TCRAP_Public/110223.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

          Wednesday, February 23, 2011, Vol. 14, No. 38

                            Headlines



A U S T R A L I A

AMBICARE: Goes Into Liquidation; 50 Workers Lose Jobs
ANGUS & ROBERTSON: Administrator to Honor Cancelled Vouchers
GRIFFIN COAL: Administrators Urge Creditors to Back DOCA Deal
RECLAIM INDUSTRIES: Goes Into Administration
REDGROUP RETAIL: May Struggle to Find Buyers for Whitcoulls

REDGROUP RETAIL: Business As Usual at Borders Singapore


C H I N A

POWERLONG REAL: Moody's Gives Negative Outlook on 'Ba3' Rating


H O N G  K O N G

OCMADOR ASIA: Ying and Yeung Step Down as Liquidators
ORIENTAL SEA: Placed Under Voluntary Wind-Up Proceedings
PACKET GENESIS: Li and Lee Step Down as Liquidators
QWARUBA LIMITED: Placed Under Voluntary Wind-Up Proceedings
SOCORO ENTERPRISES: Members' Final Meeting Set for March 23

SPRING WIRELESS: Tam Chun Wan Steps Down as Liquidator
SSP1 GROUP: Members' Final Meeting Set for March 21
SUPER ASCENT: Members' Final Meeting Set for March 22
TOP PICTURES: Creditors' Proofs of Debt Due March 18
VINKI CORPORATION: Creditors' Meeting Set for February 25

WAI SHING: Creditors' Meeting Set for March 1
WHOLE HERO: Keung and Wai Appointed as Liquidators


I N D I A

AJAY POLYMERS: ICRA Assigns 'LBB-' Rating to INR15cr Limits
CHAMUNDI DISTILLERIES: ICRA Cuts Rating on INR12cr Loans to 'LB'
HOMERA TANNERS: ICRA Assigns 'LC' Rating to INR0.51cr Term Loans
HOMERA TANNING: ICRA Assigns 'LC' Rating to INR19.82CR Loans
INDUSIND BANK: Fitch Upgrades Individual Rating at 'D'

JHUNJHUNWALA OIL: ICRA Revises Long-Term Rating to 'LB'
KALYAN JEWELLERS: ICRA Upgrades Rating on INR0.45cr Loan to 'LBB+'
KAMAL AUTO: ICRA Assigns 'LB+' Rating to INR16.5cr Bank Loans
KOTESWARA RAO: ICRA Assigns 'LBB' Rating to INR89.33cr Loans
REGENCY GANGANI: ICRA Assigns 'LB-' Rating to INR47.75cr Debt

RICHLOOK GARMENT: ICRA Raises Rating on INR39.5cr Limits to 'LBB'
ROBOSOFT TECHNOLOGIES: ICRA Cuts Rating on INR11cr Loan to 'LC'
SPR GROUP: ICRA Downgrades Rating on INR8.29 Loans to 'LB+'
SUBRAMANYA EDUCATION: ICRA Assigns 'LBB' Rating to INR16cr Loan
SURYA CONSTRUCTION: ICRA Puts 'LB+' Rating to INR6.8cr Bank Lines

VIJAY VELAVAN: ICRA Reaffirms 'LBB' Rating on INR6.6cr Term Loan
ZUBERI ENGINEERING: ICRA Assigns 'LBB+' Rating to INR3cr Limits


J A P A N

JLOC VII: Fitch Downgrades Ratings on Class D Notes to 'Dsf'
TAKEFUJI CORP: Overcharges Customers JPY2.4 Tril. in Interest
TAKEFUJI CORP: Founder's Son Wins Court Battle Over Tax


M A L A Y S I A

HOCK SIN: Bourse to Suspend Trading of Shares on February 25
OCI BERHAD: Posts MYR1.34 Million Net Loss in Qtr Ended Dec. 2010
TRACOMA HOLDINGS: Names Dato' Ir. Dr. A. Bakar Jaafar as Chairman
VTI VINTAGE: KTS Trading Serves Winding-Up Petition Against Unit


N E W  Z E A L A N D

BRIDGECORP LTD: Petricevic Puts NZ$4.4-Mil. Mansion Up For Sale


S I N G A P O R E

GOLDEN AARON: Members' Final Meeting Set for March 21
HO BEE: Creditors' Proofs of Debt Due March 18
JUSTNETWORK PTE: Creditors' Proofs of Debt Due March 21
MELIADOR PTE: Court to Hear Wind-Up Petition on March 11
MEZZONI PTE: Creditors' Proofs of Debt Due March 18


S R I  L A N K A

SRI LANKA TELECOM: Fitch Affirms 'B+' Issuer Default Rating


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars




                            - - - - -


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


AMBICARE: Goes Into Liquidation; 50 Workers Lose Jobs
-----------------------------------------------------
Lauren Henry at Bendigo Advertiser reports that Bendigo Health has
appointed an interim provider for non-emergency patient transport
after Ambicare went into liquidation on Monday, Feb. 21, 2011.

The Advertiser relates that all of Ambicare's 50 staff were made
redundant Monday and liquidators Pitcher Partners Melbourne
believe workers will receive their entitlements.

According to the report, liquidator David Vasudevan said the
company was placed into liquidation after a significant decrease
in revenue and had no hope of recovering.

"Cash flow was a huge concern for the company.  We're still
determining why," the Advertiser quotes Mr. Vasudevan as saying.
"One major source of revenue from Ambulance Victoria fell. As a
result of the drop, the company couldn't continue to trade."

The Advertiser relates that Mr. Vasudevan said liquidators were
trying to sell assets to other companies.

Established in 1993, Ambicare -- http://www.ambicare.com.au--
provides non-emergency patient transport.  Ambicare employs 50
people across sites in Bendigo, Warnambool, Geelong and Mildura,
with its head office in Horsham.


ANGUS & ROBERTSON: Administrator to Honor Cancelled Vouchers
------------------------------------------------------------
Chris Zappone at The Sydney Morning Herald reports that some Angus
& Robertson and Borders gift cards were cancelled by third-party
provider, card payment company Retail Decisions, immediately
following the parent company's fall into administration.  The
report relates that Retail Decisions will reinstate those cards
later this week.

The problem did not involve all Borders and Angus & Robertson
cards, according to The Sydney Morning Herald.

The report notes that sources at administrator Ferrier Hodgson
said the affected cards would be reactivated by the end of this
week.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 21, 2011, ABC News said that Angus & Robertson and the
Whitcoulls group of news agencies in New Zealand have been placed
into administration by owners, REDgroup Retail.  The report
related that the board had serious concerns about the solvency of
the company and was forced to call in administrators Ferrier
Hodgson.  A combination of the high Australian dollar, cheap books
online, high wages and rents, as well as the retail downturn led
to the company's decline, according to ABC News reports.  ABC News
noted that the administrators said it will be business as usual
while the business's financial status is assessed ahead of the
first creditors meeting, which is expected to be held in March.
The report related that REDgroup's board is believed to be
confident that the company can be restructured.

The Sydney Morning Herald says the booksellers infuriated
customers and put staff on the defensive when they relayed the
administrator's demand that customers would have to spend one
dollar for every dollar of gift card redeemed.  The report relates
that in addition to the requirement to spend one dollar for every
dollar of gift card redeemed, which is described as a "goodwill
gesture," Ferrier Hodgson gives gift card holders the option of
registering an unsecured claim against REDgroup by emailing
customer details to redgroup@fh.com.au.

"Please note however that no dividend to creditors can be
guaranteed and that the timing of any dividend payment is
unknown," The Sydney Morning Herald quotes the administrators as
saying.

The first creditor meeting is likely to be held in March,
according to administrators, the report adds.

The first Angus & Robertson bookshop opened in Sydney in 1886.


GRIFFIN COAL: Administrators Urge Creditors to Back DOCA Deal
-------------------------------------------------------------
Mark Pownall at WA Business News reports that the administrators
of Griffin Coal Mining Company Pty Ltd have urged creditors to
back a deed of company arrangement as the best way of securing a
return -- but the timing of one-third of the sale proceeds hinges
on the development of a rail export route via Bunbury.

WA Business relates that the administrators, in a report to
creditors of Carpenter Mine Management Holdings Pty Ltd lodged on
the KordaMentha Web site, said the sale of the coal assets to
Lanco Infratech was dependent on the DOCA being accepted by
creditors.

WA Business notes that Lanco Infratech has agreed to pay
AU$750 million for the coal assets, with a AU$500 million down
payment, which includes about AU$19 million to cover employee
entitlements and environmental requirements.

According to the report, a further AU$100 million would be due
within two years of the deal being accepted, or earlier if
approval for a railway line from the Collie operations to Bunbury
is granted.  A further AU$150 million would be payable within four
years, or earlier if coal is exported from Bunbury, WA Business
adds.

WA Business says the administrators indicated in their report that
they did not believe a successful legal action could be mounted
against the directors of CMMH for insolvent trading.  In addition,
such a move would require liquidation which would end the deal
with Lanco Infratech, WA Business notes.

                        About Griffin Coal

Based in Australia, The Griffin Coal Mining Company Pty Ltd --
http://www.griffincoal.com.au/-- is engaged in coal mining and
processing.  Griffin Coal operates major mines in the Collie area,
approximately 220 kilometers south east of Perth.  The Company is
producing more than three million tons of coal per year.  Griffin
Coal has operations at Ewington Mine, Muja Mine and Buckingham
Mine.

                           *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
January 4, 2010, Bloomberg News said Griffin Coal Mining Co.
appointed Kordamentha as administrator with total debts amounting
to AU$700 million.  The coal supplier defaulted on an interest
payment in December 2009 to bondholders owed US$475 million and
also missed a payment to Australia's tax authority.


RECLAIM INDUSTRIES: Goes Into Administration
--------------------------------------------
James Thomson at SmartCompany reports that Reclaim Industries has
been placed in the hands of administrators just seven weeks after
the company told shareholders it had secured cornerstone investors
who could recapitalize the company.

Reclaim Industries has been struggling with losses for the last
year, and while revenue grew 19% to AU$15.5 million in 2009-2010,
a slowdown in the property sector and increased costs related to
the set up of new processing facilities in Adelaide and Sydney
further added to the company's struggles, according to
SmartCompany.  The report relates that the company posted a loss
of AU$1.2 million in 2009-10, although this was an improvement on
the previous year's AU$2.2 million loss.

Reclaim Industries was placed in the hands of David Ross, Richard
Albarran and Blair Pleash of accounting firm Hall Chadwick on
Feb. 17.  But exactly what caused the company to call in
administrators is unclear, the report notes.

