TCRAP_Public/110113.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Thursday, January 13, 2011, Vol. 14, No. 9

                            Headlines



A U S T R A L I A

BLACKWOOD HOSPITAL: Community Continues Fight to Save Hospital
RAINE SQUARE: Goes Into Receivership
SUNCORP-METWAY LTD: Fitch Affirms Individual Rating at 'B'
* AUSTRALIA: BoQ Faces Slower Loan Growth, Defaults Amid Flood


C H I N A

EVERGRANDE REAL: Fitch Affirms Issuer Default Rating at 'BB'
EVERGRANDE REAL: S&P Assigns 'BB-' Rating on Proposed Notes
HOPSON DEVELOPMENT: S&P Places 'B' Issue Rating on Unsecured Notes


H O N G  K O N G

AFK HK: Creditors' Proofs of Debt Due January 24
ANALOG EXPRESS: Court Enters Wind-Up Order
DAIKIN CHEMICAL: Lai and Hauhey Step Down as Liquidators
DAILY FINE: Court to Hear Wind-Up Petition on January 26
DRANSFIELD HOLDINGS: Creditors' Meetings Set for January 18

FAVOUR CENTURY: Court Enters Wind-Up Order
FUJIAN SHUNDA: Lui and Leung Step Down as Liquidators
FULLBRIGHT COMPANY: Creditors' Proofs of Debt Due February 7
FULL BRILLIANT: Court Enters Wind-Up Order
FULLWIN LOGISTICS: Court to Hear Wind-Up Petition on February 23


I N D I A

AMARAVTHY SPINNING: Fitch Puts 'B(ind)' Rating on INR38.5MM Loan
ANDAMAN SEA: CRISIL Reaffirms 'B-' Rating on Various Bank Debts
ANJANAY RICE: CRISIL Assigns 'BB' Rating to INR75.1MM LT Loan
BLS ECOTECH: CRISIL Places 'BB-' Rating to INR180MM Long Term Loan
FATEH CHAND: Fitch Affirms 'BB+(ind)' National Long-Term Rating

MARKETING TIMES: CRISIL Places 'B+' Rating to INR230MM Cash Credit
REACH CARGO: CRISIL Reaffirms 'P4+' Rating on INR10 Million LOC
SARADA PROJECTS: CRISIL Reaffirms 'BB' Rating on INR50MM LT Loan
SHREYANS INDUSTRIES: CRISIL Withdraws 'BB' Rating on Debentures
SHRI CHAKRA: CRISIL Downgrades Rating on INR83.2MM Loan to 'D'

STAR DRUGS: CRISIL Reaffirms 'D' Ratings on Various Bank Debts
SWARNA PROJECTS: CRISIL Assigns 'B' Rating to INR200MM Cash Credit
VINAY INDUSTRIES: CARE Assigns 'CARE BB' Rating to INR4.66cr Loan
VISHAAL PROMOTERS: CRISIL Assigns 'C' Rating to INR100MM LT Loan
WAHI SONS: CRISIL Assigns 'BB' Rating to INR58.2 Million Term Loan


I N D O N E S I A

PT SULFINDO: Fitch Assigns 'B' Issuer Default Rating


J A P A N

JAPAN AIRLINES: JAL, AMR to Start Joint Business Venture in April
JAPAN AIRLINES: May Seek Tie-Up Ventures With Cathay to Pare Costs


T A I W A N

AMERICAN INT'L: Ruentex Said to Lead Bidding for Nan Shan


                            - - - - -


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


BLACKWOOD HOSPITAL: Community Continues Fight to Save Hospital
--------------------------------------------------------------
Alice Higgins at Hills & Valley Messenger reports that Hills
groups are refusing to back down from their fight to save
Blackwood Hospital, calling on the State or Federal governments to
buy it or inject cash to help it reopen.

According to the report, community groups said the State or
Federal governments should either pitch in to erase the private
hospital's AU$2.3 million debt, or buy the site and make it a
public hospital or an arm of Flinders Medical Centre.  The
hospital, expected to sell for about AU$5 million, closed on
Christmas Eve, leaving more than 100 workers without jobs.

The Messenger relates Blackwood Action Group chairman and Mitcham
Cr Mark Ward said the State Government had an "obligation' to buy
the hospital.

"It is the cheapest option to secure the health of people in this
state, not just the Hills area,' Mr. Ward said, according to the
Messenger.  "The health system is under-resourced and over-
burdened and an ageing population is only going to add more
pressure.'

Blackwood Belair and District Community Association president
Stewart Mitchell said the future of the Laffers Rd hospital, which
was placed in voluntary administration last November, was
dependent on government support.

The Messenger notes Hospital Chief Executive Philip Huestis said
it was not the responsibility of governments to save the hospital.

"It's (Blackwood) a private, not-for-profit hospital,' the
Messenger quoted Mr. Huestis as saying.  "Someone would need to
inject some capital and pay off some debts (for it to reopen).'

PPB consultant Ian Burford said the administrator was expected to
put the hospital on the market this month.

Blackwood Hospital is a private hospital based in South Australia.


RAINE SQUARE: Goes Into Receivership
------------------------------------
James Thomson at Smart Company reports that receivers have been
appointed to the Raine Square office/retail tower project, which
was being jointly developed by rich list member Luke Saraceni and
fellow property developer Hossean Pourzard.  The report relates
that major lender Bankwest -- which has also signed on as the 20-
storey tower's major tenant -- called in receivers Mark Korda and
Cliff Rocke of insolvency firm Korda Mentha in conjunction with
fellow lender Bank of Scotland.

Reports suggest that Mr. Saraceni and Mr. Pourzard's joint venture
company, Westgem Investments, missed a AU$50 million payment to
their lenders in late 2010, according to Smart Company.  Attempts
to refinance the project have been unsuccessful, Smart Company
notes.

Smart Company says that the Raine Square project has a troubled
history.  The report recounts that Mr. Saraceni and Mr. Pourzard
purchased the site in 2004 for AU$21.5 million and began work in
2006.  But while the tower was expected to be completed by the end
of 2009, a series of problems have beset the project, the report
relates.

In early 2010, Smart Company discloses, the first construction
company engaged on the project, Salta Constructions, abruptly quit
the project after a dispute with Westgem.  This led to a delay of
several months while the two companies fired legal claims at one
another, the report relates.  Smart Company adds that there are
also claims allegations of gang violence associated with the site.

Despite all this, Korda Mentha said that the project's current
construction company, Probuild, was progressing well, with
building expected to be completed by July, the report says.

However, Mr. Saraceni has reacted angrily to the appointment of
receivers, claiming in The West Australian that Bankwest's parent
company, Commonwealth Bank, rejected a number of refinancing deals
he had put forward and were determined to "take control of that
asset at the cheapest possible price," Smart Company notes.

The bank has rejected the accusation.

Located in Perth, Australia, Raine Square office/retail tower is a
AU$500 million project.


SUNCORP-METWAY LTD: Fitch Affirms Individual Rating at 'B'
----------------------------------------------------------
Fitch Ratings affirmed the ratings of Suncorp-Metway Limited,
Suncorp Metway Insurance Limited and Vero Insurance Limited,
following a restructure of the Suncorp group under a non-operating
holding company, Suncorp Group Limited.  At the same time, the
agency has assigned a Long-term Issuer Default Rating of 'A' and a
Short-term IDR of 'F1' to SGL.

Following the restructure, SGL is the listed, non-operating parent
of the Suncorp group, with three main operating divisions:
banking, general and life insurance.  SML, the previous listed
parent of the group, will be the main operating entity within the
banking division, while SMIL and VIL will be the core operating
entities in the general insurance division.

The restructure, completed on January 7, 2011, is mildly positive
from a credit perspective, adding greater transparency to the
group and better aligning the legal structure with its existing
management framework.  Surplus group capital will be held by SGL
instead of SML under the new structure.  While this will reduce
SML's capital base, the bank's capital position will remain
adequate.

These rating actions reflect the impact of the restructure on the
Suncorp entities rated by Fitch.  The agency expects to complete
its annual review of the Suncorp group by end-Q111, during which
it will address broader group issues including the Negative
Outlook on the Long-term Issuer Default Rating of SML, and taking
into account negative aspects, such as asset quality, that also
impact the bank's Individual rating.

