TCRAP_Public/120410.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 10, 2012, Vol. 15, No. 71

                            Headlines


A U S T R A L I A

AIMS 2004-1: Fitch Affirms 'Bsf' Rating on AUD18MM Cl. B Notes
HAWKESBURY RIVER: Last Riverboat Postman Goes Into Liquidation
HBS TRUST 2004-1: Fitch Affirms Rating on AUD3.3MM Notes at BBsf
INTERSTAR TITANIUM: Fitch Holds 'BBsf' Rating on AUD6.2MM Notes


C H I N A

CHINA SKY: Singapore Regulator Seeks to Freeze Ex-CEO's Assets
CHINA SHENGHUO: Marcum Bernstein Raises Going Concern Doubt
CITIC BANK: Moody's Issues Summary Credit Opinion
FEIHE INTERNATIONAL: Crowe Horwath Raises Going Concern Doubt
ZHONGPIN INC: SEC Freezes Accounts in Insider Trading Suit


H O N G  K O N G

CHEONG FAI: Creditors and Contributories to Meet on April 18
FEALTY COMPANY: Creditors Get 1.47% Recovery on Claims
MCGILL TRADING: Creditors' Proofs of Debt Due April 19
MAJOR PROFIT: Court to Hear Wind-Up Petition on April 18
MIT TECHNOLOGY: Court Enters Wind-Up Order

NSI LIMITED: Court to Hear Wind-Up Petition on May 2
PEACEWOOD LIMITED: Court to Hear Wind-Up Petition on May 9
POWER OF PRODUCTION: Court Enters Wind-Up Order
SKY CITY: Court to Hear Wind-Up Petition on May 9
UNION BRIDGE: Court Enters Wind-Up Order

V-TRAC HOLDINGS: Court Enters Wind-Up Order
YEWSTAR LIMITED: Creditors' Proofs of Debt Due April 20


I N D I A

A K ENGINEERS: CRISIL Rates INR22.5MM Cash Credit at 'CRISIL B'
APCO AUTOMOBILES: CRISIL Puts 'CRISIL B+' Rating on INR100MM Loan
AVADH ALLOYS: CRISIL Assigns 'CRISIL B' Rating to INR59.8MM Loans
BHUSAWAL PEOPLE'S: RBI Cancels Cooperative Bank License
JAGUAR LAND: Fitch Rates GBP500-Mil. Sr. Unsecured Notes at 'BB-'

KINGFISHER AIRLINES: Asked to Clear US$12MM Service Tax Dues Soon
KINGFISHER AIRLINES: Junior Staff Gets Part of Their Salaries
KINGFISHER AIRLINES: Viable if it Gets More Equity, SBI Says
LABDHI INT'L: CRISIL Assigns 'CRISIL BB-' Rating to INR75MM Loans
NEOTERIC INFORMATIQUE: CRISIL Puts 'BB+' Rating on INR920MM Loans

PLATINA VITRIFIED: CRISIL Rates INR210MM Loans 'CRISIL B+'
PODDAR MERCANTILE: CRISIL Places 'B+' Rating on INR31MM Loans
R.J. & SONS: CRISIL Assigns 'CRISIL BB' Rating to INR30MM Loan
R.K. CONSTRUCTION: CRISIL Rates INR20MM Loan at 'CRISIL BB'
SAMYU GLASS: CRISIL Cuts Rating on INR340MM Loans to 'CRISIL D'

SHIVAM FOODS: CRISIL Assigns 'CRISIL BB-' Rating to INR76MM Loan
SHYAM ENTERPRISES: CRISIL Rates INR35.4MM Term Loan at 'CRISIL D'
S. N. MILK: CRISIL Assigns 'BB-' Rating on INR144.3MM Loans
S. RASIKLAL: CRISIL Assigns 'CRISIL B+' Rating to INR38.5MM Loans
SRI DURGA: CRISIL Assigns 'BB-' Rating on INR56.1MM Loans

SRI LAKSHMI: CRISIL Assigns 'BB' Rating to INR300MM Loans
TRIBENI CONSTRUCTIONS: Fitch Rates Two Loan Facilities at Low-B


I N D O N E S I A

LIPPO KARAWACI: Moody's Changes Outlook on 'B1' CFR to Positive


J A P A N

PROMISE CO: Moody's Upgrades Issuer & Debt Ratings to 'Ba1'


K O R E A

* KOREA: Moody's Repositions BCAs of Corporate GRIs to Baa2-Ba3
* S. Korean Listed Firms' Debt-Repaying Ability Worsen in 2011


N E W  Z E A L A N D

AORANGI SECURITIES: Investor Claims NZ$5.6-Mil., Managers Reveal
BRIDGECORP LTD: Petricevic's Public Profile Parallel to Madoff
CRAFAR FARMS: Landcorp Denies it Would Pay Rent to Chinese Buyer
WAITUNA VALLEY: Placed in Liquidation Over Unpaid Tax Bill


S I N G A P O R E

BELSHIPS SINGAPORE: Creditors' Proofs of Debt Due May 7
ENZER ELECTRONICS: Creditors Get 0.71% Recovery on Claims
FORGLOW BUILDERS: Court to Hear Wind-Up Petition on April 13
SAIZEN REIT: Moody's Upgrades CFR to 'Ba3'; Outlook Stable
SPN INTERNATIONAL: Court to Hear Wind-Up Petition on April 13

YONG ANN: Creditors' Proofs of Debt Due April 19


X X X X X X X X

* BOND PRICING: For the Week April 2 to April 6, 2012


                            - - - - -


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A U S T R A L I A
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AIMS 2004-1: Fitch Affirms 'Bsf' Rating on AUD18MM Cl. B Notes
--------------------------------------------------------------
Fitch Ratings has affirmed AIMS 2004-1 Trust, AIMS 2005-1 Trust
and AIMS 2007-1.  These transactions are backed by pools of
first-ranking Australian residential mortgages originated by AIMS
Home Loans Pty Limited and Loancorp Pty Limited. The rating
actions are as follows:

AIMS 2004-1 Trust:

  -- AUD35.9m Class A3 (ISIN AU300AIM2035) affirmed at 'AAAsf';
     Outlook Stable
  -- AUD18m Class B (ISIN AU300AIM2043) affirmed at 'Bsf';
     Outlook Stable

AIMS 2005-1 Trust:

  -- AUD56.51m Class A (ISIN AU300AIM3017) affirmed at 'AAAsf';
     Outlook Stable
  -- AUD12.8m Class B (ISIN AU300AIM3025) affirmed at 'Bsf';
     Outlook Stable

AIMS 2007-1 Trust:

  -- AUD79.79m Class A (ISIN AU3FN0002663) affirmed at 'AAAsf';
     Outlook Stable
  -- AUD16.3m Class B (ISIN AU3FN0002671) affirmed at 'B'sf;
     Outlook Stable

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

All transactions are paying down sequentially, with principal
collections being allocated to repayment of the Class A notes.
The transactions have benefited from an increase in credit
enhancement due to amortization and seasoning since issuance.

"The underlying mortgage loans in these transactions have
performed in line with Fitch's expectations, with the 30+ day
arrears for January 2012 standing at 3.98%, 3.66% and 5.41% for
AIMS 2004-1 Trust, AIMS 2005-1 Trust and AIMS 2007-1
respectively. They remain above Fitch's 30+ Day Dinkum Index,"
said Kim Bui, Analyst in Fitch's Structured Finance team.

All loans contained in the collateral pools have lenders'
mortgage insurance (LMI) in place, with policies provided by QBE
Lenders' Mortgage Insurance Limited (Insurer Financial Strength
'AA-'/Stable), Genworth Financial Mortgage Insurance Pty Ltd and
MGIC Australia Pty Limited.  Any losses not covered by LMI
policies to date have been covered by excess spread.


HAWKESBURY RIVER: Last Riverboat Postman Goes Into Liquidation
--------------------------------------------------------------
ABC News reports that Hawkesbury River Tourist Services Pty Ltd,
the operator of Australia's last river boat postman, Hawkesbury
River ferry service, has gone into liquidation.

ABC relates that the NSW Transport Department has confirmed the
iconic ferry postal run was placed into liquidation late last
month, after more than 30 years of service.  Around 10 jobs have
been lost, the report notes.

Up until on March 30, ABC notes, the ferry has provided a postal
and general delivery service to residents along the banks of the
Hawkesbury, and has also been a popular tourist attraction.

According to the report, former Federal Liberal MP and ex-ferry
master of the service, Jim Lloyd said it is a sad loss for the
community.

"It rose from pretty humble beginnings to become one of
Australia's major tourist icons," the report quotes Mr. Lloyd as
saying. "Not only was it a tourist mecca but it was also an
essential service for people who lived on the Hawkesbury."

A Transport Department spokesman said interim arrangements have
been made with another local company, authorizing it to operate
as a public transport ferry service in the short-term, ABC
relays.

The ABC understands another local ferry operator is providing the
postal delivery service.

Hawkesbury River Tourist Services Pty Ltd operates the historic
Hawkesbury River ferry service at Brooklyn, north of Sydney.  The
company also operates the Dangar Island Ferry as well as other
cruises and charters.


HBS TRUST 2004-1: Fitch Affirms Rating on AUD3.3MM Notes at BBsf
----------------------------------------------------------------
Fitch Ratings has affirmed HBS Trust 2004-1, a securitisation of
first-ranking Australian residential mortgages originated by
Heritage Bank Limited, as below:

  -- AUD59.8m Class A (ISIN AU300HBS8010) affirmed at 'AAAsf';
     Outlook Stable

  -- AUD3.3m Class B (ISIN AU300HBS8028) affirmed at 'BBsf';
     Outlook Stable

The affirmation reflects Fitch's view that credit enhancement
levels have continued to support the notes' current ratings.  As
of end-February 2012, arrears of 30+ days were low at 0.15% while
arrears of 60+ days were zero.

"Credit quality of the pool remains strong and in line with
Fitch's expectations, while performance remains stable with
arrears typically tracking below Fitch's 30+ Days Dinkum Index,"
said Anthea Clark, Associate Director in Fitch's Structured
Finance team.

HBS Trust 2004-1 has amortised to 12.6% of the original note
balance.

All loans in the pool are covered by mortgage insurance provided
by Permanent LMI Pty Ltd and QBE Lenders' Mortgage Insurance
Limited ('AA-'/Stable).  Losses in the underlying pool have been
limited since the transaction closed in July 2004, and covered by
lender's mortgage insurance.


INTERSTAR TITANIUM: Fitch Holds 'BBsf' Rating on AUD6.2MM Notes
---------------------------------------------------------------
Fitch Ratings has affirmed Interstar Titanium Series 2006-1
Trust, a securitisation of a pool of non-conforming Australian
residential mortgages originated by Interstar Non-Conforming
Finance Pty Limited, and sold by Challenger Inventory Financing
Servicing Pty Limited, as approved seller.

The rating actions are as follows:

  -- AUD6.8m Class B (ISIN AU3FN0002838) affirmed at 'AAsf';
     Outlook Stable

  -- AUD14.6m Class C (ISIN AU3FN0002853) affirmed at 'BBBsf';
     Outlook Stable

  -- AUD6.2m Class D (ISIN AUSFN0002788) affirmed at 'BBsf';
     Outlook Stable

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

"As of end-January 2012, 30+ day arrears were 16.4%, and have
been reasonably stable for the past 12 months. 90+ day arrears
are currently 5.8% of the collateral balance, and have averaged
7.3% for the past 12 months.  There have been no losses recorded
over the last 12 months," said Courtney Miller, Analyst in
Fitch's Structured Finance team.

