TCRAP_Public/110105.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

            Wednesday, January 5, 2011, Vol. 14, No. 3

                            Headlines



A U S T R A L I A

ALLIED MEDICAL: Net Assets Deficiency Cues Going Concern Doubt
* AUSTRALIA: Banks Set to Seize Nearly 300 NSW Pubs


C H I N A

UNIVERSAL SOLAR: Amends 10-K for 2009; Posts US$421,500 Net Loss
YUZHOU PROPERTIES: Moody's Puts 'B2' Rating on US$200 Mil. Notes


H O N G  K O N G

ACME SANITARY: Borrelli and Chan Appointed as Liquidators
BILLION FORWARD: Court to Hear Wind-Up Petition on February 16
BOOKMAKERS (HK): Creditors' Proofs of Debt Due February 1
BRIDGESTONE CHIAO: Lai and Hauhey Step Down as Liquidators
BUSINESS OBJECTS: Seng and Lo Step Down as Liquidators

EASY REACH: Members' Final Meeting Set for February 1
EUSTON ENTERPRISES: Members' Final General Meeting Set for Feb. 11
EVER TWINKLE: Creditors' Proofs of Debt Due February 7
FIBERXON (HK): Members' Final Meeting Set for February 18
FLYING TIME: Members' Final Meeting Set for February 1

SRE GROUP: Moody's Downgrades Corporate Family Rating to 'B3'


I N D I A

AIR INDIA: Posts INR21.66cr Cash Profit in November 2010
BERAR FINANCE: Fitch Assigns 'BB+' National Long-Term Rating
BRILLIANT BIO: CRISIL Assigns 'B-' Rating to INR167MM Term Loan
CADDIE HOTELS: CRISIL Assigns 'BB+' Rating to INR4.94BB Term Loan
IND TOB: CRISIL Assigns 'BB' Rating to INR90MM Rupee Term Loan

KAMDHENU & COMPANY: CRISIL Assigns 'BB-' Rating to INR50MM Debt
KUNDIL INFRASTRUCTURE: CRISIL Cuts Rating on INR90MM Loan to 'D'
PUNJAB RICELAND: CRISIL Reaffirms 'BB-' Rating on INR50MM Debt
R.L. CONSTRUCTION: CRISIL Assigns 'C' Rating to INR15MM Cash Debt
RAHUL ELECTRONIC: CRISIL Assigns 'B+' Rating to INR8.4MM Term Loan

ROSE GEMS: CRISIL Reaffirms 'P4+' Rating on INR60MM Packing Credit
SANGAM STRUCTURALS: CRISIL Assigns 'BB+' Rating to INR85MM Debt
SHREE KEDARNATH: CRISIL Downgrades Rating on INR814.6M Loan to 'D'
T B S MINES: CRISIL Assigns 'B' Rating to INR80MM Cash Credit
TOOLFAB ENGINEERING: CRISIL Places 'B+' Rating to INR138MM Loan

VARNI GEMS: CRISIL Reaffirms 'P4+' Rating on INR120MM Bank Debt
VARRON ALUMINIUM: CRISIL Assigns 'B+' Rating to INR570MM LT Loan
VEETEE FINEL: CRISIL Reaffirms 'B-' Rating on INR320MM Term Loan
VINAYAK COTTEX: CRISIL Places 'D' Ratings on Various Bank Debts
VNR REFINERIES: CRISIL Assigns 'D' Ratings to Various Bank Debts

XTRAA CLEANCITIES: CRISIL Upgrades Rating on INR990M Loan to 'BB-'


K O R E A

* SOUTH KOREA: KAMCO to Buy KRW5-Tril. Worth of Bad Loans


M A L A Y S I A

RANHILL BHD: S&P Puts 'B' Corp. Rating on CreditWatch Negative


P H I L I P P I N E S

EVERCREST GOLF: Central Bank Seizes PHP1.2-Billion Golf Resort


S I N G A P O R E

FONG FAN: Court to Hear Wind-Up Petition on January 14
NORSKE SKOG: Creditors' Proofs of Debt Due January 29
RANESIS DEVELOPMENT: Court to Hear Wind-Up Petition on January 14
REDBACK NETWORKS: Creditors' Proofs of Debt Due January 31
SAGER ELECTRONICS: Creditors' Proofs of Debt Due January 27


X X X X X X X X


* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


ALLIED MEDICAL: Net Assets Deficiency Cues Going Concern Doubt
--------------------------------------------------------------
The Sydney Morning Herald reports that Allied Medical Group's
auditors have questioned whether the company can continue as a
going concern.

SMH says five years of Allied Medical accounts filed with the
corporate regulator in November show the administration company
has made a small loss each year it has existed.

But the long-overdue pile of paperwork only adds to the mystery
surrounding the actual performance of the 18-strong chain of
clinics, which is reportedly worth up to AU$200 million, SMH
notes.

According to SMH, Allied last attempted to file its overdue annual
reports in April 2009 but the Australian Securities and
Investments Commission refused to accept them because it wanted
further information.

Citing Allied's reports, SMH discloses that the company's yearly
losses have ranged from a few hundred dollars to a little more
than AU$2,000.

SMH relates auditor Craig Lutwyche of LDB Audit Services said in a
note that appears in each year's accounts that there is "material
uncertainty" that Allied can continue as a going concern because
it has a deficiency in net assets.

Mr. Lutwyche, according to SMH, also notes that Allied has failed
to hold a single annual meeting.  However, it is not clear that
Allied is required to hold AGMs as companies with only one member
are exempt and Trevor Thompson appears to hold all its shares.

Allied Medical Group -- http://alliedmedicalgroup.com.au--
operates medical centres across Melbourne (Victoria), Brisbane
(Queensland) and Adelaide (South Australia).


* AUSTRALIA: Banks Set to Seize Nearly 300 NSW Pubs
---------------------------------------------------
Andrew Carswell at The Daily Telegraph reports that banks are
preparing to seize the keys of as many as 300 pubs across NSW,
with at least 50 facing immediate foreclosure in the biggest
clean-out of the struggling industry since the 1991-92 recession.

The Daily Telegraph reports industry sources said the banks had
lost patience with loss-making corporations and heavily indebted
individuals who bought pubs at the height of the boom, only to see
values plummet by 40%.

According to the report, Australian Hotels Association secretary
Colin Waller said rumours sweeping the industry pointed towards
banks seizing control of 300 distressed pubs -- almost one in five
of the state's hotels -- setting the scene for the mother of all
firesales.

Sources also claim a renowned pub identity, squarely in the sights
of the big banks having amassed substantial debt, is hanging on to
his portfolio by a thread, The Daily Telegraph says.

"The grapevine is saying the banks are about to move . . . and the
rumour is there are as much as 300 hotels, which is just under 20%
(of all pubs in NSW), which could soon be placed under bank
management," The Daily Telegraph quoted Mr. Waller as saying.

The Daily Telegraph notes that the majority of pubs on the
chopping block are owned by corporations that were heavily reliant
on the pokie dollar and which bought assets at inflated prices
from 2003 and 2008.


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C H I N A
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UNIVERSAL SOLAR: Amends 10-K for 2009; Posts US$421,500 Net Loss
----------------------------------------------------------------
Universal Solar Technology, Inc., filed on December 30, 2010,
Amendment No. 1 to its annual report on Form 10-K for the fiscal
year ended December 31, 2009.

Paritz & Company, P.A., in Hackensack, N.J., expressed substantial
doubt about the Company's ability to continue as a going concern.
The independent auditors noted that the Company's current
liabilities exceeded its current assets by $4,353,215 and the
Company has incurred net loss of $925,466 since inception.

The Company reported a net loss of $421,562 on $691,713 of sales
for the year ended December 31, 2009, compared with a net loss of
$346,993 on $11,454 of sales for the year ended December 31, 2008.

The Company's balance sheet at December 31, 2009, showed
$5,495,825 in total assets, $5,852,826 in total liabilities, and a
stockholders' deficit of $357,001.

A full-text copy of the Form 10-K/A is available for free at:

               http://researcharchives.com/t/s?71bb

Based in Guangdong Province, in the People's Republic of China,
Universal Solar Technology, Inc. was incorporated in the State of
Nevada on July 24, 2007.  It operates through its wholly owned
subsidiary, Kuong U Science & Technology (Group) Ltd., a company
incorporated in Macau, P.R.C. on May 10, 2007.

The Company provides silicon ingots, wafers, high efficiency solar
photovoltaic ("PV") cells modules and other PV application
products in the EU, North America, Asia and Africa.


