TCRAP_Public/120502.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

             Wednesday, May 2, 2012, Vol. 15, No. 87

                            Headlines


A U S T R A L I A

KAGARA LTD: Placed Into Voluntary Administration


C H I N A

CENTRAL CHINA: Moody's Says Trust Financing No Impact on Ba3 CFR
CHINA TEL GROUP: Amends Loan Agreement with Isaac


H O N G  K O N G

BONDWAY YACHTS: Court to Hear Wind-Up Petition on May 23
BROADBAND NETWORK: Leung and Yick Appointed as Liquidators
CHESCON LIMITED: Court Enters Wind-Up Order
CHINA NTG: Court to Hear Wind-Up Petition on May 30

COBALT INDUSTRIAL: Court Enters Wind-Up Order
ELITE TEAM: Court Enters Wind-Up Order
KWAN WING: Court Enters Wind-Up Order
ORIENTAL PLAN: Creditors' Proofs of Debt Due May 18
SHINWA MAX: Creditors' Proofs of Debt Due May 14

SMART UNION: Lees and Ng Appointed as Liquidators


I N D I A

API INDUSTRIES: CARE Assigns 'CARE BB+' Rating to INR2cr Loan
ASHIRVAD IMPEX: CARE Assigns 'CARE BB-' Rating to INR2cr Loan
BLUE BUGGET: CARE Assigns 'CARE B+' Rating to INR58cr Loan
CHANAKYA FOODS: CARE Rates INR6.5cr LT Loan at 'CARE B+'
GAURI ENTERPRISES: CARE Rates INR7cr LT Loan at 'CARE B+'

GOHILWAD SHIP: CARE Rates INR2.5cr Loan at 'CARE BB-'
GUJARAT PACKAGING: CARE Puts 'CARE BB+' Rating on INR1.5cr Loan
IDBI BANK: Moody's Issues Summary Credit Opinion
JINDAL STAINLESS: Delays in Loan Payment Cues CARE Junk Ratings
KANODIA CEMENT: CARE Rates INR15.97cr Loan at 'CARE BB'

K.P. ENTERPRISES: CARE Rates INR6cr LT Loan at 'CARE B+'
MAA SHEETLA: CARE Assigns 'CARE BB-' Rating to INR3.8cr LT Loan
ROUNDWELL STEEL: CARE Rates INR6.8cr Loan at 'CARE BB-'
SUBADRA TEXTILE: CARE Puts 'CARE B+' Rating on INR10.78cr Loans
SWAGAT HOSPITALS: CARE Rates INR20cr LT Loan at 'CARE BB-'

TILDA RICELAND: CARE Cuts Rating on INR20cr Loan to 'CARE BB+'
* INDIA: Moody's Reviews Ratings on Three Banks for Downgrade


I N D O N E S I A

PT VALE: S&P Affirms 'BB+' Corp. Credit Rating; Outlook Stable


N E W  Z E A L A N D

MERIDIEN MARINAS: Liquidators Appointed to Port of Airlie Project
NZF MONEY: FMA Mulls Freezing Directors Assets
PROPERTY VENTURES: Owner Runs Some Companies Despite Bankruptcy


S I N G A P O R E

HUAT HARDWARE: Creditors Get 23.20872% Recovery on Claims
PRESTIGE ENERGY: Court to Hear Wind-Up Petition on May 11
PRESTIGE MARINE: Court to Hear Wind-Up Petition on May 18
STAMFLES REMOTE: Creditors Get 100% Recovery on Claims
WALLPILE PTE: Court to Hear Wind-Up Petition on May 11


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


KAGARA LTD: Placed Into Voluntary Administration
------------------------------------------------
Sarah-Jane Tasker at The Australian reports that Kagara Ltd has
been put into voluntary administration as it continues to
struggle to refinance its debt.

The Australian relates that the Perth-based miner said it had
appointed Taylor Woodings as voluntary administrators, after
suspending its shares from trading last week because it had
failed to refinance a AUD40 million debt facility with ANZ.

The report says the company had announced last week that it had
temporarily suspended mining operations at Balcooma and
polymetallic milling operations at Mt Garnet, both in Queensland,
pending a funding announcement.  Kagara had already suspended
activity across its other projects, the report notes.

At the end of December, The Australian discloses, Kagara held a
AUD40 million corporate facility with ANZ, an AUD11 million
leasing facility, and a AUD32 million guarantee facility, with
AUD22 million of performance bonds being drawn down. The
Australian notes that the company had announced in its December-
half financial report, released last month, that it would need to
secure additional finance or obtain sufficient funds from the
sale of additional non-core assets to remain a going concern.

According to the report, administrator Michael Ryan --
michael.ryan@twcs.com.au -- said the voluntary administration
process would provide the company, and its stakeholders, with the
necessary breathing space and protections to make the decisions
about the future of the miner in a considered way.

"Kagara has a portfolio of high quality, sought-after assets
including strategic mines, processing operations and exploration
projects in Queensland and Western Australia," the report quotes
Mr. Ryan as saying.  "As administrators, we will work closely
with the management team to identify all potential options and
opportunities available to Kagara, including options relating to
a potential re-capitalisation of the company."

Kagara Ltd (ASX: KZL) -- http://www.kagara.com.au/-- engages in
exploration, development, and production of mineral properties in
Western Australia and North Queensland. It primarily focuses on
the exploration of zinc, copper, gold, lead, and nickel.


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


CENTRAL CHINA: Moody's Says Trust Financing No Impact on Ba3 CFR
----------------------------------------------------------------
Moody's Investors Service sees no immediate impact on Central
China Real Estates Ltd's Ba3 corporate family and B1 senior
unsecured ratings after the company's announcement that it will
raise RMB900 million in trust financing from Bridge Trust.

The ratings outlook remains stable.

The trust financing offers a tenor of 3 years with 2 extension
options of one year each.

The proceeds from the trust financing will be used to invest in
existing or new property projects.

"The trust financing, coming after the SGD bond issuance earlier
this month, will further improve CCRE's liquidity and debt
maturity profile," says Kaven Tsang, a Moody's Assistant Vice
President/Analyst.

This development is credit positive in light of the tight
liquidity now prevailing in the Chinese property market.

Moody's expects the increased borrowings will raise CCRE's
adjusted Debt/Capitalization ratio to around 57% at end-2012,
which would be at the higher end for its rating level.

But its debt maturity profile has also improved due to the
longer-term nature of the new trust financing when compared with
terms of domestic bank loans.

At the same time, the higher funding costs of the trust financing
-- around 13% (10% minimum guarantee plus 3-percentage-point
trustee fee) -- will modestly weaken CCRE's interest coverage.
Nevertheless, an adjusted EBITDA/Interest ratio of 3.5-4.0x in
2012 will still position the company at the Ba3 level.

CCRE reported contract sales of RMB2.45 billion in 1Q 2012,
representing y-o-y growth of 35%. The total is also equivalent to
27% of its annual target of RMB9 billion. This achievement
compares favorably against its Ba-rated peers.

CCRE's Ba3 rating reflects its leading market position and long
operating track record in Henan Province, where property markets
are relatively stable with housing demand on the rise.

Additionally, the rating is based on the higher level of
predictability evident in its performance, when compared to its
peers, due to its geographic focus and discipline in land
acquisitions.

CapitaLand's ownership and participation in the company's board
also support the rating.

