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                     A S I A   P A C I F I C

          Monday, September 27, 2010, Vol. 13, No. 190

                            Headlines



A U S T R A L I A

DIRECT FACTORY: CFS Retail to Buy DFO Malls for AU$498 Million
* AUSTRALIA: Had $54 Billion Budget Deficit in 2009-10


H O N G  K O N G

668 HK: Court Enters Wind-Up Order
AMP HOLDINGS: Court Enters Wind-Up Order
APT SOLUTION: Court Enters Wind-Up Order
BALYUN LIMITED: Court Enters Wind-Up Order
BEST FOOD: Court to Hear Wind-Up Petition on October 27

BRILLIANT EMPIRE: Court to Hear Wind-Up Petition on November 3
CENTRIC TECHNOLOGY: Court Enters Wind-Up Order
CHINA TOP: Court Enters Wind-Up Order
CON CENTRIC: Court Enters Wind-Up Order
ENKA TECHNOLOGY: Court Enters Wind-Up Order

DONGSHENG STONE: Court to Hear Wind-Up Petition on October 6
FIRST INK: Court Enters Wind-Up Order
GOLDEN PATH: Court Enters Wind-Up Order
GREENWOOD DESIGN: Court Enters Wind-Up Order
HOW MING: Court Enters Wind-Up Order


I N D I A

ATMASTCO PRIVATE: CRISIL Assigns 'BB+' Rating to INR23.2MM Loan
BALA MURUGAN: CRISIL Places 'BB' Rating on INR410 Million LT Loan
CHIKITSABRATI UDYOG: CRISIL Assigns 'D' Rating to INR554.3MM Loan
CLIMAX SYNTHETICS: CRISIL Puts 'B' Rating on INR70MM Bank Debts
COPPRROD INDUSTRIES: CRISIL Reaffirms 'BB' Ratings on Bank Debts

DEVELOPMENT CREDIT: Fitch Gives Stable Outlook; Keeps 'D/E' Rating
JAGADAMBHA COTTON: CRISIL Assigns 'BB-' Rating to INR150MM Debts
JB ALUMINIUM: CRISIL Assigns 'B+' Rating to INR42 Million LT Loan
KARNAL MILK: CRISIL Assigns 'BB' Rating to INR135MM Cash Credit
KILBURN OFFICE: CRISIL Assigns 'C' Rating to INR120MM Cash Credit

MERCURY TRAVELS: CRISIL Puts 'BB' Rating on INR125MM Cash Credit
PRINCE FOUNDATIONS: CRISIL Reaffirms 'C' Rating on Term Loans
SCOT INNOVATION: CRISIL Assigns 'B-' Ratings to Various Bank Debts
S R LOG: CRISIL Assigns 'BB+' Rating to INR10 Million Cash Credit
SAINSONS PAPER: CRISIL Reaffirms 'BB+' Rating on INR197M Term Loan

SHRI MUTHURAM: CRISIL Puts 'B+' Rating on INR82.7MM Long-Term Loan
SPANDANA COPPER: CRISIL Places 'B' Rating on INR5.60MM LT Loan
WINNER NIPPON: Fitch Assigns National Long-Term Rating at 'B'


K O R E A

HYUNDAI ENGINEERING: Creditors Set November 12 Bid Deadline

M A L A Y S I A

LCL CORPORATION: Clasquin (Malaysia) Serves Writ of Summons
LCL CORPORATION: Sells 40% Stake in Sunway Interiors for MYR4,000
KENMARK INDUSTRIAL: Gets Summons From FedEx for MYR35,329 Claim
SATANG HOLDINGS: Unit Receives Summons From Daya Padu Enterprise


N E W  Z E A L A N D

SOUTH CANTERBURY: Trustee to Repay 30,000 Depositors This Week


S I N G A P O R E

ACE FAMILY: Creditors' Proofs of Debt Due October 8
AGIO COUNTERTRADE: Creditors Get 0.04433% Recovery on Claims
BEAUTY SAINT: Court Enters Wind-Up Order
CALL CENTRE: Creditors' Proofs of Debt Due October 4
CITILINK HOLDINGS: Court to Hear Wind-Up Petition on October 1

EASTLINK SHIPBROKING: Court to Hear Wind-Up Petition on October 1
PRITSONS (S): Creditors Get 0.09038% Recovery on Claims


S R I  L A N K A

SRI LANKA TELECOM: Fitch Affirms Issuer Default Rating at 'B+'




                         - - - - -


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


DIRECT FACTORY: CFS Retail to Buy DFO Malls for AU$498 Million
--------------------------------------------------------------
Nichola Saminather at Bloomberg News reports that CFS Retail
Property Trust will pay AU$498 million (US$473 million) to acquire
four shopping malls owned by Direct Factory Outlet in Australia.

CFS Retail said in a statement to the Australian stock exchange on
Friday that it had completed a deal to buy one mall in Sydney and
three in Melbourne from the outlet chain, according to Bloomberg
News.

Bloomberg relates the trust will fund the purchase through a
AU$540 million institutional equity raising.  Austexx Pty Ltd.,
DFO's Melbourne-based parent, has put its AU$1.5 billion of
shopping outlets up for sale to pay off debt accumulated before
the global financial crisis, Bloomberg notes.

"This is a unique opportunity to enter an increasingly important,
yet immature retail format and sub-sector in Australia," Michael
Gorman, fund manager at CFS Retail, said in the statement.

According to Bloomberg, CFS Retail, managed by Colonial First
State Property Retail Pty Ltd., will buy DFO shopping malls in
Homebush in Sydney, South Wharf in the Docklands in Melbourne, and
at domestic airports in the Melbourne suburbs of Moorabinn and
Essendon.

Bloomberg relates that the South Wharf purchase is contingent on
CFS Retail's joint venture partner The Plenary Group's ability to
get financing to double its interest to 50 percent.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 20, 2010, the Business Spectator said Direct Factory Outlet
was granted a bank bailout after its owner, Austexx Pty Ltd,
struck an agreement with lenders, which is likely to see the firm
avoid being placed in receivership.  Business Spectator related
that a banking syndicate including Suncorp-Metway Ltd., National
Australia Bank Ltd., St George Bank and Royal Bank of Scotland
owed AU$450 million have agreed to extend a line of credit to DFO
to ensure it can complete the construction of its unfinished South
Wharf retail development.

Founded in 1996, Direct Factory Outlets has eight factory outlet-
style centres operating on the Eastern Seaboard.  It was founded
in 1996 by rich list members David Golberger and David Wieland,
and is owned by holding company Austexx Pty Ltd.


* AUSTRALIA: Had $54 Billion Budget Deficit in 2009-10
------------------------------------------------------
Marion Rae at Bloomberg News reports that Australia's government
budget deficit totaled AU$54.8 billion in the year to June 30,
compared with the forecast AU$57.1 billion in the budget released
in May, Treasurer Wayne Swan said Friday.

"The government remains committed to its strict spending limits
and fiscal strategy, which will see us return the budget to
surplus in 2012-13, comfortably ahead of any major advanced
economy," Mr. Swan said, according to Bloomberg.

Citing an economic and fiscal outlook released before the Aug. 21
election, Bloomberg discloses that the government estimated a
deficit of AU$40.7 billion this year, narrowing to a AU$10.4
billion deficit in 2011-12, and a surplus of AU$3.5 billion in
2012-13.


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


668 HK: Court Enters Wind-Up Order
----------------------------------
The High Court of Hong Kong entered an order on April 9, 2010, to
wind up the operations of 668 Hong Kong Limited.

The company's liquidators are Yu Tak Yee Beryl and Choi Tze Kit
Sammy.


AMP HOLDINGS: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on February 18, 2010,
to wind up the operations of AMP Holdings Limited.

The company's liquidators are Yu Tak Yee Beryl and Choi Tze Kit
Sammy.


APT SOLUTION: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on July 15, 2010, to
wind up the operations of APT Solution Limited.

