TCRAP_Public/110228.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

           Monday, February 28, 2011, Vol. 14, No. 41

                            Headlines



A U S T R A L I A

ARASOR: Board Expects Firm to be Placed Into Administration
RAY WHITE BROADBEACH: Receivers Extend Deadline on Sales Campaign
RIVERCITY MOTORWAY: Goes Into Receivership, Owes AU$1.3 Billion
SERVCO: Goes Into Receivership, Leaves Some Residents on Limbo
STORM FINANCIAL: ASIC Bans Former Financial Adviser for Four Years


C H I N A

ASPIRE INTERNATIONAL: 2 Directors Ink Agreement with Perfisans
ASPIRE INTERNATIONAL: To Buy Candid Global for 10-Mil. Shares
DELONG HOLDINGS: Moody's Withdraws 'B2' Corporate Family Rating


H O N G  K O N G

ASSOCIATED AIR: Members' Final Meeting Set for March 30
BEST THOUGHT: Chan Chung Mo Steps Down as Liquidator
COSMOS CAPITAL: Placed Under Voluntary Wind-Up Proceedings
CPS GROUP: Commences Wind-Up Proceedings
DAP GROUP: Creditors' Meeting Set for March 11

DATA GENERAL: Lam and Boswell Step Down as Liquidators
DREAMS OF HEAVEN: Ng Sau Wa Sylvia Steps Down as Liquidator
FORTUNE DIGNITY: Chan Yui Hang Appointed as Liquidator
GLOBAL STEP: Chan Chung Mo Steps Down as Liquidator
LEHMAN BROTHERS: HKMA Reports Progress of Probe on Minibond Cases

JUMBO FIELD: Chan Chung Mo Steps Down as Liquidator


I N D I A

COTTSTOWN FASHIONS: CRISIL Reaffirms Cash Credit Rating at 'B'
DEBNATH KAGAJ: CRISIL Assigns 'B' Rating to INR45MM Term Loan
EMMENNAR BIO-TECH: ICRA Assigns 'LBB' Rating to INR18cr Limits
GODAVARI POLYMERS: ICRA Assigns 'LBB+' Rating to INR17.5cr Loan
INDIA FASHION: CRISIL Assigns 'BB+' Rating to INR55MM LT Loan

INTERCONTINENTAL INFRASTRUCTURE: ICRA Rates INR15cr Loan at 'LBB+'
KAANE PACKAGING: CRISIL Upgrades Rating on INR120MM Loan to 'BB+'
KRISHNA TECHNOCHEM: CRISIL Assigns 'B' Rating to INR20MM LOC
MANJOORAN HOUSING: ICRA Assigns 'LBB-' Rating to INR7cr Term Loans
NET 4 COMMUNICATIONS: CRISIL Raises Rating on Term Loan to 'BB-'

P B NIRMAN: CRISIL Assigns 'B+' Rating to INR75MM Cash Credit
PRESTIGE METALLICS: CRISIL Rates INR65MM Cash Credit at 'B'
TEJASWI JEWELLERS: CRISIL Assigns 'B+' Rating to INR400MM Debt
SHIVANSHU SINTERED: CRISIL Reaffirms 'D' Rating on Cash Credit
SHREE SARASWATI: CRISIL Cuts Rating on INR73.7MM Term Loan to 'D'

TRACKS & TOWERS: ICRA Assigns 'LBB+' Rating to INR12cr Bank Loans
TRISHUL EXOTIC: ICRA Reaffirms 'LBB-' Rating on INR8cr Limits
WORLDFA EXPORTS: ICRA Reaffirms 'LBB-' Rating to INR16.8cr Limits
ZUBERI FIBRES: CRISIL Rates INR400 Million Term Loan at 'D'


I N D O N E S I A

BUKIT MAKMUR: Moody's Affirms 'Ba3' Corporate Family Rating


J A P A N

CAFES 2: Moody's Upgrades Ratings on Various Classes of Certs.
GODO KAISHA: Moody's Takes Rating Actions on Various Classes


M A L A Y S I A

AXIS INC: Posts MYR9.29 Million Net Loss in Q2 Ended Dec. 31
HOCK SIN: Bursa Defers March 1 Delisting on Appeal
IBRACO BERHAD: Swings to MYR12.17MM Net Income in Dec. 31 Quarter
LUSTER INDUSTRIES: Incurs MYR9.87MM Net Loss in Dec. 31 Quarter
TRANSMILE GROUP: Posts MYR37.77MM Net Loss in Qtr Ended Dec. 31

VASTALUX ENERGY: Appoints Muhammad Aminuddin bin Musa as Director


N E W  Z E A L A N D

CAPITAL + MERCHANT: Directors to Face SFO Charges in May
NZ FARMING: Breaches Covenant; Talks to Bondholders


S I N G A P O R E

ACROPOLIS ELECTRONICS: Creditors' Meeting Set for March 11
CONTINENTAL BIOENERGY: Creditors' Proofs of Debt Due March 7
WANG WANG: Creditors' Proofs of Debt Due March 12




                            - - - - -


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


ARASOR: Board Expects Firm to be Placed Into Administration
-----------------------------------------------------------
AdelaideNow reports that Arasor's board believes the firm will
soon be placed into administration.  The report relates that it
believes the company will be left with only the hope of a backdoor
listing as an alternative.

Arasor is understood to have cash reserves of about AU$70,000 but
former Chief Executive Officer William Mackenzie said the board
would put the company into administration once reserves had
dwindled to about AU$40,000, if no other option was available,
according to AdelaideNow.

The report notes that the company has started discussions with a
small Australian tech firm about the possibility of a backdoor
listing using Arasor's listed shell.  Mr. Mackenzie, according to
AdelaideNow, said the process began in the last week of December
with a formal request for expressions of interest but no market
announcement was made because there was no formal outcome to
announce to the market.

The report discloses that Arasor's demise remains a complex
matter.  AdelaideNow notes that the company's American subsidiary
has a right of action against a guarantee given by former chairman
Simon Cao for US$12 million (AU$11.85 million) and is subject to
secured creditor Sand Hill Capital for US$11 million, including
interest.

The Australian company has also made inroads into its Indian
receivables of US$20 million, of which it has received
confirmation it has a right to recover about US$10 million, the
report says.

AdelaideNow discloses that questions remain as to whether these
rights of action would survive the company's administration -- and
shareholder value with that.

Arasor is a technology company.



RAY WHITE BROADBEACH: Receivers Extend Deadline on Sales Campaign
-----------------------------------------------------------------
Tracey McBean at The Gold Coast Bulletin reports that interest in
Gary Gannon's Ray White Broadbeach/Mermaid Beach businesses has
led receivers to extend the deadline on the sales campaign.

According to the report, a Ray White Group spokeswoman said there
had been significant interest in the businesses, which were put on
the market last month after Mr. Gannon called in the receivers.

The Bulletin relates that the expression of interest campaign,
initiated by receiver Graham Killer from Grant Thornton, was due
to close on Feb. 24 but was extended until Friday because of the
level of response from both Gold Coast and out-of-town parties.

The Bulletin notes that shortlisted prospective buyers will have
until March 9 to carry out due diligence and lodge a final offer
for the businesses, which are for sale together or separately.

Mr. Gannon's residential, commercial and property-management
divisions have combined revenue of $11 million a year, the
Bulletin discloses.

The businesses could be sold without the Ray White name, if the
franchisor does not approve the buyer, the report said.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 3, 2011, receivers to Gary Gannon's Ray White
Broadbeach/Mermaid Beach franchise have placed the troubled
business on the market.  Mr. Gannon, who called in the receivers
just before Christmas, had been optimistic he could trade his
high-profile group through its financial woes.


RIVERCITY MOTORWAY: Goes Into Receivership, Owes AU$1.3 Billion
---------------------------------------------------------------
Rivercity Motorway Group has gone into receivership after failing
to get its two dozen lenders to agree to a suspension of interest
repayments on the company's AU$1.3 billion debt, CourierMail
reports.

KordaMentha partners Martin Madden and David Merryweather were
appointed receivers and managers of RiverCity Motorway.

"Our objective is to put the tunnel on a firm financial footing,"
CourierMail quotes Mr. Madden as saying.  "We will be working to
assess the best option for the tunnel's future.  In the meantime,
the Clem7 tunnel will continue to operate as usual," he added.

              Lenders Set to Pull Plug on Clem7

Mr. Madden, CourierMail discloses, said: "We will need to work
closely with the management team and the Brisbane City Council to
secure a long term sustainable business for what is a valuable
asset in Brisbane's road network."  "Operationally, the tunnel is
performing well and we do not intend to make any significant
changes to operations."

Investors will be updated as soon as possible after Korda Mentha
evaluates the situation, the report adds.

Rivercity Motorway Group is the owner and operator of Brisbane's
troubled Clem7 tunnel.


SERVCO: Goes Into Receivership, Leaves Some Residents on Limbo
--------------------------------------------------------------
Preston Leader reports that Servco has gone into receivership,
leaving some residents who have paid deposits in limbo.

The report relates that Paul Murfitt from Moreland Energy
Foundation said seven installations in Darebin and up to five in
Moreland were yet to be completed when the company went into
receivership.

Moreland Energy Foundation brokered the bulk-buying deal with
Darebin Council.

Daniel Freer, Darebin city design and development director, said
the council "was working with Servco to ensure the best outcome"
for those awaiting the systems, according to Preston Leader.  Mr.
Freer, the report relates, said the impact on the 275 Darebin
residents who had systems installed would be negligible since
warranties for the hot-water system rested with the manufacturer,
not Servco, and warranties for labor were also protected.

Servco spokesman Keith Ondarchie said the company awaited an
agreement from the liquidator to find out if it could help those
awaiting systems.  The report relates that Mr. Ondarchie said the
company reluctantly went into receivership after a long-running
contractual dispute with a big power company.  "We had $190,000 in
legal bills we couldn't recover from," Preston Leader quotes Mr.
Ondarchie as saying.

Servco is a Bayswater company.  Servco is the supplier chosen to
deliver Darebin's solar hot-water rollout.


STORM FINANCIAL: ASIC Bans Former Financial Adviser for Four Years
------------------------------------------------------------------
The Securities and Investments Commission said that a former
authorized representative of Storm Financial Ltd has been banned
from providing financial services for four years after an ASIC
investigation found he made false and misleading statements and
provided inappropriate advice to a number of his clients.

Stuart Craig Drummond, of Clayfield, in Brisbane, Queensland, was
employed as an authorized representative of Storm Financial Ltd
and its predecessor, Ozdaq Securities Pty Ltd, between May 31,
2004, and June 18, 2009.

ASIC's investigation found that Mr. Drummond failed to comply with
financial services laws in relation to advice he provided to a
number of his clients between October 2004 and July 2008.  In
particular, ASIC found Mr. Drummond:

   * made false and misleading statements in breach of s1041E
     of the Corporations Act 2001;

   * engaged in misleading and deceptive conduct under s1041H
     of the Corporations Act 2001;

   * promoted the Storm strategy without considering the
     suitability of the strategy for individual clients;

   * provided Statements of Advice and Statements of Additional
     Advice containing misleading and deceptive information in
     order to induce them to invest using the Storm strategy; and

   * didn't have an understanding of the nature and risks of
     financial products recommended on the basis of the Storm
     strategy.

Mr. Drummond has the right to apply to the Administrative Appeals
Tribunal for a review of ASIC's decision.

                        About Storm Financial

Storm Financial Limited -- http://www.stormfinancial.com.au/--
operates in the Australian wealth management industry.  The
company manages over one trillion dollars in investment fund
assets for over nine million investors, distributed through
investment administration providers and financial adviser.  The
funds are invested through different investment products and
structures, including superannuation, non-superannuation managed
funds and life insurance products.  Non-superannuation managed
funds, which form the majority of Storm's products, total
approximately 26.5% of total investment fund assets in Australia,
as of June 30, 2007.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 14, 2009, Storm Financial Ltd. appointed Worrells Solvency &
Forensic Accountants as voluntary administrators after the
Commonwealth Bank of Australia demanded debt repayment of around
AU$20 million.

Storm later closed its business and fired all of its 115 staff.
The closure, the company's administrators said, was due to the
significant reduction in Storm's income resulting in trading
losses being incurred "at a rate which the company could no longer
absorb."

The TCR-AP reported on Jan. 22, 2009, that the CBA, Storm's
largest creditor, lodged a AU$27.09 million debt claim at a first
meeting of the company's creditors on Jan. 20, 2010.  The group's
remaining creditors are owed AU$51 million, plus a provision for
dividends of AU$10 million.

