TCRAP_Public/120426.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Thursday, April 26, 2012, Vol. 15, No. 83

                            Headlines


A U S T R A L I A

CMI INDUSTRIAL: Faces Administration, 200 Jobs at Risk
PERLE PTY: Works on Coffs Harbour Project Resumes
TAXI CLUB: Goes Into Voluntary Administration
* AUSTRALIA: Small Business Failures Up 48% in 2011


H O N G  K O N G

MEMSUN WORLD: Creditors' Meeting Set for April 27
NANOX LIMITED: Commences Wind-Up Proceedings
OMNIUM HK: Creditors' Proofs of Debt Due May 11
POLYFIELD DEVELOPMENT: Creditors' Proofs of Debt Due May 21
PRUDENTIAL INVESTMENT: Members' Final Meeting Set for May 21

SUPERTOYS INDUSTRIAL: Creditors' Meeting Set for May 2
SURE TALENT: Commences Wind-Up Proceedings
TEAMPO TECHNOLOGY: Creditors' Proofs of Debt Due May 27
UNITED SOURCE: Lai and Haughey Step Down as Liquidators
VERACITY INVESTMENT: Members' Final Meeting Set for May 21

WELHAND MANAGEMENT: Creditors' Proofs of Debt Due May 21


I N D I A

AMBICA INT'L: CRISIL Puts 'CRISIL B' Rating on INR65MM Loans
BANSAL COAL: Fitch Rates INR220 Million Loan at 'B(ind)
BIRAMANE HOSTEL: Delay in Loan Payment Cues CRISIL Junk Ratings
CAPRICORN OILS: CRISIL Assigns 'B' Rating to INR45MM Cash Credit
CHENNAI KRAFT: Delays in Loan Payment Cues CRISIL Junk Ratings

FIBCOM INDIA: CRISIL Cuts Rating on INR775MM Loans to 'BB-'
GREEN CONCRETE: CRISIL Cuts Rating on INR79MM Loans to 'CRISIL D'
GREEN CONCRETEX: CRISIL Cuts Rating on INR58.5MM Loans to 'D'
JAGDAMBA STEELS: CRISIL Rates INR100MM Cash Credit at 'BB-'
KONERU CONSTRUCTIONS: CRISIL Puts 'B' Rating on INR75MM Loans

LOGIX INFRA: CRISIL Assigns 'B' Rating to INR2 Billion LT Loan
MARTIN BURN: Fitch Rates INR547.9-Mil. Term Loan at 'B+(ind)
MODERN CONSTRUCTION: CRISIL Rates INR47.5MM Loan at 'CRISIL BB'
ORIGIN ITFS: CRISIL Cuts Rating on INR360.6MM Loan to 'BB+'
RAGHU EXPORTS: CRISIL Places 'B-' Rating on INR8.8MM Term Loan

RATAN MICA: Fitch Rates INR75.6 Million Loan 'B+(ind)
RIGA SUGAR: Delay in Loan Payment Cues CRISIL Junk Ratings
S. M. APPARELS: Defaults Prompt Fitch to Place 'D' Rating
SWAMI HITECH: CRISIL Rates INR80MM Cash Credit at 'CRISIL B+'
TRIUMPH REALTORS: CRISIL Rates INR60MM Loan at 'CRISIL B+'

UNION BANK: Moody's Issues Summary Credit Opinion


J A P A N

PEGASUS FUNDING: Moody's Cuts Ratings on Two Loan Classes to 'C'
RESTAY HOTELS: Moody's Reviews 'Ba3' Loan Ratings for Downgrade
TOKYO ELECTRIC: Reportedly Accepts Gov't Bid for Majority Stake
TOKYO ELECTRIC: To Submit Restructuring Plan to Gov't on Friday


N E W  Z E A L A N D

BRIDGECORP LTD: Former Director to Appeal Two-Year Jail Sentence


S I N G A P O R E

MICROFAB INNOVATION: Creditors' Proofs of Debt Due May 4
MONTROSE HOLDINGS: Court to Hear Wind-Up Petition May 4
MORE WORLD: Court Enters Judicial Management Order
RGM ENTERTAINMENT: Court to Hear Wind-Up Petition May 11
SEMITOOL (ASIA): Creditors' Proofs of Debt Due May 20

SPN INTERNATIONAL: Court Enters Wind-Up Order
YOSHIDA (S): Court to Hear Wind-Up Petition May 4


X X X X X X X X

* Moody's Says Weak Business Sentiments Offset Modest US Recovery


                            - - - - -


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


CMI INDUSTRIAL: Faces Administration, 200 Jobs at Risk
------------------------------------------------------
The Age reports that CMI Industrial appeared all but certain to
go into administration on Tuesday, April 24, leaving about 200
employees in limbo.

CMI is a crucial components supplier to Ford.  "Our stock is OK
through at least most of Thursday," the report quoted Ford
spokeswoman Sinead Phipps as saying.  But Ms. Phipps warned that
if CMI could not continue supplies, Ford would have to halt
production until a solution was found, according to the report.

The Age notes that a shutdown would involve Ford's Geelong and
Broadmeadows plants, with workers likely to be put on half-pay.
The report relates that Ms. Phipps said she expected the
situation to be resolved soon.

Ford is understood to have injected money into CMI in the past
but is now unwilling to bail out the company unless substantial
restructuring occurs, The Age says.

Since December, The Age recalls that CMI has failed to pay all
the rent on its Campbellfield plant.  The report relates that the
landlord recently changed the locks on the plant's gates and
demanded AU$116,000 in unpaid rent that left about 100 workers
locked out.

CMI Industrial, a components supplier to Ford, has four factories
in Victoria, at Campbellfield, Footscray, Ballarat and Horsham.
It also has a factory in Toowoomba, Queensland.  It employs at
least 200 people nationally.


PERLE PTY: Works on Coffs Harbour Project Resumes
-------------------------------------------------
ABC Mid North Coast NSW reports that construction is again
underway in Coffs Harbour on projects formerly run by the failed
building company Perle Pty Ltd.

ABC Mid North recalls that work on the public housing projects
stopped when the Sydney-based construction company collapsed
owing millions of dollars.

St Hillier Construction took over the sites when Perle went into
voluntary liquidation in 2010, the report notes.

According to the report, Coffs Harbour M-P Andrew Fraser said
local contractors lost money, but he's hoping they'll recover
most of it.

"I'm not going to rest until such times as we've had a full
investigation by the Auditor General . . . That's because I
believe there was mismanagement on behalf of government
departments in the way this contract was issued," the report
quotes Mr. Fraser as saying.  "I believe the government should
have some responsibility to make sure that 100% of the money lost
by Coffs Harbour contractors is returned to them."

Perle Pty Ltd is a Sydney-based construction company.  The
company went into receivership in January 2011.


TAXI CLUB: Goes Into Voluntary Administration
---------------------------------------------
starOnline reports that Taxi Club has gone into voluntary
administration after the club's directors appointed chartered
accountants Armstrong Wily as administrator.

In March, the club announced it would close for good on April 8,
telling members, "Despite our best efforts, our financial
situation has deteriorated to the point where we have no option
other than to shortly cease trading," according to starOnline.

starOnline says that the club managed to stay open for a few days
more but on April 11, Armstrong Wily contacted the club's
creditors to inform them it had been appointed administrator.

The Taxi Club had already been forced to sell the building it
occupies in July 2011, but it continued to rent the building and
still owned its seven poker machines, the report relays.

starOnline says that there had been talk of amalgamation with
another club but this appears not to have eventuated.

Armstrong Wily will now attempt to maximize the chances that the
company can continue to exist and pay its debts or, if that is
not possible, seek to provide a better return to creditors than
would be the case if the company was wound up and liquidated,
starOnline notes.

The Taxi Club, which opened as the Grosvenor Club in 1956, was
one of the oldest LGBTI venues in Sydney.


* AUSTRALIA: Small Business Failures Up 48% in 2011
---------------------------------------------------
The number of small businesses going bankrupt jumped by 48% over
the last 12 months, while small business start-ups fell by 95%
over the same period, according to latest reports by Dun &
Bradstreet.

Analysis by Dun & Bradstreet of business start-ups and failures
for the December quarter 2011 found that across the economy,
business failures were down 10% on the September quarter 2011,
but up more than 40% for the year.

This coincides with Dun & Bradstreet's downgrades during the
December quarter of more than 128,000 firms that are likely to
experience financial distress over the coming twelve months.

According to Dun & Bradstreet CEO, Christine Christian,
Australian business failures have trended steadily upwards since
2008, growing over 30% in the last three years.