SmartCompany adds that the administrators will hold the first
meeting of creditors on March 1.

Reclaim Industries is listed on the Australian Securities
Exchange.  It specialized in tyre recycling and the manufacturer
of rubber surface products for playgrounds, the aged-care sector
and sporting facilities.  The company had offices around Australia
and tyre processing plants in Adelaide, Sydney and Perth.


REDGROUP RETAIL: May Struggle to Find Buyers for Whitcoulls
-----------------------------------------------------------
William Mace at BusinessDay.co.nz reports that REDgroup Retail
Pty. Ltd. could struggle to find a New Zealand buyer for its
brands because Whitcoulls has already been owned by some of the
biggest local investment companies over the past 20 years, a
retail analyst said.

"We're not talking about some pristine, young girl fresh from the
countryside, [Whitcoulls is] the horse that everyone has ridden.
Is there anything else that Ron Brierley, Graeme Hart, Eric Watson
and PEP have all owned?," BusinessDay.co.nz quotes Tim Morris as
saying.

BusinessDay.co.nz relates that Mr. Morris said while he would
recommend to clients the company was a good buy if debt levels
were lower than under its current ownership, it was most likely to
be snapped up by another private equity investment company from
Australia or Asia.

Meanwhile, BusinessDay.co.nz says REDgroup's 1,300 New Zealand
staff at Whitcoulls, Borders and Bennetts book stores nationwide
have been advised to stay on until the picture becomes clearer.

After meeting representatives from the company's Australian
administrator Ferrier Hodgson on Monday, BusinessDay.co.nz
relates, National Distribution Union secretary Robert Reid said
they couldn't yet tell him "the size of the problem."

Mr. Reid said it was worth employees "hanging on" because
redundancy payments and holiday pay owing could still be made if
the company is sold or down-sized, according to BusinessDay.co.nz.

BusinessDay.co.nz notes that liquidation would mean that employees
line up alongside other secured creditors for their cut of the
company proceeds.

Mr. Reid, as cited by BusinessDay.co.nz, said his union  acted for
only 25 to 30 REDgroup workers, mainly at a distribution centre,
but the administrators had indicated all employees, including
those on individual rather than unionised contracts, had "four
plus two" redundancy provisions.

In the event of any redundancies this would give employees four
weeks pay for their first year of work and two weeks for every
year after that, BusinessDay.co.nz discloses.  However, under
New Zealand insolvency legislation any entitlements are limited to
NZ$18,700 per person, BusinessDay.co.nz notes.

BusinessDay.co.nz adds that the union would attend a creditor's
meeting on behalf of its members in Auckland on March 1.

                          Administrators' Fee

Radio New Zealand reports that the National Distribution Union, a
union representing workers at Whitcoulls, said staff will be very
surprised by the fees being charged by the company's
administrators.

Radio New Zealand says Ferrier Hodgson's list of fees, which the
REDgroup's creditors are asked to approve, range between NZ$205 an
hour for a junior or filing assistant and NZ$827 for a partner.

The union said it is ironic administrators are paid huge fees to
save a broken company.

                        About REDgroup Retail

REDgroup Retail Pty, with 260 stores and brands including Angus &
Robertson and Whitcoulls, is the largest book retailer in
Australia and New Zealand.  It acquired Borders stores in
Australia, New Zealand and Singapore in 2008.

REDgroup Retail Pty. Ltd. on Feb. 17, 2011, named Ferrier Hodgson
as voluntary administrators.  The appointment comes less than a
day after Borders Group Inc. filed for bankruptcy in the U.S. and
began taking bids for 200 stores, according to Bloomberg News.

The REDgroup companies in Administration include:

* REDgroup Retail Pty Ltd
* Spine Holdco Pty Ltd
* A&R Australia Holdings Pty Ltd
* REDgroup Retail Administrative Services Pty Ltd
* Whitcoulls Group Holdings Pty Ltd
* Spine Newco Pty Ltd
* Angus & Robertson Pty Ltd
* Angus & Robertson Bookworld
* Calendar Club Pty Ltd
* WGL Retail Holdings Ltd
* Whitcoulls Group Ltd
* Calendar Club New Zealand Ltd
* Borders New Zealand Ltd
* REDgroup Online Ltd

Ferrier Hodgson partner Steve Sherman said as far as possible it
would be business as usual while the Administrators conduct an
urgent assessment of the business's financial status and prepare
for the first meeting of creditors.  During this period he called
for regular Angus & Robertson, Borders and Whitcoulls customers to
continue supporting their local outlets.


REDGROUP RETAIL: Business As Usual at Borders Singapore
-------------------------------------------------------
The Strait Times reports that it is officially business as usual
for Borders Singapore even though its Australian parent company,
REDgroup Retail Pty, has gone bust.

According to the Strait Times, the group's spokesmen said while
debt-ridden REDgroup Retail's businesses in Australia and
New Zealand are under financial scrutiny and belt-tightening
measures, Singapore operations are unaffected.

"REDgroup can confirm that Borders Singapore and Supanews
Singapore have not been placed into voluntary administration.  It
is currently business as usual at Borders Singapore," said a
statement on Monday from REDgroup Retail, referring to both its
book-selling business and news agency in Singapore, according to
the Strait Times.

The Singapore store's current status was confirmed by Steve
Sherman, a partner at recovery firm Ferrier Hodgson, which now
controls REDgroup Retail's assets and is helping it find ways to
pay creditors.

                        About REDgroup Retail

REDgroup Retail Pty, with 260 stores and brands including Angus &
Robertson and Whitcoulls, is the largest book retailer in
Australia and New Zealand.  It acquired Borders stores in
Australia, New Zealand and Singapore in 2008.

REDgroup Retail Pty. Ltd. on Feb. 17, 2011, named Ferrier Hodgson
as voluntary administrators.  The appointment comes less than a
day after Borders Group Inc. filed for bankruptcy in the U.S. and
began taking bids for 200 stores, according to Bloomberg News.

The REDgroup companies in Administration include:

* REDgroup Retail Pty Ltd
* Spine Holdco Pty Ltd
* A&R Australia Holdings Pty Ltd
* REDgroup Retail Administrative Services Pty Ltd
* Whitcoulls Group Holdings Pty Ltd
* Spine Newco Pty Ltd
* Angus & Robertson Pty Ltd
* Angus & Robertson Bookworld
* Calendar Club Pty Ltd
* WGL Retail Holdings Ltd
* Whitcoulls Group Ltd
* Calendar Club New Zealand Ltd
* Borders New Zealand Ltd
* REDgroup Online Ltd

Ferrier Hodgson partner Steve Sherman said as far as possible it
would be business as usual while the Administrators conduct an
urgent assessment of the business's financial status and prepare
for the first meeting of creditors.  During this period he called
for regular Angus & Robertson, Borders and Whitcoulls customers to
continue supporting their local outlets.


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C H I N A
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POWERLONG REAL: Moody's Gives Negative Outlook on 'Ba3' Rating
--------------------------------------------------------------
Moody's Investors Service has changed to negative from stable its
outlook on Powerlong Real Estate Holding's Ba3 corporate family
and B1 senior unsecured bond ratings.

Powerlong's Ba3 corporate family and B1 senior unsecured bond
ratings themselves have been affirmed.

"The change in outlook has been prompted by Powerlong's higher-
than-expected land acquisition, of close to RMB4 billion in 2010,
which adds pressure to its liquidity," says Kai Hu, a Moody's Vice
President.

"Powerlong plans to fund such land acquisitions (RMB2.4 billion
land premium unpaid as of the end of 2010) and future expansion
with more debt, meaning that its debt leverage will be higher than
Moody's expectation of around 35%-45% for its current rating,"
says Hu.

"The negative outlook also takes into account the greater
execution risks arising from (1) Powerlong's expansion into
higher-tier markets such as Hangzhou and Tianjin, where it will
encounter more competition from established players, as well as
(2) tightened property purchase restrictions imposed by the
government in these cities," adds Hu.

Powerlong's Ba3 rating continues to reflect (1) the company's
niche business model -- a balanced mix of large-scale integrated
residential and commercial properties in diversified second- and
lower-tier cities; (2) its portfolio of major domestic and
international anchor tenants; and (3) its ability to maintain a
moderately high EBITDA margin of 30%-40%

The outlook could return to stable if Powerlong can (1)
substantially achieve its sales targets; (2) maintain adjusted
debt/total capitalization at 35%-45% on a sustained basis; and (3)
maintain sound liquidity position and minimum cash balance of RMB
1.5-2 billion.

Powerlong's ratings could be pressured downward if (1) sales fall
below expectations; (2) the company makes any further aggressive
land acquisitions; (3) liquidity deteriorates further due to
either fast growth or tight headroom in financial covenants; or
(4) the portfolio rental income and the market value of its
investment properties drops sharply.

The key credit metrics that Moody's would consider for a rating
downgrade include adjusted debt/capitalization staying above 50%
and EBITDA/interest falling below 3-4x for a prolonged period

Moody's last rating action on Powerlong was taken on Oct. 4, 2010,
when Moody's assigned a definitive B1 senior unsecured bond rating
on its US$200 million 13.75% notes due 2015.

Powerlong Real Estate Holdings Limited is a Chinese developer that
builds residential and commercial properties in second- and lower-
tier cities in China.  It currently has a development land bank of
around 6.33 million sqm in gross floor area in 15 cities.  It also
has seven completed investment properties for leasing.


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


OCMADOR ASIA: Ying and Yeung Step Down as Liquidators
-----------------------------------------------------
Ying Hing Chiu and Yeung Betty Yuen stepped down as liquidators of
Ocmador Asia Management Limited on Feb. 9, 2011.


ORIENTAL SEA: Placed Under Voluntary Wind-Up Proceedings
--------------------------------------------------------
At an extraordinary general meeting held on Feb. 2, 2011,
creditors of Oriental Sea Trade Limited resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

         Lai Chi Kin
         Suite 1306, 13/F
         ING Tower, 308 Des Voeux Road
         Central, Hong Kong


PACKET GENESIS: Li and Lee Step Down as Liquidators
---------------------------------------------------
Li Wai See and Lee Mei Yiu stepped down as liquidators of Packet
Genesis Limited on Feb. 16, 2011.


QWARUBA LIMITED: Placed Under Voluntary Wind-Up Proceedings
-----------------------------------------------------------
At an extraordinary general meeting held on Feb. 9, 2011,
creditors of Qwaruba Limited resolved to voluntarily wind up the
company's operations.

