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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Tuesday, March 6, 2012, Vol. 15, No. 47

                            Headlines


A U S T R A L I A

ARAB BANK: Moody's Puts 'D' BFSR on Review for Possible Downgrade
STARYEARN PTY: Placed in Receivership
STATEWIDE DEVELOPMENTS: Goes Into Liquidation; Sells Assets


C H I N A

COUNTRY GARDEN: Moody's Says 2011 Results No Impact on Ba3 Rating
DAH SING: Weakened Earnings Cue Fitch to Lower Ratings


H O N G  K O N G

AUSTIN HOLDING: Chan Yui Hang Appointed as Liquidator
CNA (H.K.): Creditors' Meeting Set for March 15
GRAND NATURE: Members' Final Meeting Set for April 11
LEHMAN BROTHERS: Proposes Claims Settlement With Bermuda Unit
LEHMAN BROTHERS: HKMA Reports Progress of Probe in Minibond Cases

MASTROTTO ITALIA: Creditors' Proofs of Debt Due April 15
MEIWA HK: Lai and Haughey Step Down as Liquidators
NLV LIMITED: Lai and Haughey Step Down as Liquidators
PERFECT SQUARE: Creditors' Proofs of Debt Due April 5
POWER GATE: Creditors' Proofs of Debt Due April 15

SHARP FAME: Creditors' Proofs of Debt Due April 15
STAR INDUSTRIES: Chan Yui Hang Appointed as Liquidator
UNITED WELL: Commences Wind-Up Proceedings
ZHONG QUAN: Briscoe and Borrelli Step Down as Liquidators
* Fitch Affirms Long-Term IDRS on Eight Hong Kong Banks


I N D I A

ALANKIT LIFECARE: Inadequate Info Cues Fitch to Migrate Ratings
AXIS BANK: Fitch Assigns Support Rating Floor at 'BB+'
BHUMYA PVT: Fitch Assigns 'D(ind)' National Long-Term Rating
BHOOMI GINNING: ICRA Reaffirms [ICRA]B+ Rating on INR9.5cr Loan
CENTURY 21: ICRA Reaffirms '[ICRA]B' Rating on INR58cr Loans

GIRIJASHANKAR COTTON: ICRA Rates INR8cr Loan at '[ICRA]B+'
GOAN FRESH: ICRA Assigns '[ICRA]B' Rating to INR8.5cr Term Loan
KAPIL PLASTIC: ICRA Assigns '[ICRA]B' Rating to INR3.05cr Loan
KHED ECONOMIC: ICRA Assigns '[ICRA] BB+' Rating to INR611cr Loan
KINGFISHER AIRLINES: Service Tax Dept. Freezes 40 Bank Accounts

ROHIT STEELS: ICRA Assigns '[ICRA]BB-' Rating to INR4cr Loan
SINGAN PROJECTS: Fitch Cuts Rating on INR90MM Notes to 'D(ind)'
SRI BALKMUKUND: Fitch Assigns Nat'l Long-Term Rating at 'BB+'
SUBH LAXMI: Fitch Affirms Long-Term Rating at 'BB-(ind)'
VENU INDUSTRIES: ICRA Assigns '[ICRA]B+' Rating to INR15cr Loan


J A P A N

ELPIDA MEMORY: Bankruptcy No Impact Yet on Taiwan DRAM Sector
JLOC 40: S&P Puts 'BB-' Rating on Class C Bonds on Watch Negative
JLOC XXVIII: S&P Lowers Rating on Class C Certificates to 'B'


N E W  Z E A L A N D

DREAM HOMES: Placed in Liquidation; Owes More Than NZ$1.5 Million


S I N G A P O R E

ASICHEM TRADING: Creditors' Proofs of Debt Due March 16
EASTERN SHINE: Creditors' Proofs of Debt Due March 16
FOOD THERAPY: Court to Hear Wind-Up Petition on March 16
GOLDEN TRISTAR: Court Enters Wind-Up Order
HOCK CHUAN: Members' and Creditors' Meetings Set for March 9

JR MARINE: Court to Hear Wind-Up Petition on March 16
JURONG BRAZIL-SINGAPORE: Creditors' Proofs of Debt Due April 2


S R I  L A N K A

HSBC SRI LANKA: Outlook Revision Cues Fitch to Affirm Ratings


V I E T N A M

* Vietnamese Commercial Banks Losing Liquidity, Face Bankruptcy


X X X X X X X X

* FIJI: S&P Affirms 'B/B' Foreign and Local Issuer Credit Ratings
* BOND PRICING: For the Week Feb. 27 to March 2, 2012


                            - - - - -


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


ARAB BANK: Moody's Puts 'D' BFSR on Review for Possible Downgrade
-----------------------------------------------------------------
Moody's Investors Service has placed the ratings of Arab Bank
Australia Limited on review for possible downgrade, following
weakening asset quality during 2011.

Ratings affected are ABAL's long-term senior unsecured debt
rating of Baa2, subordinated debt rating of Baa3, short-term
rating of Prime-2 and stand-alone Bank Financial Strength Rating
(BFSR) of D+, which maps to Ba1 on the long-term rating scale.
The BFSR addresses the stand-alone credit profile of the bank,
and does not incorporate the potential for parental support,
which is included in the bank's Baa2 senior unsecured debt
ratings.

Ratings Rationale

"The review for downgrade is a result of asset quality pressures
relating to the impairment of a number of single large commercial
loan exposures in 2010. These exposures have yet to be resolved
and have continued to pressure the bank's asset quality metrics,
as indicated in the bank's December 2011 APS 330 report" said
Daniel Yu, an Analyst at Moody's Sydney office.

"Whilst the number of impaired customers is not high, the impact
to asset quality ratios has been significant, given the large
size of these exposures", added Mr. Yu.

The review for possible downgrade will focus on the potential for
further loan impairments as well as the bank's strategy to
maintain growth in its franchise without altering its risk
profile.

Industry concentrations, particularly to the property and
construction sectors, as well as the bank's funding profile with
regards to use of wholesale funding and refinancing risk, will
also be considered during the review process.

Moody's also notes that both loan and retail deposit growth
declined significantly during 2011, although this has also
allowed the bank to reduce some of its higher costing deposit
accounts.

ABAL's long-term debt rating of Baa2 incorporates parental
support, which lifts the rating 2 notches above its stand alone
rating of Ba1. The parent, Arab Bank plc, is currently rated Baa1
on a stand alone basis. The stand alone rating of the parent
carries a negative outlook and any potential negative action on
this rating would place further downward pressure on the long-
term debt rating of ABAL.

The methodologies used in this rating were Bank Financial
Strength Ratings: Global Methodology published in February 2007,
and Incorporation of Joint-Default Analysis into Moody's Bank
Ratings: A Refined Methodology published in March 2007.

Arab Bank Australia is headquartered in Sydney, New South Wales,
Australia. It reported assets of AUD1,339 million (approximately
USD1,360 million) at FY2010, for the year ending December 31,
2010.


STARYEARN PTY: Placed in Receivership
-------------------------------------
Greg Moloney and Will Colwell of Ferrier Hodgson were appointed
by the secured creditor as receivers and managers of Staryearn
Pty Limited pursuant to a Deed of Appointment dated Feb. 2, 2012.

The Receivers and Managers of the Company are now responsible for
the management of all property of the Company, including the
Company's commercial property located at 188-220 Anzac Avenue,
Toowoomba, Queensland.

The receivers may be reached at:

         Greg Moloney
         Will Colwell
         FERRIER HODGSON
         Level 7
         145 Eagle Street
         Brisbane, Queensland 4000
         E-mail: greg.moloney@fh.com.au
                 will.colwell@fh.com.au



STATEWIDE DEVELOPMENTS: Goes Into Liquidation; Sells Assets
-----------------------------------------------------------
Statewide Developments has gone into liquidation and receivers
and managers have been appointed to oversee the disposal of the
company's assets.

The receivers and managers have appointed MortgageeProperty.com,
to market and list the remaining properties for sale on domain
real estate and realestate.com with property Investors urged to
take advantage of the falling Sydney Property Market.

As the average house price in Rhodes climbs above the magic
$1 million mark, buyers and investors are taking advantage of
sliding property market and landing a rare bargain. Said, Scott
O. Talbot of MortgageeProperty.com

Three Townhouse units and two Apartments on Marquet Street,
Rhodes, are now available for viewing and offers. The three bed-
roomed, multi-bathroomed Townhouse offer secure garage space and
parking for four vehicles, plenty of additional space and rooftop
terraces to enjoy great views. With a current valuation of
$1 million and offers to purchase between $860,000-$960,000
(offers invited) and one townhouse leased at $52,000 per year,
property investors can secure a healthy return.

The pair of Apartments are both two bed-roomed and roomy within
as well as having a private balcony outside to enjoy everything
the Sydney weather can provide.

"These properties would be ideal for younger and growing families
and investors ready to move, would soon enjoy comparably high
rental yields on the properties because of the desirable
location" said Scott O. Talbot of MortgageeProperty.com

Rhodes is a well served with transport and leisure amenities and
the properties are within walking distance from Rhodes Station
and McIlwane and Rhodes Parks.

Statewide Developments Pty Ltd is a real estate developer.


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


COUNTRY GARDEN: Moody's Says 2011 Results No Impact on Ba3 Rating
-----------------------------------------------------------------
Moody's Investors Service says that Country Garden Holding
Limited's 2011 full-year results were generally in line with
expectations and have no immediate impact on the company's
corporate family and senior unsecured Ba3 ratings.

The ratings outlook remains stable.

"The share placement on March [29,] 2012 is credit positive, and
a prudent move by the management to improve its debt leverage and
liquidity position," says Ken Chan, a Moody's Vice President and
Senior Analyst, adding, "Such a move positions it more firmly in
the Ba3 level".

The HKD2.1 billion share placement reflects the ability of
Country Garden to access the equity market. Accordingly, its
adjusted debt/capitalization ratio -- after the placement --
slightly improved to 52.2% from 53.7% as of December 2011. This
ratio was 49.8% as of December 2010.

The company has been growing rapidly over the past few years,
supported mainly by debt issuance. The latest share placement has
enhanced its equity base and balance sheet liquidity.

Prudent liquidity management and its distribution of FY2011
profits as non-cash script dividends provide a better buffer for
any headwinds in the Chinese property market.

Country Garden's revenue grew 34.7% year-on-year to RMB34.7
billion, while its gross profit margin improved to 34.5%, from
32.4% a year ago.

"Country Garden's performance reflects its focus on the mass-
market segment at affordable prices and product innovation.
Moreover, its presales of RMB43.2 billion in 2011 slightly
exceeded its own target," says Ken Chan, a Moody's Vice President
and Senior Analyst.

