TCRAP_Public/120423.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 23, 2012, Vol. 15, No. 80

                            Headlines


A U S T R A L I A

GOLD COAST TITANS: Administration Delays Wind-Up Process


C H I N A

CDC CORP: China.com Wants Chapter 11 Case Dismissed
CHINA 3C: Goldman Kurland Raises Going Concern Doubt
CHINA TIANRUI: Moody's Assigns 'B1' Corporate Family Rating
DECOR PRODUCTS: Posts US$2.6 Million Net Income in 2011


H O N G  K O N G

CHINA HEALTHCARE: Court to Hear Wind-Up Petition on May 2
EASTERN BEST: Court to Hear Wind-Up Petition on June 6
ELITE RISE: Creditors Get HK$180,292.12 Recovery on Claims
FANTASIA HOLDINGS: Moody's Affirms 'B1' CFR; Outlook Stable
FTE LOGISTICS: Creditors Get 67.2% Recovery on Claims

HAPPY CHAIN: Court to Hear Wind-Up Petition on May 16
KINGDOM PRODUCTION: Court to Hear Wind-Up Petition on May 16
LUCKY EVER: Creditors to Meet on April 27
NICE THEME: Creditors' Proofs of Debt Due May 11
SING TAT: Court to Hear Wind-Up Petition on June 6

SONIC ENTERPRISES: Arboit and Blade Appointed as Liquidators
TEH FENG: Court to Hear Wind-Up Petition on June 27
TEH FENG SHING: Court to Hear Wind-Up Petition on June 27
WAH YING: Creditors' Proofs of Debt Due May 11
WALI ELECTRICAL: Court to Hear Wind-Up Petition on May 2

WISDOM TECHNOLOGY: Court to Hear Wind-Up Petition on June 6


I N D I A

AMBATTUR INFRA: CARE Rates INR15cr LT Loan at 'CARE BB+'
CATMOSS RETAIL: CARE Raises Rating on INR61.98cr Loan to 'BB-'
ELECTRA DISTRIBUTORS: CARE Rates INR11.5cr Loan at 'CARE BB+'
GINNI REFRACTORIES: CARE Assigns 'CARE B+' Rating to INR10cr Loan
MALLADI DRUGS: CARE Reaffirms 'BB+' Rating on INR115.19cr Loan

NIRMAL LIFESTYLE: CARE Reaffirms 'BB+' Rating on INR17.10cr Loan
R R ENGINEERING: Delay in Loan Servicing Cues CRISIL Junk Ratings
SAVION CERAMIC: CARE Assigns 'B+' Rating to INR5.68cr LT Loan
SHREE RAM: CARE Assigns 'CARE B+' Rating to INR7.74cr Loan
SKM EGG: CARE Cuts Rating on INR46cr Loan to 'CARE BB-'

SRINATH BUILDERS: CRISIL Reaffirms 'BB' Rating on INR90MM Loans
TERRA INFRA: CARE Reaffirms 'CARE BB-' Rating on INR10cr Loan
UKAY METAL: CRISIL Assigns 'CRISIL BB+' Rating to INR60MM Loans
VAISHNO SALES: CRISIL Upgrades Rating on INR122.5MM Loan to 'BB-'


J A P A N

OLYMPUS CORP: Wins Shareholder Approval for New Board


N E W  Z E A L A N D

CRAFAR FARMS: Sale Deal With Chinese Buyer Approved
HANOVER FINANCE: Court of Appeal Upholds Asset Freezing Order


X X X X X X X X

* Moody's Says March Asian Liquidity Stress Index Deteriorated


                            - - - - -


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


GOLD COAST TITANS: Administration Delays Wind-Up Process
--------------------------------------------------------
Margie McDonald at The Australian reports that the Gold Coast
Titans' decision to place its property arm into voluntary
administration has temporarily delayed winding-up proceedings in
the Federal Court.

Reed Constructions Australia, which built the club's
AUD20 million Centre of Excellence in Robina, adjacent to the
Titans' NRL home ground, claims it is owed AUD1.04 million, The
Australian relates.

The Australian recalls that the construction company last month
won the right to start wind-up proceedings against the embattled
NRL club's property arm.

According to the report, the winding-up proceedings were due to
commence in the Federal Court in Brisbane on April 20 but the
parties agreed to adjourn the matter until after the club can
meet again with creditors in late May.   The matter has been
adjourned until June 1.

"It takes the matter out of the hands of the court and into the
hands of creditors," the report quotes Titans lawyer Ashley
Tiplady as saying.

The next step will be creditors meeting with KordaMentha and then
voting on whether to accept what adminstrators can offer, the
report notes.

The Gold Coast Titans Property Trust (which is separate to the
Football Club) was placed into voluntary administration on
April 19, 2012.

Gold Coast Titans said: "This move further shores up the
viability and sustainability of the Football Club as it reduces
significant debt within the Titans Group but also places
creditors in a position to receive payments towards monies due to
them.

"The move to Voluntary Administration also assists in ensuring
the settlement of the sale of the Centre of Excellence.  It will
not have any day-to-day impact on the Titans Football Club. The
NRL was today advised of the club's decision.

"Managing Director Michael Searle has been in discussions with
the Administrators, Robert Hutson -- rhutson@kordamentha.com --
and Ginette Muller -- gmuller@kordamentha.com -- of KordaMentha,
to put forward a Deed of Company Arrangement (DOCA) which will
see creditors receive a far greater return on monies owing to
them than if the Property Trust was to go into liquidation."


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


CDC CORP: China.com Wants Chapter 11 Case Dismissed
---------------------------------------------------
BankruptcyData.com reports that China.com, owner of approximately
250,517 shares of CDC common stock, filed with the U.S.
Bankruptcy Court a motion seeking to dismiss the CDC Chapter 11
case. They also filed a motion seeking to continue the Disclosure
Statement hearing scheduled for April 26, 2012, until the Court
considers the dismissal motion.

According to BankruptcyData.com, China.com explains, "As set
forth in greater detail in the Motion to Dismiss, which is
incorporated herein by reference, China.com asserts that the
Court lacks subject matter jurisdiction in this case to hear and
finally determine the Remaining Shareholder Disputes.
Furthermore, China.com submits that "cause" exists under 11
U.S.C. Section 1112(b) to dismiss the Debtor's bankruptcy case
because no bankruptcy purpose will be served by continuing the
case and out of deference to Cayman Islands law."

The Court scheduled May 8, 2012 hearing on the matter.

                          About CDC Corp.

Based in Atlanta, CDC Corp. (Nasdaq: CHINA) --
http://www.cdccorporation.net/-- is the parent company of CDC
Software (Nasdaq: CDCS).  CDC Software is based dually in
Shanghai, China, and Atlanta and produces enterprise software
applications, IT consulting services, outsourced applications
development and IT staffing.  The company's owners include Asia
Pacific Online Ltd., Xinhua News Agency and Evolution Capital
Management.

CDC Corporation, doing business as Chinadotcom, filed a Chapter
11 petition (Bankr. N.D. Ga. Case No. 11-79079) on Oct. 4, 2011.
James C. Cifelli, Esq., at Lamberth, Cifelli, Stokes & Stout, PA,
in Atlanta, Georgia, serves as counsel.  Moelis & Company LLC
serves as its financial advisor and investment banker.  Marcus A.
Watson at Finley Colmer and Company serves as chief restructuring
officer.  The Debtor estimated assets and debts at US$100 million
to US$500 million as of the Chapter 11 filing.

The Official Committee of Equity Security Holders of CDC
Corporation is represented by Troutman Sanders.  The Committee
tapped Morgan Joseph TriArtisan LLC as its financial advisor.


CHINA 3C: Goldman Kurland Raises Going Concern Doubt
----------------------------------------------------
China 3C Group filed on April 16, 2012, its annual report on Form
10-K for the fiscal year ended Dec. 31, 2011.

