TCRAP_Public/110120.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 20, 2011, Vol. 14, No. 14

                            Headlines



A U S T R A L I A

BURRUP FERTILISERS: Receivers Mull Oswal Extradition
BURRUP FERTILISERS: Assets Get More Than 20 Interested Buyers
CAFE 77: Appoints Ferrier Hodgson as Receivers
FRIGRITE LIMITED: Places Units in Voluntary Administration


H O N G  K O N G

JARDINE M&E: Commences Wind-Up Proceedings
PIONEER GLOBAL: Commences Wind-Up Proceedings
RIL INDONESIA: Seng and Lo Appointed as Liquidators
SHANGHAI YUYUAN: Pan Donghui Steps Down as Liquidator
WORLD GLORY: Cheng Hok Cheung Appointed as Liquidator


I N D I A

ADARSH SHIKSHAN: CARE Rates INR16.67cr LT Bank Debts at 'CARE BB+
ARUPADAI ARULMURUGAN: CRISIL Assigns 'BB-' Rating to Term Loan
BE GOLD: CRISIL Assigns 'P4+' Rating to INR100MM Packing Credit
BHAVYAA GLOBAL: CRISIL Assigns 'BB+' Rating to INR62.5MM Term Loan
CHHATTISGARH STEEL: CRISIL Upgrades Rating on Bank Debts to 'BB+

DEV ROADLINES: CRISIL Assigns 'BB+' Rating to INR244.3MM Term Loan
ETHNIC TOBACCO: CRISIL Reaffirms 'BB' Rating on Cash Credit
HANUMAN AGRO: CRISIL Reaffirms 'B+' Rating on INR150MM Cash Credit
INDOSOLAR LIMITED: CRISIL Reaffirms 'BB+' Rating on INR4.51B Loan
ISHWAR ISPAT: CRISIL Cuts Rating on INR67.5MM Cash Credit to 'BB'

LEKH RAJ: CRISIL Reaffirms 'B+' Rating on INR1.1 Million Term Loan
MOHAMMED ENTERPRISES: CRISIL Places 'B+' Rating on INR20MM Loan
SINGHANIA ALU-FOIL: CRISIL Assigns 'BB-' Rating to INR24MM Loan
SUDAL INDUSTRIES: CRISIL Reaffirms 'B+' Rating on INR37MM LT Loan


I N D O N E S I A

PT SEMEN: Moody's Upgrades Corporate Family Rating to 'Ba1'


J A P A N

EAST STREET: Moody's Reviews Ratings on Various Classes of Notes
SHINOHARA MACHINERY: Files For Bankruptcy Protection


N E W  Z E A L A N D

AORANGI SECURITIES: SFO Decision Delayed Until Mid-February


                            - - - - -


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


BURRUP FERTILISERS: Receivers Mull Oswal Extradition
----------------------------------------------------

Andrew Burrell at The Australian reports that receivers for Burrup
Fertilisers are examining whether an Australia-India extradition
treaty could be used against Pankaj Oswal.

The Australian relates that Mr. Oswal left Australia just before
ANZ Bank appointed receivers to his fertilizer empire on
December 17, 2010.  Mr. Oswal confirmed last weekend that he and
his family would not return to Perth, The Australian says.

According to The Australian, Mr. Oswal said he was living in
New Delhi but may relocate to Dubai, close to where he has plans
to develop a $400 million caustic soda plant in Oman.

The Australian notes that it is believed receiver PPB Advisory is
examining whether an extradition treaty between Australia and
India could be useful in their investigation, which has uncovered
abnormal transactions in the Burrup Fertilisers accounts.

The treaty could help with recovery of monies owed or even
potential legal actions related to suspected offences, well-placed
sources have suggested, The Australian says.  Mr. Oswal has
consistently denied any wrongdoing, The Australian adds.

The Australian reports that PPB Advisory partner Ian Carson
confirmed he would present a report to the Australian Securities &
Investments Commission on suspected offences by January 31.

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

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

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


BURRUP FERTILISERS: Assets Get More Than 20 Interested Buyers
-------------------------------------------------------------
The Australian Associated Press reports that receivers of Burrup
Fertilisers said they've received more than 20 serious inquires
from parties around the world seeking to buy its assets.

The AAP says PPB Advisory has also moved to prevent the assets
from being sold before the company's interests can be determined
by the courts.

According to the AAP, the receiver also said it continues to
investigate numerous board level-related party transactions, and
plans to lodge a report with the Australian Securities and
Investments Commission.

The AAP relates that PPB Advisory on Wednesday said its
investigations would be assisted if Pankaj and Radhika Oswal were
in Australia, but it remained confident the probe could be
concluded satisfactorily.

"Whilst the receivers have not yet formally called for expressions
of interest, over 20 serious inquires have been received from
various parties around the world and the receivers are considering
a range of options for the sale process," PPB said, according to
the AAP.  "Concurrently, the receivers and their advisers are
undertaking extensive vendor due diligence to prepare the assets
for sale.

While PPB Advisory is pursuing monies owed to ANZ, the AAP notes,
Perth's Pitcher Partners is acting as receiver on behalf of
financier Commonwealth Bank for a AU$30 million corporate jet that
Mr. Oswal is understood to have leased to Burrup Fertilisers for
AU$9 million a year.

The Oswals often used the jet for private family purposes
including the establishment of his wife's vegetarian restaurants
"Otarian" in New York and London last year, the AAP discloses.

The AAP quoted Mr. Oswal as saying in an e-mailed statement that
"PPB Advisory and Burrup Fertilisers' 35% shareholder, Yara
International, had jointly attempted to force my family to sell
its stake to Yara at a rock bottom price".  He also rejected
claims of financial irregularities, the AAP adds.

Meanwhile, the AAP reports that PPB Advisory spokesman Tim Duncan
said the ammonia plant was a strong performer, so the receiver
believed there would be sufficient cash to satisfy lender claims.

"It's not as though the company has gone bust. It's rather that it
hasn't been paying its debt," Mr. Duncan told AAP.

"The actual plant is producing surpluses, the company is liquid
and no-one is not being paid except for the various financial
institutions.  Business creditors and suppliers are already paid
up, so it is a very narrow and unusually cashflow positive
situation," Mr. Duncan said.

