TCRAP_Public/120528.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

            Monday, May 28, 2012, Vol. 15, No. 105

                            Headlines


A U S T R A L I A

BELLA TRUST: Fitch Affirms 'Bsf' Rating on Class E Notes
REED CONSTRUCTIONS: Court to Hear Wind Up Petition on June 20
ST HILLIERS CONSTRUCTION: Subcontractors Face Dim Future


C H I N A

* CHINA: Moody's Says Property Developers' Liquidity Dips Further


H O N G  K O N G

CHUNG WO: Creditors Get 0.851% Recovery on Claims
ETERNITY LOGISTICS: Court Enters Wind-Up Order
EXCEL DENTAL: Creditors Get 47.45% Recovery on Claims
FOUR SEA: Court Enters Wind-Up Order
MCGILL TRADING: Creditors Get 100% Recovery on Claims

MOBILE FIRST: Court to Hear Wind-Up Petition on June 27
MUSE INTERIOR: Court to Hear Wind-Up Petition on June 13
MYRIAD FINE: Court to Hear Wind-Up Petition on June 20
NSI LIMITED: Court Enters Wind-Up Order
PACNET LIMITED: Moody's Reviews 'B1' CFR for Downgrade

PACON DEVELOPMENT: Court to Hear Wind-Up Petition on May 30
SINO RAINBOW: Court to Hear Wind-Up Petition on May 30
SYSTEM X-10: Court to Hear Wind-Up Petition on June 27
WEITA PACKING: Creditors Get 100% Recovery on Claims
WINFUL INTERNATIONAL: Court to Hear Wind-Up Petition on June 27


I N D I A

A.K. CONSTRUCTION: CARE Rates INR4cr Long-Term Loan at 'CARE BB'
ASR EXPORTS: CARE Assigns 'CARE BB-' Rating to INR5cr LT Loan
ASR TRADERS: CARE Assigns 'CARE BB-' Rating to INR5cr LT Loan
BAGHERWAL ELECTRODES: CARE Rates INR4.61cr Loan at 'CARE B'
ENGINEERS ENTERPRISE: CARE Puts 'BB' Rating on INR7.85cr Loans

GOPAL IRON: CARE Assigns 'CARE BB' Rating to INR24.75cr Loans
JET AIRWAYS: Posts INR298cr Net Loss in Quarter Ended March 31
KRISTNA ENGINEERING: Fitch Assigns 'BB' National Long-Term Rating
LOOP MOBILE: CARE Cuts Rating on INR528.2cr Loan to 'CARE BB'
MM GROUP: Fitch Assigns 'BB-' National Long-Term Rating

RAVI INDUSTRIES: CARE Rates INR4.16cr LT Loan at 'CARE BB'
SAMRUDHI SUGARS: CARE Rates INR68.13cr Loan at 'CARE BB'
SHAN SOLAR: CARE Rates INR57.36cr Long-Term Loan at 'CARE BB+'
SHRI GURU: CARE Assigns 'CARE B' Rating to INR1.5cr Loan
UNITED ELECTRICALS: CARE Puts 'CARE B+' Rating on INR5.5cr Loan

VIJAI BHAYANI: Fitch Assigns 'BB-' National Long-Term Rating
WIZCRAFT INT'L: CARE Cuts Rating on INR2.49cr Loan to 'BB+'


J A P A N

CORSAIR (JERSEY): S&P Keeps 'BB-' Rating on Series 58 Loan
RENESAS ELECTRONICS: Plans to Cut up to 14,000 Jobs, WSJ Reports


K O R E A

HANA BANK: Fitch Won't Provide Ratings Coverage


M A L A Y S I A

HOCK LOK: Posts MYR3.06 Million Net Loss in Qtr Ended March 31


N E W  Z E A L A N D

BELGRAVE FINANCE: Director Pleads Guilty of Multiple SFO Charges
CAPITAL + MERCHANT: Trustee Gives Evidence in Court


                            - - - - -


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


BELLA TRUST: Fitch Affirms 'Bsf' Rating on Class E Notes
--------------------------------------------------------
Fitch Ratings has affirmed all ratings of two Bella Trust Series
and three Bella Trust No. 2 Series transactions.

Bella Trust No. 2 Series 2011-2 is a securitisation of automotive
and equipment loan receivables while the remaining Bella Trust
No. 2 Series and Bella Trust Series are securitisations of
automotive loan receivables, all of which are originated by
Capital Finance Australia Limited.

The rating actions reflect Fitch's view that the transactions are
able to cover future losses with available excess income.  All of
the transactions have experienced losses in line with, or lower,
than Fitch estimated at closing.

"The Bella Trust Series transactions have continued to perform in
line with Fitch's expectations, with sufficient excess spread
available to cover the minimal losses incurred to date," said
Spencer Wilson, Associate Director in Fitch's Structured Finance
team.

As of the payment date in April 2012, the Bella Trust Series
2010-1 notes had amortised by 55% and credit enhancement
available to noteholders had increased by 2x since closing in
July 2010.  The collateral's characteristics have not changed
materially since closing and cumulative net losses amounted to
AUD3,693,716 (0.61% of the initial collateral balance) as at 31
March 2012, less than Fitch's base case estimate.

As of the payment date in April 2012, the Bella Trust Series
2010-2 notes had amortised by 43% and credit enhancement
available to noteholders had increased by 1.8x since closing in
December 2010.  The collateral's characteristics have not changed
materially since closing and cumulative net losses amounted to
AUD2,567,856 (0.52% of the initial collateral balance) as at 31
March 2012, less than Fitch's base case estimate.

As of the payment date in April 2012, the Bella Trust No. 2
Series 2011-1 notes had amortised by 28% and credit enhancement
available to noteholders had increased by 1.4x since closing in
June 2011.  The collateral's characteristics have not changed
materially since closing and cumulative net losses amounted to
AUD947,371 (0.17% of the initial collateral balance) as at 31
March 2012, less than Fitch's base case estimate.

As of the payment date in April 2012, the Bella Trust No. 2
Series 2011-2 notes had amortised by 24% and credit enhancement
available to noteholders had increased by 1.4x since closing in
September 2011.  The collateral's characteristics have not
changed materially since closing and cumulative net losses
amounted to AUD924,423 (0.13% of the initial collateral balance)
as at 31 March 2012, less than Fitch's base case estimate.

As of the payment date in April 2012, the Bella Trust No. 2
Series 2011-3 notes had amortised by 15% and credit enhancement
available to noteholders had increased by 1.2x since closing in
December 2011.  The collateral's characteristics have not changed
materially since closing and cumulative net losses amounted to
AUD154,027 (0.03% of the initial collateral balance) as at 31
March 2012, less than Fitch's base case estimate.

The rating actions are as listed below.

Bella Trust Series 2010-1:

  -- AUD173.3m Class A affirmed at 'AAAsf'; Outlook Stable
  -- AUD64.4m Class B affirmed at 'Asf'; Outlook Stable
  -- AUD12.5m Class C affirmed at 'BBBsf'; Outlook Stable
  -- AUD4m Class D affirmed at 'BBsf'; Outlook Stable
  -- AUD8m Class E affirmed at 'Bsf'; Outlook Stable

Bella Trust Series 2010-2:

  -- AUD190.9m Class A2 affirmed at 'AAAsf'; Outlook Stable
  -- AUD58.5m Class B affirmed at 'Asf'; Outlook Stable
  -- AUD11m Class C affirmed at 'BBBsf'; Outlook Stable
  -- AUD4m Class D affirmed at 'BBsf'; Outlook Stable
  -- AUD7m Class E affirmed at 'Bsf'; Outlook Stable

Class A1 was paid in full in July 2011.

