TCRAP_Public/120402.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

            Monday, April 2, 2012, Vol. 15, No. 66

                            Headlines


A U S T R A L I A

MACQUARIE BANK: Fitch Rates $250MM Subordinated Notes at 'BB+'
MHLA: Robina Fairways Developer Owes About AUD20 Million
MIRABELA NICKEL: S&P Lowers Corp. Credit & Issue Ratings to CCC+


C H I N A

CHINA DU KANG: Delays Form 10-K for 2011
DAQING DAIRY: Moody's Changes Outlook on 'B2' CFR to Negative
FUFENG GROUP: S&P Affirms 'BB' Corp. Credit Rating; Outlook Neg
RENHE COMMERCIAL: S&P Lowers Corp. Credit Rating to 'B'; On Watch
SINO-FOREST CORP: Files Creditor Protection in Canada

SINO-FOREST CORP: Gets Ontario Superior Court Order for CCAA
ZTE CORP: Poor Credit Metrics Cue Fitch to Put Low-B Rating
* CHINA: Moody's Says New Growth Target Reflects New Realities


H O N G  K O N G

CHIA TAI: Members' Final Meeting Set for April 27
DIM CHINA: Placed Under Voluntary Wind-Up Proceedings
ESTHER FOUNDATION: Yung Wai Tak Abraham Appointed as Liquidator
KENNEX INDUSTRIES: Lau Hin Chi Steps Down as Liquidator
PHYSICAL PROPERTY: Incurs HK$524,000 Comprehensive Loss in 2011

SBI HOLDINGS: Creditors' Meeting Set for April 17
STANDARD UNION: Members' Final Meeting Set for April 27
STAR FOCUS: Placed Under Voluntary Wind-Up Proceedings
STAR FOCUS GLOBAL: Placed Under Voluntary Wind-Up Proceedings
SUN HUNG: Billionaire Co-Chairmen Arrested in Hong Kong

SUN MOTOR: Annual Meetings Slated for April 18
SUN MOTOR MANUFACTORY: Annual Meetings Slated for April 18
SUN MOTOR OEM: Annual Meetings Slated for April 18
SUN MOTOR PRECISION: Annual Meetings Slated for April 18


I N D I A

ALMEGA PAINTS: ICRA Assigns '[ICRA]B+' Rating to INR19.5cr Loan
AMBEY CASTINGS: ICRA Places '[ICRA]B+' Rating on INR1cr Loan
B.MELARAM & SONS: ICRA Puts '[ICRA]BB-' Rating on INR7cr Loan
CELEBRITY FASHIONS: ICRA Reaffirms 'D' Rating on Term Loans
CRESCENT TANNERS: ICRA Places '[ICRA]B+' Rating on INR4cr Loan

EAST INDIA: ICRA Reaffirms '[ICRA]B+' Rating on INR4cr Loan
GUJARAT COLOURLAM: ICRA Puts '[ICRA]B+' Rating on INR9.65cr Loan
HALDIA PETROCHEM: ICRA Raises Rating on INR2,421cr Loan to 'BBB-'
HIMGIRI ZEE: ICRA Revises Rating on INR70.75cr Loan to '[ICRA]BB'
JAI HANUMAN: ICRA Assigns '[ICRA]B' Rating to INR6.51cr Loan

KHATUSHYAM PROCESSORS: ICRA Reaffirms '[ICRA]BB-' Loan Rating
MAHALAXMI PROTEINS: ICRA Puts '[ICRA]B' Rating on INR14.5cr Loan
MANIPAL ACUNOVA: ICRA Rates INR7cr Term Loan at '[ICRA]BB'
MIC ELECTRONICS: Delays in Debt Servicing Cues ICRA Junk Ratings
NAINI PLYWOOD: ICRA Reaffirms 'B+' Rating on INR4.25cr Loan

PANASIAN IMPEX: ICRA Reaffirms '[ICRA]BB-' Rating on INR3cr Loan
RADHESHYAM COTTEX: ICRA Assigns '[ICRA]B' Rating to INR5.5cr Loan
RIDHI SIDHI: ICRA Reaffirms '[ICRA]BB' Rating on INR5cr Loan
RT TUBES: ICRA Assigns '[ICRA] B' Rating to INR12cr Loan
SATYADEVA PHARMA: ICRA Puts '[ICRA]BB+' Rating on INR5.6cr Loan

S K MARKETING: ICRA Suspends '[ICRA]B+' Rating on INR4.5cr Loan
SONAM BUILDERS: ICRA Reaffirms 'BB+' Rating on INR50cr Loan
URMI CHEMICALS: ICRA Assigns '[ICRA]B-' Rating to INR8.5cr Loan
VARSHA CORP: ICRA Withdraws '[ICRA]BB' Rating on INR40cr Loan
VEDANTA RESOURCES: Fitch Says Funding Won't Affect IDR Rating


J A P A N

ELPIDA MEMORY: U.S. Court Issues Ruling Halting Lawsuits
ELPIDA MEMORY: Toshiba May Invest in Firm; Hynix Submits Bid
JLCO 36: Fitch Affirms Junk Rating on JPY2.83-Bil. Class D Notes


N E W  Z E A L A N D

COMPUTER POWER: Liquidators Working on Rescue Package
GFNZ GROUP: Repays NZ$5 Million to Principal Creditors
LOMBARD FINANCE: Receivers Mull Civil Action Against Directors


S I N G A P O R E

AMARU INC: Wilson Morgan Replaces Mendoza Berger as Accountant


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A U S T R A L I A
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MACQUARIE BANK: Fitch Rates $250MM Subordinated Notes at 'BB+'
--------------------------------------------------------------
Fitch Ratings has assigned Macquarie Bank Limited ('A'/Stable),
London branch's USD250m junior subordinated notes -- also known
as exchangeable capital securities (ECS) -- a final rating of
'BB+'. Fitch had previously assigned an expected rating of 'BB+
(exp)' to the issue.

In line with Fitch's criteria for rating bank regulatory capital
securities, the ECS are rated five notches below MBL's Viability
Rating (VR) of 'a' to reflect subordination and fully
discretionary coupon payments.

MBL expects the ECS to qualify as additional Tier 1 capital under
Basel III. ECS are mandatorily convertible instruments that rank
ahead of ordinary shareholders only.

Mandatory exchange of all ECS for ordinary shares of Macquarie
Group Limited ('A-'/Stable), the listed parent of MBL, occurs
five years after issue (20 June 2017), with the proceeds of
issuing the ordinary shares subsequently downstreamed to MBL.
Mandatory exchange is subject to a number of conditions.  If
these conditions are not met, the exchange is postponed until the
next semi-annual interest payment date upon which they are met.

Mandatory exchange of all ECS also occurs if MBL's core Tier 1
ratio (or the Basel III equivalent common equity Tier 1 ratio)
falls below 5.125%; the Australian Prudential Regulation
Authority (APRA; the Australian prudential regulator) determines
MBL would be unviable without exchange; public sector capital is
to be injected; or more than 50% of MBL is sold to another
entity.

Interest payment is at the absolute discretion of the Directors
of MBL.  APRA can also prevent the payment of interest.  Interest
is non-cumulative and non-payment does not constitute an event of
default.  However, if interest payments are not made, both MBL
and MGL are prevented from paying dividends on ordinary shares
until an interest payment is made on the ECS.


MHLA: Robina Fairways Developer Owes About AUD20 Million
--------------------------------------------------------
Martin Rasini at goldcoast.com.au reports that MHLA, the company
behind the Robina Fairways estate bordering Robina Woods golf
course, has debts of close to AUD20 million and is in the hands
of a liquidator, while receivers have launched a sell-off of its
assets.

Developer MHLA, linked to Jimmy Vivlios, completed 24 homes in
the planned 49-home estate, developed on a 1.42 hectare parcel on
Great Southern Drive acquired at a cost of AUD8.36 million,
according to goldcoast.com.au.

The report notes that receivers and liquidators were appointed to
the company in December, the second at the behest of Shoreline
Constructions and Developments, also linked to Mr. Vivlios, which
built the homes and was placed in liquidation in November 2010.

According to goldcoast.com.au, David Hambleton, of RE Murphy in
Brisbane, who is liquidator to both companies said the bulk of
the MHLA debt, AUD16 million, was owed to Suncorp while
AUD3.22 million was owed to about five unsecured creditors, with
a related company, understood to be Shoreline, the major creditor
and owed AUD3.17 million.

Mr. Hambleton said no assets were known to be held by MHLA other
than those in the hands of receivers, goldcoast.com.au relates.

Mr. Hambleton, as cited by goldcoast.com.au, said Suncorp was
expected to receive about 50c in the dollar after liquidation of
assets, with nothing remaining for the unsecured creditors.

The report adds that Mr. Vivlios said his construction company
had built a high-standard product but the fall in property values
that followed the global financial crisis had made the project
unviable.

"The price-point for Robina Fairways' three-storey villas was
AUD650,000, but this became unachievable and we found ourselves
struggling," goldcoast.com.au quotes Mr. Vivlios as saying.

goldcoast.com.au relates that Mr. Vivlios said 13 of the 24
completed homes had sold to private buyers ahead of MHLA coming
under external control.

The 11 unsold homes and a 6833sqm 25-home second-stage parcel
with services infrastructure in place have been released for sale
by the MHLA's receivers, John Cronin, Jamie Harris and Anthony
Connelly of McGrath Nicol, reports goldcoast.com.au.

The assets are being put to the market in an expression of
interest campaign managed by Savills that closes on April 27, the
report discloses.


MIRABELA NICKEL: S&P Lowers Corp. Credit & Issue Ratings to CCC+
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit and issue ratings on Australia-based nickel
miner Mirabela Nickel Ltd. to 'CCC+' from 'B-'. The outlook on
the corporate credit rating is negative. "At the same, we
affirmed the '4' recovery rating on the company's senior
unsecured debt," S&P said.

"The downgrade reflects our view that Mirabela's liquidity is
likely to be inadequate to weather a prolonged period of negative
operating cash flow while the company completes its nickel-
processing upgrades and equipment modifications," said Standard &
Poor's credit analyst Thomas Jacquot.

"Mirabela's ability to reduce cash costs to $6 per pound of
nickel produced and a recovery in nickel prices to $8.5-$8.7 per
pound will be crucial for the company to meet its near-term
financial obligations. Nickel prices are currently at about $8
per pound," S&P said.

"The negative outlook reflects our opinion that Mirabela's
current per-unit cash cost of production is unsustainable in the
long run," said Mr. Jacquot. "The outlook also reflects our base-
case expectation that nickel prices will be at $8 per pound for
2012, below the levels crucial for the company to meet its near
term financial obligations. We also expect the company to
continue with its significant capital expenditure."

"We could downgrade Mirabela if the company is unable to perform
at levels consistent with our base case or if nickel prices
continue to fall. Such a scenario would weaken the company's
liquidity position and heighten the risk of a payment default in
early 2013 or sooner. We could also lower the rating if we find
any evidence of the company's lack of long-term commitment to its
operations," S&P said.

"We could revise the outlook to stable if the company performs
substantially better than our base case and builds a liquidity
cushion that would allow it to withstand depressed nickel
prices," S&P said.


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C H I N A
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CHINA DU KANG: Delays Form 10-K for 2011
----------------------------------------
China Du Kang Co., Ltd. advised the U.S. Securities and Exchange
Commission that it won't timely file its annual report on Form
10-K for year ended Dec. 31, 2011.  The auditor has advised that
the audit of the Company's financial statements could not be
completed by the end of the period.  The Company plans to file
within the extension period.

                        About China Du Kang

Headquartered in Xi'an, Shaanxi, in the PRC, China Du Kang Co.,
Ltd., was incorporated as U.S. Power Systems, Inc., in the State
of Nevada on Jan. 16, 1987.  The Company is principally engaged
in the business of production and distribution of distilled
spirit with the brand name of "Baishui Dukang".  The Company also
licenses the brand name to other liquor manufactures and liquor
stores.

The Company also reported a net loss of $1 million on
$1.96 million of gross revenue for the nine months ended Sept.
30, 2011, compared with a net loss of $895,853 on $1.51 million
of gross revenue for the same period a year ago.

The Company's balance sheet at Sept. 30, 2011, showed
$14.75 million in total assets, $22.30 million in total
liabilities and a $7.54 million total shareholders' deficit.

As reported in the Troubled Company Reporter on April 14, 2010,
Keith Z. Zhen, CPA, in Brooklyn, N.Y., expressed substantial
doubt about China Du Kang's ability to continue as a going
concern, following the Company's 2009 results.  The independent
auditor noted that the Company has incurred an operating loss in
2009 and 2008 and has a working capital deficiency and a
shareholders' deficiency as of Dec. 31, 2009.


