TCRAP_Public/120627.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Wednesday, June 27, 2012, Vol. 15, No. 127

                            Headlines


A U S T R A L I A

AUSTRALIA AFT: ASIC Obtains Court Order to Wind up AFT
BEECHEY CARRIERS: Ferrier Hodgson Appointed as Administrators
T & M BUCKLEY: Australian Timber Files Wind-Up Petition
UNITED BROADCASTING: Inability to Pay Debt Prompts Liquidation


C H I N A

TIANRUI CEMENT: Moody's Withdraws (P)B2 Sr. Unsecured Bond Rating


H O N G  K O N G

GFK MARKETING: Members' Final General Meeting Set for July 23
HANG YIP: Creditors' Proofs of Debt Due July 27
HEXENBODEN LIMITED: Creditors' Proofs of Debt Due July 23
JASMAN ASIA: Final Meetings Set for July 26
JIMHO INTERNATIONAL: Shareholders' Final Meeting Set for July 23

LOUIS CAPITAL: Creditors' Proofs of Debt Due July 23
MAX WEALTHY: Members' Final Meeting Set for July 23
MOMENTUM ACADEMY: Yu and Cheng Step Down as Liquidators
N.F.K. CATERING: Final Meeting Set for July 26
NIDEC PIGEON: Wakisaka Shoji Steps Down as Liquidator

TAK SHIN: Creditors' Proofs of Debt Due July 13
TEAM VANTAGE: Creditors' Proofs of Debt Due July 22
UNIVERSAL SHINY: Commences Wind-Up Proceedings
WIDER SHIPPING: Creditors' Proofs of Debt Due July 22
ZHOUSHAN OVERSEAS: Creditors' Proofs of Debt Due July 25


I N D I A

AIR INDIA: Pilots on Hunger Strike; Seeks PM's Intervention
BHAIRAVNATH POULTRY: CRISIL Puts 'B+' Rating on INR165MM Loans
CHINTAWAR AGRO: CRISIL Puts 'B-' Rating on INR52.5MM Loans
ELECTRO CIRCUIT: CRISIL Places 'B+' Rating on INR20MM Loans
HRITASHA INFRA: Delay in Debt Repayment Cues CRISIL Junk Ratings

KUMARPUR AGRO: Delays in Loan Payment Cues CRISIL Junk Ratings
MAHALAKSHMI PLAAZA: CRISIL Rates INR230MM Loan at 'CRISIL B'
MAIHAR ALLOYS: CRISIL Raises Rating on INR67.9MM Loans to 'B-'
MAITY POULTRIES: Delay in Loan Payment Cues CRISIL Junk Ratings
SANKRAIL AGRO: CRISIL Assigns 'D' Rating to INR127.5MM Loans

SP HI-FY: CRISIL Rates INR220MM Term Loan at 'CRISIL D'
S. N. TRADELINK: CRISIL Rates INR85MM Cash Credit at 'CRISIL B+'
SUNSHINE PAP-TECH: CRISIL Assigns 'B' Rating to INR410MM Loans
SWARN SHIKHA: CRISIL Rates INR80MM Cash Credit at 'CRISIL B'
VINAYAKA EDUCATIONAL: CRISIL Rates INR70MM Term Loan at 'B'

VVV CONSTRUCTION: CRISIL Puts 'CRISIL B' Rating on INR50MM Loans


J A P A N

AIJ INVESTMENT: Sent Faked Audit Report to Advantest
AIJ INVESTMENT: Head Allegedly Get Up to JPY500MM in Dividends
LEHMAN BROTHERS: Wins OK of Settlement With Japan Loans


N E W  Z E A L A N D

ALLIED FARMERS: Wins One Year Extension on NZ$13.4-Mil. Loan


S I N G A P O R E

KOL SHIANG: Creditors' Proofs of Debt Due July 6
NIL-BURNS SYSTEM: Creditors' Proofs of Debt Due July 6
PNR GLOBALS: Court Enters Wind-Up Order
SHENTON SINGAPORE: Creditors' Proofs of Debt Due July 21
SIN HENG: Creditors' Proofs of Debt Due July 3


T A I W A N

* TAIWAN: Moody's Says Expanding SME Loans Not Enough for Banks


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


AUSTRALIA AFT: ASIC Obtains Court Order to Wind up AFT
------------------------------------------------------
The Australian Securities and Investment Commission has obtained
declarations and orders in the South Australian Registry of the
Federal Court against Australia AFT Finance Market Pty Ltd, now
known as Stone Assets Management Pty Ltd.  AFT promoted trading
in contracts for difference (CFDs) via the websites www.aftfx.com
and www.aftfx.com.au

AFT does not hold an Australian financial services (AFS) license
and is not authorized to provide financial services in Australia.

On June 19, 2012, the Court made declarations that AFT had
contravened various sections of the Corporations Act by carrying
on a financial services business without holding an AFS license,
and by making false or misleading statements to encourage people
to buy financial products.

The Court also ordered AFT be wound up, Hilary Orr be appointed
liquidator, and AFT to pay ASIC's costs.

ASIC Commissioner Peter Kell said businesses providing financial
services in Australia had to hold an AFS license so that ASIC
could monitor the industry and ensure people are provided with
accurate information in a fair and honest way.

"ASIC took this action because AFT was providing financial
services without a license. These orders and declarations will
help to protect consumers from being misled by the false claims
on the website operated by AFT," Mr. Kell said.

On Nov. 4, 2011, ASIC obtained interim orders freezing money held
in bank accounts operated by AFT and restraining AFT from
marketing any financial product and providing any financial
product.

On Dec. 27, 2011, AFT changed its name to Stone Assets Management
Pty Ltd.

AFT was incorporated in Australia but ASIC was concerned that its
sole director has never been a resident of Australia.

ASIC was also concerned the content of www.aftfx.com.au and
www.aftfx.com contained false statements including that AFT was
formerly named Adelaide Finance Market Co Ltd and, after merging
with a company named Brisbane Financial Securities Co. Ltd,
changed its name to AFT Finance Market Holdings Limited. No
companies with those names have been incorporated in Australia.

During its investigation, ASIC identified another Web site,
www.nftfx.com, relating to a company called Australia NFT Finance
Market Pty Ltd which contains many of the same claims as the AFT
website. Australia NFT Finance Market Pty Ltd is not a company
incorporated in Australia.


BEECHEY CARRIERS: Ferrier Hodgson Appointed as Administrators
-------------------------------------------------------------
Ryan Eagle -- ryan.eagle@fh.com.au -- and Morgan Kelly --
morgan.kelly@fh.com.au -- of Ferrier Hodgson were appointed
administrators of the Beechey Carriers Pty Limited on June 22,
2012.  Messrs. Eagle and Kelly were also appointed administrators
of R&M Beechey Storage Pty Limited, RMB Equipment Pty Limited,
and Beechey Carriers Brisbane Pty Limited.

"The Administrators now control the Companies' operations and are
assessing the Companies' financial position. The Companies have
ceased to trade," Ferrier Hodgson said in a statement.

The first meetings of creditors will be held at the offices of
Ferrier Hodgson on July 4, 2012 at 11:00 a.m.

Beechey Carriers -- http://www.beecheycarriers.com.au/-- is an
independent container and road freight carrier.


