TCRAP_Public/120503.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

             Thursday, May 3, 2012, Vol. 15, No. 88

                            Headlines


A U S T R A L I A

HSU: Federal Gov't Moves to Put East Branch Into Administration
NUANCE MULTIMEDIA: Placed Into Liquidation
NVISAGE MEDIA: Members Appoint Ferrier Hodgson as Liquidator


C H I N A

CHINA FORESTRY: S&P Affirms 'CCC-' CCR; Outlook Negative
FOSUN INTERNATIONAL: S&P Affirms 'BB+' Corporate Credit Rating
POWERLONG REAL ESTATE: S&P Affirms 'B' Corporate Credit Rating
YANZHOU COAL: S&P Assesses 'bb+' Stand-alone Credit Profile


H O N G  K O N G

BNZ INTERNATIONAL: Placed Under Voluntary Wind-Up Proceedings
BS BATTERY: Members' Final Meeting Set for May 28
CARRIER COMFORT: Creditors' Proofs of Debt Due May 28
CASTEL QIHUA: Members' Annual Meeting Set for May 31
CHANGJIANG POWER: Annual Meetings Set for May 11

QQ CLUB: Court Enters Wind-Up Order
SMART UNION CHINA: Lees and Ng Appointed as Liquidators
TOYO DENKI: Court to Hear Wind-Up Petition on June 13
WAILEY GARMENT: Creditors' Proofs of Debt Due May 18
YEE TAK: Wardell and Lui Appointed as Liquidators


I N D I A

ALFA VITRIFIED: CRISIL Places 'B+' Rating on INR271.4MM Loans
AMARAVATHY SPINNING: Servicing Defaults Cue Fitch to Junk Rating
ENN TEE: Fitch Affirms 'B+(ind)' National Longterm Rating
KOHINOOR PRINTERS: CRISIL Assigns 'BB+' Rating on INR90MM Loans
MANDKE AND MANDKE: CRISIL Assigns 'B' Rating on INR1BB Loans

NRP PROJECTS: Fitch Assigns Nat'l LT Rating of 'Fitch BB+(ind)'
PRAGATI GRAPHICS: CRISIL Assigns 'BB' Rating on INR86.5MM Loans
PRIME ELECTRIC: CRISIL Places 'BB' Rating on INR1.63BB Loans
RAJENDRA SINGH: CRISIL Revokes Suspension of Ratings
R.D.GOEL: CRISIL Assigns 'B+' Rating to INR129.5MM Loans

S B IMPEX: CRISIL Assigns 'CRISIL B' Rating on INR40MM Loans
SHAMAL AND SHAMAL: CRISIL Assigns 'BB' Rating on INR55MM Loans
SHUBHLAXMI METALS: CRISIL Assigns 'BB' Rating on INR63.4MM Loans
SRI SAI: CRISIL Assigns 'B-' Ratings to INR70MM Loans
TARINI EDUCATIONAL: CRISIL Rates INR99.8MM Loan at 'CRISIL D'

VENKATADRI SPINNING: CRISIL Assigns 'B-' Rating on INR100MM Loans
VIJAY TECHNNOCRATS: CRISIL Puts 'BB-' Rating on INR144.1MM Loans


I N D O N E S I A

PT BANK OCBC: Fitch Affirms Viability Rating at 'bb'


J A P A N

ELPIDA MEMORY: Bondholders May Submit Rival Reorganization Plan
TOKYO ELECTRIC: Compensation Fund Seeks JPY500BB in Loans


N E W  Z E A L A N D

KITCHEN HOUSE: Unsecured Creditors Unlikely to Get Repayment
MANCHESTER UNITY: S&P Gives 'BB-' Financial Strength Rating
PYNE GOULD: Faces FMA Probe as Auditor Resigns


T H A I L A N D

UOB THAI: Fitch Downgrades Viability Rating to 'bb+'


                            - - - - -


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


HSU: Federal Gov't Moves to Put East Branch Into Administration
---------------------------------------------------------------
ABC News reports that the Australian Federal Government has
formally moved to put the east branch of the Health Services
Union in the hands of administrators.

Workplace Relations Minister Bill Shorten foreshadowed the
application, according to ABC News.

The report relates that Federal Government lawyers formally
lodged an application with the Federal Court to appoint an
administrator until democratic control of the branch is restored.
ABC News relays that the Minister wants a declaration under the
Fair Work Act that the branch, which covers New South Wales,
Victoria and the Australian Capital Territory, has ceased to
function effectively.

The report notes that the application calls for elected offices
to be declared vacant, for a review of membership lists and of
financial accounts setting out the assets and liabilities of the
HSU East Branch.

It also calls for an administrator to ensure that any charges
under union rules laid against any members of the branch "are
dealt with expeditiously," ABC News adds.

The case is listed for a directions hearing in three weeks.


NUANCE MULTIMEDIA: Placed Into Liquidation
------------------------------------------
SmartCompany reports that Nuance Multimedia has been put into
liquidation, citing a tough advertising market and changes in
reading habits as the main reasons for its demise.

SmartCompany relates that the company's founder and CEO
Jim Clarke, a former Fairfax executive and Walkley Award-winning
journalist, made the difficult decision to wind up the business
on May 1. Eight staff will lose their jobs, the report notes.

Mr. Clarke told SmartCompany the operation couldn't keep up with
its costs, blaming changes in reader habits and the impact of the
economic downturn on the advertising market.

According to the report, Mr. Clarke said he tried to sell the
cycling publication but wasn't able to secure a buyer.

Mr. Clarke will step away from the business once it has wound up,
with no hope of resurrecting the company's own titles, adds
SmartCompany.

Melbourne-based Nuance Multimedia publishes a handful of
specialist titles, including the bi-monthly Australian Cyclist,
the thrice-yearly lifestyle title House, an annual bulletin for
the Association of Decorative and Fine Arts Societies and member
magazines for the Institute of Public Accountants and the
National Gallery of Victoria.


NVISAGE MEDIA: Members Appoint Ferrier Hodgson as Liquidator
------------------------------------------------------------
Morgan Kelly and Ryan Eagle of Ferrier Hodgson were appointed
joint and several liquidators' of Nvisage Media International Pty
Limited on April 19, 2012, by a resolution of its members.

The liquidators now control the Company's operations and are
assessing the Company's financial position. The Company's
operations ceased as at April 19, 2012.

A meeting of creditors has been called for May 7, 2012, at
10:30 a.m., to be held at the offices of Ferrier Hodgson,
Level 13, 225 George Street, in Sydney NSW 2000.

The main purpose of this meeting is to provide creditors with an
opportunity to consider:

   * the director's statement about the Company's business,
     property, affairs and financial circumstances and an
     explanation of the circumstances giving rise to the
     appointment of liquidators;

   * the appointment of members to a Committee of Inspection;

   * the fixing of the liquidators' remuneration; and

   * appointing an alternative liquidator, if it is so desired.

The Company's liquidators may be reached at:

          Morgan Kelly
          Ryan Eagle
          FERRIER HODGSON
          Level 13, Grosvenor Place
          225 George Street
          Sydney NSW 2000
          Tel.: +61 2 9286 9999
          Fax : +61 2 9286 9888
          E-mail: morgan.kelly@fh.com.au
                  ryan.eagle@fh.com.au


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


CHINA FORESTRY: S&P Affirms 'CCC-' CCR; Outlook Negative
--------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'CCC-' long-term
corporate credit rating on China Forestry Holdings Co. Ltd. and
the 'CCC-' issue rating on the company's senior unsecured notes.
The outlook is negative. "At the same time, we affirmed our
'cnCCC-' Greater China credit scale ratings on the company and
its senior unsecured notes. We removed all the ratings from
CreditWatch, where they had been placed with negative
implications on Jan. 10, 2012," S&P said.

"We affirmed the rating because we believe the immediate risk of
accelerated bond payment on China Forestry's senior unsecured
notes has reduced now that the company has released its 2011
annual results on April 27, 2012," said Standard & Poor's credit
analyst Frank Lu. A covenant on China Forestry's senior unsecured
notes required the company to release its annual results by the
end of April.

"We expect China Forestry to be able and willing to service the
upcoming interest payment on these notes that is due on May 17,
2012, even though the company's cash balance has dropped
significantly since its partial redemption of the notes. We
expect China Forestry's cash balance to continue to diminish in
the next six to 12 months because we anticipate that its
operating cash flow will be negative, and because it has
outstanding committed capital expenditure," S&P said.

"We expect China Forestry's business risk profile to remain
vulnerable in 2012. The company had material write-offs on its
assets, and impairment losses on receivables, prepayments, and
inventory. We believe China Forestry's ability to generate
positive operating cash flow will be limited this year due to its
poor asset quality, very limited operational capability, and
management uncertainties. The company's acting CEO recently
resigned," S&P said.

"We expect the negative effects from alleged accounting
irregularities to continue even though China Forestry released
its financial statements. This is because the company's new
auditor has cited numerous scope limitations in the financial
statements and did not express an opinion. We expect China
Forestry's access to the capital markets to remain extremely
limited. Stock trading in the company is still suspended. The
rating factors in our view of the heightened information risk
stemming from the alleged accounting irregularities," S&P said.