The company's liquidators are Yu Tak Yee Beryl and Choi Tze Kit
Sammy.


BALYUN LIMITED: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on July 20, 2010, to
wind up the operations of Balyun Limited.

The company's liquidators are Yu Tak Yee Beryl and Choi Tze Kit
Sammy.


BEST FOOD: Court to Hear Wind-Up Petition on October 27
-------------------------------------------------------
A petition to wind up the operations of Best Food Management
Limited will be heard before the High Court of Hong Kong on
October 27, 2010, at 9:30 a.m.

Ho Kam Pui filed the petition against the company.


BRILLIANT EMPIRE: Court to Hear Wind-Up Petition on November 3
--------------------------------------------------------------
A petition to wind up the operations of Brilliant Empire Limited
will be heard before the High Court of Hong Kong on November 3,
2010, at 9:30 a.m.

Maylok Toys Industries filed the petition against the company.

The Petitioner's Solicitors are:

          Anthony Chiang & Partners
          3903 Tower 2, Lippo Centre
          89 Queensway Central, Hong Kong


CENTRIC TECHNOLOGY: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Hong Kong entered an order on April 9, 2010, to
wind up the operations of Centric Technology (Hong Kong) Company
Limited.

The company's liquidators are Yu Tak Yee Beryl and Choi Tze Kit
Sammy.


CHINA TOP: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on March 12, 2010, to
wind up the operations of China Top Industries Limited.

The company's liquidators are Yu Tak Yee Beryl and Choi Tze Kit
Sammy.


CON CENTRIC: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on April 9, 2010, to
wind up the operations of Con Centric Circuits Company Limited.

The company's liquidators are Yu Tak Yee Beryl and Choi Tze Kit
Sammy.


ENKA TECHNOLOGY: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order on May 18, 2009, to
wind up the operations of Enka Technology Limited.

The company's liquidators are Yu Tak Yee Beryl and Choi Tze Kit
Sammy.


DONGSHENG STONE: Court to Hear Wind-Up Petition on October 6
------------------------------------------------------------
A petition to wind up the operations of Dongsheng Stone Industrial
(HK) Company Limited will be heard before the High Court of Hong
Kong on October 6, 2010, at 9:30 a.m.

Great Harvest Construction Engineering Limited filed the petition
against the company on August 3, 2010.

The Petitioner's solicitors are:

          To, Lam & Co
          Units 1503B-1504
          15th Floor, Wing On House
          71 Des Voeux Road
          Central, Hong Kong


FIRST INK: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on January 18, 2010,
to wind up the operations of First INK International Holding
Limited.

The company's liquidators are Yu Tak Yee Beryl and Choi Tze Kit
Sammy.


GOLDEN PATH: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on July 20, 2010, to
wind up the operations of Golden Path Investment Limited.

The company's liquidators are Yu Tak Yee Beryl and Choi Tze Kit
Sammy.


GREENWOOD DESIGN: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order on July 28, 2010, to
wind up the operations of Greenwood Design & Decoration Limited.

The company's liquidators are Yu Tak Yee Beryl and Choi Tze Kit
Sammy.


HOW MING: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order on April 22, 2010, to
wind up the operations of How Ming Garment Factory Limited.

The company's liquidators are Yu Tak Yee Beryl and Choi Tze Kit
Sammy.


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


ATMASTCO PRIVATE: CRISIL Assigns 'BB+' Rating to INR23.2MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to Atmastco Pvt
Ltd's bank facilities.

   Facilities                          Ratings
   ----------                          -------
   INR48.0 Million Cash Credit Limit   BB+/Stable (Assigned)
   INR23.2 Million Term Loan           BB+/Stable (Assigned)
   INR10.0 Million Bank Guarantee      P4+ (Assigned)

The ratings reflect APL's small scale of operations, large working
capital requirements, and susceptibility to intense competition in
the industrial products trading industry.  These rating weaknesses
are partially offset by APL's moderate financial risk profile,
marked by moderate gearing and debt protection metrics, and
improving market position in the fabrication segment.

Outlook: Stable

CRISIL believes that APL's scale of operations will remain small,
with no major growth in its trading division, over the medium
term.  The company's financial risk profile will also remain
moderate, with low gearing and the absence of major debt-funded
capital expenditure (capex) plans, over the medium term.  The
outlook may be revised to 'Positive' if APL successfully achieves
substantial growth in revenues, backed by its new fabrication
business, resulting in an increase in its scale of operations and
a significant improvement in profitability.  Conversely, the
outlook may be revised to 'Negative' if the company faces pressure
on its operating margin, or undertakes a large, debt-funded capex
programme over the medium term.

                         About Atmastco Pvt

APL was set up in 1987 as a partnership firm by Mr. Swaminathan
and Mr. Venkateshwara, and was reconstituted as a private limited
company in the late 1990s.  APL commenced operations by trading in
industrial products including dumper parts, electrodes (welding
rods), and miscellaneous spare parts.  In 1993, the promoters
started undertaking engineering onsite jobs for fabrication of new
plants.  The company entered into specialized steel trading in
1997.  It discontinued the industrial products trading business in
early 2000s, and in 2003 stopped undertaking onsite jobs and set
up a separate fabrication division for the fabrication of heavy
steel columns and assemblies.  Currently, APL has two divisions:
the trading division (contributes around 75 per cent of total
sales), in which the company trades in specialized steel plates
and structures such as angles and columns; and the fabrication
division (around 25 per cent of total sales) for fabricating heavy
steel columns and assemblies for power plants, and supplying to
power plant equipment manufacturing companies such as Bharat Heavy
Electricals Ltd (rated 'AAA/Stable/P1+' by CRISIL) and Larsen &
Toubro Ltd ('AAA/FAAA/Stable/P1+').

APL is estimated to report a profit after tax (PAT) of INR22
million on operating income of INR988 million for 2009-10 (refers
to financial year, April 1 to March 31), against a PAT of INR14
million on operating income of INR858 million for 2008-09.


BALA MURUGAN: CRISIL Places 'BB' Rating on INR410 Million LT Loan
-----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to Bala Murugan
Chemicals Pvt Ltd's bank facilities.

   Facilities                          Ratings
   ----------                          -------
   INR410.00 Million Long Term Loan    BB/Stable (Assigned)
   INR100.00 Million Cash Credit       BB/Stable (Assigned)

The rating reflect BALCHEM's exposure to risks related to
implementation and stabilization of operations at its upcoming
titanium dioxide pigment manufacturing plant and the supplier
concentration risks the company faces with respect to its proposed
sourcing of ilmenite and sulphuric acid. These rating weaknesses
are partially offset by the financial support that BALCHEM gets
from its parent, Beach Minerals Company Pvt Ltd.  BALCHEM also
benefits from operational synergies with BMC, resulting from
vertically integrated operations and proximity to raw material
sources.

Outlook: Stable

CRISIL believes that BALCHEM will maintain a stable credit risk
profile backed by support from BMC over the medium term. The
outlook may be revised to 'Positive' if BALCHEM stabilises
operations at its upcoming titanium dioxide manufacturing plant
and generates more-than-expected revenues and operating margin,
thereby improving its financial risk profile significantly.
Conversely, the outlook may be revised to 'Negative' if BALCHEM
delays stabilization of operations at the upcoming plant and faces
cost overruns in the project, resulting in poor margins, or
undertakes larger-than-expected debt-funded capital expenditure
programme, resulting in deterioration in its financial risk
profile.

                         About Bala Murugan

BMC owns 99.7 per cent of BALCHEM's equity. BALCHEM proposes to
manufacture titanium dioxide pigment (anatase form) from ilmenite
ore from BMC's Kuttam mines (near Turicorin in Tamil Nadu).  The
upcoming plant is expected to have capacity of 15,000 tonnes per
annum (tpa); the plant is expected to commence operations in
September 2010.

The BMC group, of which BMC is the flagship entity, is promoted by
Mr. S. Sukumar and his wife Mrs. Kalaiyarasi; the group comprises
13 companies. BMC is into mining, processing, and exporting of
beach minerals.  The other group entities are into diverse
businesses, such as mining of beach minerals, transportation,
shipping, construction aggregates, and kitchen cutlery.


