TCRAP_Public/130214.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

          Thursday, February 14, 2013, Vol. 16, No. 32


                            Headlines


A U S T R A L I A

LANCO HOBART: Creditors Vote to Liquidate Two Mercure Hotels
RETAIL ADVENTURES: IMF to Fund Litigation Over Sale of Business


H O N G  K O N G

BEST SYSTEM: Court to Hear Wind-Up Petition on March 27
CHINA EXPRESS: Court to Hear Wind-Up Petition on March 20
CHINA MEDICAL: Borrelli and Yuen Appointed as Liquidators
ETC ENVIRONMENTAL: Creditors' Proofs of Debt Due March 1
FORTUNE KING: Court Enters Wind-Up Order

GLOBAL GLORIOUS: Court to Hear Wind-Up Petition on March 27
GRIFFIN INDUSTRIES: Creditors' to Meet on Feb. 21
HANDSOME HERO: Court to Hear Wind-Up Petition on March 27
HANIL HK: Contributories' to Meet on Feb. 19
HUA YANG: Creditors Get to 5.0% Recovery on Claims

PIC POWER: Court to Hear Wind-Up Petition on March 20
REGAL SPLENDID: Kong and Yeo Appointed as Liquidators
ROUGH GEMSTONE: Members' Final Meeting Set for March 4
SMARTECH DISPLAY: Court Enters Wind-Up Order
STATE LOGISTICS: Court Enters Wind-Up Order

TRANS WORLD: Members' Final Meeting Set for March 4
TREASURE ISLAND: Creditors and Contributories to Meet on Feb. 19
UNITED TECHNOLOGY: Keung and Koo Appointed as Liquidators
WAI KEE: Court Enters Wind-Up Order
WELL JOINT: Court Enters Wind-Up Order

WELL JOY: Court to Hear Wind-Up Petition on Feb. 27
WORLD ENTERPRISES: Creditors to Get 5.167% Recovery on Claims
WORLD LUCK: Annual Meetings Set for Feb. 22


I N D I A

ARC LAMICRAFT: Delays in Loan Payment Cues ICRA Junk Ratings
BAFNA GINNING: ICRA Assigns 'B+' Rating to INR20cr LT Loan
BHALARA COTTON: ICRA Rates INR9.5cr Loan at '[ICRA]B'
DEEP MOTORS: ICRA Rates INR6.5cr Loan at '[ICRA]BB-'
DUNLOP INDIA: High Court to Hear Wind Up Appeal on Feb. 18

EASTERN COMNETS: ICRA Cuts Rating on INR15cr Loan to 'BB-'
JAGUAR LAND: Fitch Rates $500MM Senior Unsecured Notes 'BB-'
KINGFISHER AIRLINES: Banks Decide to Start Recovery For Loans
NEPTUNE HOUSE: ICRA Assigns 'B' Rating to INR13.5cr Loans
OM SHAKTI: ICRA Assigns 'B+' Rating to INR11cr Fund Based Limits

PD CORPORATION: ICRA Assigns 'B-' Rating to INR14.37cr Loan
RAJSHREE GLOBAL: ICRA Assigns 'B' Rating to INR9cr Loans
S.C. SHAH: ICRA Reaffirms 'B+' Rating on INR6cr Fund-Based Loans
SK SYSTEMS: ICRA Reaffirms 'BB' Rating on INR5.5cr Loan
SPARSH PACKAGINGS: ICRA Assigns 'BB-' Rating to INR12cr Loans

SRI VIJAYALAKSHMI: ICRA Rates INR7cr Cash Credit at 'B+'
SRI VIJAYALAKSHMI STEEL: ICRA Rates INR30cr Cash Credit at 'B'


J A P A N

JAPAN FINANCE: Moody's Keeps Caa2 Rating on Cl. C Unsecured Notes


N E W  Z E A L A N D

DOMINION FINANCE: Judge Pamela Andrews Steps Down From Trial
HANOVER FINANCE: Appeals High Court Ruling Over AIG Case
MAINZEAL PROPERTY: Subbies Estimates Up to NZ$100-Mil. Losses
NATIONAL FINANCE: Founder Appeals Conviction and Sentence


                            - - - - -


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


LANCO HOBART: Creditors Vote to Liquidate Two Mercure Hotels
------------------------------------------------------------
ABC News reports that workers at two of Tasmania's biggest hotels
are facing an uncertain future after the parent company entered
liquidation.  Creditors have voted to liquidate the parent
companies of the Mercure hotels in Hobart and Launceston.

Lanco Hobart Holdings and Lanco Launceston Holdings went into
administration in December with debts of more than AUD20 million,
the report relates.

According to the report, Lanco signed a deal with global chain
Accor to trade under the name Mercure.

ABC News recalls that by 2008, Lanco had sold all the hotels'
rooms to investors, who have been paid an annual return of 7%.
But after two years of losses, Lanco stopped paying rent to
investors in last year and entered administration in December.

The administrator Richard Rohrt is confident the Tasmanian hotels
can be sold, the report relates.

The administrator can be reached at:

          Richard Rohrt
          HAMILTON MURPHY PTY LTD
          Level 1, 269 Swan Street
          Richmond Vic 3121
          Tel No.: (03)9024-6244
          Fax No.: (03)9428-4152

ABC News reports that Mr. Rorht said there will be no job losses
from the 130 staff for now.

"The only offer on the table at present is Accor and the market
is open to accept offers from any prospective purchasers," ABC
News quotes Mr. Rorht as saying.  "For the moment it's business
as usual."

ABC News relates that Accor said it is in negotiations to take
over management of the hotels.

The lender Tasmanian Perpetual Trustees is the biggest creditor,
owed almost AUD20 million, the report discloses.


RETAIL ADVENTURES: IMF to Fund Litigation Over Sale of Business
---------------------------------------------------------------
Nick Clark at themercury.com.au reports that high profile
litigation funder IMF Australia is to act on behalf of unsecured
creditors of Retail Adventures and seek to have a AUD58.9 million
sale of the business to Jan Cameron overturned.

themercury.com.au relates that IMF managing director Hugh
McLernon told creditors the group would seek to set aside any
deed of company arrangement if it was found the administrator
Deloitte had "not properly investigated causes of action against
officers of Retail Adventures".

The move came as Deloitte administrator Vaughan Strawbridge
announced on Feb. 12 that Retail Adventures had been sold for
$58.9 million to Ms. Cameron's company DSG Holdings Australia.

"The DSG offer was the highest received in a public sale
process," the report quotes Mr. Strawbridge as saying.

Mr. Strawbridge said the sale would ensure jobs were retained for
about 4,700 employees, themercury.com.au adds.

According to the report, Mr. McLernon said that IMF would put
Deloitte on formal notice that it would seek to set aside the
deed of company arrangement in circumstances where the
administrator had not properly investigated causes of action
against directors of Retail Adventures.

IMF would seek an alternative liquidator who would apply to court
for a summons for public examination of the affairs of the
company and its officers including present and past directors,
the report adds.

"If the public examinations indicate a strong case for insolvent
trading or other actions against officers or other person
connected with Retail Adventures then IMF would fund such an
action on behalf of unsecured creditors," themercury.com.au
quotes Mr. McLernon as saying.

                      About Retail Adventures

Retail Adventures Pty Ltd is an Australia-based discount variety
retailer and operates nationally under brand names Chickenfeed,
Go-Lo, Crazy Clark's, and Sam's Warehouse. The company operates
around 270 stores across the four brands.

Deloitte Restructuring Services Partners Vaughan Strawbridge,
David Lombe and John Greig have been appointed Joint Voluntary
Administrators of Retail Adventures Pty Limited, effective
Oct. 26, 2012.

Mr. Strawbridge said a license agreement is in place between
Retail Adventures Pty Ltd and DSG Holdings Australia Pty Ltd for
them to manage the 238 Crazy Clark's and Sam's Warehouse stores.

About 20 Chickenfeed stores in Tasmania have been closed and
staff paid entitlements.



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


BEST SYSTEM: Court to Hear Wind-Up Petition on March 27
------------------------------------------------------
A petition to wind up the operations of Best System (HK) Limited
will be heard before the High Court of Hong Kong on March 27,
2013, at 9:30 a.m.