The company's liquidator is:

         Wong Sun Keung
         Unit 2, 20/F
         Far East Consortium Building
         121 Des Voeux Road
         Central, Hong Kong


SOCORO ENTERPRISES: Members' Final Meeting Set for March 23
-----------------------------------------------------------
Members of Socoro Enterprises Limited will hold their final
general meeting on March 23, 2011, at 10:00 a.m., at 4304, 43/F,
China Resources Building, 26 Harbour Road, Wanchai, in Hong Kong.

At the meeting, Heng Poi Cher and Jennifer Tan, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


SPRING WIRELESS: Tam Chun Wan Steps Down as Liquidator
------------------------------------------------------
Tam Chun Wan stepped down as liquidator of Spring Wireless Asia
Pacific Limited on Feb. 18, 2011.


SSP1 GROUP: Members' Final Meeting Set for March 21
---------------------------------------------------
Members of SSP1 Group Limited will hold their final general
meeting on March 21, 2011, at 10:00 a.m., at 13/F., Wah Kit
Commercial Centre, 302 Des Voeux Road Central, in Hong Kong.

At the meeting, Liu Chi Lai, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.


SUPER ASCENT: Members' Final Meeting Set for March 22
-----------------------------------------------------
Members of Super Ascent Development Limited will hold their final
meeting on March 22, 2011, at 2:00 p.m., at Room 1212, Wing Lung
Bank Centre, 636 Nathan Road, Mongkok, Kowloon, in Hong Kong.

At the meeting, Chan Chiu Yin, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


TOP PICTURES: Creditors' Proofs of Debt Due March 18
----------------------------------------------------
Creditors of Top Pictures 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 liquidators are:

         Mak Kong Fan
         Tse Tak Ming
         Room 104, 1/F
         Hing Yip Commercial Centre
         272-284 Des Voeux Road
         Central, Hong Kong


VINKI CORPORATION: Creditors' Meeting Set for February 25
---------------------------------------------------------
Creditors of Vinki Corporation Limited will hold their meeting on
Feb. 25, 2011, at 11:30 a.m., for the purposes provided for in
Sections 241, 242, 243, 244, 255A and 283 of the Companies
Ordinance.

The meeting will be held at 43rd Floor, The Lee Gardens, 33 Hysan
Avenue Causeway Bay, in Hong Kong.


WAI SHING: Creditors' Meeting Set for March 1
---------------------------------------------
Creditors of Wai Shing Plastic Toys Limited will hold their
meeting on March 1, 2011, at 9:30 a.m., for the purposes provided
for in Sections 241, 242, 243, 244 and 255A of the Companies
Ordinance.

The meeting will be held at Room 103, Duke of Windsor Social
Service Building, 15 Hennessy Road, Wan Chai, in Hong Kong.


WHOLE HERO: Keung and Wai Appointed as Liquidators
--------------------------------------------------
Stephen Liu Yiu Keung and David Yen Ching Wai on Jan. 28, 2011,
were appointed as liquidators of Whole Hero 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


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I N D I A
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AJAY POLYMERS: ICRA Assigns 'LBB-' Rating to INR15cr Limits
-----------------------------------------------------------
ICRA has assigned an 'LBB-' rating on the long term scale and an
A4 rating on the short term scale to the INR15.0 crore bank limits
of Ajay Polymers.  The long term rating has been assigned a Stable
outlook.

The ratings are constrained by the weak financial profile of the
Firm as reflected in its stressed credit metrics; average
profitability and high working capital intensity; the high
competitive intensity in the PVC pipes business; the relatively
modest scale and regional concentration of the Firm's operations;
vulnerability of profitability to variations in price of main raw
material PVC resin which is a crude oil derivative apart from
risks inherent in partnership form of business. Nevertheless while
assigning the ratings ICRA has favorably considered the promoters
significant experience in the PVC pipes business; the Firm's well
established brand and presence in the main region of operations
and the favorable demand outlook for PVC pipes and related
products.

                         About Ajay Polymers

Ajay Polymers is engaged in the manufacture of unplasticised
polyvinylchloride (PVC) pipes, fittings and other accessories
which are sold under the brand name Ravindra mainly in the north
and western parts of the country. Ajay Polymers is constituted as
a partnership firm and was promoted by Mr. Ashwani Kumar Garg in
2003. Mr. Garg holds 50% stake in Ajay Polymers while the other
50% is held by his brother in law, Mr. Sanjeev Kumar Mittal. Both
the partners have considerable experience in the pipes business
having been engaged in trading of PVC and MS pipes in the region
for more than three decades. The Firm's sole manufacturing unit is
located at Hisar in Haryana which is considered the hub of the
pipe industry in the state. Currently Ajay Polymers operates 13
extruders for PVC pipes with a cumulative capacity of 22,000 MTPA.
The Firm also entered the PVC fittings business, which is
complementary to the pipes business in FY 09, and has 4 injection
mouldings at present producing over 180 types of accessories and
fittings.

Recent Results

In 2009-10, the Firm reported an operating income (OI) of
INR74 crore with a profit after tax (PAT) of INR1.44 crore
compared to an OI of INR67 crore and a PAT of INR0.89 crore in
2008-09.  In 9M 2010-11, as per unaudited provisional results, the
Firm has reported an OI of INR64 crore with a PAT of INR1 crore.


CHAMUNDI DISTILLERIES: ICRA Cuts Rating on INR12cr Loans to 'LB'
----------------------------------------------------------------
ICRA has revised the long-term rating to the INR12 crore fund
based limits of Chamundi Distilleries Private Limited from 'LBB-'
to 'LB'.

The rating action factors in the deterioration in its financial
profile in FY 2010 as reflected in a deterioration in its capital
structure and coverage indicators which coupled with stretched
liquidity conditions for the company have resulted in delays in
debt repayments.  ICRA's rating also factors in the vulnerability
of the company's operating and financial performance to
availability and pricing of the key raw material (molasses), which
in turn is related to the sugar cycle.  The rating also factors in
low net profitability of the company which has resulting in
negligible internal accruals in the past and this situation is
unlikely to change significantly in the medium term.  However, the
rating draws comfort from the long operating history of the
company with significant experience of the promoters in this
segment and integration of group's operations.

                     About Chamundi Distilleries

Chamundi Distilleries Private Limited was established in 1995 by
Gowda Group, which also has presence in other related business
like Indian Made Foreign Liquor (IMFL) and sugar.  Earlier the
company was also engaged in arrack (country liquor) business; post
the ban on arrack in Karnataka in Jul-07, company shifted its
focus to distillery segment.  CDPL established a distillery plant
at Bangalore, Karnataka with capacity of 27 KLPD per day which has
now been expanded to 54 KLPD. Chamundi Distilleries Private
Limited has a molasses based distillery unit with distillation
capacity of 54 KLPD of ENA.  The capacity is increased the
capacity from 27 KLPD to 54 KLPD with a total project cost of
around INR15 crore.  CDPL sells most of its production to its
parent company (SPR Group Holding private Limited) which is
engaged in IMFL production. On the strength of forward
integration, CDPL's capacity utilization of distillery unit has
been comfortable at 80-90% during 2005-06 to 2007-08.  However,
capacity utilization suffered in the last few years as plant was
shut down due to expansion activity.

Recent Results

CDPL reported a net profit of INR  0.86 crore on operating income
of INR  10.85 crore in FY2010, as against corresponding figures of
net loss of INR  0.93 crore and INR  8.30 crore in FY2009.  In H1
2010-11 (provisional), CDPL reported PAT of INR 0.36 crore on
operating income of INR 16.62 crore.


HOMERA TANNERS: ICRA Assigns 'LC' Rating to INR0.51cr Term Loans
----------------------------------------------------------------
ICRA has assigned the long-term rating of 'LC' to the INR0.51
crore Term Loans and INR6.50 crore fund based facilities of Homera
Tanners Private Limited.  ICRA has also assigned the short-term
rating of 'A5' to the INR2.00 crore non-fund based facilities of
HTPL.

The ratings factors in the liquidity constraints experienced by
the company as exhibited by delays in meeting its debt servicing
obligations and steady increase in the payable days over the
years. This apart, the ratings also factor in the susceptibility
to HTPL's profitability to foreign exchange rate fluctuations, its
weak financial profile with cash losses reported in FY 2010 and
its negative networth. The ratings, however, draw comfort from the
long track record of the promoters in the leather industry

                        About Homera Tanners

Homera Tanners Private Limited is a manufacturer and exporter of
finished leather and split.  The company was incorporated in 2006
as a private limited company. Homera Tanners Private Limited
is promoted by Mr. Rizwan Ullah and his family.  Mr. Rizwan Ullah
has a long track record in the leather business and has been
engaged in the leather business since more than four decades.  In
HTPL, Mr. Rizwan Ullah is the Managing Director; his family
members are among other Directors in the company and are involved
in the in the day to day management of the company. The company
has its manufacturing facility at Kanpur, Uttar Pradesh.

Recent Results

The company reported an operating income (OI) of INR25.15 crore in
FY 2010. However, owing to increasing interest cost and exchange
rate losses, the company reported a net loss of INR0.24 crore.


HOMERA TANNING: ICRA Assigns 'LC' Rating to INR19.82CR Loans
------------------------------------------------------------
ICRA has assigned the long-term rating of 'LC' to the INR19.82
crore fund based facilities of Homera Tanning Industries Private
Limited.  ICRA has also assigned the short-term rating of 'A5' to
the INR6.00 crore non-fund based facilities of HTIPL.

The ratings factor in the liquidity constraints witnessed by the
company as exhibited by delays in meeting its debt servicing
obligations and increase in payable days over the years.  The
ratings also factor in the susceptibility to HTIPL's profitability
to foreign exchange rate fluctuations and its weak financial
profile with a net margin of -8.2% in FY 2010. Moreover, the
ratings are constrained by its leveraged capital structure
(gearing of 4.41 times as on March 31, 2010) and its weak debt
coverage indictors. The rating, however, draws comfort from the
long track record of the promoters in the leather industry.

                       About Homera Tanning

Homera Tanning Industries Private Limited is a manufacturer and
exporter of finished leather and shoe upper pair.  The company was
incorporated in 1987 as a private limited company.  Homera Tanning
Industries Private Limited is promoted by Mr. Rizwan Ullah and his
family. Mr. Rizwan Ullah has a long track record in the leather
business and has been engaged in the leather business since more
than four decades.  Mr. Rizwan Ullah is the Managing Director of
the company; his family members are among other Directors in the
company and are involved in the in the day to day management of
the company.  The manufacturing facility of the company is located
at Kanpur, Uttar Pradesh.

