TCRAP_Public/110107.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

             Friday, January 7, 2011, Vol. 14, No. 5



ALLIED BRANDS: Receivers Sell Villa & Hut Chain to V&H


CHINA FISHERY: Moody's Upgrades Corporate Family Rating to 'Ba3'
CHINA SOUTH: Moody's Assigns 'B1' Corporate Family Rating
CHINA SOUTH: S&P Assigns 'B+' Long-Term Corporate Credit Rating
COUNTRY GARDEN: Moody's Cuts Corporate Family Rating to 'Ba3'
TEXHONG TEXTILE: Moody's Assigns 'Ba2' Corporate Family Rating

TEXHONG TEXTILE: S&P Assigns 'BB' Corporate Credit Rating

H O N G  K O N G

KOOLL INTERNATIONAL: Creditors' Proofs of Debt Due January 14
MASTERWORK ENTERPRISES: Creditors' Proofs of Debt Due January 21
MI FUNG: Creditors' Proofs of Debt Due January 21
MONTAGUT HK: Creditors' Proofs of Debt Due January 21
PALACE INTERNATIONAL: Placed Under Voluntary Wind-Up Proceedings

QUASAR NAVIGATION: Wong and Ngan Step Down as Liquidators
SHAW LAND: Members' Final Meeting Set for January 31
TIME SEARCH: Tso Yin Yee Appointed as Liquidator
VARITRONIX FOUNDATION: Members' Final Meeting Set for February 8
VIC GARMENT: Creditors and Contributories to Meet on Jan. 13

WILLING KNITWEAR: Sutton and Yu Appointed as Liquidators


AIR INDIA: Government Approves INR1,200-cr Equity Infusion
BABA STRIP: ICRA Assigns 'LBB+' Rating to INR16.46cr Term Loan
BEMCO HYDRAULICS: CRISIL Upgrades Rating on Term Loan to 'B-'
CENTAUR PHARMA: CRISIL Reaffirms 'BB+' Rating on Various Loans
CHANDRALOK TEXTILE: CRISIL Assigns 'B+' Rating to INR14.1MM Loan

DEV PRIYA: CRISIL Upgrades 'BB' Rating on INR60MM Term Loan
EMAAR DIAMONDS: CRISIL Reaffirms 'BB' Rating on Cash Credit
KHETAN TILES: CRISIL Puts 'BB+' Rating on Various Bank Facilities
KINGFISHER AIRLINES: Wins Three-Month Fuel Dues Reprieve
LALCHAND JEWELLERS: CRISIL Reaffirms 'BB+' Rating on Cash Credit

MOTHER THERESSA: CRISIL Reaffirms 'D' Rating on Long-Term Loan
PANYAM CEMENT: Fitch Assigns 'B-' National Long-Term Rating
PATODIA FILAMENTS: ICRA Assigns 'LBB' Rating to INR30cr Bank Loan
POOJA CASTINGS: ICRA Assigns 'LB' Rating to INR2cr Term Loan

POLYCOAT INDIA: CRISIL Assigns 'B+' Rating to INR16MM Term Loan
RADHA RANI: CRISIL Assigns 'B' Rating to INR7 Million Term Loan
RAMESHWAR COTTON: CRISIL Reaffirms 'B' Rating on INR10MM Term Loan
RK INFRACORP: Fitch Assigns 'BB' National Long-Term Rating
SREE DURGA: CRISIL Assigns 'P4+' Rating to INR120MM Packing Credit

SRI BALAMBIKA: CRISIL Upgrades 'B+' Rating on INR471.4MM LT Loan
SRI RAJU: ICRA Places 'LB+' Rating on INR3.45cr Term Loan
TRANSWORLD FURTICHEM: Fitch Assigns 'BB' National Long-Term Rating


CHANDRA ASRI: Moody's Gives Positive Outlook on 'B2' Rating


LIMAHSOON BERHAD: Trading of Securities to be Suspended on Jan. 10
NV MULTI: Classified as Affected Listed Issuer Under PN17

N E W  Z E A L A N D

CRAFAR FARMS: Natural Dairy to Seek Legal Advise Over Rejected Bid


* Large Companies with Insolvent Balance Sheets

                            - - - - -


ALLIED BRANDS: Receivers Sell Villa & Hut Chain to V&H
Inside Retailing Online reports that Villa & Hut founder Franz
Madlener this week confirmed the sale of the chain by the
receivers of Allied Brands Ltd -- the company he sold the business
and brand to after more than a decade building it up.

According to the report, the business has been bought by V&H
International Pty Ltd, a company privately owned and controlled by
the Pausewang family, whose past retail success stories include
the establishment and development of Provincial Home Living and
Smiggle chains.

"The Pausewang family is 100% committed to reinventing our brand
and lifting our profitability - as well as our credibility,"
Inside Retailing quoted Mr. Madlener as saying.

V&H International is chaired by Peter Pausewang, with James
Marshall heading up the franchise operation as GM and Jade
Kammergruber as MD.  Mr. Madlener will continue with the brand on
a consultancy basis.

Inside Retailing Online says V&H will acquire 100% of the existing
outstanding franchise debtor ledger, as a part of the acquisition
of the franchise network, thus ensuring that no franchisee would
be required to deal with the liquidators of Allied Brands Ltd and
the outgoing entities.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 28, 2010, Allied Brands Ltd. was placed in voluntary
administration on October 27, 2010.  Peter Dinoris and Peter
Biazos of Vincents Chartered Accountants have been appointed
as joint administrators.  Allied Brands saw its Cookie Man chain
placed in liquidation in September and then in October 2010 lost
the Australian franchise rights to the Baskin-Robbins brand.
Villa & Hut Holdings was placed into administration by Allied
Brands in November 2010.

Allied Brands's major lender, Westpac, also appointed receivers
and managers from McGrath Nicol to two Allied Brands subsidiaries
-- Allied Brands Service and Allied Brands Finance.

                        About Allied Brands

Allied Brands Limited (ASX:ABQ) --
-- is engaged in food and retail franchising in Australia.  The
Company operates in two segments: food and non food. The food
segment includes the sale of ice-cream, cookie-related products
and dry goods to franchisees, receipt of royalties and
construction of new stores and sale of coffee, general provision
of meals, and rental income earned on baking ovens. The non food
segment includes the receipt of royalties and rental income in
respect of furniture, fixtures homewares and equipment from
franchisees and other parties, and the sale of franchised areas
for the sale and servicing of water coolers, televisions and water


CHINA FISHERY: Moody's Upgrades Corporate Family Rating to 'Ba3'
Moody's Investors Service has upgraded to Ba3 from B1 its
corporate family and senior unsecured bond ratings on China
Fishery Group Limited.

The outlook for the ratings is stable.

                        Ratings Rationale

"The upgrade was prompted by the recent refinancing of the
company's short-term debt with a medium-term club loan, as well as
CFG's established operating track record in Peru and North
Pacific," says Ken Chan, a Moody's Vice President.

"CFG's improved capital structure can better support its strong
growth appetite," said Chan, adding that "this also lowers near-
term refinancing risk, as a heavy reliance on short-term debt
financing had been a rating concern."

The company has drawn down approximately US$200 million of its
four-year amortizing US$425 million club loan for the refinancing,
including a US$85 million committed revolver.  This has lowered
its short-term to total unadjusted debt ratio to the current 10%,
from 33% as of September 2010.

Moreover, CFG's Peruvian fishmeal operations are progressing, and
its North Pacific operations continue to generate stable cash
flow.  Moody's sees limited downside risk to the company's
starting operations in Mauritanian waters, since its incremental
investment will be limited because it will be using the fleet from
its South Pacific operations during the latter region's off-peak
fishing seasons.

However, the rating does reflect a certain degree of cash flow
volatility stemming from fish and fishmeal prices, as well as the
inherent risk in the sea catch fishing industry such as the El
Nio phenomenon in 2010 and the potential La Nia effects in 2011.
This has resulted in a lower than expected catch in the company's
South Pacific operations.

The planned dual listing in Hong Kong, could be mildly credit-
positive, but Moody's expects CFG will deploy the equity proceeds
to fund future expansion, particularly in light of the current
projected negative free cash flow generation.

The stable outlook reflects Moody's expectation that CFG will
adopt a prudent approach in pursuing its future expansion plan.

The rating may experience upward pressure if CFG can 1) further
diversify its sources of raw materials, possibly by expanding the
scale of its Peruvian and South Pacific operations; 2) pursue a
more stable expansion strategy, such that free cash flow turns
positive; and 3) improve its credit profile, such that adjusted
RCF/debt rises above 30% and adjusted Debt/EBITDA below 2.0-2.5x.

Negative rating pressure will arise if CFG's 1) adjusted RCF/debt
declines below 15-20% and adjusted Debt/EBITDA above 4.0x,
possibly as a result of a deteriorating operating environment,
aggressive dividend payouts, or further debt-funded acquisitions
or expansion; or 2) capital structure weakens, such that the
company's reliance on short-term debt financing rises, leading to
a rise in refinancing risk.

Evidence that CFG is providing financial support to other Pacific
Andes group companies would also pressure the rating.

The last rating action with respect to China Fishery was taken on
February 16, 2007, when its ratings were affirmed at B1, with a
stable outlook.

China Fishery Group Ltd, listed in Singapore, is engaged mainly in
deep sea industrial fishing in Russian and Peruvian waters.  Its
catches are processed on board, and frozen, packed, and delivered
to market.  It is 38% effectively owned by Pacific Andes
International Holdings Ltd, a Hong Kong-listed integrated fish and
seafood product processor.

CHINA SOUTH: Moody's Assigns 'B1' Corporate Family Rating
Moody's Investors Service has assigned a first-time, provisional
(P)B1 corporate family rating to China South City Holdings Ltd.

Moody's has also assigned a provisional (P)B2 rating to CSC's
proposed US$ senior unsecured notes.

The outlook for the ratings is stable.

The provisional status of the corporate family rating will be
removed after the company has raised the US$ senior notes on
satisfactory terms and conditions.

The proceeds from the proposed bond issuance will fund CSC's
construction and expansion of its trade centers as well as
ancillary residential units and support facilities in Shenzhen,
Nanning, Nanchang, Heyuan and Xi'an.

                        Ratings Rationale

"CSC's (P)B1 corporate family rating reflects the company's unique
business model of successfully developing and operating integrated
trade centers in Shenzhen," says Jiming Zou, a Moody's Analyst.

"The ratings also consider CSC's ability in accessing large-scale
suburban land plots at attractive prices, as well as the support
it receives from the government on infrastructure improvement and
favorable project terms," says Zou.

"As a result, CSC has achieved a high gross margin of above 50%
and is able to recover costs within three to four years,"
continues Zou.

"However, CSC's expansion into large-scale developments in new
locations presents an execution risk that constrains its ratings,"
he says.

Zou says that there is still uncertainty that CSC can replicate
its successful Shenzhen model at new locations.  Any delay in
CSC's selling residential and trade center units at the new
locations could adversely affect the substantial cash outlay
required for construction and expansion.

"Moreover, sales of commercial properties at the new trade centre
may take time and will only materialize when the centre has
reached a critical threshold of tenants and commercial
activities," he says.

While there is execution risk to replicate the success of CSC
Shenzhen, this risk is partially reduced by the company's
flexibility to accelerate sales of its properties in Shenzhen to
raise liquidity cushioning any unexpected material shortfall in
sales at the new locations over the next two years.

Upon issuance of the proposed notes, CSC is expected to have a
fair amount of cash of about HK$5 billion to provide a buffer
against any down market stress scenario.

The prudent management of this cash reserve also supports the
current ratings.

Moody's expects some improvement to CSC's cash flow and credit
metrics as its projects in Heyuan and Nanning make progress.

CSC's provisional bond rating is one notch below its corporate
family rating, reflecting structural subordination arising from
the company's bank loans at its domestic subsidiaries, which
account for nearly 26% of total assets as of March 2010.

Moody's does not expect this ratio to be materially reduced in the
coming 2-3 years.

The stable outlook reflects Moody's expectation that CSC will be
able to raise the necessary amount of notes and manage its
expansion plan in a disciplined manner -- without aggressively
entering new locations.  Also the company is expected to maintain
a reasonable level of cash reserves to manage its execution risk
in the new locations.

The ratings could be under pressure for a downgrade if, (1) CSC
fails to execute its business plan, (2) the regional economy where
it operates experiences a significant downturn, which in turn
causes a material impairment to CSC's sales, (3) CSC undertakes
further aggressive expansion into more new locations.

Moody's would consider downgrade triggers of EBITDA/interest
expense coverage falling below 3.0x; cash balance falling below
RMB1-1.5 billion; or its debt/book capitalization rising above 50%
- 55%.

Upward rating pressure is unlikely to emerge in the near term.

However over the medium term, upgrade pressure could emerge if CSC
(1) establishes a track record of selling trade center units in
Nanning and Nanchang according to plan, (2) achieves an increasing
share of cash flow from rental income, (3) demonstrates a healthy
financial profile with debt/book capitalization falling below 40%-
45% and EBITDA/ interest expense rising above 4.5x--5.0x, and (4)
strengthens its liquidity profile with broadened banking

China South City Holdings Ltd is one of the leading developers and
operators of large-scale integrated logistics and trade centers in
Shenzhen, Nanning, Nanchang and Xi'an.  The company has listed its
shares on the stock exchange of Hong Kong since September 2009.

