TCRAP_Public/120403.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

            Tuesday, April 3, 2012, Vol. 15, No. 67

                            Headlines


A U S T R A L I A

KELL & RIGBY: Creditors Place Firm Into Liquidation


C H I N A

CHINA EXECUTIVE: Corrects Misstatements in 2010 Report
CHINA GREEN: Delays U.S. Filing of 2011 Report
CHINA QINFA: Moody's Says 2011 Results No Impact on 'B1' CFR
GUANGZHOU GLOBAL: Delays Filing of 2011 Report
POWERLONG REAL ESTATE: Moody's Cuts CFR to 'B3'; Outlook Negative

SINO-FOREST CORP: Richard Chandler Proposes Restructuring Plan


H O N G  K O N G

BRINTON ENGINEERING: Court to Hear Wind-Up Petition on May 23
COMPACT CONSTRUCTION: Final Meetings Slated for May 3
ECM CHINA: Middleton and Wing Appointed as Liquidators
FIORI TEXTILES: Court to Hear Wind-Up Petition on May 2
GOLDEN GENERAL: Court Enters Wind-Up Order

GOOD POLICY: Court Enters Wind-Up Order
HAMCON INTERNATIONAL: Court to Hear Wind-Up Petition on May 2
JINHONG ENTERPRISES: Court Enters Wind-Up Order
JOY RICH: Court to Hear Wind-Up Petition on May 16
KLUB MANAGEMENT: Court Enters Wind-Up Order

LEHMAN BROTHERS: Creditors' Proofs of Debt Due April 16
NOVELINK DEVELOPMENT: Court to Hear Wind-Up Petition on May 2
PANHOST TRADING: Court to Hear Wind-Up Petition on May 2
PRINCE CREATIONS: Court Enters Wind-Up Order
SILICON ARTS: Court Enters Wind-Up Order


I N D I A

AIR INDIA: Banks Approve Financial Restructuring Plan
ASHA CONCAST: CRISIL Puts 'B-' Rating on INR40MM Cash Credit
ASHA ISPAT: CRISIL Assigns 'CRISIL B' Rating to INR45MM Loan
BHAGWATI LACTO: CRISIL Rates INR2,391.5MM Loans 'CRISIL B+'
CTM TEXTILE: CRISIL Assigns 'BB-' Rating to INR135.6MM Loans

DANAVARSHINI EXPORTS: CRISIL Rates INR58.8MM Loans 'CRISIL BB'
DJPR CONSTRUCTIONS: CRISIL Rates INR50MM Loan 'CRISIL B+'
GOYAL AUTOMOTIVE: CRISIL Rates INR220MM Loans 'CRISIL BB'
KINGFISHER AIRLINES: To Resume Payment of Employee's Salaries
POORNIMA DAIRY: CRISIL Rates INR58MM Loans 'CRISIL D'

RISHABH SPONGE: CRISIL Assigns 'BB-' Rating to INR70MM Loan
ROBO EQUIPMENTS: CRISIL Rates INR138MM Loans 'CRISIL D'
R.S. STEEL: CRISIL Assigns 'CRISIL B+' Rating to INR300MM Loans
RUBY MICA: CRISIL Assigns 'CRISIL D' Rating to INR76.1 Loans
STANDARD STRIPS: CRISIL Rates INR100MM Cash Credit at 'BB'

STATE BANK OF INDIA: Moody's Issues Summary Credit Opinion
S.V. MILK: CRISIL Assigns 'CRISIL D' Ratings to INR210MM Loans
VARRON ALUMINIUM: CRISIL Cuts Rating on INR180MM Loan to 'D'


N E W  Z E A L A N D

AORANGI SECURITIES: Hubbard Mgt Investors Get First Payout
CRITERION GROUP: Owes NZ$8.6 Million to HSBC


S I N G A P O R E

AMARU INC: Incurs $1.4 Million Net Loss from Operations in 2011
AVGO ASIA: Court to Hear Wind-Up Petition April 13
CABLEWAYS INTERNATIONAL: Creditors' Proofs of Debt Due April 30
EMPIRE COMMUNICATIONS: Court Enters Wind-Up Order
GUANGZHAO INDUSTRIAL: Court Enters Judicial Management Order

LCR DRAYTON: Creditors' Proofs of Debt Due April 30


V I E T N A M

VIETNAM SHIPBUILDING: 8 Former Execs Get Jail Terms Over Debt
VIETNAM SHIPBUILDING: Elliott Advisers Drops Lawsuit


X X X X X X X X

* BOND PRICING: For the Week March 26 to March 30, 2012


                            - - - - -


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A U S T R A L I A
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KELL & RIGBY: Creditors Place Firm Into Liquidation
----------------------------------------------------
The Sydney Morning Herald reports that creditors of the century-
old building business Kell & Rigby on Monday voted to put the
company into liquidation.

At a closed meeting of creditors, co-administrator Mark Robinson
of PPB Advisory outlined a situation where 1,400 unsecured
creditors were owed more than AUD16 million, with little chance
of any recovery, according to SMH.

SMH says Geoff Considine, whose plumbing business G.M.Considine
Plumbing is owed AUD500,000, told BusinessDay before the
creditors meeting that the few available funds should go to the
employees. "What is left should fund litigation," the report
quotes Mr. Considine as saying.

According to SMH, the report to creditors noted that Kell & Rigby
may have been insolvent since November 2009, as it struggled with
losses from a foray into residential projects, and inadequate
working capital.

After the meeting, SMH relates, Mr. Robinson told BusinessDay
there had been no proposals to restructure the business.

Kell & Rigby Holdings Pty Limited is a building company based in
Strathfield South, Australia.


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C H I N A
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CHINA EXECUTIVE: Corrects Misstatements in 2010 Report
------------------------------------------------------
China Executive Education Corp. filed on March 27, 2012,
Amendment No. 3 to its annual report on Form 10-K for the fiscal
year ended Dec. 31, 2010, originally filed on April 15, 2011, to
correct prior material misstatements for the years ended Dec. 31,
2010, and 2009.

The restatements are non-cash related, and relate to following
accounting issues:

1) The Company recognized its revenue based on invoices issued
for courses other than those delivered in the years ended
Dec. 31, 2010, and 2009, which resulted in overstatement of the
net revenues for these two years.  In the restatement, the
Company reversed the improperly recognized revenue and recorded
as deferred revenue;

2) The Company only consolidated 90% controlling interest of the
variable interests entity (the "VIE") and recognized 10% as non-
controlling interest in years ended Dec. 31, 2010, and 2009.
Pursuant to the VIE agreements, the Company should be the primary
beneficiary of the VIEs and consolidate the VIEs entirely. This
error was corrected in the restatement;

3) The Company failed to disclose its VIEs in accordance to
Accounting Standard Codification (the "ASC") 810-10-45 and 50 in
the years ended Dec. 31, 2010, and 2009.  The disclosure is
amended in the restatement;

4) Under and over accrual for certain liabilities as well as
expenses; and

5) Certain accounts were improperly classified.

The net effect on net income attributable to the Company's
shareholders for the years ended Dec. 31, 2010, and 2009, were to
decrease net income by approximately $11.14 million and
$4.72 million, respectively.

Albert Wong & Co., in Hong Kong, expressed substantial doubt
about China Executive Education's ability to continue as a going
concern after auditing the Company's 2010 financial statements.
The independent auditors noted that the Company has accumulated
deficits as at Dec. 31, 2010, of $11,988,690 including net losses
of $8,543,070 for the year ended Dec. 31, 2010.

The Company had a restated net loss of $8.54 million on
$7.24 million of revenues for 2010, compared with a restated net
loss of $2.04 million on $4.28 million of revenues for 2009.

The Company's restated balance sheet at Dec. 31, 2010, showed
$15.20 million in total assets, $25.67 million in total
liabilities, and a stockholders' deficit of $10.47 million.

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

                        http://is.gd/Ywtdjf

Hangzhou, China-based China Executive Education Corp. is an
executive education company with operations in Hangzhou and
Shanghai, China.  It operates comprehensive business training
programs that are designed to fit the needs of Chinese
entrepreneurs and to improve their leadership, management and
marketing skills, as well as bottom-line results.


CHINA GREEN: Delays U.S. Filing of 2011 Report
----------------------------------------------
China Green Creative, Inc., notified the U.S. Securities and
Exchange Commission that it will be delayed in filing its Annual
Report on Form 10-K for the period ended Dec. 31, 2011.  The
Company did not obtain all the necessary information prior to the
filing date and the attorney and accountant could not complete
the required legal information and financial statements and
management could not complete the Management's Discussion and
Analysis of such financial statements prior to May 16, 2011.

                         About China Green

Shenzhen, China-based China Green Creative, Inc., a Nevada
Corporation, was incorporated on Aug. 17, 2006, under the name of
Glance, Inc.  On Jan. 21, 2009, the Company changed its name to
China Green Creative, Inc.  CGC and its subsidiaries are
principally engaged in the distribution of consumer goods in the
People's Republic of China.

The Company's balance sheet at Sept. 30, 2011, showed
$5.25 million in total assets, $7.46 million in total
liabilities, and a $2.21 million total stockholders' deficit.

Madsen & Associates CPA's, Inc., in Salt Lake City, says China
Green Creative, Inc., does not have the necessary working capital
to service its debt and for its planned activity, which raises
substantial doubt about the Company's ability to continue as a
going concern.


CHINA QINFA: Moody's Says 2011 Results No Impact on 'B1' CFR
------------------------------------------------------------
Moody's Investors Service says that China Qinfa Group Limited's
financial results for fiscal 2011 were in line with expectations
and will have no immediate impact on the company's B1 corporate
family rating.

The rating outlook remains stable.

"Qinfa's 2011 results reflect the strong demand for coal from the
power-generation sector in China. Furthermore, its strategy of
investing in the domestic upstream coal-supply sector has boosted
profitability," says Ken Chan, a Moody's Vice President and
Senior Analyst.

Compared with fiscal 2010, revenue grew 55% to RMB10 billion,
sales volumes rose 46% to 15.9 million tonnes, and average
selling prices increased 7%.

The company continues to receive benefits from its
diversification along the coal-supply chain. Its gross margin was
11%, in line with a year ago, while its EBIT margin improved to
10.2% from 9.5%.

Moody's notes cost savings from the increase in the volume of
coal the company procures in China, and such domestic product
represented 43% of sales in fiscal 2011, versus 32% previously.
The company's acquisition of Shanxi-based Huameiao coal mines has
helped build its ability to source coal domestically.