Recent Results

The company reported an operating income (OI) of INR43.70 crore as
on March 31, 2010.  However, owing to increasing interest costs
and exchange rate losses the company reported a net loss of
INR3.59 crore, resulting in a net margin of -8.2%.


INDUSIND BANK: Fitch Upgrades Individual Rating at 'D'
------------------------------------------------------
Fitch Ratings has upgraded India's Indusind Bank Ltd's National
Long-Term Rating to 'AA-(ind)' from 'A+(ind)' with a Stable
Outlook, and its National Short-Term Rating to 'F1+(ind)' from
'F1(ind)'.  The agency has also affirmed IBL's Individual Rating
at 'D' and Support Rating at '5'.  A list of all rated instruments
is given at the end of this release.

The upgrade in IBL's National LT Rating reflects its strong
capitalization, proven track record of asset quality management,
and profitability that is driven by its strong fees income profile
and above systemic average interest margins.  Fitch expects the
bank's funding to benefit from a rapid expansion of its branch
network over the next three to five years.  This will enable IBL
to garner more retail deposits, which will partly off-set its
relatively greater reliance on less sticky wholesale deposits.
IBL's Support Rating factors in its small size and deposit base
(less than 1% of banking system deposits) due to which support to
government banks and larger private banks would gain precedence.

IBL's net interest margins are above the banking system average of
around 2.5%, and improved to 3.89% (annualized) over the nine
months ended 31 December 2011 (9MFY11) on account of the bank's
renewed focus on its high-yielding consumer finance segment (41%
of gross loans at 9MFY11), which includes commercial vehicle
loans, auto loans and equipment finance loans.  High yields from
the consumer finance segment allowed the bank to increase its
yields on loans by a greater quantum compared to cost of deposits.
IBL's profitability was also aided by its strong fees income
profile (30% of operating income at 9MFY11), as the bank seeks to
expand and strengthen its investment advisory and insurance
distribution network.  Profitability would remain under pressure
over the near to medium term, as IBL is vulnerable to rising
interest rate environment due to its reliance on large-ticket bulk
deposits.  This would be mitigated by IBL's asset liability mix,
which would allow the bank to transmit increased deposit costs to
its loan segment.  In addition, its branch expansion plans would
necessitate greater operating expense, which would prevent any
substantial reduction in its moderately high cost to income ratio
(9MFY11: 48.5%).

IBL's gross NPL ratio declined in 9MFY11 to 1.22% (FY10: 1.62%) on
account of the denominator effect of high loan growth (9MFY11:
29%) and low fresh slippages.  IBL's asset quality benefits from
its proven track record of managing the riskier consumer finance
segment.  That said, the asset quality may deteriorate over the
medium term, as the bank plans to expand its loan book in newer
segments like mortgage loans, small industry loans among others.
The bank's mortgage loan segment will be sufficiently
collateralized.  IBL's NPL provision coverage ratio (excluding
technical write-offs) was 70.27% at 9MFY11 which is above the
regulatory minimum of 70%.

IBL received INR11.7bn of equity capital, which enabled it to
increase its Tier 1 ratio to 11.67% at 9MFY11 (FY10: 9.65%).  The
bank's entire Tier 1 capital consists of core equity, and it has
ample scope to raise fresh common equity along with Tier 2 capital
from the markets.  IBL's capital adequacy ratio was 15.6% at
9MFY11.

IBL's funding profile is oriented towards large-ticket bulk
deposits due to its limited branch network.  Although the share of
low-cost, stable current and savings account deposits is
increasing in the funding mix (CASA for 9MFY11: 26.8%, FY10:
23.7%), large-ticket bulk deposits still contribute over 30% to
IBL's total liabilities and funding, which is above the systemic
average levels of 9%-10%.  That said, the bank's relatively weak
albeit improving funding profile is mitigated by the
diversification of its corporate deposit base and availability of
refinance lines of around INR20bn from financial institutions like
National Housing Bank ('AAA(ind)'/Stable), National Bank For
Agriculture and Rural Development ('BBB-'/Stable) and Small
Industries Development Bank of India ('BBB-'/Stable) .

IBL's lower Tier 2 subordinated bonds have been rated at the same
level as its National LT rating based on Fitch's "Criteria for
Indian National Ratings of Bank Hybrids and Subordinated Debt".

IBL:

  - INR4.85bn lower Tier 2 subordinated debt: upgraded to 'AA-
    (ind)' from 'A+(ind)'; and

  - INR 3.08bn upper Tier 2 subordinated debt; upgraded to
    'A(ind)' from 'A-(ind)'.


JHUNJHUNWALA OIL: ICRA Revises Long-Term Rating to 'LB'
-------------------------------------------------------
ICRA has revised the long term rating assigned to the bank limits
of Jhunjhunwala Oil Mills Limited to 'LB' from 'LBB' earlier and
reaffirmed the short term rating at A4 for a total amount of
INR9.55 crore.

The rating revision primarily reflects the unsatisfactory debt
servicing track record of the company with delays in repayment of
term loan installments due to liquidity constraints and cash flow
mismatches.  The ratings also reflect the inherently low profit
margins, the high competitive intensity and fragmentation in the
edible oils industry; exposure to agro-climatic risks;
vulnerability of profitability of domestic players to import
threat, volatility in global edible oil prices and narrowing of
duty differential between crude and refined oils besides the
company's weak financial profile as reflected in its high
gearing levels and tightness in liquidity.  ICRA also notes that
the company is in the midst of a relatively large scale capex
programme for setting up a rice mill and has further plans to
undertake moderate scale capacity expansion projects, which would
keep its cash flows and return indicators subdued over the near to
medium term.  Nevertheless, ICRA favorably factors in the
considerable experience of JOML's promoters in the edible oils
business; the company's manufacturing facilities being well
integrated thereby allowing presence across the value chain; the
overall favorable demand prospects for rice bran oil and cattle
feed, the company's main products and upside potential to its
business from the ongoing rice mill project.

                       About Jhunjhunwala Oil

Jhunjhunwala Oil Mills Limited is engaged in the manufacture of
edible oil (mainly rice bran oil) and cattle feed.  The company's
integrated manufacturing facilities are located in Varanasi, Uttar
Pradesh and include a solvent extraction plant (250 tpd), refinery
(75 tpd) and a cattle feed unit (200 tpd).  JOML is a closely held
company with 100% ownership of the promoter, Mr. V.N. Jhunjhunwala
and his family and friends. The promoter family holds considerable
experience in the edible oil business having been present in it
for almost two decades.  The company is diversifying into rice
milling and is setting up a 8 tph (48,000 MTPA) plant in Bihar

Recent Results

In 2009-10, the Company reported an operating income (OI) of INR96
crore with a profit after tax (PAT) of INR1.35 crore compared to
an OI of INR72 crore and a PAT of INR1.02 crore in 2008-09.  In 9M
2010-11, as per unaudited provisional results, the Company has
reported an OI of INR83 crore with a PAT of INR1.52 crore.


KALYAN JEWELLERS: ICRA Upgrades Rating on INR0.45cr Loan to 'LBB+'
------------------------------------------------------------------
ICRA has upgraded the rating assigned to the INR0.45 crore term
loans and the INR12.0 crore fund based facilities of Kalyan
Jewellers Madurai from 'LBB+' to 'LBBB-'.  The outlook on the
rating is stable.

The upgrade in rating reflects the established market position of
Kalyan group in the jewellery retail market of Kerala and Tamil
Nadu market; effective sourcing mechanism and integrated nature of
operations leading to cost advantages and strong brand loyalty,
improving product portfolio, widening geographical reach and
marketing initiatives leading to robust volume growth.  The rating
also factors in the improvement in financial profile of the group
with increasing scale of operations and improvement in
profitability.  The rating is however constrained by the stretched
capital structure of the group, thin profit margins on account of
low value addition in the business and heavy competition in a
fragmented industry, and strained liquidity position due to the
high working capital intensive nature of operations.  With
significant expansions envisaged by the group, the capital
structure is expected to remain stretched in the medium term.
Nevertheless, these risks are mitigated to an extent by the
leading competitive position of the group in its key markets and
improving product and geographical diversification which is
expected to support strong revenue growth and aid expansion in
profit margins of the group.

For arriving at the rating, ICRA has taken a consolidated view of
all the entities in the group, on account of the strong
operational and financial linkages between the various entities in
the Kalyan group. Also these entities are expected to be merged in
the medium term, though the exact terms of the merger is yet to be
finalized.

                         About Kalyan Group

The jewellery business of the Kalyan group is organized under
seven entities, with five being partnership firms and the
remaining two being private limited companies; the group has 21
showrooms under it spread across Tamil Nadu, Kerala, Andhra
Pradesh and Karnataka.  KJM has only one showroom under it. Going
forward, all the new showrooms commenced by the group would be
under either of the private limited companies existing in the
group.  Also the partnership entities in the group are expected to
be merged with the two limited companies, where the entity to be
merged and exact nature of merger is yet to be finalized.


KAMAL AUTO: ICRA Assigns 'LB+' Rating to INR16.5cr Bank Loans
-------------------------------------------------------------
ICRA has assigned the long term rating of 'LB+' to INR16.5 Crore
facilities and INR1.46 Crore unallocated facilities of Kamal Auto
Industries Coach Works Private Limited.  ICRA has also assigned
the short term rating of 'A4' to INR2.04 Crore non fund based bank
facilities of KAICWPL.

The assigned ratings factor in the company's limited revenue
streams and highly leveraged capital structure with a term debt of
INR12.8 Crore on its books as on Nov'10 and a corporate guarantee
towards group company (Kamal Auto Industries).  While the debt
obligations remain significant in proportion to the net worth, the
revenue growth potential remains modest.  While the ratings derive
comfort from the assured rental income from Bharti Walmart,
ability of the business to generate adequate accruals remains to
be seen.

Recent Results

KAICWPL reported revenues of INR0.61 Crore and Profit before Tax
of INR0.45 Crore in the period from April to November 2010.

                         About Kamal Auto

Kamal Auto Industries Coach Works Private Limited was set up in
1979. The company is engaged in fabrication, manufacturing of
coaches and rental business.


KOTESWARA RAO: ICRA Assigns 'LBB' Rating to INR89.33cr Loans
------------------------------------------------------------
ICRA has assigned 'LBB' rating to INR89.83 crores fund based and
INR1.94 crore non fund based facilities of Sri Nukala Rama
Koteswara Rao Textiles Private Limited.  ICRA also has assigned
'A4' to INR1.20 crore non fund based sublimit of SNRKRTPL.  The
outlook on the long-term rating is Stable.

