TCRAP_Public/120412.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Thursday, April 12, 2012, Vol. 15, No. 73

                            Headlines


A U S T R A L I A

PULSE PHARMACY: Failed to Keep Proper Records, Administrators Say


C H I N A

CENTRAL CHINA: SGD Bond Issuance No Impact on Moody's Rating
CHINA GLASS: Moody's Revises Outlook on 'B1' CFR to Negative
PROVIEW ELECTRONICS: Shenzhen Court Blocks Liquidation Bid
SINO-FOREST CORP: Shares Delisted from Toronto Stock Exchange
SINO-FOREST CORP: Ernst & Young Resigns as Auditor

SINO-FOREST CORP: Receives Enforcement Notice From OSC
WINSWAY COKING: Moody's Confirms 'Ba3' CFR; Outlook Negative


H O N G  K O N G

ATLANTIS DEEPWATER: Final Meetings Set for May 10
BRAND SUCCESS: Creditors' Proofs of Debt Due May 7
CHUN PO: Members' and Creditors Meetings Set for April 20
CONFORD HOLDINGS: Placed Under Voluntary Wind-Up Proceedings
FLORA INTERNATIONAL: Commences Wind-Up Proceedings

IMPERIAL WORLD: Final Meetings Set for May 9
INFRONTIA (H.K.): Members' Final Meeting Set for May 8
INTERTRANS CONSULTING: Members' Final Meeting Set for May 4
JMC R&D: Members' Final Meeting Set for May 7
KENFAIR PUBLICATIONS: Members' Final Meeting Set for May 8


I N D I A

A. G. ENTERPRISE: CARE Reaffirms 'BB-' Rating on INR6.5cr Loan
BANSIDHAR COTFIBRE: CARE Reaffirms 'B' Rating on INR6cr Loan
DARODE JOG: CARE Reaffirms 'BB+' Rating on INR40cr LT Loans
GURUKRUPA COTTON: CARE Reaffirms 'B' Rating on INR10cr LT Loan
HARMILAP AGRO: ICRA Assigns '[ICRA]B+' Rating to INR11.2cr Loan

HYDERABAD AIRPORT: ICRA Reaffirms BB+(SO) Rating to INR72cr Loan
IDEA INT'L: Fitch Withdraws 'B-' Rating on INR200-Mil. Loan
INCA HAMMOCK: ICRA Reaffirms '[ICRA]BB-' Rating on INR1.88cr Loan
INDIAN CONSTRUCTION: ICRA Rates INR2.5cr Cash Credit '[ICRA]B'
INDIKA ENERGY: Fitch Revises Outlook on 'B+' IDR to Positive

J K INDUSTRIES: CARE Reaffirms 'BB-' Rating on INR4cr LT Loan
KJS CEMENT: ICRA Reaffirms '[ICRA]BB+' Rating on INR675cr Loan
KPC MEDICAL: CARE Reaffirms 'B+' Rating on INR127.5cr LT Loan
MAHAKALESHWAR TOLLWAYS: CARE Cuts INR228.89cr Loan Rating to BB+
M.P. ENTERTAINMENT: ICRA Reaffirms 'B' Rating on INR20cr Loan

OSCAR LEATHERS: CARE Cuts Rating on INR5.5cr Loan to 'CARE BB'
RITZY INT'L: Fitch Assigns 'B+' National Long-Term Rating
SHAH HOUSECON: CARE Reaffirms 'B+' Rating on INR21cr LT Loan
SHRAVANRAJ CONSTRUCTIONS: ICRA Reaffirms 'B+' Long-Term Rating
SK SYSTEMS: ICRA Cuts Rating on INR5.5cr Loan to '[ICRA]BB'

SRC METALICKS: Inadequate Info Cues Fitch to Migrate Ratings
TADIKELA SUBBAIAH: ICRA Assigns '[ICRA] B' LT Rating to Loans
UMIYA INDUSTRIES: CARE Reaffirms 'CARE B+' Rating on INR7cr Loan
XENITIS INFOTECH: Inadequate Info Cues Fitch to Migrate Ratings


J A P A N

TOKYO ELECTRIC: To Sell 800 Additional Real Estate Properties
TOKYO ELECTRIC: Tokyo Becomes Largest TEPCO Shareholder


M O N G O L I A

GOLOMT BANK: Moody's Assigns 'Ba3' Rating to US Sr. Unsec. Notes


N E W  Z E A L A N D

COMPUTER POWER: WelTec, Whitireia Adopt Computer Power Students
HERBERT INSURANCE: Breaches Legislation, Liquidators Say
WEST COAST BREWERY: Wind Up Bid Hearing Adjourned Until May 29


V I E T N A M

VINASHIN: U.S. Hedge Fund Drops Lawsuit Against Firm


X X X X X X X X

* Moody's Says Europe Exposure Won't Affect Asian Corp. Ratings


                            - - - - -


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


PULSE PHARMACY: Failed to Keep Proper Records, Administrators Say
-----------------------------------------------------------------

Rebecca Urban at The Australian reports that the company behind
the debt-laden Pulse pharmacy chain failed to maintain adequate
books and records, a preliminary investigation into its collapse
has revealed.

The Australian relates that administrators appointed to Pulse
Pharmacy, which is owned by Melbourne-based horse racing identity
Rohan Aujard, have found that the company did not maintain proper
management accounts or operate a bank account.

The company has also failed to provide other business records,
including copies of business activity statements, income tax
returns or minutes from any directors' meetings, the report
relays.

According to The Australian, administrator Grant Thornton, in its
latest report to creditors, said the company's management has
advised that accounts were not maintained due to the nature of
the business, with key transactions relating to lease and
financing repayments met by third parties, primarily sub-tenants
or pharmacy owners.

The Australian says the matter is under further investigation,
with an update to be provided to creditors at a meeting scheduled
for September.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 14, 2011, SmartCompany said David McEvoy and Daniel Bryant
of PPB Advisory were appointed as receivers and managers of Pulse
Pharmacy Pty Ltd, the property company behind the Pulse Pharmacy
chain, as the National Australia Bank (NAB) is organizing a new
financing arrangement.  PPB said that the receivership will only
affect this entity and not the retail stores, which will continue
to trade as normal, according to SmartCompany.

Pulse, which holds the leases for approximately 40 pharmacies
nationwide that operate under its banner, was then placed into
administration on November 8 last year, The Australian discloses.

In December 2011, Messrs. McEvoy and Bryant were also appointed
as receivers and managers over 12 pharmacies owned by Mr. Aujard.

The Australian notes that although the appointments do not extend
to the trading entities under the group, several pharmacy stores
in Melbourne's eastern suburbs are subject to separate wind-up
orders as a result of court applications by drug wholesaler Sigma
Pharmaceuticals.  Sigma recently booked an AUD8 million doubtful
debt charge against the Pulse group, The Australian adds.

Pulse Pharmacy -- http://www.pulsepharmacy.com.au/-- operates
pharmacy stores across Australia.


=========
C H I N A
=========


CENTRAL CHINA: SGD Bond Issuance No Impact on Moody's Rating
------------------------------------------------------------
Moody's Investors Service says there is no immediate rating
impact to Central China Real Estates Ltd.'s Ba3 corporate family
and B1 senior unsecured ratings from its proposed Singapore
dollar bond issuance.

The ratings outlook remains stable.

The proposed bond proceeds will be used to fund property
projects, refinance existing debts and for general corporate
purposes.

"The proposed SGD bonds will help CCRE address the put under the
convertible bonds and improve its debt maturity profile and
liquidity position," says Ken Chan, a Moody's Vice President.

"The SGD bonds will only modestly affect the company's credit
metrics, as the bulk of the proceeds will be deployed for debt
refinancing. Accordingly, its pro-forma 2011 adjusted
Debt/Capitalization will increase to about 57% from 56%," he
adds.

Moody's expects the financing costs to be lower than the plain
vanilla USD bonds of same maturity. As such, its proforma 2011
adjusted EBITDA/Interest is likely to stay at around 4.5x.

In addition, CCRE's 2011 financing performance was generally in
line with Moody's expectations.

The company demonstrated good sales execution as contract sales
in 2011 exceeded its own target. Moreover, the higher gross
margin of 39%, versus 34% a year ago, was due to more recognized
sales from Zhengzhou and Luoyang, which commended higher average
selling prices. As a result, CCRE's adjusted EBITDA/Interest
ratio remained strong at 4.5x in 2011.

Moody's expects some moderation in CCRE's profit margin as it
diversifies its portfolio concentration outside the top three
cities, namely Zhengzhou, Luoyang and Kaifeng, and to locations
that have lower average selling prices. Approximately 56% of its
land bank was located outside the top three key cities as of end-
2011.

CCRE's adjusted Debt/Capitalization of 56% as of 31 December 2011
is on the higher side for its rating level. This higher debt
leverage is partly balanced by the company's moderate liquidity
profile and which is the result of its prudent land acquisition
strategy and proactive debt management.

It had cash on hand of RMB3.3 billion as of December 2011,
compared to its short-term debt of RMB2.9 billion. The company
has around RMB380 million of land premium outstanding as at end-
2011.

Regarding the past breaches of the covenants of US dollar bonds,
CCRE has received 94% waivers consent from bondholders.

In order to tighten its internal control measures, the company
has established a new compliance team and has engaged special US
counsel as a compliance advisor to ensure adherence to the terms
and conditions of its debt.

The principal methodology used in these ratings was Moody's
Global Homebuilding Industry, published in March 2009.

Central China Real Estate Limited is a leading property developer
in Henan Province, China. Founded in 1992, it listed on the Hong
Kong Stock Exchange in June 2008.


CHINA GLASS: Moody's Revises Outlook on 'B1' CFR to Negative
------------------------------------------------------------
Moody's Investors Service has revised to negative from stable the
outlook for China Glass Holding Ltd's B1 corporate family and B2
senior unsecured bond ratings.

Ratings Rationale

"The change in outlook is driven by the company's weaker-than-
expected profitability," says Jiming Zou, a Moody's Analyst and
the International Analyst for China Glass.

China's glass market has been deteriorating due to declining
demand from the housing sector, which has been under pressure
because of regulatory measures and rising costs.

As a result, the company's adjusted EBITDA margin fell to 13%,
with approximately 23% in the first half and 2 % in second-half
2011, .

Moody's expects China's property market to remain sluggish in
2012. The weak demand is unlikely to improve because of the
increased construction of social housing. Consequently, glass
manufacturers with weak financial profiles will remain under
pressure and the industry is likely to face a rebalancing of
supply and demand over the medium term.

"Also, the company's liquidity position is weak due to the fair
amount of maturing debt and increasing working capital needs
because of an elevated level of inventories and accounts
receivables," Mr. Zou adds.

