TCRAP_Public/120626.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

            Tuesday, June 26, 2012, Vol. 15, No. 126

                            Headlines


A U S T R A L I A

HASTIE GROUP: Administrators Sell Two More Businesses, Assets
ITALO-AUSTRALIAN CLUB: Wins Second Chance to Probe Solvency
QANTAS AIRWAYS: Could "Go Under" if Etihad Up Share in Virgin


C H I N A

KINGTONE WIRELESSINFO: Gets Another 180-Day Extension by NASDAQ


H O N G  K O N G

AMB I.T.: Russell James Shoemaker Steps Down as Liquidator
GOLD BEAM: Yeung and Haughey Step Down as Liquidators
HUB LIMITED: Mitchell and Cowley Step Down as Liquidators
LIBERTY PACIFIC: Padraig Liam Walsh Steps Down as Liquidator
OPTILED ASIA: Placed Under Voluntary Wind-Up Proceedings

OPTIVER HOLDING: Cowley and Power Step Down as Liquidators
PERFECT FUTURE: Commences Wind-Up Proceedings
QUINTRINE COMPANY: Sung Mi Yin Mella Steps Down as Liquidator
ROLLING DEVELOPMENT: Lui Ngok Che Steps Down as Liquidator
STAR MILLION: Commences Wind-Up Proceedings

VAST STEP: Creditors' Meeting Set for July 11
VEEHOM LIMITED: Creditors' Proofs of Debt Due July 22


I N D I A

ALLIED VYAPAR: ICRA Reaffirms 'B+' Rating on INR11.10MM Loans
ARIHANT PUBLICATIONS: ICRA Reaffirms 'BB-' Rating on INR10MM Loan
ATIBIR HI-TECH: ICRA Upgrades Rating on INR9.74cr Loan to 'B'
CARRYCON INDIA: ICRA Reaffirms 'B' Rating on INR7.5MM Loans
CONVERGENT COMM: ICRA Rates INR8.5cr LT Loan at '[ICRA]BB+'

GOOD LUCK: ICRA Reaffirms '[ICRA]BB ' Rating on INR1.98cr Loans
IMPERIAL WATERPROOFING: ICRA Rates INR6cr Loan at '[ICRA]BB'
JOHNSON ENTERPRISE: ICRA Reaffirms 'BB-' Rating on INR8.5cr Loan
KASHMIR APIARIES: ICRA Reaffirms 'B' Rating on INR48.56cr Loans
MANJEERA PROJECTS: ICRA Rates INR35CR Loan at '[ICRA]B+'

MEHRA MAC: ICRA Rates INR6.5cr Fund-based Loan at '[ICRA]B-'
MOHANLAL RAILTRACK: ICRA Reaffirms 'BB' Rating on INR6.5MM Loan
NAMBIAR BUILDERS: ICRA Rates INR19cr Term Loan at '[ICRA]B'
PRAKASH STEEL: ICRA Reaffirms 'B+' Rating on INR15.33cr Loans
RUDRAKSH LAMINATES: ICRA Reaffirms 'B+' Rating on INR7.2cr Loans

SHIV SHAKTI: ICRA Reaffirms 'BB' Rating on INR4cr Loans
SHIVAM COTTEX: ICRA Assigns '[ICRA]B' Rating to INR7.68cr Loan
SRK INFRACON: ICRA Assigns '[ICRA]B+' Rating to INR40MM Loans
SUBROS EDUCATIONAL: Delay in Loan Payment Cues ICRA Junk Ratings
TRANS CONDUCT: ICRA Assigns '[ICRA]B' Rating to INR6cr Loans

YAVATMAL DISTRICT: Placed Under Liquidation


J A P A N

CITIBANK JAPAN: Moody's Cuts Financial Strength Rating to 'D+'
OLYMPUS CORP: Sony Corp. May Invest JPY50MM, Nikkei Reports


N E W  Z E A L A N D

AORANGI SECURITIES: Jean Hubbard Fights to Keep NZ$60 Million
AORANGI SECURITIES: Woodbury Rise Manager Denies NZ$10MM Debt
PIANOSHOP LTD: Director to Face Fraud Charges


S I N G A P O R E

FETTLE ENGINEERING: Creditors' Proofs of Debt Due July 6
G PREMJEE: Creditors' Meetings Set for July 6
HAPPY VALLEY: Court to Hear Wind-Up Petition on June 29
KENGROVE HOLDINGS: Creditors' Proofs of Debt Due July 20
KENWELL & CO: Creditors' Proofs of Debt Due July 6


X X X X X X X X

* S&P's Global Corporate Default Tally Rises to 37
* BOND PRICING: For the Week June 18 to June 22, 2012


                            - - - - -


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


HASTIE GROUP: Administrators Sell Two More Businesses, Assets
-------------------------------------------------------------
Rhiannon Hoyle at Dow Jones Newswires reports that the
administrator for Hastie Group said it sold two more of the
group's businesses and several of its assets across Australia.

Dow Jones Newswires relates that PPB Advisory said it had sold
Airducter Pty Ltd, a Northern Territory-based air-conditioning
company, and the Melbourne branch of catering-equipment firm
Norfolk Maintenance Holdings Pty Ltd.  PPB did not disclose the
name of the buyers, the report notes.

According to the report, the administrator said assets belonging
to Watters Electrical Pty Ltd, an electrical-services contractor
with branches in Victoria, South Australia and New South Wales,
were also sold.

                        About Hastie Group

Hastie Group provides technical and engineering services to the
building, infrastructure and resources sectors. It has operations
in Australia, New Zealand, the United Kingdom, Ireland and the
Middle East and has approximately 7,000 employees worldwide
including approximately 4,000 in Australia.

The Hastie Group of companies appointed David McEvoy, Craig
Crosbie and Ian Carson of PPB Advisory as Voluntary
Administrators of all of the Australian entities of Hastie Group
on May 28, 2012.

Peter Anderson, Joseph Hayes, Jason Preston, and Matthew Caddy of
McGrathNicol were appointed Receivers and Managers over a limited
number of trading businesses within the Hastie Group by a
syndicate of secured creditors on May 28, 2012. Those businesses
are Spectrum Fire and Safety, Hastie Services, Gordon Brothers
Industries and Austral Refrigeration.

McGrathNicol said the control of those businesses now rests with
the Receivers who intend to continue to trade each one on a
"business as usual" basis while moving quickly to prepare them
for public sale to secure their future.  A sale process for the
Austral business was commenced prior to the appointment and the
Receivers intend to quickly complete that process.


ITALO-AUSTRALIAN CLUB: Wins Second Chance to Probe Solvency
-----------------------------------------------------------
Elizabeth Byrne at ABC News reports that The Italo-Australian
Club has won an agreement to keep operating as normal, after an
ACT Administrative Appeals Tribunal appearance.

ABC News says the club has been under pressure after an adverse
financial report.

Under ACT law, the report notes, an organization cannot continue
to hold a gaming license if it is insolvent, meaning the club
would lose its valuable poker machines.

According to the report, the ACT Gambling and Racing Authority
took action against the club when it received the bad financial
report.

But under the new agreement, ABC News says, the club will be
allowed to conduct a second assessment based on results at the
end of June.  It will also be able to continue operations as
normal until a hearing in August to reassess the situation, ABC
News adds.

The Canberra Times notes that the Italian club, established in
1964 and for decades at the heart of Canberra's Italian
community, has endured a torrid time since the late 1990s, when
it first got into financial difficulties.  The ACT government
changed the law last year, with effect from July 1, 2011, to deem
a club not to be an eligible person under the Gaming Machine Act
2004 if there was an adverse opinion from an auditor about the
ability of the club to pay its debts when they fell due, the
report relays.

Authorities moved to cancel the Italian club's licenses in March
after it suffered an adverse audit, The Canberra Times relates.


QANTAS AIRWAYS: Could "Go Under" if Etihad Up Share in Virgin
-------------------------------------------------------------
Phillip Coorey and Matt O'Sullivan at smh.com.au report that
Qantas Airways management is warning the airline could "go under"
if the state-owned Etihad is allowed to buy enough of a share of
Virgin Australia to allow it to start undercutting Qantas on its
profitable domestic routes.

The report relates that the chief executive of Qantas, Alan
Joyce, and a small delegation was in Canberra last week lobbying
the government and the opposition over Etihad's push into Virgin,
warning Qantas could not compete with a state-owned rival backed
by a bottomless pit of funds from the airline's owner, the United
Arab Emirates.

According to the report, sources familiar with discussions said
Qantas argued that either the Foreign Investment Review Board
should limit the scope of Etihad's purchase of Virgin or Qantas
should be freed of the constraints of the Qantas Sale Act --
which restricts foreign investment and Qantas's business options
-- to allow it to compete on a level playing field.

Otherwise, the airline warned, "we could go under," smh.com.au
relates.

Earlier this month, the report recalls, Etihad bought almost 5%
of Virgin Australia and is understood to be seeking 10%.  Qantas
believes it is after a greater share, the report notes.

In a briefing paper seen by the Herald, Qantas argues a Virgin-
Etihad partnership would be allowed to "pick the eyes" out of the
most profitable routes, leaving Qantas to service the lesser
routes under the "quasi universal service obligation."

The report relates that Qantas said Etihad would subsidize
Virgin's domestic business with the aim of weakening Qantas.

"Virgin/Etihad will be able to flood the market with capacity
until its competition is forced to significantly reduce its own
operations or worse," Qantas, as cited by smh.com.au, said.

According to the report, the Qantas share price nosedived
recently when it forecast a $450 million loss on international
routes this financial year.  The carrier said much of the reason
it is losing money abroad is because it is being undercut by
state-owned airlines such as Etihad, Emirates and Singapore
Airlines, adds smh.com.au.

                         About Qantas Airways

Headquartered in Sydney, Australia, Qantas Airways Limited --
http://www.qantas.com.au/-- is an Australian airline company
engaged in the operation of international and domestic air
transportation services, and the provision of time definite
freight services.  Qantas is also engaged in the sale of
international and domestic holiday tours, and associated support
activities, including flight training, catering, passenger and
ground handling, and engineering and maintenance.  It is
organized into four segments: Qantas, Jetstar, Qantas Holidays
and Qantas Flight Catering.



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


KINGTONE WIRELESSINFO: Gets Another 180-Day Extension by NASDAQ
---------------------------------------------------------------
Kingtone Wirelessinfo Solution Holding Ltd disclosed that NASDAQ,
by a letter dated June 20, 2012, granted the Company an
additional 180 days, or until Dec.  17, 2012, to remain listed on
the NASDAQ Capital Market and to regain compliance with NASDAQ's
minimum $1.00 bid price per share rule.

As mentioned in the Company's press release dated Dec. 22, 2011,
NASDAQ previously indicated to the Company that it had until
June 18, 2012 to regain compliance with the bid price requirement
but with a possibility to be granted a second compliance period
if the Company meets the continued listing requirement for market
value of publicly held shares and all other applicable
requirements for initial listing on NASDAQ's Capital Market with
the exception of the bid price requirement, and provides written
notice of its intention to cure the deficiency during the second
compliance period.  As a result of NASDAQ's assessment at the end
of the first compliance period, Nasdaq issued the letter granting
the Company an additional 180 calendar days, to Dec. 17, 2012, to
regain compliance.

