TCRAP_Public/120806.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Monday, August 6, 2012, Vol. 15, No. 155

                            Headlines


A U S T R A L I A

FLEXI ABS 2012-1: Fitch Rates AUD5.10MM Class E Notes 'BB(exp)sf'
SHINE GROUP: Distribution Firm Acquires SunnyLIFE Brand


H O N G  K O N G

HEALTH GALAXY: Kong and Wu Appointed as Liquidators
HEALTH X-RAY: Kong and Wu Appointed as Liquidators
LAP TAK: Placed Under Voluntary Wind-Up Proceedings
MAY RIGHT: Kong and Wu Appointed as Liquidators
ON RIGHT: Kong and Wu Appointed as Liquidators

ORIENT REGENT: Creditors' Proofs of Debt Due Aug. 10
PACNET LTD: Moody's Says Earnings to Remain Under Pressure
RINKE FAR: Ying and Chan Step Down as Liquidators
RIPRO FAR: Ying and Chan Step Down as Liquidators
SMART SOURCE: Kong and Wu Appointed as Liquidators

SHEEN WIN: Placed Under Voluntary Wind-Up Proceedings
SPS OVERSEAS: Placed Under Voluntary Wind-Up Proceedings
TECHNOTREND TRADING: Members' Final Meetings Set for Aug. 30
VAST STEP: Kong and Wu Appointed as Liquidators
VIDEO POWER: Creditors' Proofs of Debt Due Aug. 31


I N D I A

ABG TIMBER: ICRA Rates INR5cr Bank Loan at '[ICRA]B+'
ANSAL BUILDWELL: ICRA Raises Rating on INR63.17cr Loans to 'B'
B.R. GUAR: ICRA Assigns '[ICRA]B+' Rating to INR4cr Loans
DESIGNER HOMES: ICRA Rates INR15cr Term Loan at '[ICRA]B'
HARIHARAN SPINNERS: ICRA Puts 'B+' Rating on INR24.71cr Loans

JAK RETURNS: ICRA Assigns '[ICRA] B+' Rating to INR7cr Loans
KOHIMA ENERGY: Delay in Loan Payment Cues ICRA Junk Ratings
KRISHNA IRON: ICRA Assigns 'B+' Rating to INR20.5cr Loans
PRAMANIK RETAIL: ICRA Cuts Rating on INR55.57cr Loans to 'D'
PRIME IMPEX: Inadequate Info Cues Fitch to Migrate Rating

PRIME PULSES: Inadequate Info Cues Fitch to Migrate Rating
SHRI VARDHMAN: ICRA Rates INR9.15cr Loan at '[ICRA]D'
SMART CARD: ICRA Assigns Junk Ratings on INR25cr Loans
SOUNDARYA DECORATORS: Loan Payment Delay Cues ICRA Junk Ratings
SPINE ARTHROSCOPIC: ICRA Reaffirms 'B+' Rating on INR16cr Loan

VOLTECH ENGINEERS: ICRA Assigns Junk Ratings to INR14.5cr Loans


J A P A N

CAFES 3: Fitch Junks Rating on Three Securitization Classes
TOKYO ELECTRIC: Posts JPY288.3BB Net Loss in Q1 Ended June 30


N E W  Z E A L A N D

4RF COMMUNICATIONS: Receives Fund from Israeli Investor
ORANGE FINANCE: Placed in Receivership After Moratorium Ends


S I N G A P O R E

BCS TRADING: Court Enters Wind-Up Order
IJIMASIA PTE: Creditors' Proofs of Debt Due Aug. 15
ISS ENGINEERING: Court Enters Wind-Up Order
JERICHO COSMOPOLITAN: Court Enters Wind-Up Order
JTIC INVESTMENTS: Creditors' Proofs of Debt Due Aug. 13


V I E T N A M

VIETINBANK: Fitch Rates $250-Mil. Senior Notes Due 2017 'B'


                            - - - - -


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


FLEXI ABS 2012-1: Fitch Rates AUD5.10MM Class E Notes 'BB(exp)sf'
-----------------------------------------------------------------
Fitch Ratings has assigned expected ratings to Flexi ABS Trust
2012-1.  The transaction is a securitisation backed by small
balance consumer loan receivables due October 2016.  The ratings
are as follows:

  -- AUD89.25m Class A1 notes: 'F1+(exp)sf';
  -- AUD102m Class A2 notes: 'AAA(exp)sf'; Outlook Stable;
  -- AUD28.05m Class B notes: 'AA(exp)sf'; Outlook Stable;
  -- AUD11.47m Class C notes: 'A(exp)sf'; Outlook Stable;
  -- AUD6.38m Class D notes: 'BBB(exp)sf'; Outlook Stable;
  -- AUD5.10m Class E notes: 'BB(exp)sf'; Outlook Stable; and
  -- AUD12.75m Class F notes: Not rated

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

"A valuable tool in Certegy's underwriting strategy is its access
to large volumes of historical data, which is then used to
identify key risks across product types, demographics and
borrower types," said Spencer Wilson, Associate Director in
Fitch's Structured Finance team.  "This transaction follows on
from the Flexi 2011-1 deal, with notable features being the short
weighted average life of the receivables, small contract size and
significant levels of excess that are available to offset
potential losses," added Mr. Wilson.

The notes will be issued by Perpetual Trustee Company Limited in
its capacity as trustee of Flexi ABS Trust 2012-1.  The
transaction is a legally distinct trust established pursuant to a
master trust and security trust deed.

At the cut-off date, the total collateral pool consisted of
118,267 consumer loan receivables totalling approximately
AUD250.0m, with an average contract size of AUD2,114.  The loan
receivables, originated by Certegy Ezi-Pay Pty Ltd, whose
ultimate parent is FlexiGroup Limited, are retail point-of-sale
interest-free consumer finance receivables that finance a wide
range of products; jewellery (13.1%); home-related products such
as solar energy (50.6%), furniture and bedding (6.1%); fitness
equipment (8.7%); and a broad cross-section of other products.
Solar equipment, the largest concentration in the pool, has shown
strong historic performance while specific controls are in place
to mitigate risk through maximum exposure limits at the merchant
and product manufacturer level.

The expected ratings assigned to the Class A notes are based on:
the quality of the collateral; the 25.0% credit enhancement
provided by the subordinate notes; the liquidity reserve
accounting for 2% of outstanding rated notes, funded by issuance
proceeds; an interest rate swap provided by Commonwealth Bank of
Australia (CBA, rated 'AA-'/Stable/F1+), and National Australia
Bank (NAB, rated 'AA-'/Stable/F1+); and Certegy's consumer loan
underwriting and servicing capabilities.

The expected ratings on the Class B, C, D and E notes are based
on all the strengths supporting the Class A notes, but including
the credit enhancement provided by each class of notes'
respective subordinate notes.

Fitch's stress and rating sensitivity analysis is discussed in
the corresponding presale report entitled "Flexi ABS Trust 2012-
1", published today.  Included as an appendix to the report are a
description of the representations, warranties, and enforcement
mechanisms.


SHINE GROUP: Distribution Firm Acquires SunnyLIFE Brand
-------------------------------------------------------
SmartCompany reports that gift design and distribution house
Outliving has acquired competitor SunnyLIFE, after the brand
collapsed into administration last month.

KPMG was appointed as administrator of the Shine Group, which
included the SunnyLIFE homewares brand after its collapse,
SmartCompany says.

Ryan Glick, co-owner and director of Outliving told SmartCompany,
he first heard SunnyLIFE was in trouble through one of
Outliving's customers, who called to say SunnyLIFE was no longer
able to supply them.