"We believe China Forestry's liquidity is weak, as defined in our
criteria. We expect the company's cash balance to diminish fast
in 2012 due to debt interest payments, operational expenses,
capital expenditure, and potential hidden liabilities. We
estimate China Forestry's ratio of liquidity sources to liquidity
use to be materially less than 1.0x in the next 12 months," S&P
said.

"The negative outlook reflects our expectation that China
Forestry's weak liquidity position could deteriorate as the
company's cash balance diminishes," said Mr. Lu. "The outlook
also reflects the uncertainty surrounding China Forestry's
operating performance due to the lack of sufficient and reliable
information."

"We will lower the rating to 'CC' if China Forestry's liquidity
deteriorates faster than we expect and we believe the company
will default within six months. We could revise the outlook to
stable or raise the rating if there is visibility on any
improvements in the company's business and its liquidity
improves," S&P said.


FOSUN INTERNATIONAL: S&P Affirms 'BB+' Corporate Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Fosun
International Ltd. to negative from stable. "At the same time, we
affirmed our 'BB+' long-term corporate credit rating and the
'BB+' issue rating on the company's senior unsecured notes due
2016. Due to the revision of the rating outlook, we lowered the
long-term Greater China credit scale issuer rating on Fosun and
the issue rating to 'cnBBB' from 'cnBBB+'," S&P said.

"The outlook revision reflects our expectation that weak
operating conditions over the next six to 12 months will
challenge Fosun's key operating subsidiaries," said Standard &
Poor's credit analyst Lawrence Lu. "We view the financial risk
profile as 'aggressive' and business risk profile as
'satisfactory'. The company is highly exposed to the volatile and
cyclical nature of the property, steel, and mining industries,
which together accounted for nearly 70% of Fosun's total assets
in 2011. The profitability of the company's steel business has
significantly eroded due to slipping product prices and inventory
write-downs," S&P said.

"We may lower the rating if Fosun continues to expand without
controlling its leverage, such that its ratio of total debt to
total capital remains above 55% in the next 12 months. We could
also lower the rating if the company's exposure to volatile
businesses further increases and its currently very strong
financial flexibility deteriorates substantially (including its
cash dividend coverage at the holding company level)," S&P said.

"We could revise the outlook to stable if Fosun's business
performance in cyclical segments stabilizes; and it launches the
planned initial public offerings for two of its subsidiaries,
improving its leverage, such that the ratio of total debt to
total capital is less than 55% for a sustained period," S&P said.

"We have a negative view of the Chinese steel industry. We expect
continued weakness in the industry for the next two quarters at
least because the sector is oversupplied and demand from
downstream industries could remain sluggish, due to a slowdown in
exports and investments," S&P said.

Sales in the property segment are also under pressure in 2012
because the government continues to strictly implement its
market-cooling measures.

"In our view, Fosun's financial performance is likely to weaken
in the next 12 months amid the tough operating environment," said
Mr. Lu. "The company's leverage ratio--as measured by the ratio
of debt to capital--was 55.3% by the end of 2011, slightly
breaching our downgrade trigger. However, we expect Fosun's
leverage to fall if it executes the initial public offerings of
the two subsidiaries: Shanghai Fosun Pharmaceutical (Group) Co.
Ltd. (Fosun Pharma) and Hainan Mining Co. Ltd."

"We believe Fosun has an aggressive investment appetite and
tolerance for risk. The company's sizable capital expenditure,
land acquisitions and investment plans could put its leverage and
cash flow coverage under pressure in the next 12 months.
Nevertheless, Fosun has recently had some flexibility to scale
back its capital expenditure and investment plans in order to
control its leverage," S&P said.

"The group's diversified asset portfolio, experienced management,
and good financial flexibility at the holding company level
support the ratings, in our opinion," S&P said.

"We expect Fosun's financial flexibility to remain strong at the
holding company level. The company continues to increase its
investments in consumption and financial services sectors. Its
execution in investment and asset divestment is satisfactory, in
our view. As Fosun's asset portfolio has become more diversified,
the company has established a track record of generating good
returns from investments and realizing value from disposals," S&P
said.

"Fosun's geographically diversified investments (in China and
overseas) underpin its financial flexibility. Additional support
is derived from the fact that most of its key businesses and a
significant number of its investees are listed," S&P said.


POWERLONG REAL ESTATE: S&P Affirms 'B' Corporate Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' long-term
corporate credit rating on Powerlong Real Estate Holdings Ltd.
The outlook is negative. "We also affirmed the 'B-' issue rating
on the China-based property developer's senior unsecured notes.
At the same time, we lowered our Greater China credit scale
rating on Powerlong to 'cnB+' from 'cnBB-' and that on the senior
unsecured notes to 'cnB' from 'cnB+'. We removed all the ratings
from CreditWatch, where they had been placed with negative
implications on March 27, 2012," S&P said.

"We affirmed the rating because we expect Powerlong's financial
risk profile to remain 'highly leveraged'. We see limited scope
for the company to reduce its leverage in 2012, given the
challenging business outlook. In our base-case scenario, we
estimate Powerlong's total debt at about Chinese renminbi (RMB)
10 billion and its debt-to-EBITDA ratio to exceed 6x in 2012. The
company had a very weak operating and financial performance in
2011," S&P said.

"We believe Powerlong's property sales are likely to remain weak
in 2012 due to the company's poor sales execution outside its
home market and a weak outlook for the property market in China,"
said Standard & Poor's credit analyst Frank Lu. "In the first
quarter of 2012, Powerlong's contract sales were RMB900 million,
15% of its full-year budget. Contract sales declined 12% to
RMB5.48 billion in 2011, from a year ago, due to a credit squeeze
and purchase restrictions. We expect the government's credit
tightening and home purchase restrictions to persist in 2012."

"We do not expect Powerlong's profit margin to recover to its
2010 level, after declining in 2011. EBITDA margin fell to 32.2%
in 2011 from 44.6% in 2010. The company's product mix has shifted
to less profitable projects in third- and fourth-tier cities. In
addition, Powerlong could cut prices aggressively to clear rising
inventory," S&P said.

"At the end of 2011, Powerlong complied with its covenants, but
it has limited headroom in some of its offshore bank loan
covenants. The headroom is sensitive to property sales and
property valuation. Powerlong could face potential acceleration
of debt repayment if it breaches these covenants," S&P said.

"The negative outlook reflects our view that Powerlong's sales
will remain weak and its liquidity could deteriorate in the next
12 months," said Mr. Lu. "The company's sales execution has been
weaker than we expected. Powerlong faces large construction costs
to meet property delivery and some land premiums payable in 2012,
while the market outlook remains challenging."

"We may lower the rating if: (1) Powerlong's contract sales in
2012 are less than RMB4.5 billion; (2) the company's unrestricted
cash is less than RMB1 billion; or (3) its leverage further
deteriorates, such that the headroom in its financial covenant
narrows further," S&P said.

"We may revise the outlook to stable if Powerlong's sales improve
more than we expect and the company's liquidity position
stabilizes," S&P said.


YANZHOU COAL: S&P Assesses 'bb+' Stand-alone Credit Profile
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BBB-' long-term
corporate credit rating to China Shandong-based Yanzhou Coal
Mining Co. Ltd. "The outlook is stable. We also assigned our
'cnA-' Greater China credit scale rating to the company. At the
same time, we assigned our 'BBB-' issue rating and our 'cnA-'
Greater China credit scale rating to the proposed issue of senior
unsecured notes that Yanzhou Coal unconditionally and irrevocably
guarantees," S&P said.

"The rating on Yanzhou Coal reflects the company's 'bb+' stand-
alone credit profile (SACP) and our expectation of a moderately
high likelihood that Shandong's provincial government will
provide sufficient and timely extraordinary support to the
company in the event of financial distress," said Standard &
Poor's credit analyst Lawrence Lu.

"We assess that Yanzhou Coal plays an important role for the
Shandong provincial government. The company is one of the
provincial government's largest state-owned enterprises. We also
expect the Shandong government to maintain its indirect majority
ownership in Yanzhou Coal through Shandong Assets Supervision and
Administration Commission," S&P said.

Yanzhou Coal's SACP reflects the company's good market position
in China, long and established operating record, and increasingly
more diversified and significant coal reserves. These factors
temper these strengths: inherent risk in the cyclical, volatile,
and capital intensive mining industry; Yanzhou Coal's high
capital expenditure for coal development in the next few years;
aggressive growth strategy, mainly through acquisitions; and
increased costs.

"The company's high quality coal and easy access to customers
support its good market position in China. The company has its
own railway that connects the mines to the national railway
system. We assess Yanzhou Coal's business risk profile as
'fair,'" S&P said

"Yanzhou Coal's expansion outside its home base has improved its
geographical diversity. Within China, the company expanded
operations to other coal-rich provinces including Shanxi,
Shannxi, and Inner Mongolia. It also expanded into Australia
through a series of acquisitions since 2004," S&P said.

"We assess Yanzhou Coal's financial risk profile as
'significant.' We estimate that Yanzhou Coal will need to spend
about Chinese renminbi 20 billion in 2012 and 2013," S&P said.

"We expect Yanzhou Coal's cost of labor, transportation, energy,
and other inputs to keep rising over the next four to five years.
Moreover, regulatory and environmental issues will add to the
coal industry's costs," S&P said.

