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                     A S I A   P A C I F I C

           Wednesday, April 14, 2010, Vol. 13, No. 072

                            Headlines



A U S T R A L I A

CONTANGO INVESTMENTS: ASIC Freezes Funds; Under Probe Over Scam
TOTAL CONCEPT: Placed in Receivership; Ferrier Hodgson Appointed


B A N G L A D E S H

PEOPLE'S REPUBLIC OF BANGLADESH: Moody's Assigns 'Ba3' Rating


C H I N A

KAISA GROUP: Moody's Assigns 'B1' Corporate Family Rating
KAISA GROUP: S&P Assigns 'BB-' Long-Term Corporate Credit Rating


H O N G  K O N G

DE COLOR: Court to Hear Wind-Up Petition on June 2
MAXXIUM CHINA: Placed Under Voluntary Wind-Up Proceedings
MEAD HK: Members' Final Meeting Set for May 10
MING FAT: Court to Hear Wind-Up Petition on May 5
NORDIC KNITS: Commences Wind-Up Proceedings

PAN WILL: Court to Hear Wind-Up Petition on May 12
PERFECT CHARTER: Shum Lap Chi Steps Down as Liquidator
PI GOLD: Members' Final Meeting Set for May 10
QUAM FUTURES: Commences Wind-Up Proceedings
RICH CHANNEL: Court to Hear Wind-Up Petition on May 12


I N D I A

AK DAS: Low Net Worth Prompts CRISIL 'BB-' Ratings
BAILEY HYDROPOWER: CRISIL Rates INR20MM Term Loan at 'B-'
CHANDANA BROTHER: CRISIL Assigns 'D' Ratings on INR300MM Term Loan
CONTRANS LOGISTIC: CRISIL Assigns 'B-' on INR170MM Term Loan
CPC DIAGNOSTICS: CRISIL Assigns 'BB' Ratings on INR43.90MM LT Loan

KHEDUT SOLVEX: Low Net Worth Cues CRISIL 'B+' Ratings
KULGAON BADLAPUR: Fitch Assigns 'BB+' National Long-Term Rating
PIONEER EXPORT: CRISIL Rates Various Bank Facilities at 'P4'
RADIUS CORPORATION: CRISIL Reaffirms 'B+' Rating on INR30M Loans
RAM KRIPAL: CRISIL Reaffirms 'C' Ratings on Various Bank Debts

RANGARA INDUSTRIES: CRISIL Cuts Ratings on INR400MM Loan to 'C'
SARA INTERNATIONAL: CRISIL Assigns 'BB-' Rating on INR224.2M Loan
SARA TEXTILES: CRISIL Places 'B-' Rating on INR541.6MM Term Loan
SMS VIDHYU: CRISIL Assigns Junk Rating on INR200MM Long Term Loan
SUN PAPER: CRISIL Downgrades Ratings on Various Debts to 'BB-'

TELEECARE NETWORK: CRISIL Puts 'BB+' Ratings on Various Debts
UMA CONVERTER: CRISIL Rates INR58.5MM Term Loan at 'BB-'


I N D O N E S I A

GARUDA INDONESIA: Planned IPO Maybe Delayed on Debt Restructuring
SEMEN GRESIK: Danareksa May Acquire 1.25% Stake in Semen Gresik


J A P A N

KIYO BANK: Moody's Raises Bank Financial Strength Rating to 'D'
RESONA HOLDINGS: To Relocate Head Office From Osaka to Tokyo


N E W  Z E A L A N D

FELTEX CARPETS: Directors Blame Accountants on Irregularities
LOMBARD FINANCE: Directors Face Civil Proceedings
SOUTH CANTERBURY: Releases New Prospectus; Posts Half Year Loss


P H I L I P P I N E S

* PHILIPPINES: Local Exporters Warn of Shutdown on Stronger Peso


S I N G A P O R E

ANANDA TRAVEL: Creditors' Proofs of Debt Due April 27
LONGYUAN-ARRK (MACAO): Court to Hear Wind-Up Petition on April 23
OPTIMUS RESTAURANTS: Court to Hear Wind-Up Petition on April 23
PASIR PANJANG: Creditors Get $4.00 Per Share Recovery on Claims
SINGAM PETRO: Court to Hear Wind-Up Petition on April 23


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars




                         - - - - -


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


CONTANGO INVESTMENTS: ASIC Freezes Funds; Under Probe Over Scam
---------------------------------------------------------------
The Australian Securities & Investments Commission has obtained
interim orders against Peter van de Steeg, Jonathan Ezzy, Peter
Berlowitz (all of Victoria) and Scott Walker (of Western
Australia) and their 16 associated companies due to concerns about
the possible operation of a Ponzi-style scheme.

The Federal Court in Melbourne ordered that the defendants be
restrained from removing from Australia, disposing of, dealing
with or diminishing their assets up to the unencumbered value of
AU$14.6 million.  The matter will be considered further by the
Court on April 30, 2010.

ASIC said it is concerned that the defendants may have been
providing, or involved in conducting a financial services business
without the necessary Australian Financial Services Licence and
without providing the required adequate disclosure to investors.
ASIC is also concerned that investors may have been misled about
the nature of the arrangements they were entering into and that
the defendants may have breached various provisions of the
Corporations Act.

ASIC continues to investigate the activities of the defendants.

Between 2006 and 2009, the Defendants appear to have raised around
AU$14.6 million from more than 100 investors (principally in
Victoria) purportedly for the purposes of investing in property
and/or foreign exchange trading.  The relevant companies
associated with Messrs. Van de Steeg, Berlowitz, Ezzy and Walker
appear principally to have been Contango Investments Pty Ltd,
Meloka Pty Ltd, Teronte Pty Ltd, Korlea Pty Ltd, Namrepus Pty Ltd,
DIX-Walker Pty Ltd, Arnah Pty Ltd, Reeva Investments Pty Ltd (now
deregistered) and Soteria Holdings Pty Ltd.


TOTAL CONCEPT: Placed in Receivership; Ferrier Hodgson Appointed
----------------------------------------------------------------
Max Donnelly and Morgan Kelly of Ferrier Hodgson were appointed
receivers and managers of the Total Concept Group on April 12,
2010, pursuant to the provisions contained in registered debenture
charges created by the Group in favor of Commonwealth Bank of
Australia Limited.

Total Concept companies under receivership are:

     * Total Concept Projects (Australia) Pty Limited;
     * Total Concept Productions (Australia) Pty Limited;
     * Total Concept Projects (International) Pty Limited;
     * Total Concept Projects (QLD) Pty Limited;
     * Total Concept Projects (Victoria) Pty Limited;
     * 3D World Entertainment Services Pty;
     * A.C.N. 002 659 270 Pty Limited; and
     * R & G Skarzynski Investments Pty Limited.

The Receivers and Managers are conducting an urgent assessment of
the operations of the Group and in the interim are trading the
Total Concept Group with the view of selling as a going concern.

The Total Concept Group specializes in audio visual and lighting
solutions for corporate, hospitality and residential sectors
throughout Australia and Asia.


===================
B A N G L A D E S H
===================


PEOPLE'S REPUBLIC OF BANGLADESH: Moody's Assigns 'Ba3' Rating
-------------------------------------------------------------
Moody's Investors Service has assigned a first-time sovereign
rating of Ba3 to the People's Republic of Bangladesh.  The outlook
is stable.

The Ba3 foreign and local-currency sovereign bond ratings broadly
incorporate Moody's assessment of Bangladesh's reasonable degree
of financial and balance-of-payments robustness which, coupled
with prospects for continued macroeconomic stability, reduces the
likelihood of severe stress on the country's creditworthiness.

"The combination of a conservative institutional framework for
managing the economy, supported by capital controls, has ensured
better external balance and price stability than at many other
emerging markets at a similar stage of development," says Aninda
Mitra, a Moody's Vice-President and lead sovereign analyst for
Bangladesh.

"Policy stability and underlying demographic shifts coupled with
steady increases in trade openness have aided a remarkably steady
rate of economic growth averaging 6% over the past decade," said
the Singapore-based analyst, adding, "The economy has also ably
withstood several recent external shocks, periods of domestic
political stress and supply-side bottlenecks."

Mitra attributes this resilience to the robust growth of family-
based remittance inflows and the growing role of micro-finance
institutions.  These have offset the vagaries of subsistence level
per-capita income by supporting domestic consumption and helping
to develop a critical social safety net.

Despite its medium-size economy and evidence of recent economic
dynamism, Bangladesh's relatively high industrial and export
dependence on the ready-made garments (RMG) sector is a ratings
constraint.

"However, in the medium term, a broader process of sustained
industrial diversification, supply-side and financial sector
reforms, and regional economic integration may help reduce
infrastructure rigidities and alleviate concentration risks,"
notes Mitra.

Bangladesh's relatively robust external position, and especially
its strong foreign currency reserve adequacy, compares favourably
with most other Ba and single-B-rated peers.  According to Mitra,
these reflect Bangladesh's recent dynamic RMG exports, large
remittance inflows, minimal foreign commercial borrowing, and
advantageous external debt servicing profile.

Mitra also notes that the government's debt dynamics are supported
by the gradual strengthening of GDP growth rates, a stable-to-
appreciating real effective exchange rate, and a readily finance-
able budget deficit.

"However, despite the generally positive trends in the
government's debt trajectory, debt affordability and fiscal
flexibility face more pressure than do most of its rating peers,"
he adds.

Bangladesh's low debt affordability is reflected by interest
pressures in the budget that exceed most Ba- and B-rated sovereign
credits.  Relatively higher interest payments as a percent of
government revenue is derived from low revenue collection which
amounts to only 12 percent of GDP, and occurs despite the sizable
proportion of very low interest 'concessional debt' owed to
official creditors.  However, another reason for the high interest
to revenue ratio is the government' ability to finance more than
half of its deficit in the local debt market, where financing
costs are relatively high.

The lack of fiscal flexibility is also reflected in a high
government debt-to-revenue ratio of 350 percent, resulting, once
again, from shortcomings in revenue generation.  Nonetheless, in
the event of an unexpected fiscal shock, debt roll-over risk will
likely be contained by the government's cash balances in the
banking system and by the country's respectable savings rates that
should provide greater debt absorption capability than at most
other single-B rated sovereign credits and even some Ba3 peers.

Bangladesh's impending tax reforms in the forthcoming fiscal year
are particularly important in supporting its credit outlook.
"This will not only support improved fiscal flexibility and debt
affordability, but the reforms will also underpin much-needed
expansion of public development expenditure," says Mitra.

Contingent fiscal pressures from the performance of -- or
outstanding guarantees to -- non-financial state-owned-enterprises
are relatively low.  Although banking system fundamentals are
relatively weak, though, improving, banks are not reliant on
external funding and are unlikely to pose serious contingent
sovereign risks.