YUZHOU PROPERTIES: Moody's Puts 'B2' Rating on US$200 Mil. Notes
----------------------------------------------------------------
Moody's Investors Service has assigned a definitive B2 senior
unsecured bond rating on the US$200 million, 13.5%, 5-year notes
issued by Yuzhou Properties Company Limited.  The outlook on the
rating is stable.

Moody's definitive rating on this debt obligation confirms the
provisional (P)B2 rating assigned on 9 November 2010.

                         Ratings Rationale

"Yuzhou is exposed to high level of execution and financial risk
arising from its rapid growth plan, short operating history in
China's highly volatile property market, as well as the company's
high geographic and cash flow concentration risk, given its small
operating scale," says Kaven Tsang, a Moody's AVP/Analyst.

"But, Yuzhou's leading market position and quality land bank in
Xiamen may partly mitigate these challenges to some extent," says
Tsang, adding that, "The company's low-cost land bank and decent
profit margin will give it more flexibility in the event of a
market slowdown."

As the company's future growth will be partly funded by debt,
adjusted debt/capitalization will rise to around 50-55% in the
coming 1-2 years from 41.5% in June 2010.

Projected EBITDA interest coverage will stay at 4-5x for the next
2-3 years.

Yuzhou has banking facilities at several major banks in China.
But, the company still needs to extend its onshore/offshore
banking relationships and diversify its funding access to enhance
its financial flexibility, if it is to more effectively mitigate
the policy risks in China's much regulated bank market.

Yuzhou's bond rating is notched down to B2 due to the structural
and legal subordination risk arising from the amount of secured
and subsidiary debt.

The stable outlook reflects Moody's expectation that Yuzhou will
achieve moderate business growth at a stable profit margin and
maintain access to onshore bank funding for its construction work.

Yuzhou's ratings could be upgraded in the medium term if it can 1)
establish a track record of achieving its planned sales growth
with stable profit margins; 2) generates sale from a well-balanced
portfolio without concentration risk; 3) achieve a stable
financial profile without aggressive land acquisitions; or 4)
strengthen its liquidity with broadened banking relationships and
free cash supporting its scale of operations.

The credit metrics Moody's would look for are adjusted
debt/capitalization under 45-50% and EBITDA/interest coverage
above 5x.

The ratings could be downgraded if Yuzhou's financial position
deteriorates, due to 1) a weaker-than-expected sales performance;
2) aggressive developments or land acquisitions; or 3) weakened
liquidity, such that it could not support its operations.

The credit metrics that Moody's would consider for a rating
downgrade include adjusted debt/capitalization beyond 55-60% and
EBITDA/interest coverage under 2-3x.

The last rating action for Yuzhou was on 9 November 2010 when
Moody's assigned a first-time B1 corporate family rating and a
provisional (P)B2 senior unsecured bond rating to the company.

Yuzhou Properties Company Limited is a Fujian-based developer that
focuses on residential housing in Xiamen.  It has a small and
concentrated land bank (with land titles) of around 4.9 million
square meters in gross floor area in Xiamen, Fuzhou, Hefei, and
Shanghai.  Xiamen comprises around 50-55% of the land bank.


================
H O N G  K O N G
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ACME SANITARY: Borrelli and Chan Appointed as Liquidators
--------------------------------------------------------
Cosimo Borrelli and Michael Chan on December 23, 2011, were
appointed as liquidator of Acme Sanitary Engineering Company
Limited.

The liquidators may be reached at:

         Cosimo Borrelli
         Michael Chan
         Level 17, Tower 1
         Admiralty Centre
         18 Harcourt Road
         Hong Kong


BILLION FORWARD: Court to Hear Wind-Up Petition on February 16
--------------------------------------------------------------
A petition to wind up the operations of Billion Forward Industrial
Limited will be heard before the High Court of Hong Kong on
February 16, 2011, at 9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company.

The Petitioner's Solicitors are:

          Messrs. T.H. Koo & Associates
          Room A2, 15th Floor
          United Centre
          No. 95 Queensway
          Hong Kong


BOOKMAKERS (HK): Creditors' Proofs of Debt Due February 1
---------------------------------------------------------
Creditors of Bookmakers (Hong Kong) Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by February 1, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

         Yeung Mui Kwan David
         14/F, San Toi Building
         137-139 Connaught Road
         Central, Hong Kong


BRIDGESTONE CHIAO: Lai and Hauhey Step Down as Liquidators
----------------------------------------------------------
Lai Kar Yan (Derek) and Darach E. Hauhey stepped down as
liquidators of Bridgestone Chiao Fu Company Limited on Dec. 22,
2010.


BUSINESS OBJECTS: Seng and Lo Step Down as Liquidators
------------------------------------------------------
Natalia K M Seng and Susan Y H Lo stepped down as liquidators of
Business Objects Greater China Limited on December 18, 2010.


EASY REACH: Members' Final Meeting Set for February 1
-----------------------------------------------------
Members of Easy Reach Electric Motor Limited will hold their final
meeting on February 1, 2011, at 11:00 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.


EUSTON ENTERPRISES: Members' Final General Meeting Set for Feb. 11
------------------------------------------------------------------
Members of Euston Enterprises Limited will hold their final
general meeting on February 11, 2011, at 2:35 p.m., at Leve 28,
Three Pacific Place, 1 Queen's Road East, in Hong Kong.

At the meeting, Natalia K M Seng, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


EVER TWINKLE: Creditors' Proofs of Debt Due February 7
------------------------------------------------------
Creditors of Ever Twinkle Company Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by February 7, 2011, to be included in the company's dividend
distribution.

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

The company's liquidator is:

         Kevin Chung Ying Hui
         16th Floor, Ocean Centre
         Harbour City, Canton Road
         Kowloon, Hong Kong


FIBERXON (HK): Members' Final Meeting Set for February 18
---------------------------------------------------------
Members of Fiberxon (Hong Kong) Limited will hold their final
general meeting on February 18, 2011, at 11:00 a.m., at Rooms
1001-03, 10/F, Manulife Provident Funds Place, 345 Nathan Road,
Kowloon, in Hong Kong.

At the meeting, Henry Fung and Wan Ho Yuen Terence, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


FLYING TIME: Members' Final Meeting Set for February 1
------------------------------------------------------
Members of Flying Time Limited will hold their final meeting on
February 1, 2011, at 10:00 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.


SRE GROUP: Moody's Downgrades Corporate Family Rating to 'B3'
-------------------------------------------------------------
Moody's Investors Service has downgraded SRE Group Limited's
corporate family rating to B3 from B2.

At the same time, Moody's has downgraded SRE's senior unsecured
bond rating to Caa1 from B3.

Both ratings have a stable outlook.

                         Ratings Rationale

"The downgrade reflects Moody's expectation that SRE's liquidity
risk will increase over the next one or two years as SRE plans to
accelerate the development of projects, including Shanghai's
Qinhai Oasis Garden and Albany Oasis Garden, in a more challenging
property market," says Kaven Tsang, a Moody's AVP Analyst.

If the accelerated development (which includes the relocation and
resettlement of existing residents) proceeds, the resettlement and
construction expenditures will amount to RMB2-3 billion in the
next 12 months.

SRE could risk higher costs from the relocation and resettlement
program if it slows down the development program.

"The development costs plus debt refinancing well exceed SRE's
internal generated cash flow and proceeds from the proposed share
placement announced in December 2010," says Tsang, adding, "SRE's
financing risk in the next 12 months will be heightened especially
if China's bank credit policy is tightened."

"The rating downgrade is also driven by SRE's weak credit metrics
with projected EBITDA interest coverage at 1.5-2x over the next
two years," says Tsang.

SRE's B3 rating reflects its long operating history, good property
market knowledge in Shanghai, and its strong brand names, such as
Oasis Garden and Richgate.

Additionally, the rating is constrained by SRE's financial support
to China New Town Development Limited.  SRE has significant
ownership in CNTD, which does not have stable financial
performance.

SRE's senior unsecured bond rating is notched down to Caa1,
reflecting legal and structural subordination risk.

SRE's ratio of secured and subsidiary debt to total assets stood
at 25.5% in June 2010 and should remain 25-30% in 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 Moody's expectation that SRE will be
able to raise some limited funding to maintain its operations in
the near term.

The rating could be pressured for a downgrade if SRE suffers a
further decline in its balance sheet liquidity due to slow sales,
higher than expected payments for land or resettlement, or
materially weakened access to bank loans because of tighter credit
policies.

Upgrade pressure will be limited over the near term.

Moody's last rating action on SRE took place on May 4, 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.

SRE Group Limited, established in 1993 and listed on the Hong Kong
Stock Exchange in 1999, focuses mainly on mid- to high-end
residential development in Shanghai, Shenyang, and Haikou.  As of
end-2009, the company had a land bank of 3.7 million square meters
in these three cities, which is sufficient for five years of
development.