"There is an increasing risk that the global economic slowdown
will intensify the upward trend in insolvencies," Ms. Christian
said.

"Despite recent rate cuts, there is a palpable lack of confidence
in the current operating environment. This is obviously one of
the side effects of long standing global uncertainty and can
often be enough to deter businesses from entering the market,
irrespective of actual conditions."

Key findings of the D&B Business Failures and Start-ups Analysis
for the December quarter 2011:

   -- Nationwide, insolvencies rose 42% year-on-year while the
      number of new businesses fell 11% over the same period;

   -- Small business failures grew 57% over the year among
      firms with less than five employees and 40% over the
      year among firms with six to 19 employees;

   -- Small business start-ups among firms with less than five
      employees fell 95% in the year;

   -- Failures were most pronounced within the service (up 58%),
      finance (up 58%) and construction (up 66%) sectors; and

   -- Start-ups during the December quarter in the manufacturing,
      service and finance sectors fell by nearly 100%.

"Outside the mining sector, sentiment is generally still poor and
the strong Australian dollar is straining profits. This could
lead to an increase in business failures in 2012."

While most sectors saw some improvement during the fourth
quarter, failures in the retail sector rose 11% for the quarter
and were up 115% for the year. This corresponds with similar
jumps in the traditional manufacturing states of New South Wales
and Victoria where insolvencies increased 59% and 35%
respectively for the period.

Since the Global Financial Crisis in 2008, failures in the
services sector have risen by 77%, while failures in the
manufacturing industry have increased by 57 percent.

In contrast, not surprisingly, the mining industry recorded
almost no insolvency activity during the December quarter. Over
the last three years failures in the mining industry have fallen
by 20%.

These findings correlate with a recent D&B Global Business
Failures Report, which revealed that Australian businesses
continue to present a high insolvency risk when compared with the
rest of the world.

The report indicated that with its steady increase in
bankruptcies, Australia is now being classified in the same risk
category as a number of countries being impacted by the euro-zone
debt crisis, such as Italy, Portugal, Spain and the United
Kingdom.

"In Australia, rising insolvencies are largely being driven by
poor sentiment outside the mining sector and a tightening of
credit. This will have a knock-on effect on businesses as cash
flow becomes more strained," Ms Christian said.

"Cash flow is the mitigating factor here, particularly for small
businesses who feel the effects a lot faster than larger
companies with cash reserves to match."

"Businesses should take precautionary measures to reduce their
level of financial and operating risk. Changing market conditions
will no doubt have an impact on all businesses, but it is above
all good cash flow management that is the key to running a
successful enterprise."


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


MEMSUN WORLD: Creditors' Meeting Set for April 27
-------------------------------------------------
Creditors of Memsun World Wide Limited will hold their meeting on
April 27, 2012, for the purposes provided for in Sections 241,
242, 243, 244 and 255A of the Companies Ordinance.

The meeting will be held at Room 2301, 23/F, Ginza Square, at
565-567 Nathan Road, Yaumatei, Kowloon, in Hong Kong.


NANOX LIMITED: Commences Wind-Up Proceedings
--------------------------------------------
Members of Nanox Limited, on April 10, 2012, passed a resolution
to voluntarily wind up the company's operations.

The company's liquidators are:

         Rainier Hok Chung Lam
         Anthony David Kenneth Boswell
         22/F, Prince's Building
         Central, Hong Kong


OMNIUM HK: Creditors' Proofs of Debt Due May 11
-----------------------------------------------
Creditors of Omnium Hong Kong Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by May 11, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on April 10, 2012.

The company's liquidator is:

         Chan Mi Har
         Betty Yeung Yuen
         Level 28, Three Pacific Place
         1 Queen's Road
         East, Hong Kong


POLYFIELD DEVELOPMENT: Creditors' Proofs of Debt Due May 21
-----------------------------------------------------------
Creditors of Polyfield Development Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by May 21, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on April 12, 2012.

The company's liquidator is:

         Ho Tak Sang
         Room 303, East Ocean Centre
         98 Granville Road
         Kowloon


PRUDENTIAL INVESTMENT: Members' Final Meeting Set for May 21
------------------------------------------------------------
Members of Prudential Investment Company Limited will hold their
final general meeting on May 21, 2012, at 10:00 a.m., at 20/F,
Fung House, at No. 19-20 Connaught Road Central, in Hong Kong.

At the meeting, Lee Yuen Han Hope, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


SUPERTOYS INDUSTRIAL: Creditors' Meeting Set for May 2
------------------------------------------------------
Creditors of Supertoys Industrial Company Limited will hold a
meeting on May 2, 2012, at 3:00 p.m., for the purposes provided
for in Sections 241, 242, 243, 244 and 255A of the Companies
Ordinance.

The meeting will be held at Thornton Room, 3/F, South Tower, 41
Salisbury Road, YMCA of Hong Kong, Tsimshatsui, Kowloon, in
Hong Kong.


SURE TALENT: Commences Wind-Up Proceedings
------------------------------------------
Members of Sure Talent Investment Limited, on April 13, 2012,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

         Fung Chi Chung
         Room 211, 2/F
         Sterling Centre
         11 Cheung Yue Street
         Cheung Sha Wan
         Kowloon, Hong Kong


TEAMPO TECHNOLOGY: Creditors' Proofs of Debt Due May 27
-------------------------------------------------------
Creditors of Teampo Technology (H.K.) Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by May 27, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on April 10, 2012.

The company's liquidator is:

         Sze Lin Tang
         Unit D, 21/F
         Max Share Centre
         373 King's Road
         North Point, Hong Kong


UNITED SOURCE: Lai and Haughey Step Down as Liquidators
-------------------------------------------------------
Lai Kar Yan (Derek) and Darach E. Haughey stepped down as
liquidators of United Source International Limited on April 13,
2012.


VERACITY INVESTMENT: Members' Final Meeting Set for May 21
----------------------------------------------------------
Members of Veracity Investment Limited will hold their final
meeting on May 21, 2012, at 11:00 a.m., at 7th Floor, Alexandra
House, 18 Chater Road, Central, in Hong Kong.

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


WELHAND MANAGEMENT: Creditors' Proofs of Debt Due May 21
--------------------------------------------------------
Creditors of Welhand Management Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by May 21, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on April 10, 2012.

The company's liquidator is:

         Lee Wan Sze
         Unit 1004, 10/F
         East Town Building
         16 Fenwick Street
         Wanchai, Hong Kong


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


AMBICA INT'L: CRISIL Puts 'CRISIL B' Rating on INR65MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Ambica International.

                            Amount
   Facilities             (INR Mln)     Ratings
   ----------             ---------     -------
   Proposed Long-Term        50         CRISIL B/Stable
   Bank Loan Facility

   Cash Credit               15         CRISIL B/Stable

   Import Letter of Credit   55         CRISIL A4
   Limit

The ratings reflect AI's working-capital-intensive operations and
weak financial risk profile, marked by high total outside
liabilities to tangible net worth ratio and below-average debt
protection metrics. The ratings also factor in the vulnerability
of the firm's operating margin to volatility in raw material
prices. These rating weaknesses are partially offset by the
extensive industry experience of AI's proprietor.

Outlook: Stable

CRISIL believes that AI will maintain its business risk profile
in the near term. The outlook may be revised to 'Positive' if the
firm reports better than expected topline and margins or improves
its working capital cycle, leading to improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if there is a further stretch in its working capital
cycle, leading to weak liquidity, or in case the firm undertakes
any significant debt-funded capital expenditure programme.

                      About Ambica International

Established in 2009, AI trades in PVC resin and timber. The firm
is based in New Delhi and is managed by Mr. Praveen Bansal.

AI reported profit of INR2.1 million on net sales of INR333
million for 2010-11 (refers to financial year, April 1 to
March 31), as against profit of INR1.0 million on net sales of
INR289 million for 2009-10.


BANSAL COAL: Fitch Rates INR220 Million Loan at 'B(ind)
-------------------------------------------------------
Fitch Ratings has assigned India's Bansal Coal Udyog Private
Limited a National Long-Term rating of 'Fitch B(ind)' with Stable
Outlook.  Fitch has also assigned Bansal Coal's INR220 million
term loan facility a 'Fitch B(ind)' rating.

The ratings are constrained by high completion risks in Bansal
Coal's ongoing commercial project in Gurgaon due to the lack of
experience of its founders in the real estate sector.  This is
the company's first project and the construction work is being
carried out by a local contractor.  Also, the project faces risk
of cost overruns as raw material cost increases have to be borne
by Bansal Coal.

