TCRAP_Public/110106.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

            Thursday, January 6, 2011, Vol. 14, No. 4

                            Headlines



A U S T R A L I A

BURRUP FERTILISERS: Owner Loses $30-Million Corporate Jet
* Bingham Explains Secured Creditor & Insolvency Law Changes


H O N G  K O N G

GLOBE GAIN: Creditors' Proofs of Debt Due January 31
GRAND ASIA: Court to Hear Wind-Up Petition on January 19
GUANGDONG (H.K.): Members and Creditors' Meetings Set for Jan. 31
HEMPSTONE LIMITED: Chen and Lo Appointed as Liquidators
INVESTORS MORTGAGE: Placed Under Voluntary Wind-Up Proceedings

JETNIC INTERNATIONAL: Members' Final Meeting Set for January 31
JOINT CHARM: Creditors' Proofs of Debt Due February 1
JUNIPER ENTERPRISES: Creditors' Proofs of Debt Due January 21
JUPITER NAVIGATION: Wong and Ngan Step Down as Liquidators
KANMAX ENTERPRISES: Members' Final Meeting Set for January 31


I N D I A

CLASSIC INDUSTRIES: ICRA Places 'LB+' Rating on INR7cr Bank Loans
DUKES RETREAT: CRISIL Assigns 'BB' Rating to INR85MM Term Loan
DURGAPUR MEDICAL: CARE Assigns 'CARE BB' Rating to INR48.12cr Loan
ENSEMBLE INFRASTRUCTURE: CRISIL Reaffirms 'D' Rating on Term Loan
GANGAKHED SUGAR: Fitch Upgrades National Long-Term Rating to 'BB-'

INNOVASSYNTH TECH: CRISIL Reaffirms 'B' Rating on Cash Credit
JANADHAR CONSTRUCTIONS: CRISIL Reaffirms 'B' Rating on Term Loan
KPS ENTERPRISE: CRISIL Puts 'P5' Rating on INR115MM Packing Credit
MAA MANGLA: CARE Assigns 'CARE BB+' Rating to INR18.67cr LT Loan
MANASA QUALITY: CRISIL Assigns 'BB-' Rating to INR50MM Cash Credit

MARUTI FERTOCHEM: CRISIL Puts 'BB+' Rating on INR350MM Cash Credit
MOULI SPINNER: CRISIL Assigns 'B+' Rating to INR89.3MM Term Loan
P.A.S COTTON: ICRA Assigns 'LC+' Rating to INR26.25cr Term Loan
PATEL INTEGRATED: Fitch Upgrades Note Ratings from 'BB+'
S NARENDRA: CRISIL Reassigns 'BB' Rating to INR30MM LT Bank Loan

TRIBHOVANDAS BHIMJI: CRISIL Reaffirms 'BB' Rating on Cash Credit
UMAK EDUCATIONAL: ICRA Assigns 'LBB' Rating to INR34cr Term Loans
VASWANI INDUSTRIES: CRISIL Assigns 'BB+' Rating to INR440MM Loan
VIKRAM OVERSEAS: CRISIL Assigns 'BB-' Rating to INR70MM Term Loan
WITMANS INDUSTRIES: CRISIL Reaffirms 'BB' Rating on Cash Credit


J A P A N

SHINGINKO TOKYO: H.I.S. Affiliate Mulls Investing in Bank


K O R E A

HYUNDAI ENG'G: Court Rejects Hyundai Group's Injunction Bid


M A L A Y S I A

NAM FATT: Appointment of Ferrier Hodgson Confirmed


N E W  Z E A L A N D

CRAFAR FARMS: Chinese Bidder Extends Settlement to September 30


                            - - - - -


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


BURRUP FERTILISERS: Owner Loses $30-Million Corporate Jet
---------------------------------------------------------
The Sydney Morning Herald reports that Indian entrepreneur Pankaj
Oswal has lost his AU$30 million corporate jet and effectively
placed a "for sale" sign on the unfinished AU$70 million home he
was building in Perth dubbed "Taj Mahal-on-the-Swan."

Citing documents lodged with the Australian Securities and
Investments Commission, SMH discloses that Garuda Aviation, a
company associated with Mr. Oswal, was placed into receivership by
the Commonwealth Bank on December 17, 2010.

SMH says Garuda's sole asset is a second-hand Gulfstream IV-SP
acquired in 2007 with financing provided by a $30 million loan
from the CBA which retained a charge over the jet.

Meanwhile, James Thomson at SmartCompany reports that Mr. Oswal is
also expected to place his luxury car collection up for sale as he
battles to save his empire.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 20, 2010, The Australian said Burrup Fertilisers Pty Ltd has
been placed into receivership with debts of about AU$800 million.
ANZ Bank appointed PPB Advisory as receivers to Burrup
Fertilisers.  ANZ has also appointed the same receivers, PPB
Advisory, over shares held by members of the Oswal Group in
related company, Burrup Holdings.  The bank is alleging "evidence
of financial irregularities" as well as the usual default triggers
relating to debt facilities established between 2002 and 2007.

According to The Australian, the Oswal Group -- which owns 65% of
Burrup Fertilisers -- has been dogged for years by allegations of
unusual transactions and has a history of court disputes, most
particularly with 35% shareholder, Norwegian group Yara
International.

Headquartered in Karratha in Western Australia, Burrup Fertilisers
Pty Ltd -- http://www.bfpl.com.au/-- is Australia's largest
ammonium producer.  The company has a production capacity of 850-
tonnes of liquid ammonia a year.


* Bingham Explains Secured Creditor & Insolvency Law Changes
------------------------------------------------------------
Bingham McCutchen LLP relates that Australian law governing
security interests in personal property will undergo major change
following the commencement of the Personal Property Securities Act
2009 (the "PPSA") in May 2011.  Australia currently has more than
70 varying Commonwealth, State and Territory legislative
instruments dealing with the creation of security interests over
personal property.  The PPSA, combined with the new national PPS
Register (the "PPSR"), will effectively replace the existing
legislation and the multitude of related security registers,
creating a unified and streamlined national personal property
securities regime in Australia.  An understanding of the PPSA and
the operation of the PPSR is essential for all financiers, secured
investors, suppliers and insolvency practitioners dealing with
Australian personal property.  An alert from Bingham's Financial
Restructuring Practice is available at
<http://www.bingham.com/Media.aspx?MediaID=11585&eID=11585>http://
www.bingham.com/Media.aspx?MediaID=11585&eID=11585


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


GLOBE GAIN: Creditors' Proofs of Debt Due January 31
----------------------------------------------------
Creditors of Globe Gain Enterprise 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's liquidator is:

         Cheng Chi Man
         18/F, Tung Nam Commercial Centre
         42 Pitt Street, Yaumatei
         Kowloon, Hong Kong


GRAND ASIA: Court to Hear Wind-Up Petition on January 19
--------------------------------------------------------
A petition to wind up the operations of Grand Asia International
Limited will be heard before the High Court of Hong Kong on
January 19, 2011, at 9:30 a.m.

Sun Horse Technologies (H.K.) Limited filed the petition against
the company.

The Petitioner's Solicitors are:

          Wilkinson & Grist
          6th Floor, Prince's Building
          10 Chater Road
          Central, Hong Kong


GUANGDONG (H.K.): Members and Creditors' Meetings Set for Jan. 31
-----------------------------------------------------------------
Creditors and members of Guangdong (H.K.) Tours Company Limited
will hold their final meetings on January 31, 2011, at 11:00 a.m.,
and 11:30 a.m., respectively at 5th Floor, Ho Lee Commercial
Building, 38-44 D'Aguilar Street, Central, in Hong Kong.