T & M BUCKLEY: Australian Timber Files Wind-Up Petition
-------------------------------------------------------
Lucy Ardern at goldcoast.com.au reports that Australian Timber
and Trusses has applied to wind up financially troubled building
company T & M Buckley in the hope of getting some of its money
back.

According to the report, the fortunes of T & M Buckley started
spiralling downwards on April 27 when the Building Services
Authority suspended the company's license.

goldcoast.com.au relates that the industry body had previously
only allowed T & M Buckley to continue operating on the basis
that the company paid all its debts when they fell due and
provide the BSA with a list of debtors and creditors by April 23
and every fortnight after that.

Records show that it failed to comply with those conditions and
that on May 23 the company's license was cancelled, the report
says.

According to goldcoast.com.au, the company was placed in the
hands of receivers Guy Edwards and Darryl Kirk, from
PriceWaterhouseCoopers in Brisbane, a few days later.

Australian Timber and Trusses, based at Nerang, has also applied
to the Supreme Court for a wind-up order and the matter has been
listed for hearing in Brisbane on June 29, the report adds.

T & M Buckley, trading as Shailer Constructions, specialized in
government work and had projects under way on the Gold Coast and
elsewhere in Queensland.  The company is headed up by The
Sovereign Islands couple Terence and Mary Buckley.


UNITED BROADCASTING: Inability to Pay Debt Prompts Liquidation
--------------------------------------------------------------
Australian Associated Press reports that United Broadcasting
International Pty Ltd, trading as UBI World TV, has been placed
in liquidation after it was unable to pay its debts.

The company's collapse leaves up to 55,000 pre-paid subscribers
and 80 staff, out of pocket to the tune of around AUD25 million,
AAP relates.

AAP notes that controversial pay television operator Mike (Madgi)
Boulos and his wife Maria Regina Boulos have operated the Sydney-
based private company in Pyrmont since 2004.

According to the report, National Australia Bank has launched
legal proceedings against Mr. Boulos, the chairman of UBI World
TV, Mrs Boulos and Boulos Holdings Pty Ltd over an overdrawn
account of AUD9.27 million.

Meanwhile, AAP reports, receiver Grant Thornton is looking for
payments of AUD3.6 million made before the company went into
administration in May.

The news agency relates that Grant Thornton said on June 15 a
debt of more than AUD52 million was outstanding with unsecured
creditors.

AAP says UBI World TV has employee liabilities of AUD1.3 million,
but after a creditors meeting in Sydney on Friday, employees were
hopeful of receiving some entitlements by September.

The company had also incurred legal costs of more than $800,000
against the Republic of Macedonia over disputes for rights to
broadcast Serbian television channels, BRI Ferrier said in the
creditors report cited by AAP.

United Broadcasting International Pty Ltd, trading as UBI World
TV, was Australia's largest foreign language pay television
broadcaster.  It serviced 55,000 satellite television
subscribers, many of whom are elderly with low competency levels
in English.



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


TIANRUI CEMENT: Moody's Withdraws (P)B2 Sr. Unsecured Bond Rating
-----------------------------------------------------------------
Moody's Investors Service has withdrawn Tianrui Cement's
provisional (P)B2 senior unsecured bond rating.

Ratings Rationale

Moody's Investors Service has withdrawn the senior unsecured bond
rating, as the company has decided to postpone the proposed notes
issue in its announcement made on June 1, 2012.

China Tianrui Group Cement Company Ltd is the largest cement
producer in China's Henan and Liaoning provinces. The company has
an annual clinker and cement production capacity of 22.25 million
tons and 35.23 million tons as of end 2011.



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


GFK MARKETING: Members' Final General Meeting Set for July 23
-------------------------------------------------------------
Members of GfK Marketing Services Hong Kong Limited will hold
their final general meeting on July 23, 2012, at 11:00 a.m., at
1 George Street #22-02, One George Street, in 049145 Singapore.

At the meeting, Yu Chung Leung, the company's liquidators will
give a report on the company's wind-up proceedings and property
disposal.


HANG YIP: Creditors' Proofs of Debt Due July 27
-----------------------------------------------
Creditors of Hang Yip Construction Company Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by July 27, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 11, 2012.

The company's liquidator is:

         Yeung Wing On
         Room 2810, 28/F
         113 Argyle Street
         Kowloon


HEXENBODEN LIMITED: Creditors' Proofs of Debt Due July 23
---------------------------------------------------------
Creditors of Hexenboden Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
July 23, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on June 15, 2012.

The company's liquidator is:

         Urs Specker
         Care of 3806 Central Plaza
         18 Harbour Road
         Wanchai, Hong Kong


JASMAN ASIA: Final Meetings Set for July 26
-------------------------------------------
Members and creditors of Jasman Asia Limited will hold their
final meetings on July 26, 2012, at 4:00 p.m., and 4:30 p.m.,
respectively at 42/F, Central Plaza, 18 Harbour Road, Wanchai, in
Hong Kong.

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


JIMHO INTERNATIONAL: Shareholders' Final Meeting Set for July 23
----------------------------------------------------------------
Shareholders of Jimho International Limited will hold their final
meeting on July 23, 2012, at 10:00 a.m., at 4th Floor, Wing Sing
Commercial Centre, 12-16 Wing Lok Street, in Hong Kong.

At the meeting, Au Ping Yun, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


LOUIS CAPITAL: Creditors' Proofs of Debt Due July 23
----------------------------------------------------
Creditors of Louis Capital FX (Hong-Kong) Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by July 23, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on May 31, 2012.

The company's liquidators are:

         Lai Kar Yan (Derek)
         Darach E. Haughey
         35th Floor, One Pacific Place
         88 Queensway, Hong Kong


MAX WEALTHY: Members' Final Meeting Set for July 23
---------------------------------------------------
Members of Max Wealthy Limited will hold their final meeting on
July 23, 2012, at 10:00 a.m., at Unit 402, 4/F, Malaysia
Building, No. 50, Gloucester Road, Wanchai, in Hong Kong.

At the meeting, Chan Chi Bor and Li Fat Chung, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


MOMENTUM ACADEMY: Yu and Cheng Step Down as Liquidators
-------------------------------------------------------
Yu Yu Kin and Cheng Kam Wa Thomas stepped down as liquidators of
The Momentum Academy Limited on June 12, 2012.


N.F.K. CATERING: Final Meeting Set for July 26
----------------------------------------------
Sole Member of N.F.K. Catering Limited will hold a final general
meeting on July 26, 2012, at 10:00 a.m., at Room 206, 2nd Floor,
Alliance Building, 130-136 Connaught Road Central, in Hong Kong.

At the meeting, Ng Oi Che, the company's liquidator, will give a
report on the company's wind-up proceedings and property
disposal.


NIDEC PIGEON: Wakisaka Shoji Steps Down as Liquidator
-----------------------------------------------------
Wakisaka Shoji stepped down as liquidator of Nidec Pigeon (H.K.)
Co., Limited on June 15, 2012.


TAK SHIN: Creditors' Proofs of Debt Due July 13
-----------------------------------------------
Creditors of Tak Shin Kindergarten Association Company Limited,
which is in members' voluntary liquidation, are required to file
their proofs of debt by July 13, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on June 15, 2012.

The company's liquidators are:

         Chan Shu Kin
         Chow Chi Tong
         9th Floor, Tung Ning Building
         249-253 Des Voeux Road
         Central, Hong Kong


TEAM VANTAGE: Creditors' Proofs of Debt Due July 22
---------------------------------------------------
Creditors of Team Vantage Development Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by July 22, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 11, 2012.

