TCRAP_Public/120509.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 9, 2012, Vol. 15, No. 92

                            Headlines


A U S T R A L I A

BUSTAN AUSTRALIA: Ex-Chairman Gets Two-Year Jail Sentence
CMI INDUSTRIAL: Set to Go Into Liquidation on May 30


C H I N A

SOUND GLOBAL: Moody's Assigns 'Ba3' CFR; Outlook Stable


H O N G  K O N G

ACE STYLE: Court to Hear Wind-Up Petition on June 20
AMERICANA INDUSTRIAL: Creditors' Proofs of Debt Due May 25
BILLION CHEER: Members' Final Meeting Set for June 8
CAM INTERNATIONAL: Court Enters Wind-Up Order
CLIPSAL INDUSTRIES: Kong Chi How Johnson Steps Down as Liquidator

CROCHET KNITTING: Lau and Liang Step Down as Liquidators
EAST ASIA: Members' Final Meeting Set for June 4
GRANBO INVESTMENT: Commences Wind-Up Proceedings
HAMCON INTERNATIONAL: Court to Hear Wind-Up Petition on May 23
JANE BEAN: Court to Hear Wind-Up Petition on June 27


I N D I A

AXIS BANK: Moody's Issues Summary Credit Opinion
ENERCON WIND: Inadequate Info Cues Fitch to Withdraw Ratings
GOLDEN CELLARS: ICRA Assigns '[ICRA]B+' Rating to INR5cr Loans
JALALABAD RICE: ICRA Reaffirms 'B+' Rating on INR25cr Loans
HDFC BANK: Moody's Issues Summary Credit Opinion

KAMDHENU POLYMERS: ICRA Reaffirms 'BB+' Rating on INR2cr Loan
MAYUR ROLLER: ICRA Cuts Rating on INR2cr Loans to '[ICRA] B+'
MAYUR VENEER: ICRA Cuts Rating on INR5cr Loan to '[ICRA] B+'
M/S.CHAITYA: ICRA Upgrades Rating on INR40cr Loan to 'BB'
P P PRODUCTS: ICRA Assigns 'BB+' Rating to INR5cr Loans

RIDDHI SIDDHI: ICRA Reaffirms '[ICRA]B+' Rating on INR25MM Loan
SHANTI SALES: Fitch Assigns Low-B Rating to Two Bank Loans
SAHAKARI SAKKARE: ICRA Rates INR150cr Loan at '[ICRA]C+'
TARAJYOT POLYMERS: ICRA Assigns 'BB+' Rating to INR2.5cr Loan
ZANZAR JEWELLERS: ICRA Assigns 'B+' Rating to INR5cr Cash Credit


N E W  Z E A L A N D

WESTERN PACIFIC: Liquidation is Unlikely to be Completed in 6 Mos


P H I L I P P I N E S

MANILA CAVITE: Moody's Withdraws 'Caa1' Sr. Secured Debt Rating


S I N G A P O R E

INZIGN PTE: Court to Hear Wind-Up Petition on May 11
KRISTON FOOD: Court to Hear Wind-Up Petition on May 18
PRIMETRICA ASIA: Court to Hear Wind-Up Petition on May 18
PROLEXIC INTERNATIONAL: Creditors' Proofs of Debt Due May 31
SYNERGY ENGINEERING: Court Enters Wind-Up Order


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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A U S T R A L I A
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BUSTAN AUSTRALIA: Ex-Chairman Gets Two-Year Jail Sentence
---------------------------------------------------------
Former Bustan Australian Holdings Chairman Clinton Edward Condon
was sentenced on May 4, 2011, in the County Court of Victoria on
charges brought by the Australian Securities and Investments
Commission.

Mr. Condon was convicted and sentenced to two years imprisonment,
fully suspended, after pleading guilty to two charges under the
Victorian Crimes Act, of obtaining a financial advantage by
deception.

Mr. Condon was also convicted and released immediately on
entering into a recognisance in the sum of AUD1,000 to be of good
behavior for 18 months. This followed his plea of guilty to one
charge, under the Corporations Act, of making available false or
misleading information to Bustan's auditors.

He was also fined a total of AUD12,000.

Mr. Condon, 69, was the Chairman and Director of Bustan Australia
Holdings Pty Ltd and Bustan International Pty Ltd (the Bustan
Group) between June 1, 1995 and February 22, 2003 and was
responsible for the agribusiness operations of the Bustan Group
involving commodity trading in legumes, grain and wool.

The prosecution of Mr. Condon related to his obtaining of a
financial advantage by deception for the Bustan Group by falsely
representing the Bustan Group's financial position in audited and
unaudited statements, at a time when he was a director. Mr.
Condon also provided information to Bustan's auditors which was
false or misleading. These actions resulted in the continuation
of a syndicated banking facility, by way of an overdraft, to the
Bustan Group by its lenders, HSBC Bank Australia and Rabo
Australia Limited. The offending occurred between September 1,
2000 and about October 2001.

Two Bustan Group senior employees have previously been jailed
following ASIC investigations. Former accountant and company
secretary for the Bustan Group, Claire Horsman, was sentenced to
jail in 2009, and in 2006, Mark Timleris, a former alternate
director of the Bustan Group, was jailed.  Ms. Horsman and
Mr. Timleris provided assistance in the prosecution of Mr.
Condon.

ASIC Commissioner John Price said the prosecution of Mr. Condon
was a reflection of ASIC's determination to hold company
directors to account where they fail to comply with their duties.

"Mr Condon held an important position within the Bustan Group.
Company directors have clear legal responsibilities and those
within the most senior ranks of a company should model good
corporate behaviour," Mr. Price said.

The Commonwealth Director of Public Prosecutions prosecuted this
matter.

Bustan Australia Holdings Pty Ltd and Bustan International Pty
Ltd (the Bustan Group) were involved in commodity trading in
legumes, grain and wool.  The Bustan Group was placed in
receivership in November 2001.  The directors of the Bustan Group
were either Australian citizens or residents of the United Arab
Emirates (UAE).

ASIC's investigation started in June 2002 when it was alleged
that the Australian directors (and other company officers) had
misled the UAE-based directors and shareholders, the Bustan
Group's auditors and its creditors, in relation to its financial
performance.


CMI INDUSTRIAL: Set to Go Into Liquidation on May 30
----------------------------------------------------
ABC News reports that the Australian Manufacturing Workers Union
(AMWU) wants CMI Industrial placed into liquidation.

As reported in the Troubled Company Reporter-Asia Pacific on
April 30, 2012, SmartCompany said CMI Industrial entered
administration on April 27, 2012, putting 250 jobs at risk.
According to SmartCompany, CMI's troubles began when the landlord
at its Campbellfield plant locked workers out last month. The
landlord is claiming a range of debts with unpaid rent being
one component, the report noted.  SmartCompany said
administrators have been appointed from chartered accountants
Grant Thornton while Ford Australia has appointed receivers from
the corporate recovery firm McGrath Nicol.