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

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

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


CAFE 77: Appoints Ferrier Hodgson as Receivers
-----------------------------------------------
Morgan Kelly and Robyn Duggan of Ferrier Hodgson on December 22,
2010, were appointed receivers of Cafe 77 Pty Ltd.

The Company owns a property located at 14-20 Madeira Street, in
Sylvania Waters, New South Wales.  The property consists of three
town house units, numbers 12, 13 & 22.

"We are currently conducting a valuation of the Property and have
approached a number of agents to provide us with sales
submissions," the receivers said.


FRIGRITE LIMITED: Places Units in Voluntary Administration
----------------------------------------------------------
Frigrite Refrigeration Pty Limited and Frigrite Refrigeration
(QLD) Pty Limited, both subsidiaries of ASX-listed Frigrite
Limited, have been placed into voluntary administration.

Mr. Craig Shepard and Mr. John Park were on January 18, 2010,
appointed as voluntary administrators.

Mr. Shepard said the company's ability to operate its subsidiaries
as going concerns had been impacted by:

   * loss of service and maintenance work both as a result of
     the transfer of this work in house by Coles and loss of
     a major contract with Woolworths;

   * continued contraction of margins on installation; and

   * lack of a sustained flow of work through the manufacturing
     plant.

Mr. Shepard said the administrators would implement a three-point-
plan:

    1. Immediately suspend operations while the future
       of the Company is assessed;

    2. Seek immediate expressions of interest in the
       recapitalization of the company and/or sale of
       all or  part of the business; and

    3. Attend to statutory reporting, investigations and
       creditor, employee and shareholder liaison.

Voluntary administration of the two subsidiaries is designed to
quickly explore the options for the company.  The voluntary
administrators will be writing to all creditors to provide notice
of the date and location of the first meeting of creditors.  The
first meeting of creditors will be held within eight business
days.

                          About Frigrite

Frigrite Limited (ASX:FRR) -- http://www.frigrite.com.au/--  is
an Australia-based company, which operates within the food and
beverage industry.  The Company focuses on refrigeration in the
supermarket sector and air conditioning in various sectors.  It
employs about 369 people.


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


JARDINE M&E: Commences Wind-Up Proceedings
------------------------------------------
Members of Jardine M&E Contracting Limited, on December 31, 2010,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

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


PIONEER GLOBAL: Commences Wind-Up Proceedings
---------------------------------------------
Members of Pioneer Global Investments (HK) Limited, on Dec. 31,
2010, passed a resolution 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


RIL INDONESIA: Seng and Lo Appointed as Liquidators
---------------------------------------------------
Natalia K M Seng and Susan Y H Lo on December 31, 2010, were
appointed as liquidators of RIL Indonesia Services Limited.

The liquidators may be reached at:

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


SHANGHAI YUYUAN: Pan Donghui Steps Down as Liquidator
-----------------------------------------------------
Pan Donghui stepped down as liquidator of Shanghai Yuyuan Mart Co.
(H.K.) Limited on December 30, 2010.


WORLD GLORY: Cheng Hok Cheung Appointed as Liquidator
-----------------------------------------------------
Cheng Hok Cheung on January 5, 2011, was appointed as liquidator
of World Glory Properties Limited.

The liquidator may be reached at:

         Cheng Hok Cheung
         Room 1406, King Centre
         23 Dundas Street
         Mongkok, Kowloon
         Hong Kong


=========
I N D I A
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ADARSH SHIKSHAN: CARE Rates INR16.67cr LT Bank Debts at 'CARE BB+
-----------------------------------------------------------------
CARE assigns 'CARE BB+' rating to bank facilities of SANSTHAN.

                                 Amount
   Facilities                 (INR crore)     Ratings
   ----------                 -----------     -------
   Long-term Bank Facilities     16.67        'CARE BB+' Assigned

Rating Rationale

The rating is constrained by delay in commencement of complete
operations of the school, lower intake of students in FY11 thereby
weakening the debt protection indicators.  The rating is also
constraint due to the competition from the existing well-
established schools located in the nearby areas and the evolving
regulatory environment surrounding the educational sector in
India.  The constraints are however offset by the management's
experience in the field of education and buoyant prospects of K-12
segment in India.

The ability to attract a large number of students in the new
primary school would be the key rating sensitivity.

Background

ADARSH was formed in 2000 by Mr. Ajit Prasad Jain and Mr. Jeevan
Kumar as founder members of the society. The society started its
first play way school at Anand Vihar, New Delhi, in 2003 under
the name of 'Sapphire International School'.  The society has
developed another play way school during FY11 under the same brand
name at Ram Vihar, New Delhi with a student capacity of 150
students.  After the success of its play school and as a forward
integration project, ADARSH undertook a project to construct a
primary school under the name of 'Sapphire International' in
Noida (UP).  The first academic session for the new school was
started in June 2010 with enrollment of 53 students from class
nursery to II.

The total project cost for the new primary school has been
estimated as INR24.7 cr, proposed to be funded through debt-equity
of 2.1 (debt of INR16.67cr).  ADARSH had incurred INR22.9 cr as on
June 16, 2010 (funded through bank debt of INR13.6cr and remaining
through unsecured loan) on the development of school.  The
physical construction of the school has been completed and
finishing work is in progress.  During FY10 (provisional) ADARSH
had recorded total operating income INR2.2 cr and Surplus of
INR0.5 cr.


ARUPADAI ARULMURUGAN: CRISIL Assigns 'BB-' Rating to Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to Arupadai
Arulmurugan Spinners Pvt Ltd's bank facilities.

   Facilities                            Ratings
   ----------                            -------
   INR50.00 Million Cash Credit          BB-/Stable (Assigned)
   INR133.40 Million Term Loan           BB-/Stable (Assigned)
   INR16.50 Million Letter of Guarantee  P4+ (Assigned)

The ratings reflect AASPL's below-average financial risk profile,
marked by a high gearing, and its small scale of operations.  The
ratings also factor in AASPL's customer concentration in its
revenue profile, and susceptibility to volatility in raw material
prices and to supplier concentration.  These rating weaknesses are
partially offset by the experience of AASPL's promoters in the
textile industry.

Outlook: Stable

CRISIL believes that AASPL will continue to benefit from its
promoters' industry experience over the medium term.  The outlook
may be revised to 'Positive' if AASPL increases its scale of
operations and improves its capital structure, while maintaining
its profitability.  Conversely, the outlook may be revised to
'Negative' if AASPL undertakes a larger-than-expected debt-funded
capital expenditure programme, or if its profitability declines
sharply, deteriorating its financial risk profile.

