TCRAP_Public/120523.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

              Wednesday, May 23, 2012, Vol. 15, No. 102

                            Headlines


A U S T R A L I A

DIAGNOSTIC MEDICAL: In Administration; Owes Nearly AUD$2MM Loan
LILLYPILLY INVESTMENTS: Owner Appears in Court Over Asset Sale
METAL STORM: Incurs AUD6 Million Net Loss in 2011
METAL STORM: Inks $4.6 Million Subscription Agreement
METAL STORM: Product Strategy to Capitalize on New Funding

PERPETUAL TRUSTEE: Moody's Assigns (P)Ba1 Rating to Cl. E Notes
PHOENIX CLEANING: Owes Employees About AUD1.5 Million
RED EHP: Fitch Puts 'BBsf' Rating on AUD13.1-Mil. Cl. E Notes
WESTPOINT GROUP: Liquidator Awaits ASIC Go Signal on Probe Report


C H I N A

CHINA EXECUTIVE: Incurs US$497,000 Net Loss in First Quarter
GUANGZHOU GLOBAL: Reports $1.63 Million Net Income in Q1
TONGJI HEALTHCARE: Incurs $104,000 Net Loss in First Quarter
* Fitch Affirms IDR Ratings of China State-Owned Commercial Banks


H O N G  K O N G

GOLD BEAM: Members' Final Meeting Set for June 15
HANG PO: Ho and Yuen Appointed as Liquidators
HARCOURT ALTERNATIVE: Members' Final Meeting Set for June 15
HK EXPERTS: Members' Final Meeting Set for June 15
HK INSTITUTE: Members' Final Meeting Set for June 11

MASTROTTO ITALIA: Members' Final Meeting Set for June 15
MING TAK: Members' Final Meeting Set for June 11
POWER GATE: Members' Final Meeting Set for June 15
RAINBOW STAR: Members' Final Meeting Set for June 15
SENOX LIMITED: Placed Under Voluntary Wind-Up Proceedings

SHARP FAME: Members' Final Meeting Set for June 15
TONIC TECHNOLOGY: Members' Final Meeting Set for June 15


I N D I A

A.K. BUILDERS: CRISIL Assigns 'D' Rating to INR180MM Loans
ASTRA CHEMTECH: CRISIL Cuts Rating on INR102.5MM Loans to 'D'
CHITRA UTSAV: Delays in Loan Payment Cues CRISIL Junk Ratings
CRYSTAL CABLE: Fitch Assigns 'D' National Long-Term Rating
DAEWOO MOTORS: India Mfg. Unit Sold Under Debt Recovery Tribunal

DEBJYOTI PULP: CRISIL Assigns 'B-' Rating to INR85.8MM Loans
ELDER INSTRUMENTS: Fitch Assigns 'B' National Long-Term Rating
GARG STEELS: CRISIL Rates INR75MM Cash Credit at 'CRISIL B+'
KARNATAKA SILK: CRISIL Rates INR250MM Loan at 'CRISIL B+'
LIKHITH HOTELS: CRISIL Rates INR100 Million Loan at 'CRISIL B'

NV DISTILLERIES: CRISIL Cuts Ratings on INR2.62-Bil. Loans to 'D'
P.S.M. RICE: CRISIL Assigns 'CRISIL B+' Ratings to INR82MM Loans
SARA SHREY: Delays in Loan Payment Cues CRISIL Junk Ratings
SHETRON LIMITED: Inadequate Info Cues Fitch to Migrate Ratings
SMV BEVERAGES: CRISIL Cuts Rating on INR690MM Loan to 'CRISIL BB'

SOVA METALS: Delay in Loan Payments Cue CRISIL Junk Ratings
SREE RAYALSEEMA: CRISIL Assigns 'D' Rating on INR220MM Loans
SRI GANESH: Delay in Loan Payment Cues CRISIL Junk Ratings
SWARNA CONSTRUCTIONS: CRISIL Puts 'B+' Rating on INR64.3MM Loan
TRISTAR RETAIL: Fitch Assigns 'BB-' Nat'l Long Term Rating

VISAKHA TRADES: Fitch Affirms Nat'l Long-Term Rating at 'B+'
YORK CELLULOSE: Delays in Loan Payment Cues CRISIL Junk Ratings
* INDIA: 19.3% Registered Firms Close Business as of March 31


K O R E A

KOREA FINANCE: Moody's Puts Standalone Rating at 'Ba1'


M O N G O L I A

* MONGOLIA: Moody's Cuts Debt Ratings on Four Banks to 'B1'


N E W  Z E A L A N D

SPORTS-WIDE: Court to Rule on Settlement Deal With Tax Department


S I N G A P O R E

SDS PHOTO: Court to Hear Wind-Up Petition on June 1
SUNNING PROPERTY: Creditors' Proofs of Debt Due June 18
TATLIAN HARDWARE: Creditors' Proofs of Debt Due June 18
TOKUSO SYSTEMS: Creditors' Proofs of Debt Due June 18
VALVE RECONDITIONING: Creditors' Proofs of Debt Due June 18


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


DIAGNOSTIC MEDICAL: In Administration; Owes Nearly AUD$2MM Loan
---------------------------------------------------------------
Cara Waters at SmartCompany reports that The Diagnostic Medical
Co-Operative has been placed into administration with creditors
to decide next week whether the business continues or is
liquidated.

According to the report, CRS Warner Kugel has been appointed as
administrator of The Diagnostic Medical Co-Operative in Sydney
and a second meeting of creditors will be held on May 30, when
the fate of the business will be determined.

When DMC was first established in 2005, SmartCompany recalls,
pathologists appealed to then health minister Tony Abbott to
prevent its formation on the basis that doctors should not be
able to directly profit from the co-operative.

SmartCompany relates that controversy surrounded the potential
for doctors to be financially rewarded every time they ordered
blood and other tests run by DMC, because it was owned by the
doctors themselves.

According to SmartCompany, David Kindon, then head of the
Association of Pathology Practices, opposed the scheme and said
it went against the principles of Medicare.

"If a pathologist was to give money back to a doctor for ordering
pathology, which is essentially what this is, it's called a
kickback, and that is being stamped out over many years in the
pathology profession, and this would sort of bring it back in
spades," Mr. Kindon told the ABC in 2005, SmartCompany recalls.

A spokesperson for the Association of Pathology Practices said he
did not want to comment on DMC's collapse.

Anthony Warner of administrator CRS Warner Kugel --
anthonywarner@crspartners.com.au -- told SmartCompany the theory
behind DMC's business model was that referrers would profit from
referrals.

"That was in theory, but I don't think it ever eventuated because
it never made any money, you have to make money before there is
profit," the report quotes Mr. Warner as saying. "The company has
failed and nearly has AUD2 million in claims against it, the idea
of profit was nice in theory but it never eventuated."

Mr. Warner said DMC has less than 10 employees but has a total of
232 shareholders who are mainly pathologists and doctors, the
report discloses.


LILLYPILLY INVESTMENTS: Owner Appears in Court Over Asset Sale
--------------------------------------------------------------
The Chronicle reports that the woman behind the collapse of the
Highfields Bowls Club faced court on May 18, 2012.

The report relates that Highfields property developer Lana
Carolyn Finlay's company Lillypilly Investments went into
liquidation in April last year.

The Chronicle says Ms. Finlay was forced to sell her bankrupt
company's properties, including the Highfields Bowls Club.

Twelve staff members at the club lost their jobs, the report
notes.

According to the report, Ms. Finlay appeared in Brisbane
Magistrates Court on May 18, 2012, charged with failing to
provide a report about the affairs of a company to a liquidator,
an offence under the Commonwealth Corporations Act.

The Chronicle relates that Ms. Finlay's duty lawyer said the
matter was "very complicated".

She said it related to a sentence handed down to Finlay on
April 14, the report notes.

The lawyer said Ms. Finlay would seek an application to have the
sentence re-opened as the prosecution dealt with the matter in
her absence.

"She was never dealt with a summons to come to court and it was
dealt with in her absence," she said.

The matter was adjourned until September 28, the report adds.


METAL STORM: Incurs AUD6 Million Net Loss in 2011
-------------------------------------------------
Metal Storm Limited filed with the U.S. Securities and Exchange
Commission its annual report on Form 20-F disclosing a net loss
of AUD6.03 million on AUD1.31 million of revenue in 2011, a net
loss of AUD8.93 million on AUD3.34 million of revenue in 2010,
and a net loss of AUD11.30 million on AUD1.11 million of revenue
in 2009.

The Company's balance sheet at Dec. 31, 2011, showed AUD1.08
million in total assets, AUD21.07 million in total liabilities
and a AUD19.99 million total deficiency.

PricewaterhouseCoopers, in Brisbane, Australia, issued a "going
concern" qualification on the financial statements for the year
ended Dec. 31, 2011, citing recurring losses from operations and
net capital deficiency that raised substantial doubt about the
Company's ability to continue as a going concern.

                         Bankruptcy Warning

Metal Storm said in the annual report that there can be no
assurance that it will be able to raise sufficient capital to
continue its operations and redeem the convertible notes on the
maturity date.  If the Company is unsuccessful in its efforts to
obtain sufficient financing to continue to fund its current
operations and redeem the convertible notes on the Maturity Date,
the Company will be required to significantly reduce or cease
operations altogether.  If Metal Storm does not have reasonable
grounds to believe that it will be successful in its efforts to
obtain sufficient financing to continue to fund its operations
and redeem the convertible notes at the Maturity Date, Metal
Storm will be required to appoint an administrator under
Australia's bankruptcy system.

A copy of the Form 20-F is available for free at:

                       http://is.gd/vxo5wW

                        About Metal Storm

Headquartered in Darra, Queensland, Australia, Metal Storm
Limited is a defense technology company with offices in Australia
and the United States.  It specializes in the research, design,
development and integration of projectile launching systems
utilizing its "electronically initiated / stacked projectile"
technology for use in the defense, homeland security, law
enforcement and industrial markets.


METAL STORM: Inks $4.6 Million Subscription Agreement
-----------------------------------------------------
Defence technology company Metal Storm Limited has enhanced its
balance sheet through a multi-million dollar subscription
agreement to reduce its debt burden and assists its program for
non-lethal weapon and ammunition production.

The Company announced had signed subscription agreements for
$4.65 million of new equity, to fund a reduction of Secured Note
debt and to provide a substantial injection of essential working
capital to further the MAUL, FireStorm and Managed Lethality
Grenade Launcher non-lethal weapon programs.

Simultaneously the Company has signed an agreement with the
majority noteholder to:

  - redeem $9.0 million of Secured Notes for $1.7 million cash;
  - convert $1.4 million of Secured Notes to shares; and
  - forgive a further $1.5 million of Secured Notes under an
    existing debt forgiveness deed.

The elimination of $11.9 million of secured debt will materially
improve the Company's balance sheet and reduce the potential for
further dilution, as this debt can no longer be converted to
shares.

The deal also increases working capital by $2.95 million, after
the secured note redemption, enabling the Company to focus on its
product delivery program.

Shareholder and note holder approval is required and the Company
will hold appropriate meetings as soon as possible.

Metal Storm CEO, Dr Lee Finniear, said the transaction would help
the Company's primary mission of getting its products to market
in volume.

"The international military and law enforcement community
continues to register demand for the MAUL weapon system," Dr
Finniear said.

"Our main challenge is not the technology, but obtaining
sufficient capital to get to full production.  The cash from this
transaction will enable us to focus in particular on the MAUL
program.  The Company believes that a healthier balance sheet
will further encourage partners and investors to support our
product programs to full delivery," he said.

Metal Storm Chairman Terry O'Dwyer said that this transaction
would assist with a fundamental restructure of the Company's
capital base and help deliver greater value for shareholders and
other investors.

"The Company has been striving to raise capital in a difficult
global financial environment while carrying a very high level of
senior secured debt on its balance sheet," Mr O'Dwyer said.

"Through this transaction we are able to eliminate the majority
of the secured debt at a much lower dilution than if it had been
converted."

"Without the burden of secured debt on this scale, the
fundamental value of our equity is improved, and the lower debt
burden should make the Company more attractive to shareholders
and other investors."

The majority noteholder is the Australian Special Opportunity
Fund, L.P., an institutional investment fund managed by The Lind
Partners, LLC, a New York-based asset management firm.

Jeff Easton, Managing Partner of The Lind Partners, LLC stated,
"The Lind Partners has a deep belief in the need for Metal
Storm's non-lethal technology and is pleased to play a role in
helping the Company position itself for future growth."

