TCRAP_Public/100405.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Monday, April 5, 2010, Vol. 13, No. 065

                            Headlines



A U S T R A L I A

GENERAL MOTORS: Holden Has $211-Mln Annual Loss on Export Deal Cut
KYNETON BOWLING: Maryborough Highland Buys Club's Assets
SEBVELL PTY: Colliers Hopes to Sell Five Sebvell Properties


H O N G  K O N G

AGI LOGISTICS: Contributories and Creditors to Meet on April 9
BOWIN HOLDINGS: Court Enters Wind-Up Order
EVERFIN LIMITED: Court to Hear Wind-Up Petition on April 28
GORDON MAX: Court Enters Wind-Up Order
GREAT CHOICE: Court Enters Wind-Up Order

IATOPIA GROUP: Members' Final Meeting Set for May 7
IATOPIA RESEARCH: Members' Final Meeting Set for May 7
IATOPIA SYSTEMS: Members' Final Meeting Set for May 7
LUEN FUNG: Members' Final General Meeting Set for May 3
LUN TAI: Leung Mei Fan Steps Down as Liquidator

PROFIT HOME: Members' Final General Meeting Set for April 27
RENESAS SYSTEM: Ying and Chan Step Down as Liquidators
SHANGHAI ENTERPRISES: Leung Mei Fan Steps Down as Liquidator
SHINWA PRECISION: Lim and Kwok Step Down as Liquidators
SNS ASIA: Leung Mei Fan Steps Down as Liquidator

SPARK ACE: Seng and Lo Step Down as Liquidators
STERIS HK: Members' Final Meeting Set for April 28
TEKNY LIMITED: Members' Final Meeting Set for April 26
WOORI TELEFIELD: Members' Final Meeting Set for April 26


I N D I A

ABC ENGINEERING: Delays in Loan Payment Cue CRISIL Junk Ratings
ADI ISPAT: CRISIL Downgrades Rating on INR105MM Term Loans to 'C'
ANNAPURNA EARCANAL: CRISIL Puts 'BB+' Rating on INR35MM Term Loan
B.D. CORPORATES: CRISIL Assigns 'B' Rating on INR43MM Term Loan
BEC CHEMICALS: CRISIL Rates INR7.5 Million LT Loan at 'BB+'

CAPRICORN PLAZA: CRISIL Reaffirms 'BB' Rating on INR700MM LT Loan
DANIA ORO: CRISIL Assigns 'B-' Rating on INR100.1MM LT Loan
DIAGEMS EXPORTS: CRISIL Rates INR127 Mil. Packing Credit at 'P4'
DIAM STAR: CRISIL Reaffirms 'P4+' Ratings on Various Bank Debts
MIDITECH PRIVATE: CRISIL Rates INR100M Overdraft Facility at 'BB+'

MILAN JEWELLERS: CRISIL Reaffirms 'P4' Ratings on INR445MM Loans
NYKA STEELS: ICRA Places 'LBB+' Rating on INR150MM Bank Facilities
OB INFRASTRUCTURE: CRISIL Cuts Rating on INR4.4B Term Loan to 'BB'
PADMAWATI COMMODITIES: CRISIL Rates on INR80M Cash Credit at 'BB-'
PUNJAB RICELAND: Small Net Worth Cues CRISIL 'BB-' Ratings

R.G. SPINNING: CRISIL Assigns 'B' Rating on INR106.4MM Term Loan
ROHAN BUILDERS: CRISIL Lifts Rating on Various Bank Debts to 'B+'
RUKSHMANI SYNTEX: CRISIL Assigns 'BB-' Rating on Various Debts
SAKET INFRAPROJECTS: ICRA Puts 'LBB' Rating on LT Bank Facilities
SHIVAJI ROLLER: Low Profitability Cues CRISIL 'B+' Rating

SPACEAGE ASSOCIATES: ICRA Assigns 'LBB-' Rating on Cash Credit
SRI BALMUKUND: CRISIL Places 'BB-' Rating on INR67.5MM Term Loan
SRI VENKATARAMANA: CRISIL Rates INR6 Million Term Loan at 'BB+'
SURYAKIRAN INT'L: ICRA Reaffirms 'LBB' Rating on INR139.3MM Loans
UPKAR ESTATES: ICRA Assigns 'LBB' Rating on INR300 Mil. Term Loan

VETRIVEL EXPLOSIVES: CRISIL Rates INR17.5M LT Loan at 'BB-'
WALZEN STEEL: CRISIL Assigns 'BB' Rating on INR41.4MM Term Loan
WALZEN STRIPS: CRISIL Assigns 'BB+' Rating on INR175MM Cash Credit


J A P A N

HUIS TEN: Five Kyushu-based Firms Confirm JPY1 Bil. Investment


M A L A Y S I A

AKN TECHNOLOGY: Publicly Reprimanded For Breaching Listing Rules
ARK RESOURCES: Maybank Investment Resigns as Principal Adviser
EVERMASTER GROUP: Makes Partial Payment to Abrar Discounts
HO HUP: Asks for Further Extension of Plan Filing Deadline
LCL CORP: Gets Demand Notices Over Outstanding Loan Payment


N E W  Z E A L A N D

CRAFAR FARMS: OIO Demands More Information From Natural Dairy
VISION SECURITIES: Trustee Calls In Receivers; Deloitte Appointed


S I N G A P O R E

ALTRAN TECHNOLOGIES: Creditors' Proofs of Debt Due May 3
INSURE SHOP: Creditors' Proofs of Debt Due April 14
LAU'S FOOD: Creditors' Proofs of Debt Due April 15
MAXIMA COAL: Creditors' Proofs of Debt Due April 30
O2 SKIN: Court to Hear Wind-Up Petition on April 16

PRITSONS (SINGAPORE): Creditors' Proofs of Debt Due April 15




                         - - - - -


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


GENERAL MOTORS: Holden Has $211-Mln Annual Loss on Export Deal Cut
------------------------------------------------------------------
GM Holden Ltd., the Australian arm of General Motors, has posted a
$211 million loss for financial year 2009, The Australian reports.

The Australian says the loss, Holden's fifth in a row and its
worst in two decades, stemmed from $223 million in special charges
from the closure of its four-cylinder engine plant and
cancellation of Commodore sales to the US.

"Much of our loss was incurred as a result of GM's decision to
discontinue the Pontiac brand in North America," the report quoted
Mark Bernhard, Holden's chief financial officer, as saying.  "This
action resulted in the high-volume export program of the Holden-
built Pontiac G8 range ending in April."

As a result, the report says, exports plummeted 85% to about 8,000
cars and engine shipments also fell dramatically, from 136,000 to
just 88,000.

With 48,000 fewer vehicles built for overseas than in 2008,
production at Holden's Adelaide factory slumped 44% to its lowest
level in modern times, The Australian states.

According to the report, domestic demand for Holden's locally
built Commodore sedan and ute range fell 14% to 59,000 vehicles,
although the Commodore retained its title of Australia's favorite
car for the 14th consecutive year.

The Australian relates Holden's total domestic sales, which
include imports sourced mainly from GM Daewoo in Korea, fell 8% to
120,000.

Mr. Bernhard, as cited by The Australian, said he was pleased the
auditors had not qualified this year's results after their
uncertainty in 2008 about Holden's ability "to continue as a going
concern".  He said the company moved into profit in the last
quarter of last year although it was too early to say it would
finish this year in the black, the report adds.

                        About General Motors

General Motors Company -- http://www.gm.com/-- is one of the
world's largest automakers, tracing its roots back to 1908.  With
its global headquarters in Detroit, GM employs 209,000 people in
every major region of the world and does business in some 140
countries.  GM and its strategic partners produce cars and trucks
in 34 countries, and sell and service these vehicles through these
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Opel,
Vauxhall and Wuling.  GM's largest national market is the United
States, followed by China, Brazil, the United Kingdom, Canada,
Russia and Germany.  GM's OnStar subsidiary is the industry leader
in vehicle safety, security and information services.

GM acquired its operations from General Motors Company, n/k/a
Motors Liquidation Company, on July 10, 2009, pursuant to a sale
under Section 363 of the Bankruptcy Code.  Motors Liquidation or
Old GM is the subject of a pending Chapter 11 reorganization case
before the U.S. Bankruptcy Court for the Southern District of New
York.

At September 30, 2009, GM had US$107.45 billion in total assets
against US$135.60 billion in total liabilities.

                    About Motors Liquidation

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026).  General Motors changed its name to Motors
Liquidation Co. following the sale of its key assets to a company
60.8% owned by the U.S. Government.

The Honorable Robert E. Gerber presides over the Chapter 11 cases.
Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H.
Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors
in their restructuring efforts.  Al Koch at AP Services, LLC, an
affiliate of AlixPartners, LLP, serves as the Chief Executive
Officer for Motors Liquidation Company.  GM is also represented by
Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as
counsel.  Cravath, Swaine, & Moore LLP is providing legal advice
to the GM Board of Directors.  GM's financial advisors are Morgan
Stanley, Evercore Partners and the Blackstone Group LLP.

Bankruptcy Creditors' Service, Inc., publishes General Motors
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by General Motors Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


KYNETON BOWLING: Maryborough Highland Buys Club's Assets
--------------------------------------------------------
The receivers of the Kyneton Bowling Club have accepted an offer
from the Maryborough Highland Society to buy the business, ABC
Central Victoria reports.

The Maryborough Highland Society late last month reached an
agreement with administrators Ferrier Hodgson and primary creditor
National Australia Bank, which is owed about AU$1.3 million by the
club.

ABC relates Ferrier Hodgson said the sale of the club will have
strict conditions and may need council approval.

According to ABC, the Highland Society said negotiations with the
creditors and the council are going well.  However, it needs to
resolve some contract issues before it can proceed with the
purchase, ABC notes.

Ferrier Hodgson was appointed Receivers and Managers of the club
on February 24.


SEBVELL PTY: Colliers Hopes to Sell Five Sebvell Properties
-----------------------------------------------------------
ABC Illawara reports that Colliers International is hopeful it can
sell five properties associated with Sebvell Pty Ltd, a failed
company at the centre of the Wollongong council corruption
inquiry.

Sebvell Pty Ltd, a joint venture between Wollongong developers
Frank Vellar and Frank Sebastian, was placed in receivership last
month.  Peter Grealish, of administrator Grant Thornton, was
appointed receiver of the company on March 8.

A spokesman for Colliers International, Simon Kersten, told ABC he
is confident the company's property portfolio, estimated to be
worth AU$30 million, will be sold.

According to ABC, the properties ordered to be sold include the
controversial AU$100 million Quattro development in Wollongong.

The Illawarra Mercury relates that the Independent Commission
Against Corruption in 2008 found that Wollongong City Council
planner Beth Morgan had engineered Quattro's approval on behalf of
her lover, Mr. Vellar.

The Mercury says ICAC Commissioner Jerrold Cripps found both Ms.
Morgan and Mr. Vellar had engaged in corrupt conduct and
recommended they face criminal charges.

Briefs of evidence are with the Director of Public Prosecutions,
but no charges have been laid to date, the Mercury notes.


