TCRAP_Public/120430.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 30, 2012, Vol. 15, No. 85

                            Headlines


A U S T R A L I A

1ST FLEET: Goes Into Administration, 1000 Jobs at Risk
CMI INDUSTRIAL: Enters Into Administration; 250 Jobs at Risk
KORDAMENTHA: To Seek Court Order Against Queensland Mayor
MIRABELA NICKEL: Moody's Cuts CFR to 'Caa1'; Outlook Negative
* SOUTH AUSTRALIA: Moody's Comments on 2011/2012 Budget

C H I N A

CDC CORP: China.com Files First Amended Chapter 11 Plan
CHINA SHANSHUI: Fitch Rates $400-Mil. Sr. Unsec. Notes at 'BB-'
CHINA TEL GROUP: Has Pact to Acquire 75% Equity in Shenzhen VN
CHINA ZHENGTONG: Moody's Issues Correction to Ratings Release


H O N G  K O N G

ALPHADYNE ASSET: Sole Member' Final Meeting Set for May 21
CENTRAX LIMITED: Members' Final Meeting Set for May 21
DEUTSCHE WOOLWORTH: Creditors' Proofs of Debt Due May 11
GLOBAL MODA: Sole Shareholder Final Meeting Set for May 25
GREAT WISDOM: Man Kwok Leung Steps Down as Liquidator

GUNYA INVESTMENT: Members' Final General Meeting Set for May 25
JADE SIGNET: Members' Final Meeting Set for May 21
KENSEN INVESTMENT: Creditors' Proofs of Debt Due May 21
LIFESIZE HK: Placed Under Voluntary Wind-Up Proceedings
MEMSUN WORLD: Creditors' Meeting Set for April 27


I N D I A

ANUPAM NIRMAN: CRISIL Upgrades Rating on INR80MM Loan to 'B-'
BARBIL MINING: CRISIL Rates INR90MM Cash Credit 'CRISIL B+'
BET MEDICAL: CRISIL Rates INR12.5MM Loans 'CRISIL BB-'
FEONA CERAMIC: CRISIL Assigns 'B+' Rating to INR75MM Term Loans
INTER PUBLICITY: CRISIL Cuts Rating on INR310MM Loans to 'BB'

KHUSHBU SALES: CRISIL Places 'B+' Rating on INR260MM Loans
MDH TRUCKS: CRISIL Assigns 'CRISIL B-' Rating to INR75MM Loan
NASHIK INSTITUTE: CRISIL Rates INR70MM Term Loan at 'CRISIL D'
OM SAI MOTORS: CRISIL Upgrades Rating on INR250.1MM Loan to 'BB-'
PSR ELECON: CRISIL Assigns 'BB-' Rating to INR30MM Cash Credit

SIGMA SYNTHETICS: CRISIL Places 'B+' Rating on INR107.5MM Loans
SRI VYJAYANTHI: Delay in Debt Payment Cues CRISIL Junk Ratings
SWAGATH MARRIAGE: CRISIL Puts 'CRISIL B' Rating on INR98MM Loans
WONJIN AUTOPARTS: CRISIL Puts 'B' Rating on INR106.2MM Loans


I N D O N E S I A

CIMB NIAGA: Fitch Affirms Viability Rating at 'BB'


J A P A N

CORSAIR(JERSEY) NO. 2: S&P Raises Rating on Series 46 CDS to BB-


N E W  Z E A L A N D

CRAFAR FARMS: Fay-Backed Group Files New Appeal on Sale
NZF MONEY: Asset Freezing Order Against Parent to Continue
PAYLESS: Enters Receivership, Continues to Trade


S I N G A P O R E

AIMS AMP: Moody's Withdraws 'Ba1' Corporate Family Rating


S R I  L A N K A

MULTI FINANCE: Fitch Affirms Nat'l Long-Term Rating at 'B+'


T H A I L A N D

CIMB THAI: Fitch Affirms Viability Rating at 'BB-'


X X X X X X X X

* S&P's 2012 Global Corporate Default Tally Rises to 29


                            - - - - -


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


1ST FLEET: Goes Into Administration, 1000 Jobs at Risk
------------------------------------------------------
The Australian reports that 1st Fleet has gone into
administration, with about 1,000 jobs under threat.

Sydney-based administrators deVries Tayeh was appointed to oversee
the day-to-day running of the firm, citing cash flow difficulties
at the NSW-based company, according to The Australian.

"Generally, it's run out of cash . . . .  As you can see it's a
tough time in the economy, so we're just trying to get a handle on
the cash flow at the moment and trade it on and see what we can do
with it . . . .  We hope within the next two weeks we'll be able
to work out a direction," the report quoted joint administrator
Riad Tayeh as saying.

The report says that administrators may look to find a buyer for
1st Fleet and Mr. Tayeh said it would attempt to minimize job
losses.

1st Fleet, which has headquarters in Smithfield, in Sydney's
southwest, was founded in NSW in 1988 and grew to become a
sizeable logistics operation.  It also provides warehousing, fleet
management, labour hire and recruitment and wharf container
transport services.


CMI INDUSTRIAL: Enters Into Administration; 250 Jobs at Risk
------------------------------------------------------------
SmartCompany reports that CMI Industrial entered administration on
April 27, 2012, putting 250 jobs at risk while a further 1,800
Ford workers have been stood down until Wednesday.

According to the report, CMI's troubles began when the landlord at
its Campbellfield plant locked workers out two weeks ago.

The landlord is claiming a range of debts with unpaid rent being
one component, the report notes.

SmartCompany says administrators have been appointed from
chartered accountants Grant Thornton while Ford Australia has
appointed receivers from the corporate recovery firm McGrath
Nicol.

Keith Crawford -- kcrawford @ mcgrathnicol . com -- partner at
McGrath Nicol, told SmartCompany Ford appointed him as an
administrator as the car maker held security in relation to CMI
and was "interested in achieving continuity" in its supply chain.

"We are in the process of trying to find a way to get the standoff
with the landlord at Campbellfield resolved and we do have a time
slot booked for a Federal Court appearance this afternoon to put
an application in to have that done," SmartCompany quotes Mr.
Crawford as saying.

"Our objective will be if at all possible to stabilise the
business at each of the sites and put it in a state that makes it
attractive to a potential purchaser."

                       About CMI Industrial

Headquartered in Brisbane, Australia, CMI Industrial manufactures
of a range of specialist components for the automotive, white
goods, transportation and water storage industries. It has
facilities in Melbourne (Campbellfield and West Footscray),
Ballarat and Horsham in Victoria and Toowoomba and Bundaberg in
Queensland.


KORDAMENTHA: To Seek Court Order Against Queensland Mayor
---------------------------------------------------------
Paul Sutherland and Stephen Smiley at ABC Rural report that
KordaMentha, the insolvency firm that's in a battle with a north-
west Queensland mayor, said it will be seeking a court order to
ensure there's no more interference with the receivership process.

Receivers KordaMentha attempted to remove cattle from a property
owned by Richmond mayor John Wharton, according to ABC Rural.

The report relates that Mr. Wharton claims a complaint to the
State Ombudsman prevented the sale of his cattle, but Bill Buckby
from KordaMentha says his staff decided to abandon their plans
after Mr. Wharton made threats, and physically prevented the
cattle trucks from leaving the property.

The report recalls that Mr. Wharton had his business assets placed
in receivership in November 2011, and has been locked in a fierce
battle with financial provider Bankwest and the bank-appointed
receivers to retain his cattle and his property.

Mr. Wharton, the report notes, said that the receivers had no
right to be on his property.

ABC Rural discloses that Mr. Wharton was served an eviction notice
requiring his family to vacate his property, Runnymede Station, by
mid-year.  The property has been in the family for almost a
century.


MIRABELA NICKEL: Moody's Cuts CFR to 'Caa1'; Outlook Negative
-------------------------------------------------------------
Moody's Investors Service has downgraded Mirabela Nickel Limited's
corporate family and senior unsecured rating to Caa1 from B3. The
outlook on all ratings is negative.

Ratings Rationale

"The rating action reflects Moody's concern that Mirabela's
liquidity is under increasing pressure given the ongoing weak
nickel pricing environment combined with continued high cash costs
of production and a significant amount of capital expenditures
expected in 2012", says Matthew Moore, a Moody's Assistant Vice
President -- Analyst. The rating action concludes the review for
downgrade initiated on 11 April 2012.

Mirabela is very vulnerable to the continued weakness in nickel
prices, reflecting its current high cash costs, which has led to
weak profitability and operating cash flow. Mirabela's realized
nickel price for the recently reported March 2012 quarter was
$7.49/lb compared to unit cash costs (before debt service) of
around $7.37/lb. This, combined with the $18.5 million of capital
expenditures in the quarter, has led to a significant cash burn
rate for the company. As a result, the company's ability to meet
its capital expenditures and financial obligations will largely be
contingent on its ability to reduce cash costs in line with its
public guidance and for a strengthening in nickel prices from
current low levels.

