TCRAP_Public/120517.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Thursday, May 17, 2012, Vol. 15, No. 98

                            Headlines


A U S T R A L I A

BALGOWLAH GOLF: To Continue Trading for Six Weeks
BDO AUSTRALIA: Sees Partners Exodus as it Struggles With Debt
GPAC SERIES: Fitch Affirms Rating on Two Note Classes at Low-B
SANDS PRINT: Administrator Expects Liquidation or Asset Sale
ST HILLIERS CONSTRUCTION: Placed in Voluntary Administration


H O N G  K O N G

BUGS MOVING: Court Enters Wind-Up Order
EASTO (INTERNATIONAL): Court Enters Wind-Up Order
FAST FANCY: Court Enters Wind-Up Order
FIORI TEXTILES: Court Enters Wind-Up Order
GERMANY DULEY: Court Enters Wind-Up Order

GRAND CHINA: Court to Hear Wind-Up Petition on May 30
JUMBO WATCH: Court Enters Wind-Up Order
K VISION: Lai and Yeung Appointed as Liquidators
KWAN WAI: Court Enters Wind-Up Order
LUEN YICK: Court Enters Wind-Up Order

SULZER PUMPS: Members' Final Meeting Set for June 1
SUPERB DRAGON: Tom and Lo Step Down as Liquidators
SYMBOL TECHNOLOGIES: Young and Wong Step Down as Liquidators
THAI PROPERTY: Members' Final Meeting Set for June 8
TOP GAIN: Creditors' Proofs of Debt Due May 31

VANSHINE CHINA: Placed Under Voluntary Wind-Up Proceedings


I N D I A

AIR INDIA: Cancels 15 More Intl. Flights as Strike Continues
AJAY TRADING: CRISIL Assigns 'BB' Rating to INR40MM Cash Credit
B.BUCHA REDDY: CRISIL Assigns 'D' Rating to INR140MM Loans
BHARGAVI TEXTILES: Delay in Loan Payment Cues CRISIL Junk Ratings
EFFTRONICS SYSTEMS: CRISIL Revises Rating Outlook on INR120M Loan

GALAXY CONCAB: CRISIL Reaffirms 'D' Ratings on INR220MM Loans
HI-TECH CHEMICALS: CRISIL Reaffirms 'BB+' Cash Credit Rating
KEYSTONE LIFESPACES: CRISIL Rates INR120MM Loan at 'CRISIL B'
MANGALAM EDU: CRISIL Rates INR800MM Term Loan at 'CRISIL B'
PANDIT AUTOMOTIVE: CARE Reaffirms 'BB+' Rating on INR139.5cr Loan

SATYA INFRA: CRISIL Rates INR112.5MM Loan at 'CRISIL BB-'
SILVER & ART: CRISIL Rates INR100MM Loan at 'CRISIL BB'
SONA WIRES: CRISIL Reaffirms 'B+' Rating on INR37.5MM Loan
TRIMURTI FOODTECH: Delay in Loan Payment Cues CRISIL Junk Ratings
VISTEON ENG'G: CRISIL Reaffirms 'BB' Rating on INR15MM Loans


I N D O N E S I A

LIPPO KARAWACI: Fitch Puts 'BB-' Rating on $150MM Unsec. Notes
LIPPO KARAWACI: Moody's Assigns 'B1' Senior Unsecured Rating


J A P A N

INCUBATOR BANK: Former Chairman Faces JPY40-Mil. Tax Bill
JCORE12: Fitch Lowers Rating on Class E TBIs to 'Dsf'
ORIX-NRL TRUST: Moody's Reviews Junk Ratings for Downgrade


N E W  Z E A L A N D

CAPE CAMPBELL: Mission Estate Buys Marlborough Vineyard
CAPITAL + MERCHANT: Bosses Breached Trust Deed, Court Told


S I N G A P O R E

MIA RISK: Creditors' Proofs of Debt Due June 7
PROVIDENCE MOTOR: Court Enters Wind-Up Order
SKYLAN PROPERTIES: Creditors' Proofs of Debt Due June 11
SOLID ASIA: Court Enters Wind-Up Order
SYONAN MARINE: Creditors' Proofs of Debt Due June 8


V I E T N A M

* VIETNAM: Fitch Affirms Issuer Default Rating at 'B+'


                            - - - - -


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


BALGOWLAH GOLF: To Continue Trading for Six Weeks
-------------------------------------------------
Boel Eriksson at Manly Daily reports that Balgowlah Golf Club
will continue trading for at least the next six months while
refinancing and amalgamation options are explored.

Manly Daily relates that the creditors of the struggling club
this week resolved to execute a deed of company arrangement after
the 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 he recommended for the company to go
into a deed of company arrangement, according to the report.

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


BDO AUSTRALIA: Sees Partners Exodus as it Struggles With Debt
-------------------------------------------------------------
Ben Butler at The Sydney Morning Herald reports that like blood
from a severed artery, partners are pouring from troubled mid-
tier accountancy outfit BDO Australia.

SMH says the group was once reckoned the leading contender for
the title of fifth-biggest accounting firm in Australia, but is
reeling after an overly ambitious expansion program left it
weighed down by debt.

According to the report, Grant Thornton paid a reported
AUD60 million for BDO's New South Wales and Victorian arms last
week, sparking the latest rush for the doors.

SMH relates that Sydney-based national corporate finance leader
Sebastian Stevens is said to be among the most recent to exit,
taking his team -- including partners David McCourt and Vera
Baumgartner -- to PKF in the past few days.

The report says Sydney insolvency partners Michael Hird and
Trent Hancock are also believed to have made their excuses,
switching firms to Moore Stephens.  They will be joining auditors
Melissa Alexander and John Gavljak, who, CBD hears, joined Moore
Stephens last week, the report relays.

Tax partner Nick Gangemi is also gone, and is to return to the
bar, SMH reports.

According to the report, Melbourne partners Brett Fowler, an
automotive industry specialist, and auditor Nick Michael are also
believed to have departed Moore Stephens-ward.

Also in Melbourne, SMH relates, risk advisory partner
Andrew Pearce is going to WHK Horwath, while auditor Simon Scalzo
is off to PKF and private client partner Andrew Bus is to join
former BDO partner Daniel Allison's modestly named Daniel Allison
& Associates.

However, the report says, it looks like former partner Steve
Jones may be staying with BDO as a consultant.

BDO Australia is an accounting and advisory firm.


GPAC SERIES: Fitch Affirms Rating on Two Note Classes at Low-B
--------------------------------------------------------------
Fitch Ratings has upgraded three GPAC Series 2008-AN1 Trust's
notes and affirmed two others.  The transaction is a
securitisation of non-conforming residential mortgages originated
by GMAC-RFC Australia Pty Ltd which closed in May 2008. The
rating actions are as listed below:

  -- AUD4.3m Class B (AU3FN0005765) affirmed at 'AAAsf'; Outlook
     Stable

  -- AUD11m Class C (AU3FN0005773) affirmed at 'AAsf'; Outlook
     Stable

  -- AUD10m Class D (AU3FN0005781) upgraded to 'A-sf' from
     'BBBsf'; Outlook Stable

  -- AUD7.5m Class E (AU3FN0005799) upgraded to 'BB+sf' from
     'BBsf'; Outlook Stable

  -- AUD7m Class F (AU3FN0005807) upgraded to 'Bsf' from 'B-sf';
     Outlook Stable

The upgrade reflects the constant build-up of credit enhancement
since closing.  In spite of the high level of arrears and
historical losses, the rated notes continue to benefit from a
strong level of subordination provided by the unrated Class G and
H notes.  The Class H notes, in particular, provided protection
against sudden losses, and excess spread has been sufficient to
cover outstanding charge-offs. As of end-March 2012, the Class H
notes' stated balance amounted to AUD13,859,465.

