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                      A S I A   P A C I F I C

             Thursday, May 10, 2012, Vol. 15, No. 93

                            Headlines


A U S T R A L I A

BALGOWLAH GOLF: Creditors to Decide Golf Club Future on May 14
BASACAR PRODUCE: Collapse Hits Queensland Agricultural Supplier
BRIDES OF MELBOURNE: Brides in Tears as Boutique Closes Doors
FORTESCUE METALS: Moody's Upgrades CFR to Ba3; Outlook Positive
RESIMAC TRIOMPHE: Fitch Affirms 'BBsf' Rating on 2 Note Classes


C H I N A

CHINA ORIENTAL: Moody's Lowers Corporate Family Rating to 'Ba2'
CHINA SHENGHUO: Won't File Form 15 at This Time
CHINA TEL GROUP: Has 104.9-Mil. Class A Shares Resale Prospectus
CHINA TEL GROUP: To Offer 31.1-Mil. Common Shares to Contractors
SOUND GLOBAL: S&P Gives 'BB-' Corp. Credit Rating; Outlook Stable


H O N G  K O N G

MOULIN BUSINESS: Creditors' and Members' Meetings Set for May 15
ONE WORLD: Creditors' Proofs of Debt Due May 28
REGAL SPLENDID: Kong and Yeo Appointed as Liquidators
SMART SINCERE: Creditors' Proofs of Debt Due May 28
SMART UNION: Lees and Ng Appointed as Liquidators

TINLINE LIMITED: Members' Final Meeting Set for May 28
TONIC TRADING: Yeung and Haughey Step Down as Liquidators
VICTORY DYEING: Members' Final Meeting Set for May 29
VIEW BRIGHT: Court Enters Wind-Up Order
V.I.P. DEVELOPMENT: Members' Final Meeting Set for May 28

WATHNE OVERSEAS: Court Enters Wind-Up Order


I N D I A

AADITIYA ASWIN: Fitch Assigns National Long-Term Rating at 'BB-'
CHHATTISGARH STEEL: CRISIL Assigns 'D' Ratings to INR827MM Loans
HARITHA FERTILISERS: CRISIL Hikes Rating on INR350MM Loan to 'B-'
HECTOR ENTERPRISES: CRISIL Rates INR250MM Loan at 'CRISIL B+'
JR SEAMLESS: CRISIL Raises Rating on INR305MM Loans to 'B-'

MITTAPALLI GROUP: Fitch Assigns Nat'l Long-Term Rating at 'B'
MUJAWADIA TRACTORS: CRISIL Rates INR1MM Cash Credit at 'BB-'
PERCEPT ENGINEERS: CRISIL Places 'BB-' Rating on INR60MM Loans
P.R.S. HOSPITAL: CRISIL Puts 'BB+' Rating on INR59.9MM Loans
RAMPA AUTOS: CRISIL Assigns 'CRISIL B-' Rating to INR61MM Loans

RAVIBALA IMPORTS: CRISIL Cuts Rating on INR86.5MM Loans to 'D'
SHREE KRISHNA: CRISIL Assigns 'B' Rating to INR52.5MM Loans
STANGL PICKLES: Delays in Loan Payment Cue CRISIL Junk Ratings
VBC ASSOCIATES: CRISIL Raises Rating on INR217.6MM Loan to 'B+'
WIN-WIN AUTOMOBILES: CRISIL Puts 'B' Rating on INR294.5MM Loans


I N D O N E S I A

BUMI RESOURCES: S&P Affirms 'BB' Corporative Credit Rating
LIPPO KARAWACI: Fitch Upgrades Issuer Default Rating to 'BB-'


J A P A N

TOKYO ELECTRIC: To Name Hirose as Next President


S I N G A P O R E

AMFRASER NOMINEES: Creditors' Proofs of Debt Due June 4
ARETAE PTE: Court Enters Wind-Up Order
GOLD INTERNATIONAL: Court Enters Wind-Up Order
GUANGZHAO INDUSTRIAL: Creditors' Proofs of Debt Due May 14
ICON BUILDER: Court to Hear Wind-Up Petition on May 18


X X X X X X X X

* Moody's Says Trend for Asia Corporates Stays Neg. in 1st Qtr.


                            - - - - -


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


BALGOWLAH GOLF: Creditors to Decide Golf Club Future on May 14
--------------------------------------------------------------
Manly Daily reports that Balgowlah Golf Club should look at
re-financing its debt or amalgamate with another party, according
to a recommendation by an external administrator.

The Daily reported on April 18 that the golf club recently went
into voluntary administration.

Robert Brennan from RT Hospitality Solutions in Belrose was
appointed on March 29 to go through the financially struggling
club's documentation and write a report with a recommendation on
the club's future by the end of April.

Mr. Brennan told the Daily the club had reported trading losses
over the past five years, with a AUD200,000 loss for 2011 alone.

A report mailed out to creditors on May 4 recommended for the
company to go into a deed of company arrangement.

Mr. Brennan said that meant either looking at re-financing of the
debt, or amalgamating with another party.

A meeting for creditors to make a decision has been set for
May 14.

Balgowlah Golf Club is a private golf course located in
Balgowlah, Australia.



BASACAR PRODUCE: Collapse Hits Queensland Agricultural Supplier
---------------------------------------------------------------
Bundaberg News Mail reports that a leading Queensland
agricultural supplier has been forced to tighten its policy on
creditors since losing almost AUD1.1 million in the collapse of
tomato farms SP Exports and Basacar Produce.

According to Bundaberg News Mail, BGA Agri Services general
manager Tim Rees said the company, which has sites in Bundaberg
and Childers, was owed about AUD800,000 from Childers-based SP
Exports and AUD242,000 from Basacar Produce, which went into
voluntary administration late last month.

Bundaberg News Mail says SP Exports entered into a deed of
company arrangement at the end of March, under which creditors
hope to recoup about 13 cents in the dollar.

The report notes that Mr. Rees said, at best, BGA Agri Services
would receive only about AUD100,000 of the AUD800,000 owed.

"We don't know what Basacar will put forward but, as far as
recouping, it's absolutely unlikely," Mr. Rees, as cited by
Bundaberg News Mail, said.

Bundaberg News Mail adds that Mr. Rees said the collapse of SP
Exports in February, coupled with Basacar Produce entering into
voluntary administration just four months later, was a big blow
for the company.

"In anyone's language, AUD1.1 million over a period of four
months is a significant amount of money," Bundaberg News Mail
quotes Mr. Rees as saying.  "In any business, you have provisions
for bad debt.  You don't have a provision for AUD1.1 million."

Mr. Rees said the financial loss had not yet resulted in a loss
of jobs, the report adds.

Basacar Produce Pty Ltd is one of Australia's tomato growers.


BRIDES OF MELBOURNE: Brides in Tears as Boutique Closes Doors
-------------------------------------------------------------
Kelly Ryan at Herald Sun reports that as many as 300 brides will
be without wedding gowns for their big day after major bridal
boutique, Brides of Melbourne, went into liquidation without
warning.

Herald Sun says distraught brides-to-be and their frantic mothers
descended on Brides of Melbourne in Bourke St to find the doors
locked and dream dresses worth thousands of dollars no longer
theirs.

Most reacted with anger, shock and tears that months of
meticulous planning, painstaking shopping and saving had amounted
to nothing, the report relays.

According to Herald Sun, sixteen staff were sacked when Brides of
Melbourne went to the wall owing about AUD1 million, and
unsecured creditors were warned they were unlikely to get a cent
back.

Herald Sun discloses that consultant Vincent Aquilina, from Venn
Milner, confirmed Melbourne City Formal Wear Pty Ltd, trading as
Brides of Melbourne, went into liquidation on May 4.


FORTESCUE METALS: Moody's Upgrades CFR to Ba3; Outlook Positive
---------------------------------------------------------------
Moody's Investors Service has upgraded the corporate family
rating of Fortescue Metals Group Ltd. and the senior unsecured
rating of FMG Resources (August 2006) Pty Ltd (the funding
vehicle for Fortescue Metals Group Limited) to Ba3 from B1.
Outlook on the ratings is positive.

Ratings Rationale

"The upgrade to Ba3 reflects Fortescue's continued progress in
its planned expansion of production capacity, combined with
strengthening in its financial profile to a level that is more
consistent with Ba3 rating," says Matthew Moore, a Moody's
Assistant Vice President -- Analyst.

Fortescue is in the process of expanding its iron ore production
capacity to a run-rate of 155 million tons per annum (mtpa) by
June 2013. "Fortescue's ability to continue to meet major
milestones and the high level of works committed under contract
has increased the likelihood that the company will achieve a run
rate production capacity of 95mtpa by December 2012 and complete
its expansion by mid next year," says Mr. Moore.

Based on Moody's expectations for iron ore prices over the next
12 to 18 months, Moody's believes that there is adequate funding
in place to complete the project. Around 40% of the total project
capital expenditures is estimated to have been spent to-date, and
Moody's believes that the remainder of the project costs will
likely be funded out of existing cash balances and internally
generated cash flow.

Fortescue's improved track record of consistent production has
supported its ability to benefit from the strong pricing
environment for iron ore, thereby allowing the company to
generate significant cash flow to fund the expansion, while
maintaining credit metrics more indicative of a Ba rating.
Moody's expects that even with a moderation of iron ore prices
from current levels, Fortescue will continue to maintain
Debt/EBITDA of less than 3.0x.

The positive outlook reflects Moody's expectation that continued
execution of Fortescue's expansion program will lead to further
amelioration in the company's credit profile, with incremental
growth in production likely to lead to a step change in cash flow
generation and credit metrics.