CHINA SOUTH: S&P Assigns 'B+' Long-Term Corporate Credit Rating
Standard & Poor's Ratings Services assigned its 'B+' long-term
corporate credit rating to China-based trade center developer and
operator China South City Holdings Ltd.  The outlook is stable.
At the same time, Standard & Poor's assigned its 'B' issue rating
to the company's proposed issue of senior unsecured notes.

"The rating on CSC reflects the company's material execution risks
as it aggressively expands outside its home market of Shenzhen
into less-developed cities in the next three years," said Standard
& Poor's credit analyst Bei Fu.

The company has completed 1.5 million square meters of gross floor
area in the past seven years and intends to complete 3 million sqm
in the next two years.  In addition, it partly relies on cash flow
generation from the competitive residential development market,
where CSC's track record has been limited, Ms.  Fu said.

The rating is also constrained by CSC's high--albeit improving--
project concentration risk.  A project in Shenzhen contributes
most of its cash flows, and the company is developing four new
large-scale projects with more than 4 million sqm GFA in each,
except for the Heyuan project.  S&P expects CSC's financial
performances to remain weak and volatile in the next 12 months.

"S&P believes CSC's low-cost land bank in fair locations, which
increases its pricing flexibility, tempers the above weaknesses,"
Ms.  Fu noted.  The company has average land costs of Hong Kong
dollar 157 per sqm, well below 5% of its average selling price.

Its track record at CSC Shenzhen, one of the largest trade centers
in the country, will enable the company to develop new projects in
other cities with the support and incentives from local
governments.  CSC has a small but growing recurring rental income
as the company intends to hold a meaningful proportion of its
trade center space for leasing.

The issue rating on CSC's proposed notes is one notch lower than
the corporate credit rating to reflect S&P's opinion that offshore
noteholders would be materially disadvantaged, compared with
onshore creditors, in the event of default.  In S&P's view, the
company's ratio of priority borrowings to total assets will remain
above its notching threshold of 15% for speculative-grade debt.

CSC will use the proceeds to finance existing and new property
projects and for general corporate purposes.  The rating on the
notes is subject to S&P's review of the final issuance

The stable outlook reflects S&P's expectation that CSC will
improve the recurring income from its Shenzhen project and
maintain at least RMB1 billion in cash while pursuing aggressive
growth in the next three years.  S&P also expect its financial
performance to be less volatile than in the past and that the
company's results will remain at a similar level to those in
fiscal 2010.  Its leverage ratios may weaken temporarily in fiscal
2011 as leverage rises ahead of cash flow contributions.

"S&P expects these ratios to recover to 2010 levels in fiscal 2012
onward with increased property sales and expanding scale," Ms.  Fu

Standard & Poor's is likely to lower the rating if CSC's financial
metrics weaken such that EBITDA interest coverage is below 2x or
its liquidity is under pressure, for example, if cash on hand dips
below RMB1 billion.  On the other hand, Standard & Poor's is
likely to raise the rating if CSC establishes a track record of
executing its aggressive expansion outside Shenzhen; and at the
same time it materially improves the level of recurring income
from Shenzhen.  This could happen if CSC improves its market
position in all five cities in which it operates and the company
diversifies, such that the ratio of debt to EBITDA is below 4x on
a sustainable basis.

COUNTRY GARDEN: Moody's Cuts Corporate Family Rating to 'Ba3'
Moody's Investors Service has downgraded to Ba3 from Ba2 its
corporate family rating on Country Garden Holdings Company

At the same time, Country Garden's senior unsecured debt rating is
affirmed at Ba3.

The outlook for both ratings is stable.

"The rating downgrade reflects Country Garden's ambitious future
sales target and growth plan, which entail higher debt funding,
resulting in adjusted debt to total capitalization higher than 50%
for the foreseeable future," says Peter Choy, a Moody's Senior
Vice President.

"Moody's also expects Country Garden's EBITDA/interest coverage to
be in the 3.0x-3.4x range in the next 12 to 18 months, when
Moody's expects the residential market will be somewhat weakened
as regulatory measures are more effectively enforced," adds Choy.

Such a financial profile positions the company more appropriately
at the low Ba level, compared with its Chinese property peers.

"Although Country Garden's contracted sales, amounting to around
RMB 30 billion in the first 11 months of 2010, were better than
expected, the company plans to continue to expand, which in the
absence of new equity will result in a higher level of borrowings"
says Choy.

"The higher debt gearing and the low adjusted EBITDA margin (at
around 25%- 27%) will also exert pressure on Country Garden's
fixed charge coverage ratio and limit its financial flexibility to
raise additional onshore debt under the bond indentures," explains

That said, Moody's draws certain comfort from the company's track
record in raising off-shore long-term funding to lengthen its debt
maturity profile.

Country Garden's Ba3 rating reflects the company's strong sales in
the suburban markets of economically strong Guangdong Province;
low land costs; products at affordable prices; niche markets in
second- and third-tier cities that are less vulnerable to severe
regulatory measures; and its diversified portfolio, which
comprises more than 70 projects.

The rating is constrained, however, by Country Garden's need for
debt funding to support its rapid growth model and the execution
risk on projects outside Guangdong Province.

Country Garden's liquidity remains healthy, as the company had
unrestricted cash of about RMB6.4 billion as of 30 June 2010.  It
also has another US$250 million in restricted cash, which can
support the equity swap of its convertible bonds, of which close
to 70% have been retired.

Moody's has not notched the rating on Country Garden's senior
unsecured debt, as the company has increased its offshore
borrowings, totaling US$1.6 billion, and kept its onshore
borrowings at the subsidiary level at around 13% of total assets
(as estimated by Moody's) at end-December 2010.

To stabilize its capital structure -- especially since Chinese
bank credit growth will likely slow down in 2011 -- Country Garden
will continue to access the offshore bond market.

In Moody's view, the company's total secured debt and subsidiary
debts will remain below 15% of total assets for the next two to
three years.

The stable outlook reflects Country Garden's strong sales
execution and ability to maintain reasonable liquidity to manage
its development business.

Downward rating pressure could emerge if Country Garden (1)
experiences difficulty implementing its business plan; (2) sees
its profit margins erode further; or (3) suffers from a further
weakening in the Chinese property market, such that its operating
cash flow weakens more than expected.

Thus, a downgrade could be considered if its EBITDA margin falls
below 20%; adjusted debt/total capitalization remains above 50%-
55% and is unlikely to decline; EBITDA/interest declines below
3.0x for a prolonged period; or the company reports continuous
negative operating cash flow (before land payments), which further
weakens its liquidity.

Upward rating pressure could emerge if Country Garden maintains
(1) strong sales execution; (2) a prudent approach to acquiring
land; (3) its debt leverage below 50%; (4) profit margin at 25%--
30%; and (5) EBITDA/interest above 3.5x--4.0x.

The last rating action on Country Garden was taken on 4 August,
2010, when Moody's assigned a Ba3 rating with a negative outlook
to the company's new US$400 million five-year senior unsecured

Founded in 1997 in China and listed in Hong Kong in April 2007,
Country Garden Holdings Company Limited is one of the leading
integrated property developers in China.

TEXHONG TEXTILE: Moody's Assigns 'Ba2' Corporate Family Rating
Moody's Investors Service has assigned a Ba2 corporate family
rating to Texhong Textile Group Ltd and a provisional (P)Ba2
senior unsecured rating to its planned US$ notes issuance.  The
outlook for the ratings is stable.

This is the first time that Moody's has assigned ratings to

The bond proceeds are expected to be used for refinancing, capex
and other general corporate purposes.

Moody's expects to remove the provisional status of the bond
rating when the bond transaction is completed and its terms and
conditions are satisfactory.

                        Ratings Rationale

"Texhong has steady track records for its operating and financial
performances.  Despite its focus on core-spun yarn -- that is a
single textile product -- it has demonstrated the ability to
maintain its profitability and financial profiles over the last
industry cycle," says Elizabeth Allen, a Moody's Vice
President/Senior Credit Officer.

Texhong has a solid leverage profile and its credit metrics
improved in FY2009 and 1H2010, reflecting the growth in demand as
well the first full-year contribution from its production facility
in Vietnam.  The company's expected debt/EBITDA of 2-3x positions
it well in its current rating level.

Moody's notes that Texhong's profit margin is affected by
movements in prices for cotton, its core raw material, and which
accounts for about 45% of cost of sales.

But, while the passing on of any price changes to its customers
involves a certain lead time, the shortness of its contract
periods and production cycle helps mitigate such a risk.  It
profitability is most exposed when there is a sharp decline in
cotton price.  It has maintained an average EBITDA margin of about
11% in the last five years.

Texhong sells mainly in the domestic Chinese market and hence
benefits from the robust economic growth evident in China.  But,
this market is fragmented with numerous players and the barrier of
entry is quite low.

In this context, Texhong's expansion of its production will be in
Vietnam, where it has been operating one facility since November
2007.  Its operation there benefits from the absence of import
duties on cotton and the country's low labor costs.  While it is
exposed to the inherent risk associated with an emerging market,
its performance there has thus far been good.

Moody's also notes that although the company has the ambition to
almost double its revenue to RMB10 billion in the coming few
years, its expansion plan is scalable.  As a result, its credit
profile is largely driven by management's prudence in capex and
investment spending.

Texhong's liquidity profile is characterized by its reliance on
the rolling over of bilateral bank and trade lines to fund its
working capital.  It has established relationships with domestic
banks in China and Vietnam, as well as international banks in Hong
Kong.  It has total uncommitted facilities of about RMB1.3
billion, of which about half is undrawn.

The bond rating is at the same level as the corporate family
rating, reflecting the lack of material structural subordination
risk.  While there is significant debt at domestic PRC
subsidiaries as well as offshore intermediate holding companies,
the non-PRC entities will provide up-stream guarantees to the
bond.  The debt at the non-guarantor PRC subsidiaries represented
about 12% of total assets as of October 2010 and this ratio is
expected to remain below 15% after the proposed bond issue.

The rating outlook is stable, reflecting the company's track
record in managing through the industry cycle and the expectation
that it will continue to adopt prudent expansion plans.

The rating could be upgraded if it continues its track record of
growth, while maintaining its profitability and strong financial
profile.  Moody's would also expect to see an improved debt
maturity and liquidity profile.  Furthermore, Moody's will
consider debt/EBITDA consistently below 2.5x and EBITDA margin
consistently above 13-15% as an indication for a possible upgrade.

On the other hand, the rating could be downgraded if, (1) its
liquidity profile deteriorates, (2) it expands into materially
large scale upstream or downstream businesses, or other
businesses, or (3) its leverage increases, such that debt/EBITDA
exceeds 3.5-4x.

Rating methodology: In accordance with Moody's Rating Methodology:
Global Manufacturing Industry, published in December 2010.

Established in 1997, Texhong now operates 12 yarn production bases
-- 11 in the Yangtze River Delta region in China and one in
Vietnam.  It specializes in core-spun yarn and textile products.
It has been listed on the Hong Kong Stock Exchange since 2004.
Its founder, Mr. Tianzhu Hong, holds 52.2% of the company.

TEXHONG TEXTILE: S&P Assigns 'BB' Corporate Credit Rating
Standard & Poor's Ratings Services assigned its 'BB' long-term
corporate credit rating to China-based textile producer Texhong
Textile Group Ltd.  The outlook is stable.  At the same time,
Standard & Poor's assigned its 'BB' issue rating to the company's
proposed senior unsecured notes.  The rating on the notes is
subject to Standard & Poor's review of the final documentation for
the notes issuance.  The company intends to use the issuance
proceeds for refinancing, capital expenditure, and general
corporate purposes.

"The rating on Texhong reflects the company's debt-funded
expansion, its narrow product range, and relatively low
profitability.  These weaknesses are tempered by the company's
good niche market position in core-spun yarns, its stable cash
flow generation, and a track record of prudent financial
management.  Another supporting factor is the company's steady
growth profile, driven by its expansion in Vietnam and above-
average operating efficiency," said Standard & Poor's credit
analyst Christopher Lee.

S&P expects Texhong's debt-funded expansion to significantly
increase its total borrowings over the next three years.  The
company aims to increase its production capacity through expansion
of its Vietnam operations.  The company will incur material
capital expenditure over the next three years as a result.  S&P
believes this risk is partly mitigated by its track record of
expansion in Vietnam and team of experienced personnel there.

Texhong's profitability is lower than its peers' in the 'BB'
rating category.  This is attributable to volatile cotton prices,
and the competitive, fragmented, and mature nature of the
industry.  Nevertheless, the company has maintained above-average
margins compared with its competitors by expanding its production
in a lower-cost country and improving its purchasing and
turnaround times.  S&P expects continued expansion of its low-cost
production base in Vietnam to support Texhong's margins.

S&P estimates that Texhong has a 25% market share for core-spun
yarn in China.  This niche market continues to grow at a healthy
rate, supported by increasing domestic consumption.  Texhong has a
diversified customer base in China and a good distribution
network.  In S&P's view, the company also benefits from a focused
and experienced management team.

Texhong has a track record of prudent financial management, which
has underpinned its stable cash flow generation.  Despite annual
growth of 20%, the company has maintained tight control over
inventory and receivables.  Further, it maintained moderate
leverage during 2006-2009, with a ratio of debt-to-EBITDA of 1.9x-
3.7x, due to good cash flows--even while the company underwent its
last major expansion.