"Approximately 57% of all cumulative losses have been reimbursed
by excess spread and the remaining losses have been charged off
against Class H notes.  Class H and G notes provide 27%
subordination after outstanding charge-offs," said James Zanesi,
Director in Fitch's Structured Finance team.  "Although further
losses might materialise, the rated notes can withstand defaults
and loss severity above historical levels."

As of March 12, 2012, the transaction's liabilities were
approximately AUD57.6m, down from of AUD302.8m at closing.  The
weighted average loan-to-valuation ratio was 80.8%, and low-
documentation loans accounted for 81.4% of the pool.

As of March 2012, 30+ days and 90+ days arrears accounted for
29.1% and 19.4% of the pool, respectively.  The 30+ days arrears
in dollar amount have been stable within the AUD15m-AUD17m range
over the 12 months to March 2012.  However, as the transaction is
reducing in size, arrears are increasing as a percentage.

As the mortgage portfolio decreases in size, the risk of
principal losses resulting from the default of large loans
becomes a driver for Fitch's analysis.  A cash flow analysis was
performed on the transaction, stressing a combination of interest
rates, defaults, default timing, recovery timing and prepayment
rates, with each tranche passing at its respective rating level.


SANDS PRINT: Administrator Expects Liquidation or Asset Sale
------------------------------------------------------------
Nick Bendel at ProPrint reports that the administrator expects
Sands Print Group to be liquidated and sold, but said it was
"extremely unlikely" unsecured creditors would receive any money.

ProPrint relates that Stirling Horne of Lawler Draper Dillon said
the other options would be for the creditors to return the
company to the directors' control or for the directors to present
a Deed of Company Arrangement to be able to continue trading, but
neither of these was likely.

According to ProPrint, Mr. Horne said the second creditors'
meeting on May 18 is expected to be adjourned so the
administrator has enough time to work through three "preferred"
offers for Sands Print.

Mr. Horne also said he was confident employees would receive all
their entitlements through the combination of realisable assets
and the Federal government's General Employee Entitlements and
Redundancy Scheme (GEERS), the report adds.

At the first creditors' meeting on April17, ProPrint notes,
Mr. Horne said he would investigate whether any insolvent trading
had occurred and announce his findings on May 18.

The preliminary report revealed Sands Print had gone into
administration on April 4 with around AUD4.5 million of assets
and AUD6 million of debt - AUD3 million of which was unsecured,
adds ProPrint.

Sands Print Group -- http://www.sandsprint.com.au/-- is one of
Australia's largest print and graphic providers. Located in
Melbourne, Geelong and Sydney, the Company distributes nationally
and export to North America, Europe and the Pacific Rim.


ST HILLIERS CONSTRUCTION: Placed in Voluntary Administration
------------------------------------------------------------
St Hilliers Construction Pty Ltd on May 16, 2012, announced that
it has appointed Trent Hancock -- thancock@moorestephens.com.au
-- and Michael Hird --  mhird@moorestephens.com.au -- of Moore
Stephens Sydney Corporate Recovery Group as voluntary
administrators.

St Hilliers Construction Pty Ltd is the construction arm of the
St Hilliers Group.

The Administration does not involve St Hilliers Property Pty Ltd,
the entity responsible for the Group's activities in funds
management, property development and asset management. The
operations of St Hilliers Property Pty Ltd and funds and
individual investments in each fund are not part of the
administration process with independent custody arrangements in
place.

An associated company, St Hilliers Ararat Pty Ltd is part of a
consortium contracted to undertake the AUD350 million expansion
of the Ararat Prison in central Victoria. St Hilliers Ararat Pty
Ltd has at the same time been placed into liquidation.

The Administration of St Hilliers Construction Pty Ltd is due to
exposure under guarantees for debts of St Hilliers Ararat Pty Ltd
relating to the Ararat Prison project in Victoria.

Negotiations over several months between the Ararat Prison equity
investors and its Bankers in conjunction with the State of
Victoria have failed to reach a definitive agreement for
additional funding of approximately $150 million. The St Hilliers
Group could not allow further debts to be incurred without
adequate funding. As a consequence, the Group determined that the
only prudent course of action was to cease work on the Ararat
project and place St Hilliers Construction Pty Ltd into Voluntary
Administration. The Administrators will be seeking to complete
viable projects once they assess the position of each of the
projects.

St Hilliers Group Executive Chairman Tim Casey said: "It is very
regrettable that we have had to initiate this action. We have
over a number of months explored and exhausted all possible
avenues to recapitalise the construction business and find a
solution to the significant cost and time overruns on the Ararat
Project. Unfortunately a solution was not possible under the
current regime."

"We will now work actively and constructively with the
Administrator and all stakeholders to continue all viable
projects and to find a way to restructure the construction
business going forward. For the rest of the St Hilliers Group it
remains business as usual."

St Hilliers Group is an Australian property group providing
services in property development, contracting and funds
management.


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


BUGS MOVING: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on May 2, 2012, to
wind up the operations of Bugs Moving Limited.

The official receiver is Teresa S W Wong.


EASTO (INTERNATIONAL): Court Enters Wind-Up Order
-------------------------------------------------
The High Court of Hong Kong entered an order on May 2, 2012, to
wind up the operations of Easto (International) Investment
Limited.

The company's liquidator is Lau Siu Hung.


FAST FANCY: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on April 25, 2012,
to wind up the operations of Fast Fancy Limited.

The company's liquidator is Lau Siu Hung.


FIORI TEXTILES: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on May 2, 2012, to
wind up the operations of Fiori Textiles Limited.

The official receiver is Teresa S W Wong.


GERMANY DULEY: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on May 2, 2012, to
wind up the operations of Germany Duley Holding Limited.

The company's liquidator is Lau Siu Hung.


GRAND CHINA: Court to Hear Wind-Up Petition on May 30
-----------------------------------------------------
A petition to wind up the operations of Grand China Shipping
(Hong Kong) Co. Ltd will be heard before the High Court of Hong
Kong on May 30, 2012, at 9:30 a.m.

Shagang Shipping Company Limited filed the petition against the
company on May 7, 2012.

The Petitioner's solicitors are:

          Ng, Lie, Lai & Chan
          Rooms 1205-7, 12th Floor
          Wing On Centre, Rooms 1205-7
          111 Connaught Road Central
          Hong Kong


JUMBO WATCH: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on Jan. 20, 2012, to
wind up the operations of Jumbo Watch Limited.

The company's liquidator is Lau Siu Hung.


K VISION: Lai and Yeung Appointed as Liquidators
------------------------------------------------
Lai Kar Yan Derek and Yeung Lui Ming Edmund on April 18, 2012,
were appointed as liquidators of K Vision International
Investment (H.K.) Limited.

The liquidators may be reached at:

         Lai Kar Yan Derek
         Yeung Lui Ming Edmund
         35/F One Pacific Place
         88 Queensway, Hong Kong


KWAN WAI: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order on May 2, 2012, to
wind up the operations of Kwan Wai Decoration Limited.

The official receiver is Teresa S W Wong.


LUEN YICK: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on Feb. 29, 2012, to
wind up the operations of Luen Yick Tat Cotton Yarn Company
Limited.

The company's liquidator is Lau Siu Hung.


SULZER PUMPS: Members' Final Meeting Set for June 1
---------------------------------------------------
Members of Sulzer Pumps (China) Limited will hold their final
general meeting on June 1, 2012, at 3:00 p.m., at 19/F, No. 3
Lockhart Road, Wanchai, in Hong Kong.

At the meeting, Wong Man Chung Francis, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


SUPERB DRAGON: Tom and Lo Step Down as Liquidators
--------------------------------------------------
Tom Cheuk Kuen and Lo Shui San Zue stepped down as liquidators of
Superb Dragon Limited on April 24, 2012.