"We've known the team at SunnyLIFE for years as we see them at
trade shows, so we gave them a call and they told us the
unfortunate position they were in and we got talking from there,"
the report quotes Mr. Glick as saying.

SmartCompany relates that Mr. Glick will not disclose what
Outliving paid for SunnyLIFE or the terms of the acquisition, but
he says the homewares brand was turning over "a few million" a
year.

Shine Group is a Melbourne-based design & brand house. The
group's three brands included the SunnyLIFE home wares brand the
Jethro & Jackson fashion label and the BODY fashion label.

Joel Bartfeld, a former nominee for the Ernst & Young Young
Entrepreneur of the Year, is listed as the founder and creative
director of the group, which has a turnover of less than
AUD10 million and employs 25 staff, according to SmartCompany.



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


HEALTH GALAXY: Kong and Wu Appointed as Liquidators
---------------------------------------------------
Kong Chi How Johnson and Wu Shek Chun Wilfred on July 10, 2012,
were appointed as liquidators of Health Galaxy Privilege Club
Limited.

The liquidators may be reached at:

         Kong Chi How Johnson
         Wu Shek Chun Wilfred
         25th Floor, Wing On Centre
         111 Connaught Road
         Central, Hong Kong


HEALTH X-RAY: Kong and Wu Appointed as Liquidators
--------------------------------------------------
Kong Chi How Johnson and Wu Shek Chun Wilfred on July 10, 2012,
were appointed as liquidators of Health X-Ray & Medical
Laboratory Limited.

The liquidators may be reached at:

         Kong Chi How Johnson
         Wu Shek Chun Wilfred
         25th Floor, Wing On Centre
         111 Connaught Road
         Central, Hong Kong


LAP TAK: Placed Under Voluntary Wind-Up Proceedings
---------------------------------------------------
At an extraordinary general meeting held on July 19, 2012,
creditors of Lap Tak Investment Company Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Chan Ka Ling
         807 Fortress Tower
         250 King's Road
         North Point, Hong Kong


MAY RIGHT: Kong and Wu Appointed as Liquidators
-----------------------------------------------
Kong Chi How Johnson and Wu Shek Chun Wilfred on July 10, 2012,
were appointed as liquidators of May Right International Limited.

The liquidators may be reached at:

         Kong Chi How Johnson
         Wu Shek Chun Wilfred
         25th Floor, Wing On Centre
         111 Connaught Road
         Central, Hong Kong


ON RIGHT: Kong and Wu Appointed as Liquidators
----------------------------------------------
Kong Chi How Johnson and Wu Shek Chun Wilfred on July 10, 2012,
were appointed as liquidators of On Right International Limited.

The liquidators may be reached at:

         Kong Chi How Johnson
         Wu Shek Chun Wilfred
         25th Floor, Wing On Centre
         111 Connaught Road
         Central, Hong Kong


ORIENT REGENT: Creditors' Proofs of Debt Due Aug. 10
----------------------------------------------------
Creditors of Orient Regent Development Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Aug. 10, 2012, to be included in the company's
dividend distribution.

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

The company's liquidator is:

         Kwok Siu Nam Dave
         Room 501, General Commercial Building
         156-164 Des Voeux Road
         Central, Hong Kong


PACNET LTD: Moody's Says Earnings to Remain Under Pressure
----------------------------------------------------------
Moody's Investors Service says the revenue and earnings of Pacnet
Ltd (B1, on review for downgrade) are unlikely to grow
significantly in 2012.

"In an industry plagued with chronic price declines, oversupply
and intense competition, it will be difficult for Pacnet to
achieve a sustainable expansion of its core internet-protocol-
based businesses," says Annalisa DiChiara, a Moody's Vice
President and Senior Analyst.

DiChiara was speaking at the release of a new Moody's report
titled, "Pacnet Limited: Answers to Frequently Asked Questions."
The report summarizes Moody's responses to investors' questions
on Pacnet's credit profile and the outlook for its performance.

Moody's placed the company's ratings under review for downgrade
on May 24.

According to the report, Moody's review for downgrade was
triggered by (1) the likely pressure on Pacnet's revenue and
margins in 2012, (2) the expectation of high leverage and tight
liquidity through 2012, and (3) the lack of clarity in its
business strategy.

Pacnet's leverage will remain high, as negative free cash flow
will result in incremental borrowings under the company's bank
facility in 2012.

"Under our base case scenario, Pacnet's leverage, as defined by
adjusted debt/EBITDA, will remain at around 4x, which is above
our tolerance level of 3.0x-3.5x for the rating," Ms. DiChiara
says.

In addition, Pacnet's capital structure and growth strategy are
unsustainable at its current level of cash flow generation.

Moody's estimates that Pacnet will burn around US$15 million-
US$20 million of cash per quarter through December 2012 in order
to support its cash obligations (debt service, capital
expenditure and tax). At this rate and under Moody's base case
scenario, Pacnet's cash balance will fall to around US$50 million
by December 31.

"While Pacnet can manage the cash burn by cutting back on capital
expenditures, a reduction in these investments could further harm
its competitiveness, growth trajectory or service quality,"
Ms. DiChiara adds.

Moody's also believes that the cushion to absorb earnings
shortfalls under Pacnet's bank covenants will remain limited.

Although the company improved the cushion under its financial
covenants in the latest first quarter, the leverage covenant
(under Pacnet's US$50 million bank facility) will step down to
4.0x in the first quarter of 2013 from 4.3x in the fourth quarter
of 2012. This means Pacnet's 12-month rolling EBITDA must exceed
US$85 million to remain compliant at March 31, 2013 based on its
current debt profile.


RINKE FAR: Ying and Chan Step Down as Liquidators
-------------------------------------------------
Ying Hing Chiu and Chan Mi Har stepped down as liquidators of
Rinke Far East Limited on July 23, 2012.


RIPRO FAR: Ying and Chan Step Down as Liquidators
-------------------------------------------------
Ying Hing Chiu and Chan Mi Har stepped down as liquidators of
Ripro Far East Limited on July 23, 2012.


SMART SOURCE: Kong and Wu Appointed as Liquidators
--------------------------------------------------
Kong Chi How Johnson and Wu Shek Chun Wilfred on July 10, 2012,
were appointed as liquidators of Smart Source Enterprises
Limited.

The liquidators may be reached at:

         Kong Chi How Johnson
         Wu Shek Chun Wilfred
         25th Floor, Wing On Centre
         111 Connaught Road
         Central, Hong Kong


SHEEN WIN: Placed Under Voluntary Wind-Up Proceedings
-----------------------------------------------------
At an extraordinary general meeting held on July 17, 2012,
creditors of Sheen Win Development Limited resolved to
voluntarily wind up the company's operations.

The company's liquidators are:

         Liu Chi Tat Stephen
         Kwan Pak Kong
         Rm. 1405-8, 14/F
         C C Wu Building
         302-308 Hennessy Road
         Wanchai, Hong Kong


SPS OVERSEAS: Placed Under Voluntary Wind-Up Proceedings
--------------------------------------------------------
At an extraordinary general meeting held on July 17, 2012,
creditors of SPS Overseas Limited resolved to voluntarily wind up
the company's operations.

The company's liquidators are:

         Liu Chi Tat Stephen
         Kwan Pak Kong
         Rm. 1405-8, 14/F
         C C Wu Building
         302-308 Hennessy Road
         Wanchai, Hong Kong


TECHNOTREND TRADING: Members' Final Meetings Set for Aug. 30
------------------------------------------------------------
Members of Technotrend Trading Limited will hold their final
meetings on Aug. 30, 2012, at 11:00 a.m., and 11:30 a.m.,
respectively at Room 3510, 35th Floor, One Pacific Place 88
Queensway, in Hong Kong.