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


HEMPSTONE LIMITED: Chen and Lo Appointed as Liquidators
-------------------------------------------------------
Messrs. Chen Yung Ngai Kenneth and Lo Wai Kei Roy on December 15,
2010, were appointed as liquidators of Hempstone Limited.

The liquidators may be reached at:

         Messrs. Chen Yung Ngai Kenneth
         Lo Wai Kei Roy
         43/F, The Lee Gardens
         33 Hysan Avenue Causeway
         Bay Hong Kong


INVESTORS MORTGAGE: Placed Under Voluntary Wind-Up Proceedings
--------------------------------------------------------------
At an extraordinary general meeting held on December 17, 2010,
creditors of Investors Mortgage Company Limited resolved to
voluntarily wind up the company's operations.

The company's liquidators are:

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


JETNIC INTERNATIONAL: Members' Final Meeting Set for January 31
---------------------------------------------------------------
Members of Jetnic International Limited will hold their final
general meeting on January 31, 2011, at 10:00 a.m., at 19/F., S.B.
Commercial Building, 478 Nathan Road, Yau Ma Tei, in Kowloon,
Hong Kong.

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


JOINT CHARM: Creditors' Proofs of Debt Due February 1
-----------------------------------------------------
Creditors of Joint Charm Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by Feb. 1,
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:

         Chan Chi Bor
         Li Fat Chung
         Unit 402, 4/F
         Malaysia Building
         No. 50, Gloucester Road
         Wanchai, Hong Kong


JUNIPER ENTERPRISES: Creditors' Proofs of Debt Due January 21
-------------------------------------------------------------
Creditors of Juniper Enterprises Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by January 21, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on December 22, 2010.

The company's liquidators are:

         Chan Mi Har
         Ying Hing Chiu
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


JUPITER NAVIGATION: Wong and Ngan Step Down as Liquidators
----------------------------------------------------------
Wong Wai Pui Ricky and Ngan Lin Chun Esther stepped down as
liquidators of Jupiter Navigation Corporation Limited on
December 21, 2010.


KANMAX ENTERPRISES: Members' Final Meeting Set for January 31
-------------------------------------------------------------
Members of Kanmax Enterprises Limited will hold their final
general meeting on January 31, 2011, at 11:00 a.m., at 4/F, No. 3,
170 Lane, Tong Huah Street, Taipei, in Taiwan.

At the meeting, Fan Chung Shan-Yu, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


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


CLASSIC INDUSTRIES: ICRA Places 'LB+' Rating on INR7cr Bank Loans
-----------------------------------------------------------------
ICRA has assigned 'LB+' rating to INR7.00 Crore long term fund
based facilities of Classic Industries.

The rating is constrained by uncertainties associated with
execution and implementation that are typical of companies in
nascent stage of operations.  Short track record of less than a
year, modest scale of operations and operating losses in H1FY11,
further constrict the rating.  Profitability indicators are
expected to remain weak over the medium term given the low value
add nature of business, intense competitive environment
characterized by domination of unorganized players and
availability of cheaper substitutes.

The rating however draws comfort from affiliation to a strong
group dealing in various plastic products, vast experience of
promoters in the plastic trading business and various fiscal
benefits derived by virtue of its location in HIMUDA (Himachal
Pradesh Housing and Urban Development Authority), industrial area
in Himachal Pradesh.

                      About Classic Industries

Classic Industries is a registered partnership firm, promoted by
the Saraogi family in February 2010.  The firm is engaged in
manufacturing and trading of thermoforming articles and other
plastics articles.  The firm is the part of Shalimar group of
Companies.  The company has registered office in Mumbai,
manufacturing unit in Himachal Pradesh and marketing &
distribution channels setup in Mumbai, Delhi, Chandigarh, Kolkata,
Daman and Bangalore.

Recent results:

M/s Classic industries have reported a loss of INR1.06 Crore on an
operating income of INR1.37 Crore for the year ending 30th
September 2010, as per the unaudited figures.


DUKES RETREAT: CRISIL Assigns 'BB' Rating to INR85MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to The Dukes
Retreat Ltd's bank facilities.

   Facilities                          Ratings
   ----------                          -------
   INR2.5 Million Cash Credit Limit    BB /Stable (Assigned)
   INR85.0 Million Term Loan           BB /Stable (Assigned)
   INR2.5 Million Letter of Credit     P4+(Assigned)

The ratings reflect Dukes's small scale of operations and
vulnerability to cyclicality in the hospitality and locomotive
segments; the ratings also reflect the company's large working
capital requirements and susceptibility of its operating margin to
raw material price fluctuations in the locomotive business.  These
rating weaknesses are partially offset by Dukes's moderate
financial risk profile marked by healthy gearing and moderate debt
protection measures despite a low net worth; promoters' extensive
industry experience; and revenue diversity, owing to presence in
the hotel and locomotive businesses.

Outlook: Stable

CRISIL believes that Dukes will maintain its moderate financial
and business risk profiles over the medium term backed by its
revenue diversity.  However, the business will remain constrained
by its small scale of operations in both the hospitality and
locomotive businesses.  The outlook may be revised to 'Positive'
if Dukes's business risk profile improves, most likely due to
increase in scale of operations arising out of higher occupancy
levels in the hotel division, and increased orders in the
locomotive division. Conversely, the outlook may be revised to
'Negative' if the company undertakes a large, debt-funded capital
expenditure plan, or provides significant support to group
companies.

                     About The Dukes Retreat

Incorporated in 1972 as Mayoor Hoteliers Pvt Ltd, the company was
renamed, The Dukes Retreat Pvt Ltd, in 1985.  It was reconstituted
as a public limited company in 1996.  Currently, Dukes has two
divisions: the hospitality division at Khandala (Maharashtra) and
the locomotive division at Hyderabad.  The hospitality division
operates a hotel, Dukes Retreat, in Khandala.  The hotel has 80
rooms, five conference halls, three restaurants, a bar, a swimming
pool, and a health club.  In January 2009, the hospitality
division collaborated with Berrgruen Hotels for outsourcing of
operations; since then, the name has been changed to, The Dukes
Retreat - A Keys Resort.  In the locomotive division, Dukes
manufactures locomotives for the railways, the cement industry,
electricity boards, and power plants; it has a capacity to
manufacture 24 locomotives per annum with capacities ranging from
50 horsepower (HP) to 1200 HP.  The hospitality division
contributed about 52% of Dukes' revenues, and the balance was
contributed by the locomotive division.  The contribution from the
locomotive division has been increasing over the years to 48% in
2009-10 (refers to financial year, April 1 to March 31) from 37%
in 2005-06.

Dukes reported a profit after tax (PAT) of INR5.4 million on an
operating income of INR170.1 million for 2009-10, against a PAT of
INR21.9 million on an operating income of INR170.2 million for
2008-09.


DURGAPUR MEDICAL: CARE Assigns 'CARE BB' Rating to INR48.12cr Loan
------------------------------------------------------------------
CARE assigns 'CARE BB' rating to the bank facilities of Durgapur
Medical Centre Pvt. Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                 ----------    -------
   Long-term Bank Facilities     48.12      'CARE BB'  Assigned

Rating Rationale

The rating is constrained by short track record of profitable
operation of Durgapur Medical Centre Pvt. Ltd., high leverage
ratios, high level of term debt vis-a-vis gross cash accruals and
occupancy rate being on the lower side.  The rating also factors
in multi-specialty nature of DMC's hospital in Durgapur,
association of eminent doctors and good infrastructure with latest
available technology in the hospital.  Ability to enhance
occupancy level with high service quality and the ability to
maintain & improve the profitability would remain the key rating
sensitivities.

