TCRAP_Public/110103.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Monday, January 3, 2011, Vol. 14, No. 1

                            Headlines



A U S T R A L I A

COLORADO GROUP: PwC Fears Group May Default on its AU$387MM Loan


C H I N A

COASTAL GREENLAND: Moody's Downgrades Corp. Family Rating to 'B3'


H O N G  K O N G

APEX JOY: Creditors' Proofs of Debt Due January 17
CE INNOVATIONS: Creditors' Proofs of Debt Due January 28
CHANNEL MASTER: John James Toohey Steps Down as Liquidator
CSA ABSOLUTE: John James Toohey Steps Down as Liquidator
DE CHANG: Members' Final Meeting Set for February 1

DVN INTERNATIONAL: Victor Danilkin Steps Down as Liquidator
GENMAY INDUSTRIES: John James Toohey Steps Down as Liquidator
GLOBAL MARCH: John James Toohey Steps Down as Liquidator
GOLAN LIMITED: Contributories to Get $368,350/Share Dividend
HARVEST FIELD: John James Toohey Steps Down as Liquidator

LUNG HING: Court to Hear Wind-Up Petition on January 26
M.F. PRINTING: John James Toohey Steps Down as Liquidator
MERCURIES-JEANTEX HOLDINGS: Toohey Steps Down as Liquidator
MINGWAY COMPANY: Creditors' Proofs of Debt Due January 31
MOULIN HOLDINGS: Creditors Get 7% Recovery on Claims

XELO PLC: S&P Withdraws 'CCC-' Rating on Tranche B Notes


I N D I A

ANJALEE GRANITES: CRISIL Assigns 'B' Rating to INR181.6MM LT Loan
BHANDARY POWERLINES: ICRA Assigns 'LB-' Rating to INR10.02cr Loan
CCS INFOTECH: CRISIL Reaffirms 'BB+' Rating on INR100MM Loan
DSF GRAND: ICRA Reaffirms 'LBB' Rating on INR6.8cr Term Loan
EMKAY AUTOMOBILE: CRISIL Places 'B+' Rating on INR54.7MM LT Loans

GANGES FORD: CRISIL Assigns 'BB-' Rating to INR30.8MM Term Loan
GOEL INT'L: CRISIL Assigns 'B' Rating to INR211.3MM Term Loan
HMA AGRO: ICRA Assigns 'LC' Rating to INR20.6cr Fund Based Debts
INDUSTRIAL SAFETY: CRISIL Assigns 'P4+' Rating on INR150MM Debt
MEDALL HEALTHCARE: ICRA Assigns 'LBB+' Rating to INR75cr Term Loan

MEP COTTON: ICRA Assigns 'LC' Rating to INR44.5cr Term Loans
OSWAL PUMPS: CRISIL Reaffirms 'BB+' Rating on INR25MM Term Loan
RAJIT PAINTS: CRISIL Downgrades Rating on INR14.7MM Loan to 'D'
SHREEJIKRUPA BUILDCON: ICRA Puts 'LBB' Rating on INR7cr Cash Debt
STANDARD CORP: CRISIL Assigns 'B' Rating to INR200 Mil. Term Loan

SUNGRO SEEDS: ICRA Downgrades Rating on INR10cr Loan to 'LBB+'
V R COATINGS: CRISIL Places 'BB' Rating on INR30MM Long Term Loan
VATIKA LIMITED: ICRA Places 'LBB' Rating on INR193.34cr Bank Debt
VENKATESWARA ELECTRICAL: CRISIL Puts 'BB-' Rating to LT Loan


J A P A N

JAPAN AIRLINES: Privately Places Stocks With Top Executives


N E W  Z E A L A N D

CHRISTCHURCH BUS: Fined NZ$783,000 For Poor Performance
MERCER GROUP: Westpac Extends Banking Facilities to December 2011
SIMPLYINSURANCE NEW: S&P Raises Insurer Strength Rating to 'BB'


S I N G A P O R E

ARTICON CONSTRUCTION: Creditors' Proofs of Debt Due January 14
BUILD TRADE: Creditors Get 2.03712% Recovery on Claims
FRASER THERMAL: Creditors to Get 100% Recovery on Claims
JOHN DEERE: Creditors' Proofs of Debt Due January 31
MULTI-BONDER TRADING: Creditors Get 88.35644% Recovery on Claims

SILIJAN PTE: Creditors Get 91.5464% Recovery on Claims
SOMERSET (VIETNAM): Creditors' Proofs of Debt Due January 31
TING SHEAN: Court to Hear Wind-Up Petition January 14
ULTRAPOLIS 3000: Court to Hear Wind-Up Petition January 14


X X X X X X X X


* S&P Raises Ratings on Nine Asia-Pacific CDO Tranches


                            - - - - -


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


COLORADO GROUP: PwC Fears Group May Default on its AU$387MM Loan
----------------------------------------------------------------
Blair Speedy and Tracy Lee at The Australian report that Colorado
Group is at risk of defaulting on its loans.  The private equity
owners of the group have also been forced to reassure a syndicate
of lenders about its financial position, The Australian says.

Financial accounts for Colorado Group obtained by The Australian
reveal that auditor PricewaterhouseCoopers harbors significant
fears for the group as a "going concern".

The Australian relates PricewaterhouseCoopers warned that poor
performance could result in Colorado's lenders demanding it repay
AU$387 million under the terms of its loan agreements.

"The instability in the retail environment raises significant risk
that the group may breach financial covenant thresholds under its
financing agreements within the next 12 months," the auditor said,
according to The Australian.

The Australian reports that PWC said the company, which is owned
by private equity firm Affinity Capital, had experienced
"challenging trading conditions over the past two years as a
result of the economic instability associated with the global
financial crisis and the consequential impact on consumer
confidence".  Deep discounting within the fashion sector was also
hurting returns, PWC said in its report, The Australian adds.

The Australian says Colorado reported a 2.3% fall in sales revenue
to AU$465.2 million for the 12 months to the end of July, while
debt restructuring dragged the bottom line to a loss of
AU$70.7 million.

Colorado Group -- http://www.coloradogroup.com.au/-- is a leading
footwear and apparel retailer and wholesaler with more than 430
stores in Australia and New Zealand operating under the divisions
of Colorado, Mathers, Williams, diana ferrari, Jag, and Pairs.


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C H I N A
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COASTAL GREENLAND: Moody's Downgrades Corp. Family Rating to 'B3'
-----------------------------------------------------------------
Moody's Investors Service has downgraded to B3 from B2 its
corporate family rating on Coastal Greenland Limited.

Moody's has also downgraded CGL's senior unsecured bond rating to
Caa1 from B3.

The outlook for both ratings is stable.

                         Ratings Rationale

"The downgrade reflects Moody's expectation that CGL's financial
and operating profiles will continue to show weaknesses over the
next couple of years, when the property market and the bank credit
environment in China will be more challenging," says Kaven Tsang,
a Moody's AVP Analyst.

"CGL's EBITDA margin will likely remain volatile, and although the
EBITDA margin should recover to around 20% after a deficit in 1H
FY2010, it will still be among the weakest in its peer group,"
says Tsang.

"In addition, CGL's small scale and high debt leverage with
adjusted debt/capitalization around 64% in 1H FY2010 will expose
it to higher refinancing risk in 2011 when bank credit tightens,"
says Tsang.

"The company's debt servicing ability will remain also on the weak
side.  Even after EBITDA margin improves, Moody's expects CGL's
interest coverage -- EBITDA/interest -- will still be at around 2x
in the next 1-2 years," says Tsang.

On the other hand, CGL's B3 corporate family rating reflects the
company's long operating history through a number of real estate
cycles, as well as its fairly diversified geographic coverage in
China.

CGL's senior unsecured bond rating is notched down to Caa1,
reflecting legal subordination and structural subordination risk.
The ratio of secured and subsidiary debt to total assets stood at
28% at September 2010 and will remain at around 30% for the next
year or two, as the company will rely predominantly on onshore
borrowings at the PRC subsidiary/project level to fund
development.

The stable outlook reflects CGL's near term liquidity, which can
cover its short term obligations.

The ratings could be pressured downward if CGL's liquidity -- cash
on hand falling below RMB1 billion -- were to decline, either
because of declining contracted sales, tighter bank credit, or
increased land acquisitions.

Upward pressure could be limited over the near term.  However, it
could rise over the medium term if CGL can (1) enhance its profit
margins and debt service coverage, such that gross profit margin
improves to 30-35% and EBITDA interest coverage rises above 2-
2.5x, and (2) maintain adequate balance sheet liquidity.

