by Grace Holdings' sole
director, Robert Kairua, they would not be getting back about
NZ$340,000 they had invested with the company.

SFO general manager of financial markets and corporate fraud
Simon McArley told the Herald at the time that he believed
investors were owed NZ$3 million from Bullion Buyer.

Liquidator Grant Reynolds indicated investors should "expect the
worst" and said Tuesday the total amount owed would probably not
be known for months, the report relays.

In September, former Bullion Buyer trader Gus Geldman -- a
Florida-based preacher -- resigned from the company after a
Herald investigation revealed he had been charged with fraud by
United States federal authorities.

The Herald relates that a statement posted on the Bullion Buyer
website after the firm was placed in liquidation last month said
its "failure was primarily the result of actions taken by Elijah
Gus Geldman".

According to the report, Mr. Reynolds said he would consider
civil action against Mr. Kairua.

"We've considered legal action against Robert Kairua and that
will be something that needs to be quantified. It will be a case
against him for losses the company incurred after the Geldman
trades," the Herald quotes Mr. Reynolds as saying.

"That's if the losses that were suffered were as a result of
Geldman. My position would be that at that point in time the
director should have known of the financial difficulties . . .
and should have stopped right then and there but instead he
continued on."

Grace Holdings New Zealand Limited, trading as Bullion Buyer, was
placed in liquidation in February 2012 owing investors a total of
at least NZ$3 million.


VISCOUNT PLASTICS: To Close Christchurch Factory; 23 Jobs Lost
--------------------------------------------------------------
Fairfax NZ News reports that the Viscount Plastics Christchurch
factory will close next month after more than 45 years in
operation, with the loss of 23 jobs.

According to the report, Australian-based Viscount Plastics Asia
region managing director Shane Moloughney said production at the
Christchurch factory will stop in late April.  However, a sales
and distribution centre with about six staff will remain in the
city, the report says.

Fairfax NZ relates that Mr. Moloughney said the company's
production is being consolidated to Auckland to save costs after
two years of investigation and discussion with staff.

The Brougham St factory would have needed considerable investment
in the next few years to keep running, he said.

"It got down to the economics and the viability of running two
facilities in New Zealand and it just wasn't sustainable," the
report quotes Mr. Moloughney as saying.

Viscount Plastics is Australian-owned and mostly makes reusable
plastic packaging products such as fruit and vegetable baskets.


=====================
P H I L I P P I N E S
=====================


LEGACY BANK: Owner Celso de los Angeles Passes Away
---------------------------------------------------
philSTAR.com reports that Celso de los Angeles, the Legacy Group
owner who is facing numerous cases of syndicated estafa, has
passed away.

philSTAR.com relates that lawyer Noel Malaya, who represents De
Los Angeles in his cases, said his client died at the St. Luke's
Medical Center (SLMC) in Quezon City on Tuesday morning.

According to the report, Mr. De Los Angeles had been suffering
from throat cancer since 2010.  He was brought from Tacloban City
to Metro Manila on Oct. 1, 2011 after a local court granted his
motion to seek treatment at the SLMC, the report relates.

The Legacy Group owner left behind a string of unsettled estafa
cases and a multi-billion financial mess, says philSTAR.com.

philSTAR.com says Mr. De los Angeles was charged by the
Philippine Deposit Insurance Corp. with multiple syndicated
estafa charges.  The cases involve at least 130,000 bank
depositors in Central Visayas.

According to the report, Philip Piccio, leader of the PEP
Coalition, said that his group would have a harder time going
after the money taken from the depositors.

"The problem is the legal aspect. How do you run after a person
who has passed away already. The money has to be returned to the
people, thousands and thousands of them," philSTAR.com quotes
Mr. Piccio as saying.

Mr. De los Angeles is accused of using rural banks under the
Legacy Group as a front to swindle depositors of at least
PHP30 billion, philSTAR.com discloses.

                        About Legacy Group

Headquartered in Quezon City, Philippines, The Legacy Group --
http://www.legacy.com.ph/-- was a conglomerate of banks and pre-
need companies.  The banks offered various financial products and
the pre-need firms offered pension, education and memorial plans.
Other members of The Group provided credit cards, micro-lending
and automotive financing services.

                           *     *     *

The Bangko Sentral ng Pilipinas in 2008 placed 13 Legacy-member
rural banks under the receivership of the Philippine Deposit
Insurance Corporation due to insolvency.  The banks under
receivership are Rural Bank of Paranaque; Rural Bank of San Jose
(in Batangas); Pilipino Rural Bank (in Cebu); Rural Bank of Bais
(in Negros Oriental province); Bank of East Asia (in Cebu); First
Interstate Bank (Rural Bank of Kananga, Leyte), Inc.; Philippine
Countryside Bank (in Cebu); Dynamic Bank (Rural Bank of
Calatagan, in Batangas); San Pablo City Development Bank; Nation
Bank (in Bacolod City); Rural Bank of DARBCI (General Santos);
Bicol Development Bank (Legaspi City); and the Rural Bank of
Carmen (Cebu).


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


HUMPUSS SEA: First Meetings Slated for April 25
-----------------------------------------------
Creditors and contributories of Humpuss Sea Transport Pte Ltd
will hold their first meetings on April 25, 2012, at 2:00 p.m.,
and 4:00 p.m., respectively at The Mansfield Suite, Ground Floor,
Chancery Court Hotel, London, at 252 High Holborn, London WC1V
7EN, in United Kingdom.

At the meeting, Cosimo Borrelli and Jason Kardachi, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


JCR1 PTE: Creditors' Proofs of Debt Due April 23
------------------------------------------------
Creditors of JCR1 Pte Ltd, which is in members' voluntary
liquidation, are required to file their proofs of debt by
April 23, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

         Naoki Inoue
         c/o 16 Raffles Quay #22-00
         Hong Leong Building
         Singapore 048581


MORE WORLD: Court to Hear Wind-Up Petition on April 13
------------------------------------------------------
A petition to place More World System (Singapore) Pte Ltd under
judicial management will be heard before the High Court of
Singapore on April 13, 2012, at 10:00 a.m.

Wong Joo Wan has been nominated as the judicial manager.

The Petitioner's solicitors are:

          Lawrence Quahe & Woo LLC
          180 Clemenceau Avenue
          #02-02 Haw Par Centre
          Singapore 239922


PRIMUS VENTURES: Court to Hear Wind-Up Petition April 13
--------------------------------------------------------
A petition to wind up the operations of Primus Ventures
(Singapore) Pte Ltd will be heard before the High Court of
Singapore on April 13, 2012, at 10:00 a.m.

Lee Theng Kiat and Lim Mei Ying Veronica filed the petition
against the company on March 19, 2012.

The Petitioner's solicitors are:

         Rodyk & Davidson LLP
         80 Raffles Place
         #33-00 UOB Plaza 1
         Singapore 048624


                             *********

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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