ABC News says 42 workers have since been made redundant.

"I don't call it redundant, they've been terminated, they've left
that site with no money whatsoever," the report quotes Union
state secretary Leigh Diehm as saying.

According to ABC News, Mr. Diehm said while he has not heard of
any more redundancies the AMWU has not ruled them out.

The report notes that the AMWU has asked the Federal Workplace
Relations Minister Bill Shorten for an urgent meeting, saying the
Minister must get involved, and advance some payments to the
redundant workers.

But he says there are some hurdles, the report relays.

"Reality is under the current legislation the GEERS (general
employee entitlements and redundancy scheme) payments can't be
made until the company goes into liquidation," Mr. Diehm, as
cited by ABC News, said.

ABC News relates that the union said the company is in
significant debt, and owes potentially up to two million dollars
of outstanding superannuation payments.

"We want this company to go into liquidation as soon as
possible," the report quotes Mr. Diehm as saying.  "If it goes
into liquidation, the company can be sold as a going concern, and
keep people employed.

Administrator Matt Byrnes said the company is expected to proceed
into liquidation around the 30th of May, ABC News reports.

ABC News adds Mr. Diehm said a more detailed report will go to
creditors in the next few weeks.

                       About CMI Industrial

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


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C H I N A
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SOUND GLOBAL: Moody's Assigns 'Ba3' CFR; Outlook Stable
-------------------------------------------------------
Moody's Investors Service has assigned a Ba3 corporate family
rating to Sound Global Ltd.

The outlook for the rating is stable.

This is the first time that Moody's has assigned a rating to
Sound Global Ltd.

Ratings Rationale

"Sound Global's Ba3 rating reflects its strong niche position in
the market for turnkey water and waste water treatment in China's
suburban areas, which have good growth potential and as supported
by the government's favorable environmental policy," says
Jonathan Lee, a Moody's Vice President and Senior Analyst.

Under its 12th Five-Year Plan, the government is encouraging
investments in environmental protection. As a result, more funds
will be available to local governments to achieve such aims,
while the government will also gradually allow the private sector
to invest in projects such as water treatment. China's suburban
and rural areas are the location of half of the country's
population and penetration for such services is low.

Sound Global has been proactively and successfully seeking
projects to upgrade sewage treatment plants and related
developments. It had 92 projects as of end-2011, up 28% over the
prior year. Its order book increased to RMB2.71 billion from
RMB1.56 billion, or a gain of 73%.

"The rating also considers its cash-generative business model,
which is based on its activities in engineering procurement
construction ("EPC")," say Mr. Lee.

The durations of and receipts of cash payments from its EPC
projects offer it a stream of cash flow without too much upfront
investment. Its domestic projects are usually completed within 2
years and overseas projects within 3. Its EPC contracts require
up-front payments of 15-25% by customers. During construction,
installment payments are paid based on phased completions as
certified by external engineering firms.

"Another reason for the Ba3 rating is Sound Global's in-house
capability to handle most projects" adds Mr. Lee. The company has
in-house design, construct, operate & maintain, and manufacture
of equipment capabilities. It has an R&D team of over 100 to
develop new technologies in water treatment. In addition to its
reported 50 patents, it obtained 7 invention patents and 4
utility model patents in 2011. With its in-house technologies, it
shows better control and cost management than its competitors.

"But the rating is constrained by Sound Global's increasing
engagement in build, operate & transfer projects ("BOT") which
have higher funding requirements, therefore increasing its
financial risk," comments Mr. Lee.

Apart from expanding its EPC and equipment sales to the emerging
markets, Sound Global will expand its source of long-term income
through BOT and Operation and Maintenance (O&M) projects.

The BOT concession will need to be debt financed by 60% - 70%
through long-term project loans, which will raise debt leverage
and financial risk. At the same time, operating cash flow at the
project level will remain negative for the first few years due to
servicing of amortizing project loans. Sound Global avoids the
risk of excessive capital commitments by arranging appropriate
bank funding before bidding for new BOT projects.

Another rating constraint is its exposure to financially weak
local governments and economies in suburban and rural areas. But
this risk is partly mitigated by the fact that nonpayment by the
local authorities could lead to a suspension in waste water
treatment services, and that would have severe social
implications. Nevertheless, some delays in payments are expected.

The rating is also constrained by the company's fast growth and
the expectation of negative free cash flow. Thus additional
borrowings are necessary in the next few years. However, domestic
banks -- in line with government policy -- are generally
supportive in regard to lending for environmental projects.

With more borrowings in the next 2 years, Moody's expects Sound
Global to exhibit a modest financial profile -- Debt/Cap of 40% -
45% and FFO/Debt of 20% - 25% -- which still supports a low Ba
rating.

The rating has also considered related-party transactions. Sound
Global's Chairman controls 3 entities: the private Sound Group
Ltd (previously Beijing Sound Environment Group Co., Ltd, A-share
listed company), Sound Environmental Resources and Singapore/Hong
Kong listed Sound Global Ltd. The 3 companies have entered into
agreements that limit and define each other's geography and
business coverage as well as the amounts for group transactions
which were reduced to RMB 48 million for Sound Global Ltd in
2011.

The stable outlook reflects Moody's expectation that Sound Global
(a) will maintain its competitive market position in the waste
water treatment industry in the suburban areas of China; (b) will
continue to secure funding from banks and the capital markets;
and (c) will stay prudent in its debt management, while expanding
its business.

Upward rating pressure could arise if the company can demonstrate
a track record of (i) generating a long term stable income and
cash flow from its long term projects; (ii) stable profitability
-- EBITDA margin not less than 25%; and (iii) a stable debt
capital structure with spread out debt maturity -- not more than
20%of debt maturing in each year.

Credit metrics as indicators of upgrade pressure could be
FFO/Debt over 30% and FFO before interest/interest above 4.5-5.0x
on a sustained basis.

On the other hand, downward rating pressure could arise if the
company (i) fails to sustain its market position in EPC and shows
a weak order book of below 1x of annual revenue on a prolonged
basis; (ii) runs down its balance sheet liquidity as a result of
aggressive acquisitions, dividend payments, or a material
delinquency in payments from its BOT projects; or (iii)
aggressively expands its BOT projects, therefore weakening its
credit metrics.

Indictors for a downgrade would include FFO/Debt below 20% and
FFO before interest/interest below 3.0-3.5x on a sustained basis.

The principal methodology used in rating Sound Global Limited was
the Global Construction Methodology Industry Methodology
published in November 2010.

Established in 2005, Sound Global Ltd (formerly Epure
International Ltd) is one of the leading turnkey water and waste
water treatment solutions providers in China. It listed in
Singapore and Hong Kong in 2006 and 2010 respectively.


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


ACE STYLE: Court to Hear Wind-Up Petition on June 20
----------------------------------------------------
A petition to wind up the operations of Ace Style Intimate
Apparel Limited will be heard before the High Court of Hong Kong
on June 20, 2012, at 9:30 a.m.