Moody's highlights the company has announced expectations for
reduced unit cash costs, which if successful would improve
profitability and cash flow generating ability. Achieving these
cost reduction plans combined with improvements in Nickel prices
is critical for improving the company's currently thin liquidity
position. That said, Moody's notes that there is a significant
degree of uncertainty surrounding Mirabela's ability to achieve
its cash costs target of $6.00/lb by December 2012.

While the company had around $60 million of cash on hand as of
March 31, 2012, Moody's estimates that the company will spend
around $40 million on capital expenditures over the remainder of
the year. This combined with the company's financial obligations,
means it will be critical for the company to begin to generate
positive operating cash flow in order to meet its ongoing
obligations. Moody's does note that the company has indicated that
a portion of this capital expenditures may be deferred to other
periods, if necessary.

The outlook on the rating is negative, reflecting ongoing
uncertainty surrounding the company's operating performance.

Further negative pressure on the rating could be triggered by
continued weakening of the liquidity position of the company,
which would likely result from an inability to reduce cash costs
towards its targeted level of around $6.00/lb by the end of 2012,
and/or continued weakness in nickel prices.

The rating outlook could revert to stable if Mirabela manages to
reduce cash costs in line with its market guidance of $6.00/lb by
the end of 2012 and nickel pricing improves, such that the
company's liquidity position strengthen to a level that Moody's
views as comfortably supporting its capital expenditure and
financial obligations.

The principal methodology used in rating Mirabela Nickel Limited
was the Global Mining Industry Methodology published in May 2009.

Mirabela Nickel Ltd (Mirabela) based in Perth, Western Australia
is a single asset nickel producer. Mirabela's principal asset is
the Santa Rita Project in Bahia State, Brazil. The Santa Rita
project is a nickel sulphide operation with a nameplate capacity
of 7.2Mtpa of ore milled and full production target between 23,000
to 25,000 tonnes of nickel in concentrate.


* SOUTH AUSTRALIA: Moody's Comments on 2011/2012 Budget
-------------------------------------------------------
Moody's Investors Services says -- in its annual credit analysis
of South Australia -- that the state's budget deficits, which
widened in previous years, should narrow significantly in the
medium term as various capital projects are completed.

Key to this expected improvement is the government's plan to pull
back on capital spending following completion of the desalination
plant in Adelaide and other large projects, and as well as the
implementation of a lower rate of current spending through the
adoption of various recommendations from the Sustainable Budget
Commission.

However, the initially budgeted deficit of 8.0% of revenues in
2011/12, is now projected to be a wider 9.6% of revenues as growth
in conveyancing duties and GST-back grants has been slower than
anticipated and planned reductions in public sector positions were
delayed. But, over the medium term through 2014/15, average
deficits are now anticipated to decline to an average 4.5% of
revenues, although they are higher than the 2.1% projected at
budget time.

The state government's ability to restore budgetary balance over
the next several years will likely require a greater focus on
savings measures and a commitment to reduce capital spending,
given expectations that revenue performance could weaken. However,
the Moody's report also notes that the outlook for the restoration
of budgetary balance by 2014/15 is complicated by the
optimistically low spending rises - 1.4% on average -- anticipated
from 2012/13 to 2014/15.

Moody's believes that meeting this targeted spending level will be
difficult, given the much faster pace of growth in prior years and
ongoing pressures in healthcare and wage adjustments.

Moody's describes the state's levels of indebtedness as moderate
due to the government's application of the proceeds from its sale
of its electricity assets in the last decade to pay down debt, as
well as cash surpluses generated in the interim period.

As cash deficits emerged in 2008/09, South Australia's net direct
and indirect debt rose to 48.3% of revenues and 8.1% of GSP in
2010/11, from lows of 19.8% of revenues and 3.3% of GSP in 2007/08
- among the fastest growing of the states - but levels which are
also still low when compared to other states and territories in
Australia. Debt will continue to rise in line with cash deficits,
and, therefore the government's resolve to implement budgetary
redress measures is paramount to credit quality.

Moody's report is a yearly update to the markets and is not a
rating action.


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


CDC CORP: China.com Files First Amended Chapter 11 Plan
-------------------------------------------------------
BankruptcyData.com reports that CDC shareholder China.com filed
with the U.S. Bankruptcy Court a First Amended Chapter 11 Plan and
related Disclosure Statement for the CDC proceeding.

"Under the CRO/EC Plan, the CRO and Equity Committee propose to
liquidate the remaining assets of the Debtor. However, there is a
significant risk that the CRO and the Equity Committee will not be
able to realize full value and therefore deliver such value when
such assets are liquidated in a distressed sale. China.com
believes such assets have substantial value as going concern
businesses. Under the China.com Plan, those Holders that
participate in the Cash Election option will receive a fixed
amount of cash for their shares that are included in the Cash
Election. There is a risk that the value received under the Cash
Election option will be less than the value such Holder would
receive under the CRO/EC Plan. On the other hand, retaining an
interest in the Reorganized Debtor as provided under the China.com
Plan, would give such Holders the ability to receive greater value
than under the CRO/EC Plan if the Reorganized Debtor successfully
reorganizes and grows its businesses. The CRO/EC Plan seeks to
liquidate the Debtor and its subsidiaries, proposing that Holders
agree to receive a cash distribution of an unknown amount and at
uncertain times. The Plan Proponent submits that the China.com
Plan maximizes the value of the Debtor's Estate and is in the best
interests of the Holders of Claims and Interests, and that any
alternative to Confirmation of the China.com Plan would result in
significant delays and additional costs to the Debtor and its
Estate," according to the Disclosure Statement obtained by
BankruptcyData.com.

                         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 SHANSHUI: Fitch Rates $400-Mil. Sr. Unsec. Notes at 'BB-'
---------------------------------------------------------------
Fitch Ratings has assigned a final rating of 'BB-' to the USD400m
10.5% senior unsecured notes due 2017 issued by China Shanshui
Cement Group Limited (Shanshui Cement, 'BB-'/Positive).
This follows the receipt of documents conforming to information
already received. The final rating is in line with the expected
rating assigned on 9 April 2012.

The Outlook of the Foreign Currency Long-term Issuer Default
Rating was revised to Positive from Stable on April 9, 2012
reflecting an improved competitive landscape in Shandong,
Shanshui's core market, and the company's reduced capex plans.
Shanshui's ratings are supported by its strong market position in
Shandong, which contributed to 76% of its 2011 revenue and over
80% of its profit. Also, the company is one of 12 Chinese cement
companies supported by the Chinese government through a pledge
made by the National Development and Reform Commission.

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


CHINA TEL GROUP: Has Pact to Acquire 75% Equity in Shenzhen VN
--------------------------------------------------------------
VelaTel Global Communications, formerly known as China Tel Group
Inc., has entered into an Amended and Restated Subscription and
Stockholder Agreement to acquire a 75% equity interest in Shenzhen
VN Technologies Co., Ltd., a limited liability company in the
People's Republic of China.  VN Tech is a leading distributor of
hydrogen fuel cells that satisfy the telecommunication industry
standard to provide back-up power to operate data centers and
remotely located infrastructure equipment during periods where
primary electrical transmission is interrupted for any reason.
Under the original agreement entered into just over one year ago,
upon completion of forming corporate entities, VelaTel was to
acquire 51% in the venture in exchange for five million of its
publicly traded shares.  VelaTel will now pay ten million shares
to increase its stake to 75%.

Under the amended agreement, VN Tech PRC will become a wholly
owned subsidiary of a Hong Kong company, VN Tech Investments, Ltd.
(HK).  VN Tech HK will in turn become a wholly owned subsidiary of
a Cayman Island holding company, VN Tech Investments, Ltd.
(Cayman).  This corporate structure facilitates any foreign
investment into VN Tech PRC, as well as the future ability to
publicly list the venture on an offshore stock exchange such as
Hong Kong.  The transaction has been structured to allow VelaTel
to report the results of the venture's operations on its
consolidated financial statements in the same manner as its other
subsidiaries.  The transaction is considered fully completed, with
exchange of shares and appointment of directors and officers to
the holding companies to follow as expeditiously as possible.

VelaTel's President, Colin Tay, remarked: "VelaTel recognizes the
enormous potential of hydrogen fuel cell technology.  So do major
telecommunications carriers like China Mobile and China Unicom,
who in February commissioned VN Tech to conduct field trials that
are now in progress.  VelaTel's increased equity stake in VN Tech
provides the platform for us to generate new revenue sources from
third parties, and also to apply that technology to our own
projects."

                         About China Tel

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

The Company reported a net loss of $21.79 in 2011, compared with a
net loss of $66.62 million in 2010.

The Company's balance sheet at Dec. 31, 2011, showed $12.83
million in total assets, $22.76 million in total liabilities and a
$9.92 million total stockholders' deficiency.

For 2011, Kabani & Company, Inc., in Los Angeles, California,
expressed substantial doubt as to the Company's ability to
continue as a going concern.  The independent auditors noted that
the Company has incurred a net loss for the year ended Dec. 31,
2011, cumulative losses of $253,660,984 since inception, a
negative working capital of $16,386,204 and a stockholders'
deficiency of $9,928,838.