"Yanzhou Coal's liquidity is 'adequate,' as defined in our
criteria. We expect the sources of liquidity to cover uses by
1.2x in 2012," S&P said.

"The stable outlook reflects our expectation that the slowing
Chinese economy and the uncertainty in the global economy will
only result in a moderate decline in coal prices," said Mr. Lu.
"We expect Yanzhou Coal to maintain an EBITDA margin of more than
25% and a debt-to-EBTIDA ratio of less than 3x over the next two
years."

"We could raise the rating if coal demand remains strong and
Yanzhou Coal reduces debt and boosts earnings, such that its
ratio of funds from operations to debt is more than 45% and ratio
of debt to EBITDA is about 2x. We could also upgrade the company
if we raise our credit assessment of the Shandong government, or
if government support for Yanzhou Coal is stronger than we
currently assess. We consider both scenarios as having low
probability," S&P said.

"We could lower the rating if: (1) coal demand deteriorates and
remains weak for a prolonged period, such that Yanzhou Coal cuts
production, and realizes lower margins on sales; and (2) the
company increases leverage to pursue more acquisitions," S&P
said.

"We could also lower the rating on Yanzhou Coal if the
creditworthiness of the Shandong government deteriorates or the
level of extraordinary support from the government is weaker than
we currently assess. Nevertheless, we view that as unlikely," S&P
said.


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


BNZ INTERNATIONAL: Placed Under Voluntary Wind-Up Proceedings
-------------------------------------------------------------
At an extraordinary general meeting held on April 20, 2012,
creditors of BNZ International (Hong Kong) Limited resolved to
voluntarily wind up the company's operations.

The company's liquidators are:

         Natalia K M Seng
         Susan Y H Lo
         Level 28, Three Pacific Place
         1 Queen's Road
         East, Hong Kong


BS BATTERY: Members' Final Meeting Set for May 28
-------------------------------------------------
Members of BS Battery Co Limited will hold their final meeting on
May 28, 2012, at 3:00 p.m., at Suite No. A, 11th Floor, Ritz
Plaza, 122 Austin Road, Tsimshatsui, Kowloon, in Hong Kong.

At the meeting, Sung Mi Yin Mella, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


CARRIER COMFORT: Creditors' Proofs of Debt Due May 28
-----------------------------------------------------
Creditors of Carrier Comfort Company Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by May 28, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

         Stephen Liu Yiu Keung
         David Yen Ching Wai
         62nd Floor, One Island East
         18 Westlands Road
         Island East, Hong Kong


CASTEL QIHUA: Members' Annual Meeting Set for May 31
----------------------------------------------------
Members Castel Qihua Hi-Tech Investments Limited will hold their
annual meeting on May 31, 2012, at 10:00 a.m., at Suite 4701,
47/F, Central Plaza, at 18 Harbour Road, Wanchai, in Hong Kong.

At the meeting, Tam Kan Wing, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


CHANGJIANG POWER: Annual Meetings Set for May 11
------------------------------------------------
Creditors and contributories of Changjiang Power Development (HK)
Company Limited will hold their annual meetings on May 11, 2012,
at 10:00 a.m., and 10:30 a.m., respectively at 43th Floor, The
Lee Gardens, 33 Hysan Avenue, Causeway Bay, in Hong Kong.

At the meeting, Alison Wong Lee Fung Ying and Alan Chung Wah
Tang, the company's liquidators, will give a report on the
company's wind-up proceedings and property disposal.


QQ CLUB: Court Enters Wind-Up Order
-----------------------------------
The High Court of Hong Kong entered an order on April 2, 2012, to
wind up the operations of QQ Club Limited.

The company's liquidators are Ho Man Kit Horace and Kong Sze Man
Simone.


SMART UNION CHINA: Lees and Ng Appointed as Liquidators
-------------------------------------------------------
John Robert Lees and Mat Ng on Feb. 14, 2012, were appointed as
liquidators of Smart Union China Investments Limited.

The liquidators may be reached at:

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


TOYO DENKI: Court to Hear Wind-Up Petition on June 13
-----------------------------------------------------
A petition to wind up the operations of Toyo Denki (H.K.) Company
Limited will be heard before the High Court of Hong Kong on
June 13, 2012, at 9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company on April 10, 2012.

The Petitioner's solicitors are:

          Tsang, Chan & Wong
          16th Floor, Wing On House
          No. 71 Des Voeux Road
          Central, Hong Kong


WAILEY GARMENT: Creditors' Proofs of Debt Due May 18
----------------------------------------------------
Creditors of Wailey Garment Factory 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 liquidators are:

          Chan Wai Dune Charles
          34/F, The Lee Gardens
          33 Hysan Avenue
          Causeway Bay, Hong Kong


YEE TAK: Wardell and Lui Appointed as Liquidators
-------------------------------------------------
James Wardell and Lui Chau Yuet on March 21, 2012, were appointed
as liquidators of Yee Tak Plastic Industrial Limited.

The liquidators may be reached at:

          James Wardell
          Lui Chau Yuet
          Room 1601-1602, 16/F
          1 Hysan Avenue
          Causeway Bay, HK


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I N D I A
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ALFA VITRIFIED: CRISIL Places 'B+' Rating on INR271.4MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Alfa Vitrified Pvt Ltd.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan              211.4       CRISIL B+/Stable
   Cash Credit             60         CRISIL B+/Stable
   Letter of Credit        22         CRISIL A4

The ratings reflect AVPL's weak financial risk profile, marked by
high gearing, and exposure to high offtake risks considering the
bunching-up of fresh capacity in the ceramic tiles industry.
These rating weaknesses are partially offset by the extensive
industry experience of AVPL's promoters and strategic location of
its manufacturing facility.

Outlook: Stable

CRISIL believes that AVPL will benefit over medium term from its
strategic location in Morbi (Gujarat) and promoters' extensive
experience in the ceramic tiles industry. The outlook may be
revised to 'Positive' in case the company shows better-than-
expected revenue growth or records higher-than-expected
profitability. Conversely, the outlook may be revised to
'Negative' if AVPL's revenues and profitability are less-than-
expected or the company takes up a major debt-funded capital
expenditure.

                        About Alfa Vitrified

AVPL, incorporated in 2011, is presently undertaking a project to
manufacture ceramic vitrified tiles with capacity of 6500 boxes
per day (around 63,500 tonnes per annum). The project is being
carried out in Morbi. The cost of the project is INR342.2
million, which is being funded with a term loan of INR212.4
million, unsecured loans extended by the promoters of INR12.8
million, and equity funding of INR118 million. AVPL's operations
are expected to start by June 2012.


AMARAVATHY SPINNING: Servicing Defaults Cue Fitch to Junk Rating
----------------------------------------------------------------
Fitch Ratings has downgraded India-based Amaravathy Spinning
Mills's National Long-Term rating to 'Fitch D(ind)' from 'Fitch
B(ind)'/Stable.

The ratings reflect ASM's defaults in the servicing of its term
loans obligations from August 2011 to March 2012. This was a
result of the company's high working capital intensive nature of
business leading to a tight liquidity position, as illustrated by
its 96% working capital limit utilisation over the last one year.
According to ASM's provisional results for FY12 (financial year
ending March), interest coverage and financial leverage (total
debt/EBITDA) deteriorated significantly to 1.40x (FY11: 2.12x)
and 7.15x (4.80x), respectively.

Positive rating guideline would be regularity in debt servicing
for at least six months.

Based in Udumalpet near Coimbatore, Tamil Nadu, ASM is a
manufacturer of cotton yarn. In FY12, revenue was INR219.8m
(FY11: INR217.4m) and EBITDA of INR18.35m (INR18.85m).

Rating actions on ASM's bank loans are as follows:

- INR30.3m long-term loans (reduced from INR38.5m): downgraded
   to 'Fitch D(ind)' from 'Fitch B(ind)'

- INR51.6m long-term loan (reduced from proposed INR60m):
   assigned a final rating of 'Fitch C(ind)' from 'Fitch
   B(ind)(exp)' earlier

- INR25m fund-based working capital limit (increased from
   INR14m): downgraded to 'Fitch C(ind)' from 'Fitch
   B(ind)/'Fitch A4(ind)'

- INR6.63m non-fund based working capital limit (increased from
   INR1.93m): downgraded to 'Fitch C(ind)' from 'Fitch A4(ind)'


ENN TEE: Fitch Affirms 'B+(ind)' National Longterm Rating
---------------------------------------------------------
Fitch Ratings has affirmed India-based Enn Tee International
Private Limited's National Long-Term rating at 'Fitch B+(ind)'.
The Outlook is Stable. A list of additional rating action is
provided at the end of this commentary.

The ratings are constrained by Enn Tee's small size of operations
and high customer concentration. During January-December 2011,
total sales were INR351.9 million, of which 47.1% was contributed
by top three customers. Fitch also notes Enn Tee's stressed
liquidity position, as reflected by its average working capital
limits utilization of 99.6% in the last 12 months.

The ratings are also constrained by the company's low gross
interest coverage of 1.54x in the financial year ended March 2011
(FY10: 1.63x) and high, though significantly improved, net
financial leverage (net debt/EBITDA) of 6.85x (30x). The latter
was a result of an improvement operating EBITDA margins to 5.7%
from 4.4% during the same period.