                     About Arupadai Arulmurugan

Set up in July 2006, AASPL manufactures polyester and viscose
blended yarn; it commenced commercial production in June 2008.
The company has 12,000 spindles at its manufacturing unit at
Tiruchengode Road (Tamil Nadu).  It manufactures yarn of counts
30s, 40s, and 45s, in a 65:35 blend of polyester and viscose.  It
also manufactures pure polyester/viscose yarn, which in turn is
used to manufacture fabric for school uniforms, suiting and
shirting, and home textiles.

AASPL reported a profit after tax (PAT) of INR9 million on net
sales of INR219 million for 2009-10 (refers to financial year,
April 1 to March 31), against a net loss of INR19 million on net
sales of INR67 million for 2008-09 (for nine months of commercial
operations).


BE GOLD: CRISIL Assigns 'P4+' Rating to INR100MM Packing Credit
---------------------------------------------------------------
CRISIL has assigned its 'P4+' rating to the bank facilities of BE
Gold Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR100 Million Packing Credit      P4+ (Assigned)
   INR100 Million Letter of Credit    P4+ (Assigned)

The ratings reflect BE Gold's modest financial risk profile,
marked by small net worth, and customer and geographic
concentration in its revenue profile.  These weaknesses are
partially offset by the extensive experience of BE Gold's
promoters in the jewellery industry.

BE Gold was incorporated in August 2008 by Mr. Jitendra Shah and
Mr. Sunil Somani. Currently, Mr. Jitendra Shah's son, Mr. Viren J
Shah, manages the company's day-to-day operations.  BE Gold caters
to the wholesale segment and manufactures hand-made plain gold
jewellery. The company's manufacturing facility is in Noida's
Special Economic Zone, and it earns all its revenues from exports.

BE Gold reported a profit after tax (PAT) of INR 10 million on net
sales of INR 938 million for 2009-10 (refers to financial year,
April 1 to March 31) which is its first year of operations.


BHAVYAA GLOBAL: CRISIL Assigns 'BB+' Rating to INR62.5MM Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable' rating to the bank facilities
of Bhavyaa Global Limited (BGL; part of the Bhavyaa group).

   Facilities                            Ratings
   ----------                            -------
   INR36.90 Million Cash Credit          BB+/Stable (Assigned)
   INR62.50 Million Term Loan            BB+/Stable (Assigned)
   INR20.50 Million Proposed Term Loan   BB+/Stable (Assigned)

The rating reflects the Bhavyaa group's large working capital
requirements, its exposure to risks related to geographical
concentration in its revenue profile, cyclicality in cement
industry, and to intense competition in the transportation
industry.  These weaknesses are partially offset by the group's
strong financial risk profile, marked by strong net worth and
healthy debt protection metrics, and the experience of its
promoters in the transportation business.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles BGL, Dev Roadlines Pvt. Ltd. and Bhavyaa
Devroadlines Pvt. Ltd., together referred to as the Bhavyaa Group.
This is because the three companies are under common management,
have operational linkages and fungible cash flows.

Outlook: Stable

CRISIL believes that the Bhavyaa group will maintain a stable
credit risk profile, supported by its established relationships
with customers and its healthy financial risk profile.  The
outlook may be revised to 'Positive' if the group reports
considerable increase in accruals from the transportation business
and successfully scales up its mining operations.  Conversely, the
outlook may be revised to 'Negative' if the group reports lower-
than-expected profitability or undertakes large debt-fudned capex
or in case of any unrelated diversification

                          About the Group

DRPL was incorporated in 1994 as a proprietorship firm and was
reconstituted as a private limited company in 2007.  The company
provides transportation and logistical services.  BRPL,
incorporated in 2007, also provides transportation and logistical
services.  BGL (formerly Dev Ispat Pvt Ltd), incorporated in the
year 2008 is engaged into coal mining and transportation of coal
business.

The Bhavyaa group reported a profit after tax (PAT) of INR31.2
million on net sales of INR2,623 million for 2009-10 (refers to
financial year, April 1 to March 31) as against a PAT of INR6.2
million on net sales of INR1,465 million for 2008-09.


CHHATTISGARH STEEL: CRISIL Upgrades Rating on Bank Debts to 'BB+
----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Chhattisgarh Steel & Power Ltd, a part of the SBL group, to
'BB+/Stable' from 'BB/Stable', while reaffirming the rating on the
short-term facility at 'P4+'.

   Facilities                         Ratings
   ----------                         -------
   INR55.00 Million Cash Credit       BB+/Stable (Upgraded from
                                                  'BB/Stable')

   INR567.10 Million Long-Term Loan   BB+/Stable (Upgraded from
                                                  'BB/Stable')

   INR162.90 Million Proposed LT      BB+/Stable (Upgraded from
              Bank Loan Facility                  'BB/Stable')

   INR40.00 Million Bank Guarantee    P4+ (Reaffirmed)

The upgrade is driven by the company's track record of generating
stable cash accruals. While the absence of any long-term contract
for selling power exposes CSPL to demand risk, CRISIL believes
that the company will maintain its cash accruals at the current
levels because of the prevailing overall gap in the demand-supply
scenario for power.

The ratings continue to reflect the demand risk faced by CSPL
because of the absence of a long-term power purchase agreement
(PPA), and significant exposure to group companies.  These rating
weaknesses are, however, partially offset by the SBL group's
healthy financial risk profile, marked by a moderate gearing on
account of healthy cash accruals, and the benefits that CSPL
derives from fuel security and supply stability.

For arriving at the ratings, CRISIL has combined the financial
risk profiles of CSPL, Special Blasts Ltd, and Raghuvir Ferro
Alloy Pvt Ltd, collectively referred to herein as the SBL group.
SBL and RFAPL have provided corporate guarantees for CSPL's term
loan of INR730 million, raised from State Bank of India and State
Bank of Indore for the latter's 30-megawatt (MW) power project.
Additionally, there are equity investments between these entities.
As no strong operational linkages exist between the three
companies, CRISIL has not combined their business risk profiles.

