TCRAP_Public/130306.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Wednesday, March 6, 2013, Vol. 16, No. 46


                            Headlines


A U S T R A L I A

BASSET HOLDINGS: Liquidator Seeks Buyer for Assets
GOURMET FOOD: To Shut Down After Receivers Fail to Find Buyer
PLY ACT: Nishi Builder Enters Voluntary Administration
WAT'S ON TOP: Builder Guilty of Trading While Insolvent, Bankrupt
* Moody's Notes Worsening Australian Mortgage Arrears in December


H O N G  K O N G

B.C.G.A. CREDIT: Creditors' Proofs of Debt Due March 22
CEPTRON HK: Briscoe and Wong Step Down as Liquidators
CHARMING UNION: Final Meetings Set for March 26
CHINESE CULTURE: Placed Under Voluntary Wind-Up Proceedings
COSELSALVAGE LIMITED: Annual Meetings Set for March 21

CRIG INVESTMENTS: Members' Final General Meeting Set for March 28
DELIGHT VIEW: Members' and Creditors' Meetings Set for March 26
DOUCEUR FASHIONS: Creditors' Meeting Set for March 15
DOUBLE FIRST: Final Meeting Set for April 5
E! ENTERTAINMENT: Members' Final Meeting Set for March 22

GRAND OCEAN: Sole Member's Final Meeting Set for March 25
KASTRON INVESTMENT: Members' Final Meeting Set for March 25
KEEP JUMP: Members' Final Meeting Set for March 26
KIND FAMOUS: Creditors' Proofs of Debt Due March 25
LADY ANGELICA: Members' and Creditors' Meetings Set for March 26

TRIUMPH INVESTMENT: Members' Final Meeting Set for March 22
WAY OF LIFE: Creditors' Proofs of Debt Due March 22
WORLDWIDE TECHNOLOGY: Puen and Lo Step Down as Liquidators


I N D I A

DINESH SEAMLESS: CRISIL Assigns 'B' Ratings to INR90MM Loans
JAYACHANDRA BEARINGS: CRISIL Ups Ratings on INR150M Loans to BB-
JHANWAR INDUSTRIES: CRISIL Rates INR100MM Cash Credit at 'B+'
KANERIYA SAND: CRISIL Assigns 'B+' Ratings to INR49.6MM Loans
M. P. JEWELLERS: CRISIL Rates INR85MM Cash Credit at 'BB-'

POMMYS GARMENTS: CRISIL Assigns 'B+' Ratings to INR90MM Loans
RIVAA EXPORTS: CRISIL Raises Ratings on INR232.8MM Loans to 'BB+'
SERVOTECH POWER: CRISIL Assigns 'BB-' Ratings to INR100MM Loans
SHREE GANPATLAL: CRISIL Rates INR150MM Cash Credit at 'BB'
SOVA ISPAT: CRISIL Upgrades Ratings on INR440MM Loans to 'C'

STESALIT LTD: CRISIL Assigns 'BB' Ratings to INR350MM Loans


J A P A N

MIZUHO CAPITAL: Fitch Raises Preferred Securities Rating to 'BB'


N E W  Z E A L A N D

ALLIED FARMERS: Sells Toxic Loans After Lender Demands Payment
ASIA PACIFIC MGMT: In Receivership, 16 Apartments for Tender
LM FIRST MORTGAGE: Auditors Raise Doubt Over AUD344-Mil. Fund
LOMBARD FINANCE: Directors May Face Tougher Sentences


S I N G A P O R E

NUMBER 1: Court to Hear Wind-Up Petition on March 15
PREDIKTOR SINGAPORE: Creditors' Proofs of Debt Due on March 28
PREMIERE VISIONE: Court to Hear Wind-Up Petition on March 8
PROGEN ENGINEERING: Creditors' Proofs of Debt Due on March 15
SILVIA SHIPTRADE: Court to Hear Wind-Up Petition on March 8


X X X X X X X X

* Moody's Releases Comparative Report on Global RMBS Markets
* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


BASSET HOLDINGS: Liquidator Seeks Buyer for Assets
--------------------------------------------------
dissolve.com.au reports that Basset Holdings Pty Ltd liquidator
Nick Cooper of BRI Ferrier seeks urgent offers for the purchase of
the business and/or assets of the company trading as Bean Bar.

The holdings firm is the head franchisor of the Bean Bar chain of
cafes in Adelaide CBD and also runs its own store from leased
premises located at 50 Flinders Street also in Adelaide.  The
company assets offered for sale included Freehold Plant and
Equipment, stock, franchise rights and intellectual property.
Leased premises may be available subject to landlord's consent.

In July 2012, the ATO commenced its own proceedings against Basset
Holdings in the Federal Court, which culminated in the winding up
of the company and appointment of Nick Cooper of BRI Ferrier as
liquidator, The Advertiser reported.

Immediate offers for purchase of the business and/or assets are
required by March 6, 2013, dissolve.com.au says.


GOURMET FOOD: To Shut Down After Receivers Fail to Find Buyer
-------------------------------------------------------------
ABC News reports that the food maker Rosella will close down after
nearly 120 years in business, with the company's 70 remaining
Sydney-based workers to lose their jobs in the next few weeks.

According to the report, receivers Ferrier Hodgson said they have
not been able to sell the business and will now try to sell its
brands including Rosella tomato sauce and Stromboli pasta sauces.

The Gourmet Food Group, which includes Rosella Foods, was placed
in receivership in November.  Other parts of the group have
already been sold or are in the process of being sold.
ABC News relates that Rosella's receiver Jim Sarantinos thanked
staff for their efforts throughout the receivership.

"The loss of jobs is disappointing but unavoidable due to the
scale of losses the business was sustaining on a weekly basis,"
ABC News quotes Mr. Sarantinos as saying.

"We had hoped that a suitable buyer would have been able to
breathe new life into the business and preserve these jobs . . .
we have exhausted all options for a sale and unfortunately we have
no alternative but to cease trading."

                       About Gourmet Group

Gourmet Group is an Australian food manufacturer.  The group's
interests include sauce, spice and chutney manufacturer Rosella;
organic soups and pre-made meals maker Pitango; and crispbreads
and cracker maker Waterwheel.

Steve Sherman, John Lindholm and Jim Sarantinos of Ferrier Hodgson
were appointed joint and several receivers and managers of Gourmet
Food Holdings and related entities on Nov. 30, 2012, pursuant to
the provisions of a registered debenture charge
created by the Gourmet Group:

  -- Gourmet Food Holdings Pty Limited
  -- Australian Company Number
  -- Rosella Foods Pty Limited
  -- Philemon Pty Limited (t/as Waterwheel Industries)
  -- TCM Foods Pty Limited
  -- Gourmet Food Holdings New Zealand Limited
  -- Pitango Innovative Cuisine Limited


PLY ACT: Nishi Builder Enters Voluntary Administration
------------------------------------------------------
ABC News reports that Ply ACT Pty Ltd, the building contractor for
Canberra's Nishi development, has entered voluntary
administration.

Ply ACT has been building the AUD550 million Nishi complex at New
Action for developer Molonglo Group.  Several other Ply ACT
projects in Canberra are also affected, including the Astin
Apartments and Rex Hotel redevelopment.

According to the report, administrator Alan Hayes said he is
conducting an urgent assessment of Ply ACT's financial position.

"The cash flow of the company is insufficient to meet its debts
right now," the report quotes Mr. Hayes as saying.  "So there are
subbies (subcontractors) owned money. Equally there is money owing
to the company in the form of debtors, retentions, there's money
in the bank, there's assets available to the administrator.

ABC News relates that Mr. Hayes said most work has stopped on the
Nishi site.