The ratings could be upgraded if Fortescue's expansion plans
continue to meet key milestones on schedule without any material
disappointments and in a manner that preserves its currently
strong financial metrics, including Debt/EBITDA remaining below
3.5x and FFO/Interest is maintained above 3.0x.

Negative rating action is less likely in the near term due to the
positive momentum in Fortescue's credit profile. Nevertheless,
the rating and/or outlook could be negatively affected if the
company experiences material delays or cost overruns with its
expansion plans or a weakening of the currently strong financial
profile as a result of larger than expected funding needs or
weaker than expected production and/or iron ore industry
fundamentals.

The principal methodology used in rating Fortescue Metals Group
Ltd. and FMG Resources (August 2006) Pty Ltd was the Global
Mining Industry Methodology published in May 2009.

Fortescue Metals Group, based in Perth, is an iron ore producer
engaged in the exploration and mining of iron ore for export,
mainly to China.


RESIMAC TRIOMPHE: Fitch Affirms 'BBsf' Rating on 2 Note Classes
---------------------------------------------------------------
Fitch Ratings has affirmed 19 classes of six RMBS transactions
issued by RESIMAC Triomphe Trust.  The transactions are backed by
pools of Australian residential mortgages originated by RESIMAC
Limited.

The transactions are RESIMAC Premier Series 2008-1 (RESIMAC 2008-
1), RESIMAC Premier Series 2009-1 (RESIMAC 2009-1), RESIMAC
Premier Series 2009-2 (RESIMAC 2009-2), RESIMAC Premier Series
2010-1 (RESIMAC 2010-1), RESIMAC Premier Series 2010-2 (RESIMAC
2010-2) and RESIMAC Premier Series 2011-1 (RESIMAC 2011-1).  The
rating actions are listed at the end of this commentary.

"The rating actions reflect Fitch's view that the available
credit enhancement levels are sufficient to support the notes'
current ratings, and that the credit quality and performance of
the loans in the current collateral pool remain in line with the
agency's expectations," said Kim Bui, Analyst in Fitch's
Structured Finance team.

Five out of the six RESIMAC transactions have experienced low
arrears compared with the Fitch Dinkum 30+ day arrears index.
The 30+ days arrears for February 2012 were 0.77% (RESIMAC 2008-
1), 0.46% (RESIMAC 2009-1), 1.03% (RESIMAC 2009-2), 0.62%
(RESIMAC 2010-2) and 0.21% (RESIMAC 2011-1) of their respective
outstanding collateral balance.

RESIMAC 2010-1 experienced the highest arrears at 2.53%,
primarily due to an increasing number of longer-day arrears
buckets that are subject to enforcement and recovery processes.
RESIMAC 2010-1 has a high concentration of low doc assets (66.3%
of the pool) and its arrears levels remain below the 30+ day
conforming low-doc Dinkum arrears index.

The maximum cumulative loss claimed against the lenders' mortgage
insurance (LMI) is 0.0023% in RESIMAC 2008-1.  All underlying
loans of the RESIMAC transactions carry LMI cover, and the
policies are provided by QBE Lenders Mortgage Insurance Limited
(QBE LMI, 'AA-'/Outlook Stable) and Genworth Financial Mortgage
Insurance Pty Limited.

RESIMAC 2008-1:

  -- AUD33.5m Class A2 (ISIN AU3FN0007282) affirmed at 'AAAsf';
     Outlook Stable
  -- AUD204.8m Class A3 (ISIN AU3FN0007290) affirmed at 'AAAsf';
     Outlook Stable
  -- AUD15.3m Class AB (ISIN AU3FN0007308) affirmed at 'AAAsf';
     Outlook Stable
  -- AUD17.1m Class B (ISIN AU3FN0007316) affirmed at 'BBsf';
     Outlook Stable

RESIMAC 2009-1:

  -- AUD266.2m Class A3 (ISIN AU3FN0008280) affirmed at 'AAAsf';
     Outlook Stable
  -- AUD13.8m Class AB (ISIN AU3FN0008298) affirmed at 'AAAsf';
     Outlook Stable
  -- AUD11.8m Class B1 (ISIN AU3FN0008306) affirmed at 'AAsf';
     Outlook Stable
  -- AUD6.9m Class B2 (ISIN AU3FN008314) affirmed at 'BBsf';
     Outlook Stable

RESIMAC 2009-2:

  -- AUD145.6m Class A2 (ISIN AU3FN0009387) affirmed at 'AAAsf';
     Outlook Stable
  -- AUD15.9m Class AB (ISIN AU3FN0009395) affirmed at 'AAAsf';
     Outlook Stable
  -- AUD7.2m Class B1 (ISIN AU3FN0009403) affirmed at 'AAsf';
     Outlook Stable

RESIMAC 2010-1:

  -- AUD136.5m Class A (ISIN AU3FN0010658) affirmed at 'AAAsf';
     Outlook Stable
  -- AUD17.75m Class AB (ISIN AU3FN0010666) affirmed at 'AAAsf';
     Outlook Stable
  -- AUD5m Class B1 (ISIN AU3FN0010674) affirmed at 'Asf';
     Outlook Stable

RESIMAC 2010-2

  -- AUD135.7m Class A1 affirmed at 'AAAsf'; Outlook Stable
  -- AUD148m Class A2 affirmed at 'AAAsf'; Outlook Stable
  -- AUD27.6m Class AB affirmed at 'AAAsf'; Outlook Stable

RESIMAC 2011-1

  -- AUD300m Class A notes: affirmed at 'AAAsf'; Outlook Stable
  -- AUD34.9m Class AB notes: affirmed at 'AAAsf'; Outlook Stable


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C H I N A
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CHINA ORIENTAL: Moody's Lowers Corporate Family Rating to 'Ba2'
---------------------------------------------------------------
Moody's Investors Service has downgraded China Oriental Group
Company Limited's corporate family rating and senior unsecured
rating to Ba2 from Ba1.

The ratings outlook is stable.

Ratings Rationale

"The downgrade reflects the deterioration in operating
performance against the backdrop of weakening steel demand in
China and high raw material costs for steel production," says
Jiming Zou, a Moody's Analyst

China Oriental's profitability dropped materially in 2H2011, as
the slowing Chinese economy and Euro zone crisis both weakened
steel prices. At the same time, iron ore prices remain high due
to higher export tariffs in India and tighter supply in the
market. Such pressure has resulted in the company's EBITDA margin
falling into the mid-single-digit percent range for 2H2011 from
11% in 1H2011.

"For the next 2 years, we do not expect the company to materially
improve its operating performance, given that various structural
issues -- overcapacity and low self-sufficiency in iron ore --
will persist and that the Chinese economy is targeted to grow at
a lower rate through the reduction of its dependence on fixed-
asset investments," says Mr. Zou. "More specifically,
infrastructure and property construction will continue to show
lower growth in the next few years."

"Accordingly, China Oriental's weaker performance has translated
into credit metrics that position it more appropriately at the
Ba2 level," says Mr. Zou.

Profitability -- as measured by its EBITDA margin -- has declined
below 10% since 2010, and a return to the level seen in 2009
could be difficult over the next 2 years.

Moreover, debt leverage -- as measured by Debt/EBITDA -- has
remained above 2.5x since 2010, a level which no longer supports
a Ba1 level. It is likely to stay around 3.0x on a rolling 12-
month basis, positioning the company at the mid-Ba level.

China Oriental's Ba2 rating also reflects its position as the
largest H-section steel manufacturer and one of the most
efficient steel companies in China. It further factors in the
presence of ArcelorMittal (Baa3/stable) as a shareholder. This
factor provides certain comfort with regard to corporate
governance practices and increases production efficiency at China
Oriental.

However, the rating is constrained by the company's low self-
sufficiency in raw materials, a situation which exposes it to
rising input costs. The stocking of raw materials -- together
with bank acceptance notes -- has increased its working capital
needs and therefore its debt leverage.

The rating is further constrained by the regulatory environment
in China, which favors large capacity operators. Such a trend
increases event risk for the company as it pursues growth through
acquisitions.

The stable outlook reflects Moody's expectation that (i) China
Oriental will have less capital spending over the next few years
and will reduce working capital requirements on inventory to
improve its operating cash flow as evidenced by its efforts in 2H
2011; and (ii) that iron ore price will stabilize in the next two
years.

The rating could be upgraded, if China Oriental can maintain
stable profitability through product and cost improvements which
could in turn improve Debt/EBITDA to below 2.5x and interest
coverage to above 6x -- 7x.

On the other hand a downgrade could be triggered, if China
Oriental (i) experiences further erosion to its profitability, or
liquidity; or (ii) engages in further debt-funded expansions, or
acquisitions.

Credit metrics indicating pressure for a downgrade could include
total Debt/EBITDA above 3.0x - 3.5x, and EBITDA/interest below
4.0x.

Moreover, any evidence that ArcelorMittal is withdrawing its
involvement in China Oriental's operations, or reducing its
ownership, would be negative for the rating.

The principal methodology used in rating China Oriental Group
Company Limited was the Global Steel Industry Methodology,
published January 2009.

China Oriental Group Company Ltd, with total steel manufacturing
capacity of 11mtpa, mainly manufactures H-section steel products
and HR strips/strip products from iron ore at its steel mills in
Hebei Province. The company was listed on the Hong Kong Stock
Exchange in 2004. It is 45% owned by the founder, Mr. Han
Jingyuan, and 29.6% by ArcelorMittal. In 2011, it recorded
RMB38.6 billion in sales.