Outlook: Stable

CRISIL believes that the SBL group will maintain its healthy
financial risk profile, supported by stable cash accruals. The
outlook may be revised to 'Positive' if CSPL's exposure to other
group entities decreases, leading to an improvement in its
liquidity, or the company enters into a PPA, thus mitigating the
impact of risks related to slowdown in demand.  Conversely, the
outlook may be revised to 'Negative' if CSPL undertakes a large,
debt funded capex programme, or experiences a decline in
realisations, resulting in lower cash accruals for the group.

                          About the Group

Incorporated in 2003, CSPL commenced operations as an independent
thermal power producer, with an installed capacity of 30 MW in
September 2008.  The company has received open access to sell
power independently during the off-peak period of 18 hours per
day. During the peak period of six hours per day, CSPL sells power
to Chhattisgarh State Electricity Board.  CSPL procures coal from
Coal India Ltd under a long-term coal supply agreement.  The
company does not have any long-term contract to sell power. SBL
produces industrial explosives with licensed capacity of 75,000
tonnes of slurry and bulk explosives, and 12 million meters of
detonating fuse. SBL company also trades in ammonium nitrate,
which formed about 40% of its revenues in 2009-10 (refers to
financial year, April 1 to March 31). The main customers of SBL
are Coal India, and Steel Authority of India Ltd. RFAPL produces
ferro manganese and ferro silico manganese, with total capacity of
20,040 tonnes per annum.

CSPL reported a profit after tax (PAT) of INR67.2 million on net
sales of INR939.2 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR90.1 million on net
sales of INR783.0 million for 2008-09. The SBL group reported a
profit after tax (PAT) of INR88 million on net sales of INR2865
million for 2009-10, against a PAT of INR114 million on net sales
of INR2978 million for 2008-09.


DEV ROADLINES: CRISIL Assigns 'BB+' Rating to INR244.3MM Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable' rating to the bank facilities
of Dev Roadlines Pvt Ltd (DRPL; part of the Bhavyaa group).

   Facilities                          Ratings
   ----------                          -------
   INR150.00 Million Cash Credit        BB+/Stable (Assigned)
   INR244.30 Million Term Loan          BB+/Stable (Assigned)
   INR7.90 Million Proposed Term Loan   BB+/Stable (Assigned)

The rating reflects the Bhavyaa group's large working capital
requirements, its exposure to risks related to geographical
concentration in its revenue profile, cyclicality in cement
industry, and to intense competition in the transportation
industry. These weaknesses are partially offset by the group's
strong financial risk profile, marked by strong net worth and
healthy debt protection metrics, and the experience of its
promoters in the transportation business.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles DRPL, Bhavyaadev Roadlines Pvt Ltd, and
Bhavyaa Global Ltd, together referred to as the Bhavyaa Group.
This is because the three companies are under common management,
have operational linkages and fungible cash flows.

Outlook: Stable

CRISIL believes that the Bhavyaa group will maintain a stable
credit risk profile, supported by its established relationships
with customers and its healthy financial risk profile.  The
outlook may be revised to 'Positive' if the group reports
considerable increase in accruals from the transportation business
and successfully scales up its mining operations.  Conversely, the
outlook may be revised to 'Negative' if the group reports lower-
than-expected profitability or undertakes large debt-fudned capex
or in case of any unrelated diversification

                          About the Group

DRPL was incorporated in 1994 as a proprietorship firm and was
reconstituted as a private limited company in 2007.  The company
provides transportation and logistical services.  BRPL,
incorporated in 2007, also provides transportation and logistical
services.  BGL (formerly Dev Ispat Pvt Ltd), incorporated in the
year 2008 is engaged into coal mining and transportation of coal
business.

The Bhavyaa group reported a profit after tax (PAT) of INR31.2
million on net sales of INR2,623 million for 2009-10 (refers to
financial year, April 1 to March 31) as against a PAT of INR6.2
million on net sales of INR1,465 million for 2008-09.


ETHNIC TOBACCO: CRISIL Reaffirms 'BB' Rating on Cash Credit
-----------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Ethnic Tobacco (India) Ltd (ETIL; part of the Ethnic
group), while reaffirming the rating on the earlier facilities at
'BB/Stable'.

   Facilities                         Ratings
   ----------                         -------
   INR40.0 Million Cash Credit        BB/Stable
   (Enhanced from INR30.0 Million)

   INR410.0 Million Cash Credit       BB/Stable (Reaffirmed)

   INR90.0 Million Standby Line       BB/Stable (Assigned)
                      of Credit
   INR631.8 Million Rupee Term Loan   BB/Stable (Assigned)

   INR31.2 Million Proposed LT Bank   BB/Stable (Assigned)
                      Loan facility

  INR12.0 Million Bank Guarantee      P4+ (Assigned)

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

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of ETIL with those of its group companies,
Ethnic Agros Ltd, Ethnic Spices Pvt Ltd and Ind Tob International
Pvt Ltd, together referred to as the Ethnic group.  This is
because of significant operational, management and financial
synergies between the group entities.  For arriving at its earlier
ratings, CRISIL did not consolidate the business and financial
risk profiles of ESPL and ITIPL.

Outlook: Stable

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

                          About the Group

ETIL, based in Guntur (Andhra Pradesh), was incorporated in
January 2006 by Mr. T Venkata Rao and his brother, Mr. T Murali
Mohan. ETIL trades in un-manufactured tobacco.  EAL was
incorporated as a private limited company in September 2006 and
later converted to a public limited company.  It is into ginning
of cotton, and also trades in cotton lint and un-manufactured
tobacco.

ESPL, incorporated in 2006, was set up to trade in spices, but
currently trades only in un-manufactured tobacco.  The company
started its operations in 2009-10 (refers to financial year,
April 1 to March 31).  ITIPL was incorporated in 2010-11; it also
trades in un-manufactured tobacco.

All the four companies ETIL, EAL, ESPL and ITIPL are promoted by
the Mr. T Venkata Rao and Mr. T Murali Mohan.

ETIL reported a profit after tax (PAT) of INR40.5 million on net
sales of INR1.3 billion for 2009-10, against a PAT of INR7.3
million on net sales of INR511.8 million for 2008-09.


HANUMAN AGRO: CRISIL Reaffirms 'B+' Rating on INR150MM Cash Credit
------------------------------------------------------------------
CRISIL's rating on the bank facility of Hanuman Agro Industries
Pvt Ltd continues to reflect Hanuman Agro's weak financial risk
profile, marked by high debt levels and weak debt protection
metrics, and small net worth and scale of operations. These rating
weaknesses are partially offset by the benefits that Hanuman Agro
derives from its promoter's extensive experience in the trading
business.