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


VAST STEP: Kong and Wu Appointed as Liquidators
-----------------------------------------------
Kong Chi How Johnson and Wu Shek Chun Wilfred on July 10, 2012,
were appointed as liquidators of Vast Step Limited.

The liquidators may be reached at:

         Kong Chi How Johnson
         Wu Shek Chun Wilfred
         25th Floor, Wing On Centre
         111 Connaught Road
         Central, Hong Kong


VIDEO POWER: Creditors' Proofs of Debt Due Aug. 31
--------------------------------------------------
Creditors of Video Power Company Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Aug. 31, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on July 19, 2012.

The company's liquidator is:

         Tang Kin Ling
         G/F., No. 45 Mui Wo Kau Tsuen
         Mui Wo, Lantau Island
         Hong Kong



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


ABG TIMBER: ICRA Rates INR5cr Bank Loan at '[ICRA]B+'
-----------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to the INR5.00 crores long
term fund based limits of ABG Timber Products Private Limited.
ICRA has also assigned an '[ICRA]A4' rating to INR20.00 crores
short term non fund based limits of ABG.

                            Amount
   Facilities              (INR Cr)   Ratings
   ----------             ---------   -------
   Fund based limits        5.00      [ICRA]B+ assigned
   Non Fund based limits   20.00      [ICRA]A4 assigned

The ratings take into account the highly competitive nature of
the timber trading industry characterized by the presence of
numerous unorganized players which has resulted in modest profit
margins of the company. The company's profit margins are also
exposed to foreign exchange fluctuation risk on the un-hedged
portion of the imports. Modest profitability coupled with high
overall debt in relation to the company's net worth translates
into high gearing and modest debt protection metrics for the
company. Nevertheless, the ratings derive support from positive
demand outlook for the business and its experienced management.
The company's ability to improve scale of operations,
successfully operationalize capacity addition while maintaining
working capital intensity would be key rating sensitivities.

Incorporated in 2003, ABG processes, and trades in, timber. Mr.
Atul Garg had entered the business in December 2000 through a
proprietorship concern, which was later reconstituted as a
private limited company. The company deals in a range of products
including teak wood, hard wood and soft wood, importing mainly
from Malaysia, Panama, Nigeria, Ghana, Ivory Coast, and New
Zealand, and selling in the domestic market mainly to wholesalers
and retailers. The saw mill is at Gandhidham (Gujarat).
Recent Results:

The company reported a net profit of INR0.18 crores on an
operating income of INR34.09 crores in FY12 as against net profit
of INR0.11 crores on an operating income of INR20.96 crores in
FY11.


ANSAL BUILDWELL: ICRA Raises Rating on INR63.17cr Loans to 'B'
--------------------------------------------------------------
ICRA has upgraded the long term rating assigned to INR23.22 Crore
bank term loan facilities, INR17.00 Crore fund based limits and
INR22.95 Crore of proposed bank limits of Ansal Buildwell Limited
from '[ICRA]D' to '[ICRA]B'. ICRA has also upgraded the short
term rating assigned to INR6.83 Crore of non fund based limits of
the company from '[ICRA]D' to '[ICRA]A4'.

                           Amount
   Facilities             (INR Cr)    Ratings
   ----------             ---------   -------
   Term Loan                23.22     [ICRA]B
   Fund Based Limits        17.00     [ICRA]B
   Proposed bank limits     22.95     [ICRA]B
   Non Fund Based Limits     6.83     [ICRA]A4

The rating upgrade has taken into account the timely servicing of
debt obligations by the company in the recent past following
efforts being made by the company to ensure timely debt
servicing. The rating also draws comfort from the strong
experience of promoters in the real estate development,
attractive location of the ongoing projects of ABL, its
relatively low land payment commitments and comfortable gearing.
However, the rating is constrained by the significant un-booked
space in launched projects which exposes the company to market
risk. While assigning the rating, ICRA has also noted that as
construction of the key projects is still at the nascent stage,
any delay in project execution can impact the profitability of
the project. Going forward, ABL's ability to maintain its sales
momentum along with ensuring timely customer collections and
ensuring timely servicing of debt obligations would be key rating
sensitivities. Company Profile ABL was incorporated as Utility
Builders in December 1983. The name was changed to the present
one in November 1992. It was promoted by Mr. Naresh Kattar and
was taken over by the Ansal Group in July 1991. The Ansal Group
started with the incorporation of Ansal Properties and
Infrastructure Limited in 1967. APIL has been in the business of
real estate construction and development since inception. Until
the late 1990s, APIL, Ansal Buildwell Limited and Ansal Housing
Construction Limited (another group company promoted in 1983)
were jointly managed by the three Ansal brothers - Mr. Sushil
Ansal, Mr. Gopal Ansal and Mr. Deepak Ansal. Since 1998, the
management of ABL is exclusively with Mr. Gopal Ansal.

ABL is mainly engaged in development and construction of high-
rise multistoried buildings, commercial complexes, plots etc.
Most of these are developed as part of townships in numerous
cities of the country. The company is also engaged in the
construction activity which has contributed around 10% towards
the total operating income in the past. As per the provisional
financials of FY 2012 the company reported an Operating income of
INR120.62 Crore and a PAT of INR11.35 Crore.


B.R. GUAR: ICRA Assigns '[ICRA]B+' Rating to INR4cr Loans
---------------------------------------------------------
The rating of '[ICRA]B+' has been assigned to the INR4.00 crore
bank facilities of B.R. Guar Gum Private Limited.

                         Amount
   Facilities           (INR Cr)    Ratings
   ----------           ---------   -------
   Cash Credit             3.00     [ICRA]B+ assigned
   Term Loan               1.00     [ICRA]B+ assigned

The rating is constrained by the start up nature of operations
and limited track record of the company; high commodity price
volatility in guar gum which could result in pressure on margins
in the event of significant correction in prices; the low value
addition; high fragmentation and high competitive intensity in
the guar split manufacturing business resulting in thin
profitability and high agro-climatic risks related to guar seed
production. The rating is also constrained by the weak financial
risk profile of the company characterized by low accruals from
operations; high gearing and weak coverage indicators. The rating
however favourably factors in the positive demand outlook for
guar gum in the export market mainly for drilling applications in
the oil and gas industry and the locational advantage of the
company's manufacturing facility in terms of proximity to the
main guar seed growing region in Rajasthan. Company Profile

B.R. Guar Gum Private Limited was incorporated in April 2011 and
started commercial operations in November 2011. The company is
engaged in the manufacturing of guar gum splits at its unit
located in Siwani Mandi in Haryana. The current seed processing
capacity of the company is 700 quintals per day.

The company reported a net profit after tax of INR0.09 crore on a
turnover of INR79.45 crore in the year ended 31st March 2012.


DESIGNER HOMES: ICRA Rates INR15cr Term Loan at '[ICRA]B'
---------------------------------------------------------
ICRA has assigned long term rating of '[ICRA] B' to the INR15.00
crore proposed term loans of Designer Homes.