Chan Yuen Yi filed the petition against the company on April 18,
2012.


AMERICANA INDUSTRIAL: Creditors' Proofs of Debt Due May 25
----------------------------------------------------------
Creditors of Americana Industrial Company Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by May 25, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on April 23, 2012.

The company's liquidator is:

         Tong Kwong Wah Jerry
         Flat E, 34/F
         Scholastic Garden
         No. 48 Lyttelton Road
         Mid-Level West
         Hong Kong


BILLION CHEER: Members' Final Meeting Set for June 8
----------------------------------------------------
Members of Billion Cheer Development Limited will hold their
final meeting on June 8, 2012, at 9:30 a.m., at 72-76/F, Two
International Finance Centre, 8 Finance Street, Central, in
Hong Kong.

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


CAM INTERNATIONAL: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Hong Kong entered an order on Feb. 15, 2012, to
wind up the operations of CAM International Limited.

The company's liquidator is Pui Chiu Wing.


CLIPSAL INDUSTRIES: Kong Chi How Johnson Steps Down as Liquidator
-----------------------------------------------------------------
Kong Chi How Johnson stepped down as liquidator of Clipsal
Industries Hong Kong Limited on April 27, 2012.


CROCHET KNITTING: Lau and Liang Step Down as Liquidators
--------------------------------------------------------
Lau Siu Hung and Liang Yang Keng stepped down as liquidators of
Crochet Knitting Limited on April 24, 2012.


EAST ASIA: Members' Final Meeting Set for June 4
------------------------------------------------
Members of East Asia Investment Holdings Limited will hold their
final general meeting on June 4, 2012, at 10:00 a.m., at Level
28, Three Pacific Place, 1 Queen's Road East, in Hong Kong.

At the meeting, Seng Sze Ka Mee Natalia and Cheng Pik Yuk, the
company's liquidators, will give a report on the company's wind-
up proceedings and property disposal.


GRANBO INVESTMENT: Commences Wind-Up Proceedings
------------------------------------------------
Members of Granbo Investment Limited, on May 4, 2012, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Poon Wai Hung Richard
         Room 1410, 14/F
         Harbour Centre
         No. 25 Harbour Road
         Wanchai, Hong Kong


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

Compsec Services Limited filed the petition against the company
on Feb. 25, 2012.

The Petitioner's solicitors are:

          C.L. Chow & Macksion Chan
          3rd Floor, Alliance Building
          130-136 Connaught Road
          Central, Hong Kong


JANE BEAN: Court to Hear Wind-Up Petition on June 27
----------------------------------------------------
A petition to wind up the operations of Jane Bean Juice Bean
Pudding Specialty Shop Limited will be heard before the High
Court of Hong Kong on June 27, 2012, at 9:30 a.m.

Choi Kam Tong filed the petition against the company on April 24,
2012.

The Petitioner's solicitors are:

          Messrs. Chak & Associates
          Unit 1904, 19th Floor
          Far East Finance Centre
          16 Harcourt Road
          Admiralty, Hong Kong


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

Moody's current ratings on Axis Bank Ltd's affiliates are:

Axis Bank Ltd, Singapore Branch

Senior Unsecured MTN Program (foreign currency) ratings of
(P)Baa2

Subordinate MTN Program (foreign currency) ratings of (P)Baa3

Junior Subordinate (foreign currency) ratings of Ba1 (hyb)

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

Preferred Stock Non-cumulative (foreign currency) ratings of Ba2
(hyb)

Axis Bank Limited, Hong Kong Branch

Senior Unsecured MTN Program (foreign currency) ratings of
(P)Baa2

Subordinate MTN Program (foreign currency) ratings of (P)Baa3

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

Other Short Term (foreign currency) ratings of (P)P-2

Axis Bank Limited, DIFC Branch

Senior Unsecured (foreign currency) ratings of Baa2

Senior Unsecured MTN Program (foreign currency) ratings of
(P)Baa2

Subordinate MTN Program (foreign currency) ratings of (P)Baa3

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

Other Short Term (foreign currency) ratings of (P)P-2

Rating Rationale

Moody's assigns a standalone bank financial strength rating
(BFSR) of C- to Axis Bank Ltd (Axis), which maps into a baseline
credit assessment (BCA) of baa2. The rating reflects the bank's
relatively small but rapidly expanding franchise as India's
third-largest private-sector bank, as well as its strong
operating performance.

The rating also takes into account the bank's improving financial
fundamentals as it expands its range of business activities and
customer base, as well as its strong presence in niche markets
that provides sustainable business and revenue streams.

Axis' robust IT platform and infrastructure position the bank to
further grow its retail and small and medium enterprises (SME)
loan book and therefore, diversify its loan portfolio, with the
potential of boosting its non-interest income.

Axis' global local currency (GLC) deposit rating is Baa2.
Although Moody's assesses that the bank would be highly supported
by the Indian government in a systemic banking crisis due to its
position in the banking system, the anticipated systemic support
does not provide any uplift to the GLC from its baa2 BCA.

- The review of its standalone rating is underway, which affects
all banks whose standalone ratings are above the rating of the
government where they are domiciled

- Level of loss-absorption cushion in capital vis--vis rapid
asset growth

- Franchise in debt capital markets and corporate business,
including syndications and cash management services

- Strong profitability relative to other rated Indian banks,
with an ability to generate high fee income

- Relatively sound asset quality, although showing signs of
stress in the current difficult operating environment

- Balance sheet risks may be building up from years of fast
expansion

Rating Outlook

All ratings carry a stable outlook except for C-/baa2 standalone
BFSR/BCA which was placed on review for possible downgrade on 30
April 2012.

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

What Could Change the Rating - Up

- An upgrade of the standalone rating is unlikely in the short-
term as the rating is on review for downgrade.

- An upgrade in the foreign currency deposit ceiling would
result in an upward movement in the deposit rating

What Could Change the Rating - Down

- During the review, Moody's will focus on the following factors
that characterize a bank's credit correlation with that of the
sovereign: (i) the level of cross-border diversification of its
operations; (ii) the level of balance-sheet exposure to domestic
sovereign debt, compared with its capital base; (iii) the
reliance of the bank on confidence sensitive market funds; (iv)
franchise resilience and intrinsic strength within the operating
environment; and (v) the bank's shareholder composition.

- The standalone rating could be downgraded further if there is
a sustained decline in its Tier 1 capital base, such that its
economic solvency, after incorporating expected losses, falls
into the capital cushion range for a ba1-rated bank.

- If asset quality deteriorates such that key metrics - gross
non-performing assets (NPA) ratio, provision coverage ratio, and
restructured loans ratio - are in line with a lower rating range
or in this case, a Baa3 rated Indian bank, then the BFSR would be
under pressure.

- A downgrade in the foreign currency ceiling would result in a
downgrade in the credit ratings.