The Nishi site is open for (the cinema contractor) to continue
their work, otherwise they've been locked down and suspended for
safety reasons until we can access what the safety is on the
site," Mr. Hayes, as cited by ABC News, said.

               Nishi Developers 'Shocked' at Collapse

The Canberra Times reports that the developers of the stricken
Nishi building in Acton said they are shocked by the collapse of
the main contractor on the AUD550 million project.

According to Canberra Times, the Molonglo Group said it has paid
all its bills to contractor Ply ACT Ltd, which called in the
administrators on Monday evening, allegedly owning local builders
millions of dollars.

But a spokesman for Molonglo subsidiary Nishi Residential Building
Ltd said in a statement on Tuesday that it he was "confident" that
the massive building job would be finished on time, Canberra Times
relays.


WAT'S ON TOP: Builder Guilty of Trading While Insolvent, Bankrupt
-----------------------------------------------------------------
SmartCompany reports that Timothy Watson, who traded under the
company Wat's on Top Constructions, has been found guilty of
trading while insolvent and ordered to complete 250 hours of
unpaid community service in a year.

SmartCompany recalls that in August 2009, Mr. Watson was made
bankrupt but continued to trade without advising some customers he
was an undischarged bankrupt.

The report says Mr. Watson obtained AUD73,372 by promising to
supply goods and services to a person without informing them of
his financial status.

According to SmartCompany, Mr. Watson was convicted in the Dromana
Magistrates' Court earlier this month and, in sentencing,
Magistrate Holzer said Mr. Watson had misled the customer and
needed to understand the consequences of his bankruptcy status.

PPB Advisory partner and insolvency expert Mark Robinson told
SmartCompany individuals who are insolvent cannot obtain money
from a person for their product or services unless they have
informed a credit provider.

"An individual under the Bankruptcy Act is not allowed to incur
credit over a certain threshold without informing the credit
provider. Certainly an individual cannot gain credit more than
their threshold amount without informing their provider," the
report quotes Mr. Watson as saying.

"As long as the bankrupted person has disclosed to the credit
provider they are an undisclosed bankrupt and the provider of
money is still happy to lend, then it's okay. This typically
happens in family arrangements."


* Moody's Notes Worsening Australian Mortgage Arrears in December
-----------------------------------------------------------------
Moody's Investors Service says that Australian prime mortgage
arrears worsened in December versus the previous month.

As published in Moody's Global Structured Finance Collateral
Performance Review, Moody's says arrears in excess of 30 days in
the Australian prime residential mortgage market were 1.44% in
December, up from 1.30% in November but down from 1.59% the same
period one year earlier.

Thirty-day-plus arrears in the Australian non-conforming market
were lower at 6.65% compared with 7.54% in November and 7.56% in
December 2011.

"Looking ahead, we expect the performance trends witnessed in 2012
to continue over 2013 with stable delinquencies, underpinned by
expected GDP growth of 2.5% to 3.5%, a continuation of the low
interest rate environment, and a steady unemployment rate of 4.5%
to 5.5%" says Jennifer Wu, a Moody's Vice President and Senior
Credit Officer.

About Moody's Global Collateral Performance Report

Moody's Global Collateral Performance Report is updated monthly
and covers the collateral performance of 41 structured finance
sectors located globally. In the US, the performance metrics of 12
asset classes are covered, in Europe: 19, in Japan: 7, in
Australia: 2, and in Canada: 1.

The report features typical aggregate performance metrics, such as
delinquencies and losses, as well as sector-specific metrics that
include residential and commercial property prices, loans in
special servicing, refinancing profiles, average WARF levels,
senior OC levels, payment rates, and excess spread. The underlying
data is also included. The metrics are accompanied by sector
commentary and outlooks, and projected losses by vintage where
applicable.

Australian data focuses on:

- Australian Prime RMBS

- Australian Non-conforming RMBS

- Australian Home Prices



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


B.C.G.A. CREDIT: Creditors' Proofs of Debt Due March 22
-------------------------------------------------------
Creditors of B.C.G.A. Credit Union, which is in liquidation, are
required to file their proofs of debt by March 22, 2013, to be
included in the company's dividend distribution.

The company's liquidators are:

         Wong Lung Tak Patrick
         Lau Yuk Ming
         Room 1101, 11/F
         China Insurance Group Building
         141 Des Voeux Road
         Central, Hong Kong


CEPTRON HK: Briscoe and Wong Step Down as Liquidators
-----------------------------------------------------
Stephen Briscoe and Wong Teck Meng stepped down as liquidators of
Ceptron HK Limited on Feb. 18, 2013.


CHARMING UNION: Final Meetings Set for March 26
----------------------------------------------
Members and creditors of Charming Union Investments Limited will
hold their final meetings on March 26, 2013, at 10:30 a.m., and
11:00 a.m., respectively at 8th Floor, Prince's Building, at 10
Chater Road, Central, in Hong Kong.

At the meeting, Jacky CW Muk, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


CHINESE CULTURE: Placed Under Voluntary Wind-Up Proceedings
-----------------------------------------------------------
At an extraordinary general meeting held on Feb. 7, 2013,
creditors of Chinese Culture on Net Foundation Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Chan Kim Fai
         Unit 1902, 19th Floor
         CLI Building, No. 313 Hennessy Road
         Wanchai, Hong Kong


COSELSALVAGE LIMITED: Annual Meetings Set for March 21
------------------------------------------------------
Members and creditors of Coselsalvage Limited will hold their
annual meetings on March 21, 2013, at 11:00 a.m., and 11:30 a.m.,
respectively at 22nd Floor, Prince's Building, 10 Chater Road,
Central, in Hong Kong.

At the meeting, David R Hague, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


CRIG INVESTMENTS: Members' Final General Meeting Set for March 28
-----------------------------------------------------------------
Members of Crig Investments Limited will hold their final general
meeting on March 28, 2013, at 3:00 p.m., at Flat B, 7/F, On Hing
Building, at 1 On Hing Terrace, Central, in Hong Kong.

At the meeting, Cheng Chi Pang, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


DELIGHT VIEW: Members' and Creditors' Meetings Set for March 26
---------------------------------------------------------------
Members and creditors of Delight View Azabu (HK) Limited will hold
their final general meetings on March 26, 2013, at
10:00 a.m., and 10:30 a.m., respectively at 602 The Chinese Bank
Building, 61-65 Des Voeux Road Central, in Hong Kong.

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


DOUCEUR FASHIONS: Creditors' Meeting Set for March 15
-----------------------------------------------------
Creditors of Douceur Fashions Limited will hold a meeting on
March 15, 2013, at 11:00 a.m., at Suite 1704, 17th Floor, 625
King's Road, North Point, in Hong Kong.

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


DOUBLE FIRST: Final Meeting Set for April 5
-------------------------------------------
Members of Double First Company Limited will hold their final
meeting on April 5, 2013, at 10:00 a.m., at Unit 9, 17/F, Citicorp
Centre, at 18 Whitfield Road, Causeway Bay, in
Hong Kong.

At the meeting, Lau Cheuk Man Timothy, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


E! ENTERTAINMENT: Members' Final Meeting Set for March 22
---------------------------------------------------------
Members of E! Entertainment Hong Kong Limited, which is in
members' voluntary liquidation, will hold their final meeting on
March 22, 2013, at 10:00 a.m., at 22nd Floor, Tai Yau Building,
181 Johnston Road, Wanchai, in Hong Kong.

At the meeting, Victor Robert Lew, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


GRAND OCEAN: Sole Member's Final Meeting Set for March 25
---------------------------------------------------------
Sole Member of Grand Ocean International Trading Limited will hold
their final meeting on March 25, 2013, at 3:00 p.m., at Suite No.
A, 11th Floor, Ritz Plaza, 122 Austin Road, Tsimshatsui, Kowloon,
in Hong Kong.

