TCRAP_Public/120411.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

           Wednesday, April 11, 2012, Vol. 15, No. 72

                            Headlines


A U S T R A L I A

APV AUTOMOTIVE: Placed in Receivership; Axes 120 Jobs
BURRUP FERTILISERS: Judge to Decide on Inquiry
DIRECT FACTORY: Receiver Puts Canberra Outlet Up For Sale
GOLDCAL SPORTS: Plunges into Receivership; IMG Pursues $1M Debt


C H I N A

CHINA SHANSHUI: Fitch Rates New Senior Unsecured Notes 'BB-'
CHINA SHANSHUI: S&P Rates New Senior Unsecured Notes 'BB-'
CHINA TEL GROUP: Acquires Controlling Interest in Zapna
GUANGZHOU GLOBAL: Acquires CTL Capital Stock for 40-Mil. Shares
SUNAC CHINA: Fitch Affirms Senior Unsecured Rating at 'BB-'


H O N G  K O N G

FAME ABLE: Sun Yongjian Steps Down as Liquidator
GLORY OCEAN: Creditors' Proofs of Debt Due May 27
INNOVATIONS LIMITED: Creditors' Proofs of Debt Due May 11
JAPAN RESOURCES: Creditors' Proofs of Debt Due May 7
J-TECH CORPORATION: Creditors' Proofs of Debt Due May 30

LU HAN: Commences Wind-Up Proceedings
OLIVE MOUNTAIN: Wai King Tong Steps Down as Liquidator
PINGHSI COMPANY: Creditors' Proofs of Debt Due May 4
SBI HOLDINGS: Creditors' Meeting Set for April 17
SINOCAN DEVELOPMENT: Lai and Yeung Step Down as Liquidators

SUNGLORY GARDEN: Tong Lap Hong Steps Down as Liquidator
TOP REAL: Members' Final Meeting Set for May 7


I N D I A

AEKTA COT: ICRA Assigns '[ICRA]B+' Rating to INR10cr Bank Loan
AJAY POLYMERS: ICRA Places '[ICRA]B+' Rating on INR17.5cr Loan
BHARAT MOTORS: ICRA Reaffirms 'BB+' Rating on INR8.43cr Loan
CAMELIA GRIHA: ICRA Revises Rating on INR7.94cr to '[ICRA] BB-'
CLC TEXTILE: ICRA Assigns '[ICRA]B' Rating to INR17.5cr LT Loans

CYBERWALK TECH: ICRA Reaffirms 'BB' Rating on INR146.89cr Loan
DEE WELDOGEN: ICRA Assigns '[ICRA]B+' Rating to INR6cr Limits
D.S. CONTRACTORS: ICRA Cuts Rating on INR5cr Loan to '[ICRA] C'
KINGFISHER AIRLINES: Employees Get Salaries After Four Months
PIPAVAV RAILWAY: ICRA Puts 'BB+' Loan Rating on Withdrawal Notice

RIA HOTEL: ICRA Cuts Rating on INR10cr Loan to '[ICRA]B'
ROBOSOFT TECHNOLOGIES: ICRA Cuts Rating on INR7.08cr Loan to 'D'
S.A. AANANDAN: ICRA Assigns '[ICRA]B+' Rating to INR24cr Loan
SHRI T.P.: ICRA Revises Rating on INR21.02cr Loans to '[ICRA]BB-'
SIMLA AGENCIES: ICRA Revises Rating on INR16cr Loan to '[ICRA]D'

SLN COFFEE: ICRA Assigns '[ICRA]BB-' Rating to INR37cr Term Loan
SRI VISWAJANANI: ICRA Places '[ICRA]BB-' Rating on INR5.25cr Loan


M O N G O L I A

GOLOMT BANK: S&P Rates Proposed Senior Unsecured Notes 'BB-'


N E W  Z E A L A N D

MCVITTY PROPERTIES: Placed Into Liquidation
NZF MONEY: High Court Interim Order Freezes NZF Group's Assets


P H I L I P P I N E S

VICTORIAS MILLING: Looks to Trade Shares Again in June


S I N G A P O R E

FUSION COMM: Creditors' Proofs of Debt Due May 7
NAGOYA REPTILE: Creditors' Proofs of Debt Due April 20
PML CORPORATION: Creditors' Proofs of Debt Due May 5
POLARIS MOBILE: Court to Hear Wind-Up Petition on April 20
RSK ENGINEERING: Creditors' Proofs of Debt Due May 5


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


APV AUTOMOTIVE: Placed in Receivership; Axes 120 Jobs
-----------------------------------------------------
Australian Associated Press reports that more than 120 workers
have been stood down without pay, with APV Automotive Components
Pty Ltd placed into receivership.

AAP relates that APV Automotive cannot afford to pay its 126
staff thanks to a sharp drop in orders for the parts it makes for
Holden, Toyota and Ford.

Receivers took control of the business on April 10 after talks to
reach agreements on a voluntary redundancy program and a new
enterprise agreement failed, AAP reports.

According to the news agency, receiver Stephen Longley --
slongley@ppbadvisory.com -- of PPB Advisory, said urgent
discussions would take place with customers, employees, unions
and suppliers to try to restructure the business and resume
operations as soon as possible.

"In the meantime, it has been necessary for the receivers to
stand down without pay the company's employees as there are not
sufficient funds for us to meet payroll or other operating
costs," AAP quotes Mr. Longley as saying.

APV Automotive Components Pty Ltd supplies Australia's big three
car companies with fuel fillers, rear suspension struts and steel
and fabricated parts.


BURRUP FERTILISERS: Judge to Decide on Inquiry
----------------------------------------------
9news reports that a federal court judge will decide in August
whether to order a court inquiry into alleged misconduct by
receivers appointed to Burrup Fertilisers.

Former Burrup Director Pankaj Oswal has applied to the court for
an inquiry into the activities of the PPB Advisory receivers,
according to 9news.

9news notes that in the court in Perth, Justice Antony Siopis
said his initial reaction was that an inquiry into the full 13
months of the receivership was "highly unlikely".  9news relates
that Judge Siopis set a two-day trial for July 31 to August 1 to
determine whether he should order an inquiry into specific
allegations of receiver misconduct.

9news says that Mr. Oswal's lawyer Martin Goldblatt alleged the
receivers committed an abuse of process, saying they failed to
pay secured creditors during the receivership and instead pursued
the sale of his client's shares in the holding company Burrup
Holdings.

                     About Burrup Fertilisers

Headquartered in Karratha in Western Australia, Burrup
Fertilisers Pty Ltd -- http://www.bfpl.com.au/-- is Australia's
largest ammonium producer.  The company has a production capacity
of 850-tonnes of liquid ammonia a year.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 20, 2010, The Australian said Burrup Fertilisers Pty Ltd was
placed into receivership with debts of about AUD800 million.
ANZ Bank appointed PPB Advisory as receivers to Burrup
Fertilisers.  ANZ also appointed the same receivers, PPB
Advisory, over shares held by members of the Oswal Group in
related company Burrup Holdings.  The bank is alleging "evidence
of financial irregularities" as well as the usual default
triggers relating to debt facilities established between 2002 and
2007, The Australian said.


DIRECT FACTORY: Receiver Puts Canberra Outlet Up For Sale
---------------------------------------------------------
Bridget Carter at The Australian reports that another Direct
Factory Outlet store in the troubled Austexx -- a company backed
by former competition watchdog head Graeme Samuel -- will be put
up for sale this month, at an expected price of about
AUD100 million.

Canberra's Direct Factory Outlet and Homemaker Hub will go to the
market in an expressions-of-interest campaign that closes on
May 10, The Australia discloses.

In 2010, the report recounts, Austexx sold four assets in the DFO
portfolio to Colonial First State Retail Property Trust for
AUD574.5 million.

According to The Australian, the Spencer Street Fashion Station,
previously known as DFO Spencer Street, is also on the market,
along with DFO Jindalee, DFO Brisbane Airport and DFO Cairns.