The notes balance is 10.4% of its original outstanding amount and
the ratings of the outstanding notes are supported by
considerable subordination.  The excess reserve has a current
balance of AUD1.7 million.

As the mortgage portfolio reduces in size, the risk of principal
losses resulting from the concentrated default of large loans
becomes the primary driver of Fitch's analysis.  Currently, the
pool comprises 141 loans with a pool balance of AUD30m.


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C H I N A
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CHINA SKY: Singapore Regulator Seeks to Freeze Ex-CEO's Assets
--------------------------------------------------------------
Bloomberg News reports that the Monetary Authority of Singapore
is seeking a court order to freeze the funds of Huang Zhong Xuan,
the former chief executive officer of China Sky Chemical Fibre
Co., which is being probed for regulatory breaches.

Citing papers filed with the city's High Court on March 28,
Bloomberg discloses that the financial watchdog wants to restrain
Mr. Huang, a Chinese national, from taking or sending money out
of his Credit Suisse Group AG account in Singapore as China Sky
and its directors may be fined as a result of the probe.

"It is imperative that assets should be available to satisfy such
liabilities," Bloomberg quotes Lee King See, deputy director of
enforcement at MAS as saying in court papers. "There is a grave
risk that the monies in the bank account are being dissipated by
Mr. Huang, who isn't in Singapore."  A closed hearing is
scheduled for April 11, the report notes.

According to Bloomberg, the regulator's move is the latest in a
series of disputes the Chinese nylon-fiber maker and its
directors have had with Singapore authorities. China Sky and its
board are being investigated by the white-collar crime agency for
potential breaches of securities laws, after "a number of
irregularities" were uncovered by the Singapore Exchange,
according to court papers obtained by Bloomberg.

Mr. Huang, according to court papers, had transferred about
$10 million out of the bank account on March 5; and on March 27,
gave instructions to move the remaining $3.7 million, Bloomberg
relays.

The Commercial Affairs Department, which began the probe on
Feb. 16, is examining possible offenses including making false
and misleading statements as well as failing to disclose material
information, according to the filing cited by Bloomberg.

Quanzhou, China-based China Sky Chemical Fibre Co., Ltd., engages
in the manufacture and sale of chemical fibers.


CHINA SHENGHUO: Marcum Bernstein Raises Going Concern Doubt
-----------------------------------------------------------
China Shenghuo Pharmaceutical Holdings, Inc., on March 30, 2012,
filed its annual report on Form 10-K for the fiscal year ended
Dec. 31, 2011.

Marcum Bernstein & Pinchuk LLP, in New York, N.Y., expressed
substantial doubt China Shenghuo's ability to continue as a going
concern.  The independent auditors noted that the Company has a
significant working capital deficiency.

The Company reported net income $131,707 on $44.16 million of
sales for 2011, compared with net income of $1.28 million on
$32.70 million of sales for 2010.

The Company's balance sheet at Dec. 31, 2011, showed
$58.31 million in total assets, $52.80 million in total
liabilities, and stockholders' equity of $5.51 million.

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

                        http://is.gd/ifbJrq

Located in Kunming National Economy & Technology Developing
District, China, China Shenghuo Pharmaceutical Holdings, Inc.,
was incorporated in the State of Delaware on May 24, 2005.  The
Company is primarily engaged in the research, development,
manufacture, and marketing of pharmaceutical, nutritional
supplement and cosmetic products.  Almost all of the Company's
products are derived from the medicinal herb Panax notoginseng,
also known as Sanqi, Sanchi or Tienchi.  Panax notoginseng is a
greyish-brown or greyish-yellow plant that only grows in a few
geographic locations on earth, one of which is Yunnan Province in
southwest China, where the Company's operations are located.  The
main root of Panax notoginseng is cylindrically shaped and is
most commonly one-to-six centimeters long and one-to-four
centimeters in diameter.  Panax notoginseng saponins (PNS), the
active ingredient in Panax notoginseng, is extracted from the
plant using high-tech equipment and in accord with Good
Manufacturing Practice ("GMP") standards.  The Company's main
product, Xuesaitong Soft Capsules, accounted for approximately
84.5% of the Company's sales for the year ended Dec. 31, 2011.


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

Moody's current ratings on CITIC Bank International Limited and
its affiliates are:

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

Long Term Bank Deposits (domestic and foreign currency) ratings
of Baa2

Long Term Deposit Note/CD Program (domestic and foreign
currency) ratings of (P)Baa2

Bank Financial Strength ratings of D+

Subordinate (foreign currency) ratings of Baa3

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

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

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

Short Term Deposit Note/CD Program (domestic and foreign
currency) ratings of (P)P-2

CKWH-UT2 Limited

BACKED Junior Subordinate (foreign currency) ratings of Ba1
(hyb)

Ratings Rationale

Moody's assigns a bank financial strength rating (BFSR) of D+ to
CITIC Bank International, which translates into a baseline credit
assessment of baa3. The rating reflects the bank's good
capitalization, revamped risk management framework and processes,
and steadily-improving asset quality metrics. Nevertheless, the
positive factors are offset by its residual exposures to
potentially risky Chinese borrowers, high borrower concentration,
and below peer-average profitability.

CBI's Baa2 long-term global local currency deposit rating factors
in very high parental support from China CITIC Bank Corporation
Limited, which owns 70% of the bank. The remaining 30% is owned
by Banco Bilbao Vizcaya Argentaria, S.A.. The rating does not
factor in any support from BBVA due to its minority ownership.
Given CBI's small market share in Hong Kong, Moody's does not
incorporate any systemic support from the Hong Kong government in
the rating.

Moody's assigns (P)Baa2 rating to senior unsecured debts, (P)Baa3
rating to long-term foreign currency dated subordinated debts,
and (P) Ba1 rating to undated subordinated debts in the bank's
Medium-Term Notes program. Moody's also assigns Baa3 rating to
the bank's outstanding foreign currency subordinated debts and
Ba1 (hyb) rating to its outstanding undated subordinated debts.

Rating Outlook

The outlook on all of the bank's ratings is stable.

What Could Change the Rating - Up

The bank's BFSR could be upgraded if its revamped risk management
framework and processes lead to improved asset quality
performance over an extended period, with impaired loans
consistently remaining below 0.8% of gross loans. A material
improvement in the bank's profitability (through increased
contribution from non-interest generating businesses) with core
pre-provisioning profits rising above 3.0% of risk-weighted
assets, could also trigger a rating upgrade.

What Could Change the Rating - Down

CBI's BFSR may be downgraded if its asset quality deteriorates
due to aggressive and imprudent credit growth, with impaired
loans rising above 2.5% of gross loans. Any aggressive growth
leading to lower capitalization, with Tier-1 capital adequacy
falling below 8.5%, may also trigger a downgrade. Meanwhile, the
bank's deposit rating may also be downgraded if there is a
weakening in parental support.

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: Global Methodology published in March 2012, and Moody's
Guidelines for Rating Bank Hybrid Securities and Subordinated
Debt published in November 2009.


FEIHE INTERNATIONAL: Crowe Horwath Raises Going Concern Doubt
-------------------------------------------------------------
Feihe International, Inc., filed its annual report on Form 10-K
for the fiscal year ended Dec. 31, 2011.

Crowe Horwath (HK) CPA Limited, in Hong Kong, expressed
substantial doubt about Feihe International's ability to continue
as a going concern.  The independent auditors noted that of the
Company's deficiency of net current assets and significant cash
commitments in the next twelve months, including maturity of
short term bank loans of $54.6 million, current portion of long
term bank loans of $5.9 million and redemption of redeemable
common stock of $32.7 million.

The Company reported a net loss of $1.07 million on
$292.94 million of sales for 2011, compared with a net loss of
$9.89 million on $256.61 million of sales for 2010.

The Company's balance sheet at Dec. 31, 2011, showed
$441.80 million in total assets, $266.30 million in total
liabilities, and stockholders' equity of $175.50 million.

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

                       http://is.gd/g5Er0d

Located in Beijing, China, Feihe International, Inc., produces
and distributes milk powder, soybean milk powder, and related
dairy products in the People;s Republic of China, or the PRC.


ZHONGPIN INC: SEC Freezes Accounts in Insider Trading Suit
----------------------------------------------------------
The Securities and Exchange Commission announced on April 6,
2012, that it has obtained a court-ordered freeze of the assets
of six Chinese citizens and one British Virgin Islands entity
charged with insider trading in Zhongpin Inc.

The SEC's complaint, filed in U.S. District Court in Chicago on
April 4, alleges the defendants reaped more than $9 million by
trading in Zhongpin ahead of a March 27 announcement of a
proposal to take the company private.  The complaint names as
defendants one entity, Prestige Trade Investments Ltd., and six
individuals, Siming Yang, Caiyin Fan, Shui Chong (Eric) Chang,
Biao Cang, Jia Wu, and Ming Ni.  The SEC alleged that Yang formed
Prestige in January and funded its U.S. brokerage account in
March with $29 million transferred from a Hong Kong bank.

According to the SEC's complaint, the seven defendants bought
substantial quantities of common stock and call options in
Zhongpin between March 14 and March 26. Zhongpin's stock price
jumped 21.8% on March 27 when the company publicly announced that
its Chairman and CEO Xianfu Zhu had made a non-binding offer to
acquire all of Zhongpin's outstanding stock at $13.50 a share, a
46% premium over the previous day's closing price.

"The defendants in this action - all with seemingly limited
resources - suddenly and inexplicably purchased more than
$20 million in Zhongpin securities just before an important
public announcement," said Merri Jo Gillette, Director of the
SEC's Chicago Regional Office. "The SEC's swift action to secure
a judicial freeze order prevented millions of dollars from moving
offshore."

The SEC alleges that the purchases of Zhongpin stock and options
were inconsistent with the defendants' financial situations and
prior investment behavior.  In particular:

   -- The defendants' trades made up a significant portion of
      the trading in Zhongpin between March 14 and March 26.
      Prestige's purchases alone represented about 41% of the
      common stock trading in this period.

   -- Only one of the defendants had traded in Zhongpin before
      March 14.

   -- For most of the individual defendants, the purchases of
      Zhongpin securities equaled or exceeded their stated annual
      income and represented a significant portion of their net
      worth.

   -- Yang identified himself to his broker as an accountant in
      China with an annual income of $52,500 and a net worth of
      less than $250,000, when at the time he was a research
      analyst with a New York-based registered investment
      adviser.

   -- Each of the defendants placed at least some of their trades
      from computer networks and hardware that other defendants
      also used to place trades.

The SEC alleges that the defendants violated federal anti-fraud
laws, namely Section 10(b) of the Securities Exchange Act of 1934
and Rule 10b-5 thereunder. In addition to the emergency relief,
the SEC is seeking permanent injunctions, disgorgement of ill-
gotten gains with prejudgment interest, and financial penalties.
The emergency court order that the SEC obtained on April 4 on an
ex parte basis froze defendants' assets held in U.S. brokerage
accounts, grants expedited discovery and prohibits the defendants
from destroying evidence.

Jedediah B. Forkner, Marlene B. Key and John E. Kustusch in the
Chicago Regional Office conducted the SEC's investigation, which
is continuing.  Timothy S. Leiman will lead the SEC's litigation
effort.

The Commission thanks the Options Regulatory Surveillance
Authority and the Financial Industry Regulatory Authority for
their assistance in this matter.

Zhongpin, Inc. engages in the meat and food processing operations
in the People's Republic of China. The Company is based in
Changge City, the People's Republic of China.