Tseng Sun Ngan filed the petition against the company on Jan. 21,
2013.


CHINA EXPRESS: Court to Hear Wind-Up Petition on March 20
--------------------------------------------------------
A petition to wind up the operations of China Express
International Limited will be heard before the High Court of
Hong Kong on March 20, 2013, at 9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company on Jan. 11, 2013.

The Petitioner's solicitors are:

          Tsang, Chan & Wong
          16th Floor, Wing On House
          No. 71 Des Voeux Road
          Central, Hong Kong


CHINA MEDICAL: Borrelli and Yuen Appointed as Liquidators
---------------------------------------------------------
Cosimo Borrelli and Yuen Lai Yee (Liz) on Nov. 29, 2012, were
appointed as liquidators of China Medical Technologies Inc.

The liquidators may be reached at:

         Cosimo Borrelli
         Yuen Lai Yee (Liz)
         Level 17, Tower 1
         Admiralty Centre
         18 Harcourt Road
         Hong Kong


ETC ENVIRONMENTAL: Creditors' Proofs of Debt Due March 1
--------------------------------------------------------
Creditors of ETC Environmental Technology Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by March 1, 2013, to be included in the company's
dividend distribution.

The company's liquidators are Kong Chi How Johnson and Lo Siu Ki.


FORTUNE KING: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on Jan. 30, 2013, to
wind up the operations of Fortune King Trading Limited.

The acting official receiver is Alan K F Fong.


GLOBAL GLORIOUS: Court to Hear Wind-Up Petition on March 27
----------------------------------------------------------
A petition to wind up the operations of Global Glorious Limited
will be heard before the High Court of Hong Kong on March 27,
2013, at 9:30 a.m.

Li Chi Wai filed the petition against the company on Jan. 21,
2013.


GRIFFIN INDUSTRIES: Creditors' to Meet on Feb. 21
-------------------------------------------------
Creditors of Griffin Industries Limited will hold a meeting on
Feb. 21, 2013, at 11:00 a.m., at 5th Floor, Ho Lee Commercial
Building, 38-44 D'Aguilar Street, Central, in Hong Kong.

At the meeting, Kennic Lai Hang Lui and Yuen Tsz Chun Frank, the
company's liquidators, will give a report on the company's wind-
up proceedings and property disposal.


HANDSOME HERO: Court to Hear Wind-Up Petition on March 27
---------------------------------------------------------
A petition to wind up the operations of Handsome Hero Holdings
(HK) Limited will be heard before the High Court of Hong Kong on
March 27, 2013, at 9:30 a.m.

The Petitioner's solicitors are:

          O'Melveny & Myers
          31st Floor, AIA Central
          1 Connaught Road
          Central, Hong Kong


HANIL HK: Contributories' to Meet on Feb. 19
--------------------------------------------
Creditors of Hanil Hong Kong Limited will hold a meeting on
Feb. 19, 2013, at 3:00 p.m., at 32nd Floor, One Pacific Place, 88
Queensway, in Hong Kong.

At the meeting, Messrs. Lai Kar Yan (Derek) and Yeung Lui Ming
(Edmund), the company's liquidators, will give a report on the
company's wind-up proceedings and property disposal.


HUA YANG: Creditors Get to 5.0% Recovery on Claims
--------------------------------------------------
Hua Yang Printing Holdings Co. Limited, which is in liquidation,
will declare the first interim ordinary dividend to its creditors
on Feb. 18, 2013.

The company will pay 5.0% for ordinary claims.

The company's liquidators are:

         Edward Middleton
         Patrick Cowley
         8th Floor, Prince's Building
         10 Chater Road
         Central, Hong Kong


PIC POWER: Court to Hear Wind-Up Petition on March 20
-----------------------------------------------------
A petition to wind up the operations of Pic Power Industries
Limited will be heard before the High Court of Hong Kong on
March 20, 2013, at 9:30 a.m.

Standard Chartered Bank (Hong Kong) Limited filed the petition
against the company on Jan. 17, 2013.

The Petitioner's solicitors are:

          Tsang, Chan & Wong
          16th Floor, Wing On House
          No. 71 Des Voeux Road
          Central, Hong Kong


REGAL SPLENDID: Kong and Yeo Appointed as Liquidators
-----------------------------------------------------
Kong Chi How Johnson and Yeo Boon Ann Kenneth on May 30, 2012,
were appointed as liquidators of Regal Splendid Limited.

The liquidators may be reached at:

         Kong Chi How Johnson
         Yeo Boon Ann Kenneth
         25/F, Wing On Centre
         111 Connaught Road
         Central, Hong Kong


ROUGH GEMSTONE: Members' Final Meeting Set for March 4
------------------------------------------------------
Members of Rough Gemstone Trading Company Limited, which is in
members' voluntary liquidation, will hold their final meeting on
March 4, 2013, at 11:00 a.m., at 19th Floor, Seaview Commercial
Building, at 21-24 Connaught Road West, in Hong Kong.

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


SMARTECH DISPLAY: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order on Jan. 23, 2013, to
wind up the operations of Smartech Display Limited.

The official receiver is Teresa S W Wong.


STATE LOGISTICS: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order on Jan. 23, 2013, to
wind up the operations of State Logistics Limited.

The official receiver is Teresa S W Wong.


TRANS WORLD: Members' Final Meeting Set for March 4
---------------------------------------------------
Members of Trans World Agency Company Limited, which is in
members' voluntary liquidation, will hold their final general
meeting on March 4, 2013, at 10:00 a.m., at Level 28, Three
Pacific, 1 Queen's Road East, in Hong Kong.

At the meeting, Ying Hing Chiu and Chan Mi Har, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


TREASURE ISLAND: Creditors and Contributories to Meet on Feb. 19
----------------------------------------------------------------
Creditors and contributories of Treasure Island Trading Limited
will hold their first meetings on Feb. 19, 2013, at 3:00 p.m.,
and 4:00 p.m., respectively at the Official Receiver's Office,
10th Floor, Queensway Government Offices, 66 Queensway, in
Hong Kong.

At the meeting, Teresa S W Wong, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


UNITED TECHNOLOGY: Keung and Koo Appointed as Liquidators
---------------------------------------------------------
Stephen Liu Yiu Keung and Koo Chi Sum on Dec. 12, 2012, were
appointed as liquidators of United Technology Holdings Company
Limited.

The liquidators may be reached at:

         Stephen Liu Yiu Keung
         Koo Chi Sum
         62nd Floor, One Island East
         18 Westlands Road
         Island East, Hong Kong


WAI KEE: Court Enters Wind-Up Order
-----------------------------------
The High Court of Hong Kong entered an order on Jan. 23, 2013, to
wind up the operations of Wai Kee Brothers Decoration Engineering
Limited.

The official receiver is Teresa S W Wong.


WELL JOINT: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on Jan. 23, 2013, to
wind up the operations of Well Joint Enterprises (China) Limited.

The official receiver is Teresa S W Wong.


WELL JOY: Court to Hear Wind-Up Petition on Feb. 27
---------------------------------------------------
A petition to wind up the operations of Well Joy Investment
Limited will be heard before the High Court of Hong Kong on
Feb. 27, 2013, at 9:30 a.m.

Yung Yui Kwai and Yung Hung Chun Lawrence filed the petition
against the company on Dec. 12, 2012.

The Petitioner's solicitors are:

          Clifford Chance
          28th Floor, Jardine House
          One Connaught Place
          Central, Hong Kong


WORLD ENTERPRISES: Creditors to Get 5.167% Recovery on Claims
-------------------------------------------------------------
The World Enterprises Holdings Limited, which is in liquidation,
will declare the first ordinary dividend to its creditors on
March 6, 2013.

The company will pay 5.167% for ordinary claims.

The company's liquidators are:

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


WORLD LUCK: Annual Meetings Set for Feb. 22
-------------------------------------------
Members and creditors of World Luck Trading Limited will hold
their annual meetings on Feb. 22, 2013, at 2:00 p.m., and 2:30
p.m., respectively at Level 17, Tower 1, Admiralty Centre, 18
Harcourt Road, in Hong Kong.

At the meeting, Cosimo Borrelli and G Jacqueline Fangonil Walsh,
the company's liquidators, will give a report on the company's
wind-up proceedings and property disposal.