In March 2009, the Australian Securities and Investments
Commission won its bid to liquidate Storm Financial after the
Federal Court ruled that the Company be wound up.  Federal court
Justice John Logan appointed Ivor Worrell and Raj Khatri of
Worrells Solvency and Forensic Accountants as liquidators for the
Company.


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C H I N A
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ASPIRE INTERNATIONAL: 2 Directors Ink Agreement with Perfisans
--------------------------------------------------------------
On Feb. 14, 2011, the Board of Directors of Aspire International,
Inc., entered into an acquisition agreement between Bok Wong and
To Hon Lam and Perfisans Networks Corporation.  Pursuant to the
terms of the Agreement, Bok Wong and To Hon Lam acquired all of
the outstanding stock of the wholly owned subsidiary Perfisans
Networks Corporation for consideration of $10.

                     About Aspire International

Aspire International Inc. was incorporated in Oct. 14, 1997, in
the state of Maryland.  The Company is currently focused on
developing the Manganese mining located in GuangXi, China through
its wholly owned foreign entity Aspire GuangXi Inc.  The Company
is also conducting further studies on its iron mining site in
Cambodia.  The Company is headquartered in Markham, Ontario, in
Canada.

The latest quarterly report, filed Dec. 21, 2010, showed that the
Company at March 31, 2009, had $1,164,681 in total assets,
$6,938,447 in total liabilities, and a stockholders' deficit of
$5,773,766.

DNTW Chartered Accountants, LLP, in Markham, Ontario, Canada,
expressed substantial doubt about Aspire International's ability
to continue as a going concern, following the Company's 2008
results.  The independent auditors noted of the Company's
significant cumulative operating losses.


ASPIRE INTERNATIONAL: To Buy Candid Global for 10-Mil. Shares
-------------------------------------------------------------
On Feb. 14, 2011, Aspire International Inc. and Candid Global
Resources Hong Kong Ltd. entered into an Asset Purchase Agreement
whereby Candid Global agreed to sell 100% of its assets, including
the sub-entity known as "Mygos" and related trademarks and
intellectual property, for 10,000,000 common shares of Aspire
International.

Candid Global Resources Hong Kong Ltd. is a Hong Kong Limited
Liability Company providing online-shopping services business.

A full-text copy of the Asset Purchase Agreement is available for
free at http://ResearchArchives.com/t/s?73ea

                     About Aspire International

Aspire International Inc. was incorporated in Oct. 14, 1997, in
the state of Maryland.  The Company is currently focused on
developing the Manganese mining located in GuangXi, China through
its wholly owned foreign entity Aspire GuangXi Inc.  The Company
is also conducting further studies on its iron mining site in
Cambodia.  The Company is headquartered in Markham, Ontario, in
Canada.

The latest quarterly report, filed Dec. 21, 2010, showed that the
Company at March 31, 2009, had $1,164,681 in total assets,
$6,938,447 in total liabilities, and a stockholders' deficit of
$5,773,766.

DNTW Chartered Accountants, LLP, in Markham, Ontario, Canada,
expressed substantial doubt about Aspire International's ability
to continue as a going concern, following the Company's 2008
results.  The independent auditors noted of the Company's
significant cumulative operating losses.


DELONG HOLDINGS: Moody's Withdraws 'B2' Corporate Family Rating
---------------------------------------------------------------
Moody's Investors Service has withdrawn the provisional (P)B2
corporate family and provisional (P)B3 senior unsecured ratings of
Delong Holdings Ltd.

The rating withdrawal follows the company's recent decision not to
proceed with its bond issuance.

The last rating action on Delong Holdings Ltd. took place on
November 15, 2010, when Moody's assigned provisional (P)B2
corporate family and provisional (P)B3 senior unsecured ratings to
the company.

Delong Holdings Limited is a manufacturer of hot-rolled steel
coils (HRC) in Hebei Province, China.  The company listed on the
Singapore Stock Exchange via a backdoor listing in 2005.  It
focuses on mid-width flat products ranging from 350-1,150 mm in
width and 1.4-24.5 mm in thickness.  These products are mainly
used in the infrastructure, pipe-making and machinery industries.
The company is 59% controlled by the founder, Mr. Ding Liguo, via
his wholly owned holding company, Best Decade Holdings Limited.


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


ASSOCIATED AIR: Members' Final Meeting Set for March 30
-------------------------------------------------------
Members of Associated Air Freight Limited will hold their final
general meeting on March 30, 2011, at 11:00 a.m., at 13/F, Pico
Tower, 66 Gloucester Road, Wanchai, in Hong Kong.

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


BEST THOUGHT: Chan Chung Mo Steps Down as Liquidator
----------------------------------------------------
Chan Chung Mo stepped down as liquidator of Best Thought
Entertainment Ltd on Feb. 18, 2011.


COSMOS CAPITAL: Placed Under Voluntary Wind-Up Proceedings
----------------------------------------------------------
At an extraordinary general meeting held on Feb. 25, 2011,
creditors of Cosmos Capital Service Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Chiu Wai Hon
         Unit 201, 2/F
         Malaysia Building
         50 Gloucester Road
         Wanchai, Hong Kong


CPS GROUP: Commences Wind-Up Proceedings
----------------------------------------
Members of CPS Group Limited, on Feb. 21, 2011, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Vinod Narain
         1427 Prince's Building
         10 Chater Road
         Hong Kong


DAP GROUP: Creditors' Meeting Set for March 11
----------------------------------------------
Creditors of Dap Group Company Limited will hold their meeting on
March 11, 2011, at 3:00 p.m., for the purposes provided for in
Sections 241, 242, 243, 244, 251, 255A and 283 of the Companies
Ordinance.

The meeting will be held at Unit A, 10/F., TAL Building, 49 Austin
Road, Jordan, Kowloon, in Hong Kong.


DATA GENERAL: Lam and Boswell Step Down as Liquidators
------------------------------------------------------
Rainier Hok Chung Lam and Anthony David Kenneth Boswell stepped
down as liquidators of Data General Hong Kong Limited on Feb. 18,
2011.


DREAMS OF HEAVEN: Ng Sau Wa Sylvia Steps Down as Liquidator
-----------------------------------------------------------
Ng Sau Wa Sylvia stepped down as liquidator of Dreams of Heaven
Limited on Feb. 25, 2011.


FORTUNE DIGNITY: Chan Yui Hang Appointed as Liquidator
------------------------------------------------------
Chan Yui Hang on Feb. 14, 2011, was appointed as liquidator of
Fortune Dignity Limited.

The liquidator may be reached at:

         Chan Yui Hang
         Room 515, 5/F
         New Mandarin Plaza Tower A
         14 Science Museum Road
         Tsimshatsui East
         Kowloon, Hong Kong


GLOBAL STEP: Chan Chung Mo Steps Down as Liquidator
---------------------------------------------------
Chan Chung Mo stepped down as liquidator of Global Step Ltd on
Feb. 18, 2011.


LEHMAN BROTHERS: HKMA Reports Progress of Probe on Minibond Cases
-----------------------------------------------------------------
The Hong Kong Monetary Authority (HKMA) announced that
investigation of over 99% of a total of 21,747 Lehman-Brothers-
related complaint cases received has been completed.  These
include:

     * 14,377 cases which have been resolved by a settlement
       agreement reached under section 201 of the Securities and
       Futures Ordinance;

     * 2,563 cases which have been resolved through the enhanced
       complaint handling procedures required by the settlement
       agreement;

     * 2,686 cases which were closed because insufficient prima
       facie evidence of misconduct was found after assessment or
       no sufficient grounds and evidence were found after
       investigation;

     * 1,534 cases (including minibond cases) which are under
       disciplinary consideration after detailed investigation by
       the HKMA, of which proposed disciplinary notices are being
       prepared in respect of 751 such cases and proposed
       disciplinary notices or decision notices have been issued
       in respect of the other 783 cases; and

     * 494 cases in respect of which investigation work has been
       completed and are going through the decision process to
       decide whether there are sufficient grounds for
       disciplinary actions or whether the cases should be closed
       because of insufficient evidence or lack of disciplinary
       grounds.

Investigation work is underway for the remaining 91 cases.

A table summarizing the progress of the disciplinary and
complaint-resolution work in respect of Lehman-Brothers-related
complaints is available at http://ResearchArchives.com/t/s?738d

                        About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
disclosed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

On Sept. 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI

The Bankruptcy Court has approved Barclays Bank Plc's purchase
of Lehman Brothers' North American investment banking and
capital markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also bought
Lehman's operations in the Asia Pacific for US$225 million.

                 International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on Sept. 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


JUMBO FIELD: Chan Chung Mo Steps Down as Liquidator
---------------------------------------------------
Chan Chung Mo stepped down as liquidator of Jumbo Field Ltd on
Feb. 18, 2011.


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COTTSTOWN FASHIONS: CRISIL Reaffirms Cash Credit Rating at 'B'
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Cottstown Fashions Pvt
Ltd continues to reflect CFPL's average financial risk profile,
driven by a small net worth and large working capital
requirements.

   Facilities                        Ratings
   ----------                        -------
   INR55.0 Million Cash Credit       B/Stable (Reaffirmed)
   INR4.5 Million Rupee Term Loan    B/Stable (Reaffirmed)

The rating also factors in the company's limited pricing power,
and exposure to intense competition in the Indian textile market
from both Indian and global brands. These rating weaknesses are
partially offset by the strong growth in CFPL's revenues,
supported by the company's healthy client relationships.

Outlook: Stable

CRISIL believes that CFPL's operating income will grow at a
healthy rate over the medium term, backed by steady revenues.
Moreover, CRISIL also believes that the company will benefit from
the increase in sales and profitability from its focus on
increasing the retailing network under its own brand by opening
additional retail stores, and the receipt of bulk orders from
other retail chains.  The outlook may be revised to 'Positive' if
CFPL sustains an improvement in its financial risk profile,
supported most likely by substantial capital infusion by promoters
or significant improvement in working capital management.
Conversely, the outlook may be revised to 'Negative' if CFPL's
financial risk profile weakens, most likely because of significant
decline in sales or margins, further delay in realization of
receivables, or if the company undertakes a large, debt-funded
capital expenditure.

Update

CFPL has achieved significant increase in its operating income to
INR242.8 million in 2009-10 (refers to financial year, April 1 to
March 31) from INR54.3 million in 2008-09.  The increase was
around 10% more than CRISIL's expectations. Moreover, CFPL has
also generated significant growth in revenues in 2010-11, wherein
it has achieved revenues of around INR1300 million till December
2010 and the growth is expected to continue in the last quarter of
2010-11 as well. Despite the increased turnover, CFPL's overall
financial risk profile remains average, driven by a small net
worth and large working capital requirements; the company's net
worth as on March 31, 2010 was INR56.5 million.  CFPL has been on
a continuous growth path by opening new retail stores to market
the products under its own brand; it has opened seven retail
outlets in 2010-11 and plans to open five more by March 31, 2011,
thereby increasing the total outlets to 15. CFPL has also received
large bulk orders for manufacturing garments for other retail
chains and the company generally extends a credit of around 120 to
140 days to its bulk customers.

Hence, CFPL's working capital requirements remain high because of
large inventory levels maintained by the company and delays in
debtor collection.  The total debtors outstanding as on Sept. 30,
2010 were around INR284.1 million.  The incremental working
capital requirements have been financed by increase in bank lines
and also by capital infusion by the promoters.  This has resulted
in high bank limit utilization for the company, averaging at
around 91%, over the 12 months through November 2010. Hence,
CFPL's liquidity remains under pressure.

CFPL reported a profit after tax (PAT) of INR13.7 million on net
sales of INR242.7 million for 2009-10, against a PAT of INR1.8
million on net sales of INR54.3 million for 2008-09.

                       About Cottstown Fashions

Incorporated in 2004 by Mr. Saurabh Pradhan and his mother, CFPL
manufactures ready-made garments for retailers in the Indian and
UK markets. It also has its own unisex brand, Bombay High.  CFPL
manufactures shirts for men and women at its own unit, besides
outsourcing production; it sells under its own brand as well as to
other retail chains.  The company has three manufacturing units in
Mumbai (Maharashtra), with a combined capacity of around 800
pieces per day. CFPL currently has ten retail outlets for Bombay
High in and around Mumbai.