CHINA SHENGHUO: Won't File Form 15 at This Time
-----------------------------------------------
China Shenghuo Pharmaceutical Holdings, Inc., disclosed in a
recent filing with the U.S. Securities and Exchange Commission
its intent not to file Form 15 at this time and continue to be a
reporting company until such time as it is allowed to suspend its
reporting obligations.

On April 20, 2012, the Company announced its intention to file a
Form 15, which would, upon such filing, suspend the Company's
obligations to file certain reports with the U.S. Securities &
Exchange Commission, including reports on Form 10-K, 10-Q,and
8-K.  It was anticipated that such Form 15 would be filed on or
about May 10, 2012, upon the effectiveness of the Form 25 -
Notification of Removal from Listing and/or Registration under
Section 12(b) of the Securities Exchange Act of 1934, as amended,
filed in connection with the Company's voluntary delisting of its
common stock from trading on NYSE Amex.

In discussions between the Company's legal counsel and the SEC,
the SEC has taken the position that the exemption that the
Company had sought to rely upon under Section 15(d) of the
Exchange Act to suspend its reporting obligations is unavailable
to it at this time.  As such, the Company at this time will not
file a Form 15, and it will continue to be a reporting company
under Section 15(d) of the Exchange Act until such time as it is
allowed to suspend its reporting obligations, which the Company
expects to be no later than the first quarter of 2013.  The
Company therefore is preparing its quarterly report on Form 10-Q
for the three months ended March 31, 2012, and expects to file it
as soon as practicable.

                       About China Shenghuo

Located in Kunming National Economy & Technology Developing
District, China, China Shenghuo Pharmaceutical Holdings, Inc.,
was incorporated in the State of Delaware on May 24, 2005.  The
Company is primarily engaged in the research, development,
manufacture, and marketing of pharmaceutical, nutritional
supplement and cosmetic products.  Almost all of the Company's
products are derived from the medicinal herb Panax notoginseng,
also known as Sanqi, Sanchi or Tienchi.  Panax notoginseng is a
greyish-brown or greyish-yellow plant that only grows in a few
geographic locations on earth, one of which is Yunnan Province in
southwest China, where the Company's operations are located.  The
main root of Panax notoginseng is cylindrically shaped and is
most commonly one-to-six centimeters long and one-to-four
centimeters in diameter.  Panax notoginseng saponins (PNS), the
active ingredient in Panax notoginseng, is extracted from the
plant using high-tech equipment and in accord with Good
Manufacturing Practice ("GMP") standards.  The Company's main
product, Xuesaitong Soft Capsules, accounted for approximately
84.5% of the Company's sales for the year ended Dec. 31, 2011.

Following the 2011 results, Marcum Bernstein & Pinchuk LLP, in New
York, N.Y., expressed substantial doubt China Shenghuo's ability
to continue as a going concern.  The independent auditors noted
that the Company has a significant working capital deficiency.

The Company reported net income $131,707 on $44.16 million of
sales for 2011, compared with net income of $1.28 million on
$32.70 million of sales for 2010.

The Company's balance sheet at Dec. 31, 2011, showed
$58.31 million in total assets, $52.80 million in total
liabilities, and stockholders' equity of $5.51 million.


CHINA TEL GROUP: Has 104.9-Mil. Class A Shares Resale Prospectus
----------------------------------------------------------------
VelaTel Global Communications, Inc., formerly known as China Tel
Group Inc., filed with the U.S. Securities and Exchange
Commission a Form S-3 registration statement registering
104,913,271 shares of Series A common stock.

On February 9 and 29, March 30 and May 1, 2012, Mario Alvarez,
George Alvarez, Jr., Jose Arana, et al., acquired 104,913,271
shares of the Company's Series A common stock directly from the
Company in connection with the Company's obligation to pay them
as independent contractors who have provided services to the
Company pursuant to independent contractor agreements.  The stock
issuances were made pursuant to Form S-8.

The Selling Stockholders or their pledgees, donees, transferees
or other successors in interest may sell the Shares described in
this Prospectus in a number of different ways and at varying
prices.

The Company's Shares are quoted on the OTC Markets Group, Inc.'s
electronic quotation system.  The trading symbol for the
Company's Shares is "VELA."  The reported closing sale price of
the Company's Shares utilized in this Prospectus is on April 27,
2012. The reported "closing sale price" on that date was $0.0224
per share.

The transfer agent and registrar for the Company's Common Stock
is Aspen Stock Transfer Agency, Inc., located at 6623 Las Vegas
Boulevard South, Suite 255, Las Vegas, Nevada 89119.  Aspen's
telephone number is (702) 463-8832.

A copy of the Form S-3 prospectus is available for free at:

                        http://is.gd/HZEra3

                          About China Tel

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

The Company, in the untimely filed Form 10-K, reported a net loss
of $21.79 in 2011, compared with a net loss of $66.62 million in
2010.

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

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


CHINA TEL GROUP: To Offer 31.1-Mil. Common Shares to Contractors
----------------------------------------------------------------
VelaTel Global Communications, Inc., formerly known as China Tel
Group Inc., filed with the U.S. Securities and Exchange
Commission a Form S-8 relating to the registration of 31,149,720
shares of common stock issuable under the Company's independent
contractor agreements.  The proposed maximum aggregate offering
price is $697,753.  A copy of the prospectus is available for
free at http://is.gd/FGcrYJ

                          About China Tel

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

The Company, in the untimely filed Form 10-K, reported a net loss
of $21.79 in 2011, compared with a net loss of $66.62 million in
2010.

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

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


SOUND GLOBAL: S&P Gives 'BB-' Corp. Credit Rating; Outlook Stable
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' long-term
corporate credit rating to China-based water and wastewater
treatment solution provider Sound Global Ltd. The outlook is
stable. "At the same time, we assigned our 'cnBB+' Greater China
credit scale rating to Sound Global," S&P said.

"The rating on Sound Global Ltd. reflects our view of the
intensifying competition in China's highly fragmented wastewater
treatment industry. Sound Global's limited revenue base and the
risks from the company's overseas engineering, procurement, and
construction (EPC) projects also constrain the rating. Favorable
industry prospects, Sound Global's revenue visibility, track
record, and low debt leverage temper these weaknesses," S&P said.

"We expect Sound Global to face rising competition in China's
water and wastewater treatment industry," said Standard & Poor's
credit analyst Jerry Fang. "Most top-tier players have a market
share of about 1% each in terms of water treatment capacity. The
largest has a market share of less than 5%."

"Sound Global's revenue base and privately owned status could
limit its ability to compete with large government-related
entities with better access to capital, and close relationship
with local governments. Local governments are the main customers
of water and wastewater treatment projects. A significant portion
of these projects uses the BOT (build, operate, and transfer)
model, which requires significant capital investment up front,"
S&P said.

"Sound Global is likely to face heighted country risk, execution
risk, and project concentration risk when it expands to overseas
EPC projects," Mr. Fang said. "The company has a limited record
in overseas EPC projects; it has undertaken two overseas EPC
projects in the past three years. However, Sound Global aims to
engage in one or two overseas EPC projects every year to sharpen
its execution capability."

"Strong policy support from the Chinese government is likely to
boost demand for the water and wastewater treatment industry in
the country. The government has planned significant investments
and tightened water discharge standards to address severe water
shortage and water pollution," S&P said.

"The stable outlook reflects our expectation that Sound Global
will maintain a stable to steadily rising backlog of domestic EPC
projects. We also expect prospects for the water and wastewater
treatment industry to remain favorable. A steadily growing
business and consistent financial management are also likely to
help the company maintain its 'aggressive,' financial risk
profile, as our criteria defines the term," S&P said.

S&P could lower the rating if:

  * Sound Global's backlog of EPC projects significantly
    deteriorates. This could happen if newcomers or large peers
    become aggressive in expanding market share. Sound Global's
    difficulty in obtaining external funding for its BOT projects
    could also lead to a drop in its backlog of EPC projects;

  * the company's financial strength weakens significantly. A
    ratio of adjusted total debt to EBITDA of more than 4x for a
    sustained period will indicate such deterioration. A
    significant increase in Sound Global's debt and the company
    inability to maintain steady growth in business could cause
    such deterioration; or

  * the company's funding capability weakens materially due to
    heightening risks in overseas EPC projects.

The likelihood of rating upgrade in next 12 months is limited.
Nevertheless, S&P could raise the rating if:

  * Sound Global grows its revenue base while maintaining fair
    diversification and current leverage; and

  * the company builds up its record in overseas EPC projects;
    and

  * the company significantly increases the share of recurring
    revenue to total revenue.


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


MOULIN BUSINESS: Creditors' and Members' Meetings Set for May 15
----------------------------------------------------------------
Creditors and members of Moulin Business Solutions Limited will
hold their annual meeting on May 15, 2012, at 4:00 p.m., at the
office of FTI Consulting (Hong Kong) Limited, Level 22, The
Center, 99 Queen's Road Central, Central, in Hong Kong.

At the meeting, John Howard Batchelor, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


ONE WORLD: Creditors' Proofs of Debt Due May 28
-----------------------------------------------
Creditors of One World Fragrance 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 commenced wind-up proceedings on April 18, 2012.

The company's liquidator is:

         Yeung Tak Chun
         Room 1903, 19/F
         World-Wide House
         19 Des Voeux Road
         Central, Hong Kong


REGAL SPLENDID: Kong and Yeo Appointed as Liquidators
-----------------------------------------------------
Kong Chi How Johnson and Yeo Boon Ann Kenneth on March 16, 2012,
were appointed as liquidators of Regal Splendid Limited.

