TCRAP_Public/120416.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Monday, April 16, 2012, Vol. 15, No. 75

                            Headlines


A U S T R A L I A

ONE.TEL LTD: Court of Appeal Rejects Liquidator's Appeal
S&N CIVIL: Ferrier Hodgson Appointed as Voluntary Administrators
* AUSTRALIA: Moody's Says Some Sectors Exposed to China Slowdown
* AUSTRALIA: Queensland Corporate Collapses Up 122% in February


C H I N A

CHINA NORTH: Gets NYSE Notice of Delisting
CHINA UNITED: Posts US$14,600 Net Loss in Q2 Ended December 31
SHANDONG HELON: To Repay Commercial Paper Next Week
UNI CORE: Restates 2010 Form 10-K to Correct Goodwill Calculation
* CHINA: Moody's Expects Banks' Non-Performing Loans to Increase


H O N G  K O N G

BUGS MOVING: Court to Hear Wind-Up Petition on May 2
CARTOON FACTORY: Yat and Hok Step Down as Liquidators
EUROPE LIGHTING: Creditors' Proofs of Debt Due April 27
FOUR SEA: Court to Hear Wind-Up Petition on May 2
GOLDEN WINMARK: Court to Hear Wind-Up Petition on May 16

GREAT UNION: Court to Hear Wind-Up Petition on May 16
HENNIC PROPERTIES: First Meetings Slated for May 14
HONGKONG GOODSTAR: Court to Hear Wind-Up Petition on May 9
JIAN MAO: Court to Hear Wind-Up Petition on April 25
MAX SMART: Court to Hear Wind-Up Petition on May 16

SOFT-TREK CORPORATION: Creditors Get 7.445% Recovery on Claims
WOON TIN: Court to Hear Wind-Up Petition on May 2


I N D I A

AIR INDIA: Government Approves Restructuring Plan
BINDLAS DUPLEX: CARE Assigns 'CARE BB+' Rating to INR25.83cr Loan
BSCPL GODHRA: ICRA Cuts Rating on INR525cr Loan to '[ICRA]BB+'
DEV PROCON: CARE Reaffirms 'CARE B+' Rating on INR23.41cr Loan
DHARTI DREDGING: CARE Reaffirms 'CARE B' Rating on INR52cr Loan

FUTURA CERAMICS: ICRA Cuts Rating on INR17.29cr Loan to 'BB+'
KHODAL COTTON: ICRA Assigns '[ICRA]B+' rating to INR5cr Loan
LAKELAND CHEMICALS: ICRA Cuts Rating on INR17.9cr Loan to 'D'
LIMTEX TEA: CARE Assigns 'CARE C' Rating on INR39.86cr LT Loan
MAA MANGLA: CARE Reaffirms 'CARE BB+' Rating on INR12.23cr Loan

NANDYALA SATYANARAYANA: CARE Rates INR0.10cr Loan 'CARE BB-'
SHIWALYA SPINNING: ICRA Reaffirms '[ICRA] BB+' Long-Term Rating
SREE JAYAJOTHI: CARE Reaffirms 'CARE D' Rating on INR435cr Loans
TULSYAN NEC: CARE Reaffirms 'CARE BB+' Rating on INR143cr Loan
UCAL POLYMER: CARE Reaffirms 'CARE BB+' Rating on INR19.85cr Loan

V TEX WEAVING: CARE Rates INR30cr Long-Term Loan 'CARE BB'


J A P A N

JLOC XXX: S&P Lowers Rating on JPY37.3-Bil. C Certs to 'CCC'
OLYMPUS CORP: Defends New Board Nominees


N E W  Z E A L A N D

LOMBARD FINANCE: Court to Hear Directors' Appeal in September


S I N G A P O R E

ARETAE PTE: Court to Hear Wind-Up Petition April 27
AVILA TANKER: Court to Hear Wind-Up Petition April 27
CHONG SENG: Court Enters Wind-Up Order
CITY & CO: Court Enters Wind-Up Order
COURAGE MARINE: Court to Hear Wind-Up Petition April 27


V I E T N A M

* VIETNAM: Seafood Firms May Face a String of Bankruptcies


                            - - - - -


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


ONE.TEL LTD: Court of Appeal Rejects Liquidator's Appeal
--------------------------------------------------------
Andrew Main at The Australian reports that the New South Wales
Court of Appeal has rejected an appeal by One.Tel's Special
Purpose Liquidator, Paul Weston, to overturn a ruling that
concluded he had taken too long to sue Lachlan Murdoch and James
Packer.

Both men had been directors of the phone company that collapsed
in May 2001, when the other members of the board cancelled a
AUD132 million rights issue that Messrs. Packer and Murdoch
interests were going to underwrite, according to The Australian.

The Australian recalls that Mr. Weston was appointed in 2003 as a
Special Purpose Liquidator to examine the final days of the
company because official liquidator Steve Sherman, of Ferrier
Hodgson, had advised the One.Tel board shortly before the company
collapsed.

The Australian relates that Mr. Weston had been trying to launch
a AUD250 million damages suit against the Messrs. Packer and
Murdoch interests but had to get six extensions at six-monthly
intervals, starting on May 25, 2007, just days before the six-
year statute of limitations period expired, to get his case
ready.

Mr. Weston's claim, which was based on the belief the company
would have survived if the rights issue had gone ahead and that
the two young directors were aware of that, was not served until
August 2010, the report relays.

The Australian notes that the claim also named Peter Yates, who
was at the time a director of Packer company PBL, and Peter
Macourt, then chief operating officer of News Limited, publisher
of The Australian.

Last May, the Australian recalls, judge Julie Ward ruled that the
delay had been too great, and three Court of Appeal judges
supported her conclusion, which they said made Mr. Weston's case
"stale and incapable of being served".

Justice Ward had concluded that the first four extensions were
justified, but the last two were not, says The Australian.

Acting judge Ronald Sackville said April 12 he and his colleagues
could not find any error in Justice Ward's conclusions and ruled
that Mr. Weston should pay the costs of the appeal, adds The
Australian.

                           About One.Tel

One.Tel Limited is an Australian based telecommunications
company, belonging to One.Tel Group.  One.Tel Ltd. was
established in 1995 soon after the deregulation of the Australian
telecommunications industry, most of which are currently under
external administration by court appointed liquidators.

One.Tel is currently in liquidation due to financial problems.
Ferrier Hodgson was appointed as voluntary administrator on
May 29, 2001.  The administrator's report stated that the company
was insolvent as of March 2001.  Accordingly, the administrator
terminated approximately 3,000 employees in June that same year.

Steve Sherman and Peter Walker of Ferrier Hodgson were then
named liquidators on July 24, 2001.


S&N CIVIL: Ferrier Hodgson Appointed as Voluntary Administrators
----------------------------------------------------------------
Martin Jones and Darren Weaver of Ferrier Hodgson were appointed
as joint and several voluntary administrators to S&N Civil
Constructions Pty Ltd on April 11, 2012.

"I now control the Company's operations and am assessing the
Company's financial position. The Company's director has been
requested to prepare a statement about the Company's business,
property, affairs and financial circumstances as at the date of
my appointment. I raise the following matters regarding the
administration," Mr. Jones said in a circular to creditors.

A meeting of the creditors of the Company will be held at the
Holiday Inn, 778 Hay Steet in Perth, WA 6000, at 11:00 a.m. on
April 23, 2012.

The administrators may be reached at:

          Martin Jones
          Darren Weaver
          Level 26, BankWest Tower
          108 St George's Terrace
          Perth WA 6000
          Tel: +61 8 9214 1444
          Fax: +61 8 9214 1400
          E-mail: martin.jones@fh.com.au
                 darren.weaver@fh.com.au

S&N Civil Constructions Pty Ltd -- http://www.sncivil.com.au/--
provides concrete and civil construction contracting services for
the mineral processing, above and underground facilities of mine
development; and general constructions for manufacturing,
processing, industrial and commercial development. The company is
based in Perth, Australia.


* AUSTRALIA: Moody's Says Some Sectors Exposed to China Slowdown
----------------------------------------------------------------
Moody's Investors Service says that a "hard landing" scenario for
China's economy would, for Australian non-financial corporate
issuers, impact the mining and airlines sectors most. But
overall, the rated corporate sector is better prepared to weather
any sharp downturn than it was before the global financial crisis
given overall moderate financial leverage and solid liquidity.