The ratings, however, draw comfort from the project being
situated at a prime location in Gurgaon and its superior
surrounding infrastructure.  The ratings are also supported by an
expected rise in the demand for office space from the upcoming
commercial complexes and IT SEZs in the vicinity of the project.

Negative rating action may result from any unforeseen downturn in
the real estate segment leading to a fall in rentals below INR60
per sqft.  Any delays in project completion leading to negative
inflows from accrued interest payments would also result in a
ratings downgrade.  Conversely, positive rating action would be
triggered if occupancy rates and rentals achieved are higher than
Fitch estimates.

Earlier involved in coal trading, Bansal Coal entered into real
estate sector in 2011.  It plans to generate income through
rentals from commercial office space.  The project is expected to
be completed by FY14.


BIRAMANE HOSTEL: Delay in Loan Payment Cues CRISIL Junk Ratings
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities
of Biramane Hostel.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan               65.1       CRISIL D
   Proposed Term Loan      34.9       CRISIL D

The rating reflects instances of delay by BH in servicing its
debt; the delays have been caused by BH's weak liquidity arising
out of its large, ongoing, debt-funded capital expenditure and
small cash accruals.

In addition to weak liquidity and debt protection metrics, BH has
small scale of operations. However, the firm benefits from its
promoters' extensive experience in the education business.

                        About Biramane Hostel

BH is an Association of Persons (AOP) of the Biramane family. The
firm provides hostel services to the boarding students of Vidya
Niketan High School & Junior College at Panchgani (Maharashtra),
which is run by Biramane Education Foundation (a group trust).
Currently, the hostel has 153 boarders.


CAPRICORN OILS: CRISIL Assigns 'B' Rating to INR45MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank loan facilities of Capricorn Oils Ltd.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Letter of Credit        40         CRISIL A4
   Bank Guarantee           6         CRISIL A4
   Cash Credit             45         CRISIL B/Stable

The rating reflects COL's below-average financial risk profile,
marked by high gearing and weak debt protection metrics, and
exposure to risks related to the commodity nature of, and intense
competition in, the edible oil industry. These rating weaknesses
are partially offset by the benefits that the company derives
from the extensive experience of its promoter in the edible oils
industry.

Outlook: Stable

CRISIL believes that COL will continue to benefit over medium
term from its promoter's extensive experience in the edible oils
industry. The outlook may be revised to 'Positive' in case the
company reports improvement in its financial risk profile led by
capital infusion or improvement in its accruals. Conversely, the
outlook may be revised to 'Negative' in case COL reports lower-
than-expected cash accruals, or if it undertakes a large, debt-
funded capital expenditure programme, leading to weakening of its
financial risk profile.

                       About Capricorn Oils

COL, incorporated in 1997, manufactures and refines edible oil,
mainly rice bran oil and palm oil, through the solvent extraction
process. The company is promoted by the Kolkata (West Bengal)
based Ambo group, which has over a decade of experience in the
edible oils and tea trading business. COL has its manufacturing
facilities at Bardhaman (West Bengal), with solvent extraction
capacity of 9000 tonnes per annum (tpa) and refining capacity of
13,500 tpa.

COL reported a profit after tax (PAT) of INR2.2 million on net
sales of INR644 million for 2010-11, against a PAT of INR1.4
million on net sales of INR487 million for 2009-10.


CHENNAI KRAFT: Delays in Loan Payment Cues CRISIL Junk Ratings
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Chennai Kraft Paper Industries. The ratings reflect
instances of delay by CKPI in servicing its debt; the delays have
been caused by the firm's weak liquidity.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                90        CRISIL D
   Proposed Long-Term        2.5      CRISIL D
    Bank Loan Facility
   Cash Credit              40        CRISIL D
   Letter of Credit         17.5      CRISIL D

CKPI also has an average financial risk profile, marked by
expected deterioration in gearing and below-average debt
protection metrics, and modest scale of operations in a
competitive and fragmented industry. The ratings also factor in
the susceptibility of the firm's margins to volatility in the
prices of paper. These rating weaknesses are partially offset by
CKPI's moderate business risk profile, marked by satisfactory
capacity utilization and established customer base.

                        About Chennai Kraft

Established in 2010, CKPI is a partnership firm based in Chennai
(Tamil Nadu). The firm started its commercial production in
September 2010. It manufactures kraft paper, which is extensively
used to make corrugated boxed used in the packaging industry. The
firm's day-to-day operations are managed by Mr. Siddique Ahmed.

During its first year of operation in 2010-11 (refers to
financial year, April 1 to March 31), CKPI reported a net profit
of INR0.8 million on net sales of INR124.7 million.


FIBCOM INDIA: CRISIL Cuts Rating on INR775MM Loans to 'BB-'
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank loan
facilities of Fibcom India Ltd to 'CRISIL BB-/Stable' from
'CRISIL BB+/Stable' while reaffirming its short-term rating at
'CRISIL A4+'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit            475         CRISIL BB-/Stable
   Term Loan              300         CRISIL BB-/Stable
   Letter of credit &     450         CRISIL A4+
    Bank Guarantee

The downgrade follows significant decline in the cash accruals
and topline of Fibcom and marked deterioration in its working
capital cycle on account of the slowdown in the telecommunication
(telecom) industry in the two years through 2011-12 (refers to
financial year, April 1 to March 31). The impact of the slowdown
on the overall credit risk profile of Fibcom has been further
accentuated by its large maturing term loan obligations. The
company's revenues declined by around 50 per cent year-on-year in
2011-12 to about INR700 million. Because the telecom industry
remains subdued, the company's performance is expected to remain
weak in the following year as well. As a result, the company is
expected to generate low net cash accruals ranging between INR75
and 85 million annually, which will not be sufficient to service
annual debt of around INR100 million over the medium term.
Currently, the company relies heavily on its promoter group
(Lalit Suri group) to service its debt in a timely manner. The
promoters have extended unsecured loans of INR170 million in
2011-12 after infusing equity of INR150 million in 2010-11.
Continued timely infusion of such funds will remain key rating
sensitivity factor over the medium term.

The ratings reflect Fibcom's moderate net worth and regular
funding support from promoters. This rating strength is partially
offset by the overall pressure the telecom industry is currently
going through and working-capital-intensive nature of operations
with stretched receivables and high inventory requirements.

Outlook: Stable

CRISIL believes that Fibcom's business risk profile will remain
constrained over the medium term on account of slowdown in the
telecom industry. However, its weak liquidity will be supported
by regular funding from promoters. The outlook may be revised to
'Positive' in case of healthy offtake of Fibcom's recently
launched products, resulting in more-than-expected growth in
revenues and cash accruals, coupled with maintenance of its
capital structure. Conversely, the outlook may be revised to
'Negative' in case unsecured loans are not extended by promoters
on a timely basis, or if it undertakes any large, debt-funded
capital expenditure or investment.

                        About Fibcom India

Fibcom is part of the Lalit Suri group (promoters of Subros Ltd
and Bharat Hotels Ltd). It manufactures telecom networking
equipment, especially transmission equipment such as synchronous
digital hierarchy (SDH) and dense wavelength division
multiplexing (DWDM). Fibcom was incorporated in 1994 as a joint
venture between ITI Ltd (Government of India undertaking) and
Tellabs India Pvt Ltd (Tellelabs; subsidiary of Tellabs Denmark
AS) to manufacture SDH and DWDM. The low focus on research and
development (R&D) under the previous management resulted in
limited product offerings, leading to a smaller share of
business. This resulted in a continuous reduction in the
company's topline till 2004-05. In October 2005, when the Lalit
Suri group acquired the company, it started concentrating on R&D.
It has developed a new version of hard-coded application specific
integrated circuits in collaboration with Tellabs and Toshiba. It
is the only Indian company to have its name on the chip along
with Tellabs for which they have intellectual property rights.
The company has recently introduced this in the market. The
company is also into providing network management system
solutions.

Fibcom reported a net loss of INR42.7 million on an operating
income of INR1.2 billion for 2010-11, against a net loss of
INR90.4 million on an operating income of INR816.5 million for
2009-10.


GREEN CONCRETE: CRISIL Cuts Rating on INR79MM Loans to 'CRISIL D'
-----------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Green
Concrete Pvt Ltd to 'CRISIL D' from 'CRISIL BB-/Stable'. The
downgrade reflects instances of delay by GCPL in servicing its
debt; the delays have been caused by the company's weak
liquidity.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit            30.00       CRISIL D
   Long-Term Loan         49.00       CRISIL D

GCPL also has a limited track record of operations. This rating
weakness is partially offset by the extensive industry experience
of GCPL's promoter.