If at any time before Dec. 17, 2012, the closing bid price of the
Company's security is at least $1 per share for a minimum of 10
consecutive business days, the Company will regain compliance
with the bid price rule.  If the Company does not regain
compliance by the end of this second grace period, its shares are
subject to delisting with the option to appeal the delisting
determination.

The Company intends to continue to actively monitor the closing
bid price of its ADSs and will evaluate available options to
resolve the deficiency and regain compliance with the minimum bid
price rule.

                  About Kingtone Wirelessinfo

Kingtone Wirelessinfo Solution Holding Ltd --
http://www.kingtoneinfo.com/-- is a China-based developer and
provider of mobile enterprise solutions.  The Company's products,
known as mobile enterprise solutions, extend a company's or
enterprise's information technology systems to include mobile
participants.  The Company develops and implements mobile
enterprise solutions for customers in a broad variety of sectors
and industries, to improve efficiencies by enabling information
management in wireless environments.  At the core of its many
diverse packaged solutions is proprietary middleware that enables
wireless interactivity across many protocols, devices and
platforms.



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


AMB I.T.: Russell James Shoemaker Steps Down as Liquidator
----------------------------------------------------------
Russell James Shoemaker stepped down as liquidator of AMB i.t.
Asia Limited on June 16, 2012.


GOLD BEAM: Yeung and Haughey Step Down as Liquidators
-----------------------------------------------------
Yeung Lui Ming (Edmund) and Darach E. Haughey stepped down as
liquidators of Gold Beam Developments Limited on June 15, 2012.


HUB LIMITED: Mitchell and Cowley Step Down as Liquidators
---------------------------------------------------------
Paul Edward Mitchell and Patrick Cowley stepped down as
liquidators of Hub Limited on June 22, 2012.


LIBERTY PACIFIC: Padraig Liam Walsh Steps Down as Liquidator
------------------------------------------------------------
Padraig Liam Walsh stepped down as liquidator of Liberty Pacific
Direct Investments Limited on June 11, 2012.


OPTILED ASIA: Placed Under Voluntary Wind-Up Proceedings
--------------------------------------------------------
At an extraordinary general meeting held on June 13, 2012,
creditors of Optiled Asia Pacific Limited resolved to voluntarily
wind up the company's operations.

The company's liquidators are:

         Kwong Ping Man
         Room 1603, 16/F
         Tung Chiu Commercial Centre
         193 Lockhart Road
         Wanchai, Hong Kong


OPTIVER HOLDING: Cowley and Power Step Down as Liquidators
----------------------------------------------------------
Patrick Cowley and Fergal Thomas Power stepped down as
liquidators of Optiver Holding Hong Kong Limited on June 14,
2012.


PERFECT FUTURE: Commences Wind-Up Proceedings
---------------------------------------------
Members of Perfect Future Development Limited, on June 14, 2012,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

         Fung Kit Yee
         Unit 1603-1606, 16/F
         Alliance Building
         No. 130-136 Connaught Road
         Central, Sheung Wan
         Hong Kong


QUINTRINE COMPANY: Sung Mi Yin Mella Steps Down as Liquidator
-------------------------------------------------------------
Sung Mi Yin Mella stepped down as liquidator of Quintrine Company
Limited on June 15, 2012.


ROLLING DEVELOPMENT: Lui Ngok Che Steps Down as Liquidator
----------------------------------------------------------
Lui Ngok Che stepped down as liquidator of Rolling Development
Limited on June 20, 2012.


STAR MILLION: Commences Wind-Up Proceedings
-------------------------------------------
Members of Star Million Development Limited, on June 14, 2012,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

         Lai Wing Kin
         Unit B, 1st Floor, Neich Tower
         128 Gloucester Road
         Wanchai, Hong Kong


VAST STEP: Creditors' Meeting Set for July 11
---------------------------------------------
Creditors of Vast Step Limited will hold their meeting on July
11, 2012, at 5:00 p.m., for the purposes provided for in Sections
241, 242, 243, 244 and 255A of the Companies Ordinance.

The meeting will be held at Room 503, The Boys' & Girls' Clubs
Association of Hong Kong, No. 3 Lockhart Road, Wanchai, in Hong
Kong.


VEEHOM LIMITED: Creditors' Proofs of Debt Due July 22
-----------------------------------------------------
Veehom Limited requires its creditors to file their proofs of
debt by July 22, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

         Ho Man Kit Horace
         Kong Sze Man Simone
         Room 511, 5th Floor
         Tower 1, Silvercord
         30 Canton Road, Kowloon
         Hong Kong



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


ALLIED VYAPAR: ICRA Reaffirms 'B+' Rating on INR11.10MM Loans
-------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B+' rating to the INR10.60 crore
(enhanced from INR8.00 crore) fund based facilities of Allied
Vyapar Private Limited.  ICRA has withdrawn the '[ICRA]A4' rating
outstanding on the INR0.50 crore letter of credit facility at the
request of the company.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            ---------  -------
   Fund Based Limit-         10     [ICRA]B+ reaffirmed/assigned
   Cash Credit

   Fund Based Limit-       0.60     [ICRA]B+ assigned
   Standby Line of Credit

   Non Fund Based Limit-   0.50     [ICRA]A4 withdrawn
   Letter of Credit

The rating reaffirmation reflects the continued weakness observed
in the overall financial risk profile of AVPL, characterized by
low profitability given the trading nature of business, which
along with an aggressive capital structure result in weak
coverage indicators. The rating also factors in the highly
competitive and fragmented nature of the steel trading business
with sales being largely concentrated in the state of West
Bengal, which gives rise to geographical concentration risks. In
addition, top five customers accounted for more than 80% of its
total turnover during 2011-12, leading to significant client
concentration risks. The rating, however, continues to derive
comfort from the experience of the promoters in the steel trading
business.

Allied Vyapar Private Limited was incorporated in 2007, in
Kolkata by Mr. Kailash Chandra Sureka. The company is primarily
engaged in the trading of steel products like Galvanized
Corrugated (G.C) sheets, billets, joists, TMT bars, angles,
channels etc. At present AVPL also trades in hosiery cotton yarn.

Recent Results:

The company reported a profit after tax of INR0.14 crore during
2011-12 on an operating income of INR61.22 crore as compared to a
profit after tax of INR0.10 crore on an operating income of
INR47.36 crore during 2010-11.


ARIHANT PUBLICATIONS: ICRA Reaffirms 'BB-' Rating on INR10MM Loan
-----------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB-' rating to the enhanced fund
based facilities of INR10.0 crore of Arihant Publications (India)
Limited. The outlook on the long term rating is Stable.

                         Amount
   Facilities           (INR Cr)    Ratings
   ----------           ---------   -------
  Fund based limits        10.0     [ICRA]BB-(stable) reaffirmed

The rating continues to factor in the promoter's experience in
the publishing business, Arihant's strong brand position in its
target markets and wide distribution network. The rating
continues to draw comfort from group's strong content development
capabilities owing to established relationships with popular
authors and the group's editorial teams. This enables the group
to continually expand its publication portfolio leading to
healthy revenue growth. However, the rating continues to be
constrained by weak debt protection indicators owing to small
capital base and low net profits and increasing in working
capital requirements. The rating takes into account the intense
competition from organized and unorganized players and risks from
substitutes like coaching institutes, internet etc. While
assigning the rating, ICRA has taken a consolidated view of the
Arihant group. Going forward, the company's ability to sustain
revenue growth and maintain its market position and improve its
debt protection metrics would be key rating sensitivity factors.

Arihant Publications (India) Limited (formerly Arihant
Publications (India) Pvt Limited) is part of the Arihant group
which is engaged in the publishing of books and magazines for
various competitive exams. The group is promoted by the Jain
family of Meerut, Uttar Pradesh. The group started in 1997 with
its flagship firm Arihant Prakashan* which was engaged in the
publication of books for competitive exams in engineering (IIT
entrance, State level entrance exams etc) and medical field
(AIIMS, state level entrance exams) after it met success with its
books for Industrial training Institute (ITI) entrance. At
present, the group has more than 1500 titles and it has a country
wide distribution network of 15 branches and around 2500
retailers. It also holds an ISO 9001: 2008 certification for
quality of books.

Recent Results:

As per the provisional results provided by the company, in
FY2012, the company registered operating income of INR76.9 crore,
more than twice of FY2011 revenues on the back on new publication
launches and better realizations. Operating profits improved from
INR1.7 crore in FY 2011 to INR3.4 crore in FY2012. The operating
margin marginally declined from 4.6% in FY 2011 to 4.4% in FY
2012.


ATIBIR HI-TECH: ICRA Upgrades Rating on INR9.74cr Loan to 'B'
-------------------------------------------------------------
ICRA has revised upwards the rating of the INR0.64 crore (reduced
from INR1.9 crore) term loan and INR9.1 crore fund based working
capital limits of Atibir Hi-tech Private Limited from '[ICRA]D'
to [ICRA]B. ICRA has also assigned a short term rating of
'[ICRA]A4' to the INR1.26 crore non-fund based bank facilities of
the company.

                         Amount
   Facilities           (INR Cr)      Ratings
   ----------           ---------     -------
   Term Loans              0.64       Upgraded to [ICRA]B

   Fund Based Limits-      9.10       Upgraded to [ICRA]B
   Cash credit

   Non-Fund Based Limits   1.26       [ICRA]A4 assigned

The ratings upgrade primarily takes into account the improved
financial discipline enabling timely repayment of debt
obligations in recent months. The ratings also take into account
the track record of the management in the steel industry and the
assured supply of the primary raw materials, sponge iron and pig
iron, from the group company Atibir Industries Company Limited
(AICL, rated at [ICRA]B/[ICRA]A4). The rating is, however,
constrained by the cyclical nature of the steel industry and
limited value addition in the operation of the company, which not
only results in low operating profitability, but also exposes the
company to fluctuations in raw material and end product prices.
ICRA also notes the low capacity utilization of both the Furnace
division and the Rolling division during FY2012.

Atibir Hi-tech Private Limited is a Jharkhand- based company,
promoted by the Sarawgi family. The company is engaged in the
manufacturing of Ingots and Thermo Mechanically Treated (TMT)
bars for the last 17 years. The manufacturing facilities are
located at Giridih, Jharkhand.

Recent Results:

As per the provisional numbers, AHPL reported a net profit of
INR0.57 crore on an operating income of INR55.32 crore in FY2012
as against a net profit of INR0.46 crore on an operating income
of INR53.06 crore in FY2011.


CARRYCON INDIA: ICRA Reaffirms 'B' Rating on INR7.5MM Loans
-----------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]B' for
INR5.0 Crore fund-based limits and INR2.5 Crore non-fund based
bank limits of Carrycon India Limited. ICRA has withdrawn the
rating of [ICRA]B assigned earlier to the INR0.5 Crore term loan
facilities of CIL since the instrument has been repaid in full.

                           Amount
   Facilities             (INR Cr)     Ratings
   ----------             ---------    -------
   Fund Based Limits         5.0       [ICRA]B; reaffirmed

   Non-Fund Based Limits     2.5       [ICRA]B; reaffirmed

   Term Loans                0.5       Withdrawn

CIL's rating takes into account its continued weak liquidity
position primarily due to very high receivables and inventory;
and its constrained financial flexibility owing to limited net-
worth and low profitability. The rating is also constrained by
business risk arising out of modest scale of operations, and
exposure to fluctuations in raw-material prices. However, the
rating takes support from CIL's long track record in the
business, its experienced promoters, and its association with
some reputed companies.