"The government's absolute parliamentary majority should support a
broad emphasis on economic reforms, regional integration and
political reconciliation" adds Mitra, noting, "nonetheless, narrow
identity or ideological politics, and capacity constraints in
state institutions may slow the pace of reforms but are unlikely
to derail the economic policy framework."

In conjunction with the first-time sovereign rating, Moody's has
also assigned Bangladesh a foreign currency bond ceiling of Ba2
and a foreign currency bank deposit ceiling of B1.  These reflect
a medium likelihood of an external payments moratorium in the
event of a deterioration in the sovereign's external
creditworthiness, and a stronger likelihood of bank deposit
controls.

Additionally, Moody's has assigned Bangladesh long-term local
currency bond and deposit ceilings of Baa3, reflecting the broader
financial, political and legal country risks faced by locally-
funded or domiciled credit transactions.


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


KAISA GROUP: Moody's Assigns 'B1' Corporate Family Rating
---------------------------------------------------------
Moody's Investors Service has assigned a first-time B1 corporate
family rating to Kaisa Group Holdings Limited.  Moody's has also
assigned a provisional (P)B2 senior unsecured rating to Kaisa's
proposed US$ senior unsecured bond issue.  The outlook for both
ratings is stable.

The bond rating has been lowered by one notch to reflect the risk
of legal and structural subordination, as subsidiary and secured
debt will still comprise more than 20% of the company's total
assets.

Proceeds from the bonds will be used to fund Kaisa's land
acquisitions, debt payments, and working capital requirements.

Moody's expects to remove the provisional status of the bond
rating when the issuance is completed as planned.

"Kaisa's B1 corporate family rating reflects its competitive
position and development track record, with nine residential
projects in Shenzhen," says Peter Choy, a Moody's Vice President
and Senior Credit Officer.

"Its competitive, low-land-cost business model for redevelopment
projects predominantly in the Guangdong Province will gradually
add to the company's earnings and cash flow," says Mr. Choy,
adding that, "although because of the company's expansion plan,
its near-term financial profile of high debt will not change
substantially."

"Kaisa's rating is limited by its fast-track expansion beyond
Shenzhen, which has resulted in relatively high debt leverage and
volatile profit margin," says Mr. Choy.  "In addition, its narrow
funding sources and banking relationships further constrain the
rating."

The stable outlook reflects Moody's expectation that Kaisa will
have adequate cash on hand and operating cash flow to fund its
current projects, and that it will not aggressively pursue large
land acquisitions.

Upgrade rating pressure could emerge if the company can (1)
successfully implement its business plan, geographically further
diversify its sales and achieve a more stable profit margin; (2)
diversify its funding sources; and (3) reduce its debt to a
moderate level.

In that event, Moody's would consider an upgrade if the company
were to achieve and maintain credit metrics of Debt/Total
Capitalization at 40-45% and EBITDA/interest at 4.5-5.0x.

The ratings could be pressured downward if the company's (a)
profit margin remains under pressure; (b) contracted sales are
well below expectations; or (c) debt rises as a result of
aggressive acquisitions, such that Kaisa's credit metrics
deteriorated to Debt/Total Capitalization higher than 55-60% and
EBITDA/Interest lower than 2.5-3.0x.

Kaisa Group Holdings Ltd is a Shenzhen-based property developer,
established in 1999 and listed on the Hong Kong Stock Exchange in
December 2009.  It has 33 projects under development in the Pearl
River Delta, Yangtze River Delta, Bohai Rim, and West China.


KAISA GROUP: S&P Assigns 'BB-' Long-Term Corporate Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' long-term
corporate credit rating to China-based property developer Kaisa
Group Holdings Ltd. The outlook is stable.  At the same time,
Standard & Poor's also assigned its 'B+' issue rating to Kaisa's
proposed issue of benchmark-size fixed rate senior unsecured
notes.  The final rating on the notes is subject to S&P's review
of documentation.

"The 'BB-' long-term credit rating on Kaisa reflects S&P's opinion
that the company has a volatile financial performance, weak credit
ratios, and a short track record of consistent financial
management," said Standard & Poor's credit analyst Christopher
Lee.  "Another weakness is that the company's property sales have
concentrated in the greater Shenzhen area."

These weaknesses are somewhat tempered by the company's
established position in the competitive Shenzhen property market,
its large land bank given its current scale of development, and
the prospect that it could sustain its land bank at a low cost
through urban redevelopment projects, Mr. Lee added.  Kaisa's
urban redevelopment projects have relatively lower capital
intensity and greater flexibility.

Based in Shenzhen, Kaisa is a niche property developer focusing on
urban redevelopment projects.  The financial performance
volatility partly reflects the scale of the company in the past
three years and its fairly high concentration in the greater
Shenzhen market.  Furthermore, the company's expansions and lower-
than-expected property sales resulted in weaker margins and cash
flows.  S&P expects the company to benefit from higher property
sales in 2009, which more than doubled to Chinese renminbi
6 billion from a year earlier, with better margins due to
economies of scale.  Further improvement in financial performance
and credit ratios will depend largely on the company's ability to
control cost and its borrowings.

In S&P's view, Kaisa's main differentiation with its close peers
is that it has a large low-cost land bank, given its current pace
of development.  As at the end of March 2010, the company had
12.6 million square meters in land bank with reasonably good
location.  S&P believes the company can further increase its low-
cost land bank through urban redevelopment projects, which is
supported by new policy and encouraged by the government in
Shenzhen, due to dwindling land supply.

The issue rating on Kaisa's proposed notes is one notch lower than
the corporate credit rating to reflect S&P's opinion that offshore
noteholders would be materially disadvantaged, compared with
onshore creditors, in the event of default.  As at Dec. 31, 2009,
S&P estimates the company's ratio of priority borrowings to total
assets at 32.6%, which is above S&P's notching threshold of 15%
for speculative-grade debt.  Although the company aims to maintain
the ratio below 15%, this is uncertain due to its short track
record, and S&P's expectations that borrowings, including onshore
project loans, will increase as the company expands its
operations.  Kaisa plans to use the proceeds from the proposed
notes to repay offshore notes and acquire land.

The outlook is stable, reflecting S&P's expectations that Kaisa
will adopt a moderate growth strategy, sustain its low-cost land
bank, and control its capital spending through urban redevelopment
projects.  S&P also expects Kaisa to achieve satisfactory property
sales at higher margins, compared with the past two years,
resulting in improved cash flow generation and financial
performance.


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


DE COLOR: Court to Hear Wind-Up Petition on June 2
--------------------------------------------------
A petition to wind up the operations of De Color AD. Limited will
be heard before the High Court of Hong Kong on June 2, 2010, at
9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company on March 18, 2010.

The Petitioner's solicitors are:

          Gallant Y. T. Ho & Co.
          5th Floor, Jardine House
          No. 1 Connaught Place
          Central, Hong Kong


MAXXIUM CHINA: Placed Under Voluntary Wind-Up Proceedings
---------------------------------------------------------
At an extraordinary general meeting held on March 31, 2010,
creditors of Maxxium China Corporation Limited resolved to
voluntarily wind up the company's operations.

The company's liquidators are:

         Natalia K M Seng
         Susan Y H Lo
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong


MEAD HK: Members' Final Meeting Set for May 10
----------------------------------------------
Members of Mead Hong Kong Limited will hold their final general
meeting on May 10, 2010, at 10:00 a.m., at the 5/F., Dah Sing Life
Building, 99-105 Des Voeux Road Central, in Hong Kong.

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


MING FAT: Court to Hear Wind-Up Petition on May 5
-------------------------------------------------
A petition to wind up the operations of Ming Fat Fishery
Development Co., Limited will be heard before the High Court of
Hong Kong on May 5, 2010, at 9:30 a.m.

Fubon Bank (Hong Kong) Limited filed the petition against the
company on January 13, 2010.

The Petitioner's solicitors are:

          Keith Lam Lau & Chan
          5th and 7th Floors
          The Chinese Club Building
          21-22 Connaught Road
          Central, Hong Kong


NORDIC KNITS: Commences Wind-Up Proceedings
-------------------------------------------
Members of Nordic Knits Int'l Limited, on March 30, 2010, passed a
resolution to voluntarily wind-up the company's operations.

The company's liquidator is:

         Lo Wing Hung
         Room 2601, 26th Floor
         China Insurance Group Building
         141 Des Voeux Road
         Central, Hong Kong


PAN WILL: Court to Hear Wind-Up Petition on May 12
--------------------------------------------------
A petition to wind up the operations of Pan Will Limited will be
heard before the High Court of Hong Kong on May 12, 2010, at
9:30 a.m.

Industrial and Commercial Bank of China (Asia) Limited filed the
petition against the company on March 9, 2010.

The Petitioner's solicitors are:

          Y.T. Chan & Co
          5th Floor, The Chinese Bank Building
          61-65 Des Voeux Road
          Central, Hong Kong


PERFECT CHARTER: Shum Lap Chi Steps Down as Liquidator
------------------------------------------------------
Shum Lap Chi stepped down as liquidator of Perfect Charter
Properties Limited on March 31, 2010.


PI GOLD: Members' Final Meeting Set for May 10
----------------------------------------------
Members of Pi Gold Limited will hold their final general meeting
on May 10, 2010, at 10:00 a.m., at the Room 102, 1/F., Shum Tower,
268 Des Voeux Road Central, in Hong Kong.

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


QUAM FUTURES: Commences Wind-Up Proceedings
-------------------------------------------
Members of Quam Futures Limited, on March 29, 2010, passed a
resolution to voluntarily wind-up the company's operations.

The company's liquidator is:

         Simon Cheung
         Rooms 603-604 & 612
         Wing On Centre
         111 Connaught Road
         Central, Hong Kong


RICH CHANNEL: Court to Hear Wind-Up Petition on May 12
------------------------------------------------------
A petition to wind up the operations of Rich Channel Development
Limited will be heard before the High Court of Hong Kong on
May 12, 2010, at 9:30 a.m.

Dah Sing Bank Limited filed the petition against the company on
March 10, 2010.

The Petitioner's solicitors are:

          K.B. Chau & Co
          11th Floor, Wing Lung Bank Building
          45 Des Voeux Road
          Central, Hong Kong


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


AK DAS: Low Net Worth Prompts CRISIL 'BB-' Ratings
--------------------------------------------------
CRISIL's ratings on the bank facilities of AK Das Associates Ltd
continue to reflect AKDAL's small scale of operations, low net
worth, and customer concentration in its revenue profile; Orissa
Power Transmission Corporation Ltd accounts for almost 50% of the
company's revenues.  These weaknesses are partially offset by
AKDAL's moderate business risk profile and order book, and its
promoters' experience in the business of construction of
transmission lines and substations.