CHINA ZHENGTONG: Moody's Issues Correction to Ratings Release
-------------------------------------------------------------
Moody's Investors Service issued a correction to the ratings
release of China ZhengTong Auto Services Holdings Limited.

Moody's has assigned a Ba3 corporate family rating to ZhengTong
and a provisional (P)Ba3 bond rating to its proposed US dollar
bonds.

The ratings outlook is stable.

This is the first time that Moody's has assigned a rating to
ZhengTong.

The proceeds of the bonds will be used for the repayment of debt
and general corporate purposes.

The provisional rating will be removed once ZhengTong has issued
the bonds on satisfactory terms and conditions.

Ratings Rationale

"The Ba3 rating reflects ZhengTong's leading position in China's
luxury-car dealership market," says Jonathan Lee, a Moody's Vice
President and Senior Analyst.

"It also reflects its relatively large dealership network, broad
geographic coverage, and good brand diversity than its Chinese
peers," adds Mr. Lee, also the International Lead Analyst for
ZhengTong.

ZhengTong operated 57 stores and 20 brands as of 31 December 2011.
Headquartered in Beijing, it has a presence in 12 regions,
covering 27 cities, including major coastal and fast-growing
second-tier cities in central and north China.

ZhengTong has 11 luxury and ultra luxury brands, which accounted
for 73% of store count and 82% of new car sales revenue in 2011.

"The company's business growth will benefit from China's growing
affluence, which will in turn support higher demand for luxury
vehicles," says Ping Luo, a Moody's Vice President and Senior
Analyst, who is the Lead Local Market Analyst for ZhengTong.

Moody's expects the luxury-car segment to enjoy strong growth in
the next two years, driven by an increase in income and the number
of wealthy people, passenger vehicle upgrades, as well as the fact
the penetration of the luxury car segment in China is still low.

However, the rating is constrained by the company's large debt
funding needs for its inventory, execution risks associated with
its fast expansion, small and developing after-sale services
contribution, and increased competition in China's car dealership
market.

ZhengTong's growth will rely on adequate bank credit facilities
-- Bills Payable finance -- to support its inventory requirement.
Still, Moody's believes the company's current bank-arranged credit
facilities will be adequate for its organic growth in the next two
years.

In the first year of its listing, ZhengTong took an aggressive
growth approach and increased its asset and store count grew by
137%. The acquisition of Top Globe expanded its network scale,
geographic coverage, and its brand portfolio.

Moody's expects ZhengTong to slow down its acquisitions in the
next two years as it realizes the benefits from the incremental
scale and efficiency offered by Top Globe.

Under more modest capital and investment spending in the next two
years, Moody's expects ZhengTong's adjusted Debt/EBITDA to be
around 2.5x-3x and EBITDA/interest to be around 4x--5x. These
metrics position the company in the Ba level.

In terms of liquidity, the company had RMB1.1 billion of
unrestricted cash as of 31 December 2011, versus acquisition debt
of RMB2.0 billion, which needs to be refinanced. Until longer-term
finance is in place, the debt maturity profile will remain
relatively weak.

However, the company will be able to extend the maturity dates of
the current acquisition debt if offshore bonds are not issued in
the near term.

With respect to subordination risk, Moody's has not applied
notching to the proposed bonds to be issued by ZhengTong. This
decision is based upon (i) recognizing 25% of the Bills Payable as
priority domestic debt in accordance with Moody's Rating
Methodology on Global Automotive Retailer Industry; and (ii)
taking ZhengTong's objective to keep total priority domestic debts
at a level not more than 15% of the total assets.

In the event that the company fails to adhere to the 15% limit,
Moody's could apply notching to the bond rating to reflect the
subordination risk.

The stable outlook reflects Moody's expectation that ZhengTong
will: (a) continue to maintain its leading position and market
share in the luxury car dealership market in China; (b) reduce
acquisitive growth in the next two years; and (iii) refinance or
extend the maturity dates of the RMB 2.0 billion acquisition debt.

Upward pressure on the ratings could be limited, as ZhengTong has
to integrate and bring out the benefit from the Top Globe
acquisition, and improve its debt maturity profile.

However, in the medium term upward pressure could emerge if the
company can demonstrate: (i) prudent growth with discipline
acquisition and capital expenditure spending; (ii) improve its
debt maturity profile; and (iii) develop a growing revenue stream
from its after-sale service.

In terms of credit metrics, upgrade pressure could emerge if
ZhengTong can sustain a credit metrics of Debt/EBITDA lower than
2.5x--3.0x and EBITDA/interest of more than 5x--5.5x on a
sustainable basis.

On the other hand, the ratings could be downgraded if ZhengTong:
(i) takes on further material debt-funded acquisitions or expands
its stores rapidly; (ii) faces margin declines due to lower
operating efficiency or deteriorating market conditions; or (iii)
fails to improve its debt maturity profile.

Credit metrics indicative of downgrade pressure would include
debt/EBITDA of more than 3.5x--4x and EBITDA/interest below 3x-
3.5x.

The principal methodology used in rating China ZhengTong Auto
Services Holdings Limited was the Global Automotive Retailer
Industry Methodology published in December 2009.

Incorporated in 1999 and headquartered in Beijing, ZhengTong is a
leading car dealership in China, with a focus on luxury and ultra
luxury car market. It listed on Hong Kong Stock Exchange in
December 2010.


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


ALPHADYNE ASSET: Sole Member' Final Meeting Set for May 21
----------------------------------------------------------
Sole member of Alphadyne Asset Management (HK) Limited will hold a
final meeting on May 21, 2012, at 10:00 a.m., at 8th Floor,
Gloucester Tower, The Landmark, at 15 Queen's Road Central, in
Hong Kong.

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


CENTRAX LIMITED: Members' Final Meeting Set for May 21
------------------------------------------------------
Members of Centrax Limited will hold their final meeting on
May 21, 2012, at 10:00 a.m., at 20th Floor, The Hong Kong Club
Building, at 3A Chater Road, Central, in Hong Kong.

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


DEUTSCHE WOOLWORTH: Creditors' Proofs of Debt Due May 11
--------------------------------------------------------
Creditors of Deutsche Woolworth Sourcing Hong Kong Limited, which
is in members' voluntary liquidation, are required to file their
proofs of debt on or before 5:30 p.m., on May 11, 2012, to be
included in the company's dividend distribution.

The company's liquidator is:

         Piotrowski Christoph Philippus
         c/o Messrs. Ho, Wong & Wong
         Suite 2508, Tower 1
         Lippo Centre
         89 Queensway, Hong Kong


GLOBAL MODA: Sole Shareholder Final Meeting Set for May 25
----------------------------------------------------------
Sole Shareholder of Global Moda Sourcing Limited will hold a final
meeting on May 25, 2012.

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


GREAT WISDOM: Man Kwok Leung Steps Down as Liquidator
-----------------------------------------------------
Man Kwok Leung stepped down as liquidator of Great Wisdom
Corporation Limited on April 18, 2012.


GUNYA INVESTMENT: Members' Final General Meeting Set for May 25
---------------------------------------------------------------
Members of Gunya Investment Company Limited will hold their final
general meeting on May 25, 2012, at 12:15 p.m., at Level 28, Three
Pacific Place, at 1 Queen's Road East, in Hong Kong.

At the meeting, Natalia K M Seng, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


JADE SIGNET: Members' Final Meeting Set for May 21
--------------------------------------------------
Members of Jade Signet International Limited will hold their final
general meeting on May 21, 2012, at 10:00 a.m., at 1902 MassMutual
Tower, 38 Gloucester Road, in Wanchai.

At the meeting, Ngan Lin Chun Esther, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


KENSEN INVESTMENT: Creditors' Proofs of Debt Due May 21
-------------------------------------------------------
Creditors of Kensen Investment 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:

         Chang Pin Benjamin
         Room 608, 6/F
         One Pacific Place
         88 Queensway, Hong Kong


LIFESIZE HK: Placed Under Voluntary Wind-Up Proceedings
-------------------------------------------------------
At an extraordinary general meeting held on April 11, 2012,
creditors of Lifesize Hong Kong Limited resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

         Chan Chung Wah Clement
         5/F, Heng Shan Centre
         145 Queen's Road East
         Wanchai, Hong Kong


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, 565-567
Nathan Road, Yaumatei, Kowloon, in Hong Kong.


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


ANUPAM NIRMAN: CRISIL Upgrades Rating on INR80MM Loan to 'B-'
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Anupam Nirman Pvt Ltd to 'CRISIL B-/Stable' from 'CRISIL C' and
has reaffirmed its rating on ANPL's short-term facilities at
'CRISIL A4'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit            80.00       CRISIL B-/Stable (Upgraded
                                      from 'CRISIL C')

   Bank Guarantee        220.00       CRISIL A4 (Reaffirmed)

The rating upgrade reflects ANPL's improved liquidity, leading to
timely repayment of equipment loans (not rated by CRISIL) by the
company during the three months ended March 31, 2012. The upgrade
also reflects CRISIL's belief that ANPL will generate sufficient
cash accruals to service its loan obligations over the medium
term.