SRE also engages in primary land development in Shanghai, Wuxi,
and Shenyang through CNTD, a 61.54%-owned subsidiary listed on the
Singapore Stock Exchange as well as the Stock Exchange of
Hong Kong.  CNTD has a total site area of around 35.4 sq km.


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AIR INDIA: Posts INR21.66cr Cash Profit in November 2010
--------------------------------------------------------
The Hindu reports that Air India has posted cash profit of
INR21.66 crore in November 2010, a record in recent times for the
cash-strapped national carrier.

According to the Hindu, Air India said on Monday that it was
largely possible due to significant improvement in efficiency
parameters, coupled by better yield management strategies and a
growing number of passengers showing faith in the national
carrier.

Another significant indicator was that Air India's network
reported that 108 of the 194 flights during November 2010 raked in
cash profits, an unusual feat for the carrier in recent times, The
Hindu says.

"The peak season for air travel would continue and our employees'
commitment to meet the challenge is evident," said Mr. Arvind
Jadhav, CMD, Air India, while reiterating the fact the Rs 1200
crore fresh equity infusion by the government has helped
strengthen the employees' morale.

The Hindu discloses that during the period April-November 2010,
Air India recorded network revenue of INR7,250 crore as compared
to the revenue of INR5,911 crore achieved during the corresponding
period of the previous year, thus showing a growth of 22.6%.

Out of the total network revenue, says The Hindu, INR4,401 crore
was recorded on international flights as compared to INR3,801
crore in the same period in previous year, showing a gain of
15.8%.  Network revenue on domestic flights jumped 35%, from
INR2,110 crore in April-November 2009 to INR2,849 crore in April-
November 2010, the Hindu added.

                            About Air India

Air India -- http://www.airindia.com/-- transports passengers
throughout India and to more than 40 destinations throughout the
world.  Affiliate Air India Express operates as a low-fare
carrier, mainly between India and destinations in the Middle East,
and Air India Cargo provides freight transportation.  The
government of India has merged Air India with another state-
controlled carrier, Indian Airlines, which has focused on domestic
routes.  The combined airline, part of a new holding company
called National Aviation Company of India, uses the Air India
brand.  The new Air India and its affiliates have a fleet of more
than 110 aircraft altogether.

                           *     *     *

The Troubled Company Reporter-Asia Pacific, citing the Hindustan
Times, reported on June 19, 2009, that Air India has been bleeding
cash due to excess capacity, lower yield, a drop in passenger
numbers, an increase in fuel prices and the effects of the global
slowdown.  The carrier incurred net losses of INR2,226.16 crore in
2007-08 and INR5,548 crore in 2008-09.  Air India is estimated to
have lost INR54 billion in the fiscal year ended March 31, 2010,
according to The Wall Street Journal.

The TCR-AP, citing livemint.com, reported on July 27, 2010, that
Air India unveiled a turnaround plan that envisages the airline
reaching operational break-even and wiping out the INR14,000 crore
of accumulated losses and INR18,000 crore of debt on its balance
sheet by 2014-15.  The plan includes raising its fleet strength to
as many as 275 planes in five years from 148 now.  Air India
Chairman and Managing Director Arvind Jadhav said the new 100-page
turnaround plan for 2010-14, which ruled out any job cuts or wage
reductions and, was approved by the board and would be adopted
after incorporating suggestions by representatives of the
airline's 33,500 employees.


BERAR FINANCE: Fitch Assigns 'BB+' National Long-Term Rating
------------------------------------------------------------
Fitch Ratings has assigned India's Berar Finance Limited's
INR120 million bank loans a National Long-term rating of
'BB+(ind)'.

Berar's ratings reflect its high credit risk in financing two-
wheeler vehicles, limited funding options, considerable geographic
concentration, small size, evolving systems & processes and high
growth targets.  The ratings also take into account Berar's
reasonable capitalization and long profitability track record.

Berar has maintained low delinquencies in its two-wheeler
financing portfolio (non-performing assets: FY10: 3.1%; FY09:
2.6%) primarily on account of strong local knowledge.  However,
maintaining the asset quality will remain a key challenge
especially in the light of high growth targets, expansion in
relatively unfamiliar territories and evolving systems &
processes.  Its NPA provision coverage of about 16% (FY10) remains
low and may require to be stepped up.

The company's funding flexibility remains limited in view of
single banking relationship for loans and regulatory constraints
on quantum of deposits it can raise.  However, Berar has raised
redeemable non-convertible debentures and also used securitization
to avail funding.

Berar's profitability remains strong, driven by wider net interest
margins (FY10: around 19%) primarily on account of higher yields
on advances and lower credit costs (FY10: 0.8% of assets).  Almost
50% of the company's portfolio comprises financing in rural areas
where the competition is less, thus generating higher yields.  As
the company increases its urban advance portfolio, the yields are
expected to come down, yet still remain at an elevated level.

Berar's capitalization remains reasonable in view of the riskier
nature of its business.  Its capital adequacy ratio remains
significantly higher (FY10: 34%, FY09: 32%) than the minimum
regulatory requirement of 15%, aided by strong internal accruals.

A significant deterioration in Berar's asset quality or
profitability may trigger a rating downgrade.  Although less
likely over the short-term, an upgrade of Berar's ratings would
depend on the company's ability to maintain a steady track record
on the operations side, as well as on greater access to funding
and equity while expanding its franchise.

Berar is a Nagpur-based non-banking financial company, primarily
involved in the financing of two wheelers.  It was set up as a
private limited company and subsequently converted into a public
limited company in 1993 (though non-listed).  The company is
registered as an asset finance company with the Reserve Bank of
India.


BRILLIANT BIO: CRISIL Assigns 'B-' Rating to INR167MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'B-/Negative/P4' ratings to the bank
facilities of Brilliant Bio Pharma Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR10.00 Million Cash Credit       B-/ Negative (Assigned)
   INR167.00 Million Term Loan        B-/ Negative (Assigned)
   INR198.00 Million Proposed LT      B-/ Negative (Assigned)
              Bank Loan Facility

   INR20.00 Million Packing Credit/   B-/ Negative (Assigned)
                 Bill Discounting

   INR30.00 Million Letter of Credit  P4 (Assigned)
   INR5.00 Million Bank Guarantee     P4 (Assigned)

The ratings reflect the expected deterioration in BPPL's moderate
financial risk profile, in particular its already weak liquidity,
on account of large working capital requirements and capital
expenditure (capex) plans vis-a-vis small cash accruals, and the
small scale of the company's operations.  The weaknesses are
offset by the extensive experience of BPPL's promoters, its
established customer relations, as well as the healthy growth
prospects of the foot and mouth diffused (FMD) vaccine
manufactured by BPPL.

Outlook: Negative

CRISIL believes that BBPL's financial risk profile and liquidity
may weaken over the medium term, given its large, debt-funded
capex plans and highly working-capital-intensive operations. The
rating may be downgraded if the company's liquidity deteriorates
steeply.  Conversely, the outlook may be revised to 'Stable' if
the company reports a significant and sustained increase in its
cash accruals, thereby leading to improvement in its liquidity.

                        About Brilliant Bio

Set up in 1988, BBPL manufactures veterinary vaccines and
medicines.  BBPL is part of the TG Venkatesh Group, which has a
presence in various businesses including chemicals, aquaculture,
salt manufacturing, power, health care, hospitality, personal care
products and information technology.

BBPL is managed by Mr. T G Venkatesh's (group founder's) daughter,
Mrs. B Mourya, who is currently the company's chairperson and
director. The company's products include anti-rabies vaccines,
bacterial vaccines, and the FMD vaccine. The company also
manufactures various medicines such as anthelmentics, flucticides,
ectoparasiticide, minerals and nutritional supplements.

Around 75% of BBPL's revenues in 2009-10 (refers to financial
year, April 1 to March 31) were generated from vaccine sales; the
remainder was generated from veterinary medicine sales.  BBPL was
recently granted a license to manufacture the FMD vaccine under
its brand name of 'FUTVAC' from the Indian Veterinary Research
Institute. BBPL has set up a facility with manufacturing capacity
of 10 million vaccine doses per annum.  The company has its
manufacturing unit at Pashamylaram (Andhra Pradesh).

BPPL reported a profit after tax (PAT) of INR4.8 million on an
operating income of INR93.2 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR2.8
million on an operating income of INR72.4 million for 2008-09.