"Given the current regulatory measures, we believe the company's
model of focusing on developing suburban areas in the
economically strong Guangdong province, as well as other second-
and third-tier cities, will help it fare well against its peers,
which concentrate on premium segments," adds Mr. Chan, also
Moody's lead analyst for Country Garden.

On the other hand, Country Garden's total on-balance sheet debt
grew to RMB29.0 billion as of December 2011, from RMB20.1 billion
last year. The growth in debt largely matched its capex spending,
which includes RMB 11.8 billion in land payment.

The company's credit metrics weakened in 2011, with EBITDA
interest coverage ratio falling to around 4.1x, from 5.0x last
year.

"Although Country Garden has indicated a slowdown in land
acquisition in 2012, Moody's expects that its credit metrics will
remain weak, with EBITDA interest coverage at 3.0x-4.0x and
adjusted debt/capitalization at above 50%-55% in 2012, and which
will continue to position it in the low Ba range," says Mr. Chan.

Moody's expects China's property market conditions to remain
challenging in 2012, as the government is unlikely to relax its
regulatory measures in the near term.

Nevertheless, light fine-tuning of policies, such as easing the
mortgage term in order to support real demand, is possible.
Country Garden, as one of the developers focused on first-time
buyers, will benefit from such measures, given its product mix
and targeted customer group.

Its ratings will continue to be supported by its large and low-
cost land bank, which offers pricing flexibility and thus
significant advantages in a down market, as well as its expertise
in suburban development in the Guangdong province.

The principal methodology used in rating Country Garden was the
Global Homebuilding Industry Methodology published in March 2009.

Country Garden Holdings Company Limited, founded in 1997 and
listed on Hong Kong Stock Exchange, is a leading Chinese
integrated property developer.  As of December 2011, it had a
sizeable land bank of 54.9 million sqm in attributable gross
floor area.  It also owns and operates 27 hotels with a total of
8,352 rooms as of December 2011. The hotels are located mainly in
the Guangdong province and support its townships developments.


DAH SING: Weakened Earnings Cue Fitch to Lower Ratings
------------------------------------------------------
Fitch Ratings has downgraded Dah Sing Bank Limited's Long-Term
Foreign Currency Issuer Default Rating to 'BBB+' from 'A-' and
its Viability Rating (VR) to 'bbb+' from 'a-'.  The Outlook is
Stable.

At the same time, Fitch has downgraded the bank's perpetual
subordinated notes to 'BB+' from 'BBB' and removed them from
Rating Watch Negative (RWN).

The downgrade on the issuer ratings primarily reflects DSB's
notably weakened earnings quality following greater reliance of
profits on its 20%-owned regional Chinese bank, Bank of
Chongqing.  The downgrade also reflects the increasing influence
of the more volatile Chinese economy on the bank's credit profile
and higher vulnerability of its capitalisation under mild-to-
moderate and severe stress scenarios, compared with similarly-
rated Hong Kong banks.  This highlights the bank's asset
concentrations in unsecured personal lending and commercial real
estate, its equity exposure to Bank of Chongqing, as well as its
reduced pre-impairment profits to absorb impairment charges.

Fitch does not consider the earnings contribution from Bank of
Chongqing to be reliable in supporting DSB's asset growth. They
are equity-accounted profits and are therefore not allowed to be
included as regulatory core capital under Hong Kong Monetary
Authority rules.  Bank of Chongqing contributed 28% of DSB's H111
net profits, up from 24% in 2010.

The mainland Chinese market, in Fitch's view, could be volatile
and of higher risk due to weaknesses in China's banking system,
less developed corporate governance and imperfect risk
mitigation.  Mainland China business, particularly cross-border
trade finance, has become one of the main drivers of DSB's loan
growth with gross mainland China exposures amounting to 16% of
total assets at end-H111 (2010: 13%).

The ratings, however, take into account DSB's continued sound
capitalisation, adequate liquidity and satisfactory asset
quality.  The bank's prudent loan-to-value policy and
demonstrated manageable historical loss experience mitigate risks
over its loan concentration in property-related sectors (about
45% of total loans).

The downgrade on the perpetuals is in line with the revised
criteria 'Rating Bank Regulatory Capital and Similar Securities'
dated 15 December 2011.  The rating 'BB+', three notches below
the bank's VR, reflects the notes' relative subordination and
non-performance risk characteristics.

Further downward pressure on the ratings may arise if DSB shows a
significant increase in credit risk and/or deterioration in
credit quality, particularly from growing exposure to mainland
China.  The bank's moderate franchise (with around 1.7% market
share of loans and 1.4% of deposits), sustained market
competition, and portfolio concentration will continue to
constrain rating upside.

DSB's earnings quality has deteriorated with weaker pre-
impairment profits of about 1% of average assets in 2009-H111
(1.5% in 2007-2008) due to narrower interest margins and higher
operating costs. Its resilient bottom line (return on average
assets: 0.8% in H111 and 0.9% in 2010, respectively) was
attributed to lower credit costs and greater contributions from
China.

The full list of rating actions is as follows:

  -- Long-Term Issuer Default Rating downgraded to 'BBB+' from
     'A-'; Outlook Stable
  -- Short-Term Issuer Default Rating affirmed at 'F2'
  -- Viability Rating downgraded to 'bbb+' from 'a-'
  -- Support Rating affirmed at '3'
  -- Support Rating Floor affirmed at 'BB'
  -- Senior unsecured debt downgraded to 'BBB+' from 'A-'
  -- Subordinated debt downgraded to 'BBB' from 'BBB+'
  -- Perpetual junior subordinated debt downgraded to 'BB+' from
     'BBB'; off RWN


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


AUSTIN HOLDING: Chan Yui Hang Appointed as Liquidator
-----------------------------------------------------
Chan Yui Hang on Feb. 22, 2012, was appointed as liquidator of
Austin Holding Limited.

The liquidator may be reached at:

         Chan Yui Hang
         Room 515, 5/F
         New Mandarin Plaza Tower A
         14 Science Museum Road
         Tsimshatsui East
         Kowloon, Hong Kong


CNA (H.K.): Creditors' Meeting Set for March 15
-----------------------------------------------
Creditors of CNA (H.K.) Company Limited will hold their meeting
on March 15, 2012, at 3:00 p.m., for the purposes provided for in
Sections 228A, 242, 243, 244 and 255A of the Companies Ordinance.

The meeting will be held at 17/F, Ginza Square, at 565-567 Nathan
Road, Yaumatei, Kowloon, in Hong Kong.


GRAND NATURE: Members' Final Meeting Set for April 11
-----------------------------------------------------
Members of Grand Nature Industrial Limited will hold their final
meeting on April 11, 2012, at 11:30 a.m., at 17th Floor, Shun
Kwong Commercial Building, at No. 8 Des Voeux Road West, Sheung
Wan, in Hong Kong.

At the meeting, Liu Wing Ting Stephen, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


LEHMAN BROTHERS: Proposes Claims Settlement With Bermuda Unit
-------------------------------------------------------------
Lehman Brothers Holdings Inc. asked Judge James Peck of the U.S.
Bankruptcy Court in the Southern District of New York to approve
a deal with Lehman Re Ltd. that would reduce the Bermuda-based
insurance firm's claims totaling $2.3 billion to $1 billion.

The claims stemmed from a 1999 repurchase agreement between
Lehman's commercial paper unit and Lehman Re involving
residential and commercial mortgages and loans, and from a 2007
Net Worth Maintenance Agreement between Lehman and the insurance
firm.

The claim against Lehman's commercial paper unit is now valued at
$490 million while the claim under the 2007 agreement is allowed
against Lehman in the sum of $415 million.

Aside from the settlement of claims, the deal also requires
Lehman Commercial Paper Inc. to purchase loans from Lehman Re for
$32 million.  The loans are among those that were sold to the
insurance firm under the repurchase agreement before LCPI filed
for bankruptcy protection.

Lehman lawyer, Richard Krasnow, Esq., at Weil, Gotshal & Manges
LLP, in New York, said the purchase of loans "represents a sound
exercise of LCPI's business judgment."

"The purchase of the repurchased loans will confer certain
strategic benefits to LCPI because LCPI is already invested in
the capital structure of many of the assets underlying the
repurchased loans," Mr. Krasnow said in court papers.

"LCPI will therefore have the opportunity to realize a
substantial profit through proactive management of the
repurchased loans," he further said.

Jeffrey Fitts and Daniel Ehrmann, managing directors of Alvarez &
Marsal North America LLC, expressed their support for court
approval of the proposed settlement.

A copy of the settlement agreement and related documents is
available for free at:

  http://bankrupt.com/misc/LBHI_SettlementLehmanRe.pdf

The hearing on the proposed settlement is scheduled for March 21,
2012.  Objections are due by March 13, 2012.

                      About Lehman Brothers

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

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

Additional units, Merit LLC, LB Somerset LLC and LB Preferred
Somerset LLC, sought for bankruptcy protection in December 2009
or more than a year after LBHI and its other affiliates filed
their bankruptcy cases.

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

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

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

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

               International Operations Collapse

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

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

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other
insolvency and bankruptcy proceedings undertaken by its
affiliates.  (http://bankrupt.com/newsstand/or
215/945-7000)


LEHMAN BROTHERS: HKMA Reports Progress of Probe in Minibond Cases
-----------------------------------------------------------------
The Hong Kong Monetary Authority (HKMA) announced Feb. 24 that
investigation of over 99% of a total of 21,847 Lehman-Brothers-
related complaint cases received has been completed.  These
include:

    * 15,769 cases which have been resolved by a settlement
      agreement reached under section 201 of the Securities and
      Futures Ordinance;

    * 3,347 cases which have been resolved through the enhanced
      complaint handling procedures required by the settlement
      agreement;

    * 2,371 cases which were closed because insufficient prima
      facie evidence of misconduct was found after assessment or
      no sufficient grounds and evidence were found after
      investigation;

    * 25 cases (including minibond cases) which are under
      disciplinary consideration after detailed investigation by
      the HKMA, of which proposed disciplinary notices are being
      prepared; and

    * 260 cases in respect of which investigation work has been
      completed and are going through the decision process to
      decide whether there are sufficient grounds for
      disciplinary actions or whether the cases should be closed
      because of insufficient evidence or lack of disciplinary
      grounds.

    Investigation work is underway for the remaining 73 cases.