Metal Storm CEO, Dr Lee Finniear said "The Company would like to
thank Luxinvest Capital Advisors S.A for its support as well as
The Lind Partners, LLC, for providing an essential financial
bridge to allow Metal Storm to reach this point in the path to
commercial production.  We look forward to continuing to work
with both organisations."

A copy of the Form 6-K is available for free at:

                        http://is.gd/JEVkxI

                         About Metal Storm

Headquartered in Darra, Queensland, Australia, Metal Storm
Limited is a defense technology company with offices in Australia
and the United States.  It specializes in the research, design,
development and integration of projectile launching systems
utilizing its "electronically initiated / stacked projectile"
technology for use in the defense, homeland security, law
enforcement and industrial markets.

Metal Storm Limited reported a net loss of AUD6.03 million in
2011, a net loss of AUD8.93 million in 2010, and a net loss of
AUD11.30 million in 2009.

The Company's balance sheet at Dec. 31, 2011, showed AUD1.08
million in total assets, AUD21.07 million in total liabilities
and a AUD19.99 million total deficiency.

PricewaterhouseCoopers, in Brisbane, Australia, issued a "going
concern" qualification on the financial statements for the year
ended Dec. 31, 2011, citing recurring losses from operations and
net capital deficiency that raised substantial doubt about the
Company's ability to continue as a going concern.

                         Bankruptcy Warning

Metal Storm said in the 2011 annual report that there can be no
assurance that it will be able to raise sufficient capital to
continue its operations and redeem the convertible notes on the
maturity date.  If the Company is unsuccessful in its efforts to
obtain sufficient financing to continue to fund its current
operations and redeem the convertible notes on the Maturity Date,
the Company will be required to significantly reduce or cease
operations altogether.  If Metal Storm does not have reasonable
grounds to believe that it will be successful in its efforts to
obtain sufficient financing to continue to fund its operations
and redeem the convertible notes at the Maturity Date, Metal
Storm will be required to appoint an administrator under
Australia's bankruptcy system.


METAL STORM: Product Strategy to Capitalize on New Funding
----------------------------------------------------------
Defence technology specialist Metal Storm Limited outlined the
three major steps to be completed by the Company in order to
reach a positive cash flow and deliver growth in shareholder
value through product sales.

The Company announced a deal to acquire $5M in cash, plus an
agreement to eliminate $11.9M -- over 80% -- of its secured
convertible note debt.

Metal Storm CEO, Dr Lee Finniear, said while the GFC and other
capital constraints had held the Company back, the latest debt
restructure and capital injection will drive Metal Storm forward
on its strategic course.

"Our strategy and planning is solid, demand for our non-lethal
weapons is high, and we are collaborating with excellent, well-
respected industry players including Colt, BAE and TASER
International," he said.

"Now that a major piece of the capital restructuring is in train,
the Company can also focus on getting its non-lethal weapon and
ammunition systems into user trials."

"Plus, with the secured debt mostly eliminated, shareholder value
should grow more rapidly and with fewer obstacles as we move
ahead.

The three major steps to be completed by Metal Storm include:

   * Restructure its capital base and acquire funds for product
     commercialisation

   * Undertake initial production for user field trials and
     product compliance evaluation

   * Enter full production and sell internationally in volume

The first product the Company is bringing to market is its MAUL
ultra-light 12 gauge accessory launcher, together with non-
lethal, TASER and door breaching ammunition.  MAUL is the
ultimate accessory weapon to provide officers with a choice of
non-lethal responses instead of using lethal force.

"The product is well advanced, and initial demonstration units
have been built," Dr Finniear said.

"Demonstration firings have attracted audiences across the USA.
Over 60 agencies in the USA and Australia have requested user
trials or further demonstrations.  Our challenge has been to find
funding to build additional enhanced trial weapons and ammunition
to support this demand.

"Once the funds from the transaction arrive in July, we will
complete integration and commence building up to 50 MAUL weapons
plus ammunition in a low rate initial production run (LRIP).
These weapons will be allocated to three important groups:
selected trial users, international distributors for business
development, and to our compliance testing team for product
compliance evaluation.

"The Company intends to ramp up to full production as key sales
opportunities progress and when volume orders are received.  For
the final production models, the Company will take into account
relevant feedback from the field trials, plus any specific
enhancements requested by international distributors that would
materially contribute to volume sales.

In addition to MAUL production, the Company remains engaged on a
number of strategic customer funded projects and potentially
funded opportunities, specifically:

   * The US Marines MPM Engineering & Manufacturing Development
     (EMD) Phase

   * The Defence Canada Small Arms Replacement Program


   * The $1B US DoD Force Protection Program

   * The Managed Lethality Grenade Launcher System

"The recently announced equity raise and debt reduction is a
massive step toward satisfying the Company's capital
restructuring needs.  Our focus on delivering product to market
can now progress without such a large and looming debt horizon
depressing shareholder value at a time when the Company believes
it should be appreciating," Dr Finniear said.

                         About Metal Storm

Headquartered in Darra, Queensland, Australia, Metal Storm
Limited is a defense technology company with offices in Australia
and the United States.  It specializes in the research, design,
development and integration of projectile launching systems
utilizing its "electronically initiated / stacked projectile"
technology for use in the defense, homeland security, law
enforcement and industrial markets.

Metal Storm Limited reported a net loss of AUD6.03 million in
2011, a net loss of AUD8.93 million in 2010, and a net loss of
AUD11.30 million in 2009.

The Company's balance sheet at Dec. 31, 2011, showed AUD1.08
million in total assets, AUD21.07 million in total liabilities
and a AUD19.99 million total deficiency.

PricewaterhouseCoopers, in Brisbane, Australia, issued a "going
concern" qualification on the financial statements for the year
ended Dec. 31, 2011, citing recurring losses from operations and
net capital deficiency that raised substantial doubt about the
Company's ability to continue as a going concern.

                         Bankruptcy Warning

Metal Storm said in the 2011 annual report that there can be no
assurance that it will be able to raise sufficient capital to
continue its operations and redeem the convertible notes on the
maturity date.  If the Company is unsuccessful in its efforts to
obtain sufficient financing to continue to fund its current
operations and redeem the convertible notes on the Maturity Date,
the Company will be required to significantly reduce or cease
operations altogether.  If Metal Storm does not have reasonable
grounds to believe that it will be successful in its efforts to
obtain sufficient financing to continue to fund its operations
and redeem the convertible notes at the Maturity Date, Metal
Storm will be required to appoint an administrator under
Australia's bankruptcy system.


PERPETUAL TRUSTEE: Moody's Assigns (P)Ba1 Rating to Cl. E Notes
---------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to
notes to be issued by Perpetual Trustee Company Limited in its
capacity as trustee of the Series 2012-1E REDS EHP Trust.

Issuer: Series 2012-1E REDS EHP Trust

AUD 80.00 million Class A-1 Notes, Assigned (P)P-1 (sf);

Class A-2A Notes, Assigned (P)Aaa (sf);

Class A-2G Notes, Assigned (P)Aaa (sf) (together with the Class
A-2A Notes, the aggregate of the Class A2 Notes are AUD 338.75
million)

AUD 18.75 million Class B Notes, Assigned (P)Aa2 (sf);

AUD 15.00 million Class C Notes, Assigned (P)A2 (sf);

AUD 14.37 million Class D Notes, Assigned (P)Baa2 (sf);

AUD 13.13 million Class E Notes, Assigned (P)Ba1 (sf).

The final amount of the Class A-2A and Class A-2G Notes are yet
to be determined. The AUD 20.00 million Seller Notes are not
rated by Moody's.

The ratings address the expected loss posed to investors by the
legal final maturity. The structure allows for timely payment of
interest and ultimate payment of principal with respect to Class
A1, A2 and B Notes by the legal final maturity. As the coupons
for the Class C, D and E Notes are split into senior and
subordinate amounts, where the senior amounts are 1M-BBSW, and
the subordinate amounts are subordinate to all other items in the
interest waterfall, the structure allows for timely payment of
the senior amount of interest and ultimate payment of principal
with respect of the Class C, D and E Notes.

The transaction is a securitisation of a portfolio of Australian
chattel mortgages, bills of sale, finance leases, and hire
purchase contracts secured by motor vehicles originated by Bank
of Queensland Equipment Finance Pty Limited ("BOQEF"), a wholly
owned subsidiary of Bank of Queensland ("BOQ").

This is the first Australian ABS transaction issued by BOQ since
2008 and BOQ's seventh ABS transaction to date.

Ratings Rationale

Series 2012-1E REDS EHP Trust deviates from the previous REDS EHP
transactions in that the composition of the receivables pool
backing the transaction is more conservative by consisting solely
of motor vehicles and there will be short dated (P) P-1 Class A1
Notes.

The deal is exclusively backed by motor vehicles, predominantly
cars. Past REDS EHP transactions and other Australian ABS
transactions typically include 10-15% of other equipment types.
Moody's believes motor vehicles exhibit less pro-cyclical default
patterns and, on average, higher recovery rates. As a result,
Moody's views this pool is more conservatively structured than
previous portfolios.

In order to fund the purchase price of the portfolio, the Trust
will issue up to eight classes of notes. The notes will be repaid
on a sequential basis in the initial stages, until the
subordination percentage increases from the initial 16.25% to
25.35% and from 12.5% to 19.5% for the Class B Notes and before
the outstanding balance of the notes falls below 10% of the
initial note balance at closing. At all other times, all classes
of notes will be repaid on a pro-rata basis. This principal
paydown structure is comparable to other recent ABS transactions
in the Australian market.

The transaction will include 3 senior tranches where the Class A-
2G tranche is denominated in GBP. The Class A-1 Notes are short-
dated notes, rated (P) P-1. The Class A Notes will be repaid
sequentially within the Class A Notes allocation, prior to
satisfaction of the step down criteria. The ratings are based on
the credit enhancement provided by the subordinated notes, in
total equal to 16.25% for the Class A Notes. Moody's has
accounted for the possibility of losses and delinquencies during
the term of the Class A1 Notes in its assessment of the
likelihood of their repayment and believe scheduled principal
amortisation to be sufficient to repay the Class A-1 Notes by
their maturity dates in full.

Moody's base case assumptions are a default rate of 3.35% and a
recovery rate of 37.5%. These imply an expected (net) loss of
2.09%. Both the default rate and recovery rate have been stressed
relative to observed historical levels of 2.65% and 48.66%
respectively.

Volatility Assumption Scores and Parameter Sensitivities

The V Score for this transaction is Low/Medium, which is in line
with the score assigned for the Australian ABS sector. Among
other factors, Moody's notes the availability of a substantial
amount of historical performance data in the Australian ABS
market as well as on an issuer-by-issuer basis.

Here, for instance, Moody's has been provided with detailed
vintage and individual default data for the 2000-2012 period. In
addition, Moody's observes that Australian auto ABS have to date
been performing stably. Also, in terms of alignment of interest,
Moody's assigns a low rather than the sector average of
low/medium, as BOQ retains a significant proportion of the
transaction which better aligns incentives. With regards to legal
and regulatory uncertainty, Moody's assigns a medium due to the
recent introduction of the Personal Property Securities Act
(PPSA) which may lead to operational issues in the short term.
Overall, the V score of Low/Medium allows us to have a material
degree of comfort with regard to assumptions made in rating the
transaction.

V Scores are a relative assessment of the quality of available
credit information and of the degree of uncertainty around
various assumptions used in determining the rating. High
variability in key assumptions could expose a rating to more
likelihood of rating changes. The V Score has been assigned
accordingly to the report "V Scores and Parameter Sensitivities
in the Asia/Pacific RMBS Sector", published in March 2009.

Parameter Sensitivities are designed to provide a quantitative
calculation of how the initial rating might change if key input
parameters used in the initial rating process - here, the
expected loss and the Aaa credit enhancement - differed. The
analysis assumes that the deal has not aged. Parameter
Sensitivities only reflect the ratings impact of each scenario
from a quantitative/model-indicated standpoint.

In the case of Series 2012-1E REDS EHP Trust, the Class A-2 Notes
remain investment grade (6 notch downgrade to A3(sf)) when the
default rate rises to 6.7% (double of Moody's assumption of
3.35%) and recovery rates are reduced to 18.75% (half of Moody's
assumption of 37.5%). The Aa2(sf) ratings for the Class B notes
drop 9 notches to Ba2(sf) in the above scenario.