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


AGI LOGISTICS: Contributories and Creditors to Meet on April 9
--------------------------------------------------------------
Contributories and creditors of AGI Logistics (Hong Kong) Limited
will hold their first meetings on April 9, 2010, at 2:00 p.m., and
3:00 p.m., respectively at the Rooms 1214-1215, 12/F., Tower A,
New Mandarin Plaza, 14 Science Museum Road, Tsimshatsui East,
Kowloon, in Hong Kong.

At the meeting, Lui Tin Nang and Chung Cheuk Ming, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


BOWIN HOLDINGS: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on March 12, 2010, to
wind up the operations of Bowin Holdings Limited.

The company's liquidator is Frank Yuen Tsz Chun.


EVERFIN LIMITED: Court to Hear Wind-Up Petition on April 28
-----------------------------------------------------------
A petition to wind up the operations of Everfin Limited will be
heard before the High Court of Hong Kong on April 28, 2010, at
9:30 a.m.

Leung Siu Ha filed the petition against the company on Feb. 22,
2010.


GORDON MAX: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on March 12, 2010, to
wind up the operations of Gordon Max (Hong Kong) Limited.

The company's liquidator is Frank Yuen Tsz Chun.


GREAT CHOICE: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on March 12, 2010, to
wind up the operations of Great Choice Limited.

The company's liquidator is Frank Yuen Tsz Chun.


IATOPIA GROUP: Members' Final Meeting Set for May 7
---------------------------------------------------
Members of Iatopia Group Limited will hold their final meeting on
May 7, 2010, at 4:00 p.m., at the 12th Floor, Lucky Building, 39
Wellington Street, Central, in Hong Kong.

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


IATOPIA RESEARCH: Members' Final Meeting Set for May 7
------------------------------------------------------
Members of Iatopia Research Centre Limited will hold their final
meeting on May 7, 2010, at 4:00 p.m., at the 12th Floor, Lucky
Building, 39 Wellington Street, Central, in Hong Kong.

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


IATOPIA SYSTEMS: Members' Final Meeting Set for May 7
-----------------------------------------------------
Members of Iatopia Systems Limited will hold their final meeting
on May 7, 2010, at 4:00 p.m., at the 12th Floor, Lucky Building,
39 Wellington Street, Central, in Hong Kong.

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


LUEN FUNG: Members' Final General Meeting Set for May 3
-------------------------------------------------------
Members of Luen Fung Electric Wire and Cable Company Limited will
hold their final general meeting on May 3, 2010, at 10:30 a.m., at
the Flat A, 5/F, Block 3, Camelpaint Building, 60 Hoi Yuen Road,
Kwun Tong, Kowloon, in Hong Kong.

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


LUN TAI: Leung Mei Fan Steps Down as Liquidator
-----------------------------------------------
Leung Mei Fan stepped down as liquidator of The Lun Tai Mutual
Fire & Marine Insurance Company Limited on March 22, 2010.


PROFIT HOME: Members' Final General Meeting Set for April 27
------------------------------------------------------------
Members of Profit Home Limited will hold their final general
meeting on April 27, 2010, at 9:30 a.m., at the 15th Floor,
Manulife Tower, 169 Electric Road, North Point, in Hong Kong.

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


RENESAS SYSTEM: Ying and Chan Step Down as Liquidators
------------------------------------------------------
Ying Hing Chiu and Chan Mi Har stepped down as liquidators of
Renesas System Solutions Hong Kong Limited on March 19, 2010.


SHANGHAI ENTERPRISES: Leung Mei Fan Steps Down as Liquidator
------------------------------------------------------------
Leung Mei Fan stepped down as liquidator of Shanghai Enterprises
Limited on March 12, 2010.


SHINWA PRECISION: Lim and Kwok Step Down as Liquidators
-------------------------------------------------------
Leung Hok Lim and David Leong Ting Kwok stepped down as
liquidators of Shinwa Precision Limited on March 16, 2010.


SNS ASIA: Leung Mei Fan Steps Down as Liquidator
------------------------------------------------
Leung Mei Fan stepped down as liquidator of SNS Asia Pacific
Limited on March 22, 2010.


SPARK ACE: Seng and Lo Step Down as Liquidators
-----------------------------------------------
Natalia K M Seng and Susan Y H Lo stepped down as liquidators of
Spark Ace Limited on March 13, 2010.


STERIS HK: Members' Final Meeting Set for April 28
--------------------------------------------------
Members of Steris Hong Kong Limited will hold their final general
meeting on April 28, 2010, at 10:00 a.m., at the Level 28, Three
Pacific Place, 1 Queen's Road East, in Hong Kong.

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


TEKNY LIMITED: Members' Final Meeting Set for April 26
------------------------------------------------------
Members of Tekny Limited will hold their final meeting on
April 26, 2010, at 10:00 a.m., at the Room 1206, 12/F, New Victory
House, 93-103 Wing Lok Street, Central, in Hong Kong.

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


WOORI TELEFIELD: Members' Final Meeting Set for April 26
--------------------------------------------------------
Members of Woori Telefield Limited will hold their final meeting
on April 26, 2010, at 10:00 a.m., at the Room 1206, 12/F, New
Victory House, 93-103 Wing Kok Street, Central, in Hong Kong.

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


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


ABC ENGINEERING: Delays in Loan Payment Cue CRISIL Junk Ratings
---------------------------------------------------------------
CRISIL has assigned 'D/P5' ratings to the bank facilities of ABC
Engineering Works.

   Facilities                          Ratings
   ----------                          -------
   INR160.0 Million Cash Credit        D (Assigned)
   INR20.00 Million Line of Credit     D (Assigned)
   INR30.00 Million Letter of Credit   P5 (Assigned)
   INR75.00 Million Bank Guarantee     P5 (Assigned)

The ratings reflect the fact that ABC has been frequently
overdrawing its working capital facilities, and has delayed the
payment of its vehicle loan obligations. The delays have been
caused by weak liquidity.

ABC was formed as a partnership firm in Andhra Pradesh in 1994 by
Mr. T Subrahmanyeswara Rao, Mr. G Venkateswara Rao, Mr. G Subba
Rao, and their family members.  The firm undertakes excavation and
drilling works for industrial projects. For 2008-09 (refers to
financial year, April 1 to March 31), ABC posted a profit after
tax (PAT) of INR56 million on net sales of INR1.08 billion,
against a PAT of INR32 million on net sales of INR1 billion in the
preceding year.


ADI ISPAT: CRISIL Downgrades Rating on INR105MM Term Loans to 'C'
-----------------------------------------------------------------
CRISIL has downgraded its rating on Adi Ispat Pvt Ltd's long-term
bank facilities to 'C' from 'B+/Negative'.

   Facilities                        Ratings
   ----------                        -------
   INR105 Million Term Loans         C (Downgraded from
                                        'B+/Negative')
   INR84.5 Million Cash Credit       C (Downgraded from
                                        'B+/Negative')
   INR20 Million Letter of Credit    P4 (Reaffirmed)
              and Bank Guarantee

The downgrade reflects instances of delays in debt servicing by
Adi Ispat in the recent past; the delays were caused by weak
liquidity.  The rating continues to reflect Adi Ispat's weak
financial risk profile, and susceptibility to cyclicality in the
steel industry.  These weaknesses are partially offset by Adi
Ispat's moderate business risk profile backed by benefits derived
from its promoters' experience in the iron and steel industry.
CRISIL has reaffirmed its rating on the short-term facilities of
the company at 'P4'.

                          About Adi Ispat

Adi Ispat was set up by Mr. Ashok Kumar Sarawgi and his sons in
2004. Mr. Sarawgi has more than three decades of experience in the
iron and steel industry.  Adi Ispat has two induction furnaces
with annual capacities of 18,000 tonnes each, and one 96,000-tonne
per annum-capacity rolling mill.  The first induction furnace
began operations in September 2007, and the second in November
2008. The rolling mill commences operations in January 2010, after
a delay of six months.

Adi Ispat reported a profit after tax (PAT) of INR0.7 million on
net sales of INR144 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR0.3 million on net sales
of INR55 million for 2007-08.


ANNAPURNA EARCANAL: CRISIL Puts 'BB+' Rating on INR35MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to Annapurna
Earcanal Ltd's bank facilities.

   Facilities                       Ratings
   ----------                       -------
   INR45 Million Cash Credit        BB+/Stable (Assigned)
   INR35 Million Term Loan          BB+/Stable (Assigned)
   INR40 Million Letter of Credit   P4+ (Assigned)
   INR5 Million Bank Guarantee      P4+ (Assigned)

The ratings reflect AEL's average financial risk profile, which is
constrained by the company's large working capital requirements,
and its susceptibility to cyclicality in the economy.  These
rating weaknesses are partially offset by the benefits that AEL
derives from its promoters' industry experience and its strong
presence in the roll-bond evaporator domain.

Outlook: Stable

CRISIL believes that AEL will continue to benefit from its
established relationships with its customers and the extensive
experience of its promoters over the medium term.  The outlook may
be revised to 'Positive' if the company improves its scale of
operations and diversifies its revenue profile.  Conversely, the
outlook may be revised to 'Negative' if the company's revenues and
profitability decline because of economic slowdown or
deterioration in receivables collection, or if the company
undertakes a large, debt-funded capital expenditure programme.

                     About Annapurna Earcanal

Incorporated in 1999, AEL manufactures roll-bound evaporators that
are used in direct-cooling refrigeration systems.  AEL has
capacity to manufacture 3.5 million units per annum.

AEL reported a profit after tax (PAT) of INR3.50 million on net
sales of INR413.5 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR13.80 million on net
sales of INR538 million for 2007-08.


B.D. CORPORATES: CRISIL Assigns 'B' Rating on INR43MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to the bank facilities
of B.D. Corporates Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR157 Million Cash Credit       B/Stable (Assigned)
   INR43 Million Term Loan          B/Stable (Assigned)

The rating reflects BD Corporates' below-average financial risk
profile, vulnerability to raw material price volatility and
adverse changes in regulations, and limited pricing power in the
flour and rice mill industry.  These rating weaknesses are
partially offset by the assured offtake of a portion of the
company's rice production by the Food Corporation of India every
year, thereby ensuring stable revenues for BD Corporates.  The
rating also factors in the stable demand for rice and wheat in the
country, and BD Corporates' established position in the flour mill
industry, good relationships with customers and suppliers, and
diversified revenue profile.

Outlook: Stable

CRISIL believes that BD Corporates' financial risk profile will
remain strained over the medium term; the debt protection measures
would remain weak, given the company's large working capital
requirements.  The outlook may be revised to 'Positive' if there
is significant infusion of equity into the company, resulting in
increase in its net worth, or if there is sustained increase in
the company's cash accruals, leading to improvement in its
financial risk profile.  Conversely, the outlook may be revised to
'Negative' in case of sharp decline in BD Corporates'
profitability, or if the company undertakes significant debt-
funded capital expenditure (capex) programme, causing
deterioration in its financial risk profile.