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


ARC LAMICRAFT: Delays in Loan Payment Cues ICRA Junk Ratings
------------------------------------------------------------
ICRA has assigned an '[ICRA]D' rating to the INR2.37 crore of
term loan, INR4.60 crore fund based cash credit facility and
INR1.00 crore CSLPS of Arc Lamicraft Private Limited.

                           Amount
   Facilities            (INR Cr)    Ratings
   ----------            --------    -------
   Term Loan               2.37      [ICRA]D assigned
   Cash Credit             4.60      [ICRA]D assigned

The assigned rating reflects the continuous delays in debt
servicing by the company explaining its stressed liquidity
profile due to accumulated inventory and stretched receivables
which has also led to overutilization of bank borrowings and
delays in payments to suppliers. Consequently capital structure
has remained highly stretched coupled with net losses due to high
interest burden. The rating also factors in the vulnerability of
profitability to the cyclicality inherent in the real estate
industry and fluctuation in raw material prices. Further, the
ratings take note of ALPL's modest scale of operations amidst
highly fragmented industry characterized by intense competition
from organized as well as unorganized players. The assigned
ratings, however, favorably consider the location advantage in
terms of raw material availability and access to key markets.

Arc Lamicraft Private Limited was incorporated in the year 2007
by Mr. Mahesh Vadaliya and other family members. ALPL operates
from its plant located at Morbi to manufacture 8" X 4" (with
thickness of 1 mm, 0.9 mm, 0.8 mm and 0.7 mm) size high pressure
decorative laminate sheets with annual capacity to manufacture
8.28 lakh laminate sheets.

Recent Results

In FY 2012, ALPL reported an operating income of INR 8.10 crore
with net loss of INR 0.44 crore.


BAFNA GINNING: ICRA Assigns 'B+' Rating to INR20cr LT Loan
----------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B+' to INR20.00
crore long term fund-based facilities of Bafna Ginning and
Pressing Private Limited. ICRA has also assigned short term
rating of '[ICRA]A4' to INR0.80 crore short term non fund based
bank facilities of Bafna Ginning and Pressing Private Limited.

                          Amount
   Facilities            (INR Cr)    Ratings
   ----------            --------    -------
   Long-Term Fund
   Based Limit            20.00      [ICRA]B+ Assigned

   Short-Term Non
   Fund Based Limit        0.80      [ICRA]A4 Assigned

The rating assigned by ICRA takes into account the considerable
experience of the promoters in cotton ginning and trading
business in both domestic and international markets. While in the
past, the domestic sales has had a larger pie in the total
operating income (more than 65% in FY 2012), however, the export
sales accounted for -75% of the revenues in FY 13YTD. These
export receivables are secured by way of letter of credit (LC)/
Export Credit Guarantee Corporation (ECGC) cover which mitigate
the counterparty credit risk to a large extent. Further, these
export receivables are hedged by way of forward cover thus
reducing the risks arising out of foreign exchange fluctuations.
Notwithstanding the above positives, the rating is constrained by
the modest profitability profile characterized by thin operating
margins of 1 -3% and moderate cash accruals owing to limited
value addition in the cotton trading and ginning business.
Further, high working capital requirements to maintain the
inventory against export orders and tide over high receivables
period, given the moderate cash accruals, have increased the
dependence on external borrowings and resulted in high gearing.
On account of weak capital structure with a gearing (Total
Debt/Total Net Worth) of -2.39X as on March end 2012, which
coupled with low profitability led to deterioration of debt
coverage indicators as reflected in OPBDITA/Interest of -2.0X. In
this regard, ICRA has taken some comfort from the fact the most
of the debt is working capital in nature which has supported the
Debt Service Coverage Ratio (DSCR).

While assigning the rating, ICRA has also noted the decline in
operating income in FY 2012 owing to non-availability of adequate
working capital funds. However, the improved access to working
capital limits in the current financial year has driven the
company's revenue growth as evidenced by an operating income of
(INR120) crore for 9m ending December 2012 which has partially
subsided the concerns. Going forward, BGPL's ability to maintain
the revenue growth while managing its working capital
requirements through timely enhancement in working capital limits
will be the key rating sensitivity.

Incorporated in 1999, Bafna Ginning & Pressing Private Limited
(BGPL) is a part of Mahima group of Indore whose business
interest includes cotton ginning, cotton trading, yarn spinning
and yarn trading and is managed by the Doshi family of Bakaner,
Madhya Pradesh. BGPL, located in Aurangabad, Maharashtra, was
included under the umbrella of Mahima Group when the Doshi family
acquired the company from its founders in 2006. Since then, the
Doshi family has been successfully managing BGPL's cotton ginning
and trading operations and in 9M ending December 2012, BGPL
earned an operating income of -INR120 crore of which more than -
90% was earned through cotton trading and remaining income was
contributed by sale of ginned cotton.


BHALARA COTTON: ICRA Rates INR9.5cr Loan at '[ICRA]B'
-----------------------------------------------------
A rating of '[ICRA]B' has been assigned to INR 9.50 crore long-
term fund-based cash credit facility of Bhalara Cotton Private
Limited.

                           Amount
   Facilities            (INR Cr)    Ratings
   ----------            --------    -------
   Cash Credit Limit       9.50      [ICRA]B assigned

The assigned rating reflects BCPL's modest size of operations and
weak financial risk profile as reflected by low profitability,
adverse capital structure and weak debt protection metrics.
Further, the liquidity position of the company has also remained
stretched as evident from almost full utilization of cash credit
facility in recent past. ICRA also factors in the high
competitive intensity due to fragmented industry structure
leading to low profitability; and vulnerability of margins due to
adverse movement in raw material prices which are subject to
seasonality, crop harvest and government regulation. The rating,
however, favorably factors in the long experience of the
promoters in cotton ginning business and the location advantage
of BCPL's manufacturing facility in Gondal (Rajkot) giving it
easy accessibility to raw cotton.

Bhalara Cotton Private Limited was incorporated in 2002 as a
closely held company and was engaged in trading business of
cotton products. However, there was change in ownership in 2005
and later in Sep '10; management had made backward integration by
acquiring an existing ginning unit located at Gondal, Gujarat.
The manufacturing facility of the company is currently equipped
with 24 ginning machines with the production capacity of 250
cotton bales (241 TPD) per day. The company is currently headed
by Mr. Bipin C. Ranpariya and Mr. Jitendra Bhalara having an
experience of more than a decade in cotton industry through other
group ginning firms.

Recent Results

For the year ended 31st March 2012, company has reported an
operating income of INR 76.47 crore with a profit after tax (PAT)
of INR 0.09 crore. Further, the company has achieved an operating
income of INR 65.32 crore with a PBTDA (profit before tax,
depreciation and amortization) of INR 0.37 crore during the 9
months of FY 2013 (provisional figures).


DEEP MOTORS: ICRA Rates INR6.5cr Loan at '[ICRA]BB-'
----------------------------------------------------
ICRA has assigned '[ICRA]BB-' rating for the INR 6.5 Crore bank
facilities of M/s Deep Motors. The long term rating has been
assigned a stable outlook.

                           Amount
   Facilities            (INR Cr)    Ratings
   ----------            --------    -------
   Fund Based Limits-       6.5      [ICRA]BB- (Stable) assigned
   Cash Credit

The rating assigned takes into account the firm's position as the
only authorised dealer of MSIL in Azamgarh (Uttar Pradesh) as
well as the comfort of steady income source from after sales
related activities. The rating is, however, constrained by the
firm's modest scale of operations given its limited operational
track record; thin profit margins as well as the moderate
financial risk profile characterised by high gearing and
stretched debt protection metrices. Besides, the firm's high
working capital utilization levels reflect limited financial
flexibility available with the firm. Going forward, the firm's
ability to scale up its operations, improve its profit margin by
growing its relatively high margin service business, strengthen
its financial risk profile and manage its working capital
intensity would remain key rating sensitivities.

M/s Deep Motors is the authorised dealer of MSIL, Piaggio and
John Deere, based in Azamgarh, Uttar Pradesh. The company was
awarded the dealership of MSIL in 2006, that of John Deere in
2010 and the Piaggio dealership in 2012. The firm has showrooms
in the districts of Azamgarh, Mau and Balia in Eastern Uttar
Pradesh.