Rating Methodology

The principal methodology used in this rating was "Moody's
Approach to Rating Australian Asset-Backed Securities" published
in July 2009.


PHOENIX CLEANING: Owes Employees About AUD1.5 Million
-----------------------------------------------------
ABC News reports that workers at Phoenix Cleaning company are
owed about AUD1.5 million in unpaid wages and other entitlements.

ABC News notes that the company employed about 300 workers in
South Australia before going into liquidation last week.

About a dozen workers who attended a creditors meeting have been
told that redundant staff are likely to be paid out through a
Federal Government scheme, according to the report.

But they do not yet know if they will receive AUD300,000 in
outstanding superannuation payments, ABC News reports.

According to ABC News, liquidator Tim Clifton said it could take
up to six months to determine whether that money can be
recovered.

"The super we think is about AUD300,000. It depends on what other
money I can recover from such things as preferences and so on and
what the actual physical assets realise at the end of the day,"
the report quotes Mr. Clifton as saying.

Based in Adelaide, Australia, Phoenix Cleaning & Maintenance
Services -- http://www.phoenixcleaning.com.au/--provides
cleaning, maintenance and ancilliary services. The Company
operates in South Australia and the Northern Territory.


RED EHP: Fitch Puts 'BBsf' Rating on AUD13.1-Mil. Cl. E Notes
-------------------------------------------------------------
Fitch Ratings has assigned Series 2012-1E REDS EHP Trust expected
ratings. The transaction is an asset-backed securitisation of
automotive loan receivables.  The ratings are as follows:

  -- AUD80m Class A-1 notes: 'F1+sf(exp)'
  -- AUD338.8m Class A-2 (a & g) notes*: 'AAAsf(exp)'; Outlook
     Stable
  -- AUD18.8m Class B notes: 'AAsf(exp)'; Outlook Stable
  -- AUD15m Class C notes: 'Asf(exp)'; Outlook Stable
  -- AUD14.4m Class D notes: 'BBBsf(exp)'; Outlook Stable
  -- AUD13.1m Class E notes: 'BBsf(exp)'; Outlook Stable
  -- AUD20m seller notes: not rated

* the exact GBP and AUD split is yet to be determined

The notes will be issued by Perpetual Trustee Company Limited as
trustee of Series 2012-1E REDS EHP Trust.  The Series 2012-1E
REDS EHP Trust is a legally distinct trust established pursuant
to a master trust and security trust deed.

The final ratings are contingent on the receipt of final
documents conforming to information already received.

"This is the first issue in the REDS EHP asset-backed
securitisation programme since 2008," said Spencer Wilson,
Associate Director in Fitch's Structured Finance team.
"A key feature is the inclusion of an excess spread reserve, and
a transaction structure that provides a solid flow of excess
spread which are available to cover realised losses before they
result in any principal loss on the notes."

The transaction also benefits from a diversification of a large
number of small business borrowers across a broad range of
industries.

The expected ratings of the Class A notes are based on the
quality of the collateral; the 16.25% credit enhancement provided
by the subordinate class B, C, D, E and seller notes; a liquidity
reserve account of 1.25% of outstanding notes, funded by issue
proceeds; an interest rate swap provided by Bank of Queensland
('BBB+'/Stable/'F2'), the standby interest rate swap provider,
Australia and New Zealand Banking Corporation (ANZ, rated 'AA-
'/Stable/'F1+'); and BOQ Equipment Finance's (BOQEF) underwriting
and servicing capabilities.

The ratings on the class B, C, D and E notes are based on all the
strengths supporting the class A notes except their credit
enhancement levels.

At the cut-off date, the total collateral pool consisted of
13,904 loan receivables totalling approximately AUD500 million,
with an average size of AUD35,961.  The pool comprises loan
receivables originated by BOQEF whose ultimate parent is Bank of
Queensland.  All loans are amortising principal and interest
loans for both cars and light commercial vehicles (61.9%), heavy
trucks (36%) and buses (2.1%).  The pool contains loans with
varying balloon amounts payable at maturity, with a weighted
average balloon payment of 30%.


WESTPOINT GROUP: Liquidator Awaits ASIC Go Signal on Probe Report
-----------------------------------------------------------------
InvestorDaily reports that the liquidation of North Sydney
Finance (NSF), a subsidiary of the failed Westpoint Group, has
stalled with the company's liquidator unable to complete its
duties until obtaining clearance from the Australian Securities
and Investments Commission, according to a letter to creditors.

In a letter to members, creditors and noteholders, Ferrier
Hodgson partner Martin Jones said he was waiting for the green
light from the corporate regulator regarding an investigation
report, InvestorDaily relates.

According to InvestorDaily, Mr. Jones said he had lodged two
investigation reports to ASIC -- the first lodged on May 15,
2008, with the second report filed more recently -- and he was
now awaiting instructions.

"My investigative report into the affairs of the company was
lodged with the ASIC on May 15, 200,8 pursuant to section 533 of
the [Corporations] Act," Mr. Jones said in the letter, dated
May 8.

"The report is confidential between the liquidator and the ASIC
and I am therefore unable to disclose any information in this
regard.  I advise, however, that the ASIC subsequently requested
that I complete a supplementary report into the affairs of the
company pursuant to section 533 (2) of the act."

InvestorDaily relates that Mr. Jones said he had completed and
lodged the supplementary report.

Mr. Jones, as cited by InvestorDaily, said the outstanding
matters in the liquidation related to determining the extent, if
necessary, of the applicable amount of income tax payable;
collecting and distributing the remaining proceeds, if any, from
the KPMG settlement to creditors of NSF; and awaiting clearance
from ASIC to finalise the liquidation.

In December last year, InvestorDaily recalls, Mr. Jones informed
creditors that approval had been given for the release of a third
and potentially final dividend payment to NFS creditors and
noteholders.

                        About Westpoint Group

Headquartered in Perth, Western Australia, the Westpoint Group
-- http://westpoint.com.au/-- was engaged in property
development and owned or managed retail and commercial properties
with a total value of over AU$300 million.  The Group's troubles
began in 2005 when the Australian Securities and Investments
Commission commenced investigations on 160 companies within the
Westpoint Group.  The ASIC's investigation led to ASIC initiating
action in late 2005 in the Federal Court of Australia against a
number of mezzanine companies in the Westpoint Group, including
winding up proceedings.  The ASIC contended that Westpoint
projects are suffering from significant shortfall of assets over
liabilities so that hundreds of investors are at serious risk of
not receiving repayment of their investments.  The ASIC also
sought wind-up orders after the Westpoint companies failed to
comply with its requirement to lodge accounts for certain
financial years.  These wind-up actions are still continuing.

In February 2006, the Federal Court in Perth issued a wind-up
order against Westpoint Corporation Pty Ltd.  The ASIC had
applied to wind up the company on grounds of insolvency.  The
ASIC believed that Westpoint Corporation is responsible for
arranging, managing and coordinating Westpoint Group's property
projects as well as holding money for other group companies.  The
ASIC was concerned that Westpoint Corporation was unable to pay
its debts, including its obligations under the guarantees given
to the mezzanine companies to make good expected shortfalls in
the repayment of amounts owed to investors.

The Westpoint Group's collapse is considered by many as the
largest of its type in recent years, with small investors being
the biggest group affected.  Investors are currently joining
forces to commence a class action against Westpoint and its
advisors.


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


CHINA EXECUTIVE: Incurs US$497,000 Net Loss in First Quarter
------------------------------------------------------------
China Executive Education Corp. filed with the U.S. Securities
and Exchange Commission its quarterly report on Form 10-Q
disclosing a net loss of US$497,042 on US$1.25 million of revenue
for the three months ended March 31, 2012, compared with a net
loss of US$2.91 million on US$553,056 of revenue for the same
period during the prior year.

The Company reported a net loss of US$5.47 million in 2011,
compared with a net loss of US$8.54 million in 2010.

The Company's balance sheet at March 31, 2012, showed US$10.14
million in total assets, US$27.32 million in total liabilities
and a US$17.17 million total stockholders' deficiency.

A copy of the Form 10-Q is available for free at:

                        http://is.gd/vg9Jrm

                       About China Executive

Hangzhou, China-based China Executive Education Corp. is an
executive education company with operations in Hangzhou and
Shanghai, China.  It operates comprehensive business training
programs that are designed to fit the needs of Chinese
entrepreneurs and to improve their leadership, management and
marketing skills, as well as bottom-line results.

Albert Wong & Co, in Hong Kong, China, issued a "going concern"
qualification on the financial statements for the year ended
Dec. 31, 2011.  The independent auditors noted that the Company
has accumulated deficits as at Dec. 31, 2011, of $17,466,892
including net losses of $5,478,202 for the year ended Dec. 31,
2011, which raised substantial doubt about the Company's ability
to continue as a going concern


GUANGZHOU GLOBAL: Reports $1.63 Million Net Income in Q1
--------------------------------------------------------
China Teletech Holding, Inc., formerly known as Guangzhou Global
Telecom, Inc., filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing net
income of US$1.63 million on US$3.03 million of sales for the
three months ended March 31, 2012, compared with net income of
US$158,199 on US$9.21 million of sales for the same period during
the prior year.

The Company reported a net loss of US$348,124 in 2011, compared
with a net loss of US$2.28 million in 2010.

The Company's balance sheet at March 31, 2012, showed US$4.59
million in total assets, US$4.23 million in total liabilities and
US$360,111 in total stockholders' equity.

A copy of the Form 10-Q is available for free at:

                        http://is.gd/dG3sLu

                       About Guangzhou Global

Tallahassee, Fl.-based Guangzhou Global Telecom, Inc., was
incorporated as Avalon Development Enterprises, Inc., on March
29, 1999, under the laws of the State of Florida.  The Company,
through its subsidiaries, is now principally engaged in the
distribution and trading of rechargeable phone cards, cellular
phones and accessories within cities in the People's Republic of
China.

In its audit report for the 2011 results, Samuel H. Wong & Co.,
LLP, in San Mateo, California, noted that the Company has
incurred substantial losses, and has difficulty to pay the
Peoples Republic of China government Value Added Tax and past due
Debenture Holders Settlement, all of which raise substantial
doubt about its ability to continue as a going concern.


TONGJI HEALTHCARE: Incurs $104,000 Net Loss in First Quarter
------------------------------------------------------------
Tongji Healthcare Group, Inc., filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing
a net loss of $103,754 on $635,491 of total operating revenue for
the three months ended March 31, 2012, compared with net income
of $61,343 on $623,989 of total operating revenue for the same
period during the prior year.

The Company reported a net loss of $218,150 in 2011, compared
with a net loss of $56,232 in 2010.

The Company's balance sheet at March 31, 2012, showed
$12.90 million in total assets, $13.01 million in total
liabilities, and a $110,326 total stockholders' deficit.

A copy of the Form 10-Q is available for free at:

                        http://is.gd/ANcSKT

                      About Tongji Healthcare

Based in Nanning, Guangxi, the People's Republic of China, Tongji
Healthcare Group, Inc., was incorporated in the State of Nevada
on December 19, 2006.  The Company operates Tongji Hospital,
a general hospital with 105 licensed beds.

In its audit report for the 2011 results, EFP Rotenberg, LLP, in
EFP Rotenberg, LLP, expressed substantial doubt about the
Company's ability to continue as a going concern.  The
independent auditors noted that the Company has negative working
capital of $9.85 million, an accumulated deficit of $582,000, and
a stockholders' deficit of $5,161 as of Dec. 31, 2011.  The
Company's ability to continue as a going concern ultimately is
dependent on the management's ability to obtain equity or debt
financing, attain further operating efficiencies, and achieve
profitable operations.


* Fitch Affirms IDR Ratings of China State-Owned Commercial Banks
-----------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Foreign-Currency Issuer
Default Ratings (IDRs) of China's large state-owned commercial
banks with Stable Outlooks, as well as the banks' Support Rating
Floors, reflecting continued strong expectations that state
support would be forthcoming in the event of stress.  All of the
banks continue to possess '1' Support Ratings, the highest level
on Fitch's scale of '1' to '5'.

China's five state-owned commercial banks -- Industrial &
Commercial Bank of China (ICBC), China Construction Bank (CCB),
Bank of China (BOC), Agricultural Bank of China (ABC), and Bank
of Communications (BCOM) -- account for a large 49% share of
sector assets.  The central government is the largest shareholder
of each of the banks, and has a long track record of providing
solvency and asset quality support to the institutions.
Consequently, the ratings of these banks continue to be closely
linked to China's sovereign rating at one to two notches below.