Bella Trust No. 2 Series 2011-1:

  -- GBP93.3m Class A2a affirmed at 'AAAsf'; Outlook Stable
  -- AUD144.2m Class A2b affirmed at 'AAAsf'; Outlook Stable
  -- AUD56.3m Class B affirmed at 'Asf'; Outlook Stable
  -- AUD17.8m Class C affirmed at 'BBBsf'; Outlook Stable
  -- AUD4.2m Class D affirmed at 'BBsf'; Outlook Stable
  -- AUD10.4m Class E affirmed at 'Bsf'; Outlook Stable

Bella Trust No. 2 Series 2011-2:

  -- AUD384.4m Class A affirmed at 'AAAsf'; Outlook Stable
  -- AUD80.4m Class B affirmed at 'Asf'; Outlook Stable
  -- AUD20.6m Class C affirmed at 'BBBsf'; Outlook Stable
  -- AUD5.5m Class D affirmed at 'BBsf'; Outlook Stable
  -- AUD14.4m Class E affirmed at 'Bsf'; Outlook Stable

Class A1 was paid in full in Nov 2011

Bella Trust No. 2 Series 2011-3:

  -- AUD19.2m Class A1 affirmed at 'F1+sf';
  -- GBP100m Class A2a affirmed at 'AAAsf'; Outlook Stable
  -- AUD222m Class A2b affirmed at 'AAAsf'; Outlook Stable
  -- AUD58m Class B affirmed at 'Asf'; Outlook Stable
  -- AUD18.2m Class C affirmed at 'BBBsf'; Outlook Stable;
  -- AUD4.5m Class D affirmed at 'BBsf'; Outlook Stable
  -- AUD10.8m Class E affirmed at 'Bsf'; Outlook Stable


REED CONSTRUCTIONS: Court to Hear Wind Up Petition on June 20
-------------------------------------------------------------
SmartCompany reports that a proceeding has been filed in the New
South Wales Supreme Court to wind up Reed Constructions Australia
after the construction company missed a government-imposed
deadline earlier last week.

SmartCompany recalls that the NSW Government gave Reed until
May 21 to prove it could restart work on key major works projects
after the construction company suffered a severe cashflow crisis
and failed to pay subcontractors on four road projects, causing
the workers to down tools.

Reed was described by the state opposition as on the verge of
collapse with 1,500 jobs at risk, according to SmartCompany.

The report notes that that the deadline has passed and now BCI
Nominees has commenced proceedings, which will be heard on
June 20, to wind up Reed.

Church and Grace is representing BCI Nominees.

SmartCompany notes that Reed has claimed it is owed up to
AUD97 million from work it has completed on Building the
Education Revolution and other government projects.

Reed Constructions -- http://www.reedgroup.com.au/-- is a
privately owned building, design and construction company,
providing construction, design and engineering services across
Australia.


ST HILLIERS CONSTRUCTION: Subcontractors Face Dim Future
--------------------------------------------------------
Australian Associated Press reports that subcontractors could
face financial ruin after the NSW government announced it was
terminating a public housing contract with "dishonest"
construction group St Hilliers.

As reported in the Troubled Company Reporter-Asia Pacific on
May 17, 2012, St Hilliers Construction Pty Ltd said it had
appointed Trent Hancock and Michael Hird of Moore Stephens Sydney
Corporate Recovery Group as voluntary administrators.  An
associated company, St Hilliers Ararat Pty Ltd is part of a
consortium contracted to undertake the AUD350 million expansion
of the Ararat Prison in central Victoria. St Hilliers Ararat Pty
Ltd has at the same time been placed into liquidation. The
administration of St Hilliers Construction Pty Ltd is due to
exposure under guarantees for debts of St Hilliers Ararat Pty Ltd
relating to the Ararat Prison project in Victoria.

According to the AAP, Finance Minister Greg Pearce said the
government had been forced to step in after St Hilliers managers
acted like "grubs" by deliberately trying to avoid paying their
debts.

"We've got this St Hilliers group cynically putting their company
into administration," the news agency quotes Mr. Pearce as
telling the Parliament.  "Putting a company into liquidation, to
avoid paying their debts, to avoid paying their creditors," Mr.
Pearce told parliament.

AAP relates that Mr. Pearce said he wanted the public housing
project to resume and pledged to make maximum use of existing
subcontractors "while maintaining value for money."

However, Brian Parker, NSW secretary of the Construction Forestry
Mining and Energy Union, warned that subcontractors could suffer
from the move as the government had not guaranteed that they
would be retained, AAP relays.

Mr. Parker said the government had also not indicated that
subcontractors would be paid what they were owed, with some due
hundreds of thousands of dollars, according to the AAP.

"There's certainly no guarantee under the statement the
government have released to say contractors are going to be paid
for the work they've already completed," the report quotes
Mr. Parker as saying.  "We're going to see a number of
subcontractors with no future, further companies going into
liquidation, further workers out on the dole."

The NSW opposition also called for the government to issue
assurances that all St Hilliers subcontractors would be allowed
to continue work and be paid in full.

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

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


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


* CHINA: Moody's Says Property Developers' Liquidity Dips Further
-----------------------------------------------------------------
Moody's Investors Service says that the liquidity profiles of
Chinese property developers have deteriorated since Moody's last
report published in December 2011.

"The liquidity positions of our 29 rated Chinese property
developers are worsening, with our updated stress test now
showing 11 issuers with weak liquidity versus just four in
December 2011," says Peter Choy, a Moody's Associate Managing
Director.

"The deterioration stems specifically from higher levels of
short-term debt and lower-than-expected cash balances for end-
2011 against the backdrop of slowing sales and rising
inventories," says Mr. Choy.

Mr. Choy was speaking on the release of a new Moody's report
entitled, Declining Liquidity for Chinese Property Developers
Weigh on the Sector. The report details the results of a stress
test conducted on May 16, 2012, and which was based on Moody's
forecast of the developers' liquidity positions. The report was
authored by Choy and Kaven Tsang, a Moody's Assistant Vice
President -- Analyst.

According to the stress test, three factors are behind the
worsening in liquidity positions and the resultant difficulties
that developers now face in refinancing: [1] the rise in short-
term debt; [2] the fall in the amount of cash available to cover
the short-term debt; and [3] constraints on offshore and onshore
funding, including the regulatory curbs on trust financing.

Rising refinancing risk is greatest for lower-rated developers,
although there are differences in the level of risk for
individual issuers and across rating categories.

The report says that clearest divergence occurs between the
prospects for developers rated single B or lower and for
developers rated Ba or higher. Some of the latter have
backgrounds as state-owned-enterprises (SOEs).

With the total amount of short-term debt due for repayment this
year by Moody's 29 rated developers, the report puts the figure
at RMB159 billion, up 23% from what a previous stress test showed
in December 2011. The total breaks down into RMB128 billion of
onshore debt and RMB31 billion of offshore debt.

The report also says that the negative outlook Moody's had first
assigned to China's property sector in April 2011 remains in
effect because of an anticipated continued weakening in the
sector's fundamentals over the next 12 months.

Such a situation will further pressure cash flows and balance-
sheet liquidity. Meanwhile, with onshore and offshore credit to
the sector still tight, Moody's does not therefore see any
likelihood of improvement over the near term.


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


CHUNG WO: Creditors Get 0.851% Recovery on Claims
-------------------------------------------------
Chung Wo Construction Company Limited, which is in liquidation,
declared the first and final dividend to its creditors on or
after May 11, 2012.

The company paid 0.851% for ordinary claims.

The official receiver is Teresa S W Wong.


ETERNITY LOGISTICS: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Hong Kong entered an order on May 2, 2012, to
wind up the operations of Eternity Logistics Limited.

The official receiver is Teresa S W Wong.


EXCEL DENTAL: Creditors Get 47.45% Recovery on Claims
-----------------------------------------------------
Excel Dental Supplies Limited, which is in liquidation, will
declare the first and interim dividend to its creditors on
July 3, 2012.

The company will pay 47.45% for ordinary claims.

The company's liquidators are:

         Li Man Wai
         Tsang Lai Fun
         Room 902, 9/F
         Fu Fai Commercial Centre
         27 Hillier Street
         Sheung Wan, Hong Kong


FOUR SEA: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order on May 2, 2012, to
wind up the operations of Four Sea Culture Group Limited.

The official receiver is Teresa S W Wong.


MCGILL TRADING: Creditors Get 100% Recovery on Claims
----------------------------------------------------
McGill Trading Company Limited, which is in liquidation, declared
the first and final ordinary dividend to its creditors on May 11,
2012.

The company paid 100% for ordinary claims.

The company's liquidator is:

         Kenny King Ching Tam
         Room 908, 9/F
         Nan Fung Tower
         173 Des Voeux Road
         Central, Hong Kong


MOBILE FIRST: Court to Hear Wind-Up Petition on June 27
-------------------------------------------------------
A petition to wind up the operations of Mobile First Limited will
be heard before the High Court of Hong Kong on June 27, 2012, at
9:30 a.m.

Boyaa Company Limted filed the petition against the company on
April 23, 2012.

The Petitioner's solicitors are:

          Li & Partners
          Rooms 2201-03, 22/F
          World Wide House
          19 Des Voeux Road
          Central, Hong Kong


MUSE INTERIOR: Court to Hear Wind-Up Petition on June 13
--------------------------------------------------------
A petition to wind up the operations of Muse Interior Design
Gallery Limited will be heard before the High Court of Hong Kong
on June 13, 2012, at 9:30 a.m.