SYMBOL TECHNOLOGIES: Young and Wong Step Down as Liquidators
------------------------------------------------------------
Isabelle Angeline Young and John Chi Wai Wong stepped down as
liquidators of Symbol Technologies Hong Kong Limited on April 19,
2012.


THAI PROPERTY: Members' Final Meeting Set for June 8
----------------------------------------------------
Members of Thai Property Investments Limited will hold their
final meeting on June 8, 2012, at 11:00 a.m., at 905 Silvercord,
Tower 2, at 30 Canton Road, Tsimshatsui, Kowloon, in Hong Kong.

At the meeting, James T. Fulton and Cordelia Tang, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


TOP GAIN: Creditors' Proofs of Debt Due May 31
----------------------------------------------
Creditors of Top Gain Fashion International Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by May 31, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

         Ling Wai Ming
         Room 2802, 28/F
         China Resources Building
         No. 26 Harbour Road
         Wanchai, Hong Kong


VANSHINE CHINA: Placed Under Voluntary Wind-Up Proceedings
----------------------------------------------------------
At an extraordinary general meeting held on April 25, 2012,
creditors of Vanshine China Investments Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Fan Sai Yee
         Rooms 1009-1012, 10th Floor
         K. Wah Centre, 191 Java Road
         North Point, Hong Kong


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


AIR INDIA: Cancels 15 More Intl. Flights as Strike Continues
------------------------------------------------------------
Bloomberg UTV reports that Air India pilots' strike enters ninth
day and yet there is no breakthrough.  Following the unremitting
strike, the airlines on Wednesday cancelled 15 more international
flights from Mumbai and Delhi, the report says.  Air India has
further extended suspension of US and Europe flight bookings till
May 20 from May 17.

Bloomberg UTV notes that Air India so far, has made a loss of
INR150 crore on the back of strike.

Bloomberg UTV relates that while addressing the issue in Lok
Sabha on Tuesday, appealing to the pilots civil aviation minister
Ajit Singh said, "strike is not an answer to solve your
grievances. All the grievances will be heard unconditionally. You
come to talks unconditionally, please go back to work. Air India
needs employees' cooperation for survival."

On the other hand, Bloomberg UTV says, in order to ease out
passenger traffic to the US and Europe, Air India plans to club
direct flights for five days starting Wednesday.

Speaking on the issue, Jitender Bhargava, Former ED, Air India,
in an interview with Bloomberg UTV, said, "Air India, Indian
Airlines merger was done in haste." He said that two separate
unions should not be allowed.

Also speaking with Bloomberg UTV, Ravindra Dholakia, member of
the Dharmadhikari Committee said, that government is in process
of examining the committee's recommendations.  He said, "Air
India and Indian Airlines merger was not managed well."  Dholakia
believes that there is a need of revision in remuneration. He
stated that company's cashflows are getting better as investment
has slowed.


AJAY TRADING: CRISIL Assigns 'BB' Rating to INR40MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of Ajay Trading Company.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee          150        CRISIL A4+
   Cash Credit              40        CRISIL BB/Stable

The ratings reflect the extensive experience of ATC's partners in
the coal trading industry and the benefits derived by the firm
from its established relationships with its suppliers and
customers. This rating strength is partially offset by ATC's
modest scale of operations and moderate financial risk profile
marked by modest net worth, high external indebtedness and
slender operating margins.

Outlook: Stable

CRISIL believes that ATC will benefit over the medium term from
the extensive industry experience of its partners and established
relationships with its customers. The outlook may be revised to
'Positive' in case of higher-than-expected growth in revenues
while improving its profitability margins and its capital
structure. Conversely, the outlook may be revised to 'Negative'
if the firm reports a steep decline in its revenues or
profitability margins, leading to weakening of its financial risk
profile.

                       About Ajay Trading

Established in 1974 by Mr. Attar Jain, ATC is a partnership firm
engaged in domestic coal trading. ATC procures coal mainly from
different subsidiaries of Coal India Ltd and supplies to end
users in the steel and power sectors. ATC's day-to-day operations
are managed by Mr. Ajay Jain (son of Mr. Attar Jain) along with
his family members, Mr. Ashwini Jain and Mrs. Usha Jain. The firm
has its registered office in Kolkata (West Bengal [WB]) and
operates primarily in Uttar Pradesh and WB.

ATC reported a profit after tax (PAT) of INR13.02 million on net
sales of INR594.35 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR9.09 million on net
sales of INR537.1million for 2009-10.


B.BUCHA REDDY: CRISIL Assigns 'D' Rating to INR140MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities
of B.Bucha Reddy & Co.  The rating reflects continuous
overdrawals of overdraft facility for more than 30 days by BBRC
due to stretched debtors.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long-Term       5         CRISIL D (Assigned)
   Bank Loan Facility

   Bank Guarantee          80         CRISIL D (Assigned)

   Overdraft Facility      55         CRISIL D (Assigned)

BBRC's business profile is constrained by exposure to high
customer concentration risk and working-capital-intensive
operations. The above weaknesses are partially offset by the
extensive experience of BBRC's partners in the civil construction
industry and moderate financial risk profile, marked by low
gearing.

                       About B.Bucha Reddy

Established in 1991 by Mr. B Bucha Reddy, BBRC is a partnership
firm engaged in civil construction work, mainly related to
irrigation projects in Andhra Pradesh (AP). The firm is also a
registered special class contractor with the irrigation
department of AP. BBRC mainly undertakes subcontract work for
other government contractors, such as BVSR Constructions Pvt Ltd.
The firm is based in Hyderabad (AP).

BBRC reported a profit before tax (PBT) of INR1.7 million on net
sales of INR34.1 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PBT of INR6.7 million on net
sales of INR112.8 million for 2009-10.


BHARGAVI TEXTILES: Delay in Loan Payment Cues CRISIL Junk Ratings
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Bhargavi Textiles Pvt Ltd.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan               45         CRISIL D (Assigned)
   Bank Guarantee           1         CRISIL D (Assigned)
   Cash Credit             20         CRISIL D (Assigned)

The ratings reflect instances of delay by BTPL in servicing its
debt; the delays have been caused by the company's weak liquidity
owing to delay in commencement of operations.

BTPL is also exposed to risks related to implementation and
stabilisation of its ongoing cotton ginning mill project.
However, BTPL benefits from its promoters' industry and
entrepreneurial experience.

                      About Bhargavi Textiles

BTPL, based in Mahboobnagar (Andhra Pradesh), was set up in
October 2010 by Mr. Y.D.Gupta, Mr.M.V.Subbaiah, Mr. Y.Shashank
and Mr. K.Shivaji. The company is setting up a cotton ginning
mill with a capacity of 300 bales per day. The total estimated
cost of the project is around INR88.9 million. The plant is
expected start commercial operations from September 2012.


EFFTRONICS SYSTEMS: CRISIL Revises Rating Outlook on INR120M Loan
-----------------------------------------------------------------
CRISIL has revised its rating outlook on the long-term bank
facilities of Efftronics Systems Pvt Ltd to 'Negative' from
'Stable', while reaffirming the rating at 'CRISIL BB+'; the
rating on the company's short-term facility has been reaffirmed
at 'CRISIL A4+'.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee          65        CRISIL A4+ (Reaffirmed)

   Cash Credit            110        CRISIL BB+/Negative (Outlook
                                     Revised from 'Stable' and
                                     Rating Reaffirmed)

   Long-Term Loan          10        CRISIL BB+/Negative (Outlook
                                     Revised from 'Stable' and
                                     Rating Reaffirmed)

The outlook revision reflects CRISIL's belief that ESPL's
business risk profile will remain under pressure because of lower
profitability resulting from the company's low ability to pass on
increased costs to its sole customer - Indian Railways. ESPL's
operating margin has declined over the past two years, to 11.3
per cent in 2011-12 (refers to financial year, April 1 to
March 31) from over 15 per cent in the past. Also, ESPL's revenue
growth over the medium term is expected to be modest, because of
lower order flow from the railways.