China's state banks are among the largest in the world,
particularly by emerging market standards. In terms of risk-
weighted assets, ICBC is now the world's biggest bank, while CCB,
BOC, and ABC are the world's 4th, 5th, and 6th largest.  Rapid
balance sheet growth since the global crisis is a risk, given the
challenging domestic operating environment.  Growth of credit
exposure averaged 95% for each of the five state banks from end-
2008 to end-2011, compared with nominal GDP growth of just 47%.
This disparity raises questions about the ability of borrowers'
to repay this large increase in leverage.  For this reason, asset
quality is expected to come under increasing pressure in 2012-
2013, although continued forbearance means this may not manifest
in NPL ratios until well into a deterioration.

On many parameters, China's state banks compare favourably with
their smaller domestic peers, resulting in Viability Ratings at
the upper end of the range for Chinese banks.  State banks' solid
deposit franchises are their greatest strength, with the five
banks accounting for upwards of 70% of total retail deposits.  In
addition, state banks tend to possess lower credit risk (59% of
total assets vs. 74% for mid-sized banks), hold fewer off-
balance-sheet contingent liabilities (17% of total assets vs. 31%
for mid-sized banks), and have more liquid securities and
interbank portfolios.

Funding and liquidity recently have been the areas most under
pressure across the sector, as deposit growth slows and liquid
assets further dwindle.  While state banks' strong deposit
franchises have helped cushion this deterioration, even these
institutions are reporting historically thin cash buffers. Recent
reports of depressed lending at state banks illustrate these
growing resource constraints.

Were the banking sector to encounter more serious liquidity
strains, Fitch would expect the large state banks to benefit from
a flight to safety given their implicit government guarantee and
very strong deposit networks.  However, in terms of asset quality
stress, the state banks' large balance sheets mean credit losses
could be significant.  State banks' higher capitalisation and
loan loss reserves, along with fairly solid profitability, is
sufficient to cover a few percentage point rise in NPL ratios.
Beyond this, state support could be necessary.  ABC has a
considerably smaller cushion against losses than its peers, with
NPLs and special mention loans amounting to 7.1% of total loans
in 2011 (other state banks 3.8%, mid-sized banks 3.7%).

One key risk over the short-term is Chinese banks' rapidly
growing wealth management offerings, of which state banks are the
leading issuers.  At end-Q112, Fitch estimates that the amount of
outstanding wealth management products in the banking system
reached CNY10.4trn.  While this represents a relatively low 12%
of total deposits, an estimated half of all new deposits are
raised through these products.  Poor matching of the maturities
of the liabilities with the assets underlying the products means
banks often do not have money coming in on the products to repay
investors upon maturity.  Instead, banks often rely on new
issuance or product rollovers to repay investors.  Given how
important this activity is to deposit growth, any disruption
could further weaken state banks' funding and liquidity.

The Chinese government has substantial resources to address a
deterioration in the banking sector, which is a key factor
underpinning the banks' high Support Ratings and IDRs. Deposit
reserves of 19% of M2 at end-2011 could be released in the event
of banking system liquidity strains.  Meanwhile, the government
has demonstrated its willingness in the past to draw on its
foreign exchange reserves (USD3.3trn at end-2011, or 44% of GDP)
to recapitalise ailing financial institutions. Central government
debt is also quite low at 21.4% of GDP at end-2011.

The state banks' LT FC IDRs are driven solely by state support,
and any changes will be tied to shifts in the perceived
willingness and ability of the Chinese sovereign to provide
support to the banks.  A downgrade of the banks' Viability
Ratings could occur if asset quality deterioration begins to
threaten solvency or if funding and liquidity strains become more
binding.  A disruption in the banks' wealth management business
also could trigger downward pressure on both Viability Ratings
and IDRs if the magnitude of sovereign support required, if any,
were to materially weaken the sovereign's credit profile.

The current ratings of China's state banks are as follows:

ICBC:

  -- Long-Term Foreign-Currency IDR affirmed at 'A'; Stable
     Outlook
  -- Short-Term Foreign-Currency IDR affirmed at 'F1'
  -- Support Rating affirmed at '1'
  -- Support Rating Floor affirmed at 'A'
  -- Viability Rating affirmed at 'bb'

CCB:

  -- Long-Term Foreign-Currency IDR affirmed at 'A'; Stable
     Outlook
  -- Short-Term Foreign-Currency IDR affirmed at 'F1'
  -- Support Rating affirmed at '1'
  -- Support Rating Floor affirmed at 'A'
  -- Viability Rating affirmed at 'bb'

BOC:

  -- Long-Term Foreign-Currency IDR affirmed at 'A'; Stable
     Outlook
  -- Short-Term Foreign-Currency IDR affirmed at 'F1'
  -- Long-Term Local-Currency IDR affirmed at 'A'; Stable Outlook
  -- Short-Term Local-Currency IDR affirmed at 'F1'
  -- Support Rating affirmed at '1'
  -- Support Rating Floor affirmed at 'A'
  -- Viability Rating affirmed at 'bb'

ABC:

  -- Long-Term Foreign-Currency IDR affirmed at 'A'; Stable
     Outlook
  -- Support Rating affirmed at '1'
  -- Support Rating Floor affirmed at 'A'
  -- Viability Rating affirmed at 'b+'

BCOM:

  -- Long-Term Foreign-currency IDR affirmed at 'A-'; Stable
     Outlook
  -- Short-Term Foreign-Currency IDR affirmed at 'F2'
  -- Support Rating affirmed at '1'
  -- Support Rating Floor affirmed at 'A-'
  -- Viability Rating affirmed at 'bb-'


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


GOLD BEAM: Members' Final Meeting Set for June 15
-------------------------------------------------
Members and creditors of Gold Beam Developments Limited will hold
their final meetings on June 15, 2012, at 3:30 p.m., and 4:00
p.m., respectively at Room 203, Duke of Windsor Social Service
Building, 15 Hennessy Road, Wanchai, in Hong Kong.

At the meeting, Yeung Lui Ming (Edmund) and Darach E. Haughey,
the company's liquidators, will give a report on the company's
wind-up proceedings and property disposal.


HANG PO: Ho and Yuen Appointed as Liquidators
---------------------------------------------
Messrs. Huen Ho Yin and Huen Yuen Fun on May 3, 2012, were
appointed as liquidators of Hang Po Marble (ENG) Limited.

The liquidators may be reached at:

         Messrs. Huen Ho Yin
         Huen Yuen Fun
         22nd Floor, 9 Des Voeux Road
         West, Hong Kong


HARCOURT ALTERNATIVE: Members' Final Meeting Set for June 15
------------------------------------------------------------
Members of Harcourt Alternative Investments (HK) Limited will
hold their final general meeting on June 15, 2012, at 10:00 a.m.,
at 22nd Floor, Tai Yau Building, 181 Johnston Road, Wanchai, in
Hong Kong.

At the meeting, Victor Robert Lew, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


HK EXPERTS: Members' Final Meeting Set for June 15
--------------------------------------------------
Members of Hong Kong Experts Consultancy Company Limited will
hold their final general meeting on June 15, 2012, at 10:00 a.m.,
at 19th Floor, Seaview Commercial Building, 21-24 Connaught Road
West, in Hong Kong.

At the meeting, Andrew C.C. Ma and Felix K.L. Lee, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


HK INSTITUTE: Members' Final Meeting Set for June 11
----------------------------------------------------
Members of Hong Kong Institute of Property Market Research
Limited will hold their final meeting on June 11, 2012, at 10:30
a.m., at Room 403, 4/F, Wing On House, 71 Des Voeux Road Central,
in
Hong Kong.

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


MASTROTTO ITALIA: Members' Final Meeting Set for June 15
--------------------------------------------------------
Members of Mastrotto Italia Asia Limited will hold their final
general meeting on June 15, 2012, at 10:30 a.m., at 19th Floor,
Seaview Commercial Building, 21-24 Connaught Road West, in
Hong Kong.

At the meeting, Andrew C.C. Ma and Felix K.L. Lee, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


MING TAK: Members' Final Meeting Set for June 11
------------------------------------------------
Members of Ming Tak Estate Company Limited will hold their final
meeting on June 11, 2012, at 10:00 a.m., at Room 403, 4/F, Wing
On House, 71 Des Voeux Road Central, in Hong Kong.

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


POWER GATE: Members' Final Meeting Set for June 15
--------------------------------------------------
Members of Power Gate Limited will hold their final general
meeting on June 15, 2012, at 11:00 a.m., at 19th Floor, Seaview
Commercial Building, 21-24 Connaught Road West, in Hong Kong.

At the meeting, Andrew C.C. Ma and Felix K.L. Lee, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


RAINBOW STAR: Members' Final Meeting Set for June 15
----------------------------------------------------
Members of Rainbow Star Properties Limited will hold their final
meeting on June 15, 2012, at 10:30 a.m., at 27th Floor, One
Island South, 2 Heung Yip Road, Wong Chuk Hang, in Hong Kong.

At the meeting, Chan Siu Lai Joan, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


SENOX LIMITED: Placed Under Voluntary Wind-Up Proceedings
---------------------------------------------------------
At an extraordinary general meeting held on April 30, 2012,
creditors of Senox Limited resolved to voluntarily wind up the
company's operations.

The company's liquidator is:

         Billy Li Sze Kuen
         12/F, No. 3 Lockhart Road
         Wanchai, Hong Kong


SHARP FAME: Members' Final Meeting Set for June 15
--------------------------------------------------
Members of Sharp Fame Limited will hold their final general
meeting on June 15, 2012, at 11:30 a.m., at 19th Floor, Seaview
Commercial Building, 21-24 Connaught Road West, in Hong Kong.

At the meeting, Andrew C.C. Ma and Felix K.L. Lee, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


TONIC TECHNOLOGY: Members' Final Meeting Set for June 15
--------------------------------------------------------
Members and creditors of Tonic Technology Limited will hold their
final meetings on June 15, 2012, at 2:00 p.m., and 2:30 p.m.,
respectively at Room 203, Duke of Windsor Social Service
Building, 15 Hennessy Road, Wanchai, in Hong Kong.

At the meeting, Yeung Lui Ming (Edmund) and Darach E. Haughey,
the company's liquidators, will give a report on the company's
wind-up proceedings and property disposal.


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


A.K. BUILDERS: CRISIL Assigns 'D' Rating to INR180MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL D/ CRISIL D' ratings to the bank
facilities of A.K. Builders. The ratings reflect AKB's overdrawn
working capital limits because of the firm's weak liquidity.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           50        CRISIL D
   Cash Credit             130        CRISIL D

AKB also working-capital-intensive, and small scale of,
operations, weak financial risk profile, marked by high gearing
and small net worth, high geographical and revenue concentration,
and low project diversity. These rating weaknesses are partially
offset by the extensive industry experience of AKB's promoter in
the construction industry.

A.K. Builders was set up as a proprietorship firm in 2000 by
Mr. Ashok Sharma. The firm undertakes road construction projects
in Punjab and Sikkim.

AKB reported book profit of INR18.5 million on net sales of
INR297.3 million for 2010-11 (refers to financial year, April 1
to March 31), as against book profit of INR23.2 million on net
sales of INR324.0 million for 2009-10.


ASTRA CHEMTECH: CRISIL Cuts Rating on INR102.5MM Loans to 'D'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Astra
Chemtech Pvt Ltd to 'CRISIL D/CRISIL D' from 'CRISIL BB-
/Stable/CRISIL A4+'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              80        CRISIL D (Downgraded from
                                      'CRISIL BB-/Stable')

   Cheque Discounting        2.5      CRISIL D (Downgraded from
                                      'CRISIL BB-/Stable')

   Letter of Credit         20        CRISIL D (Downgraded from
                                      'CRISIL BB-/Stable')

   Rupee Term Loan          57        CRISIL D (Downgraded from
                                      'CRISIL BB-/Stable')

The downgrade reflects instances of delay by Astra in servicing
its debt; the delays have been caused by the company's weak
liquidity. Its bank limit utilisation was high at 97 per cent in
2011-12 (refers to financial year, April 1 to March 31). Astra
had outstanding term debt obligations of around INR22 million on
as on March 31, 2012, with monthly repayment obligations of
around INR1 million. These repayments are being made with a delay
of 4 to 30 days, as and when funds are available. Astra's
liquidity has weakened because of delays, on an average of more
than four months, in receiving payments from its customers.