The ratings are, however, supported by Enn Tee's substantial 346%
yoy revenue growth in FY11 to INR246m due to a continuous
enhancement in installed capacity from FY10 to reach 312 metric
tonnes per annum (MTPA) in January 2011 as part of its INR68m
capex. The company also introduced new value-added products (PP
polyester: full-drawn yarn (FDY)) in its product portfolio in
February 2012 as part of the capex.

The ratings draw comfort from the long-standing experience of Enn
Tee's founders of over 13 years in the domestic textile industry.
The ratings are also supported by the company's comfortable
market position in the niche crimp polypropylene (PP) market and
the proximity of its manufacturing facility to the client base in
Delhi-National Capital Region by being located in Sidkul,
Haridwar. Nearly 70% of the PP market is based in this region.

Negative rating action may result from a decline in operating
EBITDA on a sustained basis leading to gross interest coverage
below 1.25x. Conversely, a sustainable improvement in operating
EBITDA margins coupled with gross interest coverage above 2x may
result in positive rating action

Enn Tee was established in 1999 to manufacture PP-POY, PP-FDY and
dope-dyed crimp yarn, which are mainly used in socks
manufacturing.

Fitch has also affirmed Enn Tee's bank loan ratings as follows:

- INR58.41m term loan (reduced from INR75m): affirmed at 'Fitch
   B+(ind)'

- INR50m fund-based working capital limits (enhanced from
   INR33.6m): affirmed at 'Fitch B+(ind)'/'Fitch A4(ind)'


KOHINOOR PRINTERS: CRISIL Assigns 'BB+' Rating on INR90MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable/CRISIL A4+' ratings to
the bank facilities of Kohinoor Printers Private Limited.

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Term Loan                11.9       CRISIL BB+/Stable
   Proposed Long -Term      30.9       CRISIL BB+/Stable
    Bank Loan Facility
   Mortgage Loan Facility   29.2       CRISIL BB+/Stable
   Cash Credit              18         CRISIL BB+/Stable
   Foreign Letter of        10         CRISIL A4+
   Credit

The ratings reflect KPPL's above-average financial risk profile,
marked by low gearing and healthy debt protection metrics, and
the benefits the company derives from the extensive experience of
promoters in the packaging industry and established relationship
with its customers. These rating strengths are partially offset
by KPPL's working-capital-intensive nature of activities and
modest scale of operations.

Outlook: Stable

CRISIL believes that KPPL will maintain its business profile over
the medium term, backed by extensive experience of its promoters
in the packaging industry and established relationships
diversified customer base. The outlook may be revised to
'Positive' in case KPPL reports higher-than-expected growth in
revenue and profitability margins, while improving its working
capital cycle. Conversely, the outlook may be revised to
'Negative' in case the company reports a decline in revenues or
margins or undertakes any large debt-funded capex resulting in
deterioration in the capital structure.

                         About Kohinoor Printers

Kohinoor Printers Private Limited was incorporated in 1983, as
private limited company by Mr. Sudhakar Shetty, alongwith his
wife Mrs. Sujatha Shetty. The company is engaged in manufacturing
of mono cartons and fluted cartons having various applications.
The company procures its raw material from India and caters to
various industries such as FMCG, pharmaceutical, consumer goods,
confectionery. KPPL's clientele includes Godrej Consumer Products
Limited, Marico Industries Limited, G.M. Pens International
Private Limited (Reynolds) amongst others. KPPL has its
manufacturing facility located at Puducherry, and its registered
office at Dadar (Mumbai).

KPPL reported a profit after tax (PAT) of INR1.8 million on net
sales of INR330.2 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.9 million on net
sales of INR207.8 million for 2009-10.


MANDKE AND MANDKE: CRISIL Assigns 'B' Rating on INR1BB Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Mandke and Mandke Infrastructure Pvt Ltd.

                           Amount
   Facilities             (INR Mln)     Ratings
   ----------             ---------     -------
   Proposed Cash Credit      150        CRISIL B/Stable
   Limit

   Proposed Term Loan        850        CRISIL B/Stable

The rating reflects MMIPL's exposure to high risk associated with
large greenfield integrated township and tourism project and to
cyclicality inherent in the Indian real estate industry. These
rating weaknesses are partially offset by the extensive industry
experience of MMIPL's promoter.

Outlook: Stable

CRISIL believes that MMIPL's credit risk profile will remain weak
over the medium term on account of high risk associated with the
proposed greenfield project. The outlook may be revised to
'Positive' in case the company successfully contracts debt for
the project or if its promoter infuses equity for the same, and
if the project is completed as per schedule. Conversely, the
outlook may be revised to 'Negative' if there is a significant
delay or time and cost overrun in the project.

                        About Mandke and Mandke

Incorporated in September 2010, MMIPL was formed to set up a
township, Mandke Adventure Tourism Township, at Guhagar
(Maharashtra). The integrated township will be developed over a
150-acre land and will include various sub-projects, such as
developing a 5-star hotel, budget hotel, studio apartment,
shopping mall, multiplex, and bungalow plots. The total project
cost of about INR2.8 billion is expected to be incurred in two
phases; cost for Phase I is about INR1.49 billion, while the
balance will be incurred in Phase II. Though, MMIPL is yet to tie
up for the bank loans, the company has spent about INR90 million
from promoters' own sources as on Jan 2012. MMIPL is promoted by
Mr. Sudhir Mandke, who has been undertaking real estate
development activities in Pune (Maharashtra) over the past 40
years and has executed projects in other group entities - Sudhir
Mandke & Co and Sudhir Mandke Developers.


NRP PROJECTS: Fitch Assigns Nat'l LT Rating of 'Fitch BB+(ind)'
---------------------------------------------------------------
Fitch Ratings has assigned India's NRP Projects Private Limited a
National Long-Term rating of 'Fitch BB+(ind)'. The Outlook is
Stable.

The ratings are constrained by NRP's stretched working capital
cycle (9MFY12 (financial year ending March): 167 days; FY11: 189
days) due to delays in milestone payments from its customers and
operational delays in its ongoing projects due to land-related
issues. This has resulted in a tight liquidity position for the
company, as illustrated by its near-full working capital
utilization from September 2011 to February 2012. However, likely
revenue collections from its customers in H1FY13 may lower down
utilization levels.

The ratings are also constrained by NRP's moderate scale of
operations (revenue: INR789m in FY11) and high revenue
concentration, with only two customers accounting for 90% of its
order book outstanding as on December 2011 (INR862m).

The ratings are, however, supported by NRP's expertise and track
record of over three decades in successfully executing complex
projects in the oil and gas infrastructure sector, including
cross country pipeline laying, horizontal directional drilling
and related civil works across various countries. The ratings are
also supported by NRP's reasonable order book (1.1x of FY11
revenue) providing revenue visibility for the near term and
positive industry outlook driven by expected large capex for
pipeline network in oil and gas companies. The ratings also
reflect NRP's strong EBITDA margin (FY11: 16%) and the financial
support from its founders through unsecured loans (FY11:
INR66.6m).

Negative rating action may result from execution delays in NRP's
projects and an extension of working capital cycle or weakening
of EBITDA margins leading to debt/EBITDA exceeding 4x or EBTIDA
interest cover falling below 1.5x on a sustained basis.
Conversely, improved working capital cycle or increased EBITDA
margins leading to debt/EBITDA of below 2.5x and interest cover
above 2.0x may result in positive rating action. Additionally,
improved liquidity position as reflected in lower working capital
utilization and better diversification of customers would be
required for a ratings upgrade.

NRP is a Chennai-based engineering construction company,
providing services for integrated design, detailed engineering,
procurement, and construction and project management for oil and
gas industry. In FY11, EBITDA margin was 16%, debt/EBITDA of
3.7x, and EBITDA interest cover was 1.8x. According to NRP's
provisional financials for FY12, revenue was INR797m, EBITDA
margin was 19% and interest cover was 2.1x.

Rating actions on NRP Projects:

- National Long-Term rating assigned at 'Fitch BB+(ind)';
   Outlook Stable

- INR35m fund based limits: assigned at 'Fitch BB+(ind)'/'Fitch
   A4+(ind)'

- INR50m non-fund-based working capital limits: assigned at
   'Fitch A4+(ind)'


PRAGATI GRAPHICS: CRISIL Assigns 'BB' Rating on INR86.5MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of Pragati Graphics Pvt Ltd.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan               49.5       CRISIL BB/Stable
   Proposed Long-Term       8.5       CRISIL BB/Stable
    Bank Loan Facility
   Overdraft Facility       8.5       CRISIL BB/Stable
   Cash Credit             20         CRISIL BB/Stable
   Bank Guarantee           3.5       CRISIL A4+

The ratings reflect the benefits that PGPL derives from its
promoters' extensive experience in the packaging industry and its
well established relationships with its customers and suppliers.
These rating strengths are partially offset by PGPL's modest
scale of operations and working capital intensive operations.

