TCRAP_Public/110222.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

           Tuesday, February 22, 2011, Vol. 14, No. 37

                            Headlines



A U S T R A L I A

BURRUP FERTILISER: ASIC to Probe AU$100-Mil. Fee Siphoning
BELLEVISTA PTY: Top Ryde Shopping Centre Placed in Receivership
MERCATOR GOLD: Reed Resources Set to Acquire Mercator Assets


C H I N A

CHINA LUMENA: S&P Affirms 'BB-' Long-Term Corporate Credit Rating
ROAD KING: Moody's Assigns 'Ba3' Rating to New RMB Bonds
ROAD KING: S&P Affirms 'BB-' Long-Term Corporate Credit Rating


H O N G  K O N G

HK ELECTRONIC: Creditors' Proofs of Debt Due March 21
HK SOCIETY: Creditors' Proofs of Debt Due March 18
KING MASCOT: Lam Ying Lai Susan Steps Down as Liquidator
LEAN GIAP: Wong and Wong Tak Step Down as Liquidators
LIPSON ENTERPRISES: Keung and Wai Appointed as Liquidators

LKM HEATLOCK: Lai and Haughey Step Down as Liquidators
MANKIN DEVELOPMENT: Keung and Wai Appointed as Liquidators
NANOSPAR TECHNOLOGY: Keung and Wai Appointed as Liquidators
MARVEL LIGHT: Members' Final Meeting Set for March 21
NEC TOKIN: Lam and Boswell Step Down as Liquidators


I N D I A

ARTHANARI CLOTHING: CRISIL Assigns 'B+' Rating to INR80MM LT Loan
BAJLA MOTORS: CRISIL Assigns 'B' Rating to INR50MM Cash Credit
BANK OF BARODA: Fitch Assigns Long-Term Ratings on Senior Notes
BANK OF BARODA: Moody's Assigns Rating to Proposed Senior Notes
BASANT BETONS: CRISIL Reaffirms 'B-' Rating on INR280MM LT Loan

CLEAN SCIENCE: CRISIL Assigns 'B+' Rating to INR73 Million LT Loan
CORVINE CHEMICALS: CRISIL Upgrades Rating on INR20MM Loan to 'BB-'
FRIENDS ALLOYS: CRISIL Assigns 'BB' Rating to INR26MM Term Loan
K N INTERNATIONAL: CRISIL Downgrades Rating on INR20MM Loan to 'C'
KAMALA TEA: CRISIL Assigns 'D' Ratings to Various Bank Facilities

PONDICHERRY POLYMERS: CRISIL Puts 'B-' Rating on INR30.1MM LT Loan
REFLEXIONS NARAYANI: CRISIL Cuts Rating on INR160MM Loan to 'D'
SATCO SECURITIES: CRISIL Rates INR150MM Bank Guarantee at 'P4+'
SAU MATHURABAI: CRISIL Rates INR90.00 Million Term Loan at 'D'
SHIVANG CARPETS: CRISIL Puts 'P4' Rating to INR20MM Packing Credit

SPIRE INDUSTRIES: CRISIL Downgrades Rating on INR111MM Loan to 'D'


J A P A N

CSC SERIES: S&P Downgrades Rating on Class G-3 Bonds to 'D'
FURUKAWA CO: Moody's Withdraws 'Ba1' Long-Term Issuer Rating
PEGASUS FUNDING: S&P Downgrades Ratings on Three Classes of Loans


K O R E A

HYUNDAI ENGINEERING: Hyundai Motor Cuts Takeover Price
KOREA LINE: Seoul Court Approves Receivership
* FSC Considers Aid for Shuttered South Korean Savings Banks


N E W  Z E A L A N D
CENTURY CITY: Court Delays Serepisos Liquidation Proceedings
STRATEGIC FINANCE: Liquidators to Pursue Further Probe, Recovery


S I N G A P O R E

AUSTRALIAN PROP: Court to Hear Judicial Mgt. Petition on Feb. 25
BAO LEE: Court to Hear Wind-Up Petition on February 25
CEDRIC MOTOR: Creditors Get 14.27851% Recovery on Claims
ENFORA (ASIA PACIFIC): Members' Final Meeting Set for March 21
PAITON ENERGY: S&P Withdraws 'B' Rating to US$180 Mil. Bonds

PRIMROSE GROUP: Creditors' Meeting Set for March 1
TINCEL PROPERTIES: Creditors Get 100% Recovery on Claims


V I E T N A M

VIETNAM SHIP: Plans Business Review After Missing Debt Payment


X X X X X X X X

* S&P's 2011 Global Corporate Default Tally Rises to Three
* BOND PRICING: For the Week February 14 to February 18, 2011




                            - - - - -


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


BURRUP FERTILISER: ASIC to Probe AU$100-Mil. Fee Siphoning
----------------------------------------------------------
The Australian Securities and Investments Commission is
considering probing allegations that Indian businessman Pankaj
Oswal unlawfully siphoned more than $100 million from his part-
owned Burrup Fertilisers, according to a Feb. 18 report by The
Australian.

The Australian relates that ASIC has been handed a secret report
by insolvency firm PPB Advisory that alleges Mr. Oswal charged
Burrup Fertilisers a "guarantee fee" of about AU$40 million last
year, which amount was then funnelled into Mr. Oswal's private
companies.

According to The Australian, it is alleged that more than AU$100
million was taken out from Burrup in the past three years through
the guarantee fee.  The commission is reviewing the report before
deciding to launch a full investigation, The Australian notes.

The Australian says Mr. Oswal is alleged to have received the
money without the knowledge of Norwegian chemicals company, Yara
International, which owns 35 percent of Burrup Fertilisers.

Mr. Oswal on Thursday rejected allegations by Yara chief executive
Joergen Haslestad that the funds had stopped leaving Burrup after
the appointment of receivers, and threatened to sue Yara in Norway
over the remarks, according to The Australian.

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.

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.


BELLEVISTA PTY: Top Ryde Shopping Centre Placed in Receivership
---------------------------------------------------------------
James Thomson at SmartCompany reports that receivers have been
appointed to the Top Ryde Shopping Centre in Sydney owing
financiers between AU$600 million and AU$700 million.
SmartCompany says the move comes six months after rich list member
John Beville unveiled renovations to the centre at a ceremony
attended by Prime Minister Julia Gillard.

According to SmartCompany, a lending syndicate including National
Australian Bank, Royal Bank of Scotland, ING Real Estate Finance,
Suncorp and ANZ called in receivers from insolvency firm
McGrathNicol after attempts to sell the property failed.

SmartCompany relates that Mr. Beville, who was listed on BRW's
Rich 200 List with a fortune of AU$375 million in May 2010, has
placed his private company Bellevista Pty Ltd, trading as Top Ryde
City, in the hands of administrators from BRI Ferrier.

Mr. Beville's other major asset, the Harbourside Shopping Centre
at Darling Harbour in Sydney, has not been affected by the other
collapses, SmartCompany notes.

SmartCompany says Mr. Beville is reported to have invested more
than AU$800 million in the redevelopment of the Top Ryde centre
but as costs of the new works blew out he was forced to increase
his borrowings.  SmartCompany, citing BRW, reports that Mr.
Beville's wealth fell AU$34 million due to falling shopping centre
values.

McGrathNicol receiver Joseph Hayes, who has installed new
management at the Top Ryde centre, told the Australian Financial
Review he plans to continue to trade rather than pursuing a formal
sale campaign at this stage, SmartCompany reports.

According to SmartCompany, the difficult retail environment is
likely to have contributed to the collapse of the Top Ryde centre
but an asset of its quality is likely to attract a lot of interest
from cashed-up property trusts searching for a bargain.

Bellevista Pty Ltd manages Ryde, New South Wales-based Top Ryde
City shopping center.


MERCATOR GOLD: Reed Resources Set to Acquire Mercator Assets
------------------------------------------------------------
Mining Weekly reports that ASX-listed lithium and vanadium company
Reed Resources has proposed an acquisition of all the assets of
ECR Minerals' wholly owned Australian subsidiary, Mercator Gold
Australia.

Mining Weekly discloses that MGA holds and formerly operated the
Meekatharra gold project, located in the Murchison region, in
Western Australia.  MGA has been in administration since Oct. 9,
2008, and is currently operating under a deed of company
arrangement.

According to Mining Weekly, ECR confirms that the administrators
of MGA have accepted an unconditional offer for the assets of MGA
from Reed Resources, following the failure by Canadian company
Meekatharra Gold Corporation to complete its proposed acquisition
of the same assets.

Mining Weekly relates that the terms of the proposed acquisition
by Reed Resources is a payment of AU$2 million to MGA within 48
hours of the offer being accepted.  A further payment of AU$15
million is to be made to MGA on March 31, 2011.

Mining Weekly notes that a further AU$8 million will be given to
MGA at settlement on June 30, 2011, together with the replacement
of statutory environmental bonds, valued at AU$2.8 million.

On the settlement date, Mining Weekly relates, Reed Resources will
also issue MGA with the greater of AU$1.3 million worth of Reed
Resources shares based on their five-day volume-weighted average
price prior to the settlement date.

Reed Resources will also be responsible for the holding costs
associated with MGA's mineral tenements for the period until the
settlement date, for about AU$1.7 million, Mining Weekly reports.

Mining Weekly states that ECR has been informed that the
administrators of MGA have accepted the Reed Resources offer on
the basis that it is expected to produce a superior financial
outcome for all MGA stakeholders.

                           About Mercator Gold

Mercator Gold plc -- http://www.mercatorgold.com/-- was an
exploration and development gold mining company focused on
the Meekatharra tenements in the Murchison Province of Western
Australia.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 16, 2008, Mercator Gold Australia Pty Ltd, a 100% owned
subsidiary of Mercator Gold plc, has been placed into voluntary
administration.  Martin Jones, Darren Weaver and Andrew Saker of
Ferrier Hodgson were appointed as joint and several administrators
of MGA as of October 9, 2008.


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C H I N A
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CHINA LUMENA: S&P Affirms 'BB-' Long-Term Corporate Credit Rating
-----------------------------------------------------------------
Standard & Poor's Rating Services said that it had affirmed its
'BB-' long-term corporate rating on China Lumena New Materials
Corp.  The outlook on the rating is negative.  S&P also affirmed
the 'BB-' issue rating on the company's outstanding senior
unsecured notes.  S&P removed all the ratings from CreditWatch,
where they were placed with negative implications on Nov. 12,
2010.

With the acquisition of Sino Polymer New Materials Co. Ltd. for
US$1.41 billion, Lumena has entered into the niche polyphenylene
sulfide market, in which Sino Polymer is a global leader.

"S&P affirmed the ratings on Lumena to reflect the company's
expanded business mix and its enlarged asset base.  S&P views the
Sino Polymer acquisition as a move towards vertical integration,
and part of its drive to be a producer of specialty material.
Nevertheless, S&P believes it will take time for the company to
see material synergies.  Successful integration of the two
companies is also uncertain, in S&P's view--particularly whether
the company can retain the current management team and key R&D
staff," said Standard & Poor's credit analyst Lawrence Lu.