Recent Results

For the financial year 2011-12 , M/s Deep Motors reported a
Profit after Tax of INR0.2 crore on an operating income of
INR50.0 crore, against a Profit after Tax of INR0.1 crore on
operating income of INR44.5 crore for the financial year 2010-11.


DUNLOP INDIA: High Court to Hear Wind Up Appeal on Feb. 18
----------------------------------------------------------
domain-b.com reports that the management of ailing Dunlop India
on Friday got a breather from the winding-up order served on it
on January 31 as a bench of the Kolkata High Court said that it
would hear the company's plea for a stay on the order on
February 18.

domain-b.com says the company was asked by the court to deposit
INR10 crore as an earnest of its intentions to continue running
the company.

Under the winding-up order, domain-b.com relates, a single-judge
bench of the high court said it would appoint a liquidator to
take control of the assets and account books of the company.

The court had directed the official liquidators not to move in
immediately on the basis of the earlier order, which said that
official liquidators should take over the company's assets and
its books of accounts.

As reported in the Troubled Company Reporter-Asia Pacific on
March 30, 2012, The Hindu Business Line said the Calcutta High
Court asked for appointment of a provisional liquidator to take
stock of the assets of Dunlop India Ltd.  The company's creditors
and a few employees had sought the liquidation of its assets.
Justice Sanjib Banerjee admitted the petition from 41 applicants
on Nov. 8, 2011.  As on March 31, 2011, the company has unsecured
loans of about INR272 crore and secured loans of about INR48
crore.

Headquartered in Kolkota, India, Dunlop India Limited
manufactures and distributes automotive tires and tubes.  The
firm also manufactures high-pressure hoses, steelcord belting,
and vibration isolators.


EASTERN COMNETS: ICRA Cuts Rating on INR15cr Loan to 'BB-'
----------------------------------------------------------
ICRA has revised the long term rating assigned to the INR15.00
crore (enhanced from INR12.00 crore) cash credit facility of
Eastern Comnets Ltd. from '[ICRA]BB' to '[ICRA]BB-'. ICRA has
reaffirmed the short term rating of '[ICRA]A4' assigned to the
INR35.00 crore (enhanced from INR11.50 crore) letter of credit
and the INR2.00 crore (enhanced from INR0.50 crore) forward
contract facilities of ECL. The outlook on the long term rating
remains Stable.

                           Amount
   Facilities            (INR Cr)    Ratings
   ----------            --------    -------
   Fund Based Limits-       15.00    [ICRA]BB- (Stable), revised
   Cash Credit                       downwards from [ICRA]BB
                                     (Stable)

   Non-Fund Based Limits-   35.00    [ICRA]A4, reaffirmed
   Letter of Credit

   Non-Fund Based Limits-    2.00    [ICRA]A4, reaffirmed
   Forward Contract

The revision in the long term rating takes into account the
deterioration in ECL's capital structure as well as interest
coverage indicator, and the significant build-up of receivables
position, leading to high working capital intensity of business,
and could lead to a potential liquidity squeeze. ICRA observes
that ECL's receivable period has increased from 88 days in FY
2009-10 to 161 days in FY 2011-12. The ratings also take into
account the highly competitive nature of the IT hardware
distribution industry, with the presence of a large number of
players, and ECL's relatively weak financial profile, as
indicated by low net profitability, moderate coverage indicators,
and a high total outside liabilities relative to tangible net
worth. The ratings factor in ECL's low bargaining power against
stronger suppliers, and its exposure to forex risks, with the
dependence on imports for a significant share of purchases. The
ratings, however, derives support from ECL's established track
record in the networking and communication product distribution
business, its wide distribution network, as well as tie-ups with
companies having a strong market position, thus strengthening its
operating profile, and ECL's ability to consistently increase
turnover, while maintaining profitable operations.

ECL is a Kolkata based company engaged in the distribution of
networking and communication products, mobile handsets and
computer hardware and peripherals. The company was incorporated
in 1992 by Mr. J.K Baid. ECL has tied up with leading networking
hardware vendors like D-Link India Ltd, Schneider Electric India
Pvt. Ltd, Smartlink Network Systems Ltd, and Silicon Power, among
others. ECL also entered into a tie-up with Kobian PTE Ltd. for
the exclusive distribution of Mercury brand of mobile phones
nationally.

Recent Results

ECL reported a profit before tax of INR1.24 crore (provisional)
in H1 FY 2012-13 on the back of an operating income of INR113.39
crore (provisional) as against a net profit of INR1.47 crore on
an operating income of INR174.93 crore during FY 2011-12.


JAGUAR LAND: Fitch Rates $500MM Senior Unsecured Notes 'BB-'
------------------------------------------------------------
Fitch Ratings has assigned Jaguar Land Rover Automotive PLC's
(formerly Jaguar Land Rover PLC) (JLR, 'BB-'/Stable)
US$500 million 5.625% senior unsecured notes a final rating of
'BB-'.

The assignment of the final rating follows a review of the final
documentation materially conforming to the draft documentation
previously received.

Using the top-down approach under its "Parent and Subsidiary
Rating Linkage Criteria", Fitch rates JLR a notch below the
rating of its parent Tata Motors Limited (TML, 'BB'/Stable). This
reflects the two entities' strong linkages, JLR's strategic
importance to TML and the direct/indirect support provided by TML
since it acquired JLR in the financial year ended March 2009. JLR
accounted for around 69% of TML's consolidated revenues and about
72% of its EBITDA in H1FY13, up from 63% and 69%, respectively,
in FY12. TML's rating factors in a single notch uplift for
potential support from the ultimate owner, Tata Group.

JLR reported strong revenue growth of 23% yoy to GBP6,927m during
H1FY13 and high operating profitability of 13.8% (H1FY12: 13.4%).
This was driven by high sales volumes of Land Rover vehicles and
more sales from China. JLR's sales in China increased to 21.4% of
total sales volumes during Q3FY13 from 16.4% a year ago.

JLR's strong revenue and margins have helped to largely offset
TML's poor performance. TML's unconsolidated revenue fell 7% yoy
during H1FY13 to INR229.1bn with EBITDA margins of 5.9% (H1FY12:
7.4%).

On a consolidated basis, TML's net leverage improved to 0.98x in
FY12 from 1.21x in FY11 largely due to JLR's substantially higher
cash balances. As of end-FY12, JLR had a cash balance of GBP2.4bn
(FY11:GBP1bn). Fitch expects a similar trend to persist in FY13.

The ratings are constrained by JLR's limited product portfolio,
its shorter operating history and lower volumes compared with
more established and highly rated premium car manufacturers. In
Fitch's opinion, the prevailing weak global economy may also pose
a challenge in maintaining volume growth over the next one to two
years.

Rating Sensitivities

Negative: Future developments that may, individually or
collectively, lead to negative rating action on JLR include:

- a weakening of linkages between the Tata Group and TML
- a weakening of linkages between TML and JLR
- TML's consolidated financial leverage (excluding that of
   TML's financial subsidiary - Tata Motors Finance Limited)
   exceeding 2x on a sustained basis due to reduced sales or
   profitability (at TML or JLR), or due to higher-than-expected
   debt

Positive: Future developments that may, individually or
collectively, lead to positive rating action on JLR include:

- higher volume growth for TML (standalone) and JLR through
   increased geographic and product diversification, without
   significant margin erosion from FY12 levels


KINGFISHER AIRLINES: Banks Decide to Start Recovery For Loans
-------------------------------------------------------------
The Times of India reports that lenders of Kingfisher Airlines
Ltd on Feb. 12 finally decided to start the recovery process for
INR7,500-crore loans given to the grounded airline, a top
official of State Bank of India said

"We have decided to recall (initiating the recovery process) the
loans given to Kingfisher Airlines. However, each bank board will
decide the future course of action," SBI deputy managing director
(Mid-Corporates) Shymal Acharya told reporters after a two-hour
meeting of bankers with company representatives, TOI relays.

According to the report, the meeting was attended by five
bankers, led by SBI, and the airline's management, including CEO
Sanjay Agarwal and UB Group president and CFO Ravi Nedungadi.
TOI notes that the decision comes even as Kingfisher chairman
Vijay Mallya has promised to airline employees about clearing
their salaries for 11 months and has assured of restarting
operations with the forthcoming summer schedule.