Although net losses and the impact to profitability from the
flooding in Queensland are yet to be determined, Fitch notes that
the FY11 natural hazard allowance of AUD460m and the comprehensive
catastrophe reinsurance cover provide a solid buffer to earnings
and capitalization.  More specifically current reinsurance covers
restrict the net loss from a single event of up to AUD5.6 billion
to AUD200 million, and should a number of large losses occur
during the year, the group has AUD400 million in aggregate cover
that will respond once a AUD300 million deductible is eroded.

SML's ratings reflect the bank's adequate capital position
following the restructure and the potential for further capital to
flow from the group if required.  This is partially offset by poor
asset quality and low provisioning levels relative to Australian
bank peers.  Further significant deterioration in asset quality
which erodes the bank's capital base, or a material weakening of
the group's insurance operations, could lead to a negative rating
action.

The ratings of VIL and SMIL reflect their strong business
franchises and brands in the Australian general insurance market,
their good level of capitalization, and conservative investment
and reserving philosophies.  The key rating drivers that could
result in an upgrade are a clearly demonstrated improvement in
group-wide operational performance and risk management.  The key
rating driver that could result in a downgrade is the potential
for contagion from asset quality declines in the group's banking
operations that would impact capitalization levels at the group
level and also within the general insurance entities.

SGL's ratings reflect those of its operational subsidiaries and
would be impacted by changes at the operational subsidiary level.

The Suncorp group is an Australian financial conglomerate. It is
the largest underwriter of general insurance risks in Australia,
the second-largest in New Zealand, owns Australia's fifth largest
bank with 3% of total system assets, and operates Australia's
eighth largest life insurer by premium.

The following rating actions have been taken:

Suncorp Group Limited (SGL):

* Long-term IDR: assigned at 'A'; Outlook Stable; and
* Short-term IDR: assigned at 'F1'.

Suncorp-Metway Limited (SML):

* Long-term IDR: affirmed at 'A+'; Outlook Negative;
* Short-term IDR: affirmed at 'F1';
* Individual Rating: affirmed at 'B';
* Support Rating: affirmed at '3';
* Support Rating Floor: affirmed at 'BB+';
* AUD Government Guaranteed Debt: affirmed at 'AAA';
* Non-AUD Government Guaranteed Debt: affirmed at 'AA+';
* Senior Unsecured Debt: affirmed at 'A+'/'F1';
* Commercial Paper: affirmed at 'F1'; and
* Subordinated Debt: affirmed at 'A'.

Suncorp Metway Insurance Ltd (SMIL):

* Insurer Financial Strength: affirmed at 'A+'; Outlook Stable.

Vero Insurance Limited (VIL):

* Insurer Financial Strength: affirmed at 'A+'; Outlook Stable.


* AUSTRALIA: BoQ Faces Slower Loan Growth, Defaults Amid Flood
--------------------------------------------------------------
Australian lenders led by Bank of Queensland Ltd. face slower
credit growth and increased customer defaults in Queensland after
this week's floods in the eastern state, Bloomberg News reports
citing Morgan Stanley.

Citing a Jan. 11 note by analysts led by Richard Wiles, Bloomberg
relates that based on the distribution of branches, Queensland may
account for about 60% of profit at Brisbane-based Bank of
Queensland.

Shares of Bank of Queensland fell in Sydney and insurers including
Insurance Australia Group Ltd. dropped on concern damage claims
will surge.  Brisbane, Australia's third-largest city, is facing
its worst floods since 1893 and 40,000 properties may be
inundated, the city council estimates.

"In the near term, we expect that weaker economic activity will
result in higher loan losses and a lower loan growth outlook for
Queensland banking operations," Mr. Wiles wrote in his report,
according to Bloomberg.

According to Morgan Stanley, of Australia's four largest lenders,
National Australia Bank Ltd. may generate the biggest proportion
of profit in Queensland, or about 18%, Bloomberg reports.
Assuming profitability is in line with branch numbers, the state
probably accounts for about 14% of earnings at Commonwealth Bank
of Australia, Westpac Banking Corp. and Australia & New Zealand
Banking Group Ltd., Mr. Wiles wrote.


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EVERGRANDE REAL: Fitch Affirms Issuer Default Rating at 'BB'
------------------------------------------------------------
Fitch Ratings affirmed Evergrande Real Estate Group Limited's
Long-term foreign currency Issuer Default Rating at 'BB', as well
as its foreign currency senior unsecured rating at 'BB' following
its proposal to issue an international offering of USD settled CNY
senior fixed rate notes.  The proceeds from these notes will be
used to repay certain onshore bank borrowings, to finance existing
and new property projects, and for general corporate purposes.

The Outlook on the IDR is Stable.

"Evergrande's proposed issuance of synthetic CNY-denominated bonds
will not change its credit profile, provided the coupon rate is
fixed and not materially higher than that anticipated by
management," says Ying Wang, Director on Fitch's Asia-Pacific
Corporates team.  "Evergrande has headroom to incur additional
debt under the covenants of its existing 13% senior unsecured
notes due 2015.  The new bonds will increase Evergrande's
liquidity to fund future land bank acquisitions and development
spending.  Meanwhile, the agency expects Evergrande's credit
metrics to remain solid with a net debt-to-inventory ratio below
25% in the near term," adds Ms. Wang.

Evergrande's IDR is supported by its sound business model,
focusing on fast inventory turnover, which accelerates cash flows
and reduces liquidity risk in a policy-driven residential property
sector.  Evergrande achieved solid contracted sales of CNY50.4
billion in 2010, well above its original target of CNY40 billion.

The agency expects Evergrande to maintain prudent financial
policies.  The company's ratings and Outlook are underpinned by
Fitch's assumption that management will continue to execute new
land acquisitions without impairing its financial flexibility.

Negative rating actions could occur if China's property demand
falls significantly, or if there is a significant shift in
management's risk appetite or financial policies, such as a
reduced focus on inventory and cash flow turnover, or if
aggressive debt-funded expansion leads to a net debt-to-inventory
ratio sustained above 50%.  Positive rating actions could be
considered if Evergrande consistently achieves annual contracted
sales growth, while maintaining a strong balance sheet.


EVERGRANDE REAL: S&P Assigns 'BB-' Rating on Proposed Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' issue rating
to the proposed issue of three- and five-year senior unsecured
notes to be issued by Evergrande Real Estate Group Ltd.
(BB/Stable/--).  The proposed notes will be denominated in Chinese
renminbi and settled in U.S. dollars.

The issue rating is one notch lower than the rating on Evergrande
to reflect structural subordination risks.  The proposed notes
have the same terms and conditions as those of the US$1.3 billion
bond issued in 2010.  The company will use the proceeds to
refinance onshore borrowings, and for land acquisitions and
working capital.

In S&P's view, Evergrande will maintain credit ratios that are
broadly supportive of a 'BB' corporate credit rating, factoring in
the maximum amount that the company could raise from the proposed
issue.  S&P's expectation is mainly due to its strong property
sales in the past 12 months and improving profitability; trends
that are likely to continue in 2011.   Based on contract sales
achieved in 2010, the company has locked in about 50% of its
target revenue for 2011.  Evergrande's exposure to second- and
third-tier cities--which are less volatile markets--its good
execution, and good diversification supported sales in 2010.

Evergrande's aggressive appetite for debt-funded expansion has,
however, weakened the company's debt-to-capital ratio.  The rating
on the company could come under pressure if this ratio remains
materially higher than the level in 2010 and margins do not
improve.  In S&P's view, the company has adequate liquidity, with
surplus cash sufficient to meet short-term debt and land premiums
due in 2011.

The rating on Evergrande reflects the company's volatile and weak
credit ratios, its aggressive growth and debt appetite, and its
short operating and financial management track record.  The
company's operating environment, which is cyclical and competitive
with evolving regulations, also constrains the rating.  These
weaknesses are tempered by Evergrande's large, low-cost, and
geographically diversified land bank, competitively priced
products due to good cost controls and economies of scale, and
good execution because of standardized operations.  The company
develops large-scale residential housing projects in second- and
third-tier cities, and has a nationwide presence in China.