Goldman Kurland and Mohidin LLP, in Encino, California, expressed
substantial doubt about China 3C Group's ability to continue as a
going concern.  The independent auditors noted that the Company
has incurred significant losses from operations for the past
three years.  "In addition, the Company's cash position
substantially deteriorated from 2010."

The Company reported a net loss of $52.84 million on sales of
$61.02 million for 2011, compared with a net loss of
$24.92 million on sales of $74.74 million for 2010.

The Company's balance sheet at Dec. 31, 2011, showed
$21.01 million in total assets, $7.65 million in total
liabilities, and stockholders' equity of $13.36 million.

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

                       http://is.gd/UuqUjk

Located in HangZhou City, Zhejiang Province, China, China 3C
Group operated in five reportable segments.  Yiwu Yong Xin
Telecommunication Company, Limited, or "Yiwu," focuses on the
selling, circulation and modern logistics of fax machines and
cord phone products.

Hangzhou Wang Da Electronics Company, Limited, or "Wang Da,"
focuses on the selling, circulation and modern logistics of cell
phones, cell phones products, and digital products, including
digital cameras, digital camcorders, PDAs, flash disks, and
removable hard disks.

Hangzhou Sanhe Electronic Technology Limited, or "Sanhe," focused
on the selling, circulation and modern logistics of home
electronics, including DVD players, audio systems, speakers,
televisions and air conditioners.  This entity ceased operation
as of Dec. 31, 2011.

Shanghai Joy & Harmony Electronics Company Limited, or "Joy &
Harmony," focused on the selling, circulation and modern
logistics of consumer electronics, including MP3 players, MP4
players, iPods, electronic dictionaries and radios.  This entity
ceased operation as of Dec. 31, 2011.

Jinhua Baofa Logistic Company Limited, or "Jinhua," provides
transportation logistics services to businesses.  Jinhua operates
primarily in Eastern China and covers many of the most developed
cities in the Eastern China such as Shanghai, Hangzhou and
Nanjing.


CHINA TIANRUI: Moody's Assigns 'B1' Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service has assigned a first-time B1 corporate
family rating to China Tianrui Group Cement Company Ltd (Tianrui
Cement).

Moody's has also assigned a provisional (P)B2 senior unsecured
debt rating to Tianrui Cement for its proposed issuance of US-
dollar-denominated senior unsecured notes.

The ratings outlook is stable.

The company plans to use the proceeds of the notes issuance to
expand its business, refinance its existing bank debt, and for
general corporate purposes.

Moody's will remove the provisional status of the senior
unsecured debt rating after reviewing the terms and conditions of
the final bond indenture.

Ratings Rationale

"The B1 corporate family rating reflects Tianrui Cement's leading
market position in Henan and Liaoning provinces, where we expect
cement demand to remain firm due to the likely continuation of
urbanization and industrialization over the next few years," says
Jiming Zou, a Moody's Analyst.

The rating considers the company's track record of improving its
share in core markets and the ongoing consolidation of the cement
industry that benefits large-scale cement producers such as
Tianrui Cement.

Its well-established market position will likely help improve its
selling prices and profitability, given the likely consolidation
in the cement industry in future.

Tianrui Cement's operating margin improved to 23% in 2011, from
an average of around 10% during 2008-2010, after the regional
obsolete capacities were closed. Currently, its clinker
facilities are operating at full-capacity utilization, supported
by its established business network, efficient equipments, and
secured raw material resources.

"However, the company's rating is constrained by its volatile
operating performance due to its limited pricing power in a still
fragmented industry, the slowing macro economy, and rising energy
costs, as well as the tightening regulatory environment for the
cement industry in China," Zou adds.

Its rating is also tempered by Moody's expectation that its debt
leverage will increase from the current level, as the company
pursues fast expansion through acquisitions.

Tianrui Cement's business plan, which includes further
acquisitions to improve its market share, will absorb a
substantial level of cash flow generated in the next few years.
In addition, business acquisitions also involve execution risks,
including competing with financially stronger peers and securing
long-term financing ahead of its acquisitions.

Moody's expects the company's Debt/EBITDA to be in the range of
4.0x-5.0x in the next two to three years and which positions it
in the single B range.

The proposed bond issuance is likely to strengthen Tianrui
Cement's liquidity profile. While the company funds its business
mainly through short-term bank loans currently, it has so far
managed to extend its short-term borrowings, given its
established relations with local banks.

The corporate family rating also reflects the company's short
listing history and a limited track record of strong financial
management.

Tianrui Cement's senior unsecured debt rating is one notch lower
than its corporate family rating, reflecting structural and legal
subordination. Its domestic borrowings amounted to RMB7.0 billion
and accounted for 40% of the total assets as of year-end 2011.
This ratio will improve because of the bond issue but will still
remain above 15%.

The ratings outlook is stable, reflecting Moody's expectation
that Tianrui Cement will maintain its current level of
profitability in the near term, given the elimination of obsolete
capacities. Moody's also expects the company to extend its short-
term debt.

An upgrade could be considered if the company further improves
its market position, exhibits discipline in managing
acquisitions, and grows its business operations with long-term
capital. Resilience in business profitability and an improvement
in debt leverage will be necessary for an upgrade.

Upward rating pressure could develop, if Tianrui Cement is able
to achieve the following credit metrics on a sustainable basis:
operating margin of more than 20%, EBITDA/interest expense ratio
of more than 4.0x, and Debt/EBITDA ratio of less than 3.5x-4.0x.

A rating downgrade could be triggered by: (i) a significant loss
of market share in its core market, (ii) a decline in the
company's sales and/or profitability due to an adverse change in
the local operating environment or cement price erosion, (iii)
aggressive expansion, driven by debt-funded acquisitions or
capital expenditures.

Operating margin of less than 10%, EBITDA/interest expense ratio
of less than 3.0x, or Debt/EBITDA ratio of more than 5.0x would
trigger a downgrade.

The principal methodology used in rating Tianrui Cement was the
Global Building Materials Industry Methodology published in July
2009.

China Tianrui Cement Group Cement Company Ltd is the largest
cement producer in China's Henan and Liaoning provinces. The
company had an annual clinker and cement production capacity of
22.25 million tons and 39.23 million tons, respectively, as of
year-end 2011.

It is one of the 12 national cement companies favored by the
government to lead the industry consolidation. All of its clinker
facilities employ modern New Suspension Preheater cement
production technology and are equipped with a residual heat
recovery system. As of 2011, sales amounted to RMB8.3 billion, of
which about 70% was from Henan province.

Tianrui Cement is listed in Hong Kong Stock Exchange with a
market capitalization of HKD7.2 billion as of April 17, 2012. The
company is 39.6% held by its Chairman Li Liufa and his son Li
Xuanyu, 18.7% by Mr. Tang, 16.7% by KKR and 8.4% by JPMorgan.


DECOR PRODUCTS: Posts US$2.6 Million Net Income in 2011
-------------------------------------------------------
Decor Products International, Inc., filed with the U.S.
Securities and Exchange Commission its annual report on Form 10-K
disclosing net income of US$2.67 million on US$19 million of net
revenues in 2011, compared with net income of US$4.50 million on
US$26.82 million of net revenues in 2010.

The Company's balance sheet at Dec. 31, 2011, showed US$42.64
million in total assets, US$9.08 million in total liabilities and
US$33.55 million in total stockholders' equity.

For the year ended Dec. 31, 2011, HKCMCPA Company Limited, in
Hong Kong, China, noted that the Company has made default in
repayment of convertible notes and promissory notes that raise
substantial doubt about its ability to continue as a going
concern.

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

                        http://is.gd/OlgnyQ

                        About Decor Products

Decor Products International, Inc., through its subsidiaries,
mainly engages in the manufacture and sale of furniture
decorative paper and related products in the People's Republic of
China.  The Company is headquartered in Chang'an Town, Dongguan,
Guangdong Province, between Shenzhen and Guangzhou in southern
China.