"A severe slowdown in China is not part of our central macro-
scenario. As such, we are talking purely in theoretical terms,"
says Maurice O'Connell, a Moody's Vice President and Senior
Analyst. "We would define a sharp downturn as a fall in China's
annual rate of economic growth to 4-5%, with a duration of up to
12 months", O'Connell adds.

O'Connell was speaking on the release of a Moody's report
examining the implications of a hard Chinese landing for the
Australian corporate sector, and which he authored.

"In addition to mining and the airlines, the most exposed
industries are engineering and contracting, as well as the oil
and gas industry, although they will be affected to a lesser
degree. Other sectors in which we rate companies, such as retail
and telecommunications, have little direct exposure to China, but
would not be immune," says Mr. O'Connell. The report also looks
at the possible effects on the Australian airports and regulated
utilities sectors.

In addition, the report examines the implications of a hard
landing for the credit markets, and concludes that it would
likely have a material adverse effect, such as by constraining
some issuers' access to the debt capital markets.

"Many offshore debt investors still view Australia as a safe
haven due to the strength of the domestic economy, and a hard
landing -- with its consequent material impact on the Australian
economy -- would affect investor appetite, leading to heightened
challenges in accessing the debt capital markets," says
Mr. O'Connell.

"Even under the most adverse circumstances, China's
countervailing measures and Australia's own policy responses, via
additional government spending, loosening of credit, and
flexibility in exchange rates would mitigate the difficulties
that would otherwise emerge," says Mr. O'Connell. "We also
recognize that the corporate sector as a whole is cushioned by
moderate financial leverage, solid liquidity, and that certain
corporates could be able to alter capital investment plans to
mitigate the impact of China hard landing scenario."

The report is entitled Stress Testing China's Growth: Impact of a
Hard Landing on Australia's Corporate Sector.


* AUSTRALIA: Queensland Corporate Collapses Up 122% in February
---------------------------------------------------------------
Sophie Foster at The Courier-Mail reports that experts warned
Queensland's mining boom is suffocating the non-mining sector,
pushing insolvencies to their highest level with more on the way.

In both Queensland and Western Australia, insolvency experts
accused mining activity of "drawing oxygen from the non-mining
sectors of the economy," The Courier-Mail says.

According to the report, the latest data by the Australian
Securities and Investments Commission on external administration
appointments showed record insolvencies in Queensland in
February, with a 122% rise in business collapses as 273 went
under, while WA saw a 114% rise with 62 businesses succumbing.

Along with a 134% rise in New South Wales, the figures took
national insolvencies to their highest monthly level on record,
up 117% as 1,123 businesses collapsed.

The Courier-Mail says registered liquidator Cliff Sanderson of
Dissolve was surprised when Queensland's January numbers were
"less bad" than expected.  But he said February was "just plain
bad".

"Queensland had a record 24% of the national total," the report
quotes Mr. Sanderson as saying.  "Calendar year 2012 is up a huge
80% for Queensland when compared to the average of the same
period over the previous five years."

Mr. Sanderson warned insolvencies would rise further as the year
progressed, as more businesses affected by the 2008 global
downturn, the two-speed economy and Queensland disasters fell on
their swords, the report relates.

Accounting firm Taylor Woodings said the latest figures suggested
insolvency appointments would remain at global financial crisil
levels throughout 2012, with Queensland to see "historic highs
throughout this year" reflecting difficulties facing many retail,
tourism, building and construction and property development
businesses, The Courier-Mail adds.


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


CHINA NORTH: Gets NYSE Notice of Delisting
------------------------------------------
China North East Petroleum Holdings Limited has received a letter
dated April 4, 2012 from NYSE Regulation, Inc. in which NYSE
Staff allege the Company no longer complies with NYSE's continued
listing standards as set forth in the Company Guide and its
securities are, therefore, subject to delisting from the NYSE.

In general, the NYSE allegations primarily relate to issues
concerning documentation and disclosures for transactions between
the Company and related parties, including those identified in
the John Lees & Associates report to the Company, dated July
2010, and the failure of the Company to file its Form 10-K for
2011 on time. Additional information regarding the April 4, 2012
letter from NYSE can be found in the Company's filing on form 8-K
made with the SEC.

The Company intends to appeal the attempted delisting before the
Listing Qualifications Panel of the NYSE and will on or before
April 11, 2012, submit a formal request for hearing before the
Listing Qualifications Panel.  According to NYSE, hearings on
such matters are scheduled within 45 days of the date the request
for hearing is submitted. After the hearing, the Company
understands that the Panel will issue a written decision.  Should
the Company disagree with the Panel Decision, the Company may
seek review of the Panel Decision by the Committee on Securities.

There can be no assurance that the Panel will grant the Company's
request for continued listing on the NYSE Amex.About China North
East Petroleum

China North East Petroleum Holdings Limited --
http://www.cnepetroleum.com/-- is an independent oil company
that engages in the production of crude oil in Northern China.
The Company is a pioneer in China's private oil exploration and
production industry, and the first Chinese non-state-owned oil
company trading on the NYSE Amex.

The Company has a guaranteed arrangement with the PetroChina to
sell its produced crude oil for use in the China marketplace.


CHINA UNITED: Posts US$14,600 Net Loss in Q2 Ended December 31
--------------------------------------------------------------
China United Insurance Service, Inc., filed its quarterly report
on Form 10-Q, reporting a net loss of US$14,632 on US$1.0 million
of revenue for the three months ended Dec. 31, 2011, compared
with a net loss of US$162,692 on US$804,464 of revenue for the
same period of 2010.

For the six months ended Dec. 31 2011, the Company has reported a
net loss of US$309,037 on US$1.7 million of revenue, compared
with a net loss of US$3,446 on US$1.1 million of revenue for the
same period of 2010.

The Company's balance sheet at Dec. 31, 2011, showed
US$1.9 million in total assets, US$1.4 million in total current
liabilities, and stockholders' equity of US$491,534.

The Company stated: "The Company has incurred net operating
losses since inception.  The Company faces the risks common to
companies that are relatively new, including capitalization and
uncertainty of funding sources, high initial expenditure levels,
uncertain revenue streams, and difficulties in managing growth.
At Dec. 31, 2011, the Company had an accumulated deficit of
US$2,124,541.  The Company's recurring losses raise substantial
doubt about its ability to continue as a going concern. The
Company's consolidated financial statements do not reflect any
adjustments that might result from the outcome of this
uncertainty.  The Company plans to acquire more insurance agency
companies in the PRC within the next 12 months, which will
require more funding.  The Company expects to incur losses from
its operations and will require additional funding in the next 12
months."

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

                       http://is.gd/aJcubR

Zhengzhou, Henan, China-based China United Insurance Service,
Inc., operates as an insurance intermediary company in the
People's Republic of China.


SHANDONG HELON: To Repay Commercial Paper Next Week
---------------------------------------------------
Reuters reports that Shandong Helon Co Ltd said that it will
repay its commercial paper on schedule next week, calming fears
that Helon would become the first company in China's domestic
bond market to default on its obligations.

Helon's CNY400 million (US$63.3 million) tranche of short-term
commercial paper, which matures on April 15, will pay off
principal with interest on that day, according to the
announcement posted on the website of the China Foreign Exchange
Trade System (CFETS), the platform for trading in China's
interbank bond market.

Shandong Helon Co., Ltd is principally engaged in production and
distribution of textile products. The Company provides viscose
staple fibers, viscose filaments, cotton pulp, canvas, tire cord
fabrics and non-woven fabrics, among others. The Company also
involves in production of magnesium salt and generation of
electric power. It distributes its products in domestic and
overseas markets.


UNI CORE: Restates 2010 Form 10-K to Correct Goodwill Calculation
-----------------------------------------------------------------
Uni Core Holdings Corporation has filed an Amendment No. 1 on
Form 10-K/A to its Annual Report on Form 10-K for the fiscal year
ended June 30, 3010, as filed with the Securities and Exchange
Commission on Oct. 7, 2010, to amend and restate the calculation
of goodwill in the acquisition of the subsidiary group companies,
APT Paper Group Limited.

The restatement of the consolidated financial statements includes
adjustments to impairment of goodwill, accumulated deficit and
comprehensive income.  All consolidated financial statements,
including the consolidated balance sheet as of June 30, 2010, and
consolidated statements of cash flow for the fiscal year then
ended, were restated accordingly.  The Company said the changes
do not have impact on previous reported consolidated financial
statements as of June 30, 2009.