Sino Polymer's main product, PPS, is technology-intensive.  The
company has two patents, which may not be adequate to provide
sustainable growth momentum.  While 16 patents are pending
approval, it will take some time for them to come on line.

Sino Polymer benefits from the strong demand for PPS and the
supply-shortage of the polymer in China.  While the company's
operating margins have been high for the past four years,
competitors may challenge its ability to maintain margins.  More
competition is likely as the high margins in PPS attract more
firms.

S&P expects Sino Polymer's financial performance to be stronger
for the full-year 2010 than in 2009.  The company's financial
results have been volatile due to the high costs of financing and
mark-to-market losses from embedded derivatives in financial
instruments.

Lumena board's proposal for a specific mandate to issue additional
shares was rejected at the last extraordinary general meeting, and
this could increase pressure on the company to incur additional
debt to fund its expansion, in S&P's view.  Sino Polymer plans to
more than double PPS resin capacity and fiber capacity by the end
of 2012.  The expansion will require large capital expenditure.
Lumena is also looking for acquisitions to expand its thernardite
capacity.

The rating on Lumena also reflects the small niche market for the
company's thenardite and PPS products, its high exposure to
technology risks, and its customer concentration.  Lumena's
leading market position, low-cost profile, and good resource base
temper these weaknesses.

Lumena's liquidity position is adequate, in S&P's view.  S&P
expects the liquidity position to remain adequate after the
acquisition due to Lumena's and Sino Polymer's cash holdings of
about RMB1 billion each at the end of 2010.  Lumena also raised
Hong Kong dollar HK$923 million through placement of new shares on
Jan. 14, 2011.

S&P estimates that Lumena's liquidity sources are enough to cover
1.2x its total cash outflow.  The company's liquidity sources
include cash in hand, net proceeds from the share placement, and
expected positive cash flow from operations.  Its outflows include
payment of the cash consideration of HK$1.1 billion for the Sino
Polymer acquisition by May 14, 2011, projected capex of about
RMB1.5 billion in 2011, short-term debt due, and dividend
payments.

"The negative outlook reflects S&P's expectation that acquisition
of Sino Polymer will provide limited synergies in the near term,
and the uncertainty around the smooth integration of the two
combined entities.  In addition, the aggressive expansion and the
volatile nature of the specialty chemicals business could have a
negative impact on Lumena's current credit profile," said Mr. Lu.

S&P may lower the rating if: (1) Lumena's integration of Sino
Polymer is not as successful as expected, such that its ratio of
debt to EBITDA drops to 3x (it was below 2x by the end of 2010);
(2) the company scales up its expansion plans, leading to a less-
than-adequate liquidity position and high execution risks; or (3)
its major shareholder undertakes any transaction to extract value
from Lumena.

S&P is unlikely to upgrade Lumena in the next 12 months.
Nevertheless, S&P may consider revising the outlook to stable if:
(1) the company maintains its current margins and market position
in the niche markets in which it operates; (2) it maintains credit
metrics that support the current rating; and (3) it maintains an
adequate liquidity position, for example, if it maintains its
ratio of total debt to EBITDA below 2.5x.


ROAD KING: Moody's Assigns 'Ba3' Rating to New RMB Bonds
--------------------------------------------------------
Moody's Investors Services has assigned a Ba3 rating to Road King
Infrastructure Limited's new RMB bonds.

At the same time, Moody's has affirmed Road King's Ba3 corporate
family rating.

The outlook for both ratings is stable.

The proposed bonds are intended to refinance Road King's offshore
bank loans and acquisitions of expressway projects, as well as
fund working capital.

"Road King will apply part of the proceeds of the proposed RMB
bonds to repay some existing debt" says Peter Choy, a Moody's
Senior Vice President.

"Accordingly, debt leverage will not increase materially, and --
as measured by adjusted debt to total capitalization -- will
remain below 50% in the next 12 -- 18 months," says Choy.

"The proposed RMB bonds, with a low coupon rate relative to US
dollar offshore bonds, will also lower the company's funding costs
and improve its debt maturity profile," says Choy.

The full impact of the lower interest rate and debt repayments
will be reflected in 2012 when Moody's expects Road King's
interest coverage to stand at 3.0 -- 3.5x.

"Meanwhile, Moody's notes that the fast expansion of Road King's
property development portfolio could dwarf the relative
contribution of cash flow from its traditional toll roads
business," says Choy.

Accordingly, Moody's expects cash flow from its toll roads will
cover 0.8 -- 1.1 x of Road King's cash interest payments in the
next 2 years.

In addition, Road King's Ba3 ratings continue to reflect the
stable cash flow from its toll roads investments for debt-
servicing purposes, its adequate level of liquidity, and its
cautious strategy on replenishing its land bank.

At the same time, its ratings are constrained by its small scale
and short track record in property development.

The stable outlook incorporates Moody's expectation that Road King
will continue to exercise financial discipline with regard to the
growth of its property development portfolio and toll roads
acquisitions, such that its debt to capitalization will hold at
45-50%.

Upward pressure on ratings over the near term appears unlikely,
given the company's modest credit metrics and its small scale of
development when compared with other Ba-rated property developers.

Downward pressure could emerge if Road King (a) suffers a further
decline in balance sheet liquidity; (b) fails to meet the targets
in its business plan; (c) continues to suffer losses in its
property development portfolio; (d) undertakes aggressive debt-
funded acquisitions; or (e) the performance of its toll roads
deteriorates.

In terms of credit metrics, Moody's would consider as signals for
a downgrade EBITDA/interest below 2.5-3.0x, or debt to total
capitalization above 55-60%.  Furthermore, the ratings would
experience downward pressure if cash flow from its toll roads
fails to at least cover its interest expenses on a sustainable
basis.

The last rating action on Road King was taken on 14 September 2010
when Moody's assigned a Ba3 rating to its proposed bonds.

Established in 1994, Road King Infrastructure Limited is a Hong
Kong-listed company with investments in toll roads and property
development projects in China.


ROAD KING: S&P Affirms 'BB-' Long-Term Corporate Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' long-term
corporate credit rating on Road King Infrastructure Ltd.
The outlook is stable.

At the same time, Standard & Poor's assigned its 'BB-' issue
rating to the proposed renminbi (RMB) senior unsecured notes to be
issued by RKI Finance (2011) Ltd. and guaranteed by RKI.  The
rating on the notes is subject to S&P's review of the final
issuance documentation.

Standard & Poor's affirmed the rating on RKI following a review of
the company's 2010 performance and its investment plan for 2011,
including a proposed notes issue and toll road acquisition.

"In S&P's opinion, RKI's credit profile could absorb the
additional debt (the proposed notes) but the company's credit
ratios will weaken," said Standard & Poor's credit analyst Frank
Lu.  A continued recovery of RKI's property development business
and stable cash flows from the company's existing toll roads
support the rating on RKI.

RKI will use the proceeds from the proposed notes to refinance its
existing offshore bank loans, invest in the toll road business,
including a potential new expressway in Shanxi province, and for
general corporate purposes.

"Although the credit ratios will weaken, S&P expects RKI will
maintain them within its thresholds for the current rating," Mr.
Lu said.  "S&P has factored the proposed new expressway
acquisition into its analysis."

RKI's investment appetite has returned and further investments in
toll roads could weaken its credit profile.  These investments may
carry greenfield projects with significant debt, he added.

The rating on RKI reflects the company's high exposure to China's
cyclical competitive property market amid an evolving regulatory
environment, its more concentrated toll-road portfolio following
the sale of the Jihe expressway, and an aggressive financial risk
profile.  However, RKI's stable cash flow from its toll-road
operations, the diversity of its property development projects,
and its improving liquidity position tempered the weaknesses.

The rating outlook is stable.  S&P expects RKI has adequate
liquidity to fund its short-term obligations and its credit ratios
will remain appropriate for S&P's 'BB-' rating over the next 12
months.

S&P may lower the rating if: (1) RKI's steady cash generation
weakens due to disposals of any of its three expressways; (2) if
the company's growth and debt-funded expansions are more
aggressive than S&P expected; or (3) its EBIT interest coverage is
lower than 2x for a sustained period.

The upside to the rating is limited at this time because S&P
expects the company to make significant investments, which could
weaken its credit profile further.


================
H O N G  K O N G
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HK ELECTRONIC: Creditors' Proofs of Debt Due March 21
-----------------------------------------------------
Hong Kong Electronic Packaging and Manufacturing Services
Associated Limited, which is in members' voluntary liquidation,
require its creditors to file their proofs of debt by March 21,
2011, to be included in the company's dividend distribution.

The company's liquidator is:

         Chan Kam Shing
         Room 2604-06, 26/F
         C. C. Wu Building
         302-308 Hennessy Road
         Wanchai, Hong Kong


HK SOCIETY: Creditors' Proofs of Debt Due March 18
--------------------------------------------------
Creditors of The Hong Kong Society for Promotion of Cultural
Travel Limited, which is in members' voluntary liquidation, are
required to file their proofs of debt by March 18, 2011, to be
included in the company's dividend distribution.

The company's liquidator is:

         Lam Chi Wai
         Units C & D, 9/F
         Neich Tower
         128 Gloucester Road
         Wanchai, Hong Kong


KING MASCOT: Lam Ying Lai Susan Steps Down as Liquidator
--------------------------------------------------------
Lam Ying Lai Susan stepped down as liquidator of King Mascot
Investments Limited on Feb. 14, 2011.


LEAN GIAP: Wong and Wong Tak Step Down as Liquidators
-----------------------------------------------------
Wong Poh Weng and Wong Tak Man Stephen stepped down as liquidators
of Lean Giap Investment (HK) Limited on Feb. 8, 2011.


LIPSON ENTERPRISES: Keung and Wai Appointed as Liquidators
----------------------------------------------------------
Stephen Liu Yiu Keung and David Yen Ching Wai on Jan. 28, 2011,
were appointed as liquidators of Lipson Enterprises Limited.

The liquidators may be reached at:

         Stephen Liu Yiu Keung
         David Yen Ching Wai
         62/F., One Island East
         18 Westlands Road
         Island East, Hong Kong


LKM HEATLOCK: Lai and Haughey Step Down as Liquidators
------------------------------------------------------
Lai Kar Yan (Derek) and Darach E. Haughey stepped down as
liquidators of LKM Heatlock Company Limited on Feb. 9, 2011.


MANKIN DEVELOPMENT: Keung and Wai Appointed as Liquidators
----------------------------------------------------------
Stephen Liu Yiu Keung and David Yen Ching Wai on Jan. 28, 2011,
were appointed as liquidators of Mankin Development Limited.

The liquidators may be reached at:

         Stephen Liu Yiu Keung
         David Yen Ching Wai
         62/F., One Island East
         18 Westlands Road
         Island East, Hong Kong


NANOSPAR TECHNOLOGY: Keung and Wai Appointed as Liquidators
-----------------------------------------------------------
Stephen Liu Yiu Keung and David Yen Ching Wai on Jan. 28, 2011,
were appointed as liquidators of Nanospar Technology Limited.