Listed in 2004, Texhong produces yarns and grey fabrics, and
trades garment fabrics mainly for China.  The company has 11
plants in the Yangtze River Delta, on the east coast of China, and
one plant in Vietnam.  Mr. Hong Tian Zhu directly and indirectly
owns about 61% of the company.

In S&P's base-case scenario, Texhong's liquidity is adequate,
supported by positive operating cash flows and surplus cash.  As
at Oct. 31, 2010, the company had about Chinese renminbi (RMB)
218.0 million in cash against about RMB473.4 million in short-term
borrowings.  The company has RMB150 million in committed but
undrawn short-term facilities.  S&P expects Texhong to roll over
its short-term loans as it has established banking relationships.
If the proposed notes issuance is successful, the company's
liquidity and maturity profile would improve.

Texhong has additional funding channels, including inventory and
machinery loans.  In S&P's view, the company has adequate headroom
in its financial covenants to give it the flexibility to increase

"The stable outlook reflects S&P's expectation that Texhong will
grow steadily through new capacity, maintain EBITDA margins of at
least 10%, and use moderate leverage.  S&P does not expect
material delays and cost over-runs during its expansion in
Vietnam.  S&P also expect the company to continue to generate
positive operating cash flows and maintain its good working
capital management," said Mr. Lee.

S&P could lower the rating if Texhong's revenue growth and
profitability are materially weaker than S&P expected.  This could
happen if the company poorly executes capacity expansion or demand
for its products is significantly lower than expected, such that
its adjusted ratio of total debt to EBITDA is more than 3x and
does not show signs of improving.

The upside to the rating is currently limited due to Texhong's
somewhat aggressive expansion and its relatively low
profitability.  Nevertheless, S&P could raise the rating if the
company's financial performance materially exceeds S&P's
expectations while it pursues growth.

H O N G  K O N G

KOOLL INTERNATIONAL: Creditors' Proofs of Debt Due January 14
Kooll International Consolidated Services Limited, which is in
members' voluntary liquidation, requires its creditors to file
their proofs of debt by January 14, 2011, to be included in the
company's dividend distribution.

The company's liquidators are Kong Chi How Johnson and Lo Siu Ki.

MASTERWORK ENTERPRISES: Creditors' Proofs of Debt Due January 21
Creditors of Masterwork 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

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

MI FUNG: Creditors' Proofs of Debt Due January 21
Mi Fung Beads Company Limited, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by January 21, 2011, to be included in the company's dividend

The company's liquidator is:

         Fok Hei Yu
         14/F The Hong Kong Club Building 3A
         Chater Road
         Central, Hong Kong

MONTAGUT HK: Creditors' Proofs of Debt Due January 21
Creditors of Montagut Hong Kong 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

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

The company's liquidator is:

         Yu Hon Wing Allan
         23rd Floor, Wing Hang Finance Centre
         60 Gloucester Road
         Wanchai, Hong Kong

PALACE INTERNATIONAL: Placed Under Voluntary Wind-Up Proceedings
At an extraordinary general meeting held on December 21, 2010,
creditors of Palace International Management Company Limited
resolved to voluntarily wind up the company's operations.

The company's liquidators are:

         Rainier Hok Chung Lam
         Anthony David Kenneth Boswell
         22/F, Prince's Building
         Central, Hong Kong

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

SHAW LAND: Members' Final Meeting Set for January 31
Members of Shaw Land Investment Company Limited will hold their
final general meeting on January 31, 2011, at 10:00 a.m., at 6/F.,
Greenwich Centre, 260 King's Road, North Point, in Hong Kong.

At the meeting, Yip Ka Yui, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.

TIME SEARCH: Tso Yin Yee Appointed as Liquidator
Tso Yin Yee on December 14, 2011, was appointed as liquidator of
Time Search Recruitment (HK) Co Limited.

The liquidator may be reached at:

         Tso Yin Yee
         Room 2301, Ginza Square
         565-567 Nathan Road
         Yaumatei, Kowloon
         Hong Kong

VARITRONIX FOUNDATION: Members' Final Meeting Set for February 8
Members of Varitronix Foundation Limited will hold their final
general meeting on February 8, 2011, at 2:45 p.m., at Rm 1403,
3 Sugar Street, Hong Kong.

At the meeting, Chan Chi Ho and Lau Wai Fung, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.

VIC GARMENT: Creditors and Contributories to Meet on Jan. 13
Creditors and contributories of Vic Garment Factory Limited will
hold Separate meetings on January 13, 2011, at 2:30 p.m., and
3:00 p.m., respectively at Unit A, 14/F., JCG Building, 16 Mongkok
Road, Mongkok, Kowloon, in Hong Kong.

At the meeting, Ng Kwok Wai and David Nip, the company's
liquidator, will give a report on the company's wind-up
proceedings and property disposal.

WILLING KNITWEAR: Sutton and Yu Appointed as Liquidators
Messrs. Roderick John Sutton and Fok Hei Yu on December 15, 2010,
were appointed as liquidators of Willing Knitwear Factory Limited.

The liquidators may be reached at:

         Messrs. Roderick John Sutton
         Fok Hei Yu
         14th Floor, The Hong Kong Club Building
         3A Chater Road
         Central, Hong Kong


AIR INDIA: Government Approves INR1,200-cr Equity Infusion
The Hindu reports that India's Central Government has approved the
infusion of INR1,200-crore as equity in Air India Limited.  The
government also directed the company's management to work towards
rationalization of its wage structure, The Hindu says.

According to The Hindu, the equity infusion in the cash-strapped
Air India was approved at a meeting of the Cabinet Committee on
Economic Affairs (CCEA) on Thursday under the chairmanship of
Prime Minister Manmohan Singh.  "The infusion of enhanced equity
fund would give much needed impetus to Air India for its revival
plan," an official statement issued after the CCEA meeting said,
according to The Hindu.

The Hindu says the statement noted that the Government had earlier
released INR800 crore in February this year as equity induction in
the National Aviation Company of India Limited (NACIL), now Air
India Limited, for its revival plan.

                          About Air India

Air India -- 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, 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.

BABA STRIP: ICRA Assigns 'LBB+' Rating to INR16.46cr Term Loan
ICRA has assigned an "LBB+" rating to the INR16.46 crore term loan
and INR12.90 crore cash credit facility of Baba Strip & Tubes
Private Limited.  The outlook on the long term rating is stable.
ICRA has also assigned an 'A4+' rating to the INR2.50 crore non-
fund based bank facilities of BSTPL.

The ratings take into account the experience of the promoters in
the steel industry, a favorable demand outlook for BSTPL's
products, driven by the construction and infrastructure sectors
and the location of the company's manufacturing unit in proximity
to raw material sources and customer base that reduces freight
costs.  ICRA notes that the implementation of the company's
ongoing projects would help BSTPL diversify its product profile
and strengthen its operations.  The ratings are, however,
constrained by BSTPL's adverse  financial position as  reflected
by  its  low margins, high gearing and weak coverage indicators,
its moderate scale of current operations and a lack of
geographical diversification as the company's sales are primarily
concentrated in the  state of West Bengal.  The ratings also
factor in the cyclicality inherent in the steel business, which is
likely to keep its cash flows volatile. ICRA also notes that the
ongoing capital expenditure programme is likely to adversely
impact the liquidity position of the company in the short term at

                          About Baba Strip

BSTPL was incorporated in March 2007 and has been engaged in the
manufacture of mild steel (MS) items which include strip, shutter,
square, guide, washer, pipe, bar, wire rod, wire and also
galvanized iron (GI) pipe. The company has a rolling mill with a
capacity of 36,000 MTPA for manufacturing MS strip and a tube mill
with an installed capacity of 36,000 MTPA for manufacturing MS and
GI pipes.  The company has a rolling mill too, with a capacity of
60,000 MTPA for manufacturing MS bar, wire rod and wire.  The
manufacturing facility of the company is located at the Jamuria
Industrial Estate in Burdwan, West Bengal.

Recent Results

The company reported a profit after tax of INR0.51 crore in FY10
on an operating income of INR85.32 crore, as compared to a profit
after tax of INR0.57 crore on an operating income of INR32.21
crore during FY09.

BEMCO HYDRAULICS: CRISIL Upgrades Rating on Term Loan to 'B-'
CRISIL has upgraded its ratings on the bank facilities of Bemco
Hydraulics Ltd to 'B-/Stable/P4' from 'D/P5'.

   Facilities                          Ratings
   ----------                          -------
   INR40.00 Million Cash Credit        B-/Stable (Upgraded from

   INR10.00 Million Long-Term Loan     B-/Stable (Upgraded from
   INR25.00 Million Letter of Credit   P4 (Upgraded from 'P5')
   INR130.0 Million Bank Guarantee     P4 (Upgraded from 'P5')

The upgrade reflects regular and timely servicing of term loans by
Bemco over the past three months, supported by an improvement in
the company's liquidity.  Receipt of payment of about INR60
million from the Indian Railways in October 2010 and stable cash
accruals generated over the past 12 months have alleviated
pressure on Bemco's liquidity.  The upgrade also reflects CRISIL's
belief that Bemco will service its term debt in a timely manner
over the medium term, supported by adequate cash accruals,
unencumbered cash and bank balance (about INR30 million as on
December 21, 2010) and Bemco's management's commitment to maintain
adequate cash balance.

The ratings reflect Bemco's small scale of operations, large
working capital requirements, and below-average financial risk
profile marked by small net worth, high gearing, and inadequate
debt protection metrics (particularly interest coverage ratio).
These rating weaknesses are partially offset by Bemco's moderate
business risk profile, supported by presence in a niche market
segment, and promoters' extensive industry experience.

Outlook: Stable

CRISIL believes that Bemco will maintain its business risk profile
over the medium term, supported by its presence in a niche market
segment, established customer relationships, and industry
experience of promoters. The outlook may be revised to 'Positive'
if there is a substantial and sustained increase in Bemco's
revenues, or significant improvement in its capital structure,
most likely caused by fresh equity infusion. Conversely, the
outlook may be revised to 'Negative' if there is a stretch in the
company's working capital cycle, or a weakening in its liquidity
because of debt-funded capital expenditure.

                        About Bemco Hydraulics

Bemco was incorporated as New Bemco Engineering Products Company
Ltd in 1957; its name was changed to the current one in 1976.
Based in Belgaum (Karnataka), Bemco manufactures hydraulic presses
and equipment that are used in automobile, defence, railways and
other engineering sectors.  The company's clientele includes the
Indian Railways, Hindustan Aeronautical Ltd, Tata Motors Ltd,
Hyundai Motors Ltd, and Hero Honda Motors Ltd.

For 2009-10 (refers to financial year, April 1 to March 31), Bemco
reported a profit after tax (PAT) of INR5.8 million on net sales
of INR172.0 million, against a PAT of INR3.3 million on net sales
of INR241.0 million for 2008-09.

CENTAUR PHARMA: CRISIL Reaffirms 'BB+' Rating on Various Loans
CRISIL's ratings on the bank facilities of Centaur Pharmaceuticals
Pvt Ltd continue to reflect the pressure on Centaur's liquidity
driven by high bank limit utilisation, moderate debt protection
metrics, and continued large capital expenditure (capex).  The
company is exposed to product concentration risk (60% of its
revenues is generated by two brands alone) and intense industry
competition. These weaknesses are partially offset by the benefits
that Centaur derives from its established brands in the domestic
formulations segment, and strong presence in the psychotropic
active pharmaceutical ingredients (APIs) segment.

   Facilities                          Ratings
   ----------                          -------
   INR350 Million Cash Credit          BB+/Negative (Reaffirmed)
   INR254 Million Long-Term Loan       BB+/Negative (Reaffirmed)
   INR360 Million Proposed Long-Term   BB+/Negative (Reaffirmed)
                 Bank Loan Facility
   INR20 Million Bank Guarantee        P4+(Reaffirmed)
   INR50 Million Letter of Credit      P4+(Reaffirmed)
   INR51 Million Proposed Short-Term
                  Bank Loan Facility   P4+(Reaffirmed)

Outlook: Negative

CRISIL believes that the strain on Centaur's liquidity is
primarily because of the large capex on the company's Pune
facility in the past and poor cash flows from it till date.
Moreover, financial closure for the company's new unit, for
manufacture of sterile eye drops at the Pune facility, is still
pending.  The performance of the Pune plant, which has recently
received UK MHRA and TGA Australia approvals, is expected to
improve going forward.  This along with successful financial
closure for the new project may ease the liquidity of the company,
leading to revision in the outlook to 'Stable'. Conversely, the
rating may be downgraded in case of larger-than-expected debt-
funded capex or deterioration in Centaur's debt protection

                           About Centaur

Centaur was set up in 1987 by Mr. S D Sawant, Mr. S K Ranganekar,
and Mr. Padgaonkar. The promoters set up Centaur Laboratories in
1978, Centaur Chemicals Pvt Ltd in 1988, and Centaur Drug House
Pvt Ltd in 1998.  By 2007-08 (refers to financial year, April 1 to
March 31), the three companies were merged into Centaur.  The
company manufactures formulations and APIs, and offers contract
manufacturing and contract research outsourcing services as well.
It has two plants in Goa, and one each in Pune and Ambernath (both
in Maharashtra).

For 2009-10, Centaur reported a net profit of 117 million on net
sales of 15.8 billion, against a net loss of INR86 million on net
sales of INR13 billion for the previous year.