HOPSON DEVELOPMENT: S&P Places 'B' Issue Rating on Unsecured Notes
------------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' issue rating
to the proposed issue of U.S.-dollar-denominated senior unsecured
notes by Hopson Development Holdings Ltd. (B+/Stable/--).  The
issue rating is subject to our review of the final issuance
documentation.

The issue rating on Hopson'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.  The company's
ratio of priority borrowings to total assets will remain above
S&P's notching threshold of 15% for speculative-grade debt.

The rating on Hopson reflects the China-based property developer's
aggressive expansion and its weaker-than-expected cash sales
performance in 2010.  Hopson's execution ability has been weaker
than S&P expected.  In S&P's view, its weak sales are partially
attributable to its heavy exposure to tier-one cities and,
increasingly, to high-end projects.  These projects are more
sensitive to policy initiatives introduced since 2010.

In S&P's view, the company's financial management is aggressive
and its financial policies are not clearly articulated.  In
addition, the rating is constrained by ongoing risks with related-
party transactions and a mixed track record in transparency and
information disclosure.  Further, the frequent turnover of senior
management is an additional risk factor.

Hopson's proven track record and well-known brand name,
particularly in tier-one cities, its diverse revenue stream from a
large number of saleable property projects, and good profitability
temper these risks.  S&P consider Hopson's credit profile to be
stronger than the average of 'B+' rated peers.


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H O N G  K O N G
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AFK HK: Creditors' Proofs of Debt Due January 24
------------------------------------------------
Creditors of AFK Hong Kong Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by Jan. 24,
2011, to be included in the company's dividend distribution.

The company's liquidators are:

         Cosimo Borrelli
         G Jacqueline Fangonil Walsh
         Level 17, Tower 1
         Admiralty Centre
         18 Harcourt Road
         Hong Kong


ANALOG EXPRESS: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on January 5, 2011,
to wind up the operations of Analog Express Asia Limited.

The company's liquidator is Chiu Koon Shou.


DAIKIN CHEMICAL: Lai and Hauhey Step Down as Liquidators
--------------------------------------------------------
Lai Kar Yan (Derek) and Darach E. Hauhey stepped down as
liquidators of Daikin Chemical (Hong Kong) Limited on December 31,
2010.


DAILY FINE: Court to Hear Wind-Up Petition on January 26
--------------------------------------------------------
A petition to wind up the operations of Daily Fine Industrial
Limited will be heard before the High Court of Hong Kong on
January 26, 2011, at 9:30 a.m.

Lai Tak Enterprises Limited filed the petition against the
company.

The Petitioner's Solicitors are:

          Messrs. Kong & Tang
          Unit A, 25th Floor
          EIB Centre
          40-44 Bonham Strand
          Sheung Wan, Hong Kong


DRANSFIELD HOLDINGS: Creditors' Meetings Set for January 18
-----------------------------------------------------------
Creditors of Dransfield Holdings Limited will hold their annual
meetings on January 18, 2011, at 10:30 a.m., at 6/F., 88 Lockhart
Road, Wanchai, in Hong Kong.

At the meeting, Kenny King Ching Tam, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


FAVOUR CENTURY: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on December 29, 2010,
to wind up the operations of Favour Century Limited.

The company's official receiver is E T O'Connell.


FUJIAN SHUNDA: Lui and Leung Step Down as Liquidators
-----------------------------------------------------
Kennic Lai Hang Lui and Ruby Mun Yee Leung stepped down as
liquidators of Fujian Shunda Polyester Fibre Company Limited on
December 15, 2010.


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

The company's liquidators are:

         Kong Chi How Johnson
         Lo Siu Ki
         25/F., Wing On Centre
         111 Connaught Road
         Central, Hong Kong


FULL BRILLIANT: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on December 29, 2010,
to wind up the operations of Full Brilliant Limited.

The company's official receiver is E T O'Connell.


FULLWIN LOGISTICS: Court to Hear Wind-Up Petition on February 23
----------------------------------------------------------------
A petition to wind up the operations of Fullwin Logistics (H.K.)
Co., Limited will be heard before the High Court of Hong Kong on
February 23, 2011, at 9:30 a.m.

Fan Yiu Wah filed the petition against the company.

The Petitioner's Solicitors are:

          Szwina Pang, Edward Li & Co.
          Suite 1408, 14th Floor
          Prince's Building
          10 Chater Road
          Central, Hong Kong


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AMARAVTHY SPINNING: Fitch Puts 'B(ind)' Rating on INR38.5MM Loan
----------------------------------------------------------------
Fitch Ratings assigned India's Amaravthy Spinning Mills a National
Long-term rating of 'B(ind)'.  The Outlook is Stable.  The agency
has also assigned ratings to ASM's bank facilities, as follows:

* INR38.5m long-term loan: 'B(ind)';
* INR14m fund-based working capital limits: 'B(ind)/F4(ind)';
* INR1.93m non-fund based working capital limits: 'F4(ind)'; and
* Proposed INR60m long-term loan: Expected rating of 'B(ind)'.

The ratings reflect ASM's small size of operations and low level
of EBIDTA margins over FY06-FY09.  Also, Fitch notes the inherent
risk of operating in a commodity market characterized by the
volatility in cotton prices, coupled with competitive pressures on
pricing in the yarn market.  The ratings are also constrained by
the high leverage and the size of the proposed debt-funded capex
relative to the present scale of operations.  The ratings are
further constrained by India's cotton yarn spinning industry's
gradual recovery path following the global downturn and the power
shortage in the state of Tamil Nadu.

The ratings draw strength from ASM's high capacity utilization and
modernised spinning facility.  The company has proposed to
increase its capacity to around 12,000 spindles in Q1FY12.  Its
EBITDA margins improved to 11.7% in FY10, due to the increase in
production volumes and improvement in yarn price realizations.
The working capital utilization has continued to be at the maximum
levels.

Negative ratings triggers include material deterioration of ASM's
interest coverage to below 2x and total adjusted debt/EBITDA to
beyond 6.5x, as well as any higher-than-anticipated liquidity
pressures.  Positive ratings triggers include timely completion of
the proposed capex and the company's achievement of the projected
level of revenue and profitability.

Based in Udumalpet near Coimbatore, Tamil Nadu, ASM is involved in
the manufacturing of cotton yarn.  In FY10, ASM reported revenues
of INR101.0 million and EBIDTA of INR11.8 million.


ANDAMAN SEA: CRISIL Reaffirms 'B-' Rating on Various Bank Debts
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Andaman Sea Foods Pvt
Ltd's continue to reflect ASFPL's below-average financial risk
profile, exposure to fluctuations in foreign exchange rates, and
susceptibility to risks inherent in the seafood industry.  These
weaknesses are partially offset by the company's established
position in the seafood-export business and its healthy operating
efficiency.

   Facilities                              Ratings
   ----------                              -------
   INR233.8 Million Term Loan              B-/Stable (Reaffirmed)
   INR2.5 Million Cash Credit              B-/Stable (Reaffirmed)
   INR115 Million Export Packing Credit    B-/Stable (Reaffirmed)
   (EPC)/ Packing Credit in foreign
    currency (PCFC)
   INR22.5 Mil. Foreign Bills Discounting  P4 (Reaffirmed)
    (FBD)/Export Bills Receivable (EBR)
   INR30 Million Standby Line of Contract  P4 (Reaffirmed)
   INR30 Million Letter of Credit (LC)     P4 (Reaffirmed)
   INR10 Million Bank Guarantee (BG)       P4 (Reaffirmed)

Outlook: Stable

CRISIL believes that ASFPL will continue to benefit from the
healthy demand for Indian shrimp in the global market and
expansion of its operations in Thailand, over the medium term. The
company will also maintain its moderate operating efficiency. The
outlook may be revised to 'Positive' upon better than anticipated
improvement in ASFPL's scale of operations, operating margin, and
realisations or substantial infusion of capital thereby improving
the net-worth of the company.  Conversely, the outlook may be
revised to 'Negative' if the company undertakes a large, debt-
funded capital expenditure programme, leading to deterioration in
its capital structure, or if its volumes or margins decline
steeply.