                        About B.D. Corporates

Promoted in 2003 by Mr. Sankar Agarwala and family, the Kolkata-
based BD Corporates has two divisions: flour mill, and rice.  The
flour mill manufactures atta, maida, suji, and wheat bran.  The
unit is based in Hugli district (West Bengal), and has an
installed capacity of 63,000 tonnes per annum (tpa).  The unit
began operations from 2004.  The rice division is engaged in
milling and production of rice.  The divisional unit is based in
Howrah district (West Bengal), and has an installed capacity of
92,500 tpa; it commenced operations in March 2008.

The group's promoters plan to set up an oil refinery unit in B D
Agro Products Pvt Ltd (BD Agro), a group company of BD Corporates.
The total investment required for the project, INR100 million to
INR120 million, is expected to be funded in a debt to equity ratio
of 3:2. BD Corporates might provide a corporate guarantee for the
loans of BD Agro.  Thus, the timing, and funding of this project,
as well as BD Corporates' exposure to BD Agro, will remain a key
rating sensitivity issue.

BD Corporates reported a profit after tax (PAT) of INR3 million on
operating income of INR796 million for 2008-09 (refers to
financial year, April 1 to March 31), against a PAT of INR2
million on operating income of INR407 million for 2007-08.


BEC CHEMICALS: CRISIL Rates INR7.5 Million LT Loan at 'BB+'
-----------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of BEC Chemicals Pvt Ltd.

   Facilities                             Ratings
   ----------                             -------
   INR7.5 Million Long-Term Loan          BB+/Stable (Assigned)
   INR45 Million Bill Discounting         P4+ (Assigned)
   INR50 Million Letter of Credit         P4+ (Assigned)
   INR2.5 Million Bank Guarantee          P4+ (Assigned)

The ratings reflect BEC's product and customer concentration in
revenue profile, and small scale of operations.  These rating
weaknesses are partially offset by the company's healthy operating
margin, and long-standing relationships with customers.

Outlook: Stable

CRISIL believes that BEC will maintain its business risk profile
on the back of established relationships with customers, over the
medium term.  The outlook could be revised to 'Positive' if the
company strengthens its capitalization, while diversifying its
product and customer base.  Conversely, the outlook could be
revised to 'Negative' if the company's capital structure
deteriorates, or if there is sustained decline in its margins.

                         About BEC Chemicals

Established in 1979 by Mr. M T Shah and Mr. C T Shah, BEC is
engaged in the manufacture of bulk drugs, and intermediates for
the pharmaceutical industry.  Prior to this business, the
promoters were engaged in engineering and fabrication business.
BEC is a contract manufacturer for formulations companies
globally.  These companies approach BEC to manufacture active
pharmaceutical ingredient/intermediate.  BEC develops the product
in India, and once the product has been approved by the client and
by the regulators from the client's country, commercial supplies
to the client commence.  BEC is a 100% export-oriented unit.

BEC reported a profit after tax of INR7.4 million on net sales of
INR22 million for 2008-09 (refers to financial year, April 1 to
March 31), against a net loss of INR3.3 million on net sales of
INR10 million in 2007-08.


CAPRICORN PLAZA: CRISIL Reaffirms 'BB' Rating on INR700MM LT Loan
-----------------------------------------------------------------
CRISIL's ratings on Capricorn Plaza Pvt Ltd's bank facilities
continue to reflect Capricorn Plaza's exposure to risks relating
to implementation of its four-star hotel project and generation of
adequate revenues from the hotel's operations.  These rating
weaknesses are partially offset by the benefits that Capricorn
Plaza derives from its experienced management team and tie-up with
Marriott International Inc.

   Facilities                             Ratings
   ----------                             -------
   INR700.0 Million Long Term Loan *      BB/Stable (Reaffirmed)

   * includes sub-limit of INR200.0 Million for Letter of Credit

Outlook: Stable

CRISIL believes that Capricorn Plaza will derive benefits from its
promoters' extensive experience, and tie-up with Marriott
International Inc.  Though the construction of the hotel is
expected to be delayed by about six months, the company has
rescheduled its term loan installments; also no cost-overrun is
expected.  The outlook may be revised to 'Negative' if the project
faces further delay, or the company is unable to generate stable
accruals from operations, impacting its debt repayment ability.
Conversely, the outlook may be revised to 'Positive if the company
completes the project without any further time or cost overruns,
and generate stable accruals from operations.

                       About Capricorn Plaza

Capricorn Plaza is a joint venture (JV) between Advantage Raheja
group (23.75 per cent), the Capricorn group (47.5 per cent), Mr.
Vijay Raheja (23.75 per cent) and Mr. Berjis Desai (5 per cent).
The company is incorporated with the objective to own, and manage
hotels, food courts, malls, and multiplexes. Currently, the
company is constructing a four-star hotel at Sasoon Road, Pune
(Maharashtra).  The company has tied up with Marriott
International Inc for managing the operations of the hotel, which
will be branded as 'Courtyard'.  The hotel will have 179 rooms
comprising 118 king standard deluxe rooms, 39 double standard
deluxe rooms, 7 king deluxe rooms, 7 executive suite rooms, 8
junior suite rooms . The hotel will also have two restaurants, a
coffee shop and a banquet.

The total cost of the project is estimated at around INR1.07
billion and will be funded with a debt to equity ratio of 2:1.
The hotel is now expected to be opened by July 2010.


DANIA ORO: CRISIL Assigns 'B-' Rating on INR100.1MM LT Loan
-----------------------------------------------------------
CRISIL has assigned its 'B-/Stable/P4' ratings to the bank
facilities of Dania Oro Jewellery Private Limited, part of the
Dynamix group.

   Facilities                              Ratings
   ----------                              -------
   INR100.1 Million Long-Term Loan         B-/Stable (Assigned)
   INR80.8 Million Packing Credit*         P4 (Assigned)
   INR242.2 Million Post Shipment Credit*  P4 (Assigned)

   *Fully Interchangeable

The ratings are constrained by delays in repayment of term loan
obligations by a group company, Rolly Jewellery Pvt Ltd.  The
ratings also factor in the Dynamix group's weak financial risk
profile, marked by high gearing and poor debt protection metrics,
its working-capital-intensive operations, and exposure to risks
related to geographic concentration in its revenue profile.  These
weaknesses are partially offset by the Dynamix group's moderate
market position in the jewellery industry, and the benefits that
it derives from its sound manufacturing facilities.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Dania Oro, Dynamix Chains Manufacturing
Private Limited, SAY India Jewellers Pvt Ltd, Lily Jewellery Pvt
Ltd, Yash Jewellery Pvt Ltd, Rolly Jewellery Pvt Ltd, Jewel
America Inc, and Barjon Inc.  This is because these entities,
collectively referred to as the Dynamix group, are under a common
promoter group, in the same line of business, and have operational
synergies and fungible cash flows among them.

Outlook: Stable

CRISIL believes that the Dynamix group will continue to benefit
from its sound manufacturing facilities and reputed customer base.
The outlook may be revised to 'Positive' if there is significant
improvement in the group's financial risk profile because of
healthy cash accruals and profitability, and if the group
companies demonstrate a track record of timely repayment of debt
obligations.  Conversely, the outlook may be revised to 'Negative'
if the group's financial risk profile deteriorates because of
continued losses in Jewel America, or if the group undertakes any
large, debt-funded capital expenditure programme.

                          About the Group

The Dynamix group of companies, engaged in the manufacture of
jewellery, is promoted by Mr. Pramod Goenka.  The group
manufactures gold, silver, and diamond-studded jewellery, which is
mainly exported to countries such as the US and the UK.

Set up in October 2007, Dynamix Chains manufactures specialised
chains and pendants, which are exported to the US. SAY India,
Lily, Dania Oro and Yash (set up in May 1995, February 2004,
February 2006, and November 2006, respectively), export diamond-
studded gold jewellery, while Rolly (established in January 2005)
exports light-weight electro-form jewellery. Jewel America, a
leading jewellery wholesaler in the US, was acquired by the group
in February 2009.

Dania Oro reported a profit after tax (PAT) of INR57 million on
net sales of INR691 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR28 million on net
sales of INR443 million for 2007-08.


DIAGEMS EXPORTS: CRISIL Rates INR127 Mil. Packing Credit at 'P4'
----------------------------------------------------------------
CRISIL has assigned its rating of 'P4' to the packing credit
facility of Diagems Exports.

   Facilities                             Ratings
   ----------                             -------
   INR127.0 Million Packing Credit        P4 (Assigned)

The rating reflects Diagems's weak financial risk profile marked
by high gearing, small net worth, and high bank line utilization.
The ratings also factor in the firm's small scale of operations in
the jewellery exports business, and geographic concentration in
revenue profile.  These weaknesses are partially offset by
Diagems's high operating margin, backed by presence in the high-
end, premium, diamond-studded jewellery business.

Set up in 1995 by Mr. G K Shenoy, Diagem is a 100 per cent export-
oriented unit.  The company has operations across India; in the
Middle East, the company is present through its subsidiary Shenoy
Jewellers LLC.

Diagem reported a profit after tax (PAT) of INR1.10 million on net
sales of INR298.4 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR0.92 million on net
sales of INR152.4 million for 2007-08.


DIAM STAR: CRISIL Reaffirms 'P4+' Ratings on Various Bank Debts
---------------------------------------------------------------
CRISIL's rating on the bank facilities of Diam Star Jewellery (I)
Pvt Ltd, part of the Goldstar group, continues to reflect the
group's average financial risk profile.

   Facilities                             Ratings
   ----------                             -------
   INR260 Million Export Packing Credit   P4+ (Reaffirmed)
   INR170 Million Post-Shipment Credit    P4+ (Reaffirmed)
   INR130 Million Standby Letter          P4+ (Reaffirmed)
     of Credit and Bank Guarantee

The rating also factors in the group's exposure to probability of
lengthening in the company's debtor cycle, as the revival in the
US and UK market is slow.  These weaknesses are partially offset
by the group's established position in the gems and jewellery
business.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Goldstar Diamonds Pvt Ltd, Goldstar
Jewellery Ltd, Goldstar Jewellery Designs Pvt Ltd and Diam Star,
collectively referred to as the Goldstar group.  This is because
these entities are under a common management, have inter-company
transactions, and have operational linkages with each other.

                          About the Group

Set up by Mr. Satish Shah in 1996, the Goldstar group trades in
diamonds and manufactures gold jewellery.  The diamond business is
looked after by GSDPL, the flagship company of the group, which
has manufacturing facilities in Surat and Mumbai.  The company is
a Diamond Trading Corporation sight holder, and supplies mostly to
its group companies engaged in the gold jewellery business,
besides to clients in the US, Belgium, Dubai, and Hong Kong.  The
gold jewellery business is carried on through GJL, GJDPL, and
DJPL.

For 2008-09 (refers to financial year, April 1 to March 31), the
Gold Star group reported a net loss of INR210 million on net sales
of INR4.8 billion, against a profit after tax of INR112 million on
net sales of INR6.6 billion for 2007-08.


MIDITECH PRIVATE: CRISIL Rates INR100M Overdraft Facility at 'BB+'
------------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable' rating to the overdraft
facility of Miditech Pvt Ltd.