At the meeting, Sung Mi Yin Mella, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


KASTRON INVESTMENT: Members' Final Meeting Set for March 25
-----------------------------------------------------------
Members of Kastron Investment Limited will hold their final
general meeting on March 25, 2013, at 5:00 p.m., at its registered
office.

At the meeting, Ho Tak Kwong, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


KEEP JUMP: Members' Final Meeting Set for March 26
--------------------------------------------------
Members of Keep Jump Limited, which is in members' voluntary
liquidation, will hold their final meeting on March 26, 2013, at
11:00 a.m., at 5/F, Effectual Building, 16 Hennessy Road, Wanchai,
in Hong Kong.

At the meeting, Yip Tak On, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.


KIND FAMOUS: Creditors' Proofs of Debt Due March 25
---------------------------------------------------
Creditors of Kind Famous Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
March 25, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Feb. 8, 2013.

The company's liquidators are:

         Chan Chi Bor
         Li Fat Chung
         Unit 402, 4/F, Malaysia Building
         No. 50 Gloucester Road
         Wanchai, Hong Kong


LADY ANGELICA: Members' and Creditors' Meetings Set for March 26
----------------------------------------------------------------
Members and creditors of Lady Angelica Limited will hold their
final meetings on March 26, 2013, at 9:30 a.m., and 10:00 a.m.,
respectively at 32nd Floor, One Pacific Place, at 88 Queensway, in
Hong Kong.

At the meeting, Lai Kar Yan (Derek) and Darach E. Haughey, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


TRIUMPH INVESTMENT: Members' Final Meeting Set for March 22
-----------------------------------------------------------
Members of Triumph Investment Fund Limited, which is in members'
voluntary liquidation, will hold their final meeting on March 22,
2013, at 10:00 a.m., at Room 803, Tung Hip Commercial Building,
248 Des Voeux Road, Central, in Hong Kong.

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


WAY OF LIFE: Creditors' Proofs of Debt Due March 22
---------------------------------------------------
Creditors of The Way of Life Church Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by March 22, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Feb. 17, 2013.

The company's liquidator is:

         Lee, Tak Kuen
         Flat M, 5/F, Haven Court
         134 Leighton Road
         Causeway Bay, Hong Kong


WORLDWIDE TECHNOLOGY: Puen and Lo Step Down as Liquidators
----------------------------------------------------------
Puen Wing Fai and Lo Yeuk Ki Alice stepped down as liquidators of
Worldwide Technology Partners (Asia) Limited on Feb. 14, 2013.



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DINESH SEAMLESS: CRISIL Assigns 'B' Ratings to INR90MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Dinesh Seamless Tubes Pvt Ltd.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit             60      CRISIL B/Stable
   Proposed Long-Term      30      CRISIL B/Stable
   Bank Loan Facility

The rating reflects DSTPL's marginal scale of operations, and weak
financial risk profile marked by a small net worth and a high
total outside liabilities to tangible net worth ratio. These
rating weaknesses are partially offset by the benefits that DSTPL
derives from its promoters' extensive experience in the pipe
trading business and its established relationships with its
customers and suppliers.

Outlook: Stable

CRISIL believes that DSTPL will continue to benefit over the
medium term from its promoters' extensive experience in the pipe
trading business however its financial risk profile will remain
weak over the medium term. The outlook may be revised to
'Positive' if the company's financial risk profile improves most
likely due to a significant improvement in its capital structure
and its profitability. Conversely, the outlook may be revised to
'Negative' in case DSTPL there is a further deterioration in its
capital structure or working capital management.

DSTPL, incorporated in 2009, is managed by Mr. Champaklal K Shah
and Mr. Dhruv Sanjay Gupta. The company trades in carbon steel
seamless pipes and alloy steel seamless pipes. DSTPL is based in
Mumbai (Maharashtra).

DSTPL reported a profit after tax (PAT) of INR4.6 million on net
sales of INR632.0 million for 2011-12 (refers to financial year,
April 1 to March 31), against a PAT of INR4.1 million on net sales
of INR582.0 million for 2010-11.


JAYACHANDRA BEARINGS: CRISIL Ups Ratings on INR150M Loans to BB-
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank loan
facilities of Jayachandra Bearings (India) Pvt Ltd to 'CRISIL BB-
/Stable' from 'CRISIL BB/Stable'.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit            130      CRISIL BB-/Stable (Downgraded
                                   from 'CRISIL BB/Stable')

   Standby Line of         10      CRISIL BB-/Stable (Downgraded
   Credit                          from 'CRISIL BB/Stable')

   Proposed Long-Term      10      CRISIL BB-/Stable (Downgraded
   Bank Loan Facility              from 'CRISIL BB/Stable')

The rating downgrade reflects CRISIL's belief that JBIPL's
financial risk profile will be weaker than earlier expectations,
mainly because of substantial increase in its working capital
requirements. The company's working capital requirements have
increased because of significant stretch in its receivables; its
receivables increased to 125 days as on December 31, 2012, as
against normal receivables of around 60 days previously. JBIPL's
incremental working capital requirements are expected to remain
high and will predominantly be funded through bank debt.
Consequently, the company's total outside liabilities to tangible
net worth (TOLTNW) ratio is expected to remain high at around 4
times over the medium term. CRISIL believes that JBIPL's financial
risk profile will remain constrained over the medium term by its
large working capital requirements.

The rating reflects the benefits that JBIPL derives from its
promoters' experience in trading in bearings and its established
relationships with its customers and principals. These rating
strengths are partially offset by JBIPL's working-capital-
intensive operations, and weak financial risk profile marked by a
small net worth and high TOLTNW.

Outlook: Stable

CRISIL believes that JBIPL will continue to benefit over the
medium term from its promoters' industry experience. The outlook
may be revised to 'Positive' if the company significantly scales
up its operations, while improving its operating margin, leading
to sustained improvement in its cash accruals and TOLTNW ratio.
Conversely, the outlook may be revised to 'Negative' if JBIPL's
liquidity deteriorates because of further stretch in its working
capital requirements, or if there is considerable deterioration in
its financial risk profile because of lower profitability or
revenues, or if the company undertakes a significant, debt-funded
capital expenditure programme.

JBIPL was originally established as a proprietorship concern in
1968; this concern was reconstituted as a partnership firm in 1977
and then as a private limited company in 2005. JBIPL trades in
bearings.

JBIPL reported a profit after tax (PAT) of INR4.8 million on net
sales of INR363.7 million for 2011-12 (refers to financial year,
April 1 to March 31), against a PAT of INR4.9 million on net sales
of INR341.9 million for 2010-11.


JHANWAR INDUSTRIES: CRISIL Rates INR100MM Cash Credit at 'B+'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the cash
credit facility of Jhanwar Industries.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit            100      CRISIL B+/Stable

The rating reflects JI's small scale of operations in a fragmented
industry along with weak financial risk profile owing to working
capital intensive operations. These rating weaknesses are
partially offset by extensive experience of JI's promoters in rice
industry.

Outlook: Stable

CRISIL expects JI to maintain a stable business risk profile over
the medium term on the back of promoter's extensive experience in
the rice milling industry. The outlook may be revised to
'Positive' in case of better than expected financial risk profile
due to equity infusion or better working capital management.
Conversely, the outlook may be revised to 'Negative' in case of
less than expected demand or in case the firm under takes
substantial debt-funded expansions that further deteriorate the
capital structure or any equity withdrawal by the partners.

JI, located in Bundi (Rajasthan), is engaged in milling and
sorting of rice with a capacity of 2 tons per hour (TPH). The
entity is managed by its partners Mr. B.L Jhanwar and Mr. P.D.
Jhanwar.