CHIKITSABRATI UDYOG: CRISIL Assigns 'D' Rating to INR554.3MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to Chikitsabrati Udyog's
bank facilities.  The ratings reflect delay by Chikitsabrati in
servicing its term loan; the delay has been caused by
Chikitsabrati's weak liquidity.

   Facilities                           Ratings
   ----------                           -------
   INR554.3 Million Term Loan           D (Assigned)
   INR20 Million Proposed Term Loan     D (Assigned)
   INR24.7 Million Proposed Long-Term   D (Assigned)
                   Bank Loan Facility
   INR1 Million Bank Guarantee          P5 (Assigned)

Chikitsabrati is exposed to risks related to implementation of and
funding for its 300-bed Sanjiban Hospital and Research Centre
project.  The society, however, benefits from its qualified
founder-members and its presence in the growing healthcare
segment.

Chikitsabrati was set up in 2006 as a society, registered under
the West Bengal Societies Registration Act.  The society is
setting up a multi-disciplinary 300-bed hospital named Sanjiban
Hospital and Research Centre at Phuleshwar, Howrah (West Bengal).
The society also plans to set up a biomass-gasification-based
power plant of 1.44 megawatt capacity at Phuleshwar. According to
the management, the projects would become operational by December
2010.


CLIMAX SYNTHETICS: CRISIL Puts 'B' Rating on INR70MM Bank Debts
---------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to the bank
facilities of Climax Synthetics Pvt Ltd.

   Facilities                             Ratings
   ----------                             -------
   INR70.0 Million Cash Credit Facility   B/Stable (Assigned)
   INR15.0 Million Bill Discounting       P4 (Assigned)
   INR42.5 Million Letter of Credit       P4 (Assigned)
   INR38.0 Million Bank Guarantee         P4 (Assigned)

The ratings reflect CSPL's weak financial risk profile, marked by
high gearing, small net worth, and weak debt protection metrics,
and exposure to equity-investments-related market risks.  These
rating weaknesses are partially offset by the benefits that CSPL
derives from its promoters' industry experience.

Outlook: Stable

CRISIL believes that CSPL will continue to benefit over the medium
term from its diversified revenue profile and promoters' industry
experience.  However, the company's financial risk profile is
expected to remain constrained by weak debt protection metrics.
The outlook may be revised to 'Positive' if CSPL reports higher-
than-expected revenue growth, with improved profitability.
Conversely, the outlook may be revised to 'Negative' if the
company incurs losses on its investments in equity shares, or its
financial risk profile deteriorates further because of larger-
than-expected debt-funded capital expenditure.

                       About Climax Synthetics

Incorporated in 1974 by Mr. K R Mundhra and his brother, CSPL
manufactures high-density and low-density polyethylene sheets,
geomembranes, pipes, and fittings.  The company's manufacturing
facility at Vadodara (Gujarat), with capacity to manufacture
14,000 tonnes of plastic sheets per annum, is presently operating
at about 40 per cent utilisation level.  The company is also a
stockist for GAIL (India) Ltd, which has been dealing in plastic
granules, since 1996-97 (refers to financial year, April 1 to
March 31).  CSPL also trades in plastic products; it derived about
30 per cent of its total revenues from this business in 2009-10.

CSPL reported a profit after tax (PAT) of INR6.6 million on net
sales of INR528.4 million for 2009-10, against a PAT of INR6.7
million on net sales of INR568.8 million for 2008-09.


COPPRROD INDUSTRIES: CRISIL Reaffirms 'BB' Ratings on Bank Debts
----------------------------------------------------------------
CRISIL's rating on the bank facilities of Copprrod Industries Pvt
Ltd, part of the Copprrod group, continues to reflect the Copprrod
group's working-capital-intensive operations, and its exposure to
risks relating to customer and supplier concentration, and
moderate scale of operations in the intensely competitive copper-
product industry.  These weaknesses are partially offset by the
group's improved financial risk profile, and the benefits that it
derives from its promoters' experience in the copper-products
business and its established client relationships.

   Facilities                            Ratings
   ----------                            -------
   INR40.00 Million Long-Term Loan       BB/Stable (Reaffirmed)
   INR25.00 Million Cash Credit Limit    BB/Stable (Reaffirmed)
   INR55.00 Million Proposed Long Term   BB/Stable (Reaffirmed)
                    Bank Loan Facility

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of Copprrod, SCR Wire Products (SCR Wire),
and Classic Wire Installations.  This is because the three
entities, together referred to as the Copprrod group, are in the
same line of business, and have common promoters and fungible
funds.

Outlook: Stable

CRISIL believes that the Copprrod group will continue to benefit
from its healthy relationships with its customers, over the medium
term.  The outlook may be revised to 'Positive' in case of an
improvement in the group's scale of operations, resulting in more-
than-expected cash flows, and/or an improvement in its capital
structure, most likely because of equity infusions.  Conversely,
the outlook may be revised to 'Negative' if inefficient raw
material procurement affects the group's margins and cash flows,
its net worth declines because of withdrawals by promoters, or if
it undertakes a large, debt-funded capital expenditure programme,
leading to deterioration in its debt protection measures.

Update

The Copprrod Group's revenues in 2009-10 (refers to financial
year, April 1 to March 31) were higher than CRISIL's expectations
because of stabilisation of operations at Copprrod and improvement
in the group's customer profile.  The group's operating margin,
however, at 8.1 per cent was lower than CRISIL's expectations due
to volatility in raw material prices.  The group's gearing at 1.7
times as on March 31, 2010, was in line with CRISIL's projections,
and is expected to improve marginally over the medium term.  The
group has adequate liquidity with unencumbered cash and bank
balance of INR16 million and cash accruals of about INR50 million
as on March 31, 2010, partially offset by full utilization of
working capital limits over the past 12 months ended July 2010.
The Copprrod group's financial risk profile remains comfortable
for the rating category.

The Copprrod group, on a provisional basis, reported a profit
after tax (PAT) of INR40.6 million on net sales of INR954 million
for 2009-10, against a PAT of INR7.3 million on net sales of
INR346 million for 2008-09.

                        About Copprrod group

Set up in 2007 by Mr. H G Chandrasekar, Copprrod manufactures
copper rods, silver-plated copper wires, bus bars, flats, and
strips. Based at Tumkur (Karnataka), the company commenced
operations in August 2008 and operates with a manufacturing
capacity of 5000 tonnes per annum.  The company procures copper
cathodes from Sterlite Industries Ltd.  It sells 30 per cent of
its output to group companies, and the balance to customers such
as ABB Ltd (rated 'AAA/Stable/P1+' by CRISIL), Alstom Ltd, The
Kirloskar Electric Company Ltd, and Sahney Commutators Pvt Ltd.

Set up in 1993 as a proprietary firm by Mr. Chandrasekar, SCR Wire
manufactures magnet winding wire used in power and distribution
transformers, motors, and automotive electrical products.

Classic Wire, set up as a proprietary firm in 1997 by Mr.
Chandrasekar's wife, Mrs. Shasikala Chandrasekar, manufactures
enamelled copper wires.


DEVELOPMENT CREDIT: Fitch Gives Stable Outlook; Keeps 'D/E' Rating
------------------------------------------------------------------
Fitch Ratings has revised India's Development Credit Bank
Limited's Outlook to Stable from Negative.  The agency has
simultaneously affirmed DCB's National Long-term rating at
'BBB(ind)', Individual Rating at 'D/E' and Support Rating at '5'.
The agency has also affirmed DCB's INR1 billion lower Tier 2
subordinated debt programme at 'BBB(ind)'.