"Qinfa is gradually diversifying its customer base," adds Chan.

Qinfa has reduced its concentration on a few large power plants
as coal sold to these customers fell to 47% in fiscal 2011, from
66% of total volumes sold in fiscal 2010.

At the same time, it increased sales to traders to 37%, from 19%
of total volumes sold.

This diversification has in turn improved the company's liquidity
position as down-payments are required from traders.

Moody's also believes that Qinfa's credit metrics are sound and
in line with expectations, and support its B1 rating with a
stable outlook. It reported Debt/EBITDA and EBITDA interest
coverage of 3.1x and 4.4x, respectively, for fiscal 2011.

The company had more than RMB1 billion in cash-on-hand (including
pledged deposits) at end-2011. Though it has RMB1.2 billion
payable to Huameiao for the mine acquisitions, it has arranged a
RMB1 billion bank loan.

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

China Qinfa Group Limited is the largest private thermal coal
supplier in China. The company operates an integrated supply
chain, including mining and procurement, storage, filtering and
blending, transportation, and marketing and distribution. Listed
on the Hong Kong Stock Exchange in July 2009, Qinfa is 57.16%
controlled by Mr Xu Jihua, the founder and CEO.


GUANGZHOU GLOBAL: Delays Filing of 2011 Report
----------------------------------------------
China Teletech Holding, Inc., formerly known as Guangzhou Global
Telecom, Inc., was unable, without unreasonable effort or
expense, to file its annual report on Form 10-K for the year
ended Dec. 31, 2011, by the March 30, 2012, filing date
applicable to smaller reporting companies due to a delay
experienced by the Company in completing its financial statements
and other disclosures in the Annual Report.  As a result, the
Company is still in the process of compiling required information
to complete the Annual Report and its independent registered
public accounting firm requires additional time to complete its
review of the financial statements for the year ended Dec. 31,
2011, to be incorporated in the Annual Report.  The Company
anticipates that it will file the Annual Report no later than the
fifteenth calendar day following the prescribed filing date.

                      About Guangzhou Global

Tallahassee, Fl.-based Guangzhou Global Telecom, Inc., was
incorporated as Avalon Development Enterprises, Inc., on March
29, 1999, under the laws of the State of Florida.  The Company,
through its subsidiaries, is now principally engaged in the
distribution and trading of rechargeable phone cards, cellular
phones and accessories within cities in the People's Republic of
China.

The Company's balance sheet at Sept. 30, 2011, showed US$2.61
million in total assets, US$5.29 million in total liabilities and
a US$2.67 million total stockholders' deficit.

The Company reported a net loss of US$2.28 million on US$34.18
million of sales for the year ended Dec. 31, 2010, compared with
a net loss of US$2.82 million on US$30.48 million of sales during
the prior year.

Samuel H. Wong & Co., LLP, in n Mateo, Calif., noted in its
report on the Company's 2010 financial results that the Company
has incurred substantial losses, and has difficulty to pay the
People's Republic of China government Value Added Tax and past
due Debenture Holders Settlement, all of which raise substantial
doubt about its ability to continue as a going concern.


POWERLONG REAL ESTATE: Moody's Cuts CFR to 'B3'; Outlook Negative
-----------------------------------------------------------------
Moody's Investors Service has downgraded Powerlong Real Estate
Holdings Limited's corporate family rating to B3 from B1 and its
senior unsecured rating to Caa1 from B2.

The ratings outlook is negative.

Ratings Rationale

"The downgrade reflects Powerlong's deteriorating liquidity
position, a result in turn of its weak contract sales," says
Jiming Zou, a Moody's Analyst.

Powerlong's contract sales of RMB5.4 billion in 2011 were much
lower than its original target and Moody's expectations.

China's tight credit environment and more caution among buyers
are holding back property investments across the country,
including in those second- and third-tier cities where Powerlong
has shopping malls for sale.

Though Powerlong has a sizeable portfolio of projects for sale in
2012, it is still facing tepid sales and only recorded about
RMB500 million in contract sales in January and February. Moody's
expects sales to remain weak for 2012.

"The downgrade also considers that Powerlong's cash on hand is
not sufficient to cover its short-term debt and development
needs", says Zou.

Powerlong acquired 6 lots of land (2.4 million sqm in total) for
around RMB4 billion in 2011. Such an aggressive pace of
acquisitions -- in a weakening operating environment -- has
resulted in a lower cash balance, which measured just RMB1.4
billion in unrestricted cash as of 31 December 2011.

Such a situation means it only has a limited cushion for
responding to adverse changes in the property market.

In addition, a cash balance of this size cannot cover both
development expenditure and the RMB2.44 billion in short-term
borrowings due in 2012.

Powerlong's access to new bank financing is also challenged by
its weak sales performance and the tightness in bank lending to
the property sector.

"In addition, Powerlong's financial flexibility is constrained by
its major shareholder's pledge of shares to meet a collateral
top-up covenant in its borrowings from China Life Insurance
Company Limited," says Zou.

"Currently, Powerlong's deteriorating credit metrics position it
in the lower B rating range," adds Zou.

The company raised a significant level of debt for new project
development in 2011. As a result, its interest expenses rose
substantially to RMB780 million for 2011. EBITDA/interest
coverage last year deteriorated to around 2.2x. Moody's expects
interest coverage will remain under pressure, which will in turn
reduce its financing flexibility.

The negative outlook reflects Powerlong's weak liquidity position
and increased refinancing risk due to the challenges in securing
new financing.

A rating upgrade is unlikely at this stage, given the negative
outlook.

However, the outlook could return to stable if Powerlong can: (1)
stabilize its debt-funding base through securing new term
financing; (2) improve its security arrangements with respect to
the HKD1 billion loan extended by China Life; or (3) improve its
sales performance.

Its ratings could be pressured downwards if: (1) liquidity
deteriorates further due to more weakness in contract sales, or
(2) a lack of headroom in its financial covenants; increased risk
of accelerated repayment of its senior notes due to non-
compliance with the change of control, or (3) it makes further
debt-funded land acquisitions.

The principal methodology used in rating Powerlong Real Estate
Holdings Limited was the Global Homebuilding Industry Methodology
published in March 2009.

Powerlong Real Estate Holdings Limited is a Chinese developer
focused on building large-scale integrated residential and
commercial properties in second- and third-tier cities in China.
It has a development land bank of around 8.4 million sqm in gross
floor area (GFA) in nine provinces, and has eight completed
investment properties.

The company listed on the Hong Kong Stock Exchange in October
2009. The Hoi family, which is the founder of Powerlong, has an
aggregate stake of 66.36% in the company.


SINO-FOREST CORP: Richard Chandler Proposes Restructuring Plan
--------------------------------------------------------------
Reuters reports that Singapore-based Richard Chandler Corp, the
largest shareholder in Sino-Forest Corp, said on Monday that it
has proposed a restructuring plan for company.

The news agency relates that the investment group said it has
assembled a team led by an Asian forestry expert to oversee its
proposal for the Toronto-listed company, whose stock dived last
year after a short-seller accused it of exaggerating its assets.

"Over recent months Sino-Forest's business and financial
resources have continued to deteriorate in the absence of a
credible business plan which addresses the significant
governance, leadership, strategic, operational and financial
challenges facing the company," Richard Chandler Corp said in a
statement, Reuters reports.

Last June, Reuters recalls, Muddy Waters accused Sino-Forest of
overstating its forestry holdings, causing its shares to plunge
70 percent until regulators stopped them from trading.

Richard Chandler Corp boosted its stake in the company following
the Muddy Waters allegations, and now holds around 19.49% of the
shares according to Thomson Reuters data.

Meanwhile, Bloomberg News reports that timber industry
professionals said Sino-Forest Corp. will struggle to find a
buyer.

Sino-Forest obtained an initial order for creditor protection in
Ontario's Superior Court on March 30. The move is part of an
accord with bondholders owed $1.8 billion to either sell the
company to a third party or undergo a restructuring that would
give them most of the remaining assets.

"We know a number of prudent investors who have looked at Sino-
Forest and run away screaming," David Edson, chief executive
officer of Old Town, Maine-based James W. Sewall Ltd., a forest
valuation adviser, told Bloomberg by telephone. He declined to
identify the potential buyers. "If you cannot, through reasonable
efforts, verify clear title to the resource, you're just asking
for trouble," Bloomberg quotes Mr. Edson as saying.

                      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 Corporation on March 30 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.


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H O N G  K O N G
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BRINTON ENGINEERING: Court to Hear Wind-Up Petition on May 23
-------------------------------------------------------------
A petition to wind up the operations of Brinton Engineering
Limited will be heard before the High Court of Hong Kong on
May 23, 2012, at 9:30 a.m.

The Petitioner's solicitors are:

          Gilbert Tang & Co.
          Room 802-803, 8th Floor
          Chau's Commercial Centre
          No. 284 Sha Tsui Road
          Tsuen Wan, New Territories
          Hong Kong


COMPACT CONSTRUCTION: Final Meetings Slated for May 3
-----------------------------------------------------
Creditors and contributories of Compact Construction Engineering
Company Limited will hold their final meetings on May 3, 2012, at
2:30 p.m., and 2:30 p.m., respectively at Messrs. William K.W.
Leung & Co. of Unit 1, 11th Floor, Beautiful Group Tower, at
77 Connaught Road Central, in Hong Kong.

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


ECM CHINA: Middleton and Wing Appointed as Liquidators
------------------------------------------------------
Edward Simon Middleton and Wing Sze Tiffany Wong on March 2,
2012, were appointed as liquidators of ECM China Investments
S.R.O.

The liquidators may be reached at:

         Edward Simon Middleton
         Wing Sze Tiffany Wong
         8th Floor, Prince's Building
         10 Chater Road
         Central, Hong Kong


FIORI TEXTILES: Court to Hear Wind-Up Petition on May 2
-------------------------------------------------------
A petition to wind up the operations of Fiori Textiles Limited
will be heard before the High Court of Hong Kong on May 2, 2012,
at 9:30 a.m.

Chan Chi Wai filed the petition against the company on Feb. 27,
2012.


GOLDEN GENERAL: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on March 21, 2012,
to wind up the operations of Golden General Corporation Limited.

The official Receiver is Teresa S W Wong.


GOOD POLICY: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on March 21, 2012,
to wind up the operations of Good Policy International Limited.