Wong Sum Yee Sophia filed the petition against the company on
March 30, 2012.

The Petitioner's solicitors are:

          F. Zimmern & Co.
          Suites 1501-1503
          15th Floor, Gloucester Tower
          The Landmark
          15 Queen's Road
          Central, Hong Kong


MYRIAD FINE: Court to Hear Wind-Up Petition on June 20
------------------------------------------------------
A petition to wind up the operations of Myriad Fine Chemical
Limited will be heard before the High Court of Hong Kong on
June 20, 2012, at 9:30 a.m.

Ko Sau Po filed the petition against the company on April 16,
2012.


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

The official receiver is Teresa S W Wong.


PACNET LIMITED: Moody's Reviews 'B1' CFR for Downgrade
------------------------------------------------------
Moody's Investors Service has placed the B1 corporate family and
senior secured bond ratings of Pacnet Limited under review for
downgrade.

The rating action, in part, reflects Moody's concerns regarding
the future direction and the stability of the company's business
strategy, following the unexpected resignation of its CEO, Bill
Barney.

Mr. Barney was one of the founders of the business and had been
running the business for over 10 years.

"With the departure of its CEO, Moody's expects that the board of
directors may reevaluate Pacnet's business strategy and
opportunities, and could reignite more aggressive investments in
higher growth and higher margin businesses, such as Data Landing
Stations," says Annalisa Di Chiara, a Moody's Vice President and
the Lead Analyst for Pacnet.

"These factors, in conjunction with the the company's weak
performance over the last five quarters and the likely increase
in competition in the industry, exert downward pressure on the
company's current B1 ratings," Ms. Di Chiara adds.

Pacnet reported revenues of US$136 million for 1Q2012, which were
consistent with the US$134 million it reported in the previous
quarter. The reported operating loss for 1Q2012 was US$23
million. The company generated adjusted EBITDA of US$24 million
versus US$23 million in 4Q2011.

"The operating performance in 1Q2012 showed a very modest
improvement over 4Q2012, and the company is operating at the
minimum level of our expectations," Ms. Di Chiara says.

"The rating could come under additional pressure if operating
income does not show meaningful quarterly growth and EBITDA
remains below the US$90 million-US$100 million level," Ms.
Di Chiara adds.

In addition, with the introduction of three new cable systems
over the next 3 years, significant pricing pressures are expected
to continue.

Given the company's moderate operating performance, as evidenced
by EBITDA of just US$24 million per quarter, it will need to
increase debt levels in order to support operations through the
end of the year.

Debt levels and leverage would increase further if the company
pursues a more aggressive investment strategy for Data Landing
Stations.

The ratings review will focus on the trends in the company's
operating performance, debt position, and liquidity profile.
Moody's will also monitor Pacnet's performance closely while it
conducts its search for a new CEO. Signs of a more aggressive
business strategy or a change in strategic direction could have a
negative impact on the ratings.

The principal methodology used in rating Pacnet Limited was the
Global Communications Infrastructure Rating Methodology published
in June 2011.

Pacnet, incorporated in Bermuda in 2006, wholly owns and operates
the EAC-C2C network, Asia's largest privately owned submarine
cable infrastructure of 36,800km, as well as the EAC Pacific
network which spans 9,620km from Japan to the US. The cables land
at 21 cable landing stations across Asia and the US. Pacnet
provides data connectivity solutions to major telecommunications
carriers, large multinational enterprises and small- and medium-
sized enterprises in Asia Pacific with a need for multinational
IP-based solutions and connectivity.


PACON DEVELOPMENT: Court to Hear Wind-Up Petition on May 30
-----------------------------------------------------------
A petition to wind up the operations of Pacon Development Limited
will be heard before the High Court of Hong Kong on May 30, 2012,
at 9:30 a.m.

The Government of Hong Kong filed the petition against the
company on March 21, 2012.


SINO RAINBOW: Court to Hear Wind-Up Petition on May 30
------------------------------------------------------
A petition to wind up the operations of Sino Rainbow Investment
Limited will be heard before the High Court of Hong Kong on
May 30, 2012, at 9:30 a.m.

Hang Hing Fuel Oil Company Limited filed the petition against the
company on March 26, 2012.

The Petitioner's solicitors are:

          Liau, Ho & Chan
          30th Floor, China Insurance Group Building
          141 Des Voeux Road
          Central, Hong Kong


SYSTEM X-10: Court to Hear Wind-Up Petition on June 27
------------------------------------------------------
A petition to wind up the operations of System X-10 Limited will
be heard before the High Court of Hong Kong on June 27, 2012, at
9:30 a.m.

Wong Mei I filed the petition against the company on April 23,
2012.


WEITA PACKING: Creditors Get 100% Recovery on Claims
----------------------------------------------------
Weita Packing Material International Group Company Limited, which
is in liquidation, will declare the dividend to its creditors on
May 25, 2012.

The company will pay 100% for ordinary claims.

The company's liquidators are:

         Yu Tak Yee Beryl
         Choi Tze Kit Sammy
         15/F, Empire Land
         Commercial Centre
         81-85 Lockhart Road
         Wanchai, Hong Kong


WINFUL INTERNATIONAL: Court to Hear Wind-Up Petition on June 27
---------------------------------------------------------------
A petition to wind up the operations of Winful International
Industries Limited will be heard before the High Court of Hong
Kong on June 27, 2012, at 9:30 a.m.

Hang Seng Bank Limited filed the petition against the company on
April 19, 2012.

The Petitioner's solicitors are:

          Messrs. Li, Kwok & Law
          Units 1204-06, Man Yee Building
          68 Des Voeux Road
          Central, Hong Kong



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


A.K. CONSTRUCTION: CARE Rates INR4cr Long-Term Loan at 'CARE BB'
----------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of M/S. A.K. Construction Company.

   Facilities                  (INR crore)     Ratings
   -----------                 -----------     -------
   Long-term Bank Facilities       4.0         CARE BB Assigned
   Short-term Bank Facilities     10.0         CARE A4 Assigned

Rating Rationale

The ratings assigned by CARE are based on the capital deployed by
the partners and the financial strength of the firm at present.
The rating may undergo change in case of withdrawal of the
capital or the unsecured loans brought in by the partners in
addition to the financial performance and other relevant factors.

The ratings of the firm are constrained by its small scale of
operations, dependence on government orders & geographical
concentration risk, working capital intensive nature of
operations and volatility in input prices. The ratings are
further constrained by risk associated with delay in project
implementation and contract receipt, sluggish growth witnessed in
the construction industry amidst high competition and its
constitution as a partnership firm. The ratings, however, derives
strength from the rich experience of the partners, long &
satisfactory track record of operations, satisfactory order book
position, diversified product mix and satisfactory clientele.
AKC's ability to receive steady flow of orders & execution of the
same, regular receipt of contract proceeds and effective working
capital management will be the key rating sensitivities.

M/s A.K. Construction Company was established in April 1997 as a
partnership firm for execution of different types of contract
work (mainly civil construction and irrigation projects under the
scheme of Pradhan Mantri Gram Sadak Yojana and Uttar Pradesh
Rural Engineering Services) for central and state government.
Shri Awadhesh Kumar Pathak of Varanasi (having 30% stake in
the firm) looks after the day to day operations of the firm.
The firm is recognised as class "A" contractor by Uttar Pradesh
Public Works Department and Uttar Pradesh Rural Engineering
Services and "AA" contractor by Uttar Pradesh Irrigation
department respectively. AKC undertakes civil and engineering
works in the segments like roads, dams, commercial building,
irrigational works etc.

During FY11 (refers to the period from April 1, 2010 to March 31,
2011), AKC reported a total operating income of INR12.5 crore
(FY10:Rs.41.2 crore) and a PAT of INR1.0 crore (FY10: INR1.5
crore).  As per provisional results for 9MFY12, AKC has reported
a total operating income of INR41.5 crore


ASR EXPORTS: CARE Assigns 'CARE BB-' Rating to INR5cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of ASR Exports Pvt. Ltd.