The Australian relates that receiver McGrathNicol has appointed
Simon Rooney's Jones Lang LaSalle to sell the Canberra DFO and
Homemaker Hub.  The report notes that the 45,300sqm factory
outlet centre and bulky goods property in Fyshwick, built in
September 2008, includes about 120 retailers in the DFO and about
24 homemaker stores.

According to The Australian, Austexx started the DFO chain in
1998 with the opening of a centre in Moorabbin, Victoria. The DFO
and Homemaker Hub in Canberra was the seventh built. The company
still has DFO stores at Jindalee in Brisbane, Brisbane Airport
and Cairns.

Mr. Samuel, the former Australian Competition & Consumer
Commission chairman, created a blind trust to invest in the DFO
discount shopping centre empire run by David Goldberger and David
Wieland, The Australian notes.

Parts of the business have been placed in the hands of receivers.

Canberra's Direct Factory Outlet (DFO) and Homemaker Hub centre
was put in the hands of receivers McGrath Nicol on March 14,
2012, after the centre's owners were deemed by their bank to be
carrying too much debt, ABC News reported on March 16.

Founded in 1996, Direct Factory Outlets has eight factory outlet-
style centres operating on the Eastern Seaboard.  It was founded
in 1996 by rich list members David Golberger and David Wieland,
and is owned by holding company Austexx Pty Ltd.


GOLDCAL SPORTS: Plunges into Receivership; IMG Pursues $1M Debt
---------------------------------------------------------------
Peter Badel and Greg Stolz at The Courier-Mail report that
Goldcal Sports Management (Australia) Pty Ltd, a company created
by Titans boss Michael Searle, has plunged into receivership
after being crippled by a AUD1 million debt.

The Courier-Mail relates that the development comes as it emerged
Mr. Searle offloaded all 1,000 shares while IMG, the world's
biggest sports management firm, was pursuing the company for
unpaid consultancy work on behalf of the Titans.

Receivers were appointed to Goldcal Sports on March 30, just 48
hours before the Titans' 30-20 loss to Canterbury on April 1, the
report relays.

The Courier-Mail says the company also faces possible sanctions
from the Australian Securities and Investments Commission (ASIC)
for taking seven months to notify the government watchdog of
Mr. Searle's share sell-off.

According to the report, the pending death of Goldcal illustrates
the mounting pressure on Mr. Searle as he attempts to rescue the
Titans group, which moved a step closer to securing its future
after selling the troubled Centre of Excellence on April 4.

Receiver and manager Peter Dinoris -- pdinoris@vincents.com.au --
of Vincents Chartered Accountants, confirmed IMG was still owed
money for work involving the Titans.

"We've sent demands to the company's accountants and I am trying
to get in touch with Michael Searle and the current director,"
the report quotes Mr. Dinoris as saying.  "There was an exclusive
representation where IMG were appointed by Goldcal to create
sponsorship opportunities for the Titans.  There is approximately
$1 million still outstanding."

The report notes that Goldcal is not believed to have any assets.
By selling his shares, Mr. Searle has distanced himself from the
AUD1 million owed, which is likely to be written off as a bad
debt by IMG, The Courier-Mail adds.


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C H I N A
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CHINA SHANSHUI: Fitch Rates New Senior Unsecured Notes 'BB-'
------------------------------------------------------------
Fitch Ratings has revised China Shanshui Cement Group Limited's
Outlook to Positive from Stable.  Its Long-Term Foreign Currency
Issuer Default Rating (IDR) and senior unsecured rating have been
affirmed at 'BB-'.

Fitch has also assigned Shanshui's proposed senior unsecured USD
notes an expected rating of 'BB-(exp)'.  The final rating of the
proposed notes is contingent upon the receipt of documents
conforming to information already received.

The Outlook revision reflects an improved competitive landscape
in Shandong, Shanshui's core market, and the company's reduced
capex plans.

Market discipline to stabilise selling price by adjusting
production level by key producers in China's cement industry
improved in 2011, especially in regional markets with strong
concentration like Shandong Province.  The top two cement
producers in Shandong Province had over 50% share of cement and
clinker sales, of which Shanshui had a 29.5% share in 2011.

Fewer acquisition opportunities and the government's tight
control in the building of new cement plants have contributed to
Shanshui's reduced capex plans.  Improved industry profitability
has also resulted in smaller cement producers becoming less
vulnerable to being acquired and/or prone to heftier valuation.

Fitch may consider upgrading the ratings of Shanshui if the
company can maintain its strong performance in 2012.  This
includes a consolidated gross profit above CNY85/ton; net
debt/EBITDA below 2.0x; and capex remaining below CNY4bn.
Shanshui's Outlook may be revised to Stable if the company fails
to achieve the above in 2012.

Shanshui's ratings continue to be supported by its strong market
position in Shandong, which contributed to 76% of its 2011
revenue and over 80% of its profit.  Also, the company is one of
12 Chinese cement companies supported by the Chinese government
through a pledge made by the National Development and Reform
Commission.

The company's ratings are constrained by the cyclical nature of
the cement industry, and the more competitive nature of
Shanshui's new markets outside Shandong Province.  Shanshui is
still building market shares in these markets which may involve
price cuts.


CHINA SHANSHUI: S&P Rates New Senior Unsecured Notes 'BB-'
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' issue
rating to the proposed issue of senior unsecured notes by China
Shanshui Cement Group Ltd. (BB/Stable/--; cnBBB-/--). "At the
same time, we also assigned our 'cnBB+' Greater China credit
scale rating to the proposed notes. The rating is subject to our
review of the final issuance documentation. The company intends
to use the proceeds to refinance its borrowings and for general
corporate purposes," S&P said.

"The issue rating is one notch below the long-term corporate
credit rating to reflect the structural subordination risk that
offshore bondholders face in the event of default. We project
that Shanshui's ratio of priority borrowings over total assets
will exceed 20% in the next couple of years at least, more than
our threshold of 15% for speculative-grade-rated issuers," S&P
said.

"The proposed issuance has no rating impact. Shanshui has a small
buffer in the rating to absorb the net increase in total debt. In
addition, the company still has about Chinese renminbi 3 billion
in cash and cash equivalents (as of Dec. 31, 2011) to offset its
large negative working capital. We note that Shanshui's
receivables and inventory increased significantly in 2011 due to
the tight credit environment and the company's revised operating
strategy. Shanshui has adopted new methods of selling clinker
externally, including adjusting sales volumes between seasons.
This strategy should help the company to better manage pricing in
order to avoid benefiting downstream cement competitors," S&P
said.

"Downward rating pressure could arise if Shanshui fails to use
the additional debt to pay its short-term debt, and instead uses
the proceeds to step up its expansion plan or increase its total
debt level. Continued increases in working capital could also put
pressure on the rating. Downward triggers for the rating are a
ratio of funds from operations to debt of less than 20% and a
debt-to-EBITDA ratio of more than 3.5x," S&P said.

"The rating on Shanshui reflects our opinion of the company's
aggressive growth strategy and its sensitivity to volatile
product prices and input costs. In addition, Shanshui is exposed
to the competitive, cyclical, and high capital- and energy-
intensive nature of the industry in which it operates. The
company's strong market position, reasonable geographic
diversity, and efficient operations compared with peers' partly
offset these weaknesses," S&P said.


CHINA TEL GROUP: Acquires Controlling Interest in Zapna
-------------------------------------------------------
VelaTel Global Communications, formerly known as China Tel
Group, Inc., has signed and closed a stock purchase agreement to
acquire a 75% equity interest in Zapna, ApS, in exchange for
6,000,000 shares of VelaTel's stock.  Zapna is a Denmark
corporation that provides telecommunications solutions and
services including SIM overlay cards and mobile applications to
reduce long distance and roaming charges of retail and corporate
users.  Zapna also provides a full white label platform service
for carrier partners, including voice and SMS terminations.

Zapna is currently providing services in several European
countries (Sweden, Finland and Spain).  Many of Zapna's existing
solutions for telephony services are well suited to VoIP and
other data services provided by VelaTel and other broadband
operators. Zapna's 2011 revenues exceeded $1 million with
approximately $110,000 positive EBITDA.  Based on additional
contracts already in hand, Zapna expects substantial increased
revenue during 2012, even before taking into account expected
synergies based on providing services to VelaTel's other
operating subsidiaries and projects.  Zapna currently has 11
employees with headquarters in Denmark and a development team in
Pakistan.