A table summarizing the progress of the disciplinary and
complaint-resolution work in respect of Lehman-Brothers-related
complaints is available at http://ResearchArchives.com/t/s?7794

                      About Lehman Brothers

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

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

Additional units, Merit LLC, LB Somerset LLC and LB Preferred
Somerset LLC, sought for bankruptcy protection in December 2009
or more than a year after LBHI and its other affiliates filed
their bankruptcy cases.

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

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

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

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

               International Operations Collapse

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

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

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other
insolvency and bankruptcy proceedings undertaken by its
affiliates.  (http://bankrupt.com/newsstand/or
215/945-7000)


MASTROTTO ITALIA: Creditors' Proofs of Debt Due April 15
--------------------------------------------------------
Creditors of Mastrotto Italia Asia Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by April 15, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Feb. 23, 2012.

The company's liquidators are:

         Andrew C.C. Ma
         Felix K.L. Lee
         19th Floor, Seaview Commercial Building
         21-24 Connaught Road West
         Hong Kong


MEIWA HK: Lai and Haughey Step Down as Liquidators
--------------------------------------------------
Lai Kar Yan (Derek) and Darach E. Haughey stepped down as
liquidators of Meiwa Hong Kong Trading Co Limited on Feb. 22,
2012.


NLV LIMITED: Lai and Haughey Step Down as Liquidators
-----------------------------------------------------
Lai Kar Yan (Derek) and Darach E. Haughey stepped down as
liquidators of NLV Limited on Feb. 22, 2012.


PERFECT SQUARE: Creditors' Proofs of Debt Due April 5
-----------------------------------------------------
Creditors of Perfect Square (Holdings) Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by April 5, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Feb. 10, 2012.

The company's liquidators are:

         Dr. Terence Ho Yuen Wan
         Henry Fung
         Rooms 1001-1003, 10/F
         Manulife Provident Funds Place
         345 Nathan Road
         Kowloon, Hong Kong


POWER GATE: Creditors' Proofs of Debt Due April 15
--------------------------------------------------
Creditors of Power Gate Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by April
15, 2012, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Feb. 23, 2012.

The company's liquidators are:

         Andrew C.C. Ma
         Felix K.L. Lee
         19th Floor, Seaview Commercial Building
         21-24 Connaught Road West
         Hong Kong


SHARP FAME: Creditors' Proofs of Debt Due April 15
--------------------------------------------------
Creditors of Sharp Fame Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
April 15, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Feb. 23, 2012.

The company's liquidators are:

         Andrew C.C. Ma
         Felix K.L. Lee
         19th Floor, Seaview Commercial Building
         21-24 Connaught Road West
         Hong Kong


STAR INDUSTRIES: Chan Yui Hang Appointed as Liquidator
------------------------------------------------------
Chan Yui Hang on Feb. 22, 2012, was appointed as liquidator of
Star Industries Limited.

The liquidator may be reached at:

         Chan Yui Hang
         Room 515, 5/F
         New Mandarin Plaza Tower A
         14 Science Museum Road
         Tsimshatsui East
         Kowloon, Hong Kong


UNITED WELL: Commences Wind-Up Proceedings
------------------------------------------
Members of United Well International Enterprises Limited, on
Feb. 24, 2012, passed a resolution to voluntarily wind up the
company's operations.

The company's liquidator is:

         Chiu Wai Hon
         Unit 201, 2/F
         Malaysia Building
         50 Gloucester Road
         Wanchai, Hong Kong


ZHONG QUAN: Briscoe and Borrelli Step Down as Liquidators
---------------------------------------------------------
Stephen Briscoe and Cosimo Borrelli stepped down as liquidators
of Zhong Quan Cheuk Kei Engineering Company Limited on Feb. 17,
2012.


* Fitch Affirms Long-Term IDRS on Eight Hong Kong Banks
-------------------------------------------------------
Fitch Ratings has affirmed eight Hong Kong banks' ratings,
including their Long-Term Issuer Default Ratings (IDR), with
Stable Outlook and Viability Ratings (VR).

The agency also downgraded by one notch the ratings of certain
hybrids issued by two of the banks and removed them from Rating
Watch Negative.  The downgrades were in accordance with the
agency's revised methodology for rating hybrid capital
instruments.

"Key risk factors for all banks are the competitive operating
environment, expansion to China, and the fact that Hong Kong's
and China's economies and banking sectors are increasingly
intertwined,", says Sabine Bauer, Director in Fitch's Financial
Institution's team.  "However, Hong Kong banks have generally
maintained conservative collateral, capital and liquidity buffers
to cope with unexpected losses and it is these buffers that
justify ratings in the 'A' and the upper 'BBB' categories."

Without these buffers, VRs no higher than the 'bbb' category
would be more appropriate given the majority of the Hong Kong
banks' moderate franchises, concentrated operations and the
volatile environment they operate in.  On a bank-specific level,
Fitch's ratings account for differences in the banks' business
mix, risk appetite, reliance on collateral and expansion
strategies.

Fitch conducted its own scenario study to assess banks' relative
vulnerability to challenges facing the sector as a whole.  The
eight Hong Kong banks whose ratings were affirmed show
sufficiently robust financial metrics in line with current rating
levels to cope with potential losses under mild-to-moderate and
more severe stress scenarios.  This is despite the agency's more
conservative assumptions compared with those of banks in various
asset classes. Most importantly, Fitch's higher loss assumptions
for corporate loans reflect that an increasing portion of the
domestic portfolio is indirectly related to China, for which
there is limited loss history and which the agency considers
higher risk.  The agency will publish a detailed report on its
rating approach and the scenario outcomes in early March 2012.

Risks on mainland China's activities include the country's
vulnerable banking system, under-developed corporate governance,
possibly weaker borrower quality and potential difficulties in
cross-border collateral enforcement. Fitch considers the banks'
exposures to the domestic real estate sector mild as long as
single-name concentrations are not prevalent.

Liquidity risk is largely driven by confidence, including that
surrounding China growth, which could lead to sudden deposit
withdrawals.  The smaller banks are more vulnerable in that
regard and Fitch takes some comfort from their position as net
interbank lenders and generally substantial pools of liquid
assets.

Separately, Fitch has revised The Hongkong and Shanghai Banking
Corporation Limited's (HKSB) Outlook to Negative from Stable
while affirming its IDR at 'AA'  In addition, the agency
downgraded Dah Sing Bank Limited's (DSB) IDR to 'BBB+' from 'A-'.
Both banks also had their VR downgraded by one notch.  For
details, refer to their separate Rating Action Commentary dated 1
March 2012 for HKSB and 2 March 2012 for DSB.

The full list of rating actions is as follows:

Hang Seng Bank Limited (HSB)

  -- Long-Term Foreign Currency IDRs affirmed at 'A+'; Outlook
     Stable
  -- Short-Term Foreign Currency IDR affirmed at 'F1'
  -- Viability Rating affirmed at 'a+'
  -- Support Rating affirmed at '1'

Bank of China (Hong Kong) Ltd (BOCHK)

  -- Long-Term Foreign Currency IDR affirmed at 'A'; Outlook
     Stable
  -- Short-Term Foreign Currency IDR affirmed at 'F1'
  -- Viability Rating affirmed at 'a'
  -- Support Rating affirmed at '1'
  -- Support Rating Floor affirmed at 'A-'
  -- Senior unsecured securities affirmed at 'A'
  -- Lower tier-2 subordinated debt affirmed at 'A-'.

Industrial and Commercial Bank of China (Asia) Ltd (ICBC Asia)

  -- Long-Term Foreign Currency IDR affirmed at 'A'; Outlook
     Stable
  -- Short-Term Foreign Currency IDR affirmed at 'F1'
  -- Support rating affirmed at '1'
  -- Lower tier-2 subordinated debt affirmed at 'A-'

Wing Hang Bank Limited (WHB)

  -- Long-Term Foreign and Local Currency IDRs affirmed at 'A-';
     Outlook Stable
  -- Short-Term Foreign Currency IDR affirmed at 'F2'
  -- Viability Rating affirmed at 'a-'
  -- Support Rating affirmed at '3'
  -- Support Rating Floor affirmed at 'BB'
  -- Perpetual subordinated notes downgraded to 'BBB-' from
     'BBB'; RWN removed

Chong Hing Bank Limited (CHB)

  -- Long-Term Foreign Currency IDR affirmed at 'BBB+'; Outlook
     Stable
  -- Short-Term Foreign Currency IDR affirmed at 'F2'
  -- Viability Rating affirmed at 'bbb+'
  -- Support Rating affirmed at '3'
  -- Support Rating Floor affirmed at 'BB'
  -- Lower tier-2 subordinated debt affirmed at 'BBB'

Shanghai Commercial Bank Ltd (SCB)

  -- Long-Term Foreign Currency IDR affirmed at 'A-'; Outlook
     Stable
  -- Short-Term Foreign Currency IDR affirmed at 'F2'
  -- Viability Rating affirmed at 'a-'
  -- Support Rating affirmed at '3'
  -- Support Rating Floor affirmed at 'BB'

DBS Bank (Hong Kong) Limited (DBSHK)

  -- Long-Term Foreign Currency IDR affirmed at 'AA-'; Outlook
     Stable
  -- Short-Term Foreign Currency IDR affirmed at 'F1+'
  -- Support Rating affirmed at '1'.

CITIC Bank International Limited (CITIC)

  -- Long-Term Foreign Currency IDR affirmed at 'BBB'; Outlook
     Stable
  -- Short-Term Foreign Currency IDR affirmed at 'F3'
  -- Viability Rating affirmed at 'bbb'
  -- Support Rating affirmed at '2'
  -- Senior unsecured securities affirmed at 'BBB'
  -- Perpetual subordinated debt downgraded to 'BB' from 'BB+';
     RWN removed
  -- Lower tier-2 subordinated debt affirmed at 'BBB-'


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


ALANKIT LIFECARE: Inadequate Info Cues Fitch to Migrate Ratings
---------------------------------------------------------------
Fitch Ratings has migrated India-based Alankit Lifecare Limited's
'Fitch BB-(ind)' National Long-Term rating with a Stable Outlook
to the non-monitored category.  This rating will now appear as
'Fitch BB-(ind)nm' on the agency's website.  The ratings on
ALCL's INR100m fund-based working capital limits have also been
migrated to 'Fitch BB-(ind)nm'/'Fitch A4+(ind)nm' from 'Fitch BB-
(ind)'/'Fitch A4+(ind)'.

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


AXIS BANK: Fitch Assigns Support Rating Floor at 'BB+'
------------------------------------------------------
Fitch Ratings has assigned India-based Axis Bank Limited's
proposed USD500 million foreign currency senior unsecured notes a
Long-term rating of 'BBB-'.  The notes will be issued on March 5,
2012 by the bank's Dubai International Financial Centre branch
under ABL's EUR2bn medium term notes (MTN) programme.  The tenor
of the notes will be 5.5 years.