The methodologies used in this rating 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.


ENERCON WIND: Inadequate Info Cues Fitch to Withdraw Ratings
------------------------------------------------------------
Fitch Ratings has withdrawn India-based Enercon Wind Farms
(Hindustan) Pvt. Ltd.'s 'Fitch BB+(ind)nm' National Long-Term
rating. Fitch has also withdrawn the 'Fitch BB+(ind)nm' rating on
Enercon's INR4,072 million long-term bank loans.

The ratings have been withdrawn due to lack of adequate
information, and Fitch will no longer provide ratings or
analytical coverage of Enercon.


GOLDEN CELLARS: ICRA Assigns '[ICRA]B+' Rating to INR5cr Loans
--------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ crore fund based
facilities of Golden Cellars Private Limited.

                           Amount
   Facilities             (INR Cr)         Ratings
   ----------             ---------        -------
   Fund Based Limits         5.00          [ICRA]B+

The assigned rating takes into account the modest scale of
operations of the company along with its weak financial profile
characterized by thin profitability margins due to trading nature
of business and adverse capital structure with weak coverage
indicators. The rating also incorporates the high business risk
inherent in the liquor industry owing to the high taxes levied
and stringent government controls and regulations and intense
competition in the industry emanating from distributors of other
distilleries which puts further pressure on margins of GCPL. The
rating however derives comfort from the diversified customer base
of the company as well as long experience of the promoters in
trading of alcoholic beverages.

Set up in 1986 with subsequent conversion to private limited
company in 2005, Golden Cellars Private Limited is involved in
wholesale distribution of alcoholic beverages in Mumbai Region.
The company has its office and warehouse in Mumbai.

Recent Results:

GCPL has registered an operating income of INR75.46 crore in FY
11 with profit after tax at INR0.27 crore.


JALALABAD RICE: ICRA Reaffirms 'B+' Rating on INR25cr Loans
-----------------------------------------------------------
ICRA has re-affirmed '[ICRA]B+' rating  to INR25.00 crore bank
lines of Jalalabad Rice Exports Private Limited.

                           Amount
   Facilities             (INR Cr)         Ratings
   ----------             ---------        -------
   Fund Based Limits        25.00          [ICRA]B+ (assigned)

ICRA's rating action factors in highly competitive nature of the
industry, JRPL's moderate scale of operations and its weak
profitability metrics. This coupled with JRPL's high gearing has
resulted in weak debt protection indicators.  However, the
ratings favorably factor in JRPL's experienced promoters with
long track record in rice milling industry and proximity of the
mill to major rice growing area which results in easy
availability of paddy.

Jalalabad Rice Exports Private Limited is a private limited
company promoted by Mr. Sunil Kumar and his family members. The
firm is primarily engaged in milling of basmati rice. The firm is
also engaged in converting semi processed rice into parboiled
Basmati rice.  JRPL's milling unit is based out of Fazilka,
Distt. Ferozpur, Punjab which is in close proximity to the local
grain market.

Recent Results

The firm reported a net profit after tax of INR0.49 crore on an
operating income of INR54.07 crore in FY2011.


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

Moody's current ratings on HDFC Bank Limited are:

Senior Unsecured MTN Program (foreign currency) ratings of
(P)Baa2

Long Term Bank Deposits (domestic currency) ratings of Baa2

Long Term Bank Deposits (foreign currency) ratings of Baa3

Bank Financial Strength ratings of C- on review for downgrade

Subordinate MTN Program (foreign currency) ratings of (P)Baa3

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

Short Term Bank Deposits (domestic currency) ratings of P-2

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

Ratings Rationale

Moody's assigns a C- standalone bank financial strength rating
(BFSR) to HDFC Bank Limited, which translates into a baseline
credit assessment (BCA) of baa2. The BFSR/BCA reflects the bank's
solid commercial and retail banking franchise as the second-
largest private-sector bank in India, with 2,201 branches and
7,110 ATMs, and a market share of almost 4% in loans and
deposits.

The rating also reflects its consistent and strong financial
metrics relative to other rated-Indian banks, as well as C- BFSR
banks. Specifically, its performance in profitability, capital
and asset quality has been better than the average of the Indian
banking system.

Its weighting towards the retail sector underpins its lower risk
profile and wider net interest margin. As of December 31, 2011,
the retail segment accounted for 51% of the bank's loans.
Therefore, compared with its peers, HDFC Bank's loan book is less
exposed to high-risk sectors, thereby reducing the threat to its
asset quality amid challenging macro-economic conditions.

On the other hand, the rating is constrained by the tough
operating environment and the bank's large exposure to the Indian
government through the mandatory holdings of government
securities.

HDFC Bank's global local currency deposit ratings of Baa2/P-2 are
based on its baa2 standalone rating and Moody's assessment of a
high likelihood of systemic support due to the bank's importance
to the domestic banking system with a deposit share of 4%. The
bank's foreign currency deposit ratings are constrained at
Baa3/Prime-3 by the foreign currency deposit ceiling.

- The standalone rating review underway, which affects all banks
whose standalone ratings are above the rating of the government
where they are domiciled

- Franchise quality is supported by defensible positions in
diverse businesses

- Strong and consistent financial metrics compared with its
Indian peers: wider net interest margin, healthy Tier 1 capital
ratio and solid asset quality with low gross non-performing
assets and restructured assets ratios but higher provision
coverage ratio.

- Its deposit base, which comprises a high proportion of current
and savings accounts, and its low reliance on bulk deposits, as
well as wholesale funding support its comfortable liquidity
profile

- Mandatory large concentration to the Indian government similar
to other rated-Indian banks

- Maintaining and/or increasing capital levels in a volatile
equity market

- Pressure on the net interest margin from the deregulation of
interest rates on savings deposits

Rating Outlook

All ratings carry a stable outlook except for C-/baa2 standalone
BFSR/BCA which was placed on review for possible downgrade on 30
April 2012.

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

What Could Change the Rating - Up

- An upgrade of the standalone rating is unlikely in the short-
term as the rating is on review for downgrade.

- An upgrade in the foreign currency deposit ceiling would
result in an upward movement in the deposit rating.

What Could Change the Rating - Down

- During the review, Moody's will focus on the following factors
that characterize a bank's credit correlation with that of the
sovereign: (i) the level of cross-border diversification of its
operations; (ii) the level of balance-sheet exposure to domestic
sovereign debt, compared with its capital base; (iii) the
reliance of the bank on confidence sensitive market funds; (iv)
franchise resilience and intrinsic strength within the operating
environment; and (v) the bank's shareholder composition.

Separately, HDFC Bank enjoys a higher baa2 stand-alone rating
than the baa3 weighted average for the rated-Indian banks due to
its consistent and relatively strong performance. Therefore, a
sustained decline in its financial metrics -- particularly gross
NPA ratio, provision coverage ratio, restructured loans ratio,
Tier 1 capital ratio or net interest margin - such that its
performance is only in line with the Indian banking system and
not stronger may trigger a BFSR downgrade

- Any lowering in the sovereign ratings or ceiling would result
in the downgrade of credit ratings.