VelaTel's President, Colin Tay, observed: "We are very pleased to
make Zapna part of the VelaTel team.  Zapna has innovative
solutions and strategic relationships that will provide many
synergies with VelaTel's current and planned operations."
Zapna's Founder, Omair Khan, added: "Being part of the VelaTel
family will give Zapna a huge opportunity to expand the business
worldwide, and to be part of a successful team."

A copy of the Purchase Agreement is available for free at:

                        http://is.gd/ubxkfY

                          About China Tel

Based in San Diego, California, and Shenzhen, China, China Tel
Group, Inc. (OTC BB: CHTL) -- http://www.ChinaTelGroup.com/--
provides high speed wireless broadband and telecommunications
infrastructure engineering and construction services.  Through
its controlled subsidiaries, the Company provides fixed
telephony, conventional long distance, high-speed wireless
broadband and telecommunications infrastructure engineering and
construction services.  ChinaTel is presently building, operating
and deploying networks in Asia and South America: a 3.5GHz
wireless broadband system in 29 cities across the People's
Republic of China with and for CECT-Chinacomm Communications Co.,
Ltd., a PRC company that holds a license to build the high speed
wireless broadband system; and a 2.5GHz wireless broadband system
in cities across Peru with and for Perusat, S.A., a Peruvian
company that holds a license to build high speed wireless
broadband systems.

Since the Company's inception until June 30, 2011, it has
incurred accumulated losses of approximately $242.36 million.
The Company expects to continue to incur net losses for the
foreseeable future.

The Company's independent accountants have expressed substantial
doubt about the Company's ability to continue as a going concern
in their audit report, dated April 15, 2011, for the period ended
Dec. 31, 2010.  As reported by the TCR on April 21, 2011, Mendoza
Berger & Company, LLP, in Irvine, California, expressed
substantial doubt about the Company's ability to continue as a
going concern, following the 2010 financial results.

The Company reported a net loss of $66.6 million in 2010,
following a net loss of $56.0 million in 2009.  The Company
reported a net loss of $18.0 million on $488,000 of revenue for
the nine months ended Sept. 30, 2011, compared with a net loss of
$38.2 million on $730,000 of revenue for the same period a year
ago.

The Company's balance sheet at Sept. 30, 2011, showed $11.57
million in total assets, $22.22 million in total liabilities and
a $10.64 million total stockholders' deficit.


GUANGZHOU GLOBAL: Acquires CTL Capital Stock for 40-Mil. Shares
---------------------------------------------------------------
China Teletech Holding, Inc., formerly known as Guangzhou Global
Telecom, Inc., completed a share exchange transaction with China
Teletech Limited, a British Virgin Islands corporation, by
entering into a share exchange agreement with CTL and the former
shareholders of CTL, dated March 30, 2012.  Pursuant to the
Agreement, the Company acquired all the outstanding capital stock
of CTL from the former shareholders of CTL in exchange for the
issuance of 40,000,000 shares of the Company's common stock.  The
shares issued to the former shareholders of CTL constituted
approximately 68.34% of the Company's issued and outstanding
shares of common stock as of an immediately after the commutation
of the Share Exchange.  As a result of the Share Exchange, CTL
became our wholly owned subsidiary and Dong Liu and Yuan Zhao,
the former shareholders of CTL, became our principal
shareholders.

In connection with the Share Exchange, Yankuan Li resigned as the
Company's Chief Financial Officer, Secretary and Chairman of the
Board of Directors, effective as of the Closing Date.  Also
effective upon closing of the Share Exchange, Dong Liu, Yuan
Zhao, Yau Kwong Li and Kwok Ming Wai Andrew were appointed as the
Company's directors.  In addition, Kwok Ming Wai Andrew was
appointed as the Company's Chief Financial Officer and Secretary.
Ms. Yankuan Li will remain President, Chief Executive Officer and
a member of the board of directors of the Company.

On March 8, 2012, the Company filed an Articles of Amendment to
the Company's Articles of Incorporation to change the corporate
name from "Guangzhou Global Telecom, Inc." to "China Teletech
Holding, Inc."  The Amendment was effective as of March 8, 2012.

On Dec. 9, 2011, the Board and the shareholders representing more
than 50% of the Company's common stock approved a 1-10 reverse
split.  The forward split was declared effective by FINRA as of
Feb. 16, 2012.

On March 2, 2012, the Board and the shareholders representing
more than 50% of the Company's common stock approved a change in
the Company's name.  In connection with the name change, the
Company has applied for a new trading symbol "CNCT" for the
Company's common stock, which is quoted on the OTCQB.  Both the
name change and symbol change have been approved by FINRA and
became effective as of March 20, 2012.

A copy of the Form 8-K is available for free at:

                        http://is.gd/CZlS4n

                       About Guangzhou Global

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

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

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

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


SUNAC CHINA: Fitch Affirms Senior Unsecured Rating at 'BB-'
-----------------------------------------------------------
Fitch Ratings has revised Sunac China Holdings Limited's Outlook
to Stable from Negative.  Its Long-Term Foreign Currency Issuer
Default Rating (IDR) and senior unsecured rating have been
affirmed at 'BB-'.

The Outlook revision reflects Sunac's growth into a medium-size
property developer, and its stronger-than-expected sales
performance in 2011.  Its contracted sales totalled CNY19 billion
with an average selling price (ASP) of CNY16,092 per square metre
(psm), which are above Fitch's guideline of CNY11bn contracted
sales and ASP of CNY13,200 psm.  Even after removing the impact
of Sunac West Chateau Project in Beijing, which was turned into a
wholly-owned subsidiary following Sunac's acquisition of the
remaining 50% equity stake from Beijing Shougang, Sunac's
adjusted contracted sales and ASP of CNY15.9 billion and
CNY14,301 respectively still exceeded the agency's guideline.

Sunac continued to hold CNY2.3 billion cash at end-2011, above
its CNY1.6 billion land premiums payable.  This is despite the
company having invested close to CNY9 billion in 2011 for new
land and equity stakes in new and existing projects.  These
investments have increased the number of Sunac's projects
available for sale to 18 in 2012 from 14 in 2011 and 10 in 2010.
The increased number of projects put on sale improves the
likelihood that Sunac's contracted sales would exceed 2011
levels.

Fitch may take negative rating action if adverse changes to
Sunac's markets and product mix lead to an EBITDA margin below
25% (2011: 27.9%).  Negative rating pressure may also arise from
aggressive acquisition of land bank resulting in funds from
operations (FFO) interest coverage below 3x (2.9x in 2011 but
Fitch expects this to exceed 3.5x from 2012) or net
debt/inventory above 35% (28% in 2011), or from contracted sales
in 2012 failing to reach CNY20bn.  No positive rating action is
envisaged over the next 24 months given the constraints posed by
its small scale and lack of diversification.

Sunac's ratings are constrained by its limited geographical
diversification and small scale. Its focus on high quality mid-
and high-end properties implies that it is more exposed to the
home purchase restrictions recently imposed by the Chinese
government.  However, Fitch notes that this niche position is the
main driver of the company's high profitability, a key rating
driver.  The high quality of the company's land bank and its
strong market position in Tianjin are also supportive of its
ratings.

Fitch notes Sunac's exposure to large jointly controlled
projects. These include the 49% stake in both the Beijing project
it acquired in December 2011 with Franshion Properties (China)
Limited ('BBB-'/Stable) and the project in Tianjin it acquired
with Poly Real Estate Group Company Limited in September 2011; as
well as a 51% stake of the Wuxi project it acquired from
Greentown China Holdings Limited.  The agency will continue to
monitor the impact of these projects on Sunac's cash flow.


================
H O N G  K O N G
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FAME ABLE: Sun Yongjian Steps Down as Liquidator
------------------------------------------------
Sun Yongjian stepped down as liquidator of Fame Able Limited on
March 28, 2012.