The Outlook revision reflects the gradual improvement in DCB's
financial profile since early 2010 and the muted expectation of
any significant increase in loan loss in the present buoyant
operating environment.  The bank's distressed unsecured consumer
loan portfolio is in a run-off mode, and it has been expanding in
the secured retail (including residential mortgage), small- and
mid-corporate, Agri finance and MFI financing segments.  For this,
the funding has mostly been from current & saving accounts
deposits and retail term deposits, which the management is
committed to maintain.  DCB's Individual and National Long-term
ratings also reflect its weak performance, including the high
operating cost structure and small balance sheet size.

DCB's gross NPLs grew marginally to INR3.19 billion (gross NPL
ratio 8.7%) in FY10 from INR3.06 billion in FY09 (FY09 gross NPL
ratio 8.9%) as the net increase was mitigated by up-gradation,
recovery and write-offs.  Fitch expects the bank's asset quality
to stabilize as delinquencies have peaked in the unsecured
consumer loan portfolio and incremental delinquencies are expected
to be limited.  The bank has also provided adequate coverage for
its existing NPLs.  Nevertheless, the bank has some concentrated
exposures to few mid-corporates clients - the segment vulnerable
to business cyclicality.  If these exposures turn bad or there is
any deterioration in the economic environment, the bank's recovery
could be potentially derailed.

DCB's capital improved marginally in FY10 (CAR 14.9%, Tier1: -
11.9%) over FY09 (CAR: 13.4%, Tier1: -11.6%).  The bank raised
INR0.81 billion of common equity from the market in FY10 and is
planning to raise additional capital from the market in FY11.
This should boost its capital further and provide additional
cushion for any incremental losses.

Negative rating triggers include DCB's inability to demonstrate
sustained improvement in its performance and asset quality, which
could potentially erode its equity.  The Outlook could be revised
to Positive if there is a sustained improvement in DCB's
performance.

DCB is a small private sector bank.  It is 23% owned by the Aga
Khan Fund for Economic Development, which has to be reduced to 10%
by 2014 as per RBI's directions.

DCB's lower Tier 2 subordinated bonds have been rated at the same
level as its National Long-term rating based on Fitch's "Criteria
for Indian National Ratings of Bank Hybrids and Subordinated
Debt", dated 18 January 2010.


JAGADAMBHA COTTON: CRISIL Assigns 'BB-' Rating to INR150MM Debts
----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to Jagadambha Cotton
Industries Pvt Ltd's bank facilities.

   Facilities                        Ratings
   ----------                        -------
   INR150.0 Million Cash Credit      BB-/Stable (Assigned)
   INR26.2 Million Rupee Term Loan   BB-/Stable (Assigned)

The rating reflects JCIPL's moderate financial risk profile,
marked by high gearing, average debt protection metrics, and small
net worth; the rating also factors in JCIPL's modest scale of
operations and exposure to risks related to adverse regulatory
changes.  These rating weaknesses are partially offset by the
benefits that JCIPL derives from its established relationships
with large customers.

Outlook: Stable

CRISIL believes that JCIPL will maintain its moderate business
risk profile over the medium term, supported by established
relationships with customers.  The company's financial risk
profile will, however, remain average over the medium term, marked
by high gearing.  The outlook may be revised to 'Positive' if
JCIPL reports substantial growth in revenues and profitability,
while improving its capital structure.  Conversely, the outlook
may be revised to 'Negative' if large, debt-funded capital
expenditure materially weakens the company's debt protection
metrics or capital structure.

                      About Jagadambha Cotton

JCIPL, set up in 2006, gins and presses raw cotton, and makes
cotton bales. It also sells cotton seeds.  Around 80 per cent of
the company's revenue is derived from selling cotton bales, and
the remainder from sale of cotton seeds.  The company is owned and
managed by Mr. G Srinivasa Rao and Mr. Vinod Kumar Agarwal. The
company's ginning unit at Khammam (Andhra Pradesh), has capacity
to manufacture 450 cotton bales per day.

JCIPL reported a profit after tax (PAT) of INR10.9 million on net
sales of INR780.0 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR2.6 million on net sales
of INR239.5 million for 2008-09.


JB ALUMINIUM: CRISIL Assigns 'B+' Rating to INR42 Million LT Loan
-----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to JB Aluminium
Extrusion's bank facilities.

   Facilities                          Ratings
   ----------                          -------
   INR42.00 Million Long-Term Loan     B+/Stable (Assigned)
   INR45.00 Million Cash Credit        B+/Stable (Assigned)
   INR15.00 Million Letter of Credit   P4 (Assigned)

The ratings reflect JB's limited track record in the aluminium
extrusions manufacturing sector, small scale of operations, and
below-average financial risk profile, marked by its low net cash
accruals, and weak capital structure and debt protection metrics.
These rating weaknesses are partially offset by the benefits that
JB derives from its promoters' experience in the aluminium sheet
trading business, and healthy demand for aluminium extrusions.

Outlook: Stable

CRISIL believes that JB will continue to benefit from the healthy
growth prospects for aluminium extrusion products, and promoters'
extensive experience in the trading of aluminium extruded
products, over the medium term.  The outlook may be revised to
'Positive' if JB scales up its operations successfully, while
improving its capital structure and debt protection metrics.
Conversely, the outlook may be revised to 'Negative' if JB fails
to utilize its enhanced capacities at optimal levels, or
undertakes a large, debt-funded capital expenditure programme,
leading to deterioration in its financial risk profile.

                         About JB Aluminium

Set up in 2009 as a proprietorship firm, JB commenced commercial
operations in February 2010.  The firm manufactures aluminum
sheets and profiles.  The product portfolio comprises aluminum
doors, windows frames, panels, channels, and verticals which find
their application in construction of residential property, and
other sectors such as, transport, power, and consumer goods. The
firm has capacity of 2400 tonnes per annum and.

JB reported a provisional profit after tax (PAT) of INR0.42
million on net sales of INR11million for 2009-10 (refers to
financial year, April 1 to March 31).


KARNAL MILK: CRISIL Assigns 'BB' Rating to INR135MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to Karnal Milk
Foods Ltd's bank facilities.

   Facilities                         Ratings
   ----------                         -------
   INR135.0 Million Cash Credit       BB/Stable (Assigned)
   INR26.5 Million Rupee Term Loan    BB/Stable (Assigned)
   INR71.1 Million Proposed Long      BB/Stable (Assigned)
         Term Bank Loan Facility
   INR70.0 Million Letter of Credit   P4+ (Assigned)
                   & Bank Guarantee

The ratings reflect Karnal's average financial risk profile,
marked by low net worth and weak debt protection measures, and
modest scale of operations.  These rating weaknesses are partially
offset by the benefits that Karnal derives from its established
customer base, and diversified revenue profile.

Outlook: Stable

CRISIL believes that Karnal will maintain its business risk
profile on the back of established customer base and diversified
revenue profile.  The outlook may be revised to 'Positive' if the
company's operating margins and net cash accruals improve
substantially, thereby positively affecting the company's debt
protection measures.  Conversely, the outlook may be revised to
'Negative' if Karnal's operating profitability declines
materially, or if the company takes on larger-than-expected debt
funded capital expenditure programmes, adversely affecting its
financial risk profile.

                          About Karnal Milk

Karnal, incorporated in 1991 by Mr. Gian Prakash Gupta and his
family members, processes butter, ghee, milk powder, whitener, and
other milk products.  The company has established a strong
customer base, including Britannia Industries Ltd (rated
'AAA/Stable/P1+' by CRISIL), Nestle India Ltd (rated
'AAA/Stable/P1+' by CRISIL), and ITC Ltd (rated 'AAA/Stable/P1+'
by CRISIL), apart from selling its products through large network
dealers.  The company also trades in butter oil and lactose.

Karnal reported a profit after tax (PAT) of INR6 million on net
sales of INR1011 million for 2009-10 (refers to financial year,
April 1 to March 31) against a PAT of INR6 million on net sales of
INR931 million for 2008-09.


KILBURN OFFICE: CRISIL Assigns 'C' Rating to INR120MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'C/P4' ratings to Kilburn Office
Automation Ltd's bank facilities.