On the other hand, the company's concentration in a province with
a developing economy exposes it to constraints on bank credit,
which in turn could slow sales. Although the strong market
position of the company in Henan partially mitigates such risk,
these concerns constrain its rating.

In addition, while CCRE has over 27 projects under development --
therefore partly spreading its sales risk -- its size, in terms
of its revenue and capital base, remain small relative to its
peers, and this situation constrains its ratings and weakly
positions it in the Ba3 rating level.

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

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


CHINA TEL GROUP: Amends Loan Agreement with Isaac
-------------------------------------------------
VelaTel Global Communications, Inc., formerly known as China Tel
Group Inc., entered into an Amended and Restated Loan Agreement
with Isaac Organization, Inc.  The Amendment amends the Agreement
to Extend and Increase First Line of Credit Loan Agreement and
Promissory Note, Cancel Stock Purchase Agreement, and Grant
Option in VN Tech Agreement entered into between the Company and
Isaac on Feb. 23, 2012.  The Extension Agreement extended the
maturity and increased the credit limit of a Line of Credit Loan
Agreement and Promissory Note entered into between the Company
and Isaac on July 1, 2011.  Pursuant to the Extension Agreement,
the principal balance of the Extended First Note was $7,425,101
as of Feb. 23, 2012, plus interest at the rate of 10% per annum
from that date.  The maturity date of the Extended First Note was
June 30, 2012.

Under the Amendment, the Extended First Note is cancelled and
substituted for fourteen promissory notes in the principal amount
of $500,000 each, plus one promissory note in the amount of
$425,101.  The maturity date of Amended Isaac Note #1 is
April 30, 2012, and the maturity date of each succeeding Amended
Isaac Note #2-#15 is the 15th day and the last calendar day of
each month in succession after April 30, 2012.  Interest accrues
on each Amended Isaac Note at 10% per annum from Feb. 23, 2012.
The Company may prepay any of the Amended Isaac Notes in whole or
in part prior to its maturity date without penalty.  The
Amendment confirms the cancellation of the previous Stock
Purchase Agreement remains cancelled.  All other terms of the
Extension Agreement that are not consistent with the Amendment
are of no further force and effect.  The Amendment recites that
it has no effect on the Second Line of Credit Loan Agreement and
Promissory Note also entered into between the Company and Isaac
Agreement on Feb. 23, 2012.

A copy of the Amended Loan Agreement is available for free at:

                        http://is.gd/xrp13a

                      McEwen Promissory Note

On April 26, 2012, the Company granted a Line of Credit
Promissory Note to David S. McEwen in the principal amount of
$1,052,631.  The disbursement amount of the McEwen Note is up to
$1,000,000.  McEwen will retain from each disbursement a 5%
holdback.  The difference between the disbursement amount and the
principal amount represents the 5% holdback.  The maturity date
of the McEwen Note is April 25, 2013.  The Company may prepay the
McEwen Note in whole or in part prior to its maturity date
without penalty.  The McEwen Note bears interest on the unpaid
principal balance at 10% per annum.

A copy of the Promissory Note is available for free at:

                       http://is.gd/Cad2AB

                    Sale of Equity Securities

On April 27, 2012, the Company issued shares of its Series A
Common Stock to the following:

   -- 3,021,363 shares to Changewave, Inc., dba NBT
      Communications in full payment of the unpaid balance for
      services rendered pursuant to a consulting agreement
      between the Company and NBT entered into on May 6, 2011,
      and cancelled by the Company on Jan. 12, 2012.

   -- 6,666,667 shares to Alhamd Holding Company as consideration
      for the Company's acquisition of 75% of the capital stock
      of Zapna, ApS completed on April 3, 2012.

   -- 10,000,000 shares to Lou Hongye as consideration for the
      Company's acquisition of 75% of the capital stock of VN
      Tech Investment, Ltd. (HK) completed on April 22, 2012.

   -- 33,693,197 Shares and 33,693,197 warrants to Isaac
      Organization, Inc., in payment of Amended Isaac Note #1
      due April 30, 2012.  Each warrant has an exercise price
      of $0.0151 and an exercise term of three years.

                          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, in the untimely filed Form 10-K, 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.


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


BONDWAY YACHTS: Court to Hear Wind-Up Petition on May 23
--------------------------------------------------------
A petition to wind up the operations of Bondway Yachts Limited
will be heard before the High Court of Hong Kong on May 23, 2012,
at 9:30 a.m.

Kjel Ake Viktorsson filed the petition against the company on
March 16, 2012.

The Petitioner's solicitors are:

          Tanner De Witt
          1806, Tower Two
          Lippo Centre
          89 Queensway
          Hong Kong


BROADBAND NETWORK: Leung and Yick Appointed as Liquidators
----------------------------------------------------------
Leung Shu Yin William and Yick Yuet Wah on Jan. 30, 2012, were
appointed as liquidators of Broadband Network Systems Limited.

The liquidators may be reached at:

          Leung Shu Yin William
          Yick Yuet Wah
          Room 903-908
          Kai Tak Commercial Building
          317-319 Des Voeux Road
          Central, Hong Kong


CHESCON LIMITED: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order on April 3, 2012, to
wind up the operations of Chescon Limited.

The company's liquidator is:

          Mat Ng
          c/o JLA Asia Limited
          20/F, Henley Building
          5 Queen's Road
          Central, Hong Kong


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

Leung Sin Wai filed the petition against the company on April 17,
2012.

The Petitioner's solicitors are:

          King & Company
          12th Floor, New World Tower II
          18 Queen's Road
          Central, Hong Kong


COBALT INDUSTRIAL: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Hong Kong entered an order on April 16, 2012,
to wind up the operations of Cobalt Industrial (Holdings) Company
Limited.

The company's liquidator is:

          Mat Ng
          c/o JLA Asia Limited
          20/F, Henley Building
          5 Queen's Road
          Central, Hong Kong


ELITE TEAM: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on April 3, 2012, to
wind up the operations of Elite Team International Investment
Limited.

The company's liquidator is:

          Mat Ng
          c/o JLA Asia Limited
          20/F, Henley Building
          5 Queen's Road
          Central, Hong Kong


KWAN WING: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on March 14, 2012,
to wind up the operations of Kwan Wing Project Management
Limited.

The company's liquidator is:

          Mat Ng
          c/o JLA Asia Limited
          20/F, Henley Building
          5 Queen's Road
          Central, Hong Kong


ORIENTAL PLAN: Creditors' Proofs of Debt Due May 18
---------------------------------------------------
Creditors of Oriental Plan Development Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by May 18, 2012, to be included in the company's dividend
distribution.

The company's liquidator is Kong Chi How Johnson.


SHINWA MAX: Creditors' Proofs of Debt Due May 14
------------------------------------------------
Creditors of Shinwa Max Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by May 14,
2012, to be included in the company's dividend distribution.

The company's liquidators are:

          Ho Man Kit Horace
          Kong Sze Man Simone
          Unit 511, 5/F
          Tower I, Silvercord
          30 Canton Road
          Tsim Sha Tsui
          Kowloon, Hong Kong


SMART UNION: Lees and Ng Appointed as Liquidators
-------------------------------------------------
John Robert Lees and Mat Ng on March 7, 2012, were appointed as
liquidators of Smart Union Industrial Limited.