   Facilities                             Ratings
   ----------                             -------
   INR100.0 Million Overdraft Facility    BB+/Stable (Assigned)

The rating reflects Miditech's weak financial risk profile because
of operating losses in the past two years on account of shows
produced for Real, and its exposure to inherent risks in the
television content production industry.  The rating also factors
in Miditech's diversified portfolio of programs; limited exposure
to risks of losses on shows produced, because of the commission
model of TV content production; and the benefits the company
derives from its alliance with Turner Asia Pacific Ventures
(Turner), a subsidiary of Turner International (a Time Warner
company, rated 'BBB/Stable/A-2' by Standard & Poor's).

Outlook: Stable

CRISIL believes that Miditech will continue to benefit from its
diversified portfolio of programs, established relationships with
multiple TV channels, and alliance with Turner.  The outlook may
be revised to 'Positive' if Miditech's promoters infuse equity
into the company, the company bags new contracts with channels to
produce shows that generate high profits, or if it further
diversifies its portfolio to reduce the risk of genre and channel
concentration.  Conversely, the outlook may be revised to
'Negative' if Miditech faces cost overruns in its productions, or
incurs further losses in programs produced for Real or other
channels.

                         About Miditech Pvt

Incorporated in 1995 by Mr. Niret Alva and Mr. Nikhil Alva,
Miditech commenced operations by producing documentaries for
Doordarshan.  Since then, it has widened its scope across genres
and TV channels, to documentaries, corporate films, and recently,
line production of movies.  Miditech pioneered reality shows in
India with Hospital for British Broadcasting Corporation in 1998.
Miditech is jointly owned by Alva Brothers Entertainment (ABE, 71
per cent stake) and Turner (29 per cent stake).  ABE is wholly
owned by the Alva family.

Miditech's head office is in Gurgaon (Haryana) and its branch
offices are in Mumbai, Bengaluru and Chennai. Mr. Nivedith Alva,
youngest of the Alva siblings, looks after the operations in South
India from Miditech's Bengaluru office.

Miditech reported a net loss of INR92 million on net sales of
INR746 million for 2008-09 (refers to financial year, April 1 to
March 31), against a net loss of INR234 million on net sales of
INR623 million for 2007-08.


MILAN JEWELLERS: CRISIL Reaffirms 'P4' Ratings on INR445MM Loans
----------------------------------------------------------------
CRISIL's rating on the post-shipment credit facility of Milan
Jewellers continues to reflect Milan's large working capital
requirements, significant build-up of receivables, modest scale of
operations, and small net worth.  These weaknesses are partially
offset by the benefits that the firm derives from its promoters'
experience in the diamond industry, and established customer
relationships.

   Facilities                              Ratings
   ----------                              -------
   INR445.0 Million Post-Shipment Credit   P4 (Reaffirmed)

   * Includes packing credit sub-limit of INR95.0 million.

Set up in 1976 by Mr. Kirtilal Chokshi and Mr. Kanti Jhaveri,
Milan exports polished diamonds.  Mr. Chokshi and Mr. Jhaveri are
active partners in the firm, while Mr. Shanay Chokshi is a dormant
partner.


NYKA STEELS: ICRA Places 'LBB+' Rating on INR150MM Bank Facilities
------------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR150 million fund-
based bank facilities of Nyka Steels Private Limited.  The outlook
on the long-term rating is "stable".  ICRA has also assigned an
'A4+' rating to the INR150 million non-fund based bank facilities
of NSPL.

The assigned ratings take into account NSPL's thin operating
profitability on account of high raw material costs, as the
company procures steel from traders instead of steel producers;
significant competition from other pipe manufacturers due to the
fragmented nature of the industry which further exerts pressure on
margins and the company's leveraged capital structure despite an
equity infusion by the promoters in FY 09, leading to depressed
coverage indicators.  The company also remains exposed to risks
arising from wide variations in raw material (steel) prices, given
the cyclicality inherent in the steel business. Nevertheless, the
ratings favorably factor in the experience of the promoters in the
pipe manufacturing business; its strong revenue growth led by
growing demand from the customers; reputed and well-diversified
clientele; and its moderate return on capital employed owing to
high asset utilization rates.

Established in 1995, NSPL is engaged in the manufacture of high
frequency induction welded pipes and hollow sections.  Its
manufacturing facilities are located at Taloja and Khopoli in the
Raigad district of Maharashtra.  The company's installed capacity
is 72,000 MTPA.  The company's products find their application in
scaffolding and structures, engineering, electrical and oil & gas
industries.

In 2008-09, NSPL made a profit of INR12.5 million on the back of
net sales of INR1.7 billion.  In the first nine months of 2009-10,
NSPL recorded an operating profit of INR55.4 million on the back
of gross sales of INR1.12 billion.


OB INFRASTRUCTURE: CRISIL Cuts Rating on INR4.4B Term Loan to 'BB'
------------------------------------------------------------------
CRISIL has downgraded its rating on the term loan of OB
Infrastructure Ltd to 'BB' from 'BBB-'; the rating remains on
'Watch with Negative Implications'.

   Facilities                     Ratings
   ----------                     -------
   INR4.4 Billion Term Loan       BB (Downgraded from 'BBB-'; On
                                      'Rating Watch with Negative
                                      Implications')

The downgrade reflects the delay by OBIL in the completion of the
Orai-Bhognipur and Bhognipur-Barah road project, as well as OBIL's
stretched liquidity.  The rating is on watch because of the
continuing uncertainty regarding OBIL's eligibility to receive the
April 2010 annuity for the project from the National Highways
Authority of India (NHAI; rated 'AAA/Stable' by CRISIL). The
annuity is dependent on OBIL getting the provisional certificate
of completion for the project from NHAI; the certificate has been
the subject of prolonged negotiations between the two parties.
CRISIL is in discussions with OBIL's management on the project's
progress and commencement of annuities, and will take an
appropriate rating action once there is clarity on these aspects.

The road project, initially scheduled to be completed by April
2009, has been delayed by 11 months, primarily due to the delay in
receiving the right of way (ROW) from NHAI.  OBIL will be able to
fully complete the road project only if it receives the pending
ROW for the four- to five-kilometer (km) stretch. OBIL has been in
continuous negotiations with NHAI for grant of a provisional
certificate of completion for the portion of road completed; the
negotiations are still in progress.

The revised rating reflects the experience of OBIL's promoter in
the road construction business, the low technological complexity
of the project, and the strong counterparty, NHAI.  However, the
lead promoter, Nagarjuna Construction Company Ltd (NCC; 'AA-
/Stable/P1+') has clarified that it remains uncommitted to
extending support to OBIL for the debt repayment due in May 2010,
if the provisional completion certificate, and by implication, the
annuity receipt for April 2010, from NHAI, is not forthcoming.

                      About OB Infrastructure

OBIL is a special purpose vehicle (SPV) promoted by NCC and KMC
Constructions (KMC). NCC holds 64 per cent, and KMC holds 36 per
cent, stake in the SPV.  OBIL was incorporated in 2006 to
undertake a road project on the Orai-Bhognipur stretch of National
Highway 25, and the Bhognipur-Barah stretch of National Highway 2.
The scope of the project involves strengthening and widening 62.8
km of the existing two-lane carriageway into a four-lane dual-
carriageway facility at a total cost of INR5.85 billion.  This
stretch forms a part of the east-west corridor of NHAI, located
between the major cities of Kanpur and Jhansi. OBIL signed a
concession agreement with NHAI in April 2006 for a period of 17.5
years, undertaking the construction, operation, and maintenance of
the project on an annuity basis.


PADMAWATI COMMODITIES: CRISIL Rates on INR80M Cash Credit at 'BB-'
------------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to the bank facilities
of Padmawati Commodities Pvt Ltd, which is part of the Padmawati
group.

   Facilities                        Ratings
   ----------                        -------
   INR80 Million Cash Credit         BB-/Stable (Assigned)

   *Includes a sublimit of INR40 Millions for Bank Guarantee

The rating reflects PCPL's working-capital-intensive operations,
and weak financial risk profile.  These rating weaknesses are
partially offset by benefits that PCPL derives from its promoters'
experience in the coal trading industry, and strong customer
relationships.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of PCPL and Tulsi Commodities Pvt Ltd.
This is because the two companies, together referred to herein as
the Padmawati group, are in the same line of business, under a
common management and have provided corporate guarantees to each
other's borrowings.

Outlook: Stable

CRISIL believes that the Padmawati group's financial risk profile
will remain constrained by low profitability and working-capital-
intensive operations.  The outlook may be revised to 'Positive' if
the group's financial risk profile improves significantly, backed
by healthy accruals.  Conversely, the outlook may be revised to
'Negative' if the group makes large, debt-funded capital
investments, or if its profitability declines further, leading to
deterioration in financial risk profile.

                          About the Group

Set up as a private limited company in 1995 by Mr. Labh Chand
Surana and Mr. Surendra Kumar Surana, PCPL undertakes coal
trading. TCPL, a group company, also trades in coal.  The group
procures coal mainly through auctions from Coal India Limited
against advance payments; a small proportion is also purchased
from local traders. It supplies coal mainly to companies in the
steel, chemicals and cement industries.

The Padmawati group reported a profit after tax (PAT) of INR1.0
million on operating income of INR507 million for 2008-09 (refers
to financial year, April 1 to March 31), as against a PAT of
INR0.8 million on operating income of INR372 million for 2007-08.


PUNJAB RICELAND: Small Net Worth Cues CRISIL 'BB-' Ratings
----------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to Punjab
Riceland Pvt Ltd's bank facilities.

   Facilities                             Ratings
   ----------                             -------
   INR50.00 Million Cash Credit Limit     BB-/Stable (Assigned)
   INR250.00 Million Bill Discounting^    P4+ (Assigned)
   INR250.00 Million Packing Credit       P4+ (Assigned)

   ^ Fungible with Packing Credit up-to INR150.00 Million.

The ratings reflect PRPL's weak financial risk profile, marked by
its small net worth, high gearing, and weak debt protection
metrics, large working capital requirements, low internal
accruals, and exposure to risks relating to fluctuations in raw
material prices, customer concentration in revenue profile,
vagaries of the monsoon, and unfavorable regulatory changes.
These rating weaknesses are partially offset by the benefits that
the company derives from its promoters' significant experience in
the rice exports industry, its established relationships with
customers, and strong growth in its operating income.

Outlook: Stable

CRISIL expects PRPL's financial risk profile to remain stretched
over the medium term owing to large working capital requirements,
low net cash accruals, and weak debt protection measures.  The
outlook may be revised to 'Positive' if there is substantial
improvement in PRPL's capital structure, most likely through fresh
equity infusions or improvement in accruals.  Conversely, further
deterioration in the company's capital structure or pressures on
profitability may drive a revision in outlook to 'Negative'.

                       About Punjab Riceland

PRPL was incorporated by Mr. Rajiv Aggarwal and Mr. Sanjiv
Aggarwal in 1992.  The company was founded by the promoters'
grandfather in 1940.  The current promoters, who are third-
generation entrepreneurs in this business, were earlier engaged in
milling and exporting non-basmati rice and ventured into the
milling and export of basmati rice in the early 2000s.  Currently,
the company mills and exports only basmati rice to the Middle East
and processes broken rice and its by-products for sale in the
domestic market.  It has two rice milling, sorting, and grading
facilities in Amritsar (Punjab) with capacity of 3.5 tonnes per
hour in each.