The Company reported a net loss (restated) of $12.8 million on
$12.8 million on net revenues of $2.7 million for fiscal 2010,
compared with a net loss of $2.4 million on net revenues of
$4,023 for fiscal 2009.

The Company's balance sheet at June 30, 2010 (restated) showed
$32.7 million in total assets, $12.4 million in total current
liabilities, $1.2 million of minority interests, and
stockholders' equity of $19.1 million.

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

                      http://is.gd/ZaZtVL

Through its subsidiaries, Uni Core Holdings Corporation develops,
manufactures and distributes environmental friendly paper and
agricultural products based upon its proprietary technology and
supply chains.  The Company was founded in 1998 and is
headquartered in Hong Kong.

                           *     *     *

As reported by the Troubled Company Reporter on Oct. 13, 2010,
Albert Wong & Co., in Hong Kong, expressed substantial doubt
about Uni Core's ability to continue as a going concern,
following the Company's results for the fiscal year ended June
30, 2010.  The independent auditors noted that the Company has
suffered recurring losses from operations, has a significant
accumulated deficit, and continues to experience negative cash
flows from operations.


* CHINA: Moody's Expects Banks' Non-Performing Loans to Increase
----------------------------------------------------------------
Moody's Investors Service says the outlook for China's banking
sector is stable.

"The stable outlook reflects Moody's central scenario that the
economy will grow in a 7.5%-8.5% range, which is representative
of a "soft landing", and consistent with an environment that will
allow China's banks to maintain profitability and manage a likely
gradual rise in credit costs," says Yi Zhang, a Moody's Vice
President and Senior Analyst.

Zhang was speaking at the launch of a report titled, "China's
Banking System Outlook."

"The stable outlook also reflects the banks' solid capital and
loss-reserve levels, their strong deposit funding base, and very
low vulnerability to external liquidity shocks," adds Zhang, who
authored the report.

These positive factors are balanced by an assumed modest
deterioration in asset quality. Moody's expects non-performing
loans to rise as loans originated during the credit boom of 2009
and 2010 come due.

The latest policy developments indicated moderate relaxation of
China's tight monetary policy. Headline inflation fell to 3.6% in
March 2012, from its peak of 6.5% in July 2011, a development
that will provide more flexibility for the People's Bank of
China, the central bank, to address risks in the financial
sector.

In addition, given the current balance of economic risks, future
government policies will continue to balance multiple goals,
including supporting growth, keeping inflationary and asset
bubble pressures in check, and unwinding some of the excesses
arising from the strong policy-driven expansion of 2009-2010.

While Moody's expects the operating environment in 2012 to be one
in which the overall credit fundamentals of the banks will remain
stable on balance, the outlook for asset quality is negative.

"We expect non-performing loans to increase in the next 12-18
months as loans made during the credit boom of 2009-2010 come due
when China's economic growth moderates. System non-performing
loans are now at a cyclical low, and the rebound in reported non-
performing loans in fourth-quarter 2011 may have marked the long-
expected turning point for the declining trend of the past
decade," Zhang says.

Moody's believes the following areas are of most concern:

1) Borrowers exposed to the real-estate sector and bank loans
collateralized by properties; both are vulnerable to the risk of
a continued downward correction in property prices.

2) Loans related to local governments, some of which could
experience slowing revenue growth due to reduced economic growth,
the weak property market, and rising debt repayment pressures.

3) Sectors susceptible to economic down-cycles and weak exports,
such as wholesale and retail, manufacturing, and small- and
medium-sized enterprises.

Moody's also released a second report detailing the scenario
analysis it conducted in early 2012 to assess the abilities of
Moody's-rated Chinese banks to absorb credit losses under two
scenarios: Adverse and Highly Adverse. This report is titled
"Chinese Banks' Ratings Are Well Positioned in Moody's Scenario
Analysis."

According to a third report titled "Systemic Support Assumptions
in Chinese Bank Ratings," Moody's believes that the big Chinese
banks have relatively high rating uplift from their standalone
credit assessment when compared to their peers in other emerging
markets as they enjoy an average uplift of 5.6 notches in their
long-term deposit ratings, the highest uplift among Moody's-rated
systems.


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


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

Chan Siu Kwan Limited filed the petition against the company on
March 23, 2012.

The Petitioner's solicitors are:

          Leung, Tam & Wong
          Rooms 901-902, 9th Floor
          The Chinese Bank Building
          61-65 Des Voeux Road
          Central, Hong Kong


CARTOON FACTORY: Yat and Hok Step Down as Liquidators
-----------------------------------------------------
Victor Yat Kit Jong and Rainier Hok Chung Lam stepped down as
liquidators of The Cartoon Factory HK Limited on Feb. 23, 2012.


EUROPE LIGHTING: Creditors' Proofs of Debt Due April 27
-------------------------------------------------------
Creditors of Europe Lighting Group Limited, which is in
liquidation, are required to file their proofs of debt by
April 27, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

          Messrs. Bruno Arboit
          Simon Blade
          Level 22, The Center
          99 Queen's Road Central
          Central, Hong Kong


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


GOLDEN WINMARK: Court to Hear Wind-Up Petition on May 16
--------------------------------------------------------
A petition to wind up the operations of Golden Winmark
Manufactory Limited will be heard before the High Court of
Hong Kong on May 16, 2012, at 9:30 a.m.

Wong Mei Lai filed the petition against the company on March 14,
2012.


GREAT UNION: Court to Hear Wind-Up Petition on May 16
-----------------------------------------------------
A petition to wind up the operations of Great Union Garment
Limited will be heard before the High Court of Hong Kong on
May 16, 2012, at 9:30 a.m.

Kwan Kam Yee filed the petition against the company on March 14,
2012.


HENNIC PROPERTIES: First Meetings Slated for May 14
---------------------------------------------------
Creditors and contributories of Hennic Properties Limited will
hold their first meetings on May 14, 2012, at 2:30 p.m., and
3:30 p.m., respectively at Room 3502, 35th Floor, One Pacific
Place, at 88 Queensway, in Hong Kong.

At the meeting, Lai Kar Yan Derek and Yeung Lui Ming Edmund, the
company's liquidators, will give a report on the company's wind-
up proceedings and property disposal.


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

Savills (Hong Kong) Limited filed the petition against the
company on Feb. 24, 2012.

The Petitioner's solicitors are:

          Messrs. C.C. Lee & Co
          6th Floor, On Lok Yuen Building
          No. 25 Des Voeux Road
          Central, Hong Kong


JIAN MAO: Court to Hear Wind-Up Petition on April 25
----------------------------------------------------
A petition to wind up the operations of Jian Mao International
Shipping Co Limited will be heard before the High Court of
Hong Kong on April 25, 2012, at 9:30 a.m.

Itiro Corporaton BVI filed the petition against the company on
Feb. 20, 2012.

The Petitioner's solicitors are:

          Laracy & Co
          3701, Tower One
          Lippo Centre
          89 Queensway, Admiralty
          Hong Kong


MAX SMART: Court to Hear Wind-Up Petition on May 16
---------------------------------------------------
A petition to wind up the operations of Max Smart International
Limited will be heard before the High Court of Hong Kong on
May 16, 2012, at 9:30 a.m.

Chow Wai Yee Gina filed the petition against the company on
March 21, 2012.


SOFT-TREK CORPORATION: Creditors Get 7.445% Recovery on Claims
--------------------------------------------------------------
Soft-trek Corporation, which is in liquidation, will declare the
first ordinary dividend to its creditors on April 18, 2012.

The company will pay 7.445% for ordinary claims.

The company's liquidators are:

         Osman Mohammed Arab
         29/F, Caroline Centre
         Lee Gardens Two
         28 Yun Ping Road
         Hong Kong


WOON TIN: Court to Hear Wind-Up Petition on May 2
-------------------------------------------------
A petition to wind up the operations of Woon Tin Ko Wai Estate
Management Limited will be heard before the High Court of
Hong Kong on May 2, 2012, at 9:30 a.m.

Chan Chi Wai filed the petition against the company on Feb. 29,
2012.


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


AIR INDIA: Government Approves Restructuring Plan
-------------------------------------------------
The Economic Times reports that Air India Ltd.'s years of
uncertainty over its fate ended Thursday after the Union Cabinet
approved an operational turnaround plan through an equity
infusion of INR30,000 crore (US$5.8 billion) over the next eight
years.