The liquidators may be reached at:

         Stephen Liu Yiu Keung
         David Yen Ching Wai
         62/F., One Island East
         18 Westlands Road
         Island East, Hong Kong


MARVEL LIGHT: Members' Final Meeting Set for March 21
-----------------------------------------------------
Members of Marvel Light Limited will hold their final general
meeting on March 21, 2011, at 11:00 a.m., at Level 28, Three
Pacific Place, 1 Queen's Road East, in Hong Kong.

At the meeting, Seng Sze Ka Mee Natalia and Cheng Pik Yuk, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


NEC TOKIN: Lam and Boswell Step Down as Liquidators
---------------------------------------------------
Rainier Hok Chung Lam and Anthony David Kenneth Boswell stepped
down as liquidators of NEC Tokin International Procurement (HK)
Company Limited on Feb. 15, 2011.


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ARTHANARI CLOTHING: CRISIL Assigns 'B+' Rating to INR80MM LT Loan
-----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of Arthanari Clothing Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR50 Million Cash Credit        B+/Stable (Assigned)
   INR80 Million Long-Term Loan    B+/Stable (Assigned)
   INR20 Million Letter of Credit   P4 (Assigned)
   INR50 Million Bill Purchase-     P4 (Assigned)
           Discounting Facility

The ratings reflect ACPL's below-average financial risk profile
and weak debt protection measures.  The ratings also reflect
ACPL's small scale of operations in the highly fragmented cotton
textile fabric industry, and exposure to risks related to
geographical concentration in its revenue profile. These
weaknesses are partially offset by the industry experience of
ACPL's promoters and healthy operating efficiencies.

Outlook: Stable

CRISIL believes that ACPL will benefit over the medium term from
its promoters' experience in the cotton textile fabric industry.
The outlook may be revised to 'Positive' if the company is able to
stabilize its ongoing capital expenditure programme leading to
higher cash accruals and an improvement in the capital structure.
Conversely, the outlook may be revised to 'Negative' if the
company's revenues and operating margins decline sharply or if the
company further undertakes a large debt funded capital expenditure
programme.

                       About Arthanari Clothing

ACPL was incorporated by Mr. T Shashi Kumar in 2004.  The company
is headquartered in Salem (Tamil Nadu) and is into weaving of
fabric from cotton yarn and also into stitching of garments.  The
company's operations are moderately integrated with an installed
capacity of 36 lakh meters of cotton fabric and 5 lakh meters of
garments per annum and 4 tonnes per day in its dyeing unit.  The
company derives around 85% of its revenues from sale of fabric
from domestic markets and the remaining balance from export sale
of garments.  ACPL is currently undertaking a capital expenditure
programme to expand its weaving capacities to 20,000 meters per
day at a debt equity ratio of 70:30.  The company is closely held
and managed by the promoter and his family.

ACPL reported a profit after tax (PAT) of INR7.9 million on net
sales of INR333.7 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR4.9 million on net sales
of INR309.4 million for 2008-09.


BAJLA MOTORS: CRISIL Assigns 'B' Rating to INR50MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to the long-term bank
facilities of Bajla Motors Pvt Ltd.

   Facilities                            Ratings
   ----------                            -------
   INR50.00 Million Cash Credit Limits   B/Stable (Assigned)
   INR20.00 Million Proposed Cash        B/Stable (Assigned)
                      Credit Limits
   INR25.00 Million Proposed Long-Term   B/Stable (Assigned)
                    Bank Loan Facility

The rating reflects Bajla's large working capital requirements,
weak financial risk profile, marked by small net worth, highly
leveraged capital structure, and weak debt protection metrics,
limited bargaining power with principal automobile manufacturers,
and susceptibility to the intense competition in the automotive
dealership sector.  These rating weaknesses are partially offset
by the extensive experience of Bajla's promoters in automobile
dealership, and Bajla's established position in the select market.

Outlook: Stable

CRISIL believes that Bajla Motors will benefit from its market
position in Siliguri (West Bengal).  The outlook may be revised to
'Positive' if Bajla's capital structure improves owing to higher
cash accruals or equity infusion.  Conversely, the outlook may be
revised to 'Negative' if the company's cash accruals and
profitability decline sharply or the company undertakes a large,
debt-funded capital expenditure programme.

                         About Bajla Motors

Bajla commenced operations in 2001 as an authorised dealer of
passenger vehicles and spare parts of Tata Motors Ltd (rated 'AA-
/Stable/P1+' by CRISIL).  The company is also an authorised dealer
for Piaggio Vehicles Pvt Ltd (rated 'A+/Stable/P1+' by CRISIL)
since 2006.  The company has four workshop-cum-service stations:
two in Siliguri, one in Gangtok, and one in Cooch Behar. Bajla's
showroom in Darjeeling is expected to be operational in 2011-2012
(refers to financial year, April 1 to March 31).

Bajla reported a profit after tax (PAT) of INR2.2 million on net
sales of INR312.6 million for 2009-10, as against a PAT of INR0.3
million on net sales of INR281.8 million for 2008-09.


BANK OF BARODA: Fitch Assigns Long-Term Ratings on Senior Notes
---------------------------------------------------------------
Fitch Ratings has assigned India's Bank of Baroda's senior notes a
Long-Term rating of 'BBB-'.  The notes will be issued under BOB's
US$1.5bn medium-term note programme.  The expected tenure of the
issuance is five years.

The senior notes' rating is equalized to BOB's Long-Term Issuer
Default Rating of 'BBB-'.  The LT IDR reflects the bank's
relatively strong financial profile among Indian banks, extensive
branch network and track record of good asset quality management,
coupled with Fitch's expectation of high probability of support
from its ultimate parent - Government of India, given BOB's
position as the fourth-largest bank in India (by assets).

BOB had over 3,259 branches across India and over 82 offices
overseas at end-December 2010.  It is 53.81% owned by the
Government of India.

A full list of BOB's ratings:

  - Long-Term IDR: 'BBB-'; Outlook Stable;
  - Short-Term IDR: 'F3';
  - Senior unsecured notes: 'BBB-';
  - Upper Tier 2 subordinated debt: 'BB-';
  - National Long-Term Rating: 'AAA(ind)'; Outlook Stable;
  - National Short-Term Rating: 'F1+(ind)';
  - INR25bn subordinated lower tier 2 debt: 'AAA(ind)';
  - Deposit Programme: 'tAAA(ind)';
  - Short-term debt: 'F1+(ind) ';
  - Individual rating: 'C/D';
  - Support rating: '2'; and
  - Support Rating Floor: 'BBB-'.


BANK OF BARODA: Moody's Assigns Rating to Proposed Senior Notes
---------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)Baa2 long-
term foreign-currency rating to the Bank of Baroda's proposed
senior unsecured notes under its US$1.5 billion medium-term note
programme issued through its foreign branches.  The exact amount,
coupon and maturity of the issuance have yet to be decided.  The
notes are expected to be listed on the Singapore stock exchange.

Bank of Baroda's Baa2 foreign-currency senior unsecured rating is
derived from its D+ bank financial strength rating, which maps to
a baseline credit assessment of Ba1, and Moody's assessment of a
very high probability of systemic support in the event of need.
The BFSR reflects the bank's significant market presence,
comfortable liquidity profile and adequate profitability.

However, Moody's notes that the rating is constrained by Bank of
Baroda's high single-party exposure concentration to the Indian
government through government securities, similar to other Indian
banks.  Bank of Baroda, as a majority government-owned bank,
enjoys a very high probability of systemic support in Moody's
view, leading to a two-notch uplift for the Baa2 long-term global
local currency deposit rating from the Ba1 BCA.

The bank's most recent (unaudited) results - for the nine months
ending December 2010 - point to a significant 37% year-on-year
increase in net profit to INR29.47 billion (US$654 million).
Moody's attributes the increase in net profitability to rising net
interest income backed by strong loan growth.  Non-interest has
also improved during the period.  The ratio of non-performing
loans NPLs to gross loans (gross NPL ratio) declined to 1.32% at
end-December 2010, from 1.43% in the previous year, while the net
NPL ratio marginally increased to 0.36% from 0.31% over the same
period.  NPL coverage was maintained at a comfortable 85.5% at end
December 2010.  Capitalization remained at good levels, with the
total capital adequacy ratio (Basel II) at 12.45% and the Tier 1
ratio at 7.70% as of the end of December 2010, despite declining
from 14.65% and 9.31%, respectively at the end of 2009.

The last rating action on Bank of Baroda was implemented on 01
February 2010, when Moody's assigned Baa2 foreign currency rating
to Bank of Baroda's proposed senior unsecured notes under its
medium term note programme.

Bank of Baroda, headquartered in Mumbai, had assets of INR3,274
billion (US$72.8 billion) as of the end of December 2010.


BASANT BETONS: CRISIL Reaffirms 'B-' Rating on INR280MM LT Loan
---------------------------------------------------------------
CRISIL's rating on the bank facilities of Basant Betons continues
to reflect the firm's small scale of operations, and weak
financial risk profile marked by a high gearing and weak debt
protection metrics.  The firm is also exposed to risks related to
its heavy dependence on the construction and real estate segments
for revenues.  These rating weaknesses are partially offset by
Basant Betons's moderate market share in the concrete products
industry, and healthy operating efficiencies.  Moreover, Basant
Betons' liquidity is being supported by regular infusions of
capital by the partners of the firm.

   Facilities                           Ratings
   ----------                           -------
   INR280.00 Million Long-Term Loan     B-/Stable (Reaffirmed)
   INR15.00 Million Cash Credit Limits  B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Basant Betons will continue to benefit over
the medium term from its established relationships with customers
and its promoters' industry experience.  However, the firm's
financial risk profile will remain highly leveraged over the
medium term, given the large long-term debt in its books.  The
outlook may be revised to 'Positive' in case of an improvement in
capacity utilization at the firm's unit at Harohalli in Bengaluru
(Karnataka), leading to more-than-expected cash accruals and
improvement in liquidity.  Conversely, the outlook may be revised
to 'Negative' if Basant Betons undertakes a large, debt-funded
capital expenditure programme, leading to deterioration in its
capital structure.

                          About Basant Betons

Basant Betons, set up by Mr. Suresh Patil in 1993, manufactures
concrete products for paving pathways, car parks, and other areas.
The firm also sells natural granite for landscaping.  Its product
range includes short pavers, curbs, wall-cladding tiles, paving
tiles, and garden edging.  It has a manufacturing capacity of 4000
square feet of pavers per day.  Basant Betons recently diversified
into manufacturing engineered blocks, including hollow and solid
blocks, and decorative blocks.

Basant Betons reported a loss of INR15.3 million on net sales of
INR119.4 million for 2009-10 (refers to financial year, April 1 to
March 31), against a loss of INR38.3 million on net sales INR92.3
million for 2008-09.