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


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

Buro Happold International (Hong Kong) Limited filed the petition
against the company Feb. 29, 2012.

The Petitioner's solicitors are:

          Haley & Co
          703-704, The Hong Kong Club Building
          3A Chater Road
          Central, Hong Kong


EASTERN BEST: Court to Hear Wind-Up Petition on June 6
------------------------------------------------------
A petition to wind up the operations of Eastern Best Development
Limited will be heard before the High Court of Hong Kong on
June 6, 2012, at 9:30 a.m.

DBS Bank (Hong Kong) Limited filed the petition against the
company March 30, 2012.

The Petitioner's solicitors are:

          Wilkinson & Grist
          6th Floor, Prince's Building
          Chater Road
          Central, Hong Kong


ELITE RISE: Creditors Get HK$180,292.12 Recovery on Claims
----------------------------------------------------------
Elite Rise Investment Limited, which is in compulsory
liquidation, will declare the second and final return of capital
to its creditors on April 30, 2012.

The company will pay HK$180,292.12 for ordinary claims.

The company's liquidators are:

         Kong Chi How Johnson
         Lo Siu Ki
         25th Floor, Wing On Centre
         111 Connaught Road
         Central, Hong Kong


FANTASIA HOLDINGS: Moody's Affirms 'B1' CFR; Outlook Stable
-----------------------------------------------------------
Moody's Investors Service has affirmed Fantasia Holdings Group
Company Limited's B1 corporate family rating and B2 senior
unsecured debt rating.

The ratings outlook is stable.

Ratings Rationale

"Fantasia's better-than-expected results in 2011 highlight that
its business strategy and sales execution have been appropriate
for managing the challenges from regulatory measures," says
Jiming Zou, a Moody's analyst.

Fantasia's contract sales grew 80% in RMB terms from a year ago,
driven by its regional focus in the Chengdu-Chongqing Economic
Area and the Pearl River Delta, where it has developed much
experience.

It has a flexible and delicate approach in selling its properties
and offers a range of price categories that cater to different
customer groups. It also adjusts its product offering by
increasing commercial properties to reduce the impact of the
purchase restrictions on residential properties.

Moreover, its policy is to hold a low level of investments
properties in a down cycle in order to lessen capital
requirements and conserve cash.

Moody's expects Fantasia to largely sustain its sales performance
in 2012. In the first quarter of 2012, Fantasia reported contract
sales of RMB1 billion, on par with the prior year.

Fantasia has also maintained a discipline approach in land
acquisition. It has a small amount of land premium to pay in 2012
as it acquired only one piece of land in 2011.

As a result of the disciplined land acquisition, Fantasia has not
taken on additional debt. As of December 2011, its reported debt
stood at RMB5.5 billion, unchanged from a year ago, and which was
moderate when compared to its contract sales and book capital.

Therefore, Fantasia has maintained sound credit metrics of
EBITDA/interest of 4.6x and debt/total capitalization of 50% as
of 2011. These credit metrics provide financial flexibility when
additional debt is required.

However, Fantasia's ratings are constrained by its geographic
concentration, small business scale, and moderate debt leverage
that are consistent with single-B rated peers.

Fantaisa's weak liquidity also tempers its ratings. Its cash to
short-term debt coverage ratio was below 1x as of December 2011.

The stable outlook reflects Moody's expectations that Fantasia's
financial profile will remain stable, its liquidity will be
adequate, and that its expansion strategy will be measured.

Upward pressure on its ratings could emerge if Fantasia can: 1)
build up a track record in markets outside Chengdu and Shenzhen;
2) consistently achieve its sales targets; 3) maintain strong
financial discipline, while implementing its growth strategy; and
4) maintain sound liquidity.

Indicators of a possible upgrade include: EBITDA/interest
coverage consistently above 4x-5x and adjusted
debt/capitalization not exceeding 45%-50% on a sustained basis.

The ratings could be downgraded if the company: (1) reports sales
significantly short of Moody's expectations; (2) pursues
aggressive land acquisitions or expansion activities that
pressure its liquidity; or (3) fails to maintain disciplined
financial management.

Adjusted debt/capitalization consistently above 55%-60% and
EBITDA/Interest coverage falling below 2.5x-3x would indicate a
potential rating downgrade.

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

Fantasia Holdings Group Company Limited is a property developer
established in 1996; it listed on the Hong Kong Stock Exchange in
November 2009. As of December 2011, it had a land bank of 8.3
million square meters of gross floor area, mainly in Chengdu and
the Pearl River Delta. It develops high-end office buildings and
residential properties, targeting small- and medium-sized
enterprises and affluent individuals.


FTE LOGISTICS: Creditors Get 67.2% Recovery on Claims
-----------------------------------------------------
FTE Logistics International Limited will declare dividend to its
preferential creditors on May 11, 2012.

The company will pay 67.2% for preferential claims.


HAPPY CHAIN: Court to Hear Wind-Up Petition on May 16
-----------------------------------------------------
A petition to wind up the operations of Happy Chain Industries
Limited will be heard before the High Court of Hong Kong on
May 16, 2012, at 9:30 a.m.

Dah Sing Bank Limited filed the petition against the company
March 13, 2012.

The Petitioner's solicitors are:

          K.B. Chau & Co
          23rd Floor, Wing On House
          71 Des Voeux Road
          Central, Hong Kong


KINGDOM PRODUCTION: Court to Hear Wind-Up Petition on May 16
------------------------------------------------------------
A petition to wind up the operations of Kingdom Production
Limited will be heard before the High Court of Hong Kong on
May 16, 2012, at 9:30 a.m.

Kingdom Power Development Limited filed the petition against the
company March 14, 2012.

The Petitioner's solicitors are:

          Messrs. Kelvin Cheung & Co
          Unit 101, 1st Floor
          Hong Kong Trade Centre
          161-167 Des Voeux Road
          Central, Hong Kong


LUCKY EVER: Creditors to Meet on April 27
-----------------------------------------
Creditors of Lucky Ever Limited will hold a meeting on April 27,
2012, at 10:30 a.m., at the office of FTI Consulting (Hong Kong)
Limited, Level 22, The Center, at 99 Queen's Road 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.


NICE THEME: Creditors' Proofs of Debt Due May 11
------------------------------------------------
Creditors of Nice Theme Limited, which is in liquidation, are
required to file their proofs of debt by May 4, 2012, to be
included in the company's dividend distribution.

The company's liquidator is:

         James Wardell
         Room 1601-1602, 16th Floor
         One Hysan Avenue
         Causeway Bay, Hong Kong


SING TAT: Court to Hear Wind-Up Petition on June 6
--------------------------------------------------
A petition to wind up the operations of Sing Tat Apparels Company
Limited will be heard before the High Court of Hong Kong on
June 6, 2012, at 9:30 a.m.

Excellent Source Limited filed the petition against the company
March 27, 2012.

The Petitioner's solicitors are:

          Messrs. Ma Tang & Co
          3rd Floor, Chinese Club Building
          21-22 Connaught Road
          Central, Hong Kong


SONIC ENTERPRISES: Arboit and Blade Appointed as Liquidators
------------------------------------------------------------
Bruno Arboit and Simon Richard Blade on Dec. 16, 2011, were
appointed as liquidators of Sonic Enterprises Limited.

The liquidators may be reached at:

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


TEH FENG: Court to Hear Wind-Up Petition on June 27
---------------------------------------------------
A petition to wind up the operations of Teh Feng Shing Company
Limited will be heard before the High Court of Hong Kong on
June 27, 2012, at 9:30 a.m.

Luk Pak Chuen filed the petition against the company April 10,
2012.