China Glass has RMB1.17 billion of debt maturing in 2012,
including short term loan from domestic banks and approximate
USD60 million rated offshore bonds. Moody's expects that the
company could achieve refinancing of its domestic loans given its
past track record, e.g. the company indicated that around Rmb 200
million loans has been rolled over till end of March 2012.
Nevertheless, tight bank lending in China could add some
uncertainty to the debt refinancing.

The company's inventories and accounts receivable days on hand
deteriorated to 73 days and 44 days in fiscal 2011, from 52days
and 29 days, respectively, a year ago.

"This weakness has translated into credit metrics that weakly
position China Glass in the B1 rating level. Its Adjusted
debt/EBITDA ratio rose to 4.2x at end 2011, from 1.8x in 2010,
and breaching the rating trigger of 3.0x-3.5x" says Kai Hu, the
company's Local Market Analyst.

China Glass' corporate family B1 rating continues to reflect its
position as one of the largest float-glass producers in the
country, and the investment by Pilkington Plc, a UK-based glass
manufacturer owned by Nippon Sheet Glass Co. Ltd.

The rating also takes into consideration the company's improved
corporate structure with better control over its cash flow. It
captures the shift in business strategy to focus more on profit
margins and technology improvements.

However, the rating is constrained by its small scale,
overcapacity in the industry, volatile input costs, and its
reliance on a single market segment. The rating is also tempered
by China Glass' history of distressed exchange.

The company's senior unsecured rating is one notch lower at B2,
reflecting structural subordination risk, given that the ratio of
subsidiary level debt to total consolidated assets is likely to
stay above 15% in the next 12-18 months.

An upgrade is unlikely in the near term due to the negative
outlook.

The rating outlook could return to stable, if China Glass can
improve EBITDA margin to around 15% or better, sustain
Debt/EBITDA below 3.0x, and substantially refinance its short-
term debts

Moody's will continue to review China Glass' profitability and
liquidity position. Its ratings could be downgraded if: (1) its
profitability does not improve, (2) debt level continues to rise
due to poor management of working capital or further substantial
capital expenditure, or (3) material maturing debts cannot be
refinanced.

The following credit metrics would indicate a potential downgrade
in Moody's view: EBITDA margin of less than 15%-20%, Debt/EBITDA
of more than 3.0x-3.5x, or adjusted debt/total capitalization
consistently in excess of 40%-45% for a prolonged period.

The principal methodology used in this rating was Global Building
Materials Industry published in July 2009.

China Glass Holdings Ltd is publicly listed in Hong Kong and is
the second-largest float-glass manufacturer in China in terms of
capacity, with 17 production lines across the country. The float
glass it produces is used largely in the construction industry.


PROVIEW ELECTRONICS: Shenzhen Court Blocks Liquidation Bid
----------------------------------------------------------
AppleInsider reports that Proview Electronics Co., Ltd's lawsuit
against Apple over the iPad trademark in China will continue
unobstructed now that a court has blocked one creditor's attempt
to liquidate the company.

The report says Fubon Insurance had filed multiple requests to
have the Shenzhen subsidiary of Proview liquidated without
waiting for the former monitor maker to resolve its complaint
against Apple.  The creditor had said it did not believe Proview
would win enough money from Apple to cover its debts,
AppleInsider recalls.

According to AppleInsider, China Daily reported that the
Intermediate People's Court of Shenzhen rejected Fubon's request
on March 31.  The court explained in its decision that the
Chinese iPad trademark could provide the money needed to pay back
what it owes, the report relays.

"As it is too early to determine Proview lacks the ability to pay
off its debts, the court does not accept Fubon's request to
liquidate Proview," the court said.

AppleInsider, citing China Daily, says legal experts had
suggested that Proview's complaint against Apple may have been
brought to a halt if the court had approved the liquidation of
the company.

Even with the recent court ruling, Proview isn't in the clear,
though, as it still has several powerful creditors, including
eight Chinese banks, looking to collect.  The company is said to
owe as much as US$400 million.

Proview Electronics Co., Ltd. operates as a subsidiary of Proview
International Holdings Ltd.  Proview International manufactures
computer monitors and other media devices.


SINO-FOREST CORP: Shares Delisted from Toronto Stock Exchange
-------------------------------------------------------------
Sino-Forest Corporation disclosed that the Continued Listings
Committee of the Toronto Stock Exchange has determined to delist
the Company's common shares effective at the close of market on
May 9, 2012.

The delisting was imposed due to Sino-Forest's failure to meet
the continued listing requirements of the TSX as a result of the
commencement of proceedings under the Companies' Creditors
Arrangement Act on March 30, 2012 and for failure to file on a
timely basis its interim financial statements for the three and
nine months ended Sept. 30, 2011 and its audited annual financial
statements for the year ended Dec. 31, 2011.  Sino-Forest
continues to be subject to a cease trade order of the Ontario
Securities Commission which prohibits trading in the Company's
securities.

                         About Sino-Forest

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

Sino-Forest Corporation on March 30, 2012, obtained an initial
order from the Ontario Superior Court of Justice for creditor
protection pursuant to the provisions of the Companies' Creditors
Arrangement Act.

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

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


SINO-FOREST CORP: Ernst & Young Resigns as Auditor
--------------------------------------------------
Sino-Forest Corporation disclosed that Ernst & Young LLP has
notified the Company that it has resigned as the Company's
auditor effective April 4, 2012.  In its resignation letter to
the Company, E&Y noted that the Company had not prepared
December 31, 2011 consolidated financial statements for audit and
that, in the Company's March 30, 2012 filing under the Companies'
Creditors Arrangement Act, Sino-Forest said that it remained
unable to satisfactorily address outstanding issues in relation
to its 2011 annual financial statements.

                        About Sino-Forest

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

Sino-Forest Corporation on March 30, 2012, obtained an initial
order from the Ontario Superior Court of Justice for creditor
protection pursuant to the provisions of the Companies' Creditors
Arrangement Act.

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

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


SINO-FOREST CORP: Receives Enforcement Notice From OSC
------------------------------------------------------
Sino-Forest Corporation disclosed the Ontario Securities
Commission publicly stated that it had commenced an investigation
in relation to the Company.  The investigation arose out of a
"report" prepared by Muddy Waters LLC that was publicly disclosed
on June 2, 2011.

On Aug. 26, 2011, the Commission issued a temporary cease trade
order in respect of the Company's securities and in respect of
Allen Chan, Albert Ip, Alfred Hung, George Ho and Simon Yeung.
The temporary cease trade order was made after the Independent
Committee of the Board of Directors of the Company, established
in response to the allegations made by Muddy Waters, provided
staff of the OSC with documents and briefings arising from the
work of the Independent Committee and its advisors.

In recitals to the temporary cease trade order, the OSC said
that: "Sino-Forest, through its subsidiaries, appears to have
engaged in significant non-arm's length transactions which may
have been contrary to Ontario securities laws and the public
interest", that "Sino-Forest and certain of its officers and
directors appear to have misrepresented some of its revenue
and/or exaggerated some of its timber holdings by providing
information to the public in documents required to be filed or
furnished under Ontario securities laws which may have been false
or misleading in a material respect contrary to section 122 or
126.2 of the [Ontario Securities] Act and contrary to the public
interest" and that "Sino-Forest and certain of its officers and
directors including Chan appear to be engaging or participating
in acts, practices or a course of conduct related to its
securities which it and/or they know or reasonably ought to know
perpetuate a fraud on any person or company contrary to section
126.1 of the Act and contrary to the public interest".

On Aug. 28, 2011, the Company announced that Mr. Chan had
voluntarily resigned as Chairman, Chief Executive Officer and
Director but would continue with the Company as Founding Chairman
Emeritus, a non-executive position.  The Company announced that
Judson Martin had, at the request of the Board, accepted an
appointment as Chief Executive Officer, and that he would
continue to serve as Executive Director and Vice-Chairman of the
Company and as Chief Executive Officer of Greenheart Group
Limited, the Company's controlled subsidiary listed on the Hong
Kong Stock Exchange.  The Company also announced that it had
placed three employees on administrative leave, and that a fourth
senior employee had been requested to act solely on the
instructions of Mr. Martin.  The three employees placed on
administrative leave were Messrs. Hung, Ho and Yeung.  Mr. Ip was
the employee requested to act solely on the instructions of Mr.
Martin.  In making this announcement, the Company said that these
actions were undertaken after certain information was uncovered
during the course of the review being undertaken by the
Independent Committee

The temporary cease trade order made on Aug. 26, 2011 was later
extended and continues in force.  The OSC's investigation in
relation to the Company continued into 2012.  The Company
believes that it has cooperated with staff of the Commission in
connection with the investigation.

On March 30, 2012, the Company announced that Mr. Ip had resigned
from the Company for health reasons but had agreed to serve as a
consultant to Sino-Forest on a part-time basis.

On April 5, 2012 the Company received an "Enforcement Notice"
from staff of the Commission.  The Company has learned that
Enforcement Notices also were received that day by Messrs.  Chan,
Ip, Hung, Ho and Yeung, and by David Horsley, the Company's Chief
Financial Officer.  Enforcement Notices typically are issued by
staff of the Commission at or near the end of an investigation,
identify issues that have been the subject of investigation, and
advise that staff contemplate commencing formal proceedings in
relation to those issues.  Enforcement Notices afford recipients
an opportunity to make representations before a decision is taken
by staff of the Commission to commence formal proceedings.

The Enforcement Notice received by Sino-Forest alleges conduct
contrary to ss. 122 and 126.1 of the Ontario Securities Act and
contains allegations of a serious nature consistent with the
recitals to the temporary cease trade order quoted above.  The
Enforcement Notice raises conduct issues in relation to the
Company and in relation to the individuals who also received
Enforcement Notices.

The Company is considering what steps it will take, including in
relation to Company personnel, as a result of the Enforcement
Notice.

                        About Sino-Forest

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

Sino-Forest Corporation on March 30, 2012, obtained an initial
order from the Ontario Superior Court of Justice for creditor
protection pursuant to the provisions of the Companies' Creditors
Arrangement Act.

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

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


WINSWAY COKING: Moody's Confirms 'Ba3' CFR; Outlook Negative
------------------------------------------------------------
Moody's Investors Service has confirmed Winsway Coking Coal
Holdings Limited's Ba3 corporate family and B1 senior unsecured
bond ratings.

The ratings outlook is negative.

Ratings Rationale

This action concludes the review initiated on January 20, 2012,
following allegations about irregularities in Winsway's reported
inventory and related-party transactions.

"Despite the allegations, Winsway's business operations and
access to capital markets were not materially affected. This is
evident from the successful completion of bank financing worth
USD350 million in February 2012," says Ken Chan, a Moody's Vice
President and Senior Analyst.

"Also, there have been no further allegations after the company
provided clarifications."