CADDIE HOTELS: CRISIL Assigns 'BB+' Rating to INR4.94BB Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable' rating to the term loan
facility of Caddie Hotels Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR4.94 Billion Term Loan         BB+ /Stable (Assigned)

The rating reflects Caddie's exposure to implementation-related
risks in its ongoing project, and susceptibility to downturn and
intense competition in the hospitality industry.  These rating
weaknesses are partially offset by strong operational and
financial support that Caddie receives from the InterGlobe
Enterprises group, Caddie's location advantage, and the
longstanding experience of the project's operation and management
entity as well as joint venture (JV) partner, the Accor group.

Outlook: Stable

CRISIL believes that Caddie will benefit over the medium term from
the operational and funding support from the InterGlobe
Enterprises group.  However, the company will remain exposed to
project implementation risks, especially time and cost overruns,
over the near term.  The outlook may be revised to 'Positive' if
Caddie completes its ongoing project on time, without contracting
more than expected debt. Conversely, the outlook may be revised to
'Negative' if Caddie faces any significant delay in completing its
project or contracts more-than-expected debt for funding the
project.

                        About Caddie Hotels

Caddie, incorporated in March 2008, is a 50:50 JV between the
InterGlobe Enterprises group (owned by Mr. Rahul Bhatia and his
father, Mr. Kapil Bhatia) and Accor Hotels (through AAPC Singapore
Pte Ltd).  Caddie has been formed for setting-up two hotels in New
Delhi on a plot of land licensed by Delhi International Airport
Pvt Ltd (DIAL).  The plot of land is part of 62.5 acres of land
allotted by DIAL for developing hotels.  The upcoming hotels are
located very close to Indira Gandhi International Airport (IGI);
the hotels are under the brands Pullman (five-star luxury hotel)
and Novotel (five-star business hotel), with 270 and 400 rooms
respectively.

The total project cost is about INR8.2 billion, funded in a debt-
to-equity ratio of 1.5:1, with significant part of equity infused
upfront. The project is expected to commence commercial operations
by August 2012.  The InterGlobe Enterprises group and Accor Hotels
have signed exclusive agreements for development of the Ibis brand
of hotels in India under a separate entity InterGlobe Hotels Pvt.
Ltd.  They are also developing hotels under other brands of Accor
Hotels through different special-purpose vehicles (SPVs).
Recently, the InterGlobe Enterprises group and Accor Hotels signed
a shareholders cum share-purchase agreement with a private equity
(investor) player, Pacifica Partners (75% owned by an affiliate of
GIC Real Estate Pte Ltd, the real estate arm of the Government of
Singapore, and 25% by Host Hotels & Resorts Inc, USA) for transfer
of 34.27% of their equity ownership in four SPVs (including
Caddie) to the private investor for about INR2.5 billion for
developing seven hotels. The dilution of equity ownership will be
undertaken by creating a holding company for four SPVs and
diluting ownership in the holding company. The amount raised will
be utilized for funding the remaining equity portion of these
SPVs.  This infusion will meet the entire equity funding
requirement for the projects.


IND TOB: CRISIL Assigns 'BB' Rating to INR90MM Rupee Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Ind Tob International Pvt Ltd, part of the Ethnic
group.

   Facilities                         Ratings
   ----------                         -------
   INR50.0 Million Cash Credit        BB/Stable (Assigned)
   INR130.0 Million Cash Credit       BB/Stable (Assigned)
   INR90.0 Million Rupee Term Loan    BB/Stable (Assigned)
   INR10.0 Million Proposed LT        BB/Stable (Assigned)
            Bank Loan Facility
   INR20.0 Million Letter of Credit   P4+ (Assigned)

The ratings reflect the Ethnic group's average financial risk
profile, on account of large working capital requirements and
debt-funded capital expenditure (capex), lower profitability than
that of some of its larger peers, its susceptibility to adverse
regulatory changes, and vulnerability of its export receivables to
volatility in the value of the Indian rupee.  These rating
weaknesses are partially offset by the healthy business prospects
for Indian tobacco traders, professional experience of the group's
senior management, and the extensive experience of its promoters
in the tobacco industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of ITIPL, Ethnic Tobacco (India) Ltd
(ETIL, rated 'BB/Stable' by CRISIL), Ethnic Argos Ltd (EAL,
'BB/Stable'), and Ethnic Spices Pvt Ltd, collectively referred to
as the Ethnic group.  This is because of significant operational,
management, and financial linkages among the group entities.

Outlook: Stable

CRISIL believes that the Ethnic group will maintain steady revenue
growth over the medium term, supported by increasing demand for
Indian tobacco in the global market.  The outlook may be revised
to 'Positive' if the Ethnic group's turnover and operating profit
increase substantially, leading to improvement in its business
risk profile, or if operations at its threshing plant stabilize,
resulting in lower offtake risks.  Conversely, the outlook may be
revised to 'Negative' if equity infusion into the group is lesser
than expected, the group contracts sizeable debt to fund its
capex, or its turnover or profitability reduces considerably,
weakening its financial risk profile. Any significant delays in
stabilisation of operations at its threshing plant may also lead
to a revision in the outlook to 'Negative'.

                          About the Group

ETIL, based in Guntur (Andhra Pradesh), was established in January
2006 by Mr. T Venkata Rao and his brother, Mr. T Murali Mohan.
ETIL trades in un-manufactured tobacco and is setting up a
threshing plant which is expected to commence commercial
operations in January 2011.  EAL was incorporated as a private
limited company in September 2006 and was later reconstituted as a
public limited company.  EAL is into trading in un-manufactured
tobacco, and ginning of, and trading in, cotton lint.

ESPL, incorporated in 2006, was set up to trade in spices, but
currently trades only in un-manufactured tobacco. The company
commenced its operations in 2009-10 (refers to financial year,
April 1 to March 31).

ITIPL was incorporated in 2010-11; it also trades in un-
manufactured tobacco.

All the four companies are promoted by the Mr. T Venkata Rao and
Mr. T Murali Mohan.

The Ethnic group reported a profit after tax (PAT) of INR50.5
million on net sales of INR1.4 billion for 2009-10 against
reported PAT of INR11.6 million on net sales of INR666.4 million
for 2008-09.


KAMDHENU & COMPANY: CRISIL Assigns 'BB-' Rating to INR50MM Debt
---------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to Kamdhenu &
Company's bank facilities.

   Facilities                          Ratings
   ----------                          -------
   INR50.0 Million Cash Credit         BB-/Stable (Assigned)
   INR30.0 Million Letter of Credit    P4+ (Assigned)

The ratings reflect Kamdhenu's below-average financial risk
profile, marked by small net worth and stretched capital
structure, and short track record of operations.  These rating
weaknesses are partially offset by Kamdhenu's efficient inventory
management.

Outlook: Stable

CRISIL believes that Kamdhenu will benefit from its moderate
interest coverage ratio, over the medium term. The rating may be
revised to 'Positive' if the firm's capital structure and debt
servicing ability improve substantially, backed by healthy cash
accruals or significant equity infusion.  Conversely, the rating
may be revised to 'Negative' if Kamdhenu's working capital
requirements increase significantly, leading to pressure on the
firm's debt protection metrics.

Kamdhenu was set up in 2006 as a partnership firm, with Mr. Prem
Kumar Agarwal and Mr. Naresh Kumar Agarwal as partners.  It trades
in edible oils including sunflower oil, soybean oil, rice bran
oil, and palm oil.  The Andhra Pradesh-based firm procures oil
from refineries in the region, and sells to oil retailers, re-
packers, and re-sellers in Andhra Pradesh, Maharashtra, and
Karnataka through brokers.

Kamdhenu reported a profit after tax (PAT) of INR4.4 million on
net sales of INR583.4 million for 2009-10 (refers to financial
year, April 1 to March 31) against a PAT of INR0.7 million on net
sales of INR356.7 million for 2008-09.


KUNDIL INFRASTRUCTURE: CRISIL Cuts Rating on INR90MM Loan to 'D'
----------------------------------------------------------------
CRISIL has downgraded its rating on the bank facility of Kundil
Infrastructure Company Ltd, part of the Kundil group, to 'D' from
'C'.

   Facilities                          Ratings
   ----------                          -------
   INR90.0 Million Long-Term Loan      D (Downgraded from 'C')

The rating downgrade reflects delays in servicing of debt by KICL;
repayment of its term loan installments commenced in April 2010.
The delays have been caused by the KICL's weak liquidity, as the
company has not generated any cash accruals.  This is because KICL
has not yet completed the implementation of its railway siding
project.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of KICL, Kundil Sponge Iron Ltd (Kundil
Sponge, manufactures sponge iron), Kundil Alloys Pvt Ltd and
Mandavi Metals (both manufacture mild-steel ingots), and Kundil
Rolling Mills Pvt Ltd and Kundil Ispat Ltd (both manufacture
thermo-mechanically treated bars). This is because these entities,
herein collectively referred to as the Kundil group, have fungible
cash flows, and common promoter and management.