Update
For 2009-10 (refers to financial year, April 1 to March 31), ASFPL
reported an operating income of INR590 million and an operating
margin of 5.4 per cent, in line with CRISIL's expectations. For
the eight months ended November 30, 2010, ASFPL achieved a
turnover of INR380 million and the company is expected to post a
20 per cent growth in revenues for 2010-11, compared to the
previous year, driven by recovery in demand and increased offtake
from its customers.  The company's financial risk profile
continues to remain below average; marked by negative net worth of
INR147 million as on March 31, 2010, owing to forex forward losses
incurred during 2008-09.  The accumulated losses for ASFPL were
around INR190 million as on March 31, 2010.  ASFPL's working
capital requirements have been generally high, with the company
maintaining an inventory level of 90 days on an average.  ASFPL's
net cash accruals have been low in the past at around INR7-8
million; however the company is expected to have sufficient
accruals to meet its debt obligations of around INR20 million over
the medium term, with the company reporting cash accruals of INR13
million for the eight months ending November 2010.

ASFPL reported a net profit of INR7.8 million on net sales of
INR545 million for 2009-10 (refers to financial year, April 1 to
March 31), against net losses of INR193 million on net sales of
INR452.20 million for 2008-09.

                          About Andaman Sea

Set up in 1995 in Kolkata by Mr. Amit Ranjan Mukherjee, ASFPL
processes and exports cultured shrimp and fish. It primarily
caters to the Europe, the US, Japan, Korea, Malaysia, South
Africa, and the UAE markets. The company procures shrimp from
aquaculture farmers and agents, and has the shrimp processed on
job-work basis.


ANJANAY RICE: CRISIL Assigns 'BB' Rating to INR75.1MM LT Loan
-------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Anjanay Rice Mill Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR250 Million Cash Credit       BB/Stable (Assigned)
   INR75.1 Million Long-Term Loan   BB/Stable (Assigned)
   INR4 Million Bank Guarantee      P4+ (Assigned)

The ratings reflect ARMPL's modest scale of operations and
financial risk profile, and its susceptibility to adverse changes
in government policies.  These weaknesses are partially offset by
the experience of ARMPL's promoters in the rice milling and
processing industry.

Outlook: Stable

CRISIL believes that ARMPL will continue to benefit from the
industry experience of its promoters and stable demand for its
products.  The outlook may be revised to 'Positive' if the company
generates higher-than-expected revenues and net cash accruals, and
reports better-than-expected debt protection indicators.
Conversely, the outlook may be revised to 'Negative' in case of
larger-than-expected debt-funded capital expenditure, leading to
deterioration in ARMPL's gearing and debt servicing capability
over the medium term.

                         About Anjanay Rice

ARMPL, incorporated in 2006 and promoted by Mr. Krishna Murari
Choudhary, is in the business of processing rice products, which
include raw and boiled rice. It has a manufacturing facility at
Burdwan (West Bengal) with a capacity to process around 200 tonnes
per day of rice.

ARMPL reported a profit after tax (PAT) of INR 5.5 million on net
sales of INR1001.5 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR 0.9 million on net
sales of INR519.7 million for 2008-09.


BLS ECOTECH: CRISIL Places 'BB-' Rating to INR180MM Long Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' ratings to the bank
facilities of BLS Ecotech Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR45.0 Million Cash Credit        BB-/Stable (Assigned)
   INR180.0 Million Long Term Loan    BB-/Stable (Assigned)

The ratings reflect BLSE's exposure to funding, implementation and
offtake risks associated with its Polyester Staple Fibre (PSF)
project, its modest scale of operations, and moderate financial
risk profile, marked by low turnover and small net worth.  The
weaknesses are partially offset by the extensive experience of
BLSE's promoters in the recycled plastic products industry.

Outlook: Stable

CRISIL expects BLSE to benefit over the medium term from the
longstanding experience of its promoters in the recycled plastic
products industry, and its established customer relationships.
The outlook may be revised to 'Positive' in case the company is
able to sustain a significant improvement in revenues and net cash
accruals while maintaining its robust capital structure.
Conversely, the outlook may be revised to 'Negative' in case of
slowdown in revenue growth or deterioration in debt protection
indicators, or a large, debt-funded capital expenditure.

                          About BLS Ecotech

BLSE, a Delhi-based plastic reprocessing company, was incorporated
in 2007. The company is part of the Delhi-based BLS group, which
has been running since 1954. The group is well diversified and
functions in various industries such as plastics, petrochemicals,
education, and residential and commercial infrastructure.

The promoters Aggarwal brothers, viz. Mr. Vinod Aggarwal,
Mr. Sushil Aggarwal, Mr. Madhukar Aggarwal and Mr. Diwakar
Aggarwal are involved in the overall operations of the company.
The company offers various recycled plastic products like recycled
Polyethylene terephthalate (PET), Polypropylene (PP).

BLSE reported a profit after tax (PAT) of INR3.09 million on net
sales of INR106.67 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR0.79 million on net
sales of INR77.64 million for 2008-09.


FATEH CHAND: Fitch Affirms 'BB+(ind)' National Long-Term Rating
---------------------------------------------------------------
Fitch Ratings affirmed India's Fateh Chand Charitable Trust's
National Long-term rating at 'BB+(ind)'.  The Outlook is Stable.
The agency has also affirmed the ratings on FCCT's bank
facilities, as follows:

* INR351.8m term loan limits (reduced from INR420m): 'BB+(ind)';
   and

* INR105m non-fund based bank limits (comprising bank
   guarantees); 'F4(ind)'.

The ratings continue to reflect the stable nature of revenues from
FCCT's medical college and hospital, demand-supply gap for the
physicians and medical staff in the country, as well as high
operating margins and moderate net leverage levels for MMCH.  The
ratings also draw comfort from the good infrastructure at the
college, as well as from the quality and experience of the faculty
members.

The ratings are however constrained by the limited track record
and small size of operations for the college and hospital coupled
with the regulatory risks associated with the medical education in
the country.  Fitch notes that MMCH is planning to increase the
student intake and to add more courses including the clinical and
non-clinical post-graduate courses, which shall contribute towards
increase in revenues.

Positive rating triggers include a significant increase in FCCT's
size of operations, coupled with a decline in financial leverage
on a sustained basis.  Negative triggers include any debt-led
capex by the company, which would result in a deterioration of the
financial leverage, vacant seats in the medical college, and lower
hospital occupancy, leading to a weakening in revenues and
margins.

In FY10, FCCT's revenues improved to INR258m (up 24% yoy),
operating EBITDAR margins were at around 46% (FY09: 48%), total
adjusted debt was INR449m (FYE09: INR444m) and net leverage (total
adjusted net debt/operating EBITDAR) was 3.7x (FY09: 4.3x).

FCCT is a charitable trust registered in Muzaffarnagar, Uttar
Pradesh.  It has been in existence since 2005.  The trust has 26
members and operates a medical school plus hospital, and a
paramedical college to impart nursing education and training.


MARKETING TIMES: CRISIL Places 'B+' Rating to INR230MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of Marketing Times Automobiles Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR230 Million Cash Credit         B+/Stable (Assigned)
   INR70 Million Overdraft Facility   B+/Stable (Assigned)
   INR50 Million Bank Guarantee       P4 (Assigned)

The ratings reflect MTA's weak financial risk profile, marked by
highly leveraged structure and low interest coverage, and exposure
to risks related to intense competition in the automotive
dealership market.  These rating weaknesses are partially offset
by the improvement in MTA's operating margin as a result of higher
contribution from spare parts sales and service income.

Outlook: Stable

CRISIL believes that MTA's financial risk profile will remain
strained over the medium term because of the company's highly
leveraged capital structure and weak debt protection metrics.  The
outlook may be revised to 'Positive' if MTA's capital structure
improves substantially through equity infusion or higher cash
accruals.  Conversely, the outlook may be revised to 'Negative' in
case of a decline in topline or operating margin, leading to
further deterioration of MTA's debt protection metrics, or if the
company contracts a large quantum of debt to fund its capital
expenditure, impacting its financial risk profile.

                       About Marketing Times

Incorporated in 2003 by Mr. Deepak Kapoor and his family, MTA
commenced operations in 2004 on attaining a dealership of Maruti
Suzuki India Ltd (MSIL, rated 'AAA/Stable/P1+' by CRISIL).
Currently, MTA has one showroom and two workshops in New Delhi.
The company also deals in resale of old vehicles through a true
value showroom at MG Road (New Delhi) and in spare parts of MSIL.