Outlook: Stable

CRISIL believes that PGPL will benefit over the medium term from
its promoter's extensive industry experience and its established
relationships with its customers and suppliers. The outlook may
be revised to 'Positive' in case of a significant scale-up of its
operations while maintaining its profitability levels and
improving its capital structure. Conversely, the outlook may be
revised to 'Negative' in case of significantly lower than
expected revenues or profitability or an elongation of its
working capital cycle resulting in a weakening of its financial
risk profile.

                      About Pragati Graphics

PGPL was set up in 1956 as a proprietorship concern of Indore
based Mr. Jawaharlal Nema; it was reconstituted as a partnership
firm in 1980 and as a private limited company in 1994. Mr.
Jawaharlal Nema and his sons Mr. Rohit Nema and Umesh Nema are
the directors in PGPL.

PGPL is engaged in the manufacturing of cartons, labels and pack
inserts. These products are primarily used in the pharmaceutical
and petrochemical industries. PGPL has a diversified customer
base supplying its products to more than 100 customers, located
across Andhra Pradesh, Madhya Pradesh, Maharashtra, Tamil Nadu,
Himachal Pradesh, and Sikkim. The company has a marquee customer
base, supplying to leading players in the pharmaceuticals and
petrochemicals industry including Ranbaxy Laboratories Ltd (rated
CRISIL A1+), Cadila Healthcare Ltd (rated CRISIL
AA+/Stable/CRISIL A1+), Torrent Pharmaceuticals Ltd, Indian Oil
Corporation Ltd (rated CRISIL AAA/Negative/CRISIL A1+). PGPL has
its manufacturing facility in Indore, Madhya Pradesh.

PGPL reported a profit after tax (PAT) of INR0.58 million on net
sales of INR104.9 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR4.4 million on net
sales of INR93.6 million for 2009-10.


PRIME ELECTRIC: CRISIL Places 'BB' Rating on INR1.63BB Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of Prime Electric Ltd (PEL; part of the Prime
group).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan             1330         CRISIL BB/Stable
   Cash Credit            300         CRISIL BB/Stable
   Letter of Credit       750         CRISIL A4+

The ratings reflect the Prime group's diversified and reputed
clientele, strong position in the specific power equipment and
industrial uninterruptible power supply (UPS) segment, and strong
operational efficiencies, supported by exclusive marketing tie-
ups with reputed global manufacturers. These rating strengths are
partially offset by the Prime group's weak financial risk
profile, marked by high gearing and average debt coverage
metrics, and large working capital requirements.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of PCI Ltd and its subsidiaries - PCI
Middle East FZE (100 per cent subsidiary of PCI); PCI Europe Gmbh
(100 per cent subsidiary of PCI); PCI Asia Pacific Pvt Ltd (100
per cent subsidiary of PCI); PEL (51 per cent subsidiary of PCI);
Riello PCI India Pvt Ltd (85 per cent subsidiary of PCI); and
Prime Hitech Engineering Ltd (PHE; 51 per cent subsidiary of
PCI). The consolidated approach is because all the entities,
collectively referred to as the Prime group, have common
promoters, management, and marketing network, and have strong
operational and financial linkages among them.

Outlook: Stable

CRISIL believes that the Prime group will benefit over the medium
term from its established position in the power equipment
segment. The outlook may be revised to 'Positive' if there is a
significant improvement in the group's capital structure and
liquidity, most likely driven by substantially more-than-expected
cash accruals from operations or equity infusion by the
promoters. Conversely, the outlook may be revised to 'Negative'
in case the group faces fresh delays in its ongoing projects,
leading to pressure on its cash accruals vis--vis maturing debt
obligations, or if margins in its ongoing business divisions come
under increased pressure.

                         About the Group

Promoted in 1986 by Mr. Surinder Mehta, PCI is the flagship
company of the Prime group. PCI provides technology-related
solutions to various industries, especially the power sector. Its
activities include marketing, distribution, and after-sale
service support for power testing, maintenance, conditioning
equipment, and machine tools. The company also has a unit in
Manesar (Haryana) for manufacturing precision equipment and
investment castings (constituting around 6 per cent of its
sales). PCI has exclusive arrangements with most of its foreign
partners to market their equipments in India and neighbouring
countries. Typically, the company imports high-tech power
testing, maintenance, and UPS equipment from manufacturers in the
UK, Germany, the US, and Italy, and markets them in India. PCI
has a nation-wide reach to industrial customers through its
branch network and strong marketing and sales team.

PCI manufactures precision components such as turbine blades and
impellers used in turbine manufacturing and power projects. The
company also produces alloy and steel casting used in automotive
and power equipment. Furthermore, it owns three windmills with a
combined capacity of 4.5 megawatts in the Kutch region of
Gujarat.

PEL was incorporated on September 9, 2008, to set up a plant in
Andhra Pradesh to manufacture extra-high-voltage power
transformers. The project is being set up in partnership with a
Russian company and has commenced operations in April 2012.

PHE was incorporated in April 2010 to carry out the fabrication
work of transformers (backward integration for PEL) and
manufacture turbine parts and drill bits for oil exploration
facilities and mining operations. The project is being set up in
partnership with a Russian company and is currently under
execution phase.

The Prime group reported a profit after tax (PAT) of INR119
million on net sales of INR2464 million for 2010-11 (refers to
financial year, April 1 to March 31), against a PAT of
INR87 million on net sales of INR1904 million for 2009-10.


RAJENDRA SINGH: CRISIL Revokes Suspension of Ratings
----------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Rajendra Singh Bhamboo and has assigned its 'CRISIL
B+/Stable/CRISIL A4' ratings to RSB's bank facilities. CRISIL had
previously 'Suspended' the ratings, vide its Rating Rationale
dated February 09, 2012, as RSB had not provided the necessary
information required for arriving at the ratings. RSB has now
shared the requisite information, thereby enabling CRISIL to
assign ratings to the bank facilities.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee          258.6      CRISIL A4
   Cash Credit             145        CRISIL B+/Stable

The ratings reflect RSB's exposure to risks related to its
ongoing build-operate-transfer (BOT) project, its small scale of
operations, and its limited segment and geographical
diversification. These rating weaknesses are partially offset by
RSB's promoters' experience in construction projects segment and
the firm's comfortable regional market position in the roads
segment.

Outlook: Stable

CRISIL believes that RSB will maintain its business risk profile,
supported by its promoters' extensive experience in the road
construction segment, over the medium term. The outlook may be
revised to 'Positive' in case RSB significantly increases its
scale of operations and improves its capital structure, and
implements its BOT projects without any time or cost overrun.
Conversely, the outlook may be revised to 'Negative' in case the
firm reports less-than-expected cash accruals or there is
withdrawal of sizeable capital from the firm by the promoter-
partners, leading to deterioration in its capital structure.

                        About Rajendra Singh

RSB was established in 1995 as a partnership firm by Mr. Rajendra
Singh Bhamboo and Mr. Rajendra Singh Dangi. RSB is a 'Class AA'
civil contractor and undertakes projects involving road and civil
construction and road resurfacing activities in Rajasthan. The
customers of RSB include various state and central government
departments, such as public works divisions in Rajasthan, Jaipur
Development Authority (JDA), Rajasthan State Agri Marketing Board
(RSAMB), and Rajasthan State Industrial Development & Investment
Corporation Ltd (RIICO). RSB is also implementing two BOT
projects (of INR1.05 billion) to construct, operate and collect
toll for a stretch of the state highway between Khatu and
Jhunjhunu in Rajasthan.


R.D.GOEL: CRISIL Assigns 'B+' Rating to INR129.5MM Loans
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of R.D.Goel and Company Pvt Ltd.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan              54.5        CRISIL B+/Stable
   Cash Credit            75          CRISIL B+/Stable
   Bank Guarantee          5          CRISIL A4

The ratings reflect the susceptibility of RDGCL's operating
margin to fuel price hikes and intense competition, and large
working capital requirements. These rating weaknesses are
partially offset by RDGCL's above average financial risk profile,
marked by healthy debt protection metrics and moderate gearing,
and an established and diversified customer profile.

Outlook: Stable

CRISIL believes that RDGCL will benefit over the medium term from
its established relationship with its customers. The outlook may
be revised to 'Positive' in case the company enhances its scale
of operations and profitability, along with improving its capital
structure. Conversely, the outlook may be revised to 'Negative'
in case of pressure on its revenue or profitability or if the
company's financial risk profile deteriorates due to stretched
working capital or larger-than-expected debt-funded capital
expenditure.

                          About R.D.Goel

Incorporated in 1988, RDGCL is promoted by Mr. R D Goel and his
family members. The company is engaged in road transportation
business and has a fleet of about 86 owned vehicles and 300
vehicles availed of on rent, mainly on full-truck loading basis.
RDGCL has a diversified clientele from various industries such as
vehicles, power, fast-moving consumer goods, and iron ore.

RDGCL is estimated to report a profit after tax (PAT) of INR8
million on net sales of INR565 million for 2011-12 (refers to
financial year, April 1 to March 31), as against a PAT of INR4
million on net sales of INR563 million for 2010-11.