   Facilities                        Ratings
   ----------                        -------
   INR150 Million Cash Credit        B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Hanuman Agro's scale of operations and net
worth will remain small over the medium term.  The outlook may be
revised to 'Positive' if Hanuman Agro scales up its operations,
while maintaining its operating margin.  Conversely, the outlook
may be revised to 'Negative' if Hanuman Agro's reliance on debt
increases, or if the company's revenues and operating margin
decline.

Update

In 2009-10 (refers to financial year, April 1 to March 31),
Hanuman Agro's turnover has shown a growth rate of 26% over that
of the previous year.  The increase in the turnover is contributed
by increase in the volume terms of ethylene vinyl acetate (EVA);
Hanuman Agro sold 2703 tonnes of EVA in 2009-10, as compared to
2173 tonnes of EVA sold in 2008-09. Hanuman Agro has added
synthetic rubber to its product portfolio in 2010-11.

As on March 31, 2010, Hanuman Agro's total outside liabilities to
tangible net worth (TOL/TNW) ratio was high at 5.2 times because
of larger-than-expected, short-term debt contracted by the
company, and infusion of unsecured loans of INR13.6 million to
fund the increasing scale of operations. CRISIL believes that
Hanuman Agro's TOL/TNW ratio will remain high at around 5.0 times
over the medium term, driven by increasing working capital
requirements.

Hanuman Agro reported a profit after tax (PAT) of INR2.36 million
on net sales of INR400 million for 2009-10, against a PAT of
INR1.37 million on net sales of INR317 million for 2008-09.

                         About Hanuman Agro

Incorporated in 1991 by Mr. Balwant Rai, Hanuman Agro trades in
plastic and petrochemical-related products.  The company's trading
product portfolio includes EVA, polyvinyl chloride resin, paraffin
wax, dicumyl peroxide, plastic scraps, and coir pith.  Hanuman
Agro initially traded in agricultural commodities.  The company
began trading in petrochemicals in 2000; in 2004, it changed its
product mix and began trading in EVA and other products.
Currently, the company derives around 60% of its revenues from
trading in EVA.


INDOSOLAR LIMITED: CRISIL Reaffirms 'BB+' Rating on INR4.51B Loan
-----------------------------------------------------------------
CRISIL has reaffirmed its 'BB+/Stable/P4+' ratings on the bank
facilities of Indosolar Ltd, formerly Phoenix Solar India Ltd.
The ratings reflect IL's weak financial risk profile, marked by
weak liquidity and debt protection metrics, and its exposure to
volatility in demand for photovoltaic (PV) cells.  These
weaknesses are partially offset by the entrepreneurial experience
of IL's promoters in technology-intensive ventures, the company's
use of the proven and well-established crystalline wafer
technology, and the healthy long-term prospects for the solar
power industry.

   Facilities                         Ratings
   ----------                         -------
   INR4.51 Billion Term Loan          BB+/Stable (Reaffirmed)
   INR625 Million Cash Credit Limit   BB+/Stable (Reaffirmed)
   INR185 Million Letter of Credit    P4+ (Reaffirmed)
   INR30 Million Bank Guarantee       P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that IL will benefit over the medium term from its
improving market position, backed by its healthy order book
position. Its liquidity is, however, expected to be stretched over
the near term, as the company is expected to generate low accruals
until operations of lines I and II are scaled up and stabilized.
The outlook may be revised to 'Positive' if IL generates better-
than-expected revenues and profitability, resulting in improvement
in its liquidity and capital structure, or if the company's order
book position strengthens, leading to healthier revenue
visibility.  Conversely, the outlook may be revised to 'Negative'
if IL's liquidity is adversely impacted by a decline in
profitability or by any material delay in setting up and
stabilizing the proposed 200 MW capacity.

                         About Indosolar Ltd

Set up in February 2006 by Mr. B K Gupta and his son, Mr. H R
Gupta, IL uses multi-crystalline wafer technology to manufacture
PV cells, used in the manufacture of modules and, ultimately,
integrated solar energy systems.  Line I of its unit, which has an
80-megawatt (MW) PV cell manufacturing capacity, was commissioned
in October 2009, and line II, with the same capacity, was
commissioned by March 2010.  These two units were set up at a cost
of INR6.7 billion and are situated in Greater Noida (Uttar
Pradesh).  IL plans to set up an additional 200 MW line by January
2012, at an estimated cost of INR5.5 billion.

IL reported a loss of INR663.8 million on net sales of INR1.1
billion for 2009-10 (refers to financial year, April 1 to
March 31).


ISHWAR ISPAT: CRISIL Cuts Rating on INR67.5MM Cash Credit to 'BB'
-----------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Ishwar
Ispat Industries Pvt Ltd to 'BB/Negative' from 'BB+/Stable'.

   Facilities                         Ratings
   ----------                         -------
   INR67.50 Million Cash Credit       BB/Negative (Downgraded from
                                                   'BB+/Stable')

   INR32.50 Million Proposed LT       BB/Negative (Downgraded from
             Bank Loan Facility                    'BB+/Stable')

The rating downgrade reflects deterioration in Ishwar's financial
risk profile in 2009-10 (refers to financial year, April 1 to
March 31).  The company recently set up an induction furnace to
manufacture ingots.  However, it has not been able to achieve
stabilization of the plant leading to losses in 2009-10.  Its
sales have also remained lower than expectation in the 6 months of
2010-11. The downgrade also reflects CRISIL's belief that Ishwar
will report further losses for 2010-11 because of delays in
stabilisation of operations at its induction furnace.

The ratings reflect Ishwar's weak financial risk profile marked by
small net worth and moderate gearing, limited market share, and
vulnerability to downturns in the steel industry.  These rating
weaknesses are partially offset by Ishwar's moderate business risk
profile, supported by its increasing operating efficiencies.

Outlook: Negative

CRISIL believes that Ishwar's credit risk profile will deteriorate
over the medium term because of delays in stabilization of
operations at its induction plant.  The rating may be downgraded
if there is deterioration in Ishwar's working capital cycle, if it
generates lesser-than-expected revenues and net cash accruals, or
if it reports increase in its gearing.  Conversely, the outlook
may be revised to 'Stable' if the company is successfully
integrates its operations, and significantly and consistently
increases its scale of operations, and improves its profitability
and debt protection metrics over the medium term.