Going forward, in ICRA's opinion the liquidity position of CIL is
likely to remain constrained in the medium term, and the
company's ability to raise additional funds as well as improve
upon its working capital cycle are the key rating sensitivity
factors.

Incorporated in 1995, Carrycon India Limited is promoted by Mr.
G. D. Rao, Mr. Prakash Bhanu, and Mrs. Sadhana Rao. CIL provides
civil contractor/engineering services in the area of installing
infrastructure for Telecom support services, Telecom network
maintenance services, and installation of telecom towers, water
supply, sewerage, de-silting, trunk sewer lines and some civil
construction work.

Recent Results:

As per the provisional financial results for the FY2012, the
company had operating income (OI) of INR24.0 crore and profit
after tax (PAT) of INR0.46 crore as compared to OI of INR21.6
crore and PAT of INR0.31 crore in FY2011.


CONVERGENT COMM: ICRA Rates INR8.5cr LT Loan at '[ICRA]BB+'
-----------------------------------------------------------
ICRA has assigned the rating of '[ICRA]BB+' to INR8.50 crore long
term fund based limits and the rating of '[ICRA]A4+' to INR2.50
Crore short term bank lines of Convergent Communications India
Private Limited. The outlook on the long term rating is Stable.

                            Amount
   Facilities              (INR Cr)     Ratings
   ----------              ---------    -------
   Long term- Fund based      8.50      [ICRA]BB+
   Short term- Non Fund       2.50      [ICRA]A4+
   based

Rating Rationale The credit rating of the company draws strength
from good management profile with long experience in the
networking industry. Further entry barriers in the profitable Wi-
Fi BOO business in terms of meeting reliability requirements,
ability to service customers in a timely manner and rationalizing
bandwidth requirements have resulted in long term relationship
with the customers and protect the profitability margins. The
company also benefits from being one of the two distributors in
India for Motorola networking products, which are well-
established in the domestic market. The ratings also draw comfort
from the capital structure, which is characterized by a
comfortable gearing of 0.13 as on December 31, 2011 and good
coverage indicators. At the same time the credit profile is
constrained by the moderate size of the company's turnover owing
to the size of the industry it operates in, as well as
competition faced by the company from national and international
players in this limited market. The credit profile is also
constrained by exposure to attrition typical to technology firms
and exposure to risks arising out changes in technology. The
return on the capital employed is moderate owing to capex
requirements in the Wi-Fi BOO business segment, where company
owns Wi-Fi installation in various hotels. The credit profile is
also impacted by the high debtors and consequent working capital
intensity in the business.

Convergent Communications India Private Limited was incorporated
in 1998 and it specializes in providing wide area network and Wi-
Fi connectivity consulting and implementation solutions (WAN
implementation) to corporate customers and also operates Wi-Fi
network in multiple hospitality chains (Wi-Fi business). It has
also implemented WAN and Wi-Fi solutions in multiple challenging
projects as indicated by its clientele which consists of
Exchanges (NSE, OTC Exchange of India), banks and financial
institutes (SBI, HDFC Bank, Corporation bank, IDBI bank, LIC,
Visa International, NSDL), Air India and Indian Railways,
Mahindra Satyam, HPCL, IOCL, Power Distribution (Tata Power,
Calcutta Electric), L&T, Tata Telecom etc. It is also present in
various hospitality chains providing Wi-Fi solutions.

In FY2011, it recorded INR2.11 Cr OPBITDA and INR1.12 Cr PAT on
INR23.96 Cr turnover, while in 9m- FY2012 it has recorded INR2.53
Cr OPBITDA and INR2.88 Cr PAT on INR14.33 Cr turnover.


GOOD LUCK: ICRA Reaffirms '[ICRA]BB ' Rating on INR1.98cr Loans
---------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]BB' to the
Rs.1.98 crore (reduced from INR3.33 crore) term loans and INR4.50
crore fund based (cash credit) bank facilities of Good Luck
Corporation. The outlook on the long term rating remains Stable.

                        Amount
   Facilities          (INR Cr)    Ratings
   ----------          ---------   -------
   Term Loans            1.98      [ICRA]BB (Stable) reaffirmed
   Fund Based Limits     4.50      [ICRA]BB (Stable) reaffirmed
    (Cash Credit)

The rating reaffirmation takes into account the firm's modest
financial profile as indicated by low net margins; high working
capital intensity of operation and strained liquidity position.
The rating continues to remains constrained by GLC's modest scale
of operations and vulnerability to competitive pressures from
presence in a fragmented weaving industry and susceptibility of
margins to fluctuations in yarn prices. ICRA notes that the
capacity expansion being undertaken by the firm exposes it to
execution risk in terms of time and cost overrun as well as
market risks. The rating however continues to draw comfort from
the experience of the promoters in the manufacture of grey fabric
for curtains from yarn, favorable capital structure, along with
the firm's long standing relationships with its suppliers and
customers.

Good Luck Corporation was incorporated in 1990 as a
proprietorship entity and was changed to a registered partnership
firm in November, 2002. Managed by two partners, Mr. JK Mundhra
and Mr. Praveen Bansal, it is engaged in the business of
manufacturing grey fabrics for curtains from Polyester Texturised
Filament Yarn of count 150-700 Denier. GLC has a registered
office in Mumbai and a manufacturing unit at Bhiwandi,
Maharashtra.

For the financial year ending March 31, 2011, the firm reported a
net profit of INR0.12 crore on an operating income of INR24.75
crore as against a net profit of INR0.09 crore on an operating
income of INR20.71 crore for the financial year ending March 31,
2010.

Recent Results:

For the financial year ending March 31, 2012, GLC recorded a
profit before tax of Rs.0.25 crore (provisional) on an operating
income of INR20.40 crore.


IMPERIAL WATERPROOFING: ICRA Rates INR6cr Loan at '[ICRA]BB'
------------------------------------------------------------
ICRA has assigned '[ICRA]BB' rating to the INR6 crore (enhanced
from INR2.5 crore to INR6 crore) fund based bank facilities of
Imperial Waterproofing Industries Private Limited.  The rating
outlook is stable. ICRA has also assigned '[ICRA]A4' rating to
the INR9.18 crore (enhanced from INR4.14 crore to INR9.18 crore)
non-fund-based bank facilities of IWIPL.

The ratings are constrained by moderately high gearing, modest
scale of the company's operations and large capital expenditure
programme in relation to the existing size of operations. The
intensely competitive business environment and large scale of
operations of customers, limit IWIPL's bargaining power and the
company may have to pursue aggressive pricing strategy to expand
its market share both in the domestic market and internationally.
ICRA also notes that IWIPL is exposed to fluctuations in the raw
material prices, which are linked to the volatile crude prices
and is also susceptible to the fluctuation in exchange rates as
significant part of the raw material is imported while most of
the sales are in the domestic market.

The ratings, nevertheless, factor in the long operational track
record of IWIPL in the poly-blend industry, long association with
various end-customers and favourable demand prospects. The
ratings also take into consideration moderate financial risk
profile of the company.

Established in May 1990, Imperial Waterproofing Industries
Private Limited is in the business of manufacturing and marketing
of poly blends (synthetic rubber) of Nitrile Rubber with Poly
Vinyl Choride. The company manufactures various grades of NBR/PVC
which finds usage in Automotive, footwear, construction equipment
manufacturing, flooring and hose manufacturing industries.
Operating out of a single location at Taloja, the company's total
manufacturing capacity is estimated at around 3000 tonnes per
annum (tpa) and its product is sold under the brand Rubaloy.

Recent Results

Based on provisional results for FY 2011-12, the company reported
net profit after tax of INR2.41 crore on a turnover of INR55.8
crore.


JOHNSON ENTERPRISE: ICRA Reaffirms 'BB-' Rating on INR8.5cr Loan
----------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]BB-'
outstanding on the INR15.00 crore (enhanced from INR8.50 crore)
Fund Based (Cash Credit) bank limits of Johnson Enterprise
Limited. ICRA has also reaffirmed the short term rating of
'[ICRA]A4' outstanding on the INR9.00 crore (enhanced from
INR4.00 crore) Non Fund based (Bank Guarantee) bank facilities of
the company. The outlook on the long-term rating is Stable.

                           Amount
   Facilities             (INR Cr)     Ratings
   ----------             ---------    -------
   Fund Based Limits        8.50       [ICRA]BB-(Stable)
                                       Reaffirmed

   Fund Based Limits        9.00       [ICRA]A4 reaffirmed

The reaffirmation of ratings takes into account the company's
small scale of operations; modest financial profile characterized
by low margins (OPM of 5.19% in FY 2011), high gearing (2.41
times as on March 31, 2011) and low coverage indicators
(OPBDIT/Interest of 1.55X in FY 2011) as well as the high working
capital intensity of operations leading to stretched liquidity
position as indicated by negative fund flows from operations and
consistently high fund based limit utilization. The ratings
continue to factor in the high competitive intensity in the
industry arising out of its fragmented nature coupled with the
competitive bidding system and vulnerability to concentration
risk with majority of projects executed in the past and orders in
hand pertaining to the state of Gujarat. Going forward, ICRA
notes the OMT projects being undertaken through various JVs may
have an adverse bearing on the capital structure and liquidity
position of the company part from exposing it traffic risk. The
rating continues to draw comfort from the moderate order book,
long track record of the company and experienced management of
JEL.

Johnson Enterprise Ltd is engaged in civil construction and
related work mainly for government and semi- government bodies.
The company was incorporated in 1998 as a proprietorship concern
of Mr. Pritesh Shah, however was converted into a public limited
company (unlisted) entity in year 2004. Although JEL was
initially engaged in highway infrastructure development, it
gradually enhanced its business portfolio to include road
construction and maintenance work.

In the financial year ending March 2011, the company reported an
operating income of INR43.18 crore with a net profit of INR1.06
crore as compared to an operating income of INR34.62 crore and
net profit of INR0.38 crore in the previous year.

Recent Results:

In the nine month period ending December 31, 2011 the company
reported an operating income of INR38.85 crore, with OPBDIT of
INR2.15 crore. There was an equity infusion of INR2 crore by the
promoter group. Despite, the increase in net worth, the gearing
further deteriorated to 2.53X as on December 31, 2011 on account
of increase in debt levels.


KASHMIR APIARIES: ICRA Reaffirms 'B' Rating on INR48.56cr Loans
---------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B' rating assigned to the INR40.06
crore fund-based limits (enhanced from INR14.06 crores) and
INR8.5 crore term loans of Kashmir Apiaries Exports.

                           Amount
   Facilities             (INR Cr)     Ratings
   ----------             ---------    -------
   Fund based limits        40.06      [ICRA]B reaffirmed
   Term Loans                8.50      [ICRA]B reaffirmed

The rating reaffirmation takes into account the continued
pressure on firm's liquidity position, as reflected in high
working capital intensity of operations and consistent full
utilization of the cash credit facilities. ICRA's rating is also
constrained by decline in revenues on account of decline in honey
production and profitability due debt funded capex which has led
to sharp increase in interest costs. The profitability margins
continue to remain exposed to vulnerability of foreign currency
fluctuations and exposure to global competition in the exports
markets. Moreover, seasonality of honey production coupled with
relatively high debtor days in exports markets results in high
working capital intensity which in turn results in high funding
requirements and consequently high gearing. ICRA's rating action
however positively factors in its sizable honey manufacturing
capacity, and group's market leadership position in the exports
market and adequate demand growth.