                           Amount
   Facilities             (INR Cr)    Ratings
   ----------             ---------   -------
   Term Loan (Proposed)     15.00     [ICRA]B Assigned

The rating takes into account the company's exposure to high
execution and marketing risks considering the large scale and
early stages of execution of its new project - "Summit" and the
low profitability expected from this project which limits the
financial flexibility available with the company. The rating
further factors in the fact that the debt for the project is yet
to be tied-up, which along with high reliance on customer
advances exposes the project to funding risks. The assigned
rating, however, draws comfort from DH's established track record
of 18 years with approx. 4 lakh sft of real estate development in
Mangalore city and the fact that land for the project has been
acquired and building plan approval has also been obtained for
the Summit project. ICRA also notes that the other ongoing
project in the company, Colaco Court, has witnessed healthy
bookings and high collection efficiency coupled with timely
construction progress. Going forward, ability of the company to
tie-up debt, ensure timely execution of its ongoing project,
achieve healthy sales volume and attain high collection
efficiency will be the key rating sensitivities.

Designer Homes (DH) is a partnership firm based in Mangalore
which was formed in 1994 with Mr Christopher Noronha (a qualified
architect) as the managing partner of the firm. The entity has
developed approx. 4 lakh sft of real estate projects in the last
18 years. As on date, the firm is developing two projects --
Colaco Court & Summit which collectively is around 2 lakh sft of
development. Colaco Court is nearing completion and is expected
to be handed over to residents by December 2012. Summit is in its
initial stages of development. Land has been acquired and the
foundation work is underway. Summit is a residential cum
commercial project, comprising of 88 apartments and is being
developed on Airport Road in Mangalore. The promoters will retain
the commercial area which they plan to lease out in future. The
total project cost is approx. INR34 crore (including land cost of
1.77 crore) for which the company plans to raise a debt of INR15
crore and fund the balance through INR4.5 crore of promoter funds
and INR14.5 crore of customer advances. The project was launched
in March 2012 and the construction of the same is expected to be
completed by December 2015. Apart from DH, Mr. Noronha is the
managing partner of an architectural firm named "Christopher
Noronha Associates." This entity does architectural work for
various companies including DH.

Recent Results:

For financial year 2011-12(provisional), the company had a net
profit of INR1.44 crore and operating income of INR7.95 crore as
compared to a PAT of INR1.11 crore on an operating income of
INR7.27 crore for FY11.


HARIHARAN SPINNERS: ICRA Puts 'B+' Rating on INR24.71cr Loans
-------------------------------------------------------------
ICRA has assigned long-term rating of '[ICRA]B+' to the INR18.71
crore1 term loan facilities and INR6.00 crore of fund based
facilities of Hariharan Spinners Limited. ICRA has also assigned
short-term rating of '[ICRA]A4' to the INR1.29 crore non-fund
based facilities of the Company.

                             Amount
   Facilities               (INR Cr)    Ratings
   ----------               ---------   -------
   Term Loans                 18.71     [ICRA]B+ assigned
   Fund based facilities       6.00     [ICRA]B+ assigned
   Non-fund based facilities   1.29     [ICRA]A4 assigned

The assigned ratings consider the experience of the promoters' in
the textile business of over three decades. The ratings also
consider the Company's high gearing following the sharp increase
in debt levels (to finance its windmills and expansion plans) and
decline in margins and accruals due to sluggish demand for yarn
during 2011-12. The ratings consider the Company's small scale of
operations, which restricts scale economies and financial
flexibility, and the intense competition in a highly fragmented
industry structure which restricts pricing flexibility. Though
recent commissioning of windmills support operations of the
company during power deficit period, large capital expansion plan
(for windmills) has adversely impacted the capital structure and
adversely impacted the net profitability and coverage indicators
of the company.

Hariharan Spinners Limited was incorporated in the year 2005 and
is engaged in the production of polyester and polyester-viscose
blended yarn by six promoters. The Company started its commercial
production on April 2008 with a spindle capacity of 12,096
spindles. During the financial year 2009-10, the company
increased its spindle capacity to 15,120 spindles by adding 3,024
spindles. The Company has its manufacturing facilities at
Tiruchengode, Tamil Nadu.

Recent Results

HSL reported net profit of INR0.1 crore on operating income of
INR27.3 crore during 2011-12 (provisional), against net profit of
INR1.3 crore on operating income of INR27.6 crore during 2010-11.


JAK RETURNS: ICRA Assigns '[ICRA] B+' Rating to INR7cr Loans
------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to the INR6.00
crore1 term loan and INR1.00 crore non fund based limits of JAK
Returns.

                         Amount
   Facilities           (INR Cr)    Ratings
   ----------           ---------   -------
   Term Loan              6.00      [ICRA] B+ assigned
   Non Fund Based (BG)    1.00      [ICRA] B+ assigned

The rating is constrained by refinancing risk arising out of
insufficient cushion between expected completion date of the
hotel and proposed commencement of debt repayments. JAK being a
project stage entity is yet to commence operations of its hotel
and will be exposed to market risks during the ramp up period of
its operations. The rating also factors in lack of track record,
high competition from the already existing hotels in the vicinity
of the project and the additional room supply expected in the
Bangalore market going forward, coupled with concerns over growth
from IT-led demand. The ability of JAK to service its debt in
timely manner would critically depend on its ability to generate
strong revenues per available room (RevPAR) and will be a key
rating sensitivity, going forward.

The rating, however, derives comfort from the advantageous
location of the project with proximity to key commercial and
upscale areas of the city of Bangalore and JAK's association with
the Wyndham Group (Ramada), which provides access to their global
reservation systems besides imparting strong brand recognition.
Competitive construction cost adds to the viability of the
project and the fiscal conservatism adopted by the promoters, has
resulted in moderate leverage levels. In addition, majority of
the approvals are in place, the civil structure for the hotel is
already complete, the promoters have infused ~65% of their
investment in the project and the debt funding has already been
tied up, which reduces the chances of delay in commencement of
hotel operations scheduled to start from December 2012.

In ICRA's view, the hotel's ability to achieve healthy average
room revenues (ARRs) and occupancies to maintain its
profitability in view of significant room addition expected in
the city, will be a critical determinant of its credit profile.

JAK Associates is a partnership firm, which was established in
2008 with the purpose of owning and maintaining a 3-star hotel
property in Domlur, Bangalore. It has been promoted by Mrs.
Kamalamma (25.75% share), Mr. A.S.N. Raju (29.70% share) Mrs. J.
Sridevi (14.85% share), Mr. J. Krishna Chaitanya Varma (14.85%
share) and Mr. J.S.R. Raju (14.85% share). The latter four
partners are members of the founder family of NCC Limited
(formerly Nagarjuna Construction Company Limited) which is one of
the large construction companies in India.

The hotel is scheduled to be completed at an estimated project
cost of INR16.5 crore by December, 2012. The project has a debt
financing of INR6 crore and the balance is being funded by
equity. The hotel will be branded as 'Ramada Encore' under a
franchisee agreement with Ramada International Inc. for 15 years.
Ramada Encore will have an inventory of 90 rooms, one restaurant,
1 bar, one lobby lounge, 3 conference rooms/banquet halls and a
gym.


KOHIMA ENERGY: Delay in Loan Payment Cues ICRA Junk Ratings
-----------------------------------------------------------
ICRA has assigned '[ICRA]D' rating for INR19.50 crores long term
fund based bank facilities of Kohima Energy Private Limited.

                         Amount
   Facilities           (INR Cr)    Ratings
   ----------           ---------   -------
   Term Loan              19.50     [ICRA]D

The assigned rating takes into consideration the delays in debt
servicing by the company owing to delay in the commencement of
production of the solar PV module manufacturing facility. The
rating is also constrained by the highly competitive landscape of
the industry due to low entry barriers and presence of many
organized and unorganized players. Further, the high working
capital intensive nature of the business as the company has to
hold inventory of solar cells is likely to constrain the
liquidity profile of the company in future. While assigning the
rating, ICRA has also taken a note of company's strengths in the
form of professional management with experience in the energy and
infrastructure sectors and from the healthy demand outlook for
solar power sector aided by various subsidies and feed-in tariffs
being provided by the governments; domestic market expected to
witness significant growth in the long term. Going forward, the
ability of the company to commence production from the PV module
manufacturing facility and to ensure timely debt repayment to the
bank will be the key rating drivers.