The methodologies used in this rating 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.


KAMDHENU POLYMERS: ICRA Reaffirms 'BB+' Rating on INR2cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the ratings of '[ICRA]BB+' to INR2.00 Crore
enhanced fund based limits and '[ICRA]A4+' to the INR28.00 Crore
enhanced non fund based limits of Kamdhenu Polymers Private
Limited. The outlook on the long term rating is Stable.

                           Amount
   Facilities             (INR Cr)      Ratings
   ----------             ---------     -------
   Fund based limits        2.00        [ICRA]BB+ (reaffirmed)
   Non Fund based Limits    28.00       [ICRA]A4+ (reaffirmed)

Rating Rationale

The ratings action factors in the improved accruals since FY 2010
after losses in FY2009 and equity infusion in FY 2010 which has
enabled the company to improve its capital structure and coverage
indicators. The rating also draws comfort from the significant
track record of KPL's promoters in the polymer trading with
experience of two decades, favorable demand outlook for polymer
granules in the near term and moderate working capital intensity
due to healthy credit period enjoyed by the company. These
strengths are however tempered by the fact that KPL's margins are
low arising out of the highly competitive and trading nature of
its core business. Further, these margins would remain
susceptible to volatility in commodity polymer prices. ICRA has
also factored in the company's moderate size of net worth
(notwithstanding improvement in FY 2010 and FY 2011) in relation
to the size of operations while assigning the current rating.
Furthermore ICRA has taken note of the operations in KPPL's two
group companies namely Tarajyot Polymers Limited and PP Products
Private Limited during the ratings exercise due to operational
linkages within these group companies.

Kamdhenu Polymers Private Limited was incorporated in 1998 as a
part of Shyam Group. KPL is promoted by Mr. Chandra Prakash
Ramsisaria, Mr. Murli Manohar Saraf and Mr. Vijay Shankar
Saraf. The company is primarily involved in importing of plastic
granules and distribution of the same in the local market. KPPL
is engaged in the business of importing Plastic Granules and its
distribution in the local market. It imports polymer granules
from various global majors like Exxon Mobile, Saudi Basic
Industries Corporation, Basell Asia Pacific Limited, Oman
Polypropolyne L.L.C and Dow Chemicals Limited etc. The company
carries out its business through all three routes viz. - High Sea
sales, Consignment sales and direct  sales.

In FY-2011 the company has reported, an operating income of 74.95
Cr and Profit after tax of INR0.34 Cr. In H1-FY2012, KPPL has
reported an Operating income of INR41.87 Cr and Profit after tax
of INR0.33 Cr (provisional).


MAYUR ROLLER: ICRA Cuts Rating on INR2cr Loans to '[ICRA] B+'
-------------------------------------------------------------
ICRA has revised downwards the long term rating assigned to the
INR2.00 crore cash credit facilities of Mayur Roller Flour Mills
Private Limited from [ICRA]BB- to [ICRA]B+ . ICRA has re-affirmed
the short term rating assigned to the INR18.00 crore non fund
based bank facilities of MRFM at [ICRA]A4.

                           Amount
   Facilities             (INR Cr)         Ratings
   ----------             ---------        -------
   Fund Based Limits        2.00          [ICRA]B+ downgraded
   Non Fund Based Limits   18.00          [ICRA]A4 reaffirmed

The rating revision reflects the continued liquidity tightness
faced by the company leading to devolvements of letters of credit
(LC), and its modest scale of current operations which generates
low profits and cash accruals, leading to depressed coverage
indicators.  The ratings continue to be impacted by high level of
competition in the industry and susceptibility of margins to
fluctuations in the prices of timber.  The ratings, however,
factors in the track record of the promoters in the plywood
industry, a positive long term demand outlook of the industry,
driven by the real estate and infrastructure sectors, and a
conservative capital structure of the company. While assigning
the ratings, ICRA has also considered the business risk profile of
MRFM's group entity Mayur Veneer & Plywood Industries, a unit of
Amrit Supply Company Private Limited (rated at [ICRA]B+ and
[ICRA]A4), since the two companies operate under the common
management.

                       About Mayur Roller

Incorporated in 1997, MRFM is engaged in the business of timber
trading. The company procures sawn timber from the domestic
market and imports timber logs from countries like Malaysia and
Myanmar. The company sells both sawn timber and timber logs to
saw mills, plywood and veneer manufacturers, traders and
retailers primarily in the Kolkata market. The company has a
warehouse at
Hooghly, West Bengal. Besides MRFM, the other group entity
engaged in the similar line of business is Mayur Veneer & Plywood
Industries, a unit of Amrit Supply Company Private Limited (rated
at [ICRA]B+ and [ICRA]A4).

Recent Results

The company reported a net profit of INR0.15 crore on an
operating income of INR50.38 crore in 2010-11. During the first
nine months of 2011-12, the company reported a net profit of
INR0.12 crore (provisional) on an operating income of INR38.01
crore (provisional).


MAYUR VENEER: ICRA Cuts Rating on INR5cr Loan to '[ICRA] B+'
------------------------------------------------------------
ICRA has revised downwards the long term rating assigned to the
INR5.00 crore cash credit facilities of Mayur Veneer & Plywood
Industries, a unit of Amrit Supply Company Private Limited, from
[ICRA]BB to [ICRA]B+ . ICRA has re-affirmed the short term rating
assigned to the INR30.10 crore non fund based bank facilities of
MVPI at [ICRA]A4 .

                           Amount
   Facilities             (INR Cr)        Ratings
   ----------             ---------       -------
   Fund Based Limits         5.00         [ICRA]B+ downgraded
   Non Fund Based Limits    30.00         [ICRA]A4 reaffirmed
   Non-Fund Based Limits     0.10         [ICRA]A4 reaffirmed

The rating revision reflects the continued liquidity tightness
faced by the company leading to devolvements of letters of credit
(LC), and  its relatively small scale of current operations which
generates low profits and cash accruals, leading to depressed
coverage indicators. The ratings continue to be impacted by a
high level of competition in the industry, susceptibility of
margins to fluctuations in the prices of timber and a highly
concentrated customer base of the company. The ratings, however,
factor in the track record of the promoters in the plywood
industry, a positive long term demand outlook of the industry,
driven by the real estate and infrastructure sectors, and the
location of the manufacturing facility close to the Kolkata port
that reduces inward freight costs. In addition, a portion of
total sales of MVPI is made to Mayur Ply Industries Private
Limited, the holding company of ASCPL, which is located adjacent
to MVPI, which also reduces MVPI's outward freight costs. While
assigning the ratings, ICRA has also considered the business risk
profile of MVPI's group entity Mayur Roller Flour Mills Private
Limited (rated at [ICRA]B+ and [ICRA]A4), since the two
companies operate under the common management.