   Facilities                             Ratings
   ----------                             -------
   INR50 Million Cash Credit              BB-/Stable (Reaffirmed)
   INR125 Million Bank Guarantee          P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that AKDAL will benefit from the healthy growth
prospects in the power sector, given the company's established
market position.  The outlook may be revised to 'Positive' if the
company increases its revenues and profitability substantially, or
attains greater integration in operations.  Conversely, the
outlook may be revised to 'Negative' if AKDAL's operating margin
deteriorates, or if the company contracts more debt than expected
or extends further support to group entities, leading to a
weakening in its financial risk profile.

                           About AK Das

Set up as AK Das Associates Pvt Ltd in 1996, the company was
converted into a public limited company in 1999.  AKDAL, which is
managed by Mr. Amiya Kanta Das, primarily undertakes construction
of transmission lines and substations, and related electrical and
civil works.  The company executes electrical contracts for power
lines ranging from 11 kilovolts (KV) to 400 KV.

For 2008-09 (refers to financial year, April 1 to March 31), AKDAL
reported a profit after tax (PAT) of INR13 million on net sales of
INR448 million, against a PAT of INR6 million on net sales of
INR303 million for 2007-08.


BAILEY HYDROPOWER: CRISIL Rates INR20MM Term Loan at 'B-'
---------------------------------------------------------
CRISIL has assigned its 'B-/Negative/P4' ratings to the bank
facilities of Bailey Hydropower Pvt Ltd.

   Facilities                               Ratings
   ----------                               -------
   INR20.00 Million Working Capital         B-/Negative(Assigned)
                         Term Loan
   INR60.00 Million Export Packing Credit   P4 (Assigned)
   INR30.00 Million Standby Line of Credit  P4 (Assigned)
   INR5.00 Million Letter of Credit         P4 (Assigned)
   INR7.50 Million Bank Guarantee           P4 (Assigned)

The ratings reflect BHPL's weak liquidity on account of its below-
average financial risk profile and exposure to revenue
concentration risks.  These rating weaknesses are partially offset
by the benefits that BHPL derives from its experienced management
and the support it continues to receive from the Bailey group.

Outlook: Negative

CRISIL believes that BHPL's liquidity will remain constrained over
the medium term because of its large working capital requirements
and low cash accruals.  The ratings may be downgraded in the event
of delay in stabilization of operations, resulting in low revenues
and cash accruals.  Conversely, the outlook may be revised to
'Stable' if BHPL scales up its operations, diversifies its
customer base, and strengthens its financial risk profile.

                      About Bailey Hydropower

BHPL was set up in 1999 as a 100% export-oriented unit by Bailey
International Corporation, USA, which is part of the Bailey group.
The Bailey group has multinational operations, and manufactures
and sells hydraulic cylinders, motors, pumps, valves, hoses and
fittings, bearings, rods and related products.  BHPL manufactures
tie-rod construction and welded construction hydraulic cylinders,
and is the sole supplier of these models to the Bailey group. BHPL
has capacity to manufacture 0.18 million hydraulic cylinders per
annum.  The company faced power shortage, labor problems, and lack
of demand because of the global economic slowdown, which led to a
fall in revenues and operating losses from 2007-08 (refers to
financial year, April 1 to March 31) till 2009-10. Hence, in
October 2009, the Bailey group sold its stake in BHPL to Mr. T G S
Mahesh and his wife, Ms. Vanitha Mahesh, who along with friends,
currently hold the entire stake in BHPL.  BHPL was earlier owned
(99.9 per cent) by Bailey Foreign Holding Corporation, a wholly
owned subsidiary of BIC, while the remaining (0.01 per cent) was
owned by Mr. Richard Russell Jones, a director in the Bailey
group.

BHPL reported a net loss of INR60 million on net sales of INR264
million for 2008-09, against a net loss of INR22 million on net
sales of INR198 million for 2007-08.


CHANDANA BROTHER: CRISIL Assigns 'D' Ratings on INR300MM Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'D' rating to Chandana Brothers
Multicomplex Pvt Ltd's term loan facility.  The rating reflects
delay by Chandana in servicing its term loan; the delay has been
caused by Chandana's weak liquidity.

   Facilities                    Ratings
   ----------                    -------
   INR300 Million Term Loan      D (Assigned)

Chandana was incorporated as a special-purpose vehicle (SPV) on
April 20, 2005.  The company, promoted by Mr. Chandana Mohan Rao,
was incorporated for setting up a mega shopping mall with a built
up area of about 250,000 square feet in Visakhapatnam (Andhra
Pradesh) on a built, operate, and transfer (BOT) basis.  The
project, awarded by Andhra Pradesh State Road Transport
Corporation, comprises a shopping mall, multiplex, food court, and
game zone among others.  This is Chandana's first and only
project. The company has received this BOT project for a period of
33 years (including three years of construction period) starting
from June 2005. The concession ends in June 2038.  The company has
started operations from January 2010.


CONTRANS LOGISTIC: CRISIL Assigns 'B-' on INR170MM Term Loan
------------------------------------------------------------
CRISIL has assigned its 'B-/Negative/P4' ratings to Contrans
Logistic Pvt Ltd's bank facilities.

   Facilities                             Ratings
   ----------                             -------
   INR170.0 Million Term Loan             B-/Negative (Assigned)
   INR17.5 Million Bank Guarantee         P4 (Assigned)

The ratings reflect CLPL's weak financial risk profile, marked by
poor debt protection measures, and exposure to risks related to
expected weakening in its capital structure owing to debt-funded
capital expenditure (capex) plans.  These rating weaknesses are
partially offset by the benefits that CLPL derives from its
promoters' experience in the shipping industry, and strong track
record in operating container freight stations (CFSs).

Outlook: Negative

CRISIL expects CLPL's financial risk profile to remain weak over
the medium term due to large debt-funded capex, and highly
leveraged operations.  Due to large debt repayment obligations,
the company will remain dependent on the infusion of funds by its
promoter apart from stabilization of operations at its new unit.
The ratings may be downgraded if CLPL delays the repayment of its
term loan obligations.  Conversely, the outlook may be revised to
'Stable' if the company is able to improve its operating margins
leading to higher-than-expected cash accruals and earlier-than-
expected stabilization of operations.

                       About Contrans Logistic

CLPL (formerly, Box-Trans Logistics Pvt Ltd) was incorporated in
November 2006 by Captain Rajeev Niroola and Captain Navjit Grewal.
The company offers logistics and handling services through its CFS
at Pipavav (Gujarat); The CFS has capacity of 108,000 twenty-foot
equivalent units (TEUs) and a paved container stacking yard of
70,000 square metres.  The company also plans to set up an inland
container depot (ICD), with capacity of around 60,000 TEUs, at
Lakodra (Gujarat).  The ICD is expected to be operational in the
first half of 2011-12.

CLPL's private equity partner Eredene Capital Plc (Eredene) has,
till December 2009, invested around INR457.3 million in CLPL
through a special-purpose vehicle (SPV), Pipavav Mauritius Ltd
(PML). Of this, INR233 million is invested in PML's CFS and
INR224.3 million in the ICD, primarily for acquiring land at
Lakodra.  Eredene currently holds a stake of 44% in CLPL.

CLPL reported a net loss of INR25.6 million on net sales of
INR46.6 million for 2008-09 (refers to financial year, April 1 to
March 31).


CPC DIAGNOSTICS: CRISIL Assigns 'BB' Ratings on INR43.90MM LT Loan
------------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of CPC Diagnostics Pvt Ltd.

   Facilities                             Ratings
   ----------                             -------
   INR43.90 Million Long Term Loan        BB/Stable (Assigned)
   INR37.50 Million Cash Credit Limit     BB/Stable (Assigned)
   INR1.10 Million Proposed Long Term     BB/Stable (Assigned)
      Bank Loan Facility
   INR5.00 Million Bank Guarantee         P4+ (Assigned)
   INR2.50 Million Proposed Short Term    P4+ (Assigned)
      Bank Loan Facility
   INR10.00 Million Letter of Credit      P4+(Assigned)

The ratings reflect CPC's exposure to intense competition in the
medical equipment industry, and volatility in foreign exchange
rate.  The ratings also factor in the company's below-average
financial risk profile. These weaknesses are partially offset by
CPC's moderate market position backed by a wide distribution
network.

Outlook: Stable

CRISL believes that the CPC will continue to benefit from its
relationships with suppliers and customers, over the medium term.
The outlook may be revised to 'Positive' if there is a significant
and sustained increase in CPC's revenues and margins, and
improvement in liquidity.  Conversely, the outlook may be revised
to 'Negative' if the company undertakes large, debt-funded capital
expenditure programme, or if there is a steep decline in its
revenues or margins, resulting in deterioration in its financial
risk profile.

                      About CPC Diagnostics

Set up in 1987 by Mr. R Kailasanath in Chennai, CPC markets and
distributes diagnostic equipment and chemical reagents under three
segments?clinical chemistry, haematology, and immunology.

CPC reported a profit after tax (PAT) of INR12.7 million on a
turnover of INR289.6 million for 2008-09 (refers to financial
year, April 1 to March 31), against a PAT of INR12.0 million on a
turnover of INR236.1 million for 2007-08.


KHEDUT SOLVEX: Low Net Worth Cues CRISIL 'B+' Ratings
-----------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the bank facilities
of Khedut Solvexp Pvt Ltd.

   Facilities                              Ratings
   ----------                              -------
   INR200.0 Million Cash Credit Facility   B+/Stable (Assigned)
   INR10.0 Million Term Loan               B+/Stable (Assigned)

The rating reflects KSPL's weak financial risk profile marked by
high gearing, low net worth, and moderate debt protection
measures.  These rating weaknesses are partially offset by the
benefits that KSPL derives from its established position in the
edible oil industry.

Outlook: Stable

CRISIL believes that KSPL will benefit over the medium term from
its established customer base, growth in turnover, and steady
operating margin.  KSPL's financial risk profile is likely to
remain constrained because of high gearing and weak debt
protection measures.  The outlook may be revised to 'Positive' if
KSPL's profitability improves, while its scale of operations
increases and if infusion of equity leads to improvement in its
capital structure.  Conversely, the outlook may be revised to
'Negative' if its margin deteriorates, leading to weakening of
financial risk profile.

                       About Khedut Solvexp

Incorporated in 1991, KSPL manufactures and trades in de-oiled
cakes (DOCs) and refined edible oil.  It can produce 300 tonnes
per day (tpd) of DOCs and 30 tpd of refined oil, respectively.
Sales from trading are estimated to be around 10% of its total
revenues; the remainder is derived from the sale of oil and DOCs.
The company currently derives 94% of its revenues by the selling
and trading in DOCs and the remainder by selling and trading in
edible oil.