                        About Green Concrete

GCPL was established in August 2008 as a ready-mix concrete
provider by Mr. Partha De and commenced commercial operations in
July 2010. The company supplies ready-mix concrete solutions to
infrastructure and real estate players in and around Kolkata
(West Bengal [WB]). The company's headquarters are in Kolkata,
while its manufacturing site is in New Town (WB). GCPL has an
installed capacity of 70 cubic metres per hour. The promoter has
six other ventures engaged in the same line of business; however,
these cater to different geographies.

GCPL reported a profit after tax (PAT) of INR2 million on net
sales of INR120 million for 2010-11 (refers to financial year,
April 1 to March 31).


GREEN CONCRETEX: CRISIL Cuts Rating on INR58.5MM Loans to 'D'
-------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Green
Concretex Products Pvt Ltd to 'CRISIL D' from 'CRISIL B-/Stable'.
The downgrade reflects instances of delay by GCPPL in servicing
its debt; the delays have been caused by the company's weak
liquidity.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit            20.00       CRISIL D
   Term Loan              38.50       CRISIL D

GCPPL also has a below-average financial risk profile, marked by
a small net worth, high gearing, and moderate debt protection
metrics. This rating weakness is partially offset by the
extensive industry experience of GCPPL's promoter.

                       About Green Concretex

GCPPL was established in 2008 as a ready-mix concrete provider by
Mr. Partha De, who is based in Kolkata (West Bengal [WB]).
However, it commenced commercial operations in July 2010. The
company supplies ready-mix concrete solutions to infrastructure
and real estate players in and around Guwahati (Assam). The
company's headquarters are in Barakhola (WB) but its
manufacturing site is in Guwahati. GCPPL has an installed
capacity of 30 cubic metres per hour. The promoter has various
other ventures engaged in the same line of business; however,
these cater to other geographies.

GCPPL reported a profit after tax (PAT) of INR2 million on net
sales of INR164 million for 2010-11 (refers to financial year,
April 1 to March 31).


JAGDAMBA STEELS: CRISIL Rates INR100MM Cash Credit at 'BB-'
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the long-
term bank facilities of Jagdamba Steels.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit            100         CRISIL BB-/Stable

The rating reflects the extensive experience of JS' partners in
the steel industry and good operating efficiencies marked by low
inventory, and a diversified clientele. These rating strengths
are partially offset by JS' below-average financial risk profile,
marked by below-average interest coverage ratio and high total
outside liabilities to tangible net worth ratio and fragmented
nature of industry

Outlook: Stable

CRISIL believes that JS will benefit over the medium term from
its partners' extensive experience in the steel industry. The
outlook may be revised to 'Positive' if the firm reports more-
than-expected operating margin, leading to improvement in debt
protection metrics, or if its capital structure improves due to
infusion of capital. Conversely, the outlook may be revised to
'Negative' if the firm's operating margin further declines or if
its financial risk profile deteriorates due to stretched working
capital.

                       About Jagdamba Steels

Set up in 1974, JS trades in steel and steel products, which
include thermo-mechanically treated bars, round bars, billet,
angles, flats, and beams. The firm operates its business in Delhi
and the National Capital Region, with branch offices in Delhi,
Faridabad, and Ghaziabad. Each of these products is available in
various grades, thickness, length, and weight. The products are
used in the construction of residential and commercial complexes,
roads, bridges, airports, ports, ships, industrial plants, and
other infrastructure development activities. The firm is
currently managed by Mr. Purushottam Dass Aggarwal, Mr. Rakesh
Aggarwal, and Mr. Ankit Aggarwal.

JS reported profit of INR2.1 million on net sales of
INR800 million for 2010-11 (refers to financial year, April 1 to
March 31), as against profit of INR1.9 million on net sales of
INR920 million for 2009-10.


KONERU CONSTRUCTIONS: CRISIL Puts 'B' Rating on INR75MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Koneru Constructions Private Limited.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                5         CRISIL B/Stable
   Proposed Long Term      40         CRISIL B/Stable
    Bank Loan Facility
   Bank Guarantee          25         CRISIL A4
   Cash Credit             30         CRISIL B/Stable

The ratings reflect KCPL's promoters' extensive experience in
civil construction segment, coupled with a healthy order book
position which provides the company with strong revenue
visibility over the medium term. These rating strengths are
partially offset by small scale of operations with customer
concentration in its revenue profile and the working capital
intensive nature of operations.

Outlook: Stable

CRISIL believes that Koneru Constructions Private Limited (KCPL)
will continue to benefit over the medium term from its promoters
extensive experience in the civil construction segment and its
sizeable order book. The outlook may be revised to 'Positive' if
KCPL achieves higher-than-expected revenue growth while
maintaining its profitability and capital structure. Conversely,
the outlook may be revised to 'Negative' if the company increases
its reliance on debt to fund its incremental working capital
requirements, thereby weakening its capital structure and debt
protection metrics.

                      About Koneru Constructions

Koneru Constructions Private Limited was incorporated in November
2006 by Mr. KV Prasad and is engaged in civil and structural
fabrication. The company works primarily for the Central railways
and is a class 1 contractor for the Central railways and the
Andhra Government. Prior to 2006 the promoter Mr. KV Prasad was
engaged in a similar line of activity for close to 20 years
through his sole proprietorship Koneru Constructions.

The company has its own workshop in Vijayawada, Andhra Pradesh
where they fabricate the structures (primary raw material is
steel) and erect and commission the structures at the site.

For 2010-11 (refers to financial year, April 1 to March 31), KCPL
reported a provisional profit after tax (PAT) of INR4.5 million
on net sales of INR96.6 million, against a PAT of INR3.7 million
on net sales of INR131.9 million for 2009-10.


LOGIX INFRA: CRISIL Assigns 'B' Rating to INR2 Billion LT Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Logix Infradevelopers Pvt Ltd.

                             Amount
   Facilities              (INR Mln)     Ratings
   ----------              ---------     -------
   Proposed Long-Term        2000        CRISIL B/Stable
   Bank Loan Facility

The rating reflects LID's exposure to funding and implementation
risks associated with its ongoing residential project in Noida
(Uttar Pradesh) and to inherent risks and cyclicality in the real
estate sector in India. These rating weaknesses are partially
offset by the extensive experience of LID's management in the
real estate sector.

Outlook: Stable

CRISIL believes that LID will benefit over the medium term from
the extensive industry experience of its promoter. The outlook
may be revised to 'Positive' if there is a significant
improvement in its business and financial risk profiles backed by
timely implementation and high saleability of its ongoing
project, leading to healthy cash accruals on a sustainable basis.
Conversely, the outlook may be revised to 'Negative' if there are
time and cost overruns in LID's ongoing project, or significant
pressure on its liquidity, or if there are delays in receiving
customer advances, leading to pressure on the company's revenues
and profitability and weakening in its debt-servicing ability.

                      About Logix Infradevelopers

Incorporated in 2011, LID is a part of the Logix group, which is
headed by Mr. Shakti Nath. LID is implementing a 1.7 million
square feet residential project in Sector 150 Noida at a total
cost of about INR5970 million, to be funded with bank loan of
INR2000 million, promoter's contribution of INR1000 million, and
the remaining through customer advances. The project is expected
to be commercially launched in May 2012, and is expected to be
completed by December 2016.


MARTIN BURN: Fitch Rates INR547.9-Mil. Term Loan at 'B+(ind)
------------------------------------------------------------
Fitch Ratings has assigned India-based Martin Burn Information
Technology Pvt Ltd a National Long-Term rating of 'Fitch
B+(ind)'.  The Outlook is Stable.

The ratings are constrained by the lack of revenue visibility as
MBITPL has not entered into any sale and/or rental agreements for
its upcoming IT park project -- Martin Burn Business Park -- at
Saltlake, Sector V, Kolkata.  The project is at a nascent stage
and expected to be marketed from May 2012 onwards.  The ratings
are also constrained by the intense competition from various
other upcoming commercial projects around the project location.

The ratings are, however, supported by around three-decade-long
track record of MBITPL's founders in the domestic real estate
sector. Fitch notes that MBITPL's has successfully tied up its
entire debt requirement for the project.  The project will cost
INR913.1m to the company and is being funded by a debt of
INR547.9m and a founder's contribution of INR365.2m.  The ratings
also draw comfort from the fact that the business park project is
progressing as per schedule and no delays are expected as well as
from its proximity to the new township of Rajarhat and the IT
sector of Kolkata.