MTA reported a profit after tax (PAT) of INR6.7 million on net
revenue of INR1338.5 million for 2009-10, against a PAT of INR6.8
million on net revenue of INR1976 million for 2008-09.


REACH CARGO: CRISIL Reaffirms 'P4+' Rating on INR10 Million LOC
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Reach Cargo Movers Pvt
Ltd continue to reflect RCMPL's exposure to intense market
competition, and limited financial flexibility because of small
scale of operations and large working capital requirements.  The
impact of these weaknesses is mitigated by RCMPL's strong
clientele and sound business model marked by a small fixed-asset
base.

   Facilities                           Ratings
   ----------                           -------
   INR195.0 Million Cash Credit         BB-/Stable
   (Enhanced from INR155 Million)

   INR10.0 Million Letter of Credit/    P4+ (Reaffirmed)
                     Bank Guarantee
Outlook: Stable

CRISIL believes that RCMPL's business risk profile will remain
moderate over the medium term, supported by healthy growth
prospects for the freight movement sector and RCMPL's strong
clientele. The outlook may be revised to 'Positive' if there is an
improvement in RCMPL's working capital management or substantial
increase in its net worth of equity infusion by promoters.
Conversely, the outlook may be revised to 'Negative' if the
profitability of the company comes under considerable pressure or
the company undertakes a large, debt-funded capital expenditure
programme, resulting in deterioration in its capital structure.

Update

RCMPL's net revenues increased by around 30 per cent in 2009-10
(refers to financial year, October 1 to September 30) over that in
the previous year, driven by improvement in macroeconomic
environment.  The company's operating margin increased to 7.3 per
cent in 2009-10 from 6.4 per cent in 2008-09 as the company
managed to negotiate higher margins with its customers, supported
by the revival in demand.  Its debt protection metrics improved,
with significant increase in operating profits and net cash
accruals and no increase in debt level.  The company does not plan
to add any more trucks to its fleet over the next two years and
will continue to meet incremental demand from its customers by
outsourcing additional trucks.

However, the company's operations remain working capital
intensive, with an average bank limit utilization of around
99.6 per cent over the period 12 months ended November 2010.
Though the company has enhanced its bank limits to INR200 million
in August 2010 from INR150 million, there have been instances of
overdrawl in cash credit limits; the same have been cleared within
seven days.  Global Asia Venture Co (GAVC, owns 40 per cent stake
in RCML), continues to remain invested in RCMPL and no exit option
is available to them over the next one year. CRISIL believes that
RCMPL would not be using its reserves to buy-back its stake owned
by GAVC.

RCMPL, on a provisional basis, reported a net profit of INR15
million on net sales of INR900 million for 2009-10, against a net
loss of INR13 million on net sales of INR660 million for 2008-09.

                         About Reach Cargo

RCMPL, set up in 2004 by Mr. Arup Deb, is a logistics company,
transporting goods such as automobile spare parts, steel plates,
transformers, excavators, and train engines. The company has a
fleet of 60 trucks and 48 axles.  The company maintains a balance
of own trucks and outsourced trucks, with around 80 per cent of
its total revenues in 2009-10 coming from outsourced trucks.
Outsourcing trucks gives the company flexibility to adapt to
variability in demand.  The company's revenues come from a mix of
long-term and spot contracts.  For long-term contracts, the
company fixes its prices for different routes; changes in fuel
prices are entirely passed on to the customers. Long-term
contracts accounted for around 70 per cent of the company's
revenues in 2009-10; spot contracts accounted for the remainder.


SARADA PROJECTS: CRISIL Reaffirms 'BB' Rating on INR50MM LT Loan
----------------------------------------------------------------
CRISIL's ratings on Sarada Projects Ltd's bank facilities continue
to reflect the geographical concentration in SPL's revenue
profile, its small scale of operations and low project diversity,
and its exposure to risks relating to fluctuations in raw material
prices.  These rating weaknesses are partially offset by SPL's
comfortable financial risk profile, marked by healthy gearing and
debt protection measures, and the benefits that the company
derives from its promoters' experience in the construction
industry.

   Facilities                         Ratings
   ----------                         -------
   INR50.00 Million Long-Term Loan    BB/Stable (Reaffirmed)
   INR10.00 Million Cash Credit       BB/Stable (Reaffirmed)
   INR150.00 Million Bank Guarantee   P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that SPL will maintain its low debt levels and
benefit from its moderate order book, over the medium term. The
outlook may be revised to 'Positive' if SPL enhances its scale of
operations substantially, and diversifies its revenue profile
while maintaining its profitability.  Conversely, the outlook may
be revised to 'Negative' if the company's profitability margins
deteriorate steeply, or it undertakes a large, debt-funded capital
expenditure programme, weakening its financial risk profile.

Update

SPL's performance in 2009-10 (refers to financial year, April 1 to
March 31) was marginally below CRISIL's expectations, pending
acceptance of bills by government departments.  Though SPL has not
bagged any fresh orders since the initial rating, its current
order book is at INR700 million to be executed next 12 months.
The firm's capital structure remains as per CRISIL expectation as
at 0.35 times as on March 31, 2010; gearing and liquidity remain
adequate for the rating category.

Sarada reported a profit after tax (PAT) of INR8 million on net
sales of INR149 million for 2009-10 (refers to financial year,
April 1 to March 31) against a PAT of INR8 million on net sales of
INR155 million for 2008-09

                        About Sarada Projects

SPL was originally set up as a partnership concern, Sarada
Projects, by Mr. Boppana Ramesh Kumar and his family members in
1991; the firm was reconstituted as a public limited company in
1996. SPL executes civil construction projects for government and
quasi-government departments.  The projects are spread over five
states: Assam, Arunachal Pradesh, Andhra Pradesh, Madhya Pradesh,
and Chhattisgarh. Soma Holdings Ltd, a group company of Hyderabad-
based construction company Soma Enterprises Ltd (Soma), holds a 40
per cent stake in SPL. SPL executes projects directly, as well as
in a joint venture with, and on a sub-contract basis from, Soma.


SHREYANS INDUSTRIES: CRISIL Withdraws 'BB' Rating on Debentures
---------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
Shreyans Industries Ltd at 'BB/Positive/P4+', and withdrawn its
rating on the company's non-convertible debentures as they have
been prematurely redeemed in July 2010.

   Facilities                            Ratings
   ----------                            -------
   INR31.26 Million Non-Convertible      BB/Positive (Withdrawn)
                         Debentures

   INR157.5 Million Cash Credit Limit    BB/Positive (Reaffirmed)

   INR457.5 Million Term Loan (Reduced   BB/Positive (Reaffirmed)
               from INR564.70 Million)

   INR185.0 Million Bank Guarantee       P4+
   (Enhanced from INR77.8 Million)

The outlook remains 'Positive' because despite lower profitability
in 2009-10 (refers to financial year, April 1 to March 31) and
2010-11, Shreyans had comfortable debt protection metrics owing to
lower levels of debt.  Though CRISIL does not believe that there
will be a significant improvement in Shreyans's profitability from
current levels over the medium term, the company's financial risk
profile would remain better than its current rating category
indicates.  This is because its debt levels would continue at
current levels with moderate capital expenditure (capex), and
hence it would maintain its favorable capital structure and
comfortable debt protection metrics.

The outstanding ratings continue to reflect the susceptibility of
Shreyans' profitability to intense market competition and
cyclicality in paper prices, and its weak business risk profile,
marked by low profitability margins.  These rating weaknesses are
partially offset by Shreyans's moderate financial risk profile,
marked by a favorable capital structure and comfortable debt
protection metrics.

Outlook: Positive

CRISIL believes that with moderate capex plans, Shreyans's
financial risk profile will continue to be supported by its low
gearing and comfortable liquidity position, marked by low bank
limit utilization, over the medium term. The rating may be revised
upwards if the company stabilizes its operating performance or
shows significant and sustained improvement in profitability,
while maintaining its favorable capital structure.  Conversely,
the outlook may be revised to 'Negative' if Shreyans's
profitability declines further or the company undertakes a larger-
than-expected debt-funded capex programme, leading to
deterioration in its debt protection metrics.