KSPL was a government-owned company until it was acquired by Mr.
Daya Bhai and Mr. Tushar Bhai through an auction in 1993. In 2001,
Mr. Pravinbhai Talaviya, Mr. Dhirajlal Desai, and Mr. Kishorbhai
Patel joined the company as directors. In 2006, Mr. Daya Bhai and
Mr. Tushar Bhai quit as directors, after selling their stake to
Mr. Pravinbhai Talaviya, Mr. Dhirajlal Desai, and Mr. Kishorbhai
Patel.

KSPL reported a profit after tax (PAT) of INR3.3 million on net
sales of INR713.6 million for 2008-09 (refers to financial year,
April 1 to March 31) against a PAT of INR1.7 million on net sales
of INR338.1 million for 2007-08.


KULGAON BADLAPUR: Fitch Assigns 'BB+' National Long-Term Rating
---------------------------------------------------------------
Fitch Ratings has assigned a National Long-term rating of
'BB+(ind)' to the Kulgaon Badlapur Municipal Council.  The Outlook
is Stable.

The rating reflects KBMC's modest operating and financial
performance and its moderate debt burden.  Meanwhile, the rating
is constrained by the limited avenues for raising revenue, weak
economic base and poor urban infrastructure available to its
citizens.  While bigger urban local bodies in Maharashtra have the
power to levy octroi (a local tax levied on the entry of goods
within a municipal boundary for consumption), providing a buoyant
source of revenue, octroi in the KBMC area was abolished in 1999.
The KBMC started receiving octroi compensation grants from the
Government of Maharashtra after abolition of octroi.  Between
FY03-FY08, the octroi compensation grew at a compound annual
growth rate of 7%, while assigned revenues and grants (state
finance commission grants/stamp duty) together contributed to 53%
of the total revenue income in FY08.  Property tax collection
growth, with a CAGR of 10% during FY03-FY08, remained sluggish and
the share of property taxes has decreased from 23% of the total
revenue income in FY06 to 19% in FY08.

KBMC's infrastructure is underdeveloped, including the road and
railway network.  Furthermore, the local economy is not strong
enough to create employment within the boundaries of the council,
and most of the work-force employed within the council limits is
involved in agriculture, construction and/or in the service
industry.  KBMC has the disadvantages of being a small, mainly
residential town, whose inhabitants travel to the Mumbai
Metropolitan Region for work.

Since KBMC is a part of the Mumbai Metropolitan Region, it has to
fund 50% of its capital investment plan from internal surpluses
and/or debt.  This puts additional pressure on its already weak
financial profile; however, the debt to current balance ratio
remains relatively low for KBMC at 2.4x in FY08 and 0.12x in FY09.

The local body could benefit from its management's hands-on
approach in developing alternative revenue sources.  In addition,
as it has been recently established in 1992 - the infrastructure
inadequacies can be satisfactorily addressed through planned
development, as the Jawaharlal Nehru National Urban Renewal
Mission aims to make local bodies self-reliant.

A revision in the property tax scheme and the levying of user
charges for the provision of civic services, which can lead to a
sharp increase in revenues, could be positive for its rating.  On
the other hand, downside risk could stem from the deterioration of
debt and debt coverage ratios owing to higher than anticipated
spending on the huge capex requirement (for JNNURM projects),
operations and maintenance.  Capacity to execute the JNNURM
projects in a timely manner and within budget will also be a key
driver for KBMC's ratings.

The Stable Outlook reflects the strategic importance of the city
in the MMR; thus, necessitating the implementation of urban
infrastructure projects possibly through strong initiatives from
the state government.

KBMC is a small-sized town on the periphery of Mumbai with a
population of 97,948 (2001 census).  It is governed by The
Maharashtra Municipal Council, Nagar Panchayat and Industrial
Township Act, 1965.  The approved city development plan estimates
the cost of implementing key JNNURM projects to be INR3.2 billion,
which primarily includes the construction of an underground sewage
system.


PIONEER EXPORT: CRISIL Rates Various Bank Facilities at 'P4'
------------------------------------------------------------
CRISIL has assigned its 'P4' rating to the bank facilities of
Pioneer Export.

   Facilities                               Ratings
   ----------                               -------
   INR92.50 Million Export Packing Credit   P4 (Assigned)
   INR35.00 Million Foreign Bill Purchase   P4 (Assigned)

The rating reflects Pioneer's weak financial profile marked by a
small net worth and high inventory risks, and customer
concentration in revenue profile.  These rating weaknesses are
partially offset by the benefits that Pioneer derives from its
partners' industry experience.

Set up as a partnership firm in February 2008, Pioneer exports in
iron ore fines and loose mill scales.  It is a group firm of Sheth
Ship Breaking Corporation, a partnership firm involved in ship-
breaking activities, and trading in iron ore fines and loose mill
scales; both the firms are managed by the same partners.  SSBC's
trading operations commenced in 2007-08 (refers to financial year,
April 1 to March 31).  In order to separate the ship breaking
operations from trading, the partners set up Pioneer. The trading
operations will only be carried out by Pioneer, while SSBC will
handle only the ship recycling activities from 2010-11 onwards.


RADIUS CORPORATION: CRISIL Reaffirms 'B+' Rating on INR30M Loans
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Radius Corporation Ltd
continue to reflect Radius Corporation's exposure to
implementation-related risks in its ongoing and planned projects.
The company's cash flows are likely to remain constrained over the
medium term as most of the projects have long gestation period.

The rating also factors in Radius Corporation's small scale of
operations and weak financial risk profile marked by a small net
worth and weak debt protection metrics.  These weaknesses are
partially offset by the strong track record in implementing
projects of the company's promoters and management.

   Facilities                             Ratings
   ----------                             -------
   INR110 Million Cash Credit Limits*     B+/Stable (Reaffirmed)
   INR30 Million Term Loans**             B+/Stable (Reaffirmed)

   *Includes proposed limit of INR75 million
   ** Proposed term loan limit

Outlook: Stable

CRISIL believes that Radius Corporation's business risk profile
will remain constrained over the medium term because of the
implementation-related risks in its projects.  The outlook may be
revised to 'Positive' if Radius Corporation generates sustainable
cash accruals, resulting in an improved financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the
company undertakes a larger-than-expected debt-funded capital
expenditure program or significantly delays commissioning its
ongoing projects, thereby adversely affecting its financial risk
profile.

                      About Radius Corporation

Established in 1985 as a partnership concern, Radius Corporation
was reconstituted as a limited company and renamed Kailash
Engineering Co Ltd in 1997.  Its name was changed to the present
one in 2004.  The company has executed several water supply
projects, including those for intake wells, overflow barrages, and
radial collector wells.  Radius Corporation was assigned the Borai
Industrial Centre Water Supply Project on a build, own, operate,
and transfer (BOOT) basis.  It promoted Radius Water Ltd (Radius
Water), a special-purpose vehicle, to implement the project.

In order to diversify its product profile, Radius Corporation
implemented a project to manufacture Natural Coloured Pearl (NCP)
jewellery.  To backward-integrate its operations, the company
started pearl cultivation, fishing, plantation, and organic
compost manure activities in 2008-09 (refers to financial year,
April 1 to March 31).  During the year 2009-10 the fishing
operations have been transferred to Radius Water. The pearl
cultivation project, which involved surgical implantation of the
white nucleus into the Indian-bred shell fish, has been wound up
because of biological deficiencies found in the Indian variant of
the shell fish, which succumbed to the surgical implants. The
company's silver and gold clasp business is currently at a very
nascent stage.

For 2008-09, Radius Corporation reported a net profit of INR0.8
million on net sales of INR23.3 million, against a net loss of
INR0.8 million on net sales of INR38 million for the previous
year.


RAM KRIPAL: CRISIL Reaffirms 'C' Ratings on Various Bank Debts
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Ram Kripal Singh
Constructions Pvt Ltd continue to reflect delay in term loan
servicing by Ram Kripal due to stretched liquidity; the term loan
is not rated by CRISIL.

   Facilities                              Ratings
   ----------                              -------
   INR160 Million Cash Credit              C (Reaffirmed)
   INR1.5 Million Term Loan                C (Reaffirmed)
   INR800 Million Bank Guarantee           P4 (Reaffirmed)
   INR38.5 Million Bank Guarantee/         P4 (Reaffirmed)
                Letter of Credit*

    *Proposed facility.

The ratings also reflect Ram Kripal's small scale of operations,
large working capital requirements, geographical concentration in
revenue profile, and healthy order book.

Ram Kripal, established in 1978, is engaged in civil
infrastructure works.  The company has presence in Jharkhand,
Bihar, Orissa, Haryana, and Uttarakhand.

For 2008-09 (refers to financial year, April 1 to March 31),
Ram Kripal reported a profit after tax (PAT) of INR14 million on
net sales of INR2036 million, against a PAT of INR68 million on
net sales of INR1706 million for 2007-08.


RANGARA INDUSTRIES: CRISIL Cuts Ratings on INR400MM Loan to 'C'
---------------------------------------------------------------
CRISIL has downgraded its rating on Rangara Industries Pvt Ltd's
long-term bank facilities to 'C' from 'BB+/Stable'.

   Facilities                             Ratings
   ----------                             -------
   INR400 Million Term Loan Facilities    C (Downgraded from
                                             'BB+/Stable')

   INR40 Million Cash Credit Facilities   C (Downgraded from
                                             'BB+/Stable')

The downgrade reflects instances of delays in debt servicing by
RIPL in the recent past; the delays were caused by weak liquidity.
The rating continues to reflect RIPL's small scale of operations,
highly leveraged capital structure, large working capital
requirements, and susceptibility to economic cycles.  These
weaknesses are partially offset by RIPL's track record of about 30
years in the crane leasing industry and the steady improvement in
its profitability.

RIPL (formerly, Seeta Lifters Pvt Ltd) was established by
Mr. Noorali Rangara in 1965; the company was initially into
trading and distribution of tyres.  In 1978, the company
diversified into hiring and operating cranes and excavators.  RIPL
is presently a mid-sized player in the crane and excavator leasing
industry, which is an unorganized market dominated by large
players such as Sanghvi Movers Ltd and ABG Infralogistics Ltd.
The company has offices in Mumbai, Dubai, and Muscat.

For 2008-09 (refers to financial year, April 1 to March 31), RIPL
reported a net profit of INR43 million on net sales of INR294
million, against a net profit of INR33 million on net sales of
INR273 million for 2007-08.


SARA INTERNATIONAL: CRISIL Assigns 'BB-' Rating on INR224.2M Loan
-----------------------------------------------------------------
CRISIL has assigned its 'BB-/Negative/P4' ratings to the bank
facilities of Sara International Ltd, part of the Sara group.

   Facilities                             Ratings
   ----------                             -------
   INR224.2 Million Term Loan             BB-/Negative (Assigned)
   INR738.7 Million Packing Credit/Bill   P4 (Assigned)
        Discounting*
   INR107.1 Million Export Packing Credit P4 (Assigned)
   INR500.0 Million Bank Guarantee/Letter P4 (Assigned)
              of Credit

   *Includes a proposed limit of INR12.9 million.