The ratings reflect ANPL's large working capital requirements,
leading to constrained liquidity, geographical and segmental
concentration in revenue profile, and small scale of operations.
These rating weaknesses are partially offset by the benefits that
ANPL derives from its moderate order book and promoters'
experience in the civil construction segment.

Outlook: Stable

CRISIL believes that ANPL will maintain its business risk profile
over the medium, supported by its moderate order book and
promoters' industry experience. The outlook may be revised to
'Positive' if ANPL effectively manages its working capital
requirements, leading to enhanced financial flexibility.
Conversely, the outlook may be revised to 'Negative' ANPL's
liquidity weakens further, most likely because of delays in
realisation of debtors, or if the company undertakes a larger-
than-expected, debt-funded capital expenditure programme,
resulting in deterioration in capital structure.

                        About Anupam Nirman

ANPL was initially established as a proprietorship firm (Anupam
Sarma) in 1999 and was reconstituted as a private limited company
in April 2010. The company is engaged in civil construction
activities in Assam and generally undertakes government contracts.
It is mainly involved in construction of roads; it executes bridge
and building construction projects as well. The company is
registered with the Public Works Department (PWD), Assam.

ANPL reported a profit after tax (PAT) of INR17.25 million on net
sales of INR539.63 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR22.1 million on net
sales of INR436.77 million for 2009-10.


BARBIL MINING: CRISIL Rates INR90MM Cash Credit 'CRISIL B+'
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Barbil Mining and Industries Pvt Ltd.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             90         CRISIL B+/Stable

The rating reflects BMIPL's small scale of, and working-capital-
intensive, operations and exposure to cyclicality in demand and
prices from the end-user steel industry. These rating weaknesses
are partially offset by BMIPL's above-average financial risk
profile, marked by low gearing and healthy debt protection
metrics, and healthy operating profitability.

Outlook: Stable

CRISIL believes that BMIPL will benefit over the medium term from
its above-average financial risk profile and promoters' extensive
industry experience. The outlook may be revised to 'Positive' in
case of substantial increase in the company's scale of operations
and improvement in working capital management, leading to
improvement in overall business risk profile and liquidity.
Conversely, the outlook may be revised to 'Negative' in case of
deterioration in working capital management or any significant
debt-funded capital expenditure or significant financial support
to group entities, leading to weakening in overall financial risk
profile, especially liquidity

                        About Barbil Mining

BMIPL, incorporated in 2008, is currently engaged in mining
manganese ore. The company owns two manganese ore mines, once each
in Ramabhadrapuram (Andhra Pradesh) and Balaghat (Maharashtra).
BMIPL commenced its operations as a contract miner in 2008-09
(refers to financial year, April 1 to March 31). However, in 2009-
10, BMIPL also started trading in mined output, manganese ore.
Later, in October 2011, BMIPL's promoters purchased two mines and
the company exited from contract mining and trading business.
Currently, the company mines manganese ore from its own mines.
BMIPL's mine in Ramabhadrapuram has manganese ore deposit of
around 0.3 million tonnes. The company has a mining licence valid
till 2019 for the Ramabhadrapuram mine. BMIPL has applied mining
right for its Balaghat mine. BMIPL has a clientele of around 25
ferro alloy plants based in West Bengal, Orissa, Chhattisgarh, and
Madhya Pradesh.


BET MEDICAL: CRISIL Rates INR12.5MM Loans 'CRISIL BB-'
------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Bet Medical Pvt Ltd.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Cash            7.5       CRISIL BB-/Stable
   Credit Limit

   Cash Credit              5         CRISIL BB-/Stable

   Letter of Credit        75         CRISIL A4+

   Bank Guarantee          22.5       CRISIL A4+

The ratings reflect BET's established presence in the medical
equipment trading segment, aided by its wide distribution network.
The rating also factors in the company's comfortable financial
risk profile, marked by moderate gearing and debt protection
metrics. These rating strengths are partially offset by BET's
large working capital requirements and its susceptibility to
significant principal concentration, intense industry competition,
and to volatility in foreign exchange rates.

Outlook: Stable

CRISIL believes that BET will continue to benefit over the medium
term from its established position in the medical equipment
trading business and healthy relationships with its principals.
The outlook may be revised to 'Positive' if the company's
registers significant and sustainable improvement in its revenues
and margins while maintaining its comfortable capital structure.
Conversely, the outlook may be revised to 'Negative' if its
relationships with its principals deteriorate, BET contracts more-
than-expected debt, or if there is a significant decline in the
company's revenues and margins, leading to a weaker financial risk
profile.

                          About Bet Medical

Based in Chennai (Tamil Nadu), BET was promoted in 1991 by Mr. D
Narasimha Rao and Mr. P Emmanuel; the company trades in medical
equipments, primarily equipment related to surgery and radiology.
The company currently has seven principals, including Trident
Medical Corporation, Taiwan and Metaltronica, Italy, and caters to
large and mid-sized hospitals across India. The company has a pan-
India distribution network for sales, service, and support
activities. It also has branches in Kochi (Kerala), Hyderabad
(Andhra Pradesh), Bengaluru (Karnataka), Mumbai (Maharashtra),
Ahmedabad (Gujarat), Delhi, and Kolkata (West Bengal).

BET reported a profit after tax (PAT) of INR3 million on net sales
of INR177 million for 2010-11 (refers to financial year, April 1
to March 31), as against a PAT of INR3 million on net sales of
INR101 million for 2009-10.


FEONA CERAMIC: CRISIL Assigns 'B+' Rating to INR75MM Term Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Feona Ceramic Pvt Ltd.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan               55         CRISIL B+/Stable

   Cash Credit             20         CRISIL B+/Stable

   Bank Guarantee           9         CRISIL A4

The ratings reflect FCPL's below-average financial risk profile
marked by high gearing and below-average debt protection measures,
and exposure to high offtake-related risks associated with its
upcoming facility, considering the increasing fresh capacities in
the ceramic tiles industry. These rating weaknesses are partially
offset by the extensive industry experience of FCPL's promoters
and the strategic location of its manufacturing facility.

Outlook: Stable

CRISIL believes that FCPL will benefit over the medium term from
the strategic location of its manufacturing facilities and its
promoters' extensive experience in the ceramic tiles industry. The
outlook may be revised to 'Positive' in case FCPL achieves higher-
than-expected revenue growth or profitability. Conversely, the
outlook may be revised to 'Negative' if FCPL's revenues and
profitability are lower than expected after its ongoing project is
commissioned, or if the company undertakes a larger-than-expected,
debt-funded, capital expenditure programme.

                         About Feona Ceramic

FCPL was incorporated in October 2011. The company is installing
manufacturing facility for porcelain ceramic tiles, with capacity
of around 54,000 tonnes per annum, in Morbi, Rajkot (Gujarat).
FCPL's operations are expected to start by June 2012. The cost of
the project is INR94 million, which is being funded by a term loan
of INR55 million, unsecured loans of INR9 million from promoters,
and equity funding of INR30.00 million, translating into a ratio
of debt to promoters' contribution of 1.41 times.


INTER PUBLICITY: CRISIL Cuts Rating on INR310MM Loans to 'BB'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Inter Publicity Pvt Ltd to 'CRISIL BB/Stable' from 'CRISIL
BB+/Stable'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             150        CRISIL BB/Stable
   Term Loan               160        CRISIL BB/Stable

The rating downgrade reflects the weakening of IPPL's business
risk profile as a result of reduced advertising spends by its
largest customer, State Bank of India (SBI). In 2011-12 (refers to
financial year, April 1 to March 31), SBI scrapped its image-
building advertising budget, resulting in reduction in its
contribution to IPPL's revenues to about INR250 million in 2011-12
from INR900 million in 2010-11. Along with SBI, reduced
advertising spends by other public sector banks and Indian
Railways led to an estimated 45 per cent decline in IPPL's
revenues in 2011-12. IPPL's working capital's requirements have
also increased in 2011-12 as a result of delayed payments from
customers, leading to higher bank limit utilisation. Furthermore,
due to debt funding of incremental working capital requirements,
IPPL's gearing increased to an estimated 1.9 times as on March 31,
2012 vis--vis 1.6 times as on March 31, 2011, leading to
weakening of its financial risk profile.

The rating reflects the benefits IPPL derives from its established
market position in the advertising agency space and its promoter's
industry experience. These rating strengths are partially offset
by customer concentration in IPPL's revenue profile and the
susceptibility of the company's revenues to economic downturns,
and its below-average financial risk profile.

Outlook: Stable

CRISIL believes that IPPL will maintain its market position in the
advertising agency space over the medium term, backed by its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the company diversifies its customer
profile and posts more-than-expected growth in revenues or if
there is a large equity infusion by the promoters, leading to
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if IPPL's liquidity weakens due to
delayed payment from customers, it undertakes a larger-than-
expected, debt-funded capital expenditure or has to provide
funding support to group entities.