The notes are rated at the same level as ABL's Long-Term Foreign
Currency Issuer Default Rating (IDR) of 'BBB-', as they will
constitute direct, unsubordinated and senior unsecured
obligations of the bank, and will rank equally with all its other
unsecured and unsubordinated obligations

ABL's other ratings are as follows:

  -- Long-Term Foreign Currency IDR: 'BBB-'; Outlook Stable
  -- Short-Term Foreign Currency IDR: 'F3'
  -- Viability Rating: 'bbb-'
  -- Support Rating: '3'
  -- Support Rating Floor: 'BB+'
  -- Foreign Currency senior debt: 'BBB-'
  -- National Long-Term rating: 'Fitch AAA(ind)'; Outlook Stable
  -- INR57bn subordinated lower tier 2 debt programme: 'Fitch
     AAA(ind)'
  -- INR6.53bn subordinated upper tier 2 debt programme: 'Fitch
     AA+(ind)'
  -- INR2.14bn perpetual tier 1 debt programme: 'Fitch AA+(ind)'

Axis bank is eighth-largest bank in India with a strong
franchise, sound profitability and asset quality.  The bank's
reputation, established track record and capable management have
enabled it to carve a leading position in certain niches (e.g.
debt syndication and underwriting) while ensuring growth over the
last five years


BHUMYA PVT: Fitch Assigns 'D(ind)' National Long-Term Rating
------------------------------------------------------------
Fitch Ratings has assigned India-based Bhumya Pvt Limited a
National Long-Term rating of 'Fitch D(ind)'.  Its INR20m term
loan and INR275m cash credit limit have also been assigned a
rating of 'Fitch D(ind)', respectively.

The ratings reflect BPL's default in the payment of its term loan
interest and the over utilisation of its cash credit limit every
month for the last five months.  BPL was late in paying the term
loan interest in January 2012 by five days.

Timely repayments of its term liabilities and interest
obligations for two consecutive quarters would lead to a rating
upgrade.

BPL is part of the Ambootia Group sponsored by Sanjay Bansal, the
pioneer of biodynamic agriculture in India. It started tea
trading operations since September 2010.  For the nine months
ended December 2011 the company achieved sales of INR1,487.3m on
trading volumes of 12.6 million kg of tea, up from INR252.1m a
year ago.


BHOOMI GINNING: ICRA Reaffirms [ICRA]B+ Rating on INR9.5cr Loan
---------------------------------------------------------------
ICRA has reaffirmed an '[ICRA]B+' rating to the INR9.50 crore
(enhanced from INR7.20 crore) cash credit facility of Bhoomi
Ginning Pressing Private Limited. ICRA has also reaffirmed an
'[ICRA]A4' rating to INR0.06 crore (enhanced from INR0.02 crore),
short-term Credit exposure limit of BGPPL.

The ratings continue to be constrained by BGPPL's low
profitability due to low value addition, high gearing and
consequently weak debt protection indicators. ICRA also takes
note of the high competition due to fragmented nature of the
industry and the susceptibility of the profitability to adverse
movement in raw material prices which in turn is linked to the
seasonal nature of cotton industry and government regulations on
MSP and exports.

The ratings, however, favorably take into account the long
standing experience of promoters in the industry with presence of
management and their relatives in cotton cultivation which
ensures in procurement benefits, favorable location of the
company and forward integration in oil expelling ensuring
additional revenue and diversification

Incorporated in 2006, Bhoomi Ginning Pressing Private Limited was
started by Mr. Vallabhbhai P. Boghara, director, with other 17
shareholders, being family members or relatives. At present, it
has 24 ginning machines and 1 pressing machine and 2 expellers
for cottonseed crushing with its plant location at Jasdan,
Rajkot.

Recent Results:

For the year ended March 31, 2011, the company reported an
operating income of INR49.59 crore with profit after tax (PAT) of
INR0.07 crore. Further, during first ten months of FY 2012
(unaudited provisional financials), the firm reported an
operating income of INR29.51 crore and profit before tax of
INR0.19 crore.


CENTURY 21: ICRA Reaffirms '[ICRA]B' Rating on INR58cr Loans
------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B' rating assigned to the
INR58 crore term loans of Century 21 Town Planners Private
Limited.

The rating reaffirmation takes into account the concentration
risks arising out of operating a single property and the
stretched liquidity of the company on account of limited cushion
between cash flow from lease rentals and debt repayment
obligations, and pressure on the cash flows on account of delays
by the lessees in paying their monthly lease rental payments. The
rating, however, draws comfort from CTPL's experienced promoters,
attractive location of the mall, its full occupancy levels and
reputed tenant profile, and the upside in rental income owing to
revenue sharing agreements with the tenants. Going forward, the
ability of the company to maintain adequate cover between its
lease payments and repayment obligations remains the key rating
sensitivity.

Century 21 Town Planners Private Limited has been promoted by
Mr. Gurjeet Singh Chhabra who has been involved in real estate
development in and around Indore. Currently the group has two
operational malls under the companies CTPL and M.P. Entertainment
and Developers Private Limited. Apart from these malls, another
group company named Ria Hotels Private Limited has leased out
30,000 sq ft land to Bestech Hospitalities Pvt. Ltd.

Century 21 Town Planners Private Limited is currently operating a
mall (C-21 Mall) at Agra Bombar Road (A.B. Road), Indore (Madhya
Pradesh) with a gross leasable area of 3.5 lakh sq ft. The mall
is fully leased out and some of the tenants are - More Mega
Store, Reliance Trendz, Rituwears Satyam Cineplex, Mom & Me,
Tommy Hilfiger, U.S. Polo, Wills Lifestyle, Arrow, United Colours
of Benetton, Levis, Wrangler, Pepe, Nike, Reebok, Adidas etc.

In the 12 months period ending March 31, 2011, CTPL reported an
operating income of INR15.22 crore and Profit after tax of
INR2.31 crore.


GIRIJASHANKAR COTTON: ICRA Rates INR8cr Loan at '[ICRA]B+'
----------------------------------------------------------
ICRA has reaffirmed the rating assigned to the INR8 crore fund
based limits (including unallocated limit of INR1.00 crore) of
Girijashankar Cotton Private Limited at '[ICRA]B+'.

The rating reaffirmation takes into account GCPL's modest scale
of operations, the highly competitive and seasonal nature of the
cotton ginning industry, the significant regulatory risk typical
of the industry, a sharp increase in working capital intensity
during FY11 leading to elevated debt levels, and company's
limited presence in the textile value chain. Further, ICRA has
factored in the fact that the company is exposed to adverse
movement in raw material prices which coupled with low value add
nature of the work, keeps the profitability metrics and cash
accruals at modest level. The rating, however, draws comfort from
long standing experience of promoters in the industry; company's
diversified customer base and its proximity to the raw material
sources which enables GCPL to establish better relations with
farmers. Moreover, the rating also favorably factors in positive
outlook of cotton in the domestic and export markets.

While ICRA expects GCPL's operating profit margin to remain in
low single digits, high debt funded capital expenditure and
deterioration in debt coverage indicators would be the key rating
sensitivity.

                     About Girijashankar Cotton

Girijashankar Cotton Private Limited is the part of Mahesh Group.
The group belongs to Tayal family of Sendhwa (Madhya Pradesh),
predominantly engaged in the cotton trading & ginning
business.The company was incorporated in October 2005 and is
engaged in cotton ginning and pressing. The company was initially
set-up by Gupta family and later in July 2006, Gupta family sold
their stake in the company to Tayal family who are the current
promoters.

Recent Results:

The firm reported a net profit of INR0.13 crores on an operating
income of INR45.97 crores in FY11 as against net profit of
INR0.08 crores on an operating income of INR35.24crores in FY10.
As per company's estimate, GCPL registered INR44.14 crore of
operating income till YTD 2011-12(19 February 2012)


GOAN FRESH: ICRA Assigns '[ICRA]B' Rating to INR8.5cr Term Loan
---------------------------------------------------------------
ICRA has assigned '[ICRA]B' rating to the INR8.5 crore of term
loan and INR2.0 crore long-term fund based credit limits of Goan
Fresh Marine Exports Private Limited. ICRA has also assigned
'[ICRA]A4' rating to the INR6.0 crore short-term fund based
facility of GFMEPL.

The assigned ratings factor in the highly fragmented and
competitive nature of the sea food industry characterized by the
presence of many organized and unorganized players, resulting in
low profit margins for the players in the industry. The Indian
seafood industry faces inherent challenges like volatile export
demand, quality issues in the past, seasonality in sales and risk
in raw material availability owing to susceptibility of sea catch
to disease outbreaks and adverse climatic conditions. The ratings
are also constrained due to relatively new operations of the
company, its high geographical concentration with around 80% of
its total revenues accounted by Bangkok and China, significant
product concentration with Indian mackerel contributing almost
60% of the sales, and absence of any long-term raw material
sourcing arrangements with dependence primarily on local agents
for supply of sea-catch. Due to relatively new set of operations,
the company's financial profile also remains weak with high
gearing levels and weak coverage indicators on account of large
debt funded capital expenditure. The ratings, however, derive
comfort from extensive experience of the promoters in the
different aspects of the sea food industry.

Goan Fresh Marine Exports Private Limited was promoted by Mr.
Haneef Thota in the year 2009 and commenced operations from
August 2011. Mr. Haneef, along with other Directors in the
company, has several years of experience in different aspects of
the sea-food industry. GFMEPL is primarily involved in the
business of processing of marine products like Indian mackerel,
ribbon fish, reef cord, cuttle fish, squids, croaker, sardine,
and barracuda. The company currently exports to different
geographies including Bangkok, China, Malaysia, Singapore, Korea
and Middle East. The company has a seafood processing factory
located at Kota (Mangalore) with a capacity of storing up to
1,100 metric tons of frozen food. The company sources its raw
material mainly from agents located in different areas of
southern coastal belt.

Recent Results:

As per the provisional results, the Company's operating income
stands at INR32.8 crore for ten months ending January, 2012.


KAPIL PLASTIC: ICRA Assigns '[ICRA]B' Rating to INR3.05cr Loan
--------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B' to the INR3.05
crore of fund based limits and a short term rating of '[ICRA]A4'
to the INR4.25 crore non fund based limits of Kapil Plastic
Industries.