In response to external allegations, Winsway disclosed and
verified its historical inventory balances in tonnage, as well as
clarified the identity of an independent third party. Its
reported 2011 financial results did not include any provision due
to these allegations.

In addition, the allegations did not affect its acquisition of
Canadian coal miner Grande Cache Coal Corporation, with Winsway
completing the acquisition in March 2012.

However, the negative outlook reflects Moody's concerns that
Winsway's growth will be pressured by the limited allocation of
railway capacity and softening steel demand in 2012.

The attractive business model and the rapid ramp-up of the cheap
production of Mongolian coal have tempted sizable state-owned
enterprises (SOEs) to enter the profitable market and compete for
railway capacity.

"In addition, Winsway's weak liquidity position due to the
slowdown in the disposal of its inventories and the risk of
increased prices could weigh on its profit margin," Chan adds.

The company has made some progress in reducing its inventory
level, which stood at HKD3.2 billion as of March 2012, versus
HKD3.9 billion as of December 2011. Although it aims to transfer
the inventory risk to its upstream operators at the expense of
profitability, it still has to carry bulk of the risk in the near
term.

Winsway's Ba3 rating continues to reflect its strong market
position in supplying Mongolian coking coal to China, as a result
of its access to the train services at the Sino-Mongolian border.

The rating also considers the lower coking coal prices in
Mongolia, compared with the international market. The company's
established infrastructure, which includes its coking coal
cleaning process, at border crossings provides it with bargaining
power in price negotiations and which helps partly offset the
price risk.

However, the limited capacity of China's railway infrastructure
has hindered the expansion of the coking coal industry. Winsway,
therefore, needs to secure enough railway capacity to support
growth.

In addition, it has a short track record in coking coal
logistics. Its rapid expansion poses execution risks and requires
a high amount of working capital, which could strain its bank
credit limits.

Moody's expects Grande Cache, which will be fully consolidated in
2012, to contribute around 30% of Winsway's total EBITDA. The
interest in upstream coal mines adds volatility to its earnings
due to the price risk related to coal, although investing in
these coal mines partly reduces its supply risk.

Winsway's credit profile (proforma for acquisition of Grande
Cache Coal and bills payables net of pledged cash) of 2011
Debt/EBITDA of 3.4x and EBITDA/Interest of 4.0x is currently
within the Ba3 rating drivers.

Winsway's B1 senior unsecured rating is one notch lower than its
corporate family rating, and reflects legal and structural
subordination. Secured debts, including the USD350 million
acquisition financing, accounted for more than 15% of its total
proforma assets in 2011. Given the need to support its fast-
growing business volumes and investment in upstream coal mines
with working capital facilities, Moody's expects Winsway to
continue incur more onshore secured debt.

The ratings are unlikely to be upgraded in the near term, given
the negative outlook. However, the outlook will revert to stable
if the company: (1) improves its balance sheet liquidity such
that its cash on hand reaches around 15% of total assets, and (2)
maintains EBITDA margin of 10%-12% on a sustainable basis by
successfully managing its working capital and price risks.

On the other hand, the ratings could be downgraded if the
company's financial position weakens, such that debt/EBITDA
exceeds 4.0x-4.5x and EBITDA/interest stays below 3.5x, as a
result of: (1) the inability to obtain enough railway capacity,
which would limit its land-borne coal supply growth, (2) a
prolonged drop in the per-ton profit of transported coal due to
the pressure from suppliers and customers, (3) material delays or
cost overruns in the development of the company's logistics
infrastructure or processing plants.

Any material change in Mongolian regulations for coal exports
that adversely affects Winsway's coal sourcing would also be
negative for the ratings.

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

Winsway Coking Coal is one of the largest suppliers of coking
coal in China, and obtains its supplies from Mongolia and other
international markets. It also processes coal and provides
logistics services to its customers, mainly Chinese steel makers
and coke plants, through its integrated coking coal supply chain
in China. It listed on the Hong Kong Stock Exchange in October
2010, and is 49.7%-controlled by its founder and CEO Wang
Xingchun.


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


ATLANTIS DEEPWATER: Final Meetings Set for May 10
-------------------------------------------------
Members and creditors of Atlantis Deepwater Orient Limited will
hold their final meetings on May 10, 2012, at 10:30 a.m., and
11:00 a.m., respectively at Level 17, Tower 1, Admiralty Centre,
at 18 Harcourt Road, in Hong Kong.

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


BRAND SUCCESS: Creditors' Proofs of Debt Due May 7
--------------------------------------------------
Creditors of Brand Success 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 commenced wind-up proceedings on March 23, 2012.

The company's liquidators are:

         Chan Chi Bor
         Li Fat Chung
         Unit 402, 4/F
         Malaysia Building
         No. 50, Gloucester Road
         Wanchai, Hong Kong


CHUN PO: Members' and Creditors Meetings Set for April 20
---------------------------------------------------------
Members and creditors of Chun Po Investment Company Limited will
hold their annual meeting on April 20, 2012, at 10:00 a.m., at
62nd Floor, One Island East, at 18 Westlands Road, Island East,
in Hong Kong.

At the meeting, David Yen Ching Wai, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


CONFORD HOLDINGS: Placed Under Voluntary Wind-Up Proceedings
------------------------------------------------------------
At an extraordinary general meeting held on March 26, 2012,
creditors of Conford Holdings Limited resolved to voluntarily
wind up the company's operations.


FLORA INTERNATIONAL: Commences Wind-Up Proceedings
--------------------------------------------------
Members of Flora International Hong Kong Limited, on March 26,
2012, passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

         Michel Henricus Bots
         Ng Kit Ying Zelinda
         36/F, Tower Two, Times Square
         1 Matheson Street
         Causeway Bay, Hong Kong


IMPERIAL WORLD: Final Meetings Set for May 9
--------------------------------------------
Members and creditors of Imperial World Company Limited formerly
known as Pico Austria Limited will hold their final meetings on
May 9, 2012, at 10:00 a.m., and 10:30 a.m., respectively at Room
203, Duke of Windsor Social Service Building, 15 Hennessy Road,
Wan Chai, in Hong Kong.

At the meeting, Kam Chi Kan Elson, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


INFRONTIA (H.K.): Members' Final Meeting Set for May 8
------------------------------------------------------
Members of Infrontia (H.K.) Company Limited will hold their final
general meeting on May 8, 2012, at 11:00 a.m., at Suite 901-902,
Two Landmark East, 100 How Ming Street, Kwun Tong, in Hong Kong.

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


INTERTRANS CONSULTING: Members' Final Meeting Set for May 4
-----------------------------------------------------------
Members of Intertrans Consulting Services Limited will hold their
final meeting on May 4, 2012, at 11:00 a.m., at the offices of
FTI Consulting (Hong Kong) Limited, Level 22, The Center, 99
Queen's Road Central, Central, in Hong Kong.

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


JMC R&D: Members' Final Meeting Set for May 7
---------------------------------------------
Members of JMC R&D HK Limited will hold their final general
meeting on May 7, 2012, at 11:00 a.m., at #1304, IT Premier
Tower, 345-50 Gasandong, Geumcheon-gu, Seoul 153-707, in Korea.

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


KENFAIR PUBLICATIONS: Members' Final Meeting Set for May 8
----------------------------------------------------------
Members of Kenfair Publications Limited will hold their final
meeting on May 8, 2012, at 10:00 a.m., at 23/F, Exchange Tower,
33 Wang Chiu Road, Kowloon Bay, Kowloon, in Hong Kong.

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


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


A. G. ENTERPRISE: CARE Reaffirms 'BB-' Rating on INR6.5cr Loan
--------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
A. G. Enterprise.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       6.50      CARE BB- Reaffirmed
   Short-term Bank Facilities     51.50      CARE A4 Reaffirmed

Rating Rationale

The ratings continue to remain constrained by the short track
record of operations of A. G. Enterprise along with thin
profitability margins. The ratings are further constrained due to
high inventory risk pertaining to adverse movement in prices of
steel on uncut ship inventory, intense competition in the ship
breaking industry marked by low entry barriers, volatile nature
of the business with uncertainty regarding availability of ships
for recycling and its constitution as a proprietorship firm
leading to possibility of withdrawal of capital and restricted
financial flexibility.

The above constraints are partially offset by strengths like
experience of the proprietor in the industry and its modest
solvency position.

Ability to successfully manage the inherent price volatility risk
on the uncut inventory of ships and timely renewal of validity of
rental plots for ship breaking are the key rating sensitivities.

AGE is a proprietorship firm established by Mr. Ashwin Kukadia
for the purpose of undertaking ship breaking activities. Mr
Kukadia has a vast experience in diamond trading and polishing
business and manages the Surat-based production house of KARP
Impex Ltd. (Rated: CARE BBB-; March 2011), a diamond trading,
cutting and polishing house based in Mumbai. AGE carried out
normal ship breaking operations since its establishment in 1994
till 2001. However, there were negligible operations in AGE from
2001 to 2009, primarily due to slowdown in ship breaking and
preoccupation of Mr. Ashwin Kukadia with other businesses. In
January 2009, Mr. Ashwin Kukadia entered into a Memorandum of
Understanding (MoU) with Mr. Jayant Patel, to carry out the ship
breaking business and paying him INR50 per MT of scrap sold from
ship breaking activities as business conducting charges. Mr Patel
has vast experience of over 20 years in the ship breaking
industry and also holds the position of Secretary in Ship
Recycling Industries Association, an industry association of ship
recyclers operating in Bhavnagar area in Gujarat. Mr. Jayant
Patel also operates other ship breaking yards, viz Shantamani
Enterprise as a partner and J. K. Industries as business manager,
in the Alang - Sosiya belt of Bhavnagar region in Gujarat. The
operations are carried out at the premises which are leased out
by Gujarat Maritime Board (GMB) in Bhavnagar through auction
route for tenure of one year, post which renewal of agreement is
done at prevailing rates.


BANSIDHAR COTFIBRE: CARE Reaffirms 'B' Rating on INR6cr Loan
------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Bansidhar Cotfibre Industries Pvt Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       6.00      CARE B Reaffirmed

Rating Rationale

The rating continues to remain constrained by the modest scale of
operations of Bansidhar Cotfibre Industries Private Limited,
restricting economies of scale restricting economies of scale,
limited value addition in cotton ginning business and weak
financial risk profile marked by deterioration in the total
operating income, thin profitability, stressed liquidity and
highly leveraged capital structure. Susceptibility of its
inherently low margins to volatility associated with cotton
prices, presence in a highly fragmented and competitive agro-
commodity business entailing limited pricing flexibility and
regulatory uncertainties on export of cotton and fixation of
Minimum Support Price (MSP) of cotton further constrain the
rating.

These constraints far outweigh the benefits derived from the
promoters' experience and locational advantage by way of
proximity to the cotton-growing regions in Gujarat.