                      About Inter Publicity

Established in 1964, IPPL is a full-service advertising and
communication agency, which offers services such as market
research, strategy planning, concept development, design and
execution, and media selection and buying. The company offers
advertising services across all media, including print,
television, outdoor, radio, sales promotion, and event marketing.
It also offers services such as web and software development. IPPL
is a member of all major advertising bodies and is accredited by
all major advertising and media bodies, including Indian Newspaper
Society, All India Radio, and major satellite channels. In 1994,
faced with losses, Mr. Vinci Wadia, the initial promoter, sold
IPPL to its current promoter, Mr. Sumatichand Gouti.

IPPL reported a profit after tax (PAT) of INR59 million on net
sales of INR1.8 billion for 2010-11, against a PAT of INR23
million on net sales of INR1.4 billion for 2009-10.


KHUSHBU SALES: CRISIL Places 'B+' Rating on INR260MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Khushbu Sales Pvt Ltd.

                               Amount
   Facilities                 (INR Mln)     Ratings
   ----------                 ---------     -------
   Proposed Term Loan           200         CRISIL B+/Stable
   Proposed Cash Credit Limit    20         CRISIL B+/Stable
   Cash Credit                   40         CRISIL B+/Stable
   Letter of Credit              20         CRISIL A4
   Proposed Letter of Credit     20         CRISIL A4

The ratings reflect KSPL's small scale of operations, exposure to
intense industry competition, and susceptibility to volatility in
raw material prices and in foreign exchange rates. These rating
weaknesses are partially offset by the extensive experience of
KSPL's promoter in the Polyvinyl chloride (PVC) flex films trading
industry.

Outlook: Stable

CRISIL believes that KSPL will continue to benefit over the medium
term from its promoter's extensive experience in the PVC flex
films trading business. The outlook may be revised to 'Positive'
if the company significantly scales up its operations and sustains
improvement in its profitability. Conversely, the outlook may be
revised to 'Negative' if KSPL reports deterioration in its
financial risk profile, either because of lower-than-expected
profitability or larger-than-expected, debt-funded capital
expenditure.

                        About Khushbu Sales

KSPL was set up by Mr. Ghanshyam Patel in 1996; it trades in PVC
flex films which are widely used in various industrial and
commercial applications such as banners, billboards, pneumatic
toys, stationery, furniture films, industrial curtains, floor
coverings, raincoats, handbags, and plastic bags. KSPL is in the
process of setting up a new manufacturing unit in Ujeti Village at
Panchmahal District (Gujarat), with capacity of around 12,000
tonnes per annum. The company plans to focus on manufacturing PVC
flex films using calendar and lamination machines imported from
China and Taiwan. The total project cost is around INR260 million,
which is expected to be funded by term loans of INR182 million,
and infusion of equity capital and unsecured loans for the rest.

KSPL reported a profit after tax (PAT) of INR3.6 million on net
sales of INR276 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR2.4 million on net
sales of INR263 million for 2009-10.


MDH TRUCKS: CRISIL Assigns 'CRISIL B-' Rating to INR75MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of MDH Trucks Pvt Ltd.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             75         CRISIL B-/Stable

The rating reflects MDH's start-up nature of operations with low
profitability and weak financial risk profile, marked by small net
worth and high gearing. These rating weaknesses are partially
offset by the extensive experience of MDH's promoters in the
automobile dealership business.

CRISIL has treated unsecured loans of INR30 million, extended by
the promoters as on March 31, 2012, as neither debt nor equity as
these loans are expected to be retained in the business and do not
carry interest charges. Additionally, these loans are subordinated
to the bank for bank lines.

Outlook: Stable

CRISIL believes that MDH will benefit over the medium term from
its promoters' extensive experience in auto dealership industry.
The outlook may be revised to 'Positive' in case of improvement in
the company's financial risk profile, driven by higher-than-
expected cash accruals along with efficient working capital
management. Conversely, the outlook may be revised to 'Negative'
in case of pressure on MDH's liquidity on account of lower-than-
expected cash accruals or larger-than-expected working capital
requirements.

                          About MDH Trucks

MDH was incorporated in 2011 by Mr. SMD Naveed. The company is an
authorised dealer of Tata Motors Ltd's (TML- rated- CRISIL AA-/
Positive/ CRISIL A1+) commercial vehicles from 0.5-tonne carrying
capacity to 50-tonne carrying capacity, comprising entire gamut of
commercial vehicles manufactured by TML. At present, the company
operates through its Kadapa, AP showroom cum workshop. Over the
next two years, MDH is expected to open two new showrooms cum
workshop in Anantapur, and Tadpatri (AP).


NASHIK INSTITUTE: CRISIL Rates INR70MM Term Loan at 'CRISIL D'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the term loan
facility of Nashik Institute of Technology.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                70        CRISIL D

The rating reflects instances of delays by NIT in servicing its
debt; the delays have been caused by the trust's weak liquidity.
The intial stage of operations of NIT has meant pressure on
liquidity to meet fixed costs & thus has resulted in stretched
liquidity position.

The rating further reflects weak financial profile of NIT marked
by high gearing and susceptibility to change in regulatory
framework governing education sector. The trust, however, benefits
from resourceful background of its promoters.

Nashik Institute of Technology, an educational trust was
established in 2009-10. It is registered under the Bombay Public
Trust Act. The trust runs a polytechnic college in Nashik.
Mr. Suresh Patil is key founder & trustee of NIT. There are around
650 students at present. Various regulatory bodies like AICTE, DTE
have given recognition to these courses offered by the trust.


OM SAI MOTORS: CRISIL Upgrades Rating on INR250.1MM Loan to 'BB-'
-----------------------------------------------------------------
CRISIL has upgraded its rating on the cash credit facility of
Om Sai Motors Pvt Ltd to 'CRISIL BB-/Stable' from 'CRISIL
B+/Stable'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit            250.1       CRISIL BB-/Stable (Upgraded
                                       from 'CRISIL B+/Stable')

The upgrade reflects Om Sai's more-than-expected cash accruals,
driven by increased volumes, improved realization and stable
profitability, during 2011-12 (refers to financial year, April 1
to March 31). During 2011-12, Om Sai's topline, estimated at
INR2.08 billion, increased by about 23 per cent year-on-year, with
the company selling 6500 vehicles, compared with 5500 vehicles in
the previous year. While achieving the growth, the company
maintained its operating margin at around 2.5 per cent in 2011-12.
CRISIL believes that Om Sai will sustain the improvement in its
business amid the improving demand scenario for the automobile
segment.

The rating reflect Om Sai's established market position as a
dealer in Tata Motors Ltd's (TML's; rated 'CRISIL AA-
/Positive/CRISIL A1+') passenger vehicles and the funding support
it continues to get from its promoters. These rating strengths are
partially offset by Om Sai's below-average financial risk profile,
marked by small net worth and high ratio of total outside
liabilities to tangible net worth (TOLTNW), and exposure to risks
related to low bargaining power with its principal, TML.

Outlook: Stable

CRISIL believes that Om Sai will continue to benefit from its
association with TML, in an improving demand scenario for the
automobile segment. The outlook may be revised to 'Positive' if Om
Sai's capital structure improves, most likely driven by sizeable
equity infusion. Conversely, the outlook may be revised to
'Negative' if the company contracts a large quantum of debt for
funding its capital expenditure (capex), or i fits working capital
cycle witnesses a stretch, thereby leading to weakening in its
financial risk profile further.

                        About Om Sai Motors

Om Sai was established in 1994 as a proprietorship firm by Mr.
Gangadhar Shetty and was incorporated in 2000. The company
initially ran a workshop for TML, and in 2001 was appointed as an
authorised dealer in TML's vehicles. Om Sai is an authorised
distributor of passenger vehicles for TML and Fiat India Ltd. Om
Sai operates primarily in Mumbai -- it has a showroom at
Kandivali, an outlet at Borivali, a service station at Charkop,
and one warehouse each at Borivili and Vasai.

Om Sai reported a profit after tax (PAT) of INR5.7 million on an
operating income of INR1688 million for 2010-11, against a PAT of
INR4.7 million on an operating income of INR1536 million for 2009-
10.


PSR ELECON: CRISIL Assigns 'BB-' Rating to INR30MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of PSR Elecon Pvt Ltd.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Letter of Credit        10         CRISIL A4+
   Bank Guarantee          60         CRISIL A4+
   Cash Credit             30         CRISIL BB-/Stable

The ratings reflect PEPL's above-average financial risk profile,
marked by low gearing and above-average debt protection metrics,
and promoter's extensive industry experience. These rating
strengths are partially offset by PEPL's constrained financial
flexibility due to large working capital requirements, low
bargaining power against large customers, and presence in a
fragmented and competitive industry.

Outlook: Stable

CRISIL believes that PEPL will benefit over the medium term from
its experienced management and its established market position.
The outlook may be revised to 'Positive' if the company improves
its scale of operations and profitability coupled with better
working capital management on a sustainable basis, leading to
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' in case its financial risk profile
deteriorates owing to reduced revenues and margins, or if the
company undertakes a large debt-funded capital expenditure
programme, or if there is a delay in receipt of bills from various
principals.