DEBNATH KAGAJ: CRISIL Assigns 'B' Rating to INR45MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to the bank
facilities of Debnath Kagaj Udyog Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR30.90 Million Cash Credit      B/Stable (Assigned)
   INR45.00 Million Term Loan        B/Stable (Assigned)
   INR5.00 Million Bank Guarantee    P4 (Assigned)

The ratings reflect the Debnath group's weak financial risk
profile, marked by small net worth, weak debt protection metrics,
and low profitability, and small scale of operations in the
fragmented kraft paper manufacturing industry.  These rating
weaknesses are partially offset by the extensive industry
experience of the Debnath group's promoters.

For arriving at its rating, CRISIL has consolidated the business
and financial risk profiles of DKU and Debnath Paper Mill Pvt Ltd
(DPM), together referred to as the Debnath group.  This is because
both companies have a common management and significant
operational and financial fungibility. Moreover, DPM has extended
corporate guarantee for DKU's bank facilities.

Outlook: Stable

CRISIL believes that the Debnath group will continue to benefit
from its promoters' extensive experience in the kraft paper
manufacturing business.  The outlook may be revised to 'Positive'
if the Debnath group's financial risk profile improves due to
better-than-expected profitability and cash accruals or if its
business risk profile improves with the increase in scale of
operations or greater diversification of product offerings.
Conversely, the outlook may be revised to 'Negative' if the
group's financial risk profile deteriorates, most likely because
of large debt-funded capital expenditure, or decline in cash
accruals.

                          About the Group

DKU manufactures kraft paper, and has an installed manufacturing
capacity of 19,200 tonnes per annum (tpa) at Burdwan (West
Bengal).  The company commenced commercial operations in
July 2008. DKU manufactures a variety of kraft paper ranging
between 80-140 grams per square meter, with burst factor of 14.
The company's revenues are concentrated in West Bengal.

Incorporated in 1998, DPM also manufactures kraft paper at its
3600 TPA manufacturing facility in Burdwan.

Mr. Mihir Debnath is the Debnath group's promoter-director.

The Debnath group posted a net loss INR8.8 million on net sales of
INR199.5 million for 2009-10 (refers to financial year, April 1 to
March 31), as against a net loss of INR2.0 million on net sales of
INR134.5 million for 2008-09.


EMMENNAR BIO-TECH: ICRA Assigns 'LBB' Rating to INR18cr Limits
--------------------------------------------------------------
ICRA has assigned 'LBB' ratings to the INR18.00 crore fund based
limits of Emmennar Bio-tech Private Limited.  In addition, ICRA
has also assigned short term rating of 'A4' to the INR1.25 crore
non-fund based limits of the company.  The long term rating has
been assigned a stable outlook.

The assigned ratings reflect EBPL's small scale of operations and
very high product concentration; company is present only in
relatively mature antiulcer therapeutic segment which has kept
company's operating margin under pressure is last three years.
ICRA also notes that the company's new manufacturing unit is
primarily debt funded and will put pressure on capital structure
and coverage indicators.  The ratings, however, draw comfort from
the fact that EBPL has been supplying API Intermediates to reputed
Indian formulation majors which leads to stability of revenues.
Company is also widening its portfolio as the new unit in
Vishakhapatnam will be manufacturing APIs related to
antidepressant and angiotensin II receptor therapeutic segments;
this new unit is expected to start commercial operations by
April 2011 and will bring in growth to company's operating income
in FY 2011-12.  The ratings also take into account that the
promoters have been in the pharmaceutical industry for more than
two decades and bring in necessary technical and commercial know-
how. Going forward company's ability to achieve optimum capacity
utilization levels in new manufacturing unit and to market new
products will be key rating sensitivities.

Emmennar Bio-tech Private Limited started its operations in 2005.
EBPL is an API/ intermediate manufacturer, primarily engaged in
manufacture of MITC (Methyl isothiocyanate) and N-Methyl-1,
(methylthio)-2-Nithromethanamin (NMSM). The company's existing
Manufacturing unit is located in Medak District of Andhara Pradesh
(40 KM from Hyderabad). EBPL started production of MITC with a
small capacity of 480 MTPA in 2005 and increased its capacity to
1250 MTPA (as on today) over a period of 5 years. EBPL is also
setting up a new unit in Jawaharl Lal Nehru Pharma City
(JNPC), Vishakhapatnam mainly to manufacture APIs like Sertraline
Hydrochloride and Valsartan.  This new unit is expected to start
commercial operations by April 2011.

MITC and NMSM are key intermediates in the manufacture of
Ranitidine Hydrochloride which is commonly used in treatment of
peptic ulcer disease (PUD) and gastroesophageal reflux disease
(GERD).  MITC also finds its applications in agrochemicals,
pesticides and wood treatment.  Company has installed capacity of
around 1250 MTPA for MITC and 240 MTPA for NMSM.  MITC alone
contributes more than 85% to company's operating income. EBPL
started NMSM production only in 2009 and it is expected to be
management's key focus area in future.

EBPL has been selling its products in domestic market with
negligible export sales. Company has been supplying API
intermediates to some of the reputed customers in domestic
markets.

Proposed new unit in Vishakhapatnam - Implementation stage
EBPL is coming up with new manufacturing unit in Jawahar Lal
Neharu Pharma City, Vishakhanpatman, Andhra Pradesh for
manufacturing of APIs (till now the company has only been
producing API intermediates).The new unit is currently under
construction and expected to start commercial production by
April 2011.

The company has got allotment of 20 acres of land from Andhra
Pradesh Industrial Infrastructure Corporation (APIIC) and Ramky
Pharma City with infrastructure such as roads, electrical Lines,
common effluent treatment plan, water supply, sewerage facilities,
common warehouse etc.  The total project cost is INR19.83 crore
which is being financed in a debt to equity ratio of 70:30;
company has achieved financial closure for entire portion of debt
and working capital requirement of the project. Equity portion of
the investment has already been made in form of unsecured loans
(to be converted into equity before March 2011) and internal
accruals.

The new unit will have installed capacity of 170 TPA. It will
primarily be utilized for manufacturing of following products:

   1. Sertraline Hydrochloride - Generic Antidepressant
      (Projected Capacity 120 TPA)

   2. Valsatran- Angiotensin II receptor used in treatment of
      blood pressure & congestive heart failure (Projected
      Capacity 50 TPA)

EBPL is also planning to utilize new unit's excess capacity for
forward integration of a group company - Emmennar Chemicals
Private Limited. Emmennar Chemicals is engaged into manufacture of
Metabromo anisole which is one of the key intermediates for
Tramadol HCl. EBPL is planning to use excess capacity of its new
unit for production of Tramadol HCl.

Revenue Growth & Profitability

The Company almost doubled its capacity in 2007 and hence
registered more than 150% growth in operating income in 2007-08.
Operating Income growth in 2008-09 can primarily be attributed to
very high selling price of its products which was resultant of
increase in raw material prices.  EBPL's operating income however
has registered a flat growth in 2009-10 as the selling price
stabilized in the financial year.  The company's operating margin
has also been on a downward trend over last three years. The
overall effect is that company's PAT has come down to INR0.94
crore in 2009-10 from 1.19 crore in 2008-10. EBPL's operating
margin for existing products is expected to remain under pressure
in coming years, and growth in operating income will be coming
primarily from new products once company's Vishakhapatman unit
starts commercial production.

Capital Structure & Financial Policy

Company's capital structure seems comfortable with gearing of 0.57
times as on March 31, 2010, as it had only working capital loans
and INR2.57 crore of unsecured loans on it books.  Company has
also been reporting positive accruals over the years.  Company's
new unit is however primarily debt funded and company's projected
gearing as on March 31, 2011, is expected to be higher than the
current levels. Company's coverage indicators are also expected to
come under pressure owing to the new debt related obligations.

                        About Emmennar Bio-tech

Emmennar Bio-tech Private Limited started its operations in 2005.
EBPL is an API/ intermediate manufacturer, primarily engaged in
manufacture of MITC (Methyl isothiocyanate) and N-Methyl-1,
(methylthio)-2-Nithromethanamin (NMSM).  EBPL is coming up with
new manufacturing unit in VIshakhanpatman, Andhra Pradesh for
manufacturing of APIs like Sertraline Hydrochloride, Valsatran and
Tramadol HCl.


GODAVARI POLYMERS: ICRA Assigns 'LBB+' Rating to INR17.5cr Loan
---------------------------------------------------------------
ICRA has assigned 'LBB+' rating to INR17.50 crore fund based
facilities of Godavari Polymers Private Limited. ICRA has also
assigned an 'A4' rating to INR23.50 crore non-fund based
facilities of GPPL.  The outlook on the long-term rating is
Stable.

The ratings draw comfort from the GPPL's presence of over 20 years
in the business with its own brand "Godavari" and a dealer network
of over 540 distributor network covering six states.  GPPL
witnessed moderate growth in top line at a CAGR of 33.5% over the
last two years.  The increase in top line is due to the healthy
demand in drip irrigation and potable water supply segments into
which the company forayed in FY 08.

GPPL is an enlisted supplier to Andhra Pradesh Micro Irrigation
Project (APMIP).  The Government of Andhra Pradesh extended the
Micro Irrigation Project till FY2013 for successful implementation
of the MIP to cover an area of 7.5 lakh hectares.  Also, the state
government increased the subsidy to 90% to big farmers adopting
drip irrigation system from Feb. 1, 2009.  The demand outlook for
the company's products is expected to be favorable due to gaining
popularity of sprinkler and drip irrigation system within the
farming community as a result of the subsidy provided by the
government.

The entry barriers are low due to low capital intensity; hence
there is high degree of fragmentation and competition in this
industry.  Having an established brand, a wide dealer network,
quality of service and multi-location manufacturing presence
remain important in the business in order to gain competitive
edge.

The rating however is constrained by the modest size of operations
of GPPL with limited product offerings and regional focus. GPPL
continues to depend on Andhra market, despite being present in six
states.  Over 70% of the total sales in H1 FY11 were made in
Andhra Pradesh.

The gearing is moderate as majority of the capacity expansion in
the past was funded through internal accruals.  The gearing had
reduced from 1.89 times as on March 31, 2008, to 1.63 times as on
March 31, 2010, due to increase in retained earnings.  The
coverage indicators are moderate with OPBITDA/Interest at 2.24
times and NCA/Debt at 18% in FY 10. Over the last three years,
there has been an improvement in the coverage ratios due to
improved operating margins.  The working capital intensity is
moderate at 20% in FY 10.

Going forward, due to the proposed expansion in FY 12, the gearing
is expected to increase significantly if it is debt funded.
However, the margins are expected to improve in future as the
backward integrated nature of operations would lead to cost
rationalization.

                      About Godavari Polymers

M/s Godavari Polymers Private Limited was incorporated in 1990 as
a private limited company with an objective to manufacture High
Density Polyethylene (HDPE) pipes and the manufacturing unit is
located at IDA Cherlapally, Hyderabad.

The unit commenced commercial production in July 1991, with
initial capacity of 240 tones per annum with pipe size ranging
from 20mm to 110mm Outer Diameter (OD), currently the company has
a capacity of 10,000 metric tones per annum and pipe sizes up to
500mm OD.  The products include sprinklers, inline drip, drip
lateral, screen filters, sand filters, hydro cyclone filters, and
fertilizer tanks for irrigation and HDPE Pipes for municipal,
industrial and domestic use.


INDIA FASHION: CRISIL Assigns 'BB+' Rating to INR55MM LT Loan
-------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of India Fashion Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR55.0 Million Long-Term Loan     BB+/Stable (Assigned)
   INR75.0 Million Packing Credit     P4+ (Assigned)
   INR20.0 Million Letter of Credit   P4+ (Assigned)

The ratings reflect IFL's small scale of operations, its exposure
to risks related to volatility in foreign exchange rates, and its
weak business risk profile, constrained by low operating margin.
These rating weaknesses are partially offset by IFL's experienced
management, established customer relationships, and moderate
financial risk profile, marked by comfortable gearing and sound
debt protection metrics.

Outlook: Stable

CRISIL believes that IFL will maintain its financial risk profile
over the near to medium term. The outlook may be revised to
'Positive' in case of a considerable improvement in operating
margin and revenues, leading to higher-than-expected net cash
accruals.  Conversely, the outlook may be revised to 'Negative' if
IFL's liquidity weakens, and/or on larger-than-expected debt-
funded capital expenditure or acquisitions.