                          About the Group

The Kundil group is a family-run business, promoted by Mr. Surajit
Baruah. The group is managed by Mr. Surajit Baruah and Mr. Vijay
Kashyap (executive director).  KICL was set up in 2005.  The
company is setting up a railway siding, with approved carriage
capacity of 1 million tonnes; of this, around 100,000 tonnes will
be used for Kundil Sponge's requirements and the rest will be let
out.


PUNJAB RICELAND: CRISIL Reaffirms 'BB-' Rating on INR50MM Debt
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Punjab Riceland Pvt Ltd
continue to reflect PRPL's weak financial risk profile, marked by
a small net worth, a high gearing, and weak debt protection
metrics, large working capital requirements, and small internal
accruals.

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

The ratings also factor in PRPL's exposure to risks related to
volatility in raw material prices, customer concentration in
revenue profile, vagaries of monsoon, and adverse regulatory
changes.  These rating weaknesses are partially offset by PRPL's
strong growth in operating income and the benefits that the
company derives from its promoters' extensive experience in the
rice exports industry, and its established relationships with its
customers.

Outlook: Stable

CRISIL believes that PRPL's financial risk profile will remain
weak over the medium term because of large working capital
requirements, small net cash accruals, and weak debt protection
metrics.  The outlook may be revised to 'Positive' if PRPL's
capital structure improves significantly, most likely through
fresh equity infusion or increase in cash accruals.  Conversely,
further deterioration in the company's capital structure or
pressure on profitability may lead to a revision in the outlook to
'Negative'.

Update:

For 2009-10 (refers to financial year, April 1 to March 31),
PRPL's revenues declined to INR1.54 billion, from INR1.80 billion
in 2008-09, mainly because of slowdown in orders from key buyers.
The company's profitability continues to remain low, even though
PRPL's operating margin improved slightly to 1.8% in 2009-10 from
1.6% in 2008-09 because of inventory gain. PRPL's financial risk
profile continues to be weak marked by a small net worth and a
high gearing, which are expected to remain at the same levels over
the medium term.

PRPL reported a profit after tax (PAT) of INR6.0 million on an
operating income of INR1.5 billion for 2009-10, against a PAT of
INR6.0 million on an operating income of INR1.8 billion for 2008-
09.

                         About Punjab Riceland

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


R.L. CONSTRUCTION: CRISIL Assigns 'C' Rating to INR15MM Cash Debt
-----------------------------------------------------------------
CRISIL has assigned its 'C/P4' ratings to R.L. Construction's bank
facilities.

   Facilities                        Ratings
   ----------                        -------
   INR15 Million Cash Credit         C (Assigned)
   INR60 Million Bank Guarantee      P4 (Assigned)

The ratings reflect past delays by RLC in servicing its hire-
purchase loan obligations; the ratings also reflect RCPL's large
working capital requirements resulting in pressures on liquidity,
and exposure to risks related to geographical and segmental
concentration in its revenue profile.  These rating weaknesses are
partially offset by experience of RLC's promoters in the civil
construction industry.

R.L. Construction, based in Silchar (Assam), was set up as a
partnership firm by three friends, Mr. Gouranga Paul, Mr. Mukul
Paul, and Mr. Nirmal Banik in 1999.  The firm is a Class A+ civil
contractor and undertakes civil construction projects for the
Indian Railways, primarily North Eastern Railway.  RLC undertakes
earthwork, construction of side drains, site development,
strengthening of bridges, and construction of minor bridges. The
firm bids for tenders issued by the North Eastern Indian Railways.

RLC reported a profit after tax (PAT) of INR13 million on net
sales of INR245 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR8 million on net sales
of INR155 million for 2007-08.


RAHUL ELECTRONIC: CRISIL Assigns 'B+' Rating to INR8.4MM Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of Rahul Electronic Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR50.0 Million Cash Credit       B+/Stable (Assigned)
   INR8.4 Million Long Term Loan     B+/Stable (Assigned)
   INR1.6 Million Letter of Credit   P4 (Assigned)

The ratings reflect REPL's weak financial risk profile, marked by
small net worth, and weak debt protection metrics and capital
structure.  This weakness is partially offset by the extensive
experience of REPL's promoters in the electronic goods retailing.

Outlook: Stable

CRISIL believes that REPL will benefit over the medium term from
its established market presence and the extensive experience of
its promoters in electronic goods retailing.  The outlook may be
revised to 'Positive' in case of significant increase in revenues
and accruals while maintaining its debt protection metrics.
Conversely, the outlook may be revised to 'Negative' in case the
company suffers deterioration in its debt protection metrics due
to drop in profitability or if the company undertakes a larger-
than-expected debt-funded capital expenditure programme.

                      About Rahul Electronic

REPL was promoted by Mr. Manoharlal Mulchandani in 1997.  The
company retails electronic goods such as television sets,
refrigerators, and washing machines.  The company has four
showrooms and one warehouse in Western Mumbai.  The company deals
in products of reputed brands like LG, Samsung and Sony.

REPL reported a profit after tax (PAT) of INR1.3 million on net
sales of INR 296.8 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR0.2 million on net sales
of INR230.5 million for 2008-09.


ROSE GEMS: CRISIL Reaffirms 'P4+' Rating on INR60MM Packing Credit
------------------------------------------------------------------
CRISIL's rating on the bank facilities of Rose Gems continue to
reflect Rose Gems' weak financial risk profile marked by a small
net worth and weak debt protection indicators, and working-
capital-intensive, and small scale of, operations in the diamond
industry. These rating weaknesses are partially offset by the
firm's promoters' experience in the diamond industry.

   Facilities                                 Ratings
   ----------                                 -------
   INR60.0 Million Packing Credit             P4+ (Reaffirmed)
   INR158.0 Mil. Export Bill Rediscounting    P4+ (Reaffirmed)
   INR147.0 Million Proposed Short-Term Bank  P4+ (Reaffirmed)
                               Loan Facility


Update

Rose Gems has reported, on provisional basis, a healthy increase
of 30% in revenues for 2009-10 (refers to financial year, April 1
to March 31); its revenues are expected to increase by more than
20% in 2010-11, supported by the healthy demand from the gems and
jewellery industry.  The firm continues to have large working
capital requirements, reflected in its high gross current asset
level of more than 9 months as on March 31, 2010.  The bulk of the
working capital requirements are met by the firm's high inventory
and debtor levels. Debtor level has been in the range of three to
four months in the past and was more than three months as on
September 30, 2010. Inventory level was more than four months as
on September 30, 2010. The firm has been meeting the bulk of its
working capital requirements through debt. Its bank lines were
utilised at an average of 85% over the past six months. Rose Gems
reported a profit after tax (PAT) of INR15.5 million on net sales
of INR537.0 million for 2009-10, against a PAT INR5.9 million on
net sales of INR413.9 million for 2008-09.

                           About Rose Gems

Rose Gems, a partnership firm set up in 1997, manufactures and
sells rough and polished round diamonds. Headquartered in Mumbai,
the firm's manufacturing unit is in Surat (Gujarat).


SANGAM STRUCTURALS: CRISIL Assigns 'BB+' Rating to INR85MM Debt
---------------------------------------------------------------

CRISIL has assigned its 'BB+/Stable/P4+' ratings to Sangam
Structurals Ltd's bank facilities.

   Facilities                          Ratings
   ----------                          -------
   INR85.0 Million Cash Credit Limit   BB+/Stable(Assigned)
   INR100.0 Million Bank Guarantee     P4+(Assigned)

The ratings reflect SSL's deteriorating business profile and
tender-based nature of business following business restructuring
in the last three years, and the small scale of operations.  These
rating weaknesses are partially offset by the comfortable
financial risk profile and established client base in the
transmission tower segment.

Outlook: Stable

CRISIL believes that SSL will maintain its credit risk profile
over the medium term on the back of comfortable financial risk
profile. The outlook may be revised to 'Positive' if SSL registers
higher-than-expected growth in revenues, leading to increase in
the company's scale of operations. Conversely, the outlook maybe
revised to 'Negative' if the company undertakes a large debt-
funded capital expenditure programme, leading to deterioration in
its financial risk profile or increase in working capital
requirements.

                      About Sangam Structurals

Incorporated in 1991, SSL manufactures transmission towers, with
capacity of 12,000 tonnes per annum at its plant in Allahabad
(Uttar Pradesh). The company earlier manufactured light steel and
heavy steel sections. However, the light steel division was
transferred to a group company, Sisco Industries Ltd, in 2007-08
(refers to financial year, April 1 to March 31), as part of family
realignment. Further, the operations of the furnace division,
which produced the heavy steel sections that were consumed for the
production of transmission towers in SSL, were discontinued in
2008-09.