Astra has weak financial risk profile, marked by high gearing,
small net worth and weak debt protection metrics, small scale of
operations, and large working capital requirements. However, the
company continues to benefit from the longstanding experience of
its promoters in the adhesives industry.

                        About Astra Chemtech

Astra Chemtech Pvt Ltd was established in 2000 as S S
Formulations Pvt Ltd by Mr. Rashid Ibrahim Sorathiya in 2000 and
its name was changed to the current one in 2007. The company
manufactures water- and solvent-based synthetic adhesives. It
also manufactures, on a small scale, construction chemicals,
textile speciality chemicals, speciality resins, speciality
coating and speciality esters. The company has installed capacity
to produce around 1000 tonnes of adhesive per month at its
manufacturing facilities in Boisar (Maharashtra).


CHITRA UTSAV: Delays in Loan Payment Cues CRISIL Junk Ratings
-------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Chitra
Utsav Video Pvt Ltd to 'CRISIL D' from 'CRISIL B-/Stable'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan               162        CRISIL D (Downgraded from
                                      'CRISIL B-/Stable')

The downgrade reflects consistent delays by CUPL in servicing its
debt (interest obligations) because of its weak liquidity. CUPL's
liquidity has been severely impacted by delays in commencement of
its operations because of pending regulatory approvals. The
company is dependent on funding support from its promoter for
meeting its debt-related obligations (currently, it is only the
interest component) - delays in funding support from the promoter
have constrained the company's debt servicing ability.

CUPL is also exposed to risks related to implementation and
stabilisation associated with its ongoing project. Its financial
flexibility is constrained by limited cash flows in the initial
years of its operations. Moreover, it is susceptible to
cyclicality in real estate industry. However, the company
benefits from its promoter's experience in the media industry and
from the advantages of being located in Gurgaon (Haryana).

                        About Chitra Utsav

Chitra Utsav Video Pvt Ltd was initially promoted by Mr. Akhil
Bakshi, Mr. Anil Khanna and Mr. Raghav Behl in 1989. Until 2008-
09 (refers to financial year, April 1 to March 31), it was
involved in development of, and marketing, documentaries. It
developed around 2000 hours of documentaries for government and
non-governmental organisations. In 2009-10, Mr. Anil Khanna,
through his company, RLF Ltd, purchased the other promoters'
equity stakes in CUPL for INR60 million.

CUPL has developed a six-storey building in Sector 32, Gurgaon,
with a total floor area of 1,30,000 square feet (sq ft), 50,000
sq ft of which it plans to use for running a mass communication
and the remainder it plans to lease out. The total cost of the
project was INR260 million, funded by term loans of INR192
million, and equity capital and unsecured loans from promoters.
The building was completed in September 2011 (with a six-month
delay); but commercial operations have not started yet, as the
management is awaiting occupancy certificate from the regulatory
authority.


CRYSTAL CABLE: Fitch Assigns 'D' National Long-Term Rating
----------------------------------------------------------
Fitch Ratings has assigned India's Crystal Cable Industries
Limited a National Long-Term rating of 'Fitch D(ind)'.

The ratings reflect the accumulated losses of INR210m on CCIL's
balance sheet for the financial year ended March 2011 (FY11);
though it made a net profit before extraordinary items of
INR6.9m.  The company incurred cash losses during FY98 to FY01,
which led to the complete erosion of its net worth in FY01.  It
has since been registered as a sick company under the Board for
Industrial and Financial Reconstruction (BIFR).  CCIL is
presently implementing the rehabilitation scheme for its revival,
as approved by the BIFR.

De-registration from BIFR will act as a positive rating guideline
for CCIL.

CCIL was incorporated in 1965 as a private limited company, and
was converted into a public limited company in 1989.  Its
registered office is located in Kolkata and manufacturing
facility at Andul in Howrah, in West Bengal.  CCIL manufactures
various types of electrical wires and cables, at an installed
capacity of 600kms per annum of XLPE cables, and 5,055kms per
annum of PVC power, mining and control cables.

Fitch has also assigned ratings to CCIL's bank loans as follows:

  -- INR50m long-term loans: 'Fitch C(ind)'
  -- INR193.2m fund-based limits: 'Fitch C(ind)'
  -- INR99m non-fund-based limits: 'Fitch A4(ind)'


DAEWOO MOTORS: India Mfg. Unit Sold Under Debt Recovery Tribunal
----------------------------------------------------------------
The Press Trust of India reports that Minister of State for
Corporate Affairs R P N Singh said South Korea-based Daewoo
Motors India's manufacturing unit in Uttar Pradesh was sold under
the orders of the Debt Recovery Tribunal (DRT), Mumbai.  The sale
proceeds are still with the DRT, the minister said.

The minister said DMIL, which went bankrupt, is under
liquidation.

"The winding up petition of Daewoo Motors (India) was filed in
the Delhi High Court on February 5, 2003. The company is
presently under liquidation," the news agency quotes Mr. Singh as
saying.

"A committee appointed to scrutinies claims of workmen of the
company has already submitted its report to the Delhi High Court
where the matter is pending adjudication."

Daewoo Motors India went into liquidation pursuant to a wind-up
order issued by the High Court of Delhi on August 28, 2004.

The auction for the Daewoo plant had been opened last year by
the Debt Recovery Tribunal but since there were was no one party
willing to buy all the assets of the unit, the auction was
scrapped and a fresh bidding process was restarted.


DEBJYOTI PULP: CRISIL Assigns 'B-' Rating to INR85.8MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Debjyoti Pulp and Paper Pvt Ltd.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan              65.8        CRISIL B-/Stable (Assigned)
   Bank Guarantee          5          CRISIL A4 (Assigned)
   Cash Credit            20          CRISIL B-/Stable (Assigned)

The ratings reflect DPPPL's weak financial risk profile, marked
by small net worth and weak debt protection metrics, weak
liquidity because of smaller cash accruals leading to
restructuring of term loan, working-capital-intensive operations,
and limited track record in a fragmented kraft paper industry.
These rating weaknesses are partially offset by the moderate
demand prospect for kraft paper from the packaging industry and
the funding support extended to DPPPL by its promoters.

Outlook: Stable

CRISIL believes that DPPPL will benefit over the medium term from
its state-of-the-art kraft paper manufacturing facility. The
outlook may be revised to 'Positive' in case the company
significantly scales up its operations and maintains its
profitability, leading to larger-than-expected cash accruals,
thereby easing pressure on its liquidity. Conversely, the outlook
may be revised to 'Negative' in case the company's financial risk
profile, particularly its liquidity, deteriorates further because
of large working capital requirements and low cash accruals,
thereby putting pressure on its debt-servicing ability.

                         About Debjyoti Pulp

Debjyoti Pulp and Paper Pvt Ltd was incorporated in 2007-08
(refers to financial year, April 1 to March 31) by Mr. Joydeb
Mondal and his wife, Mrs. Alpana Mondal, to set up a kraft paper
plant. DPPPL commissioned a state-of-the-art kraft paper
manufacturing plant in Asansol (West Bengal), which commenced
operations during 2010-11. The company's paper plant has a
capacity of around 50 tonnes per day; however, the same is being
under-utilised at present because of fewer orders.


ELDER INSTRUMENTS: Fitch Assigns 'B' National Long-Term Rating
--------------------------------------------------------------
Fitch Ratings has assigned India's Elder Instruments Pvt. Ltd. a
National Long-Term rating of 'Fitch B(ind)' with Stable Outlook.

The ratings are constrained by EIPL's tight liquidity position as
illustrated by its almost full utilisation of working capital
limits (93% for the financial year ended March 2012) and use of
adhoc limits (six out of 12 months for FY12).  Fitch notes that
EIPL continued to require adhoc limits for April 2012.  This is a
result of its high working capital requirements led by the need
to maintain inventory levels and long receivable days.  Fitch
expects working capital requirements to remain high in the short-
to medium-term with cash from operations remaining negative and
liquidity constrained.

In FY11, EIPL's inventory and receivables days increased to 313
and 141, respectively, from 272 and 136 in FY10.  The higher
inventory days are due to EIPL's increased need to store
inventories for its medical instruments and accessories division.
Fitch also notes that EIPL's receivables days tend to lengthen as
the final instalment from EIPL's customers is received only post
completion of the performance guarantee period.  The company's
long receivables period is also attributed to its customers being
public sector entities.

The ratings are also constrained by EIPL's small scale of
operations (FY11 revenue: INR230.6m), limited product portfolio
in its medical instruments and accessories trading division
(around 50% of FY11 total sales) and lack of a fixed customer
base.

The ratings, however, draw comfort from EIPL's established
relationship with its clients in the industrial instruments
division, as well as over 20 years of operating track record of
its founders in the domestic pharmaceutical and healthcare
industry.  The ratings also benefit from the consistent
improvement in EIPL's EBIDTA since FY08 at a CAGR of 18% to
INR25m in FY11, led by the launch of new high-margin products in
the industrial instruments and weighing scales division.

Positive rating action may result from EBITDA gross interest
cover exceeding 1.5x (FY11: 1.2x) on a sustained basis.
Conversely, EBITDA gross interest cover below 1.1x on a sustained
basis may result in negative rating action.

Incorporated in 1993, EIPL is part of the Elder group and 45%
owned by Elder Pharmaceuticals Limited, the group's flagship
company.  It manufactures industrial instruments and weighing
scales, and imports medical instruments and accessories.  It has
manufacturing facilities at Rabale, Navi Mumbai, with in-house
research and development, design and production facilities.
Provisional results for 9MFY12 indicate revenue of INR182m,
EBITDA margins of 11.5%, and EBITDA gross interest cover of 1.3x.

Fitch has also assigned ratings to EIPL's bank loans as follows:

  -- INR80m fund-based limits: assigned 'Fitch B(ind)'
  -- INR20m term loans: assigned 'Fitch B(ind)'
  -- INR50m non-fund-based working capital limits: assigned
     'Fitch A4(ind)'


GARG STEELS: CRISIL Rates INR75MM Cash Credit at 'CRISIL B+'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the cash
credit facility of Garg Steels.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              75        CRISIL B+/Stable (Assigned)

The rating reflects GS' small scale of operations in a
competitive and fragmented industry, susceptibility of profit to
volatility in steel prices, and average financial risk profile,
marked by small net worth and weak capital structure and debt
protection metrics.

CRISIL has treated unsecured loans of INR19.8 million, extended
to GS by its partners as on March 31, 2012, as neither debt nor
equity. This is because the firm has subordinated the same to its
bank debt

Outlook: Stable

CRISIL believes that GS will continue to benefit over the medium
term from its partners' extensive experience in steel industry.
The outlook may be revised to 'Positive' if GS' scale of
operations increases significantly, along with improvement in its
financial risk profile on account of increase in cash accruals.
Conversely, the outlook may be revised to 'Negative' if the
firm's financial risk profile deteriorates due to increase in
working capital or lower-than-expected profitability margins.

                        About Garg Steels

Established in 2005, GS is based in Jalandhar (Punjab) and trades
in steel products, mainly hot-rolled (HR) coils and cold-rolled
(CR) coils. The firm was promoted by Mr. Suresh Kumar Garg and
his family members. GS is an authorised dealer for Steel
Authority of India Ltd, Essar Steel, and other steel players for
HR and CR coils. Essar Steel's products contributed to about 50
per cent to GS' revenues in 2011-12 (refers to financial year,
April 1 to March 31); SAIL's products contributed to 30 per cent;
and the remaining were contributed by Bhushan Steel Ltd and
Jindal Steel Ltd.


KARNATAKA SILK: CRISIL Rates INR250MM Loan at 'CRISIL B+'
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the cash
credit facility of Karnataka Silk Marketing Board Limited.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             250        CRISIL B+/Stable

The rating reflects KSMBL's below average financial risk profile
marked by small size of net worth and its weak debt protection
metrics owing to sustained operating losses. These rating
weaknesses are partially offset by the benefits that the company
derives from being a Government of Karnataka (GoK) undertaking
and the financial support it receives from GoK.

Outlook: Stable

CRISIL believes that KSMBL will maintain its stable credit risk
profile on the back of the support it receives from GoK by way of
subsidies, budgetary allocations and unsecured loans. The outlook
may be revised to 'Positive' if KSMBL diversifies its revenue
profile and optimizes its operating costs leading to operating
profits, thereby aiding the improvement in its financial profile.
Conversely, the outlook may be revised to 'Negative' if revisions
in government policies on support adversely impact KSMBL's
operations or if there is an absence of timely support from GoK.