DAQING DAIRY: Moody's Changes Outlook on 'B2' CFR to Negative
-------------------------------------------------------------
Moody's Investors Service has changed the outlook for Daqing
Dairy Holdings' B2 corporate family rating to negative from
stable.

Moody's also will withdraw Daqing Dairy's rating for business
reasons.

Ratings Rationale

Moody's will withdraw the rating for its own business reasons.

The negative outlook, which will also be withdrawn, reflects
Moody's concerns on the heightened risks regarding the
uncertainty of the company's financial reporting, stemming from
the company's announcement which cited the resignation of its
auditor, Deloitte, on March 22, 2012.

The principal methodology used in rating Daqing Dairy Holdings
was the Packaged Goods Industry Methodology published in July
2009 and Global Food - Protein and Agriculture Industry
Methodology published in September 2009.

Listed on the Hong Kong Stock Exchange in October 2010, Global
Dairy is a Chinese branded milk powder company. It is engaged in
the production and sale of medium-to-high and premium-priced milk
formula products in China.


FUFENG GROUP: S&P Affirms 'BB' Corp. Credit Rating; Outlook Neg
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its rating outlook on
Fufeng Group Ltd. to negative from stable. "At the same time, we
affirmed the 'BB' long-term corporate credit rating on Fufeng and
the 'BB' issue rating on the company's senior unsecured notes.
Standard & Poor's also lowered its Greater China credit scale
ratings on Fufeng and on the company's notes to 'cnBB+' from
'cnBBB-'. Fufeng is a China-based manufacturer of corn-based
biochemical products," S&P said.

"We revised the rating outlook on Fufeng to reflect our view that
the company's profitability is likely to remain weak for at least
the first half of 2012, following a deterioration in 2011," said
Standard & Poor's credit analyst Joe Poon. "We have limited
visibility over the potential for Fufeng's margins and profits to
recover, given its current pricing strategy and volatility in raw
material costs."

"We also believe that refinancing risk could increase as the
maturity date of its $150 million convertible bond approaches.
Holders have an option to require Fufeng to buy back the bond in
April 2013," S&P said.

"Fufeng's liquidity is likely to remain adequate to cover its
needs in the next 12 months, unless the company does not have a
concrete refinancing plan in place over the next few months to
repay the convertible bond. If no plan materializes, its
liquidity position could quickly become less than adequate," said
Mr. Poon.

"We may lower the rating by one notch if: (1) Fufeng's margins
and profitability do not improve in 2012 and show no signs of
recovery, causing its ratio of total debt to EBITDA to exceed
3.5x; or (2) its liquidity position weakens. This could happen if
the company materially increases its capital expenditure or
working capital, or fails to execute a refinancing plan to redeem
its convertible bond," S&P said.

"We could revise the outlook to stable if the company restores
its profitability and increases its prices while maintaining an
'adequate' liquidity position by securing a refinancing plan to
redeem its convertible bond," S&P said.


RENHE COMMERCIAL: S&P Lowers Corp. Credit Rating to 'B'; On Watch
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating and the issue rating on Renhe Commercial
Holdings Co. Ltd. to 'B' from 'B+'. "At the same time, we placed
all the ratings, including our 'cnBB-' Greater China scale credit
ratings on Renhe and its senior unsecured notes, on CreditWatch
with negative implications. Renhe is a China-based underground
shopping mall developer and operator," S&P said.

"We downgraded Renhe because its property sales and liquidity
could weaken significantly more than we previously expected in
2012," said Standard & Poor's credit analyst Frank Lu.

"Our view reflects the company's announcement with the release of
its 2011 results that it targets property sales for this year of
Chinese renminbi (RMB) 3.0 billion-RMB4.0 billion, which is 50%
lower than our base case," S&P said.

"We also expect much lower cash collection than we previously
anticipated for 2012, due to canceled property sales in 2011. In
our opinion, the company has limited funding channels to restore
its financial strength against a weak property sales outlook,"
said Mr. Lu.

"We believe that Renhe's business model is vulnerable to tight
credit conditions, the company's limited access to bank
borrowings, and generally anemic investment demand. Renhe doesn't
hold land use rights on the underground commercial properties
that it develops. Because of this, the company has not received
meaningful onshore bank credit to fund the construction of its
projects. Further, it provides guarantees to banks for buyers to
obtain loans to purchase its properties," S&P said.

"We placed the ratings on CreditWatch because we believe Renhe's
liquidity could deteriorate to 'weak' from 'less than adequate',
as defined in our criteria, in 2012. The company canceled
presales of RMB3 billion at its project in Humen, Dongguan last
year. This reduced its 2011 presales to RMB4.0 billion--about 50%
lower than our expectation. In addition, Renhe's collection
period for sales proceeds has increased significantly due to
tight bank credit. The company also has limited flexibility to
scale back construction spending on presold but incomplete
projects," S&P said.

"We aim to resolve the CreditWatch action within the next three
months. We may lower the rating on Renhe by at least one notch if
we assess that the company's liquidity will deteriorate to
'weak'. This means that the company's sources of liquidity will
be lower than its uses over the next 12 months," said Mr. Lu.


SINO-FOREST CORP: Files Creditor Protection in Canada
-----------------------------------------------------
Sino-Forest Corporation announced on March 30, 2012, that it has
reached agreement with an ad hoc committee of its noteholders on
the material terms of a transaction which would involve either a
sale of the Company to a third party or a restructuring under
which the noteholders would acquire substantially all of the
assets of the Company, including the shares of all of its direct
subsidiaries which own, directly or indirectly, all of the
business operations of the Company. The Ad Hoc Committee
represents a significant portion of the holders of the Company's
5% Convertible Senior Notes due 2013, 10.25% Guaranteed Senior
Notes due 2014, 4.25% Convertible Senior Notes due 2016 and 6.25%
Guaranteed Senior Notes due 2017.

The Company is initiating proceedings on March 30 in the Ontario
Superior Court of Justice under the Companies' Creditors
Arrangement Act seeking approval for a Court supervised
restructuring process to implement the Transaction, including the
immediate initiation of a sale solicitation process and a stay of
certain creditor claims. Holders of approximately 40% of the
aggregate principal amount of Notes have executed a support
agreement in which they have agreed to support and vote for the
Transaction. The Company will continue to solicit additional
Noteholder support for the Transaction. Noteholders who wish to
become "Consenting Noteholders" and participate in the Early
Consent Consideration (as defined in the Support Agreement) are
permitted to do so until May 15, 2012, and further information
will be available on the website of the proposed monitor in the
CCAA proceedings, FTI Consulting Canada, Inc. at
http://cfcanada.fticonsulting.com/sfc.

Sino-Forest made the decision to initiate CCAA proceedings with
the unanimous authorization of its Board of Directors after
thorough consultation with its advisors and extensive
consideration of other alternatives.

"We believe the full value of our assets will only be achieved if
we are able to continue operating the business, and repair and
preserve relationships with our customers and suppliers. We
believe that the CCAA restructuring process is the best method to
secure our future and will allow the time and stability required
to normalize operations following the allegations made against
the Company by Muddy Waters, LLC.  The Transaction we have
negotiated is indicative of the support of a significant portion
of Sino-Forest's Noteholders," said Judson Martin, Vice-Chairman
and Chief Executive Officer of Sino-Forest.

                           Sale Process

The Support Agreement provides that the Company will make an
application to the Court under the CCAA for an order approving a
sale solicitation process pursuant to which Sino-Forest's
financial advisor, Houlihan Lokey will solicit from third parties
offers to purchase substantially all of Sino-Forest's assets
(other than certain excluded assets).

Further details regarding the sale solicitation process will be
announced by the Company following approval of a sale process
order by the Court.

                    Restructuring Transaction

The Support Agreement provides that if the Company does not
obtain an acceptable offer resulting from the sale solicitation
process, the Company will implement a restructuring transaction
in which Sino-Forest will transfer substantially all of its
assets, other than certain excluded assets, to a newly formed
entity owned and controlled by the Noteholders in full and final
settlement of all claims of any person in respect of the Notes.
The assets transferred to Newco pursuant to the Restructuring
Transaction would include all of the shares of the Company's
directly owned subsidiaries and all of the receivables of the
Company owed by its direct and indirect subsidiaries, but exclude
certain litigation claims of the Company against third parties
which will be transferred to a litigation trust (the "Litigation
Trust") established to pursue such claims, including claims
against Muddy Waters, and US$20 million in cash, which will be
transferred to and used to fund the Litigation Trust.

If the Restructuring Transaction occurs, the Support Agreement
provides that Junior Constituents (as defined in the Support
Agreement) will receive: (a) their pro rata share of non-
transferable "Contingent Value Rights" of Newco which will
entitle them to receive 15% of the value of Newco, if any, in
excess of U.S.$1.8 billion (being the approximate principal
amount of the Notes) plus accrued interest on the Notes up to and
including the CCAA filing date, for no additional consideration
upon the occurrence of a liquidity event of Newco within seven
years following the implementation date of the Restructuring
Transaction, and (b) a right to receive their pro rata share of
(i) 100% of any proceeds realized by the Litigation Trust for
claims against or settlements with Muddy Waters and its joint
actors, and (ii) the first $25 million of any proceeds realized
from claims against or settlements with third parties other than
Muddy Waters and its joint actors. If at the time proceeds are
available for distribution from the Litigation Trust, the
enterprise value of Newco is less than 85% of the principal
amount of the Notes plus accrued interest on the Notes up to and
including the CCAA filing date, 30% of the remaining proceeds
realized from claims against or settlements with third parties
other than Muddy Waters and its joint actors will be paid to
Noteholders (up to a maximum of the difference between the
Threshold Amount and the enterprise value of Newco) and the
remaining proceeds will be paid to Junior Constituents. If the
enterprise value of Newco at the time such proceeds are available
for distribution from the Litigation Trust is more than the
Threshold Amount, Junior Constituents will receive 100% of the
remaining proceeds realized from claims against or settlements
with third parties other than Muddy Waters and its joint actors.

Many of the terms of the Restructuring Transaction remain to be
settled between the parties in definitive documentation. The
transactions contemplated by this press release will be subject
to various conditions, including relevant creditor, regulatory
and Court approvals. Sino-Forest continues to be subject to a
cease trade order of the Ontario Securities Commission which
prohibits trading in Sino-Forest's securities.

Additional details regarding the Transaction are contained in the
Support Agreement, a copy of which will be available at
www.sedar.com and on the proposed monitor's website at
http://cfcanada.fticonsulting.com/sfc.There can be no assurance
as to when or if a Transaction will be completed, or as to the
terms of any such Transaction.

         Claim Against Muddy Waters, Carson Block and Others

The Company also announced that it has commenced an action in the
Court against Muddy Waters, Carson Block, and others, relating to
the allegations made against the Company by Muddy Waters, and
trading in Sino-Forest shares prior to and following the public
release on June 2, 2011, of a report prepared by Muddy Waters.
The action alleges that public statements made by Muddy Waters
and Carson Block were defamatory. The action seeks damages in the
amount of $4 billion and the recovery of profits made by Muddy
Waters and others in connection with the Muddy Waters report.

Cash Balance, Cash Flow Projections and Third Quarter Financial
Statements

As part of its negotiations with the Ad Hoc Committee, and
pursuant to confidentiality agreements, the Company provided to
certain Noteholders who were parties to such agreements,
information regarding the Company's cash balance as of March 2,
2012 and its expected cash flow needs for the remainder of 2012.
The confidentiality agreements require Sino-Forest to publicly
disclose this information by the sooner of the commencement of
any proceedings under the CCAA and April 30, 2012. The cash
balance and cash flow projections provided to such Noteholders
are attached to this news release as Schedule A.

The cash balance and cash flow projections are internal documents
prepared by management of the Company and are subject to the
assumptions set out in the projections. In addition, the cash
balance and cash flow projections were prepared as at March 2,
2012, and may no longer reflect the Company's current
circumstances or the current estimates of management of the
Company. Neither the Board of Directors of Sino-Forest nor any of
its committees has approved the cash balance or cash flow
projections. Sino-Forest does not, as a matter of course, publish
its budgets or make external projections or forecasts of its
anticipated financial position, expenditures, cash balances or
cash flows. The non-public information provided to the Ad Hoc
Committee was not prepared with a view to being disclosed
publicly and is included in this news release only because such
information was made available to the Ad Hoc Committee. Subject
to applicable securities laws, Sino-Forest does not intend to or
anticipate that it will, and disclaims any obligation to, furnish
updated projections or forecasts or similar forward looking
information to holders of securities issued by Sino-Forest or to
include such information in documents required to be filed with
the applicable Canadian securities regulatory authorities or
otherwise make such information publicly available.