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


CHEONG FAI: Creditors and Contributories to Meet on April 18
------------------------------------------------------------
Creditors and contributories of Cheong Fai Hardware (H.K.)
Limited will hold their first meetings on April 18, 2012, at
10:00 a.m., and 11:00 a.m., respectively at 5th Floor Ho Lee
Commercial Building, 38-44 D'Aguilar Steet, Central, in Hong
Kong.

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


FEALTY COMPANY: Creditors Get 1.47% Recovery on Claims
------------------------------------------------------
Fealty Company Limited, which is in liquidation, will declare the
final ordinary and unsecured dividend to its creditors on
April 13, 2012.

The company will pay 1.47% for ordinary claims.

The company's liquidators are:

         Pui Chiu Wing
         Neil Collins Corporate Advisory Limited
         Room 10, 16/F
         Parklane Centre
         25 Kin Wing Street
         Tuen Mun, N.T., Hong Kong


MCGILL TRADING: Creditors' Proofs of Debt Due April 19
------------------------------------------------------
Creditors of McGill Trading Company Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by April 19, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

         Kenny King Ching Tam
         Room 908, 9/F
         Nan Fung Tower
         173 Des Voeux Road
         Central, Hong Kong


MAJOR PROFIT: Court to Hear Wind-Up Petition on April 18
--------------------------------------------------------
A petition to wind up the operations of Major Profit
International Limited will be heard before the High Court of Hong
Kong on April 18, 2012, at 9:30 a.m.

Cheung Man Fai filed the petition against the company on Feb. 10,
2012.

The Petitioner's solicitors are:

          Ho, Tse, Wai & Partners
          7/F, Bangkok Bank Building
          28 Des Voeux Road
          Central, Hong Kong


MIT TECHNOLOGY: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on March 28, 2012,
to wind up the operations of MIT Technology Co., Limited.

The official receiver is Teresa S W Wong.


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

The Petitioner's solicitors are:

          GALL
          Room 302, 3rd Floor
          Dina House, Ruttonjee Centre
          11 Duddell Street
          Central, Hong Kong


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

Chan Fuk Yiu filed the petition against the company on March 5,
2012.


POWER OF PRODUCTION: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Hong Kong entered an order on March 28, 2012,
to wind up the operations of Power of Production Company Limited.

The official receiver is Teresa S W Wong.


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

Wong Chun Leung filed the petition against the company on
March 5, 2012.


UNION BRIDGE: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on March 12, 2012,
to wind up the operations of Union Bridge International Limited.

The company's liquidators are Ho Man Kit Horace and Kong Sau Wai.


V-TRAC HOLDINGS: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order on March 28, 2012,
to wind up the operations of V-Trac Holdings Limited.

The official receiver is Teresa S W Wong.


YEWSTAR LIMITED: Creditors' Proofs of Debt Due April 20
-------------------------------------------------------
Creditors of Yewstar Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
April 20, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on March 28, 2012.

The company's liquidator is:

         Lin Chao Ming Jason
         16 Chung-Kuang Alley
         Hsie-Nan Rd
         Lin #7, Hsie-Ba Village
         Wu-Jui Hsiang, Tai-Chung Hsien
         Taiwan


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A K ENGINEERS: CRISIL Rates INR22.5MM Cash Credit at 'CRISIL B'
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of A K Engineers.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee          60         CRISIL A4
   Cash Credit             22.5       CRISIL B/Stable

The ratings reflect AKE's small scale of operation in the highly
fragmented civil construction industry, customer and geographical
concentration in revenue profile, and stretched liquidity owing
to working-capital-intensive operations. These rating weaknesses
are partially offset by AKE's moderate order book providing
revenue visibility over the medium term.

Outlook: Stable

CRISIL believes that AKE will benefit over the medium term from
its long-standing presence in the civil construction industry and
moderate order book. The outlook may be revised to 'Positive' if
AKE strengthens its business profile through improvement in its
scale of operations or through greater customer and geographical
diversity, or in case of improvement in liquidity through better-
than-expected accruals or working capital management, or through
infusion of capital by the proprietor. Conversely, lower-than-
expected accruals or stretched working capital or any large debt-
funded capital expenditure, leading to weakening in the firm's
liquidity, may lead to a revision in the outlook to 'Negative'.

                        About A K Engineers

AKE, a proprietorship concern of Mr. Arup Kumar Som, is engaged
in civil construction business primarily in construction of
canals and sewerages in West Bengal (WB). In the past, the firm
has undertaken several projects for construction of commercial
complex, housing, reservoir, roads, and land devolvement.
However, currently, the firm is concentrating primarily on canals
and drainages construction/improvement for Irrigation & Waterways
Department, Govt of WB (I &W Dept, WB) and Kolkata Municipal
Corporation. The firm is engaged in civil construction since
1982. AKE is also registered with the Public Health Engineering,
WB, and WB Hidco Ltd.


APCO AUTOMOBILES: CRISIL Puts 'CRISIL B+' Rating on INR100MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Apco Automobiles Pvt Ltd.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit            100         CRISIL B+/Stable
   Inventory Funding       50         CRISIL A4
   Facility

The ratings reflect AAPL's below-average financial risk profile,
marked by high total outside liabilities to tangible net worth
ratio and moderate debt protection metrics, revenue
concentration, and exposure to intense competition in the
automobile dealership industry. These rating weaknesses are
partially offset by AAPL's established position in the automobile
dealership market for Tata Motors Ltd (TML; rated 'CRISIL AA-
/Stable/CRISIL A1+') in North Kerala.

Outlook: Stable

CRISIL believes that AAPL will continue to benefit over the
medium term from its established position in the automobile
dealership market for TML in North Kerala and promoters'
extensive industry experience. The outlook may be revised to
'Positive' if AAPL's volumes and operating margin improve
substantially or in case of any significant equity infusion by
the promoters, resulting in improvement in its capital structure
and debt protection metrics. Conversely, the outlook may be
revised to 'Negative' if AAPL's market share declines, thereby
significantly impacting its revenues and profitability, or if it
undertakes any large debt-funded capital expenditure programme,
thereby weakening its capital structure and cash accruals.

                      About Apco Automobiles

Incorporated in 2007 and based in Calicut (Kerala), AAPL is the
exclusive authorised dealer for TML's small commercial vehicles
(SCV) in five districts of Kerala - Kannur, Kasargod, Kozhikode,
Mallapuram, and Wayanad. Apart from SCVs, the company also sells
light commercial vehicles and intermediate commercial vehicles.
AAPL currently operates four showrooms with sales, service, and
spares (3S) facilities in Calicut, Kannur, Mallapuram, and
Wayanad and 12 sales outlets spread across the five districts.
AAPL is now planning to set up its fifth 3S facility showroom in
Kasargod. The showroom is expected to be commissioned by January
2013. AAPL is promoted by Mr. A P Abdul Kareem along with his
five brothers.


AAPL reported a profit after tax (PAT) of INR5.80 million on net
sales of INR771.25 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR7.85 million on net
sales of INR478.96 million for 2009-10.


AVADH ALLOYS: CRISIL Assigns 'CRISIL B' Rating to INR59.8MM Loans
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Avadh Alloys Pvt Ltd.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan               14.8       CRISIL B/Stable
   Cash Credit             45         CRISIL B/Stable
   Letter of Credit        10         CRISIL A4

The ratings reflect AAPL's weak financial risk profile, marked by
high gearing, small net worth, and weak debt protection metrics,
and small scale of operations. These rating weaknesses are
partially offset by the extensive industry experience of AAPL's
promoters.


Outlook: Stable

CRISIL believes that AAPL will benefit over the medium term from
its promoters' extensive experience in the steel industry. The
outlook may be revised to 'Positive' if AAPL registers more-than-
expected profitability or growth in its topline, leading to
significant improvement in the financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the
company's financial risk profile weakens because of lower-than-
expected cash accruals or if it undertakes a larger-than-expected
debt-funded capital expenditure programme.

                        About Avadh Alloys

Incorporated in 1991, AAPL manufactures mild steel (MS) ingots,
runner riser, MS strips, MS pipes, shutter patti, and U-channel.
Shutter patti is used to manufacture shop shutters and U-channel
is used to make the device which operates the shutters. AAPL's
plant in Muzzafarnagar (Uttar Pradesh) has a capacity of about
1000 tonnes per month.


AAPL reported a profit after tax (PAT) of INR0.7 million on net
sales of INR242.3 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.7 million on net
sales of INR226.3 million for 2009-10.


BHUSAWAL PEOPLE'S: RBI Cancels Cooperative Bank License
-------------------------------------------------------
The Reserve Bank of India has cancelled the license of The
Bhusawal People's Co-operative Bank Ltd - the Jalgaon-based
cooperative bank in Maharashtra.

RBI says: "In view of the fact that The Bhusawal People's Co-
operative Bank Ltd., Bhusawal, Jalgaon (Maharashtra), had ceased
to be solvent, all efforts to revive it in close consultation
with the Government of Maharashtra had failed and the depositors
were being inconvenienced by continued uncertainty, the Reserve
Bank of India [RBI] delivered the order cancelling its licence to
the bank and the same is effective from the close of business as
on March 22, 2012. The Registrar of Co-operative Societies,
Maharashtra has also been requested to issue an order for winding
up the bank and appoint a liquidator for the bank. It may be
highlighted that on liquidation, every depositor is entitled to
repayment of his/her deposits up to a monetary ceiling of
'1,00,000/- (Rupees One lakh only) from the Deposit Insurance and
Credit Guarantee Corporation under usual terms and conditions.

"The bank was granted a license by RBI on March 31, 1980 to
commence banking business. The statutory inspection of the bank
under Section 35 of the Banking Regulation Act, 1949 (As
Applicable to Co-operative Societies) (hereinafter referred to as
the 'Act'), with reference to its financial position as on
March 31, 2006 revealed that the gross and net NPAs were assessed
at 19.0% & 15.2% of gross and net advances, respectively. The
total loss of the bank for the year 2005-06 was assessed at
(-)'34.15 lakh.

"The bank was issued operational instructions based on the
findings of inspection with reference to its financial position
as on March 31, 2006. The bank's exposure limits for lending to
individual/group borrowers was restricted to 10% and 25% of its
capital funds vide RBI's letter dated September 20, 2006. The
bank was further prohibited vide letter dated February 5, 2009 to
make any fresh lending or to renew any credit facility except
those which are classified as standard.

"The financial parameters of the bank continued to deteriorate
further as revealed during subsequent inspections conducted with
reference to its financial position as on March 31, 2007;
March 31, 2008; March 31, 2009; and March 31, 2010.

"The statutory inspection of the bank under Section 35 of the
Act, with reference to the financial position of the bank as on
March 31, 2011 revealed further deterioration in its financial
position and other violations. Its net worth was assessed at (-)
'420.77 lakh and CRAR was assessed at (-) 13.3% The erosion in
deposits was to the extent of 27.1%. The gross and net NPAs
formed 88.5% and 69.7% of the gross and net advances
respectively. The assessed net loss of the bank stood at '264.64
lakh for the year ended March 31, 2011. The accumulated losses
reported by the bank as on March 31, 2011 stood at '813.03 lakh.

"In view of the deteriorating financial position, the bank was
placed under all inclusive directions under Section 35 A of the
Act from the close of business as on October 25, 2011 vide
directive UBD.CO.BSD1/D-60/12.22.027/2011-12 dated Oct. 24, 2011
placing restrictions on its activities.