Kashmir Apiaries Exports is engaged in the business of
manufacturing honey. It owns and operates beekeeping
farms/apiaries and it also operates a honey process unit with a
processing capacity of 10,000 MT p.a. This unit is amongst the
large honey processing units in Asia and enjoys market leadership
position in the exports market. In 2011-12, the company exports
were worth INR28.6 crores a decline of 50% from INR72.7 crores in
FY 2010 and constituted 26% of firm's total operating income in
FY 2012.

The product profile of the firm includes natural honey, organic
honey, bulk honey including raw honey, premium honey, blended
honey etc. The firm generates natural honey by undertaking bee
keeping although it majorly relies on local beekeepers (across
the country) for sourcing honey. In both the cases, honey
production remains vulnerable to ecological conditions (partially
beyond the control of firm) such as climatic conditions, flora
availability and pest attacks etc. It also has a diversified
customer base and with supplies made to large spectrum of
customers including retail end users, honey processors,
industrial end users and medicines industry. While international
presence offers growth opportunity, it makes the firm's
profitability vulnerable to demand-supply scenario in the global
market as well as foreign currency fluctuations risks.
Internationally, China, USA and Argentina account for more 80% of
world production and major share of world honey exports. This
results in high competitive pressure for KAE.

                       About Kashmir Apiaries

Kashmir Apiaries Exports is engaged in the business of
manufacturing honey. It owns and operates beekeeping
farms/apiaries and it also operates around 10,000 MT p.a. unit to
process honey. This unit is amongst the large honey processing
units in Asia and enjoys market leadership position in the
exports market.

Recent Results:

In FY 2011-12 KAE reported an operating income of INR110.43
crores and PAT of INR3.5 crores as against an operating income of
INR148.49 crores and PAT of INR6.34 in FY 2010-11.


MANJEERA PROJECTS: ICRA Rates INR35CR Loan at '[ICRA]B+'
--------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to INR35.00 crore fund
based facilities of Manjeera Projects.

                           Amount
   Facilities             (INR Cr)      Ratings
   ----------             ---------     -------
   Fund based facilities     35.00      [ICRA]B+ assigned

The rating is constrained by the substantial market risks given
the high proportion of unsold inventory at Manjeera Diamond
Towers, the sole project of the firm. ICRA notes that
notwithstanding the launch of the project in 2008, the locational
advantages and the established reputation of the Manjeera Group
in residential real estate in Hyderabad, close to 48% of the
apartments are unsold at present. On account of inadequacy of
sales bookings, MP has been depending on borrowings to fund the
construction activity and as such MP's ability to liquidate the
unsold inventory at remunerative rates is critical. Further, ICRA
also notes that there are running delays in the project which
could result in higher than anticipated construction costs and a
further possible escalation on account of disallowance of tax
benefits u/s 80(IB)10 of the Income Tax Act, 1961. Given the
various projects being undertaken by the Group in several
companies, the possibility of redeployment of funds from MP into
these projects cannot be ruled out, a risk that is heightened by
the ease of withdrawal of capital from the partnership firm. The
rating is also constrained by the single project nature of the
firm which results in undiversified cash flows.

The rating however draws comfort from the Group's established
track record as a residential real estate developer in Hyderabad,
the assured customer advances with sizeable proportion of
customers opting for ADF, thereby bringing in substantial sale
consideration upfront, the proposed tax benefits. MP has
currently one project - Manjeera Diamond Towers (MDT) under
execution in residential segment with a total constructed area of
1.45 million sq ft in 12 blocks.

Manjeera Projects is a partnership firm established in 2006 with
Mr.G.Yoganand, M/s. Manjeera Estates Private Limited (MEPL) and
M/s. Gajjala Investments & Holdings Private Limited as partners.
MP has not undertaken any projects in the past (MDT being the
lone project). However Manjeera Constructions Limited (Rated:
[ICRA]B), the flagship company in the group has executed over 23
projects totaling 2.46 million square feet.


MEHRA MAC: ICRA Rates INR6.5cr Fund-based Loan at '[ICRA]B-'
------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B-' to the INR6.5
crore fund based facilities of Mehra Mac Industries Private
Limited. ICRA has also assigned a short term rating of '[ICRA]A4'
to the INR3.5 crore non-fund based limits of MMIPL.

                           Amount
   Facilities             (INR Cr)      Ratings
   ----------             ---------     -------
   Fund based facilities     6.50       [ICRA]B- assigned
   Non-fund based            3.50       [ICRA]A4 assigned
   facilities

The assigned ratings are constrained by the delay in the project
execution by few weeks from mid-May to mid-June with no change in
debt repayment schedule which starts from October 2012 which
could exert pressure on debt servicing capacity of MMIPL. ICRA
notes that on account of low value addition involved in the
operations and intense competition the profitability is expected
to be low. The ratings are further constrained by high project
gearing of 1.92 times and vulnerability of margins to volatility
in copper prices and exchange rate fluctuations.

However, the ratings draw comfort from the vast experience of the
promoter and managing director Mr. Suresh Mehra, who has been
involved in trading of copper wire and manufacturing of super
enameled copper wired products over a decade and the fiscal
benefits enjoyed by the company such as 50% VAT reimbursement &
electricity subsidy of INR0.75/unit which reduces the power cost
by -20% thereby providing competitive advantage to the company.

Mehra Mac Industries Pvt Ltd was incorporated in 2011 to set up a
copper wire-rods manufacturing unit with an installed capacity of
3400 MTPA. The manufacturing unit of the company is located at
APIIC Automotive Park, Medak district and is promoted by Mr.
Suresh Mehra, who has been involved in trading of copper wire and
manufacturing of super enameled copper wired products over a
decade. MMIPL is in advanced stages of setting up the
manufacturing facility incurring a total project cost of INR3.8
crore, which is to be funded by INR2.5 crore term loan and INR1.3
crore promoters' contribution. The commercial production is
expected to start by end of Jun' 2012 against initially planned
start in Mid May. The product profile includes copper wire rod
with diameter in the range of 8mm to 20 mm which finds
application in electrical, fan industry, relays & transformers,
motors, energy meters.


MOHANLAL RAILTRACK: ICRA Reaffirms 'BB' Rating on INR6.5MM Loan
---------------------------------------------------------------
ICRA has reaffirmed '[ICRA]BB' rating assigned to the INR6.50
crore (enhanced from INR4.50 crore) cash credit facility of N
Mohanlal Railtrack Private Limited. The outlook for the long term
rating is stable. ICRA has also reaffirmed '[ICRA]A4' rating
assigned to the INR3.00 crore (enhanced from INR2.50 crore)
short-term non-fund based facility of NMRPL.

                           Amount
   Facilities             (INR Cr)     Ratings
   ----------             ---------    -------
   Long-Term Cash credit     6.50      [ICRA]BB (Stable)
   Facility                            reaffirmed

   Short -term non-fund      3.00      [ICRA]A4 reaffirmed
   based limits

The ratings continue to remain constrained on account of modest
size of the company's operations and weak financial risk profile
of NMRPL, as characterised by low profitability margins, weak
coverage indicators and high working capital intensity of the
operations. The ratings also reflect the limited bargaining power
of NMRPL with the suppliers of the major raw material viz., rail
tracks and vulnerability of its profitability to raw material
price fluctuations on account of long time span between the
bidding and the execution of the contracts. However, the price
escalation clause with the Indian Railways based on a fixed pre-
determined formula mitigates the price risk partially.

The ratings continue to remain constrained on account of modest
size of the company's operations and weak financial risk profile
of NMRPL, as characterized by low profitability margins, weak
coverage indicators and high working capital intensity of the
operations. The ratings also reflect the limited bargaining power
of NMRPL with the suppliers of the major raw material viz., rail
tracks and vulnerability of its profitability to raw material
price fluctuations on account of long time span between the
bidding and the execution of the contracts. However, the price
escalation clause with the Indian Railways based on a fixed pre-
determined formula mitigates the price risk partially.

The ratings, however, favorably factor in the registration of
NMRPL with the Indian Railways, which act as an entry barrier for
entry of new firms in the sector; established track record of the
company in manufacturing of turnouts and the positive demand
outlook on account of large demand from Indian Railways as well
as from the private sector. The ratings also take into account
the strong customer profile of NMRPL with Indian Railways forming
nearly 25-30% of the sales; limited competition for the contracts
in the Western Region on account of freight costs benefit and
healthy order book position with respect to size of the company.
N. Mohanlal Railtrack Private Limited was incorporated in 1986 by
Mr. Mohanlal B. Patel, who was having 25 years experience in the
same line i.e. manufacturing of light and heavy Railway Track
Material. The promoters earlier had manufacturing facilities at
Thane, Maharashtra which was later shifted to Baska, near Baroda
in Gujarat in 1985-86 and NMRPL was subsequently incorporated.
NMRPL undertakes production of Railway Track Material, especially
Points & Crossings (called as 'Turnouts'). It is also registered
with the Indian Railways since 1994, which allows them to supply
the Railway Track Material to the Indian Railways.

Recent Results:

For the year FY 12, the company reported an operating income of
INR31.01 crores and profit after tax of INR0.42 crores (as per
provisional numbers).


NAMBIAR BUILDERS: ICRA Rates INR19cr Term Loan at '[ICRA]B'
-----------------------------------------------------------
ICRA has assigned long term rating of '[ICRA]B' for INR19.00
crore term loans of Nambiar Builders Private Limited.

                           Amount
   Facilities             (INR Cr)      Ratings
   ----------             ---------     -------
   Term Loan                19.00       [ICRA]B Assigned

The rating is constrained due to the execution challenges that
the company faces considering the early stage of physical
progress in its project and the magnitude of the project vis a
vis company's limited track record in the real estate sector. The
rating is also constrained by the weak financial profile of NBPL
marked by negative free cash flows and high gearing of 3.08X as
on March 31, 2012. ICRA notes that the company relies heavily on
customer advances for funding its ongoing project. -80% of Phase-
1 cost and the entire cost of the 2nd Phase is to be funded
through customer advances.  Debt funding accounts for -15% of
Phase-1 cost whereas -5% is being funded through equity.

The assigned rating draws support from the sales efficiency
demonstrated by the company in the early stages of its sole
ongoing project; however it might be difficult for the company to
sustain high booking levels especially in the light of other
upcoming projects in the vicinity, namely, Fortune Kosmos and
Kristal Coral amongst others. The rating draws comfort from the
fact that the debt funding for the project has already been tied
up for which the repayment starts October 2013 onwards. Going
forward, ability of the company to ensure timely execution of its
ongoing project, attain high collection efficiency and achieve
healthy sales volume (for the second phase) will be the key
rating sensitivities.

Nambiar Builders private limited, was formed in 2009 with Mr.
Ramesh Nambiar & Mr. Ratheesh Nambiar as promoters. The company
is into real estate development and is currently developing a
villa project in Bangalore named Bellezea. Although the
promoters/management have experience in the real estate sector in
their individual capacity, Bellezea is the first and the only
project that NBPL is executing.

Bellezea, inspired by ancient Mediterranean architecture, will
comprise of more than 200 high end villas ranging from 4,000sft
to 10,000sft each. The project is taking shape in the Whitefield-
Sarjapura-Electronic City corridor and is being constructed in
two phases, 22 acres of plotted development in the first phase
and 36 acres in phase 2. The company has started construction for
the first phase and is in the process of land acquisition for the
second. The project will have facilities like temperature
controlled pools, lounge area, kids' zone, business centre,
visitors' suites, retail area, cafes, auditorium, barbecue zone
etc.