Sino-Forest will also file with the Court today in the CCAA
proceedings, draft copies of its financial statements for the
three and nine months ended Sept. 30, 2011.  The Draft Q3
Financial Statements will not be filed with the Canadian
securities regulators, but will be available on the website of
the proposed monitor at http://cfcanada.fticonsulting.com/sfc.
Sino-Forest cautions readers that the Draft Q3 Financial
Statements are in draft form only, and they do not and are not
intended to comply with the requirements of applicable securities
law or Canadian generally accepted accounting principles. As
previously disclosed, the Company cautions readers that its
historical financial statements, including the Draft Q3 Financial
Statements, may not be reliable and should not be relied upon for
any purpose. The Draft Q3 Financial Statements have been prepared
by management of the Company and have not been reviewed or
approved by the Board of Directors of the Company, any committee
of the Board of Directors or the Company's auditors.

                           Other Matters

Sino-Forest has determined that it will not be in a position to
file its audited annual financial statements for fiscal 2011 by
the March 30, 2012 deadline. Sino-Forest has made considerable
efforts to address issues identified by its Audit Committee and
the Independent Committee and by its external auditor, Ernst &
Young LLP, as requiring resolution in order for Sino-Forest to be
in a position to obtain an audit opinion in relation to its 2011
annual financial statements. However, as yet, Sino-Forest has not
been able to satisfactorily address those issues for audit
purposes for the same reasons previously disclosed. Sino-Forest
has also determined not to file its annual information form by
the prescribed deadline and will apply to the Court for
postponement of its annual meeting of shareholders for the
duration of the CCAA proceedings.

Sino-Forest also announced that Albert Ip has resigned for health
reasons from his position as Senior Vice President, Development &
Operations North-East and South-West China. Mr. Ip has agreed to
serve as a consultant to Sino-Forest on a part-time basis. "I
would like to thank Albert for his service to Sino-Forest," said
Judson Martin, Vice-Chairman and Chief Executive Officer of Sino-
Forest.

Houlihan is acting as financial advisor to Sino-Forest, Bennett
Jones LLP is acting as Canadian legal advisor to Sino-Forest and
Osler Hoskin & Harcourt LLP is acting as Canadian legal advisor
to the Board of Directors of Sino-Forest. The Ad Hoc Committee of
Noteholders is being advised by Moelis & Company, Goodmans LLP
and Hogan Lovells LLP.

                       About Sino-Forest Corp.

Sino-Forest Corporation -- http://www.sinoforest.com/-- is a
commercial forest plantation operator in China.  Its principal
businesses include the ownership and management of tree
plantations, the sale of standing timber and wood logs, and the
complementary manufacturing of downstream engineered-wood
products.  Sino-Forest also holds a majority interest in
Greenheart Group Limited, a Hong-Kong listed investment holding
company with assets in Suriname (South America) and New Zealand
and involved in sustainable harvesting, processing and sales of
its logs and lumber to China and other markets around the world.
Sino-Forest's common shares have been listed on the Toronto Stock
Exchange under the symbol TRE since 1995.


SINO-FOREST CORP: Gets Ontario Superior Court Order for CCAA
-----------------------------------------------------------
Sino-Forest Corporation announced that, further to its news
release issued earlier on March 30, 2012, the Company has
obtained an initial order from the Ontario Superior Court of
Justice for creditor protection pursuant to the provisions of the
Companies' Creditors Arrangement Act.

Under the terms of the Order, FTI Consulting Canada Inc. will
serve as the Court-appointed Monitor under the CCAA process and
will assist the Company in implementing its restructuring plan.
Gowling Lafleur Henderson LLP is acting as legal counsel to the
Monitor.

During the CCAA process, Sino-Forest expects its normal day-to-
day operations to continue without interruption. The Company has
not planned any layoffs and all trade payables are expected to
remain unaffected by the CCAA proceedings.

Additional information regarding Sino-Forest's CCAA proceedings,
including information relating to the Support Agreement with
noteholders of the Company, will be available on the Monitor's
Web site at http://cfcanada.fticonsulting.com/sfc.

                       About Sino-Forest Corp.

Sino-Forest Corporation -- http://www.sinoforest.com/-- is a
commercial forest plantation operator in China.  Its principal
businesses include the ownership and management of tree
plantations, the sale of standing timber and wood logs, and the
complementary manufacturing of downstream engineered-wood
products.  Sino-Forest also holds a majority interest in
Greenheart Group Limited, a Hong-Kong listed investment holding
company with assets in Suriname (South America) and New Zealand
and involved in sustainable harvesting, processing and sales of
its logs and lumber to China and other markets around the world.
Sino-Forest's common shares have been listed on the Toronto Stock
Exchange under the symbol TRE since 1995.


ZTE CORP: Poor Credit Metrics Cue Fitch to Put Low-B Rating
-----------------------------------------------------------
The Australian government could be about to exclude Huawei from
participating in building the country's national broadband
network (NBN), because of supposed concerns that it could impinge
on national security -- despite assurances to the contrary.  This
illustrates the difficulties facing the Chinese telecom equipment
manufacturers as they seek growth via expansion of their overseas
carrier networks.

Fitch believes that the Chinese equipment makers, including
Huawei and ZTE, will continue to be disadvantaged over alleged
"national security" issues in those countries that place emphasis
on their relationship with the US or raise concerns over the
potential for cyber attacks.  Chinese companies have tried to
address this by offering fully customised "secure delivery"
equipment, and assurances that only security-cleared citizens of
the host country will be able to install and maintain their
equipment.

National security concerns are understandably an important
consideration when deploying mobile or fixed-line networks.  In
January, India's Telecoms Department warned of potential security
issues not just with the Chinese manufacturers, but also with
vendors from the US, Europe and Japan, and hence emphasised the
need for India to become more self-sufficient in
telecommunications network technology.

In China, spending on fixed-line network equipment will be
largely complete by end-2013, according to China Telecom.  Hence,
the Chinese manufacturers are seeking significant overseas
contracts -- such as participation in the build-out of
Australia's NBN -- in order to continue growing and to diversify.

Margins for the Chinese manufacturers have also been under
pressure, partly because they typically need to offer significant
discounts in order to win strategic orders from large network
operators in developed markets.  For those markets where supposed
security concerns weigh against the Chinese exporters, the extent
of the discount required is only likely to be greater.  This is
despite Fitch's view that the Chinese technology is highly
competitive and offers significant cost-savings.

In February, Fitch downgraded ZTE to 'BB' from 'BB+', due to
deteriorating credit metrics - including thin margins and
negative free cash flow.  The agency expects ZTE's revenue to
have grown strongly in 2011, by around 25% based on its results
over January-September 2011.  Its operating margin, however, is
likely to have fallen to below 2%, from 4.5% in 2010.  Strong
revenue growth derived from an aggressive marketing push in its
handset division, but this is also driving margin deterioration
as the handset division has significantly lower margins than its
network equipment division.


* CHINA: Moody's Says New Growth Target Reflects New Realities
--------------------------------------------------------------
Moody's Investors Service says that China's authorities have
begun to prepare for a rebalancing of the economic roles of the
public and private sectors, and which if successful would imply a
fundamental realignment in the country's political economy over
the next decade.

In a special report, Moody's says that a new phase of structural
policy reforms is coming into focus following the Chinese
government's announcement of a new, lower annual GDP growth
target of 7.5%.

"The new target underscores the government's desire to engineer a
soft landing, consistent with its long-term goal of seeking more
balanced growth, decreasing the economy's reliance on investment
and exports, while increasing the share of consumption," says Tom
Byrne, a Senior Vice President with Moody's Sovereign Risk Group.
"In addition, we believe the authorities currently have time to
prepare for this rebalancing."

The report is entitled, "Lower Growth Target Reflects China's New
Realities," and was authored by Byrne and Matt Robinson, Moody's
Director of Sovereign Research.

"This rebalancing of the economy is especially important if China
is to maintain a relatively rapid pace of economic growth well
above the world average growth rate," says Byrne.

"Furthermore, the natural slowing of growth from diminishing
export competitiveness and productivity gains provides the
impetus for this new round of strategic reforms," says Mr. Byrne.

From a broad perspective, the reforms would affect state
enterprises, corporate governance, private sector development,
the urban residential hukou system, and financial sector
liberalization.

The report further says that financial sector reform is crucial
to China's ability to better allocate capital and enhance its
sovereign credit profile.

Such reform would include commercializing the banking system,
allowing the market to set interest rates, deepening domestic
capital markets -- including the establishment of a municipal
bond market -- and developing the sector's legal and supervisory
framework.

On the issue of whether China can avoid a hard landing, the
report says that Moody's also sees growth as remaining relatively
robust over the medium term, provided that the country is spared
severe economic or political shocks.


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


CHIA TAI: Members' Final Meeting Set for April 27
-------------------------------------------------
Members of Chia Tai Urumqi Company Limited will hold their final
general meeting on April 27, 2012, at 9:30 a.m., at 21/F, Far
East Finance Centre, 16 Harcourt Road, Admiralty, in Hong Kong.

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


DIM CHINA: Placed Under Voluntary Wind-Up Proceedings
-----------------------------------------------------
At an extraordinary general meeting held on March 12, 2012,
creditors of Dim China (HK) Limited resolved to voluntarily wind
up the company's operations.

The company's liquidators are:

         Bruno Arboit
         Simon Richard Blade
         FTI Consulting of Level 22
         The Center
         99 Queen's Road Central
         Central, Hong Kong


ESTHER FOUNDATION: Yung Wai Tak Abraham Appointed as Liquidator
---------------------------------------------------------------
Yung Wai Tak Abraham on March 8, 2012, was appointed as
liquidator of Esther Foundation Limited.

The liquidator may be reached at:

         Yung Wai Tak Abraham
         Flat F, 24th Floor
         Tower 7, Greenwood Terrace
         Hong Kong


KENNEX INDUSTRIES: Lau Hin Chi Steps Down as Liquidator
-------------------------------------------------------
Lau Hin Chi stepped down as liquidator of Kennex Industries
Limited on March 23, 2012.


PHYSICAL PROPERTY: Incurs HK$524,000 Comprehensive Loss in 2011
---------------------------------------------------------------
Physical Property Holdings Inc. filed with the U.S. Securities
and Exchange Commission its annual report on Form 10-K disclosing
a net loss and total comprehensive loss of HK$524,000 on
HK$835,000 of rental income for the year ended Dec. 31, 2011,
compared with a net loss and total comprehensive loss of
HK$640,000 on HK$765,000 of rental income during the prior year.

The Company's balance sheet at Dec. 31, 2011, showed HK$10.35
million in total assets, HK$11.36 million in total liabilities,
all current, and a HK$1.01 million total stockholders' deficit.

For 2011, Mazars CPA Limited, in Hongkong, noted that the Company
had a negative working capital as of Dec. 31, 2011, and incurred
loss for the year then ended, which raised substantial doubt
about its ability to continue as a going concern.

A copy of the Form 10-K is available for free at:

                        http://is.gd/FRdtxQ

                      About Physical Property

Physical Property Holdings Inc. (formerly known as Physical Spa &
Fitness Inc.), through its wholly-owned subsidiary Good Partner
Limited, owns five residential apartments located in Hong Kong.
The Company was incorporated on Sept. 21, 1988, under the laws
of the United States of America.


SBI HOLDINGS: Creditors' Meeting Set for April 17
-------------------------------------------------
Creditors of SBI Holdings Limited will hold their meeting on
April 17, 2012, at 12:00 p.m., for the purposes provided for in
Sections 241, 242, 243, 244, 251, 255A and 283 of the Companies
Ordinance.

The meeting will be held at Room 2109, China Resources Building,
at 26 Harbour Road, Wanchai, in Hong Kong.


STANDARD UNION: Members' Final Meeting Set for April 27
-------------------------------------------------------
Members of Standard Union Limited will hold their final general
meeting on April 27, 2012, at 9:00 a.m., at 21/F, Far East
Finance Centre, 16 Harcourt Road, Admiralty, in Hong Kong.

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


STAR FOCUS: Placed Under Voluntary Wind-Up Proceedings
------------------------------------------------------
At an extraordinary general meeting held on March 16, 2012,
creditors of Star Focus Limited resolved to voluntarily wind up
the company's operations.