CHANDRALOK TEXTILE: CRISIL Assigns 'B+' Rating to INR14.1MM Loan
CRISIL has assigned its 'B+/Stable' rating to the bank facilities
of Chandralok Textile Industries Pvt. Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR60.0 Million Cash Credit        B+/Stable (Assigned)
   INR14.1 Million Rupee Term Loan    B+/Stable (Assigned)

The rating reflects CTIPL's average financial risk profile, marked
by small net worth and high gearing, its small scale of
operations, and exposure to intense competition in the textile
industry, resulting in low pricing power. These weaknesses are
partially offset by the extensive industry experience of CTIPL's

Outlook: Stable

CRISIL believes that CTIPL will maintain its moderate business
risk profile and average financial risk profile over the medium
term, on the back of stable cash accruals and established
distribution network. The outlook could be revised to 'Positive'
if the company achieves greater-than-expected revenue growth and
profitability, thereby substantially improving its capital
structure. Conversely, the outlook could be revised to 'Negative'
if any large, debt-funded capital expenditure programme materially
deteriorates CTIPL's debt protection metrics or its capital

                       About Chandralok Textile

Incorporated in 2003, CTIPL is based at Bhiwandi, in district
Thane (Maharashtra).  The company is engaged in dyeing of fabrics
and sells the dyed fabrics in the market, and also undertakes job
work for the same.  Until 2006-07 (refers to financial year,
April 1 to March 31), the company had been undertaking only job-
work activities.  Presently, job-work accounts for around 25% of
the total revenue. The unit has an installed capacity of three
million metres of dyed fabric per month.

CTIPL reported a profit after tax (PAT) of INR3.44 million on net
sales of INR272.18 million for 2009-10, against a PAT of INR2.04
million on net sales of INR214.26 million for 2008-09.

DEV PRIYA: CRISIL Upgrades 'BB' Rating on INR60MM Term Loan
CRISIL has upgraded its rating on the bank facilities of Dev Priya
Fibres Pvt Ltd to 'BB/Stable' from 'BB-/Stable'.

   Facilities                           Ratings
   ----------                           -------
   INR60.0 Million Cash Credit Limit    BB/Stable (Upgraded from

   INR60.0 Million Term Loan            BB/Stable (Upgraded from

The upgrade reflects the improvement in DFPFL's financial
flexibility, driven by more-than-expected net cash accruals in
2009-10 (refers to financial year, April 1 to March 31) that were
adequate to meet the company's debt obligations in that year; this
was contrary to CRISIL's earlier belief that these repayments
would require promoters' funding support.  The cash accruals
improved in 2009-10, driven by more-than-expected increase in
operating income and operating profit margin. Also, DPFPL's
promoters continue to support the company through unsecured loans.

CRISIL's rating also reflects DFPFL's weak financial risk profile,
marked by a high gearing and weak debt protection metrics, and
exposure to risks related to slowdown in end-user industries.
These weaknesses are partially offset by the benefits that DPFPL
derives from its established customer base and its promoters'
extensive experience in the paper industry.

Outlook: Stable

CRISIL believes that DPFPL will continue to benefit from its
promoters' extensive experience in the paper industry and
established dealer network in Uttar Pradesh and National Capital
Region (NCR).  The outlook may be revised to 'Positive' if the
company's capital structure improves because of more-than-expected
growth in operating income or profitability.  Conversely, the
outlook may be revised to 'Negative' if DPFPL's debt protection
metrics deteriorate because of higher-than-expected decline in
profitability, or larger-than-expected, debt-funded capital

                            About Dev Priya

DPFPL (formerly Dev Priya Agro Fibres Pvt Ltd), a part of the Dev
Priya group of Industries, was incorporated in 2005.  The company
was set up in 1995-96 as a unit of Dev Priya Papers Pvt Ltd.  It
acquired its current name when it was demerged from DPPPL in 2006.
Currently, the company is managed by Mr. Surinder Gupta, Mr.
Rakesh Gupta, and Mr. Sunny Gupta (Mr. Surinder Gupta's son).

DPFPL's manufacturing facility in Meerut (Uttar Pradesh) has
capacity to manufacture 30,000 tonnes per annum of kraft paper
(three-shift basis).  The company manufactures low-quality kraft
paper with burst factor of 16 to 18.  DPFPL markets the kraft
paper under the Dev Priya brand name.

DPFPL reported a profit after tax (PAT) of INR4.7 million on net
sales of INR478.4 million for 2009-10, against a PAT of INR2.7
million on net sales of INR413.8 million for 2008-09.

EMAAR DIAMONDS: CRISIL Reaffirms 'BB' Rating on Cash Credit
CRISIL's rating on the bank facilities of Emaar Diamonds Pvt Ltd
continues to reflect Emaar's weak financial risk profile and long
working capital cycle.  These rating weaknesses are partially
offset by the experience of Emaar's promoters in the diamond

   Facilities                   Ratings
   ----------                   -------
   INR100 Million Cash Credit   BB/Stable (Reaffirmed)
   INR35 Million Proposed LT
          Bank Loan Facility    BB/Stable (Reaffirmed)

For arriving at its ratings, CRISIL has not combined the business
and financial risk profiles of Emaar Diamonds Pvt Ltd and its
holding company, Mohit Diamonds Pvt Ltd.  This is because both the
entities operate in different markets, and there is no significant
transaction between the companies although both are in the same
line of business.  Also, CRISIL has factored in Emaar's
management's stance of running both the companies independently
and not supporting the operations of one with help (financial or
otherwise) from the other.

Outlook: Stable

CRISIL believes that Emaar will continue to benefit from its
established customer relationships and from stable demand for
rough diamonds over the medium term.  The outlook may be revised
to 'Positive' if Emaar scales up its operations, and strengthens
its financial risk profile by reducing its gearing level and
improving its debt protection metrics.  Conversely, the outlook
may be revised to 'Negative' if Emaar faces profitability
pressures because of volatility in diamond prices or if its
working capital requirements increase significantly.


During 2009-10 (refers to financial year, April 1 to March 31),
Emaar's sales were subdued, with net sales increasing by only
1.2% to INR340.0 million from INR336.0 million in 2008-09.
However, operating profitability was better than that in the pre-
recession period because of low-cost inventory procured during the
period of falling prices of rough diamonds in 2008-09.  Operating
profit was 6.5% and profit after tax (PAT) margin was 1.6% in
2009-10.  The company's financial risk profile remains weak, with
small net worth, moderate gearing, and weak debt protection
metrics. Gearing, at 1.5 times as on March 31, 2010, was in line
with the gearing as on March 31, 2009.  Net cash accruals to total
debt and interest coverage ratios remained weak at 0.06 times and
2.4 times respectively in 2009-10. Emaar reported a PAT of INR5.3
million on net sales of INR340.0 million for 2009-10, against a
PAT of INR2.3 million on net sales of INR336.0 million for

                        About Emaar Diamonds

Set up in February 2000, Emaar trades in rough diamonds of less
than two caratage. Emaar buys rough diamonds from De Beers, and
sells to diamond manufacturers in Mumbai and Surat. Emaar is a
wholly owned subsidiary of DTC sightholder, Mohit Diamonds Pvt Ltd
(Mohit Diamonds; rated 'P4+' by CRISIL).  Mohit Diamonds
manufactures polished diamonds and jewellery.  It also trades in
polished diamonds in the international market.

KHETAN TILES: CRISIL Puts 'BB+' Rating on Various Bank Facilities
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of Khetan Tiles Pvt Ltd.

   Facilities                              Ratings
   ----------                              -------
   INR30.0 Million Cash Credit Facility    BB+/Stable (Assigned)
   INR4.5 Million Standby Line of Credit   BB+/Stable (Assigned)
   INR21.4 Million Term Loan               BB+/Stable (Assigned)
   INR12.5 Million Export Bills            P4+ (Assigned)

The ratings reflect Khetan's small scale of operations in the
intensely competitive stone industry, resulting in limited pricing
power, and its susceptibility to fluctuations in foreign exchange
rates and raw material prices.  These weaknesses are partially
offset by Khetan's moderate financial risk profile, marked by low
gearing and above-average debt-protection metrics, and its
established market position, supported by wide product range and
its promoters' industry experience.

Outlook: Stable

CRISIL believes that Khetan will continue to benefit over the
medium term from its established customer relationships and
promoters' industry experience.  The company's financial risk
profile is, however, expected to remain moderate over the medium
term, because of low gearing and above-average debt protection
measures.  The outlook may be revised to 'Positive' if the company
reports more-than-expected topline growth, while maintaining its
margins and moderate financial risk profile.  Conversely, the
outlook may be revised to 'Negative' if Khetan's working capital
requirements increase significantly, it's operating margin
declines, or if it undertakes a larger-than-expected debt-funded
capital expenditure programme thus weakening its financial risk

                        About Khetan Tiles

Incorporated in 1994 by the Khetan family of Jaipur (Rajasthan),
Khetan is engaged in quarrying and selling marbles, and natural
tiles such as quartzite, granite, sand stones, slate, and granite.
The company has a strong presence in the domestic and export
markets and exports to the US, China, and Europe.  Khetan has a
quarry, on a 100-year lease, located in Churu (Rajasthan), from
where coloured marbles and rainforest marbles are mined; the
quarry is spread over approximately six acres.  The company meets
80% of its stone requirements through its own quarry and the
remainder through imports or from other mines. Khetan has two
windmills in Jaisalmer (Rajasthan), with a combined capacity of
0.7 megawatts.

Khetan reported a profit after tax (PAT) of INR5.1 million on net
sales of INR114.1 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR5.9 million on net sales
of INR89.1 million for 2008-09.

KINGFISHER AIRLINES: Wins Three-Month Fuel Dues Reprieve
Business Standard reports that state-run Bharat Petroleum
Corporation has granted Kingfisher Airlines a three-month reprieve
to pay jet fuel dues.

Business Standard says BPCL had decided to file an execution
petition in the Bombay High Court last month but on KFA's plea,
decided to grant it an extension instead.  "KFA requested us and
promised it would pay off the dues by March. We are hopeful they
would be able to pay off the dues," said a senior BPCL official,
according to Business Standard.

According to Business Standard, KFA owes BPCL INR220 crore (after
adjustment of interest) for fuel dues.  The deadline to repay
expired on November 30.  BPCL had, in November 2009, sued KFA in
the Bombay High Court to get outstanding worth INR300 crore.
Later, in an out-of-court settlement with the airlines, BPCL
granted it a year's time to pay the dues, including interest.
However, the company has since withdrew the credit facility to
KFA, Business Standard notes.

A BPCL official said the carrier may pay off the dues through the
money raised from their US$250-million global depository receipts
(GDR) issue the company is planning shortly, Business Standard

                     About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines -- formerly known as Deccan
Aviation Ltd., serves about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.  It maintains bases in major cities such as Delhi and
Mumbai.  Kingfisher Airlines is a unit of UB Holdings, best known
for its United Breweries unit, and the carrier shares the
Kingfisher brand with a popular Indian beer.  UB Holdings also
owns a stake in another domestic carrier, Air Deccan, whose
operations it combined with Kingfisher Airlines in mid-2008.
Kingfisher Airlines began flying in 2005.

                           *     *     *

Kingfisher Airlines has lost money six years in a row,
accumulating net debt of INR77.2 billion (US$1.74 billion) as of
March 2010, according to data compiled by Bloomberg.

LALCHAND JEWELLERS: CRISIL Reaffirms 'BB+' Rating on Cash Credit
CRISIL's ratings on the bank facilities of Lalchand Jewellers Pvt
Ltd continue to reflect Lalchand's weak financial risk profile
marked by low net worth, high gearing, weak debt protection
measures, and driven by its working-capital-intensive operations;
limited scale of operations; geographic concentration in its
revenue profile; and vulnerability of its operating margin to
volatility in gold prices. These weaknesses are partially offset
by the benefits that Lalchand derives from its established
regional market position, and its promoters' extensive experience
in the jewellery retail business.

   Facilities                         Ratings
   ----------                         -------
   INR130.0 Million Cash Credit       BB+/Stable (Reaffirmed)
   INR100.0 Million Bank Guarantee    P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that Lalchand will maintain its business risk
profile over the medium term, backed by its established market
position in Bhubaneshwar (Orissa). The outlook may be revised to
'Positive' if Lalchand's financial risk profile improves, most
likely because of an increase in cash accruals and an improvement
in its capital structure. Conversely, the outlook may be revised
to 'Negative' in case of a decline in the company's profitability.


Lalchand's performance in 2009-10 (refers to financial year,
April 1 to March 31) has been broadly in line with CRISIL
expectations; the company registered an operating income of
INR1129.6 million for the year, as against INR856.1 million for
2008-09.  The growth in operating income was primarily value
driven, with increasing gold prices and a revamped business
strategy by the promoters; amid increasing gold prices, the
company increased its focus on low-cost/weight jewellery, targeted
at the lower- and middle-income customer base.  Lalchand's
operating margin improved to 6.6% in 2009-10, compared with 5.8%
in 2008-09, on the back of benefits derived from its inventory
holding.  In the wake of increased gold prices, the company's
working capital requirements have increased, leading to higher
reliance on external debt.

Lalchand reported a profit after tax (PAT) of INR18.6 million on
net sales of INR1129.2 million for 2009-10, as against a PAT of
INR15.2 million on net sales of INR855.6 million for 2008-09.