   Facilities                       Ratings
   ----------                       -------
   INR120 Million Cash Credit       C (Assigned)
   INR70 Million Letter of Credit   P4 (Assigned)
   INR15 Million Bank guarantee     P4 (Assigned)

The ratings reflect several past instances of devolvement of
letter of credit (LC) and overutilisation of cash credit limit by
KOAL, the company's below-average financial risk profile, marked
by small net worth, high gearing, weak debt protection metrics,
and stretched liquidity, and large working capital requirements.
These rating weaknesses are partially offset by expected
improvement in KOAL's business profile, driven by diversification
of its product profile.

KOAL trades in office equipment, mainly copiers, and banking and
mailing products.  The product profile of the company comprises
various plain-paper copiers, note-counting machines, coin-operated
vending machines, shrink-wrap machines, document binders, and
ammonia printing machines.  The company also trades in finished
components of these products. KOAL has long-term tie-ups with
Pitney Bowes India Pvt Ltd, Kyocera Mita India Pvt Ltd, and
Kusters Engineering India Ltd for purchase of the above products.

In addition to trading in these products, KOAL manufactures
shrink-wrap machines, fake-note detecting machines, note-counting
machines, and printing machines. Revenue from sale of its own
manufactured products is, however, very low at around 3 per cent
in 2009-10 (refers to financial year, April 1 to March 31).  KOAL
also provides maintenance services for the products sold by it.
The day-to-day operations of the company are looked after by its
current managing director, Mr. Vardarajan Vanchi.

KOAL reported a profit after tax (PAT) of INR12.1 million on net
sales of INR393.6 million for 2009-10, against a PAT of INR14.6
million on net sales of INR353.4 million for 2008-09.


MERCURY TRAVELS: CRISIL Puts 'BB' Rating on INR125MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to Mercury Travels
Ltd's bank facilities.

   Facilities                         Ratings
   ----------                         -------
   INR125.0 Million Cash Credit       BB/Stable (Assigned)
   INR30.0 Million Bank Guarantee     P4+ (Assigned)

The ratings reflect MTL's average financial risk profile
constrained by weak debt protection measures and exposure to risks
relating to adverse external events and increasing competition
constraining revenue growth and profitability.  These rating
weaknesses are partially offset by MTL's established market
position, and its promoters' experience, in the tour and travel
management industry.

Outlook: Stable

CRISIL believes that Mercury Travels Ltd will maintain its market
position, and benefit from its promoters' experience in the tour
and travel management industry over the medium term. The outlook
may be revised to 'Positive' if the company scales up its
operations, with significant and sustained improvement in its
profitability. Conversely, the outlook may be revised to
'Negative' if large debt contracted to fund capex leads to
material deterioration in MTL's financial risk profile.

                       About Mercury Travels

MTL is a travel solutions company offering corporate travel
management, inbound travel and outbound leisure travel planning,
foreign exchange, and cargo services.  Incorporated in 1948, MTL
was a wholly owned subsidiary of EIH Ltd, which owns/operates the
Oberoi group of hotels.  In 2006, Mr. Ashwini Kakkar and his
associates acquired a 74.9 per cent stake in MTL and the balance
stake is held by EIH Ltd.

MTL is estimated to report a net loss of INR20.5 million on net
sales of INR194.2 million for 2009-10 (refers to financial year,
April 1 to March 31), against a net loss of INR30.1 million on net
sales of INR227.2 million for 2008-09.


PRINCE FOUNDATIONS: CRISIL Reaffirms 'C' Rating on Term Loans
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Prince Foundations Ltd
continue to reflect the delays by PFL in servicing its term loan
between July 2009 and May 2010; the loan was fully repaid in June
2010.  The company has been paying the interest obligations on its
other term loans on time since then.

   Facilities                            Ratings
   ----------                            -------
   INR418.8 Million Cash Credit
   (Enhanced from INR250.0 Million)      C

   INR90.0 Million Bank Guarantee        P4
   (Enhanced from INR50.0 Million)

   INR400.0 Million Rupee Term Loans     C (Reaffirmed)
   Reduced from INR1000.0 Million)

   INR391.2 Million Proposed Long-Term   C (Reaffirmed)
                    Bank Loan Facility

This rating weakness is partially offset by PFL's promoters'
experience in the construction sector and the favourable locations
of its projects.

PFL was incorporated in 2004 and is based in Chennai; it was
promoted by Mr. Ashwin Kamdar. The company was reconstituted as a
public limited company in March 2007.  PFL develops real estate
projects, such as integrated information technology parks, and
residential and service apartments.  So far, the company has
completed and sold four projects, covering approximately 1 million
square feet of saleable area, in Chennai and its suburbs.

PFL reported, on provisional basis, a profit after tax (PAT) of
INR24.23 million on net sales of INR1035.40 million for 2009-10;
it reported a PAT of INR17.07 million on net sales of INR245.87
million for 2008-09.


SCOT INNOVATION: CRISIL Assigns 'B-' Ratings to Various Bank Debts
------------------------------------------------------------------
CRISIL has assigned its 'B-/Stable/P4' ratings to Scot Innovation
Wires and Cables Pvt Ltd's bank facilities.

   Facilities                         Ratings
   ----------                         -------
   INR70.00 Million Cash Credit       B-/Stable (Assigned)
   INR149.50 Million Proposed LT      B-/Stable (Assigned)
              Bank Loan Facility
   INR20.00 Million Term Loan         B-/Stable (Assigned)
   INR10.50 Million Standby Line      B-/Stable (Assigned)
                       of Credit
   INR7.50 Million Letter of Credit   P4 (Assigned)
   INR12.50 Million Bank Guarantee    P4 (Assigned)
   INR30.00 Million Proposed Short-
            Term Bank Loan Facility   P4 (Assigned)

The ratings reflect SIWC's weak liquidity because of large working
capital requirements, small scale of operations, and
susceptibility to volatility in raw material prices.  These rating
weaknesses are partially offset by SIWC's promoters' experience in
the wires and cables industry, and the company's moderate gearing
and debt protection metrics.

Outlook: Stable

CRISIL believes that SIWC's scale of operations will remain small
and its liquidity weak because of large working capital
requirements, over the medium term.  The outlook may be revised to
'Positive' if SIWC improves its liquidity significantly through
fresh equity infusion and increases its scale of operations.
Conversely, the outlook may be revised to 'Negative' if the
company's liquidity weakens further and its capital structure
deteriorates due to larger-than-expected working capital
borrowings or debt-funded capital expenditure.

                        About Scot Innovation

SIWC was set up in April 2005 under the proprietorship of Mrs.
Neha Gupta. It was reconstituted as a private limited company in
August 2006 under the name Scot Cables Pvt Ltd.  Its name was
changed to the current one later in 2006.  SIWC manufactures
different types of electric wires and cables, including power and
control cables, low-tension cross-linked polythene cables,
polyvinyl chloride cables, lighting cables, insulated electric
cables, copper and aluminium welding cables, and industrial
cables, all under the brand Ekta.  SIWC's products are used in
industrial, real estate, and power sectors.  The company's
manufacturing unit is in Baddi (Himachal Pradesh).

SIWC's profit after tax (PAT) and net sales are estimated to be
INR19.3 million and INR385.1 million respectively for 2009-10
(refers to financial year, April 1 to March 31); it reported a PAT
of INR15.1 million on net sales of INR207.0 million for 2008-09.


S R LOG: CRISIL Assigns 'BB+' Rating to INR10 Million Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities S R Log Products Pvt Ltd, which is part of the SR
group.

   Facilities                             Ratings
   ----------                            -------
   INR10.00 Million Cash Credit          BB+/Stable (Assigned)
   INR110.00 Million Letter of Credit    P4+ (Assigned)

The ratings reflect the SR group's exposure to risks related to
intense competition in the timber industry to high dependence on
Malaysia for timber supplies.  These rating weaknesses are
partially offset by expertise of the SR group's promoter's in
procurement of timber and moderate financial risk profile, marked
by moderate net worth, moderate cash accruals and low total
outside liabilities to its total net worth (TOL/TNW) ratio.