                        About Karnataka Silk

Established in 1979 as a Government of Karnataka (GoK)
undertaking, Karnataka Silk Marketing Board Ltd. (KSMBL) is a
price stabilization agency for silk in the domestic market in
Karnataka. The company is the largest government licensed buyer
of silk in silk exchanges in Karnataka. The company was formed
primarily to prevent to prevent formation of groups and cartels
among traders and merchants and protect the interest of farmers,
reelers, twisters and weavers. The company operates 24
sales/procurement offices across the states of Karnataka, Tamil
Nadu and Andhra Pradesh to support the weavers' requirements.

KSMBL reported a net loss of INR40 million on net sales of
INR344 million for 2010-11 (refers to financial year, April 1 to
March 31), as against a net loss of INR26 million on net sales of
INR266 million for 2009-10.


LIKHITH HOTELS: CRISIL Rates INR100 Million Loan at 'CRISIL B'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the term loan
facility of Likhith Hotels & Resorts Pvt Ltd.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan               100        CRISIL B/Stable

The rating reflects LHRPL's small scale of operations with
limited track record and expected weakening of financial risk
profile, marked by small net worth, high gearing, and weak debt
protection metrics. These rating weaknesses are partially offset
by LHRPL's exposure to low project implementation risk,
locational advantage, and healthy prospects for the hotel
industry.

Outlook: Stable

CRISIL believes that LHRPL will benefit over the medium term from
the locational advantage of its hotel and the healthy prospects
for the hotel industry. The outlook may be revised to 'Positive'
in case of timely completion of project, along with better-than-
expected cash accruals during the initial phase of operations.
Conversely, the outlook may be revised to 'Negative' in case of
time or cost overruns in implementation of project or in case of
lower-than-expected cash accruals during the initial phase of
operations, resulting in pressure on the company's liquidity.

                       About Likhith Hotels

Incorporated in 2011, Likhith Hotels & Resorts Pvt Ltd is
currently renovating and refurbishing a non-operational budget
hotel in Bengaluru (Karnataka). The hotel consists of 72 rooms
and also offers facilities such as restaurant-cum-bar and
conference and banquet hall. The work on the project commenced in
July 2011 and the hotel is expected to be operational by May
2012. The total project cost is estimated to be about INR210
million, funded with INR100 million of term loans, about INR42
million by way of promoters' equity, and the balance INR68
million through interest-free unsecured loans extended by the
promoters and their acquaintances. The hotel will be operated
under the name, Likhith Hotels and Resorts, and majority of the
guests are expected to be business travelers.


NV DISTILLERIES: CRISIL Cuts Ratings on INR2.62-Bil. Loans to 'D'
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
NV Distilleries and Breweries Pvt Ltd to 'CRISIL D/CRISIL D' from
'CRISIL BB-/Stable/CRISIL A4+'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee          20         CRISIL D (Downgraded from
                                      CRISIL BB-/Stable)

   Cash Credit            400         CRISIL D (Downgraded from
                                      CRISIL BB-/Stable)

   Term Loan             2200         CRISIL D (Downgraded from
                                      CRISIL BB-/Stable)

The downgrade reflects instances of delay by NVDB in servicing
the interest on its term loans; the delays have been caused by
the company's weak liquidity. CRISIL believes that NVDB's
liquidity will remain weak over the medium term because of the
company's large incremental working capital requirements.

NVDB also has a weak financial risk profile, marked by a high
gearing and weak debt protection metrics. The company, however,
benefits from its promoter's extensive industry experience.

                        About NV Distilleries

NV Distilleries and Breweries Pvt Ltd, incorporated in 1994, is
promoted by Mr. Ashok Jain. The Punjab-based company commenced
operations in 1998 by undertaking bottling for Radico Khaitan Ltd
at Dera Bassi (Punjab). NVDB has a licensed storage capacity of
70,000 cases at its Dera Bassi facility. The company has a
distillery capacity of 120 kilolitres per day at Patiala
(Punjab).

NVDB reported a profit after tax (PAT) of INR12.6 million on net
sales of INR820 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR6.8 million on net
sales of INR802 million for 2009-10.


P.S.M. RICE: CRISIL Assigns 'CRISIL B+' Ratings to INR82MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of P.S.M. Rice Industry.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan               9.5        CRISIL B+/Stable (Assigned)
   Cash Credit            70          CRISIL B+/Stable (Assigned)
   SME Credit              2.5        CRISIL B+/Stable (Assigned)

The rating reflects PSM's weak financial risk profile, marked by
small net worth, high gearing, and weak debt protection metrics
and its modest scale of operations in the highly fragmented and
competitive rice milling industry. The rating also factors in the
susceptibility of the firm's operating margin to adverse
government regulations and raw material price volatility. These
rating weaknesses are partially offset by the extensive
experience of PSM's management in the rice industry and steady
off take from the Food Corporation of India (FCI; rated 'CRISIL
AAA (SO)/Stable').

Outlook: Stable

CRISIL believes that PSM will continue to benefit over the medium
term from its management's extensive industry experience. The
outlook may be revised to 'Positive' if the firm's revenues and
profitability increase substantially, leading to an improvement
in its financial risk profile, or in case of significant infusion
of capital by the partners, resulting in an improvement in PSM's
capital structure. Conversely, the outlook may be revised to
'Negative' if the firm undertakes aggressive, debt-funded
expansions, or if its revenues and profitability decline
substantially, or if the partners withdraw capital from the firm,
leading to weakening in its financial risk profile.

                        About P.S.M. Rice

Incorporated in 2001 as a partnership firm, PSM mills and
processes paddy into rice, rice bran, broken rice, and husk. It
has an installed paddy milling capacity of 6 tonnes per hour. Its
rice mills are located in Nellore (Andhra Pradesh). PSM's
managing partner, Mr. Narasimha Rao, has more than 25 years of
experience in the rice industry.

PSM reported a profit after tax (PAT) of INR0.96 million on net
sales of INR263 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.61 million on net
sales of INR175 million for 2009-10.


SARA SHREY: Delays in Loan Payment Cues CRISIL Junk Ratings
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Sara Shrey Spinntex Pvt Ltd to 'CRISIL D/CRISIL D' from 'CRISIL
B-/Negative/CRISIL A4'.

                          Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Bank Guarantee           10         CRISIL D (Downgraded from
                                       'CRISIL A4')

   Cash Credit & Working    92.1       CRISIL D (Downgraded from
   Capital demand loan                 'CRISIL B-/Negative')

   Letter of Credit         40         CRISIL D (Downgraded from
                                       'CRISIL A4')

   Long-Term Loan          270         CRISIL D  Downgraded from
                                       'CRISIL B-/Negative')

The rating downgrade reflects the delays by SSSPL in servicing
its term loan; the delays have been caused by the company's weak
liquidity.

SSSPL also has a weak financial risk profile, marked by high
gearing and below-average debt protection metrics. Moreover, the
company has a small scale and limited track record of operations
in the textiles industry. SSSPL, however, benefits from its
promoter's industry experience.

                         About Sara Shrey

Sara Shrey Spinntex Pvt Ltd was set up in 2006 by Mr. A Lakshman.
The Tamil Nadu-based company manufactures cotton yarn in counts
ranging from 20s to 80s. The yarn produced is used mainly for
manufacturing suiting. SSSPL also manufactures fabrics. It has
production capacity of 16,000 spindles and 20 looms; it commenced
commercial production in August 2007.

SSSPL reported a net profit of INR4.2 million on operating income
of INR257.0 million for 2010-11 (refers to financial year, April
1 to March 31), against a net loss of INR16.2 million on net
sales of INR265.1 million for 2009-10.


SHETRON LIMITED: Inadequate Info Cues Fitch to Migrate Ratings
--------------------------------------------------------------
Fitch Ratings has migrated India-based Shetron Limited's 'Fitch
BB(ind)' National Long-Term rating with Stable Outlook to the
non-monitored category.  This rating will now appear as 'Fitch
BB(ind)nm' on the agency's website.

The ratings have been migrated to the non-monitored category due
to lack of adequate information, and Fitch will no longer provide
ratings or analytical coverage of Shetron. The ratings will
remain in the non-monitored category for a period of six months
and be withdrawn at the end of that period.  However, in the
event the issuer starts furnishing information during this six-
month period, the ratings could be reinstated and will be
communicated through a Rating Action Commentary.

Fitch has also migrated Shetron's bank loan ratings to the non-
monitored category as follows:

  -- INR237.5m fund-based working capital limits: migrated to
     'Fitch BB(ind)nm'/'Fitch A4+(ind)nm' from 'Fitch
     BB(ind)'/'Fitch A4+(ind)'

  -- INR350m non-fund based working capital limits: migrated to
     'Fitch BB(ind)nm'/'Fitch A4+(ind)nm' from 'Fitch
     BB(ind)'/'Fitch A4+(ind)'

  -- INR524.9m term loans: migrated to 'Fitch BB(ind)nm ' from
     'Fitch BB(ind)'


SMV BEVERAGES: CRISIL Cuts Rating on INR690MM Loan to 'CRISIL BB'
-----------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of SMV
Beverages Pvt Ltd (the SMV group) to 'CRISIL BB/Stable/CRISIL
A4+' from 'CRISIL BBB+/Stable/CRSISL A2'.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit             150       CRISIL BB/Stable (Downgraded
                                     from 'CRISIL BBB+/Stable')

   Letter of Credit         50       CRISIL A4+ (Downgraded
                                     from 'CRISIL BBB+/Stable')

   Proposed Long-Term      390       CRISIL BB/Stable(Downgraded
   Bank Loan Facility                from 'CRISIL BBB+/Stable')

   Term Loan               150       CRISIL BB/Stable

The downgrade reflects the higher-than-expected increase in the
SMV group's working capital requirements in 2010-11 (refers to
financial year, April 1 to March 31), which resulted in increase
in the group's debt level during the year. Furthermore, the SMV
group's liquidity has also been constrained by advances given to
SMV Agencies Pvt Ltd (SMV Agencies), which is engaged in real
estate and bottling operations. The increased debt for funding
the incremental working capital requirements and advances to
group companies has resulted in the weakening of the financial
flexibility the group. The downgrade also reflects CRISIL's
belief that the SMV group's liquidity will remain weak over the
medium term because of the group's large incremental working
capital requirements and annual debt obligations over the medium
term.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SBPL and its group companies, Steel
City Beverages Pvt Ltd and Nectar Beverages Pvt Ltd. This is
because all these entities, collectively referred to as the SMV
group, are in the same line of business, with inter-company
transactions and cross-holding of equity shares. Moreover, these
companies, at times, buy and sell products from each other,
depending on availability of production capacity. SCBPL, for
instance, acts as a hub for bottling of juices for the entire
group. Also, there is fungibility of cash flows between the
entities, in the form of advances to each other, as well as
investments.

CRISIL's ratings on the bank facilities of SBPL continue to
reflect the SMV group's strong market position as bottler for
Pepsico India Holding Pvt Ltd's franchisee operations and its
comfortable debt protection metrics, driven by strong revenue
growth and healthy profitability. These rating strengths are
partially offset by the SMV group's average operating efficiency,
driven by weak demand in its distribution territories, its weak
capital structure, and exposure to risks related to unfavorable
regulatory changes in the soft drinks market.

Outlook: Stable

CRISIL believes that the SMV group's liquidity will remain weak
over the medium term, mainly because of the group's working-
capital-intensive operations and investments towards real estate
operations. The outlook may be revised to 'Positive' in case the
SMV group reports any significant improvement in its capital
structure or net cash accruals, on the back of strong increase in
its revenues. Conversely, the outlook may be revised to
'Negative' in case the group reports pressure on its liquidity
because of redemption of preference shares, larger-than-expected
debt-funded capital expenditure/acquisitions, pressure on its
cash accruals, or in case of any diversion of funds from its
bottling operations into the promoters' real estate ventures.

                         About the Group

The SMV Group, promoted by Mr. Surya Kant Jaipuria, is a
franchisee bottler of Pepsi, with six bottling plants covering
Chhattisgarh, the Vidharbha region of Maharashtra, Jharkhand,
Orissa, and Karnataka (excluding Bengaluru).

SBPL, incorporated in 1996, has one bottling plant in Raipur
(Chhattisgarh) and another in Nagpur (Maharashtra). It has
capacities for bottling of carbonated soft drinks (CSD) in glass
bottles (480 bottles per minute [bpm]), in PET bottles (140 bpm),
fruit juice in glass bottles (240 bpm), and packaged drinking
water in PET bottles (55 bpm).