   Facilities                  (INR crore)     Ratings
   -----------                 -----------     -------
   Long-term Bank Facilities        5          CARE BB- Assigned
   Short-term Bank Facilities      24          CARE A4 Assigned

Rating Rationale

The ratings are constrained by very short track record of
operations of ASR Exports Pvt. Ltd, thin profitability, weak debt
coverage indicators and leveraged capital structure. The ratings
are further constrained by its presence in the highly fragmented
industry and working capital intensive nature of operations. The
above constraints are however partially offset by the promoters'
experience and established operational track record of the
Gandhidham based ASR Group of over around two decades in trading
of various commodities.

The ability of AEPL to improve its profitability and capital
structure along with increase in scale of operations and better
working-capital management are the key rating sensitivities.

AEPL was originally incorporated in 2004 as AKS Exports Pvt.
Ltd., and the name was subsequently changed to AEPL in 2008.
Despite its incorporation, the company remained non-operational
till FY11 (refers to the period April 1 to March 31) due to the
management's pre-occupation in their other manufacturing venture
ASR Multimetals Pvt. Ltd.

During FY12 the operations of AEPL were revived by engaging in
trading of cashew, copper scrap, metal products, etc.  During
9MFY12 provisional statements with just three months of
operations, the company earned a PAT of INR0.14 crore on a total
income of around INR7.18 crore.


ASR TRADERS: CARE Assigns 'CARE BB-' Rating to INR5cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of ASR Traders.

   Facilities                  (INR crore)    Ratings
   -----------                 -----------    -------
   Long-term Bank Facilities        5         CARE BB- Assigned
   Short-term Bank Facilities      22         CARE A4 Assigned

The ratings assigned by CARE are based on the capital deployed by
the partners and the financial strength of the firm at present.
The ratings may undergo change in case of withdrawal of capital
or
the unsecured loans brought in by the partners in addition to the
financial performance and other relevant factors.

Rating Rationale

The ratings are constrained by limited track record of operations
of ASR Traders, thin profitability, weak debt coverage indicators
and leveraged capital structure. The ratings are further
constrained by its presence in the highly fragmented industry and
working-capital intensive nature of operations. The above
constraints are however partially offset by the vast promoters'
experience and established operational track record of Gandhidham
based ASR Group of over two decades in trading of various
commodities.

The ability of AST to improve its profitability and capital
structure along with increase in scale of operations and better
working-capital management are the key rating sensitivities.

Established in April 2011, AST is a partnership firm which
belongs to the Kutch (Gujarat) based ASR Group. AST is a trading
firm engaged in trading of variety of products such as iron ore,
timber, coke, coal and other metal products. Though established
in April 2011, the firm commenced its operations in October 2011.

During the six months operations in FY12 (refers to the period
April 1 to March 31), as per the provisional results, AST earned
a PAT of INR0.10 crore on a total income of around INR19.92
crore.


BAGHERWAL ELECTRODES: CARE Rates INR4.61cr Loan at 'CARE B'
-----------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank
facilities of Bagherwal Electrodes Pvt Ltd.

   Facilities                  (INR crore)     Ratings
   -----------                 -----------     -------
   Long-term Bank Facilities       4.61        CARE B Assigned
   Short-term Bank Facilities      3.00        CARE A4 Assigned

Rating Rationale

The ratings are primarily constrained on account of modest scale
of operations of Bagherwal Electrodes Pvt. Ltd. and its weak
financial risk profile marked by declining turnover, leveraged
capital structure and weak debt protection indicators. The
ratings are further constrained on account of susceptibility of
operating margins to raw material price fluctuations and its
presence in the highly fragmented welding electrodes industry.

These constraints outweigh the benefits derived from the
promoters' experience in the welding electrodes industry and
diversified product portfolio.  BEPL's ability to increase scale
of operations coupled with improvement in profit margins and
capital structure while managing raw material price fluctuation
are the key rating sensitivities.

Bagherwal Electrodes Pvt. Ltd., incorporated in 1994, was
promoted by Mr. Pawan Bagherwal. BEPL is in the business of
manufacturing of various types of welding electrodes used in
Shielded Metal Arc Welding, primarily for repairs and maintenance
works in diverse industries. BEPL operates from its sole
manufacturing facility located in Indore (Madhya Pradesh) with an
installed capacity of 4,500 MTPA of welding electrodes as on
March 31, 2011.

In April 2011, BEPL completed a related diversification project
of manufacturing CO2 Metal Inert Gas (MIG) welding wires with
installed capacity of 2,500 MTPA at a total cost of INR2.50 crore
of which INR2.00 crore was funded through term loan while rest
was funded through internal accruals.

As against a net profit of INR0.40 crore on a total operating
income of INR10.69 crore in FY10 (refers to the period April 1 to
March 31), BEPL reported a net profit of INR0.09 crore on a total
operating income of INR9.70 crore during FY11. As per provisional
results for 11MFY12 ending February, 2012, BEPL achieved a total
operating income of INR14.45 crore.


ENGINEERS ENTERPRISE: CARE Puts 'BB' Rating on INR7.85cr Loans
--------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of Engineers Enterprise.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      2.60       CARE BB Assigned
   Long-term/Short-term Bank      5.25       CARE BB/CARE A4
    Facilities                                Assigned
   Short-term Bank Facilities     1.00       CARE A4 Assigned

Rating Rationale

The ratings are primarily constrained on account of leveraged
capital structure of Engineers Enterprise coupled with
fluctuating turnover and profit margins owing to tender driven
nature of business and low bargaining power vis-a-vis its large
customers. The ratings are further constrained due to working-
capital intensive nature of operations and competitive nature of
the electrical equipment industry.

These constraints far outweigh the benefits derived from the
proprietors' experience in the electrical equipment industry,
long-standing association with major clients and presence of
price escalation clause for major raw materials in most
government contracts. EENT's ability to increase its scale of
operations by securing more orders in a highly competitive
electrical equipment industry as well as improvement in profit
margins, capital structure and management of collection period
are the key rating sensitivities.

Jaipur-based, Engineers Enterprises formed on Feb. 28, 1978, was
promoted by Mr. S K Saboo. EENT is a proprietorship concern
engaged mainly in manufacturing and supply of wide range of
electrical products used in power transmission such as high
voltage isolators up to 220kv, horn gap fuse, drop-out fuse and
transmission line accessories. These products are used in
transmission lines for electricity supply. EENT operates from its
sole manufacturing facility located in Jaipur and its major
clientele include central utility players, state electricity
boards and various Engineering, Procurement and Construction
(EPC) contractors.

As against a net profit of INR0.88 crore on a total operating
income of INR18.54 crore in FY10 (refers to the period April 1 to
March 31), EENT reported a net profit of INR0.72 crore on a total
operating income of INR30.52 crore during FY11.


GOPAL IRON: CARE Assigns 'CARE BB' Rating to INR24.75cr Loans
-------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of Gopal Iron & Steel Company (Gujarat) Ltd.

   Facilities                  (INR crore)     Ratings
   -----------                 -----------     -------
   Long-term Bank Facilities      6.75         CARE BB Assigned
   Long-term/Short-term Bank     18.00         CARE BB/CARE A4
   Facilities                                  Assigned

Rating Rationale

The ratings assigned to the bank facilities of Gopal Iron & Steel
Company (Gujarat) Limited are primarily constrained on account of
thin profitability, weak debt coverage indicators and elongated
operating cycle. GISCL's presence in the highly fragmented steel
industry and susceptibility of its operating margins to the
volatility in steel prices further constrain the ratings. The
ratings, however, favorably take into account the vast experience
of the promoters and nearly two decades of established track
record of operations with wide distribution network in Gujarat.
Improvement in the overall financial risk profile with the
increase in the scale of operations while managing risk
associated with fluctuation in raw material prices with better
working capital management are the key rating sensitivities.

Ahmedabad based GISCL was initially incorporated as Gopal Rolling
Mills Limited in August 25, 1994 and subsequently it got listed
on Bombay Stock Exchange in 1997. The company is in the
business of manufacturing steel bars, channels, flats and
sections with installed capacity of 30,000 MTPA as on March 31,
2011.

GISCL procures key raw material, steel ingots, from domestic
market and sells the entire finished goods in the domestic market
only. During FY12 (refers to the period April 1 to March 31), the
company has set up new tube mill facilities for manufacturing
steel pipes from steel sheets with an installed capacity of
36,000 MTPA at the total project cost of INR10.93 crore.

As against a net profit of INR0.64 crore on a total operating
income of INR69.12 crore in FY10, GISCL reported a net profit of
INR0.50 crore on a total operating income of INR43.89 crore
during FY11.  Furthermore as informed by the management, GISCL
has achieved the total operating income of INR36.00 crore during
FY12.