"No progress has been made so far by the airline management to
restart operations, and the bankers feel that enough time has
been given to the company," the report quotes Mr. Acharya as
saying.

TOI relates that Mr. Acharya admitted that banks will have to
"take a hair cut", meaning the difference between the market
value of the collateral and value assessed by the lender. He,
however, did not specify to what extent. The exposure of banks to
the troubled carrier runs into INR6,360 crore. Unpaid interest
and compounded interest take it to over INR7,500 crore, TOI
discloses.

SBI, the leader of the consortium of lenders, has the maximum
exposure with INR1,600 crore, followed by Punjab National Bank
with INR800 crore, IDBI Bank INR800 crore, Bank of India INR650
crore and Bank of Baroda INR550 crore, the report adds.

                     About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., serves about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.  It maintains bases in major cities such as Delhi and
Mumbai.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 5, 2012, The Times of India said Kingfisher Airlines has
been given a reality check by its auditors in the company's
annual report 2011-12.  The company had current liabilities,
including borrowings and trade payables of INR8,436 crore,
against current assets of INR1,618.8 crore at the end of
March 2012.  According to TOI, the Vijay Mallya-promoted company
has defaulted in repayment of loans to banks and financial
institutions, for which several lenders have had to take a hit by
setting aside more funds, with overdues estimated at nearly
INR800 crore at the end of March 2012.

Kingfisher, which has been unprofitable since it was created in
2005, accumulated losses of $1.9 billion between May 2005 and
June 30 of this year, The Wall Street Journal reported citing
Sydney-based consultant CAPA-Centre for Aviation.  The airline
also owes about $2.5 billion to lenders, suppliers, leasing
companies and investors, the Journal added.

According to The Times of India, the company began showing signs
of weakness in November 2011 when it ran out of money to operate
most of its flights and started reducing its flights to cut cost.
The airline also failed to pay salaries to its employees for a
long time following which the employees went on an indefinite
strike. Its flying license was finally suspended in October 2012,
TOI reported.


NEPTUNE HOUSE: ICRA Assigns 'B' Rating to INR13.5cr Loans
---------------------------------------------------------
The rating of '[ICRA]B' has been assigned to the INR 10.00 crore
term loans and the INR 3.50 crore fund-based cash credit facility
of Neptune House Furnishings Private Limited. The rating of
'[ICRA]A4' has also been assigned to the INR 0.25 crore short-
term non-fund based facilities of NEPTUNE.

                           Amount
   Facilities            (INR Cr)    Ratings
   ----------            --------    -------
   Term Loan               10.00     [ICRA]B assigned
   Cash Credit              3.50     [ICRA]B assigned
   Bank Guarantee           0.25     [ICRA]A4 assigned

The assigned ratings are constrained by the start-up nature of
the company; its moderate envisaged scale of operations; weak
financial profile as reflected in net losses, highly leveraged
capital structure, weak debt coverage indicators and high working
capital intensive nature of operations. The ratings are further
constrained by the high competitive intensity in the fabric
manufacturing industry and vulnerability of profitability to
adverse movements in raw material prices, which may not be passed
on to customers.

The assigned ratings, however favorably takes into account the
established track record of the group; long experience and
reputation of the promoters in the home furnishing business;
operational synergies enjoyed in terms of established
distribution network through associate concerns and the favorable
growth potential for the furnishings industry driven by
demographic factors and increase in disposable income.

Neptune House Furnishings Private Limited (NEPTUNE) was
incorporated in the year 1999 and started commercial operations
from January 2011. The company is engaged in manufacturing of
premium quality furnishing fabrics- upholstery, curtains, seat
covers, jacquard fabrics etc, with its manufacturing facilities
being located at Ahmedabad with an installed capacity of -1.22
million meters per year. The Neptune group has been in the
textiles business for over six decades with other major
associates being Neptune Plastic Corporation and Neptune House.


OM SHAKTI: ICRA Assigns 'B+' Rating to INR11cr Fund Based Limits
----------------------------------------------------------------
ICRA has assigned long-term rating of '[ICRA]B+' to INR11.00
crore* fund based limits of Om Shakti Agros Private Ltd.

                           Amount
   Facilities            (INR Cr)    Ratings
   ----------            --------    -------
   Fund based limits       11.00     [ICRA]B+ assigned

The assigned rating is constrained by moderate financial risk
profile of the company characterized by gearing of 2.57 times as
on March 31, 2012 on account high working capital borrowings and
thin operating margins due to low value added process of ginning
and pressing unit. The rating is also constrained by small scale
of operations; fragmented industry characterized by competition
from a large number of players which limits the ability to pass
on hike in input costs; and risks of operating in a commodity
market characterized by volatility in cotton prices. However, the
rating favorably factor in the experienced management and
proximity to cotton growing areas resulting in savings on
transportation costs.

Om Shakti Agros Pvt Ltd was incorporated as Vidhushi Steels &
Alloys Pvt Ltd in the year 2005. The name of the company was
changed to GS ginning pressing Pvt Ltd in 2006. The company name
was recently changed to Om Shakti Agros Pvt Ltd in December 2012.
The company is engaged in ginning; pressing & trading of cotton
lint. It commenced operations from 2006.

Recent Results

As per the Audited results, the company recorded INR 172.85 crore
sales during FY2012 and a PAT of INR 0.37 crore.


PD CORPORATION: ICRA Assigns 'B-' Rating to INR14.37cr Loan
-----------------------------------------------------------
The rating of '[ICRA]B-' has been assigned to the INR 14.37 crore
long term fund based facility of PD Corporation Private Limited.
The rating of '[ICRA]A4' has also been assigned to the INR 0.60
crore short-term non-fund based facility of PDCPL.

                              Amount
   Facilities                (INR Cr)    Ratings
   ----------                --------    -------
   Fund Based Facility         14.37     [ICRA]B- assigned
   Non-Fund Based Facility      0.60     [ICRA]A4 assigned

The assigned ratings are constrained by the typical project
implementation related risks, given the start-up nature of the
company, as well as the risks associated with the stabilization
of the proposed plant. The ratings are further constrained by the
highly competitive business environment given the fragmented
nature of the embroidery job work business limiting the company's
ability to fully pass on the increase in raw material prices.
ICRA also takes note of the debt funded nature of the project and
which is expected to result in a stretched capital structure and
credit metrics. The ratings, however, favorably take into account
the long track record of the promoters in embroidery job work
business, close proximity to raw material sources as the company
is located in Surat and favorable demand outlook for embroidered
products.

Incorporated in April 2011, PD Corporation Private Limited
(PDCPL) plans to undertake embroidery job-work and is in the
process of procurement and installation of machinery for the
same. The proposed capacity for the plant is 18.90 Crore stitches
per annum and the manufacturing site is located at Surat,
Gujarat. The promoter group was initially engaged in
manufacturing and trading of diamonds. However from FY 2006
onwards, they entered in the embroidery job-work business and
have been engaged in the same through M/s Vishnu Arts, M/s
Natural Fabrics and M/s Emkae Trading Corporation Pvt Ltd.


RAJSHREE GLOBAL: ICRA Assigns 'B' Rating to INR9cr Loans
--------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B' and a short
term rating of '[ICRA]A4' to the INR11.3 Crore* bank facilities
of Rajshree Global Private Limited.

                           Amount
   Facilities            (INR Cr)    Ratings
   ----------            --------    -------
   Fund-Based limits-        4.0     [ICRA]B assigned
   Long Term scale

   Term Loan-Long Term       5.3     [ICRA]B assigned
   scale

   Non-Fund based limits-    2.0     [ICRA]A4 assigned
   Short term scale

The ratings are constrained by the company's moderate scale of
operations; high competitive intensity in the disposable cutlery
industry resulting from a high level of fragmentation as well as
presence of unorganized players providing cheaper substitutes;
vulnerability of profitability to fluctuations in prices of
polymer, which is a crude derivative; high financial risk profile
characterized by low return indicators, high gearing level and
low coverage indicators and tight liquidity position as reflected
in high utilization of working capital limits. Nevertheless,
while assigning the ratings, ICRA has favorably factored in the
long experience of the company's promoters in the polymer and
plastic industry; favorable demand prospects for disposable
cutlery and location advantages due to proximity to the NCR
region.