The company's liquidators are:

         Messrs. Bernie Fuk Yuen Suen
         Alan Hok Hin Cheung
         Suite 2302, 23/F
         Seaview Commercial Building
         21 Connaught Road
         West, Sheung Wan
         Hong Kong


STAR FOCUS GLOBAL: Placed Under Voluntary Wind-Up Proceedings
-------------------------------------------------------------
At an extraordinary general meeting held on March 16, 2012,
creditors of Star Focus Global Limited resolved to voluntarily
wind up the company's operations.

The company's liquidators are:

         Messrs. Bernie Fuk Yuen Suen
         Alan Hok Hin Cheung
         Suite 2302, 23/F
         Seaview Commercial Building
         21 Connaught Road
         West, Sheung Wan
         Hong Kong


SUN HUNG: Billionaire Co-Chairmen Arrested in Hong Kong
-------------------------------------------------------
Bloomberg News reports that Hong Kong anti-graft investigators
arrested the billionaire co-chairmen of Sun Hung Kai Properties
Ltd. in one of the former British colony's highest-profile
corruption cases in decades.

Sun Hung Kai said Thursday that Thomas and Raymond Kwok were
detained by the Independent Commission Against Corruption.
Rafael Hui, a former No. 2 official in the government, was also
arrested, Bloomberg relates citing a person with knowledge of the
matter who asked not to be identified because of the ongoing
probe.

According to Bloomberg, the arrests mark one of the highest-level
investigations in the ICAC's 38-year history and come four days
after a Hong Kong leadership election in which close ties between
government and business emerged as a key campaign theme. Current
Chief Executive Donald Tsang is being probed separately by the
ICAC for accepting trips on the yachts and planes of tycoons,
says Bloomberg.

Sun Hung Kai plunged 13%, the most since January 1998, to close
at HK$96.50 in Hong Kong after a suspension on March 29. The
stock has dropped 17% since the company said March 19 Executive
Director Thomas Chan Kui-Yuen was arrested by the ICAC.

Sun Hung Kai Properties Ltd. is Hong Kong's biggest developer. It
specializes in premium-quality residential and commercial
projects for sale and investment.


SUN MOTOR: Annual Meetings Slated for April 18
----------------------------------------------
Members and creditors of Sun Motor Holding Company Limited will
hold their annual meetings on April 18, 2012, at 11:30 a.m., and
11:45 a.m., respectively at 32nd Floor of One Pacific Place, 88
Queensway, in Hong Kong.

At the meeting, Lai Kar Yan (Derek) and Darach E. Haughey, the
company's liquidators, will give a report on the company's wind-
up proceedings and property disposal.


SUN MOTOR MANUFACTORY: Annual Meetings Slated for April 18
----------------------------------------------------------
Members and creditors of Sun Motor Manufactory Limited will hold
their annual meetings on April 18, 2012, at 2:00 p.m., and 2:15
p.m., respectively at 32nd Floor of One Pacific Place, 88
Queensway, in Hong Kong.

At the meeting, Lai Kar Yan (Derek) and Darach E. Haughey, the
company's liquidators, will give a report on the company's wind-
up proceedings and property disposal.


SUN MOTOR OEM: Annual Meetings Slated for April 18
--------------------------------------------------
Members and creditors of Sun Motor OEM Company Limited will hold
their annual meetings on April 18, 2012, at 2:30 p.m., and
2:45 p.m., respectively at 32nd Floor of One Pacific Place, 88
Queensway, in Hong Kong.

At the meeting, Lai Kar Yan (Derek) and Darach E. Haughey, the
company's liquidators, will give a report on the company's wind-
up proceedings and property disposal.


SUN MOTOR PRECISION: Annual Meetings Slated for April 18
--------------------------------------------------------
Members and creditors of Sun Motor Precision Products Limited
will hold their annual meetings on April 18, 2012, at 3:00 p.m.,
and 3:15 p.m., respectively at 32nd Floor of One Pacific Place,
88 Queensway, in Hong Kong.

At the meeting, Lai Kar Yan (Derek) and Darach E. Haughey, the
company's liquidators, will give a report on the company's wind-
up proceedings and property disposal.


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


ALMEGA PAINTS: ICRA Assigns '[ICRA]B+' Rating to INR19.5cr Loan
---------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' (and short
term rating of '[ICRA]A4' to the term loans, fund based limits,
non-fund based limits and proposed limits of Almega Paints
Private Limited aggregating to INR19.50 crore.

The ratings are constrained by the company's small size of
operations with limited track record, and its high financial risk
profile as a result of largely debt-funded capital expenditure
undertaken.  The margins in the company's job-work business also
remain susceptible to any adverse fluctuations in labor and power
costs. As the company started operations in June 2010, ICRA notes
that improvement in plant utilization levels as well as the
ability to maintain the wastage costs within permitted levels
would remain critical to improve the financial performance as
well as from debt servicing perspective.

The ratings, however, draw comfort from the extensive experience
of the promoters in the paint industry, the in-place contract of
APPL with Asian Paints Ltd wherein APL guarantees a minimum off-
take quantity as well as de-risking of raw material price
fluctuations as the raw materials are supplied by APL. ICRA notes
that APPL would benefit from being a supplier to APL owing to the
latter's increasing scale of operations and market leadership in
this industry. Given the small size of operations, implementation
of any further sizeable debt-funded capital expenditure however
remains a key rating sensitivity.

                        About Almega Paints

Almega Paints Private Limited was incorporated on 2nd June, 2008
for manufacturing paints for Asian Paints Limited on a job work
basis. The facility, located in Howrah, West Bengal, has an
installed capacity of 25,000 MT (or KL) per annum which is
equally divided into manufacturing of two kinds of paints, viz.
water based paint and solvent based paint. The company has a
three year contract with Asian Paints Limited, wherein the latter
will off take at least 9,000 MT (or KL) per year out of the
installed capacity of 12,500 MT (or KL), from each of the two
units, viz. water based and solvent based paint units.

During FY 2011, the company reported negligible Profit After Tax
(PAT) on an operating income of INR1.75 crore. For 8-month period
of FY 2012, APPL reported Profit Before Tax (PBT) of INR0.36 Cr.
on an operating income of INR2.46 Cr.


AMBEY CASTINGS: ICRA Places '[ICRA]B+' Rating on INR1cr Loan
------------------------------------------------------------
ICRA has assigned the rating of '[ICRA]B+' to INR1.00 crore fund
based facilities and INR5.00 crore term loan facilities of Jai
Ambey Castings Private Limited.

The rating takes into account the limited track record of
Company's operations, commercial production having started in Jan
2012. Being in nascent stages of operations, low value addition
involved in the manufacturing of MS Ingots, and significant
competitive intensity, the Company enjoys limited pricing
flexibility with both suppliers and customers. Healthy demand for
mild steel ingots from the steel industry expected to sustain
Company's growth over medium term. Persistent demand from the
customers and early breakeven of the operations will be the key
rating sensitivities going forward.

Incorporated in 2011, Jai Ambey Castings Pvt Ltd is engaged in
the manufacturing of mild steel (MS) Ingots, which are
subsequently rolled into long steel products like thermo
mechanically treated (TMT) bars, channels, angles etc. The plant,
located in Bhiwadi, commenced its  commercial operations in Jan
2012 and has installed capacity of 24,000 MT per annum. The
manufacturing facility has one induction furnace with 7 MT
capacity (2750KW). The company is a family run business has been
promoted by Mr. Rati Ram and his three sons, M. Satish Kumar, Mr.
Kapil Kumar and Mr. Mukesh Kumar.


B.MELARAM & SONS: ICRA Puts '[ICRA]BB-' Rating on INR7cr Loan
-------------------------------------------------------------
ICRA has assigned an '[ICRA]BB-' rating to the INR7.00 crore cash
credit facility (sublimit of short term non-fund based facility)
of B.Melaram & Sons.  ICRA has also assigned an '[ICRA]A4' rating
to the INR35.00 crore short term non-fund based facility of
B.Melaram.  The outlook on the long-term rating is stable.  The
overall fund based and non-fund based limits should not exceed
INR35.00 crore.

The ratings are constrained by moderate scale of operations of B.
Melaram with limited value addition; and moderate profitability
levels which are exposed to fluctuation in exchange rates,
volatility in prices of steel and intense competition in steel
trading business. ICRA also notes that the revenues from ship
breaking operations are exposed to several regulatory and
environmental risks and availability of ships. While the gearing
levels remain moderate at present, the legal status of the
Company as a partnership firm, poses the risks of significant
withdrawal of capital by the partners.

The assigned ratings, however, take into account the significant
experience of the promoters in steel trading and ship breaking
industry; moderate profitability margins in 2010-11 and a low
gearing as on Jan. 31, 2011.

                          About B.Melaram

B.Melaram is a partnership engaged in trading of steel products
and ship breaking operations in at Lakri-Bunder Ship breaking
Yard, Mumbai. The company has its own warehouse located at
Kalamboli, Navi Mumbai. Baijnath Melaram and Vinodkumar
Bhupendrakumar Melaram are the associates of B.Melaram engaged in
the same line of business.

Recent Results

B.Melaram recorded a net profit of INR2.62 crore on an operating
Income of INR64.84 crore for the year ending March 31, 2011,
while it recorded an operating profit of INR2.58 crore on an
operating income of INR33.98 crore for first seven months of
financial year 2011-12.


CELEBRITY FASHIONS: ICRA Reaffirms 'D' Rating on Term Loans
-----------------------------------------------------------
ICRA has reaffirmed the rating outstanding on the INR101.60 crore
term loan facilities, the INR12.65 crore proposed term loan
facilities and the INR3.00 crore long term fund based facilities
(sub limit) of Celebrity Fashions Limited at '[ICRA]D'.

ICRA has also reaffirmed the rating outstanding on the INR48.00
crore short term fund based facilities and the INR36.50 crore
short term non fund based facilities of the Company at '[ICRA]D'.

The reaffirmation of ratings reflects the continued delays in
debt servicing by CFL, owing to tight liquidity position arising
from continued losses. The financial profile of the company is
characterized by negative net worth, stretched gearing and weak
coverage indicators, with CFL being categorized as a sick company
as per the Sick Industrial Companies Act. Also, while the
company's scale has reduced with the demerger of the domestic
division, CFL has high customer concentration with the top five
customers contributing to more than eighty per cent of the
company's revenue in 2010-11 and in the nine months ended
Dec. 31, 2011.  Further, the high competition in the apparel
exports market, mainly from low cost countries and from those
with lower foreign exchange fluctuations, limits CFL's pricing
flexibility.

                      About Celebrity Fashions

Incorporated on April 28, 1988, Celebrity Fashions Limited is
primarily engaged in  export of fully woven cotton garments for
men and women, catering to premium international brands such as
Timberland, LL Bean, Tommy Hilfiger, Academy and Diesel to name a
few. The company, which currently has three manufacturing
facilities located in and around Chennai, was earlier catering to
the domestic market through the Indian Terrain brand in addition
to the export segment.  However, with the demerger of the
domestic division as part of Indian Terrain Fashions Limited with
effect from April 1, 2010, the company currently caters primarily
to export markets and only a small portion of the company's
revenue is derived from job work to ITFL and sale to domestic
markets. CFL also has a wholly owned subsidiary, Celebrity
Clothing Limited, which is currently non-operational.

Recent results

CFL reported a net loss of INR19.5 crore on operating income of
INR192.0 crore during 2010-11, against a net loss of INR12.2
crore on operating income of INR295.3 crore for the corresponding
previous fiscal.   CFL also recorded a net loss of INR13.4 crore
on operating income of INR117.0 crore for the nine months ended
Dec. 31, 2011. Upon accounting for a prior period income of
INR2.4 crore, CFL recorded a net loss of INR10.9 crore for the
nine months ended Dec. 31, 2011.


CRESCENT TANNERS: ICRA Places '[ICRA]B+' Rating on INR4cr Loan
--------------------------------------------------------------
CRA has assigned a '[ICRA]B+' rating to the INR4.00 crore fund-
based limits of Crescent Tanners Pvt Ltd. ICRA has also assigned
[ICRA] A4 rating to the INR3.70 crores short term fund based
limits and INR1.00 crores short term non-fund based limits of
CTPL.

The ratings take into account the intensely competitive nature of
the tanning industry, CTPL's modest scale of operations and its
moderately leveraged capital structure which coupled with low
profitability has resulted in below-average debt protection
indicators. The ratings however derive comfort from CTPL's
experienced management, and its established relations with key
customers which has enabled it to secure repeat orders from them
in the past. The company's ability to improve its scale of
operations and profitability while maintaining its working
capital intensity would be the key rating sensitivities going
forward.