Kohima Energy Private Limited incorporated in 2007 is engaged in
the manufacturing of solar photovoltaic modules. The company has
set up a 25 MW module manufacturing facility near Vishakhapatnam
and the facility was commissioned in January, 2012. This facility
has been set up by the company at a total cost of INR26.00 crores
funded by debt of INR19.50 crores and equity of INR6.50 crores.


KRISHNA IRON: ICRA Assigns 'B+' Rating to INR20.5cr Loans
---------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to the INR5.50 crore term
loan and INR15.00 crore fund-based bank facilities of Krishna
Iron Strips & Tubes Pvt. Ltd. ICRA has also assigned an
'[ICRA]A4' rating to the INR0.50 crore non-fund based bank
facilities of KISTPL.

                           Amount
   Facilities             (INR Cr)    Ratings
   ----------             ---------   -------
   Term Loan                5.50      [ICRA]B+ assigned

   Fund-Based Limits       15.00      [ICRA]B+ assigned
   (Cash Credit)

   Non-Fund Based Limits    0.50      [ICRA]A4 assigned

The assigned ratings take into consideration the long track
record of the promoters in the steel sector and KISTPL's partly
integrated nature of operations including captive production of
billets and hot rolled (HR) strips; leading to better control on
raw materials to an extent. The ratings are, however, constrained
by the moderate scale of KISTPL's current operations, with a low
turnover and nominal profits and cash accruals; its weak
financial position as reflected by an aggressive capital
structure, low profitability and depressed levels of coverage
indicators; exposure to the cyclicality associated with the steel
industry, which is likely to keep its profitability and cash
flows volatile in future and a high working capital intensive
nature of operations, which impacts KISPTL's liquidity position.
ICRA notes that despite the partially integrated nature of
operations, the profitability of the company has remained low in
the past.

KISTPL has its production facilities of billets, HR strips and
mild steel (MS) pipes/tubes located at Urla Industrial Area
(Sarora), Raipur (Chattisgarh). The company increased the
production capacities of HR strips and MS pipes/tubes to 27,000
metric tonne (MT) and 35,000 MT in 2011-12 from 19,500 MT and
15,000 MT respectively. The company procures around 50% of its
billet and HR strip requirement from the local market, while the
balance is produced internally. With the increase in the
production capacity of MS pipes/tubes, its production increased
significantly to 24,437 MT in 2011-12 from 17,356 MT in 2010-11.
Nevertheless, despite the increase, the company's scale of
operations remained at moderate levels.

KISTPL's operating income increased by around 16% to INR74.64
crore in 2011-12 from INR64.18 crore in 2010-11 on account of an
increase in the production of MS pipes/tubes. However, the
company's operating profit margin and net profit margin remained
almost stagnant at 4.49% and 0.81% in 2011-12 as compared to
4.56% and 0.89% respectively in 2010-11. The capital structure of
the company remained aggressive, with a gearing of 2.25 times as
on 31 March 2012 as compared to a gearing of 2.18 times as on 31
March 2011. The coverage indicators also remained under pressure,
as reflected by an interest coverage of 1.36 times, total debt
relative to OPBDIT of 6.51 times and net cash accruals relative
to total debt of 7.46% in 2011-12 (1.93 times, 6.77 times and
7.47% respectively in 2010-11).

Incorporated in 1995 by Raipur based Mr. Prem Agrawal and Mr.
Vinod Agrawal, the company is primarily involved in the
production of MS tubes and pipes. The company has production
facilities for MS ingots, HR strips and tubes/pipes with annual
production capacities of 20,000 MT, 27,000 MT and 35,000 MT
respectively. Additionally, the company also manufactures GI
pipes and steel parts used in scaffoldings.


PRAMANIK RETAIL: ICRA Cuts Rating on INR55.57cr Loans to 'D'
------------------------------------------------------------
ICRA has revised the long term ratings assigned to the INR39.57
crore1, long-term loans (enhanced from INR35.00 crore) and
INR16.00 crore, long-term fund based facilities (enhanced from
INR10.00 crore) of Pramanik Retail Private Limited to '[ICRA]D'
from '[ICRA]B'.

                             Amount
   Facilities               (INR Cr)    Ratings
   ----------               ---------   -------
   Term loans                 39.57     Revised to [ICRA]D from
                                        [ICRA]B Long-term

   Fund-based facilities      16.00     Revised to [ICRA]D
                                        from [ICRA]B

The rating revision takes into account on-going delays in bank
loan servicing on account of stretched liquidity position of the
company. The financial profile continues to remain constrained by
the high gearing levels of the capital structure, weak debt
servicing indicators and high working capital intensity of
operations. The company has plans to further add retail outlet in
the current fiscal year which is likely to add pressure on the
capital structure. Nonetheless, ICRA takes note of the presence
of promoters in the readymade garments retailing segment spanning
across three decades and the strong reputation of the brand
Pramanik in Mumbai.

Pramanik Retail Private Limited is part of the Palai Group which
has has presence in Garment Retail, Value Retail, Construction,
Banquet Halls, and Power. The name of the company was changed
from Pramanik Clothing Private Limited to PRPL in January 2010.
Starting with a small shop in Matunga, the business has grown
gradually over the years to currently three showrooms, operatng
under the brand name Pramanik, one each at Matunga, Dadar and
Kurla. While the showroom at Matunga caters to Men's as well as
Women's wear, the showrooms at Dadar and Kurla cater to only
women's wear. The company marked its entry in value retail
business through starting of supermarket under the name "Dhanraj
Supermarket" in Kurla in April FY 2011.

Recent Results

For the twelve months ending, provisional results for March 31,
2012, PRPL reported profit after tax (PAT) of INR1.5 crore on an
operating income of INR55.1 crore as compared to a profit of
INR0.4 crore on an operating income of INR44.0 crore for the
twelve months ending March 31, 2011.


PRIME IMPEX: Inadequate Info Cues Fitch to Migrate Rating
---------------------------------------------------------
Fitch Ratings has migrated the 'Fitch D(ind)' rating of India-
based Prime Impex Limited's non-fund based limits of INR2,860
million to the non-monitored category.  This rating will now
appear as 'Fitch D(ind)nm' on the agency's Web site.

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


PRIME PULSES: Inadequate Info Cues Fitch to Migrate Rating
----------------------------------------------------------
Fitch Ratings has migrated the 'Fitch D(ind)' rating of India-
based Prime Pulses Private Limited's non-fund based limits of
INR1,150m to the non-monitored category.  This rating will now
appear as 'Fitch D(ind)nm' on the agency's website.

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


SHRI VARDHMAN: ICRA Rates INR9.15cr Loan at '[ICRA]D'
-----------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]D' to the INR9.15
crore1 fund based limits of Shri Vardhman Rice Mills.

                            Amount
   Facilities              (INR Cr)    Ratings
   ----------             ---------    -------
   Fund based facilities     9.15      [ICRA]D

The rating is constrained by SVRM's weak financial profile, as
reflected in low profitability metrics, high gearing arising
mainly because of debt funding of high working capital
requirements in its rice business and delays on debt servicing
obligations. ICRA also notes the high intensity of competition in
the rice milling industry and agro climatic risks, which can
affect the availability of paddy. Firm Profile Shri Vardhman Rice
Mills Cereals (SRVM) was established in the year 2010. The Firm
is primarily engaged in the milling of rice with an installed
capacity of 6 tons per hour. The firm has a sortex machine with
the capacity of 4 tons per hour. The firm is professionally
managed by Mr. Ram Nivas Jain.