JET AIRWAYS: Posts INR298cr Net Loss in Quarter Ended March 31
--------------------------------------------------------------
The Economic Times reports that a sharp rise in fuel cost coupled
with a sliding rupee pushed Jet Airways deeper into the red for
the fifth quarter in a row with losses soaring to INR298.10 crore
in the quarter ended March 31, 2012.

The report relates that the combined losses (Jet Airways and
Jetlite) negated a healthy 24.3% increase in total income, which
stood at INR4,638.9 crore during the January-March period.

ET says the airline saw its fuel bill jumping 42.4% at INR1,822.5
crore against INR1,279.7 crore in the year-ago period.

Meanwhile, ET reports, the Jet Group on Thursday reported a 9%
rise in its operating profit to INR412.4 crore for the reporting
quarter.

ET quotes Jet Group chief executive Nikos Kardassis as saying
that, "the rupee depreciation and high fuel prices have impacted
the quarterly results, however, capacity reduction in the
industry has helped to raise fares and improve yields."

But the group's combined revenue rose a healthy 24.3% at
INR4,638.9 crore on the back of a 23.5% rise in passenger growth,
notes ET.

For the entire fiscal, the Naresh Goyal-promoted airline's total
revenue grew 14.8% at INR16,898 crore.  The full year EBITDAR
(operating profit) rose 7% at INR1,168.6 crore, the report adds.

                         About Jet Airways

Jet Airways (India) Ltd (BOM:532617) --
http://www.jetairways.com/-- provides air transportation.  The
geographic segments of the company are domestic and
international.  The company has a frequent flyer program named
Jet Privilege wherein the passengers who uses the services of the
airline become services of the airline become members of Jet
Privilege and accumulates miles to their credit.  The company's
subsidiaries include Jet Lite (India) Limited, Jetair Private
Limited, Jet Airways LLC, Trans Continental e Services Private
Limited, Jet Enterprises Private Limited, Jet Airways of India
Inc., India Jetairways Pty Limited and Jet Airways Europe
Services N.V.  On April 20, 2007, the company acquired Sahara
Airlines Limited.

                          *     *     *

Jet Airways posted three consecutive consolidated net losses of
INR9.6 billion, INR4.2 billion, and INR858.4 million for the
years ended March 31, 2009 through 2011.


KRISTNA ENGINEERING: Fitch Assigns 'BB' National Long-Term Rating
-----------------------------------------------------------------
Fitch Ratings has assigned India's Kristna Engineering Works a
National Long-Term rating of 'Fitch BB(ind)' with Stable Outlook.

The ratings are constrained by KEW's small size of operations and
its fluctuating EBITDA margins.  The latter is because the
company's supply orders are fixed price in nature due to which it
cannot pass through raw material price increases to its
customers.  In the financial year ended March 2011 (FY11),
revenue was INR344 million, EBIDTA was INR51 million and EBIDTA
margin was 14.9% (FY10: 19%).  The ratings are also constrained
by the company's high working capital intensity and stretched
liquidity position as reflected by its full working capital limit
utilization in the 12 months ended April 30, 2012.

The ratings, however, draw strength from the four-decade-long
experience of KEW's founders in the Indian castings industry and
the company's long and established relationship with its clients.
The ratings also reflect KEW's comfortable credit metrics in
FY11, with net financial leverage of 1.33x and interest cover of
5.55x.

The ratings may be upgraded if net leverage falls below 1.50x on
a sustained basis.  Conversely, the ratings may be downgraded if
net leverage rises above 3.0x on a sustained basis.

KEW is a Vijayawada-based manufacturer of cast iron and steel
castings used in sugar, cement and thermal power industries.
Provisional results for 11MFY12 indicate revenue of INR351.4m,
EBIDTA of INR61.31 million and EBIDTA margin of 17.41%, net
financial leverage of 1.42x and interest cover of 6.08x.

Fitch has also assigned ratings to KEW's bank facilities as
follows.

  -- INR69m fund-based working capital loans: assigned 'Fitch
     BB(ind)'/'Fitch A4+(ind)'

  -- INR21m non-fund-based working capital loans: assigned 'Fitch
     A4+(ind)'


LOOP MOBILE: CARE Cuts Rating on INR528.2cr Loan to 'CARE BB'
-------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Loop Mobile (India) Ltd.

   Facilities                 (INR crore)     Ratings
   -----------                -----------     -------
   Long-term Bank Facilities     528.20       CARE BB [on credit
                                              watch] Revised from
                                              CARE BBB-

   Short-term Bank Facilities    100.00       CARE A4 [on credit
                                              watch] Revised from
                                              CARE A3

Rating Rationale

The revision in the ratings of LMIL takes into consideration the
cancellation of all the 2G licenses of its subsidiary, Loop
Telecom Ltd. and the continuing strain on the company's liquidity
position.  The ratings continue to be constrained by LMIL's
unfavorable comparative standing with respect to competitors in
the service area, high debt burden on the company, falling
tariffs and uncertain regulatory environment.  The ratings,
however, continue to derive strength from experienced management,
continuing cash profit and strong brand recognition of LMIL in
the market.  LMIL's ability to generate profits amid declining
tariffs and increasing competition, to maintain cash profits and
to reduce its debt through planned hive-off of its tower assets
are the key rating sensitivities.  The ratings continue to be on
"credit watch" in view of the developing implications arising out
of the prevailing regulatory issues.

Due to intense competition in the Mumbai circle with presence of
around 12 telecom operators, falling tariffs and uncertain
regulatory environment, LMIL's revenue had been stagnant. Due to
lower cash accruals and increased debt repayment obligations, the
company's liquidity position is strained. The company's overall
gearing ratio had deteriorated from 2.90x as on March 31, 2011 to
4.17x as on December 31, 2011 due to eroding networth on account
of losses.

Further, the company had availed vendor finance facility and
buyer's credit to the tune of INR78.50 crore during 9MFY12
(refers to the period April 1 to December 31).

Loop Telecom Ltd, a subsidiary of LMIL, was awarded license by
Department of Telecommunications (DoT) in January 2008, to
operate across 21 circles. The Honourable Supreme Court (SC), in
a judgment passed on February 02, 2012, cancelled all the 122
licenses issued by the Government in January 2008 which included
21 licenses given to LTL. As on March 31, 2012, LTL had
operations in 13 circles with 6,172 subscribers.

                         About Loop Mobile

Loop Mobile (India) Ltd. started its operations in 1995 by
providing GSM-based services in the Mumbai circle as BPL Mobile
Communications Ltd. On March 17, 2009, BPL Mobile Communications
changed its name to Loop Mobile (India) Ltd, following the expiry
of its brand-use agreement with the TPG Nambiar-owned BPL Group.
LMIL is one of the first GSM mobile operators in the country.

On a total operating income of INR663.24 crore, LMIL incurred a
net loss of INR64.47 crore in FY11 (refers to April 1 to
March 31). As per the provisional 9MFY12 results, LMIL incurred a
net loss of INR64.78 crore on a total operating income of
INR536.77 crore.


MM GROUP: Fitch Assigns 'BB-' National Long-Term Rating
-------------------------------------------------------
Fitch Ratings has assigned two entities of India's MM group a
National Long-Term Rating of 'Fitch BB-(ind)', and another of its
companies a National Long-Term Rating of 'Fitch B+(ind)'.  The
Outlook is Stable.

Fitch has taken a consolidated view of the MM group while
assigning the ratings, given the strong operational linkages
among the companies in the group in terms of the same line of
business, common founders and the fungibility of funds.  The two
companies rated at 'Fitch BB-(ind)' are Mohan Gems & Jewels
Private Limited and Delhi Diamonds Private Limited.  The company
rated at 'Fitch B+(ind)' is M.M. Jewellers.

The ratings are constrained by MM group's low brand recall in the
highly fragmented and competitive gems and jewellery industry and
its high geographic concentration with exports to UAE accounting
for around 30% of the group's total sales.  The ratings are also
constrained by the group's tight liquidity position as reflected
by its fully utilised working capital limits in FY12, due to its
high working capital requirements to maintain a large of
inventory of gold.  However, the latter also provides a cushion
against financial distress.

MMJ's ratings are further constrained by the partnership nature
of the organisation.

The ratings benefit from the increase in the group's size of
operations over the last two years.  Provisional results for FY12
(financial year ending March) indicate consolidated revenue of
INR10,028.74 million (FY11: INR5,044.22 million).  Also, improved
operating margins of 3.74% (provisional) in FY12 (FY11: 1.76%) on
a consolidated basis led to an improvement in net financial
leverage to 4.18x (FY11: 9.6x) and net interest coverage to 2.29x
(FY11: 1.78x).  The ratings also reflect the group's presence in
the gems and jewellery industry since 1998.