The liquidators may be reached at:

          John Robert Lees
          Mat Ng
          20/F, Henley Building
          5 Queen's Road
          Central, Hong Kong


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I N D I A
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API INDUSTRIES: CARE Assigns 'CARE BB+' Rating to INR2cr Loan
-------------------------------------------------------------
CARE assigns 'CARE BB+ and CARE A4+' ratings bank facilities of
API Industries Pvt. Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        2        CARE BB+ Assigned
   Short-term Bank Facilities      36        CARE A4+ Assigned

Rating Rationale

The ratings are constrained by API's relatively small scale of
operations, its weak financial position reflected in high overall
gearing and long collection period and susceptibility of its
margins to foreign exchange and commodity price fluctuations.
The ratings derive strength from the promoters' experience in the
polymer business, equity infusion from promoters in FY12 (refers
to the period from April 1 to March 31), API's relevance as a raw
material procurement arm for group entities, its back-to-back
sales arrangement with high sea sales and demand visibility for
the polymer processing industries.  Growth in scale of operations
and degree of improvement in capital structure remain the key
rating sensitivities.

API Industries Pvt Ltd was promoted in 1975 as Associated Plastic
Industries, a partnership firm engaged in import and trading of
plastic raw materials which include scrap, plastic mix,
sweeping granules, and virgin plastic. In August 2010, API was
converted to a private limited company. During April 01, 2010 to
March 31, 2011, API traded 14,965 metric tonnes of plastic
granules.

During FY11, API registered total operating income of INR81.28
crore and a PAT of INR1.00 crore. During 11MFY12, API registered
a total operating income of INR73.45 crore and a PBT of
INR1.23 crore.


ASHIRVAD IMPEX: CARE Assigns 'CARE BB-' Rating to INR2cr Loan
-------------------------------------------------------------
CARE assigns 'CARE BB-' and 'A4' ratings to the bank facilities
of Ashirvad Impex Pvt Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long Term Bank Facilities      2.00       CARE BB- Assigned
   Short Term Bank Facilities     3.50       CARE A4 Assigned

Rating Rationale

The ratings factor in Ashirvad's relatively small scale of
operations and presence in highly competitive timber trading
industry, susceptibility of margins to volatility in foreign
exchange rates on imported wooden logs and its high dependence on
demand from the cyclical real estate industry. The ratings
however draw comfort from the experience of the promoters in the
timber manufacturing and trading industry.

The ability of the company to improve its profitability margins
coupled with efficient management of raw material price
volatility are the key rating sensitivities.

Ashirvad Impex Private Limited was incorporated in September 2000
by Mr. Mohanbhai Patel. Ashirvad started its business as a timber
importer &  trader, and now manufactures timber for door frames,
flush and panel doors, shutters, plywood & block board for
interior designing and various kind of laminates, veneers and
decorative wood. As on March 31, 2011 it had a total sawing
capacity of 5,400 cubic meters (CMT) per annum. Ashirvad has a
distribution network of marketing agents across the country for
selling and distribution of its products. The timber processed by
Ashirvad finds large scale use in infrastructure, building
construction and furniture. The major customers for Ashirvad are
furniture manufacturing and construction companies.

Ashirvad reported a total income of INR 10.77crore and a Profit
After Tax (PAT) of INR 0.11 crore in FY11 (refers to period
April 1 to March 31) as against a total income of INR8.32 crore
and a PAT of INR0.17 crore in FY10 (refers to period April 1 to
March 31).


BLUE BUGGET: CARE Assigns 'CARE B+' Rating to INR58cr Loan
----------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' to the bank facilities of
Blue Bugget Jewels Pvt. Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       58        CARE B+ Assigned
   (Fund based)

   Short-term Bank Facilities       7        CARE A4 Assigned
   (Non-fund Based)

Rating Rationale

The ratings are constrained by BBJPL's very low profitability
margins, highly leveraged capital structure with high working-
capital utilization, intense competition in the industry and its
susceptibility to volatility in diamond prices and foreign
exchange fluctuations.

The ratings, however, derive strength from the experience of
BBJPL's promoters in the Gems & Jewellery industry, its
consistent growth in operations and diversified customer base.
BBJPL's ability to profitably scale up its operations, improve
its overall financial profile and liquidity position in the
scenario characterized by intense competition from the players in
organized as well as un-organized sectors are the key rating
sensitivities.

                        About Blue Bugget

Blue Bugget Jewels Pvt. Ltd., incorporated in 1996, is engaged in
the manufacturing and trading of cut and polished diamonds and
studded gold jewellery as well as trading of rough diamonds. The
company deals in diamonds of sizes ranging from 2 cent to 20
cents of round shapes that are manufactured at its own
manufacturing unit at Dahisar, Mumbai and on job work basis at
Surat, Gujarat. BBJPL derived about 75% of its total income from
diamond trading in FY11 (refers to the period April 1 to
March 31). The company also does order-based manufacturing of
studded gold jewellery; however, its share in total income is
very minimal.

BBJPL is predominantly a domestic player with local sales
contributing 72% to total operating income in FY11. Its customer
base includes a mix of wholesalers and retailers.

For FY11, BBJPL reported a total operating income of
INR203.21 crore and a PAT of INR0.85 crore. During 9MFY12
(provisional), BBJPL registered a total operating income of
INR164.72 crore and reported a PAT of INR0.64 crore.


CHANAKYA FOODS: CARE Rates INR6.5cr LT Loan at 'CARE B+'
--------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Chanakya
Foods and Beverages.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       6.50      CARE B+ Assigned

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

Rating Rationale

The rating is constrained by the relatively small scale of
operations of Chanakya Foods and Beverages with low
profitability, small networth base and moderately high gearing
level. The rating is further constrained by stretched working
capital cycle and competition from private dairies and co-
operatives and its constitution being a partnership firm.

These factors far offset the benefits derived from the
experienced promoters and their financial support in the past.
The ability of Chanakya Foods and Beverages to improve the
overall scale of operations and profitability and efficient
management of working capital cycle are the key rating
sensitivities.

                    About Chanakya Foods

Chanakya Foods and Beverages, incorporated in 2005, is a
partnership firm. Chanakya Foods and Beverages is part of the
Maharashtra-based Dwarka group of companies and is engaged in the
business of milk processing. The total milk processing capacity
of the Dwarka group stands at around 41 lakh litres per annum
spread across different regions of Maharashtra. Mr Kapil
Devprakash Rajput is the key partner of the firm. The firm
procures raw milk from local dairy farmers and its plant is
located at Kudal Dist Sindhudurg of Maharashtra with a capacity
of 100,000 litres per day.

During FY11 (refers to April 1 to March 31), Chanakya Foods and
Beverages reported a total income of INR41.50 crore and a PAT of
INR0.81 crore as against a total income of INR32.67crore and a
PAT of INR 0.07 crore in FY10. As per provisional results for 11
months ended in February 2012, it reported a turnover of
INR46.5 crore and PAT of INR 1.19 crore.


GAURI ENTERPRISES: CARE Rates INR7cr LT Loan at 'CARE B+'
---------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Gauri
Enterprises.

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

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

Rating Rationale

The rating is constrained by relatively small scale of operations
of Gauri Enterprises with low profitability, small networth base
and moderately high gearing level. The rating is further
constrained by stretched working capital cycle and competition
from private dairies and co-operatives and its constitution being
a partnership firm.  These factors far offset the benefits
derived from the experienced promoters and their financial
support in the past.  The ability of Gauri Enterprises to improve
the overall scale of operations and profitability and efficient
management of working capital cycle are the key rating
sensitivities.