Recent Results

During the financial year 2011-12, the firm reported a profit
after tax (PAT) of INR0.10 crore on an operating income of
INR38.50 crore.


SMART CARD: ICRA Assigns Junk Ratings on INR25cr Loans
------------------------------------------------------
ICRA has assigned an '[ICRA]D' rating to the INR16.00 crore1 Term
Loan facility and INR4.00 crore Cash Credit facility of Smart
Card IT Solutions Limited.  ICRA has also assigned an '[ICRA]D'
rating to the INR5.00 crore short term non fund based facilities
of SCIT.

                                  Amount
   Facilities                    (INR Cr)    Ratings
   ----------                    ---------   -------
   Term Loan                       16.00     [ICRA]D assigned
   Fund Based Facility-Cash Credit  4.00     [ICRA]D assigned
   Non Fund Based facilities        5.00     [ICRA]D assigned

The assigned ratings reflect instances of irregularities in debt
servicing by SCIT. The financial profile is weak characterized by
high gearing and stretched liquidity. The operations of the
company are in scale up mode leading to higher operating expenses
and net losses. ICRA also notes that the scale of operations to
increase substantially during FY13 with higher capacity
utilization leading to improved financial performance. Going
forward, regularizing debt servicing and equity infusion to fund
capex plans while achieving financial breakeven will remain key
rating sensitivities.

SCIT operates in the printing of Smart cards which are primarily
used for the purpose of SIM cards for mobile Telephones, Credit
Card, Loyalty cards. The Company has set up smart card
manufacturing facility with planned capacity of 200 million
cards. The current capacity is to the tune of 6-7 million cards
per month. The facility with in-house capabilities ranging from
Plastic Card manufacturing, Miling and Embedding to physical and
Electronic personalisation.

Recent Results

SCIT has reported an operating Income of INR6.5 crore and net
loss of INR0.4 crore for FY12 (Provisional Results).


SOUNDARYA DECORATORS: Loan Payment Delay Cues ICRA Junk Ratings
---------------------------------------------------------------
ICRA has revised the rating outstanding on the INR0.10 crore term
loans, the INR12.00 crore long term fund based facilities
(reduced from INR22.00 crore), the INR30.00 crore long term non-
fund based facilities and the INR8.00 crore long term non-fund
based facilities (sub limit) of Soundarya Decorators Private
Limited to '[ICRA]D' from '[ICRA]BB'. ICRA has also revised the
rating outstanding on the INR8.00 crore short term fund based
facilities of SDPL to '[ICRA]D' from '[ICRA]A4'. ICRA has
withdrawn the '[ICRA]A4' rating outstanding on the INR10.00 crore
short term non-fund based facilities and the INR7.50 crore short
term non-fund based facilities (sub limit) of SDPL, as there is
no amount outstanding against the rated instruments.

                                       Amount
   Facilities                         (INR Cr) Ratings
   ----------                        --------- -------
   Term loan facilities                   0.10 Revised to [ICRA]D
   Long term fund based facilities       12.00 Revised to [ICRA]D
   Long term non-fund based facilities   30.00 Revised to [ICRA]D
   Long term non-fund based facilities   (8.00)Revised to [ICRA]D
    -sub limit
   Short term fund-based facilities      8.00  Revised to [ICRA]D

The ratings revision reflects the delays in debt servicing by
SDPL, owing to tight liquidity conditions. The company's working
capital facilities have had high utilisations with overdrawals on
some occasions. Although SDPL's revenue has grown by ~54.5% in
2011-12, profit margins have improved and there has been an
infusion of ~Rs. 15.1 crore funds from promoters during 2011-12,
the company's financial position remains stretched owing to the
cascading effect of sharp decline in revenue and operating loss
witnessed in 2010-11.

The financial profile of SDPL is characterised by thin accruals,
moderate capitalization and stretched coverage metrics. SDPL has
high concentration in the IT/ITeS and hospitality sectors by
virtue of CISCO, HCL, TCS, KGA Hotels and Resorts Private Limited
and ITC Grand Chola being its primary clients; its revenue
remains exposed to the cyclicality of these segments. Also, the
company faces intense competition from unorganized players owing
to high fragmentation in the interior decoration industry,
although its reputation on account of high quality products
manufactured and being one of the few organized players, aids in
commanding a pricing premium. While the healthy order book
position and proposed entry into new product segments provide
revenue visibility over the medium term, improvement in liquidity
position and timely servicing of debt obligations would be key
rating sensitivities.

Established in 1992 as a partnership firm and later converted
into a private limited company, Soundarya Decorators Private
Limited (SDPL / "the Company") is engaged in providing interior
solutions to corporates primarily in the IT / ITeS and
hospitality space. The company, which manufactures products such
as furniture, false ceilings, wooden flooring / partitions and
granite cladding, to name a few, has executed more than a hundred
projects so far in various cities such as Bangalore, Chennai,
Noida, Pune and Ahmedabad and caters to established players like
CISCO Systems India Private Limited, HCL Technologies Limited,
Tata Consultancy Services Limited, KGA Hotels and Resorts Private
Limited, ITC Grand Chola and Mantri Developers Private Limited.
SDPL's revenue in 2011-12 was almost entirely derived from
domestic projects, except -INR1.2 crore which was contributed by
exports to Bhutan.


SPINE ARTHROSCOPIC: ICRA Reaffirms 'B+' Rating on INR16cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]B+'
outstanding on the INR16.00 crore1 term loan facilities and the
INR0.80 crore fund based facilities of Spine Arthroscopic and
Joint Replacement Centre Private Limited.

                           Amount
   Facilities             (INR Cr)    Ratings
   ----------             ---------   -------
   Term loan facilities     16.00    [ICRA]B+ reaffirmed
   Fund based facilities     0.80
   (long-term)

The rating reaffirmation considers the experience and the
established position of the promoters in the field of Arthroscopy
and Orthopaedics and the recent tie-ups with corporate and
insurance agencies which are likely to drive patient inflow. The
ratings also factor in steady increase in revenues and
operational indicators witnessed in last fiscal, the management's
ability to attract and retain consultants through the in-house
fellowship programme and the healthy demand outlook for
healthcare services in India. The rating is, however, constrained
by the operational risk inherent to a single location hospital,
likely increase in competition from other major hospitals in the
state though the same is mitigated to an extent by the strong
promoter background and stretched financial profile characterized
by high gearing and inadequate coverage metrics.

Spine Arthroscopic And Joint Replacement Centre Private Limited
is promoted by Dr. David V Rajan and Dr. K Vinodh. The Company
started operations in 1997 as a clinic catering only to
outpatients. Subsequently in 2004, they started dealing with
inpatients (arthroscopic surgeries) by utilizing the facilities
of a nearby hospital. Till 2007, the company continued to operate
out of a rented building and subsequently started the super
speciality orthopaedic hospital in Coimbatore (Tamil Nadu) under
the brand name "Ortho One". Ortho One offers the specialized
services in Orthopaedic Surgery like Arthroscopy and Sports
Medicine, Joint Replacement, Pediatric Orthopaedics, Spine and
Scoliosis Surgery, Limb Deformity Correction and Lengthening,
Trauma and Fractures apart from Physiotherapy and Rehabilitation.