                           About Crescent Tanners

Crescent Tanners Pvt Limited is a company engaged in processing
of raw leather and hides.  The firm has been promoted by Mr. Mohd
Shakeel. The facility of the firm is located in Kanpur (UP).

Recent Results

The firm reported a net profit of INR0.24 crores on an operating
income of INR27.48 crores in FY11 as against net profit of
INR0.19 crores on an operating income of INR21.06 crores in FY10.

In 11M FY12, the Firm has achieved a provisional turnover of
nearly INR 34 crores.


EAST INDIA: ICRA Reaffirms '[ICRA]B+' Rating on INR4cr Loan
-----------------------------------------------------------
ICRA has re-affirmed the '[ICRA]B+' rating to the INR4.00 crore
(enhanced from INR3.25 crore earlier) fund based bank facilities
of East India Laminates Private Limited.

ICRA has also re-affirmed the '[ICRA]A4' rating to the INR 8.20
crore (enhanced from INR 5.20 crore earlier) of non-fund based
bank facilities of EILPL.

The ratings reaffirmation takes into account EILPL's relatively
small scale of operation and high level of competition in the
industry. The ratings also take into account the high working
capital intensity of EILPL's operations, susceptibility of the
company's margins to fluctuations in raw material prices and
its weak financial profile characterized by low operating
profitability, adverse capital structure and depressed coverage
indicators. The ratings factor in the track record of the
promoters in the plywood and timber business and EILPL's
established network of dealers in the Eastern region for selling
its products.

                      About East India Laminates

EILPL was incorporated in 1996 by Mr. Ashok Kumar Banka. The
company is currently engaged in the manufacturing of decorative
and industrial laminates, with a total installed capacity of
around 90,000 sheets per month. The manufacturing facility of the
company is located at Nodakhali, West Bengal.  Apart from
manufacturing laminates, EILPL is also involved in the trading of
sawn timber.

Recent Results

The company reported a net profit of INR0.14 crore in 2010-11 on
an operating income of INR33.79 crore, as compared to a net
profit of INR0.13 crore on an operating income of INR30.59 crore
during 2009-10.


GUJARAT COLOURLAM: ICRA Puts '[ICRA]B+' Rating on INR9.65cr Loan
----------------------------------------------------------------
A rating of '[ICRA]B+' has been assigned to the INR9.65 Cr. term
loans and INR5.00 Cr. long-term fund-based facility of Gujarat
Colourlam Private Limited. A rating of '[ICRA]A4' has also been
assigned to the INR 5.10 Cr. non-fund based sublimit of the fund-
based facilities of GCPL.

The ratings assigned is constrained by small envisaged scale of
operations with limited track record; intense competitive
pressures from local plywood industry and susceptibility to
seasonality in raw material availability. The ratings are also
constrained by the high working capital intensive nature of the
business because of high inventory holding period. The
cyclicality inherent in the business because of its linkage to
investment activity in the real estate sector also impacts the
assigned ratings.

The ratings however take comfort from the experience of the
promoters of the company in the timber and laminates industry,
favorable cost dynamics for particle boards as compared to
plywood and proximity to raw material sources. The ratings also
favorably factor in the limited market risk for the company as a
significant proportion of sales will be made to the established
group companies for manufacturing pre laminated particle boards.

                      About Gujarat Colourlam

Incorporated in 1991 and formerly known as M. Sons Textiles Pvt.
Ltd., Gujarat Colourlam Private Limited was initially involved in
the trading of plywood and particle boards. In 2007, the trading
operations were stopped and subsequently in 2010, the promoters
decided to set up a particle board manufacturing unit in Surat,
Gujarat. The company is promoted by Mr. Om Prakash Agrawal, Mr.
Anand Agrawal Mr. Anil Agrawal and Mr. Anup Agrawal who have
interests in various businesses in timber and laminates industry.
GCPL commenced construction and erection work at the site in
October 2010 and the commercial production was expected to
commence in June 2011. However on account of extended rainy
seasons and delays in delivery of plant and its installation,
commercial operation of the plant began operations from
October 2011. The installed capacity of the plant is -2400
particle boards per day assuming a standard size of 8'x4'x18mm.


HALDIA PETROCHEM: ICRA Raises Rating on INR2,421cr Loan to 'BBB-'
-----------------------------------------------------------------
ICRA has revised the long term rating outstanding on the
INR2,421 crore term loans and the INR600 crore, fund-based
facilities of Haldia Petrochemicals Limited from '[ICRA]BBB-' to
'[ICRA]BB+'.  ICRA has also revised the short term rating
outstanding of the INR2106 crore non-fund based facilities and
the INR 100 crore commercial paper/short-term debt programme of
HPL from '[ICRA]A3' to [ICRA]A4+. The outlook on the long-term
rating has been retained at Negative.

ICRA has also revised the Issuer rating outstanding of HPL from
[ICRA]IrBBB- to [ICRA]IrBB+ . The outlook on the Issuer rating
has been retained at "Negative." The rating is only an opinion on
the general creditworthiness of the rated entity and not specific
to any particular debt instrument.  The ratings revision factor
in the continuing poor financial performance with substantial
losses in YTD 2011-12 which has weakened the capital structure
and constrained the liquidity position of the company; very low
international tolling margins because of demand slowdown and over
capacity globally; volatility in naphtha prices and continuing
challenges in stabilizing HPL's plant post integration of Project
Supermax leading to low capacity utilization, lower yields and
weak tolling margins. The continuing cash losses of the company
have led to liquidity being tight and the company has been
availing additional bank lines to meet its debt obligations as
well as working capital requirements.

ICRA notes that the anticipated equity infusion that the company
requires to correct its capital structure has not materialized
despite the recent verdict by the Supreme Court on the ownership
issue.  ICRA has maintained the negative outlook assigned to the
rating as HPL's financial performance is likely to remain adverse
in the near to medium term because of the weak outlook for
tolling margins. Moreover, it has large loan repayment
commitments which should lead to weak debt service indicators.
Key rating sensitivities would be the company's ability to
correct the capital structure, obtain more favorable repayment
terms for the loans and improvement in the tolling margins.

The ratings however positively factor in HPL's demonstrated track
record in the petrochemicals business, its leading market
position in the Eastern India market for polymers, locational
advantage in servicing Eastern India and Asian export demand and
favorable outlook for polymers demand in India over the long term
from several end users. The ratings also consider the cyclicality
inherent in the petrochemicals business and the vulnerability of
its profitability to changes in import duty levels and
Rupee-US dollar parity.

                       About Haldia Petrochemicals

Haldia Petrochemicals Limited is a joint venture between the
Government of West Bengal, the Dr. Purnendu Chatterjee-led
Chatterjee Petrochem (Mauritius) and The Tata Group.  Indian Oil
Corporation Limited (IOC) also has equity stakes in the company.
HPL manufactures commodity polymers like high-density
polyethylene (HDPE), linear low-density polyethylene, and
polypropylene (PP), and chemicals/fuels like benzene, butadiene,
Carbon Black Feedstock, liquefied petroleum gas (LPG), motor
spirit, and pyrolysis gasoline, with intermediates being sourced
from a naphtha cracker (capacity: 670 KTA of ethylene) located at
Haldia, West Bengal.  The company is the second largest player in
the domestic polyolefins market after Reliance Industries
Limited.

Recent Results

In H1 2011-12 as per provisional and unaudited results, the
company reported a PBT loss of INR466.00 crore on net sales of
INR INR4007.31 crore as against a net loss of INR249.67 crore on
net sales of INR7479.89 crore for the full year 2010-11.


HIMGIRI ZEE: ICRA Revises Rating on INR70.75cr Loan to '[ICRA]BB'
-----------------------------------------------------------------
ICRA has revised long term rating outstanding on the INR70.75
crore Term Loans of Himgiri Zee University (formerly known as
Himgiri Nabh Vishwavidyalaya) from '[ICRA]BB+' to '[ICRA]BB'. The
outlook on the rating is Stable.

The rating revision takes into account the slow pace of execution
of the project which has impacted the university's ability to
expand its operations given the currently inadequate
infrastructure. The university's scale of operations remains
modest as reflected by limited course profile coupled with low
occupancy rates in most courses. ICRA notes that the university
has moderated its capex plans and has deferred the second and
third phases of project. The ratings continue to factor in the
stretched financial profile as indicated by thin profitability
levels and adverse capitals structure with gearing of 13.53X as
on March 31, 2011. While the debt repayment burden for the
university remains high, the support from the group provides
comfort to a large extent. The ratings, however, draw comfort
from the strong parentage by virtue of its association with the
Essel Group and established position of Zee Learn in the
education industry enabling the university to leverage upon the
brand and reach of the promoter group; demonstrated support from
the promoter group in terms of financial and operational
assistance; and qualified and experienced management. Going
forward, the university's ability to secure adequate and timely
support from the promoter group, to complete the project in a
timely manner and to achieve stable state of operations remains
key rating sensitivities.

                         About Himgiri Zee

Himgiri Zee University (HZU, formerly known as Himgiri Nabh
Vishwavidyalaya) is a part of TALEEM Research Foundation which is
a charitable trust promoted by Mr. Subhash Chandra, the Chairman
of the Essel Group.  HZU is located at Dehradun, Uttarakhand and
offers vocationally oriented higher education courses. Though the
university was established in 2003, the actual operations started
in 2006.  The university offers regular classroom learning
programs in education and architecture and distance learning
programs in computer applications as well as animation.
Mr. Subhash Chandra is Chancellor of the university. Activities
of the trust are largely taken care of by Dr. Binod Agarwal, who
is also the Vice Chancellor of the university as well as Director
General of TALEEM.  Dr. Binod Agarwal is Ph. D. in Anthropology
from University of Wisconsin, Madison, USA. Formerly, he was
Director of Mudra Institute of Communication, Ahmedabad (MICA).

In FY 2011, the company reported a net profit of INR 0.634 crore
on an operating income of INR 1.34 crore as against a net profit
of INR0.58 crore on an operating income of INR0.93 crore in FY
2009.


JAI HANUMAN: ICRA Assigns '[ICRA]B' Rating to INR6.51cr Loan
------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B' to the
INR6.51 crore fund based facilities and INR2.47 crore proposed
limits of Jai Hanuman Rice Industries.  ICRA has also assigned
'[ICRA]A4' rating to INR 0.02 crore non-fund based facilities of
JHRI.

The rating is constrained by JHRI's weak financial profile,
reflected by low profitability metrics and consequently weak debt
coverage indicators.  The rating also takes into account high
intensity of competition in the industry and agro climatic risks,
which can affect the availability of paddy in adverse weather
conditions. The rating, however favorably takes into account long
standing experience of promoters in rice industry, proximity of
the mill to major rice growing area which results in easy
availability of paddy.

Set up by Mr. Rishi Pal, JHRI commenced operations as a
Proprietorship firm in 1998. JHRI shells, processes, and sells
rice in the domestic markets with an installed capacity of 2
ton/hour in Taraori, Karnal District (Haryana).  The firm has two
sortex machineries with capacity of 6 tons/hour and 3 tons/hour
respectively.

Recent Results

During the financial year 2011-12, the firm reported sales of
INR11.65 crore till Dec. 31, 2011


KHATUSHYAM PROCESSORS: ICRA Reaffirms '[ICRA]BB-' Loan Rating
-------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB-' rating to the INR6.91 crores
term loan, INR5.0 crores fund based limits  bank limits of
Khatushyam Processors (P) Limited. The outlook on the rating is
stable.

The ratings of the company continues to draw support from  the
established track record of KPL's promoters in the fabric dyeing
industry, stable business model due to the company's presence in
fabric dyeing on  job work basis which insulates it  from
price/inventory risk, and presence of group companies in fabric
trading business which ensures sustainability of order inflow.
Further, KPL's proposed backward integration into trading of
fibre is expected to provide a fillip to revenue growth and
profitability going forward.  However, the rating is constrained
by intensely competitive and fragmented nature of the industry,
KPL's presence in the lower end of the fabric processing value
chain with operations presently confined to dyeing activity,
currently small scale of operations and limited track record of
operations as the company  commenced operations in July 2009 .
Moreover, the rating is also constrained by the relatively high
gearing of the company and vulnerability of its revenues and cash
flows to cyclicality inherent in the textile industry.