The ratings continue to reflect ESPL's above-average financial
risk profile, marked by a low gearing, and the company's
established market position in the microprocessor-based data
logger segment. These rating strengths are partially offset by
ESPL's customer concentration and working capital-intensive-
operations.

Outlook: Negative

CRISIL believes that ESPL's business risk profile is expected to
remain under pressure over the medium term as a result of lower
profitability because of the company's inability to pass on
increased costs to its customer. The ratings may be downgraded if
ESPL reports weakening of its debt protection metrics as a result
of further decline in its profitability, or if its working
capital requirements increase further, most likely because of
delayed payments from Indian Railways, thereby weakening its
liquidity. Conversely, the outlook may be revised to 'Stable' if
ESPL reports improvement in its sales and profitability, most
likely because of higher revenues from its new product - block
instrument.

                     About Efftronics Systems

ESPL was set up in 1987 by Mr. D Ramakrishna and two other
directors, Mr. Murali Krishna and Mr. Subba Rao. The company
manufactures microprocessor-based data loggers that find
application in locomotives, coaches and railway stations, and
light-emitting diode (LED)-based electronic moving displays, and
LED-based signal lamps. It has developed a new product - block
instrument - of which it has been awarded a pilot order of INR20
million.

ESPL reported a profit after tax (PAT) of INR20 million on net
sales of INR460 million for 2010-11, against a PAT of INR47
million on net sales of INR425 million for 2009-10.


GALAXY CONCAB: CRISIL Reaffirms 'D' Ratings on INR220MM Loans
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Galaxy Concab (India)
Pvt Ltd continue to reflect the delays in meeting its term loan
obligations owing to weak liquidity.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee          25         CRISIL D (Reaffirmed)

   Cash Credit             50         CRISIL D (Reaffirmed)

   Proposed Long-Term     110         CRISIL D (Reaffirmed)
   Bank Loan Facility

   Term Loan               25         CRISIL D (Reaffirmed)

   Working Capital         10         CRISIL D (Reaffirmed)
   Demand Loan

The rating reflects Galaxy Concab's weak liquidity, because of
high working capital requirements, and below-average financial
risk profile marked by marked by small net worth, high gearing
and weak debt protection metrics. However, Galaxy Concab benefits
from its promoter's experience in the industry.

                        About Galaxy Concab

Galaxy Concab was incorporated as a private limited company in
March, 2006 in Jaipur (Rajasthan). The company initially traded
in wires and cables, and commenced manufacturing operations in
June 2007. The company manufactures cables and conductors.

Galaxy Concab reported a profit after tax (PAT) of INR3.17
million on net sales of INR 489 million for 2010-11 (refers to
financial year, April 1 to March 31), as against a PAT of INR2.86
million on net sales of INR380 million for 2009-10.


HI-TECH CHEMICALS: CRISIL Reaffirms 'BB+' Cash Credit Rating
------------------------------------------------------------
CRISIL's rating on the bank facilities of Hi-Tech Chemicals Pvt
Ltd continue to reflect HTCPL's healthy financial risk profile
marked by low gearing, large net worth and healthy interest
coverage ratio, and moderate business risk profile, supported by
promoters' experience of over two decades in the refractory
industry. These rating strengths are partially offset by HTCPL's
marginal market share in a highly fragmented industry,
susceptibility to volatility in raw material prices and to
cyclicality in end-user industries, and working-capital-intensive
operations.

                       Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit         300.00     CRISIL BB+/Stable (Reaffirmed)
   Long-Term Loan      365.40     CRISIL BB+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that HTCPL will continue to benefit over the
medium term from its promoters' extensive industry experience.
Any delays in stabilization of operations at its expanded
facility will remain a key rating sensitivity factor. The outlook
may be revised to 'Positive' if HTCPL increases its revenues and
cash accruals. Conversely, the outlook may be revised to
'Negative' if the company undertakes a larger-than-expected,
debt-funded, capital expenditure (capex) programme, adversely
impacting its capital structure, or if its profitability
deteriorates from current levels.

Update

HTCPL's performance in 2010-11 (refers to financial year, April 1
to March 31) was in line with CRISIL's expectations. However, in
2011-12, it was slightly below CRISIL's expectations. Its
turnover was less than expected, primarily on account of delay in
the commissioning of its special refractory unit. However, CRISIL
expects HTCPL's scale of operations to increase and profitability
to improve substantially over the medium term on account of the
company's increased business after commencement of production at
the units of the special refractory division.

HTCPL's financial risk profile remains healthy, as reflected in
its comfortable net worth of INR529 million and low gearing of
0.83 times as on March 31, 2011. Its interest coverage ratio of
3.52 times in 2010-11 was healthy. The company has access to
fund-based working capital limits of INR300 million, which were
about 92 per cent utilized during the 12 months ended February
29, 2012. Cash accruals are expected in the range of INR500
million to INR600 million against term debt obligations of Rs 470
million annually over the medium term.

HTCPL reported a profit after tax (PAT) of INR19 million on net
sales of INR569 million for 2010-11, against a PAT of INR22
million on net sales of INR459 million for 2009-10.

                     About Hi-Tech Chemicals

HTCPL is engaged in manufacturing refractory products and was
taken over by Mr. Raj Kumar Agarwal in 1989. Its plant is located
in Jamshedpur (Jharkhand). HTCPL manufactures special refractory
products such as slide gate plates, slag arresting darts, and
tundish nozzles. Its two units in Adityapur in Jamshedpur have a
combined capacity of 21,600 tonnes per annum (tpa). Its plant
area is 12 acres. HTCPL has expanded its current capacities by
setting up 6000-tpa a unit in Adityapur; the unit is a continuous
casting refractory and manufactures special refractory products.


KEYSTONE LIFESPACES: CRISIL Rates INR120MM Loan at 'CRISIL B'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Keystone Lifespaces Private Limited.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long-Term     120         CRISIL B/Stable (Assigned)
   Bank Loan Facility

The rating reflects KLPL's susceptibility to implementation and
off-take risk for its ongoing projects and exposure to risks
pertaining to geographical concentration in its revenue profile.
These rating weaknesses are partially offset by the extensive
experience of the promoters in the real estate industry

Outlook: Stable

CRISIL believes that KLPL will maintain a stable business risk
profile on the back of extensive experience of the promoters in
the real estate industry. The outlook may be revised to
'Positive' if the company generates higher than expected cash
flows resulting due to higher than expected bookings and improved
flow of advances. Conversely, the outlook may be revised to
'Negative' the company's faces significant time overruns in the
execution of existing projects, leading to lower cash flow from
operations or if the response to the project is below expectation
leading to deterioration in financial risk profile.

                        About Keystone Lifespaces

Keystone Lifespaces Private Limited was incorporated in 2010, by
Mr. Srichand Dusseja alongwith his son Mr. Sushil Dusseja and
business acquaintances Mr. Ramesh Bajaj and Mr. Veerbhan Bajaj.
The company is engaged in residential and commercial real estate
development in Navi Mumbai, with most of its projects located in
Kharghar. Mr. Sushil Dusseja (a second generation entrepreneur)
oversees the day-to-day operations of the company. Mr. Srichand
Dusseja has been in the real estate industry since past ten years
and has executed eight projects, jointly with other real estate
developers.

KLPL has three on-going residential and commercial projects to be
completed within the next 24-36 months. The aggregate saleable
area of these projects is around 1.6 Lakh sq. ft. Of all the
projects the major project is the Keystone Elita project located
at Kharghar (Navi Mumbai), where the company is developing a 19
floor building, with a total of 68 (2BHK) flats and 16 commercial
units. All the projects are located in Kharghar, (Navi Mumbai).