Moody's last rating action on CGL took place on May 7, 2009, when
Moody's downgraded the company's corporate family rating to B2
from B1 and senior unsecured ratings to B3 from B2 with a negative
outlook.

Coastal Greenland Ltd is a Chinese property developer focusing on
residential and commercial property development.  Established in
1990, it has been operating in China's property market for over 20
years and has fairly diversified land banks located in six major
economic areas.  Listed on the Stock Exchange of Hong Kong in
1997, it is majority-owned by Coastal International Holdings
Limited (36.6%), a private company held by the senior management
team, and Shenzhen Investment Limited (22.6%).


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


APEX JOY: Creditors' Proofs of Debt Due January 17
--------------------------------------------------
Creditors of Apex Joy Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by Jan. 17,
2011, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on December 28, 2010.

The company's liquidator is:

         Hassan Nurulah
         Rooms 1001-03, 10/F
         Manulife Provident Funds Place
         345 Nathan Road
         Kowloon, Hong Kong


CE INNOVATIONS: Creditors' Proofs of Debt Due January 28
--------------------------------------------------------
Creditors of CE Innovations Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by January 28, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on December 20, 2010.

The company's liquidators are:

         Wong Tak Man Stephen
         Osman Mohammed Arab
         29/F, Caroline Centre
         Lee Gardens Two
         28 Yun Ping Road
         Hong Kong


CHANNEL MASTER: John James Toohey Steps Down as Liquidator
----------------------------------------------------------
John James Toohey stepped down as liquidator of Channel Master
Asia Limited on December 6, 2010.


CSA ABSOLUTE: John James Toohey Steps Down as Liquidator
--------------------------------------------------------
John James Toohey stepped down as liquidator of CSA Absolute
Return Fund Limited on December 6, 2010.


DE CHANG: Members' Final Meeting Set for February 1
---------------------------------------------------
Members of De Chang Parts and Services Limited will hold their
final meeting on February 1, 2011, at 9:00 a.m., at 12 Science
Park East Avenue, 6/F, Hong Kong Science Park, Shatin, New
Territories, in Hong Kong.

At the meeting, Yip Chee Lan and Regina Tam Lai Ha, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


DVN INTERNATIONAL: Victor Danilkin Steps Down as Liquidator
-----------------------------------------------------------
Victor Danilkin stepped down as liquidator of DVN International
Investment Limited on December 31, 2010.


GENMAY INDUSTRIES: John James Toohey Steps Down as Liquidator
-------------------------------------------------------------
John James Toohey stepped down as liquidator of Genmay Industries
Limited on December 6, 2010.


GLOBAL MARCH: John James Toohey Steps Down as Liquidator
--------------------------------------------------------
John James Toohey stepped down as liquidator of Global March
Limited on December 6, 2010.


GOLAN LIMITED: Contributories to Get $368,350/Share Dividend
------------------------------------------------------------
Golan Limited, which is in voluntary liquidation, will pay first
and final dividend to its contributories on January 5, 2011.

The company will pay $368,350 per share.

The company's acting official receiver and liquidator is:

         Lee Mei Yee May
         Official Receiver's Office
         10/F, Queensway
         Government Offices
         66 Queensway
         Hong Kong


HARVEST FIELD: John James Toohey Steps Down as Liquidator
---------------------------------------------------------
John James Toohey stepped down as liquidator of Harvest Field
Development Limited on December 6, 2010.


LUNG HING: Court to Hear Wind-Up Petition on January 26
-------------------------------------------------------
A petition to wind up the operations of Lung Hing Piece Goods
Limited will be heard before the High Court of Hong Kong on
January 26, 2011, at 9:30 a.m.

Choy Chun Nam and Choy Chun Po filed the petition against the
company on November 22, 2010.

The Petitioner's solicitors are:

          Chong, So & Co.
          Units 2201-2, ING Tower
          No. 308 Des Voeux Road
          Central, Hong Kong


M.F. PRINTING: John James Toohey Steps Down as Liquidator
--------------------------------------------------------
John James Toohey stepped down as liquidator of M.F. Printing
Company Limited on December 6, 2010.


MERCURIES-JEANTEX HOLDINGS: Toohey Steps Down as Liquidator
-----------------------------------------------------------
John James Toohey stepped down as liquidator of Mercuries-Jeantex
Holdings Limited on December 6, 2010.


MINGWAY COMPANY: Creditors' Proofs of Debt Due January 31
---------------------------------------------------------
Creditors of Mingway Company Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by January 31, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on December 20, 2010.

The company's liquidators are:

         Natalia Seng Sze Ka Mee
         Cynthia Wong Tak Yee
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


MOULIN HOLDINGS: Creditors Get 7% Recovery on Claims
---------------------------------------------------
Moulin Holdings (H.K.) Limited, which is in voluntary liquidation,
paid fifth interim dividend to its creditors on December 31, 2010.

The company paid 7% for ordinary claims.

The company's liquidators are:

         Roderick John Sutton
         Desmond Chung Seng Chiong
         c/o FTI Consulting (Hong Kong) Limited
         14/F The Hong Kong Club Building
         3A Chater Road
         Central, Hong Kong


XELO PLC: S&P Withdraws 'CCC-' Rating on Tranche B Notes
--------------------------------------------------------
Standard & Poor's Ratings Services withdrew its rating on the
tranche B notes of Xelo PLC Series 2006 (Spinnaker III Asia Mezz)
following a repurchase and unwind of the notes.

The rating action on the affected transaction is:

  Name                                  Rating To   Rating From
  ----                                  ---------   -----------
  Xelo PLC Series 2006
   (Spinnaker III Asia Mezz) Tranche B   N.R.         CCC- (sf)

                         N.R. ? Not rated.


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ANJALEE GRANITES: CRISIL Assigns 'B' Rating to INR181.6MM LT Loan
-----------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to the bank
facilities of Anjalee Granites Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR181.6 Million Long Term Loan     B/Stable (Assigned)

   INR29.9 Million Proposed LT Bank
                      Loan Facility    B/Stable (Assigned)

   INR37.5 Million Packing Credit      P4 (Assigned)

   INR37.5 Million Foreign Bill        P4 (Assigned)
                       Purchase

The ratings reflect AGPL's working-capital-intensive operations
and below-average financial risk profile marked by low net worth
and marginal scale of operations.  These weaknesses are partially
offset by the extensive experience of AGPL's promoters in the
granite industry.

Outlook: Stable

CRISIL believes that AGPL will maintain its business risk profile,
despite being a new entrant in the industry, over the medium term,
on account of its promoters' extensive industry experience.  The
outlook may be revised to 'Positive' if AGPL significantly
increases its scale of operations, while diversifying its revenue
base and improving its financial risk profile.  Conversely, the
outlook may be revised to 'Negative' if AGPL's revenues and
profitability decline because of adverse movements in foreign
exchange rates, or if it undertakes an additional large, debt-
funded capex.

                       About Anjalee Granites

AGPL was incorporated in September 2008 by Mr. Hari Prasad
Pothineni and Mr. N M R Sabbineni and commenced operations in
April 2009.  The company is a 100 per cent export-oriented unit,
which has been functioning as a merchant exporter.  AGPL is
setting up a processing and polishing unit in Ongole (Andhra
Pradesh).  Commercial production at this plant, which will have a
capacity of 20,000 square metres per month, is expected to
commence by December 2010.

AGPL reported a provisional profit after tax (PAT) of INR3 million
on net sales of INR46 million for 2009-10 (refers to financial
year, April 1 to March 31).


BHANDARY POWERLINES: ICRA Assigns 'LB-' Rating to INR10.02cr Loan
-----------------------------------------------------------------
ICRA has assigned an 'LB-' rating to the INR10.02 crore term loan
of Bhandary Powerlines Private Limited.  ICRA has also assigned an
'A4' rating to the INR6 crore Non-fund based facilities and
INR10.2 crore fund based facilities of the company.

The ratings assigned by ICRA reflect BPPL's low margins and
stretched debt service coverage indicators, which have been
accentuated by reduction in scale of operation in FY 2009 and
FY2010 due to factors including global recession. Sharp volatility
in input copper price and some order cancellation issues during
recession has resulted in losses and near erosion of net worth in
the past couple of years.  The return indicators have been low
esp. in the wake of capacity expansion and high level of
subsequent underutilization of capacity.  Company's liquidity
profile is stretched and financial flexibility is limited.  ICRA
notes that the copper conductor segment is fairly fragmented and
competitive industry with relatively low level of value addition,
hence reduction in scale of operation results in cost disadvantage
and reduced profitability.