                        About Mayur Veneer

Mayur Veneer & Plywood Industries is a unit of Amrit Supply
Company Pvt. Ltd, which was incorporated in 1997. Currently, MVPI
is engaged in manufacturing of veneer, which is used as a primary
raw material for manufacturing of plywood. The manufacturing
facility is located at Hooghly, West Bengal. Apart from
manufacturing activities, the company is also engaged in trading
of timber. Besides MVPI, the other group entity engaged in the
similar line of business is Mayur Roller Flour Mills Private
Limited (rated at [ICRA]B+ and [ICRA]A4).

Recent Results

The company reported a net profit of INR0.23 crore on an
operating income of INR73.91 crore in2010-11. During the first
nine months of 2011-12, the company reported a net profit of
INR0.23 crore (provisional) on an operating income of INR45.99
crore (provisional).


M/S.CHAITYA: ICRA Upgrades Rating on INR40cr Loan to 'BB'
---------------------------------------------------------
ICRA has upgraded the long term rating from '[ICRA]BB-' to
'[ICRA]BB' and reaffirmed the short term rating of [ICRA]A4
assigned to the INR40.001 crore (enhanced from INR25.00 crore)
fund based facilities of M/s.Chaitya.  The outlook on the long
term rating is stable.

                           Amount
   Facilities             (INR Cr)      Ratings
   ----------             ---------     -------
   Fund Based Limits       40.00        [ICRA]BB(stable)/[ICRA]A4

The upgrade in long-term rating factors in the improvement in
financial profile of the firm characterised by reduction in
gearing level as well as debt coverage metrics during FY 12.The
ratings also factor in the long experience of the promoters in
cut and polished diamond business and the firm's diversified
customer base. The ratings are however constrained by the low
profitability levels of the firm which are further constrained
due to the highly competitive and fragmented nature of Cut &
Polished Diamond industry.  As majority of sales are derived from
exports, the firm's margins are exposed to fluctuations in
foreign currency rates which are however partially mitigated on
account of import of rough diamonds. The margins also remained
vulnerable to raw material price fluctuations.

Established in 1998, the firm is engaged in manufacture and
trading of rough and polished diamonds.  The firm has a marketing
office in Mumbai. The firm trades in diamonds of size ranging
from 50 cents to 5 carats.

Recent Results:

The firm recorded a net profit of INR2.01 crore on an operating
income of INR155.21 crore for the year ended March 31st, 2011 and
net profit of Rs.1.80 crore on an operating income of Rs.97.15
crore for the 9-month period ending December 31st, 2011
(provisional)


P P PRODUCTS: ICRA Assigns 'BB+' Rating to INR5cr Loans
--------------------------------------------------------
ICRA has assigned the ratings of '[ICRA]BB+' to INR5.00 Crore
fund based limits and reaffirmed the ratings of '[ICRA]A4+' to
the INR56.00 Crore enhanced non fund based limits of P P Products
Private Limited. The outlook on the long term rating is Stable.

                           Amount
   Facilities             (INR Cr)      Ratings
   ----------             ---------     -------
   Fund based limits        5.00        [ICRA]BB+ (assigned)
   Non Fund based Limits    56.00       [ICRA]A4+ (reaffirmed)

Rating Rationale

The ratings action factors in the improved accruals since FY 2010
after losses in FY2009 and equity infusion in FY 2010 which has
enabled the company to improve its capital structure and coverage
indicators. The rating also draws comfort from the significant
track record of KPL's promoters in the polymer trading with
experience of two decades, favorable demand outlook for polymer
granules in the near term and moderate working capital intensity
due to healthy credit period enjoyed by the company. These
strengths are however tempered by the fact that PPPL's margins
are low arising out of the highly competitive and trading nature
of its core business. Further, these margins would remain
susceptible to volatility in commodity polymer prices. ICRA has
also factored in the company's moderate size of net worth
(notwithstanding improvement in FY 2010 and FY 2011) in relation
to the size of operations while assigning the current rating.
Furthermore ICRA has taken note of the operations in PPPL's two
group companies namely Kamdhenu Polymers Private Limited and
Tarajyot Polymers Limited during the ratings exercise due to
operational linkages within these group companies.

P. P. Products Private Limited was incorporated in 1991 as a part
of Shyam Group. PPPPL is promoted by Mr Chandra Prakash
Ramsisaria and Mr. Murli Manohar Saraf. The company is primarily
involved in importing plastic granules and distribution of the
same in the local market. It imports polymer granules from
various global majors like Exxon Mobile, Saudi Basic Industries
Corporation, Basell Asia Pacific Limited, Oman Polypropolyne
L.L.C and Dow Chemicals Limited etc. The company carries out its
business through all three routes viz. high sea sales,
consignment sales and direct sales.

In FY-2011, the company has reported an operating income of
116.38 Cr and Profit after tax of INR0.89 Cr. In H1-FY2012 PPPL
has reported an operating income of INR50.59 Cr and net profit of
INR0.40 Cr.


RIDDHI SIDDHI: ICRA Reaffirms '[ICRA]B+' Rating on INR25MM Loan
---------------------------------------------------------------
ICRA has reaffirmed the rating assigned to INR25.00 crore bank
facilities (enhanced from INR18.90 crore) of Riddhi Siddhi Cotex
Pvt Ltd at [ICRA]B+.

                           Amount
   Facilities             (INR Cr)  Ratings
   ----------             --------- -------
  Fund Based Limits       22.84     [ICRA]B+ Reaffirmed/ Assigned
  Non Fund Based Limits   1.20      [ICRA]B+ Reaffirmed/ Assigned
  Unallocated             0.96      [ICRA]B+ Reaffirmed/ Assigned

The rating primarily takes into account deterioration in
financial performance of the company as reflected by relative
weakening of debt service indicators in FY2011. ICRA notes that
the quantum of debt has increased considerably primarily owing to
increase in working capital debt to support the increase in
working capital intensity given the relatively heightened focus
on ginning operations by the company. Further, the rating
continues to be constrained by highly dynamic regulatory
environment, fragmented nature of the industry, and RSCPL's
limited presence in the textile value chain.

The rating also continues to be weakened by company's exposure to
adverse movement in raw material prices which coupled with low
value add nature of the work, keeps the profitability metrics and
cash accruals at modest level. In addition to the above, ICRA
takes note of incipient corporate culture of RSCPL which has
created a need for better internal control systems for the
company. This said, the rating continues to draw comfort from
long standing experience of promoters in the industry and
company's proximity to the raw material sources which enables
RSCPL to establish better relations with farmers.

Going forward, RSCPL's ability to grow its ginning operations,
improve its profitability and effectively manage its working
capital cycle will remain key rating sensitivities.