Negative rating guidelines include a decline in profitability
leading to net interest coverage below 1.2x on a sustained basis.
Positive rating guidelines include an improvement in
profitability leading to net interest coverage above 1.75x on a
sustained basis.

MM group is a Delhi-based manufacturer, retailer and exporter of
gems and jewellery (gold and diamond).

MM Group's bank facilities have been rated as follows:

MGJ:

  -- INR650m fund-based limits: assigned 'Fitch BB-(ind)/
     Fitch A4+ (ind)'

DDPL:

  -- INR500m fund-based limits: assigned 'Fitch BB-(ind)/
     Fitch A4+ (ind)'

MMJ:

  -- INR300m fund-based limits: assigned 'Fitch B+(ind)/Fitch
     A4(ind)'


RAVI INDUSTRIES: CARE Rates INR4.16cr LT Loan at 'CARE BB'
----------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of Ravi Industries.

   Facilities                  (INR crore)     Ratings
   -----------                 -----------     -------
   Long term Bank Facilities       4.16        CARE BB Assigned
   Short term Bank Facilities      2.50        CARE A4 Assigned

Total Facilities

The ratings assigned by CARE are based on the capital deployed by
the proprietor and the financial strength of Ravi Industries as
on March 31, 2011. The rating may undergo a change in case of
withdrawal of capital by the proprietor in addition to the
financial performance and other relevant factors.

Rating Rationale

The ratings assigned to the bank facilities of RID are
constrained primarily on account of working capital intensive
nature of operations marked by elongated operating cycle and high
working capital utilization. The ratings are further constrained
on account of susceptibility of profitability margins to
volatility in steel prices and fluctuations in foreign exchange
rates, RID's presence in highly competitive industry.

However, the ratings derive strength from the wide experience of
the promoter in manufacturing of process equipments, established
association with reputed clientele, financial risk profile marked
by modest profitability & solvency position and proprietorship
nature of its constitution. Ability of RID to increase the scale
of operations along with efficient working capital management are
the key rating sensitivities.

Ravi Industries is a proprietorship concern established in 1996
by Mr. Ravindra Pathak. The concern is engaged in designing,
manufacturing and installation of process equipments for major
original equipment manufacturers (OEMs). RID operates through
three manufacturing facilities located in Talawade Industrial
Area in Pune.

The process equipments manufactured by the firm primarily
includes pressure vessels, de-aerators and skids which are mainly
applied in power plants, mining operations, oil & gas refineries,
petrochemical plants, etc. As on March 31, 2011, the installed
capacity was 1,000 tons for de-aerators, 500 tons of pressure
vessels and 100 tons of skids.


SAMRUDHI SUGARS: CARE Rates INR68.13cr Loan at 'CARE BB'
--------------------------------------------------------
CARE assigns 'CARE BB' ratings to the bank facilities of Samrudhi
Sugars Ltd.

   Facilities                  (INR crore)     Ratings
   -----------                 -----------     -------
   Long-term Bank Facilities       68.13       CARE BB Assigned

Rating Rationale

The rating is constrained by Samrudhi Sugars Ltd.'s limited track
record of operations, limited experience of the promoters in
running sugar business, relatively small size of operations and
weak financial risk profile indicated by high gearing levels and
low debt coverage indicators. Further, the rating also takes in
to account the cyclical nature of the sugar industry coupled with
stringent regulatory norms signifying dependence on the
government policies. However, the ratings derive strength from
SSL's successful completion of the partially integrated sugar
plant, incentives from the Mega project scheme and a six year
operative lease agreement with a co-operative sugar plant.  The
ability of the company to improve its operating performance
thereby improving its debt protection metrics is the key rating
sensitivity.

Samrudhi Sugars Limited was incorporated by Mr. Satish J. Ghatge
Patil (Chairman) and Mr. Mahendra R. Methi (Managing Director) on
August 24, 2006. SSL has set up a partially integrated
sugar factory with license and installed capacity of 2500 TCD at
Renukanagar, Village Devi Dahegaon, Tal. Ghansawangi, Dist Jalna,
Maharashtra. Trial runs for the plant were completed
during FY11 while the commercial operation commenced during FY12
(Sugar Season 2010-11). FY12 was the first full year of
operations of the plant. In the crushing season 2009-10, SSL also
operated a sugar plant named Chhatrapati Sambhaji Raje Sakhar
Udyog Ltd, Dindayalnagar, Tal. & Dist. Aurangabad on lease basis
for a period of one year and achieved a turnover INR30.00 crore.
SSL has also set up a co-generation plat with an installed
capacity of 12 MW. The company has entered into a Power Purchase
Agreement (PPA) with Maharashtra State Electricity Distribution
CO. Ltd. for a period of 13 years for selling of surplus power.

During FY11 (refres to the period April 1 to March 31), SSL
achieved a PBILDT and Net Loss of INR6.94 crore and INR1.36 crore
on a total income of INR36.43 crore. During 10MFY12, the company
has achieved sales of INR75 crore.


SHAN SOLAR: CARE Rates INR57.36cr Long-Term Loan at 'CARE BB+'
--------------------------------------------------------------
CARE assigns 'CARE BB+' and 'CARE A4' ratings to the bank
facilities of Shan Solar Pvt Ltd.

   Facilities                  (INR crore)     Ratings
   -----------                 -----------     -------
   Long-term Bank Facilities      57.36        CARE BB+ Assigned
   Short-term Bank Facilities     12.00        CARE A4 Assigned

Rating Rationale

The ratings derive strength from the technocrat promoter,
experienced management team, strategic location of plant,
completion of erection of the manufacturing facility in
designated timeline, branding and marketing arrangement with one
of the Europe's leading technology provider in Solar Photo
Voltaic field and a reasonable order book position. However, the
ratings are constrained by limited experience of promoters in the
solar photo voltaic (PV) business operations, although the
company's day to day operations are managed by an experienced
professional management team. Further, the rating also takes into
account susceptibility of the company to raw material price
volatility associated with silicon wafers/solar cells and
exposure to foreign exchange risk, more so in relation to the
current down turn and volatility in the Solar industry globally.
However, ability of the company to effectively scale up the
operations and improve the operating margins remains the key
rating sensitivity.

Incorporated on July, 2, 2010 by chairman Mr. Suryaprakash
Singapur, Shan Solar Private Limited has set up a 30MW solar PV
module manufacturing facility in Sricity SEZ , Tada, Andhra
Pradesh. The company is presently targeting entire production to
be exported to Europe and USA.  The project was commissioned in
July, 2011 and was setup at an aggregate cost of INR75.60 crore.

The company has technological collaboration with one of the
leading technology provider and equipment manufacturer for PV
industry, having three decades of experience in semi-conductor
and PV industry with present turnover of EUR 509 million.  Shan
Solar registered total operating income and net loss of INR0.18
crore and INR0.49 crore respectively in FY11 (financial year July
to June).

As per the unaudited results for FY12 (up to April 30, 2012), the
company has achieved a total income of INR22.50 crore with PBILDT
and PAT of INR4.12 crore and INR0.32 crore respectively. FY13
will be the first full year of operations of the company.


SHRI GURU: CARE Assigns 'CARE B' Rating to INR1.5cr Loan
--------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank
facilities of Shri Guru Gorakh Nath Rice Mill.

   Facilities                  (INR crore)     Ratings
   -----------                 -----------     -------
   Long-term Bank Facilities       1.50        CARE B Assigned
   Long/Short-term Bank           22.50        CARE B/CARE A4
   Facilities                                  Assigned

The ratings assigned by CARE are based on the capital deployed by
the partners and the financial strength of the firm at present.
The ratings may undergo change in case of withdrawal of capital
or the unsecured loans brought by the partners in addition to the
financial performance and other relevant factors.

Rating Rationale

The ratings assigned to the bank facilities of Shri Guru Gorakh
Nath Rice Mill are mainly constrained on account of its highly
leveraged capital structure, thin profitability margin, weak debt
protection metrics and elongated operating cycle. Furthermore,
the ratings are constrained on account of its presence in a
highly competitive and fragmented agro processing business,
susceptibility of margins to fluctuation in raw material prices
and impact of changes in the government policy for rice.