                     About Khatushyam Processors

Khatushyam Processors (P) Limited was established in 2009 and is
engaged in the business of dyeing fabric for textile players
located in Surat. The promoters of the company have long
experience in the textile industry.  The company has set up a
Greenfield project of dyeing unit in Palsana, Surat with
installed capacity of dyeing 150000 meters of cloth per day.

Recent Results

The company reported an Operating Income of INR 28.44 crore and
Profit after tax of INR 0.52 crore during FY2011. The operating
margins of the company stood at 12.5% whereas net profit margins
were at 1.82%.


MAHALAXMI PROTEINS: ICRA Puts '[ICRA]B' Rating on INR14.5cr Loan
----------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B' and a short
term rating of [ICRA]A4 to the INR14.5 Crore bank limits of Shree
Mahalaxmi Proteins Private Limited.

The ratings are constrained by the high business risks associated
with the edible oil (and related products) industry including
high competitive intensity and fragmentation; vulnerability of
profitability to import pressure and changes in import duty
differential between crude and refined oil; exposure to commodity
price, foreign exchange fluctuation and agro-climatic risks.
These factors apart, the ratings are also constrained by the
aggressive financial risk profile characterized by low return
indicators, adverse capital structure, low coverage indicators
and negative cash flows. Nevertheless, while assigning the
rating, ICRA has favorably factored in the promoters' significant
experience in mustard oil and related products and favorable
demand prospects for pulses and edible oil in India.

                        About Shree Mahalaxmi

Shree Mahalaxmi Proteins Pvt. Ltd. was incorporated in 2004 and
started manufacturing socks in 2005 in its plant located in
Jaipur with capacity of manufacturing around 315,000 Dozen Pair
Per Annum. Later, the Company also started trading in pulses and
de-oiled cake.

Recent Results

SMPPL reported a turnover of INR53.56 Crore and a net profit of
INR0.08 Crore during financial year 2010-11.  The company had
reported a turnover of INR36.27 Crore and a net profit of
INR0.17 Crore during 2009-10.


MANIPAL ACUNOVA: ICRA Rates INR7cr Term Loan at '[ICRA]BB'
----------------------------------------------------------
ICRA has assigned an '[ICRA]BB' rating to the INR 7.0 crore term
loan and INR7.0 crore Cash Credit Facilities of Manipal Acunova
Limited. ICRA has also assigned an '[ICRA]A4' rating to the
INR26.0 crore Non-fund based facilities of the company. The long
term rating carries a stable outlook.

The ratings take into account the strong parentage and highly
experienced board /senior management of Manipal Acunova Limited
with Manipal Group and Orbimed as key shareholders; its multi-
location delivery platform built through select acquisition
strategy and well-equipped facilities providing the full range of
services from Bio-Availability/Bio-Equivalence studies to Phase-I
& IV clinical research (including oncology).

ICRA notes that MAL has achieved moderate scale in short span of
time and ranks among top five CROs in India and also company has
significant experience in dealing with major regulatory
authorities enabling the company to establish a geographically
diverse client base extending to export markets.

The ratings are however constrained by the low profitability
owing to larger share of revenue from European operation which
entails low margin, moderate scale of operation in a highly
fragmented CRO market and increased regulatory risk in higher
margin Indian market as approval flows have slowed.  In addition,
the CRO business typically has high fixed costs and hence remains
vulnerable to any demand slowdown in target markets. ICRA notes
that the continuation of acquisition strategy by company and
possible exit by private equity investor can put pressure on
balance sheet in form of higher leverage.

MAL's ability to maintain healthy profitability margins and
capital structure in the midst of scaling up operations will be
critical in sustaining its credit profile.

                       About Manipal Acunova

Established as an Indian CRO in 2005, Manipal Acunova has grown
into a full service CRO with delivery platform spread over US
Europe and South East Asia (SEA). Manipal Acunova has positioned
itself as a Niche CRO providing end-to-end services in key
Therapeutic areas and has established presence in key markets
with significant presence in Emerging Markets. India, Eastern
Europe and South East Asia therefore form its core operating
areas; with areas such as Oncology, Cardiovascular,
Endocrinology, Respiratory, Diagnostic Agents and Stem Cell
therapy forming its key domains. Over the years Company has
followed select acquisition strategy to increase its delivery
platform and access to diverse patient pool. This has helped
company achieve scale and target bigger sponsors.

Acunova Life Sciences Private Limited (35.1%), MEMG International
India Private Limited (23.8%) and OrbiMed Advisors (25.1%) are
some key shareholders.

For FY2010-11, MAL reported a profit of INR5.64 crore on net
sales of INR101.23 crore, against a profit of INR4.11 crore and
net sales of INR93.77 crore, in the previous year.


MIC ELECTRONICS: Delays in Debt Servicing Cues ICRA Junk Ratings
----------------------------------------------------------------
ICRA has assigned long term rating of '[ICRA]D' to the INR35.00
crore Term Loan, INR35.00 crore Fund Based (Cash Credit),
INR28.50 crore Non Fund Based (Bank Guarantee) and INR 22.15
crore unallocated bank facilities of MIC Electronics Limited.
ICRA has also assigned short term rating of '[ICRA]D' rating to
the INR 20.00 crore Fund Based (WC/SLC) and INR 9.35 crore Non
Fund Based (Bank Guarantee/LC/SLC) Bank Limits of Mic.

The ratings are constrained by the stretched cash flow position
primarily driven by the high receivables and inventory position
leading to persistent delays in debt servicing. The ratings are
further constrained by the nascent stages of the LED lighting
products and display systems market; low awareness levels as well
as high price of LED lights which acts as a deterrent as well as
the state of transition in the operations with the company
resuming the rental mode of business. ICRA notes that while the
company has rented screens to a few select clients in the past,
its ability to carry it out on a larger scale remains to be seen.
The ratings, however, favorably factor in the established track
record and long experience of the company in LED products
industry, currently healthy order-book status giving visibility
to revenues in short term, high quality and advanced technology
of products ensured by focus on R&D and sourcing of raw material
(LED) from leading manufacturers, stable revenue stream from the
Railways on account of being the sole RDSO approved LED display
screen vendor, and strong profitability (operating margin of 27%
in FY 2011) and healthy capital structure (gearing of
0.30X as on June 30, 2011). Going forward, the company's ability
to streamline its receivables, manage the cash flow position and
ensure timely servicing of debt remains key rating sensitivity.

                         About MIC Electronics

Incorporated in 1986 by Dr. M V Ramana Rao, MIC Industries
Limited is primarily engaged in the business of LED display
systems and lighting products. The company's product offering
include LED Video, Graphics and Text Displays like Video Screens,
digital posters, mobile video displays, passenger information
displays, digital bill boards etc; LED Lighting Solutions like
street lights, general lighting, railway lighting (coach lights,
signage lights, emergency lights, solar lanterns etc;  Embedded,
System and Telecom software and Communication and Electronic
Products. Mic is based out of Hyderabad, with manufacturing
facilities in Hyderabad and Roorkee.

In FY 2011, the company reported a net profit of INR33.07 crore
on an operating income of INR230.16 crore as against a net profit
of INR54.00 crore on an operating income of INR231.64 crore last
year.

Recent Results

In the six month period ending Dec. 31, 2011, the company
reported a net profit of INR2.61 crore on an operating income of
INR61.36 crore as against a net profit of INR30.71 crore on an
operating income of INR135.80 crore last year.


NAINI PLYWOOD: ICRA Reaffirms 'B+' Rating on INR4.25cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B+' rating to the INR4.25 crore
(enhanced from INR3.50 crore earlier) fund based bank facilities
of Naini Plywood Private Limited.  ICRA has also reaffirmed the
'[ICRA]A4' rating to the INR17.00 crore (enhanced from INR15.00
crore earlier) non fund based bank facilities of NPPL.

The ratings reaffirmation takes into account NPPL's relatively
small scale of operation and high level of competition in the
industry. The ratings also take into account susceptibility of
the company's margins to fluctuations in raw material prices and
its weak financial profile characterized by low operating
profitability, adverse capital structure and depressed coverage
indicators. The ratings, however, derive comfort from the
experience of the promoters in the plywood manufacturing business
and its proximity to raw material sources which reduces freight
costs as well as mitigates the risk of raw material
unavailability to an extent.

                        About Naini Plywood

Incorporated in 1986, Naini Plywood Private Limited is engaged in
manufacturing of plywood and allied products like veneer block
board and flush door. The company is also engaged in trading of
sawn timber. The company has a current capacity of 9.88 lacs
square meter per annum. The manufacturing facility is located at
Rudrapur, Uttaranchal.

Recent Results

The company reported a net profit of INR0.22 crore during 2010-11
on an operating income of INR56.09 crore, as compared to a net
profit of INR0.31 crore on an operating income of INR52.92 crore
during 2009-10.


PANASIAN IMPEX: ICRA Reaffirms '[ICRA]BB-' Rating on INR3cr Loan
----------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB-' rating to the INR3.00 crore
term loan and INR7.00 crore cash credit facility of Panasian
Impex Private Limited. The outlook on the long term rating is
stable. ICRA has also reaffirmed the '[ICRA]A4' rating to the
INR25.00 crore fund based bank facilities and INR1.00 crore non-
fund based bank facilities of PIPL.

The ratings reaffirmation take into account the long experience
of the promoters in the textile and cotton trading business and
PIPL's close proximity to the cotton producing belt of
Maharashtra, Madhya Pradesh and Gujarat, which gives it favorable
access to raw materials. The ratings, however, continues to be
constrained by PIPL's vulnerability to adverse changes in
Government policies towards export of raw cotton and its modest
scale of operations in a highly competitive and fragmented market
with low entry barriers that keeps its operating and net margins
at low levels. The rating also factors in the company's high
dependence on exports to Bangladesh, which accounted for more
than 43% of its total export sales during 2010-11 and weak
coverage indicators. ICRA notes that the ban on export of cotton
had an adverse impact on PIPL's turnover and profitability during
2010-11.

Panasian Impex Pvt. Ltd was incorporated in September 2008 and is
managed by Mr. Santosh Kumar Goenka and Mr. Shyamal Bhattacharjee
who have experience in the textile and cotton trading business.
The company is largely involved in export of raw cotton and
ginning of raw cotton for making of fully pressed cotton bales.
PIPL purchased a ginning and pressing factory in Malkapur,
Maharashtra and the unit started its operations from
December 2009. The unit has an installed capacity of 42 double
roller gins and an annual ginning and pressing capacity of 50,000
bales.

Recent Results

The company reported a profit after tax of INR0.24 crore in FY11
on an operating income of INR58.14 crore, as compared to a profit
after tax of INR0.12 crore on an operating income of INR96.44
crore during FY10.


RADHESHYAM COTTEX: ICRA Assigns '[ICRA]B' Rating to INR5.5cr Loan
-----------------------------------------------------------------
ICRA has assigned an '[ICRA]B' rating to INR5.50 crore fund based
cash credit facility and INR0.33 crore term loan facility of
Radheshyam Cottex.

The assigned ratings are constrained by RC's small scale of
operation coupled with weak financial profile as reflected by low
profitability, high leveraged capital structure and weak debt
protection indicators. The ratings also take into account the
intense competition on account of fragmented cotton industry
which further exerts pressure on profitability. The rating also
incorporates the vulnerability of profitability due to
fluctuations in raw material prices given the seasonal
availability of cotton and government regulations on MSP and
export quota. While assigning the ratings, ICRA has also noted
the risks that are inherent in partnership firms. The ratings,
however, favorably consider the long experience of the promoters
in the cotton industry and favorable location of the company
giving it easy access to high quality raw cotton.

                      About Radheshyam Cottex

Going forward, the firm's ability to scale up the operations,
while maintaining adequate profitability and healthy capital
structure, given the seasonality of the business, volatility in
prices of cotton bales and high competitive intensity, will
remain critical to the credit profile of the firm.

Recent Results

For the year ended March 31, 2011, the firm reported an operating
income of INR 6.22 crore with a profit after tax (PAT) of
INR0.01. Further, the firm has reported an operating income of
INR5.68 crore and profit before depreciation and tax of INR0.04
crore for the first eleven months of the FY 2012 (provisional
financials).


RIDHI SIDHI: ICRA Reaffirms '[ICRA]BB' Rating on INR5cr Loan
------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB' rating to the INR5.00 crore
fund based bank facilities of Ridhi Sidhi Tobacco Private
Limited. The outlook on the long term rating is stable.