SSL reported a net loss of INR9.7 million on net sales of INR245
million for 2009-10, against a profit after tax (PAT) of INR9.2
million on net sales of INR478 million for 2008-09. The turnover
declined due to closure of the furnace division and losses were
also on account of loss on sale of this division.


SHREE KEDARNATH: CRISIL Downgrades Rating on INR814.6M Loan to 'D'
------------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Shree Kedarnath Sugar and Agro Products Ltd to 'D' from 'C'.

   Facilities                     Ratings
   ----------                     -------
   INR300 Million Cash Credit     D (Downgraded from 'C')
   INR814.6 Million Term Loan     D (Downgraded from 'C')
   INR275 Million Proposed LT     D (Downgraded from 'C')
                Bank Facility

The downgrade reflects instances of delays by SKSAPL in servicing
its term loans.  The delays are on account of the company's weak
liquidity arising from delays in completion of its integrated
sugar mill project.

SKSAPL has a weak financial risk profile, mainly driven by
substantial debt, and low cash accruals because of the start-up
nature of its operations.  The ratings also reflect SKSAPL's
exposure to regulatory risks, and expected large working capital
requirements. These weaknesses are partially offset by SKSAPL's
expected strong operating efficiency, backed by the company's
wholly integrated operations, and promoters' industry experience.

                       About Shree Kedarnath

SKSAPL was set up in 2001 as Sri Sai Deep Sagar and Agro Products
Pvt Ltd.  The company got its current name after it was acquired
by Mr. Vikramsinh Aparadh in February 2006.  SKSAPL has a fully
integrated plant for manufacturing sugar (with a cane-crushing
capacity of 3500 tonnes per day), ethanol (60 kilolitres per day),
and a cogeneration plant (capacity of 18 megawatts per hour).  The
Government of Karnataka has granted SKSAPL access to 60,000 acres
for procurement of sugarcane, of which, 22,000 acres are under
cultivation at present. SKSAPL commenced operations on January 31,
2009, after significant delays.  Its co-generation plant has
recently commenced operations and ethanol plant is yet to commence
operation. SKSAPL's associate company, VH Aparadh Hotels Pvt Ltd,
has extended corporate guarantees to all of SKSAPL's bank
facilities.


T B S MINES: CRISIL Assigns 'B' Rating to INR80MM Cash Credit
-------------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to the cash credit
facility of T B S Mines & Minerals Pvt Ltd, part of the TBS group.

   Facilities                       Ratings
   ----------                       -------
   INR80.00 Million Cash Credit     B/Stable (Assigned)

The rating reflects the TBS group's below-average financial risk
profile marked by low net worth and poor debt protection metrics,
susceptibility to volatility in prices of iron ore and to adverse
regulatory changes in the iron-ore industry.  These rating
weaknesses are partially offset by the group's diversified revenue
profile and established business partners.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of TBSMMPL and TBS Logistics, together
referred to as the TBS group.  This is because both entities are
in related businesses with a common management, and have fungible
funds.

Outlook: Stable

CRISIL believes that the TBS group will maintain stable credit
risk profile on back of its revenue stream from mining and mining
contract activities in Maharashtra and Andhra Pradesh.  The
outlook may be revised to 'Positive' in case of a significant and
sustainable improvement in the group's revenues and profitability,
possibly due to favorable developments in the mining operations in
Karnataka.  The outlook may be revised to Negative if the group's
cash accruals decline more than expected because of the ban on
export of iron ore from Karnataka, or if the group undertakes a
large debt-funded capital expenditure programme.

                          About TBS Group

The TBS group is promoted by Mr. Suresh Solanki.  TBSL, a
proprietorship firm, commenced operations in 2003 and is into
providing logistics services for iron-ore traders and exporters in
Bellary. The firm owns a railway siding in Bellary.  The firm is
also into trading in iron ore. TBSMMPL, incorporated in 2009-10
(refers to financial year, April 1 to March 31), is into trading
in iron ore, mainly in Bellary.  The company also undertakes
mining contacts for rare earth metals in Andhra Pradesh (AP).  The
TBS group recently acquired Tawakkal Stores, which owns an iron-
ore mine in Maharashtra's Gadchiroli District.  The group started
mining contract activities in AP and mining activities in
Maharashtra in 2010-11.

The TBS group reported a profit after tax (PAT) of INR41.2 million
on net sales of INR1.05 billion for 2009-10, against a PAT of
INR30.1 million on net sales of INR1.11 billion for 2008-09.


TOOLFAB ENGINEERING: CRISIL Places 'B+' Rating to INR138MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of Toolfab Engineering Industries Pvt Ltd.

  Facilities                          Ratings
   ----------                         -------
   INR138.00 Million Term Loan        B+/Stable (Assigned)
   INR65.00 Million Cash Credit       B+/Stable (Assigned)
   INR9.00 Million Standby Line       B+/Stable (Assigned)
                      of Credit
   INR8.00 Million Letter of Credit   P4 (Assigned)
   INR15.00 Million Bank Guarantee    P4 (Assigned)

The ratings reflect TEIPL's large working capital requirements,
and exposure to risks related to geographical and customer
concentration in revenue profile.  These weaknesses are partially
offset by the extensive experience of the company's promoters in
the wind power engineering industry, and TEIPL's moderate
financial risk profile marked by healthy debt protection metrics
and a moderate gearing.

Outlook: Stable

CRISIL believes that TEIPL will continue to be benefit over the
medium term from its experienced management and established
customer relationships.  The outlook may be revised to 'Positive'
if the company's financial risk profile improves, while increasing
its scale of operations and maintaining its profitability.
Conversely, the outlook may be revised to 'Negative' if TEIPL's
financial risk profile deteriorates, particularly the company's
liquidity and capital structure, most likely because of lower-
than-expected cash accruals, delays in realization of receivables,
or larger-than-expected debt-funded capital expenditure.

                     About Toolfab Engineering

Set up in 1972 at Trichy (Tamil Nadu) as a partnership firm, TEIPL
was acquired by Mr. Madan Mohan in 1995, and was reconstituted as
a private limited company in 2004.  TEIPL undertakes engineering
and fabrication work for windmill towers, boiler pressure parts,
and mining equipment. Its clientele include Suzlon Towers and
Structures Ltd, Regen Powertech (P) Ltd, Win Wind Power Energy Pvt
Ltd, Lietner Shriram Manufacturing Ltd, Neyveli Lignite
Corporation Ltd (rated 'AAA/Stable/P1+' by CRISIL), and Bharat
Heavy Electricals Ltd (rated 'AAA/Stable/P1+' by CRISIL).

TEIPL reported a profit after tax (PAT) of INR20 million on net
sales of INR379 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR9 million on net sales
of INR231 million for 2008-09.


VARNI GEMS: CRISIL Reaffirms 'P4+' Rating on INR120MM Bank Debt
---------------------------------------------------------------
CRISIL's rating on the bank facilities of Varni Gems continues to
reflect Varni's average financial risk profile marked by small net
worth, weak debt coverage indicators, and working-capital-
intensive, and small scale of, operations in the diamond industry.
These weaknesses are partially offset by the firm's promoters'
experience in the diamond industry.

   Facilities                        Ratings
   ----------                        -------
   INR120.0 Million Packing Credit   P4+ (Reaffirmed)

Update

Following a decline in sales in 2008-09 (refers to financial year,
April 1 to March 31), Varni's sales increased in 2009-10 by a
healthy 49%, supported by growth in demand in the gems and
jewellery industry. In 2010-11, the firm's sales are expected to
increase by more than 50% from the previous year's level. The firm
continues to have a healthy debtor profile of less than two months
(as on September 30, 2010). However, its inventory level remains
high, at more than four months (as on September 30, 2010);
nevertheless, a part of the inventory cost is supported by the
high credit period of three to four months that the firm gets from
its creditors.  Varni depends on bank borrowings to fund its
working capital requirements, as regular capital withdrawal by
then partners has prevented the firm from utilizing its internal
accruals; its bank limits were utilized at an average of 77% over
the past six months.

                           About Varni Gems

A partnership firm set up in 1999, Varni manufactures and exports
polished, round diamonds.  The firm is headquartered in Mumbai,
and has two manufacturing units, one each in Surat and Bhavnagar
(both in Gujarat).

Varni reported a profit after tax (PAT) of INR12.0 million on net
sales of INR308.8 million for 2009-10, against a PAT of INR2.0
million on net sales of INR207.9 million for 2008-09.