Recent Results

For financial year 2011-12(provisional), the company had a net
profit of INR0.68 crore and an operating income of INR11.06
crore.


PRAKASH STEEL: ICRA Reaffirms 'B+' Rating on INR15.33cr Loans
-------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B+' rating to the INR13.00 crore
cash credit facility and INR2.33 crore term loans (reduced from
INR2.65 crore) of Prakash Steel Corporation.

                              Amount
   Facilities                (INR Cr)      Ratings
   ----------                ---------     -------
   Cash Credit Facility         13.00      [ICRA]B+ reaffirmed
   (Long Term - Fund Based)

   Term Loan Facility (Long      2.33      [ICRA]B+ reaffirmed
   Term- Fund Based)

The rating continues to incorporate the weak financial profile of
the firm as reflected by moderate profitability and stressed
capital structure due to high working capital intensity. ICRA
notes that the company's liquidity position continues to remain
stretched resulting in high utilization of working capital
borrowings. The rating is also constrained by firm's lack of
diversification in the product profile which further increases
its vulnerability to competition in the industry and the
volatility inherent in the steel prices.

The rating however continues to factor in the experience of
promoters in the steel industry, operational backing from group
companies engaged in similar line of business and an established
customer base. Firm Profile

Prakash Steel Corporation is a proprietorship firm established by
late Mr. Babulal A Shah in 1975 in Ahmedabad. After the demise of
Mr. Babulal A Shah, his son Mr. Pankaj B Shah took over the
business of firm. PSC is a part of Mukta Group; other group
companies are Mukta Industries Pvt. Ltd., Vastupal Steel & Spares
Pvt. Ltd. and Anil Steel Traders. The firm has been engaged in
manufacturing of bright bars for different grades of stainless
steel and mild steel alloys. The product range has application in
submersible pumps, automobile, engineering, and other allied
industries.

Recent Results

During the FY12, PSC reported an operating income of INR49.45
crore and profit after tax of INR0.56 crore (provisional
unaudited financials) as against an operating income of INR48.47
crore and profit after tax of INR0.72 crore during FY11.


RUDRAKSH LAMINATES: ICRA Reaffirms 'B+' Rating on INR7.2cr Loans
----------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]B+' and
assigned a short term rating of '[ICRA]A4' for the bank
facilities of Rudraksh Laminates Private Limited.  The total
rated amount has been enhanced from INR7.2 Crore* to INR9.7
Crore.

                              Amount
   Facilities                (INR Cr)     Ratings
   ----------                ---------    -------
   Term Loans                   2.7       [ICRA]B+ Reaffirmed
   Fund Based Facilities        4.5       [ICRA]B+ Reaffirmed
   Non Fund Based Facilities    2.5       [ICRA]A4 Assigned

The rating reaffirmation factors in the backward integration
undertaken by the company by setting up a PU foam manufacturing
facility, which has helped the company record healthy growth in
revenues in 2011-12. The rating also takes into account the
reduction in client concentration for the company with the
addition of a number of new customers recently. The rating,
however, remains constrained by the small scale of operations of
the company as well as its weak financial risk profile on account
of the debt funded capex undertaken to set up the PU foam
manufacturing facility. The company's ability to increase its
scale of operations as well as manage it working capital
intensity are likely to remain key rating sensitivities going
forward.

Rudraksh Laminates Private Limited, established in 2005, is
promoted by Nagpal family. The company manufactures laminated
sheets for Auto and Furniture industries; the company supplies to
Tier I auto ancillaries as well as furniture manufacturers. The
company has set up a PU foam manufacturing facility in Bhiwadi
with a manufacturing capacity of 6,000 MT per annum which
commenced production in April 2011. The company plans to source
its internal PU requirement from the new plant and sell the
remaining through distribution network.

Recent Results

In 2011-12 (provisional financials), RLPL reported an operating
income of INR21.6 Crore. The company's operating profit before
depreciation, interest and tax stood at INR2.1 Crore and profit
after tax at INR0.5 Crore.


SHIV SHAKTI: ICRA Reaffirms 'BB' Rating on INR4cr Loans
-------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]BB' assigned
to the enhanced INR4.00 crore (enhanced from INR3.00 crores) fund
based bank facilities of Shiv Shakti International Private
Limited. The outlook on the long term rating is Stable. ICRA has
also reaffirmed short term rating of '[ICRA]A4' assigned to the
enhanced INR35.00 crores (enhanced from INR20.00 crores) non fund
based bank facilities of SSIPL.

                           Amount
   Facilities             (INR Cr)     Ratings
   ----------             ---------    -------
   Fund-Based Limits         4.00      [ICRA]BB (Stable)
                                       reaffirmed/assigned

   Non-fund based limits     35.00     [ICRA]A4
                                       reaffirmed/assigned

The reaffirmation of ratings continue to factor in the relatively
low value additive and highly competitive nature of the business
which has resulted in below average margins (in the range of 1-2%
at operating level) for the company which is unlikely to change
significantly in the medium term. Further, the entire timber
requirement is met through imports (in USD) and the import
payables are not completely hedged by the company exposing the
company to exchange rate fluctuations which is reflected in the
exchange loss of INR3.41 crores suffered by the company in FY
2012 due to rupee depreciation. However, the ratings draw comfort
from the long track record of promoters in the business,
consistent growth in turnover over the past five years, low
working capital intensity (in the range of 9-15%) and the
company's comfortable capital structure.

Shiv Shakti International Private Limited is a privately owned
company that was incorporated in year 1999. The company is 100%
held by Mr. Satish Goyal and his brother. The company imports
hardwood logs from various countries like Malaysia, Solomon and
New Zealand. The variety of timber imported comprises mainly
Meranti, Sal, Arau, and Kapur which are mainly used in furniture
making and light construction work. All the sawn timber produced
at its Gandhidham (Gujarat) factory is sold locally in India with
from its offices in Mundka, Delhi (which is relatively sizeable
timber market in northern India) and Gandhidham, Gujarat. The
company sells majorly to the timber traders in Delhi, Rajasthan,
Punjab, Haryana and Gujarat and some portion to few builders in
Delhi.

Recent Results:

As per the provisional results, SSIPL reported a net profit of
INR0.42 crore on an operating income of INR98.65 crore for the
year ended March 31, 2012 as against a net profit of INR0.34
crore on an operating income of INR70.04 crore for the year ended
March 31, 2011 (audited results).


SHIVAM COTTEX: ICRA Assigns '[ICRA]B' Rating to INR7.68cr Loan
--------------------------------------------------------------
A rating of '[ICRA]B' has been assigned to the INR1.68 crore term
loan and INR6.00 crore cash credit facility of Shivam Cottex.

                           Amount
   Facilities             (INR Cr)      Ratings
   ----------             ---------     -------
   Fund Based-Term Loan      1.68       [ICRA]B assigned
   Fund Based-Cash Credit    6.00       [ICRA]B assigned

The assigned rating is constrained by the firm's nascent stage of
operations and risks associated with stabilization of plant as
per expected operating parameters. The rating is further
constrained on account of the regulatory risks associated with
cotton exports as well as the fragmented nature of the cotton
ginning industry resulting in high competitive intensity.
Further, ICRA is cognizant of the fact that the firm is exposed
to adverse movements in raw material (cotton) prices which
coupled with low value addition nature of the work, keeps the
profitability metrics and cash accruals at modest levels. The
financial profile is expected to remain weak given the high debt
funded nature of the project and working capital intensive nature
of ginning operations. Also, being a partnership firm, any
substantial withdrawal by the partners can have an adverse impact
on the capital structure of the firm.

The rating, however, favourably factors in the experience of
partners in the cotton ginning & pressing industry; firm's
proximity to the raw material sources which ensures easy
availability of quality raw cotton and favorable demand outlook
for cotton and cottonseeds.

Shivam Cottex was established in February 2011 as a partnership
firm by four partners. The manufacturing plant of the firm is
situated at Jasdan in Rajkot District. The firm has installed 24
ginning machine and 1 automatic pressing machine to produce 200
cotton bales per day (24 hours of operations per day).The
commercial production of the firm has started from March 2012.


SRK INFRACON: ICRA Assigns '[ICRA]B+' Rating to INR40MM Loans
-------------------------------------------------------------
ICRA has assigned long-term rating of '[ICRA]B+' for INR18.35
crore term loan and INR18.00 crore proposed term loan facilities
of SRK Infracon (India) Private Limited. ICRA has also assigned
rating of '[ICRA]B+' to INR3.65 crore unallocated limits of SIPL.

                         Amount
   Facilities           (INR Cr)      Ratings
   ----------           ---------     -------
   Term loans             18.35       [ICRA]B+ assigned

   Proposed term loans    18.00       [ICRA]B+ assigned

   Unallocated limits      3.65       [ICRA]B+ assigned

The assigned rating is constrained by the leveraged capital
structure and moderate debt coverage indicators of SIPL as on
March 31, 2012, which are likely to deteriorate further on
account of additional debt of INR18 crore proposed to be raised
against fresh securitization of annuity receivables. The debt
repayment commitments of the company are likely to be significant
in comparison to the cash flow generation, and thus infusion of
funds by promoters would be important for timely debt servicing.
Further, the company is exposed to risk related to delays in
receipt of annuity payments from APRDC as witnessed in the past,
which gets elevated in the absence of a Debt Service Reserve
Account. Given the sizeable debt funding, SIPL's liquidity
position would depend on the interest rates. However, the rating
favorably factors the established track record of the promoters
in the construction industry, and the O&M contractor's long
experience, thereby mitigating risk of lane unavailability.
Further, the rating factors in the established track record of
operation of the project stretch and availability of annuity cash
flows which eliminate exposure to market risks and limit credit
risk as the annuity is receivable from Andhra Pradesh Road
Development Corporation.

                           About SRK Infracon

SRK Infracon (India) Private Limited is an SPV promoted by SRK
Constructions & Projects Private Limited with 53% stake and the
remaining held by promoters of SCPPL. APRDC awarded the
concession to SIPL in November 2008 for design, construction,
upgradation to two lane carriage way, finance, operation and
maintenance of 18.26 kms of Pulivendula -- Alavalapadu --
Vempalli road stretch in Kadapa district on Build-Operate-
Transfer (BOT) annuity basis. The concession is for a period of
10 years until November 2018 and the annuity from APRDC is fixed
at INR4.875 crore, receivable half-yearly, but subject to
availability and maintenance of lane as per the terms of the
Concession Agreement (CA). The construction was completed on
April 17, 2010 ahead of the scheduled Commercial Operation date
(COD) of May 21, 2010. The total project cost was INR37.65 crore
funded by a term loan of INR24 crore and remaining from
promoters' contribution.


SUBROS EDUCATIONAL: Delay in Loan Payment Cues ICRA Junk Ratings
----------------------------------------------------------------
ICRA has assigned the long term rating of '[ICRA]D' to
INR60.00 crore term loans of Subros Educational Society.