                         About India Fashion

Set up as a partnership firm in 1984, India Fashion commenced
commercial operations in 1987.  In 2005, India Fashions was
reconstituted as IFL, a closely held public limited company.  In
February 2007, IFL's three sister concerns, Hindustan Impex Pvt
Ltd, R M Mehta Exports Pvt Ltd, and Bombay Apparels Pvt Ltd, were
amalgamated with it.  IFL manufactures and trades sweaters and
readymade garments, including shirts and T-shirts. IFL's
manufacturing operations are in Thane (Maharashtra).

IFL reported a profit after tax (PAT) of INR5.4 million on net
sales of INR424.4 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR6.9 million on net
sales of INR531.4 million for 2008-09.


INTERCONTINENTAL INFRASTRUCTURE: ICRA Rates INR15cr Loan at 'LBB+'
-----------------------------------------------------------------
ICRA has assigned a long term rating of 'LBB+' with stable outlook
to the INR 5.00 crore fund based limits and a short term rating of
'A4+' to the INR 10.00 crore non-fund based limits of
Intercontinental Infrastructure Limited.

The assigned ratings consider favorably the strong operating track
record demonstrated by the company in providing consultancy
services for civil constructions works largely pertaining to
irrigation projects, the diverse revenue streams of the company
which includes consultancy, construction and real estate income,
and the strong order book position of the company providing
visibility for growth in turnover.  The ratings are however
constrained by lack of clarity on returns expected from
investments of INR51.98 crore (as on March 31, 2010) as both share
capital and share application monies in various entities, the lack
of history in executing construction projects internally by the
company, the significant project concentration risks faced by the
company with nearly 75% of construction order book constituting of
packages related to a single project - the Dummagudem Nagarjuna
Sagar Tail Pond construction project, and the Intense competition
in the irrigation related & other civil construction works can put
pressure on the operating margins from construction works going
forward.

Intercontinental Infrastructure Limited started in the year 2003
as consultants for construction projects, largely in the
irrigation sector.  Over the years, IIL also started undertaking
constructions contracts, and further diversified into real estate
development and holding investments in various entities.
Consulting services by IIL include technical feasibility studies,
designing, costs estimation, third party quality control, and
other works, largely for irrigation projects such as canals, lift
irrigation projects, and hydro power projects. As demonstrated by
its past financial performance, IIL enjoys strong operating
margins on consultancy works.  Construction works on the other
hand, are entirely sub-contracted by IIL to third party
contactors, and its role in the construction contracts is
restricted to supervision of work being carried out. Typically,
IIL charges royalty on the overall value of work executed in the
construction contract with all other risks and rewards being
passed on to sub-contractors.

IIL's revenue mix has seen a marked change over the last four
years with share of revenue from consulting services moving from
92.3% of Operating Income (OI) in FY2007 to 11.3% of OI in FY2010.
During this period, revenue from construction contracts has
increased from 7.6% to OI in FY2007 to 87.9% in FY2010.  The
company's operating margins have declined from 77.9% in FY2007 to
21.5% for FY2010 due to the lower margins on construction works.
Despite relatively strong operating margins commanded by IIL, its
RoCE has remained moderate due to the large investments in various
entities, which have not resulted in any returns for the company.
Going forward, the share of revenue from construction works is
expected to increase, and the operating margins of IIL are likely
to come under pressure.

Apart from consultancy and construction works, IIL also owns land
parcels in Nagpur, Vijayawada, and Rajarhat near Kolkata.  In the
past, IIL has generated income by selling these land parcels after
obtaining approvals for conversion from agriculture use to
residential plots.

IIL's financial profile characterised by low gearing (0.05x as on
March 31, 2010) and low working capital requirement (NWC/OI of 12%
as on March 31, 2010) as the entire construction work is sub-
contracted to third parties.  The company however has significant
investments in various entities like West Bengal Sew Prasad
Infrastructure Pvt. Ltd. (28.1%), Sri Avantika Power Projects Pvt.
Ltd. (10.5%), Dezign Elementz Consultants Pvt. Ltd. (48.8%). Sew
Thermal Power Corporation Ltd. (42.6%), and Vidarbh Homes Pvt.
Ltd. (29.7%).  The total investments in share capital of various
unquoted entities as on March 31, 2010, stood at INR35.68 crore.
In addition to the above, IIL also had advances given for
investments in share capital aggregating to INR15.80 crore as on
March 31, 2010, and INR33.97 crore as on Dec. 1, 2010.  Going
forward, any additional equity investment commitments in these
entities, and the returns generated by IIL on these investments
will be a key sensitivity for the assigned ratings.

IIL also has significant receipts of share application monies from
various individuals and corporate bodies.  The amount received
stood at INR7.18 crore as on March 31, 2010, and increased to
INR19.91 crore (from five different entities) as on Dec. 1, 2010.
Going forward, any demand for refund of these share application
monies likely to strain the financial flexibility of IIL thereby
acting as a key rating sensitivity.

                About Intercontinental Infrastructure

Intercontinental Infrastructure Limited was incorporated in the
year 2003 by Mr. C. L. Rajam as consultants for civil construction
activities in infrastructure projects pertaining to small
hydropower and irrigation projects.  Mr. Rajam is a civil engineer
and has over 25 years of experience working with the
State Construction Corporation of Andhra Pradesh and SEW
Infrastructure Limited.

In the last seven years, the Company has undertaken consultancy as
well as construction contracts for hydro-power projects,
irrigation projects, and other civil construction projects.  For
its construction activities, IIL enters into sub-contracting
agreements with other construction contractors and does not have
any execution facilities of its own.  Consultancy assignments on
the other hand are executed by the company internally. Apart from
consultancy & construction work, the company has also acquired
parcels of land in Nagpur, Vijayawada, and Rajarhat near Kolkata.


KAANE PACKAGING: CRISIL Upgrades Rating on INR120MM Loan to 'BB+'
-----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Kaane Packaging Pvt Ltd to 'BB+/Positive' from 'BB/Positive'.

   Facilities                         Ratings
   ----------                         -------
   INR50.0 Mil. Cash Credit Limits    BB+/Positive (Upgraded from
                                                   'BB/Positive')

   INR120.0 Million Term Loan         BB+/Positive (Upgraded from
                                                    'BB/Positive')

The upgrade reflects sustained improvement in Kaane's capital
structure to less than 1 time as on March 31, 2011 from 1.8 times
as on March 31, 2008 because of steady cash accruals, deferment of
capital expenditure (capex) plans, and maintenance of working
capital intensity.  The upgrade also reflects the expected
increase in Kaane's scale of operations, following the proposed
increase in the company's printing and laminating capacity in
2011-12 (refers to financial year, April 1 to March 31).

The rating reflects Kaane's small net worth, modest scale of
operations, and exposure to risks related to competitive pressures
in the industry and to volatility in raw material prices. These
rating weaknesses are partially offset by Kaane's moderate
financial risk profile, marked by moderate debt protection metrics
and improving gearing, and the benefits that the company derives
from its promoters' extensive industry experience and its strong
customer relationships.

Outlook: Positive

CRISIL believes that Kaane's scale of operations will improve over
the medium term, supported by the company's planned capex
programme and improving customer relationships.  The rating may be
upgraded if Kaane ensures adequate utilization of its enhanced
capacities, thereby strengthening its business risk profile, while
maintaining its profitability.  Conversely, the outlook may be
revised to 'Stable' if the proposed expansion does not deliver
optimal results, or if the company fails to manage its working
capital requirements efficiently.

                        About Kaane Packaging

Incorporated in 1998, Kaane manufactures laminated rolls and
pouches used in the fast-moving consumer goods industry.  The
company's facility in Haridwar (Uttaranchal) has a laminated roll
manufacturing capacity of 2400 tonnes per annum (tpa) and a
printing capacity of 2700 tpa.  The plant is partially backward
integrated with a polyfilm manufacturing capacity of 1200 tpa. The
company plans to expand its laminating and printing capacity by
1200 tpa and 2700 tpa, respectively, in 2011-12, at an estimated
cost of INR100 million.

Kaane reported a profit after tax (PAT) of INR21.8 million on net
sales of INR402.7 million for 2009-10, against a PAT of INR32.9
million on net sales of INR408.4 million for 2008-09.


KRISHNA TECHNOCHEM: CRISIL Assigns 'B' Rating to INR20MM LOC
------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to the bank
facilities of Krishna Technochem Pvt Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR42.50 Million Cash Credit         B/Stable (Assigned)
   INR20.00 Million Letter of Credit    B/Stable (Assigned)
   INR20.00 Million Letter of Credit    P4 (Assigned)
   INR2.50 Million Bank Guarantee       P4 (Assigned)

The ratings reflect KTPL's weak financial risk profile, marked by
small net worth, weak debt protection metrics, low profitability,
and moderate gearing, and large working capital requirements.
These weaknesses are partially offset by the extensive experience
of KTPL's promoters in the petrochemicals industry.

Outlook: Stable

CRISIL believes that KTPL will benefit over the medium term from
its promoters' extensive industry experience.  The outlook may be
revised to 'Positive' if KTPL's liquidity improves, on account of
better working capital management or more-than-expected
profitability, or if it increases its scale of operations, or
diversifies its products profile.  Conversely, the outlook may be
revised to 'Negative' if KTPL's financial risk profile
deteriorates, most likely because of a large, debt-funded capital
expenditure or decline in cash accruals.

                      About Krishna Technochem

Incorporated in 1994, KTPL manufactures petrochemicals such as
organic composite solvent oil, crude mineral oil bottom, benzene,
crude benzol bottom, and mineral turpentine oil, with a capacity
of 24,000 kiloliters per annum. 80 to 90% of the company's total
revenues are generated through the sale of OCS. OCS is used mainly
in the paint industry, as a thinner; it also finds application in
the adhesives, leather, and rubber industries. KTPL's
manufacturing unit is in Howrah (West Bengal). Average capacity
utilisation in the past has ranged between 20 to 30%. The company
has 50 to 60 customers spread across the country.

KTPL reported a profit after tax (PAT) of INR0.47 million on net
sales of INR135.0 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR0.78 million on net
sales of INR193.7 million for 2008-09.


MANJOORAN HOUSING: ICRA Assigns 'LBB-' Rating to INR7cr Term Loans
------------------------------------------------------------------
ICRA has assigned an 'LBB-' rating to the INR7.0 crore term loans
of Manjooran Housing Development Company Private Limited.  The
outlook on the long-term rating is stable.

The rating takes into consideration Manjooran's modest scale of
operations and its limited track record in real estate
development, its concentration in the Cochin (including Ernakulam)
region, and its exposure to adverse movement in raw material
prices given the relatively longer tenure of project development.
The rating also factors in the strong competitive scenario in the
Cochin real estate market given that a number of residential
projects are under development by established local as well as
pan-Indian builders.  The rating, nevertheless, takes comfort from
the experience of the promoters in real estate sector, the
advantageous location of Manjooran's projects as well as healthy
advance payments received from customers.

                      About Manjooran Housing

Manjooran Housing Development Company Private Limited is a Cochin
based real-estate company incorporated in 1996 by the Manjooran
family.  The company started out initially with the small scale
development of housing layouts before entering into the
development of multi-storied apartments in the past few years.
The company has completed 6 residential plot/apartment development
projects in and around Cochin/Ernakulam over the past 16 years.


NET 4 COMMUNICATIONS: CRISIL Raises Rating on Term Loan to 'BB-'
----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Net 4
Communications Ltd to 'BB-/Stable/P4+' from 'D/P5'.

   Facilities                       Ratings
   ----------                       -------
   INR6.40 Million Term Loan        BB-/Stable (Upgraded from
                                                'D')
   INR73.60 Million Term Loan       Withdrawn

   INR90.00 Million Cash Credit     BB-/Stable (Upgraded from
                                                'D'; Placed
                                                Under 'Notice of
                                                Withdrawal')

   INR60.00 Mil. Letter of Credit   P4+ (Upgraded from 'P5';
                                         Placed under 'Notice of
                                         Withdrawal')

   INR40.00 Million Bank Guarantee  P4+ (Upgraded from 'P5';
                                         Placed under 'Notice of
                                         Withdrawal')

The upgrade reflects timely servicing of term loans by the Net4
group over the past one year, supported by improvement in its
liquidity.  The group's liquidity has improved because of increase
in cash accruals, funding of a portion of its ongoing capital
expenditure (capex) and large working capital requirements through
equity of INR300 million in 2009-10 (refers to financial year,
April 1 to March 31) and 2010-11, and enhancement in its bank
lines.