The ratings assigned by ICRA reflect SNRKRTPL's relatively
moderate scale of operations, lack of financial flexibility
characterised by a highly leveraged capital structure and the
fragmented nature of the spinning industry which restrict
SNRKRTPL's pricing flexibility.  The ratings, however, draw
comfort from the experience of the promoters in the cotton trading
and ginning business, proximity of SNRKRTPL's spinning unit to
cotton growing areas of the Guntur district of Andhra Pradesh
(AP), its integrated operations through group company, improved
demand outlook for yarn and derived products and the advantages of
fiscal benefits such as interest and power subsidy received by the
company. Going forward, the ability of the company to bring down
its high gearing and increase its operating margin will be a key
sensitivity for the ratings.

Sri Nukala Rama Koteswara Rao Textiles Pvt Ltd. was incorporated
by Mr. Sri Nukala Rama Kotweswara Rao in Guntur and was engaged in
Cotton ginning and trading initially.  After his death in 1999 his
son Mr. Nukala Venkata Venu Gopala Rao took over the business and
started expanding by establishing two spinning mills at
Rajahmundry and Guntur.  The total spindle capacity as on
March 31, 2010, was 41,760 spindles and the same is expected to be
53,280 spindles by the end of current financial year.  Sri
Jagadambica Cotton Company and Arulmigu Siva Sakthi Spinning Mills
Private Ltd are the sister companies.


REGENCY GANGANI: ICRA Assigns 'LB-' Rating to INR47.75cr Debt
-------------------------------------------------------------
ICRA has assigned a rating of 'LB-' to the INR47.75 crore long
term debt programme of Regency Gangani Energy Private Limited.

ICRA's non investment grade rating of RGEPL factors in the fact
that the company is still in a project stage and thus exposed to
risks that are associated with projects under construction
including risks of time overruns in construction (which in turn
can lead to cost overruns) and non-timely stabilization of
operations.  The project has in fact already been delayed by one
year, which also led to cost escalation by almost INR  6 crores,
and this necessitated a restructuring of the term loans extended
to the company wef April 2010 and also some delays in interest
payments.  Further, around INR8 crores of term loans (mainly for
funding cost overruns) are yet to be sanctioned which exposes the
project to funding risks.  The high financial risk profile also
factors in hydrological risks as RGEPL is not covered under deemed
generation clause in case of factors like shortage of water or
loss of generation due to silting.  Given that the revenues of the
company are linked to actual unit sales, this exposes the company
to risks of variable cashflows.  The rating however draws comfort
from the fact that the project is nearing completion, which limits
the likelihood of any further time and cost escalations.  The
rating also draws comfort from the firm off take arrangement with
UPCL for tenure of 25 years, limited demand risks due to
significant energy deficit in northern India, adequate tariff
levels declared by the UERC and eligibility of the project under
Ministry of New and Renewable Energy for receipt of capital
subsidy.  Further, the project is exempt from providing free power
to the state government for a period of 12 years. Going forward,
the ability of the company to complete the project with minimal
cost and time overruns, meet the designed performance parameters,
availability of adequate water in the catchment area and timely
repayment of its debt obligations will be key rating drivers.

                        About Regency Gangani

RGEPL is an Independent Power producer (IPP) promoted by the
Regency group to develop, own and operate a 9.5 MW small hydro
power (SHP) project (referred to as Gangani) in Uttarkashi
District of Uttaranchal.

The Regency group, which is based in Paonta Sahib, HP, commenced
operations by setting up a calcium carbide manufacturing unit in a
company called Regency Carbide Limited (RCL). Subsequently, the
company diversified into power generation mainly for meeting the
captive power requirement of RCL. Thereafter they commissioned a
number of other units as well.


RICHLOOK GARMENT: ICRA Raises Rating on INR39.5cr Limits to 'LBB'
-----------------------------------------------------------------
ICRA has upgraded the long-term rating of Richlook Garment Private
Limited from 'LBB' to 'LBB+' for the INR39.5 crore fund based
limits.  ICRA has reaffirmed the stable outlook to the long term
rating.

The rating upgrade reflects favorably on growth in RGPL's
operating revenues backed by strong volume growth, improved
operating margins despite rising input prices, both demonstrating
the ability to sustain the increased operating scale acquired in
FY09.  The rating also takes into account the fact that the
company has consolidated its operating position by shutting down
non performing franchisees and started focusing on company owned
store format which gives it better control over operations.
This is also reflected in the revenue growth across company owned
stores.  Further, since the last rating exercise company has
revised its plan to expand its retail network in a conservative
and calibrated manner.  This move is likely to result in lower
than anticipated stress on RGPL's financial risk profile.  However
the rating continues to be constrained by high working capital
intensive nature of business, geographical concentration risks
arising out presence in few states and moderate debt protection
indicators. Further, the rating also takes into account that
company's plan to increase manufacturing capacities has been
deferred.  Given that the company is foraying into wholesale
garment trading which is a high volume business, the company could
become excessively dependent on sub contractors, thereby possibly
eroding its operational advantages and inhibiting its cost
structure.

                        About Ricklook Garments

Richlook Garments Private Limited is engaged in the manufacturing
and retailing of men's garments, and accessories.  At present, the
company has 77 outlets across 9 states.  The company has also
recently forayed into women's wear segment which mainly includes
formal western wear.  The company carries out manufacturing
through its two units based in New Delhi which have an annual
installed capacity of 500,000 shirts and 350,000 trousers.  The
company is also planning to set up new capacities in Kundli and
Barhi, Haryana for which it has bought land.

Recent Results

In the nine months ended December 31, 2010, the company registered
revenues of INR45.0 cr, 7% higher than the corresponding period in
preceding year.


ROBOSOFT TECHNOLOGIES: ICRA Cuts Rating on INR11cr Loan to 'LC'
---------------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR11 crore
term loans (reduced from INR18.70 crore) of Robosoft Technologies
Private Limited from LB- to LC.  ICRA has also revised the short
term ratings assigned to the INR 7.30 crore fund based and non-
fund based facilities (enhanced from INR6.30 crore) of the company
from A4 to A5.

The revision in ratings reflects RTPL's continuing delays in
servicing its debt obligations owing to its stretched liquidity
position and its significant debt repayment obligations.  ICRA
notes that an improvement in the liquidity profile backed by a
stronger operational performance in the medium term would be
critical for the company to regularize its debt servicing and
improve its credit profile.

The ratings, however, favorably consider the company's established
track record in the niche Macintosh platform and the growth
prospects arising from introduction of ERP products developed
recently by the company.

                     About Robosoft Technologies

Robosoft Technologies Private Limited, promoted as a
proprietorship firm in 1996 at Udupi, Karnataka, by Mr. Rohith
Bhat and subsequently incorporated as a private limited company in
2005, is primarily into the business of development of software
applications for Mac OS platform.  RTPL has a team of around 300
software professionals working for the company. The company offers
its products/services through four business divisions, viz.,
software services, software utilities, gaming products, and
enterprise applications.  The software services segment is the
largest business segment in the company accounting for around 90%
of net sales in 2009-10.


SPR GROUP: ICRA Downgrades Rating on INR8.29 Loans to 'LB+'
-----------------------------------------------------------
ICRA has revised the long-term rating to the INR8.29 crore term
loans and INR  51.50 crore fund based limits of SPR Group Holdings
Private Limited from 'LBB-' to 'LB+'.  ICRA has also assigned the
rating of 'LB+' to INR5.0 Crore fresh long term loans.  ICRA has
retained the short-term rating to the INR2.50 crore Non Fund based
limits at A4.

The rating action factors in the deterioration in its financial
profile in FY 2010 as reflected in low profitability and cash
accruals, stretched liquidity and deterioration in its
capitalization and coverage indicators.  ICRA has also factored in
the drop in the operating income of the company in FY2010,
geographical concentration risks associated with the company's
operations in a single state namely Karnataka, the intensely
competitive nature of low profile Indian Made Foreign Liquor
(IMFL) industry and its vulnerability to raw material price
movements (especially molasses) while revising the long-
term rating. However, ICRA has drawn some comfort from the long
track record of the promoters in the liquor industry and backward
integration of the group's operations.

                          About SPR Group

SPR Group Holdings Private Limited was established in 1991 by
Gowda Group, which also has presence in other related business
like distillery and sugar.  Earlier the company was mainly
engaged in arrack (country liquor) business; post the ban on
arrack in Karnataka in Jul-07, company shifted its focus to IMFL.
SGHPL has established a bottling plant at Bangalore, Karnataka
with capacity of 20000 cases per day.  SPR Group Holdings Private
Limited (SGHPL) is involved in the production and sale of IMFL
primarily to Karnataka State Breweries Corporation Limited (state
agency, channelizing agency for liquor products in Karnataka).
SGHPL operates in an intensely competitive low profile IMFL
segment (less expensive); end consumers in this segment are price
sensitive and do not have brand/taste preference. Within IMFL
segment, SGHPL has presence in whisky, brandy, rum and gin. The
company's operations are concentrated in Karnataka along with
small proportion of production being sold to other states through
Canteen Store Department, Ministry of Defense (CSD).

SGHPL reported a PAT of INR0.59 crore on operating income of
INR78.62 crore in FY2010, as against corresponding figures of
INR0.21 crore and INR102.33 crore in FY2009.  In H1 2010-11
(provisional), SGHPL reported PAT of INR0.17 crore on operating
income of INR65.33 crore.


SUBRAMANYA EDUCATION: ICRA Assigns 'LBB' Rating to INR16cr Loan
---------------------------------------------------------------
ICRA has assigned a long term rating of 'LBB' to the INR16.0 crore
bank facilities of Subramanya Education Society.  The outlook on
the long term rating is stable.

The rating takes into account aggressive growth plans of the
society which will increase its debt burden and consequently
stretch its financial risk profile.  The rating also takes into
consideration, SES's moderate scale of operations and growing
competition from new colleges coming up in Bangalore which may
affect its occupancy levels and consequently its profitability.
The rating however draws comfort from society's established
presence in Bangalore with more than four decades of operations
and its diverse presence across the education spectrum by offering
varied PUC, undergraduate & post graduate courses.