Rationalization of debt levels coupled with increase in scale of
operations and ability to manage volatility associated with
cotton prices thereby improving its profitability and cash
accruals would remain the key rating sensitivity.

BCIPL was incorporated by three promoters namely Mr. Manga
Ladumor, Mr. Raha Ladumor and Mr. Nagji Ladumor in July 2006 to
undertake business of raw cotton processing for ginning, pressing
and trading of cotton bales and cotton seeds. The company
operates from its sole manufacturing unit located in Talaja
(Dist: Bhavnagar, Gujarat) where it has installed cotton
processing capacity of 5.04 Tonne per Day (TPD).

As per audited results for FY11 (refers to the period from
April 1 to March 31), BCIPL reported a PAT of INR0.13 crore on a
total operating income of INR25.67 crore.


DARODE JOG: CARE Reaffirms 'BB+' Rating on INR40cr LT Loans
-----------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Darode Jog Builders Pvt Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      40.00      CARE BB+ Reaffirmed

Rating rationale

The rating continues to factor in the residual project execution
risk of the company's key ongoing project - 'Shriniwas Westside
County', and competition from the other projects in the vicinity
of SWC.

The rating, however, derives strength from the adequate
experience of the promoters and the management team in the Pune
real-estate market, proximity of the ongoing projects to the key
locations of Pune and revenue visibility by the way of good
booking status of SWC.  DJBPL's ability to make the timely sales
for the project remains the key rating sensitivity.

Darode Jog Builders Private Limited, incorporated on June 23,
1989, is engaged in the business of the real estate development.
The company is promoted by Mr. Sudhir Darode and Mr. Anand Jog
who have experience of more than 28 years in the real estate
development in Pune and Pimpri Chinchwad. The company is
presently executing one residential project named SWC and
tworedevelopment projects named 'Varad Vastu' and 'Anupam Vastu'
in Aundh Annexe, Kothrud and Navi Peth area of Pune respectively.
Besides, DJBPL is executing the construction contract for a
residential project named 'Shrinwas Greenland County (SGC)' of a
group concern Darode Jog Dangat Ventures.

As per audited results for FY11 (refers to the period from
April 1 to March 31), DJBPL reported total operating income of
INR63.00 crore and PAT of INR0.64 crore.


GURUKRUPA COTTON: CARE Reaffirms 'B' Rating on INR10cr LT Loan
--------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Gurukrupa Cotton & Oil Industries.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      10.00      CARE B Reaffirmed

Rating Rationale

The rating continues to remain constrained by the modest scale of
operations of Gurukrupa Cotton & Oil Industries and short
operational track record, its constitution as a partnership firm,
presence in highly fragmented cotton ginning industry and weak
financial risk profile marked by thin and fluctuating
profitability, stressed liquidity and highly leveraged capital
structure. The rating is further constrained by the
susceptibility of GCOI's operating margins to cotton price
fluctuations, seasonality associated with availability of cotton
crop and regulatory uncertainties with regards to Minimum Support
Price (MSP) and export-import policy.

These constraints far outweigh the benefits derived from over two
decades experience of the partners in the cotton industry and
location advantage by way of proximity to the cotton-growing
regions in Gujarat.

GCOI's ability to increase its scale of operations with
improvement in overall financial risk profile and adding value by
forward integration thereby increasing its presence in textile
value chain would remain the key rating sensitivities.

Gujarat-based Gurukrupa Cotton & Oil Industries, a partnership
firm, was constituted in November 2007. Commercial production for
the firm was started only in October 2008. Hence, FY10 was the
first full year of operations for GCOI. The firm is mainly
engaged in the manufacturing of cotton bales, extraction of
cotton seeds, cotton ginning and pressing, cotton wash oil and
cotton DOC. The cotton manufactured by the firm was sold to the
textile manufacturers and brokers in Gujarat and Maharashtra.

As per audited results for FY11 (refers to the period from
April 1 to March 31), GCOI reported a PAT of INR0.09 crore on a
total operating income of INR68.61 crore.


HARMILAP AGRO: ICRA Assigns '[ICRA]B+' Rating to INR11.2cr Loan
---------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to the
INR11.25 crore fund based facilities of Harmilap Agro Industries
Private Limited.

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

Harmilap Agro Industries Private Limited was established in 2007
as private limited company. The Company is primarily engaged in
the milling of Rice with an installed capacity of 4 Tons per hour
in Kurukshetra (Haryana). The company has sortex plant with
capacity of 5 tons/hour. The Company is professionally managed by
Mr. Hari Narayan.

Recent Results

During the financial year 2010-11, the company reported a profit
after tax (PAT) of INR0.13 crore on an operating income of
INR24.68 crore as against PAT of INR0.04 crore on an operating
income of INR5.38 crore in 2010. For the current year, the
company has reported operating income of INR33 crore.


HYDERABAD AIRPORT: ICRA Reaffirms BB+(SO) Rating to INR72cr Loan
----------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB+(SO)' rating to the INR72.97
crore term loan programme of Hyderabad Airport Security Services
Limited. The outlook on the rating is stable. The letters SO in
parenthesis suffixed to the rating symbol stand for Structured
Obligation. An SO rating is specific to the rated issue, its
terms, and its structure. SO ratings do not represent ICRA's
opinion on the general credit quality of the issuers concerned.

The rating takes into account the undertaking by GMR Hyderabad
International Airport Limited (GHIAL, rated at [ICRA]BBB/A3+) to
meet any shortfall in case the debt service coverage ratio for
the term loan falls below 1.00. The rating addresses the
servicing of the loan to happen as per the terms of the
underlying loan and the above undertaking. The rating also
assumes that the undertaking would be duly invoked by the lender,
as per the terms of the underlying loan and undertaking, in case
there is a default in payment by the borrower.

                          About Hyderabad Airport

HASSL, a 100% subsidiary of GHIAL has been incorporated as an SPV
for the construction of rent-free residential accomodation for
CISF personnel manning the Rajiv Gandhi International Airport at
Shamshabad. The total project cost of INR125 crore had been
partially funded out of a term loan of INR100 crore. Debt
servicing of the loan would be facilitated by GHIAL out of the
PSF(SC).

GHIAL operates the Rajiv Gandhi International Airport located at
Shamshabad, Hyderabad which commenced commercial operations on
March 23, 2008. GHIAL's sponsors include GMR Infrastructure
Limited (63% holding), Malaysia Airport Holdings Berhad (11%
holding), Airports Authority of India (13% holding), and
Government of Andhra Pradesh (13% holding). GHIAL has a 30-year
concession for the development, maintenance and operation of the
Shamshabad airport, extendable for a further 30 years at its
option. The airport was constructed at a total cost of INR29.20
billion with an initial handling capacity of 12 million
passengers per annum. The Master Plan envisages a terminal
capacity of 40 million passengers per annum by the end of the 30-
year term of the Concession Agreement. In the period April 2010-
March 2011, the airport handled 7.63 million passengers. For the
year 2010-11, GHIAL recorded an operating income of INR516.56
crore and a net profit (PAT) of INR103.98 crore.


IDEA INT'L: Fitch Withdraws 'B-' Rating on INR200-Mil. Loan
-----------------------------------------------------------
Fitch Ratings has withdrawn India-based Idea International
Private Limited's National Long-Term rating of 'Fitch B-(ind)'
with a Stable Outlook.  Simultaneously, the agency has withdrawn
Idea's bank loan ratings as follows:

  -- INR200 million fund-based cash credit limits
     (interchangeable with EPC/PCFC/EBD/FBP): 'Fitch B-(ind)';
     rating withdrawn

  -- INR150 million non-fund-based letter of credit limits:
     'Fitch A4(ind)'; rating withdrawn

The National Long-Term rating has been withdrawn as it is no
longer considered by Fitch to be relevant to its coverage, and
the instrument ratings have been withdrawn as the loans are no
longer outstanding.

Fitch will no longer provide ratings and analytical coverage of
idea.


INCA HAMMOCK: ICRA Reaffirms '[ICRA]BB-' Rating on INR1.88cr Loan
-----------------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]BB-' to the
INR1.88 crore term loan facilities (reduction from INR3.98 crore)
of INCA Hammock Manufacturing & Export Private Limited. The
outlook on the long-term rating is stable. ICRA has also
reaffirmed the short- term rating of '[ICRA]A4' to the INR25.00
crore fund based facilities (enhanced from INR20.60 crore) and
INR6.00 crore non-fund based facilities (reduction from INR7.00
crore).

The ratings factor in the experience of promoters in the hammock
manufacturing business and reputed clientele comprising of
international hammock and home furniture manufacturers and
retailers. ICRA also takes note of company's plans to target
retails customers through online sales, but the translation of
these efforts into improvement in financial profile remains to be
seen. ICRA also takes note of trend of outsourcing of hammock
production to low cost countries, due to the labor intensive
nature of manufacturing, however due to prevailing economic
conditions in end markets (mainly Europe and North America) the
demand may witness some pressure in near to medium term.
The ratings also take into account the volatility in hammock
sales, which was reflected by the steep decline in hammock sales
in 2010-11. The ratings are also constrained by susceptibility of
margins to fluctuations in raw material prices, exchange rates
and weak capital structure characterized by high gearing and
stretched coverage indicators. The ratings also take note of the
fragmented nature of industry characterized by low entry barriers
resulting in competitive pressures from unorganized players in
India and other low cost countries.

                        About INCA Hammock

Incorporated in 1990, INCA Hammock is a Chennai based
manufacturer of hammocks and garden furniture. The Company's
product range includes rope hammock, fabric hammock, swings,
garden furniture, hammock stands and accessories. The company, a
100% export oriented unit (EOU), has its manufacturing facilities
located in Chennai (Tamil Nadu) with facilities for rope making,
stitching and quilting, packing, dispatch and storage. In 2010-
11, the Company also started trading in gold jewellery and the
business will be hived off into a separate entity in near to
medium term. The Company is also in the process of starting
online sales in Q1 2012-13 to target retail customer.

Recent Results

According to unaudited results, INCA Hammock reported profit
before tax of INR0.1 crore on an operating income of INR10.0
crore for the eight month period ended November 30, 2011.


INDIAN CONSTRUCTION: ICRA Rates INR2.5cr Cash Credit '[ICRA]B'
--------------------------------------------------------------
ICRA has assigned an '[ICRA]B' rating to INR2.50 crore fund based
cash credit facility of Indian Construction Co. ICRA has also
assigned an '[ICRA]A4' rating to INR3.25 crore short term non
fund based facility of ICC.

The assigned ratings are constrained by ICC's relatively small
scale of operations and its weak financial profile as reflected
by thin profitability, moderate capital structure and weak debt
coverage indicators. The ratings also take into account the high
competitive intensity in the construction space resulting in
pressure on margins and geographical concentration risk due to
concentration of most of ongoing and future projects in Gujarat.