DMC runs a 250 bedded multi-specialty hospital at Durgapur,
namely, 'The Mission Hospital' led by Dr. Satyajit Bose. The
hospital became operational in April 2008 and offers an array of
healthcare facilities with Cardiothoracic facility, being its area
of excellence.   DMC earned PBILDT of INR13.7 crore (loss of
INR1.6 crore in FY09) and PAT of INR4.6 crore (loss of
INR10.3 crore in FY09) on net revenue of INR50.4 crore (INR24.5
crore in FY09) in FY10.


ENSEMBLE INFRASTRUCTURE: CRISIL Reaffirms 'D' Rating on Term Loan
-----------------------------------------------------------------
CRISIL has reaffirmed its ratings of 'D/P5' on Ensemble
Infrastructure India Ltd's bank facilities.  EIIL has not paid its
term loan instalment since the last twelve months and has been
classified as a non-performing asset (NPA) by its banker; the
company's account has been transferred to the banker's stressed
asset recovery branch.

   Facilities                            Ratings
   ----------                            -------
   INR38.7 Million Term Loan             D (Reaffirmed)
   INR115.0 Million Cash Credit          D (Reaffirmed)
   INR20.0 Million Letter of Credit      P5 (Reaffirmed)
   INR60.0 Million Bank Guarantee        P5 (Reaffirmed)

Update

EIIL recovers around 60 to 65% of the contract cost by the time of
completion of the project.  The remaining 35 to 40% of the dues
remain outstanding for a longer period of time, which could even
be longer than six months.  The company incurred huge amounts of
bad debts in 2008-09 and 2009-10 as its clients refused to repay
the retention money by raising performance issues.  As a result,
the cash accruals of the company were not sufficient to repay the
term debt obligations. EIIL has not paid its term loan installment
since the last twelve months and has been classified as a non-
performing asset (NPA) by its banker; the company's account has
been transferred to the banker's stressed asset recovery branch.

                    About Ensemble Infrastructure

The Mumbai-based EIIL offers civil designing and interior contract
services. Its clientele includes large companies, banks, and
government bodies.  The company was founded in 2003 by Mr. Nilesh
Rathod and Mr. Vikas Rathod who are first generation
entrepreneurs.


GANGAKHED SUGAR: Fitch Upgrades National Long-Term Rating to 'BB-'
------------------------------------------------------------------
Fitch Ratings has upgraded India's Gangakhed Sugar and Energy
Ltd's National Long-term rating to 'BB-(ind)' from 'B+(ind)'.  The
Outlook is Stable.  The agency has also upgraded GSEL's
INR3,043.1 million term loans to 'BB-(ind)' from 'B+(ind)' and
assigned its INR512.5 million cash credit limit a 'BB-(ind)'
rating.

The upgrade reflects the successful completion of GSEL's
integrated cane processing plant comprising a 6,000 TCD (tonnes
crushed per day) sugar plant, a 60KLPD (kilo liters per day)
distillery plant and a 30MW co-generation plant.  Fitch notes the
sugar, co-generation and distillery plants started commercial
operation from December 2009, January 2010 and October 2010
respectively.  The upgrade also factors in Fitch's expectation of
an improvement in GSEL's financial and credit profiles in 2011 on
account of the positive cash flows from the sugar, co-generation
and distillery plants.

Due to limited days available for sugar crushing in 2010 the
company expects to see a net loss.  This would result in a decline
in net worth (share capital plus reserves) and a higher debt-to-
equity ratio at GSEL.  However, with a full crushing season
available in 2011, and the subsequent expected improvement in
revenue and profitability, GSEL's debt-to-equity should improve.

Key rating constraints are GSEL's lack of track record in the
sugar industry, its small scale and revenue dependency on sugar.
The latter makes GSEL's financial and credit profiles susceptible
to the volatility associated with the sugar sector.  Fitch notes
that the sugar sector in India typically follows a cycle of five
to seven years, with high production in the first three to four
years and lower output in the subsequent years.  Low production
typically results in higher sugar prices and improved
profitability for sugar manufacturers which is translated into
prompt payments by sugar mills to cane farmers, encouraging them
to grow more sugar cane.  This eventually results in higher cane
as well as sugar production, leading to falling sugar prices.

Downward pressure on ratings could result from lower-than-expected
revenues and margins, and a debt/EBITDA of more than 5x on a
sustained basis.  However, successful operation of the integrated
plant translating into a sustained improvement in the financial
profile could act as a positive rating trigger.

Incorporated in September 2007, GSEL was formerly known as
Gangakhed Sugar and Energy Pvt Ltd.  The company commenced
operations with its sugar plant in December 2009.  Based in
Maharashtra, the company benefits from location advantage through
higher recoveries, lower competition and fewer cane dispute
issues.


INNOVASSYNTH TECH: CRISIL Reaffirms 'B' Rating on Cash Credit
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Innovassynth
Technologies (I) Ltd continue to reflect ITIL's weak financial
risk profile, marked by poor debt protection metrics, and exposure
to risks related to customer concentration in revenue profile.
These weaknesses are partially offset by ITIL's strong operational
capabilities, and the benefits that the company derives from the
healthy growth potential in the contract research and
manufacturing services industry.

   Facilities                           Ratings
   ----------                           -------
   INR190.0 Million Cash Credit         B/Stable (Reaffirmed)
   INR75.0 Million Letter of Credit     P4 (Reaffirmed)
   INR15.0 Million Bank Guarantee       P4 (Reaffirmed)

Outlook: Stable

CRISIL believes that ITIL will maintain its market position over
the medium term on the back of its technological infrastructure,
pool of skilled human resources, and established contacts with
reputed pharmaceutical companies.  The outlook may be revised to
'Positive' in case of significant and sustainable growth in ITIL's
revenues and cash profits, resulting in an improved financial risk
profile.  Conversely, the outlook may be revised to 'Negative' if
the company continues to report losses, leading to pressure on its
accruals and deterioration in its debt servicing ability.

Summary Update

For 2009-10 (refers to financial year, April 1 to March 31), ITIL
reported significantly low revenues of around INR319 million
because of low offtake from its key customer, BASF.  Hence, its
contract manufacturing division reported lower revenues, as
compared to those in 2008-09. ITIL's custom synthesis division,
however, reported better revenues as compared to those in 2008-09.
In the current year, the company has observed strong offtake for
its products and services, with existing customers increasing
their offtake levels and new customers being added to the custom
synthesis division.

A significant drop in prices of key raw materials led to
significant improvement in profitability, with an earnings before
interest, depreciation, tax and amortization (EBIDTA) margin of
around 8.7% in 2009-10 against that of -2.5% in 2008-09. Net
losses reduced to INR77 million in 2009-10 from INR137 million in
2008-09.  Profitability margins are expected to improve further in
the current year because of an increase in scale of operations and
improved absorption of fixed costs, along with lower interest
charges because of gradual replacement of higher interest long-
term debt with lower interest long-term loans from Department of
Science and Technology, Government of India.

ITIL continues to depend heavily on bank limits to fund its
working capital requirements. The company had a high bank limit
utilisation, averaging at around 95%, over the 12 months through
October 2010.

                  About Innovassynth Technologies

ITIL, promoted by Mr. S B Ghia with financial investments by
Mr. Rajan Raheja and Mr. Rakesh Jhunjhunwala, is engaged in the
manufacture and export of chemical compounds under two business
divisions: contract manufacturing and custom synthesis.  The
company's manufacturing units are in Khopoli (Maharashtra).
Its major customers include BASF, Rasayan Inc, etc.

ITIL reported a net loss of INR77 million on net sales of INR319
million for 2009-10, against a net loss of INR137.1 million on net
sales of INR424.2 million for 2008-09.