For arriving at the ratings, CRISIL has combined the business and
the financial risk profiles of SR Log, SR Timber Products Pvt Ltd,
and SR Worth Ayat Niryat Pvt Ltd, collectively referred to as the
SR group.  This is because all these companies are under a common
management, and are in similar line of business. Further, SR
Timber and SR Worth have given cross guarantees to each others
debt.

Outlook: Stable

CRISIL believes that the SR group will maintain a stable credit
risk profile over the medium term, backed by its moderate business
risk profile.  The outlook may be revised to 'Positive' if the
group's profitability and working capital management improve,
leading to high cash flows from operations.  Conversely, the
outlook may be revised to 'Negative' if the group undertakes a
fresh, large, debt-funded capex programme, or acquisition, leading
to deterioration in its financial risk profile.

                          About SR Group

The SR group trades and manufactures timber. SR Timber, set up in
2001 by Mr. Akhilesh Singh and Mr. Sashi Bhushan Singh is a trader
of timber. In 2004, Mr. Akhilesh Singh along with his sister Mrs.
Chittra Singh floated SR Worth for manufacturing value-added
wooden products. Later, in 2005, the promoters incorporated
another company SR Log, for trading of timber.

The SR group reported a profit after tax (PAT) of INR17.4 million
on net sales of INR2,293 million for 2009-10 (refers to financial
year, April 1 to March 31), against a PAT of INR10.6 million on
net sales of INR1,719 million for 2008-09.


SAINSONS PAPER: CRISIL Reaffirms 'BB+' Rating on INR197M Term Loan
------------------------------------------------------------------
CRISIL's rating on Sainsons Paper Industries Ltd's bank facilities
continues to reflect SPIL's exposure to intense competition in the
kraft paper market and susceptibility to volatility in kraft paper
prices.

   Facilities                          Ratings
   ----------                          -------
   INR100 Million Cash Credit Limit    BB+/Stable (Reaffirmed)
   INR197 Million Term Loan            BB+/Stable (Reaffirmed)

The ratings also factor in the company's weak financial risk
profile, marked by small net worth and high gearing.  These rating
weaknesses are partially offset by SPIL's moderate business risk
profile and promoters' experience in the kraft paper industry.

Outlook: Stable

CRISIL believes that SPIL will maintain its business risk profile
over the medium term, supported by its stable operations.  The
company's financial risk profile is expected to improve in the
medium term on the back of repayment of term debt and the absence
of any major capital expenditure (capex).  The outlook may be
revised to 'Positive', if SPIL maintains its operating margin and
improves its capital structure.  Conversely, the outlook may be
revised to 'Negative' SPIL undertakes a larger-than-expected debt-
funded capex.

                         About Sainsons Paper

SPIL was incorporated in 1989 and manufactures kraft paper. The
company's production facility at Kurukshetra (Haryana) currently
has capacity of 36,000 tonnes per annum (tpa), which it intends to
increase to about 54,000 tpa. It uses agriculture-residues as its
primary raw material.

In 2009-10 (refers to financial year, April 1 to March 31), SPIL
reported, on provisional basis, a profit after tax (PAT) of
INR16.5 million on net sales of INR519.3 million, against a PAT of
INR10.8 million on net sales of INR460.8 million for the previous
year.


SHRI MUTHURAM: CRISIL Puts 'B+' Rating on INR82.7MM Long-Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to Shri Muthuram Export
Pvt Ltd's bank facilities.

   Facilities                         Ratings
   ----------                         -------
   INR82.70 Million Long Term loan    B+/Stable (Assigned)
   INR50.00 Million Cash Credit       B+/Stable (Assigned)

The rating reflects SMEPL's weak financial risk profile, marked by
high gearing and below-average debt protection metrics; the rating
also factors in the company's exposure to risks relating to small
scale of operations and intense competition in the cotton grey
fabric industry, and to volatility in raw material prices.  These
rating weaknesses are partially offset by the benefits that SMEPL
derives from its promoters' experience in the cotton grey fabric
market.

Outlook: Stable

CRISIL believes that SMEPL will continue to benefit from its
promoters' strong track record in the cotton grey fabric business
over the medium term.  The outlook may be revised to 'Positive' if
SMEPL's capital structure and liquidity improve significantly
supported by substantial increase in cash accruals or equity
infusion by the promoters.  Conversely, the outlook may be revised
to 'Negative' if the company's financial risk profile deteriorates
because of sharp decline in its operating margin and revenues, or
if SMEPL undertakes larger-than-expected, debt-funded capital
expenditure programmes.

                        About Shri Muthuram

Set up in 1984, SMEPL manufactures 100 per cent grey cotton fabric
and cotton yarn.  The managing director of the company Mr.
Muthusamy has around 26 years of experience in similar lines of
business.  The company's day-to-day operations are managed by its
promoter directors Mr. M Theivasigamani, Mr. M Ganeshan, and Mr. M
Srinivasan

SMEPL reported a provisional profit after tax (PAT) of INR1
million on net sales of INR220 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR1
million on net sales of INR235 million for 2008-09.


SPANDANA COPPER: CRISIL Places 'B' Rating on INR5.60MM LT Loan
--------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to Spandana Copper
Conductors' bank facilities.

   Facilities                         Ratings
   ----------                         -------
   INR5.60 Million Long-Term Loan     B/Stable (Assigned)
   INR35.00 Million Cash Credit       B/Stable (Assigned)
   INR9.00 Million Letter of Credit   P4 (Assigned)

The ratings reflect SCC's large working capital requirements,
small scale of operations, and susceptibility to volatility in raw
material prices and forex rates. These rating weaknesses are
partially offset by SCC's promoters experience in the aluminium
and copper conductor business.

Outlook: Stable

CRISIL believes that SCC will maintain its market position in the
aluminium and copper conductor business over the medium term,
backed by promoter's experience. The outlook may be revised to
'Positive' if SCC significantly increases its revenues, improves
profitability, and increases cash accruals, thereby strengthening
its financial risk profile. Conversely, the outlook may be revised
to 'Negative' if the firm's revenues or margins decline
significantly, or if it undertakes a large, debt-funded capital
expenditure programme, resulting in deterioration of its financial
risk profile.

                       About Spandana Copper

Set up in year 2006 by Mr. Prashant Yadav as a sole proprietorship
concern, SCC manufactures aluminium and copper conductors. The
firm specialises in manufacturing bare and insulated
flat/rectangular/strip aluminium and copper conductors. These
products are used in overhead electrical transmission and
distribution systems, electrical motors, power generators, and
alternators.

SCC's reported (provisional) a profit after tax (PAT) of about
INR1 million on net sales of INR99 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR2
million on net sales of INR126 million for 2008-09.


WINNER NIPPON: Fitch Assigns National Long-Term Rating at 'B'
-------------------------------------------------------------
Fitch Ratings has assigned India's Winner Nippon Electronics Ltd.
a National Long-term rating of 'B(ind)'.  The Outlook is Stable.
The agency has also assigned ratings to WNEL's instruments:

  - Outstanding INR72.1 million long-term bank loans: 'B(ind)';

  - INR60 million fund-based working capital limits:
    'B(ind)'/'F4(ind)'; and

  - INR37.5 million non-fund based limits: 'F4(ind)'.

The ratings reflect WNEL's small size of operations, limited track
record of its promoters in domestic synthetic textile business and
low capacity utilization in both its business segments -
polypropylene spun bond non-woven cloth (48%) and
polyurethane/polyvinyl chloride synthetic leather (4.9%) in FY10.
The company's financial leverage (total adjusted net
debt/operating EBITDAR) remained high at 9.22x in FY10 (FY09:
11.03x), essentially due to high unsecured debt of
INR167.8 million from its parent - Raglan Infrastructure Ltd., a
real estate company.  This was partly mitigated by WNEL's moderate
interest coverage of 2.36x in FY10 (FY09:1.43x) on account of debt
from Raglan being interest free.  Fitch believes WNEL's financial
leverage will remain high over the short-term as its working
capital debt is expected to increase with the increase in its
scale of operations.