The subramanya education society was incorporated on July 15,
1962.  The society was established by Late Mr. C.M Nagaraj who was
an acknowledged educationist and also served as the Mayor of
Bangalore in the period 2002-2003.  The society started a school
in Subramanya Nagar in Bangalore and within a short span of time,
the school became famous.  Subsequently, the society established a
management school under East West Institute of Management &
Science ( EWIMS) which offered programs like MBA, MCA, B.Sc &
Nursing.  In the year 2000, the society started the East West
Institute of Technology (EWIT) which has its campus located in
Anjananagar, Off Magadi Road in Bangalore.  The society is
currently running 12 educational institutes which offer courses
across the education spectrum such as engineering, MBA, MCA,
nursing, B.Ed, D.Ed, pharmacy & PUC.  Moet of these courses are
running at the campus located off Magadi Road in Anjananagar in
Bangalore.

Recent Results

SES earned a PAT of INR10.72 Cr on an operating income of
INR21.35 Cr in FY 2009-10.


SURYA CONSTRUCTION: ICRA Puts 'LB+' Rating to INR6.8cr Bank Lines
-----------------------------------------------------------------
ICRA has assigned a long-term rating of 'LB+' to the INR6.80 crore
bank lines of Surya Construction Company.

The rating takes into account SCC's moderate profitability, its
relatively high gearing levels (3.12 times as on March 31, 2010)
and its high working capital intensity of operations. The rating
is also constrained by SCC's modest scale of operations,
vulnerability of its profitability to movement in raw material
prices and high geographical concentration of its order book.
While assigning the rating ICRA takes into account the risks
inherent in a partnership firm like limited ability to raise
capital and risk of dissolution.  The rating is however supported
by SCC's established track record in the construction industry and
its experienced promoters.

Surya Construction Company is a partnership firm established in
1987 by Mr. Surajmal.  The firm is predominantly engaged in road
construction for Government entities in Rajasthan which are mostly
under the preview of Public Works Department. The major clients of
the firm include Rajasthan State Agriculture Marketing Board,
Jaipur Development Authority, and Pradhan Mantri Gram Sadak Yojna.

Recent Results

The firm reported a net profit before tax of INR0.16 crore on an
operating income of INR14.79 crore in FY2010.


VIJAY VELAVAN: ICRA Reaffirms 'LBB' Rating on INR6.6cr Term Loan
----------------------------------------------------------------
ICRA has reaffirmed the 'LBB' rating to the INR 6.60 crore term
loan facilities and INR10.35 crore (enhanced from INR 9.00 crore)
long term fund based bank facilities of Vijay Velavan Spinning
Mills Private Limited.  The outlook on the rating is stable. ICRA
has also reaffirmed A4 rating to INR 3.00 crore (reduced from
INR4.00 crore) fund based bank facilities and INR 4.75 crore non-
fund based bank facilities of the company.

The reaffirmed ratings reflect the company's small scale of
operations restricting economies of scale, and weak financial
profile characterized by high gearing and high working capital
intensity.  The ratings also take into account the high
competitive business environment which restricts the bargaining
power of the company. The ratings factor in the experience of
promoters in the textile industry and the company's access to
local customers in Tiruppur.

Vijay Velavan Spinning Mills Private Limited is primarily engaged
in the production of cotton yarn (hosiery variety).  Incorporated
in 2004, the Company's manufacturing facility with an installed
capacity of 13,728 spindles is located near Tiruppur, Tamil Nadu.
The promoters, their relatives and friends hold 100 per cent stake
in the Company.

Recent Results

During the year ended March 31, 2010, VVS reported net profit of
INR1.0 crore on operating income of INR33.5 crore.  For the half-
year ended September 2010, the Company reported net sales
(unaudited) of INR21 crore.


ZUBERI ENGINEERING: ICRA Assigns 'LBB+' Rating to INR3cr Limits
---------------------------------------------------------------
ICRA assigns a rating of 'LBB+' to INR3 crores fund based limits
of Zuberi Engineering Company.  ICRA also assigns 'A4+' rating to
the INR60 crores non fund based limits of ZEC. The long term
rating carries a stable outlook.

ICRA rating takes into account Zuberi Engineering established
track record in the EPC1 space for material handling and water
intake systems, its healthy order book (approximately INR  600
crores; representing a 12x multiple on FY 2010 revenues) and
healthy growth prospects driven by commensurate demand.

The rating is, however, constrained by the current modest
size/scale of operations and high competition in Industry.
Moreover, with backdrop of high pending order book, ZEC's ability
to successfully execute larger sized projects and ability to fund
its growth in medium to long term would remain key credit quality
sensitivities.

ICRA ratings also factors in sound client profile of ZEC, which
largely comprises of private sector companies. This in turn also
results in manageable debtor debtors for ZEC. Though, liquidity of
ZEC has remained constrained by rapid growth witnessed by ZEC over
a last few years and limited financial flexibility of the
promoters.

ICRA has also taken a note of firm price nature of ZEC contract
which exposes its profitability to risks of deviation of the
actual project costs from estimates. Though ZEC's practice to back
to back place supplies agreements with its equipment suppliers,
provide some mitigation against this risk.

                      About Zuberi Engineering

Zuberi Engineering Company, is more than 25 years old partnership
Jaipur, Rajasthan based firm established by Mr. M.Z. Zuberi.  The
firm offers EPC services involving civil works for water systems;
building/structural works; mechanical works (material handling
systems), and electrical and instrumentation works to power, oil
and industrial sector.  The firm also a small IDLER roller
manufacturing unit for in-house consumption, located in Jaipur.

In the initial years, the firm was mainly engaged in executing
civil works for Oil Tanks for Oil Refining and Marketing Companies
and small size projects for water systems and pipe lying jobs for
Rajasthan power utility.  Over the last decade, firm has expanded
its presence in EPC space for power plants to execute large sized
material handling systems and other mechanical equipments, along
with water intake systems and storage tanks etc.  Over the years,
customer profile of ZEC has also diversified at a broad level to
cater to private sector customers along with an expanded power
utilities customer base.


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


JLOC VII: Fitch Downgrades Ratings on Class D Notes to 'Dsf'
------------------------------------------------------------
Fitch Ratings has downgraded JLOC VII Limited's class D notes due
May 2011 to 'Dsf' from 'CCsf'.  At the same time, the rating of
the class X interest-only notes has been withdrawn, following the
review of its practice of rating IO securities.  The transaction
is a Japanese multi-borrower type CMBS securitization.

  -- JPY0.28bn* Class D notes downgraded to 'Dsf' from 'CCsf';
     Recovery Rating revised to 'RR6' from 'RR2'.

  * as of Feb. 17, 2011

Class X notes (interest-only) rating of 'AAAsf' with Stable
Outlook has been withdrawn.

Fitch has downgraded the class D notes to reflect its view that
the principal of the notes will be irrevocably impaired at legal
final maturity in May 2011, as a result of work-out activities of
an underlying loan that defaulted in April 2009.  The loan was
backed by a single-tenant retail property located in Kanagawa.

Following the sale of the loan in January 2011, the proceeds were
used to partially repay the class D notes principal at the
February 2011 payment date.  However, as no cash flow is expected
following the completion of collection activities of all
underlying loans, the remaining principal on the class D notes
will remain outstanding at legal final maturity in May 2011.  All
of class A, B and C were paid in full.

The rating on the interest-only class X notes, which only
addresses the likelihood of receiving interest payments, while
principal on the related notes remain outstanding, has been
withdrawn.  For additional information, please see 'Fitch Revises
Practice for Rating IO & Pre-Payment Related Structured Finance
Securities', dated June 23, 2010.

At closing the notes were backed by nine loans (including one TBI)
that were ultimately backed by 27 commercial real estate
properties in Japan.


TAKEFUJI CORP: Overcharges Customers JPY2.4 Tril. in Interest
-------------------------------------------------------------
Takefuji Corp. overcharged customers a total of JPY2.4 trillion
(US$29 billion) in interest as of Oct. 31, according to a court
document obtained by Bloomberg News.

Bloomberg, citing document filed by the Tokyo-based company on
Jan. 31, says the overcharge is more than eight times the JPY273
billion Takefuji set aside for repayment claims as of March 2010.
If Takefuji repaid all the overcharged interest, that would leave
it with 75 billion yen in outstanding loans, the document said.

According to Bloomberg, the filing comes as Takefuji approaches
its Feb. 28 deadline for customer repayment claims and seeks a
sponsor to resume operations.

"The figure of JPY2.4 trillion is a bit higher than earlier
expected," Bloomberg quotes Takehiro Tsuda, a Tokyo-based analyst
at Citigroup Global Markets Japan, as saying. "But the reduced
balance of outstanding loans is unlikely to dissuade potential
sponsors" because the actual amount of interest repayments will
probably be smaller," Mr. Tsuda said.

The Troubled Company Reporter-Asia Pacific, citing Bloomberg News,
reported on Feb. 4, 2011, that Eiichi Obata, the court-appointed
administrator of Takefuji Corp., said that Takefuji had
shortlisted five potential bidders to sponsor the company.
Mr. Obata said Takefuji set March 10 as a deadline for final
bidding.  The company is also considering the sale of its Tokyo
headquarters building and other real estate assets, he said.

Takefuji Corp. filed a bankruptcy petition with the Tokyo
District Court on September 28, 2010, with debts of
JPY433.6 billion.  Bloomberg News said the company has become the
biggest casualty of Japan's four-year crackdown on coercive
lending practices by consumer finance companies.  The lender is
seeking to restructure as borrower claims of overpaid interest are
estimated to exceed JPY1 trillion.

                           About Takefuji

Takefuji Corporation (TYO:8564) -- http://www.takefuji.co.jp/--
is a Japan-based company mainly engaged in the consumer finance
business.  The Company operates in two business segments.  The
Consumer Finance segment covers the loan and credit card
businesses.  The Others segment is involved in the operation of
golf courses, the development, management and leasing of real
estate, the venture capital business, as well as the investment
business, among others.  The Company has eight subsidiaries.


TAKEFUJI CORP: Founder's Son Wins Court Battle Over Tax
-------------------------------------------------------
Kyodo News reports that the Supreme Court on Friday repealed an
order by tax authorities for the son of the founder of Takefuji
Corp. to pay JPY133 billion in taxes imposed on his stockholdings
in a Dutch company that were gifted to him by his parents.

Kyodo relates Toshiki Takei, former senior managing director of
the major consumer loan firm, will receive around JPY200 billion
in tax refunds, including interest, a record refund for an
individual.

According to Kyodo, Mr. Takei was gifted the JPY165 billion worth
of Dutch-firm stock in 1999 while he was stationed in Hong Kong as
a Takefuji executive, and was ordered to pay some JPY133 billion
in back tax.

Seeking nullification of the taxation, Kyodo relates, Mr. Takei
argued that the gifting of overseas assets to those living abroad
was out of the scope of Japanese taxation in 1999.