The Petitioner's solicitors are:

          Wong, Fung & Company
          10th Floor, Far East Consortium Building
          No. 121 Des Voeux Road
          Central, Hong Kong


TEH FENG SHING: Court to Hear Wind-Up Petition on June 27
---------------------------------------------------------
A petition to wind up the operations of Teh Feng Shing (China)
Company Limited will be heard before the High Court of Hong Kong
on June 27, 2012, at 9:30 a.m.

Luk Pak Chuen filed the petition against the company April 10,
2012.

The Petitioner's solicitors are:

          Wong, Fung & Company
          10th Floor, Far East Consortium Building
          No. 121 Des Voeux Road
          Central, Hong Kong


WAH YING: Creditors' Proofs of Debt Due May 11
----------------------------------------------
Creditors of Wah Ying Electronic Company Limited, which is in
liquidation, are required to file their proofs of debt by May 11,
2012, to be included in the company's dividend distribution.

The company's liquidators are:

         Kennic Lai Hang Lui
         Lau Wu Kwai King Lauren
         5th Floor Ho Lee Commercial Building
         Central, Hong Kong


WALI ELECTRICAL: Court to Hear Wind-Up Petition on May 2
--------------------------------------------------------
A petition to wind up the operations of Wali Electrical & Metal
Factory Limited will be heard before the High Court of Hong Kong
on May 2, 2012, at 9:30 a.m.

Yook Tong Electric Company Limited filed the petition against the
company April 11, 2012.

The Petitioner's solicitors are:

          Wilkinson & Grist
          6th Floor, Prince's Building
          Chater Road
          Central, Hong Kong


WISDOM TECHNOLOGY: Court to Hear Wind-Up Petition on June 6
-----------------------------------------------------------
A petition to wind up the operations of Wisdom Technology Company
Limited will be heard before the High Court of Hong Kong on
June 6, 2012, at 9:30 a.m.

China Resources Conic Company Limited filed the petition against
the company March 30, 2012.

The Petitioner's solicitors are:

          Chong & Partners
          8/F, BOC Group Life Assurance Tower
          136 Des Voeux Road
          Central, Hong Kong


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I N D I A
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AMBATTUR INFRA: CARE Rates INR15cr LT Loan at 'CARE BB+'
---------------------------------------------------------
CARE assigns 'CARE BB+' rating to the bank facilities of Ambattur
Infra Developers.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long term Bank Facilities      15.00      'CARE BB+' Assigned

Rating Rationale

The rating is constrained by limited track record of operations
of the company, loss making operations, low occupancy of the IT
park, limited experience of the promoters in this line of
business, risk of non-renewal of the lease agreements and the
competition from various IT Parks/SEZ situated in and around
Chennai.

The rating however, factors in experience of promoters in various
other businesses, revenue visibility from the existing lease
agreements and favorable capital structure.

Going forward, ability of the company to improve occupancy level
at comfortable rentals is the key rating sensitivity.

                        About Ambattur Infra

Ambattur Infra Developers is a partnership firm established in
March 2007 by Mr. Vijay M Mahtaney, Managing Partner, for the
purpose of developing and leasing the IT park namely 'AMBIT IT
Park' in Chennai. The total built up area of the AMBIT IT park is
10.90 lakh sq ft including office area and car/2-wheeler park
area. Excluding the parking area total leasable area of this 10-
floor IT park is 8.10 lakh sq ft. The IT Park is situated in
Ambattur, a suburban area in the North West region of Chennai.
Ambattur also has good road and local train connectivity and is
located in close proximity to residential areas, schools and
hospitals.

AID is part of Chennai based Ambattur Clothing Group. The
flagship company of the group, Ambattur Clothing Limited, is also
one of the partners in AID. ACL is engaged in manufacturing and
export of textile apparel. The group has business history of
nearly three decades. Apart from Apparel the group has interests
in real estate and hospitality business.

During FY11 (refer to period April 01, 2010 to March 31, 2011),
the company reported loss before tax of INR21 crore on total
income of INR2 crore. In 9mFY12, the company generated total
income of INR3.5 crore and reported loss before tax of
INR11.4 crore (Prov.).


CATMOSS RETAIL: CARE Raises Rating on INR61.98cr Loan to 'BB-'
--------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Catmoss Retail Pvt Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       61.98     CARE BB- Revised
                                             from CARE B+

Rating Rationale

The revision in the ratings takes into account the improvement in
the operational and financial performance of the company during
9MFY12 (refers to period from April 1, 2010 to Dec. 31, 2011)
and an improvement in the liquidity position of the company. The
rating continues to derive strength from the experienced
promoters, strong recall of 'Catmoss' brand in the kidswear
segment and wide distribution network.

The rating however continues to be constrained by the high
working-capital intensive nature of business operations of
Catmoss Retail Pvt Ltd, moderate gearing levels and competitive
nature of the kidswear market in India.

Going forward, CRPL's ability to sustain the growth and
profitability in view of competitive pressures and its ability to
effectively manage the operating cycle shall be the key rating
sensitivities

                         About Catmoss Retail

Catmoss Retail Pvt Ltd is engaged in the manufacturing and
retailing of kidswear apparels through a network of Exclusive
Brand Outlets, distributors and Large Multi Brand Outlets with a
pan-India presence. Apart from kidswear apparels, the company
also trades in cotton sarees. CRPL currently has a capacity to
produce 12,000 pieces per day and has a combined store network of
about 207 exclusive stores and 413 counters in the LMBOs (till
February 2012).

Recent updates

There has been an improvement in the performance of the company
in 9MFY12 viz-a-viz the 9MFY11. The operating income in 9MFY12
has grown by about 37% over 9MFY11 due to higher volume sold
backed by increase in the number of stores and better sales
realizations. Further during 9MFY12 the company reported a total
operating income of INR190.9cr with a PBILDT and PAT of INR32.9cr
and INR15.3cr respectively. Though the PBILDT margin has reduced
marginally from 17.7% in 9MFY11 to 17.2% in 9MFY12, the PAT
margins stood at 8.0% for 9MFY12 up from the levels of 6.8%
achieved in 9MFY11. The improvement in margins was attributable
to the company's growing focus on the kidswear segment which has
better margins coupled with lower interest outgo due to declining
loan on its books. Further, the overall gearing has also seen an
improvement to 0.43x as on December 31, 2011 due to the second
tranche of equity infusion of Rs 30cr from SAIF partners in
October 2011. The equity infusion coupled with decrease in the
overall debt has helped in the improvement of the overall gearing
for the company.


ELECTRA DISTRIBUTORS: CARE Rates INR11.5cr Loan at 'CARE BB+'
-------------------------------------------------------------
CARE assigns 'CARE BB+' and 'CARE A4' to the bank facilities of
Electra Distributors Pvt Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       11.50     CARE BB+ Assigned
   Short-term Bank Facilities       3.50     CARE A4 Assigned

Rating Rationale

The ratings assigned by CARE are constrained due to low
profitability margins, small networth base and high gearing
levels. The ratings are further constrained on account of the
inherent risk associated with FMCG segment and the high working
capital requirements of the business.

However, the ratings derive strength from the long track record
of operations, diversified business operations and sole
distributorship for reputed companies in its area of operation.
Ability to manage cash flow in the event of increase in interest
rates is the key rating sensitivity.

                        About Electra Distributors

Electra Distributors Private Limited is engaged in distribution
of industrial products and Fast Moving Consumer Goods segment
since 1993, with its offices located at Faridabad and Delhi. The
company operates in three verticals viz, industrial goods (which
accounted for 15% during FY11 in EDPL's total income), FMCG
products (85%). In the industrial vertical, the company is the
sole distributor for Tata Steel and Lincoln Electric for their
Mig Welding Wires for northern India comprising the states of
J&K, NCR, Punjab, Himachal Pradesh, Haryana, Rajasthan and
eastern UP.

Within the FMCG vertical, the company is the sole distributor for
Hindustan Unilever Limited (HUL) and Marico Ltd for the region of
South Delhi and Faridabad. Further during FY11 (refers to
period from April 01 to March 31), company has also diversified
into the telecom business and is currently the sole distributor
for Airtel products in South Delhi.