"The Cabinet Committee on Economic Affairs (CCEA) has approved
the turnaround plan (TAP) and financial restructuring plan (FRP)
of Air India, under which the government will infuse INR30,000
crore into the airline by 2020-21, subject to certain milestones
that AI will have to meet," the report quotes civil aviation
minister Ajit Singh as saying.

The aviation ministry will soon constitute a committee of
officers to monitor Air India's performance, Mr. Singh said,
adding that the Cabinet has also approved acquisition of all
27 Dreamliner aircraft by the airline, according to the report.

ET relates that as per the TAP, which envisages the airline to be
profitable in 10-15 years, Air India will hive off maintenance,
repair and overhaul (MRO) and ground-handling services into two
different companies with different profit centers. "This will
divert 7,000 workers to the MRO business and 12,000 towards the
ground-handling company, which will align the employee-aircraft
ratio with global standards," the minister, as cited by ET, said.

As per the financial restructuring plan, which aims to convert
INR18,500 crore of the national carrier's short-term debt into
long-term borrowings, Air India will issue government guaranteed
non-convertible debentures (NCD) worth INR7,400 crore to
financial institutions and banks to repay part of working capital
loans, the report relays.

These NCDs will have a maturity period of 20 years, says ET.
Meanwhile, the report says, banks have also approved conversion
of Air India's working capital loans of INR11,000 crore into
long-term debt.

                          About Air India

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

                         *     *     *

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


BINDLAS DUPLEX: CARE Assigns 'CARE BB+' Rating to INR25.83cr Loan
-----------------------------------------------------------------
CARE assigns 'CARE BB+' and 'CARE A4+' to the bank facilities of
Bindlas Duplex Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long term Bank Facilities      25.83      CARE BB+ Assigned
   Short term Bank Facilities      5.00      CARE A4+ Assigned

Rating Rationale

The ratings are constrained by the small scale of operations,
stretched collection period leading to working capital intensive
operations, high susceptibility to the raw material price
fluctuations and the fragmented nature of the industry resulting
into the intense competition from many organized as well as the
unorganized players.

The ratings however takes into account the promoter's experience,
long track record of operations, well established marketing
network and comfortable leverage position as on March 31, 2011.
Going forward, BDL's ability to scale up its operations and
effectively manage its working capital operations would remain
the key rating sensitivities.

                        About Bindlas Duplex

Bindlas Duplex Ltd, incorporated in 1989, is engaged in
manufacturing of kraft paper and duplux board. The company has
its manufacturing unit located at Muzaffarnagar, Uttar Pradesh.
It
is an agro/waste paper based plant and uses waste paper, bagasse
and wheat straw to manufacture paper. The installed capacity as
on March 31, 2011 stood at 38000 MTPA. Also, BPL has a 4MW
captive power plant for uninterrupted operations and reducing the
dependence on grid power.

During FY11, BDL reported a total income of INR70.34 cr and PAT
of INR2.85 cr. In 9MFY12, BDL has achieved PBT of INR3.88 cr on a
total income of INR64.56 cr.


BSCPL GODHRA: ICRA Cuts Rating on INR525cr Loan to '[ICRA]BB+'
--------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR525.0
crore term loans of BSCPL Godhra Tollways Limited from
'[ICRA]BBB-' to '[ICRA]BB+'.  The outlook on the rating is
stable.

The rating revision takes into account the delays in land
acquisition which has also impacted the overall progress on the
project. The rating is also constrained by implementation risks
given the construction stage of the project and the traffic risk
which are typical in toll-based road projects. BGTL is also
exposed to interest rate risk due to annual reset clause, and to
variability in inflation rates as the toll rates are indexed to
the wholesale price index (WPI). The rating is, however,
supported by the strength of the promoter (BSCPL, rated [ICRA]A
and [ICRA]A1), who is also the EPC contractor, fixedprice EPC
agreement, importance of the project stretch and low funding risk
as the debt for the project has been tied up.

                         About BSCPL Godhra

BSCPL Godhra Tollways Limited is a Special Purpose Vehicle (SPV)
incorporated in January 2010 for implementing the 4-laning of an
87.28 km stretch on NH-59 from Godhra in Gujarat to the
border of Gujarat and Madhya Pradesh on Design, Build, Finance,
Operate and Transfer (DBFOT) basis. The project involves a
capital outlay of INR750 crore proposed to be funded with a debt-
equity ratio of 70:30, and the debt component aggregating
INR525 crore has been tied up from a consortium of banks led by
State Bank of India.

BGTL is a subsidiary of BSCPL Infra Projects Limited (99%
shareholding) and BSCPL Infrastructure Limited (1% shareholding).
BSCPL Infra Projects Limited is a wholly owned subsidiary of
BSCPL Infrastructure Limited. BSCPL is a Hyderabad based
construction company with over three decades of experience in
road construction.  BGTL has also awarded a fixed-time, fixed-
price EPC contract for the project to BSCPL.


DEV PROCON: CARE Reaffirms 'CARE B+' Rating on INR23.41cr Loan
--------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Dev Procon Limited.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      23.41      CARE B+ Reaffirmed
   [Reduced from 27.45]

Rating Rationale

The rating continues to remain constrained by moderately
leveraged capital structure of Dev Procon Limited, risks
associated with the ongoing real estate projects of the Dev group
and inherent risks associated with the real estate sector. The
rating is also constrained due to exposure to associate concerns.

The rating continues to take comfort from the experience of the
promoters of DPL in successful development of various real estate
projects (mainly in the residential segment) at premium locations
in Ahmedabad and other cities of Gujarat.

Ability to timely complete and sell the ongoing projects with
stability of cash accruals from the existing projects is the key
rating sensitivity.

                          About Dev Procon

Established in 2005, Dev Arcade Pvt. Ltd. was promoted by
Mr. Sanjay Thakkar and Mrs. Rita Thakkar. It was promoted to
carry out commercial real-estate projects at different locations
in Ahmedabad and Anand. It has got public limited status (closely
held) from January 4, 2010 with the change in name to Dev Procon
Ltd. DPL is part of the Ahmedabad-based Dev group, which is
engaged in developing real estate properties in residential and
commercial segment for more than a decade at various locations in
different cities in Gujarat with majority of projects being in
Ahmedabad. Presently, DPL has two live residential complex
projects at bopal (in Ahmedabad district) viz Dev Exotica and Dev
181, of which Dev Exotica is nearly completed and majority of
area
has already been sold (approximately 90%). DPL's second live
project is also a residential complex which is in initial phase.

During FY11 (refers to April 1 to March 31), DPL reported a total
operating income of INR39.77 crore (FY10: INR5.43 crore) and a
PAT of INR0.07 crore (FY10: INR0.99 crore).


DHARTI DREDGING: CARE Reaffirms 'CARE B' Rating on INR52cr Loan
---------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Dharti Dredging and Infrastructure Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long term bank facilities      52.00      CARE B Reaffirmed
   Short term bank facilities     10.00      CARE A4 Reaffirmed

Rating Rationale

The rating continues to take into account the liquidity crunch
experienced by the company due to delay in the receipts from the
customers, high collection and creditors period, declining PBILDT
margins during FY11 and order book concentration with one project
comprising 53% of the order book as on Dec 31, 2011. However, the
rating factors in the company's experience in capital dredging as
well as its current order book, moderate financial risk profile
and comfortable fleet size of the dredgers. The rating also takes
into consideration the improvement in the cashflow position
during the last 6 months. Nevertheless, going forward, the
ability of the company to improve its liquidity position and
improve profitability are the key rating sensitivities.

Incorporated in 1993, DDIL is involved in capital dredging and is
one of the major player in Dredging Industry in India. Mr. A.
Rajendra, the managing director, looks after the day to day
activities of the company. Over the years the company has
executed various dredging projects successfully.

In FY11 (refers to the period April 1 to March 31), DDIL achieved
a total income of INR318 cr and a PAT of INR15 cr. DDIL has a
achieved PBT of INR18crore on total income of INR338 cr during
10MFY12.


FUTURA CERAMICS: ICRA Cuts Rating on INR17.29cr Loan to 'BB+'
-------------------------------------------------------------
ICRA has downgraded the long term rating on the INR17.29 crore
(enhanced from INR13.25 crore) fund based facilities of Futura
Ceramics Private Limited from '[ICRA]BBB-' to '[ICRA[BB+]'. The
outlook on the long term rating remains stable. ICRA has also
downgraded the short term rating on the INR2.30 crore (enhanced
from INR1.00 crore) non fund based facilities of FCPL from
'[ICRA]A3' to '[ICRA]A4+'.