MANGALAM EDU: CRISIL Rates INR800MM Term Loan at 'CRISIL B'
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the term loan
facility of Mangalam Edu Gate.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan              800         CRISIL B/Stable (Assigned)

The rating reflects MEG's exposure to project risks and its weak
financial flexibility on account of sizeable debt contracted to
fund its university project in Sohna (Haryana). These rating
weaknesses are partially offset by the benefits MEG is expected
to derive from the healthy demand prospects for the education
sector in India.

Outlook: Stable

CRISIL believes that MEG's credit risk profile will remain
sensitive to the timely completion of the project. The outlook
may be revised to 'Positive' upon completion and timely
stabilisation of project. Conversely, the outlook may be revised
to 'Negative' if there are delays in execution of project or
less-than-expected cash generations, leading to weak liquidity.

                        About Mangalam Edu

MEG is a non-profit company, established to provide education
services. MEG is owned by Mr. Yash Dev Gupta and his brothers Mr.
Jai Dev Gupta, Mr. Sahdev Gupta, Mr. Kapil Dev Gupta, Mr. Brahm
Dev Gupta, Mr. Inder Dev Gupta. MEG was incorporated in 2004 as
Shakuntala Realty Pvt Ltd. In May 2010, the current promoters
purchased the company and changed its name and objective. MEG is
currently establishing a university called K R Mangalam
University at Sohna with an investment of INR1200 million. MEG
will offer technical and management courses through its
university. The university is expected to offer services from
2014-2015 (refers to financial year, April 1 to March 31).


PANDIT AUTOMOTIVE: CARE Reaffirms 'BB+' Rating on INR139.5cr Loan
-----------------------------------------------------------------
CARE reaffirmed 'CARE BB+' rating to the long-term bank
facilities of Pandit Automotive Pvt. Ltd.

   Facilities                  (INR crore)    Ratings
   -----------                 -----------    -------
   Long-term Bank Facilities      139.52      CARE BB+ Reaffirmed

Rating Rationale

The ratings continue to factor in trading nature of operations
resulting in lower profitability, limited pricing power along
with single brand dealership, working capital intensive nature of
business leading to leveraged capital structure along with
moderately weak debt coverage indicators and cyclicality in the
auto sector. The rating also factors in PAL's exposure to its
group companies.

The rating is however underpinned by promoters experience and
established track record, long standing relationship with Tata
Motors Limited (TML), geographical diversification with presence
at various locations in Maharashtra, considerable growth in sales
during FY'11 and presence in both Passenger Vehicles (PVs) and
Commercial Vehicles (CVs) segments.  The ability of the company
to maintain/improve sales volume without impacting its
profitability thereby improving its debt protection matrix is the
key rating sensitivity.

                       About Pandit Automotive

Pandit Automotive Pvt. Limited incorporated in 1987, was founded
by Late Shri R.H. Pandit. PAL was appointed as an authorised
dealer by Tata Engineering & Locomotive Company Limited
(now Tata Motors Limited for selling TATA products ranging from
Passenger Cars (PCs) to Commercial Vehicles (CVs) and spare parts
in Pune, Satara and Sangli. The company operates from its head
office located at Pune and has seven showrooms at Pune, Satara
and Sangli, all of which are prominent districts in Maharashtra.

On a total operating income of INR1033.20 crore, the company
reported a PAT of INR4.55 crore in FY11 compared to a total
operating income of INR620.24 crore and a PAT of INR1.47 crore in
FY10.  PAL had a high overall gearing after adjustment of
advances made to group companies in FY11 which coupled with below
unity interest coverage indicators reflects the weak financial
profile of the company.


SATYA INFRA: CRISIL Rates INR112.5MM Loan at 'CRISIL BB-'
---------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to term loan
facility of Satya Infrastructures Ltd.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan            112.5        CRISIL BB-/Stable (Assigned)

The rating reflects the established track record of SIL's
promoters in the construction industry. This strength is
partially offset by SIL's high dependence on customer advances
for timely completion of its project and its exposure to
cyclicality inherent in the Indian real estate industry. These

Outlook: Stable

CRISIL believes that SIL will maintain its current business risk
profile, backed by its promoter's experience in the real estate
sector. The outlook may be revised to 'Positive' in case of
timely implementation of its ongoing project, leading to healthy
cash accruals on a sustainable basis. The outlook may be revised
to 'Negative' in case of time and cost overruns in the ongoing
project or significant pressure on the company's liquidity in
case of delays in receiving customer advances, leading to
pressure on revenues and profitability.

                     About Satya Infrastructures

Incorporated in 2005, SIL is part of the Satya group, promoted by
Mr. Nawal Kishore Agarwal and his son, Mr. Manish Agarwal. The
company is into real estate development in northern India.

The company is currently developing a 110-acre township called
Malwa County in Indore (Madhya Pradesh). The company is
developing plots, group housing, villas, low-rise floors, a
commercial complex, a school and a hospital. The total developed
area of the project will be over 3,314,510 square feet (sq ft),
comprising residential plots of 2,021,411 sq ft, amenities of
89,099 sq ft, apartments of 423,000 sq ft, and commercial area of
781,000 sq ft. The total project cost is of INR2550 million and
to be completed by December 2014.

Satya reported a profit after tax (PAT) of INR28.58 million on
net sales of INR140.93 million in 2010-11 (refers to financial
year, April 1 to March 31), against a PAT of INR18.29 million on
net sales of INR104.66 million in 2009-10.


SILVER & ART: CRISIL Rates INR100MM Loan at 'CRISIL BB'
-------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' rating to the cash
credit facility of Silver & Art Palace.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             100        CRISIL BB/Stable (Assigned)

The rating reflects SAP's established market position in the
business of retailing precious stones, jewellery and handicraft
items, and the extensive experience of its promoter-partners in
this segment. These rating strengths are partially offset by
SAP's small scale of operations, geographical concentration, and
below-average financial risk profile, marked by moderately high
gearing and total outside liabilities to tangible net worth
ratio, and low net worth on account of withdrawal of capital by
the promoter-partners.

Outlook: Stable

CRISIL believes that SAP will maintain its established market
position in Jaipur (Rajasthan) and will benefit from its
promoter-partners' extensive experience in the precious stones
and jewellery segment, over the medium term. The outlook may be
revised to 'Positive' in case of a substantial increase in the
firm's scale of operations, leading to more-than-expected cash
accruals, along with improvement in capital structure.
Conversely, the outlook may be revised to 'Negative' in case of
any sharp increase in SAP's working capital requirements and
more-than-expected withdrawal of capital by the promoter-
partners, leading to significant weakening in its financial risk
profile, particularly liquidity.

                         About Silver & Art

SAP mainly retails precious stones, gems, and stone-and diamond-
studded-gold and silver jewellery. The company also undertakes
sale of handicraft items and textiles, such as stone-studded
carpets. SAP has a 3000-square-yard exclusive showroom in Jaipur
comprising three floors, each dedicated to jewellery,
handicrafts, and textiles. The firm derives almost all of its
revenues from sale of these items to foreign tourists visiting
Rajasthan, and has tie-ups with various tour operators who help
in expanding the clientele.

SAP reported, on a provisional basis, profit after tax (PAT) of
INR20.4 million on net sales of INR432 million for 2011-12
(refers to financial year, April 1 to March 31), as against a PAT
of INR76.7 million on net sales of INR 332 million for 2010-11.