JANADHAR CONSTRUCTIONS: CRISIL Reaffirms 'B' Rating on Term Loan
----------------------------------------------------------------
CRISIL's rating on the bank facility of Janadhar Constructions Pvt
Ltd continues to reflect JCPL's limited track record, and exposure
to risks related to implementation of its maiden real estate
project.  These rating weaknesses are partially offset by the
benefits that JCPL derives from healthy demand scenario in the
affordable housing segment and good infrastructure of its project.

   Facilities                           Ratings
   ----------                           -------
   INR250.00 Million Long-Term Loan     B/Negative (Reaffirmed)

Outlook: Negative

CRISIL believes that JCPL will continue to face pressures as its
housing project is in the nascent stage and as booking and
customer receipts levels for its project have been low because of
delays in commencement of construction.  The rating may be
downgraded if JCPL faces further cost or time overrun in its
project, its cash flows are hit by further delays in receipt of
customer advances, or if the company undertakes larger-than-
expected debt-capital expenditure (capex) programme. Conversely,
the outlook may be revised to 'Stable' if JCPL achieves booking
for a substantial portion of the saleable flats it is constructing
and completes its ongoing project on time.

Update

JCPL has commenced construction of its housing project in March
2010, a delay by around four months. JCPL has, so far, completed
about 40% of Phase I of the project.  The company has received
booking advance of about INR5 million for 100 apartments (about
20%) of total apartments of about 480 in Phase I. Work on Phase II
and III of the project is likely to commence in April 2011 (this,
though, will happen only if the company achieves substantial
booking for Phase I).  Although there is relatively healthy demand
for affordable housing, JCPL has to receive adequate bookings and
customer receipts on time, so as to maintain adequate liquidity.

                    About Janadhar Constructions

Incorporated in 2007, JCPL is developing residential apartments in
the affordable housing segment, near Bengaluru (Karnataka).  The
company commenced the construction of its first project, Janadhar
Shubha, in March 2010.  The project involves construction of 1296
flats, with a total built up area of around 0.7 million square
feet. The estimated cost of the project is around INR760 million,
of which INR250 million is likely to be funded through debt.  The
project is divided into three phases?Phase I comprises around 480
apartments ranging from 400 to 600 square feet, spread across 9
blocks.  The remaining apartments will be constructed under
Phase II and Phase III.

Janalakshmi Social Services (JSS), a not-for-profit company
registered under Section 25 of The Companies Act, 1956, owns 60%
of JCPL's equity shares.  Mr. Ramesh Ramanathan, founder of JSS,
is the chairman of JCPL.


KPS ENTERPRISE: CRISIL Puts 'P5' Rating on INR115MM Packing Credit
------------------------------------------------------------------
CRISIL has assigned its 'P5' rating to KPS Enterprise's bank
facilities.  The ratings reflect irregularities in its export
credit facilities and pressure on its liquidity on account of
delays in the realizations from overseas customers.

   Facilities                            Ratings
   ----------                            -------
   INR115.0 Million Packing Credit       P5 (Assigned)
   INR250.0 Million Bills Discounting    P5 (Assigned)

The other credit concerns relate to the company's vulnerability to
government regulations, and its geographically concentrated
revenue profile. These rating weaknesses are partially offset by
extensive experience of KPS's prooters in the agricultural
commodities trading business.

KPS, set up in 1999, is a proprietorship concern of Mr. Purnendu
Das (second-generation entrepreneur), based in Kolkata.  The firm
trades in agricultural commodities, such as onion, rice, maize,
and pulses, which it exports to Bangladesh.  It has a 3000-square
foot warehouse at Howrah, near Kolkata.  The day-to-day affairs of
the concern are managed by Mr. Purnendu Das and his son Mr.
Purshonjit Das.

KPS reported a profit after tax (PAT) of INR4.7 million on net
sales of INR1377.7 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR1.0 million on net sales
of INR330.1 million for 2008-09.


MAA MANGLA: CARE Assigns 'CARE BB+' Rating to INR18.67cr LT Loan
----------------------------------------------------------------
CARE assigns 'CARE BB+' and 'PR4+' ratings to the bank facilities
of MAA Mangla Ispat Pvt. Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                 ----------    -------
   Long-term Bank Facilities    18.67       'CARE BB+' Assigned
   Short term Bank Facilities    4.20       'PR 4+' Assigned

Rating Rationale

The rating is constrained by short track record in steel products
manufacturing and small size of the company, low capacity
utilisation, stressed liquidity condition in FY10, volatility in
raw material & finished goods prices, lack of backward
integration, intense competition and cyclicality in the steel
industry.  The rating also factors in experience of the new
management, diversified customer profile and moderate financial
position of the company.  Ability of the company to combat the
pressure of cyclicality and volatility in raw material & finished
goods prices will remain the key rating sensitivities.
Maa Mangla Ispat Pvt. Ltd. is engaged in manufacturing of sponge
iron with an aggregate capacity of 60,000 MTPA at Raigarh, and is
also involved in trading of iron ore.  MMI earned PBILDT of INR6.6
crore (INR4.7 crore in FY09) and PAT of INR2.4 crore (INR2.2 crore
in FY09) on net sales of INR30.6 crore (INR22.3 crore in FY09) in
FY10.


MANASA QUALITY: CRISIL Assigns 'BB-' Rating to INR50MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to the cash credit
facility of Manasa Quality Enterprises.

   Facilities                       Ratings
   ----------                       -------
   INR50.00 Million Cash Credit     BB-/Stable (Assigned)

The rating reflects Manasa's small scale of operations, its
susceptibility to volatility in raw material prices and the
vagaries of the monsoon, and its exposure to risks related to
adverse regulatory changes.  These weaknesses are partially offset
by the established regional presence of the company, the healthy
prospects of the rice processing industry, and its above-average
financial risk profile.

Outlook: Stable

CRISIL believes that Manasa will, over the medium term, continue
to benefit from its promoter's industry experience and the healthy
prospects of the rice processing industry.  The outlook may be
revised to 'Positive' if Manasa scales up its operations and
increases the geographical diversity in its revenue profile, while
improving its financial risk profile.  Conversely, the outlook may
be revised to 'Negative' in case the firm undertakes a larger-
than-expected debt-funded capital expenditure programme, its
revenues and profitability decline sharply, or the partners
withdraw sizeable capital from the firm, leading to deterioration
in the firm's financial risk profile.

                        About Manasa Quality

Incorporated in 1998, Manasa processes rice and maize.  Manasa's
processing operations primarily involves sorting, grading and
polishing rice.  The promoter directors Mr. Gudimetla Brahmananda
Reddy, Mr. Dwarampudi Veerabhadra Reddy Mr. Sabbella Kasi Eswara
Reddy and Mr. Karri Srinivasa Reddy have a long standing presence
of three decades in similar lines of business.  Manasa has its
processing facilities in Kakinada (Andhra Pradesh), at which it
has a sorting capacity of 350 tonnes per day (tpd), grading
capacity of 500 tpd, and polishing capacity of 350 tpd.

Manasa reported a profit after tax (PAT) of INR1 million on net
sales of INR487 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR2 million on net sales
of INR311 million for 2008-09.


MARUTI FERTOCHEM: CRISIL Puts 'BB+' Rating on INR350MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of Maruti Fertochem Ltd.

   Facilities                            Ratings
   ----------                            -------
   INR350.0 Million Cash Credit          BB+/Stable (Assigned)
   INR300.0 Million Letter of Credit     P4+ (Asigned)
   INR20.0 Million Bank Guarantee        P4+ (Assigned)

The ratings reflect Maruti's small scale of operations and
susceptibility to adverse changes in government regulations in the
fertiliser industry and to vagaries of monsoon.  These rating
weaknesses are partially offset by Maruti's above-average
financial risk profile, marked by moderate gearing and debt
protection measures, and established presence in the fertiliser
industry, supported by a strong network of dealers.