The ratings reflect the group's high gearing and weak debt
protection measures, and vulnerability to volatility in iron ore
prices.  These rating weaknesses are partially offset by the Sara
group's strong track record in the iron and steel trading
business, healthy relationships with customers, and efficient
supply-chain management.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SIL and Sara Textiles Ltd.  This is
because SIL and STL, together referred to as the Sara group, are
under common directors and management. SIL has a 37% stake in
STL's equity, and is likely to support STL in case of exigencies.

Outlook: Negative

CRISIL believes that SIL may have to write off its equity
investments in Gopalpur Ports Ltd (GPL), a joint venture.  The
ratings may be downgraded if the Sara group's financial risk
profile weakens, most likely because of write-off of the
investment, deterioration in working capital management and
liquidity, or if the group undertakes a large, debt-funded capital
expenditure program.  Conversely, the outlook may be revised to
'Stable' if the Sara group achieves more-than-expected
profitability and growth in operating income.

                          About the Group

SIL, incorporated in 1973 by Mr. D P Singh, is the flagship
company of the Sara group. SIL trades in iron ore fines, hot-
rolled steel coils, textiles, cement, steel, coal, and
agricultural commodities.  Iron ore sales account for more than
80% of its revenues.  GPL is a joint venture between SIL and
Orissa Stevedores Ltd (rated 'BBB/Stable/P3+' by CRISIL), which is
developing the port in Gopalpur, Orissa, for INR12.5 billion.  SIL
has invested INR240 million in GPL in the form of equity capital.

STL, incorporated in 2005, manufactures terry towels and trades in
bath mats and bed sheets.  The company has its manufacturing
facility in Nalagarh (Himachal Pradesh).  Exports, primarily to
Europe, the US, Australia, and Middle East countries, account for
more than 80% of its sales.

The Sara group reported a profit after tax (PAT) of INR56 million
on net sales of INR4817 million for 2008-09 (refers to financial
year, April 1 to March 31), against a PAT of INR129 million on net
sales of INR4667 million for 2007-08.


SARA TEXTILES: CRISIL Places 'B-' Rating on INR541.6MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'B-/Negative/P4' ratings to the bank
facilities of Sara Textiles Ltd, part of the Sara group.

   Facilities                              Ratings
   ----------                              -------
   INR193.40 Million Cash Credit Limit*#   B-/Negative (Assigned)
   INR541.60 Million Term Loan             B-/Negative (Assigned)
   INR55.00 Million Bank Guarantee^        P4 (Assigned)

   * Interchangeable with Packing Credit/FABC/FOUBP/FDBD/FDBP
    # Including a proposed limit of INR13.40 Million
   ^ Interchangeable with LC/FLC/ILC

The ratings reflect the group's high gearing, weak debt protection
metrics, and STL's small scale of operations.  These rating
weaknesses are partially offset by the steady growth in STL's
operating income and tax exemptions enjoyed by the company because
of its location (Himachal Pradesh).

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of STL and Sara International Ltd.  This
is because SIL and STL, together referred to as the Sara group,
are under common directors and management.  SIL has a 37% stake in
STL's equity, and is likely to support STL in case of exigencies.

Outlook: Negative

CRISIL believes that the STL's liquidity will remain stretched
over the medium term, as the company's net cash accruals are not
expected to be sufficient for servicing its term loans.  The
ratings may be downgraded if the STL's working capital cycle and
liquidity deteriorate, or if the Sara group undertakes a larger-
than-expected debt-funded capital expenditure programme, or writes
off investments, thereby leading to further strain on its
financial risk profile.  Conversely, the outlook may be revised to
'Stable' if the STL's liquidity improves, or if the Sara group
achieves more-than-expected profitability and growth in operating
income, thereby improving its capital structure.

                          About the Group

STL, incorporated in 2005, manufactures terry towels and trades in
bath mats and bed sheets.  The company has its manufacturing
facility in Nalagarh (Himachal Pradesh).  Exports, primarily to
Europe, the US, Australia, and Middle East countries, account for
more than 80% of its sales.

SIL, incorporated in 1973 by Mr. D P Singh, is the flagship
company of the Sara group. SIL trades in iron ore fines, hot-
rolled steel coils, textiles, cement, steel, coal, and
agricultural commodities.  Iron ore sales account for more than
80% of its revenues.  Gopalpur Ports Ltd is a joint venture
between SIL and Orissa Stevedores Ltd (rated 'BBB/Stable/P3+' by
CRISIL), which is developing the port in Gopalpur, Orissa, for
INR12.5 billion.  SIL has invested INR240 million in GPL in the
form of equity capital.

The Sara group reported a profit after tax (PAT) of INR56 million
on net sales of INR4817 million for 2008-09 (refers to financial
year, April 1 to March 31), against a PAT of INR129 million on net
sales of INR4667 million for 2007-08.


SMS VIDHYU: CRISIL Assigns Junk Rating on INR200MM Long Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'D' rating to SMS Vidhyut Pvt Ltd's term
loan facility.  The rating reflects delay by SMSVPL in servicing
its interest obligation on term loan; the delay has been caused by
SMSVPL's weak liquidity.

   Facilities                        Ratings
   ----------                        -------
   INR200.0 Million Long Term Loan   D (Assigned)

SMSVPL was set up as a special-purpose vehicle by SMS
Infrastructure Ltd, which is its project sponsor.  SMSIL, which is
owned by the Sancheti family, owns the entire stake in SMSVPL.
SMSVPL was set up to execute three run-of-the-river hydropower
projects on the Wainganaga and Pench rivers in Nagpur
(Maharashtra) for the Water Resource Department of the Government
of Maharashtra.  SMSVPL was to set up units with a combined
capacity of 13.5 megawatts (MW) (three units of capacity 4.5 MW
each) at Wainganga; units with a combined capacity of 1.4 MW (two
units of capacity 0.7 MW each) at Pench Right Bank Canal (Pench
RBC); and units with a combined capacity of 4.4 MW (two units of
capacity 2.2 MW each) at Pench Left Bank Canal (Pench LBC).  The
company is currently executing only the projects at Pench LBC and
Pench RBC, and has stalled the Wainganga project.


SUN PAPER: CRISIL Downgrades Ratings on Various Debts to 'BB-'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Sun Paper Mill Ltd to 'BB-/Stable' from 'BB/Stable'; the rating
on SPML's short-term bank facility has been reaffirmed at 'P4+'.

   Facilities                              Ratings
   ----------                              -------
   INR123.2 Million Long-Term Loans        BB-/Stable (Downgraded
                                                from 'BB/Stable')

   INR44.0 Million Cash Credit             BB-/Stable (Downgraded
                                               from 'BB/Stable')

   INR2.5 Million Short-Term Loan          P4+ (Reaffirmed)

   * Interchangeable with Letter of Credit of INR9.0 million

   # includes Proposed Long Term Loan of INR77.5 million

The downgrade reflects the expected deterioration in SPML's
financial risk profile due to its debt-funded capital expenditure
for commissioning a de-inking plant.  Though SPML's operating
profitability will benefit from a lower cost structure post
commissioning of the plant, the large debt contracted for the
project will result in the company's gearing increasing to over 3
times over the medium term from an estimated 0.9 times as on
March 31, 2010, while its debt protection metrics too are expected
to be adversely impacted.  The ratings continue to reflect the
strong business support SPML receives from its group company The
Daily Thanthi.

Outlook: Stable

CRISIL believes that SPML will complete its de-inking project
without any time or cost overruns. CRISIL also expects SPML's
profitability to improve over the medium term, with the successful
commissioning of the de-inking plant, and with continued support
from The Daily Thanthi that ensures a stable off-take of SPML's
newsprint.  However, CRISIL believes that SPML's financial risk
profile will come under pressure over the medium term due to the
large debt contracted for its project.  The outlook may be revised
to 'Positive' in case of a higher-than-anticipated improvement in
the company's profitability, most likely because of favorable
movements in newsprint and raw material prices, leading to higher
cash generation and better debt protection metrics.  Conversely,
the outlook may be revised to 'Negative' in case SPML faces
difficulty in implementing the project, due to any cost overruns
or other factors, or in case of lower-than-expected profitability
post commissioning of the de-inking plant.

                          About Sun Paper

Incorporated in 1961, SPML has a newsprint manufacturing facility
in Cheranmahadevi, Tamil Nadu.  The company was promoted by Dr.
Sivanthi Adityan as a backward integration initiative to supply
newsprint-grade paper to the group's flagship company, The Daily
Thanthi.  The group's main interests are in printing and
publishing.  The group's flagship newspaper, Dhina Thanthi,
published from 14 centres, is the leading Tamil newspaper with a
daily circulation of over 1 million.

SPML supplies most of its newsprint to The Daily Thanthi, meeting
about 40% of The Daily Thanthi's newsprint requirement.  The
company also manufactures small quantities of uncalendered paper
and writing and printing (creamwove) paper for a dealer in
Sivakasi, Tamil Nadu. SPML has a 6-megawatt-captive cogeneration
plant and four windmills, which enable it to meet its power needs;
it supplies the surplus power to Tamil Nadu Electricity Board.
SPML is in the process of commissioning a de-inking plant that
will result in conversion of its newsprint production into a 100%
waste-paper-based pulping process (the company currently uses a
combination of wood, waste paper, and banyan waste).  The project
is expected to be completed by the last quarter of 2010-11 (refers
to financial year, April 1 to March 31).  The cost of this project
is estimated at INR370 million, 90% of which will be funded
through a term loan of INR333 million, and the remaining by way of
promoters' contribution.

For 2008-09, SPML reported a net loss of INR68.9 million on net
sales of INR683.1 million, against an adjusted net loss of
INR7.8 million (reported net profit of INR4.8 million) on net
sales of INR800.4 million for 2007-08.  For the nine months ended
December 31, 2009, the company reported a net profit of INR7.6
million on net sales of INR580.9 million, compared with a net loss
of INR65.3 million on net sales of INR505.3 million for the
corresponding period of the previous year.


TELEECARE NETWORK: CRISIL Puts 'BB+' Ratings on Various Debts
-------------------------------------------------------------
CRISIL has assigned 'BB+/Stable/P4+' ratings to the bank
facilities of Teleecare Network India Pvt Ltd, a Telemart group
company.