JI reported profit after tax (PAT) of Rs 3.9 million on net sales
of Rs 286 million for 2011-12 (refers to financial year, April 1
to march 31), against PAT of Rs 2.7 million on net sales of Rs 246
million for 2010-11.


KANERIYA SAND: CRISIL Assigns 'B+' Ratings to INR49.6MM Loans
-------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Kaneriya Sand & Aggregates Pvt Ltd to 'CRISIL B+/Stable' from
'CRISIL BB-/Stable'.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit            8.5      CRISIL B+/Stable
   Term Loan             41.1      CRISIL B+/Stable

The rating downgrade reflects the substantially weaker than
expected performance by the company in 2011-12 (refers to
financial year, April 1-March 31), and CRISIL's expectation that
profitability will unlikely recover in 2012-13. On account of the
decline in profitability, KSAPL's gearing is expected to remain
high over the near-term, impacted also by its traditionally low
net worth.

The ratings also continue to factor KSAPL's relatively short track
record and geographic concentration as the company generates most
of its sales from the Surat (Gujarat) region. The rating
weaknesses are partially offset by the company's strong customer
profile, moderate revenue visibility on account of the contracts
with its key clients and the promoters' extensive experience in
the sector.

Outlook: Stable

CRISIL expects KSAPL will maintain its credit profile on the back
the long experience of the promoters in sand and aggregates
manufacturing. The outlook may be revised to 'Positive' if the
company's scale of operations increases substantially and on a
sustained basis, most likely by entering into sales contracts with
more clients, and without significantly impacting profitability.
Conversely the outlook may be revised to 'Negative' in case of
significant deterioration in profitability or increases in working
capital, or any debt funded capital expenditures.

Incorporated in 2010, KSAPL started operations in January 2011;
based in Surat, the company is involved in the manufacturing and
distribution of sand and aggregates, which are used in the
construction sector. The company operates a crushing plant at a
distance of about 60 kilometres from Surat. KSAPL is promoted by
Mr. Hasmukh Kaneriya and Mr. Dilip Kaneriya, who were earlier
involved in the same sector through companies held by the Kaneriya
family.

KSAPL reported a net loss of INR2.1 million on net sales of
INR10.4 million for 2011-12.


M. P. JEWELLERS: CRISIL Rates INR85MM Cash Credit at 'BB-'
----------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the cash
credit facility of M. P. Jewellers (BS) & Co.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit             85      CRISIL BB-/Stable

The rating reflects the benefits that MPBS derives from the
extensive experience of its promoters in the jewellery industry.
These rating strengths are partially offset by MPBS's small scale
of operations in the intensely competitive and fragmented
jewellery industry, and below-average financial risk profile,
marked by weak capital structure.

Outlook: Stable

CRISIL believes that MPBS will continue to benefit over the medium
term from its partners' extensive experience in the jewellery
industry. The outlook may be revised to 'Positive' if the firm
reports robust growth in revenue and profitability or improvement
in the capital structure, resulting in an improved financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
MPBS working capital cycle is stretched, significant capital
withdrawals by partners, or large capital expenditure plans
leading to weakening in its financial risk profile.

MPBS was set up as a partnership firm in 2009-10 (refers to
financial year, April 1 to March 31) by Mr. Chandrakanta
Roychowdhury, Mr.Biplabankur Roychowdhury and Mr. Pushparag
Roychowdhury. MPBS manufactures and retails gold, gems, diamond,
platinum and silver jewellery.


POMMYS GARMENTS: CRISIL Assigns 'B+' Ratings to INR90MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Pommys Garments India Private Limited.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Term Loan              5.8      CRISIL B+/Stable
   Cash Credit           70.0      CRISIL B+/Stable
   Proposed Long-Term    14.2      CRISIL B+/Stable
   Bank Loan Facility

The rating reflects the company's weak financial risk profile
marked by modest networth, high gearing and subdued debt
protection indicators and modest scale of operations in a highly
competitive industry. These rating weaknesses are partially offset
by the promoter's extensive experience in the industry and
established market position of PGIPL.

Outlook: Stable

CRISIL believes that PGIPL will continue to benefit over the
medium term from its established market position coupled with the
extensive experience of the promoter. The outlook may be revised
to 'Positive if the company generates significantly better-than-
expected revenue and margins and revenue while improving its
capital structure and debt protection indicators. Conversely, the
outlook may be revised to 'Negative' if PGIPL's working capital
cycle lengthens significantly or if it faces significant decline
in the revenue or profitability margins.

PGIPL was incorporated in the year 2009 by Mr. A. Inico Inbaraj
and Mr. K. Raja. The company is engaged in manufacturing of
readymade garments for women and kids. Its manufacturing
facilities are located in Dhalavaipuram (Tamil Nadu). The
promoters have been engaged in the readymade garment manufacturing
since 1998, through other entities.

PGIPL recorded a profit after tax (PAT) of INR 0.9 million on net
sales of INR282 million for 2011-12 (refers to financial year,
April 1 to March 31), against a PAT of INR 0.6 million on net
sales of INR180 million for 2010-11.


RIVAA EXPORTS: CRISIL Raises Ratings on INR232.8MM Loans to 'BB+'
-----------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of Rivaa
Exports Ltd to 'CRISIL BB+/Stable' from 'CRISIL BB-/Stable'.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Term Loan              26.8     CRISIL BB+/Stable ('Upgraded
                                   from CRISIL BB-/Stable')

   Cash Credit           100.0     CRISIL BB+/Stable ('Upgraded
                                   from CRISIL BB-/Stable')

   Proposed Long-Term    106       CRISIL BB+/Stable ('Upgraded
   Bank Loan Facility              from CRISIL BB-/Stable')

The rating upgrade reflects the expected improvement in Rivaa's
financial risk profile, particularly in its liquidity, on account
of infusion of equity by the company's promoters and absence of
any large, debt-funded capital expenditure (capex) plans. Rivaa's
promoters have infused INR90 million over the two years through
2011-12; the same has led to improvement in the company's overall
capital structure, with a gearing of 0.6 times as on March 31,
2012 (CRISIL has treated unsecured loans from the company's
promoters as neither debt nor equity). Rivaa's gearing is expected
to remain at a similar level over the medium term, in the absence
of any large capex plans. The company's debt protection metrics
are also expected to remain healthy, with interest coverage ratio
of over 6 times over the medium term. The company's utilisation of
bank lines has also declined, with average bank limit utilisation
at 74% over the 12 months through October 2012, on account of its
management's increased focus towards better working capital
management. CRISIL believes that Rivaa will sustain its healthy
financial risk profile, particularly its liquidity, over the
medium term.

The rating reflects the benefits that Rivaa derives from its
promoters' extensive industry experience and its moderate
operating efficiency; the rating also factors in the company's
healthy financial risk profile marked by a moderate net worth and
gearing, and comfortable debt protection metrics. These rating
strengths are partially offset by Rivaa's small scale of
operations, and limited product and revenue diversity.

Outlook: Stable

CRISIL believes that Rivaa will continue to benefit over the
medium term from its promoters' industry experience, its
established relationships with its customers and suppliers, and
steady cash accruals from its operations. The outlook may be
revised to 'Positive' if the company substantially scales up its
operations, while it maintains its profitability and capital
structure. Conversely, the outlook may be revised to 'Negative' if
Rivaa undertakes any large, debt-funded capex programme or
registers deterioration in its profitability, or if its working
capital cycle lengthens.

Rivaa, incorporated in 2004, is promoted by the Virmani family.
The company, based in Surat (Gujarat), manufactures blended fabric
for the salwar, kameez, and dupatta segment of the textiles
industry.