PRPL reported a profit after tax (PAT) of INR6 million on
operating income of INR1.8 billion for 2008-09 (refers to
financial year, April 1 to March 31) against a PAT of INR1 million
on operating income of INR544 million for 2007-08.


R.G. SPINNING: CRISIL Assigns 'B' Rating on INR106.4MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'B/Negative' rating to R.G. Spinning Mills
Ltd's bank facilities.

   Facilities                       Ratings
   ----------                       -------
   INR20.0 Million Cash Credit      B/Negative (Assigned)
   INR106.4 Million Term Loan       B/Negative (Assigned)

The rating reflects RGSML's weak financial risk profile, marked by
low cash accruals, small scale of operations, and to fluctuations
in raw material prices, and the company's exposure to the risks
related to high dependence on a single supplier.  These rating
weaknesses are partially offset by RGSML's promoter's experience
in the textile industry.

Outlook: Negative

CRISIL believes that RGSML's liquidity will remain weak over the
medium term because of low cash accruals and large, debt-funded
capital expenditure (capex).  The ratings may be downgraded if the
company's financial risk profile deteriorates further, most likely
because of larger-than-expected debt-funded capex, or steeper-
than-expected decline in revenues or operating profitability.
Conversely, significant improvement in RGSML's financial risk
profile, particularly debt protection measures, may lead to a
revision in the outlook to 'Stable'.

                         About R.G. Spinning

RGSML manufactures polyester cotton yarn. It primarily sells
blended yarn (70 per cent polyester and 30 per cent cotton).  The
company commenced operations in 2006 with 12,000 spindles.  RGSML
sells primarily to M/s. Pukhraj Virchand, an agent, having
operations in Bhiwandi, Maharashtra and in Bhilwara (Rajasthan).
The agent owns 20 per cent stake in RGSML. RGSML is owned by six
different families; Mr. Vasanth and Mr. C Balasubramaniam are
joint managing directors.

RGSML reported a loss of INR6.8 million on net sales of INR126
million for 2008-09 (refers to financial year, April 1 to
March 31), against a profit after tax of INR0.01 million on net
sales of INR132 million for 2007-08.


ROHAN BUILDERS: CRISIL Lifts Rating on Various Bank Debts to 'B+'
-----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Rohan Builders (India) Pvt Ltd, which is part of the Rohan group
of companies, to 'B+/Stable' from 'C', and has reaffirmed its
rating on RBIPL's short-term bank facility at 'P4'.

   Facilities                             Ratings
   ----------                             -------
   INR130 Million Cash Credit Facility    B+/Stable (Upgraded from
                                                     'C')

   INR350 Million Rupee Term Loans        B+/Stable (Upgraded from
                                                     'C')
   INR600 Million Bank Guarantee          P4 (Reaffirmed)

The rating revision reflects the improvement in the Rohan group's
liquidity position following the reduction in its receivables.
The ratings factor in the Rohan group's average financial risk
profile marked by weak debt protection measures, its aggressive
growth plans, and exposure to the inherent cyclicality in the real
estate business.  These rating weaknesses are partially offset by
the group's diversified business profile and sound operating
efficiency.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of RBIPL and the Rohan group companies
engaged in the infrastructure and real estate businesses.

Outlook: Stable

CRISIL believes that the Rohan group will maintain a sound
business risk profile over the medium term, backed by a healthy
order book and the Government of India's thrust on infrastructure
development.  The outlook may be revised to 'Positive' if the
group sustains its revenue growth, along with sound profitability
and improvement in capital structure. Conversely, the outlook may
be revised to 'Negative' if significant weakening in the group's
debt structure leads to deterioration in its financial risk
profile.

                           About the Group

RBIPL is the flagship company of the Pune-based Rohan group, which
is engaged in industrial construction. The company was promoted by
Mr. Suhas Lunkad as a proprietary entity in 1992; with scaling up
of business, it was converted to a private limited company and
renamed in 1994.


RUKSHMANI SYNTEX: CRISIL Assigns 'BB-' Rating on Various Debts
--------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4+' to the bank
facilities of Rukshmani Syntex Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR150.0 Million Cash Credit*      BB-/Stable (Assigned)
   INR123.0 Million Term Loan         BB-/Stable (Assigned)
   INR107.0 Million Proposed LT       BB-/Stable (Assigned)
             Bank Loan Facility
   INR70.0 Million Letter of Credit   P4+ (Assigned)

   *Includes sublimit for Packing Credit of INR50.0 Million

The ratings reflect Rukshmani's weak financial risk profile, and
relative small scale of operations in the textiles industry.
These weaknesses are partially offset by the promoters' long
experience in the industry.

Outlook: Stable

CRISIL believes that Rukshmani will continue to benefit from the
experience of the promoters in the fabrics business and
established contracts with leading textile companies.  The outlook
may be revised to 'Positive' if Rukshmani's revenues and net cash
accruals increase considerably on the back of higher volumes or
improved realizations.  Conversely, the outlook may be revised to
'Negative' if the company's financial risk profile deteriorates
materially on account of larger than expected debt funded capital
expenditure.

                      About Rukshmani Syntex

Rukshmani, incorporated in 1988, manufactures pure cotton,
blended, and synthetic fabrics used in men's suiting and shirting.
The company is promoted and managed by Mr. Narayan D Thakker, and
his two sons, Mr. Vikram Thakker and Mr. Mehul Thakker.  The
company is headquartered in Mumbai; its manufacturing facilities
in Umergaon (Gujarat) and Silvassa (Dadra and Nagar Haveli) are
equipped with around 250 looms and have capacity to produce 12
million metres of fabric per annum.

Rukshmani reported a profit after tax (PAT) of INR8.01 million on
net sales of INR355.2 million for 2008-09 (refers to financial
year, April 1 to March 31) against a PAT of INR7.4 million on net
sales of INR323 million for 2007-08.


SAKET INFRAPROJECTS: ICRA Puts 'LBB' Rating on LT Bank Facilities
-----------------------------------------------------------------
ICRA has assigned a long term rating of 'LBB' to fund based and
non-fund based limits of Saket Infraprojects Limited.

The ratings are constrained by SIL's small scale of operation,
heavy reliance on group companies for business, geographical risk
owing to concentration of projects in Mumbai and Navi Mumbai,
relatively high gearing and highly competitive nature of the
industry.  Further, the ratings take into account significant
exposure of SIL to the group company which is currently facing
liquidity issues.  Nevertheless the ratings take comfort from the
order book, long track record of the company and experienced
management of SIL.

SIL was established to facilitate backward integration for the
group companies viz. RPS Infraprojects Pvt. Ltd and PBA
Infrastructure Ltd.  PBA and RPS control 50% each in SIL
indirectly through relatives and shareholders.  SIL was registered
as a partnership firm in the year 1998 and was subsequently
converted to a public limited company in the year 2006.  The
company is in the business of manufacturing of ready mix concrete
(RMC), asphalt, aggregate and also development of roads, storm
water drainages on sub-contract basis.

The company has taken on lease a quarry and commissioned a plant
in Mhape, Navi Mumbai to manufacture aggregate and asphalt used in
development of roads and construction of buildings by group
companies.  The annual production capacity of the asphalt plant is
64,000 tons.  SIL also has set up a 90 cubic metre/hour RMC (Ready
Mix Concrete) plant in Wadala, Mumbai which caters to various
projects executed by the group companies in Mumbai and Navi
Mumbai.  The annual production capacity of the plant is 96,000
cubic metres.  Apart from RMC and Asphalt, SIL also owns a wet mix
producing equipment and pressure piling machine.

At present, the company is engaged in construction of the head
office building of NMMC in Navi Mumbai on a sub-contract basis in
a joint venture with Ashwini Infradeveopments Pvt. Ltd and Hotel
Tunga Regency Pvt. Ltd.  SIL's share in the joint venture stands
at 40%.

More than 75% of operating income during FY09 and FY08 were
contributed by the group companies.  While operations of the group
companies are concentrated in Maharashtra, majority of the
projects to be executed by them in Mumbai and Navi Mumbai are sub-
contracted to SIL.

The unexecuted order book of the company as of 30th September,
2009 stood at INR 2.44 billion.


SHIVAJI ROLLER: Low Profitability Cues CRISIL 'B+' Rating
---------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of Shivaji Roller Flour Mills Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR50 Million Cash Credit        B+/Stable (Assigned)
   INR100 Million Bank Guarantee    P4 (Assigned)

The ratings reflect SRFMPL's weak financial risk profile marked by
small net worth, weak debt protection metrics, limited and small
scale of operations, and low profitability because of intense
competition in a highly fragmented market.  These rating
weaknesses are partially offset by the benefits that SRFMPL
derives from its promoters' established track record in the wheat
flour industry, and strong clientele.

Outlook: Stable

CRISIL believes that SRFMPL will continue to benefit from its
established market position backed by strong relationships with
clients, over the medium term.  However, the company's scale of
operations is expected to remain small over the medium term.  The
outlook may be revised to 'Positive' if SRFMPL increases its scale
of operations, improves debt protection metrics, and increases net
worth through fresh equity infusion.  Conversely, the outlook may
be revised to 'Negative' if the company's reliance on debt
increases, or there is a decline in its revenues or operating
margin.

                        About Shivaji Roller

Set up in 1972, Navi Mumbai-based SRFMPL is in the business of
manufacturing wheat products, such as maida (refined flour), suji,
rawa, atta (unrefined flour), and bran.  The company's operations
are managed by Mr. Ajay Goyal. SRFMPL's only processing unit,
located in Airoli, has two processing lines - maida processing
line with a capacity of 220 tonnes per day (tpd), and atta
processing line of 45 tpd.

SRFMPL reported a profit after tax (PAT) of INR2 million on net
sales of INR637 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR1.35 million on net
sales of INR690 million for 2007-08.


SPACEAGE ASSOCIATES: ICRA Assigns 'LBB-' Rating on Cash Credit
--------------------------------------------------------------
ICRA has assigned 'LBB-' rating to the INR85 million fund based
cash credit limits of Spaceage Associates.  The long term rating
has been assigned a stable outlook.  ICRA has also assigned A4
rating to INR255 million non fund based facilities of the company.

The assigned ratings are constrained by small scale of operations
limiting ability to bid for state utility tenders though the
company is technically pre qualified to bid for turnkey projects
of 33kV/22kV/11kV substation and distribution line projects.  ICRA
further notes that operating profitability remains vulnerable to
unfavorable raw material and bought out equipment prices with only
limited price variation clause allowed in state utility contracts.
However, the assigned rating derives comfort from favorable demand
outlook for power sector with Government planning to continue
investing significantly in various electrification schemes.  The
company has healthy revenue visibility with considerable order
book though liquidity profile is expected to remain stretched with
unfavorable payment terms of state utility contracts limiting
financial flexibility.

Spaceage, a partnership firm, incorporated in 1982 is engaged in
EPC business of providing turnkey solutions majorly to state
utilities for setting up substations and electrical distribution
lines.  Spaceage was promoted by first generation entrepreneur
Mr. Vinayak Patil who has more than 36 years of experience as
electrical contractor.