Kyodo notes that the government claimed Mr. Takei had resided in
Hong Kong at that time partly to avoid payment of the gift tax and
that his main base of business activities was in Japan.  But
Mr. Takei argued at the top court last month that as he spent
around 65% of his life in Hong Kong over a period of three years,
he was not obliged to pay the tax.

In 2007, the Tokyo District Court repealed the tax agency's order,
but in 2008 the Tokyo High Court reversed that decision.

Takefuji Corp. filed a bankruptcy petition with the Tokyo
District Court on September 28, 2010, with debts of
JPY433.6 billion.  Bloomberg News said the company has become the
biggest casualty of Japan's four-year crackdown on coercive
lending practices by consumer finance companies.  The lender is
seeking to restructure as borrower claims of overpaid interest are
estimated to exceed JPY1 trillion.

                           About Takefuji

Takefuji Corporation (TYO:8564) -- http://www.takefuji.co.jp/--
is a Japan-based company mainly engaged in the consumer finance
business.  The Company operates in two business segments.  The
Consumer Finance segment covers the loan and credit card
businesses.  The Others segment is involved in the operation of
golf courses, the development, management and leasing of real
estate, the venture capital business, as well as the investment
business, among others.  The Company has eight subsidiaries.


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


HOCK SIN: Bourse to Suspend Trading of Shares on February 25
------------------------------------------------------------
Bursa Malaysia Securities Berhad will suspend trading of Hock Sin
Leong Group Berhad's securities on Feb. 25, 2011, due to the
company's failure to submit its regularization plan to the
Securities Commission and other relevant authorities for approval
by Feb. 3, 2011, the timeframe stipulated by Bursa Securities.

The securities of the Company will be de-listed on March 1, 2011,
unless an appeal is submitted to Bursa Securities on or before
Feb. 24, 2011.  Any appeal submitted after the appeal timeframe
will not be considered by Bursa Securities.

In the event the Company submits an appeal to Bursa Securities
within the appeal timeframe, the removal of the securities of the
Company from the Official List of Bursa Securities on March 1,
2011, shall be deferred pending the decision on the Company's
appeal.

The bourse said the Company's securities may remain deposited
with Bursa Depository notwithstanding its delisting.  However,
shareholders who intend to hold their securities in the form of
physical certificates can withdraw them from the Central
Depository System accounts maintained with Bursa Depository at
anytime after the securities of the companies have been delisted.

Shareholders will be required to submit an application form for
withdrawal in accordance with the procedures prescribed by Bursa
Depository.  These shareholders can contact any Participating
Organization of Bursa Securities and/or Bursa Securities'
general line at 03-2034 7000.

Upon the delisting, the Company will continue to exist but as an
unlisted entity.  The Company will still continue its operations
and business and proceed with its corporate restructuring and its
shareholders can still be rewarded by the company's performance.
However, the shareholders will be holding shares which are no
longer quoted and traded on Bursa Securities.

                           About Hock Sin

Hock Sin Leong Group Berhad -- http://www.hslg.com.my/-- is an
investment holding company.  It also provides management services
to its subsidiary companies.  The Company, through its
subsidiaries, is engaged in consumer electrical and electronics
industry in Malaysia.

Hock Sin Leong Group Berhad is now listed as an Amended Practice
Note 17 company based on the criteria set by the Bursa Malaysia
Securities Bhd.

According to a disclosure statement with the bourse, the company
triggered the PN17 listing as its external auditors have
expressed, albeit, an unqualified opinion and have emphasized that
the Group incurred a net loss of MYR26,587,834 during the year
ended September 30, 2009, and as of that date, the Group's current
liabilities exceeded its current assets by MYR28,172,442.


OCI BERHAD: Posts MYR1.34 Million Net Loss in Qtr Ended Dec. 2010
-----------------------------------------------------------------
OCI Berhad posted a net loss of MYR1.34 million for the quarter
ended Dec. 31, 2010, compared with a net loss of MYR1.32 million
in the same period in 2009.

For the second quarter ended Dec. 31, 2010, the Company reported
MYR1.50 million of total revenues, slightly lower than the
revenues of MYR1.58 million reported in the same quarter of 2009.
The decrease in revenue was mainly due to the increase in raw
materials compared with previous year resulting in purchasers
buying lower volumes.

As of Dec. 31, 2010, the Company's balance sheet showed
MYR21.35 million in total assets and MYR73.69 million in total
liabilities, resulting in a MYR52.35 million shareholders'
deficit.

                         About OCI Berhad

OCI Berhad manufactures adhesives used in the production of
shoes for the footwear, toy making, building/construction,
automotive, furniture and packaging industries.

OCI Berhad is an affected listed issuer as the auditors have
expressed a modified opinion with emphasis on the company's
going concern in the company's audited financial statements for
the financial year ended June 30, 2006, and the shareholders'
equity of the company on a consolidated basis as at June 30,
2006, represented 40.8% of the issued and paid-up capital of the
company.


TRACOMA HOLDINGS: Names Dato' Ir. Dr. A. Bakar Jaafar as Chairman
-----------------------------------------------------------------
Tracoma Holdings Berhad said Dato' Ir. Dr. A. Bakar Jaafar has
been appointed as Independent and Non-Executive Chairman of the
Company effective February 18, 2011.

Dato' Ir. Dr. A. Bakar Jaafar has gained wide experience and
expertise in both public and private sectors, after having served
in the Malaysian Civil Service for over 22 years in various
positions including as the Director-General of the Department of
Environment from 1990 to 1995.  Since his optional retirement in
the public service in late 1995, he continues however to serve the
Government of Malaysia as Elected-Member to the Commission on the
Limits of Continental Shelf, UN Headquarters, New York (1997-
2002)(2002-2007)(2007-2012).  He is also an Adjunct Senior Fellow
of the Maritime Institute of Malaysia, and an Adviser to the
National Committee on Continental Shelf, Secretariat to National
Security Council, Prime Minister's Department, Malaysia.

In the private sector, he was Senior Controller, Engineering and
Processing, Kumpulan Guthrie Berhad-cum-Managing Director, Guthrie
Industries Sdn Bhd (1996); Managing Director, Alam Sekitar
Malaysia Sdn Bhd (1997-2000); Group Technology Director, Peremba
(Malaysia) Sdn Bhd-cum-Managing Director, Modulogic Sdn Bhd (2001-
2003); and Director and Senior Principal Environmental Consultant,
Enviro-LIFT Services Sdn Bhd, and Novaviro Technology Sdn Bhd
(since 2004).  He also sits on the Board of Directors of Land &
General Bhd (since October 1999) and other private companies
including Alam Flora Sdn Bhd (as Chairman), Aker Solutions Sdn
Bhd, and HITTS Technologies Sdn Bhd.  He is also a Director of a
number of private companies relating to engineering, maritime and
environment industries.

                      About Tracoma Holdings

Tracoma Holdings Berhad is a Malaysia-based manufacturer and
supplier of automotive parts and components.  Some of its wholly
owned subsidiary companies include Tracoma Sdn. Bhd., which is
engaged in manufacturing of automotive components; Malaysian Die-
Makers Sdn. Bhd., which is engaged in die making and servicing;
Trends Mecha Sdn. Bhd., which is engaged in parts and car design,
and Malaysian Farm Machinery Sdn. Bhd., which is engaged in
assembling and distributing agricultural tractors.

                            *     *     *

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

The company has triggered PN17's Paragraph 8.04 and Paragraph
2.1(a) as the consolidated shareholders' equity for the full
financial year ended December 31, 2009, is less than 25% of the
Company's issued and paid-up capital and such shareholders' equity
is less than MYR12 million.


VTI VINTAGE: KTS Trading Serves Winding-Up Petition Against Unit
----------------------------------------------------------------
VTI Vintage Berhad disclosed that a winding up petition was served
on Vintage Tiles Industries Sdn Bhd, a wholly-owned subsidiary of
the Company, by Messrs. Chan, Moosdeen & Partners, the solicitors
for KTS Trading Sdn Bhd, on Feb. 14, 2011.  The winding up
petition will be heard at the Kuala Lumpur High Court on March 24,
2011.

The amount claimed by the petitioner against Vintage Tiles
includes:

   * total judgment sum of MYR61,152.00;

   * interest of 8% per annum on the total judgment sum
     from Aug. 22, 2008, until the date of summons;

   * further interest of 8% per annum on the total judgment
     sum from the date of summons until the date of full
     settlement; and

   * total cost of MYR1,211.00.

The circumstances leading to the filing of the winding up petition
against VTISB was due to the fact that VTISB has failed and/or
default to settle the sum claimed by the petitioner.

However, the Company announced that the Group had on July 22,
2009, initiated the Proposed Scheme of Arrangement under Section
176 of the Companies Act, 1965 and has included the petitioner as
one of the Scheme Creditors under the Proposed Scheme of
Arrangement under Section 176 of the Companies Act, 1965 which had
been approved during the Court Convened Meeting of the Group held
on July 16, 2010.

Based on the legal advice obtained, the petitioner as one of the
Scheme Creditors, once the Court sanctions the Scheme of
Arrangement under Section 176 of the Companies Act, 1965, will be
bound to accept the Scheme under the approved Proposed Scheme.
Therefore, pending the completion of the Proposed Scheme, no
payment was made to the Scheme Creditors including the petitioner.

                          About VTI Vintage

VTI Vintage Berhad is an investment holding company.  It also
provides management services to its subsidiaries.  The Company,
through its subsidiaries is principally engaged in the
manufacturing and trading of roof tiles, investment holding and
trading of roof tiles and roof related products, supply and laying
of roof tiles and installation of roofing on a consignment basis
and manufacture, supply and installation of steel related building
materials.

On February 25, 2010, VTI Vintage Berhad was classified as an
Amended Practice Note 17 issuer based on the criteria set by the
Bursa Malaysia Securities Bhd as it has triggered Paragraph 2.1
(a) of the PN17.


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


BRIDGECORP LTD: Petricevic Puts NZ$4.4-Mil. Mansion Up For Sale
---------------------------------------------------------------
The New Zealand Herald reports that former Bridgecorp boss Rod
Petricevic will put his NZ$4.4 million Remuera home on the market
to raise funds to defend allegations his family trust owes NZ$2.2
million to a Bridgecorp subsidiary.

The NZ Herald relates that Navigator Finance alleges the R.M
Petricevic Family Trust owes it NZ$2.2 million but the trust's
lawyers claim the money was an advance, not a loan.

The family mansion in Remuera is owned by the trust, which has put
forward a proposal to sell it in order to raise funds, the
NZ Herald says.