                     About Lalchand Jewellers

Lalchand commenced operations as a small proprietorship firm
retailing gold in Bhubaneshwar in 1960.  The firm was
reconstituted as a private limited company in 1995.  The company
is currently managed by Mr. Sanjay Hans, son of the founder,
Mr. Lalchand Hans.  Mr. Sanjay Hans joined the firm in the early
1990s and has about two decades of experience in the retail
jewellery business.  Lalchand is a retailer for gold, diamond, and
third-party branded jewellery (such as Dia, Nakshatra, ARY), high-
end watches (diamond studded, gold-plated brands such as Rado and
Citizen), and pens. Lalchand has been in the jewellery business
for over the past five decades and is a well-known brand in
Bhubaneshwar.  The company owns one of the biggest gold jewellery
showrooms in Orissa.

MOTHER THERESSA: CRISIL Reaffirms 'D' Rating on Long-Term Loan
CRISIL's ratings on the bank facilities of Mother Theressa
Educational Society continue to reflect delays by MTES in
servicing its term loan.  The delays have been caused by MTES's
weak liquidity arising out of cash flow mismatches.

   Facilities                          Ratings
   ----------                          -------
   INR423.30 Million Long-Term Loan    D (Reaffirmed)
   INR95.00 Million Bank Guarantee     P5 (Reaffirmed)


MTES's net sales have increased by 16% in 2009-10 (refers to
financial year, April 1 to March 31) over that in the previous
year, backed by increase in student intake by the Medical Council
of India in MTES's institute, Konaseema Institute of Medical
Sciences (KIMS), to 150.  The society incurred a net loss of
INR3.6 million because of high interest and depreciation cost.  It
undertook a capital expenditure (capex) programme of about INR30
million in 2009-10 primarily for constructing buildings for its
proposed post-graduation programmes from 2011-12 onwards.  MTES's
liquidity remains weak because of cash flow mismatches caused by
delays in receipt of fees from students. The weak liquidity
resulted in delay in repayment of its term loan. The society has
current installment overdues of about INR10 million.

MTES was established in February 2002.  The society operates a
hospital-cum-medical college, KIMS.  The institution offers
medical and para-medical courses, and commenced its medical course
in the academic year 2005-06 (September 01 to October 30).  MTES
is part of the Chaitanya group, which consists of 14 educational
institutions offering primary and secondary levels school
education and degree courses in medicine and engineering,
management, and computer applications.  The group was formed in
1985 by its current chairman, Mr. K V V Satyanarayana Raju.

MTES reported a net loss of INR3.6 million on net sales of
INR277.0 million for 2009-10, against a net loss of INR11.0
million on net sales of INR237.0 million for 2008-09.

PANYAM CEMENT: Fitch Assigns 'B-' National Long-Term Rating
Fitch Ratings has assigned India's Panyam Cement & Mineral
Industries Ltd a National Long-term rating of 'B-(ind)' with a
Stable Outlook.  The agency has also assigned ratings to PCMIL's
bank loans:

  -- INR472m long-term loans: 'B-(ind)';
  -- INR100m fund-based limits: 'B-(ind)';
  -- Proposed INR350m long-term loans: 'B-(ind)(EXP)';
  -- Proposed INR200m fund-based limits: 'B-(ind)(EXP)'; and
  -- Proposed INR30m non-fund based limits: 'F4(ind)(EXP)'.

PCMIL's ratings reflect the delays in the repayment of
restructured term liabilities in Q4FY10 (end-March 2010),
refinancing of inter-corporate debts in FY11, EBIDTA level losses
during H1FY11, and expected shortfall in cash flows from
operations to meet debt obligations in the short-term.  Other
constraining factors for the ratings are pledge of 99.99%
shareholding of the promoters, which reduces financial
flexibility, and corporate guarantees extended by the company for
bank loan facilities availed by one of its group company.

The ratings also consider the strong promoter background and
support received by PCMIL from its group companies/promoters in
the form of unsecured loans and inter-corporate borrowings, which
had been an additional source of cash flows over FY07-FY10.

Positive rating triggers include an improvement in PCMIL's
interest service coverage ratio (EBIDTA/interest) to above 1.5x,
along with an improvement in its EBIDTA margins and leverage.
Negative rating triggers include further deterioration in the
company's financial profile or lack of support from the group
companies/promoters in meeting debt obligations.

Incorporated in 1955, PCMIL has a 0.53 million tonnes per annum
cement manufacturing facility at Cementnagar, in Kurnool district
of Andhra Pradesh.  It has leased limestone mines near to its
manufacturing facility.  The company is owned by the Nandi group
of Andhra Pradesh.  PCMIL reported gross annual sales of
INR1,594.39 million in FY10.  The company is a Public limited
company listed on the Bombay Stock Exchange.

ICRA has assigned an 'LC' rating to the INR15.93 crore term loans
and INR16.0 crore cash credit facility of Paramount Printpackaging
Limited.  ICRA has also assigned an 'A5' rating to the INR8.50
crore short-term, non-fund based limits of PPL.

The ratings are constrained by the unsatisfactory debt servicing
track record of the company as reflected by consistent delays in
the past six months in the term loan repayments; modest size and
scale of operations  and weak  net profitability levels due to
heavy interest burden and depreciation costs. The ratings are
further constrained by the moderate customer concentration risk;
raw material price risks due to fixed price contracts with some of
the customers and high working capital intensity in the business.
The ratings, however, favorably consider the long  track record of
the promoters in the packaging industry; improvement in customer
base with addition of established FMCG and pharma companies in
recent years and positive demand outlook for the company's product
on account of favorable demand scenario for the pharmaceutical
industry and FMCG sector.  The capital structure has improved
during FY 2011 with infusion of fresh equity and gearing is
comfortable at 1.08 times as on September 30, 2010.  The company
plans to come out with an IPO during Q4 FY 2011 and the proceeds
of the same would be utilized for setting up a new plant at Bhilad
in Gujarat.  ICRA notes that while the product portfolio of the
company would improve with the addition of high value added
products like high end duplex board cartons, shippers and printed
corrugated box after setting up of new plant, the project
implementation risk remains high on account of the large-sized
capital expenditure as well as dependence on the IPO proceeds for
financial closure.

                  About Paramount Printpackaging

Paramount Printpackaging Limited is in the business of
manufacturing folding box cartons and has its plant located at New
Mumbai.  PPL was promoted by members of the Sukhadia family.  The
promoters were operating through a stationery shop complemented by
four manually operated letterpress treadle machines since 1941
through its facility at Fort, Mumbai.  The promoters then shifted
from stationery printing to packaging in 1982.  Subsequently, a
new firm in the name of M/s. Paramount Printing Press was formed
on November 13, 1985 which was renamed as Paramount Printing Press
Private Limited in March, 2006.  Subsequently the company was
renamed as Paramount Printpackaging Private Limited in June 2010
and later converted to public limited company in July 2010
with its new name as Paramount Printpackaging Limited.  PPL has
the capacity to convert approximately 400 tons of paper board
every month.  In terms of finished products, the company has
the capacity to produce 20 lakh cartons a day, i.e. 60 crore
cartons annually.

PATODIA FILAMENTS: ICRA Assigns 'LBB' Rating to INR30cr Bank Loan
ICRA has assigned an 'LBB' rating to INR30 Crore funds based and
non funds based bank facilities of Patodia Filaments Private
Limited with a stable outlook.  The limits include INR6.96 crore
of unallocated limits.

The rating reflects PFPL's weak financial profile characterized by
relatively low scale of operations, low profitability, weak cash
flows and high working capital intensity of operations.  PFPL's
business is susceptible to volatility in raw material and yarn
prices which coupled with limited bargaining power with customers
and suppliers would result in pressure on already thin margins.
Moreover, its presence in a highly fragmented sector dominated by
organized and unorganized players and limited value addition
further exerts pressure on margins.  Since, a significant portion
of the revenues are realized from the group concern the
vulnerability on operations is heightened.  The ratings however
take into account the promoters' experience in the manufacturing
and processing of yarn and financial benefits accrued by virtue of
its location in a union territory and incentives extended to the
textile industry.

                      About Patodia Filaments

Incorporated in the year 1995 as a private limited company,
Patodia Filaments Private Limited is engaged in manufacturing of
medium and premium quality yarns & fabrics. The promoters started
activities in textile industry in 1964 by manufacturing fabrics
in Bhiwandi.  The company is presently producing 100% polyester
texturised yarn (PTY) of various deniers (thickness) for use in
making textiles at manufacturing set up in Silvassa.  The firm has
a registered office in Mumbai.

Recent results

PFPL recorded a net profit of INR0.41 crore on an operating income
of INR60.92 crore for the year ending March 31, 2010, and a net
profit of INR0.76 crore on an operating income of INR57.69 crore
for the year ending March 31, 2009.

POOJA CASTINGS: ICRA Assigns 'LB' Rating to INR2cr Term Loan
ICRA has assigned an 'LB' rating to the INR2.0 crore term loan and
INR4.0 crore cash credit facilities of Pooja Castings Private
Limited.   ICRA has also assigned an 'A4' rating to the INR2.0
crore short term non fund based facilities of PCPL.

The assigned ratings reflect recent delays in debt servicing by
the company.  The company has a stretched capital structure and
poor liquidity profile with marginal cash accruals from
operations.  PCPL's scale of operations remains small in an
intensively competitive auto ancillary segment vulnerable to
cyclic trends.  The promoters however have vast experience in the
business with long standing relationship with key clients.

PCPL is part of Pune based INR60 crore Jayshree group engaged in
manufacturing aluminium die castings for engine components of
CVs/PVs manufactured by OEMs in and around Pune.

POLYCOAT INDIA: CRISIL Assigns 'B+' Rating to INR16MM Term Loan
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of Polycoat India Pvt Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR56.0 Million Cash Credit          B+/Stable (Assigned)
   INR16.0 Million Term Loan Facility   B+/Stable (Assigned)
   INR25.0 Million Letter of Credit     P4 (Assigned)

The ratings reflect PIPL's weak financial risk profile, marked by
small net worth and weak debt protection metrics, small scale of
operations, and low value-added nature of business.  These
weaknesses are partially offset by PIPL's established customer
relationships and close proximity to end-user textile industry hub
of Surat (Gujarat).

Outlook: Stable

CRISIL believes that PIPL will benefit over the medium term from
stable demand for its products from the textile processing
industry in Surat.  The outlook may be revised to 'Positive' if
the company achieves greater-than-expected revenue growth and
substantially improve its profitability.  Conversely, the outlook
may be revised to 'Negative' if the company's operating margin and
sales decline, due to increasing competition from integrated
players, or if its proposed capital expenditure plan has a larger-
than-expected debt component.

                         About Polycoat India

PIPL was incorporated as Gupta Silk Mills Pvt Ltd in 1981 by the
Gupta family of Surat.  Until 2005, the company manufactured saris
and dress materials that were sold under the Gupta Saris brand.
In 2005 it set up a polyester film coating unit in Surat and the
saris and dress material units were transferred to a group entity.
Subsequently, the company's name was changed to PIPL.

The company is into colour coating of metallised polyester films
that are used in the textile and packaging industries.  PIPL's
manufacturing unit in Surat has an installed capacity of 1260
tonnes per annum.

PIPL reported a profit after tax (PAT) of INR2.2 million on net
sales of INR307 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR1.7 million on net sales
of INR251 million for 2008-09.

RADHA RANI: CRISIL Assigns 'B' Rating to INR7 Million Term Loan
CRISIL has assigned its 'B/Stable' rating to the bank facilities
of Radha Rani Wire Product.

   Facilities                              Ratings
   ----------                              -------
   INR50.0 Million Cash Credit             B/Stable (Assigned)
   INR3.3 Million Standby Line of Credit   B/Stable (Assigned)
   INR7.0 Million Term Loan                B/Stable (Assigned)

The rating reflects RRWP's weak financial risk profile, marked by
small net worth, high gearing, and weak debt protection metrics,
and its non-integrated operations, leading to low profitability.
These weaknesses are partially offset by RRWP's moderate business
risk profile, supported by the extensive experience of its
promoters in the steel business.

Outlook: Stable

CRISIL believes that RRWP's financial risk profile will remain
weak over the medium term, on account of small net-worth, high
gearing and weak debt protection measures.  The outlook may be
revised to 'Positive' in case of significant improvement in RRWP's
topline and profitability, coupled with equity infusion, resulting
in improvement in its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if the firm undertakes any
large, debt-funded capital expenditure programme, its working
capital management deteriorates, or its profitability declines,
thereby significantly deteriorating its financial risk profile.

                         About Radha Rani

RRWP was established as a partnership firm in 2008 by Mr. Gopal
Gupta and his son, Mr. Ramesh Gupta.  It commenced commercial
operations in September 2008.  The company manufactures aluminium
clad steel, pre-tensioned concrete, galvanized iron, and shutter
spring wires.  The company's manufacturing facility in Jaipur has
a capacity of 1000 tonnes per month; currently, 60 to 70% of its
capacity is being utilised.

RRWP reported a profit after tax (PAT) of INR0.8 million on net
sales of INR184.1 million for 2009-10 (refers to financial year,
April 1 to March 31), against a net loss of INR0.01 million on net
sales of INR43.2 million for 2008-09.

RAMESHWAR COTTON: CRISIL Reaffirms 'B' Rating on INR10MM Term Loan
CRISIL's rating on the bank facilities of Rameshwar Cotton
Industries continues to reflect RCI's weak financial risk profile,
marked by a small net worth, a high gearing, and weak debt
protection metrics, large working capital requirements, and
vulnerability to adverse changes in government regulations.  These
rating weaknesses are partially offset by the extensive experience
of RCI's promoters in the cotton ginning industry.