The company's liquidator is:

         Ho Sun Fung Allan
         Room 2702-3, C.C. Wu Building
         302-8 Hennessy Road
         Wanchai, Hong Kong


UNIVERSAL SHINY: Commences Wind-Up Proceedings
----------------------------------------------
Members of Universal Shiny Limited, on June 14, 2012, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

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


WIDER SHIPPING: Creditors' Proofs of Debt Due July 22
---------------------------------------------------
Creditors of Wider Shipping Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by July 22, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on June 18, 2012.

The company's liquidator is:

         Chui Chi Hung
         13/F, Chun Hoi Commercial Building
         688-690, Shanghai Street
         Mongkok, Kowloon
         Hong Kong


ZHOUSHAN OVERSEAS: Creditors' Proofs of Debt Due July 25
--------------------------------------------------------
Creditors of Zhoushan Overseas Trading Company Limited, which is
in members' voluntary liquidation, are required to file their
proofs of debt by July 25, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 16, 2012.

The company's liquidators are:

         Chow Yei Ching
         Wong Chun Yiu
         22/F, Chevalier Commercial Centre
         8 Wang Hoi Road
         Kowloon Bay, Hong Kong



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


AIR INDIA: Pilots on Hunger Strike; Seeks PM's Intervention
-----------------------------------------------------------
The Hindu Business Line reports that a section of Air India
pilots started a hunger protest on Monday in Mumbai. Ten of them
are on an indefinite hunger strike.

In New Delhi, more than 100 Air India pilots had begun a hunger
strike from Sunday morning, demanding the reinstatement of 101
sacked pilots and the restoration of recognition to the Indian
Pilots Guild (IPG) as a trade union, the Business Line relates.

The report notes the pilots said that their protests will
continue till the airline initiates talks with them.

The pilots on strike belong to the IPG of the erstwhile Air
India. In May, more than 400 pilots had declared a strike in
protest against the airline management's decision to train the
erstwhile Indian Airlines pilots for the Dreamliner Boeing-787.
The pilots said that this would affect their career progression.
Around that time, the IPG was derecognised and Air India sacked
around 100 pilots.

Meanwhile, The Economic Times reports that the deadlock over the
49-day-old strike by over 400 Air India pilots persisted Monday
with the Government asserting that they have to return to work
"unconditionally" and the pilots seeking Prime Minister's
intervention to end the crisis.

"We want them to come back.  All they have to do is to come back
unconditionally to work. They never gave a notice (of a strike).
High Court said it is illegal. I don't even know what the issues
are. They don't know themselves. What can we do?" the report
quotes Civil Aviation Minister Ajit Singh as saying.

ET says the pilots, who went on a 48-hour hunger strike at Jantar
Mantar, alleged that the minister was speaking in one voice and
the airline management in another.

                          About Air India

Air India Ltd -- http://www.airindia.com/-- transports
passengers throughout India and to more than 40 destinations
throughout the world.  Affiliate Air India Express operates as a
low-fare carrier, mainly between India and destinations in the
Middle East, and Air India Cargo provides freight transportation.
The government of India has merged Air India with another state-
controlled carrier, Indian Airlines, which has focused on
domestic routes.  The combined airline, part of a new holding
company called National Aviation Company of India, uses the Air
India brand.  The new Air India and its affiliates have a fleet
of more than 110 aircraft altogether.

                          *     *     *

The Troubled Company Reporter-Asia Pacific, citing the Hindustan
Times, reported on June 19, 2009, that Air India has been
bleeding cash due to excess capacity, lower yield, a drop in
passenger numbers, an increase in fuel prices and the effects of
the global slowdown.  Air India had debt of INR42,570 crore and
accumulated losses of INR22,000 crore as of March 31, 2011,
according to livemint.com.

In April 2012, the Union Cabinet approved an operational
turnaround plan through an equity infusion of INR30,000 crore
(US$5.8 billion) over the next eight years.

"The Cabinet Committee on Economic Affairs (CCEA) has approved
the turnaround plan (TAP) and financial restructuring plan (FRP)
of Air India, under which the government will infuse INR30,000
crore into the airline by 2020-21, subject to certain milestones
that AI will have to meet," civil aviation minister Ajit Singh
said.


BHAIRAVNATH POULTRY: CRISIL Puts 'B+' Rating on INR165MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Bhairavnath Poultry Farms Pvt Ltd.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Term Loan               125       CRISIL B+/Stable (Assigned)
   Cash Credit              39.7     CRISIL B+/Stable
   Proposed Long-Term        0.3     CRISIL B+/Stable
    Bank Loan Facility
   Bank Guarantee           15       CRISIL A4

The ratings reflect expected deterioration in BPFPL's financial
risk profile over the near to medium term because of its debt-
funded capital expenditure (capex) plans, and vulnerability of
its operating profitability to risks inherent in the poultry
industry. These rating weaknesses are partially offset by BPFPL's
promoters' extensive experience in the poultry industry.

Outlook: Stable

CRISIL believes that BPFPL will continue to benefit from its
promoters' extensive experience in the industry. The outlook may
be revised to 'Positive' if BPFPL's business risk profile
improves significantly, driven most likely by increase in scale
of operations and cash accruals; also leading to significant
improvement in liquidity. Conversely, the outlook may be revised
to 'Negative' if the company's liquidity comes under more
pressure than expected, caused most likely by delays in
implementation of its ongoing project, or cost overrun in the
project.

                     About Bhairavnath Poultry

Bhairavnath Poultry Farms Pvt Ltd was incorporated in 1995,
promoted by Mr. Prasad Bhagat and Mr. Krishnaji Bhagat in Pune,
Maharashtra. The company is engaged in the poultry business. It
has two operating units - one unit at Theur, Pune, has laying
capacity of 0.25 million and the other unit in Solapur,
Maharashtra, has brooding capacity of 0.2 million and laying
capacity of 0.5 million. The company plans to expand its laying
capacity at its unit in Theur to 0.75 million by the end of
2012-13 (refers to financial year, April 1 to March 31).

For 2011-12, BPFPL reported, provisionally, a profit after tax
(PAT) of INR5.4 million on net sales of INR393.3 million; the
company reported a PAT of INR6.5 million on net sales of
INR401.3 million for 2010-11.


CHINTAWAR AGRO: CRISIL Puts 'B-' Rating on INR52.5MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-
term bank facilities of Chintawar Agro Industries.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit           40.00       CRISIL B-/Stable (Assigned)
   Term Loan             12.50       CRISIL B-/Stable (Assigned)

The rating reflects CAI's limited track record, exposure to
intense competition in the cotton ginning industry, and
susceptibility of the firm's margins to volatility in cotton and
cotton seed prices. These rating weaknesses are partially offset
by the extensive experience of its promoters in the cotton
industry.

Outlook: Stable

CRISIL believes that the CAI will continue to benefit over the
medium term from its promoters' extensive experience in the
cotton trading business. The outlook may be revised to 'Positive'
if the firm scales up its operations, and improves its operating
margin, thereby improving its financial risk profile. Conversely,
the outlook may be revised to 'Negative' if the firm's revenues
and margins deteriorate steeply; or if it undertakes large, debt-
funded capital expenditure programme, or, if there is a stretch
in the working capital cycle, leading to deterioration in its
financial and liquidity risk profiles.