"Serious deficiencies as mentioned above revealed that the
affairs of the bank were being conducted in a manner detrimental
to the interests of the depositors. The bank did not comply with
the provisions of Sections 11(1), 22(3) (a) and 22(3) (b) of the
Act. Based on the financial position of the bank as on March 31,
2011 the bank was issued a Show Cause Notice (SCN) vide letter
dated Nov. 23, 2011 to show cause as to why the licence granted
to it on March 31, 1980 to carry on banking business under
Section 22 of the Act should not be cancelled and the bank be
taken into liquidation. The bank had submitted reply to the SCN
vide its letter dated December 21, 2011 and the same was examined
and not found to be satisfactory. The bank had not submitted any
concrete viable revival plan or merger proposal.

"Therefore, RBI took the extreme measure of cancelling licence of
the bank in the interest of bank's depositors. With the
cancellation of licence and commencement of liquidation
proceedings, the process of paying the depositors of the The
Bhusawal People's Co-operative Bank Ltd., Bhusawal, Jalgaon
(Maharashtra) the amount insured as per the DICGC Act, will be
set in motion subject to the terms and conditions of the Deposit
Insurance Scheme.

"Consequent to the cancellation of its license, The Bhusawal
People's Co-operative Bank Ltd., Bhusawal, Jalgaon (Maharashtra)
is prohibited from carrying on 'banking business' as defined in
Section 5(b) of the Act."


JAGUAR LAND: Fitch Rates GBP500-Mil. Sr. Unsecured Notes at 'BB-'
-----------------------------------------------------------------
Fitch Ratings has assigned UK-based Jaguar Land Rover PLC's (JLR,
'BB-'/Stable) GBP500 million 8.25% senior unsecured notes due
2020 a final rating of 'BB-'.  This follows the completion of the
issue and the receipt of final documents conforming to
information previously received.  The final rating is the same as
the expected rating assigned on 22 March 2012.  The notes rank
equally with JLR's outstanding USD820m and GBP500 million senior
unsecured notes issued in May 2011, which are also rated 'BB-'.

Using the top-down approach under its "Parent and Subsidiary
Rating Linkage Criteria", Fitch continues to rate JLR at a notch
below TML's rating to reflect strong linkages between the two
entities and JLR's strategic importance to TML.  The latter is
reflected by JLR's large contribution to TML's consolidated
revenue and EBITDA (around 70% and 80%, respectively, for the
nine months ended 31 December 2011 (9MFY12)), and the
direct/indirect support provided by TML since it acquired JLR in
FY09.

JLR's ratings factor in its strong revenue growth of 31% yoy to
GBP9,386.9m and high operating profitability of 16.8% (9MFY11:
16.5%) in 9MFY12, driven by high volumes of Land Rover vehicles
and increased contribution from emerging markets.  TML
(standalone) registered 15.7% yoy revenue growth to
INR379,158 million in this period, although EBITDA margins
declined to 7.5% from 10.8% due to higher input costs and pricing
pressures.

On a consolidated basis, despite a significant increase in debt
in FY12 (partly attributed to JLR's notes issuances), Fitch
expects TML's financial leverage (net adjusted debt/operating
EBITDA) to remain below 1.6x at FYE12.  This is due to JLR's
large cash balances from internal accruals and the unused portion
of its notes issuances.  Despite higher interest costs in the
year, Fitch expects TML's FY12 coverage metrics to remain
comfortable at over 7.5x, in line with its 9MFY12 performance.

TML's rating factors in a one-notch uplift for potential support
from the Tata Group.  Any weakening of linkages between the group
and TML would be negative for the rating.  Similarly, any
weakening of linkage between TML and JLR would be negative for
JLR's ratings.

Also, consolidated financial leverage (excluding TML's financial
subsidiary - Tata Motor Finance Limited) exceeding 2.0x on a
sustained basis due to reduced sales or profitability, or higher-
than-expected debt levels would be negative for TML's unsupported
rating.

Positive rating action could result from a substantial
improvement in JLR's geographic and product diversification,
together with successful product development plans.  A
significant improvement in market share in the smaller luxury
cars and SUVs segment and higher-than-expected growth in
traditional markets on a sustained basis while maintaining low
leverage would also be positive for the ratings.

For FY11, on a consolidated basis, TML reported revenue of
INR1,231.3bn (FY10: INR925.2bn), an EBITDA of INR177.8bn
(INR86.1bn), EBITDA gross interest coverage of 8.69x (3.85x) and
a net adjusted debt/EBITDA of 1.39x (3.37x).  During the same
period, JLR reported revenue of GBP9,870.7m (GBP6,527.2m), an
EBITDA of GBP1,465.3m (GBP321.5m), EBITDA gross interest coverage
of 44.27x (6.07x) and a net adjusted debt/EBITDA of 0.35x
(2.13x).


KINGFISHER AIRLINES: Asked to Clear US$12MM Service Tax Dues Soon
-----------------------------------------------------------------
The Times of India reports that a top finance ministry official
said tax authorities have asked Kingfisher Airlines Ltd to clear
service tax dues of INR600 million (US$11.84 million) at the
earliest.

"There is no question of leeway to Kingfisher on payment of
service tax," SK Goel, chairman of India's Central Board of
Excise and Customs, told reporters.

The report relates that Mr. Goel also said the airline's bank
accounts have been defrozen.

                      About Kingfisher Airlines

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

                        *     *     *

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

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


KINGFISHER AIRLINES: Junior Staff Gets Part of Their Salaries
-------------------------------------------------------------
The Economic Times reports that a section of employees of crisis-
ridden Kingfisher Airlines Ltd on April 4 received part of their
pending salaries.

"Some of the junior staff have finally been paid (their dues).
But they have received only one month basic salary," the report
quotes an airline staffer as saying.

The payment comes following KFA Chairman Vijay Mallya's assurance
to the employees that their dues would be paid in a staggered
manner by April 10, ET relates.

On April 2, the report recalls, a section of KFA employees,
mainly pilots, engineers and cabin crew staff, had threatened to
strike work if the management of the private carrier did not pay
their dues by April 3.  They later relented following a late
night meeting with Mr. Mallya.

Appealing to the agitated employees not to strike work, Mallya
reiterated his promise of clearing the salary dues of junior
staff, including those involved in ground handling and security,
by April 4 and of the pilots and engineers by April 10, according
to the report.

                     About Kingfisher Airlines

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

                        *     *     *

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

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


KINGFISHER AIRLINES: Viable if it Gets More Equity, SBI Says
------------------------------------------------------------
The Economic Times reports that State Bank of India, the largest
lender to Kingfisher Airlines, said the cash-strapped company
will be viable if it gets more equity.

"Fresh viability is there for everyone to see. If they
(Kingfisher) get more equity, the company is viable," SBI
Chairman Pratip Chaudhuri told reporters, according to ET.

The report relates that Mr. Chaudhuri further said on the whole,
aviation companies needed equity and fresh equity would improve
their finances.

"However, these things don't happen overnight. There are
protracted negotiations about price but the company (Kingfisher)
is working hard on this. We are optimistic and expect equity to
come," the report quotes Mr. Chaudhuri as saying.

Mr. Chaudhuri further clarified that the bank has not sent any
recall notice to Kingfisher asking them to repay loan, but added
that its "loan is at default," ET relays.

SBI has an exposure of INR1,408.45 crore to KFA, according to ET.

                       About Kingfisher Airlines

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

                        *     *     *

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

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


LABDHI INT'L: CRISIL Assigns 'CRISIL BB-' Rating to INR75MM Loans
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Labdhi International
Pvt Ltd continue to reflect Labdhi's established track record as
a distributor of polymers for Haldia Petrochemicals Ltd. This
rating strength is partially offset by Labdhi's weak financial
risk profile marked by weak interest coverage and high total
outside liabilities to total net worth (TOLTNW) ratios, high
debtor risks, and customer concentration in revenue profile.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit            70.00       CRISIL BB-/Stable
   Cheque Discounting      5.00       CRISIL BB-/Stable
   Letter of Credit       80.00       CRISIL A4+
   Bank Guarantee         25.00       CRISIL A4+

Outlook: Stable

CRISIL believes that Labdhi will benefit from its increasing
scale of operations and long association with Haldia Petro over
the medium term. The outlook may be revised to 'Positive' if
Labdhi's capital structure improves significantly, led by
sustained improvement in profitability. Conversely, the outlook
may be revised to 'Negative' if Labdhi's financial risk profile
deteriorates materially because of large losses on recovery of
receivables or significant increase in working capital
requirements.

Update

Being a del credere agent, Labdhi only records the commission and
discounts as its income. The cost of the materials sold is not
reflected on the company's books. Additionally, the interest
earned on extending credit to its customers has also been treated
as operating income. Since 2010-11 (refers to financial year,
April 1 to March 31), the company has started importing polymer
products, which led to increase in its operating income to INR90
million in 2010-11 from INR9 million in 2009-10. For 2011-12, the
company is likely to report an operating income of INR200 million
to INR250 million, driven primarily by increase in trade of
imported polymer products. Labdhi's volume of products as a del
credere agent of Haldi Petro is, however, expected to decline
during 2011-12 to around 28,000 tonnes from 42,500 tonnes in
2010-11 because of regular shutdown at Haldia Petro's plant
during the year.

Labdhi's financial risk profile continues to be weak, marked by
weak TOLTNW and interest coverage ratios. TOLTNW ratio was 6.2
times and interest coverage ratio was 1.4 times in 2010-11. Cash
credit limit of INR70 million remained moderately utilised at 86
per cent for the 12 months ended February 29, 2012.

Labdhi reported a net profit of INR4.4 million on net sales of
INR73.4 million for 2010-11, against a net profit of INR1.2
million on net sales of INR7.9 million for 2009-10.

                        About Labdhi International

Labdhi was established in 1991 as a partnership firm and was
reconstituted as a private limited company in February 2011. The
company is being promoted by Mr. Umesh Doshi. Labdhi is one of
Haldia Petro's two del credere agents in Gujarat. The products
sold by the company include low-density poly ethylene, low-linear
density polyethylene, polypropylene, high-density polypropylene,
and poly vinyl chloride. Labdhi's monthly sales range between
2000 and 3000 tonnes of polymer products.


Over the past one year, Labdhi has started importing certain
polymer products from the United Arab Emirates to be sold in the
domestic market. This operation is expected to supplement the
firm's del credere operations, as polymer products that are not
available with Haldia Petro would be imported.


NEOTERIC INFORMATIQUE: CRISIL Puts 'BB+' Rating on INR920MM Loans
-----------------------------------------------------------------
CRISIL has placed its ratings on the bank facilities of Neoteric
Informatique Limited on 'Notice of Withdrawal' for a period of
180 days on Neoteric's request. CRISIL will withdraw its ratings
at the end of the notice period.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             555        CRISIL BB+/Positive
   Proposed Long-Term      365        CRISIL BB+/Positive
    Bank Loan Facility
   Bill Discounting        200        CRISIL A4+
   Letter of Credit        680        CRISIL A4+

                      About Neoteric Informatique

Neoteric commenced operations in 1991 as a reseller of IT
products. The company commenced distribution operations at the
national level in 1997; it currently has an established presence
in the domestic IT hardware distribution space, with an
authorised distributorship of over 30 brands. Neoteric has 38
branches, 8 representative offices, and 4 logistic centres,
catering to over 6000 channel partners in more than 350 cities.
The company also provides after-sales services for most of its
products. Neoteric has a representative office in Shenzhen,
China, which is used for sourcing components.