Gauri Enterprises, a partnership firm, was incorporated in 2010
and is part of the Dwarka group of companies which in turn is
part of the Unizonn group. The firm is engaged in the business of
milk processing and Mr Kapil Devprakash Rajput is the Managing
Director. The company procures raw milk from local dairy farmers
and its plant is located at Tiroda District Gondia of Maharashtra
with a capacity of 100,000 litres per day.

During FY11 (refers to the period April 1 to March 31), Gauri
Enterprises reported a total income of INR41.26 crore and a PAT
of INR0.92 crore as against a total income of INR23 crore and a
PAT of INR0.013 crore in FY10. As per provisional results for 11
months ended in February 20112, it has reported total income of
INR42.90 crore with a PAT of INR1.09 crore.


GOHILWAD SHIP: CARE Rates INR2.5cr Loan at 'CARE BB-'
-----------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of Gohilwad Ship Breaking Company.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       2.50      CARE BB- Assigned
   Short-term Bank Facilities     22.00      CARE A4 Assigned

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

Rating Rationale

The ratings are primarily constrained by the presence of Gohilwad
Ship Breaking Company in a highly competitive and cyclical ship
breaking industry with fluctuating turnover and low profits.

GSBC's exposure to regulatory changes, risk of adverse movement
in steel prices on uncut ship inventory, foreign exchange
fluctuation risk and its constitution being a partnership firm
further constrain the ratings.

The above constraints are partially offset by the wide experience
of the partners in the ship-breaking industry and presence in the
Alang-Sosiya belt along with good prospects for the Indian
shipbreaking industry in the near future.

GSBC's ability to recover cost of ships purchased through sale of
scrap in light of volatile scrap prices and timely
availability/renewal of rental plots are the key rating
sensitivities.

                        About Gohilwad Ship

Bhavnagar (Gujarat) based GSBC is a partnership firm engaged in
the ship-breaking business since 1995. The firm operates on a
single plot located at Alang, Bhavnagar which is leased out by
Gujarat Maritime Board (GMB). The firm purchases ships and break
them into steel plates, which is supplied to rolling mills in
Gujarat. The entire operations of the firm are managed by
partners, Mr Hitesh Shah, Mr Sudhir Mehta, Mr Jimit Shah and Mr
Rajesh Mehta.

During FY11 (refers to the period April 1 to March 31), GSBC
reported a total operating income of INR3.08 crore and a Profit
After Tax (PAT) of INR0.29 crore. During 11MFY12, GSBC achieved a
total operating income of INR8.91 crore.


GUJARAT PACKAGING: CARE Puts 'CARE BB+' Rating on INR1.5cr Loan
---------------------------------------------------------------
CARE assigns 'CARE BB+ and CARE A4+' ratings to the bank
facilities of M/S Gujarat Packaging.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       1.50      CARE BB+ Assigned
   Short-term Bank Facilities     25.30      CARE A4+ Assigned

Rating Rationale

The ratings are constrained by GP's relatively small scale of
operations, its weak financial position reflected in the high
overall gearing and long collection period.

The ratings derive strength from the promoters' experience in the
polymer business, GP's relevance as a raw material procurement
arm for group entities, its back-to-back sales arrangement with
high sea sales and demand visibility for the polymer processing
industries.

Growth in scale of operations and improvement in capital
structure remain the key rating sensitivities.

M/s Gujarat Packaging is a partnership firm formed by the members
of the Valia family and is engaged in importing and trading of
plastic raw materials which include scrap, plastic mix, sweeping
granules, and virgin plastic. During FY11 (refers to the period
April 1 to March 31), the volume traded by GP was 3,001 metric
tonnes of plastic granules.

During FY11, GP registered a total operating income of INR18.87
crore and a PAT of INR0.26 crore. As per unaudited 11MFY12
results, GP registered a total operating income of INR64.24 crore
and a PBT of INR0.58 crore.


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

Moody's current ratings on IDBI Bank Ltd and its affiliates are:

Senior Unsecured (foreign currency) ratings of Baa3

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

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

Bank Financial Strength ratings of D-

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

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

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

IDBI Bank Ltd, DIFC Branch

Senior Unsecured (foreign currency) ratings of Baa3

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

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

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

Rating Rationale

Moody's Investors Service has affirmed the debt and deposit
ratings on IDBI Bank Limited.

Moody's also affirms the bank financial strength rating (BFSR),
or stand-alone rating of D-, which maps to a baseline credit
assessment (BCA) of ba3.

The ratings affirmation considers IDBI's improving financial
position, driven by rising net interest margins; its developing
retail franchise, as a commercial bank; and improved capital
levels after last year's equity infusion by the Indian
government.

While the Indian operating environment is challenging, with asset
quality likely to deteriorate, IDBI's ratings have sufficient
cushion to absorb Moody's base case assumptions for rising non-
performing loans (NPLs).

IDBI's income levels have been rising continuously, supported by
rises in net interest income and fee income. During 1H-FY2012
ending September 2011, net interest margins increased to 2.03%
from 1.94% in 1H-FY2011, driven by a rise in yields on funds,
supporting a 25% increase in net income to INR 8.51 billion.Its
return on assets increased to 0.69% in the six-month period ended
September 2011 (0.61% end-September 2010), and compares well to
other Baa3-rated peers.

However, asset quality indicators are deteriorating. Its gross
NPLs -- as a percentage of gross loans -- increased to 2.47% as
of end-September 2011 (1.88% as of end September 2010), mainly
due to higher NPL formation. Over the next few quarters, given
the local economic slowdown and the large size of its
restructured loan portfolio of nearly 5% of gross loans, IDBI's
asset quality indicators could further deteriorate.

IDBI's funding profile continues to be dominated by borrowings
and bulk deposits, given its legacy as a development financial
institution, although it is steadily developing its retail
deposit base. In Moody's view, the share of borrowings and bulk
deposits is high as compared to other Baa3-rated peer public-
sector Indian banks. Furthermore, although the bank's deposits
have grown, this has been at the expense of increasing asset and
liability mismatches in the >3month maturity bucket, although its
large portfolio of mandatory government securities provides
liquidity support.

IDBI's Baa3/P-3 global local currency rating continues to receive
a three-notch uplift from the baseline credit assessment. The
rating uplift factors in the very high likelihood of support from
the Indian government in an event of a systemic crisis. The
Indian government has in the past supported Indian public sector
banks, including IDBI, by infusing equity and providing liquidity
support when required.

Rating Outlook

IDBI's rating outlook is stable and factors in the infusion of
fresh equity in FY2011, which brings government's shareholding to
65.1%, and Tier 1 capital to 8.03%. This equity infusion is part
of the Indian government's larger plan to raise its holdings in
public sector banks to at least 58%, as well as ensuring that
they have at least 8% Tier I capital.

What Could Change the Rating - Up

An upgrade of the foreign currency bank deposit rating would be
contingent on an upgrade in the BFSR. The D- BFSR and ba3 BCA
could be upgraded if bank is able to (1) significantly improve
its retail deposit franchise by reducing its dependence on bulk
deposits and market borrowings to less than 5% of total funding,
(2) control the formation of new non-performing loans and
maintaining the ratio of NPAs to net loans under 1.5%, while
improving its net interest margins to over 2.5% and return on
assets to over 1%, (3) maintain core Tier I capital ratio above
8% for an extended period of time.