                         About PSR Elecon

PEPL was established as a proprietorship firm, P Srinivas Rao, in
1993; the firm was reconstituted as a private limited company and
its name changed to the current one in 2010. PEPL is promoted by
Mr. P Srinivas Rao and is engaged in supply, erection,
installation, and testing of sub-station equipments up to 220 Kilo
Volts along with laying of transmission and distribution lines.
The company is registered as a Class A contractor with state
electricity board's (SEB's) of Andhra Pradesh, Karnataka,
Chhattisgarh, and Madhya Pradesh. The company has an unexecuted
order book of around INR270 million as on March 31, 2012.

PEPL reported a profit after tax (PAT) of INR6.1 million on net
sales of INR212.3 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR6.3 million on net
sales of INR329.8 million for 2009-10.


SIGMA SYNTHETICS: CRISIL Places 'B+' Rating on INR107.5MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Sigma Synthetics Pvt Ltd.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             45         CRISIL B+/Stable
   Term Loan               62.5       CRISIL B+/Stable

The rating reflects SSPL's small scale of, and working-capital-
intensive, operations and below-average financial risk profile
marked by a small net worth and weak debt protection metrics.
These rating weaknesses are partially offset by the extensive
experience and funding support of SSPL's promoters, and the
company's moderate operating margin expected to improve because of
increasing proportion of direct exports.

Outlook: Stable

CRISIL believes that SSPL will continue to benefit over the medium
term from its promoters' experience and funding support. The
outlook may be revised to 'Positive' in case of significant
improvement in its scale of operations and profitability,
resulting in higher-than-expected cash accruals along with
efficient working capital management. Conversely, the outlook may
be revised to 'Negative' in case SSPL reports larger-than-expected
working capital requirements or lower-than-expected cash accruals,
or undertakes a large, debt-funded capital expenditure programme,
resulting in pressure on its liquidity.

                       About Sigma Synthetics

SSPL, incorporated in 1987, manufactures several types of fabrics
from dyed cotton and polyester yarn for men's shirts and trousers
and kids' wear. The company also manufactures ready-made garments
(men's shirts) and has recently ventured into exports of the same.
SSPL's manufacturing facilities are in Ludhiana (Punjab); its
current capacity of 72 power looms is being utilised at about 70
per cent. SSPL is expected to derive over 70 per cent of its
revenues for 2011-12 (refers to financial year, April 1 to
March 31) from the sale of fabrics, and the rest from export of
its ready-made garments.


SRI VYJAYANTHI: Delay in Debt Payment Cues CRISIL Junk Ratings
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Sri Vyjayanthi Labs Pvt Ltd.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                45        CRISIL D
   Cash Credit              13        CRISIL D
   Letter of Credit         10        CRISIL D

The ratings reflect instances of delay by SVLPL in servicing its
debt; the delays have been caused by the company's weak liquidity
owing to high maturing debt obligations.

SVLPL also has a weak financial risk profile, marked by high
gearing, small net worth, and weak debt protection metrics, and
constrained financial flexibility due to large working capital
requirements. These rating weaknesses are partially offset by the
extensive industry experience of SVLPL's promoters.

                       About Sri Vyjayanthi

Promoted by Mr. V Satyanarayana Raju, SVLPL manufactures mineral
and bulk drugs. The company has a facility in Pharma city,
Parwada, Visakhapatnam (Andhra Pradesh). The present promoters,
Mr. M V Satyanarayana Raju and Mrs. M Sridevi, took over the
management of a sick company, IEC Chemi Tech Pvt Ltd;
subsequently, the new management changed the name to SVLPL with
effect from May 8, 2007. The management subsequently sold this
company and completely handed over the unit in September 2011.
During this time, the management also set up a unit in Pharma
city. The new unit was set up at a total cost of INR108 million;
full-fledged operations started from September 2011. Intermediates
and minerals, such as glycerophosphates, 5, 6 dimethoxy-1-
indanone, and topiramate accounted for around 70 per cent of
SVLPL's turnover in 2010-11 (refers to financial year, April 1 to
March 31).

SVLPL reported a profit after tax (PAT) of INR1.4 million on net
sales of INR121.2 million for 2010-11, as against a PAT of INR0.6
million on net sales of INR116.4 million for 2009-10.


SWAGATH MARRIAGE: CRISIL Puts 'CRISIL B' Rating on INR98MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Swagath Marriage & Function Hall.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Long-Term Loan         92.4        CRISIL B/Stable
   Proposed Long-Term      5.6        CRISIL B/Stable
   Bank Loan Facility

The rating reflects Dhanturi Group's below-average financial risk
profile, marked by a high gearing, small net worth and below-
average debt protection metrics, small scale of operations, and
vulnerability to cyclicality and intense competition in the hotel
industry. These rating weaknesses are partially offset by
extensive experience of Dhanturi Group's promoters in the hotel
industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Hotel Swagath (Veg & Non Veg), Dhanturi
Group of Hotels Pvt Ltd (rated at 'CRISIL B/Stable') and Sitara
Family Dining Bar & Multicuisine Restaurant with SMFH,
collectively referred to as the Dhanturi group. This is because
all the entities are under a common management and have intra-
group operational and financial linkages.

Outlook: Stable

CRISIL believes that Dhanturi Group will continue to benefit over
the medium term from its established regional market position and
its promoters' extensive experience in the hotel industry. The
expected adverse impact on Dhanturi Group's financial risk profile
because of debt-funded capital expenditure (capex) plan will be
partially offset by the growth in the group's operating income and
cash accruals. The outlook may be revised to 'Positive' in case
Dhanturi Group completes its planned capex ahead of schedule
without any cost overrun and achieves better-than-expected
occupancy levels, resulting in revenue and profitability growth.
Conversely, the outlook may be revised to 'Negative' in case
Dhanturi Group's operations or profitability decline significantly
because of economic downturn in the industry or increased
competition.

                      About Swagath Marriage

SMFH was established in 2004. Dhanturi Group operates a chain of
hotels and restaurants in Hyderabad and Secunderabad (Andhra
Pradesh). It is promoted and managed by Mr. D Ravinder and Mr. D
Hari Shankar. Currently, the group consists of nine hotels and
restaurants in Hyderabad. Dhanturi Group has undertaken a debt-
funded capex programme of about INR262 million for setting up
three hotels in Hyderabad; the capex is funded by term loan of
INR188 million and the balance from internal accruals. It has
recently started two hotels in July 2011 and January 2012 and the
third hotel is expected to be commenced from April 2012.

Dhanturi Group reported a profit after tax (PAT) of INR13.8
million on net sales of INR174 million for 2010-11, against a PAT
of INR7.5 million on net sales of INR125 million for 2009-10.


WONJIN AUTOPARTS: CRISIL Puts 'B' Rating on INR106.2MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Wonjin Autoparts India Pvt Ltd.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit            71.5        CRISIL B/Stable
   Long-Term Loan         34.7        CRISIL B/Stable

The rating reflects WAIPL's below-average financial risk profile,
marked by a weak capital structure and debt protection metrics,
modest scale of operations and customer concentration in its
revenue profile. These rating weaknesses are partially offset by
the benefits WAIPL receives from being part of Onegene group and
its established relationship with its key customer.

Outlook: Stable

CRISIL believes that WAIPL will benefit over the medium term from
the industry experience of its promoters and the support it
receives from its parent group. The outlook may be revised to
'Positive' if the company improves its profitability and capital
structure and diversifies its customer profile thereby leading to
an improvement in its financial risk profile. Conversely, the
outlook may be revised to 'Negative' in case WAIPL's cash accruals
decline owing to deterioration of its relationship with its key
customers or due to labour issues or if it undertakes a large
debt-funded capital expenditure programme, thereby weakening its
financial profile.

                       About Wonjin Autoparts

Established in 2003 as a joint venture between two Korean
companies, Onegene Inc and Onegene Electronics Inc, both being
part of Onegene Group. WAIPL manufactures heat exchangers and air
conditioning components for the automobile industry. WAIPL was
established primarily to cater to the Visteon group's Indian
subsidiary; Visteon Automotive (India) Pvt Ltd (rated 'CRISIL BB-
/Stable'). The Onegene group is a major supplier to the Visteon
group globally, from which it derives more than 50 per cent of its
revenues. The other key customers of WAIPL include Behr India Ltd
(rated 'CRISIL BBB+/Stable/CRISIL A2') and Doowon Automotive
Systems India Pvt Ltd. The company has its manufacturing facility
near Chennai (Tamil Nadu).

WAIPL reported net losses of INR40.5 million on net sales of
INR603.9 million for 2010-11 (refers to financial year, April 1 to
March 31), as against net losses of INR41.1 million on net sales
of INR522 million for 2009-10.


=================
I N D O N E S I A
=================


CIMB NIAGA: Fitch Affirms Viability Rating at 'BB'
--------------------------------------------------
Fitch Ratings has affirmed PT Bank CIMB Niaga Tbk's Long-Term
Foreign Currency Issuer Default Rating (IDR) at 'BBB' with Stable
Outlook.  Its National Long-Term rating has also been affirmed at
'AAA(idn)' with Stable Outlook.