As per audited results of FY11, EDPL reported PAT of INR0.28
crore (FY10: INR0.22) on total operating income of INR64.38 crore
(FY10: INR57.39).


GINNI REFRACTORIES: CARE Assigns 'CARE B+' Rating to INR10cr Loan
-----------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facility of Ginni
Refractories Pvt. Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term bank facility        10.0       CARE B+ Assigned

Rating Rationale

The rating of Ginni Refractories Pvt. Ltd. is primarily
constrained due to its short track record coupled with small
scale of operations, price volatility of raw materials, high
customer concentration, pricing constraints arising out of
dependence on large refractories leading to low profitability
margins and project risk.

The rating, however, derive strength from the experience of
promoter, strategic location of the plant and reputed client
base.  Ability of the company to increase its scale of operations
with simultaneous improvement in profitability and timely
completion of the expansion project without any cost overrun will
be the key rating sensitivities.

GRPL was incorporated in the year 2000 as a partnership firm
called 'Shree Ram Steel Industries. In July 2008, Shree Anand
Agarwal, managing partner in SRSI acquired the whole operations
and reconstituted it as a private limited company with the
present name. GRPL is engaged in manufacturing of refractory
grogs to sell it to the brick making refractory units which in
turn find application in steel and cement industries.

The production of grogs had started in April, 2009 at its plant
located at Jourmal (Orissa) having an installed capacity of
12,000 metric tonnes per annum (MTPA). Later in April 2011, the
second unit (at Lamloi, Orissa) of the company came into
existence having an installed capacity of 18,000 MTPA (12000 MTPA
for grogs and 6000 MTPA for grinded materials); thereby
increasing the company's total installed capacity to 30,000 MTPA.

In FY11 (refers to the period April 1 to March 31), GRPL reported
PBILDT of INR0.8 crore (INR0.5 crore in FY10) and PAT (after
deferred tax) of INR0.2 crore (INR0.1 crore in FY10) on total
income of INR31.2 crore (INR21.4 crore in FY10).


MALLADI DRUGS: CARE Reaffirms 'BB+' Rating on INR115.19cr Loan
--------------------------------------------------------------
CARE reaffirms the ratings assigned to the enhanced bank
facilities of Malladi Drugs And Pharmaceuticals Limited.

   Facilities                     (INR crore)   Ratings
   -----------                    -----------   -------
   Long-term Bank Facilities         115.19     CARE BB+
   (enhanced from INR 106.19 cr)                Reaffirmed

   Short-term Bank Facilities        18.20      CARE A4
                                                Reaffirmed

Rating Rationale

The ratings continue to be constrained by the financial profile
of MDPL characterized by high level of debt in relation to cash
accruals, controlled nature of the products and consequent impact
on market growth, decline in profitability of MDPL during FY11
(refers to the period April 1 to March 31) and 9MFY12 and
continued poor performance of Novus. The rating also takes into
account MDPL's leading position in the manufacturing of Ephedrine
and Pseudo Ephedrine, its established track record of operations,
USFDA approved and CGMP certified manufacturing facilities and
presence of tie-ups for contract manufacturing.

Ability of the company to diversify the product portfolio,
improve profitability and successful recovery of investments in
Novus would be the key rating sensitivities.

                        About Malladi Drugs

MDPL was founded by the late Mr. M.L.N.Sastry, a microbiologist,
in 1980 and was promoted as a Joint Venture company along with
Tamil Nadu Industrial Development Corporation for manufacture of
Ephedrine and its salts. MDPL is a manufacturer of Active
Pharmaceutical Ingredients (APIs) in the cough and cold segment
along with very limited presence in other therapeutic segments
like Antihistamines, Anti-convulsants, Anti-depressants and
Anxiolytics of the Pharmaceutical industry. The major products
manufactured by the company include Ephedrine, Pseudo Ephedrine,
Phenylephrine, Phenyl Propanolamine and Cyclin (Intermediate).
MDPL has a wholly-owned subsidiary in USA, Novus Fine Chemicals
LLC (Novus) which is primarily into manufacture of
pseudoephedrine. The company also had investments in another
subsidiary Tantech Agrochemicals Ltd, a Chennai-based chemical
manufacturer.

For the year ended March 31, 2011, MDPL posted a PAT of INR5 cr
on a total income of INR196 cr. For the nine months ended
December 2011 (Provisional), MDPL posted a PAT of INR0.9 cr on a
total income of INR131 cr.


NIRMAL LIFESTYLE: CARE Reaffirms 'BB+' Rating on INR17.10cr Loan
----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Nirmal Lifestyle Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long/Short term Bank           17.10      CARE BB+/CARE A4
   Facilities                                Reaffirmed

Rating Rationale

The ratings continue to be constrained by considerable debt
availed so far and considerable sales required in meeting project
funding as well as debt obligations. The ratings are further
constrained by inherent project execution risk and cyclical
nature of the industry.

The ratings, however, derive strength from NLL's good brand image
in the Mulund region, the company's experienced management, high
operating margins due to low cost of land and availability of
land bank in eastern suburbs having considerable development
potential. The ratings also factor in repayment of part of the
existing loan through lease rentals from Phase I of the
operational mall at Mulund.

The ability of NLL to mobilize required funds for the projects,
execute the projects as scheduled and sell at envisaged rates
remain the key rating sensitivities.

                        About Nirmal Group

The Nirmal Group was founded by Late Shri S P Jain in the late
80s and is one of the established developers in Eastern Mumbai.
Nirmal Lifestyle Limited is the flagship company of the group.
The company undertakes residential & commercial construction
activities either at a standalone level or through various
subsidiaries and joint ventures (JVs). Currently, NLL has eleven
ongoing projects with total saleable area of 6.61 million square
feet.

During FY11 (refers to period from April 1 to March 31), NLL
reported total income of INR222 crore and PAT of INR10 crore.


R R ENGINEERING: Delay in Loan Servicing Cues CRISIL Junk Ratings
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of R R Engineering Services India Pvt Ltd.  The
ratings reflect instances of delay by RRESIPL in servicing its
debt; the delays have been caused by the company's weak
liquidity.

                             Amount
   Facilities              (INR Mln)      Ratings
   ----------              ---------      -------
   Term Loan                  22.5        CRISIL D
   Standby Line of Credit      6          CRISIL D
   Bank Guarantee             20          CRISIL D
   Cash Credit                45          CRISIL D

RRESIPL also has a small net worth, moderate scale of operations,
and high customer concentration. These rating weaknesses are
partially offset by the extensive experience of RRESIPL's
promoters in the construction industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of RRESIPL and its group firm, VSP Stone
Crushers, collectively referred to as the RRESIPL group. This is
because both entities have significant operational linkages, are
in the same line of business, and are managed by the same
promoters.

                       About R R Engineering

Established as a partnership firm, RR Services, in 1989 and
reconstituted as a private limited company in 2009-10 (refers to
financial year, April 1 to March 31), RRESIPL is engaged in
construction works involving excavation work, quarrying and
crushing of aggregates, road works, and civil works for power
projects. More than 95 per cent of the company's sales are
generated from orders received from GVK Power & Technical
Services Ltd. RRESIPL located in Anaparthy, Andhra Pradesh is
promoted by Mr. Rama Reddy. RRESIPL has an unexecuted order book
of around INR250 million, to be executed in one year.

VSP is a partnership firm set up in 2010-11 and undertakes sub-
contracting work for RRESIPL. This firm is managed by the same
set of promoters as RRESIPL.

RRESIPL on a standalone basis reported a profit after tax (PAT)
of INR20.1 million on net sales of INR514.2 million for 2010-11,
as against a PAT of INR11.6 million on net sales of INR312.6
million for 2009-10.