What Could Change the Rating - Down

The D- BFSR and ba3 BCA could be downgraded if IDBI's (1) asset
quality deteriorates with an increase in the ratio of net NPA to
net loans to over 2.25%, (2) net interest margins deteriorate
under 1.75%, accompanied with declines in return-on-assets to
below 0.5%. If the bank fails to maintain its core Tier I capital
ratio at 7% or above, the BFSR rating would most definitely face
downward pressure. Any significant decline in the bank's deposit
franchise, as shown by a decline in the market share of customer
deposits, or any further increase in proportion of bulk deposits
or market funding in the total funding mix, would trigger a
rating revision.

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


JINDAL STAINLESS: Delays in Loan Payment Cues CARE Junk Ratings
---------------------------------------------------------------
CARE revises the ratings assigned to various facilities of Jindal
Stainless Ltd (erstwhile JSL Stainless Ltd).

   Facilities                  (INR crore)    Ratings
   -----------                 -----------    -------
   Long-term Bank Facilities     9,107.36     CARE D Revised from
   (enhanced from 7,439.81)                   CARE BB-

   Short-term Bank Facilities     4,428       CARE D Revised from
   (enhanced from 2,500)                      CARE A4

   Subordinate Debt                500.00     CARE D Revised from
                                              CARE B+

   Non Convertible Debentures      250.00     CARE D Revised from
                                              CARE BB-

Rating Rationale

The revision in the ratings factors in the ongoing delays in the
repayment of debt obligations by the company.

Jindal Stainless Ltd was originally incorporated in 1970 as
Jindal Strips Ltd and was promoted by the late Mr. O.P. Jindal.
During 2002, Jindal Stainless Ltd was formed after a demerger of
the Jindal Strips Ltd.

Currently, JSL is headed by the late Mr. O.P. Jindal's son,
Mr. Ratan Jindal. The company is the largest domestic stainless
steel (S.S.) producer and it produces standard and specialty
steel in Austenitic, Martensitic and Ferritic series for
commercial and industrial applications. The company's
manufacturing facilities are located at Hisar (Haryana),
Vishakhapatnam (Andhra Pradesh) and Duburi (Orissa).  The company
meets its partial requirement of chrome ore from its captive mine
located at Sukhinda (Orissa). It also has captive thermal power
plant, captive ferro chrome facilities, stainless steel melting,
hot rolling, cold rolling and downstream value-added facilities.

During FY11 (refers to the period April 1 to March 31), on a
total operating income of INR6,818 cr, the company achieved a
PBILDT and PAT of INR1,063 cr and INR318 cr respectively. In 9M
FY12 (provisional) (refers to the period April 1 to December 31),
it has reported a PBILDT of INR715 cr and net loss of INR122 cr
on a total operating income of INR5,725 cr. The decline in
operating performance has stressed the liquidity position of the
company resulting in the delays in the repayment of debt
obligations of the company.


KANODIA CEMENT: CARE Rates INR15.97cr Loan at 'CARE BB'
-------------------------------------------------------
CARE assigns 'CARE BB' rating to the bank facilities of Kanodia
Cement Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      15.97      CARE BB Assigned

Rating Rationale

The rating of Kanodia Cement Limited is constrained by its
nascent stage coupled with small size of operation with lack of
backward integration vis-a-vis volatility in raw material prices,
bulky nature of product leading to higher freight cost and highly
competitive and cyclical nature of industry. These factors far
outweigh the benefits derived from the experienced promoter,
strategic location of the plant and Government thrust on
infrastructure creation.

Ability of the company to increase the scale of operations and
achieve the desired profitability levels withstanding the
pressure in a highly competitive scenario would be the key rating
sensitivities.

                        About Kanodia Cement

Kanodia Cement Limited, incorporated in 2009, was promoted by
Shri Kamal Narayan Poddar and Shri Vishal Kanodia along with his
family members to set up a mini cement plant manufacturing
Portland Pozzolana Cement (PPC) at Sikandarabad (Uttar Pradesh).
KCL commenced commercial operation at its unit in April, 2011 and
started marketing its product under the brand name 'Bigcem'. The
plant, having an installed capacity of 3, 00,000 metric tonnes
per annum (MTPA), was set up at an aggregate project cost of
INR29.6 crore being financed at an overall debt equity ratio of
0.77:1.

During H1FY12, KCL achieved a PBILDT of INR1.2 crore and a PBT of
INR0.1 crore on total income of INR6.8 crore.


K.P. ENTERPRISES: CARE Rates INR6cr LT Loan at 'CARE B+'
--------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of K.P.
Enterprises.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        6        CARE B+ Assigned

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

Rating Rationale

The rating is constrained by relatively small scale of operations
of K.P. Enterprises with low profitability, small networth base
and moderately high gearing level. The rating is further
constrained by stretched working-capital cycle and competition
from private dairies and cooperatives and its constitution being
a partnership firm.

These factors far offset the benefits derived from the
experienced promoters and their financial support in the past.
The ability of K.P. Enterprises to improve the overall scale of
operations and profitability and efficient management of working-
capital cycle are the key rating sensitivities.

K.P.Enterprises, a partnership firm, was incorporated in 2007 and
is part of the Dwarka group of companies which in turn is a part
of the Unizonn group. The firm is engaged in the business of milk
processing and Mr. Kapil Devprakash Rajput is the Managing
Director of the Group. The firm procures raw milk from local
dairy farmers and its plant is located at Beed district of
Maharashtra with a capacity of 100,000 litres per day.

During FY11 (refers to the period April 1 to March 31),
K.P.Enterprises reported a total income of INR41.60 crore and a
PAT of INR0.95 crore as against a total income of INR13.22 crore
and a PAT of INR0.07 crore in FY10.


MAA SHEETLA: CARE Assigns 'CARE BB-' Rating to INR3.8cr LT Loan
---------------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of MAA Sheetla Autowheels Pvt Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       3.8       CARE BB- Assigned
   Short-term Bank Facilities      8.0       CARE A4 Assigned

Rating Rationale

The ratings of Maa Sheetla Autowheels Private Limited are
constrained by its short track record of operation coupled with
lack of experience of promoters in dealership business, linkage
to the fortunes of Volkswagen India and pricing constraints and
margin pressure arising out of competition from other auto
dealers in the market. These factors far outweigh the benefits
derived from being the sole authorized dealer of Volkswagen
passenger cars in Haldwani (Uttarakhand), favorable industry
scenario, benefits arising out of owned premises and integrated
nature of business.

Ability of the company to improve its scale of operation,
profitability margins and ability to manage its working capital
effectively would be the key rating sensitivities.

                         About Maa Sheetla

Maa Sheetla Autowheels Private Limited was incorporated in
October, 2010 by Agarwal family of Haldwani, Uttarakhand. It is
an authorized dealer of Volkswagen India Pvt. Ltd for its
passenger cars, spares & accessories in Haldwani. MSAPL has a VW
car showroom where it also provides repair and refurbishment
services for VW cars.

At present, MSAPL's product portfolio consists of popular
Volkswagen cars like 'Polo', 'Vento', 'Jetta' and 'Passat' in
different models and colours. The company follows order based
policy for high priced Volkswagen cars like 'Beetle', 'Touareg'
and 'Phaeton' keeping the region and target market in mind.
MSAPL receives a small portion of its revenue from finance and
insurance companies in the form of commission for bundled
marketing of their products. The company commenced operations
from January, 2011.