Outlook: Stable

CRISIL believes that Maruti will maintain its healthy business
risk profile over the medium term on the back of its established
presence in the fertiliser industry and its large dealer network
in Maharashtra and Karnataka.  The outlook may be revised to
'Positive' in case of a substantial improvement in Maruti's scale
of operations as the proposed trading operations lead to more-
than-expected cash accruals without significantly deteriorating
the company's capital structure and debt protection measures.
Conversely, the outlook may be revised to 'Negative' in case of
deterioration in the company's financial risk profile because of
larger-than-expected debt-funded capital expenditure or any
pressure on profitability leading to lower-than-expected cash
accruals.

                       About Maruti Fertochem

Incorporated in 1992, Maruti commenced operations in 1994.  The
company is part of the Aurangabad (Maharashtra)-based RJ group
managed by Mr. Raghavendra S Joshi.  Maruti blends raw material
such as single super phosphate (SSP), di-ammonium phosphate (DAP),
and muriate of potash (MOP), to manufacture granular NPK
(nitrogen, phosphorous, and potassium) fertilisers.  It set up its
first unit in Latur (Maharashtra) with active participation from
local farmers and expanded operations by setting up of two units
in 2000, one in Hospet (Karnataka) and one in Aurangabad.  In
2006, Maruti started production at a fourth unit in Kolhapur
(Maharashtra) in a leased plant.  With a total production capacity
of about 115,000 tonnes per annum, Maruti has operations in
Maharashtra, which account for a substantial proportion of its
revenues, and Karnataka. The products are sold through a large
dealer network.

Maruti reported a profit after tax (PAT) of INR10.9 million on net
sales of INR637.1 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR11.8 million on net
sales of INR596.0 million for 2008-09.


MOULI SPINNER: CRISIL Assigns 'B+' Rating to INR89.3MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of Mouli Spinners Ltd.

   Facilities                            Ratings
   ----------                            -------
   INR89.30 Million Term Loan            B+/Stable (Assigned)
   INR34.00 Million Cash Credit          B+/Stable (Assigned)
   INR15.00 Million Letter of Credit     P4 (Assigned)
   INR3.60 Million Bank Guarantee        P4 (Assigned)

The ratings reflect MSL's small scale of operations, and exposure
to risks related to supplier concentration in its revenue profile,
to intense competition in the textiles industry, and to volatility
in raw material prices. These rating weaknesses are partially
offset by MSL's moderate financial risk profile, marked by healthy
debt protection metrics, and promoters' industry experience.

Outlook: Stable

CRISIL believes that MSL will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the company significantly scales up its
operations, while maintaining its profitability, resulting in an
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if MSL's capacity utilisation and
margins decline substantially, or there is a shortage of raw
material, or if the company undertakes a large, debt-funded
capital expenditure programme that weakens its financial risk
profile.

                        About Mouli Spinners

Incorporated in 2004 by Mr. S Panneerselvam, Tirupur (Tamil Nadu)-
based MSL manufactures viscose fibre yarn in the count range of
20s to 40s, with a capacity of 12,096 spindles.  In 2010-11
(refers to financial year, April 1 to March 31), the company has
undertaken a capital expenditure of about INR25 million for
installing autoconer and carding machines, which are expected to
be used for the proposed diversification into the manufacture of
modal fibre. This is expected to result in an increase in capacity
by 30%.

MSL reported a profit after tax (PAT) of INR1.9 million on net
sales of INR283 million for 2009-10, against a PAT of INR2.7
million on net sales of INR247 million for 2008-09.


P.A.S COTTON: ICRA Assigns 'LC+' Rating to INR26.25cr Term Loan
---------------------------------------------------------------
ICRA has assigned an 'LC+' rating to the INR26.25 crore term loan
and INR5.00 crore fund-based bank facilities of P.A.S Cotton Mills
Private Limited.  ICRA has also assigned an 'A5' rating to the
INR1.75 crore non-fund based facilities of the company.

The assigned ratings reflects recent delays in debt servicing and
tight liquidity conditions as reflected in overdrawal of working
capital limits.  The ratings also factor in the small scale of
operations restricting economies of scale and financial
flexibility, the adverse power situation in Tamil Nadu which
affects the profitability of the firm and the stressed financial
profile of the firm characterized by highly leveraged capital
structure, weak coverage indicators and moderate working capital
requirements.  However, the assigned ratings take into account the
experience of the promoters in the textile business and the
operational support from the group companies involved in similar
line of business.

                         About P.A.S. Cotton

P.A.S. Cotton Mills Private Limited was incorporated in 2005 to
manufacture cotton yarn.  The Company started commercial
production from April 2007 with a spindleage of 18000 which has
been gradually increased to 24,048 by 2009-10.  The product
profile of the company includes carded and combed varieties of
yarn in cone and hank forms. The company manufactures yarn of
counts 60s, 80s and 100s.  The revenues for PASPL are entirely
generated through domestic sales and no direct exports are done.
However, the company does merchant export sales to fulfil the
export obligation under EPCG scheme

PASPL reported a profit after tax of INR-0.1 crore on an operating
income of INR17.7 crore for the year ended March 31, 2010.

Recent Results

For the half year ended September 2010, the company has reported
a net profit of INR0.1 crore on an operating income of INR11.7
crore.


PATEL INTEGRATED: Fitch Upgrades Note Ratings from 'BB+'
--------------------------------------------------------
Fitch Ratings has upgraded India's Patel Integrated Logistics
Ltd's National Long-term rating to 'BBB-(ind)' from 'BB+(ind)'
with a Stable Outlook.  The agency has also upgraded the ratings
on PILL's instruments:

  - INR52m finance lease: upgraded to 'BBB-(ind)' from 'BB+(ind)';

  - INR268.5m cash credit facility (enhanced from INR239m):
    upgraded to 'BBB-(ind)' from 'BB+(ind)'; and

  - INR210m non-fund based limits (enhanced from INR155m):
    upgraded to 'F3(ind)' from 'F4(ind)'.

Fitch has also withdrawn the rating on PILL's INR7.5m term-loan
facility as it has been fully repaid.

The upgrades are based on the consistent improvement in PILL's
profitability over FY10 and first half of FY11 and the expected
strengthening of its credit metrics in FY11.  The company's
liquidity position also improved consistently over FY10 and
H1FY11, driven by the healthy revival in the domestic logistics
industry.  The company's EBITDA margins increased to 3.43% in FY10
(FY09: 2.74%), and were around 3.8% during the six months ended 30
September 2010.  Fitch expects PILL's financial position to
improve on a sustained basis over the medium-term.  The company's
tight control over fixed costs by rationalising employee expenses
and opting for the franchise route for business expansion are some
of the factors that led to the improvement in its profitability
margins.  The agency expects the asset-light franchisee model
adopted by PILL for business expansion to provide greater
financial flexibility during a downturn.  The company's collection
efficiency has also improved, and is expected to translate into
lower debtor days over the short- to medium-term.  At end-FY10,
PILL's leverage (adjusted net debt /operating EBITDAR) and
interest coverage (operating EBITDA/gross interest expense) were
3.95x and 2.48x, respectively.

The ratings are supported by PILL's leadership position in the
domestic courier consolidation market with a share of over 70%, as
well as by its strong position in the domestic road freight
market, in which it is among India's top five players.

The ratings are constrained by the company's low bargaining power
with airlines, high customer concentration in the courier
consolidation business, and intense competition in the road
transportation business.  Given PILL's reliance on a handful of
courier companies for bulk of the revenues, delays by a few
clients can result in a strained liquidity position.  Another
factor related to the courier consolidation business that
constrains liquidity is that payments to airlines have to be made
within the stipulated credit period (15 days), whereas the company
is forced to offer larger credit period to its clients.