Recent Results

The company reported operating income of INR59 million in FY09
as against INR185.7 million in FY08 with net profit of INR3.5
million in FY09 as against INR9.8 million in FY08.


SRI BALMUKUND: CRISIL Places 'BB-' Rating on INR67.5MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to Sri Balmukund
Polypack Pvt Ltd's bank facilities.

   Facilities                       Ratings
   ----------                       -------
   INR27.50 Million Cash Credit     BB-/Stable (Assigned)
   INR67.50 Million Term Loan       BB-/Stable (Assigned)

The rating reflects Sri Balmukund's exposure to risks related to
the nascent and small scale of operations and the debt funding of
its capital expenditure.  These rating weaknesses are partially
offset by the benefits that Sri Balmukund derives from its
promoters' experience in the packaging industry.

Outlook: Stable

CRISIL believes that Sri Balmukund's credit risk profile will
remain constrained, as its operations have started recently and
because of its aggressive financial policy.  The outlook may be
revised to 'Positive' if Sri Balmukund's financial risk profile
improves as a result of equity infusion or better-than-expected
cash accruals.  Conversely, the outlook may be revised to
'Negative' if the debt taken by the company to fund its capex
plans is more than expected, or in case of a major fall in its
operating margin or exposure to event risks in the packaging
industry.

Sri Balmukund, incorporated in December 2007, manufactures high-
density polyethylene (HDPE) and polypropylene (PP) fabrics and
bags.  Its facility at Industrial Area in Tendua, Raipur
(Chhattisgarh) has capacity of 4800 tonnes per annum.  Its product
profile includes cement bags, fertilizer bags, petrochemicals
bags, leno bags, sugar bags, tea bags, and food grain bags.

Sri Balmukund reported a profit after tax (PAT) of INR0.1 million
on operating income of INR24.3 million for 2008-09 (refers to
financial year, April 1 to March 31).


SRI VENKATARAMANA: CRISIL Rates INR6 Million Term Loan at 'BB+'
---------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of Sri Venkataramana Engineering, which is part of the
Mahamaruti group.

   Facilities                       Ratings
   ----------                       -------
   INR6 Million Cash Credit         BB+/Stable (Assigned)
   INR6 Million Term Loan           BB+/Stable (Assigned)
   INR58 Million Bank Guarantee*    P4+ (Assigned)

   *Includes proposed amount of INR4.3 million

The ratings reflect the group's healthy business risk profile,
supported by good relationships with customers, and above-average
financial risk profile, marked by healthy debt protection
measures.  These rating strengths are partially offset by the
group's exposure to risks related to its small scale and intense
competition in the consignment clearing and forwarding services
industry and customer concentration in its revenue profile.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SVE and Mahamaruti Logistics Pvt Ltd
(MMLPL), together referred to as the Mahamaruti group.  This is
because SVE and MMLPL are in the same line of business, and have a
common management and financial and operational linkages.

Outlook: Stable

CRISIL believes that the Mahamaruti group will continue to benefit
over the medium term from long-standing relationships with its
customers and the extensive experience of its promoters.  The
outlook may be revised to 'Positive' if the group's financial risk
profile improves considerably because of higher accruals or
increased diversity in revenue profile.  Conversely, the execution
of a significant debt-funded capital expenditure programme or
unrelated diversification may result in a revision in outlook to
'Negative'.

                          About the Group

MLPL (formerly Maruti Transports) was set up as a partnership firm
in 1978 by Mr. A Satyanarayana Murthy and was reconstituted as a
private limited company in 2004.  SVE commenced commercial
operations as a proprietorship firm in 1990 and was converted into
a partnership firm in 2004-05. Based in Visakhapatnam (Andhra
Pradesh), MLPL and SVE provide freight forwarding, customs
clearance, inland transportation, warehousing, and consultancy
service.

The Mahamaruti group reported a profit after tax (PAT) of INR9.30
million on net sales of INR218.70 million for 2008-09 (refers to
financial year, April 1 to March 31) against a PAT of
INR23.90million on net sales of INR325.90 million for 2007-08.


SURYAKIRAN INT'L: ICRA Reaffirms 'LBB' Rating on INR139.3MM Loans
-----------------------------------------------------------------
ICRA has re-affirmed its 'LBB' rating to the INR139.3 million term
loans and the INR40 million fund-based facilities of Suryakiran
International Limited.  The outlook on the rating is stable.
ICRA has also re-affirmed its 'A4' rating to the INR 52.5 million
non-fund based facilities and the INR39.5 million fund-based
facilities of SKIL.

ICRA withdraws its LBB rating on the proposed INR40 million, fund-
based facilities and its A4 rating on the INR12 million proposed
short-term fund-based facilities, as the same has not been
sanctioned by the bank.

The assigned ratings reflect the company's small scale of
operations; weak financial profile, with low profitability on
account of the unfavorable demand environment affecting
realizations and stretched capital structure, as characterized by
high gearing levels and weak coverage indicators.  Hence, the
company had to restructure its debt repayment to improve its
liquidity position.  The rating also factors in the highly
fragmented industry structure with significant competition in the
domestic as well as export markets, which may restrict revenue
growth and margin expansion, following recovery in demand
conditions in the retail markets of importing countries.  The
ratings, nevertheless, favorably factor in the experienced
management of the company; business and financial support extended
by its parent, Suryalakshmi Cotton Mills Limited and its growing
export market, boosting the sales potential of the company.

Suryakiran International Limited, a subsidiary of Suryalakshmi
cotton mills (which holds 60%, with the rest being held by UTI and
promoters), was incorporated in 1994 by Mr. L N Agarwal.  From
1994 until 2005, SKIL was involved in trading of cotton.  In FY06,
SKIL ventured into the manufacture of denim garments with
commencement of commercial production in FY07.

Currently, the company sources its input denim garments from most
of the major companies in the market and caters to clientele in
the domestic as well as export markets.


UPKAR ESTATES: ICRA Assigns 'LBB' Rating on INR300 Mil. Term Loan
-----------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR 300 million Term Loan
of Upkar Estates.  The outlook on the assigned rating is stable.

The rating reflects Upkar Estates' modest size of operations and
increased reliance on external borrowings for funding its ongoing
projects which would result in high gearing.  Besides, sluggish
demand recovery in the real estate market and competition from
other residential layout projects in proximity to the projects
increases the market risk of the project.  ICRA further takes into
account pending regulatory clearances for some portion of land and
inherent risk related to partnership firm. However ICRA draws
comfort from the firm's experienced management with expertise in
developing residential layouts and relatively low cost of the
land.

                        About Upkar Estates

Incorporated in the year 1994, Upkar Estates is a part of Upkar
group. Upkar group was started in 1974 by Mr. K.H Khan.  The group
is engaged in developing residential layouts, and intends to
diversify its product portfolio to commercial complexes,
integrated townships, software parks etc primarily in
Bangalore.

Upkar Estates is currently engaged in developing Greenfield and
Springfield project at Hosur Road, South Bangalore.  The projects
are spread over 157 acres of land and comprises residential
layouts of different sizes, club house, parks, and other
amenities.

Upkar Estates reported a net profit of INR 26.8 million on an
operating income of INR 173 million in 2008-09 as against a net
profit of INR 29.6 million on an operating income of INR 279
million in 2007-08.


VETRIVEL EXPLOSIVES: CRISIL Rates INR17.5M LT Loan at 'BB-'
-----------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4+' to the various
bank facilities of Vetrivel Explosives Pvt Ltd.

   Facilities                            Ratings
   ----------                            -------
   INR17.50 Million Long Term Loan       BB-/Stable (Assigned)
   INR105.00 Million Cash Credit Limit   BB-/Stable (Assigned)
   INR30.00 Million Letter of Credit     P4+ (Assigned)
   INR20.00 Million Bank Guarantee Limit P4+ (Assigned)

The ratings reflect VEPL's below-average financial risk profile,
and exposure to risks relating to fluctuating prices of ammonium
nitrate and intense competition in the civil explosives industry.
These strengths are, however, partially offset by VEPL's
established presence in the civil explosives business.

Outlook: Stable

CRISIL believes that VEPL will maintain a comfortable business
risk profile, supported by its established position in the civil
explosives business.  The outlook may be revised to 'Positive' if
increased accruals help the company enhance its financial risk
profile.  Conversely, the outlook may be revised to 'Negative' if
the company undertakes large, debt-funded capital expenditure or
its accruals decline leading to further deterioration in its
capital structure.

                     About Vetrivel Explosives
Set up as a partnership firm in 1999, VEPL converted to a closely-
held private company in 2000.  It manufactures civil explosives
and blasting accessories for the mining and quarrying, and cement
industries. Its facility near Tiruchirappalli (Tamil Nadu) has
capacity to manufacture 15,000 tonnes of explosives per annum.

VEPL reported a profit after tax (PAT) of INR11.27 million on net
sales of INR510.49 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR5.67 million on net
sales of INR275.68 million for 2007-08.


WALZEN STEEL: CRISIL Assigns 'BB' Rating on INR41.4MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Walzen Steel India Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR53.3 Million Cash Credit      BB/Stable (Assigned)
   INR41.4 Million Term Loan        BB/Stable (Assigned)
   INR10 Million Bank Guarantee     P4+ (Assigned)

The ratings reflect WSIPL's weak financial risk profile marked by
high gearing and weak debt protection metrics, and large working
capital requirements.  These rating weaknesses are partially
offset by the operational and financial support the company
receives from its group concern Walzen Strips Pvt Ltd.

Outlook: Stable

CRISIL believes that WSIPL will maintain its moderate business
risk profile over the medium term on the back of continued support
from WSPL.  The outlook may be revised to 'Positive' if WSIPL
improves its revenue diversification, or if there is improvement
in the demand from the end-user industry, leading to stronger
financial risk profile for the company, or equity infusion into
WSIPL, resulting in stronger capital structure.  Conversely, the
outlook may be revised to 'Negative' if WSIPL undertakes a
significantly debt-funded capital expenditure (capex) programme,
leading to deterioration in its debt protection metrics.

                          About the Group

WSPL and WSIPL are part of the Kolkata-based Lyca group of
companies promoted by Mr. Tejomoy Roychowdhury.  WSPL, set up in
1989, manufactures high-tensile steel strips (HTSS), and hardened
and tempered steel strips (HATSS).  The manufacturing units of the
company, located in Howrah (West Bengal), have a combined
installed capacity to produce 11,000 tonnes per annum of steel
strapping.  The main raw material to produce HTSS and HATSS is
cold rolled (CR) steel.  In 2006, cold rolling was started in
another company, Lyka Udyog Pvt Ltd, to act as backward
integration to WSPL's operations. In 2007, the name of this
company was changed to WSIPL. WSIPL is located in Hoogly (West
Bengal) and has an installed cold rolling capacity of 3000 tonnes
per month.

WSIPL reported a profit after tax of INR11.7 million on net sales
of INR255.2 million for 2008-09 (refers to financial year, April 1
to March 31), against a net loss of INR32.6 million on net sales
of INR103.9 million for 2007-08.