PLATINA VITRIFIED: CRISIL Rates INR210MM Loans 'CRISIL B+'
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Platina Vitrified Pvt Ltd.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan               160        CRISIL B+/Stable
   Cash Credit              50        CRISIL B+/Stable
   Bank Guarantee           27.5      CRISIL A4

The ratings reflect PVPL's below-average financial risk profile
and exposure to high offtake risks considering the bunching up of
fresh capacity in the ceramic tiles industry. These rating
weaknesses are partially offset by the extensive industry
experience of PVPL's promoters and the strategic location of its
manufacturing facility.

Outlook: Stable

CRISIL believes that PVPL will benefit over the medium term from
the strategic location of its manufacturing facilities and
promoters' extensive experience in the ceramic tiles industry.
The outlook may be revised to 'Positive' in case the company
records better-than-expected revenue growth or higher-than-
expected profitability. Conversely, the outlook may be revised to
'Negative' if PVPL's revenues and profitability are less than
expected once the project is commissioned, or if the company
undertakes a major debt-funded capital expenditure programme.

                      About Platina Vitrified

PVPL was incorporated in March 2011 and has undertaken a project
to install manufacturing capacities for vitrified tiles with
capacity of 6000 boxes per day (around 54,000 tonnes per annum).
The unit is being installed in Morbi (Gujarat). PVPL's operations
are expected to commence commercial production by April 2012. The
cost of the project is INR272.22 million, which is being funded
with a term loan of INR160 million, unsecured loans of INR32.22
million extended by the promoters, and equity funding of
INR80.00 million. This translates into debt-promoters'
contribution of 2.43 times.


PODDAR MERCANTILE: CRISIL Places 'B+' Rating on INR31MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4'ratings to
the bank facilities of Poddar Mercantile Pvt Ltd.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan               21.5       CRISIL B+/Stable
   Cash Credit              9.5       CRISIL B+/Stable
   Packing Credit          19         CRISIL A4
   Letter of Credit        40         CRISIL A4

The ratings reflect PMPL's small scale of operations in a
competitive industry, working-capital-intensive operations, and
continuous year-on-year fall in operating profitability. These
rating weaknesses are partially offset by the extensive
experience of PMPL's promoters in the plastic bags and liners
manufacturing business.

Outlook: Stable

CRISIL believes that PMPL will benefit over the medium term from
its promoter's extensive experience in manufacturing
polypropylene (PP) /High-density polyethylene (HDPE)/Low-density
polyethylene (LDPE) bags and liners. The outlook may be revised
to 'Positive' in case of improvement in the company's scale of
operations, along with sustained profitability or improvement in
liquidity driven by efficient working capital management.
Conversely, lower-than-expected profitability and deterioration
in liquidity on account of a further stretch in working capital
or considerable delays in execution of capacity expansion plans
may drive a revision in the outlook to 'Negative'.

                      About Poddar Mercantile

Incorporated in 1998, PMPL commenced manufacturing PP/LDPE/HDPE
bags and liners in October 2004 on jobwork basis for Haldia
Petrochemicals Ltd (HPL). However, gradually, PMPL also started
manufacturing bags. In 2007-08 (refers to financial year, April 1
to March 31), the company, after developing a market for its own
products, completely discontinued jobwork for HPL. PMPL exports
PP/LDPE/HDPE garbage and T-shirt bags to around seven customers
based in Germany, the USA, West Indies, and Italy and sells
plastic liners locally to around 10 customers in Kolkata (West
Bengal [WB]). The company has an installed capacity to
manufacture 200 tonnes of bags and liners per month. Its
manufacturing facility is located in Dhulagarh (WB). PMPL is
increasing its installed capacity to 500 tonnes per month by
June 2012 with an estimated capital outlay of around INR30
million. PMPL's day-to-day operations are managed by its
promoter-director, Mr. Ashok Kumar Poddar.


R.J. & SONS: CRISIL Assigns 'CRISIL BB' Rating to INR30MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/ CRISIL A4+' ratings to
the bank facilities of R.J. & Sons Marketing Pvt Ltd.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee          20         CRISIL A4+
   Cash Credit             30         CRISIL BB/Stable

The ratings reflect the benefits that RJSMPL derives from its
promoters' extensive industry experience and its established
relations with its customers and suppliers, and the company's
above-average financial risk profile driven by a comfortable
capital structure and debt protection indicators, albeit
constrained by a small net worth. These rating strengths are
partially offset by RJSMPL's small scale of operation with
regional concentration, low profitability because of the trading
nature of business, and susceptibility to cyclical investments in
the real estate and infrastructure segments and to moderate
receivable risk.

Outlook: Stable

CRISIL believes that RJSMPL will continue to benefit over the
medium term from its promoters' extensive experience in the
trading of building materials. The outlook may be revised to
'Positive' if the company significantly increases its scale of
operations and profitability, leading to better-than-expected
cash accruals. Conversely, the outlook may be revised to
'Negative' in case RJSMPL reports deterioration in its financial
risk profile, particularly its liquidity, because of larger-than-
expected working capital requirements or lower cash accruals, or
if it extends large support to any of its group entities leading
to pressure on its cash flows.

                         About R.J. & Sons

RJSMPL was set up by the Nagaon (Assam)-based Nahata family. It
was established as a partnership firm named R.J. & Sons in 1987,
and was reconstituted as a private limited company in August
2006. It is engaged in the wholesale trading of cement, and
retail of structural steel and other building materials mainly in
Nagaon and other central and upper Assam districts. The company
also has a brick manufacturing field at Nagaon. During 2010-11
(refers to financial year, April 1 to March 31), RJSMPL derived
around 87 per cent of its revenues from trading in cement, around
12 per cent from trading in structural steel products, and the
rest from sale of bricks and other building materials. RJSMPL's
promoters have also set up other entities which are in the
business of civil construction (UCN Construction Company Pvt Ltd
[rated 'CRISIL BB+/Stable/CRISIL A4+' by CRISIL] and RCN
Constructions Pvt Ltd [rated 'BB+/Stable/CRISIL A4+' by CRISIL]),
cement manufacturing with mini cement plant, and running
petrol/diesel filling stations etc.

RJSMPL reported a profit after tax (PAT) of INR2.0 million on net
sales of INR378.0 million for 2010-11, against a PAT of INR1.3
million on net sales of INR370.2 million for 2009-10.


R.K. CONSTRUCTION: CRISIL Rates INR20MM Loan at 'CRISIL BB'
-----------------------------------------------------------
CRISIL's ratings on R.K. Construction Company's bank facilities
continue to reflect RKCC's long track record in the construction
industry and above-average financial risk profile marked by
moderate gearing and healthy debt protection metrics. These
rating weaknesses are partially offset by RKCC's geographical
concentration and limited project diversity, leading to low
profitability, small scale of operations, and susceptibility to
intense competition in the construction industry.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee          75         CRISIL A4+
   Cash Credit             20         CRISIL BB/Stable

Outlook: Stable

CRISIL believes that RKCC will continue to benefit from its
experience in the construction industry. The firm's financial
risk profile is expected to remain above average, marked by
comfortable capital structure and healthy debt protection
measures. The outlook may be revised to 'Positive' if the firm's
scale of operations and operating profitability improve
substantially or the promoter infuses funds into the firm,
leading to improvement in its financial risk profile. Conversely,
the outlook may be revised to 'Negative', if the firm's operating
margin declines, constraining its debt protection metrics, or if
its capital structure deteriorates because of large, debt-funded
capital expenditure or sizeable capital withdrawn from the firm.

                        About R.K. Construction

RKCC is a proprietorship firm set up by Mr. Rakesh Kumar Jain in
1983. The firm undertakes civil construction contracts and is
mainly involved in construction of roads (with few past projects
in irrigational works and bridges). The firm's business is
tender-driven, and it undertakes government contracts in Haryana
and Rajasthan. The firm is a Class 1 contractor for the Public
Works Department (PWD) of Haryana and a Class AA contractor for
PWD of Rajasthan, and can bid for contracts of up to INR500
million. The firm also started bidding for toll collection
projects since 2009-10 (refers to financial year, April 1 to
March 31) and has been awarded toll collection order in
Rajasthan, wherein income from this segment was 18 per cent of
total sales for past two years. Mr. Kumar is also the director of
Vishesh Infra Pvt Ltd (VIPL), his joint venture (JV) with his
friend - Mr. Kumar holds 50 per cent equity stake in VIPL. VIPL
has completed one road construction project and has toll
collection rights for the same project.

RKCC reported a book profit of INR4.4 million on net sales of
INR246.3 million for 2010-11, against a book profit of INR5.9
million on net sales of INR330.5 million for 2009-10.


SAMYU GLASS: CRISIL Cuts Rating on INR340MM Loans to 'CRISIL D'
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Samyu Glass Pvt Ltd to 'CRISIL D' from 'CRISIL B+/Stable' and
has assigned its 'CRISIL D' rating to SGPL's short-term bank
facility.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             19.5       CRISIL D
   Term Loan              282.3       CRISIL D
   Packing Credit          38.2       CRISIL D

The downgrade reflects instances of delays by SGPL in servicing
its debt; the delays have been caused by weak liquidity. SGPL has
large repayment obligations because of the large quantum of debt
it contracted for funding its capital expenditure (capex) on
setting up its container glass plant in 2010-11 (refers to
financial year, April 1 to March 31) and against which the
company generated small cash accruals because of low capacity
utilisation in 2010-11, which constrained its liquidity.

SGPL has a weak financial risk profile, marked by high gearing
and weak debt protection metrics. It also has working-capital-
intensive operations and operates on a small scale, with limited
track record in the glass industry. However, the company benefits
from its location advantages, with proximity to liquor and
packaged food industries in South India, and its promoter's
experience in glass manufacturing industry.

                          About Samyu Glass

SGPL, based in Hyderabad (Andhra Pradesh), is currently
constructing a glass manufacturing plant (container glass) at
Cuddapah district in Andhra Pradesh with a capacity of 175 tonnes
per day (tpd). The plant is an export-oriented unit (EOU) and
started commercial production in March 2011. The company
manufactures flint (or white) glass containers. The company is
promoted by Mr. Y Prasad Reddy, Mr. M C B Reddy, and Mr. S V
Reddy, and their families.

SGPL reported a net loss of INR6 million on net sales of INR6
million for 2010-11.


SHIVAM FOODS: CRISIL Assigns 'CRISIL BB-' Rating to INR76MM Loan
----------------------------------------------------------------
CRISIL's rating on the bank facilities of Shivam Foods Pvt Ltd
continues to reflect SFPL's healthy capital structure. This
rating strength is partially offset by SFPL's weak debt
protection metrics because of low operating margin, small scale
of operations in a highly fragmented and competitive industry,
and significant dependence on agriculture product for revenues.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             76         CRISIL BB-/Stable

Outlook: Stable

CRISIL believes that SFPL will maintain its business risk profile
over the medium term, supported by stable demand from its key
customers. Although the margins of the company are expected to
remain low, its gearing is expected to remain low because of
absence of any debt-funded capital expenditure (capex) plan for
the medium term. The outlook may be revised to 'Positive' if
SFPL's profitability improves, leading to an improvement in its
financial risk profile, especially liquidity. Conversely, the
outlook maybe revised to 'Negative' if the company undertakes a
larger-than-expected, debt-funded, capital expenditure (capex)
programme, thereby weakening its capital structure and liquidity.