Negative rating triggers include an increase in PILL's adjusted
net debt/operating EBITDAR to over 4.5x and/or a decline in its
operating EBITDAR/(gross interest expense + rents) to below 1.6x
on a sustained basis.  Any significant deterioration in the
company's liquidity position, caused primarily by large debt-
funded capacity expansions could also trigger a rating downgrade.

Positive rating triggers include PILL's adjusted net
debt/operating EBITDAR strengthening to below 3.0x and/or an
increase in its operating EBITDAR/(gross interest expense + rent)
to over 2.5x on a sustained basis, accompanied by the generation
of positive free cash flows on a sustained basis.

PILL was created from the merger of Patel Roadways Ltd and Patel
On Board Courier Ltd.  It is primarily involved in road freight
and courier consolidation services.  The company has recently
expanded its presence in the logistics space by entering into the
warehousing business.  It has leased a 32,930 square feet customs
bonded warehouse in Chennai, and is evaluating warehousing
opportunities in other locations as well.  In FY10, the company
reported revenues of INR3,467 million (FY09: INR4,049m), EBITDA of
INR119 million (FY09: INR111 million), net profit of INR45 million
(FY09: INR27 million) and adjusted net debt /operating EBITDAR of
3.95x (FY09: 4.41x).


S NARENDRA: CRISIL Reassigns 'BB' Rating to INR30MM LT Bank Loan
----------------------------------------------------------------
CRISIL has assigned its 'BB/Positive' rating to the bank
facilities of S Narendra, part of the S Narendra group; the
facilities were earlier short-term facilities and were rated 'P4+'
by CRISIL.

   Facilities                            Ratings
   ----------                            -------
   INR30 Million Proposed LT Bank        BB/Positive (Reassigned)
                    Loan Facility
   INR177 Million Post-Shipment Credit   BB/Positive (Reassigned)
   INR33 Million Packing Credit          BB/Positive (Reassigned)

The rating continues to reflect the S Narendra group's working-
capital-intensive operations, modest net worth, and high
geographic concentration in revenue profile.  These rating
weaknesses are partially offset by the benefits that the group
derives from its promoters' extensive industry experience, its
conservative risk appetite, and the assured supply of rough
diamonds from its group entity, Sauraj Diamonds NV (Sauraj
Diamonds).

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of S Narendra, with its group entities
Saurin Diamonds and Siddhanth Diamonds.  This is because these
three entities, collectively referred to herein as the S Narendra
group, are in the same line of business, and have the same
ownership and management.

Outlook: Positive

CRISIL believes that the S Narendra group's financial risk profile
will improve over the medium term, as the group scales up its
operations. The ratings may be upgraded if the group increases its
revenues, while maintaining its profitability, capital structure,
and working capital policies. Conversely, the outlook may be
revised to 'Stable' if there is significant pressure on the
group's margins, or if there is a lengthening of its working
capital cycle.

                          About S Narendra

S Narendra, a partnership firm, was set up in 1964 by the Jhaveri
family. One of the founders, Mr. Rajnikant Jhaveri, has more than
six decades of experience in the gems and jewellery industry.
Currently, S Narendra is managed by Mr. Rajnikant Jhaveri's son,
Mr. Amish Jhaveri, and grandson, Mr. Saurin Jhaveri, who are also
partners in the firm.  S Narendra has manufacturing units in Surat
and Bhavnagar (both in Gujarat), and Dahisar (Maharashtra), and
has employed over 1000 skilled workers.  S Narendra buys rough
diamonds from Sauraj Diamonds, which is located at Antwerp in
Belgium. Siddhant Diamonds manufactures and sells diamond-studded
gold and platinum jewellery in both the export and local markets.
Saurin Diamonds also manufactures diamond jewellery, besides
trading in diamonds.

For 2009-10 (refers to financial year, April 1 to March 31), the S
Narendra group reported a profit after tax of INR32 million on net
sales of INR1.03 billion, against a net loss of INR33 million on
sales of INR821 million in 2008-09.


TRIBHOVANDAS BHIMJI: CRISIL Reaffirms 'BB' Rating on Cash Credit
----------------------------------------------------------------
CRISIL's rating on the bank facilities of Tribhovandas Bhimji
Zaveri & Sons continues to reflect TBZ & Sons' geographically
concentrated revenue profile, modest financial risk profile marked
by small net worth and scale of operations, and susceptibility to
volatility in gold prices.  These rating weaknesses are partially
offset by TBZ & Sons' established market position in the jewellery
business in Mumbai, supported by its promoters' industry
experience.

   Facilities                      Ratings
   ----------                      -------
   INR80.0 Million Cash Credit     BB/Stable (Reaffirmed)
   INR20.0 Million Proposed LT     BB/Stable (Reaffirmed)
                 Bank Facility

Outlook: Stable

CRISIL believes that TBZ & Sons will maintain its market share in
the jewellery segment in Mumbai over the medium term, supported by
its strong brand image and promoters' industry experience. The
outlook may be revised to 'Positive' if TBZ & Sons generates more-
than-expected operating revenues and margins, or there is
substantial equity infusion by the partners.  Conversely, the
outlook may be revised to 'Negative' if the firm undertakes a
large, debt-funded capital expenditure programme or its operating
margin declines.

Update

TBZ & Sons' net sales declined by 4.6% in 2009-10 (refers to
financial year, April 1 to March 31) to INR301.0 million from
INR316.0 million in 2008-09.  The impact of the decline in sales
was mitigated by increase in gold prices.  Inventory gains on
account of increase in gold prices and lowering in selling
expenses contributed to an improvement in the firm's operating
margin to 8% in 2009-10 from 6.2% in 2008-09. Similarly, profit-
after-tax (PAT) increased to 1.9% in 2009-10 from 1.3% in 2008-09.
Debt protection metrics remained weak, with net cash accruals to
total debt (NCATD) and interest coverage ratios at 0.08 times and
1.4 times respectively in 2009-10.  Gearing improved to 1.1 times
as on March 31, 2010 from 1.4 times as on March 31, 2009, driven
by equity infusion of INR5 million by the firm's partners.  TBZ &
Sons reported a PAT of INR5.7 million on net sales of INR301.0
million for 2009-10, against a PAT of INR4.1 million on net sales
of INR316.0 million for 2008-09.

                          About TBZ & Sons

TBZ & Sons is a partnership firm promoted by the Pratap Zaveri
faction of the Zaveri family, which has been in the retail
jewellery business since 1864 in Mumbai. TBZ & Sons was formed in
1977, when the firm commenced operations with its first jewellery
showroom at Opera House, Mumbai.  The firm launched its second
showroom in October 2008 in Ahmedabad, but closed it in 2009 as
revenues were below expectations.  The firm has a shop-in-shop
arrangement with Sreekota Jewellers in Coimbatore.  TBZ & Sons is
currently managed by Mr. Pratap Zaveri and his three sons.


UMAK EDUCATIONAL: ICRA Assigns 'LBB' Rating to INR34cr Term Loans
-----------------------------------------------------------------
ICRA has assigned the long-term rating of 'LBB' to the INR34.00
crore term loans of Umak Educational Trust.  The long term rating
carries a stable outlook.

The rating favorably factors in the  established track record of
Umak  in the field of education,  the experienced  as well as
qualified faculty of the institute  and the strong  financial
back ground of the promoters of the trust.  The rating is,
however, constrained on account of the declining number of student
intake over the last few years, nascent stage of Umak's planned
capital expenditure to construct a new campus on Sohna Road
(Gurgaon), its moderate scale of operations and increasing
competition in the private education sector.  Additionally,
absence of accreditation from an Indian statutory body and delay
in project execution can limit the scale of operations of Umak.
Going forward, ability to timely execute the planned capital
expenditure, scaling up the operations and ensuring optimal
occupancy levels in its courses will remain amongst the key rating
sensitivities.