SCBPL has a bottling plant in Jamshedpur (Jharkhand). This unit
only has capacity for bottling of juices in PET and glass
bottles. It is not into bottling of CSDs. SCBPL acts as a
bottling hub for juices in PET packaging for the group. It has
capacities for bottling of fruit juice in glass bottles (130 bpm)
and in PET bottles (60 bpm).

NBPL has a bottling plant in Dharwad (Karnataka). It has
interchangeable capacities for bottling juices and CSDs in glass
bottles (300 bpm), CSDs in PET bottles (100 bpm), and packaged
drinking water in PET bottles (60 bpm).

TDPL has a bottling plant in Cuttack (Orissa). It has capacities
for bottling CSD in glass bottles (500 bpm), fruit juice in glass
bottles (140 bpm), CSD in PET bottles (80 bpm), and packaged
drinking water (40 bpm). TDPL has been merged with SBPL.

The promoters also own two other bottling plants in Bhopal and
Jamshedpur, through another company SMV Agencies, which, apart
from bottling, has a del credre agency of Raymond's and is into
real estate development.


SOVA METALS: Delay in Loan Payments Cue CRISIL Junk Ratings
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Sova Metals & Power Pvt Ltd.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             30         CRISIL D
   Term Loan              110         CRISIL D

The rating reflects instances of delay by SMPL in servicing its
debt. The delays have been caused by the company's weak liquidity
resulting from stalled operations on account of non-availability
of raw materials.

SMPL also has a weak financial risk profile, marked by high
gearing, and small scale, and nascent stage of operations. These
rating weaknesses are partially offset by the extensive
experience of SMPL's promoter in the power transmission business.

Sova Metals & Power Pvt Ltd was set up in 2008 by Mr. Amiya Kanta
Das. The company is engaged in production of high-carbon ferro
chrome with a production capacity of about 700 tonnes per month.
The promoter also owns AK Das Pvt Ltd, which was incorporated in
1996 and primarily undertakes construction of transmission lines
and substations and also electrical and civil work of various
natures. The plant is located in Bhubaneswar (Orissa).

For 2011-12 (refers to financial year, April 1 to March 31), SMPL
reported revenues of INR38.8 million and net loss of
INR9.3 million.


SREE RAYALSEEMA: CRISIL Assigns 'D' Rating on INR220MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' rating to the bank
facilities of Sree Rayalseema Green Energy Ltd.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             40         CRISIL D (Assigned)
   Bank Guarantee          80         CRISIL D (Assigned)
   Bill Discounting       100         CRISIL D (Assigned)

The rating reflects instances of bill crystallisation in bill
discounting facility of SRGEL.

SRGEL also has small scale and working capital intensive
operations and is susceptible to intense competition in the
distribution transformer manufacturing industry. However, the
company benefits from its promoter's extensive industry
experience.

Promoted by Mr. K.Madhusudan and established in the year 1998,
Sree Rayalseema Green Energy Ltd is engaged in the business of
manufacturing of distribution transformers ranging from 5KVA to 8
MVA. It also has biomass power plant of 5.5 MW. The company has
its production facility in Gooty, Andhra Pradesh. As on April 15,
2012, company had an unexecuted order book of around INR90
million for distribution transformers.

SRGEL reported profit after tax (PAT) of INR1.9 million on net
sales of INR567 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR8.2 million on net
sales of INR676 million for 2009-10.


SRI GANESH: Delay in Loan Payment Cues CRISIL Junk Ratings
----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Sri Ganesh Sponge Iron (P) Ltd to 'CRISIL D/CRISIL D' from
'CRISIL B-/Stable/CRISIL A4'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           5         CRISIL D (Downgraded from
                                      CRISIL B-/Stable)

   Cash Credit            270         CRISIL D

   Letter of Credit        10         CRISIL D

   Proposed Long-Term      43.5       CRISIL D
   Bank Loan Facility

   Term Loan              170         CRISIL D

The downgrade reflects instances of delay by SGSIPL in servicing
its debt; the delays have been caused by the company's weak
liquidity. SGSIPL's bank limit utilisation was high, at 97 per
cent, over the 12 months ended February 29, 2012. The company had
outstanding term debt obligations of around INR178 million as on
February 29, 2012, with quarterly repayment obligations of around
INR11 million. These repayments are being made with a delay of 15
days to 90 days, as and when funds are available. SGSIPL's
liquidity has weakened because of its plant remaining non-
operational for more than six months during 2011-12, resulting in
its accruals being insufficient to meet its repayment
obligations.

                         About Sri Ganesh

Incorporated in 2001 by Mr. Laxmi Narayan Sharma and his sons,
Mr. Mahesh Kumar and Mr. Ganesh Kumar, Sri Ganesh Sponge Iron (P)
Ltd manufactures sponge iron. The company started commercial
production in June 2004 by setting up a 100-tonne-per-day (tpd)
sponge iron plant in the Keonjhar district of Orissa. In 2006-07,
it commissioned another 100-tpd sponge iron kiln and an iron ore
crusher with a capacity of 75 tonnes per hour. It also set up a
1.05-megawatt power plant in April 2008 to cater to the power
requirement of both the sponge iron units and the crusher. During
2009-10, SGSIPL had undertaken a capital expenditure programme to
forward-integrate its operations by commissioning a rolling mill
and an additional induction furnace to manufacture billets and
thermo-mechanically treated bars. The roller mill was
commissioned in March 2010.


SWARNA CONSTRUCTIONS: CRISIL Puts 'B+' Rating on INR64.3MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Swarna Constructions.

                             Amount
   Facilities              (INR Mln)  Ratings
   ----------              ---------  -------
   Proposed Overdraft        9.3      CRISIL B+/Stable (Assigned)
   Facility

   Bank Guarantee           45.7      CRISIL A4 (Assigned)

   Overdraft Facility       55        CRISIL B+/Stable (Assigned)


The ratings reflect SWC's modest scale of operations, segmental
concentration in revenues and its working capital intensive
operations. These rating weaknesses are partially offset by
extensive industry experience of SWC's promoters in execution of
irrigation projects, its moderate financial risk profile marked
by comfortable capital structure and its healthy order book.

Outlook: Stable

CRISIL believes that SWC will continue to benefit over the medium
term from the extensive experience of its promoters in the civil
construction industry and its healthy order book position. The
outlook may be revised to 'Positive' if SWC scales up its
operations significantly while improving its working capital
management and sustaining its profitability levels. Conversely,
the outlook may be revised to 'Negative' if there is a decline in
SWC's revenues and margins owing to delay in execution of various
projects and or delay in receivables from various principal
contractors, or if the firm undertakes a larger-than-expected
debt-funded capital expenditure leading to weakening of its
financial profile.

                    About Swarna Constructions

Established in 1968 as a partnership entity by Mr.Gottipati
Ramamohan Rao in Vijayawada (Andhra Pradesh), Swarna
Constructions (SWC) is engaged in civil construction primarily in
the field of irrigation and water supply distribution for various
government agencies in Andhra Pradesh, Maharashtra and Madhya
Pradesh. SWC was initially established in the name of
'G.Ramamohan Rao & Co.' and renamed as 'Swarna Constructions' in
2004. As on March 31, 2012, SWC had an order book of INR1.27
billion to be executed over the next two years.

SWC reported a profit after tax (PAT) of INR18 million on net
sales of INR269.5 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR20 million on net
sales of INR326.3 million for 2009-10.


TRISTAR RETAIL: Fitch Assigns 'BB-' Nat'l Long Term Rating
----------------------------------------------------------
Fitch Ratings has assigned India's Tristar Retail Ltd and one of
its subsidiaries - Tristar Tradelinks Pvt Ltd - a National Long-
Term rating of 'Fitch BB-(ind)'.  The Outlook is Stable.

For the purpose of these ratings, Fitch has taken a consolidated
view of Tristar Retail Ltd and its subsidiaries, namely TTPL,
Tristar Retail Concepts Pvt Ltd, Tristar Retail Brands Pvt Ltd
and Tristar Brands Private Ltd.  The group together is referred
to as TRL.

The ratings are constrained by the working capital intensive
nature of TRL's business, due to its consistently high inventory
days of above 200 for the past four years as it has to stock
finished products for TTPL's distribution business and the sales
business of the other subsidiaries.  As a result, the company has
been reporting negative net cash flow from operations (CFO) since
FY08 (financial year ending March); CFO: INR133.5m in FY11.

The ratings are further constrained by TRL's moderate interest
cover (operating EBITDAR/gross interest expense + rents) of 1.48x
and high financial leverage (total adjusted debt net of
cash/EBITDAR) of 5.22x in FY11.  Additionally, business could be
susceptible to market volatility on account of low consumer
discretionary spending as the company offers mid-premium products
of reputed brands such as Reebok, Denizen, Levis, Titan Eye+ and
Nokia.

The ratings also reflect TRL's pan-India presence with its 166
exclusive brand and multi-brand outlets in 49 cities across nine
states, as well as its long-term association with the above
established brands.  These brands have extended minimum revenue
guarantees to cover breakeven cost for initial years of
operations at TRL's new outlets.  Fitch also notes that the
company's founders have consistently been infusing equity and
interest-free unsecured loans into the former since inception to
fund its growth.  In FY12, founders infused INR30m as equity in
TRL.

Negative rating action may result from aggressive capex plans and
higher inventory days resulting in interest cover of below 1.3x.
Conversely, better liquidity management and improved
profitability resulting in positive net CFO and interest cover of
above 1.7x would result in positive rating action.

Established in 1999 as a private company, TRL was converted into
a public company in November 2011.  It operates in Tier-II, Tier-
III and Tier IV Indian cities with a combined retail space of
over 180,000 sq ft.  The group is also involved in the business
of automobile dealership, hospitality and restaurant business,
through other sister concerns which have not been consolidated
for the ratings.  In FY11, consolidated revenue was INR1243.4m
and EBITDA margin was 15%.

Additional rating actions are as follows:

Tristar Retail Ltd:

  -- INR152.9m term loan: assigned at 'Fitch BB-(ind)'
  -- INR225m fund-based limits: assigned at 'Fitch BB-(ind)'
  -- INR5m non-fund-based limits: assigned at 'Fitch A4+(ind)'

TTPL:

  -- INR40m term loan: assigned at 'Fitch BB-(ind)'
  -- INR150m fund-based limits: assigned at 'Fitch BB-(ind)'
  -- INR2.5m non-fund-based limits: assigned at 'Fitch A4+(ind)'


VISAKHA TRADES: Fitch Affirms Nat'l Long-Term Rating at 'B+'
------------------------------------------------------------
Fitch Ratings has revised India-based Visakha Trades's Outlook to
Negative from Stable. Its National Long-Term rating has been
affirmed at 'Fitch B+(ind)'.

The outlook revision reflects a 34% y-o-y fall in VT's revenues
and an 86% y-o-y shrinkage in its order book as per FY12 (March
year end) provisional numbers.  The order book was valued at
INR5m or 5% of FY12 sales (FY11: 24%), further reducing revenue
visibility.  The Outlook change also reflects deteriorating
interest coverage due to the full-year impact of debt drawdown
and increased interest cost.  The ratings continue to reflect its
exposure to volatile raw material prices and its small
operational size.

Improved leverage due to higher EBITDA margins in FY12 and equity
injection by sponsors lends support to the rating.  Further, VT's
decision to shelve its land acquisition in Madhurwada has
resulted in lower utilisation of debt than expected.  As a result
VT's INR50m advance payment for the land acquisition through
equity injection of INR36.5m and internal accruals during FY12
would be refunded.

Negative rating guidelines include a sustained deterioration in
its adjusted net debt/EBITDA above 6.0x or interest cover
(EBITDA/Gross Interest Expense) falling below 1.5x.  Conversely,
the Outlook may be revised to stable if VT's adjusted net
debt/EBITDA stays below 6.0x and interest cover stays above 1.5x
on a sustained basis.

As per provisional numbers for FY12, VT's revenue was INR99.6m
and EBITDA was INR23.5m.  Its net leverage and Interest cover
were 4.0x and 2.3x respectively.

Established in 1991, VT is involved in refurbishing the cabins of
naval ships, as well as in the building and selling of porta
cabins.  For FY11, VT reported an operating income of INR152.6m
(FY10: INR104.8m), operating EBITDA of INR23.5m (INR12.9m),
interest coverage of 3.7x (9.9x) and net leverage of 4.7x (3.2x).