WALZEN STRIPS: CRISIL Assigns 'BB+' Rating on INR175MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of Walzen Strips Pvt Ltd (WSPL; part of the Walzen
group).

   Facilities                       Ratings
   ----------                       -------
   INR175 Million Cash Credit       BB+/Stable (Assigned)
   INR15 Million Bank Guarantee     P4+ (Assigned)

The ratings reflect the Walzen group's susceptibility to
fluctuations in raw material prices and foreign exchange rates,
and its working-capital-intensive operations.  These rating
weaknesses are partially offset by the benefits that the Walzen
group derives from its established market position in the steel
strapping segment.

For arriving at its ratings, CRISIL has combined the financial and
business risk profiles of WSPL and Walzen Steel India Pvt Ltd.
This is because the two companies, together referred as the Walzen
group, have a common management, and significant operational and
financial linkages, including fungible funds.

Outlook: Stable

CRISIL believes that the Walzen group will maintain its moderate
business risk profile over the medium term, backed by its
established market presence and experience of its promoter in the
steel strapping industry.  The outlook may be revised to
'Positive' in case of greater diversification in revenues or
improved demand from the end-user industry, leading to increased
sales and improved profit margins.  Conversely, the outlook may be
revised to 'Negative' in case the company undertakes a
significantly debt-funded capex programme, leading to
deterioration in its debt protection measures

                          About the Group

WSPL and WSIPL are part of the Kolkata-based Lyca group of
companies promoted by Mr. Tejomoy Roychowdhury. WSPL, set up in
1989, manufactures high-tensile steel strips (HTSS) and hardened
and tempered steel strips (HATSS).  The manufacturing units of the
company, located in Howrah (West Bengal) have a combined installed
capacity to produce 11,000 tonnes per annum of steel strapping.
The main raw material to produce HTSS and HATSS is cold rolled
(CR) steel. In 2006, cold rolling was started in another company,
Lyka Udyog Pvt Ltd, to act as backward integration to WSPL's
operations.  In 2007, the name of this company was changed to
WSIPL. WSIPL is located in Hoogly (West Bengal) and has an
installed cold rolling capacity of 3000 tonnes per month.

The Walzen group reported a profit after tax of INR26.5 million on
net sales of INR668.4 million for 2008-09 (refers to financial
year, April 1 to March 31), against a net loss of INR27.9 million
on net sales of INR616.2 million for 2007-08.


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


HUIS TEN: Five Kyushu-based Firms Confirm JPY1 Bil. Investment
--------------------------------------------------------------
The Japan Times reports that five Kyushu-based companies will put
up a combined JPY1 billion in capital for struggling theme park
operator Huis Ten Bosch Co:

                                             Amount
                                             ------
          Kyushu Electric Power Co.       JPY400 million
          Saibu Gas Co.                   JPY300 million
          Kyudenko Co.                    JPY150 million
          Kyushu Railway Co.              JPY100 million
          Nishi-Nippon Railroad Co.        JPY50 million

Headquartered in Nagasaki, Japan, Huis Ten Bosch is a popular
theme park, which imitates Holland villages allowing travelers to
experience the culture and atmosphere of Europe.  It is located in
Kyushu.

As reported in the Troubled Company Reporter-Asia Pacific on
February 16, 2010, H.I.S. Co. said it will provide financial
assistance to Huis Ten Bosch to help its turnaround efforts.
H.I.S. made the decision to help in the rehabilitation of the
theme park after judging that it will help promote tourism in the
region.  H.I.S. said it will also be beneficial for its travel
operations particularly for visitors from Asian countries such as
China and South Korea.

Huis Ten Bosch's rehabilitation administrator in February
submitted a revised turnaround plan to the Tokyo District
Court.

Huis Ten Bosch Co. last month gained approval from the Tokyo
District Court for its new plan to seek restructuring under the
initiative of travel agency H.I.S. Co.

Huis Ten Bosch will reduce its capital to zero on April 6 while
receiving at the same time fresh capital of JPY2 billion from the
Tokyo-based travel agency and JPY1 billion from five local
companies.


===============
M A L A Y S I A
===============


AKN TECHNOLOGY: Publicly Reprimanded For Breaching Listing Rules
----------------------------------------------------------------
Bursa Malaysia Securities Berhad has publicly reprimanded AKN
Technology Berhad for breach of paragraph 10.08(1) of the Listing
Requirements read together with paragraph 2.1(a) of Practice Note
No. 12/2001 and paragraph 10.08(2) read together with paragraph
1.03(1) of the LR.

Bursa Malaysia said SR Technology Sdn Bhd, a wholly owned
subsidiary of AKN, had from May 25, 2007, to January 31, 2008,
entered into Recurrent Transaction with Senzpak (M) Sdn Bhd, a
wholly owned subsidiary of MEMS Technology Bhd in respect of the
manufacturing and sale of certain opto-sensors.

The total aggregate value of the RRPTs undertaken by the parties
amounted to MYR8.130 million which represented 7.55% of the
Company's net assets of MYR107.663 million as at March 31, 2006.
However, AKN only announced the RRPTs on December 2, 2008, and
obtained shareholders' ratification of the RRPTs on December 19,
2008.

The Company had breached:

   (a) paragraph 10.08(1) read together with paragraph 2.1(a) of
       Practice Note No. 12/2001 of the LR for failing to make an
       immediate announcement of the RRPTs despite the fact that
       the RRPTs triggered a percentage ratio of 7.55% as at
       January 31, 2008, where the aggregated value of the RRPTs
       amounted to MYR8.130 million; and

   (b) paragraph 10.08(2)(b) read together with paragraph 1.03(1)
       of the LR for failing to obtain prior shareholders'
       approval of the RRPTs when the RRPTs triggered a percentage
       ratio of 7.55% on January 31, 2008, where the aggregated
       value of the RRPTs was approximately MYR8.130 million.

The public reprimand was imposed pursuant to paragraph 16.17(1) of
the LR after taking into consideration all facts and circumstances
of the matter and upon completion of due process.

"Bursa Securities views the contravention seriously and hereby
reminds the Company and its Board of Directors on their
responsibility to maintain appropriate standards of corporate
responsibility and accountability in order to achieve greater
disclosure and transparency to the shareholders and the investing
public," the bourse said.

"While Bursa Securities has not made a finding that any of the
directors of the Company caused or permitted the said breach by
the Company, Bursa Securities nevertheless wishes to highlight
that it is the responsibility of directors of listed companies to
maintain appropriate standards of responsibility and
accountability within the Company and amongst its officers and
employees including, among others, an awareness of the importance
of compliance with the LR."

The Board of Directors of the Company at the material time are:

   (1) Dato' Ahmad Kabeer Bin Mohamed Nagoor
   (2) Ong Hean Kooi
   (3) Ooi Boon Leong
   (4) Lim Eng Thong
   (5) Dato' Hilmi Bin Hj. Abdul Rashid
   (6) Mohamed Najeb Bin Ali
   (7) Datuk Abdul Hamid Bin Sawal
   (8) Lim Kooi Sang

                        About AKN Technology

AKN Technology Berhad -- http://www.akn.com.my/-- is a Malaysia-
based investment holding company.  The Company operates in two
business segments: manufacturing and DDD division.  The
manufacturing segment includes electroplating and provision of
metal surface protection services, recycling of parts and
components, manufacturing and trading of coating products. This
segment offers products and services in areas of electronics,
consumer and healthcare industry.  The DDD division includes
designing, development and engineering of application systems and
distribution of related semiconductor chips/ products and
application software.  The DDD division is classified as
discontinued operation.  The wholly owned subsidiaries of the
Company include Paramount Discovery Sdn. Bhd. (PDSB) and CTE
Technology (M) Sdn. Bhd.  On January 20, 2009, PDSB, a wholly
owned subsidiary of the Company completed the disposal of all its
wholly owned subsidiary companies.

AKN Technology Berhad has been listed as an Amended Practice
Note 17 company as its auditors have expressed disclaimer opinion
on the Company's annual audited accounts for the financial year
ended June 30, 2008.


ARK RESOURCES: Maybank Investment Resigns as Principal Adviser
--------------------------------------------------------------
ARK Resources Berhad said in a regulatory filing that Maybank
Investment Bank Berhad had resigned as the Company's Principal
Adviser, Managing Underwriter and Underwriter for the Proposed
Corporate Restructuring Scheme effective from March 26, 2010.

This followed the Securities Commission's decision to return the
Company's application for extension of time to implement the PCRS.
The Securities Commission however said the Company can still make
fresh application for such extension of time in due course.

The Company said it intends to appoint new adviser to complete the
PCRS as soon as possible.

ARK Resources Berhad, formerly known as Lankhorst Berhad --
http://www.lankhorst.com.my/-- is an investment holding company
with headquarters in Shah Alam, Malaysia.  Through its
subsidiaries, the Company provides civil and geotechnical
engineering

                          *     *     *

On April 24, 2006, ARK Resources was classified as an affected
listed issuer under the Bourse's Practice Note 17/2005.  The
Company was, therefore, required to submit and implement a plan to
regularize its financial condition category.


EVERMASTER GROUP: Makes Partial Payment to Abrar Discounts
----------------------------------------------------------
Pursuant to Paragraph 3.2 of PN1/2001, the Board of Directors of
Evermaster Group Berhad disclosed that a partial settlement of
debt had been made to Abrar Discounts Berhad in respect of the
default in payments of the outstanding Al Bai Bithaman Ajil
Islamic Debt Securities Issuance Facility Agreement ("BaIDS?)
amounting to MYR16,881,250 (being the scheduled redemption of the
BaIDS facility) and the Murabahah Multi-Option Notes Issuance
Facility Agreement amounting to MYR40,235,972.61.

Evermaster Group Berhad is a Malaysia-based investment holding
company.  Through its subsidiaries, the Company is engaged in
integrated timber activities, which consist of manufacturing and
trading of timber and timber-related products, and general
construction business.  It operates through two segments: timber
and timber related operations, and general constructions.  Its
major subsidiaries include Evermaster Sdn. Bhd., Evermaster Wood
Industries Sdn. Bhd., Evermaster Wood Products Sdn. Bhd. and
Evermaster Development Sdn. Bhd.

Evermaster Group Berhad has been considered as an Affected
Listed Issuer under Practice Note No. 17/2005 of the Bursa
Malaysia Securities Berhad as it has triggered Paragraph 2.1(b)
of the Amended PN17.

A Receiver and Manager has been appointed over the asset of the
Evermaster Group.  The asset accounts for at least 50 percent of
the total assets employed of the listed issuer on a consolidated
basis under the terms of the Debenture dated December 18, 2003,
executed between the Company and Abrar Discounts Berhad.


HO HUP: Asks for Further Extension of Plan Filing Deadline
----------------------------------------------------------
Ho Hup Construction Berhad on March 30 asked the Bursa Malaysia
Securities to extend the period to submit its regularization plan
to the relevant authorities for four months from May 4, 2010, to
August 4, 2010.