The assigned ratings are constrained by the stretched liquidity
position of the firm as evidenced by significant overdrawals in
the fund based limits; the inherent weaknesses of a partnership
firm and the small scale of operations of the firm. The ratings
are also constrained by high customer concentration risk and high
working capital intensity resulting in negative cash flows. The
ratings however derive some comfort from the established track
record of the partners in the cables business and increase in
operating margins of the firm over the years. Going forward KPI's
ability to secure sufficient orders to optimally utilize its
capacity while improving its liquidity position would remain
crucial for the company's growth and profitability.

Kapil Plastic Industries was established in the year 1991 as a
partnership firm and commenced production in the same year. The
firm was set up by Mr. Pati Ram Singhal and his son Mr. Jai
Bhagwan Singhal. After the death of Mr. Pati Ram Singhal in 2009
the firm was set up as a partnership firm between Mr. Jai Bhagwan
Singhal and his daughter Ms. Monika Singhal (50:50). The firm is
in the business of manufacturing of Poly Vinyl Chloride (PVC)
wires and cables. It is an ISO 9001:2000 certified firm. The
manufacturing facility is located in Bahadurgarh, Haryana.

Recent Results:

As per the FY2010-11 audited results, KPI reported a net profit
of INR0.27 crore on an operating income of INR9.04 crore as
compared to net profit of INR0.35 crore on an operating income of
INR9.29 crore in FY 2009-10.


KHED ECONOMIC: ICRA Assigns '[ICRA] BB+' Rating to INR611cr Loan
----------------------------------------------------------------
ICRA has assigned '[ICRA] BB+' with stable outlook to the
INR611.0 crore long term loan of KHED Economic Infrastructure
Private Limited.

The assigned rating reflects SEZ's favorable location;
experienced management team and financial flexibility provided by
being part of Kalyani Group. ICRA notes that KEIPL has key
regulatory approvals in place which in the past had adversely
affected SEZ projects of similar size. The rating is however
constrained by project execution risk inherent to SEZ projects
and significant marketing risk which is further accentuated by
unfavorable changes in Government policies and uncertainty over
possible discontinuation of SEZ benefits. Overall project cost of
INR1,704 crore will be funded by mix of debt, equity and advance
lease premium, and lower than expected off-take could affect
lease income thereby exposing KEIPL to funding risk in the medium
to long term. While the debt repayment structure is comfortable
(repayment of principal amount commences from Q4 FY14) ability to
tie up sale/lease at regular intervals will be a key sensitivity
going forward.

Khed Economic Infrastructure Private Limited, a Special Purpose
Vehicle (SPV) jointly promoted by Kalyani Group (KG, 74% equity
stake) and Maharashtra Industrial Development Corporation (MIDC,
26% equity stake), is undertaking to implement a multi-product
Special Economic Zone to be spread over an area of 4500 Ha in
Khed Taluka near Pune District in the State of Maharashtra. The
proposed SEZ would cater mainly to establishments involved in
Engineering/Auto components, IT/ITES, Textile Park and Bio
technology. Other types of industries are also likely to find a
place in the SEZ. Mr. B. N. Kalyani, Chairman of Kalyani Group is
also the chairman of KEIPL. The management team is headed by
Mr. Ramanath Jha (CEO - KEIPL) who had earlier represented
government bodies in infrastructure sector at senior level.


KINGFISHER AIRLINES: Service Tax Dept. Freezes 40 Bank Accounts
---------------------------------------------------------------
Deccan Herald reports that the Service Tax Department on Saturday
said it had frozen 40 bank accounts of Kingfisher Airlines for
non-payment of dues worth INR40 crore.

Deccan Herald quotes Service Tax Commissioner S K Solanki as
saying that, "We froze 40 bank accounts of Kingfisher Airlines
on Thursday and Friday.  The airline failed to meet the
February 29 deadline to make the payments. It owes INR40 crore to
the department."

According to the report, it is the fourth time in as many months
that the service tax department has frozen KFA's bank accounts.
Last month, the income tax department had also frozen the bank
accounts for not depositing the TDS, the report notes.

Deccan Herald relates that Mr. Solanki said the airline was given
time until February 29 to clear part payment, and until March 31
to pay off all the arrears of INR70 crore.  Since the account was
frozen first time in early November last, the airline had paid
only a little over INR30 crore, says Deccan Herald.

S K Goel, chairman of the Central Board of Excise and Customs,
under which the service tax department falls, said on February 22
that the airline had to clear indirect tax dues of INR70 crore
before March 31, 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.  Kingfisher Airlines is a unit of UB Holdings, best known
for its United Breweries unit, and the carrier shares the
Kingfisher brand with a popular Indian beer.  UB Holdings also
owns a stake in another domestic carrier, Air Deccan, whose
operations it combined with Kingfisher Airlines in mid-2008.
Kingfisher Airlines began flying in 2005.

                          *     *     *

Kingfisher Airlines lost money six years in a row, accumulating
net debt of INR77.2 billion (US$1.74 billion) as of March 2010,
according to data compiled by Bloomberg.

Kingfisher lost INR4.44 billion (US$90.1 million) in the fiscal
third quarter that ended in December, 74.8 per cent more than a
loss of 2.54 billion rupees a year previously, The Economic Times
discloses.  The company has lost INR11.8 billion (US$240 million)
in the first nine months of the current fiscal year that ends in
March, a 35 per cent rise from a year earlier.



ROHIT STEELS: ICRA Assigns '[ICRA]BB-' Rating to INR4cr Loan
------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]BB-' to INR4 crore
fund based facilities of Rohit Steels.  The outlook on the long-
term rating is 'stable'.  ICRA has also assigned a short-term
rating of '[ICRA]A4' to INR1.95 crores non-fund based facilities
of RS.

The assigned ratings factor in RS's relatively moderate scale of
operations, highly competitive and fragmented nature of the
industry and firm's vulnerability to raw material price
volatility; which has led to moderate profitability indicators.
The ratings also factor in the high gearing of the firm on
account of funding of the working capital requirements largely
through debt as well as on account of relatively modest capital
base. The gearing level is expected to remain high in the medium
term given the proposed debt funded capex towards setting up
another manufacturing facility. The ratings however draw comfort
from the long experience of the promoter group in the industry;
RS's long standing relations with its customers and its
locational advantage which provides a ready market for its
finished products. These factors have enabled the firm to achieve
steady revenue growth over the years. Going forward,
commissioning of the additional manufacturing facility is
expected to drive the future revenue growth for the firm.

Rohit Steels is a proprietorship firm engaged in the
manufacturing of mild and alloy steel wire rods and bright bars.
The firm has been promoted by Mr. Rohit Bansal in 2003 and its
manufacturing facility is located in Rohtak (Haryana) with an
installed capacity of 7500 MTPA.

Recent Results:

For FY2011, the firm has achieved an operating income of INR33.0
crore and a net profit of INR0.99 crore. RS has achieved an
operating income of INR35.8 crore and a net profit of INR1.16
crore for 9M-FY2012 (as per provisional financial results).


SINGAN PROJECTS: Fitch Cuts Rating on INR90MM Notes to 'D(ind)'
---------------------------------------------------------------
Fitch Ratings has downgraded India-based Singan Projects
Limited's National Long-Term rating to 'Fitch D(ind)' from 'Fitch
BB(ind)'/Stable.

The downgrade reflects several instances of devolvement of letter
of credit (LC) by Singan in January 2012, amounting to around
INR47m.  This strained the company's liquidity position further
and resulted in significant overutilisation of more than 10% of
cash credit (CC) limits.

There were other instances of CC overutilisation in 2011 with
interest having been debited on the last day of every month in
the last one year.  However, Fitch notes that the company had an
unutilised standby line of credit of around INR5m to INR10m in
2011, which has been utilized to alleviate the liquidity crunch.

The company's revenues declined significantly in FY11 (financial
year ending March) by 50% yoy to INR613m due to a challenging
operating environment in its primary market -- the state of
Andhra Pradesh (AP), on account of a political transition.
Hence, payments from the state on projects executed were delayed.
There has also been a pileup of work in progress and accounts
receivables in FY11 and H112.

Positive rating guideline would be regularity in debt servicing
for at least six months.

Set up in 1993, Singan is one of the small-medium sized
construction companies in AP.  EBITDA and net income in FY11 were
INR89m (FY10: INR105m) and INR25m (INR42m), respectively.  The
company had an order book of INR2bn (3.3x of FY11 revenues) at
end-January 2012.

Rating actions on Singan:

  -- National Long-Term rating: downgraded to 'Fitch D(ind)' from
     'Fitch BB(ind)'
  -- INR200m fund-based CC limits: downgraded to 'Fitch D(ind)'
     from 'Fitch BB(ind)'
  -- INR50m standby line of credit: downgraded to 'Fitch D(ind)'
     from 'Fitch A4+(ind)'
  -- INR450 bank guarantees (reduced from INR750m): downgraded to
     'Fitch D(ind)' from 'Fitch BB(ind)'/'Fitch A4+(ind)'
  -- INR90m LC (sub-limit under bank guarantees and reduced from
     INR150m): downgraded to 'Fitch D(ind)' from 'Fitch
     BB(ind)'/'Fitch A4+(ind)'


SRI BALKMUKUND: Fitch Assigns Nat'l Long-Term Rating at 'BB+'
-------------------------------------------------------------
Fitch Ratings has assigned five of Sri Balmukund Group's entities
a National Long-Term Rating of 'Fitch BB+(ind)', and another of
its companies a National Long-Term Rating of 'Fitch BB(ind)'.
The Outlook is Stable.

Fitch has taken a consolidated view of the Sri Balmukund group
while assigning the ratings.  The five companies rated 'Fitch
BB+(ind)' are Sri Balmukund Polyplast Pvt Ltd, Abhinandan
Interexim Pvt Ltd, Joharilal Agarwala Sales Pvt Ltd, Shree Tel-
Fab Industries Pvt. Ltd., and Mahavir Ore and Sponge Private
Limited.  The remaining company, which is rated 'Fitch BB(ind)',
is M/s Agarwalas.

The ratings reflect strong inter-linkages among the companies in
Sri Balmukund group by way of common Directors, cross
shareholdings, inter-group funding and the same line of business.
The ratings also reflect the group's reasonable credit profile as
reflected in its net financial leverage of 5x, and interest
coverage of 1.5x-1.6x for FY10-FY11.  The ratings further reflect
its moderate consolidated EBITDA margin of 2.4%-2.5% and the high
share of revenues in low-margin trading operations (70%).

Ratings for M/s Agarwalas are further constrained on account of
corporate governance issues due to the partnership nature of the
organisation.

The ratings may benefit from improvement in revenues along with
stable margin and interest coverage above 1.75x on a sustained
basis for the group.  Conversely, deterioration in EBITDA and/or
interest coverage to below 1.25x on a sustained basis for the
group will be negative for the ratings.