The ratings, however, favorably consider the long experience of
the promoters in government tendered civil construction with
status of "AA" class and relatively lower counter party credit
risk given its exposure only to government bodies. ICRA further
notes the positive outlook for construction companies in the long
terms given the envisaged increase in infrastructure spending.

                     About Indian Construction

Indian Construction & Co. was established in 1968 as a
partnership firm to carry out the business of construction work
of dams, canals, repairing of roads etc. in the state of Gujarat.
In the year 2006, there was a change in management with Mr.
Bhagwanjibhai U Patel and three other family members taking over
the ownership of the firm. ICC is registered as approved
contractor in "AA" class (R&B Department) with the government of
Gujarat.

Recent Results

For the year ended March 31, 2011, the firm reported an operating
income of INR7.01 crore with profit after tax (PAT) of INR0.04
crore. Further, the firm has reported an operating income of
INR3.61 crore and profit before tax and depreciation of INR0.14
crore for the first 11M of FY 2012 (provisional financials).


INDIKA ENERGY: Fitch Revises Outlook on 'B+' IDR to Positive
------------------------------------------------------------
Fitch Ratings has revised Indonesia-based Indika Energy Tbk's
Outlook to Positive from Stable.  At the same time, the agency
has affirmed Indika's Long-Term Foreign and Local Currency Issuer
Default Ratings (IDR) at 'B+'.

Indika's USD65m notes due in 2012, USD230m notes due in 2016 and
its USD300m notes due in 2018 have also been affirmed at senior
unsecured 'B+' with Recovery Ratings of 'RR4'.

The Positive Outlook reflects Fitch's expectation of a sustained
improvement in Indika's credit profile, owing to both robust
dividend inflows from its 46%-held associate, PT Kideco Jaya
Agung (Kideco) and increasing scale and diversity of the rest of
its operations.  Fitch expects Indika to deleverage post-2012,
with debt net of cash to operating EBITDA (including dividends
from Kideco) below 1.5x.  The ratings may be upgraded if Indika's
credit metrics evolve as per Fitch's expectations.  Conversely,
the Outlook could be revised back to Stable if Indika undertakes
any large debt-funded investments or is unable to reduce its
leverage below 1.5x post-2012 on a projected basis.

Dividends from Kideco have accounted for about 70%-80% of
Indika's operating EBITDA in the past four years.  Kideco has
distributed over 95% of its net income over this period, higher
than the minimum 80% set in its shareholder agreement.  Fitch
expects the high dividend payout from Kideco to continue given
increasing coal production, robust profitability, a nearly debt
free status and low capex.

As of 31 December 2011, adjusted debt net of cash to operating
EBITDA was 1.9x and fund flows from operations to interest
coverage was over 3.8x.  Fitch expects Indika's leverage in 2012
to remain broadly unchanged from 2011 levels, owing to the
acquisition of coal assets and high capex, mainly to ramp up
production at its 69%-owned mining sub contractor; PT Petrosea
Tbk (Petrosea).  Fitch however expects increasing earnings
contribution from Petrosea and PT Mitrabahtera Segara Sejati --
its newly acquired 51%-owned logistics service supplier to the
coal industry -- plus strong dividend flows from Kideco, to aid
Indika's deleveraging in the next two to three years.

Indika's liquidity position is healthy, with IDR4.5trn of cash
(excluding restricted cash balances of IDR583bn) at end-December
2011 and stable dividend inflows from Kideco.  As a result Fitch
expects Indika to be able to comfortably cover its IDR3trn debt
maturities due in 2012.  Indika incurred about IDR240bn to
acquire 60% of PT Mitra Energy Agung and is expected to incur
about IDR1.1trn to acquire 85% of PT Multi Tambangjaya Utama in
2012. The company also raised IDR1trn through its sale of 30%
equity of Petrosea.


J K INDUSTRIES: CARE Reaffirms 'BB-' Rating on INR4cr LT Loan
-------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of J K
Industries.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
  Long-term Bank Facilities        4.00      CARE BB- Reaffirmed
  Short-term Bank Facilities      37.00      CARE A4 Reaffirmed

Rating Rationale

The ratings continue to remain constrained by the short track
record of operations of J. K. Industries with thin profitability
margins. The ratings are further constrained due to inventory
risk pertaining to effect of adverse movement in prices of steel
on uncut ship inventory, intense competition in the ship breaking
industry marked by low entry barriers, volatile nature of the
business with uncertainty regarding availability of ships for
recycling and its constitution as a partnership firm leading to
possibility of withdrawal of capital and restricted financial
flexibility.

The above constraints are partially offset by strengths like
experience of the partners in the industry and its modest
solvency position.

Ability to successfully manage the inherent price volatility risk
on the uncut inventory of ships and timely renewal of validity of
rental plots for ship breaking are the key rating sensitivities.
Background

J. K. Industries is a partnership firm established by
Mr. Dungarshi J. Shah and his brother Mr Kishor J. Shah in 1984
and is engaged in ship breaking business. The partners also
operate a dredging and equipment hiring service firm in the name
of Famous Dredging Corporation since 1980. Mr. Kishor J. Shah
exited the business and the sons of Mr. Dungarshi J. Shah joined
the partnership firm in 2003. In January 2009, the partners
entered into a MoU with Mr. Jayant Patel, to carry out the ship
breaking business and paying him INR60 per MT of scrap sold as
business conducting charges. Mr. Patel is vastly experienced in
the ship recycling industry, where he has been carrying out his
business since the last 20 years and is also the Secretary of the
Ship Recycling Industries Association (SRIA), an industry
association of ship recyclers operating in Bhavnagar, Gujarat.
Mr. Jayant Patel also operates other ship breaking yards, viz
Shantamani Enterprise as a partner and A. G. Enterprise as a
business manager, in the Alang - Sosiya belt of Bhavnagar region
in Gujarat. The operations are carried out at premises which are
leased out by Gujarat Maritime Board (GMB) in Bhavnagar through
auction route for tenure of one year, post which renewal of
agreement is done at prevailing rates.


KJS CEMENT: ICRA Reaffirms '[ICRA]BB+' Rating on INR675cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]BB+' for the
INR675 crore fund-based bank facilities of KJS Cement Limited.
The outlook on the long term rating is stable.

The rating reaffirmation factors in advanced stages of project
implementation as reflected in commencement of clinker production
and ongoing trial runs for other project components wherein
cement production is likely to commence by Q1FY13. Though the
expected date for commencement of commercial production of cement
has been extended by three months beyond the scheduled COD, which
has resulted in reduced moratorium period; however, promoters'
financial support together with sale of clinker is enabling the
company to meet its interest servicing obligations in the interim
period. Further, based on the expenditure incurred by the company
on the project till Jan. 31, 2012, ICRA notes that there is a
high likelihood of the project completion within the budgeted
costs and in line with the envisaged funding mix - which is
favorable in relation to the typical funding mix observed in the
sector.

Further, the rating continues to derive comfort from company's
access to limestone from its own mines; tie-up achieved for fly-
ash; and proximity of company's plant to key raw material
sources, which given the existing road and rail infrastructure is
expected to result in freight cost savings for the company. The
rating, however, continues to be constrained by the group's
limited experience in the cement sector which increases marketing
risk, particularly in light of commoditised nature of the product
and intense competition from players having established brand and
distribution networks. The risk is mitigated to an extent given
the company's access to group's established sales distribution
network and the initiatives taken for marketing and distribution
of cement. The rating also continues to be constrained by the
absence of formal linkages for coal, which together with the
inherent cyclicality of the cement business makes the company's
realisations and margins susceptible to adverse market
developments. Further, the company is yet to demonstrate its
ability to achieve the desired cost structure and sell optimum
volumes in its natural marketing region.

In ICRA's view, the key rating sensitivity will be the company's
ability to commence and stabilise the cement production without
further delays; operate at optimum capacity utilisation levels;
manage cost-efficient operations and market its product
successfully in its natural marketing region.

                         About Kamal group

A part of Kamal group of companies, KJS Cement Limited (KJSCL)
was incorporated in 1983 as Diwan Lime Company Pvt. Ltd., with
the objective of undertaking mining operations and manufacturing
cement. The name of the company was subsequently changed to KJS
Cement Private Limited in November 2007 and subsequently to KJS
Cement Limited in February 2009 because of change in constitution
from private limited to public limited company.

KJSCL is setting up a green-field integrated 1.65 million tonnes
per annum (mtpa) of clinker and 2.276 mtpa of cement
manufacturing facility at Maihar, Satna district (Madhya
Pradesh). The project, which also comprises of a 27 MW captive
power plant, is being set up with a budgeted cost of around
INR1,044 crore, being funded in a debt: equity ratio of 1.32
times.


KPC MEDICAL: CARE Reaffirms 'B+' Rating on INR127.5cr LT Loan
-------------------------------------------------------------
CARE reaffirms the ratings assigned to KPC Medical College &
Hospital.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      127.5      CARE B+ Reaffirmed
   (reduced from 131.0)

   Short-term Bank Facilities      15.0      CARE A4 Reaffirmed

Rating Rationale

The ratings continue to be constrained by the short track record
of operation of KPC, net deficit during the last three years
leading to erosion of networth and stress on liquidity position.
The ratings also factor in association of eminent doctors with
the hospital, satisfactory infrastructure with latest available
technology and infusion of funds by the promoters. Ability to
further improve its infrastructure, introduce post-graduate
courses subject to necessary statutory approvals and improve its
profitability & capital structure would remain the key rating
sensitivities.

KPC Medical College and Hospital was promoted by Dr. K.P.
Chaudhuri in August, 2003 as a society registered under the West
Bengal Societies Registration Act, 1961. KPC was established with
an objective of setting up a medical college along with a 750-bed
hospital on 48 acres of land in Kolkata.

KPC is one of the first private medical educational institutions
for imparting undergraduate studies in West Bengal and is
affiliated to the West Bengal University of Health Sciences and
is approved by the Government of West Bengal. While the hospital
became operational in 2007, the medical college started its
operation in 2008. Besides the hospital and the medical college,
KPC also has a B.Sc Nursing college and a General Nursing &
Midwifery (GNM) Nursing school in the same campus which provide
for the requirement of nurses in the hospital. In accordance with
Medical Council of India guidelines, KPC is now admitting 150
students (per year) in the MBBS course.

In FY11, KPC reported a net deficit of INR13.8 crore on a total
income of INR40.6 crore.


MAHAKALESHWAR TOLLWAYS: CARE Cuts INR228.89cr Loan Rating to BB+
----------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Mahakaleshwar Tollways Pvt. Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long Term Loans                228.89     CARE BB+ Revised
   (reduced from 238.57)                     from CARE BBB-

Rating Rationale

The revision in rating is on account of significantly lower than
envisaged toll collection due to weak traffic flow, Operations
and Maintenance (O&M) risk and the resultant dependence on
external funding for meeting debt obligations in the medium term.
The rating also takes into account successful completion of the
project within estimated time & cost and financial support
demonstrated by the sponsors in meeting debt servicing obligation
till date. Firm commitment from the promoters to meet any
shortfall in future debt servicing obligation and increase in the
amount of toll collection are the key rating sensitivities.