   Facilities                     Ratings
   ----------                     -------
   INR60.0 Million Cash Credit    B/Stable (Reaffirmed)

   INR10.0 Million Proposed LT
            Bank Loan Facility    B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that RCI will continue to benefit over the medium
term from its promoters' industry experience.  However, RCI's
financial risk profile is likely to remain average, given the
firm's small cash accruals because of a low operating margin. The
outlook may be revised to 'Positive' if the firm reports a
significant increase in accruals and sustained improvement in
gearing.  Conversely, the outlook may be revised to 'Negative' if
RCI's debt protection metrics deteriorate materially due to
further decline in operating margin or a large, debt-funded
capital expenditure.


For 2009-10 (refers to financial year, April 1 to March 31), RCI's
revenues grew by 25%, to INR340 million, from those in the past.
The growth in sales was driven by increase in cotton prices during
the year. The firm, however, reported a decline in its operating
margin to 2.8% in 2009-10 from 3.1% in 2008-09.  The decline in
profitability was because of the poor crop quality, which resulted
in losses on advance sales order commitments.  In the current
year, cotton prices have increased sharply over the previous year
because of two consecutive years of decline in world production
and consequent depletion in inventory levels. CRISIL Research
estimates an increase of 25 to 30% in the world and domestic
cotton prices in the cotton season of 2010-11.

                       About Rameshwar Cotton

Set up in 2003, RCI, a partnership firm, produces fresh cotton
bales from raw cotton for sale to textile manufacturers.  It also
sells cotton seeds to oil extraction units.  RCI recently began
refining cumin and sesame seed oil, which it exports to Saudi
Arabia, Malaysia, and Singapore.  The firm's manufacturing unit in
Amreli (Gujarat) is equipped with 30 cotton gins and a pressing
machine, and has capacity to process more than 40 tonnes of raw
cotton per day; this capacity is completely utilised during the
peak season (October to April).

RCI reported a profit after tax (PAT) of around INR0.01 million on
net sales of INR345 million for 2009-10, against a PAT of around
INR0.2 million on net sales of INR276 million for 2008-09.

RK INFRACORP: Fitch Assigns 'BB' National Long-Term Rating
Fitch Ratings has assigned India's R.K. Infracorp Private Limited
a National Long-term rating of 'BB(ind)' with a Stable Outlook.
The agency has also assigned ratings to RKIPL's bank loans:

  -- INR205m fund-based loans: 'BB(ind)/F4(ind)'; and
  -- INR655m non-fund based loans: 'F4(ind)'.

The ratings reflect RKIPL's relatively weak business profile
characterised by low operating margins, geographical concentration
and high customer concentration risks.  The ratings also reflect
the company's relatively strong financial position.

RKIPL operating margins (EBIDTA margins) were in the range of
5.5%-8.5% during FY07-FY10, with negative cash flow from
operations.  Most of the contracts executed by the company are in
the state of Andhra Pradesh, and 90% of the order book constitutes
irrigation projects.  Delays in the irrigation projects are likely
to stretch RKIPL's liquidity position.

The ratings benefit from the company's comfortable debt metrics
(FY07-FY10: debt/EBITDA: below 2.5x and interest coverage: beyond
2x), as well as the readiness of its promoters to infuse
additional funds when required.

Positive rating triggers include a decrease in RKIPL's net
leverage to below 2x, with an improvement in EBIDTA margins to 10%
and net cash conversion cycle to below 30 days.  Negative rating
triggers include an increase in the company's net leverage to
beyond 3.5x or net cash cycle to beyond 60 days.

RKIPL is into the business of civil construction for over three
decades.  Set up as a partnership concern in 1975 as R.K.
Engineers, it was incorporated in 2008 when the present promoters
took over.  In FY10, RKIPL reported total revenues of INR1,188m,
EBIDTA of INR101m, EBIDTA margins of 8.5%, and gross adjusted
debt/ EBIDTA of 2.15x.

SREE DURGA: CRISIL Assigns 'P4+' Rating to INR120MM Packing Credit
CRISIL has assigned its 'P4+' rating to the bank facilities of
Sree Durga Cashew Factory.

   Facilities                           Ratings
   ----------                           -------
   INR40.00 Million Bill Purchase-      P4+ (Assigned)
              Discounting Facility
   INR120.00 Million Packing Credit     P4+ (Assigned)

The rating reflects SDCF's below-average financial risk profile,
marked by weak debt protection metrics, small scale of operations
in the intensely competitive cashew industry, and susceptibility
to volatility in cashew prices and foreign exchange rates.  These
weaknesses are partially offset by the extensive experience of
SDCF's promoters in the cashew business.

Set up in 1996 and promoted by Mr. Pradeep Kumar D, SDCF processes
raw cashew nuts and exports cashew kernels. It exports mainly to
the US, Europe, and UAE. It has seven cashew processing units in
Kollam (Kerala), with an aggregate capacity of 26 to 30 tonnes per
day; of which, four are owned and three are leased by the firm.

SDCF reported a profit after tax (PAT) of INR10.8 million on net
sales of INR535.4 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR10.5 million on net
sales of INR567.3 million for 2008-09.

SRI BALAMBIKA: CRISIL Upgrades 'B+' Rating on INR471.4MM LT Loan
CRISIL has upgraded its rating on Sri Balambika Textile Mills Pvt
Ltd's long-term bank facilities to 'B+/Stable' from 'B/Stable',
while reaffirming the rating on the company's short-term
facilities at 'P4'.

   Facilities                           Ratings
   ----------                           -------
   INR471.4 Million Long-Term Loan      B+/Stable (Upgraded from
   INR150.0 Million Cash Credit Limits  B+/Stable (Upgraded from
   INR38.0 Million Letter of Credit     P4 (Reaffirmed)
          and Bank Guarantee Limits

The upgrade reflects CRISIL's belief that SBTMPL will achieve
significant increase in revenues, and will turn profitable, in
2010-11 (refers to financial year, April 1 to March 31), leading
to improvement in its financial risk profile.

The ratings reflect SBTMPL's below-average financial risk profile
marked by high gearing and weak debt-protection indicators, and
susceptibility to volatility in cotton prices.  These rating
weaknesses are partially offset by the benefits that the company
derives from its promoters' experience in the textile industry.

Outlook: Stable

CRISIL believes that SBTMPL's cash accruals will increase
significantly in 2010-11 following increase in its yarn
realisation and capacity utilisation. The outlook may be revised
to 'Positive' if SBTMPL sustains the increase in its profits and
cash accruals, leading to a significant improvement in its capital
structure over the medium term. Conversely, the outlook may be
revised to 'Negative' if adverse changes in yarn prices, or
underutilisation of capacity leads to decline in SBTMPL's
revenues, margins, and cash accruals, or if the company is unable
to service its debt on time.

                       About Sri Balambika

Promoted by Mr. M Rathnasamy, SBTMPL commenced operations in 1998
with an installed capacity of 6048 spindles at Satyamangalam
(Tamil Nadu).  The company's current capacity is 30,384 spindles.
SBTMPL manufactures hosiery yarn and compact yarn with counts
ranging from 20s to 60s.  The cost of its capacity expansion
programme in 2007-08 was INR600 million, of which, 70% was debt-
funded; the project was completed in March 2008.  The company
outsources manufacturing of knitted fabrics; this segment accounts
for less than 3% of its total revenues.

For 2009-10, SBTMPL reported a net loss of INR22 million on net
sales of INR429 million, against a net loss of INR15 million on
net sales of INR340 million for the preceding year.

SRI RAJU: ICRA Places 'LB+' Rating on INR3.45cr Term Loan
ICRA has assigned 'LB+' rating to the INR3.45 crore term loan  and
INR3.2 crore  fund-based bank limits of Sri Raju Cotton Mills.
ICRA has also assigned 'A4' rating to the INR1.0 crore non-fund
based limits of the firm.

The assigned ratings take into account the experience of the
promoters in the textile business, the operational support from
the group companies involved in similar line of business and the
relatively less competitive intensity in the blended yarn segment
as against the cotton yarn segment.  However the rating also
factors in SRCM's small scale of operations restricting economies
of scale and financial flexibility, the inherent risks of
partnership firms, the adverse power situation in Tamil Nadu which
affects the profitability of the firm and the stressed financial
profile of the firm characterized by fluctuating profitability,
leveraged capital structure, weak coverage indicators and high
working capital requirements.

                           About Sri Raju

Sri Raju Cotton Mills was incorporated in the year 1984 to
manufacture and sell cotton yarn.  The firm was initially started
as a cotton ginning factory which in 2007-08 started manufacturing
blended yarn. With an initial spindleage of 6000, the firm has
gradually increased its spindleage to 14072 spindles.  The firm is
located at 1110-B cotton market in Rajapalayam, which is a cotton
hub with the presence of a large number of cotton yarn
manufacturing companies.

SRCM manufactures fine varieties of blended cone yarn of 55s, 62s,
65s and 70s counts by mixing polyester and cotton fibres.  The
firm's sells its products in the yarn market of Bhivandi,
Ichlakaranji, Malegon and Mumbai to produce fabrics, shirt and

SRCM reported a profit after tax of INR0.9 crore on an operating
income of INR12.5 crore for the year ended March 31, 2010.

TRANSWORLD FURTICHEM: Fitch Assigns 'BB' National Long-Term Rating
Fitch Ratings has assigned India's Transworld Furtichem Private
Limited a National Long-term rating of 'BB(ind)'.  The Outlook is
Stable.  The agency has also assigned ratings to TFL's bank

  -- INR350m term loans: 'BB(ind)';
  -- INR300m fund-based limits: 'BB(ind)'/'F4(ind)'; and
  -- INR500m non-fund based limits: 'F4(ind)'.

TFL's ratings reflect the completion of the INR700m potassium
sulphate and granulated fertilizers plant at Roha (Maharashtra) in
FY11, and benefit from its improved EBITDA margins of 17.2% in
H1FY11 (H1FY10: 12.6%).  The ratings also factor in the risk of
low off-take in the fertilizers and chemicals segments, given the
favorable demand scenario.  Blue Deebaj Chemicals LLC holds a
48.6% stake in TFL and ensures continuous order flow for the
latter; but being a key customer (80% of FY10 revenues), it leads
to customer concentration risk.  Fitch has taken a standalone view
of TFL, although Blue Deebaj has provided a corporate guarantee
for TFL's INR300m non-fund based facilities.

TFL's ratings are constrained by its volatile margins over FY06-
FY10 and relatively low value addition.  As the company procures a
large portion of its raw materials (FY10: 80%) from international
markets and due to the timing mismatch of purchases and sales, it
remains exposed to forex and pricing volatility.  From FY11, TFL
expects to generate revenues from the sale of potassium sulphate
in the domestic as well as international markets.

Liquidity pressures faced by TFL over the last two years due to
higher inventory days (FY10: 135, FY09: 75) and higher receivable
days (FY10: 68, FY09: 45) led to higher working capital
utilization in FY10 (average fund-based utilization: 88%).  Fitch
expects TFL's working capital to be under pressure on account of
the larger credit period given to its customers (for granulated
fertilizers and potassium sulphate).  However, once the
utilization levels from the Roha plant pick up, the company's
margins and credit metrics are likely to improve, and a part of
this benefit has been witnessed in H1FY11 numbers (unaudited).

The company's leverage (debt/EBIDTA) peaked to 8.7x in FY10 (FY09:
-0.06x) primarily due to higher raw materials costs leading to
lower EBIDTA margins and an increase in working capital loans.
Fitch notes that in FY09, TFL's revenues and EBITDA margins
improved on account of the benefits from the wide fluctuations in
the component prices of complex fertilizers.  Fitch also expects
TFL's leverage to improve in the near-term driven largely by
additional revenue and better margins from the recently completed

TFL's ability to demonstrate an increase in sales and higher
margins which would improve its debt/EBIDTA to 2.5x or below could
act as a positive rating trigger.  Any significant negative impact
from TFL's working capital, which could substantially raise its
leverage to 5x, and/ or a greater-than-expected decline in end-
market demand, which could affect its margins, could act as
negative rating triggers.

In FY10, TFL reported revenues of INR1,798.8 million (FY09:
INR2,242.3 million), EBITDA margin of 4.2% (FY09: 26.4%), net
income of INR171.5 million (FY08: INR481 million), net debt/EBITDA
of 8.7x (FY09: -0.06x) and interest coverage of 19.2x (FY09:
213.5x).  TFL reported a forex gain of INR110.6 million in FY10
compared to a forex loss of INR73 million in FY09.  As per H1FY11
figures (unaudited), the company reported revenues of INR749.5m
(H1FY10: INR857.5 million), EBIDTA margins of 17.2% (FY09: 12.6%)
and net income of INR69.2 million.

Incorporated in 2005, TFL is the first company to manufacture
potassium sulphate in India.


CHANDRA ASRI: Moody's Gives Positive Outlook on 'B2' Rating
Moody's Investors Service has changed the rating outlook to
positive for PT Chandra Asri's B2 corporate family rating and the
bond rating on the US$ bonds issued by Altus Capital Pte Ltd
guaranteed by Chandra Asri and PT Styrindo Mono Indonesia.

At the same time, the B2 ratings are confirmed.  This concludes
the rating review initiated on Sep 27, 2010.