   Facilities                             Ratings
   ----------                             -------
   INR100 Million Cash Credit / Bills     BB+/Stable (Assigned)
                   Discounting Limit*

   INR40 Million Proposed Cash Credit /   BB+/Stable (Assigned)
              Bills Discounting Limit*

   INR760 Million Proposed Long-Term      BB+/Stable (Assigned)
                Bank Loan Facilities

   INR150 Million Letter of Credit /      P4+ (Assigned)
             Bank Guarantee Limit**

   INR300 Million Proposed Letter of      P4+ (Assigned)
     Credit / Bank Guarantee Limit**

  *Interchangeable between cash credit and bills discounting
  ** Interchangeable between letter of credit and bank guarantee

The ratings reflect TNIPL's exposure to risks related to intense
competition in the mobile handset market, leading to pressure on
its operation margin, the recent start of its operations, large
working capital requirements, and the weak credit quality of its
customers.  These rating weaknesses are partially offset by the
benefits TNIPL derives from its promoters' industry experience and
support from other entities of the Telemart group.

For arriving at its ratings, CRISIL has combined the financial
risk profiles of TNIPL and 15 other Telemart group companies.
This is because these entities have fungible cash flows and
substantial intra-group transactions among them.

Outlook: Stable

CRISIL believes that the TNIPL's credit risk profile will remain
stable over a medium term on the back of financial support from
its group companies.  The outlook may be revised to 'Positive' if
TNIPL establishes itself in the mobile handset market while
improving its profitability and maintaining its comfortable
capital structure.  Conversely, the outlook may be revised to
'Negative' if TNIPL undertakes any larger-than-expected debt-
funded capital expenditure programme.

                          About the Group

The Telemart group, owned by Mr. Ashok Gupta and family, is into
various businesses, including distributorship of mobile/electronic
equipment and accessories, selling of mobile handsets under its
own brands, providing mobile support services, and undertaking
civil construction.  It has floated various companies which it
intends to consolidate into two sub-groups through two companies,
Akanksha Finvest Ltd and TNIPL, by March 2011.

TNIPL, incorporated in 2003, is promoted by Mr. Ashok Gupta and
family.  The company currently imports, distributes, and trades in
mobile phones under the brand Zen Mobile, and has a retail outlet
for mobile handsets and accessories in Delhi.  The company has 30
branches-cum-warehouses across India. Previously, TNIPL was a
distributor of Tata Walky phones for the Delhi region.

The Telemart Group reported a profit after tax (PAT) of INR3.3
million on net sales of INR4.8 billion for 2008-09 (refers to
financial year, April 1 to March 31), against a PAT of INR59
million on net sales of INR7.36 billion for 2007-08.


UMA CONVERTER: CRISIL Rates INR58.5MM Term Loan at 'BB-'
--------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to Uma Converter
Pvt Ltd's bank facilities.

   Facilities                              Ratings
   ----------                              -------
   INR70.0 Million Cash Credit Limit       BB-/Stable (Assigned)
   INR58.5 Million Term Loan               BB-/Stable (Assigned)
   INR25.0 Million Bank Guarantee and      P4+ (Assigned)
                     Letter of Credit

The ratings reflect UCPL's weak financial risk profile marked by
small net worth, high gearing, and average debt protection
metrics, customer concentration in revenue profile, small scale of
operations, and exposure to intense competition in the packaging
industry.  These rating weaknesses are partially offset by UCPL's
promoters' experience in the packaging industry.

Outlook: Stable

CRISIL believes that UCPL will maintain its operating margins over
the medium term.  The outlook may be revised to 'Positive' if UCPL
achieves high revenue growth, increases the diversification in its
customer profile, and improves its capital structure.  Conversely,
the outlook may be revised to 'Negative' if the company's
operating margin decline, most likely because of volatility in raw
material prices, or its debt protection metrics weaken further,
most likely because of large, debt-funded capital expenditure.

                        About Uma Converter

UCPL, incorporated in 1999 by Mr. Sumer Raj Lodha, manufactures
flexible packaging materials used in packaging in food,
pharmaceuticals and consumer goods.  UCPL's plant at Gandhinagar
(Gujarat) has a capacity of 4800 tonnes per annum (tpa).  The
company has a reputed clientele, including Laxmi Snacks Pvt Ltd,
AV Thomas and Co Ltd (rated, 'A-/Stable/P1' by CRISIL), Britannia
Industries Ltd (rated, 'AAA/Stable/P1+' by CRISIL), Taj Frozen
Foods India Ltd, and Samrat Namkeen Pvt Ltd.

UCPL reported a profit after tax (PAT) of INR7.9 million on net
sales of INR274 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR5.8 million on net sales
of INR297 million for 2007-08.


=================
I N D O N E S I A
=================


GARUDA INDONESIA: Planned IPO Maybe Delayed on Debt Restructuring
-----------------------------------------------------------------
State-Owned Enterprises Minister Mustafa Abubakar said Monday that
PT Garuda Indonesia's plan to go public in the third quarter of
this year may be delayed because the airline is still in the
process of restructuring its debt to the European Credit Agency,
the Jakarta Globe reports.

"Despite Garuda's readiness to go public, the plan may be delayed
if the company fails to settle its debt with ECA," the report
quoted Mustafa as saying.

However, the Globe notes, Garuda rebuffed Mustafa's claims, saying
the debt-restructuring process would not have any effect on the
timing of the IPO and its expansion plans.

"Garuda will go public as scheduled and the funds will be used to
finance the company's expansion plan," said Pujobroto, Garuda's
corporate secretary.

According to the report, the airline has restructured most of its
debt ahead of the planned IPO, except for the US$241.2 million
owed to the ECA.

The Globe relates Mustafa said the debt was most likely to be
rescheduled because it would be difficult to settle it all at
once.

The report adds that Garuda president director Emirsyah Satar said
the airline was in the process of finalizing the details of its
debt covenant with ECA.  "In principle, ECA has agreed to
restructure the debt until the end of 2016," he said.

Garuda is planning to use the money raised in the IPO to pay off
debt, double its fleet to 103 planes by 2013, acquire local rivals
and fly to new destinations in Japan, South Korea and Europe, the
Globe says.

                 JAL'S Jakarta-Tokyo Route Takeover

Garuda Indonesia said it will take over the Jakarta-Tokyo route
from the ailing Japan Airlines, TradingMarkets.com reports.

TradingMarkets.com, citing Garuda's chief spokesman Pujobroto,
relates that the carrier will start serving direct flights from
Jakarta's Soekarno-Hatta airport and Tokyo's Narita airports in
November.

As reported in the Troubled Company Reporter-Asia Pacific on
August 13, 2009, Garuda Indonesia expects to raise as much as
US$400 million from its much-awaited Initial Public Offering in
June this year.  The expected launch, however, is based on a
positive outlook of the market condition, vis-a-vis investor
sentiment.

On May 29, 2009, the TCR-AP reported that Garuda Indonesia reached
a debt restructuring agreement with several of its creditors to
pay its debts.  Restructuring the airline's debt into a manageable
package is a major prerequisite for holding its initial public
offering.

                      About Garuda Indonesia

Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/--
currently has a fleet of about 77 aircraft offering service to
some 27 domestic and 33 international destinations.  Under its
Citilink brand, it serves 10 other domestic routes.  Garuda also
ships about 200,000 tons of cargo a month and operates a
computerized tracking system.


SEMEN GRESIK: Danareksa May Acquire 1.25% Stake in Semen Gresik
---------------------------------------------------------------
The Indonesian government will appoint state investment company PT
Danareksa to buy the Rajawali Group's remaining 1.25% stake in PT
Semen Gresik, The Jakarta Post reports citing the State-Owned
Enterprises Minister, Mustafa Abubakar.

"Danareksa has submitted a proposal on the plan. I think it has
the financial capacity to buy Semen Gresik's shares.  They have
the money to carry out the transaction," the Post quoted Mustafa
as saying.

According to the report, Mustafa said Danareksa may cooperate with
state enterprises to buy the stake, which is worth IDR516 billion
(US$57.2 million).  "We will meet with the finance minister [Sri
Mulyani Indrawati] to ask for her approval," he said.

Danareksa corporate secretary Bondan Pristiwandana confirmed the
planned acquisition, saying the company had used the company's
internal funds to buy the stake, the report notes.

                         About Semen Gresik

PT Semen Gresik Tbk (JAK:SMGR) -- http://www.semengresik.com/ina/
-- is an Indonesia-based cement company.  The Company's products
include ordinary Portland cement type I, II, III and V; Portland
Pozzalana cement, a hydraulic cement developed by grinding
clinker, gypsum and pozzolanic materials; Portland composite
cement; Super Mansory cement; oil well cement class G high sulfate
resistant, and special blended cement.  It has seven subsidiaries
which are engaged in cement manufacturing, cement packaging and
distribution, limestone and clay mining, and the real estate
operations.  The Company's production facilities are located at
Gresik and Tuban in East Java, Indarung in West Sumatera and
Pangkep in South Sulawesi and have a current capacity of 17.1
million tons cement annually.

                           *     *     *

Semen Gresik continues to carry Moody's Investors Service' Senior
Unsecured Debt rating at 'Ba2'.


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


KIYO BANK: Moody's Raises Bank Financial Strength Rating to 'D'
---------------------------------------------------------------
Moody's Investors Service has upgraded the bank financial strength
rating of Kiyo Bank, Ltd., to D from D- and its baseline risk
assessment to Ba2 from Ba3.  At the same time, Moody's has left
Kiyo Bank's long- and short-term deposit ratings unchanged.  The
outlook for all the ratings is stable.

The upgrade reflects Moody's lower degree of concerns with regard
to the bank's capitalization, and which had been evident in its
previous BFSR of D-.

In Moody's view, the bank has weathered negative developments in
its operating environment for the past two years -- with minimum
impairment to its capital -- and as underpinned by net profits for
the past three years.

Meanwhile, Kiyo Holdings, Inc. -- a holding company owning 100% of
Kiyo Bank's common equity -- has maintained its consolidated Tier
1 ratio (including government capital of JPY31.5 billion and
excluding unrealized losses on its AFS securities) above 6%
throughout the stressed environment.

In Moody's analysis, the likelihood of Kiyo Holdings' consolidated
Tier 1 ratio to falling to a D- BFSR or a BCA of Ba3 -- including
a stressed Tier 1 ratio benchmark of around mid-4% -- is remote.

Although it is still weak in its level of capitalisation relative
to its regional bank peers, the BFSR upgrade reflects the
improving quality of Kiyo Bank's investment securities portfolio -
- after unrealised losses as of March 2009 -- due to a better
investment environment and Moody's expectation that internal
earnings will improve, but only gradually.

Moreover, the bank's fundamental franchise in its local markets
and strong liquidity position remain largely unchanged.

Kiyo Bank's strategy of focusing on housing loans and its renewed
focus on market risk management -- by reducing equity and bonds
issued by foreign issuers -- will enable it to maintain low but
less volatile earnings in the near future, including a lower
potential for large capital erosion.

Recent declines in SME defaults, partly due to government
measures, and the stabilization of the domestic stock market will
also likely underpin this development.

However, Kiyo Holdings' plan to buy back the bank's government
preferred shares (JPY31.5 billion) within several years should
minimise the solid accumulation of its capital base over the
medium term.