                       About Chintawar Agro

Chintawar Agro, a partnership firm, was established in April 2011
by Mr. Chintawar Hanumandlu and his family to undertake cotton
ginning and pressing of raw cotton into cotton bales. The firm is
in Adilabad district (Andhra Pradesh). It commenced operations in
November 2011.


ELECTRO CIRCUIT: CRISIL Places 'B+' Rating on INR20MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Electro Circuit Systems.

                            Amount
   Facilities             (INR Mln)   Ratings
   ----------             ---------   -------
   Term Loan                 7.5      CRISIL B+/Stable (Assigned)
   Proposed Long-Term        0.5      CRISIL B+/Stable (Assigned)
    Bank Loan Facility
   Bank Guarantee           40        CRISIL A4 (Assigned)
   Cash Credit              12        CRISIL B+/Stable (Assigned)

The ratings reflect ECS's Small scale of operations along with
highly working capital intensive nature of operations and its
exposure to risks related to revenue concentration and tender-
based business. These rating weaknesses are partially offset by
the niche product profile used in defense projects, established
relationships with customer, and experienced management.

Outlook: Stable

CRISIL believes that Electro Circuit Systems (ECS) will continue
to benefit from its promoters' extensive industry experience and
technical expertise over the medium term. The outlook may be
revised to 'Positive' if ECS reports more-than-expected revenue
growth while maintaining its profitability, and diversifies its
customer base. Conversely, the outlook may be revised to
'Negative' in case of deterioration in ECS's operating income and
profitability, or in case the firm undertakes large debt funded
capital expenditure resulting into highly leveraged capital
structure.

                        About Electro Circuit

Incorporated in 1988 by Mr. Ranga Rao Yenikapati, Electro Circuit
Systems (ECS) manufactures printed circuit board assembly (PCB),
Electronic Systems and Sub Systems for Defense Research and
Development Organization (DRDO). These products are customized to
meet specific requirements of profile, interface, and software.
ECS's products have been used in various defense projects
including Agni, Prithvi, Akaash, Nag etc.


HRITASHA INFRA: Delay in Debt Repayment Cues CRISIL Junk Ratings
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D /CRISIL D' ratings to the bank
facilities of Hritasha Infra Projects Private Limited. The
ratings reflect instances of delay by HIPPL in servicing its
debt; the delays have been caused by its weak liquidity.

                            Amount
   Facilities             (INR Mln)     Ratings
   ----------             ---------     -------
   Term Loan                  29        CRISIL D (Assigned)
   Proposed Short-Term       111        CRISIL D (Assigned)
    Bank Loan Facility
   Proposed Cash Credit       10        CRISIL D (Assigned)
    Limit
   Bank Guarantee             20        CRISIL D (Assigned)
   Cash Credit                10        CRISIL D (Assigned)

HIPPL is also exposed to small scale of operations, Exposure to
cyclicality in cement and ready-mix concrete (RMC) industry.
These rating weaknesses are partially offset by the promoters'
strong technical background and industry experience.

                        About Hritasha Infra

Hritasha Infra Projects Private Limited was established in 2006
by Mr. Rajasekhar and his family members, an engineer by
profession and a first-generation entrepreneur. The company
manufactures ready-mix concrete required by infrastructure and
realty companies. Also, the company is undertaking contracts
awarded by Hyderabad Municipal Corporation and Tirupati Municipal
Corporation for laying of concrete roads. HIIPL's manufacturing
is facility located in Uppal and Tirupati (Andhra Pradesh).
HIPPL's total installed capacity is 120 cubic meters per hour.


KUMARPUR AGRO: Delays in Loan Payment Cues CRISIL Junk Ratings
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Kumarpur Agro Poultries Ltd. (part of the Maity
group). The rating reflects instances of delay by the Maity group
in servicing its debt; the delays have been caused by the group's
weak liquidity.

                            Amount
   Facilities             (INR Mln)     Ratings
   ----------             ---------     -------
   Term Loan                 7.6        CRISIL D (Assigned)
   Cash Credit              18.5        CRISIL D (Assigned)
   Proposed Long-Term       23.5        CRISIL D (Assigned)
   Bank Loan Facility

The Maity group is also vulnerable to risks inherent in the
poultry industry and its intensive working capital requirements.
These rating weaknesses are partially offset by the extensive
experience of the Maity group's promoters in the poultry
industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of KAPL, Sankrail Agro Poultries Pvt Ltd,
and Maity Poultries Pvt Ltd, collectively referred to as the
Maity group. This is because all the companies are under a common
management, in the same line of business, and largely have
similar customers and suppliers. Furthermore, there is need-based
fungible cash flow among the three companies.

The Maity group is promoted by Mr. Madan Maity, who has over
three decades of experience in the poultry business. The group
has a layer bird capacity of around 0.8 million, which produces
around 191 million eggs annually. The group also has four feed
mills with total capacity of 250 tonnes per day. The Maity group
also produces designer eggs, which contain proteins and vitamins
and are produced biologically. The group sells its designer eggs
under the Maity Eggs brand.


MAHALAKSHMI PLAAZA: CRISIL Rates INR230MM Loan at 'CRISIL B'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the term loan
bank facility of Mahalakshmi Plaaza.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Term Loan                230       CRISIL B/Stable (Assigned)

The rating reflects MLP's exposure to project implementation
risks, geographic concentration, and susceptibility to economic
downturns. These rating weaknesses are partially offset by the
benefits that the firm derives from its promoters' extensive
entrepreneurial experience and the strategic location of its
proposed commercial mall in Villupuram (Tamil Nadu).

Outlook: Stable

CRISIL believes that MLP will continue to benefit over the medium
term from its promoters' extensive entrepreneurial experience and
the strategic location of its mall. The outlook may be revised to
'Positive' if the firm completes the construction of its project
earlier than expected, leading to higher-than-expected booking
rates, sales realisations and cash flows, thereby aiding its
liquidity. Conversely, the outlook may be revised to 'Negative'
if MLP reports any delays in project implementation leading to
time and cost overruns, in turn leading to significant fall in
realisations or delays in securing leasing contracts for its
retail/commercial space, or if the firm contracts more-than-
expected debt, leading to deterioration in its financial risk
profile.

                      About Mahalakshmi Plaaza

MLP was set up as a partnership firm in 2011 by Mr. Kuberan
Rajesh and his three brothers, with an objective to develop a
shopping mall-cum-hotel-cum-multiplex at Villupuram at a total
land area of 63,500 square feet. The mall is expected to house a
31-room hotel and 3 movie screens. The total project cost is
about INR358.6 million, which is being funded in debt-to-equity
ratio of 1.8:1. Nearly 45 per cent of the project has been
completed till date and the mall is expected to become
operational by January 2013.

The promoters have been in the business of retailing since 1919,
through Mahalakshmi Stores, which retails textiles and ready-made
garments. The promoters also own various other entities, which
are engaged in the distributorship of prepaid mobile connections,
and in the two-wheeler dealership of TVS Motor Company Limited.


MAIHAR ALLOYS: CRISIL Raises Rating on INR67.9MM Loans to 'B-'
--------------------------------------------------------------
CRISIL has upgraded its ratings on the long term bank facilities
of Maihar Alloys Pvt Ltd to 'CRISIL B-/Stable' from 'CRISIL D'
while withdrawing the ratings on its short term facilities.