"The positive outlook reflects the benefits to Chandra Asri
resulting from its merger with PT Tri Polyta Tbk," says Renee Lam,
a Moody's Vice President and senior analyst.

"Business profile of the merged entity, PT Chandra Asri
Petrochemical Tbk, will benefit from a moderate level of
downstream integration as a result of the addition of
polypropylene to its product lines, as well as a widened customer
base," adds Lam.

The top 10 customers of CAP are expected to account for 36% of
pro-forma 2009 combined sales, compared to 55% for Chandra Asri
prior to the merger.

"The merged entity also benefits from a strengthened equity base,
and higher balance-sheet liquidity given TPI's net cash position
prior to the merger," says Lam.

"CAP has also enhanced its liquidity management by expanding
banking relationships," adds Lam.

"While Temasek Holdings' shareholding in CAP has reduced to about
23% from the previous 30%, Moody's believes that an acceptable
level of corporate governance is assured with two previous
Temasek-appointed members joining the new Board, and CAP's public
listed status," says Lam.

The company is therefore well-positioned at its B2 rating despite
its small global presence, asset concentration, and the inherent
cyclical nature of the petrochemical industry, leading to highly
volatile earnings and cash flow.

Upward rating pressure could develop if (1) the company maintains
low debt leverage through industry cycles; (2) its capex programs
are executed within the planned time frame and budget; (3) it
maintains its liquidity profile while improving its financial

Moody's sees adjusted debt/book capitalization at below 25% and
adjusted debt/EBITDA maintained at 2-2.5x, on a sustained basis,
as indicators of a rating upgrade.

On the other hand, the rating outlook could revert back to stable
if the company's petrochemical product spreads experience abrupt
downturn leading to continued losses for an extended period, or if
its debt leverage -- adjusted Debt/EBITDA -- increases to 3-3.5x
which could result from new acquisitions, substantial capital
expenditures, or distributions to shareholders.

The last rating action on Chandra Asri was on Sep 27, 2010 when
its ratings were placed on review for possible upgrade.

Chandra Asri is the largest petrochemical producer in Indonesia.
Through the merger of Chandra Asri with TPI, a polypropylene
producer, PT Chandra Asri Petrochemical Tbk was established in
January 2011 with Barito Pacific owning about 72% stake.  Temasek
Holdings, the investment arm of the Singaporean government, owns a
23% stake.  CAP is listed on the Jakarta Stock Exchange.


LIMAHSOON BERHAD: Trading of Securities to be Suspended on Jan. 10
Bursa Malaysia Securities Berhad announced that trading in the
securities of Limahsoon Berhad will be suspended with effect from
January 10, 2011.

Bursa also said the securities of the company will be de-listed on
January 12, 2011, unless an appeal is submitted to Bursa
Securities on or before January 7, 2011.

                       About Limahsoon Berhad

Limahsoon Berhad (KUL:LIMAHSN) -- is
a Malaysia-based company engaged in investment holding and the
provision of management services to its subsidiaries.  The Company
operates in two business segments: manufacturing of laminated
board, which includes pressure treatment, kiln drying and the
manufacture of laminated boards and mouldings, and sawmilling,
which includes sawmilling of green rubberwood.

Limahsoon Berhad has been classified a Practice Note No. 17
company based on the criteria set by the Bursa Malaysia Securities
Bhd after as the Company defaulted in payment and is unable to
provide a Solvency Declaration to Bursa Securities.

NV MULTI: Classified as Affected Listed Issuer Under PN17
NV Multi Corporation Berhad has been considered as a Practice
Note 17 company based on the criteria set by the Bursa Malaysia
Securities Bhd.

NV Multi on December 30, 2010, completed the proposed disposal of
its entire business and undertakings (including the entire assets
and liabilities) to NV Multi Asia Sdn Bhd (formerly known as
Mutual Tactic Sdn Bhd) for MYR300,011,400.

With the completion of the proposed disposal, NV Multi has
triggered these criteria prescribed under PN17 of the Listing

    (i) NV Multi has ceased all of its business and entire
        operations as a result of the Proposed Disposal; and

   (ii) NV Multi has insignificant business or operations
        after the Proposed Disposal.

As a listed company under the Amended PN17 of the Bursa
Securities, NV Multi Corp. is required to submit a reform plan to
regularize its financial condition.  The plan will be submitted
for approval to the Securities Commission and other relevant
authorities.  In the event the company fails to comply with all
the provisions of PN17, Bursa Securities may commence delisting
proceedings against the company.

NV Multi Corporation Berhad is a Malaysia-based company engaged in
investment holding and provision of management services.  Through
its subsidiaries, NV Multi is engaged in the business of
bereavement care.  Its products and services include exhibition
halls, pet memorial garden, funeral services packages, funeral
services, golden care plan, tombs, burial plots, um compartments
and ancestral tablets.

N E W  Z E A L A N D

CRAFAR FARMS: Natural Dairy to Seek Legal Advise Over Rejected Bid
Nick Krause at The Dominion Post reports that Natural Dairy (NZ)
Holdings, the Hong-Kong-listed company trying to buy the Crafar
farms, said it will seek legal advice after the Overseas
Investment Office last month rejected its bid.

The Post relates the company said in a statement to the Hong Kong
Stock Exchange on New Year's Eve that it has been seeking legal
advice "before deciding on any appropriate actions to be taken by
the company".

According to the Post, Natural Dairy said "Because of Christmas
holidays, it will take some time for the board to obtain advice in
order to assess and evaluate the situation and make a decision on
the appropriate actions".  One of those actions could be to
re-lodge an application, the Post notes.

Trading in the company's shares has been suspended since
September 7, 2010, "pending the release of an announcement which
is price sensitive in nature."  The statement carries chairman Wu
Nengkun's name.

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, have declined consent Natural Dairy 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 reported that Natural Dairy 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 of animal neglect on one of its large farms in the
King Country near Benneydale.


* Large Companies with Insolvent Balance Sheets

                                        Total      Shareholders
                                       Assets            Equity
  Company            Ticker            (US$MM)          (US$MM)
  -------            ------            ------      ------------


ADVANCE HEAL-NEW        AHGN            16.93         -8.23
ARASOR INTERNATI        ARR             19.21        -26.51
ASTON RESOURCES         AZT            469.54         -7.49
AUSTAR UNITED           AUN            502.05       -284.60
AUSTRALIAN ZI-PP        AZCCA           77.74         -2.57
AUSTRALIAN ZIRC         AZC             77.74         -2.57
AUTRON CORP LTD         AAT             32.39        -13.42
BCD RESOURCES OP        BCO             22.09        -61.19
BCD RESOURCES-PP        BCOCC           22.09        -61.19
BIRON APPAREL LT        BIC             19.71         -2.22
CENTRO PROPERTIE        CNP         14,253.26       -825.84
CHALLENGER INF-A        CIF          2,161.41       -339.11
CHEMEQ LTD              CMQ             25.19        -24.25
COMPASS HOTEL GR        CXH             88.33         -1.08
ELLECT HOLDINGS         EHG             18.25        -15.49
HEALTH CORP LTD         HEA             11.97         -2.66
HYRO LTD                HYO             11.81         -5.15
IVANHOE AUST LTD        IVA             49.44         -6.51
MAC COMM INFR-CD        MCGCD        8,104.42       -103.34
MAVERICK DRILLIN        MAD             24.66         -1.30
MISSION NEWENER         MBT             32.23        -21.48
NATURAL FUEL LTD        NFL             19.38       -121.51
NEXTDC LTD              NXT             17.46         -0.14
ORION GOLD NL           ORN             11.06         -4.86
RESIDUAL ASSC-EE        RAGXF          597.33       -126.96
RIVERCITY MOTORW        RCY            386.88       -809.14
SCIGEN LTD-CUFS         SIE             69.94        -29.79
SHELL VILLAGES A        SVC             13.47         -1.66
TAKORADI LTD            TKG             13.99         -0.41
VERTICON GROUP          VGP             10.08        -29.12
YANGHAO INTERNAT        YHL             44.32        -54.68


BAOCHENG INVESTM        600892          23.14         -3.54
CHANGAN INFO-A          600706          20.86         -8.49
CHENGDE DALU -B         200160          27.04         -6.64
CHENGDU UNION-A         693             39.10        -17.39
CHINA KEJIAN-A          35              88.96       -189.48
DATONG CEMENT-A         673             20.41         -3.25
DONGGUAN FANGD-A        600656          27.97        -57.39
DONGXIN ELECTR-A        600691          13.60        -21.94
FANGDA JINHUA-A         818            389.84        -46.28
GAOXIN ZHANGTO-A        2075           153.10         -6.31
GUANGDONG ORIE-A        600988          12.25         -5.34
GUANGMING GRP -A        587             49.10        -40.40
GUANGXIA YINCH-A        557             30.39        -32.88
HEBEI BAOSHUO -A        600155         127.82       -394.70
HEBEI JINNIU C-A        600722         238.23       -243.80
HUASU HOLDINGS-A        509             86.70         -4.20
HUNAN ANPLAS CO         156             38.70        -65.44
JIANGSU CHINES-A        805             12.70        -12.83
JINCHENG PAPER-A        820            258.98        -37.74
QINGHAI SUNSHI-A        600381         110.68        -17.35
SHAANXI QINLIN-A        600217         234.36        -36.75
SHANG BROAD-A           600608          69.46        -17.67
SHANG HONGSHENG         600817          15.69       -443.71
SHANGHAI WORLDBE        600757         143.11       -291.80
SHENZ CHINA BI-A        17              24.86       -272.59
SHENZ CHINA BI-B        200017          24.86       -272.59
SHENZHEN DAWNC-A        863             24.38       -155.20
SHENZHEN KONDA-A        48             117.23         -0.23
SHENZHEN ZERO-A         7               44.00         -7.96
SHIJIAZHUANG D-A        958            224.19        -70.54
SICHUAN DIRECT-A        757            108.57       -146.61
SICHUAN GOLDEN          600678         232.67        -48.05
TAIYUAN TIANLO-A        600234          51.64        -28.38
TIANJIN MARINE          600751          78.09        -63.86
TIANJIN MARINE-B        900938          78.09        -63.86
TIBET SUMMIT I-A        600338          91.86         -3.73
TOPSUN SCIENCE-A        600771         162.47       -163.30
WINOWNER GROUP C        600681          11.30        -70.39
WUHAN BOILER-B          200770         275.89       -142.53
WUHAN GUOYAO-A          600421          11.01        -24.78
XIAMEN OVERSEA-A        600870         319.68       -138.16
YIBIN PAPER IN-A        600793         110.12         -0.47
YUEYANG HENGLI-A        622             36.49        -16.37
YUNNAN MALONG-A         600792         145.58        -51.15
ZHANGJIAJIE TO-A        430             37.34         -1.16


ASIA TELEMEDIA L        376             16.62         -5.37
BUILDMORE INTL          108             13.48        -69.17
CHINA COMMUNICAT        8206            36.62         -6.93
CHINA HEALTHCARE        673             44.13         -4.49
CHINA PACKAGING         572             24.91        -18.73
CMMB VISION HOLD        471             41.31         -5.11
COSMO INTL 1000         120             83.56        -37.93
DORE HOLDINGS LT        628             25.44         -5.34
EGANAGOLDPFEIL          48             557.89       -132.86
FULBOND HLDGS           1041            54.53        -24.07
MELCOLOT LTD            8198            63.10        -34.44
MITSUMARU EAST K        2358            18.15        -11.83
NEW CITY CHINA          456            112.20        -14.59
NGAI LIK INDL           332             22.70         -9.69
PAC PLYWOOD             767             72.60        -12.31
PALADIN LTD             495            146.73         -8.91
PCCW LTD                8            5,350.25       -416.24
PROVIEW INTL HLD        334            314.87       -294.85
SINO RESOURCES G        223             10.01        -41.90
SMART UNION GP          2700            13.70        -43.29
TACK HSIN HLDG          611             27.70        -53.62
TONIC IND HLDGS         978             67.67        -37.85
TONIC IND HLDGS         2959            67.67        -37.85


ARGO PANTES             ARGO           160.07         -2.77
ASIA PACIFIC            POLY           475.69       -841.22
ERATEX DJAJA            ERTX            11.30        -18.23
HANSON INTERNATI        MYRX            10.84        -14.73
HANSON INT-PREF         MYRXP           10.84        -14.73
JAKARTA KYOEI ST        JKSW            31.92        -43.20
MITRA INTERNATIO        MIRA           970.13       -256.04
MITRA RAJASA-RTS        MIRA-R2        970.13       -256.04
MOBILE-8 TELECOM        FREN           520.80         -6.99
MOBILE-8-RTS            FREN/R         520.80         -6.99
MULIA INDUSTRIND        MLIA           338.82       -334.75
PANASIA FILAMENT        PAFI            42.43        -11.04
PANCA WIRATAMA          PWSI            30.79        -38.79
PRIMARINDO ASIA         BIMA            11.14        -21.39
STEADY SAFE TBK         SAFE            11.46         -6.01
SURABAYA AGUNG          SAIP           267.24        -83.34
UNITEX TBK              UNTX            17.29        -17.14