CLEAN SCIENCE: CRISIL Assigns 'B+' Rating to INR73 Million LT Loan
------------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the bank facilities
of Clean Science And Technology Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR37.0 Million Cash Credit      B+/Stable (Assigned)
   INR73.0 Million Long-Term Loan   B+/Stable (Assigned)

The ratings reflect CSTPL's weak financial risk profile, marked by
weak debt protection metrics, a high gearing, and a small net
worth.  The ratings also reflect the company's small scale of
operations, with a limited track record of operations, and high
product concentration in revenue profile.  The ratings also
reflect the vulnerability of CSTPL's operating margin to
volatility in raw material prices and to foreign currency rates,
and the company's highly working-capital-intensive operations.
These rating weaknesses are partially offset by CSTPL's healthy
growth prospects, and the extensive experience of the company's
promoters in the chemical industry.

Outlook: Stable

CRISIL believes that CSTPL's capital structure will remain weak
over the medium term because of the company's large, debt-funded
capital expenditure (capex) programme and small cash accruals.
The outlook may be revised to 'Positive' in case of significant
improvement in the company's capital structure, driven by fresh,
large equity infusion or more-than-expected ramp up in sales and
cash accruals.  Conversely, the outlook may be revised to
'Negative' in case of significant project overruns or lower-than-
expected cash accruals, further weakening the capital structure
and liquidity.

                        About Clean Science

Set up in 2006, CSTPL manufactures specialty chemicals such as
monomethyl ether of hydroquinone (MEHQ), guaiacol, and methoxy
acetophenone (4-MAP).  The company's production facility in
Kurkumbh (Pune), which began commercial production in 2008-09
(refers to financial year, April 1 to March 31), has a
manufacturing capacity of 450 tonnes per annum (tpa) of MEHQ, 150
tpa of guaiacol, and 180 tpa of 4-MAP.  The company is expanding
its current production facilities by 200%, with a capex of around
INR126 million.

CSTPL reported a profit after tax (PAT) of INR3.1 million on net
sales of INR96.5 million for 2009-10, against a net loss of
INR57.9 million on net sales of INR8.8 million for 2008-09.


CORVINE CHEMICALS: CRISIL Upgrades Rating on INR20MM Loan to 'BB-'
------------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Corvine
Chemicals & Pharmaceuticals Ltd to 'BB-/ Stable/ P4+' from
'B+/Negative/P4'.

   Facilities                        Ratings
   ----------                        -------
  INR20 Million Long-Term Loans     BB-/Stable (Upgraded from
                                                 'B+/Negative')

   INR50 Million Cash Credit         BB-/Stable (Upgraded from
                                                 'B+/Negative')

   INR40 Million Letter of Credit    P4+ (Upgraded from 'P4')

The ratings upgrade is driven by CRISIL's belief that Corvine will
sustain its improved financial risk profile over the medium term,
backed by its continued strong operating performance.  The
company's revenues grew by 67% to INR496 million in 2009-10
(refers to financial year, April 1 to March 31), while its
operating margin increased to 16% in 2009-10 from 10% in 2008-09,
backed by healthy demand for Corvine's products and higher
capacity utilization.  Also, Corvine's debt protection metrics
have improved, with interest coverage of 7.74 for 2009-10, as
compared to 3.33 times for 2008-09. The company's gearing has
improved to 0.45 times in 2009-10 from 0.58 in 2008-09.

The ratings continue to reflect Corvine's small scale of
operations, small net worth, and product concentration in its
revenue profile.  These weaknesses are partially offset by
Corvine's healthy customer profile, good operating efficiency, and
established track record in the pharmaceuticals sector. Its net
worth is small, partially on account of large dividend payout in
the past.  The quantum of dividend payout will continue to be a
key rating sensitivity factor.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Corvine and Prabhava Organics Pvt Ltd
(99% subsidiary of Corvine). This is because both companies are in
a similar line of business, controlled and managed by same
promoter group, and have fungible funds.

Outlook: Stable

CRISIL believes that Corvine will maintain its financial risk
profile, namely, low gearing and comfortable cash accruals, backed
by its strong business performance.  The outlook may be revised to
'Positive' if the company is able to achieve more-than-expected
growth in its revenues, resulting in higher profits. Conversely,
the outlook may be revised to 'Negative' if the company's
profitability declines or its capital structure deteriorates.

                      About Corvine Chemicals

Corvine was incorporated in 1992. In 1994, the company was
acquired by Mr. M M Reddy, Mr. Raji Reddy, and Mr. B G Manohar.
The company manufactures chemicals used in pharmaceuticals and
automotive industries.  Corvine's key products are sodium azide,
trityl chloride, and ciprofloxacin.

In 2009-10, Corvine, on standalone basis, reported a net profit of
INR30.7 million on sales of INR496 million, against a net profit
of INR5.8 million on sales of INR297 million in the previous year.


FRIENDS ALLOYS: CRISIL Assigns 'BB' Rating to INR26MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Friends Alloys.

   Facilities                         Ratings
   ----------                         -------
   INR79.0 Million Cash Credit        BB/Stable (Assigned)
   INR26.0 Million Term Loan          BB/Stable (Assigned)
   INR20.0 Million Letter of Credit   P4+ (Assigned)

The ratings reflect FA's constrained financial flexibility and
weak financial risk profile, marked by high bank limit
utilization, high gearing, weak debt protection metrics, small net
worth, and large working capital requirements.  FA also has small
scale of operations, and is susceptible to intense competition in
the steel industry and volatility in raw material prices. These
rating weaknesses are partially offset by FA's moderate operating
margin because of its integrated operations and benefits resulting
from tax exemptions.

Outlook: Stable

CRISIL believes that FA will maintain its business risk profile
owing to its integrated operations and advantages from tax
exemption, over the medium term.  However, FA's large working
capital requirements are likely to keep its liquidity weak. The
outlook may be revised to 'Positive' if FA's capital structure
improves because of higher-than-expected increase in operating
income or cash accruals. Conversely, the outlook may be revised to
'Negative' if FA's financial risk profile deteriorates because of
larger-than-expected debt-funded capital expenditure and/or
deterioration in working capital management.

                        About Friends Alloys

FA was set up in 2003 by partners Mrs. Chitra Sharma, Mr. Jitendar
Singh, and Mr. Ravinder Malik.  The partnership deed was
reconstituted in 2009-10 (refers to financial year, April 1 to
March 31).  Currently, the firm is managed by Sharma family and
Mr. Abhay Jain.

FA manufactures steel ingots and structural products such as
angles and channels.  The firm uses its in-house manufactured
ingots as raw material for manufacturing angles and channels.
FA's production facility in Solan (Himachal Pradesh) can
manufacture approximately 18,000 tonnes per annum (tpa) of steel
ingots and 21,000 tpa of structural products.  FA set up the
rolling mill in June 2008 to forward integrate its operations.  FA
is entitled to 100% excise tax exemption and 30% income-tax
exemption till 2013-14.

FA reported a book profit of INR16 million on net sales of INR460
million for 2009-10 (refers to financial year, April 1 to
March 31), as against a book profit of INR18 million on net sales
of INR520 million for 2008-09.


K N INTERNATIONAL: CRISIL Downgrades Rating on INR20MM Loan to 'C'
------------------------------------------------------------------
CRISIL has downgraded its rating on the long-term loan of KN
International Ltd to 'C' from 'B-/Negative', while reaffirming the
rating on the company's short-term bank guarantee at 'P4'.

   Facilities                          Ratings
   ----------                          -------
   INR20.0 Million Proposed LT Loan    C (Downgraded from
                                          'B-/Negative')
   INR50.0 Million Bank Guarantee      P4 (Reaffirmed)

The downgrade reflects delays by KNIL in servicing its term debt
installments to non-banking financial companies.  The delays have
been caused by KNIL's weak liquidity arising out of large debt
obligations vis--vis net cash accruals.  The weak liquidity is
also because of the company's high dependence on cash accruals
because of insufficient bank lines to fund large working capital
requirements.

KNIL has a small scale of operations and large working capital
requirements.  The company, however, benefits from a reputed
clientele, a healthy order book, and a low gearing.

                       About KN International

KNIL, promoted by Mr. Narendra Singh Yadav, began operations in
1988. The company has its facility in Sonebhadra (Uttar Pradesh)
and undertakes construction of roads and ash dyke plants.  Its
clientele includes National Thermal Power Corporation Ltd,
National Hydro Power Corporation, and Hindalco Industries Ltd (for
ash dyke plants), and government bodies (for roads construction).

KNIL reported a profit after tax (PAT) of INR16.7 million on net
sales of INR527 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR8 million on net sales
of INR283 million for 2008-09.


KAMALA TEA: CRISIL Assigns 'D' Ratings to Various Bank Facilities
-----------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to the bank facilities of
Kamala Tea Company Ltd.

   Facilities                                  Ratings
   ----------                                  -------
   INR57.6 Million Tea Hypothecation           D (Assigned)
   INR20.7 Million Special Tea Term Loan       D (Assigned)
   INR7 Million Working Capital Term Loan      D (Assigned)
   INR26.2 Million Proposed Tea Hypothecation  D (Assigned)
   INR70 Million Proposed Term Loan            D (Assigned)
   INR25 Million Foreign Bill Purchase         P5 (Assigned)
   INR27 Million Packing Credit                P5 (Assigned)
   INR2.5 Million Letter of Guarantee          P5 (Assigned)
   INR5 Million Proposed Letter of Guarantee   P5 (Assigned)

The ratings reflect instances of delay by KTCL in servicing its
debt; the delays have been caused by the company's weak liquidity.

KTCL is also exposed to risks related to seasonality in production
and a constrained financial risk profile, marked by limited
pricing power.  These rating weaknesses are partially offset by
the extensive industry experience of KTCL's promoters.

Set up in 1913, KTCL cultivates and processes tea leaves. It
produces both CTC (cut, tear, and curl) and orthodox black tea in
West Bengal and Tripura.  The company is managed by Mr. Sajjan
Kumar Agarwalla and his brother, Mr. Suresh Kumar Agarwalla, who
have over three decades of experience in the tea industry.

The company operates five tea estates- Kamala Tea Estate (own),
Oaks Tea Estate, SelimHill Tea Estate Fatikcherra Tea Estate and
Kadimbini Tea Estate.  Fatikcherra Tea Estate is in Agartala,
Tripura, while the rest of the tea estates are in West Bengal. The
operations in Kadimbini Tea Estate are discontinued since 2008-09.

KTCL reported a profit after tax (PAT) of INR4.3 million on net
sales of INR217.2 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.5 million on net
sales of INR164.7 million for 2008-09.


PONDICHERRY POLYMERS: CRISIL Puts 'B-' Rating on INR30.1MM LT Loan
------------------------------------------------------------------
CRISIL has assigned its 'B-/Negative/P4' ratings to the bank
facilities of Pondicherry Polymers Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR47.5 Million Cash Credit      B-/Negative (Assigned)
   INR30.1 Million Long-Term Loan   B-/Negative (Assigned)
   Rs .15 Million Letter of Credit  P4 (Assigned)

The ratings reflects 3PL's weak financial risk profile, marked by
a high gearing and weak debt protection metrics, and exposure to
risks related to product concentration in revenue profile and to
volatility in raw material prices.  These rating weaknesses are
partially offset by the benefits that 3PL derives from its
promoters' experience in the polymers industry, and its
established customer relationships.