SAVION CERAMIC: CARE Assigns 'B+' Rating to INR5.68cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Savion Ceramic.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      5.68       CARE B+ Assigned
   Short-term Bank Facilities     0.55       CARE A4 Assigned

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

Rating Rationale

The ratings are primarily constrained on account of the short
track record of operations of Savion Ceramic and weak financial
risk profile characterized by net losses, leveraged capital
structure, weak debt coverage indicators and stressed liquidity
position. The ratings are further constrained due to the
susceptibility of its margins to volatile raw material and fuel
prices and its presence in a highly fragmented and competitive
ceramic tile industry with close linkages to the cyclical real
estate industry.

The ratings, however, favorably take into account its presence in
the ceramic tile cluster of Morbi in Gujarat and the wide
experience of the partners in the ceramic industry.

Stabilization of the newly setup manufacturing facilities and
achieving optimum utilization and thereby improve its financial
risk profile in light of the competitive nature of industry is
the key rating sensitivity.

                      About Savion Ceramic

Savion Ceramic is a partnership firm started in the year 2009.
Currently, there are fifteen partners in the firm with an unequal
profit and loss sharing agreement between them. Mr. Kalpesh
K. Daxini holds 15% share in the firm and is actively involved in
the operations. Savion is engaged in manufacturing of ceramic
glazed wall tiles at its sole manufacturing facility located at
Wankaner in Rajkot district of Gujarat which had an installed
capacity of around 45,000 square meters per day (smpd) of ceramic
glazed wall tiles as on March 31, 2011. Savion started commercial
production of wall tiles in April 2010 and sells its products
under the brand name "Glassia".


SHREE RAM: CARE Assigns 'CARE B+' Rating to INR7.74cr Loan
----------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to bank facilities
of Shree Ram Proteins Pvt Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facility-       7.74       CARE B+ Assigned
   Term Loan

   Long-term Bank Facility-       21.00      CARE B+ Assigned
   Cash Credit

   Short-term Bank Facility-      0.50       CARE A4 Assigned
   Bank Guarantee

Rating Rationale

The ratings are constrained by weak financial profile reflected
through high gearing and stressed debt coverage indicators; lack
of refining capacity which coupled with the highly fragmented
nature of the edible oil industry limits the bargaining power of
SRPPL with buyers. The rating is also constrained by plants
concentration on a single type of oilseed and the vulnerability
of profitability to the movements in raw material prices, which
are related to seasonality and crop harvest.

The rating, however, derives strength from experience of the
promoters in the cotton ginning industry, the comparative
advantage over traditional oil seed processing units and
favorable location at Gondal (Rajkot) which provides easy access
to high quality raw material.

Ability to improve scale of operations as well as profitability
and successfully implement additional de-linting capacity, as the
term loan repayment has already started are key rating
sensitivities.

                           About Shree Ram

Shree Ram Proteins Private Limited was incorporated in 2008 and
has set up a cotton seed processing facility at Gondal in
Gujarat, to produce cotton seed oil, de-oiled cake, cotton
linters and hulls. The operations have commenced since February
2010 and the company has an installed capacity of 300MT/day for
de-linting and 500MT/day for solvent extraction. The company
sells the entire quantity of washed cotton seed oil (WCS) to
refiners in Gujarat like Adani Wilmar, M.K Protiens, Vimal Oils &
Foods Ltd and does not have any refining capacity of its own.
Currently the company is implementing expansion of de-linting
capacity from 300 MT/day to 450 MT//day.

On a total income of INR75.46 crore the company posted a net
profit of INR0.40 crore during FY11 (refers to period April 1 to
March 31).


SKM EGG: CARE Cuts Rating on INR46cr Loan to 'CARE BB-'
-------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
SKM Egg Products Export (India) Ltd.

   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term Bank Facilities-    46.0       CARE BB- Revised from
   Term Loan                                CARE BB
   (enhanced from 19.2)

   Short-term Bank Facilities-    55.2     CARE A4 Reaffirmed
   Fund-based
   (enhanced from 41.3)

Rating Rationale

The rating revision takes into account further deterioration in
operational performance and cash losses in FY11 (refers to period
April 1, 2010 to March 31, 2011) and 9MFY12 (refers to period
April 1, 2011 to December 31, 2011).

The ratings draw strength from the vast experience of the
promoters, established track record of the company in the poultry
industry as one of the largest egg powder exporters in the
country and efforts taken by the company to build backward
integration capabilities.

Going forward, improvements in operational performance resulting
from the combined effect of revival of the export market &
reduction in egg prices and managing foreign exchange risk will
be the key rating sensitivities.

                          About SKM Egg

SKM Egg Products Exports (India) Ltd. was promoted in April 1995
by Mr. SKM Maeilanandan, a reputed businessman with about two
decades of experience in Poultry farming, as a Joint Sector
Undertaking with Tamil Nadu Industrial Development Corporation
Limited (TIDCOholds 7.54 % of the shareholding) to manufacture
Whole Egg powder, Egg Yolk powder and Egg Albumen powder. SKM's
products are used in about 5 segments, viz, Bakery &
Confectionery, Noodles & Pasta, Meat & Fish products, Mayonnaise
& Salad dressing and Health & Pharmaceuticals. The company has
quality certifications like ISO 9001:2000, SQF (Safe Quality
Food) 2000 and HACCP (Hazard Analysis Critical Control Point)
certifications.

SKM is a 100% Export Oriented Unit (EOU) which exports egg powder
mainly to Europe, Japan and Middle East. SKM has its own Feed
Mill Plant and Poultry farm in order to ensure quality and
uninterrupted supply of eggs for the Egg Processing plant.

In FY11 the company incurred net loss of INR9.3 crore on total
income of INR121.0 crore. As per the working results for the nine
months ended December 31, 2011 the company incurred a net loss of
INR8.1 crore on total income of INR87.9 crore.


SRINATH BUILDERS: CRISIL Reaffirms 'BB' Rating on INR90MM Loans
---------------------------------------------------------------
CRISIL rating on the bank facilities of Srinath Builders and
Housing Co Pvt Ltd continues to reflect the extensive experience
of Srinath's promoters in the construction industry, and its
diversified clientele. These rating strengths are partially
offset by Srinath's large working capital requirements, and small
scale of operations and net worth.

                               Amount
   Facilities                (INR Mln)      Ratings
   ----------                ---------      -------
   Bank Guarantee               85.0        CRISIL A4+
   Cash Credit                  67.5        CRISIL BB/Stable
   Proposed Cash Credit Limit   22.5        CRISIL BB/Stable
   Limit

Outlook: Stable

CRISIL believes that Srinath will continue to benefit over the
medium term from its promoters' extensive industry experience and
diversified clientele. The outlook may be revised to 'Positive'
if Srinath reports strong growth in revenues, driven by greater
segmental and geographical diversification. Conversely, the
outlook may be revised to 'Negative' in case the company
undertakes an additional large, debt-funded capital expenditure
(capex) or acquisition programme, or in case of less-than-
expected revenues or operating profitability, leading to
weakening in its financial risk profile.

Update

Srinath is estimated to have generated revenues of INR270 million
in 2011-12 (refers to financial year, April 1 to March 31),
against of INR370 million in 2010-11. Revenues for 2011-12 are
much below CRISIL's expectation of over INR450 million, as
revenues from one of Srinath's key projects have were less than
expected (by INR60 million) and operations were disrupted for
around 2 months. The company had orders of about INR520 million
as on April 4, 2012, to be executed over the next 12 months,
providing some revenue visibility. For 2011-12, Srinath's
operating profit margin is estimated at 12 per cent, in line with
CRISIL's expectations.

Srinath's financial risk profile is estimated to have improved
marginally with infusion of equity of about INR33.6 million in
2011-12. With the infused equity, its gearing is estimated to
have come down to a comfortable level of 0.64 times as on March
31, 2012 from 0.97 times a year ago. The promoters are planning
to infuse addition INR100 million of equity into the company,
which is expected to increase its net worth to about INR250
million in 2012-13. The equity infusion is being done to fund the
expected incremental working capital requirements of the company
over medium term.