VARRON ALUMINIUM: CRISIL Assigns 'B+' Rating to INR570MM LT Loan
----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to Varron Aluminium Pvt
Ltd's bank facilities.  The rating reflects VAPL's exposure to
risks related to implementation and stabilisation of its new plant
in Ratnagiri (Maharashtra) and offtake risk.  These rating
weaknesses are partially offset by experience of VAPL's promoters
in the forgings and castings industry.

   Facilities                          Ratings
   ----------                          -------
   INR570.0 Million Long-Term Loan     B+/Stable (Assigned)
   INR180.0 Million Proposed LT        B+/Stable (Assigned)
             Bank Loan Facility

Outlook: Stable

CRISIL believes that VAPL will continue to benefit from the
extensive experience of its promoters in the forgings and castings
industry and their established relationships with reputed original
equipment manufacturers (OEMs).  The outlook may be revised to
'Positive' if VAPL commissions the project on time and reports
higher-than-expected capacity utilization, leading to a
significant improvement in its debt protection metrics.
Conversely, the outlook may be revised to 'Negative' in case of
significant time and cost overruns in the project, weakening its
ability to service its debt obligations.

                       About Varron Aluminium

Promoted by Mr. Shrikaant Sawaiikar, VAPL manufactures alloy- and
aluminium-based ingots, aluminium castings, and steel forgings
which are used in automotive components and forgings.  VAPL, with
expected capacity of around 25000 tonnes per annum (tpa) for
ingots and 15,000 tpa for castings is expected to cater to the
aluminium castings and forgings requirements of VIL's existing
customers.  The plant is being set up in Ratnagiri, Maharashtra.
VAPL's project cost is estimated at around INR900 million, and the
project is around 60% complete and is expected to commence
commercial operations in the first quarter of 2011-12.

Mr. Sawaiikar has experience in castings and forgings industry
through his family business Sangli Forging and Metal Industries
Pvt Ltd (Sangli Forging).  Apart from VAPL, he has also promoted
Varron Industries Ltd (VIL) which manufactures and sells aluminium
and aluminium-based alloy ingots.  VIL's unit located at Pune has
a total capacity of 22,000 tonnes per annum (tpa).  It supplies
its output to auto-ancillary companies such as Jaya Hind
Industries Ltd, Bajaj Auto Ltd (Bajaj Auto, CRISIL rated
'AAA/FAAA/Stable/P1+'), and Tata Motors Ltd (Tata Motors, CRISIL
rated 'AA-/Stable/P1+').


VEETEE FINEL: CRISIL Reaffirms 'B-' Rating on INR320MM Term Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Veetee Fine Foods Ltd
continue to reflect VFFL's weak financial risk profile, small
scale of operations, large working capital requirements, and
susceptibility to uneven rainfall (with respect to raw material
availability) and to adverse regulatory changes.  These weaknesses
are partially offset by the benefits that VFFL derives from the
healthy growth prospects for the rice industry.

  Facilities                             Ratings
   ----------                             -------
   INR355.0 Million Cash Credit Limit     B-/Stable (Reaffirmed)
   INR320.0 Million Term Loan             B-/Stable (Reaffirmed)
   INR1325.0 Million Pre-Shipment         P4 (Reaffirmed)
      Credit/Post-Shipment Credit

Outlook: Stable

CRISIL believes that VFFL will maintain its business risk profile
over the medium term, supported by its promoters' industry
experience and its healthy relationships with customers and
suppliers.  The company's financial risk profile is expected to
remain weak over the medium term because of its working capital-
intensive operations.  The outlook may be revised to 'Positive' if
VFFL's financial risk profile and liquidity improves.  Conversely,
the outlook may be revised to 'Negative' if a steep decline in
VFFL's profitability leads to further deterioration in its
financial risk profile or its liquidity deteriorates further.

Update

VFFL's business and financial risk profiles in 2009-10 (refers to
financial year, April 1 to March 31) have been in line with
CRISIL's expectations. VFFL does not have any sizeable capital
expenditure (capex) plan for the medium term. Hence, the company's
business and financial risk profiles are expected to remain stable
over this period.

VFFL reported a profit after tax (PAT) of INR23.80 million on net
sales of INR3.17 billion for 2009-10, against a PAT of INR21.20
million on net sales of INR3.23 billion for 2008-09.

                          About Veetee Fine

VFFL was incorporated in 1992 under the Veetee group as a wholly
owned subsidiary of Veetee India Holding Corp. VFFL produces raw
and parboiled white and brown rice, and caters to both the export
and domestic markets. The company entered the ready-to-eat (RTE)
packaged food segment in 2006-07. The company's plant in Sonepat
(Haryana) has an integrated facility for milling and sorting rice,
with capacity of 16 tonnes per hour (tph); it has capacity of 2.4
million pouches per annum in the RTE segment.


VINAYAK COTTEX: CRISIL Places 'D' Ratings on Various Bank Debts
---------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to Vinayak Cottex Pvt Ltd's
bank facilities.  The ratings reflect delay by VCPL in servicing
its term loan; the delay has been caused by VCPL's weak liquidity.

   Facilities                              Ratings
   ----------                              -------
   INR55.0 Million Cash Credit Facility    D (Assigned)
   INR65.7 Million Term Loan               D (Assigned)
   INR19.3 Million Proposed Long-Term      D (Assigned)
                   Bank Loan Facility
   INR20.0 Mil. Short-Term Bank Facility   P5 (Assigned)

VCPL was incorporated in September 2007 by Mr. Abhijit Dudhane.
VCPL was formed with the acquisition of two sick units, originally
promoted by Mr. Harish Chidana and Mr. Bhagwandas Chidana.  The
company is engaged in the business of cotton ginning and pressing
in Nagpur (Maharashtra).  The old machines were not useable and,
hence, in 2009-10 (refers to financial year, April 1 to March 31),
the management undertook a debt-funded capex of INR55 million for
installing 40 new double roller machines, with capacity to process
around 0.27 million quintals of raw cotton per annum.

VCPL reported a book profit of INR0.1 million on net sales of
INR35.6 million for 2008-09, against a PAT of INR2.7 million on
net sales of INR112.0 million for 2007-08.


VNR REFINERIES: CRISIL Assigns 'D' Ratings to Various Bank Debts
----------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to the bank facilities of
VNR Refineries Pvt Ltd.  The ratings reflect instances of delay by
VNR in servicing its debt; the delays are on account of the
company's weak liquidity.

   Facilities                               Ratings
   ----------                               -------
   INR15.00 Million Cash Credit             D (Assigned)
   INR30.00 Million Proposed Cash Credit    D (Assigned)
   INR2.00 Million Standby Line of Credit   D (Assigned)
   INR33.00 Million Long Term Loan          D (Assigned)
   INR20.00 Million Letter of Credit        P5 (Assigned)

VNR has a weak financial risk profile, marked by small net worth
and weak debt protection metrics, and is exposed to risks related
to product and geographic concentration in its revenue profile.
These weaknesses are partially offset by VNR's established
customer and supplier relationships, and its promoters experience
in the agro business.

VNR, promoted by Mr. Mallidi Venkata Reddy, was incorporated in
2008 and started commercial operations in December 2009.  VNR is
in the business of refining palm oil; it has a capacity of 100
tonnes per day (tpd). Its manufacturing facilities are in the East
Godavari district of Andhra Pradesh.

VNR reported a net loss of INR2 million on net sales of INR108.8
million for 2009-10 (refers to financial year, April 1 to
March 31).


XTRAA CLEANCITIES: CRISIL Upgrades Rating on INR990M Loan to 'BB-'
------------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Xtraa
Cleancities Ltd's, formerly known as Cleancities Biodiesel India
Ltd to 'BB-/Stable/P4+' from 'D/P5'.

   Facilities                         Ratings
   ----------                         -------
   INR990.00 Million Long Term Loan   BB-/Stable (Upgraded from D)
   INR84.00 Million Cash Credit       BB-/Stable (Upgraded from D)
   INR916.00 Million Packing Credit   P4+ (Upgraded from P5)
   INR600.00 Mil. Letter of Credit    P4+ (Upgraded from P5)

The rating upgrade reflects significant improvement in
Cleancities' liquidity, on account of stabilization of operations
at its manufacturing facility, located in Visakhapatnam (Andhra
Pradesh).  The upgrade also reflects CRISIL's belief that
Cleancities will further improve its scale of operations,
supported by its large available capacities and strong business
prospects in the export market.

The ratings reflect the susceptibility of Cleancities' operating
profitability to volatility in raw material and crude prices, and
its limited track record of operations.  These rating weaknesses
are partially offset by the company's comfortable financial risk
profile, marked by above average debt protection metrics and
moderate networth, and healthy business prospects for the bio-
diesel sector in the export market.