GLORY OCEAN: Creditors' Proofs of Debt Due May 27
-------------------------------------------------
Creditors of Glory Ocean (HK) Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by May 27, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on March 27, 2012.

The company's liquidator is:

         Chan Chak Chung
         13/F, Harbour Commercial Building
         122-124 Connaught Rd
         Central, Sheung Wan
         Hong Kong


INNOVATIONS LIMITED: Creditors' Proofs of Debt Due May 11
---------------------------------------------------------
Creditors of Innovations Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by May 11,
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:

         Chan Sek Kwan Rays
         Unit F, 12/F
         Seabright Plaza
         9-23 Shell Street
         North Point, Hong Kong


JAPAN RESOURCES: Creditors' Proofs of Debt Due May 7
----------------------------------------------------
Creditors of Japan Resources Limited, 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 liquidator is:

         Philip Brendan Gilligan
         7th Floor, Alexandra House
         18 Chater Road
         Central, Hong Kong


J-TECH CORPORATION: Creditors' Proofs of Debt Due May 30
--------------------------------------------------------
Creditors of J-Tech Corporation Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by May 30, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on April 2, 2012.

The company's liquidator is:

         Cheung Hang Ngai
         Flat H, 28/F
         Block B, Hollywood Terrace
         123 Hollywood Road
         Hong Kong


LU HAN: Commences Wind-Up Proceedings
-------------------------------------
Members of Lu Han Sen Charity Fund Limited, on March 29, 2012,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

         Shiu Moon Yuen Simon
         Room 2301-D3, 23/F
         Nan Fung Centre
         264-298 Castle Peak Road
         Tsuen Wan, Hong Kong


OLIVE MOUNTAIN: Wai King Tong Steps Down as Liquidator
------------------------------------------------------
Wai King Tong stepped down as liquidator of The Olive Mountain
Limited on March 15, 2012.


PINGHSI COMPANY: Creditors' Proofs of Debt Due May 4
----------------------------------------------------
Creditors of Pinghsi Company Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by May 4, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on March 30, 2012.

The company's liquidators are:

         Natalia K M Seng
         Susan Y H Lo
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


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

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


SINOCAN DEVELOPMENT: Lai and Yeung Step Down as Liquidators
-----------------------------------------------------------
Lai Kar Yan (Derek) and Yeung Lui Ming (Edmund) stepped down as
liquidators of Sinocan Development Limited on March 20, 2012.


SUNGLORY GARDEN: Tong Lap Hong Steps Down as Liquidator
-------------------------------------------------------
Tong Lap Hong stepped down as liquidator of Sunglory Garden
Limited on March 26, 2012.


TOP REAL: Members' Final Meeting Set for May 7
----------------------------------------------
Members of Top Real Estate Consultants Limited will hold their
final general meeting on May 7, 2012, at 10:00 a.m., at Room
1101, 11/F, China Insurance Group Building, 141 Des Voeux Road
Central, in Hong Kong.

At the meeting, Wong Lung Tak Patrick, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


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


AEKTA COT: ICRA Assigns '[ICRA]B+' Rating to INR10cr Bank Loan
--------------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to INR10.00 crore fund
based cash credit facility of Aekta Cot Fibres.

The assigned rating is constrained by the firm's modest scale of
operation coupled with weak financial profile as reflected by low
profitability, leveraged capital structure and weak debt
protection indicators. The ratings also take into account the,
vulnerability of profitability to fluctuations in raw material
prices given the seasonal availability of cotton, government
regulations on MSP (minimum selling price) and export quota.

The rating, however, favorably considers the long experience of
the partners in the cotton industry, favorable location of the
firm giving it easy access to high quality raw cotton and
favorable outlook for cotton and cotton seed demand.

                         About Aekta Cot

Aekta Cot Fibres was established in 2007, by Mr. Rameshbhai Patel
and his family members. The firm is engaged in ginning and
pressing to produce cotton bales and cotton seeds. The
manufacturing plant of the firm is situated at Kadi, Mehsana
district, Gujarat, and is equipped with 24 ginning machines and
one pressing machine with an installed capacity of producing 250
cotton bales per day.

Recent Results

The firm reported profit after tax of INR0.24 crore as against an
operating income of INR61.48 crore for FY 2011. Further, the firm
reported (unaudited provisional financials) profit before tax of
INR0.80 crore against an operating income of INR55.76 crore
during 10MFY12.


AJAY POLYMERS: ICRA Places '[ICRA]B+' Rating on INR17.5cr Loan
--------------------------------------------------------------
The long term rating assigned to the INR17.5 crore (enhanced from
INR15 crore) bank limits of Ajay Polymers has been revised to
'[ICRA]B+' while the short term rating has been retained at
'[ICRA]A4'.

The revision in long term rating is driven by the significant
deterioration in the company's profitability and credit metrics
in the current fiscal and the expectation that the company's
financial profile will continue to be weak over the near to
medium term due to moderate sized debt funded capital expenditure
programme and high working capital requirements. That apart the
ratings are constrained by high industry risks including the high
competitive intensity in the PVC pipes business; the relatively
modest scale and regional concentration of the Firm's operations;
vulnerability of profitability to variations in price of main raw
material PVC resin which is a crude oil derivative apart from
risks inherent in partnership form of business. Nevertheless
while assigning the ratings ICRA has favorably considered the
promoters significant experience in the PVC pipes business; the
Firm's well established brand and presence in the main region of
operations; the favorable demand outlook for PVC pipes and
related products and upside potential linked to diversification
in the CPVC segment.

                          About Ajay Polymers

Ajay Polymers is engaged in the manufacture of unplasticised
polyvinylchloride (PVC) pipes, fittings and other accessories
which are sold under the brand name Ravindra mainly in the north
and western parts of the country. Ajay Polymers is constituted as
a partnership firm and was promoted by Mr. Ashwani Kumar Garg in
2003. Mr. Garg holds 50% stake in Ajay Polymers while the other
50% is held by his brother in law, Mr. Sanjeev Kumar Mittal. Both
the partners have considerable experience in the pipes business
having been engaged in trading of PVC and MS pipes in the region
for more than three decades. The Firm's sole manufacturing unit
is located at Hisar in Haryana which is considered the hub of the
pipe industry in the state. Ajay Polymers manufacturing
facilities currently include 13 extruders for PVC pipes with a
cumulative capacity of 22,000 MTPA and 6 injection moulding
machines in the PVC fittings business with cumulative capacity of
1500 MTPA. The company is diversifying in to the CPVC segment
which is expected to be operational from Q1 FY 13.

Recent Results

In 2010-11, Ajay Polymer reported and Operating Income (OI) of
INR85 crore with a Profit after Tax (PAT) of INR1.51 crore. In 9M
2011-12, as per unaudited provisional financials, Ajay Polymers
has reported an OI of INR79 crore with a PAT of INR0.60 crore.


BHARAT MOTORS: ICRA Reaffirms 'BB+' Rating on INR8.43cr Loan
------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR8.43
crore term loans and INR17.00 crore fund based facilities of
Bharat Motors Limited at '[ICRA]BB+'. The outlook on the long
term rating is stable.

The rating reaffirmation takes into consideration the track
record of the promoters in the automobile dealership business,
BML's strong brand name "Bharat's" and the established position
of the company as an authorized dealer in Orissa for Hero Honda
Motors Limited, Ashok Leyland Limited, General Motors India Pvt.
Ltd. and Volkswagen India Private Limited. The presence of BML
under different dealerships catering to distinct customer and its
geographical segments within Orissa also supports the rating.
Given the significant demand for passenger cars in the compact
and mid-size segments, ICRA notes that, BML's position as the
only dealer of VIPL in Orissa is likely to support the sales
volume going forward. The rating, however, continues to be
constrained by BML's weak financial profile which is
characterized by an adverse capital structure and depressed
coverage indicators, the inherently low margins on account of
high competition that characterize the automobile dealership
business.