Rivaa reported a profit after tax (PAT) of INR26.5 million on net
sales of INR1.09 billion for 2011-12, against a PAT of INR19.8
million on net sales of INR1.07 billion for 2010-11.


SERVOTECH POWER: CRISIL Assigns 'BB-' Ratings to INR100MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Servotech Power System Pvt Ltd.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Term Loan                5      CRISIL BB-/Stable (Assigned)

   Cash Credit             50      CRISIL BB-/Stable (Assigned)

   Proposed Long-Term      45      CRISIL BB-/Stable (Assigned)
   Bank Loan Facility

   Proposed Short-Term     55      CRISIL A4+ (Assigned)
   Bank Loan Facility

   Letter of Credit        30      CRISIL A4+ (Assigned)

   Bank Guarantee          15      CRISIL A4+ (Assigned)

The ratings reflect the extensive experience of Servotech's
promoter in the power storage equipment industry, and average
financial risk profile marked by moderate debt protection metrics.
These rating strengths are partially offset by Servotech's large
working capital requirements and its marginal scale of operations
in a fragmented industry.

Outlook: Stable

CRISIL believes that Servotech will benefit from its promoter's
extensive industry experience over the medium term. The outlook
may be revised to 'Positive' in case the company improves its
scale of operations significantly while sustaining its
profitability and capital structure, or in case of improvement in
its working capital management. Conversely, the outlook may be
revised to 'Negative' if the company's liquidity deteriorates
further due to larger-than-expected working capital requirements
or if it undertakes a larger-than-expected, debt-funded capital
expenditure programme.

Servotech was set up in 1994 as a proprietorship firm and was
reconstituted as a private limited company in 1998. It
manufactures uninterruptible power supply, inverters, batteries,
Light-emitting diode lights, and solar controllers. It is based in
New Delhi with manufacturing facilities at Parwanoo (Himachal
Pradesh) and New Delhi.

Servotech reported a profit after tax (PAT) of INR8.3 million on
net sales of INR214.6 million for 2011-12 (refers to financial
year, April 1 to March 31), against a PAT of INR5.7 million on net
sales of INR198.3 million for 2010-11.


SHREE GANPATLAL: CRISIL Rates INR150MM Cash Credit at 'BB'
----------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' rating to the bank
facility of Shree Ganpatlal Onkarlal Agarwal & Co. (part of the
Swastik group).

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit             150     CRISIL BB/Stable

The rating reflects the Swastik group's established position in
the coal trading market and the healthy demand prospects for
imported non-coking coal in India. These rating strengths are
partially offset by the Swastik group's financial risk profile,
marked by gearing leveraged capital structure, and working-
capital-intensive operations.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SGOAC, Swastik Coal International Pvt
Ltd (SCIPL) and Swastik Coal Corporation Pvt Ltd (SCCPL), together
referred to as the Swastik group. This is because both SCCPL and
SCIPL trade in coal, while SGOAC provides logistics services for
the two group entities. Furthermore, the three entities are held
and managed by the same promoters and are expected to financially
support each other if and when the need arises.

Outlook: Stable

CRISIL believes that the Swastik group will benefit over the
medium term from its established sourcing network and healthy
demand prospects for imported non-coking coal in India. The
outlook may be revised to 'Positive' if the group significantly
scales up its operations while maintaining stable profitability.
Conversely, the outlook may be revised to 'Negative' if the group
faces any adverse regulatory change, thereby disrupting its
supplies, or if it undertakes any large debt-funded capital
expenditure programme.

Based in Indore (Madhya Pradesh), the Swastik group trades in
indigenous and imported coal. The group also provides logistics
services through its firm, SGOAC. Established in 1984 by members
of the Bindal family as a trader of indigenous coal, the group is
now focused on imported coal; it both directly imports coal from
international suppliers and also relies on merchant importers in
India. The Swastik group is promoted by Mr. Hitesh Bindal and Mr.
Vishnu Bindal.

The Swastik group reported a profit after tax (PAT) of INR77.2
million on net sales of INR7.6 billion for 2011-12 (refers to
financial year, April 1 to March 31), as against a PAT of INR39.5
million on net sales of INR4.5 billion for 2010-11.

SCOAC reported PAT of INR24.9 million on net sales of INR1.3
billion for 2011-12, compared PAT of INR20.9 million on net sales
of INR1.1 billion in 2010-11.


SOVA ISPAT: CRISIL Upgrades Ratings on INR440MM Loans to 'C'
------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of Sova
Ispat Alloys (Mega Projects) Limited to 'CRISIL C' from 'CRISIL
D'.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit             60      CRISIL C (Upgraded from
                                   'CRISIL D')

   Funded Interest         62.4    CRISIL C (Upgraded from
   Term Loan                       'CRISIL D')

   Proposed Long-Term      76.3    CRISIL C (Upgraded from
   Bank Loan Facility              'CRISIL D')

   Term Loan               75.8    CRISIL C (Upgraded from
                                   'CRISIL D')

   Working Capital Term   165.5    CRISIL C (Upgraded from
   Loan                            'CRISIL D')

The upgrade follows improvement in the company's near term
liquidity profile following restructuring of its outstanding
loans, wherein, it does not have any repayments till December
2013. Over the medium term, however, its ability to generate
adequate cash accruals to service its debt obligations on time
remains a key rating sensitivity factor.

SIAL's weak financial profile is marked by low net worth base and
weak debt protection metrics. The company also has large working
capital requirements and its operating margin is susceptible to
volatility in raw material prices. However, SIAL continues to
benefit from its promoter's extensive experience in the
ferroalloys industry.

SIAL was incorporated in 2004 and started commercial operations in
2008. SIAL manufactures ferro-manganese and silico-manganese.

SIAL reported a net loss of INR36.7 million on net sales of
INR322.9 million for 2011-12 (refers to financial year, April 1 to
March 31), against a PAT of INR5.76 million on net sales of
INR455.3 million for 2010-11.


STESALIT LTD: CRISIL Assigns 'BB' Ratings to INR350MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' rating to the bank
facilities of Stesalit Ltd.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit            300      CRISIL BB/Stable
   Proposed Long-Term      50      CRISIL BB/Stable
   Bank Loan Facility

The rating reflects Stesalit's promoters' extensive experience in
manufacturing electronic and engineering products and its above-
average financial risk profile. This rating strength is partially
offset by Stesalit's working-capital-intensive operations and high
revenue dependence on Indian Railways (IR) for business.

Outlook: Stable

CRISIL believes that Stesalit will benefit from its promoters'
extensive industry experience, over the medium term. The outlook
may be revised to 'Positive' if Stesalit diversifies its customer
profile or improves its working capital management, thereby
improving its liquidity. Conversely, the outlook may be revised to
'Negative' in case of deterioration in its working capital
requirements, lower-than-expected cash accruals or if the company
undertakes any large, debt-funded capital expenditure, causing its
liquidity to weaken.

Set up in 1987, Stesalit manufactures electronic and engineering
products, such as transformers, contractors, smoothing reactors,
motors, and alternator regulators, mainly for IR. All these
products are used in coaches, locomotives, and signaling systems.
The day-to-day operations of Stesalit are managed by Mr. A K
Khemka and his son, Mr. Hemant Khemka.

Stesalit reported a profit after tax (PAT) of INR223.9 million on
net sales of INR2.22 billion for 2011-12 (refers to financial
year, April 1 to March 31), against a PAT of INR183.6 million on
net sales of INR1.68 billion for 2010-11.



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


MIZUHO CAPITAL: Fitch Raises Preferred Securities Rating to 'BB'
----------------------------------------------------------------
Fitch Ratings has upgraded the Viability Ratings (VRs) of Mizuho
Financial Group, Inc., and Sumitomo Mitsui Financial Group, Inc.
and their subsidiaries.