                     About Shreyans Industries

Incorporated in 1979, Shreyans manufactures writing and printing
paper. It has two paper mills with an aggregate capacity of 66,000
tonnes per annum (tpa). At present, it is run by brothers,
Rajneesh Oswal and Vishal Oswal.  The company came out with an
initial public offering in 1982, in order to raise funds to set up
a 10,000-tpa paper mill at Ahmedgarh, Ludhiana (Punjab).  In 1991,
it made a follow-on offer-cum-rights issue to raise funds for
plant modernisation and to set up a 25,000-spindle yarn spinning
unit at Machiwara, Ludhiana.  In 1994, the company purchased a
paper mill from Zenith Ltd to increase its paper manufacturing
capacity. Due to the poor performance of the spinning unit, the
same was sold in 2000.  Around the same time, Shreyans was unable
to meet some of its debt-servicing obligations, and in
January 2003, it entered the Corporate Debt Restructuring (CDR)
cell. Since then, Shreyans's performance has improved, leading to
its exit from the CDR cell in January 2008.

For 2009-10, Shreyans reported a profit after tax (PAT) of INR54
million on net sales of INR2.38 billion, against a PAT of INR181.1
million on net sales of INR2.58 billion for the preceding year.


SHRI CHAKRA: CRISIL Downgrades Rating on INR83.2MM Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Shri
Chakra Udyog Ltd to 'D/P5' from 'BBB-/Stable/P3'.  The rating
downgrade is driven by instances of delays by Shri Chakra in
servicing some of its rated debt.  The earlier ratings by CRISIL
were predicated on Shri Chakra's declaration that it was meeting,
and continued to meet, all its financial obligations on a timely
basis.  However, CRISIL now understands that the company has
delayed in servicing its debt for some time; this indicates that
Shri Chakra's management had provided incorrect declarations to
CRISIL regarding timely debt servicing.

   Facilities                          Ratings
   ----------                           -------
   INR83.2 Million Term Loan            D (Downgraded from
                                           'BBB-/Stable')
   INR644.5 Million Packing Credit      P5 (Downgraded from 'P3')

   INR320.5 Million Bill Purchase/      P5 (Downgraded from 'P3')
                 Bill Discounting

   INR77.5 Million Bank Guarantee       P5 (Downgraded from 'P3')
             and Letter of Credit

   INR132.0 Million Stand by line       P5 (Downgraded from 'P3')
                        of credit

   INR16.3 Bank Guarantee               P5 (Downgraded from 'P3')

Shri Chakra also has a leveraged financial risk profile, project-
implementation risk, and its exposure to risks related to
fragmented markets and adverse changes in government regulations.
These weaknesses are partially mitigated by Shri Chakra's
established position in agricultural-products trading in the
international market, and healthy operating margin.

                         About Shri Chakra

Incorporated in 1996, Shri Chakra is a government-recognised, two-
star export house that undertakes international trading in
agricultural commodities and building materials.  In May 2009,
Shri Chakra commissioned a unit for the processing of agricultural
commodities in Kandla special economic zone; the processing
division contributed to about 21 per cent of the company's sales
in 2009-10 (refers to financial year, April 1 to March 31).  The
company is promoted by Mr. R B Vinod Kumar Nair and Mr. Ashok Rao.
It has also been awarded the status of gold card holder under the
exporters' gold card scheme of Reserve Bank of India.  The company
trades primarily in agricultural commodities such as spices, oil
seeds, food grains, and fruit pulp. In 2003, the company began to
internationally trade in building materials, such as wall and
floor tiles, and slabs and tiles of marble, granite, and other
natural stones.

For 2009-10, Shri Chakra reported a profit after tax (PAT) of
INR131.8 million on net sales of INR3.25 billion, against a PAT of
INR71.8 million on net sales of INR2.47 billion for 2008-09.


STAR DRUGS: CRISIL Reaffirms 'D' Ratings on Various Bank Debts
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of M/s. Star Drugs &
Research Labs Limited reflect the continued default by the company
in repayment of its term loan.

   Facilities                         Ratings
   ----------                         -------
   INR90 Million Cash Credit          D (Reaffirmed)
   INR287.2 Million Long-Term Loan    D (Reaffirmed)
   INR42.8 Million Proposed LT Bank   D (Reaffirmed)
                      Loan Facility
   INR30 Million Letter of Credit/    P5 (Reaffirmed)
                   Bank Guarantee

SDRL was incorporated in 1992 by Mr. K A Hafeez, Mr. K A Salam,
and Mr. K A Matheem.  The company manufactures small-volume
parenterals at its Hosur (Tamil Nadu)-based facility, which have
received World Health Organisation-good manufacturing practice
approvals.


SWARNA PROJECTS: CRISIL Assigns 'B' Rating to INR200MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to the bank
facilities of Swarna Projects Pvt. Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR200 Million Cash Credit         B/Stable (Assigned)
   INR100 Million Letter of Credit    P4 (Assigned)
   INR100 Million Bank Guarantee      P4 (Assigned)

The ratings reflect SPPL's below-average financial risk profile,
marked by a small net worth and high gearing, and exposure to
risks related to high customer concentration in revenue profile,
and a limited track record.  These rating weaknesses are partially
offset by the diversified business presence of SPPL's promoters.

Outlook: Stable

CRISIL believes that SPPL will continue to benefit over the medium
term from its promoters' experience of executing turnkey projects.
The outlook may be revised to 'Positive' if the company improves
its operating margin substantially, or significantly scales up its
operations.  Conversely, the outlook may be revised to 'Negative'
if SPPL's debt protection metrics deteriorate, most likely because
of a decline in margins, or in case of large, debt-funded capital
expenditure.

                       About Swarna Projects

Incorporated on January 1, 2009, SPPL has been executing its first
project (part of the Maharastra Infrastructure Phase II of Rural
Electrification) since November 2009.  The contract for the
project, which is worth around INR1.7 billion in Maharashtra, was
obtained from Ramky Infrastructure Ltd (rated 'A-/Stable/P2+' by
CRISIL), which in turn obtained it from the Maharashtra State
Electricity Board.  The promoters of SPPL have been undertaking
various infrastructure and real estate projects since 1999 through
the various group companies.

SPPL reported a profit after tax (PAT) of INR1 million on net
sales of INR40 million for 2009-10 (refers to financial year,
April 1 to March 31).


VINAY INDUSTRIES: CARE Assigns 'CARE BB' Rating to INR4.66cr Loan
-----------------------------------------------------------------
CARE assigns 'CARE BB' and 'PR4' RATINGS to the bank facilities of
Vinay Industries Ltd.

                                   Amount
   Facilities                    (INR Crore)    Ratings
   ----------                    -----------    -------
   Long-term Bank Facilities        4.66        'CARE BB' Assigned
   LT/Short-term Bank Facilities    15.00       'CARE BB'/ 'PR4'
                                                  Assigned
Rating Rationale

Rating Rationale

The ratings are constrained by Vinay Industries Limited's small
scale of operations restricting economies of scale, weak financial
risk profile marked by highly leveraged capital structure, losses
incurred in FY10 and stressed liquidity position. Susceptibility
of its inherently low margins to the volatile prices of its raw
materials and the company's presence in the highly volatile,
fragmented and competitive agro-commodity (edible oil & cotton
ginning) business entailing limited pricing flexibility also
constrain the ratings.  Further the ratings take into account the
regulatory uncertainties on import duties for edible oils, export
of cotton and fixation of Minimum Support Price (MSP) of cotton,
seasonality associated with availability of raw materials and
working capital intensive nature of its operations.
These constraints far outweigh the benefits derived from the
promoters' experience, locational advantage by way of proximity to
the groundnut and cotton seed growing regions in Gujarat and
diversified revenue stream.  Rationalization of debt levels
coupled with increase in capital base and its ability to manage
volatility associated with commodity prices in edible oil and
cotton ginning industry and thereby improve its profitability
would remain the key rating sensitivity.