Negative rating action may result from delays in the completion
of the project and less-than-expected returns from the sale of
the commercial space.  Conversely, timely completion of the
project and expected returns from the sale of the commercial
space may lead to positive rating action.

Incorporated in 2006, MBITPL is into the construction and
development of commercial buildings in Kolkata

Fitch has also assigned ratings to MBITPL's bank loans as
follows:

  -- INR547.9m term loan: assigned at 'Fitch B+(ind)'
  -- INR10m non fund-based limit: assigned at 'Fitch A4(ind)'


MODERN CONSTRUCTION: CRISIL Rates INR47.5MM Loan at 'CRISIL BB'
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of Modern Construction Co. (Delhi).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee          140        CRISIL A4+
   Cash Credit              47.5      CRISIL BB/Stable

The ratings reflect MCCD's strong order book leading to medium-
term revenue visibility and promoter's extensive experience in
the civil construction industry. These rating strengths are
partially offset by the expected deterioration in MCCD's
financial risk profile, particularly gearing and debt protection
metrics on account of expected debt funding of company's large
working capital requirements arising out of execution of large
order book.

Outlook: Stable

CRISIL believes that MCCD will continue to benefit over the
medium term from the execution of its strong order book and
promoter's extensive industry experience. The outlook may be
revised to 'Positive' in case company significantly improves its
profitability, leading to higher-than-expected cash accruals,
while efficiently managing its working capital requirements.
Conversely, the outlook may be revised to 'Negative' in case of
lower profitability or larger-than-expected working capital
requirements, leading to weakening in financial risk profile,
especially liquidity.

                       About Modern Construction

MCCD was set up in 1976 by Mr. Nirmal Jain and is engaged in
civil construction of residential buildings in the National
Capital Region and Western Rajasthan. MCCD undertakes contracts
for construction of residential buildings along with electric
works and finishing. MCCD undertakes work for real estate
developers, such as Eldeco Infrastructure Pvt Ltd , M/s Assotech
Ltd , Prateek Realtors (I) Pvt Ltd, and Orion Infrabuild Pvt Ltd.
At present, MCCD has an order book of INR5452 million, and it is
expected to be completed by 2013-14.

MCCD reported a profit after tax (PAT) of INR1.86 million on net
sales of INR59.25 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR1.38 million on net
sales of INR41.53 million for 2009-10.


ORIGIN ITFS: CRISIL Cuts Rating on INR360.6MM Loan to 'BB+'
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Origin ITFS Pvt Ltd to 'CRISIL BB+/Stable/CRISIL A4+' from
'CRISIL BBB-/Stable/CRISIL A3'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           63        CRISIL A4+
   Cash Credit              94.4      CRISIL BB+/Stable
   Letter of Credit         20        CRISIL A4+
   Term Loan               297.6      CRISIL BB+/Stable

The rating downgrade reflects deterioration in Origin IT's
liquidity and capital structure, caused by a stretch in its
receivables cycle and its investments in unrelated business
ventures. The company's receivables level stretched to over 130
days of revenues as on March 31, 2012 with an outstanding
receivables of more than INR90 million from Electronics
Corporation of Tamil Nadu and Lenovo India Pvt Ltd, alone. Origin
IT has applied for fresh tenders - therefore its receivables
cycle is expected to remain stretched over the medium term.
Origin IT has ventured into unrelated business ventures, such as
civil construction, real estate consulting and hospitality, over
the past two years, for the funding of which it contracted
sizeable debt, resulting in deterioration in its capital
structure (over 1 times as on March 31, 2012, against CRISIL's
expectation of less than 0.5 times). The company's liquidity is
expected to come under pressure over the medium term as there are
uncertainties regarding realization of its receivables of over
INR145 million from its non-core real estate consulting business
which would be used to for repaying debt of INR105 million,
falling due in September 2012 which it contracted for funding
this business.

The ratings continue to reflect Origin IT's promoters' extensive
experience in the information technology (IT) infrastructure
sector and steady stream of revenues from equipment and lease
rentals from its commercial real estate space. The rating also
factors in Origin IT's moderate financial risk profile marked by
moderate gearing and debt protection metrics. These rating
strengths are partially offset by Origin IT's unrelated business
diversifications, geographical concentration, and susceptibility
in any decline in demand from its end-user industries (IT,
telecommunications, and IT-enabled services [ITES] sectors).

Outlook: Stable

CRISIL believes that Origin IT will maintain its stable credit
profile, supported by steady lease rentals and its promoters'
industry experience and ability to provide need-based funding
support, over the medium term. The outlook may be revised to
'Positive' if Origin IT generates more-than-expected cash
accruals, driven by a significant increase in revenues along with
an improvement in operating margin on a sustained basis, and
improves its capital structure. Conversely, the outlook may be
revised to 'Negative' in case the company's financial risk
profile, especially liquidity, deteriorates, most likely
resulting from a more-than-expected stretch in receivables cycle,
larger-than-expected debt-funded capital expenditure (including
fresh investments in unrelated business ventures), or less-than-
expected cash accruals.

                        About Origin ITFS

Set up in 1993 by Mr. P Thangavel and Mr. S Loganathan, Origin IT
provides end-to-end solutions for IT infrastructure services. In
2011-12 (refers to financial year, April 1 to March 31), the
company derived around 70 per cent of its revenues from trading
in hardware, including laptops, desktops and other electronic
products, and software. It also provides other value-added IT
services. Origin IT derives close to 20 per cent of its revenues
from leasing out its IT equipment and commercial real estate for
IT infrastructure to a large clientele in the IT and ITES sector.
The company has also ventured into civil construction and real
estate consulting, which together contribute around 10 per cent
of its revenues. Origin IT's ongoing capex of INR60 million is
towards its entry into the hospitality sector, with an upcoming
resort in Kodaikannal (Tamil Nadu). The project is being funded
by term loans of INR45 million and internal accruals.

Origin IT reported on a provisional basis a profit after tax
(PAT) of INR28.5 million on net sales of INR708 million for 2011-
12, against a PAT of INR10.5 million on net sales of INR601.9
million for 2010-11.


RAGHU EXPORTS: CRISIL Places 'B-' Rating on INR8.8MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Raghu Exports India Pvt Ltd.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Packing Credit         160.0       CRISIL A4
   Bill Purchase           71.2       CRISIL A4
   Letter of Credit        15.0       CRISIL A4
   Term Loan                8.8       CRISIL B-/Stable

The ratings reflect Raghu's weak financial risk profile marked by
high gearing and weak debt protection metrics, small-scale and
working-capital-intensive operations, customer concentration, and
susceptibility to volatility in raw material prices and in
foreign exchange rates. These rating weaknesses are partially
offset by the extensive experience of Raghu's promoters in the
leather industry.

Outlook: Stable

CRISIL believes that Raghu will maintain its business risk
profile over the medium term, supported by promoters' experience
in leather industry. Raghu's financial risk profile is expected
to remain weak, marked by high gearing and weak debt protection
metrics, because of its high working capital intensity over the
medium term. The outlook may be revised to 'Positive' if Raghu's
scale of operations increases substantially, with diversification
in customer profile and improvement in its capital structure and
working capital management. Conversely, the outlook may be
revised to 'Negative' if the company's operating margin decline
or if its capital structure weakens, because of increase in
working capital borrowings or larger-than-expected, debt-funded
capital expenditure (capex).

                          About Raghu Exports

Raghu was incorporated in 2003. The company manufactures and
exports finished leather and other products, including leather
tool bags, cotton/canvas tool bags, polyester tool bags, leather
garments, and leather upholstery. Earlier this was a partnership
firm started by Mr. Praveen Kumar in 1986. The company's
integrated manufacturing units (including tanning unit) are
located in Jalandhar (Punjab), with a combined capacity of
manufacturing 1.5 million square feet of finished leather per
month. The company operates at 60 to 70 per cent capacity
utilisation. In 2010-11 (refers to financial year, April 1 to
March 31), Raghu derived about 90 per cent of its revenues from
exports to the US, Canada, and Europe.

Raghu reported a net profit of INR0.93 million on net sales of
INR341 million for 2010-11, against a net profit of INR2.3
million on net sales of INR258 million for 2009-10. The company
is expected to achieve the net sales of INR474 million for 2011-
12.


RATAN MICA: Fitch Rates INR75.6 Million Loan 'B+(ind)
-----------------------------------------------------
Fitch Ratings has assigned India-based Ratan Mica Exports Private
Limited a National Long-Term rating of 'Fitch B+(ind)'. The
Outlook is Stable.