The rating, however, favorably takes into account the experience
of the partners in the rice milling industry and proximity to the
paddy growing areas. SGRM's ability to increase its scale of
operations in light of competitive nature of the industry
along with an improvement in the financial risk profile and
better working-capital management are the key rating
sensitivities.

                         About Shri Guru

Shri Guru Gorakh Nath Rice Mill was started in 1990 as a
partnership firm by four partners with an unequal profit and loss
sharing agreement among them. Key partner, Mr. Bankey Lal Goyal,
holds 20% interest in the firm and manages the overall
operations. The firm is primarily engaged in milling and
processing of basmati rice at its sole processing facility
situated at Dadri, Uttar Pradesh which has a processing capacity
of 8 Metric Tonnes Per Hour (MTPH) of paddy as on March 31, 2011.
The firm sells its product under the brand name 'Pankhi' and 'Ten
Star' in the domestic as well as foreign markets, primarily the
Middle East countries.

As against a net profit of INR0.02 crore on a total income of
INR17.66 crore in FY10 (refers to the period April 1 to
March 31), SGRM earned a PAT of INR0.08 crore on a total
operating income of INR43.98 crore during FY11.


UNITED ELECTRICALS: CARE Puts 'CARE B+' Rating on INR5.5cr Loan
---------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of United Electricals And Transformers.

   Facilities                  (INR crore)     Ratings
   -----------                 -----------     -------
   Long-term Bank Facilities       5.50        CARE B+ Assigned
   Short-term Bank Facilities      2.00        CARE A4 Assigned

The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of CD as on March 31,
2011. The ratings may undergo a change in case of withdrawal of
capital by the partners in addition to the financial performance
and other relevant factors.

Rating Rationale

The rating is constrained by weak financial risk profile as
indicated by lower profitability and weak debt coverage
indicators, susceptibility of UET to raw material price
volatility and dependence on the government contracts.
Furthermore, the rating also takes into account UET's presence in
the highly competitive industry. However, the rating derives
strength from the wide experience of the promoters in transformer
business and long term associations with the clientele. Ability
of UET to realize the applied tenders, timely realization of
debtors and improve its operating performance thereby improving
its debt protection metrics are the key rating sensitivities.

United Electricals and Transformers established in 1984 as a
proprietorship by Mr. Rakesh Kumar Mittal, has its registered
office at Roorkee, Haridwar (U.K.). In 1994, the firm was
converted into partnership concern with Mr. Rajeev Mittal and
Mr. Sanjeev Mittal as partners. The firm is engaged in the
manufacturing medium range distribution transformers ranging from
10KVA to 400 KVA. The manufactured products of UET are tested and
certified from Central Power Research Institute, Bhopal, National
Testing House, Ghaziabad (NTH) and Electrical Research
Development Association, Vadodara.

UET registered a total operating income, PBILDT and PAT of
INR17.84 crore, INR1.32 and INR0.34 crore respectively in
FY11(refers to the period April 1 to March 31) compared to the
total operating income, PBILDT and PAT of INR15.49 crore, INR1.02
and INR0.32 crore respectively in FY10. As per the unaudited
results, as on March 25, 2012, the firm has achieved sales of
INR12.61 crore.


VIJAI BHAYANI: Fitch Assigns 'BB-' National Long-Term Rating
------------------------------------------------------------
Fitch Ratings has assigned India's Vijai Bhavani Power Tech Pvt
Ltd a National Long-Term rating of 'Fitch BB-(ind)' with Stable
Outlook.

The ratings are constrained by VB's small size of operations and
its low operating margins due to raw material price volatility,
intense competition, and high working capital intensity.  In the
financial year ended March 2011 (FY11), revenue was
INR473 million, EBIDTA was INR15 million, and EBIDTA margin was
3.1%.  The ratings are also constrained by the company's
stretched liquidity position as reflected by its full working
capital utilisation in the 12 months ended April 30, 2012.

The ratings, however, draw strength from the decade-long
experience of VB's founders in the Indian steel industry, the
company's full capacity utilisation, and its status of a Defence
Research and Development Organization (DRDO) approved unit.  The
ratings also reflect VB's moderate credit metrics in FY11, with
net financial leverage of 4.32x and interest cover of 1.86x.

Positive rating action may result from interest coverage above
2.5x on a sustained basis.  Conversely, interest coverage below
1.5x on a sustained basis may result in negative rating action.

VB is a Vijayawada-based manufacturer of TMT rebars. It has an
18,000 metric tonnes per annum steel rolling mill at Rajolu.
Provisional results for 11MFY12 indicate revenue of
INR642.18 million, EBIDTA of INR26.44 million and EBIDTA margin
of 4.1%, net financial leverage of 2.94x and interest cover of
2.95x

Fitch has also assigned ratings to VB's bank facilities as
follows:

  -- INR60m fund-based working capital loans: assigned 'Fitch BB-
     (ind)'/'Fitch A4+(ind)'

  -- INR1m non-fund-based working capital loans: assigned 'Fitch
     A4+(ind)'


WIZCRAFT INT'L: CARE Cuts Rating on INR2.49cr Loan to 'BB+'
-----------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Wizcraft International Entertainment Pvt Ltd.

   Facilities                  (INR crore)     Ratings
   -----------                 -----------     -------
   Long term Bank Facilities      2.49         CARE BB+ Revised
   (reduced from INR4.28 crore)                from CARE BBB-

   Long term/Short term Bank     30.00         CARE BB+ /CARE A4+
   Facilities                                  Revised from
                                               CARE BBB-/A3

Rating Rationale

The ratings revision takes into account ongoing delays in debt
obligations by an associate company, Great Indian Nautanki
Company Pvt. Ltd, these debt obligations are supported by
corporate guarantee by Wizcraft International Entertainment
Private Limited.  Moreover, the ratings continue to be
constrained by concentration of the revenues towards brand
activation and own brand of award shows which have relatively
high vulnerability to the economic downturns. The ratings also
take cognizance of higher financial support to GINC, which is in
its initial stage of operations.

However, the ratings continue to derive strength from the track
record of the company in the event management business,
established relationship with reputed clientele from diverse
industries, well established intellectual property rights
[International Indian Film Academy (IIFA)] and reasonable
order-book position.

Ability of Wizcraft to maintain its past trend of profitability
and manage its financial support to GINC remains the key rating
sensitivity.

Incorporated in 1997, Wizcraft International Entertainment Pvt.
Ltd is engaged in event management business. Over the years,
Wizcraft has established itself as the leading media &
entertainment company in event management space in India. The
company's business can be broadly classified into four segments
Viz brand activation (which involves management of the various
brand promotional events), own brand of award shows (IIFA Award,
Apsara award and F award), television content production
(production of non-fiction shows for various broadcasters) and
managing special events [like opening/closing ceremony of Indian
Premier League (IPL) matches, common wealth games (CWG), national
games, etc].

Wizcraft reported a PAT of INR13.65 crore on a total income of
INR211.26 crore for FY11 (refers to the period April 1 to
March 31) as compared to a PAT of INR12.73 crore on a total
income of INR172.71 crore for FY10.



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


CORSAIR (JERSEY): S&P Keeps 'BB-' Rating on Series 58 Loan
----------------------------------------------------------
Standard & Poor's Ratings Services kept its 'BB- (sf)' rating on
Corsair (Jersey) No. 2 Ltd.'s series 58 fixed-rate credit-linked
loan on CreditWatch with negative implications, following
Standard & Poor's monthly review of synthetic collateralized debt
obligation (CDO) transactions. "We have kept the rating on
CreditWatch negative since April 6, 2012," S&P said.

"The rating action is a part of our regular monthly review of
synthetic CDOs for which ratings have been placed on CreditWatch
with positive or negative implications. As of cutoff date for the
second credit committee review, the synthetic rated
overcollateralization (SROC) level of this tranche was less than
100%. On the other hand, we projected the tranche's SROC to be
higher than 100% after an additional 90 days, assuming no further
portfolio rating migration. As a result, we kept the rating on
CreditWatch negative, in accordance with our current criteria for
synthetic CDO surveillance," S&P said.

         STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:

        http://standardandpoorsdisclosure-17g7.com

RATING KEPT ON CREDITWATCH NEGATIVE
Corsair (Jersey) No. 2 Ltd.
Fixed rate credit-linked loan series 58
Rating                         Issue amount
BB- (sf)/Watch Neg             JPY3.0 bil.