The NZ Herald recalls that Navigator last year successfully placed
a caveat over the Petricevic home to prevent its sale, and
therefore secure the asset and prevent possible dissipation.  But
the trustees have complained that the caveat prevented them from
raising funds to defend allegations.

According to the report, the sale of the house is conditional and
Navigator has to agree to the price and whether the funds -- after
the mortgage has been repaid -- will be placed in trust for
protection.

The litigation against the trust is being funded by Bridgecorp's
receivers PricewaterhouseCoopers because Navigator is in
liquidation.

If Navigator wins, the NZ Herald notes, the funds are expected to
be distributed among Bridgecorp investors and Mr. Petricevic's
personal creditors.  Mr. Petricevic was bankrupted in 2008.

                         Trial Date Delayed

Meanwhile, The National Business Review reports that a High Court
trial involving Mr. Petricevic's family trust was on Monday put on
hold in the hope Mr. Petricevic's Remuera mansion could be sold
for top dollar.

According to NBR, Navigator's bid to recover NZ$2.25 million from
the Petricevic family trust, which was due to begin in the
Auckland High Court next Monday, was vacated by Justice Graham
Lang and new trial dates will be set after March 21.

Time was also given to resolve "difficult discovery issues still
being run to ground," some of which go back 15 years, according to
Mr. Petricevic's Queen's counsel Bruce Stewart, NBR adds.

                          About Bridgecorp

Based in New Zealand, Bridgecorp Ltd. is a property development
and finance company.  Bridgecorp was placed in receivership on
July 2, 2007, after failing to pay principal due to debenture
holders.  John Waller and Colin McCloy, partners at
PricewaterhouseCoopers, were appointed as receivers.  Bridgecorp
owes around 1,800 debenture holders, which liquidators estimate to
approximate NZ$500 million.

Bridgecorp's nine Australian companies were also placed into
voluntary administration, owing about 100 investors about AU$24
million (NZ$27 million).


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


GOLDEN AARON: Members' Final Meeting Set for March 21
-----------------------------------------------------
Members of Golden Aaron Pte Ltd will hold their final meeting on
March 21, 2011, at 3:00 p.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.


HO BEE: Creditors' Proofs of Debt Due March 18
----------------------------------------------
Creditors of Ho Bee (Sentosa) Pte Ltd, which is in 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:

         Lai Seng Kwoon
         c/o 16 Raffles Quay #22-00
         Hong Leong Building
         Singapore 048581


JUSTNETWORK PTE: Creditors' Proofs of Debt Due March 21
-------------------------------------------------------
Creditors of JustNetwork Pte. Ltd., which is in voluntary
liquidation, are required to file their proofs of debt by
March 21, 2011, to be included in the company's dividend
distribution.

The company's liquidators are:

         Leow Quek Shiong
         Leong Hon Mun Peter
         c/o BDO LLP
         19 Keppel Road
         #02-01 Jit Poh Building
         Singapore 089058


MELIADOR PTE: Court to Hear Wind-Up Petition on March 11
--------------------------------------------------------
A petition to wind up the operations of Meliador Pte Ltd will be
heard before the High Court of Singapore on March 11, 2011, at
10:00 a.m.

Schott Glass (M) Sdn Bhd filed the petition against the company on
Feb. 7, 2011.

The Petitioner's solicitor is:

          Rodyk & Davidson LLP
          80 Raffles Place
          #33-00 UOB Plaza 1
          Singapore 048624


MEZZONI PTE: Creditors' Proofs of Debt Due March 18
---------------------------------------------------
Creditors of Mezzoni Pte Ltd, which is in 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 liquidators are:

         Kelvin Thio
         Terence Ng
         c/o Ardent Business Advisory Pte Ltd
         146 Robinson Road #12-01
         Singapore 068909


================
S R I  L A N K A
================


SRI LANKA TELECOM: Fitch Affirms 'B+' Issuer Default Rating
-----------------------------------------------------------
Fitch Ratings has affirmed Sri Lanka Telecom PLC's Long-term
Foreign Currency Issuer Default Rating at 'B+'.  The Outlook is
Positive.  At the same time, the agency has affirmed SLT's Long-
term Local Currency IDR at 'BB-' and its National Long-term rating
at 'AAA(lka)'.  The Outlook for both LC IDR and National rating is
Stable.  SLT's LTFC IDR is capped by Sri Lanka's Country Ceiling
of 'B+' and the Positive Outlook reflects that on the sovereign
LTFC IDR.  .

SLT's ratings continue to be supported by its position as the
fixed-line incumbent in Sri Lanka and by its adequate market
share, through subsidiary Mobitel, in a moderately growing mobile
telecom market.  At end-September 2010, it had 40.6% and 24.4% of
the country's fixed line and mobile subscribers respectively.  The
company also has a dominant market share of international long-
distance and IP and data-related services.  SLT's consolidated
revenues and EBITDA improved 4% and 8% respectively during the
nine months to September 2010 (9M10) after the Telecommunications
Regulatory Authority of Sri Lanka introduced floor pricing (off-
net calls at LKR2 per minute and on-net calls at LKR1 per minute)
and established an interconnection regime in the country.  The
mobile and broadband segments are largely responsible for driving
the growth in SLT's consolidated revenue profile.

Despite the positive measures adopted by the regulator in terms of
floor-pricing and the interconnection regime in 2010, Fitch notes
that regulatory uncertainty continues to prevail.  Given the
overcrowded nature of the local mobile industry, there is a risk
that price competition will intensify if the regulatory tariff
floor is removed.  GOSL has announced intentions to lower the
floor tariff on local off-net calls to LKR1.50 in mid-2011, from
the current LKR2.00.

SLT's capex is expected to increase during 2011 to expand coverage
and capacity, as well as to make the transition to an IP-based
next generation network.  However, barring any substantial
increase in cash returns to shareholders, SLT should be able to
return to positive FCF generation in 2012 once capex moderates.
Fitch expects SLT to maintain a strong financial profile and
credit metrics appropriate for its current ratings.

SLT had total adjusted debt of LKR7.5bn (including vendor
financing of LKR3.5bn) at end-September 2010 and a low net
adjusted debt to operating EBITDAR of 0.44x.  Fitch expects SLT to
maintain its net leverage below 1x over the short- to medium-term.
SLT's liquidity is comfortable with cash and equivalents of
LKR7.8bn at end-September 2010 and ready access to banks for
funding, against maturities of LKR1.8bn in 2011.

A negative rating action may result if net leverage (net adjusted
debt/EBITDAR) exceeds 2.5x and 1.5x for FC and LC IDRs,
respectively, on a sustained basis.  As the FC IDR is constrained
by the Country Ceiling, an upgrade of the Sovereign rating will
result in an upgrade of SLT's FC IDR.  The possibility of an
upgrade in SLT's LC IDR will depend on the agency's view on the
extent to which the presence of a large minority shareholder -
Usaha Tegas (holding a 44.9% stake in SLT) - is able to offset the
influence by GOSL, which directly and indirectly owns more than
51% in SLT.  This is because a high level of government ownership
would normally constrain the ratings at the sovereign level.


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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------


Feb. 24-25, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Valcon
        Four Seasons Las Vegas, Las Vegas, Nev.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 4, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Bankruptcy Battleground West
        Hyatt Regency Century Plaza, Los Angeles, Calif.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 7-9, 2011
  INTERNATIONAL COUNCIL OF SHOPPING CENTERS
     Debt Workout, Transactions, and Repositioning of
     Distressed Assets
        The Wharton School, University of Pennsylvania,
        Philadelphia, Pa.
           Contact: 1-646-728-3468 or www.icsc.org/2011UV

Mar. 7-9, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Conrad Duberstein Moot Court Competition
        Duberstein U.S. Courthouse, New York, N.Y.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 10, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Nuts and Bolts - Florida
        Tampa, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 10-12, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     SUCL/ Alexander L. Paskay Seminar on
     Bankruptcy Law and Practice
        Marriott Tampa Waterside, Tampa, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 17-19, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Byrne Judicial Clerkship Institute
        Pepperdine University School of Law, Malibu, Calif.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 31-Apr. 3, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Annual Spring Meeting
        Gaylord National Resort & Convention Center,
        National Harbor, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

April 27-29, 2011
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        JW Marriott, Chicago, IL
           Contact: http://www.turnaround.org/

May 5, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Nuts and Bolts - New York City
        Association of the Bar of the City of New York,
        New York, N.Y.
           Contact: 1-703-739-0800; http://www.abiworld.org/

May 6, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     New York City Bankruptcy Conference
        Hilton New York, New York, N.Y.
           Contact: 1-703-739-0800; http://www.abiworld.org/

June 6, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Canadian-American Cross-Border Insolvency Symposium
        Fairmont Royal York, Toronto, Ont.
           Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Central States Bankruptcy Workshop
        Grand Traverse Resort and Spa, Traverse City, Mich.
              Contact: http://www.abiworld.org/

July 21-24, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Northeast Bankruptcy Conference
        Hyatt Regency Newport, Newport, R.I.
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 27-30, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Workshop
        The Sanctuary at Kiawah Island, Kiawah Island, S.C.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 4-6, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hotel Hershey, Hershey, Pa.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 14, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     NCBJ/ABI Educational Program
        Tampa Convention Center, Tampa, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. __, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     International Insolvency Symposium
        Dublin, Ireland
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 25-27, 2011
  TURNAROUND MANAGEMENT ASSOCIATION
     Hilton San Diego Bayfront, San Diego, CA
        Contact: http://www.turnaround.org/

Dec. 1-3, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     23rd Annual Winter Leadership Conference
        La Quinta Resort & Spa, La Quinta, Calif.
           Contact: 1-703-739-0800; http://www.abiworld.org/

April 3-5, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        Grand Hyatt Atlanta, Atlanta, Ga.
           Contact: http://www.turnaround.org/

Apr. 19-22, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Annual Spring Meeting
        Gaylord National Resort & Convention Center,
        National Harbor, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Workshop
        The Ritz-Carlton Amelia Island, Amelia Island, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 2-4, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hyatt Regency Chesapeake Bay, Cambridge, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

November 1-3, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Westin Copley Place, Boston, Mass.
           Contact: http://www.turnaround.org/

Nov. 29 - Dec. 2, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Winter Leadership Conference
        JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
           Contact: 1-703-739-0800; http://www.abiworld.org/

April 10-12, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        JW Marriott Chicago, Chicago, Ill.
           Contact: http://www.turnaround.org/

October 3-5, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Marriott Wardman Park, Washington, D.C.
           Contact: http://www.turnaround.org/


                             *********

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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