Fitch has also upgraded the VRs of Mitsubishi UFJ Financial Group,
Inc.'s banking subsidiaries as well as their Long-Term Foreign and
Local Currency Issuer Default Ratings (IDRs). The ratings of
Sumitomo Mitsui Trust Bank, Limited have been affirmed.

Key Rating Drivers and Sensitivities - VRs

The upgrade of the VRs reflects sustained improvements in the
banks' risk absorption capability despite a persistently
challenging operating environment. The VRs continue to be
underpinned by the banks' strong domestic franchises and solid
liquidity, particularly in yen. The affected banks are MHFG,
Mizuho Bank, Ltd., Mizuho Trust & Banking Co., Ltd., Mizuho
Corporate Bank, Ltd., SMFG and Sumitomo Mitsui Banking
Corporation, Bank of Tokyo-Mitsubishi UFJ, Ltd., Mitsubishi UFJ
Trust and Banking Corporation.

The improvements, which have exceeded Fitch's earlier
expectations, are most evident in capitalisation (including
internal capital generation) for all mega banks. For MUFG and SMFG
in particular, their capitalisation now compares favourably with
that of many global peers. Despite solid improvements in MHFG's
capital ratios, they remain somewhat lower than the average of
'bbb+' rated peers. However, today's action incorporates Fitch's
expectation that Mizuho group's internal capital generation will
improve further from additional cost reductions through their
ongoing group restructuring. Fitch therefore expects MHFG's Basel
III-compliant common equity tier 1 ratio (on a fully implemented
basis) to reach 8% by end-March 2016, from around 7% currently.

The upgrades also reflect reduced equity exposure, gradual
earnings diversification and sound asset quality. Fitch believes
these improvements will be sustained. This is because of the
banks' risk-averse nature, which in part contributes to modest
core profitability, their moderate offshore expansion, and a
likely less negative, albeit still challenging, domestic operating
environment.

The affirmation of the VR for SMTB reflects its strong liquidity,
modest risk appetite and solid asset quality consistent with its
trust banking model, limited interest rate risk and adequate
capitalisation. Prospects for improving its core capital are
lessrelative to its peers while its smaller franchise than the
three mega banking groups' also constraints the ratings. Fitch
believes it will take time for synergies from the merger between
Sumitomo Trust and Banking Co., Ltd. and Chuo Mitsui Trust and
Banking Company, Limited in April 2012 to improve SMTB's internal
capital generation to levels comparable with higher-rated banks.

The Short-Term IDRs have been affirmed at 'F1' to reflect the
banks' strong access to funding on the back of their substantial
franchises and extensive liquidity within the system.

The VRs are sensitive to the broader operating environment and a
number of potential risks to which the banks remain exposed.
Negative rating action on the banks' VRs is currently not
envisaged as their substantial exposures to investment stocks and,
in particular, Japanese government bonds are well covered by the
banks' improved capitalisation. Fitch views the outlook for
economic and market conditions as somewhat supportive for
continuing improvements to their financial profiles. Nevertheless,
Fitch expects the banks to maintain improvements even in
challenging domestic operating conditions.

The VRs may be negatively affected by material stress in the
operating environment - beyond Fitch's own stress test
assumptions. Downward pressure may also result from an unexpected
increase in risk appetite without a corresponding increase in
capital buffers, leading to potentially higher earnings volatility
or slower internal capital generation.

The potential for further VR upgrade is limited for MUFG's
subsidiaries, in light of the ratings' proximity to the sovereign
IDRs (A+/Negative). Nevertheless, any positive action would likely
stem from further substantial improvement in the domestic
operating environment resulting in accelerated internal capital
generation. Contributions from overseas operations are likely to
be moderate in the short- to medium-term with no major changes to
the risk/return profile. For SMTB, upside for the VR would arise
if successful integration benefits internal capital generation.

Similarly, any further positive rating action on the VRs of MHFG
and SMFG entities would reflect a structurally improved operating
environment as well as further material improvement in their
capitalisation without a material increase in risk appetite. In
the case of MHFG, given that the rating already factors in
meaningful improvement in capitalisation, prospects for a further
upgrade in the medium-term are limited.

Rating Drivers and Sensitivities - IDRs, Senior Debt, Support
Ratings and Support Rating Floor

The upgrade of the IDRs of MUFG's banking subsidiaries follows the
upgrade of the VRs. Conversely a downgrade in the VRs of MUFG's
banking subsidiaries would directly impact their IDRs and senior
debt instrument ratings given that their IDRs are driven by the
VRs.

Any downgrade in VRs of SMFG, MHFG and SMTB would not immediately
affect their IDRs, since the IDRs are at their Support Rating
Floors (SRF). On the other hand, an upgrade in the VRs of SMFG and
SMTB would in turn lead to an upgrade of their IDRs. Currently,
MHFG's VR is one notch below its IDR of 'A-'. Therefore, an
upgrade in the VR of MHFG would not lead to an upgrade of the IDR
unless it is by more than two notches.

Fitch expects the banks' Support Ratings (SR) of '1' and SRF of
'A-' to be maintained, even if the sovereign's ratings were
downgraded to 'A'. This is based on Fitch's belief that the
government's propensity to support the major banks, if necessary,
remains intact. Also, the notching between the SRFs of
systemically important banks and the sovereign ratings tends to
narrow as the latter fall to lower rating categories. However, any
downgrade of the sovereign's IDRs to below 'A' would negatively
affect the SR and SRF of all banks as well as the support-driven
IDRs of MHFG.

Subordinated Debt and Other Hybrid Securities - Rating Drivers and
Sensitivities

Preferred securities issued by subsidiaries of MUFG, MHFG and SMFG
are rated four notches below the respective parents' VRs - two
notches for loss severity and two notches for non-performance risk
due to the constraint of coupon suspension - in line with Fitch's
criteria on performing instruments. Subordinated debt under Basel
ll are rated one notch below the IDRs, reflecting Fitch's
expectations that sovereign support, if required by the banks,
would preclude them from legal failure. As a result, subordinated
debt, like senior debt, would not default.

Subsidiary and Affiliated Company - Rating Drivers and
Sensitivities

The IDRs of Sumitomo Mitsui Banking Corporation Europe Limited
(SMBCE) are in line with the ratings of its 100% parent, SMBC,
given its role as the European operational arm of SMBC.

The Long-Term IDRs of ACOM CO., LTD (ACOM) have been upgraded
following the upgrade of the Long-Term IDRs of affiliated banks
under their 40% major shareholder MUFG. ACOM is viewed as a
strategically important subsidiary within the group, as a provider
of core consumer financial services. Hence, the IDRs are notched
down one level from MUFG banking subsidiaries' IDRs. Any change in
the notching approach would likely be driven by changes in MUFG's
ability or propensity to support ACOM, including due to changes in
ownership levels or strategic importance.