Any significant improvement in profitability or permanent
improvement in capital accumulation that could lead to a further
near-term upgrade to a BFSR of D+ (equivalent to BCA of Baa3) is
seen as remote.

If, on the other hand, there is a likelihood of Kiyo Holdings'
consolidated Tier 1 ratio to falling around mid-4%, then Kiyo
Bank's BFSR or BCA could be reviewed in downwards.

The affirmation of Kiyo Bank's deposits ratings (long-term at
Baa1) reflects Moody's expectation that the bank will continue to
have a "very high" systemic support probability factor -- with Aaa
systemic support input (JGB+2) for its BCA.

Moody's last rating action on Kiyo Bank was taken on May 4, 2007,
when the bank's BFSR and long-term deposit ratings were upgraded.

Kiyo Bank, Ltd., is headquartered in Wakayama Prefecture, Japan.
Consolidated assets came to JPY3.5 trillion as of September 2009.


RESONA HOLDINGS: To Relocate Head Office From Osaka to Tokyo
------------------------------------------------------------
Resona Holdings Inc. plans to relocate its head office from Osaka
to Tokyo to facilitate repayment of public funds which the
government had funneled in 2003 into the company's core banking
unit, Resona Bank, Kyodo News reports citing sources familiar with
the matter.

Sources told Kyodo News that Resona Holdings is considering the
relocation partly because most of its operations are now being
conducted in Tokyo, while talks with Japanese financial regulators
on the planned repayment of the remaining JPY2 trillion in public
funds have shifted to full swing.

The Troubled Company Reporter-Asia Pacific, citing Japan Today,
reported on March 4, 2009, that Resona Holdings said it will repay
perpetual subordinated loans worth JPY45 billion to the government
by March 31.  Japan Today said the repayments will reduce Resona's
outstanding balance of such funds to JPY2.08 trillion.

The bank, effectively nationalized after it nearly collapsed under
a mountain of bad loans, received JPY3 trillion ($30 billion) of
taxpayer money in its 2003 bailout and earlier recapitalizations
of Japanese banks, according to Reuters.

                      About Resona Holdings

Japan-based Resona Holdings Inc. -- http://www.resona-gr.co.jp/--
is a holding company.  Through its subsidiaries and associated
companies, the Company is engaged in general banking, trust
operation, credit card and financial services.  The company is
comprised of 15 domestic subsidiaries and 21 overseas
subsidiaries, as well as two associated companies.  It has
operations in Japan, the United Kingdom, Indonesia, Thailand and
the Cayman Islands.


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


FELTEX CARPETS: Directors Blame Accountants on Irregularities
-------------------------------------------------------------
The National Business Review reports that five former directors of
Feltex Carpets are blaming their accountants for irregularities in
financial statements.

Former directors Peter Hunter, Peter Thomas, Michael Feeney, John
Hagen and former chairman Tim Saunders face criminal charges laid
by the Registrar of Companies relating to information provided in
the company's interim financial statements for the six-month
period ended December 31, 2005.

The charges alleged the directors failed to disclose a breach of
Feltex's banking covenants, and did not properly classify its
AU$119.5 million (NZ$157 million) ANZ Bank debt facility.

At the trial of five former directors of Feltex in the Auckland
District Court, their lawyer said the company employed accounting
firm Ernst and Young to advise Feltex.  The directors had taken
all reasonable steps and if Ernst and Young had not failed in its
obligations, the group would not be in court now, he said.

Meanwhile, tvnz.co.nz reports that Feltex Carpets was in trouble
with its debts from the middle of 2005, according to Peter
Holland, an ANZ executive in charge of problem loans.

According to tvnz.co.nz, Mr. Holland was the head of corporate
portfolio management at the ANZ, a division which was called in to
deal with problem loans of $5 million or more.

Mr. Holland, who was giving evidence in a criminal trial against
five former Feltex directors, said at least two of the men facing
charges knew that any involvement of his division was serious as
it was known as "Bad Bank," tvnz.co.nz relates.

Mr. Holland, as cited by tvnz.co.nz, said that by mid-2005 Feltex
had a AU$120 million debt facility, but agreed to an additional
short-term loan of AU$10 million to help it close its Braybrook
plant in Melbourne.

The company's credit rating was a low 5F by October 2005, but had
slumped even further to six minus by the end of November 2005,
Mr. Holland added.

                       About Feltex Carpets

Headquartered in Auckland, New Zealand, and established over 50
years ago, Feltex Carpets Limited -- http://www.feltex.com/--
has built a reputation for being one of the world's leading
manufacturers of superior-quality carpet.  The Feltex operation
includes a wool scouring plant, six spinning mills, three tufted
carpet mills, a woven carpet mill and offices in New Zealand,
Australia and the United States.  The company also leads the way
in exports, with customers throughout South East Asia, Japan,
the United States, the Middle East and other key world markets.

NZ Bank placed the company in receivership on Sept. 22, 2006,
and named Colin Nicol, Peter Anderson and Kerryn Downey,
of McGrathNicol+Partners, as receivers and managers.

The TCR-AP reported on Oct. 4, 2006, that Godfrey Hirst
acquired Feltex as a going concern, including its assets and
undertakings in New Zealand, Australia, and the United States.
Proceeds of the sale will be used to ease the company's NZ$128-
million debt to ANZ Bank.

On Dec. 13, 2006, the High Court in Auckland ruled in favor of
an application by the Shareholders Association against Feltex
Carpets putting the carpet maker into liquidation.  John Vague was
appointed as liquidator.


LOMBARD FINANCE: Directors Face Civil Proceedings
-------------------------------------------------
The Securities Commission has commenced civil proceedings under
the Securities Act against Lombard Finance & Investments directors
Sir Douglas Graham, Michael Reeves, William Jeffries and Lawrence
Bryant.

These proceedings follow extensive investigations by the
Commission since Lombard Finance & Investments went into
receivership on April 10, 2008, owing approximately $127 million
to some 4,400 investors.  According to the receivers it is likely
that secured debenture holders will receive less than 30% of their
investment back.  Unsecured creditors are likely to receive no
return.

"The Commission alleges that Lombard Finance & Investments' offer
documents and advertisements misled investors by misrepresenting
the investment risks, especially in relation to liquidity, the
quality of the loan book, adherence to credit policies and the
company's overall financial position," Commission Chairman Jane
Diplock says.

The Commission alleges that the directors made false statements in
the registered prospectus dated September 7, 2007, as amended by a
memorandum of amendments dated December 24, 2007, and investment
statements dated December 28, 2007.  The documents stated the
company's financial position had not materially and adversely
changed since the company's last balance date and that the
prospectus was not misleading by failing to properly refer to
adverse circumstances.  However the Commission alleges this was
false and the directors' statements misled investors.

In addition, the Commission alleges that a DVD advertisement
distributed during 2007 and 2008 contained similar untrue
statements about the financial position of the company.

The Commission has applied for declarations of civil liability and
civil pecuniary penalties of up to $500,000 against each of the
current four directors.  Under the Securities Act these
applications must be made together.

The Commission's main purpose in making them is to take the first
step towards compensation for investors who invested under the
September 7, 2007, prospectus, as amended by a memorandum of
amendments on December 24, 2007.  A declaration of civil liability
is conclusive evidence that can be relied upon by either the
Commission or investors themselves in any subsequent claims
against the directors for compensation.  The Commission will
consider pursuing compensation claims in due course should it be
in the public interest to do so.

Investors can take their own civil compensation proceedings
whether or not the Commission also has power to do so.

The civil proceedings are issued under section 55C and related
sections of the Securities Act.  They were filed on April 1, 2010,
at the High Court at Wellington.

The Commission said it acknowledges the assistance of
PriceWaterhouseCoopers, the Lombard Finance & Investments
receivers, with this investigation.

"As these proceedings are now before the Court it would not be
appropriate for the Commission to comment further," it said.

                      Ongoing Investigations

The Commission is continuing its investigations in relation to
Lombard Finance & Investments Limited and its parent company
Lombard Group Limited (and their respective directors) and is
considering further proceedings.

                       About Lombard Finance

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

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


SOUTH CANTERBURY: Releases New Prospectus; Posts Half Year Loss
---------------------------------------------------------------
South Canterbury Finance has registered a new prospectus offering
investors and depositors a range of attractive rates and
maturities reflecting the Company's acceptance into the Crown's
Extended Retail Deposit Guarantee Scheme.  The prospectus contains
the audited financial statements for the Charging Group
(comprising South Canterbury Finance Limited and its guaranteeing
subsidiaries in terms of its Trust Deed) for the six months ended
December 31, 2009.

Registration of the prospectus will be followed by a series of
presentations around the country to assist existing and intended
investors understand the implications of the extended Crown
guarantee and provide an opportunity to meet the new management
team.

South Canterbury Finance chairman Allan Hubbard said investors,
the finance sector and the Government will benefit from the
transition to an orderly market facilitated by the extended Crown
guarantee.

"The silver lining from the global financial crisis will be a
soundly based finance sector with integrity that supports economic
growth and delivers reliable returns for investors from a
competitive range of products. South Canterbury Finance has
consistently done that for more than 85 years and I am confident
that it will continue to do so."

The Company also confirmed that its Half-year Report for the six
months to December 31, 2009, was provided to NZX on 9 April 2010.
The Half-year Report and new prospectus are both available at
www.scf.co.nz.  As previously announced with the Company's
preliminary result on March 1, 2010, the new management team and
Board have undertaken a rigorous review of the Company's loan book
and investments and, working with the Company's new auditors,
Ernst & Young, have determined the final audited result for the
half year.

The Company has recognized impairment expenses and increased
provisions totaling $209.4 million in the half year.  As a result,
the Charging Group has incurred an audited net loss after tax of
$198.6 million for the half year.  This compares to the previously
announced preliminary unaudited loss for the period of $154.9
million.

Total equity in South Canterbury Finance is now $206.6 million,
comprising $158.9 million of new capital subscribed in January and
February and existing equity of $47.7 million as at December 31,
2009.  The expected capital contribution announced by the Company
on March 31, 2010, resulting from Torchlight Fund's proposed
subscription for convertible notes in Southbury Corporation
Limited will further enhance South Canterbury Finance's equity by
at least $22 million.

As a consequence of the increased provision for losses on impaired
or non-performing assets and the write-down in the values of
certain assets of the Charging Group, South Canterbury Finance
would have been in breach of a financial covenant in its Trust
Deed, specifically the risk weighted average ratio covenant in
clause 16.1(c), on completion of the audited financial statements
for the Charging Group.  The Trustee has granted South Canterbury
Finance a waiver from a breach of this covenant for the period
from March 31, 2010, to May 31, 2010.