Recent Results

SAJRCPL has reported profit after tax of INR0.8 crore on an
operating income of INR13.5 crore during 2011-12 against net loss
of INR0.7 crore on an operating income of INR7.5 crore in 2010-
11.


VOLTECH ENGINEERS: ICRA Assigns Junk Ratings to INR14.5cr Loans
---------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]D' to the
INR10.0 crore term loans and the INR3.0 crore cash credit limits
of Voltech Engineers Private Limited.  ICRA has also assigned a
short term rating of '[ICRA]D' to the INR1.5 crore non-fund based
bank limits of VEPL.

                         Amount
   Facilities           (INR Cr)    Ratings
   ----------           ---------   -------
   Term Loans             10.00     [ICRA]D assigned
   Cash Credit             3.00     [ICRA]D assigned
   Bank Guarantee          1.50     [ICRA]D assigned

The ratings are constrained by the weak debt servicing track
record of the company, resulting from the stretched liquidity
position; relatively small scale of operations of VEPL; the
fragmented nature of the industry, which is relatively labor
intensive in nature with limited barriers to entry; and the risks
arising from employee attrition, as the operations of VEPL are
dependent on the availability of trained and qualified manpower.
ICRA also notes that the capitalization and coverage indicators
for VEPL are likely to be stressed in the near term owing to the
debt-funded capital expenditure on the corporate building; the
sizeable nature of the investment in the project is also expected
to constrain the return indicators going forward. The ratings
assigned consider the favorable demand prospects for auxiliary
services in the power sector in the long term; the reputed
customer profile of VEPL, which includes some of the largest
players in the engineering sector such as ABB, L&T, Siemens,
Areva and BHEL; and VEPL's strong presence in the overseas market
(with overseas markets contributing 48% of revenues in 2010-11),
aided by joint ventures that have been formed in various
countries.

Voltech Engineers Private Limited, based in Chennai, provides
testing and commissioning services for electrical equipments,
including control and relay panels and other electrical systems
up to 765 kV class. Incorporated in 1995 as a proprietorship
concern by Mr. M Umapathi, VEPL was subsequently converted into a
private limited company in 2005. VEPL provides its services to
diverse industries such as power, steel, oil and gas,
infrastructure and cement. The company has over 1,000 engineers
on its rolls and provides services in various locations across
the Indian sub-continent, the Middle East, Africa and Europe.
VEPL's customers are mainly engineering, procurement and
construction (EPC) contractors who undertake major electric works
for various industries. The company is part of the Voltech Group,
which provides various products and services in the field of
electrical engineering.



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


CAFES 3: Fitch Junks Rating on Three Securitization Classes
-----------------------------------------------------------
Fitch Ratings has downgraded Cafes 3's class C to F trust
beneficiary interests (TBIs) due August 2014 and affirmed the
rest.  The transaction is a Japanese multi-borrower type CMBS
securitisation.  The rating actions are as follows:

  -- JPY0.18bn* Class A TBIs affirmed at 'Asf'; Outlook Stable

  -- JPY2.79bn* Class B TBIs affirmed at 'Asf'; Outlook Stable

  -- JPY2.22bn* Class C TBIs downgraded to 'BBsf' from 'BBBsf';
     Outlook Stable

  -- JPY1.76bn* Class D TBIs downgraded to 'Csf' from 'CCCsf';
     Recovery Estimate 20%

  -- JPY0.52bn* Class E TBIs downgraded to 'Csf' from 'CCsf';
     Recovery Estimate 0%

  -- JPY0.15bn* Class F TBIs downgraded to 'Csf' from 'CCsf';
     Recovery Estimate 0%

*as of Aug. 1, 2012

The downgrades of the class D to F TBIs reflect Fitch's view that
principal loss on these TBIs is inevitable as the workout
activity for one loan, which defaulted in October 2009,
approaches its final phase.  Fitch believes that the sales
proceeds of the one remaining property backing this defaulted
loan are unlikely to be sufficient to repay the loan principal in
full.  The unrecoverable loan amount is likely to exceed the
total balance of the class E and F TBIs, thus resulting in losses
on the class D to F TBIs.

The downgrade of the class C TBIs reflects Fitch's downward
revision of the value of four of the underlying five properties,
taking into account their recent property cash flow performance
and the outcome of workout activities on the defaulted loans to
date.  Fitch has also taken into consideration the expected
timing of full redemption of this class of TBIs, given there are
just two years remaining to the legal final maturity.

The affirmation of the class A TBIs reflects Fitch's view that
this class will be redeemed in full on the August 2012 payment
date, following the repayment of the underlying loans in July
2012.  The affirmation of the class B TBIs reflects Fitch's
expectations that this class will be redeemed in full well before
legal final maturity.  The sequential principal repayment of the
TBIs has offset the negative impact of downwards property
revaluations.  Since the previous rating action in November 2011,
three underlying loans have been fully repaid on or prior to
their maturity dates.

This transaction was originally a securitisation of seven non-
recourse loans extended to six borrowers and four Tokutei
Mokuteki Kaisha specified bonds (underlying loans), which were
originally ultimately backed by 20 properties.  The transaction
is currently secured by three defaulted underlying loans backed
by five properties.


TOKYO ELECTRIC: Posts JPY288.3BB Net Loss in Q1 Ended June 30
-------------------------------------------------------------
Tokyo Electric Power Co., Inc. (TEPCO) reported a net loss of
JPY288.3 billion (JPY285.5 billion on a non-consolidated basis)
for the quarter ended June 30, 2012, due to the estimated
allocation of JPY161.0 billion for the Nuclear Damage
Compensation payments, which was the amount reasonably estimated
for compensation.

TEPCO said that operating revenues for the FY2012 first quarter
increased 15.6% from the same period of the previous fiscal year
to JPY1,309.7 billion (up 16.4% to JPY1,254.5 billion on a non-
consolidated basis). Ordinary losses were JPY124.2 billion
(JPY134.1 billion on a non-consolidated basis).

Electricity sales increased 3.7% over the same period of the
previous fiscal year to 62.4 billion kWh as a result of a rebound
due to the impact of the Great East Japan Earthquake last year,
etc.

Per demand type, electricity sales for residential usage
increased by 1.3% to 20.8 billion kWh, low-voltage users
increased by 0.8% to 2.4 billion kWh, and those for specified-
scale demand increased by 5.2% to 39.3 billion kWh, compared with
the previous fiscal year.

On the revenue side, electricity sales revenues increased 16.6%
from the previous fiscal year to JPY1,173.7 billion due to an
increase in the unit price of electricity resulting from such
factors as Fuel Cost Adjustments and an increase in electricity
sales. Operating revenues including electricity sales to other
companies, etc. increased by 15.6% to JPY1,309.7 billion (up
16.4% to JPY1,254.5 billion on a non-consolidated basis).
Ordinary revenues increased by 15.2% to JPY1,334.7 billion (up
16.1% to JPY1,280.7 billion on a non-consolidated basis).

On the expense side, ordinary expenses increased 19.4% from the
previous fiscal year to JPY1,459.0 billion (up 20.5% to
JPY1,414.9 billion on a non-consolidated basis) due to the
increase in fuel costs for thermal power stations due to the stop
of all nuclear power stations and fuel price hikes.

                      About Tokyo Electric

Tokyo Electric Power Company is the largest electric power
company in Japan and the largest privately owned electric
utility in the world.  TEPCO supplies electricity to meet the
increasingly diversified and sophisticated demands of its over
28.09 million customers in the metropolitan Tokyo, which is the
political, economic, and cultural center of Japan, and eight
surrounding prefectures.