The rating reaffirmation takes into account the long experience
of the promoters in the distribution business, RSTPL's
established relationship with its principal and the moderate
working capital intensity of the business. The rating, however,
continues to be constrained by RSTPL's weak financial profile
characterized by low profitability and high gearing, leading to
weak coverage indicators. The rating also factors in RSTPL's
significant product concentration risks, with revenue from
cigarettes accounting for more than 84% of its total turnover
during 2010-11. The risk is further accentuated by the regional
concentration of sales, as the entire sales are made in certain
areas of South Kolkata in West Bengal. The rating is also
constrained by the limited growth achieved by the company since
it operates within a fixed territory earmarked by its principal.

                         About Ridhi Sidhi

RSTPL was incorporated in the year 2000 and is promoted by the
Kedia family based in Kolkata. The company is an area distributor
of cigarettes and other fast moving consumer goods (FMCG) like
food products, personal care products, safety matches and joss
sticks of ITC Limited. During 2010-11, the company has also
started distribution of stationery items like paper, notebooks,
pencil box etc.

Recent Results:

The company reported a net profit of INR0.02 crore in FY11 on an
OI of INR48.41 crore, as compared to a net profit of INR0.12
crore on an OI of INR54.85 crore during FY10.


RT TUBES: ICRA Assigns '[ICRA] B' Rating to INR12cr Loan
--------------------------------------------------------
CRA has assigned long-term rating of '[ICRA] B' to the INR12.00
crore fund based limits of RT Tubes.

The assigned ratings take into consideration RTT's moderate scale
of operations, low profitability and low value add nature of
firm's operations given its presence in trading business, limited
bargaining power vis-a-vis customers which are relatively larger
entities . Low profitability coupled with relatively high gearing
(8.02  times as on 31st March 2011) has translated into low  debt
protection indicators (Net Cash Accruals/Debt of 2% and interest
coverage of 1.16 times in FY 2011) for the firm.

The ratings however draw comfort from firm's long track record of
operations and the experience of the management in steel pipes
and tubes trading business; established past relations with its
key customers which this has resulted in repeat orders from some
of its customers. The rating also find comfort from the favorable
demand outlook for the steel industry driven by increased demand
from residential and commercial buildings, infrastructure,
agriculture, furniture, automobile etc.

RT Tubes is a sole proprietorship firm started in year 2008 by
Ms Reema Jain. The firm is involved in trading of steel pipes and
tubes. The promoter's family has been in the business of steel
pipe trading since 1986.The products traded by the company are
used in various industries such as residential and commercial
buildings, infrastructure, agriculture, furniture, automobile
etc.


SATYADEVA PHARMA: ICRA Puts '[ICRA]BB+' Rating on INR5.6cr Loan
---------------------------------------------------------------
ICRA has assigned '[ICRA]BB+' rating to the INR5.60 crore bank
lines of Satyadeva Pharmaceuticals Private Limited. The outlook
on the rating is stable.

The assigned rating takes into account significant experience of
promoters of SPPL in the bulk drug intermediate manufacturing and
chemical trading business, established relationships with their
top customer Mylan Labs (erstwhile Matrix Laboratories) to whom
they have been supplying chemicals and intermediates for more
than two decades now. The rating favorably factors in the steady
growth in the operating income, driven by introduction of newer
products, improved capacity utilization and increasing
contribution of manufacturing to revenues. SPPL's revenues,
earlier, used to come from job works that it used to perform for
bulk drug manufacturers where the margins are less. The rating is
also supported by the low borrowing levels of the company as
reflected in the healthy capital structure and strong coverage
indicators.

Nevertheless, the assigned rating is constrained by the small
scale of operations of SPPL with all its revenues coming from
bulk drug intermediate manufacturing involving few stages,
happening in single location plant with limited capacity. The
rating is also constrained by high customer concentration risk
for SPPL with a major share of its revenues coming from the
products that it supplies to Mylan Labs and its associate
companies. Further, the rating takes into account, the low
operating margins of the company due to the limited stage
manufacturing that SPPL takes up wherein the value addition
remains less. SPPL's rating is weakened also by the fact that the
antiretroviral segment where most of its products are used is
witnessing slower growth year by year.

                    About Satyadeva Pharmaceuticals

Satyadeva Pharmaceuticals Private Limited was established in the
year 2000 and is engaged in manufacture of Bulk drug
Intermediates. Sri Kosaraju Eswar Narayana, Managing Director and
Sri Pinninti Nageswara Rao, Executive Director, both well
experienced in bulk drug and chemicals trading, had purchased the
company in the year 2004 from its earlier promoters. SPPL was
earlier engaged mostly in job works for the erstwhile Matrix
Laboratories Limited (now Mylan Labs) and gradually shifted to
their own production and sales. It manufactures molecules that
are used as intermediates in antiretroviral and antidepressant
drug categories. Operating from the 28 Ton per day, 42 reactor
plant located in Pashamylaram in Medak district, SPPL has
recorded a healthy growth in the top line and operating margins
in the last three years by adding new molecules to its product
portfolio.

Recent Results (Provisional)

In FY2012, for the nine month period ending Dec. 31, 2011, SPPL
reported an operating income of INR25.31 crore with an operating
profit of INR1.99 crore as against an operating income of
INR27.49 crore with an operating profit of INR1.76 crore in
FY2011.


S K MARKETING: ICRA Suspends '[ICRA]B+' Rating on INR4.5cr Loan
---------------------------------------------------------------
ICRA has suspended the long term rating of '[ICRA]B+' assigned to
the INR4.50 Crore fund based bank facilities and the short term
rating of '[ICRA]A4' assigned to the INR1 crore non- fund based
bank facilities of S K Marketing.  The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the company.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information
to assess such rating during the surveillance exercise. ICRA will
withdraw the rating in case it remains under suspension for a
period of three year.


SONAM BUILDERS: ICRA Reaffirms 'BB+' Rating on INR50cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB+' rating to term loan limit of
INR50.0 crore of Sonam Builders; limits enhanced from INR36.0
crore. The outlook of the assigned rating is Stable.

The rating reaffirmation favorably factors in the marked
improvement in booking tie-up at the firm's large-scale ongoing
project (Golden Next Phase XV) with over 95% of the saleable area
booked as of December 30, 2011 compared to ~20% as of March 2010
which coupled with the improving collection efficiency has
enabled the firm to prepay construction debt contracted for the
project and has resulted in an improvement in the firm's credit
metrics in 9MFY 12.  Further, the rating derives comfort from the
cushion period of 6 months between the expected Commercial
Operation Date (COD) of GN - Phase XVI and the estimated
commencement of the debt repayment from April 2015 for the
proposed debt of INR50 crore to be availed by the firm to part
fund the  project cost. The ratings continue to be supported by
the large land bank of the firm in Mira-Bhayander region which
has been fully paid for and established track record of 20 years
of the partners in the real estate industry, having developed and
sold 2.67 million sq.ft. of area since 1991.

However, the ratings are constrained by the significant execution
and funding risks for proposed project - GN-Phase XVI as the
project is in the initial stages with construction yet to
commence and required project debt yet to be tied-up; exposure to
permitting risks given that key approvals required for
commencement of construction and launching of sales are yet to be
received; significant dependence of revenues on residential
projects in Mira-Bhayander region where all the firm's projects
are being executed; and the risks of capital withdrawals
(inherent in partnership entities) which could materially impact
the firm's credit profile.

                       About Sonam Builders

Sonam Builders is a closely held partnership firm of Mr. Mithalal
R. Jain who holds 60% stake, and his son Mr. Bharat M. Jain
holding 40%. Since incorporation in 1991, the firm has firm has
completed 24 projects (Geeta Nagar, Sneha Sadan, and Golden Nest
Phase I to XIV) consisting of 172 buildings and a total saleable
area of 2.67 million. sq. ft. Golden Nest Phase XV is the latest
project of the firm which is on the verge of completion. The firm
plans to develop another project - Golden Nest XVI of an area
of 2.4 lacs sq. ft. which would commence in April 2011


URMI CHEMICALS: ICRA Assigns '[ICRA]B-' Rating to INR8.5cr Loan
---------------------------------------------------------------
ICRA has assigned an '[ICRA]B-' rating to the fund based
facilities of Urmi Chemicals aggregating to INR8.50 crore. ICRA
has also assigned an [ICRA]A4 rating to the non-fund based
facilities of Urmi aggregating to INR15.00 crore.

The ratings are constrained by weak financial risk profile as
reflected in low profitability, modest debt coverage indicators &
moderately high gearing levels, and stretched liquidity position
leading to frequent overdrawals in the limits as well as LC
devolvement in the past. The ratings are further constrained by
high competitive pressures in the industry and vulnerability of
profitability to fluctuations in the input prices as well
exchange rate fluctuations as the firm imports approximately 60%
of the traded chemicals.

The ratings however favorably take into account long &
established track record of the promoters in the chemical trading
business, diversified customer base, established relationships
with suppliers which ensure regular supply of traded chemicals,
and stable revenue derived from distributorship business for
reputed chemical manufacturers.

                        About Urmi Chemicals

Urmi Chemicals was incorporated in the year 1986 as a partnership
firm and since then the firm has been involved in the business of
trading chemicals and solvents in the domestic market. The
promoters of the firm have a long experience of more than two
decades in the industry and have established excellent business
relationships with the suppliers which have been supplying to the
firm for a long period of time. The firm imports various
chemicals and solvents from countries such as China, Korea,
Taiwan, and the USA etc. and sells the same in the domestic
markets. In addition, the firm makes local purchases and resells
the same to the end customers. The firm is also the recognized
distributor for certain reputed chemical manufacturing companies
such as Gujarat Narmada Valley Fertilizers Company Limited,
Jubilant Life Sciences, The Sanjivani, and Luna Chemicals etc.

For the year FY 2011, the firm reported an operating income of
INR188.20 crore and profit after tax of INR0.88 crore. For H1-FY
2012, the firm reported an operating income of INR115.87 crore
and profit before tax of INR0.24 crore (provisional).


VARSHA CORP: ICRA Withdraws '[ICRA]BB' Rating on INR40cr Loan
-------------------------------------------------------------
ICRA has withdrawn the '[ICRA]BB' rating  with a 'Stable' outlook
assigned to the INR40.0 crore cash credit facilities and the
'[ICRA]A4' rating assigned to INR45.0 crore short term non-fund
based limits of Varsha Corporation Limited. The ratings are
withdrawn after 90 days from the date of notice of withdrawal as
per ICRA's policy.

VCL was established in 2000 by Mr. Shantilal J Jain and is mainly
engaged in trading of plastic raw materials and gold. Initially,
VCL used to trade in plastic powder from domestic market but from
FY 2005, seeing viability of imports, started importing PVC
Resin, DOP (Di Octyl Phthalate, a PVC plasticizer), metal scrap
etc. from manufacturing companies mostly based out of China and
South-East Asia. The goods imported are sold in domestic markets
largely within Maharashtra. Over the last few years, VCL has
entered into gold trading that is expected to be major growth
driver going forward.


VEDANTA RESOURCES: Fitch Says Funding Won't Affect IDR Rating
-------------------------------------------------------------
Fitch Ratings says that Vedanta Resources Plc's proposed USD3.4
billion purchase of the Government of India's (GoI) shares in
Hindustan Zinc Ltd (HZL, 29.5%) and Bharat Aluminium Company Ltd
(Balco, 49%) could reduce refinancing risks.

Fitch notes that additional funding for the GoI stake acquisition
will increase consolidated net financial leverage but expects it
to remain within the negative rating guideline of 2.75x, thus
limiting any impact on Vedanta's Long-Term Foreign Currency
Issuer Default Rating (LTFC IDR) of 'BB+'.

The stake purchase will consolidate the holding structure
(Vedanta currently through its 58.2% holding in Sterlite
Industries Ltd has a 64.9% stake in HZL and 51% stake in Balco)
and enhance Vedanta's liquidity, in particular, by enabling full
access to HZL's large cash balance (around USD3bn at end-December
2011) and free cash flows (FY11: USD619m).

This, together with Vedanta's previously announced proposed
reorganisation, in turn could reduce structural subordination of
its senior unsecured bonds and potentially benefit the 'BB'
rating of the bonds.  Vedanta's senior unsecured bonds are
currently rated a notch lower than the issuer's LTFC IDR due to
structural subordination arising from its separation from
operational cash flows, fragmented shareholding and high debt to
be serviced at Vedanta.

Vedanta had USD9.7bn debt on a stand-alone basis at end-2011.
The extent of the benefit would need to be evaluated, once the
proposed reorganisation is completed by end-2012, in conjunction
with the residual subordination of Vedanta's debt to the debt at
the new operating entity, Sesa Sterlite, and the ability of the
new entity to upstream cash to Vedanta.  The latter remains
untested given restrictions on capital account convertibility.