Established in July 2006, Umak Educational Trust currently manages
its only institute i.e. International Management & Technology
(IIMT).  Dr. Ramesh Kapur and his family members are the trustees
of Umak.  The Kapur Family is also the promoters of AB Hotels
Limited which is the flagship company of the group that runs the
Radisson Hotels in Delhi and Varanasi.  Currently, the institute
(IIMT) has a tie-up with Oxford Brookes University (OBU) and
offers BSc. in Hotel Management and BBA (3 years and 4 years)
degree courses.  For the academic year (2011-12), the institute
has launched new courses like BBA (Hons) in Retail Management,
Post Gradaute Program in Management (PGPM) and Post Graduate
Degree in Management. The institute is currently operating from
its leased campus in Udyog Vihar, Gurgaon. Presently, the trust is
undertaking construction of its new 16-acre campus on Sohna Road
(Gurgaon). As part of phase-I of the development, 5-acre land
parcel is being developed with a built-up area of more than
200,000 sq. ft. at a cost of INR51 crore and the campus is
expected to be operational by CY 2012.

Recent Results

In FY10, Umak reported a profit after tax (PAT) of INR0.14 crore
on an operating income of INR5.54 crore resulting in a profit
margin of 2.6%.


VASWANI INDUSTRIES: CRISIL Assigns 'BB+' Rating to INR440MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of Vaswani Industries Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR180 Million Cash Credit        BB+/Stable (Assigned)
   INR440 Million Term Loan          BB+/Stable (Assigned)
   INR30 Million Bank Guarantee      P4+ (Assigned)
   INR100 Million Letter of Credit   P4+ (Assigned)

The rating reflects VIL's marginal market share and susceptibility
to volatility in raw material prices.  These weaknesses are
partially offset by VIL's moderate operating efficiency backed by
integration in its operations, and its moderate financial risk
profile marked by moderate gearing, net worth and cash accruals.

Outlook: Stable

CRISIL believes that VIL will benefit over the medium term from
its integrated operations and its promoters' experience in the
steel industry.  The outlook may be revised to 'Positive' in case
of a further increase in its level of integration of operations or
significant increase in its scale of operations and profitability.
Conversely, the outlook may be revised to 'Negative' if the
company's capacity utilization is lower than expected, there is
significant decline in its operating margin, or if it undertakes a
large, debt-funded capital expenditure programme, adversely
affecting its financial risk profile.

                     About Vaswani Industries

VIL was established in July 2003 in Raipur by Mr. Ravi Vaswani and
Mr. Pramod Vaswani. VIL manufactures sponge iron and billets, with
production capacities of 90,000 tonnes per annum (tpa) and 36,000
tpa respectively.  The company also has installed a power plant of
11.5 megawatts capacity.

For 2009-10 (refers to financial year, April 1 to March 31), VIL
reported a profit after tax (PAT) of INR37 million on net sales of
INR920 million, against a PAT of INR41 million on net sales of
INR1338 million for 2008-09.


VIKRAM OVERSEAS: CRISIL Assigns 'BB-' Rating to INR70MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of Vikram Overseas Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR70.00 Million Term Loan      BB-/ Stable (Assigned)
   INR125.00 Million Packing       P4+ (Assigned)
    Credit/ Bill Discounting

The ratings reflect VOL's weak financial risk profile, marked by
small net worth, moderately high gearing and weak debt protection
measures, large working capital requirements, small scale of
operations, with geographic and customer concentration in its
revenue profile, and its exposure to volatility in foreign
exchange rates.  These weaknesses are partially offset by the
extensive experience of VOL's promoters in the readymade garment
export business, and its improving profitability.

Outlook: Stable

CRISIL believes that VOL will benefit from its established
customer relationships over the medium term.  Its financial risk
profile will, however, remain constrained over the corresponding
period on account of large working capital requirements and its
small scale of operations.  The outlook may be revised to
'Positive' in case of significant improvement in cash accruals.
Conversely, the outlook may be revised to 'Negative' in case of
slower-than-expected increase in scale of operations, or if VOL's
financial risk profile deteriorates due to pressure on
profitability.

                       About Vikram Overseas

Incorporated in 1976, VOL manufactures and exports of readymade
garments.  The company exports to US- and European Union-based
brands such as Marcopolo, Tom Tailors, Guess and Charlotterouse.
The company has three manufacturing units in Okhla (Delhi), each
of which has a manufacturing capacity of around 0.15 million
pieces per month.  The company is in the process of setting up a
new unit in Noida, with a manufacturing capacity of 0.15 million
pieces per month.  This will be completed in 2011. VOL derives
around 70% of its income from the sale of knitted garments to
mostly EU-based customers, while the remainder is derived from the
sale of woven garments almost exclusively to US-based retailers.

VOL reported an estimated profit after tax (PAT) of INR6.7 million
on estimated net sales of INR747.24 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR4.1
million on net sales of INR903.0 million for 2008-09.


WITMANS INDUSTRIES: CRISIL Reaffirms 'BB' Rating on Cash Credit
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Witmans Industries,
part of the Witmans group, continue to reflect the Witmans group's
small scale of operations and exposure to inherent cyclicality in
the textile lubricants industry. These weaknesses are partially
offset by the Witmans group's established presence in the textile
lubricants industry, and moderate financial risk profile marked by
a low gearing and strong debt protection metrics.

   Facilities                        Ratings
   ----------                        -------
   INR60.0 Million Cash Credit       BB/Stable (Reaffirmed)
   INR9.0 Million Line of Credit     P4+ (Reaffirmed)
   INR60.0 Million Letter of Credit  P4+ (Reaffirmed)
   INR1.0 Million Bank Guarantee     P4+ (Reaffirmed)

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of WI, Witmans Petrochem Ltd (WPL), and
EsterLube Technologies Ltd.  This is because these entities,
collectively referred to herein as the Witmans group, are in a
common line of business, and have fungible cash flows and a common
set of promoters.  Moreover, WPL trades in base oil, while
Esterlube manufactures emulsifiers for lubricants.  Both WPL and
Esterlube sales are entirely to WI.

Outlook: Stable

CRISIL believes that the Witmans group will benefit over the
medium term from its established market presence in the textile
lubricants market, and maintain its moderate financial risk
profile supported by low gearing, strong debt protection metrics,
offset by low net worth.  The outlook may be revised to 'Positive'
if the group significantly scales up its operations, while
maintaining its operating margin, leading to higher cash accruals.
Conversely, the outlook may be revised to 'Negative' if the
Witmans group's cash accruals are lower than expected or if the
group undertakes a larger-than-expected, debt-funded capital
expenditure (capex), resulting in significant deterioration in its
capital structure.

                          About the Group

Set up in 1999 in Mumbai (Maharashtra), WI manufactures lubricant
oils that are used primarily in the textiles industry.  It also
manufactures industrial paints, which contribute to about 2% of
the total revenues of the company.  The textiles industry forms
the largest user segment for WI's lubricant oils, accounting for
about 90% of total sales.  The firm's lubricant oil plant at Daman
has an installed capacity of 1200 tonnes per month (tpm) on a
single-shift basis.  Currently, WI has planned a capex for
increasing its capacity to about 1700 tpm.  Industrial paints are
manufactured at Wada (Maharashtra), with an installed capacity of
around 0.5 million litres per annum, on a single-shift basis.