Outlook: Negative

CRISIL believes that 3PL's financial risk profile will remain
constrained over the medium term, because of its weak liquidity
and its highly leveraged capital structure.  The rating may be
downgraded if the company's liquidity further deteriorates,
because of subdued cash accruals or a large, debt-funded capital
expenditure (capex) programme.  Conversely, the outlook may be
revised to 'Stable' if 3PL significantly scales up its operations,
while maintaining its profitability, or improves its working
capital management, or in case of equity infusion leading to
substantial improvement in liquidity and capital structure.

                     About Pondicherry Polymers

Incorporated in 1998 by Mr. Arun Kumar Kaniya, Chennai (Tamil
Nadu)-based 3PL manufactures polyethylene terephthalate performs
and bottles for the distillery and fast-moving consumer goods
segments such as fruit juices and mineral water.  3PL commenced
commercial operations in 1998 and has a capacity of 2500 tonnes
per annum.  3PL has two other entities: Abhay Polymers Pvt Ltd in
Mysore (Karnataka) and Goodwill Industries Pvt Ltd in Trichy
(Tamil Nadu).  3PL has planned a capex of INR300 million for the
medium term towards acquisition and expansion. The capex is
expected to be funded in a debt-to-equity ratio of 3:1.

3PL reported a profit after tax (PAT) of INR2 million on net sales
of INR148 million for 2009-10 (refers to financial year, April 1
to March 31), against a PAT of INR3 million on net sales of INR136
million for 2008-09.


REFLEXIONS NARAYANI: CRISIL Cuts Rating on INR160MM Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Reflexions Narayani Impex Pvt Ltd to 'D/P5' from 'BB-/Stable/P4+'.

   Facilities                       Ratings
   ----------                       -------
   INR160 Million Long Term Loan    D (Downgraded from BB-/Stable)
   Rs .20 Million Foreign Bill      P5 (Downgraded from P4+)
                      Purchase
   INR20 Million Packing Credit     P5 (Downgraded from P4+)

The downgrade reflects instances of delay by RNI in servicing its
debt due for September 2010 to January 2011; the delays have been
caused by RNI's decline in business volumes and weak liquidity.

RNI also has small scale of operations, limited pricing power, and
is susceptible to risks related to economic slowdowns, customer
concentration in revenue profile, and intense market competition
in the leather industry. These rating weaknesses are partially
offset by the extensive industry experience of RNI's promoters.

                      About Reflexions Narayani

Set up in 1994 by Mr. Satyabrata Mukhopadhyay, RNI manufactures
leather products such as wallets, purses, bags, passport/credit
card holders, and pencil cases.  The company has three factories
at Kasba Industrial Estate, Kolkata, and exports all its products.

RNI reported a net loss of INR0.5 million on net sales of INR41
million for 2009-10 (refers to financial year, April 1 to
March 31), as against a profit after tax of INR35 million on net
sales of INR155 million for 2008-09.


SATCO SECURITIES: CRISIL Rates INR150MM Bank Guarantee at 'P4+'
---------------------------------------------------------------
CRISIL has assigned its 'P4+' rating to the bank guarantee
facility of SATCO Securities and Financial Services Ltd.

   Facilities                               Ratings
   ----------                               -------
   INR150 Million Bank Guarantee Facility   P4+ (Assigned)

The rating reflects SATCO's modest market position in the retail
equity broking business, average systems and procedures, and
exposure to risks inherent in the equity broking business.  These
rating weaknesses are partially offset by SATCO's adequate
capitalization.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of SATCO and its wholly owned subsidiary,
Pursons Commodities Pvt Ltd.  This is because of significant
synergies and high functional and management integration between
the two companies.

Set up in 1994, SATCO is a member of National Stock Exchange and
Bombay Stock Exchange. It operates mainly in the retail broking
sector, with a marginal presence in the institutional broking
segment. Currently, it has 1 branch and 23 franchisees. Apart from
Mumbai, SATCO has presence in Kochi, New Delhi, and Jalgaon
through its franchisees. SATCO has its presence in the commodities
broking segment through its wholly owned subsidiary PCPL, which is
a member of Multi Commodity Exchange of India Ltd.

For 2009-10 (refers to financial year, April 1 to March 31), SATCO
has earned a consolidated PAT of INR9 million on a total income of
INR55 million as compared to a loss of INR23 million on a total
income of INR36 million incurred during 2008-09.  For the six
months ended September 30, 2010, SATCO earned a PAT of INR9
million on a total income of INR34 million.


SAU MATHURABAI: CRISIL Rates INR90.00 Million Term Loan at 'D'
--------------------------------------------------------------
CRISIL has assigned its 'D' rating to Sau Mathurabai Bhausaheb
Thorat Sevabhavi Trust's bank facility.

   Facilities                      Ratings
   ----------                      -------
   INR90.00 Million Term Loan      D (Assigned)

The rating reflects instances of delay by SMBT in servicing its
debt; the delays have been caused by SMBT's weak liquidity.

SMBT has a weak financial risk profile, marked by small net worth
and weak debt protection metrics, and is exposed to risks related
to small scale of operations, intense competition in the education
sector, segmental concentration in its revenue profile, and
adverse regulatory changes.  These weaknesses are partially offset
by the extensive experience of SMBT's promoters in managing
educational institutions, and the healthy demand prospects for the
education industry.

SMBT was set up by Mr. Bhausaheb Santuji Thorat in December 1984.
The trust commenced operations in 1988 with a general hospital
called Amrutvahini Rural Hospital, Amrutanagar (Maharashtra).  It
forayed into education sector in 1994 through two tribal schools.
It then began offering undergraduate and postgraduate courses in
dentistry, pharmacy, and nursing through five colleges.  The
postgraduate dentistry course accounts for more than 90% of SMBT's
revenues.  It also runs the two tribal residential schools, for
which the trust does not charge any fee; they are funded by the
Government of Maharashtra.

SMBT also manages two hospitals (general and ayurvedic), and is
now in the process of constructing an ayurvedic spa. SMBT
primarily derives revenues from its undergraduate and postgraduate
courses. Schools are non-remunerative, and the income from
hospital operations is negligible. The trust is managed by Mr.
Sudhir Tambe (son-in-law of Mr. Thorat) and Mr. Balasaheb Thorat
(son of Mr. Thorat and currently Cabinet minister of Maharashtra
State Revenue and Khar Lands). There are five other educational
trusts under the same management.

SMBT reported excess of expenditure over income of INR 28.60
million on net income of INR92.14 million for 2009-10 (refers to
financial year, April 1 to March 31) against excess of expenditure
over income of INR 13.60 million on net income of INR122.12
million for 2008-09.


SHIVANG CARPETS: CRISIL Puts 'P4' Rating to INR20MM Packing Credit
------------------------------------------------------------------
CRISIL has assigned its 'P4' rating to the bank facilities of
Shivang Carpets Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR20.0 Million Packing Credit     P4 (Assigned)
   INR40.0 Million Foreign Demand     P4 (Assigned)
                    Bill Purchase
   INR9.0 Million Standby Line of     P4 (Assigned)
                           Credit
   INR5.0 Million Letter of Credit    P4 (Assigned)

The rating reflects SCPL's small scale of operations with low
profitability, and geographical and customer concentration in its
revenue profile.  The rating also reflects SCPL's weak financial
risk profile, marked by small net worth and high gearing, and its
large working capital requirements.  These weaknesses are
partially offset by the experience of SCPL's promoters in the
floor coverings business.

                        About Shivang Carpets

Set up in 2001 as a proprietorship firm by Mr. Ranjeet Singh,
Shivang was reconstituted as a private limited company in 2005
with Mr. Abhishek Singh, the founder's nephew, joining the company
as a director.  Shivang manufactures and exports floor coverings,
mainly handmade woollen rugs and carpets, at its facilities in
Bhadohi (Uttar Pradesh).  In 2007-08 (refers to financial year,
April 1 to March 31), the company started manufacturing polyester
carpets, which now contribute roughly 60% to the company's
revenues.

SCPL reported a profit after tax (PAT) of INR7 million on net
sales of INR477 million for 2009-10, as against a PAT of INR5
million on net sales of INR464 million for 2008-09.


SPIRE INDUSTRIES: CRISIL Downgrades Rating on INR111MM Loan to 'D'
------------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Spire
Industries Pvt Ltd to 'D/P5' from 'B/Stable/P4'.

   Facilities                         Ratings
   ----------                         -------
   INR111.0 Million Long-Term Loan    D (Downgraded from
                                         'B/Stable')

   INR70.0 Million Cash Credit        D (Downgraded from
                                         'B/Stable')
   INR45.5 Million Proposed LT Bank
                     Loan Facility    D (Downgraded from
                                        'B/Stable')

   INR30.0 Million Letter of Credit   P5 (Downgraded from 'P4')

The downgrade reflects recurring instances of delays by Spire in
servicing its interest and term debt obligations; the delays have
been caused mainly by the company's weak liquidity.

Spire commenced operations in October 2009.  However, it has not
been able to attain optimal capacity utilization thereby adversely
affecting its profitability and liquidity.  The low volumes are on
account of a subdued demand from its end user industries such as
automobile and capital goods.  The weak profitability coupled with
high gearing has deteriorated its financial risk profile.  The
concerns emanating from the weak financial risk profile are partly
mitigated by the promoters' long standing experience in the
forgings industry.

                       About Spire Industries

Incorporated in 2007, Spire is promoted by Mr. Nagin Doshi, member
of the Doshi family; the Doshi family is the promoter of EchJay
group of companies of Mumbai (Maharashtra).  The company set up a
plant at Halol near Baroda (Gujarat) for the manufacture of
forgings, which find application in a wide array of end-user
industries, including capital goods, automobiles, and
infrastructure, among others.  The plant commenced commercial
production in October 2009, and has forging capacity of about 600
tonnes per month.

Spire reported a net loss of INR34.1 million on net sales of
INR13.7 million for 2009-10 (refers to financial year, April 1 to
March 31).


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


CSC SERIES: S&P Downgrades Rating on Class G-3 Bonds to 'D'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D (sf)' from 'CC
(sf)' its rating on the class G-3 bonds issued under the CSC,
Series 1 GK transaction, and kept the ratings on classes A-2 to
F-3 on CreditWatch with negative implications.  On Feb. 1, 2010,
S&P had lowered to 'D (sf)' from 'AAA (sf)' the rating on the
interest-only class X bonds issued under the same transaction.

As the principal of one of the four remaining loans (the loan
originally represented about 19% of the total initial issuance
amount of the bonds) has been impaired, a principal loss has been
incurred on the class G-3 bonds.  S&P lowered its rating on that
class accordingly.

On Jan. 7, 2011, S&P placed the ratings on classes A-2 to F-3 on
CreditWatch negative.  Likewise, S&P has maintained the ratings on
these nine classes on CreditWatch negative because S&P need to
consider the possible impact of the allocation between principal
and interest, which caused the missed interest payment on class X,
as well as the impact of step-up coupons after the expected
maturity date.