The rating downgrade takes into account the deterioration in the
financial performance of the company characterized by decline in
profit margins and coverage indicators in FY 2011 and current
financial year. The  company's contribution margins have
witnessed a significant  decline  on account of an overall
increase in key input costs which  the company has been unable to
pass on through a proportionate increase in realizations due to
high competition in the industry. The ratings further continue to
be constrained by the relatively modest scale of the company's
operations; vulnerability of demand to real estate cycles and the
intensely price competitive business environment on account of
fragmented industry structure for CGF segment. The ratings are
further constrained by the weak performance of the company's
ceramic roller segment on account of strong competition from
cheaper imports. The ratings also take into account the
vulnerability of profitability to pricing pressures and cost
competitive availability of key inputs including natural gas.

The ratings, however, continue to reflect FCPL's technical
expertise to develop ceramic glaze frits formulations to suit
various specifications of ceramic tile manufacturers, favorable
location with proximity to ceramic clusters of Morbi and North
Gujarat and strong customer  profile consisting of some of the
leading organized ceramic tile manufacturers although some  level
of  concentration risk exists in the CGF segment with high
proportion of the revenues being contributed by top 10 customers.

                       About Futura Ceramics

Founded in September 2003, Futura Ceramics Private Limited was
set up by technocrats for manufacturing ceramic glaze frit (CGF),
a crystal used for the purpose of coating tile with a layer of
glaze. The company diversified into production of ceramic
rollers, which act as a conveyor on which the tiles move
gradually in the roller kiln in year 2008-09. FCPL has two
manufacturing facilities located at Radhu and Jhaghadia in
Gujarat with total ceramic glaze fritz manufacturing capacity of
14400 MTPA and ceramic rollers manufacturing capacity of 96,000
rollers per annum. It has also recently set up a 0.25 MW windmill
near Porbandar.

For FY2011, the company reported an operating income of INR39.62
crore (against INR43.29 crore for FY2010) and profit after tax of
INR1.14 crore (against INR2.81 crore for FY2010).


KHODAL COTTON: ICRA Assigns '[ICRA]B+' rating to INR5cr Loan
------------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to the INR5.00 crore cash
credit facility and INR2.00 crore  term loan of Khodal Cotton
Processing Private Limited. ICRA has also assigned an '[ICRA]A4'
rating to INR3.00 crore short term fund based sublimit of KCPPL.

The assigned ratings are constrained by KCPPL's limited track
record of operations and weak financial profile as reflected by
adverse capital structure. The rating also takes into account the
low value additive nature of operations and intense competition
on account of fragmented industry structure which would lead to
pressure on profitability. The rating further incorporates the
vulnerability of profitability to adverse fluctuations in raw
material prices given the seasonal availability of raw cotton and
government regulations on MSP and export quota.

The ratings, however, favorably factor in the long standing
experience of the promoters in cotton industry and favorable
location of the company giving it easy access to high quality raw
cotton.

                         About Khodal Cotton

Khodal Cotton Processing Private Limited was incorporated in 2011
and is engaged in ginning and pressing of raw cotton. The company
has 24 ginning machines and 1 automatic pressing machine having
installed capacity of 33,000 cotton bales per year. The
commercial production of the company was commenced on Nov. 28,
2011.


LAKELAND CHEMICALS: ICRA Cuts Rating on INR17.9cr Loan to 'D'
-------------------------------------------------------------
ICRA has revised downwards the long term rating assigned to
INR17.99 crore term loan and INR21.50 crore cash credit fund
based limits of Lakeland Chemicals (India) Limited from '[ICRA]C'
to [ICRA]D. ICRA has also revised downwards the short term rating
assigned to INR0.50 crore non-fund based limits from '[ICRA]A4'
to [ICRA]D.

The ratings revision reflects the recent delays in debt servicing
by the company owing to strained liquidity position.  Any
improvement in key credit metrics in the near to medium term is
likely to be limited because of working capital intensive nature
of operations coupled with high proportion of debt in the phased
capacity expansion programme.

                     About Lakeland Chemicals

Incorporated in the year 2004, Lakeland Chemicals India Limited
(LCIL), an ISO 9001 certified company was established as a joint
venture between Lakeland laboratories Limited, Manchester UK
and professionals having experience in the chemical industry.
LCILs manufacturers specialty and semi-specialty products which
find usage in textile, explosives, cosmetics, food processing,
health and personal care, paints, emulsion polymerisation,
pigments, metal cleaning, metal working, lubricants, oil fields,
agricultural, pesticides industries. Operating out of a single
location, the company's total manufacturing capacity is 19500TPA
which has been operating at moderately high utilization levels.

Recent results

LCIL has recorded a net profit of INR1.99 Crore on an operating
income of INR95.42 Crore for the year ending March 31, 2011 and a
net profit of INR2.02 crore on an operating income of INR96.04
crore for the nine month period ending Dec. 31, 2011.


LIMTEX TEA: CARE Assigns 'CARE C' Rating on INR39.86cr LT Loan
--------------------------------------------------------------
CARE assigns 'CARE C' and CARE A4' ratings to the bank facilities
of Limtex Tea Industries Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term bank facilities       39.86     'CARE C' Assigned
   Short-term bank facilities       7.10     'CARE A4' Assigned

Rating Rationale

The above ratings are constrained by the Limtex Tea & Industries
Ltd's relatively small scale of operation lacking the benefits of
economies of scale, moderate financial risk profile marked by low
profitability & high gearing ratios, lack of backward
integration, weak liquidity profile leading to instances of
overdrawal in working capital facilities and inherent
susceptibility of green leaf availability to vagaries of nature
in the tea industry. The aforesaid ratings are however,
underpinned by experience of the promoters, strategic location of
the unit with proximity to source of primary raw materials and
moderate capacity utilization with reasonable recovery rate.
LTIL's ability to improve its profitability & liquidity position
and effective management of working capital will be the key
rating sensitivities.

                         About Limtex Tea

Limtex Tea & Industries Ltd, incorporated in October 1995, was
promoted by Shri Gopal Prasad Poddar of Kolkata with tea
processing capacity of 3.5 million kgpa at Bidhan Nagar (West
Bengal). Over the years, the company increased its tea processing
capacity, in phases to 4.2 million kgpa CTC (Crush, Tear and
Curl) tea. LTIL is also involved in blending and trading of tea.
The company sells majority of its tea through direct selling
route and also under its own brand name "Nargis". Further, the
company owns one tea estate in Sujali (West Bengal). The
aggregate area available for cultivation is 1,355 hectares; of
which, the area under cultivation is 1286 hectares, having
average yield of 1800 kgs per hectare.

LTIL achieved PAT (after defd tax) of INR1.5 crore (Rs.0.9 crore
in FY10) on a total income of INR144.8 crore (Rs.83.6 crore in
FY10) in FY11. As per unaudited working results for the nine
month period ended Dec.31, 2011 (M9FY12), LTIL achieved total
income & PBT of INR152.9 crore & INR2.8 crore, respectively.


MAA MANGLA: CARE Reaffirms 'CARE BB+' Rating on INR12.23cr Loan
---------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
MAA Mangla Ispat Pvt. Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       12.23    'CARE BB+' Reaffirmed
   Short-term Bank Facilities       4.20    'CARE A4+' Reaffirmed

Rating Rationale

The aforesaid ratings continue to be constrained by short track
record of the company in steel products manufacturing and its
small size, low capacity utilization, lack of backward
integration vis-a-vis volatility in raw material & finished goods
prices, subdued demand outlook at present, intense competition
and cyclicality in the steel industry. However, the ratings draw
strength from the experience of the new management & their
support and moderate financial risk profile of the company.
Ability to combat the pressure of cyclicality and volatility in
raw material & finished goods prices and improve profitability
margins will remain the key rating sensitivities.

                         About MAA Mangla

Maa Mangla Ispat Pvt. Ltd. was incorporated in June 2004 to set
up a 30,000 metric tonnes per annum (MTPA) sponge iron plant at
Raigarh. The plant commenced commercial operation in March 2006.
In 2007-08, the company was taken over by Agarwal family of
Rourkela, the current promoters. Subsequently, the company
embarked on an expansion plan to increase its sponge iron
manufacturing capacity by 30,000 MTPA, which was commissioned in
April 2009.