The liquidators may be reached at:

          Kong Chi How Johnson
          Yeo Boon Ann Kenneth
          25/F, Wing On Centre
          111 Connaught Road
          Central, Hong Kong


SMART SINCERE: Creditors' Proofs of Debt Due May 28
---------------------------------------------------
Creditors of Smart Sincere Technology 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 commenced wind-up proceedings on April 18, 2012.

The company's liquidator is:

         Chiu Tak Yiu Leo
         Unit 3517, 35/F
         West Tower, Shun Tak Centre
         168-200 Connaught Road
         Central, Hong Kong


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

The liquidators may be reached at:

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


TINLINE LIMITED: Members' Final Meeting Set for May 28
------------------------------------------------------
Members of Tinline Limited will hold their final general meeting
on May 28, 2012, at 10:00 a.m., at Level 28, Three Pacific Place,
1 Queen's Road East, in Hong Kong.

At the meeting, Natalia Seng Sze Ka Mee and Cynthia Wong Tak Yee,
the company's liquidators, will give a report on the company's
wind-up proceedings and property disposal.


TONIC TRADING: Yeung and Haughey Step Down as Liquidators
---------------------------------------------------------
Yeung Lui Ming (Edmund) and Darach E. Haughey stepped down as
liquidators of Tonic Trading Development Limited on April 12,
2012.


VICTORY DYEING: Members' Final Meeting Set for May 29
-----------------------------------------------------
Members and creditors of Victory Dyeing Factory Limited will hold
their final meetings on May 29, 2012, at 11:00 a.m., and 11:30
a.m., respectively at 29/F, Caroline Centre, Lee Gardens Two, at
28 Yun Ping Road, in Hong Kong.

At the meeting, Osman Mohammed Arab, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


VIEW BRIGHT: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on April 18, 2012,
to wind up the operations of View Bright Limited.

The company's liquidator is Teresa S W Wong.


V.I.P. DEVELOPMENT: Members' Final Meeting Set for May 28
---------------------------------------------------------
Members of V.I.P. Development Limited will hold their final
general meeting on May 28, 2012, at 11:00 a.m., at Unit A1, 15/F,
United Centre, 95 Queensway, in Hong Kong.

At the meeting, Wong Poh Weng and Wong Tak Man Stephen, the
company's liquidators, will give a report on the company's wind-
up proceedings and property disposal.


WATHNE OVERSEAS: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order on April 18, 2012,
to wind up the operations of Wathne Overseas Limited.

The company's liquidator is Teresa S W Wong.


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


AADITIYA ASWIN: Fitch Assigns National Long-Term Rating at 'BB-'
----------------------------------------------------------------
Fitch Ratings has assigned India's Aaditiya Aswin Paper Mills
Private Limited a National Long-Term rating of 'Fitch BB-(ind)'.
The Outlook is Stable.

The ratings are constrained by AAPM's modest size of its
operations, moderate credit metrics and operational
inefficiencies due to power shortages in Tamil Nadu.  For the
financial year ended March 2011 (FY11), revenue was INR290.1m,
EBITDA margin was 8%, net debt/EBIDTA was 3.2x and interest
coverage was 2.4x.

The ratings are also constrained by AAPM's tight liquidity
position, as illustrated by its full working capital utilisation
in February 2012.  However, Fitch believes that an enhancement of
INR14m in its short-term working capital facilities in March 2012
has provided the necessary cushion for the near term.

The ratings are, however, supported by over two decades of
experience of AAPM's founders in paper trading and the company's
established retail network which to some extent helps AAPM in
countering the risks emanating from volatile raw material prices.

Negative rating action may result from deterioration in AAPM's
EBITDA margins or large debt-funded capex resulting in net
debt/EBITDA exceeding 4x on a sustained basis.  Conversely,
improved power availability in the state resulting in higher
operating efficiency and net debt/EBITDA below 3x on a sustained
basis may result in positive rating action.

AAPM is a Coimbatore-based writing and printing paper
manufacturer with an installed capacity of 7,800 metric tonnes
per annum.  Provisional (un-audited) results for 9MFY12 indicate
revenue of INR216m, EBITDA margin of 7.5%, EBITDA interest cover
of 2.4x, and net debt/EBITDA of 3.5x.

Rating actions on AAPM:

  -- National Long-Term rating assigned at 'Fitch BB-(ind)';
     Outlook Stable
  -- INR22m term loans: assigned at 'Fitch BB-(ind)'
  -- INR59m fund-based limits: assigned at 'Fitch BB-
     (ind)'/'Fitch A4+(ind)'
  -- INR10m non-fund-based working capital limits: assigned at
     'Fitch A4+(ind)'


CHHATTISGARH STEEL: CRISIL Assigns 'D' Ratings to INR827MM Loans
----------------------------------------------------------------
CRISIL has downgraded the ratings on the bank facilities of
Chhattisgarh Steel & Power Ltd to 'CRISIL D/CRISIL D' from
'CRISIL BB+/Stable/CRISIL A4+'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee          40         CRISIL D
   Cash Credit             55         CRISIL D
   Long-Term Loan         567.1       CRISIL D
   Proposed Long-Term     162.9       CRISIL D
   Bank Loan Facility

The ratings reflect instances of delay by CSPL in meeting its
term debt obligations. The delays have been caused by CSPL's weak
liquidity. The company's liquidity has worsened due to lower
realisations from sale of electricity in the open market, and
increase in cost of production due to rising coal prices. This,
coupled with delayed realisations from Chhattisgarh State
Electricity Board (CSEB), which accounts for a third of its
revenues, has adversely impacted its liquidity.

CSPL is exposed to counterparty risks and unanticipated pressures
in the power sector. The company does, however, benefit from its
promoter's extensive industry experience.

For arriving at the ratings, CRISIL has now adopted a standalone
approach, as against its earlier approach of consolidating CSPL's
financial risk profiles with those of Raghuvir Ferro Alloys Pvt
Ltd (RFAPL; rated 'CRISIL BB/Stable/CRISIL A4+') and Special
Blasts Ltd (SBL; rated 'CRISIL BBB-/Stable/CRISIL A3'). This is
because there has been no major cash flow fungibility between
RFAPL, CSPL, and SBL. Furthermore, there has been no timely
support extended by the RFAPL and SBL to CSPL, which has recently
defaulted on its term loan obligations.

                      About Chhattisgarh Steel

Incorporated in 2003, CSPL began operations as an independent
thermal power producer with an installed capacity of 30 megawatt
in September 2008. The company has to sell one third of its total
power production to CSEB and it can sell the rest of the power in
the open market. The company procures coal from Coal India Ltd
under a long-term coal supply agreement. The company does not
have any long-term contract to sell power. It is planning to get
into manufacturing of ferro alloys for which it would incur a
capital expenditure programme of INR400 million.

CSPL, on a provisional basis, reported a profit after tax (PAT)
of INR1.3 million on net sales of INR804.4 million for 2010-11,
against a PAT of INR67.2 million on net sales of INR943.1 million
for 2009-10.


HARITHA FERTILISERS: CRISIL Hikes Rating on INR350MM Loan to 'B-'
-----------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of Haritha
Fertilisers Ltd to 'CRISIL B-/Stable' from 'CRISIL C'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit            350         CRISIL B- /Stable (Upgraded
                                      from CRISIL C)

The upgrade reflects timely servicing of debt by HFL over the
past six months, supported by its sufficient cash accruals and
establishment of adequate internal controls for ensuring
financial discipline. The upgrade also reflects CRISIL's belief
that HFL's liquidity will be adequate over the medium term to
support its debt obligations and its incremental working capital
requirements.

The ratings reflect HFL's limited track record of timely debt
servicing, exposure to stringent regulations in the complex
fertiliser industry, product concentration, seasonal nature and
working-capital-intensive operations. These rating weaknesses are
partially offset by HFL's improving operating efficiencies and
the benefits it is expected to reap from the healthy demand for
complex fertilisers from its end-user market.

Outlook: Stable

CRISIL believes that HFL will benefit over the medium term from
the healthy demand for complex fertilisers in its end-user
segment. The outlook may be revised to 'Positive' in case HFL
continues to service its debt in a timely manner over the medium
term and improves its working capital management and capital
structure, while maintaining its profitability. Conversely, the
outlook may be revised to 'Negative' in case HFL's working
capital cycle gets stretched or any regulatory restrictions
disrupt its operations, thereby adversely affecting its revenues,
profitability and liquidity.

                     About Haritha Fertilisers

HFL was incorporated in 2006. It manufactures nitrogen-
phosphorous-potassium (NPK) mixture fertilisers. The company is
promoted by Mr. Ravindranath Reddy, Mr. Gangi Reddy and their
family members. HFL has aggregated installed capacity of 1300
tonnes per day for manufacture of NPK mixture fertiliser, from
its units at Keesara and Damarchela (both in Andhra Pradesh
[AP]). HFL sells its fertilisers under the Nandi brand, primarily
in AP. Also, the promoter's and their relatives are engaged in
similar line of business through their sister concerns, Agri
Green Fertilizers and Chemicals Pvt Ltd, Maheshwari Fertilizers,
and Balaji Fertilizers.

HFL reported a profit after tax (PAT) of INR14.8 million on net
sales of INR506.7 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR15.8 million on net
sales of INR671.6 million for 2009-10. For the 10 months ended
January 31, 2012, the company's revenues are estimated at INR465
million.