The ratings are however supported by sufficiently long experience
of the promoters in copper conductor business and overall robust
demand of conductors in medium to long term given the expected
investments in Transmission & Distribution (T&D) segment.

Going forward, company's ability to increase scale of operation
and service its debt obligations in timely manner will be key
rating drivers.

                      About Bhandary Powerlines

Incorporated in 1989, the Manipal-based BPPL manufactures paper-
insulated copper conductors, bus bars, and enamel strips,
primarily used by the power transformer industry.  BPPL supplies
products primarily to destinations in UK and Middle East.  The
existing installed production capacity is 10,000 tpa with
facilities located in Manipal and Vadodara.

For FY2009-10, BPPL reported a loss of INR1.14 crore on net sales
of INR39.31 crore, against a loss of INR4.03 crore and net sales
of INR79.56 crore, in the previous year.


CCS INFOTECH: CRISIL Reaffirms 'BB+' Rating on INR100MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of CCS Infotech Ltd
continue to reflect CCS's below-average financial risk profile
constrained by its small net worth and weak debt protection
measures, the pressure on the company's margins because of the
fragmented nature of the IT hardware industry and competition from
large players, and the working-capital-intensive nature of its
operations.  These weaknesses are partially offset by CCS's
established position in the system integration and computer
hardware market with a strong clientele.

   Facilities                          Ratings
   ----------                          -------
   INR100 Million Cash Credit          BB+/Stable(Reaffirmed)
   INR75 Million Proposed LT Bank      BB+/Stable(Reaffirmed)
                    Loan Facility
   INR60 Million Letter of Credit      P4+(Reaffirmed)
   INR15 Million Bank Guarantee        P4+(Reaffirmed)

As part of this rating exercise, CRISIL has combined the financial
risk profiles of CCS and its 100% subsidiary, CCS Infotech
Singapore Pte Ltd (CCS Singapore). This is because CCS Singapore
managed by the promoters of CCS and both companies has a common
line of business and fungible funds.

Outlook: Stable

CRISIL believes that CCS will continue to benefit from its
established position in the system integration and computer
hardware market and its strong clientele.  The outlook may be
revised to 'Positive' in case of a substantial improvement in the
company's cash flows and margins, resulting in a healthy financial
risk profile.  Conversely, the outlook may be revised to
'Negative' in case of a significant decline in CCS's operating
margin and cash flows on account of intense competition in the
computer hardware market and substantial losses in subsidiary,
adversely affecting its debt protection metrics, or if the company
takes up huge debt funded capex leading to deterioration in the
capital structure.

Update

CCS's revenue for 2009-10 was marginally higher than CRISIL's
expectation mainly due to higher sales in the Singapore
subsidiary. However, CCS Singapore reported losses during 2009-10
mainly due to slowdown in the global economy. CCS reported losses
on a consolidated basis in 2009-10 mainly due to the losses in the
subsidiary. However the CCS's profitability has improved for the
six month ended September 30, 2010 with a net profit of INR5.0
million.

In the current year, CCS has entered into a contract with Hewlett-
Packard (HP) for distribution of its products in Chennai region.
The company has also received a five year contract to lease
computers to Bharat Heavy Electricals Limited, Bangalore.  The
contract would contribute INR2.5 million every quarter to the
revenue for the next five years. CRISIL expects the company's
business risk profile to improve in the medium term backed by the
higher cash accruals from the new contracts.

CCS's gearing remained low in 2009-10 which was in line with
CRISIL's projections. However the gearing is expected to increase
in the medium term mainly due to the new term loan taken for the
BHEL contract. CCS is expected to have sufficient cash accruals
for its repayment obligation of INR8 million during 2011- 12.

For 2009-10, CCS (consolidated with CCS Singapore) reported a net
loss of INR3.6 million on a turnover of INR789.4 million, against
a net profit of INR5.1 million on a turnover of INR710.2 million
for 2008-09.

                         About CCS Infotech

Set up as a partnership firm in 1989 by Mr. H Ratnakumar and Mr. M
A Hasan Abdul Kadar, and incorporated as a public limited company
in 1997, CCS assembles desktops, servers, and notebooks, and
provides system integration and networking solutions.  CCS started
its retail information technology (IT) operations in March 2008
and currently has two outlets in Chennai.  The company's retail
outlets sell multi-branded IT and lifestyle products.


DSF GRAND: ICRA Reaffirms 'LBB' Rating on INR6.8cr Term Loan
------------------------------------------------------------
ICRA has reaffirmed the 'LBB' rating to the INR6.8 crore term loan
of DSF Grand Plazas Private Limited.  The outlook on the long term
rating is stable.

The assigned rating takes into account the fact that DSFGPPL has
successfully commissioned its shopping mall-cum-hotel project.
The rating is however constrained by the adverse capital structure
characterized by high gearing of 5.12 x as on March 31, 2010, the
low occupancy levels in the hotel and the vacancy risk for the
retail portion due to absence of lock-in period.

In September 2008, DSFGPPL set up a shopping mall-cum-hotel
venture consisting of 74 rooms and 34 shops in Tuticorin.  The
retail portion comprising of shops has been leased out by the
company and the same is fully occupied. DSFGPPL is closely held by
the promoters of the Tuticorin-based DSF group, which was founded
in 1976 by Mr. Devanesam and is managed by his five sons at
present, led by Mr. D. Durairaj and Mr. D. Paulpandi.  The DSF
group is primarily engaged in the processing and export of sea
foods (mainly shrimp, cuttlefish and squid) through four entities
which include Diamond Sea Food  --the flagship entity, Kadalkanny
Frozen Foods, Theva & Co. and Edhayam Frozen Foods Private
Limited.  The group has a presence in other segments of the sea
foods business like feed sales, hatching and aquaculture through
Theva Erudhayam Aqua Farms, King Ice Plant and Edhayam & Co. The
shopping-mall-cum-hotel at Tuticorin is the first major venture of
the DSF group in real estate and hospitality sector.

DSFGPPL reported a profit after tax of INR0.05 crore on an
operating income of INR4.77 crore in 2009-10.


EMKAY AUTOMOBILE: CRISIL Places 'B+' Rating on INR54.7MM LT Loans
-----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of Emkay Automobile Industries Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR260 Million Cash Credit Limit     B+/Stable (Assigned)

   INR54.7 Million Long-Term Loans      B+/Stable (Assigned)

   INR35.3 Million Proposed Long-Term   B+/Stable (Assigned)
                   Bank Loan Facility

   INR20 Million Letter of Credit       P4 (Assigned)

The ratings reflect Emkay Auto's high customer concentration in
revenues, and weak financial risk profile marked by high gearing
and poor debt protection measures.  These rating weaknesses are
partially offset by the benefits that Emkay Auto derives from its
promoters' competence and experience in the auto component
business.

Outlook: Stable

CRISIL believes that Emkay Auto will continue to benefit over the
medium term from its longstanding relationships with major
customers, and initiatives to develop new products and acquire new
customers.  Its debt protection metrics may, however, remain
constrained on account of lower profitability and large working
capital requirements.  The outlook may be revised to 'Positive' if
Emkay Auto's net worth and capital structure improve
substantially, led by fresh equity infusions and improvement in
profitability.  Conversely, the outlook may be revised to
'Negative' if Emkay Auto's financial risk profile deteriorates
owing to larger-than-expected, debt-funded capex, or if its
operating margin declines.

                       About Emkay Automobile

Emkay Auto, promoted by Mr. M K Jajoo in 1978, manufactures coil
springs, precision sheet metal and tubular components, forgings,
tube mill, wire drawing and aluminium pressure die casting.  The
company's manufacturing units are located at Gurgaon (Haryana),
Ludhiana (Punjab), Nashik (Maharashtra), and Pantnagar and
Haridwar (Uttaranchal). The company mainly supplies components to
manufacturers of two wheelers.

For 2009-10 (refers to financial year, April 1 to March 31), Emkay
Auto reported a profit after tax of INR20.2 million (up from
INR13.0 million in 2008-09) on net revenues of INR1276.2 million
(INR1066.2 million in the previous year).


GANGES FORD: CRISIL Assigns 'BB-' Rating to INR30.8MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to the bank facilities
of Ganges Ford (Proprietor Lexicon Commercial Enterprises Ltd).

   Facilities                      Ratings
   ----------                      -------
   INR55 Million Cash Credit      BB-/Stable (Assigned)
   INR30.8 Million Term Loan      BB-/Stable (Assigned)

The rating reflects Ganges's weak financial risk profile, marked
by small net worth and high gearing, and the pressure on its
margins as a result of intense competition in the automobile
dealership business.  These rating weaknesses are partially offset
by Ganges's established market position and good relations with
Ford India Pvt Ltd.