Sri Balmukund Group is based in eastern India.  It is involved in
trading of plastic granules and has a limited presence in iron
and steel, as well as in manufacturing plastic sacks and
packaging materials.  Over the past decade the group has expanded
to various states of eastern India, such as Bihar, West Bengal,
Jharkhand and Orissa.

Sri Balmukund's group bank facilities are rated as follows:

SBPPL:

  -- INR367m fund-based limits: assigned 'Fitch BB+(ind)'
  -- INR100m non-fund based limits: assigned 'Fitch A4+(ind)'

AIPL:

  -- INR25m fund-based limits: assigned 'Fitch BB+(ind)'
  -- INR203.8m non-fund based limits: assigned 'Fitch A4+(ind)'

JASPL:

  -- INR160m fund-based limits: assigned 'Fitch BB+(ind)'
  -- INR50m non-fund based limits: assigned 'Fitch A4+(ind)'

Tel-Fab:

  -- INR23m fund-based limits: 'Fitch BB+(ind)'
  -- INR35.2m non-fund based limits: 'Fitch A4+(ind)'

MOSPL:

  -- INR48.9m fund-based limits: 'Fitch BB+(ind)'

M/s Agarwalas:

  -- INR138m fund-based limits: assigned 'Fitch BB(ind)'
  -- INR21.4m non-fund based limits: assigned 'Fitch A4+(ind)'


SUBH LAXMI: Fitch Affirms Long-Term Rating at 'BB-(ind)'
--------------------------------------------------------
Fitch Ratings has affirmed India-based Subh Laxmi Syntex Ltd's
National Long-Term Rating at 'Fitch BB-(ind)' with a Stable
Outlook.

The ratings continue to be constrained by SLSL's small scale of
operations (FY11 (financial year ending March): INR366.6m, FY10:
INR331m) and high working capital requirements.  Owing to limited
vertical integration, the company has to depend upon vendors for
procuring yarn, which contributes to the bulk of raw material
costs.  Although SLSL maintained stable EBITDA margins (FY11:
10.5%, FY10: 10.6%) in the past by passing on cost increases to
clients, Fitch believes that the same may not be possible in
future due to competitive pressure.  The company has also managed
the significant increase in yarn prices in FY12 till date by
maintaining high inventory levels through procuring raw material
at low costs in FY11.

The ratings also reflect SLSL's steady revenue growth and EBITDA
margins over the last five years.  The ratings factor in SLSL's
25-year-long operational track record and credit history, as well
as its long-standing relationships with its agents and dealers.
Also, despite free cash flows likely to remain negative in FY12
and FY13, Fitch expects the company to comfortably service its
debt, given the moderate quantum (INR43.5m) of principal
instalments falling due in the medium term.

The company undertook INR70m capex for capacity expansion in
FY12, which is being funded through a debt of INR50m and internal
accruals of INR20m, and is likely to be completed by March 2012.
Although it may increase debt levels to around INR193m in FY12
(FY11: INR182.4m), Fitch expects SLSL's financial leverage (net
debt/ EBITDA) to improve slightly to around 4.4x in FY12 from
4.7x in FY11 (FY10: 5.0x) due to expected higher EBITDA profits
in view of its strategy of stocking raw materials, procured at
lower prices.

Positive rating guidelines include an improved liquidity position
and net financial leverage of below 3.0x on a sustained basis.
Negative rating guidelines include any significant capex and a
further increase working capital requirements, and/ or any fall
in operating margins due to a greater-than-expected decline in
end-market demand, leading to net leverage exceeding 4.5x on a
sustained basis.

Established in 1987, SLSL is a Rajasthan-based manufacturer of
finished bottom wear fabrics.  In FY11, SLSL reported interest
coverage of 1.7x (FY10: 1.1x) and had cash balances of INR3.1m.

Fitch has also affirmed SLSL's bank loans ratings as follows:

  -- INR65.3m long-term loans: affirmed at 'Fitch BB-(ind)'
  -- INR87m fund-based working capital limits: affirmed at 'Fitch
     BB-(ind)'
  -- INR6.8m non-fund based working capital limits: affirmed at
     'Fitch A4+(ind)'


VENU INDUSTRIES: ICRA Assigns '[ICRA]B+' Rating to INR15cr Loan
---------------------------------------------------------------
ICRA has assigned '[ICRA]B+' Long term rating to INR15.00 crore
fund based bank lines of Venu Industries.

The rating is constrained by weak financial profile of the
company as reflected by low profitability metrics and modest debt
coverage indicators. The company is susceptible to regulatory
risks arising from restrictions on open market sales, minimum
support price regime, and exports. Further, the milling industry
is vulnerable to climatic risks as Paddy is a seasonal, and
largely monsoon dependent crop in India. In addition, the
intensely competitive nature of the industry and presence of
several small-scale players' increases the pressure on the
operating margins although this is partially offset by the
presence in premium segment and in retail market through own
brand 'Healthy Rice'.

However, the rating favorably takes into account recent expansion
of milling capacity, healthy growth in operating income in the
recent past, and the long-standing experience of the promoters in
rice milling industry.

Going forward, the ability of the promoters to manage the
increase in the Minimum Support Price for Paddy from INR1000 per
ton to INR1080 per ton for the current season and the ability to
achieve higher profitability by leveraging the export market
would be the key rating drivers for Venu.

Venu Industries is engaged in the milling of paddy and produces
raw and boiled rice. The rice mill is at Nizamabad district of
Andhra Pradesh. Its installed production capacity is 14 MTPH or
equivalently, 67,200 MTPA (assuming 2 shift of 8 hrs in a 300 day
year). Of this, 8 MTPH was installed in 2010. The Company is
managed by the partners Mr. Srinivas, Mr. Sai Rahul, Mr.
Venugopal and Mr. Balaji who are siblings. The family also owns
and operates a three star hotel (Nikhil Sai International), a
lodge (Devi Lodge), a Cinema Hall (Devi Cinema Hall) and an oil
mill (Venu Oil Mill), all based out of Nizamabad. However, the
operations of the other companies are currently small as compared
to that of Venu Industries. Prior to 2004, the operations of the
Rice Mill and the Oil Mill were merged and the entity was known
as Venu Oil & Rice Mills, which has been operating for past 30
years. The company is engaged in producing 100% Sortex rice which
is machine processed at all stages right until packaging.

Recent Results:

Venu reported an operating income of INR50.28 crores in for
FY2011, reporting a growth of 22% over similar period in FY2010,
which translated into an operating profit of 1.52 crores.


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


ELPIDA MEMORY: Bankruptcy No Impact Yet on Taiwan DRAM Sector
-------------------------------------------------------------
Taipei Times reports that a senior executive from Nanya
Technology Corp said on Saturday that there are still no signs
that Elpida Memory Inc.'s bankruptcy filing will have an impact
on the sector in Taiwan.

"Any possible impact will not be obvious until after the Japanese
court decides whether to approve Elpida's bankruptcy protection
petition," the report quotes Wu Chia-chau, chairman of Nanya
Technology, Formosa Plastics Group's dynamic random access memory
(DRAM) chip arm, as saying.

Taipei Times relates that Mr. Wu denied a media report that
ranking executives from FPG, one of the world's largest
petrochemical groups, had sought government assistance to help
rescue the struggling local DRAM industry.

DRAM and petrochemicals are two different industries, Mr. Wu
said, adding that DRAM requires heavy capital investment and has
limited gross margins, Taipei Times reports.

Elpida has factories based in Taiwan and its local partners
include Rexchip Electronics Inc, Powertech Technology Inc and
Walton Advanced Engineering Inc, the report discloses.

                      About Elpida Memory

Elpida Memory Inc. (TYO:6665) -- http://www.elpida.com/ja/-- is
a Japan-based company principally engaged in the development,
design, manufacture and sale of semiconductor products, with a
focus on dynamic random access memory (DRAM) silicon chips.  The
main products are DDR3 SDRAM, DDR2 SDRAM, DDR SDRAM, SDRAM,
Mobile RAM and XDR DRAM, among others.  The Company distributes
its products to both domestic and overseas markets, including the
United States, Europe, Singapore, Taiwan, Hong Kong and others.
The company has eight subsidiaries and two associated companies.

Elpida Memory, Inc., and its consolidated subsidiary, Akita
Elpida Memory, Inc., filed for corporate reorganization
proceedings in Tokyo District Court on Feb. 27.

Atsushi Toki, Attorney-at-Law, has been appointed by the Tokyo
Court as Supervisor and Examiner in the case.

Elpida said liabilities totaled JPY448.03 billion
(US$5.52 billion, at the end of March 2011.


JLOC 40: S&P Puts 'BB-' Rating on Class C Bonds on Watch Negative
-----------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch with
negative implications its ratings on the class A to C specified
bonds issued under the JLOC 40 transaction.

"The specified bonds are ultimately backed by an office building
in Minato Ward, Tokyo. Although collection procedures have been
undertaken to liquidate the office building since the
transaction's expected maturity date in April 2011, the property
has not yet been sold. On Oct. 29, 2010, we revised downward our
assumption with respect to the likely collection amount from the
property to about 58% of our initial underwriting value. However,
we believe that the likely collection amount from this property
is under increasing downward pressure as the tail period for the
transaction shortens. We intend to review our ratings on the
class A to C specified bonds after reconsidering our assessment
of the value of the related collateral property," S&P said.

JLOC 40 is a single-asset commercial mortgage-backed securities
(CMBS) transaction. The specified bonds are backed by beneficial
interests in a commercial property. The commercial property is
owned by a special-purpose corporation ('tokutei mokuteki
kaisha') that is also the issuer of this transaction. The
transaction was arranged by Morgan Stanley Japan Securities Co.
Ltd.

"The ratings reflect our opinion on the full and timely payment
of interest and the ultimate repayment of principal by the
transaction's legal final maturity date in October 2013 for the
class A specified bonds, and the full payment of interest and
ultimate repayment of principal by the legal final maturity date
for the class B and C specified bonds," S&P said.