HECTOR ENTERPRISES: CRISIL Rates INR250MM Loan at 'CRISIL B+'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the term
loan of Hector Enterprises Pvt Ltd.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan              250         CRISIL B+/Stable (Assigned)

The rating reflects HEPL's weak financial risk profile, marked by
high gearing, and the company's high exposure to stocks and
derivative products and to loans and advances to third-party
entities, as well as significant revenue concentration. These
rating weaknesses are partially offset by HEPL's revenue
visibility, resulting from the company's long-term lease
agreement with PL Engineering Ltd.

Outlook: Stable

CRISIL believes that HEPL will benefit over the medium term from
the revenue visibility resulting from its long-term lease
agreement with PLEL in relation to the commercial real estate
property in Gurgaon (Haryana). The outlook may be revised to
'Positive' in case the company reports significant risk
mitigation in relation to stock and derivative trading
activities, along with timely recovery of loans and advances,
resulting in better-than-expected cash inflow. Conversely, the
outlook may be revised to 'Negative' in case HEPL reports
pressure on its liquidity as a result of any new real estate
activity, or in case of larger-than-expected exposure to stock
and derivatives, or in case of further loans and advances to
third-party entities.

                       About Hector Enterprises

HEPL, set up in 2000, was acquired by its current management in
2005. It has three sources of income - rentals from a commercial
real estate property in Gurgaon, stock and derivative trading,
and interest income from loans and advances lent out to
businessmen. HEPL owns a ground-plus-five-floor commercial real
estate property in Gurgaon. The total rentable area of the
property is about 108,000 square feet. The company has let out
the same on lease to PLEL, a design and engineering company
providing services in energy and infrastructure sectors (PLEL is
a unit of Punj Lloyd Ltd). The lease period commenced in March
2011 and will end by February 2020 (nine-year lease period).
HEPL's day-to-day operations are managed by Mr. Shubash Gupta.


JR SEAMLESS: CRISIL Raises Rating on INR305MM Loans to 'B-'
-----------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of JR
Seamless Pvt Ltd to 'CRISIL B-/Stable from 'CRISIL D'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             90         CRISIL B-/Stable (Upgraded
                                      from CRISIL D)

   Long-Term Loan         215         CRISIL B-/Stable

The rating upgrade reflects the timely servicing of debt by JRSPL
over the past six months, supported by sizeable infusion of funds
by its promoters. The upgrade also reflects CRISIL's belief that
JRSPL will generate adequate cash accruals over the medium term
to service its debt on time, supported by the increasing scale of
its operations.

The ratings reflect JRSPL's weak financial risk profile, marked
by cash losses over the past two years through March 31, 2012,
and modest scale of operations. These rating weaknesses are
partially offset by the benefits that JRSPL derives from its
promoter's experience in the pipes and tubes industry and the
healthy demand from its end-user segment.

Outlook: Stable

CRISIL believes that JRSPL will benefit over the medium term from
the healthy demand for seamless pipes and tubes, and its
increasing product approvals with various project consultants in
the seamless tubes and pipes industry. The outlook may be revised
to 'Positive' in case the company maintains its track record of
timely debt repayments, or reports significant improvement in its
scale of operations and working capital management, while it
sustains its profitability. Conversely, the outlook may be
revised to 'Negative' in case JRSPL's working capital cycle gets
stretched or any significant decline in its revenues and
profitability, thereby adversely affecting its liquidity.

                       About JR Seamless

JRSPL was incorporated in April 2007. The company's plant, which
became fully operational in April 2010, manufactures carbon steel
and alloy steel seamless pipes and tubes, with capacity of 24,000
tonnes per annum in Medak (Andhra Pradesh). JRSPL is promoted by
Mr. Narender Agarwal and his brothers.

JRSPL reported a net loss after tax of INR32.0 million on net
sales of INR81.6 million for 2010-11 (refers to financial year,
April 1 to March 31), against a loss after tax of INR0.8 million
on net sales of INR0.8 million for 2009-10. For the nine months
through December 2011, JRSPL reported revenues of about INR201.9
million.


MITTAPALLI GROUP: Fitch Assigns Nat'l Long-Term Rating at 'B'
-------------------------------------------------------------
Fitch Ratings has assigned three Mittapalli Group entities a
National Long-Term rating of 'Fitch B(ind)'.  The Outlook is
Stable.

Fitch has taken a consolidated view of the Mittapalli Group while
assigning the ratings.  The three companies rated 'Fitch B(ind)'
are Mittapalli Agro Products Pvt Ltd, Mittapalli Agro Exports and
Mittapalli Agro Enterprises.

The ratings reflect strong inter-linkages among the companies as
they are in the same line of business and share common management
and infrastructure.  The ratings are constrained by Mittapalli's
high net financial leverage of (net debt/EBITDA) 8.6x and low
interest coverage of 1.4x in the financial year ended March 2011
(FY11).  The ratings also constrained by the group's tight
liquidity position as reflected by its near-full utilisation of
working capital limits in FY12.

The ratings also reflect Mittapalli's weak and fluctuating
operating margins (FY11: 4.1%, FY10: 3%) due to price volatility
of tobacco, forex fluctuations, intense competition, trading
nature of its business and its dependence on external processing
facilities.

The ratings however draw comfort from the 20 years of industry
experience of Mittapalli's founders in tobacco trading, its
established relationship with its customers and the high demand
for tobacco.

Negative rating action may result from consolidated EBIDTA
interest coverage falling below 1.1x on a sustained basis.
Conversely, consolidated EBIDTA interest coverage above 1.5x on a
sustained basis may result in positive rating action.

Mittapalli Group is based out of Guntur and involved in the
trading of tobacco leaves.  On a consolidated basis revenue was
INR822m in FY11.  Provisional results for 10MFY12 indicate
revenue of INR568.3m, EBITDA margin of 8.6%, net leverage of 7.8x
and interest coverage of 1.7x.

MAPL had revenue of INR515m in FY11, with EBITDA margins of 3.1%,
net financial leverage of 8.5x, and interest coverage of 1.29x.
MAEXP had revenue of INR198m in FY11, with EBITDA margins of 5.7
%, net financial leverage of 7.3x, and interest coverage of 1.5x.
MAENT had revenue of INR109m in FY11, with EBITDA margins 5.8%,
net financial leverage of 10.95x, and interest coverage of 1.3x.

Additional rating actions are as follows:

MAPL:

  -- INR140m fund-based working capital loans: assigned at 'Fitch
     B(ind)'/'Fitch A4(ind)'
  -- INR5m non-fund-based working capital loans: assigned at
     'Fitch A4(ind)'

MAEXP:

  -- INR70m fund-based working capital loans: assigned at 'Fitch
     B(ind)'/'Fitch A4(ind)'

MAENT:

  -- INR70m fund-based working capital loans: assigned at 'Fitch
     B(ind)'/'Fitch A4(ind)'


MUJAWADIA TRACTORS: CRISIL Rates INR1MM Cash Credit at 'BB-'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Mujawadia Tractors Pvt Ltd.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee          70        CRISIL A4+ (Assigned)
   Cash Credit              1        CRISIL BB-/Stable (Assigned)

The ratings reflect MTPL's dominant market position, promoters'
extensive experience in the automobile dealership segment, and
moderate financial risk profile, marked by low gearing and
moderate debt protection metrics. These rating strengths are
partially offset by MTPL's exposure to high debtor risk and to
slowdown, and small scale of operations.

CRISIL has treated unsecured loans of INR23 million, extended as
on February 28, 2012, as neither debt nor equity since MTPL's
management plans to retain the same in the business.

Outlook: Stable

CRISIL believes that MTPL will continue to benefit over the
medium term from its strong position as an exclusive dealer for
International Tractors Ltd (ITL) in three cities in Madhya
Pradesh (MP). The outlook may be revised to 'Positive' if MTPL's
business risk profile strengthens significantly, most likely due
to faster realisation of debtors and ramp-up in scale of
operations or high profitability. Conversely, the outlook may be
revised to 'Negative' if the company's working capital cycle
deteriorates or profitability reduces, thereby adversely
impacting its capital structure, or if its revenues decline as a
result of weak agricultural performance, thereby constraining its
growth in operations.

                      About Mujawadia Tractors

Incorporated in 1999, MTPL is promoted Mr. Krishnagopal Mujawadia
and his cousin, Mr. Pramod Mujawadia. MTPL has a distributorship
for ITL's tractors under the brand, Sonalika. MTPL mainly caters
to 39 dealers of ITL located in and around Indore (MP). Majority
of the company's sales are in tractors in the range of 41 Horse
Power (HP) to 50 HP.


PERCEPT ENGINEERS: CRISIL Places 'BB-' Rating on INR60MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Percept Engineers Pvt Ltd.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Letter         10         CRISIL A4+
   of Credit

   Proposed Cash           30         CRISIL BB-/Stable
   Credit Limit

   Proposed Bank           10         CRISIL A4+
   Guarantee

   Letter of Credit        10         CRISIL A4+

   Bank Guarantee          10         CRISIL A4+

   Cash Credit             30         CRISIL BB-/Stable

The ratings reflect PEPL's established market position, reputed
clientele, and moderate gearing and sound debt protection
metrics. These rating strengths are partially offset by PEPL's
working-capital-intensive operations leading to stretched
liquidity, modest scale of operations, and geographical
concentration in revenues.

Outlook: Stable

CRISIL believes that PEPL will benefit from its established
market position and healthy order book, over the medium term. The
outlook may be revised to 'Positive' upon significant improvement
in overall working capital requirements and net cash accruals,
leading to improvement in financial risk profile. Conversely, the
outlook may be revised to 'Negative' upon deterioration in
debtors profile or lower-than-expected net cash accruals, leading
to weakening in liquidity.