                            Amount
   Facilities             (INR Mln)    Ratings
   ----------             ---------    -------
   Cash Credit               43.90     CRISIL B-/Stable (Upgraded
                                       from CRISIL D)

   Cash Credit-Book Debt     24.00     CRISIL B-/Stable (Upgraded
                                       from CRISIL D)

During the initial rating exercise, the company had been delaying
in its term loan repayments. However, the term loans of the
company have been fully repaid in 2010-11.

The rating reflects MAPL's weak financial risk profile, marked by
a small net worth and weak debt protection metrics, marginal
market share, and susceptibility to intense competition in the
steel industry. These rating weaknesses are partially offset by
MAPL's moderate business risk profile, backed by the promoters'
extensive industry experience.

Outlook: Stable

CRISIL believes that MAPL will maintain its moderate business
risk profile over the medium term backed by its promoter's long
experience in the steel industry. The outlook may be revised to
'Positive' in case of more than expected increase in MAPL's
revenues and profitability and also an improvement in its
liquidity profile. Conversely, the outlook may be revised to
'Negative' if the company reports lower-than-expected revenues
and profitability, or undertakes any larger-than-expected, debt-
funded capital expenditure (capex) programmes, leading to
weakening in its financial risk profile.

                      About Maihar Alloys

Set up in 2004 by Mr. Dhananjay Kumar, MAPL manufactures mild
steel ingots. The company's unit at Ramgarh (Jharkhand) has the
capacity to manufacture 38,000 tonnes of ingots per annum.

MAPL reported a profit after tax (PAT) of INR1.76 million on net
sales of INR517.95 million for 2011-12, as against a PAT of
INR0.38 million on net sales of INR332.34 million for 2010-11.


MAITY POULTRIES: Delay in Loan Payment Cues CRISIL Junk Ratings
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Maity Poultries Pvt Ltd (MPPL; part of the Maity
group). The ratings reflect instances of delay by the Maity group
in servicing its debt; the delays have been caused by the group's
weak liquidity.

                            Amount
   Facilities             (INR Mln)     Ratings
   ----------             ---------     -------
   Term Loan                  30        CRISIL D (Assigned)
   Bank Guarantee              1.3      CRISIL D (Assigned)
   Cash Credit                28.8      CRISIL D (Assigned)

The Maity group is also vulnerable to risks inherent in the
poultry industry and its intensive working capital requirements.
These rating weaknesses are partially offset by the extensive
experience of the Maity group's promoters in the poultry
industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of MPPL, Kumarpur Agro Poultries Ltd, and
Sankrail Agro Poultries Pvt Ltd, collectively referred to as the
Maity group. This is because all the companies are under a common
management, in the same line of business, and largely have
similar customers and suppliers. Furthermore, there is need-based
fungible cash flow among the three companies.

The Maity group is promoted by Mr. Madan Maity, who has over
three decades of experience in the poultry business. The group
has a layer bird capacity of around 0.8 million, which produces
around 191 million eggs annually. The group also has four feed
mills with total capacity of 250 tonnes per day. The Maity group
also produces designer eggs, which contain proteins and vitamins
and are produced biologically. The group sells its designer eggs
under the Maity Eggs brand.


SANKRAIL AGRO: CRISIL Assigns 'D' Rating to INR127.5MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Sankrail Agro Poultries Pvt Ltd. (SAPPL; part of
the Maity group). The ratings reflect instances of delay by the
Maity group in servicing its debt; the delays have been caused by
the group's weak liquidity.

                            Amount
   Facilities             (INR Mln)     Ratings
   ----------             ---------     -------
   Term Loan                 95.9       CRISIL D (Assigned)
   Bank Guarantee             0.8       CRISIL D
   Cash Credit               30.8       CRISIL D

The Maity group is also vulnerable to risks inherent in the
poultry industry and its intensive working capital requirements.
These rating weaknesses are partially offset by the extensive
experience of the Maity group's promoters in the poultry
industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SAPPL, Kumarpur Agro Poultries Ltd,
and Maity Poultries Pvt Ltd, collectively referred to as the
Maity group. This is because all the companies are under a common
management, in the same line of business, and largely have
similar customers and suppliers. Furthermore, there is need-based
fungible cash flow among the three companies.

The Maity group is promoted by Mr. Madan Maity, who has over
three decades of experience in the poultry business. The group
has a layer bird capacity of around 0.8 million, which produces
around 191 million eggs annually. The group also has four feed
mills with total capacity of 250 tonnes per day. The Maity group
also produces designer eggs, which contain proteins and vitamins
and are produced biologically. The group sells its designer eggs
under the Maity Eggs brand.


SP HI-FY: CRISIL Rates INR220MM Term Loan at 'CRISIL D'
-------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of SP HI-FY Realtors Pvt Ltd.

                            Amount
   Facilities             (INR Mln)     Ratings
   ----------             ---------     -------
   Term Loan                 220        CRISIL D (Assigned)

The rating reflects instances of delay by SPHI-FY in servicing
its debt; the delays have been caused by the company's weak
liquidity. Its liquidity has weakened because of depressed cash
accruals, as a result of delays in implementing its upcoming
commercial real estate property, low customer advances for the
upcoming property, and delayed infusion of funds by its
promoters.

SPHI-FY's weak financial risk profile is marked by high debt
levels and weak debt protection metrics. The company has faced
significant delays in implementing its ongoing commercial real
estate project and is exposed to risks related to saleability of
the commercial real estate property. It is also susceptible to
inherent risks, including downturns, in Indian real estate
industry. However, SPHI-FY benefits from the extensive experience
its promoters in the real estate industry.

                           About SP HI-FY

SPHI-FY was established by Mr. Manoj Agarwal and Mr. Navrattan
Agarwal in 2005 (refers to calendar year, January 1 to December
31). In 2009, SPHI-FY, in 60:40 joint venture with local real
estate players, started a commercial real estate project, Great
Value Mall, in Aligarh (Uttar Pradesh). The project is coming up
on a 2-acre land plot and has total saleable area of around 0.18
million square feet (sq ft). The commercial complex will have
two-level basement parking space, seven floors above the
basement, and will house a four-screen multiplex, retail shops,
and food courts. SPHY-FY's promoters intend to sell around 40 per
cent of the saleable area and lease out the rest. The project has
been delayed by around 12 months. More than 90 per cent of the
project has been completed till date, funded primarily by project
loans and promoters' contribution.


S. N. TRADELINK: CRISIL Rates INR85MM Cash Credit at 'CRISIL B+'
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of S. N. Tradelink Pvt Ltd.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit             85        CRISIL B+/Stable (Assigned)
   Letter of Credit       200        CRISIL A4 (Assigned)

The ratings reflect SNTPL's stretched liquidity on account of
increasing working capital requirements and exposure to debtor
risk, impacted by high proportion of receivables due for over six
months. These rating weaknesses are partially offset by the
extensive experience of SNTPL's promoters in the coal trading
business and its position as an integrated player offering
grading and transport services along with operations as a trader.