Outlook: Stable

CRISIL expects Ganges to benefit over the medium term from its
increasing scale of operations.  The outlook may be revised to
'Positive' if Ganges's financial risk profile improves, most
likely because of fresh equity infusion, or a significant and
sustainable increase in volumes and profitability.  Conversely,
the outlook may be revised to 'Negative' if Ganges financial risk
profile deteriorates, most likely because of a large, debt-funded
capital expenditure programme or decline in cash accruals.

                          About Ganges Ford

Ganges was incorporated in 1983 as a non-banking financial company
(NBFC). However, in 2004, the company closed down its NBFC
business and began Ford automobile dealerships.  The company is an
authorised dealer of Ford's entire range of passenger cars (PCs);
it also sells spares, accessories, and provides services of Ford's
PCs.  The company derives majority of its revenues from Kolkata,
though it also has a presence in Siliguri, Durgapur, and Haldia
(all in West Bengal).  Ganges has one owned showroom, workshop,
and stockyard apart from two rented stockyards.

The company, over the next one year, has plans to open another
workshop, with an estimated capital outlay of INR25 million, which
is expected to be funded in a debt-to-equity mix of 7:3.  Ganges
also has plans to establish a display centre in 2011-12 (refers to
financial year, April 1 to March 31). Ganges's day-to-day
operations are looked after by the company's promoter-director,
Mr. Harish Himatsingka, who has about seven years of experience in
the automobile business.

Ganges reported a profit after tax (PAT) of INR1.3 million on an
operating income of INR307.3 million for 2009-10, against a PAT
of INR4.7 million on operating income of INR290.3 million for
2008-09.


GOEL INT'L: CRISIL Assigns 'B' Rating to INR211.3MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to the bank
facilities of Goel International Pvt Ltd, which is part of the
Goel group.

   Facilities                      Ratings
   ----------                      -------
   INR75.0 Million Cash Credit     B/Stable (Assigned)
   INR211.3 Million Term Loan      B/Stable (Assigned)

   INR85.3 Million Proposed LT     B/Stable (Assigned)
            Bank Loan facility

   INR700 Million Packing Credit   P4 (Assigned)
   INR75 Million Bill Purchase     P4 (Assigned)

The ratings reflect the Goel group's weak financial risk profile,
marked by high gearing, average net worth, and below-average debt
protection metrics, and driven by large working capital
requirements; the ratings also reflect significant customer
concentration in the group's revenue profile, along with its
susceptibility to fluctuation in rainfall, and adverse regulatory
changes.  These rating weaknesses are partially offset by the
extensive experience of the Goel group's promoters, and the
benefits that it derives from healthy growth prospects, in the
basmati rice industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of GIPL and Goel Overseas, together
referred to as the Goel group; this is because both the entities
are in the same line of business, are owned by common promoters,
and derive considerable operational, financial, and business
synergies from each other. Further, the bank line are cross
guaranteed by each other.

Outlook: Stable

CRISIL believes that the Goel group will continue to benefit from
its promoter's extensive presence in the rice industry over the
medium term; its financial risk profile will, however, remain
constrained because of working capital intensive nature of
operations.  The outlook may be revised to 'Positive' if the
group's financial risk profile improves, most likely as a result
of increase in share capital or improvement in operating margin.
Conversely, the outlook may be revised to 'Negative' if the
group's financial risk profile deteriorates, most likely because
of large, debt-funded capital expenditure programmes, or
significant increase in inventory, leading to large incremental
bank borrowings.

                          About the Group

GIPL was set up in 1998 as a partnership firm, Goel International,
by Mr. Vijay Goel and his brothers, Mr. Vinod and Mr. Krishan.
The firm was reconstituted as a private limited company in 2000.
It is into milling, processing, and selling basmati rice in the
export and domestic markets.  The company's rice processing unit
at Karnal (Haryana) has an aggregate capacity of 7.5 tonnes per
hour (tph).

In 2002, in order to focus on domestic business, Mr. Vijay Goel
and his brothers set up GOV as a partnership firm.  The firm is
into milling, processing, and selling basmati rice.  The firm's
rice processing unit at Karnal has an aggregate capacity of 5 tph.

The Goel group derives around 70 per cent of its revenues from
exports to the Middle East; the rest is derived from sales in the
domestic market.  The group sells rice in the domestic market
under its own brands namely, Galaxy, Shabnam, Harpal, and Gulista,
while it exports under the buyer's brand.

GIPL reported a loss of INR19.8 million on net sales of INR1.83
billion for 2009-10 (refers to financial year, April 1 to
March 31), against a profit after tax (PAT) of INR4.0 million on
net sales of INR1.65 billion for 2008-09.


HMA AGRO: ICRA Assigns 'LC' Rating to INR20.6cr Fund Based Debts
----------------------------------------------------------------
ICRA has assigned a long term rating of 'LC' to INR20.6 crore fund
based facilities of HMA Agro Industries Limited.  ICRA has also
assigned a short term rating of 'A5' to INR0.2 crore non-fund
based facilities of HAIL.

ICRA ratings factor in the irregularities in debt servicing by the
company due to delay in the commissioning of its processing
facility.  The ratings are further constrained by the high
competitive intensity of the buffalo meat industry and
susceptibility of the business to change in regulatory framework
and event risks like disease out-break.  The ratings however
derive comfort from the experience of the promoters in the
business and the company's favorable location, which ensures easy
accessibility to raw material.

HMA Agro Industries Limited is a public limited company promoted
by the members of the Qureshi family in 2008.  The company has
been promoted by the group to set up a fully integrated buffalo
meat facility which is presently under commissioning.  The
facility is located in Aligarh, Uttar Pradesh (U.P.) and has a
capacity to process up to 15,000 tonnes per annum (TPA) of buffalo
meat.  The facility has been approved by the Agricultural and
Processed Food Products Export Development Authority for export of
buffalo meat.


INDUSTRIAL SAFETY: CRISIL Assigns 'P4+' Rating on INR150MM Debt
---------------------------------------------------------------
CRISIL has assigned its 'P4+' rating to the bank facilities of
Industrial Safety Products Pvt. Ltd.

   Facilities                               Ratings
   ----------                               -------
   INR150 Million Packing Credit            P4+ (Assigned)

   INR350 Million Foreign Bill Purchase/    P4+ (Assigned)
   Foreign Bill Discounting Purchase

   INR50 Million Stand by Foreign Bill      P4+ (Assigned)
   Purchase/Foreign Bill Discounting

The rating reflects ISPPL's below-average financial risk profile,
marked by moderate net worth, high gearing, below average net cash
accruals to total debt ratio, and moderate interest coverage
ratio.  The ratings also reflect ISPPL's susceptibility to risks
related to presence in the fragmented leather industry and high
exposure to European market which is currently facing a slowdown.
These weaknesses are partially offset by ISPPL's moderate business
risk profile, supported by its promoter's industry experience and
established relationship with its customers.

                     About Industrial Safety

ISPPL, a 100 per cent export-oriented unit, was incorporated in
1998 by Mr. Gopal Naredi, and manufactures industrial leather
gloves and garments.  The company's facility is in Topsia
(Kolkata), which is a hub for leather-based industries.  The
current installed capacity of ISPPL is around 25 million pairs of
industrial gloves per annum.  Leather gloves account for more than
95 per cent of its revenues.

The company exports its products to Italy, France, Germany, the
US, UK, Australia, and New Zealand.  The company derives more than
60 per cent of its revenues from European countries.

ISPPL reported a profit after tax (PAT) of INR14.5 million on net
sales of INR1002.4 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR15.6 million on net
sales of INR1115.6 million for 2008-09.


MEDALL HEALTHCARE: ICRA Assigns 'LBB+' Rating to INR75cr Term Loan
------------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR75 crore fund-based
term loan facilities of Medall Healthcare Private Limited; the
outlook on the long-term rating is Stable.

The rating takes into account the fragmented structure of the
medical diagnostics industry with many unorganized players;
capital  intensive nature of the business; tie-ups that existing
players have with various hospitals as well as existing hospitals
with integrated diagnostic centres that constrain growth in the
near term.  The business model is dependent on the reputation of
radiologists, and given the scarcity of radiologists, the exit of
experienced radiologists from the clinical team may adversely
impact operations.  Also, the volume of tests are dependent on
referrals from doctors, and the marketing capability of the
company remains to be seen, especially in tier-II and tier-III
cities, where a number of greenfield centres are being set up.
The ratings are also constrained by the tight cash flows of the
company owing to substantial capital outlay.  The ratings consider
the growth prospects of medical diagnostics in the near-to-medium
term; inorganic growth through acquisition of reputed diagnostic
centres in Chennai and Bengaluru; operations led by experienced
radiologists, who have been retained from the acquired centres,
and backed by a strong clinical team; and the successful track
record of the promoter of successfully establishing and operating
different business ventures in the past.