The ratings reflect RMEPL's small size of operations and moderate
credit profile.  In the financial year ended March 2011 (FY11),
revenue was INR193m, EBITDA margins was 5.1%, interest coverage
was 1.6x, and net financial leverage was 4x

The ratings also reflect the six-decade-long experience of
RMEPL's founders in mica processing and exports, and its
established customer base, spanning over 24 countries in the
world.

Positive rating action may result from an increase in the scale
of operations while maintaining the overall credit profile.
Conversely, deterioration in interest coverage below 1.5x on a
sustained basis may result in negative rating action.

RMEPL has four mica processing units and two mica fabricating
units at Girdih in Jharkhand.  Its corporate and administrative
office is located in Kolkata.

Fitch has also assigned ratings to RMEPL's bank facilities as
below:

  -- INR75.6m fund-based limits: 'Fitch B+(ind)'
  -- INR0.6m non-fund-based limits: 'Fitch A4(ind)'


RIGA SUGAR: Delay in Loan Payment Cues CRISIL Junk Ratings
----------------------------------------------------------
CRISIL has downgraded its ratings on Riga Sugar Co. Ltd's bank
facilities to 'CRISIL D/CRISIL D' from 'CRISIL BB/Stable/CRISIL
A4+'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee          17.6       CRISIL D
   Cash Credit            405         CRISIL D
   Proposed Term Loan      44.4       CRISIL D
   Term Loan              209.5       CRISIL D

The downgrade reflects regular instances of delay by RSCL in
meeting its term loan obligations. The delays have been caused by
RSCL's poor liquidity resulting from its working-capital-
intensive operations, modest cash accruals, and sizeable debt-
funded capital expenditure (capex).

RSCL is also susceptible to cyclicality and stringent regulations
in the sugar industry. However, the company is poised to benefit
from its initiative to forward-integrate its operations.

                         About Riga Sugar

RSCL, a part of the Dhanuka group, is in the sugar manufacturing
business. The company has a 5000-tonne-crushed-per-day sugar
plant, a 50 kilolitres per day-(klpd) distillery, a 45-klpd
ethanol plant, a 15-tonne per day fertiliser plant, and a bio-
compost plant. The facilities are located in Sitamarhi (Bihar).
RSCL's chairman and managing director, Mr. O P Dhanuka, has more
than four decades of experience in the sugar industry.

For the period October 01, 2009 to March 31, 2011, RSCL, reported
a profit after tax (PAT) of INR5.0 million on net sales of INR1.2
billion, against a PAT of INR21.1 million on net sales of
INR944.0 million for the period October 1, 2008 to Sept. 30,
2009. For the nine months ended Dec. 31, 2011, RSCL reported a
net loss of INR161.8 million (net loss of INR35.3 million for the
corresponding period of the previous year) on net sales of
INR1.07 billion (INR452.6 million).


S. M. APPARELS: Defaults Prompt Fitch to Place 'D' Rating
---------------------------------------------------------
Fitch Ratings has assigned India's S. M. Apparels Private Limited
(SMAPL) a National Long-Term rating of 'Fitch D(ind)'.

The ratings reflect SMAPL's defaults on debt repayments to the
extent of INR4.7m since January 2012.  The defaults were due to
the company's weak profitability over the last three years,
stemming from poor demand, debtor write downs, and large forex
losses on forward contracts.

Positive rating guidelines include prompt debt servicing and
utilisation of its working capital facilities within the
sanctioned limits for at least six months.

SMAPL is a Chennai-based garment manufacturer, with production
capacity of 400,000 pieces per month.  In the financial year
ended March 2011 (FY11), revenue was INR183m (FY10: INR531m),
EBITDA profit was INR49m (FY10: a loss of INR127m), net adjusted
debt/EBITDA was 9.6x and EBITDA interest cover was 1.0x.

Rating actions on SMAPL:

  -- National Long-Term rating assigned at 'Fitch D(ind)'
  -- INR183.4 m term loans: assigned at 'Fitch D(ind)'
  -- INR172.5m fund-based limits: assigned at 'Fitch D(ind)'
  -- INR40m non-fund-based working capital limits: assigned at
     'Fitch D(ind)'


SWAMI HITECH: CRISIL Rates INR80MM Cash Credit at 'CRISIL B+'
-------------------------------------------------------------
CRISIL has assigned 'CRISIL B+/Stable' rating to the bank
facilities of Swami Hitech Projects Ltd.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit            80           CRISIL B+/Stable

The rating reflects SHTPL's weak financial risk profile marked by
high gearing, and customer concentration in its revenue profile.
These rating weaknesses are partially offset by SHTPL's
established relations with its customers and suppliers.

Outlook: Stable

CRISIL believes that SHTPL will continue to benefit from its
established relations with its customers and suppliers. The
outlook may be revised to 'Positive' if there is a significant
improvement in SHTPL's profitability and capital structure.
Conversely, the outlook may be revised to 'Negative' in case of
deterioration in its profitability, capital structure or debt
protection metrics.

                        About Swami Hitech

SHTPL is a closely held public limited company, engaged in civil
construction and in trading in building materials such as thermo-
mechanically treated (TMT) bars and other steel products, and
cement. Mr. Anil Mittal, main promoter and one of the directors
of SHTPL, has experience of about two decades in the construction
business and manages, along with other directors, the day-to-day
operations of the company.

SHTPL was originally established as Swami Infratrade Ltd in 1997.
It was engaged in trading in shares till 2007-08 (refers to
financial year, April 1 to March 31). In 2008-09, its name was
changed to the current one. The company discontinued with
securities trading and started civil construction activities. In
2010-11, it started trading in building material. In 2010-11,
trading activity contributed around 80 per cent of the company's
total sales, with the remainder coming from civil construction.

SHTPL reported a profit after tax (PAT) of INR2.8 million on net
sales of INR1249 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR6 million on net sales
of INR319 million for 2009-10.


TRIUMPH REALTORS: CRISIL Rates INR60MM Loan at 'CRISIL B+'
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Triumph Realtors India Pvt Ltd.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Overdraft Facility       60        CRISIL B+/Stable

The rating reflects TRIPL's exposure to risks related to
completion and saleability of its ongoing projects. The rating
also factors in its small scale of operations, and exposure to
geographical concentration risks in revenue profile. These rating
weaknesses are partially offset by TRIPL's moderate financial
risk profile marked by moderate gearing and debt protection
metrics and the entrepreneurial experience of the promoters.

Outlook: Stable

CRISIL believes that TRIPL will benefit over the medium term from
the entrepreneurial industry experience of its promoters. The
outlook may be revised to 'Positive' if the company reports
strong growth in cash flows, most likely because of earlier-than-
expected completion of projects and receipt of advances, and
more-than-expected sales realisations from its ongoing and
completed residential properties. Conversely, the outlook may be
revised to 'Negative' if there are any delays in completion of
the ongoing projects or receipt of payments from customers, or in
case the company undertakes a larger-than-expected debt-funded
capital expenditure programme, leading to weakening in its
financial risk profile.

                       About Triumph Realtors

TRIPL was incorporated in 2004 by Mr. R Easwaramurthy and his
wife, Mrs. E Bhuvaneswari. The company develops residential real
estate properties in Coimbatore (Tamil Nadu); it completed one
project, Gowtham Mansion, in Coimbatore in 2006. TRIPL is
currently developing two projects, City Palms and Casablanca, in
Coimbatore. The total cost of constructing these projects is
INR262.6 million, which is being funded through overdraft
facility of INR45 million, promoters' funds of INR59 million, and
the remaining 60 per cent through customer advances. TRIPL's
projects typically target customers in the middle- to upper-
income groups. The promoters also manage a partnership firm,
Gowtham Textiles, which manufactures ready-made garments and is
managed independently.

TRIPL reported a profit after tax (PAT) of INR2.3 million on net
sales of INR38.4 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR1.8 million on net
sales of INR10.5 million for 2009-10.