As for the class X bonds, a certain interest amount remained
unpaid as of the maturity date of the bonds (Nov. 12, 2010).  That
residual interest amount was paid on the interest payment date
(Feb. 14, 2011) that came after the maturity date.

CSC, Series 1 GK is a multiborrower commercial mortgage-backed
securities transaction.  The bonds were initially secured by 11
nonrecourse loans, which were actually treated as six loans,
extended to six obligors.  The loans were originally backed by 72
real estate trust certificates and real estate properties.  The
transaction was arranged by Credit Suisse Securities, and ORIX
Asset Management & Loan Services Corp. is the transaction
servicer.

The ratings reflect the full and timely payment of interest and
the ultimate repayment of principal by the transaction's legal
final maturity date in November 2012 for the class A-2 and A-3
bonds, and the full payment of interest and ultimate repayment of
principal by the legal maturity date for the class B-2 to G-3
bonds.

                          Rating Lowered

                         CSC, Series 1 GK
      JPY36.2 billion yen-denominated bonds due November 2012

         Class   To       From      Initial issue amount
         -----   --       ----      --------------------
         G-3     D (sf)   CC (sf)   JPY1.2 bil.

               Ratings Kept On Creditwatch Negative

                         CSC, Series 1 GK

        Class   Rating                Initial issue amount
        -----   ------                --------------------
        A-2     AAA (sf)/Watch Neg    JPY18.1 bil.
        A-3     AAA (sf)/Watch Neg    JPY3.9 bil.
        B-2     A- (sf)/Watch Neg     JPY1.7 bil.
        B-3     A- (sf)/Watch Neg     JPY1.5 bil.
        C-2     B- (sf)/Watch Neg     JPY3.2 bil.
        D-2     CCC (sf)/Watch Neg    JPY3.2 bil.
        E-2     CCC (sf)/Watch Neg    JPY0.9 bil.
        E-3     CCC (sf)/Watch Neg    JPY0.6 bil.
        F-3     CCC (sf)/Watch Neg    JPY1.9 bil.


FURUKAWA CO: Moody's Withdraws 'Ba1' Long-Term Issuer Rating
------------------------------------------------------------
Moody's Japan K.K. has withdrawn its Ba1 long-term issuer rating
with negative outlook for Furukawa Co. Ltd. and its short-term
issuer rating on the company to Not Prime for business reasons.
Moody's does not rate any debt issued by Furukawa.

This action does not reflect a change in Furukawa's
creditworthiness.  For further details, please refer to Moody's
Withdrawal Policy at http://www.moodys.co.jp/

The last rating action for Furukawa took place on October 7, 2010,
when Moody's downgraded its long-term issuer rating to Ba1 from
Baa3 and its short-term issuer rating to Not Prime from P-3.

Furukawa Co. Ltd., headquartered in Tokyo, is a diversified
manufacturer of machinery products, metal smelting, and electronic
materials.


PEGASUS FUNDING: S&P Downgrades Ratings on Three Classes of Loans
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class A1, A2, and class B asset-backed loans issued in September
2006 under the Pegasus Funding transaction.

In January 2011, a new business plan relating to the sale of the
collateral real estate was approved by the relevant parties.  S&P
reviewed the new business plan, as well as the data pertaining to
the collections that have been made since mid-2010, using various
data provided by the parties involved in the transaction,
particularly information regarding the likely collection amount
from the real estate-backed loan receivables and the servicer's
collection policy.

In February 2009, the original servicer of this transaction went
bankrupt, after which a new servicer was appointed to undertake
servicing operations under a new servicing system.  Although a
business plan was prepared at that time, a review of the data
pertaining to the collections made since the plan was drawn up
shows that the amount recovered through the sales of the
collateral properties was low and that property sales were far
behind schedule.

Recently, however, investors have approved a new business plan.
The sales of the collateral properties are expected to progress
smoothly in accordance with the new plan.  Nevertheless, S&P see a
possibility that the ABLs may not be fully redeemed if the actual
amount recovered through the sales of the collateral properties is
at the low level projected in the new business plan, and the sales
of the collateral properties proceed according to the schedule
indicated in the new business plan.

S&P lowered the ratings on the ABLs primarily because S&P believes
that the collection amount from the collateral properties may
remain low and that liquidating the properties may take time.  In
particular, it is S&P's view that the ABLs may not be fully
redeemed because:

* The collection amount from the collateral properties may remain
  low; and

* Negative carry will very likely remain at the same level, or may
  even increase.  This is because a portion of the collection from
  the collateral assets will be allocated to the payment of
  dividends and transaction costs prior to the payment of
  principal to investors, thereby decreasing the amount allocated
  to the payment of principal.

The ratings reflect the full and timely payment of interest and
the ultimate full repayment of principal for the ABLs by December
2014.

                         Ratings Lowered

                         Pegasus Funding

     JPY120 billion total extendable amount due December 2014

      Class       To          From       Initial issue amount
      -----       --          ----       --------------------
      Class A1    CCC+ (sf)   BB (sf)    JPY40.0 bil.
      A2          CCC+ (sf)   BB (sf)    JPY51.9 bil.
      Class B     CCC- (sf)   CCC (sf)   JPY28.1 bil.

The issue date of the transaction was Sept. 29, 2006.


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


HYUNDAI ENGINEERING: Hyundai Motor Cuts Takeover Price
------------------------------------------------------
Se Young Lee at Dow Jones Newswires reports that Hyundai Motor
Group reduced its offer for a controlling stake in Hyundai
Engineering & Construction Co. to KRW4.97 trillion (US$4.47
billion), an executive at one of the selling companies said,
bringing the drawn-out sale closer to completion.

According to Dow Jones, the executive said Friday that Hyundai
E&C's creditors-turned-shareholders will decide this week on the
final sale price for their collective 34.88% stake in the
country's largest builder by revenue.  The conglomerate's revised
offer followed an initial bid of KRW5.1 trillion, Dow Jones notes.

Dow Jones states that the offer puts Hyundai Motor Chairman Chung
Mong-koo closer to reclaiming a piece of family lore after a
family feud.  Dow Jones relates that Hyundai Group, led by Mr.
Chung's sister-in-law Hyun Jeong-eun, outbid Hyundai Motor with an
offer of KRW5.51 trillion, only to see the deal collapse over
questions about its financing.

Dow Jones notes that it was unclear whether the creditors will try
to negotiate with Hyundai Motor on the price.  But the revised
offer still represents about a 59% premium to their stake's market
value of KRW3.13 trillion, based on Friday's [Feb. 18] close of
KRW80,500 ($72.37) a share, Dow Jones discloses.

Creditors of Hyundai Engineering & Construction Co. on Jan. 7,
2011, selected Hyundai Motor Group as the prime bidder for
South Korea's top builder.  The move came after a Seoul court on
January 4 turned down an injunction sought by Hyundai Group to
block creditors from scrapping the deal to sell a 35% stake in the
builder.

Hyundai Group signed a KRW5.5 trillion preliminary deal with KEB
on Nov. 29 to buy a 34.88% stake in the country's top builder,
beating its rival Hyundai Motor Group that had proposed to pay
KRW5.1 trillion.  But creditors of Hyundai E&C scrapped a takeover
deal for the builder signed with Hyundai Group as the group failed
to resolve suspicions over its ability to finance the deal.

                     About Hyundai Engineering

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

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


KOREA LINE: Seoul Court Approves Receivership
---------------------------------------------
Ben Moshinsky at Bloomberg News reports that a Seoul court has
accepted Korea Line Corp.'s application to enter receivership.

"We will work diligently with the court to try to overcome this
difficult period," Bloomberg cites Korea Line's e-mailed response
to queries.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 26, 2011, Bloomberg News said Korea Line Corp. filed for
receivership after rates tumbled to the lowest in almost two years
because of a global oversupply of vessels.  The filing was made at
the Seoul Central District Court on Jan. 25, 2011.

Bloomberg noted that the shipping line, unprofitable in six of the
past seven quarters, halted its shares as it works to restructure
debt.  Bloomberg related that dry-bulk rates have plunged 58% in
the past year amid an expanding global fleet and slowing demand
for commodities in China because of government efforts to cool
economic growth.

The company had total debts of KRW2.23 trillion (US$2 billion) at
the end of September, according to its third-quarter financial
statement, Bloomberg said.  The shipping line made a
KRW104.2 billion loss in the quarter, Bloomberg added.

                          About Korea Line

Headquartered in South Korea, Korea Line Corp. is an operator of
dry-bulk ships.  Korea Line operated 51 vessels at the end of
September.  It ships iron ore, coal and liquefied-natural gas for
customers including Posco, Korea Electric Power Corp. and Korea
Gas Corp., according to its Web site.


* FSC Considers Aid for Shuttered South Korean Savings Banks
------------------------------------------------------------
Eunkyung Seo at Bloomberg News reports that South Korea's
Financial Services Commission said Chairman Kim Seok Dong
discussed Monday aid for suspended savings banks and their
depositors with government and industry officials in Busan.

Bloomberg says the regulator last week suspended four local
savings banks Bohae Mutual Savings & Finance Co., Jungang Busan
Savings Bank, Busan II Savings Bank and Jeonju Savings Bank -- for
six months due to a liquidity crunch.


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


CENTURY CITY: Court Delays Serepisos Liquidation Proceedings
------------------------------------------------------------
The New Zealand Press Association reports that troubled Wellington
property developer Terry Serepisos has had High Court liquidation
proceedings adjourned until March 7.

NZPA relates that five of his Century City companies, among them
the one that owns the Phoenix A-League soccer club, were due in
court Monday as part of an Inland Revenue claim to liquidate them
for not paying a debt of more than $3.5 million in tax and
penalties.

NZPA notes that it was reported Friday that further bankruptcy
notices had been issued against the businessman, who said they
were the result of a personal vendetta and he had always promised
to pay the money.

NZPA says FM Custodians applied for the bankruptcy notices which
were issued in the High Court at Wellington on Friday.

Mr. Serepisos has two weeks to figure out how to pay over
NZ$6 million or face bankruptcy, NZPA reports.

The Troubled Company Reporter-Asia Pacific, citing The New Zealand
Press Association, reported on Feb. 9, 2011, that Mr. Serepisos
was heading to Switzerland in a bid to save the Phoenix soccer
team and four of his other businesses as the Inland Revenue
Department seeks to liquidate them over debts of more than NZ$3.5
million.  At a hearing at the High Court at Wellington on
February 4, Mr. Serepisos tried to stop the IRD from advertising
plans to liquidate his companies, but Justice Forrie refused and
the IRD is going ahead with its advertisements, NZPA related.
NZPA said the court was told Mr. Serepisos was flying to Zurich
last week to sign loan documents enabling him to pay back IRD and
other creditors within three weeks -- assuming certain conditions
were met.  However, the IRD said Mr. Serepisos could not meet the
conditions -- which include that the companies being bailed out be
solvent at present -- and is going ahead with plans to recoup
money which includes unpaid Phoenix player's KiwiSaver
contributions and PAYE, according to NZPA.  NZPA noted that
Mr. Seripisos's proposed repayment arrangement also depended on
some creditors accepting shortfalls, which some had already agreed
to do, the court was told.