RENESAS ELECTRONICS: Plans to Cut up to 14,000 Jobs, WSJ Reports
----------------------------------------------------------------
Atsuko Fukase at The Wall Street Journal reports that Renesas
Electronics Corp. is planning to cut up to 14,000 jobs, or about
30% of its total workforce, and sell its major plant to Taiwan
Semiconductor Manufacturing Co., people familiar with the matter
said Saturday.

The Journal relates that the people said Renesas is also planning
to raise capital of about JPY100 billion (US$1.25 billion).

According to the news agency, the struggling chip maker earlier
last week presented its restructuring plan to its workers' union
and lenders, the people said, adding the plan is expected to be
unveiled this week.  Renesas's main shareholders Hitachi Ltd.,
Mitsubishi Electric Corp. and NEC Corp. will be offered for
capital raising as well as foreign private equity funds, one of
the Journal's sources said.

The Journal notes that discussions about streamlining come as
Renesas, which was created in 2010 from the merger of two
struggling Japanese chip makers, continues to bleed red ink.
According to the report, the company's earlier efforts to turn
around its business were interrupted by the massive Japanese
earthquake last year, which severely damaged one of its main
domestic factories. The temporary suspension of the Renesas plant
spurred concerns at major auto makers around the world.

For the fiscal year that ended March 31, the chip maker reported
a net loss of JPY62.60 billion and revenue of JPY883.11 billion.
In the previous fiscal year when the company was created, it
reported a net loss of JPY115.02 billion.

Based in Tokyo, Japan, Renesas Electronics Corp. --
http://am.renesas.com/-- manufactures semiconductor systems for
mobile phones and automotive applications.  The company employs
about 44,000 workers world-wide.



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


HANA BANK: Fitch Won't Provide Ratings Coverage
-----------------------------------------------
Fitch Ratings has affirmed the ratings of Korea-based Hana Bank
and simultaneously withdrawn them as they are no longer
considered by Fitch to be relevant to the agency's coverage.
Fitch will no longer provide ratings or analytical coverage of
Hana.

The rating actions on Hana are as follows:

International ratings:

  -- Long-Term Foreign Currency IDR affirmed at 'A-'; Stable
     Outlook; rating withdrawn
  -- Short-Term Foreign Currency IDR affirmed at 'F2'; rating
     withdrawn
  -- Viability Rating affirmed at 'bbb'; rating withdrawn
  -- Support Rating affirmed at '1'; rating withdrawn
  -- Support Rating Floor affirmed at 'A-'; rating withdrawn
  -- Senior unsecured debt affirmed at 'A-'; rating withdrawn
  -- Hybrid securities (preferred stock) affirmed at 'BB-';
     rating withdrawn

National ratings:

  -- Senior unsecured debt affirmed at 'AAA(tha)'; rating
     withdrawn


===============
M A L A Y S I A
===============


HOCK LOK: Posts MYR3.06 Million Net Loss in Qtr Ended March 31
--------------------------------------------------------------
Hock Lok Siew Corporation Bhd reported a net loss of
MYR3.06 million on revenues of MYR1.35 million in the quarter
ended March 31, 2012, compared with a net loss of MYR551,000
on MYR4.01 million of revenues in the same quarter in 2011.

As of March, 2012, the Company had MYR15.29 million in total
assets and MYR26.84 million in total liabilities, resulting in
total shareholders' deficit of MYR11.55 million.

The company's balance sheet as of March 31, 2011, also showed
strained liquidity with MYR5.17 million in total current assets
available to pay MYR26.84 million in total current liabilities.

A full-text copy of the Company's Quarterly Result is available
for free at http://bankrupt.com/misc/HLSCORP-1stQtr2012.pdf

                         About Hock Lok Siew

Hock Lok Siew Corporation Bhd, formerly known as Foremost
Holdings Berhad, engages in the manufacture and marketing of
speakers. It offers automobile speakers, home audio speakers,
general purpose speakers, and wooden speakers cabinets. The
company operates primarily in Malaysia, the United Kingdom,
Singapore, Italy, and rest of Europe.

Hock Lok Siew Corporation Bhd has been considered as a PN17
Company pursuant to Paragraph 8.04 and Paragraph 2.1(e) of PN17
of the Main Market Listing Requirements of Bursa Securities.

On April 4, 2012, the Company said the learned Judge has allowed
Malayan Banking Berhad's claim of approximately MYR18 million
against the Company based on the Corporate Guarantees provided by
the Company and had proceed to file a notice of appeal to the
Court of Appeal against the decision of the learned Judge and an
application for stay of execution of the judgment sum by MBB. The
External Auditors has provided a matter of emphasis on the
audited financial statements of the Group and of the Company for
the year ended Dec. 31, 2011, highlighting the negative
shareholders' equity position of the Group and of the Company of
MYR8,117,563 and MYR14,137,993 respectively.  Consequently, the
Company has triggered the Prescribed Criteria 2.1(e) of PN17 of
the Main Market LR.


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


BELGRAVE FINANCE: Director Pleads Guilty of Multiple SFO Charges
----------------------------------------------------------------
APNZ reports that Belgrave Finance Director Shane Joseph Buckley
pleaded guilty on Friday in the Auckland District Court to
multiple charges related to the company's collapse.

According to APNZ, Mr. Buckley pleaded guilty to 19 charges of
theft by a person in a special relationship, and four charges of
false statement by promoter following a Serious Fraud Office
(SFO) investigation into Belgrave's collapse.

The charges carry a maximum penalty of seven and 10 years,
respectively, the report relates.

According to APNZ, SFO Chief Executive Adam Feeley said the
outcome was a good step towards concluding the investigations.

"We have now secured convictions in respect of four of the nine
finance companies we have investigated and charged. Other trials
are currently under way or are imminent. Those responsible for
serious crimes are progressively being held to account," APNZ
quotes Mr. Feeley as saying.

Earlier this year, APNZ recalls, former Belgrave Finance
Director, Stephen Charles Smith, 43, and an associate, Raymond
Tasman Schofield, 49, were committed for trial on similar
charges.  A trial date has not yet been set.

A total of 60 charges have been laid against all three by the
SFO, relating to NZ$18 million in loans made by Belgrave Finance
between June 2005 and March 2008, APNZ discloses.

APNZ relates that the SFO alleges the defendants misrepresented
to investors how their investments would be used and then used
the money without authorization.

Charges against the three have also been laid by the Financial
Markets Authority (FMA).  The charges will be prosecuted jointly
with the SFO, adds APNZ.

Based in Auckland, New Zealand, Belgrave Finance Limited --
http://www.belgrave.co.nz/-- engaged in property development
financing.

Belgrave Finance was placed into receivership in May 2008, owing
an estimated 1,000 investors approximately NZ$22 million.  The
company's trustee, Covenant Trustee Company Limited, appointed
Grant Graham and Brendan Gibson from KordaMentha as receivers.
The company was liquidated in April 2010.


CAPITAL + MERCHANT: Trustee Gives Evidence in Court
---------------------------------------------------
Fairfax NZ News reports that the trustee of Capital + Merchant
said it didn't know the finance company's former boss
Owen Tallentire had taken control of the group via a related
party transaction.

Matthew Lancaster, head of corporate trust at Perpetual Trust,
has given evidence in the trial of Tallentire and two other
directors on Crimes Act charges, according to the news agency.

Fairfax NZ News notes that Mr. Lancaster is the tenth of 16
witnesses to appear for the Crown in the five-week trial at the
High Court at Auckland.

According to the report, Mr. Lancaster told the court that he was
unaware Mr. Tallentire had taken control of the Capital +
Merchant Group with funding from Capital + Merchant Finance.

The news agency discloses that former director Neal Nicholls and
ex-chief executive officer Tallentire face four counts of theft
under the Crimes Act while another former director, Wayne
Douglas, is charged with the first three of those counts.

Fairfax NZ News says the charges have been brought by the Serious
Fraud Office and stem from four separate transactions, referred
to as Numeria 1 and 2 and Clyde 1 and 2. All involve Capital +
Merchant Finance in some part of the transactions.

The Crown argues that the accused, knowing they had to deal with
investors' funds in accordance with the trust deed, intentionally
departed from those obligations, the report relays.

Fairfax NZ News adds that the crown maintains Messrs. Nicholls
and Douglas were aware the loan to Capital + Merchant Group was a
related party transaction, and that it was disclosed as such in
the directors' quarterly certificates which they had signed. The
other three transactions relating to the charges were also
related party transactions. But unless they had prior written
consent of the trustee, the transaction failed to comply with the
trust deed, the report says.

                       About Capital + Merchant

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

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


                             *********

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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