                         About Riddhi Siddhi

Incorporated on June 5, 2008 (FY 2009), Riddhi Siddhi Cotex Pvt
Ltd is primarily engaged in the processing of raw cotton (Kapas),
and trading of cotton bales and cotton seeds. The promoters of
RSCPL are the third generation members of the Agrawal family (Mr.
Gopal Agrawal and Mr. Shyam Agrawal). Prior to this, the family
ran two proprietorships namely Riddhi Siddhi Enterprises and
Riddhi Siddhi Cotton Corporation in Sendhwa District, Madhya
Pradesh, which were also engaged in trading
of cotton bales and cotton seeds.


SHANTI SALES: Fitch Assigns Low-B Rating to Two Bank Loans
----------------------------------------------------------
Fitch Ratings has assigned Shanti Sales India Private Limited a
National Long-Term rating of 'Fitch B-(ind)' with Stable Outlook.

The ratings reflect SSIPL's small scale of operations with
revenue of INR1,498.9 million for the financial year ended March
2011.  The ratings are constrained by the company's low EBITDA
margins (FY11: 3.9%; FY10: 2.9%) inherent in the trading
business, its low net interest coverage (FY11: 1.19x; FY10:
1.21x), and its high net financial leverage (FY11: 6.5x; FY10:
8.9x) due to working capital debt and low profitability.

The ratings, however, draw comfort from SSIPL's trading
experience in packaging products since 1979, supported by a large
supplier network across India.

Negative rating guidelines include a decline in profitability
leading to decrease in net interest coverage below 1.1x on a
sustained basis.  Positive rating guidelines include an
improvement in scale and margins leading to an increase in net
interest coverage above 1.3x on a sustained basis.

SSIPL is engaged in procurement and marketing of packaging
products.

SSIPL's bank loan facilities have been rated as follows:

  -- INR250 million fund-based limits: 'Fitch B-(ind)'/'Fitch
     A4(ind)'

  -- INR100 million non-fund based limits: 'Fitch B-(ind)'/'Fitch
     A4(ind)'


SAHAKARI SAKKARE: ICRA Rates INR150cr Loan at '[ICRA]C+'
--------------------------------------------------------
ICRA has assigned the rating of [ICRA]C+ to the INR150 Crore fund
based facilities of Shri Doodhaganga Krishna Sahakari Sakkare
Karkhane Niyamit, Chikodi.

                           Amount
   Facilities             (INR Cr)         Ratings
   ----------             ---------        -------
   Fund based Limits        150.00         [ICRA]C+ (assigned)

Rating Rationale

The rating factors in high competitive intensity for procuring
sugarcane in the region, consequent high sugarcane prices and
resulting moderate profitability, constrained availability of the
sugarcane for the capacity of the plant resulting in early
completion of the sugarcane crushing in SY2012. DSSK faces
competition from both North Karnataka based mills and few
Maharashtra based mills for procuring the cane. The rating also
factors in exposure to agro-climatic risks and regulatory
intensity in the sector evident in sugarcane prices, sugar
release orders, export control, levy prices, fuel blending
restrictions etc as well as high working capital intensity due to
need to keep sugar inventory and highly delayed realization of
power sales from the concerned state utility. The rating is also
constrained by the negative net worth of the company owing to
accumulated losses and ongoing disputes regarding repayment of
Sugar Development Fund (SDF) loans.

At the same time, the rating favorably factors in long standing
presence of the sugar plant in the region, healthy recovery
rates, modest capex expenditure plans and relatively low debt
repayment burden on the company in the near future and forward
integrated nature of the sugar plant which partially protects
the profits from sugar price volatilities.

                      About Shri Doodhaganga

Shri Doodhaganga Krishna Sahakari Sakkare Karkhane Niyamit (DSSK)
is a co-operative sugar plant based near Chikodi in North
Karnataka. It is operating since 1976. The Co-operative has
members from both Karnataka and Maharashtra states, and governed
under multi- state Co-operative society act. It has 5500 TCD
sugar plant, 20.7 MW cogeneration unit and 30 klpd distillery
capable of producing Rectified Spirit and Ethanol. In SY-2012 it
has crushed 7.9 lakh MT of sugarcane.

In FY-2011, DSSK recorded INR279.06 Cr Operating Income, INR43.34
Cr Operating Profit before interest and depreciation expense and
INR0.59 Cr net loss before prior period adjustment of INR2.87
Cr.


TARAJYOT POLYMERS: ICRA Assigns 'BB+' Rating to INR2.5cr Loan
-------------------------------------------------------------
ICRA has assigned the ratings of '[ICRA]BB+' to INR2.50 Crore
fund based limits and reaffirmed the ratings of [ICRA]A4+ to the
INR65.50 Crore enhanced non-fund based limits of Tarajyot
Polymers Limited. The outlook on the long term rating is Stable.

                           Amount
   Facilities             (INR Cr)         Ratings
   ----------             ---------        -------
   Fund based limits         2.50          [ICRA]BB+ (assigned)
   Non Fund based Limits     65.50         [ICRA]A4+ (reaffirmed)

Rating Rationale

The ratings action factors in the improved accruals since FY2010
after losses in FY2009 and equity infusion in FY 2010 which has
enabled the company to improve its capital structure and coverage
indicators. The rating also draws comfort from the significant
track record of TPL's promoters in the polymer trading with
experience of two decades, favorable demand outlook for polymer
granules in the near term and moderate working capital intensity
due to healthy credit period enjoyed by the company. These
strengths are however tempered by the fact that TPL's margins are
low arising out of the highly competitive and trading nature of
its core business. Further, these margins would remain
susceptible to volatility in commodity polymer prices. ICRA has
also factored in the company's moderate size of net worth
(notwithstanding improvement in FY 2010 and FY 2011) in relation
to the size of operations while assigning the current rating.
Furthermore ICRA has taken note of the operations in TPL's two
group companies namely Kamdhenu Polymers Private Limited and PP
Products Private Limited during the ratings exercise due to
operational linkages within these group companies.

Tarajyot Polymers Limited was incorporated in 1990 as a part of
Shyam Group. Shyam group has several companies involved in
polymer trading and manufacturing activities as well other
related activities. TPL is promoted by Mr Chandra Prakash
Ramsisaria, Mr. Suresh Kumar Ramsisaria and Mr. Ramavatar
Ramsisaria. The company is primarily involved in importing of
plastic granules and distribution of the same in the local
market. It imports polymer granules from various global majors
like Exxon Mobile, Saudi Basic Industries Corporation, Basell
Asia Pacific Limited, Oman Polypropolyne L.L.C and Dow Chemicals
Limited etc. The company carries out its business through all
three routes viz. high sea sales, consignment sales and direct
sales.

In FY2011, the company has reported INR185.89 Cr operating income
and INR2.37 Cr Profit after tax and in H1-FY2012 TPL has reported
an operating income of INR80.43 Cr and profit after tax of
INR0.64 Cr (provisional).


ZANZAR JEWELLERS: ICRA Assigns 'B+' Rating to INR5cr Cash Credit
----------------------------------------------------------------
ICRA has assigned a rating of [ICRA]B+ to the INR5.00 crore long-
term, fund-based facilities of Zanzar Jewellers Private Limited.