Outlook: Stable

CRISIL believes that SNTPL will benefit over the medium term from
the extensive industry experience of its promoters and the
favourable demand outlook for coal. The outlook may be revised to
'Positive' if the company reduces its working capital
requirements, primarily by collecting receivables faster, which
is also expected to improve its financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
deterioration in profitability, or significant increases in
working capital, or any debt-funded capital expenditure.

                       About S. N. Tradelink

Incorporated in 2006, SNTPL trades in imported coal, which it
procures from importers and sells primarily to end-users in
various industries. The company, based in Surat (Gujarat), is
promoted by Mr. Sajjan Kumar Agarwal and Mr. Navin Suratwala.

SNTPL reported a profit after tax (PAT) of INR16.0 million on net
sales of INR1.4 billion for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR5.4 million on net
sales of INR747.7 million for 2010-11.


SUNSHINE PAP-TECH: CRISIL Assigns 'B' Rating to INR410MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Sunshine Pap-Tech Pvt Ltd.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               310       CRISIL B/Stable (Assigned)
   Cash Credit             100       CRISIL B/Stable (Assigned)
   Letter of Credit         50       CRISIL A4 (Assigned)

The ratings reflect SPTPL's exposure to risks associated with
project implementation and product offtake, and the company's
weak financial risk profile on account of low accruals due to
start up nature of operations. These rating weaknesses are
partially offset by the extensive industry experience of SPTPL's
promoters.

Outlook: Stable

CRISIL believes that SPTPL will continue to benefit over the
medium term from its promoters' experience in the paper industry.
The outlook may be revised to 'Positive' in case the company
successfully implements its manufacturing capacity without any
significant time or cost overrun, and achieves higher-than-
expected revenues and profitability. Conversely, the outlook may
be changed to 'Negative' if SPTPL reports significant time or
cost overrun in its project implementation, or if it achieves
significantly lower-than-expected revenues and profitability.

                      About Sunshine Pap-Tech

Incorporated in 2007, SPTPL is owned and managed by Mr. Praveen
Patel, Mr. Arun Agrawal & Mr. Anil Patel. SPTPL is implementing a
175-tonne-per-day facility for the manufacture of kraft paper.
The facility is being set up in Wada, which is 80 kilometers from
Mumbai in Thane district (Maharashtra). The cost of the proposed
facility is estimated at around INR460 million, which is funded
in debt-to-equity of 1.3:1. The company plans to manufacture
kraft paper of 16 to 32 burst factor with high grammage. SPTPL is
expected to commence commercial production in December 2012.


SWARN SHIKHA: CRISIL Rates INR80MM Cash Credit at 'CRISIL B'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the cash
credit bank facilities of Swarn Shikha Jewellers (SSJ).

                            Amount
   Facilities             (INR Mln)    Ratings
   ----------             ---------    -------
   Cash Credit               80        CRISIL B/Stable (Assigned)

The rating reflects SSJ's weak financial risk profile, marked by
weak capital structure and weak debt protection metrics, small
scale of operations, exposure to intense market completion
because of industry fragmentation, geographical concentration,
working-capital-intensive operations, and vulnerability to
volatility in gold prices. These rating weaknesses are partially
offset by the benefits that SSJ derives from its promoters'
extensive experience in the retail jewellery market.

Outlook: Stable

CRISIL believe that SSJ will continue to benefit from its
promoters' extensive experience in the retail jewellery business.
The outlook may be revised to 'Positive' if SSJ increases its
scale of operations substantially and improves its profitability
significantly, leading to more-than-expected cash accruals.
Conversely the outlook may be revised to 'Negative' if the firm's
financial risk profile, especially liquidity, weakens, caused
most likely by larger-than-expected working capital requirements,
debt-funded capital expenditure, or exposure to group companies.

                         About Swarn Shikha

SSJ is a proprietorship firm set up in 2005 by Mr. Satish
Maheswari. The firm is engaged in retail trading of jewellery and
has a showroom in Jamnagar, Gujarat. Around 95 per cent of its
revenues come from sale of gold jewellery. The firm also has in-
house manufacturing facility. Around 50 per cent of the gold
jewellery is manufactured in-house and the remaining gold
jewellery and other jewellery (diamond, silver and platinum) are
purchased from other jewellery manufactures and retail traders.

Mr. Satish Maheswari and his two brothers, Mr. Suresh Maheshwari
and Mr. Chetan Maheshwari, are engaged in trading in non-ferrous
alloys and steel scrap, and have a retail designer saree showroom
in Jamnagar (near SSJ's showroom). The family is also engaged in
trading in bullion (under Swarn Shikha Bullion and Company) on
Multi Commodity Exchange. In the near term, the promoters are
likely to venture into real estate development.

SSJ reported a profit after tax (PAT) of around INR11.5 million
on net sales estimated at around INR184 million for 2011-12
(refers to financial year, April 1 to March 31), against a PAT of
INR6.7 million on net sales of INR208 million for 2010-11


VINAYAKA EDUCATIONAL: CRISIL Rates INR70MM Term Loan at 'B'
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the term loan
bank facility of Vinayaka Educational Trust.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Term Loan               70       CRISIL B/Stable (Assigned)

The rating reflects VET's small scale of operations in the highly
competitive education sector, susceptibility to adverse
regulatory changes in the education sector, and below-average
financial risk profile, marked by small net worth. These rating
weaknesses are partially offset by the benefits that VET derives
from its promoters' extensive experience in the education
business and its stable stream of revenues from lease rentals.

Outlook: Stable

CRISIL believes that VET will benefit from its promoters'
experience in the education industry. The outlook may be revised
to 'Positive' if VET's cash accruals are larger than expected,
driven most likely by significant increase in quantum of fees and
improvement in profitability. Conversely, the outlook may be
revised to 'Negative' if the trust's liquidity comes under
pressure, caused most likely by reduction in lease rentals or
student occupancy levels, resulting in less-than-expected cash
accruals, or by large, debt-funded capital expenditure.

Vinayaka Educational was established in 2002 by Dr. Isari Ganesh
and his family. VET operates an institute, Vinayaga Teachers
Training Institute, which offers graduate and postgraduate degree
courses in education, and a diploma course in teachers training.
The courses offered are approved by the National Council for
Teacher Education and affiliated to the University of Madras. The
current occupancy of the institute is around 80 per cent. The
trust has also leased a part of its building to one of its group
entity; Vel's Institute of Science Technology & Advanced Studies
(VISTAS, rated 'CRISIL B+/Stable') and derives over 70 per cent
of its revenues from the lease rentals.

Besides VET, the promoter also set up VISTAS and Vel Ganesh
Educational Trust (VGET, rated 'CRISIL B/Stable') in 2007 and
Vetri Education Trust (VET) in 1993. VISTAS offers courses in
over 14 streams and is affiliated to Vels University (Deemed).
VGET operates the Vels International School (Billabong High) and
VET operates a kindergarten school. VET is in Chennai, on a 20-
acre campus which also houses other institutes operated by the
group.


VVV CONSTRUCTION: CRISIL Puts 'CRISIL B' Rating on INR50MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of VVV Construction Private Limited.

                            Amount
   Facilities             (INR Mln)    Ratings
   ----------             ---------    -------
   Proposed Long-Term        10        CRISIL B/Stable (Assigned)
    Bank Loan Facility
   Overdraft Facility        20        CRISIL B/Stable (Assigned)
   Bank Guarantee           100        CRISIL A4 (Assigned)
   Long-Term Loan            20        CRISIL B/Stable (Assigned)

The ratings reflect VVVCPL's small scale of operations,
concentration risks in revenue profile and its working capital
intensive operations. These rating weaknesses are partially
offset by extensive industry experience of VVVCPL's promoters in
execution of civil construction projects and its moderate
financial risk profile marked by comfortable capital structure
and debt protection metrics.