                    About Mahakaleshwar Tollways

Mahakaleshwar Tollways Private Limited, promoted by a consortium
of Srei Infrastructure Finance Limited (SREI, rated CARE AA/ AA-/
A1+, 48% stake), Galfar Engineering and Contracting
SAOG (GEC, 26%) and Varaha Construction Company (VCC, 26%), is a
Special Purpose Vehicle (SPV) to undertake the four-laning,
strengthening and up-gradation of the Indore-Ujjian Section of
SH-27, in the State of Madhya Pradesh (MP), on Build, Operate and
Transfer (BOT) - Toll basis. The project, was completed on
November 17, 2010 and the commercial date of operation (COD) was
announced on Feb 17, 2011. Toll collection had started earlier
from November 2010 itself, after the project received Provisional
Completion Certificate.

The Concession Agreement (CA) was executed between MTPL
(Concessionaire) and MPRDCL on September 17, 2008 for a
concession period of 25 years.

On total operating income of INR6.4 crore, MTPL incurred a net
loss of INR11.0 crore in FY11 (refers to a period from April 1to
March 31). During the nine months ended December 31, 2011
(9MFY12), MTPL has incurred a net loss of INR27.7 crore on a
total income of INR12.4 crore.

The promoters have infused funds in the form of equity/unsecured
loans, during the period, to bridge shortfall in cash flows.


M.P. ENTERTAINMENT: ICRA Reaffirms 'B' Rating on INR20cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B' rating to the INR20 crore long
term fund based limits of M.P. Entertainment and Developers
Private Limited.

The rating reaffirmation takes into account the commencement of
operations of the retail mall in H1 FY2012, its attractive
location and reputed tenant profile. However, the rating
continues to be constrained by concentration risks arising out of
operating a single property and stretched liquidity of the
company on account of limited cushion between lease rentals and
debt repayment obligations, and likely pressure on the cash flows
in case of delays by the lessees in meeting their monthly lease
rental payments. Going forward, MPED's ability to lease out the
remaining space in the mall and maintain adequate cover between
its lease payments and repayment obligations remain the key
rating sensitivities.

M.P. Entertainment and Developers Private Limited has been
promoted by Mr. Gurjeet Singh Chhabra who has been involved in
real estate development in and around Indore. Currently the group
has two operational malls under the companies Century 21 Town
Planners Private Limited and MPED. Apart from these malls,
another group company named Ria Hotels Private Limited has leased
out 80,000 sq ft land to Bestech Hospitalities Pvt. Ltd.

MPED is currently operating a shopping mall at Agra Bombar Road,
Indore with a gross leasable area of 2.5 lakh sq ft. Till date,
the company has leased out 86% area to reputed tenants such as
Easy Day Market (Bharti Walmart), Globus, Club Mahindra, Numero
Uno, Fashion @ Big bazaar (Pantaloon Retail),McDonalds, Monte
Carlo, Nirulas, Bata, Peter England, KFC etc.


OSCAR LEATHERS: CARE Cuts Rating on INR5.5cr Loan to 'CARE BB'
--------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Oscar Leathers Pvt Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       5.51      CARE BB Revised
                                             from CARE BB+

   Long-term/Short-term            6.75      CARE BB/CARE A4

   Bank Facilities                           Revised from
                                             CARE BB+/CARE A4+

   Short-term Bank Facilities      1.00      CARE A4 Revised
                                             from CARE A4+

Rating Rationale

The revision in ratings of Oscar Leather Private Limited (OLPL)
mainly factor in deterioration in financial risk profile marked
by losses in FY11 (refers to the period April 01 to March 31),
deterioration in capital structure, elongated working capital
cycle, the change in customer profile and delay in stabilization
of enhanced capacities. Furthermore, the ratings are also
constrained on account of susceptibility of the profit margins to
foreign exchange fluctuations and relatively less diversified
product portfolio.

The ratings, however, continue to favorably factor in the
established track record of OLPL, wide experience of the
promoters in the leather industry and governmental support
available to the leather product manufacturers and exporters.

OLPL's ability to reduce the customer concentration risk and
increase its presence in the domestic market with improvement in
financial risk profile remains the key rating sensitivities.

Incorporated in 1995, Oscar Leathers Private Limited was promoted
by Mr. Sanjiv Gupta and Mrs. Sumit Kaur. Later on Mr. Jasvinder
Pal Singh also joined the company as Director. OLPL is
engaged in the manufacturing of leather shoes and shoe uppers
which are exported primarily to Europe and Australia with exports
contributing close to 98% of revenues. OLPL has an installed
capacity to manufacture 3000 pair of shoes and 4000 shoe uppers
per day as on March 31, 2011 at its two manufacturing facilities
situated at Lalru, Mohali (Punjab) and Industrial Area, Mohali
(Punjab).


RITZY INT'L: Fitch Assigns 'B+' National Long-Term Rating
---------------------------------------------------------
Fitch Ratings has assigned India-based Ritzy International Pvt.
Ltd. a National Long-Term rating of 'Fitch B+(ind)'.  The Outlook
is Stable.

The ratings are constrained by Ritzy's small size of operations,
although revenue increased significantly to INR1,259.8m in FY11
(financial year ending March) from INR456.8m in FY10.  The
ratings are also constrained by the company's high adjusted net
financial leverage (net debt/operating EBITDA) of 7.5x in FY11
and 7.9x in FY10 due to its low EBITDA margins (FY11: 2.45%,
FY10: 2.3%), attributable to the trading nature of its business.

The ratings are further restricted by the company's high customer
concentration, as its top three customers accounted for about 98%
of its total sales for the period of April 2011 to February 2012.
Around 29.3% of the total revenue comes from PCL Oil & Solvents
Ltd and Ritzy Chemicals Pvt Ltd.  The latter is Ritzy's group
company, which is into plasticisers manufacturing.

The ratings are, however, supported by Ritzy's reasonable
liquidity position, as reflected in the low utilisation (37%) of
its fund-based working capital limits from April 2011 to
January 2012, and comfortable interest coverage (operating
EBITDA/net interest) of 4.1x in FY11 (FY10: 3.8x).  Fitch notes
that the company has no term debt on its balance sheet.  The
ratings also reflect over three-decade-long experience of its
management in the domestic chemicals and plasticisers industry.

Negative rating action may result from margin pressures and any
unexpected increase in working capital, which could deteriorate
net adjusted financial leverage above 8.5x on a sustained basis.
Positive rating action may result from consistent revenue growth
coupled with improved operating EBITDA margins which could
improve net adjusted financial leverage below 6x on a sustained
basis.

Incorporated in 2007, Ritzy is engaged in the trading of
chemicals and plasticisers.  In FY11, the company reported an
operating EBITDA of INR30.92 m (FY10: INR10.45m).

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

  -- INR430 million non-fund-based working capital limit:
     'Fitch B+ (ind)'/'Fitch A4(ind)'

  -- INR50 million fund-based working capital limit (a sub limit
     of the non-fund-based limit): 'Fitch B+(ind)'/'Fitch
     A4(ind)'


SHAH HOUSECON: CARE Reaffirms 'B+' Rating on INR21cr LT Loan
------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Shah Housecon Pvt Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      21.00      CARE B+ Reaffirmed

Rating rationale

The rating is constrained by the high execution risk in all the
ongoing projects and high funding risk as the financial tie-up
for all the ongoing projects have not been achieved while at the
same time projects have high dependence on customer advances. The
rating is also constrained by the concentration of the company to
a single location in Mumbai, regulatory risks related to Slum
Rehabilitation Scheme (SRS) projects and the cyclical nature of
the industry.

The rating derives strength from the experience of the promoters
and successfully delivered residential projects aggregating to
6.57 lakh square feet (lsf) in the past.

Ability of the company to execute the ongoing projects on time,
achieve envisaged sales and receive financial closure for all
ongoing projects remains the key rating sensitivity.

Incorporated in the year 2001, Shah Housecon Pvt. Ltd. is a part
of the Shah Group which is promoted by Mr. Mansukh Shah and
Mr. Ramji Shah. The group has developed several residential
projects in the Malad suburb of Mumbai with an aggregate saleable
area of 6.57 lsf.

Currently, SHPL has undertaken three projects with total saleable
area aggregating to 9.81 lsf (two being residential projects
under SRS scheme and one being commercial-cum-residential
project) in the Malad suburb of Mumbai.

As per audited results for FY11, Shah Housecon Pvt Ltd reported
total operating income of INR6.77crore and PAT of INR0.12 crore.


SHRAVANRAJ CONSTRUCTIONS: ICRA Reaffirms 'B+' Long-Term Rating
--------------------------------------------------------------
ICRA has reaffirmed the long-term rating at '[ICRA]B+' for
INR2.50 crore cash credit limits and ratings of
'[ICRA]B+/[ICRA]A4' for INR2.50 crore proposed limits of
Shravanraj Constructions Private Limited.

The reaffirmation of ratings continue to factor in the long track
record of promoters in road construction business; its healthy
order book position (order book to Operating Income (FY11) ratio
of 2.55 times as on Dec. 31, 2011); and positive outlook for road
projects given the large investments planned in the north eastern
region. The ratings are however constrained by high client,
sectoral and geographic concentration risks; company's small
scale of operations limiting the capacity of the company to bid
for larger projects; moderate profitability owing to low
complexity of the work and intense competition; and increased
gearing on account of increased working capital borrowings.

                    About Shravanraj Constructions

Shravanraj Constructions Private Limited, founded in 2005, is
mainly into execution of road and irrigation projects in Andhra
Pradesh. The company has been registered as Class II civil
contractors with the AP state government specializing in civil
contract works. SCPL is a closely managed company with the
ownership and management in the hands of the family of Mr. R
Ramesh Kumar Reddy. His wife, Mrs. R Nanditha Reddy is the
Managing director of the company. The company has order book of
INR55.16 crore as on December 31, 2011.

Recent Results

For FY2011, the company reported a turnover of INR21.6 crore and
a PAT of INR0.75 crore as compared to INR12.84 crore operating
income and a PAT of INR0.45 crore for FY2010.


SK SYSTEMS: ICRA Cuts Rating on INR5.5cr Loan to '[ICRA]BB'
-----------------------------------------------------------
ICRA has revised the long term rating assigned to INR5.50 crores
(enhanced from INR3.75 crores) fund based bank facilities of
SK Systems Private Limited to '[ICRA]BB' from '[ICRA]BB+'. The
outlook on the long term rating is Stable. ICRA has also revised
the short term rating to '[ICRA]A4' from '[ICRA]A4+' assigned to
the INR13 crores (enhanced from INR10 crores) non-fund based bank
facilities of SKS.