However, despite the improvement, the group's liquidity remains
constrained because of its large working capital requirements-the
enhanced bank lines are almost fully utilized.  CRISIL believes
that the Net4 group will maintain its gearing at the improved
level over the medium term; the gearing, however, remains
constrained despite the improvement.

CRISIL has placed its 'BB-/Stable/P4+' ratings on the cash credit
and short-term bank facilities of N4C under 'Notice of Withdrawal'
for one year on N4C's request.  The ratings will be withdrawn at
the end of the notice period.  The rating action is in line with
CRISIL's policy on withdrawal of its ratings on bank loans.

The ratings reflect the Net4 group's weak liquidity because of
large working capital requirements and regular capex requirements
in the capital-intensive web servicing industry.  The ratings also
reflect the group's modest scale of operations and exposure to
competition from large telecommunication players. These rating
weaknesses are partially offset by the group's sound financial
risk profile marked by low gearing, and comfortable net worth and
debt protection metrics, leadership in the web servicing industry,
and diversified revenue profile.

CRISIL has withdrawn its rating on the INR73.6-million term loan
of N4C, as the loan has been redeemed.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Net 4 India Ltd and its wholly owned
subsidiary, N4C, together referred to as the Net4 group. The two
companies have strong operational linkages with each other.

Outlook: Stable

CRISIL believes that the Net4 group will maintain its industry
leadership, driven by steady growth in revenues, over the medium
term.  The group's liquidity is, however, expected to remain weak
because of large incremental working capital requirements and
regular capex.  The outlook may be revised to 'Positive' if there
is improvement in the group's liquidity, supported by judicious
mix of internal accruals and debt to fund incremental working
capital requirements and capex.  Conversely, the outlook may be
revised to 'Negative' if the group's liquidity weakens further,
because of larger-than-expected incremental working capital
requirements or a decline in margins, leading to lesser-than-
expected cash accruals.

                           About the Group

The Net4 group, an ISO-certified service provider of internet
protocol (IP) communications, was founded in 1999 by Mr. Jasjit S
Sawhney.  The group's corporate office is in Noida (Uttar Pradesh)
and its business offices are in Ahmedabad, Bangalore, Chennai,
Cochin, Coimbatore, Delhi, Mumbai, Chandigarh, Kolkata, Hyderabad,
and Pune.  The company entered the domain registration business in
2001 with a strong penetration strategy; it lowered the prices of
domain registration.

The group then expanded to web hosting; it has become the market
leader in this field.  In early April 2002, voice-over IP (VOIP)
was legalized and opened for private players.  The group was the
first to launch its services in the VOIP business, by the end of
April 2002.

The Net4 group commenced network integration business, which
served as the support system for its existing verticals: web
hosting and data centers.  The group has also applied for licenses
for international long-distance calls and national long-distance
calls, and is waiting approvals from the Department of
Telecommunications.  The group is expected to use IP technology
for providing this service.  It is also planning to start
providing IP virtual private networks, multiprotocol label
switching and international private leased circuits.  It has seven
data centers that provide server co-location services; it is
working on setting up another data center in Chennai.

The Net4 group reported a profit after tax (PAT) of INR119.00
million on an operating income of INR1.97 billion for 2009-10,
against a PAT of INR84.00 million on an operating income of
INR1.62 billion for 2008-09.


P B NIRMAN: CRISIL Assigns 'B+' Rating to INR75MM Cash Credit
-------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of P B Nirman Udyog Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR75.0 Million Cash Credit       B+/Stable (Assigned)
   INR50.0 Million Bank Guarantee    P4 (Assigned)

The ratings reflect PBNUPL's small scale and working capital
intensive nature of operations, exposure to risks related to
tender-based nature of business, and its average financial risk
profile, constrained by the company's small net worth, high
gearing and moderate debt protection metrics.  These weaknesses
are partially offset by the longstanding presence of PBNUPL's
promoters and established relationship with its customers in the
construction industry.

Outlook: Stable

CRISIL believes that PBNUPL will maintain a stable business risk
profile aided by the promoter's long standing experience and
established relationship with clients.  The outlook may be revised
to 'Positive' if PBNUPL strengthens its business risk profile by
enhancing geographical diversity in its revenue base, and if the
company's revenues and profitability increase significantly, thus
improving the financial risk profile.  Conversely, the outlook may
be revised to 'Negative' if PBNUPL faces significant pressures on
its revenues and profitability, there are considerable delays in
realisation of receivables, or it undertakes a more-than-expected,
debt-funded capital expenditure programme, weakening its financial
risk and liquidity profile.

                           About P B Nirman

PBNUPL, based in Kolkata, constructs roads, buildings and bridges.
The company undertakes projects only in Kolkata and Tripura.  The
company mainly takes up projects for public sector units and is a
Class A subcontractor for Hindustan Steelworks Construction Ltd,
National Projects Construction Corporation Ltd, National Buildings
Construction Corporation Ltd, and Engineering Projects India Ltd.

PBNUPL reported a profit after tax (PAT) of INR13.1 million on net
sales of INR362.2 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR9.7 million on net sales
of INR232.4 million for 2008-09.


PRESTIGE METALLICS: CRISIL Rates INR65MM Cash Credit at 'B'
-----------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to the long-term bank
loan facilities of Prestige Metallics Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR65.0 Million Cash Credit       B/Stable (Assigned)

The rating reflects Prestige's weak financial risk profile, marked
by small net worth, high ratio of total outstanding liabilities to
tangible net worth, and weak interest coverage ratio, small scale
of operations and vulnerability to volatility in steel prices.
These rating weaknesses are partially offset by Prestige's healthy
performance in the nascent stage of operations and its established
relationships with suppliers and customers.

Outlook: Stable

CRISIL believes that Prestige will benefit from its promoters'
established relationships with its suppliers and customers and
extensive experience in steel trading.  However, the company's
financial risk profile is expected to remain weak in the medium
term because of its large working capital requirements.  The
outlook may be revised to 'Positive' if Prestige's financial risk
profile strengthens because of equity infusion or better-than-
expected top line and operating margins.  Conversely, the outlook
may be revised to 'Negative' in case the company's working capital
intensive operations further deteriorates its capital structure or
the raw material price volatility leads to decline in its
operating margin.

                       About Prestige Metallics

Incorporated in 2009, Prestige is promoted by Mr. Sanjesh Gupta
and Mr. Vishal Gupta, and is based in Raipur (Chhatisgarh).
Prestige trades flat and long steel products such as steel plates,
angles, channels, hot rolled coils, sheets, among others.
Prestige's customers include companies engaged in the civil
construction, real estate, engineering sectors, and trading
entities.

Prestige reported a profit after tax (PAT) of INR0.6 million on
net sales of INR58.2 million for 2009-10 (refers to financial
year, April 1 to March 31).


TEJASWI JEWELLERS: CRISIL Assigns 'B+' Rating to INR400MM Debt
--------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the credit card
sales receivable discounting facility of Tejaswi Jewellers Pvt Ltd
(TJPL, part of the Tejaswi group).

   Facilities                          Ratings
   ----------                          -------
   INR400 Million Credit Card Sales    B+/Stable (Assigned)
   Receivable Discounting Facility

The rating reflects the Tejaswi group's weak financial risk
profile, marked by small net worth, high gearing, and weak debt
protection metrics, large working capital requirements, and
susceptibility to intense competition in the retail jewellery
industry.  These rating weaknesses are partially offset by the
extensive industry experience of the group's promoters.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of TJPL and Vaishnavi Jewellers Pvt Ltd
(VJPL), together referred to as the Tejaswi group.  This is
because both companies are in the same line of business, and
VJPL's business operations will be acquired by TJPL in 2011-12
(refers to financial year, April 1 to March 31).

Outlook: Stable

CRISIL believes that the Tejaswi group will continue to benefit
from its established market presence and promoters' extensive
industry experience, over the medium term.  The outlook may be
revised to 'Positive' if the group's business risk profile
improves significantly because of an increase in scale of
operations, and its financial risk profile improves led by larger-
than-expected cash accruals and decline in gearing.  Conversely,
the outlook may be revised to 'Negative' if the group undertakes a
larger-than-expected debt-funded capital expenditure programme,
adversely affecting its capital structure, or its cash accruals
deteriorate sharply because of a decline in operating margin or
subdued sales.

                          About the Group

TJPL, incorporated in 1997, is promoted by Mr. B. Neelakanta and
his wife Mrs. B Renuka. The company trades branded jewellery,
including a variety of gold, platinum, diamond, gemstones, and
studded jewellery of the Tanishq brand from Titan Industries Ltd
(rated 'AA/Stable/P1+').  The company has also been operating a
franchise of Tanishq in Hyderabad since February 2008, and trades
eye-wear and watches of the Titan Eye Plus brand.  The company
belongs to the Butta group, which has diversified businesses. TJPL
has five showrooms in Andhra Pradesh: in Hyderabad, Secunderabad,
and Kukatpally. VJPL operates a franchise of Tanishq in
Secunderabad.

The Tejaswi group reported a profit after tax (PAT) of INR13
million on net sales of INR351 million for 2009-10, as against a
PAT of INR9 million on net sales of INR246 million for 2008-09.


SHIVANSHU SINTERED: CRISIL Reaffirms 'D' Rating on Cash Credit
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shivanshu Sintered
Products Pvt Ltd continue to reflect instances of delay by SSP in
servicing its debt; the delays have been caused by SSP's weak
liquidity.

   Facilities                        Ratings
   ----------                        -------
   INR55 Million Cash Credit         D (Reaffirmed)
   INR95 Million Term Loan           D (Reaffirmed)
   INR25 Million Letter of Credit    P5 (Reaffirmed)
   INR5 Million Bank Guarantee      P5 (Reaffirmed)

SSP has a weak financial risk profile marked by low net worth,
high gearing and low cash accruals.  The company is, however,
expected to benefit from the increasing operating efficiencies of
its neem products division.

Update

For 2009-10 (refers to financial year, April 1 to March 31), SSP
reported an operating income of INR86.3 million vis--vis INR82.1
million in 2008-09.  In 2009-10, the sintered products did not
contributed significantly to the topline because they have first
to be approved by the customer, which is a lengthy process.  SSP's
operating profitability increased to around 28% in 2009-10 from
14% in the previous year, mainly on account of improved extraction
of neem from the crop and better realizations from the customers.

The operations of the company remain working capital intensive.
Its bank limits were utilized at an average of around 100% over
the past 12 months through September 2010, leaving no scope for
the banker to debit the instalment on the due date.  Blockage of
funds in the automotive (auto) division has led to short-term cash
flow mismatches for the company, leading to delays in meeting debt
repayment obligations.

For 2009-10, SSP reported a profit after tax of INR16.2 million on
net sales of INR86.3 million, against a net loss of INR8.6 million
on net sales of INR82.1 million, for the previous year.

                       About Shivanshu Sintered

SSP was incorporated in 2001 by Mr. Dhruva Kumar Gupta and
Mr. Suresh Singhal. The company manufactures sintered products for
the auto components and home appliances industries.  It also
manufactures neem-based products, such as pesticides and
insecticides, under a unit named Ozone Biotech.  It has three
facilities, in Solapur (Maharashtra), Faridabad (Haryana), and
Mathura (Uttar Pradesh).


SHREE SARASWATI: CRISIL Cuts Rating on INR73.7MM Term Loan to 'D'
-----------------------------------------------------------------
CRISIL has downgraded its rating on the term loan bank facility of
Shree Saraswati Education Sansthan to 'D' from 'B+/Stable'.  The
downgrade reflects instances of delay by SSES in servicing its
debt.  The delays have been caused by SSES's weak liquidity as its
colleges are still undergoing expansion.

   Facilities                      Ratings
   ----------                      -------
   INR73.70 Million Term Loan      D (Downgraded from 'B+/Stable')

SSES has a weak financial risk profile, marked by weak capital
structure and below-average net worth.  The trust is also exposed
to implementation-related risks associated with its proposed
institute and is susceptible to a stringent regulatory
environment.  These rating weaknesses are partially offset by the
high acceptability of the courses offered by the trust and
promoters' experience in the education industry.

SSES, a trust, was set up by Mr. Mahadevbhai Chaudhary in 2008.
The trust operates an engineering institute, Faculty of
Engineering, and a management institute, Faculty of Management, in
Rajpur (Gujarat).  Both the institutes had their first batch of
students joining in the academic year 2009-10 (July to May).  The
engineering institute currently offers courses in five streams:
Mechanical, Electronics and Communication, Electrical and
Electronics, Civil, and Computer science. The management institute
has a first-year capacity of two sections, with each section
accommodating a maximum of 60 students.