WPL, initially formed to trade in lubricants, began trading in
base oils in 1999 to supply to WI. Set up as a partnership firm in
2004, Esterlube manufactures emulsifiers.

The Witmans group reported a profit after tax (PAT) of INR40.9
million on net sales of INR996 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR39
million on net sales of INR909 million for 2008-09.


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


SHINGINKO TOKYO: H.I.S. Affiliate Mulls Investing in Bank
---------------------------------------------------------
Kyodo News reports that an affiliate of H.I.S. Co is eyeing
investing in Shinginko Tokyo, a struggling bank primarily owned by
the Tokyo metropolitan government.

Sources familiar with the matter told Kyodo that senior officials
of the H.I.S.-affiliated firm and metropolitan government
officials met Wednesday to negotiate the details of the company's
purchase of the bank's shares.

According to Kyodo, H.I.S. Chairman Hideo Sawada concurrently
serves as president of Sawada Holdings Co, which has financial
services firms such as H.S. Securities Co and H.S. Insurance Co
under its wing.

Kyodo discloses that Shinginko Tokyo has racked up huge loan
losses due to problems in its loan screening system and defects in
its supervision system for the extension of loans.

The metropolitan government injected fresh capital of JPY40
billion into the bank in April 2008 as its accumulated losses had
come to JPY101.6 billion as of the end of March in the same year.

                          About Shinginko

Shinginko Tokyo Ltd. was founded in April 2005 by the Tokyo
Metropolitan Government at the initiative of Tokyo Governor
Shintaro Ishihara with an investment of JPY100 billion.  The
bank provides loans mainly to struggling small firms based in
Tokyo.  The bank was Mr. Ishihara's promise during his 2003
gubernatorial election campaign.

                         *     *     *

Shinginko Tokyo continues to carry a "BB+" Subordinated Debt
rating placed by Japan Credit Rating Agency on March 28, 2008.


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


HYUNDAI ENG'G: Court Rejects Hyundai Group's Injunction Bid
-----------------------------------------------------------
Se Young Lee and Kyong-Ae Choi report that a South Korean court
rejected Hyundai Group's attempt to salvage its bid for a
controlling stake in Hyundai Engineering & Construction Co.,
paving the way for Hyundai Motor Group to acquire the shares.

The Journal relates that the ruling brings Hyundai E&C's
creditors-turned-shareholders closer to finishing a fractious
process that could end up raising KRW5.1 trillion (US$4.53
billion), which people familiar with the situation said was
Hyundai Motor's offer.  Lead creditor Korea Exchange Bank said the
creditors now aim to sign a memorandum of understanding with
Hyundai Motor and sign a final sale agreement by mid-February,
says the Journal.

According to the Journal, the Seoul Central District Court on
Tuesday rejected Hyundai Group's request for a preliminary
injunction that would stop the creditors from opening talks with
Hyundai Motor and acknowledge that Hyundai Group retains rights as
the preferred bidder.

Hyundai Group said it plans to appeal the decision, the Journal
notes.

Bloomberg News says Hyundai E&C's controlling shareholders may
sign a preliminary deal next week to sell their stake to Hyundai
Motor.

Bloomberg relates Kim Sun Gyu, a spokesman for Korea Exchange
Bank, one of the investors, said the shareholders expect to decide
by Jan. 7 whether to name Hyundai Motor Group as preferred bidder,
and plan to sign a memorandum of understanding by Jan. 14.  A
final deal may be reached by mid-February, and the sale may be
completed by early April, he said.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 22, 2010, Yonhap News said creditors of Hyundai E&C scrapped
a takeover deal for the builder signed with Hyundai Group as the
group failed to resolve suspicions over its ability to finance the
deal.

Hyundai Group signed a KRW5.5 trillion preliminary deal with main
creditor Korea Exchange Bank (KEB) on Nov. 29 to buy a 34.88%
stake in the country's top builder, beating its rival Hyundai
Motor Group that had proposed to pay KRW5.1 trillion.

                     About Hyundai Engineering

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

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


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


NAM FATT: Appointment of Ferrier Hodgson Confirmed
--------------------------------------------------
Creditors of P & N Construction Sdn. Bhd., a subsidiary of Nam
Fatt Corporation Berhad, on December 31, 2010, resolved that
Mr. Michael Joseph Monteiro and Mr. Heng Ji Keng of Ferrier
Hodgson MH be confirmed as joint and several Liquidators for the
purpose of winding up the affairs and distribution of the assets
of P&N.

                           About Nam Fatt

Nam Fatt Corporation Berhad is a Malaysia-based company. The
principal activities of the Company consist of investment holding
and construction of bridges, heavy concrete foundations, roads,
factory complexes and other similar construction activities. The
Company operates in four business segments: engineering and
construction, property, leisure, and manufacturing. The Company's
subsidiaries include Nam Fatt Fabricators Sdn. Bhd., which is
engaged in the construction of bridges, heavy concrete
foundations, roads, factory complexes and similar construction
activities; Agenda Istimewa Sdn Bhd, which is engaged in property
development; P & N Construction Sdn. Bhd. which is engaged in the
business of general contractors; Nam Fatt Marketing Sdn. Bhd.,
which is a sales distributor and marketing agent, and Maddusalat
Berhad, which is the owner and developer of golf resort and its
recreational amenities, property developer, and property manager.

                           *     *     *

Nam Fatt Corporation Berhad has been classified as an Affected
Listed Issuer under Practice Note 17 of the Listing Requirements
of Bursa Malaysia Securities Berhad.

The Company has triggered Paragraph 2.1(f) of the Practice Note 17
of the Main Market Listing Requirement of Bursa Malaysia following
failure to meet its principal and interest payment of
MYR13,225,037.39 due and payable on March 15, 2010, in respect of
the Asset Sale Agreement dated December 4, 2007, between Bank
Kerjasama Rakyat Malaysia Berhad and Nam Fatt.


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


CRAFAR FARMS: Chinese Bidder Extends Settlement to September 30
---------------------------------------------------------------
BusinessDesk reports that Natural Dairy (NZ) Holdings, the
Hong Kong bidder rejected by the Overseas Investment Office for
the purchase of 20 dairy farms, is extending the terms of
settlement for the deal to September 30 as it seeks advice on its
next move.

According to BusinessDesk, the company said it continues to pursue
opportunities to process New Zealand milk for products to be sold
in Asia, particularly mainland China.

BusinessDesk relates NDNZ Holdings said that the holiday period
meant its New Zealand and Hong Kong advisers would not be
considering the OIO refusal, announced December 22, until the
third week of January.

"It will take some time for the board to obtain advice in order to
assess and evaluate the situation," NDNZ Holdings Chairman Wu
Nengkun said in a statement, according to BusinessDesk.  "Although
the applications were declined by the ministers, the company is
considering sourcing the milk and manufacturing the finished dairy
products in New Zealand for export into the Asia market, including
but not limited to the Greater China markets."

In the meantime, says BusinessDesk, the "long stop date" in sale
and purchase agreements for the farms has been extended to
September 30.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 27, 2010, Stuff said Land Information Minister Maurice
Williamson and Kate Wilkinson, who is acting for the finance
minister Bill English, said they have declined consent NDNZ
Holdings to acquire 16 Crafar farms.  The decision covers the
applications by Natural Dairy to acquire UBNZ Assets Holdings
Limited and a retrospective application to acquire four Crafar
farms which UBNZ purchased in February 2010.

BusinessDesk states that NDNZ Holdings fell foul of the OIO
regulations for various reasons, including the fact that its bid
was fronted by May Wang, a bankrupt Chinese businesswoman and
New Zealand resident, and the fact that four of the 20 farms in
question were acquired prior to OIO applications being lodged.

                         About Crafar Farms

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

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

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


                             *********

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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