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

Moody's current ratings on Union Bank of India and its affiliates
are:

Senior Unsecured (foreign currency) ratings of Baa3

Senior Unsecured MTN Program(foreign currency) ratings of (P)Baa3

Long Term Bank Deposits (domestic and foreign currency) ratings
of Baa3

Bank Financial Strength ratings of D

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

Junior Subordinate MTN Program (foreign currency) ratings of
(P)Ba2

Short Term Bank Deposits (domestic and foreign currency) ratings
of P-3

Union Bank of India, Hong Kong Branch

Senior Unsecured (foreign currency) ratings of Baa3

Senior Unsecured MTN Program (foreign currency) ratings of
(P)Baa3

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

Junior Subordinate MTN Program (foreign currency) ratings of
(P)Ba2

Ratings Rationale

Moody's assigns a bank financial strength rating (BFSR) of D to
Union Bank of India (UBI), which translates to a baseline credit
assessment (BCA) of ba2. The rating reflects UBI's weaker
financial metrics particularly, its comparatively modest loss-
absorption cushion vis-a-vis a high level of troubled assets, but
low provision coverage. Moody's downgraded the bank's BFSR on
March 19, 2012 by one notch to D and lowered its BCA to ba2 from
ba1, as this decline in its financial indicators had pushed the
bank into a lower standalone rating band. Moody's rating action
took into account that the bank is expected to receive a INR10.0
billion capital infusion from the government by the end of fiscal
year 2012.

Moreover, Moody's anticipates that UBI's capital position and
asset quality will undergo further downward pressure in the
current difficult operating environment. On balance, the D BFSR
ranks UBI more appropriately against other Moody's-rated Indian
mid-sized public-sector banks (PSBs), also considering its
franchise as the seventh-largest public sector bank in India by
assets and its modest profitability.

UBI's global local currency (GLC) deposit rating is Baa3, based
on Moody's assessment that very high systemic support would be
extended by the Indian government should the need arise. Moody's
view is based on UBI's systemic importance to the Indian banking
system, its majority ownership by the government (57.07%), and
repeated capital infusions received from the government.
Therefore, the bank's GLC deposit rating benefits from a two-
notch uplift from its ba2 BCA.

Consequently, its foreign currency ratings are: deposit
Baa3/Prime-3, senior unsecured debt Baa3/Prime-3, senior MTN
program (P)Baa3, subordinated MTN program (P)Ba1 and junior
subordinated MTN program (P)Ba2.

Rating Outlook

All ratings carry stable outlooks.

On March 19, 2012, UBI's ratings were downgraded by one notch to
incorporate its weaker financial metrics which had pushed the
bank into a lower standalone rating band. Moreover, Moody's
expects its capital position and asset quality to face further
downward pressure in the current difficult operating environment.
Finally, the revised rating has ranked UBI more appropriately
against other Moody's-rated Indian mid-sized PSBs, and also takes
into account its franchise and modest profitability.

On December 21, 2011, the foreign currency long-term/short-term
deposit ratings were revised to Baa3/Prime-3 from Ba1/Not Prime,
in line with the adjustment in the country's foreign currency
deposit ceiling as part of the unification of the government of
India's local and foreign currency bond ratings at Baa3 on 20
December 2011.

What Could Change the Rating - Up

- Given the recent rating downgrade, there is a low likelihood
of an upward rating action in the next year.

What Could Change the Rating - Down

- The BFSR could be downgraded if asset quality and capital
ratios continued to deteriorate at the same pace as in the past
year.

- Negative pressure on the BFSR could arise if the bank's Tier 1
capital base demonstrated declining economic solvency, after
incorporating expected losses, such that it fell below 1%, a
level for a D- rated bank.

- Any downward change in the sovereign ceilings could affect the
bank's credit ratings.

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


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


PEGASUS FUNDING: Moody's Cuts Ratings on Two Loan Classes to 'C'
----------------------------------------------------------------
Moody's Japan K.K. has downgraded to C (sf) from Caa3 (sf) the
ratings on Pegasus Funding's Class A1 and A2 loans.

Details follow:

Deal Name: Pegasus Funding

JPY40.0 billion commitment line of Class A1, Downgraded to C (sf)
from Caa3 (sf);

Previously on July 28, 2011, Downgraded to Caa3 (sf) from B3 (sf)

JPY 51.9 billion commitment line of Class A2, Downgraded to C
(sf) from Caa3 (sf);

Previously on July 28, 2011, Downgraded to Caa3 (sf) from B3 (sf)

Class: A1 and A2

Issue Amount (commitment line): JPY91.9 billion

Dividend: Floating

Issue Date: September 29, 2006

Final Maturity Date: December 11, 2014

Underlying Asset: Real estate-backed loan receivables

The commitment line, the underlying assets of which are real
estate-backed loans to small and medium-sized enterprises, was
established in September 2006.

The initial servicer went bankrupt in February 2009 and a new
servicer started servicing all of the loan receivables in the
transaction.

Ratings Rationale

The ratings have been downgraded mainly because Moody's now
expects that the final losses in the Class A1 and A2 loans will
exceed what the Caa3 (sf) rating indicates. This takes into
consideration (1) the amount of substantial losses in the
underlying receivables pool and (2) the level of the expected
collection amount from the remaining collateral properties.

Due to the progress in property sales, the number of remaining
properties was approximately 170 as of March 2012, declining from
300 as of June 2011, and the total outstanding balance of the
loan receivables, excluding uncollected receivables, was JPY17
billion, declining from JPY33 billion.

The collection has progressed due to bulk sales of the loan
receivables and the auction sales of many of the collateral
properties. However, their recovery rates were low, especially
for the auction sales, which were below 30%.

As the sales of the properties progress, the amount of
uncollected loan receivables has become more evident. In Moody's
view, because the underlying obligors are not expected to make
additional payments, there have been substantial losses in the
underlying receivables pool. As of now, losses in the underlying
receivables pool have increased greatly.

Moody's has received the revised business plan of the transaction
from the arranger. According to the revised plan, the expected
collection from the remaining collateral properties is lower
compared to the previous business plan. The underlying loan
receivables will be collected by early 2013, and updated from
mid-2012.

Moody's expects the recovery rates of the properties will remain
at their current low levels, after taking into consideration the
collection results to date, the revised business plan, as well as
the servicing strategy.

Moody's assumption for the recovery rate for the remaining
properties is 35%-40%.

As a reference, the total outstanding balance of the Class A1 and
A2 loans, as of March 2012, was around 50% of the amount in
February 2009, due to the sales progress of the collateral
properties.

The transaction's legal maturity is December 2014. The number of
obligors in this transaction was around 60, and the number of
properties around 170, as of March 2012.

The principal methodology used in this rating was "Moody's
Approach to Rating Transactions Backed by Real Estate
Collateralized SME Loans in Japan" published on September 30,
2010.

Moody's did not receive or take into account a third party due
diligence report on the underlying assets or financial
instruments related to the monitoring of this transaction in the
past six months.


RESTAY HOTELS: Moody's Reviews 'Ba3' Loan Ratings for Downgrade
---------------------------------------------------------------
Moody's Japan K.K has placed under review for downgrade the
ratings for the Senior Specified Loan, Mezzanine Specified Loan,
and Specified Bond by Restay Hotels TMK.

Details follow:

Senior Specified Loan, Baa2 (sf) placed under review for possible
downgrade; previously on July 29, 2011, downgraded to Baa2 (sf)

Mezzanine Specified Loan, Ba3 (sf) placed under review for
possible downgrade; previously on July 29, 2011, downgraded to
Ba3 (sf)

Specified Bond, Ba3 (sf) placed under review for possible
downgrade; previously on July 29, 2011, downgraded to Ba3 (sf)

Deal / Borrower Name: Restay Hotels Tokutei Mokuteki Kaisha

Class: Senior Specified Loan, Mezzanine Specified Loan and
Specified Bond

Issue Amount (initial): JPY4 billion

Dividend: Floating

Issue Date (initial): May 18, 2007

Final Maturity Date: May 2014

Underlying Asset (initial): 19 leisure hotels located in Japan

Originator: Restay Co., Ltd.

Arranger: Commertzbank Aktiengesellschaft, Tokyo Branch

Restay Hotels TMK, effected in May 2007, represents the
securitization of 19 leisure hotels in Japan.

Restay Hotels TMK borrowed the Senior and Mezzanine Specified
Loan, and then issued the Specified Bond and Preferred Share to
acquire 19 leisure hotels. The latter are underlying assets.

Moody's rates the Senior Specified Loan, Mezzanine Specified
Loan, and Specified Bond.

The scheduled amortizations will be allocated on a pro-rata
basis.

Ratings Rationale

The current rating action reflects the following:

(1) Moody's view that the financial environment and the trading
market surrounding the leisure hotel sector continue to be badly
affected due to the amendment of the Public Moral Law in 2011, as
well as the ongoing deterioration in this sector's operating
environment.

(2) The difficulty to refinance by the expected maturity date (10
May 2012), due to the deterioration in the leisure hotel sector.