                         About Ishwar Ispat

Based in Raipur (Chhattisgarh), Ishwar was established in 2005 by
Mr. Anil Patel.  The company manufactures angles of 12 inches, and
has capacity of 36,000 tonnes per annum (tpa).  The company also
recently set up an induction furnace of 30,000 tpa capacity to
manufacture ingots.

Ishwar reported a net loss of INR23 million on net sales of
INR1033 million for 2009-10, against a profit after tax of INR7
million on net sales of INR1041 million for 2008-09.


LEKH RAJ: CRISIL Reaffirms 'B+' Rating on INR1.1 Million Term Loan
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of Lekh Raj Narinder Kumar
continues to reflect LNK's weak financial risk profile marked by a
high gearing and weak debt protection metrics, and exposure to
risks related to volatility in raw material prices and to
unfavourable changes in government policies.  These rating
weaknesses are partially offset by the benefits that LNK derives
from its promoters' extensive experience in, and the healthy
growth prospects for, the basmati rice industry.

   Facilities                          Ratings
   ----------                          -------
   INR20.0 Million Cash Credit Limit   B+/Stable (Reaffirmed)
   INR1.1 Million Term Loan            B+/Stable (Reaffirmed)
   INR680.0 Million Packing Credit     P4 (Reaffirmed)
   INR390.0 Million Bill Discounting   P4 (Reaffirmed)
                            Facility
   INR10.0 Million Bank Guarantee       P4 (Reaffirmed)

Outlook: Stable

CRISIL believes that LNK's large working capital requirements will
continue to keep the firm's financial risk profile constrained
over the medium term.  The outlook may be revised to 'Positive' if
LNK's capital structure improves and scale of operations increases
significantly.  Conversely, the outlook may be revised to
'Negative'if the firm reports deterioration in its capital
structure or generates less-than-expected cash accruals.

Update

In 2009-10 (refers to financial year, April 1 to March 31), LNK
reported lower operating profitability of 4.9%, against 5.5% in
2008-09 because of higher procurement cost of paddy during the
year. In 2009-10, LNK earned INR120 million on foreign exchange
contracts, thereby nullifying the losses accumulated till 2008-09.
This led to an increase in the cash accruals, resulting in a build
up of net worth.

LNK's gearing declined to 3.4 times as on March 31, 2010, against
6.09 times as on March 31, 2009 because of build up of net worth,
led by a foreign exchange gain. In 2011-12, LNK plans to modernize
its existing manufacturing unit and enhance the operating
efficiency by purchasing a sorting machine, two boilers, and three
warehouses, involving a capital expenditure of INR40 million to
INR50 million.  This capex is expected to be funded at a debt-to-
equity ratio of 3:1 and will get completed by end of 2010-11.
CRISIL believes that LNK's gearing will remain at around 3.5 times
over the medium term because of the firm's debt-funded capex.

In 2009-10 the promoters withdrew INR49 million, out of which,
INR35 million was withdrawn for personal use by the partners; the
rest was paid towards income tax. CRISIL believes that such
capital withdrawals will continue over the medium term, and range
between INR15 million and 25 million per annum.

LNK reported a net profit of INR16511 million on net sales of
INR2681 million for 2009-10, against a net profit of INR69 million
on net sales of INR2349 million for 2008-09.

                           About Lekh Raj

LNK mills, processes, and sells basmati rice.  It has a rice
processing unit at Kaithal (Haryana), with an aggregate capacity
of 14 tonnes per hour.  It exports more than 90% of its production
to the Middle East.  The firm has been accorded the 3-Star Export
House status by the Government of India. In India, LNK sells rice
under the JB brand.


MOHAMMED ENTERPRISES: CRISIL Places 'B+' Rating on INR20MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the bank facilities
of Mohammed Enterprises Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR200.0 Million Cash Credit       B+/Stable (Assigned)
   INR20.0 Million Term Loan          B+/Stable (Assigned)
   INR30.0 Million Standby Line of    B+/Stable (Assigned)
                            Credit

The rating reflects MEPL's weak financial risk profile, marked by
a high gearing, and low operating margin as compared to leading
tobacco exporters, and vulnerability to fluctuations in foreign
exchange rates.  These rating weaknesses are partially offset by
MEPL's product and geographical diversity, and strong operating
income growth expected on the back of increasing demand for Indian
tobacco in the international markets.

Outlook: Stable

CRISIL believes that MEPL will maintain its credit risk profile
over the medium term.  MEPL's revenues are expected to register a
compound annual growth rate of 25 to 30% during this period,
supported by huge export demand.  However, the financial risk
profile of the company is expected to remain weak over the medium
term.  The outlook may be revised to 'Positive' if MEPL improves
its financial risk profile, particularly its liquidity, through
improvement in its capital structure or profitability. Conversely,
the outlook may be revised to 'Negative' if MEPL's financial
flexibility weakens further or the company undertakes a larger-
than-expected debt-funded capital expenditure.

                     About Mohammed Enterprises

Set up in 1985 as a proprietorship firm by the father of
Mr. Mohammed Mustafa, the existing managing director of the
company, MEPL was reconstituted as a private limited company in
2000.  The company, based at Guntur (Andhra Pradesh) processes and
sells unmanufactured tobacco.  It has a tobacco manufacturing
capacity of 5 million tonnes per annum.  MEPL derives about 50% of
its revenues from exports to the European countries and Nepal, and
the rest from sales to Indian companies such as ITC Ltd, Godfrey
Philips Ltd, and VST Industries Ltd.

MEPL reported a profit after tax (PAT) of INR6.6 million on net
sales of INR674.9 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR5.0 million on net sales
of INR331.1 million for 2008-09.


SINGHANIA ALU-FOIL: CRISIL Assigns 'BB-' Rating to INR24MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+'ratings to Singhania Alu-
Foil Containers Mfg. Co.'s bank facilities.

   Facilities                            Ratings
   ----------                            -------
   INR25.0 Million Cash Credit Limit     BB-/Stable (Assigned)
   INR24.0 Million Term Loan             BB-/Stable (Assigned)
   INR10.0 Million Letter of Credit      P4+ (Assigned)
   INR2.5 Million Bank Guarantee         P4+ (Assigned)

The ratings reflect Singhania's weak financial profile marked by
increasing gearing and small scale of operations.  This rating
weakness is partially offset by Singhania's efficient working
capital cycle.