The rating actions are:

Entities under MHFG

MHFG, MHBK, MHTB:
- Long-Term Foreign and Local Currency IDRs affirmed at 'A-';
   Outlook Stable
- Short-Term Foreign and Local Currency IDRs affirmed at 'F1'
- Viability Rating upgraded to 'bbb+' from 'bbb'
- Support Rating affirmed at '1'
- Support Rating Floor affirmed at 'A-'

MHCB:
- Long-Term Foreign and Local Currency IDRs affirmed at 'A-';
   Outlook Stable
- Short-Term Foreign and Local Currency IDRs affirmed at 'F1'
- Viability Rating upgraded to 'bbb+' from 'bbb'
- Support Rating affirmed at '1'
- Support Rating Floor affirmed at 'A-'
- Senior unsecured debt affirmed at 'A-'

Mizuho Capital Investment (USD) 1 Limited
- Preferred securities upgraded to 'BB' from 'BB-'

Mizuho Financial Group (Cayman) Limited:
- Senior subordinated debt (Lower Tier 2 bonds under Basel ll)
   affirmed at 'BBB+'

Entities under SMFG

SMFG:
- Long-Term Foreign and Local Currency IDRs affirmed at 'A-';
   Outlook Stable
- Short-Term Foreign and Local Currency IDRs affirmed at 'F1'
- Viability Rating upgraded to 'a-' from 'bbb+'
- Support Rating affirmed at '1'
- Support Rating Floor affirmed at 'A-'

SMBC:
- Long-Term Foreign and Local Currency IDRs affirmed at 'A-';
   Outlook Stable
- Short-Term Foreign and Local Currency IDRs affirmed at 'F1'
- Viability Rating upgraded to 'a-' from 'bbb+'
- Support Rating affirmed at '1'
- Support Rating Floor affirmed at 'A-'
- Senior unsecured debt affirmed at 'A-'

SMBCE:
- Long-Term Foreign Currency IDR affirmed at 'A-'; Outlook Stable
- Short-Term Foreign and Local Currency IDRs affirmed at 'F1'
- Support Rating affirmed at '1'

SMFG Preferred Capital GBP 1 Limited, SMFG Preferred Capital USD 1
Limited:
- Preferred securities upgraded to 'BB+' from 'BB'

Entities under MUFG

BTMU:
- Long-Term Foreign and Local Currency IDRs upgraded to 'A' from
   'A-'; Outlook Stable
- Short-Term Foreign and Local Currency IDRs affirmed at 'F1'
- Viability Rating upgraded to 'a' from 'a-'
- Support Rating affirmed at '1'
- Support Rating Floor affirmed at 'A-'
- Senior unsecured debt upgraded to 'A' from 'A-'
- Senior subordinated debt (Lower Tier 2 bonds under Basel II)
   upgraded to 'A-' from 'BBB+'

MUTB:
- Long-Term Foreign and Local Currency IDRs upgraded to 'A' from
   'A-'; Outlook Stable
- Short-Term Foreign and Local Currency IDRs affirmed at 'F1'
- Viability Rating upgraded to 'a' from 'a-'
- Support Rating affirmed at '1'
- Support Rating Floor affirmed at 'A-'

MUFG Capital Finance 1 Limited, MUFG Capital Finance 2 Limited,
MUFG Capital Finance 4 Limited and MUFG Capital Finance 5 Limited:
- Preferred securities upgraded to 'BBB-' from 'BB+'

ACOM:
- Long-Term Foreign and Local Currency IDRs upgraded to 'A-' from
   'BBB+'; Outlook Stable
- Short-Term Foreign and Local Currency IDRs affirmed at 'F2'
- Support Rating upgraded to '1' from '2'
- Senior unsecured debt upgraded to 'A-' from 'BBB+'

Entity under Sumitomo Mitsui Trust Group

SMTB:
- Long-Term Foreign and Local Currency IDRs affirmed at 'A-';
   Outlook Stable
- Short-Term Foreign and Local Currency IDRs affirmed at 'F1'
- Viability Rating affirmed at 'a-'
- Support Rating affirmed at '1'
- Support Rating Floor affirmed at 'A-'



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


ALLIED FARMERS: Sells Toxic Loans After Lender Demands Payment
--------------------------------------------------------------
Paul McBeth at BusinessDesk reports that Allied Farmers has kept
itself alive for now by selling a series of toxic loans for as
much as NZ$600,000, after facing a call on debt that had to be
satisfied March 4.

BusinessDesk relates that the Hawera-based firm sold various loan
assets with zero book value to a confidential third party for an
immediate payment of NZ$100,000 and up to a further NZ$500,000.
The top-ups depend on outcomes that are still unknown, and the net
proceeds will be used to reduce debt, the report relays.

According to the report, Allied was in talks with various parties
Monday, including secured lender Crown Asset Management, to find
an acceptable repayment of a NZ$540,000 loan including interest,
secured over a NZ$3.75 million loan asset that it hasn't been able
to realise.

If Allied couldn't come up with an acceptable deal, it faced
liquidation, the report notes.

BusinessDesk recalls that the call on the loan was made last
month, and was followed by the Inland Revenue Department making a
statutory demand for NZ$3.7 million in unpaid taxes.

Allied is trying to rebuild itself after its disastrous
acquisition of financial assets from Hanover and United Finance
for NZ$394 million in 2009. It has ring-fenced what's left of the
assets in its Allied Farmers Investments unit, which had assets of
NZ$25.7 million, according to its first-half accounts obtained by
BusinessDesk.

                       About Allied Farmers

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

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

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

Allied Farmers Limited reported an unaudited loss of NZ$14.1
million for the year ended June 30, 2012, compared with NZ$40.9
million in 2011.  A significant part of this loss, NZ$10.3
million (last year NZ$34.1 million), largely relates to the
further impairment of assets acquired from Hanover and United
Finance.  Also included were NZ$0.7 million costs related to the
disposal of the rural merchandise business.


ASIA PACIFIC MGMT: In Receivership, 16 Apartments for Tender
------------------------------------------------------------
Luke Balvert at Sunlive News reports that Asia Pacific Management
Limited, the original developers of Mount Maunganui's Pacific
Apartments on Maunganui Road, has gone into receivership forcing
16 apartments to be put up for tender.

Asia Pacific Management Limited went into receivership in November
2012 with Corporate Finance Limited in Auckland appointed the
receivers for the 16 residential apartments owned by the developer
of the complex completed in 2009, according to Sunlive News.
Sixteen Pacific Apartments in Mount Maunganui are up for tender.

Realty Services Group Chief Executive Ross Stanway sid that other
than the 16 apartments up for tender the rest of the complex
apartments are already owned, the report discloses.

A number of enquires have been made into the apartments with
tenders closing, the report adds.


LM FIRST MORTGAGE: Auditors Raise Doubt Over AUD344-Mil. Fund
-------------------------------------------------------------
NBR Online reports that the auditors of LM first mortgage fund, an
Australian mortgage fund favored by Kiwi investors, said it might
go bust.

NBR relates that Ernst & Young partner Paula McLuskie said there
is "significant uncertainty" whether the LM first mortgage fund,
now valued at AUD344 million, can continue as a going concern.

In her opinion on the annual report of Kiwi-born Peter Drake's
fund, Ms. McLuskie said the scheme's financing facilities expire
in June and there is material uncertainty whether it can sell
developments for the sums estimated or repay debts in the amounts
stated, according to the news agency.

NBR notes that Ms. McLuskie said LM is negotiating with external
financiers to get enough money to complete developments on which
loans and receivables are secured.  Forecasted cashflows from
these projects are "subject to significant risks", she said.

"There is significant uncertainty whether the scheme will be able
to complete these projects and realise its assets at the amounts
stated in the financial report."

Notes to the accounts say: "In the event that funding beyond 30
June 2013 is unable to be obtained from financiers, or cash
receipts from assets sales are delayed and/or less than currently
envisaged and the scheme is unable to continue to comply with
repayment obligations, the scheme may not be able to continue as a
going concern."

LM's currency protected fund -- a feeder into the first mortgage
fund -- has been favored by about 2,000 Kiwi investors, to the
tune of AUD82 million, NBR discloses.

Mr. Drake's fund, which backs Australian property developments,
has been frozen for three years, since the global financial crisis
hit. It has 27 loans outstanding, down from 55 in 2009, the report
notes.


LOMBARD FINANCE: Directors May Face Tougher Sentences
-----------------------------------------------------
Hamish Fletcher at The New Zealand Herald reports that four
Lombard Finance directors -- including former Justice Ministers
Sir Douglas Graham and Bill Jeffries -- could face tougher
sentences as their case goes to the Court of Appeal this week.