Ho Hup Construction Company Bhd is engaged in foundation
engineering, civil engineering, building contracting works and
hire of plant and machinery.  The company operates in three
segments: construction, which is engaged in foundation and civil
engineering, building contracting works and engineering,
procurement, construction and commissioning of pipeline system;
property development, which includes the development of
residential and commercial properties, and manufacturing, which
includes manufacturing and distribution of ready-mixed concrete
and concrete spun piles.  The company's subsidiaries include Ho
Hup Construction Company (India) Private Limited, Ho Hup
Construction Company Berhad (Madagascar Branch), Ho Hup
Corporation (Mauritius) Ltd, Ho Hup Corporation (South Africa) Pty
Ltd, Ho Hup Equipment Rental Sdn Bhd, Ho Hup Geotechnics Sdn Bhd,
Ho Hup Jaya Sdn Bhd, Mekarani Heights Sdn Bhd, Intermax Resources
Sdn Bhd and Timeless Element Sdn Bhd.

                           *     *     *

Messrs. Ernst & Young have expressed a disclaimer opinion in the
Company's 2007 audited financial statements.  As a result, the
Company became an affected listed issuer pursuant to paragraph 2.1
of the PN17/2005.  The auditors cited these factors that indicate
the existence of material uncertainties, which may cast
significant doubt on the ability of the group and the company to
continue as a going concerns:

   * the group and the company reported a net loss of
     MYR46.16 mil. and MYR19.04 mil. respectively during the year
     ended December 31, 2007.  As of that date, the group's
     current liabilities exceeded its current assets by
     MYR83.62 mil.  In addition, the recognition of the liability
     may increase the group's net current liabilities by
     MYR43.9 million;

   * Should the outcome of the arbitration case between the
     company and the Government of Madagascar be unfavorable to
     the company, the liquidity of the group and the company would
     be adversely affected; and

   * the Secured Bank Guarantees amounting to MYR43.41 mil. have
     been called upon by the Govt. of Madagascar from the
     Guarantor Bank following the dismissal of the company's
     application for leave to the Federal Courts on July 8, 2008.
     On July 25, 2008, the Guarantor Bank has paid MYR43.41 mil.
     to the  Govt. of Madagascar.  No provision has been made for
     the amounts of bank guarantees demanded by the Govt. of
     Madagascar but the amounts have been disclosed as Contingent
     Liabilities.  The non-recognition of the liability arising
     from the demand of bank guarantees by the Govt. of Madagascar
     is not in accordance with Financial Reporting Standards in
     Malaysia.  The  auditors were unable to perform sufficient
     appropriate audit procedures to ascertain whether the
     corresponding debit represents a recoverable amount or an
     expense in the income statement.


LCL CORP: Gets Demand Notices Over Outstanding Loan Payment
-----------------------------------------------------------
LCL Corporation Bhd disclosed that a demand notice was served on
the Company's subsidiary LCL Trading Sdn Bhd by Messrs. Mak, Ong &
Ng, Advocates & Solicitors acting for San Lik Woodtrade Sdn Bhd
for outstanding loan payment.

LCL Corp. said that a separate demand notice was also served on
LC-Rex Steel Sdn Bhd, a subsidiary of the company, by Messrs. Iza
Ng Yeoh & Kit, Advocates & Solicitors acting for Public Bank
Berhad.

The Company is given 21 days from the date of receipt of the
notices to settle the outstanding payment, failing which; winding
up proceedings will be taken against the Company.

The Company said it will defend these proceedings and will contest
any winding up proceedings that may be initiated.

The Company is seeking the necessary legal advice to resolve or
defend against this matter.

On March 24, LCL Corp. was issued a demand notice from EON Bank
Bhd for a MYR41.40 million loan.

A list of Notices of Demand served on LCL and its subsidiaries as
of March 24, 2010, is available for free at:

               http://ResearchArchives.com/t/s?5d8f

                           About LCL Corp

Based in Malaysia, LCL Corporation Berhad (KUL:LCL) --
http://www.lclgroup.com.my/-- is an investment holding company
engaged in the provision of management services to the
subsidiaries.  It operates in five segments: interior fit-out
services, which provides interior fit-out works and services,
including project management, design and consultancy, procurement,
construction and installation; manufacturing of furniture, which
is engaged in the manufacture of customized furniture and
fixtures, generic furniture; supply and installation of materials
and fittings, which is engaged in the supply and installation of
ceiling materials, metal fittings and fixtures and stone
materials; trading of furniture and building materials, including
interior fit-out materials, and others, which comprises investment
holding and/or property development activities of the Company and
certain subsidiaries.

LCL Corp Bhd. has been classified as an Affected Listed Issuer
under Practice Note 17 of Bursa Malaysia Securities Berhad as the
Company is unable to provide a solvency declaration to Bursa
Securities following a default in its loan payments pursuant to
Practice Note 1/2001.


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


CRAFAR FARMS: OIO Demands More Information From Natural Dairy
-------------------------------------------------------------
Liam Baldwin at The National Business Review reports that the
Overseas Investment Office has requested more information from
Natural Dairy (NZ) Holdings and asked it to resubmit its
application to buy the Crafar family properties.

As reported in the Troubled Company Reporter-Asia Pacific on
March 25, 2010, the China Jin Hui Mining Corporation -- recently
renamed Natural Dairy (NZ) Holdings -- said it has agreed to buy
the Crafar family farms as well as other assets including
farmland, cattle, and milk powder production plant.

Natural Dairy said in a statement to the Hong Kong Stock Exchange
the deal will be paid for in cash and through the issue of
convertible bonds.

NBR says Natural Dairy has a 20% stake in New Zealand-registered
company UBNZ Assets Holdings.  The remaining stake is owned by
Chinese-born New Zealand citizen May Wang.

According to NBR, company spokesman Bill Ralston said Ms. Wang
remains in Asia on a fundraising drive seeking interest in the
proposed New Zealand investment.

NBR relates Mr. Ralston said the only cash that has changed hands
was for the initial purchase of four farms, including two owned by
Robert Crafar, which were also in receivership.

An agreement has been reached with the receivers of the Crafar
family farms, but payment is on hold until the OIO application is
dealt with, the report notes.

                         About Crafar Farms

Crafar Farms, New Zealand's largest family owned dairy business,
runs about 20,000 milking cows, and carries about 10,000 of other
stock.  The company employs 200 staff.

Crafar Farms was placed in receivership by its lenders Westpac
Banking Corp., Rabobank Groep and PGG Wrightson Finance.  The
banks are owed around NZ$200 million and put KordaMentha partners
Michael Stiassny and Brendon Gibson in as receivers after Crafar
Farms breached covenants on its loans.

The New Zealand Herald said CraFarms' banks have been working with
the Ministry of Agriculture and Forestry, Federated Farmers and
Fonterra to ease the Crafars out of their business.  This follows
multiple convictions for environmental lapses and animal neglect
in recent years and the revelation on September 28, 2009, from
interest.co.nz of animal neglect on one of its large farms in the
King Country near Benneydale.


VISION SECURITIES: Trustee Calls In Receivers; Deloitte Appointed
-----------------------------------------------------------------
Perpetual Trust Limited has appointed receivers to Vision
Securities Limited following a breach of its Trust Deed,
triggering the Crown's guarantee.  Rod Pardington and David Levin,
Partners of Deloitte, were appointed joint receivers of the
company on March 31.

Perpetual Trust Head of Corporate Trust Matthew Lancaster said,
"The Directors made the request for receivers to be appointed
following the failure of a major loan to be settled last week."

"The Directors are now concerned about the company's on-going
liquidity and believe that in due course the company would be
unable to meet its ongoing debenture obligations," Mr. Lancaster
said.

"The Directors report that the company's borrowers are finding it
increasingly difficult to refinance or repay their maturing
loans," he said.

VSL has concluded that receivership is the best option to protect
all investors and to ensure all investors are treated fairly.
"As the Trustee, we agree with that assessment and accordingly
have appointed Rod Pardington and David Levin of Deloitte to be
the receivers?, said Mr. Lancaster.

The New Zealand Treasury said all eligible Vision Securities
depositors will get 100% of the money they are entitled to under
the Crown retail deposit guarantee scheme.

Treasury director of financial operations Dr. Brian McCulloch said
eligible depositors would be contacted within six weeks and would
be provided with information on how to claim under the scheme's
terms.

"The Crown stands fully behind its guarantee commitments, and we
expect an orderly process of payment to eligible Vision Securities
depositors,? said Dr. McCulloch.

"In circumstances such as this, when the guarantee is triggered,
it is important to remember that it is the eligible depositors
that are guaranteed rather than the company. The Crown retail
deposit guarantee scheme was introduced to maintain depositor
confidence by protecting eligible depositors.

The receivers will prepare and send debenture holders a report on
their initial findings as soon as possible.

Vision Securities Limited is an Auckland based financial
institution with around 1,000 depositors and approximately
NZ$30 million in deposits.


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


ALTRAN TECHNOLOGIES: Creditors' Proofs of Debt Due May 3
--------------------------------------------------------
Altran Technologies Singapore Pte Ltd, which is in members'
voluntary liquidation, requires its creditors to file their proofs
of debt by May 3, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

         Jacqueline Chan Li Shan
         171 Chin Swee Road
         #08-01 San Centre
         Singapore 169877


INSURE SHOP: Creditors' Proofs of Debt Due April 14
---------------------------------------------------
Creditors of Insure Shop Insurance Agency Pte Ltd, which is in
compulsory liquidation, are required to file their proofs of debt
by April 14, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

         Abuthahir Abdul Gafoor
         c/o ELTICI Financial Advisory Services Pte Ltd
         1 Raffles Place
         #20-02 One Raffles Place
         Singapore 048616


LAU'S FOOD: Creditors' Proofs of Debt Due April 15
--------------------------------------------------
Lau's Food (S) Pte Ltd, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by April 15, 2010, 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


MAXIMA COAL: Creditors' Proofs of Debt Due April 30
---------------------------------------------------
Creditors of Maxima Coal Pte Ltd, which is in members' voluntary
liquidation, are required to file their proofs of debt by
April 30, 2010, to be included in the company's dividend
distribution.

The company's liquidators are:

         Chee Yoh Chuang
         Eu Chee Wei David
         c/o 8 Wilkie Road
         #03-08 Wilkie Edge
         Singapore 228095


O2 SKIN: Court to Hear Wind-Up Petition on April 16
---------------------------------------------------
A petition to wind up the operations of O2 Skin Pte Ltd will be
heard before the High Court of Singapore on April 16, 2010, at
10:00 a.m.

HSBC Institutional Trust Services (Singapore) Limited, filed the
petition against the company on March 25, 2010.

The Petitioner's solicitors are:

          Messrs Wong Partnership LLP
          One George Street #20-01
          Singapore 049145


PRITSONS (SINGAPORE): Creditors' Proofs of Debt Due April 15
------------------------------------------------------------
Pritsons (Singapore) Pte Ltd, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by April 15, 2010, 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


                         *********

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 C. Udtuhan, Marites O. Claro,
Rousel Elaine T. Fernandez, Joy A. Agravante, Frauline S. Abangan,
and Peter A. Chapman, Editors.

Copyright 2010.  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
Christopher Beard at 240/629-3300.





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