Junagadh-based Vinay Industries Limited, promoted by Mr. Kanubhai
V. Domadia  and incorporated in November 1974, is engaged in the
crushing, processing, refining of ground-nut, soybean, rapeseed
and extracting oil from various types of de-oiled cake.  In end-
FY09 it diversified its operations by setting up a cotton ginning
unit.  In FY10 it also acquired the solvent extraction plant of
M/s. Gujarat Agro Processers - a partnership firm. Further, to
avail tax benefit, VIL set up a wind mill in Bhavnagar district of
Gujarat having a capacity of 1.25 MW.

As against a net loss of INR0.50 crore on a total income of
INR82.37 crore in FY09, VIL incurred a net loss of INR3.78 crore
on a total income of INR82.59 crore in FY10.  Despite improvement
in both its PBILDT margin and cash accruals during FY10, it
incurred a loss mainly on account of higher charge of depreciation
on wind mill.


VISHAAL PROMOTERS: CRISIL Assigns 'C' Rating to INR100MM LT Loan
----------------------------------------------------------------
CRISIL has assigned its 'C' rating to the bank facilities of
Vishaal Promoters Pvt Ltd.  The ratings reflect VPPL's weak
liquidity, which has resulted in the company's delays in servicing
its unrated debt.

   Facilities                         Ratings
   ----------                         -------
   INR100.00 Million Long-Term Loan   C (Assigned)
   INR120.00 Million Cash Credit      C (Assigned)

The ratings also factor in VPPL's exposure to risks related to
implementation and commercialization of its ongoing mall project
in Madurai (Tamil Nadu), and geographical concentration in its
revenue profile.  These weaknesses are partially offset by the
experience of VPPL's promoters in the real estate business.

VPPL was originally set up in 2001 as a partnership firm by Mr. I
Ilankovan and his wife; the firm was reconstituted as a private
limited company in 2004. VPPL is based in Madurai, and is engaged
in real estate development, primarily residential flats.  The
company is currently constructing a mall in Madurai which is
expected to be completed by January 2011.

VPPL, on a provisional basis, reported a profit after tax (PAT) of
INR8.23 million on net sales of INR65.46 million for 2009-10
(refers to financial year, April 1 to March 31); it had reported a
PAT of INR14 million on net sales of INR69.36 million for 2008-09.


WAHI SONS: CRISIL Assigns 'BB' Rating to INR58.2 Million Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to the bank facilities
of Wahi Sons Pvt Ltd.

   Facilities                            Ratings
   ----------                            -------
   INR6.8 Million Cash Credit Limit      BB/Stable (Assigned)
   INR58.2 Million Term Loan             BB/Stable (Assigned)

The rating reflects WSPL's modest financial risk profile, marked
by high gearing and small net worth, small scale of operations,
large working capital requirements, and its exposure to risks
related to customer concentration in its revenue profile.  These
weaknesses are partially offset by WSPL's established track record
in the automobile (auto) components industry.

Outlook: Stable

CRISIL believes that WSPL will benefit over the medium term from
its promoters' extensive industry experience and healthy demand
from the end-user industry.  Its financial risk profile is,
however, expected to remain moderate due to high gearing. The
outlook may be revised to 'Positive' if the company repays or
converts its unsecured loans through equity, leading to
improvement in gearing, and consequently, the financial risk
profile.  Conversely, the outlook of the company may be revised to
'Negative' if the company's margins decline or in case of
deterioration in its financial risk profile, on account of a
large, debt-funded capital expenditure programme or larger-than-
expected working capital requirements.

                           About Wahi Sons

WSPL, established in 1997, manufactures sheet metal press stamping
parts for the auto industry. WSPL's product portfolio includes
anchor plates, ratchets, frames, tounge plates, lever adjusters,
brackets, and rear lift assemblies.  These products are used in
seats, seat belts, steering wheels, and power windows. It supplies
to Maruti Suzuki India Ltd (rated AAA/ Stable/ P1+ by CRISIL) and
TATA Motors Limited (rated AA-/ Stable/ P1+ by CRISIL) through its
vendors.

The company is promoted by Mr. Manav Wahi, son of Mr. Arun Wahi
(promoter of Abhishek Auto Industries Ltd, which entered into a
joint venture with Key Safety Systems (KSS), US in 2007-08 [refers
to financial year, April 1 to March 31] to form KSS Abhishek
Safety Systems Pvt Ltd [rated 'BB/Negative/P4+' by CRISIL]). The
Wahi family has over twenty years' experience in the auto
industry.

WSPL reported a profit after tax (PAT) of INR8 million on net
sales of INR215 million for 2009-10, as against a PAT of INR3.5
million on net sales of INR188 million for 2008-09.


=================
I N D O N E S I A
=================


PT SULFINDO: Fitch Assigns 'B' Issuer Default Rating
----------------------------------------------------
Fitch Ratings assigned a 'B' Long-term foreign currency Issuer
Default Rating with a Stable Outlook and a foreign-currency senior
unsecured rating of 'B' to PT Sulfindo Adiusaha.  At the same
time, the agency has also assigned an expected rating of 'B' to
the proposed senior secured USD notes to be issued by Sulfindo
Netherlands B.V. and guaranteed by Sulfindo.  The final rating is
contingent upon receipt of final documents conforming to
information already received.

"Sulfindo's credit profile is constrained by its small size,
plants located in a single site production facility and limited
geographical and product diversification," says Jeong Min Pak,
Senior Director in Fitch's Asia-Pacific Corporates team.  Fitch
also notes that the planned construction of a power plant will
burden the company with substantial capex over the next two to
three years.  Given the highly cyclical nature of the chemical
industry, the company is also vulnerable to the general economic
cycle and subject to volatile products and feedstock volume and
prices.

However, Sulfindo's rating is supported by the company's status as
one of the only two fully integrated producers of chlor-alkali in
Indonesia, solid market position in the domestic chlor-alkali and
PVC product markets, and improving industry fundamentals and
profitability across its business segments.

The agency expects the company's credit profile to have improved
in 2010; but given the large capex in the next couple of years due
to a power plant construction, credit metrics such as leverage and
interest coverage ratios are expected to deteriorate until 2012
and then start to improve after the completion of the power plant.
Nevertheless, the agency expects adjusted net debt/operating
EBITDAR to remain mostly below 3.0x and operating EBITDAR/gross
interest ratio to remain above 2.0x over the next two to three
years, hence the Stable Outlook.

Negative rating guidelines include a significant downturn in the
industry or jump in raw material prices, which could lead the
company's credit metrics to breach the following financial
guidelines: significant market share decline in respective
products in its domestic market; adjusted net debt/operating
EBITDAR ratio exceeding 3.0x and operating EBITDAR/gross interest
ratio falling below 2.0x on a sustained basis, and material delays
in the construction of the power plant.

Positive rating guidelines include an increase in scale and
revenue, adjusted net debt/operating EBITDAR ratio of less than
1.5x and operating EBITDAR/gross interest ratio of greater than
5.0x on a sustained basis, and diversification of product lines or
production facilities to improve single product/site risk.


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


JAPAN AIRLINES: JAL, AMR to Start Joint Business Venture in April
-----------------------------------------------------------------
Japan Airlines and American Airlines announced Tuesday they have
decided to commence their joint business from April 1, 2011, based
on the expected start of revenue-sharing on applicable trans-
Pacific flights.  The airlines, after receiving regulatory
approvals from the Japanese Government and the U.S. Department of
Transportation, are using a phased approach to bring more travel
choices and greater benefits to consumers as quickly as possible
and to maximize the value for stakeholders.

Customers can expect to benefit from better flight schedules,
expanded codesharing, more coordinated services, and greater
access to a wider variety of fares.

Japan Airlines will also co-locate in American's Terminal 3 at
Chicago O'Hare International Airport effective March 27, when
Japan Airlines' summer schedule begins.  Additional consumer
benefits over the coming months are expected as the cooperation
level deepens between the two airlines.

In addition, to bring benefits to consumers sooner, Japan Airlines
and American are announcing a jointly-formulated commemorative
trans-Pacific economy-class airfare for sale in Japan from Jan. 11
for travel between February 1 and March 31, 2011.  Historically,
routings involving both airlines were typically only available at
much higher fare levels.