Update

SFPL's business risk profile remains in line with CRISIL's
expectations, but its liquidity remains stretched, its net worth
remains small, and its interest coverage ratio remains weak. For
2011-12 (refers to financial year, April 1 to March 31), SFPL is
expected to report revenues of around INR400 million, which is in
line with CRISIL's expectations. Operating profitability is also
expected to remain in the range of 2.5-3 per cent, which is in
line with CRISIL's expectations. However, interest coverage and
net cash accruals to total debt ratios are expected to remain
weak because of low profitability and continued full utilisation
of cash credit limit, keeping its liquidity constrained.

SFPL reported a profit after tax (PAT) of INR160.4 million on net
sales of INR2.85 billion for 2010-11, against a PAT of INR145.8
million on net sales of INR2.37 billion for 2009-10.

                        About Shivam Foods

Incorporated in 2002, SFPL operates flour mills for production of
wheat products such as maida, atta, suji, and bran. Its flour
mill, located in Ramnagar (Uttar Pradesh), has capacity to
produce 330 tonnes per day (tpd) of wheat products and about 60
tpd of pulses. The company has an established market position in
Uttar Pradesh, Bihar, Jharkhand, West Bengal, Chattisgarh, and
Maharashtra. It sells to bakeries and wholesalers of fast-moving
consumer goods in these states.


SHYAM ENTERPRISES: CRISIL Rates INR35.4MM Term Loan at 'CRISIL D'
-----------------------------------------------------------------
CRIISL has upgraded the rating on the long-term bank facilities
of Shyam Enterprises to 'CRISIL BB-/Stable' from 'CRISIL D'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             71.2       CRISIL BB-/Stable
   Standby Letter of       20         CRISIL BB-/Stable
    Credit
   Term Loan              21.8        CRISIL BB-/Stable
   Rupee Term Loan        35.4        CRISIL D

The rating upgrade reflects the track record of timely repayment
of term loan instalments and interest to State Bank of India by
Shyam for the past 12 months. The firm's net cash accruals are
estimated at INR42 million in 2012-13 (refers to financial year,
April 1 to March 31) and are expected to be adequate for meeting
the term loan obligations of INR28.3 million in the corresponding
period. Shyam is expected to record an operating income growth of
35 per cent in 2011-12 from the 2010-11 levels, driven by
increase in capacity utilisation of the milk processing
facilities.

The rating reflects the benefits that Shyam derives from its
established procurement network and its market position in the
dairy products industry. These rating strengths are partially
offset by Shyam's constrained financial flexibility because of
working-capital-intensive operations and exposure to government
regulations and to epidemic-related factors.

Outlook: Stable

CRISIL believes that Shyam's operating income will increase as a
result of better capacity utilisation levels supported by the
firm's established position in the dairy industry. Shyam's
financial risk profile is expected to remain constrained during
this period because of large working capital requirements. The
outlook may be revised to 'Positive' in case the firm reports
more-than-expected improvement in its scale of operations and
cash accruals along with improved working capital management,
leading to improvement in its capital structure and debt
protection metrics. Conversely, the outlook may be revised to
'Negative' in case Shyam undertakes a large, debt-funded capital
expenditure programme or reports significant pressure on its
profitability, leading to deterioration in its overall capital
structure.

                     About Shyam Enterprises

Shyam was set up as a partnership firm in 1992, under the
guidance ofMr. Shyama Charan Gupta.The firm manufactures various
dairy products such as skimmed milk powder, ghee, milk, and
butter, under the brand name, Shyam. It has a milk processing
capacity of 450,000 litres per day (LPD) at Allahabad (Uttar
Pradesh). The firm is also setting up a dairy mix plant with
capacity of 100,000 LPD, which is expected to commence commercial
production in 2012-13.


S. N. MILK: CRISIL Assigns 'BB-' Rating on INR144.3MM Loans
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of S. N. Milk
Products Pvt Ltd continues to reflect SNMPL's promoters'
extensive experience in the dairy products industry and the
financial support that the promoters extend to the company. These
rating strengths are partially offset by SNMPL's average
financial risk profile, marked by high gearing and average debt
protection metrics, modest scale of operations in a fragmented
industry, and susceptibility to adverse regulatory changes and
epidemic-related factors.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             80         CRISIL BB-/Stable
   Term Loan               64.3       CRISIL BB-/Stable

Outlook: Stable

CRISIL believes that SNMPL will continue to benefit from its
promoters' extensive experience in the dairy products business.
The outlook may be revised to 'Positive' if the company ramps up
its revenues substantially through optimum utilisation of its
increased capacity, leading to improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
the company's financial risk profile deteriorates, most likely
because of large, debt-funded capital expenditure programmes, or
significant increase in working capital requirements, leading to
large incremental bank borrowings.

                           About S. N. Milk

SNMPL was incorporated in 2007, promoted by Mr. Sushil Agarwal
and his family members. The company manufactures and sells dairy
products, such as skimmed milk powder (SMP), pure ghee and
butter, under the brand, Madhav. Its plant in Sashi (Uttar
Pradesh) has an installed capacity of 0.55 million litres per day
(lpd). Ghee and SMP account for the majority of SNMPL's total
revenues. The company completed expansion of its capacity to 0.55
million lpd from 0.25 million lpd in January 2012.


SNMPL reported a profit after tax (PAT) of INR6.6 million on net
sales of INR757.9 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR9.4 million on net
sales of INR360.4 million for 2009-10.


S. RASIKLAL: CRISIL Assigns 'CRISIL B+' Rating to INR38.5MM Loans
-----------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of S.
Rasiklal & Company to 'CRISIL BB-/Stable' from 'CRISIL
B+/Stable'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Packing Credit          75         CRISIL BB-/Stable
   Post shipment credit   225         CRISIL BB-/Stable
   Adhoc limit             40         CRISIL BB-/Stable
   Line of Credit          34.5       CRISIL B+/Stable
   Proposed long-term       4         CRISIL B+/Stable
   bank loan facility

The upgrade reflects better-than-anticipated improvement in S
Rasiklal's capital structure and liquidity, backed by sustainable
improvement in its working capital management. The receivables
cycle of the firm, which declined to around 160 days in 2010-11
(refers to financial year, April 1 to March 31) from 200 days in
2009-10, is estimated to further decline to around 150 days in
2011-12. The improvement in the firm's working capital cycle
would continue to result in lower reliance on bank borrowings for
funding its working capital requirements. CRISIL believes that
firms Rasiklal will sustain the improvement in its working
capital management because of its stronger collection efforts and
cautious strategy of offering lower credit.

The rating reflects SRC's above-average financial risk profile
marked by moderate total outside liabilities to tangible net
worth ratio and healthy debt protection metrics, and its
partners' extensive industry experience. These rating strengths
are partially offset by SRC's relatively large working capital
requirements and customer concentration in its revenue profile.

Outlook: Stable

CRISIL believes that S Rasiklal will maintain its established
market position in the diamond industry over the medium term,
backed by its promoters' extensive industry experience and its
established customer relationships. The outlook may be revised to
'Positive' if there is a substantial improvement in the firm's
revenues and profitability from the current levels or there is
substantial increase in net-worth on the back of equity infusion
from partners. Conversely, the outlook may be revised to
'Negative' if there is a steep decline in the firm's
profitability margins resulting in deterioration in its debt
protection metrics.

                          About S. Rasiklal

Set up in 1969 as a proprietorship concern by Mr. Rasiklal Shah,
SRC was reconstituted as a partnership firm in 1972. The firm is
managed by Mr. Pravin Shah and his family members. The firm
processes and exports cut and polished diamonds.


SRC reported a profit after tax (PAT) of INR18.3 million on net
sales of INR794 million for 2010-11, as against a PAT of INR13.1
million on net sales of INR634 million for 2009-10.


SRI DURGA: CRISIL Assigns 'BB-' Rating on INR56.1MM Loans
---------------------------------------------------------
CRISIL's rating on the bank facilities of Sri Durga Cloth Stores
continues to reflect the experience of SDCS's promoters in the
readymade garment industry. These rating strengths are partially
offset by SDCS's small scale of operations, geographic and
product concentration, and large working capital requirements.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             31.5       CRISIL BB-/Stable
   Term Loan               24.6       CRISIL BB-/Stable

Outlook: Stable

CRISIL believes that SDCS will generate steady profitability over
the medium term, supported by its initiative to increase its
scale of operations. The outlook may be revised to 'Positive' if
SDCS's revenues, operating profitability, and capital structure
improve. Conversely, the outlook may be revised to 'Negative' in
case SDCS's revenues and operational profitability decline or if
there is more-than-expected deterioration in its capital
structure.

                         About Sri Durga

SDCS was constituted as a Hindu Undivided Family in 1955, with
Mr. K. Nirmal Kumar as its karta; the store was set up in 1942 to
trade in readymade garments. The entity set up its own retail
showroom in Berhampur (Orissa). It set up one new store in
Bhubaneswar (Orissa), which started its operations in May 2011.

SDCS reported a profit after tax (PAT) of INR4.2 million on net
sales of INR126.5 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR2.8 million on net
sales of INR106.3 million for 2009-10.


SRI LAKSHMI: CRISIL Assigns 'BB' Rating to INR300MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' rating to the long-
term bank facilities of Sri Lakshmi Venkata Narayana Rice
Industries.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan               50          CRISIL BB/Stable
   Cash Credit            200          CRISIL BB/Stable
   Proposed Cash           50          CRISIL BB/Stable
   Credit Limit

The rating reflects the extensive experience of SLVN's partners
in the rice industry and largely assured offtake from Food
Corporation of India. These ratings strengths are partially
offset by SLVN's weak financial risk profile, marked by high
gearing, small net worth, and weak debt protection metrics, and
modest scale of operations in an intensely competitive market.
The rating also factors in the susceptibility of the firm's
operating margin to adverse government regulations and volatility
in raw material prices.

Outlook: Stable

CRISIL believes that SLVN will continue to benefit over the
medium term from its management's extensive industry experience.
The outlook may be revised to 'Positive' if the firm's revenues
and profitability increase substantially, leading to an
improvement in its financial risk profile, or in case of
significant infusion of capital by the partners, resulting in an
improvement in SLVN's capital structure. Conversely, the outlook
may be revised to 'Negative' if the firm undertakes aggressive
debt-funded expansions, or if its revenues and profitability
decline substantially, or if the partners withdraw capital from
the firm, leading to weakening in its financial risk profile.

                       About Sri Lakshmi

Set up in 2009 as a partnership firm, SLVN mills and processes
paddy into rice, rice bran, broken rice, and husk. It has an
installed paddy milling capacity of 22 tonnes per hour. Its rice
mills are located in Nellore (Andhra Pradesh). The managing
partner, Mr. R Venkateshwarlu Naidu, has more than 17 years of
experience in the rice industry.


SLVN reported a profit after tax (PAT) of INR5 million on net
sales of INR1046 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR3 million on net
sales of INR973 million for 2009-10.


TRIBENI CONSTRUCTIONS: Fitch Rates Two Loan Facilities at Low-B
---------------------------------------------------------------
Fitch Ratings has assigned India-based Tribeni Constructions
Limited a National Long-Term Rating of 'Fitch BB+(ind)'.  The
Outlook is Stable.

The ratings are constrained by TCL's regional concentration, as
around 80% of its contracts are executed in the North-East India
leading to a small size of operations.  In the financial year
ended March 2011 (FY11), revenue was INR1,013.4 million.

The ratings also reflect TCL's strong EBITDA margins of 9.6%, low
net financial leverage of 2.7x, and high EBITDA interest coverage
of 4.3x in FY11.  Fitch also notes TCL's strong order book of
INR1,893.5m outstanding as at end-December 2011 (1.9x FY11
revenue), providing revenue visibility for the next one to one
and a half years.