MMIPL is currently engaged in manufacturing of sponge iron with
an aggregate capacity of 60,000 MTPA. Apart from manufacturing,
it is involved in trading activities of iron ore which
contributed marginally to turnover in FY11 (refers to the period
April 1 to March 31) In FY11, MMIPL reported PBILDT of INR9.0
crore (INR.6.6 crore in FY10) and PAT (after deferred tax) of
INR2.8 crore (INR2.4 crore in FY10) on total income of INR41.8
crore (INR30.6 crore in FY10).


NANDYALA SATYANARAYANA: CARE Rates INR0.10cr Loan 'CARE BB-'
------------------------------------------------------------
CARE assigns "CARE BB-" and "CARE A4" rating to the bank
facilities of Nandyala Satyanarayana.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities-      0.10      CARE BB- Assigned
   Fund based

   Short term Bank Facilities-     20.0      CARE A4 Assigned
   Fund Based

Rating Rationale

The rating assigned by CARE is based on the capital deployed by
the proprietor and the financial strength of the firm at present.
The rating may undergo change in case of withdrawal of capital or
the unsecured loans brought in by the proprietor in addition to
the financial performance and other relevant factors.

The rating is constrained by proprietorship nature of business,
product concentration risk, moderate financial risk profile
marked by high gearing levels, low profitability margins, high
working capital utilization levels, exposure to foreign exchange
fluctuations due to export nature of business and regulatory
risk. The rating is however underpinned by experience of promoter
and established relationship with customers. The ability of the
company to improve its scale of operations and financial risk
profile are the key rating sensitivities.

                 About Nandyala Satyanarayana

M/s Nandyala Satyanarayana was started in 1985 by Mr. Nandyala
Satyanarayana as a proprietorship concern for trading in agro
commodities in the local markets. The firm started exports in
2004 to countries like Malaysia, Indonesia, Singapore, Srilanka,
Thailand, Vietnam, UAE and Philippines. NS has branch offices at
Chennai, Mumbai, Kolkata, Guntur, Nasik and Sholapur which
procures required commodities locally for exports.

The company achieved a PAT (after def. Tax) of INR1.9 crore on
the total income of INR388.1 crore during FY11 (refers to a
period from April 1 to March 31).


SHIWALYA SPINNING: ICRA Reaffirms '[ICRA] BB+' Long-Term Rating
---------------------------------------------------------------
ICRA has re-affirmed the '[ICRA]BB+' rating on the long-term
scale assigned to the INR31 crore fund-based bank facilities, and
INR5.80 crore, term-loan programmes of Shiwalya Spinning &
Weaving Mills Private Limited. The outlook on the long-term
rating is 'stable'. The rating suspension done in February 2012
has been revoked and the rating has been reinstated at the
previous level.

The rating continues to derive strength from SSWMPL's established
track record of operations and long standing experience of its
promoters in the man-made fibre yarn business which has
facilitated established relationships with customers over the
years thereby resulting in healthy product off-take and repeat
orders. The rating also continues to draw comfort from company's
stable operating profitability margins and low term-liabilities.
Further, recent completion of partial machinery upgradation
programme of the company is likely to contribute to improved
operational efficiencies. The rating, however, continues to be
constrained by the seasonality inherent in the acrylic yarn
business that exerts temporary strain on company's cash flows;
which though countered to an extent by the company's presence in
products such as polyester and poly-viscose yarn, continues to be
a major area of concern for the company. This apart, the rating
is also constrained by the company's limited pricing power owing
to commoditized nature of the product and fragmented nature of
the industry; susceptibility of its profitability to adverse
variations in raw material prices; and its leveraged capital
structure.

In ICRA's view, SSWMPL's ability to gradually improve its scale
of operations without adversely impacting its capital structure;
maintain adequate profitability in light of inherently volatile
raw material prices; and manage its working capital cycle
effectively, will be the key rating sensitivity.

                      About Shiwalya Spinning

Incorporated in 1992 by Mr. Satpal Sachdeva, Shiwalya Spinning &
Weaving Mills Private Limited is a Ludhiana-based closely-held
spinning company engaged in manufacturing acrylicyarn, having a
manufacturing capacity of around 7,900 MT per annum. The company
was initially engaged in merchant exports of plastic items till
1995. In 1996, SSWMPL ventured into spinning and currently has an
installed capacity of around 35,000 spindles.

SSWMPL sells its products largely in local markets of Ludhiana
through appointed dealers. In acrylic yarn, SSWMPL's products
primarily include medium-count yarn (used in machine knitting and
hosiery); and coarse-count yarn (used in hand knitting). The
company manufactures both grey and dyed acrylic yarn.

Recent Results

As per provisional results, SSWMPL reported an operating income
of INR68.79 crore and profit before tax (PBT) of INR1.51 crore in
9MFY12 as compared to an operating income of INR97.22 crore and a
PBT of INR4.54 crore in FY11.


SREE JAYAJOTHI: CARE Reaffirms 'CARE D' Rating on INR435cr Loans
----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Sree Jayajothi Cements Limited.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Senior Bank         407.50      CARE D Reaffirmed
   Facilities

   Long-term Subordinate          28.40      CARE D Reaffirmed
   Bank Facilities

Rating Rationale

The reaffirmation of the ratings takes into account the
continuing delay in servicing of debt obligations.

SJCL is a cement manufacturing company incorporated in the year
2006 by Mr.T.R.Kannan. The company belongs to the Sri JayaVilas
group of Arupukottai having interests in transportation and
textile business. The company has set up a greenfield cement
plant with an annual capacity of 3.2 million tonnes per annum
(mtpa) at Yennakantla, Kurnool district, Andhra Pradesh. The
company
commenced commercial production during June 2010 as against the
envisaged timeline of April 2009.

As a result of the significant delays in commissioning the
project and cost overruns, the company has not been able to
service its debt obligations in a timely manner.


TULSYAN NEC: CARE Reaffirms 'CARE BB+' Rating on INR143cr Loan
--------------------------------------------------------------
CARE reaffirms the rating assigned to bank facilities of
Tulsyan Nec Limited.

   Facilities                  (INR crore)  Ratings
   -----------                 -----------  -------
   Long-term bank facilities       143.0    'CARE BB+' Reaffirmed
   Cash Credit

   Short term bank facilities        9.0    CARE A4+ Reaffirmed
   Fund Based

   Short term bank facilities       166.0   CARE A4+
   Non-Fund Based

Rating Rationale

The ratings continue to remain constrained by declining
profitability margins, stressed capital structure due to high
level of debt financed plans for backward integration, adverse
power situation in the region, stressed liquidity position of the
company, high degree of cyclicality witnessed in the iron and
steel industry and fragmented nature of the industry marked by
intense competition.

However, the ratings draw strength from established track record
of operations, sustained demand for steel products from
infrastructure sector, locational advantage of TNECL's steel
plant, diversified revenue streams, and the backward integration
plans of the company by setting up of captive power facility.

Going forward, successful completion of the ongoing power
project, integration of enhanced production facilities, ramping
up of capacity utilization & sales, ability of TNECL to expand
into new regions by enhancing marketing strength and improvement
in capital structure would be the key rating sensitivities.

                        About Tulsyan Nec

Incorporated in the year 1947 under the name National Engineering
Company Limited, the company was taken over by the Tulsyan group
of companies in 1986. In the year 1996, Tulsyan Synthetics
Limited, a group company was merged with the NECL and the name of
the company was changed to Tulsyan NEC Limited with effect from
August 1996. The company went public through its Initial Public
Offering in July 1994. Presently, the company is listed on Bombay
Stock Exchange (BSE) and Madras Stock Exchange. The operation of
the company is divided into two divisions viz.  Steel division
and Synthetics division.

As of March 31, 2010, the steel manufacturing plant of the
company, located in Gummudipoondi has the capacity of 300,000
Metric Tons Per Annum (MTPA). As on March 31, 2011, the company's
steel division has capacity to manufacture 348,000 MTPA of
finished steel products, 36,000 MTPA of Mild Steel (MS) Ingots
and 144,000 MTPA of MS Billets through its two manufacturing
facilities located in Attur and Gummudipoondi, Chennai. Apart
from the above the company also has capacity to manufacture
20,541 MTPA of HDPE/PP sacks and synthetic fabrics at its four
plants located in Bangalore (Two Units), Malur District and Goa.