(3) The continuing fall in profitability of the leisure hotel
portfolio after the last rating action in July, 2011. Thus,
Moody's has decided to re-estimate the cash flow and the revise
the recovery assumptions of the underlying assets.

The principal methodology used in this rating was "Moody's
Approach to Rating Japanese Whole Business Securitizations"
published on Sept. 30, 2010.


TOKYO ELECTRIC: Reportedly Accepts Gov't Bid for Majority Stake
---------------------------------------------------------------
According to Reuters, the Yomiuri newspaper reported that Tokyo
Electric Power Co has accepted a proposal that the government
will take a majority stake in the utility in return for an
injection of JPY1 trillion (US$12.3 billion) in public funds in
July.

Reuters notes that the government and Tepco, the operator of the
tsunami-struck Fukushima nuclear plant, have been in dispute over
how much say the government will have in the utility's management
in exchange for what would be one of the world's biggest bailouts
outside the banking sector.

                       About Tokyo Electric

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

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

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

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


TOKYO ELECTRIC: To Submit Restructuring Plan to Gov't on Friday
---------------------------------------------------------------
Kyodo News reports that Tokyo Electric Power Co. will submit to
the government on Friday a comprehensive restructuring plan
featuring the injection of JPY1 trillion in public funds into the
utility facing massive costs in the wake of the Fukushima Daiichi
nuclear power plant disaster.

Sources close to the matter said that in line with the plan, the
company is also expected to seek permission from the government,
possibly on May 10, to raise household electricity rates by 10%
from July, according to the news agency.

Kyodo says TEPCO will announce its financial 2011 business
results after Economy, Trade and Industry Minister Yukio Edano
approves the restructuring plan, crafted jointly with a state-
backed bailout fund, the Nuclear Damage Liability Facilitation
Fund.

According to Kyodo, TEPCO needs to win approval of the plan to
receive the capital injection.  Electricity rate hikes for
households require separate permission from the minister, the
report notes.

                        About Tokyo Electric

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

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

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

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


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


BRIDGECORP LTD: Former Director to Appeal Two-Year Jail Sentence
----------------------------------------------------------------
The New Zealand Herald reports that former Bridgecorp director
Gary Urwin, whose legal bills so far have cost the taxpayer tens
of thousands of dollars, will appeal his two-year prison
sentence.

The Herald recalls that Mr. Urwin was sentenced in the High Court
at Auckland last week on charges of misleading investors.

His lawyer, David Reece, pushed for a sentence of home detention
but Justice Pamela Andrews said this would not be appropriate,
the report says.

According to the Herald, Mr. Reece said last week that he was
considering making an appeal because Urwin was within the
threshold required to receive home detention.

Mr. Reece confirmed to the Herald on Tuesday that Mr. Urwin would
appeal in the next few days.

Mr. Urwin is entitled to receive legal aid. His bill, subject to
the filing of further invoices, stands at NZ$46,801.

The Herald says the 62-year-old accountant originally went to
trial with fellow Bridgecorp directors Rod Petricevic, Rob Roest
and Peter Steigrad, but then changed his plea to guilty.

These three men were convicted last month of misleading investors
in Bridgecorp's offer documents, says the Herald.  Mr. Petricevic
will be sentenced today, April 26 and the other two will appear
on May 18.

                        About Bridgecorp Ltd

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

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

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


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


MICROFAB INNOVATION: Creditors' Proofs of Debt Due May 4
--------------------------------------------------------
Creditors of Microfab Innovation Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by May 4,
2012, to be included in the company's dividend distribution.

The company's liquidators are:

          Messrs Tam Chee Chong
          Lim Loo Khoon
          c/o 6 Shenton Way #32-00
          DBS Building Tower Two
          Singapore 068809


MONTROSE HOLDINGS: Court to Hear Wind-Up Petition May 4
-------------------------------------------------------
A petition to wind up the operations of Montrose Holdings Pte Ltd
will be heard before the High Court of Singapore on May 4, 2012,
at 10:00 a.m.

Media Development Authority filed the petition against the
company on April 10, 2012.

The Petitioner's solicitors are:

         Allen & Gledhill LLP
         One Marina Boulevard
         #28-00, Singapore 018989


MORE WORLD: Court Enters Judicial Management Order
--------------------------------------------------
The High Court of Singapore entered an order on April 13, 2012,
to place More World System (Singapore) Pte Ltd under judicial
management.

The company's solicitors are:

          Lawrence Quahe & Woo LLC
          180 Clemenceau Avenue
          #02-02, Haw Par Centre
          Singapore 239922


RGM ENTERTAINMENT: Court to Hear Wind-Up Petition May 11
--------------------------------------------------------
A petition to wind up the operations of RGM Entertainment Pte Ltd
will be heard before the High Court of Singapore on May 11, 2012,
at 10:00 a.m.

Standard Chartered Bank filed the petition against the company on
April 13, 2012.

The Petitioner's solicitors are:

         Rajah & Tann LLP
         9 Battery Road
         #25-01 Straits Trading Building
         Singapore 049910


SEMITOOL (ASIA): Creditors' Proofs of Debt Due May 20
-----------------------------------------------------
Creditors of Semitool (Asia) Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by May 20,
2012, to be included in the company's dividend distribution.

The company's liquidator is:

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


SPN INTERNATIONAL: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Singapore entered an order on April 13, 2012,
to wind up the operations of SPN International Pte Ltd.

UV Resources Pte Ltd filed the petition against the company.

The company's liquidator is:

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


YOSHIDA (S): Court to Hear Wind-Up Petition May 4
-------------------------------------------------
A petition to wind up the operations of Yoshida (S) Pte Ltd will
be heard before the High Court of Singapore on May 4, 2012, at
10:00 a.m.

The Yoshida Dental Mfg. Co. Ltd filed the petition against the
company on April 11, 2012.

The Petitioner's solicitors are:

         Rajah & Tann LLP
         9 Battery Road
         #25-01 Straits Trading Building
         Singapore 049910


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


* Moody's Says Weak Business Sentiments Offset Modest US Recovery
-----------------------------------------------------------------
Weak business sentiments in Europe offset a modest recovery in
the US during the first quarter, keeping outlooks for the global
non-financial corporate sector largely intact for the next 12-18
months, says Moody's Investors Service in its latest global
industry outlook.

Just three corporate sector outlooks shifted direction during the
first quarter of 2012, the ratings agency said.

"Financial market turmoil has weakened consumer and business
confidence globally with particular impact on the euro area,"
said Mark Gray, a Moody's Managing Director and co-author of the
report. "These pressures have been less apparent in the US where
consumer confidence has rebounded and growth trends appear
healthier."

Moody's says that 67% of its 58 non-financial corporate sectors
worldwide studied had stable outlooks at the end of the first
quarter, although negative outlooks climbed slightly, reaching 12
at the end of the quarter, up from 10 at the end of 2011. Moody's
says that's the highest level since the first quarter of 2010 and
marks Europe's continuing weakness which has offset the mildly
positive US trend.

Five of Moody's negative outlooks for the next 12-18 months fall
within the broad EMEA (Europe, Middle East and Africa) region.
EMEA Retailers look likely to be hit hardest this year and next,
as austerity measures dampen consumer confidence, according to
Moody's. Europe's Automotive Parts Suppliers will be affected by
an expected 6% drop in light-vehicle production although many
companies have improved credit quality and liquidity since 2008-
2009, Moody's says.

The fragile US recovery has prevented many outlook improvements
in North America, says Moody's. While the US Apparel sector has
perked up, the stronger level of consumer confidence hadn't yet
shifted Moody's outlooks for Consumer Durables, Restaurants or
Gaming by the end of the first quarter 2012.

Moody's notes that the energy sector -- Exploration and Production,
and Midstream -- continued its strong run based on strong demand
from China and India amid political uncertainty in the Middle
East. Still, the Oilfield Services sector looks set to stabilize
from its period of strong growth over the next 12-18 months.
Earnings for the Refining and Marketing sector appear likely to
decline by more than 10% during that period, as capacity
rationalization and the run-up in crude prices continue to
pressure operators and refiners.

Industry outlooks represent Moody's forward-looking view on
conditions that factor into ratings. A negative industry outlook
indicates Moody's view that fundamental business conditions will
worsen. A positive outlook indicates that Moody's expects
fundamental business conditions to improve. A stable industry
outlook indicates that conditions are not expected to change
significantly. A negative outlook indicates that negative rating
actions are more likely on average, the reverse for a positive
outlook.

The full report is entitled "Non-Financial Corporate Global
Industry Sector Outlooks: Weak European Sentiments Offset Modest
Hints of US Recovery".


                             *********

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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