S B IMPEX: CRISIL Assigns 'CRISIL B' Rating on INR40MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of S B Impex.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan               17.5       CRISIL B/Stable
   Proposed Long-Term       2.5       CRISIL B/Stable
   Bank Loan Facility
    Cash Credit            20         CRISIL B/Stable
   Export Packing Credit   50         CRISIL A4

The ratings reflect SBIMP's weak financial risk profile, marked
by high total outside liabilities to tangible net worth ratio and
small net worth, and constrained financial flexibility due to
large working capital requirements. These rating weaknesses are
partially offset by the extensive experience of SBIMP's promoters
in the tobacco industry.

Outlook: Stable

CRISIL believes that SBIMP will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive if there is a significant improvement in the
firm's revenues and profitability, while improving its capital
structure. Conversely, the outlook may be revised to 'Negative'
if working capital cycle deteriorates due to delay in realisation
of bills, or if the firm's capital structure deteriorates on
account of large debt-funded capital expenditure over and above
expected, or if its profitability declines substantially, leading
to weakening in its financial risk profile.

                           About S B Impex

SBIMP was set up as a partnership firm in 2008 in Guntur (Andhra
Pradesh). The firm exports tobacco mainly of flue-cured virginia
and burley varieties. SBIMP is presently managed by Mr.
S.Ramprasad and his son, Mr. S.Hemanth. The firm mainly exports
to the United States of America (USA) and African nations. Mr.
S.Ramprasad has nearly 4 decades of experience in tobacco
industry. The firm has current order book of around INR80
million.

SBIMP reported a profit after tax (PAT) of INR2.2 million on net
sales of INR279.7 million for 2010-11, as against a PAT of INR0.5
million on net sales of INR69.3 million for 2009-10.


SHAMAL AND SHAMAL: CRISIL Assigns 'BB' Rating on INR55MM Loans
--------------------------------------------------------------
CRISIL assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to the
bank facilities of Shamal and Shamal Pvt Ltd.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                15        CRISIL BB/Stable
   Cash Credit              40        CRISIL BB/Stable
   Letter of Credit         30        CRISIL A4+

The ratings reflect SSPL's moderate business risk profile,
supported by its promoters' extensive experience in the textile
industry, and its integrated operations and diversified product
portfolio. These rating strengths are partially offset by SSPLs'
large working capital requirements and modest scale of
operations.

Outlook: Stable

CRISIL believes that SSPL will maintain its business risk
profile, supported by promoters' extensive experience in the
textile industry, integrated nature of operations and diverse
product portfolio, over the medium term. The outlook maybe
revised to 'Positive' if SSPL's scale of operations increases or
profitability improves significantly, while the company maintains
its financial risk profile. Conversely, the outlook maybe revised
to 'Negative' if SSPL's revenues or profitability are lower than
expected, if it undertakes larger-than-expected, debt-funded,
capital expenditure programme or if its working capital
requirements increase substantially, leading to deterioration in
its business and financial risk profiles.

                      About Shamal and Shamal

SSPL was incorporated in 2001, promoted by Mr. Sham Shah, Mr.
Shammi Shah, Ms. Shweta Shah and Ms. Seema Shah. The company is
mainly engaged in weaving and embroidery of polyester fabrics. It
has a small unit for manufacturing polyester textured yarn (PTY),
which caters to 10 per cent of its weaving requirements. The
company also has a stitching unit for for making garments. SSPL
sells grey cloth, dyed fabric, embroidered fabric and garments in
the domestic market.

SSPL reported a profit after tax (PAT) of INR5.5 million on net
sales of INR206.9 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR2.7 million on net
sales of INR148.5 million for 2009-10.


SHUBHLAXMI METALS: CRISIL Assigns 'BB' Rating on INR63.4MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of Shubhlaxmi Metals and Tubes Pvt Ltd.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan               3.4        CRISIL BB/Stable
   Cash Credit            60          CRISIL BB/Stable
   Letter of Credit       20          CRISIL A4+
   Bank Guarantee         20          CRISIL A4+

The ratings reflect the benefits that SMTPL derives from its
promoters' extensive experience in the steel pipe industry and
well-established relationships with its customers and suppliers.
These rating strengths are partially offset by SMTPL's modest
scale of operations and working-capital-intensive operations.

Outlook: Stable

CRISIL believes that SMTPL will benefit over the medium term from
its promoter's extensive experience and established relationships
with its customers and suppliers. The outlook may be revised to
'Positive' in case of a significant increase in its scale of
operations, while it maintains its profitability and capital
structure. Conversely, the outlook may be revised to 'Negative'
in case SMTPL's revenues or profitability are significantly lower
than expected or there is a stretch in its working capital cycle,
resulting in weakening in its financial risk profile.

                       About Shubhlaxmi Metals

SMTPL was incorporated in 2005, promoted by Mr. Mr Anraj Shah and
his sons, Mr. Vivek Shah and Mr. Pinesh Shah. The company
manufactures stainless steel seamless pipes, welded pipes, tubes
and U tubes. Its products cater to diverse industries, including
oil and gas, sugar, petrochemicals, process industries, power
plants, and water distribution. SMTPL is a registered vendor for
Bharat Heavy Electricals Ltd (BHEL; rated 'CRISIL
AAA/Stable/CRISIL A1+'), Praj Industries Ltd (rated 'CRISIL
AA/Stable/CRISIL A1+'), National Federation of Co-operative Sugar
Factories Ltd, and Air Liquide Engineering India Pvt Ltd. SMTPL
derives around 25 per cent of its revenues from exports to Europe
and the Middle East. The company's manufacturing unit is in
Umbergaon (Gujarat).

Mr. Anraj Shah, Mr. Vivek Shah and Mr. Pinesh Shah are directors
in SMTPL. Mr. Anraj Shah has been in the stainless steel pipes
industry for more than three decades.

SMTPL reported a profit after tax (PAT) of INR3.5 million on net
sales of INR457.1 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR1.8 million on net
sales of INR245.2 million for 2009-10.


SRI SAI: CRISIL Assigns 'B-' Ratings to INR70MM Loans
-----------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-
term bank facilities of Sri Sai Lakshmi Cotton Ginning Mills.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan               13         CRISIL B-/Stable
   Cash Credit             47.5       CRISIL B-/Stable
   Proposed Long-Term       9.5       CRISIL B-/Stable
   Bank Loan Facility

The rating reflects SSLCGM's weak financial risk profile, marked
by high gearing and weak debt protection metrics. The rating also
factors in start-up nature of operations and susceptibility of
operating margin to volatility in raw material prices. These
rating weaknesses are partially offset by the extensive
experience of SSLCGM's partners in the cotton ginning industry
and established relationships with customers and suppliers.

Outlook: Stable

CRISIL believes that SSLCGM's credit risk profile will benefit
over the medium term from the promoters' extensive industry
experience and established relationships with customers and
suppliers. The outlook may be revised to 'Positive' if the firm
scales up its operations and profitability substantially, along
with an improvement in its capital structure. Conversely, the
outlook may be revised to 'Negative' in case the firm undertakes
a larger-than-expected debt-funded capital expenditure programme,
or in case its revenues and profitability decline, leading to
lower-than-expected cash accruals.

                        About Sri Sai Lakshmi

Based in Guntur (Andhra Pradesh [AP]), SSLCGM was incorporated in
2008 as a partnership firm by Mr. G Subba Rao and his family
members. The firm commenced its ginning operations in February
2009 and has an installed capacity of 150 bales per day. SSLCM
derives around 90 per cent of its revenues from the domestic
markets primarily located in AP and the remaining from other
geographies across India.

SSLCGM reported a profit after tax (PAT) of INR0.2 million on net
sales of INR103.4 million for 2011-12 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.3 million on net
sales of INR123.7 million for 2010-11.


TARINI EDUCATIONAL: CRISIL Rates INR99.8MM Loan at 'CRISIL D'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Tarini Educational Trust. The rating reflects
instances of delay by TET in servicing its debt obligations; the
delays have been caused by the trust's weak liquidity.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Long-Term Loan         99.8       CRISIL D

TET has a weak financial risk profile, marked by high gearing and
moderate debt protection metrics, and is susceptible to any
adverse regulatory changes in the education sector. However, TET
benefits from its established regional position and promoters'
extensive experience in the educational segment.

Set up as a charitable trust in 2007, TET runs three colleges --
Gandhi Institute of Industrial Technology, Gandhi Academy of
Technology and Engineering, and Gandhi Polytechnic -- in
Berhampur (Odisha). The colleges are affiliated to the Biju
Patnaik University of Technology, Odisha and approved by the All
India Council for Technical Education, New Delhi. The colleges
offer engineering courses; GIIT also offers a three-year
postgraduate degree course in computer applications. The three
colleges have a combined intake capacity of 720 students per
year.

TET reported a profit after tax (PAT) of INR2 million on revenues
of INR70 million for 2010-11 (refers to financial year, April 1
to March 31), against a PAT of INR1 million on revenues of INR40
million for 2009-10.


VENKATADRI SPINNING: CRISIL Assigns 'B-' Rating on INR100MM Loans
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the bank
facilities of Venkatadri Spinning Mills Private Limited.

                             Amount
   Facilities              (INR Mln)     Ratings
   ----------              ---------     -------
   Proposed Long-Term        17.1        CRISIL B-/Stable
   Bank Loan Facility

   Cash Credit               25          CRISIL B-/Stable

   Long -Term Loan           57.9        CRISIL B-/Stable

The rating reflects VSPL's below-average financial risk profile,
marked by small net worth and high gearing, susceptibility of its
operating margin to volatility in raw material prices and its
exposure to project implementation risks. These rating weaknesses
are partially offset by the extensive experience of VSPL's
promoters in the textile industry.