In 2011-12, Srinath's bank limit utilisation was 84%. This was
mainly because of large working capital requirements, as
reflected in its inventory holding period of about 62 days, and
receivables collection period of about 75 days, as on March 31,
2011. The firm's liquidity has been adequate, as reflected in its
net cash accruals of about INR24 million per annum vis-a-vis debt
obligations of about INR1.5 million over the medium term and
average bank limit utilisation of 84 per cent. For 2011-12, its
debt protection metrics are estimated to have remained at the
previous year's levels - interest coverage and net cash accruals
to total debt ratios are estimated at 3.62 times and 29 per cent
respectively for 2011-12.

Srinath reported a profit after tax (PAT) of INR19 million on net
sales of INR370 million for 2010-11, against a PAT of INR10
million on net sales of INR210 million for 2009-10

                      About Srinath Builders

Srinath, based in Assam, is into civil construction activities,
primarily earthwork, and construction of roads, bridges,
buildings, and border fences, in the states of Assam and
Meghalaya. The company has a diversified clientele, including
National Projects Construction Corporation Ltd, National
Buildings Construction Corporation Ltd (rated 'CRISIL AA-
/Stable'), Assam Public Works Department, Brahmaputra Board,
Assam, and Northeast Frontier Railways. The company is registered
as a Class 1 contractor with the aforementioned clients. Srinath
had an order book of INR520 million as on April 4, 2012. The day-
to-day operations of the company are looked after by its
promoter-directors, Mr. Nitish Agarwal and Mr. Manish Agarwal.


TERRA INFRA: CARE Reaffirms 'CARE BB-' Rating on INR10cr Loan
-------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Terra Infra Development Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       10.00     CARE BB- Reaffirmed
   Short-term Bank Facilities      50.00     CARE A4 Reaffirmed

Rating Rationale

The ratings continues to be constrained by the liquidity concerns
faced by the company evidenced by high working capital
utilisation levels, relatively lesser experience of TIDL as an
Engineering, Procurement and Construction contractor and smaller
fixed asset base, fixed-price and fixed time nature of EPC
contracts and non-diversified construction business focusing only
on road projects which offer relatively lower margin.

The ratings takes into consideration the affiliation of TIDL with
the diversified Jayaswal Neco Group having presence in sectors
like iron, steel, power and metals & mining.  Along with
Government of India's policy focus on infrastructure development
especially roads.

TIDL's ability to bag new contracts which in turn would enhance
its future revenue visibility constitute the key rating
sensitivity.

                          About Terra Infra

TIDL has been promoted by NECO Group for infrastructure
development primarily road construction projects on Engineering,
Procurement and Construction (EPC) basis. The company was
incorporated in 1991 as Siltra Energy Pvt Ltd, and later was
reconstituted as TIDL (public limited).

The company reported a total income of INR157.49 crore and a PAT
of INR6.01 crore in FY11 (refers to period April 01 to March 31)
on a standalone basis as against a total income of INR195.47
crore and a PAT of INR6.82 crore in FY10.


UKAY METAL: CRISIL Assigns 'CRISIL BB+' Rating to INR60MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable' rating to the long-
term bank facilities of Ukay Metal Industries Pvt Ltd.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             20         CRISIL BB+/Stable
   Term Loan               40         CRISIL BB+/Stable

The rating reflects the extensive experience of UMIPL's promoters
in the auto component industry. This rating strength is partially
offset by customer concentration in UMIPL's revenue profile.

Outlook: Stable

CRISIL believes that UMIPL will continue to benefit over the
medium term from its promoters' extensive experience in the
automobile components industry and healthy customer
relationships. The outlook may be revised to 'Positive' if the
company reports significantly higher than expected revenues and
net cash accruals while improving its debt protection indicators.
Conversely, the outlook may be revised to 'Negative' if UMIPL's
debt protection metrics deteriorate materially because of lower-
than-expected revenues and earnings, or larger-than-expected,
debt-funded capital expenditure or elongation of its working
capital cycle.

                        About Ukay Metal

Incorporated in 1988, UMIPL manufactures automotive components.
The company manufactures diverse automotive components such as
front grill, bull bar, dash mat, and seat foam. UMIPL's clientele
includes auto companies, such as Mahindra and Mahindra Ltd (rated
'CRISIL AA+/Stable/CRISIL A1+'), Lear Automotive India Pvt Ltd,
and Force Motors Ltd. Mr. Rajendra Katore is UMIPL's managing
director. Its manufacturing facilities are located in Nashik
(Maharashtra)

UMIPL reported a profit after tax (PAT) of INR14.6 million on net
sales of INR931.5 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR6.4 million on net
sales of INR691.4 million for 2009-10.


VAISHNO SALES: CRISIL Upgrades Rating on INR122.5MM Loan to 'BB-'
-----------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of Maa
Vaishno Sales Pvt Ltd to 'CRISIL BB-/Stable' from 'CRISIL
B+/Stable'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit            122.5       CRISIL BB-/Stable (Upgraded
                                      from 'CRISIL B+/Stable')

The upgrade reflects improvement in MVSPL's scale of operations
and the company's increasing net worth. MVSPL's topline is
expected to improve to around INR800 million during 2011-12
(refers to financial year, April 1 to March 31) against INR392
million in 2010-11. Additionally, infusion of equity during 2011-
12 is expected to result in improvement in the company's net
worth and capital structure.

The rating continues to reflect the benefit that MVSPL derives
from its promoters' experience in the distribution business and
established relationships with principals. The above strengths
are partly negated by the company's below-average financial risk
profile, marked by below average debt protection metrics, and
large working capital requirements.

Outlook: Stable

CRISIL believes that MVSPL will continue to benefit over the
medium term from its promoters' experience in the distribution
business and its established relationships with its principals.
The outlook may be revised to 'Positive' if the company reports
substantial growth in its scale of its operations and
profitability, while it maintains its capital structure.
Conversely, the outlook may be revised to 'Negative' if MVSPL
reports significant pressure on its profitability, or if it
undertakes a large debt-funded capital expenditure programme,
leading to deterioration in its financial risk profile.

                         About Maa Vaishno

MVSPL was set up as Maa Vaishno Enterprises, a proprietorship
firm, in August 2000 by Mr. Harish Agarwal. It was a dealer for
Philips India Ltd until 2006. MVSPL is currently the distributor
of products manufactured by Surya Roshni Ltd, Finolex Cables Ltd,
and Wipro Ltd in West Bengal. MVSPL caters to around 1000
retailers in its area of operations.

MVSPL reported a profit after tax (PAT) of INR2.3 million on net
sales of INR392 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR1.5 million on net
sales of INR260 million for 2009-10.


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


OLYMPUS CORP: Wins Shareholder Approval for New Board
-----------------------------------------------------
Jiji Press reports that Olympus Corp. on Friday secured
shareholders' approval of executive appointments to fill
vacancies left by managers who resigned to take responsibility
for a massive loss cover-up.

At an extraordinary general meeting, Jiji Press relates,
shareholders endorsed the appointment of 11 new board members and
four auditors proposed by Olympus.

According to the report, Hiroyuki Sasa, who was executive
officer, replaced Shuichi Takayama to become the new Olympus
president.  Former Sumitomo Mitsui Banking Corp. executive
Yasuyuki Kimoto became the new chairman, says Jiji Press.

At the start of the meeting, Jiji Press says, Mr. Takayama
apologized for the cover-up, briefing shareholders on the
wrongdoing and measures that have been taken to prevent similar
scandals.

Jiji Press relates that shareholders accepted Mr. Takayama's
request to approve corrections to past earnings results up
through the year ending in March 2007.

The extraordinary meeting, which was attended by a record 975
participants, lasted 2 hours and 59 minutes, the longest on
record for Olympus, the report notes.