AMIT SPINNING           AMSP            22.70         -1.90
ARTSON ENGR             ART             15.63         -1.61
ASHIMA LTD              ASHM            63.65        -55.81
ATV PROJECTS            ATV             60.46        -55.04
BALAJI DISTILLER        BLD             66.32        -25.40
BELLARY STEELS          BSAL           451.68       -108.50
BHAGHEERATHA ENG        BGEL            22.65        -28.20
CAMBRIDGE SOLUTI        CAMB           156.75        -46.79
CFL CAPITAL FIN         CEATF           15.35        -46.89
COMPUTERSKILL           CPS             14.90         -7.56
CORE HEALTHCARE         CPAR           185.36       -241.91
DCM FINANCIAL SE        DCMFS           16.06         -9.47
DIGJAM LTD              DGJM            98.77        -14.62
DUNCANS INDUS           DAI            133.65       -205.38
FIBERWEB INDIA          FWB             13.25         -8.17
GANESH BENZOPLST        GBP             48.95        -22.44
GEM SPINNERS LTD        GEMS            16.44         -1.53
GLOBAL BOARDS           GLB             14.98         -7.51
GSL INDIA LTD           GSL             37.04        -42.34
GUJARAT SIDHEE          GSCL            59.44         -0.66
HARYANA STEEL           HYSA            10.83         -5.91
HENKEL INDIA LTD        HNKL           102.05        -10.24
HIMACHAL FUTURIS        HMFC           406.63       -210.98
HINDUSTAN PHOTO         HPHT            68.94     -1,147.18
HINDUSTAN SYNTEX        HSYN            14.15         -3.66
HMT LTD                 HMT            142.67       -386.80
ICDS                    ICDS            13.30         -6.17
INTEGRAT FINANCE        IFC             49.83        -51.32
JCT ELECTRONICS         JCTE           122.54        -50.00
JD ORGOCHEM LTD         JDO             10.46         -1.60
JENSON & NIC LTD        JN              17.91        -84.78
JIK INDUS LTD           KFS             20.63         -5.62
JK SYNTHETICS           JKS             13.51         -3.03
JOG ENGINEERING         VMJ             50.08        -10.08
KALYANPUR CEMENT        KCEM            37.45        -45.90
KERALA AYURVEDA         KRAP            13.99         -1.18
KIDUJA INDIA            KDJ             17.15         -2.28
KINGFISHER AIR          KAIR         1,781.30       -861.06
KITPLY INDS LTD         KIT             48.42        -24.51
LLOYDS FINANCE          LYDF            23.77        -10.87
LLOYDS STEEL IND        LYDS           415.66        -63.93
LML LTD                 LML             65.26        -56.77
MILLENNIUM BEER         MLB             52.23         -5.22
MILTON PLASTICS         MILT            18.65        -52.29
MTZ POLYFILMS LT        TBE             31.94         -2.57
NICCO CORP LTD          NICC            82.41         -2.85
NICCO UCO ALLIAN        NICU            32.23        -71.91
NK INDUS LTD            NKI             49.04         -4.95
NRC LTD                 NTRY            92.88        -36.76
ORIENT PRESS LTD        OP              16.70         -0.09
PANCHMAHAL STEEL        PMS             51.02         -0.33
PARASRAMPUR SYN         PPS             99.06       -307.14
PAREKH PLATINUM         PKPL            61.08        -88.85
PEACOCK INDS LTD        PCOK            11.40        -14.40
PIRAMAL LIFE SC         PLSL            45.82        -32.69
QUADRANT TELEVEN        QDTV           173.52       -101.57
RAJ AGRO MILLS          RAM             10.21         -0.61
RAMA PHOSPHATES         RMPH            34.07         -1.19
RATHI ISPAT LTD         RTIS            44.56         -3.93
REMI METALS GUJA        RMM            102.64         -5.29
RENOWNED AUTO PR        RAP             14.12         -1.25
ROLLATAINERS LTD        RLT             22.97        -22.24
ROYAL CUSHION           RCVP            20.62        -75.53
SCOOTERS INDIA          SCTR            18.63         -6.88
SEN PET INDIA LT        SPEN            12.99        -25.24
SHAH ALLOYS LTD         SA             212.81         -9.74
SHALIMAR WIRES          SWRI            24.87        -51.77
SHAMKEN COTSYN          SHC             23.13         -6.17
SHAMKEN MULTIFAB        SHM             60.55        -13.26
SHAMKEN SPINNERS        SSP             42.18        -16.76
SHREE GANESH FOR        SGFO            44.50         -2.89
SHREE RAMA MULTI        SRMT            62.72        -45.92
SIDDHARTHA TUBES        SDT             76.98        -12.45
SOUTHERN PETROCH        SPET         1,584.27         -4.80
SPICEJET LTD            SJET           220.03        -76.12
SQL STAR INTL           SQL             11.69         -1.14
STI INDIA LTD           STIB            30.87        -10.59
TAMILNADU TELE          TNT             12.82         -5.15
TATA TELESERVICE        TTLS         1,069.83       -154.99
TRIUMPH INTL            OXIF            58.46        -14.18
TRIVENI GLASS           TRSG            24.55         -8.57
TUTICORIN ALKALI        TACF            14.15        -11.20
UNIFLEX CABLES          UFC             45.05         -0.90
UNIFLEX CABLES          UFCZ            45.05         -0.90
UNIMERS INDIA LT        HDU             19.23         -3.23
UNITED BREWERIES        UB           2,652.00       -242.53
UNIWORTH LTD            WW             145.71       -114.87
USHA INDIA LTD          USHA            12.06        -54.51
VENTURA TEXTILES        VRTL            14.25         -0.33
VENUS SUGAR LTD         VS              11.06         -1.08
WINDSOR MACHINES        WML             15.52        -24.34
WIRE AND WIRELES        WNW            115.34        -34.49


CREDIT ORG S&M          8489            97.07         -9.98
DPG HOLDINGS INC        3781            11.77         -3.99
FIDEC                   8423           182.86        -11.14
FUJI TECHNICA           6476           175.22        -18.71
HARAKOSAN CO            8894           190.27        -19.80
KNT                     9726         1,058.18        -13.37
L CREATE CO LTD         3247            42.34         -9.15
LAND                    8918           293.88        -53.39
LCA HOLDINGS COR        4798            55.65         -3.28
PROPERST CO LTD         3236           305.90       -330.20
RAYTEX CORP             6672            41.66        -28.52
SHIN-NIHON TATEM        8893           124.85        -39.12
SHINWA OX CORP          2654            43.91        -30.19
SHIOMI HOLDINGS         2414           201.19        -33.62
TAIYO BUSSAN KAI        9941           171.45         -3.35
TERRANETZ CO LTD        2140            11.63         -4.29


AJU MEDIA SOL-PF        44775           13.82         -1.25
DAISHIN INFO            20180          740.50       -158.45
KEYSTONE GLOBAL         12170           10.61         -0.74
KUKDONG CORP            5320            51.19         -1.39
KUMHO INDUS-PFD         2995         5,837.32       -967.28
KUMHO INDUSTRIAL        2990         5,837.32       -967.28
ORICOM INC              10470           82.65        -40.04
SAMT CO LTD             31330          200.83       -152.09
SEOUL MUTL SAVIN        16560          874.79        -34.13
TAESAN LCD CO           36210          296.83        -91.03
TONG YANG MAGIC         23020          355.15        -25.77
YOUILENSYS CORP         38720          166.70        -12.34


AXIS INCORPORATI        AXIS            32.82       -103.86
GULA PERAK BHD          GUP             93.99        -51.05
HO HUP CONSTR CO        HO              65.19         -7.21
JPK HOLDINGS BHD        JPK             20.34         -0.50
LCL CORP BHD            LCL             35.64       -130.16
LUSTER INDUSTRIE        LSTI            22.93         -3.18
NGIU KEE CO-BHD         NKC             19.05         -4.89
OILCORP BHD             OILC            93.18        -70.42
TRACOMA HOLDINGS        TRAH            74.10        -12.24
TRANSMILE GROUP         TGB            157.66        -35.52


APEX MINING 'B'         APXB            45.79        -23.46
APEX MINING-A           APX             45.79        -23.46
BENGUET CORP 'B'        BCB             84.71        -38.98
BENGUET CORP-A          BC              84.71        -38.98
CYBER BAY CORP          CYBR            13.98        -88.63
EAST ASIA POWER         PWR             36.35       -177.28
FIL ESTATE CORP         FC              40.29        -14.05
FILSYN CORP A           FYN             23.37        -11.33
FILSYN CORP. B          FYNB            23.37        -11.33
GOTESCO LAND-A          GO              21.76        -19.21
GOTESCO LAND-B          GOB             21.76        -19.21
MRC ALLIED INC          MRC             13.92         -6.18
PICOP RESOURCES         PCP            105.66        -23.33
STENIEL MFG             STN             20.43        -15.89
UNIVERSAL RIGHTF        UP              45.12        -13.48
UNIWIDE HOLDINGS        UW              50.36        -57.19
VICTORIAS MILL          VMC            164.26        -18.20


ADV SYSTEMS AUTO        ASA             18.08        -11.82
ADVANCE SCT LTD         ASCT            16.05        -43.84
HL GLOBAL ENTERP        HLGE            97.30        -11.43
JAPAN LAND LTD          JAL            191.62        -10.91
LINDETEVES-JACOB        LJ              16.86         -6.64
NEW LAKESIDE            NLH             19.34         -5.25
SUNMOON FOOD COM        SMOON           14.93        -14.71
TT INTERNATIONAL        TTI            272.51        -57.42


ABICO HLDGS-F           ABICO/F         15.28         -4.40
ABICO HOLDINGS          ABICO           15.28         -4.40
ABICO HOLD-NVDR         ABICO-R         15.28         -4.40
ASCON CONSTR-NVD        ASCON-R         59.78         -3.37
ASCON CONSTRUCT         ASCON           59.78         -3.37
ASCON CONSTRU-FO        ASCON/F         59.78         -3.37
BANGKOK RUBBER          BRC             97.98        -81.80
BANGKOK RUBBER-F        BRC/F           97.98        -81.80
BANGKOK RUB-NVDR        BRC-R           97.98        -81.80
CIRCUIT ELEC PCL        CIRKIT          16.79        -96.30
CIRCUIT ELEC-FRN        CIRKIT/F        16.79        -96.30
CIRCUIT ELE-NVDR        CIRKIT-R        16.79        -96.30
DATAMAT PCL             DTM             12.69         -6.13
DATAMAT PCL-NVDR        DTM-R           12.69         -6.13
DATAMAT PLC-F           DTM/F           12.69         -6.13
GRANDE ASSE-NVDR        GRAND-R        217.95         -9.04
GRANDE ASSET H-F        GRAND/F        217.95         -9.04
GRANDE ASSET HOT        GRAND          217.95         -9.04
ITV PCL                 ITV             37.14       -110.85
ITV PCL-FOREIGN         ITV/F           37.14       -110.85
ITV PCL-NVDR            ITV-R           37.14       -110.85
K-TECH CONSTRUCT        KTECH/F         38.87        -46.47
K-TECH CONSTRUCT        KTECH           38.87        -46.47
K-TECH CONTRU-R         KTECH-R         38.87        -46.47
KUANG PEI SAN           POMPUI          17.70        -12.74
KUANG PEI SAN-F         POMPUI/F        17.70        -12.74
KUANG PEI-NVDR          POMPUI-R        17.70        -12.74
PATKOL PCL              PATKL           52.89        -30.64
PATKOL PCL-FORGN        PATKL/F         52.89        -30.64
PATKOL PCL-NVDR         PATKL-R         52.89        -30.64
PICNIC CORP-NVDR        PICNI-R        110.91       -149.25
PICNIC CORPORATI        PICNI/F        110.91       -149.25
PICNIC CORPORATI        PICNI          110.91       -149.25
PONGSAAP PCL            PSAAP/F         24.61        -10.99
PONGSAAP PCL            PSAAP           24.61        -10.99
PONGSAAP PCL-NVD        PSAAP-R         24.61        -10.99
SAHAMITR PRESS-F        SMPC/F          21.99         -4.01
SAHAMITR PRESSUR        SMPC            21.99         -4.01
SAHAMITR PR-NVDR        SMPC-R          21.99         -4.01
SUNWOOD INDS PCL        SUN             19.86        -13.03
SUNWOOD INDS-F          SUN/F           19.86        -13.03
SUNWOOD INDS-NVD        SUN-R           19.86        -13.03
THAI-DENMARK PCL        DMARK           15.72        -10.10
THAI-DENMARK-F          DMARK/F         15.72        -10.10
THAI-DENMARK-NVD        DMARK-R         15.72        -10.10
THAI-GERMAN PR-F        TGPRO/F         55.31         -8.54
THAI-GERMAN PRO         TGPRO           55.31         -8.54
THAI-GERMAN-NVDR        TGPRO-R         55.31         -8.54
TRANG SEAFOOD           TRS             13.90         -3.59
TRANG SEAFOOD-F         TRS/F           13.90         -3.59
TRANG SFD-NVDR          TRS-R           13.90         -3.59


CHIEN TAI CEMENT        1107           202.42        -33.40
HELIX TECH-EC           2479T           23.39        -24.12
HELIX TECH-EC IS        2479U           23.39        -24.12
HELIX TECHNOL-EC        2479S           23.39        -24.12
PRODISC TECH            2396           253.76        -36.04
TAIWAN KOL-E CRT        1606U          507.21       -147.14
TAIWAN KOLIN-EN         1606V          507.21       -147.14
TAIWAN KOLIN-ENT        1606W          507.21       -147.14
VERTEX PREC-ENTL        5318T           42.86         -0.71
VERTEX PRECISION        5318            42.86         -0.71


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

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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