                           Amount
   Facilities             (INR Cr)         Ratings
   ----------             ---------        -------
   Cash Credit              5.00           [ICRA]B+ assigned

The assigned rating is constrained by the small scale of
operations of the company, highly fragmented nature of the
industry and increasing competition from organized retail players
and geo political risks arising from the operations of the
company being limited only to a single city. The ratings are
further constrained by the weak capital structure characterized
by high gearing level and moderate coverage indicators;
moderately high working capital intensity and thin profitability
which further remains vulnerable to the volatility in gold prices
in the absence of a formal hedging policy. ICRA, however,
favorably takes note of the long track record of promoters and
established market position of the company in jewellery business
since past seventeen years.

Zanzar Jewellers Private Limited was set up in 2003 as a
partnership firm, following which it was converted into a private
limited company in the year 2007. ZJPL is engaged in the business
of trading gold, diamond and silver jewellery. ZJPL is promoted
by Mr. Bipin Shah, who has about seventeen years of experience in
the jewellery business. The company has been operating from its
retail store located in Ahmedabad, Gujarat since inception.

Recent Results

In FY 2011, ZJPL reported an operating income of INR17.62 crore
(as against Rs.10.48 crore. during FY 2010) and profit after  tax
of INR0.05 crore (as against INR0.04 crore during FY 2010).
During FY2012 (provisional unaudited financials), ZJPL reported
an operating income of Rs 23.41 crore and a profit before tax of
Rs 0.09 crore.


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


WESTERN PACIFIC: Liquidation is Unlikely to be Completed in 6 Mos
-----------------------------------------------------------------
Otago Daily Times reports that the liquidation of Western Pacific
Insurance, which owes more than NZ$65 million to unsecured
creditors, appears set to drag on for another six months at
least.

Western Pacific, liquidated in April last year, was initially
thought to owe about NZ$6 million.  By November, that debt had
escalated to more than NZ$60 million, the report discloses.

Late last year, ODT recalls, the High Court allocated
NZ$33 million owed by Western's overseas reinsurers for payment
only to 183 Christchurch earthquake claimants, meaning more than
NZ$24.2 million was outstanding.

According to the report, liquidators Grant Thornton have just
completed a report, for the past six months to April, outlining
how it "appears unlikely" any money will be available for
distribution for "ordinary unsecured creditors".

The liquidators said total estimated unsecured claims stood at
NZ$65 million, the report discloses.

While NZ$33 million is yet to be released, the remaining
NZ$24.2 million shortfall includes $13.5 million to Australian
claimants, NZ$2 million to Pacific and others, and $1.24 million
to New Zealand claimants beyond Christchurch, ODT relays.

"The liquidation is unlikely to be completed in the next six
months as there is considerable work to be done in assessing and
agreeing insurance claims in respect of the Canterbury
earthquakes," the liquidators, as cited by ODT, said.

It was understood no appeal had been lodged by the non-
Christchurch claimants over the High Court decision, allocating
the reinsurance cash to Christchurch "quake victims only," the
report adds.

                      About Western Pacific

Western Pacific Insurance is a New Zealand-owned and operated
insurance company.  It was established in April 2005, and is
principally a broker brand that offers a broad range of
commercial, domestic and specialty products as well as programmes
for affinity groups, underwriting agents and preferred brokers.
It has about 7,000 policy holders in New Zealand.

David Ruscoe and Simon Thorn of Grant Thornton New Zealand were
appointed liquidators of Western Pacific on April 1, 2011, after
Western Pacific's directors became concerned about the solvency
of their company.


=====================
P H I L I P P I N E S
=====================


MANILA CAVITE: Moody's Withdraws 'Caa1' Sr. Secured Debt Rating
---------------------------------------------------------------
Moody's Investors Service has withdrawn Manila Cavite Toll Road's
Caa1 senior secured debt rating.

Ratings Rationale

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

MCTR is a single-purpose company incorporated in the Cayman
Islands, with limited liability. MCTR is the financing vehicle
for UEM - MARA Philippines Corporation ("UMPC"), which is wholly
owned by Coastal Road Corporation, both incorporated in the
Philippines. UMPC has rights under a toll road concession to
design, finance, construct, and operate the Manila Cavite Toll
Expressway, including the existing R1-Expressway, and R1-
Extension. The concession runs for a term of 35 years to October
2033. The toll road concession arrangements are in place with the
Philippines Reclamation Authority, a corporation that is owned
and controlled by the Government of the Republic of the
Philippines (Ba2, stable outlook) and the Philippines Government
via the Toll Regulatory Board. UMPC has assigned its toll road
collection rights to MCTR to support the Notes.


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


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

Arrow Asia Opportunity Fund Limited filed the petition against
the company on April 19, 2011.

The Petitioner's solicitors are:

          Messrs Wee Swee Teow & Co
          11 Unity Street
          #02-03 Robertson Walk
          Singapore 237995


KRISTON FOOD: Court to Hear Wind-Up Petition on May 18
------------------------------------------------------
A petition to wind up the operations of Kriston Food & Beverage
Pte Ltd will be heard before the High Court of Singapore on
May 18, 2012, at 10:00 a.m.

The Comptroller of Goods and Services Tax and The Comptroller of
Income Tax filed the petition against the company on April 24,
2011.

The Petitioner's solicitors are:

          Infinitus Law Corporation
          77 Robinson Road
          #16-00, Robinson 77
          Singapore 068896


PRIMETRICA ASIA: Court to Hear Wind-Up Petition on May 18
---------------------------------------------------------
A petition to wind up the operations of Primetrica Asia Pacific
(S) Pte Ltd will be heard before the High Court of Singapore on
May 18, 2012, at 10:00 a.m.

Corporate Secretarial & Bookkeeping Pte Ltd filed the petition
against the company on April 20, 2011.

The Petitioner's solicitors are:

          Straits Law Practice LLC
          (Attn: Ms Valerie Ang)
          36 Robinson Road
          #18-00 City House
          Singapore 068877


PROLEXIC INTERNATIONAL: Creditors' Proofs of Debt Due May 31
------------------------------------------------------------
Creditors of Prolexic International Pte Ltd, which is in
voluntary liquidation, are required to file their proofs of debt
by May 31, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

          Ong Woon Pheng
          C/o CAS Associates Pte Ltd
          3 Shenton Way
          #03-05A Shenton House
          Singapore 068805


SYNERGY ENGINEERING: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Singapore entered an order on April 24, 2012,
to wind up the operations of Synergy Engineering Pte Ltd.

Synergy Engineering Pte Ltd and Lim Heah Choun filed the petition
against the company.

The company's liquidator is:

         Chia Soo Hien/Leow Quek Shiong
         BDO LLP
         21 Merchant Road
         #05-01 Royal Merukh SEA Building
         Singapore 058267


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