The ratings also benefit from TCL's consistently negative working
capital cycle for the past two years (FY11: negative 4 days) and
over four-decade-long experience of its founders in civil
construction.

Positive rating guidelines include net financial leverage below
1x on a sustained basis.  Negative rating guidelines include net
financial leverage above 3x on a sustained basis.

TCL is a Guwahati-based civil contractor, engaged in the
construction of roads, bridges, earthworks, and buildings.

Fitch has also assigned ratings to TCL's bank facilities as
follows:

  -- INR4.7m long-term loan: 'Fitch BB+(ind)'
  -- INR80m fund-based limits: 'Fitch BB+(ind)'
  -- INR400m non-fund-based limits: 'Fitch A4+(ind)'


=================
I N D O N E S I A
=================


LIPPO KARAWACI: Moody's Changes Outlook on 'B1' CFR to Positive
---------------------------------------------------------------
Moody's Investors Service has changed the outlook for PT Lippo
Karawaci Tbk's B1 corporate family rating to positive from
stable. At the same time, Moody's has affirmed LK's B1 corporate
family rating and senior unsecured debt rating.

Ratings Rationale

"The change in outlook reflects LK's improved credit profile,
against the backdrop of robust growth in the Indonesian property
sector over the past year," says Alvin Tan, a Moody's Analyst.

"For FY2011, the company's adjusted EBIT/Interest coverage
improved to 2.4x from below 1.4x in FY2010. It also maintained a
strong adjusted debt/capitalization ratio of 36.6% and
debt/EBITDA of 3.2x, which positions LK strongly within the B1
rating category," adds Mr. Tan, who is also Moody's lead analyst
for LK.

As a result of strong property sales, LK's operating cash flows
also turned positive in 2011, from a negative position in the
previous year. However, Moody's expects the company's free cash
flow to remain tight over the next 2-3 years, given its
aggressive expansion strategy and the need to accelerate land
acquisition to keep up with the depleting land bank from its
faster growth.

"The change in outlook further reflects the strong growth in
recurring income from the retail malls, healthcare, hospitality
and infrastructure, as well as property and portfolio management
businesses, which contributed to approximately 51% of LK's FY2011
revenue," says Mr. Tan.

"Although the company's planned expansion on investment
properties entails development and execution risks, its existing
healthcare business should remain resilient, supported by rising
demand for quality hospital and clinical services, and a shortage
of supply in Indonesia. In addition, a growing middle class in
Indonesia, which enhances consumer spending, also supports retail
demand," he adds.

On the other hand, Moody's expects LK's operating cash flow and
its associated credit metrics to remain volatile over the next 2-
3 years, due to the heavy requirements for its planned property
developments and expansion. In addition, the company's
shareholders had also approved a share buyback plan to acquire
shares in LK in November 2011, at an aggregate value of Rp600
billion, with the buyback period valid for 18 months.

However, LK had consistently held adequate cash holdings, and
maintained a well-balanced debt maturity profile. As of 31
December 2011, the company had cash and cash equivalents of
Rp2.17 trillion as compared to maturing debt of Rp145 billion
over the next four quarters. Furthermore, its USD396 million
unsecured notes are due only in April 2015.

The ratings could be upgraded if LK maintains financial
discipline in the pursuit of its growth strategy, while
continuing to be well-supported by stable recurring income from
its retail malls, healthcare, hospitality, as well as property
and portfolio management businesses.

A further track record of prudent investment and strategy
decisions over the coming 12 months could see LK's ratings
upgraded to Ba3. An upgrade would also be supported by a
sustained strong sales performance and improved cash flow
generation, as well as a further strengthening of recurring
income. Credit metrics that will support an upgrade include
EBIT/interest coverage above 3.0-3.5x and adjusted leverage below
40% on a sustained basis.

On the other hand, the ratings could return to stable if LK's
financial and liquidity profiles weaken due to 1) the company
failing to execute its business plans; 2) a deterioration in the
property market, leading to protracted weakness in its operations
and credit profile; and 3) a material depreciation in the Rupiah,
and which increases the company's debt-servicing obligations.

The principal methodology used in rating PT Lippo Karawaci Tbk
was the Global Homebuilding Industry Methodology published in
March 2009.

PT Lippo Karawaci Tbk is one of the largest property developers
in Indonesia, with a sizable land bank of around 1,489 ha as of
December 31, 2011. Since 2004, the company has diversified into
the healthcare and hospitality businesses and infrastructure
development. Its recurring income continues to grow, comprising
around 50% of LK's total revenue over the last three years.


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


PROMISE CO: Moody's Upgrades Issuer & Debt Ratings to 'Ba1'
-----------------------------------------------------------
Moody's Japan K.K. has upgraded the long-term issuer and senior
unsecured debt ratings of Promise Co., Ltd. to Ba1 from B1. The
rating outlook is stable.

This action concludes the review for upgrade initiated on 4 Oct
2011 after Sumitomo Mitsui Financial Group (SMFG) announced its
intention to acquire full ownership of Promise.

On April 1, Promise became a wholly owned subsidiary of SMFG.

Ratings Rationale

Promise's Ba1 rating reflects the company's standalone credit
profile of B2 and the uplift provided by SMFG's strong parental
support.

The key factors behind Promise's standalone credit profile are 1)
the challenging nature of the operating environment for the
consumer finance market in Japan, given various regulatory
changes, 2) Promise's improved financial parameters as a result
of a JPY120 billion capital injection by its parent in December
2011 and ongoing liquidity support from Sumitomo Mitsui Banking
Corporation (SMBC), and 3) Moody's expectation that it can
establish modest profitability in the specialty consumer loan
market in Japan, where it already occupies a leading position.
The size of this market has declined sharply in recent years.

Promise is one of the major players in Japan's consumer loan
market, especially unsecured loans. The company and its
competitors face challenges from regulations which have lowered
maximum lending rates and have set a lending limit for each
borrower.

Another problem has been claims for refunds of overpaid interest
by borrowers, related loan write-offs, and greater loss
provisioning.

Some major industry players have entered bankruptcy, while others
like Promise require parental support to survive. The company has
already halved its loan receivables from their peak in March
2008.

Although loan write-offs at Promise remain high due to overpaid
interest claims, the number of new claims has been declining
since April-June 2011, relieving somewhat pressure the company's
financial burden. Therefore, after having made substantial loan
loss reserves, Moody's expects Promise to return to positive net
income levels from FYE 3/2013.

Promise's four-notch ratings uplift -- relative to its standalone
credit profile of B2 -- reflects Moody's expectation that SMFG
will continue to provide support.

The banking group's strong support was apparent with its JPY120
billion capital injection to prevent insolvency and as a form of
liquidity support through bank loans.

Ratings Outlook

The stable rating outlook reflects Moody's expectation that
Promise will return to profitability from FYE3/2013 and cash
outflows -- due to payments for overpaid interest claims and
meeting the maturity of existing debt -- will be mitigated by its
sales of assets and/or support from the parent bank.

Over the longer term, Moody's expects Promise to improve
profitability by lowering credit costs to more manageable levels.

What Could Change the Rating - Up

Moody's does not expect an upgrade over the near-to-medium term,
that is until the impact on its profits and cash flows from
overpaid interest claims has substantially diminished. But upward
pressure on its rating could develop if:

- Promise stabilizes its loan balance

- Generates a steady flow of net profits

- Its write-off charges and credit costs return to the
   historical norms prior to recent high levels

What Could Change the Rating - Down

- Persistently high losses related to overpaid interest claims,
   resulting in turn in an inability to stabilize revenue and
   operating profits

- A change in the willingness of the parent banking group to
   support its liquidity or capital positions

- A rating downgrade of SMBC/SMFG

The principal methodology used in this rating was Moody's
"Finance Company Global Rating Methodology," published on
March 19, 2012.

Promise Co. Ltd., headquartered in Tokyo, is a major Japanese
consumer finance company, with consolidated assets of around
JPY0.9 trillion as of December 31, 2011.


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


* KOREA: Moody's Repositions BCAs of Corporate GRIs to Baa2-Ba3
---------------------------------------------------------------
Moody's Investors Service has published a report detailing the
ratings impact for Korean government-related issuers (GRI)
resulting from the April 2nd revision of Korea's sovereign rating
outlook to positive. The research highlights the fact that the
ratings of many Korean GRIs will not improve, despite revision of
the sovereign's rating outlook, without strengthening in their
own credit profiles or more formalized support from the
sovereign.

"This first large-scale differentiation in the rating outlooks is
driven by a divergence in the credit profiles of the corporate
GRIs and the government," says Mic Kang, a Moody's Vice President
and Senior Analyst.

Kang was speaking on the release of a special report entitled,
"If Korea's Government Is Upgraded, GRIs Not Likely to Follow
Suit", which was co-authored by Mr. Kang, as well as Youngil Choi
and Chris Park.

Moody's notes that the GRIs' standalone financial metrics have
deteriorated significantly in recent years or were already weak,
in contrast to the government's strengthening fiscal fundamentals
that drove the recent outlook revision.

In Moody's view, rating equalization with a sovereign that is
rated in the Aa category requires either an exceptionally high
degree of certainty over government support or stronger
standalone credit profiles, both of which are currently absent
for most of the GRIs in question.

"On the other hand, the outlook for the ratings of six
government-related financial institutions was revised to positive
from stable, as their ratings benefit from particularly strong
legal protections and the government has taken preemptive steps
to ensure that they maintain adequate levels of capital," says
Mr. Choi, a Moody's Vice President and Senior Credit Officer.

Moody's has also repositioned the BCAs of most wholly-state-owned
corporate GRIs from A1 to Baa2 - Ba3 to better reflect their
credit profiles in the absence of extraordinary support, which
was previously factored in their BCAs.

"The differentiation of ordinary support from extraordinary
support has become necessary, because of the increasing
importance of underlying credit fundamentals as a rating driving
factor, as well as better understanding of the respective
vulnerability of transition risks," says Mr. Park, a Moody's Vice
President and Senior Credit Officer.

For similar reasons, Moody's has also adjusted or assigned BCAs
for three financial institution GRIs.

Moody's believes the Korean government's willingness and ability
to provide extraordinary support remains very high, underpinning
the A1 ratings for most GRIs.

However, any shift in governmental policy or further
deterioration in corporate GRIs' financial metrics could have an
impact on final ratings.

Subscribers can find the report at

   http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_140817


* S. Korean Listed Firms' Debt-Repaying Ability Worsen in 2011
--------------------------------------------------------------
Yonhap News Agency reports that South Korean listed companies'
ability to pay back their debt deteriorated last year as their
earnings declined amid increased bond issues, data showed Monday.

The average interest coverage ratio of 616 firms listed on the
main bourse came to 4.67 in 2011, down from 5.51 a year earlier,
according to the data by the Korea Exchange and the Korea Listed
Companies Association obtained by the news agency.


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


AORANGI SECURITIES: Investor Claims NZ$5.6-Mil., Managers Reveal
----------------------------------------------------------------
Fairfax NZ News reports that a previously unknown Aorangi
Securities investor alleges he is owed NZ$5.6 million after an
unauthorized transfer by late Allan Hubbard.

According to Fairfax NZ, the investor has approached the
statutory managers, who are scrambling to recover NZ$60 million
worth of assets they inadvertently returned to the full ownership
of Mr. Hubbard and his wife, Jean.

Further payment to the 400 investors is unlikely until the
ownership of the NZ$60 million transfer is determined in the
High Court in Timaru, Fairfax NZ notes.