Outlook: Stable

CRISIL believes that Venkatadri Spinning Mills Pvt Ltd (VSPL)
will continue to benefit over the medium term from the industry
experience of its promoters. The outlook may be revised to
'Positive' if the company records considerable increase in
revenues and profitability, resulting in improvement in financial
risk profile. Conversely, the outlook may be revised to
'Negative' if the company faces time or cost overrun in its
capital expenditure (capex) plans, or if there is considerable
decline in accruals or deterioration in working capital
management, resulting in deterioration in financial risk profile

                     About Venkatadri Spinning

Set up in 2009, as a private limited company, Venkatadri Spinning
Mills Pvt Ltd is engaged in processing of cotton into cotton yarn
(predominantly 40's &46's count). The promoter directors
Mr.Srimannarayana and Mr.Hanumantha Rao have a long standing
experience of around 15 years in textile industry. Based in
Rajahmundry (Andhra Pradesh), VSPL currently operates with 8016
spindles. The commercial operations commenced during August 2011.
VSPL plans to increase its spindle capacity by around 12000
spindles during the ongoing year 2012-13. The cost of setting up
12000 spindles would be INR110 million and is to be debt funded
to the extent of INR70 million. The residual would be funded by
promoter's contribution of INR40 million.


VIJAY TECHNNOCRATS: CRISIL Puts 'BB-' Rating on INR144.1MM Loans
----------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities Vijay Technnocrats Pvt Ltd and has assigned its
'CRISIL BB-/Stable' ratings to the bank facilities of VTPL.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit            72.5        CRISIL BB-/Stable
   Term Loan              71.6        CRISIL BB-/Stable

The rating was previously 'Suspended' by CRISIL vide the Rating
Rationale dated June 14, 2011, since VTPL had not provided the
necessary information required for a rating review. VTPL has now
shared the requisite information enabling CRISIL to assign a
rating on its bank facilities.

The ratings reflect the extensive industry experience of VTPL's
promoters and established track record in the iron castings
business. These rating strengths are partially offset by VTPL's
average financial risk profile, marked by small net worth, small
scale of operations, and exposure to customer concentration
risks.

Outlook: Stable

CRISIL believes that VTPL will benefit over the medium term from
its well-established relationships with its customers and stable
demand. The outlook may be revised to 'Positive' if the company's
revenue and profitability improves substantially leading to
improvement in the financial risk profile. Conversely, the
outlook may be revised to 'Negative' if it undertakes large debt-
funded capital expenditure programme, leading to weakening in the
company's capital structure, or if there is a considerable
decline in its margins, resulting in a weaker financial risk
profile.

                        About Vijay Technnocrats

Formed in 1994, VTPL manufactures AO5 castings, SG iron castings,
cast iron castings, and chrome castings for the engineering,
construction, and automobile industries. The company began
commercial production in 1999, owns a foundry in Shimoga
(Karnataka) which is fully equipped to manufacture 4500 tonnes of
castings per annum and is ISO 9001:2008 certified by TUV Nord.
VTPL's group company, Shanthala Spherocast Pvt Ltd (rated 'CRISIL
BBB-/Stable/CRISIL A3'), undertakes foundry jobworks, including
casting and machining of components.

VTPL reported a profit after tax (PAT) of INR12.1 million on net
sales of INR358.28 million for 2011-12 (refers to financial year,
April 1 to March 31), as against a PAT of INR12.1 million on net
sales of INR299.78 million for 2010-11.


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


PT BANK OCBC: Fitch Affirms Viability Rating at 'bb'
----------------------------------------------------
Fitch Ratings has affirmed PT Bank OCBC NISP Tbk's Long-Term
Foreign and Local Currency Issuer Default Ratings (IDRs) at 'BBB'
with Stable Outlook.

The ratings reflect continued support and commitment from its
financially strong parent bank, Oversea-Chinese Banking Corp
(OCBC, 'AA-'/Stable). In Fitch's view, OCBC's commitment to OCBC
NISP is reflected in its 85.06% ownership, capital support, name
association and operational alignment in most key areas such as
risk management and IT services.

OCBC NISP's Viability Rating of 'bb' reflects its medium size,
consistent asset quality, and satisfactory capital position
despite its lower profitability compared with peers.

Any change in support from OCBC would have an impact on OCBC
NISP's ratings. In addition, any rapid loan growth that affects
the bank's asset quality and/or capital position could put
pressure on its Viability Rating, particularly if the economic
environment were to deteriorate.

OCBC NISP's profitability has been pressured by tight
competition, as net interest margin (NIM) decreased to 4.3% at
end-2011 (2010: 4.8%). However, its return on assets (ROA)
increased to 1.4% at end-2011 (0.9%) on the back of higher-
earning assets and lower provisioning charges as a result of
improved asset quality. Fitch, nevertheless, notes that continued
tight competition might pressure the bank's profitability over
the medium term.

The bank's Tier-1 and total capital adequacy ratio (CAR)
decreased to 11% and 13.75% at end-2011 (2010: 14.1%, 17.6%)
respectively, although the latter remains well above the
regulatory total minimum of 8%. The deteroriation in capital
levels was mainly due to loan growth and full implementation of
operational risk guidelines in accordance to Basel II. The bank's
recent rights issue of IDR1.5 trn should, however, maintain its
CAR above 12% in the medium term and aid loan growth.

Non-performing loans (NPL) declined to 1.3% of gross loans in
2011 from 2% in 2010. The lower NPL ratio was due to improved
asset quality in corporate and commercial/SMEs amid more
favourable economic conditions. Provision cover, remained
satisfactory at 159% at end-March 2011 (end-2010: 99%).

Established in 1941, OCBC NISP was previously owned by the
Surjaudaja family, and weathered the 1997-1998 Asian crisis
without a state bailout.

OCBC NISP's ratings:
Long-Term Foreign and Local Currency IDRs affirmed at 'BBB';
Outlook Stable
Short-Term Foreign Currency IDR affirmed at 'F3'
National Long-Term rating affirmed at 'AAA(idn)'; Outlook Stable
Viability Rating affirmed at 'bb'
Support Rating affirmed at '2'
Subordinated bond affirmed at 'AA(idn)'


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


ELPIDA MEMORY: Bondholders May Submit Rival Reorganization Plan
---------------------------------------------------------------
Reuters reports that a group of bondholders of Elpida Memory Inc
have threatened to thwart the auction of the company's assets if
trustees agree to a reported selling price of JPY150 billion
(US$1.9 billion).

The news agency relates that the bondholders said in a filing to
a Tokyo district court on April 27 that they could submit a rival
reorganisation plan if the bankruptcy trustees agreed to a low-
ball bid that would "unintentionally transfer great value to the
winning sponsor".

According to Reuters, the Elpida bondholders did not identify
themselves by name in the filing, but said their group held
aggregate claims of about JPY50 billion and included financial
institutions with major operations in Japan and funds that invest
on behalf of Japanese.

Reuters relates that the bondholders said they may also seek
recognition for a committee representing themselves and other
unsecured creditors to participate in Elpida's reorganisation.
They noted that unsecured creditors in total held claims of about
JPY249 billion, or nearly three times secured creditors' claims,
Reuters reports.

As reported in the Troubled Company Reporter-Asia Pacific on
April 27, 2012, The Japan Times said the administrator of Elpida
Memory Inc. has postponed the deadline for the second round of
bidding to select the failed Japanese chipmaker's rehabilitation
sponsor to May 4 from April 27, as initially scheduled.
According to The Japan Times, sources said by extending the
bidding period by one week, the administrator seems to have urged
three camps of prospective sponsors to present more detailed
rehabilitation plans.  The three are major U.S. chipmaker Micron
Technology Inc., South Korea's SK Hynix Inc., and an alliance of
U.S. and Chinese investment funds.

                       About Elpida Memory

Elpida Memory Inc. (TYO:6665) -- http://www.elpida.com/ja/-- is
a Japan-based company principally engaged in the development,
design, manufacture and sale of semiconductor products, with a
focus on dynamic random access memory (DRAM) silicon chips.  The
main products are DDR3 SDRAM, DDR2 SDRAM, DDR SDRAM, SDRAM,
Mobile RAM and XDR DRAM, among others.  The Company distributes
its products to both domestic and overseas markets, including the
United States, Europe, Singapore, Taiwan, Hong Kong and others.
The company has eight subsidiaries and two associated companies.

Elpida Memory Inc. sought the U.S. bankruptcy court's recognition
of its reorganization proceedings currently pending in Tokyo
District Court, Eight Civil Division.

Yuko Sakamoto, as foreign representative, filed a Chapter 15
petition (Bankr. D. Del. Case No. 12-10947) for Elpida on
March 19, 2012.

Elpida Memory and its subsidiary, Akita Elpida Memory, Inc.,
filed for corporate reorganization proceedings in Tokyo District
Court on Feb. 27, 2012.

The Tokyo District Court immediately rendered a temporary
restraining order to restrain creditors from demanding repayment
of debt or exercising their rights with respect to the company's
assets absent prior court order.