The Herald notes that Messrs. Graham and Jeffries, with fellow
Lombard directors Lawrence Bryant and Michael Reeves, were found
guilty last year of making untrue statements about Lombard's
position in its offer documents in December 2007.

In a case brought by the Financial Markets Authority, Messrs.
Graham and Bryant last March were sentenced to 300 hours'
community service and ordered to pay NZ$100,000 reparation, while
Jeffries and Reeves, were sentenced to 400 hours' community
service.

But all four men are appealing against their convictions and the
FMA is also appealing against the sentences, the Herald relays.

Both appeals are being heard in Wellington, with proceedings
started Monday.

The case is expected to run for four days before Justices Anthony
Randerson, John Wild, and Christine French, the Herald says.

According to the report, FMA chief executive Sean Hughes said the
authority was not satisfied with the sentences imposed by Justice
Robert Dobson last year but could not comment on the submissions
in this week's appeal.

                       About Lombard Finance

Lombard Finance & Investments Limited is a wholly owned
subsidiary of Lombard Group, a diversified company specializing
in the financial services sector offering a number of lending
options and providing investment opportunities for its
shareholders and investors.

Lombard Finance was placed into receivership on April 10, 2008,
by its trustee, Perpetual Trust Limited.  PricewaterhouseCoopers
partners John Fisk and John Waller have been appointed receivers
of the company.  The receivership also applies to three other
subsidiaries of Lombard Group, being Lombard Asset Finance
Limited, Lombard Property Holdings Limited and Lombard Asset
Finance No 2 Limited.  The receivership does not impact on
Lombard Group Limited.



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


NUMBER 1: Court to Hear Wind-Up Petition on March 15
----------------------------------------------------
A petition to wind up the operations of Number 1 Costume Costume
Pte Ltd will be heard before the High Court of Singapore on
March 15, 2013, at 10:00 a.m.

Jack Investment Pte Ltd filed the petition against the company on
Feb. 19, 2013.

The Petitioner's solicitors are:

         Bee See & Tay
         10 Anson Road #24-11
         International Plaza
         Singapore 079903


PREDIKTOR SINGAPORE: Creditors' Proofs of Debt Due on March 28
--------------------------------------------------------------
Creditors of Prediktor Singapore Pte Ltd, which is in compulsory
liquidation, are required to file their proofs of debt by
March 28, 2013, to be included in the company's dividend
distribution.

The company's liquidators are:

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


PREMIERE VISIONE: Court to Hear Wind-Up Petition on March 8
-----------------------------------------------------------
A petition to wind up the operations of Premiere Visione Resources
Inc. Private Limited will be heard before the High Court of
Singapore on March 8, 2013, at 10:00 a.m.

Lim Choo Sun filed the petition against the company on Feb. 15,
2013.

The Petitioner's solicitors are:

         Han Wah Teng
         Allister Lim & Thrumurgan
         111 North Bridge Road
         #11-04 Peninsula Plaza
         Singapore 179098


PROGEN ENGINEERING: Creditors' Proofs of Debt Due on March 15
-------------------------------------------------------------
Creditors of Progen Engineering Pte Ltd, which is in compulsory
liquidation, are required to file their proofs of debt by
March 15, 2013, to be included in the company's dividend
distribution.

The company's liquidators are:

         Chee Yoh Chuang
         Lim Lee Meng
         c/o Stone Forest Corporate Advisory Pte Ltd
         8 Wilkie Road
         #03-08 Wilkie Edge
         Singapore 228095


SILVIA SHIPTRADE: Court to Hear Wind-Up Petition on March 8
-----------------------------------------------------------
A petition to wind up the operations of Silvia Shiptrade (S) Pte
Ltd will be heard before the High Court of Singapore on March 8,
2013, at 10:00 a.m.

Birnam Limited filed the petition against the company on Feb. 15,
2013.

The Petitioner's solicitors are:

         Gurbani & Co.
         78 Shenton Way #31-02
         Singapore 079120



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


* Moody's Releases Comparative Report on Global RMBS Markets
------------------------------------------------------------
The Japanese, Australian, Dutch and UK residential mortgage-backed
securities and mortgage markets differ in a number of key ways,
says Moody's Investors Service in a Special Comment report
entitled "A Primer: Comparing Japanese, Australian, Dutch and UK
RMBS and Mortgage Markets."

Key differences include, among others, the exposure to bullet
repayment risk, use of third-party credit protection, portfolio
structure (i.e., dynamic versus static) and the significance of
set-off risk.

In Moody's view, Dutch and UK interest-only (IO) mortgage loans
expose investors to bullet repayment risk because borrowers pay
only the interest portion for the entire life of the loan.
Conversely, Japanese and Australian IO loans do not expose the
borrower to bullet repayment risk because they are typically IO
for no more than five years (in Australia) or one year (in Japan)
before fully amortizing.

Moody's notes that, lenders mortgage insurance (LMI) mitigates
credit risk in Australian and Dutch RMBS. However, LMI is not used
in the UK, while lenders in Japan obtain a guarantee, generally
from a subsidiary.

Comparing portfolio structure, Dutch and UK master trust
portfolios change on a regular basis as the seller adds new loans
to the portfolio. As such, the portfolio can lose the benefits of
more seasoned borrowers building equity in their homes over time.
Typically, new loans are not added to Australian and Japanese
portfolios, the static nature of which leaves them more vulnerable
than dynamic portfolios to the performance of any one vintage of
mortgage loans.

In Moody's view, set-off risk is a more significant risk in Dutch
RMBS than the other markets because the tax law encourages the use
of IO mortgage loans in combination with repayment vehicles,
usually a savings or insurance policy provided by an insurance
company. If the insurance company becomes bankrupt, the borrower
can set off the value of the policy against the outstanding amount
of the mortgage loan (i.e., insurance set-off risk). Over time,
this risk increases because the value of the policy increases over
time.

Moody's will publish a more detailed, in-depth version of this
report by the end of the second quarter of 2013.


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

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

Apr. 18-21, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Annual Spring Meeting
         Gaylord National Resort & Convention Center,
         National Harbor, Md.
            Contact: 1-703-739-0800; http://www.abiworld.org/

June 13-16, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, Mich.
            Contact: 1-703-739-0800; http://www.abiworld.org/

July 11-13, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Hyatt Regency Newport, Newport, R.I.
            Contact: 1-703-739-0800; http://www.abiworld.org/

July 18-21, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Southeast Bankruptcy Workshop
         The Ritz-Carlton Amelia Island, Amelia Island, Fla.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 8-10, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Mid-Atlantic Bankruptcy Workshop
         Hotel Hershey, Hershey, Pa.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 22-24, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Southwest Bankruptcy Conference
         Hyatt Regency Lake Tahoe, Incline Village, Nev.
            Contact: 1-703-739-0800; http://www.abiworld.org/

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

Nov. 1, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      NCBJ/ABI Educational Program
         Atlanta Marriott Marquis, Atlanta, Ga.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Dec. 2, 2013
   BEARD GROUP, INC.
      19th Annual Distressed Investing Conference
          The Helmsley Park Lane Hotel, New York, N.Y.
          Contact: 240-629-3300 or http://bankrupt.com/

Dec. 5-7, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Terranea Resort, Rancho Palos Verdes, Calif.
            Contact: 1-703-739-0800; http://www.abiworld.org/



                             *********

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

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

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


                            *********


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

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Valerie U. Pascual, Marites O. Claro, Joy A. Agravante, Rousel
Elaine T. Fernandez, Psyche A. Castillon, 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.





                 *** End of Transmission ***