                             Amount
   Facilities                (INR Cr)     Ratings
   ----------                ---------    -------
   Fund based limits-Term       60.00     [ICRA]D assigned
   loans

The assigned rating takes into account the delays in servicing of
debt obligations by SES on account of limited cash accruals vis-
-vis high fixed costs of the recently commenced Noida campus
(2008), which in turn has increased the society's reliance on
donations. The rating is also constrained by weak financial
profile of the society characterized by high gearing on account
of large scale debt funded capital expenditure and accumulated
losses and modest debt coverage indicators with an interest cover
of 1.11 times for FY11. The rating, however, favorably factors in
the support of strong promoter group; reputed, well qualified and
experienced faculty and the healthy response to the Noida School
as well it success in establishing itself within four years of
its existence. While ICRA takes note of improvement in cash
accruals (excluding donations) in FY12 ( as per provisional
numbers), SES' ability to channelize the same for timely debt
repayment remains to be seen.

Timely repayment of debt obligations and improvement in the cash
accruals which would reduce society's dependence on donations
would be the key rating sensitivities going forward

Subros Education Society was promoted by Mr. Ramesh Suri,
Chariman & Managing Director - Subros Limited (rated [ICRA]A+)
and Late Mr. Lalit Suri (Bharat Hotels Limited). The society was
incorporated under the Society Registration Act in Delhi in 1988.
SES is currently operating two schools in the NCR region namely,
Step by Step Nursery School and Step by Step School.

Recent Results:

The firm reported net profit of INR3.15 crores on a total income
of INR32.05 crore in FY11 as against net loss of INR1.40 crores
on a total income of INR20.12 crore in FY10.The improvement in
net profits is primarily on account of donations received by SES.
As per company's estimates, the firm has reported a total income
of INR42.73 crore in FY12.


TRANS CONDUCT: ICRA Assigns '[ICRA]B' Rating to INR6cr Loans
------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B' for INR6.001 Cr
fund based and non-fund based facilities of M/s Trans Conduct
(India).

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

   Non-Fund Based Limits     1.00      [ICRA]B (assigned)

The rating derives comfort from the experience of the promoters
in executing civil engineering contracts, the firm's long
association with Municipal Corporation of Greater Mumbai, and a
moderate order-book position providing visibility to revenues in
the near term. The rating is however constrained by the firm's
modest scale of operations, stretched capital structure with high
leverage and weak coverage indicators, stretched liquidity
profile, intensely competitive nature of business and high client
concentration risk. Large deposits maintained with clients - a
necessary condition for securing contracts, leads to high working
capital intensity and stretched liquidity profile. The working
capital requirements have to be met through external borrowings
leading to high leverage and interest expenses.

M/s Trans Conduct (India) was established as a proprietary
concern by Mr.Bipin Shah in 1979 and was subsequently converted
into a partnership firm in 2008 with admission of Mr. Dinesh Shah
and other family members. TCI specializes in civil engineering
contracts with the Municipal Corporation of Greater Mumbai (MCGM)
or Brihanmumbai Municipal Corporation (BMC).

Recent results:

TCI reported, on a provisional basis, a profit after tax (PBT) of
INR0.28 crore on operating revenues of INR6.19 crore for FY2011-
12.


YAVATMAL DISTRICT: Placed Under Liquidation
-------------------------------------------
The Times of India reports that the Yavatmal District Co-
Operative Land Development Bank has been placed under liquidation
to pay the employees' dues and monthly salaries. The report says
District deputy registrar Laxmanrao Katare recently passed an
interim order to place the bank under liquidation.

Assistant registrar of the DDR office Harishchandra Hussay, also
appointed as the liquidator of the bank, has started the
preliminary process to ascertain the assets and liabilities of
the bank, according to the report.

The report relates that Katare said that he passed the order as
per instructions received from Amravati divisional commissioner
Ganesh Thakur.

The bank's employees have not been paid their monthly salary
since 10 months which pegs at INR1.35 crore, The Times of India
notes.

According to the report, over 180 employees have retired from the
service right from the inception of the bank and they are
entitled to get gratuity and other retirement benefits which
amounts to INR3.5 crore.  Besides, 11 employees have retired from
the service in the last couple of years and their dues peg at
INR70 lakh.

The report relates that the employees' union, after many futile
efforts to get the dues, approached the high court with a writ
petition. In March, the court ordered the state government to
take a policy decision within six weeks about the fate of the
bank and its employees. It was after this that the government
decided to liquidate the bank to recover the salaries and dues of
present and former employees, says The Times of India.

As per government valuation, the report notes, the bank's assets
are around INR8.5 crore while the liabilities are about INR9
crore.

Yavatmal District Co-Operative Land Development Bank has its
headquarters in Yavatmal and four branches at Yavatmal,
Pandharkawda, Darwha and Pusad tehsils of the district. The bank
has 42 employees of whom 15 are in the head office.



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


CITIBANK JAPAN: Moody's Cuts Financial Strength Rating to 'D+'
--------------------------------------------------------------
Moody's Japan K.K. has downgraded Citibank Japan Ltd.'s (1) long-
term deposit rating to Baa1 from A2, (2) standalone credit
assessment to baa3 from baa1, and (3) short-term deposit rating
to Prime-2 from Prime-1. The ratings outlook is stable.

Moody's has also downgraded the long-term ratings of Citigroup
Japan Holdings Inc. (CJH) and Citigroup Global Markets Japan
Limited (CGMJ) to Baa3 from Baa1.

The short-term rating of CGMJ was downgraded to Prime-3 from
Prime-2. The ratings outlook for CJH and CGMJ is negative.

The downgrade of these three subsidiaries was prompted by Moody's
downgrade of their parents, Citigroup Inc. (Citigroup) and
Citibank N.A. on June 21, 2012.

The rating actions on these subsidiaries conclude the reviews
initiated on February 16, 2012.

RATINGS RATIONALE -- Citibank Japan

The two-notch downgrade on 21 June 2012 of Citibank N.A.'s
standalone credit assessment to baa3 from baa1 has had a direct
impact on the standalone credit assessment of Citibank Japan,
which was also lowered to baa3 from baa1.

Citibank Japan's standalone credit assessment is strongly aligned
with that of its parent, Citibank N.A., due to their close
integration.

As Citibank Japan is a strategically important subsidiary to
Citibank N.A, Moody's incorporates a very high probability of
support from Citibank N.A., in case of need.

Hence, the downgrade of Citibank N.A.'s deposit ratings to A3
*has resulted in the downgrade of Citibank Japan's deposit
ratings. (*: This Moody's Investors Service's rating is not
governed by Japanese regulation.)

A two-notch uplift from Citibank Japan's standalone credit
assessment reflects Moody's view that given Citibank Japan's
integration of its business and operating platform with the
parent bank, its deposit rating indirectly benefits from Moody's
assumption of US government support for Citibank N.A.

The stable outlook for Citibank Japan's deposit rating reflects
the stable rating outlooks of Citibank N.A.'s deposit ratings.

Upward rating pressure on Citibank Japan's rating would emerge if
(1) there was an upgrade to Citibank N.A.'s deposit ratings, or
(2) there was an improvement in the standalone credit assessment
of Citibank N.A.

Downward rating pressure on Citibank Japan's rating would emerge
if (1) Citibank N.A.'s rating was downgraded, (2) there was a
deterioration in Citibank Japan's business or in its operating
integration with Citibank N.A. or (3) there was a deterioration
in the strategic importance of Citibank Japan to Citibank N.A.

RATINGS RATIONALE -- Citigroup Japan Holdings and Citigroup
Global Markets Japan

The ratings of CJH and CGMJ benefit from an uplift because of
Moody's expectation of a high probability of support from their
parent, Citigroup (senior debt rating Baa2*), based on a view
that these companies remain strategically important subsidiaries
of Citigroup. (*: This Moody's Investors Service's rating is not
governed by Japanese regulation.)

The securities business is a core strategic focus for Citigroup,
and Japan's operations are fully aligned with Citigroup's
business model.

Citigroup's also demonstrates this strategic importance through
its explicit support in the form of a guarantee to CJH's on all
outstanding bonds (which have not been rated by Moody's).

This is a debt-specific guarantee, rather than an issuer
guarantee, and in Moody's view, it reinforces the likelihood of
capital and liquidity support to the legal entities and helps to
offset the deteriorating market conditions faced by CJH and CGMJ.

Moody's has also lowered the standalone credit assessment of CJH
and CGMJ, as it expects that the profitability of these
subsidiaries will remain under pressure, given the difficult
operating environment of Japan's wholesale securities business.

The negative outlook on the long-term ratings of CJH and CGMJ
reflects the negative outlook on Citigroup's long-term ratings.

Upward rating pressure on CJH and CGMJ ratings would emerge if
(1) there was an improvement in the standalone credit profile of
the major operating subsidiary, CGMJ or (2) there was an upgrade
of Citigroup's rating, although this is unlikely given the
negative outlook.

Downward pressure on CJH and CGMJ ratings would emerge (1) if
CGMJ's credit fundamentals continued to deteriorate, (2)
Citigroup's rating was downgraded, or (3) if CGMJ's strategic
importance to Citigroup's investment banking operations
diminished.

Complete list of rating actions

Citibank Japan Ltd.

Bank Financial Strength rating: to D+ from C-

Long-term Bank Deposits rating (domestic and foreign currency):
to Baa1 from A2

Short- term Bank Deposits rating (domestic and foreign currency):
to Prime-2 from Prime-1

Citigroup Japan Holdings Corp.

Long-term issuer rating (foreign currency): to Baa3 from Baa1

Citigroup Global Markets Japan Inc.

Long-term issuer rating (foreign currency): to Baa3 from Baa1

Senior Unsecured debt rating (domestic currency): to Baa3 from
Baa1

Senior Unsecured Medium Term Note Program rating (foreign
currency): to (P)Baa3 from (P)Baa1

Subordinate debt rating (domestic currency): to Ba1 (hyb) from
Baa2 (hyb)

Subordinate Medium Term Note Program rating (foreign currency):
to (P)Ba1 from (P)Baa2

Junior Subordinate Medium Term Note Program rating (foreign
currency): to (P)Ba1 from (P)Baa2

Short-term issuer rating (foreign currency): to Prime-3 from
Prime-2

Commercial Paper rating (domestic currency): to Prime-3 from
Prime-2

The principal methodologies used in Citibank Japan's ratings were
Moody's Bank Financial Strength Ratings: Global Methodology
published on September 30, 2010, and Incorporation of Joint-
Default Analysis into Moody's Bank Ratings: Global Methodology
published on April 9, 2012, and available on www.moodys.co.jp.

The principal methodologies used in rating CJH and CGMJ were
Global Securities Industry Methodology published on September 30,
2010.

Citibank Japan Ltd., headquartered in Tokyo, is a wholly owned
subsidiary of Citibank N.A.

Citigroup Japan Holdings Corp., headquartered in Tokyo, is a
wholly owned subsidiary of Citigroup Inc.

Citigroup Global Markets Japan Inc., a wholesale brokerage firm,
is a wholly owned subsidiary of Citigroup Japan Holdings Corp.


OLYMPUS CORP: Sony Corp. May Invest JPY50MM, Nikkei Reports
-----------------------------------------------------------
Mariko Yasu at Bloomberg News, citing the Nikkei newspaper,
reports that Sony Corp. may invest about JPY50 billion
(US$624 million) to get a stake of about 10% in Olympus Corp.

According to Bloomberg News, the Nikkei reported that the
companies aim to reach an agreement by the end of next month.
Panasonic Corp., which had also made a tie-up proposal to
Olympus, withdrew the offer, the Nikkei said.

Olympus president Hiroyuki Sasa said earlier last week that the
company is considering offers from Sony, Panasonic, Terumo Corp.
and Fujifilm Holdings Corp. to raise about JPY50 billion in
capital.  Olympus hasn't narrowed down the number of candidates,
Mr. Sasa, as cited by Bloomberg, said.