SSES reported a profit after tax of INR0.3 million on net sales of
INR22.7 million for 2009-10 (refers to financial year, April 1 to
March 31).


TRACKS & TOWERS: ICRA Assigns 'LBB+' Rating to INR12cr Bank Loans
-----------------------------------------------------------------
ICRA has assigned 'LBB+' rating to INR12.00 crore fund based
facilities and INR30.00 crore non fund based facility of Tracks &
Towers Infratech Private Limited.  The outlook on the long-term
rating is stable.

The rating is constrained by exposure of the company to high
project and geographical concentration risks resulting in
volatility of revenues and susceptibility of future income to
execution risks of large projects.  The rating also factors in the
highly competitive nature of the industry and TTIPL's modest scale
of operations, which coupled with its low net-worth limits its
ability to bid for larger and more complex projects.  The rating
is however supported by favorable growth opportunities in
providing last mile connectivity to upcoming power plants, reputed
client base and TTIPL's long track record in civil works and
building rail infrastructure and highly experienced promoter
group.

The company was established as Lakshmi Agencies in 1985. It was
incorporated as a private limited company Tracks & Towers
Infratech Pvt Ltd in 2007.  The company is a special class civil
contractor for government of Andhra Pradesh.  In addition to the
various civil works the company has specialization in providing
rail infrastructure and building ROBs.  Currently the company is
focused on providing rail infrastructure facilities to various
upcoming power plants.  The company has executed contracts for
many reputed clients including Bharat Petroleum Company Limited,
Indian Oil Corporation Limited, NTPC Limited, RITES Limited,
Hindalco Industries Ltd and KSK Mahanadi Power Company Ltd.

The outstanding order book of the company stood at INR152 crore as
on Dec. 31, 2010, which is 3 times the operating income of FY2010
and around 80% of contracts by value of the order book is to
provide rail infrastructure facilities to the upcoming power
plants due to the focus of the company on this sector.  This
change in focus is expected to benefit the company by reducing
risks of delays in project execution due to land acquisition
issues.  The outstanding order book of the company is exposed to
high project and geographic concentration risks.  Chhattisgarh
accounts for 71% of the outstanding order book leading to high
geographical concentration.  Two of the largest contracts account
for 60% of outstanding order book and these projects are in
nascent stages. Therefore the future revenue of the company is
vulnerable to execution risks of these projects.

TTIPL's scale of operations is modest with an operating income of
INR50.75 Crores in FY 2010 which corresponds to 24% decease as
compared to the previous year's revenue.  This was on account of
slowdown in execution of various projects due to land acquisition
problems.  Modest scale of operation coupled with its low net-
worth limits its ability to bid for larger and more complex
projects which in turn restricts growth of the company.  In FY
2010 Roads and Buildings Department of Government of AP was the
largest customer accounting for 64% of total revenues. Due to the
shifting focus of TTIPL to the private sector HIL has been the
largest customer of the company in FY 2011 till December 31, 2010,
accounting for 60% of total revenues till then.  High competitive
intensity and the medium complexity of work in the sector impact
the pricing flexibility of the company and increases competitive
risks.  This is reflected in moderate profitability of the
company.

The working capital intensity of the company has been historically
low as reflected in a low NWC/OI over the last few years.  This
has been possible due to the low debtor and inventory days the
company has been able to maintain in the past few years.  A large
portion of the company's debt is on account of working capital
loans and unsecured loans from the promoters.  The company's
gearing on 31st March 2010 was 1.07 as compared to 1.43 on
March 31, 2009.  The company's debt coverage indicators have
declined in FY 2010 on account of decrease in revenues in FY 2010
compared to the previous year.  This is reflected in NCA/Total
Debt of 14.97%, Total debt/OPBIDTA of 3.03 times and interest
coverage ratio of 3.12 in FY 2010 as compared to NCA/Total debt of
32.07%, Total Debt/OPBIDTA of 1.6 times and interest coverage
ratio of 3.56.

Going forward and ability to mobilize resources, successful
execution of the large projects in the order and good working
capital management will remain key rating sensitivities.

Recent Results

As per provisional accounts, for nine months ended Dec. 31, 2010,
the company reported an operating income of INR55.54 Crore and a
PBT of INR3.91 crore.

                       About Tracks & Towers

The company was established as Lakshmi Agencies in 1985. It was
incorporated as a private limited company Tracks & Towers
Infratech Pvt Ltd in 2007.  The company is focused on providing
rail infrastructure and building ROBs.  The company's client list
includes Bharat Petroleum Company Limited, Indian Oil Corporation
Limited, NTPC Limited, RITES Limited, Hindalco Industries Ltd and
KSK Mahanadi Power Company Ltd.  The company has completed 19
major projects in the last five years worth INR169 crore.  During
FY 2010, TTIPL reported sales of INR50.75 crore and net profit of
INR0.85 crore as against sales of INR66.94 crore and net profit of
INR3.36 crore in FY 2009.


TRISHUL EXOTIC: ICRA Reaffirms 'LBB-' Rating on INR8cr Limits
-------------------------------------------------------------
ICRA has reaffirmed 'LBB-' rating to the INR8.00crore fund based
limits & INR1.01 crore unallocated bank line of Trishul Exotic Pvt
Ltd.  The outlook on the long term rating is stable. ICRA has also
reaffirmed 'A4' rating to the INR0.10 crore non fund based bank
limits of Trishul.

The rating reflects relatively high credit risk profile arising
out of the significant competitive pressures in the business in
which Trishul is operating and which is also reflected in the low
profitability shown by the company in the past.  The rating is
also constrained by the high working capital intensity which has
in turn resulted in the company largely generating negative cash
from operations (net cash accruals adjusted for working capital
changes) in the past. This has in turn resulted in stretched
liquidity (as evidenced by high bank utilization levels). As the
working capital has largely been debt funded, this has resulted in
high gearing (2.89 as on March 31, 2010) and below average
coverage indicators.  The rating however drives comfort from the
long experience of the promoter in the business and the strong
control of the promoter over the operations of the business.

Trishul is engaged in the business of manufacturing stainless
steel utensils for export purposes.  The manufacturing unit of
Trishul is located at Kundli district of Haryana.  The raw
material for the stainless steel utensils is the steel sheets
which are procured from the Jindal Stainless Steel Ltd and after
procurement of raw material all the manufacturing process till
packaging is done in house.  The company has a marketing team
which looks in for new orders throughout the year by visiting
different countries; the company also participates in the
international world fair to tie up with the new customers.

                        About Trishul Exotic

Trishul Exotic Private Limited was incorporated in year 2001 prior
to that it was running as a proprietorship firm.  The company is
engaged in the business of manufacturing and selling Stainless
Steel Utensils in the international Market.  The Stainless steel
utensils are manufactured as per customer's specifications.  The
company is managed by Mr. Ram Babu Gupta who has more than 20
years of experience in the steel industry.  Trishul also has a
group company Worldfa Exports Pvt Ltd which is managed by brother
of Mr. Ram Babu Gupta; Worldfa is also in the manufacturing and
export of Stainless Steel Utensils, apart from that Worldfa also
exports home furnishings.


WORLDFA EXPORTS: ICRA Reaffirms 'LBB-' Rating to INR16.8cr Limits
-----------------------------------------------------------------
ICRA has reaffirmed 'LBB-' rating to the INR16.80 crore fund based
limits & INR1.03 crore unallocated bank line of Worldfa Exports
Pvt Ltd.  The outlook on the long term rating is stable.  ICRA has
also reaffirmed 'A4' rating to the INR0.50 crore non fund based
bank limits of Worldfa.

The credit quality rating reflects the relatively high credit risk
profile arising out of the significant competitive pressures in
the business in which Worldfa is operating and which is also
reflected in the low profitability shown by the company in the
past.  The rating is also constrained by the high working capital
intensity which has in turn resulted in the company largely
generating negative cash from operations (net cash accruals
adjusted for working capital changes) in the past.  This has in
turn resulted in stretched liquidity (as evidenced by high bank
utilization levels).  As the working capital has largely been debt
funded, this has resulted in high gearing (2.70 as on March 31,
2010) and below average coverage indicators.  The rating however
drives comfort from the long experience of the promoter in the
business and the strong control of the promoter over the
operations of the business.

Worldfa is engaged in the business of manufacturing stainless
steel utensils and home furnishings for export purposes. Majority
of revenues come from the steel utensils which are exported to
different parts of the world.  The manufacturing unit of Worldfa
is located at Kundli district of Haryana.  The raw material for
the stainless steel utensils is the steel sheets which are
procured from the Jindal Stainless Steel Ltd and after procurement
of raw material all the manufacturing process till packaging is
done in-house.  The company has a marketing team which looks in
for new orders throughout the year by visiting different
countries; the company also participates in the international
world fair to tie up with the new customers.

                       About Worldfa Exports

Worldfa Exports was incorporated in year 1986 as a proprietorship
firm under the name of World Fashions.  In 2003 it has been
incorporated as a Private Limited company.  The company is engaged
in the business of manufacturing and selling Stainless Steel
Utensils and Home Furnishing articles in the international Market.
Majority of the sales mix comprise steel utensils which are
manufactured as per customer's specifications.  Worldfa also
manufactures home furnishing articles like Cushion Covers,
Bath Mats, Table mats etc.  The company is managed by Mr. Parmod
Gupta who has more than 20 years of experience in the steel
industry.  Wolrdfa also has a group company Trishul Exotic Private
Limited which is managed by the brother of Mr. Parmod Gupta;
Trishul is also in the manufacturing and export of Stainless Steel
Utensils.


ZUBERI FIBRES: CRISIL Rates INR400 Million Term Loan at 'D'
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank loan
facilities of Zuberi Fibres Pvt Ltd to 'D' from 'B+/Stable'.

   Facilities                      Ratings
   ----------                      -------
   INR400.0 Million Term Loan      D (Downgraded from 'B+/Stable')

The downgrade reflects delays in payment of monthly interest
because of Zuberi's weak liquidity, driven by significant delays
in commissioning its plant.

Zuberi also has a weak financial risk profile, marked by depressed
cash accruals and weak debt protection metrics, and susceptibility
to fluctuations in prices of paper and raw material.  These rating
weaknesses are partially offset by the extensive experience of
Zuberi's promoters in the paper industry.

Zuberi was incorporated in May 2003 for manufacturing and trading
industrial paper and board. The company has set up a 150 tonnes
per day duplex/kraft paper manufacturing facility in Aligarh
(Uttar Pradesh).  The plant commenced commercial production on
February 6, 2011.  The unit is also equipped with a 3 megawatt
power plant based on rice husk combustion, to cater to the
company's power requirement.

The capital outlay for the project was initially expected to be
INR640.0 million.  However, the project was delayed by eight
months, and was recently completed at a total cost of INR729.3
million, including a cost overrun of INR89.3 million.  The entire
project cost has been funded by a term loan of INR400.0 million
and promoter's contribution of INR329.3 million by way of equity.


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


BUKIT MAKMUR: Moody's Affirms 'Ba3' Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service has affirmed PT Bukit Makmur Mandiri
Utama's Ba3 corporate family rating.  The outlook is stable.

At the same time, Moody's has withdrawn the Ba3 senior secured
bond rating on the US$315 million 5-year notes issued by Prime Dig
Pte Ltd, an entity wholly owned -- and whose bonds were guaranteed
-- by Buma.

The withdrawal follows the successful completion of the tender
offer on the bond buyback, which is being funded by the proceeds
from Buma's US$600 million senior secured term loan facility.

"The affirmation reflects the increases in production targets and
strip ratios, and which are expected to underpin revenue growth in
the medium term.  Furthermore, expansionary capex in the short to
medium term is largely reflective of existing and recently secured
mining service contracts," says Simon Wong, a Moody's Vice
President and Senior Analyst.

Buma's ratings also reflect its well-recognized franchise,
established relationships with Indonesia's largest coal concession
holders, as well as the contractual nature of its revenue base
with various in-built protections against cost increases.

"However, the upfront nature of its capex is expected to result in
negative free cash flow from 2010 to 2012 and raise leverage to
close to 3.5x in the near term.  Moreover, higher debt
amortization requirements from 2011 are expected to reduce Buma's
financial flexibility," adds Wong, also the Lead Analyst for Buma.