Rajshree Global Pvt. Ltd is in business of manufacturing of
Disposable plates and bowls from General Purpose Polystyrene
(GPPS). The company was incorporated in January 2010 and its
manufacturing facility located at Bhiwadi, Rajasthan commenced
production in March 2011. The production capacity of the company
is 2700 Tonnes per annum.

Recent Results

RGPL reported a turnover of INR6.17 Crore and a net profit of
INR0.05 Crore during financial year 2011-12. The company had
reported a turnover of INR0.08 Crore and a net profit of INR0.01
Crore during financial year 2010-11.


S.C. SHAH: ICRA Reaffirms 'B+' Rating on INR6cr Fund-Based Loans
----------------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]B+' to the
INR6.00 crore fund based facilities of S.C. Shah Enterprises.
ICRA has also reaffirmed the short-term rating of '[ICRA]A4' to
the INR6.00 crore non-fund based bank facilities of the Firm.

                           Amount
   Facilities            (INR Cr)    Ratings
   ----------            --------    -------
   Fund based facilities    6.00     [ICRA]B+ reaffirmed
   Non-fund based           6.00     [ICRA]A4 reaffirmed
   facilities

The reaffirmation of ratings takes into account the experience of
the proprietor in steel trading business and established
relationship with reputed suppliers and customers.  The ratings
continue to be constrained by the financial profile characterized
by thin profit margins, stretched capital structure and coverage
indicators. The ratings also factor in the vulnerability of
margins to fluctuation in steel prices.

S. C. Shah Enterprises was established in 1982 as a
proprietorship concern by Mr. Shankarlal C Shah. The Firm is
engaged in the trading of stainless steel products like coils,
sheets, strips and rods etc procured domestically as well as
imported from established suppliers since 1997. At present, the
Firm has two warehousing facilities located at Sowcarpet (Mint
Street) and Royapuram, Chennai.

Recent Results

The Firm had reported net profit of INR0.5 crore on an operating
income of INR54.0 crore during 2011-12, as against net profit of
INR0.4 crore on an operating income of INR56.8 crore during 2010-
11.


SK SYSTEMS: ICRA Reaffirms 'BB' Rating on INR5.5cr Loan
-------------------------------------------------------
ICRA has reaffirmed the long term rating at '[ICRA]BB' to the
INR5.50 crores fund based bank facilities of SK Systems Private
Limited.  The outlook on the long term rating is Stable. ICRA has
also reaffirmed the short term rating at '[ICRA]A4' to the INR13
crores non-fund based bank facilities of SKS.

                           Amount
   Facilities            (INR Cr)    Ratings
   ----------            --------    -------
   Fund-Based Limits-       5.50     [ICRA]BB (Stable) reaffirmed
   Cash Credit

   Non-Fund Based Limits   13.00     [ICRA]A4 reaffirmed

The reaffirmation of the ratings takes into account long
experience of the promoters in the business which coupled with
strong customer base has resulted in the healthy order book
movement in the past. The rating has also taken into account
modest gearing levels at 0.72 times and improvement in
profitability in FY12 on account of better margins orders.
However the rating continues to be constrained by vulnerability
of SKS's profitability to high competitive pressures in its core
business of design, manufacture, supply, erection and
commissioning of air handling systems and equipments for various
industrial applications and power plants and limited bargaining
powers that SKS has vis--vis its customers (who are much larger
entities), which has resulted in stretched liquidity position as
reflected by relatively high working capital intensity (NWC/OI of
31% in FY 2012), modest cash flows and high working capital
utilizations in the past. The ratings are also constrained by
vulnerability of SKS's profitability to price fluctuation risks
on account of high lead time in execution of projects, which
coupled with absence of price escalation clause in contracts.
Going forward company's ability to reduce the debtor days and
thereby decreasing working capital intensity coupled with
maintaining margins will be key rating sensitivities.

Incorporated in 1980 by Mr. NK Gupta, SKS is engaged in
Designing, Manufacturing, Supply, Erection and Commissioning of
Industrial Air Handling and Air Pollution Control Systems /
Equipments and HVAC systems to industrial players. The
manufacturing facilities of SK Systems are located in Kundli
district of Sonepat, wherein all the manufacturing takes place.
Apart from that it has offices in Delhi and Bangalore where in
order execution takes place.

Recent Results:

As per the audited results, SKS reported a net profit of INR 0.69
crore on an operating income of INR 34.22 crore for the year
ended March 31, 2012 as against a net profit of INR 0.85 crore on
an operating income of INR 40.15 crore for the year ended
March 31, 2011.


SPARSH PACKAGINGS: ICRA Assigns 'BB-' Rating to INR12cr Loans
-------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB-' to the
INR12.0 Crore bank facilities of Sparsh Packagings Private
Limited.  The outlook on the long rating is Stable.

                           Amount
   Facilities            (INR Cr)    Ratings
   ----------            --------    -------
   Fund-Based limits-       7.0      [ICRA]BB- (Stable) assigned
   Long Term scale

   Term Loan-Long Term      5.0      [ICRA]BB- (Stable) assigned
   Scale

The rating is constrained by relatively small size of operations
in comparison to the size of the overall flexible packaging
industry; high competition from unorganized players and high
financial risk characterized by high gearing, moderate coverage
indicators and tight liquidity position. The rating also factors
in the decline in the revenues of the company following ban on
use of plastic for gutkha packaging. However, the profits of the
company were not impacted as the company shifted to paper based
packaging for gutkha segment. Nevertheless, while assigning the
ratings, ICRA has favorably factored in the long experience of
the management and established presence of group companies in the
domestic flexible packaging materials business; and favorable
demand prospects for flexible packaging material in the domestic
market. Significant financial support to group companies and
higher-than-anticipated debt funded capex would be key rating
sensitivities.

Sparsh Packagings Private Ltd is primarily engaged in the
business of manufacturing flexible packaging material from plain
films (PE, PET and PP films) as well as paper-based packaging
material (manufactured from paper, aluminium foil and PE film).
SPPL was incorporated in 2007 and started commercial production
in October 2008 from its Kanpur based plant, which had the
capacity of 1500 metric tonnes per annum (MTPA) of 2-3 layer
films as on 31 March 2009. During 2009-10, the company installed
plants with capacity of 4500 MTPA of multilayer films and 5400
MTPA of metalised film. SSPL is promoted by Mr. Vijay Kumar
Agarwal and family who also control a number of group companies
engaged in manufacturing of PET films, flexible packaging
material, woven sacks, printing cylinders, adhesives and other
allied products. Mr. Vijay Kumar Agarwal has long experience in
the business of flexible packaging products.

Recent Results

SPPL reported a turnover of INR56.27 Crore and a net profit of
INR1.60 Crore during financial year 2011-12. The company had
reported a turnover of INR85.83 Crore and a net profit of INR1.51
Crore during financial year 2010-11.


SRI VIJAYALAKSHMI: ICRA Rates INR7cr Cash Credit at 'B+'
--------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to INR 7.00
crore fund based facility of Sri Vijayalakshmi Cement Traders.

                           Amount
   Facilities            (INR Cr)    Ratings
   ----------            --------    -------
   Cash Credit             7.00      [ICRA]B+ Assigned

The rating assigned reflects SVCT's small scale of operations,
intensely competitive nature of the industry leading to a
pressure on margins, weak financial profile as reflected by low
profitability, high working capital utilization, modest cash
accruals and moderate debt coverage indicators. The rating also
factors in the high counterparty credit risk with majority of
client profile including smaller and financially weaker entities.
However, ICRA draws comfort from the long track record of the
promoter in the trading of cement business and the limited
exposure to the price fluctuations given that the firm maintains
minimal inventory.

Sri Vijayalakshmi Cement Traders incorporated in 1994 is engaged
in the trading of cement and iron & steel. The firm is an
authorized dealer for Rain Cement Limited (brand - Priya cement),
Madras Cement Limited (brand - Ramco cement), My Home Industries
Limited (brand - Maha cement and Maha Shakti cement) and NCL
Industries Limited (brand - Nagarajuna cement). The customer
profile of the firm consists of companies engaged in construction
and trading activities. Mr. Jagadesh (Managing Partner) has an
experience of more than 18 years in the trading of cement
business.