The official Receiver is Teresa S W Wong.


HAMCON INTERNATIONAL: Court to Hear Wind-Up Petition on May 2
-------------------------------------------------------------
A petition to wind up the operations of Hamcon International
Limited will be heard before the High Court of Hong Kong on
May 2, 2012, at 9:30 a.m.

Compsec Services Limited filed the petition against the company
on Feb. 13, 2012.

The Petitioner's solicitor is:

          Bodnar Horvath
          Suite D, 16th Floor
          On Hin Building
          No. 1 On Hing Terrace
          Central, Hong Kong


JINHONG ENTERPRISES: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Hong Kong entered an order on March 12, 2012,
to wind up the operations of Jinhong Enterprises Limited.

The company's liquidators are Ho man Kit Horace and Kong Sze Man
Simone.


JOY RICH: Court to Hear Wind-Up Petition on May 16
--------------------------------------------------
A petition to wind up the operations of Joy Rich Development
Limited will be heard before the High Court of Hong Kong on
May 16, 2012, at 9:30 a.m.

The Building and Loan Agency (Asia) Limited filed the petition
against the company on March 14, 2012.

The Petitioner's solicitors are:

          Messrs. Kennedys
          11th Floor, Hong Kong Club Building
          3A Chater Road
          Central, Hong Kong


KLUB MANAGEMENT: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order on March 21, 2012,
to wind up the operations of Klub Management Services Limited.

The official Receiver is Teresa S W Wong.


LEHMAN BROTHERS: Creditors' Proofs of Debt Due April 16
-------------------------------------------------------
Creditors of Lehman Brothers Commercial Corporation Asia Limited,
which is in members' voluntary liquidation, are required to file
their proofs of debt by April 16, 2012, to be included in the
company's dividend distribution.

The company's liquidators are:

          Edward Simon Middleton
          Patrick Cowley
          8th Floor, Prince's Building
          10 Chater Road
          Central, Hong Kong


NOVELINK DEVELOPMENT: Court to Hear Wind-Up Petition on May 2
-------------------------------------------------------------
A petition to wind up the operations of Novelink Development
Limited will be heard before the High Court of Hong Kong on
May 2, 2012, at 9:30 a.m.

The Hongkong and Shanghai Banking Corporation Limited filed the
petition against the company on Feb. 28, 2012.

The Petitioner's solicitors are:

          Mayer Brown JSM
          18th Floor, Prince's Building
          10 Chater Road
          Central, Hong Kong


PANHOST TRADING: Court to Hear Wind-Up Petition on May 2
--------------------------------------------------------
A petition to wind up the operations of Panhost Trading Limited
will be heard before the High Court of Hong Kong on May 2, 2012,
at 9:30 a.m.

Sabichi Homewares Limited filed the petition against the company
on Feb. 29, 2012.

The Petitioner's solicitors are:

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


PRINCE CREATIONS: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order on March 21, 2012,
to wind up the operations of Prince Creations Jewelry Co.,
Limited.

The official Receiver is Teresa S W Wong.


SILICON ARTS: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on March 21, 2012,
to wind up the operations of Silicon Arts Company Limited.

The official Receiver is Teresa S W Wong.


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AIR INDIA: Banks Approve Financial Restructuring Plan
-----------------------------------------------------
The Press Trust of India reports that Air India Ltd.'s Financial
Restructuring Plan (FRP) has been approved by a consortium of
banks, which may enable the ailing carrier save several hundred
crore in the first year itself.

As part of the FRP, Air India signed four agreements with the
SBI-led consortium late last evening. These were Master
Restructuring Agreement, Working Capital Facility Agreement,
Appointment of Facility Agent Agreement and Appointment of
Trustee Agreement, airline officials told PTI.

"The Cabinet approval for infusion of funds is still awaited and
is expected to be received some time next week," the officials
told PTI.

Implementation of the FRP would begin after the Union Cabinet
approves additional equity infusion into the airline, PTI's
sources said.

According to the report, one of the major highlights of the
agreements include conversion of about INR10,500 crore of the
airline's working capital in to long-term loan, carrying an
annual interest of 11 per cent.

"The first year interest would accumulate in a funded interest
term plan," officials told PTI, adding these would lead to
substantial savings of about INR1,000 crore in 2012-13 itself.

In addition, non-convertible debentures (NCDs), guaranteed by the
government, worth INR7,400 crore would be issued and subscribed
by the investors, the officials said, adding proceeds from the
NCDs would be used to repay the lenders, according to PTI.

Apart from this, the report notes, part of the working capital of
about INR3,500 crore would be restructured as cash credit
arrangement.

                          About Air India

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

                         *     *     *

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


ASHA CONCAST: CRISIL Puts 'B-' Rating on INR40MM Cash Credit
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Asha Concast Pvt Ltd (part of the Asha
group).

                          Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Term Loan               28.8        CRISIL B-/Stable

   Proposed Short-Term      5.2        CRISIL A4
    Bank Loan Facility

   Cash Credit             40          CRISIL B-/Stable

   Letter of Credit         5.5        CRISIL A4

The ratings reflect the Asha group's weak liquidity, low
operating profitability constraining its financial risk profile,
and exposure to risk associated with marginal market share in the
intensely competitive steel industry. These rating weaknesses are
partially offset by the group's partly integrated operations
backed by its promoter's extensive experience in the steel
industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of ACPL and Asha Ispat Pvt Ltd, together
referred to as the Asha group. This is because both the entities
have a common management and have significant operational
fungibility. ACPL manufactures steel ingot which is supplied to
AIPL for manufacturing of thermo mechanically treated (TMT) bars.

Outlook: Stable

CRISIL believes that the Asha group will continue to benefit over
the medium term from its promoter's considerable experience in
the steel industry and its established relationship with its
customers. The outlook may be revised to 'Positive' in case the
group reports better-than-expected cash accruals leading to
improvement in its financial risk profile, particularly its
liquidity. Conversely, the outlook may be revised to 'Negative'
in case the Asha group reports deterioration in its financial
risk profile, particularly its liquidity, because of lower-than-
expected cash accruals, stretch in working capital, or any
significant debt-funded capital expenditure.

                          About Asha Concast

AIPL, incorporated in 1996, manufactures steel ingot and TMT bars
with current capacity of 9600 tonnes per annum (tpa) and 18,000
tpa, respectively. AIPL procures steel scrap, its key raw
material to manufacture steel ingot, from local players as well
as from suppliers located in and around Durgapur (West Bengal).
Almost the entire production of ingot is consumed captively for
manufacturing of TMT bars. AIPL, till December 2010, used to
procure its balance requirement of ingot from Durgapur, Malda,
and Siliguri (all in West Bengal). However, post December 2010,
AIPL procures a significant portion of its balance requirement of
ingot from ACPL. ACPL, incorporated in 2010, manufactures steel
ingot, with current capacity of 23,100 tpa. The unit has
commenced commercial production from December 27, 2010. The
company procures steel scrap from local players as well as from
suppliers in and around Durgapur. ACPL sells a portion of its
production to AIPL, and the rest is sold to rolling mills in
Guwahati (Assam). The manufacturing facility of both the
companies is at Siliguri (West Bengal). The day-to-day operations
of the Asha group are looked after by the group's promoter-
director, Mr. Roshanlal Agarwal, along with his three sons, Mr.
Rajesh Agarwal, Mr. Rohit Agarwal, and Mr. Ravi Agarwal.


ASHA ISPAT: CRISIL Assigns 'CRISIL B' Rating to INR45MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Asha Ispat Pvt Ltd (part of the Asha
group).

                             Amount
   Facilities              (INR Mln)    Ratings
   ----------              ---------    -------
   Standby Line of Credit      2        CRISIL A4
   Proposed Short-Term         4.8      CRISIL A4
   Bank Guarantee              7.5      CRISIL A4
   Cash Credit                45        CRISIL B/Stable

The ratings reflect the Asha group's weak liquidity, low
operating profitability constraining its financial risk profile,
and exposure to risk associated with marginal market share in the
intensely competitive steel industry. These rating weaknesses are
partially offset by the group's partly integrated operations
backed by its promoter's extensive experience in the steel
industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of AIPL and Asha Concast Pvt Ltd,
together referred to as the Asha group. This is because both the
entities have a common management and have significant
operational fungibility. ACPL manufactures steel ingot which is
supplied to AIPL for manufacturing of thermo mechanically treated
(TMT) bars.

Outlook: Stable

CRISIL believes that the Asha group will continue to benefit over
the medium term from its promoter's considerable experience in
the steel industry and its established relationship with its
customers. The outlook may be revised to 'Positive' in case the
group reports better-than-expected cash accruals leading to
improvement in its financial risk profile, particularly its
liquidity. Conversely, the outlook may be revised to 'Negative'
in case the Asha group reports deterioration in its financial
risk profile, particularly its liquidity, because of lower-than-
expected cash accruals, stretch in working capital, or any
significant debt-funded capital expenditure.

                         About the Group

AIPL, incorporated in 1996, manufactures steel ingot and TMT bars
with current capacity of 9600 tonnes per annum (tpa) and 18,000
tpa, respectively. AIPL procures steel scrap, its key raw
material to manufacture steel ingot, from local players as well
as from suppliers located in and around Durgapur (West Bengal).
Almost the entire production of ingot is consumed captively for
manufacturing of TMT bars. AIPL, till December 2010, used to
procure its balance requirement of ingot from Durgapur, Malda,
and Siliguri (all in West Bengal). However, post December 2010,
AIPL procures a significant portion of its balance requirement of
ingot from ACPL. ACPL, incorporated in 2010, manufactures steel
ingot, with current capacity of 23,100 tpa. The unit has
commenced commercial production from December 27, 2010. The
company procures steel scrap from local players as well as from
suppliers in and around Durgapur. ACPL sells a portion of its
production to AIPL, and the rest is sold to rolling mills in
Guwahati (Assam). The manufacturing facility of both the
companies is at Siliguri (West Bengal). The day-to-day operations
of the Asha group are looked after by the group's promoter-
director, Mr. Roshanlal Agarwal, along with his three sons,
Mr. Rajesh Agarwal, Mr. Rohit Agarwal, and Mr. Ravi Agarwal.