                       About Medall Healthcare

Medall Healthcare Private Limited, formerly Precision Diagnostics
Pvt. Ltd. (Precision), was incorporated in 2009 and is engaged in
providing diagnostic services in the field of radiology imaging,
pathology, microbiology and other specialized healthcare services.
Precision was founded as a partnership firm in 1989 and converted
into a private limited company in 1994 by the initial promoters.
In August 2009, the promoters sold their stake to Mr. Raju
Venkatraman and private equity (PE) investors, Peepul Capital LLC
and Chintalapati Holdings; Mr. Venkatraman and the PE funds now
hold 25% and 75% stake in the company respectively; subsequently,
Precision was renamed as Medall Healthcare.  Medall also acquired
a 91% stake in Clumax Diagnostics and Research Centre Pvt. Ltd.,
Bengaluru in February 2010 as part of its inorganic growth
strategy.  The company currently operates 15 diagnostic centres in
Chennai, Trichy, Bengaluru, Tirunelveli, Pondicherry and other
locations in Tamil Nadu and more new centres are being planned.
The company is also pursuing further inorganic expansion through
acquisitions in various parts of Southern India.  The company has
also been awarded a Public-Private Partnership (PPP) contract by
the Andhra Pradesh government for providing diagnostic services at
medical colleges in Kakinada, Kurnool, Vishakhapatnam  and
Warangal.

The company reported operating income of INR8.5 crore and net
after tax loss of INR4.3 crores in FY2010.


MEP COTTON: ICRA Assigns 'LC' Rating to INR44.5cr Term Loans
------------------------------------------------------------
ICRA has assigned an 'LC' rating to the INR44.5 crore term loans
and INR55.5 crore fund based facilities of MEP Cotton Limited.

The assigned rating reflects the ongoing delays by the company is
servicing debt obligations owing to tight liquidity position and
the highly leveraged capital structure with a gearing of 5.3x as
on March 31, 2010.  The rating is also constrained by the low
margin nature of the ginning industry with profitability further
impacted by high interest costs and inherent seasonality in
operations.

The rating also factors in the proximity of the company's ginning
facility to one of the major cotton growing belts in India and the
favorable monsoons thus ensuring adequate availability of raw
cotton during the current season.  Moreover, the recent surge in
international and domestic cotton prices is likely to help
increase realizations for the company in the near term.  However,
the business outlook for ginning in India remains sensitive to
Government regulations such as the Minimum Support Price (MSP)
mechanism for raw cotton and restrictions on export of cotton
bales.

                         About MEP Cotton

Incorporated on January 2000, MEP Cotton Limited is a joint
venture between the KKM Group (Promoted by Mr. Krishna Kumar
Mittal) and the Welspun Group.  The company is engaged in cotton
ginning, cottonseed oil extraction and refining with its
manufacturing facilities located at Gondal, Rajkot.  The area
around the plant is one of the major cotton belts in India and
cultivates the Shankar-6 variety of cotton.  The company setup its
first ginning unit in 2007. By the end of 2008, the company
completed the setup of the remaining two ginning units at the same
location and currently has a total capacity of pressing 1,800
bales per day.  The company also manufactures cottonseed oil
through crushing of the residual cottonseeds at the plant and has
setup a refinery for refining washed oil.

MEP reported a net loss of INR3.3 crore in FY 2010 on an
operating income of INR321.6 crore as compared to a net loss of
INR11.2 crore on an operating income of INR103.4 crore in FY 2009.


OSWAL PUMPS: CRISIL Reaffirms 'BB+' Rating on INR25MM Term Loan
----------------------------------------------------------------
CRISIL's rating on the bank facilities of Oswal Pumps Ltd
continues to reflect Oswal Pumps' modest financial risk profile
marked by moderately high gearing and weak debt protection
indicators.

   Facilities                            Ratings
   ----------                            -------
   INR300.0 Million Cash Credit Limit    BB+/Stable (Reaffirmed)
   INR25.0 Million Term Loan             BB+/Stable (Reaffirmed)

The rating also factors in company's exposure to pricing pressures
because of fragmentation and competition in the pump industry.
These rating weaknesses are partially offset by Oswal Pumps'
established market position in the pump industry, and the
company's above-average research and development capabilities.

Outlook: Stable

CRISIL believes that Oswal Pumps' financial risk profile will
remain constrained over the medium term because of weak capital
structure and debt protection indicators; the company may also be
exposed to pressures related to quality and pricing of products,
and working capital management.  The outlook may be revised to
'Positive' if Oswal Pumps' financial risk profile improves
significantly, most likely because of increase in cash accruals.
Conversely, the outlook may be revised to 'Negative' if the
company's financial risk profile weakens, most likely because of
large, debt-funded capital expenditure (capex), or lower-than-
expected sales and profitability.

Update

For 2009-10 (refers to financial year, April 1 to March 31), Oswal
Pumps reported a net sales of INR923 million, which is an average
annual growth rate of 15 per cent over the past two years. For
2010-11, CRISIL expects the sales of Oswal Pump not to grow
significantly over that in 2009-10.  This is because Oswal Pump is
shifting its manufacturing facility to a new location because of
space constrains at its existing location; thus, its operations
are expected to be affected during the shifting and stabilization
phase.  The shifting of the facility started in the second quarter
of 2010-11 and is expected to be completed by the end of December
2010.  For the six months ended September 30, 2010, the company
has reported sales of around INR493 million.  The company's
operating margin for 2009-10 was at the expected levels of around
8.5 per cent; operating margin is expected to remain at around 8
per cent in the medium term.

In the medium term, Oswal Pumps have moderate capex plans of
around INR80 million for the next one year which also includes
setting up a casting line for manufacturing parts used in pump
manufacturing.  The company plans to fund majority of the same
through internal accruals and through funds from promoters in form
of equity and unsecured loans.  Gearing was 2.4 times as on
March 31, 2010, and is expected to remain above 2.0 times in the
medium term as its operations are highly working capital
intensive; with increase in sales in 2011-12, working capital
requirements are expected to increase.  Interest coverage ratio
was around 2.0 times in 2009-10 and is expected to remain at this
level over the medium term.

                         About Oswal Pumps

Oswal Pumps was incorporated in 2003 by Mr. Padam Sain Gupta and
his sons, Mr. Rajev Gupta and Mr. Vivek Gupta; it was
reconstituted as a closely held limited company in January 2007.
The company took over the operations of Oswal Electricals (Pumps),
a proprietorship firm of the same promoter.  Oswal Pumps
manufactures submersible and monobloc pumps, and electric motors
at its plant in Karnal (Haryana).  The company intends to move its
plant to a new location over the near term.

For 2009-10, Oswal Pumps reported a profit after tax (PAT) of
INR8.9 million on net sales of INR923 million, against a PAT of
INR5.1 million on net sales of INR888 million for 2008-09.


RAJIT PAINTS: CRISIL Downgrades Rating on INR14.7MM Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Rajit
Paints Ltd to 'D/P5' from 'BB+/Stable/P4+'.

   Facilities                            Ratings
   ----------                            -------
   INR210.0 Million Cash Credit          D (Downgraded from
                                            'BB+/Stable')

   INR14.7 Million Term Loan             D (Downgraded from
                                            'BB+/Stable')

   INR22.5 Million Letter of Credit      P5 (Downgraded from
                                             'P4+')

The downgrade reflects recent instances of delay by RPL in
servicing its debt; the delays have been caused by RPL's weak
liquidity.

RPL has large working capital requirements, and a modest financial
risk profile marked by weak debt protection metrics and a small
net worth.  These weaknesses are partially offset by RPL's
established track record in the industrial paints business.

Set up in 1985 by Mr. Rakesh Mehra and Mr. Rohit Nagrath, RPL
manufactures industrial paints, including liquid automotive
paints, industrial powder coatings, general industry paints, and
other allied products.  Its manufacturing unit in Ahmedgarh
(Punjab) has capacity of 38,000 litres of liquid paints per day
and 100 tonnes of powder coatings per month.  Rajit mainly caters
to automotive ancillary units, original equipment manufacturers,
and other sectors that utilise industrial paints.