Bloomberg News said the utility is battling radiation leaks at
the Fukushima Dai-Ichi power plant north of Tokyo after a
March 11 earthquake and tsunami knocked out its cooling systems,
causing the biggest atomic accident in 25 years.  More than
50,000 households were forced to evacuate and Bank of America
Corp.'s Merrill Lynch estimates TEPCO may face compensation
claims of as much as JPY11 trillion (US$135 billion).

As reported in the Troubled Company Reporter-Asia Pacific on
May 11, 2012, Bloomberg News said Japan's government took control
of Tepco and agreed to provide JPY1 trillion (US$12.5 billion) as
part of the nation's largest bailout since the rescue of the
banking industry in the 1990s.

Bloomberg related that the government will obtain more than 50%
of the voting rights in the utility under a 10-year plan approved
on May 8 by Trade and Industry Minister Yukio Edano. The
government stake may rise to two-thirds if TEPCO fails to meet
goals that include cost cuts and compensation payments, said
Bloomberg.

Under the plan, Bloomberg disclosed, the utility aims for an
unconsolidated profit of JPY106.7 billion in the year ending
March 2014, based on an electricity rate increase and the restart
of the Kashiwazaki Kariwa nuclear station.  Bloomberg says
nationalization of TEPCO paves the way for the government to
restructure the electricity industry monopolized by regional
utilities and possibly break up power generation and transmission
networks to allow more competition.



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


4RF COMMUNICATIONS: Receives Fund from Israeli Investor
-------------------------------------------------------
BusinessDesk reports that Israeli private equity group Fortissimo
Capital has acquired 4RF Communications Ltd for an undisclosed
sum, allowing the award-winning Wellington-based microwave radio
products developer to continue its growth path after its holding
company was forced into receivership.

According to the report, the company said the funding will allow
4RF to hire workers and accelerate product development and sales
worldwide.

"We're ecstatic. They are the perfect partner for us," 4RF chief
executive Ian Troughton told BusinessDesk. "The key thing is that
we have an investor that wants to grow the business considerably
and has huge growth ambitions for us."

BusinessDesk relates that Mr. Troughton said Fortissimo wanted to
keep existing workers in place and he will stay on leading the
company.

Based in Rosh Ha'ayin, Israel, Fortissimo's investments include
Nasdaq-listed Soda Stream International and Afimilk, which makes
computerised systems for dairy farms and herd management.

                      About 4RF Communications

4RF Communications, Ltd. -- http://www.4rf.com/-- designs and
manufactures point to point microwave radio systems in New
Zealand and internationally. Its products include Aprisa XE
digital access radio, a point-to-point linking solution; and
Aprisa XS expansion shelf.

As reported in the Troubled Company Reporter-Asia Pacific on
April 9, 2012, BusinessDesk said 4RF Communications Ltd has been
placed in receivership after it failed to reach agreement on
restructuring some NZ$5.5 million of convertible notes.
John Fisk of PricewaterhouseCoopers was appointed receiver.
Mr. Fisk told BusinessDesk the operating business of 4RF has been
placed in a separate vehicle and is continuing in business while
the merits of a full sale of the business or capital raising are
considered.


ORANGE FINANCE: Placed in Receivership After Moratorium Ends
------------------------------------------------------------
Matt Nippert at stuff.co.nz reports that Doug Somer-Edgar's
Orange Finance has entered receivership after a three-year
moratorium failed to return the company to profitability.

stuff.co.nz, citing the Companies Office, says Brendan Gibson and
Grant Graham of KordaMentha were appointed to the struggling
lender on August 1.

In August 2009 Orange debenture holders, initially owed
NZ$25.6 million, voted in favor of the company's moratorium plan
to freeze their funds over immediate receivership, the report
recalls.

stuff.co.nz relates that the company has since revised the figure
to NZ$23 million and repaid NZ$12.7 million to investors.  Some
NZ$10.3 million is still outstanding and only NZ$6.8 million in
financial assets still on the books, including NZ$6.2 million in
loans.

All outstanding loans are now considered by the company to be
impaired, with NZ$2.4 million worth written off in the past year
alone, according to stuff.co.nz.

Somers-Edgar's company, Matrix Funding Group, has been managing
the company through its moratorium, although Somers-Edgar has not
been drawing director's fees, salaries or dividends, the report
adds.

                        About Orange Finance

Orange Finance Limited is a privately-owned New Zealand-based
finance company, offering First Ranking Secured Deposit
investments, exclusively through nationwide financial planning
firm, Money Managers.



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


BCS TRADING: Court Enters Wind-Up Order
---------------------------------------
The High Court of Singapore entered an order on July 20, 2012, to
wind up the operations of BCS Trading Pte Ltd.

Luther Corporate Services Pte Ltd filed the petition against the
company.

The company's liquidator is:

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


IJIMASIA PTE: Creditors' Proofs of Debt Due Aug. 15
---------------------------------------------------
Creditors of Ijimasia Pte Ltd, which is in voluntary liquidation,
are required to file their proofs of debt by Aug. 15, 2012, to be
included in the company's dividend distribution.

The company's liquidators are:

          Bob Yap Cheng Ghee and
          Tay Puay Cheng
          c/o KPMG Business Advisory Pte Ltd
          16 Raffles Quay #22-00
          Hong Leong Building
          Singapore 048581


ISS ENGINEERING: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Singapore entered an order on July 27, 2012, to
wind up the operations of ISS Engineering Pte Ltd.

Quantum Automation Pte Ltd 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

JERICHO COSMOPOLITAN: Court Enters Wind-Up Order
------------------------------------------------
The High Court of Singapore entered an order on July 27, 2012, to
wind up the operations of Jericho Cosmopolitan Pte Ltd.

HSBC Institutional Trust Services (Singapore) Limited as trustee
of Suntec Real Estate Investment Trust filed the petition against
the company.

The company's liquidator is:

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


JTIC INVESTMENTS: Creditors' Proofs of Debt Due Aug. 13
-------------------------------------------------------
Creditors of JTIC Investments Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by Aug.
13, 2012, to be included in the company's dividend distribution.

The company's liquidators are:

          Messrs Tam Chee Chong
          Lim Loo Khoon
          c/o 6 Shenton Way #32-00
          DBS Building Tower Two
          Singapore 068809



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


VIETINBANK: Fitch Rates $250-Mil. Senior Notes Due 2017 'B'
-----------------------------------------------------------
Fitch Ratings has assigned Vietnam Joint-Stock Commercial Bank
for Industry and Trade's USD250 million 8% outstanding senior
notes due 2017 a Long-Term 'B' Rating and a Recovery Rating of
'RR4'.

The notes are rated at the same level as Vietinbank's 'B' Long-
Term Foreign-Currency Issuer Default Rating, which is based on
Fitch's expectation of extraordinary state support to the bank in
the event of need.  The notes constitute direct, unsubordinated
and senior unsecured obligations of the bank, and rank equally
with all its other unsecured and unsubordinated obligations.

In line with Fitch's criteria, Recovery Ratings are assigned to
those companies with an IDR of 'B+' or below.

The proceeds from the notes are intended for lending and general
corporate purposes.

At end-2011, Vietinbank was the second largest bank in Vietnam
with audited total assets of VND461 trillion.

Full list of ratings:

  -- Long-Term Foreign-Currency IDR at 'B'; Outlook Stable
  -- Short-Term Foreign-Currency IDR at 'B'
  -- Viability Rating at 'b-'
  -- Support Rating Floor at 'B'
  -- Support Rating at '4'
  -- USD250m 8% notes due 2017 assigned at 'B'; Recovery
     Rating assigned at 'RR4'



                             *********

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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