BHAGWATI LACTO: CRISIL Rates INR2,391.5MM Loans 'CRISIL B+'
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Bhagwati Lacto Vegetarian Exports Pvt
Ltd.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit            2250.0      CRISIL B+/Stable
   Term Loan               134.8      CRISIL B+/Stable
   Proposed Long-Term        6.7      CRISIL B+/Stable
   bank Loan Facilities

The rating reflects Bhagwati's weak financial risk profile,
marked by high gearing and weak debt protection metrics, high
vulnerability to government policies, susceptibility to
volatility in raw material prices, and dependency on monsoon.
These rating weaknesses are partially offset by the healthy
growth prospects for the rice industry.

Outlook: Stable

CRISIL believes that Bhagwati will benefit over the medium term
from its established relationships with suppliers and improved
capacity utilisation over the past two years. The outlook may be
revised to 'Positive' if there is more-than-expected improvement
in profitability in operations and working capital management,
leading to an improvement in its capital structure. Conversely,
the outlook may be revised to 'Negative' if the company
undertakes large debt-funded capital expenditure programme, or
there is a change in government policies significantly impacting
basmati export volumes.

                       About Bhagwati Lacto

Bhagwati was promoted in 2007 by Mr Mittal and his family
members. The company mills and processes basmati and non-basmati
rice in both the export and domestic markets, largely in the
ratio of 60:40. Bhagwati has one rice milling, grading, and
sorting unit in Ferozepur (Punjab) with an overall capacity of 32
tonnes per hour. Commercial production started from January 2009.
The company sells its products in the domestic market under its
four brands - Kasturika, Garima, Radhika, and Kirpa Sagar.
Parboiled rice has a strong demand in the Middle East market.
Bhagwati is also engaged in minor trading activities whereby it
procures rice (unsorted) from other small mills, sorts it at its
rice mill, and then exports the same.

Bhagwati reported a profit after tax (PAT) of INR32.3 million on
net sales of INR4.42 billion for 2010-11 (refers to financial
year, April 1 to March 31), as against a PAT of INR18.6 million
on net sales of INR3.01 billion for 2009-10.


CTM TEXTILE: CRISIL Assigns 'BB-' Rating to INR135.6MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of CTM Textile Mills.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan              95.6        CRISIL BB-/Stable
   Cash Credit            40          CRISIL BB-/Stable
   Letter of credit &     10.0        CRISIL A4+
    Bank Guarantee

The ratings reflect the extensive experience of CTM's partners in
the textile processing segment. This rating strength is partially
offset by CTM's exposure to risks related to small scale of
operations and fragmentations in domestic cotton fabric
processing industry and below-average financial risk profile
marked by high gearing.

Outlook: Stable

CRISIL believes that CTM will continue to benefit over the medium
term from the extensive industry experience of its partners. The
outlook may be revised to 'Positive' in case of sustained
improvement in scale of operations and margins and if the firm
improves its capital structure through equity infusion by the
partners. Conversely, the outlook may be revised to 'Negative' in
case of lower-than-expected revenues or further deterioration in
financial risk profile due to increase in working capital
requirements or larger-than-expected debt-funded capital
expenditure programme.

                        About CTM Textile

CTM processes grey fabric into finished fabric on a jobwork
basis. The processes comprise colouring and dyeing of grey
fabric. The firm has installed capacity of processing 3 million
metres of gray cloth per month. CTM was promoted by Mr. Mohanlal
Agarwal in 1963. The firm is presently managed by his son, Mr.
Sushilkumar Aggarwal, and his grandson, Mr. Ayush Aggarwal.

CTM reported a profit of INR0.9 million on net sales of
INR306 million for 2010-11 (refers to financial year, April 1 to
March 31), as against a profit of INR3.5 million on net sales of
INR256 million for 2009-10.


DANAVARSHINI EXPORTS: CRISIL Rates INR58.8MM Loans 'CRISIL BB'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of Danavarshini Exports Pvt Ltd.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Packing Credit           85        CRISIL A4+
   Long-Term Loan           48.8      CRISIL BB/Stable
   Cash Credit              10        CRISIL BB/Stable
   Foreign Discounting      75        CRISIL A4+
   Bill Purchase

The ratings reflect DEPL's established regional presence in the
hosiery and readymade garments segment, backed by its promoters'
extensive experience and its healthy customer relationships, and
healthy financial risk profile marked by healthy gearing and debt
protection metrics. These rating strengths are partially offset
by DEPL's moderate scale of operations, revenue concentration,
vulnerability to volatility in the value of the Indian rupee, and
exposure to intense industry competition.

Outlook: Stable

CRISIL believes that the DEPL will continue to benefit over the
medium term from its promoters' extensive experience and its
diversified product capabilities. The outlook may be revised to
'Positive' in case DEPL significantly improves its scale of
operations or gearing, as a result of equity infusion, or
increases its operating margin and realizations leading to
improvement in its financial risk profile. Conversely, the
outlook may be revised to 'Positive' in case of DEPL faces a
sustained downturn in its product prices, reports delays in
realization of receivables, or in case it contracts substantial
debt.

                   About Danavarshini Exports

Set up in 1995 in Tamil Nadu as a partnership firm by Mr. N
Sreedhar, DEPL (formerly, Danavarshini Exports) converted to a
private limited company in 2009. The company manufactures hosiery
and ready-made garments for women. DEPL caters to the export
market, primarily to Europe. The company has knitting capacities
of 600 kilograms per day and dyeing facilities of 6 tonnes per
day.

DEPL reported a profit after tax (PAT) of INR4 million on net
sales of INR563 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR12 million on net sales
of INR709 million for 2009-10.


DJPR CONSTRUCTIONS: CRISIL Rates INR50MM Loan 'CRISIL B+'
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities DJPR Constructions Pvt Ltd.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bank Guarantee           10      CRISIL A4
   Cash Credit              50      CRISIL B+/Stable

The ratings reflect DJPR's below-average financial risk profile,
marked by a small net worth and a high gearing, large working
capital requirements, and small scale of operation in the
intensely competitive civil construction industry. These rating
weaknesses are partially offset by DJPR's moderate order book,
leading to moderate revenue visibility, and the extensive
industry experience of the company's promoters.

DJPR's promoters had extended unsecured loans of INR3.1 million
to the company as on March 31, 2011. These loans are interest-
free and the promoters have undertaken to keep these loans in the
business over the medium term. Hence, for arriving at the
ratings, CRISIL has treated these interest-free unsecured loans
as neither debt nor equity.

Outlook: Stable

CRISIL believes that DJPR will benefit over the medium term from
its promoters' extensive industry experience and its moderate
order book. The outlook may be revised to 'Positive' in case the
company scales up its operations significantly, while it
maintains its profitability, leading to better-than-expected cash
accruals and improvement in its liquidity and capital structure.
Conversely, the outlook may be revised to 'Negative' in case DJPR
reports further deterioration in its financial risk profile,
particularly its liquidity, most likely caused by larger-than-
expected working capital requirements or delays in project
execution and receivables.

                      About DJPR Constructions

DJPR undertakes civil construction contracts primarily for the
construction of buildings from the government entities in Andhra
Pradesh and Karnataka. DJPR was set up in 2009-10 (refers to
financial year, April 1 to March 31) by Mr. D J Prakasa Rao and
his son, Mr. D Sasibhushan. The company acquired the civil
construction business of its promoter's former proprietorship
concern, D J Prakasa Rao, with effect from April 1,, 2010, which
was undertaking the same business since 1980's.

DJPR reported a profit after tax (PAT) of INR6.6 million on net
sales of INR172.1 million for 2010-11, against a PAT of INR4.3
million on net sales of INR105.4 million for 2009-10.


GOYAL AUTOMOTIVE: CRISIL Rates INR220MM Loans 'CRISIL BB'
---------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' rating to the long-
term bank facilities of Goyal Automotive Ltd.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             85         CRISIL BB/Stable
   Proposed Long-Term     135         CRISIL BB/Stable
    Bank Loan Facility

The rating reflects GAL's moderate financial risk profile, marked
by low gearing, established relationship with principal, and
promoters' extensive industry experience. These rating strengths
are partially offset by GAL's small scale of operations, regional
concentration, and exposure to intense competition in the
automobile dealership market.

Outlook: Stable

CRISIL believes that GAL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of more-than-
expected increase in its scale of operations and better-than-
expected margins, leading to better cash accruals. Conversely,
the outlook may be revised to 'Negative' if GAL undertakes a
large debt-funded capital expenditure programme, or if its
operating margin deteriorates.

                      About Goyal Automotive

Incorporated in 2009, GAL is an authorised automobile dealer for
passenger cars manufactured by Hyundai Motors India Ltd (Hyundai;
rated 'CRISIL A1+'). GAL is promoted by Mr. Kamal Kishore Goyal
and his son, Mr. Luv Goyal. It operates two sales, service, and
spares workshops in Jalandhar (Punjab) and expected to start
operation in Ludhiana, Punjab from 2012-13. The company deals in
all the models manufactured by Hyundai in India.

GAL reported a profit after tax (PAT) of INR1.3 million on net
sales of INR628 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR1 million on net
sales of INR636 million for 2009-10.


KINGFISHER AIRLINES: To Resume Payment of Employee's Salaries
-------------------------------------------------------------
The Economic Times reports that Kingfisher Airlines Ltd will
resume payment of staff salaries starting from this week after
tax authorities unfroze its bank accounts, the airline's chairman
and managing director, Vijay Mallya, said in a letter to
employees.

"All junior staff will be paid before Easter, i.e. on Wednesday
April 4th.  All pilots and engineers will be paid on Monday April
9th and Tuesday April 10th," Mr. Mallya told employees.

According to the report, Mr. Mallya said the bank accounts of the
struggling airline, which were frozen by tax officials, were
unfrozen on Sunday after the airline paid a total of
INR640 million (US$12.6 million) to various tax authorities
before March 31.

Last week, ET notes, Kingfisher Airlines terminated operations to
28 of its 56 destinations over the past two days, making at least
40-50% staff redundant.

The airline's staff strength in November last year was about
6,500, and around 1,000 employees have left over the past couple
of months as the crisis deepened, including pilots who have
deserted to join rival carriers, ET's sources said under
condition of anonymity.

The Vijay Mallya-promoted airline, however, had said it is not
laying off employees rendered jobless as a result of closure of
the stations, the report adds.

                     About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., provides scheduled and unscheduled aircraft
passenger and cargo services, including charter services.
Kingfisher Airlines is a unit of UB Holdings, best known for its
United Breweries unit, and the carrier shares the Kingfisher
brand with a popular Indian beer.  UB Holdings also owns a stake
in another domestic carrier, Air Deccan, whose operations it
combined with Kingfisher Airlines in mid-2008.  Kingfisher
Airlines began flying in 2005.