RPL reported a profit after tax (PAT) of INR29 million on net
sales of INR1080 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR13 million on net sales
of INR815 million for 2008-09.


SHREEJIKRUPA BUILDCON: ICRA Puts 'LBB' Rating on INR7cr Cash Debt
-----------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR7.00 crore cash credit
facility of Shreejikrupa Buildcon Limited.  The outlook for the
long term rating is stable.  ICRA has also assigned an 'A4' rating
to INR6.00 crore short-term, non-fund based bank guarantee
facilities of SBL.

The assigned ratings take into account SBL's relatively small
scale of operations; sectoral concentration risk arising from
focus on largely single sector (civil construction); client
concentration risks with majority of the projects being executed
for semi-government authorities; high competitive intensity in the
construction space resulting in pressure on margins and
geographical concentration risks due to concentration of ongoing
and future projects in Gujarat.  The ratings are further
constrained by weak capital structure with high gearing levels and
low coverage indicators.  The ratings also take into account the
vulnerability of profitability to raw material price variation
although the same is mitigated to a large extent on account of
presence of escalation clause in the contracts.

The ratings however, favorably factor in SBL's experienced
management; long track record of SBL's promoters in the
construction industry; its moderate order book position and
favorable demand outlook for the construction sector given the
government focus on infrastructure development and increased
public spending.  The ratings also factor in the presence of a
diversified and reputed client base of semi-government authorities
leading to relatively lower counter party credit risks.

                    About Shreejikrupa Buildcon

Shreejikrupa Buildcon Limited earlier known as Shreejikrupa
Builders Rajkot was established in the year 1998 and is engaged in
civil & construction engineering and contracting services. SBL has
successfully commissioned a wide variety of prestigious projects
in the field of civil construction, heavy foundations, bridges &
EWS Housing Schemes.  It also provides consultancy and contract
management services.  SBL has registration for approved contractor
in 'AA' class and 'Special Category I Building' class from the
Gujarat state government.

For the year ended March 31, 2010, the company reported an
operating income of INR22.69 crore and profit after tax of
INR0.87 crore.


STANDARD CORP: CRISIL Assigns 'B' Rating to INR200 Mil. Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'B/Negative/P4' ratings to the bank
facilities of Standard Corporation India Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR156.0 Million Cash Credit         B/Negative (Assigned)
   INR200.0 Million Term Loan           B/Negative (Assigned)
   INR50.0 Million Letter of Credit     P4 (Assigned)

The ratings reflect SCIL's large working capital requirements, low
operating margin, and susceptibility to downturns in the agro-
based machinery industry.  These rating weaknesses are partially
offset by the extensive experience of SCIL's promoters in the
agro-based machinery industry.

Outlook: Negative

CRISIL's negative outlook reflects SCIL's stretched liquidity
position reflected from overutilisation of bank lines, devolvement
of letter of credit along with insufficient cash accruals against
term loan repayments of INR52 million in current year.  The
liquidity is expected to remain stretched on account of high
working capital requirement over the medium term.  The rating may
be downgraded if SCIL generates lesser-than-expected cash
accruals, thereby further weakening its liquidity, or undertakes
larger-than-expected debt-funded capital expenditure (capex)
programme, thereby weakening its capital structure.  Conversely,
the outlook may be revised to 'Stable' if SCIL improves its
liquidity, or strengthens its financial flexibility by generating
more-than-expected operating income, thereby improving
profitability, or by bringing in fresh equity capital from
promoters.

                     About Standard Corporation

SCIL manufactures harvester combines, tractors, and cranes
under the Standard brand. Mr. Nachattar Singh and his brother
Mr. Joginder Singh established the partnership firm Standard
Combine in 1979.  The firm was reconstituted as a private limited
company in 1999 and as a public limited company (with name being
changed to the current one) in 2008.  Its manufacturing unit is in
Barnala (Punjab).  SCIL has capacity to manufacture 2000 harvester
combines, 7500 tractors, and 300 cranes per annum.

SCIL reported a profit after tax (PAT) of INR27.6 million on net
sales of INR1903.0 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR9.8 million on net sales
of INR1736.0 million for 2008-09.


SUNGRO SEEDS: ICRA Downgrades Rating on INR10cr Loan to 'LBB+'
--------------------------------------------------------------
ICRA has downgraded the rating assigned to the INR10 crore term
loan facility and INR7.5 crore long term fund based facilities of
Sungro Seeds Limited from 'LBBB-' to 'LBB+'.  ICRA has also
downgraded the rating assigned to the INR1 crore short term non
fund based facilities of SSL from 'A3' to 'A4+'.  ICRA has also
assigned a 'Stable' outlook to the long term rating.

The downgrade reflects lower than anticipated profitability in the
recent past, inadequate returns from new processing plant leading
to weak overall return on capital employed and weakening of
liquidity position translating from sharp increase in working
capital intensity. The ratings continue to be constrained by the
vulnerability of the company's profitability to agro climatic
conditions, high competition from other seed companies and other
crops for land availability, high financial risk profile marked by
low profitability, high gearing and weak debt coverage indicators.
However, the ratings favorably factor in the long track record of
SSL's promoters in the seeds business, established market position
in vegetable seeds business, particularly in Northern and Eastern
India, access to the research base of Mahyco Group and increasing
share of higher margin hybrids in the overall revenue mix.

Sungro Seeds Limited, incorporated in 1973, is involved in the,
development, production, marketing of vegetable seeds. The company
was initially promoted by Dr R.S.Punia, however he divested his
stake in 1996 to the Mr B.R.Barwale and his family.  SSL belongs
to the Mahyco group which is running one of India's leading seeds
company. The Mahyco group's main business is the manufacture of
seeds through its flagship company - Maharashtra Hybrid Seeds
company (Mahyco) and SSL, besides agricultural machinery (through
John Fowler group of companies).  Sungro Seeds Limited is engaged
in the production of Hybrid and Open Pollinated vegetable seeds
with production centres across 8 different locations across the
country.

The company reported a net loss of INR0.21 crore on a turnover of
INR48.33 crore in 2009-10.


V R COATINGS: CRISIL Places 'BB' Rating on INR30MM Long Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to V R Coatings
Pvt Ltd's bank facilities.

   Facilities                           Ratings
   ----------                           -------
   INR30.0 Million Cash Credit Limit    BB /Stable (Assigned)
   INR30.0 Million Proposed LT Bank     BB /Stable (Assigned)
                      Loan Facility
   INR10.0 Million Letter of Credit/    P4+ (Assigned)
                     Bank Guarantee

The ratings reflect VRCPL's small scale and working-capital-
intensive operations, and the susceptibility of its operating
margin to volatility in raw material prices and foreign exchange
rates.  These weaknesses are partially offset by VRCPL's moderate
financial risk profile, driven by adequate debt protection
measures and moderate gearing, and the promoters' extensive
experience in the automated painting systems industry.

Outlook: Stable

CRISIL believes that VRCPL's scale of operations will remain small
over the medium term and its financial flexibility will remain
restricted because of its small net worth.  The outlook may be
revised to 'Positive' if VRCPL increases its scale of operations
and sustains it at the improved level, continues to prudently
manage its working capital management, and increases its net
worth.  Conversely, the outlook may be revised to 'Negative' if
the company's liquidity weakens significantly, most likely because
of decline in operating margin resulting in lower-than-expected
cash accruals, or if the company undertakes large, debt-funded
capex programme, weakening its capital structure.

                        About V R Coatings

Set up in 1985 by the D'Souza family, VRCPL manufactures and
installs automated painting systems that handle liquid and semi-
liquid paints.  VRCPL manufactures pneumatically-driven airless
spray painting and dispensing equipment.  These systems are used
in automobile, ship building, steel fabrication, and heavy
engineering industries.  The company has a facility in Pune
(Maharashtra) and caters to the domestic as well as export
markets.

VRCPL reported a profit after tax (PAT) of INR4.3 million on net
sales of INR147.1 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR1.8 million on net sales
of INR149.6 million for 2008-09.


VATIKA LIMITED: ICRA Places 'LBB' Rating on INR193.34cr Bank Debt
-----------------------------------------------------------------
ICRA has assigned an 'LBB' rating to INR193.34 crore bank lines of
Vatika Limited.  The outlook on the rating is Stable.