During FY11 (operational for three months ending March 31, 2011),
MSAPL achieved a PBILDT of INR0.05 crore and a PAT of INR0.1
crore on total income of INR5.3 crore. Being an unlisted entity,
MSAPL has not compiled the working results for 9MFY12. However,
the management has maintained that during 9MFY11 it has achieved
net sales of about INR21.0 crore.


ROUNDWELL STEEL: CARE Rates INR6.8cr Loan at 'CARE BB-'
-------------------------------------------------------
CARE assigns 'CARE BB'- rating to the bank facilities of
Roundwell Steel Corporation Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities:     6.80       CARE BB- Assigned
   Cash Credit

Rating Rationale

The rating is constrained due to Roundwell Steel Corporation
Limited's constitution as a partnership firm, low profitability
margins on account of trading nature of business, high inventory
risk, working-capital intensive operations resulting in high
overall gearing and inherent cyclicality in the steel industry.

However, the ratings derive strength from the partners experience
in the steel trading and distribution business, established track
record of operations and distributorship tie-up with
established players.

The ability of the firm to improve its capital structure through
better management of its working capital while also managing the
risk associated with steel price volatility are the key rating
sensitivities.

The Round well Steel Corporation is a partnership firm
established in the year 2000. RSC has been in the trading
business for the last 11 years and is managed by four partners.

The firm is engaged in the wholesale and retail trading of spring
steel, wires, ferrous and non-ferrous metals, hardware etc. The
firm is the authorized distributor of Tata Wiron Steel (since
approximately 5 years) in Gujarat. The firm is also having the
dealership of M/s Usha Martin Limited (since approximately 5
years). The retail activities of the firm are routed through
their outlet at Rakhial, Ahmedabad and RSC has a storage facility
at their godown at Aslali, Ahmedabad.

The products of RSC are being used in mostly in automobile,
textiles and spring industries. During FY11 (refers to the period
April 1 to March 31), RSCL reported a revenue of INR47.14 crore
and a profit of INR0.10 crore.


SUBADRA TEXTILE: CARE Puts 'CARE B+' Rating on INR10.78cr Loans
---------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Subadra Textile Pvt Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      9.28       CARE B+ Assigned
   Long-term/ Short-term          1.50       CARE B+/CARE A4
    Bank Facilities                           Assigned
   Short-term Bank Facilities     1.95       CARE A4 Assigned

Rating Rationale

The ratings of Subadra Textile Private Limited are primarily
constrained by weak financial risk profile marked by high gearing
levels, stressed liquidity position with long operating cycle,
raw material price fluctuations and industry being largely
regulated in nature. The ratings, however, factor in the strength
of the experienced promoters and growth in operating income over
the years.  Ability of the company to expand its scale of
operations with improvement in financial risk profile is the key
rating sensitivity.

                      About Subadra Textile

Subadra Textile Private Limited was established in 1973 by Late
Shri AVRMV Sankaranarayanan. STPL was originally started in 1963
as Bhadra Spinning Mills Private Limited and the name was changed
to Subadra Textile Private Limited due to change in the
management.

The company is situated at Bangalore and is spread over an area
of 4.70 acres. The company is headed by Mr. V.S. Rajagopal,
Managing Director. The manufacturing unit has an installed
capacity of 25,000 spindles and the unit runs on a three shift
basis throughout the year. STPL is manufacturing and supplying
cotton yarn for both domestic as well as export markets. The
company's export operations have started in August 2011 and
remained low currently as compared to the total size of the
operations. STPL mainly exports to Bangladesh, Germany, Europe
and South Asian regions. STPL imports different kind of cotton
from Egypt which is mixed with local cotton to the extent of 5%
to produce the final product.

During FY11 (refers to the period April 1 to March 31), STPL
reported a total operating income of INR 22.74 crore and a PAT of
INR0.48 crore. As per provisional results for FY12, the company
has achieved a turnover of INR23.01 crore with a PAT of INR3.50
lakh.


SWAGAT HOSPITALS: CARE Rates INR20cr LT Loan at 'CARE BB-'
----------------------------------------------------------
CARE assigns 'CARE BB-' rating to the bank facilities of Swagat
Hospitals Pvt. Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term bank facilities       20.0      'CARE BB-' Assigned

Rating Rationale

The rating is constrained by small scale of operations of the
hospital, high project implementation risk in the wake of large
size project vis a vis size of the company, highly regulated
industry, reputational risk, and fragmented nature of industry
leading to high competition. However, the constraints are
partially offset by the rich experience of the promoter,
established operational track record and association of eminent
doctors, high occupancy level on the back of satisfactory
infrastructure, comfortable gearing levels and positive outlook &
high growth potential for the sector.

Ability of the company to complete the on-going expansion project
successfully and derive benefit there from and maintain high
occupancy level with high service quality will be the key rating
sensitivities.

Swagat Hospitals Pvt. Ltd. was incorporated in August 1999 by
Dr. Subhash Khanna with the primary objective of setting up
health care facilities to offer health care services for the
people of Guwahati & adjoining areas.  The company has set up 50-
bed hospital in Guwahati under the name of 'Swagat
Endolaparoscopic Surgical Research Institute'. The company has
embarked on setting up another 77 beds hospital in Guwahati at an
aggregate project cost of INR32.2 crore, being financed at a debt
equity ratio of 1.64:1, which is expected to be operational in
April, 2013.

During FY11 (refers to the period from April 1, 2010 to March 31,
2011), SHPL reported a total operating income of INR2.0 crore
(FY10:Rs.2.0 crore) and a PAT of INR0.5 crore (FY10: INR0.6
crore).

As per provisional results for 11MFY12, SHPL has reported a total
operating income of INR2.1 crore.


TILDA RICELAND: CARE Cuts Rating on INR20cr Loan to 'CARE BB+'
--------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of Tilda
Riceland Pvt. Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       20        CARE BB+ Revised
                                             from CARE BBB-

   Short-term Bank Facilities      64        CARE A4 Revised from
                                             CARE A3
Rating Rationale

The revision in the ratings takes into account the elevated
financial risk profile of TRPL characterized by decline in
revenue and profitability, elongated operating cycle, significant
change in business model resulting into decline in scale of
operations and weakening of solvency and debt coverage indicators
as on March 31, 2011. The ratings also factor in the presence of
the company in the agricultural commodity business which is
susceptible to vagaries of nature as well as the government
policies and interventions.

The ratings continue to derive strength from the experienced
promoters and long track record of TRPL in the basmati rice
industry, strong brand image in the export market as well as
growing presence in the domestic rice market.

Going forward, TRPL's ability to improve profitability margins
and maintain optimum capital structure shall be the key rating
sensitivities.

Tilda Riceland Pvt. Ltd. is engaged in processing and trading of
basmati rice for the export and domestic markets as well as sale
of its byproducts like husk, bran oil etc. in the domestic
market. The company was promoted by the late Mr. Narsi Bhai
Thakrar and incorporated in 1981 by the name of United Riceland
Private Ltd.  TRPL also had rice processing facilities located at
Gurgaon (30 TPH) in Haryana, with a total installed capacity of
30 tonnes per hour (TPH) as on March 31, 2011.

For FY11 (refers to the period April 1 to March 31), the company
achieved a total operating income of INR440.30 cr with a PAT of
INR5.27cr. For 9MFY12, TRPL has registered a total operating
income of INR191.39 cr.