Outlook: Stable

CRISIL believes that Cleancities will continue to benefit over the
medium term from the steady demand for the bio-diesel sector in
the export market, and its comfortable financial risk profile.
The outlook may be revised to 'Positive' if the Cleancities
significantly increases its scale of operations while maintaining
its profitability and improving its capital structure.
Conversely, the outlook may be revised to 'Negative' if
Cleancities' financial risk profile deteriorates, because of a
sharp decline in revenues and profitability, or a large, debt-
funded capital expenditure programme.

                       About Xtraa Cleancities

Cleancities was promoted by Mr. Srinivas Prasad Moturi in February
2006 to set up a bio-diesel plant at Vishakhapatnam.  The unit,
with capacity to produce 2.5 lakh tonnes of bio-diesel per annum,
commenced commercial production in November 2008.  The company
markets bio-diesel under the registered brand, Cleancities
Biodiesel. About 90% of its revenues come from exports.

Cleancities reported a profit after tax (PAT) of INR87 million on
net sales of INR3.33 billion for 2009-10 (refers to financial
year, April 1 to March 31), against a net loss of INR213 million
on net sales of INR12 million for 2008-09.


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


* SOUTH KOREA: KAMCO to Buy KRW5-Tril. Worth of Bad Loans
---------------------------------------------------------
Reuters reports that Korea Asset Management Corporation (KAMCO)
will buy about KRW5 trillion (US$4.38 billion) worth of bad loans
from financial institutions and assets from companies under
restructuring this year.

The planned purchase amount is a third of KAMCO's purchases set
for 2010 a year earlier, Reuters says.

KAMCO would buy KRW3.5 trillion worth of bad loans from savings
banks and one trillion won worth of bad loans from commercial
banks, South Korea's news agency Yonhap quoted KAMCO Chairman and
Chief Executive Chang Young-chul as saying, according to Reuters.

Yonhap said KAMCO would also buy KRW500 billion worth of assets
from firms under restructuring, Reuters reports.


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


RANHILL BHD: S&P Puts 'B' Corp. Rating on CreditWatch Negative
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it had placed its 'B'
long-term corporate credit rating on Malaysia-based
infrastructure, construction, and utility management company
Ranhill Bhd. on CreditWatch with negative implications.  At the
same time, S&P also placed its 'B-' issue rating on US$220 million
12.5% senior unsecured notes due October 2011 issued by Ranhill
(L) Ltd. on CreditWatch with negative implications.  Ranhill
guarantees the notes.

S&P placed the ratings on CreditWatch because Ranhill's liquidity
has become constrained, in its opinion.  S&P understands that the
company has deferred payments to certain creditors in order to
manage its working capital needs.  This action could also affect
Ranhill's ability to meet its sizable debt maturities in the next
12 months, including the US$220 million notes due October 2011.

"S&P aim to resolve the CreditWatch action following its
discussion with Ranhill on the measures it is taking to meet
short-term liabilities without disrupting its normal operations,"
said Standard & Poor's credit analyst Andrew Wong.  "S&P will
assess the company's near-term liquidity position, including its
progress toward refinancing its US$220 million guaranteed notes
and completing phase two of its Senai Desaru Expressway Project."


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


EVERCREST GOLF: Central Bank Seizes PHP1.2-Billion Golf Resort
--------------------------------------------------------------
The Manila Standard Today reports that operations at the Evercrest
Golf Club Resort Inc. were suspended after the Bangko Sentral took
control of the property.

Manila Standard says the PHP1.2-billion resort in Batulao village
in Nasugbu, Batangas, is one of the prime real estate properties
in the area owned by businessman Jose Go and his now-defunct
Orient Bank, which obtained PHP6 billion in emergency advances and
overdrafts from the central bank to build it.

"We are now the owner of Evercrest Golf Club Resort," Manila
Standard quoted central bank Deputy Governor Juan de Zuniga, Jr.
as saying.  "We were able to take possession before Christmas.  We
posted our own guards and rehired some former employees."

According to Manila Standard, Mr. Zuniga said the central bank
will soon put the property up for auction.  It suspended the
operations at the golf course until further notice, Manila
Standard relates.

Mr. Zuniga, as cited by Manila Standard, said the central bank was
also reviewing all the contracts and playing rights of the members
of the golf course and resort.  The central bank was also looking
at the other properties owned by Mr. Go to obtain full payment of
his loans, Manila Standard adds.

Evercrest Golf Club Resort Inc. is a golf resort located in
Nasugbu, Batangas, Philippines.


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


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

Jurong SML Pte Ltd filed the petition against the company on
December 13, 2010.

The Petitioner's solicitors are:

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


NORSKE SKOG: Creditors' Proofs of Debt Due January 29
-----------------------------------------------------
Creditors of Norske Skog Panasia Co Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by Jan. 29,
2011, to be included in the company's dividend distribution.

The company's liquidators are:

          Andrew Grimmett
          Lim Loo Khoon
          6 Shenton Way #32-00
          DBS Building Tower Two
          Singapore 068809


RANESIS DEVELOPMENT: Court to Hear Wind-Up Petition on January 14
-----------------------------------------------------------------
A petition to wind up the operations of Ranesis Development Pte
Ltd will be heard before the High Court of Singapore on Jan. 14,
2011, at 10:00 a.m.

The Comptroller of Goods and Services Tax filed the petition
against the company on December 17, 2010.

The Petitioner's solicitors are:

          Infinitus Law Corporation
          77 Robinson Road
          #16-00, Robinson 77
          Singapore 068896


REDBACK NETWORKS: Creditors' Proofs of Debt Due January 31
----------------------------------------------------------
Creditors of Redback Networks Singapore Pte. Ltd., which is in
voluntary liquidation, are required to file their proofs of debt
by Jan. 31, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

          The Kwang Hwee
          1 Commonwealth Lane
          #07-32 One Commonwealth
          Singapore 149544


SAGER ELECTRONICS: Creditors' Proofs of Debt Due January 27
-----------------------------------------------------------
Creditors of Sager Electronics Asia Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by Jan. 27,
2011, to be included in the company's dividend distribution.

The company's liquidators are:

          Chee Yoh Chuang
          Abuthahir Abdul Gafoor
          c/o 8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


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


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

Feb. 3-5, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Caribbean Insolvency Symposium
        Westin Casuarina Resort & Spa, Grand Cayman Island
           Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 24-25, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Valcon
        Four Seasons Las Vegas, Las Vegas, Nev.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 4, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Bankruptcy Battleground West
        Hyatt Regency Century Plaza, Los Angeles, Calif.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 7-9, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Conrad Duberstein Moot Court Competition
        Duberstein U.S. Courthouse, New York, N.Y.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 10, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Nuts and Bolts - Florida
        Tampa, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 10-12, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     SUCL/ Alexander L. Paskay Seminar on
     Bankruptcy Law and Practice
        Marriott Tampa Waterside, Tampa, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 17-19, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Byrne Judicial Clerkship Institute
        Pepperdine University School of Law, Malibu, Calif.
           Contact: 1-703-739-0800; http://www.abiworld.org/

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

April 27-29, 2011
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        JW Marriott, Chicago, IL
           Contact: http://www.turnaround.org/

May 5, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Nuts and Bolts - New York City
        Association of the Bar of the City of New York,
        New York, N.Y.
           Contact: 1-703-739-0800; http://www.abiworld.org/

May 6, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     New York City Bankruptcy Conference
        Hilton New York, New York, N.Y.
           Contact: 1-703-739-0800; http://www.abiworld.org/

June 6, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Canadian-American Cross-Border Insolvency Symposium
        Fairmont Royal York, Toronto, Ont.
           Contact: 1-703-739-0800; http://www.abiworld.org/

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

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

July 27-30, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Workshop
        The Sanctuary at Kiawah Island, Kiawah Island, S.C.
           Contact: 1-703-739-0800; http://www.abiworld.org/

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

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

Oct. __, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     International Insolvency Symposium
        Dublin, Ireland
           Contact: 1-703-739-0800; http://www.abiworld.org/

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

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

April 3-5, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        Grand Hyatt Atlanta, Atlanta, Ga.
           Contact: http://www.turnaround.org/

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

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

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

November 1-3, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Westin Copley Place, Boston, Mass.
           Contact: http://www.turnaround.org/

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

April 10-12, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        JW Marriott Chicago, Chicago, Ill.
           Contact: http://www.turnaround.org/

October 3-5, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Marriott Wardman Park, Washington, D.C.
           Contact: http://www.turnaround.org/


                             *********

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

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

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


                            *********


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

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





                 *** End of Transmission ***