SONA WIRES: CRISIL Reaffirms 'B+' Rating on INR37.5MM Loan
----------------------------------------------------------
CRISIL's ratings on the bank facilities of Sona Wires Pvt Ltd
continue to reflect Sona's weak financial risk profile, marked by
small net worth and weak debt protection metrics, and its modest
scale of operations. These rating weaknesses are partially offset
by the benefits Sona derives from the extensive experience of its
promoters in the wire industry.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit           37.5       CRISIL B+/Stable (Reaffirmed)
   Letter of Credit &     34.0      CRISIL A4 (Reaffirmed)
   Bank Guarantee

Outlook: Stable

CRISIL believes that Sona will continue to benefit from the
extensive experience of its promoters in the wire industry. The
outlook may be revised to 'Positive' if Sona's financial risk
profile improves, most likely driven by a significant improvement
in its profitability or by equity infusion resulting in an
increase in its net worth. Conversely, the outlook may be revised
to 'Negative' if the company undertakes a large, debt-funded,
capital expenditure programme, or if there is a significant
decline in its profitability.

                          About Sona Wires

Sona was established by Mr. S K Jain in 1987. The company
manufactures galvanised iron wires and stay wires. Its
manufacturing unit is in Raipur (Chhattisgarh) and has an
installed capacity of 8400 tonnes per annum. Around 60 per cent
of the company's sales are made to government customers (state
electricity boards) and the remainder to private customers,
mostly traders. The day-to-day operations of the company are
managed by Mr. V K Agarwal, who has been with Sona for the past
15 years.

Sona reported a profit after tax (PAT) of INR1.9 million on net
sales of INR247.4 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR1.3 million on net
sales of INR195.3 million for 2009-10.


TRIMURTI FOODTECH: Delay in Loan Payment Cues CRISIL Junk Ratings
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Trimurti Foodtech Pvt Ltd.  The rating reflects
instances of delay by TFPL in servicing its debt; the delays have
been caused by the company's weak liquidity.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             100        CRISIL D (Assigned)
   Term Loan                85        CRISIL D (Assigned)

TFPL also has a below-average financial risk profile, marked high
gearing, and exposure to volatility in raw material prices. These
rating weaknesses are partially offset by the extensive industry
experience of TFPL's promoter and the management of the company
by professionals with experience in the food and grains
industries. TFPL's diverse revenue stream also offsets exposure
to any single food category.

                      About Trimurti Foodtech

Incorporated in 2007, TFPL manufactures frozen food products
including frozen vegetables, fruit pulp, and snacks. The company
also owns the Pet Pooja chain of restaurants, which it lets out
on franchise basis. TFPL exports majority of its frozen
vegetables and fruit pulp production under the brand, Fresh
Valley, while most of its snack production is utilised in the Pet
Pooja outlets. The company is promoted by Mr. Atul Banginwar, who
has been involved in the food industry since 1991 through his
proprietorship, Trimurti Foods, which manufactures Indian sweets
and chocolates under the brands, Gopimalai and Frootlet; the
management of TFPL is also spearheaded by the Chief Executive
Officer (CEO) Mr. A Ravishankar.

TFPL reported a profit after tax (PAT) of INR7.6 million on net
sales of INR147.4 million for 2011-12 (refers to financial year,
April 1 to March 31), as against a PAT of INR1.4 million on net
sales of INR114.3 million for 2010-11.


VISTEON ENG'G: CRISIL Reaffirms 'BB' Rating on INR15MM Loans
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Visteon Engineering
Center (India) Pvt Ltd continue to reflect VECPL's moderate
financial risk profile marked by low debt levels, and improving
business prospects driven by steady orders from VECPL's ultimate
parent and primary customer, US-based Visteon Corp (Visteon;
rated 'B+/Stable' by Standard & Poor's). These rating strengths
are partially offset by VECPL's high dependence on Visteon, and
modest net worth which makes it vulnerable to business downturns.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Long-Term Loan         5         CRISIL BB/Stable (Reaffirmed)
   PCFC                  40         CRISIL A4+ (Reaffirmed)
   Proposed Long-Term    10         CRISIL BB/Stable (Reaffirmed)
   Bank Loan Facility

Outlook: Stable

CRISIL believes that VECPL will benefit over the medium term from
higher business levels from Visteon and its group companies
worldwide. Furthermore, VECPL's financial risk profile is
expected to remain adequate, marked by low debt levels and
adequate debt protection metrics. The outlook may be revised to
'Positive' in case the company reports faster-than-expected
improvement in its scale of operations, most likely driven by
large orders from Visteon. Conversely, the outlook may be revised
to 'Negative' if VECPL reports significant decline in its
revenues and profitability.

                        About Visteon Engineering

VECPL was incorporated in 2005 as an equal joint venture (JV)
between Visteon and Tata AutoComp Systems Ltd (TACO, rated
'CRISIL AA-/Stable/CRISIL A1+'). In February 2010, TACO sold its
entire stake in the JV to Visteon Technical and Services Centre
Pvt Ltd (rated 'CRISIL BBB+/Stable'), one of the Indian
subsidiaries of Visteon; Visteon now indirectly owns 100 per cent
of VECPL's equity shares.

Using computer-aided design and computer-aided engineering tools,
VECPL designs climate control, interiors, electronics, and
lighting systems, and designs, develops, and assists in the
manufacture of total engine induction systems, for Visteon and
its associates. VECPL's premier facility is based in Pune
(Maharashtra), and it has offices in the UK and the US. Visteon
is a leading player in delivering climate control, interiors,
electronics, and lighting components and systems to global
automobile original equipment manufacturers.

For 2010-11 (refers to financial year, April 1 to March 31),
VECPL reported a profit after tax (PAT) of INR6.7 million on
revenues of INR177.3 million, as against net loss of INR23.0
million on revenues of INR210.5 million for 2009-10. For the nine
months ended December 31, 2011, the company reported a PAT of
INR12.94 million on revenues of INR153.88 million.


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


LIPPO KARAWACI: Fitch Puts 'BB-' Rating on $150MM Unsec. Notes
--------------------------------------------------------------
Fitch Ratings has assigned PT Lippo Karawaci Tbk's ('BB-'/Stable)
US$150 million senior unsecured notes due in 2019 a final 'BB-'
rating.  This follows receipt of documents conforming to
information already received.  The final rating is in line with
the expected rating assigned on May 9, 2012.

LK's Long-term Foreign and Local Currency Issuer Default Ratings
(IDRs) and senior unsecured rating were upgraded by one notch to
'BB-' on 8 May 2012, reflecting an improved liquidity position
which enables the company to execute its large capex programme
with a lower reliance on debt.  LK's ratings benefit from a high
proportion of recurring income which provides adequate interest
and fixed charge coverage and mitigates volatility in its
property development business.  LK's ratings also reflect its
well-distributed debt maturity profile and its track record of
managing through property cycles.


LIPPO KARAWACI: Moody's Assigns 'B1' Senior Unsecured Rating
-----------------------------------------------------------
Moody's Investors Service has assigned a definitive B1 senior
unsecured rating to the US$150 million senior unsecured notes
issued by Theta Capital Pte Ltd and guaranteed by PT Lippo
Karawaci and some of its subsidiaries.

The outlook for the rating is positive.

Ratings Rationale

Moody's has removed the provisional status of the rating on this
debt obligation, originally assigned on May 9, 2012. Moody's
rating rationale was set out in a press release on that date and
explored more fully in a Credit Opinion issued on April 11, 2012.

The net proceeds from the issuance will be used for (a) the
development of new retail malls, hospitals and large scale
integrated development and (b) working capital requirements and
general corporate purpose.

The principal methodology used in rating PT Lippo Karawaci Tbk
was the Global Homebuilding Industry Methodology published in
March 2009.

PT Lippo Karawaci Tbk is one of the largest property developers
in Indonesia, with a sizable land bank of around 1,489 ha as of
December 31, 2011. Since 2004, the company has diversified into
the healthcare and hospitality businesses and infrastructure
development. Its recurring income continues to grow, comprising
around 50% of LK's total revenue over the last three years.