* INDIA: Moody's Reviews Ratings on Three Banks for Downgrade
-------------------------------------------------------------
Moody's Investors Service has placed on review for downgrade
three banks in India, whose standalone credit assessments are
currently positioned above India's sovereign debt rating. The
debt and deposit ratings for all three banks are unaffected. The
announcements reflect Moody's revised assessment of the linkage
between the credit profiles of sovereigns and financial
institutions globally, which is further discussed in the rating
implementation guidance "How Sovereign Credit Quality May Affect
Other Ratings" published on Feb. 13, 2012.

Consistent with this guidance, Moody's expects to position the
standalone credit assessments of most banks globally at (or
below) the rating of the sovereign where the bank is domiciled.

Moody's expects to conclude the reviews within approximately
three months.

Ratings Rationale

- REVIEW OF STANDALONE RATINGS ABOVE THE SOVEREIGN DEBT RATING

Moody's believes that the creditworthiness of financial
institutions with low cross-border operational diversification
and/or high balance-sheet exposures to the debt of their domestic
sovereign is closely linked to that sovereign's credit strength.
Banks with these characteristics are unlikely to have standalone
credit assessments above the sovereign, which is often viewed as
the lowest credit risk in the local market or currency.

During the reviews, Moody's will assess the degree to which the
issuer's standalone credit profile is correlated with that of the
sovereign. The reviews will take into account (i) the extent to
which the banks' business depends on the domestic macroeconomic
and financial environment; (ii) the degree of reliance on market-
based, and therefore more confidence-sensitive, funding; and
(iii) direct or indirect exposures to domestic sovereign debt,
compared with their capital bases.

Overall, for most of the affected banks, Moody's expects that
most standalone credit assessments will be rated at the same
level as their domicile sovereigns' debt ratings, once the rating
agency has concluded the reviews. Exceptions may arise in cases
where banks' linkages with sovereign risk are mitigated by high
levels of cross-border diversification (operations and earnings)
and low levels of sovereign debt holdings.

- LOCAL-CURRENCY DEPOSIT AND ISSUER RATINGS

Moody's ratings incorporate assumptions about external support
through its joint-default analysis (JDA) methodology. As a
result, issuers whose standalone credit strength is positioned
below or at the sovereign rating level will continue to benefit
from the availability of external sources of support, either from
a higher-rated foreign parent and/or government (or systemic)
support, where applicable.

Moody's expects that some banks' local-currency deposit and debt
ratings may continue to benefit from rating uplift due to
systemic or parental support assumptions; however, the degree of
uplift will depend on their systemic importance or shareholder
composition that includes a higher-rated parent. The level of
external support and the positioning of the standalone credit
assessment will determine the extent of each bank's local-
currency deposit and debt rating downgrades.

- FOREIGN-CURRENCY DEPOSIT AND ISSUER RATINGS

The foreign-currency deposit ratings of some of the affected
banks are lower than their standalone credit assessments, as they
are constrained by relatively low foreign-currency deposit
ceilings in their respective countries. Therefore, Moody's
expects that these ratings are unlikely to be affected by the
downgrade of the banks' standalone credit assessments.

In certain cases, the foreign-currency issuer ratings are
positioned higher than the foreign-currency deposit ratings. As a
result, some banks' foreign-currency issuer ratings will be
affected by their standalone credit assessment downgrades.

KEY RATING DRIVERS

For the affected three banks, the key rating drivers are (i) the
level of cross-border diversification of their operations; (ii)
the level of balance-sheet exposure to domestic sovereign debt,
compared with their capital bases; (iii) franchise resilience and
intrinsic strength within the operating environment; (iv)
shareholder composition and the rating of the parent bank
incorporated in Moody's JDA; and/or (v) the assumptions for
systemic support available to a bank in case of need.

LIST OF RATING ACTIONS

The following rating actions were taken:

- ICICI Bank Limited's C-/baa2 standalone bank financial
strength rating/baseline credit assessment placed on review for
downgrade; Baa2 foreign currency long-term senior unsecured debt
rating, (P)Baa2 foreign currency long-term senior unsecured debt
program rating, Baa2 long-term local currency bank deposit
rating, Prime-2 short-term local currency bank deposit rating,
Baa3 long-term foreign-currency deposit rating, Prime-3 short-
term foreign currency bank deposit rating, Baa3 foreign currency
subordinated debt rating, (P)Baa3 foreign currency subordinated
debt program rating, Ba1 foreign currency junior subordinated
debt rating, (P)Ba1 foreign currency junior subordinated debt
program rating and Ba2 hybrid debt rating unaffected.

- HDFC Bank Limited's C-/baa2 standalone bank financial strength
rating/baseline credit assessment placed on review for downgrade;
Baa2 foreign currency long-term senior unsecured debt rating,
(P)Baa2 foreign currency long-term senior unsecured debt program
rating, Baa2 long-term local currency bank deposit rating, Prime-
2 short-term local currency bank deposit rating, Baa3 long-term
foreign-currency deposit rating, Prime-3 short-term foreign
currency bank deposit rating, Baa3 foreign currency subordinated
debt rating, (P)Baa3 foreign currency subordinated debt program
rating, Ba1 foreign currency junior subordinated debt rating,
(P)Ba1 foreign currency junior subordinated debt program rating
and (P)Ba2 hybrid debt rating unaffected.

- Axis Bank Limited's C-/baa2 standalone bank financial strength
rating/baseline credit assessment placed on review for downgrade;
Baa2 foreign currency long-term senior unsecured debt rating,
(P)Baa2 foreign currency long-term senior unsecured debt program
rating, Baa2 long-term local currency bank deposit rating, Prime-
2 short-term local currency bank deposit rating, Baa3 long-term
foreign-currency deposit rating, Prime-3 short-term foreign
currency bank deposit rating, Baa3 foreign currency subordinated
debt rating, (P)Baa3 foreign currency subordinated debt program
rating, Ba1 foreign currency junior subordinated debt rating,
(P)Ba1 foreign currency junior subordinated debt program rating
and Ba2 hybrid debt rating unaffected.

Principal Methodologies

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


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


PT VALE: S&P Affirms 'BB+' Corp. Credit Rating; Outlook Stable
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed the 'BB+' global
scale corporate credit rating on PT Vale Indonesia Tbk.  The
outlook is stable. "The rating action is part of our regular
review," S&P said.

"We believe Vale Indonesia will keep improving its performance,
however, at a slower pace, given that revamping its capacity will
take some time. We expect the company to keep reporting strong
credit metrics despite some volatility in nickel prices,
particularly because of its strong cost position and cash
generation, and very conservative financial profile. In
particular, we expect the company to benefit from cheaper energy
costs, which will shrink its total costs by 10%, as a new
hydropower plant starts supplying energy to its furnaces. We
believe this will further strengthen the company's cost position
and offset the effects of the partial ceasing of production in
2012 for maintenance. The company has used its positive cash
generation to expand its business and improve liquidity," S&P
said.


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


MERIDIEN MARINAS: Liquidators Appointed to Port of Airlie Project
-----------------------------------------------------------------
The Whitsunday Times reports that a liquidator has been appointed
to Meridien Marinas-owned Port of Airlie development.

The Whitsunday Times understands the decision was taken at a
creditors meeting where it was announced that the liquidators
Deloittes will proceed to wind up Meridien's two companies
involved in the Port of Airlie Project and sell off the assets.

According to the report, a spokesperson from the receivers
McGrathNicol said the public would see very little change with
the main implications only affecting creditors and ex-employees.