The expected capital injection involving Torchlight Fund will
provide South Canterbury Finance with sufficient additional equity
to bring the Company into compliance with clause 16.1(c).
Accordingly, the Company is confident that it will comply with
clause 16.1(c) by 31 May 2010.  South Canterbury Finance Chief
Executive Officer Sandy Maier is pleased to have the new
prospectus registered and the results for the six months to 31
December 2009 announced and behind the Company.

"The half-year results bring to account a wide range of impairment
provisions on largely discontinued activities in the Company's
loan book.  The underlying performance for the half year, after
allowing for substantial restructuring and other non-recurring
changes which impacted the Company's performance, was close to a
breakeven result which is relevant to any assessment of our future
position."

"Taking the impact of those matters into account, and the
Company's inclusion in the Crown's Extended Retail Deposit
Guarantee Scheme announced on April 1, 2010, the Company can now
look forward to regaining a leading position in the non-bank
financial sector by extending finance to a broad range of sectors
throughout the real economy.  Indicators are showing a pick-up in
economic activity and the demand for credit is good."

                       About South Canterbury

Based in New Zealand, South Canterbury Finance Limited (NZE:SCFHA)
-- http://www.scf.co.nz/-- is engaged in the provision of
financial services.  The Company's principal activities are
borrowing funds from public and institutional investors and on-
lending those funds to the business, plant and equipment,
property, rural and consumer sectors.  It typically advances funds
by means of hire purchase, floor plans, leasing of plant, vehicles
and equipment, personal loans, business term loans and revolving
credit facilities, mortgages against property, and other financial
instruments, including consumer loan insurance.  Southbury Group
Limited holds a controlling interest in the Company. Its
subsidiaries include Ashburtin Finance Ltd, Auckland Finance Ltd,
Canterbury Finance Ltd, Coversure Guarantee Ltd, Face Finance Ltd,
Helicopter Nominees Ltd, Hotnchurch Ltd, Otage Finance Ltd,
Palmerston North Finance Ltd, Rental cars Ltd, ZSCFG Systems Ltd,
Walkato Finance Ltd and Wellington Finance Ltd.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 4, 2010, Standard & Poor's Ratings Services lowered its
long-term rating on New Zealand finance company, South Canterbury
Finance Ltd. to 'BB' from 'BB+', and affirmed the 'B' short-term
rating.  At the same time, the 'BB' long-term rating was placed on
CreditWatch with negative implications.


=====================
P H I L I P P I N E S
=====================


* PHILIPPINES: Local Exporters Warn of Shutdown on Stronger Peso
----------------------------------------------------------------
BusinessWorld Online reports that exporters in Cebu, Philippines,
have warned of shutdowns unless the government acts to arrest the
Philippine peso's appreciation.

The report says the Confederation of Philippine Exporters
Foundation (Cebu), Inc. and seven organizations under it have
issued position papers calling for currency market intervention
and continued state aid.

"The additional pressure brought on the industry by the
appreciating peso could put more exporters out of business.  It is
time for government to act decisively.  Hence, we humbly appeal
for government's firm support again," BusinessWorld quoted the
exporters as saying.

According to the report, Ramir Bonghanoy, president of the Cebu
Gifts, Toys and Houseware Manufacturers and Exporters (Cebu-GTH)
association, said Philippine firms were losing out to Asian
counterparts which get government subsidies.  All that is provided
in the Philippines, he added, is trade promotion assistance from
the Department of Trade and Industry.

"We're used to being left on our own. But right now, with the
crisis, we need all the help that we can get.  The peso should
stay at P46 [to a dollar]," he said.

Mr. Bonghanoy claimed that the majority of the GTH's 98 members --
down from 106 due to last year's global downturn -- were "on the
verge of collapse, with very fragile operations."

BusinessWorld notes that the Philippine peso rose a fresh 20-month
high on Monday, closing at PHP44.74 to the dollar from PHP44.95
last Thursday.  Traders said the rise was due to news of a bailout
for Greece, the report adds.


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


ANANDA TRAVEL: Creditors' Proofs of Debt Due April 27
-----------------------------------------------------
Creditors of Ananda Travel (Singapore) Pte Ltd, which is in
liquidation, are required to file their proofs of debt by
April 27, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

         Don M Ho, FCPA
         c/o Don Ho & Associates
         Certified Public Accountants
         Corporate Advisory & Recoveries
         Equity Plaza 20 Cecil Street #12-02
         Singapore 049705


LONGYUAN-ARRK (MACAO): Court to Hear Wind-Up Petition on April 23
-----------------------------------------------------------------
A petition to wind up the operations of Longyuan-Arrk (Macao)
Pte Ltd will be heard before the High Court of Singapore on
April 23, 2010, at 10:00 a.m.

YJ International Pte Ltd filed the petition against the company on
March 26, 2010.

The Petitioner's solicitors are:

          Khattarwong
          80 Raffles Place
          #25-01 UOB Plaza 1
          Singapore 048624


OPTIMUS RESTAURANTS: Court to Hear Wind-Up Petition on April 23
---------------------------------------------------------------
A petition to wind up the operations of Optimus Restaurants
(Singapore) Pte Ltd will be heard before the High Court of
Singapore on April 23, 2010, at 10:00 a.m.

Hsbc Institutional Trust Services (Singapore) Limited (In its
capacity as trustee of Star Hill Global Real Estate Investment
Trust) filed the petition against the company on March 29, 2010.

The Petitioner's solicitor is:

          Tan Peng Chin
          30 Raffles Place
          #11-00 Chevron House
          Singapore 048622


PASIR PANJANG: Creditors Get $4.00 Per Share Recovery on Claims
---------------------------------------------------------------
Pasir Panjang Industries Pte Ltd., which is in liquidation, will
pay the third interim dividend to its creditors on April 15, 2010.

The company paid cash $4.00 per share for ordinary claims.

The company's liquidators are:

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


SINGAM PETRO: Court to Hear Wind-Up Petition on April 23
--------------------------------------------------------
A petition to wind up the operations of Singam Petro Pte Ltd will
be heard before the High Court of Singapore on April 23, 2010, at
10:00 a.m.

The applicant's solicitors are:

          Messrs Haridass Ho & Partners
          24 Raffles Place
          #18-00 Clifford Centre
          Singapore 048621


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

Apr. 20-22, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    Sheraton New York Hotel and Towers, New York City
       Contact: http://www.turnaround.org/

Apr. 29, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Nuts and Bolts - East
       Gaylord National Resort & Convention Center,
       National Harbor, Md.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 29-May 2, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center,
       National Harbor, Md.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 29-May 2, 2010
THE COMMERICAL LAW LEAGUE OF AMERICA
    Midwestern Meeting & National Convention
       Westin Michigan Avenue, Chicago, Ill.
          Contact: 1-312-781-2000 or http://www.clla.org/

May 21, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Nuts and Bolts - NYC
       Alexander Hamilton Custom House, SDNY, New York, N.Y.
          Contact: 1-703-739-0800; http://www.abiworld.org/

May 24, 2010
AMERICAN BANKRUPTCY INSTITUTE
    New York City Bankruptcy Conference
       New York Marriott Marquis, New York, NY
          Contact: 1-703-739-0800; http://www.abiworld.org/

May 11-14, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Litigation Skills Symposium
       Tulane University, New Orleans, La.
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 17-20, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa, Traverse City, Mich.
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 7-10, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Ocean Edge Resort, Brewster, Massachusetts
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Ritz-Carlton Amelia Island, Amelia, Fla.
          Contact: http://www.abiworld.org/

Aug. 3, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Atlanta Consumer Bankruptcy Skills Training
       Georgia State Bar Building, Atlanta, Ga.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 5-7, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay, Cambridge, Md.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 11-14, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Hawai.i Bankruptcy Workshop
       The Fairmont Orchid, Big Island, Hawaii
          Contact: 1-703-739-0800; http://www.abiworld.org/

Sept. 14, 2010
AMERICAN BANKRUPTCY INSTITUTE
    ABI/NYIC Golf and Tennis Fundraiser
       Maplewood Golf Club, Maplewood, N.J.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Sept. 20, 2010 (tentative)
AMERICAN BANKRUPTCY INSTITUTE
    Complex Financial Restructuring Program
       Fordham Law School, New York, N.Y.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Sept. 23-25, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Southwest Bankruptcy Conference
       Four Seasons Las Vegas, Las Vegas, Nev.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 1, 2010 (tentative)
AMERICAN BANKRUPTCY INSTITUTE
    ABI/UMKC Midwestern Bankruptcy Institute
       Kansas City Marriott Downtown, Kansas City, Kan.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 6-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       JW Marriott Grande Lakes, Orlando, Florida
          Contact: http://www.turnaround.org/

Oct. 11, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Chicago Consumer Bankruptcy Conference
       Standard Club, Chicago, Ill.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 15, 2010
AMERICAN BANKRUPTCY INSTITUTE
    NCBJ/ABI Educational Program
       Hilton New Orleans Riverside, New Orleans, La.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 29, 2010 (tentative)
AMERICAN BANKRUPTCY INSTITUTE
    International Insolvency Symposium
       The Savoy, London, England
          Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. __, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Delaware Views from the Bench and Bankruptcy Bar
       Hotel du Pont, Wilmington, Del.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 11, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Detroit Consumer Bankruptcy Conference
       Hyatt Regency Dearborn, Dearborn, Mich.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Dec. 9-11, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Winter Leadership Conference
       Camelback Inn, a JW Marriott Resort & Spa,
       Scottsdale, Ariz.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
    22nd Annual Winter Leadership Conference
       Camelback Inn, Scottsdale, Arizona
          Contact: 1-703-739-0800; http://www.abiworld.org/

Jan. 20-21, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Rocky Mountain Bankruptcy Conference
       Westin Tabor Center, Denver, Colo.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center,
       National Harbor, Md.
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa, Traverse City, Mich.
             Contact: http://www.abiworld.org/

July 21-24, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Hyatt Regency Newport, Newport, R.I.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 4-6, 2011 (tentative)
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hotel Hershey, Hershey, Pa.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 14, 2011
AMERICAN BANKRUPTCY INSTITUTE
    NCBJ/ABI Educational Program
       Tampa Convention Center, Tampa, Fla.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 25-27, 2011
TURNAROUND MANAGEMENT ASSOCIATION
    Hilton San Diego Bayfront, San Diego, CA
       Contact: http://www.turnaround.org/

Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    23rd Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, Calif.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 19-22, 2012
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center,
       National Harbor, Md.
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2012
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Workshop
       The Ritz-Carlton Amelia Island, Amelia Island, Fla.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 2-4, 2012
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay, Cambridge, Md.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 29 - Dec. 2, 2012
AMERICAN BANKRUPTCY INSTITUTE
    Winter Leadership Conference
       JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
          Contact: 1-703-739-0800; http://www.abiworld.org/


                         *********

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

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

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


                            *********


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

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., 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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