Outlook: Stable

CRISIL believes that Singhania will benefit from the healthy
demand prospects for the Aluminium containers and allied products
industry.  The outlook may be revised to 'Positive' if Singhania's
financial risk profile improves, most likely because of more-than-
expected growth in operating income or sustained improvement in
partners' capital driven by fresh infusion of funds.  Conversely,
the outlook may be revised to 'Negative' if the firm's debt
protection metrics weaken, most likely because of lower-than-
expected operating income or profitability, or larger-than-
expected debt funded capital expenditure.

                    About Singhania Alu-Foil

Singhania was registered in 2006 as a partnership firm.  The firm
manufactures aluminium foil containers.  The firm has three
partners: Mr. Laxman Singhania (40% share in profits/losses),
Mr. Himanshu Singhania (30%), and Mr. Ankur Singhania (30%). Till
August 2010, the firm was operating from a leased out facility in
Sonepat (Haryana). However, its management has set up a new
facility in Baroda (Gujarat) and has shifted the entire facility
to the new unit in MONTH, 2010.  The firm's product profile
comprises aluminium bowls of capacity ranging from 120 to 750
millilitres.  The firm also manufactures aluminium foil rolls.
All the products are marketed under the brand SAFCO. Singhania
imports its primary raw material, aluminium foils.

Singhania reported a profit after tax (PAT) of INR1.68 million on
net sales of INR171.16 million for 2009-10 (refers to financial
year, April 1 to March 31), against a PAT of INR2.06 million on
net sales of INR157.24 million for 2008-09.


SUDAL INDUSTRIES: CRISIL Reaffirms 'B+' Rating on INR37MM LT Loan
-----------------------------------------------------------------
CRISIL has revised its rating outlook on the long-term bank
facilities of Sudal Industries Ltd to 'Positive' from 'Stable',
while reaffirming the rating at 'B+'; the rating on the short-term
facilities has been reaffirmed at 'P4'.

   Facilities                         Ratings
   ----------                         -------
   INR37.0 Million Long-Term Loan     B+/Positive (Reaffirmed;
                                                   Outlook Revised
                                                   from 'Stable')

   INR80.0 Million Bank Overdraft     B+/Positive (Reaffirmed;
                                                  Outlook Revised
                                                  from 'Stable')

   INR83.0 Million Letter Of Credit   P4 (Reaffirmed)
                 and Bank Guarantee

The outlook revision reflects CRISIL's belief that Sudal's
revenues will grow at a healthy rate over the near term, supported
by revenue contribution from its recently added capacities and
buoyancy in its end-user industries. Sudal's financial performance
has been steady over the past three years; it has maintained its
profitability though its revenues have witnessed a limited growth
during this period.  The company's operating margin has been in
the range of 7.1 to 9.8% during 2004-05 to 2008-09; the margin
improved sharply to 13.6% in 2009-10 (refers to financial year,
April 1 to March 31), supported by relatively high-value
customised orders executed in the last quarter of the year. Annual
revenues remained in the range of INR680 million to INR700 million
over the past three years.  The revision in the outlook also
reflects CRISIL's belief that Sudal's capital structure will not
weaken significantly and its profitability will remain at current
level over the medium term.

The ratings reflect Sudal's limited track record, small scale of
operations, and exposure to intense market competition and to
risks related to its proposed project. These rating weaknesses are
partially offset by Sudal's moderate business risk profile.

Outlook: Positive

CRISIL believes that Sudal's business risk profile will improve
over the medium term, supported by healthy demand from its end-
user industries and by its ability to offer customized products.
The ratings may be upgraded if operations at Sudal's proposed
facilities stabilize within expected timelines without any major
cost overrun.  Conversely, the outlook may be revised to 'Stable'
in case Sudal's capital structure deteriorates more than expected,
or if the company is not able to optimally utilize its proposed
capacities.

                      About Sudal Industries

Sudal was established in 1979 by Mr. Shriram Chokhani.  The
company manufactures aluminium extrusions and aluminium-based
alloys. Its plant in Nashik (Maharashtra) has capacity to
manufacture 13,900 tonnes per annum (tpa) of aluminium extrusions
(calculated on a three-shift basis), and 3000 tpa of aluminium-
based alloys.  The company plans to enhance its aluminium
extrusion capacity by about 5000 tpa during 2011-12, involving an
estimated outlay of up to INR200 million. Sudal was referred to
the Board for Industrial and Financial Reconstruction (BIFR) twice
in the past 30 years; it came out of BIFR's purview in 2008.

Sudal reported a profit after tax (PAT) of INR23.0 million on net
sales of INR696.5 million for 2009-10, against a PAT of INR50.3
million on net sales of INR697.3 million for 2008-09.


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


PT SEMEN: Moody's Upgrades Corporate Family Rating to 'Ba1'
-----------------------------------------------------------
Moody's Investors Service upgraded the corporate family rating of
PT Semen Gresik (Persero) Tbk to Ba1 from Ba2.  The rating outlook
is stable.

This rating action concludes the review initiated on December 2,
2010, and also reflects Moody's decision to raise the Indonesian
Government's sovereign rating to Ba1 /Stable

"Semen Gresik's credit strength remains impressive despite the
company being part way through a major expansion programme, the
first for over ten years," says Alan Greene, Moody's Lead Analyst
for the company.

Moody's notes that as of September 30, 2010, Semen Gresik reported
cash of IDR3.4 trillion and borrowings of only IDR0.4 trillion.

"Furthermore, given the company's strong liquidity, we expect
Semen Gresik's own credit profile to remain robust through 2011
and 2012, even as the company considers overseas acquisitions, and
despite the upward pressure on energy costs", adds Greene.

With over 90% of its revenues derived domestically, Semen Gresik
is entirely exposed to the economic, social and political
environment in Indonesia as well as to the inherent cyclicality of
the construction materials industry. As a result, the rating for
Semen Gresik is closely aligned to the rating of the country.