"We're not the source of information for the report," Keizo
Masuda, a Tokyo-based spokesman for Sony, told Bloomberg News by
phone on Thursday.  The report relates Olympus said in a
statement it hasn't made any decisions and isn't the source of
the report. Panasonic also isn't the source of the information,
Atsushi Hinoki, a spokesman, said by e-mail, according to
Bloomberg.

Panasonic President Fumio Ohtsubo and Sony President Kazuo Hirai
have declined to comment on possible tie-ups with Olympus,
Bloomberg adds.

The Japan Times Online reports that Mr. Sasa said in a recent
interview Olympus is looking to select a partner "as soon as
possible" to shore up its weakened capital base following the
revelation of its coverup of massive investment losses.

"We are holding detailed discussions," The Japan Times quotes
Mr. Sasa as saying.  There has been progress in the talks, he
noted.  But he declined to elaborate on when a decision is likely
to be made, or name the firm it is eyeing, The Japan Times adds.

                         About Olympus Corp.

Based in Japan, Olympus Corporation (TYO:7733) --
http://www.olympus-global.com/-- manufactures and sells medical
products, life and industrial products, imaging products,
information communication products and other products.  As of
March 31, 2011, the Company has 188 subsidiaries and 11
associated companies.

As reported in the Troubled Company Reporter-Asia Pacific on
May 14, 2012, Japan Today said Olympus Corp. posted a
JPY48.99 billion loss in the year to March, a shortfall largely
tied to a loss cover-up at the camera and medical equipment maker
that hammered Japan's corporate-governance image.  Japan Today
said the firm attributed the loss to a scandal that sparked
lawsuits and the arrest of former executives accused of
hiding about US$1.7 billion in investment losses. According to
the report, Olympus said the result, which reversed a small
profit of JPY3.87 billion a year earlier and was bigger than
forecast, was largely attributed to costs related to the cover-
up.



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


AORANGI SECURITIES: Jean Hubbard Fights to Keep NZ$60 Million
-------------------------------------------------------------
NBR Online reports that Jean Hubbard is opposing a transfer of
assets worth NZ$60 million to the statutory managers of Aorangi
Securities.

According to NBR Online, Grant Thornton is seeking a High Court
order for the transfer of assets, after they were pledged to the
company by the late Allan Hubbard and his wife in early 2009 or
early 2010.

The report relates that Grant Thornton said they are "dismayed"
at Mrs. Hubbard's decision but remain committed to returning as
many funds to investors as possible.

"This is a major about turn by Mrs. Hubbard, and a considerable
setback for investors. It is contrary to public statements
previously made by the Hubbards that these assets are assets of
Aorangi and that their personal interests in Aorangi would rank
behind the interests of investors," Grant Thornton said in a
statement.  "If our claim is unsuccessful, we may need to look
for other avenues of recovery to ensure a suitable return to
investors."

So far, investors have received 12 cents in the dollar, or around
NZ$11.5 million, of their capital back.  Grant Thornton warns
Mrs. Hubbard's decision to fight their legal action will further
delay repayments to investors, the report adds.

                       About Aorangi Securities

Aorangi Securities Ltd was incorporated in 1974 and is solely
controlled by the Hubbards.

On June 20, 2010, Aorangi Securities and seven charitable trusts
were placed into statutory management, and Allan and Jean Hubbard
were also placed into statutory management as "associated
persons" of those entities.  The seven charitable trusts included
in the statutory management are Te Tua, Otipua, Oxford, Regent,
Morgan, Benmore and Wai-iti.  Trevor Thornton and Richard Simpson
of Grant Thornton were appointed as statutory managers.

The Temple Bar Family Trust and Barns Charitable Trust were also
put into statutory management in September 2010 on recommendation
from the Securities Commission.  Hubbard Churcher Trust
Management and Forresters Nominees Company were also added to the
list of businesses under management by Trevor Thorton, Richard
Simpson and Graeme McGlinn, of Grant Thornton, on September 20,
2010.

On June 20, 2011, the Serious Fraud Office laid 50 charges under
Crimes Act against Allan Hubbard in relation to its investigation
into the affairs of Aorangi Securities Ltd; Hubbard Management
Funds; and ASL directors Allan and Margaret (Jean) Hubbard.

The SFO dropped the fraud charges against Allan Hubbard following
Mr. Hubbard's death on Sept. 2, 2011.  Mrs. Hubbard was also
removed from statutory management, effective on Nov. 13, 2011.

Aorangi's statutory managers said 400 investors in the mortgage
lender owed NZ$96 million were likely to face a substantial
shortfall as many loans were in default.  So far, statutory
managers have paid just 12 cents in the dollar, The Timaru Herald
reports.


AORANGI SECURITIES: Woodbury Rise Manager Denies NZ$10MM Debt
-------------------------------------------------------------
The Timaru Herald reports that Woodbury Rise development manager
Peter Cameron has rejected claims by statutory managers that
property developments he managed owe Aorangi Securities
NZ$10 million.

Mr. Cameron, a Bay of Plenty businessman who had a long
relationship with the late Allan Hubbard, managed the Woodbury
Rise development in Tauranga for Mr. Hubbard, and liquidators of
that company are chasing him for repayment of an alleged
"substantial" loan, The Timaru Herald discloses citing a Woodbury
Rise liquidators' report.

Statutory managers acting for Mr. Hubbard's Aorangi Securities
have also filed to liquidate Mr. Cameron's Emerald Shores
residential development at Papamoa Beach, The Timaru Herald says.

According to the Timaru Herald, Mr. Cameron said he disputed the
amount he had borrowed, that he had nothing to do with Woodbury's
finances, and his company Emerald Shores owed nothing to Aorangi.

The Timaru Herald notes that reports by statutory managers Trevor
Thornton, Richard Simpson and Graeme McGlinn, of Grant Thornton,
into Aorangi alleged the two Cameron-linked developments in
Tauranga owed Aorangi more than NZ$10 million, and sales of the
residential sections had stalled, leading to defaults.

Statutory managers tipped Woodbury into liquidation last
September and have applied to the High Court to do the same to
Emerald Shores, the report discloses.  Mr. Cameron is opposing
the Emerald Shores application, according to the Timaru Herald.

The Timaru Herald relates that Woodbury liquidators Kenneth Brown
and Thomas Rodewald of RHB Chartered Accountants said Aorangi was
owed NZ$4 million from that company. But its main assets - two
sections - were sold earlier this year for only NZ$443,500 and a
significant shortfall was expected.

A spokesman for RHB would not confirm the loan amount but said it
was "a substantial sum" and court action to recover it was being
considered, the Timaru Herald notes.

                       About Aorangi Securities

Aorangi Securities Ltd was incorporated in 1974 and is solely
controlled by the Hubbards.

On June 20, 2010, Aorangi Securities and seven charitable trusts
were placed into statutory management, and Allan and Jean Hubbard
were also placed into statutory management as "associated
persons" of those entities.  The seven charitable trusts included
in the statutory management are Te Tua, Otipua, Oxford, Regent,
Morgan, Benmore and Wai-iti.  Trevor Thornton and Richard Simpson
of Grant Thornton were appointed as statutory managers.

The Temple Bar Family Trust and Barns Charitable Trust were also
put into statutory management in September 2010 on recommendation
from the Securities Commission.  Hubbard Churcher Trust
Management and Forresters Nominees Company were also added to the
list of businesses under management by Trevor Thorton, Richard
Simpson and Graeme McGlinn, of Grant Thornton, on September 20,
2010.

On June 20, 2011, the Serious Fraud Office laid 50 charges under
Crimes Act against Allan Hubbard in relation to its investigation
into the affairs of Aorangi Securities Ltd; Hubbard Management
Funds; and ASL directors Allan and Margaret (Jean) Hubbard.

The SFO dropped the fraud charges against Allan Hubbard following
Mr. Hubbard's death on September 2.  Mrs. Hubbard was also
removed from statutory management, effective on Nov. 13, 2011.

Aorangi's statutory managers said 400 investors in the mortgage
lender owed NZ$96 million were likely to face a substantial
shortfall as many loans were in default.  So far, statutory
managers have paid just 12 cents in the dollar, The Timaru Herald
reports.


PIANOSHOP LTD: Director to Face Fraud Charges
---------------------------------------------
Hamish Rutherford at The Dominion Post reports that Cameron
Crawford, director of Pianoshop Ltd, will appear in court this
week facing fraud charges.

According to the report, the police arrested Mr. Crawford at his
home in Raumati South last week, following complaints that
customers who had sold pianos through Pianoshop up to two years
ago had not been paid.

The Post relates that Mr. Crawford is due to appear in the
Porirua District Court today, June 26, facing four charges of
causing loss by deception, however Detective Jocelyn Bell said it
was likely further charges would be laid.

Ms. Bell said police were likely to request a lengthy remand
period to give victims, especially those who bought and sold
pianos through Mr. Crawford, time to come forward, the report
relays.

Pianoshop was placed in liquidation last month with debts of more
than NZ$2 million.

A compromise agreement put forward in an attempt to reach a deal
with creditors of Pianoshop earlier this year showed the company
had unsecured, non-trade creditors of NZ$924,643, according to
the Post.  These are understood to be mainly those who bought or
sold pianos through Mr. Crawford, the Post adds.

New Zealand-based Pianoshop Ltd operated a piano sales and
service center.



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


FETTLE ENGINEERING: Creditors' Proofs of Debt Due July 6
--------------------------------------------------------
Creditors of Fettle Engineering Co (S) Pte Ltd are required to
file their proofs of debt by July 6, 2012, to be included in the
company's dividend distribution.

The company's liquidator is:

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


G PREMJEE: Creditors' Meetings Set for July 6
---------------------------------------------
G Premjee Trading Pte Ltd, which is in compulsory liquidation,
will hold a meeting for its creditors on July 6, 2012, at 3:00
p.m., at 6 Shenton Way, #32-00, DBS Building Tower Two, in
Singapore 068809.

Agenda of the meeting includes:

   a. approval for the discontinuation of the legal suits and
      finalisation of the liquidation;

   b. approval for professional fees (liquidators and
      solicitors); and

   c. discuss other business.

The company's liquidator is Chaly Mah Chee Kheong.


HAPPY VALLEY: Court to Hear Wind-Up Petition on June 29
-------------------------------------------------------
A petition to wind up the operations of Happy Valley Holdings Pte
Ltd will be heard before the High Court of Singapore on June 29,
2012, at 10:00 a.m.

Ong Kok Ming @ Henardi Ong filed the petition against the company
on March 29, 2012.

The Petitioner's solicitors are:

          Messrs Eldan Law LLP
          1 Coleman Street
          #06-03, The Adelphi
          Singapore 179803


KENGROVE HOLDINGS: Creditors' Proofs of Debt Due July 20
--------------------------------------------------------
Creditors of Kengrove Holdings Pte Ltd, which is in members'
liquidation, are required to file their proofs of debt by
July 20, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

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


KENWELL & CO: Creditors' Proofs of Debt Due July 6
--------------------------------------------------
Creditors of Kenwell & Co. (Pte) Ltd are required to file their
proofs of debt by July 6, 2012, to be included in the company's
dividend distribution.