                       About Percept Engineers

PEPL was incorporated in 1999 and supplies waterproofing systems.
The company started operations in 1992 as a partnership firm,
which was later reconstituted as a private limited company. PEPL
has its corporate office in Bengaluru (Karnataka) and has
expanded its operations to Cochin, Chennai (both in Tamil Nadu),
Hyderabad (Andhra Pradesh), Mumbai (Maharashtra), and Delhi. It
is also the brand owner of Polyplus range of waterproof and
insulation system in India.

PEPL reported a profit after tax (PAT) of INR6.1 million on net
sales of INR161.4 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR5.5 million on net
sales of INR145.7 million for 2009-10.


P.R.S. HOSPITAL: CRISIL Puts 'BB+' Rating on INR59.9MM Loans
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
P.R.S. Hospital to 'CRISIL BB+/Stable/CRISIL A4+' from 'CRISIL
BBB-/Stable/CRISIL A3'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee          0.5        CRISIL A4+
   Cash Credit            10          CRISIL BB+/Stable
   Letter of Credit        2          CRISIL A4+
   Term Loan              49.9        CRISIL BB+/Stable

The downgrade reflects expected deterioration in PRS's liquidity
in the near term marked by tightly matched cash accruals vis--
vis term debt obligations; the firm has debt repayments of INR30
million during 2012-13. CRISIL believes that PRS' has limited
ability to increase its cash accruals in the absence of revenue
growth. The firm's sales growth in the three years ended 2011-12
was negligible -- its turnover for 2011-12 is estimated at around
INR440 million and turnover in 2010-11 and 2009-10 were INR428.3
million and INR426.3 million respectively. Its sales are expected
to remain stagnant over the medium term, as it has no capacity
expansion plan for the period.

However, CRISIL believes that PRS's promoters will prudently
withdraw capital from the fir, ensuring that all of its debt
obligations are met in a timely manner.

The ratings reflect PRS's established track record in the
healthcare segment, and its above-average financial risk profile,
marked by healthy gearing and moderate debt protection metrics.
These rating strengths are partially offset by PRS's small-scale
and geographically concentrated operations.

Outlook: Stable

CRISIL believes that PRS will maintain its business risk profile,
supported by its established regional market position and
moderate operational capabilities, over the medium term. The
outlook may be revised to 'Positive' if there is sustainable
improvement in scale of operations and margin, by upgrading its
facilities, thereby attracting new clients and improving its
liquidity. Conversely, the outlook may be revised to 'Negative'
if PRS undertakes larger-than-expected debt-funded capital
expenditure or unrelated diversification programmes, if occupancy
level at its hospital drops significantly, adversely affecting
its revenues, or if the promoter-partners withdraw more-than-
expected capital from the firm, leading to weakening in its
financial risk profile.

                         About P.R.S. Hospital

PRS was incorporated as partnership firm in 1986 by the late Mr.
P Ratnaswamy. The firm runs a multi-specialty hospital in
Thiruvananthapuram (Kerala). The hospital has 23 departments and
over 200 beds, rendering primary, secondary and tertiary medical
care services. It has ISO 9001-2000 certification.

PRS reported a profit after tax (PAT) of INR21.0 million on net
sales of INR428.4 million for 2010-11, against a PAT of INR19.3
million on net sales of INR426.3 million for 2009-10.


RAMPA AUTOS: CRISIL Assigns 'CRISIL B-' Rating to INR61MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long
term bank facilities of Rampa Autos Ltd.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             49         CRISIL B-/Stable (Assigned)
   Rupee Term Loan         12         CRISIL B-/Stable (Assigned)

The rating reflects RAL's weak financial risk profile marked by
high total outside liability by tangible net worth and weak debt
protection metrics, small scale of operations in the highly
competitive automotive dealership market, and working-capital-
intensive operations. These rating weaknesses are partially
offset by RAL's strong revenue growth in the past three years
ended 2010-11, supported by its established position in the
automobile dealership market.

Outlook: Stable

CRISIL believes that RAL will maintain its business risk profile
over the medium term, supported by established presence in the
automotive dealership business. However, the company's financial
and liquidity profile is expected to remain constrained over the
medium term by its large working capital requirements. CRISIL
believes that RAL's promoters will provide financial support to
the company to meet its debt obligations in a timely manner. The
outlook may be revised to 'Positive' if there is an improvement
in RAL's liquidity profile, or if the company reports a higher-
than-expected operating margin with healthy revenue growth.
Conversely, the outlook may be revised to 'Negative' if RAL's
debt protection metrics weaken further, or if the company's
margins deteriorate, leading to a decline in cash accruals and
consequently constraining its liquidity.

                         About Rampa Autos

RAL, incorporated in 1985, is an authorised dealer of the
automobiles of Bajaj Auto Ltd (rated 'CRISIL
AAA/FAAA/Stable/CRISIL A1+') and Mahindra and Mahindra Ltd
(rated, 'CRISIL AA+/Stable/CRISIL A1+') in the Hoshairpur,
Mukerian and Nawanshahar districts of Punjab. The company has
four showrooms - two in Hoshiarpur, one in Mukerian and the other
in Nawashahar. In addition, the company has 15 allocated service
centres (ASCs) across Hoshiarpur and Nawanshahar districts. RAL
is promoted by Mr. Iqbal Singh and Mr. Sandeep Singh and their
families.

For 2010-11 (refers to financial year, April 1 to March 31), RAL
reported a net profit of INR0.9 million on net sales of INR738
million, against a net profit of INR0.8 million on net sales of
INR631 million for 2009-10. The company has achieved the net
sales of INR780 million for 2011-12 on provisional basis.


RAVIBALA IMPORTS: CRISIL Cuts Rating on INR86.5MM Loans to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the short-term bank
facilities of Ravibala Imports & Exports (Ravibala; part of the
Ravibala group) to 'CRISIL D' from 'CRISIL A4'. The rating
downgrade reflects Ravibala's instances of delays in servicing
its bank facilities; the delays have been caused by the Ravibala
group's weak liquidity.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bill Purchase-         30          CRISIL D (Downgraded from
   Discounting Facility                         'CRISIL A4')

   Letter of Credit        5          CRISIL D (Downgraded from
                                                'CRISIL A4')

   Packing Credit         37.5        CRISIL D (Downgraded from
                                                'CRISIL A4')

   Standby Line of        14          CRISIL D (Downgraded from
   Credit                                       'CRISIL A4')


The Ravibala group has a weak financial risk profile, marked by a
high gearing and a small net worth, and has volatile revenues.
The group is also exposed to risks related to adverse regulatory
changes, to adverse climatic conditions, to epidemic-related
factors, and to volatility in raw material prices. However, the
group benefits from its promoters experience in the gherkin
export business.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Stangl Pickles & Preserves and
Ravibala, together referred to as the Ravibala group. This is
because the entities are under a common management, are in
similar lines of business, and have close operational linkages,
including fungible cash flows, with each other.

                          About the Group

Ravibala, set up in 1994 by Mr. M Gnanashekar, is the flagship
firm of the group. The Sivagangai (Tamil Nadu)-based firm
cultivates and exports processed and semi-processed gherkins and
also manufactures coir pith. Set up in 2004, Stangl is engaged in
the packaging and exporting of gherkins, processed in Ravibala
Imports. The firm packages the processed gherkins in various
bottle sizes ranging from 70 millilitre (ml) to 1000 ml. The
group has a gherkin processing facility of around 10,000 tonnes
per annum.

The Ravibala group reported a net loss of INR16.7 million on net
revenues of INR156.0 million for 2010-11, against a profit after
tax (PAT) of INR1.9 million on net revenues of INR239.5 million
for 2009-10.


SHREE KRISHNA: CRISIL Assigns 'B' Rating to INR52.5MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Shree Krishna Industries.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             30         CRISIL B/Stable
   Term Loan               22.5       CRISIL B/Stable

The rating reflects SKI's start-up phase and small scale of
operations in fragmented industry, weak financial risk profile,
marked by high gearing and weak debt protection metrics, and
susceptibility to volatility in raw material prices and
unfavorable changes in government policy regarding cotton
industry. These rating weaknesses are partially offset by the
extensive industry experience of SKI's partners.

Outlook: Stable

CRISIL believes that SKI's financial risk profile will remain
constrained over the medium term because of its start-up phase of
operations; however, the firm's business risk profile will
improve gradually over the medium term with stabilisation of
operations in its manufacturing facility. The outlook may be
revised to 'Positive' in case of earlier-than-expected ramp-up of
operational income leading to higher-than-expected cash accruals.
Conversely, the outlook may be revised to 'Negative' in case of
pressure on the firm's profitability negatively affecting its
cash accruals or larger-than-expected debt-funded capex, leading
to deterioration in its financial risk profile.

                        About Shree Krishna

SKI was incorporated in 2010 for installing a cotton ginning unit
and to manufacture cotton seed oilcake in Bhiwani (Haryana). The
firm is promoted by the Singla and Yadav families of Haryana. The
firm has capacity of 60 tonnes per day (tpd) and 45 tpd of cotton
and cottonseed, respectively, and became operational in November
2011.


STANGL PICKLES: Delays in Loan Payment Cue CRISIL Junk Ratings
--------------------------------------------------------------
CRISIL has downgraded its rating on the short-term bank
facilities of Stangl Pickles & Preserves (Stangl; part of the
Ravibala group) to 'CRISIL D' from 'CRISIL A4'. The rating
downgrade reflects Stangl's instances of delays in servicing its
bank facilities; the delays have been caused by the Ravibala
group's weak liquidity.