As Semen Gresik is 51% owned by the Indonesian government, Moody's
overlays the stand alone credit strength 11, which equates to a
Ba1 rating on Moody's rating scale, with its joint default
analysis for government-related issuers. Based on Moody's view of
the moderate level of support and dependence between Indonesia and
the company, there is no uplift applied to the stand alone rating.

Moody's expects Semen Gresik to maintain a strong credit profile
for the rating level and anticipates a modest softening of credit
metrics in the short-term while the company undertakes the current
debt-financed expansion.

Upward pressure on the rating may be limited until the current
expansion and potential acquisition programmes have been largely
completed.  However, the company's limited product and geographic
diversification and continued dependence on the domestic economy
are likely to constrain the rating to the sovereign level.

Downward pressure on the rating could develop should the company's
credit strength markedly deteriorate.  This might be reflected in
declining market share to below 35-40%, or weaker credit metrics
such that operating margins fall below 20-23% or adjusted
debt/EBITDA exceeds 2.0x on a sustainable basis.

The principal methodology used in this rating was Moody's global
building materials methodology published in July 2009.

The last rating action on Semen Gresik was on 2 December 2010,
when Moody's placed the company's Ba2 corporate family rating on
review for upgrade.

Semen Gresik is the largest cement producer in Indonesia. It has a
total production capacity of 19.0 million tons per annum with
facilities located in Tuban (East Java), Padang (West Sumatra) and
Tonasa (South Sulawesi).


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


EAST STREET: Moody's Reviews Ratings on Various Classes of Notes
----------------------------------------------------------------
Moody's Japan K.K. placed its ratings on the Series 2 Class X2,
X1, and A notes issued by East Street Referenced Linked Notes
2002-1 and the Class A, B, and C notes issued by East Street
Referenced Linked Notes 2004-1 under review for possible
downgrade.

The complete rating actions are as follows:

Deal Name: East Street Referenced Linked Notes 2002-1 Series 2

  * JPY15.0 billion Class X2 Notes, Aaa (sf) placed under review
    for possible downgrade; previously, assigned Aaa (sf) on
    October 20, 2003

  * JPY9.0 billion Class X1 Notes, A1 (sf) placed under review for
    possible downgrade; previously, downgraded to A1 (sf) on
    July 30, 2010

  * JPY4.875 billion Class A Notes, Baa2 (sf); placed under review
    for possible downgrade; previously, downgraded to Baa2 (sf) on
    July 30, 2010

Deal Name: East Street Referenced Linked Notes 2004-1

  * JPY7.5 billion Class A Notes, Baa3 (sf) placed under review
    for possible downgrade; previously, downgraded to Baa3 (sf) on
    July 30, 2010

  * JPY3.75 billion Class B Notes, B2 (sf) placed under review for
    possible downgrade; previously, downgraded to B2 (sf) on
    July 30, 2010

  * JPY3.0 billion Class C Notes, Caa2 (sf) placed under review
    for possible downgrade; previously, downgraded to Caa2 (sf) on
    April 27, 2010

These transactions are structured finance CDO referencing ABS,
RMBS, CMBS, and CDO assets, more than 70% of which are Japanese
assets.

Moody's has placed the ratings on review for possible downgrade
because of the deterioration of the referenced assets, some of
whose ratings have been downgraded or placed under review for
possible downgrade.

In its rating review and determination, Moody's will take into
account these rating migrations of assets including ABS and CMBS
currently under review.

The rating on Class X1 issued by East Street Referenced Linked
Notes 2004-1 is also currently under review for possible
downgrade.


SHINOHARA MACHINERY: Files For Bankruptcy Protection
----------------------------------------------------
Adam Hooker at printweek.com reports that Japan-based press
manufacturer Shinohara Machinery Company has filed for Civil
Rehabilitation Act (CRA), the Japanese bankruptcy protection
scheme similar to the U.S. Chapter 11.

According to printweek.com, the company's UK supplier Graphic
Machinery Services has said that UK customers will not be affected
by the situation.

Under the act, says printweek.com, the company will formulate a
plan to continue in a financially sound manner although any such
decisions will have to be approved by larger creditors and the
courts.  It is now in the process of reorganizing the business,
printweek.com adds.

"We deeply apologize for the inconvenience and anxiety we have
caused. Shinohara swears to do our utmost to achieve a corporate
revival," Shinohara president Mikio Shinohara said in a statement,
according to printweek.com.

Mr. Shinohara, as cited by printweek.com, said the company would
continue to operate as normal while it was working through the
bankruptcy protection.

Based in Japan, Shinohara Machinery Co. Ltd, manufactures high-
precision equipment.


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


AORANGI SECURITIES: SFO Decision Delayed Until Mid-February
-----------------------------------------------------------
The New Zealand Herald reports that Serious Fraud Office Chief
Executive Adam Feeley said the SFO will not decide whether to
proceed with charges against Aorangi Securities owner Allan
Hubbard until at least mid-February.

According to the Herald, the SFO last month granted Mr. Hubbard's
lawyers, Russell McVeagh, more time to produce further information
relevant to the office's investigation into Aorangi Securities.

Mr. Feeley told the Herald Tuesday that information was not
expected until early February.

It would likely take at least a couple of weeks for the SFO to
consider that information before deciding whether to proceed with
the case, the Herald relates.

The Herald says the SFO initiated an investigation into Aorangi
Securities and other entities associated with Hubbard and his wife
when they were placed under statutory management in June last
year.

As reported in the Troubled Company Reporter-Asia Pacific on
June 23, 2010, Bloomberg News said New Zealand appointed statutory
managers for Aorangi Securities Ltd. and seven trusts, which are
associated with Allan Hubbard, to protect investors and prevent
fraud.  Mr. Hubbard and his wife are also subject to statutory
management because they are so closely connected with the
businesses.  The seven charitable trusts included in the statutory
management are Te Tua, Otipua, Oxford, Regent, Morgan, Benmore and
Wai-iti.  Trevor Thornton and Richard Simpson of Grant Thornton
were appointed as statutory managers.

The Temple Bar Family Trust and Barns Charitable Trust were also
put into statutory management in September 2010 on recommendation
from the Securities Commission.  Hubbard Churcher Trust Management
and Forresters Nominees Company were also added to the list of
businesses under management by Trevor Thorton, Richard Simpson and
Graeme McGlinn on September 20, 2010.

Aorangi Securities Ltd was incorporated in 1974 and is solely
controlled by the Hubbards.


                             *********

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.


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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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