The ratings of CIMB Niaga primarily reflect strong institutional
support from its parent, CIMB Group, whose flagship CIMB Bank is
rated 'BBB+' with Stable Outlook.

The bank's 'bb' Viability Rating (VR) reflects its satisfactory
asset quality and adequate capitalisation, balanced against risks
over its rapid growth and weakening profitability.  Thus far, CIMB
Niaga has managed its loan growth and asset quality well, with
non-performing loans (NPLs) unchanged at 2.6% of gross loans at
end-Q311, below the industry average of 2.8%.  However, the VR
could come under pressure if rapid growth begins to result in
higher impairments and capital needs.

Profitability remains sound but is under pressure from falling net
interest margin (NIM) due to intensifying competition for loans.
For Q311 NIM fell to 5.5% (2010: 6.5%), while the return on assets
(ROA) was relatively unchanged at 2.9% and the return on equity
(ROE) declined to 22.7% (2010: 23.8%).  In Fitch's opinion, strong
competition will continue to pressure the bank's profitability.

CIMB Niaga's deposit structure has remained stable but still
relies on high-cost deposits.  The bank's low-cost funds to total
deposits ratio slightly improved to 44.3% in 2011 from 43.6% in
2010.  Liquidity remains strong although cash and marketable
securities including government securities declined to 19.7% of
total assets in 2011 (2010: 24.8%)

CIMB Niaga's Tier 1 and total capital adequacy ratios (CAR)
remained adequate at 10.6% and 13.6% respectively at end-Q311.
Although the current Tier 1 CAR is at the low end of peers' range,
Fitch believes that capital support from parent will continue to
maintain capital at current levels to support its loan growth.

Established in 1955 and listed in 1989, CIMB Niaga is the fifth-
largest bank in Indonesia by assets, loans and deposits.  CIMB
Group, the second-largest banking group in Malaysia, owns 97.9% of
CIMB Niaga.

The following ratings of CIMB Niaga have been affirmed:

  -- Long Term Foreign Currency IDR: BBB; Outlook Stable
  -- National Long Term rating: 'AAA(idn)'; Outlook Stable
  -- Viability Rating: 'bb'
  -- Support Rating: '2'
  -- Subordinated debt with deferral clause: 'AA(idn)'


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


CORSAIR(JERSEY) NO. 2: S&P Raises Rating on Series 46 CDS to BB-
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its rating on the series
46 credit default swap issued under the Corsair (Jersey) No. 2
Ltd. collateralized debt obligation (CDO) transaction to 'BB-srp
(sf)' from 'B+srp (sf)' and removed the rating from CreditWatch
with positive implications. "At the same time, we lowered the
rating on the series 2006-10 secured floating rate credit-linked
notes issued under the Signum Vanguard Ltd. transaction to 'CCC-
(sf)' from 'CCC (sf)' and removed the rating from CreditWatch with
negative implications. In addition, we affirmed our 'CCC- (sf)'
rating on the series 48 class 5Y-A1 secured notes issued under the
Omega Capital Investments PLC transaction," S&P said.

"The rating actions are part of our regular monthly review of
synthetic CDOs for which ratings have been placed on CreditWatch
with positive or negative implications. These actions incorporate,
among other things, the effect of rating migration within the
reference portfolio," S&P said.

"Meanwhile, we affirmed our rating on class 5Y-A1 of the series 48
secured notes issued by Omega Capital Investments PLC, which was
due for a regular review, because the tranche's level of credit
enhancement, in our opinion, remains at a level commensurate with
the current rating," S&P said.

            STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

          http://standardandpoorsdisclosure-17g7.com

RATING RAISED, REMOVED FROM CREDITWATCH POSITIVE
Corsair (Jersey) No. 2 Ltd.
Series 46 credit default swap
To              From                     Amount
BB-srp (sf)     B+srp (sf)/Watch Pos     JPY3.0 bil.

RATING LOWERED, REMOVED FROM CREDITWATCH NEGATIVE
Signum Vanguard Ltd.
Secured floating rate credit-linked notes series 2006-10
To            From                   Issue amount
CCC- (sf)     CCC (sf)/Watch Neg     JPY300.0 mil.

RATING AFFIRMED
Omega Capital Investments PLC
Series 48 secured notes
Class         Rating            Issue amount
5Y-A1         CCC- (sf)         JPY1.3 bil.


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


CRAFAR FARMS: Fay-Backed Group Files New Appeal on Sale
-------------------------------------------------------
The National Business Review reports that a Sir Michael Fay-backed
consortium has lodged a fresh appeal to try and stop the sale of
the Crafar farms to Shanghai Pengxin.

As reported in the Troubled Company Reporter-Asia Pacific on
April 23, 2012, BusinessDesk said 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. 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.

NBR says the latest appeal by the Crafar Farms Purchase Group
argues Shanghai Pengxin lacks experience necessary to owning dairy
farms.

The Fay-backed group had filed an earlier appeal to the Court of
Appeal on similar grounds, but that was based on an older High
Court decision relating to the sale, NBR notes.

According to NBR, spokesman Alan McDonald said they had to appeal
on the new decision as well, and they are trying to work out how
to combine the two appeals.

"Hopefully, we'll get in front of the court at some point and get
a date and get it heard," Mr. McDonald told NBR ONLINE.

                          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.


NZF MONEY: Asset Freezing Order Against Parent to Continue
----------------------------------------------------------
The National Business Review reports that Justice David Collins
said Friday there's enough evidence to suggest NZF Money's
directors breached their fiduciary duties in the controversial NZF
Homeloans sale.

According to the NBR, Justice Collins has ordered the continuation
of a freezing order over the assets of the failed lender's parent
company, NZF Group, with changed conditions.

NBR relates that NZF Group chief executive Mark Thornton, one of
the directors facing civil action, said the company is considering
an appeal.

Successful legal action by NZF Money receivers could add $3
million to the kitty -- a boost of between 15 and 20% on the sum
available to repay investors, according to the report.

"There is in my view, sound evidence to support the submissions
that the directors of NZF Money were focusing on the interests of
NZF Group to the detriment of NZF Money," the report quotes
Justice Collins as saying in an oral judgment Friday.

"These actions of the directors support the plaintiff's case that
the directors failed to fulfil their fiduciary and section 131 of
the Companies Act 1993 duties to NZF Money."

As reported in the Troubled Company Reporter-Asia Pacific on
April 11, 2012, Fairfax NZ News said KordaMentha receivers
Brendon Gibson and Grant Graham, acting for the subsidiary NZF
Money, have successfully obtained an interim High Court order
preventing the NZF Group from dealing with or disposing of
assets.

Fairfax NZ said Messrs. Gibson and Grant's central claim accuses
NZF Group directors O'Connor, Thornton, Peter Huljich, John
Callaghan and Richard Waddel of breach of fiduciary duty over the
October 2010 sale of shares in mortgage management vehicle NZ
Homeloans.

NZ Homeloans, a subsidiary of NZF Money, was sold to parent
company NZF Group for just NZ$1,000.

Receivers claim the sale was "conducted at significant
undervalue" and NZ Homeloans was actually worth NZ$3 million, and
this amount should have been made available to repay debenture
holders, added Fairfax NZ.

                       About NZF Money

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

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

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

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


PAYLESS: Enters Receivership, Continues to Trade
------------------------------------------------
Christopher Adams at nzherald.co.nz reports that Plastics retail
chain Payless has gone into receivership.

Receiver Rowan Chapman said 11 stores, which employ around 90
staff, went into receivership but were still trading, according to
nzherald.co.nz.  The report relates that four Payless franchise
stores in Taupo, New Plymouth, Palmerston North and Tauranga were
not in the hands of receivers.

nzherald.co.nz notes that Mr. Chapman said the receivers intended
to keep the 11 stores operating while the potential outcome of the
receivership was assessed.  The report relays that Mr. Chapman
said the receivers were looking to sell the business as a going
concern, and had already received two inquiries from potential
buyers.

nzherald.co.nz discloses that Payless had been under financial
pressure because of difficult trading conditions and high
overheads.

Payless is a Plastics retail chain.


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


AIMS AMP: Moody's Withdraws 'Ba1' Corporate Family Rating
---------------------------------------------------------
Moody's Investors Service has withdrawn AIMS AMP Capital
Industrial REIT's corporate family rating of Ba1. The rating had a
stable outlook prior to withdrawal.

Ratings Rationale

Moody's has withdrawn the rating for its own business reasons.

Headquartered in Singapore, AIMSAMPIReit is a real estate
investment trust that owns and invests in industrial properties.
The company reported investment property assets of approximately
S$830 million as of March 31, 2012.