                           *     *     *

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

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


POORNIMA DAIRY: CRISIL Rates INR58MM Loans 'CRISIL D'
-----------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities
of Poornima Dairy Products (part of the SV group).  The rating
reflects instances of delays in servicing of its term debt
obligations owing to weak liquidity.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             35         CRISIL D
   Term Loan               23         CRISIL D

The SV group has a weak financial risk profile marked by high
gearing and working-capital-intensive operations. However, the
group benefits from its promoter's extensive industry experience
and its established market position in dairy industry.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of PDP and S.V.Milk and Milk Products Pvt
Ltd (SVM), together referred as the SV group. This is because
these entities have a common management, and have significant
intra-group operational linkages and financial fungibility.

                         About the Group

SVM was established in 2001 as a proprietorship firm (Sri
Venkateshwara Dairy Farm) by Mr. Pemmasani Munishekar Naidu and
was reconstituted as a private limited company in 2007. The day-
to-day operations of the group are managed by Mr. Pemmasani
Sravan Kumar, son of Mr. Munishekhar Naidu, a graduate in Food
Processing and Engineering. Mr. Sravan joined the group in 2010.

SVM is in the business of processing cow milk and manufacturing
milk products. It sells cow milk under the brand Amulya and
butter milk under the brand Aruna Gold. The company also sells
other dairy products, including flavoured milk, ghee, cream,
khova and paneer. SVM has installed milk processing capacity of
0.2 million litres of milk per day (mlpd) and milk powder plant
of capacity 0.1 mlpd. SVM operates in Tamil Nadu, Andhra Pradesh
and Karnataka. Its plant is in Chittor District (Andhra Pradesh).

PDP is in the business of milk trading and has a chilling
capacity of 50,000 litres. The chilling plant is located in
Chittor District. The company is promoted by Mrs. Pemmasani
Parvathy, wife of Mr. Munishekhar Naidu.


RISHABH SPONGE: CRISIL Assigns 'BB-' Rating to INR70MM Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Rishabh Sponge Ltd (part of the Vardhaman
group).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee          35         CRISIL A4+
   Cash Credit             70         CRISIL BB-/Stable

The ratings reflect the extensive industry experience of the
Vardhaman group's promoters, partly integrated operations, and
moderate gearing and comfortable debt protection metrics. These
rating strengths are partially offset by the Vardhaman group's
modest scale of operations marked by low capacity utilisation and
RSL's stretched liquidity profile resulting from large working
capital requirements.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of RSL and Vardhaman Axles & Wheels Pvt
Ltd, collectively referred to as the Vardhaman group. The
consolidated approach is because there are significant
operational and funding linkages between the two companies.
Furthermore, VAPL holds about 36.7 per cent state in RSL.

Outlook: Stable

CRISIL believes that the Vardhaman group will benefit over the
medium term from the extensive experience of its promoters and
partly integrated operations. The outlook may be revised to
'Positive' in case of significant ramp-up in the operations of
RSL and VAPL's manufacturing units, along with efficient working
capital management. Conversely, the outlook may be revised to
'Negative' in case of adverse impact on operations on account of
regulatory issues associated with iron ore or in the event of
pressure on liquidity on account of lower-than-expected cash
accruals or larger-than-expected incremental working capital
requirements or debt-funded capital expenditure.

                       About Rishabh Sponge

Incorporated in 1999, VAPL undertakes machining work for Steel
Authority of India Ltd's Durgapur (West Bengal) steel plant.
Later, RSL was incorporated in 2002 to manufacture sponge iron.
Currently, this unit has a capacity of about 300 tonnes per day
(tpd; 90,000 tonnes per annum [tpa]). During 2005-06, the group
set up an iron ore crushing unit to convert iron ore lumps in
sized iron ore (to improve the profit margins of the group). This
unit has a capacity of 200 tpd (60,000 tpa) and was set up under
VAPL.

The Vardhaman group reported a profit after tax (PAT) of INR6.6
million on net sales of INR1028.9 million for 2010-11 (refers to
financial year, April 1 to March 31), as against a PAT of INR8.3
million on net sales of INR685.9 million for 2009-10.


ROBO EQUIPMENTS: CRISIL Rates INR138MM Loans 'CRISIL D'
-------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Robo Equipments and Forgings Private Limited.  The
ratings reflect instances of delay by Robo in servicing its term
debt because of its weak liquidity.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long-Term     2.2         CRISIL D
   Bank Loan Facility

   Long-Term Loan        25.8         CRISIL D

   Bank Guarantee        10           CRISIL D

   Cash Credit           100          CRISIL D

Robo is exposed to risks related to stabilization of operations
at its unit and customer concentration in its revenue profile. It
also has large working capital requirements. Robo, however,
benefits from the extensive experience of its promoters in
manufacturing support structure units for power plants.

                         About Robo Equipments

Robo was incorporated in 2010 by Mr. B V S Raju and Mr. M
Ramakrishna to undertake fabrication of heavy steel structures
for power plants. The company will provide steel support
structures to its major clients, Larsen & Toubro Limited (rated
CRISIL AAA/FAAA/CRISIL A1+) and Bharat Heavy Electrical Ltd
(rated CRISIL AAA/Stable/CRISIL A1+). While Robo planned to
commence commercial operations in October 2011, the Telangana
agitations in Andhra Pradesh led to delays in project execution.
Currently, the company is expected to be fully operational by
March 2012. The company, however, began undertaking job work for
L&T in October 2011.


R.S. STEEL: CRISIL Assigns 'CRISIL B+' Rating to INR300MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of R.S. Steel Industries Pvt Ltd.

                          Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Term Loan              52.4         CRISIL B+/Stable
   Cash Credit           175           CRISIL B+/Stable
   Proposed Long-Term     72.6         CRISIL B+/Stable
    Bank Loan Facility

The rating reflects RSSIPL's relatively modest scale of
operations in an intensely fragmented steel industry and its weak
financial risk profile marked by high gearing and weak debt
protection measures. These rating weaknesses are partially offset
by the extensive industry experience of RSSIPL's promoters in the
steel industry.

Outlook: Stable

CRISIL believes that RSSIPL will benefit over the medium term
from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if the company substantially
scales up its operations and profitability on a sustained basis
and also improves its capital structure, mostly likely due to
equity infusion. Conversely, the outlook may be revised to
'Negative' if there is a significant decline in the company's
scale of operations and profitability owing to slowdown in end-
user industries or if the company undertakes a large debt-funded
capital expenditure programme, leading to a further weakening in
its financial risk profile.

                          About R.S. Steel

RSSIPL was incorporated in 2009 by Mr. G Rajendran and his family
members. The company commenced operations in June 2010 and
manufactures thermo-mechanically treated (TMT) bars at its
facilities in Ponneri (Tamil Nadu). The total cost of installing
the rolling mill was INR130 million, which was funded with bank
funding of INR85 million, equity contribution of INR29 million,
and the remaining through unsecured loans extended from the
promoters. The company has an installed capacity of 45,000 tonnes
per annum. The company sells its TMT bars under the brand, Udhaya
TMT. Prior to RSSIPL, the promoters traded in metal scrap under
the firm, Rising Sun Steel Trading Agency.

RSSIPL reported a profit after tax (PAT) of INR0.9 million on net
sales of INR306.2 million for 2010-11 (refers to financial year,
April 1 to March 31).


RUBY MICA: CRISIL Assigns 'CRISIL D' Rating to INR76.1 Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Ruby Mica Company Ltd.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan               26.1       CRISIL D
   Post Shipment Credit     6         CRISIL D
   Letter of Credit        10         CRISIL D
   Export Packing Credit   14         CRISIL D
   Bank Guarantee          10         CRISIL D
   Cash Credit             10         CRISIL D

The ratings reflect instances of delay by RMCL in servicing its
debt; the delays have been caused by the company's weak
liquidity. Weak liquidity is on account of inability of the
company to stabilize its cash flows after the debt funded
capacity expansion in 2009-10.

The ratings also reflect RMCL's modest scale of operations in a
highly competitive industry and constrained financial flexibility
due to of high working capital requirements. These rating
weaknesses are partially offset by the extensive industry
experience of RMCL's promoters and its strong relationships with
customers and suppliers.

                          About Ruby Mica

RMCL is a closely held public limited company that manufactures
and exports natural mica. The company was initially started as a
partnership firm in 1968, but was later reconstituted as a
private limited company in 1988 and as a closely held public
limited company in 2009-10. RMCL is promoted, owned, and managed
by the Bagaria family based in Giridih (Jharkhand). The promoter
family has been in the mica business since 1937. Mr. Rajendra
Kumar Bagaria and his elder brother, Mr. Chandan Kumar Bagaria,
look after the day-to-day operations of the company. RMCL has a
manufacturing unit in Giridih.


STANDARD STRIPS: CRISIL Rates INR100MM Cash Credit at 'BB'
----------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' rating to the bank
facilities of Standard Strips India Pvt Ltd.

                             Amount
   Facilities              (INR Mln)     Ratings
   ----------              ---------     -------
   Cash Credit                100        CRISIL BB/Stable

The rating reflects SSIPL's promoters' extensive experience in
the steel industry, the company's established relationships with
its customers and suppliers, and healthy operating efficiencies.
Theses rating strengths are partially offset by SSIPL's
susceptibility to volatility in raw material prices and to
intense market competition, and constrained financial risk
profile marked by high ratio of total outside liabilities to
tangible net worth.

Outlook: Stable

CRISIL believes that SSIPL will maintain its business risk
profile over the medium term, supported by its promoters'
industry experience and established relationships with customers
and suppliers. The outlook may be revised to 'Positive' if SSIPL
achieves higher-than-expected operating margin, leading to
improvement in debt protection metrics, or if its capital
structure improves, most likely driven by infusion of substantial
capital. Conversely, the outlook may be revised to 'Negative' if
the company's operating margin declines or there is a stretch in
its working capital cycle, leading to deterioration in its
financial risk profile.