Recent Results

In FY12, SVCT reported operating income of INR 52.24 crore and
net profit of INR 1.16 crore.


SRI VIJAYALAKSHMI STEEL: ICRA Rates INR30cr Cash Credit at 'B'
--------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B' to INR30.00
crore fund based facility of Sri Vijayalakshmi Steel Traders.
ICRA has also assigned a short term rating of '[ICRA]A4' to
INR5.00 crore fund based facility of SVST.

                           Amount
   Facilities            (INR Cr)    Ratings
   ----------            --------    -------
   Cash Credit             30.00     [ICRA]B Assigned
   Adhoc Limit              5.00     [ICRA]A4 Assigned

The ratings assigned reflect the intensely competitive nature of
the industry leading to a pressure on operating margins,
stretched financial profile as reflected by low profitability,
high working capital utilization, modest cash accruals and weak
debt coverage indicators. The ratings also factor in the high
counterparty credit risk associated with 80% of the total sales
which are made on credit basis. However, ICRA draws comfort from
the long track record of the promoters in the trading of iron and
steel business and the limited exposure to the price fluctuations
given that most of the purchases are order backed, however
profitability is susceptible to price fluctuations to the extent
of the inventory maintained by the firm.

Sri Vijayalakshmi Steel Traders incorporated in 1977 is engaged
in the trading of iron and steel such as TMT bars, angles,
channels and rounds. The firm is an authorized dealer for Essar
Steel Limited, Rashtriya Ispat Nigam Limited and Steel Authority
of India Limited. Other than these suppliers from Visakhapatnam,
the firm also procures material from manufacturers based out of
Raipur. The customer profile of the firm consists of companies
engaged in construction and trading activities. Mr. Ramesh Gupta
(Managing Partner) and Mr. Jagadesh (Partner), have an experience
of more than 30 years and 20 years respectively in the iron and
steel trading business.

Recent Results

In FY12, SVST reported operating income of INR 240.94 crore and
net profit of INR 1.42 crore.



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


JAPAN FINANCE: Moody's Keeps Caa2 Rating on Cl. C Unsecured Notes
-----------------------------------------------------------------
Moody's Japan K.K. has upgraded to Aa3 (sf) from A3 (sf) its
rating on the Series One Class B Unsecured Notes of the Synthetic
CLOs of Regional Financial Institutions by Japan Finance
Corporation.

Moody's has also affirmed the Aaa (sf) rating of the Series One
Class A Unsecured Notes and the Caa2 (sf) rating of the Series
One Class C Unsecured Notes.

Details follow:

Deal Name: Synthetic CLO of Regional Financial Institutions
(Clover, LLC.)

Issuer: Clover, LLC.

JPY1,900,000,000 Series One Class A Unsecured Notes, affirmed at
Aaa (sf);

Previously on November 13, 2012, affirmed at Aaa (sf).

JPY578,646,000 Series One Class B Unsecured Notes, upgraded to
Aa3 (sf);

Previously on November 13, 2012, upgraded to A3 (sf).

JPY175,928,000 Series One Class C Unsecured Notes, affirmed at
Caa2 (sf);

Previously on November 13, 2012, affirmed at Caa2 (sf).

Dividend: Floating

Issue Date: March 11, 2011

Final Maturity Date: May 28, 2014

Reference Obligation: Loans to small- and medium-sized
enterprises (SMEs) in Japan

Originator/First CDS Buyer/Servicer: THE SAIKYO SHINKIN BANK,
Toyama Shinkin Bank, KITAISEUENO SHINKIN BANK, Osaka Shinkin
Bank, The Awaji Shinkin Bank

First CDS Seller/Second CDS Buyer: Japan Finance Corporation
(JFC, Aa3)

Second CDS Seller: Clover, LLC.

Independent Auditor: Tokyo Kyodo Accounting Office

Note Trustee/Initial Deposit Bank: Mizuho Corporate Bank, Ltd.
(Mizuho Corporate Bank, A1/P-1)

Calculation Agent: Mizuho Trust & Banking Co., Ltd.

Arranger: Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.

The notes represent a synthetic CLO transaction referencing
corporate loans for small- and medium-sized enterprises (SME).
These loans were originated by 5 financial institutions with the
intention of securitizing them under a "purchase scheme" program
of the Japan Finance Corporation.

Ratings Rationale:

The rating upgrade of the Class B Unsecured Notes reflects
increased credit enhancement due mainly to deal amortization.

Moody's affirmed the rating of the Class A Unsecured Notes at Aaa
(sf) because the increased credit enhancement is enough to
support the highest rating, which is Aaa (sf).

Moody's affirmed the rating of the Class C Unsecured Notes at
Caa2 (sf), given its low level of credit enhancement and the
outstanding amount of delinquencies.

The main factor for the uncertainty in Moody's analysis is the
macroeconomic environment for SMEs, as well as the financing
environment.

The Japanese economy is weak following the slowdown in the global
economy. Although the business environment for SMEs is also
weakening, government support for SME financing remains strong,
as highlighted by favorable measures, such as the SME Moratorium
Law.

Thus, the number of corporate bankruptcies is now at its lowest
in ten years.

As for the performance of the transaction, there were 9
delinquencies (approximately JPY191 million) in last December,
with two credit events so far. This performance is worse than
Moody's initial expectation.

However, as a result of referencing loan amortization, the
subordination ratio for the Class B Notes rose to 45.0% in
December 2012 from 21.1% in March 2011.

Moody's has assumed 4.0% as the expected credit event rate
(annualized) for the referencing pool, given the delinquencies so
far and the current business environment for SMEs. Moody's also
assumes a zero recovery rate from a credit event.

In its rating analysis, Moody's takes into account expected
credit event rates, outstanding delinquent loans, and changes in
credit enhancement, including current subordination, using the
CDOROM model to model the cash flows and determine the loss for
each tranche.

Other parameters -- such as expected credit event rates and
default timing -- are assumed in a conservative way so that
Moody's can run a cash flow simulation under stressful conditions
corresponding to the target rating level. Therefore, Moody's
analysis encompasses the assessment of stress scenarios.

If the annualized credit event rate rose from 4.0% to 6.0%, the
model output for Class A would not change. However, Class B and C
would change from Aa3 to A3 (Class B); from Caa2 to Caa3 (Class
C).

The principal methodology used in this rating was "Moody's
Approach to Rating Japan's SME CDOs" published in February 2009.



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


DOMINION FINANCE: Judge Pamela Andrews Steps Down From Trial
------------------------------------------------------------
Hamish Fletcher at The New Zealand Herald reports that a High
Court judge has stepped down from hearing the case of three men
associated with the collapsed firm Dominion Finance after it was
revealed she was a partner at a law firm at the same time as one
of the defendants.

In a ruling Wednesday morning, Justice Pamela Andrews -- who had
been hearing the trial for one and a half days -- said she could
not continue to try the case, the Herald relates.

According to the report, the judge's decision comes after
John Billington -- the QC of accused Dominion Finance chief
executive Paul Cropp -- made an application that a mistrial be
declared or Justice Andrews recuse herself from hearing the case
on the grounds of apparent bias.

This followed disclosures from the judge yesterday that Dominion
Finance director Robert Barry Whale and Justice Andrews were both
partners of top-shelf law firm Kensington Swan at the same time,
the report notes.

Mr. Whale was a partner of the firm in Auckland between 1996 and
2001, while Justice Andrews became a partner of Kensington Swan
in late 1988 and a consultant from 2002 operating out of
Wellington, the Herald discloses.

"From a 'public perception point of view' the fact remains that
Your Honour is sitting on judgment on a person in respect of whom
you had a partnership relationship and whose interests are in
conflict with the Crown and his co-defendants," Mr. Billington
submitted to the judge.  "A partnership is a legal relationship
based on trust and fidelity," he said.

Mr. Billington was supported in this application by Mike Lloyd, a
lawyer for an accused Dominion Finance executive who has name
suppression, the Herald adds.

                       About Dominion Finance

Based in Auckland, New Zealand, Dominion Finance Holdings
Limited was engaged in the provision of financial services
through the raising of debenture stock.  The company operated
through its wholly owned subsidiaries Dominion Finance Group
Limited and North South Finance Limited, and investment vehicle
Dominion Investment Fund Limited.  Both Dominion Finance Group
Limited and North South Finance Limited accepted debenture stock
investments and apply them (in conjunction with its own funds)
towards the provision of certain loans and other financial
accommodation.