A current title search shows mortgages to Bank of Scotland (BOS)
Australia and J Hutchinson Pty Ltd, as well as rights and
interests reserved to the Crown and outstanding land tax.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 29, 2011, ABC News said the Queensland government said there
was nothing it could do to prevent the AUD200 million Meridien
Marinas Port of Airlie project from going into receivership.
Meridien Marinas said the project moved into receivership because
of a combination of the global financial crisis, cyclones, the
strong Australian dollar, and the tourism downturn, according to
ABC News.  Receivers McGrathNicol said that all of the Airlie
Beach businesses, including a retail and dining precinct, will
continue trading as usual, ABC News noted.

Meridien Marinas is an Australian-based resort-style marinas
developer.


NZF MONEY: FMA Mulls Freezing Directors Assets
----------------------------------------------
Fairfax NZ News reports that the Financial Markets Authority is
mulling freezing the assets of five directors of collapsed
finance company NZF Money, including high profile Peter Huljich.

According to the news agency, the possible action is independent
of a freezing order granted against the finance company's parent,
NZF Group, after claims were filed by receivers that directors
were in breach of fiduciary duties.

In a memo filed in the High Court in Auckland, Fairfax NZ relates
the FMA said the freezing order sought by receivers for "would
assist" its independent inquiry into the company, and "would also
strengthen the position of FMA regarding its consideration of
whether to apply for asset preservation orders over the
Defendants' assets in order to protect investors."

Fairfax NZ relates that a spokeswoman for the FMA said the
financial watchdog had considered formally joining KordaMentha's
action, but had decided against it.

"We wanted the court to be aware that we supported the receivers'
action. FMA was not intervening in the proceeding and we accepted
the court's decision not to exercise its discretion to hear FMA
in this case," the report quotes the spokeswoman as saying.

According to the report, NZF Group lawyer Phillip Rice told the
court on Friday he was only made aware of the FMA's submissions
hours before a hearing to consider extending the interim freezing
order granted in favour of KordaMentha.

Justice Collins ruled the FMA memo inadmissible to that hearing
as the financial watchdog had not formally applied to be party to
the proceedings, the report relays.

Fairfax NZ adds that Justice Collins ruled the freezing order
against NZF Group should remain in the place, and the claim
against the company and the five directors named in receiver's
claims should urgently go to trial.

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.


PROPERTY VENTURES: Owner Runs Some Companies Despite Bankruptcy
---------------------------------------------------------------
Fairfax NZ News reports that an extraordinarily bitter battle
between liquidator Robert Walker and bankrupt Christchurch
property developer David 'Hendo' Henderson featuring police raids
into Christchurch's Red Zone and accusations of financial
irregularities is laid bare in documents filed with the Companies
Office.

The news agency relates that the three-year tussle between
Mr. Walker and Mr. Henderson is the subject of a lengthy
liquidator's report filed Monday for a batch of 12 Henderson
companies referred to as the Property Ventures group.

The companies comprising the group are Property Ventures,
Beechnest Ventures, Sol Management, Ohau Ventures, 72-76
Lichfield, Sydenham Square Investments, Park Ventures, Tuam
Ventures, Hotel So Operations, PVL Leasing, City Lofts and Five
Mile Holdings, Fairfax NZ discloses.

Fairfax NZ notes that Mr. Henderson was bankrupted in
November 2010 owing NZ$165 million.

Mr. Henderson told BusinessDay he disputed many parts of
Mr. Walker's report and called it a "fantasy."

According to Fairfax NZ, Mr. Walker said in his report that he
was seeking to void numerous transactions made by the group and
was mulling launching action alleging a breach of directorial
duties.

Fairfax NZ says the report complains of directors of the group --
including Mr. Henderson -- refusing to fully disclose information
the liquidator requested, and in one case ignoring his entreaties
entirely.

A large section of Mr. Walker's report details his attempt to
obtain company documentation, including a high-profile raid by
police to procure records from a building in Christchurch's Red
Zone in May last year, notes Fairfax NZ.

The report relates that Mr. Walker claimed the emails obtained in
this raid showed Mr. Henderson continued to operate some
companies despite his bankruptcy.

But Mr. Henderson has denied this happened, saying the allegation
was a "fantasy," the report relays.

Fairfax NZ states that the liquidator was responsible for
complaints made about Mr. Henderson to the Serious Fraud Office
and the Registrar of Companies in 2010.

Both agencies declined to investigate further, and Mr. Walker
uses his report to criticise what he sees an inaction by the
agencies, the report adds.

                       About Property Ventures

New Zealand-based Property Ventures Limited --
http://www.propertyventures.co.nz/-- was a real estate
development and investment company.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 8, 2010, Allied Farmers Investments Ltd placed Property
Ventures Ltd into the hands of receiver Grant Thornton in an
attempt to recover a loan to Five Mile Holdings Limited (In
Receivership).  The loan was guaranteed by Property Ventures.

Allied Farmers holds a General Security Agreement over the assets
of Property Ventures, which is owned by a number of investors
including Christchurch property developer, David Henderson.  The
company has interests in more than 30 subsidiaries, including
those associated with Hotel So, and the South of Lichfield
entertainment and retail precinct in Christchurch.


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


HUAT HARDWARE: Creditors Get 23.20872% Recovery on Claims
---------------------------------------------------------
Huat Hardware Industrial Supply Pte Ltd declared the first and
final preferential dividend on April 19, 2012.

The company paid 23.20872% to the received claims.

The company's liquidator is:

         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


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

Chimbusco International Petroleum (Singapore) Pte Ltd filed the
petition against the company on April 16, 2012.

The Petitioner's solicitors are:

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


PRESTIGE MARINE: Court to Hear Wind-Up Petition on May 18
---------------------------------------------------------
A petition to wind up the operations of Prestige Marine Services
Pte Ltd will be heard before the High Court of Singapore on
May 18, 2012, at 10:00 a.m.

Chimbusco International Petroleum (Singapore) Pte Ltd filed the
petition against the company on April 17, 2012.

The Petitioner's solicitors are:

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


STAMFLES REMOTE: Creditors Get 100% Recovery on Claims
------------------------------------------------------
Stamfles Remote Site Services Pte Ltd declared the first and
final dividend on April 27, 2012.

The company paid 100% for preferential and 43.29871% for
unsecured claims.

The company's liquidator is:

         Goh Ngiap Suan
         336 Smith Street
         #06-308 New Bridge Centre
         Singapore 050336


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

Resource Piling Pte Ltd filed the petition against the company on
April 16, 2012.

The Petitioner's solicitors are:

          CH Partners
          19 Tanglin Road
          #06-15 Tanglin
          Shopping Centre
          Singapore 247909


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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------


July 14-17, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Workshop
        The Ritz-Carlton Amelia Island, Amelia Island, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 2-4, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hyatt Regency Chesapeake Bay, Cambridge, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

November 1-3, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Westin Copley Place, Boston, Mass.
           Contact: http://www.turnaround.org/

Nov. 29 - Dec. 2, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Winter Leadership Conference
        JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
           Contact: 1-703-739-0800; http://www.abiworld.org/

April 10-12, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        JW Marriott Chicago, Chicago, Ill.
           Contact: http://www.turnaround.org/

October 3-5, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Marriott Wardman Park, Washington, D.C.
           Contact: http://www.turnaround.org/


                             *********

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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