                       About Standard Strips

Incorporated in 2004, SSIPL is promoted by Mr. Anil Mendiratta
and his cousin, Mr. Sunil Mendiratta. The company trades in
galvanised steel flat products. SSIPL is an exclusive dealer in
Essar Steel Ltd's galvanised steel products in Faridabad
(Haryana) and dealer in similar products of JSW Steel Ltd,
Bhushan Steel Ltd, SAIL Ltd and Uttam Galva Steel Ltd. SSIPL
sells its products primarily in Haryana, Punjab and New Delhi.

BMPL reported a net profit of INR4.8 million on net sales of
INR1.19 billion for 2010-11 (refers to financial year, April 1 to
March 31), against a net profit of INR3.8 million on net sales of
INR1.17 billion for 2009-10.


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

Moody's current ratings on State Bank of India and its affiliates
are:

Senior Unsecured (foreign currency) ratings of Baa2

Senior Unsecured MTN Program (foreign currency) ratings of
(P)Baa2

Long Term Bank Deposits (domestic currency) ratings of Baa2

Long Term Bank Deposits (foreign currency) ratings of Baa3

Bank Financial Strength ratings of D+

Subordinate MTN Program (foreign currency) ratings of (P)Baa3

Junior Subordinate MTN Program (foreign currency) ratings of
(P)Ba1

Preferred Stock Non-cumulative (foreign currency) ratings of Ba3,
(hyb)

Short Term Bank Deposits (domestic currency) ratings of P-2

Short Term Bank Deposits (foreign currency) ratings of P-3

Other Short Term (foreign currency) ratings of (P)P-3

State Bank of India, London Branch

Senior Unsecured (foreign currency) ratings of Baa2

Senior Unsecured MTN Program (foreign currency) ratings of
(P)Baa2

Subordinate MTN Program (foreign currency) ratings of (P)Baa3

Junior Subordinate MTN Program (foreign currency) ratings of
(P)Ba1

Other Short Term (foreign currency) ratings of (P)P-3

State Bank of India, Nassau Branch

Senior Unsecured MTN Program (foreign currency) ratings of
(P)Baa2

Subordinate MTN Program (foreign currency) ratings of (P)Baa3

Junior Subordinate MTN Program (foreign currency) ratings of
(P)Ba1

Preferred Stock Non-cumulative (foreign currency) ratings of Ba3,
(hyb)

Other Short Term (foreign currency) ratings of (P)P-3

State Bank of India, Hong Kong Branch

Senior Unsecured MTN Program (foreign currency) ratings of
(P)Baa2

Subordinate MTN Program (foreign currency) ratings of (P)Baa3

Junior Subordinate MTN Program (foreign currency) ratings of
(P)Ba1

Other Short Term (foreign currency) ratings of (P)P-3

Ratings Rationale

Moody's assigns a bank financial strength rating of D+ to State
Bank of India, which maps to a baseline credit assessment (BCA)
of Baa3. This rating reflects SBI's dominant franchise as the
largest commercial bank in India, and its moderate financial
position. It enjoyed a market share of 16.3% in deposits and
16.4% in gross loans at September 2011, which rise to around 22%-
23% when including its subsidiary banks. The bank is present in
all financial sectors through its non-banking subsidiary
companies, providing huge potential for the group to cross-sell
its products.

The rating also acknowledges its challenge to further enhance its
franchise value in a highly competitive operating environment,
and to modernize and transform to meet increased demand for
financial products from Indian prime corporate, and emerging
retail demand. New private-sector, foreign banks and other large
public-sector banks are competitive, posing a serious threat to
SBI's franchise. Moreover, its financial muscle, particularly in
terms of capital, to outperform its peers has diminished
recently.

Despite considerable progress, Moody's still believes that SBI's
longer-term competitiveness will depend on how it implements its
corporate restructuring, its ambitious technological plans, and
the upgrading of its systems and procedures. Changing the staff's
public-sector mentality and culture, and training them to adapt
to a more technologically driven environment are necessary
corollaries to the success of its plans.

The rating also reflects SBI's limited ability to manage its
capital situation and the protracted challenges it faces in
securing capital from the government of India. Notwithstanding
Moody's expectations that its capital ratios will always
eventually be restored by the government, Moody's thinks that its
near-term capital position does not provide sufficient buffer to
support growth and to absorb potentially higher credit costs from
its deteriorating asset quality.

Asset quality has steadily declined and will continue on this
trend, given the slowing economy and higher interest rates. As of
September 2011, gross non-performing assets (NPA) reached a 3-
year high of 4.19% on a ratio basis and INR339,460 million on an
absolute basis. As of 31 March 2011, the ratio was 2.3% for the
system compared to 3.28% for SBI. In addition, restructured loans
accounted for INR354,220 million, or 4.37% of loans, and will
also be vulnerable in the weaker operating environment. Finally,
INR737,960 million, or 9.1% of loans, were to the infrastructure
sector, which carries greater asset liability management risks
and faces potential project delays.

Higher provisions have caused the bank's profitability of late to
compare unfavorably with that of other rated Indian banks. It
maintains adequate liquidity levels on the back of its sizeable
portfolio of government securities, although this exposes it to
elevated market risk, as with other Indian banks.

SBI's global local currency deposit rating of Baa2 is a notch
above its BCA of Baa3. The bank benefits from systemic support
uplift, based on its position as the largest systemically
important bank in the country, its critical function in India's
payment system - processing well over 16% of all transactions -
its 59.4% ownership by the government, historical evidence of
government support for the bank, and its implicit policy role in
financial inclusion, both social and fiscal.

Rating Outlook

All ratings carry stable outlooks, except the Ba3 (hyb) rating
outlook is negative.

On December 21, 2011, the foreign currency long-term/short-term
deposit rating was revised to Baa3/Prime-3 from Ba1/Not Prime in
line with the adjustment in the country's foreign currency
deposit ceiling as part of the unification of the government of
India's local and foreign currency bond ratings at Baa3 on
December 20, 2011.

On October 4, 2011, the BFSR was downgraded to D+ from C- with
the revised rating mapping to a BCA of Baa3 from Baa2. As a
result of the lower BCA, the Hybrid debt rating was downgraded to
Ba3(hyb) from Ba2(hyb). The revised BFSR carries a stable outlook
and the Hybrid rating a negative outlook. The rating action
considered SBI's capital situation and deteriorating asset
quality. In addition, expectations that NPA would likely continue
to rise in the near term -- due to higher interest rates and a
slower economy -- caused Moody's to adopt a negative view on its
creditworthiness.

What Could Change the Rating - Up

- SBI's BFSR is unlikely to face upward pressure as its balance
sheet is heavily weighted at 20% towards the government of
India's risk, which carries a local currency bond rating of Baa3.
The bank's Baa3 stand-alone rating is at the Baa3 local currency
government bond rating.

- As evidenced by efforts to secure capital from the government
for the better part of 2011, SBI has a limited ability to manage
its capital. Given a bank's ability to freely access the capital
markets is an important rating criterion globally, it would be
difficult for SBI's BFSR to move up to a higher rating band.

- The foreign currency deposit rating could be positively
affected by an upgrade in the foreign currency deposit ceiling.

What Could Change the Rating - Down

- Any sustained low Tier 1 capital level, after incorporating
potential credit losses, could push SBI into a lower BCA band.

- Significant pressure on SBI's market shares that could
challenge its dominant franchise could also exert negative rating
pressure

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


S.V. MILK: CRISIL Assigns 'CRISIL D' Ratings to INR210MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of S.V. Milk & Milk Products Pvt Ltd (part of the SV
group). The rating reflects instances of delays in servicing of
its term debt obligations owing to weak liquidity

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan               40         CRISIL D
   Cash Credit            150         CRISIL D
   Standby Line of         20         CRISIL D
   Credit

The SV group has a weak financial risk profile marked by high
gearing and working-capital-intensive operations. However, the
group benefits from its promoter's extensive industry experience
and its established market position in dairy industry.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of SVM and Poornima Dairy Products,
together referred as the SV group. This is because these entities
have a common management, and have significant intra-group
operational linkages and financial fungibility.

                        About the Group

SVM was established in 2001 as a proprietorship firm (Sri
Venkateshwara Dairy Farm) by Mr. Pemmasani Munishekar Naidu and
was reconstituted as a private limited company in 2007. The day-
to-day operations of the group are managed by Mr. Pemmasani
Sravan Kumar, son of Mr. Munishekhar Naidu, a graduate in Food
Processing and Engineering. Mr. Sravan joined the group in 2010.

SVM is in the business of processing cow milk and manufacturing
milk products. It sells cow milk under the brand Amulya and
butter milk under the brand Aruna Gold. The company also sells
other dairy products, including flavoured milk, ghee, cream,
khova and paneer. SVM has installed milk processing capacity of
0.2 million litres of milk per day (mlpd) and milk powder plant
of capacity 0.1 mlpd. SVM operates in Tamil Nadu, Andhra Pradesh
and Karnataka. Its plant is in Chittor District (Andhra Pradesh).

PDP is in the business of milk trading and has a chilling
capacity of 50,000 litres. The chilling plant is located in
Chittor District. The company is promoted by Mrs. Pemmasani
Parvathy, wife of Mr. Munishekhar Naidu.


VARRON ALUMINIUM: CRISIL Cuts Rating on INR180MM Loan to 'D'
------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Varron
Aluminium Pvt Ltd to 'CRISIL D' from 'CRISIL B+/Stable'. The
downgrade follows consistent delays by VAPL in servicing its debt
because of weak liquidity; the company's February 2012 instalment
has also not been paid yet. VAPL's liquidity has been severely
impacted because of the startup nature of the company's
operations. Though operations commenced in the latter half of
2010-11 (refers to financial year, April 1 to March 31) and
recorded marginal revenues, the plant became fully operational
only in January 2012.

                          Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Proposed Long-Term      180         CRISIL D
   Bank Loan Facility
   Term Loan               570         CRISIL D

VAPL is also exposed to risks related to stabilisation of its new
plant in Ratnagiri (Maharashtra) and its offtake risk. The
company, however, benefits from its promoters' experience in the
forgings and castings industry.

                      About Varron Aluminium

VAPL was set up in 2008 by Mr. Shrikaant Sawaiikar; it
manufactures alloy and aluminium-based ingots, aluminium
castings, and steel forgings which are used in automotive
components and forgings. VAPL, with capacity of around 22,500
tonnes per annum (tpa) for ingots, 17,000 tpa for castings and
machining, and 7500 tpa for steel forgings caters to the
aluminium castings and forgings requirements of Varron Industries
Ltd's existing customers. The plant is being set up in Ratnagiri
(Maharashtra). VAPL's project cost is estimated at around INR900
million; the project is around 90 per cent complete, and has
fully commenced commercial operations from January 2012.