                             Amount
   Facilities              (INR Mln)     Ratings
   ----------              ---------     -------
   Bill Purchase-             50        CRISIL D (Downgraded from
   Discounting Facility                  'CRISIL A4')

   Letter of Credit            8        CRISIL D (Downgraded from
                                         'CRISIL A4')

   Packing Credit             25        CRISIL D (Downgraded from
                                         'CRISIL A4')

The Ravibala group has a weak financial risk profile, marked by a
high gearing and a small net worth, and has volatile revenues.
The group is also exposed to risks related to adverse regulatory
changes, to adverse climatic conditions, to epidemic-related
factors, and to volatility in raw material prices. However, the
group benefits from its promoters experience in the gherkin
export business.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Ravibala Imports and Exports
(Ravibala) and Stangl, together referred to as the Ravibala
group. This is because the entities are under a common
management, are in similar lines of business, and have close
operational linkages, including fungible cash flows, with each
other.

                         About the Group

Ravibala, set up in 1994 by Mr. M Gnanashekar, is the flagship
firm of the group. The Sivagangai (Tamil Nadu)-based firm
cultivates and exports processed and semi-processed gherkins and
also manufactures coir pith. Set up in 2004, Stangl is engaged in
the packaging and exporting of gherkins, processed in Ravibala
Imports. The firm packages the processed gherkins in various
bottle sizes ranging from 70 millilitre (ml) to 1000 ml. The
group has a gherkin processing facility of around 10,000 tonnes
per annum.


The Ravibala group reported a net loss of INR16.7 million on net
revenues of INR156.0 million for 2010-11, against a profit after
tax (PAT) of INR1.9 million on net revenues of INR239.5 million
for 2009-10.


VBC ASSOCIATES: CRISIL Raises Rating on INR217.6MM Loan to 'B+'
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank loan
facility of VBC Associates to 'CRISIL BB-/Stable' from 'CRISIL
B+/Stable' while assigning its 'CRISIL A4+' rating to VBCA's
short-term bank facility.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee         12.7        CRISIL A4+ (Assigned)
   Long-Term Loan        217.6        CRISIL BB-/Stable (Upgraded
                                      from CRISIL B+/Stable)

The rating upgrade reflects CRISIL's belief that VBCA's debt
service coverage ratio (DSCR) will register a sustained and
significant improvement over the medium term; VBCA's DSCR for
2011-12 (refers to financial year, April 1 to March 31) improved
to 1.08 times from 0.72 times in 2010-11. The improvement in the
DSCR has been supported by the incremental revenues earned by
VBCA from the leasing out of the entire leasable area of VBC
Solitaire for all of 2011-12. VBCA's DSCR is, over the medium
term, expected to improve to around 1.20 times, supported by
improving cash accruals and declining debt levels.

The ratings reflect VBCA's stable cash flows from tenants and the
advantageous location of its property. These rating strengths are
partially offset by VBCA's weak financial risk profile, marked by
a negative net worth and geographical concentration in its
revenue profile.

Outlook: Stable

CRISIL believes that VBCA will continue to benefit over the
medium term from its steady lease rentals. The outlook may be
revised to 'Positive' if VBCA increases its revenues
significantly, most likely through a higher-than-expected
escalation in its lease rates, while improving its capital
structure considerably. Conversely, the outlook may be revised to
'Negative' in case of unexpected termination of the firm's lease
rentals, decline in its cash flows because of significant delays
in rental receivables from tenants, weakening in its capital
structure because of a larger-than-expected, debt-funded capital
expenditure, or pressure on its financial risk profile because of
funding support extended to group entities.

                       About VBC Associates

Established as a partnership firm in 2006, VBCA owns and operates
a commercial real estate property, VBC Solitaire, in Chennai. The
property became operational in November 2009. It houses a 12-
storey building with a total leasable area of 90,000 square feet.
The property has been leased to companies operating in different
sectors such as information technology, manufacturing, and
banking. VBCA's day-to-day operations are managed by its current
partners, Mr. V S Balaji and Mr. V S Rajesh.

VBCA's group entities include three partnership firms - VBC
Jewellers, VBC Jewellery, and Friendly Services. VBC Jewellery
and VBC Jewellers operate one jewellery showroom each in Chennai.
Friendly Services is a dealer of Indian Oil Corporation Ltd's
products.

VBCA's promoter-partner family is a division of the Vummidi
Bangaru Chetty family. The Vummidi family has been in the
jewellery business for over 100 years and has about eight
different factions.

VBCA reported a loss of INR21.88 million on net sales of INR38.2
million for 2010-11, as against a loss of INR19.3 million on net
sales of INR6.8 million for 2009-10.


WIN-WIN AUTOMOBILES: CRISIL Puts 'B' Rating on INR294.5MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Win-Win Automobiles Pvt Ltd (WAPL).

                            Amount
   Facilities             (INR Mln)     Ratings
   ----------             ---------     -------
   Proposed Long-Term       111.2      CRISIL B/Stable (Assigned)
   Bank Loan Facility

   Cash Credit              183.30     CRISIL B/Stable (Assigned)

   Bank Guarantee            5.50      CRISIL A4 (Assigned)

The ratings reflect WAPL's weak financial risk profile, marked by
small net worth, high gearing, and weak debt protection metrics,
susceptibility to the economy, and limited bargaining power with
principals. These rating weaknesses are partially offset by
WAPL's position as the sole dealer of Mahindra and Mahindra Ltd's
(MML's; rated 'CRISIL AA+/Stable/CRISIL A1+') automobiles in the
Bhopal (Madhya Pradesh [MP]) region and the extensive experience
of its promoters in the automobile business.

Outlook: Stable

CRISIL believes that WAPL will benefit over the medium term from
its promoters' extensive industry experience and established
relationship with MML. The outlook may be revised to 'Positive'
in case of more-than-expected increase in its scale of
operations, while improving its capital structure and
profitability margins. Conversely, the outlook may be revised to
'Negative' in case of a slowdown in the volume growth
significantly impacting WAPL's revenue and profitability, or any
large debt-funded capital expenditure affecting the capital
structure.

                      About Win-Win Automobiles

Incorporated in 2004, WAPL is the sole authorised dealer in
Bhopal of passenger cars, utility vehicles, commercial vehicles,
and three-wheelers manufactured by MML and Mahindra Renault Pvt
Ltd. WAPL is promoted by Mr. Virendra Singh, his wife Mrs. Shalu
Singh, and his father, Mr. Avatar Singh. The company has seven
showrooms and two workshops in MP. The registered office is in
Bhopal.

For 2010-11 (refers to financial year, April 1 to March 31), WAPL
reported a profit after tax (PAT) of INR7.1 million on net sales
of INR1.2 billion, as against a PAT of INR5.6 million on net
sales of INR1.1 billion for 2009-10.


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


BUMI RESOURCES: S&P Affirms 'BB' Corporative Credit Rating
----------------------------------------------------------
Standard & Poor's Ratings Services had revised its outlook on
Indonesia-based thermal coal producer PT Bumi Resources Tbk. to
negative from stable. "At the same time, we affirmed our 'BB'
corporate credit rating on Bumi and 'BB' rating on the company's
senior secured notes. We also lowered our ASEAN scale rating on
Bumi to 'axBB+' from 'axBBB-' following the revision on the
outlook," S&P said.

"The negative outlook reflects our view that Bumi's debt has
remained higher than we had earlier anticipated," said Standard &
Poor's credit analyst Vishal Kulkarni. "The negative outlook also
reflects our expectation that Bumi's operating performance will
be weaker in 2012 than in 2011, and that the company's cash flow
growth will moderate. Both these factors will likely further
limit Bumi's ability to deleverage over the next 12 months."

"We assess Bumi's financial risk profile as 'aggressive'. We
expect the company's financial metrics to likely breach our
downgrade triggers over the next 12 months and remain stretched
for the rating. We expect the company's ratio of funds from
operations (FFO) to total debt at about 10% over the next 12-18
months, barring any debt repayment or refinancing. We believe the
company's plan to prepay its high-cost debt with cash receivables
from related parties and asset monetization could be delayed,"
S&P said.

"We assess Bumi's liquidity as 'adequate', as defined in our
criteria. We expect the company's sources of funds to exceed its
uses of funds by 1.7x over the next 12 months. Yet, we view
Bumi's scheduled debt maturities of $480 million in 2013 as
sizable and we could review our assessment of the company's
liquidity if it fails to arrange the funds for these maturities
in the next 12 months. Currently, we do not expect Bumi's free
operating cash flows to cover these maturities," S&P said.

"In our base-case scenario for Bumi, we have not considered any
debt prepayments or resulting interest cost savings. We also have
not considered payments of receivables from related parties.
Nevertheless, our negative outlook acknowledges potential
financial upside from reduced interest expense if Bumi prepays
some of its high-cost debt. We also note that the company could
potentially use these payments to partially repay its own debt,
assuming that related parties repay this year," S&P said.

"We could lower the rating on Bumi if the company's ratio of FFO
to total debt remains below 12% over the next 12 months," said
Mr. Kulkarni. "We believe this could happen if production growth
is slower or gross profit per ton of coal sold is lower than we
currently expect. We could also lower the rating if Bumi's
business or financial risk profiles weaken due to: (1) negative
implications of Bumi PLC's operational or financial policies for
Bumi; or (2) adverse regulatory changes. These factors could
constrain Bumi's ability to reduce debt."