Outlook: Stable

CRISIL believes that VVVCPL will continue to benefit over the
medium term from the industry experience of its promoters in the
civil construction industry and its moderate order book position.
The outlook may be revised to 'Positive' if VVVCPL scales up its
operations significantly while maintaining its profitability
resulting in improvement in financial risk profile. Conversely,
the outlook may be revised to 'Negative' if the company records
greater than expected decline in revenues and profitability or
its working capital management deteriorates resulting in
stretched liquidity or if VVVCPL undertakes a large debt funded
capex programme leading to weakening of financial risk profile.

                       About VVV Construction

Set up in 1987 and reconstituted as a private limited company in
2005, VVVCPL is engaged in execution of civil contracts for Tamil
Nadu water supply and drainage board and metro water. The day to
day operations of the company are managed by Mr. Venkata Vijayan,
who has been in the civil construction segment for over three
decades. The company has a confirmed order book of around INR300
million to be executed over the medium term.

VVVCPL reported a profit after tax (PAT) of INR6.5 million on net
sales of INR155 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR4.3 million on net
sales of INR128 million for 2009-10.



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


AIJ INVESTMENT: Sent Faked Audit Report to Advantest
----------------------------------------------------
The Japan Times Online reports that investigative sources said
AIJ Investment Advisors Co. President Kazuhiko Asakawa sent a
falsified auditing report to client Advantest Corp.'s pension
fund.

Mr. Asakawa was last week arrested for suspected investment fraud
over massive losses involving his clients' pension money. It is
believed he asked an acquaintance who is a certified public
accountant to falsify the report.

The Japan Times relates that sources said the Metropolitan Police
Department has already searched the accountant's house in Tokyo.

According to the report, Advantest said it used its "kosei nenkin
kikin" pension fund to purchase an investment fund from AIJ for
some JPY1 billion in February 2009.  It also spent JPY500 million
to buy a different investment fund that apparently only had a
market value of JPY18 million last August.

The report relates that since Advantest, one of the world's
largest makers of semiconductor testers, needed to reflect
pension fund transactions in its financial statements, it
requested fund performance and auditing reports from AIJ.
Advantest adopted U.S. accounting rules when it listed its shares
on the New York Stock Exchange in 2001, the report notes.

In response, the report notes, Mr. Asakawa asked the CPA to
falsify the auditing report and sent it to Advantest.

The real auditing report was compiled by an auditing firm in
Britain and submitted to AIJ and its sales arm, ITM Securities
Co., The Japan Times adds.

The report says Tokyo police arrested Asakawa and three other
officials, including Nishimura and AIJ executive Shigeko
Takahashi, on June 19 for allegedly bilking Advantest's kosei
nenkin kikin and another client pension fund out of a total of
some JYP7 billion.

A defense attorney said Takahashi has denied any wrongdoing, The
Japan Times adds.

                       About AIJ Investment

Tokyo-based asset-management firm AIJ Investment Advisors Co.,
led by Kazuhiko Asakawa, was established in April 1989, and had
120 clients including pension plans with JPY183.2 billion in
assets as of the end of 2010.  It has 12 employees.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 27, 2012, Bloomberg News said the Financial Services Agency
on Feb. 24 ordered AIJ Investment to halt its business after
finding the asset manager's clients funds of about JPY183.2
billion may be "adversely affected" and started a probe into the
263 asset managers operating in Japan.

As recommended by the Securities and Exchange Surveillance
Commission, the FSA on March 23 stripped AIJ of its investment
adviser registration and ordered ITM Securities Co., which is
effectively under AIJ's control, to suspend operations for six
months.


AIJ INVESTMENT: Head Allegedly Get Up to JPY500MM in Dividends
--------------------------------------------------------------
Kyodo News reports that Kazuhiko Asakawa, the arrested president
of AIJ Investment Advisors Co., received around JPY400 million to
JPY500 million in dividends from an affiliated fund management
company in which he held a stake, investigative sources said
Friday.

The news agency relates that through the dividend payments, part
of the money entrusted to AIJ by corporate pension funds went to
Mr. Asakawa, AIJ's 60-year-old president arrested earlier last
week on suspicion of fraud over the massive loss of pension
funds.

According to the report, sources said that for several years
through around 2005, Mr. Asakawa owned all of the shares in the
fund management company that received JPY4.5 billion in
management fees from clients' assets.

Of the JPY4.5 billion, JPY2.7 billion was paid to ITM Securities
Co., which is effectively under AIJ control, while the remaining
JPY1.8 billion ended up at AIJ, sources told Kyodo.  Mr. Asakawa
is alleged to have received between JPY400 million and
JPY500 million of the sum in dividends, the report adds.

                         About AIJ Investment

Tokyo-based asset-management firm AIJ Investment Advisors Co.,
led by Kazuhiko Asakawa, was established in April 1989, and had
120 clients including pension plans with JPY183.2 billion in
assets as of the end of 2010.  It has 12 employees.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 27, 2012, Bloomberg News said the Financial Services Agency
on Feb. 24 ordered AIJ Investment to halt its business after
finding the asset manager's clients funds of about JPY183.2
billion may be "adversely affected" and started a probe into the
263 asset managers operating in Japan.

As recommended by the Securities and Exchange Surveillance
Commission, the FSA on March 23 stripped AIJ of its investment
adviser registration and ordered ITM Securities Co., which is
effectively under AIJ's control, to suspend operations for six
months.


LEHMAN BROTHERS: Wins OK of Settlement With Japan Loans
-------------------------------------------------------
Lehman Brothers Holdings Inc. obtained a court order approving a
settlement of claims with Japan Loans Opportunities B.V.

Under the deal, both agreed to reduce the amount of claims
asserted by Japan Loans against the company.  A portion of Claim
No. 14795 held by Japan Loans will be reduced to $70,599,681, and
will be allowed as an unsecured guarantee claim against Lehman in
Class 5 of its Chapter 11 plan.

Another claim, designated as Claim No. 18829, will be reduced to
$65,923,071, and will also be allowed as an unsecured guarantee
claim against the company in Class 5.

The agreement also contains terms protecting Lehman in case Japan
Loans receives full payment of its claims.  Japan Loans agreed to
be liable with any subsequent holders of the allowed claims to
Lehman for the disgorgement of any distributions or other
consideration.

                      About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was
the fourth largest investment bank in the United States.  For
more than 150 years, Lehman Brothers has been a leader in the
global financial markets by serving the financial needs of
corporations, governmental units, institutional clients and
individuals worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy
petition disclosed US$639 billion in assets and US$613 billion in
debts, effectively making the firm's bankruptcy filing the
largest in U.S. history.  Several other affiliates followed
thereafter.

Affiliates Merit LLC, LB Somerset LLC and LB Preferred Somerset
LLC sought for bankruptcy protection in December 2009.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at
Weil, Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S.
District Court for the Southern District of New York, entered an
order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI.