                      About Bharat Motors

Bharat Motors Limited is a closely held company, promoted by the
Orissa-based Didwania family. BML was set up as a partnership
firm and was converted into a company in 1996. BML is an
authorised dealer of Hero Honda Motors Limited, Ashok Leyland
Limited and General Motors India Pvt. Ltd. During 2009-10, the
company also acquired the dealership of Volkswagen India Private
Limited. BML is present in various districts in Orissa through
its showrooms of different OEMs. The other two companies of the
same group are Shree Bharat Motors Limited, a dealer of Tata
Motors Limited for passenger cars and Bajaj Auto Limited for
three wheelers (rated at [ICRA]BB+/Stable) and Bharat Carriers
Limited, a transporter with a fleet of 316 owned and hired trucks
(rated at [ICRA]BB-/Stable and [ICRA]A4)

Recent Results:

The company reported a net profit of INR1.08 crore on an
operating income of INR296.77 crore in 2010-11 as compared to a
net profit of INR0.49 crore on an operating income of INR164.34
crore in 2009-10.


CAMELIA GRIHA: ICRA Revises Rating on INR7.94cr to '[ICRA] BB-'
---------------------------------------------------------------
ICRA has revised the long term rating assigned to INR7.94 crore
(reduced from INR11.70 crore) bank facilities of Camelia Griha
Nirman Private Limited from '[ICRA] BB+' to '[ICRA] BB-'.  The
outlook on the long term rating is stable.

The revision in the rating takes into account the deficit in the
rental income vis-a-vis the debt repayment obligations on account
of substantial portion of the leasable area (-55%) being
unoccupied resulting in inadequate cash flow cover. The rating is
also constrained by the absence of the debt service reserve
account and the sensitivity to interest rates given the
moderately long tenure of the lease. The rating however draws
comfort from the prominent location for CGNPL's commercial
property on Old Madras Road and from the cash rich promoters who
have who have supported timely debt servicing in periods of low
occupancy. Going forward, the company's ability to achieve high
occupancy levels and generate sufficient cash flow cover to cover
its monthly EMI commitments.

                       About Camelia Griha

Incorporated in 2001, Camelia Griha Nirman Private Limited owns a
building named as "Salarpuria Adonis" consisting of Ground
Floor,1st Floor, 2nd Floor , 3rd Floor and Terrace a Survey
No.104, Binnamangla Village, Bangalore on the land admeasuring 25
guntas or thereabout. The space is currently occupied by M/s
Altisource Business Solutions P Ltd which is occupying the
complete space except for the ground floor which has been vacant
since August 2010. The premises is being serviced by a
professional Company M/s Salarpuria Management P Ltd- a group
Company of "Sattva Group" which is a well established name in the
real estate sector.

Recent results:

Camelia Griha Nirman Pvt Ltd reported a PAT of INR1.68 Cr on an
Operating Income of INR3.43 Cr in FY 2011.


CLC TEXTILE: ICRA Assigns '[ICRA]B' Rating to INR17.5cr LT Loans
----------------------------------------------------------------
A rating of '[ICRA]B' has been assigned to the INR17.50 crore
long-term loans of CLC Textile Park Private Limited.

The rating is constrained by the current nascent execution stage
for the two projects undertaken by the company ? Textile Park
under Scheme for Integrated Textile Park and Power Plant, common
effluent treatment plant (CETP) and centre of excellence (COE)
development under IIUS scheme; the lack of coal linkage or power
purchase agreement for the coal-fired 10MW captive plant, and
relatively high risks of delays in project executions which may
impact cash flows. Although, energy deficit in Madhya Pradesh
leads to low risk on sale of power, operating the plant on
imported coal will likely lead to higher operating costs and
weakening of debt servicing indicators. Further, the promoters
have committed sizeable investments towards setting up their own
units in Textile Park which could exert pressures on incremental
equity infusion in Textile Park and power project. Nonetheless,
the projects have received support from Government through grant
funding which has reduced pressure on external capital
requirement. ICRA also identifies that land acquisition for the
projects is completed, necessary approvals are in place and key
contracts have been awarded.

                        About CLC Textile

CLC Textile Park Private Limited is a special purpose vehicle
incorporated under the Companies Act, 1956 for setting up an
Integrated Textile Park under Scheme for Integrated Textile Parks
of Ministry of Textile, Government of India and Power Plant,
Centre of Excellence including Testing and R&D Facility, Training
Centre and Effluent Treatment Plant under Industrial
Infrastructure Up-gradation Scheme (IIUS) of Ministry of Commerce
and Industry, Government of India The SPV is registered in
Pandhurna, Madhya Pradesh and the location of the project is
Hirwa Village which is 16 kms from Pandhurna Railway Station, 60
kms from Nagpur Airport and 80 kms from Chhindwara District, MP.
The location is close to a cotton producing belt and is located
to take the strategic advantage of being closer to the cotton
growers.


CYBERWALK TECH: ICRA Reaffirms 'BB' Rating on INR146.89cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]BB' for
INR146.89 crore fund based facilities of Cyberwalk Tech Park
Private Limited (erstwhile Sofed Retailer Private Limited).

The rating action factors in the company's majority shareholder ?
Aarone Group's long experience in the real estate sector and
relatively low execution risk as majority of the project has been
completed. The funding risk for the project remains low as the
entire debt has been tied up and around 80% of the proposed
contribution has already been infused by the promoters. However
the rating remains constrained by the modest levels of
sales/lease activity achieved on the project thus far, which is
exacerbated by the market risks that the project is exposed to,
given the lower absorption of IT/ITES related office space as
well as oversupply situation in the vicinity of the project.
Going forward, the ability of the company to lease/sell the space
at desired rates will be key rating sensitivity factor given the
sizeable scheduled debt repayment commitments.

                     About Cyberwalk Tech

Cyberwalk Tech Park Private Limited (Sofed Retailer Private
Limited) was taken over by Mr.Amit Kumar Modi and Parabolic Real
Estate Private Limited (jointly promoted as a Special Purpose
Vehicle by Mr. Pranav Gupta and Mr.Vineet Gupta) to set up an IT
Park at Manesar, Gurgaon. Thereafter, Aarone Promoters Private
Limited (a group company of Aarone Group) was included in the
management of CTPPL in the capacity of a real estate developer.
Presently Aarone Promoters Private Limited is the largest
shareholder with 44.20% stake followed by Mr.Amit Kumar Modi and
Parabolic Real Estate Private Limited at 27.9% each. The IT Park
is titled 'Cyber Walk' and is being developed in two phases, with
a total leasable/saleable area of 11.28 lakh sq.ft; with 8.8 lakh
sq.ft to be developed in phase one.


DEE WELDOGEN: ICRA Assigns '[ICRA]B+' Rating to INR6cr Limits
-------------------------------------------------------------
ICRA has assigned long term rating of '[ICRA]B+' to the INR6.00
crore fund based limits and a short term rating of '[ICRA]A4' to
the INR3.00 crore non fund based facilities of Dee Weldogen India
Private Limited.

ICRA's rating action takes into account the small scale of
operations of the company which results in lower economies of
scale, competitive industry environment in which the company
operates and weak financial profile as reflected in low operating
margins, high gearing, and weak cash flows. Ratings are also
constrained by a relatively high level of working capital
intensity of operations on account of high inventory and debtor
days which has resulted in a stretched liquidity position during
the year. However ratings are supported by an experienced profile
of promoters with more than a decade of experience, improvement
in profitability with the commencement of manufacturing
operations since FY 2008, and negligible repayment commitments.
In addition, the company's focus on exports and attempts to
increase its product portfolio without incurring any significant
capital expenditure is expected to support the company's revenue
growth and profitability going forward. The ability of the
company to increase its exports and capacity utilizations and
efficient working capital management will remain key rating
drivers for the company.

                         About Dee Weldogen

DWIPL was set up in 1993-94 as a partnership firm and
reconstituted as a private limited company in 2000. The company
engages in trading and manufacturing of stainless steel wires and
rods with various industrial and architectural applications. The
company is an exclusive distributor for RaajRatna Metal
Industries Limited in North India. Its manufacturing plant is
located in Gautam Budh Nagar (Uttar Pradesh) has a capacity of
200 tonnes per month (tpm) (as indicated by the management). The
affairs of the company are managed by Mr. Sandeep Dang. He has
experience of over a decade in the steel industry.