The Serepisos companies under threat are Century City Hunter
Street, Century City Investments, Century City Developments,
Century City Management and Century City Football, which owns the
Phoenix.


STRATEGIC FINANCE: Liquidators to Pursue Further Probe, Recovery
----------------------------------------------------------------
The National Business Review reports that liquidators of Strategic
Finance said they have identified a number of transactions that
require further investigation and are pursuing possible avenues of
recovery.

NBR relates that liquidators Andy McKay and John Cregten of
Corporate Finance said in their most recent report that they were
working with Strategic's receivers in relation to investigations
into the finance company's books.

According to NBR, Mr. McKay said it was not practical to estimate
the date of completion of the liquidation as it depended on what
action was taken regarding the transactions.

"There's a few transactions we've identified between ourselves and
the receiver and we're working through a process, gathering
documents and trying to work out what our view of the world is,"
Mr. McKay told NBR.

Mr. McKay indicated there were sizeable amounts of money involved
although he couldn't provide further details on the transactions
being looked at, NBR relates.

Mr. McKay told NBR that despite the extra power liquidators have
to look back over past transactions, the process would take some
time.

Receiver John Fisk of PricewaterhouseCoopers said in a recent
letter to investors that they he had been assisting the Securities
Commission in its probe into the lender.

NBR relates that the receiver had found "several transactions
undertaken during the December 2007 to August 2008 period which we
consider warrant further investigation."

The receivers' latest estimate of recovery is between 12c and 35c
in the dollar for investors. So far investors have received a
first payment of 2c in the dollar, a total of $7.4 million,
according to NBR.

                         About Strategic Finance

Headquartered in Wellington, New Zealand, Strategic Finance
Limited (NZE:SFLHA) -- http://www.strategicfinance.co.nz/--
operates as a specialist finance company offering financial
services, primarily to the property sector.  The Company also
provides specialist financial and advisory services to the
property and corporate sectors.  The Company operates in
New Zealand, Australia and Pacific Islands.  The Company's
operating subsidiaries include Strategic Advisory Limited,
Strategic Nominees Limited, Strategic Mortgages Limited and
Strategic Nominees Australia Limited.  The Company's non-operating
subsidiary is Strategic Properties No.1 Limited.  In May 2009, the
Company incorporated a subsidiary, Gulf Property Holdings Limited.

Strategic Finance Limited's parent company, Strategic Investment
Group, is wholly owned by Australian-based finance company Allco
HIT Limited.

                         *     *     *

The Troubled Company Reporter-Asia Pacific reported on March 15,
2010, that PricewaterhouseCoopers partners John Fisk and Colin
McCloy were appointed receivers of Strategic Finance Limited and
related companies Strategic Advisory Limited, Strategic Mortgages
Limited, Strategic Nominees Limited, and Strategic Nominees
Australia Limited.  This ends the moratorium arrangement that has
been in place since December 2008.  The companies' trustee,
Perpetual Trust, appointed receivers after SFL failed to generate
sufficient loan recoveries for its milestone repayment on Jan. 7,
2010.  The company owed NZ$417 million to 13,000 investors.

Perpetual Trust Ltd. on July 27, 2010, appointed liquidators to
Strategic Finance.  The High Court in Wellington made an order
that Corporate Finance's John Cregten and Andrew McKay be
appointed liquidators.


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


AUSTRALIAN PROP: Court to Hear Judicial Mgt. Petition on Feb. 25
----------------------------------------------------------------
A petition to place Australian Property Group Pte Ltd under
judicial management will be heard before the High Court of
Singapore on Feb. 25, 2011, at 10:00 a.m.

Timothy James Reid of Ferrier Hodgson has been nominated as the
Judicial Manager.

The Petitioner's solicitors are:

          Drew & Napier LLC
          20 Raffles Place
          #17-00 Ocean Tower
          Singapore 048620


BAO LEE: Court to Hear Wind-Up Petition on February 25
------------------------------------------------------
A petition to wind up the operations of Bao Lee Doors
Manufacturing Pte Ltd will be heard before the High Court of
Singapore on Feb. 25, 2011, at 10:00 a.m.

ISG Asia (Singapore) Pte Ltd filed the petition against the
company on Feb. 7, 2011.

The Petitioner's solicitors are:

          PK Wong & Associates LLC
          133 Cecil Street
          #18-02 Keck Seng Tower
          Singapore 069535


CEDRIC MOTOR: Creditors Get 14.27851% Recovery on Claims
--------------------------------------------------------
Cedric Motor (Pte) Ltd declared preferential dividend on
Feb. 10, 2011.

The company paid 14.27851% to the received claims.

The company's liquidator is:

         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


ENFORA (ASIA PACIFIC): Members' Final Meeting Set for March 21
--------------------------------------------------------------
Members of Enfora (Asia Pacific) Pte. Ltd. will hold their final
meeting on March 21, 2011, at 10:00 a.m., at 1 Scotts Road, #21-08
Shaw Centre, in Singapore 228208.

At the meeting, Madam Chia Lay Beng, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


PAITON ENERGY: S&P Withdraws 'B' Rating to US$180 Mil. Bonds
------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'B' rating on
US$180 million 9.34% bonds due Feb. 15, 2014, issued by Paiton
Energy Funding B.V., following a notice to redeem all outstanding
bonds on Feb. 15, 2011.

The redemption of the bonds would be equal to 100% of the
aggregate principal amount, plus accrued and unpaid interest.


PRIMROSE GROUP: Creditors' Meeting Set for March 1
--------------------------------------------------
Primrose Group International Pte Ltd, which is in creditors'
voluntary liquidation, will hold a meeting for its creditors on
March 1, 2011, at 4:00 p.m., at 19 Keppel Road #02-01 Jit Poh
Building, in Singapore 089058.

Agenda of the meeting includes:

   a. to report and update on the progress of the liquidation;

   b. to appoint a committee of inspection, if thought fit; and

   c. discuss other business.

The company's liquidators are:

         Chia Soo Hien
         Leow Quek Shiong
         19 Keppel Road
         #02-01 Jit Poh Building
         Singapore 089058


TINCEL PROPERTIES: Creditors Get 100% Recovery on Claims
--------------------------------------------------------
Tincel Properties (Private) Limited will declare the first and
final dividend on Feb. 28, 2011.

The company will pay 100% to the received claims.

The company's liquidator is:

         Tam Chee Chong
         c/o 6 Shenton Way, #32-00
         DBS Building Tower Two
         Singapore 068809


=============
V I E T N A M
=============


VIETNAM SHIP: Plans Business Review After Missing Debt Payment
--------------------------------------------------------------
Bloomberg News reports that Vietnam Shipbuilding Industry Group,
the state-run company known as Vinashin, plans to present a KPMG
LLP report on its business to creditors by mid-year after it
missed a payment on a dollar-denominated bank loan.

"The business review will help us to work out a proper plan for
our future," Vinashin Chairman Nguyen Ngoc Su told Bloomberg in an
interview at his office in Hanoi.  "It'll take us about three to
four months to complete and then show to the government and our
lenders."

Vinashin got a $600 million loan in 2007 from banks led by Credit
Suisse Group AG that paid interest of 1.5 percentage points more
than the London interbank offered rate, according to data compiled
by Bloomberg.  Su said that while it made a $6.8 million interest
payment on Dec. 23, the company missed a Dec. 20 deadline to make
a $60 million principal payment and asked lenders for a one-year
extension, Bloomberg relates.

According to Bloomberg, Moody's Investors Service cut Vietnam's
credit rating one rung to B1 on Dec. 15, citing the risk of a
balance of payments crisis and Vinashin's "debt distress" after Su
told a forum that it lacks money to repay the loan.  Vietnam and
its state-backed companies will face greater difficulties
borrowing after Vinashin's default, Moody's senior credit officer
Alan Greene said Dec. 24, after state-owned Vietnam National Coal-
Mineral Industries Group was downgraded to B2 from Ba3.

Bloomberg relates that the government said Vinashin risked
bankruptcy after expanding into businesses from securities to
tourism, accumulating about THB86 trillion of debt as of
June 2010.

The government said in November that the company's debt will be
cut to THB53 trillion under a reorganization that ministries will
work on through 2013, according to Bloomberg.

Vietnam Shipbuilding Industry Group is a state-owned shipbuilding
company.


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


* S&P's 2011 Global Corporate Default Tally Rises to Three
----------------------------------------------------------
U.S.-based Ahern Rentals Inc. missed its scheduled interest
payment on its senior secured notes last week, raising the 2011
global corporate default tally to three, said an article published
by Standard & Poor's.  Two of the defaults were U.S.-based
issuers, and one was an issuer based in the Czech Republic,
according to the article titled "Global Corporate Default Update
(Feb. 11 - 17, 2011) (Premium)."

By comparison, 17 global corporate issuers had defaulted by this
time last year (14 U.S.-based issuers and one issuer each based in
Australia, Bahrain, and Canada).

All three of this year's defaulters missed interest or principal
payments, which was one of the top reasons for default last year.
Of the total defaults in 2010, 28 defaults resulted from missed
interest or principal payments, 25 defaults resulted from Chapter
11 and foreign bankruptcy filings, 23 from distressed exchanges,
three from receiverships, one from regulatory directives, and one
from administration.

Standard & Poor's baseline projection for the U.S. corporate
trailing 12-month speculative-grade default rate for December 2011
is 1.8%.  (A total of 27 issuers would need to default during that
period to reach the forecast.)

This is another 1.47-percentage-point (or another 45%) decline
from 3.27% in December 2010.  The rate of decline will remain
sharp, but somewhat slower than what we saw in the past 13 months.
In S&P's optimistic default rate forecast scenario, the economy
and the financial markets improve more than expected.  In this
scenario, S&P expects the default rate to be 1.3% (22 defaults).
On the other hand, if the economic recovery stalls and the
financial markets deteriorate -- which is S&P's pessimistic
scenario -- it expects the default rate to be 3.5% (52 defaults)
by the end of 2011.  S&P bases its forecasts on quantitative and
qualitative factors, including, but not limited to, Standard
& Poor's proprietary default model for the U.S. corporate
speculative-grade bond market.  S&P's update its outlook for the
U.S. issuer-based corporate speculative-grade default rate each
quarter after analyzing the latest economic data and expectations.