Applicable routes: Tokyo - San Francisco; Los Angeles; Chicago;
New York; Dallas/Fort Worth.  Customers may choose to fly Japan
Airlines, American Airlines or a combination of both airlines on
these routes.

                     Scope of the Joint Business

The joint business will apply to non-stop flights on 10 trans-
Pacific routes initially.  It is expected to be expanded upon
obtaining the required approval from authorities of third-party
countries to add routes linking destinations beyond Japan and
North America.

Trans-Pacific Flights

  Operating Carrier    Route

  JAL                  Narita = New York, Chicago, Los Angeles,
                                Vancouver
                       Haneda = San Francisco

  AA                   Narita = Dallas/Fort Worth, New York,
                                Chicago, Los Angeles

                       Haneda = New York, Beijing = Chicago,
                                Shanghai = Chicago, Los Angeles

  Connecting flights from the above trans-Pacific Flights

  Operating Carrier    Routes

  JAL                  Asia, domestic points within Japan

  AA                   Canada, Mexico, Puerto Rico, U.S. Virgin
                       Islands, domestic points within USA
                       (Excludes Hawaii)

                         Business Benefits

Japan Airlines and American plan to share revenue generated from
operations over the Pacific, regardless of which airline carries
the customer beginning April 1, 2011.  The companies' sales forces
will work together to sell both brands in order to meet customers'
needs through a process called "metal neutral selling'.  The
combined sales forces will be able to offer customers a broader
suite of products and services than in the past. In addition, the
airlines will maximize synergies to strengthen their business and
elevate their level of operational efficiency and productivity
while reducing costs.  Expected business benefits include:

   - More coordinated pricing and programs for travel agencies
     and corporate customers.

   - Under the joint business agreement, Japan Airlines and
     American's sales forces can conduct activities in
     cooperation to promote themselves together, thereby boosting
     the productivity and efficiency of the sales teams, and
     increasing the opportunities for sales and publicity.

   - In the future, the two airlines plan to jointly sell Japan
     Airlines' premium economy product; which is expected to make
     both airlines more competitive in the marketplace.
     American's customers will have a new travel option that did
     not previously exist.

   - Japan Airlines and American both offer first class service on
     most of the trans-Pacific routes, allowing first class
     customers to enjoy the increase in flight options.

   - Expected investment and operational efficiencies gained from
     co-locations at airports, offices, joint lounge operations,
     and other operational synergies are expected to make both
     airlines stronger.

   - Purchase of Japan Airlines and American's applicable trans-
     Pacific flights from either airline's website increases the
     exposure and sales opportunities for the two brands.
     Customers will benefit from more convenience as they will be
     able to select flights and gain access to information about
     both airlines through one channel.

   - Japan Airlines and American are also exploring potential
     opportunities to utilize each other's online presence around
     the globe with the goal of enhancing customer service.

The new ability to coordinate on pricing, network and schedule,
products and services is expected to result in greater revenue and
market share as Japan Airlines and American become more
competitive with other airlines partnerships.  American will be
able to sell more destinations within and beyond Japan than before
Open Skies and the joint business with Japan Airlines. Conversely,
Japan Airlines will be able to sell more destinations in North
America.

Over the past several months, Japan Airlines and American have
deepened their relationship, which began more than 15 years ago,
by sharing best practices to improve their individual operations
so as to increase their competitiveness in their respective
regions and enhance customer service.  For instance, Japan
Airlines has begun to implement business management and profit-
forecast procedures shared by American, and teams from both
airlines have been exchanging best practices in such specialized
fields as maintenance, fleet planning, and information technology.
The result of adopting American's profit-forecast concept is
expected to enhance Japan Airlines' profit-forecast capability -
providing more time for the airline to make adjustments to
business changes.  American has been discussing Japanese culture
with Japan Airlines to better understand how to serve these
customers better. For example, by making American's public address
announcements more conversational and using new phrases that
better describe situations, these announcements are more
meaningful to Japanese customers.

From January 17, American will relocate its Asia-Pacific Regional
Office in Tokyo from the Chiyoda district to Shinagawa, moving
into NRE Tennozu Building where Japan Airlines' headquarters is
located.  In New York, Japan Airlines moved its administration
office into the same building as American on Lexington Avenue on
October 28, 2010.  The office co-location will allow Japan
Airlines and American Airlines employees to work more closely
together.

                       About Japan Airlines

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

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

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


JAPAN AIRLINES: May Seek Tie-Up Ventures With Cathay to Pare Costs
------------------------------------------------------------------
Chris Cooper and Kiyotaka Matsuda at Bloomberg News report that
Japan Airlines Corp., set to begin a venture with American
Airlines in April, may pursue similar tie-ups with Cathay Pacific
Airways Ltd. and other Oneworld carriers to pare costs and offset
route cuts made during restructuring.

"We would like to have joint businesses with other Oneworld
partners, such as Hong Kong's Cathay," JAL President Masaru Onishi
told Bloomberg in an interview in Tokyo.  American and Qantas
Airways Ltd. are also members of the Oneworld group.

According to Bloomberg, American said JAL and American will
generate sales gains and cost-savings of about US$150 million
annually after agreeing to share expenses and coordinate fares on
10 transpacific routes.  Bloomberg notes that the cooperation may
help Tokyo-based JAL maintain services as it scraps 49 routes by
March and restructures operations under bankruptcy protection.

"We have been shrinking our network as we reorganize,' Bloomberg
quoted Mr. Onishi as saying.  "With American, we may be able to
keep that network or even expand it.'

Tom Horton, president of American and its Fort Worth, Texas-based
parent AMR Corp., told Bloomberg in an interview Tuesday that the
venture, which covers routes including New York-Tokyo Haneda and
Beijing-Chicago, will have annual sales of about $1.5 billion.
The carriers expect to reach their target for sales gains and
cost-savings next year, he said.  The agreement may also lead to
lower fares on some routes, the airlines said.

                       About Japan Airlines

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

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

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


===========
T A I W A N
===========


AMERICAN INT'L: Ruentex Said to Lead Bidding for Nan Shan
---------------------------------------------------------
Aries Poon, writing for Dow Jones Newswires, reports that a person
familiar with the deal said Wednesday American International Group
Inc. has chosen Taiwan's Ruentex Group as the preferred bidder for
its Taiwan life-insurance unit, Nan Shan Life Insurance Co.
Ruentex is a conglomerate with interests in textiles and real
estate.

The person said Ruentex offered more than US$2.15 billion, more
than AIG could have fetched if it had been successful last year in
selling Nan Shan to a consortium of Primus Financial Holdings Ltd.
and Hong Kong-listed China Strategic Holdings Ltd..

As widely reported, Taiwan regulators blocked that deal in August
2010, citing concerns about China Strategic's financial strength
and commitment to Nan Shan.

Dow Jones says AIG's second attempt to sell the company also drew
bids from Chinatrust Financial Holding Co., Cathay Financial
Holding Co., Fubon Financial Holding Co. and a consortium made up
of Primus, Taiwan Secom Co. and Goldsun Development & Construction
Co.

                             About AIG

American International Group, Inc. -- http://www.aig.com/-- is an
international insurance organization with operations in more than
130 countries and jurisdictions.  AIG companies serve commercial,
institutional and individual customers through one of the most
extensive worldwide property-casualty networks of any insurer. In
addition, AIG companies are leading providers of life insurance
and retirement services around the world.  AIG common stock is
listed on the New York Stock Exchange, as well as the stock
exchanges in Ireland and Tokyo.

In September 2008, AIG experienced a liquidity crunch when its
credit ratings were downgraded below "AA" levels by Standard &
Poor's, Moody's Investors Service and Fitch Ratings.  AIG almost
collapsed under the weight of bad bets it made insuring mortgage-
backed securities.  The Company, however, was bailed out by the
Federal Reserve, but even after an initial infusion of
$85 billion, losses continued to grow.  The later rescue packages
brought the total to $182 billion, making it the biggest federal
bailout in U.S. history.

AIG has been working to protect and enhance the value of its key
businesses, execute an orderly asset disposition plan, and
position itself for the future.  AIG has sold a number of its
subsidiaries and other assets to pay down loans received from the
U.S. government, and continues to seek buyers of its assets.


                             *********

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

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

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


                            *********


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

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

Copyright 2011.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.





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