================
S R I  L A N K A
================


MULTI FINANCE: Fitch Affirms Nat'l Long-Term Rating at 'B+'
-----------------------------------------------------------
Fitch Ratings Lanka has affirmed Multi Finance PLC's National
Long-Term rating at 'B+(lka)' with a Stable Outlook.  The agency
has also affirmed and withdrawn the 'B(lka)' rating on MFP's
proposed subordinated debenture issue of up to LKR100m, as the
issue did not proceed as previously envisaged.

The ratings reflect MFP's small size (asset base of LKR990m at
end-2011) relative to local sector peers and small franchise.  The
ratings also reflect the company's recent rapid loan growth,
modest asset quality relative to local peers, and comfortable
capitalisation in relation to its operations.

The ratings may be downgraded upon a significant or sustained
weakening in liquidity and/or capitalisation due to either
aggressive loan growth or upstreaming of cash flows.  Conversely,
an increase in MFP's scale of operations without a significant
compromise on asset quality or capitalisation could result in an
upgrade of its ratings.

MFP's rapid loan growth of 43% in 9MFY12 (FY11: 70%) was in line
with the local finance company (LFC) sector.  The growth stemmed
from lease and hire purchase segments and was helped by lower
import duties on vehicles in 2010-2011.  Asset quality remained
high at end-9MFY12, with a three-month non-performing loan (NPL)
ratio flat at 3.9% and a six-month regulatory threshold of 0.4%
(FY11: 1.2%), which compares well with other Fitch-rated LFCs
(5.9% and 2.9%, respectively, at end-H1FY12).  However, with
rising interest rates and increasing external pressures on the
domestic economy, MFP's unseasoned loan book is likely to face
asset quality stresses unless strong monitoring and controls
measures are maintained on new disbursements.

MFP diversified its funding sources at end-9MFY12 (nine months
ended December 2011) with deposit funding increasing to 32% of
assets from 22% at end-FY11 (sector: 65%).  However, this has
significantly increased deposit concentration in relation to
peers, with the 10 largest depositors accounting for 43% of total
deposits at end-9MFY12 (FY11: 15.7%).  Fitch notes that this could
place pressure on liquidity in the event of large withdrawals.  In
July 2011, LKR157m of the parent company's borrowings were
converted to equity, resulting in MFP's equity/assets improving to
44.9% at end-9MFY12 (end-FY11: 41.1%).  However, Fitch cautions
that if such equity infusions are debt funded at the holding
company level, there may be pressure to upstream cash flows which
could weaken MFP's current high level of capitalisation (Tier 1
capital adequacy ratio: 40.15% in 9MFY12).

Core profitability was sustained in 9MFY12, as the company was
able to control credit costs through managing asset quality and
also as new branches started to generate income thereby improving
cost structures.  Net interest margins (9MFY12: 14.6%, FY11:
19.1%) are in line with peers and benefit from a higher proportion
of equity-funded assets, and as such could narrow as equity/assets
decreases.  Fitch notes that given tightening market liquidity
conditions and the intense competition for deposits, controlling
funding costs will be challenging for MFP.

MFP is an LFC, 85% owned by Entrust Limited (Entrust).  The latter
is an investment holding company and has other subsidiaries:
Entrust Investments Limited and Entrust Securities PLC.  Entrust
is 99.9% held by Pacific Trust (Private) Limited.


===============
T H A I L A N D
===============


CIMB THAI: Fitch Affirms Viability Rating at 'BB-'
--------------------------------------------------
Fitch Ratings has affirmed CIMB Thai Bank Public Company Limited's
Long-Term Foreign-Currency IDR at 'BBB' and its National Long-Term
Rating at 'AA-(tha)'.  The Outlook is Stable.

CIMBT's ratings are underpinned by Fitch's view that there is a
high probability of support, if required, from its parent, CIMB
Bank Berhad (CIMB; 'BBB+'/Stable).  The Support Rating of '2' and
the one-notch differential between the LT IDRs of CIMB and CIMBT
are supported by the strong integration and increasing strategic
importance of CIMBT to the group.  CIMBT's recent plan to increase
capital through a rights offering also illustrates solid capital
support from the parent.

CIMBT's Viability Rating of 'bb-' takes into account the bank's
still modest, albeit improved, franchise, weak capital position,
moderately weak asset quality, as well as deteriorating funding
and liquidity.  Liquidity risk has risen as asset maturities have
lengthened and short-term borrowings (mostly bills of exchange)
have taken on a greater share of new funding.  Rapid expansion of
off-balance-sheet derivative commitments also represents a growing
drain on cash.  In the event of liquidty strains, Fitch expects
CIMBT would receive funding assistance from its parent.

Notwithstanding CIMBT's planned THB4.89bn recapitalisation this
year Fitch notes that capitalisation will still remain weaker than
similarly-rated peers.  CIMB has agreed to provide continued
capital support to CIMBT as necessary through to 2018, after which
CIMB will not be allowed by the Bank of Thailand (BoT) to
participate in any rights issue.  Profitability, although
improving, continues to lag asset growth, and will remain a drag
on capital until earnings strengthen further.

Any changes in CIMB's ability and/or propensity to support CIMBT
(including increasing or lowering its stake) could affect CIMBT's
Long-Term ratings. As this is not Fitch's expectation, CIMBT's
Outlook is Stable, consistent with its parent's.  CIMBT's VR could
be downgraded if liquidity continues to deteriorate and/or
aggressive expansion compromises credit quality and solvency.  A
positive rating action on its VR is dependent on sustained
improvement in various credit metrics, including asset quality,
funding and liquidity profile and capital position through profit
accumulation.  However, this remains a remote prospect over the
medium-term.

CIMBT continued to report strong performance with net profit of
THB346mbn for Q112, up 21% yoy, driven by a 19% increase in total
revenue.  Its cost/income ratio rose 73% yoy in Q112 compared with
68% in 2011.  Net interest margin declined as a result of higher
funding cost due to intense competition for retail funding in the
domestic market.  Capitalisation weakened with Tier 1 ratio of
7.65% at end-2011, down from 9.04% at end-2010 due to strong loan
growth of 27% yoy, driven mainly by SME loans, although loans
contracted moderately quarter-on-quarter in Q112.

CIMBT's Upper Tier 2 debt is currently rated two notches below
CIMBT's National Long-term Rating.  The coupon deferral trigger
based on profit test is optional, and CIMBT can still pay a coupon
even if it reports net losses in the year without requiring
approval from BoT.  The parent has also indicated a willingness to
provide financial support for coupon payment, if necessary.
Mandatory coupon deferral would be triggered if the bank's Total
CAR were to fall below 0% or the BoT were to request an increase
in capital, both of which Fitch views as low probability
scenarios.

CIMBT, formerly Bank Thai, was formed in 1998 as a result of a
government-initiated merger of several defunct financial
institutions.  It is one of the smallest banks in Thailand, with
asset and deposits share of 1.4% each at end-June 2011.  CIMB has
a 93.2% stake in CIMBT.

CIMBT's ratings:
  -- Long-Term Foreign Currency IDR affirmed at 'BBB'; Outlook
     Stable
  -- Short-Term Foreign Currency IDR affirmed at 'F3'
  -- Viability Rating affirmed at 'bb-'
  -- Support Rating affirmed at '2'
  -- National Long-term rating affirmed at 'AA-(tha)'; Outlook
     Stable
  -- National Short-term rating affirmed at 'F1+(tha)'
  -- Upper tier 2 debt affirmed at 'A(tha)'
  -- Lower tier 2 debt affirmed at 'A+(tha)'


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


* S&P's 2012 Global Corporate Default Tally Rises to 29
-------------------------------------------------------
The 2012 global corporate default tally increased by one last week
after Brazil-based Lupatech S.A. selectively defaulted, said an
article published April 26 by Standard & Poor's Global Fixed
Income Research, titled Global Corporate Default Update (April 19
-- 25, 2012).

On April 23, Standard & Poor's Ratings Services lowered the
ratings on the capital goods company to 'SD' after it postponed
its debentures' interest payment due on April 15, 2012.  This
raises the global corporate default tally to 29 so far in 2012.

Of the total defaulters this year, 18 were based in the U.S., six
in the emerging markets, three in Europe, and two in the other
developed region (Australia, Canada, Japan, and New Zealand).  In
comparison, last year, only 13 issuers -- seven based in the U.S.,
two in New Zealand, two in the emerging markets, one in Europe,
and one in Canada -- defaulted during the same period (through
April 25).

So far this year, missed payments accounted for 12 defaults,
bankruptcy filings accounted for six, distressed exchanges were
responsible for four, and four defaulters were confidential. Of
the remaining defaults, one was the result of a notice of
acceleration by the issuer's lender, one was due to the company's
placement under regulatory supervision, and the last was due to a
judicial organization filing.

In 2011, 21 issuers defaulted because of missed interest or
principal payments, and 13 because of bankruptcy filings -- both
of which were among the top reasons for defaults in 2010.
Distressed exchanges -- another top reason for default in 2010 --
followed with 11 defaults in 2011.  Of the remaining defaults, two
issuers failed to finalize refinancing on bank loans, two were
subject to regulatory action, one had its banking license revoked
by its country's central bank, one was appointed a receiver, and
two were confidential.


                             *********

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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