Atsushi Toki, Attorney-at-Law, has been appointed by the Tokyo
Court as Supervisor and Examiner in the case.


TOKYO ELECTRIC: Compensation Fund Seeks JPY500BB in Loans
---------------------------------------------------------
Bloomberg News reports that he Japanese government-backed fund
set up to bail out Tokyo Electric Power Co. made a tender offer
to borrow JPY500 billion (US$6.3 billion) in loans for repayment
in one year.

The Nuclear Damage Liability Facilitation Fund will close the
tender on May 22, Bloomberg relates citing a statement on the
fund's website.  Banking units of Japan's three biggest lenders
-- Mitsubishi UFJ Financial Group Inc., Sumitomo Mitsui Financial
Group Inc. (8316) and Mizuho Financial Group Inc. (8411) -- will
arrange the proposed syndicated loan, the statement said.

Bloomberg relates that the government-backed fund said the loan
is scheduled to be repaid by June 5, 2013.

                       About Tokyo Electric

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

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

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

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


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


KITCHEN HOUSE: Unsecured Creditors Unlikely to Get Repayment
------------------------------------------------------------
Fairfax NZ News reports that unsecured creditors of Kitchen House
are unlikely to see any of their nearly NZ$400,000 back,
according to receivers KordaMentha.

Kitchen House closed all its six North Island outlets, including
its Wellington branch, in February with the loss of 35 jobs and
leaving customers who had paid for kitchens in the lurch.

Fairfax NZ says staff were expected to be paid the NZ$22,400 they
were owed in wages.  The IRD was yet to lodge a claim according
to the first report by receiver Grant Graham obtained by the news
agency.

The company was put in receivership by first-ranking security
holder Hongkong and Shanghai Banking Corporation (HSBC), which
was owed NZ$195,000 plus interest, according to the report.

Fairfax NZ relates that the owners of Kitchen House, brothers
Brian and Walter Smaill, were owed about NZ$1 million as second-
ranking security holders.  The Smaill family also owned furniture
maker Criterion Group, which was put in receivership early
February, the report notes.

According to Fairfax NZ, Mr. Graham said he had been unable to
sell Kitchen House as a going concern.  The company had total
assets worth nearly NZ$1.3 million but only about half of that
was expected to be recovered, Mr. Graham, as cited by Fairfax NZ,
said.

Kitchen House manufactures cabinets, bench tops and doors. It has
six retail sites around the North Island.  CGKH Ltd, which traded
as Kitchen House, was placed into receivership on Feb. 22, 2012.
The company owes creditors NZ$2.4 million.


MANCHESTER UNITY: S&P Gives 'BB-' Financial Strength Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' financial
strength and counterparty credit ratings to New Zealand-based
mutual organization Manchester Unity Friendly Society. The rating
outlook is stable. MUFS provides simple life insurance, funeral
plans, health insurance, and savings products to its members.

"The ratings on MUFS reflect the high sensitivity of its
regulatory capital to interest rates, its weak competitive
position, poor operating performance, and degree of key person
risk," Standard & Poor's credit analyst Mark Legge said.
"Offsetting these weaknesses are the organization's strong
liquidity position, diversified and good-quality investment
portfolio, and lack of need for growth capital because of its
contracting business."

"We view MUFS' capital as supportive of the rating, scoring well
under our risk-based capital model. However, its regulatory
capital adequacy (solvency ratio) is sensitive to interest-rate
(risk-free rate) movements. We consider this sensitivity to be a
ratings weakness at the current solvency level. Further
undermining MUFS' creditworthiness are its small size and limited
distribution base, a regulatory restriction on actively marketing
its products, and the strong competition from peers who have
superior resources," S&P said.

"We acknowledge that MUFS' operating performance aligns with the
organization's business model of using accumulated wealth to meet
future obligations to an aging membership base. Its liquidity
profile also enhances its credit quality," S&P said.

Mr. Legge added: "The stable rating outlook reflects our
expectation that MUFS' liquidity will continue to remain strong,
and that capital will strengthen as the business gradually
shrinks. We also expect earning losses to remain at manageable
levels. A downgrade could occur should there be a material
deterioration in MUFS' capitalization, a sustained worsening in
operating performance, or evidence of a more aggressive risk
appetite in business or investment strategy. We would consider
raising the rating if MUFS' regulatory capital adequacy
strengthens over the next one-to-two years."


PYNE GOULD: Faces FMA Probe as Auditor Resigns
----------------------------------------------
Tamsyn Parker at nzherald.co.nz reports that listed financial
services company Pyne Gould Corporation is facing scrutiny from
the Financial Markets Authority after a bust-up with its auditor
over related party disclosure and concerns about governance and
financial reporting.

According to the report, Pyne Gould Corp, which is majority owned
by George Kerr's investment vehicle Australasian Equity Partners,
said its auditor KPMG had resigned.

In a statement to the stock exchange, nzherald.co.nz relates,
Pyne Gould Corp chairman Bryan Mogridge said the reasons
included: "Unresolved differences as to whether certain
transactions should be disclosed as related party transactions,
and concerns over the adequacy of governance and management of
financial reporting."

Mr. Mogridge said Pyne Gould Corp strongly rejected the claims by
KPMG, the report notes.

Mr. Mogridge, as cited by nzherald.co.nz, said the company had
tried to resolve the "technical impasse" on disclosure matters
and had agreed to publish KPMG's views in its annual report or
earlier if required if the differences remained unresolved by the
time its June 2012 financial year audit was completed.

The company had also recently appointed Deloitte to manage its
central accounting functions, says nzherald.co.nz.

The report adds that KPMG would not comment on the resignation
citing client confidentiality.

But the rift has attracted the eye of investment watchdog the
FMA.

According to the report, FMA chief executive Sean Hughes said it
was aware of the issues between KPMG and Pyne Gould Corp and it
had been "actively engaging" with the company.

"I can confirm that FMA has been making inquiries over the past
two weeks into issues regarding PGC and related entities, has
been actively engaging with the company in relation to these
issues, and is aware of the issues between KPMG and PGC," the
report quotes Mr. Hughes as saying.

The departure of KPMG comes just weeks after managing director
John Duncan resigned suddenly, nzherald.co.nz reports.

Pyne Gould Corporation Limited, together with its subsidiaries,
provides financial, trustee, and asset management services
primarily in New Zealand.


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


UOB THAI: Fitch Downgrades Viability Rating to 'bb+'
----------------------------------------------------
Fitch Ratings has affirmed United Overseas Bank (Thai) Public
Company Limited's Long-Term Foreign-Currency Issuer Default
Rating (LTFC IDR) at 'BBB+' and downgraded the bank's Viability
Rating (VR) to 'bb+' from 'bbb-'. The National Long-Term Rating
has been affirmed at 'AAA(tha)'. The Outlook is Stable.

UOB Thai's ratings are primarily based on Singapore's United
Overseas Bank (UOB, 'AA-'/Stable) remaining the controlling
shareholder. Given UOB's reputation and resources, Fitch believes
that there would be a high probability of shareholder support, if
required. The National Rating reflects the agency's view that
Thailand's foreign ownership limit of 49% is unlikely to prevent
a capital injection by UOB if required, particularly in times of
stress, to support its Thai subsidiary.

The downgrade reflects UOB Thai's persistently lower
profitability and asset quality, relative to similarly rated
peers. The VR also reflects its continuing weak funding profile
due to a modest franchise network. While Fitch believes UOB Thai
could utilize liquidity support from its parent, if required, the
parent intends for it to remain self-sufficient. Fitch views that
it would take at least one to two years for UOB Thai to improve
both profitability and asset quality and longer to improve its
deposit franchise, especially in light of intense competition for
deposits in Thailand.

A negative rating action on the support-driven ratings could
result if there is a reduction in UOB's shareholding or its
propensity to support UOB Thai. As UOB Thai's LTFC IDR is capped
by the sovereign's Country Ceiling, a change in Thailand's
Country Ceiling would affect the former's rating.

Fitch sees no near-term momentum for positive rating action on
the VR. However, continuous strengthening of the bank's franchise
without increasing its risk tolerance, as well as improving its
asset quality and reserves would benefit its VR.

UOB Thai maintains a strong capital position with a Tier 1 ratio
of 15.54% at end-December 2011, although this was down from
17.78% at end-2010 due to a more aggressive growth strategy. Over
the long term, the bank targets a Tier 1 ratio of 14%-15%, which
Fitch notes would still be higher than most domestic and
international peers, but appropriate for the bank's operating
environment and risk profile. While asset quality has steadily
improved with non-performing loans declining to THB7.5bn, or
3.96% of total loans at end-December 2011 (end-2010: THB8.6bn or
5.3%), it remains weaker than major domestic banks and UOB's
other banking subsidiaries in Asia.

UOB Thai's ratings have been affirmed as follows:

- Long-Term Foreign Currency IDR at 'BBB+'; Stable Outlook
- Short-Term Foreign Currency IDR at 'F2'
- Viability Rating downgraded to 'bb+' from 'bbb-'
- Support Rating at '2'
- National Long-Term Rating at 'AAA(tha)'; Outlook Stable
- National Short-term Rating at 'F1+(tha)'


                             *********

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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