The rating further recognizes key challenges facing Buma, such as
the concentration risk in its customer revenue base and its
exposure to the Indonesian coal industry.

Buma is likely to incur capex of US$210 million for 2010 and over
US$250 million per annum for 2011 and 2012.  On balance however,
the planned capex includes replacing its existing heavy equipment
with larger capacities, which will therefore enhance its operating
efficiency and margins.

Nevertheless, its existing term loan covenants are likely to
restrict its ability to achieve its capex targets, and Moody's
believes that Buma will either seek further refinancing, or scale
back its expansionary capex.

In December 2010, a consortium comprising TPG Capital, Government
of Singapore Investment Corporation, and China Investment
Corporation acquired a non-controlling stake in Northstar Tambang
Persada Ltd from the Widjaja family.

Northstar has a 40% stake in PT Delta Dunia Makmur Tbk, which in
turn owns 100% of Buma.

The entry of TGP, GIC and CIC, in Moody's view, reduces previous
concerns over the investment horizon of Northstar in Buma.
Furthermore, the strength of the new shareholders is expected to
aid Buma's future financing and expansion endeavors.

The stable outlook reflects Moody's expectation that Buma will
demonstrate prudent management of its capex program to maintain
its financial flexibility, while executing its expansionary
business plans.

Downward pressure on the rating could emerge should any of Buma's
contracts fall away, or not be renewed on similar, or enhanced
terms, thus reducing the company's revenue base and pressuring
cash flows.  Such pressure may be evidenced in key metrics, such
as adjusted debt/EBITDA ratio above 3.5x, or adjusted EBITDA
margins below 30%.

Given its focused business model and significant capex expansion
plans, it is unlikely that Buma would experience any upward rating
pressure in the short to medium term.

The last rating action was taken on 3rd November 2009 when Moody's
affirmed Buma's Ba3 corporate family and bond ratings following
the completion of the US$315 million bond issuance.

Buma's ratings were assigned by evaluating factors Moody's believe
are relevant to the credit profile of the issuer, such as i) the
business risk and competitive position of the company versus
others within its industry, ii) the capital structure and
financial risk of the company, iii) the projected performance of
the company over the near to intermediate term, and iv)
management's track record and tolerance for risk.  These
attributes were compared against other issuers both within and
outside of Buma's core industry and Buma's ratings are believed to
be comparable to those of other issuers of similar credit risk.

Buma is wholly owned by PT Delta Dunia Makmur Tbk, which is in
turn 40% owned by a consortium led by Northstar.  Delta's
principal asset is a 100% stake in Buma.  Buma is one of
Indonesia's leading mining services contractors, providing full-
mine services to many of Indonesia's largest coal mine companies.


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


CAFES 2: Moody's Upgrades Ratings on Various Classes of Certs.
--------------------------------------------------------------
Moody's Japan K.K has upgraded the ratings on the Class C through
E Trust Certificates issued by Cafes 2.

Details follow:

  -- Class C, Upgraded to Aaa (sf); previously on Jun 2, 2009
     Downgraded to Baa1 (sf) from A2 (sf)

  -- Class D, Upgraded to Baa2 (sf); previously on Jun 2, 2009
     Downgraded to Ba2 (sf) from Baa2 (sf)

  -- Class E, Upgraded to Ba2 (sf); previously on Jun 2, 2009
     Downgraded to B2 (sf) from Ba1 (sf)

* Deal Name: Cafes 2

* Class: Class A through E and Class X Trust Certificates

* Issue Amount (initial): JPY 16.4 billion

* Dividend: Floating


* Issue Date (initial): October 20, 2006

* Final Maturity Date: August, 2013

* Underlying Asset (initial): Nine non-recourse loans backed by
  real estate properties and real estate trust certificates

* Originator: Credit Agricole Corporate and Investment Bank, Tokyo
  Branch (Calyon, Tokyo Branch as of issue date)

* Arranger: Credit Agricole Securities Asia BV, Tokyo branch
  (Calyon Capital Markets Asia B.V., Tokyo Branch as of issue
  date)

* Cafes 2, issued in October 2006, represents the securitization
  of nine non-recourse loans.

The Originator entrusted the loans to the asset trustee, and
received the Class A through E and X Trust Certificates in return,
and which it then sold through the Arranger to investors.  The
trust certificates are rated by Moody's.

In this transaction, interest and principal payments will be made
on sequential basis.  The losses will be allocated in reverse
sequential order, starting with the most subordinate class of the
trust certificates.

Eight of the loans have been paid down or recovered.  The Class A
and B Trust Certificates have been already redeemed in full.  The
transaction is currently secured by the sole loan backed by an
office building in the Tokyo metropolitan area.

                          Rating Rationale

The current rating action reflects these factors:

(1) Two loans backed by retail properties located in local areas
    were paid in full in January 2011.  Thus, the credit support
    for each trust certificate has increased.

(2) The probability of generating loss within the remaining
    portfolio is less due to the above payments.

Moody's did not receive or take into account any third party due
diligence reports on the underlying assets or financial
instruments related to the monitoring of this transaction in the
past six months.


GODO KAISHA: Moody's Takes Rating Actions on Various Classes
------------------------------------------------------------
Moody's Japan K.K has confirmed its rating on the Class F note
issued by Godo Kaisha Orso Funding CMBS 6 and downgraded its
ratings on the Class A through E and Class X notes.

Details follow:

  -- Class A, Downgraded to A2 (sf); previously on Dec 22, 2010
     Downgraded to Aa3 (sf) from Aaa (sf) and Remained On Review
     for Possible Downgrade

  -- Class B, Downgraded to Ba1 (sf); previously on Dec 22, 2010
     Downgraded to A3 (sf) from Aa3 (sf) and Remained On Review
     for Possible Downgrade

  -- Class C, Downgraded to B1 (sf); previously on Dec 22, 2010
     Downgraded to Ba1 (sf) from Baa1 (sf) and Remained On Review
     for Possible Downgrade

  -- Class D, Downgraded to Caa1 (sf); previously on Dec 22, 2010
     Downgraded to B1 (sf) from Ba1 (sf) and Remained On Review
     for Possible Downgrade

  -- Class E, Downgraded to Caa3 (sf); previously on Dec 22, 2010
     Downgraded to Caa2 (sf) from B2 (sf) and Remained On Review
     for Possible Downgrade

  -- Class F, Confirmed at Caa3 (sf); previously on Dec 22, 2010
     Downgraded to Caa3 (sf) from B3 (sf) and Remained On Review
     for Possible Downgrade

  -- Class X, Downgraded to A2 (sf); previously on Dec 22, 2010
     Downgraded to Aa3 (sf) from Aaa (sf) and Remained On Review
     for Possible Downgrade

* Deal Name: Godo Kaisha Orso Funding CMBS 6

* Class: Class A through F and Class X

* Issue Amount (initial): JPY 29.9 billion

* Dividend: Floating

* Issue Date (initial): March 19, 2007

* Final Maturity Date: November, 2013

* Underlying Asset (initial): Two non-recourse loans and four TMK
  bonds and cash

* Originator: Bear Stearns Japan, Ltd. Tokyo Branch (as of the
  issue date)

* Arranger: Bear Stearns Japan, Ltd. Tokyo Branch (as of the issue
  date)

Godo Kaisha Orso Funding CMBS 6, effected in March 2007,
represents the securitization of two non-recourse loans and four
TMK bonds.

The Originator transferred six loans and TMK bonds in total to the
Issuer and issued the Class A through F and Class X notes.  The
notes were sold to investors.  The notes are rated by Moody's.

In this transaction, redemptions of the notes are made on a pro-
rata basis, such as payments at maturity and prepayments resulting
from refinancing.  Sequential payments from the most senior class
of the notes are applied in the event of loan defaults and fast
pay by the breach of the triggers.  Losses incurred by any
defaulted loans are allocated in reverse sequential order, and
starting with the most subordinate class of the notes.

The transaction is backed by three TMK bonds.  Two performing TMK
bonds are backed by one property each: an office/residential
complex in Tokyo and one residential property in Yokohama.  The
remaining TMK bond is backed by two hotels located in Tokyo and
Oita Prefecture, defaulted at the maturity.

                        Ratings Rationale

The current rating action and review reflect these factors:

1) One specified bond (17.1% of initial balance) is backed by a
   business hotel in Tokyo and a full-service hotel in Oita
   prefecture.  The hotel operator has changed since May 2009 and
   the performance of both hotels (such as the occupancy rates)
   has been flagging.  Moody's has confirmed the operating status
   of the hotels and re-assessed their recovery stress
   assumptions, lowering them approximately 63% from their initial
   assumptions.

2) In light of Moody's re-assessment, losses on the remaining
   balance of the TMK bond are highly likely and could affect the
   Class D and E notes negatively.

Moody's will continue to monitor the properties' operating status
and the progress of special-servicing activities.

Moody's did not receive or take into account any third party due
diligence reports on the underlying assets or financial
instruments related to the monitoring of this transaction in the
past six months.


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


AXIS INC: Posts MYR9.29 Million Net Loss in Q2 Ended Dec. 31
------------------------------------------------------------
Axis Incorporation Berhad posted a net loss of MYR9.29 million on
revenue of MYR31.05 million for the three months ended Dec. 31,
2010, compared with a net loss of MYR2.13 million on revenue of
MYR13.04 million for the same period in 2009.

The Company reported a net loss of MYR23.74 million on revenue of
MYR54.49 million for the six months ended Dec. 31, 2010, compared
to a net loss of MYR7.79 million on revenue of MYR33.63 million
for the same period in 2009.

At Dec. 31, 2010, the Company's consolidated balance sheet showed
MYR117.22 million in total assets and MYR446.89 million in total
liabilities, resulting in a MYR329.66 million shareholders'
deficit.

The Company's consolidated balance sheet at Dec. 31, 2009, also
showed strained liquidity with MYR49.90 million in total current
assets available to pay MYR446.89 million in total current
liabilities.

A full-text copy of the Company's quarterly report is available
for free at http://ResearchArchives.com/t/s?73f1

                          About Axis Inc.

Based in Johor Bahru, Malaysia, Axis Incorporation Berhad
(KUL:AXIS) -- http://www.chongee.com.my-- is principally engaged
in the business of investment holding. The company, through its
subsidiaries, is engaged in fabric knitting and dyeing, and
manufacturer of garments.  Its subsidiaries include Asiapin Sdn.
Bhd., Chongee Enterprise Sdn. Bhd. and GBC Marketing Pte. Ltd.  In
June 2008, Axis Incorporation Berhad announced the disposal of the
entire equity interest in Ganad Corporation Bhd.

On May 23, 2009, Axis Incorporation Berhad was classified as an
affected issuer under the Amended Practice Note No. 17/2005 and
Paragraph 8.14C of the Listing Requirements of Bursa Malaysia
Securities Berhad as the Company was unable to provide a solvency
declaration to Bursa Securities.


HOCK SIN: Bursa Defers March 1 Delisting on Appeal
--------------------------------------------------
Hock Sin Leong Group Berhad said in a statement that Bursa
Malaysia Securities Bhd will defer the removal of the company's
securities on March 1, 2011, due to an appeal against the bourse's
earlier decision.

TA Securities Holdings Berhad, on behalf of Hock Sin, said that it
had submitted an appeal in respect of the de-listing of the
company's securities from the Official List of Bursa Securities.
The company has also submitted an application for an extension of
time to submit its regularisation plan.

The Troubled Company Reporter-Asia Pacific reported on Feb. 23,
2011, that the bourse decided to delist and remove the securities
of the company after it failed to file its reform plan for
approval to relevant authorities on Feb. 3, 2011.

                           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.


IBRACO BERHAD: Swings to MYR12.17MM Net Income in Dec. 31 Quarter
-----------------------------------------------------------------
Ibraco Berhad posted net income of MYR12.17 million on MYR27.42
million of revenue for the three months ended Dec. 31, 2010,
compared with a MYR4.22 million net loss on MYR2.51 million of
revenues for the same period a year ago.

The Company's balance sheet as of Dec. 31, 2010, showed
MYR209.40 million in total assets, MYR49.18 million in total
liabilities, and stockholders' equity of MYR160.22 million.