ICRA's rating factors in Vatika's established track record in
developing real estate projects in National Capital Region (NCR),
good quality of its projects; and the reputed tenant profile in
its leased-out properties.  The rating also draws comfort from the
good market response for its recently launched projects as
reflected by high level of bookings and customer advances.  The
rating is however constrained by its exposure to execution risk,
considering the significant area under development; market risks
for the unbooked area in its on-going/future projects and its
exposure to geographical risk resulting from concentration of its
on-going/upcoming projects in North India (primarily Gurgaon and
Jaipur).  The rating also takes into account Vatika's high
gearing; its low debt protection indicators and its significant
debt repayment obligations over the short-to-medium term which
exposes the company to high refinancing risk.  While assigning the
rating, ICRA has also noted the fact that the hotel project of the
group is currently running with a delay; any further delay in the
project execution can put the overall profitability of the project
under pressure.  Going forward, ability to successfully execute
its fund raising plans, maintaining its sales momentum in the
upcoming projects and ensuring timely payments from the existing
bookings would be the key rating sensitivities.

Vatika Group, incorporated in 1986, was promoted by Delhi based
Bhalla family.  The company has been engaged in commercial,
residential and hospitality segments of real estate, primarily in
National Capital Region (NCR).

The group comprises of Vatika Limited (formerly known as Vatika
Land Base private limited), Vatika Hospitality Private Limited and
Vatika Hotels private Limited.  Vatika Limited is the flagship
company of the group and all the real estate projects are
developed by this company. Vatika hospitality runs restaurants,
health clubs and business centres, and Vatika Hotels is developing
a 5 star hotel in Gurgaon.

In 2009-10, as per the provisional financial statements, Vatika
limited reported a turnover of INR626 crore and net profit of
INR60.67 crore.


VENKATESWARA ELECTRICAL: CRISIL Puts 'BB-' Rating to LT Loan
------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of Venkateswara Electrical Industries Pvt Ltd, part of
the Venkateswara group.

   Facilities                              Ratings
   ----------                              -------
   INR35.00 Million Long-Term Loan         BB-/Stable (Assigned)
   INR137.00 Million Overdraft Facility    BB-/Stable (Assigned)
   INR50.00 Million Letter of Credit       P4+ (Assigned)
   INR86.00 Million Bank Guarantee         P4+ (Assigned)

The ratings reflect the Venkateswara group's below-average
financial risk profile marked by small net worth and weak debt
protection metrics, working-capital-intensive operations, and
exposure to intense competition in the transformer industry.
These rating weaknesses are partially offset by the group's
sizeable order book and promoters' extensive industry experience.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of VEIPL and Senthil Engineering Company.
This is because both the entities, together referred to as the
Venkateswara group, are in the same line of business, are under a
common management, and have fungible funds.

Outlook: Stable

CRISIL believes that the Venkateswara group will continue to
benefit from its promoters' industry experience. The outlook may
be revised to 'Positive' if the group increases diversification of
its revenue profile, scale of operations, and net worth.
Conversely, the outlook may be revised to 'Negative' if the group
undertakes a large debt-funded capital expenditure programme,
thereby weakening its capital structure, or if its cash accruals
decline significantly or its receivables level increases.

                           About the Group

VEIPL was established in 1978 by Mr. V K Arumugam, father of the
company's current managing director, Mr. A Siva Subramani.  The
company is based in Chennai. VEIPL manufactures a wide range of
power transformers (up to 100 megavolt amperes) and distribution
transformers (up to 230 kilovolt amperes).  The company mainly
caters to Tamil Nadu Electricity Board (which accounts for around
90 per cent of VEIPL's revenues), other state electricity boards
(around 7 per cent of revenues), and private players.  The group
has an order book of around INR200 million as on date to be
executed over next eight months.

The Venkateswara group acquired SEC in 1995; SEC manufactures
distribution transformers, mainly of low capacities. Both VAIPL
and SEC have manufacturing units in Chennai.  The group has an
associate entity, Hanuman Homeopathy Medical Trust, which runs a
medical college and trust.

The Venkateswara group reported a profit after tax (PAT) of INR9.5
million on net sales of INR299.0 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR8.4
million on net sales of INR327.5 million for 2008-09.


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


JAPAN AIRLINES: Privately Places Stocks With Top Executives
-----------------------------------------------------------
Japan Airlines Corp. is privately placing stock with its top
executives as the company looks to boost accountability and reduce
its tax burden, Reuters reports, citing the Nikkei business daily.

Reuters says about two dozen top executives, including President
Masaru Onishi, took part in a recent offering, with each investing
several hundred thousand yen.  The Nikkei, according to Reuters,
said the combined stake comes to less than 1 percent.

Reuters reports the Nikkei said JAL needed to have multiple
shareholders since a wholly owned subsidiary cannot adopt
consolidated taxation.

The Nikkei article reported that JAL plans to make tax payments on
a consolidated basis from April next, allowing the company to
offset losses against gains within the group or to carry forward a
unit's past losses, to cut its annual tax burden by several
billion yen, according to Reuters.

                         About Japan Airlines

Japan Airlines Corporation -- http://www.jal.co.jp/-- is a
Japan-based company mainly engaged in the provision of air
transport services.  The Company is active in five business
segments through its 203 subsidiaries and 83 associated companies.
JAL International Co. Ltd. is a wholly owned operating subsidiary
of Japan Airlines Corporation.

Japan Airlines Corporation, Japan Airlines International Co.,
Ltd., and JAL Capital Co., Ltd., on January 19, 2010, filed the
petitions to commenced corporate reorganization proceedings with
the Tokyo District Court.  The Court appointed the Enterprise
Turnaround Initiative Corporation of Japan and Eiji Katayama,
Esq., as reorganization trustees.

Japan Airlines Corp. filed for reorganization January 19, 2010, in
the Tokyo District Court and filed a Chapter 15 petition in
New York (Bankr. S.D.N.Y. Case No. 10-10198).  The Company
estimated debts at $28 billion.

The Tokyo District Court in December 2010 approved JAL's
rehabilitation plan, which aims to cut the company's payroll to
32,600 employees by the end of March, shedding roughly 16,000
jobs, or around 30% of its group workforce of 48,714 as of
March 31, 2010.


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


CHRISTCHURCH BUS: Fined NZ$783,000 For Poor Performance
-------------------------------------------------------
Radio New Zealand reports that Christchurch Bus Services Ltd has
been hit with NZ$783,000 in fines by the Canterbury regional
council because of poor performance in November.

Radio New Zealand says most of the 62 buses ordered off the road
by police in November 2010 were either owned or operated by the
company, which is in receivership.  At the time, says Radio NZ,
the union representing bus drivers was calling for the company to
be shut down because of safety issues.

According to Radio New Zealand, Wayne Holton-Jeffries, the
council's acting director of operations, said Christchurch Bus
Services did not have the resources to provide its contracted
service during November.

Radio New Zealand relates that Mr. Holton-Jeffries said the bus
company was struggling financially in September and was allowed to
continue running for another month or so until it was sold.
Payment of the penalties will have to come from the company's
receivers, Mr. Holton-Jeffries added.

Christchurch Bus Services was placed in receivership in 2010 and
the business was purchased by Hamilton-based Go Bus Ltd in
November 2010.

Christchurch Bus Services Ltd was a Christchurch, New Zealand-
based bus company.  It operated Metro routes for Environment
Canterbury and private charter services for groups and schools.


MERCER GROUP: Westpac Extends Banking Facilities to December 2011
-----------------------------------------------------------------
Mercer Group has accepted an offer from Westpac to extend its
banking facilities to December 31, 2011.

The offer provides for a reduction to the facility limits of
NZ$1.5 million out of the proceeds of the fully underwritten
rights issue in early 2011, NZ$1 million in July 2011 and
NZ$3 million in November 2011.  Westpac has changed the financial
covenants, which will apply to the facility.  The Company expects
to comply with the new covenants.

"The underwriting arrangements are now conditional only on the
occurrence of a material adverse event before the date the
underwriter is required to subscribe for shares under the issue.
This is a standard clause in underwriting agreements," Mercer
said.

The Company has now reviewed its projections for the year ended 30
June 2011.  Trading conditions across all businesses continue to
be difficult.  EBIT for the year is projected to be close to break
even on sales of NZ$36 million.  This is an improvement on the
2009 result, which was an EBIT deficit of NZ$1.73 million on sales
of NZ$37 million.

EBITDA is projected to be NZ$1.2 million for the 2011 financial
year.

As reported in the Troubled Company Reporter-Asia Pacific on
May 18, 2010, Mercer Group said it was considering a number of
refinancing options after breaching its banking covenant.  The
company said in a regulatory filing that it has been advised
by its bank that it is in breach of its interest cover covenant.
The covenant is that earnings are to be no less than 2.25 times
the funding costs for the 6 month period ending December 31, 2009.
The actual achieved ratio was 1.9 times.  Subsequently, the
Company drew down NZ$1.5 million from Gresham Finance as
authorized by its shareholders at the Annual General Meeting held
on November 24, 2009.  The funds have been used to reduce bank
debt as previously agreed.  Principal payments to non bank lenders
are on hold.  Interest payments are being made in compliance with
loan agreements.