Visakha Trades bank facilities have also been affirmed as
follows:

  -- INR30m fund-based working capital limits: affirmed at 'Fitch
     B+(ind)'/'FitchA4(ind)'
  -- INR30m non-fund-based working capital limits (increased from
     INR15m): affirmed at 'Fitch A4(ind)'
  -- INR62.95m (reduced from INR107.95m) long-term bank loan:
     affirmed at 'Fitch B+(ind)'


YORK CELLULOSE: Delays in Loan Payment Cues CRISIL Junk Ratings
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities
of York Cellulose Pvt Ltd.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan               70         CRISIL D (Assigned)
   Cash Credit             32.5       CRISIL D
   Proposed Long-Term       3.7       CRISIL D
   Bank Loan Facility

The rating reflects instances of delay by YCPL in servicing its
debt; the delays have been caused by the company's weak
liquidity.

YCPL has a weak financial risk profile, marked by high gearing,
moderate debt protection metrics and low networth, and is
vulnerable to volatility in waste paper prices and in foreign
exchange rates. The company also has a small scale of operations
and a short track record of operations in the company. YCPL,
however, benefits from its promoters' industry experience and its
established customer base.

Set up in 2007, York Cellulose Pvt Ltd manufactures tissue paper.
It commenced operations in 2009, and caters to both the domestic
and export markets. The company's plant in Yamuna Nagar (Haryana)
has capacity of 360 tonnes per month.

YCPL reported a profit after tax INR0.5 million on net sales of
INR112 million for 2010-11 (refers to financial year, April 1 to
March 31), against a net loss of INR22.9 million on net sales of
INR70 million for 2009-10.


* INDIA: 19.3% Registered Firms Close Business as of March 31
-------------------------------------------------------------
The Press Trust of India reports that the government Monday said
about 19.3% of registered companies in India have closed down as
of March 31, 2012, due to various reasons.

As of March 31, 2012, a total of 1,215,306 companies are
registered with the Registrar of Companies (RoCs) under the
Companies Act, 1956.

Minister of State for Corporate Affairs R P N Singh said in a
written reply to the Rajya Sabha that out of total registered
companies, 2,34,762 companies have been closed down as they are
either struck off, dissolved or liquidated, according to PTI.

On steps taken to revive these companies, the minister said, "No
scheme has been formulated by the government for the revival of
closed companies."


=========
K O R E A
=========


KOREA FINANCE: Moody's Puts Standalone Rating at 'Ba1'
------------------------------------------------------
Moody's Investors Service has said that the (P)A1 rating of Korea
Finance Corporation remains unchanged after a new Global MTN
program replaced its previous Euro MTN program.

The program size remains the same at US$10 billion.

The full list of KoFC's ratings is:

11 for its baseline credit assessment (standalone rating mapped
to the long-term scale of Ba1)

A1/P-1 foreign currency issuer ratings

A1 on its foreign currency senior unsecured debt

P-1 on its commercial paper

(P) A1 on its foreign currency senior unsecured medium term notes

The outlook on all long-term ratings is positive.

The (P)A1 rating does not apply to individual notes issued under
the program, which would be subject to a review of the terms and
conditions set forth in the final prospectuses, supplements, or
offering memorandums of the notes to be issued.

Moody's does not intend to assign the program rating to
individual notes, which are linked to the performance of another
obligor (credit-linked notes) or to the notes for which the
payment of the principal or interest is variable and
contractually dependent on the occurrence of a non-credit-linked
event or the performance of an index (non-credit-linked notes),
except for notes whose principal and coupon payments are affected
by standard sources of variation.

For more details, see Moody's Special Comment, "Moody's Update on
Rating Debt Obligations with Variable Promises," published in
June 2009.

The principal methodology used in this rating were Government-
Related Issuers: Methodology Update published in July 2010.

KoFC is headquartered in Seoul. It reported total assets of KRW62
trillion (or US$54 billion) on standalone basis at end-December
2011.


===============
M O N G O L I A
===============


* MONGOLIA: Moody's Cuts Debt Ratings on Four Banks to 'B1'
-----------------------------------------------------------
Moody's Investors Service has downgraded the foreign currency
long-term senior unsecured debt ratings of four Mongolian banks
to B1 from Ba3.

The rating action follows the revision of their standalone bank
financial strength ratings (BFSR) to E+ from D-, which now map to
a baseline credit assessment (BCA) of b1 on the long-term scale.

The four banks are: Golomt Bank, Khan Bank, Trade and Development
Bank of Mongolia, and XacBank

This downgrade took place in the context of an ongoing global
review affecting all banks whose standalone ratings are higher
than the rating of the government of the country in which they
are domiciled.

The ratings outlook is stable.

This rating action concludes the review for downgrade on the four
Mongolian banks that was initiated on 26 March 2012.

Ratings Rationale

The rating action is driven by Moody's revised assessment of the
linkage between the credit profiles of sovereigns and financial
institutions globally, which is discussed in the rating
implementation guidance "How Sovereign Credit Quality May Affect
Other Ratings" published on 13 February 2012, and further
detailed in the special comment "Banks and Sovereigns: Risk
Correlations Constrain Standalone Bank Credit Assessments"
published on April 30, 2012.

As per the guidance, the downward revision of the four Mongolian
banks' standalone ratings reflects Moody's view that a bank's
rating ultimately cannot be completely insulated from the credit
quality of the government's creditworthiness, taking into account
(i) the extent to which their businesses depend on the domestic
macroeconomic and financial environment; (ii) the degree of
reliance on market-based confidence-sensitive funding; (iii)
their direct or indirect exposures to domestic sovereign debt,
compared with their capital bases; and (iv) foreign ownership
which can provide a critical level of offshore business or
substantial permanent funding to the subsidiary.

Moody's believes that the standalone ratings of the four
Mongolian banks should be positioned in line with the rating of
Mongolian government to capture the appropriate credit risks of
the banks given relatively low level of cross-border
diversification in their operations.

In Moody's view, the creditworthiness of the sovereign is highly
correlated to the banks'. As such, this does not justify rating
the banks at one-notch above their sovereign rating.

Mongolia's economy is transforming because of the rapid
development of its natural resources industries. While this is
having a strongly positive effect on the economy's growth rates,
it does create the risk of an overheating of the economy,
inflationary pressure, and, ultimately, the risk that boom could
be followed by bust.

These risks could affect the banks as well as the sovereign's
credit profile, since it is likely that the asset quality and
liquidity of banks would be significantly impacted in such a
downturn, particularly because of the rapid growth in their
lending in the past two years.

On the other hand, Moody's notes that these banks have relatively
low direct exposures to the government excluding loans to public
sector entities, especially XacBank, Khan Bank, and Golomt Bank.
Furthermore, the banks have a low reliance on wholesale funding.
These factors may mitigate the correlation between the sovereign
credit profile and those of the banks. However, in Moody's view,
these considerations are not sufficient to merit rating the banks
above the sovereign. Deposits have proved to be quite confidence
sensitive in Mongolia, meaning that the banks' liquidity could
erode rapidly in a sovereign credit crisis.

Moody's assigns a B1 to the long-term local currency deposit
ratings as well as issuer ratings of all four banks. The banks'
foreign currency ratings are constrained by Mongolia's B1 foreign
currency bond rating and B2 foreign currency deposit ceiling.

The Ratings of the Four Mongolian Banks are as Follows:

Khan Bank -- Incorporating the downgrade of the bank's standalone
rating discussed above, the new ratings of Khan Bank are: Bank
Financial Strength of E+; local currency bank deposits rating of
B1; issuer rating of B1; and local currency/ foreign currency
long-term senior unsecured MTN/ Subordinate MTN of (P)B1/(P)B2.
All other ratings were unaffected: foreign currency bank deposits
rating of B2; and local currency/ foreign currency short-term
deposits rating of NP.

Golomt Bank -- Incorporating the downgrade of the bank's
standalone rating discussed above, the new ratings of Golomt Bank
are: Bank Financial Strength of E+; local currency bank deposits
rating of B1; Issuer rating of B1; and foreign currency long-term
senior unsecured debt of B1. All other ratings were unaffected:
foreign currency bank deposits rating of B2.

Trade Development Bank of Mongolia -- Incorporating the downgrade
of the bank's standalone rating discussed above, the new ratings
of Trade Development Bank of Mongolia are: Bank Financial
Strength of E+; local currency bank deposits rating of B1; Issuer
rating of B1; foreign currency long-term senior unsecured debt /
subordinate debt of B1/B2; and foreign currency long-term senior
unsecured MTN/subordinate MTN of (P)B1/(P)B2. All other ratings
were unaffected: foreign currency bank deposits rating of B2;
local currency/ foreign currency short-term deposits rating of
NP; local currency/ foreign currency short-term issuer rating of
NP; and other short-term rating of (P)NP.

XacBank -- Incorporating the downgrade of the bank's standalone
rating discussed above, the new ratings of XacBank are: Bank
Financial Strength of E+; local currency bank deposits rating of
B1; issuer rating of B1; foreign currency long-term senior
unsecured debt of B1; and foreign currency long-term senior
unsecured MTN of (P)B1. All other ratings were unaffected:
foreign currency bank deposits rating of B2; local currency/
foreign currency short-term deposit rating of NP; local currency/
foreign currency short-term issuer rating of NP; and Euro MTN
program of (P)NP.

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


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


SPORTS-WIDE: Court to Rule on Settlement Deal With Tax Department
-----------------------------------------------------------------
Fairfax NZ News reports that Wellington gym business Sports-Wide
has survived an attempt to put it into liquidation for unpaid
taxes.

According to the report, Sports-Wide's lawyer Graeme Withers told
Associate Judge David Gendall that a review of Inland Revenue's
figures has discovered a substantial dispute about the amount of
core tax.

Fairfax NZ News relates that Inland Revenue said it is over
NZ$600,000 but Mr. Withers said an accountant who has looked at
the figures says the core tax is about NZ$340,000.

The company could well be salvagable, Mr. Withers, as cited by
Fairfax NZ, said.

The company is offering a settlement that would have the core tax
repaid within three years, Mr. Withers told Judge Gendall.

Judge Gendall adjourned the case to May 28 for the company's
offer to be considered, the report adds.

Sports-Wide has two gyms in Wellington and employs 20 to 25 staff
and 12 or 13 contractors.


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


SDS PHOTO: Court to Hear Wind-Up Petition on June 1
---------------------------------------------------
A petition to wind up the operations of SDS Photo Pte Ltd will be
heard before the High Court of Singapore on June 1, 2012, at
10:00 a.m.

United Overseas Bank Limited filed the petition against the
company on May 7, 2012.

The Petitioner's solicitors are:

          Yeo-Leong & Peh LLC
          10 Shenton Way 9th Floor
          MAS Building
          Singapore 079117


SUNNING PROPERTY: Creditors' Proofs of Debt Due June 18
-------------------------------------------------------
Creditors of Sunning Property Singapore Private Limited, which is
in members' voluntary liquidation, are required to file their
proofs of debt by June 18, 2012, to be included in the company's
dividend distribution.

The company's liquidators are:

          Bob Yap Cheng Ghee
          Tay Puay Cheng
          Wong Pheng Cheong Martin
          c/o 16 Raffles Quay #22-00
          Hong Leong Building
          Singapore 048581


TATLIAN HARDWARE: Creditors' Proofs of Debt Due June 18
-------------------------------------------------------
Creditors of Tatlian Hardware 2012 Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by June 18, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

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


TOKUSO SYSTEMS: Creditors' Proofs of Debt Due June 18
-----------------------------------------------------
Creditors of Tokuso Systems Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by June 18, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

          Andrew Grimmett
          6 Shenton Way #32-00
          DBS Building Tower Two
          Singapore 068809


VALVE RECONDITIONING: Creditors' Proofs of Debt Due June 18
-----------------------------------------------------------
Creditors of Valve Reconditioning & Modification Pte Ltd, which
is in members' voluntary liquidation, are required to file their
proofs of debt by June 18, 2012, to be included in the company's
dividend distribution.

The company's liquidator is:

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


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


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


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

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

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

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

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

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


                             *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA.  Valerie U. Pascual, Marites O. Claro, Joy A. Agravante,
Rousel Elaine T. Fernandez, Ivy B. Magdadaro, Frauline S.
Abangan, and Peter A. Chapman, Editors.

Copyright 2012.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 240/629-3300.





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