UCAL POLYMER: CARE Reaffirms 'CARE BB+' Rating on INR19.85cr Loan
-----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Ucal Polymer Industries Limited.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       19.85     CARE BB+ Reaffirmed
   Short-term Bank Facilities       0.30     CARE A4 Reaffirmed

Rating Rationale

The ratings continue to factor in the small size of operations of
UPIL with low capital base, the company's dependence on the auto
industry which is cyclical in nature and predominately debtfunded
and relatively large-size investment in the newly constituted
subsidiary in US. The ratings also consider UPIL's presence in
the high-precision specialty plastics segment and revenue
visibility from supply to the parent Ucal Fuel Systems Limited
(UFSL - rated CARE BBB-).

The ability of UPIL to diversify its customer profile, to pass on
raw material prices and maintain margins, derive benefits from
the investments in the US subsidiary and capital expenditure
being undertaken would be key rating sensitivities.

                        About Ucal Polymer

Ucal Polymer Industries Limited is a wholly-owned subsidiary of
Ucal Fuel Systems Limited (rated CARE BBB-). UFSL manufactures
carburetors, oil pumps and fuel injection parts for the 4-wheeler
segment and 2-wheeler carburetors and air suction valves for the
2-wheeler segment.

UFSL supplies to major automobile manufacturers like Maruti
Suzuki, Hyundai, Hero Honda, TVS Motor, Bajaj Auto and Yamaha.
UPIL supplies high-precision specialty plastic components and
rubber-moulded parts which find application in auto components
such as carburetors, fuel injection equipment, air suction valve
etc to UFSL. UPIL derives almost 95% of its revenues from UFSL.
The company has an installed capacity of 12.60 lakh numbers of
rubber moulded components and 3.36 lakh numbers of float assembly
as of March 31, 2011. UPIL's manufacturing facilities are located
in Puducherry and Bawal (Haryana).

As per audited results for FY11 (refers to the period from April
to March), UPIL reported a total operating income of INR17.5
crore and a PAT of INR0.88 crore.


V TEX WEAVING: CARE Rates INR30cr Long-Term Loan 'CARE BB'
----------------------------------------------------------
CARE assigns 'CARE BB' rating to the bank facilities of
V Tex Weaving & Mfg. Mills Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      30.00      CARE BB Assigned

Rating Rationale

The rating of V Tex Weaving & Mfg. Mills Ltd. is constrained by
low profitability margins, high overall gearing, stretched
liquidity position marked by low current ratio, long working
capital cycle and highly fragmented & competitive nature of the
industry.

The ratings however derive strength from experience of the
promoters in the industry and established brand name of company
in the segment.  VTex's ability to scale up operations and
improve profitability margins are the key rating sensitivities.

                        About V Tex Weaving

The V Tex group started its operation as a small textile trading
firm in 1986 from Pali (Rajasthan). The company later on entered
into fabric manufacturing and processing with its manufacturing
facility located at Bhiwandi (Maharashtra) & Pali (Rajasthan).
The company specializes in manufacturing of fabric for ladies
blouse pieces.

During FY11 (refers to period April 1 to March 31), VTex reported
net sales of INR128.96 crore and PAT of INR0.87 crore. VTex
reported net sales of INR68.87 crore & PAT of INR0.56 crore
during 6MFY12 (Provisional).


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


JLOC XXX: S&P Lowers Rating on JPY37.3-Bil. C Certs to 'CCC'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class B and C floating-rate trust certificates issued under JLOC
XXX Trust Certificates. "At the same time, we affirmed our
ratings on the class A and D JLOC XXX trust certificates, as well
as the class Mezz C-1 and Mezz C-2 mezzanine trust certificates
issued under JLOC XXX Satellite Trust," S&P said.

"Of the six specified bonds that originally backed the JLOC XXX
trust certificates, only two specified bonds remain. The
mezzanine trust certificates are also secured by one of these two
remaining specified bonds," S&P said.

"The JLOC XXX trust certificates and the mezzanine trust
certificates are secured by a refinancing-type specified bond
that defaulted in May 2011. This specified bond originally
represented about 15% of the total initial issuance amount of the
JLOC XXX trust certificates and the mezzanine trust certificates.
The bond is backed by hotels, some of which have already been
sold. We have lowered our assumption for the likely collection
amount from the remaining hotels backing the specified bond,
after considering a number of factors, including the asset
manager's progress in selling the properties. The downgrades of
classes B and C reflect this revised assumption. Under the
revised assumption, we estimate the combined value of the
remaining hotels to be about 41% of our initial underwriting
value. This follows a previous downward revision to our
assumption in October 2010, when we estimated the combined value
of the hotels to be about 48% of our initial underwriting value,"
S&P said.

"Meanwhile, we affirmed our 'BBB+ (sf)' rating on class A because
a portion of the principal on that class has already been repaid,
and we expect principal redemption to continue to progress
because additional properties are scheduled to be sold. We also
affirmed our rating on class D because this class is already
rated 'CCC (sf)'," S&P said.

"The other remaining specified bond is a property liquidation-
type specified bond. This specified bond originally represented
about 36% of the total initial issuance amount of the JLOC XXX
trust certificates and the mezzanine trust certificates. The
specified bond, which is backed mostly by office buildings,
defaulted in December 2010. In October 2010, we revised downward
our assumption for the likely collection amount from the
properties backing the specified bond. Under our revised
assumption, we estimated the combined value of the properties to
be about 57% of our initial underwriting value. This time, we
have again lowered our assumption, after considering the current
status of the sales of these properties. We currently assume the
combined value of the properties to be about 40% of our initial
underwriting value. The downward revision to our assumption for
this specified bond was not a factor in the downgrades of classes
B and C because a sizeable portion of the principal on this
specified bond has already been repaid," S&P said.

"JLOC XXX Trust Certificates and JLOC XXX Satellite Trust form a
two-tier transaction that is Japan's largest-ever commercial
mortgage-backed securities (CMBS) deal. The JLOC XXX trust
certificates were initially secured by a total of six specified
bonds, and the mezzanine trust certificates were initially
secured by one of these six specified bonds. The transaction was
arranged by Morgan Stanley Japan Securities Co. Ltd., and ORIX
Asset Management & Loan Services Corp. acts as the servicer for
this transaction," S&P said.

"The ratings reflect our opinion on the likelihood of the full
and timely payment of interest and the ultimate repayment of
principal by JLOC XXX Trust Certificates' legal final maturity
date in April 2014 for the class A floating-rate trust
certificates; and the full payment of interest and the ultimate
repayment of principal by the legal final maturity date for the
class B to D floating-rate trust certificates. The ratings also
reflect our opinion on the likelihood of the ultimate repayment
of principal and the full payment of interest by the legal final
maturity date in April 2014 for the class Mezz C-1 and Mezz C-2
mezzanine trust certificates," S&P said.

           STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:

        http://standardandpoorsdisclosure-17g7.com

RATINGS LOWERED
JLOC XXX Trust Certificates
JPY333.8 billion floating-rate trust certificates due April 2014
Class     To           From         Initial issue amount
B         B (sf)       BB- (sf)     JPY35.4 bil.
C         CCC (sf)     B- (sf)      JPY37.3 bil.

RATINGS AFFIRMED
JLOC XXX Trust Certificates
Class     Rating        Initial issue amount
A         BBB+ (sf)     JPY225.6 bil.
D         CCC (sf)      JPY35.5 bil.

JLOC XXX Satellite Trust
JPY9.3 billion Satellite Trust mezzanine trust certificates due
April 2014
Class        Rating       Initial issue amount
Mezz C-1     CCC (sf)     JPY8.3 bil.
Mezz C-2     CCC (sf)     JPY1.0 bil.


OLYMPUS CORP: Defends New Board Nominees
----------------------------------------
Kyodo News reports that Olympus Corp. has countered a proposal
urging investors to vote against its nominees for president and
chairman at an extraordinary shareholders' meeting on April 20,
arguing the candidates are well-qualified.

The camera and medical equipment maker, which has been rocked by
a massive bubble-era accounting scandal and coverup, is seeking
approval to promote Executive Officer Hiroyuki Sasa to president
and appoint Yasuyuki Kimoto, a former senior managing director of
Sumitomo Mitsui Banking Corp., as chairman.