The revision of the ratings reflects the vulnerability of SKS's
profitability to high competitive pressures in its core business
of design, manufacture, supply, erection and commissioning of air
handling systems and equipments for various industrial
applications and power plants and limited bargaining powers that
SKS has vis-a-vis its customers (who are much larger entities),
which has resulted in stretched liquidity position as reflected
by relatively high working capital intensity (NWC/OI of 22% in FY
2011), modest cash flows and high working capital utilizations in
the past. This has in turn resulted in increase in gearing from
0.67X in FY 2010 to 0.80X in FY 2011. The ratings are also
constrained by vulnerability of SKS's profitability to price
fluctuation risks on account of high lead time in execution of
projects, which coupled with absence of price escalation clause
in contracts has resulted in fall in operating profitability of
the company in FY 2011. The ratings, however, derive comfort from
the long experience of the promoters in the business which
coupled with strong customer base and a healthy order book
movement has resulted in steady turnover growth in the past five
years, which is expected to be sustained in the medium term.

                          About SK Systems

Incorporated in 1980 by Mr. NK Gupta, SKS is engaged in
Designing, Manufacturing, Supply, Erection and Commissioning of
Industrial Air Handling and Air Pollution Control Systems /
Equipments and HVAC systems to industrial players. The
manufacturing facilities of SK Systems are located in Kundli
district of Sonepat, wherein all the manufacturing takes place.
Apart from that it has offices in Delhi and Bangalore where in
order execution takes place.

Recent Results:

As per the audited results, SKS reported a net profit of INR0.85
crore on an operating income of INR40.15 crore for the year ended
March 31, 2011 as against a net profit of INR0.65 crore on an
operating income of INR29.98 crore for the year ended March 31,
2010.


SRC METALICKS: Inadequate Info Cues Fitch to Migrate Ratings
------------------------------------------------------------
Fitch Ratings has migrated India-based SRC Metalicks Pvt Ltd's
'Fitch D(ind)' National Long-Term rating to the non-monitored
category.  This rating will now appear as 'Fitch D(ind)nm' on the
agency's Web site.

The ratings have been migrated to the non-monitored category due
to lack of adequate information, and Fitch will no longer provide
ratings or analytical coverage of SRC.  The ratings will remain
in the non-monitored category for a period of six months and be
withdrawn at the end of that period.  However, in the event the
issuer starts furnishing information during this six-month
period, the ratings could be reinstated and will be communicated
through a Rating Action Commentary.

Fitch has also migrated SRC's bank loan ratings to the non-
monitored category as follows:

  -- INR16.2m long-term loans: migrated to 'Fitch D(ind)nm' from
     'Fitch D(ind)'

  -- INR190m fund-based limits: migrated to 'Fitch D(ind)nm' from
     'Fitch D(ind)'

  -- INR7.5m non-fund-based limits: migrated to 'Fitch D(ind)nm'
     from 'Fitch D(ind)'


TADIKELA SUBBAIAH: ICRA Assigns '[ICRA] B' LT Rating to Loans
-------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA] B' and a short
term rating of '[ICRA]A4' to INR96 crore term loan, INR7 crore
non fund working capital facilities and INR10 crore unallocated
loans of Tadikela Subbaiah Trust.

The ratings are constrained by the fact that Subbaiah Medical
College Hospital & Research Centre is not yet fully operational;
hence the ability of the same to attract adequate
patients/students still remains to be seen. The ratings also take
into account the stretched financial risk profile of TST,
characterized by modest turnover and coverage ratios like 'Debt/
OPBDIT' and 'NCA/ Debt'. ICRA further notes that SMC is likely to
face stiff competition from the existing medical colleges and
hospitals. The assigned ratings take into account the relevant
experience and renowned trustees and doctors in the Shimoga
healthcare sector that are associated with TST. The rating
favorably considers the fact that the entire funding for SMC has
already been tied up and almost all the requisite approvals
except the approval from Medical Council of India have been
obtained.

Going forward, SMC's ability to attract adequate
patients/students and generate sufficient surplus to service its
debt obligations in a timely manner will be the key rating
drivers.

                      About Tadikela Subbaiah

TST was formed in 2003 and is registered as Public Charitable
Trust. It operates in Shimoga and is currently running a nursing
school named as Tadikela Subbaiah School of Nursing offering
B.Sc. Nursing (intake capacity of 60 students annually) and
Diploma in nursing (intake capacity of 60 students annually). The
trust has set up SMC in Shimoga which will be fully operational
shortly. The project is spread over 29 acres of land with a
planned development of around 10 lakh sq.ft of area. Around 6
lakh sq.ft is already under construction and the rest is expected
to be constructed over the next 12-15 months. The project is to
be financed through term loans amounting to INR96 crore and
INR50crore of equity.

SMC will offer 4 years M.B.B.S course with an intake capacity of
150 students annually. The first batch is expected to start
September 2012 onwards. It will also be a multi-specialty
hospital with 700 beds (including 175 beds for casualty, ICU,
Emergency wards etc). Around 300 beds are already functional and
the rest are expected to be operational in 6-8 months. The
proposed college has planned for 21 major departments including
Anatomy, Pathology, Forensic Medicine, Pediatrics etc.

The trustees already run a sixty bed hospital under the name
Subbaiah Hospital (since 1992) under a separate partnership firm
in Shimoga which is well recognized in the surrounding areas.

Recent Results

For the financial year 2010-11, the Company's net profit stood at
INR2.2 crore on an operating income of INR1.9 crore, against net
profit of INR0.6 crore on operating income of INR1.5 crore for
the financial year 2009-10.


UMIYA INDUSTRIES: CARE Reaffirms 'CARE B+' Rating on INR7cr Loan
----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Umiya Industries Pvt Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      7.00        CARE B+ Reaffirmed

Rating Rationale

The rating continues to remain constrained by the small scale of
operations restricting economies of scale, limited value addition
in cotton ginning business and its weak financial risk profile
marked by thin profitability, stressed liquidity, low capital
base and highly leveraged capital structure. Susceptibility of
its inherently low margins to volatility associated with cotton
prices, presence in a highly fragmented and competitive agro-
commodity business entailing limited pricing flexibility &
regulatory uncertainties on export of cotton and fixation of
Minimum Support Price (MSP) of cotton further constrains the
rating.

These constraints far outweigh the benefits derived from the
promoters' experience and locational advantage by way of
proximity to the cotton seed growing regions in Gujarat.

Rationalization of debt levels coupled with increase in capital
base and its ability to manage volatility associated with cotton
prices and thereby improving its profitability and cash accruals
would remain the key rating sensitivity.

Gujarat-based UIPL, promoted by Mr. Rameshbhai K. Patel, was
incorporated on March 24, 2004. UIPL, a small-sized company with
short track record of business operations, is mainly engaged in
cotton ginning and pressing to produce cotton bales and cotton
seeds. UIPL's manufacturing facilities are located at Himmatnagar
with an installed capacity of 5,760 MTPA of cotton bales as on
March 31, 2010.

As per audited results for FY11 (refers to the period from
April 1 to March 31), UIPL reported a PAT of INR0.35 crore on a
total operating income of INR42.43 crore.


XENITIS INFOTECH: Inadequate Info Cues Fitch to Migrate Ratings
---------------------------------------------------------------
Fitch Ratings has migrated India-based Xenitis Infotech Ltd's
'Fitch D(ind)' National Long-Term rating to the non-monitored
category.  This rating will now appear as 'Fitch D(ind)nm' on the
agency's Web site.

The ratings have been migrated to the non-monitored category due
to lack of adequate information, and Fitch will no longer provide
ratings or analytical coverage of XIL.  The ratings will remain
in the non-monitored category for a period of six months and be
withdrawn at the end of that period.  However, in the event the
issuer starts furnishing information during this six-month
period, the ratings could be reinstated and will be communicated
through a Rating Action Commentary.

Fitch has also migrated XIL's bank loan ratings to the non-
monitored category as:

  -- INR90m long-term loans: migrated to 'Fitch D(ind)nm' from
     'Fitch D(ind)'

  -- INR1,600m fund-based limits: migrated to 'Fitch D(ind)nm'
     from 'Fitch D(ind)'

  -- INR800m non-fund- based limits: migrated to 'Fitch D(ind)nm'
     from 'Fitch D(ind)'


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


TOKYO ELECTRIC: To Sell 800 Additional Real Estate Properties
-------------------------------------------------------------
The Nikkei reports that Tokyo Electric Power Co. has decided to
sell about 800 additional real estate properties to secure funds
for compensation to those affected by the accident at its nuclear
plant.

The news agency relates that TEPCO plans to sell JPY247.2 billion
in real estate within three years under a special business plan
drawn up last autumn. It had sold about 100 properties, raising
roughly 38 billion yen, as of March 31.  But the government and
others have called for the utility to step up its restructuring
efforts, the report says.

                       About Tokyo Electric

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

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

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

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


TOKYO ELECTRIC: Tokyo Becomes Largest TEPCO Shareholder
-------------------------------------------------------
The Mainichi reports that Tokyo Electric Power Co. said the Tokyo
metropolitan government became the largest shareholder in TEPCO
at the end of March, the utility said Wednesday, after the other
major shareholders -- Dai-ichi Life Insurance Co. and Nippon Life
Insurance Co. -- sold part of their stakes.

At the end of last September, Dai-ichi Life was the largest
shareholder with a 3.42% stake, followed by 3.29% for Nippon Life
Insurance and 2.66% for the Tokyo metropolitan government,
according to the report.

The Mainichi says the central government is expected to replace
the local government to become TEPCO's top shareholder possibly
in July by injecting JPY1 trillion in public money into the
utility through the Nuclear Damage Liability Facilitation Fund to
acquire a majority of TEPCO voting rights.

                       About Tokyo Electric

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

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

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

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


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


GOLOMT BANK: Moody's Assigns 'Ba3' Rating to US Sr. Unsec. Notes
----------------------------------------------------------------
Moody's Investors Service has assigned a Ba3 rating to Golomt
Bank's proposed fixed rate US dollar senior unsecured notes.

The notes are on review for downgrade following Moody's decision
to place the ratings of four Mongolian banks on review for
downgrade on March 26, 2012.

The review of Mongolian banks is in accordance with Moody's
revised assessment of the linkage between the credit profiles of
sovereigns and financial institutions globally, which is further
discussed in the ratings implementation guidance titled "How
Sovereign Credit Quality May Affect Other Ratings" published on
Feb. 13, 2012.

The review is not due to any changes in Golomt's standalone
credit profile.

Moody's expects that in the case of Golomt Bank, the maximum
downgrade will be one notch, which would bring the bank's ratings
in line with Mongolia's sovereign rating.