The Bankruptcy Court approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for US$1.75
billion.  Nomura Holdings Inc., the largest brokerage house in
Japan, purchased LBHI's operations in Europe for US$2 plus the
retention of most of employees.  Nomura also bought Lehman's
operations in the Asia Pacific for US$225 million.

Lehman emerged from bankruptcy protection on March 6, 2012, more
than three years after it filed the largest bankruptcy in U.S.
history.  Lehman is set to make its first payment to creditors
under its $65 billion payout plan on April 17, 2012.

               International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers
International (Europe) on Sept. 15, 2008.  The joint
administrators have been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan
Inc. filed for bankruptcy in the Tokyo District Court on
Sept. 16.  Lehman Brothers Japan Inc. reported about JPY3.4
trillion (US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other
insolvency and bankruptcy proceedings undertaken by its
affiliates.  (http://bankrupt.com/newsstand/or 215/945-700)



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


ALLIED FARMERS: Wins One Year Extension on NZ$13.4-Mil. Loan
------------------------------------------------------------
Allied Farmers Limited, as borrower, said that it has agreed with
Allied Nationwide Finance Limited (in Receivership) (as lender)
an extension of the expiry date of a secured term loan facility
from June 30, 2012 to June 30, 2013.  The company said the amount
owing under the extended term loan as at May 31, 2012, is
NZ$13.4 million.

Allied Farmers also advised that it is likely it will have to
write down up to approximately NZ$1.8 million of the carrying
value of an ex-Hanover property loan asset in relation to which
Allied Farmers Investments Limited, a wholly owned subsidiary of
ALF, is the second ranking security holder.

The company said in a statement to the NZX: "The property has
been in receivership for some time, and the receiver of the
property has provided a draft indicative estimate that suggests
the return to AFIL may be significantly lower than anticipated by
AFIL, partly as a result of weather related damage to the
property.

"The Board of ALF is awaiting definitive and certain information
from the receiver of the property, and once that information is
in a definitive and certain form the Board will be in a position
to determine and confirm the quantum of any write down in the
carrying value."

                      About Allied Farmers

Based in New Zealand, Allied Farmers Limited (NZE:ALF) --
http://www.alliedfarmers.co.nz/-- is engaged in livestock, real
estate, finance, wool brokering and manufacturing (meat and
timber).  Rural Services comprise livestock, merchandise and real
estate operations.  The Company's Rural Services activities are
carried out in Taranaki, Waikato, King Country and Manawatu.  Its
Financial Services activities are carried out by Allied
Nationwide Finance Limited in Auckland, Wellington and
Christchurch.  Timber processing comprises the Company's
discontinued sawmilling operations.

As reported in Troubled Company Reporter-Asia Pacific on
March 29, 2012, nzherald.co.nz said the future of Allied
Farmers is in doubt after its accounts revealed it needs to sell
property, collect money owed to it, and reach an agreement with
its rural creditors in order to survive as a going concern.  The
rural services business, which acquired the assets of Hanover and
United Finance in December 2009, revealed its position in half-
year accounts filed to the NZX on March 26.

The unaudited accounts show the company made a NZ$9 million loss
for the six months to December 2011, an improvement on the
NZ$20.6 million loss it made in the same prior period. But a note
in the accounts also reveals it faces significant challenges to
continue operating, said nzherald.co.nz.

Allied Farmers Investments, a subsidiary of Allied which manages
the assets acquired from Hanover and United Finance, made a loss
of NZ$4.2 million in the six months to December 2011 after taking
a NZ$3.6 million hit on its Matarangi Beach Estates business.
The company's accounts show its current liabilities were
NZ$32.5 million as of December 31 versus current assets of
NZ$24.5 million.



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


KOL SHIANG: Creditors' Proofs of Debt Due July 6
------------------------------------------------
Creditors of Kol Shiang Pro-Builders 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


NIL-BURNS SYSTEM: Creditors' Proofs of Debt Due July 6
------------------------------------------------------
Creditors of Nil-Burns System Pte Ltd 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


PNR GLOBALS: Court Enters Wind-Up Order
---------------------------------------
The High Court of Singapore entered an order on June 15, 2012, to
wind up the operations of Pnr Globals Pte Ltd.

Luther Llp filed the petition against the company.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee's Office
         The URA Centre (East Wing)
         45 Maxwell Road, #06-11
         Singapore 069118


SHENTON SINGAPORE: Creditors' Proofs of Debt Due July 21
--------------------------------------------------------
Creditors of Shenton Singapore Holding Pte Ltd, which is in
members' liquidation, are required to file their proofs of debt
by July 21, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

         Low Sok Lee Mona
         Teo Chai Choo
         c/o Low, Yap & Associates 4 Shenton Way
         #04-01 SGX Centre 2
         Singapore 068807


SIN HENG: Creditors' Proofs of Debt Due July 3
----------------------------------------------
Creditors of Sin Heng Construction Co Pte Ltd, which is in
creditors' liquidation, are required to file their proofs of debt
by July 3, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

         Messrs Tam Chee Chong
         Wee Aik Guan
         c/o 6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809



===========
T A I W A N
===========


* TAIWAN: Moody's Says Expanding SME Loans Not Enough for Banks
---------------------------------------------------------------
Moody's Investors Service says in the absence of any meaningful
industry consolidation, expanding small-and-medium-sized
enterprise (SME) business will not be effective in meaningfully
improving the overall profitability of the banks throughout the
cycle.

The intense competition in Taiwan's banking system is limiting
the ability of lenders to charge adequate credit premiums to
compensate for the higher risk and operating expenses associated
with loans to SMEs, especially during adverse scenarios.

Banks in Taiwan have been growing their SME business because of
the sector's wider margins, the strong demand for loans amongst
SMEs and the opportunity for lenders to diversify their risk by
reducing their heavy exposures to large conglomerates.

"Moody's expects the competition for SME loans to continue or
even intensify. There need to be fundamental changes, such as
market consolidation in Taiwan's fiercely competitive banking
system, for lenders to benefit from the higher risk-adjusted
returns associated with SME loans," says Ginger Kao, a Moody's
Associate Analyst and author of the report.

Kao was speaking at the release of a new Moody's report titled,
"Competitive Nature of the Taiwanese Banking System Limits
Benefits from SME Expansion," which raises the possibility that
loans to SMEs may be unprofitable, as such companies are more
vulnerable to economic downturns, due to their lack of business
diversification.

The earnings performance and non-performing loan ratio of
Taiwan's SMEs in recent years have been sensitive to economic
cycles. Their non-performing loans during the global financial
crisis were about 40 basis points higher than those of the large
corporates.

"SME loans on average generate about 0.5% risk-adjusted returns,
which is noticeably smaller than comparable system peers, such as
Hong Kong. Under the current pricing and cost structure, a sharp
deterioration in asset quality to the levels seen in 2008-2009
would render the SME portfolio of banks unprofitable," says Kao.

According to the report, banks also face challenges to keep their
operating expenses down, because the operating cost of SME loans
to banks is higher than that for large corporates. Taiwanese
banks traditionally have expensive origination processes which
are ill-suited to handling large volumes of SME loans.
Underwriting SME loans normally requires more skilled resources
and investigation.

Loans to SMEs totaled TWD4.07 trillion at the end of 2011,
accounting for 47% of total corporate loans, compared with 37% in
2004.



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


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


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

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

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

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

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

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



                             *********

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

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

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


                            *********


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

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

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

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

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





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