The company's liquidator is:

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



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


* S&P's Global Corporate Default Tally Rises to 37
--------------------------------------------------
The 2012 global corporate default tally increased to 37 last week
after U.S.-based for-profit postsecondary education company ATI
Acquisition Co. defaulted, said an article published Thursday by
Standard & Poor's Global Fixed Income Research, titled "The 2012
Global Corporate Default Tally Climbs To 37 Following U.S.
Education Company ATI's Default."  Standard & Poor's Ratings
Services lowered its rating on ATI to 'D', reflecting
confidential information that ATI made available to Standard &
Poor's regarding its debt obligations.

S&P added two other issuers to the default total since its last
report -- Brazil-based utility company Centrais Eletricas
Matogrossenses and a confidential U.S.-based issuer that
defaulted after Standard & Poor's withdrew its rating on the
company.

By region, 22 of the 37 defaulters in 2012 were based in the
U.S., nine were in the emerging markets, four in Europe, and two
in the other developed region (Australia, Canada, Japan, and New
Zealand).  This compares with 2011 totals (through June 20) of 10
defaulters in the U.S., two in the emerging markets, one in
Europe, and four in the other developed region.

So far this year, missed payments accounted for 13 defaults,
bankruptcy filings accounted for six, distressed exchanges
accounted for six, and another eight defaulters were
confidential. The remaining four entities defaulted for various
other reasons.


* BOND PRICING: For the Week June 18 to June 22, 2012
-----------------------------------------------------


  AUSTRALIA
  ---------

ADVANCE ENERGY           9.50    01/04/2015   AUD       1.07
AMITY OIL LTD           10.00    10/31/2013   AUD       2.01
CHINA CENTURY           12.00    09/30/2012   AUD       0.74
COM BK AUSTRALIA         1.50    04/19/2022   AUD      79.00
DIVERSA LTD             11.00    09/30/2014   AUD       0.08
EXPORT FIN & INS         0.50    12/16/2019   NZD      74.98
EXPORT FIN & INS         0.50    06/15/2020   NZD      73.21
IMF AUSTRALIA           10.25    12/31/2014   AUD       1.71
KIMBERLY METALS         10.00    08/05/2016   AUD       0.30
MIDWEST VANADIUM        11.50    02/15/2018   USD      60.52
MIDWEST VANADIUM        11.50    02/15/2018   USD      61.37
MIRABELA NICKEL          8.75    04/15/2018   USD      69.87
MIRABELA NICKEL          8.75    04/15/2018   USD      69.87
NEW S WALES TREA         0.50    09/14/2022   AUD      66.84
NEW S WALES TREA         0.50    10/07/2022   AUD      66.65
NEW S WALES TREA         0.50    10/28/2022   AUD      67.32
NEW S WALES TREA         0.50    11/18/2022   AUD      67.11
NEW S WALES TREA         0.50    12/16/2022   AUD      66.74
NEW S WALES TREA         0.50    02/02/2023   AUD      66.32
TREAS CORP VICT          0.50    08/25/2022   AUD      66.94
TREAS CORP VICT          0.50    03/03/2023   AUD      67.15
TREAS CORP VICT          0.50    11/12/2030   AUD      50.33


  CHINA
  -----

CHINA GOVT BOND          4.86    08/10/2014   CNY      68.62
CHINA GOVT BOND          1.64    12/15/2033   CNY      70.00


  HONG KONG
  ---------

CHINA SOUTH CITY        13.50    01/14/2016   USD      74.00
RESPARCS FUNDING         8.00    12/29/2049   USD      28.25


  INDIA
  -----

AKSH OPTIFIBRE           1.00    02/05/2013   USD      68.59
JSL STAINLESS LT         0.50    12/24/2019   USD      65.47
MASCON GLOBAL LT         2.00    12/28/2012   USD      10.12
PRAKASH IND LTD          5.62    10/17/2014   USD      70.90
PYRAMID SAIMIRA          1.75    07/04/2012   USD       0.75
REI AGRO                 5.50    11/13/2014   USD      68.02
REI AGRO                 5.50    11/13/2014   USD      68.02
SHIV-VANI OIL            5.00    08/17/2015   USD      59.61
SUZLON ENERGY LT         5.00    04/13/2016   USD      56.39


  JAPAN
  -----

ELPIDA MEMORY            2.03    03/22/2012   JPY      24.75
ELPIDA MEMORY            2.10    11/29/2012   JPY      25.00
ELPIDA MEMORY            2.29    12/07/2012   JPY      24.87
ELPIDA MEMORY            0.50    10/26/2015   JPY      24.87
ELPIDA MEMORY            0.70    08/01/2016   JPY      24.50
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      62.82
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      62.44
TOKYO ELEC POWER         1.39    05/28/2020   JPY      74.75
TOKYO ELEC POWER         1.31    06/24/2020   JPY      74.02
TOKYO ELEC POWER         1.95    07/29/2020   JPY      73.10
TOKYO ELEC POWER         1.15    09/08/2028   JPY      72.27
TOKYO ELEC POWER         1.63    07/16/2021   JPY      72.76
TOKYO ELEC POWER         2.34    09/29/2028   JPY      68.80
TOKYO ELEC POWER         2.40    11/28/2028   JPY      68.73
TOKYO ELEC POWER         2.21    02/27/2029   JPY      66.18
TOKYO ELEC POWER         1.96    07/29/2030   JPY      64.87
TOKYO ELEC POWER         2.37    05/28/2040   JPY      64.00


  MALAYSIA
  --------

ADVANCED SYNERY          2.00    01/26/2018   MYR       0.07
ASTRAL SUPREME           3.00    08/08/2021   MYR       0.85
BERJAYA CORP BHD         5.00    04/22/2022   MYR       0.78
CRESENDO CORP B          3.75    01/11/2016   MYR       1.66
DUTALAND BHD             7.00    04/11/2013   MYR       0.41
DUTALAND BHD             7.00    04/11/2013   MYR       0.93
ENCORP BHD               6.00    02/17/2016   MYR       0.91
KUMPULAN JETSON          5.00    11/27/2012   MYR       1.20
LION DIVERSIFIED         4.00    12/17/2013   MYR       1.17
MALTON BHD               6.00    06/30/2018   MYR       0.91
MITHRIL BHD              3.00    04/05/2012   MYR       0.50
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.45
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.19
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.17
PANTECH GROUP            7.00    12/21/2017   MYR       0.09
PRESS METAL BHD          6.00    08/22/2019   MYR       1.99
REDTONE INTL             2.75    03/04/2020   MYR       0.09
RUBBEREX CORP            4.00    08/14/2012   MYR       0.70
SCOMI ENGINEERING        4.00    03/19/2013   MYR       0.48
SCOMI GROUP              4.00    12/14/2012   MYR       0.05
TRADEWINDS CORP          2.00    02/26/2016   MYR       1.53
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.41
YTL CEMENT BHD           5.00    11/10/2015   MYR       0.48


NEW ZEALAND
-----------

BLUE STAR GROUP          9.10    09/15/2015   NZD       2.50
FLETCHER BUILDING        8.50    03/15/2015   NZD       5.95
INFRATIL LTD             8.50    09/15/2013   NZD       6.40
INFRATIL LTD             8.50    11/15/2015   NZD       6.45
INFRATIL LTD             4.97    12/29/2049   NZD      53.20
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.08
NEW ZEALAND POST         7.50    11/15/2039   NZD      66.59
NZF GROUP                6.00    03/15/2016   NZD       1.87
TOWER CAPITAL            8.50    04/15/2014   NZD       1.02
TRUSTPOWER LTD           8.50    09/15/2012   NZD       7.00
TRUSTPOWER LTD           8.50    03/15/2014   NZD       6.00
UNI OF CANTERBUR         7.25    12/15/2019   NZD       1.00


PHILIPPINES
-----------

BAYAN TELECOMMUN        13.50    07/15/2049   USD      20.50
BAYAN TELECOMMUN        13.50    07/15/2049   USD      20.50


SINGAPORE
---------

BAKRIE TELECOM          11.50    05/07/2015   USD      57.95
BAKRIE TELECOM          11.50    05/07/2015   USD      57.37
BLD INVESTMENT           8.62    03/23/2015   USD      70.46
BLUE OCEAN              11.00    06/28/2012   USD      38.00
BLUE OCEAN              11.00    06/28/2012   USD      38.25
CAPITAMALLS ASIA         2.15    01/21/2014   SGD       1.00
CAPITAMALLS ASIA         3.80    01/12/2022   SGD       1.01
DAVOMAS INTL FIN        11.00    12/08/2014   USD      26.75
DAVOMAS INTL FIN        11.00    12/08/2014   USD      26.74
F&N TREASURY PTE         2.48    03/28/2016   SGD       1.00
F&N TREASURY PTE         3.15    03/28/2018   SGD       0.99
SENGKANG MALL            4.88    11/20/2012   SGD       1.05
UNITED ENG LTD           1.00    03/03/2014   SGD       1.40
WBL CORPORATION          2.50    06/10/2014   SGD       1.34


SOUTH KOREA
-----------

BUSAN SOLOMON            8.10    04/19/2015   KRW      50.25
CN 1ST ABS               8.00    02/27/2015   KRW      32.62
CN 1ST ABS               8.30    11/27/2015   KRW      33.94
EXP-IMP BK KOREA         0.50    08/10/2016   BRL      70.40
EXP-IMP BK KOREA         0.50    09/28/2016   BRL      70.11
EXP-IMP BK KOREA         0.50    10/27/2016   BRL      69.60
EXP-IMP BK KOREA         0.50    11/28/2016   BRL      69.05
EXP-IMP BK KOREA         0.50    12/22/2016   BRL      68.64
EXP-IMP BK KOREA         0.50    1/25/2017    TRY      70.00
EXP-IMP BK KOREA         0.50    10/23/2017   TRY      66.72
EXP-IMP BK KOREA         0.50    11/21/2017   BRL      63.23
EXP-IMP BK KOREA         0.50    12/22/2017   BRL      65.95
EXP-IMP BK KOREA         0.50    12/22/2017   TRY      62.66
GRKABS 2ND ABS          10.00    09/29/2014   KRW      30.85
GYEONGGI MUTUAL          8.50    12/11/2014   KRW      50.17
GYEONGGI MUTUAL          8.50    01/22/2016   KRW      60.12
HYUNDAI SWISS BK         8.50    10/02/2013   KRW      60.32
HYUNDAI SWISS BK         8.50    07/15/2014   KRW      52.20
HYUNDAI SWISS BK         7.90    07/23/2014   KRW      50.16
HYUNDAI SWISS BK         8.30    01/23/2015   KRW      59.62
JINHEUNG MUTUAL          8.50    10/17/2014   KRW      60.15
PUM YANG MUTUAL          4.50    11/01/2013   KRW      22.75
SINBO CO 2ND ABS        10.00    09/29/2014   KRW      30.85
YOUNGNAM MUTUAL          8.50    12/18/2014   KRW      50.16


SRI LANKA
---------

SRI LANKA GOVT           5.80    01/15/2017   LKR      72.51
SRI LANKA GOVT           8.50    07/15/2018   LKR      73.75
SRI LANKA GOVT           7.50    08/15/2018   LKR      69.31
SRI LANKA GOVT           6.20    05/01/2019   LKR      71.05
SRI LANKA GOVT           7.00    08/01/2020   LKR      61.70
SRI LANKA GOVT           5.35    10/01/2023   LKR      54.62
SRI LANKA GOVT           5.35    03/01/2026   LKR      46.14
SRI LANKA GOVT           8.00    01/01/2032   LKR      57.06



                             *********

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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