* BOND PRICING: For the Week February 14 to February 18, 2011
-------------------------------------------------------------


Issuer                  Coupon    Maturity   Currency  Price
------                  ------    --------   --------  -----

  AUSTRALIA
  ---------

ADVANCED ENERGY          9.50    01/04/2015   AUD       1.01
AINSWORTH GAME           8.00    12/31/2011   AUD       1.16
AMITY OIL LTD           10.00    10/31/2013   AUD       2.01
AMP GROUP FINANC         9.80    04/01/2019   NZD       0.91
AUST & NZ BANK           2.00    04/15/2018   AUD      74.63
BECTON PROP GR           9.50    06/30/2010   AUD       0.24
CENTAUR MINING          11.00    12/01/2007   USD       0.50
ENVESTRA LTD             3.04    08/20/2005   AUD      74.97
EXPORT FIN & INS         0.50    12/16/2019   NZD      61.69
EXPORT FIN & INS         0.50    06/15/2020   AUD      58.90
EXPORT FIN & INS         0.50    06/15/2020   NZD      59.70
HEEMSKIRK CONSOL         8.00    04/29/2011   AUD       2.89
NEW S WALES TREA         1.00    09/02/2019   AUD      63.63
NEW S WALES TREA         0.50    09/14/2022   AUD      51.62
NEW S WALES TREA         0.50    10/07/2022   AUD      51.42
NEW S WALES TREA         0.50    10/28/2022   AUD      51.23
NEW S WALES TREA         0.50    11/18/2022   AUD      51.05
NEW S WALES TREA         0.50    12/16/2022   AUD      50.80
NEW S WALES TREA         0.50    12/16/2023   AUD      50.35
NEXUS AUSTRALIA          3.60    08/31/2017   AUD      71.67
NEXUS AUSTRALIA          3.60    08/31/2019   AUD      65.11
RESOLUTE MINING         12.00    12/31/2012   AUD       1.37
TREAS CORP VICT          0.50    08/25/2022   AUD      52.63
TREAS CORP VICT          0.50    11/12/2030   AUD      53.71
TREAS CORP VICT          0.50    11/12/2030   AUD      35.08
WESTERN LIBERTY          6.62    06/15/2000   AUD      74.00
CHINA GOVT BOND          1.64    12/15/2033   CNY      60.13
RESPARCS FUNDING         8.00    12/29/2049   USD      40.33
POWER FIN CORP           8.99    01/15/2021   INR       9.20


  CHINA
  -----

CHINA GOV'T BOND         1.64    12/15/2033   CNY      60.30


  HONG KONG
  ---------

RESPARCS FUNDING         8.00    12/29/2049   USD      41.77


  INDIA
  -----

PUNJAB INFRA DB          0.40    10/15/2024   INR      25.95
PUNJAB INFRA DB          0.40    10/15/2025   INR      23.60
PUNJAB INFRA DB          0.40    10/15/2026   INR      21.54
PUNJAB INFRA DB          0.40    10/15/2027   INR      19.71
PUNJAB INFRA DB          0.40    10/15/2028   INR      18.06
PUNJAB INFRA DB          0.40    10/15/2029   INR      16.58
PUNJAB INFRA DB          0.40    10/15/2030   INR      15.26
PUNJAB INFRA DB          0.40    10/15/2031   INR      14.06
PUNJAB INFRA DB          0.40    10/15/2032   INR      12.99
PUNJAB INFRA DB          0.40    10/15/2033   INR      12.03


  JAPAN
  -----

AIFUL CORP               1.20    01/26/2012   USD      74.39
AIFUL CORP               1.99    03/23/2012   JPY      70.93
AIFUL CORP               1.22    04/20/2012   JPY      67.92
AIFUL CORP               1.74    05/28/2013   JPY      47.92
AIFUL CORP               1.99    10/19/2015   JPY      37.94
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      59.04
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      58.50
SHINSEI BANK             5.62    12/29/2049   GBP      73.45
TAKEFUJI CORP            9.20    04/15/2011   USD      13.12
TAKEFUJI CORP            4.00    06/05/2022   USD      10.02


  MALAYSIA
  --------

ADVANCED SYNERY          2.00    01/26/2018   MYR       0.15
ALIRAN IHSAN RES         5.00    11/29/2011   MYR       1.50
CRESENDO CORP B          3.75    01/11/2016   MYR       1.28
DUTALAND BHD             6.00    04/11/2013   MYR       0.51
DUTALAND BHD             6.00    04/11/2013   MYR       0.78
EASTERN & ORIENT         8.00    07/25/2011   MYR       1.22
EASTERN & ORIENT         8.00    11/16/2019   MYR       1.25
KUMPULAN JETSON          5.00    11/27/2012   MYR       0.82
LION DIVERSIFIED         4.00    12/17/2013   MYR       0.80
MITHRIL BHD              3.00    04/05/2012   MYR       0.62
NAM FATT CORP            2.00    06/24/2011   MYR       0.08
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.37
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.54
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.40
PANTECH GROUP            7.00    12/21/2017   MYR       0.12
PUNCAK NIAGA HLD         2.50    11/18/2016   MYR       0.54
REDTONE INTL             2.75    03/04/2020   MYR       0.08
RUBBEREX CORP            4.00    08/14/2012   MYR       0.93
SCOMI ENGINEERING        4.00    03/19/2013   MYR       0.99
SCOMI GROUP              4.00    12/14/2012   MYR       0.09
TRADEWINDS PLANT         3.00    02/28/2016   MYR       1.55
TRC SYNERGY              5.00    01/20/2012   MYR       1.78
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.28
YTL CEMENT BHD           5.00    11/10/2015   MYR       2.35


NEW ZEALAND
-----------

ALLIED FARMERS           9.60    11/15/2011   NZD      49.90
DORCHESTER PACIF         5.00    06/30/2013   NZD      73.14
FLETCHER BUI             8.50    03/15/2015   NZD       7.65
FLETCHER BUI             7.55    03/15/2011   NZD       8.00
INFRATIL LTD             8.50    09/15/2013   NZD       8.20
INFRATIL LTD             8.50    11/15/2015   NZD       9.00
INFRATIL LTD            10.18    12/29/2049   NZD      61.80
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.29
MARAC FINANCE           10.50    07/15/2013   NZD       1.04
SKY NETWORK TV           4.01    10/16/2016   NZD       5.97
ST LAURENCE PROP         9.25    07/15/2010   NZD      63.99
TOWER CAPITAL            8.50    04/15/2014   NZD       1.03
TRUSTPOWER LTD           8.50    09/15/2012   NZD       6.80
TRUSTPOWER LTD           8.50    03/15/2014   NZD       8.50
TRUSTPOWER LTD           7.60    12/15/2014   NZD       1.01
TRUSTPOWER LTD           8.60    12/15/2016   NZD       1.04
UNI OF CANTERBUR         7.25    12/15/2019   NZD       0.99
VECTOR LTD               8.00    06/15/2012   NZD       7.10
VECTOR LTD               8.00    10/15/2014   NZD       1.06


SINGAPORE
---------

CAPITAMALLS ASIA         1.00    01/21/2012   SGD       0.99
CAPITAMALLS ASIA         2.15    01/21/2014   SGD       0.99
DAVOMAS INTL             5.50    12/08/2014   USD      74.34
EQUINOX OFFSHORE        20.00    10/13/2011   USD      71.00
NEXUS 1 PTE LTD         10.50    03/07/2012   USD       1.00
UNITED ENG LTD           1.00    03/03/2014   SGD       1.70
WBL CORPORATION          2.50    06/10/2014   SGD       1.75


SOUTH KOREA
-----------

BUSAN 2 MUTUAL           8.50    09/06/2014   KRW      71.23
BUSAN SOLOMON MU         8.50    09/25/2014   KRW      70.40
CN 1ST ABS               8.00    02/27/2015   KRW      30.30
DAEWOO MTR SALES         6.55    03/17/2011   KRW      61.03
GYEONGGI MUTUAL          8.50    08/29/2014   KRW      10.10
GYEONGGI MUTUAL          8.50    12/11/2014   KRW      10.09
HOPE KOD 1ST             8.50    06/30/2012   KRW      32.30
HOPE KOD 2ND            15.00    08/21/2012   KRW      30.92
HOPE KOD 3RD            15.00    09/30/2012   KRW      34.81
HOPE KOD 4TH            15.00    12/29/2012   KRW      31.06
HOPE KOD 6TH            15.00    03/10/2013   KRW      34.90
HYUNDAI SWISS BK         8.30    06/20/2011   KRW      25.79
HYUNDAI SWISS BK         8.20    01/26/2012   KRW      10.37
HYUNDAI SWISS BK         8.20    10/26/2012   KRW      10.29
HYUNDAI SWISS BK         8.50    10/02/2013   KRW      10.12
HYUNDAI SWISS S          8.30    01/13/2015   KRW      10.08
HYUNDAI SWISS S          7.90    07/23/2015   KRW      10.08
IBK 12TH ABS            25.00    06/24/2011   KRW      66.60
IBK 16TH ABS            25.00    09/24/2012   KRW      62.58
IBK 17TH ABS            25.00    12/29/2012   KRW      60.04
JEIL SAVINGS BK          8.50    08/16/2011   KRW      10.24
JINHEUNG SAVINGS         8.50    10/17/2014   KRW      10.08
JOONG ANG DESIGN         6.00    12/18/2012   KRW      64.66
KB 11TH ABS             23.00    07/03/2011   KRW      65.82
KB 12TH ABS             25.00    01/21/2012   KRW      67.84
KB 13TH ABS             25.00    07/02/2012   KRW      61.24
KB 14TH ABS             23.00    01/04/2013   KRW      58.89
KDB 5TH ABS SEC SPC0    15.00    12/13/2012   KRW      61.52
KDB 6TH ABS             20.00    12/02/2019   KRW      62.87
KEB 17TH ABS            20.00    12/28/2011   KRW      51.32
KOREA LINE CO            6.80    11/30/2011   KRW      67.63
KOREA LINE CO            8.30    12/11/2011   KRW      56.70
KOREA LINE CO            7.90    06/30/2012   KRW      51.35
KOREA SAVINGS BA         8.10    06/26/2015   KRW      10.08
NACF 15TH ABS S         25.00    03/18/2011   KRW      63.33
ONE KDB 1ST ABS          7.60    06/13/2011   KRW      39.72
OSAN MYTOWN 1ST          5.64    04/16/2012   KRW      68.31
OSAN MYTOWN 2ND          5.64    04/16/2012   KRW      68.10
SAM HO INTL              6.32    03/28/2011   KRW      71.76
SHINHAN 2ND SEC         25.00    06/11/2011   KRW      29.79
SINBO 1ST ABS           15.00    07/22/2013   KRW      30.54
SINBO 2ND ABS           15.00    08/26/2013   KRW      32.57
SINBO 3RD ABS           15.00    09/30/2013   KRW      32.18
SINBO 4TH ABS           15.00    12/16/2013   KRW      30.25
SINBO 5TH ABS           15.00    02/23/2014   KRW      29.19
SINBO CO 1ST ABS        15.00    03/15/2014   KRW      28.85
SINGOK ABS               7.50    06/18/2011   KRW      52.31
SINGOK NS ABS            7.50    06/27/2011   KRW      54.41


THAILAND
--------

THAILAND GOVT            0.75    01/04/2022   THB      70.64


VIETNAM
--------

VIETNAM MACHINE          9.20    06/06/2017   VND      74.61
VIETNAM SHIPBUIL         9.00    04/13/2017   VND      61.66
VIETNAM-PAR              4.00    03/12/2028   USD      73.00


                             *********

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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