VAPL reported a profit after tax of INR14.6 million on revenues
of INR84.8 million for 2010-11.


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


AORANGI SECURITIES: Hubbard Mgt Investors Get First Payout
----------------------------------------------------------
BusinessDesk reports that investors in the frozen Hubbard
Management Fund have been paid out NZ$9 million, the first
distribution since the investment vehicle was frozen in 2010.

BusinessDesk relates that statutory managers Trevor Thornton,
Richard Simpson and Graeme McGlinn of Grant Thornton New Zealand
will pay up to NZ$12 million to investors after receiving High
Court approval for the first distribution.

Between March 1 and March 23, the statutory managers sold
NZ$6.5 million of investments, and more stock will be divested
this week to fund the rest of the payout, according to the news
agency.

The court is still calculating the fairest way to determine how
the funds are allocated, with a hearing scheduled for May 21 and
May 22, BusinessDesk notes.

"We have carefully selected and sold shares held by HMF to
provide the cash for this first pay-out," the report quotes
Mr. McGlinn as saying.  'No shares have been sold at less than
the current market price, and we have timed the sales so as not
to depress those prices."

Before the distribution on March 30, BusinessDesk discloses, the
fund's portfolio was valued at some NZ$43 million, compared to
the NZ$89 million recorded in March 2010.

"This is due to fund discrepancies and a general decline in the
share markets over the last two years," Mr. McGlinn, as cited by
BusinessDesk, said.

BusinessDesk discloses that Grant Thornton has charged
NZ$1.6 million in fees and disbursements since taking on the
statutory management, and the process has incurred NZ$930,000 in
legal fees, NZ$703,000 in other third-party disbursements and
NZ$475,000 in GST.

The statutory managers didn't release their report into another
frozen Hubbard vehicle, Aorangi Securities, at the same time as
the HMF report, as they have done previously, BusinessDesk adds.

                       About Aorangi Securities

Aorangi Securities Ltd was incorporated in 1974 and is solely
controlled by the Hubbards.

On June 20, 2010, Aorangi Securities and seven charitable trusts
were placed into statutory management, and Allan and Jean Hubbard
were also placed into statutory management as "associated
persons" of those entities.  The seven charitable trusts included
in the statutory management are Te Tua, Otipua, Oxford, Regent,
Morgan, Benmore and Wai-iti.  Trevor Thornton and Richard Simpson
of Grant Thornton were appointed as statutory managers.

The Temple Bar Family Trust and Barns Charitable Trust were also
put into statutory management in September 2010 on recommendation
from the Securities Commission.  Hubbard Churcher Trust
Management and Forresters Nominees Company were also added to the
list of businesses under management by Trevor Thorton, Richard
Simpson and Graeme McGlinn on September 20, 2010.

On June 20, 2011, the Serious Fraud Office laid 50 charges under
Crimes Act against Allan Hubbard in relation to its investigation
into the affairs of Aorangi Securities Ltd; Hubbard Management
Funds; and ASL directors Allan and Margaret (Jean) Hubbard.

The SFO dropped the fraud charges against Allan Hubbard following
Mr. Hubbard's death on September 2.  Mrs. Hubbard was also
removed from statutory management, effective on Nov. 13, 2011.


CRITERION GROUP: Owes NZ$8.6 Million to HSBC
--------------------------------------------
The National Business Review reports that HSBC has been warned of
a significant loss following the receivership of Criterion Group
Ltd.

NBR relates that receivers KordaMentha's first report reveals
first-ranking security holder HSBC is owed NZ$8.6 million but
said the bank needs to expect a 'significant shortfall".

According to NBR, partial payment will be made to the
preferential claimants among staff owed NZ$475,000.

No other money is expected to be available to any other
creditors, says NBR.

The report states that KordaMentha now have the East Tamaki,
Auckland, manufacturing plant on the block and said it will go to
auction, after earlier interested parties had not followed
through with an offer.

                       About Criterion Group

Criterion Group Ltd -- http://www.criterionfurniture.com/-- and
its subsidiaries manufacture and sell both office and home
furniture.

Criterion Group Ltd and its subsidiaries were placed in
receivership on Jan. 31, 2012.  Grant Graham and Brendon Gibson
of KordaMentha were named as receivers.


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


AMARU INC: Incurs $1.4 Million Net Loss from Operations in 2011
---------------------------------------------------------------
Amaru, Inc., filed with the U.S. Securities and Exchange
Commission its annual report on Form 10-K disclosing a net loss
from operations of $1.37 million on $4,462 of total revenue in
2011, compared with a net loss from operations of $1.50 million
on $48,382 of total revenue in 2010.

The Company's balance sheet at Dec. 31, 2011, showed $2.86
million in total assets, $3.44 million in total liabilities and a
$578,709 total stockholders' deficit.

For 2011, Wilson Morgan, LLP, in Irvine, California, noted that
the Company has sustained accumulated losses from operations
totaling $40,678,196 at Dec. 31, 2011.  This condition and the
Company's lack of significant revenue, raise substantial doubt
about the Company's ability to continue as going concern.

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

                        http://is.gd/36GYgn

                          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.


AVGO ASIA: Court to Hear Wind-Up Petition April 13
--------------------------------------------------
A petition to wind up the operations of Avgo Asia Pte Ltd will be
heard before the High Court of Singapore on April 13, 2012, at
10:00 a.m.

The Hong Kong Delivery Company Ltd filed the petition against the
company on March 8, 2012.

The Petitioner's solicitors are:

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


CABLEWAYS INTERNATIONAL: Creditors' Proofs of Debt Due April 30
---------------------------------------------------------------
Creditors of Cableways International Pte Ltd, which is in
liquidation, are required to file their proofs of debt by
April 30, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

         Chee Yoh Chuang
         Abuthahir Abdul Gafoor
         c/o 8 Wilkie Road
         #03-08 Wilkie Edge
         Singapore 228095


EMPIRE COMMUNICATIONS: Court Enters Wind-Up Order
-------------------------------------------------
The High Court of Singapore entered an order on March 23, 2012,
to wind up the operations of Empire Communications Technology Pte
Ltd's.

Empire Communications Technology Pte Ltd filed the petition
against the company.

The company's liquidators are:

         Yin Kum Choy
         R. S. Ramasamy
         c/o Adept Public Accounting Corporation
         138 Cecil Street
         #06-01 Cecil Court
         Singapore 069538


GUANGZHAO INDUSTRIAL: Court Enters Judicial Management Order
------------------------------------------------------------
The High Court of Singapore entered an order on March 28, 2012,
to place Guangzhao Industrial Forest Biotechnology Group Limited
under judicial management.

The company's solicitors are:

          Allen & Gledhill LLP
          One Marina Boulevard #28-00
          Singapore 018989


LCR DRAYTON: Creditors' Proofs of Debt Due April 30
---------------------------------------------------
Creditors of LCR Drayton Pte Ltd, which is in liquidation, are
required to file their proofs of debt by April 30, 2012, to be
included in the company's dividend distribution.

The company's liquidators are:

         Leow Quek Shiong
         Gary Loh Weng Fatt
         c/o BDO LLP
         21 Merchant Road
         #05-01 Royal Merukh S.E.A. Building
         Singapore 058267


=============
V I E T N A M
=============


VIETNAM SHIPBUILDING: 8 Former Execs Get Jail Terms Over Debt
-------------------------------------------------------------
Bloomberg News reports that eight former executives of Vietnam
Shipbuilding Industry Group and its units were sentenced to
prison terms of as long as 20 years, after being found guilty of
economic mismanagement at the company that almost collapsed in
2010 under US$4 billion of debt.

Vietnam Shipbuilding Industry Group's ex-chairman Pham Thanh Binh
was handed a 20-year sentence, presiding judge Tran Van Nhien
announced March 29 at the end of a four-day trial, the maximum
penalty for the offense, according to Bloomberg.  Seven other
defendants were given terms ranging from 10 to 19 years, the
report relates.  A ninth defendant was found guilty of a separate
charge of misuse of assets, and sentenced to 3 years in prison,
says Bloomberg.  All nine had denied their actions damaged the
company, known as Vinashin, Bloomberg notes.

The nine defendants heard their verdicts in front of a packed
courtroom in the northern port city of Haiphong, accompanied by
police officers. They were responsible for losses totaling
910.5 billion dong ($43.7 million), according to an indictment
cited by Bloomberg.

Judge Nhien said all the nine can appeal their verdicts within 15
days, Bloomberg reports.  Binh will appeal the verdict in the
supreme court, his lawyer Chu Dong told Bloomberg in a phone
interview.

Binh, chairman from 1998 to 2009, was responsible for THB852.7
billion of the losses through his involvement in two power-plant
projects and the purchase of a high-speed vessel, the indictment
said, Bloomberg reports.

Vinashin, whose debts of more than US$4 billion pushed it to the
brink of bankruptcy, in December 2010 reportedly defaulted on the
first US$60 million installment of a US$600 million loan arranged
by Credit Suisse in 2007.

Vinashin got a US$600 million loan in 2007 from banks led by
Credit Suisse Group AG that paid interest of 1.5 percentage
points more than the London interbank offered rate, according to
data compiled by Bloomberg.  While it made a US$6.8 million
interest payment on Dec. 23, 2010, the company missed a Dec. 20,
2010, deadline to make a US$60 million principal payment and
asked lenders for a one-year extension, Bloomberg related.

Vietnam Shipbuilding Industry Group is a state-owned shipbuilding
company.


VIETNAM SHIPBUILDING: Elliott Advisers Drops Lawsuit
----------------------------------------------------
The Wall Street Journal's Deal Journal reports that U.S. hedge
fund Elliott Advisers LP has dropped a lawsuit against Vietnam
Shipbuilding Industry Group.

Deal Journal recalls that Elliott sued Vinashin in the British
High Court in December for its investment in a US$600 million
syndicated loan that Vinashin defaulted on in December 2010.
Vinashin initially offered repayment of 35 cents on the dollar to
bondholders before Elliott filed that suit, a person familiar
with the matter told Deal Journal.

Elliott was suing for par value of its debt along with unpaid
interest and default interest, totaling $13.2 million, according
to a filing made to the court seen by the Wall Street Journal.

Elliott previously won in a legal battle against the government
of Peru in 2000, and settled a case with the Republic of Congo in
2008, Deal Journal reports.