The company had reported operating income of INR24.42 crores in
FY 2011 as against INR17.76 crore in FY 2010 registering a growth
of 38%. The company has reported a Profit after Tax pf INR0.13
crore in FY 2011.


D.S. CONTRACTORS: ICRA Cuts Rating on INR5cr Loan to '[ICRA] C'
---------------------------------------------------------------
ICRA has revised the ratings assigned to the long term INR5.00
crore long term fund based limits of D.S. Contractors Private
Limited from '[ICRA]BB' to '[ICRA]C'. ICRA has reaffirmed the
'[ICRA]A4' ratings for the short term INR8.00 crore non-fund
based limits (reduced from INR10.0 crore) of DSCPL.

The revision in ratings of D.S. Contractors Private Limited
factors in the company's stretched liquidity position evidenced
by ongoing delays in debt servicing towards term loans and high
utilization of working capital limits; delays in execution of
majority of the company's projects due to issues related to
availability of labour and sand which resulted in a 40% year-on-
year de-growth in FY11 revenues and the high client, sectoral,
geographic and project concentration risks in the company's order
book.

However, the ratings factor in the healthy revenue visibility due
to strong unexecuted order book position as of November 2011
equivalent to 7.1x FY11 revenues and a measurable improvement in
the company's turnover in 9MFY12 due to relatively faster
execution of the existing projects as compared to the previous
year.

Incorporated in 1990, DSCPL is a Goa based Construction Company
that undertakes civil construction projects for residential and
industrial buildings. Founded by Mr. SS Gill, DSCPL is a closely
held company with 100% shares held by the promoters. Till date,
DSCPL has executed over 70 projects involving civil construction
of residential, institutional and industrial buildings for a mix
of public sector and private sector clients. Majority of the
company's projects are located in the states of Goa & Karnataka.


KINGFISHER AIRLINES: Employees Get Salaries After Four Months
-------------------------------------------------------------
The Times of India reports that airline sources said that a large
section of Kingfisher Airlines employees, including pilots and
engineers, received their salaries on Monday after a delay of
nearly four months.

"In fact, we paid salaries of all employees on April 4 itself.
However, due to some back-end problem in one of the banks, a
section of employees could not get it then," airline sources told
TOI.  Chairman of the crisis-hit airline Vijay Mallya had last
Tuesday assured his employees that their salaries would be
disbursed in a staggered manner from April 4 to 10, the report
notes.  The airline, according to TOI, has salary accounts in
HDFC Bank, Axis Bank and ICICI Bank.

Meanwhile, The Times of India reports that KFA has paid the
second installment of INR9 crore as TDS according to the
directives of the tax tribunal.  The company has outstanding dues
of INR349 crore.

                     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.


PIPAVAV RAILWAY: ICRA Puts 'BB+' Loan Rating on Withdrawal Notice
-----------------------------------------------------------------
The '[ICRA]BB+ (Stable)' rating assigned to the INR89.44 crore
term loans of Pipavav Railway Corporation Limited has been put on
notice of withdrawal for one year at the request of the company
before being withdrawn.  As per ICRA's policy, the rating will be
withdrawn after 1 year from the date of this withdrawal notice.


RIA HOTEL: ICRA Cuts Rating on INR10cr Loan to '[ICRA]B'
--------------------------------------------------------
ICRA has revised the rating assigned INR10.0 crore term loan of
Ria Hotel Private Limited to '[ICRA] B-' from '[ICRA]B'.

The rating revision takes into account the inadequate cushion
between RHPL's rental inflows and debt repayment obligations, the
revenue concentration risk arising out of operating a single
property, and the tight liquidity position of the company.
Although the deficit in lease rentals is met by way of interest
from loans extended to group companies, delays by the lessee in
meeting their monthly lease rental payments can put pressure on
the cash flows of the company. The rating, however, favourably
factors in the experience of the promoters and the low
possibility of lessee vacating the land given that it has
developed a hotel under the Radisson brand.

Ria Hotel Private Limited has been promoted by Mr. Gurdeep Singh
Chabra who has been involved in real estate development in and
around Indore. RHPL has leased out -80,000 sq. ft. land to
Bestech Hospitalities Private Limited which in turn has developed
a 5-star Raddison Hotel on the same. The group also has two
operational malls under the companies Century 21 Town Planners
Pvt. Ltd. (C21) and M.P. Entertainment and Developers Pvt. Ltd.
Both these malls are located on A.B. Road, Indore (Madhya
Pradesh).


ROBOSOFT TECHNOLOGIES: ICRA Cuts Rating on INR7.08cr Loan to 'D'
----------------------------------------------------------------
ICRA has revised the long term rating outstanding on the INR7.08
crore term loan facilities of Robosoft Technologies Private
Limited to '[ICRA]D' from '[ICRA]C'. ICRA has also revised the
rating on the INR6.5 crore short term fund based facilities and
the INR0.8 crore non-fund based facilities of RTPL to '[ICRA]D'
from '[ICRA]A4'.  The revision in ratings takes into account
instances of delays in debt servicing by RTPL.

Robosoft Technologies Private Limited, promoted as a
proprietorship firm in 1996 at Udupi, Karnataka, by Mr.Rohith
Bhat and subsequently incorporated as a private limited company
in 2005, is primarily into the business of development of
software applications for Mac OS platform. RTPL has a team of
around 300 software professionals working for the Company. The
Company offers its products/services through four business
divisions, viz., software services, software utilities, gaming
products, and enterprise applications. The software services
segment is the largest business segment in the Company accounting
for around 90 per cent of RTPL's revenues in 2010-11.


S.A. AANANDAN: ICRA Assigns '[ICRA]B+' Rating to INR24cr Loan
-------------------------------------------------------------
ICRA has assigned long-term rating of '[ICRA]B+' to the INR24.00
crore term loan facilities (i.e., enhanced from INR1.71 crore to
INR25.71 crore) and the INR19.08 crore fund based facilities
(i.e., enhanced from INR15.00 crore to INR34.08 crore) of S.A.
Aanandan Spinning Mills Private Limited.  ICRA has assigned
short-term rating of '[ICRA]A4' to the INR2.00 crore fund based
facilities and the INR1.00 crore non-fund based facilities (i.e.,
enhanced from INR3.33 crore to INR4.33 crore) of the Company.
ICRA has long-term rating of '[ICRA]B+' outstanding on the
INR1.71 crore term loan facilities, the INR15.00 crore fund based
facilities, and short-term rating of '[ICRA]A4' outstanding on
the INR3.33 crore non-fund based facilities of the Company.

The ratings consider the promoter's experience in the business
for over a decade. The ratings also consider the Company's
stretched capital structure/coverage indicators, following sharp
increase in debt levels (to finance the modernization/ expansion
plans) and decline in accruals during the current fiscal due to
sluggish demand for yarn. The ratings further consider the
Company's small scale of operations which restricts scale
economies and financial flexibility, and the intense competition
in a highly fragmented industry structure which restricts pricing
flexibility.

                        About S.A. Aanandan

S.A. Aanandan Spinning Mills Private Limited is primarily engaged
in production and sale of cotton yarn, both in the domestic and
export markets. Its manufacturing facility is located in
Rajapalayam (Tamil Nadu). The promoter, Mr. Ilavarasu and his
family holds the entire stake in the Company. The Company derived
about 12 per cent of revenues during 2010-11 through production
and export of towels; these are produced through job-work
contractors located in Erode, Tamil Nadu. SAASMPL also has a yarn
processing unit (viz., for reeling, mercerizing and gassing),
with a capacity to process about 10.6 MT per annum.  SAASMPL was
established in 1996-97 by Late Shri. S.A Aanandan and his son,
Mr. A Ilavarasu. The Company commenced commercial production
during 1998-99 with 6,000 spindles and presently has a capacity
of 21,264 spindles.