"We could revise the outlook to stable if Bumi's FFO-to-debt
ratio is above 15% and the total-debt-to-EBITDA ratio stabilizes
below 3.5x. We believe this could materialize if Bumi's coal
production and its gross profit per ton of coal sold
significantly exceed our base-case expectations for a sustainable
period. We could also revise the outlook to stable if Bumi repays
some of its higher-cost debt. The outlook revision assumes that
Bumi's operations and cash flow are not negatively affected by
developments at Bumi PLC or Bakrie & Bro., and adverse new
regulation," S&P said.


LIPPO KARAWACI: Fitch Upgrades Issuer Default Rating to 'BB-'
-------------------------------------------------------------
Fitch Ratings has upgraded Indonesia-based PT Lippo Karawaci
Tbk's Long-Term Foreign and Local Currency Issuer Default Ratings
(IDRs) to 'BB-' from 'B+' and its National Long-Term Rating to
'A+(idn)' from 'A(idn)'.  The Outlook is Stable.

Fitch has also upgraded LK's senior unsecured rating to 'BB-'
from 'B+'.  As a result, the rating on its USD400m senior
unsecured notes due 2015 -- issued by Sigma Capital Pte Ltd and
guaranteed by LK -- has been upgraded to 'BB-' from 'B+'.

The upgrade reflects LK's improved liquidity following the strong
presales in 2011, which allows it to execute its large capex
programme with a lower reliance on debt.  Also, of the total
IDR3.7trn outstanding debt at end-2011, IDR3.5trn is due only in
2015.  LK's strong liquidity position is further supported by its
IDR2.2trn unencumbered cash at end-2011.  Fitch acknowledges that
the company may raise additional debt to fund accelerated capex,
but income from recurring sources including healthcare, retail
mall and hospitality businesses will provide adequate interest
and fixed charge coverage.

The higher rating also reflects LK's a decades-long track record
of managing through property cycles while maintaining a strong
balance sheet, most recently demonstrated in the 2009 downturn.
The rating is also supported by the company's recurring income,
which now accounts for nearly half of its earnings and mitigates
the volatility of income from property development.

The ratings are, however, constrained by the cyclicality of
property development, the small scale of LK's operations relative
to other 'BB-' rated peers and the execution risk of its large
capex plan to end-2015.  Fitch notes that LK plans to fund a part
of its capex through continued sale of its healthcare and retail
mall assets to its sponsored REITS, but the latter's ability to
purchase these assets depends on their success in raising
additional capital.  This risk is mitigated by the facts that the
capex is modular and bulk of it is uncommitted.

The Stable Outlook reflects Fitch's view that the long-term
demand in Indonesia for LK's key products such as residential
property and healthcare services will remain strong, allowing the
company to maintain its current financial profile.  Negative
rating action may be taken if LK's coverage ratios as measured by
recurring EBITDA/interest expense and recurring EBITDAR/fixed
charges decline below 1.5x and 1.25x, respectively, on a
sustained basis.  Fitch also expects LK to be able to pre-fund
its planned capex for the next 12 months on a rolling basis.
Positive rating action is not envisaged in the next 12 to 18
months due to the above constraints.

It should be noted that Fitch deconsolidates subsidiaries with
substantial minority interests when analysing LK given its
limited access to their cash.  The biggest among these is 54.37%
owned PT Lippo Cikarang Tbk.


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


TOKYO ELECTRIC: To Name Hirose as Next President
------------------------------------------------
The Japan Times Online reports that Tokyo Electric Power Co. said
Tuesday it will promote managing director Naomi Hirose as the
next president of the ailing utility, which is expected to be
effectively nationalized as it struggles to cope with the
Fukushima No. 1 nuclear plant crisis that started last year.

Japan Times relates that the 59-year-old executive is in charge
of compensation issues related to the catastrophe and has
apparently received recognition for firmly handling his job.  The
promotion was decided at an extraordinary board meeting, the
report notes.

According to the report, TEPCO has been looking for candidates
for the company's top management position as current Chairman
Tsunehisa Katsumata, 72, and President Toshio Nishizawa, 61, are
expected to step down at the utility's annual shareholders'
meeting in June as a gesture of taking responsibility for the
triple-meltdown crisis.

Kazuhiko Shimokobe, a 64-year-old lawyer and a key official of a
state-backed entity providing financial assistance to Tepco, is
already set to become the next chairman, says Japan Times.

At a press conference Tuesday, Japan Time adds Mr. Hirose said
that the three pillars Tepco must pursue are continuing the
compensation payments to residents affected by the meltdown
crisis, stabilizing and ultimately decommissioning the crippled
reactors, and assuring a stable supply of electricity.

"We also need to make sure that we are listening to the voices of
our customers and reflecting them in our services," the report
quotes Mr. Hirose as saying.  "There are many things that we need
to change (as a company)."

Japan Times discloses that Mr. Hirose served in the corporate
planning department, which is seen as an elite track, as well as
the marketing department before becoming a managing director in
June 2010. He earned a Master of Business Administration at Yale
University in the United States.

                       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.


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


AMFRASER NOMINEES: Creditors' Proofs of Debt Due June 4
-------------------------------------------------------
Creditors of Amfraser Nominees Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by June 4,
2012, to be included in the company's dividend distribution.

The company's liquidators are:

          Kon Yin Tong
          Wong Kian Kok
          Aw Eng Hai
         C/o 47 Hill Street #05-01
         Singapore Chinese Chamber of Commerce
         & Industry Building
         Singapore 179365


ARETAE PTE: Court Enters Wind-Up Order
--------------------------------------
The High Court of Singapore entered an order on April 27, 2012,
to wind up the operations of Aretae Pte Ltd.

Annica Holdings Limited filed the petition against the company.

The company's liquidator is:

         Wong Joo Wan
         c/o Alternative Advisors Pte Ltd
         78 South Bridge Road, #04-01
         Singapore 058708


GOLD INTERNATIONAL: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Singapore entered an order on April 27, 2012,
to wind up the operations of Gold International Marketing Pte
Ltd.

Oversea-Chinese Banking Corporation Limited filed the petition
against the company.

The company's liquidator is:

         The Official Receiver
         45 Maxwell Road #05-11/#06-11
         The URA Centre (East Wing)
         Singapore 069118


GUANGZHAO INDUSTRIAL: Creditors' Proofs of Debt Due May 14
----------------------------------------------------------
Creditors of Guangzhao Industrial Forest Biotechnology Group
Limited, which is under judicial management, are required to file
their proofs of debt by May 14, 2012, to be included in the
company's dividend distribution.

The judicial manager is:

          Yit Chee Wah
          c/o FTI Consulting (Singapore) Pte Ltd
          8 Shenton Way, #17-02A
          Singapore 068811


ICON BUILDER: Court to Hear Wind-Up Petition on May 18
------------------------------------------------------
A petition to wind up the operations of Icon Builder Pte Ltd will
be heard before the High Court of Singapore on
May 18, 2012, at 10:00 a.m.

Malayan Banking Berhad filed the petition against the company on
April 20, 2011.

The Petitioner's solicitors are:

          Khattarwong LLP
          No. 80 Raffles Place
          #25-01 UOB Plaza 1
          Singapore 048624


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


* Moody's Says Trend for Asia Corporates Stays Neg. in 1st Qtr.
---------------------------------------------------------------
Moody's Investors Service says that the negative rating trend for
rated non-financial corporates in Asia Pacific -- which started
in 3Q2011 --- continued for a third consecutive quarter in
1Q2012.

"We expect the negative credit trend for corporates in Asia and
Japan to continue in the coming 6 months, in view of the
lackluster state of global growth, due in turn to the debt
problems in the EU and slowing growth in the emerging economies,
particularly China," says Clara Lau, a Moody's Group Credit
Officer.

Lau was speaking on the release of Moody's quarterly review of
rating actions on rated corporates in the Asia Pacific, covering
Asia, Japan, Australia and New Zealand. The report is entitled,
"Rating And Outlook Trends for Asia Pacific Corporates 1Q2012."

"While Chinese property developers remained the largest
contributing sector to the negative rating actions, the negative
momentum spread to a wider range of industries across the region,
including metals and mining, manufacturing and
telecommunications."

"Besides weakened demand, overcapacity in industries such as
steel and mining is another problem. Pressure is more intense for
the shipping , consumer electronics and steel and mining
companies," adds Ms. Lau.

"We expect rating pressures to persist for the Chinese rated
portfolio -- both property developers and industrial companies --
due to the combined factors of weak performance and corporate
governance concerns. Such a situation has limited their access to
liquidity," says Ms. Lau.

The Moody's report notes 26 negative rating actions for the Asian
portfolio in 1Q2012, significantly outnumbering the 5 positive
and up significantly from the 16 negative in 4Q2011. The rating
trend tracker for Asian corporates fell further, measuring 0.2.

In Japan, the number of negative actions moderated to 5 in 1Q2012
from 16 in 4Q2011. The persistence of the negative trend
reflected the impact of weak domestic and global demand and the
strong yen on Japanese manufacturers. But the progressive
recovery from the March 11 tragedy provided something of an
offset. The negative rating actions in 1Q2012 stemmed mainly from
manufacturing -- such as steel and glass -- and consumer
electronics.

For the Australia and New Zealand portfolio, the trend was
relatively stable during 1Q2012. There were 2 negative rating
actions and one positive, the same as 4Q2011. The actions were
mainly prompted by company-specific factors, such shareholder-
friendly decisions, or delays in raising production. Moody's
expects the stable trend to continue.


                             *********

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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