In 9MFY12, Vedanta's (excluding Cairn) revenue was USD9.8bn and
EBITDA was USD2.4bn. HZL contributed a significant proportion,
with revenue of USD1.7bn and EBITDA of USD923m.  With minimal
capex requirements at HZL, Fitch expects a large part of the
EBITDA to translate into free cash flow for the company.


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


ELPIDA MEMORY: U.S. Court Issues Ruling Halting Lawsuits
--------------------------------------------------------
Dow Jones' Daily Bankruptcy Review reports that Elpida Memory
Inc. secured some breathing room for it and its customers facing
patent-infringement lawsuits in U.S. courts, which Elpida said is
crucial to its ability to successfully restructure under a
Japanese court's protection.

                         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.


ELPIDA MEMORY: Toshiba May Invest in Firm; Hynix Submits Bid
------------------------------------------------------------
Bloomberg News reports that a senior Toshiba Corp. executive said
the company may invest in Elpida Memory Inc.

Toshiba may make a decision as early as Friday about a nonbinding
bid to invest in Elpida on its own or as part of a group, the
executive, who declined to be identified because the discussions
are private, told Bloomberg.

Toshiba isn't interested in all of the firm's assets, the
executive said, adding Elpida plans to choose a corporate sponsor
for its revival plan in May, Bloomberg reports.

U.S.-based Micron Technology Inc. reportedly has been in talks
with Elpida since the end of last year and is considered a
leading candidate to sponsor its recovery, according to
Bloomberg.

Meanwhile, Reuters reports that South Korea's SK hynix said on
Friday it has made a preliminary bid for Elpida Memory.

SK hynix said it had submitted its initial interest for the bid
on Friday, the first deadline for a bid proposal, adding it would
decide whether to make a formal bid after conducting due
diligence,  Reuters reports.

                         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.


JLCO 36: Fitch Affirms Junk Rating on JPY2.83-Bil. Class D Notes
----------------------------------------------------------------
Fitch Ratings has upgraded JLOC 36 LLC's class B notes due
February 2016, affirmed the other six classes and revised the
Outlook on two classes.  The transaction is a Japanese multi-
borrower type CMBS securitisation. The rating actions are as
follows:

  -- JPY569m* Class A1 affirmed at 'AAAsf'; Outlook Stable
  -- EUR1m* Class A2 affirmed at 'AAAsf'; Outlook Stable
  -- USD0.2m* Class A3 affirmed at 'AAAsf'; Outlook Stable
  -- JPY4,687m* Class B upgraded to 'AAAsf' from 'AA-sf'; Outlook
     Stable
  -- JPY2,481m* Class C1 affirmed at 'BBB-sf'; Outlook revised to
     Stable from Negative
  -- EUR17m* Class C2 affirmed at 'BBB-sf'; Outlook revised to
     Stable from Negative
  -- JPY2,830m* Class D affirmed at 'Csf'; Recovery Estimate 45%

*as of March 28, 2012

The affirmation of the class A1 to A3 notes and the upgrade of
the class B notes reflect improved credit enhancement of the
notes.  This is a result of falling loan-to-value ratios due to
substantial principal repayment on a sequential basis.  Workouts
on eight defaulted loans have been completed and four underlying
loans have been fully repaid on or prior to their maturity dates
since Fitch's previous rating action in April 2011.  The proceeds
were mainly used to repay principal on the class A1 to A3 notes,
with the rest used for pro rata repayment of all seven classes of
notes.

Fitch has revised down its cash flow estimates for several
properties, taking into account their weak cash flow performance
over the past 12 months.  Fitch has also adopted higher
capitalization rates for all properties, as the underlying loans
are either in default or approaching their maturity.  As a
result, the valuations of 11 out of 12 remaining properties were
revised downward.  However, the sequential principal repayment to
date has more than compensated the negative impact of the
property revaluation for the class A1 to B notes.

The Outlooks on the class C1 and C2 notes have been revised to
Stable from Negative, reflecting Fitch's view that future
negative rating actions on these notes are unlikely as a result
of its more conservative assumptions in property valuations and
expectation of improvement in credit enhancement.  The ratings
have been affirmed to reflect a limited possibility of principal
repayment on a pro-rata basis resulting from the prepayment of
the underlying loans.

The principal on the class D notes was partially written down on
the May and August 2011 payment dates, following completion of
workouts on two defaulted loans.  However, the 'Csf' rating has
been affirmed to reflect that there is still a possibility to
recover such writedown amounts on the final redemption date, by
applying reserved cash to JLOC 36 LLC.

The transaction was initially backed by 34 loans secured by 99
properties.  The transaction is now backed by 10 non-recourse
loans secured by a total of 12 properties and the sale proceeds
of two properties.


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


COMPUTER POWER: Liquidators Working on Rescue Package
-----------------------------------------------------
Matt Stewart at The Dominion Post reports that the Wellington
Institute of Technology, Whitireia Community Polytechnic and
liquidators are working on a rescue package to keep the
financially-troubled Computer Power Institute campuses open.

Earlier on Friday, the report relates, campus meetings between
liquidators PricewaterhouseCooper, the New Zealand Qualifications
Authority, staff and students were held.

"The meeting was very positive -- the mood of the students has
changed. It's positive but still a little bit uncertain because
nothing's set in concrete," the report quotes Wellington Computer
Power student Bradley Inwood as saying.

The Post relates that Mr. Inwood said NZQA still had some hard
questions to answer about when it knew of the financial problems
and about why the authority did not step in or liaise with other
government departments over the situation.

According to the report, liquidators John Fisk and Jeremy Morley
said Friday Wellington Institute of Technology (WelTec),
Whitireia Community Polytechnic were working on a package to
"enable a potential way forward for all involved parties,
including the staff and students of Computer Power."

Mr. Fisk, as cited by the Post, said Whitireia and Weltec could
set up a new company to buy the assets and intellectual property
of Computer Power.

Money from the sale would then be given back to creditors on a
pro rata basis, the report notes.

More information on the package, yet to be approved by the
Institutes' governing body, would be given to staff and students
early this week, the Post adds.

As reported in the Troubled Company Reporter-Asia Pacific on
March 22, 2012, The Dominion Post said Computer Power (NZ) Ltd
has gone into liquidation owing more than NZ$8.3 million in tax,
penalties and interest.

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.


GFNZ GROUP: Repays NZ$5 Million to Principal Creditors
------------------------------------------------------
Fairfax NZ News reports that GFNZ, the embattled finance company
formerly known as Geneva Finance, has made a NZ$5 million payment
to its principal creditors.

Fairfax NZ says the payment will see debenture holders receive
NZ$2.5 million, as well as see it reduce its loan facility with
BOS International by a similar amount.  BOS is an Australasian
corporate lender ultimately controlled by Lloyds Banking Group.

The repayment means the NZAX-listed company has repaid
NZ$126.7 million to investors since it was placed into moratorium
in November 2007 owing NZ$132.4 million, the report relates.

According to Fairfax NZ, stripping out NZ$38.5m in interest costs
paid, GFNZ has reduced its principal debt by NZ$88.2m, or 66.6
cents on the dollar. Of that payments to public debenture holders
totaled NZ$64.3m.

                         About Geneva Finance

Geneva Finance Limited -- http://www.genevafinance.co.nz/--
provides finance and financial services to the consumer credit
and small to medium business markets.  The company provides hire
purchase finance and personal loans secured by registered
security interests over personal assets such as motor vehicles,
household goods and residential property.  Geneva Finance's
loans are originated through three distribution channels
(Direct, Retail and Dealer), processed by the central sales desk
and mobile sign-up managers then administered through a national
operations centre located at Mt Wellington, Auckland.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
March 8, 2012, Standard & Poor's Ratings Services affirmed its
'CCC-' long-term issuer credit rating on GFNZ Group Ltd. and on
GFNZ's subsidiary, Quest Insurance Group Ltd. The outlook on each
issuer is negative.

"The long-term issuer credit rating on GFNZ takes into account
the insurer's ability to meet sizeable semi-annual debenture
repayments and bank loan principal reductions. This factor
underpins our assessment of GFNZ's financial profile, as does its
knock-on effect of giving GFNZ the ability to expand its new
ledger business and its overall business position. The rating
also incorporates our view of good arrears on the new ledger, and
improved collection capabilities that are beneficial to future
profitability," S&P said.


LOMBARD FINANCE: Receivers Mull Civil Action Against Directors
--------------------------------------------------------------
The New Zealand Herald reports that civil action is being
considered against the four Lombard Finance directors who escaped
Friday jail terms and were sentenced to community work.

The Herald says former justice minister Douglas Graham and
Lawrence Bryant were sentenced to 300 hours' work and ordered to
pay NZ$100,000 reparation.  Another former justice minister, Bill
Jeffries, and Michael Reeves were sentenced to 400 hours'
community work.

According to the report, pensioner Paul Wah, who lost his
six-figure savings in the collapse of Lombard, said the
NZ$200,000 reparation was "just a drop in the ocean" of what the
investors lost.

The Herald relates that the Lower Hutt 79-year-old said there was
no satisfaction in yesterday's sentences and that there was no
sense of relief.

"As far as the investors and shareholders are concerned, there is
no joy whatever, no satisfaction from any retribution - all we
can hope for is that the ground is now cleared for some kind of
class action to be taken," the report quotes Mr. Wah as saying.

The Herald, citing Radio New Zealand, relates that Lombard's
receiver, John Fiske of PricewaterhouseCoopers, said he was
considering civil proceedings against the directors after the
criminal convictions opened the door for secured investors
seeking compensation.

                       About Lombard Finance

Lombard Finance & Investments Limited is a wholly owned
subsidiary of Lombard Group, a diversified company specializing
in the financial services sector offering a number of lending
options and providing investment opportunities for its
shareholders and investors.

Lombard Finance was placed into receivership on April 10, 2008,
by its trustee, Perpetual Trust Limited.  PricewaterhouseCoopers
partners John Fisk and John Waller have been appointed receivers
of the company.  The receivership also applies to three other
subsidiaries of Lombard Group, being Lombard Asset Finance
Limited, Lombard Property Holdings Limited and Lombard Asset
Finance No 2 Limited.  The receivership does not impact on
Lombard Group Limited.

The company owed NZ$127 million to 4,400 investors.


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


AMARU INC: Wilson Morgan Replaces Mendoza Berger as Accountant
--------------------------------------------------------------
Amaru, Inc., on Feb. 3, 2011, received a notice from its
independent registered public accounting firm, Mendoza Berger &
Company, LLP, that it had resigned due to a change in the firm's
organization structure, effective as of that date.

The Company's Board of Directors accepted that resignation on
Feb. 6, 2012.

Mendoza Berger's audit reports on the financial statements of the
Company for the years ended Dec. 31, 2010, and 2009 did not
contain an adverse opinion or a disclaimer of opinion, nor were
they qualified or modified as to uncertainty, audit scope, or
accounting principles, other than an explanatory paragraph
regarding the Company's ability to continue as a going concern.

On Feb. 8, 2012, the Company retained Wilson Morgan LLP as the
Company's new independent registered public accounting firm.
This engagement was approved by the Board of Directors.

During the years ended Dec. 31, 2010, and 2009 and any subsequent
interim period through the March 26, 2012, the Company has not
consulted with Wilson Morgan LLP regarding the application of
accounting principles related to a specified transaction, either
completed or proposed, or the type of audit opinion that might be
rendered on the Company's financial statements or as to any
disagreement or reportable event as described in Item
304(a)(1)(iv) and Item 304(a)(1)(v) of Regulation S-K under the
Securities Act of 1933, as amended.

                         About Amaru Inc.

Singapore-based Amaru, Inc., a Nevada corporation, is in the
business of broadband entertainment-on-demand, streaming via
computers, television sets, PDAs (Personal Digital Assistant) and
the provision of broadband services.  The Company's business
includes channel and program sponsorship (advertising and
branding); online subscriptions, channel/portal development
(digital programming services); content aggregation and
syndication, broadband consulting services, broadband hosting and
streaming services and E-commerce.

The Company's balance sheet at Sept. 30, 2011, showed
$2.86 million in total assets, $3.42 million in total
liabilities, and a $566,201 total stockholders' deficit.

As reported in the TCR on April 26, 2011, Mendoza Berger &
Company, LLP, in Irvine, California, expressed substantial doubt
about Amaru, Inc.'s ability to continue as a going concern,
following the Company's 2010 results.  The independent auditors
noted that the Company has sustained accumulated losses from
operations totaling $38.5 million at Dec. 31, 2010.


                             *********

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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