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


INCUBATOR BANK: Former Chairman Faces JPY40-Mil. Tax Bill
---------------------------------------------------------
The Japan Times Online reports that tax authorities have ordered
a former chairman of the now-bankrupt Incubator Bank of Japan to
pay about JPY40 million in back taxes after determining he failed
to report roughly JPY240 million in capital gains from the sale
of shares in the bank, sources said Tuesday.

The report relates that Takeshi Kimura, who has been convicted of
obstructing an inspection of the bank by regulators looking into
its dubious business practices, has filed a complaint against the
Tokyo Regional Taxation Bureau's decision.

According to Japan Times, Mr. Kimura earned the capital gains
before the bank went bankrupt in September 2010.  After the bank
failed, the remaining shares he had in the bank became worthless.

But Mr. Kimura had sold the shares to a third party at a low
price by the end of the same year, enabling him to report the
difference between his acquisition and selling prices as a loss,
Japan Times relays.

The report notes that the loss came to roughly the same amount as
his capital gains, which Mr. Kimura claimed eliminated the need
to pay tax.

However, the report says, losses accrued from shares in a
bankrupt company cannot in principle be offset against income
from equity transactions or pay.

According to the report, Mr. Kimura was a leading individual
Incubator Bank shareholder at the end of September 2010, shortly
after the lender went bankrupt.

He was sentenced to a suspended one-year prison term for
obstructing the Financial Services Agency inspection.  The ruling
has been finalized.

                        About Incubator Bank

Incubator Bank of Japan Ltd. is a Tokyo-based small business
lender.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 13, 2010, the Incubator Bank of Japan Ltd. filed for
bankruptcy proceedings with the Financial Services Agency under
the Deposit Insurance Law.  The FSA was expected to invoke the
deposit protection scheme for the first time since it was
instituted in 1971.  The protection covers up to JPY10 million
in deposits and interest.  The bank had about JPY592.7 billion in
deposits as of March 31, 2010, of which JPY68.6 billion had been
deposited in excess of the JPY10 million threshold by some 4,800
depositors.

In October 2011, the Deposit Insurance Corp. of Japan selected
Aeon Bank, the banking arm of retail giant Aeon Co., to sponsor
failed Incubator Bank of Japan.  The DIC said Aeon Bank will pay
JPY2.48 billion to buy Incubator Bank.


JCORE12: Fitch Lowers Rating on Class E TBIs to 'Dsf'
-----------------------------------------------------
Fitch Ratings has downgraded J-CORE12 Trust's class E trust
beneficiary interests (TBIs) due February 2014 to 'Dsf' from
'Csf' and simultaneously withdrawn the rating due to tranche
default. The transaction is a Japanese multi-borrower type CMBS
securitisation.

The downgrade and rating withdrawal of the class E TBIs reflect
the fact that this class has not been fully redeemed even after
the distribution of available funds at the trust termination date
on 14 May 2012.

The class C and D TBIs were fully redeemed on May 14, 2012. Class
A and B TBIs were redeemed in full in February 2012.

No Recovery Estimate is calculated for the class E TBIs as the
rating on this class has been withdrawn.


ORIX-NRL TRUST: Moody's Reviews Junk Ratings for Downgrade
----------------------------------------------------------
Moody's Japan K.K has placed on review for downgrade the ratings
for the Class B through H trust certificates issued by ORIX-NRL
Trust 14. The final maturity of the trust certificates will take
place in December 2014.

Details follow:

Deal Name: ORIX-NRL Trust 14

Class B, Baa3 (sf) placed under review for possible downgrade;
previously on June 17, 2010 Downgraded to Baa3 (sf) from Aa3 (sf)

Class C, B2 (sf) placed under review for possible downgrade;
previously on June 17, 2010 Downgraded to B2 (sf) from Baa2 (sf)

Class D, Caa3 (sf) placed under review for possible downgrade;
previously on June 17, 2010 Downgraded to Caa3 (sf) from Ba3 (sf)

Class E, Caa3 (sf) placed under review for possible downgrade;
previously on June 17, 2010 Downgraded to Caa3 (sf) from B2 (sf)

Class F, Caa3 (sf) placed under review for possible downgrade;
previously on July 1, 2009 Downgraded to Caa3 (sf) from B1 (sf)

Class G, Caa3 (sf) placed under review for possible downgrade;
previously on July 1, 2009 Downgraded to Caa3 (sf) from B2 (sf)

Class H, Ca (sf) placed under review for possible downgrade;
previously on May 26, 2011 Downgraded to Ca (sf) from Caa3 (sf)

ORIX-NRL Trust 14, effected in May 2007, represents the
securitization of eight non-recourse loans and two specified
bonds.

Seven of the loans and one of the specified bonds have been paid
down or recovered.

The transaction is currently secured by one loan and one
specified bond, backed by two office buildings located in
provincial cities and one office building located in Tokyo,
respectively.

Both are under special servicing.

Ratings Rationale

Moody's has decided to apply a higher level of stress on its
recovery assumptions for future disposal prices.

The reason is that recovery thus far has been below the
expectations presented during the previous rating actions.

In addition, the performance of some of the properties has
deteriorated.

Therefore, the review has been prompted by the greater
uncertainty regarding the recovery of the Class B through H trust
certificates.

In its review, Moody's will re-assess -- and add further stress
to -- its recovery assumptions for the properties, incorporating
their operating status and monitoring the special servicer's
activities.

The principal methodology used in this rating was "Updated:
Moody's Approach to Rating CMBS Transactions in Japan (June
2010)" published on September 30, 2010.


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


CAPE CAMPBELL: Mission Estate Buys Marlborough Vineyard
-------------------------------------------------------
Fairfax NZ News reports that Hawke's Bay-based Mission Estate
Winery has bought the 100-hectare Marlborough vineyard owned by
the failed Cape Campbell Wines, and has taken on the former
owners to manage it.

The news agency notes that Cable Station was put up for tender in
October 2010 by the receivers of the Cape Campbell Wines with no
success. It has sat on the market till now.

The sale is one of the biggest since the wine glut of 2008-09
ruined several companies, slashed the value of vineyards by half
and slowed vineyard sales, Fairfax NZ relates.

According to the report, Marlborough-based New Zealand
Winegrowers chairman Stuart Smith said Cable Station was an
important purchase for the Kiwi wine industry.

"This is a particularly positive move and is further evidence of
Marlborough's desirability as a premium grape growing region. The
purchase also reflects the on-going interest in
Marlborough, particularly in the light of the industry's
improving export performance," the report quotes Mr. Smith as
saying.

According to the report, Mission Estate chief executive
Peter Holley said the company bought the vineyard to make sure it
was getting fruit from the country's best wine growing regions.

The report relates that Mr. Holley said it would help the winery
-- which this year celebrated 160 years' operation -- move into
new export markets.

As reported in the Troubled Company Reporter-Asia Pacific on
July 15, 2010, Cape Campbell Wines and its affiliate companies,
Brown Sorensen Vineyards and the Brown Family Trust, went into
voluntary receivership, owing creditors up to NZ$12 million.
John Fisk and Richard Longman of PricewaterhouseCoopers were
appointed receivers to manage the group's assets.

The owners of Cape Campbell are long-time grapegrowers Murray and
Daphne Brown.  They will continue to manage the vineyard they
created for its new Hawke's Bay-based owners, Fairfax NZ News
adds.


CAPITAL + MERCHANT: Bosses Breached Trust Deed, Court Told
----------------------------------------------------------
Fairfax NZ News reports that the former directors of failed
Capital + Merchant Finance were pushing millions of dollars of
investor funds around in a circle, committing serious breaches of
its trust deed, the High Court has heard.