The ratings are further constrained by WNEL's dependence on PP,
which is highly commoditized, vulnerability to the input price
fluctuations and low entry barriers for the industry.

The ratings draw comfort from WNEL's diversified clientele as well
as from its comfortable operating EBITDA margins of 12.54% (FY09:
15.33%) and net profit margins of 4.3% in FY10.  This is
attributable to the company's low tax outflow due to fiscal
benefits it receives owing to its presence in Baddi, Himachal
Pradesh.  These fiscal benefits are expected to continue till
FY16.

Negative rating triggers include a decline in WNEL's operating
profitability and/ or any unanticipated debt-led capex and/ or
further stretching of its working capital cycle, which would
result in a deterioration of the company's financial leverage.
Positive rating triggers include a substantial increase in WNEL's
revenue growth along with a sustained improvement in its
profitability and financial leverage.

WNEL is a 100% subsidiary of Raglan, which has extended a
corporate guarantee of INR262.8m and given unsecured loans of
INR167.8m to it.  WNEL started its commercial operations in FY07
to manufacture PP and PU/PVC synthetic leather.  Total production
capacity is 4,590 MT/annum of PP and 6 million metres/annum of
PU/PVC synthetic leather.  In FY10, WNEL reported revenues of
INR248m (FY09: 182.2m) and an EBITDA margin of 12.54% (FY09:
15.33%).


=========
K O R E A
=========


HYUNDAI ENGINEERING: Creditors Set November 12 Bid Deadline
-----------------------------------------------------------
Sookyung Seo at Bloomberg News reports that Hyundai Engineering &
Construction Co. creditors set a Nov. 12 deadline for the
submission of main bids in buying a stake worth US$2.3 billion in
South Korea's biggest builder.

In a public notice in newspapers on Friday, Bloomberg relates,
sale arrangers Bank of America Corp.'s Merrill Lynch & Co., Woori
Investment & Securities Co. and Korea Development Bank said the
creditors will accept preliminary bids for their 35 percent stake
by Oct. 1, 2010.

Bloomberg notes that Hyundai Group has said it plans to bid for a
stake in the builder which was its predecessor's flagship before
falling into the hands of creditors in 2001.  Bloomberg, citing
The Wall Street Journal, further notes that Hyundai Motor Group,
also previously part of the old Hyundai Group, may make a rival
offer.

As reported in the Troubled Company Reporter-Asia Pacific on
July 1, 2010, Bloomberg News said Hyundai Engineering's creditors
plan to choose a preferred bidder for a KRW2.17 trillion
controlling stake in the builder by the end of this year.  The
debt holders plan to complete the sale, open to both domestic and
overseas buyers, by early 2011.

                     About Hyundai Engineering

Headquartered in Seoul, South Korea, Hyundai Engineering &
Construction Company Limited -- http://www.hdec.co.kr/-- is
involved in civil engineering, housing development projects and
other contracted construction works in South Korea and
internationally.  Its operations fall into the following key
areas: building, civil works, plant and power works.  Within the
building and housing section, HDEC is involved in construction
and architecture, and has been involved in residential,
commercial and institutional building projects.

Hyundai Engineering has been under creditors' control.  In August
2001, Hyundai Group was split into three -- Hyundai Motor, Hyundai
Heavy Industries and one which retained the name, Hyundai Group --
while the remaining businesses were taken over by creditors.


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


LCL CORPORATION: Clasquin (Malaysia) Serves Writ of Summons
-----------------------------------------------------------
LCL Trading Sdn Bhd has been served a Writ of Summons and
Statement of Claim by Clasquin (Malaysia) Sdn Bhd as a result of
default in payments for services and goods rendered and delivered.

The Writ of Summons and Statement of Claim was served on LCL
Trading on September 20, 2010.  Clasquin (Malaysia) claims
MYR407,442.31 is due and owing as at April 28, 2010, at an
interest rate of 8% (from May 13, 2010).

LCL will not take any steps in respect of the Writ of Summons.

                           About LCL Corp

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

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


LCL CORPORATION: Sells 40% Stake in Sunway Interiors for MYR4,000
-----------------------------------------------------------------
LCL Corporation Berhad on September 21, 2010, disposed 4,000
ordinary shares of MYR1.00 each, representing 40% equity interest
in Sunway Interiors Sdn Bhd (formerly known as Sunway-LCL
Interiors Sdn Bhd) to Sunway Construction Sdn Bhd, a wholly-owned
subsidiary of Sunway Holdings Berhad for a total cash
consideration of MYR4,000.

                           About LCL Corp

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

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


KENMARK INDUSTRIAL: Gets Summons From FedEx for MYR35,329 Claim
---------------------------------------------------------------
Kenmark Industrial Co. (M) Berhad on September 21, 2010, has been
served with a Summons and Statement of Claim by Federal Express
Services (M) Sdn Bhd for the total outstanding invoices of
MYR35,329.16 for the services rendered to the Company.

Pursuant to Section 226(3) of the Companies Act 1965, Kenmark said
Federal Express can only proceed by leave of the Court and in
accordance with terms the Court imposes.

                      About Kenmark Industrial

Kenmark Industrial Co. (M) Berhad is a Malaysia-based company.
The Company is engaged in the manufacturing of computer
workstations, cabinets, furniture; printing of packaging
materials; the distribution of consumer products, and investment
holding.  The Company is also engaged in plastic injection for
furniture parts, and assembly and distribution of liquid crystal
display (LCD).  It exports its products to the United States,
Europe, Japan and Australia.  The Company's wholly owned
subsidiaries include Kenmark Paper Sdn. Bhd., which is engaged in
manufacturing plastic parts for wooden furniture and cabinets, and
investment holding; Kenmark (Labuan) Limited, which is engaged in
international trading, commission agent and investment holding;
Phoenix International Group Limited, which is engaged in trading
in electronic devices, and Billion Dynamic Sdn. Bhd., which is
engaged in the assembling and trading of electronic devices.

                           *     *     *

Kenmark Industrial Co. (M) Berhad has been classified a Practice
Note 17 company based on the criteria set by the Bursa Malaysia
Securities Bhd after it triggered Paragraph 2.1(f) of the Listing
Requirements.  The Company's major subsidiaries have defaulted on
some of their banking facilities.  The Company is also unable to
provide a solvency declaration.


SATANG HOLDINGS: Unit Receives Summons From Daya Padu Enterprise
----------------------------------------------------------------
Satang Jaya Sdn Bhd, a wholly-owned subsidiary of Satang Holdings
Berhad, has been served with a Writ of Summons and Statement of
claim both dated August 25, 2010, by Daya Padu Enterprise.

The Writ of Summons and Statements of Claim was received by the
Company on Sept. 20, 2010, by way of registered mail from Messrs.
Mura Raju & Co., the solicitor of the Plaintiff.

Daya Padu Enterprise is claiming for MYR1.676 million in respect
of goods and services provided to SJSB from the years 2006 to 2009
with the interest of 8% p.a. charged from May 6, 2010.

The filing of the Writ of Summons is a result of the alleged
default in payment of goods and services provided to SJSB.

Satang told the bourse that the Writ of Summons will not have any
additional financial and operational impact on the Group for the
financial year ending Sept. 30, 2010.

Satang said it will seek the necessary legal advice from its
solicitors with regards to the claim and will instruct its
solicitors to defend the claim.