But, Olympus said Institutional Shareholder Services K.K., a
shareholder advisory firm, recommended investors vote against the
nominees, citing Mr. Sasa's limited business experience and
concern that the former banking executive could put the bank's
interests ahead of shareholders'.

According to the report, Olympus said in a statement Wednesday to
shareholders that Mr. Sasa has 30 years of experience in its core
medical business and that the majority of its 11 candidates for
the board will be outside board members "completely independent"
of Olympus.

Kyodo relates that the shareholder advisory firm has also urged
investors not to approve Olympus' corrected financial statements
as the authorities haven't finished their probe.

Olympus protested the firm's recommendation, saying it has
corrected its cooked books after a report from a third-party
panel and a review from an unspecified auditing firm, the report
adds.

As reported in the Troubled Company Reporter-Asia Pacific on
March 30, 2012, Dow Jones Newswires said Japanese securities
regulators ended their probe of Olympus Corp., bringing the
inquiry into one of the country's biggest corporate scandals
closer to completion. Investigations by police and prosecutors
however continue.

According to the news agency, the Securities and Exchange
Surveillance Commission said it recommended that prosecutors file
additional charges against Olympus and four individuals for their
alleged involvement in keeping around US$1.5 billion in
investment losses off the camera maker's books for 13 years.  The
Tokyo District Public Prosecutor's Office said it filed those
charges against the company and former Chairman Tsuyoshi
Kikukawa, former Executive Vice President Hisashi Mori, former
company auditor Hideo Yamada and outside investment adviser Akio
Nakagawa.

The individuals are suspected of involvement in inflating the
value of the company's net assets for the fiscal years beginning
April 2008 and 2009, the prosecutor's office, as cited by Dow
Jones, said. The three former executives also are suspected of
fabricating figures for the fiscal year starting April 2010,
according to a statement obtained by Dow Jones.

Prosecutors earlier this year charged the four individuals and
Olympus with fabricating figures for the fiscal years that
started in April of 2006 and 2007.

                         About Olympus Corp.

Based in Japan, Olympus Corporation (TYO:7733) --
http://www.olympus-global.com/-- manufactures and sells medical
products, life and industrial products, imaging products,
information communication products and other products.  As of
March 31, 2011, the Company has 188 subsidiaries and 11
associated companies.


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


LOMBARD FINANCE: Court to Hear Directors' Appeal in September
-------------------------------------------------------------
The National Business Review reports that the Court of Appeal has
confirmed the convicted Lombard Finance directors' appeal will be
heard in September.

"We are looking around September 2012 to hear this case, assuming
it will require reasonable hearing time given the length of the
trial in Wellington High Court and four appellants," deputy
registrar Deborah Leslie told NBR.

NBR relates that the appeal may take as long, if not longer, than
the eight week judge-alone trial which found the four guilty of
making statements in a prospectus.

Last month, NBR recalls, the four escaped jail sentences.

Sir Douglas Graham and Lawrence Bryant were sentenced to 300
hours of community work and fines of NZ$100,000 each.  Bill
Jeffries and Michael Reeves were sentenced to 400 hours'
community service, NBR discloses.

These sentences were stayed until the outcome of the appeals,
which means it may be next year before the men begin their
sentences if their appeals fail, the report notes.

Appeals were filed separately but will be heard together, NBR
adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 27, 2012, The National Business Review said the four former
Lombard directors have been found guilty of Securities Act
charges in the High Court in Wellington.  All four had pleaded
not guilty to five Securities Act charges, the report noted.
Justice Robert Dobson heard the case alone and presided over a
trial that began in October and only wrapped up earlier last
month. Justice Dobson indicated that he will consider community-
based sentences and financial penalties. Justice Dobson said the
charges proven were a material step away from the seriousness
requires for a custodial sentence.  Sentencing has been set down
for March 29, NBR added.

In 2010, the Securities Commission, now known as the Financial
Markets Authority, commenced civil proceedings under the
Securities Act against Lombard Finance directors Sir Douglas
Graham, Michael Reeves, William Jeffries and Lawrence Bryant.

The Commission alleged that Lombard Finance's offer documents and
advertisements misled investors by misrepresenting the investment
risks, especially in relation to liquidity, the quality of the
loan book, adherence to credit policies and the company's overall
financial position.  The Commission also alleged that the
directors made false statements in the registered prospectus
dated September 7, 2007, as amended by a memorandum of amendments
dated December 24, 2007, and investment statements dated
December 28, 2007.

                       About Lombard Finance

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

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

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


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


ARETAE PTE: Court to Hear Wind-Up Petition April 27
---------------------------------------------------
A petition to wind up the operations of Aretae Pte Ltd will be
heard before the High Court of Singapore on April 27, 2012, at
10:00 a.m.

Annica Holdings Limited filed the petition against the company on
March 30, 2012.

The Petitioner's solicitors are:

         JLC Advisors LLP
         22 Malacca Street
         #07-03 RB Capital Building
         Singapore 048980


AVILA TANKER: Court to Hear Wind-Up Petition April 27
-----------------------------------------------------
A petition to wind up the operations of Avila Tanker (S) Pte Ltd
will be heard before the High Court of Singapore on April 27,
2012, at 10:00 a.m.

Chimbusco International Petroleum (Singapore) Pte Ltd filed the
petition against the company on April 3, 2012.

The Petitioner's solicitors are:

         Stamford Law Corporation
         10 Collyer Quay #27-00
         Ocean Financial Centre
         Singapore 049315


CHONG SENG: Court Enters Wind-Up Order
--------------------------------------
The High Court of Singapore entered an order on March 30, 2012,
to wind up the operations of Chong Seng Wooden Case Factory Pte
Ltd.

The Comptroller of Goods and Services Tax filed the petition
against the company.

The company's liquidator is:

         Aw Eng Hai
         M/s Foo Kon Tan Grant Thornton LLP
         47 Hill Street, #05-01
         Singapore Chinese Chamber Of Commerce
         & Industry Building
         Singapore 179365


CITY & CO: Court Enters Wind-Up Order
-------------------------------------
The High Court of Singapore entered an order on March 30, 2012,
to wind up the operations of City & Co Pte Ltd.

Standard Chartered Bank filed the petition against the company.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee's Office
         45 Maxwell Road, #06-11
         The URA Centre (East Wing)
         Singapore 069118


COURAGE MARINE: Court to Hear Wind-Up Petition April 27
-------------------------------------------------------
A petition to wind up the operations of Courage Marine Services
Pte Ltd will be heard before the High Court of Singapore on
April 27, 2012, at 10:00 a.m.

Poh Tiong Choon Logistics Limited filed the petition against the
company on April 3, 2012.

The Petitioner's solicitor is:

         PKWA Law Practice LLC
         No. 7 Temasek Boulevard
         #08-01, Suntec City Tower 1
         Singapore 038987


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


* VIETNAM: Seafood Firms May Face a String of Bankruptcies
----------------------------------------------------------
VietNamNet Bridge reports that the death of some "big guys" in
the fisheries sector in Can Tho and Soc Trang provinces has
sounded an alarm about the financial situation imbalance, which
may lead to the bankruptcy of a lot of seafood companies and fish
farmers as well.

VietNamNet relates that due to the lack of capital, seafood
companies buy fish from farmers under the mode of deferred
payment, which means that they try to use farmers' capital for
their business.  Meanwhile, says VietNamNet, farmers have to
borrow money from banks to pay for feed and other kinds of
farming expenses. Many of them have become bent with the sky high
interest rates.

According to VietNamNet, analysts have warned that if commercial
banks stop disbursing money at this moment for fear of the risks,
this may lead to the collapse of a series of seafood companies
and farming households.

VietNamNet, citing the Vietnam Association of Seafood Exporters
and Producers (VASEP), states that the establishment of a series
of tra fish processing factories in Mekong Delta has not only
caused a big waste to enterprises, but also led to the imbalance
in the material supply and demand.  The unhealthy competition
among the companies, plus the capital shortage, have both made
them suffer, the report notes.

VASEP also said 80% of the fish companies have to reduce the
processing capacity, while many enterprises have shut down,
VietNamNet relates.


                             *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA.  Valerie U. Pascual, Marites O. Claro, Joy A. Agravante,
Rousel Elaine T. Fernandez, Ivy B. Magdadaro, Frauline S.
Abangan, and Peter A. Chapman, Editors.

Copyright 2012.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 240/629-3300.





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