Neal Nicholls and Owen Tallentire each face four counts of theft
under the Crimes Act, the report says.

Fairfax NZ News relates that a third former director
Wayne Douglas is charged on the first three of those counts, with
all three men accused of intentionally breaching the trust deed.
The four counts stem from four separate transactions.

According to the report, Blair Bulloch, a forensic accountant
with the Serious Fraud Office which has brought the charges,
began giving his evidence to the High Court at Auckland on
May 15.

Fairfax NZ News says Mr. Bulloch, the Crown's first witness, has
begun providing details of schedules, summaries and charts that
demonstrate the ownership structure of the key entities, the
advances made by Capital + Merchant Finance and the subsequent
distribution of funds.

Mr. Bulloch is one of 16 Crown witnesses giving expert evidence,
at least until the end of next week, the report notes.

                     About Capital + Merchant

Capital + Merchant Finance Ltd, operating in property finance,
was one of the bigger finance companies in New Zealand.  Capital
+ Merchant Finance, along with subsidiary Capital + Merchant
Investments Ltd., went into receivership on Nov. 23, 2007, due to
breaches in respect of general security agreements issued by the
companies in favor of creditor Fortress Credit Corporation
(Australia) 11 Pty Ltd.  Fortress appointed Tim Downes and
Richard Simpson of Grant Thornton, chartered accountants, while
trustee Perpetual Trust have called in KordaMentha.

Capital + Merchant owes about NZ$190 million to 7,000 investors.
Fortress reportedly has a prior charge over assets and was owed
around NZ$70 million in total.


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


MIA RISK: Creditors' Proofs of Debt Due June 7
----------------------------------------------
Creditors of Mia Risk Services Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by June 7, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

         Aaron Loh Cheng Lee
         Ernst & Young Solutions LLP
         c/o One Raffles Quay
         North Tower 18th Floor
         Singapore 048583


PROVIDENCE MOTOR: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Singapore entered an order on April 27, 2012,
to wind up the operations of Providence Motor Pte Ltd.

United Overseas Bank 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


SKYLAN PROPERTIES: Creditors' Proofs of Debt Due June 11
--------------------------------------------------------
Creditors of Skylan Properties Pte Ltd, which is in liquidation,
are required to file their proofs of debt by June 11, 2012, to be
included in the company's dividend distribution.

The company's liquidators are:

         Kelvin Thio
         Terence Ng
         c/o Ardent Business Advisory Pte Ltd
         146 Robinson Road #12-01
         Singapore 068909


SOLID ASIA: Court Enters Wind-Up Order
--------------------------------------
The High Court of Singapore entered an order on April 27, 2012,
to wind up the operations of Solid Asia Pte Ltd.

Hepac Pte Ltd filed the petition against the company.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee's Office
         45 Maxwell Road #06-11
         Singapore 069118


SYONAN MARINE: Creditors' Proofs of Debt Due June 8
---------------------------------------------------
Creditors of Syonan Marine Services Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by June 8, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

         Chee Yoh Chuang
         Abuthahir Abdul Gafoor
         c/o 8 Wilkie Road
         #03-08 Wilkie Edge
         Singapore 228095


=============
V I E T N A M
=============


* VIETNAM: Fitch Affirms Issuer Default Rating at 'B+'
------------------------------------------------------
Fitch Ratings has affirmed Vietnam's Foreign- and Local-Currency
Issuer Default Ratings at 'B+'.  The Outlook for both Ratings is
Stable.  The Country Ceiling is also affirmed at 'B+', and the
Short-Term Foreign Currency IDR at 'B'.

"The ratings and Stable Outlook reflect the success so far of
efforts by Vietnam's authorities to tackle the macro-financial
imbalances that arose in 2010 and 2011," said Art Woo, Director
in Fitch's Asia-Pacific Sovereign Ratings group.  "However,
despite recent signs of greater macroeconomic stability including
lower inflation, a stronger current account position and a more
stable dong exchange rate, further evidence that these
improvements have become entrenched and reform of the banking and
state-owned enterprise sector is needed to put upward pressure on
Vietnam's sovereign ratings."

Since implementing fiscal and monetary tightening measures to
restore macroeconomic stability under Resolution 11 in February
2011, Vietnam has made vital progress in taming inflation.
Headline CPI inflation grew 10.5% yoy in April, down from a
recent peak of 23% yoy in August 2011.  Fitch forecasts CPI
inflation to average 10% in 2012, compared with 18.7% in 2011.

Resolution 11 also lent support to the current account position,
which recorded a surplus to 0.2% of GDP in 2011 versus a deficit
of 4% in 2010.  It should be noted that foreign-direct
investments (FDI) have remained robust, totalling USD7.4bn in
2011 (6% of GDP).  These factors supported the improvement in the
balance of payments and in turn foreign exchange reserves
position, which has recently proven vulnerable to capital flight,
particularly when economic stability has been under strain.  The
success Vietnam has enjoyed in attracting FDI and the dynamism of
its economy are significant sovereign rating strengths.

Vietnam's last reported official reserves, excluding gold,
increased to USD14.1bn at end-November 2011, from USD12bn at end-
2010.  Fitch estimates that reserves may have reached USD16bn-
17bn at end-March 2012, which roughly equates to 1.8 months of
current external payments receipts.  The increase illustrates the
stabilisation of the macro economy and balance of payments,
though import coverage of less than two months is low relative to
rated peers.

The country's economic slowdown has deepened as real GDP grew
just 4% yoy in Q112, down from a 6.1% rise in Q411.  The
deceleration in economic growth helps to explain State Bank of
Vietnam's recent policy rate cuts of 100bps in both March and
April 2012.  Fitch believes these rate cuts should not
necessarily be viewed as a reversal of the key objectives of
Resolution 11 but as an appropriate policy response to the
slowdown and decelerating inflation.

Vietnam's banking sector remains a source of weakness and a
constraint on the sovereign rating. Its large size -- private
sector credit-to-GDP ratio stood at 115% in Q311 -- poses a
potential risk to macro-financial stability and is a significant
contingent liability to the sovereign.  The system is thinly-
capitalised and asset quality is deteriorating.  These risks are
compounded by weaknesses in the quality of financial reporting
and disclosure, including materially understating the level of
non-performing loans which official figures indicate stood at
3.6% at end-2011.  Moreover, some smaller banks are still facing
liquidity pressures as they expanded credit more rapidly than
their deposit base.  However, the authorities have recently
stepped up efforts to pressure weaker banks to clear up bad debt
and encourage consolidation.

The broader economic reform process is also taking shape as the
new 2011-15 Socio-Economic Development Plan highlighted the need
to transform public investment and state-own enterprises (SOEs).
However, no concrete action plan has been formulated and reform
of SOEs and public investment is likely to be a gradual process.
As a consequence, given the uncertain health of the SOE sector
and low transparency, SOEs remain a large contingent liability
for the sovereign.

Fitch acknowledges that the quality of economic and financial
statistics is often constrained in developing and transition
economies.  Nonetheless, in Fitch's opinion, shortfalls in the
quality and timeliness of economic and financial data,
particularly the release of official reserves data, are a rating
weakness relative to peers.

The ability to persist with Resolution 11 measures and in turn
create a more balanced macroeconomic environment of lower
inflation, stable GDP growth and a more stable balance of
payments would be a positive development for Vietnam's sovereign
ratings.  Acceleration of broader structural economic reforms,
particularly with respect to SOEs and public investment, would be
positive for the sovereign credit profile.

Were recent macro-stabilisation gains to be reversed with a
resumption of excessive credit growth and double-digit inflation,
downward pressure on Vietnam's sovereign ratings would emerge.
In addition, large-scale losses in the banking sector, which
require sovereign support, could trigger negative rating action.


                             *********

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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