Recent Results

According to unaudited results, the Company reported net profit
of INR0.3 crore on operating income of INR50.0 for the nine
months ended December 31, 2011.


SHRI T.P.: ICRA Revises Rating on INR21.02cr Loans to '[ICRA]BB-'
-----------------------------------------------------------------
ICRA has revised the long-term rating outstanding on the INR8.80
crore term loan facilities, INR12.00 crore fund based facilities
and INR0.22 crore non-fund based facilities of Shri T.P. Textiles
Private Limited from '[ICRA]BB' to '[ICRA]BB-'.  The outlook on
the long term rating is stable. ICRA has also reaffirmed the
short-term rating of '[ICRA]A4' rating to the INR0.50 crore fund
based facilities and INR4.00 crore non-fund based facilities of
the Company.

The revision in long term rating reflects the subdued financial
performance of the Company during the current fiscal arising from
sluggish demand for yarn, volatile cotton costs unmatched by
equivalent realisations, high power costs and interest costs. The
ratings also factor in the moderate scale of operations
restricting economies of scale, stretched capital structure and
coverage indicators and the intense competition in a fragmented
industry which restricts pricing flexibility amidst low product
differentiation. The ratings however consider the experience of
the promoters in the textile industry and the operational backing
from related concern engaged in distribution of cotton, which
ensures raw material availability. The Company's presence across
wide range of counts with value additions partly mitigates the
risk of demand downturn in any key segments. Going forward,
STPTPL's ability to generate higher margins and improve the debt
protection metrics will be critical in improving the credit
profile of the Company.

                     About Shri T.P. Textiles

Shri T.P. Textiles Private Limited was incorporated in 1996 by
amalgamating two partnership firms T.P. Cotton Textiles and Shri
Tee Pee Spinners. STPTPL is closely held by the promoters and
promoters' family/ friends. T.P. Group is in third generation of
textile business starting from cotton cultivation in 1950's to
ginning and cotton trading in 1960's and spinning in 1990's.
Located in Rajapalayam (Tamil Nadu), Shri T.P. Textiles Private
Limited commenced manufacturing operations in May 1996 with 5,028
spindles and is currently operating at an installed capacity of
34,752 spindles.

Recent Result

For the ten months period ended January 31, 2012, the Company's
net loss stood at INR1.9 crore on an operating income of INR46.8
crore.


SIMLA AGENCIES: ICRA Revises Rating on INR16cr Loan to '[ICRA]D'
----------------------------------------------------------------
The short term rating for INR16.00 crore non fund-based facility
of Simla Agencies has been revised to '[ICRA]D' from '[ICRA]A4'.

The ratings revision takes into account the recent delays in
servicing of its bank facilities by the firm; it's stretched
liquidity profile following significant inventory pile up and
high receivables and financial profile characterized by highly
leveraged capital structure and weak coverage indicators. The
rating also takes into account the intense competitive pressure
in the industry with a large number of unorganized players as
well as its vulnerability to foreign exchange fluctuations. ICRA
also notes that the availability is dependent on the trade
regulations prevailing in the supplying market which at present
remains highly concentrated. The rating however, favorably
considers the promoters experience in timber trading business and
moderately diversified market presence across India.

                        About Simla Agencies

Established in 1972, Simla Agencies is a partnership firm,
engaged in timber and plywood trading business and has its head
office at Mumbai. SA has two group concerns, 'Saudagar
Enterprise', which is engaged in the manufacture and export of
garments, and 'Saudagar International Exports' which is engaged
in export of garments and timber.

Recent Results

SA recorded a net profit of INR0.44 crore on an operating income
of INR19.97 crore for the year ending March 31, 2011; while it
recorded a profit before tax of INR0.15 crore (not adjusted for
depreciation) on an operating income of INR18.14 crore, as per
provisional results for first nine months of financial year
2011-12.


SLN COFFEE: ICRA Assigns '[ICRA]BB-' Rating to INR37cr Term Loan
----------------------------------------------------------------
ICRA has assigned '[ICRA]BB-' rating to the INR37.0 crore term
loan facilities and the INR42.00 crore fund based facilities of
SLN Coffee Private Limited.  The outlook on the long term rating
is stable. ICRA has also assigned '[ICRA]A4' rating to the
INR43.0 crore fund based facilities and the INR5.0 crore non-fund
based facilities of SCPL.

The assigned ratings take into account the experience of the
promoters, strong presence of SCPL in green coffee trading
business and the Company's diversified revenues across reputed
client base supporting sustained revenue growth. The ratings also
take into account SCPL's long term associations with its
suppliers aiding timely availability of quality raw material.
ICRA notes that the Company's recent forward integration into
instant coffee manufacturing is likely to aid in overall margin
expansion. However, high interest outgo owing to high reliance on
debt is expected to continue to exert pressure on net margins in
the medium term. SCPL's financial profile is characterized by
high gearing and strained cash flows. The Company's largely debt-
funded capital expenditure plans towards capacity expansion are
expected to further stretch the debt-coverage indicators. The
ratings also take into account high competition in the instant
coffee exports thereby limiting pricing flexibility and
susceptibility of the Company's margins to volatile coffee prices
and foreign exchange rates.

                        About SLN Coffee

Incorporated in 2004, SLN Coffee Private Limited is primarily
engaged in trading of green coffee and manufacturing of soluble
coffee powder. The Company, promoted by two brothers ? Mr. S.L.N
Sathappan and Mr. S.L.N Vishwanath, initially commenced its
operations through manufacturing of Roast and Ground (R&G) coffee
exclusively for AV Thomas & Co ? a Cochin based coffee player.
The Company discontinued the same during 2006-07 and commenced
green coffee trading business and over the years SCPL has also
forward integrated into manufacturing of instant coffee powder by
setting up a manufacturing facility in October 2008.

Recent results

SCPL reported net profit of INR2.8 crore on operating income of
INR370.9 crore during 2010-11, as against net profit of INR2.2
crore on operating income of INR336.6 crore during 2009-10.


SRI VISWAJANANI: ICRA Places '[ICRA]BB-' Rating on INR5.25cr Loan
-----------------------------------------------------------------
ICRA has assigned '[ICRA]BB-' long term rating to INR5.25 crore
fund based bank lines of Sri Viswajanani Poultry Farm.  The
assigned long term rating carries a Stable outlook.

The rating is constrained by the high sensitivity of SVPF's
profits to fluctuations in feed costs (mainly maize and soya
prices), the event risks inherent in the poultry industry (like
outbreak of bird flu), and the high competitive pressure from the
unorganized sector, which adds to the volatility in the business.
The ratings also take into account the moderate scale of
operation and possible moderation of the capital structure and
liquidity position in the near term on account of recent debt
funded capacity expansion.

Nonetheless, the assigned rating draws comfort from the currently
strong financial profile, extensive experience of SVPF's
promoters in the business, wide acceptability of the breed of
eggs sold, and the positive outlook for poultry industry in
India. Healthy prospects for the industry are reflected in the
growth reported by the firm over the past three years.
Going forward, the ability to manage the working capital
intensity and achieve healthy growth in scale of operations while
maintaining a healthy capital structure would be the key rating
sensitivities for the firm.

                        About Sri Viswajanani

Sri Viswajanani Poultry Farm is a partnership firm owned between
the Tadi-family of East Godavari. The firm was started in 1993.
The line of activity includes sale of BV 300 table eggs through
whole sale merchants. The company has a capacity to breed about
2.6 lakh birds currently which was recently expanded from about
1.85 lakh birds over FY 2012.

Recent Results

SVPF reported an operating income of INR14.27 crores in for
FY2011, reporting a growth of 5.5% over similar period in FY2010,
which translated into a net profit of 0.19 crores,


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


GOLOMT BANK: S&P Rates Proposed Senior Unsecured Notes 'BB-'
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long-term
issue rating to a proposed offshore issue of senior unsecured
notes by Golomt Bank of Mongolia (B+/Positive/B). "The rating on
the notes is subject to our review of the final issuance
documentation," S&P said.

"The U.S.-dollar-denominated notes will have a fixed-rate coupon.
The notes will constitute direct, unconditional, unsubordinated,
and unsecured obligations of Golomt Bank."