           Standard & Poor's 17g-7 Disclosure Report

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:

      http://standardandpoorsdisclosure-17g7.com

Ratings Placed On Creditwatch Negative
JLOC 40
JPY133.0 billion specified bonds
classes A through C issued on
Oct. 17, 2007, due October 2013

                                          Initial      Coupon
Class   To                    From      issue amount   type
A       A+ (sf)/Watch Neg     A+ (sf)   JPY105.5 bil.  Floating
                                                       Rate

B       BBB- (sf)/Watch Neg   BBB- (sf) JPY20.0 bil.   Floating
                                                       Rate

C       BB- (sf)/Watch Neg    BB- (sf)  JPY7.5 bil.    Floating
                                                       Rate


JLOC XXVIII: S&P Lowers Rating on Class C Certificates to 'B'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'B (sf)' from 'BB-
(sf)' its rating on the class C senior trust certificates issued
under the JLOC XXVIII transaction. "At the same time, we affirmed
our 'A (sf)' rating on the class B senior trust certificates and
removed the rating from CreditWatch with negative implications.
We initially placed the rating on class B on CreditWatch negative
on April 26, 2011. Then, on June 15, 2011, we simultaneously
lowered the rating on class B to 'A (sf)' from 'AA (sf)' and kept
it on CreditWatch negative. , we also affirmed our 'CCC (sf)'
ratings on the class D senior trust certificates and on Harajuku
Holding TMK's series 4-2 floating-rate mezzanine specified bonds.
The class A senior trust certificates and Nakano Holding TMK's
series 3-2 floating-rate mezzanine specified bonds have already
been fully redeemed," S&P said.

"Of the four specified bonds (two senior and two mezzanine
specified bonds) issued by two obligors that initially backed the
transaction, two specified bonds (one senior and one mezzanine
specified bond) issued by one obligor remain. The two remaining
specified bonds originally represented about 51% of the total
initial issue amount of the transaction," S&P said.

"The asset manager is still in the process of selling the
properties backing the specified bonds in line with the property
sales plan. Nevertheless, we believe that completing collection
through the sales of the related collateral properties will
require some time, as many of these properties remain unsold,"
S&P said.

"The performance of the properties backing the remaining
specified bonds is almost within the scope of our projection as
of September 2011, when we lowered our assumption regarding the
likely collection amount from these properties and reviewed our
ratings. However, we have revised downward our assumption with
respect to the likely collection amount from the collateral
properties this time because, with the transaction's legal final
maturity date only seven months away, it is our view that the
likely recovery prospect for the related collateral properties is
under downward pressure. We currently assume the combined value
of the properties to be about 57% of our initial underwriting
value, compared with 63% of our underwriting value as of
September 2011. We lowered our rating on class C to reflect this
revised assumption," S&P said.

"Meanwhile, we affirmed our rating on class B and removed the
rating from CreditWatch negative because we expect the redemption
of this class, which is already partly redeemed, to further
progress, given that additional collateral properties are set to
be sold," S&P said.

"In addition, we affirmed our ratings on the class D senior trust
certificates and Harajuku Holding TMK's series 4-2 floating-rate
mezzanine specified bonds because both the trust certificates and
mezzanine specified bonds are already rated 'CCC (sf)'," S&P
said.

JLOC XXVIII is a property sales-type commercial mortgage-backed
securities (CMBS) transaction. The senior trust certificates and
mezzanine specified bonds were backed by 567 real estate
properties. Morgan Stanley Japan Securities Co. Ltd. served as
the arranger for this transaction.

"The ratings reflect our opinion on the likelihood of the full
payment of interest and the ultimate repayment of principal by
the transaction's legal final maturity date in October 2012 for
the class B to D senior trust certificates and the Harajuku
Holding TMK series 4-2 floating rate specified bonds," S&P said.

           Standard & Poor's 17g-7 Disclosure Report

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:

      http://standardandpoorsdisclosure-17g7.com

Rating Lowered
JLOC XXVIII Senior Trust Certificates
JPY88.9 billion trust certificates due October 2012
Class     To         From         Initial issue amount
C         B (sf)     BB- (sf)     JPY8.8 bil.

Rating Affirmed, Off Creditwatch Negative
JLOC XXVIII Senior Trust Certificates
Class     To         From                 Initial issue amount
B         A (sf)     A (sf)/Watch Neg     JPY10.1 bil.

Ratings Affirmed
JLOC XXVIII Senior Trust Certificates
Class       Rating         Initial issue amount
D           CCC (sf)       JPY7.2 bil.

JLOC XXVIII Mezzanine Specified Bonds
Harajuku Holding TMK Series 4-2 JPY3.6 billion floating-rate
mezzanine specified bonds due October 2012
Rating         Initial issue amount
CCC (sf)       JPY3.6 bil.


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


DREAM HOMES: Placed in Liquidation; Owes More Than NZ$1.5 Million
-----------------------------------------------------------------
John Anthony at Fairfax NZ News reports that failed Taranaki
housing company Dream Homes has been put into liquidation amidst
revelations the company traded under a fake Registered Master
Builders logo.

According to the report, Dream Homes director Thomas Buckthought
said he was now selling his home and leaving Taranaki, possibly
for Australia, to keep his family safe after receiving threats
from suppliers.

All six housing and property companies owned by Mr. Buckthought
were put into liquidation on Feb. 28, the report notes.

The first liquidation report for Volk Industries, trading as
Dream Homes, showed the company owed more than NZ$1.5 million
dollars to creditors, Fairfax NZ discloses.

On February 28, the company had only NZ$13,000 to its name.

Fairfax NZ relates that Hamilton-based liquidator Kim Thompson
said the company had virtually no assets to pay creditors.

"There's a huge hole there and right now I can't quite figure out
how it got so big," Fairfax NZ quotes Mr. Thompson as saying.

The report shows more than 80 unsecured creditors were owed
NZ$823,000 and 12 secured creditors were owed NZ$692,000, Fairfax
NZ discloses.

Volk Industries, trading as Dream Homes, is a Taranaki-based
building company.


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


ASICHEM TRADING: Creditors' Proofs of Debt Due March 16
-------------------------------------------------------
Creditors of Asichem Trading (S) Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by
March 16, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

          Wong Kian Kok
          Aw Eng Hai
          Foo Kon Tan Grant Thornton LLP
          47 Hill Street #05-01
          Singapore Chinese Chamber of Commerce
          & Industry Building
          Singapore 179365


EASTERN SHINE: Creditors' Proofs of Debt Due March 16
-----------------------------------------------------
Creditors of Eastern Shine Trading Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by
March 16, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

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


FOOD THERAPY: Court to Hear Wind-Up Petition on March 16
--------------------------------------------------------
A petition to wind up the operations of Food Therapy Pte Ltd will
be heard before the High Court of Singapore on March 16, 2012, at
10:00 a.m.

Grandview Pte Ltd filed the petition against the company on
Jan. 20, 2012.

The Petitioner's solicitor is:

          Mr Tan Hee Liang
          M/s Tan See Swan & Co
          No. 1 Park Road
          #04-48 to 50 People's Park Complex
          Singapore 059108


GOLDEN TRISTAR: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on Feb. 24, 2012, to
wind up the operations of Golden Tristar Wood Trading Pte. Ltd.

Thoresen Shipping Germany Gmbh filed the petition against the
company.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee's Office
         The URA Centre (East Wing)
         45 Maxwell Road, #05-11/#06-11
         Singapore 069118


HOCK CHUAN: Members' and Creditors' Meetings Set for March 9
------------------------------------------------------------
Hock Chuan Ann Construction Pte Ltd, which is in creditors'
voluntary liquidation, will hold a meeting on March 9, 2012, at
4:00 p.m., at One Raffles Quay, North Tower, Level 18, in
Singapore 048583.

Agenda of the meeting includes:

   a. to receive the liquidators' report on the progress of the
      liquidation pursuant to section 307(1) of the Companies Act
      (Cap 50);

   b. to approve minutes of the last meeting of creditors held on
      9th March 2011; and

   c. discuss other business.

The company's liquidator is:

         Seshadri Rajagopalan
         c/o One Raffles Quay,
         North Tower, Level 18
         Singapore 048583


JR MARINE: Court to Hear Wind-Up Petition on March 16
-----------------------------------------------------
A petition to wind up the operations of JR Marine Systems Pte Ltd
will be heard before the High Court of Singapore on March 16,
2012, at 10:00 a.m.

Berlian Ferries Pte Ltd filed the petition against the company on
Feb. 17, 2012.

The Petitioner's solicitors are:

          Toh Tan LLP
          16 Upper Circular Road
          Singapore 058414


JURONG BRAZIL-SINGAPORE: Creditors' Proofs of Debt Due April 2
--------------------------------------------------------------
Creditors of Jurong Brazil-Singapore Pte Ltd, which is in
voluntary liquidation, are required to file their proofs of debt
by April 2, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

          Leow Quek Shiong
          Gary Loh Weng Fatt
          c/o BDO LLP
          21 Merchant Road
          #05-01 Royal Merukh S.E.A. Building
          Singapore 058267


================
S R I  L A N K A
================


HSBC SRI LANKA: Outlook Revision Cues Fitch to Affirm Ratings
-------------------------------------------------------------
Fitch Ratings Lanka has affirmed HSBC Sri Lanka Branch's National
Long-Term rating at 'AAA(lka)'.  The Outlook is Stable.  The
rating reflects the financial strength of the HongKong & Shanghai
Banking Corporation Limited (HKB; Long-Term Issuer Default Rating
(IDR): 'AA'/Negative), given that HSBCSL is a branch of HKB and
is part of the same legal entity as HKB.  Thus, Fitch believes
that support from HKB would be forthcoming if required, subject
to any regulatory constraints on remitting money into Sri Lanka.

The affirmation of HSBCSL's rating follows the Outlook revision
on HKB's IDR to Negative from Stable on 1 March 2012, and the
simultaneous affirmation of its Support Rating Floor at 'A-'.
HKB continues to be rated above Sri Lanka's sovereign IDR of 'BB-
'/Stable.

Established in 1892, HSBCSL is Sri Lanka's largest foreign bank
branch.


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


* Vietnamese Commercial Banks Losing Liquidity, Face Bankruptcy
--------------------------------------------------------------
Bloomberg News reports that Tran Du Lich, a member of the
economic affairs committee of Vietnam's National Assembly, said
that the country's central bank has set two conditions to lower
interest rates.

While the government wants to bring down interest rates,
the State Bank of Vietnam wants to see "number one, lower
inflation; and second, liquidity at commercial banks," Bloomberg
quotes Lich as speaking at a business meeting in Ho Chi Minh City
on Friday.

"Some Vietnamese commercial banks have been losing liquidity,"
Lich said. "The government is afraid that they might go bankrupt,
causing a domino effect."

The government is determined to bring annual inflation down
to a single-digit, and this year's rate may be about 9%, Lich, as
cited by Bloomberg, said.


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


* FIJI: S&P Affirms 'B/B' Foreign and Local Issuer Credit Ratings
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its foreign and local
currency issuer credit ratings on the Republic of Fiji at 'B/B'.
The outlook is stable.