A full-text copy of the Company's Quarterly Results is available
for free at http://ResearchArchives.com/t/s?73ef

                         About Ibraco Bhd

Ibraco Berhad is engaged in property development and investment
holding.  The Company is specializing in real estate and property
development comprising mainly residential, commercial and
industrial properties.  Some of the Company's subsidiaries are
specializing in the development of industrial estate, residential
schemes and social housing.  The Company operates in Malaysia.
The Company's subsidiaries include Ibraco-LCDA Sdn. Bhd., Ibraco
Shine Sdn. Bhd., Syarikat-Ibraco Peremba Sdn. Bhd., Foso One Sdn.
Bhd., Ibraco Construction Sdn. Bhd. and Ibraco Shine Sdn. Bhd.

                           *     *     *

Ibraco Berhad has been considered a PN17 Company based on the
criteria set by the Bursa Malaysia Securities Bhd.  The company
triggered Paragraph 2.1(h) of the Listing Requirements as a result
of low revenue on a consolidated basis that represents 5% or less
of the issued and paid-up capital of the Company for the year
ended December 31, 2009.


LUSTER INDUSTRIES: Incurs MYR9.87MM Net Loss in Dec. 31 Quarter
---------------------------------------------------------------
Luster Industries Berhad reported net loss of MYR9.87 million
on revenue of MYR7.43 million for the quarter ended Dec. 31, 2010,
compared with a net loss of MYR2.74 million on revenue of MYR9.17
million in the same quarter of 2009.

The loss after taxation for current quarter under review was
mainly due to impairment losses on property, plan and equipment of
MYR5.3 million and impairment loss on receivables of MYR0.8
million.

At Dec. 31, 2010, the Company's consolidated balance sheet showed
MYR58.47 million in total assets and MYR78.15 million in total
liabilities, resulting in a stockholders' deficit of MYR19.68
million.

The Company's consolidated balance sheet at Dec. 31, 2010, also
showed strained liquidity with MYR29.38 million in total current
assets available to pay MYR77.98 million in total current
liabilities.

A full-text copy of the Company's quarterly report is available
for free at http://ResearchArchives.com/t/s?73f0

                       About Luster Industries

Luster Industries Berhad is a Malaysia-based investment holding
company that provides management services to its subsidiaries.
The company is principally engaged in the manufacture of
precision plastic parts and components, and sub assembly and
full assembly of plastic parts and products.  During the year
ended December 31, 2005, the company acquired Mctronic Plastic
Sdn. Bhd., Mature Step International Limited and Poly Link
Limited.  On June 29, 2006, the company disposed of its
investment in its joint venture, Luster Nakazawa R&D Sdn Bhd,
representing 51% of Luster Nakazawa R&D Sdn Bhd.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
May 8, 2008, the company was considered as an affected listed
issuer of the Practice Note No. 17/2005 of Bursa Malaysia
Securities Berhad as the external auditors have expressed a
modified opinion on the company's going concern and on its
consolidated shareholders' equity amounting to MYR25,191,597,
which is less than 50% of its total issued and paid-up share
capital of MYR61,183,000.


TRANSMILE GROUP: Posts MYR37.77MM Net Loss in Qtr Ended Dec. 31
---------------------------------------------------------------
Transmile Group Bhd reported a net loss of MYR37.77 million on
revenue of MYR51.39 million for the quarter ended Dec. 31, 2010,
compared with a net loss of MYR213.21 million on revenue of
MYR46.66 million for the same period in 2009.

At Dec. 31, 2010, the company's consolidated balance sheet showed
MYR464.93 million in total assets and MYR612.12 million in total
liabilities, resulting in a MYR147.19 million total shareholders'
deficit.

The company's consolidated balance sheet at Dec. 31, 2010, also
showed strained liquidity with MYR343.76 million in total current
assets available to pay MYR612.11 million in total current
liabilities.

A full-text copy of the Company's quarterly report is available
for free at http://ResearchArchives.com/t/s?73ee

Regularization Plan Update

The Company has been in discussion with its lenders in respect of
the outstanding debts of approximately MYR528.95 million, but has
yet to reach consensus for finalization of a debt restructuring
proposal which had been expected to form a critical part of the
Regularization Plan.  Until the debt restructuring proposal is
finalized, the Company does not envisage that it would be able to
attract any injection of fresh funds into the Company or be
involved in any acquisition of other viable assets/businesses.

The Company has advised that it will not be able to submit a
Regularization Plan by the deadline of Feb. 22, 2011.  The Company
will nevertheless continue to engage with the lenders to, if
possible, finalize a debt restructuring proposal, and to focus on
the completion of the proposed disposal of its four (4) MD-11F
aircraft, which is expected to significantly pare down the
outstanding debt obligations.

In the meantime, the Company said it will still continue to
operate its business within its available resources and secure new
business to further improve aircraft utilization.

                       About Transmile Group

Transmile Group Berhad is an investment holding company.  The
Company is engaged in provision of air transportation and related
services.  The Company's subsidiaries include Transmile Air
Services Sdn. Bhd., which is engaged in provision of air
transportation and related services and dealing in aircraft,
aircraft parts and equipment; Transmile Thailand Sdn. Bhd., which
is engaged in investment holdings; Transmile Management Sdn. Bhd.,
which is engaged in provision of management services; Viunique
Corporation Sdn. Bhd., which is engaged in leasing of aircraft,
and CEN Worldwide Sdn. Bhd., which is engaged in express
distribution and logistics management services.

Transmile Group Berhad has been considered as an Amended Practice
No. 17 company based on the criteria set by the Bursa Malaysia
Securities Bhd.

According to a disclosure statement with the bourse, the PN17
criteria was triggered resulting from Transmile's latest unaudited
quarterly announcement for the full financial year ended Dec. 31,
2009, wherein the shareholders' equity of the Company on a
consolidated basis is less than 25% of the Company's issued and
paid-up capital (excluding treasury shares) and such shareholders'
equity is less than MYR40 million.


VASTALUX ENERGY: Appoints Muhammad Aminuddin bin Musa as Director
-----------------------------------------------------------------
Vastalux Energy Berhad has appointed Muhammad Aminuddin bin Musa
as non-executive director of the company effective Feb. 23, 2011.

Muhammad Aminuddin bin Musa is currently a Country Controller and
also a Board Member of Nokia Siemens Networks Sdn. Bhd.

Vastalux Energy Berhad (KUL:VASTALX) is a Malaysia-based
investment holding company.  The Company, through Vastalux Sdn.
Bhd., is engaged in the provision of offshore and onshore hook-up
and commissioning, offshore topside and onshore facilities
maintenance services, offshore and onshore minor fabrication works
and charter of marine vessel.  Its indirect subsidiaries are
Vastalux Fabricators Sdn. Bhd., which is engaged in workshop and
fabrications job; Vastalux Onshore Services Sdn. Bhd., which is
engaged in onshore construction of oil and gas plant; Vastalux
Capital Sdn. Bhd.; Vastalux E&C Sdn. Bhd., which is engaged in the
provision of top side major maintenance works; Vastalux Offshore
Services Sdn. Bhd., which is engaged in hook-up and commissioning
works; Vastalux Marine Sdn. Bhd.; Merak Utama Sdn. Bhd, which is
engaged in under water inspection for structural integrity; PT
Vastalux Energy; V-Factor Sdn. Bhd., and Vastalux-Anpha Company
Limited.

Vastalux Energy Berhad has been considered a PN17 Company pursuant
to Paragraph 2.1(e) of PN17.

The PN17 criteria was triggered as a result of an expressed
modified opinion with emphasis on the company's going concern on
the latest audited consolidated financial statements for the
financial year ended December 31, 2009, and shareholders' equity
of the company on a consolidated basis as at September 30, 2010,
is less than 50% of the issued and paid-up share capital of VEB as
at September 30, 2010.


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


CAPITAL + MERCHANT: Directors to Face SFO Charges in May
--------------------------------------------------------
BusinessDay.co.nz reports that Neal Nicholls and Wayne Douglas,
two former owners and directors of failed finance company Capital
+ Merchant, have been remanded in the Auckland District Court to
reappear in May on Serious Fraud Office charges.

They will reappear on May 10, 2011, for a hearing to determine
whether the case is ready to proceed and to set a trial date.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 10, 2010, the Serious Fraud Office arrested and laid six
charges under the Crimes Act against Capital + Merchant Finance
executives Neal Medhurst Nicholls and Wayne Leslie Douglas.  The
charges involve nearly NZ$14.5 million of related party lending
dating back to 2002.  The SFO alleged that as directors of CMF,
Mr. Nicholls and Mr. Douglas held investors' funds subject to a
special relationship with investors and that they used their
position to apply those funds in a manner inconsistent with that
relationship.  The SFO also alleged the directors falsely stated
the true extent of related party lending in annual CMF
prospectuses and associated financial statements in July 2003 and
September 2004.

Messrs. Nicholls and Douglas face six charges under the Crimes
Act. brought by the Serious Fraud Office, relating to about
NZ$14.5 million of alleged related party lending between 2002 and
2004.

                        About Capital + Merchant

Capital + Merchant Finance Ltd, operating in property finance, was
one of the bigger finance companies in New Zealand.  Capital +
Merchant Finance, along with subsidiary Capital + Merchant
Investments Ltd., went into receivership on November 23, 2007, due
to breaches in respect of general security agreements issued by
the companies in favor of creditor Fortress Credit Corporation
(Australia) 11 Pty Ltd.  Fortress appointed Tim Downes and Richard
Simpson of Grant Thornton, chartered accountants, while trustee
Perpetual Trust have called in KordaMentha.

Capital + Merchant owes about NZ$190 million to 7,000 investors.
Fortress reportedly has a prior charge over assets and was owed
around NZ$70 million in total.


NZ FARMING: Breaches Covenant; Talks to Bondholders
---------------------------------------------------
Jason Krupp at BusinessDesk reports that NZ Farming Systems
Uruguay said it has inadvertently breached a bond covenant which
could force it redeem some of the US$30 million bonds it has on
issue in Uruguay.

According to BusinessDesk, the company, which was recently
acquired by Singapore's Olam International, had committed to
providing a copy of its new business plan to all bondholders
through a fiduciary by February 18.  However, the fiduciary and
some bondholders did not receive their copy by this date.  The
breach gives bond holders the option to request a redemption.

BusinessDesk relates that NZS is seeking a waiver of the breach
and has requested an urgent meeting of bondholders which is
expected to be held within days, adding that it does not
anticipate any adverse reaction.

BusinessDesk states that the news comes after the company said
mid-February that it expects earnings to stay in the red for
another two years before turning positive, and wants to raise up
to US$110 million to implement its new business plan.

Farming Systems reported a net loss of $6.8 million in the six
months ended Dec. 31, 2010, smaller than the loss of $7 million a
year earlier, BusinessDesk discloses.

BusinessDesk notes that the company is targeting positive net
profit in the 2012/13 financial year, and positive earnings before
interest and tax in the 2011/12 year.  From then on, it expects
EBIT to improve to about US$25 million.

                     About NZ Farming Systems

Based in New Zealand, NZ Farming Systems Uruguay Limited (NZE:NZS)
-- http://www.nzfsu.co.nz/-- is engaged in developing and
operating dairy farming activities in Uruguay.  The Company's
wholly owned subsidiaries included Gimley S.A., Gabefox S.A.,
Lembay S.A., Ginok S.A., Gabegim S.A. and Dunkit S.A.


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


ACROPOLIS ELECTRONICS: Creditors' Meeting Set for March 11
----------------------------------------------------------
Creditors of Acropolis Electronics Pte Ltd will hold a meeting on
March 11, 2011, at 10:00 a.m., at 16 Raffles Quay #22-00, Hong
Leong Building, Singapore 048581.

At the meeting, Tay Puay Cheng, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


CONTINENTAL BIOENERGY: Creditors' Proofs of Debt Due March 7
------------------------------------------------------------
Creditors of Continental BioEnergy Singapore Pte Ltd, which is in
liquidation, are required to file their proofs of debt by March 7,
2011, to be included in the company's dividend distribution.

The company's liquidator is:

          Tay Puay Cheng
          c/o KPMG Services Pte. Ltd.
          16 Raffles Quay #22-00
          Hong Leong Building
          Singapore 048581


WANG WANG: Creditors' Proofs of Debt Due March 12
-------------------------------------------------
Creditors of Wang Wang Pawnshop Pte Ltd, which is in liquidation,
are required to file their proofs of debt by March 12, 2011, to be
included in the company's dividend distribution.

The company's liquidator is:

          Don M Ho
          c/o Don Ho & Associates
          Certified Public Accountants
          Corporate Advisory & Recoveries
          Equity Plaza
          20 Cecil Street #12-02
          Singapore 049705


                             *********

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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