That is not expected to happen until next year, Fairfax NZ relays
citing the latest report from Aorangi's statutory managers, which
was released on April 4.

So far, NZ$11.5 million, or 12 cents in the dollar, has been
received by investors, who are owed NZ$9 6 million, according to
Fairfax NZ.

Fairfax NZ relates that the report said an additional investor
has contacted the managers through their solicitor, claiming to
be owed NZ$5.6 million.

"The Aorangi records show the transfer in December 2009 by
Mr. Hubbard to another entity associated with him," the statutory
managers said in their report.

"It is claimed this transfer was not authorised by the investor.
As the implications of this are significant to the other Aorangi
investors, our investigations into this matter are ongoing."

                     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.


BRIDGECORP LTD: Petricevic's Public Profile Parallel to Madoff
--------------------------------------------------------------
Fairfax NZ News reports that University of Auckland law school
associate professor Bill Hodge said the public profile of former
Bridgecorp Ltd director Rod Petricevic as a man who enjoyed his
wealth put him alongside the likes of US Ponzi schemer Bernie
Madoff.

Mr. Madoff was arrested in 2008 and jailed for 150 years for
stealing billions of dollars from investors, the report says.

"With Petricevic, it seemed to be more greed than [a case of]
desperately scrambling to keep things afloat; it seemed to be
more selfish and that he was 'out for No. 1'," the news agency
quotes Mr. Hodge as saying.  "At one extreme, you can put Bernie
Madoff who just enjoyed the standard of living, the assets, the
resources for the family, and the boats and so on.

Like Madoff, Mr. Petricevic had a boat and he drove a Porsche.
That compared to South Canterbury Finance founder Allan Hubbard,
who drove around in an old Volkswagen, Mr. Hodge, as cited by
Fairfax NZ, said.

Fairfax NZ notes that Mr. Petricevic is due to be sentenced on
April 26 after being found guilty last week of making untrue
statements in a prospectus.

Mr. Hodge said Justice Venning was likely, when sentencing
Petricevic, to seek to "set down a marker" of where finance
company ineptitude and negligence became deliberate greed, adds
Fairfax NZ.

As reported yesterday's edition of the Troubled Company
Reporter-Asia Pacific, BusinessDesk said Judge Geoffrey Venning
in the High Court in Auckland on April 5 found Messrs. Petricevic
and Roest guilty of all 10 charges of breaching the Securities
Act, while director Peter Steigrad was found guilty on six of the
10 charges.

Messrs. Petricevic and Roest were also charged under the Crimes
Act for making false statements on offer documents with the
intent of encouraging people to invest in the finance company and
the Companies Act after they knowingly made misleading statements
about the company to creditors, according to BusinessDesk.

                      About Bridgecorp Ltd

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

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

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


CRAFAR FARMS: Landcorp Denies it Would Pay Rent to Chinese Buyer
----------------------------------------------------------------
Matthew Backhouse at APNZ reports that state-owned Landcorp has
denied it will have to pay rent to the Chinese company that wants
to buy the 16 Crafar farms if the deal goes through.

APNZ notes that the Government is for a second time considering
the Overseas Investment Office's recommendation as to whether
Shanghai Pengxin can buy the farms, after the High Court sent the
issue back for reconsideration.

A decision is expected this week, the report says.

If the deal goes through, state-owned enterprise Landcorp would
manage the farms under Chinese ownership, says APNZ.

According to the report, New Zealand First leader Winston Peters
said that meant Landcorp would end up paying about NZ$18 million
a year to the landowner.

"In other words, a New Zealand SOE would end up being a tenant of
a foreign company in New Zealand," APNZ quotes Mr. Peters as
saying.

APNZ relates that Landcorp chair Jim Sutton denied it would have
to pay any rent to Shanghai Pengxin.

"No, we won't be paying rent. We'll be a share-farmer. A share-
milker," Mr. Sutton told TVNZ's Q+A programme.

He also denied the Landcorp board was split over the deal, saying
that was "absolute nonsense".

"No, there has been no division within the Landcorp board over
this issue at all."

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

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

                         About Crafar Farms

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

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

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


WAITUNA VALLEY: Placed in Liquidation Over Unpaid Tax Bill
----------------------------------------------------------
Fairfax NZ News reports that a convicted Manawatu fraudster who
was sentenced to more than two years' jail last week is set to
land in even more trouble as Waituna Valley Transport Limited, a
company he directs, is put into liquidation.

According to the report, Peter Joseph Nitschke was sent to prison
for two years and three months in Feilding District Court for
seven counts of fraud relating to NZ$2.3 million he falsely
obtained as the operations manager for Capehorn Farming.

In the High Court in Palmerston North on March 29, Waituna Valley
Transport Limited -- which Mr. Nitschke has a 50 per cent share
of -- was placed into liquidation over an unpaid tax bill.  The
company owes more than NZ$136,000 to Inland Revenue for overdue
GST, income and PAYE taxes and Kiwisaver payments dating back
more than five years, the report notes.

Fairfax NZ says Associate Judge David Gendall ordered the firm
into liquidation because it had made no effort to pay any of the
bills, even though it had been given a notice by the tax
department.

The other 50 per cent shareholder in the company -- Janie
Kathleen Nitschke -- was not in court, nor were any other
representatives.


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


BELSHIPS SINGAPORE: Creditors' Proofs of Debt Due May 7
-------------------------------------------------------
Creditors of Belships Singapore Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by May 7, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

          Sim Guan Seng
          Khor Boon Hong
          Victor Goh
          C/o Baker Tilly TFW LLP
          15 Beach Road
          #03-10 Beach Centre
          Singapore 189677


ENZER ELECTRONICS: Creditors Get 0.71% Recovery on Claims
--------------------------------------------------------
Enzer Electronics Pte Ltd will declare the first and final
dividend on April 16, 2012.

The company will pay 0.71% to the received claims.

The company's liquidator is:

         Tay Swee Sze
         c/o 16 Raffles Quay
         #18-00 Hong Leong Building
         Singapore 048581


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

Ng Lam Hock Trading as Fulltech Aluminium Construction Company
filed the petition against the company on March 19, 2012.

The Petitioner's solicitors are:

          Messrs Lim & Lim LLC
          8 Wilkie Road
          #04-09 Wilkie Edge
          Singapore 228095


SAIZEN REIT: Moody's Upgrades CFR to 'Ba3'; Outlook Stable
----------------------------------------------------------
Moody's Investors Service has upgraded Saizen REIT's corporate
family rating to Ba3 from B1. The outlook for the rating is
stable.

Ratings Rationale

"The upgrade reflects Saizen's broader banking relationships
established over the past year, after the full repayment of the
defaulted CMBS loan of YK Shintoku on May 31, 2011," says
Alvin Tan, a Moody's Analyst.

On 26 March 2012, Saizen entered into a loan agreement with
Mizuho Bank, Ltd (A1, stable) to raise JPY3 billion due in
March 2022. The entire proceeds from the 10-year term loan and
cash on hand will be used to refinance the remaining JPY3.5
billion term loan with Societe Generale, under GK Choan, which is
due in June 2013.

"Moody's views the early refinancing of the term loan from
Societe Generale positively. The completion of the refinancing
not only lengthens the debt maturity profile of the trust and
lowers interest costs, it also alleviates concerns over the
trust's exposure to European banks, given the euro area sovereign
debt problems and measures by European banks to reduce leverage,"
adds Mr. Tan, who is also Moody's lead analyst for Saizen.

The upgrade also reflects Saizen's stable occupancies of between
90% and 91% over the past year, as well as its relatively
resilient rental rates, especially in the aftermath of the
March 2011 earthquake and tsunami.

Furthermore, the trust continues to manage its business growth
prudently by raising capital via long-term debt, and pursue
expansion, while maintaining an adequate cash balance.

As of December 31, 2011, Saizen maintained a conservative
leverage, with Debt/Total assets at 32.7%, and Net Debt/EBITDA
(annualized) at 3.7x. In addition, its EBIT/Interest coverage was
strong at 4.8x for the first six months of fiscal 2012.

While the trust remains in the early stages of rebuilding its
portfolio, its credit metrics could weaken with further
expansion. However, Moody's expects the trust to maintain its
Debt/Total Assets between 35% and 40%, levels appropriate for its
Ba3 rating.

On March 30, 2012, Saizen completed the acquisition of The Palms
Denenchofu, a 30-unit residential apartment located in Ota Ward,
Tokyo, for JPY560 million. The completion of the acquisition
marks the trust's foray into Tokyo.

The acquisition enables the trust to further diversify its
portfolio into a major city in Japan and could eventually
facilitate the establishment of new banking relationships, given
its more attractive and diversified portfolio.

While the trust continues to record negative rental reversions
amid the weak Japanese economy, overall reversions for rental
rates gradually declined to about 1.9% in the second quarter of
FY2012 from 2.4% in the first quarter.

However, Moody's remains concerned about the protracted
uncertainty over Japan's economy and the resulting impact on the
future occupancy and valuation of Saizen's properties.

Saizen's Ba3 rating continues to be constrained by its small
scale and the absence of a strong sponsor and established
franchise. The rating also considers the trust's lack of
financial flexibility, given that most of its properties are
encumbered, as well as its history of debt restructuring.

The stable outlook reflects Moody's expectation that Saizen will
maintain its prudent operating and financial policy as it
rebuilds its portfolio. It also reflects the trust's absence of
material refinancing needs over the next two years.

Further upward pressure is limited, given Saizen's small scale,
limited financial flexibility and history of debt restructuring.
However, upward pressure could still emerge in the longer term if
Saizen manages to (1) increase its business scale significantly;
(2) improve its diversity and presence into major cities in
Japan, such as Tokyo; (3) maintain conservative credit metrics,
while pursuing its expansion strategy; (4) improve its financial
flexibility, evidenced by broadened banking relationships with
the major lenders in Japan; and (5) complete the refinancing of
the 2015/16 debt maturities and further extend its debt maturity
profile.

On the other hand, downward pressure could emerge if: (1) the
operating environment in Japan deteriorates, resulting in high
vacancy rates and a decline in operating cash flows from rent;
(2) further acquisitions are made without long-term committed
funding in place; (3) a more aggressive growth policy is
undertaken to fund new investments; and (4) there is a material
decline in the value of its assets, and which substantially
impairs the asset coverage positions of lenders.

Such pressure may be evidenced by Debt/EBITDA exceeding 8x,
Debt/Total Assets of more than 40%, and EBITDA/interest coverage
of less than 3x on a consistent basis.

The principal methodology used in this rating was Moody's
Approach for REITs and Other Commercial Property Firms published
in July 2010.

Saizen REIT is a Singapore-based REIT investing in Japanese
regional residential properties. It listed on the Singapore Stock
Exchange in November 2007. Currently, it has a portfolio of 132
properties, primarily for residential purposes, in over 14 cities
in Japan, and a total property asset value of JPY34.5 billion
(SGD538.2 million).


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

UV Resources filed the petition against the company on March 22,
2012.

The Petitioner's solicitors are:

          M & A Law Corporation
          7 Temasek Boulevard, #07-01
          Suntec City Tower 1
          Singapore 038987


YONG ANN: Creditors' Proofs of Debt Due April 19
------------------------------------------------
Creditors of Yong Ann Siang Seng Kee Pte Ltd are required to file
their proofs of debt by April 19, 2012, to be included in the
company's dividend distribution.

The company's liquidator is:

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


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


* BOND PRICING: For the Week April 2 to April 6, 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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