"The ratings on Fiji reflect our view of the country's persistent
fiscal and current account deficits, weak economic growth and
institutional settings, as well as deficiencies in available
data. These factors are offset, in part, by the continued
stabilization in Fiji's external position, including in the level
of foreign exchange reserves," S&P said.

"Fiji's growth prospects are reduced by political uncertainty,
weak investment, and low productivity," said credit analyst Kyran
Curry, of the Sovereigns Ratings group. "We also believe that
Fiji's fiscal deficits and debt burden are high for a country
vulnerable to external shocks associated with the durability of
the global economic recovery, adverse weather conditions, and
changes in tourism preferences."

"The stable outlook reflects Standard & Poor's expectation that
Fiji's external position will continue to improve, including in
the level of foreign exchange reserves, supported by a continuing
recovery in agricultural exports and the tourism sector," S&P
said.

Standard & Poor's may raise the ratings if there are improvements
in one of several areas, including: in Fiji's growth outlook
through greater political certainty and structural reforms;
further liberalization in capital and price controls and in
exchange rate management; improved external indicators; or a
falling government debt trajectory. On the other hand, Fiji's
ratings could be lowered if political pressures intensify or if
public finances and external imbalances worsen, leading to
sharply lower reserves.


* BOND PRICING: For the Week Feb. 27 to March 2, 2012
-----------------------------------------------------

  AUSTRALIA
  ---------

ADVANCE ENERGY           9.50    01/04/2015   AUD       1.07
AMITY OIL LTD           10.00    10/31/2013   AUD       2.05
CHINA CENTURY           12.00    09/30/2014   AUD       0.80
DIVERSA LTD             11.00    09/30/2014   AUD       0.14
EXPORT FIN & INS         0.50    12/16/2019   NZD      71.09
EXPORT FIN & INS         0.50    06/15/2020   AUD      69.17
EXPORT FIN & INS         0.50    06/15/2020   NZD      69.29
IMF AUSTRALIA           10.25    12/31/2014   AUD       1.72
KIMBERLY METALS         10.00    08/05/2016   AUD       0.36
MIDWEST VANADIUM        11.50    02/15/2018   USD      68.12
MIDWEST VANADIUM        11.50    02/15/2018   USD      68.12
NEW S WALES TREA         0.50    09/14/2022   AUD      62.93
NEW S WALES TREA         0.50    10/07/2022   AUD      62.74
NEW S WALES TREA         0.50    10/28/2022   AUD      62.57
NEW S WALES TREA         0.50    11/18/2022   AUD      62.41
NEW S WALES TREA         0.50    12/16/2022   AUD      62.18
NEW S WALES TREA         0.50    02/02/2023   AUD      61.80
NEW S WALES TREA         0.50    03/30/2023   AUD      61.36
TREAS CORP VICT          0.50    08/25/2022   AUD      63.25
TREAS CORP VICT          0.50    03/03/2023   AUD      61.62
TREAS CORP VICT          0.50    11/12/2030   AUD      42.73


  CHINA
  -----

CHANGZHOU HIGH-T         5.20    06/04/2019   CNY      52.61
CHINA GOVT BOND          1.64    12/15/2033   USD      63.14
CHINA THREE GORG         3.45    04/08/2014   CNY      70.00
NANTONG INDUSTRY         5.27    05/18/2016   CNY      58.00
ZJG LAND BUREAU          7.80    12/15/2018   CNY      58.00

  HONG KONG
  ---------

CHINA SOUTH CITY        13.50    01/14/2016   USD      74.62
RESPARCS FUNDING         8.00    12/29/2049   USD      32.50


  INDIA
  -----

AKSH OPTIFIBRE           1.00    02/05/2013   USD      41.31
EX-IM BK OF IN           9.45    06/15/2014   INR       9.80
GEMINI COMMUNICA         6.00    07/18/2012   EUR      61.77
PRAKASH IND LTD          5.25    04/30/2015   USD      70.00
SHIV-VANI OIL            5.00    08/17/2015   USD      67.26
SUZLON ENERGY LT         5.00    04/13/2016   USD      64.97


  INDONESIA
  ---------

BAKRIE TELECOM          11.90    09/04/2012   IDR      56.50


  JAPAN
  -----

ELPIDA MEMORY            0.50    10/26/2015   JPY      72.47
ELPIDA MEMORY            0.70    08/01/2016   JPY      72.50
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      62.05
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      61.01
TOKYO ELEC POWER         1.60    05/29/2019   JPY      74.60
TOKYO ELEC POWER         1.45    09/30/2019   JPY      72.38
TOKYO ELEC POWER         1.37    10/29/2019   JPY      72.68
TOKYO ELEC POWER         1.81    02/28/2020   JPY      72.62
TOKYO ELEC POWER         1.48    04/28/2020   JPY      69.25
TOKYO ELEC POWER         1.39    05/28/2020   JPY      69.37
TOKYO ELEC POWER         1.31    06/24/2020   JPY      68.87
TOKYO ELEC POWER         1.94    07/24/2020   JPY      74.81
TOKYO ELEC POWER         1.22    07/29/2020   JPY      68.25
TOKYO ELEC POWER         1.15    09/08/2020   JPY      67.50
TOKYO ELEC POWER         1.63    07/16/2021   JPY      66.00
TOKYO ELEC POWER         2.34    09/29/2028   JPY      65.66
TOKYO ELEC POWER         2.40    11/28/2028   JPY      66.01
TOKYO ELEC POWER         2.20    02/27/2029   JPY      63.96
TOKYO ELEC POWER         2.11    12/10/2029   JPY      62.92
TOKYO ELEC POWER         1.95    07/29/2030   JPY      60.50
TOKYO ELEC POWER         2.36    05/28/2040   JPY      59.75


  MALAYSIA
  --------

ADVANCED SYNERY          2.00    01/26/2018   MYR       0.09
ASTRAL SUPREME           3.00    08/0/2021    MYR       0.08
CRESENDO CORP B          3.75    01/11/2016   MYR       1.30
DUTALAND BHD             7.00    04/11/2013   MYR       0.90
DUTALAND BHD             7.00    04/11/2013   MYR       0.44
ENCORP BHD               6.00    02/17/2016   MYR       0.91
KUMPULAN JETSON          5.00    11/27/2012   MYR       1.30
LION DIVERSIFIED         4.00    12/17/2013   MYR       1.19
MALTON BHD               6.00    06/30/2018   MYR       0.91
MITHRIL BHD              3.00    04/05/2012   MYR       0.72
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.23
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.52
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.22
PANTECH GROUP            7.00    12/21/2017   MYR       0.10
PRESS METAL BHD          6.00    08/22/2019   MYR       2.04
REDTONE INTL             2.75    03/04/2020   MYR       0.11
RUBBEREX CORP            4.00    08/14/2012   MYR       0.75
SCOMI ENGINEERING        4.00    03/19/2013   MYR       0.59
SCOMI GROUP              4.00    12/14/2012   MYR       0.07
TRADEWINDS CORP          2.00    02/26/2016   MYR       1.57
WAH SEONG CORP           3.00    05/21/2012   MYR       2.41
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.63
YTL CEMENT BHD           5.00    11/10/2015   MYR       2.15
YTL LAND & DEVEL         3.00    10/31/2021   MYR       0.50


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

BLUE STAR GROUP          9.10    09/15/2015   NZD       6.00
FLETCHER BUILDING        8.50    03/15/2015   NZD       6.80
INFRATIL LTD             8.50    09/15/2013   NZD       8.20
INFRATIL LTD             8.50    11/15/2015   NZD       8.20
INFRATIL LTD             4.97    12/29/2049   NZD      54.00
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.08
NEW ZEALAND POST         7.50    11/15/2039   NZD      65.68
NZF GROUP                6.00    03/15/2016   NZD       6.37
TOWER CAPITAL            8.50    04/15/2014   NZD       1.02
TRUSTPOWER LTD           8.50    09/15/2012   NZD       7.00
TRUSTPOWER LTD           8.50    03/15/2014   NZD       6.70
UNI OF CANTERBUR         7.25    12/15/2019   NZD       0.91


SINGAPORE
---------

BAKRIE TELECOM          11.50    05/07/2015   USD      60.00
BAKRIE TELECOM          11.50    05/07/2015   USD      58.92
BLUE OCEAN              11.00    06/28/2012   USD      34.00
UNITED ENG LTD           1.00    03/03/2014   SGD       0.99
WBL CORPORATION          2.50    06/10/2014   SGD       1.03


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


BUSAN SOLOMON MU         8.50    10/29/2014   KRW      50.17
CN 1ST ABS               8.00    02/27/2015   KRW      32.08
CN 1ST ABS               8.30    11/27/2015   KRW      33.37
EX-IMP BK KOREA          0.50    01/25/2017   KRW      68.72
EX-IMP BK KOREA          0.50    10/23/2017   KRW      65.84
EX-IMP BK KOREA          0.50    12/22/2017   KRW      64.82
GYEONGGI MUTUAL          8.50    08/29/2014   KRW      10.11
GYEONGGI MUTUAL          8.50    12/11/2014   KRW      10.14
GYEONGGI MUTUAL          8.00    01/22/2016   KRW      10.10
GYEONGGI SOLOMON         8.10    04/19/2015   KRW      10.11
HYUNDAI SWISS BK         8.20    10/26/2012   KRW      10.38
HYUNDAI SWISS BK         8.50    10/02/2013   KRW       8.13
HYUNDAI SWISS BK         8.50    07/15/2014   KRW       9.52
HYUNDAI SWISS BK         7.90    07/23/2015   KRW      50.15
HYUNDAI SWISS II         8.30    01/13/2015   KRW      10.12
HYUNDAI SWISS II         7.90    07/23/2015   KRW      10.10
JINHEUNG MUTUAL          8.50    10/17/2014   KRW      30.26
JINHEUNG MUTUAL          7.00    01/23/2015   KRW      30.14
KOREA MUTUAL SAV         8.10    06/26/2015   KRW      10.11
KOREA MUTUAL SAV         8.00    12/17/2015   KRW      10.10
NEW LIFE 1ST ABS        10.00    03/08/2014   KRW      30.00
YOUNGNAM MUTUAL          8.50    12/18/2014   KRW      10.13


SRI LANKA
---------

SRI LANKA GOVT           6.20    08/01/2020   LKR      66.59
SRI LANKA GOVT           8.00    01/01/2022   LKR      74.91
SRI LANKA GOVT           7.00    10/01/2023   LKR      65.45
SRI LANKA GOVT           5.35    03/01/2026   LKR      52.05
SRI LANKA GOVT           8.00    01/01/2032   LKR      65.67


                             *********

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

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

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


                            *********


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

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

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

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

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





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