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


MCVITTY PROPERTIES: Placed Into Liquidation
-------------------------------------------
Fairfax NZ News reports that McVitty Properties, one of the two
companies owned by a controversial Manawatu farmer, has been put
into liquidation, with the other still heavily indebted and in
receivership.

Richard Simpson -- richard.simpson@nz.gt.com -- and David Ruscoe
-- david.ruscoe@nz.gt.com -- of Grant Thornton have been
appointed as the liquidator of McVitty Properties, which was
owned by Robert McVitty, according to the report.

Mr. McVitty's other farming company, Patoka Dairies, is still in
receivership but not in liquidation, Fairfax NZ News relates
citing Companies Office records.

Fairfax NZ News recalls that McVitty Properties and Patoka
Dairies were put into receivership about two years ago, and
collectively owed creditors NZ$83.5 million at the time.

More than NZ$73 million was owed to the Bank of New Zealand, the
news agency discloses.

The last receivers' report for McVitty Properties was released
late last year, with PricewaterhouseCoopers showing the company
still owed $43.1 million to secured creditor BNZ.

McVitty Properties Limited was a dairy farming company.


NZF MONEY: High Court Interim Order Freezes NZF Group's Assets
--------------------------------------------------------------
Fairfax NZ News reports that NZF Group has been frozen by
receivers acting for its financier subsidiary, over concerns
restructuring in 2010 amounted to an insolvent transaction.

Fairfax NZ News relates that KordaMentha receivers Brendon Gibson
and Grant Graham, acting for the subsidiary NZF Money, have
successfully obtained an interim High Court order preventing the
NZF Group from dealing with or disposing of assets.

According to the report, receivers mounted the action after
becoming concerned about the October 2010 internal restructuring
of NZF Homeloans.

In a statement to the stock exchange, NZF Group chief executive
Mark Thornton said the company would oppose the freezing order at
a hearing on April 27.

The freezing order follows hard on the heels of the Serious Fraud
Office opening an investigation into related-party deals
involving a number of board members.

                          About NZF Money

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

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 23, 2011, BusinessDesk said NZF Money was put in
receivership in July 2011 after its parent failed to secure
short-term funding needed to keep the finance company afloat.
The shortfall arose after the Financial Markets Authority forced
the company to pull its debenture prospectus which hoped to raise
NZ$350 million over the issues around asset quality and liquidity
disclosure.

The TCR-AP reported on March 23, 2012, that the Serious Fraud
Office said that it has commenced a Part II investigation into
NZF Group Limited, NZF Money Limited, and their related
companies.

SFO and the Financial Markets Authority (FMA) together have been
assessing a range of allegations relating to the conduct of the
group. The primary focus of the SFO assessment relates to alleged
related party transactions between members of the group, its
directors and officers. The transactions cover a period from 2006
to the present.


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


VICTORIAS MILLING: Looks to Trade Shares Again in June
------------------------------------------------------
BusinessWorld Online reports that Victorias Milling Co., Inc.
aims to have its shares traded again on the local bourse by
June after being suspended in 1997 due to alleged
misinterpretations of information amid financial woes.

"We are looking to be traded [again] by June," Victorias Milling
President Wilson T. Young told BusinessWorld in a telephone
interview last week.  "We are now working on the Philippine Stock
Exchange (PSE) [clearance] after [we got] the SEC (Securities and
Exchange Commission) approval."

The development comes as the SEC last month cleared the company
from the alleged misinterpretation of the company's material
information, BusinessWorld relates.

The SEC last month lifted the trading suspension on Victorias
Milling, nearly 15 years after its stocks were last traded,
Manila Standard Today reported.

"The said misrepresentation has been cleared, with the Office of
the General Accountant having noted the adjustments made on the
sugar inventory shortages and the company's implementation of
corrective measures to clean its records on transactions with
affiliated companies," the SEC's order was quoted as saying in
the company?s disclosure last month, according to BusinessWorld.

The SEC, as cited by BusinessWorld, also said the Victorias
Milling has implemented "corrective measures to clean its records
on transactions with affiliated companies."

Manila Standard relates that stockholders of the sugar milling
firm, however, would not be able to trade their shares until VMC
settled its obligations with the Philippine Stock Exchange.  VMC
chairman Wilson Young said he hoped to settle its obligations to
the PSE within the first half of the year, the Manila Standard
adds.

                       About Victorias Milling

Headquartered in Victorias City, Negros Occidental, Victorias
Milling Company Inc. -- http://www.victoriasmilling.com/-- was
organized in 1919 and is engaged in the acquisition,
construction, maintenance and operation of sugar mills, as well
as other related business activities.  Through the years, the
company has expanded its operations to include a foundry, a
machine shop, a fabrication shop, a food canning company, an
organic fertilizer plant and a piggery.

On July 4, 1997, the company filed an application with the
Securities and Exchange Commission to suspend payments to
creditors.  On July 8, 1997, the SEC issued a stay order
restraining all Victorias Milling creditors or any of its
subsidiaries from enforcing their claims, to allow the company
or any of its subsidiaries to continue to their normal business
operations.  The SEC also ordered the formation of a Management
Committee to oversee the company's operations and
rehabilitation.

In 2011, BusinessWorld Online reports that the company told the
SEC it was on tract with its rehabilitation plans, reportedly
paying its creditors some PHP4 billion of its PHP4.417-billion
restructured loan after several asset sales and work force cuts.

The company also streamlined its manpower to 851 in 2009 from
3,325 in 1997 and has leased off a few properties for additional
cash flow, BusinessWorld discloses.


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


FUSION COMM: Creditors' Proofs of Debt Due May 7
------------------------------------------------
Creditors of Fusion Comm. Solution 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


NAGOYA REPTILE: Creditors' Proofs of Debt Due April 20
------------------------------------------------------
Creditors of Nagoya Reptile Co Pte Ltd, which is in liquidation,
are required to file their proofs of debt by April 20, 2012, to
be included in the company's dividend distribution.

The company's liquidator is:

          Bob Yap Cheng Ghee
          c/o KPMG Advisory Services Pte. Ltd.
          16 Raffles Quay #22-00
          Hong Leong Building
          Singapore 048581


PML CORPORATION: Creditors' Proofs of Debt Due May 5
----------------------------------------------------
Creditors of PML Corporation Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by May 5, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on March 30, 2012.

The company's liquidator is:

          Teh Kwang Hwee
          c/o 1 Commonwealth Lane
          #07-32 One Commonwealth
          Singapore 149544


POLARIS MOBILE: Court to Hear Wind-Up Petition on April 20
----------------------------------------------------------
A petition to wind up the operations of Polaris Mobile Pte Ltd
will be heard before the High Court of Singapore on April 20,
2012, at 10:00 a.m.

Huawei International Pte Ltd filed the petition against the
company on March 23, 2012.

The Petitioner's solicitors are:

          ATMD Bird & Bird LLP
          No. 2 Shenton Way
          #18-01 SGX Centre 1
          Singapore 068804


RSK ENGINEERING: Creditors' Proofs of Debt Due May 5
----------------------------------------------------
Creditors of RSK Engineering Co Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by May 5, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

          Andrew Grimmett
          6 Shenton Way #32-00
          DBS Building Tower Two
          Singapore 068809


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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

Apr. 19-22, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Annual Spring Meeting
        Gaylord National Resort & Convention Center,
        National Harbor, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Workshop
        The Ritz-Carlton Amelia Island, Amelia Island, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 2-4, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hyatt Regency Chesapeake Bay, Cambridge, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

November 1-3, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Westin Copley Place, Boston, Mass.
           Contact: http://www.turnaround.org/

Nov. 29 - Dec. 2, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Winter Leadership Conference
        JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
           Contact: 1-703-739-0800; http://www.abiworld.org/

April 10-12, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        JW Marriott Chicago, Chicago, Ill.
           Contact: http://www.turnaround.org/

October 3-5, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Marriott Wardman Park, Washington, D.C.
           Contact: http://www.turnaround.org/


                             *********

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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