           Maybank's Exposure to Loan Default Minimal

thestaronline reports that Malaysia's largest banking group,
Malayan Banking Bhd (Maybank), has clarified that its exposure to
the US$600 million unsecured funding facility on which Vietnam
Shipbuilding Industry Group has recently defaulted is minimal and
insignificant.

'Our exposure (to that facility) is actually very small relative
to our group's assets it's not significant," thestaronline quotes
Maybank president and CEO Datuk Seri Wahid Omar as saying.

According to thestaronline, Vinashin defaulted on the facility
for the third time late last year when it missed another
US$60 million payment deadline, bringing the total of missed
payments to US$180 million to date. The first missed payment of
US$60 million was in December 2010 while the second was in the
middle of last year.

Credit Suisse Group AG was the lead arranger of the loan facility
to Vinashin, while Maybank has been linked to the deal as an
arranger as well as participant, thestaronline relates.

Maybank was also part of a group of lenders that formed a
steering committee in 2010 on Vinashin's debt problems. Other
members of the committee included Credit Suisse, Elliott Advisors
LP, Depfa Bank plc and Standard Chartered plc. Elliott resigned
from the committee in early October while Standard Chartered left
last April, thestaronline discloses.

Vinashin, whose debts of more than US$4 billion pushed it to the
brink of bankruptcy, in December 2010 reportedly defaulted on the
first US$60 million installment of a US$600 million loan arranged
by Credit Suisse in 2007.

Vinashin got a US$600 million loan in 2007 from banks led by
Credit Suisse Group AG that paid interest of 1.5 percentage
points more than the London interbank offered rate, according to
data compiled by Bloomberg.  While it made a US$6.8 million
interest payment on Dec. 23, 2010, the company missed a Dec. 20,
2010, deadline to make a US$60 million principal payment and
asked lenders for a one-year extension, Bloomberg related.

Vietnam Shipbuilding Industry Group is a state-owned shipbuilding
company.


===============
X X X X X X X X
===============


* BOND PRICING: For the Week March 26 to March 30, 2012
-------------------------------------------------------

  AUSTRALIA
  ---------

ADVANCE ENERGY           9.50    01/04/2015   AUD       1.07
ANTARES ENERGY          10.00    10/31/2013   AUD       2.05
CHINA CENTURY           12.00    09/30/2014   AUD       0.85
DIVERSA LTD             11.00    09/30/2014   AUD       0.13
EXPORT FIN & INS         0.50    12/16/2019   NZD      71.98
EXPORT FIN & INS         0.50    06/15/2020   AUD      70.04
EXPORT FIN & INS         0.50    06/15/2020   NZD      70.05
IMF AUSTRALIA           10.25    12/31/2014   AUD       1.70
KIMBERLY METALS         10.00    08/05/2016   AUD       0.34
MIDWEST VANADIUM        11.50    02/15/2018   USD      64.75
MIDWEST VANADIUM        11.50    02/15/2018   USD      64.75
NEW S WALES TREA         0.50    09/14/2022   AUD      63.78
NEW S WALES TREA         0.50    10/07/2022   AUD      63.60
NEW S WALES TREA         0.50    10/28/2022   AUD      63.43
NEW S WALES TREA         0.50    11/18/2022   AUD      63.24
NEW S WALES TREA         0.50    12/16/2022   AUD      63.01
NEW S WALES TREA         0.50    02/02/2023   AUD      62.63
NEW S WALES TREA         0.50    03/30/2023   AUD      62.21
TREAS CORP VICT          0.50    08/25/2022   AUD      64.05
TREAS CORP VICT          0.50    03/03/2023   AUD      62.48
TREAS CORP VICT          0.50    11/12/2030   AUD      43.89


  CHINA
  -----

CHINA GOVT BOND          1.64    12/15/2033   USD      64.28
CHINA THREE GORG         3.45    04/08/2014   CNY      70.00
ZHOUSHAN TRAN IN         6.20    04/20/2018   CNY      53.58


  HONG KONG
  ---------

CHINA SOUTH CITY        13.50    01/14/2016   USD      74.62
KOWLOON-CANTON           4.65    06/10/2013   HKD       2.60
RESPARCS FUNDING         8.00    12/29/2049   USD      33.25


  INDIA
  -----

AKSH OPTIFIBRE           1.00    02/05/2013   USD      33.25
EX-IM BK OF IN           9.45    06/15/2014   INR      10.35
GEMINI COMMUNICA         6.00    07/18/2012   EUR      67.79
JSL STEEL LT             0.50    12/24/2019   USD      69.07
PRAKASH IND LTD          5.25    04/30/2015   USD      70.96
PRAKASH IND LTD          5.62    04/30/2015   USD      69.97
REI AGRO                 5.50    11/13/2014   USD      73.18
RELIGARE FINVEST        13.70    06/19/2012   INR      59.27
SHIV-VANI OIL            5.00    08/17/2015   USD      66.95
SUZLON ENERGY LT         5.00    04/13/2016   USD      59.93


  JAPAN
  -----

ELPIDA MEMORY            0.50    10/26/2015   JPY      19.70
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      62.34
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      61.31
NIPPON SHEET GLA         1.22    07/28/2016   JPY      72.04
TOKYO ELEC POWER         1.60    05/29/2019   JPY      74.57
TOKYO ELEC POWER         1.45    09/30/2019   JPY      72.71
TOKYO ELEC POWER         1.37    10/29/2019   JPY      72.16
TOKYO ELEC POWER         1.81    02/28/2020   JPY      73.77
TOKYO ELEC POWER         1.48    04/28/2020   JPY      71.36
TOKYO ELEC POWER         1.39    05/28/2020   JPY      70.53
TOKYO ELEC POWER         1.31    06/24/2020   JPY      69.81
TOKYO ELEC POWER         1.94    07/24/2020   JPY      73.46
TOKYO ELEC POWER         1.22    07/29/2020   JPY      68.73
TOKYO ELEC POWER         1.15    09/08/2020   JPY      67.92
TOKYO ELEC POWER         1.63    07/16/2021   JPY      68.64
TOKYO ELEC POWER         2.34    09/29/2028   JPY      66.63
TOKYO ELEC POWER         2.40    11/28/2028   JPY      67.01
TOKYO ELEC POWER         2.20    02/27/2029   JPY      64.56
TOKYO ELEC POWER         2.11    12/10/2029   JPY      63.13
TOKYO ELEC POWER         1.95    07/29/2030   JPY      60.75
TOKYO ELEC POWER         2.36    05/28/2040   JPY      59.75


  MALAYSIA
  --------

ADVANCED SYNERY          2.00    01/26/2018   MYR       0.09
ASTRAL SUPREME           3.00    08/0/2021    MYR       0.09
CRESENDO CORP B          3.75    01/11/2016   MYR       1.85
DUTALAND BHD             7.00    04/11/2013   MYR       0.95
DUTALAND BHD             7.00    04/11/2013   MYR       0.43
ENCORP BHD               6.00    02/17/2016   MYR       0.90
KUMPULAN JETSON          5.00    11/27/2012   MYR       1.30
LION DIVERSIFIED         4.00    12/17/2013   MYR       1.17
MALTON BHD               6.00    06/30/2018   MYR       0.90
MITHRIL BHD              3.00    04/05/2012   MYR       0.76
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.20
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.20
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.45
PANTECH GROUP            7.00    12/21/2017   MYR       0.10
PRESS METAL BHD          6.00    08/22/2019   MYR       2.08
REDTONE INTL             2.75    03/04/2020   MYR       0.10
RUBBEREX CORP            4.00    08/14/2012   MYR       0.68
SCOMI ENGINEERING        4.00    03/19/2013   MYR       0.55
SCOMI GROUP              4.00    12/14/2012   MYR       0.06
TRADEWINDS CORP          2.00    02/26/2016   MYR       1.57
WAH SEONG CORP           3.00    05/21/2012   MYR       2.41
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.63
YTL CEMENT BHD           5.00    11/10/2015   MYR       2.34
YTL LAND & DEVEL         3.00    10/31/2021   MYR       0.49


NEW ZEALAND
-----------

BLUE STAR GROUP          9.10    09/15/2015   NZD       4.10
FLETCHER BUILDING        8.50    03/15/2015   NZD       6.90
FONTERRA                 8.50    03/15/2015   NZD      72.00
INFRATIL LTD             8.50    09/15/2013   NZD       7.60
INFRATIL LTD             8.50    11/15/2015   NZD       8.00
INFRATIL LTD             4.97    12/29/2049   NZD      60.00
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.08
NEW ZEALAND POST         7.50    11/15/2039   NZD      67.24
NZF GROUP                6.00    03/15/2016   NZD       2.50
TOWER CAPITAL            8.50    04/15/2014   NZD       1.01
TRUSTPOWER LTD           8.50    09/15/2012   NZD       7.75
TRUSTPOWER LTD           8.50    03/15/2014   NZD       6.45
UNI OF CANTERBUR         7.25    12/15/2019   NZD       0.98


SINGAPORE
---------

BAKRIE TELECOM          11.50    05/07/2015   USD      74.80
BLUE OCEAN              11.00    06/28/2012   USD      37.00
DAVOMAS INTL FIN        11.00    12/08/2014   USD      21.52
UNITED ENG LTD           1.00    03/03/2014   SGD       0.98
WBL CORPORATION          2.50    06/10/2014   SGD       1.02


SOUTH KOREA
-----------

CN 1ST ABS               8.00    02/27/2015   KRW      32.20
CN 1ST ABS               8.30    11/27/2015   KRW      33.50
EX-IMP BK KOREA          0.50    01/25/2017   KRW      68.72
EX-IMP BK KOREA          0.50    10/23/2017   KRW      65.79
EX-IMP BK KOREA          0.50    12/22/2017   KRW      64.97
NEW LIFE 1ST ABS        10.00    03/08/2014   KRW      30.28
SINBO CO 1ST ABS        10.00    06/30/2014   KRW      30.86


SRI LANKA
---------

SRI LANKA GOVT           6.20    08/01/2020   LKR      67.93
SRI LANKA GOVT           7.00    10/01/2023   LKR      66.46
SRI LANKA GOVT           5.35    03/01/2026   LKR      52.96
SRI LANKA GOVT           8.00    01/01/2032   LKR      66.73


THAILAND
--------

THAILAND GOVT            0.75    01/04/2022   THB      74.27


                             *********

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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