Jiji Press reports that some shareholders submitted motions to
return former President Michael Woodford to the board.
Mr. Woodford, Jiji Press recalls, was ousted from the company's
presidency in October last year after blowing the whistle on
suspicious corporate acquisition deals, which led to the
revelation of the cover-up scandal.

But the motions were rejected by majority votes, Jiji Press
notes.

At the meeting, Jiji Press relates, Mr. Woodford urged the
company to explain why it dismissed him. Regarding the firm's
plan to retain two previous board members as executives, Woodford
said all former members should promise to leave.  The management
did not explain the reasons for Mr. Woodford's dismissal.

Jiji Press reports that Mr. Woodford said he will file a suit to
invalidate the decisions made during the meeting, claiming it was
illegitimate because management failed to provide the
explanations he sought.

                         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
====================


CRAFAR FARMS: Sale Deal With Chinese Buyer Approved
---------------------------------------------------
BusinessDesk reports that the government ministers have approved
the purchase of the Crafar farms by the Chinese company Shanghai
Pengxin, but the decision has been heavily criticised by a rival
bidder.

BusinessDesk relates that Land Information Minister Maurice
Williamson said in a statement he and Associate Finance Minister
Jonathan Coleman had approved the Overseas' Investment Office's
(OIO) new recommendation to allow the purchase of the 16 farms.

According to the report, Mr. Williamson said the ministers were
satisified that even on the most conservative approach, the
application met the criteria set out in the Overseas Investment
Act.

Mr. Coleman said the approval was given with 27 conditions to
ensure the investment by Milk New Zealand -- Shanghai Penxin's
subsidiary in New Zealand -- would deliver substantial benefits
to New Zealand, the report relays.

Meanwhile, BusinessDesk reports that Sir Michael Fay -- the
leader of a rival bid by a consortium that had challenged the
original consent -- said the deal set a precedent that would
"open the farmgates" for a flood of other overseas investors.

Mr. Fay said the group was disappointed and its iwi members were
"justifiably angry''.

"It is hard to comprehend that this sale can go ahead only
because a Government-owned entity, Landcorp, has partnered with
Shangahai Pengxin to provide the necessary business acumen and
expertise required for OIO approval," the report quotes Mr. Fay
as saying.

"It would mean any potential foreign owner would be approved if
they could 'buy in' sufficient New Zealand expertise to
effectively make a nullity of this key requirement in the OIO
rules."

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

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

                         About Crafar Farms

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

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

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


HANOVER FINANCE: Court of Appeal Upholds Asset Freezing Order
-------------------------------------------------------------
Businessdesk reports that the Court of Appeal has rejected an
attempt by former Hanover Finance boss Mark Hotchin to replace
the court-ordered freeze on his personal assets with less onerous
"formal undertakings."

BusinessDesk says Financial Markets Authority head Sean Hughes
welcomed the decision upholding a High Court rejection last
September of Mr. Hotchin's bid to have preservation orders on his
assets revoked.

"These orders are important for enabling the FMA to preserve
assets for aggrieved investors pending the outcome of the civil
proceedings filed by FMA last month," the report quotes
Mr. Hughes as saying.

According to the report, High Court judge Helen Winkelman ruled
against replacing the preservation orders, saying undertakings
"provide a less satisfactory protection for aggrieved persons"
without alleviating the difficulty Mr Hotchin said he was having
making an income to support his family.

Those assets include a mansion in Auckland's Paritai Drive, which
the Appeal Court heard last month would be completed for a total
cost of NZ$43 million, BusinessDesk notes.

The High Court granted in December 2010 interim asset
preservation orders in respect of assets believed to be
associated Mr. Hotchin. The orders were sought by FMA's
predecessor, the Securities Commission.

Mr. Hotchin appealed the upholding of the orders in December 2011
by the High Court. The appeal was opposed by FMA.

FMA filed civil proceedings against directors and promoters of
Hanover Finance Ltd, Hanover Capital Ltd and United Finance Ltd
on March 30, 2012.

                       About Hanover Finance

Hanover Finance Limited -- http://www.hanover.co.nz/-- is
New Zealand's third-largest privately-owned finance company with
total assets of NZ$796 million at December 31, 2007.  The company
was established in 1984 to provide finance to the rural sector
and began lending to property developers and investors in 1995.
The loan portfolio has been gradually downsized since 2006 as a
result of a more cautious approach to lending in the face of
retail funding constraints.

Hanover Finance's investors in December 2008 voted in favor of
the company's Debt Restructure Proposals, including a plan to
fully repay NZ$552.6 million principal it owes over five years.
However, Hanover Finance said in November 2009 it is no longer
likely to fully repay investors under a debt restructuring plan
due to a deterioration in the commercial property development
market, a TCR-AP report on Nov. 12, 2009, said.

In December 2009, investors agreed to swap their Hanover
interests for shares in Allied Farmers Ltd.

The Serious Fraud Office commenced an investigation into the
affairs of Hanover Finance Ltd in September 2010 after
considering complaints received from the Securities Commission,
Allied Farmers and others.


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


* Moody's Says March Asian Liquidity Stress Index Deteriorated
--------------------------------------------------------------
Moody's Investors Service says that its Asian Liquidity Stress
Index (LSI) deteriorated further in March and now stands at
15.5%, or 15 of the 97 issuers in the speculative-grade portfolio
demonstrating weak liquidity, compared with 14.6%, or 14 out of
96 issuers, in February.

"The deterioration in March was again largely the result of
weakening liquidity profiles, particularly of Chinese corporates
and more specifically of Chinese property developers. More than
one in four of the high-yield Chinese property companies we rate
is considered to have weak liquidity," says Laura Acres, a
Moody's Vice President and Senior Credit Officer.

"Overall liquidity in Asia remains strong relative to the high
point of 37% in the fourth quarter of 2008, the peak of the
global financial crisis. However, it is now at the highest level
since October 2010 and there have been four months of
consecutive, marked erosion," adds Ms. Acres. The Asian LSI
measures the percentage of companies with the lowest speculative-
grade liquidity score (SGL-4), and increases when corporate
liquidity appears to deteriorate.

Liquidity in Asia is generally weaker than in other regions,
partly because its debt capital markets aren't as mature as those
in some other regions, and because they rely more on local bank
markets for funding.

"The number of net new issuers in the index rose by one in March.
This was a function of two new ratings, of Indonesian home
builder Alam Sutera Realty Tbk (B2, stable) and Mongolian Mining
Corp (B1, stable), and the withdrawal of the ratings of Daqing
Dairies.

"At the same time, the total amount of rated debt outstanding in
March increased slightly, to $43.5 billion from $40.4 billion in
February, as a result of new issuances," says Ms. Acres.

Looking ahead, Moody's expects markets in Asia to remain
uncertain, due to ongoing concerns about the euro area sovereign
debt crisis and a more general economic slowdown, which has made
investors more cautious.

However, the market has reopened, with most deals being
oversubscribed and the two new deals; Mongolia Mining Corp was
the first corporate rated deal out of Mongolia, while Alam Sutera
was one of the lowest-rated first time issuers in the region to
raise US dollars.

Moody's expects more high-yield debt deals to flow through in the
coming weeks and months.

Moody's expects that $4.2 billion of bonds from rated issuers
(including domestic and cross-border bonds and convertibles) will
fall due this year and that much of this will need to be
refinanced. Some US$871 million of the total US$4.2 billion of
debt is to be refinanced by six issuers rated B3 and below: to
date no Asian issuer has successfully raised a US$ bond while at
this rating level or below.

The monthly index looks at looks at liquidity trends throughout
the Asia-Pacific region (excluding Japan and Australia) for the
speculative-grade companies Moody's rates, and quantifies the
proportion of companies with weak liquidity.

The report is entitled Moody's Asian Liquidity Stress Index.


                             *********

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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