Ratings Rationale

The rating assigned to the notes is subject to the receipt of
final documentation, the terms and conditions of which are not
expected to change in any material way from the draft documents
reviewed by Moody's.

"The rating is underpinned by the bank's good franchise value as
one of the largest banks in Mongolia's banking system, in which
it held 28.0% of deposits and 23.3% of loans at end-2011,
satisfactory asset quality, and an adequate level of capital
despite the substantial growth in assets in 2011," says Hyun Hee
Park, a Moody's Analyst.

"Golomt Bank has maintained good capital levels even though loans
grew 59% in 2011, as it received a capital injection of USD16
million from Trafigura Beheer B.V. in March 2012 and an equity
investment of USD20 million from Swiss MO investment AG in June
2011," she adds.

As a result, Moody's estimates that the bank's Tier 1 capital
ratio increased to more than 12% at end-March 2012, from 8.8% at
end-2010. However, Moody's expects that the bank will continue to
need to raise additional Tier 1 core capital over the next few
years given the rapid growth of the Mongolian economy and the
accompanying expansion of credit.

The rating is supported by the bank's satisfactory NPL ratio --
defined as the sub-standard and below ratio -- of 2.05% as of
December 2011. However, the rating also considers the bank's
concentrated loan portfolio, given that it is the biggest lender
to the country's industrial sectors.

"The rating also takes into account the strong geographical
concentration of the bank's operations in Mongolia. Given the
resource-based nature of the economy and the rapid growth of the
mining sector, there is the risk of boom-bust cycles, resulting
in a volatile operating environment. In this context, Golomt's
high volume of unseasoned loans creates some vulnerability to any
economic dislocations," Park says.

The bank's net interest margin trails behind that of other rated
Mongolian banks, as its corporate focus means tighter margins and
lower levels of low-cost deposits.

Given the bank's traditional portfolio in corporate lending, loan
concentration risk is rendered as high. Moody's notes that
Golomt's exposure to its top 20 borrowers was over 1,100% of pre-
provision profit, and over 300% of Tier 1 capital in 2011.

Moody's views, in the short term, upside pressure on the rating
is unlikely, given the review for downgrade.

Additional factors that could exert negative pressure on the
rating include (1) asset quality deteriorating significantly,
possibly due to aggressive expansion, (2) NPLs surpassing 4.5%,
(3) the new NPL formation rate of gross loans exceeding 8%, (4)
the Tier 1 ratio falling below 9%, (5) profitability
deteriorating significantly, with net income falling below
average RWA of 1.4%, or, (6) signs of strains in the bank's
liquidity position, a decline in the Mongolian economy, or a
system-wide confidence crisis, which could threaten the bank's
franchise.

The bank's other ratings are:

- Bank financial strength of D-; local currency bank deposit
   rating of Ba3; and issuer rating of Ba3: placed under review
   for downgrade

- Foreign currency bank deposit rating of B2

The methodologies used in this rating were Bank Financial
Strength Ratings: Global Methodology published in February 2007,
and Incorporation of Joint-Default Analysis into Moody's Bank
Ratings: Global Methodology published in March 2012.

Golomt Bank LLC is based in Ulaanbaatar, Mongolia. It is one of
the largest Mongolia banks with consolidated assets of MNT2.1
trillion (US$1.5 billion) as of December 31, 2011.


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COMPUTER POWER: WelTec, Whitireia Adopt Computer Power Students
---------------------------------------------------------------
TechDay reports that two tertiary training institutes, the
Wellington Institute of Technology (WelTec) and the Whitireia
Community Polytechnic, have agreed to work together to adopt the
students of the Computer Power Institute.

TechDay relates that WelTec chief executive Linda Sissons said
the decision came after seven meetings with students and staff at
Computer Power's three campuses in Auckland, Wellington and
Christchurch.

"We were impressed by their loyalty and determination," the
report quotes Ms. Sissons as saying.  "It is our intention to
make sure all enrolled students transfer their enrolments and
complete their qualifications successfully."

Both WelTec and Whitireia have campuses in Auckland and
Wellington, with WelTec also operating a campus in Christchurch,
the report notes.

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

Computer Power (NZ) Ltd is a private computer training institute.
The institute runs Computer Power Institute campuses in
Wellington, Christchurch and Auckland. It has about 750 students
including about 150 international students.


HERBERT INSURANCE: Breaches Legislation, Liquidators Say
--------------------------------------------------------
Businessdesk reports that the liquidators for Herbert Insurance
Group, the boutique insurer under scrutiny by the Serious Fraud
Office, have found the firm may have breached legislation, but it
is waiting on the white-collar crime investigator before taking
any action.

BusinessDesk relates that joint liquidator Aaron Walsh of
Corporate Finance said in his second report that a number of
potentially voidable transactions and disposition of assets "by
way of unusual fund transfers" had been identified.

"In the absence of funding, the liquidators do not foresee any
merit in pursuing actions which will not result in a monetary
benefit to the company's creditors," Mr. Walsh said in his
report.  "Our investigations also indicated breaches of
legislation, but pending a decision on action by the SFO the
liquidators have deferred progressing action in relation to these
suspected breaches."

Last year, BusinessDesk recalls, receivers for Herbert Insurance
and its companion entity Herbert Securities sold its customer
base of some 4500 people to Aon New Zealand, though there will
likely be a shortfall to secured creditor ASB Bank, which is owed
NZ$780,000.

The value of the transaction is expected to be settled this
month, and no consideration has yet been paid.

The SFO received complaints about a shortfall in Herbert
Insurance's broking client account, sparking the investigation
and liquidation of the entities.

The liquidators have also launched their own investigation into
the affairs of Herbert Insurance as to whether there have been
any breaches of the law or if there are any avenues for recovery
available, the report said.

Creditor ASB Bank New Zealand appointed receivers for Herbert
Insurance on March 11, 2011, seven days after Herbert's
shareholders placed the company in liquidation, The Dominion Post
reported.  The liquidators' first report indicated a deficit of
NZ$4.4 million in Herbert's balance sheet.

Herbert Insurance Group Limited was originally formed in 1981, is
New Zealand-owned, and operates insurance broking houses in both
New Zealand and Australia.  The company advises, arranges and
places Commercial, Property, Liability, Financial, Motor,
Directors and Officers Liability, Professional Indemnity, Marine,
Life & Disability, Travel, Medical and Prize Indemnity insurance
covers as well as Domestic and Residential Insurance.


WEST COAST BREWERY: Wind Up Bid Hearing Adjourned Until May 29
--------------------------------------------------------------
Fairfax NZ News reports that an Inland Revenue Department (IRD)
application to liquidate The West Coast Brewery was adjourned in
the Christchurch High Court.

The report relates that West Coast Brewery director Paddy Sweeney
said late last month he was in discussions with the IRD.

In mid-March, Mr. Sweeney, who founded the Good Bastards Club,
downplayed the impending liquidation proceedings, saying it was
caused by a mix-up when the firm switched offices after
February's 2011 quake, the report recalls.

Fairfax NZ relates that the company had not missed a tax payment
in 12 months. However, the IRD had sent a demand for settlement
of an historic tax debt to the operation's former office as the
address had not been changed by the company's accountants.

Mr. Sweeney said that when the company did not respond, the IRD
started proceedings through the High Court, Fairfax NZ relates.

The matter was adjourned until May 29 to give the parties time to
try to resolve the issue, the report adds.

The company is a subsidiary of West Coast Brewing, which was
founded by Queensland-based entrepreneur Sweeney to buy
Westport's Miner's Brewery in 2007.

The brewery was renamed The West Coast Brewery, owned by its
namesake subsidiary, and Sweeney has ambitions to build the brand
into the nation's third largest brewer. The company owns the
Westport brewery and the group's beer brands.


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V I E T N A M
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VINASHIN: U.S. Hedge Fund Drops Lawsuit Against Firm
----------------------------------------------------
Dow Jones' Daily Bankruptcy Review reports that U.S. hedge fund
Elliott Advisers LP has dropped a lawsuit against Vietnamese
state shipbuilder Vinashin, according to a person familiar with
the matter.


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* Moody's Says Europe Exposure Won't Affect Asian Corp. Ratings
---------------------------------------------------------------
Moody's Investors Service says exposure to Europe's economic
slowdown is not expected to result in rating changes for the vast
majority of rated corporates in Asia. This assessment is based on
a scenario in which European GDP declines by about 1% in 2012. A
more severe outcome in Europe would result in a reassessment of
the impact on Asian companies.

"Although many Asian countries rely on Europe for exports, most
of our Asian rated issuers are less exposed to conditions in the
euro area due to the domestic or regional focus of their
businesses," says Ping Luo, a Moody's Vice President and Senior
Analyst.

Luo was speaking at the release of a report titled "Exposure to
Europe Won't Affect Ratings of Most Asian Corporates," which she
co-authored together with Chris Park, Vice President and Senior
Credit Officer.

"Under our base case scenario of a mild euro area contraction of
up to 1% in GDP for 2012, exposure won't impact the ratings and
outlooks of most rated Asian firms, based on their European
revenues and assets, as well as borrowing from European banks,"
Luo adds.

Out of 217 rated issuers in Asia (ex-Japan), only 13 (6% of the
total) report 15% or more of their revenue as being derived from
Europe. Eight of these issuers (4%) report that over 25% of their
revenues are derived from the European market. In the report,
Moody's explains that reported revenues may understate the degree
of exposure of revenues to Europe. For example, reported sales to
Europe would not include sales of raw materials and intermediate
goods to non-European companies that become components of
finished goods sold to Europe.

Among the 13 issuers with reported revenues to Europe exceeding
15%, a few are facing increased rating pressure. Although
exposure to Europe is not the sole source of rating pressure, the
slowdown in Europe has exacerbated concerns for these firms,
particularly, BW Shipping (Ba1 negative) and LG Electronics (Baa2
negative).

The sectors that are more likely to be adversely impacted by
trends in Europe include consumer-electronics, semiconductors,
shipping, port operators, palm oil producers, steelmakers, and
chemical manufacturers. The more domestic or regionally focused
sectors, with limited exposure to a euro area recession include
utilities, property, telecommunications, consumer/retail,
construction, building materials, and media.

In terms of funding, many Asian issuers have improved their
liquidity since the last financial crisis of 2008-2009, and most
of them are well positioned to manage potential disruptions from
the deleveraging of European banks.

Moody's survey of rated issuers indicates that only 17 of them
have more than 10% of their outstanding debt with European banks,
excluding Hong Kong Shanghai Bank Corp and Standard Chartered
Bank. Of these, 10 have cash on balance sheet that is over 100%
of debt maturing in the next 12 months.


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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
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about which we report.

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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
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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.


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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
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Information contained herein is obtained from sources believed
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