Established in 1882, Mercer Group designs, makes and distributes
stainless steel products for the industrial, dairy, commercial,
food processing, healthcare and residential buildings industries.
The Mercer group of companies are subsidiaries of the New Zealand
listed company Broadway Industries Limited (NZE:BWY).


SIMPLYINSURANCE NEW: S&P Raises Insurer Strength Rating to 'BB'
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it has raised its
insurer financial strength and counterparty credit ratings on New
Zealand-based consumer credit insurer SimplyInsurance New Zealand
Ltd. to 'BB' from 'BB-'.  At the same time, S&P revised the stand-
alone credit profile to 'bb-' from 'b+'.  The outlook is stable.

"The stand-alone credit profile revision reflects S&P's view that
SINZ has demonstrated a track record of profitability (albeit
low), and a satisfactory claims experience, to build its capital
base to a level that is comparable with other 'BB' category
peers'," Standard & Poor's credit analyst Derryl D'silva said.
"Moderating factors include its concentrated business position and
its captive business nature, which limit its overall competitive
position."

The 'BB' rating reflects S&P's view that SINZ continues to benefit
from one notch of support from ownership by, and integration with,
global retail financial institution GE Finance and Insurance
(GEFI; not rated), from which SINZ sources most of its business.
SINZ, however, is not explicitly supported by GEFI, and is not
considered to be strategically important under Standard & Poor's
group methodology criteria, given its small size relative to the
group.

Contributing to the SACP as well as the one-notch uplift to the
rating are the benefits of access to a high quality management
team, and the reputation of being a member of the GEFI business.
Also supporting S&P's view are the robust operational and
financial management controls that come from its access to the
wider GEFI business.

The stable outlook reflects S&P's view that the financial profile
supports current business volumes and growth expectations.

S&P does not expect to raise the rating in the medium term.  S&P
would consider raising the rating if the company were able to
strengthen its competitive position and substantially increase its
paid-up capital to a level more consistent with a higher rating
category.  Also, stronger explicit or implicit support could
increase SINZ's strategic importance to GEFI and may result in a
higher rating.

Conversely, the rating could be lowered if the company were to
experience a trend of adverse results, and if it were unable to
develop a prudent level of reserves to meet outstanding claims.
While S&P believes ownership under GEFI is now more certain,
evidence that undermines the insurance operations within the wider
group could negatively influence the rating.


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


ARTICON CONSTRUCTION: Creditors' Proofs of Debt Due January 14
--------------------------------------------------------------
Creditors of Articon Construction Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by Jan. 14,
2011, to be included in the company's dividend distribution.


BUILD TRADE: Creditors Get 2.03712% Recovery on Claims
------------------------------------------------------
Build Trade (S) Pte Ltd declared the first and final dividend to
creditors on December 21, 2010.

The company paid 2.03712% to the received claims.


FRASER THERMAL: Creditors to Get 100% Recovery on Claims
--------------------------------------------------------
Fraser Thermal Technology Pte Ltd will declare the first and final
dividend on January 7, 2011.

The company will pay 100% to all admitted claims.


JOHN DEERE: Creditors' Proofs of Debt Due January 31
----------------------------------------------------
Creditors of John Deere Construction & Forestry (Asia Pacific)
Pte. Ltd., which is in creditors voluntary liquidation, are
required to file their proofs of debt by January 31, 2011, to be
included in the company's dividend distribution.

The company's liquidator is:

         Teh Kwang Hwee
         c/o 1 Commonwealth Lane
         #07-32 One Commonwealth
         Singapore 149544


MULTI-BONDER TRADING: Creditors Get 88.35644% Recovery on Claims
----------------------------------------------------------------
Multi-Bonder Trading Pte Ltd declared the first and final dividend
to creditors on December 23, 2010.

The company paid 88.35644% to the received claims.


SILIJAN PTE: Creditors Get 91.5464% Recovery on Claims
------------------------------------------------------
Silijan Pte Ltd declared the first and final dividend to creditors
on December 13, 2010.

The company paid 91.5464% to the received claims.


SOMERSET (VIETNAM): Creditors' Proofs of Debt Due January 31
----------------------------------------------------
Creditors of Somerset (Vietnam) Investments Pte Ltd., which is in
creditors voluntary liquidation, are required to file their proofs
of debt by January 31, 2011, to be included in the company's
dividend distribution.

The company's liquidators are:

         Leow Quek Shiong
         Leong Hon Mun Peter
         c/o BDO LLP
         19 Keppel Road
         #02-01 Jit Poh Building
         Singapore 089058


TING SHEAN: Court to Hear Wind-Up Petition January 14
-----------------------------------------------------
A petition to wind up the operations of Ting Shean Engineering Pte
Ltd will be heard before the High Court of Singapore on Jan. 14,
2011, at 10:00 a.m.

United Overseas Bank Limited filed the petition against the
company on December 17, 2010.

The Petitioner's solicitors are:

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


ULTRAPOLIS 3000: Court to Hear Wind-Up Petition January 14
----------------------------------------------------------
A petition to wind up the operations of Ultrapolis 3000
Investments Ltd, formerly known as Ultrapolis 3000 Theme Park
Investments Ltd, will be heard before the High Court of Singapore
on Jan. 14, 2011, at 10:00 a.m.

Denmarkskibstekniske Konsulente A/S I Likvidation, formerly known
as Knud E Hansen A/S, filed the petition against the company on
December 23, 2010.

The Petitioner's solicitors are:

         Rodyk & Davidson LLP
         80 Raffles Place
         #33-00 UOB Plaza 1
         Singapore 048624


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


* S&P Raises Ratings on Nine Asia-Pacific CDO Tranches
------------------------------------------------------
Standard & Poor's Ratings Services raised the ratings on nine
Asia-Pacific (excluding Japan) collateralized debt obligation
tranches.  At the same time, the ratings were removed from
CreditWatch with positive implications, where they were placed on
Dec. 16, 2010.

To assess the creditworthiness of each class, S&P reviewed the
credit quality of the securitized assets using synthetic rated
overcollateralization scores and results from supplemental tests.
These results measure the degree by which the credit enhancement
of a tranche exceeds the stressed loss rate assumed for a given
rating scenario.

Tranches which had their ratings raised had SROC scores that are
greater than 100% at the current rating level and at a higher
rating level with sufficient cushion (based on the maximum
scenario loss rate, largest obligor test, and largest industry
test).  SROC scores rising above 100% reflect an improvement in
the credit quality of the underlying portfolio.

                          Ratings Raised

                                   Rating From         Rating To
                                   -----------         ---------
  Athenee CDO PLC Series 2007-2    BB- (sf)/Watch Pos  BB (sf)
  Athenee CDO PLC Series 2007-3    B+ (sf)/Watch Pos   BB- (sf)
  Athenee CDO PLC Series 2007-5    B (sf)/Watch Pos    B+ (sf)
  Athenee CDO PLC Series 2007-9    BB- (sf)/Watch Pos  BB (sf)
  Athenee CDO PLC Series 2007-8    B+ (sf)/Watch Pos   BB- (sf)
  Athenee CDO PLC Series 2007-10   BB+ (sf)/Watch Pos  BBB- (sf)
  Athenee CDO PLC Series 2007-12   B (sf)/Watch Pos    B+ (sf)
  Athenee CDO PLC Series 2007-15   BB- (sf)/Watch Pos  BB (sf)
  ARLO IX Ltd.  Pascal Series 2007  B (sf)/Watch Pos    B+ (sf)

Notes:

1.  Where the final price on defaulted reference names in CDO
    portfolios is not known, S&P's analysis takes into
    consideration the auction results for these names from the
    International Swaps and Derivatives Association, Inc.

2.  In accordance with the criteria for rating CDO transactions,
    certain factors such as credit stability and rating
    sensitivity to modeling parameters may be considered in
    assigning ratings to CDO tranches, in addition to the
    supplemental tests, the Monte Carlo default simulation
    results, and the associated cash flow modeling.  Such risks in
    transactions may be assessed on a case-by-case basis and the
    ratings may be qualitatively adjusted to a rating level
    different than that indicated by the various quantitative
    results.  The tranches' final ratings reflect the result of
    any such qualitative adjustments.


                             *********

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

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

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


                            *********


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

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

Copyright 2011.  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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