                       About Satang Holdings

Satang Holdings Berhad, formerly Satang Jaya Holdings Berhad, is
engaged in the maintenance, repair and overhaul of aviation and
safety equipment and operations and principally in Malaysia.
Through its subsidiaries, the company is also engaged in the
supply and distribution of environmental products, providing
training and seminar in respect of environmental management
system and other related services; providing consultancy and
solution services and implementing of high-technology and
surveillance security systems and its related services;
supplying and servicing of pipe cleaning products and equipment,
and supplying and maintenance of marine safety and survival
equipment and accessories.  Its subsidiaries include Satang
Environmental Sdn. Bhd., Satang Cylinder Services Sdn. Bhd., SAR
Services (M) Sdn. Bhd., Satang Hi-Tech Security Sdn. Bhd.,
Satsang-ICS global Sdn Bhd. and Port Marine Safety Services Sdn.
Bhd.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
May 13, 2008, the company triggered Paragraph 2.1 of the Amended
Practice Note 17/2005 as its independent auditor, Anuarul Azizan
Chew & Co., has concluded in its Audit Investigative Reports
that out of the MYR39.27 million alleged overstated revenue of
the company, MYR35.43 million represents invalid sales which
should not be recorded in the books for the financial year ended
September 30, 2007.


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


SOUTH CANTERBURY: Trustee to Repay 30,000 Depositors This Week
--------------------------------------------------------------
About 30,000 debenture holders and depositors in South Canterbury
Finance might be repaid this week, after several thousand SCF
bondholders were repaid $350 million on September 23, Marta
Steeman at BusinessDay.co.nz reports.

According to the report, Trustee Executors, acting on behalf of
the investors, said the bondholders' investments were guaranteed
under the Retail Deposit Guarantee Scheme.  The guarantee was
triggered after SCF asked the trustee to appoint receivers on
August 31.

BusinessDay.co.nz relates Yogesh Mody, the regional manager for
Trustee Executors, said that when SCF was placed in receivership
the trustee had said it would work towards full repayment in four
to six weeks.

BusinessDay.co.nz says the trustee had been working on the
migration of the debenture and deposit registry from SCF to
Computershare Investor Services, as paying agent for the Crown, as
well as auditing the registers.

Mr. Mody said it was working through the last stages of those
audits.  "We expect to make an announcement on repayment for both
debenture and deposit holders next week."

                       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.

On August 31, 2010, Trustees Executors Limited, as trustee for
South Canterbury Finance charging group, appointed Kerryn Downey
and William Black of McGrathNicol as receivers of the charging
group's secured assets.

"As Trustee, we have had South Canterbury Finance under heightened
surveillance since 2008.  As part of that, SCF was granted a\
Trustee waiver in February 2010 to allow it time to recapitalise.
Unfortunately, the Company's Directors have advised us that they
have not been successful with respect to a recapitalization and
requested us to appoint a receiver.  At this point we, as Trustee,
agree that it is the best interests of debenture, deposit and bond
holders to do that," said Yogesh Mody, Southern Regional Manager
for Trustees Executors Limited.

The New Zealand government said it would repay South Canterbury's
35,000 depositors and stockholders NZ$1.6 billion under the crown
retail deposit guarantee scheme.


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


ACE FAMILY: Creditors' Proofs of Debt Due October 8
---------------------------------------------------
Creditors of Ace Family Lifestyle (S) Pte Ltd, which is in
members' voluntary liquidation, are required to file their proofs
of debt by October 8, 2010, to be included in the company's
dividend distribution.

The company's liquidator is:

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


AGIO COUNTERTRADE: Creditors Get 0.04433% Recovery on Claims
------------------------------------------------------------
Agio Countertrade Pte Ltd declared the first and final dividend on
September 16, 2010.

The company paid 0.04433% to the received claims.

The company's liquidator is:

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


BEAUTY SAINT: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on September 17,
2010, to wind up the operations of Beauty Saint Pte Ltd.

HSBC Institutional Trust Services (Singapore) Limited as trustee
of Suntec Real Estate Investment Trust, filed the petition against
the company.

The company's liquidator is:

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



CALL CENTRE: Creditors' Proofs of Debt Due October 4
----------------------------------------------------
Creditors of Call Centre One Pte Ltd, which is in liquidation, are
required to file their proofs of debt by October 4, 2010, to be
included in the company's dividend distribution.

The company's liquidator is:

        Mr. Don M Ho
        Certified Public Accountants
        Corporate Advisory & Recoveries
        Equity Plaza 20 Cecil Street #12-02
        Singapore 049705


CITILINK HOLDINGS: Court to Hear Wind-Up Petition on October 1
--------------------------------------------------------------
A petition to wind up the operations of Citilink Holdings Pte Ltd
will be heard before the High Court of Singapore on October 1,
2010, at 10:00 a.m.

HSBC Institutional Trust Services (Singapore) Limited as trustee
of Suntec Real Estate Investment Trust, filed the petition against
the company on September 9, 2010.

The Petitioner's solicitors are:


          Bernard & Rada Law Corporation
          143 Cecil Street
          #18-00 GB Building
          Singapore 069542


EASTLINK SHIPBROKING: Court to Hear Wind-Up Petition on October 1
-----------------------------------------------------------------
A petition to wind up the operations of Eastlink Shipbroking Pte
Ltd will be heard before the High Court of Singapore on October 1,
2010, at 10:00 a.m.

Patrick Khoo Eng Hock filed the petition against the company on
September 8, 2010.

The Petitioner's solicitors are:

          Rajah & Tann Llp
          9 Battery Road
          #25-01 Straits Trading Building
          Singapore 049910


PRITSONS (S): Creditors Get 0.09038% Recovery on Claims
-------------------------------------------------------
Pritsons (S) Pte Ltd declared the first and final dividend on
September 20, 2010.

The company paid 0.09038% to the received claims.

The company's liquidator is:

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


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


SRI LANKA TELECOM: Fitch Affirms Issuer Default Rating at 'B+'
--------------------------------------------------------------
Fitch Ratings has affirmed Sri Lanka Telecom Plc's foreign
currency issuer default rating at 'B+' and revised its Outlook to
Positive from Stable.  The agency has simultaneously affirmed
SLT's local currency IDR at 'BB-' and revised its Outlook to
Stable from Negative.  SLT's National Long-term rating has been
affirmed at 'AAA(lka)' with a Stable Outlook.

The revision of the Outlook on SLT's 'B+' foreign currency IDR
reflects a similar change to the Outlook of Sri Lanka's foreign
currency IDR on September 21, 2010, as SLT's stand-alone credit
profile is constrained by the sovereign.

The revision of the Outlook on SLT's LC IDR to Stable from
Negative is based on improvements observed in Sri Lanka's
macroeconomic conditions following the end of the civil war, and
from a moderation of the heavy price-based competition among
telecom operators after regulatory intervention on tariffs.  These
are expected to stem the fall in SLT's operating margins.

SLT's ratings continue to reflect its established position as an
integrated telecom operator with strong market shares in major
operating segments backed by strong infrastructure.  Although
profitability has suffered since 2007 - EBITDA to sales has fallen
to around 30% at present from 45% in 2007 - SLT continues to
generate a significant amount of cash from operations.  Its
financial leverage and coverage ratios (adjusted debt net of cash
to operating EBITDAR of 0.2x and fund flow from operations to
interest of 11.0x at June 2010, respectively) remain extremely
strong for its ratings, although Fitch expects SLT to generate
weak to negative free cash flows until 2011, mainly due to ongoing
high capex associated with the transition to a next-generation
network and mobile operations.

Despite the weak to negative free cash generation in the next 18
to 24 months, Fitch expects SLT to maintain its financial leverage
below 1.0x and strong interest coverage with significant rating-
headroom under its current ratings.  SLT is yet to fully secure
external funding for its capex programme; however, given its
strong access to the bank loan market, Fitch does not expect capex
funding or liquidity to be an issue.

Positive or negative rating actions will be taken on SLT's FC IDR,
or on its Outlook, based on similar rating actions on Sri Lanka's
foreign currency rating.  A positive rating action on SLT's LC IDR
is not expected in the next 12 to 18 months.  A negative rating
action can be taken on the FC IDR and LC IDR if SLT's leverage is
sustained above 2.5x and 1.5x, respectively.  Sustained negative
free cash generation beyond 2011 can also negatively affect its
ratings, particularly the LC IDR.


                             *********

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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