Dominion Finance was put into receivership in September 2008
owing about NZ$176.9 million to more than 5,900 investors. It was
put into liquidation by the High Court at Auckland in May 2009.
Associate Judge Faire appointed William Black and Andrew Grenfell
of McGrathNicol as liquidators of the firm.  Receiver Rod
Partington of Deloitte said the liquidation application will not
affect the progress of the receivership.

North South Finance went into receivership in July 2010.

In total, the group is estimated to owe creditors NZ$400 million.


HANOVER FINANCE: Appeals High Court Ruling Over AIG Case
--------------------------------------------------------
Hamish Fletcher at The New Zealand Herald reports that Hanover
Group Holdings has filed an appeal after it lost a High Court
fight with insurance giant AIG over a policy worth up to
NZ$20 million.

According to the Herald, the insurance wrangle centred on a
directors and officers liability (D&O) policy Hanover took out in
November 2007 with AIG, and whether cover was provided for claims
associated with certain Hanover prospectuses.

The Herald relates that the cover would be used for legal costs
associated with the upcoming civil stoush between former Hanover
directors and the Financial Markets Authority (FMA) and any
damages that may arise.

AIG (at the time legally known as Chartis Insurance New Zealand)
did not accept that two prospectuses released by Hanover Finance
and United Finance were covered by the policy, the report relays.

The Herald says the policy issued by the insurance giant fell
short of complete prospectus cover but Hanover's lawyer, Nathan
Gedye, argued that its broker and AIG had agreed in 2007 there
would be D&O cover for all prospectuses issued during the policy
period.

The report recalls that during the High Court civil proceeding at
Auckland last October, Mr. Gedye pushed for the policy to be
rectified to reflect what he said was this "oral agreement"
between Hanover's broker Grant Dawson and AIG.

However, Justice Christopher Allan declined Hanover's bid in his
judgment, released in December, the Herald adds.

                         About Hanover Finance

Hanover Finance Limited -- http://www.hanover.co.nz/-- was
New Zealand's third-largest privately-owned finance company with
total assets of NZ$796 million at December 31, 2007.  The company
was established in 1984 to provide finance to the rural sector
and began lending to property developers and investors in 1995.
The loan portfolio has been gradually downsized since 2006 as a
result of a more cautious approach to lending in the face of
retail funding constraints.

Hanover Finance's investors in December 2008 voted in favor of
the company's Debt Restructure Proposals, including a plan to
fully repay NZ$552.6 million principal it owes over five years.
However, Hanover Finance said in November 2009 it is no longer
likely to fully repay investors under a debt restructuring plan
due to a deterioration in the commercial property development
market, a TCR-AP report on Nov. 12, 2009, said.

In December 2009, investors agreed to swap their Hanover
interests for shares in Allied Farmers Ltd.

The Serious Fraud Office commenced an investigation into the
affairs of Hanover Finance Ltd in September 2010 after
considering complaints received from the Securities Commission,
Allied Farmers and others.

The Financial Markets Authority, on March 30, 2012, filed civil
proceedings against directors and promoters of Hanover Finance
Ltd, Hanover Capital Ltd, and United Finance Ltd.  Proceedings
under the Securities Act have been filed against Mark Hotchin,
Eric Watson, Greg Muir, Sir Tipene O'Regan, Bruce Gordon and
Dennis Broit. They relate to statements made in the
December 2007 prospectuses, subsequent advertising, and the
March 2008 prospectus extension certificate.


MAINZEAL PROPERTY: Subbies Estimates Up to NZ$100-Mil. Losses
-------------------------------------------------------------
Anne Gibson at The New Zealand Herald reports that an out-of-
pocket Mainzeal Property and Construction subcontractor estimates
the builder could record $50 million to $100 million of losses
and says a group class action to get money back could be
worthwhile - but only if it stands a good chance of success.

The Herald relates that Phil McConchie, co-owner of scaffolding
and propping business Camelspace, which had $1 million of gear on
the twin-tower leaky Hobson Gardens' site, predicted Mainzeal
accounts would reveal huge losses and this would have widespread
repercussions for his sector.

"My guess is NZ$50 million to NZ$100 million because I've lost
NZ$300,000, another company is owed NZ$500,000, another
Wellington company $100,000 and I estimate another scaffolding
company is owed $500,000. That's well over $1 million and those
are just some of the people [mainly] in Auckland," the report
quotes Mr. McConchie as saying and referring to around 40 sites
where the builder was active throughout New Zealand.

The Herald notes that receivers PwC have not given any estimates
yet but could present an initial Mainzeal report by the end of
this month and are still auditing sites.

According to the report, Mr. McConchie said he might be keen to
talk to other subbies about taking legal steps to get money back
but would need to know more.

Mr. McConchie predicted a big group of subcontractors could fail
in the next month, causing widespread damage to the building
sector, vital to Christchurch's reconstruction and to Auckland
which desperately needs thousands of new residences, the Herald
relates.

Christchurch plumber Peter Diver wants subbies to boycott and
picket Mainzeal sites where jobs are taken over by other
companies who do not pay the existing claims.

About 1,000 subcontractors are thought to have been working for
Mainzeal.

The Herald adds that receiver Colin McCloy from PwC said the
financial standing of Mainzeal was still being assessed, "so it
is far too early to speculate on the final outcome of the
receivership".

                      About Mainzeal Property

Mainzeal Property and Construction Ltd is a New Zealand-based
property and construction company.  The company forms part of the
Mainzeal Group, which is owned by Richina Inc, a privately held
New Zealand-based company with a strong China focus.

Colin McCloy and David Bridgman, partners from
PricewaterhouseCoopers, on Feb. 6, 2013, were appointed receivers
to Mainzeal Property and Construction Limited and associated
entities as a result of a request made by its director to BNZ.

Mainzeal's director, Richard Yan advised that following a series
of events that had adversely affected the Company's financial
position coupled with a general decline in major commercial
construction activity, and in the absence of further shareholder
support, the Company could no longer continue trading.


NATIONAL FINANCE: Founder Appeals Conviction and Sentence
---------------------------------------------------------
stuff.co.nz reports that National Finance founder, shareholder
and director Trevor Allan Ludlow has challenged his conviction
and sentencing in the Court of Appeal. Mr. Ludlow was convicted
and received one of the heaviest prison sentences resulting from
the sector's collapse, the report says

stuff.co.nz notes that Mr. Ludlow was convicted on two separate
sets of Crimes Act and Financial Reporting Act charges - seven
filed by the Serious Fraud Office on which he was found guilty of
six and pleaded guilty to one, and later eight counts filed by
the Financial Markets Authority to which he pleaded guilty.

According to the report, Mr. Ludlow is serving a total sentence
of six years and four months in prison on all counts, and he
appeared via video link from prison to state his case in the
Court of Appeal in Auckland on Feb. 12.

As with his earlier District Court and High Court cases, the
report says, Mr. Ludlow represented himself because he said he
was too broke to afford legal representation and did not know
about legal aid options for appeals until it was too late.

Mr. Ludlow's appeal amounted to continued blaming of National
Finance's former accountant John Gray, who was sentenced to 18
months in prison in November 2010, which was then reduced to nine
months.

The judges reserved their decision on Ludlow's appeal against the
convictions, the report adds.

                         About National Finance

National Finance 2000 Ltd., whose core business was car finance,
was placed in receivership in May 2006, owing 2,000 investors
NZ$21 million.  Trevor Allan Ludlow was the sole shareholder and
a director of the company.  John Gray was employed by the company
as an accountant.

After considering a complaint received from the Receiver,
PricewaterhouseCoopers, the Serious Fraud Office determined that
an investigation into the affairs the National Finance 2000
Limited may disclose serious or complex fraud.  An investigation
under Part One of the Serious Fraud Office Act was commenced on
June 30, 2006.  This was elevated to a Part Two investigation on
May 8, 2007.

Charges were laid against Trevor Allan Ludlow and John Gray in
October 2009.



                             *********

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., Washington, D.C., 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 2013.  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$775 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 215-945-7000 or Nina Novak at 202-241-8200.



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